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_ -I-. r 'f . /L • ; 




-No. 27,535 


‘ COHTINEHTAL seujwc WMCE& AUSTRIA. B&G4UW Ey.lS t PWMABK Kr.l.S; FRANCE Fr.aah GglMANr PM2-0; ITALY ISM; NS1HE1UJWPS NORWAY Kr.34; PORTUGAL EKOBt SPAIN SWEPCN Kf.l^Si SWnZ«UNP Fr J.Oy EIRE 15p 



NEWS SUMMARY 



COSINESS 


vV' 


The Labour Party's sueeess in 
-lending off the Scottish Nation- 
alists’ challenge at Garscadden, 


'tut ■ 




«.jr 

. r ^i 
•- ‘j tto 


••/■ rV tor p 

■ ‘rijt-j,* 6 . .Jen 

V alis 

. ~ :<*■ .’f.JV Jl'confirined at the Hamilton by- 
election which is likely next 
k !Hdntii, is a further pointer to a 
h_ deriston hy Mr. Callaghan to go 
to the ednntry iii the autumn. 
V - ".'^The;svrtng. to. the Nationalists 
»' at .Guscadden of 3.6 per cent. 
c &' ' Vg»s the lowest against the Gov- 
: \“r *5 - «enaneht ib : a by-election this 
- - Cj Parliament. Bffr. Denis Healey, the 
Chancellor, declared: “The 
■ tartan. tide is, on (he turn.” Hade 
*■' - page; Weekend Brief Page IS 

" ‘Mr. Ian Sfikardo, the Left-wing 
Labour HP, delayed the progress 
of the Protection of Children Bill, 
fckich' introduces heavy penalties 
Tor pedlars of child pornography, 
fr protest- ai Tory opposition tn 
un employment Protection Bill. 
The pornography Bill- is now in 
dingfer of bemg killed off Page 3 


Wall St. 
up 20 
in record 
turnover 


• WALL STREET s*Hged ahead 
as confidence In -the market 
revived. The Dow Jones Indus- 
trial Average tumped 19.92 to 
795.13 with volume expanding 


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£164m. trade gap 
as industry 
increases imports 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 

Britain’s current account moved sharply back into deficit in March for 
the second time this year. The deterioration was £344m. for a deficit 
of £164m. 


*e 


■p *i-v: 


,-jr 



Rhcid^ia talks 

JlTi ^bijcti-jSwen, the Foreign 
Secretary; : and Mr. Cyrus Vance, 
thej; iU.EL ^Secretary of . state, 
hegan. talks with the Rhodesian 
Patriotic 'Front -in Dar es Salaam, 
in Salisbury, nine black Cabinet 
Ministers were sworn in for 
Rhodesia’s transitional multi* 
racial Government. Back Page 

Vaults raided 

Thames Valley police believe 
that a Secfuricor branch official, 
last seen in London on Thurs- 
day, may . be able to help with 
inquiries into the disappearance 
• of about £100,000 from the com - 
T • . 'c - paay’s Banbury, vaults. .. 

AS Murder hunt 

£ A murder hunt was launched 
. after a post-mortem showed that 
. • ; ur the : man- f ound dead ; in a get- 

away -tarn- after .Thursday’s raid 
Harrods had st^ptgun wounds 
.tie* chest* Ftflice ^believe he- 
a member of the. gang- : - ; 

: . ; : c Sunley steps In 

Bernard-; Sunley . Investment 
"I'J Trust has stepped into the 
: ! ~ battle over the Soviet Embassy’s 
: — • plans for a- fprtress-like-exten- 
-=: ! := sion .with an alternative office, 
- ?•- shops and . fiats -scheme for the 

Kensington site. Picture Page 3 

Protest in Peking 

Soviet Bloc diplomats walked out 
of a Peking banquet to welcome 
President Siad Barre of Somalia 
when .Li Hsien-nien, the- Chinese 
YiceiPremier, attacked Moscow's 
policies in. the Horn of Africa/ 
Japan puts off talks with China 
**ge2 

y DR driver sfibt 

^member ot -the mster. Defence 
[cVBegiment was - shot ^ead at the 
K-wheel of a. bus near : Omagh. Co: 
ril^rrohe, as he was ; delivering 
lt -‘, ipjeaJs to schools in the area. 

- . 

-Gmknage -weather; Below aver- 
temperatures for the next 
-day^Xsays the Meteorological 
£MfceX-_Back Page - 
< %estaw^at owner who planned 
35f 'iiisttranceufrand. by starting a 
Dire, which; caused -an explosion 
'I^Biagf. people was. jailed for 
,gnq : years tit ' Bristol. Crown- 

- Selwyn-Uoyd, the former 
^er, left hospital after an’ 
ration^to remove a brain cyst 

Spanish Right-wing'; businessman 
ygas seriously injured in. -a . San 
Sebastian machine-gun attack for 
which the Basque separatists 
were blamed. 

.Twelve double-decker. buses were 
'gutted Ip a fire at the Southdown 
depot in Hove, Sassex. 

Sir Kenneth Bartadough, 71. re- 
■ tired as Chief Metropolitan Magis- 
trate. 

.Christie’s sold -a painting by van 
der Neer. the 17th century Dutch 
'artist for £190,000 in a £l.S4m- 
sale.. Page 23 

Jakarta’s newly-built Istiqlal 
..^ 0 »;i.mDsqDe, which has room for 
5'; *- 85,000 people, was slightly 
- ' damaged' by a bomb blast. ' - 

O Hartdreds'of people were evao- 
.hated from East Tilbury. Essex, 
while Army bomb disposal 
team defused a 2,200 lb. unex- 
• ploded .bomb. 


Consequently, after the poor 
January result, the U.K. bad 
a cumulative currem-account 
deficit of £ 21 Sm. in the first 
three months of the year. This 
compares wilh a surplus r.t 
1351m. in the final three months 
or 1977. 

The announcement of (he 
figures unsettled both the 
foreign exchange and stock 
ii'fcets, and hardly allayed con- 
cern id the City since the 
Budget about prospects both for 
inflation and (he current 
account. 

A partial explanation at least 
for the deterioration was a 
sharp rise in imports of indus- 
trial materials, with volume up 


BALANCE OF PAYMENTS 

£tl, seasonally adjusted 


Visible 

In- Current 


trade 

vifibles Account 

1977 1st 

-947 

4442 

-505 

2nd 

-764 

4400 

- 34 

3rd 

4 54 

4429 

+483 

4th 

+ 4S 

4306 

4351 

7978 lie 

-518 

+300 

-218 

1977 Nov. 

4 68 

4102 

+ 170 

Dec. 

- 76 

4102 

+ 26 

1978 jar. 

-334 

• 4100 

-234 

Feb. 

4 80 

4100 

+180 

March 

-264 

4100 

-164 

Source; 

Deportment of Trade 



Lo a record 52m. shares. Senti- 
ment was helped by a l-4 per 
eent. increase in industrial pro- 
duction in Harcb^-tiie biggest 
for a year — and 'a • smaller 
than expected rise in the money 
supply. 

• DOLLAR improved in thin 
trading against most major cur- 
rencies. closing at DM2.0325 
(DM2.0232 i) against the West 
German mark. Its . trade- 
weighted depreciation remained 
unchanged at 5.78 per cent. 

Sterling feD more than a cent 
to $1.8565 ($1.8670), Us trade- 
weighted index slipping to 61.7 
(62.0). 

•: EQUITIES eased hi- thin 
trading, the FT 30-share index 
dosing 5.5 lower' at 447.4. The 
fall- on the week was 29.7 — the 
biggest for about five months. 

• CELTS were steadier. - .Lonyt - DAV?D F ‘ REUD 

hardened: v initially ‘bnf -4hen. - . 

eame bauck overnight leads'* THE 12-MONTH retail price 
before tending easier in after- /inflation rate continued to fall 

last month towards the Chan- 
cellor's Budget prediction of 7 
per cent by early summer. 

Thig Department of Employ- 
ment 7 / said yesterday that the 
retail price index rose 9.1 per 
cent in the 12 months to mid- 
March to 191.8 (January. 1974 = 
100 >. 

■This is the lowest yearly rate 
since August 1973. It compares 
th; a 9.5 per eent rise in the 


Inflation rate 
falls to 9.1% 


hours trading. 

• GOLD rose $} t° **78). 

Merrill Lynch 
merges with 
White Weld 

• MERRILL LYNCH, the largest Wlt1 -- - — _ j 

Wall Street securities finn. is to ^ ! f nitI '^ e 2 , 3 lary and , ® n ' 
merge with White Weld, among average me of i.S per cent, in 

• • -van street coi? member-countries of the Orgam- 

l deal White s^on for Economic Co-operation 
employees are. ■»*. Development in the same 


the top dozen Wall Street con- 
cerns, in a $50m. deal. White 
Weld’s 2,000 


expected to continue with Merrill 
Lynch" alter the merger. 

• BUILDING SOCIETIES are to 

press the Government to relax 
the . restrictions on mortgage 
leading introduced two weeks 
ago. Back Page. The Grays 
Building Society, where £7m. 
was found to be missing from 
the accounts, is to be taken over 
by the Woolwich. Page 3 . 

• JACKSON TAILORS is to 
close 50 per eent. of Its shops, 
mainly in the North-East, the 
North-West and Scotland. About 
300-400 staff at the 30 stores. 
involved will be made redundant 
Page 4 

• JOHN JLAING is to quit the 
oil platform business. Page 3 

COMPANIES 

• IrtJNLQP INTERNATIONAL, 
which ia owned 60 per cent by 
Dunl'op Holdings and 40 per cent 
by Pirelli, is moving its base 
from England, to Switzerland so 
as -to 1 have more freedom in 
making overseas investments. 
Back Pagp 

• CbURTAULDS is to sell its 
vegetable protein business to 
Dornay /Foods, a division of the 
U.S. food group, Mars. Back- 
Page ' 

• HONDA MOTOR reported a 
12.6 per cent, rise to a record 
Y17.51tm.‘ (£43m.) id uncon- 
solidated net income for the year 
to Febrnary 28, but expects a 
fall of 14.4 -.per cent, for the 
current year. Page 19 

• MATTHEWS WR1GHTSON 
reported, pre-tax group earnings 
of £S.41m. (£9JS3m.) after setting 
11.65m. aside for bad and doubt- 
ful debts and": adverse exchange 
rate movements. Page 16 and Lex 


.period. 

I On a shorter-term comparison. 
r the U.K. rate of . inflation is in 
lind with the international 
average, with a 3J2 per cent. 
Increase in the all-items index 
In * the six months to mid- 
February, compared with a 3.5 
per-cent rise for OECD members 
as a whole. 

. The best guide to immediate 
.prospects in the U.K. is the six- 
month index, excluding seasonal 


CHIEF PRICE CHANGES YESTERDAY 

(Prices in pence unless otherwise FALLS 

. , indicated) 




.. .. RISES 

Abercom- InVa 

..-Bibby (JO 

. jCErit. Printing 

Brotherhood. CP.) — 

.; C Fodens ■- 

, > Ha’mhro Life . ■-■■■■• 
v ip ..Klivifc. . Save Discount 

-.0 . -Letraset - v 

• Bowntree Ma riant osh 
‘ .Utd, City Merchants 

1 Siebens (UK-) 

Weeks Nat. Res 

• V-Xondon Sumatra : 

i-'-'Angto United 

••V; Cbiiwnc Riotinfo-ji 

. .-W jobless TUdgs. ■■■■■ • 


110 
213 
49. 
156 
53 
302 
78 
162 
3SS 
60 
278 
135 
133 ’ 
115 
'207 
187 


12 

10 

2 

8 

4 


+ 

+ 

+ 

+ 

+ 7. 
+..3 
+ 4 . 
+• ? 
+ 4 
+ n 

+ 15 
+ 13 
-r 14 
4/11 
4 IP 


Exchequer 9J% 1981 

Boots ' 

Davis (Godfrey) 

DRG 

GUS A . ... 

GKN 

Hoover A ., ; 

House of Fraser 

ICl 

Land Securities. 

Lex Sendee - 

Lucas Inds. 

Marks & Spencer ... 

Pi & O. Def <L 

Pilkington 

Scottish & Univ. Invs. 

Randfontein 

Tasniinex 


£98 - t 
201 - 4 
74 - 4i 
112 - 4 
268 - -6 


food, expressed at an annual 
rate. This stood at 6.8 per cent., 
last month, the lowest level since 
August 1972. 

The April, 1977, increase was 
2.6. per cenL, mainly because of 
last year's Budget, while the rise 
this month is unlikely to be 
higher than 1 per cent. So the 
12-month rate announced next 
month is likely to be less than 
8 per cent. 

However, there are consider- 
able doubts on whether the 
22-month rate will stay at or 
near 7 per cent, for the rest of 
this year, as the Chancellor pre- 
dicted in his Budget speech. . 

Sterling’s decline in the past 
couple of months is already 
affecting industry’s raw material 
costs. The index - for these rose 
2 per cent in March, and the 
rise will tend to work its way 
through to retail prices in about 
nine months. 

There is also City scepticism as 
to whether the average increase 
in earnings in the next pay round 
will be as low as 7 per cent., the 
Chancellor's target 

Brokers Wood, Mackenzie pre- 


«f. 


RETAIL PRICE INDEX 

'EXCEPT MauL RODS) 


lounmmmui 

nmniru 

imum 



»75 W76 1S77 «7S 

1 


diets a 12-month rate of retail 
price inflation of more than 10 
per cent, in the first half oF next 
year. Phillips and Drew fore- 
casts a 9-9.5 per cent, rale at the 
end of this year and 11-11.5 per 
cent, at the end of next. 

The all-items index went up by 
0.6 per cent. In the month to 
mid-March,- mainly because of 
increases in car prices, alcohol 
and some foods, particularly vege- 
tables. These rises were offset 
to some extent by lower prices 
for petrol, tea and margarine. 

Food price® generally, have 
risen by only 6.4 per cent, in 
the last 12 months, compared 
with 6.9 per cent, in the year to 
mid-February. The foods index 
is at its lowest level since May 
1972. 

Rises in the pipeline are esti- 
mated to increase next month's 
alt-items index by nearly 1 per 
cent. 


Exxon in talks with RTZ 


; EY STEWART FUMING 

EXXON CORPORATION, the 
largest U.S. oil company, and 
Rio - Tinto-Zinc have had talks 
about' the possibility of -Exxon 
taking a direct stake in RTZ. 

Although the discussions have 
■ended, Exxon says that it has 
“hot ruled out the possibility 
of future joint mineral ven- 
tures." 

The moves were disclosed in 
an Exxon statement to-day 
which said: “We have bad dis- 
cussions with RTZ on ways in 
which we might participate in 
the company either directly or 
through future joint ventures.” 

“Exxon is not considering 
direct participation in RTZ but 
has. not ruled out the possibility 
of.- future joint mineral ven- 
tures" 

• . Along with most of the oil 
majors. Exxon has been engaged 


in a broadly-based diversification 
policy, although considering its 
size — 1977 revenues totalled 
$57.5bn. — it cannot ignore anti- 
trust implications of its moves 
in the U.S. 

However, the company has 
built up a substantial coal, re- 
serve position in the U.S- has 
international uranium explora- 
tion interests, a S4bn. a year 
chemicals business, as well as 
developing computer and infor- 
mation transfer operations. . 

It Is also building up a min- 
erals operation with explorations 
in the U.S., Canada, Australia 
and South Africa and last year 
spent $107m. for 86.6 per cent, 
of a major Chilean copper mine. 

It made a significant copper 
discovery in Wisconsin in 1976. 
where there are also zinc depo- 
sits and has an interest in a lead- 
zinc deposit in Nova Scotia. 


NEW YORK. April 14. 

Kenneth Marston, Mining 
Editor, writes: RTZ has an en- 
viable spread of relatively young 
mining and allied industrial 
operations throughout the world. 

The co.*t of starting such opera- 
tions to-day would reach astro- 
nomical proportions; the Papua 
New Guinea Bougainville copper- 
gold mine alone would probably 
require a capital cost in excess 
of RTZ's current market capitali- 
sation of £4SOm. 

Thus, with its share price 
dampened by the weakness m 
basermetal prices — notably of 
copper, which contributed some 
16 per cent, of last year’s profit 
—RTZ represents an attractive 
investment for a major resource 
company with an eye to the 

group’s long-term metal and 
energy potential. 

Mining Page 5 


CONTENTS OF TO-DAY’S. ISSUE 


— labour 


... 2 
...3-4 

U.K. companies 16-17 

Mining 5 

Foreign exchanges 

Commodities 

18 

19 

12*13 

International companies ... 19 

UJv. stock market ........ 

.... 22 

... U 

Wall Street 18 

Week in tke markets 

.... 5 


FEATURES 


The odd ministerial alliance 
which helps small firms 14 


Video battle to win 1 a place 
In your home 15 


— a 




V 

TV nd Radfe 12 

Tire Law Land Co. 

4 

- 13 


13 

Gnir 

Hew te Spend h ... 
Insunutee - 

V 

Unit Traits 23 

Bernard Wardte - 
Mathews WrlgbtsM 

UNIT TRUSTS 

a 

4 

— 4 

- 7 

Careers 

8 

13 

« 

14 

Year Savings & Inv. ' T 

— • 6 

- 4i 

- B 

' Cains 

CaUtctiau - 

‘ .« 

U 

u 

Le* 

Han pf. Uw Wbs* ... 

a 

a 

4 

Base Hates • 22 

M&G 

Schrader Wa» 

Arbuthust 

1 

2 

17 




8 

Kwik Save Discount ■ IT 

ANNUAL STATEMENTS 

Framlluton 

7 

- 6 

- 7 

- 3 

Entertainment Guide 
Eurnwan Option* . 

• Finance A Family 

IX 

20 

i 

Racing 

Share Information . 

SE week's Dealing* 

18 

tus 

ata 

sdilesfaisw ...mmm 

plcudlthr 

Tyndall 

Rothadilld 

3 

5 

a 

3 

- i 

- 10 . 



For latest Share Index 'phone 01-246 8026 





months in the volume of imports 
respectively in real terms— as a 
result of a high level or con- 
sumer demand in the U.K. and 
a slow growth of world trade. 

In the last three months the 
volume of exports of goods bas 


The existing high level of im- 
port penetration is shown by a 


rose by 3 per cent, on tbe same 
basis. 

Tbe total volume of exports 
«y more than 11 per cent, in . . ... .. . f e it by 51 nrr cent last month 

March and 12 per cent, in the ® a d te /if]^ hS* in l«er Stbs* 1 * compared' with the exceptionally 
first three months of the year anfl fa " nacK ,n ,aler J nDnms - high figure in February. Adverse 
as a whole. An improvement of some kind movements m exceptional items 

Officials suggested yesterday is certainly necessary if last account for onlv part of the 
that this could reflect a decision Tuesday’s official forecast of a decline. 

by industry to take advantage surplus of £230m. in the first Delays in the huild-up or North 
of the strength of sterling half of this year is to be Sea 0J -j production in the winter 
earlier in the year, and the acnieveo. ensured that there was only a 

relative weakness of commodity The latest figures underline negligible improvement in the 
prices, to build up stocks before the more cautious view of the deficit on trade in oil in the 
a rise in domestic demand. U.K.'s trade prospects being first quarter. 

Industrial production figures taken by the Treasury, with a # Richard E\ans. Lobby Editor, 
published yesterday show that revision downwards of the esti- writes: Sabre-rattling over imple- 
at best there has been only a mated current account surplus menting the Budget proposals in 
slight rise in output so far. up in 197S to £750m. from the mniinn^ An r*,* p 
to the levels of last spring. fl-5bn. projected in October. ? ge 

Tn so far as there bas been a Imports of goods and services Ipdnstnal output up. Page 3, 
significant rise in stock levels, are expected to rise more rapidly Bsuanee of payments table. Page 
the recent level of imports of than exports in the next 12 4; Editorial Comment, Page 14 


Sterling 
down 
one cent 

BY MICHAEL BLANDEN 


THE POUND fell in foreign 
exchange markets yesterday 
after the publication of the 
U.K. trade figures and the 
stock market continued its 
uneasy post -Budget reaction. 

Tbe Bank of England 
stepped in to support sterling, 
and succeeded in bringing it 
np from Us worst levels in 
thin market trading. But the 
pound closed with a loss of 
1.05 eent at SL8565 after (ouch- 
log $1.8545 earlier in the day. 

In terms of its trade- 
weighted index related to a 
basket of other currencies, (he 
value of the pound dropped to 
61.7, its lowest since August 
last year, compared with 62 on 
the previous day. 

Besides the initial adverse 
reaction to the trade figures, 
the pound suffered in relation 
to the dollar which showed 
a general tendency to improve. 

On the stock market, prices 
of gilt-edged securities held up 
relatively well in the face of the 
trade figures, with long-dated 
stocks little changed at the 
close and the short stocks show- 
ing falls of up lo 
In later dealings, however, 
long stocks were tending to fall 
again, and the market re- 
mained uneasy. 

The pressures on the market 
have reflected doubts over the 
Government's Budget strategy 
regarding the money supply 
and the borrowing requirement, 
and uncertainty in finding a 
new trading level after Tues- 
day’s -1 point Increase in the 
Bank's minimum lending rate 
This rise was reflected in 
the money markets, and the 
Bank was able to re-engage Its 
normal market-related formula 
for MLR after yesterday's 
Treasury bill tender. 

The Financial Times Govern- 
ment securities index slipped 
by 0.03 to ?1J>0, to bring its 
fall this week to 2.46, the big- 
gest since November 1973. 

Lex, Back Page 


£ in New York 

- 

April (4 

j Prrrton* 
i . 

rjp'rt 

$l.S5«L857D 

3 1-66604670 
0-OMio-O.OSpm 

1 ninillh 

0-0&U.U1 •Iii, 


ii .24-0.19 dls 

0.17.0.11 ilia 

12 Li'iuiln, 

1.80. 1.60.1m 

1-40-1.8? di» 


Boeings plea 

by British 
Airways 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


BRITISH AIRWAYS entered 
yesterday into the controversy 
about Ad«]d- A merican aerospace 
collaboration. Tt disclosed that 
it wanted eventually, to buy 
Boeing's proposed 757 . short-to- 
medium airliner, as well as its 
737 shortrange jet. 

The airline confirmed that it 
had told Mr. Edmund Dell, tbe 
Trade Secretary, that it would 
like to buy 1ft Boeing 737s in 
1980 to replace its ageing fleet of 
Trident Ones and Twos. 

Mr. Ross Stainton. deputy 
chairman and chief executive, 
said the airline had told the 
Government that it . would tike 
to have eventually perhaps as 
many as 40 of the proposed 757 
twin-engined 160-seater jets to 
replace its Trident Threes from 
the mid-1980s on. 

New concept 

Mr. Stainton said: “ British Air- 
ways believes that by far the 
most important factor in the 
long-term nutlook for Britain's 
air transport — the manufacturers, 
the airlines and their employees 
— is the fostering of a new con- 
cept of a transatlantic approach 
to building, choosing and operat- 
ing new jet airrraft. 

“This would mean combining 
the heat airframes and the best 
engines to produce the best and 
most saleable aircraft It would 
mean that the airlines of each 
country could choose the most 
suitable aircraft and engines 
regardless of nationality- 

“ Such an approach has al- 
ready been stimulated by the 
recent Pan-American choice of 
Rolls-Royce RB211 engines in 
their TriSiar fleet." 

British Airways already uses 
Boeing 747 jumbo jets and Lock- 
heed TriStars with Rolls-Royce 
engines. 

The Boeing 737 would have 
American engines; but the pro- 
posed Boeing 757 would also have 
a new version of the Rolls-Royce 
RB211 engine^ the model 535. 

There could be considerable 
British Aerospace Corporation 
involvement in the qiriiner’s 
development; Boeing 'tias: asked 
the State-owned 'aircraft manu- 
facturer for an early derision on 
whether it wants to collaborate 
in the projeet. 

The airline must spend o«er 
£lbn. by 1986 on replacing 105 
ageing Trident One-Eleven, 
Boeing 707 and VC-10 jets. 

It says it does not want to 
become involved in a public 
wrangle over its aircraft choices 
for the future, but makes clear 
privately that its studies un- 
doubtedly favour U.S.-built air- 
craft. 

For example, the cost of its 
proposed purchase of 737s is 
£140m. against £129m. for a 
comparable fleet of One-Elevens. 
But the operating costs of 737s 
are so much better that the air- 
line will get £lDm. higher profits 


every year from its 737 fleet than 
it would from a One-Eleven fleet, 
or a figure equivalent to £140ra. 
over a 14-year in-service life for 
the aircraft 

This is a key faclnr behind tbe 
British Airways choice of tbe 
737. But other factors include 
the inability of the One-Eleven 
with its RR spey engine to meet 
the more stringent take-off' noise 
regulations that wifi become 
effective inthe mid-1980s, 
effective m the mid-lBSOs. 

The airline is not entirely 
against the One-Eleven however. 
It intends to use many of its fleet 
of that aircraft well into the 
19S0s, until it is forced to phase 
them out because of rising fuel 
costs and tougher noise regula- 
tions. 

It believes that a new version 
of the One-Eleven fitted with the 
proposed RR RB-432 jet engines 
would provide a useful aircraft 
for its fleet in the late 1980s. 

TF this were developed, British 
Airways believes it might then 
he possible to phase out its 
Boeing 737s, and the airline 
might even profit on them 
because of their very high 
second-hand value. 

John Wyles writes from New 
Ynrk: Tbe U.S. Export-Import 
Bank bas derided to step up its 
support for American aircraft 
manufacturers where their wide- 
bodied jets compete in foreign 
markets with the European 
Airbus. 

Direct loans 

The bank has provided direct 
loans for some time to help 
foreign sales of U.S.-made, 
medium-range jets in competi- 
tion with Airbus Industrie's 
A300. 

The U.S. companies have found 
that some foreign airlines think 
the Airbus as appropriate for 
some routes as a U.S.-produced 
long-haul jet, and in these cir- 
cumstances the European manu- 
facturers enjoy better Govern- 
ment-backed financing arrange- 
ments. 

Boeing has already claimed 
that the -bank has not the teeth 
to put U.S. aircra/t on a fully 
competitive footing, and the 
Export-Import Bank's extension 
of its support is an acknowledge- 
ment that more could be done. 

Margaret Hughes writes: The 
recent Airbus and TriStar deals 
show clealry bow the export 
finance available to aircraft 
manufacturers has become a 
crucial factor when competing 
for airline orders. 

While Boeing complained that 
it was unable to match the 
financing offered to Eastern Aii^ 
lines by Atrhus Industrie, 
Britain had to take the unpre- 
cedented step of agreeing to 
provide credit insurance cover 
for the whole Pan Am-TriStar 
deal to secure the engines order 
for Rolls-Royce. 


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OVERSEAS NEWS 


v. Finaiidal ; : Rme$-'5atnT^y -Ap^^ ^-1878 


-?! 


>it 




str» 


U.S. industrial £f n e !.£f s Tokyo calls off friendship talks with China ^ 


output index 
moves up 1.4% 


BY DAVID BELL 

THE U.S. index of industrial pro- 
duction climbed 1.4 per cent, last 
month, the sharpest increase for 
a year and further evidence, 
according to Administration 
economists, that the economy 
may be more healthy than has 
been assumed in the past two 
months. 

The Federal Reserve, which 
issues the production figures, 
said they refiected milder 
weather and the settlement of 
the coal strike and that last 
month's gain was the largest 
since the 1.6 per cent increase 
in March, 1977. 

To-day's figures are bound to 
add some weight to those inside 
the Administration who are 
arguing along with Mr- William 
Miller, the chairman of the Fed, 
that there may be a case for 
delaying all or part of the S24bn. 
net tax cut which the Adminis- 
tration is still urging Congress 
to pass by October 1. 

Mr. Miller suggested earlier 
this week that the cut should be 
delayed for perhaps three months 
as part of an effort to get the 
Federal deficit below the S60bn. 
ceiling set by President Carter 
in bis anti-inflation speech on 


WASHINGTON, April 14. 

Tuesday. 

There were indications to-day 
that, despite Administration 
insistence that the tax cut should 
go ahead, some influential mem- 
bers of the economic policy 
group believe that perhaps S5bn. 
of it should be withdrawn while 
others share Mr. Miller’s belief 
that the whole package should be 
delayed. 

However, the President and bis 
advisers are understood to be 
waiting to see the shape of the 
first quarter Gross National Pro- 
duct figures before making any 
decision and Hr. Jody Powell, 
the President's Press Secretary, 
said yesterday that the Adminis- 
tration has no inclination “at the 
moment" to withdraw the tax cut 

Until now, senior officials have 
been arguing in public that by 
next October, the economy will 
need extra stimulus and that 
business will need the invest- 
ment incentives built into the 
tax package. 

Mr Michael Blumenthal argued 
forcefully that this was the case 
at a news conference this week 
but there are now reports that 
he also may be having second 
thoughts. 


win ruling 
on imports 
from Japan 

By David Lascdles 

NEW YORK, April 14. 
THE UE. steel industry has won 
a technical but significant victory 
in its campaign to stop cheap im- 
ports from Japan. The ; Inter- 
national Trade Commission, an 
independent Government agency, 
has ruled that carbon steel plate 
from Japan is -injuring domestic 
producers. 

The r uling, which complements 
the U.S. Treasury decision last 
year that five Japanese steel- 
makers were dumping steelplate, 
paves the way for the imposition 
of anti-dumping duties. - 
But it is largely technical since 
the steel price trigger mechanism 
designed to protect U.S. steel- 
makers against cheap imports 
came into effect in February, 
some time after the investigation 
into carbon plate started fol- 
lowing a complaint from Gilmore 
Steel, a West Coast producer. 

Under Che trigger mechanism, 
the Treasury sets prices for steel 
imports based on Japanese pro- 
duction and transport costs. 

Having secured that, the U.S. 
industry agreed not to make fur- 
ther dumping complaints. 

However, the ITC ruling could 
result in formal duties on Japan- 
ese- carbon steel imports to 
guarantee they remain above the 
trigger levels.. 


BY COUNA MacDOUGALL 

JAPAN YESTERDAY put off 
talks on a proposed treaty of 
peace and friendship with 
China after Peking refused to 
withdraw 20 fishing boats 
which had again sailed into dis- 
puted waters around the Sen* 
kaku Inlands. Japanese patrol 
boats and aircraft continued to 
keep a watch on the area. 

On Wednesday about 1 W 
Chinese fishing boats, some 
armed with machine guns, had 
sailed within the 12 mile limit 
around the Senlmku. or Tiaoyu. 
islands, which Tokyo claims 


Japanese 
prices up 
only 0.4% 
last year 


were returned to Japanese 
ownership by the U.S. along 
with Okinawa -and the Ryukus 
In 1972. Both China and the 
Nationalist government in 
Taiwan claim ownership of the 
Islands. 

Mr. Sunao • Sonoda. the 
Japanese Foreign Minister, yes- 
tenia; told the Cabinet that 
Japan would not resume discus- 
sions until ’ the issne was ' 
settled. He added that it was 
a premeditated act by Peking 
and that China was very wrong 
if it thought It would draw 


Japan Into talks in flits way. 

The Chinese action appears . 
to have come as a complete 
surprise to Tokyo.- It is out of 
character with recent trends in . 
Chinese foreign policy which 
has Seemed to aim at Playing ; 
•down sensitive issues In itn ' 
search ‘ for improved relations - 
abroad, particularly with neigh*, 
hour countries. The last .-offi* 
dal word from the Chinese' on 
fee question of fee SenKtthfe, 
was that the issne could be" 
shelved so as to remove a' : 
stumbling block from the nego- . 
tiations over the . peace and ' 


friendship treaty. , 
s While Chinese offldals.' in 
both Tokyo and Feting have. 

. countered Japanese protests by 
"referring to their GovenuarirPs 
' 1971 statement affirmin g 
■ Chinese ownership of the. 

• islands, there has been same 
hesitation on fee Chinese side. 
Peking's ambassador to Japan, 

: when interviewed .yesterday; 

‘ said he tad not received any. 
instructions from his : home 
Government and that the'situa- : 
-:tiOn would be clarified shortly. 

Peking, a Chinese official 


said he would investigate the 
issne. 

The Chinese Ambassador to 

- Tokyo added feat he .thought 
fee situation might have some- 

- thing to do. with statements 
some Japanese had been mak- 
ing in .fee last two weeks, pre- 
sumably implying that ; fee 
.action, was intended to bring 
■ pressure on those, who oppose 
. the' treaty ' because' of their 

links wife "Taiwan. However, 
the sharpYeaction of fee Tokyo 
Government makes ' ft seem 
unlikely that such tactics will 


P, 

i# 


ultimatum on tachographs 


itY Commodity 
, fund talks 
WS may resume 


BY GUT DE JONQUIERES. COMMON MARKET CORRESPOND&tT 


BRUSSELS. April 14. 


Wholesale prices rose only 0.4 BRITAIN TO-DAY rejected an bnraght over aUeged taeachenof atttaed that eompulsoTy ibtroduc- ■*-*-*■ **"**■. - 

per cent during fiscal lflrr. which EEC ultimatum to comply wife fee treaties. -tibnofthetachographwould.be By David Houseso 

" 8S «nt. less than the Community rules which require The tachograph has bees re-.- unwise . while drivers’ unions -..TIT ;. ___ . . 1 • . 

( K. J ?EX i“7 *Z$" 10 .5! 8*"? « .tronglj.OWMrt'M *£%. , 


Carter holds policy session 


BY OUR OWN CORRESPONDENT 


PRESIDENT CARTER has 
invited most of his Cabinet and 
some senior aides to a two-day 
session at the presidential retreat 
in Camp David to “talk things 
over” this week-end following 
the barrage of criticism that has 
been directed at the Administra- 
tion from' all sides. 

The meeting coincides with 
a new New York Times-CBS poll 
which shows that only 46 per 
cent, of the American people 


think tbe President is doing a 
good job and tbat he gets poor 
marks on every issue from the 
Middle East to the economy. 

At the same time, the Adminis- 
tration bas no certainty now that 
it will even see the second 
Panama Canal Treaty through 
the Senate. Opinions vary about 
who is to blame for the problems 
that this Treaty bas encountered 
but there is no doubt tbat tbe 
President's lobbying bas been in- 
effective at times and that be 


WASHINGTON, April 14. 

has underestimated the problems 
tbat have arisen. 

Meanwhile, the Energy Bill is 
still stuck in Congress and all 
attempts to reach some compro- 
mise on the issue of natural gas 
prices have met little success. 

Mr. Jody Powell, the Presi- 
dent’s Press Secretary, said that 
the two-day meeting would give 
tbe President and his Cabinet a 
*chance to talk things over” and 
if necessary make some “mid- 
course corrections.” 


steepest drop since 195?. The The Government’s refusal sets on all heavy goods and pass^ger mentis wage restraint poll*. > - 

bank said the fall was mainly the scene for a major legal Sf ide# sfe« the beginmng of;- TheGovernment addedttat a CommonwtaJfe sSS- 

the result of lower commodity battle wife fee EEC Commission, ?ear. A waiver has .been system of checks was already ra fee_ w^onwraittt secre^ 
prices caused by the world reces- which ri almostcertaintot^e granted until mld-1978 Tfar.force in. tbe UJL to ensure com- declared m 

Cvsss «*? ( gg 2? 3 ■ 

Ghana detains . a ^ 82 S\ ■■■ 

he expected a decision .to be warning Britain that it bad two The Commission has: already to closing the gap between the 
tnn nnlitf nianc 1 * tel month on months to conform with the disputed the Government's t '”L. 5 * Tfa ? UNCTAD .{.-rf 

lUO pUUllUdU^ whether to prosecute the UJC, tachograph rules. These date economic aranments against man- seraeferiat has set July as_a 

The Ghana Government has Lawyers in Brussels do nor from 1970, three years before fee datoiy fitment of tectagi^hs, ^rative dafe for renewing ta&a: . 

ine iinana overrun em ns* tt xr >, Vm,, But this has SO far been treated 


French jobless increases again 


BY DAVID CURRY 


PARIS. April 14. 


Zia seeks Government changes 


felting session there was suffi- 
cient common ground for the 1 
delegations present to have - 
established the 'framework of a 
Fund- between them. 

As it emerged at the confer - 
ence, the principal point of 


BY SIMON HENDERSON 

PAKISTAN POLITICIANS repre- 
senting all parties are meeting in 
Rawalpindi with fee military 
ruler General Zia ul Haq on 
Saturday morning to discuss the 
formation of a national govern- 
ment. Informed sources say 
General Zia wants such a quasi- 
civilian government to be formed 
before he leaves for a .state visit 
to Saudi Arabia on Sunday. 

Observers in Pakistan see its 
establishment as a’ means of 
spreading ' responsibility if for- 
mer Prime Minister Ali Bhutto's 
appeal to the Supreme Court 
against a death sentence fails, 
and if any appeal for clemency 
is turned down. 

Leaders of the former opposi- 


tion National Alliance and fee 
independent Tehriq 1 lstiqlal 
Party have shown some enthu- 
siasm for such a civilian govern- 
ment since fee military regime 
first suggested it last month. 

The People's Party, once lead 
by the condemned Mr. Bhutto, is 
against any cooperation with the 
army, bnt a faction lead by a 
former minister. Maulana Kauser 
Niazi, has broken away and calls 
itself the ^Real People’s Party.” 
This faction has jsai£„it will 
work with the army if it is for 
fee good of the country. 

A possible embarrassment for 
the military is the boycotting of 
any such administration by fee 
National Democratic Party 


ISLAMABAD, April 14. 

(NDP). Its effective leader, Mr. 
Wall Khan, is understood to be 
strongly opposed to any “deal" 
with General Zia unless tbe 
regime makes an explicit com- 
mitment to democratic elections. 

Saturday's meeting is expected 
to discuss the distribution of 
portfolios aDd how a national 
government could fit in wife tbe 
Advisory Council of bureaucrats 
and,, senior generals 

The politicians -expected to 
join fee government are even 
more anti-Bhutto than General 
Zia himself and would be more 
resistant to pressure by foreign 
governments feat mercy should 
be shown. 


J f * . . October. In mid-February: it modate domestic and foreign tW( H Ia y 

Vjfiana detains , A commission spokesman said i^ed a “reasoned opinion” lorries fitted wife fee devices. “liferterial meeting wife a view ■: 

he expected a decision .to be warning Britain that it had two The Commission has: already to closing the gap betwe en the 

t-nn n/llitf nianc tJ £ e S. 1 * tel mis . month on months to conform with the disputed the Government's two. ® v UNCTAD .< : -r? 

lUO pUmiUdU^ whether to prosecute the UJC, tachograph rules. These date economic aranments against man- seraeferiat has set July as a 

The Ghana Government has Lawyers in Brussels do nor from 1970, three years before fee datoiy fitment of tachographs, jjj* ^ re ^ ewin f talk*: 

ordered fee arwt^Fl^leading rate Britain’s chances of winning U.K. entered fee Community, and pointing out the devices have 

politicians, apparently because such a case highly. They believe are in force in all other countries brought, no complaints from 

they oppose official plans for fee facts of fee case are fairly except Ireland, against which pro- drivers on the continent. and are’ JgU* tears a : repetition -of the . 

“union Government ” In last clear-cut and point out the ceedlhgs ore also pending. .....already installed on. "British breakdown last November, 

month’s controversial referendum, court has tended in fee past to In its reply, sent to the Com- lorries travelling to pther parts “v- pell, secretary -.. 

writes Our Foreign Staff. Among uphold fee Commission in actions mission today, the Government of the' EEC. • . T ' for Trade, said that if 

those arrested are Mr. Komla ; ; • •- -:~ v • - . -• ■- the conference had -been a nego- . - 

Gbedemah. a former Finance • fiating session there was snffi- 

Minister, Mr. Victor Owusu. a w • 1 ¥ • • •' ' dent common ground for the ’ 

former Attorney General, and Mr. h lAnlDGC 1T1PVDCICA6 QCJ1IU1 * delegations present to -have 

wnuam Ofori Attah, a former i Cilt'll lUUlVJO lllkl Vit^Vp dUitlftl established the framework of a .• 

Foreign Minuter. The arrests fol- - v -• 0 r Fund- between them. 

low a banning order earlier this ■ • *" " t>avtc mJ*h i a As it emerged at the confer 

monfe on the pohtical organise- BY DAVID CURRY , ■ r PARIS. April 14.. ence,' the principal point of " 

?n°r“ nniSf eowmmenf "IvStfe FRENCH UNEMPLOYMENT last Autumn Is said to' hive time working the whole ' picture difference remains the insistence ' 
the goveromUTdescribes as effec- rose in March for fee second found more than half a million looks gloomy. - ■ ■ developing nations that fee 

lively* “no-Darty" stale hut its month in a row. reversing its jobs for young people. Employers While the Prime Minister. M. °® cIa J finance for fee Fund .. 

opponents allege Is a device by pre-electoral improvement. This have, in guarded terms, said they. Raymond Barre, has- always should include direct Govern- :— 

the mnitaTy government to keep seasonally adjusted rise of 2.7 will try to make most of these Insisted feat unemployment will meat ^subscriptions. Developing 

itself in power. oer cent to 1.07m. unemployed jobs permanent • *“ only improve as fee economy as countries are pressing for this to - _ • • • 

' added to union fears that com- But it also appears the price a whole gets better, some of his. ensure that the Fund could hold . x 

Calm in Beirut panies may take the Govern- of recruiting young people to coalition partners are more, im- its own as an international insfr — 

- - meat’s emphasis on restoring fee jobs before fee election is fee patient Tbe Gaullists, notably, tution and could act as a ginger - 

ce?»«enre finances of fee corporate sector redundancy of older -workers m say a return to full employment group m promoting new com- - . 

Calm prevailed in Beirut's south- as an invitation to shed labour loss-making areas later, since should be a priority. modity agreements. They took r • - 

eastern suburbs yesterday after in lo6S-making sectors. some companies who took on m. Barre is currently discuss- it as a welcome sign that Britain -- 

a ■ ceasefire ended five days of Although the Ministry of yonng people last year a^e. now the Goverdmentis -policy with and Canada," as reflected. in. . .. 

fierce fiehting In which 100 people tbe rise was a declaring rednndanciea. the unions and - it is generally final comm unique, for fee first ; ; 

were believed to hwe been killed norTOal seasonal phenomenon, it Although the totai represents expected feat a sharp increase in 5?*v appeared- willing: m ~ . . 

and scores wounde^. Ihran^Hijazl “Smirtea figures were ■“ pre- a seasonally adjusted 2.7 “per the minimum wage beyond that ad hously cons l d er fee PMgjjgjg:;-. 
wTi tes^, fi om . BeunL. . occupying." - cenL. rise over Februaw. tile heedd to keep abreast of price vjLfJSp 0 * ... . 

Sudanese., un its the ■ Arab ^ ~ .hnwed a 24 be®, ]fii« : . , WiH be couce^d'in'-Bay.V officials emphasise there wa%|Tlr ^ - 

Peacekeeping Forc^uJok up po5i- The feet that more fean a f unr the unions are .likely to firm cammitmeiits- ■ 'T • ' • 

tions between- -Chrafem- militia third of thoste out of- work were cent declirw to LOTOm. But fee But fee uuiOM_aro^K^rto ... 

^ » «■» ° [ ** ° f ssbsw-sssSbe ... - 


i to maustry. • • ,, ~ — * — . - . . 

A similar campaign launched total is added to that of short- of persistent unemployment. 


Row over Australian trade discussions 


THE EUROPEAN Common 
Market’s Executive Commission 
to-day said talks wife Australia 
on trade problems bad been post- 
poned because of an Australian 
threat of discriminatory retalia- 
tion if no solutions were found. 

Tbe Commission reacted to 
.'Ctitidsm of "fee EEC by 
\Affi5tah?n •: Prime • "Miniver 
Malcolm Fraser in a -Speecku lh" 


Sydney earlier today by sum- 
moning Australia’s Ambassador 
to fee Community, Sir James 
Phmsoli. to a meeting with fee 
EEC’s Director General for Ex- 
ternal Relations, Sir Roy 
Denman. 

Sir Roy expressed “surprise 
and concern," at Mr, Fraser’s 
denunciation of the- EEC, accord- 
'.log^to^an' EEC. statement After 

: thtL"mfcetihg- . .. . . r. 


BRUSSELS, April 14. 

Tbe statement said fee . two 
sides bad agreed earlier this 
mouth to put off bHateral trade 
negotiations, from -fee second 
half of May to fee second week 
in June. 

Earlier to-day. Prime Minister 
Fraser denounced fee. EEC as a 
narrow, self-interested trading 
group" trying to make fee world 
"dance to its tune. ’ ‘ " 
Reuter 


General Dr. Kurt Waldheim and 
representatives of the Turkish 
Cypriots who presented him with 
new proposals for the future con- 
stitution ■' of Cyprus appears to 
have en^ed without any progress 
and a qew meeting was scheduled 


U.S. and Bonn 


BONN, April 14. 


suggested that commodity asso- j 
motions would not have Sufficient t - - 
surplus cash to make a Common 
Fund workable without addi- , ", |-‘- 

tlonal resources from Govern- * ■ - 
mint contributions. • - - - ; y "lit 

Mr. Dell’s argument has been : 

that deposits from commodity: ... 

associations and borrowing on.; 


and a qgW meeting was scheduled BY JONATHAN CARR -. Msodatiom^ and - 

^ Lcnd ' ai THE ELEMENTS of a big Wert fee idea of taking fee Gepard as For Ws part, Herr HadkjKftfl, the basis ^ ' of government ; 
Me^a, our Nicosia corre- German .American military pack- ^ distribution to a ^o- Mej Wert German Drfence leave tbuFnnd^-- 


borne warning and control system tui exanunaoon. particularly rfLTrr - Jr“ * :: 

VVC follfc fn rpcnmft ( AW ACS i in return for further view of the fall of the dollar attack. second window forthe fund to*. 

talKStO reOTme purchase sof German de- against fee Deutschmark. But the system was expensive, gg fee poorest nations —a po int . -• 

Talks on a framework trading u.o. puraiaeei. u ** nefixnr* Minictrv sources said The West Germans could only ribll in dispute last -November 

VSSSP'igrSl&lFjS}. ^TtaTrSdSl Germu. protfuct tb»t L quatioi n> tSe purrliMe pipdpcettefimas.for AWACS b, 

S- To? JSwilfTUfintYfllim.lvpS -SX -GOpwa.wa^ bythe VS: otnearly 200 of .the 


Good news for 


Mr. Roy Jenkins. President of -Involved Is the -GOparo .anu^ir- by .tiev* Qt_neariy oi me Fwero mu ch 

the EEC Commission said In craft tank. Thh main.sttttnhiing tankscnTheir cort-was igtyen late -aeS^Kfe22SM?^S3r 

West Berlin where he has just block fee- both sides, is the cost last year as close to DM.7m. de^^pon. 

concluded a two day visit, re- 0 f fee equipment on offer. - apiece, making a total price of Said^bift Gextegi Jobs; ex^nedby Aus^^ 

oorts Anthony Robinson. Come- his departure after a brief more fean DM.13bn. In dollar Vrttttfekt Bonn i peed^-.to^e 

con’s fim step towards visit heTe, Mr. Harold Brown, tbe terms, fee package is, of course, compensatory effort ^ ^ g 2“ ft SStaSoSffiS 

nlsrng the Community as a fuD us Defence Minister, made becoming progressively more ex- U.S.-, : •• . f«n oftheEEC ^ protecnoi^ 

T l ^f ot c ati + e Partner ^ dear fee U.S. had not given up .pensive. Hen Apert made a similar point . — 1 , : • i- 

last September when Comecon • to the -defence committee of fee . — — ■ 

executive committee president ■ Bundestag earlier tips week and xnmm nmxT — ^ 


users, 


Mr. Mihai Maruiescn went to 
Brussels for preliminary talks. 
Mr. Jenkins made clear, that an 
eventual agreement would only 
be a framework for specific trade 
arrangements with individual 
Comecon states, not Comecon as 
such. 


Latest MBFR plan put 
to the Warsaw Pact 


The Government’s decision to lift certain 
restrictions on the use of credit cards has enabled 
us to make improvements to the service we offei: 

Minimum repayments reduced. 

The minimum monthly repayment is 
reduced from 15% to 5%.Barclaycard statements 
will now show die Vninimiim paymentf as 5% of 
the outstanding balance, or whichever is die 


the outstanding balance i or . 
greater This means that,! 


whichever is the 
■ example, the first 
willbe cut from. 


Cash advance limit Increased. 

Barclayeard Cash Advances (obtained from 
any bank in. the British isles displaying the 
'BARCLAYCARD service here’sign) may now 
he for arty amount— providing it is available within 
the cardholder’s credit limit. 

This loan may be taken in cash oz transferred 
to the cardholder's personal current: Account at any 
bank. A charge of2 5 /i% willbe added to the amount 
borrowed, and the total included on the next 
Bardavcard statement. The period from when 
the loan is taken until 25 days after the date of 
the statement is interest free. 

For more details of these services please 
write to Barclaycard or enquire at any Branch of 
Barclays, the Bank of Scotland, 
the Yorkshire Bank, the 
Co-ppcrative Bank or the 

'Alliddlrish Banks. 


_ 'BY PAUL LENDVAI VIENNA. Xpril 14. 

Swedish merger • ^ NATO HAS put forward a pack- proposals favoured almost 2J increase. 

SAAB- SCANIA, the age 0 f new proposals designed years ago. At that time fee West 

'to break fee deadlock at fee 19- offered to withdraw 1,000 US. 
merge their missile'manufajcturing nation East-West Mutual and nuclear warheads and 29,000 U.S. 
operations, according to a com- troops from Europe, in exchange ■ 

m unique from fee two Swedish (MBFR) talks which began here for the withdrawal of the Soviet ' 

concerns. A joint company, Saab- in October, 1973^ ■ , ® tank army from East Germany. 

Bofors Missile Corporation, will be initiative will be formally tabled new y erS i 0n suggests that 
formed, William Duljforce writes only next Wednesday at a gve Soviet divisions (about 
from Stockholm. , , plenary meeting, fee Warsaw gg.OOO men) and some '1,700 

The bulk of the,' companies Pact has already been given the sbouI( f be withdrawn not 

missOe output goes to the Swedish details at an informal meeting oal from East G ermany but a j so 

ys earl,er ^ week ' from Poland and Czechoslovakia. 

Pr whi?h At the same time the West is 
Swedish Government} ^ STRESS!. sSSi ,«*«« 

— should make it easier for tbe East ear tier Eastern complaints and 

RlOtS ID llldia to accept the original NATO pro- tc ? ° ti li g a ti ° n triat 

At least 24 people have been posals put forward already in ??° ut two-thirds of the 29.000 t,-^ 

killed in dashes in .two northern December, 1975. In view of the soldiers^- should he taken 

Indian States and violence has large imbalance in ground forces spertficajiy designated exp 


reeved ationg ba^ SWBWWNG POOLS 

It is noted feat fee U.S. has pnjnrtyiniu 
agreed- to take, a German tank nainrAi'cAui Walw/ 
Snlnfee 1980’s and bas bought 
Gefetmi vehicles for American SELF BUILD SCHEME 
forces; - But -the .Germans still 
point to a heavy imbalance which . 
the purchase of AWACS would 



U 


= ii iii i j i»Ti <1 mill fyi 



si*. ; 


H- 



also flared in other parts of the an | tanks, in favour of tbe East, units, which obviously means 
country, reports Reuter from New NAT0 ^ni insists on reaching a West Germany. Finally. NATO 
ttSL'SSJS common ceiling on ground Forces. « now willing to offer more 
« But it would now be willing to specific commitments concerning 

Sfniab* 1 S c, ?. of iMrt *Svm ^pt fee principle of equal per- troop reduction by all direct par-. 
Punjab state. At least seven ______ cuts once an apDrnxi- ticipants in a second stage, fol- 

opeSed fir e e%n k 'riDt1rie wo"keS« L at mate parity has been estawfshed lowing a troop cut agreement 
a u^erafty m ulter mdesh! Warsaw Pact forces outnumber affecting U.S. and Soviet troops. 
The Times of indie put the death NATO forces in the central The new NATO plan basically 
foil a? Panfnagar -agricultural region by 150.000 men and by follow*; the ideas put forward by 
university. 20u miles north-east or 2.7 ro 1 in mam battle tanks. the West German Government 
New Delhi, at 16. Another change concerns the almost a year ago. 

Comecon income slows \ -w T . * j. a. 

aP^nationa! m SS? p?od!lreri' b> V OFStCF iSCGS pOll tCSl 

Omecon. ih^ mne-nfttion econo. . BY q UE ntiN PEEL JOHANNESBURG. April 14. 

mic group which includes toe. . _ 

Soviet unmn. its East European IN WHAT i> seen here as a tests in only two wards. The 
allies, plus ruba and Mongolia. '.crucial lest of the South African poll in those contests was less 
dropped Iasi i^r to 5J per cent. ; Government's attempts to accnm- than 6 per cent, 
from 5.3 per ceni. In 1076. ihc'tnodaie urban black political To-tnorrow'p by-elections have 
parry newspaper pravd? reported - aspirations, by-clectinns arc fn he been ordered - by Dr. Connie 
rn-flay. David Sailer write.- from held to-itiormw in 15 seats for a Mulder. Minister of Plural ReJa* 
JJo^vow. earlier this year Mr - con jniuniiy council in Soweio tinns and Development, in an 
Nikolai Faddeyev, the comeron ; Although community councils attempt to improve the respnnse 
rfZ ,a Z io-- e rnZ-oZZr\nn7i' have heen introduced in several and achieve a workable council 

P.ns.r.!,, couyuy with with sl-ned m.mbhrv 

explanation w M etv£n for- fhe; 3 reasonable degree of snccew. ; 

new lower .figure, which will make \ ^he "lections first held in Soweto . • 

ii nr.ore diffi'-ult for Comecon tij in Fehruafv were a fiasco, wnth ’ pt- AW( *,tTi*iH; Buwwwd «iw*w*qt 
achieve ifs uverali en >w-rh wgetmw* candidate* unnppoeed 19 SSI?, 

for 1S7&-80 af an ner cent. I seltA without candidates, and con. Seoecd clw WBua 0 *m at Now York. N.Y. 


• - l Henry Schroder Wagg & Ca.Limited is one of 
Britain's largest and most respected Merchant Banks. Our 
e^erience-andskilis'ia TTOridirtockmarkets are such . 
tbat many leading companies and institutions entrust us 

- with tbe investment of substantial sums afraoney on 

ihacJjehaK.; - 

Privaieinvestoiscah also benefitfromour eug>ertise 
ty inv estmg in our Unit Tiiists. There are lour Funds: 
SCHRODERC&PITHLFUNDr 
.. Investment objective-capital growth. 

- ; : SCHRODER INCOME FUND. 

■ ~ r- I nvestm ent o bjectiv e -i ncom e growth. • - ' • 

SCHRODQR. EOKOFE FUND. . 

■ : Jrivestment objective-topaiticipaiein the steady j 

growth of weH-managed European economic.. ■ 

SCHRODER GENERAL FUND. .. 

- Investment objective -a balancedfund seeking ■ 
income and capital growtii ■' * 

. . \ ' Tb.Snd outciBre about haring Sdandw W^g rcanage your . ; 




: 

r ‘that 


48St Mann's Lane. London WC2N 40ur tatepfco a a0K40 3434. 



‘‘I r*. 

‘ ■'= . 

-•'P-. • .7 


^■^ UNTT TRUSTS 

Mwhbor of Tba DaitBust A sa o d afian . 
> Moiatin5eabtettEa»--.^b^i r 


for 1S76-80 of so per. cent. 


I seats without candidates, and con. 





„\. _ 


' r -. : :^f^cial : Tmies Saturday April 15 1978 

Home news 








• * ::r «».r ?*£ 

a5L 5 «l 

'iSfo 


rises 

a 



.By David Frnd 


,Und la!, 

'n July s 


Woolwich to control 

society 



■* pj. 


^INDUSTRIAL, production seems 
- to have- recovered from the low 
.-rriSVeljs -toward. the end of last 
"■year," though the underlying' 
level of output shows only a 
small improvement . 

= This. _•!$' in line with the 
v * monthly"induatnat trends survey 
7 published at- the - beginning . or 
the .week by the Confederation of 
British Industry, which con- 
cluded that; there was no firm 
evidence ‘"of any noticeable 
revival in the U.K; economy 
generally,”-. - 

*** The" ail-in dtis tries index rose 
0.8 points to 103.8 in February 
(1970=100, -seasonally adjusted) 
according -to provisional - esti- 
mates yesterday by the Central 
Statistical Office. The index for 
" - manufacturing industry rose 0.6 
■•-'points to 103.8. --- 

The - official feeling is that 
-“these gains bring the , indices 
- -i-rs. hack to the levels of the earlier 
! ."’P a rt of last year after various 
isjwv ''“disruptive factors in the closing 
'j . " s * j.Tmontos of 1977. _ 

t-o*. There werfe. however, signs of 
* t V • .-a response, to the recent higher 

level of consumer demand. Out- 
** consumer goods like 
furniture and 
i-r -....miscellaneous- metal goods 
Tyfc showed healthy increases. 

v. Slow start 

■rv.-’-.VV^: This 'was in line with the CBI 

*" '-L-* h\-lL* findings- .of an ■ increase in 
*“ demand to- companies producing 
goods for: the home 




- V.- 

* irin 


- : ; 7« level of consumei 

- -sJ‘: *'-■ put of* cbnsumi 

“ 'textiles. pottery, 

.'.'.'.miscellaneous- . 


’ ' • : V demand tb 

*'■ i;-- t *,■** consumer 

' market- - 


,w seems 

-^.beginning. . of 


to suggest- the 
a period of 

-- economic growth,. but with a slow 

:±* star^”ltsaid...- . .. . ■< . 

■*; ^ 0 '"- Comparing ' Decern ber- 

" « '- February with' the previous 
’ three months, there, was a gain 

- ■ .:'.of l.l per cent, in' the all* 


.■» :r.n-j e -- -ot i - i P er cent, in tne an- 
: = :• ‘:i industries index and 0.7 per cent 

r ■ -TrSt' in’ manufacturmu industries. 

-» -JZi • 


lx; c 

■■ Sgj 

■ - r 

— 

: - j: 

:*.:cas. 

% 


_ !... 




• North Sea oU, tl 

■ - -- : ■: r:.-:’“~>p‘A'4 llcti ' s: ^y: --deal..- 


in manufacturing industries. 
The all-industries ' was -little 
changed from a year previously. 
Manufacturing industries fell 1 
per cent. 

More than a quarter of the 
improvement in the previous 
three months stems from.- the 
cold weather, which increased 
electricity and gas consumption 
more than normally •„ in . the 
seasonal adjustment ' 

Other reasons for the improve- 
ment include fewer strikes, more 
the recent pro- 
in- . -the’- coal 


? “• ; m i^.o - 


V.sh-a;? 


id for- steel products,. 


>al 


:;rzrr 
•; rAi f .’ 


.. . - -g I. 

-r.:3 


..Vbv 

C INDUSTRIAL PRODUCTION . 

•f. W7D=T0Q seasonally adjusted 
Ah. . 

Industries Manufacturing 

mt 1st 

100.1- 

1012 

: 2nd 

101.5 

- 1033 

3rd 

■ 100.9 

WM 

4th 

HW 

104^"- 

1977 1st . 

m 2 

M&2 

2nd 

, 1t»4> 

: 103J> 

, '3rd 

- 10U 

:ioiJ ; 

4th 

. 102J) 

.. .102 S.. 


101.6 ’ 

. 1021 

.. Dec 

102 5 

103 J 

1978 Jaii. 

. 1020 

' 1032 

Feb. 

i . 103.8 

. 1028 

Source: 

Central Statistical Office 


BY MICHAEL CASSELL. BUILDING CORRESPONDENT 

THE GRAYS Building Society. Registrar of Friendly Societies After the Grays affair— which 
which closed; its doors to the is expected to last several the movement accepts has 
public at Easter- after the dis- months. damaged its reputation in the 

closure that £7m- was missing To cover the Grays’ losses. e y es 0 f ijje public — has been 

from its aecounte, m to ht taken SS*S 2 ctai« hSS^S 25 re!0 ' ,<,d ' ,h * qu “ ,,on .“ f hov 'i 

over by the YToolwich Building , 0 contribute towards meeting swnet,es w,n ‘■°P e w,th 
Society. - _ Ihe estimated losses. Their con- future failures remains to be 

The Building . Societies Asso- tribution will be assessed on the determined, 
ciation, of which -the Grays was size of their assets in relation . U seems -certain that somei 
a member, said, yesterday lhai i» those of the entire movement, form of identifiable fund will be 
steps to permit' a "transfer of Mr. Stow said that no society formed by the movement to be; 
engagements .W the ^Woolwich Ti ar i ye t said it was not prepared used to illustrate the underlying! 
were * bemg . taken with all t 0 help. “This is the first time security extended to investors in; 
po^ible speed. .. _ -. that sfiaeieties have been asked arty of the association's 240 mem- i 

Mr; Ralph Stow,- -chairman of to secure the savings of investors ber societies, 
the association, reaffirmed i n a member society and 1 have The largest societies might 
earner promises, that investors been heartened by their excel* wish to make smaller contribu- 
with the Grays wo.uld not lose lent response.” lions towards this fund, to reflect 

■their money although it was The readiness of societies to the minimal chances of any signi- 
stiU impossible -.to give any help will come as something of Scant failure in their own busi- 
indieation of when the society a relief to the largest societies, nesses. 

would re-open for. business. which were the first to be called As a result of the Grays col- 
Losses at the £Iln. society i n and to be asked for assur- lapse, the Chief Registrar of 
were discovered after the death ances that they would cover any Friendly Societies can also be 
of Mr. Hareld -Jaggard, chairman amount eventually found to be expected to call for wider powers 
pd secretary of the Grays. An outstanding in the Grays' to reduce the chances of any 
inquiry on behalf of the Chief accounts. such incidents in the future. 



Cali for office sites liaison 

BUILDING SOCIETIES should some intermediary — such as thp “Societies do not like giving 
take steps to. ensure that they Building Societies Association — up independence. Nonetheless.! 
do-not saturate". areas where they could regulate branch develop- believe that much ill-will and 
are already well represented, meat, possibly by some quota unnecessary expense for societies 
says Mr. Peter Kooinson, assis- arrangement. and for ratepayers would be 

taut genera] manager, (develop- Due emphasis would be placed avoided if societies could reach 
ment) with the* Woolwich Build- “on the needs of a local com- an agreement to- co-ordinate 
ing Society, writes Michael Cas- munity. rather than on the de- branch development, and could 
selL , velopment aspirations of a pro- approach planning bodies with 

Mr. Robinson writes in the posing society." cases which thev knew to be 

Building Societies' Gazette that The association could negotiate acceptable in principle.” 
most people can easily name and agree with planners when societies «enerallv claimed 
several locations where there are a town was "full” and likewise, .. .. * . j . . . 

apparently too many building when a branch could be accepted. ; hat t»eir only method of achiev- 
soriety bran<ies^-even if in part subject to a suitable site being ,n £ Sfowth was to increase con- 
due to planning, constraints. available. tact points with the public. . 

There should be close liaison Some societies could exchange In addition, their branches 
between ' planning . authorities branches . in the interests, for were completely outnumbered bv 
throughout the : country, and example, of local_cpnnecrions._ clearing hank outlets. 

Pdradp aphy Bill is delayed 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 

MR. IAN MIKARDO. the Left- chairman of the Left-wing 
wing ~ " " " * ” ~ 


_ Bill goes through nn Fridayr 
Labour MP~ for Bethnal Tribune Group. then the Protection of Children 

Green and Row was the centre He aiso ^ jt 10 Prevent the Bill could follow it. and also 
-A™, ia»t nioht Tories similarly holding up his get approval, 
of a Commons row last m„ht own n, easure t^e Employment His Bill gives workers the 
when be intervened to delay the protection (Amendment) Bill, right la claim for unfair Uis- 
Protection of ' Children Bill, which comes up for debate next missal when they arc- dismissed 
which seeks to'intrijdhce heavy Friday. • during union-recognition dis- 

penalties Tor .peadlais of child He Pointed out that if his pules. 

pornography! - 

Mr. Mikardo called "Object - 


Commission. investigates, 
price rise 

A. . • ■«. , ■•>■• *.• .nn 


through its remaining 
without -debate. .As result. 


ustesy iu dhigher 1®?^ • ig 'ini-jttiuuflr o£ * 

utput v^iich has .increased . " 


BY OUR CONSUMER AFFAIRS CORRESPONDENT 


being Jellied. _ . 

*; TheEd-was an angry ‘Tory in- 
action. with cries ofr 4 -* Disgracfe- 
ful ” and "Shameful.” -Ite -Cyril .THE PRICE Commission is to •• Products covered by the notifi- 
Townsend (C^ Bferiey Heatb), unvestiagte a proposal for higher cation included maize starch, 
the sponsor of ;tbe Bill, later prices submitted by CPC, a lead- glucose syrups and glucose 
complained that Mr. Mikardo’s irig producer in the U.K. of derived products, such as brew- 
actions. were. • a " monstrous ” maize starch and other .inter- ing sugars, 
abuse of parliamentary proce- mediate food products. The prices could be frozen 

dure.. 7 The company says that the while the Commission makes a 

Labour 'lCPs were also angry increase is necessary to recover three-month investigation. But 
at Mr. Mikardo’s tactics and Mr. additional costs incurred as a the company said last night that 
Walter' Harrison, deputy Govern- result of transitional arrange- it was applying for an interim 
merit Chief Whip, gave Mr. ments for Britain joining the increase under profit safeguard 
Mikardo a ticking-off- • . .. EEC. provisions written into the price 

Mr. Mikardo is, in fact, in . -CPC, better -known for' the controls, 
favonr of the Bill. He took his range of products it sells under This is the first time the Corn- 
action as a protest against names such as Knorr and Brown mission has investigated the 
lengthy Tory .opposition y ester- and Poison, wants to raise the price of an intermediate food 
day to the Employment Protec- prices of part of its industrial product, but the CPC reference 
tlon Bill, sponsored by Mr. Ted range by a weighted average of is in line with its policy of con- 
Fletchear -(Lab., . Darlington), 7.34 per cent. centrating on market leaders. 


: ■■■ 
.M v 


New Court Inte 




.. .■ "- m :jy 

- r * ■- 

. C-‘ t? 
a; - v 

.. v i ’V.3" i ‘ 9 " • 


..o 


- T '■■■ 




Successfiilinvestment depends on correct timing. 
Rec en t press artidesTiave argued thatU-S. srounties 


recovery in prices could, occur suddenly, as • 
happened in the.UiK. inl975, and investors niay 
■wish to establish their position before a recovery 
takesplace*-.: . -- “v . - 

New Court Xoternatibnal Fund now tas over 80 per 
cent of its assets invested in the Umted States. The 
portfolio e&iphasises good qualitycompauies with 
growth prospects, whose share prices are relatively 
low by historic stan da rds* / 


About die Fund , : 

New CourtlntemationalFuiid offers private^ ■ 
investors a convenient way of investing in a portfolio 
which is professionally managed by Rothschdd Asset 
Management and has National Westminster Bank 
as Trustee. The fund is authorised by the Department 
of Trade and qualifies as a ^der range’ investment . 
under the Trustee Investments Act 1961. 

Howto Invest . ; 

' Tb purchase units simply complete the application 
form opposite and send it with, your cheque (minimum 

£500) to the address shown. : 

; The units are valued, and maybe bought and sold, 

daily at the prices shown inleading national - 

newspapers. You should remember that the pace of 
units and the income from them can fall as well as nse, ■ 
and you should regard your units as a long term 
investment. ■ ...... ■ 


General Infocmation 

Income. The pnare objective of die Fund is capital prow*. In 
ennsequ-nce rtw unics Issued are normally aammubdon uix}t% K 
HowEver you prefer income robe paid ro you. you should cici-rhe boot 
provided in (hcappKodon form. On the basis of currenr dividend nets 
and rhe offer price of unlo»acl3rb April. 1*178 of 84. Sp. the annual gross 
yield oftfae Ftmd calculated in accordance *-idi die Department of Trade 
formula is 1 .98 per eenr. Accumulations and du-ttibationS of la^ome 
are made on 1 5tti September in each y es c. 

Accounts. The linatirial yearoftbe Fund ends on I Sthlulr, and audited 
aecounrs are normally circulated by 1 5th September Hall-yearly 
Racementsmadeupco IStbJapuaey are abo circulated. 

Charge*. A prcfiminary chatse of ii per cent is Included in the baying 
pris of aoiss. The aonual Management Fee is at ebe race of ) percent, 
per annum pldaV^T^ based on the value of the deposited property. 
Ocrrificaurt- 

The certificates for units Issued will be posted to applicant* afrheirosm 
risk withm 21 days of receipt of tbrit appUcadoa by the man* per. 

Taxation. 

(a) Income. The tweredir rcbrfns ro tbe ducribura He Income of thp 
Tnux«»i^ce>v<Iun^tbolders , bade rate labiHtv to income ms. For the 
p ui t -ceesofalcp la ting liability co lovcaoneatincoaicaur rh a rBr and 

higher ■Qtes of ta»d on. oaWioIders’ income will be treated as the 

assregatc oftbc mccmeacoann bred or disoi btited, together nrhh dm 

related tax cxedic. . 

ftO CapitaJ&ias. Based oa the proposals annonneed hi thenma 
Budget and sub lea to theieenaconem, the Fund will be liable to an 
effective rate of not of 10 per cent on its tea I lucd capital gains, 
tinitholdees will normally be eotided to t redaction in the amcirar of 
capital wins ta.-: on dnneabfe esins a rlsms 6mn a diatKwai of rheir 
units. The maamrom amount of this relief for I97S/79 i* current It 17 per 
cenr of die total cforpeablc sains accruin- from the dtsposal of such ututs. 


New Court International Fund 
Appiieaiion Kami 

To ! %f.Kodisclind Atmt Monssemene Limited, 72JO Gatthonsc 
■Road. Aylesbury, B u ck s. ■ (Read, in Endand. No. 82798 2 L 

l 1 We hereby a£p]y to lowest €; — In Unit! * of New Court 

Iraemational Fund at the priectuHnson receipt of this application. 

"(Accumulation Unto will normally be inued. Please del; box for 
In tome unir«). u] 

I/Vi'e declare that T amVe are not resident outnide the Scheduled 
Territories and that I am/we are not HCtpiirin* the units as d« no raineefs) 
of any personal rerfdeni outsidejtfaese territories. (As debned in the 
Bank of findand’s Nodes E.C.I). ' . 

(Applicants -ainoare unable to makethisdeoatatum muse delete icand 
mnsefor ihcform to belodpcd thc««h an Authorised Depoatary. • 
AnthotoKiticpositarieaareinrortncd tfaareerautoanbss been seven by 
the3#nkof Enghnd fbrsuchsahscriptiotwto be made on behalf of non- 

residenis. payment bctotenreied in espeual Beriiug). 

-PLEASE USE5LOCK CAPITALS 

Sarnr®t(Mr.Mts.orMiss) » 

FtnenmeWCnfaU) — ■ - — - »«■■■■ ^ 

Add res s ■ ... — 


Signature - 
Date 


PLEASE PROVIDE IDENYTCAL INFORMATION RELATING TO 
JOINT APPLICANTS ON A SEPARATE SHEET. ALL JOINT 
applicants SHOULD SION. _ 

NOT APPLICABLE TO RESIDENTS OF REPUBLIC OF IRELAND. 


Rothschild Asset Management 


Russian 

Embassy 

plan 

has rival 

By John Brennan, 

Property Correspondent - 

THE BATTLE over plans for a 
fortress-like extension to Ike 
Soviet Embassy In Kensington, 
London, has been joined by 
Bernard Sun ley Investment 
Trust, the property and build- 
ing group, 

Stanley has submitted plans 
for a £10m.-£12m. office, shop 
and flats scheme on the former 
Royal Military Police barracks 
site in Kensington Church 
Street 

The site is the fo»rtis of a 
bitter rou over Russian propo- 
sals for a big extension or their 
Embassy buildings. 

The Russians' plan to -build a 
complex of offices and staff flats 
on . the Crown-owned . land, 
creating a Russian ’ enclave 
stretching from Kensington; 
Palace Gardens to Kensington 
Church Street, enclosed by a 
54-60-fool perimeter wall. 

The Royal Borough of Ken- 
sington and Chelsea's Town 
Planning Committee, aod resi- 
dents' associations,- strongly 
object to the Russian scheme, 
details or which were recently 
revealed by Sir Brandon Rhvs 
Williams. Conservative MP for 
Kensington. 

Welcomed 

Sntiley's rival plan has been 
informally considered by 
Kensington Planning Commit- 
tee. and Councillor John Cox, 
the committee's rice-chairman, 
said yesterday ; thaJ. ^ih'e 
developer's*" proposal* . were- 
“very, much-lii line wMi our 
. .planning „ guidelines for. • the 
site."' 

He “welcomed the submit-" 
sion of- the proposals," and bas 
invited Michael Lyetl Associ- 
ates, Sunley’s architects, to 
submit a forma) planning 
application. 

The Sunley scheme would 
include about 110,000 square 
feet of offices and a similar 
amount of shopping space. 
Well over hall the barracks 
site would be taken up by 59 
family-size flats, with a large 
underground car park. 

Kensington's support lor the 
Sunley plan, and its opposition 
to (he Russians— Mr. Cox noted 
yesterday that “a damn great 
tower behind a fortress-like-- 
wall would hardly meet our 
planning needs ”-4s only the 
first * step * for the' property 
group. 

Sunley .Is bolding talks with 
Ihe site freeholder. Ihe Crown. 
Commissioners. Bui Sunley 
believes that the Commis- 
sioners may be under pressure 
from the Foreign Office to 
accept the Russian scheme. 

Oil tanker 
routes 
in Channel 
face review 

By Ian Hargreaves, -Shipping 
Correspondent 

A REVIEW -of oil tanker- routes 
in * the Channel and its 
approaches is in prospect follow 
ing talks yesterday between 
Britisb and' French Ministers. 

' Mr. Stanley Clinton Davis, the 
Trade Under Secretary, talked 
for twn hours at Heathrow Air- 
port. London, with M. Joel Le 
Ttaeule the French Transport 
Minister. 

M. Le Theule presented a 
French plan to push tankers and 
other vessels carrying dangerous 
cargoes even further from the 
Isle of Ushant, close to where the 
supertanker. Amoco Cadiz ran 
aground last month, than 
required under emergency .rules 
introduced shortly after the 

accident. 

The French scheme would 
force tankers out into the centre 
of the Channel approaches off 
Ushant. but the U.K. bas pointed 
out that this would mean vessels 
making sharp turns to join exist- 
ing shipping separation schemes 
further up the Channel. 

The Ministers did agree, how- 
ever. on a joint approach at next 
week's -meeting of the safely 
subcommittee of the UN mari- 
time agency. 1MCO. 

They will ask the agency Id 
look at the French plan and 
further reviews of routeing sys- 
lems throughout toe Channel to 
be undertaken later by the 
Anglo-French Safety of Naviga- 
tion group. 

Britain has also welcomed the 
idea oF extending the French 
post-Amoco Cadiz requirement 
for forcing all .vessels entering 
the Channel . with dangerous 
cargoes to radio their position 
and load details to coastguards. 


Houlder, Marathon 
unite to bid 
for oil contract 

BY OUR GLASGOW CORRESPONDENT 
HOULDER OFFSHORE. 


the 

Furness Withy subsidiary, has 
joined the Marathon Shipyard, 
Clydeside, in bidding for an oil- 
field contract in Abu Dhabi. 

It would involve the provision 
of two jack-up maintenance rigs, 
which could be worth more than 
£25m. to the U.S.-owned 
Marathon. 

The Houlder contract covers 
operations on the Zakum field. 
The field's development company 
: has attracted bids from about 
15 other concerns. 

Houlder Offshore, which also 
owns the semi-submersible sup- 
port rig. Uncle John, .wants*. to 
become an international con- 
tractor for offshore services 
instead or being thought of as 
purely a North Sea operator. 

The company is also competing 
for a contract to manage a semi- 
submersible maintenance and 


support vessel, which Shell is 
planning to order shortly for its 
Brent complex off the east of 
Shetland. 

It is believed that this vessel, 
costing around £30m., may be 
ordered from the Belfast yard 
of Harland and Wolff. The 
lower Clyde shipyard of Scott 
Litbgow is favourite to win the 
other main North Sea support 
craft contract from BP. 

The Abu Dhahi contract is im- 
portant for Marathon, which 
needs more work soon to provide 
continuity for their *2.200 work 
force. 

The yard, is well advanced on 
the. two jack-up rigs for Penrod 
Drilling Company, ordered last 
year after the Scottish Office and 
the British NationaLOil Corpora- 
tion combined lo place a specula- 
tive order and avert the yard's 
closure through lack of work. 


Laiug to quit oil 
platform business 


% BY KEYIN DONE 

JOHN LA ING has given up hope 
of securing any more oil platform 
orders for its Graythorp yard on 
Teesside arid has decided- to pull 
out' oMh'e business. 

Costly plant at its Graythorp 
yards, which had been kept ready 
tYW ffbkk -btt new orders, was 
deferiofat&g" after alnftst two 
years out of use, the company 
said yesterday 

Overall prospects indicated a 
short increase in ordering later 
this year, followed by a continu- 
ing decline. 

The yard also appears to have 
been left behind by the develop- 
ment of North Sea technology. 
The design of steel jackets had 
changed and were now less suit- 
able for construction there, the 
company said. 

At its peak, the yard employed 
2.500 men. Laing built »hree 
steel jackets, two For Britisb 
Petroleum's Forties Field and 
one for th e Thistle Field, which 


came on stream earlier this 
month. 

But work ran out at- the yard 
in* August -1976. and since then 
the -workforce- bas been whittled 
down to 12. 

-Laing -has- -Bended -that it 
would "hof 'Be "economic to re- 
equip' the 'yard:' lr is. however, 
still looking for work for Gray- 
thorp in other fields, such as 
the construction of integrated 
decks and floating process 
plants. 

It said yesterday that it had 
“regretfully concluded that one 
of the most challenging phases 
in its history had lo end." 

In spite of the Laing closure 
it is still expected lhat oil plat- 
form contracts worth about 
£500m. could be placed by the 
U.K. offshore' industry this year. 

The orders are likely to favour 
the remaining steel fabrication 
yards at Nigg Bay. Arderiier and 
Met hi i in Scotland. 


Chapman 
and Rowe 
case jury 
unable 
to agree 

FINANCIAL TIMK'R^tgiTER 

THE JURY dealing with.' fbe two 
remaining defendkhts^ iif the 
protracted Cbapnvffl Rowe 

•stockbroking case Old 

Bailey failed to. agree on their 
: verdicts yesterday 'after a trial 
lasting three months.' 

Judge Neil McKinnon. QC, 
renewed bail for -both defend- 
ants. Mr. Alhn: Harman, aged 
34. and Mr. John 'Mieha'el Good- 
sell, 35. after discharging the 
jury from -service. 

It is expected thatr there wjll be 
a conference next week be- 
tween Mr. Neil Denison, QC, 
and Mr. Timothy Cassel. prose- 
cuting counsel, and. the. v City 
Police to review. - the -.position- 

A report will the’n be made to 
the Director of Public Prose- 
cutions, with _ whpn) . the . ques- 
tion of any re-trial rests. 

Mt. Harman. Who joined Chap- 
man and Rowe as a partner in 
4970. and Mr. Goodsell. who 
■was its manaeing clerk, still 
face the indictment of 10 
counts covering conspiracy to 
defraud clients and other 
offences. 

Four other former partners who 
were put on trial with them, 
when the hearing began at ♦he 
Old Bailey in January, have 
now been cleared of all these 
charges. 

They are Mr; . George Miller, 
aged 38. and Mr. Ralph Clarke. 
50.. who were acquitted by the 
trial jurv on. Wednesday, *nd 
Mr. Victor Andrews..??; and 
Mr. John Gordon. 37. who were 
found not guilty on the judge's 
direction six weeks ago. 

Lon& wait 

The nrdeal or waiting fnr toe 
verdicts began four days agn 
fnr Mr. Harman and Mr. 
Goodsell. The jury spent 
three successive nights at an 
hotel during their delibera- 
tions. 

Finally; the jury of eight 
women and four men returned 
to court at 3.45 p.m. and said 
that they found it impossible 
to reach any verdicts- 
The* judge said that it was clear 
that .they had reached “the 
limit of human- endurance. n 
.rated: that' incite; interest of 
justice. they*. ::sh.ould be 
discharged. 

The... two men 'were -alleged to 
have conspired"" t&-‘ defraud 
clients by unlawfully pledging 
securities in 1973-74 to avoid 
the collapse of Chapman and 
Rowe, which was hammered 
with a near £2m. deficiency in 
April, 1974. 

The Moscow. Norodny Bank was 
one of its biggest creditors, 
and evidence on this was 
given during the trial. 

The affairs of the firm are now 
in the hands of Mr.' Richard 
Thompson, the Stock Ex- 
change's Official Assignee, who 
as trustee of its- estate, will 
make a report, to .the .Stock 
Exchange Council, on the out-’ 
. come of the. triaX 



Why all equities? 

Schlesingers' Extra Income Tru<l is a irustee 
investment and offers one of the highest returns 
currently available from a unit trust invested only in 
ordinary shares. 

Whilst the managers could obtain a still higher 
yield by including some fixed interest investments, 
such investments cannot Increase their dividends aod 
also have less potential For capital growth. The ail- 
equity portfolio of the Sehlcsuiger Eurajneome 
Trust, by contrast, maximise* the -potential for grow ih 
of income and capital. - - 

A current opportunity 

By careful selection of sound stocks including 
attractive recovery situations and well-researched 
regional equities, Schlesingers provide a particularly, , 
high equity-based yield . 

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

Indeed, many investors have recognised the 
urgency of securing the current opportunity by placing 
over £8m in the fund in toe eleven months since its 
inception. Over this period, the unit price has risen 
22\and the FT Actuaries All-share Index 9°„. 

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

Schlesmgers’ PIMS service . 

Minimum investment in (he fund is £.500. 

Investors or £2.500 or more w ill receive the Schlesinger 
Personal Investment Management Service (Pi MS) 
which includes regular investment reports and 
invitations to meet the investment managers. 


Quarterly dividends 

The table shows the average level of income (net 
of basic raie tax » > ou w ould expect to receive every 

? month* based on the current estimated gross yield 
of IU. I *„ on ihe fixed offer price of 30. 1 p. Payments 
arc irudriM March 12. .tune 12. Sept 12 and Dec 12. 





L50UU 

£505 

£83 

. £2500 

■ £252 

£41 

£1000 

£101 

£16 


Action it) gain "June Distribution Payment. 

If you. buyjunifv by. ApnL25. you will qualify for 
the di'iriburion on June 12. 

Ifvou bu> after April 25 units will be allocated at 
the ruling offer price which will have heen adjusted 
downward- for the disiribution. -o >ou may receive 
.extra unit-. Your first payment will then be Sept. 1 2. 

Afixed price offer 

I' nits are on offer at the fixed price of 30. Ip. 
for investments received by April 25. The offer will 
dose before April 25 if the actual offer price varies by 
more than 2! from the fixed price. In this event units 
..will he nv a ilahle at the price then ruling. 

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

General [nfurmaiinri 

To hntw.m* ih*co«ponprB»M»d. Applitkiion-mllbe idffllMfledied 
inJ u r o ill >ciii] * *> u 3 derailed hrurhme Jl Ihe kJmf lime- CcillflUKs 
still be icnt uui dot me J unc. Ubii> « UI be uvsiUMe after ifae offer 
tfoie, ji ihe prlii-e quitted in the Ojily press. The mliriniian kntMtnenr ta 
the Fori b lino. Ow Unit Price and l leld arc ruMMird dally Id leading 
Mr* supers. To Sell units, simply return your cmificale appropriately 
VWorxd ot> the luck • pdwncniisnumulUmadcpiihlii'danoTour 
aecett,n& the renounced t-ciri&caie. Co noh l ht ol l{°b util be paid in 
recuenbrd jmu. ttairn.- An initial diarct ut )•» is mrinded tat ut 
Offer pHct- A Jharpc at an anmui rate of imus VAT) of the sum: of 

the Fund r. deducted I tom tiros* income tore aids jdDlbdUfUirc 
expenses- Trustees: Midland Bank limi Co. Lid. AaAoniPeal. 
ilar*Kfc. Mtitbeil tt to. Manama; Sctitab Iter Trust Moodgcn Lid. 

I!» HiuiP« er Square. London. W.I. RcsalCTtd IQ England. N*. 9SSB5S. 

. Mamba- of the Uaif TVibi AscoqarfM. Thu offer k BOl amiable lo 
ms ut the Republic of Ireland. - 


-Sthlesingers-specialists-mthemanageraeiiiof privat^institiition^ and pension funds. 


To: SchleMnetr Trust Managers Ltii.. 

140 South Street. Dorking. Surrey. 

Weekend and £i rnurs Aniaphune Tel. Dork ing If 'JflO 1 


I wish to invest 

(.minimum £*00i 

in I be ScUetingqr Extra Income Tirol at the fixed price of 
JO.lp. 

I wish to have my dividends re-invested j j 

I would like further information, including P“1 
details of Share Exchange . • | J 


I declare that 1 am not resident outside the Scheduled 
Tnriioriet and that I am not acquiring the units as a nominee 
or any penon resident outside the Territories, llfyou are 
unable to make ihe. declaration, it should be del et ed and this 
appfcation form tfioutd then be lodged through your UJ£. 
bank, stockbroker or solicitor). M inors cannot be registered, 
but accounts designated «hh tbeir initiate will be a ccep t e d. 


Surname 


/block letters nVM) 


A cheque is enclosed in remittance, made payable to 
Midland Bank Limited. 






r 


;/ ‘ 
* 



HOME NEWS 


^LABOUR NEWS V 


House building 


[ y y-:*v * 'em 




land prices 


"■'TWtyii* 

■V vv.®* 

; m y w; ■>*’ 


rising 











fr‘4‘ : r-* 


State oil 
told ; 
to make 


4ieyland workforce 
meet to consider 
redundancy terms 


*** 




1Y MICHAEL CASSELL. BUILDING CORRESPONDENT 


LAND PRICES were beginning to housing polity would provide ; 
rise steeply again, as they did 100.000 more jobs. 




in 1871, the National House- - The planning system is pro- 
Building Council, the bousing ^ UC jng a poor deal for home 
industry's “ watchdog.*' said buyers and a poor environment 


>>^ 


yesterday. 


buyers and a poor environment' 
^Uie very opposite of what is 


The council reported that land intended. The answer is to r e- 




far housing development was be- much more, land until land ■ 


ing sold for anything up to prices fall. This would not mean j 






£100.000 an acre. that more land is used, because • 

Prices like this meant lhat that is controlled by densities j 
builders were having to erect which planning officers lay ( £ m £p V?ji 
smaller houses and could spend down." 


much less on items such as — = 

Mr. Andrew Talt, director More Con 

general of the Council, which re- . • 

leased figures to show that pri- tliohfc ennii 
vate housing starts in the first 5UUII 

three months of 1978 were 40 BRITISH AIRWAYS 




s*sag 


Ro 0 hf^nnn C0rde ' Strike strands research ship 


j C . :;V.?T- iiUN PI KE,' LABOUR - CORK ESP ON PENT ;• : ; ■ . 

! iliUilL ■ : • M toRKERS . . AT XeylawTs. . . Mr. Charles: Skin Her. ■ plant 

[A *- r , assembly plant at . Speke: nieet . director, .said last' night* that 

. ‘ . - f- -morning amid indications.. he hoped common -sense would 
nA¥r i SwfUttitudes are hardening, FoI r . .prevail and that the Speke work. 

llrX I v P/IF ’ goring the announcement of re- force Would consider .the long- 
•!■ .■. a /-V»WL/- dundancy terms for the closure Jem efifecti. before reaching any 

{• - ■ of'-ibe factory. 1 . .decision to oppbse the dosure, 

. BY KEVIN DONE-.'. -".’-.V -‘-Shop stewards at the week ■ agD, Speke ‘shop 

Im.T.-nn™,,,, „ . ,. ; .which the company intends to rewards - were divided . -on 

• ; THE BRITISH National Oil Got* on May 26. met yestordav whether to- accept 'the closure * as 
; poration has been given- the; -ti» /consider the severance pro* Inevitable or to fight it. It. is 
target of malang a net profit nest cposala .but gave no' indication of possible, that the disappointed 
year under the terms of- a shorn «hat tfley will recommend to this reaction to the redundancy 
tenn financial objective set 4® menung’s meeting -terms'- wiU'OT 

Wedgwood. Benh, Vfi^er the ini tUU reaction of those stIH -.vranting to cam- 
Energy Secretary. , ; *^^ e Vw h en the-terms -Were Vaiga to *eep open the factory. 

The -corporation's Investment ifeSiffuicetf on Thursday' was one^.^feP? 118 *:. onion - lead era - op 
decisions should be aimed afc bf auerv disappointment. Thursday -deferred taking a de- 

securing a commercial rate^bf .Hfeirhoueh the redundancy Diari -™ 0 5 °® the Speke closure , and 
return, Mr. Benn. said-yesterdfa ■£?. £2281.® !. r «5f be.heavily mfluenced-by.to. 


, „ .; : 
y . 


return, Mr. Benn. aid- yesterdfoljs' described as thebest ever 


per cent higher than in the same firmed an expansion of Concorde ■ 
period last year, said demand services between London and < 


BY RHYS DAVID, NORTHERN CORRESPONDENT 
. VITAL part -of Canada’s limes /above} 


’for borne ownership remained New York with flights increased. JS‘ wrnwte fosfbeunse^f 
very arcs. frn m «vee ,o <e„ e ™* from.. ,’v.Ivin” 

Private nousing could help June I . -men at a shfnvard in Immina- 

ease unemploymeni, without ' The tnree extra flights will. . Humberaide 05 

public spending. if local mean r^ce-daily departures on i na®- Humoersidc. 
authorities could make available Tuesdays. Thursdays and Satur-; The dispute began in 
much more land. days with the new services Jeav-i February at (he Humber Grav- 

Raising annual output from ins London in the late after-* ing and'-Engiueering company's 
140,000 units a year to the 180.000 noon and returning from New i >urd and because of it a former 
envisaged in the Green Paper on York the following day. > . Ball Stern trawler Hammond 


Matthews Wrightson 
Holdings Limited 

Insurance, Shipping, Air Broking and Rural Land Use 


PRELIMINARY ANNOUNCEMENT FOR THE YEAR ENDED 31st DEC. 1977 


Innes /above} has been 
stranded. 

The trawler was being con- 
verted on behalf of Christensen 
Canadian Enterprises for 
charier to the Canadian Gov- 
ernment's Fisheries Depart- 
ment. 

The ISO feet long vessel 
entered Hie yard shortly before 
Christmas and only 10-12 days 
of work stipulated in tlie con- 
tract remains to be completed. 

It was due to be handed over 
for further specialist fittings in 
Canada in March and start 
work for the Canadian Govern- 
ment with six scientists on 
board by early ApriL 

Christensen salt! that if had 
suffered considerable financial 
loss because of the hold-up and 
was now facing the possible 
loss of the contract for which 
the vessel was bought. 


More serious, it could , set 
back by a year the research 


In the short-term, its profit- to severence terms : wluch ^ter this month. - 

ability would depend on . the "have, circulated bn Merseyside • A mass meeting of mem' at 
price of oil and on the -start-inf ~nhi.- ■ the Speke closure was-LeyiamTs Oxford - service- and 




programme being undertaken 5 


parts- 'depot has been called for 


bv the Canadian authortHes -in fie l^ on which .development s. ■’The plan, like most redundancy -Monday after the dJsnussal bf Mr. 
the North Atlantic lo a<jce<;c decisions were made before- it schemes; is related to length' of John Power, a leading shop 
fish Stocks f roioGeoree’^ Bank \ was created. ^rvice and many me rt have beea- Steward andOxforddirtriotpresi- 

to Newfoundland. ** * - Hie corporation had .been -divi ^wlth. the company for coinpara- dent bf-the Amalga m ated Union 

„ . . . vdlved - in. massive confinuhm lively short periods.,... . '• •.-■of ..Engineering Workerii. . . . ' . 

Results obtained from the expenditure which could produces tV.-. f - • ■ • ■_ - ' ■' . ■ - - t 

Hammond lanes were to be revenue on a large scale only in- - 

used in setting quotas under the 1980s.. Further big expendi' ^ •- :. r . 


used in setting quotas under 


bilateral 


Canada has reached with other 
fishing nations to operate with- 
in its 200-mlle fishing zone. 

The dispute al the 'yard 
began with the dismissal of 
three foremen members of 
TASS, the white-collar section 
of the Amalgamated Union of 


which j ture on new developments - Was 


expected in the next five years. 

The Government is anxious to 
set financial target? for. those 
State corporations which do. not 
already have them. But Mr. Benn." 
said that a long-term objective 
for the oil corporation should 
be deferred until the scope 1 of 


Close redundancy 


unr tiuia in ft ni iiavcw vmvu vi ■ 7- . — — , fnfln ' 1 

Engineering Workers, for ! ,ls operations in toe 1880S o 


alleged disciplinary reasons. 


U .». K ».— j “SiaSSS^ohtorti^ ^o.Dal'."Executive, '-Clerical . and y If'' the ' company bar , acted' 

T* d, S pu te t, a.» topped jg f oJ 

Jssssm±^ 

,hr nnrinnal nil nrt-rmin -are Consult unions beforfe-ameunc-.-tibn : Act. . . . - . 

i assured of dose scrutiny next ing 8.000 redundancies 

iweek- when Sir -Jack Rampton, , -, 4ioh,p«aod °n redonctongi^ but 


- ..BY'-NICK GARNETT*- LABOUR 5TAFP 
THE ASSOCIATION df ’Prafas- dancieS. 


a British Rail Seallnk ferry, 
in for a routine check. 


summer of next year. 


STATEMENT OF PROFIT 


Turnover 


Trading profit 

Interest and investment income 


Interest payable 


Share of results of associated companies 
Profit before taxation 

Taxation (including £2,071 ,000 overseas taxation 
(1376 Cl. 966.000 ) ) 

Prof it after taxation 

Minority interests 

Profit before extraordinary items- " ** - 

Extraordinary items'- ’•■’-"si'F v - ^ 

Attributable to shareholders of MaffiejwSVyjfg}$spr£ u ' 

Holdings Ltd.” 7‘' 

APPROPRIATIONS 
Dividends:- 1S77 1976 ■ 


net gross 
Paid November 1977: 

3-21 97p 4-8783p 

Proposed final : 

5-9655p 9-0386p 


2 8826 p 

&9655p 


4-4348p 


9'0386p 


Retained profit 


EARNINGS PER SHARE 


1977 

eooo 

62.694 

1976 

£000 

57,606- 

6.592 

2,886 

8.601- 

2.675 

9,478 : 

1.222 

11.276 - 
1,592 

8,256 

158 

9.684 

(454) 

8,414 

9,230 

4.178 

4;722 

4,236 

808 

4.508 

726 

3.428 “ 
: (S9C) 


3,033 

■ Mt. - 1 , 

: 2,847 

,• . 

1977 

‘£000 

1976 

£000 

533 

475 

986 

984 

1,519 

1,519. 

.1,459 

1,388 

3.038 

2,847 

' 1977 
20-Bp 
T9-6p 

1976 

23 Op 

21 -5p 


Tailor chain to cut 
its shops by half 


*%?!&- 10 HiGHUS 


i omSSliS &**’**- 


I the Department of g»«y. &?£ ray. the TUC^eneral ^yeta ry. .^Sc SkiB wliosf members at 
evidence to the public accounts, tbe - union says Spillefg which wlotilSf* ba!5l« S iSrinv 
committee. fe' of -10L86 Kikerlsa. -g?i^SSS?- -to nSwiaa SBt 

The select committee will have bas at Ieart avoided its respon- 2Sffi^m*nnStmmonS2 
1 before it the latest report on. the jtibility under the law to provide ^sSSSo^have^beM 

national oil account prepared by a 80-dav consultation neriod. ... 


manufacturer { 


national oil account prepared by a &0-day consultation period. . - . the closurL: 

FINANCIAL TIMES REPORTER - - V™ Stephetu-tbe union's 

JACKSON TAILORS is to dose children's wear manufacturer tr0,,#r ^ «ecut*;e secretary, said in the waTiOd. with the protection - of 

half its shops throughout Britain, based at Skelmersdale. has T Imif r ' ' ' I e Fl er that other employers could employment for individuals and 

The 30 stores involved- mainly emerged as a possible buyer for fol low the Sp tilers example and communities can fle circttm-; 

in the North-East North-West, one of the factories in the The report raises questions Sidestep legislation rednn- vented remarkably nsily. . 

and Scotland, will shut by Chester Barrie group, the mens- '.about the maimer in whi ch th e 7 * — ■ — — : — ; — -r — 

August, the chain said yesterday, wear producer which was put in I corporation has made substantial -w-^ • . : ' « : ' 

dp 10 400 workers will lose the hands of receivers two- borrowings, including the S825m. kn If c 

their jobs. months ago [loan raised in the U.S. last year. ./UltiivI L v-Vr- . #1 dll I aj . 

Last month, Jackson announced Blond which has a turnover of ! The national oil account. _ "i.. 1 '- 

the closure of a factory and a ak'niit oim *anH sra ii’A-ua,, in I records the flow of .all F mC. 'd 1 .-.gi flVll ! I 7 C!. - 


.■js* 

Z . _ - 


their jobs. 

Last month, Jackson 'announced 
the closure of a factory and a 


Blond, which has a turnover of! 


warehouse 


Si?* ^ ^.."L'tSaK S between the G^iSt 


»y^-7od>Ms- E, “ gss.rsi-'ir ^it!T?&„i2z -srsassft- «rw«wi 


Butter cargo row halts 
work at Cardiff Docks 


- • - 


limit is set at £ 600 nu or £ 800 m :1 


bespoke trade' and'emupemion u^dern fact! 
iPTOmVijheap^’forti&' imijorife --effyd. where 
Peter Blond, a’ ^wymen’V and -are employed 


l extiie research bodies 
call joff merger talks 


if specificapprovai is gained «pm|A STRIipL by; mor e ' titan 250 ^ Maintenancfl engineers yertB^ 
theXoimnans*.! *, , (dq^Sprs: bas. ^halted awork. at dwe voted to continue *a dfspite. 

. Sir- Douglas- ^uesuonCd^lhe ^Uardifl^Docks-. • - ' virtually-i«dt«i cajS«P 

Department ■■ off*- Ener^r dnfinR ts.over.tfe^linidaik. dpfirations at Sottdiaihiftbn dod^ 

bis aa®t : -of.v tiie ^ nation^ .-- 011 ^ arrangements for * cargo .of > Container terminals hive sfint 
Mcount, and was told Wjft the New Zealand: butter. The docKs dowh. aiid the docks -Board said 
U.S. loan, bewuse it was 0 a sa? management^ at tile request of .most-cargo handling: had^stopped, 
on the proceeds of forward sties a Londoo cold store, asked tor a " Machinery is not being re- 

? f ., 01 *lhL a rSSw n™;t It (H f Te fem pallet stacking .from paired-oir refueUed.by the S00 
fell within the ioOum. linill. 11 .nsuaL which the dockers: claim men/ whn. want nav naritw.-wito . 


, 'g? _ 

r !u 

•disr It 

•CT . - 

jxa .»* 


feu witnin tne touora. 1 nn 11.11 usuaL which the dockers : cJaim mes; wha want pay panty with 
was rather a common conuneij contravenes a wr^ttpir^reemen t dockers. . They;oIaim %hfiy have 


2 :* 

bh'»s-r /: 


BY OUR/NORTHERN CORRESPONDENT 


cial practice used by the oil 
and other energy industries. 

Sir Douglas was cfearly con- 


■ The'Siiti 'docked 1 at Cak] 
a wepk- ago- and.-there- w A 
drawn iwt -discussions 'be? 


cerned whether Parliament out do 


MERGER/PROPOSALS between ceased paying a statutory levy J° u l? nT ^ ave been ittfonned of I Local union /officials think 


the Sbiriey Institute and the to Shirley several years ago and ^ . noijcip, 

Wool Industry Research. Associa- the organisation ha s as a result J„ na i° lhA i Q ec of thl exnloration 
tion. two of Brilain’s »exDle > re- had to drvelop ns Income from K t ttat hu W w pS o 1 
search oraanisations. were called other sources. J™. LnmsTi? 1 n th? North s^ 

off after nine months oF talks. WIRA. which voted in favour 2-LL p no V^ 


the dispute could las^ for at 
a weelu; ; . • - • 


ffover -been locked wt-' : w - : \ - -. • 
e long- The- managetaent^ ^has -agreed in 
me- the - principle -to -the cIsnmjlMtt^saya 
today.' giving the money now .^ottid 
k\that - break. "• the. : Govenuhenf* 7 pay 
it feist guidelines,' Tbe^union saW mere 
- .were ho .plans for any talks.- 


The two bodies were founded c re Jsi bufld* up S^S K fiaJd ^w^lght* at 

rigmaliy to serve the ■.•oil on and k.?, Brfd®waler. 


Basic -before extraordinary items 20-8p 23-Op 

Fully diluted -before extraordinary items 19-6p 21 -5p . 

TRADING RESULTS ’ . _ • " 

The total pra-tax profit was £8-4/ million compared with €9-23 million in ] 976. Owing primarijv to a 
smaller deduction lor extraordinary items. - profit attributable :o shareholders increased from t2 85 
million to C3 -04 million. . . .. . . 2 ' ' : 

INSURANCE 

Profit before tax of the combined insurance activities wav €-7-79 million compared with £9-60 million 
in 1 976. Stewart Wnghlson's brokerage income rose by 8% from £33-69 million to £36-40 million bur m 
broking profit tell from £8-32 million 10 £6-81 million. 

Insurance broking results were adversely affected by two factors. Firstly, unfavourable exchange 
ran movements affected both profits from Insurance business handled in the U.K. and the translation 
of profits earned overseas. It is estimated that had exchange rales throughout 1 976 and 1 977 been 
constant at the rates ruling at 31st December 1976. then brokerage income would have risen by 19% 
while profit would have increased by approximately- £400.000 as opposed to the fall of Cl -71 million 
actually seen. Secondly, e provision for bad and doubtful debts of £1-66 million <1976 - £780.000) 
reduced the profit of the U.K. based companies. This provision related almost entirely to daims on 
business placed through agencies in the London market which are proving difficult to collect but which 
have already been paid by Stewart Wrightson to clients. Arising out of this situation decisions have been 
taken about the handling and placing of certain types of business. . * 

Profit from the group's insurance companies rose from £631 .000 to £843,000. As expected, the 
contribution from Matthews Wrightson Pulbrook fell from £645,000 to £330.000 as a result of lower 
profit commissions from the 1 974 Underwriting Account. 

.SHIPPING 

Against the background -of a world-wide shipping depression Galbra'rth Wrightson produced » profit _ 
from shipbroking of £1-47 million compared with £1-78 million m 1976". A record number of deals was 
concluded. - . 

During the year the group's 49% interest in Surrey Shipping Co. Ltd. was sold and "Extraordinary 
ftems” includes an addition to profit of £497.000 arising on the sale. It represents the surplus bf the sali 
proceeds over the written down value ofthe group's interest. 

The group's involvement in ship operating te now limited to the three. oil tankers, two of 120,000 dwt 
and one of 1 51.000 dwt. which have- been chartered to Galbraith Wrightson for the equivalent of £4 4 
million per year under the guarantee of the. holding company- These vessels have, been sub-chartered 
to a consortium of six leading shipowners in Bergen. Norway who have jointly and. severally indemnified 
Galbraith Wnghison in respect of its liabilities under the charters. The charter hire receivable is affected 
. by a proportion of the trading, results of the tankers *■ S5L uvihacase of the two smaller vessels and 10% in 
the case of the larger one. 

The sub-charter payments duato.daie'hive baen received in full from the consortium although two 
members are currently not contributing any payments. The consortium, has approached Galbraith 
Wrightson regarding a possible re-n*goti*tio n involving a reduction or deferment of the charier hire 
receivable by Galbraith Wrightson. Until these negotiations have been concluded h is not practicable to 
assess the extent of any future shortfalls in tha charter hire. Full provisio.n amounting to £376.000 has 
been made for all losses accruing under the existing arrangementsduringthe-yeerended 3lsi December . 

1977. - 

AIR BROKING .. 

Instone Air^ Transport's profit rasa from £1 1 8.000 to £1 81 .000. 

- RURAL LAND USE . 

Profits from forestry management Increased over .1976, but lenant farming results yvere materially 
affected by a higher depreciation charge owing to the revaluation qf plant following the disposal of a 
minority interest in Fountain Farming and by adverse trading conditions. The overall rural land use fosses 
Of £806,000 (1976 - £1-28 million loss) mainly arose from the continuing reorganisation of the Land 
Group and included losses by companies closed down of no longer in the group, redundancy cdsis and 
land financing Charges, totalling in all £576,000, 

DIVIDEND 

A final dividend of 5-$655p net i* proposed, making a total of 9’1 852p net {13-91 59p grass} for the 
year. 

PROSPECTS 

'In 1977 we faced problem^ which adversely affected the results of the insurance broking companies. 
Nevertheless good progress has been made by many of the operating companies and the future develop* . 
ment of the insurance group will benefit overall by decisions which have been taken. 

Management changes and reorganisation will take effect progressively within the group- and whilst 
I do not. underestimate the effect of rhe'dHflcuItte'bfih'ft'ihippmg industry on our shipping related, 
activities, I have every confidence in the future of the grou p. 


Arbitration Committee 


originally in serve the -.-otton and . u “P 

wool textile industries hut have cnme ^ruin sel hng seHnote, but 


wool textile industries hut have I: ri !L , ‘ ■* ‘ j "“1 ‘‘This Government has sue- 
been affected by the decline In rm*? c T atL»£™ cessfnlly coaxed. ■ scolded and 

the size of the textile: industry £ vv ' on w„ n Mextite p?oduwre blackmail its way into gainirr 
over recent years. ^ ’ on warn textile procurers. a TOn , m «ndiji* position for. .rlv* -j3 

A link was seen a« x means of ... . Ph J *. p s,m1 ^ m. Shirley In- British National Oil Corporation ITH^ 
creating a wronger 3 join? organ i- SHSUTwi ’SSTfllJ ft '*'*?*»■**« ** the [men 

salion to compete for -research f h “! 0 " nh h x jd rLnnto^ SS JW,h Sm 

Ini '"■i'SSS- was nnl different to that 

national hasls. BUt ODenSIieW 





tor,' if there was-aOoe, 
ai level- •- • • •; 

ve rise ro probiems nf 


p«5t few years has moved farther 
away Trora textiles lhah WIRA 
at Leeds. 


Lancashire connn companies search Ccmnrll.” he said. 


New plain cigarette 


at it had been felt that the North Sea." mirfe£v3fe2STased "troh^iS^ S3te r rTSiVjave rise to^ problems nf 

nlosophy of nmmng the • ; in t8^ff^'JJ330 cases testi. , S^, hilefpre&tion. “partfTOlarly '' in 

iirlsi wm nw riifferent » that Ar , acan&gK'/Jri th« itorntnlrtees- ifecidliig areas of cforiipansan for 

_r IH \ . . . . Kllf onens new annual tepqrf published yester- groups ofv workers. The -Art 

Thnrp had .also been consider- V^v uvtt - . ... ..- itself eave T tio orecise euidelme* 

The proposal has touode red at able opposition from staff; who , .. - 3 :- or definitions and' it oar 1 

this stage hecaiifp nf douhts -,n f Par rh-.i a merger would tend £3m. Weldlllff Of T^tytacs eases, 109 ,w«* -fSecSSttZSi^tBk to*1?mit 

the part -if the M^ncheiter-based in the tone Term to lead to con- TTCIUIU b withdrawn 404*308 awards were jSSffSrth hliS 

Shirley Institute which- over the centratinn nn one site made. A further lffiL case^ h ad definhtoni ^ - - 

pwt few years has nmved farther - w? heliei-e the hest approach 6QUlDTn6llL DlEDt hefin Hwd by the end.of last On Ste Equal Tay Act the 

;rur «-» timm nJL . StsSy*S£ 

- h A NEW BOC weWine , q uip m en, ™- .TSMSS' 

factory in Thanet was opened : ! : and _ wage- ->tnictu res. 

.j yesterday by Mr. Alan Williams. **’ ’ where ^ the - '"overwhelm rag 

QTAtlP Minister for Industry If attributed- the large increase majority ... .af. applications alleg- 



equipment plant 

Financial Trtim Reporter 


By Stuart Alexander 
ROTHMANS »> to launch a small. 24 


Weights. 


yesterday by Mr. Alan Williams. ■ . , / . ’ wnere^ «e- -ovcnvheimrag 

Minister for Industry If attributed- the large increase majanty" .af. applications alleg- 

The 13,000 square feet 'plant in votkloatf tb . cont^nutng , pay. fng . discrimtiiatory .. collective 
will produce a range of arc weld- policies , and the: introduction of /agreements were- upheld 
ing and ancillarv equipment. Schedule-11 of the- Employment In .many of the ebramittert 
Costing £3m.. of which rhe Gov. Protectroin Act, "1975. ThfcaHowetf cas«. there was no a resa of dis* 


Cc=:?xn5T1 

* IO » 


Ifiu’-tn- Woodbine ft will sell for 54 p. eminent paid about a third, it is ( for- cttfhis ‘by trade Tiirtons antf" pute ;buv Ip-.a -period of pay 


middle iar serfor to compete If family extensions such as part of a £10m. investment pro- 


Embassy 


employers' associations .that the policy, t be parties could not 
lends, awd caaditions af workers settle issues “by normal collective 


V; 

^ «f TB-’. . 

sJSriL ^ * 


with Woodbines. Weights, and N«» 6 and Embassy are dis- gramme by the London-based en- tenns'.Mn-caaaiaons 01 woriters seaie-issuet 

Park Drivp. • cminted. this will be the firsr jgineering company’s welding and were -loss favourable than Those -bargaining. 

Named Red Label and launch nf. a plant cigarette -'ince cutting division. ' 

marketed under the John Bin- 19™- when whai Is now another. The programme has already - 

clair house name, it vnll deliver Rothmans brand. Piccadilly No. led to the construction of new Tfir 1 AUU I ANfl 'PllMDAlJ' 

15 millignimines of tar. compared 1. was put on the market I factories at Andover and Skei- - J lir, l_H|f LlillU vUirirAII 

with ihe present level of 21 tor The new brand will he avail-- meredale. as well as modemisa- ■ • v--- : 

No. 6 Plain, 23 for Park Drive, ahle from May 1. tion at the Waltham Cross works. *r"rsnwFr!BS^_-tn««rm««t to and A 




with ihe present level of 21 tor 
No. 6 Plain, 23 for Park Drive. 


IE LAW LAND COMPANY, UHITED 


Trade balance worsens 


GROUPS BUSINESS— In vestmmiL.in and.. development of real 
property in United- Kingdom. ' Anetralia and -Belgium with 
subsidiary interest in property .trading, ........ 




THE U.K. trade balance wor- 
sened considerably during the 
first - three months of this 
year. The visible account swung 
from a su rplus of E45m '■ in «be 
final quarter of Iasi year to a 


deficit of £318ni. The value of. 
export?, roe by 3 per cent..' 
while imports jumped by 10 
per cent. There was -also a 
ri rteri ora titm in the trade 
halaut-e in most sectors, in 


particular industrial materials 
and machinery. This would 
have been' even greater than 
recorded but for a 24 per cenL 
rise In the terms of trade — the' 
ratio of export to import prices 


turnover 

■ Ihydfe'tme'nt.'. " 
''Trading' 


1977 
- £ 

4.800,641 

4.r73,455 


4,«75J518 

3.648.322 


425,215 


BALANCE OF TRADE 


Cordon Henry 
Chairman 

Mnnhaws Wrightson Holdings limited 
1 30 Fenehutch Street 
London EC3M 5DJ 


Copies off ha Annual ffsoortwifl be posted to shareholders on the 28th April 1378 





Export! Imports 

£m, seasonally adjusted 

Exports Imports 

Volume seasonally adjusted 
1975 = 100 

Terms of trad* 
‘Unadjusted 
‘ 1975=100 

Oil balance 
ICm. 

1974 

25.422 ' 

28.932 

709.9 

1053 

98.9 

—3,973 

1977 

32.174 

33.788 

118.9 

107 J) 

100J 

-2304 

1974 1st 

5.655 

6.198 

106.2 

100J 

998 

-947 

2nd 

6,171” 

7,080 

109.9 

106.0 

97.9 

-968 

3rd 

4^99 

7.596 

. 110.0 

T0BJ 

98.7 

— 1J158 

4th 

7.097 ' 

8.058 

1.13.5 

107 j 

97 J * 

-1.000 

1977 l, r 

“7,502 

8.449 

115.7 

109.1 

99.0 . 

—800 

2nd 

7,730 

8.694 

118.0 

109 J8 

1003 

-745 

3rd 

8.540 

8.486 

124.1 

106.4 

101.0 

-602 . 

4th 

8.204 ; 

8.159 

117.9 

702.6 

102.4 

-657 

October 

2.75 S'- 

2.703 

119.4 

101-3 

101.7 

-228 

Nev, 

2,648 

2.600 

115J 

98.4 

102.4 

-154 

,. Dec. 

2,780 

2.856 

118.9 

108,1 

103.1 

-275 

1978 Jan. 

2,625 

2.959 

112.6 

114.4 

105.4 

-234 

Feb. 

2,999 

2JB3D 

2.919 

3,094 

* Th* mti* d 

128.7 

121.9 

srhett te In 

110.7 

117.0 

ipore priw • • 

104-7 

104.8 

-202 

-208 


PROffiflP -'•after' taxation, minority •••— 

•ffitere^K'and transfer from ... 

''capital reserve of £24(LQ0G. , * 

-M9M £SJJW 0 ) .relating -to . - 

development properties . * 539,164 425,215 

EARl^fNGS per 20p Ordinary’' *:.*.* 

. Share- 1J50J» - - l-21p 

ORDINARY . DIVIDEND pir 

share for the year . LWp " 

GOST. OF 0RDINARY DIVIDENDS - ; : • . . • 

payable on 35J5&83S ordi- "- 
; .naw. 20p shares M976 on £ 

34,693.819) ' WEI: ** 803.867 

UNDJSTRI 80TED PROFITS "• • ' ' K ' Ta - "■ 
carrie d f ojSvatd ■ i 84$,lW . -•.‘’671,436 

PROPERtlES . . ; : ; . V V . .1.. J- . . -. 

Investment 4f.4R7JE52.l- : 52.611^70 

Trading- , - -. = '9»74l»143''. . SJB 18,637 

tie dtrecfflrsVsriinate rhat'a valuation on jai dpen that ket 
hasls". :-o/ investment properties would show a .net surplus ha 
e.\ceB4.of-£3 million over the book value. . .. 

• Trad' up properties . are stated- at-agRtetate .cgsL- which 
is fewer -than the diretftofs’ estimate of aggregate vahjatton. 


1J50|> 

* • ■ 121p 

’ 'LOOP 

-Z3l7p 

• £ '• 

£ 

552^88 

803.857 

■ V&tH % 

.071^ 


49.4R7JE52 
: V4LI43- 


52.611^70 
-SJB 18,837- 


\ ’ C registered office 

Rrenenha m ffnuse.; L^CMter"wk^.,L0rtdbi ^'C2E 7EP;. 







f 






or s 

IS 


-FinapdalJimes Saturday .April .15. 1978 




THE WEEK IN THE MARKETS 


knock markets 


-■'S 

■- :*!%’■ 

. . - w 

- :>?• 
v* V’^i 




■'■■i _N ■ 
- _ ■■•*«» 


iundancy 

-APEX 


.The immediate reaction of the 
stock market io. Mr. Healey’s 
13th Budget last Tuesday was 
to push equities higher— no real 
surprise , since this ■. normally 
happens on Budget day. The 
next day, however, the market 
fell out of bed. Prices of long' 
dated gilts dropped by £ 1 } and 
^equities slipped by over-, ten 
^points. The selling continued' 
-v^pn - Thursday with long gilts 
'^ being- another £3 lower, at. one 
‘-.point before . 'dosing £2 down. 
...Equities • moved down .in 
-■^sympathy.. By the end of the 
r-week equities had lost 19.7 
poiuts and the FT Government 
r > Securities Index was 2.46 points 
“'lower; - ~ 

The Budget - was- a difficult 
...one to interpret, since the 
■.-.Government’s forecasts of the 
^"Public Sector Borrowing Re- 
^quirement (PSBR) often turn 
■;:out to be .wide of the mark 
; .[eventually; Last year Mr. Healey 
...forecast that the 1978-79 PSBR 
' would be £8J5bn: In the end 
it looks like having been £5.7bn. 
^eveh. though the authorities had 
-^injected .another £Ibn. or so 
-■into the economy last autumn. 
-■Consequently, the market was 
■not sure what to make of a 
-•■■forecast £8-5bn. PSBR for 1978- 
1979. * It looked higher than 
expected and the monetary 
growth targets of 8-12 per cent, 
were not quite as tight as some 
observers had been wanting. 

The question which now wor- 
ries .the gilt-edged market is 
whether the authorities can con- 
tinue to keep/ the monetary 
growth rate within bounds while 
expanding the economy by 3 per 
cent There is a danger that 
. .something will give if this Sort 
; .of growth rate is to be conjured 
. j.out of the bag. In what will 
» .probably be an election year 


the markets fear that it is the 
sensible' monetary policies that 
will be ditched. 

Even if they are wrong, the 
one .point rise in'. MLR which 
accompanied the' Budget was a 
bitter reminder that the 
authorities are going to find it 
difficult to finance their borrow- 
ing requirement this year. Last 
year they were able to sell £5bn. 
of gilts against a background of 
a drop in MLR from 10.5 per 
cent to 5 per <i*nt 

This year the interest rate 
scenario is nowhere near as 


LONDON 

ONLOOKER 


favourable and. with sterling 
beginning to look- sick on the 
foreign exchanges, the securi- 
ties markets ax* bracing them- 
selves for another crisis rise in 
interest rates. It might not 
happen, but yesterday’s trade 
figures were not much comfort 
for the market's frayed nerves. 

S. A. blues 

British companies' which have 
ploughed billions of pounds Into 
South Africa’s . 0 nee fertile 
economy are powhaviog second 
thoughts. Faced \rith increas- 
ingly strict regulations on with- 
drawing money from the country 
— made even tougher by last 
month’s South African budget — 
British firms are having to seek 
other means of reducing their 
risk. 

This week two of Britain's 
largest industrial companies. 
GEC and GKN, both announced 
rationalisation - deals while 


profit figures from Giynwed re- 
vealed that profits from its 
South African subsidiary Defy 
Industries bad fallen by 67 per 
cent 

GEC is selling 50 per cent of 
its major South African opera- 
tions to Barlow Rand for $32ra. 
while GKN has unloaded its 50 
per cent stake- in Guestro to 
Dorman Long VanderbijI in a 
shares and cash deal worth 
$3.9m. 

The groups have joined a 
growing number of British com- 
panies which have recently 
attempted to pull out. reduce or 
rationalise tbeir South African 
interests, including Sedgwick 
Forbes (insurance). Drake and 
Scull (construction) and Glyn- 
wed (engineering) which is 
merging Defy with the South 
African subsidiary of America’s 
General Electric. 

However, trying to pull out 
of South Africa can be a difficult 
business as Reed International 
found out e artier this year. 

Yankee doodle Lloyd’s 

Should foreign ownership of 
an accredited Lloyd’s insurance 
broker be accepted in principle 
by Lloyd's of London? That 
weighty stem will be high on 
the agenda at next Wednesday 
morning's meeting of the 16 
strong Committee of Lloyd’s. 

The issue was raised by the 
Budget day announcement that 
talks were taking place between 
Frank B. Hall, one of the 
biggest U-S. insurance brokers, 
and U.K. based Leslie and 
Godwin. Hall intends to make 
a cash offer “at a significant 
premium ” to the Leslie suspen- 
sion price of 93p. 

But much depends on the 



Lloyd’s line if the bid is to have 

a chance. There are minor pre- 
cedents already set for foreign 
ownership of Lloyd's brokers. 
Generale Occidentale controls 
through Anglo Continental a 
two-thirds stake in Wig-ham 
Poland. Here there has been 
added spice because Wigbam is 
in talks with the largest VS. 
broker Marsh and McLennan. 

Italian interests have a majo- 
rity holding in H. Clarkson, and 
French interests have a 63 per 
cent, holding in the small 
Lloyd's broking company Carter 
Wilkes Fane. 

But American connections 
have so far been limited, with 
the largest stake in a Lloyd’s 
broker held by Corroou and 
Black, which has a 35 per cent 
holding in Glanvill Enthoven. 

Lloyd’s public view on -the 
matter is likely to be that (> we 
want to judge each case on its 


MARKET HIGHLIGHTS OF THE WEEK 


U.K. INDICES 


• -i--, 

■> ^ 
v*p 

:v 

" 'r.i.sj 
' '•* : 

fc-i 


jo row halts 
ir diff Docks 


■/'£»? 

••n-is ip> 
■ ■ ■ *2; 

r • >f- 


[ Ind. Ord. Index ~ 

. - Govt. Secs. Index 

Automotive Products ■" ' 

Bellway Holdings 

DRG 

’ rinfan (J.) 

Fogarty <E .) 

Gibbons (Stanley) , ■ . 

Green’s Economiser 

Guardian Royal Exchange 

ICI . 

Land Securities - 

Let reset Inti. 

^. J-loyds ft. Scottish 
ffilatWest Bank: -. _ . 
L/ ^lews International 

^ gheiman (S.) ■ . • 

■'•• Slebens (U.K.) , • • • 

• "Taylor Woodrow . 
Yorkshire Fine Woollen 


• Price 
Vday 

447.4 
7 L50 

no 

59j 

in 

2 5 

150 
MB 
67 
212 
: 330 . 
190 
M2 

,89 ■ 

■^267- -- 

m 

2 76 

,336 

43 


’Change on 
Week 
-19.7 

- 2.46 
+ 8 " 
“ >1 

9 

- 6 
+21 
-12 
- T 
-12 
-28 
-19 
+ 17 

■ "5 - 

-- 

• +4 - 

T +18 
—30 
+ * 


1978 . 

High 
497 3 ■ 
7858 
^ 120 . 
m 

129 
35 
■ 155 
190 
84 

262 ,, 

365 

228 

162 ; 
111 

~277’ ~ 

. 

14 ..X 

298 , . 

- 4U- 

43 


1978 

Low 

433.4 

71-50 

88 

471 

112 

21 

• 71 

160 
, 66 
212 
, 328 
190 
‘ 98 

8? 

^r--- 

19 \ 
226 
336 
34 


In sympath y with GUts 

Post-Budget monetary fears 

Record prelimin a ry figures 

Bid hopes recede 

Second- half profits slowdown 

Trading loss 

Better-than- expected results 

Disappointing results 

Reduced profits 

Disappointing results 

Market tren d 

Fears of still higher interest rates 

Bid speculation 

Prospect of dearer credit - • 
A wafting, base rate derisions 
Dispute at ** Sun * newspaper: ■ '• 
Energy Finance take 28J5% stake 
y North Sea farm-out agreement 
SPfsptg. Budget for building ind. 
Second-half recovery 


Average April 
week to 14 
FINANCIAL TIMES 
Govt. Secs. 72.66 
Fixed Interest 7634 
Indust. Ord. 4583 
Gold Mines 1505 
Dealings mkd. 4,967 


April March 
7 31 


73.99 74.28 
7730 77 JO 
4673 464.9 
154.4 156.4 
5310 4,959 


FT ACTUARIES 

Capital Gds. 199.99 20X11 202.14 


Capital Gds. 
Consumer 
(Durable 
Cons. (Non- 
Durable) 
indrCnmp - 
' Wflire 
Financial Gp. 
All-Share 
Red. Debs. 


184-84 18734 18536 

794. H 196.72 795:7) 
19835 . 201 M 200-64 
278.77 227.96 221 JO 
16037 163.98 165.75 
20237 20539 205J6 
59.99 6039 6039 


:zz 

> ' 12 K 


merits,” but privately, “ foreign 
domination of Lloyd’s, perish 
the thought.” 

Cement hopes 

Both Associated Portland 
Cement and Ready Mixed Con- 
crete were making optimistic 
remarks about the coming year, 
when they reported their res- 
pective 1977 results last Thurs- 
day. An increase in cement con- 
sumption in the U.K. of around 
3 to 4 per cent, is widely expec- 
ted, which will be tbe first up- 
turn since 1973. APCM said it 
was looking for a rise in home 
deliveries from 8.6m. tonnes to 
8.9m. this year. But tbe over- 
riding question for the market 
is cement prices. Io February 
APCM was awarded a 4.77 per 
cent price increase out of an 
application for 10 per cent The 
Price Commission is due to re- 
port on its investigations some- 
time in May. Most analysts 
are working on the assumption 
that it will get its extra 5 per 
cent., and forecasting profits 
for this year of around £52m. 
to £53m. (£4 7.9 m.) pre-tax. 

However at an analysts meet- 
ing on Thursday APCM was 
hinting that it might go for 
an interim price rise under the 
margin safeguard provisions, 
which become triggered if there 
Is a fall of a fifth since the last 
price rise (which gives a good 
guide to current profit mar- 
gins). But APCM needs to make 
its move before the May report. 

RMC is also optimistic about 
volnme. but has fewer worries 
about prices. Though it too has 
its share price overshadowed by 
outside investigations. The 
Office of Fair Trading is yet to 
report on the “price . rings" 
which' operated until last .sum- 
mer. Margins appear to J WVe 
held ,jip. since -the rings - were 
abandoned but 'there is the £e6r 
that RMC might be left 
open for claims from customers 
that they were overcharged on 
past contracts when the rings 
were still operative. 


Active 

interest 


EVEN AS I write, investors are 
waking from a month of hiber- 
nation and are buying stocks. 
Institutions which . have been 
awash with cash for so long 
appear to be throwing off some 
of their inhibitions and com- 
mitting money to the stock 
market In other words, a 
genuine market rally appears 
to be finder' way and if this 
column carries an air of breath- 
less excitement, the reader must 
understand that the Wall Street 
observer has not seen anything 
like this for a very long time. 
Not, in fact, since February 20, 
1976. when a record 44.5m. 
shares traded. Trading in tbe 
first hour yesterday morning was 
14.9m. shares — a new record — 
and the volume finished at an 
all-time peak of 5238m. The 
Dow Jones Industrial Average 
achieved its heftiest gain in any 
first hour for many a long day 
— 12.82 points and closed 19.92 
up at 795.13. 

This steep climb follows an 
extremely encouraging trading 
day for investors on Thursday 
when volume was the heaviest 
for five months and the Indus- 
trials climbed to their highest 
level in over two months. What 
may have happened is that a 
psychological trigger may at last 
have been pulled and for. the 
time being greed could have 
overtaken fear as the dominant 
emotion among investors: In 
these circumstances many 
analysts believe that there will 
be sufScient momentum to carry 
the market up to 820 or beyond. 


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mediate rally of this kind 
figures in many analysts’ prog- 
nostications for the- year and 
many also believe- that the 
market must yet fall back to 
achieve a new low before em- 
barking on a genuine bull cycle. 

Nevertheless, investors have 
been considerably Cheered this 


NEW YORK 

JOHN WYLES 


for five months and the Indus- week by a number of important 
trials climbed to their highest political and economic develop- 
Jevel in over two months. What men ts. Though President 
may have happened is that a 'carter’s new ahti-infiation 
psychological trigger may at last stance, unveiled In a speech on 
have been pulled and for . the Tuesday appears thin in that it 
time being greed could have jacks any real new initiatives, 
overtaken fear as the dominant ^ followed by a statement 
emotion among investors: In from Mr. G. William Miller, the 
these circumstances many new Chairman of the Federal 
analysts believe that there will Reserve Board, which made 
be sufficient momentum to carry some impression in the New 
the market up to 820 or beyond. y or k markets. 

No-one, however, should be Mr. Miller, it will be remem- 
deceived into believing that a bered was President Carter’s 
new dawn has yet broken over appointee who replaced Dr. 
the Stock Market An inter- Arthur Burns at the end of 


January and his advice' to. the 
Administration on Wednesday 
to trim or defer its. proposed 
$24.5bn. tax cuts marked Mr. 
Maher’s public emergence as 
his “ own man.” In other 
words he appeared ready to 
maiptain the role which 
Dr. Bums enjoyed of urging 
administrations to review their 
economic priorities. Mr. Miller, 
like investors, is concerned 
about inflation and the impact 
of the Federal budget deficit 
and his identification of the 
problem and his partial remedy 
was very much to Wall Streets 
liking. 

Other factors contributing to 
market buoyancy are the 
recent firmness of the dollar in 
Foreign Exchange Markets, a 1.4 
per cent increase in industrial 
production last month and con- 
tinued strength of retail sales, 
particularly motor cars whose 
sales were 27 per cent up in the 
first ten days of April compared 
to the same period last year. 


Monday 773.65 

Tuesday 770.18 

Wednesday 76639 

Thursday 774.08 

Friday 795:13 


+4.07 

—3.47 

-3.89 

+8.92 

+19.92 


Swings and roundabouts 


-. ::: c~ ^ 


Bright futures in the U.S: 


n Committee 

iu 1 .030 


r 

v* 




limit 


The PSocadffly Small Companies Fuad la placed top •£ 

mtittciig t8f!oigtiielaatyie<ur < a*p w1 >' BB 'li * «ltyPI«nncAS gvS«^p *» 

The Fond n r*— « for capital growth with » above av erage 
Uwiwi, by investing mainly in. swU efficient British com ' 
panics which the Managen believe wffl expand ha afaeoF 
business and profits. The Mxnagen wfll nevertheless 
ixxvxwtzaentflesdbiBty and may invest in* limited number of 
larger companies. . 

Remember, the .price of units, m*tfce income from them, 
may go down as well as op- • ' ' 

YonrinvtertmentsfaoaMbeiaywdedxsfaagteam 
•Flprtrfir tirfitriedotJtdStnMarAJir/a. ■ • • 


bro tf lwi wi b 

*S£BsiS&SsaS£'!&SS3& 


M COMPANY, » 




srssfS 

,hr* application. , 

Valuations. The fond « vmlaed dally and Uk ednent prbe-aad yWd puhEsbed 
d*Dy in lie national press. 

The chare*. A ow* only Amts* rfa« ! hi Wafcdhtha mSZ 
initial ennsa in*-Wmg cntnnuwwa of t° m ’C gnjy^ .tSP ftVCT W, ** ”"**7 

SmSSPSi? (+ VAT) oTthe aftierfU* Vtaadb dahSd •> eoaw 

Twanag rmmtand'adagB&aatioe etpetata- , 

ftA. T«*. If yoo are a.baoc rate taxpayer 

b ainsoaimiin llahility of only i S % aa iwainK tfic oonmU rate of 50 %- 

S’S— **»«*■> 

- piOTdaiy tJwtTre. M Cfc&ffibe. rf 

TrBat*«.BaakafSaXlaad,TheJdroid,Ediitbor^iEHiiTZ.- 


gJ^ta^ndlS £*» » ranittanoc for the foSanwiai parahlr » 
UaitTrtSt the Sdwdnfcd Territories and 

dedaranoa, it riwmld he left tranced. 
l®*** 0 * 1 ^bro‘«b ■“ oMhormeei dcgwaiCwy (bmk, atocfcbrete 

or«jieiioria dfctikl- 


THE HOTTEST game around in 
America at the moment is gold 
futures trading. The growth in 
investor interest over the last 
year has been phenomenal and 
shows no sign of slackening. 

A year ago in March, 88,707 
gbl<T futures contracts were 
traded on the Commodities Ex- 
change of New York while on 
the International Monetary Mar- 
ket (part of the Chicago Mer- 
cantile Exchange) the number 
amounted to 83.242. Last mouth 
Comer traded 267,707 gold con- 
tracts and Chicago traded an- 
other 227,074. On April 4 of 
this mo n tii trading soared to 
a new daily record in both New 
York (19.189 contracts) and 
Chicago (16,061 contracts). 

' If all the buyers of these con- 
tracts on that day took delivery 
(in fact Jess than 5 per cent 
normally do) over 100 tons of 
gold would pass hands. As the 
free world production of gold 
is Jess than 1.000 tons annually 
this sort of daily trading 
volume can have a major impact 
on. the market price of gold and 
frequently does. Whereas, the 
price used to be set here in 
Europe, New York is now giving 
a lead and if prices in America 
move in one direction London 
and Zurich quickly follow. 

The succes of the U.S. gold 
futures market <s slightly 
b afflin g. The market started on 
December 31, 1974-— theday that 
U.S. citizens were legally 
allowed to buy gold. For the 
first couple of years, trading on 
Comek averaged under 2,000 
contracts daily but the figure is 
now running dose to 20,000, and 
the market really aems to have 
taken off since last Autumn. 

There are plenty of theories 
as to why. Traditionally, gold 
is in demand during periods of 
currency uncertainty and last 
Autumn coincided with a period 
of pronounced weakness in the 
U:S- . dollar. The U.S. stock 


market was also falling which 
probably made gold futures look 
more attractive since they 
offered plenty of scope for 
capital gain. However, a few 
big and mysterious investors 
started buying December gold 
futures contracts last September, 


GOLD 

WILLIAM HALL 


-Gold Futures i 


Chicago I 
| Mercantile 




1977 1978 i 

and trading volume mushroomed 
from then on. Aa word got 
round, smaller investors jumped 
on the bandwagon and have 
been in the market ever since. 

For any investor wanting to 
speculate on movements in the 
gold price the futures contract 
—each one is equivalent to 100 
oz. — is a very attractive medium. 
A small Investor could buy a 
100 oz. bar of gold but this 
would cost around $18,000 
(£9,600) on top of which must 
be added sales taxes and assay 
fees. In addition, one has to 
ensure that no one steals it— 
New York is not a particularly 
safe place at the best of limes. 
Alternatively, investors can buy 


gold shares, and in the past this 
has been the traditional way of 
punting on tbe gold market for 
U.S. investors. If the dollar 
looked shaky and Wall Street 
looked sick an investor would | 
ring up his broker and buy 1,000 , 
West Driefs. 

However, even this sort of in- 
vestment has its drawbacks., 
Most gold mines are located in 
South Africa and an investor has 
to take a view not only on the 
political uncertainties over 
there, but on such technical 
things as the life of tbe mine, 
ore grades and management 
capabilities. All of these factors 
can affect the value of the gold 1 
share in question. I 

The beauty about gold futures | 
is that there is no need to 
bother about making subjective 
judgments. about such subsidiary! 
issues. The only thing to take 
a view on,' is the future gold 
price, and even then it is not 
necessary, to put up the total 
value of the contract Tbe 
normal deposit is less than 10 
per cent of the contract price. 
If you bought a lOCLoz contract 
and the gold price went up 10 
per cent you could double your 
money by closing out the con- 
tract On Comex the minimum 
deposit is $750 which means that 
even the smallest investor can 
join in the fun. 

Naturally there are dangers. 
The gold price is very volatile 
and because of the heavy gear- 
ing in the futures price it is 
just as easy to lose money as 
to make it However, judging 
tbe growing number of U.S. 
institutional investors that are 
operating in this market the 
idea has caught on and it might 
not be too long before it crosses 
the Atlantic. If London and 
Zurich want to maintain their 
traditional place in the inter- 
national gold market they 
could do worse than swallow 
their pride and take a lead from 
New York’s Comex and 
Chicago’s Mercantile Exchange. 




Sununoe (Mr. IfeMW ' 1 ’ 

rommaefr)— ' - . " ~ 

Address ' ft I SO* 

Ireland- 



COMEX- 

LEADING FUTURES 

CONTRACTS 

MARCH TOTALS 

SILVER 

390,998 

GOLD FUTURES-TOTAL 

GOLD 

267,707. 

1975 

393,517 

1976 

479,363 

COPPER 

1 19,423 

1977 

981,551 


“THE trouble with mining 
shares," said tbe bookmaker as 
he cautiously hedged bets on the 
big race, “is that they are too 
risky." He dwelt at some length 
on the undesirability of com- 
mercial fortunes being linked 
to those of a single product and 
pointed to notorious price 
swings that often occur in 
metals. 

“You xan’t let your- money 
rest” be. added, reachng-for the 
telephone as the big- race odds 
changed, "you are always having 
to buy orlsell the shakes -if you 
are to make" a profit 'and then 
you get clobbered for capital 
gains tax." He admitted that 
the previous deterrent of a 25 
per cent "tax” on the dollar 
premium no longer aplies. 

He also agreed that Mr. 
Healey’s Budget this week bad 
helped the small investor by 
exempting from tax his gains 
of up to £1,000 in any one year. 
And, indeed, he noted that tbe 
bigger fish will welcome the re- 
duction in the tax rate from 30 
per cent to 15 per cent, on 
gains of £1,000 to £5,000. 

But be pointed out that book- 
makers prefer 1 to let tbe punters 
take the risks and for his money 
investment meant .putting, your 
money into a well diversified 
enterprise: “What they lose on 
the swings they gain on. the 
roundabouts, and it usually 
comes right in the end.” 

Well, you can’t get much more 
diversified than the U.K.-based 
Rio Tinto-Zinc Corporation 
whose interests span a host of 
metals and industrial activities 
in Australia,, tbe UJL, Canada, 
Papua New Guinea, the U.S., 
Southern Africa and mainland 
Europe. Major earnings come 
from copper iron ore, borax and 
chemicals, lead and zinc, and 
aluminium. 

Last year’s weakness in 
copper (which provided some 
16 per cent of pre-tax profits) 
and tbe down-turn in tine was 
offset by a better performance 
in RTZ’s other areas. As a result 
the group has reported this 
week a slightly higher net profit 
of £82-3m„ equal to earnings of 
32.68p per share, compared with 
£81. 3m. in 1976, and has lifted 
the year’s dividend total to 9.5p 
from 8p; because of its high 
level of overseas earnings the 
group is not subject to UJK. 
dividend restraint 

However, despite its diversifi- 
cation, RTZ has not been able 
to hedge against last year’s 
recovery in sterling. This 
reduced the value in pounds of 
the profits by some 7 per cent 

Furthermore, the latest net 
profit is reduced by a book- 
keeping charge of as much as 
£40.4m. to allow for the reduc- 
tion in tbe sterling value of 
prior years’ earnings retained 
in the overseas subsidiaries. A 
year ago, when sterling was 
lower, there was a net credit 
of £10.4m. on this score. 

What of current year’s pros- 
pects? Copper prices are even 
lower, zinc remains thoroughly 
depressed; the group's big 
Hamersley iron ore ■ operation 
in Western Australia has 
already warned of a sharp fall 
in its profits in line with the 
steel industry depression which 
is hitting the Japanese mills; 
lead, borax and aluminium are 
holding up welL 

On the present showing, 
losses on the swings are likely 


to outweigh profits on the 
roundabouts. The RTZ 1978 
picture would brighten in the 
rather unlikely event. of a sub- 
stantial pick-up occurring in 
base-metal prices, but until 
there are firm signs of this 
happening the shares seem un- 
likely to attract fresh buyers 
despite the group’s important 
long-term potential. 

The South African .. gold 
mining March quarterly report- 
ing season has opened, in low 
key^ wil&PlJie 'reefs' from the 
Consolidated Gold Fields* mines. 
For Hie most- part - it lias been 


MINING 


KENNETH MARSTON 


a case of lower profits stemming 
from somewhat reduced ore 
grades and virtually unchanged 
gold prices received of about 
3174 per ounce. 

Doorufonteln’s grade has 
fallen more sharply 'io#9‘ grams 
per tonne of -ore from 9.7 grams 
in the previous three months: 
This, however, appears to be a 
return to norma) because tbe 
higher grade stemmed from the 
mining of the Tidier ore in the 
latter part of last year in an 
attempt to maintain gold pro- 
duction an the face of the labour 
shortage that then prevailed. 

Kloof has done weU despite 
having received a below average 
price of $168 following the 
December quarter's high figure 
of $177. Now having recovered 
from the effects of last year’s 
underground fire tbe mine b as 
boosted production with the 
result that the net profit has 
Increased to R7.64m. . (£4.17m.) 
from R6.52mr in the previous 
three months. 

An . important factor in the 
current quarter will be South 


Africa’s decision to revalue her 
gold reserves at market-related 
prices. The mines will no longer 
sell their gold to the Reserve 
Bank at the old official price of 
$42 and then have to wait for 
about a month until they receive 
the difference between this 
price and that obtained from 
open market sales. 

They will receive the full 
rPricermore or less, immediately. 
Consequently their.' current 
. quarter’s earnings will receive 
“ffiff’ 1 Wce-for-alT bonus of pay- 
ments flue for'parF of the pre- 
vious quarter's output together 
with those for the full amount 
produced in the current quarter. 

Furthermore, part of the 
wages due to the miners from 
Mozambique will no lunger be 
paid to that country’s Govern- 
ment in gold valued at $42 per 
ounce. Mozambique sold the 
bullion on the free market and 
thus made a profit after deduct- 
ing the money owing to. the 
miners. 

From now on the mines will 
not Jose this profit which has 
been estimated at about R20m. 

' a year. The workers from 
Mozambique will, of course, con- 
tinue to be paid the same waees 
as before so the only loser is the 
Mozambique Government. 

Finally, De Beers has an- 
nounced details of its new 
£128.7m. Jwaneng diamond mine 
in Botswana. That country’s 
government is 'to receive a free 
30 per cent, stake in the venture 
and has an option lasting until 
the end of this year to buy a 
further 20 per cent 

The big mine Is expected to 
start production in 1982 at an 
initial rate of 3.5m. carats, 
rising to 6m. carats in the mid- 
1980’s. It will thus exceed the 
combined output of the group’s 
Orapa and Letlhakane mines in 
central Botswana. Its gem con- 
tent, as opposed to the lower 
value industrial -diamond, is 
higher than that of Orapa, being 
some where in the region of 44 
per cent It looks good. 


RIO TINTO-ZINC 


GROUP SALES REVENUE*** 

t£M.) 


== EARNINGS PER, , 
ORDINARY SHARE(p), 

— NET DIVIDEND | 
PER ORDINARY / 
SHARE (p) 


1971 1973 1975 1977 









Vandal .Times Saturday April 15 1978 


s 


FINANCE AND THE FAMILY 


Joint names disadvantage 


BY OUR LEGAL STAFF 


No /ego/ responsibility con be 
accepted by t/ie Financial Timas 
for the answers given in these 
columns. All Inquiries will' ' be 
answered by post as soon as 
possible. 


I gather from the first item 
under Probate not necessary 
(March 11) that if my wife and 
I put all of what wp owned into 
our Joint names no probate 


left the matrimonial borne, reversionary Interest under a 
probably). will which remains unrealised? 

Mr. X’s tax position overseas Can the bankrupt apply for 
does not affect Mrs. Xs tax his discharge? 


position in the U.K. (If Mr. X The release of the Trustee in most needed, 
would'be required" and" therefore should deduct overseas tax from Bankruptcy will not of itself . 

«i 7 p of the estate on the maintenance payments at some enable the bankrupt to apply A Wflvlpavp 

-nth* time in the future, Mrs. X f or his discharge; but it is " 


exhausted before, the ultimate We do not understand your 
gift takes effect but .where the query fully. ' If the Building 
trustees retain the ability to Society forecloses you will have 
channel funds where they are no interest in the properly from 

the date of the court order, and 


death of one of us would not be 
known, and published in the 
local paper, an advantage 
where there have been break- 
ins, as here. Unfortunately the 
deeds of our house, which 
belongs to my wife, arc lost. 
What please can we do about 
this? What are the disadvant- 
ages of putting everything into 
joint names' 


might like to come back to us likely to facilitate such au 
for guidance - on the double application. As a creditor you jjayfilrZni 
taxation agreement with the are entitled to oppose the re- My mother’s garden Is crossed 
country in question). lease of the trustee; and, if by three overhead telephone 


Mrs. X should check her £here is an unrealised rever- 


social security position with her s ion, it would be wise to do so. 

i i Mice cvw. b h„„i a m «... «... Houses, if : you consider she 


local DHSS office. She should Technically the release of the M h . 

, OT -#k Vw«i* ... i_«.. *i_ u.ni ^ could be entitled to any way- 


also get in touch, with her local trustee leaves the bankruptcy - .71 *7- 

tax office (unless she is already 0 u foot but with no trustee as IffT® * ost 
in touch with another one, of such, the bankrupt’s property “ ow **** she 

course), giving her husband’s remaining vested in the Official we ca^ set no 

You can certainly adopt the ex- last tax reference if she happens Receiver, who retains the ^tisractiiva out o£ the local 
oedient of joint ownership, to know it, andsajing when the trustee’s accounts. omee - 

The disadvantage is that the separation took place. 

cannot resume other hands (under either case in or fprtvfv 

w.itiiout the consent ofthe other ^ w of sche dule D). so she ““MS 

(akhough ■?« probably has no tax liability at My daugter should receive 

may be divided by sever- aI1 . at present If payments are about £20.000 as her share of 
ance ). You should be a We to eventua n y made under a deed mv estate, and I do not wish 
have the house conveyed or or en f orcea bie agreement, or her to be able to dispose of the 
transferred into joint names unt j e r an order of a court (in capital, not so much because 
despite the loss of the deeds, U.K. or overseas), they will i wish to preserve It for her 
That loss is a matter which you be taxable in Mrs. X’s hands; ehildren, but to ensure that It 
should in any event take up soine 0 f the complexities of this shall not be swallowed up in 
now rather than leaving it. You area of the tax laws were indi- payments of debts her husband 
should consult the solicitor who cated in Mr. David Wainman’s might incur. Should this be 
acted for your wife on the article March 11: “ A question d one by means of a discretion- 
purchase. of geography.” 


could not partake of any pro- 
ceeds of a subsequent sale. Pres 
sumably you want the Building 
Society to seU, the property, so 
that any surplus money will be 
paid to you. Your only effective 
course here is to put the 
property up for sale yourself — 

always assumin g that it may 

fetch more thdn the amount you 
owe the Building Society. 


Cleaning of 


You may be able to require a ^ StYCOftt - 
wayleave payment: on the other a brook runs along the bottom 
hand tbe wires may have been gf oar garden into which trees 
in position long enough for a have fallen, in one case from a 

prescriptive easement to have . , , . . .. 

been enquired by the Post (Mice. ? 

The payment which your other ^ has 

mother mig h t expect to receive caused water to flood over our 
is not very much in money ground. Whose is the responsi- 
terms, and may not be worth the bllity for clearing the fallen 
cost of resolving a dispute in trees and what happens if, for 
legal terms. However you may example, as a result of the 
find it convenient to commum- obstruction, damage’ is caused to 
cate direct with the Legal our property or banks washed 
Department of toe Post Office at away? 

23 Howland Street, London, W.L _ , • 

The responsibility for clearing 


A feme sole 
tax 


A lost deeds 


for 


case 


In 1958 my parents bought a 
A husband makes his wife, Mrs. freehold property for cash. 
X, who otherwise has a Now the title deeds are 

negligible income, an allowance missing. What can we do 


from abroad where be lives 
with another woman. He does 
not send in tax returns in 
his world income, but pays 

rs5as£ ,, ss— 2= *j2L*s*ssx 


about It, in case we want to 
sell? 

If your parents know the name 
of the solicitors who acted for 


ary trust? . - . 

You may find a protective trust, A jOYCCtOSUYC 
or a combination of protective , • 

and discretionaiy trusts most (MU Q SOIB 
efficacious. If you .provide pro- _ 

tective trusts for your daughter 1 * uve “y building 

for life and for her children society to foreclose on my 

for their lives with an ultimate property because I cannot make causes flooding to your land it 
gift of capital, and also give the monthly payments, but they maybe a nuisance for which you 
very wide powers -to appoint seem, to be proceeding very could claim damages. You 
capital to each beneficiary it is slowly. Gan yon suggest a line - would also be entitled to abate 
possible to achieve a position of action which might produce 
where capital will probably be some positive results? 


the stream is on the owner of 
the bed — usually that is the 
owner of the bank (up to the 
middle of the stream if the 
banks are in different owner- 
ship). If an obstruction which 
another person ought to dear 


the nuisance fay clearing it your- 
self. 


he pays tax in the country 
where he lives. 

There is no legal separation, 
but a divorce could be 
contemplated. What would be 

the position of the wife then m „ 

and what is the position now? JjX$Cfl(lY]£C Of 
As Sirs. X is “ in fact separated 
in such circumstances that the ^ UCLIlkvlWt 
separation is likely to be ■* 

permanent," 

as a feme sole despite 

absence of a formal deed of Receiver was appointed 
separation. The words in quota- trustee. No dividends have 
tion marks are taken from been paid to the creditors, of 
section 42(1) (b) of the Income whom I am one. X have now 
and Corporation Taxes Act 1970. just received a notice to 
Divorce would make little creditors of Intention of the 
practical difference to her tax trustee to apply for release, 
position, since she is treated as a How does this affect the 
feme solejrom the actual date bankrupt the creditors .and the’, m 
of separation - (the day' Mr. X trustee of the KanfcrnptV amou 


Age allowance interest 


should be possible to obtain 
copies of the title deeds. Appli- 

have d thi°tSe ** 1876 “7 total gross Income say that the Inspector is right explained in paragraph 22 of 
registered wa "lost deeds case." according to the Tax Inspector in principle. Subsection 3(c) of the 1976-77 edition of Income 


according to the Tax Inspector 
was £3,589, plus £259 building 
society interest, grossed np 
by £154, making £4,002. 

It seems to me that this £154 


section 343 of the Income and Tax and the Elderly (leaflet 
Corporation Taxes Act 1970, as IR4). which is obtainable from 
amended by the Finance Act, most tax inspector’s offices. 
1971 (with effect from 1973-74), Xn effect, therefore, your £259 

ES5 1’SEtaSTE 


io uMiy iu uc — - -J « i . , .. . . — — auracieu an extra income tax 

she win be taxable A friend » M adjudged bant ■£££?“ !?«>“*■■■ received after liability of £85.40 by wn, of age 

sole despite the rapt in 1976 and the Official IS!?.?!?. „ ^ deduction of income tax from a allowance clawback. This tax 


because total income orriy corresponding gross amount 
includes this for additional rate computing the total income £ n 0 ” 
tax and investment income of ^ individual,” and conse- 

surcharge. Do you not agree? quent i y the notional gross 

Although you are right in saying amount has to be taken into 
that the £259 building society account in calculating the age 


allowance clawback: This tax 
can be allocated roughly as 


Interest Effective Income interest 
actually income tax aftw 
recetved tax rate liability tax 


interest should only be inflated allowance clawback This point First 238 14/39ths 85.40 153 
by £138- (viz 7/13ths of £259), is not always made, quite dear Balance 21 Nil Nil 21 
the notional gros s . in huil di ng.. jqcieliesLadyertlse- £ 25 » £8540 £174 

£398, it is\" • - 



money 


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just what you do get for your money. 

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IF YOU have « driving licence you are ineligible for one or there will be cover for luggage 
sooner or later you will hire more reasons — for example and personal effects, cover for 
a car, perhaps only for a few -that you ate too young (many personal accident benefits and 
days for a specific journey or small fi/ms have hiring cover for medical expenses, 
perhaps for a longer period restricted' to the over 25s), too Sometimes it is possible to 
when your own car is off the short of /driving experience, or arrange with a hire car opera- 
road after accident or break- perhaps in one of insurers’ tor to cover your use of his car 
down. prohibited occupations. If so, under your own policy — some- 

While ’ there are a few th e only thing you can do is times but not often. Much will 
national or even international to see if another operator has depend on his knowledge of 
car hire companies, with offices e* 51 ** insurance acceptance you, your previous course of 
and garages in major urban terms, because it is these that business dealings, bis respect 
areas all over the country, much control the operator’s ability to or otherwise for your own 
of the car hire business in do business with you. - ’ motor insurers-so if your 

Britain is transacted by rela- Both the hiring and insur- hirer’s insurers and your own 
lively small operators, as will be ance documents which are are the same, one difficulty is 
shown by a modicum of local issued, normally make It clear removed, 
investigation based on the that driving is permitted only A point to remember here 
yellow pages of the telephone by the hirer, and by any other is that it may be cheaper for 
directories. More detailed in- person whose full and satis- you to add the hired car to 
quixy will show that within an factory motoring particulars your own policy for a few days 
apparent broad similarity of have been provided at the out- a wider cow ^of that 

onrf «i nn P° 1,c y. rather than to pay the 

operator's normal insurance 


cars, operating rules and so on 
there is a wide diversity of 
price, hiring conditions and in- 
surance. 

Particularly insurance, be- 
cause it is up to each car hire 
operator to make his own bar- 
gain for the purchase of 
insurance cover for himself and 


INSURANCE 


JOHN PHILIP 


premium which is included in 
his hiring charge. So certainly 
this possibility is worth 
exploring. 





- ; ' • 



1 . ; 









^ BBI ^ 

Institution/- 



Minimum 

Initial 

Annual Asset growth 

fund ’ Currency Lbttnc 

v . ; 

purchase 

toarge 

dim 

..over 



> "Valuation 

on issue 

% 

% - 

-1 year 

5 years 

Save & Prosper International 







Dollar Fixed lnt. 

sus — 

^ Weekly' 

$152,000 

-■5 

. * 

- 3-4 . 

Nfc 

Internationa} Grth. 

sus — . 

Weekly 

$US2,(H» 

. 7i 

-i 

- 6J7_ 

—36.1 

Far Eastern 

SUS — • ■. • 1 

= Weekly 

SUS2A00 


1/5 

— 4.1 

ns 

North American 

sus — 

'-.Weekly 

SUS2JKM . 

1\ 

■ 

- 9 A 

— 43A 

Channel Capital 

£ 

v Daily 

200 shares > • 

5. 

i * 

4.1 . 

133 

Channel Islands . • . . 

S , • - • 

/ Daily 

. 350 shares 

*",y *• 

i* ■ 

1713 

422 

Commodity 

' £ Luxmb|. 

Weekly 

£1,000 

. 5 

* 

—ISA 

NA 

Sterling Fixed bit. 

£ . ■ : 

Weekly 

- «!»»■ 

:s.-- 

1- 

5j0. 

na 


* Coven all outgoings from tha fumd, :.f. Bid to offer basis, with income re-invested. 


Going into sterling funds 


THE DAYS when a tour of! 
duty abroad meant five yeais-r-* 
maybe ten— beneath the tropical 
sun, are long- since, over.' Nowa- 
days it means, most likely, 18 
months: maybe two years. This 
is all very well in one way, but 
in another it’s not quite so 
satisfactory. It means that the- 



money abroad — for die moment 
— there is a. -four way choice: 
tiie DoUar Fixed Interest fond 
■ (income first); tbe International 
Growth, fund (entirely equities, 
and . designed Jto produce a rise 
. in asset value); the Far Eastern 
fund' (managed out of Hong 
. . Kong, ' and again, designed tD 

“*?. 15 “ ot t0 native acceptable to the ex- produce capital growth); and 

establish himself as & 11 change control authorities. And the -North. American fund 

for . exchange while Investment through the (slowly and caistiously recover- 
dollar premium is not the tug from some years of dismal 
So if he wants .to transfer - penalt ^ it once was, since the p^fioiroance). 

without going 25 per cent, surrender rule has P ^ is tbe group's 

SSrereed i nd ^“*5 noted but hekvily invested 

at any rate. Assuming, howev^.^. 1 ^- B^Sh^m are su£ ^ soSt 

that he’s not paid in sterling, ject t0 exchange control regula- 
there is nothing in British include those based 

to stop him from investing what ^ ^ channel Islands. Thus K lusratiitionaJ m- 

he earns abroad wherever - and. g ave and Prospers Channel rmide a ^ very good 

however it seems to him giHid.c~.ital Trust must use a route sta # “4 tben through a 
t0 T d0 S -°i - „ ' - accepted by toe exchange con- rou^i patch, which ia ali that 

It might well seem reasonable;.^ t0 ^ extent shows up on toe table: per- 

to him to put his money into ^ ^ por tfolio is invested formance is, the advisers say, 
sterling-denominated assets, for gbroad. now improvingl 

all that our economic prospects ; Common sense indicates, In Save' and Prosser’s dollar 
now look rather less rosy than- any jifMi .f an y tmt* wJin wmis denonainatjed funds are acces- 
they did a couple of months ■ ^ n^ney in rteriin g should sdWe by way of a‘ smogle 
ago. After a 11, he is Prtbably- have it invested in toe premium life assurance plan 

going to come back to the URI British e ramuny as well.' Save' (inumnutn investment $US5,000; 
once he s done wth Ahu Dhaw ^ p^gp^. has two ariitable all income reinvested); and aH 

■ vehicles for that, both of them the funds, with the exception of 
SiriSJL ^tenM^whito^wS^ te generating mcome not subject toe Comamxtity . fund, are 

to UX tax: toe Channel Islands accessible by way of a monthly 
it rnakr iehie ■ (mainly equities, with an. investment plan, for those with 

forhim^todo “ element of fixed ^erert as inconte./yather thm capital, of 

put his. money into a British wtotoh to dispose. For the ctoUar- 

trust sterling denominate, 'for Stej$ssg; :Fixed -Intewstf ■ whkh denominated funds toe mun- 
investment into assets overseas.. largely- into exempt: mum invesrtimeiit' accepted is 

All British trusts inverting ‘ -JUS50 a month, while for toe 

abroad have to do so by way of For (hose who. having earned -ktellQB fundfi it is £10 a month, 
toe dollar premium or an alter- abroad would rather- keep tbeor A^ain, tooome is reinvested. 


Initial costs cut 


TWO OF toe rtockbrpMng Hngton Capital have . been back to -the Department of 
firms wito unite (mists under among the best and the most Trade to ask that they should 
their management have just consistent of all unit trusts over be authorised to charge toe 
taken off into the UB. market, toe past six years, think, that standard 3} per cent Moral: 
with vehicles designed specific- toe outside proportion -might if you want to buy into these 
ally for the purpose: Bridge , rise as high as 50 per cent If funds from Bridge or Framllng- 
American and General (from it shows any signs of doing so, ton, then don’t spend too long 
Vickers, da Costa) and Fram- however, the brokers will be thinking about ft 
lington American and General ' 

(from Laurence Prust): , ifeto*.. i .. ■ ■ ' " ’ ;a 


have run. op against a certain 
amount iff resistance from 'the 
Department of Trade, not to the 
idea that they should launch 
new funds but to the idea that 
they should be entitled to toe 
standard management charge, 
and in particular to the stan- 
dard front-end. load. Both have 
had to content themselves with 
an initial 2 per cent, as against 
the standard 3} per cent. 

It appears that the question 
exercising minds at the Depart 
ment of Trade is whether toe 
standard 11 per cenL commis- 
sion will be paid to inter 
median es. Or will all the money 
coming into the new funds be 
directed there by the stock- 
brokers concerned, from tibelr 
existing cheats’ funds? The 
stockbrokers themselves say 
possibly so, but probably not 
The new Bridge fund will be 
“very largely in-house," says 
Vickers, da Costa — but as much 
as 20 per cent, of the initial 
inflow might come from those 
with no connection with the 
firm. Laurence Prust whose 
Framlington Income and Fram 


for his customers, in the light set So once you have hired 
of all the material factors your car. you cannot- even in 
affecting the underwriting emergency. allow an un- 
assessment of his particular authorised person to drive— you 
risk. As with the individual will almost certainly be in 
motorist the car hire operator’s breach with your contract 
only obligation is to ensure that car hire operator, and defi- 
be has injury liability insurance n it®iy there will be no statutory 

covering the use of his cars on insurance in operation for that 

tijg road, drivers protection (unless he 

_ ' . . can rely on his personal insur- 

play ‘copies aSd^ron Ve° ri^of^rosecu- 

surance policies in their offices, tion 

and draw their customers’ atten- Aj j have sajd ^ ^nt of 
tion to these. Others display j nsuraace cover hire car 
summaries of cover in a form operator j,as above the statu- 
authorised by their trade asso- tor ^ minimum is . widely 
ciation. Some, a decreasing var j a bi e . The bigger the opera- 
few, do very littie to explain tor ^ more j t jg that he 

to the hirer what insurance doe& not j nsure accidental 
cover is provided and what his damagei fire or theft Ti ^ ISm 
non-insurance contractual oou- jj oes no j mean that be will 
gations are in the event of - ine vitaWy make bis hirers 
trouble. responsible for the cost of 

Arranging the hire of a car repair or replacement in the 
normally involves two separate eveat damage, fire or theft, 
contracts, one with the ear hire But it is essential to look at 
operator and the other with the clauses of the hiring con- 
insurers. As a potential hirer tract to see if such’ an obliga- 
you can be asked to complete tion is imposed in any 
and sign one document cover- particular circumstances. If 
ing both aspects, or two you h aV e your own motor policy 
separate documents. and you wish to have peace of 

Either way you will have to mind it is of course possible to 
give details of your age, ocen- ask your insurers to add the 
pation, length of driving expert- damage/repair risk on the 
ence. details of your driving hired car to your policy for 
accident record, motoring con- the term of the hire— but you 
victions sustained and prosecu- will have to pay extra premium 
tions pending- health defects for this, 
and other details, and produce As a hirer you have one cer- 
your current valid driving tainty— (hat the cover the 
licence. operator has for himself and 

You may quickly find, for you is substantially less 
because of the rules insurers than the normal comprehensive 
have established for your cover that mast British 
chosen car hire operator, that motorists boy. It is unlikely 


Premium payment 


THERE MUST be a law of To take it up, you simplyj 
nature which decrees that all take the annual premium, add 
large bills shall arrive in the 6 per cent and divide the sum 
letter box at the same time, and by 12 to get the monthly pre- 
another which propounds that mium. Payments , have to be 
these arrivals shall coincide with made by direct debit, and toe 
a downturn in cash flow. At annual premium must be at 
Ie,st. that is what appears to , ^ ^ , quallfy for a, 
happen in my household, with . .. . 

unfailing regularity. Proper sc ^ elX,e, M your house insur- 

planning should avoid this an «* 1* through your building 
build-up. but my plans never society, then you are probably 
seem to work. paying monthly anyway. 

One such bill gets larger The true interest rate nn these 
every year: that for personal monthly premiums is 13.7 per 
insurance. If we are consclen- cent.— in line ' with overdraft 

tious, we update the cover every rates. Sun Alliance will 

year, and this means higher pre- obviously vary this rate to keep 
miums. Motor insurance in- it more or less ^ iine with 

creases are now taken for interest rate levels, but I should 

granted. The insurance com- imagine that they wiH only re- 
panies themselves have uninten- fl ec t major changes. The com- 
tionally made matters worse by pany ’ S attitude is that it should 
marketing package insurance get tb B scheme working before 
plans under which all personal discussing changes. The extra 
insurance requirements are in- charges have to be made* to 
eluded in one master plan. This cover extra costs and the loss 
may be convenient and save on 0 f investment income. If the 
costs, but it means a larger bill., company does not. get your 

Help is now at hand in deal- money at the start of the year, 
ing with this problem. Sun ir cannot invest it 
Alliance is introducing a new premium Plan will effectively 
facility— Premium Plan— which provide you with another line 
spreads the cost of personal 0 f credit on a regular bill- 
insurance over the whole year, which is always useful. But If 
The group was a pioneer in rates do get out of line with 
using credit cards for spreading overdrafts, it may be more 
payments over some months, a advantageous to use overdraft 
move that most companies have facilities. And if your cash flow 
followed. But the company's j s healthy, though your bank 
market research has shown that balance is modeat, then the 
many investors wnuld prefer cre dit card facility might be a 
their premiums spread over the pefii 
year, and this plan fulfills that 
requirement. 


PAI D QUARTERLY 

£10-6Z 


ESTIMATED ANNUAL GROSS YIELD 


LAWSON HIGH YIELD FUND 


/Thtaim oflhe fund la to provide a liigh and 

.paid quarterly, and the fund now: 


which (s 
3 million. Initial 


by Saptombar 


- capital Incrom 

V&7. And there 


. In tact more than 

- cunint PDrtfo0o4z% ftvfermcaSfwas, 29% Eqiritias, 29% Investment 
Tti^tlnooina«WBa ». Thapricaot fhou nl te and tfaelnooroa from tham 
TOAbouW baragardwtas a median to Jong t 


'po dawnw wfl as up.UntoAbouMb»regmiWa«a medium to long tqrn 
faiVMftroent 



Income Units 52.2p Accumulation Units 72.0p 


■FIXED PRICE OFFER (JNTH- FRf APRIL 2t 1 97BKm wulyttuce f inweni 


INVEST BY 30th APRIL 1978 

FOR NEXT QUARTERLY PAYMENT. 


■> mm M ■■ mm application fork* mw aw iM mm m 

TaLawson Securities Ltd FREEPOST,EdinburohEH20DB(oo «iw upiBwnwn 

-or TO: 031-226 391 T (5 linea+‘24-hourAnsaphorK8Sarwica>- . . 

J indam ■ nmmtcq payaWe lo Uwson Securities lintetf to balmemd Incite of 
tjwwuriHiQfttfaWfimt.' WatappBcaMefoBta. 

- " 77 M IN , I : ' ' , r , Foraeaw^'kw utrtg jnWk ica 
It..-.- pStfl ■ For IrtHkikeqSrvinqsVtan^tease mark "X'n 

1—# XOUU For sharaemtiangedetflfls ptaaas marie *5f c • 


I/m dadsre th» I am/lm am rwt rasktem ouoida ih« at^Mduiep lanttorfafTMr am lAwa 

acquiring ttosaunks ulha rwmineefs) at wiy pcraofHs} resident outskfe On tenftonaa: 

rnwsa vpaNe » make mb dectaraowi ahoUd apply ttimugh BwV Banhar.Swckbtokar or 

Sottcjprki iha UJLJ. - . 

Sigriahiu ! 1 — • ~ • ' • • « ‘ ‘ ' • ; 


(AHjotuapp&arta nmist alga and attach Ml names and addreisasj 
Names in full . 


(Mr/Mrs/M atfntfe) 

Address 


1HVFT1V4/78 



I t 


$ 


1 


. rV 1 * 


r j-' 







r;*Nv. 

1 ’W» • I - 


IN 12 WEEKS 


Many patnlfr nuka money from stocks 
and sham. You could tM on* of tham 
— «Bi 4 lo ouy or Mil nocSu a iharas 
UM| ffVMlI 1 % DC and use manoy more shrewdly than 
|VV wUUI DC Britain’s other twomllitofllniiastora 


DEALING IN 
STOCKS &SHARES 
moreprofitably 
Htm2millioii 
other investors 


HOW IS THIS POSSIBLE? 

. SI ritpry through- a unique ' 
JL2 -wmu home courM, Tha 
Art.of invoitmant, wruxan . 

■ by.prqmslonai tnvastorc, 

- - stdekfirokars and account " 
. ants, stapoy nap they 

- snow' you how to rruka 
ntonay, " 


NO -RISK— It costs you . 

. ndthmeunhss yrxjtrvsa tJsfrsct. 



RELIANCE SCHOOL 
■ OF INVESTMENT 
. in** FREEPOST: 
. London tfll 3Bff 


•Cwn Wftheift 
ko*rr-how— .even with i . 
capital » low K£1 00— '• 
-.you eoaidJn profftaaiy 
daailofl In uacuand auras 
|a.t& waafcs'tlma. . . 


FREE BROCHURE 
-’.(fflrawnp roqulrad). 


I, 


& 


i 


\ 



. "V I - : 


j..,*"' 

•’kjv-; 




% 


* 








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s\ 


YOUR SAVINGS AND INVESTMENTS 


We look at the best of the benefits of Mr. Healey’s most generous budget 

- - — ■ _ | A rise in * Jlp 


interest rates 


l nd$ 


BY ADRIENNE GLEESON - Current Mth «« 

Prospective l/tli u 

ONE GLANCE at the accom- existing issue, tbarian attempt British Savin gs Bond 
panyiDg table, with a mind to to attract them' to the new. National Savings Bank 
SfHtotofSljESj! Md Bm iS.vAy.Jt-makas sens. Ordi^ry «c~mt 


Institution 

National Savings 

National Savings Certificates 
Current 14th issue 
Prospective 17th issue 
British Savings Bonds 


Fixed interest returns 

Min./max. 

deposit 


Tuesday last, should be enough . . 

to convince yon that there is !° wa i* * SbiDg Investment account 

one outstanding bargain - avail- . For ^ - w ? rst t does E nding sportiest 
able to those who want a high happen, and Interest rates in m a ttyn y — 

"'return from a safe investment general rise, then.there may be ° rdlre £y 

•the current issue of National better bargains elsewhere by __Deposrtjhar« 

~ Savings Certificates. But there’s ^ time (bar this, issue is Cl earing bank* 


one outstanding bargain • avail- in - . Far. if the .worst does 
able to those who want a high happed, and Interest rates in 
"return, from a safe investment* general rise.- then.there may be 
the current issue of National better bargains .elsewhere by 


- ■■ -i* t 


-■no need to rush out now to buy withdrawn. - - _ Deposit accounts 

..some. The issue will not be Just how good those bargains Bank branch depositsf 
.^withdrawn until -the middle of or® will, of course^. depend on 

.-. June: and it looks distinctly the individual’s '■ situation. A 

.-.possible that it will by do high-taxpay'er might be hard icfc 

- means seem so attractive a put to match the benefits which Gilt-edged stock 
bargain by then. this tax-free Issue will give him. ^ExchequeTTi® 

This is because Interest rates Conversely, anyone who wants Treasury mi 

. in general look set to rise. The ***** access to his money would Treasury 1515 

. , Chancellor, in this Budget obviously do much better to put * Repayable on i 
speech, made no bones of the it elsewhere, even at a lower t Rates vary: che 
_ fact that the Government will rate: National - Savings Certifi- —————— 

need to borrow plenty of money cates only yield the best of' * 

..this year, though he also themselves to those, prepared to f ft Till 
T< Implied that the borrowings hold them for the full four-year 
" might not turn out as large as term. * 

^‘presently, seems likely. To A basic-rate taxpayer ought 
‘“finance those borrowings the really to compare the grossed *'»***'»*,£ 


C5-C1JW0 

£5-£2,000 

_£W10jM0_ 

25p-£ 10,000 

£1-£50.000 


£1 

£10, GOO-OS, COO 


£1^00-05^00 


4 yean 

4 yean 

5 yean* 

£30 on demand 
One month 


On demand 
7 days 

7 days 
7 days 
3 months 
1 year 
3-10 yean 


Tax position 
on Interest 


Tax free 
Tax free 
Gross 


Rut £70 
tax free 
Gross 


Tax paid 
Tax paid 


Return % 

grossed up for 
basic rate 
taxpayer 


THE most remarkable change 
of the past two years in the 
field of social security has been 
the impact of child benefits— 
a recent addition to the range 
of social security benefits which 
replaces the old system of 
family allowances, and now 
takes in child tax allowances. It 


A rise in j Jjpr An attack on 
benefits J M B l avoidance 

THE most remarkable change LABOUR PARTY philosophy on 

of the past two years in the taxes has always been that the 

field of social security has been taxpayer should mile and pay* 

the impact of child benefits- Pi® up. It has never been entirely 

a recent addition to the range . i-g&mfSE* . n[mrnint . 

of social security benefits which ^ ^ roilce5>t that 

replaces the old system of •**** man or women has the 

family allowances, and now right to arrange his or her 

takes In child tax allowances. It " s “* 1 affairs, within the law, so as to 

iLl hS 1 nrovld “>«»”*». And . woman who mlmWse or defer (be payment 

Z J^tSs po^ Si^l ■* T^ S , is able to «n of tax. With this present 
the poor do not pay tas, you « 1116 total Post office when it Government's sniffing out tax 

cannot help them by providing “ open, end might well be too avoidance schemes has assumed 

tax reliefs — an obvious point, bu 5*\ 0D Saturday. the character erf a 16th-century 

hut nnf> uihnw imniimtinru it "®t ■ since there are SIX iivltnti Ivrf Ifv Ifinlr nf mua. 




9J-11JS 


but one whose implications it ; since mere are six 

took the authorities a very long months In which to cash the revealed bv this week** 

Hme to erasn weekly slips, they can be left cess 13 reveaieu Dy mis weesrs 

The inSSe announced in to accumulate. You could call Budget statement from the 

this week’s Budget show that at tte Post 0fBc ® one® evei7 Chancellor. 

the authorities are using child three months, say. and collect announced that not mrfv 

benefits to support families a worthwhile amount. You could announced mat not only 

right across the board. But also arrange to .have child will he stop schemes, which 
what are the implications of benefit paid from a Post Office the authorities know about 
chil d benefit payments for near your place of work, which already — that's aH part of the 
families which are not poor? would be more convenient than battle of wits between the plan* 
When the scheme was intro- one near your home. Don’t just d inland Revenue— 


fihe character of a 16th-century 
witch hunt; but its lack of suo 


Exchequer 13% 1980 — 

Treasury 124% 1992 — 

Treasury 15j% 199 8 — 3 

* Repayable on demand, but £4 tax free bonus per £100 at maturity. 

* Rates vary: check on application. 


He announced that not only 


Capital 


Instead 


previous One word of warning, though. 


exemption on deals priced at Those who are realising gains duced, Mr. David Ennals said abandon these benefits. 

Jess than £1,000, the Chancellor excess of £5 000 will come it took money from the hus- The government has also ful- 
-~.it.~t “ eiL S UI mu comB u. j* a i* filled an oblierattnn tn allow nen- 


mignr noi turn our as large as ««u. , f has now exempted gains realised aaa in*t t h- band’s wallet and put it into me nueo uiuwisauiHi w wvw i«u- —s *** - 

f presently seems likely. To A basic-rate taxpayer ought Cftfltl&PK within a tax year of less man up . , P tor purse of the wife. The husband rioners to share in the pros- similar nature can be marketed 

‘“finance those borrowings the really to compare the grossed *■'*•'**'* <c> £1,000. Moreover, gains of reb^f: that is, the rate D f course lost child tax reliefs, perity of the country, by uprat- in future. 

7 Government will have to sell up return which they offer with F0R THOSE who believe that between £1.000 and £5.000 at which they will then he This happens in every family, lug their pensions in line with T . , . 

'"gilt-edged 'stock — a prospect those available ‘on four-year investment is all about capital attract tax at only 15 per cent, charged is intended to build' up yet one still hears women say- the rise in earnings. Basic state TWs coul<1 mean legislation 

" which has unnerved the market deposits witlu say, ICFC — gains, the Chancellor’s moves (as against the 30 per cent, at the average take until it reaches ing that they never bother to pensions go up by 11.4 per eent. which would enable the authori- 

■over the past few days: and it whose rates we show in the h ave been very, very welcome which it is generally levied). So 30 per cent, at £9,500, the level collect child benefit in November, to £19.50 a week ties to take retrospective action 

“will also hope to attract cash table — or the local authorities, indeed. It is true that he has the individual investor would at which the full rate applies. Several points need to he for a single person, and £31.20 against any sdteme it does not 

■'into the National Savings instru- He needs to check up on those no t, as earnestly requested from need to be extremely wealthy. That means that, on realised made about this. First, since for a married couple. The __ Drove 0 system to control 

ments. at the beginning of June, before all quarters, abolished the tax extremely successful (to make gains of between £5,000 and the husband does lose the tax widow’s allowance goes up too. _ a ' „ . 

r The introduction of a new making any investment decision 0 n capital gains. But he has very large gains), or extremely £9,500 you will be liable to allowance if the wife does not to £27.30 a week. The increases EJJ h m -v 1 ”® y *7^ “ 

Tissue of . National Savings on a purchaser- In .the mean- amended it to such good pur- inept <to realise them within capital gains tax at 50 per cent collect child benefit the family bring the rise in the real value t)0t “- iafe . ?^ T r^ lce "l 

* Certificates in fact looks, for time the best advice~all things pose that very few individual the same tax year), to incur Moral: make sure that you don’t overall is rather worse off. And of pensions since 1974 to 20 2 y Jl 0 ™ 6 :, , , 2 

lhe moment rather more like being equal — is to stay flexible: investors will end up paying much more than a marginal Teaiise more than £5,000 in gains it could be by a useful amount per cent— and bow many invest- 

a piny to get people to buy the and that means staying short much of it. liability. in any one tax year. Child benefit payments are tax- ments have done as' much ? iatB f “ JJ** 


up against the provisions for 


waen toe seneme was intro- ners and the Inland Revenue— 

duced. Mr. David Ennals said abandon these benefits. K . „ . , , , . 

it took money from the hus- The government has also ful- ^ intends to en r 

band’s wallet and put it into the filled an obligation to allow pen- sure that no schemes of a 
purse of the wife. The husband rioners to share in the pros- similar nature can be marketed 


Basic state This could mean legislation 


in any one tax year. 


— • '■ 

7~ : 


Carrying 

card debts 


FOR MOST wage earners — or 
at least, for most of those who 
read this paper— the income tax 
changes introduced by tbe 
Chancellor last Tuesday are not 
going to make all that much 
difference. However, people 
who have retired and who are 


which it’s a matter of one step) 




-••THE IMPECUNIOUS among us | W difference. However, people . . 

•••have this to thank the Chan- ''-7/ who have retired and who are JJ ‘ J* ° ud| 

--cellor for: that the length of // ' ' living off the income from their . 1 v 

- time over which debts incurred ■■•' 7/ capital do have something to ® ve J- ®|l a ” 

by way of Access or Barclayxard It thank the Chancellor for. For 

may be repaid has been exr ' a start> lhe age alJow * nce ( for y rt „ v 

tended. In a move that was 7^ income lax purposes) has gone until you n 

plainly designed to give a tbe de ht to run this is a very up by £50 to £1 * 300 ’ for a singIe 

modest filHp to consumer spend- expensive form of- borrowing ^at f °voS te paying tl 

mg. Mr. Healey announced on That said however taking out I married rouP !e )- That is, you JJ B 
Tuesday that the minimum a fe T" 

monthly repayment to be made tale ^ paymeilt 0 f a service 


liabUity. in any one tax year. Child benefit payments are tax- ments have done as' much ? ™ " .StL* 

free, a point nbt brought out Of course it couldn’t be done 

_ whit;b if s a matter ^ on e steo in 1116 literature. The table unless pensions were funded «?5Lfh e !J!S 

Tnvpvimpnt forward and^wo steps bac? shows ^ effect of *** chafes from taxation. If company pen- 

investment “ a ™ on bKic-nte (ax payers. Tbe sioas are to be regarded as QfCapital Tron^r Tax.. TOis 

. Sffiwaace pushes up the tas hiU |T° sseti - u P T ^ ue . ? f tbose bene - JW. t}1 ™ ttere is » b ^ ' 

IH/'niHO at! tbe way back. You might, in 6ts 15 Mnsiderable. s o do not case for those pensions too to Retrospective legislation la a 

• f ac t just as well forget about 1 ® Qore them. be uprated each time there is very dubious tool, but a system 

Income falling between' the Women daim that .they can- a salary review, BuTinevtobly, controls has severe lmpHca- 
in the budget, from £2.000 .to ^gg £4 a00Q ^ £4^500; though noC ** bothered to call -in at the the existing labour force has tions for tbe life assurance in- 


Investment 

income 


living off the taTtaTuSw '" h p l rs0 J s i 0f S » iS&tt-JStwSTiSa ^ post offlce for ^ priori,y: 
capital do have something to ove Ji the band from £2,500 rate will stabilise again at 49 per 

thank the Chancellor for. For i0 Cent *““. unfcl il tops £7 - 985 - Tha 5’ s Results of the proposed rise in child benefit from April, 1979. 

a start, the age allowance (for at 0 - 10 ^ er the point at which you start in- 

income lax purposes) has gone until you nave over £3,000 of curring higher rate income tax. ’ 

up by £50 to £1.300. for a single investment Income (over £2^50. j n addition to the investment M . F , c . Annual 


Annual 


Grossed up value 
Annual increase for family paying 


married couple). That is, you paying 


surcharge 


better, at that point, to put the | 
money into a life assurance 


monthly repayment to be made tale .^e Davment of a service ,a r u -_. / u arc „i.V- policy with a withdrawal option l children 416 

Pg 'S. 1 “*«‘ V - u OO ffi HMT, rr.re’p^'lS to emigre.. After «. P grpss T&SZ*i 

r J2f S! dou ^ 11,81 People .appreciate l M imnortanL nerhans. the investment income, and see investment income of just over 4 children 832 
'Ill'll' i ooril y 5 ?**?*-. both the flexibility' and the ,5 e uS t hla what haonens. For the moment £7.000 imolies. if vou’ve in- : 


see investment income of just over 4 children 


Number of 

benefit 

Increase 

Extra tax 

in family 

marginal tax at 

children 

proposed 

in April 

payable* 

income 

34% 

83% 


£ 

£ 

£ 

£ 

£ 

£ 

1 child 

208 

. 88.4 

33.8 

54.6 

82.7 

34.7 

2 children 

416 

176l8 

67.6 

109.2 

165.4 

69.4 

3 children 

624 

265.2 

101.4 

163.8 

248.1 

104.1 

4 children 

832 

353.6 

135^ 

218.4 

330.8 

138.8 


dustry. It could mean that no 
new schemes could be put on 
the market without first obtain- 
ing approval, a process which 
experience has shown could 
take months. I have always 
been' opposed to using life 
assurance" as a tool - of tax 
avoidance, simply because 
government reaction was bound 
to come in a way harmful to 
the whole industry, and not just 


£5 with the same qualification). thw ase * ll0waBce income linlit has V f hat ha P pens \ For the f7 - 00 P im ^ !ies - if 7° u ' ve in ' * Assuming payment of tax at 34 per cent. As the final column. of the to few Companies marketing 

The net result is likelv to be aooitya . ,ty °J cre f ** ca f d ^‘ e also been raised, by £500 to the state pension brings in £910 vested wisely, capital of some table suggests, a family paying a high marginal rate of tax will lose almost the plans, 
that the lea £ 4.O90. That means that it a year (which rises to £1.014 in ^ you Mn pro bably » on the reduction of allowances as they will gain in bend* But 

that the length of the_average over e possibility of rejec- }sT1 . t Jintil your income reaches November), and that will all be , J prooamy he will st>,l be better off, POir. cunot 


ERIC SHORT 



•“people do repay their debts to should be extended, there 
Access or Barclaycard well ls af ter all. ho obligation orf 
, within the maximum term at the the consumer to . continue 
Imoment, for -those who allow impecunious.. ,» 


FINE STAMPS 

THE ALTERNATIVE INVESTMENT 1 


IGH YIELD FUI® 

r s - 

« r ‘ z 

/it •• -Jgs * 


.... §• 
A r,-. -*■’ ■' m 



ance of £985. ,. • ment income surcharge becomes 

> The first slice of your tax- payable. On the following £750 
able income (£750) will attract of income you will be paying 
tax at only 25 per cent- as a tax at the new. reduced rate of 
result of the Chancellor’s dec!- 25 per cent. On the next slice 
sion. to bring in a reduced rate of income. £1.360, tax is at the 
to help those with lower basic rate of income-tax. 34 per 
incomes. And it isn’t until you cent.: but after that, you start 
have more than £7.000 in tax- to incur tbe investment income 
able income (that is. £7.985 surcharge: the following £500, 
including the personal allow- in consequence." is taxed at 44 
ance and no other reliefs) that per cent. A mere £90 better off 
income tax will rise to more gross (less than £45 net, because 



Investmeots can fluctuate - our expert advice could help. 
For fully descriptive brochure, write to Dept. F T4 


Fine Stamp Investment Service ^ 

UidsHiiinssLirrdiCG , • ■ 

9Chrij^^&rps,&fcl 3SI SSSTiiTOO!'^ EtjIc.' (0272)2C^42 • d 

.A _ _ . « • e A a a a * a a > a J 


than 34 per cent. 


the investment income surcharge 


In the meantime, of course, has by now reached 15 per cent, 
your marginal tax rate will have and your marginal tax rate, in 
shot up as your age allowance consequence. 49 per cent), and 
was curbed: and you will you reach the stage at which 



‘At’A'M 


also have incurred the invest- 
ment income surcharge. The 
threshold for that was raised. 


zest- 70ur allowances are curtailed. 
^ by £2 for every £3. of extra 
income. 







•* t v . 

and now, 



he 



Some ideas on how to save your new- found wealth: 
Investment and savings plans: family protection; house 
purchase with life assurance; a pension for yourself 
-or key employees; CTT planning: no-nonsense , 

-guides to all these subjects available FREE from ff ■ 11# 
:"lj K Provident (one of Britain's most successful (( |y|im 
anutual offices-life fund now exceeds £260m). 

"FREEPOST the coupon today. ^^5===^ 


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Please send me the FREE guides I have ticked beJow. 
r-1 Individual r~I House rn d„ 




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1 After that there's a patch in 

Trusts 
and CGT 

THE CHANCELLOR’S moves to 
ease the dilemma in which unit 
trusts and investment trusts 
find themselves over capital 
gains tax, had the managers of 
the said trusts, and virtually 
everyone else with an interest 
in the field, rubbing their heads 
over the consequences last 
week. What the Chancellor was 
asked to do was to reallocate 
the liability to cgt now spread 
between tbe trust and die in- 
vestor. entirely to the latter: 
disposals, of most trust investors 
were, so the argument went too 
small to bring them into the 
cgt net anyway, and those that 
were within would have bad 
higher unit (or share) prices 
for compensation. 

Well, now that the exemption 
for cgt purposes has been raised 
from disposals- of £1,000 to gains 
of £1,000, there should be fewer 
investors within that net than 
ever. But the net result of the 
Chancellor’s tinkering is that 
they will still be paying cgt. 

Not directly, of course: not 
unless they are getting out with 
gains — in the current financial 
year— of over £6,000. (Nil to 
pay on the first £1,000; 15 per 
cent on the next £4.000; 50 per 
cent thereafter: on gains of 
£6,000 that works out at an 
average charge of just over 17 
per cent; and 17 per cent is— 
for the moment— the level df 
the credit which trust investors 
receive against their cgt 
liability- It drops to 10 per 
cent in the financial year 
1979-80.) 

But since the trusts them- 
selves will continue to pay 
capital gains tax, albeit at only 
10 per cent, anyone ‘getting out 
with gains of under £6,000 and 
therefore exempt from cgt, wfli 
end up paying tax that he need 
not have done had the whole of 
the liabUity been allocated to 
him. It has to be said, though, 
that the figure is now. marginal. 


AND GENERAL FUND 

A new unit trust for investment in U.S. and Canadian 
growth stocks selected by Framlington, 

The trust at present bears an initial charge of only 2 %. 


Intending investors will wish to know why Framling- 
ton have chosen this rime to launch a new trust 
aimed at capital growth and investing exclusively in 
America: 

1, Wall Street prices are exceptionally low. Both 
historical and international comparisons of yields, 
P/E ratios and asset values show American, shares 
to be cheap. 

2 , America remains the world's greatest free- 
enterprise economy, still growing and still with 
opportunities for small companies to become 
great ones. Every wise investor has a portion of his 

• capital in North America. 

3, The large number of different shares available to 
choose from makes America an ideal field for the 
Framlington method: the managers are able to 
identify companies with good " prospects of 
earnings growth not already discounted in the 
share price. 

Intending investors will also wish to know Framling- 
ton’s credentials : 

z. Framlington is a small but highly successful unit 
trust group with £10 million under management. 
The management team has been together for nine 
years. • 

2. On 19th March the Observer compared perfor- 
mances of the 395 unit trusts on the market over 
1, 2, 4 and 6 years. In each case there mere too 
Framlington trusts in the top ten. 

3. All three of the Framlington Unit Trusts have 
significantly out-performed the F.T. All Share 
Index -since they were launched, on average by 
9-8% p-a. compound. 

Few. private investors could match the Framlington 
record* even in the U.K. In North America, invest- 
ment is altogether too complex: the individual can 
rarely obtain a wide enough spread of investment; 
finds it difficult to follow company results; cannot 
make purchases through back-to-back .loans. . 

With the American Fond part of the portfolio will 
at first be bought through back-to-back loans and the 
remainder through the dollar premium, with the 
precise proportions always depending on the premium 
level 

Investors are reminded that the price of units and the 
income from them can go down as well as up. 

An investment in a unit trust should be regarded as 
longterm.' 


For this first public offer units are priced at sop each 
until 3 p.nu on Wednesday, 26th April. The minimum 
investment is 500 units, which cost £250. 

The preliminary charge, normally 3^% or 5% for a 
unit trust, will in the case of this fund initially be at 
2%. The annual charge remains at i%. 

The estimated gross starting yield is 1%. 

Investors should complete the coupon and post it with 
their cheques to arrive not later than 3.00 pjn. on 
Wednesday, 26th April. Applications received after 
that time will have units allocated at the price ruling 
on the next dealing day. 

GENERAL INFORMATION 

Net income, after deduction of basic rate mr. sriH be distributed to 
unhhoSden on 15th October with first distribution *5ih October, 1978, 
Applications wflj nor be acknowledged bur certificates win be sent 
■within 42 days of the dose of the offer. The offer price indnde* an 


within 43 days of the dose of the offer. The offer price indnde* aa 
initial charge of a%. There h an annual charge of i% +VAT. Unit* tan 
be bought and sold every Monday Unless this is a public holiday. Paces 
and yield* are iterated in most leading ne wp a p e a . The trnsr is aa 
authorised unit trust constituted by a Trust Deed dated 3rd April, 1978. 
The trust ranks as a wider range investment under the Trustee Invest- 
ment Aa 1961. The. Trustee is Lloyds Bank Limited. The Managers are 
Framlington Unit Manactareni Limited. FmrriKnglon House, <tr 


Ireland Yard, London £Cj Hi eg. in London 895241). Members of the 
Unix Trust Association. This offer is not available to residents of the 
Republic of Ireland. „ 

r — — -s— — — — — -x- 

: FIRST PUBLIC OFFER of umis 

I IN THE FRAMLINGTON AMERICAN AND GENERAL 

I FUND .OFFER CLOSES 26TH APRIL. 

To: Framlington Unif Management Limited. Fra rn Imp- 
ion House. 5-7 Ireland Yard, London EC4V 5DH 
H (or telephone a 1-24 8 6971). 

ITTc wbh to, invest tlic ram of £ — . (minimum 

I £3501 in Framlington American and General Fund and 
enclose a cheque pjvablc to Framlington Unit ALinagcmcnE 

I Limited. 

I. We declare that - 1 am/tvc arc over IS and not resident outside 
the scheduled territories nor am I 'we arc acquiring the above 

I mentioned securities as the nominees) of any personfs) 
resident outside these territories. (If you are unable to make 
this declaration it should he deleted and the form lodged 

I Through your Rant, Stockbroker, or Solidtoc in the United 
Kingdom.) 

JfaifB applicants, aU mtat spu S:au AfifMn/Mus or JTifat and 

I Jvratames 

Signatures)— 

| ‘ Full NamefdL---- — - 

■ Addiesrfm V— 


fi 


A 


rH 

r_ 



8 


. Financial Times Saturday AprilvlS 1978 


PROPERTY 




That was the boom 



BY JOE REN NISON 

THIS COLUMN has so far this 
year been among the bears as 
far as the supposed property 
boom is concerned— although at 
the same time quoting other 
people’s opinions. It would seem 
that this attitude is about to be 
proved right, . 

Tbe Nationwide index of 
prices showed only a rise of 5 
per cent; the Halifax index, 
which is spread more widely 
than any other throughout the 
whole of the country, actually 
showed a fall and the general 
opinion in the trade is that the 
flash in the pan has flashed and 
gone. 

That is not to say, of course, 
that there have not been some 


fairly spectacular rises, but 
these have been mostly in rather 
well-publicised places such as 
the London Metropolitan area, 
parts of the South East and 
other city centres. 

It is interesting to note that 
one of the strongest— and one 
of the first— bulls of the market 
is now suggesting a halt to any 
price activity that is going on, 
Richard Beny -of the firm of 
that name reports on London 
flats as follows: flats, by the 
way, were the first of the pro- 
perty commodities to show sign 
of a rise above, that of the 
previous four years. 

“The sale price of blocks of 
flats could soon stabilise 


Cricketers 9 rest 


THE IMMINENT onset of the 
cricket season produces some 
nasty scenes in the Financial 
Times building as I suppose it 
does elsewhere in the country. 
It is tbe time when the cricket 
bores come into their own; You 
know the kind I mean; the ones 
who can tell you who didn't 
score off what ball in which over 
in the Wigan Test of 1938. 

These normally sane people 
are greatly to be feared; if they 
are not carefully avoided, they 
can spend a whole lunchtime 
absolutely boring the pants off 
one; they tend to move in packs 
and get one into a corner and, 
without the use of physical 
violence or rather strong 
language, it is impossible to 
escape. 

I have just found the perfect 
solution for getting rid of these 
people during the summer 
months. The Trustees of the 
MCC are sleiing five adjoining 
freehold houses, most with 
gardens, backing on to Lords 
Cricket Ground. They are for 
sale. by tender on May 12. The 


houses are in poor condition but 
in this conservation area they 
would make beautiful homes 
when refurbished. They are for 
sale as one lot', although I under- 
stand there has already been 
considerable . interest from 
potential individual purchasers. 

The 1-2 acre site is in one of 
London's most expensive resi- 
dential areas and may offer the 
possibility of some redevelop- 
ment. The five bouses, in Elm 
Tree Road, NW8, have accom- 
modation ranging from 5-18 
rooms and each has a large 
garden. 

Now it seems to me that it 
would be a good wheeze if all 
the cricket lovers in this build- 
ing at least were to form a 
commune and buy all the pro- 
perties concerned. There they 
could discuss their favourite 
topic day in and day out. night 
in and night out without damage 
to the rest of society. Maybe 
they could even tunnel into 
Lord’s and watch their addictive 
pastime without paying. 


because of a general tapering 
off in the. residential housing 
boom within the capital,'' says 
Richard Berry. 

Mr. Berry, who has been ' 
involved in the buying and 
selling of many of the most 
important blocks of London 
flats,- asks whether it is time to 
question just how long this 
general euphoria can continue. 
Bis firm think it unlikely that 
prices will keep on rising and 
together with the cutback by 
the Government of some £100m. 
a month of building, society 
funds, it has prompted certain 
institutions and property com- 
panies to sell blocks of flats now 
rather than wait for perhaps a 
fall in investment values and a 
.lessening of interest from pros- 
pective purchasers- 

Tenants in blocks who wish to 
buy their homes may find they 
will have to wait longer for a 
loan, get a smaller percentage 
loan, or a smaller mortgage 
than they had originally hoped. 
This is aH bound to play its 
part In flat blocks stabilising in 
price as well as individual fiats 
stabilising in price too. 

The early seventies’ property 
boom, he adds, was created by 
property companies being able 
to obtain finance easily for tbe 
purchase of blocks. They can- 
not do this so easily to-day, but- 
the vast increase in values this 
time around has been caused by 
the man- in-th e-street who has 
until recently been able to 
obtain mortgages without any 
difficulty, and this has prompted 
many people, encouraged by 
building societies to borrow, to 
pay more for individual units. 

“ We therefore see a situation 
developing whereby not; only 
will individual flats stabilise in 
terms of their value but also 
the sale price of residential in- 
vestments to the open market is 
likely to stabilise.” adds : Mr. 
Berry, 


John German Ralph Fay’s London and nine miles south of Oxford, with Didcot station 
Ramsirary offices are expecting in the region and fast trains to Paddington <35 minutes)/ 
of £100-110,000 for Courtenay Lodged an some five miles away. The main house has r 
attractive period house, with a five-room a classic Queen Anne facade, a Georgian 
cottage, at Sutton Courtenay. It is about section and a small extension btoQt this. 


Our island in the west 


English as ’er is spoke 


M ER PAID we we wages two 
weeks late." That sentence 
spoken by a girl finishing 11 
years of schooling might be 
taken as further evidence that 
to-day’s teenagers have lost the 
ability to express themselves 
coherently, perhaps because 
reading aloud has largely dis- 
appeared from the teaching of 
English: 7 ~ 77 ;~; 

Having just spent three 
weeks examining 15 to.,25-year- 
olds in the oral test . which 
carries 10 per cent of the 
marks in the Certificate of 
Secondary Education English 
paper, I don’t think I could 
disagree more. 

Take the girl above for 
example. She and all the other 
examinees came from schools in 
the Wednesbury and West 
Bromwich areas of the Mid- 
lands, and the bulk of them 
used their pronouns in the 


same way. She gave me and my 
fellow examiner — there are 
always two — a talk on her 
Saturday job in a fish and chip 
shop. Subjects chosen by others 
for the 15-minute test ranged 
from "My family” to “Laser 
beams and holograms.” But her 
talk was especially fascinating. 
Wc gave her nine out of ten. 

AppmntiJ^Jik£L_ most, other 
teachers.-wfao j, Cdiidt>ct j -the^oral, 
my colleague and I found it 
hard to agree -wbat. jwgr; tvere 
testingfcbift surprisingty-easy to 
decide -what we were not The 
test is certainly not of general 
knowledge and, I think, there 
is general agreement that it is 
not a test of standard grammar. 

Marks are in fact given or 
withheld on the simple criteria 
of the youngster’s ability to 
hold a conversation on a 
favourite topic, and to com- 
municate an enthusiasm. And 
however shy or quiet the can- 


didate, the fire seems always 
detectable underneath, and very 
obvious when it is absent 

Those who did worst tended 
to be either polite but vapid 
girls, often taking secretarial 
lessons, who spoke about hair- 
care, fashion, cosmetics and so 
on; and among the boys, the 
committed fans of West- Brom- 
widT.' Albion — r. the' subject, of 
three- talks in a- ro w -o n - - a single 
afternoon. 

It yra$" really only in talks 
like these that we found our- 
selves ~ consciously marking 
down for poor vocabulary, and 
for endless repetitions of: “I 
like Avon products. -They’re 
good. Their products are really 
great," or “Albion are good. 
They push forward. They play 
attacking footbalL" Sadly few 
of these candidates ever seemed 
to show any insight into, or real 
knowledge of, the products or 
the football dub they had 


BARDSEY lies two miles off 
the tip of the Ueyn peninsula 
in North Wales. It is inhabited 
by six people and thousands 
upon thousands of birds; it is a 
major breeding place for the 
Manx sheerwater as well as 
home for kittiwakes, guillemots, 
razorbills, shags, choughs. Grey 
seals use Its beaches. 

Ynys Enlli the Welsh call it 
and because of its* remoteness it 
has acquired a presence that 
only time and distance can 
confer. It is reputed to be the 
burial place of 20,000 saints 
since Celtic times and if the 
figure has grown with time 
there is evidence, of a 13th- 
century tower from the Augus- 
tinian abbey of St Mary to 
establish its Christian antece- 
dents. 

Now tbe island is for sale. 
After centuries "of private 
ownership it is on the market 
for the second time, being sold 
by Michael Pearson, elder son 
of Viscount Cowdrey, who owns 


chqsen to discuss. . 

But I would say. the exercise 
is well worth-while. Most of 
the kids came into the morn 
very nervous— hands shaking. 
Ups dry — but nearly, all man- 
aged to overcome this and 
achieve evident satisfaction with 
their performance by the end. 
Most, too, did have a genuine 
interest or even passion, and I 
bear witness that the peculiarly 
British pursuit of unusual 


CAREERS 

'■'.T/.wiujAH p&NEih 


hobbies is stilt very definitely 
alive.' / 

Often, indeed, it was the ex- 
aminers' whd’ were left feeling 
inadequate/ What cheek for 
someone who has never per- 
servered /or more than half an 
hour on . a river hank, to award 
seven out of ten to a lad who 
knew everything about catching 


the FT. This week an appeal 
was launched to raise £200,000 
for a trust to preserve Bardsey 
for the nation. 

The Bardsey Island" Trust 
has bought the island for 
£100,000 and wants that amount 
again for an endowment fund. 
And it has to raise the money 
by 1980. Michael Pearson set 
the trust ou.its way by allow- 
ing a £70,000 mortgage' interest 
free. 

President of the appeal is 
Wynford Varghan-Thomas, the 
broadcaster, and the patrons, 
read like a roll-call of the 
Welsh establishment, with the. 
Archbishop of Wales, the 
Marchioness of Anglesey and a 
host of academics, clerics and 
MPs among them. With that 
flair the Welsh "have for bring- 
ing culture into almost every- 
thing, especially when an appeal 
is being launched, tbe trust 
talks about preserving the 
character of the island as a 
place of Christian pilgrimage. 


carp, barbel, bream and perch. 
Even worse was having to mark 
a girl who poured out her heart 
about her home where a real 
tragedy was happening there 
and then. 

It now seems ridiculous to me 
that a test of skills so impor- 
tant in real life should count 
for at most ten marks in the CSE 
English exam. It would be far 
more appropriate for the oral 
to cany 20, absorbing the ten 
allocated to the general 
"teacher's assessment” which 
ns well as being potentially 
more biased is often made off* 
th e-cuff by harassed staff at 
-the end of the two-year course. 

The examiners emerged wiser 
also. The oral is noit meant to 
be a lecture by the candidate, 
so we were required to join in 
tbe discussion. The problem is 
how . far to go. One lovely, 
motherly black .girl talking 
about her hero Martin Luther 
King was prevented from telling 
us anything about his life and 
work when I and the other 
teacher started arguing about 


and cultural tradition. ' Such' an 
tradition has been missing for 
a long time and only a century; 
ago there was a flourishing 
farming ■community' on Bardsey.-j 
Many buildings remain to prove 
their presence, sturdy ' farm/ 
houses " with' : high-buttressed: 
walls for protection, .against the 
gales. Still, if the island/can; 
he protected from commercial; 
exploitation— the ■ Important 
thing — tiien the birds will; be 
safe. ; . 

. .The west coast of Wales'is; 
splendidly provided with 'island' 
bird .sanctuaries. There, ' jire 
Skom.er, Skokbolm, Ramsey and 
Grassholm off the Dyfed coast; 
Steep Holm and Lundy ( to; some- 
extent) in the Bristol ChanpeU 
Ynys Fenrig off Anglesey. Bomie, 
are open to the public,', soznd 
not All provide sanctuary .for 
the breeding grounds; all are 
proof that we care fop others 
than ourselves., Bardsey would 
be a welcome addition . $o ibe 
list ' . . . ' V..'- 1 


the N ational Front— -4/ a de*? 
track which we had introduced, 
quite independently of the can- 
didate. Martin Webster would 
surely be delighted! In tbe. end, 
we were generous in our mark- 
ing, but that did not excuse . the 
basic violation. . V 

Another problem was' trying 
to avo.id over-subjective, judg- 
ments. I had to restrain my i 
fellow examiner, a person ./if 
decided views, from giving an 
automatic Grade One to Danko,] 
a Ukrainian boy, when he re/ 
vealed_ an imbibed hostility to 
tile Russians (nothing, to db.Vfith 
his topic). I' also' had t& re- 
strain 'my colleague frwn^penal- 
isfng another lad, wbo had 
started a rock group and was 
recording for EMI, for failing to 
produce any written work over 
the previous two years. 

As for myself, while it is hard 
for classroom teachers to - be 
objective, I concentrated on 
being impartial- I swear, for 
instance, that the generally poor 
marks of the Albion fans had 
nothing to do with, my being an 
Aston Villa supporter. 


TW© YEARS have elapsed since coinage prior tq . .tte Tudor 
medast edition, of the Se&by-: dynasty when coins were stria* 
Standard catalogue Goins of at numerous provincial end 
England and the United King- episcopal mints. Now both the 
wax published, and . Gmr mints 1 ., .and indmckialv ■'-mtofc- 
loz&er-than-usual gap between masters are folly listed Jor each 
editions is explained by the fact reign, the moneyetr’s marks are 
that , the collector’s bible has identified and r - incfividuaUy 
been drastically overhauled, priced.' l^ the lfl^ ediMiozi, for 
cnhcrged-and. revised,. The 16th exampfte, tire odins of Rktard I 
edition,! published by B.^A. and John, occupied^ single -page 
Seaby at £6 -and available -from onfry. mine coins wererMsted 

most' com dealers. . and book- . -priced, - - . Now- - the same 

sellers, riot only has more, pages reigns occupy 2 i pages- and the 
ifian- the. previous, edition but according to provincial 

they have been .vexy- mints and moneyersv 'xunfi to.44 
stantially increased ip sirejhis ^ . -with a frontispiece 
now. permits a ' , sprea< L° f map' stowing the location of 

4rown-sized -coin* acnu^ the . 1Qa mints,.- I 

pa^ instead of forecast" a marked upsurge of 

ywusly. and opportomty.has ^rest-in' -th*- early .-coins. 

n^e?*o£ ’ mustrSdns' con- among ooilectws'who 

- * • - antiques associated wath their 

-■'lie" listing of coins of alT locality: 
periods has been expanded,- with V The ; sections.: on Celtic, 
tiie^ total of major coDertablri llomM»^ritisai and - Anglo- 
varieties now in excess of 6.500. Saxo.n coinage have - been com- 
In addition,. the listing, of minor pietely rewritten, acrid, many new 
variants. has been significantly types incorporated in-K^ht of 
increased, ' facilitated' ' by . the ■■Q ie research published in recent 
much larger page format. • . ' =■' *• 

Hitherto', only the coins Issued 

since the Great Reform of 1816 . : ' ' 

were listed in full, with prices .• CrVlWO 
quoted for every date -of each.^-’- — 
dOTomarartian. : Post -1816 coin- JAMES MACKAY 

age "constituted a separate' part • : 

of the catalogue -but 'tiffs some- - 
what artificial distindtiori^ has v ... 

now been removed arid-all triiM times by wch. scboianr as R. P. 
from^e 1 Restoration of- Charles Mack aiuLH.. R- Mossop and the 
a Ib^660 are ^priced ■accor&ng^aRs'df tire British Museum and 
to their individual- dates." - Prior ■ £he : Ashmoieen Museum, 
to ■tire"’ Restoration; dating =of" - /Pricing Of coins lias been 
"coins -was a haphazard- pro- to*aHy revised" and represents 
cedure and die variants are a the actual .market value of 
more reliable feature on- which" material at the time of going to 
to base pricing. press last November.- * Hi some 

.' One might -be forgiven for *»*»««* pric^ do not, appear 
thinking that, after so many to h - av ? W** ?“« **“' P re * 
previous editions, it would be edition, .thus regeseoting 

difficult for S Baby’s to find any prob : 

room for improvement hr com- tire sluggi^ress of 

■piling this volume, bat there are market early w 1976, when 
; several notable features which some coms were to fact, ovep 

mark an advance en tire 15th - m 
edition. The mdnfcraarta in tire static condition lasted tffi 
tong series of hammered coin- the middfo, of- lastr year, and 
'.age are now illustrated at tbe 6Qa ^ led - 8WD£ a ^ Bte * 

beginning of each reigm- ^ Pre- ; ° :ia, ^ s< 5 ^ <> : snap up many of the 
.viousyL- the* had - “JSSefriMBM qriderad' barg^ns . among 

r brtteflynoSed,- with 

of iifimetfeate Uinstrtttioffl-'iilf abcS^ewbfifJWW-theifuarket 
i afjpeiflfix”lD tire volitoSc.^ThM tetiiargy. and 

new ~ -iurm^nrefit- wH ' im- V™** ^ moved op^rds once 
doubtedly stdnnzlaite interest in qttit® dnamaiticaliy in 

tbe minb. add privy-marks used some cases. • -. • : 

so extensive^ up- to 1660. - . For me,; tire mo^-.stuMilating 

part of the entire volume is 
. The background notes pxeced- always the publisher’s own per- 
ins . each reign have - been sob- sooal and often highjy opinion- 
stantiaHy expand^d,^ ^ particularly ated View and Review of- the 
in. tire pearly periods which' are numismatic scene. A recurring 
less familiar to -the layinan.The theme which I-beartily endorse 
most noteworthy improvement, is tire, need for a restyling: of 
however, is m tire HstJtog. of. the the U.K. oddnage. . 




ESTATES AND FARMS : INVESTMENTS : 
COUNTRY PROPERTY: OVERSEAS PRO! 


R. B. TAYLOR & SONS 

SOITTH DORSET 1 T ^ ~ 919 ACRES 

6i miles Dorchester 10i miles Worehom 

THE G ALTON MANOR FARM ESTATE 
OWERMOIGNE, Nr. DORCHESTER 
G ALTON MANOR FARM 

Superior Farm Residence with 3 reception rooms, office, kitchen, 6 bedrooms, bathroom 
etc, oil central heating. 4 cottages. Good range of Farm buildings including Cubicles 
for 110, Silage barns, 8 abreast parlour, modern calf unit, dutch barns etc. 662 acres 
light-heavy loam including 100 acres coppice and rough. 


HUX DAIRY FARM 

Attractive Modern Bungalow with sitting room, kitchen,- 3 bedrooms, bathroom, oil fired 
central beating, integral gardge etc.. Good range of Farm buildings including Cubicles 
for 68. 6 abreast parlour, dutch barn. etc, 138 acres level or gently sloping loam overlying 
chalk. . • 

PARCEL OF ARABLE LAND 

1 18 acres le vel organdy slopjng.-loam over lying chalk. 

The valuable sporting rights are included with the freehold and all lots will be sold 
with vacant possession on 30th June 1978. 

For Sale by Auction la 3 Lots at the Town Hall, Dorchester, on 
Wednesday 24th May, 1978 at 3 pjn. 

Further particulars from: 

22, Princes Street. Yeovil CTeL 23474/8) and at Sherborne, Bridgwater and Exeter 


ABERDEENSHIRE BORDERS 
. A splendidly situated 
COUNTRY RESIDENCE 

-Dnwing Room. Dlnins Room. Kitchen, 
C Bedroom*. 3 Bathroom* 

C*r%fuflr modern:***!- Oil-fired Cttml 

Hewing. GoragJng. Store*. Snbhng 
GARDEN - PADDOCK 
ORCHARD - 2.5 ACRES 
- Kettb 4 Mil n - AhenJean 50 Mllu 

Bell-lngram 

7 Wdk«r Street. Edinburgh EH3 7JY 
Tel: 031-225 3271 


“iras* a 

l mini- Manchester. £45.000. Phone. OS1 
236 1160. 

MANCHESTER. Aj Hw®* - 
mini.- centre- Tmo-roomeo n«. k - k »- 

£6.900. Phone: Ool-M6 11W 

FRINTON-ON-SEA. Sunero burton. 
country views. 6/7 bttfn 5 'ww , i 
Oser plan Ihrinfl. OeUQhtlul Barden. 01- 
373 5767 

SERVICE APARTMENTS. The IfOry House. 
A special London apartment In eechiiWe 
Venetian setting. ! l,r ?i? l,l F§ 

and serviced Available from J 

weeks. From £250 pm. Teiepirone MS 
2 * 00 . 

CANNES. Attractive mixiefTi flat 2 beds- 
2 battu~ drewlne. 2 WCi ; fltted krt* 
then. Urge lounoetdlner. Private naraoc 
end Ko reroam. 2 .bakonie*- one with 
■uoero view at par at cannea- For sale 
b* eranster ot shares In Jersey rapiHefeo 
company. Price S 2 00.000 W tor a 
Rriiisii resident E 12 S.OOD to Include 
dollar pmnhitni. Write Bo* T-JSSB - 
FlnancMi TMoa. M>. CMM SorMt, 
K4T MY. 


E 


LANCASHIRE 


Southport 1 mile 



over 6000 acres 

Oatstanding agricultural investment including 
foreshore and sporting rights on the Ribble 
Estuary 

Approximately 767' acres let farmland mostly 
Grade 1 let to produce £30,766. 91 acres in hand 
including 67 acres of ’prime agricultural land. 
Approximately 5,500 acres freehold foreshore and 
tidal marsh with valuable grazings and sporting 
rights. 

Possible CTT concessions available to 
certain purchasers. 

SAVILLS, 20 Grosvenor Hill, London W1X OHQ. 
Tel: 01-499 8644 

SCARISBRICK & SCARISBRICK 
150 Lord Street, Southport, Lancs. 

Tel: (0704) 31661 


SPEAR & SONS 
The James Abbott Partnership 
BY AUCTION 19ch MAY 

NR. FRAMLINQMAM. P»ir Original 
16c. timber framed and thatched Cot- 
tages Igr Improvement. Each with sit- 
ting roam, kitchen & 2 bedrooms. 1 
acre grounds. Quiet rural position. 
Water S electricity on. Wre range 
£g.i2.oaa expected. Ref. F.1327. 
ALSO NR. FRAMLINGHAM. Single 
detached timber iramed and tiled roofed 
Cotta ee lor Improvement. Lovely un- 
spoilt rural surroundings. Sitting room, 
kitchen and 2 bedrooms. J acre garden. 
Water A electricity on. Price range 
£7-10.000 expected. Ref. P.1339. 
Illustrated particulars tram Chartered 
Auctioneers Offices: 

THE HILL. WICKHAM MARKET. 
Tel. 745331 

or FremUnghari Tel. 723206. 


ISLAND OF LA PALMA 

Luxury f/ furnished villa In unspoiled 
Canary Island. Ex cel Fan t commuriici- 
dona. Wonderful position. -Sm/ moun- 
tain views. 4 double beds.. 3 baths., 
4 rcc. Hosted pool. Solar H/W. 
Pltioi. Barbecue. Gardens. Garage. 
Including separate Rat iacomthuD 
££9.500. 

Details 0783 .243620 


Land f dr 
Residential 


NORTH BERSTED, BOfiNQR REGIS, 
WEST SUSSEX 

-r;;;;:.; 5.78 ACRES , . 

/FOR SALE BY PUBLIC TEKI>ER 

particulars from: Planning OfBcer, Arun District Council, 
~ 4/5; MaltravefsRoad,Uttle ha TT»pton, 

Wat Sussex BN 17 SNA 
^ Telephone Number 1 Littlehampton 6133 


PR 0 PERTYADVERTISIN 6 RIO DE JANEIRO 


LONDON ■ EDINBURGH ■ CANTERBURT ■ CHELMSFORD ■ CHESHIRE.. . 
SRANTMAM- IPSWICH- LEWES ■ SALISBURY ■ SOUTHEND 


NORTH WEST KENT 

SOUTHFUET u 

London about 24 mHe* 

PRIME BUILDING LAND 

In rura* vl tMN 

ABOUT M ACRES 

Wtb Detailed Wannlnj PermUaion. lor .59. Howes and 111 Gan«as 
FREEHOLD FOR S*UE 

Joint Sole Aecnti: Strutt A Parker. London Offer. Tel. 01-629 7282. 
and Hfndsroodi. 14 ffviristefld Road, Wwlwfeb, London SETS 7 DA, 

Tel. 0f-SJ4 2241. (Ref,.! AH "V 


London Office: 13 Hill Street wiXSOL Tel: 01-629 7282 


A" 




^.i.- 


SMITHS GORE 



Only £2.00 per line ( minimum ^ 'three lines)' 

Return this coupon with details of your property 
together with- your cheque and. publication will 
take place next Saturday. 


With I bUut:A Nr. PETWORTH 

THE EBERNOE ESTATE 

(at present eemprisiua'part tf the LeamBeld Estata. FMwgrth) 

2400 ACRES In all 

currently Drnduana I23J33.M per annian. An altraetlve. well wooded, sportini 
and amenity estate with folly modernised -residence of nuoagea&le- size. 

7 LST FARMS 

BS3 *ew* of lo-haBd woodiand and wooded commons. 

For sate by Private Treaty. Offers ln*lt*d for tne orogeny Id one lot taddalbr. 
For details apply: 

SMITHS CORE, The Estate ome*. P***’!'*- Weal *•««. CMI OOU. 
Office* at: London, Carlisle. Cortuldg ei Ps riwwod. Lcyhurc. Lichfield. 
Newmarsct, Newport, PcirrhoKHUifr, Perwortn, J^wnof, Warm inner. Yort, 
EduAundi, Dumfries and eocaaotti. ■ 




Lincolnshire— Fulletby 

tiomcostle miles, Louth 11 miles. Lincoln 27 miles 
Substantial, renovated, fully equipped and well 
maintained 18th century house with exceptional 
views over the Lincolnshire Wolds, 3 reception 
rooms, 4 main bedrooms, 2 bathrooms, staff suite 
of 2 bedrooms and bathroom, oil-fired central 
heating, stabling, garage, tennis court, gardens, 
grounds. 7.8 acres. 

SAVILLS, Springhill House, Springhill, Lincoln. 
Tel: (OH 22) 346H1 


CLASSIFIED ADVERTISING DEPARTMENT 
FINANCIAL TIMES \ 

10 CANNON STREET; EC4P 4BY / 


327 acres of land zoned for 
future. Industrial. ..commercial 
and residential usage compris- 
ing' 2,067 "surveyed lots and 
located 40 minutes from down- 
town Rio.- This laedis serviced 
with roads, rail, power, water 
anfi telephone. - 

Write Box T.4662, 
Financial Times, : 
10, CaxrnOn. Street, EC4P 4BY. 


GtOtJCESTERSGURE; 

HUCGLEGOTE 
Modern Semi-Detached House. 

■9 ^drooma,_ Kltchen/Diner, 
tbungej Cas Central Heating. 
Detached garage and car port- 
Carpeted, throughout £15.750. 
Telephone Ingreboorne 49546. 




V-.' 


v : • -•» - ' ‘ *h.' • : . ' * 

- Y-.-J - ‘ 



- k - Twines Saturday April 15 3978 


MOTORING 




:• ? Vi~ SS 

■ v.* ..'■<*■ 

. ‘ r * -,;' f *V 




'• *•>. 
'" “ : £ s,; 

>y, 



BY STUART MARSHALL 


: V 4 Sil 

* ■** 

•• iz - - „.£■» i. 

• 

■■■•■ 'o»< 



COINS 

iAMB XAQwy 


■ RENAULT strike a new note which has a .five-speed, and cially. tyre-induced road noise, 
*rwith the R18. Nat technically, Renault's own three-speed auto- was minimal, 
r -because it is. a straightforward matic transmission is optional The “GTS” conveyed an im- 
‘ ' front-wheel-drive 4/5-seat saloon throughout the range. pression of being some way up- 

with quite- a lot in common The suspension is indepen- market of the “TL,” with an 

U mechanically with the R12, but dent only at the front end; the excellent five-speed gear shift, 
:: aesthetically.' hack wheels are on -a lightweight a subtly more solid feel al* 

;; Most of the ears Renault have beam axle— • ari identical arrange- together and very good perform- 
introduced in the last 15 years ment to the M2. The ride is a nee. It just exceeded lOOmph 

: or so support the old proposi- softly shock-absorbent in the in fifth at a fraction under 

S-tton that beauty is more than French maimer. The R1S rolls a S.OOOrpm, showed over 60mph 
^ skin deep. At first sight, their little on corners, but has a in third gear and 90raph in 

looks . are decidedly odd. But. maddening ability to make fourth and responded equally 

^once the logic behind their faster and much costlier cars well to a lazy driving style in 

... apparent eccentricities becomes look rather clumsy on mountain town traffic. 

clear, their appearance begins to roads. (Maddening, that is. only Both cars had cloth trim and 
^ffrowon you — or at least you get if you happen to be in a faster, good fresh-air ventilation. The 
~. used to it. (Think of the R4, the costlier car yourself and, try fVont seats, though comfortable 
,„R16 and the more recent RI4 as you may, you caii't overtake enough, would be better if 
.. t and you will see what I mean.) the* flying Frenchman in his longer in the cushion, which 
What has never been in doubt chea P tin caras be rushes home leaves the thighs unsupported. 
. - is their practicability— and does 10 “»danie and a four-course Equipment is generous. All the 
' it matter all that much if a lunch > cars have cigarette lighters, trip 

thing looks peculiar providing The R18 win not be available recorders, boot lights, rear fog- 
it works very well indeed ? In in Britain until very early in ,a ™PS and Plastic protected 
the past, Renault have clearly 1979 though one of the cars ii 'y! ee ‘ arches to keep stone 
thought not, but their latest car will compete with most strongly shippings and consequent rust 
stands that philosophy on its on its home ' ground— the at 

head. The M8 has dean, non- admirable Peugeot 305— goes on . Additional items on the TS 
„ controversial styling that looks sale here in a few - weeks’ time. ,nc ' u " e a £ * uarfz ^jnck, front 
"right at first acquaintance and In -Britain, the BJ8 will be an pa “* n ? er map-reading lamp 

.lit is not just a car with a pretty alternative to cars ; Iike the halogen headlamps. ‘GTS 
s.Iface. It goes very well, too. . Chrysler Alpine,,. the. new Fiat and lhe smaller-engined “GTL” 
L*; In sjze, the 14ft 4ins\ long 138 (due for ' announcement at “iiyers get electric window 
RlS conies in between the- R14 Turin Motor Showroext week) electro-magnetic cen- 

..-and R16. It is not a hatchback, and perhaps also tile Ford Cor- tralised door . locking, a head- 
i like every other car Renault tina. Renault entertain hopes wash-wipe system, tinted 
make bar the R12. but a three- that fleet buyers wfll swallow windows and rubber strips to 
box saloon. -The bonnet is long, their reluctance to take on front- Prelect their flanks from care- 
. for safety crush ability but also drive cars and bulk' purchase ^ es a door-openers in car parks, 
because, the engine is mounted, the RlS. It must also take a Among the few options, other 
fore-and-aft, not. fashionably number of sales- away from the automatic transmission, is 
sideways. The passengers sit in RI4, the RI2 (which Renault a lar S e we* fabric sunroof, 
a reinforced cage and there is say will continue to be made Renault cannot give any in - 
a spacious boot for their lug* until the 1980s) and even the dication of likely R18 prices 
gage. ■ ; RIG, though this veteran can’t when right-hand drive cars 

Two engines are offered. The have all that much longer to go. come here early in 1979. Were 
“TL*’ and “GTL" models have A few weeks ago; I tried the it on sale here to-day. my guess 
* a I,397cc four-cylinder' similar least expensive “ TL **.- and the is that the R18TL would start 
to the RlSTs which develops -top of the range “GTS” in at around £3.100. making it 
• 84hp. at 5.500 rpro. The “TS” France. The “TL” with a maxi- dearer than the poshest of the 
' ~'- 5 - - 'and “GTS” are powered by a mum of 95mph atid gearing Rl2s and R14s but cheaper than 
■ s ^L,647c'c light alloy engine similar giving. 17imph per 1,000. .rpm in the least expensive. R.16, the 

'-S- 2 £ s«o that oMhe R16TX aaW putting£.S«>. enwsed nicely tl)ife8lmph £3,4191 TL. The,., jjv.f -speed 
: na i -jjaiput 79hp;- ■ Four-apreetF^TOSMual^autaroirte - limit -rTb^^engjne -“GTS”, with ;a(i its. executive- 
: .r c£a-%B%earbdgeff > 'are -stand4tff t ^J # '-a8£i(3»i^nfee- heard • WQ$jiS®ifau1y style;., extras would have.. be 

- . r-iT cuumodelr .'except for the' ^GTS ” . trard but; wind noisq>aod, r espej a £4, 000-plus motor car. - ; - 


Following the steps of the masters 

IN TRYING to assess the bril- 

liance of South African Gary : ■■ 


Player’s third victory in the 
U.S. Masters Tournament in 
Augusta. Georgia, as the 
sharply etched shadows lengr 
thened last Sunday evening one 
has to think in terms of super- 
latives — as many believe the 
new champion is wont to do 
rather too often for his own 
credibility. But not even Ben 
Hogan's romantic comeback 
after a near fatal car accident 
spoke more highly for both 
dedication t» this craft and per- 
haps even more importantly to 
total physical fitness. 

Player's burning ambition is 
to be known as the greatest 
golfer in the world. In world 
terms and pound for pound the 
five feet eight inches tall South 





- - : 

r.f^ 

fc: 

' ■’ ” “ 


rZIZ 




at ten under par. and later 
^? at ®b n and Green drew along* 
side 'the early finishing Player 
> at H under. But Watson, the 
defending champion, made, a 
sorry mess of the 18th hole and 
Green - having taken three putts 
from much the same spot that 
Player bad holed out from at 
the 16th. missed from 12 feet 
for a birdie at the 17th. The 
putt to tie of no more than 
three feet that Green missed at 
the last will forever be laid at 
the door of Jim Kelly, the CBS 
radio broadcaster whom Hubert 
knows so well, but only by the 
* public — not by Green himself. 

There is no doubt that his con- 
■* centration was disturbed. But 
Ajtffcu Asfnmod Green pushed his piitt as he 
demonstrated to a group of us 

The oldest ever Masters week-end are the only ones Player's finest ever perform- an hour or so later in failing 

African, who weighed 10 stones champion ai the age of 42, recorded by a foreigner. His ance among many. He started light— by holing the same putt 

10 pounds on recording his Player has now won nine major two triumphs in the U.S. PGA the day tied for tenth place four times out of five. 

I12th victory, just as he did titles against the 16 of Nickliu*. Championship (1S62, 1972) are seven shots behind Hubert His tragic miss has been cora- 

When he first won in the U.S. But Gary ha* also won three the last two by a foreigner since Green, the overnight leader. paml t0 that of Doug ganders 

the Kentucky Derby Open in Open championships here (1959. Australian Jim Ferrier won it and despite a birdie at the in the 1970 Qp ea championship 

1958, has only Bobby Jones and 1968; 1974) to the two of Nick- in 1947. Besides Tony Jacklin ninth hole was still five strokes at Andrews. But the chief 

Jack Nicklaus to beat. I per- laus (1966. 1970). seven in 1970 Player in 1965 has been behind Green at that point, difference between the two was 

sonally consider rbat any com- Australian Open titles to Nick- the only foreign winner of the The rest is history, but it bears that s an ders was coming to the 

parison with the former is laus's five, n South African u - s - Open since the second — 
nonsense in any case since he Opens to Nicklaus's nil, and five w orld war. Now Player wants 
was an amateur who gave up Piccadilly world match play desperately to win the U.S. 
his competitive career while in championships to Nicklaus's Open at Cherry Hills, Denver, 
his prime in another era. among one. Surely no golfer ever la June to equal Nicklaus's 
other things to set up the Mas- accomplished so much outside record of winning all four 
ters tournament that became a his own country or ever major titles at least twice, 
by word for its excellence long travelled so indefatigably. In Last Sunday’s record-equal- 
before this, the 42nd playing of addition Player's three Masters ling last round of 64 and inward 
the event victories in 1961, 1974 and last half of 30 shots was arguably 


GOLF 


Bred 

for 

carpets 


■ rc 

.V 


Seeds for a lawn 


s.vj : 
■i is 
% - 
■ ; rare 


TEXTILES 

BERNARD RIDGWAY 


APRIL IS THE ideal month- for before the' grass Is sown, the despite the fact that, by lightly 

making new lawns and renova* most effective way of dealing scratching the surface, it was 

ting old ones. With the soil as with , this is to spray or water possible to see the tiny seeds 

moist as it now is after, "the with WeedoL In sunny weather commencing to germinate, 

prolonged winter rain, seed this will kill the weeds com- Do nothing until the grass is 

germination should be excep- pletely.’in two days without 50 to 60 millimetres high and 

tionally good this year. contaminating the soil. As soon then cut it with very sharps . r J , 

Of course, it is not essential as the weed leaves have shears or a lawn mower. Either I requirement of superior quality as producing a world beater for 

to grow grass from seed. Turf withered sowing can commence, way only cut the top off the j wool: it is very white, resilient. car pets. The predominate 


“THE BEST carpet wool ever 
to come off a sheep's back," that 
is how Harry Dutfield. chairman 
and managing director of 
Axmi aster Carepts, describes 
the fleece of a rather special 
flock of sheep that grazes the 
rolling hills around the ancient 
Devon town from which the 
mill takes its name. And Dut- 
field has plans to expand that 
Drysdale flock, which he im- 
ported from New Zealand, to a 
size where its wool clip will 
totally satisfy the raw material 
needs of his carpet manufac- 
turing operation, which annu- 
ally consumes 5m. lbs of wool. 

For Dutfield, Drysdale is as 
much a case as a raw material. 

He played an important part in 
helping to get the breed estab- Harry; DuffitW, ' dwimian and 
lished and built dp to cominer- managing WW-abt "of ** Axminster 
cial status, in; New Zealand. Carp^yrith Jh.e .firy Drysdale 
To-day there are sufficient lambs to be bom in the U.K. 
numbers in that country to sup- . 
ply its indigenous carpet produce the last word in carpet 
making industry with its total wool: the resiliency of the 

Blackface for instance without 

• -■ any of its black hairs. Yields 

of some breeds such as Swale- 
dale can be dramatically in- 
creased. while the staple length 
and colours of others can be 
much improved. 

For the Future Dutfield sees 
a blend of three distinct types 
of wool, all based on Drysdale 



repeating. en( j 0 j ^, e roa( j t aQ( j Green is 

Birdie putts of 25 and 15 feet Palpably going to be a major 
at the 10th and 12th kept up forc e for some years to come. 

Perhaps the most poignant 

moment for me — at least tele- 

visually — was the insert at the 
top left-hand comer of the 
screen of Player's face register- 
ing almost as much relief as 
delight as Green missed his 

putt. It is well known that 

Gary detests the sudden death 
play-off, feeling that major 

Player's now almost frightening »hnuld not be 

momentum. In between a chip £«>de<l at a single hole-and I 
at the 11th hole for a birdie E? art,ly >g J ee w,th h,m -. ? ut 
lipped out aud Player dropped h,s <*? ,s / ar mo i? “ « 
to the ground and lay on his s,n< * he has 5uffered s,,dden 


BEN WRIGHT 


back, kicking his legs in the air. 
Afterwards he admitted: “It 
was unbecoming to do such a 
thing at the Masters but I did 
it without knowing I was doing 
It. I was very tense at the 
time.” 

Player almost came out of his 
shoes to carry ther water and 
set up birdies at both the par 
5s, the 13th and 15£h holes, and 
unerringly rolled in down hill 
putts of 14 and 15 feet respec- 
tively for the last two of his 
seven birdies in the final ten 
holes at the 16th and lBth. 

Rod Funseth and Tom Watson 
fell victims to the vicious undu- 
lations on the big green of the 
otherwise innocuous 14th hole, 
Watson actually taking three 
putts from six feet. Funseth 
from a far greater distance. 

For one fleeting moment all 
the four contender's were tied 


death no less than 17 times. 




nd *c 
iide 
3lopirs6 nI 

8 £GR 


offers a quicker alternative In This is better than forking or seedling grass and leave at least 
terms of readiness for hard wear hoeing the weeds as any such 25 millimetres to go on growing, 
but it is alsu a great deal more cultivation will ; bring - .more t prefer a rotary to a cylinder 
expensive and is often, less weed seeds close' enough' to the mower for this first imt as I 
;S^ti5fact^iatlwJon£rum.<Fhfr'«iift«*tt^^ less likely to drag 

iPTnajordiffieulty is to^btato nrri^artoet'TroubrerTlie'" soil should grass out but the really essen- 

2 containing the right grass he dusted with fertiliser a day tial thing is sharpness and, with 

3 species for the site and the pur; sp before sowing. Any good the • cylinder mower, correct 


ntial 


GARDENING 

ARTHUR HELLYER 


sw 

ACRES 


pose for which the lawn is 
required. Usually one must be 
satisfied with whatever grass 
happened to be growing in the 
meadow or' on the building site 
from which the turf was cut and 
that is far more likely to he 
strong growing, broad leaved 
agricultural grasses than the 
much slower growing fescues 
and bent grasses (agrostis • • •• 

species) which make the finest compound fertiliser such 
lawns. National Grasmore will do. 

By nsihg seed one can select 'Experts often recommend 
a mixture (and mixtures are seeding 


rates 


fiV 


TENDS* 

- 5^ 

... - re- 


adjustment between the revolv- 
ing blades and the fixed bottom 
blade. The scissor movement 
must be dean and perfect. 

Cutting will accelerate tiller- 
ing or branching and soon the 
various grasses in the mixture 
will commence to knit together 
to produce a strong turf. That 
Is the purpose in having a mix- 
ture in which some of the 
M grasses are naturally tufted and 
some are creeping. 

Do not use any weedkillers in 
these early weeks. Most of the 
that appears with the 



But when Dutfield firs! component would be pure Drys- 
arrived in New Zealand in the da]e _ t0 which wouJd be added 
early 1960s to set up a carpet a percentage of Drysdale cross 
mill funded by a consortium of Blackface or Swaledale, to pro- 
three U.K weavers (including vide resiliency, and then the 
Axminster Carpets) there were fi ner wool of a Drysdale cross 
nn Drysdales ... and strangely with ^ Exmoor Horn or Devon 
enough for a country wjth 50m. or Romney wou j d contribute 
sheep, there was no wool avail- Rnenrss help the spinning 
able really suited to carpet q ua Litie S - 
mamifacture. Now he is seeking support 

^. c " ew Preject, named f rom f armers j n t}, e south west 
Marlin Carpets imported wool and olhcr ^ of Britain !Q 

yarns from the U.K. These were adopt ^ breeds, the pure 
largely based on Scotch Black- Drysda | e u ^ M ^ crosses . 


face wool and were identical to 
those used by the Axminster 
operation. Later this same wool 
was bought in for local spinning. 

Then came the day when im- 
port doors were closed and 


in a big way. He wants to build 
up flocks of some 400,000 sheep 
on a shared cost basis so that 
his spinning mill, which pro- 
cesses 5m. lbs of wool (its only 
raw material) annually can 


ln w these custom- 
f ° r suabl e J o ca la] tenia- bred „. oolsentfre , y . 


ties. His search brought him in 
contact with Dr. F. W. Dry, a 


The Buckfast capacity has 


specialist in sheep genetics at ^ een rimsiderably increased in 
Leeds University, who bad been r f cent , tune ® t0 keep up with 
studying the lack of hairiness d ™f d * 
in the New Zealand wool clip for equipped Axminster null. Its 
a number of years at Massey weaving shed now houses 20 
College at Palmerston North. modern high-speed Axminster 
His breeding trials to correct looms- 
the shortcoming had produced - — 

interesting results: a strain 
which produced long haired, 
hard, springy wool. The breed, 
then in its embryo stage, was so 


TV Ratings 
(w/e April 9) 


18 8B 
18.20 


&. TW, l* Vbbt Ufa < Thame*) 

2- Rising Dontp fYorkS.) 

3. Coronation SL (Wed.) (Granada) 17.46 
d. Mined Blowing* (LWT) 16.78 

5. Armchair Thriller (Tmi.) 







of around 

. almost always more satisfactory grammes per square metre W eed 

1 than stogie species) to suit ones (2 02 s per square yard) but this grass will quickly succumb to 

* requirements: fine grass mix- seems ■ to me - unnecessarily mowing and the rest can be 

2 tores for lawns that are -to be extravagant and I never exceed dealt with a couple of months 
; close mown and used for elock half this rate. It is even when the grass is suffici- 
' golf, croquet tennis or any other possible to get away with lower ently established to withstand 
l ball game requiring a true play- rates of seeding if conditions the depressent affect of the 
■"^ng surface, coarser mixtures for germination are very weedkiller. Nor should rolling 

containing rye grass, meadow favourable but that is toking a be necessary if a roller mower 
grass (Kentucky Blue grass for risk. , All grass seed should be j s use( j f or some of the cutting. 

-.example) or timothy, where the treated with a bird repellent, jf a jj the cntling is done with 
: purpose is solely to make a lush Most of what is sold is 1 -so j rotary, one or two light roil- 
; ;green carpet on which, to dis-- treated but if it .is not, the bird jugs may be useful to firm the 

• “play flower borders, shrubs and repellent should be purchased so ^ around the grass roots and ... _ 

trees. The tough stalked meadow separately and added to the. so gjve even stronger anchor- < distinctive that It was given its 

* ‘grass, Poa trivialis, will thrive grass seed as directed by the age. iown name . . . Drysdale. 

• Iph soils too moist for the finer manufacturers. - Provided fertiliser was; Dutfield s enthusiasm for 

! ^grasses and the wood meadow I find It best to divide the applied before the grass was j Drysdale wool helped fire the {Thanes) 18-30 

’ jzrass P.nemoralis, will grow in required amount of seed into' sown, nn further feeding should \ rapid expansion of the breed m *. 

• "the shade. It may not hq pos- two equal parts and sow them be necessary before late June,! New Zealand and. eventually it \ ^ a J5T?S*cS22S wn 

■ -slble to find all these altema- separately, ■ for one lot moving ; when a light dusting of the same I was providing all of Marlin's 1 . cor*nwi« n st. <m«h.) ccramwa) mjis 

: Tives among the two or three lengthwise up and down the to rt of compound fertiliser will requirements. When this mill ^ 

’ -standard mixtures offered by lawn site, for the other cross- help to keep the grass growing] was sold to a local carpet group u '. ah c««urc* Great and sm«o ^ 

; most garden centres but they at right angles to the fin* tMlt “ ai "» in . ?” od ii” t » cSSLrm* .:. ItS 

; can be obtained from grass spe- sowing. In tiss way one is much green colour. A few dajs after 

* cialists and it is worth going to more jiXely to get even distribu- using. fertiliser is always a good 

t that extra trouble where there tion ^ l tod is true time to apply a lawn weedkiller 

. is need for them. whether one sows from a the fer ^ er whWde 

Sites for lawns should he just distributor, or, as I * SI 

-la carefully prepared as beds prefer by scattering the seed by wd enables tiie gms w recover 

for flowers or plots tor vege* B more rapidly from the check 

*„ w „ ThAv should be . ami which it also receives. Water is 

-SSSLht tot » ftSl - Hems . , Depe “ dlnE f ™ bel™ '•!» genual to keep gnssgrow-,™.. 

perennial weeds, the species of sra®® b ing and should he applied as a ] airfreighted to the U.K. and pur 

S Much S dlUIto used : . germination fi ]ike heavy rain, out to graze near the mill in 

delirmsi hutteSf and nettl«» *”&*"** £“ aboul * 1 whenever the soil shows signs of I Axminster. 

Annual weeds can he to a month. The coarser ^ > becoming really dry. Do nntj Stage one of Outfield's plan 

j — a,waws m - - * ‘ 'is now proven: that Diy’sdales 

can breed successfully in the 
English countryside and sur- 


13.03 


of Dutfield's acquaintance with JJ, Salt nf Ike Century (Anglia).!!.' 14.38 

Drysdale. He wanted that same is. crntsmads rrwa.) utvj i«o 

wool for his Axminster opera- & {ESwfff 0 .." 

tion. • He came up With a plan u- Eramcrdale Farm (InecJ 
to import a small flock into the „. c KtoWj'::::: tlM 
U-EC. and built it up locally. ». Emmorttaia Farm (Thors.) 

Finely he received offidnl ffl . nn~ S 

clearance in 19 1 6 and 30 Drys- Ftsoro^ compiled by Andh of Great 
dale ewes and two rams were Britain i f -r the joint indusm*] committee 

for Television Attvertlttue Researdi 
iJIC?AF ■■ 


SllWr* Tnend^ gmse, a ™ alwaye the ',7™, 'cut ftToS 

SSwMch will 'prevent most of first ,0 appear and the Bne for four „ five days after usins 
ihpnTtiPedinf: and so will fairlv fescues are usuaUy the last so weedkillers. It is also wise to 

Inictly efirafnare them. but alai ,‘ f y<lu . have f 1™ the first lawn clippings 

•iith ilPctivp. lawn weed killers •• ture do not be ffreati) worried when mowing , s resumed as 


. . mowing is 

th : c is nFcessarv lf Dotiaug seems to be happang they, will contain some of the 

i ---- When The site has been pre*. for a while.. 1 have known over weedkilling hormones which 

pared and levelled off ready for garden owners who could, remain jn the compost 

: ' seeding and if thpre is already insisted on haring their lawns heap and harm hyper-sensitive .for generations Dutfleld'a 

a growth of weed sewflings reeeeded after a week of so crops Rich u tomatoes. 'is that such cross breeding 


vive. Now stage two is under 
way. This calls for the crossing 
of the Drysdale with local 
breeds whose wool has been 
the compost J used in the U.K, carpet industrv 

Idea 
will 


U.S. TOP TEH HE1LSEN RATINGS) 

1. Mill Academy Award ... K.,1 

2. Uawcrtw and Shirley (Camedy) 

31 J 

3. Three'* Company (Comedy) 

(ABC) ... 28 j 

A Happy Our* (Comedy) (ABC)... 27.3 
s. Cher (Special) (ABC) . . 26.8 

6. Family Upside Down (Drama) 

(HBC) ... 34.7 

7. Propf* UFO (Special) (NSC) £1.3 

8. Aoniiof Spider Man (CBS) 22 8 

* MASH (Comedy) (CBS) 22.5 

18. Harder K firman Sfiew tCutmtyJ 

(ABC) 2«:5 

a HoiJa*® miaa . la me a sunutncai 



ADDRESS BOOK 



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The Financial Times Address Book is an essential long-term itroestmenl that wtU keep your 
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The particular features of this book are: 

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242 pages, size 8ins by 6ms by | bis Hack 

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Provision for * Record Lists", Christmas cards and emergency numbers 
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AU this, icith a quality finish in black and gold, will enhance y oter desk, yet also be 
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s 




... e 










10 


Financial Times Saturday April/ 15 1978 


FASHION 




The blue jean, uniform of the liberated seven ties, 
has proved the basis of a substantial world 
industry. In Britain alone some £350m. will be 
spent on jeans this year and now jean-style 
leisure trousers are appearing in the most exclu- whatever else to seventies mayed. 


And still those jeans go riding on 


BY ARTHUR SANDLES 


Cord: which might Italians, however, appear to advertisement will sell jeany 


sive retail outlets. 


might be remembered for it will capture 20 per cent of the jean have seen the bubble burst At once.” says Wrangler, after that* 




cent. In that same period prices the J976 consumption of cotton a S a Jean Mountain on much is very little price sensitivity 

have risen dramatically. The for jeans alone in Europe at the same scale as the Wine If the ‘cut and quality are right- 

average price of a pair of men s 400,000 bales, or 83,000 tons. Lake. Even a market leader the difference between £12 and 

jeans in 1970 was£^, the price y 0T cotton the surge in jean like Levi has been forced into £16 is immaterial. ‘ - : 

last, year was £9.39. p Th»J» sales came just at the right nationwide price-cutting. ..... - - At the moment the -cut "is 


clearly the year of the £10 jean tune. The global economic British jean pric« are already , towards even tighter fitting hips 


9nd if -onn an> "huvinp 3 feriter j * . -7 jnui i<iiTO«reajrwMy mwanre even llgnier nuuig nips 

torotun, to. MnMb, ■£*»«- noe-hat • bdow Europe, a --ami : slimmer less. ,WU* 


sales of such i. cotton staples as levels so a price war here is, bottomed jeans are still selling. 


arc^n^the flSlfi J** 1 "* 5 f underwear. Increased, unlikely. Nonetheless the mar- but^the extreme has come down 
K ^ J« n k* « by normal standards .from 27 inch bottdms to’ 

Some £350m. *° make ’ up for tr^miented and, at the there have been slimmer 


bracket 
long long way. 


will be spent on jeans in Britain, 
in 197S. 


lower end of the purchasmgymifags / back throughout' tiie 


Beneath the tide of this bourn, scale, based on-harrow margins-, ’range. Increasingly popular' arfe 


. , . however, lie' swirling cross cur- The majors probably have no the ultra slim jeans to fit inside 

Men are the main consumers - - - 01 - *»- — - - - • 


„ . rents of fierce competition. As more than a third of the total boots, normally cut with 18 inch 

of jeans and. although each year raar fcet expanded so numer- market between them. -, bottoms: 

rieai lean 'ides continue ° u ? outsiders leapt into tbefray. That third, however, is at the- Clearly the jean is no longer- 

nnlv /n i i B mrnn is comparatively for- quality end of Ihe business and an hem lor gardening- wear 

"rowth in the male lean market tunale ' l At . the 1831 “h” 1 there thc Le v ». Wranglers - and alone. It is a fashion item in its 

l?^n^Oner«nL^th“S only 8l brands of jean to F aimers nf thisworid fightownright andhasnow.hicut ' 
her of units and since 1970 choose froin - ’ In io-day fiercely over- it. Brand loyalty at least, made .its way. into 

lac thp iimnnoH to ma J ors have nearly 700 is considerable' in the jean formal leisure wear/ It is not 

Sfi™ “ i„ v.,in» competitors of .various sizes: market unlike the rest of the unusual to pay SdO-pl'us'for 

with whom to do battle. The menswear market. M An jean cut trousers these days. • 


below 33 per cent. .in value. 
According to the International 
Institute for Cotton, jean sales 
in the U.K. are now exceeding 
those of traditional trousers. 


Trevor Humphries 

In sprte of the surge in sales of cord and other doths the basic 
blue denim continues to dominate die jean scene. These current 
Wrangler offerings are typical of the narrower leg styles which are 
in the stores at die moment. 


The problem is that the line 
between, jeans and trousers has 
become an extremely difficult 
one to draw. Leisure trousers 
are increasingly modelled on 
jean lines , with trim hip. shapes 
and the tell-tale panel of 
material between the legs -and 
waist at the back. The trade 
now seems generally agreed 
that a jean no longer needs to 1 
be made of denim — it is the cut 
that counts. 

Originally the word jean 
derived from baggy blue 
trousers worn by sailors from 
Genoa. The French are usually 
blamed for corrupting Genoese 
to Jeans but the word finally 
entered the dictionaries when 
American clothing manu- 
facturers took to the idea for 
working clothes. 

No one could have been more 
delighted about the develop- 
ment of the jean as a fashion 
item than the cotton industry. 
Good quality denim comes In at 
around 134/14 ozs a yard,, which 
means that there’s an awful lot 
of cotton in a pair of jeans. 
Shirt material, by comparison, 
weighs less than 4 ozs a yard 
normally. Even with the swing 
to other cloths the Cotton pro 
ducers are not • entirely dis- 




■.-.v ,-,l «vi; 


Jean design is having a considerable 
influence on more e x pan si ve fashion 
wear. These Oaks Rover . trousers 
may not be called jeans but the cut 
Is* dearly " jean-style: They hang 
beautifully and are .very -comfortable 
to wear. . From Daks stockists or 
Shnpsbo Piccadilly. London, around 
-.’ £34 in navy or beige. 


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Tel.: 05542-57041/2. Telex: 48539 



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COMPANY 

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EBES 

SOCIETES REUNIES D’ENERGIE 
DU BASSIN DE L’ESCAUT 
SOCIETE ANONYME 

f Incorporated under the low* 
of the Kingdom of Belgium) 


I. 


NOTICE OF ANNUAL 
GENERAL MEETING 
Node* is hereby given tint the Annual 
General Meeting of the Company will 
be held on Monday. 24 April, 1 978. at 
II a-m., at tbs Registered Office oF 
the Company. 271 Chaun«« do 
Matines. Antwerp, Belgian. 

BUSINESS 

To receive the Reports of the 
Board of Directors, the “ Collie* 
«f« Comm teal res," and the 
Company Auditor. 

To approve the Balance Sheet. 
Profit and Lots Account and the 
appropriation of Profit!, far the 
year ended J] December. 1977. 
To give discharge to the Directors 
and “ Commixsaires.” 

To , elect Directors and 
'• Commitsairej.” 


z: 


3.. 


4. 


NOTE 

Holders of share warrants entitled 
and wishing to attend or ba repre-. 
tented at ‘ the mceang lhould 
deposit a certificate of their holding 
from an Authorized Depositary, at 
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day fixed for the meeting, at 
Bcngue Beige Limited, 4. Brihopsgate. : 
London EC2N 4AD. Thereupon an 
sdmnaion etrd will be <s»o«d 



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music of Johnny Hawkeswortn & Friends. 


ART GALLERIES 


MacCONNAL-MASOH 

14. Duke Sweet. St. Jaoies't. S.W.1. 
15, Burlington Arcade, W.l. 

Tel: 01-834 769J— 01-499 6991 
Spring Exhibition 19th Century 
Europe™ and Contonporwr 
Britbh Pahningi 

UneU 18th April. Weekdays 9.30 to 
Sat 


5.30 P.m- Sets. 9.30 to 12.3V p.m: 


AGNEW GALLERIES. 43. Old Bond St.. 
W.l. S T7S - THREE CENTURIES 

op BRITISH paintings, until a April. 
Moa.-Frl. 9-30-5.30. Thurs. until 7. 


ASH BARN now open. Spring Exhibition 
of paintings and Sculoture (300 worts 
• Including ouiaoor sculpture). Open 

daily 5<J ndavs 1-6. Closed Mon- 


days. Winchester Road. 5bX*d. Paters- 


Hampshire Tel. 0730 3662. 


BROWSE * DARBY. 19. Cork St.. W.l. 
SICKERT. Mon^Frl. 1O.00-S.3O. Sat. 
10.00-12.30. 


COLMAGKI. 14. Old Bond St.. W.l. 

01-491 7408. INDIAN PAINTINGS — 
Mughal and Ralput 1500-1850. Until 
8 Mary. Mon.-Fr>. 9.50-5.30. Sot. 10.1- 


PlELDBOURNC GALLERIES. 63. Oueens- 
groie. N.W.8. ARY IN RELIGION. 


FOX GALLERIES. Exhibition of the paint- 
ings by British and European Artists 
from 1700-1 9 &S. 5-6. Cork Street. 

London. W.l. Tel: 01-734 2626. Week- 
days 10-6. Sal. 10-1. 


GILBERT PARR GALLERY. 28. King’s 
Read. Chelsea. S.W.3. GLYN MORGAN 
Ullvponds Or Q lieus Aoollo « Marwas— 

paintings ana drawings until April 13 . 

Open Tiies.-Sat. 9.30-5.30. 


OMELL GALLERIES. - Fine British and 
French MODERN PAINTINGS and 
Modern British MARITIME PICTURES. 
dO. Albemarle Street. PfccadlHy, W.l. 


RICHARD GRSEN GALLERY. 44 .Dover 
Street. W.l. 01-491 3277. BRITI5H 

LANDSCAPE PAINTINGS. Dally 10.00- 
6.00. Sats. tq ao-12.30. Until Annr 29. 


BLOMD FINE ART. S3. Sacfcyllle St., W.I.i 
01-437 1230. BRITISH FIGURE DRAW-' 
' INGS 1900-1940. Including David Bon- 
berg and Frank Dobson. Erie Gill. 
Augustus John, Gwen John, Bernard 
Menlnskir. Chriitooher Wood. Until April 
29th. MOn.-Frl. JO-6. Sat. 10-1. 


ROY MILES. 6. Duke Street. SI. James's 
SW1 VICTORIAN .PAINTINGS AND OLD 
MASTERS. Monday to TriOs y ID re 5. 


SLOAN E STREET GALLERIES. 158 Sloare 
SL. W.l. Modem paintings, scuiotures 
and graphics br Interesting jntenvalional 
artists- Wide range ol nrlces. Tues.- 
Fri. i o.ao-5 .pa. Sats. io.oo-1.OQ. 


ti 



PERSONAL 


Automatic speed with economy 

ELECTRONIC 
CRUISE CONTROL 


as fitted to Rolls-Royce 

Can be fined to your car Irom £95 
plui VAT — tame day fitopg. br 
appomnnant. 

Ring for Information and tril drive 

PIPBRDOK OF DORKING 
Telephone! 0306 3091 


PETERBOROUGH AREA. SuPMani.al V'c- 
terlan countrv noirie *t»nCing In matu'e 
grounds fjt about 1 acres SdjiIou« 
■ecentmodatign 1 »er.eot.on wtrhen 
6 bedrooms 3 attic wnf. ***?!'■ 
etc. Apply TdL 0733 25 2WL 


Lots of stin. Sand and ambition 


YOU CAN TUJ^OST see cash- coast road leading to the in- Fxeetoirij itself WTlI.not be thing, the local good time glris In 'sufficient numbers, wooing 
register figures ringing up in congruously named villages of every : touz±^s ideal of a get- who now accost. you and tiie one them away from the rival attraq- 

the gleaming- eyes nf thc Sussex, York and Kent, tie away place-Ik the sun. Arannd aimed bandits installed in-tHe tjors of the Caribbean and ]£ast 

Tourism Minister when he tells some of the best bathing a small central core of . anony- bar just atid to the atmosphere. Africa? J 

you he would love to turn parts beacbes of West Africa— fine mous, modern blocks stretch Sierra Leone will - there? ore . Siena Leone -does not have 

of Freetown,. the sleepy capital white sand sloping gently into away narrow steets of wood and not be to the taste of the. tourist the big. game of East Africa nor 

of Sierra Leone, into an equa- buoyant waters which (for the corrugated iron . homes - and who demands sterilised comfort as yet* does it 'boast the- water 

torial Tonemolinos. squeamish) are mercifully free shops, interspersed- with decay- — but then, people have few sports facilities offered by rival 

He immediately qualifies this ing coicmial^rchitectuie— squat, illusions that it win be able to centres, although these are^ ex- 

bizarre vision—fievtiopin" coun- balconied buildings smeared capture a mass market Adam l*cted to be introduced before 

tries must be careful not to rush TRAVEL with tropical grime. Shopping Thomson, Chairman of British l°n& ‘ „ 

Son- info^nXSed tourist KHVCL faotities are limited, good res- Caledonian Airways, which nas _ The price of a package holi- 

projects^-fiur the measase Mr MARTIN DICKSON taurants are few and so are package* holidays to the conn- ? ro, \ 

* * tSct night spots. £y, points out that the-dis- £385 half board for-14 days) 

convey comes across clear this Yet for the tourist new to tahees . to Sierra Leone_ from 4°es bave a considerable edge 

n AFrimn ctaip ie , Africa, or with a taste for the. Europe- and the cost of a holi- over Kenya, the Caribbean and 

»n Spra ° f t”"** ^ trop,cal 563 exotic, languid, easy-going Free- day. foere are too - great -to to Indian Ocean islands. Bitf 

^ i i t tli tom has its- attractions, be^ ^it attract iiicb a <diehfeler - wffl People prepared to spend 

holidaymakers and. their pre- AU this Is set against the watering through 



clous foreign exchange, as well backdrop of a gently undulat- marketT^r tekinH 

as investors to build up its ing mountain range, draped with ^ seedy ' atmosphere" 

touri5t industry. rain forest, that towers above Grand Hotel, the setting for to nOT^hcAerbefog r mimasedby twb-centte hotiday, combining 

There is potential, but the Freetown and gives Sierra opening chapter of Graham a Caledonian Airways . snb- beaches and big game? 
country has a long way to go. Leone its name: the Portguese Greene’s “The Heart of the sidiary. ' The 150-room' Hotel • to moment, -at least, 
During the current statistical explorer who first sailed into Matter.” You can still sit' on: Bin turn ani, attractively 7 sited Sierra Leone appears mp.re 

year. Sierra Leone is expected these waters thought the the balcony overlooking to sea nine miles from Freetown on- a likely to attract those touriste 

to have just 19.000 hotel guests mountains resembled the shape where 'tyilson cau^it his first hill., overlooking to Atiantic wbo ar ^ d 7 experienced 

(businessmen as well as of a. crouching lion. glimpse of Scoble, the doomed' and a long, palm-fringed beach, ^EsstAfnca ana are in aearch of 

tourists), bringing in some Though cynics might say that colonial police chief. - . 1 is a major national .status sym- somewhere different. _(^simply 
£350.000 in foreign exchange, the explorer had an over-vivid The view from to balcony bol, since tourist class r hotels. ^people adv^turmjs 

What can the country offer imagination or an excess of may have altered—tbe sea view- ate .few In FVeetoym- ..r \ enough to. wanttosainpiejne 
to woo . the Western tourist? alcohol in his bloodstream, the is now largely blocked by- Siertu Leone is, hoping for ot a. TOt 

Essentially, sun, some dazzling view as one approaches Free- modern buildings, including a ? lucrative influx of black Amen-; apu jm- 

unspoilt beaches, an exotic town by ferry from Lungi arr- new town hall being built : bv » can tourists, coming hade to the s P9 u ' D y TOunsi noraes. . 
atmosphere and its delightfully port, inconveniently set on the North Koreans— but the;. West African, slaving coast ,iu y«a- «Mi-«tf E.- Ai«rta 
friendly people. another peninsula to the north, mood of backwater decay r search of their' ^rnots.^ Bdt will 


, South of Freetown, along the is nevertheless magnificent • appears little changed. 


■If to attract Eui|P^f^ 



ttKi.."- • -t. - -T ‘ ' ’‘' 11 ' 



ON MAY 8, 1902,ithe Mont-P^ee in metropolitan France. The 
volcano on the /ho rh- west coast island defies the Caribbean de- 
of the island qf Martinique ex- colonisation trend and the Tri- 
ploded with a bang that was colour is likely to swirl over 
hardly -to bb equalled until many more Ounlorze JuHlut 
Hiroshima some 43 years later, celebrations. 

Thirty thousand people were Although held by the English 
attending an- election that day in for eight years • during the 
St. PierreC-the town under the French Revolution. Martinique 
volcano— and only one of them mostly dozed through the politi- 
survived: a Martimquais called cal upheavals of its European 
Cyparsis who had had the good mother country. Several Mar- 
fortune the previous evening tiniquais did make good, how- 
of being thrown inm the town’s ever, including the beautiful 
tiny but -solidly-built jail on a ManeJosepb Rose Tascher de 
charge of being drunk and dis- * a Paserie. who played a not 
orderly inconsiderable role in French 

Cyparsis later turned his for- his j 0I 7 b - v marrying Napoleon 
tuoate escape to a handsome * nd _,J , i ® coaun8 Empress 

profit by joining Barnum and J °sepuine-. 

Bailey's circus and exhibiting Josephine was born m Tn ? ls 
himself daily to the curious. St. flets across me bay from the 
Pierre, though, never recovered jslands capital of Fort de 
from the disaster and is to-day France. A statue and museum 
a small fishing village and tour- ™w commemorate the nativity 
ist centre. Its grey sand beach and the area has also now 
and a little Mitsee Volconolo- ^f come to site of most Of 
guique recall in carbonised and Martinique’s tourist hotete. An 
grisly detail the day of the hourly feiry semce lmks the 
gigantic convulsion. hotels to Fort de France or one 

. . ... . , _ ran drive the distance around 

hJr^pnPri 8 Z rSnhhpan to bay 010 roads which * thanks 

minute-long local TV 

bulletin is devoted pnnapally IT J 
to the bicycle rares on the Fort deE-rance, where fflm 
island. The succeeding inter- °?? ls *an ds 

national news bulletin is equally 350,000 population live, is a 
brief and concerns itself chiefly bustling metropolis, remims- 
with the previous day’s bicycle cent of Marseilles with a dash 
races in France. here and there of New Orleans. 

After 300 years of being a houses, each with a 

colony of Paris, cu lmin ating in chicken coop in the backyard. 

1946 in full departmental status, climb steeply up the side of the - . > y 

Martinique and Guadeloupe bay. separated by a crisscross of „ 

share the mother country's precipitous streets, half a 

characteristic* The enns look dozen feet wide and with deep •• _■■■■ , . 

tough and sport kiois road gutters running down the during one of Britain’s many for a Caribbean hoteL to than any other spot in the 

si “ns feverishfy- aler* motorists middle. Caribbean, battles with the nearest beach to to Plantation region.-- And to Gallic atmo- 

to° the “Bor-Retlaurant a 50km Air-conditioned shops in the French, the resourceful Royal is 25 fan; away. But the hotel sphere mak« up for a great 

a oaKcfce" and accordin- to the city centre sell imported Navy somehow managed to get does have a swimming pool and deal. The other French posses- 

instractions Mintedon most luxuries to the tourists while, HO men. a couple of cannons much else besides to compen- sions excepted, it is the only 


^ wi'ilTit^mos't rigorously dose' to wher e " the “ferry iandL' and supplies to the top. For 18 sate. There is a beaudfuLlStb- island in the^Caribbean fqr 
‘TWense deJeierd« Ordure. ’’ local handicrafts r the 114 nasty months they held their pre- century manor house .restored 
Martinique is a relatively things you can do to a coconut,” carious perch and dominated with nit-picking authenticity, half a dozen sets of boules tp 
small island: only 420 square one visitor commented sourly i to navigationally-unportant and banana plantation' still , PlV petanque. 
miles 50 milac Jons and 22 can be bought from a plethora of channel between the rock, and worked, lapping - around: to Armed with the local Bifete 
S J ttoi^T sullf Thelocal cafe speciality the mainland- Sticklers for to house -like a cool . green -sea. Lorraine . rspeaalemm 
S l vol(S? history aVft P from of a cane sugar drink spiked with rule book. Navy formally You the ^build- «udi«e T*ur\le cUmat ■tWHcai:' 


visitineoceasiniiVnv vSamatiM Martinique rum is indisputably commissioned their footiiold as fog or in one of a row of little boasts the label); it is remarR- 
— h,d fnr tat Zm «n a sloop of war— fiJtfh' Diomond stone houses which once housed aW y relaxing to boule one's 


Pierre eruption bad ter your teeth but will, on . • , . . , , . .. . - . , r , . 

nerre v ff oc fe — before being eventually to slaves who gathered the way along the beach or ovMr 


golf 


upon the inhabitants provides to otor hand, make you very , . . . . ... c _ . . . . 

some spectacular moontainous drunk, very cheaply indeed. dislodged by a horde of furious banana barv«t the .largely -deserted 

scenery, high cliffs waterfalls A more sybaritic way of see- Frenchmen. La Plantation also has one courses. ... . 

and deep «mrees ‘ ing the island or of visiting the British visitors to the island oF to best, restaurants on the The French on Martinique 

The climate— as ever in to scores of tiny fishing villages nowadays will find better island ^hich. for all its ovfert pedantically believe that boule 
Caribbean — is monotonously dotted along the coast is to rent accommodation than the Royal Frenchness, has a citisto more -should be played on to gravel 
benign: tropical sun and cool a boat (self-drive or chauffer- Navy did. Trois nets has the local than Lyons Seafood of courses provided and tend to 
tradewinds preside over the steered) from Tabariy Yacht- largest hotels— of which the most- kinds is a^ndanT ai^. frown when you ignore tose an 
lyrical abundance of bright ing in Trois nets and race off Bakoua Beach and the Frantcl excellent anri the creole speciali-. favour of the nine-hole goff 
flowers, waving palm trees, before to trade winds to are probably the best-but ties prmnde a challenging ^coqree: But; they generously do 
emerald seas and golden examine a coastline that Paul there is also a Club chan ®® V *2* - no * ,n tcTfere with such English 
beaches so bploved of travel Gaughin painted in 1S87 before Mediterannee further up the penchant f °r sp;cmess and to eccentnciti^. rea hsing gnidg- 
hrochures inexplicably taking himself off coast and numerous small hotels gift of an .asbestos palate. ; mgly that boulc t like La Mar- 

Political or social unre?t— a to make Tahiti famous. scattered around the island. Far Caribbean holidays like any. iinique. is much to important* 

cross that Caribbean lounsis One diversion worth making and away the most charming of other ones have their pitfalls— recreation -lo be left to to 

too often have tn bean— is rare, in your yacht Is to pass by to latter is the restored Plants- the water goes off in the hotel French. ■■■.■• 

The island's ^latuc as a French Martiniqup’s most celebrated tion de Leyritz, some (K) km without explanation, to air- _Pwii*r - tofgrm Btfyr _frwwt ftw* 

department has prompted Paris naval attraction: the volcanic from Fort de France, on top of conditioning . suddenly expires. 

in inject large sums of aid and Diamond Rock which juts 600 a hill between the Altantic and the telephone. ^ and drops bwa sw«, titaw wi. 

thp social " «acijr;ty system- feet nut of the sea on the Mont P6 lee. dead— but Martinque suffers no * ' inuXi Mr-riAI IGHFY 

diflere little from that obtaining soutora coastline, in 1804, With admirable Insouciance more from these exasperations.'- .. JUnr* -i,-. 




r<JK 




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\ r . T - vV # V. : ;V' ■. ’ ? ‘ 



Financial. *nmes Saturday April 15 1978 




11 - — 


by Lucia van der Pp§t 


x -i 
*■7 -• 


e; • 

P 1 -7 

■ . lj- 


Rooms for all seasons 


: f.-.. 

- — .•«. 

• r" fsj. 


ANYBODY who has. ever tiled to 
do up a house win know the frus- 
tration of trying to put together 
a certain look or feeling. Many's 
the time l used to see a room in 
some glossy magazine and feel 

that r wanted something rather 

like that only different. Trying 
to find the . furniture and the 
right .props and accessories was 
a nightmare job involving end- 
less journeys ail over town 

A hew . enterprise called 
simply Homeworks is designed 
to help .interior .designers and 
decorators, and through them 
their clients, in getting a certain 
look or. style together. Home- 
works is the .brainchild of Robin 
Guild (who with his ex-wife 
Patricia Guild founded that very 
successful enterprise. Designers' 
Guild) and of David Millard, who 
used to. be. retail director of the 
Conran shop in the Fulham 
Koad. 

They have taken over an old 
building in a little cul-de-sac 
just off the Pimlico Road and 
here, in over 12,000 square feet 
they have created a magic world 
of highly-stylised. high-fashioned 
interiors. Everything on show' 
is for sale to. : and can be viewed 
by. the general public. Every- 
thing is marked at full retail 
price. You will find there a 
whole host of things— furniture, 
"glass, carpets, accessories — the 
like of which you have never 
seen before. 

- However, the main target is 
not the general public. 
Basically Homeworks aims to 
provide a service to interior 
decorators and designers — not 
the very grand ones who have 
their own showrooms and work- 
shops land who. therefore, are 
obliged to charge accordingly 
as they have premises and staff 
to support) but the smaller ones 
who will find Homeworks a 
■wonderfully simple way to 
introduce to their clients a 
whole spectrum of. furnishing 
■styles and ideas 
. ■ The most difficult -part of the 
.interior designer’s job usually 
4s to persuade the Client to give 


a sufficiently dear brief. Verv 
often the clipnt has only the 
very vaguest, idea of the sort of 
effect he or she. would like. A 
trip round -Homeworks should 
quickly clarify ideas. The si vies 
go through tiie' whole contem- 
porary gamut— from sleek, 
avant-garde Italian, through 
rustic canc, slightly- kitsch /film 
slar/Odeon and oh to the subtle 
blend of modern, and old. which 
is the look i personally like 
best. • ' 

Each room setting (everything 
is organised into' complete room 
settings) has -a. • completely 
different fee ling about it. Though 
Robin Guild and- David Millard 
make no- bones /about the fact 
that most of the furniture, fur- 
nishings and accessories are ex- 
pensive they point out that many 
of the ideas art. exceedingly 
inexpensive. • - 1 ■.'V, 

For instance rough brick has 
been used- id -one: area on the 
floor and very attractive it looks, 
too. cheap ubplaned timber, 
painted with white-emulsion and 
staiu-rubbed along-the joins, has 
been used on the walls of an- 
other room. Fabric on the walls 
gives a luxury look to a room at 
very un luxury prices* < Very in- 
expensive deck-chair material, 
obtainable from most do-it-your- 
self shops, has been used, asam 
most successfully/ in yet another 
corner 

One of the rooms I liked best 
(one of those very skilfully put 
together rooms where pattern ha« 
been piled upon pattern in such 
a way as to create a rich, 
intricate but not disturbing Feel- 
ing to the room) has ordinary 
wooden floors which have been 
stencilled for extra decorative 
effect — again, this requires time 
and patience, but not much 
money. 

Besides offering a wide choree 
of styles which helps crystallise 
the client's idea o' - what he 
wants, the interior decorator is 
offered a large, quiet room where 
he can work, with, his .client, the 
services of a . vast .library of 
catalogues and colour slides of 
over 3,000 Interiors, a magnetic 




•/ . . 














A little herbal lore 


Mm 



A group of natural rattan table and chairs from Spain. 


hoard to which all the available 
furniture m small-scale pieces 
can be attached to show their 
relative size to certain rooms. All 
the usual services are offered — 
curtain-making, carpet laying, 
electricians, plumbers, paintings 
— though again it is important to 
note that the general public only 
has access to these through their 
interior decorator. 


However, I recommend a trip 
10 Homeworks to anybody think- 
ing of doing up a room or un 
entire home — they couldn't fail 
to come away with some new 
ideas. The accessories and range 
of fabrics are very original and 
much of what was on show was 
completely new to rue. I loved 
the ceramic ducks from France 
— much more sophisticated than 


the decoy durks from America. 
There is sumc quite amazing 
lighting. o r which perhaps the 
most asinni'xhini: is a lamp made 
from dangling bunches of glass 
grapes — I thought it most un- 
usual and surprisingly attractive. 

-The floor coverings also 
appealed to me — they include 
keiinrs and hand-woven niedern 
pieces. There ore mirrors in 




strange shapes like aeroplanes 
and butterflies, by John Lott, and 
a delectable selection of glass 
from Germany — j particularly 
like the very 20s cocktail glasses, 
all in very angular shapes and 
edged in black. 

AJtogeiher Homeworks is a 
visual delight — so I urge you to 
make a visit It's open Monday to 
Friday, from 9.30 a.m. to 5.30 p.m. 


" m l.~ s- 





2 USED to think that herbal leas 
were only for cranks luid hypo- 
chroodriacs. The French, of 
course, poor things, needed them, 
forever suffering as they were 
with their crises de foie. Normal 
people, I thought, could get 
along very well without them. 
However, one evening after 
dinner a friend made me Some 
of her own peppermint tea' and 
that introduced me.- to the 
delights of herbal teas. For 
those who. like me. -'have diffi- 
culty in sleeping if they have 
coffee after dinner, or who just 
don't like roffee, will find that 
herbal teas are a - soothing, 
delicious alternative. 

Last year I reported that 
Justin de Blank, from bis base 
of running some of London's 
finest and most exclusive food 
shops, had discovered an in- 
creasing interest among bis 
customers in tisanes (as the 
French call these herbal teas). 
He was even about to bring out 
a full list of their tisanes so that 
out of London customers could 
order by post. 

Well, the list is now ready, 
and among the 2(j or so tisanes 
are not only the most commonly 
known, like Mint and Vervaiu. 
but rarer breeds tike Cowslip, 
Pennyroyal and Elderflower 
Blossom. They are soon to in- 
troduce an appetite-depressant 
tisane which will be good news 
for si burners. 

For a list send an SAE to 
Justin de Blank Flowers, 114, 
Ebury Street London, S.W.l. 


Culpeper, too, have a long and 
interesting list of herbal teas 
and are happy to dispatch them 
by post. They have some ISO 
varieties of herbs from which 
potions can be made. Perhaps the 
most unusual are Eyebrigtart and 
Corafrey, which has a reputation 
for speeding up cell-replacement 
and thus healing cuts, bruises, 
etc. The staff at Culpeper will 
advise on the effects of the dif- 
ferent tisanes — Peppermint, for 
instance, is meant to be mildly 
digestive. Lime blossom is mildly 
sedative while Yerba Mate is 
slightly stimulative. 

Write to Culpeper Ltd.. 
Hadstock Road, Linton. Cam- 
bridge, enclosing an sae for a 
list of their ti.spnes. 

Meanwhile, available all over 
the country at gob.d food stores 
and gift shops, are Crabtree and 
Evelyn's new packs of three 
herbal teas. Like most Crabtree 
and Evelyn products they are 
exquisitely packed: The three 
favours they have just intro- 
duced are Camomile . (meant to 
be soothing and therefore good 
fo take before bedtime). Pepper- 
mint fa hybrid of green mint 
and water mint. U is'meant lo 
he refreshing and /.an aid to 
digestion) and Rosehip with 
hibiscus blossom. Each pack 
contains 25 sachets^rirfeach costs 
85n per box. m. 

To prepare the tisane$;.keep a 
china pot specially for them, 
bring water lo boiling 'pofilt (but 
do not let it actually boil) and 
then infuse the sachet for 5-8 
minutes. 


Sitting pretty 


JT » ^ 

i *■* /•-* r?', tTCaP. 

;■ * .J, *-•■—' 















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T 


SHOWERS' have . .long been 
known to be one of the most 
economical ways of keeping 
clean. Shower users get through 
-much less hot water per shower 
than they would use if taking a 

• hill bath- It . is calculated that 
you could have about six showers 
‘for the price of one barb. 
Primarily, however, showers are 
popular because they can be 
Tilted into much smaller spaces 
.than any bath.’ They're a 
particular boon to famines with 

• children who don’t have enough 
space to instal a second bath- 
room but are fed up with find- 
ing the one and only bathroom 
js either unavailable because the 
children are in it or it’s awash 
ttlifa the kind of titter that seems 
-inseparable from children's 

bathing. . . 

.. Dolphin Showers have Just 
released on to the market! new 
•shower which is even more ver- 
satile than most and which should 
prove popular with families 
a asperate for more washing 
facilities. This particular shower 
can be used either as a shower 
T, r as a washbasin, and what is 
-more, it oan be converted from 
one to the otter in approxi- 
mately five seconds (perhaps 20 
seconds If you haven't, developed 

ibe knack). ■ • 

As you can see from toe 
picture tte base ie moulded in 
'one piece’ and when it is. on the 
floor it is a shower tray, when 
pur into the upright position, the 


ftefe'.'' ■ 


T'J?! 


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mf. ; 


3*- #• : • . • c 


uC* ’*.•**' I ' . ‘.J ; y,;v "• , ’ ' '■& 


side of the base forms a basin. 
Water from the shower and the 
basin runs away into the same 
piping- ' 

Besides the enormous advan- 
tage of one unit providing both 
shower and wash-basin facilities, 
this particular unit has several 
other, very practical -advantages. 
It takes up-a very small amount 
of 'space — it Is 35 j inches wide 
and weighs 86 lbs. It comes 
complete; with a temperature 
stabiliser which prevents the 
temperature front varying 
"greatly." It is. also fitted with 
an anti-scald device to cut. off 
the heating If the water tem- 
perature -neee abov* a pre- 


determined level. This may not 
seem necessary to adulis bui it is 
vital if children are using the 
equipment. 

The water is heated insian- 
taneously, as you use it. There 
arc curtains to help prevent 
water splattering and the whole 
unit comes with a one-year 
guarantee. 

Dolphin Showers insist that 
their own engineers must do the 
installation arid the inclusive 
price. of shower plus installation 
is £495. . 

For a brochure arid further 
information write to Dolphin 
Showers. Bromwich Road, . Wor- 
cester, WRT 4BD. 


Above: A streamlined, elegant group of hide-covered seating by the Italian firm of Saporltl 
—very luxurious and very expcnsi\e. Lett: In the backgronnd is an amazing cane 
sofa designed by Colin Morrow (called “The Shell**). The birdcage and cabinet are from 

the same firm, Arpex of Rome. 


Gardens 

open 

for 

charity 

TWO GUIDES for garden lovers 
have recently come out, both 
support charities — Though differ- 
ent ones — and both are Invalu- 
able for those who like lo visit 
gardens during the summer 
months. 

Gardens to Visit, is the smaller 
of the guides and lists some 300 
gardens wnicb those wishing to 
support either pensioners or 
orphans who garden might like 
to visit, knowing that their en- 
trance fees will go tu help these 
groups of needy people. Though 
small the booklet is well ar- 
ranged with gardens listed ac- 
cording to opening months, area 
and then cross-indexed alpha- 
betically. If you'd tike a copy, 
it is 20p at W. H. Smith or 
30p by post from Gardeners' 
Sunday. While Witches; Claygale 
Road, Dorking. Surrey. 

Gardens of England and Wales. 
Open to the Public, lists some 
1,300 gardens and aims to sup- 
port nurses, whether old or 
young, who are in need. a» well 
as the Gardens Fund of the 
National Trusl. Many of the 
gardens listed are not normally 
open to the public but may be 
visited on the dates shown, and 
the proceeds go lo the charities 
mentioned. 

This booklet is 50p at book- 
sellers or it may be bought by 
post by. sending 65p to The 
National Gardens Scheme, 57. 
Lower Belgrave 5treei, London 
SW1W0LR.. 

A point to bear in mind is that 
because these booklets exist to 
help support certain charities 
each only gives the 'day a garden 
.is open in aid or that particular 
charity. Some of these gardens 
may be open in the normal way 
on other days when the proceeds 
may b* used la other wayt. 


LAST year I mentioned that I 
had discovered a firm who were 
bent on reintroducing the 
delights of the wooden lavatory 
seat to the great British public. 
I had known from previous ex- 
perience of writing about bath- 
rooms. when readers in their con- 
siderable numbers had'written to 
me imploring me urjBnd. for them 
sodrWodyvho toonM Slippy such 
on--- ^old-fashioned -ttenn= that 
wooden ’ lavatory seats were a 
commodity greatly - 4n-demand. 
Certainly the- response to last 
year’s piece indicated that plastic 
was not the undisputed top 
choice— very much the contrary. 
Most people would prefer a wider 
selection of finishes. 

For those who want wooden 
lavatory seats but like them to 
be personalised. “ Sitting Pretty " 
is the somewhat coy name of a 
firm that will supply you with 
xpur own solid wood seat 
emblazoned with your family 
crest, racing colours, monograms 
or club insignia. The wood 
used is either mahogany or 
obeche. The wood is completely 
sealed to make it easy to clean 
and each seat is fixed with 
adjustable brass fittincs. 

The mahogany, version costs 


ss#®®* 


£39.50 fine. VAT),' thT obeche 
one (which has a rosewood-like 
finish) is £29.50. Prices for the 
specialised touches vary .from 
£5.00 for a monogram. £10 for a 
crest, club insignia or racing 
colours to £20 for a full coat 
of arras. 

“ Sitting Pretty " suggests that 
these personalised seats could 
make an original wedding 
present, and why not? 

Sitting Pretty of 131, Dawes 
Road, London SW6 will despatch 
them anywhere in the United 
Kingdom for the quoted prices. 
Ordinary ' wooden seats can 
usually be supplied. straight from 
slock but special orders take 
about three weeks. • 


Lhirkrn and rabbit are traditioual April favourites in ray house- 
hold — probably because Easter usually falls in April. And, if 
(be weather Is kind, the first new season's vegetables- should 
begin to appear in the shops (bis mouth. Early asparagus always 
seeuis prohibitively expensive but young carrots provide a modes! 
treat. They taste so sweet and look so invitingly pretty in their 
bunches with rollage that I can’t resist them. Broccoli, cauliflower, 
spinach and new potatoes should all become more plentiful and 
cheaper while hothouse or imported beans and mange tout make 
the choice still more deliriously varied. 

SUGGESTED APRIL MENUS: 

Chicken with grapes and walnuts 
on a bed of boiled rice with steamed broccoli 
Salad of cress and watercress with a 
selection of cheeses 
Prunes with purl and almonds 

Crostinl tti fegatiul 

(Chicken livers and pieces of ham on rounds of fried bread) 
Rabbit with orange and olives, 
buttered noodles, steamed leeks and carrots 
a la Vicliy 
Rice brulee 


Chicken with grapes and walnuts 


CHICKEN WITH GRAPES 
AND WALNUTS is a delicately 
Savoured dish which looks par- 
ticularly handsome if served on 
a bed of white rice and sur- 
rounded by steamed broccoli 
spears. I bave also made it very 
successfully using guinea fowl 
and pheasant in place of chicken. 

For six people you will need 
•11 lb skihued and boned poached 
chicken meat cut imo bite-sized 
pieces, 2 oz fresh.. breadcrumbs 
Fried in butter, H lb halved and 
pipped white grapes, 5 oz halved 
walout kernels and 2 pints poach- 
ing stock reduced to I pint for 
a satiny texture and good flavour. 


Gently heat the chicken in the 
reduced stock, drain well and 
keep warm. Make a sauce with 

2 oz each' butler and dour, *3 fl oz 
Vermouth or dry white wine and 
the stock. Add the " walnuts, arid 
grapes and cook over very gentle 
heat for a minute or two. Beat 

3 egg yolks with a generous J- 
pint thick cream, blend carefully 
into the sauce and .season. 1 ,, to 
taste with salt and pepper. . 

When hot, smooth and' slightly 
thickened, stir in the chicken, to 
coat it well, turn on to a hot 
serving dish, scatter the fried 
breadcrumbs on top together 
with a few reserved grapes -and 
serve immediately. 


FOLLET AU POT makes a 
lovely ;<nd inexpensive Spring- 
time ’di*h. I use a roasting chicken 
and brown it all over in butter 
before poaching as I find the 
anaemic skin of plain poached 
chicken *s unappetising both to 
look at and to eat. Small whole 
leeks, broccoli spears, mange 
tout, baby carrots and new 
potatoes in their' skins make a 
colourful combination of 
vegetables. I steam them over 
the pot ralher than immerse 
them i« the liquid as this seems 
to retain texture and flavour so 
much better. 

VINAIGRETTE A L’OUUF is. I 
suppose, the traditional accom- 
panying sauce but J ring the 
changes sometimes with other 
equally quick and easy alterna- 
tives. 

walnut and paprika 
SAUCE is excellent with poached 
fish as well as chicken. Grind 6 oz 
walnut kernels in an electric 
coffee will (remove skins first 
if you have the patience), 
blend in a generous \ pint of 
piping hot, well-flavoured 


chicken slock and season with 
about | teaspoon paprika and 
salt to taste. 



SAUCE NENETTE doesn’t 
sound too promising on paper but 
everyone' seems lo love its 
piquant flavour and beautiful 
creamy pink colour. Boil I pint 
thick cream until reduced by 
about .one third. Mix to a paste 
two tablespoons English, mustard 
powder and . four tablespoons 
tomato concentrate, gradually 
blend in -the hot cream, season 
with salt and pepper and stir in 
a few spoonfuls uf chopped fresh 
chives or tarragon. 


Rabbit with orange and olives .' 

RABBIT "WITH ORANGE AND 7 fl oz good chicken. -stock, a 
OLIVES is a more robust disb generous seasoning of dried or 

-cooked like a casserole but fr « h and swnq -salt and 

pepper- Bring To (he boi1„ scrape 

SsrSi - ^-rjais^^s 

1 S - S-B a t 5s?: FrJ tbt 

} ' b l V Htttewl Cover and cook at 300°F gas 

JJ* Sl ll J' B ^,Lf 0 ? Ure cpnwn ruark two f° r hours or until 
i hf^nfhbit 0 iSnSl S ? I H lhe rabbil is lender, adding. .two 

I? f n f . add - lh u2! dozen .olives during the last half 
° tbe ^ ! n hour. Just before lerving. straid 

? ^J 015 * sLreaky off the ljquid and f tet s WS ,. to 

b 3 mn!J ^ oh 1 reduce and thicken it -to 3 weft 
luOZ L h rasher DM ly flavoured, rich brown sauce, 

roneu up. Prunes steeped in vinegar, sugar 

Add id the pan a large crushed and spices (for which J' gave a 
garlic clove, the finely grated zest recipe in December) make a 
of *2 oranges, 3 fl oz Marsala, delicious alternative to olives. 

Prunes with port and almonds 
PRUNES WITH PORT AND point as slowly as possible, cover 
ALMONDS taste quite differeni and simmer for 5-7 minutes, 
but the same principles of slowly * $«'• “»'• «■“ 

swelling and enriching the fruit j u ^ before serving, divide 
apply, it is a marvellously easy ih e ■ prunes and their syrup 
dish to prepare and very rich, so a between 6 small glasses. , P^ck 
little goes a long way. them loosely, scattering 3-oz.of 

Measure A. . tablespoons soft very well toasted flaked almonds 
brown sugar, 1 tablespoon lemon between the prunes. Top 'With 
juice, i pint port and 445 table- 1 pint cream whipped--sb softly 
spoons cold tea into, a pan. Add that it dribbles and" mingles a 
1 lb prunes, bring to simmering little with the prune syrup. 




A 


"T 






^Financial. Tnnes 7 Sa tiirdayr-Apr il . 15*1978 


ARTS 





For better or worse 




*v.-V 

* - a?:-' '~ii .V s 

; i 


When tin? BBC wjrc* pubJicl? Tn» significance of fladio Four 

that it is rethinking morning a a ”? b . a . c fi‘ 

‘ , .. _ .. % "round irformation in ihe L.Iv. 

scheduling on Radio Four jou consid ,. rj j,le. Television is 


are about as close as you are •inefullv inadequate as a bource 
going to get to an admission Ulat «f news— the quality may bi- ■ 


things have gone very seriously 
wrong. Just bow seriously we 
may never know, blit the 
evidence of managerial disarray 


there hut the time given to n 
implies a distressingly low esti- 
mate of viewer needs— and the 
1>.K. does not have the depth or 
news magazine coverage that is 


in recent months in the face of available^a Europe and the U.S.; 
constant criticism of the re- | nstead foe Briton, if he is to be ■ 
v am pel To-day slot: the admini- j n f 0rmed must rclv on his daily 
strative turmoil produced by the nev:5 p a p Cr a nd Radio Four. If I ■ 
broadcasting of Parliament; and rPa( j m y conversations with ' 
the severe strains oo program- Muageridye correctly Today man. 1 
ming and morale which followed from this summer on. will dash ■ 
budget cuts which bit deeply for ,h e office fortified with a 

reasonable news briefing from a ' 
programme that has a more uni- j 
fled sound than the present 
patchwork quilt of Today and i 
l'p to the Hour and which will • 
he hosted entirely From London. ' 
The Manchester connection is 
about to he ditched. , 

Muggeridge and his troops' 
have major obstacles in design- 
5 ins a Today show which will 
please everyone. Lengthened 
Parliamentary coverage means j 
an inevitable split of wave-, 
lengths at 8.S5. and the need; 


<*%*■ ....... 

3S • V - :£%*■?. i 

«,■ !*» Mi 
fe*: sm 



i m y my 


di Lammermoor 




For a quarter of a cental?,-, nrfjajtive aS pects of 17tb-centu7T- notes \H the mad scene, and the 
since Marla Call as sang her first. ScoHand -are softened by the apparent, ease with, .which, die 


since Maria Callas sang her first. ScnSitod -are softened by the apparent, ease with. .which, die 
! Lucia (in June 19S2. at Mexi co. romantic v i ew of the country— overcomes alt /technical 'difficnl- 
, Lity>. Donizetti s' mentally fragile.', ■ weatherr-taKen by the lies, allow her tpexpress poor 

.heroine has been interpreted by- designers. Pan tel is Dessy lias’s' distraught Lucia's every* Reeting 
sopranos, like Callai beiself or sets, -especial ly the Exterior, emotion. -A wider range of era- 
Joan Sutherland: with large. ficeae& ace beautiful and stylish,; beJlisbment sbmethingT. this 


ake .m.her stride — 
: performance, needs 
tremendous ovation 


voiced Lucias— Beverly Sills ls '^ SSS &iSetyof Edearda ^Petef-rDVorskyv 'who .sings 
an obvious example— but on the . * f : r \ '■ • V. Bdgarddv'ls a tenor . still ^ ft- his 

; whole fashion has favoured the V ' - v ‘ ’ -J twenties-^llKe Edita Gruberova, 

vocal heavyweights. Now, a new l. \ . . ” — : ; . . ' be comes from Bratislava— with 

.r r - r_ j: r J ■ . - it- < - - .... . . _ 


ELIZABETH FORBES 


production of Lucia di Lammer- : '' - . 

moor - at the Vienna S ta'atsoper - ~ ' X- APPPA - 

features a young singer .whose 

most successful voles so far haver : j a • ' : ’ 

been Zerbinetta and the Queen .HilZABETH FORBES 

of Thfe Night. ’ 

Edita Gruberova has 

tremely fiexible -voice f ttf -' indi- '- .. ■. - ; - 
vidua) timbrel Tbongh ‘ ‘pot;‘ ^ ,- ' -' ' ; 

Italianate in sound— ■5he coines j 4jff«r:the wedding ceremony, and. 


twenties-^ tike' Edita Gruberova, 
.he comes from Bratislava— with 
a -velvet-tonnisC - lyrical voice 
and . an open, free, delivery. At 
his admirable best in . the dnet 
with Lucia and In A Tu che a 
Dio spiegisti rali/^ he has to 
push bis voice too hard for com > 
foyt in ■■’- the ■ more' dramatic 
moments. ', particularly during 
the WolTs Gi-ag scene. 

As Enrico.- Mattes- Manuguerra 



& . r : - 


' -n- , Vi* ' 

, ' •' n 



Peter Hofmann as Max and Richard Van Allen as Cuno 


RADIO 


ARTHUR SANDLES 


Der Freischutz 


j tVeber's Der FreischULz was to be worrying . about the integrity of • Friedrich’s moves 
■ revived on Thursday at the Royal mysterious lapses In his marks- than to the dramatic integrity of 
'Opera, with Gbtz Friedrich’s per- manship. jjj e * 

a duction rehearsed by Richard ln the original. Max’s sin is lT , fh ; 


i from Bratislava— its keen fonts df -Lncia- before theinad sceae. sings -with opulent tone and 
>enSures‘ -quite exceptional Suttriarly, Silvia Strabammer’s some refinement pf phrasing, but 
'accuracy in florid xausic. -wbUe attractive 1 costumes. 7 boast few be is dramatically wooden and 
| sensitive phrasing compensates cfcoaksind not a single’- fiat.- They conveys little of the desperation 
•for a slight .edge tothe. tone. do^ERit, I am glad tosay.-inciude that, drives Enrico to treat his 
Boleslaw Barlog’s production. ^anFjgoechronistic tartans either. ' sister with such cruelty. Thomas 
straightforward and traditional, -\-|ffl*Gcnbero»a'. tsd^ng i'little Moser ^ makes -sn .■■imposing 
postulates a Lucia entirely'.sub- 'time- Ib'-warin up, sings -^Reghava Arturo, his tall figure a a d firm 
jug&ted by her men/olk, as shb-’ h^alena/o ” a trifle coolly, but voice rather overwhelming la 
missive to her lover, Edgardb, ftfice launched on tbe'duet. with the role. . Siegfried Vogel, -who 
as to her brother, Enrico. The Edgar do, displays temperament slogs Raimondo, also impresses? 
inclusion of the scene -m the a« j »^'Il as precision, passion as . unfortunately his .best scene, the 
tower of the WoiFs Crag, where well as style. Though she can- ..duet with Lucia, is cut. Giuseppe 
the two men confront each other,- not' dominate the sextet or tiie PatanjS. an immensely experi- 
i enhances this bias towards finale to Act 11 in- the way. that’ fenced conductor Of this Rind . of 
; violence. \ Sutherland, for instance, does, music, wields a 'capable, but at 




for what Muggeridge calls 


On the other, band, fee 'more her -absolute command Overthe .times a. too* heavy hand. 


Douglas Muggeridge 


flexible format appears «o Hash cre^„. ‘ The r e“ have “‘been against the naforal Trder: he Ss , ln h the r “**[«• 

with his and his listeners changes in personnel, but the tempted into seeking a monstrous A 11110 * 1 * 11 * 1 ucta Popp makes her 

jAmififlr fnr fix- nr? rtflintC— fT> V I 1 1_. ...k a ..... . r . . ° .. . .. . mipf/irviirtf I J 


Diario delV assassinata 


- . u ... I o— ■■■ r r... . — icmpivu miu gsciuufi a iUUDJUUua 

demands for fixed po nt^ my l staging is essenuatiy what it was. advantage through a diabolical cusiomary iusirous soima, ana| . • Was :^- 1 circle of youB . fans, moved - convincingly ‘a .: larger- 


#JL' But Muggeridge has other; The overture was interestingly disorderly terrors of foe bullet- tint her 

' SS'rh.IJS iiLr 1C “ “ e chanQe/ ‘ Plans, including a new genera-) restrained, its brass threats casting in the Wolfs Glen. Here exceeds t 
uia iuuuq luci, tion of comedy shows which with . reduced to sinister intimations; the natural order is in ruins at Agathe— 

That description of the posi* -luck will be in the new genre , searchingly intense playing in the the outseL and the elaborate hint of t 

" tion may. however, prove to be which the channel has been: Iasi two scenes compensated for light-show in the Wolfs Glen that we i 
historic rather than current, delightfully developing on Ihe , a good deal of rhythmic disarray makes a colourful diversion (and bodings 

. There are signs of further quiet in the form of Week End- in the first two. a distraction from Weber’s amused, 

change on Four and of moves ing and the Hitchhikers Guide! John Warrack has observed powerfully original music). One McIntyre 


handsome costumes were By 

ta*S.iS? G * ri< ! ** . 


back to the style we addicts grew to the Gnlory. Weefe Endino i that Freischiitz displays ** a 
to know and love. The one re- is an amazingly inventive and; carefully controlled curve from 


, sceptical eyes. Donald! ® rsT Fear— « Coei fan txrtte con- doea ) bi S 0 wn text for' Diario • on the same, programme with 
re is a bluff. lusiy Caspar,' ducted “- v Gmao Cantejlu; but (jeil’assasrimito. Unlike mueb uf this new. work of Negri's there 


less haunted than he might be i [ or F e . ars ^ seen J? d nDt t0 his. work, however, it. is not wa s a semi-staged performance 


maining horror is the frequency cruelly witty show which, if It : Hctzt down into a physical dark- 

lnt«P fhi. ► urhiph will I.m,. - nM - talMrwfnn- - f. . . 1 ■ _ ■ 


- switch later this year which will were on' television; - would pro- ! n ess. reflecting psychological 
take Radio Four onto the Long voke an explosion of indignation \ darkness and up again into 
; Wave. ' from Westminster. There wl/J ! light “ Mi*. Friedrich sees- it 

The person whose reputation |* e grea ler _Pxploiia tion of sieren . differently. He has not inter- 
rests on the chabges to come is dram a and (soon please .soon )! fered with the details of the 
. the affable Mr. Douglas Mug- an en( * t0 the Vjf mn i ns °* . Threo 1 action, which indeed are staged 
geridge. the Corporation's radio and ^ our on Tuesday oignts— . his usual unobtrusiv? skill. 
• programme controller. To some TTlusic 1 might enjoy, but music I but the general setting is so 
rtunrpp fnrtuno «M»h On Radios One, Two, Throe. rarhc-MlIv transform pri a<! not to 


OPERA 


DAVID MURRAY 


if there were visible decencies ; ^ ave f°uncl its place. ILwas not meant- to' be' funny, 
for him to have betrayed. 1 10 much a complement to U - * 

Forbes Robinson’s Sarniei is a; 5caIa M 3X1 appendage. But in v . . 

sonorous demon: Weber reserved j recent seasons it has proved an , r- * 

his apparition for the ultimate' Weal setting for redtati jnd far -- 
terror in the Wolf’s Glen, but discussions, which figure more ■ nncpA 
Friedrich sends him stalking \ | n d more prominently m the,. •- OrtKft 
cuntbronsly through the first act .f 1 ' 1 * 3 programme. And it has **. • 
like Rothbart in Swan Lake. *5 ! developed its own personality. Its ... WILLIAM Wf 

if perversely determined to show| Q wa audience. - - - 

him to be an absurd pantomime- 1 Last month, that audience (Its - flasssfifi 


of Schoenberg's Pierrot lunaite. 
The players — all of them 4rst- 
rate — were virible, seated as 
usual ix a semi-circle on the 
stage. The performer. Catherine 


Gayer, appeared,' dressed in the 
traditional Pierrot costume and 
enacted each poem, sometimes 
at the footlights.. . .sometimes 
.among the players, actually, in- 
volving them in- her perform- 
ance: turning , a page . for the 
pianist, hovering behind:.. the 
flautist Her presentation of .text 
and music was impeccable, fluent, 


WILLIAM WEAVER 


degree fortune' T with "E ™ Hathos One,' Two, Throe. 7ad.caliy TXESnSFS not to sees no grave moral danger, but him to t. an abs^ pantom l»| 

notable exception of the change Four . B . BC Ir ? caI antJ «A a I the; matter— because one doesn’t for only the apparent risks run oy devil ^ P*® 1 « of 2e ^ Sraia? sth^ 

to Long Wave which is bound to same >* somewhat offen- a moment believe it. The most the actors amid the expensively hJSLr ! SSeSTsaJe a^ixed>feceptiotf 

upset a high proportion of sive - Thank heavens for : innocent newcomer to the opera solid pieces of scenery swinging judgments, Friedrich s better senbers) gave ammeo reception 

listeners, is on hi s P side Radio’s World Service. i must realise within minutes that ponderously from the flies. Even self-the gifted director of 1 to the 

purse strings are loosening a 11 all sounds dazzling and fois ashen, devastated landscape that foreat is toothless, since the operatic actors~has nonetheless [Negns DM^ det^ESos^to 

little and should loosen much delightful, and Muggeridge is j has nothing to do with Weber’s Max of Peter Hofmann— his first made the homespiin tale “w *, < Di “ffil 

more when final decisions are the man who will end up with i jollities of huntsmen and pea- appearance since a serious on- with smooth concision, and i^BSfSdiSSf 

made about the size of future e ?S on his face if it is not., sants. (Did the Thirtv Years’ stage, accident, in youthfully strength of tha [open carries the Ppsed for the ^Italian pop sing 

licence fees but perhaps more “We have got to get it right," ' War make the sunny Bohemian heroic voice but looking cautious evening reward mglsr. Richard j Mil In the ear y 

important, the furore provoked h e says. The addicts, most of: forests into senrefied earth?) as well as' romantically depressed Jan Allen. Gwynne HowelL, twain -here een ^flClva_ and Mma, 
by the changes of the past year us apparently “mature.” which ; The plain fact is that in such is spared the perils of his crag- Norman Welsby .and Jonathan divided Italy as sh^iyM 

nr so has been such that the means the wrong side of 30. ; dire straits, this little community climbing entry: he sings off stage Summers are workmanlike in violently ’ as tne Gaii^ re o ami 

BBC has been forced into a and somewhat conservative in would have no time for shooting while an unconvincing double the smaller roles, but tnore is debate of * »cu t 

major consideration of its awn our outlook, cait; only- hope that | contests and dancing, and it does the scaling. Someone has delightfully made of foe ’ eight and the a PP ea J°j , p th ^ 

role. they do^-v.'f^ i seems frivolous of -st.una- Max. given higher .priority, to the bridesmaids than of any of them. J artists went well bey ondtte 


- fliade' many the production, and Sari created 
her— knew how the few, apposite scenic elements 
y her powerful ^including ai'xqetaliic^inoon. over 
voice does -not the' piano). Donato Renzetti 
of variety; hut conducted precisely. ;:hut * feeF 
f. and ^he: also .ingly. ;■ 


Warn 



f indicates programme in 
black and while. 


BBC 1 

8.S5 a.m. Playboard. 9.10 The - Ex 

Oddball Couple. 9.33 The Recerd 5.00 Bad: 

Breakers. 10.00 Indoors Outdoors. fi.Qfl pjar 

+ 10-23 “Soldiers Three." starring tIoo New 

Stewart Granger. 1 1 1.53 Charlie 7.IS Tern 

Chaplin in “The Cure.” 12.28 g.15 

p.m. Weather. kov, 

12J10 Grandstand: Football Focus mon 

(12.35): Tennis U.00) World 9.15 Sew 

Championship of Tennis 9.50 “ Hu 

lournament: Badminton Ho»e Gaza 

Trials 12.15, 2.40. 'JAM: Racing It.33 New 

from Newbury tl.50. 2.20. 2.55. 12.00 M*A 

3—0): Badminton (2.10. 3.10. ti2J3 a.m. 
3.40) The European Champion- ’’Je 

ships; 4.40 Final Score. Bart 

5.20 The New Adven lures of jj 

Batman. 

5.33 News. „*r 

5.43 Sport Regional News. 

5.30 Fish. Monkees. 

6.15 — Rolf on Saturday — OK? 

6.45 Saturday Nigh I at ihe On'lh'e 

Movies: "The Thousand Sports 

£i aneB " W k • skating 

5.1,i The Val Doonican Mu>ic Rink; 

Show. j •>() ti 

9.00 Kojah. and 21 

9^-iU News. 2.15 ar 

10.00 Match of Ihn Day. Interna 

11.00 Saturday Night a I the Mill. (2) Prc 

AH regions as BBC 1 except at Crystal 

the following times: Soccer 

Wales — 9J5-I0.IKI a.m. Telilfant. ling; 4. 
11-30 p.m. News and Weather for 5.05 New 

w ales s . l5 Hapi 

Scotland — 4.55-0. 10 and 3.45-5.50 3.45 Logs 

p.m. Scoreboard. 10.00 Sportscene. 645 CeJel 

I0.30-li.00 Falkirk Folk from Fal- 740 Ener 


kirk Towtv-H*H— rHv>0 News and 
Weather- WttSiSfttSa.: 

Northern Ireland— 3.00-3.10 p.m. 
Scoreboard. 3.43-3.30 Northern 
Ireland News. 11.50 News and 
Weather for Northern Ireland. 

BBC 2 

7.40 a.m. Open University. 

+3.20 pjn. Saturday Cinema: 
■■ Executive Suite." 

5.00 Badminton Horse Trials. 

6.00 Planets. 

7.00 News and Sport. 

7.13 Tennis and Badminton 


8.30-Sale' of the Century.- ■ ■ - - 

9.00 Within These Wails. ... 

10.00 News. 

10.13 The South Bank Show. 

21.13 Executive Suite. 

12.15 a.ui. Stars on Ice. 

12.43 Close — Christopher Caze- 
nove reads poems by Thom 
Gunn. 

All 1BA regions as • London 
except at the following limes: 


. - GRANADA -C ' ^ , WESfcWARD 

•.«nd.i. and 1125 Elenhiir Bay. S.X5 e^. Film." Fftmta 3.M. IJB eoropean Pop Jnrr .TJBt Wtotear tortiJW WMa n ge ITew« 9JsK 

Lomus Bon. U5 QdeMtr Square. rm R fwwut Cmtfer. UJiCuj Homj- D ^ e( Prvsenn .130 Rafflu.-S Top aSUmm. 130 Tta Week W 

U0 sal# o * the Century. *-» The BI* bun's BtnMars- UJf Wand of Mren- TDQM ,5,. us Alan Clare artte Plano Cakafri with ' wS^nstw^MS News Sounl. ; l»45 

ra; as wasrirffi9.as wsrsw bl* .erawAM^ 'SSfe-S? 

75Sed.VnJ?Sw. uSstI S i Ad^nruM of Mahanuned AIL it W 0 RADIO 3 404m, Stereo «• VUr poDUCul system, ttchldteo Wowi- SM Dqat’He DMm 


dWIQ.l. dllU i L— J CWimmi' •"T** • _ 1. M « 

U« art s Hun. - tl5 C«l«bf1!r Square. rmR S vnran Granjjf. UJ • C.us How- 


HIV 

1.05 a.m. Build , Your Own BhI. 1J0 
Tiswas. 1005 Batman. 10.45 Tiswu 
icallLinued). LL25Wetnwiy. UJ5 Tl«» a Miwmva 


Jg EX and Snort ANGUA GTSSi 

i’?Y i: e " S . anfl , ?,°j' . * 1.10 a.m. Undersea World of Captain Francisco. 1US WlDun Tli^u Walls. 

1-1.1 Tennis and badminton Xero. IJO Tlswas. I0.20 Funky Phan- HTY Cymmwales— A s 1 1 TV Ce« 
8.15 AshkCQazy Conducts Tchai« 10m. UM5 Tlswas. U4S Valley of the service except-. 5.454X0 p.m. Carte 
kovsky with the Philhar- ?'I M “* ura B u - 55 Tiawas. ' S-« p m- unw. 4.oo-k.30 Canoifan. 
monte On*)n»«tr» Celebrity Sqnan-s. 6 90 Code R- 7.00 •vC’OTTISH 

n 1- c n. bi Sale of the Century. 8.30 Saturday Film- * * l ” n 

9.1,1 Second City Firsts. contraband Spain" starring Richard 1.0Q a.m. Build Tour Own Boat 1 


wminued.: 5JS |U». ±MeM» Sopan-a. "l3« 


430 Lacan's fttin. U0 S tree is of San Si ranger " 11.30 FJwlil Pbaotom- , w , — — — — «-v mw>p .<«•• • — — — 1 — — t ^ _ . . , 

^SiuSsS). 11J5 WUhrn Tli'-sc Walls- ri-55 a.m. Wewher. Ut Mews. MS n.tS KhUsW’s Schoberi Son* 00 record jffgZ SBLJSSL. xS 

MTV r«m^wj|«*-As im- central CclebrUy Squares. 7J» Sale of the iS); . 1.00 Jfewx. 1.05 Record (19*9).--.- V Desert Ixlnnd Dtocs. 43»Stopt2n Wew 

.^0 SShMMJB XSi Cartoon! Century. 830 violent So turd iy" «ar- ' lcw , s> UJS fSi. Ra dle3 VHF«U-MM30 a.m. 

. " — nn- Vicrnr Mature anti Lee Manic. 1135 _ aa r CrmKVirw rtn^iMin s Have Lowd <S». . *-# SanirojT-NSBin 


1 Medium Wave w>br 
(Q) Quadraphonic broadcast 
47.58 a-m. Weather. U» Hows. 


Interview .with. the Dhi* Prime Mtolfw. Muidc of^ fte SJ» 

10.45 Cabaret ,<S>. . H35 News. Encore. . 538 Week Ending. SS5 Wfeifbor. 


SCOTTISH 

1.00 a.m. Build Tour Own Boat 130 


Husbands." Starring Ben Gn-c-ne. AnmiS; Aim*.-c and Michael T,s ^" 1 including Batman and Adventures 


Gazzara and Peter Falk. 

1 1.33 News on 2. 

12.00 M*A*S*H. 

tJL2JI3 a.m. . Mid-night Movie: 
"Jeopardy." starring 
Barbara Stanwyr-k. 

LONDON 

8.43 ajn. Sesame Street. 9.45 
Hair Our Show. 10.13 The 
Honkers. ■ 10.43 Our Show. 11.30 
Spencer’s Pilots. 


11.15 Wiihin These Walts, m Ralnhov.- Couni rri. 5.15 p.m. Logun's ,,-nh Junior Choice <S ■- 16.00 TW Jensen. 


635 Ok-brity Sqnar. > 


H n? ' :,rjrv lce M * rTlc ' 105 10 48 BBC Scottish Symphony Orchestra Unlrenrfty: .'SELl^Sf iSm 

The CWMers. <c, 12.02 p.m. James Galway urca^nis D i nVil xl T ™ Weiibw* NfWJ- 

RADIO 1 U7m ■ .rioSE Sr^5Ti*»- «s m 9D j vm’ n^^ttlnSJ"" 0ur 

son <S ’ h 5TS , p*f st( _v a n cSmSSnSSie «S? SnSintf Bfions * 38 *32 Panning Ttwte-.'. VHF^OSlZOa wd ^90-538 Mn. Opes 

oL^s.r 1B*U & 5r ETgSS* records 138 ^ Faithfully. ^ VTeather and tinteendty. 


12.15 a.m. At Urn lireJ or the Day. """ '^unritj 

of ihe G-Tcurj. 830 
A 1 V vammi Vi».-tor Matu 

1.05 qjrr. Muni's Ihe Word. 133 Tlswas U38 The Swcuiwy. 
wiih Dynontuit the Dog Wonder plus The cn| itti 

Lone Ranger. S.tS p.m. SU Milium V*. 

Mbr Si.-u?. *35 Ci-Jebrtiy Squares 7.00 *-* ajn - A ci-Send 

«»h Nor tl'S Schryu FrORfili 1X0 The , fo J^’’ 7a * 1 . 

Sunuef. 1135 Rich MM. Podr Man. W Show Int 

Dftnnrn Day* U38 Weekend 

OUKUtK .caibct rwi'C«i 


12 00 Paul Oarnbji’cinL 131 Pock On *Si. 


of ihe O niury. 830 • Vioiwii Saturday j' Z30 A , Jn Freomin 531 Ale*‘s 

vamni Victor Mature. 11.15 Uilc CaU. Komcr* Bln.-s and Son) Show i$i. 6.30 


SOUTHERN 

835 ajn. Weekend lollow-d hy re cional 


In Conccn iS» 730-2.02 am. As Budio - 

RL' DIO 2 l-300m and VHF 

5.00 am. News Siimmary. 5412 Tom 


S.4S S'~.aine Slrcet. Rfe-ante with The Early Show iS» In- CATITRD At 3.30 011 6BC2 majOT R Wards for her Stage play 
•litOinK 10.15 - Happy i-todtnK 8.03 RAcina Bulk'lin. 834 As . „ * _ o : a r-o-Mmlin ’• • 


« •= ' nrvnr\r-ri """ Day* 1130 Week-end lollo-'-d hr rusiOMI Radio I 18-02 Tony Brandon 'S', you Can watch Executive Suite, One®. ^L-GfethOlic. — -- 

" DURUtK ucaibe) ror.-cast and U .«0 Code R 12.02 p.m. Tiros Best iS-. 1.82 Punch * «-»!.— SUNDAY: The day belong5 tO 

J jhe p.m. Build Your Own BuaL 1.J0 5.15 p.m. Celebrity Suuon.<. 6.80 Sis Line. 3.30435 Spun on 3: FoorbaD the 19s4 HOnJTVOOa movie aoOUI _ R _. With tha matinfe 

U-30 Tiswas Indu-Jm Fantastic Voyage and Million Dollar Man. 7.00 Sale of ihe icscne Sperlpl nr.ft. :.oo. 5J.\ stS. f drDom 0( v %v » r struggles la 

The Beachcomber*. 535 p.m. Logans Omary 838 " Coranam nf Killers" 3 «■: Cup Rueby -l.M 3.80. 245. 3.05.: W>arQroonl m ^ -5954 HObSOU S Choice 


the l«a4 H oii3-wooa movie auout Bici^tertiag vfth the titatode 

boardroom power struggles la ^ tbe . >195 4 Hobson's Choice 


12.30 p.m. World of Snort: 12.35 *■« oichmy Squares. 7.00 Sale slurring Van Johnson and Bay Mi Hand Bsrinx from Nwhwry (1.38, 3.35. 3.35. t j, e gj ant Tredway Corporation, «tarriilg Charles La light OQ as 

fin ihp R-j| J • I lid ini..pn arrnn ,i of the Cciilury. 8.3# Film: “Company of 1135 Within These Walls 1235 a-m. ?.0a plus n-sulis from Other meelinqs. _ * , StarrUlg > ■« 7®“ , 

In foe U*M‘. I JO fob matron ai Killers •• sumne van Johnson and Ray Sourhorq N,m. udh a classified cheek at 4.30: Badminton with William HoldPD playing HobSOD. ' Thfe l3St part _bf AII_ 


i^y" 1 


T>7VE TEES 

1.18 a.m. Solo One. 1.40 A> ilon Adven- 
5-15 hire Film: ■■ Munsier Ro Hume." U- 3 * 
1-90 Run. Joe Run. 12.00 I .Mn The Greatest 


, , . • *1 1.4 n a 1 mr. *■■■ mv>iu«uu aiiu juuiuviu 1 . 

oports special 11) Speed- MUIand. 1135 The Outsiders- TXAIC TCCC 

skating from Solihull Ice ru tNivri - •* * ivc ittj 

Rink- 1,15 New* from ITN- v,n/\ni>LL 138 a.m. Solo One. i.*0 Viloa Adven- 

1 "o The ITV Six j - w 9nii U-U pm ‘ p,,ran '* PlaH'.ce. 5.15 hire Film: - Munsier Go Home." UJ0 

r v „ IX— V 30 - . _ Losan - * Hun. 4.15 Happy Days. 1-80 Fun. Joe Run. 12.00 I .Mn The Greatest 

and 2->u trom Beverley: 1.4c*. Police Woman. tU3S The Mystery —The Adventures of Muhammad Ah 
2.15 and 2.55 from Ayr; 3.10 Thriller: "The Hour of 13.’* 535 pjti. Losan's Run. b.VS Celebnty 

International Sports Special HR AMP! AN Squares. 7JQ sale of the >>nmry. »30 

(9V Prnfe«inn-il p. _ »„ VIlVAlwriAli Saturday Nlahi Flint: Violent Saturday. 

12) xTOiessionai cling Irom I.OB *.m. Scene on Saturday Including u.15 The Practice. LL45 nm Protector s. 

Crj-stal Palai.-e; 3.50 Half-time .Birthday Greeting and The Lone Ranger. 1235 a.m. Epilogue. 

Soccer Round-up: 4.00 Wrest- I -33 s )? Dpy - 1 •» spidcrman. x*33 The T ,l CTPD 


2?.5? SJfir’Sr-iSrJS lWlonMWUltag. AMIJSob CreaturaGrert And SmiU it 

ITV you can watch Executive 7.15 Is followed by Part i. of. a 

CHESR SOLUTIONS Suite, Episode l of a new huge Amen can drama imagio- 

Solulion to Position No. 211 series” (imported from ing The Trial Of Lee ^Hafyey 


5 ^r 7 ^ 3 nf U ?ho r lS rnre tet> i^ l . . . N-K5 ch ! 2 PxN (if 2 America) about struggles for Oswald^. a»d then faftef the 
sarurday wiahi Film: vtotaTi sararday. K-Kl. NxP and Black is a pawn power in the boardroom of the news) atheist Gore Vidal argues 
u.i5 The Practice u^s liie proiectnrs. up with a strong attack), PxP dis mammoth Cardway Corpora- with atheist Clive James over 
** iS'lf-D ch: 3 K-KL QxP ch ! 4 Resigns tion, with Mitchell Ryan playing whether " Christianity was 

ULol LK (4 RjcQ. R-R8 ch,’ 5 B-Bl R8xB Wsjiin^ WfilL wcl] we]], u Dficfisssi7 11 in Crass Question 

- tS1Fi£." V *u!30 sLmi ch ^^'ou t^pJJbhe^No 211 0o BBC2 at ®’ 15 is a which got offlO a du 11 startTast : FnMdl March (teft) m the film 

iZb. t K "r S™« ?"S. “w ft to . mmtjl hospital, ShaU ^-^.lootaM.innn: at cu.lv. Suit., oo 

7.00 sale of the Century t38 The bu _ h - n or w RvP ch- 2B-K3, I See You Now, wnttea by tng. , . ■_ BBC-2, and Mitchell Ryan (right) in 

w^m'an! Vlolent Samrday ” UJS pollce 0 r if Q<€ ch; 2 N-K3. ’ Mary O’Malley who won two ■ ■- GJ). the jtew ITV series. 


ling; 4.50 Results Service. 
5.05 News. 

5.15 Happy Days. 

5.45 Logan's Run. 

645 "Celebrity Squares. 

7.30 Enemy at foe Door. 


Clue Club. 10.0 island of Advcnnire. 
1130 Space 1999- S35 p.m. Losan’s Run 
followed hy area weather forecast. High- 


land Leanne and shinty results. 435 Street. 5.00 pan. Spons Results. 535 
Celehriiy Squares. 7J» Sale of ihe Cen- Logan's Bun- 6.15 CeJchnty Squares. 


lur». 830 Feature Film: "Key West"— 7.00 Sale of the Century 
cram tip Stcnben Boyd. 1135 Within Film: "Violent Saturday.- 
These Walls. 12.15 a.m. Reflections. Woman. 





Island Of The Lost.* 


838 The Bla 
1135 Pol Ire 


Mary O'Malley who won two 


the jtew ITV series. 


ENTERTAINMENT 

GUIDE 


' THEATRES 


THEATRES 


CC— These <hcatr*t accent rertam Credit 
cards nv telephone or at the bo\ orfice. 


OPERA & BALLET 


| AMBASSADOR; CC. 8 X 6 1171. DUKE OF YORK'S. 01-836 5122. 

Seat. 8.00. Matt. Tu« J.Ofl. 5a». 5.00. «*». 8 .O. Mat. Wed. inn Sat. at S.OO. 

... JOVtN GIELGUD 

1 LST THE coop STONES ROLL * I In Jul.an Mltcnell'a 

-Louis .Selwrn Jrrates Orilllamlv as Mick \ HALF-LIFE 

' « ?.■ ' ' audience Cheered." a national theatre production 

1 5. Tel. Ends April 22nd. | •- Brilliantly witxv ... no one should 


COLISEUM. Credit cards oi-zao 5258 
. Reservations Q1-B36 3161, 
ENGLISH NATIONAL OPERA 
Tonight Tue*. & Frl. nc»t 7.00 Carmen: 

.: •« M JP , 'ctl ? "Haunting lime. 

■ sphere. E. News. ; Smpothiv A Sweetly 
' E* 1 * 1 ™?- ,uM O' «"*!<: accessible Tnciody." 

O. Marl. ' . . . a tfream ... a most 
unusual a memorable oneratic evening " 
y2J ks A . Pos,: Thurs 7 -10 La Tra*,j;a 
. IDS Balcony (eats always available day 
or pert. 


' .gnim - — — i miss It." Harold Hobson (Drama). Instant 

z b63. Evenings BOO.) credit card reservation. Dinner and toe- 


l THEATRES 

LONDON PALLADIUM. CC. 01-437 7J73. 
For 2 meets or.lv April 17. 7.J0 Tires, 
ana Thur. 9.00. ‘,Vea.. fr,. and Sat. 4.15. 
9.O. we April 24 Man. Tuns.. Thur. 9. 
Wed- Frl.. Sat. 6.15 and g.O. 
LIBER ACE 

IN HIS LAS VEGAS SHOW 
, BOOK NOW. 


THEATRES 


THEATRES 


THEATRES 


CINEMAS 


Mats. Thurs. 3 00 . Sat S.oo a»d 8 . 00 .! 
DONALD SI N DEN 
Actor oj the Tear. e. Std. 

•■IS SUPEPB.” N.o W. 
*HJfT M YOUR EVES AND 
THINK OF ENGLAND 
■■WICKEDLY FUNNY "Times. 


price sear £7.00." 


ARTS THEATRE. 01-838 2132. 

TOM STOPPARD'S 
OIRTY LINEN 


GARRICK THEATRE. 01-836 4601. 

E»«s. 3.0. Wed Sat. 3.0. Sat. 5.1 S. 8 30. 
JILL MARTIN. JULIA SUTTON 
ERIC FLYNN and ROBIN RAY 
in the 

"BRILLIANT MUSICAL 
ENTERTAINMENT.-- People. 

| SIDE BY SIDE BY SONDHEIM 
• • GO TWICt." 5 Morlqy. Punch. 


COVENT GARDEN. CC. 2ao 1066. 
■ Gardenchargc cri-dit cards 836 6M3.1 
THE ROYAL OPERA 
Tonignt. Tubs. .5 Tnur. 7.30 O m. Der 
Freischut*. Wed. 7 00 p.m. Otello. 

THE ROYAL BALLET 
Mgn. 7.10 p.m. Rtmeo g Juliet. 65 
AAlphi 1 seats lor all perts. on sale from 
10 a.m. on da* oi ihti 


. -Hllar.ous . . Vt, u. Sunday Times ; -GO THRIE TIMES " C B^T nYT 

| Mon,l 'sa oo*'. S ?d g. r TS y Jnd ends apr?l £ vt ' 

I j59* A ^te C ar4? - 7U2e Cr foir-nhlS«! 8 T 15**W?5‘ 3.00. Sa» T 6*00. Vjo' 

l^ 3 m" 3h U T r- 0 ' PAUL w J Kkrow CKENZ,E 

Friday, and 8 *ibm«_ 6.00 and 8.45. .aiauaSi.U'C N^r^. 


LYRIC THEATRE. CC. 01-437 3686. 8 »v 
8 . 0 . Mali. Thurs. 3 . 0 . Sal 5.0 amt 3-30 
JOAN PlOWFuGHT-. 

COLIN BLAKELEY 
end PATRICIA HAVES « 
FILUMCNA 
Oy Eduardo Filippo 

Directed 6 v Franco 26FFiRrttf 

"TOTAL TRIUMPH. - D. Mirror. 

" AN EVENT TO TREASURE." D. M rror. 
" MAY IT FILL THE LYRIC FOB * 
HUNDRED YEARS " Sunaiv Times. 


ALAN AYCKBOURNS Hew Comedy 
TEN" TIMES TABLE 


SADLER’S WELLS THEATRE. Raseben-v 
A*e.. E.C.!. 837 1672. 19 April to 13 
May SADLER'S WELLS ROYAL BALLET 


a*"iftlS4l"R«5S5S"Si Vito — - 6* h « ““ -anier 

Bar li/iNtofme and swore or a'rer s/row ?; J-" 5 ’.- '.’. T W l SS5** r 


in 4a»ance 

BJ5J MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 


THEATRES 


A DELPHI THEATRE, CC 01-836 7611. 
E*bj. 7.30. Mats. Thurs. 3.0. Sat. 4.0. 
IRENE 

THE BEST MUSICAL 
of 1976. 1377 and 13781 
IRENE 

■tONOQN-S BEST NIGHT OUT.“ 
Sundav People. 

ALREADY SEEN BY NEARLY ONE 
MILLION HAPPY THEATREGOERS 
CREDIT CARD BOOK I NGS 836 1 . 


I CAMBRIDGE. 836 6056 Mon. to Thur 
8.0. Fr> . Sal at S.4S and 8-50. 

IPI TOM SI 

Exciting Bi^it African Musical 
"Finest dancing in London. Sheer 
dv J±7U' m " Duty "Mail. 

• THIRD GREAT YEAR 
Dinner andToo.priee seal 18.25 Inc. 


of co med y has done it again ” E». Nm. 
GREENWICH THEATRE." E?n. 7.30. 
Mat. Sat. 2 10 ARMS AND THE MAN. 
A Comedy' bv George Bernard Shan 


MAY FAIR. CC. 829 3036 

■ Mon it, Fri. 8.0 Sa> 5.50 apd 8 *5. 
: GORDON CHATER - Brill air." £ N 
THE ELOCUTION OF. 
BENJAMIN FRANKLIN 
ov Steve f. Spearv. 

A compessiiinaie lumv. fiercely 
eloquent o!av." Gui- ■■ Hiiafous." E aid 
I ■■ VVKWrol* in'itilna.” c News. ** Soell. 
J bine ng - Obs. 


| PHOENIX. 01-836 2294. Even ng 8.15. 
r Friday and Saturday 

■Tim brooke Taylor - graeme 
GARDEN make us lauah." O. Man. >n 

THE UNVARNISHED TRUTH 
A New Comedy by Rove* Rrton. 
“GLORIOUS - CONTINUOUS - LAUGH- 
T£R.“ Times. "THE AUDIENCE 
i LAUGHED LIKE A DRAIN.' f. Times. 

, "SHEER D ELI GHT.- E . Stand ard. 

PICCADILLY. 4 37 4506. Credit card Ort. 
836 1071-2. 9 a.m.-S p.m. Evs. 8 
Sal. 4.45 and 8 IS. Wed. Mat 3.00. 

BEST COMEDY OF THE YEAR 
E>B- Standard Award and SWET Award 
Rpyai Shakespeare Company In 
privates on parade 

bv Peter Nichole 
■ Not luitjble lor cnilarenl 
"HUGELY ENTERTAINING 
E4TRAVAGAN2A." 5. Tunes. 

RSC also at Aldwvch Theatre. — 


SAVOY. 01-836 8888 . 

Nightly at 0.00. Mat Wed. 2.30. 


Sat. 6-00 and* B 00. 

PATRICK CARGILL and TONY ANHOLT 
in 

SLEUTH 

The World-famous Thriller 
by ANTHONY SHAFFER 


WAREHOUSE'. Ooiww Theatre. , Cov*nz(CURZGN, Curror Street. W.i. -49R .3737. 

I 6808. Royal Shakespeare j pardon Mon affaire vX>. ttnal-Vi 


ComoNty. No per*, tonight. Mon.. 7J30 Siitr-titloJ . "A UMrklmR New frencn 
John fonrt *Tis PITY SH S’S A WHORE Comedy. Directed, with ftnoije by Yv*» 
■ aokl , BVO. Adt. bfcSS- AJdwvCb. Sunday . Express. Progs, a: 1 .SB 

— . . . ... (dot Svn.l. 3.35.-8.10 and B.SO. 


SeeMa the ela» bum la. m tact, an 
utter and total (oy.-* Punch. 

- It will run and run HIM. ' Sun. Tnl. 
E renin cs £1 to £4. - Mats. £1 to £3. 


WHITEHALL. 
Evss. 8 -30. 


01-930 6692-7785. — : ; ; 

pH. and SaL if 5 LEICHSTtR SQUARE THEATRE 9 3D '5252 


Paul Raymond presents The 5bhuIiomI 
s« Revue ol the Cantupr 
. DEEP throat _ 

Due • to overyrheJmihq . nubile . demand 


Shirley MNUmt. 4Wf da ncrotc. Mitua‘1 
*»rY»hnllre*_ln a .Herbert Ross Film 


THE TURNING POINT (Al 


season extended. 


Prsoc. Wk. 1.05 4.30 BIO. Sun. T 10. 
7.45. Late shdw Fn. and Sat. 1 1 -45 Pi<ti. 


SfialtevOurv Ave.. WC2 iHIph Holborn endi 
Eras, at S 00- Maes. Thurs.. Mi. 3 . do. 
JOHN REARDON Jhd JOAN 0ICNER n 
- KISMET 

-A SMASH HIT. THIS MUSICAL HAS 
EVERYTHING.-- S Mirror. 


PRINCE EDWARD. CC. iFormerly Casino.', 
01-437 6877. Pre,iew« Irom June 12. 
OocniRfl June 21 EVITA. 


HAYMARKET. 01-930 9C32 ergs. 8 00. 
Mati Weds 3. JO .Salt. 4.30 and- S.OO 
INGRID BERGMAN 
WENDY HILLER 

DEREK DORIS FRANCIS 

GODFREY HARE CUKA 


01-939 2578. 


WATERS OF THE MOON 


Erentrw 0.0. Ttiufs. S 0. Sat. 5,30, 8.30. 1 Ingrid 8 eraman makes the stage radiate 
MORI A LISTER. TONY BRITTbN ! charisma.- - Dallv Mail. 

Margaret COURTENAY, Drnnoi WALSH i TWendr Hiller is supero." Sun. Mirror. 


THE H!T COMEDY THRILLER 
MURDER AMONG FRIENDS 


KING'S ROAD THEATRE. 


. ALB2RY. 836 3S78- Party Rato. Credit • 
■ card hkgs. 836 1071-2 ifrom g «.m.- 
6 pn*i. Mon. Tues . Wed. and Fri. i 
. US b* Thyrs; and Sat. 4.30 and *. no. 
■■A._fo.OUSAND TIMES WELCOME IS 
.. LIONEL BART'S , 

MIRACULOUS MUSICAL “ pm. Times. 
OLIVER 

with ROY HUDD and JOAN TURNER. 


SlaekmaM. armed robbery, doohte hluft Mon. to^Thur. 9.0. Frl.. Sat. J. 30. 3-30- 


and murdor nmes. " A good deal or 
fa" Evening News. 


THE ROCKY HORROR SHOW 
NOW IN 173 5 til RCKING YEAR 
THE GREAT ROCK 'N' ROLL MUSICAL. 


C EviJtes? , 8 , .0. «; al C 5 C J0 B.jQ ^ur^x.o HER MAJESTY-S. CC. D1-3H66Q6. 

• LESLIE PHiLlik E»en:ng* 8.00. Maft. Wed. and 5al. 3.00. 


I MERMAID. 24B 7655. Restaurant 248 

1 2235 Tom Conn Asher in 

l WHOSE LIFE IS FT ANYWAY7 
THE NEW SMASH HIT BCCLAIMED 
BY EVERT CRITIC. 

Tc«,y 5.1 i S 0 1 Sj 
R c-oPnni Ayr'l 14. 

ALEC McCOWEN's ST. MARK'S GOSPEL 
Opens Tomorrow until Asm 23 ano cvffv 
Sun. until Jure !|. Sun. 7.29. fvts. B. IS 

. Utl Ab HI 1 9 al 7.00). 

NATIONAL THEATRE. 9 28 2ZS2. 

OLIVIER -.open stage;: Ton - *. & Mon. 7 
•■red. oe. prevs.l BRAND by Ibsen in « 
ve rs Ian by Geoffrey Hill. 

LYTTELTON 'proscan mm Slige): - Today 
3 * t 7.4S BEDROOM FARCD tey Alan 
Av ckhp um. Mo". 7 as plenty. 
COTTESLOE 'small aumtarlnmlr: Ton'!- 4 
Mon. S -prevs.) BON JUAN COMES 
BACK FROM THE WAR by Horvath 
I trans. by- Chrlstephnr HamptOPi 


PRINCE OF WALES. CC. 01-330 8681. 
Monday to Frioay al B. p.m. 

Sal. 3.20 ard 8 45. Mat. Thur. 3.00. 
-HILARIOUS COMEDY MUSICAL.’’ 

— The Sun. 

ROBIN ASKWITH 
I LOVE MY WIFE 

NAUGHTY BUT NICE WITH A LOT 
OF LAUGHS." News oi :n« World. 
CREDIT CARD BOOKINGS 920 0846 


SHAW THEATRE. , _ 01-388 J 294 

CHICKEN SOUP With barley 
bv ARNOLD WESKER 
Ev*s. 7.30. Mat. wed. 2 . 20 . 

*' Mov-ng and Illuminati no." Times. 
"Absolutely Maonlfieont " E*. News. 


1 WINDMILL THEATRE CC. .437. 6312- : “ 

i wise NIOMty 8.00 and. 10 00- ODCON HAYMi 

OPEN SUNDAYS 6JJ0 and 8.00-. Jane Fonda. Vi 

PAUL RAYMOND oTWdntS .ZiflltemMII Wl» 

RIP OFF ■ • Oly. 2.30- 5.4! 

the wotic SXPERIENCE OF THE 6-00. 9 00. Ul 
MODERN ERA .- — Comnv 1 1 

■■Takes to unprecedented l«iiu vrhat Is | xetx* MWe. al 
pcrmlfllbfa on .OUT stages.' Ew, NCJM. . - . 

Yo* • BWv"drfc«k and HMtl hi She 

aaidltorhim- OOEOM LktCtSI 

: — CLOSE ENCOL 


ODCON HAYMARKET fgjfl 2738-2771 <. 
Jane Fonda. Vaneaaa Redgrave in a Fred 
.ZinnemMn film JULIA (Al. Sea. P no*. 
Oly. 2.30. 5.45. B-A5. Feature Oly. 2. *5. 
6 - 00 . 9 00 . Law Show Frl. and Sat. Prog- 
Com pl- Has pm. Feature 12.00. A«l 
WOT WUt. at Theatre. 


OOEOM ' LEICESTER SQUARE. 930 6111 
CLOSE ENCOUNTERS- OF- THE THIRD 


STRAND. 0.1-838 2680. Evenings 8 . 00 . 
Mat. Thun. 3.00. Sate- 5. JO and 8 . JO. 
NO SEX PLEASE— 

WE'RE WITWH 
THE V/OBLD-S GREATEST 
LAUGHTER MAKER 


wvMDHiH'L B36 3028- Credit card -RIND IA 1 . Szn progs. Olv. Doors -op*" 
1071-y SSST*- lSS root) into WTI^Ss. 4.15 .7.*b. TSj* 

Wm.-TWli B. F|1. & Sat. 5. IS & 830. btrJS. Tuds-SaL Goon open 11.15 □.* 
Mtm * rtNORMOUSLV -.RICH. AIT swts niiy 8 * booted aacent 10.QB 

i ...M. niuuv " CMbwi hmm i a.m. orvtt* 


QUEEN'S THEATRE. CC. 01-734 1166 
Even.npv d.C. Sal. 5.0 and S.30. 
ALEC GUINNESS 
BEST ACTOR Of- THfc YEAS 
Variety Club ol GB Award 
THE OLD COUNTRY 
A Nmi Play oy ALAN BENNETT 


ST. MARTIN'S. CC. 836 1443. E>1. 8 00 
Mat. Tues. 2 AS. Si te. , S end B. 

AGATHA CH RIST IE'S 
t THE MOUSETRAP 

WORLD'S LONCEST-eVER RUN 
26tti YEAR ■ 


VERY FUNNY.” Even (no New*. 

Wuc c#w ” ■ 
' Suprainfr eome«Y_on sen and reunion." 

pJ(JKS!!l|i WITH 

LAUGHTER. Guardian. - 


YOUNG VlC'nioar-Old vie). M 8 6363. 


ODEON MAkBLE ■ ARCH. 723 2011-2 
.STAR WARS fU). Doors open Oly. 1.30. 
4.3S. 7. SO. - Late show Fn. anti S*% 
12 . 00 . midnlgM All seats bkWe. «*sept 

».30 per*. Wkt- 


A NW Play Oy ALAN BENNETT 
Directed (H CLIFFORD WILLIAMS 
BEST PLAY OF THE YEAR 
Plays and Flavors London critics award. 


TALK OF THE TOWN, CC 714 SOSI.j 
BOO. Ditiin*. Dancing. 9.30 Super Revue, 
RAZZLE DAZZLE 


V Seats BKble. uru . Bar. 


“ fmoeceable . i^ m<w r ■■ Sun. nrvws. 
■ SECOND "HILARIOUS" YEAR ! ’ 


"CONSIDER YOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN.” Dally Mirror. 


ALDWYCH. 836 6404. Info. 836 S352. 
ROYAL SHAKESPEARE COMPANY 
2?.J5B f 5! ir £. Tdtfay complete frifpov. 
HENRY VI Part 1 no 30 a.m.). Part 2 
■ <3.00). Part 3 (8.00) "4 tour d' horizon 
of playing and ttaging." S. T-mes. RSC 
alto at THE WAREHOUSE >'we under W) 
f. n< * Plvtadilly Theatre In Peter 
Niehdl*' PRIVATES ON PARADE. 


DRURY LANE. 01-836 BIOS. Ereo 
night 8.00. Matinee Wetf. and Sat. 3.00 
A CHORUS LINE 


BRUCE FORSYTH 
In LESLIE BKUCUSSE awl 
AWTHONY NEWLEY'S • 
TRAVELLING MUSIC SHOW 
w»lh Derek. .QeMiths 
Directed hy BURT^SHEVELOVE 
II >3 packed to .buntiVg .ppinl w.th the 


Many nerilent cneno sca» all <3 theatres 
I dny el parr. Car pprK. Restaurant 
I P?a "035. Credit earn 928 1052. 

OLD Vic. -928 7615. 

Nen sr a soi starts April 20 
jnllh Prospect * first comedy « 

The -Old Vic. w.li Shakespeare's . 

1 TWELFTH NIGHT c - WHAT YOU WILL 
. and Eileen Atkins a* . 

SAINT JOAN 

a great o"r»armance." Th**' Time*. 
Phone bo* office now tor details ano 
Immediate bookings 

Aeril 10-15 he do Vic Youth Theatre 
The Caucasian Chalk Circle The Winners! 

Misciiia Persons. 


RAYMOND REVUCBAB. CC. 01-734 1593. 
At 7 p.m.. 9 p.m.. II p.m- 'Ooens Suna.i 
PAUL RAYMOND presents 
THE FESTIVAL OF 
EROTICA 

FuHv Air Cpndhioned, You may 
drink and . smoke In tne auditorium. 


and at 11 p.m. 

MADELEINE BELL 


Q NEKAS ^ 

ABC t ** SHAFTESBURYAVe. 838 8861 


THEATRE UPSTAIRS. _ *5S4. 

Tuesday -Sunday r.afl. . 
SHARED EXPERIENCE 
in BLEAK HOUSE 


2: THE .GOODBYE 


■'A rare de»*statlnv. Joyous astonllhinp Personality and cheer erienjv nl Bruce 
stunner ■■ Sunday Times. 1 - «•— «-—* ... 4i™— 


Fprsnh "* Sun. Express. ''The audience 
cheered. " Sunoay Teie*riph • 


DUCHESS. »36 8223. Mon. to Thur, - — 

Ere*. 0.0. Fr,.- 6 . 1 5 ana a, 00 . LONDON PALLADIUM. CC. Ol -437 7 373. 

M ,P H I CALCUTTA I Torlsnt at' 6 . 1 a and S.4S. 

™ ilS" " W* Trl T ME SUPREMES MARY WILSON 

at>l - SENSATIONAL YEAR Karen Jackson and Kaaren Ragland- 


. ALMOST FREE, -in* 6S24. Limited Season 
Only! Wolf MankaxlIZ'i SAMSON AND 
DELILAH. N.B. Nightly at S p.m. Inci. 
Son*. No irvon Frit. ~il«inarlcabl*. 
• . *ttual pad WMtoHl cHrmk. 1 * IHm. . 


FORTUNE. ' «S 2ZS* Ft**. 8 . Thur,. s LONDON PALLADIUM.- CC. 01-437 7373. 
pfi* 5.00 IM >00 FROM MAY 25 to <MJG T9. 

Mgriyt « MISS M APPLE In THE Two RONNIES 


RIVERSIDE STUDIOS. >748 2354.) Tue*.- 
Sun*. 8 o m. iNe perts. Mon*.). Sate. 
3.0 «rd 8.30 a.m. 

Ten|«a|lki Theatre Co. In 
Shuj Teravima's - 
DIRECTIONS TO SERVAN T S 
ROYAL COURT. 73D 17dS. 

E«qs 8 Sat. 5 and S 30 
CLASS ENEMY 
bv Nioel • williams 

“ Stunnlne ne* pl*r.-' F Times. - Blues 
with Hia ana forces." Gdn 
se= af&a Thra'.rd’ Upstairs. 


um. ( bv Charin Dickens 

-■^esT- Im 4 parts. Iff Repertoire) 


£00 ana s.iq, l»i* stw« tapw>tii.io 


SCENE 2, lele. Sr. fWardoor St) 

A 39 4470. 

1.- Woody AB CT-s EVBRYtHtNG YOU 
ALWAYS WANTED TO KNOW ABOUT 
SEX fXi. 2.SO.B.OD. 9.1S. BANANAS 
• SAAL t.tS. 4.28. 7 AO.. UtC Show FfJ. 

> - ... <■» 1 ft.CC -- -- . 


pud S«L -10-.SS.. -- - 

2 > -THE PINIC PANTHER- 


Vaudeville, as a s mb. cc. e*a. a: a. 


Mas. Tuci. 2.48. Sat. S and 8 . 
Dinah SHERIDAN. Dulde GRAY _ 
Eleanor SUMMERFIELO. James GROUT 
A MURDER IS ANNOUNCED 


IKES’ AGAIN 


A MURDER IS ANNOUNCED 
THe NEWEST WHODUNNIT HIT 
bv AGATHA CHRISTIE 


I classic T a. * 4 . oxford St. (Ooa. I ~ — - ' : . '• : 

I TotUnWW ’Cowl Hoad Tiibel. 636 OJia j-STUDIO .■».*■ 2. 3. 4. Oxford Orciu. . 4D7 


■ (teenier Aqatha with another who- 
dunnit hit. Apatha CJirisxie Is stallring 


the West End vet again with another 
of her Bendlcnly Ingenious muniir 
mysteries." Felix Barker. Evening News. 


AGATHA CHRISTIE'S 
MURDER AT THB YlCARAGB 
> Tfcted Om« Tear ■ - 


OP1N SPACE. 01.J87 5969. EW. 6834 
Triple AtHani ORPH EUS- 
P ALACK C’Mit Cirgt 01 tSJ 8814 

Mote- Thun 8 . 0 . Frl.. Sal. fid «"d 8 40 

JBBUB CHRIST BUPUMTAR 


■OO*.- WITH (AR 1 " tne NBW 
EXCLUSIVE TWQ RQteNlBS KOTUM 
BIAS SOBS. 


ROYALTY Credit cards 01-405 8004 ; 
Mnnp*T. Thursday Eremngs 8.00. F'lday 
510 fid 6.4J, Saturjyyi 3 00 and S.OO. 
Lnnrinn criliry «<jl* 

•BILLY DANIELS l" 

BUBBLING BROWN 1UGA* 

Beet Muaxai Of igyy 


1 . RwN 0 Rcrs : f90® Part ' 1 OJ) Pp*. | 3300. ' 

z!l 5. 5.1 S . 6.1 S. LftCTjfiBML Tl.is OJn : j J.- ANOTHSR MAW.- ANOTHER WOMAN 

2 . the HIDING PLACE *«.. Sep. eeris. J fARi. Prapt. 2.SS. S JO. A10. Late Show 
joJ 5,01 -84)0.. Late abort H nan.-J -S»L 10M. 

jaSt’ 5mrnw» in r *W 1 f.jnoo-i the* a. THE GOODBYE -ftRL. lAJ Pros*. 


Jaci Lammon f" Wk™! R. . THB .GOODBYE -QRL LAJ Proin. 

PRISONER ^ * ™ K -1i*S. Z.*B. 5^5. -8. 05. Aat» Show Sal. 
BUGS BUNNY 'SHOW (W.- H4S ■ . . , 


VICTORIA PALACE. 01-834 1317. 

STRATFORD JOHNS 
sheila Hancock 


A NEW MUUCAL 
■ROADWAY'S BIGGEST MIT 
L fiton April U. ONM May L 


S. Geortf S*ML MR 
OICKt * lAJ „ 

Late *dW T2.30 '*U1 
MURDER-. BY. 

Late *hof*,i0.4S.P.m. 


MURDER- BIT. DEATH LAI. 4.w,..7.« a. Wendy AltenBUnc K Alton Deoble W« 
LlieThOW. T0.4S. P.th, •■•••• SLEEPER <Al/-2.35. S 0. SOS. LOVt 

e. a,i u |uDCl*l' part *■ TX). frOP». ANO BI4JM <Ai._. T4>a. '4 }S. 7.3P 

SjoTM«^RDS..Gate me* tl.io; a»l tata Sbew SA )oao; • 




n 





|5 napdal Times Saturday April . 15 1978 


A vri 


Sj 


Rinata 


..." i > 


. r 




• ■ ■ 

• -• v 

. 

■ " ■* '► _ 


• ’ .. -■ u Si ; 

j ; CE 

* fc* 


’• Having written in 4- recent 
1 article upon the pitiable state of 
patronage of the visual arts id 
this country, 1 am happy to say 
: that there now- occurs- a magnifi- 
cent example of . • . private 
generosity- to -serve- my point. 
Through its various charitable 
trusts;, the- Sainsbury company, 
from which the funds for this 
particular enterprise, were first, 
derived, as indeed an imaginative 
and generous, if rather self- 
effacing patron. 

The- Sainsbury. Foundation for 
the Visual Arts is a private bene- 
faction on the grand scale. . Sir 
Robert and Lady Sainsbury gave 
to -the University of East Anglia 
virtually their entire collection 
of works of art, the fruit of a 
long career .of shared . enthusi- 
asm; whereupon .their son. 


ART 

william packer 


David, came up with £3m. by 
which to bouse and endow it 
.. suitably. The. building complete, 
.. the Foundation opened earlier 
‘ this month, to the not : unnatural 

- private and' civic celebrations, 
; -and. some controversy. 

,It is a gift which the Univer- 
sity, with its distinguished 
' School of Fine Art. was only 
too pleased to accept; and the 
undergraduates who objected, 
feeling that the money had been 
better spent on them, improving 
their own accommodation, seem 
^ rather to have mJssed the point. 
What has been given to them, 
in . fact, is the opportunity to live 
and. work with and among some 

* great works of art as a matter 
of course, a natural feature of 
their 'daily lives; for a major 
portion of . the interior, desig- 

. hated rather archly The Living 
{ Area,' will always house a sample 
of. the collection, an enviably 
inspiriting and civilising influ- 
1,'cnce. .. ... 

»- There Is. besides, the aradeniic 
-value d! the collection, which is 
-considerable. For these first few 
months it is all on view, filling 
not only the living room, but 

- the ‘special gallery, meant-, to 
take 'visiting exhibitions, as well. 

• The - collection is personal, re- 
flecting personal interest, taste 
and judgment," which is always 
fascinating to ^ee, and is its 
own justification; but certain 




John Williams Old Master 

ART FOR WHOM? shouted a Barrios Mangore in the second. 
leaflet for the Serpentine Gallery tfone or the music was great. 

as we left the W’igmore Mali: bat Williams (who can just as A K _ V o»r 

“we are. increasingly dissatisfied easily turn in a masterly account! . A ,E** nlin ? zj Jv..!!. u- Ls‘* 
with the failure of so much con- of the Bach D minor Chaconne ^ century Dutch artist, of 
temporary art to communicate 35 a Barrios miniature)' treated 2 frozen river, with numerous 
with anyone outside a small each small item with infinite figures skating and playing golf, 
circle of initiates.*' declared the care and patience. He sketched sold for a record £190,000 in a 
organisers of the gallery's “* e , background to both the 5^ 0 f old Master pictures at 
current show. * lie D£ Earnos and the /oi w j Christie's yesterday. It was 


They should have been inside 
(he Wiqmore Hall on Thursday. 
where one answer 10 their ques- 
tion whs made plain; art for 
absolutely anyone who had the 
least inclination to listen was 
on show ail evening in the 
unpretentious, dazziingly skilful, 
humane, and (whether the 


MUSIC 

NICHOLAS KENYON 


bought by the Swiss dealer, 
David Koetser, in a side which 
totalled £1,843,100. 

It was the best spring sale of 
pictures .ever held by t be King 
Street auctioneers. The pre 
jvious best was in March, 1973, 
when pictures sold for 


Serpentine "Sn^Uta it or JSS^SS'l^JSn ***** 
not) genuinely popular music- increase our enjoymeatf and Yesterday's sale also set an 
making of John Williams. added on the spur of the auction record for a . still life. 

Difficult to think of anyone moment an early folia by Gasparlwhen Brad, the London dealer, 
who has so easily crossed the Sanz to show us the musical I paid £140,000 for a picture of 


A Benin bronze from the Sainsbury collection 


parts of it inevitably are 
stronger than others, its range 
is extensive, its great strength 
its global view of primitive 
sculpture. African. Oceanic. 
North American,' pre-Columbian. 
Mediterranean and Celtic that 
together show up Primitive as 
a sad misnomer. Egyptian and 
Oriental antiquities, which also 
come within ..the Sainsbury 
scope, escaped the epithet long 
ago. 

The European painting and 
sculpture of the last 100 years or 
so offers fairly- narrow a view, 
concentrating ambst ‘ exclusively 
on figuration, and. inclined 
decidedly towards expressionism, 
whether incipient ' or actual. 
Henry Moore, Francis Bacon 
and Alberto .Giacometti arc 
especially well represented, and 
there is a castjifjhg Petite Dan- 
seuse by Begasf “perhaps the 
best thing' of the lot: the rest is 
uneven, but full, of -treats, major 
ones in the cases of Snutine, 
Picasso and Modigliani. - 

The building also houses in its 
elegantly functional interior the 
Senior Common Boom. Restau- 
rant and School of- Fine Arts. 


and it is certainly spectacular, 
inviting comparison with the 
Centre Pompidou, if only 
through the English connection 
in its design. But, though 
Norman Foster has flung alii 
the workings of the building to I 
the walls, leaving a vast andj 
column free space, it does not 
wear its guts on its sleeve. 
There it sits in the campus park- 
land. its shiny skin blue and 
silver in the sun, a buge, im- 
probable hangar from which 
anything might emerge, as crisp j 
and bright as a new pin. ( 

Maxwell Davies { 
premiere j 

The main event of the second! 
annual St. Magnus Festival nfi 
Music in Orkney from June IB- 1 
20 is the world premiere of the I 
opera Th e Tico Fiddlers bv 
Peter Maxwell Davies. The onera 
is based on a story by Orkney 
poet George Mackuy Brown. 

Fifty pupils from the Kirkwall 
Grammar School arc taking part 
in the production. 


Difficult to think of anyone moment an early folia by Gasparl 
who has so easily crossed the Sanz to show us the musical! 
boundaries of light music, basis of the fora. I 

classical, commercial pop, folk. By such means, allied to his 
and sophisticated jazz in the last sheer skill, he cajoles us into 
few years, without either com- listening, not merely dozing 
promising their integrity in each pleasantly; yet bis playing is 
field or sounding unbearably completely at ease, and his L-om- 
pompous. But John Williams munication does not rely on 
has succeeded. On Thursday he hyper-tension. He is the master 
played and introduced a few of the art oF relaxed con cent ra- 
Latin and South American tion: the evening was disarm- 
pieees. by Manuel Ponce in the ingly satisfying, and that's all; 
first half, and by Augustin there is to be said. 

Theatres this week . . . 

ROYAL COURT — Class Enemy. Reviewed Thursday/Friday. 


SALEROOM 

ANTONY THORN CROFT 


first half, and by Augustin there is to be said. roses, tulips, lilies and other 

flowers in a basket by Balthasar 

rgy * « • f van der Ast. It had been sent 

/ nPfftVPSZ thlK WPPK for sale by a Swedish client- 

KClttf Co Ift'trkJ TVK'VZ’Tl m m • one of approximately 30 pictures 

ROYAL COURT — Class Enemy. Reviewed Thursday/Friday. hi? been ^nt from abroad ^ 

] Funny, savage, sad play about ICb—Tlie case of Charles Dexter t ;™“J. ™7| iT ,. 

; dead-end schoolboys, as enter- lYard. Supernatural opera in the Among a number of fine 
taining as important. Reviewed fliwniwUua manner, extracted Italian architectural pictures on 
Monday. from H. P. LovecrafL Reviewed I offer was an unusual view from 

ROYAL EXCHANGE. Rlanches- Thursday /Friday. I the north-west of the Piazza San 

ter. Crime and Punishment. PHOENIX — The Ibiramished j Marco by Canaletto. It sold 
Concentrated version of Dosto- Truth. Knockabout farce with 1 anonymously at £90.000. In keen 
evsky. with Tom Courtenay and Tim ^ 00k t ^Jj y] % “ d JF”!™ 0 competition from French, Ger- 

Leo McKern. Reviewed Monday. Garden from ■ The Goodies. j 

PLAYHOUSE; Nottingham— Mac- Reviewed Friday. ™ an \. . and 

bath. Richard Eyre’s final pro- WAREHOUSE — The Loreiuaecio Spanish deaJprs. Brod had to go 
duction at the end of a profitable Story. LaM year's Stratford pro- 1 10 £80,000 for a picture of A 
stint as artistic director. Re- duction. Reviewed Friday. j River Estuary by Salomon van 
1 viewed Monday. Ruysdael, 

SOHO-POLY — Bondage. Elegant _ Sotheby's disposal of the 

but melodramatic study of fltifl f|/? V/ Signet Library in Edinburgh 

R m . , ^erwldn e p^da v LUnChime ' ) * “ * brought in around £500,000, well 

RIVERSIDE VrUDIOS — Direc- Monday. Tis Pity She’s a Whore . I “ ve , r . T half * he - * stim !i te - 

lions to Seminte. “Total from Stratford to the Warehouse. . "emreb paid tlO.oOO yester- 
theatre" by a Japanese company and Arms and the Man starting {day for the two volumes of 
in variants of Swift's theme, a Horniman tribute at Green-' Led oux's Architecture of 1847, 
Reviewed Wednesday /Thursday, with. Tuesday. Don Juan Comes .with many plates (plus another 
TRAVERSE. Edinburgh — The Back from the War at the Cones- volume), and Landry gave 
Slab Boy*. Violently funny piece ioe. and Un Uic Out at the Bush. £7,500 for Emerson and Good- 
about life in a carpet factory. Wednesday. Alec McCowen -n. Life _ nd Landscane on the 
Reviewed Thursday. speaks S L Mark's Gospel at the Rroadf whh 40 

LYTTLETOiV — Plenty. Fine play Mermaid; Titus Andronicux ;° r ; oUv “ roa , WUI1 . tL- 
bv David Hare about the effect plays al the New Vic, Bristol. Photographic plates. An tdin- 
of early tensions on a sensitive Thursday, a new piece. Comma burgh buyer acquired Roberts’ 
woman, with Kate Nelligan. and Going, at the Liverpool Egypt and Nubia in three 
Julie Covington, Stephen Moore. Everyman. volumes. 


experience and expertise 





Box-form twin-lens reflex 
camera by Newman & Guardia- 
Sale, Wednesday, May 17 

The famous Rolleiflex twin-lens reflex has been with us 
for fifty years. It is marvellously compact, and one is apt 
to forget that it is really two cameras linked together; 
one for viewing and focusing, the other for taking. - 
There have been TJL.R. cameras ever since the 1880’s, 
and in those days of glass plates they were far from 
compact. In fact by about 1912 they had virtnally 
vanished from the scene, damned by their sheer bulk . . . 
they were referred to as ‘photographic dinosaurs.’ 

Among the most interesting of that first generation of 
T-L-R.'s is the one marketed from about 1S97 up to 1910 
by Newman and Guardia of London, an example of which 
i/; to be offered at the Christie’s Sooth Kensington sale of 
Cameras and Scientific Instruments on Wednesday, May 17 
at 2 p.m. For further information on this safe, please 
contact Christopher Proodfoot at Christie’s South Kensing- 
ton. 83 Old Brompton Road, London SWT 3JS. Telephone: 
(01) 581 223L- 


WILLIAM MORRIS ranked: and distinction of silhouette, 
tapestry as the noblest of the depth of tone, richness of colour, 
weaving arts because ‘‘there was graduation of tint iind abund- 
.nothing mechanical ) about ' it ance of “ crisp " details; The 








-able." " them, ; a- manner which gives\a 

. Morris set up his tapestry peculiar richness to the designs 
’looms at his works at Merton of - fir ® 1 ^ ea t s „ ot the S1X ' 
Abbey, buiit from the mins of a teentb century + . . 

Norman monastery, in an Idyllic In the Lewis F. Day book is a 
spot on the banks of the River fine reproduction of a coloured 
Wandle between Wandsworth drawing by H. Dearie of “The 
and Wimbledon. First he began Vision of The Holy Grail, for 
carpet weaving, believing that tapestry executed by Morris and 
tapestry was but a step beyond. Go- for W. K. DArcy. Esq- 
working at the looms himself, figures designed by Sir Edward 
For Morris always believed in Burne-Jones, 1891. Three from 
mastering a craft before ask- the senes of th ^ superlatively 
ing anyone else to do it Lewis beauffim tapestnes deseed 
F, Day. in his delightful mono* fo F . Mr - D an Australian 
gram The Art of William Morris. millionaire, for the 

produced for The Easter Art dming-rwm of his home Stan- 
Annual of 1899, recalls that 
work was no hardship to him. 

'and be did to; ‘h is " woriunen gravias-Arts and Crafts sal. 
f always. -as ^-he would havfc'b^n - 

*done by.. y ' ■ 

J "It was ^characteristic of him ' • ■ 

gfhathe should have put up a COLLECTING 
jtipom in his bedroom at home, 
r.ind there taught himself tapes- JUNE field 

‘‘try weaving in the early hours 
of the morning, when the rest 
; d£ the household were abed..." • . 

» Morris's tapestries are des- on Wednesday, at 19, Motcombe 
cribed as being made on" the Street, S.W.l. The subject . of 
haute lisse (high warp), worked the Holy GraU tapestries illus-. 
on the warp standing upright in trates • scenes from Malory’s 
front of the weaver; who' has Morte D’ArtJiur, and took two 
'' only to hold apart the threads years to weave, with as many as 
with his left hand while he three men working at the same 
"works his bobbins ia and .out loom, with three looms iu use at 
"among them, and so bqild$ up once! The first set was comp- 
*his coloured woollen picture, a leted in 1894. Three panels were 
jort of .embroidery: with the repeated for Laurence Hodso n. 
shuttle upon stretched threads, in 1895-96, and are now in Birm- 
The basse lisse or low-warp higham City Air Galleiy, while 
-loom, so contrived that. the warp the narrative, panels were re- 
.threads lie horizontally, over the pealed in 1898 for D’Arcy’s 
'cartoon below, Morris held in mining partner, George McCul- 
smal! respect, “a dieap and loch; after that D’Arcy bought 
. relatively mechanical time- the cartoons . to prevent any 
saving contrivance, which did more versions being made, 
a good deal to degrade the noble Some years later his widow sold 
an of" tapestry weaving, and them back to the firm, and a. 
cause it to be neglected.'* - farther two subjects were woven- 
- The qualities sought in the in 1927 for H. Beedam of 
Merton tapestries were "purity Lympne Castie. . 



BRIDGE 

E. P. C. COTTER 


MY EXAMPLES TO-DAY are 
again" "from "" the 'Guardian 
Touniameiil; which. ’took place 
over Easier. The hands were 
computer-dealt, and though 
there were a large number of 
interesting hands. I feel 
suspicious of programming that 
produces singletons some 90 per 
cent, of the time. 

There is nothing sensational 
about the first deal, but there is 
plenty of food for thought: 


One of The Holy Grail series of tapestries, “The Failure of Sir 
Gawain.” being sold by the Earl Grosvenor at Sotheby 1 * Belgravia 
an Wednesday. The series was designed by Sir Edward^ Burne-Jones, 
and woven by William Morris's firm, Morris & Co- in the 1890s. 


JUNE FIELD 


A PROBLEM of top-level chess 
«in Britain until now has been 
."the scarcity of active inter- 
national masters and grand- 
• masters. 

The Aartmson Masters held at 
the imperial Hotel. London, at 
■Easter, should help in over- 
coming this bottleneck. Seven 
■ players — four- English, and one 
each from 'Wales; New Zealand- 
and the U.S.— scored a master 
-result - Although only one, 
-Robert Beilin, now -qualifies for 
the title, others 6uch as Basman. 
law and the British champion 
‘BotteriU should do so in their 
’next few tournaments, 

Leading scores among the 72 
' .players were Franklin (England* 
. J and Haik (France) 7S out of 10, 
■Diesen (U.S.), „ 

(England) and Soos (West Ger- 
many) 7, Bailey and Ntinn 
(England) and Omstein 
Sweden) 6i- Several of those 
with master results scored , only 
6 but inet Strong opposition. 

The surprise was the. success 
of Michael Franklin, who.-al age 
47. counts as a chess veteran but 
plained the most important 
“result of his career. ... 


Soos, the West German M, Is 
also in bis late forties; both were 
unbeaten and upset ibe wide- 
spread view that a strenuous 
schedule (in this case ten games 
in seven days) gives an undue 
advanuge to the young- 
■The 'veterans paced themselves 
wisely, ..relied on trusted open- 
ings, and- avoided the clock 


CHESS 

LEONARD BARDEN 


trouble which defeated some 
younger rivals. ^ J 

Nigel Short, aged 12, totalled 
51 out of 10, and expressed 
disappointment— -he . hoped for 
seven. Nigel lost to three esta b- 
lished masters, bur outclassed the 
lesser lights. Soos expressed a 
general view when he said tnat 
** Short’s all-round play ‘‘"s 
reminiscent of . the. young 
Fischer;.- he could become a 
gr an dmaster In three tn four 


The set of 12 D’Arcy tapestries 
were sold, at Sotheby’s in 1920 
for. £4.600 to the Second Duke 
of eWstminster. Tlie three now 
being sold by the Earl 
of . Grosvenor are estimated 
to fetch between £15,000- 
£25,000 each. The Burne- 
Jones panel The Heart of the 
Rose made £7,400 at Sotheby’s 
in 1972, and such is the interest 
already shown in these" 
Sancgrael tapestries that 
Christopher Payne, of Sotheby 
Belgravia's furniture depart- 
ment feels that they are unable 
to commit themselves as to what 
they will fetch. George Hughes- 
Hartman of Sotheby’s in Bond 
Street wrote the excellent notes 
for the catalogue which is well 
worth having even at £6. 

■ Also in Wednesday’s Bel- 
gravia sale are some crewel 
work hangings designed by 
Wilji&m Morris and worked by 
Mrs. Ada Phoebe Go dm an for 
Smeaton Manor, while on May 
25 Christie’s South Kensington 
are selling some Morris curtains 
that have been on loan to the 
WiiUiam Morris Gallery ‘who 
already have duplicates of most 
of the fabrics — Tills* and Web, 
Brother Rabbit, Rose and 
Thistle, etc. The curtains were 


years.” 

The strong entry for both the 
Aaronson Masters and last 
autumn's similar Lloyds Bank 
event show that an ’international 
Swiss system ” tournament is 
welcomed bv many experts. ' 

The 1978 Lloyds Bank Masters 
from August 24/31 at the Cumber- 
land Hotel, is likely to take a 
further important step forward — 
the intention is to have a grand- 
master cornu The Friends of 
Chess have generously supported 
all these events whose formal; 
given the rising costs of tradi- 
tional all-play-all tournaments, 
may prove the answer to the 
annual question of how to 
finance Hastings. 

White: P- G. Large. Black: 
J. M. Ripley, Opening: Sicilian 
Defence (Aaronson Masters 
1978). 

1 P-K4, P-QB4: 2 N-KR3, P-Q3; 
3 P-Q i PxP; 4 NxP, N-KR3; 5 
N-QB3, N-B3; 6 B-QB4, Q-N3; 7 
N-N3. P-K3; S O-O, P-QR3; 9 
P-QR4, B-K2; 10 P-R5, Q-B2; 11 
B-K2. O-O; 12 K-RL N-Q2 (better 
B-Q2 and N-QN5 aiming at an 
eventual P-Q41; 13 P-B4, N-B4; 
14 NxN, $cN; 15 P-K5! NxRP; 18 


left to a Mr. D. L. Corbett Price, 
a nephew of a Miss Lefruy 
whose parents had their home 
furnished by Morris in the 
1890s. 

Aficionados of the period 
should -no* miss “The Printed 
Textiles of William Morris " at 
the Victoria and Albert Museum 
until July 16. The exhibition, 
selected from the museum's 
comprehensive collection of 
primed cottons, velvets and 
linens designed by Morris, has 
been arranged to show not only 
his qualities as a designer, but 
also the manufacturing tech- 
niques employed in the produc- 
tion of these textiles, k is the 
first time that the museum's 
holdings of Morris printed fab- 
rics have been given a separate 
Showing, and the display traces 
a clear development of style in 
both colour and line through 
over 30 examples of his work 
designed between the late 1860s 
and 1896. U was not until the 
18S0s that Morris and Co. were 
able to print their own fabrics, 
and the exhibition also shows 
Morris's early experiments of 
printing and dyeing with the 
firms Thomas Clarkson and- 
Wardles of Leek. 


♦ 975 
0 K 10 5 J 
O A 6 
+ J 9 5 3 


W. 

♦ J 8 4 3 .2 

v- Q 2 
>92 

* A 7 6 4 


the eight, allowing me to win in 
hand. Now when I play the 
club ten, West steps in with his 
Ace and leads his second 
diamond to clear his partner's 
suit, and when East gets in with 
the club King, his diamonds put 
me clown. 

Suppose South plays a weak 
no>. .truiup,~and, foHewing die 
popular practice with two four- 
card major suits, opens the 
bidding with one heart. North 
gives a single raise. South 
reverses with two spades, and 
finishes in four hearts. Against 
the heart contract the diamond | 
nine is a likely lead and beats: 
the contract out of hand, and a 
diamond switch by West when 
he takes the dub Ace will also 
hold South to nine tricks. 

We turn to a slam Hand which 
caused much heartache: ! 


N. 

♦ K 8 7 4 
O A K 10 5 3 
075 
+ K 3 



W. 

* Q 10 5 3 2 
0 J S 


0 K 10 8 7 5 4 v 8 4 3 
*K82 *10 93 


E. 

♦ A J 
«?Q9 
v 5 

+ J 7 ( 


S. 

* A K Q 6 
A 9 8 6 

O Q J 3 

* Q 10 


B-Q3, B-Ql; 17 JV-K4, P-B5; IS 
N-B6 ch, PxN? (natural but fatal; 
BxN! 19 BxP ch, K-Bl; 20 Q-RS 
is hest, when While has- a strong 
attack but no clear win); 19 
BxP ch! KxB; 20 Q-R5 ch. K-Nl; 
21 B-Q2! (sacrificing a third piece 
10 safeguard the back rank). 


POSITION NO. 211 
BUCK lumen) 


At game to EastWest. after 
East had dealt and passed, 1 had 
no problem in the South seat 
about my opening bid, as we 
were playing a strong no trump. 
With 8 points my partner had 
enough to raise to two no 
trumps, and I could go three 
with my maximum. 

After the lead of the spade 
three. I won and played the ten 
of clubs. East took and returned 
the seven of diamonds, but the 
attack jn this suit waa too late 
to defeat my contract. If West 
leads the nine of diamonds, good 
defence can hold me to eight 
tricks. East must not play bis 
King, but must encourage with 

RxB: 22 R-B3. RxNP (hoping for 
1!3 K\R. Q-B3 pinning the rook); 
23 K-KR3. K-Bl; 24 Q-R8 ch, 
R-NJ: 25 QxR cb! KxQ; 26 R-Nl 
ch. K-Bl; 27 R-R8 mate— a most 
entertaining game which could 
well appear in cbe6s magazines 
the world over. 

PROBLEM NO. 211 
BUCK <8 



WHITE (Ilmen) 

Pantisch v. Hubner, Btigojno 
1978. Black to move; who has 
the advantage, and how should 
the game continue? 


WH!TE( Ilmen) 

White mate's in two moves, 
against any defence (by W. Popp, 
first prize Schach-Echo 1936). 
Solutions, Page 13 


* — - 

3-7 2 

O A K Q J 10 9 2 
* A Q 8 4 


With both sides vulnerable , ; 
East dealt, and South opened 
the bidding with two diamonds. 
to which North replied with two 
hearts. South now correctly re- 
bid four diamonds, showing a, 
solid suit, and North said Four! 
hearts, which in this sequence 
showed the two top honours. 
South now made a cue-bid of 
five clubs. North showed second- 
round control with six clubs, 
and South bid the grand slam 
in diamonds. 

, In seven diamonds, after a 
fourth-best spade from West,} 
dummy plays low. East puts up' 
the Knave, and the declarer 
ruffs. Now the percentage play 
is to ruff one club on the table, 
which succeeds, but if South 
happens to be a pessimist by 
nature with an innate dread of 
being overruffed, he can draw 
trumps and still make the con- 
tract. Tbe stars in their courses 
are fighting for bint, because the 
unhappy East, with four cards 
in clnbs and hearts, as well as 
the Ace of spades, soon finds 
himself in the grip of an auto- 
matic squeeze, and is in trouble 
a$ early as the fifth trick. 

When some Souths were con- 
tent to settle for the small slam, 
their partners tried for a good 
match point score by bidding 
six no trumps,, and made 13 
tricks unless East decided to 
start with the Ace of spades, i 

^—HARROGATE 

GDI !! Bison iotel 

BRIT ADI’S HOST DISTDrOVISHED 
COBFEXBSCE HOTEL 
*. Contonmee Secretary 0 
** TH. HARROGATE $04051 
1S| flaias 1?Bpfc + iaiMitSufU* 

HMury Cm)jnan*3M t Pirrm Baam r ?fi 
flinjim Simas 3SS ★ Brig* OHtriwn. 

3 lERiBnets * 11 « u 11 ah- 
TELEX 57922 OLDSWAN HAROGAt 
VOfll of Brhsin’s PftES TICE HOTELS & 


« pair or japanne facQuer and thibftmo .votes . 

To be ioU'chi April 1 7tli 

FORTHCOMING SALES 

WEDNESDAY 19th APRIL 

Georgian and later furniture including a Dutch marquetry 
display cabinet; bracket, longcase and carriage docks; statuary 
— Retford Salerooms. 

THURSDAY 20th APRIL 

Georgian and later silver and jewellery including a good William 
IV four piece tea service by Charles Fox — Retford Salerooms. 

THURSDAY, 27th APRIL 

Oriental works of art,, porcelain, lacquerwork, ivories and 
furniture-— Retford Salerooms. 

WEDNESDAY 3rd MAY 

Victorian and later furniture — Retford Salerooms. 
THURSDAY 4th MAY 

European pottery, porcelain and glass— Retford Salerooms. 
THURSDAY 11th MAY 

' Oil paintings, watercolours and prints including a study of 
donkeys by William Huggins — Retford Salerooms. 

WEDNESDAY 17th MAY 

The remaining contents of Abbeylands, Stackhouse, Settle, North 
Yorkshire— On the premises. 

Catalogues S5p eoch by post ( Applications must be pre-pald) 

HENRY SPENCER AND SON5 LIMITED, 

20, THE SQUARE, RETFORD, NOTTINGHAMSHIRE 
TELEPHONE* IBT77) 70&7A7 (SB LINES) 

VMintiotu prepared far Insurance, probate and family dhrifloN. 

IN ASSOCIATION" WITH SOTHEBY'S 



bpecialists in the Swlc by. Auction of Coins And Medals 

7 Blenheim Street New Bond Street,WIY 9LD Telephone 0M93 2445 


"Wednesday, 19th April, at 1 pjn. 

NAVAL & MILITARY DECORATIONS & MEDALS 
including rbe unique small gold Naval Medal awarded to 
Captain John Siewari. H.M.S. Seahorse for the capture 
of the Turkish frigate ” Badere Zaffer," 6th July, 1808. 
f Catalogue — Price 40p) 


Wednesday & Thursday, 

3rd & 4th May, at 1 jun. each day 
ENGLISH & FOREIGN COINS 
in gold, silver and copper 

including a good series of English milled gold coins 
and silver Crown pieces 
(Illustrated Catalogue (9 Plates)— Price £1) 


"Wednesday, 24th May, at 1 p-m. 

A collection of 

BYZANTINE GOLD, SILVER AND BRONZE COINS 
together with other related 
MEDIAEVAL COINS 

also ANCIENT GREEK & ROMAN COINS 
io gold, silver and bronze 
(Illustrated Catalogue- (5 Plates)— Price 50p) 


Wednesday, 7Ui June, at 10 am. 

ENGLISH & FOREIGN COINS 
in gold, silver and bronze 

(Illustrated Catalogue now in course of preparation) 

Catalogues for further Sates of Coins and Medals to be 
held in the Summer are noio. in course of preparation. 
Collectors desirous of selling should contact Glendining ■ 
& Co. promptly 
Commission to Vendors — 10% 

NO PREMIUM is charped to Buyers 


. ft 




14 


financial times The odd ministerial 

BRACKEN HOUSE, CANNON STREET, LONDON ECU* 4BY 

zr alliance which helps 

Saturday April 15 1978 

t fi small firms 

/jL ililallLlllg BY JOHN ELLIOTT, Industrial Editor 

_ /\NB <rf the more unlikely interest in small firms shown nationalised corporations and 

n 1 1 l f niialsterial alliances to by political parties and various the large private seetor com- 

f|r|||||0||) w have sprung from the Pressure groups during the past panies win have little need of 

Mj g iJIbI Mil Government's parliamentary year or so. it might appear that extra labour in • the coming 

and political probl ems during Ihese problems have -only just years and that (whatever left- 


_ L. ; ..Financial Times Ssturday.' April 15 


THE NERVOUS reaction of the 
City to the Budget has been due 
less to its fiscal proposals than 
to its monetary implications. It 
was disappointing that Mr. 
Healey did not raise indirect 
taxes to increase bis scope for 
cutting direct taxes, and that, 
within the limited sum at his 
disposal, he made no change in 
the standard rate or in the 
higher rates of rax. 

It is worrying, too. that most 
of the contingency reserve for 
1978-79 has been committed in 
advance on uew public expendi- 
ture. But this is no exaggerated 
pre-election boost to the 
economy. The official estimate 
is that it will raise the rate of 
economic growth from 2-2 i to 
3 per cent — an improvement on 
last year, no doubt, but one 
scarcely large enough to have 
much impact on the level of un- 
employment. 

Trade outlook 

The fact is that the outlook 
for world trade has worsened 
so greatly and our own propen- 
sity to import apparently in- 
creased so much (the official 
forecast of this year's balance 
of payment surplus has been 
halved) that the Chancellor 
could not afford to be more ex- 
pansionary, whatever the com- 
plaints of the CBI, the TUC 
and the Liberals. 

The Liberals, by the way, 
having got what they wanted in 
the way of concessions to 
small business and tax relief on 
profit-sharing schemes, seem 
more likely to amend various 
clauses in the Finance Bill than 
to oppose the Budget as a 
whole. If their amendments 
look like costing money, the 
Chancellor could well threaten 
to offset their effect by propos- 
ing higher national insurance 
contributions from employers-^ 
an idea which the liberals 
themselves suggested, but now 
recognise to be wrongheaded. 

The result of the present pro- 
posals is a public sector borrow- 
ing requirement for 1978-79 of 
£84bn., which is at the top end 
of* the range of expectation^^, 
though the City is "bafppjr 
enough with a slightly^ lower 
target for the growth of the 
money supply, therefore, it is 
not at all confident about the 
Chancellor's ability to hit it. 
The last monthly figure is 
good, but it looks as if he will 
just fail to hit his target for 
the year just ended, when con- 
ditions for selling gilt-edged 
were comparatively favourable. 

It Is true that the huge in- 
flux of foreign exchange, which 
was largely responsible for the 
money ■ supply getting out of 
control last year, is most un- 
likely to be repeated. But this 
is also true of the special fac- 
tors which made the final bor- 


rowing requirement so much 
less than the original estimate, 
and industry will be borrowing 
more from the banks. The 
Chancellor estimates Chat he 
will have to sell about the same 
amount of gilt-edged stock to 
the public this year as last, and 
that will not be easy. More- 
over, despite the prompt refusal 
of the TUC to co-operate in any 
formal pay policy, he is aiming 
to keep the rise in average! 
earnings in the pay round be- 
ginning next summer to about 
half the figure for the present, 
—that is. to about 7 per cent. I 

It was no doubt because he' 
recognised that the City would 
be sceptical on both these 
points that he announced a rise 
in MLR to take place imme- 
diately. A rise brought about 
by the operation of market | 
forces on Friday, the probable 
alternative, -would have looked 
too like a vote of no confidence. 

The gilt-edged market fell on 
Wednesday, taking equities 
down with it. It fell much more 
sharply un the following day, 
when Mr. Healey (in private) 
and the Chief Financial Secre- 
lary to the Treasury (in public) 
gave the impression that the 
Government might be contem- 
plating more tax cuts in a 
summer mini-Budget This was, 
promptly denied by the Prime 
Minister. 

Even if the leading indus- 
trialised countries do agree in | 
July on measures to support a I 
revival in world trade and out- 
put, the effect on the U.K. 
balance of payments will be felt i 
only gradually, while the sue-; 
cess or failure of the attempt to 
hold down average earnings will 
not be apparent until the spring 
of next year. 

A relapse 

The lack of scope for further 
action was emphasised yester- 
day by the publication of the 
March trade figures, which show 
a relapse into sizeable balance 
of payments deficit The figures 
have been fluctuating wildly 
from one month -to the next but 
the fact remains that -the 
balance wilj.jita.ve to he'lleisSly 
in surplus^jffif'lthfe .nexT^three 
months to hear out the official 
forecast for the first half of 1978 
published with the Budget. 

All in all. the financial 
markets seem likely to he much 
occupied over the next few 
months watching the trade 
figures, the money supply 
figures, the course of wage 
negotiations, and the state of 
foreign exchange markets— -not 
to mention the run-up to the 
election. Short-terra interest 
rates may well have to rise 
further. The gilt-edged market 
will probably remain uneasy in 
any case, and the equity market 
in general takes its cue from 
gilts. 


small firms 

BY JOHN ELLIOTT, Industrial Editor 

O NE of the more unlikely interest in small firms shown nationalised corporations and 
ministerial alliances to by political parties and various the large private seetor com- 
bave sprung from the Press* 11 ® groups during the past panies will have little need of 
Government's par liamentar y y® ar It might appear that extra labour in ■ the coming 
and political problems during these Problems have. only just years and that (whatever Ieft- 
the past year is the two-man ^eloped. Not only has the wingers and union leaders may 
team whose work lav behind Lever exercise launched, believe) there must be a limit 
this week's Budget measures for but £he Conservative Party has to the expansion of employ- 
small firms 561 up a small 1 business ment in non-productive public 

.u_ bureau ? at its Smith Square services. 

7 arp h ^hT«n nT a heaquartera in London, and has The Prime Minister therefore 

produced its own policy decided last summer to seize on 
*“*!! ?!?.? ™ pamphlet called “Small busi- small businesses as. the area 



textiles business, who has made 


ness — big future." The CBI which might help the unemploy- 



■ i\ 


iBSi iSipil I 


" »6S! 




’T-i-.-fl 7 -';. 

ViV 


his own name in the financial ^ set up e. new small mem Sem. SSh iTVnd 

HambnF "fThin'r-^nnr nf Jh* finBS directorate and produced Mr. Lever have been heard to 
Harold Lever. Chancellor of the Jts own *. ^ nDS j n t h e remark how good it would be 

Duchy of Lancaster, who last Eighties" policy In an attempt if each of the country’s lm. 

September was appointed by tQ sfaow it , s not -j^ ^ voice small businesses employed just 

the Prune Minister to eo-ordin- of business. Chambers of one more man and so reduced 

Commerce have jumped on the unemployment to the more 

small firms policies. The other bandwagon, and some new politically acceptable levels of - 

« * T£2l els ; and organisations have emerged the 1980s. J 

mitted Tnbunite MP from York- such ^ ^ Un i on i n d e pen- So small businesses are now 

shire who was coaxed into the dent companies. seen as the primary— if not the 

Government as part of the only — hope for a redaction in 

Prime Minister's attempts to But the problem is not new. unemployment At the same v, *. --- - ... -^t.. m 

live with his more raucous left- a point that even the last Sme it iT Sdcalte astut^iS * JmSJ iS!’ r Jf \THLSJv? 1 ***** ******* ' •*. 

wingers. He is Mr. Bob Cryer, Labour Government realised run up Vo to wl election for ° f ****** and he * d JSovenunent’s programme toTxelp. small businesses. -. £ * ■>' 

tiie Department of Industry’s when it set up the Bolton a Labour Government to demon- rent problems;, like complex Sens to do lor lm. small firms because there is littie enfousi-/ ’ 1 

junior Minister responsible for Committee to study the problem strate its concern for the “ small taxation, social insurance, and: wMt they do for large comi asm foe making, small firms 

small firms. . In 1968. This Committee Qiao." and, of course, the sub- employment legislation were panies. He therefore wants to u second class". area of employ- ..... . -r 

The philosophical difference reported in 19 /i to the then j ect j S part 0 f the Lib-Lab pact, not there to bother his father,' and ways of encouraging small meat. .The hope is that, as tbe-i. : -.s- *■■■■ 

between the two men illustrate Conservative Government. The ^r. CaHaghan is also worried he could still see himself back- investors . to provide the .risk spate . of employment Iegisla- :. < 

all the contradictions that are Conservatives implemented about the problem of inner city ing a small business if he were capital for small firms in the tion which has been introduced 

inherent in a Labour Govern- several of jts Ux and other pro- blight, which the re-emergence not restricted by ministerial hope, that local clearing bank in fo e past few years beds- down, -i 

ment attempt to woo the entre- posals. including the creation of sma u businesses could help responsibilities. t .branches (the banks have fewer problems will emerge, ... 

preneur and the self-employed bQth of a small firms division t0 re( i uce> And, on top of all Indeed as he said when dis- . promised to be more alert, to The innovations on- taxation 

man to encourage the indi- the Department of Industry this, there is the potential bonus cussing the small firms measures local business needs) will- then arid administrative " redf tape"''"' ^ ■ 

vidualist rather than the State aQ d £he ministerial post that that a few entrepreneurs and in the Budget earlier this week, follow with loan capital. Such ^ aVe up much, of Mr. * 

corporation, and to breathe new Mr - Cryer now holds. innovators might emerge to he helped Baron the photo- arrangements may also help to jeer's time in the past six 4 *-" 

life into a sector of industry What is new however is a develop businesses and tech- grapher with a £1.000 loan sorae' get round the problem that m0 nths and he is now turning' 13 - 1 

that has often little to do with growing rejection of the niques which will be big names years ago and would now like; small businessmen are loth tb ^ ^ question of the avail- ^ V 

trade unions. Indeed such aims accept that those who. lend them ability of finance with special '^' 1 

. gou^. should have the, right to reference to encouraging the^ 

interfere in the management .private investor. He U looklng- ,■= J ' 

- iV c' j »t how deartng banks and insti-— — 


trade unions. Indeed such aims 
are more akin .to the Conserva- 
tive and Liberal Parties than 
Labour, and in launching Mr. 
■Lever into his new role Mr. 
Callaghan was both stealing 
some Tory clothes and placat- 
ing the Liberals. 

The Liberals describe “posi- 
tive discrimination in favour of 
small business ” as a " comer- 
: stone of the agreement between 
the Government and the Liberal 
Party." 

Small firms are generally 
regarded as those employing up 
to 200 people, although Mr. 
Lever takes a wider view that 
ranges from manufacturing com- 
panies employing 200-30 0 down 
to the one-man shopkeeper and 


THE LEVER PACKAGES SO FAR 

Income tax relief improved for losses on new businesses 
Small companies* corporation tax profit limits and exemption 
levels raised 

Thresholds for capital transfer tax reliefs raised 
Limits for relief from capital gains tax raised 
VAT registration level up to £10,000 
VAT form filling reduced 

Other Government form filling requirements being cut 
Government subsidy for employment in small firms extended 
Gove rnment counselling service for small firms expanded 
State aid for certain collaboration projects extended 
State funds to help entry into new export markets 
Local authorities helping with inter-city developments 
State aid for rural industries Increased 
Special help for farmers and small hotels 

Moos oS these items oppbr to nil companies, Oat haoe been introduced because 
then tdU be ot special benefit to small firms. 


the business. 

_ But. .the .problem., to *td .finiL 


'T. -could -belp^mor*. a »i 

the peajtfewiih 

to spare. Years of steeply P>* ie nt ^, oWd uanch , potei 


G^SMMSTilSS assumptions of the 19^08 *taiut * decade ahead. K such «. h. .1ST ^ 

are about lm. such small firms the virtue and value oj big winners do appear, there tSousands ^f pounds -that m .men alsobipport the Conserva-ir-,,: . • 

in Britain emplovihg over fim; corporations, large - -factories,- are various organisations and and managerial advice to two L*veiV”!»n^ investbtM««toSi33fth. PinVt idea of «n»timr 

people— about a qwmter of the and the rationalisation aimed institutions, plus the Govern* young-textile ; designers who are «Mn JiFSS* m. C 

nation’s- worfcforce^^ _ for.by :«hnps«y mergers. Too ment's selective industrial aid -the daughters offamlly friend^ "f 

That -such hiffiiwSei '&re- ya&eompanies 4nd schemes, to help them within 1 Like other people concerned paiw-tiiai wouldVexempr-^'- 

declining is not in doubt. High rndustrial cotnplexes created in what could be regarded as with small firms, Mr. Lever sees reaiiired to (mm of thp adminlstratiwS ' ^' i “ 

5—S&I 01 5S2 jL^-nment's industrial o° t 


r : ■ ■■ : ZT ' : ur wz-som jfeo61d launch a poten-' fl* 

f gresslve taxation and taxes such nt , ny expens jv e Stated b&q4»' 

... « the CGT have reduced the guarantee - scheme 
abmty and inrentive for people Joans to protect the baqkefrinn® 

K '■ 1 WrP ) save ' or * nye , st in ibeir. own some 0 f the risks in ucprdvea^ffi 
BS . MZLL •» :or 'other people’s potentially, businesses* ■ 16' 

tis ^ y new cnm P^ nies - 0T . to.ttanf Mr. Lever’s and Jtr. Ciywris - i-f 
9m fer the ownership of small busi- interest and concern has won 

11658681 Now efforts have- been the respect of the leading small 
made to help with modifications business lobbyists.- But the V 
to capital transfer arid capital innovations that hav e b?en- 
Mr. Bob Cryer, the Left-wing Vgains taxes plus some changes introduced - are regarded as. 
junior minister at the Depart- to corporation and value added doing little more than fc stop- ‘ 
ment of Industry : - . 43X1 But 1116 * evel of income ping the rot" According to the 
— ■ - - -- tax — and the prospect of .a small firms* spokesmen, more - 

to be free ,o give flneneiel back, bas.c _ lotion reforras joe - 


wM 


taxation, lack of fresh finance, the name of bigness have beeh the Go 

and the frustrations and high successful. At the same time strategy. .. be built up. 1- h _ the Government 1 - 

manv The demolitinn nf small factories. t to become dear last summer, the typical small investor he required of businessmen. -The to be- regarded, as the poor rela-. . v ; 

Dremises in inner cities has But such thoughts might have Mr. Lever was the natural man wants to encourage. “ It involves amount of detaffs needed * on. tion 04 Britidi btisine». : r V .; 

swept others awav These been limited to a few “small for the Prime Minister to turn family and friendly relation- VAT tones is being halved and Whether such a solution is . v."; 

factors have also quelled the is beautiful” enthusiasts, and to. As Mr. Lever never tires of ships and people with local the Central Statistical Office has jecessaty to opra to ai^umenfe C. 

entrepreneurial drive that others such as behavioural telling his audiences, he is the knowledge," he says. also been persuaded to do some- but what _is certain ly d ear to ■ 

creates new privately-owned scientists, were politicians and “son of a small trader in It Is no aeddent tiiat Ibis detailed wo A on how other re* that, while toe currmt ram- : 

small firms, and the only alter- others not now coming to terms Lancashire who used to regard sounds very different from toe turns con. d be reduced. .. .* ^ign has made a worthy stert, 1 

native form of smdl enterprise with the fact that some drastie the Inland Revenue as a form more commonly beard ideas for But there is no prospect of itihas a tong way to go before. . 
so far devised — the workers’ action is needed if Britain’s of licensed burglary because persuading institutions to pro- employment legislation being small firms can be regarded as • 

co-operative is still in its fairly current level of ljm. people they took away a quarter of his ride the cash needs of the small eased . for small businessmen, salvation for the unemployed;; ^ « 

Insignificant infanev. unemployed is to be reduced, income.” And even though Mr. firm. Mr. Lever believes that it partly because of trade union and for Britain’s economic and- ,::; < - 

Yet to judge by all foe Ministers fear that the big Lever acknowledges that cur- is not realistic to expect institu- opposition ro foe idea and pytlyindustnal-problems. • : . • - 


’■Aunt Maud or Uncle George or * ° ™ 
the local garage proprietor with De Dul,r upi 


Letters to the Editor 


Brokers 

From Mr. D. Ogden. 

Sir, — During the " negotia- 
tions” between the Life Offices 
Association and the broker 
organisations, on the new com- 
mission structure, the fear that 
the inevitable reduction in non- 
profit business would adversely 
affect toe company bonus 
declarations was voiced many 
times; to be summarily dismissed 
by the LOA. It may well be 
coincidental that exactly what 
was foreseen by most life 
brokers appears to be happen- 
ing; although much earlier than 
expected. 

I am sure that many brokers 
take my own cynical view that 
the recent spate of interviews 
with spokesmen of toe estab- 
lished profit offices is no more 
than a well orchestrated smoke- 
screen, designed to hide the prin- 
cipal culprit: a severe imbalance 
between participating and non- 
participating contracts. 

I submit that toe problem lies 
with the insurance companies 
who themselves leapfrog one 
another in order to appear com- 
petitive. It is indeed galling to 
find oneself tarred with someone 
else's brush, when all that we 
are doing is to use the illustra- 
tions of the companies that we 
favour. The prime responsibility 
must rest with the companies 
and their actuaries, but as in 
other instances the LOA and the 
Associated Scottish Life Offices 
decline to put toeir own house 
in order, while deprecating the 
actions of those of us who act 
upon information supplied by 
their members. 

The British insurance broker 
has been bred on the strength of 
the reversionary system and the 
enormous reserve that sup- 
posedly underwrote It If much 
of this has been dissipated by 
terminal bonus then it is a pity 
that the established profit offices 
did not have the -courage of 
their convictions and decline to 
be drawn into a quotation battle 
with the unit linked movement 
They would have better served 
the public interest by holding 
fast to toe basic principles that 
built a life assurance industry 
that was the envy of the world, 
rather than pander, to unjustified 


criticism from the consumer 
protection lobby. 

David M. Ogden. 

Ogden Binge Nortbam and 
Partners. 

4. Dowry Square, 

Bristol. 

Earthly 

From Andrea Herts. 

Sir,; — Mr. Eric Short, on " Self- 
Employed Savings," (April 8) 
says that “ there must have been 
divine intervention for a Labour 
Government to give money back 
to the self-employed." Since we 
all know that the Liberals were 
responsible for rbe lowering of. 
national insurance contributions 
for the self-employed last year, 
are we to conclude that Mr. 
Short believes that the Ub-Lab 
pact was a marriage made in 
heaven? 

Andrea Hertz. 

Parliamentary Assistant in the . 
Liberal Whip's Office. 

House of Commons, S.W.I* 


Telephones 


From Mr. L. Calve le 
Sir,— I read with interest Mr. 
Jaspert’s letter (April 5) regard- 
ing the delays of post from Lon- 
don Heathrow Airport 
While sympathising, this is 
nothing as to the problems of 
telephoning from Heathrow. As 
one-of the largest international 
airports iu the world, it would 
be expected that travellers would 
have need of a simple and 
efficient method of making Inter- 
national telephone calls espe- 
cially to indicate travelling times 
or business matters. The Post 
Office can presumably pul me up 
to date as to the present situa- 
tion but (as it was a short while 
ago when I wrote to it on the 
matter) we have three differenl 
systems— one for each terminal. 

Terminal 1 has just telephones 
takiiu; 2p and 10p pieces— an 
Interesting exercise if you can 
get enough change and can 
manage to get the money in in 
sufficient quantity before you 
talk. In Terminal 2 we have a 
gentleman who will take your 
number anq win put you thrmieh 
via toe operator. Apart from hav- 
ing to pay in advance for a call 
whose length you may not know, 
you also have to pay at tha 
operator rat®, Moreover, said 
gentleman is not always there, 
which can ba annoying 12 you 


have had to walk with your 
luggage through the present 
building upheavals from .Ter- 
minal 1- Terminal 3. I under- 
stand. only has coin machines 
but these. will take up to 50p; 
don't try walking there from 
Terminal l because these 
machines are marked tor use 
outside of Europe. 

Apart from the difficulties of 
getting the right - currency let 
alone the right change, especially 
if this can only be done by 
purchasing an article in a shop 
if one happens to be open, the 
foreigner in particular has the 
problem of coping with an un- 
familiar piece of equipment 
which can readily swalJow his 
money without return. As tor 
making an international call, can 
anyone tell me anywhere in Lon- 
don where one can do so without 
using a private phone? At 
Trafalgar Square, they refused a 
call from me on. the counter 
while the 50p phones state that 
they are for non-Europe u$e 
only. w 

In past correspondence. Heath- 
row has stated that it has not 
succeeded in getting any im- 
provement out of the Post Office, 
while at the Post Office they 
seem to believe that the system 
is perfectly adequate. 

L. G. Calvete. 

XW> Knightsfield. 

Welwyn. Garden City, Herts. 

Bread 

From Mr. G. Pro ft 

Sir. — I do nor think that 
Elinor Goodman's interesting 
review — Britain's shrinking 
stomach for bread — in your issue 
of April S quite tells the whole 
story. 

Bread consumption may have 
fallen as she points out. but this 
is more likely to he due to toe 
fact that consumers have become 
tired of toe tasteless stuff pro- 
duced by the multiples. 

Small firms who still bake 
bread that is recognisable by 
taste have no trouble in dispos- 
ing of their product*. For 
evidence see The queues at toe 
small shops. See also the number 
oF housewives who are baking 
bread at home. 

But the best bread comes from 
Scotland. Beautiful ft is to taste 
arjd texture- I believe Scottish- 
baked bread could become as 
Important an export from Scot- 
land as Scotch. 


Perhaps a atari could be made 
in this direction by the Scottish 
bakers in conjunction with 
^British Rail ! Why not ah over- 
night “ baking train ” from 
Glasgow or Edinburgh to, say. 
Euston or Kings Cross? The 
trouble is that “train robbers” 
might “ lift” the Scots-BR loaves 
long before the “ baking train " 
reached the metropolis! 

Geoffrey Pratt 
4, Mtlbneod. Dobbins fsine. 
Wendover, Bucks. 

Vouchers 

From Lt.-Coi. N. Pa alley. RN. 
fRetd.l. 

Sir, — Mr*. Alice Waters' letter 
(April 10), reporting that Kent 
Council had commissioned a 
feasibility study on an educa- 
tion voucher system, was the 
first evidence that a Conserva- 
tive local authority had 
responded to its party's Invita- 
tion, in “The Right Approach." 
for experiments to be conducted 
with this imaginative idea. Tbe 
vast majority of councils are 
now under Too' control, to 
Kent therefore the lone pioneer? 
Noel Paulley. 

■’ Corfu." Cardiff Road, 

Creigiau. Cardiff. 

Shires 

From the Leader of 
Southampton City Council. 

Sir.— The letters written to you 
by Mr- Roland Freeman have 
now generated replies putting 
the point of view at the county 
councils and the point of view of 
the city councils. 1 write in my 
'capacity as leader of toe 
Southampton city council (one 
of toe 10 largest non-metropoli- 
tan districts) and as a member 
of Hampshire County Council. 

It will probably surprise Mr. 
Michael Caffin (March 31) to 
know that l do not support him. 
Tbe object of this letter is not to 
reply to the arguments and 
counter-arguments already sub- 
mitted but to expose the fact 
that the currently suggested 
transfer of education and social 
services to the nine large former 
county borough authorities and 
the longer term proposals tor 
major reform should be seen as 
a move tor political power and 
purposes to serve Socialist ends, 
and not for the true benefit of 
the community. The Socialist 
conaulUttv* document “tagloiuJ 


authorities and local government ment reform, as envisaged In-toe 
reform" indicates very clearly Labour Party’s consultative 
that toe minor change now advo- document, were implemented 
cated is only a beginning. Local government should wake 

Under Socialist doctrine, up and be warned not to be blind 
county councils would be to the purpose behind what is 
eliminated tor purely political suggested, otherwise they will 
purposes and not because they wake up to the real consequences 
have failed. As the Labour *hen it is too lati 
Party consultative document My authority in Southampton 
says: ,r VVe now control only one wants no part of it and has said 
of the 39 English shire counties. $ 0 . Regrettably and surpris- 
Even in a good year (1973). we ingly, it stands almost alone in 
only controlled seven. Would it opposing the prospect of a politi- 
not be better to have, tor rel take-over, 
example, Southampton or Ports- Norman A. Best, 
mouth under a Labour (district) ° 00TO > 

education authority rather than Jhe Castle, 
at present under a county Winchester, Hants- 
authority which we are unlikely 
-to win." The inference is that. Priorities 
if the position were reversed. * 
the Socialists would not be seek- ^ 

ing any change, minor or major Sub-CommiUee, Cambridpcsiiire 
— short or long term- On this County Council 
reasonable assumption, the ques- Sir— -The national Press, in 

tion can and should be asked reporting the most leaky pre- 
whether they are thinking more Budget discussions in living 
0 / their own political position, memory, warned those of us 
regardless of the democratic ^‘to financial responsibility in 
wishes of the people, than the local government of one Mims- 
provision of an effective and Jerial "decision, unhappily now 

economic service to the com- ^ orn ou * Bu dget- £ refer 

munity? to the cancellation of the ex- 

If this does not alarm Michael P e T cted rise iD =^ 00 i!? ie fi L*** 5 ; 
Caffin. then perhaps I can draw fo® tre ?f?, re I 

his attention to another para- projects taking *oto account 
graph In the consultative docu- estimated takeup of school meats 
ment: “The principal point, hnw- pose-price rise and estimated 
ever is that under 'a new system trends in school meals takeup 
nf regions and multi-purpose dis- generally, that the cost to the 

tncts — whether or not the regions county council through loss 0 / 
are Labour controlled — the shire income will be £435.000, 
counties will disappear and the * ani appalled that money from 
personal services— education, whatever source is to be poured 

social services -and possibly fo* 0 a . peripheral part of the 
health— would be under Labour education service. IE my rate- 
control (in the new districts) pay er s are to pick up_ the bill, 
much more regularly than they to e sum quoted Is equivalent to 
are under the present system." nearly a |p extra on our already 

To my mind, it is amazing that astronomical rates. If the county 
the Association of District Coun- council is to be reimbursed in 
oils and some of their constituent whole, or in part, through the 
members are advocating on some- rate support grant, this still indi- 
wbat similar lines when the cates illogical and unfair national 
Socialist intentions will mean priorities. We are already spend- 
the reduction of the present num- ing twice as much cash on subsl- 
ber of district councils by dised school meals than on capi- 
almost half, with their aonexa- tation headings — books, paper 
tion to potentially Labour strong- and pencils-^-the tools without 
holds. In this respect, thev seem which education cannot function 
to wish to be the architects of l do so wish that even in an 
their own demise. Election run-up period, our 

Apart Trom the serious and Tar- Whitehall masters could eschew 
reaching political considerations, blatant vote-catching and have 
any validity in the claim of re- the courage to make decisions 
moteness between present dis- helpful to foe public services 
tricts and county authorities rather. than the reverse, 
would widen to a virtual abyss Geoffrey ‘Wooilard (Cllr.). 
tf ibe proposals for regional Chalk Farm, 
authorities and local govern- Bottuham, Cambridgeshire. [ 



iA T 

.* * *.:• 
j^i ■ 


• /» N. 


T " t 1 <• : 


■- v When one has knovm a certain ’wa.v of life»And xising. 
coyts look like taking it all awiy, who is there for people 
bkeustoturo to? . ' 

. There ia the Distressed Gentlefolk's Aid Association. 
; . The DGAA is ran by people /who mdtrstand. They 
knoV rf»c we want to stajrin <mr owq Hornes, surrounded 
by dux possessions, and close to foe 1 frie nd s of a lifetime. 
So, -they help us with aHowances and w i th , cl o t h in g parcels. 
Only .when we can no longer cope do the DGAA see if 
they cabdfcros a place in O tie of their 13 Resideadil^nd 
Nursing Homes. . . : . . . 

• ' ‘.Tk' jno^ you can help the DGAA, foe snore foe 
DGAA can dp to help .outers. Donations are heeded 
.uroadf. And please, do reman%i‘ foe DGAA isiittl 
making out your Will. 


AID ASSOCIATION 

: VICARAGE GATE HOUSE */ VtfARAGFGAXK - 
if PhJMNYVmN LONDON WB-4AO 





’.xxwJi 




fteawgaj Tunes Saturday April . 15 1978 




to win a 



15 



BY MAX WILKINSON 






THE HOME video tape recorder, 
which TM»- regarded : until 
recently is jm expensive gim- 
mick by many people, i$, sud- 
denly being hailed 'as a revolu- 
tion in home entertainment and 
a possible salvation for the for- 
tunes of the television industry: 

In the next few months ye 
can, therefore, expect a bar- 
rage of advertising to explain 
why we all need. to. spend £700 
or more on a machine which can 
record in- colour aH ‘our 
■\ favourite. -TV programmes, end 
; family disputes about which 
! channel to watch and form the 
. basis of a homey, television 
' studio. ' '! 

Sceptics who say that £700 is 
a Ipt of m. 0 TiQy~tq pay, for a 
machine .that is, not really neces- 
sary will be; to}d 'fliat'the colour 
television - set was originally 
rather 7 expensive ...and not 
strictly necessary. 

It is obvious; . that for some 
people the Video recorder will 
be a tremendous potential asset. 
Shift workers^ for example-, who 
always miss the peak viewing 
schedules, will be able to have 
programmes of their choice 
- » recorded while they are at 

‘C.i.; . J work. Open University students 
’ ■ wfJJ no longer have to get up 

r ‘: with the first, dawn to watch 

* ■ 15 their course programmes. 

... >1 Viewers with other special 

Interests may also find a use for 
‘-^Uithe video-recorder. Par example 
7. '^sports fans may wish to record 
. '' i^a match so that they can repeat 
the exultant moments of a 
' winning - goal or brood over 
■ their team’s inept defence. In 
Japan, where .video recorders 
^have been selling in .volume for 
- -. a . mor e than two years, many 
.• riZ. P«>Ple with such interests have 
' \>^been found. . - . . 

;■ = ^ But the question remains 
whether . the machines will 
T "^'become a mass consumer item 

■ of comparable social and com- 

' ! : ■ 



zotrdaT Unpoitapcato file tele- 
vision set' itself., .7 

Although the major Japanese 
manufacturers' are - Immensely 
enthusiastic about the prospects, 
a note of caution is sounded by 
the Fuji Bank of . Tokyo in a 
j’recent appraisal. It points out 
that although video recorders 
were relatively Cheaper in 1976 
than colour television sets were 
in 1969, recorders had been pur- 
chased by only l per cent, of 
Japanese households. This com- 
pared with a penetration of 26 
per cent, for colour television 
in 1969. The bank concludes: “A 
sharp increase- In the; diffusion 
rate of video tape recorders can 
hardjy he' expected.” 

U.S. sales 

. On the other band, sales In 
the U.S. are booming. Last year, 
it is estimated 200,000 units 
were sold with a prospect of 
sales increasing to perhaps 

400.000 or even $00,000 in 1978. 
Some estimates : put the U.S. 
market as high as Lam. by 1978 
and 2m. by 1980. 

The Japanese market is esti- 
mated at 300.000 units last year 
and 550,000 units in 1978. in 
Europe the market is expected 
to increase more slowly from 
about 100,000 units last year to 

225.000 this year. Sales in the 
U.K. have so far been rather 
low, but the existence of large 
efficient rental chains . makes 
the U.K an import wit target for 
the manufacturers. 

Sony, which, launched its 
Betamax video recorder in the 
UK this week, is much more 
optimistic. Mr. Akio ' Morita, 
the chairman, is hoping that 
one in ten Japanese households 
will have bought a machine in 
three years’ time. ‘And he ex- 
pects after the one or. two-year 
promotional period, to see the 
emergence of a real volume 
market In toe current year 


Sony is hoping to sell 500.000 
of its Betamax' machines 
throughout the world. 

Those who are convinced of 
the need to record television 
programmes have a choice 0/ 
three main systems. Sony’s 
Betamax and its rival Video 
Home System (VHS I developed 
by Victor, both Japanese, and 
one from Philips of Holland. 
All three systems are incom- 
patible, which means tape 
recordings made on one brand 
cannot be replayed on another. 

Philips, which was the first 
company to market a machine 
in Europe, now risks being over- 
taken by Japanese models which 
offer longer playing times and 
cheaper tape costs. Philips intro- 
duced its first Consumer model, 
the N1500 in 1974. at the low 
price of £389 plus VAT. although 
the machine had been available 
mainly for educational use in 
1972. 



Mr. Akio Morita, chairman 
new Betamax 


The Philips machine was a . . 
remarkable technological assembled to extremely accurate 

achievement, because the re - tolerances. It must also include 
cording of a television picture complicated automatic methods 
requires about 100 times as for looping the tape round toe 
much storage capacity as that recording head drum, since con- 
fer ordinary sound recording, sinners clumsy fingers would 
The very first video recorders quickly put the machine out of 
developed in the U.S. tried to alignment, 
store this large amount of infor- The fact that video recorders 
mation by using huge spools of require the development of mass 
tape run at a very high speed. produced precision engineering 
All the main consumer models is undoubtedly one of the 
are therefore based on a dif- reasons for the Japanese success 
ferent principle developed by m toe field compared with 
Ampex of the U.S. in 1956 for American companies. No home 
professional use. The basic idea produced design is currently 
is that the tape is run through marketed in the U.S., and most 
the machine at a slow speed at of the major U.S. television set 
an oblique angle to a drum on making companies have been 
which the recording and play- forced to make licensing agree- 
back heads are mounted. The ments with Japanese competi- 
beads revolve at a very high tors. 

speed of about 1.500 revolutions The Zenith corporation, one of 
per minute to record successive the leading US. TV set. makers, 
stripes diagonally across the has an agreement with Sony for 
tape. the marketing and eventual pro- 

A mechanism of this sort can Auction of the Betamax machine, 
only work if it Is machined and while RCA, one of the first com- 


Terru Kirk 

of Sony, with his company's 

video recorder. 

panies to develop a professional 
video tape recorder, is a 
licensee for the rival VHS. Even 
Philips, through its subsidiary 
Magnavox has taken a licence 
for the VHS recorder in the 
U.S. 

Similar licensing agreements 
are now being concluded in 
Europe by the major set making 
companies. Grundig in Germany 
is now completing a new factory 
to make recorders on the 
Philips system. Thomson-Brandt 
-In France and its associate 
Norddeutsche Mende of 
Germany have concluded agree- 
ments with Victor. In the U.K 
active discussions are now 
going on in ali set making com- 
panies about which system to 
adopt 

In Japan, four completely 
separate systems have been 
developed, but only the Beta- 
max and the VHS now appear 
to have a chance of widespread 
adoption. The main electronics 


companies have therefore lined 
up behind the two systems, 
Sanyo, Toshiba and Pioneer will 
market the Beta format, while 
Rational. Akai and Matsushita 
are committed to the VHS. 

The scene is therefore set 
for a worldwide battle for 
supremacy, because It is import- 
ant for each group to gain 
.acceptance for its own system 
as an international standard; In 
the long run it is likely that 
toe public demand for inter- 
changeability of tapes will 
mean that only one system sur- 
vives, as happened with audio 
cassette recorders. 

Reliability and servicing will 
be one of the key selling points 
because the present generation 
of video recorders is inherently 
much less reliable than a tele- 
vision set or an ordinary sound 
tape recorder. This is because 
it includes complicated mech- 
anics and fast spinning parts, 
which must inevitably become 
worn after a time. 

The importance of servicing 
may give Philips an advantage 
in Europe, because it already 
has an extensive network. 
Japanese manufacturers, on the 
other hand have tended to sell 
television and audio equipment 
on the assumption that If they 
are made carefully enough, they 
will hardly ever go wrong. 

Philips is. however, at a dis- 
advantage when it comes to the 
other battle ground, tape costs 
and playing times. The latest 
Philips recorder, the N170O can 
give two and a half hours record- 
ing per tape. This is similar to 
the basic Betamax and VHS per- 
formance, but the Betamax can 
take an extended play tape of 
up to 3 hours 15 minutes- while 
the VHS has a double play 
version capable of giving four 
hours continuous recording. 
The cost of tape for the Philips 
machine is currently £6 to £7 
per hour compared with £4.15 


per hour from the Sony long 
play tape. . . 

Philips believes that the 
heavier consumption of tape on 
its machine is offset by better 
picture definition, but even if 
its claim is true. 'it may. not 
earrry enough weight . In the 
mass market. 

Philips probably realises, 
that having lost initiative in 
the U.S. (where 250,000 
Japanese machines were to be 
sold last year) and having no 
foothold in Japan, it has little 
hope of seeing its present 
generation or machines becom- 
ing a world standard. . . 

On. the other hand the; Beta- 
max and toe VHS may also 
become obsolete in a few years' 
time if a basically simpler 
method of recording 1 colour 
pictures can be devised. 

Simpler machine 

Philips has therefore tripled 
its efforts to develop a simpler 
machine less dependent on 
mechanical complexity, while at 
the same time trying to extend 
the playing time and reduce 
tape costs of its present 
machine. This effort is almost 
certainly being matched in 
Japan, so that the coming 
struggle for the hearts and 
purses of television viewers may 
only prove to be a preliminary 
skirmish. 

This possibility is reinforced 
by the fact that cheap, compact 
colour television cameras for 
home use are not likely to be 
available in quantity for several 
years. 

Such cameras could be a 
direct challenge to the cine- 
camera, because the tape pro- 
duced could be played back 
immediately through the tele- 
vision set and could be erased 
for future use and easily edited. 
This development could give an 


extra boost to the video-recorder 
market, but it will have to await 
the mass production of solid- 
state (integrated circuit) sen- 
sors which will convert the 
optical image into electrical 
pulses. Several important tech- 
nical problems have yet to be 
solved before such devices can 
become a consumer item. In 
the meantime video-recorder 
technology may have a chance 
to mature into the next 
generation. 

Philips, at any rate is- deter 
mined not to be outflanked in 
the marketing of the next instal- 
ment In the video revolution, 
the video-disc player. This 
machine is similar to a record 
turntable, with the difference 
that its output is a television 
picture rather than pure sound. 
The Philips machine uses a 
laser beam and a plastic disc 
and is expected to provide about 
half an hour's television pro- 
gramme per side. The Philips 
system will be marketed in toe 
U.S. this year. 

It is a more advanced system 
than a rival developed by RCA, 
which uses a conventional 
stylus and is likely to be some- 
what cheaper. 

Both systems, plus any which 
come from Japan will compete 
head on with video recorders 
for the attention of consumers, 
although some experts believe 
both may eventually become as 
standard items in the average 
home as the turntable and audio 
cassette recorder now are. 

The major question still to be 
resolved is what use consumers 
will wish to make of the new 
machines. Will their priority 
be to record live television like 
sports, or will they wish to buy 
copies of old . movies, operas, 
instructional programmes for 
which the video disc recorder at 
half the price could be an im- 
portant challenger. 


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7 ;: •* ■: 

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' .7 7:7 ■ \i 

' * <* - ' • 

7 



Dewar: Bouncing fcpck 



-- Jfotii toe early hours of yester- ■ 

• -"-- day morning Donald Dewar bad, 

ran undeserved reputation as a 
• " “ • 7?oser in Labour party 'eirdes 
: Scotland. But since toe size ' 

his* victory hirer the?$atreiii- 
candidate in the G ar£cadd'ra 

• . --^y-election became known, he 
.'.,7 -ias replaced the scent of 

ailure with the aura of success. / 

■ •' The Labour Party .Tiorth of plished broadcaster with bis 
:• ‘r.’he border badly heeded a boost own regular .programme on 

- r :"o its morale. Several times focal commercial radio, made 
-rir-’lnce the October 1074 general him a strong contender. He also 
- -election it has held up its hand had toe backing of the General 
, -;o the nationalist machine and and Municipal Workers Union 
.7- r^aid: “so far and no further" with which he has been closely 
.. -Ttc-only to be flattened as the associated through his legal 
' . . -tp-a-mroiisr trundled on. Now, work as a solicitor and through 
_ _ Y'- r 7-n the nick of time if Mr. political causes such as Europe 

■ ; ::lallaghan Is to. be left any and devolution. 

7.’’.. tooice at ell ih when he goes By selecting him rather than 
... TT-o the country, Dewar has at a local man with less quallfica- 
7‘. 7east managed to stop toe ad- tion, .the constituency party 
7 T “ '-ance and" given the signal for supported the " view of the 
e push back to begin. ■ labour lea'd&'sbr pin Scotland 
Although he was- stressing . -^ a t toe maximum effort had to 
esterday that toe achievement be./ iuade - to - prevent toe 
t Garscaddep was the result of nati ona hsts taking the seat. 

team effort, Dewar's part in After his nomination both wings 
he way the campaign -was con- toe -party — left and right 

lucted was crucial. His insist- closer ranks behind him and 
nee that be would fight on a Mounted their strongest effort 
tubborn defence of .. the m Scotland for years, 
lovermnent’s record and an.. It was an uphill battle. The 
Mack on independence, forced Nationalists had built a solid 
-ah our to meet the Scottish organisatio a in the constituency 
National Party head on. and taken all six council seats 

Dewar, 40. has been Involved « S’*"!* d* 51 ™* 
r. Labour politics since his days “*£ °P ,mon .J> oU « »»« 

eadinz law at Glasgow Umver- campaign showed the 

;tr> *,» Tr.rrniKnrnrt .mono SNP 2 per cent, ahead; I reckon 

accurate," Dewar said. 
“ ■ “to the last few days I was not 

-ow minister nf stote toe we win, but I 

nvy Council office,^ JfSi know we were, doing absolutely 
Hcksos Mahon, Mr: Be nn s ^ r| thing for party morale, 
umber two at toe Department s ^ 
f Energy. Student debating^' was ™ u* e 1 f yi ? g . t0 out : 
— e won the Observer mace- J^-toe SNP, we bad to meet 
Mso taught him the formidable toem head on and Show people 
kill at public speaking which what their policies meant. It 
e has used to effect both Inside JJJJ , Q 

ne party and ouL ; ' : t0 do for a very iong 

He captured the Tory ‘strong- 
old of Aberdeen South in 1966'. • 

nd made a name for himself mQVIGY 
i Parliament as an able thinker . 

hard worker. But whea X3IKS- - 






1 * I E lyUi l^^nd a 

**. 1 4 Wine national swing against ^ 

^ ^ jI Labour put him out / of. toe People m Britain who complain 

! f * ,*Jhl ft Commons in 1970. he entered a ' ** me »8 re * se P r; «“ 

* eriod in the wilderness which offered by the»r clearing banks 

, have-blighted .his political 7^^ ICMf £ 

■ ' ■'■•'Several tto.es be failed i„ New York, capital-, capital. 

ttempts to secure nomination The new arrival is in for 
. :;. ; )r other constituencies, largely several shocks, the biggest one 
7- --'5 g result of his support for being that the. main reason for 

• vieht-wine policies, especially having a bank account— tbe 
■" :-7nWs entiy into toe Euro- overdraft-dmply does not 

■- gStoM He gave bP tf*****"* 
,.> v aarching for a new Parhatoen- toe word is likely to make 
contented WrnseK bank employees break out in 

ZTL Jd waking vSitiB wteh.i! only avajjable by very 


is no automatic transfer to 
current account to cover an 
unusually hefty cheque. So 
your cheque can bounce des- 
pite your $1,000 in savings. 

Another shock is the dis- 
covery that banks do not do 
standing orders. It is Up to you 
to remember monthly payments 
for rent life insurance and 
subscriptions. If you don’t 
remember, that’s another black 
mark. 

In fact tbe only routine ser- 
vice offered by the retail banks 
is cheque clearing, and that 
takes four working days even 
if both banks concerned are in 
Manhattan. 

It -- makes British .High 
Street v banking feel positively 
pampering. But it’s explained 
here pn two grounds. One is 
thaf .it has always been. so. to 
some extent because of tough 
Jaws controlling banking. The 
jother is the strong, and prob- 
ably justified, fear of deceit. 

There is one thing, though, 
that New York banks have over 
the British, and it’s brand new 
—electronic banking. Citibank, 
toe city’s largest bank, h as just 
invested millions in a computer 
operation' which allows custo- 
mers -to pay in or take out 
money, or transfer funds, 24 
hours a day at special terminals 
outside bank branches. 

Each customer gets a plastic 
card, like a credit card- which 
he slots into a terminal and 
punches out a six digit identifi- 
cation code on a set of keys 
beside it 

- At TV terminal lights up and 
asks what service he wants. If 
he intends to pay in money, he 
presses the button indicated 
saying how much he wants to 
pay into which account. A slot 
then opens up in the wall at 
the back of the terminal, he 
inserts the money and a few 
seconds la(er gets -a. printed 
receipt. 

If- .be wants to withdraw 
money, he goes through a 
similar -preliminary procedure, 
tells the machine how much 
money he wants, waits while 
the. . .terminal consults his 
account, and if all is well, 
receives the cash via a revolv- 
ing steel drum, also set in the 
walk 

It’s all very simple — and 
entertaining too because the 
machine chats in conversational 
English, using phrases like 
“Hold on. I’m- working on it" 
or “It didn’t work that time, 
would you like me to try 
again?” 

Since the system has only 
just started, the banks are 
crowded with curious custo- 
mers trying out the unfamiliar 
machines. But Citibank is con- 
fident the system will spread. 
One of its advertising claims 
is to at it enables customers to 
keep money in a savings 
account and only transfer it to 
current acconnt when it is 
needed, thus earning additional 
interest. But coming to think 
of il.7 haven't British banks 
offered that service for years? 


Clock 

watchers 


i- iBninrV 4.1 SUM. veiling, auu pa.viua — — ■ 

His bre* ■ N°r -do. banks offer any “flexi- 

hen. after ^deato of toe nt to cushion ^ shock. 

( If ?0Ur aCCOunt iackfi moaey 

v rfi/K ambers of 

rf 3ain {or .V 

r M » J rst Scottish 

" 


nifluential H 7°ur account laeks the money 
f “g? T^ to- lS 10 wen by. a. 

As toe little as $5, it comes bouncing 
bv^teSn for fmlr Haight back, and that’s a black 

>arSi it was obviously going to mark on your ****** ratl0g ‘ 

» a campaign, conducted, in the Even if you have a savings 
ablic eye. Dewar's experience , account (which every bank 
i an SIP and as' an a cram- here, urges you to have) there 


As you drive into London on 
toe raised section of the M4 
Motorway it is impossible not to 
notice toe bright blue Martini 
dock -tower on the left. If you 
have been concentrating -on toe 
scenery rather than, the road 
you will have noticed that the 
old blue, tower lost its Martini 
signs 18 months ago. and that 
estate agents Jones Lug Wool- 


ton. had plastered the building 
with "For Sale” notices. Now. 
the agents boards are coming 
off and M4 drivers will have to 
get used to Fiat signs over a, 
hopefully rewound, clock. 

No fewer than 12 indus- 
trial property developera 
viewed tbe site before Fiat 
stepped in with a near £600.000 
offer. The developers had less 
interest fn Martini's rather 
ostentatious 74,000 square feet 
former bottling plant than in 
the redevelopment potential of 
the 2 acre site, which faces onto 
the Great West Road in Brent- 
ford, 

Fiat has yet to detail its plans 
for the buildings. But it seems 
certain to keep to** blue tower, 
suitably redecorated. ■ 

Underground 
overspend 

Sewage, by end large, is a 
subject that is expected to 
remain out of sight and out of 
mind. But there is a sewer in 
Chicago which is attracting 
nationwide. attention; indeed it 
is a sewer that is likely to be a 
lesson to environmentalists and 
civic authorities the world oveT. 

Officially called The Tunnel 
and Reservoir Project (TARP), 
but known as the Deep Tunnel, 
the scheme is toe answer of 
the Chicago Metropolitan Sani 
tary District to solving the 
problem of sewage pollution of 
Chicago's river system and 
flooding of residential and com- 
mercial basements. It is also 
intended to meet the Federal 
Government’s requirement that 
all waterways be made " swim 
mable and fishable’? by 1985. 

Started in 1972 after five 
years of research, its cost was 
then estimated at $2.6bn. The 
full scheme, in two stages, eaJls 
for toe cutting of 132 miles of, 
tunnels 200 feet under the city 
to connect surrounding sub- 
urban sewage systems to three 
underground treatment plants. 
So far, 46 miles of tunnels and 
several pumping stations are 
under construction at a cost of 
$710m. Another $lbn. worth of 
work is at various stages of 
planning or construction. 

At this late stage, the project 
is not only cooling under heavy 
criticism from civic groups dis- 
enchanted with the Sanitary 
District’s traditionally grandiose 
methods of tackling its prob- 
lems, but is faced with a with- 
drawal of Federal funds. 

This could leave Chicago with 
some large, useless and dan- 
gerous holes in the ground 
under its high rise buildings.- 
Civic authorities in industrial 
cities throughout America, 
many of them with worse pollu- 
tion and flood control problems 
than those of Chicago, are fol- 
lowing the course of the Deep 
Tunnel controversy with the 
keenest o! interest, li the 
project is halted some say 
Chicago’s flood problems may 
be worse than ever. But if not 
then other cities will want 
Federal cash for their own 
schemes. Meanwhile nerves are 
taut in some lofty Chicago 
apartments — many blocks are 
built on floating raft founda- 
tions. 


TO-DAY-»-Sir Keith Joseph. MP, 
addresses Conservative Medical 
Society meeting. 1. Wimpole 
Street, W.l. Birmingham Chamber 
of Commerce trade mission leaves 
for USSR. ' 

MONDAY— Mr. Harold Brown, 
U.S. Defence Minister, meets Mr. 
James Callaghan. Prime Minister, 
and Mr. Fred Muliey, Minister 
of Defence, in London. EEC 
Finance Ministers meet In Luxem- 
bourg. Sir John Methven, GBI 
director-general, at Foreign Press 
Association luncheon, 11, Carlton 
House Terrace, S.W.1. Mrs. Shirley 
Williams, Education Secretary, at 
Lambeth Central Labour Party 
by-election meeting. 57. Old 
-Town, Clapham, S.W.4. Retail 
sales (March— provisional). Scot- 
tish TUC conference opens, Aber- 
deen. Closing day for by-election 


Economic Diary 


nominations at Wycombe and 
also Epsom and Ewell. Institute 
of Practitioners in Advertising 
annual report. 

TUESDAY— Mr. Denis Healey. 
Chancellor of the Exchequer, at 
Lambeth Central Labour Party 
meeting. Clapham, SAVA. National 
Union of Journalists conference 
opens. Whitley Bay. 
WEDNESDAY— Dr. David Owen, 
Foreign Secretary, and Mr. Cyrus 
Vance, U.S. Secretary of State; 
at Central Treaty Organisation 
Foreign Ministers meeting, Lan- 
caster House, W 1. Monthly meet- 
ing of CBI council. Basic rates 
of wages and normal weekly 
hours (March). Monthly index of 
average earn ings ( February ) . 


Cyclical indicators for the U-K. 
economy (March). Mr. Peter 
Shore, Environment Secretary, 
speaks at National Council .for 
Building Material Producers lun- 
cheon, Savoy Hotel, W.C2. Mr. 
Harold Lever. Chancellor of the 
Duchy of Lancaster, addresses 
Small Business Association lun- 
cheon, Waldorf Hotel. W.C2. 
THURSDAY — Lambeth Central 
by-election. Building workers' pay 
talks resume. Civil Engineering 
headquarters. Tufton Street, 
S.WX Mr. John Creenborough, 
president of CBL is guest speaker 
at American Chamber of Com- 
merce luncheon. Savoy Hotel 
W.C2. House of Commons debates 
National Helath Service. New 


construction orders (February). 
Consumers' expenditure (first 
quarter preliminary). National 
Coal Board annual- report 
National Fanners Union council 
meets. 

FRIDAY— Welsh TUC conference 
opens, Llandudno. NALGO water 
authority workers meet on pay 
claim. Friends House, Euston 
Road, N.W.l. Opening of Lon- 
don's new market in traded share 
options. New vehicle registra- 
tions (March). Sales and orders 
In the engineering industries 
(January). Financial accounts of 
industrial and commercial -com- 
panies and personal sectors 
(fourth quarter). New acquisition 
of financial assets — analysis by 
sector (fourth quarter). 


Contributors: * Ray 
Perman, David Lascelles, 
John Brennan and John 
Leach. 



-1977 forecast fulfilled 





Growth of Pre-Tax Profits. 


Hundredth Year 
Highlights 

0 All divisions contributed to the greatly improved 
result, the roost substantial percentage increases 
coining from the Edible Oils Division and the Paper 
and Converted Products Division. The Feeds and Seeds 
Division’s results were also significantly better than 
last year despite difficult trading conditions. The 
improvement in the Farm Products Division reflected 
mainly the acquisition of the Broad Acres group of 
companies at the end of 1976. 

0 Two subsidiary companies. Norfolk Newlay Egg Co 
Ltd and N Reich Ltd, with properties used by them, 
were sold for some £2,000,000 in cash including loan 
repayments. This cash and the settlement of a disputed 
claim, amounting to £780,000, coupled with the record 


&Sons limited 


trading profits, enabled the group to reduce its borrow- 
ings by more than £4,800,000. Lower prices of raw 
materials and the strengthening of sterling reduced the 
demand for working capital and contributed to the 
favourable cash flow. The group now has substantial 
unused borrowing facilities which place it in a strong 
position to take advantage of any acquisition . oppor- 
tunity. 

0 Tbe improved efficiency of the group as a whole has 
shown a marked increase in the return on net operating 
assets. In 1976 it was 13.6 per cent. In 1977 it rose to 
18.9 percent.. 

• The Group has broadened its base by its entry into 
the manufacture of medical products and now, 
through its subsidiaries Henry Cooke Limited and 
Henry Cooke Converters Ltd, is the UK’s major 
supplier of papers for use in sterile packs for hospitals. 
It is also the country’s major manufacturer of textile 
transfer printing papers and of creped kraft papers one 
of which is used as a backing for carpet underlay. 

0 The Board believes that the prospects for 1978 am 
encouraging and expects a modest improvement inprofit. 




1977 

1976 

Sales 

£1 68 million 

£147 million 

Profit pre-tax 

£6.17 million 

£4,1 8 milium 

Dividend per share 

6.6p 

5.85p 

Earnings per share 

51 .7p 

47.1p 


Copies of toe report nd accounts may be obtained from toe Secretary, 

J. Bflriay *: Soo» limited, Richmo nd Borne, 1 Romford Ptaee, Lfrgpool 13 9QQ 










16 



Broking setback Mts Matthews Wrightson 


Kwik Save ahead 
£0.6m. at midway 


Financial . Times 15 1978 

iSSUENEWSANDCOMttEN' 




«41ra^ D ^ NC — 2L £ ®??*SS? t? time ofjthe. rigwulr- 


A PROVISION of £1.65m. for bad ^ 

and doubtful debts and adverse T\T\ r -irkIT'VT\C 

exchange rate movements at 1/Z f Il/tni/j 

ilatibews Vrigbtaon Holdings, 

sliced trading profit from insurance 

broking from £8.32ra. to £6.film. in 

1977. This fall was reflected m a w P > ^s 

drop of £2.0Im. to £6.59m. m the ■JS rdee ?„Jl! , 2 i :”: * nt ' i'i2 § 

total group trading surplus, J lbaB 'l„!!Il!f StlMnt ?' ,S 

After lower interest or £L2m. Aqua^niom ... \ 

(£1.59ra.) and a share of associates j n .j! s j i!?2L ,, clL d iHf 1 Si? 
profits of £158,000. against losses BnOsh Sws * ! n J- °1 7 

last time of £454.000, at the pre-tax Burndene liw^ . .inL O.o 

'S e i3m°,“ P “ Cre S ' 41m ' L 2.« 

Group ' turnover was £5.09m. Hambro life ... 14.6 

higher at £62.69m. At halftime. ” ar S c ,Mry JJ‘ 

when profit was maintained at 5* v’?i' , 

£3.3Sm.. the directors said that h ’ U7 

Forecasting the fulltime result nil 

t,me SSSS-Sta vtiroM. w 


DIVIDENDS ANNOUNCED 


Date Corre- 
of sponding 
payment die- 
June 23 1.35 

■Tune *22 0.65 

.Tune l 1 37 


July 3 
Maya 
May 22 
May 24 
June2 
June l 
July 2 1 
May 26 
July 3 
July 3 
May 31 
.May 23 


O '' pre-tax profits ts issue last November, The 1378-77 

■ reported by Kwik Save Discount total was equal to 2ji048p. ■ 

and severally indemnified the com- JlISBP ^ 26 weeks ended Interest received tn the. pre-tax 
pany in respect of its liabilities fr *?^ ia ry 2a. 1978. profit amounted to ' I58JXJ0 

under the charters. The charter of this supermarket l£97;000j. After tax of g'gpnt.- 

hire receivable is affected by a “oved up from £66.45m. (fUffim.I. the net profit comes 

Total proportion of the trading resulis ~j* J tf n> The profit rise was through at £2. 12m. against £l*83m: 
last of the tankers— 5 per cent- in the fEgjJ* an increase from c,. 

case of the two smaller vessels f*®-® 00 to X713JW0 m conces- . w 

4.6o an d iQ p Br .cenl. in the case of the SM J£® ,re ' rentals. ' . 

l.jU larger one. .>-« e i dlrectors explain that the A - 

1 assfirg&sjzssssz Aquascutum 

f* 3? figs £ US-J5B , * - 

23 -a reduction or deferment of re than the exceptionally favourable CXH2HflS TCV - ; 
3.3 charter hire Until these negolta- S . ures pr^foil VA F aU U^ • f. , ■ 

l 3 tions have been concluded- it is year. - /\#"y 

2 . 7 + not practicable to assess the ex- However, taking a two year com- tZ 11 /HI 
2.06 tent of any future shortfalls In parison, sales and profit for the 


BBK proposing to 


raise 


w x 

# * 


• Brown Boveri Kent, which 13 There are opportunities for the 
controlled by Brown... Boveri of further .development- of -certain. 
Switzerland, is making .a £3Bm, overseas markets and. for indreas- 
cash; call from, shareholders by ing investment Jn modern fare, 
way of a rights issue. The com* auction facilities. This wffl &e 
pany is also reporting the latest risBio a. demand for snbstantb] 
figures for the year 187? which. funds. ’ --. Accordingly ina«£i 
-Show- pre-tax profits of fiUot. 1 borrowing facilities, have 
compared, with £3m. in the nine arranged and some of the sUort. 

; ««iths taD ecetn ber 1MB V term debt; hae; been placed a 
‘ .Terms of the ngbts are one-for- medium term basis. 

■ four at 36p "each; In- the market . . „ •*.<*' „ 

the shares rose 2p to 50 Ap. -An_EGM : i» caBetEfar May 2 :in 

“.Brown Boveri of Swtzedand increase .the authoriaed 


uuuluii HaiuLiumij T...__r„„ 4 nln I'M Tnllc tftr Mnv2.i 47 Si 47 »«•* *n«jifuin.i' 

of fluctuating exchange rates. Dividends shown pence per share net’ except where otherwise stated. t9, ‘- 11,6 'ftractora statp - 

J iK^hAnSh * Equivalent after allowing for scrip issue. ■ tOn capital Profits from forestry 


been concluded- it is year.' r ftmr at 3Bp eacbi In ; the market : 

ible to assess the ex- However, taking a tu'o year com- T, Z-l l / TT1- the shares rose 2p to 501p. -An c 

f future shortfall.-. Hi parison, sales and profit for the W *“.• “Brown Boveri of Switzedand flriw trmcra 

the charter hire. Pull pro*™* first six months of the current REPORTING . . taxable 'profit ^ indicated that it Will be tafc ca P ltai - ; •- ' : ‘- s 

apioununE to £3«fi.0fl0 has been year were more than double those ahead from to a racSd ^8 U P lts r *8 hts entitlement <lt . -’.“Si! 

made for all losses accruing under of< fl, e comparable period of £2.07m. for the year to Januara ba S a 54.5 per CenL stake) and ;* comment ' 

lhe existniR arrangements dunn* 1375.75. The tota ]- p rQ gt for 31.- 1D7S, on of will be underwriting the- bahin'ce CGHTlHeni ... .... 

19/4. the directors state. 1976-77 was £8.6bn. - against IlS.98m_ the directora /A fa^a nominal fee. Ttegstcding. KtpansJon this . y#ar 


- 


■ .... |L. I f L A , ln u *CiUUit 4 Wlil duel IWI iavnw ■ wi* riuuta »*uiu 

IprfLSp increased by riabts and. or acquisition issues. tFor IS months. STo raent Increased, bur 
problems affMted the performance r ^ ducc disparity w-jjh final. Forecast that final wiJl'not be Jess than ins results, were 


try manage- . In. the first half of the year the Aquascutum and Associated Com- 1 1516 National' Enterprise Boaid, Brawii Boveri Kebt Is playbafe 'Ats 
tenant farm- group opened in 14 new stores panic*, the clothing gfonp r say f ownsl7.fi per cent, of BBK, cards dpaie to its diest'^But 


many of the operating companies 
and the future development of the 


ins results, were materially and a further IS are expected to that forward orders and trading bas also indicated that It wfll. take evidently, there are’ plans-: for 
affected by a higher depreeiatibn be_ opened before the end of the prospects indicate another" B5<ff “ H h its new shares. ' . .- . _ developments. In Europe which ' 

charge owing to the revaluation current year bringing the total year. . . • . . /^Turnover in 1977 rose could involve considerate capital 

or plant following the d'tsoosai of to 156. At halftime, whep profit was hd' ^ 9 - 83m - fW/.Hm. for . nine ^hudingr. Tb'e llnk-up with Brown ' 

a minority interest in Fountain As more new stores than a ntici- by £314.000 at £678.000, the dirac- ^bths). After tax .Bovieri of Switzerland has opttHed • 

Farming and by adverse trading pated are in the existing trading tors said they anticipated .ah m- 1 ..ratecests tip;' more r opportunities, ^-'for -■ 


he expresses confidence in the central interest parable less 

future of lhe group. investment income £176 (£223i and 


World-wide shipping was de- 


Eam trips per 20 p share are convertible 
stated ai 20JJp c23p) basic or £297 (£302). 
>9.6p (21.5pi fully diluted and the It is est 


[£302). ing of £1.47m. «£l.78m.) with 

is estimated that had ex- record number of deals co 


net total dividend is lifted to change rates been constant at the eluded. 


iJS52p tSfMSIp; by a maintained ratas ruling at December 3), 1976, 
final of 5.96o5p. then insurance brokerage income 


Because oF a cut 
ary debits to £390. 
attributable profit 
£3.04m. <£2.S5mj. 

An analysis of 
nrofit, including in 
vesimem income. 


bad debt provision related almost oneratina is now limited to the 


totalling in all £576,000. 



1877 

1878 


rooo 

rihKi 


tb'.t<94 

57.808 

TrodLrag profit 

fijM 

S.681 

Intcrost sod tov.*M income 


2.875 

1 merest 

li22 

1.592 



*454 


8.04 

8.230 

Tautioo • 

A 178 

4.722 

Net profit - 

4.r.fi 

4.S0S 

To mmortties 


721! 

Extrannl debit** 

•i"n 

913 


lirs 

2_M7 

Ordinary dividends 

1 319 

1.43B 

Retained . . 

( ol9 

i.rss 


_ _ • • md thi diridend total Is rtfepped 

Few criticise Leyland . : V ? 53 ||^S.SS. 4 ?aMjs 

P ) t On . V^e co^y e SfjSg 

BTTERRT ““WORTH V 

British Leyland shareholders accept the proposed redundancy by. 14 per cent, compared with Hp-; 33 This 


BY TERRY DO DS WORTH 


analysis"' of turnover and entirely^ ‘ to “ claim’s ‘on'" business three 'oU talkers, two "of 120.000 •«-«* t compnnnp wim rnon wa rn* cleared the way for plans for a plani Resistance to closure of the! the previous 12 months. ' -M^Sn«Sn^S^rt»4rv ( 

Including 0 interest ' an d a iiv TJe7 tiiou^UnSes^n the d.w.t and one of 151 d^whlch rSK S L^S°Vx KL C “?? M SSmS.^ " flSSf 


shows with London market which are proving have been chartered to Galbraith and closures of snusidrarr com- capital at an EGA! in London, future of the TR7 and ris! 


fOOOs omitted: insurance broking difficult to collect hut which have Wrightson for the equivalent of pantes bi4 iE30): net unrealised rxr-iianBc yesterday. 


£36.39-1 (£33.688) and £6.612 already been paid bv R I ewart £4.4m. per year : These ^vessels have 

' £8.319): insurance companies Wrightson to clients. Arising out been suh-chartered to a consor- fSj fnr^ 1 

■NJ332 (£5.664) and £843 (£631): of this situation decisions have t/um of sis leading shipowners m " 

Moyd’s undenvriting agency £548 been taken about the handling Bergen. Norway, who have jointly »ee uex 


another financial -crisis 


Hambro Life raising dividend by 5p 


"’’HE ACTUARIAL valuations of long-term assurance fund. redeemable preference shares of sales 

llamhro Life Assurance and its After transferring the amount £1 each at 112ip on July 31. 

-holly owned subsidiary Hambro of £326m. to_ profit and loss to 

Provident Assurance reveal a cover the dividend, the actuarial w-i • 

total after-tax surplus up by over surplus retained in the long-term i-j VT1Q f^Cl fill 

£lm. from L?25m. to £621m. in assurance fund will be increased . 

1977. And the directors report by £225m. to ah amount of n/\ m 

that new business in 1978 is run- £7.46m. T/^ '+ 1 1 •% / fTl 

ning .substantially ahead of the l/VF w" / lilt 

corresponding period of tut # comment J 17 ‘ „ 

The dividend is being stepped major source of profit for U y JC JUT III! 1 1 

up from lap to 20p with a final jinked life companies arises from ... 


ind liabilities In spite of criticism from about State-owned concern, 
reconstruct! on a dozen shareholders, Mr. Michael 
Edwardes. the chairman, gained 
oterwhelming support for a reso- A J[ ¥ . • 
lution to increase the authorised C 

capital from £l30m. to £K0m. ^ ' ^ . 

Mr. Sdw-ardes said the Issue of 1 __ ffc »/• L.l_ 
new shares was - absolutely essen- |1 V r 1 1 ICffT 
iia!’* to strengthen the group’s ** J a 

balance sheeL He conceded that a . 

the injection was “an act of • A CCPTC 
depressed, faith.” and that it would take M a •.« 

... .... . ...j .v. ik. uh. 


.Although the division will return good three years ” before the com- ipppo LNTFREST and 
to profitability in the last quarter, pany cotHd approach viability by £{ - 000*- aaaii&t 

£*. ...mi 1 : at a j ^ nnrm *i I rnmmoreiol ctunnnrnc u 4 ** ' ^ 


F& Counted" to growth, .though mgms. ffiay 

at toe inv commitments, about' £4nu prove dimcult to mamtahL At 
■ hSe Yteo increahSd with factory 50 Jp the ex-nghts protective 
extensions in' Italy and the UJK. jirid is 7 F« r 
already under construction, and based on unadjusted 1977. rarn- 
proposaJs for a new factory near- tags (using year-end capital y la 
• • Stroud for completion ta 1979. around 6- 


Mi-:;: 


BY ANDREW TAYLOR 


Expansion 
to £ 0 . 37 m. 
by Firmin 


INTEREST and 


expenses A.’ rescue package which, wtj' company over any taotaemsthat 1, : 
STtSoo, inject at .least £}m. cash, .mta have atteen over the comWer ,. • 


it will be insufficient to avoid a normal commercial standards. “evenueof BriShAssets ttnrt Cadlon Holdings, the aUtag elec- difficulties.''; '• ' ' i? 

loss from these activities for the Only o per cent, of the equity advacce<J tron) j it 302.00(l ^fe tronk components distributor, has ; . ' . . 

year as a whole, the directors » ,S k. he l? and f £l'49tt 008 for the half ywr » ow put together by .the. -same", m «■ . yr 

say. WM small shareholders, Ute rest £ pg/S S of indri-i duals that arranged . ■ MarV Kathfeea 

First half srotra turnover being in the hands of the rteo nnn «^t»u 1 'wm n cimiinr rfpnl for Change Wares J 


declined from £5.68m. to 14.43m. 
and profit was after depreciation 


\3ri0nai Enterprise Board. «- vear* ■ 

The Leyland Board has advised Income per 25p share is 4 .shown ' 


The consortium includes . , 


Mr. cash call 


as*" ^crease «i jumm . 0 sasiTpK' TrsT^safi 

ms over IS'3^ 20 m pre-tax profits for 19, 1 issue, to 0.56p per 5p share. The * y ®B is exuected to emerge at the far to Lip— For all 197 6-1 j, pay- ^ Rose has now been appointed w, order to concert into equity 
ncmrel w reported by Firmin and Sons, interim dividend is kept as 0.5p end or ^e fending exercise with merits amounted to 2p. , ; e as chairman of Crellon rand two fie ?Som. (£li2m-> Prcrided 

business which makes badges, buttons, and net — for 1976-77 payments totalled a Jr aiEofifST «h. moat During the six months; holders of his American associates. Mr. year by the two major share- 
ifitsand ornaments At halftime ip. F . tSZ^SS^SSS £4,495,755 of the 5 per 'cent B. A Selzer and Mr. D. J r SiiDivan- £Sd Ss, <Sta dne Rtotinto of Ans- 

1 strong the nse was £21.000. * ine y^erday. which was attended Converdble Unsecured -Lohi have also been appointed to the tralia (51 jier cent) , end the 

1 half of Turnover came to £l-6<m. i?'!/) £AA from by about ^ people. ^ “ Stock converted into Ordinary, as Board. " • Australian Government (4L6 per 

n» busi- (£l-39m.). After tax 1196.874 3L;l/<U(/U 1x001 should be bought out by the NEB a resu i t of -which. 8^91,518 new The rescue package - ;was «>nL). 

on a ris- <£147Bffl), net profit was £178,246 TT ,» and the Government. shares were issued. . revealed yesterday after Crellon Our Sydney correspondent says 

lings are (£119,068) for cannngs of 13.7p M BfNg But this move did not auraci Ne| assets per share, after announced that negotiations ..with feat observers there are pbstulat- 

i. Last CO^Pi P er 2Sp share. _ general support, and . Ir. p r j or charges at par are STSp 3 potential bfdder bad broken a one-for-one issue at -about 

ry in all The finai dividend, is. 2.456S2p. \zfnnL 1 n A1*V Edw-ardes said that P^oxy votes (jgjp). or assuming full cohver- down. . ■ -.; ' 30 cecjs per share: This, how- 

1 rise of for a net total of 3.6S5S2p, com- iTlaUlIIlu J already cast by small shareholders s]on g6 , 7p ( 7 5pJ . . . ; - The consortium .of ;. ^pnyate ever , fcould hardly appeal to 


Into a public company in July This buoyancy new business maKes oaages, ouuons. ana net 

1976. usually means higher profits and haUtune lP- 

At the interim stage, the direc- Hambro Life experienced strong »* was aijwo. 
tors reported that sinee June 30 «rowih during the second half of er A ?/ une . L° P ta'«o^‘ i 

new business had been running the year. Profit on existing busi- _/V‘ er ii-S’S'.l d 

significantly ahead of 1976: and ness depends very much on a ris- <*J4 i. 888), net profit was £I»8^246 -. 

particularly in view of interest ing market, since the loadings are JfV 9 ! 088 * q°- r c ? rnings oI ^ 'P 1 
being shown in pension plans in based on market values. Last ‘^P* P er , 

advance of December 7 (when year saw a strong recovery in all The “J a | a ‘ vJde nd^ is_2.4o6f?2p . |i 
companies had to decide whether, markets. The result was a rise of f °r a net total oT 3.68582p, com- 1 
to contract in or out of the new one-fifth in profits and share- Pared with 3.3338Zp. - 

State scheme) this . trend was holders had a one-third increase 31 

expected to continue for the in dividend, the company being p|. rnf ] An A lilt nat 
balance of the year. in ius final phase as a recent new !>UrQu6116 fill £30 

Since 1974 a policy has . been issue. 4Futiire declarations will be tvi . . .■• . tui 

adopted of. transferring to profit subject- to'. dirid^cW limitation hy C3 T3 V2TI £tt 

and loss account each year an policy! New business this year is 

amount representing tiie actuarial , substantially ahead of lf|ccpc ary 


£?0.600 from 

Hartle 

Machinery 


already cast by small shareholders s j 0 n ggjp (?5pj. 


ias agreed to sub- minoritj shareholders in the light 
nrongSfthe purchase 0 fi#he : current -Aare price of_ 
le j CCffindative- Par- abont% : cents -utdtbe compan^j: 




surplus in that year. However, in and the company has in- lUddCd . loss at MM Net interfni dlvi- ° r l(Mla y’ s cructal vote to its managers. Ivory and Sh 

the tight of the current mix of creased some of its. renewal STRUCK AFTER a loss from its Send is held at 0 9p-for the 3.000 workers at the Speke ; at an independent valuation 1 

the company's business, a con- caravan manufacturing side prerious 18 months to' June 30, 3556111 ^ 00 whether to offices at 1/2. Charlotte bq re. 

tinuance of tins policy would lead JJg’ ?? P' r JJ5J{ s caused by short time working, 1977 the total was 2.7p. 


£30 Sm after intent of ar-. ton wili be P 055 * 1 ® for public funds gbod dividend increases, frqih ta- tiripafBnr* Preferred Redeemable loss for1977 of ^Ald^Tm. 

Tuimrer-for fe^DMi^ tirtalleci 1° ^ P^P^^ indefinitely. \T e ^traents and a reduction: m SJ»tm (rf-;l0p. At feast a further At yesterday's meeting Mr. 

turnover mr toy perioa. wjanea have t0 lake , he ^tuation by the interest and expenses following tb be raised by- a rights y. f. Espie. the chairman, said 

T>« took £15.800 and extraordin- 51:1115 of ^ neck " repayment of borrowings. issue pf the new -shares to exist- feat normal shipments of uranium 

arv rietaR £75% learine the net His coniraents come on the eve The company has agreed to sell ing Crellon shareholders— to be are continuing and that roost of 
lo« at MJiiFlfa ^ interim^ divi. of to-day's crucial vote by the to its managers. Ivory and Stine, underwritten by the consortium, fee plant modifications under the 

dend is held at 0 9p— for the 3 -000 workers at the Speke, at an independent valuation, the The deal became necessary production increase plans are 


: — 7-- —7 T . 7 T ■ — r nrnRtt " Innlr hri«ht -THo uj »uiw»8, IBM UIV luiai »as 4.1 U. 

*9^' •"s (which has been fully pro- moved b ahaari 7*7^ wKf pre-tax profit of Burndene Invest- No comparative figures are 

vided for m the acrounts) being Pr*?e“°v~ahrad/p to 30J. roento was more than halved from availaWe.^due to a change in 


----- — - — cririnv 9 Brnu vmTrl „f ini nor iivm awiuai/it:- uuc a omi ige in 

paid earlier than would be the a 8 ross yield ° r 10 * P e f £256*33 to £105,448 for the half accounting period, 

case if such transfers were UCflu year to November 30. 1977, and The directors state that the 

limited. • the directors anticipate that the croup trading profits in the first 

The directors, therefore, have A* J. Tr OR J Hl/VGTOIV ^ uI 7 year figure vlD be some half were achieved in spite of the 

transferred to profit and loss only £280.000 lower at around £300,000. delay in the expected upturn in 

the. amount required to meet the The directors of A. J. Worthing- There has been an improve- the market generally, coupled with 


Charterhall first half 
slump to £ 10,000 


me amount required to meet fee The directors of A. J. Worthing- There has been an improve- the market generally coupled with Pre-tax profit of Chart email, uroup, wun nr Petroleum Mr- Fanton Corbett, managing priced- The continued weakness 
dividend. The remainder of the ton (HofaUngs) intend to redeem ment in the position of the cars- extraordinary costs' incurred in finance, investment and mining Development as operator, is pro- director .of merchant bankers of the latter currency would have 
surplus. has been retained in the the.50,000 6.3 per cent, cumulative van side in the third quarter, but group re-organisation - exploration group, slumped from ceedrng on schedule, the directors singer . Friedlander, C ration's “a significant downward effect 

° ~ ® 1 p - n min _ 1*1 A nSO ll>A Am rf ota In 0 1*f orn 1 nuC in II Iaa — J — r — — 1 -1 1>. — * U/I1 U _ . — - * !m 1A“D U antSJ ff* 


after -Crellon, whic^i showed expected -to he completed at about 
debts of £1.35m. in its last balance mid-year. . * 

■sheet (against shareholders’ funds . However; . a *' further loss is 
of £L62m.), ran into seridus prob- expected th&year. The size of the 
lems with . a new computer deficit .will depend not- only on 
installation. The group is now production levels but also on the 
claiming damages thought to . he exchange parity between the Aus- 
around £Jm. as a result of these tralian and US. dollar in which 
problems. - •. . • the company’s sales contracts are 

Mr. Panton Corbett, managing priced- The continued weakness 


exploration group, slumped from ceeding on schedule, the directors singer -Friedlander, Crellon’s “a significant downward effect 
£59,080 to £10.052 in the_ six state. CharterhaU has an 0.333 advisers said last night: “The on earnings in 197S,” said Mr. 


little ti; 


Results due next week 


months to December 31. 1977. per cent interest in Block 21/1. 

, u „ In the U5. there has been con- 

-wTU lower ' ll SSS fiaLESF- " 1 *2? *e 


injection of £im. -should see the Bspie. 


SSSn £468^w" came from” the SrSrcomp P a r S^is ro ta e ?olve^ 
57 SST LSES& ESXUii Jto ofWdJW programmes 


Next week s Stock Exchange less analysts siigeest that second the South Bay copper-zinc mine— much difference from the first Alderman Securities. TTiese traded [ Pennsylvania managed by 

list of pending announcements half profits couid reach £15 m. are expected to make useful half. Tanker losses may be as anticipated at tbe time of the sjKma Resources, are Two- 


MlfWiTRUSIS 


contairu a number of large in-, (£14 Jm.1 although there is an ele- profits in the third quarter of doubled to £AOm. far the fuff year, last annual report. dirotion and'rietainc^corae Pr0 

dustnal and financial companies ment of caution in this forecast 1977 which could place overall Overall, Burmah Oil could report a The half year figure takes no The directors say they intend 
mIL 0 nS n0 ^fr»w re " oF Gbwed’s poor earnings around 3 lp per share for pre-tax loss of up to £3m. Tor account of the results of the t0 continue to seek out oil and 

uS 'r^ir. nrnRt?u?M d jl?- ts— South the nine months against 36p in 1977. group’s associate CCP. North Sea development opportunities in the 

results are ajs^beta^s^eportetiTby SrtPRlfilS^DiSd^S STS Burmah 0U - which 15 due » dust'ri^ predSed "hlKe^rofi^ ta\dd]tion\j^em^?mff 


'fttlZO V.w 


results are also being reported by level. Finished products in Lhe 
Lead Industries (Thursday), Bur- U.K. are though to have held up 


in additional ventures similar to 


report its results on Wednesday, f° r Wn but the company subse- oX Charterhall s interest in those in which it is currently 


luuusuiKi i jiiursoay), our- u.lv. are inougn ro nave new up -- ---- --- — . J “r- r “ — , *har comnanv 

mah Oil (Wednesday) and tbe well in the depressed economic is expected to show another pre- SS? n .'M! 1 ^?K rneradec * tfus 4e hJrt*™ 


mining and finance group Selec- climate. 


tion Trust (Thursday). 

Forecasts of the preliminary re- 


lax loss against' a deficit of £8m. Rowing the announcement of the 


“ ‘ . r c . in 1976 According to maricet 48 P er cen t- Profits downturn by. charge and no dividend is to he income. 

Results due from Selection ° fl 50 oer cent. -owned Tinride. Tlie oaid. Last year the company re- Some 


involved, and which hold out 
no tax prospect of an early flow of 


Going West to escape 
the Budget blues 


This week Investors have to sort could have been said for much of 

through a welter of invitations to .tiie way down. ^ 


ife ad\ 


estimates the m-oud is unlikelv to 50 ^ cent.'-owned Tioxide. The paid. Last year the company re- Some degree of nickel enrich- invert la America. Maybe that’s ' TTie clminbji' among :'aMr 

eaUlUalco. U16 ^TUUp IS UnUKciy to j.. mt... r- rnneroH from Kvn VPare of loss manl Ka.n anannalapa^ I,., I _ ... t-t tSIt the OOtj mists?— tmtlht OT BfcT 




suits at Dunlop Holdings due on Trost ’ one of four U.K.-based repon an ’y sig m Bean t upsurge in full year resufls. due on Thursday, covered from two years of loss ment has been encountered by a reflection of post-Budget blues 
Thursday have been substantially mining houses, on Thursday are the seccnd half followin? the a . re now expected to be similar to with profit of £110.000. the drilling on the Ml Keith to® British economy: — err 


T SI 


Thursday have been substantially mining houses, on Thursday are the seccnd half following the now expected to be simtiar to 
reduced in recent months. Dunlop fw the nine months to December first halts pre-tax loss of £t.4m. th * Provious years £20. 5m. This 


First half profit 


was struck Venture Ty Cliff Int^,ationil 

02 (£87,063). Inc. Under the agreement by what the fund managers 8n nci- wee fc. a rhuthoefs Smaller Cbm- 
irtisation of which Cliffs can eani fip to 51 Pate io be i post-Budget blues.- At paciejr Fund has only recently 
provision of per cenL interest in this joint any rate, there is plenQr of cira ice changed its character, so you .hpve 
nst adverse venture, no funds will be tar those who would go -west . t o gp -on the expertise of »the 


U.K. tyre market The results market expectations apart from more than offset by reduced by the very nature offts product £18,134 (£9.324) against adverse venture, no funds will be lor tnpse who ™ go to „ «L“? Hr jSESi 
will also be affected by whether the higher tax charge. However losses in bulk oil products due to range— metals, paint and waH- exchange movements. required from Charterhall ‘Ainong the fluids'' is- a new one maMgers m. - gmefai ■ _apa jon 

Dunlop is able to advantageously the tax charge is expected to be the short term benefit of prices pape 0 Utanium . dioxide, ceramic The development or the Buchan towards the next exploration from the very successful Fran* capacity to. tap the regtipli 
chanae to ED si for itc srponnt. a much loner nrrmnrtinn Fat. fhp ir?f*r09«ac fn anriv iqtt Rvii- fhfo supplies, chemical.'; — Lead Indus- Field in Block 21/ 1 by the Buchan stage, the directors say. iu# cr oHIa * fVnmihtrton oroKers 


change to ED 21 for its account- a much lower proportion for the increases in early 1977. But this f u PI ,lies - chemicals— Lead Indus- Field in Block 21/ 1 by the Buchan stage, the directors say. 

ing on foreign currencies. On the full nine months. The 47 per cent, advantage has since been eroded “ better insulated than 

previous basis the results are ex- rise in first half profits was attri- by price competition and in- jjtiiers. in addition geographical — ^ ----- . 

pected to be £51tn. to £6Qm. but buted lo the revised arrange - creased costs and at mid-year dependence on the U.K- has been anr.CAnri 

they could be about £4m. more il menta with the Heerema group as Burmah reported that the bulk red u«a to about 40 per cent, of iTXoX • lVCill DVvij 

ED 21 is adopted. well as improved results from the products market remained weak P ronts - 

Midway profits of Delta Metal company s participation in the with no indications or any early Other results to note are full- rirmitinnn^ «! CA 

were a third higher at £13.41/0. KI3 gas operation in the Dutch improvement Consequently, oil year figures Trani Blackwood NIM f II 1 1 i yf [il I INC 

and the directors said last Sep- sector, of the North Sea. These and gas operations probably did Hodge I Monday i BSG Group © 


brokers- expertise. Pleeadlfiy’s 


■< H ^ 

r- . . : ~’t :• 


vSuef Stations, and dou’t waste P® tavestoient -for 


SisSPasrMS S 3 ASMsrsnd 1 

8S/SSSS; ? ou “ ** at 


and the directors said last Sep- sector of the North Sea. These and gas operations probably did Hodge iMondavi. BSG Group O So" St the moment they ire. steer-. e S?*H!i, y - r ^5l lllres . Y° 

tamber that they did not expect activities and Its other main less well in tbe second half. The tTuesdayj. Sun Life Assurance ALTHOUGH first half profits of to £1,012.145 on turnover of ing -weUV clear of the argument feast 400. units. 

StoTh^o f 10 ^K rap c a I! Mount^t^ewman general industna] division is ex- Society f Wednesday), Currys m. p. Kent residential and com- £l0.lm. but Mr. Metcalf said that about- -the virtues of tag steady : Investors seeking income ^are 

s ?n^ r v- the B E st IS«5?^, e ’,^ lnan ' ^ J PSptad to Perform better while (Monday) and S Pearson and Son mercial property developer, fell much remained to be done to con- companies as against those of this week being offered two futads 

half as they did in 19,6. Neverfee- mum stock holding company and other income is unlikely to show- (Friday). rifehtly, thJ doctors “wSt be -solidate the cwnp'any's improved sSHifd speedy companlesr-. to meet their needs. T *— 




$XH 


Investors 


/kD noun ce- 
ment 


tMvtdrod 

Last year —Hus year 


FINAL DIVIDENDS 

B?Sto!ief| 

Black -wood Hodge .. .. 

Brocks Groug of Companies . .. . 

BSG imerruuoDaJ ... 

Burmah Oil 

George M. Callander A Co 

Chang? Wares 

City Hotels Group 
Clayton. Son and Co. fHoJdjnjjsi 
Cine Out mint Holdings 
J Compton. Soob and Webb /Holdings* 

Coral Lrisurr Croup 

Cosalt 

Currys 

Drita Metal 

Dunlop Holdings 

Estates and General tovesuneois ... . 

Gamer . Scot b lair ... 

Hestair 

Hawker Mams 

Hawker Siddoley Group 

Helene of London 

Higia and Hill 

Holrmod Rubber 

Horae Charm 

Honckong i Selangor i Ruober 

Hunaon Midlands 

HosKraj and Homo 

Hovennghatn Croup 

.lerscr EJoctncity Company 

Kuala Sslanaor Rubber Company 

Lead Industries Gtuup 

Leslie and Godwin (Holdirat** 

le- Vallunct Investment Trust 

I.w* 

t.lb-rly and CO. 

l.-jndOE and Holynjad Tnwt 

London and Proemiaal Trust 

Lvndon Vnited Invosmt, ot* 

MeiiUttorc MaObfaontrina Coranany 
John Menaes i Hokhng/r f** 
F Mill-r « Textiles' Ll - f 

Sfonrhause and Brook -|fj 
John Uowlem A Co. — Hi i _ 


due 

JM. 

Pina) 

tot 

... Wednesday 


5.31* 

3 G8St 

.. Monday 

1.187 

1.431 

1.3 

.. Wednesday 

i sss 

1.748 

1 4 

... Tuesday . 

8.458 

1.158 

0.7 

.. Wednesday 

Ml 

Nil 

Nil 

.... Wednesday 

0.35 

0-65 

9 805 

. . Monday 

04 

Nil 

? 

... Thursday 

— 


\M 

. TUnreday 

i or* 

2.« 

) 34 it 

._ Thoradas 

1 IDS 

3.2 lot 

2.0 

... Tuesday 

0.393 

1.298 

0.399 

... Thursday 

2.5 

1.5 

2.75 

... Tuesday 

1.2 

i sax 

1.3 

.. Monday 

— 

4.0M 


... Wednesday 

1.52 

I.K73 

r« 

.. Thursday 

1 W - 

2.8 • 

2 So 

. Tuesday 

11.3 

0.5 

0.3 

.. Wednesday 

! a 

.1.75 . 

1.75 


• Thursday 
Thursday 
Tuesday 
Tuesday 
Tuesday 
Thursday 
Tuesday 
Thursday 
Wednesday 
Wednesday 
Monday 
Monday 
Wednesday 
Ttiorsday 

Thursday 

Wedneaday 

Friday 

Friday 

•Thursday 

•QaTSday 

Monday 

Fnda» 


1.86S 

1.371 

1.9131 

— 

0.81 

— - 

1.T6 

1.513 

i.wat 

450 

19.S! 

7.0 

J !55 

2.09* 

1.32ft 

0.34 

4.21 

1 M 

0 92 

2.02! 

0 9l5- 

l.:iS5 

3 ns 

1.513 

03 

1 3X. 

055 1 

*.*ai 

7.8 

4.9 


l.i48 


2.L1 

3.2S 

3.0 

I 187 

2Jd» 

)-wr 


!.*» 


— 

XU 


9-1 

20.0 

12.9 

1 ft 

? i 

1.1 

1.4 

2.« 

1.1 

1 9*3 

1 

2 -.is 

0 ! .H 

0 Sll 

Il I5H 


: nrr*- 

' tM 


-^i .'-j 

0 TM 


imSm 

Li 


XmrarthlU 

M F. .North 

Oweo Oneo 

Pearson Loogman 

S. Pearson and Son 

Harold Perry Motors 

Provident Life Association of London 

Peed Eaoculcve 

R-r*rte* Cbenurals 

Royco Crono 

Rax*# - Portlaod Cetnent 

Scoiusn Mortgage and Trust Company 
Seronlios Tran of Scotland . . 

Selection Tnwt 

Southern Constructions iHoldinxsi 

Sun Life Assurant* society 

Tebldy Minerals 

United Carriers .. . 

Vdans Resources tTua 

wjutkui 

Weeks .Vsoociates ... 

Yougbdl Carpets iBoidttutS) 


AUHHJne*- 

PmdeSd I»I* 

moiK 

Lap year 

TTui year 

due 

7m 

Final 

tor 

.... Moodar 



4 4 

_ 

.. . Tuesday 


n.5» 

0.254) 

Thursday 

0 553 

2.9M-' 

0 WOT 

... . Friday 

? 7.5 

3.d»5*' 

1 75 

. Friday 

2 il 

4.1«ri 

2.0 

.. .. Thursday 

2 21 

2.83 

2.47 

Tuexdav 

3 1 

4 913 

.1 7427 

.. . Monday 

B .5.54 

l.lll 

l.".l 

. Monday 

J.rs 

.T.HB 

1 7* 

Widneaday 

1.0 

Ml 

0.5 

. Monday 

! 4%| 

1 88 

i.6#et 

. Thorsday 

6.9 

2.1 

1.2 

W-dDesdaj 

2 V 

3.4 

2.23 

.. . TOurvtAf 

j <t 

n.K 

3.0* e* 

. . Friday 

0 4.13 

0.435 

Nil 

Wednesday 

! :n« 

1.394' 

L.vWibi 

Friday 

0.‘i37 

0 59T 

0.87 

Wvdnesdar 

H HIS 

1 4361 

D.711t 

... Wednesday 


0.9 

n 

. . Tuesdaj- 


3.425 

I.A75 

.... Wedot-iday 

<MH2 

973K 

0 5 

. .. Friday 

3.125 

4.09 

2.045 


hll^IIU/. LIIC ULlCUUia Mill uc wiiwpl« uifa vwupuuj D tuipj UhCU » i r i £ - . - . - , . 

disappointed" if tiie full year position. No dividends could yet though it loote as though the. see km g Income ^arem somewhat 

rr . . . ■ _■« . u. j .i i j j ■ j .r.ltn .-wpinhiinn unit • veor nl s nimnnarv The hieheid vleids 


INTERIM DIVIDENDS 

Reradin Robber Estates 

Peter Broriterfaood ...... 

Dravdiox and Mills 

Eou/Jji income Trost 

J. Kr o worth and Son 

Look 4 Hambly . 

Lowland Investra-ot Company 

Wra Low and Co 

Manooair forernauanal 

Wade Potteries 

Walker and Hooter . 


Tuesday 

Tuesday 

Tni'sday 

-Monday 

Friday 

Wednesday 

Fnday 

W«-dnerday 

Tburstfay 

Wadnusdar 

Tuesday 


figure does noi show a significant be paid, as these would depend portfolio, 'weighting will veer of.- a quandary. TTie highest yiplds 

improvement over the £818.000 on future profitable trading and towfirds the latter. Fra mllngion.s come from fixedrinte rest surest- 

achieved in the year ended Prior provision for the balance unite - are available to _lhqse with. menta -which prpvide/Jittie on no 

June 30. 1977. sull due lo pre-reeeivershxp a minimum of £250 lo invdst — and-, growth in .income. Equity luMU*' 

Tn lhe hwir year ended Decem- creditors. until' the management can per- tags Willi . provide some h^dge 

her 31. 1977. turnover rose from The company had arranged suade the Department of Trade against inflation through increas- 

£4 03m. to £a.24m.. on which a with its merchant bankers' Char- that plenty of the money is .com- ing "dividends* bur. the starting v 

profit or £387,000. against £403.000, terhouse Japhet, for Charterhouse ing in ‘from the outside, the initial yields are lower, investors Ijave 
was earned. »o purchase at par the Si per charge ta only two per cent. IT’s to r decide which -is the more 

Buoyant house sales and a long cent, unsecured loan slock of Lhe an., "indication of that manage: important to them. » >. 

overdue improvement in margins company from any holder wishing ment’s calibre that ‘ they have Schlesinger’s. Extra.' income 

was nor felt until after the period, to sell. Ryan, with funds ar this turned the fact to their advantage Trust is- invested entirely in ljigh : :* 

bul they can be expected to re- time facilitating such a step, was by rneJong it a selling point... ^yielding equities. It stHJ manages ; . 

fleet through in. the second half: depositing with Charterhouse an This a part, there are three well- ta offer a- double figure yield— i, 

and commercial developments are amount equal to the loan stock established American funds cm 10J- per "Cent, “gross-one otjtbe 
also showing satisfactory progress, purchased by iL At March 31, offer-' ftf & 6’s American & highest yields for a predominantly ; ■. 

the directors state. 1978. the total amount of the Joan Generid, Tyndall’s London Wall equity-based trust. The managers ; t. . 

The interim dividend is stepped stock was £348,274, ! Ja*enwti«rai. . aud Rothschild’s of the Lawson High Yield Fond i 

up from 0.6p to n.66p net per ]Qp Referring to the company's New -Court International; AU .co mpro mise for, the investor; by -V 

share, the 1976-77 final was i.46p. current funds situation, fee ferae of them^ after. some years splitting the Fund between fixed- \\ 

chairman anticipated that Ryan i D -the doldrums, are' now showing interest preference, shares £nd » »f-. 
r'airtinuc niighf he utilising its bank facili- stsns o^ comiiig to life. For the equities. Tbo yfeid l s 10^5 per cent. - J- . 

VdUuUUo lies in September, when the com- highest exposure to the North and; tbe growth in income ias jfto - 

. . • pany had -to meet certain tax American markets, go- -for the be^ steady. i 

ontimism liabilities and expenditure on MLgfG fund, udn'chiis almost 90 Fhtally. X .Henry Schrdder 

“ ' dcveloonicnt of new' sites. - mh*- Intwonl them /mini. IVses. * leadi rm merchant banker, 4-. : 


L • deveJopraenr of a... . — , . 

Uvan • ,, ri „ mute' Investment. ISOQ. or. HO a is drawing. the attention ofjtho 

• IVVdll RTTE-VENT mouth by way “or the life a&sur- smaller, investor to the use, its 

Udultoii.ily optimistic about the Rite-Vent, qf Armstrong In- anc«;link)* : New Cburt fiiha investment^ expertise by wajs-ot 

iture nf I.. Ryan Holdings, fee dustriai Estate, Washington, iyne (mihtolin bas over SO per unit -trust investment. . There .-Si* 

...I f 1 T 1.! I „..l- — » 4- Cm.,- tr, 


mum' Investment. £50Q. or. £10 a is drawing the attention of jthe 
month . by way "of the life asarr- smaller , investor to the use.ojiu 


INTERIM FIGURES ONLY 
Forward Tecbnolos; Industrie 


future nf L. Ryan Holdings, lhe dusinai Estate, Wasnrngton, IVne (mihiswm »w) has over SO per unit. trust m vestment. . inere.-ai* 
cnal recovery and plant hire and Wear, has asked iis to point ceric of itsuortfolio invested in the four trusts in the Schroder Whgg 
croup. Mr. Greame Metcalf, the out that it has no connection with U.{L_antf Canada, while' .TyodaH stahta,covei~iiig a variety of needs, 
chairman, said at the AGM that Hivent. air pollution equipment is" swinging -the balance by putting. Ajid "iraL.‘ Provident, -'-g- leading 
ihe company was at present on makers, also of Washington, which qu new rmoaey there.. AIT mutual .7/fcT company, is eniphas's- 

target fer 1978 but emphasised was declared insolvent lust month four management groups' argue iag.-to investars-feow- life asiiur-' 

ihii il »» tnn coon in rivp a frillmt.-incr a Katinnal V.nisn,.i« tk.v'toa 'Wnrt'h'- American markets''" ance can- hflo - Vlth" SSVinSS nnu 


,ar tl " as tat* soon to give a following a National Enterprise that.fee^rth' American markets ance. can help .^ith savings and : 

T'nrn * TnT iOn' ott roS,-'" % p.rM f"r opinion of the full year re- Board refusal of further financial represKti' good-' -value . at.. their W Pennine., and 0«er.n -4 . ..• v 

flv* moattu io Dmaim, iK7. - i*» Gro«» tHroujoiwn <h. f,„w ri l-ORi «ipeaiiy suitfl. aid. Hivent has now been hought nreseiti'- levels. Fair; enough, bu(,-raiKe-.of suiaes,"free oa app, ear 

bhmrwI ■ uM 1 nr »liu imnnii H .m. fn* 107? iminmfaf Ka ■ ..in.,. c.mJnil.wj i ^.n .nmn (inn 


te) Cusnat mM lev aUw mooQw fa Doewalwr i9TT. 


Pre-tax profit for 1977 amounled by a private Sunderland com pany [one- word of wanting: the same tioo. ; 







is i 


|8tt 1 Timas Saturday April 15 1978 . 
A j * 1 . i "'>‘ ^r" "■ v • L . 1 --^ 1 J l 

XD DEALS ■ 



ggS? ; ; 1 SUMMARY' OF THE WEEK’S COMPANY NEWS 

Walker Sons (U.K.) Take-over bids and mergers Cnmp;«i y \fd pc°r Market before of&rf A«Si Company Year to 1£0M) 

= N. * * K-tt for share’* price** bid f£m‘s>** Bidder date ■ * “ 








"ft ^ 

filler 


r r k/vuij laftC’t/vci wiua ante nrciycia omp:«.j 

A Swedish agricultural seeds company, HillcshoR AB. is _ 

i n -,1, J>o)sed lo make a full -scale bid worth £4.23m. for MiJn Marsier*. P 

JfiJI V' ADUriiaCn *he Norfolk-based seeds and plant breeding group. Hilleshog. redong law. 

. .. OF . ■ ^ Jl ■*■ • ■ . .. . . which concluded a major trade agreement with Miln three years Jordon Johnson 

"■ ■ : "... . «fio. already owns 25.4 per cenf of the group and recently si.pbens 

-■^?(u!Rf^he 0 u'K , ^Sdfn?com- has . ,Js0 , *° Id 948 per agreed to purchase a further 14.8 per cent. Tins would lake p'amdborne 

■’pftny which has .four engineering L The largest shareholder lx now tisstake above the 30 per cent, level at which, under City jhasn.-Richani* 

/*nd general trading companies in Michael A. Ashcroft Holdings, Takeover Panel rules, it must make a full bid for the outstanding (H.&R-) Tile* 

■•^Sn. Lanka, were suspended yester- which has acquired 29 JW per cent- shares. Hiileshog’s proposed offer is 2U0p a share in cash. Lood.Auat. Inv*. ■ 
^day following an azmouncement of the equity, - just .a fraction a single bid of around £2. 7m. appears lu have been made 
ws t «^.^ >T 2 pany ha( ^ receive 4 1 £* low *j* e “Lr*® • would f or Champney’s health farm and the other U.K. private health Lond. Ausb in n. 

- -io twth^aegotlation.arestin ^“a®* MuK who joined of Allied Investments. the nursing homes and Und.^Uverpool 

at- the stage where the- approach the Board last July, has increased Medic*} escorts group Which 15 being taken over for £8.1m. by Tn “* c 
itf be ing described as one “which his holdings to T.i P<r cent by the State-owned National Enterprise Board. The many other London Sumatra 

MOW or may not lead tp an offer” the purchase of a &98 per cent, parties which had shown interest in buying parts of the business Mjln Masters 

andno names have been men- stake- being sold are consequently given a chance to make a higher Prop.’ Inv. & Fin. 

Aithe suspension price of 54p FINfT A ^ FINANCE beforc * conclusion can be reached on the single bid. Reynolds (W. J l 

w3*£V?KKV5? '£*8 • .. mu* '»».«» .m Mcr». am. h.v. ent.nd m.o gsetASSnSu- 


Company Year to 


Pre-tax profit 


Earnings* Dividends* 
per share (p) per share (pi 


Price* in kik( unless rfnilrie indicated. 


Hcwden Stuart Jan. 29 
HunUeigh Group Dec: Jl 
S. Jerome . Dec. 31 
Lee Refrigeration Dec. 31-' 
London Poster Dec. 31 


4.590 (3.5Q0) ' 10,2 


1J2SS (1.146) 


U3i§§ IIP 


Cons. Plants. kec Refrigeratl 

London Poster 

Simon Engrg. 21 4 Lyon & Lyon Dec.31 636 1624/ 12.9 <32.4) e.o W-gW 

t>r<mson Secs — Albert Martin Dec. 31 1.690 (1.120 23.n »23.M 3.396 12.066) 

ulSSrt. Oil Exploration Dec. 31 1.423 (1.S72) 7.1 16.4) 2.108 (1JS7) 

Hepworth Oxley Printing • Dec. 3J 1.409 ( 305) 23.5 ln.0) 2.475 (Nil) 

Ceramic . — Portals . Dec. 31 S.680 (6,7901 24.2 (21.9) 788 (7.6) 

Colonial Mutual Ready Mixed Dec. Si 28,315 (22.944) 15.B (13,(1) 5.77 (5.17) 

Life 12 '5 Rich. & Wellington Dec. 31 2.690 (1510) 16.8 (10.4) 4.312 (4.04) 

Hooker Corp. Z6/4 RicbMsns. HTgarth Dec. Si 2.000 (2.3701 7.6 (9.2) 4534 (4.106) 

Aschheim Secs- & Rio Tinto-Zinc Dec. SI 271,560 (278.800) S2.7 (325) 9.5 (80> 

Rowan &Boden Dec. SI - 450 (400) 14.1 (6.9) 1JU 0.18) 

« 7 RowftwMadc. Dec. 31 .42,483(30893) 4 IS (37.0) 8.168 -fpl3> 


720 (870) 175 (15.2) 235 (2J1) 

602 (510 1 1U (S.7) 3.055 (2.771 

1.640 (1.7701 12J) (14.0) 2.594 (2323). 

2.069 11.019). 27.0 113.8) 9787 (8.68) 
636 (524/ 12.9 (12.4) 6.0 (2J6) 


1.690 (1.127) 23.5 »23.7| 3.696 (2.668) 


1,423 (1372) 


7.1 16.4) 2-108 (1JBS7) 

23.5 (5.0) 2.475 l Nil) 

24.2 (21.9) 788 (7.0) 

15.9 (13.0) 5.77 (5.17) 


9.5 (S.0> 

M18 (1.18) 


.McLeod Russel/ 
KrpefSA 14/4 
HOleshos. AB * 


Rnbcroid 
Geo. Sandeman 


Dec. 31 851 

Dec. 31 1.404 


At the suspenvion price of 34n FIMT A ^ FINANCE nerore a conclusion can ue reached on the single bid. 

W^ is^ftea^r th^ mkrkit ZFr-„ K.ll«k Holdings and Btlgr.,' Aweta hive entered Into 

at only £153,000 and there is « Jr* £££££ ^scuMions with a view to a merger being effected between them YoiSgAasten 

IW.000 ef Preference shares, but «> bSS? by meens of , scheme of arrangement W“ 


.23 HtueshO£A» - Sanderson Ka\-ser Dec. 31 1.087 . (894) 

ll Csflmr. Props. 25/4 Senior Engg. Dec. 31 5JW0 (4.707) 

R Aoteinn* — pm i - i. iw, <nr=. 


851 (739) 4.5 (3.4) 2.257 (2.041) 

1.404 (277) 5.4 (1.5) 2.31 (2.31) 

1.087 (894) &3 (6.9) 4.3S (3-93) 

5,300 (4.707) 3.4 (3.01 L167 (1.05S) 

777 (775) 9.7 (11.7) 2.194 (1.997) 

371 (334) 172 (15.R) 4.066 (3.690) 

1.478 (3JJ12) 12.5 (11.8J 2.152 (1.928) 

1336 (1.565) .162 (18-5) 4.R (4^04) 

1.110 (925) 21.5 (17.1) 5.827 (5^67) 


- £144,000 ef Preference shares,. but 81111 nouse Diuwpg. _ company 

Srtiire 0?S 'rh? t! lIrt ee reDo , rt 21 rSSmSI* MTSSSwI « 6 haS Frank B. HaU, one of the biggest U.S. insurance brokers, »All c»h offer rCash alternative- t Partial bid. § For capital Taylor Palllster 
: aeco^w 'which cover the 18 of losses, baa announced a is planning to make a cadi offer of more than £18ra. for the not already held. r Combined market capitalisation. .1 Date on which TTuwsisCopper 

Ymonlhs to March 1977, show profits sale and leaaebiekon i^Thetford shares of the VJ/L insurance broker Leslie and Godwin. Hall «h«ne w expected io become operative. **B»sed mVUjfl*. JJJwSkPuba 

nf-f?n7 bofl before tax nf fll7_21B f>CtWT vWcIl tfID release £Jm. oairf » asT vepplf that “ Slihim-r tn th(* annrnnriatM rnncf-nu' 1 rh<» T '. At suspension, ft Estimated- $5 bhares and cash. ,, as bhL.’. 


1.75 Oakstone 
39.42 Lonrho 
30.52 Lin food 

3.4 Trafalgar 
House 


SUkolene 
Wm. Sindall 
G. W. Sparrow 
Stag Furniture 
A. G. Stanley 


'.df^OTJKW before tax of .£117,216 S?®Sa # J? , i£ 4 2^ I i? l ? ,ae £ * m ' Mid week that "subject to the appropriate consenis" the Ti4f55f* pen * 10 ' 
:^nd extraordinary credits of has soW the 4 «™« talks are expected to lead to a recommended cash offer 

acre freeh&d^site and factory substantially in excess over the recent market price. 

Die net vLiue ,or S2O.000 and will leas* it back The merger between Edinburgh and General Investments BO n V2U 
./Ss sfld tJte at “ annu » l «»* OL000 with and an unnamed private banking and insurance group is not to PRELfftfi 

; share priSr among other JffSH &? fiwt ^ of th * » ^ead. V ■' » 

-factors, reflects -the difflculUes rh* nnrcha«* nrice represents GEC has *° ld half ite South African subsidiary lo Barlow _ 

.Walker, In common with other K S urpU« ow’^ook value of R,nd for £l5.6m. Barlow Rand, whose operations are comple- Co p ' 

Stt i n £114,500, and will be used for new meatary to those of GEC rather than competitive, is fulfilling M-ial 

• -'tlfe dWdendTlt declared. P “ furlhcr 01 e U K coup's long-standing aim ro secure local participation 

/. ^The political uncertatntiea -In K capital. .. ^ in its South African company. Assocd. Biscuits 

J -Sri Lanka and the difficulty ot pvc cci t c The purchase of two U.S. companies is announced by Thorn 

^valuing the assets fjf® _ J Electrical at a cost, ot £5.6m. Thorn is buying James C. Biddle SSSuSZ 


PRELIMINARY RESULTS 


lMImot Breed on 
Arthur Wood 
York Trailer 
Yorks Fine 


Dec. SI 
Dec. 31 
Dec. 31 
Dec. 81 
Dec. 31 
Dec. 31 
Dec. 31 
Doc. 31 
Dec. 31. 


221 (148) 15.5 

708 (612) 26.6 

3.792 (2.470) 8.4 

9057 <5R3)a 80 


(10.3) 4.475 (4.054) 

(23.4) 10.05 (— ) 

(6.51 2.0 (1JJ4) 

(3.1) 1.675 (1.2) 


Dec. 31 5.670 (0.211) 13JS (14.4 ) 3 082 (2.759) 


Dec. 31 2,740 (1.190) 
Dec, 31 17 (189) 


14.5) 0.898 <0.804) 
(5.2 1 " 2.14 (14)4) 

(8.5) 2 753$ (2.502)5 


. Pre-tax profit 
Year to (£000) 


Earnings* Dividends* 
per share ( p I per share ( p) 


INTERIM STATEMENTS 


• - the dividends it has declared. working canital ' ' 
/. v Tbe political uncertainties -In wonan £ ™-. 

.. Sri Lanka and the difficulty ot pvc cpi r c 
' -.valuing the assets has also given r 1 E OELri-O 


. amnou ai a cvsi oi zo.om. morn is oiiying James o. maaie C.rnnn iw o> 

V:Sw“ ™ of TOorn-. nmorln* mmu- L^tSncr,,, p£!i 

‘ opinion ou the accounts. subsidiary to National flashes, an “ enl *» a part or the Speco division of the KeLssey Hayes “n n 

. Furthermore, since the balance offshoot of- Co urtaujds. for Corporation, which has been a Thorn licensee for hydraulic H 

• t iheet date a devaluation of the £825,000. . products. BomrjetH worth Feb. 13 

. Lanka nipee has had the The merger with Nationsd, first c. E. Heath has agreed to acquire an 80 per cent, stake in CamrexHldgs. Dec' 31 

• ret *iL r }!Z g i!?n 0unc f d 81 '* be a French underwriting agency Groupe Sp rinks SA in a deal Carpets Inti. Dec.' Si 

.funds from £2.O0m. to £884,000. will create a company with a turn- than w 7m whii^ RHtmia armw u- c anirf « , rnul Carron Co. Dec 31 

-JTie asset value has not been overof£30m. The twp, companies \. BI V* A f r ®. w has sold Arrow Dec 31 

revised to take the devaluation operate in complementary fields. Life A&surince and Britannia Life Association (Cl.) to Gulf Chamberlain Crn. Dec 31 
into account. Echo produces plastic mould- and Western Industries for £5. 25m. in cash. Clarke. Nlckolls Dec. 31 

No companies were being linked Ings and is a hangover from the Energy Finance and General Trust has purchased on behalf Horace Cory Dec. 31 


Dec. 31 6.121 (7,946) 34.0 (49.8) 14812(14.157) 
Dec. 31 47,900 145,400) 27.0 (25.3) 9.342 (&3&4) 

Dec. 31 10.590 (3.479) 15.3 IlSJ) 3.19. (2.83) 

Dec. 31 13,600 ( 8,970) 16.7 (12.8 ) 2.043 tlB29) 

Dec. 31 32.275 (29,677) 22.5 (19-3 ) 525 (2.1 llj 


., , Furthermore, since the balance offshoot of- Courtaulds, for 
‘'sheet date a devaluation of the £825,000. 

. SH Lanka rupee has had the The merger with National, first 
..effect of reducing shareholders’ announced at -the end : of March, 
.funds from £2.O0m. to £884.000. will create a company with a turn- 


Dec. 31 522 (4 33) 

Dec. 31 3340 (3.430) 
Jan 31 2,090 (2.1 101 

Dec. 3J 2,013 (2.531) 
Feb. 13 27L (312) 

Dec. 31 5,917 (5.447) 

Dec. 31 1JBB0 (1.764) 
Dec. Si 1,320 (3.710) 
Dec. 31 484 ( 1,167) 


(6.2) 3^4 


&5 (7.4) 1.62 

11.5 (10.4) 3.96 
32 (6.4) 1.65 


Company 

Half-year 
. to ' 

Pre-tax profit 
(£000) 

Interim dividends* 
per share (p) 

Adwest 

Dec. 31 

1.960 

(1.750) 

3.5 

(2.5) 

Burgess Prod nets 

Jan. 28 

347 

(19)L 

1.0 

(Nil) 

Ferry Pickering 

Dec. 31 

421 

(335) 

125 

(1.137) 

Glaxo Holdings 

Dec. 31 

40.260 

(39.400) 

4.5 

(4.0) 

llwrd. & Wyndham Dec. 31 

165 

(152) 

0.33 

( — ) 

Kalamnzoo 

Jan. 27 

1.270 

(1,150) 

0.925 

(0.823) 

Pboto-Me Inti. 

Oct 81 

1,298 

(1.124) 

1.98 

1—) 

Samuel Props. 

Dec. 31 

494 

(873) 

Nil 

(0.1) 

Smtlhslnds. 

Jan. 28 

7,487 

(9.558) 

3.285 

(2.987) 

StartTite Engg. 

Dec. 31 

214 

(157) 

1.4 

112) 


.into account. Echo produces plastic mould- 

' No companies were being linked Ings and is a hangover from the 


>r Crellon 


/ to the bid yesterday in the mar- days when Py6 made plastic of trusts associated with the family of Mr. D. J. P. Bryans CrojsskyBldg. 
ket but a major acu,r Hi be cabinets tor ^ ^ 1.15m. Ordinary shares in Samuel Sherman (28.75 per cent.) £*JL Bacon 

SrientaT Steam Navigation vjith week, its confafbutl^to profits « lip per share from the irustees of the Sherman family LJLDewbirst 
a 44 per cent stake. was described as disappointing as settlement. Dreamland Eli 


a 44 per cent stake. u , , . -• 

Walker's main business is * result of low volume, 
general engineering and trading, CAyfTTI>rrT - r rnMPr CTFC 
and in the past it has specialised SMURFlT COMcLtitb 

in building and equipping tea and Jefferson Smurfit, the Dublin- 

rubber factories in Srj Lanka. based packaging group, -has -now BCA 
nnA , ;I -r i rnunorcc ’ completed its miriti-mHlion pound B!akey|s (Malle- 
PROVL. LAUNDRIES trade agreement with' Sven 5ka able Castings) 
J- lAl -fi The ownership of Provincial Cellulosa Aktiebolaget of Sweden Cr*> Electronics 
~ ■ — >-i sundries is going through more which was first aonbuoced last 
shake-ups. Following the failure May. 5 ’ . _ : ; 

of its proposed hid fob D. M. Lan- Under the tenn* of ther agree- 
,n caster, tne Manchester textile ment SCA wdll -guarantee tne 
lira -group, at the beginning ot this Jong-term supply orknft tour— 
m .month, comes news of further used in the manU&cture cf 
changes in major shareholdings, corrugated cardboard— -and will 
The Swiss group, UBI. Service take a 49 per cent stake in 
Industry, which acquired a 28.65 Smurflt's UJ\. and Irish, .corro- 
;7 per cent stake in the company gated packaging interests, in 
j-t list July, has now sold its entire return Smurfit wifl 'receive HSm. 
bolding, -and linnet Consultants, cash which includes sl-fim. m 
which together with associates. Interest and repayment of inter- 
-V bought a 124 per cent stake in company loans. '• . 


Dec. 31 4.171 <3.660) 10.3 (?<)) 32' 

Dec. 31 2.009 (1,956) 10.0 (8.7) 2-7i 

Dec. 31 • 516 (346) 4.7 (4.8) 1.9: 

Dec. 31 502 ( 440 ) 3.8 ( 2.9 ) 0.6' 

Dec. 31 34L (823) Nil (63) 4-11 

Dec. 31 21.874 (10,8041 J2.7 (10.6) 7.0 

Dec. 31 1.7J0 (1.850) 41.0 (43.0) 6.fr 

Jan. 13 1.050 (914) 12.7 (10.0) 1.7i 

Dec. 31 704 <254) 10.7 ( 3.7) ZZ 


18.9) 3.584 (3.584) 
(73) 3.274 (2.961) 

(8.7) 2,737 (1.87B) 

(4.8) 1.976 (1.756) 
(2.91 0.67a (0.5913) 
(68) 4.134 (4.134) 


(Figures In parentheses are for corresponding period.) 
Dividends shown net except where otherwise stated. 
•Adjusted for any intervening serin issue. tFor 52 weeks: 
2 For 53 weeks. § Gross. 5 For 15 months, a For 12 months. LLoss 


Company 
bid for 


Man 

b 

v.ush 


Value of Price V r alue 

bid per Market before of bid 
share** price** bid dm'*)** 


Dreamland Elec. Dec. 31 704 i254) 

Eagle Star Dec. 31 43.500 (32500) 

Final Empire Stores Jen. 31 6,890 (5,430) 

Acc't'ce JohnFinlan Dec. 3) 92L i73) 

Bidder date James Fisher Dec. 31 2 *30 (1,130) 

E. For, an v Dec. 31 2.S40 (U30) 

A. P. Cement — Stanley Glbboiu Dec. 31 1.560 (1,310) 

„ Glynwed Dec. 3t 13.027$ (14.626) 

Allied Insufatra. — ORE Dec. 31 3S.800 (81JOOI 

Spey Invests. — Green’s Economsr. Dec. 31 1.C52 (2.194) 


/ (lu.o) t.u (or:// » ■ ■ 

0 (43.0) *6.641 (5.946) SCFID ISSU 6 S 
7 (10.0) 1.76 (1.579) UMI ,OCUW 


Dec. 31 704 1 254) 10.7 (3.7) Z541 (2275) Crosby Spring Interiors: One Preference for 20 Ordinary. 

Dec. 31 43.500 (32.900) 19.8 (13.0) 6.226 (5.527) i t Dewhirst Holdings: One-for-three. 

i&S 6 T 2 l ,5 S S •US 1: 7. HoS (Prrference ^ S ,: Ons-foMS. 

Dec. 31 2 2S0 (1,130) 20.3 (WJ>) 1.523 (1388) E. Fogarty and Co.: One-for-three. 


(15) Nil 


Dec. 31 
Dec. 31 


23S0 (1,130) 20.3 (102) 1.523 (1388) & FogaJrty and Co.: One-for-three. 

1,840 (1230) 30.6 (21.8) 3.403 (3.047) Hewden-Stuart Plant: ODe-for-five. 

1^60 10-9 (10.3) 3.8 (2.74) s. Jerome and Sons (Holdings): One-for-ten. 


Dec. 31 SfS' 22.7 fils! fo!fl65 (9^ffl) Pt««rd Group: One Preference for nine Ordinary. 


U32) 4241 (4241) A. G. Stanley Holdings: -One-for-two. 


Lloyd’s looking into 
Wighara Poland position 


SECOND 

BROADMOUNT 


and will. complement the existing 
products of Henshall. 

It is anticipated that the total 


BY JOHN MOORE 




•. . £np 


Bid talks by Marsh and McLen- on Lloyd's. We are anxious to 
nan, the largest U.S. insurance strengthen our association with 
broker, with Anglo Continental for Lloyd’s.", 
ownership of Lloyd's brokers 

Wigham Poland are to be dis- BABCOCK & WILCOX 
cussed at next Wednesdays „ . J 

meeting of the 16 strong Commit- Babcock and Wilcox has restruc- 

tee of Lloyd’s. tured its management and cor- 


company is now in voluntary 
liquidation and Mr. B. E. Shedel 
has been appointed liquidator. 

W. HENSHALL 


Stanley Miller 
in profit: 
pays 0.75p 


were down from 1.42p to 0.97 p 
per iOp share. 


HALIFAX INS. 


Turnow 

Profit before *** ■ 
Tazaaan 

Extraort. debit . 
Minority credit .. 


* jORDAUiviUurvi It is anticipated that the total „ T i«rr i*n 

. i . A . js a !L*ss i in profit-: j** »»»» 

and DOSitlOn po** 1 10 merge With the Target Ue of the aSi ® ts nnyc 0 75 tl Taxanan ^ SV3S5 8^*34 

** A1U Growth Fund. As a result the being acquired. Extraom. debit - «.=a2 

company is now in voluntary ,p AX nyr A retlirn to proBts jn the credl ‘ ” s=«5 35:38 

liquidation and Mr. B. E. Shedel *1 AL.lt A A 1D3. second half was achieved by t Debit 

has been appointed liquidator. The offer, by Provident Finan- staniev Miller Holdings, and a On the future, the directors 

rial Group for Halifax Insurance dividend is being paid. report that the field of general 

on Lloyd's. We are anxious to W. HENSHALL 15 unconditional. Acceptances Tbe second half canie contracting remains gloomy “but 

strengthen our association with u , ti.-.h-,, _ nfl e_ B . «>tal 73». 674 shares (96.43 per . n 74,088 to leave £89223 for far from hopeless." On the 

UoytlV. arou'lre^^eaf^arfb^ineJ cenU ' offer remalns 0pen ' Uli <$£'* ItS . ISf toSfcom- brighter side they are increasing 

- from tbe BOC Group. ounTnou pared with £170,550. After miss- activities in private housing and 

BABCOCK & W ILCOX The business comprises the. PHOTOPJA ing the interim, the directors are have already sUrted, new con> 

Babcock and Wilcox has restruc- manufacture and distribution of Central and Bheerwood has now recommending a final dividend of tracts in Saudi Arabia and are 

tured its management and cor- patented hoi air . assisted micro- compulsorily acquired the balance fl op net, «Jich goes against a corR toi| «**« more will accrue 


W. HENSHALL ' is now unconditional. Acceptances 

. „ *T c . total 737.674 shares (96.43 per 

H -. “cnshaU and Sons has cenL) _ The offer remains open. 


acquired the Meals tream business 
from tbe BOC Group. 

Tbe business comprises the. 


PHOTOPJA 




. y porate organisation by the wave oven-, for the catering trade, or Photopia International. 

The Committee is considering iromauon of four group operating ,■ ” . ? 

the Marsh approach as part of its companies. , J . ...... f 

m _**«***>* - . 


total of L1525P in 1076 Earnings throughout the year. 


r« tVT tST The boUermakrag .. business' 

^nf which W now -the . SUbjfcll <2 - 

9? foreign ownership. mercer neontiarinne • with “ 


w® !£SS ^^sp»eiid a 
little time with us. 

We run a profassional Investment management 
' service for private clients^ foists and pension 
funds. A few minutes spent reading our booklet may 
prove a sound investment Letus send you a_copy- . 


csi to 

ei blue 


TAKE ADVANTAGE OF 
CURRENT SHARE PRICES 

We specialise in providing a personal investment management 
service for clients who like their investments to receive active 
full time professional attention. If you have shares, unit 
trusts, etc „ or wish to invest in the stock market, please 
telephone 01-4S7 4835 or write to: 

PORTFOLIO ADVISERS LTD. 

56-60 Wlgmorv Street, London W1H 9D&. 

As a client .of .Portfolio Advisers Limited, you may.’ if you wish, 
nominate: your own Broker for any Stock Exchange transactions. 
Member of The Association of Independent Investment Managers 


. rrtr.^. merger negotiations with . 
.Udycs brokers. . Northern Engineering's boiler- 

The issue was raised earlier this mating operation, becomes part 
1 weak by the bid from Frank B. of the new operations group. The 
Hail; lhe third largest LLS. broker. Mher groups are Babcock Con- 
for Leslie and Godwin. tractors. Babcock Industrial and 

Electrical products, and Babcock 
Then Marsh and McLennan was Construction Equipment. As a 
rumoured lo be making a bid for result of the re-organisation Bab- 
Wigham -Poland, which is con- cock and 'Wilcox ceases to be a 
trolled by Sir James Goldsmiths’ trading company and becomes a ‘ 
Anglo Continental. The latter holding company. „. 
would make no comment yester- 
day. MILLER BUCKLEY 

Wigham Poland’s managing jmuer Buckley, the' Bugby based 
director Mr. J. R. Smithsaid yes- C j v |i eogineering group, is paying 

J ar. S e Lk around £45.000 cash to take an SO 
James Goldsmith and he feels that p^j. cent stake in the privately 
as. a private company we should Q WO ed R. Ogden, which manufac- 
not say anything until there is lures p ressure mains mainly for 
3 biviw» *w. k'*'"*'' -- — . so m et h i n g conclusive and useful to ^ gas industry. 

funds. A few minutes spent reading our booklet may • say.”- * t »t .. 

Drove a sound investment Letu&send you ajjqpy, . . In America yesterday Mr. John AKBUT HNOT LATHAM 

• ..t- • M.. -Regan, chairman of Marsh Arbutbnot Utham has sold Its 

PORTFOLIO MANA.GEB&J^T UMITBD dons' with many Lloyd’s UJv credits. C fo Australian" based I 

1 4 Charterhouse Square, Loodori EC1 M 6JU. 01-2510544 SSSJTSV£ ' 

Licensed dealer in secuntios further.” The group holds a 20 per for. £234,000 cash. 

rent, share stake in Bland Payne. rDAITO 

and puts a great deal of business HIV OKUUJr 
with C. T. Bowring and Sedgwick HTV Group the te (« vision and 
Forbes.- fine arts company, has acquired 

“ I understand though that Wig- Frederick Muller, publishers, for 
ham Poland has been publicly up £125,000 cash. The latest accounts 
for sal* for sometime,” said Mr. of Muller to June 25, 1977, dis- 
Regan. closed net tangible assets or 

Commenting on whether any £155,416. 

Start ISw ™u!5 COPE SPORTSWEAR ' 

future attitude of Lloyd’s, Mr. cope Sportswear has agreed to 
Regan said: “I would have purchase tbe assets of Betrive 
thought It would have made things Fashions from the Receiver. 
simpler. Since Anglo Continental’s ^hese include a 40,000 square 
bolding company is thq French foot' building, purpose built for 
grbup Generals Occidentale, Wig- the. manufacture of, textile cloth- 
ham is already foreign owned. But ing seven years ago and situated 
I don’t want to put any pressure j n the centre of Stockton. 

■ — ■■ '- i SHARE STAKES 

KW1K SAVE DISCOUNT GROUP LIMITED .STt 

Ik 79 La V Xj a/xwv-wi 25.000 shares making total 659,600 

/ ■ INTERIM STATEMENT . 

The Dlrectere are ^ U *• «f* ^ *' 36 ^ ^ S SS 

Z50i Fehnur?, baJance to uniter 5 ner 

” : : cent 

29 weeks 26 weeks 52 week* Duple International — 54,666 

.5- nn aiv-j Ordinary shares have been ac- 

252J978 2A2.1977 27.8.1977 qnired by interests within the 

(unaudited) (unaudited) control of Mr. A. G. Gibbtns, a 

£'008 • £’000 f’000 director. Total holding In which 

. , 91,132 '■ 68,453 152.387 he is now interested Is 87,998 

salei , • r- — * ' - gc u shares. 54.666 . shares have been 

„ ' ' . . ’ 3,642 ■ ' . 3,153 7.314 acquired by interests within the 

L ' trading profit • JU .. g^g 1,170 control of Mr. G. B. Church a 

Concessionaire rentaia j* ■ -- w? 126 director. Mr. Church is now inter- 

; Interest received ■ • ' ested in- 58,666 shares. Mr. D. 

A -icno sain ' Blank, a director, has disposed of 

Isas 109^32 shares and is now inter- 

Less provision for taxation . ' ested^in 4,J12,000 (10 per cent.) 

Available for distrihotion - tl> ^ 8 £4 - ,0< - nttebell Cottt Transport— Ur. 

r . P. W. Ward, a director, has ac- 

' — ■ -" ’ quired 22.500 Ordinary shares tn 

;? - . ■ . _ Kaimr Wneriencad in food retaking and the reduced rate Mitchell Colts Group (the hold- 

^ tajtejejmjljwj feewase acd profits than the ins company) by exercise of 

of inflation have resulted m alowa.ptfcenteg nrevions vear However, taking a options granted to him by that 

exceptionally favourable figures ^chieved in pre^oms year. However, g company. H e has sold 15,000 

comparison, sales and profits for tiie “g nths of ^ curreal year vere Ordinal to-Mltthell Cotts Group 

more than double those of the comparable period of 1975/70. _ and has purchased 1,000 Ordinary 

r a™* half of the year the group opened M stores and the director* espect ' shares in Mitchell Cotts Trans- 
In tbe first^h^ ot the me ^up ^ eir bfingiDg ^ toU1 t(l 156. As port 

Z Jw Stores than anticipated are in existing tradinfe areas, the opening of the Sheffield Twist Drill and Steel— 

■ Son^mhSse^ bwn “SSSdSed for e*riy Npified by. Aktiebolaget SKF 

' Corporation tax has been provided at tbe AiH MnTSS It ^ has 

cd tte Chancellor’s Budget sutement on the continuM^ ^of rtjtt appr^uon rei«i. .transferred holding in full to 

: She JMkSui anticipate that in toe full year’s M-Wfcjg 5f a fX ™ In be a wholly owned U.K subsidiary, 

' WimSki? at a level that reflects the benefit Of *£#**<* «*“* wHI be a SKF Investments. 

JSeaseto the reserves from toe existing deferred taxation provision. ■ “W” Ribbons Hotdlngs— Notified 

a have declared an interim dividend of lp per share (1977: O.TSp) on the by bsG International that wholly 

- ' tie recent righto and scrip issues, payable on a 4ned subsidiary, Griffiths Bent- 

Ordinary Agn capita m mwaseu oy ^ 2gth May ^ Mrertors anticipate ley, has sold 250,000 Ordinary 

3rf July lffra to sbaj® circumstances, they will recommend a final dividend shares to 8SG..As a result, Grif- 

? mK * ft fiS ill line With the ftnmt rarie .« the time of fcmwjje Hnjjgtat 

th* niohtc fume last November. . . eiti^ 






Arbuthnot Smaller 




of smaller companies. 


KWIK SAVE DISCOUNT GROUP LIMITED 

; - INTERIM STATEMENT 

The Directors are pleased to announce toe w 3 audited results tor toe 3S week* ended 

25th February, I97S. 


28 weeks 
10 

252J978 


'26. weeks 
to 

2A2.1S77 


(unaudited) (unaudited) 


Net trading profit ■ 

Concessionaire rental* 
Interest received 

Legs provision for taxation 
Available for distrihotion 


£’008 

. £'000 

9U32 

68.453 

r 3,642 

" 3,153 

J13 

• 559 

58 

97 

4,413 

3,809 

2335 

1.981 

£2,U* 

. £1,828 


52 weeks 

ro 

27.8.1977 

£’000 

152.387 


We believe that smaller 
companies offer- great potential for 
real capital growth. Their performance 
over the past year has been impressive, 
and existing unit trusts, with an accent 
on smaller companies, were among 
the leading funds in 1977 and 1978. 


New fund 
from Arbuthnot. 


• Now Arbinhnot Securities Limited 
introduce a new fond to give you a 
share of tins potential growth sector: 

The aim is exceptional capital 
growth in the long term plus strong 
growth of income -estimated current 
gross yield 4-8%. 

Arbuthnot Securities already 
successfully manage over £30 million 
in unit trusts, of which some £16 
million is invested in the shares of 
smaller companies. 


Whatfc so special 
about smaller companies? 


Smaller companies are in the best 
possible position to take advantage 
of favourable market conditions. 

AL Because they are not wholly 
•* dependent on world trade, 
smaller companies will benefit 


quickly from the anticipated upturn ■ 
in the UJK. economy particularly 
with North Sea Oi) revenue aid the 
internal reflation as o ut li ne d in the 
Chancellors budget. 
aS&There is also the possibility of 
"•takeover, most takeovers are 
between medium sized and smaller 
companies, with consequent gains 
for unit holders. 

JtSmaller companies can adapt to 
•* changing conditions much more 
quickly than larger corporations. 
Lines of communication are shorty ’ 
leading to improved labour relations, 
less disputes and higher productivity. 

Arbuthnot Smaller Companies 
Fund is your opportunity to partici- 
pate in the expected growth of . 
smaller companies. 


Two ways to invest. 
Capital sum or monthly savin; 


As welt as investing a lump sum 
you can also invest on a regular 
monthly basis any amount from £20; 
Your first subscription will qualify for 
•the I?ii introductoiy discaunLRc^ular 
investment means you benefit from 
•"pound cost averagmgT’When the 
market is low your contributions will . 
purchase more units than when the 


Special i% discount 


market is high and this guarantees 
that the average price you pay for the 
units will be below the average of 
the varying prices during the savings 
period. 


Special i% discount. 


For investors in this offer there is the 
added bonus of a 1% discount: by 
allocation of additional units, this 
discount is home by the Managers. 

Investors are reminded that the 
price of units and. income from them 
may go down as well as up. 

Your investment should be 
regarded as long term. 

Fixed price offer until Spin on DM April. 
1978 al"7 Sp per uuuor the doily priee if lower). 

The Managers reserve the right to close this 
offer ii the value of uniii should ri*e hr mote than 
2 1 ;*r. Applications it ill be srluinwtedged.ind unit 
■ certificate? will be issued triihin 55 days. The offer 
price mdudesan initial charge ul^o.Thc annual 
charge » VAT. Half vearie distributions, 
net ot’boric rate i.t*. arc made on 15 th June ana 
‘ i^ih December for those registered by 30 th April and 
Jl.i Ocluber respetth'ely.Anerrhe close ofthisoffer 
units ma» be purchased ar the weekly . Wednesday i 
deoiirU! dale, a hen units can aln- he sold hack. 
r-jyment Mill he maJc williin M days ol uur receipt of 
vour cemlicaic duly renounced. The daily price and 
yield appear ua n»»r leading ne wjpapem. 

A crmmi&SKin ofl'i'VmJ] be paid ro recognised 
agents. This oiler ls not open to residents ofthe 
Republic ol Ireland. lnisiee»>. The Royal Bunk of 
Scotland Ltd. Managers - Arbuthnot .Securities Ltd. 
.Reg, in Edinburgh 46 t>W , Members of the Unix 
Trust Afincutioa. 


^ VerC 

mSe than doable those of the comparable period of 1975/76. 

I" 2 SSJwWM tawSTirt 

Swindon warehouse has been rescheduled for early 1979. 

- nmuiffpri at the full rate as hi previous year?, in toe 1WW 

S'to? on the ^continuance of stock *PPr«l0tio n relief 

in the full; year’s Mcoagfclw «1J be ^ded » 


To: Arbuthnot Securities Ltd,37 Queen Street, London EC4R IBY. Teleph one: 01-236 528L 

wa*cTOMiSa , n»WBA)WfcXHAD 0 .L , u: ji.ca.A«m wcStGNB jklHXuadas.) F,Ar.c.A»BiTin^.cjiuerroNT£^rka-rc^ RA-M5c.itD/B«c p.A3H-E v Mtusx,pc-\. 


■ Capital Sum IA% wish to invest the sum of £ — (min £500) 

I in the Arbuthnot Smaller Companies Fund and enclose a cheque 
payable to Arbuthnot Securities Ltd. 

m Share Exchange Scheme-tick box for details □ 


Monthly Saving Plan I/VCe wish to invest the sum ot£ (min £20) 

per month in the Atotnhnot Smaller Companies Fund and enclose a cheque 
. payable tb Arbuthnot Securities Ltd as the initial payment A banker order 
form will be sent to you by the managers following receipt of this order. 
This order fs revocable at any time by one month's notice in writing. 


l-Wc declare Ibtilisfoc w pn ? fS inc no; rotident ecaUr die tAeddcd ttr'iuwi nw*w 1 '-'''icqtnrinz Oie Aow menrinaol insraia 11 ihe nominee ». « any penta V nudes: onsiiie these 
ltr-.’-odes. . 1 : ** we ulUble »na)-c sin* it. Unumi. ii «mJd he deleted m it form lodged ihu-ufl. u«t BuifeModimkei or Solkaar Jn ir.e L'niisd Kingdom/. • 


Sfeigeto the reserves from toe existing deferred taxation provision. 

the Bights Issue last November. 


Signature^ 

FullNamc(s) 


_ Joint applieanis,all must agn. M r/.' irs/.M iss or Tides and Forenames. 

. Address^ '• • 



Established kuA 


1 SMALLERGOMBDNIES FUND 


m?.4$c 


*4 







Einancial Saturday A 


Up 20 in record 52m. volume 


BY OUR WALL STREET CORRESPONDENT 


NEW YORK. April 14. 


BOOM CONDITIONS developed 
on Wall Street lo-day. when the 
Dow Jones industrial Average 
leaped 19.92 -to 795.13 in an all- 
time 'record volume of 5&28m. 
shares. The upsurge was fuelled 
bv growing investor confidence 
and a turn for the better in the 
economic news. 

The NYSE All Common Index, 
at 351.94, rose SL03 on the day 


FRIDAY'S ACTIVE STOCKS 

Change 

SlOCfcs Closing on 
traded onre dar 
Scott Paper .... 1.335.900 Ui -l 

Fercotcs Inc. 458.900 15* J -> 

lnil. Tel Tel. Co. . 457.000 3W 

Sears Roebuck . .. 450.800 241 1 1 

Eastman Kodak ... i?b.M 0 iii 4 1 

General Mo'ora . 4U4-:*Q 644 — 

Duaial Eqiupmi. . srr.noo «2 — tl 

Citivrop TAl.Oon I2i “1» 

J. Bar Mi-Drnuort .tm.Iho 
M emll L.vn.h .. 514 Wi 


tishten credit policy ■■ Ir. an 
aiiempi to keep a rapidly espandr 
mg money supply from feeding 
inflation. 

Also in the improved economic 
news, the Federal Reserve re- 
ported that Industrial Production 
rose by 1.4 per cent, last month, 
the steepest rise in a year. Fur- 
ther. the dollar was higher 
against ' major European curren- 
cies on Foreign Exchanges. 
Analysts also mentioned satisfac- 
tion with some improved first 
quarter earnings reports. 

Analysts also hoped the Govern- 
ment uould take effective steps to 
curb the rise of inflation. These 
hopes were encouraged by specu- 
lation that President Carter may 
delay his proposed S25bn. tax cut, 
although a White House spokes- 
man later denied such a step 
would be considered. 


-The -Metals and Minerals' Index 
rose 2 1 to 900.0. Oil and. Gas 0.7 
in 1.45S.1. Banks 0.152 to 255.94 and 
Papers 1.41 to 109.56. Golds, how- 
ever. dipped 14.9 to 1,258.4 and 
Utilities eased 0.30 to 165.96. 


OTHER MARKETS 


and SI. 33 on the week, while rains 
led losses by more than a rfaree- 
to-one majority. The previous 
record volume was 44.312ra. 
shares traded February 20. 1076. 


THE AMERICAN SE Market Value 
Index pul on 1.01 to 134.69. 
making a rise or 2.8S on the week. 
Trading volume 5.7Sm. (4.14m) 
shares." 


Canada up again 


The Federal Reserve reported 
a smaller than expreted rise in 
the l.'.S. Money Supply, relieving 
concern that the Fed would 


Canadian Stock Markets further 
improved in active trading yester- 
day. with the Toronto Composite 
Index up 1.6 at 1,084.6. 


PARIS— French shares mixed in 
dull trading. 

Chemicals and Publishings 
mostly ahead. Foods, Mechanicals. 
Oils and Textiles easier. 

Americans finned as did 
Germans, Oils and Dutch issues. 
Gold Mines sene rail yeasier. 

BRUSSELS — Generally higher 
after lively trading. 

US. stocks advanced broadly. 
Germans firmer and Dutch stocks 
little unchanged. French shares 
easier. South African Golds little 
changed. 

AMSERDAM — Generally firmer. 

Shippings ' and Transports 
mostly weakened. 

State Loans firmed, mainly on 
Foreign demand. 

GERMANY — Prices eased in 
dull trading. 

Leading Banks, Chemicals and 
Electricals mostly slightly easier. 
Mechanicals mixed. 


■Public Authority. Bonds eased 

up to 20 pfennigs. - 
SW1TZERLAN D— Mi xed in 

quiet pre-holiday trading. 

Financials an<f Insurances little 
changed, leading industrials nar- 
rowly mixed: 

Domestic and 'Foreign Bonds 
again in good demand and 
higher. 

. Dollar stocks firmer, Dutch 
Internationals slightly higher, 
Germans mixed. 


vbbou 1 * 1 *—,..., 

wUlreMKgmpb 

VrLra'Lti'eA. 

ill P.ihlllrt- 

Umi...:. 

AlcanAlummlum. 

.Mu* 

Allegheny Lurit... 
Miegtaeny Powe>: 
Allied CliemtaU..' 
Allied Starer...™| 
iIIih L'halmera^. 

AM AX 

Amerada Haw. 


UoraiimGleiitwj 
. CPU lal'o'Licnai ; 


CnQe -- • 

(ftv-ka Xat~. ‘ 

CmivnZ«iierh*.-ij 
Cummin- Enaine 
Vun-Wrichi . 


60 . 49 . 

441* : 441* 
28 k 2712 

37ij 271 b 
521* 3Ua 
565* 35<b 

19»3 . 195* 



MILAN— -Most sectors declined 
although overall trading improved 
ahead of end of month settle- 
ments. 


Amer. Airline—..; 10 5? 

An ice. Bi-anda ' 465* 

Vraer. Broadcast.: 4270 

Vast. Urn. 58 t b 

Amer. CyanamM- 26 k 
Arms'. Biec. Powj 23 7a 
Amer. Exprea*...] 3560 
Amer. Home Prod I 28*0 
Amer. Media..-.! 23 -v 


JOHANNESBURG— Gold shares 
easier In line with, lower bullion 
indications. Trading very quiet 
Financial Minings little tested. 

Other Metals and Minerals 
slightly harder in light trading. 

Industrials quietly firmer. 


Amer. Uoun 
Am0i.Nu.GaxJ 4250 
Amer. Standard-,' 3^ 

Am«. Store* .1 32k 

vmei.Tei.ATw^ 62 

tmeiek... 1 3160 

AUK — ; 171g 

amp. 1 e«7« 

\tnyei 1 ISSg 

Aocboi Hoctityj.' 37 
AnfaWBCr BomHi.. 2OT0 

a muii $ieei.„_ 26 'f 

A.s.A. J9J0 

A Ml m era Oil ' 111* 


HONG KONG— Easier in light 
trading. » 


TOKYO — Higher cri active trad- 
ing, volume 430m. (360m. > .shares. 

Precision Machinery Instrument 
Makers. Drugs and Heavy Electri- 
cals rose. 

AUSTRALIA— Many Industrials 
and Minings rose, while Bankings, 
Retailers and 'Buildings improved. 

BHP put on 10 cents to SA6.2S 
on an increased final dividend. 


Uul Industrie*.: 

Ueete ... 

Uffl Monte— — 

Ueiton* 

Ueoupiy laier_ . 
Uenolt Kdwoa_. 
IXatnoadSbuiirV 

Dictaphone 

Uigiu- 2 «ujp 

UttMf (Welti.— 

Dover Corpn 

Unt tbemkai— 

Draro 

Urruri 

L»u ftmt.... ........ 

Oynxo Industrie* 
«*» PicteT-—. 
Last Ainmc*„. 
fcwunao Kodak.. 
Kstem ' „ 


, hJil-erAtuminl'm 
Kaner Industrie* 
Kal»ei.l*eei 

Kay _—.t 

i h-eonabtL. 1 


! herr HcGee.^J . 


Klikle .Waiier 
'U mlxr ij Clark. J. 

’vw > - ; 

Wl 


Levi ririaiwj.'. ~ ,-r 

tibbrOwJ^ooffVj.' 


5m 'I* 2950 
66 »* 

' 2Sk 
1 3250 
j 256a 
30 

t 1*» 

217 k : 22 
I 10 k 

1 usij j a&s» 

.47*. ! . 4610 
iOTfl 303e 
43.1s ' 1 42 
:231b 223. 

444g- 43a* 
•Mfie 31 
30 29k 

28 ' : 2730 


Liggett GraqpUl 
Lilly iBujiU-I. 

UiLmlndur-t— . 
Uvt.beedAarr’U 
LoocSuir Ind--.. 


• UevfQB— .J 
KeyiwWsMsUli. 

Ucytutlda H. J 

Kich’non Unrell. 
UuubwCll lotto... 
Uoliai k Hitaa.. ; ..j 

Kun Log* — J 

Ryder Syitem. .; 
Safeway Store*—] 
r«. Joe UinenUflj 
fit. Rena Pkper.J 
Santa re Irnfe^,..! 
Saal love 9 L-...J 
Sasna'tnda— .. J 
Scblftz Brewing J 

Scblumbtonec-.,! 

. SUM ..:-; 1.4 

Scott Pacer-. I 
Seovil Mrs—.— I 
Sou It' Duos Yeati 


.'406a -IWcoUwrui 


' S7 li:. 
3330 1 22V: 


Mii'r as 

l«i9 1 M4,: 
1230 iz - 

. 17 . : 

-425* 4ll 8 
26 ’a- 2614- 
265| - 27: 
36V 345, 

-•’•7 " -. . 6 Tb 

- 1100 .1150 : 
-6860 - 65 tg . 

. vn*. L i7v. 

WV .13J a 
22 Se aii*. 

: '780 1....710 


Lone Nianrt Lit 
I LootiiaiH Laud.., 


I UMMSIH L*uti..J 
I Lubi+HH... J 


t3^CowaWrs„.j':273 t 


Indices 


JX.X.6 -B-. ALL UOXJLOM !' j ; . 


Sixes and Falls 

JApr. 14' Apr.' 13 Apr. 12 


NEW YORK -DOW J0NE8 


1 Apr. i Apr. j Apr. , Apr. | Apr. Apr. — , — 

. 14 1 IS J 12 I U 1 10 i I High I low 


tMUve wnpuit n 
| High | Low 


Apr. Apr. : Apr. Apr. ! l““* tad* J.213 1.866 1.B50 

14 I 15 ' 12 1 11 High I Low «>*»• — 1.282 1 1,0*1 I 755 

1 I — Fall* 356 ( 401 i 636 

51.94 5D.91 50.43 50.47 51.94 43.67 l’nctan-*1 326 

j 1 \ l JMi 16-il ' i*" - Htzlw. : - 

1 1 1 1 . ’ Kew Low* _ 


401 j 636 
424 • 479 

14 . 85 

109 I 22 


MONTREAL ; ' ( ' ' • I • 1078 

Apr. Apr. Apr. ; Apr. | f 

j 14 L3 i 12 j 11 { ' High 

’ to-liii, trla' i 180.21 179.8B 1 179.29 173.42^ 19021 (1*4) • 

Combined j 186.64 186.10 1K.5S 136-64 U4/4) 

lOROHIO Cumin-ib' 1004.9] 1083.0, I07B.4 i98M| 1084.9 (UtA) 


Industrial... 795.13 775.21 7C9.29 770.11 773.65 769.59 
H'meB'nds- 09. 34 99.21' 09.20 09. 30' 89.35! B9.55 


8 7.74 742.12 
»il» ! (23.2i 


1051.70' 41.22 

If] 1/1/73) (2.7,32) 


90.00 1 B2.2I1 1 — — 


Transport. .. 213.77 S0B.S9 207.44 207.70 208.90. 309 J2 215.77 ; 19a3t 


L'tilitiea 105.08 105.99 105.82 105.93 1DS.92 105.95 


Trndinc vol. 1 

OM' > 1 92-290 51.580 28,210 24.500 25.740 25.1E0 


110.98 102.04 

nil , (22.2i 


: 279.00 15.23 

i7-a*>9‘ .87.321 
183.62 10-52 

i-j,4.«9i i28.4,«?) 


162.90 (16,-2) 
170.82 (30.11 


■ 1 6 ~g 

Vsh la art Ui r .._ \ 295* 

Ati.XlehBelrL I 4Sia 

Vulo Data Pro-..: 27lg 

A VC 930 • 

\ no ..... .....: 23 1} 

Avon ProdufAa 49 7g : 

Balt Gai Kleet...., 253 b 
llanL imari — I 23 1* ' 
Bonkers Tr .X.V.: 351% 

Barter Oil. 285 4 ■ 

Bauerl nvenoi... 39 ij 
Beatrice' F i»L...i 24 
dectunUhikenaan: 371* , 

deli A Howell 1 19 

derMix , 373( 1 

denguet Con* ‘B. 27 g j 

tJeibiebem fiteeiJ 214a ; 
dlauk k Decker...; 16 ig ! 

Boeing 37Vj | 

dulse Cascade..- J 27 lg 1 

Jon ten w .l 28 

dorg Warner 29 7g •- 

dnnill Ini ; 117 b i 

Jraecan 'A' 13<s ' 

Jrutoi Hjera.....' 321a [ 
Jnt. Feu ADK...I 14 • 

Jiwkwaj-Giaaa..] 30lj . 
ilninsmudi 15 
■lucyru* Erie. I 8 I 4 ( 


E. 

Kl h«n y*L Gha 
Bitxa 

k'i uerann Kte trir. 
litow^'AirFj'iehl , 

2 inhart ' 

t.M.1 

KoReifmrrt 

Ks urxrs 

RtbyL ■ 

1 . 

ftu'tvhiM Gamers! 
K«l, UepU Storeel 
f ireatone Tlhu^.! 
K«. Nat. Host 00 J 

Fiea Vm : 

Hiiittote 

Florida Power— 1 
flUor • 


bicky aiwerL.J 

L'Le- y 'ungoi Vn| 


L'ker yunfaiVn 
UacMniaa I 

Maqy.iL'H 7 

Ulr- H«nti*er I 

ILipea .j 

Usnihan CHu..! 
Marine MidBUKiJ 
Mar-hai'i Field 


j Jt*v Uepu^toren 
. MCA L..«.; 

I UtfUerMMt ! 


fiBUCO ' 

ci hell Oil 

SheirTransportL 364s 
oi»nal r!37V 

filgiiMlB CorpL_,; 3 b^‘ 

■■iinipllcity fti. 1 - . J«,.' 

singer ' 21 

(jmltliKrtpe.J„'.J- 6OS0 ' 
> 3 ( 10 . 

SHiuibdowir).. J- 274 t 


i McUnnuHi Unut. S 
AMimw Bin. 2 

UemiKTi '"a 


F.1LC. ; 1 

Ford Motor 1 • 

Foremost Mck.„., 

Foiboro ; 

KnnV'itn Mint • 

Freeport Mtoera . 

Fuqua tad* J 


ilbtvk 

Jlemli Lmch ]. 

Mean Petroleum.! 

MUM ... .J. 

UinnMitU!AMU!.|- 

Al.Mi Corjj 

Moiuanto.. 

Morgan J. P • 

lluionria w - 

Murpbv Oil I , 

Aalil-cn 

Nalen Cbendcnl..] 

MuhninllSn l 


sfhD-.Vsr. fitfc-.-.J 38 Jg 
Southern FatiSci; 31V 
houtliemfiallw^y - 46?& 


South lanUw _.j 

S*w'f BanW>arta.| 

^IKtry Hytcb 1 

jJ(<erry k 'Uainl......J 

Squib- 

bundapl Bmsda.! 
Std.OilCalUorahi' 
j>uU On 1 htUana- .1 

,3td. till Ohio ! 

PUEhff Cbemladj 


JUWIA UUQIUKPDo 

sterling' Drug ,1 

ptuJebaLer f 


Judd _.. H .i 33>2 


989.2 iSOilf 


lOtLANHESBUKU !!<•!. 

li. 11.1 , 185.9 197.6 I 193.2, 190.4 218./ (1,-2) 

In-Mirw - aa.B 20B.8 • 206.6 205.91 214.4 i4.Ii 


195.0 (21,5) 
154.4 . 13/30 


Rim- cl index ctismced from aujbiiim 24. 



Apr. 7 • 

Mar. 31 

Mar. 24 

: Year.iy(o iipyiui.> 


6.06 

6.16 

6.16. . 

1: 4.6i:: " 

STANDARD AJND P008S 



■ 1910 

aitM.+ LDnjpilai d 


April j'Prev- • Ufa • W/B 
14 ■ inbn Blfrb L>w 


| Apn. | Pnc j Una < l'J(o 

j 14 } rioua 7 H izb . Ao<r 


Apr. • Apr. i- 

10 i 7 « 

High ; 

Low | 

rfljfifa [ 

Loir 

I 83.64 83.17; 

1 1 1 

103.22 1 

95.52 j 

I 134.64 1 3J2 

(3-i) 1 

(6/5) ' 

(lL/l/Iil! [306/32) 

90.4S 50.17 

33.32 r 

86.90 : 

: 125.86 

4.40 

f3 li ; 

I6|S) ' 

iUil/73i: (U6i52> 


I Aprsl 12 { Apr. b 
5736 j 5.39 

fT56 j iST 


Ind. dir. yield % 
lad. P/R Ratio 


Mar. 29 ! Year ago (appro*.) 
5.46 I iiel 


k\lfinlu,(f.i 464 i!3. 
Belgium H3-37 
(Denmark”, 85.25, 
France ftt» 63.4 1 
Germany!??* 793.6 
HoUand tf Ji! 79-Z j 
Hrmy Konj . 436-96- 

Italy !. -• 69-61 ! 

1 I 

Japan u»' *11.06 


4'(9.43 . 441.13 
(3.1) ’• iI.-3) 

I ; 93.55 C 9-3.43 
■1IW1 . lL2-l) 

>• ea.LS W-Oj * 
. ftl/i'i' (6/2) 
i< c-4.6 1 47.6 
: 1 7,4) 1 (3/2) 

! . 112.7 1 788.2 
, 1.10/2) I (4/1) 

1 1 Bi.l 1 15.0 


Spain' * vfr 94.06^ 94^1 [ : 9n.u0 1 o/jbc 

I | (10-1) 1 1 17/5) 

Sweden • w) 3SS£7 3ii&o o-a.7* 

I (1*4- l3(lj 

Switi«ri'd^ 2ai;8 [ Bgflj aasjp; ■&*>.* : 

' "J *L*,4. , <10.-3 1 


i!0/2) 1 i«(4) 
f 461^7 r 383.44 
I (4,4) ili.I) 
i ,"65.36 3D.-*0 
! 16 -3 1 1 10il) 

t: 411.06: 564.04 
1(14 t, 1 (4/lx 
! 1 J8 - 262.00 
' (14 4) i tt/fi) 


Singapore 293.53 , 
(5i 1 1 


ony butt. Bund yield 


indices and base d ares (all base values 
100 except NYSE AH Comnon — 50 
Standards and Poors — 19 and Toronto 
300-1,000, ebe last named baaed an 1975i. 
t Brclnding . bonds. 1480 Industrials. 
5 400 Inds.. 40 U duties. 40 Finance and 
20 Transport. t?i Sydney AO OnL 
fjl Belgian SE 31/12/63. (”i Cope nitagen 
SE 1/1/78. *(t+) Pub Bourse 1801. 

l??i Commerzbank Dec, UBS. -St - Amster- 
dam. Industrial 1978: t5?l Bonn Sens 
Bank 31/7.-04. (I| Jl Milan S/1/73, -a 1 Tokyo 
New SE 4/1/08. (b) Straits Times 1966. 
<0 Closed. (d> Madrid SE 30/12/77. 
re) Stockholm Industrial 1/1/58. U> Swiss 
Bank Com. (ui DnavoOaide. 


F.T. CROSSWORD PUZZLE No. 3,643 

A prize of £5 will be given to each 0 / tiie senders of the first 
three correct solutions opened. Solutions must be received by 
next Thurs da y. markett-*G*o*mord in the to^-ief^tond -c ewier of 
the en velop e, and addr&wecLJo »ie Financial* Times. i0..Caitnon 
Slrcet.ZEomm, EC4Pi4B%:ZninneTs ami solution will beaicen 
next S^turdd|!f. ^ 


RACING 


BY DOMINIC WIGAN 


! -hiiora ll'itufa ...,j Gl« I 
Jurbugton Mba 38lg . 

■urruufjhs ; 637] , 

L'smpUei- Soup-. 317g : 
.'niMdian Pacific.! 131s 1 
L-HIU.1 Kamlotvb-- 1 114* , 
Janiatiuii 25lg 1 
CnrrierA Genera-; 11^ ; 

-inner Harney... - 17lg _ • 

iCatcrUi-arTraelr, 51aa , 

r^Bei— »....| 49ig { 

;eiaueKeUori«— , 287a . 
Joaira. A 6 . W.... . 15 ?g , 

.artaintee 1'. | 22 

Jenna Air<*nUi~> 33i a j 
.bawManbattan | 3ll| u 
Jbemiuai Bh.A'Y' 40 l 
Jbesebrgb Pond .! 24 1 g ; 
Jbftwie Sr-tem-J 303 4 
Jhlcago Bridge— 51 
■IhumnllAy , X9\; 

.ihrv^w I2S4 

Jlnenuzw 2Sa 

■ iiic. Milacroo... 25 ? B 

■■irlrtnqi - , BS 7g ■ 

.'lne» fiervL-e BOi* ■' 

JUv Inve-tlna— 1 14 i a , 

Joj» C-uia J 40 3g ; 

Joqp Palm — ,...j 2064 ( 
.-olin- Aik man „ | 117a I 
Jtfumbta du — ‘ 28t B • 
Jotumblai Pi-t....' 16ig - 
Jam-ln-OaoiAml 185a , 
Jombuituw ksneJ 361* : 
Jombustkia Eq... 16U 
Jm'w’tb Eduon 274* j 
-om'w'th Oi« Ke; 2io : 


G-A-F L I 

lianneti ; , 

Hen. Amer. fm_l 

G-UA 

Gen. Cab-e-^ i 

Oen. Dynamtca— . . 
Geo. Electric*—..' ' 

Oenerai Poods— 1 1 
General Mills— ,■ 
General Motors—. I 

Gen. Pub. UiO 1 

Geo. Signal , 

uenl Ttf. Elect—. 
Gen. lyre—. 1 

Geneset) «..! 

Georeia Pacific...: 

Getty Oil 3 

Gil.eiie . 

• roodrirb FJF^ ' 

-■■ulyarTire— 

liouhi . 

-JraeW.lt... — ...: 
GU Alum PacTea,' 
GrU.Nurib I roo„., . 

Gmyiiuund 

Guo A Western... 1 

Gall 'Uli 

tUiit«in»w .... 

Hm™ Minina..;; 
Hamiacbiegw 

flams t-'^Tpn .' 

Ufiuu H.J J 

Heulnein 4 


{ Xu. UiBiilien— 1 
i XaL Service Ind: 
National died 

■IttUIMI - . ' 

NCR ^ 

.Vet-tune ImpuJ4 * 
New Una-and El, 
Ae«- Eoxlon.illei 
I Nlaaara Jfobawt 
NmaaraolwK — 

! X. L. iinlurtries. ' 
Nartoikk-Westeyu ' 
.Vunb Nai.Gsa.. 

N iii 11 Mates Pw^ 

Ml-uai Airlines 
Ntbwpat Banrorf 
N wu® Simon — : 
■iibiema Petni 
Ojilwy Maiber^J 
Jbm Krijson^-u.;. 
UllB.„—_^_A..l 


226s 
,15. 
513* 
:-34 »b 
473» 
187b : 
2Jt . L 
5414/ 
■.1470 I 
9T« 1 

■uz 

S3! 

■36-. ; 

2HI« 1 
48«e ; 
18ii • 
:i&>4 1 


ptudebaVor J 

Son C*f. 

duniMnDd.nl... 

Syuies 

Tecunicoua'-. 

Tektneilx .'4— _ 
T<ndt , ne........M 

Telex J„-.. 

Teuecu ^ 


25Kt r 

. 18 ‘1 

851* 
2b 30 
40 - 
.9910. 
b2Hl r 
4080- 
1430 
-54 

4m ' 

Wb 
263b 
' luie 
57Sa 
79t0- 
' -'41s'. 
515*. 


flewtetl Parfoutil 
U/ilMay lmia_... 
Bomestske— —! 

Uooev w-eli— ( 

Hoover .. ...... 

H. *ip Corp Amo .! 
Housun JiH.Ga ] 
Hunnf-U-Ai Uhmi 
fluttuo 1 E.F 4 — - 
l .CL ln*Ui*trie».^ 

INA I 

Ingeraol Rond—.) 
Inland Steel—.. 
IdsII.v ! 


Gt-encs* Sbip... _f 
Uvreos Cumliqi. u1 . 
Gwen-i liKM*4i. 

Piimltc Gas.-_. 

Pam Du LiabCina,. 
Pbu. Bwr.ii U-.-. 
P»nAmWorittA*r 
Parker boaiUAfi. 
Peatwiy (nlJ..-i. 

Peu.Pw.ALt 

Penu.v-J.C— 

PennroU^.— 


iaif ' 21 .'b 




Peoples Gaa__.lL. 
Pepatoo,. 


■SisSti 

24 ! 24 lg 

20 Zfllft. 

211 * I 21 

- BTg- 1 BB{, 

' 24 2510 

25 1 b ' 22T S 
-21ia 9138 

A83e 5720 
291* 29 

75fl 7lj 
36U 5614 

28k 2710 


Tetoro Petroleum. 

Texaco-: j 

rc*a*giiJ|_i 4. 

Tfcsa»ItuH..m_._4 
rusts Oil A-Gas.. 
TeswsUtmtliw-; 

Time lac. 

Times Ulnor..,;,. . 

Timken 

Trane ;.. 

rrauimtotau...;„( 
Cransuo JJ ‘ 
Trans LQRm_i_d '- 
fran-way httr’nj . 
Traus \Vorlil Air^ 
I'm vifilen 
TTniJmi^n^rj^: 

T.fLW..— 

ZOWOeajH^fia 

CAHGGL'.J. - . 

t.G.l. ' 

C.O-P;_.— 

U n lie ver. 

Unilever NV . 
L'aloa Bancorp... 

Union CarWde ' 

Union -Gonunoree * 
Union Oil Ctltf .. 
Union Pacific — - 



-- ' 1 


Name . 
Address 


DoubleFormhas 
a big potential/ 


-cm w to vi* ne i ; 

.omui. Satellite ^ -4 Ha ! 
.'ompurerS-ieni'e) 101« j 
ConnL Life Ina.j 31k . 

rSSTiiiJi'sw'iif: ! 
SSSfflitfi!}! 

Jonsumer Pe**d SMb j 
Joutlnenu* Grp.; 31 1 

Juon uentat OIi.J 266g ! 
Cvanaeauii ToieJ IS** ; 

Con mu Dats j 2730 ; 

toper Indus | • 473 b - 


Intercom Knenu 1 BU 

IBU 243k 

LntL Ftasuura— -| 21 >0 
fiiti. Harvester... 27 .'0 
Inu. MloA Uhem. 40 k 

SSrlSSStfS” 

jnb'U^iier ’ Ilk 

lab. Tel- 4 ret— 503s 

Invent ‘ Ik 

lom Beet < 32i* 

I Li luternaiifliMl.' 113« 
Jim Waller-. ! 305s • 


t’erfctn Bums—: 

Pet™ 

w-t 

Pbe>(M Dulge— ' 
Pbiuoie.pbla S-e. 
Pbi-tp Morria— : 
PUtlipa PMrq-'n 
PiarHUTu.._^_;.. 
PuneyHoweaL — 
Piusioo. * ■■ ■:. ■■. ) 
Pieaaey Ltd A 92) 


183b 171* 

34Sfi 3&k 
26 27ba 
25k 22k 

183a 18k 

6230 6030 

3Q3fl £970 
35k I 33k 

21k 2OT0 
2130 20i« 

173* | 18 


PkH«nn*i 

PoKfinai.' EiG.-_.-J 

Put- seme Klert.J 

Pures-a«5t!!!!.J 
(Juaxer 0*ti,_..L.| 
Viral Ameriiwn.J 


R\piii Amert-wn*. 

Uajrtbeon 

«CA._: — i 

KepubU*' '•■eeUiJ 


3030 i 29k 
l ojc j 

goiiTTO** 

8 i- *8 - 

58k 37k 

. 26Sb' L- 25V- 
84k Z* 1 * 


Unirriyal. I 

United Brands;-.! 
US Bancorp 

UStiypsum 

USSoe — — ’ 

US Steel- Li 

U. Tecbuologito.. 
IjV Industries...; 

Vltgfnia 

Waigreeu-1.— 
Warritt- CoimnnJ - 
WaruerrUunbert; 
Waste- Mart’ men t 

WeUs-Parei-; 

Western . Bsntwp - 
Wenem 

Westecu Unlon..j 
Wcatinghse Blast, 

^tSat 

Weyerhaenstov-.r 

-Wliirtpool —1 

VVtuieCon. Lnd j 

WJUiomCo.: J 

l Wtowrnii^ EletcJ 



f Bid. -tAikm. I Tntdnp- 
I Now ftock.. 



LESTER PIGGOTT. who in- 
varlably rides in far more 
European-group race trials than 
any other jockey (a habit which 
clearly contributes to his remark- 
able skill in finding the right 
classic partner) rides yet another 
possible classic contender to-day. 

This is Double Form m the 
Clerical. Medical Greenham 
Stakes, a race which has attracted 
10 others including Derry Lin. and 
Aythorpe. 

Although Double Form raced 
only twice last year,- he showed 
enough on both -occasions to 
suggest that he could go right to 
the top. 

A good sixth of 14 behind more 
forward rivals headed by Nuti- 


ACROSS 

1 Garb said tu be suitable for 
driving U-5). 

4 Tongue-tied creator or sensa- 
. rion <5, 3) 

10 FauZtless start at Wimbledon 
employed domestically (2,7) 

11 Arrange feathers of writer 
round engineer (5) 

12 Every day youth leader leaves 
foreign parliament (4) 

IS Prison staff's value (10) 

15 Strange name individual gives 
to flower (7j 

16 Rubbish lo lake car to pound 
(6i 

19 Private words written since 
ISth of month (6) 

21 A garden turned over in the 
Caribbean t.7) 

23 Note making suburban house 
shake (4-6) 

25 Relative goes to Pennsylvania 
twice <4) 

27 France and Germany say OK 
to prophetic hoard (5) 

2S Reducing sound teaching (9) 

29 Request to consume in lobby 
(8) 

30 Water carrier full of holes (6; 


5 Put right as morning came to 

. close (7) 

6 Machine for key workers (1C) 

7 Dim-sighted band-leader joins 

traffic king (5) . ... v ' 

g Dull having hydrogen inside 
boat (6) 

9 S.is with a wise man to face 
(6) 

14 Literal arrangement one has 
to term old-fashioned <4, 6) ■ 

17 First person to turn up 
country of issue (9) 

18 Rushed to enter European 
capital for lecture (S) 

20 Keep quiet over share out In 
plant (71 

21 Fat of the land we hear (6) 

22 A prop no longer on ship US) 

24 Ring io fog gets wet. (5) 

26 Look both ways (41 

^solution to puzzle . 

No. 2.642 


NEWBURY 

2.00 — Larullah 

2.30 — Double Form** 

3.00 — Glorified 

3.30 — Fool’s 31a to 

4.00 — Honiara 

4.30 — Cassiar 

AYR 

1.45— Settle It 
2.15 — Ring Weasel 
2*5S — Game Gentleman 

3.30— Mixed Melody 
.4.00 — Golden Cygnet 

BEVERLEY 

1.30— Lazerof 

. 2-00 — Referendum 

2L30 — Rifle Brigade*** 
‘3.00 — Free Game 
3-30 — Hand Over Fist* 

4.00 — Burglar Bill 


In the belief that Double Form, 
a son of Habitat who has already 
produced <such notable per- 
formers .as Flying Water, Rose 
Bowl, Habat and HaWtony 
(winner of the Santa Anita 
Derby) is a colt of tremendous 
potential, 1 take him to account 
for the possibly more forward 
Aythorpe. the Gimcrack runner- 
up. - 

While Flat racing enthusiasts 
in the South are congregating 
at Newbury, Northern and Scot- 
tish racegoers will he converging 
on Ayr. Eddie O'Grady saddles 
Golden Cygnet for Scottish 
Champion Hurdle and I expect 
this six-year-old to have the mea- 
sure of last year’s winner* Sea 
Pigeon. 

Game Gentleman may be the 
one to spring a surprise in the 
William Hill-sponsored Scottish 
National. Here again the winner 
12 months ago. Sebastian V, 
should be in the shake up. 



SINGAPORE 


April I* 


taduitriai* ; 

ikirin. 

thuBlead Co.. 
BouaUodBhd, 
Uim top. 

..... - 

I'lunr Naim 1 
9 or par„.'..,' 
Hume fmf— .r 

invljuape. ' 

f inline. 
Malay Brew. 1 


0-67 'rirraluTradV 6.75 
'1.78 Times Pub. I 
2-40 t Berhad 2.96 
. 4;S? V. EnutueanJ L«3 
^.94 I . . OvV Hlt-J 299 
4J59 IVeai-ne^.---, ?'-/2 

Ml ' rraeior'. 4, ,3.7B*a 

I.tr7 Lhemlciili— .f . — • 

1 89 Willm JMki.l .tl.OB 
2-« Enbbere 

5-30BI tiaiuLinuux! 1-Wai 


>18 j 1.9 
20 | 4.5 

17 l 8.2 
36 i - 

18 ; 3.1 
18 2.8 


BRUSSELS/LUXEMBOURG 


bars ki Ascot's Granville Stakes 
in July, Double .Form then 
justified, one of the biggest two- 
year-old gambles of the season at 
Lingfield — winning the £3,000 
Burr .Stakes from Whitstead. 

The runner-up there went on 
to finish a highly respectable 
fifth in the William Hill Futurity 
and there is little doubt that 
Double Form's performance was 

extremely smart. 




M 


■f 



'M 



Si 







4.3 
4.2 
2.9 
A.a 

to I STOCKHOLM 

o.7 
2.9 

2.4 


k-txnaln-Aoairaltoi^—.— — ! 
Dunum KilbhetiSll-L. ■!" 


2S.5' 6.3 
27 : 4.6 


tliA Aii IhiJU 


rncfl +or 


t Bui er. 
# Tradid. 


-rtlaqomto. 


dofinhen 2.455 

iruemnn ..1.960 

areiirt'anli .....^6.370 



DOWN 

1 He just gets a place in field, 
at Lords (5, 3) 

2 Owns it upset Scots loch speed 
19) 

3 Unusual for gunners to lake 
oa sappers (4; 


SIS EES^3 

a 13 a e m 

s m m a 3 

bss- ^ 

f ffi n (55 S BS s 

so Jason asas? iao 

ci n n b 

gaggiaaa sacrasa 
m „0 s a i 

0QE3?5Q HHanH53Kinti 
g B S Q F\ 0 5 a 
553032353000 00030 
0 ns 3 m n n n 


SPAIN * 


Apol . 14 

.V,Und 

Ranco Bilbao 

Baocn AUanuco (1.000, 

Banro Comrai 

Kanm Estcnor 

B/ncu Kcnorat 

Banco Granada 1 1.000 
Banco Uispano 
Banco lnd. Cat. ■ ) 000 


Per cent 
. U2 
. 2Si 
i zn 

. 313 

.. an 
. 272 
■ 157 

. 217 

> UB 


H. lnd. Mcdlterraiwo... W — 


tberduero 

Glarra 

PapeWa* Remudas 

Petrol Iter 

Petroleos 

Sarrlo Papaiera 

Unlace 

Sogefi$a 

Telefonliai 

Turns Uosieneb 

Tufaacez 

Union Elec. 


La Ufiyale Beige.. i5.S00 

dan Holding Jil.42 0 

Petruflaa (4,200 i 

xk Gen benque..5,U50 ' . _ 
me Ben BeigiqueJlMSOal 


1iB 
7.0 
iJO 
7.0 
6.u 
7.0 

f-2 
4.7 
B.5 

3.6 

4.3 

6.7 

7.3 
BJS 

, Uaj 
70 6.4 


64.5af + 0.5 




10 i 4.3 
6.5 : 4.8 



laiste aiwrlne — 

laterta Utemicsl- 


80] XS 

IO 

sm 

14 i 93) 

20 hi# 

U.&T 


lovfi*a unutr 


, , 10 Jf.V 

990 14-20 ' 20 i i.lf 


Price I -for | Dir 


AMSTERDAM 


6.2 


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COPENHAGEN * 


I Price + or DIv.iYli. 
April la Emnei — * I fe 


S3 + 8 J 
a. -25 

H5 - 25 
7* “ *-2S 


60 7.7 
00 6.6 


Banco Popular 21* 

Banco Santander r3nQ> 345 
Banco Urquuo >1.000) 228 
Banco Vizcai's ... 214 


SWITZERLAND * 


BRAZIL 


Banco Zara»usana -. 308 


Price | + « I&*v7 
lw — Urur 


, PMw ■+■ or 
April I* Pra. — 


Dlv/Yid. 

% t 


Bantuni'in 

Banus Andalncia 
Babcock WiluiK 


SOLUTION AND WINNERS 
• OF PUZZLE No. 3.637 

Following are winners of last 
Saturday's prize puzzle: 

Mrs. V. Childs, Si. Aldhelm. 
Cliapcl Amble, Wadebridge, L p 
Com wall. 

Mrs. M.-J. Holland. 25 Con- 
stable Walk, Sholver, Oldham.. 
Lancs. 

Mr.- W. S. % Wood ha ms, 6 } 
Avenue Sl Nicholas, Harpen- 
deu, Herts. 



J25 

» 

&. I. Arasnnejas 55 

Enponofa Sine ......... . 182 

Espl. Urn Tmto .... 745 

Feu.'* >1.000) 80.75 

Fi-miu >1.0001 *458 

al. Prwiado.i >0 

p*i Vclacquez >400 1 . 1A5 
nla - . 76.75 


A r»»U 

Ouuo >ln Hon-.. 
ixi !•■ MlUnlaVI 

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I nip I't .......... 

Vale Hip Uooel'i 


1.20 -OJIS8.12 .10.0 
2.43 !— OJIT9.17 7.07 
1.7a ^-0-028.12 7.07 

3.07 — 0.01,4.20 6.49 
8.72 {— 0.105.10 a. 51 
2.55 !— 0.8M.16 ro.lfi 
4.00 ....:. -.0.23 3,75 

7.08 I— OJI5B.20 |t.84 
1.54 4aJZ.O.13i0.S3 


Vul. Cr.93, 
Source. 


Wm. Sharei 
Rlu dc Janeiro SE. 


ores- Oversea? pritcjr fa dude S btvrmuta. BclsLi a dividend* * re *t ,er 
.oidirij ia*. ’ ‘ _ a _. 


# DM3u tlenoin- .uolew. otherwise stated. W Piao300 aennixi. unless otherwise 
cd. * Kr.lOO derram. unless otherwise staled. 4> Krs.500 dewun. tmlesa 
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smnensiufL. a Florins. . b Schlllliww.- rCeuw, dUmdenu alter P«*^ . rkhu 
.ind -or -st.rlD issue V Per share. -fFrani*- pGroiS dlv. <v. liAwun« luTWeira 
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divUud. *e Ex a anp Uaua. xa Ex all A Interim since IncraaMd. 


Aui/umlum...— ..[1,235 +5 

nUC ‘A’ 1.6 lu 

IbaliekyiFr.lOOl 1,150 
ua. Pu Cm-... tW +10 

Uo. Kec 663 

. rcdh 'iiiM.,._.!2il95ir — 30 
-;iectn:'Wiiu...._.il.c39 1—20 
Floctei lUent^e).. c80 + 10 

Hon man itLen -I7S..UO 

Ut*. Ifima'D..... 17.935 

Intertooil B 6 850 + 75 

lelmou [Fr.i08)...i l.*i50Kd +10 
Sortie fFr. LJOi... d.tlO -16 

Uo. K«s 2.310 1-23 

’enlltoii a.iP.&d 2.180 ....... 

PinsllidlPfP.tiXD 380 

razulOL (Fr.SsO)... 3.650 + lo 
Uo. Fart (Jena. +50 -5 
- hinillBri.'Ur'iOO 300 ....... 

3'ujnsr Cts(P.100j 351 +1 

’wisaair iFJbO). . 817 +8 
rmia Honk (F.100 357tf + 1 

swlM{ite.P.2S0).. 4.600 

Union Banh,.^.,.-' 2,660a! +25 
Znrvh Ins...;,. -..I 10.500 + 60 


6 

2.5 

10 

3 .U 

22 

1.9 

22 

2.6 

22 

3.4 

lb 

5.6 

10 

5.0 

b 

A.I 

1550 

0.7 

■ 65 

0.7 

j 20 

2.6 

i 21 

1.4 

!fl 86 .S 

2.7 

Iit 88 .fi 

3.7 

( 16 ' 

17.0 

15 

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1.8 

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2.9 

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4.3 

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40 

2.2 

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5.4 

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Ouna'ttr W. aja^ 
Uauske Uaait.— . 
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r'UuuxataMjaen— . 
For. UfCKensr ... 

For. Fapr. — 

UiunJelBbenli 

U.NIh'nfi.iKTft!) 

Aonl Kabel 

Uliefat'rlk 

VHmrli.nL 1 


Friv* th ank ! 

i*rov?nst)ans„ ; 

Soph. benwnlseB-j 
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545 kf — k 

440 

126I a -1 

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128 kn -l - 
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2 q 6 — k -i 
795* -k I 

155 Wi — k j 
139k n—k 
374 1—2 | 
181- I | 


U 7.6 
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12 I 9.5 
12 6.0 

13 I 9.6 

12 | 5.0 
8 >10.0 

13 J 8.6 

12 4.2 

13 J 4.7, 


11 8.1 
11 ; 8 . 0 : 
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12 I 6.6 


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lialccmesii-.. 
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Mediobanca _ 
Moniedtnm^ 
W I veal Priv. 
Pir+Jli A Co. . 
Pirelli 

anla Tliene _ 


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l,t>22 —24 iau‘ 9.3 

73 !„ - ‘ - 

10.351-104 20U; 1,» 

129 1 - - 


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32.30.— 0. 1 j i,2flti 3.7 
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B50 |—17 8 Oi 8.4 

- 559.81— 12.5 - - 


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,£s! 12-1 4*“ 


C. c, smftb -Sugar 


IX' 

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jO.JA. 

1.01 

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r 



C ANa 


k 


HnaliciM Tiines Saturday April T5 1975 


INTERNATIONAL FINANCIAL AND COMPANY NEWS 





looks for setback 
after record profits 


‘ FINANCIAL TIMES RS»ORTBt 

HONDA, MOTOR Company baa 
reported a 12.6 per cent, rise 
in unconsolidated' net income in 
Ike year to February 28, to a 
record Y17^1bn. (580m.) from 
Y15.54bn. the previous year. The 
rise took place, however, despite 
a^*aU in proBts hi . the second 
hut, and for the, current year 
the company expects a reduction 
of -14.4 ;per cent, to Y15bn. 
Hrfnda has been- hit in recent 
months by the rise. in the value 
of: the yen in the foreign 
exchange markets. 

■ Unconsolidated sales last year 
rose by 127 J. per cent to a record 
^S49.63bn. (832bn.) from 

Yfi68.87bn. 

‘For the six months to Febru- 
ary, net income fell 3J2 per cent 
to^Y822bn. (5375m.),' from 
Y8.4Sbn. in the same period a 
year earlier, and were down 
frim the record for a half-year 
sftf in the first six months of 
Y92Sbn. Six month sales rose 


31.1 per cent to » record 
Y452-06bn. (S2.1bn.)J from 

Y34189bn. b year earlier, and 
were up from Y397.57bn. in the 
first half. 

Hie second-half profit of 
Y82bn. is broadly in line with 
lie the figure of-YRSbn. fore- 
cast in December. This estimate 
from Honda — which Is the 
world's largest producer of motor 
cycles, and. has been expanding 
rapidly Its production of four- 
wheeled vehicles — marked a 
sharp reduction on earlier esti- 
mates suggesting that the profit 
would be Y115bn. Behind the 
reduction was the rise in the 
value of the yen in the foreign 
exchanges. At the time of the 
earlier forecast, in October, the 
yen was at Y26l to the dollar. 
By December it bad risen to 
around Y240. and is currently 
just under Y220. 

Net income per share in the 
year fell to Y30.29, from Y31.65. 


Hie annual dividend per share 
was unchanged at Y9. 

In the half year, net income 
per share fell to Y13.S8 from 
Y17.15 a year earlier. 

Honda sold 2.48m. motorcycles 
during the year, or 556,000 units 
more than in the previous year, 
and 892,000 automobiles, up 

109.000 units. 

Exports accounted for 653 per 
cent, of motorcycle sales, up 
from 63.8 per cent, in fiscal 1976. 
while exports took 64.7 per cent, 
of automobile sales, against 57.5 
per cent. 

Sales of power products, spare 
parts and other products 
accounted for Y100.52bn.. or 113 
per cent of sales, compared with 
YTT-Slbn.. or 11.6 per cent., the 
year before. 

The return on capital Fell to 
60.6 per cent, from 63.3 per cent. 

Unconsolidated capital spend- 
ing totalled Y49.7bn. in the year, 
against Y31.9bn. 


Volvo regroups its production 


BY WILLIAM DULLFORCE 

VOLVO, the Swedish automobile 
manufacturer, to-day signalled 
an . administrative re organisa- 
tion, which will decentralise 
management responsibility and 
regroup its manufacturing units 
into two main units, one for cars 
and one for heavy vehicles. The 
reorganisation will start in the 
autumn and be completed by 
January 1. 

The aim is to organise group 
resources “ for the most effective 
execution of the strategic and 
operative tasks now. facing the 
group by differentiating respon- 
sibility for the group's strategic 
development and its current 
operations." 

The present production units 
for cars, trucks and buses within 
thp: parent company will be 
changed -into separate stock com- 


panies with the parent company 
functioning as a holding com- 
pany. The heavy vehicle group 
will include Volvo trucks, Volvo 
buses and collective . transport 
systems and Volvo BS£» the con- 
struction, farm and forestry- 
machinery company. It. will be 
headed by Mr. Lars Maltaros, the 
present deputy managing direc- 
tor 

Mr. Haakan Frislnger is also 
appointed deputy managing 
director and will head the pas- 
senger car company, which will 
cover the present car manufac- 
turing units, the marketing, 
product planning -and industrial 
divisions. It will also be respon- 
sible for Volvo - Car BV, the 


STOCKHOLM, April 14. 

Dutch subsidiary in which 
Volvo's interest is now 55 per 
cent. 

Mr. Pehr GyUenhammar, tbe 
managing director, will head a 
seven-man management team 
which will include Mr. Malmros 
and Mr. Frisinger. The function 
of this team at the Gothenburg 
head office will be to decide com- 
pany strategy, set targets and co- 
ordinate operations. 

On April 1. Volvo reported a 
39 per cent fall in pre-tax earn- 
ings for 1977. to Kr351m. 
(S78m.) oo a Kr.26.2bn. turnover. 
Car sales dropped by 8 per cent 
to 261.000 while deliveries of 
trucks and bus chassis remained 
stable at 27,500. 


The First Viking 
Commodity Trusts 


Commodify OFFER 38.0 
Trust HD 36.1 

Double OFFER 85.0 
Option Trust BID 81.0 


Commaditv & General 
Management Co Ltd 
8 St George's Street 
Douglas Isle of Man 
Tel: 06244682 



i'dlD* 

v:s>- 


Banco Central steps up earnings 


BY ROBERT GRAHAM 
BANCO CENTRAL. Jockeying 
with Banesto for the position of 
Spain’s leading commensal bank, 
has announced a 7-5 per cent in- 
crease in gross profits at 
Psts&Sbn. (SllOm.) for 1977. The 
Board has decided to set aside 
Psts-Sbo. fbr reserves, Pst&2.2bn. 
for tax and Fst&l^bn. to cover 
amortisation, leaving Pst&2.38bn. 
for dividends. 

In December Central merged 


WARDGATE COMMODITY 
FUND 

K 3I« Much 1978 £10 .01 -£10.42 
WCF MANAGE tt UNITED 
P.O. Bex 73 
Sr. H*li*r, Jersey 
0534-20591 /3 

_N«xt deiHngs 2Mi April 1,1 971 .. 


MADRID. April 14. 
with the Banco Iberico which is 
controlled by the Fierro family. 
At the time the two banks were 
respectively the second and 
thirteenth in terms of deposits. 
Through the merger, the new 
banking interests account for 
approximately 15 per cent, of the 
commercial banking system's de- 
posits. 

According to Central president 
Sr. Alfonso Escamez. total re- 
sources of the new banking 
group amount to Psts.815bn. of 
which PstsB5bn. is accounted for 
overseas interests mainly in Cen- 
tral and Latin America. Central’s 
own portfolio of investments in- 
creased last year by 16 per cent, 
to Psts30.3bn. 


Tongaat in 
control of 
Primrose 

Financial Times Reporter 

TONGAAT announced last night 
that it had won its battle for con- 
trol of the major South African 
brickuiaker. Primrose Industrial 
Holdings. This follows pur- 
chases of Primrose shares fn the 
market by Tongaat, the sugar 
producer which has diversified 
[into textiles, building materials 
and feeds. 

Last month, Tongaat proposed 
a cash offer of 130 cents a share 
for Primrose, valuing the com- 
pany at some R14.7m.. but the bid 
jwas not approved by tbe Prim- 
rose directors, and on April 4 
Tongaat announced that it would 
not proceed for 100 per cent, 
control at 130 cents after the mar- 
ket price of Primrose shares bad 
risen well above the offer price, 
louebing levels as high as 160 
cents, compared with 92-94 cents 
before the offer. Sources close 
to Primrose have indicated that 
the value or Primrose assets 
might be nearer to 450 cents. 

Shares of Primrose were sus- 
pended on the stock exchange 
yesterday, following a brief 
announcement by the company 
on Thursday that it was negotiat- 
ing the acquisition uf a “ major 
asset." The shares closed un 
Thursday at 170-175 cents, after 
opening a( 155-160 cents. 

ft has been agreed lhal Mr. 
David Lurie, executive chairman 
of Primrose, will resign the 
\ chairmanship in favour of Mr. 
Chris Saunders, chairman of 
T cm'iaat, but will remain on the 
Board, and that Mr. A- R. Kemp, 
managing director uf Coronation 
Brick. Tongaat $ main brick- 
making arm. will be appointed to 
the Primrose Board. 

Nestle profits 
turn lower 

ZURICH. April 14. 
NESTLE GROUP net profits fell 
by 4B per cent in 1877 to 
Sw.FrsTOOm. ($444m.) from Sw. 
Frs. 872ra. Turnover growth last 
year was affected substantially 
by the sharp rise in the exchange 
rate of the Swiss franc. Sales 
value for the year increased by 
5.4 per cent, to Sw.FrsJJ0.09bn. 
(S10.7bn.). but would have risen 
by 19 per cent, bad currency 
parities been unaltered. 

Net profits as a proportion of 
lumover declined from 4.6- per 
cent to 4.1 per cent— as a result 
primarily of the fact that price 
increases in the raw-materials 
sector were able to be passed cn 
to the consumer only in part 


Hongkong-Marine Midland 
deal blessed by Miller 


Kaiser Steel 

OAKLAND, April 14. 
KAISER STEEL Corporation 
expects to report a net loss in 
the 1978 first quarter, the Presi- 
dent Mr. Mark P. Anthony, told 
the annual meeting. 

AP-DJ 


BY STEWART FLEMING 

THE PROPOSED purchase by 
the Hongkong and Shanghai 
Banking Corporation of a 51 per 
cent stake in Marine Midland 
Banks has been given a cautious 
public blessing by Federal 
Reserve Board chairman Mr. 
William Miller. Tbe Federal 
Reserve is of three U.S. regula- 
tory agencies which will have to 
approve the deal. The coBt of 

the transaction would be S26Jm. 

Speaking in New York last 
night Mr. Miller said that 
although be has not examined 
the deal in any detail— applica- 
tions for approval have yet to be 
filed—" I understand that it does 
involve an extremely large in- 
fusion of capital into Marine 
Midland by Hnntknng Bank and 
that is encouraging." 

He said that it would be 
premature at this stage For them 
to say anything final about the 
Hongkong proposal but added 
that that the large amount of 
money which ihe Bank has 
agreed to put into Marine Mid- 
land “ should bolster the 
strength of that banking network 
significantly." 

U is widely recognised that, 
with its recent poor earnings 
performance. Marine Midland 
badly needs a capita) injection 
if it is to expand strongly. As 
the 13th largest U.S. commercial 
bank. & banks could not put 
in the S200m. which Hongkong 
proposes to inject, without run- 
ning the . risk of violating U.S 1 . 
aoti-trust laws. With a stock 
market issue also doubtful, an 
injection of funds from a foreign 
bank is the most convenient 
arrangement 

It is already clear, however, 
that whatever decisions the 
Federal Reserve comes to on the 
application, the Hongkong 
Bank is not yet guaranteed a 
smooth passage through U.S. 
regulatory agencies. Its proposal 
will be the first foreign banking 
acquisition plan in the U.S. to 
have to go through the Securi- 
ties and Exchange Commission, 
unless the terms are revised, and 
that could raise considerable 
difficulties. 

The New York State Agency- 
also has to clear the transaction. 
Last night. Ms. Muriel Siebert, 
Superintendent of New York 
State Banking, said that her 


department has yet to study the 
proposed transaction. 

She also said that she was not 
aware of any impending foreign 
bids for U.S. banks, although 
Wall Street is alive with specula- 
tion that more moves of this sort 
are in the wings. 

Hongkong and Shanghai Bank- 
ing plans to fund the initial cost 
of the purchase of the stake in 
Marine Midland Banks out ’ of 
existing dollar balances and will 
not resort to a rights issue, writes 
Anthony Rowley from Hong 
Kong. 

This assurance was given to 
around 300 shareholders at the 
bank’s annual meeting to-day. 
The Hongkong bank chairman. 
Mr. Michael Sandberg, repeated 
tbe bank's intention not to 
** interfere either with the day to 
day running or the management 
of Marine Midland, which we 
hold in high regard." The 
“enthusiasm of both banks 
promises well for the partner- 
ship," he added. 

Mr. Sandberg noted that 70 per 
cent of the Hongkong bank 
group shares are now held in the 
colony and that, since tbe bank 
closed its .subsidiary London 
share register 31 years ago there 
had been a “ widening diver- 
gence in the listing requirements 


NEW YORK. April '14. 

laid down by the Hong Kong and 
London stock exchanges. 

“ Some ‘ of the new require- 
ments in London are In the view 
of your Board, inappropriate to a 
bank in Hong Kong. This view 
is shared by the London stock 
exchange, which has granted us 
dispensation where necessary.” 

It is understood that the re- 
quirements the chairman re- 
ferred to are some of those laid 
down in section 8 of the .London 
Stock Exchange “yellowbook* 
which refer to such matters as 
financial' disclosure, analysis of 
turnover and directors’ interests. 

Sandberg also said -that while 
it was desirable the. bank's 
shares should continue to be 
quoted in London it was “per- 
haps timely for this to be under 
the alternative - arrangements 
which are currently utilised by 
all tbe other Hong Kong com- 
panies quoted on tbe London 
Stock Exchange. This is. some- 
thing we shall pursure." 

His reference appeared to be 
to Rule 163 (le) which allows 
tbe trading in London of shares 
quoted on other recognised stock 
exchanges overseas (once Hong 
Kong’s four exchanges are in- 
cluded in the London list) with 
the need for disclosure. 


Inflation curbs earnings 


ALTHOUGH A STRONG show- 
ing by the financial sector 
helped boost the 1977 after-tax 
earnings of all U.S. corporations 
by an average of 16 per cent 
over 1976, the gains turned out 
to be more apparent than real 
when inflation and capital 
replacement costs were taken 
into account the latest Citibank 
survey reveals. • • 

Ron-financial corporations 
bad an average increase ot 12 
per cent in both 1977 earnings 
and sales, while financial cor- 
porations bad an ' average 
increase in after-tax earnings of 
47 per cent over the earlier 
period. 

“ The growth in overall' cor- 
porate earnings in 1977 • was 
somewhat greater than the aver- 


NEW YORK. April 14. 
age annual increase for the past 
five - years, while the profits 
growth at son-financial corpora- 
tions was a little less than aver- 
age," Citibank says in tbe April 
issue of its monthly Economic 
Letter. 

“ When corporate earnings are 
adjusted both for inventory pro- 
fits and replacement cost depre- 
ciation. the average annual rate 
of increase, from 1972 to 1977, 
is halved to 6.9 per cent 

“When these adjusted profits 
are corrected further for 
changes - in .purchasing - power, 
corporations as a whole are not 
generating as much real profit 
fromf-operations as they did- five 
years earlier, despite substantial 
real growth in the economy,” 
the Letter says. 

Agencies 


19 


Accounting 
demand to 
Swiss banks 

- ~ BERNE, April 14. 
SWISS BANKS have been asked 
for the first time to submit 
consolidated balance-sheets to 
the Federal Banking Commission 
in respect of 1977. 

Commission president, Mr. 
Hermann Bodenmann, told a 
Press conference to-day that the 
Commission has completed its 
guidelines for consolidation pro- 
cedure and has seat them to the 
banks. Later this year the Com- 
mission will suggest to the 
Government that changes in the 
regulations covering the- pre- 
scribed ratio .of shareholders’ 
equity to total assets be altered 
to bring them “more into line” 
with the structure of the banks 
themselves. 

.The Commission’s requirement 
for banks to produce consoli- 
dated balance-sheets rests on its 
obligation to ensure that share- 
holders’ equity is sufficient. The 
Commission is not apparently 
empowered to force tbe banks 
to publish their consolidated 
balance-sheets. 

According to the Commission 
tbe banks only have to. consoli- 
date subsidiaries in the hanking, 
finance and real estate sector as 
i “ it would not he meaningful to 
1 consolidate industrial and enna- 
JniprHa) narttei nations as well." 

■ . The C.nmmisison reckons that 
the major Swiss bank*? are not, 
in principle, opposed to the idea 
of consolidation. But they are 
“concerned” that any obli gator y 
increase in shareholders’ equity 
during the transition phase to 
tbe new regulations will be kept 
within “bearable proportions.” 

The commission’s annual 
report, published to-day,' points 
out that preliminary research 
showed that in some cases mini- 
mum prescribed requirements 
for shareholders' equity were 
not met once the balance sheet 
was consolidated. It also noted 
that consolidation alone is “not 
sufficient to calculate suitable 
| shareholders’ equity levels” 

The Commission bas decided 
against establishing a special 
independent auditing body to 
conduct special inspections of 
banks. This decision was taken 
in agreement with the National 
Bank which first put forward the 
Idea of- consolidated -accounts 
following the heavy losses re- 
ported by Credit- Suisse at its 

Chiasso branch. — * 

Reuter 


Murphy Oil sees loss ahead 

CALGARY, April 14. 


MURPHY OIL COMPANY ex- 
pects a first quarter loss coan- 
oaredwith a net income of $1.9ni 
or 31 cents a share a year ago. 
The company said in the annual 
report that marketing ma rains 
deteriorated in the 1977-78 
winter. 

However, the company — 77 
per cent- owned by Murphy Oil 
Corporation =-*.] 


for the full year at about the 
same level as 1977 when earn- 
ings were 5m. or 80 cents a 
share- 

The company is contesting the 
reassessments, and no provision 
has been- made in its financial 
statements for' the reassessed 
amount. 


First Chicago may lift payment 

CHICAGO, April 14. 


FIRST CHICAGO Corporation’s 
management expects to recom- 
mend an increase in the 25 cent 
quarterly dividend rate later this 
year, if its earnings continue to 
rise, the chairman Mr. A. Robert 
Abboud told the annual meeting. 

The company reported a 20.6 
per cent, increase in first 
quarter operating net to 78 cents 
a share from 65. cents a year 
earlier. Mr. Abboud attributed 


The gain primarily to higher net 
interest income which rose to 
$1 18.9m. from $106nu in the 
1977 first quarter. 

The loan loss provision 
declined to S26m. from S28fim. 
a year earlier. 

The company said that net 
charee-offs In the quarter were 
S20.7m. an'd the reserve for loan 
losses increased to $117.9m. from 
a- year earlier.- . 





German cocoa demand higher 


BY OUR COMMODITIES STAFF 

ANNOUNCEMENT of a 3.S per 
cent, rise in first-quarter 1978 
West German cocoa bean grind- 
ings compared with the same 
quarter last year took the London 
cot'03 market by surprise yester- 
day. But after moving up sharply 
at the opening, prices fell back 
steadily. By the close July deli- 
very cocoa was quoted at £1.994 
a tonne, down £16 on the day. 
but £79.5 higher oo the week, 
haVing readied £2,050 a tonne 
Sf'one time. - 

S Most dealers had been expect- 
ing West German grindings to be 
unchanged to 5 per cent. down, 
agsunst last year, especially as 
the early Easter had reduced the 
number of working days in the 
quarter. The rise was the main 
factor encouraging the initial 
price increase, although the 
decline in sterling's value also 
contributed to the upsurge. The 
■ subsequent decline was attri- 
' buted to lack of market follow- 
through allied to.week-end profit- 
taking. 

• Cocoa prices moved up on 
technical factors early in the 
wqefc, with dealers .largely 
ignoring the cuts announced in 
U.S. and Dutch grindings and 
the bearish implications of 
improved weather in Brazil. 
Fears of a developing market 
squeeze were aggravated by 
reports of political and indus- 
trial- unrest in -Ghana and ship- 
ment - problems in the Ivory 

Co’Sst 

,.The coffee market bad a rela- 
tively quiet week but values were 
boosted early on when Central 
American Other Milds producers 


W £ 






TAW 




Hi 

COFFEE 

HPomi 

fUTURES 


MM 


BT7] 



SEP OCT BOV DEC JAN FEB MAR APB ) 


meeting in San Josd, Costa Rica, 
confounded market opinion by 
deciding to continue their ban 
on coffee exports. Most dealers 
had expected the ban to be lifted, 
or at least moderated, in view of 
its obvious lack of success. The 
embargo was instituted a month 
ago with the declared intention 
of boosting world prices to 
“ reasonable levels.” Since then, 
however, prices have fallen by 
nearly £100 a tonne and are stiu 
more -than £30 below the pre-ban 
level. After a £13 fall yesterday 
the July robust* price was quoted 
at £1,365 A a tonne, up £34.5 on 
w&clc- 

Sugar prices made modest 
gains this week with the London 
daily price ending £2 higher at 
£102 a tonne. . Prices rose on 
Monday following an advance in 
New York based on rumours that 
stronger U.S. import controls 
were planned and this rise was 


also encouraged by statistician 
F. O. Licht trimming his estimate 
of ihe European crop area to 
7.83m. hectares from 7.91 ha. 

The market fell back later in 
the week when India announced 
that it had authorised 300.000 
tonnes of sugar for export, but 
much of this fall was recovered. 

Weakness of sterling was a 
major influence on the London 
base metal markets yesterday. 
The sharpest rise was in tin with 
cash standard metal gaining £90 
to finish £145 higher at £5,940 a 
tonne, despite a 810 fall in the 
Penang price overnight but in- 
fluenced by forecasts of a modest 
decline in London Metal 
Exchange warehouse stocks. 
Dealers noted some physical 
demand too. 

At the end of this week's 
London meeting last night the 
International Tin Council 
announced that the producer 
motion to raise the buffer stock 
price range had not received the 
required majority and was there- 
fore defeated. But the news 
came too late to influence the 
market 

Though rising £5-25 9 tonne 
yesterday cash copper wirebars 
still ended £5.5 down on the 
week. Currency considerations 
and indications of another LME 
stocks decline were the dominant 
factors. 

The rise in copper was reflected 
in the lead and zinc markets, 
which were basically quiet Cash 
lead gained £3.625 on the day to 
finish £4 higher on the week at 
£313.25 a tonne. Cash tine 
finished the week £4.75 lower 
despite a £5 rise yesterday. 


MARKET REPORTS 

BASE METALS 

COPPER— Maker on tbe London Maui 
Exchange with tbe forward price mo ring 
rrom £703 to £710 on the weaker pound, 
a lower stock* Indication and buying rrtTA a 
against physical sales in Xew York. The tULUA 
hJdv for the day was £711 and tbe dose 
on the Kerb was £719. The net fall on 
the week was £5. Turnover. 1WS8 tome *. 


The metal oponed «t -MO. +281.49 1852- 
B234c> sad eased 6>. etta# at 
isaoj-sKo. * : ■> 

LME— Turnover 2S9 lota Of 10.000 

ounces. Morning: Three months 380. 5.3, 
6.8, i-3, 5.1. LS. 54. 5.3. 3J. 38. Kerb: 
Three to oaths 283.5. Afternoon: Three 
months 256-5. OX- Kerb: Three months 
386. i. SA U. 88, 85.7. 5.6, S.3. 5.4, 3.5, 
6.4. 




WEEKLY PRICE CHANGES 


Latest 

priroa 

Oh’ee 


1. 

Tear 

ago 

[ 


per tonne 

unlesa 

on i 

week; 
1 

High 

Low 

noted . 





££36.6 i £700.25 £Sl2 
£858.76 1 C7W.2& I £824.76 
£830.6 ! £889 I 
£862.26 1 871*25 ' ±*J“.75 
$150,876; filotUfiS: S 166.125 


£ 275/526+67.5 {MAW R.30O , *2.1* 

SKire a.™.....; oatfb'-jA 

SmfeDha Do..... £H*.76 
Cash Cathode* .-?-*? 

. ojnootli Do 

iCSV.-:— I §iiS mj, !*»*!«*» 

£33ass2E:»u>p«i - I g««* ^ 

iiisf^aio; *..» 

££V»| S™ !«&,!*£*■ 

as -sa?i s$ 

TiSi*:::.':::'::: . ^-°j suba**™* 

n 1 ’ -l.o, SJ7&83 ' $772.6 ' 5142J? 

u «lfan 0UW M. _*.km ESlih ■ SSSoSB 

£30S ."-4.25 1 £383.75 £312.26 : £237.70 

*> • - j » jo* j **° 

SKgw 

Sown Fntnre* 

M*ire 

French Y«lkw 

tAaaencuu' £11® 


£80.6 


~0.1o l 


£83 75 
£8*.6S 


££0,9 £70.08 


.+1.85 I 836 " 8106.76 ■ £98.6 


| Latest : | 

| pries* KJb'ee Yew 
•per tonne on . ago 
unless jweeh ; 

.' " Hated I 


1073 


.' High ; Low 


’-0.5 . 


Wheat . ; 

No. I Red Spnnjr.i £84 
. Am. Hard | , ; 

W inter.. , 

Bnj!- Milling »new era pi £87.0 + O-20 

S ^«. W-600 ; - 

Pen per. White.-... $8^75 f — 85.0 

bSo. ’ ssxiso -saa 

on* • ;• j i 

CoomutiPhlH iVe* 5617.5 :4 lih 
Gnmndnui 6? ■ ■■■< £*22 —10.0,' 

linseed. Crime I + L4 J3, 

Wm Malayan !■ S68S ;+ 22.0- 

Seeds ' ! 

gS£jr,8ST-: BL £ff! 

Other i 

Commodities : ; 

C<t.«u* -shipments— .Cs.jU l+JQS.O 

F’ln "AM pen 

Cuff ec Future* M*yi £ . 1 - 3 ? 6 ^ 

Oort«f> Irnitu +0.45 
De*. IViinut .. .....: W — ( 
JuteUANWCi-aile. **<* ; . 

Kubtor kilo fS/Op +2J5 j ’ 

Sago Pearl ; ' I 

Sl»l Nis £ t I r-. 

d««af .**-® . 

TMmr» >0- l - — , — ■ ■ 
Tw. iqnalityi lSp -5.0 

uptatp) Hlo... ..; SSp |-4-0 
Wool tops 64* WarpJ 274p *11* - 


; 1 £95-5 I £83.6 

£91-5- 1 £9L6 
£93.5 j £100 ■! £93 

£a.OjO £4j00| mOO 
5L9M i «.3»! S2& 0 
52.600 ; S2.4flO SL37b 

: ; S|2 Z . 8632*, 

£sSb £732 --£i87 
6460 *552 ; 8256 

1 $6 2a ; 9495 j 

SbZ& 8458 9372.6 

, 8301.9. 5234 


! £ £ I £ 1 £ 

Wire bar# 1 

Cash .Tl «94JM+7£! 693.8-4 ;+BJ5 

3mooth...709.B-10-7 . 708.5-0 4 6 
Smu'm'nT, 695 4 7.5 — 

Cathodus-I 

Curb- 686- .5 : 683.54.8 *8 

5»ii«iUi*..j 700-1 --7.25 6B9-.5 ; + 5 

SettJ'm'nt- 678.5 tI . -• 

_ — [ . t>4_ ( 

^Ain*lgaznaied Metal Trading reported 
that In the morning cash «n re bars traded 
at X89R5. #3. M.J. three tnobths H07. 
07A. 08. M.S. 09. 10. 11. Ifc5. 10. 
CAthodes cash X5S3.3, three months £700.3. 
Kerb: Wirebars three months iti03. TO. 
09, 09 j. Afternoon: Wirebars cash £8915, 
three months £708. 9.5, 10. 10.3. HOB. 8.3, 
8, 9. Kerb: Wirebars three months £709, 
9.3. ro. 

TIH—Hrenr as ftrwri meal rose on 
the weaker pomd from £3,880 tp £5445. 
helped by some physical demand. A 
forecast of a stocks decline helped the 
steadier tone. The net sain on Um week 
was £ 85. T nmorer 1 J80 tmmCS . 

I aun. I+ orl »».m. |M-or 
TIP Official — ; Unofficial I — 


After trading in a narrow range throogh- 
out the day pre-week-end liquidation 
poshed price* lower on tbe close, repons 
Gill and Dnfftts. 

+ or ; BuainM> 

COCOA I Close - I — ! Done 

So. d C'ntr't : • 

Us r 2017.8- 73.0 ‘—7.0 2771.8 2950 

Jure 1885JK8&.0 l— 1M 205#.u- utO 

^eL4. lhlLf-55.1 -6.0 118541.28.0 

Ueu- U68..-63.S — 7.5 V7b,B 45J 

Mareh H02.O-08.O -19.0 lfc».«#-T7*5 

1751.U-98.0 1—5.0 1)80.9 

Jul.r.~ \mJ0-4tJB f 4 13.1 — 

Sales: =.445 ffBi Tiff of 10 umnei: 
Intxniatlsnal C*cm OrpenisMiaii fU5. 
rents per Pound)— Dally price April IS: 
163 .M (184.2)1. Wdlcaror prices April 14: 
13day i rerage I8S.43 1 1*2-38); 23-dar 
average 139.44 I1S853). 


EEC' DAtLl 

ffilWtBB ^ . 

effective for April -iVlfi units of -acoount 
a tonne. In order current levy plus 
May. Jurat and July BrenDmns (with 
previous In brackets). O hiw b wheul— 
S7X5, OSS, OSt 0.64 (85.37, 0J2. OSS, 
0A7). DnraM whiw*— 130J2, 0A BJ2, 
8.41 038.07. 0.8*. 0-64, 1JB». Ry*-80.TS. 
8J3. OSS. OX (80.73. niL nil, nfl:. Barley 
—78.89. nil bQ. all feazney. Oat*— 78.77, 
nil. oil, nil reams). Mata (other than 
hybrid for seeding)— 68.78, 1-9J. 1A3. 
X23 (88.78. U9. U9. 345 1. BackwkaM 
—All nil i same i. MBiet— 77.49, nil. nil. 
nil .77.48. 0.18. 0.16. 8.16.) Groin snrahum 
—77.40. i.61. 1.61. 0.64 (77-46. nil. nil. 
ail i. 

Flour levies— Wheat or mixed wheat 
and rye flour— 134.82 (lSUli. Rye flour 
—12434 (same.. 


trading.- Friday’s ctoshur prices' '(cenn. 
per popndU May 56JB-3S.O0. July 3TJS- 
SIM. OCL 8B. 80-38.70, Dee. 58.10-59^4. 
Week's hlgb-knr: July S8j1^«.70. Oct. 
59J9-5SJ9. Dec. 80.01-59-50. March 61£«. 
Sales: 358 (!«) lots. 

WOOL FUTURES 

LONDON— The market was dun and 
featureless, reports Bache. 

(Pence per kfl o> 


RUBBER 


STEADIER opentng on the London 
physical marvet. Pair Interest throughout 
the day. closing Quietly steady- Lewis 
and Peat report that the Malaysia godotni. 
price was SO* fSOSi cents a kilo /buyer. 
Mayi. 


Amend tan j Yesterday* 
GTeaayWooN Otooe 

+ m 

Buainrea 

Don* 



225.0-0.0 


- 

Uetober 

IM-ember.-. 
March 

aBOMTJl 

257.0- 40 J1 

253.0- 41 J) 

+0-3 

i 

- 


24fl.tM2.fl 


- 

October. 

M5.0-47.0 


' . _ 


U.S. Markets 


No- 1 

YeMenlayto: 

Freviou? ] 

fiurinear 

R.S.S. 

i**9 | 

eio^ 

■ion* 


COFFEE 


London clrxed about unchanged, reports 
Drexel Burnham Lambert There was 
lime incentive to trade and smajvscale 
long liquid? Mon kept value* down- Late 
booicsQuartng trades- cancelled each other 
mu. 


5 months^ 
Sewlem'r. 
Standard 
Dub 

6 months 4 
Sottlem't, 

So* Its Cm 


New Yorici — 


5918-80 
5915-88 
5920 
;»1680 


■h Grad* £ ! £ | £ j £ 

5915-80 + 90 8935-45+10 

5918-28 +« 5935-45.+87.S 

6980 -1+90 j - j — . 

'+99 I 6935-45 +90 
-*-99 | 6938-45 1+87.B 

*508-00 Vi’' 

Morning: standard, cash tsjass. 20. 
three months £3.910- 36. 23, 30. Xerb: 
Standard, three months £3420. 39, 33. 20. 
15. Afternoon: Standard, three months 
£3.925. 30. 35. 40. 4i Kerb: Standard, 
three months £3.830. S3. 40 
LEAD— Gained gro un d with tbe move- 
ment In copper a nd the lower pound tbe 
mein influences. Forward cooper moved 
from £314-016 to OQ2 before hovering 
around BU and dosing on the Kerb ai 
£319.5. Tbe net gain on the week was 
re -is. Turnover 1L375 tomes. 


COPF15H 

YawriAy't 

Ciore 

+ or 

toeincM 

Done 


£ pertonna 



1 ©5- 1*97 

— 4jB 

1515.14K 


isBs-im 

—15.0 

im-HBB 

Steptambw— 

November... 

1294-1265 

1240-1244 

U22.12M 

— S.0 
-93 
—645 

1299.1275 
1246 11S9 
1220-1215 


1Z06-M59 

— 1 A 

1216-1266 

May 

1188-110 

-18.0 



lead 

a-m. 

OfBetol 

+ or 

V-m. 

Unofficial 

+ or 


£ 

£ 

£ 

£ 

Oth 

514A-75 

+ 14 

515-.5 

+£45 

5 tnontbo^ 

£19.6-29 

+ S.& 

£18%6 

+ 54 

Sett’lm'Dt 

214J5 

+ 54 

— 


U.S. Spm 

— 

I 

55 

— 


Sales: 1.372 C2.45D lots of 5 tPwies. 

ICO Iwdleaise prices tor Aortl .13 IllA 
cents per pound): Colombian Mild 
Arabtcas 195.09 1 (same): unwashed 
Arahlcas lTt.oo fkame); other mild 
Arab leas 18LT5 083.71 1: Robostas 148.56 
I.H7.00 >. Daily average 18ELSS 066.87). 

ARABICAS— The maricet showed little 
change in Quiet vohnue, reports Dread 
Burnham Lambert. 

PrtaM (in order teyer, Mkr. change, 
badness)— April ZW.MKy5.S8, -S.D0, 207 JO- 
07.00; June 185. 80-6540 (came). 186.69- 
8440: Aug. ia.O8.73.O8. -0J8. 172.T8; Oct. 
154. 69-56.00, +030, Ml: Dec. lW.tKH8.09, 
— 1.00. nU: Feb. 132.0947.00. -440. nfl: 
April 130.0934.00. 5,50; ML Sales: 14 

(18) - lots of 17.238 kfloa. 


JUv ...... 49.1M8J9 48.10-48.79, 43^94940 

June.... M4U 48.80-48.15; - 

Jly^.; 50.90 59.86 50.2^504^ 50 .50-50. BO 
Oec-De. 2.25^.2.60 a1.79*1. 76. 52.50-61.60 
Jan-Mr. 55.7B-o8.75: 5S.I955£bj bS.73.lj5.40 
Apt-Jne 55.10-06. 16 6Afe.64.8U 56.16-5440 
JlT-^ep. CBJ6-D8.70- 58 JO-66. 10 b 6- TO- 58.00 
04.0* j 68. 10- 8.16: b7J*^7A6 58.1M7^) 
Jan-Alar) PB.4M& 45 Eh 58 . 45 -58,10 

Sales: 382 *2331 lots of 13 toimea- and 
8 *4* tots of 3 tomes. 

Physical closing prices (buyers) were: 
Spot 48.5P (473): May 6835p (49.73): 
June 3D3p (66.0). 

SOYABEAN MEAL 

Tbe market opened aUghtly easier on 
the fathtre of tbe U.S. Farm Bill, although 
the weakness of sterling prev e nted a 
major fan. Tbe close way aUghtiy lower 
in very gulet trading. 


VlKoierdnyrt- or 
Clo— -! 


Bus) nee 
Done 


GRAINS 


Morning: -Cash £314.75. M3. 14.75. three 
months ESI 9. 103. 20. 203. 28, 193, 20. 
Kerb: Three raMittur £3103. 19, 18.5. 
Afternoon: Three months £318. 18.5, Kart: 
Three months- £319. 183. 

ZINC— Advanced. Mlewtsg. lead, 
afthnogb closing beneath the beet. For- 
ward metal climbed from £363-£384 10 
£308 before settling at £305 and dosfog 
rm the Kerb at that price. The net rail 
on the week was £4.25. Turnover 5375 
ronnes. 


LONDON FUTtHUS (GAPTAI— May 
wheat moved up 58p on trade buying and 
although easing towards the morning el ore 
on profii-takhig renewed trade boring 
later forced Hus ppsitjon up 70p -on the 
day. New crop wheat similarly Improved 
34p on trade buying but commercial sell- 
ing then appeared and values eased a 
little. May barley flashed B3p up with 
Shipper During apparent' for most of the 
day. Sew barley Anlahed about unchanged 
with only a limited trading, reports 
Adi. 


)£pertonoe; 

April TlS-OWMi: 1 — 

June ; 148.70*7.0'— 0.891 127.18-2530 

August I1S63028J —0.451 178.Be-S4.7P 

October 121 30363-030 1 22-70-2 1 38 

December J 119.89-193 -OJB119.M-1B39 

Febraory 1193A213 — 0361 — 

April I1183MAW— OJfi — 

Sales: U2 (SIT) km of IM-tmmee. 

SUGAR 

LONDON DAILY PKfCE tor raw eager 

002 i run* a t 1 ™" cif tar ApriLatay 
shipment. White sugar daily price was 
fixed at £18636 (£10430). 

After opening unchanged the market 
moved sharply higher foUowlag news that 
loots bad declined aU bids, reports 
C. Czarnikow. Cains of up to 200 points 
were recorded at one stage bat later 
week-end profit-taking wiped out half of 
the gains. 


PllipU 1 

Ptoj. 

Yerteirtoj'* 

tTenouB j 

Uiutneor 

Oimm. | 

i Clo»e 

Close j 

Done 

Conn. 


I 



ZINC 


a.m. 

OOdu 


i+ or; . p.m. )+ or 
i — | unomcnl — 


£23193 

£2.1fc3 

£*.107.3 

B6j«k. 

£toO 

s»*w 

Kp 

£ato 

¥600 

£153 

£191 


29ip idlo 


£Z.lo3 £1 .all , 
£2.092.5 £i.4£3 1 
£1342.6 £1303 I 
63.6at. clib&c. 1 
. £7:0 £6&) 

; *490 *437 

j 49p feuiU 
| £190 £177 

1 : .£o27-6 

£114 * £84 
£IBJ £172 
■ IGOp ! 13Sp 
sap - 88p 
■274pkilc267pWi e 


Cash..., > £ ' 1* i 

! 300-1 j+6 j 2983^.5 i*5 

i m-mtho..! 306- .5 j+B.5'304.S.SJS+4.7S 

ifment ' 301 i-i-8 j — j— — 

Pnn.Wrei, - : ! M ! 

Morning: Three months £334, 05. 06. 
063. 67. 05. 073, 07. Kerb: Three months 
£3063. 07. 063- 06. 05.' Afternoon: Three 
months £303. Kerb: Three months. £305. 

‘Ccms per pound, ton previous 
unuffleta] doK t*M per picul. 

SILVER 

Silver was Grad 0.4p an nunce lower 
(nr *-poi deliverv in the Landon bullion 
market ye aterflay at Z3C »p. U3__cen: 

^ILYKJf Hu. inn -fur* USi.K. «+ «■ 
per fisinc ■ — ' cltwe . — 

iroyuz. pneing . 1 


WHEAT 

l Yesterday V + or 
M'ntlil ’-t-ve ' — 


OAKLEY 

Yesterday'-: • or 
•lose ! • — 


C-UWHWL * Nominal. i Hiilii*l ML 


- — £8(L9|> U.4 2BJ.7.. •+ J 3 
3 months. ; zas.Bu — 835i aS6-66i> i* l .56 
DiTKiulbs-, ■ 291^-1 >-83 i — 

2 months. 3u53 -0.5 i 

equivalents - of the firme~lerou~it.sre: 
Spar jCLor. down 42c: three-moail) 
530 &c. dew# 4 *c; «l2-tnda(h 548 5c. doum 
43c; ana u-nonih 5633c, down SJc. 


I 92.60 , + 038/ 30.L0 iJ-O.Bi 

>ept- e&.DO 1+0.491 7930 1 + 0.05 

.Nov. I bi.SO !+0.40[ 81.65 -O.lfl 

-Isn. *■ 90.05 >0307 64.25 : 

M«r. fla .40 _ l +u.B5,_ 86.60 L 

Business done: Whe«-ifay SS.U-9S.m. 
Sew. 84.fe8S.IO. Nnv.- 87.1647.60, Jan. 
86.0080.16. Uirdi K338930. Sales. 148 
lots. Barlto— May 80.0090.65. Sept. 7130 
7835. Nov. 81T39LW, Jan. S430 only. 
March nil. Sales. 102 istb. 

IMPORTED-- Wheat: CWRS Nu. 1. 134 

prr cent.. Apr:l-May 0430 Titburj-, U.S. 
Dark Xnrihern Spring Nu. 2. 14 per cent-. 
Aoni-Mav £S4-jO. May (£3 .tb. JmeJuly 
ES3J5 r ra njJumncni Ea_-,i Coast . U.S 
Hard mwer »rdinary unquiued. .4u.+ 
realun wheat uuouoied. EEC. Feed wheat 
mwiirticd. 

Maize: U.S. French May £108.00. June 
£107.80 mm-fiipment East Coast. S 
African YeH»iw late May to early June 
£77.00 quou-d. Other grades unouoied. 
Barley: All cradfts unanned. 

H6CA— Liifiinn ex-firm »pnt prices. 
Other milUno whehi^-Xo prices Peed 
bariejr— Kent 75 70- LMCaihir* ^40 
7 fie VS msflBtary tvtttnCni for the 
week beguiling Asni 17 >wi2 remain 
unrhanied. 


£ periyone 

May ] 10430^ 4.89. 102JWK30 166.58-0536 

Aiig..JlD8.M^S.2n lu7.K^7.78 HB.eBn.7.75 
OotT. ... 1 12.40.12.55! 1 10.U5- 10301 1530 life 
Vt - - . 1 15.55- i5.4v| 1 11.0b- 14.25;1 16.00 14.U5 
Her b .122.8 -iO.fe 12030*035 IS2.75 20.55 
U* v. ~J lfifi.K--5.7j IU.7S.S3.ee - 

A lie ;i*S3(Li8fellS7fe-27.b018S.25-27.75 

''s&iriXTn.W.-r lots o-’ 50 lotuies- - 
Tils and Lyle a-reflaert Drtce for 
granulated basis while sugar was £242.4) 
rranvi s ion for home trade and £76? 
(£381 > tor export. 

intsnutfau*! Sugar Agreemeat: Indi- 
cator prices (U.S. rents pet pound. Fob 
and stowed Caribbean pari) for April 17: 
Dally 7.M ti.TDi: 15-day average 7.M 
(7.62) 

EEC IMPORT LEVIES— The Following 
tmpon levies lar white and raw sugar 
ore effeciive. Tor April 14 in units of 
account per 100 kilos iwnb previous in 
brackers*. White sugar ‘denatured add 
non-den at u red i— 27.40 < 27.791. Raw sugar 
—21.77 (21.89 1 ‘ 


Sales: Nil IS) low of 1.300 kilos. 

SYDNEY CREASY— dose un "tder 
buyer, seller, badness, sales'- Micron 
Contract: May 3433-3433. 3433-3433. 67 u 
July -Stf 3347.9. nlL nil: Oct. S32.W92.3. 
333.0362.5, 3: Dec. 358.63363. 3M.M59.0. 
IS: March' 38733673. 3893^87^: 24: May 
3nJW7L4;^ffLM7lA 29: Jute 374.IWT4.S, 
375.0-374.0. 34: Oct. #763376.5,- 376.6-375.6, 
22. Total sales: 188. 

MEAT/VEGETABLES 

SMITHY) ELD — No carcass meat price* 
aaoted. 

MEAT COMMISSION— Average fatstock 
prices at representative markets on April 
14. co— Cattle BT.TSp per kg.i.w. i+ijsu 
ILK — S heep 132-80- per kg.ast.d.c.w. 
/-!.•»: CM^Piaa 6S3p per kg.l.w. i-HJi. 
England and Wales— Cattle numbers down 
6.0 per cent-, average price 67.75p 
(+137K Sheep numbers up 0.4 per cent.. 
price 132. sp (-93): Pig numbers down 
13 per cent., price «33p (+1.9). Scotland 
—Cattle numbers down 14.7 prr rent.. 
price E7.92p (+0.70): Sheep numbers down 
31.5 per rent, prim 122. Bp <-.t.8i. 

COVENT GARDEN— (Prices in suiting 
per package except where otherwlw* 
orated >— imported Product: orongtfr- 
Spanla: Bloods S.2U.40: Crons: Valencia 
Laics 15 kilos X29-3A6; Jaffa: ShamouU 
3.7a-l.W: Egyptian; Valencia Late* 129: 
Moroccan: 2-40-2.30: Mexican: 20 kilos 
330. Lemons— Italian: lOO/EOs 330-4.00: 
Cyprus: 339339: Spanla: small trays 
Si/SOs 1.403.60. large 490438; Californian: 
339-4.09. CrapefroK— Cvwua: 15 kilos 
2.20330: 29 kflo* 339338r Jaffa: 20 kilos 
2303.60: U.S.: Rnby Red 15 kilos 430. 

English Produce: Potatoes— Per 56-lb. 
vnbuea/fteds 2303311. Latum— Per 12s 
L60. Beetroot*— Per 28- 7h LJO. TUrohr*— 
Per 2S-lb 930. Carrot*— Per bag O.BM 20. 
Parealp*— Per S84b 1.00. Onions— Per 
S6-a> 2.00-2.50. Swedna— Per 2S-n> 0.50. 
Nhnbnrt Per pound, mndoor 09T. 
Coauiibero— Per tray B/sis 1.40-130. 
Mnah ra amc Per pound 0. 45-4.50. Apptes— 
Per pound Bromley's 0.12-8. is, Cox's 
Orange Pippins 0.18435, Laxtons &.03- 
0-12. Pear*— Per ponnd Conference 0.11- 
0.15. Tonuto**— Per ponnd English 0.45- 
030- C re e — P er crate.' Rent LOO. 
CmIHImkii Per 12 2.40-330. 

♦ 

CRIKSBT FISH s wap Or fair and 
demand good. Prices per otfine at ship's 
side i unprocessed): Shelf cod. £J.8&-£Ltffl. 
cocfflnas £2.7$-OAO: large haddock £4.10. 
medium plaice £3393330. bed small 
dock -a.40-JE3.sa: -large plaice £3.90. 
medium plaice .£3.363339; bent -in all 
plaice £3. 39- £330: skinned dogfish Marge) 
£730. oiedloni 1630: lemon sales U.36: 
ultfae £3.004230. 


COTTON 


LIVERPOOL— Spot and ‘-hiDment sale? 
amounted to 13U tonnes, bnngmg the total 
tor the v*et tn 1.496 again*! 97S tonnes, 
rep&rts F W. TatteruR. There was 
modest buying, mainly m Amarican-type 
chitons. 

HOMO KONG— Raw cnnnn moires Fell 
about SO' points no the week in brisker 


FINANCIAL TIMES 


Apr. 14' Apr 13 iiuiilli -i ->i| vj. 

ML8 9 : 39.1 1 1 238 -01 1 *877.80 
(Base: July l. I952=iwi 

REUTER’S 

April 14 Av»i" l3|Uunti> Year «V“ 

144B .9I4»a| 1394^ | l7S8.fi 
(Base September 38. jssi=i«i 

DOW JONES 


Dow Aim j 4ur ! UirtiUij V«ii 
■ lime- ; 14 . ' 13 tun i 

l«o ....'3bS Blldt 5.17364 11432 63 
Ku tureJagg 48;a5 5 56,140. 1342 1 .66 
(Average 3K4-55-2 «=i6b» 

MOODY’S 


" [April tAprri Month 
Moortv- “ M W ! w 


Year 


pie Commit |9Q4.1 I 898.3 1 905 .1^48.6 
(December 3 j. rayimooi) 


Copper and 
grain firm: 
cocoa weak 

NSW YORK. April 14. 
PRECIOUS ME TALS remained under 
I pressure most of the session an a 
, stronger U.S. dollar. Copper dosed firm 
i on reports thar Rennecoir win be ctot- 
I ina us Baltimore refinery temporarily. 
Sugar finished weak on local selling. 
| Cocoa cased on trade arbitrage selling 
! lol lowing weaker sterling. Bache reports. 
Cocoa — M3j ICife U67.15i. JnlX. 359.29 
(1M.5Q». Som- 1S4.S5. Dec. t«J5; March 
T43.39. May 1S8.73. July ifefe setts. Sales. 
-U43. 

. Cnffe6rt- , ‘C" Contract: May .179.00 
(176^93-1.. July 15fi.0fl-Ijfl.75 (157.0% Sept. 
137.59-137775, . Dec. 13f:»-122.75,- March 

117.00. U7j6. May J 1+00-124750. July 
lio.io-l 13,00. Sept, nnauated. Saks; 475 
lots. 

Copper— Apni fifl.40 (59.80),. May flfl.fifi 
(56.901. June 6L20. July fll.T0. 8ep. 62.70. 
Dec. ALSO. Jan. 64.70. March 65.70. May 
56.70, July 67.70. Sep. flfl.79. Doc. 70fe, 
Jan. 79.70. Setts. Sales. 4.200 lots. 

Cotton— No. 2: May 57.40-57.60 <5S.90>. 
July 56.45-56.65 ( 57.171, OCL BOJiAfl’Il. 
Dec. 60.95-61.00, Man* 6!.|&«Sfe, May 
62.75. JotF 63.15-63.75, OR. ttfeOlfe. 

Sales. 655.006 bales. 

•Geld— April llflfe (178.101, May 177 JO 
(178.59). June ITSJtfl. Ang. 160.6a OcL 

183.00. Dec. 185.49. Feb. 1S7-90, April 
160.60. June 163.40. AtW. 1B6J0, OcL 
169.10, Dec. 208.00, Feb. 2O4JI0 aetllemems. 
Sales. 6,700 lots. 

tLard — Chicago loose not available. 
NY prime Hie am 24J0 traded t25fe 
traded). 

» Mai m— M ay 2504-259 (2571). July 2564- 

a 25 *- “«■ 

IPlatlnm— April 20B.50-210.44 (214.201. 
JnJy 2£L50m2ft (21080). OcL 215.00- 
318.49, Jan. 230.40.-220.60, April 224.7IL 
224 -M. July 228^0-229.00. Sales, 2.736 
lots. 

'.Silver— April 519.70 (581.401. May 

32L20 isapOi, June 52100, July SGSJ«. 
Sept. 936.60. Dec. 549.00. Jan. S53.10. 
March 561.56. May 570.00. July 578.70, 
Sept- 587 JO. Dec. 600fe. Jan. 603.20 setts. 
Sales. 6.500 Jots. Handy Haman Moot 
bullion SIS J9 ( 52230) 

Soyabew— May 735-7374 (7184), July 
780-728 17034). Ang. 7114-712. Sept 689. 
Nov. 639-637, Jan. 641, March 648449. 
May 653. 

Soyabean Heal— May 1 BUS9-1SSJ0 
(177X9). July 1S8.BB-187.D0 (180.301. Sep. 
ITS. 50-1 79^0. OcL 171-50-173A9. Dec. 17L09- 
17L50. Jan. 171.00-171.30, March 175.00- 

178.00. May 176.0O-177.ee. 

Soyobcnn -Dll— May 27fe-27J5 <27.03>. 
July StSMtrjO 12&83). Amt. IBM. Sept. 
25.35-23.40 OCL 24.16. Dec. 23.7M3J5. 
Jan. 23.46-23 fe. Mar. 23.40. May 23.49- 
23 JO. 

Su g a r M ay T93-7.84 (7JM1. July '9.04- 
8.00 1 8.17). Sept. 8fe-8fe. Oct. 8.39-8^3. 
Jan. g.70 bid. March 9.10-9.11. May 9.32- 
9.34. July 9.30-9.52, SepL S.72-6.75. Sales. 
3AOO lots. 

D*— SW.00.5I2.08 asked 1592.00 ashed). 
•“Wheat-May 322-3224 (3134). Jute 325- 
S24 (317*1, Sept. 327. Dec. 334, Matrb 
2384. May 3404. 

WINNIPEG. April 14. ttKye— May 
1W-50 bid O12A0 bldi, July llflfe bid 
; HOOfei. Oct. 106.70 hid. Nor. 112.90 ngm.. 

1 Dec. 112,10 nom. 

»Oat$-nay $3.18 hid <ssm asked). 

j July 79.00 asked (79 JO asked). Oa T7.BQ 
nam., Dec. 77.50 nom. 

! ttBarley— May 81.80 (81X01. July 8t.« 

. <8! .GO-81 JH) bid). OcL 80.70 asked. Sec. 
SO .26 bid. 

: fiFlaxsced— May 25S.OO (23156 bid', 

! Julv 257.80 asked 1 251 .50 asked). On. 
'Ml 50 asked. Nov. 25B50 bid. Dec. 23S.50 
bid 

, n r Wheat— sc whs loJ wr cent, protein 
mnim dt Sr. Lawrence I«7 4fl d64.12i. 

All cetuf per pound es-vrarehaos* 

, unless Otherwise staled. ' £ s per trtr* 
ounce— lOhounw lots. ♦ Chicago loose 
; ?s p.-r IDO Ihs — Dcpr. of Agriculture prices 
; previous day. Prone steam fob \V 
hulk tank care. ; C'JfitS Per 56-lb btiawl 
: ex-warehouse. 3.DOO-bnsbcl kms. § sg r-?r 
. iroy ounco for 50-ouace um is of goo 
I per cent, purity delivered SY. 5 Cents 
i per Iroy ounce es-warehouse. 1; Xnr “ B " 
contract m Ss a short (on for bulk tors 
j of 100 short tons delivered fob cars 
! Chicago. Toledo. St* Louis and Alton. 

C.ems per 69-lb bushel In store, 
j tt Cents per 24-lb bushed, rt Cents per 
4*-& bushel ex-warehouse, js Cent* per 
I M lb bushel ex^rarehouse, l.BDO-hndid 
) lots. " SC per toons. 




I- 
















2D 


BRITISH FUNDS (826) 

*t;uc A mb. 21 >40 HS.*' 


GnimMi lOlroc TT 

Ci «-»*■«• « * 

MjT5SK>-fl 9 Vac lOQ-i HOW 


Sp: Bril. Traniperl 1978-88 U'k:® 1V3 He-sM-usa re 5-j« 90 ;. 5: 

j!«0 1VO ■ 2 1 I 2 V '« in •« iK SS'i 

2-DC COM. 21 V '» 1 mw’Wn ll 4 ** 93 

4to Corn. 33 w® V® '«® '■ 'l.'*,. ? CTI SiL 




9-y oc W-i 



This week’s SE dealings 

■ *.?30 i Wednesday, April 12 

5 t820 I Tuesday, April 11 


5,180 

4.244 


Monday. April 10 
Friday, April 7 .... 


4.60 
.4 jm 


earem SSlT "" * MKr * U ' warka, 9» *M lira *« lautn marking, d arils the «nt rf share „ B , *»), to ytsuntay. The lattar can be ditfnpnM b. 


1 ? *Sf^ C »l* 5 “’ S ‘ ” ’ 1 Sou?n<*nci an.Sea 9-jpe _ 9a : : 

nw wii'SA >W7 6>° 7 = /ir*" 

S.k. 1992 991 

\bz !«!;«■ SS|- i?I? 1% 1 ir^itfSnfeU? 41 

13 K E«h'^Stk. 1980 10S»r»e <>xi9 Weil Bromwich S< 4 « 95 <1 3 4) 
S?J5 Ml U. 197 a- BO 940 >0 -t -5 , Wnimimttr 13 k 105V® 

V ’« ..... SHORT DATED BONDS 

V. , rfK ™ E I ?! ™r^T v 

Funding Ln. 79 VO B'l® 9U V '» M ; 9 :<pcBdi-Reg. .1243(78) TMW 
a''. 9 


11 Vac 98 w 


dealing! marked In each weiien fol/ewc the name of iht 
otherwise denoted shares are Cl tally paid and uadi tun fully 
:fmt9e securities are qusicd in pound* and tractions nr pound, 
fractions or pence. 

Th» Inc below give, the price, at which bargains done by members or 
The Stock Exchange have been recorded in The Stack Exchange Daily 
Official Us*. Member, arc not obliged to mark bargains, except ip special 


“***> and (tie list cannot, therefore, be regarded as a eampletg record of 
puces’ at which business has been dona. Bargains are retanM in the Official 
Lot op u 245 o.qi. only, but- later transactions can be indodod In the Fo/lWiw 
day . Official Use, Ho indication is nailable as to whether a' bargain represents 
n sale nr purchase by members of the public. Markings are -not neCKSartty 
In order of execution, and only one bargain in any on* security at any- — » 
once ts recorded. 


I - Susans *l Special Pnw». A Sargains dpiic with or between non-nivmbrra OBarwtos door previous | Bamuna done wuh members or a newnted 

■ Exchange * Bargaina done. tar_.dci»«l .tleli very or " no- bajms-m." 5A-«AusraUan. SB-!Balumiafi: K-iCanaS SHK-^waKWB; MJumShST »£- 


| IMalayan: SMe— SMexJcao: SNZ— S.Vew Zealand; SS-Sugapoie; JUS-SLnitwl Stales; dtvi— West Kuban. 

COMMERCIAL (2,750) 

A— B 


qi^BdsJleg. (3115.78) 10 (13.4) 


'tiftT 9 s,k - ,9M ' 8004 <reg 1 SSB88 Eft 

3,K fund no M. 1982-B- •«- '■ '* ■?£*£*% ** 1 i 

. . a ^cBds.Rcs. (6 12'7S) 99^ 

! »® . 6 ',r;Bil.Roo :*7 1-79> 95*. 

7 ,e:Bds.Rco. (7,’2lT9) 98V 


€prCu*n Pt. 


6 iK Troasur* tn. 1995-98 61 :® 
7.-4BC Treasury Ln. 1985-83 03-*.® 
-a 4 "s 

7-JDC Treasury Ln 2012-15 bB'. ■: 
8 oe Treasury Ln. 2002-06 69-; w> /* 
8 Vpc Treasury Ln. 1907-90 82*,® ,® 


B ;p: TrNlury Ln 
8 -: PC Treasury L" 


1980-83 95 1,-P 


1984.86 9:i 


,:o 


B'iPC Treasury Ln. 1997 76* =« 

9o: Treasury Ln. 1994 78 'j 18 
Op' Treasury LO. 199,-98 78 

S :oc Treaiurv Ln. 1999 B 2:8 3V 2 ,% i« 
12 k Treasury Ln. 1983 i05l® 

1993 102 : 


,0 


,21i2f79J 99 
128/31791 99 1| M2 41 
•« T-nrBis '4 4 79i 99't Ml 4i 
. a’»r-9-n3. 11 4 791 99"-: .”0.4' 
v B'-PCfios. M 8-4. 79 -. 99 ‘•'nO 

PUBLIC BOARDS (IS) 

FREE OF STAMP DUTY 
' Agr.V Mori. Con. SdcDB. 1959-S9 64 ■< 

.. ' a- BocDb- TZ'.o *13,4). 6 ':pU)!i 

’• - ige3-90 67V ltOi4i 7 VncDb 83V J 
. ' {13 4- 9 : :ecDb. 1983-B6 89 V <10 41. 

4 lai.Db 109-’* 112 1 ) 

“■ I ms-hKi^?”. ,1 


Guinness Peat Grp. (2Sp) 2100 10 5 7 
Hambre. 5hs. i2Spt 160:0 30 
Hill Samuel Grp. i25p> 83 
Hcnflkong Stianohal Ofcg. Grp (S.HK Z 50* 

245 51 47 

Jeesei Toynbee [25n* 6B ; Ajk.H. «25pl 100 n <10.4- 

..:.Kr Ullmann Hlpgs. i25p' 4 qo 39 | 47 (12 41 

Kjns Shaxion (20p; 5B |I3.4 i ;AJ. Etectroolc RrodDCis .25 b1 69o 

Klemwort Benson Lonsdale <25pi 94 ad tntnl. 9pvL«. 73« 

Licyds Bank 2blQ Z b 3. 7'jpcUnse.Ln. > AtCI b'speCum.Rt iR2> ?B:0 
90 AGO Research mom 930 70 5 *:« ; :® 

Mercury Secs. i2Sd> 112 APV Hlda* iSOn, , 0 * on • > 4 , 

Midland Bank .540 20 57* 4 5 2 30 j Aarooson BrnfilOnrfisffl a - l£ 2 .1141 
A. 4B bd 3. 10 ;iKUnA.UI. 87 ■« 7 tK ' - 3- »SO _4 2 •; i «li«l 

Uniet.Ln. Bi 

Nu-sler Assets l25p> 600 M3.4i 

Mur. 


lButiln. GizpcisMt.Deta. 72: (10.'4t- 
' Butterfield Harm *25o> 64 ‘2 <T3*t 


C — D 


1 Freeman. (London. J.W.9J nZ5p> 2Sfl 2 
, *13i4} 

; French Kler Hidings (25p> 2Sh« 7*a 


G— H 


II On* 

Abercom 1 -vests. iftQ .301 870 
Aoerdeen Constniction <2Sp> 310 


- C |10B , . 1 53 , nilI? W 31 ,S I0 ’ ' CiC^lltaH-AotomaMo ^pcDb. 19ST-M 

: C-meiorm Gro. <5pi 62<-e 1 |83-5< 63 ilSfA> 

: if “* 3 ’ 111 

| Cailyns >50pl 105 ; Gariord-Ullev I nos. (5n, iso iT3.i-, 

” 9, ‘ 

"tW“ Ais “- »" »»!^ &S , .iBl 8 ,fiV , .¥a,' "w- 



Royal .. _ 

SCItrcdcrs 375. 6*;pCLn. 75 >12:41. Bvk 
lil 71 ■>, >1 1<4) 


spcDb. 



B‘« 112 41 

Airilow Sueamllires i25s 
Albion >40p) 13 (12/41 

Albright wrif<u <25pi iob 

73'iffl 113/4) 

Alcan Aluminium (U.K 1 lO'iKLn 
9 pcL«. 150 
Alexanders HIdBS- (Spi 16:0. New -Sp) 
15 1 O. A itemc.Va.i .5 d> 1&-1 <Hi4i 
, Alginate Inds. <Z5 di 285 
1 Ail da Packaging nop) 86 >10 4) 

Allcbone Sons HOP) 18>- >10.4) • 

Allen iCdgari Bailour Q5p> 55 7 


t ®S?S'*¥ T ._ , jW»._»lSPl 174 rV 2J 4^'- or*. 


CatoUl I25P) 172 <i 1 / 4 ). „ ljaat , 7S _ 
v 30 Ort ia^3r^ J 172 
S6S?Bf J?ki ley . «5p) 72 :, (i3i4) 


5^ - To; 


1998 1J0',O I9><0 


16 , V 

13'iot Treasury^ Ln.^ 

l ' DC* Treasury It*. 1 975 Z0-*O ' 
3 PC Treasury stk. -lai 24VO 
3 dc Treasury stk- 1979 9SV ■: V 


sO 


3 pc 1982 84 >i*0 hs 


|!:£ T«iS'r? UE: 3I?5:S? 3 b>2 !; '£ \ 6 «„! r | 7 |g 7 l. ^ % , *® 1 ^ T A 4, 

« _ Nyasalard 6 pl 1976-79 9» jO >13 41 


1970-79 97 11214). Do. 1977-30 940 

, 4. Dc 19B1-BZ b4© >13141- fioc 1977- 
I 1 9E0 92. DO. 1931 -63 83 Mi-41. 7 DC 

■ go .13 4) 

I Jamaica Sue 30 >13 4). 7 ‘<DCLn. 99=: 

|n.' ‘Z ealand 3':K 76i:- 4pc 93‘*. 5><pc 

81 .-0 6pc 93V- 7VPC 71V :12 4J. 7'a»c 
' 1 3.'4) 


6‘,’pcDb. 1934-39 69 <10)4>. SUPCDb. 
1937-92 63 1 1 T (4). 7VPCD0. 63-] 
<12(4): GvSeLn. 46 .12/4) 


Amalgamated Distilled ProoucB MOn) *5: 
Bass Charrlngton i25o) 153® 50 49. 

SUPeDti. 1977-79 93V J1 3141 SJapeDb- 


Nyasaiard 
S. Rhsdcsia 2- : soe . 


59 (1 3 4l. 3oc 62 


1SS7-9Z 46 <13/41- 8 VncDb, 1977-79 

9S-aO. BVDcDb. 1987-92 73v IHW. 
4™pcUi. 45® <13/4). 7-'aKLn. 641:0 

Bel^ven iZSpi 380 9 7 
Bell 5 pc PI. 37i;« 


5 ? : |« Tr ** Sun ' 1906 09 1 * ^ 6 '* 1 3 f 1 £ al B ” , 3‘;pe *196 T-66" 55®" ■ 1 3 4)7 4 pc j g^lj (no^fSOp) iZS® 4 6. 7VocDb. 710 

5 * pc Treasury slk. 200B-I2 49VO V V' 70 ,1Z «5- *':0C 1967-92 * MO. *)■ i13|4) 

1 . 9 8V - Sdc £3 5 *11/4). 6ut 1976-79 92. Boddlngtons I25P) 1*6 

9<:PC ^Treasury stk. I960 99VO 100 [ « 7 ^ «» « W 

s 99 : TOO’ is , . , FOREIGN STOCKS' (21 i Burtoiwood iForshavys) i25p] 142 Hi/41 

... .. - . Dj. of LamMn invest. Trust Did. i25d) 

57 112/4) 



1 2 DC Treasury ilk. 1995 98V 91 

1 3 pc Treasury stk. 1990 »07/« ' 
14pc Treasury stk. 1932 110“nO 


jaean ape Ln 5US46S. Ik : Lr . 78 (13 41 
Montenegro 5PC Ln. 270 '13 4) 


3rd- 4 k 


9 pc Treasury stk 1980 99 '■ 

Var. Rate Treasury setk 1982 95 
X‘:oc War Ln. S«iO >i ’i* V >1 V 

Brit*. Electricity 3 :oe si. 9S'« ? » ‘ 

Brit. Electricity ai,pc slk. 96 SV 
British Gas Sue stk. 45‘» 4V SV 
Irish Free State 4. -pc Bdj. SB ni 4) 
North Scotland Hvdro-Electnc 

NortWlr.^ 6.JK *xch 1.1-391. „ 
1*10 4). 7 pc Cxch. «k 81 1 r H0.4I 

3 dc Red. ^ *4 

INTNL- BANK (— ) 

5nc «k. 1977-82 B4 <10 41 

CORPORATIONS (40) 

FREE OF STAMP DUTY 
London County soc 2 a>* (11.41. 5oc 79j* 
80 S-Pt 1977.B1 B7 >:B'a. 5'iPC 1982- , 
1984 760. 5>;PC 7 985-87 70 T-s. 6 k: 


UK- & COMMONWEALTH 
RAILWAYS 

Canadian Paclbc (VS: SUSTB^O <K 
Non-Cum. PI. i SC 31 100 4 dc Ob. 33 ( 

FOREIGN RAILWAYS 

Antofagasta .ChiHi Bolivia 17:; flO 4i 

BANKS (158) 

Alexanders DlsConirt 223 M2 4i 
Alien Harvey and ,l . 3 f’ . , 

Alli'd lr sn Banks 25ol 169 6 f 1B4i 
ArbuEhnot Latham Hldgs. 1550. 5‘ipcLn 

Aultrali'a and New Zealand Banking Go. 
SATI 1U53 09 p2A0 5. DO. lor delayed 
settlement 1S"4 78l ZJfi Ml'4) 

Bank America Core. IB's 

Bank Leu mi -Le- Israel B.M. Drd 

Bank ci Ireland 3480 70 4D • 

Bank ol Montreal «SC2i 'S': 

Bank ol New South Wales Lon. 

SA2i 3U5.97 


20 MiiAi 

13 41 


R«9 1 



1;. 9 '.DC 96k*. 

ia»1 103ij ‘ 

13-‘yK 108 


9<iK 97 (12 4). 12': 


[13-'4<- 


Avr” County Council^ -soc 96-', 


Barnet 7UPC 99‘* .. . 

Bath fCHy Oil 11'aDC 100i: '70 41 
Belfast City council G'jK 90 u 
Birmingham 7 -'.k B9. 9UK_96 

Birmingham t2':PC 10B-L Ml 4t 
Bootle 7X 901; :l2-4». 7J»K 931, (104j 
Bradford SljDC 80 (12 41 
Brighton 6'spc 97'; V .10<4| 


Camden 6'.-K 9B (1T.41 
HIT 


Cardiff 11 PC 99-',* 90 7t- 6>- (13 4) 
Carriill 7pc 871,0 T13.4' 

Coyer try I3>tK 107k 'i0 4i 
Croydon 6Voc 89', ’13 41 
Dunbarton O-'ux IOO'i.-O 15-64thsO 
9 :OC 97V (12 a. 

Glass cm 9 ’die 96 v ni‘4t 


Brown V ShlpleY Hidgs 306 V 12 
Can. I ma 'trial Bank of Com iSCZi 18 i*r 
V >13 41 

Cx'er Ryder 280 <12 *» 

Citicorp •IUS4I IS* '11 -4i 
CHve Discount Hldos. '20 pi 69 77 <i3 4i 
Com. Bank of Australia Ord. >iss. at LAI .75 
SA1 DO ■ 'SAM 128 

Commercial Bank ol the Near Ease n630 S 
Commercial Banking of Sydney <SA1 ■ 1470 
113 4, 

Commerzbank AkttengescIlKhaft -DmSO' 
VUS1 7 8 II 3'41 

Compaome F/nanciere De Pans Et Des 
P*vs-8as 'Frs.100> 29 
. Fraser Ansbacher MOn' 1 1 <- (13/4i 
> Gerrard National Discount <25oi 1 58 
IGihbi i Antonv' Hides. . .'25m 40 


<10141. 

<10/41. 


Clkrk fM.) IHWWJ I2SP1 11« 

C grab. 4, «. D,> - ffin 87 3? 

87 .124) 

K'ifl 

iO.SdcLk. 82l;0 3 'j 0 % 34 
Gr**»i 
99* 

Greene 
(Jnsec. 

Gulnnes 

Hardvs 

Hl'S»n? 8 reiiy‘' ia’spr 77(1 6 4) 

Home Brew. S-VpcW. 47': <i;4) 


Allen (W. GJ U5PI 40 
(10m 


Allied Colloids tuio) B2 
Allied Insulators (2Sp) 65 M3 d: 

Allied Retailers tiupi 2120 e p iisai 
A(/ied buDDlfen 6pcumec-kn. 64 .3 Cl 3. 41. 

0-ypclinsaCu.n. 5«i«0 U3.4> 

Allied Tctne (2 ddi 1370 

Alpine bon Dmiks (ibpi iiao *5 (I3.-4, 

AiTuugd- Metal Core- 2954 

AmalOd- Power tngns. uog> 1HO 

AmDer Day Klogs. mod) 36 (lu,4i 

Anchor Chemical <25p> 62 (1u 4*. 6KP1 


CSOdi 23 (13.4/ 

icly 


Cariess Capel Lepnarg (IOp) 27 9 
Canton Indosts. >25p) 158. IOkPT. 79 

Carpets International >50 d) 40 
Carr Cjonn) (Doncaster) rasp) 440 [15 41 
86 ' C ^ > nn §J" Vlve,li ,2S P* 38 7i]/ 4 2k 

Carrdn third as.) I25p> 45 
Carr’s Milling Indosts. E2Sp) 42 
Cartwright (R.i iKIdgx.i noel 
Castings MOp) 28 v 
Cattle's (Hldgs.) MOn 
Causian <5lr Joseph) 

<1 0'4) 

4,S W!5Si-. 29 *”.«• 7KlStl M2T4) 

Q *5®' 7 ;KlnPr. 48. lOKIstPt. Qossop (W. JJ C25p] 56 h ( 1 V 41 

ssr 

f . - 4 ’O-’^cLn. 83V 3: Midj; 

Caw oops Hldgs. (25P1 120 la >13'4| 

W«HW Indusli. (5 d) 30V (11 41 
Celtic Haven (5a) 1 7L-« 17 
Cement- Rwdsionc Hldgs. OSp) iz? 6 5 ij 


Anderson StratnclToa (25 pi 49 10 
Anglia Television A [Z5pi 71 
Anglo-American Asphalt l25p> 53 r *3 41 
Appleyard Gp. «5u) 80 79 C13.41 
AquaKutum Assocd- Cos. A (5p> J) 1 ."® 


igunus 0 *.. 

t TU2"!8 modi m 

™ ' a* Sb? .w!g,^kssr„s: 'Sfl* 

1. 29 (1 1,4). Taels hrfSS) ' M- J1 'tractors) -*1 OiO al 


7<j (15 4) 

Central Sfaeerwood (Sp) 48i- 8 9 
rKiL..L? WB n.i vpc Unset. Ln. 9 bv (12;4I 
Chamberiain PMpps (TOp) 41 : s aov 1 

Centreway (SOP) 218 16. 


IlKPf. 107 


Arm I rage (George) 5 k IstP* 43'jO. 10 i;K | Chamberlain Group (25pi 49V 8^ (124) 
ZndPf. 1091*0 > Change Wares (10 p> 20 ^. 1?nrPM 

Armilw snanks (25pi 630 2. I0«l J«Dp> 20 


Chloride 

5 

CnrKwes 


Grouo (25pj 


‘Hi 


4 Si: HS 61: 


International (IOpi 85» a 5 


Unsec.Ln. 77 (IliO . . 

Armstrong taulptncnt OOP/ 610 60‘: 

It- (13.4) 

Ash Lacy (25p> 116 <12'4> 
as n Spinning i25p) 46 11 1 - , - - 

Aspro- Nicholas 5 vkPi. 4b <10 4i Christy Bros. (25o) 43 ( 12 - 4 ) 

Associated B.scu.1 UUP) 76 A 3 6SkFL I MOpi 71 (12.4, 

441] iU,4i. 1U12PUA. B4 1 13:41 1 5M S ' er S'IPcDb. 66 (II, 4| 

Assocateo Book PupHsners tZlipt 175 3 1 126 

Associated Brttian hoods I5m b24 1 © 60 - > SfJLiS' 3 p?^S 67 U?,-4i 
D d. k-:Xug. 77. p.-Kcn 22 ■: ll3«i '“VJPfP* Mines A Non-vtg. (25nl 
7-zDcLn. 291; 


feCLrv 71 
Goldberg 1 A.) Sony (25p) 65 4;' 
Goldman <H.l Grp. nop) 17-*: <12U) 
t M I ?f4) ,Ch ' 5 Taa * 3r <S Son JlZSpiAi 
Gomme Hldgs. 125a) 800 77 €13(4)' ; 

-fOodman Brta. Stockman (5p) 91* ( 72 / 4 ) 
Gordon ILulS) Grp. UDO) 17 (12/4 >fr 
Gough Bros. t20ol 45 4 - .- -- - 

Googfl Cooper (20p) 784 


Gramotin _HldBS. use) S3 M3MI 
CSp) 894 9 91 


Granada Grp- A 


Grand Met <50p) 970 101 1® 2ij 1 . 1*2 
10 a loo; h. S*Z S3 104 4; - M W '1 03= 
i; lOp'i. Wrnts. 11 . 5pcPf. yg 6^ 


5pcPf- 39. 6Vpc 
SidscLn. 9SV.-. TBpc 


Pf. 51>i (12.4). 

Ln. 85'; 5: (13(4) 

Grant Bros. C2Sp) 71 <13 4) 

Grattan Warehouses iZ5p) 1150 i*« ‘t4 


13 


GUS i25p) 290 2 rTZ.41. A (2 5jj 25020 


■JMrtc 


7110 60 1 2 70 6B. SVpcLa. 

Ln. 44. BVpcLn. 701; CT2t'41 
Greenbank Ind. HJdgs. MOn) 58 (17(4) 
Greenfield Mllletts MOp) 43 4 1 * 3V- 
Green's Economiser Grp. izspl 660 S. 
G.-laoerrodx HldSS. 41 Op) 40 



irish "DisiTHi. Group ‘25p) — 

Macdonald Martin Distills. (SOo) 3SS 
<1 1 4) 

Mansfield Brew. 207 (11 4) 

Mars ton Thompson Evershed <25o) 58 

f 10/41 

Mrdi-d CO. 44 5 

Scottish Newcastle Brews. (20pl 64 v® 
2-. 4 4 '• 3’j 2 -: 2 6 oclStn.:.Db. a 
112-4). fiVKlStMLDb. 81V Ml '4) 
7<jpcistMt.0b. 671- 

South African Brews. (RO 201 73';® 41; 
a 3': 

ToUemache <KD«. 94 (10/4) 

Tnma.i - D'bt- < 5 /25u) (90 
Vaux (25pl 1050 100 99 102 3 M3-'4i 
Witney 3 -VpcDb. 29 (10.'4<. a VncDb. 33 
2 V (12.41. 7pcDb. 66 >: (12/41. 7VKLn 
62 <10/41 

Webster 4i;pcDb. 46 m.>4> 

Whitbread A <2Sp> 86. 6 kM. 49 M 3r4i. 
SVDTDb. 84 VO 1 13 4i 7prDb 6G', 
(12 41. 7 VpcLn. SB VO 8. 7VpcLn. 66 

111 .'4). >0'-KLn. 85. 5-VKLn. 42 fl 1)4). 
1 1 pcLn. 136 (12.4) 

WhHfaread In*. <2Spl 78 9 <13'4i 
Wotverhamptan Dudley (25p) 1890 
Young (A.) (50pi 1650 310. O- Non-vtg. 
132 I13*i. 6KPf. SO 1 ? >10/41 


Associated Leisure iSp, 49-;® 9 
I AuMi,uo Newspapers i25p' lap* 3 S> 
<ia,«i 


■ Sfi . 11 . 41 . 7'aieUnsetLn esv mT*i 
'20»‘ *S7 A “op. 142 * 


I nvpraordon Distilli. rMltfQS-J f 25 d) B2 55 — , _ 

■ ri<h nisillls. Group <25p) 125 >13, 4< ! Associated Paper inds. <25 pi 47 M Cole iR.^H.i (25p> TI7® 13 (13 d 


CANALS & DOCKS 


Qllntt Bros- Discount 193_ 


nnd lavs Hldgs. 1250'. 1050 99 101 


Bristol Channel Shin Reoalrers (lop) 60 

Manchester fhlp Canal 220® 1 0‘- 20 

<13>4.. 3KPf. 411; MO‘4) «KlStDb. 
25 (12 4). tfVpcDb 95'? M141 
Mersey Dorks and Harbour i9<-« <-. 

SVprDb 1974-84 51 '« (1141. S-VocDb. 

71 h® 3 


APPOINTMENTS 


Dnnlopillo general manager 


Mr. Brian C Simpson Is to be- ing: director and chief executive, 
come genera) manager of all Iran, of the National Freight Cor- 


riuninniTin nrtiriiips n7 the DiiW porstlon ( Internationa] K He will 
DunlopiTio activities of the UU.\- . , . . __ rton in „ f u ii. tln 


. .. be based in London in a full-time 

LOP GROLT in the L.K. and will gapgd^y-froni S*"' t ember. 
take up the position this month. ^ 

Tn his previous appointment as 

general manager of Dunlopillo The following changes hare 
Industrial Division, Mr. Simpson been made on the Boards of com- 
was responsible for that pari of panies within the HAWKER 
the Dunlopillo operaiion supplying SfDDELEY group, 
latex and polyurethane foam in Mr. J. C. Verity, production 
component form to a wide range director, Petter Power Generation: 
of manufacturing industries, and Mr. M. Parkinson, production 
also for Progress Mercantile, a director, Petter Refrigeration: 
foam eonmreinn member of Dun- Mr. M. R. Waterland. chairman 
lop with factories in Bletchley and and Mr. P. J. Peers, director and 
Stockport. His responsibilities general manager, WlUiara Aitken- 
will now include the DunJopl/Io head. Mr. D. E. Barker continues 
Retail Divi r 'nn hased at Pannal, as secretary of that concern. Mr. 
Harrogate. Mr. G. N. F. Wyburd. j. Birch, a director of Crompton 
who was general manager, Dunlo- Parkinson; Mr. G. Auton. director 
pillo Retail Division, is to be of Hawker Siddeley Switchgear, 
appointed to a senior post else- remaining director in charge of 
where in the Dunlop Group. the Falcon short-circuit testing 
* laboratory. Loughborough: Mr. 

k*- T n V notion* ic R> M. Gonek, technical director. 

? Ir ' T", «r Brush Switchgear in place of Mr. 

retire as director of technical Al|ton; Mr _ c F . s/egeman. sales 


the CLERICAL 'MEDICAL ANn 
GENERAL LIFE ASSURANCE 
SOCIETY. 

★ 

Mr. P. !»!- Coni' cr and Mr. D. H. 
Clements have become directors 
or J. O. PLOWRIGHT AND CO 
fOILl and Mr. Coulter has also 
been made a director of United 
Chartering. 


ToSpora 1, direct ‘> r - «nish‘ Fusegear. Mr. 
NATIONAL FREIGHT CORPORA- Oarke. a director of Cromn- 


TION. on June 30 and on that 


. . .. «r ton TSlectricars: and Mr. J. M. 

vim hTn^nW^ Th°p f norber ' a rtirector or Aluminium 

post will be changed, ine new 


Wire and Cable. 


position, director, technical and 
overseas affairs, will be taken by 
Mr. K_ H. H. Cook, w/ho for the 
past three years has been manag- appointed deputy chairman 


Mr. Barrie E. Pfitt has become 
nreridenl For rhp SHIP ANT) BOAT 
BUILDERS NATIONAL FEDERA- 
TION. 

+ 

Mr. Trevor Dixon has been 
appointed managing director of 
BECKMAN-RICC. 

* 

Mr. Alfred W. Moon will become 
senior manager at the Inter- 
national Division. London office of 
the ROYAL BANK OF SCOTLAND 
In succession to Mr. James Burton, 
who retires on / -U 22. 

+ 

Mr. Max P* **rre has been 
appointed to the Board of HAL- 
FORDS in the new position of 
marketing director, reporting to 
Mr. Melville Johnston, chief execu- 
tive. Mr. Pearce has been develop- 


ing marketing and buying policies 
at the auto accessories, cycling 
Mr. Michael Hamilton has been and leisure goods retailing group 

since last July. 


of 


PARTY SUPPORT IN SCOTLAND 

OPINION POLLS 


GARSCAODEN RESULT 


, D. Dewar (Lab.) 

General K. Bovey (Scot. Nat.) 

Election Gancadden I. Lawson (C) 

Oct. 74 May 77 Oct. 77 Jan. 78 April 78 Result Mrs. S. Farrell (Scot. Lab.) 


Labour 

5NP 

Conservative 

Liberal 

SLP 


36 

33 

36 

38 

38 

45 

30 

35 

30 

27 

27 

33 

25 

26 

26 

28 

29 

19 

8 

4 

6 

S 

4 

— 

— 

I 

2 

2 

2 

2 


S. Barr (Com.) 

P. Porteous (Sot Worker) 
Labour majority 4JS52 


1W07 

11,955 

4,746 

583 

407 

164 


Otxnion Pof/i fry System Three for the Clotfow Herald 


General Election, October 1974: 
Small (Lab.) 19,737; Bovey (Scot 
Nat,) 12,100; Corbett (C) 5,004: 
Kibby (L) 1,915. Lab. majority 7,637. 


AmocUih * P onUm) Cement 227® 90 9 ! C f,'!l5).‘ V A V a&SS* .MpPYJo^feVi" 
b. 9KUb. 75'*® <13,4i. lOuKOb. 8Z-; c«nb«i GroJp "loSi ZB Ws 2 ?l‘ 2 ‘ 
.13,4,. Iiopdii. 46 m m.4, . ! c ^ w A n9a BE!'* Stem C GWB (libpl 


Aucciatea Television A (Z5o> 109 8 
AjioaiKd Tooling Inds. (25 d, 3i > 4 ® VO 
<13)41 

Asttiiry Madder (5p) 420 2 
Astra Industrial (Topi 19^ <13.4< 
Attwood Garages iZSdi 21 0 3 4, 

Audio hidehty <IOp) 31t> <12 4, 
Audlotronk (IOpi 32 

Ault Wiborg (25p) 310 113 4«. BVpcDb. 
74 <11/4, 

Aurora <2501 900 89Q 93. BkPI. 93 
Austin >K» <10p» 13V® V 
Austin U-) <25oi 115 (12,4. 

Automated Security (10p) 58 7. BbcW. 
1421; 2 3 <12/4, 

Automotive Products CZSpi 116® 19'r© 19 
201. 6 iiKW. 51 
Avana <5pi 30 V® 1 VO 1 « 

Avon Rubber 1860 5 4 7 


... <25p> 29S 2 500 296 5 
B9 90 4. DM. i25pl 


25110 48: 55 i: 


BAT Industries 
B9 90 4. DM. i25p! 

50i 3 2: 2 47 C13/4) 

BICC (50p) 1060 9 11 9;. 6ocUtPl. 52. 
5VKD6. 77V (1C/4L 7pcDb. 71V. 7VK 
D5. 721, 3 <11)41 

BOC Inti. (2SPI 680 90 81 ; B 71; S>«K 
DU. 721, <13(41 

BHP Industries <50o> 2200 IS. 7-':0<Ln. 
127® 8 

BPM Hldgs. A >25p| 52 110)4. NV 8 <25 pi 
53 (12/4. 

BSC Footwear 5PCD6. 391,0 40:0 

B5G Inti. (IOpi 400 39V 40 V 39> : . 

1 2 VpcLn. 100:0 
BSRMO*) 900 88 90 87 5 6 
RTR 1 25ol 245 8 7 4 

Babcock Wilcox <25p) 120:0 15 :0 19:® 
IB 16 I7ijl. 4VacDb. 87 >10 4> 

Bailey <B«ni Construct! on. nop. 13 * 

Bailey (C H.I (IOpi 6V 
Baird (William) 1510 • 

Baker Perkins Hldgs. fipOpi 90 
Bamoergera (2S«I 470- 
Bank Bridge Grp. i5D, 3v <12)41 


Rmiovimob Sennees i5p) 107 8 
CKto.A,r <25p) 95 2i-. Ne- (2»p, g B 
Compton 


. .2)41 

Banro Cons. Industries '20 pi 62 < 1 2141 


Barker Dobson ilOpr 11 ^ V 12 is.. 


Jar low Rand iRO.IOI 212 
B*rr lA. G.l C25ol -73 MO! 41 \ 

Barr Wallace Arnold Tst. A I25p> 10 
Barrett Developments <1Gn) 1080 4*. 6>;K 
Ln. 70<-:<D <4® F13I4 


SS£| 0 2B t (i2i» 0n# “ d WeW> lH,dBS - J 

Concentric ilOpt 391 ] 9 

%sr ei 60,2 

Cope Sportswear <1 Op) Q4 6 1 1 0/4 ) 

Corah (25p) 32 1 no/4} 

Wi3 Vi JW 
iSJ^VHSTKf ^ 10t ® 10 

Ctssaft <25p) 75 >12(4). 1 0ncUrB.Ln. 68 <- 

C Os tain iR.) (25a) 2410 2 40 38 
Countryside Props. (So) 351 , 

CMirtanlds >25pT 114« 11 9 10 13 91. 
,%£?- i 1 . 4 * 1 ,,> 7VpcD6. 70 69 

<10/4). 6'ux:Uri.1ji. s«i,. 7 VacUns.Ln. 
570 8 V. a VpcLn. &0 I13;4i 
Courts A (25pi 86 
Cowan do Grooc (10p) 60 
Cowie rT.) (5p) 391-0 


Cradle v Priming iiop) 16 <1114} 

4 ilJ/4) 


Crest Nicholson (10p) 72 3 


Croda Inti, nop) 45<HI 40 5 4 
_ ‘ ~ ff. 55 (11)4) 


Croda Oleodtemleals 7 kPL. 

Cronrte Group (25p) 341-0 i13M1 
Cropper ’J.) <25p) 37 >1^/41 
Crosby Howe Group. 7pcPi. S2 HO/4) 
Crosby Spring Intenort hop) 19*j >1214) 
Cross ley Building Prods. i25p> 66 »1l/4) 
Crouch CD.) 'Contractors) <20P) 90 tlO/4) 
Crouch Group (25p) 72 (12i4) 

Crown House /25p1 51 ill >4) 

Crowther <J e.) (Hldgs.) 32 < 1 1 M» 
Crystalate ■ Hldgs.) (5o> 25V® SO VO 5 
oros I20o1 97 4 6. A. l20o) 


C ulle n's-Stores 
960 80 4 G 


Cumndn<^^Lngloe^3-*jDcCnv.Uns-Liv. 91 


Dale Electric Inti. nOp. 113 4 . 

Danish Bacon A 108 

Dartmouth Invests <Sbi IBi; 19 v (12/41 
Davenoort Knitwear (IOpi 54 


, ... u.vtg. 

Haoen Carrier <25p) 970 
Hag gas (John) 1 1 Qp) 1020 9B 9 TOO 
Hall Ham River svpcDb. 1880-85 - 70 
(13 4) ", 

Hall Engineering (Holdings) TVpcLn. 1992- 
1997 78 <11/41 

Hall (Matthew) (ZSp) 191 'a '• -- 
Halliburton Company Shs. of Com, Stk: 

Ij.JS2.S0) £43V (TO/4) 

Halma tlOo) 54 <bO 6 - • 

Hamoson Industries CSp) 11® 

Hanger Investments (lOp) 250 6<a 
Hanson Trust (25c) 132. 6<apcLa. 1988- 
1993 79 

Hardy (Fumisfiers) (25p) 37 
Hargreaves Group (ZOp) 55>x® 5, 

Harris Sheldon Grouo (25p) 47V .8 
Harrison CT. C.) (ZSo) 954® 

Harrisons Crosheld £4>it® VO VO V V V« 
Hartle Machinery International (25p) 24 < a 


(11. >4) 

Hartwefls Group (2Sp) SI 
Hawker Siddeley Group C2Sp) TBS® 8 6 
98 83 7 4. S'spcPf. 49 (10/4). 7VK 
Db. 1987-92 72li (10/4). SVpcDb, 83 
1 1 1,'4> . . 

Hawkins and TfDMn <25p) 69 (10/4). 
Hiwtin (Sp) 11 Ij TOV 111* 

Hdene Of London (IOpi 16V 
Htudereon (J. and WO (Holdings) (25g) 
150® 

*<«-n-rson-*Cemwni (20 p) 77 C11’4V 
Henlys (ZOol 1 17ij« (13.>41. , OVofUns. 
LB. 53l 

Honshu 1 1 (W.t (Addlestone) flOrtltW V 
'13.41 - 

Heisher (Furniture Trades) ' A • Non-vtg. 

MOgi 21 

Hepworth Ceramic Hldgs. (ZSpi 74 ® 5 413 
H-rowarth !J.) (1 Dpi 59 
HeTOert (AKrrdi 7VpcDb. 66V f10/»> 
Herman Smith ’lOui 8*; 1120 


Heron Motor Gro. (25ol 108 rt2-*4). 10K 
Cn»." 


.Uns.Ln. 1660 ('ST4i 

(2S»l 33® 


... Davies end Newman Hldgs (25p> 129 

*£^84*3^" Gr °- 7 750cP ' 69 1Z0C Gary' intu^sp) |2 oS B 20- ,11<4, 

Barton 4 Sons i25pi 56,® >13/4. [ 31 41 ' 


Bassett 1 Geo. 1 Hldgs. <25oi 140 2 [13-41 
Bath Portland Grp. (25 p, 630 60® 2 
Barleys ol Yorkshire - 1 0m 500 
1 0scPf. 1040 3® 1 13(41 
Baver Aktlesgcsoiischah iDm.50> S3 iiO;4i 
Beales Uohn» Assoc. Combamcs (20o, 54 

Beats on Clark i25pi 158 >I3.'4> 

Beattie .James. A .25 pi 92 .I3/4i. 60 c 

PI. 37® <1 3/4 1 ■ • 

Beanfr-rd Grrup -IOdi 51 ,10:4 
Beckman (A.1 (tool 63'i 
Beerham Go. 6260 52® 25® 370 3 25 
7 9 2 30 20 3 6 ',r>cLn. 80 ■; < 1 I- 4 ). 

8'rocln. 71 i11/4i. Sn Ln. 240 i11|4) 
Beiam Gp. flOu) 600 60 2 
Bemrose Corpn. <25pi 65 
Benford Concrete Mach. tlOo) 51 
9'"t3» H'dgs ’20r <9 ■- 114) 

Benn Bros. (25oi 59 >134) 

8entalh ilOpt 29 30 (I3r4) 

Berisiord >9. and W.i ,asp) 1070. New 
«25pi 106: 

g-r-tobell >25o> 153 «14) 

B-stwood (1 Spi 133 >10 4) 

Bevan (D. F , iHIh^ 1 >sp) )go '13/4) 
B/bbv (J 1 Sons 205 -13'4i 
Blflirraled Eng'g. >25o1 45 *13141 
Blrmld Qualcast (25u> 630. ?<;KLn. 62 

>10 4) 

Birmingham Paltm Gp flop) 92 >114) 
Blshopjs Storm^25o< <80 (1 2)41. A 12Sot 

Blark >A. and C.1 >2501 94 ,13/4) 

Black Edolrglon iSOn 110 
8>ack Arrow Go. >50 d< 31 (10>41 
Black ■ Pc ter 1 Hldgs. -?5P> 1340 >13 4) 
BVrknun Conrad i2Pn) tfii. >10(4) 

"Md Hodge i25o> 75’:®. 7>.prP» 

58'.-® 

Blackwood. Morton Suns rttldgs-l *25p) 23 

Ij 4 


• 13/41. 


De La Rue >25p> 265 
Be Vere Hotels and Rests. (2 Sp< 155 7 
Debt iihams '25o> 99)® 101 98 9 100. 


7Vpc2ndDb. 68>; HO. *>. 6-;KLn. 59'] 

>12 4 1 7 Lpctn. 57 ns 4 ,. 1 1 pcLn 


A i25pi 398 


4:;p; 

(12,41. 


114 . 

Decca <25p< 410 400 1 1 3-4 
• 13 4) 

Delta Metal (25oi 7Ti;o 20 It; 2 ;. 

ZndPI. 56'; 1 1 2 4i. 7 >*KOb. 74 v 
1 4 -*o(Db. 89 HO /41 
DenQyware >25P1 69® 5: 
i*-.:sdIv 9pcLn. 83 
Derltcnd Stamuine iSOd) 152: 

Dcrr-tron ilOpi 16<; (I 34 , 

Dewhirst II. J.) (Hides. < (lOp' 67 9 6 8 
Dewtiurst and Partner A N-Vlg. [IOpi 14ij 
(11-'4i 

He vhurst Dent >20p) 18 C12;'4) 

Dickinson Robinson Gro. <22 n 1 M5o 14® 
130 I;© 17© 13 V 14 II 10 : 

Otnkie Keel <5pi 26 6: 8 115 4i 
"ilonu Invests. (25pi 142 (T3 4) 

Dixon 1 D .1 StjocPT. 29 ,10 4, 

Dixons Photo vaphe (TOP) 1500 
D nor iSd> 62 1 3 H1f4> 

Dobson Park Inds. >10 di 80* >:0 VO l© 
Bom Hld«s. <1 Dp) 67'; 110.4, 

□orada Hldgs. i25pi 71© 3 ; 1 

DoutT Us (B. M i Hldgs <25P> 87 5 >10/41 

Dowding Mills <501 230 

□ownlebrae Hldgs. >10pi 52 -10 41 

Downing >G. H.> >T50p| 207 (134> 

Downs Surgical IIQpi 29]5ci 113 41 

Dowty Gp. 'SOP ■ 174:o 4 5 3. 7KLn. 
174: >13/41 

Drake Scu/I Hldgs. >2Sp. 24 
Dreamland tie: AooHjnces <10 d) 43 
Dubi'ier 1 5o> 18 >13 4i 
Ductile Sleets '25p> 11 6* 

Dutav Bitum astir ilOP' 39 40';: 
Dunbee-Contbev.Marx (10o- 127® 5':fi 5 
Oundr-man <20oi 47 


Hen-borgrr Brooks 
H»talr :25 di 109 
Hrmlpn. Stuart Plant ( 100 ) 55® 4®. 4.;. 
Hevwood WllRam* Gro. fSOo) 83® 4S. 

BocCnv.LiT. 11IW ■ 

H/ckkig. Pemeccst ;som 80® ••• 

Htrlrean Welch 'Hldgs.) [SOp) -t68i5 . . 

HjVld Bras.. CfiPk ,19V -V. -,4.5|isPt» -*S 

H^ 9 S 4 HiH '250. 83 nS'« \ • '- 

Highland n^tnHcs Gro. reOoijdtj/l 144 
Hill Smith r 2 So) 45. Mew '2SP1 *6 110 41 
Hill 'Charles' at Bristol 114 ® 

Hillards non) 202 
HP tons Footwear raoo' 78 

W'rrt Mallinson '20 o' 31 , nnn 

Hoechs: Finance lOncGtd. Uns.Ln. *B9° 

Hoffnung 4 '*.* CZSui 65i H3 4>- 12KCnv. 
l)ns-Ln 95® 4VO 

Holden 'Arthur) '2501 62 l; 1 >13.41 
Ho'ias Gro. :jjol 85® 

HpJHs •ros- i Vj,< 

’ "lD 4 


68 


S'gSl ' H "?* *' i nunhliI"fAl.‘riOpi 340. 4.2PCPI. 47 (10/4i 

Biakov s 'Malleable Castings) I25nl 51 ’»® ! Dunlop Hldns I50o> 82® 5 4 2 80 '■ 

113/41. 4';KDb 81® 
67<; v '1 1 4i. BocLn. 


2 >13 4) | 5'aOCPI. 112 

Bluebird Confectionery Hldgs. *250' 142 | > 13 , 4 , 6 'iKDb. S 

'10 41 6 pcP>. 4) -10 *1 , &TO >1J4( 

8 I> , ^«;"'I- Permogiai- Hldus. >25o« S3': Dunlop Textile* S’: 


112/41 

Rnardman <K O ' ln-<-rnat. >5pl 121- i12’4) 
"onyrotp Internal. '25nl Giu<g 2 S 
Bolton Textile Mill >5 d< 10 9', -1J.4). 

S-:vCLn. 59 110/41 
Ronscr Engineering ,70 d) 75 ': rlI-4. 
Booker McConnell > 50 x 1 223 2 


Root (Henry' rSOol 1S2 
loath rlnr-mai. Hldgs.) f25o) 60 MO 4- 
Boats >25a) 205 5 12 4. 7 VkLv> 
67t 113 4' 

RorHiwICk 'Thomas' >50tH 86® 4 51 
non iron (William) rGro.i rino) 20 
Bowater Corpn. iao:o 5 3 5'ipcPf- 
45’.-®. IVpcDb. 58'; (11/4). 7pcLn. BOV 


Bowtherpc Mldgs^ (IOpi 53®’ 


10o) 82 3 115141. BkPI. 


Brady Leslie 
44 f 10/4 1 
Braid Grp. ISP) 37'. 

Bralme IT. F. A j h.) >Hld9s.j <25p1 
50®. Do. A rZ5o> 510 
Bra mm w IH.i |2Qp) 123 <13'41 
Braswav HOpi 33 ■ 11/41 
Brent Chemicals lnteriwr. MOp' 203 
Brent Walker <5 p> 47>- 
Brick house Dudley (lOp) 36'?- 
Bridgend Processes (5e> 12 it's 
Brldon >25 p 1 93 >r® 2 3 2. »OVPttn 

87 na-4 


oePf. 50';® 

Duote mini. >50' 12 V 12 
Duport >25pl 67. lopcln. 105 M 1 141 
Duraoiee Intnl. iZ5pi 105 >lt-4 
Dutton- Forshaw Go '25 pI 47V® 80. Var 
Rate Ln. 950 


E— F 


EC Cases dOp' id <11.41 
EMI (SOm 149 7 50 48 6. SKln. 40 
38 h il2 4i. 8-<0CLn. 1989-94 72 

<10/4i. aVKLn. 19B1 98V 7 1 - 
ERF (Hldgs. ■ F23pi 106 
Early IC.» Marriott (Wlincvi »10o< 31 
East Midland AlHed Press '25m 74 V. 
A 'Limited vto.i I2Sm 720 
Eastern Prod- irlldgs-' r50o> 85 a < 13:41 
Eastwood 'J. B > 1501 86 
Elbar Indusl. I50oi 2151 111*' 

Elblef >5P' 13 '13/41 
Electrical and Ind. Sec. <25o, 43 
Elect r otom pon-ents >10ni 3A3 2 >T3’4i 
Electronic Machine >2£pi 22 113 4> 
E>ectronic Reniais Go. -lop' 115 
| Ellen road Ring Mill <2Spi 28 «11.'4i 
. Elliott IB.1 (Z5p) 94 111 4) 

Elliott <E ' -Mb' 30 '11.-4- 


Hom> Charm 'iOol T14 17 
Home Counties Newspapers (3501 

Ks3s ,I 1.3BVI.»-ii.- w-v,,"*" 

Hoekinsons HldOS. J50o< 85 6 MD4* 
u-rlron Mldl-ntK «5p' B5'‘ 
u*-t Bros. 7'mcUnS.Ln. 630 , 

Hmisr of Fraw Q5oi 1400 IO 40.0 2 

M^use of Verose «25ol S7»; n2.' 4 ) 
Hoterlnoham Q?/" ,2 <12 41. Riled 
vro I25nl 65V «10/41 
Howard Wyndham *25pi 210 1 'IS'* 1 

>25ol 19’: l8»eUnacd.l.n. 103’: 
Howard Mdrhlnerv '25p> 29 
Hnward ShutWlnq fHIdUS-' ' Op< 24 f»1<4i 
Hr ward T»nens _Ff rvice* <25ol 26j 
Howren Gp. (2501 56. 7VKDb. 70V 
(10 4) 

Hoyle ijosophi SucPl 36 ill-*' 

Hudson's Bay nor S**! 1 <•*’•" ... 

Humphries Hlda* >25 d) 12't ni-d* 

Hunt Moser OP r-MIdd'etonl (25o1 27 VO 

l! w ® 

Hunflnn Assoc. Indus. 12501 205 1 1 Ol A) 
Huntleloh Go. (IOol 91 
Hurst iCharim-' (25o» 95 90 t» nO>4» 
Hyman ( j. J .) (5oi 29' 3 8>i 


I— -J — K 


ICL 332 30. 4 LpcDb- BBV- SVncDb, 

7H;. 6VPCDb. 71 
I DC Gp (ZQpl 114® (13'4* 

Ihsiock Johnsin fZSol 144 (13‘4t. 
Illingworth Morris IZOP' 28. A Non.V. 
(2001 26 : ; _ 

Hnonrlal Chemical Industries 3 37 to BSO 
270 5:0 31® 7 9865236. 41 40. 
34. SocPf.Ln. 4fiVO V 13 4' 5'iocLn. 
1994-2004 46':. sVoeUna.Ln. 97. 

7 'iKUnLLn. 66»-S T'a. BpeUns.Ln. 
63 1 *® 9 70. 1 Q.'iodn. 89 < 1 ® 8 fl3>4i. 

Imoerlal Group ;Z5n) TS® S': 5 4>V 4 5. 


m peri a 1 wrau - ■— 

4ocUns.Ln. 8 7 6 j 7V. 5 VK Uns.Ln 72-;. 
7-SoclJns.Ln 57>i«. 10 5prLfns.Ln.B0i; 

not. 8KCny.Uns.Ln. 72V® <: 

Imperial M«ai industries (25 pi 57<r® 6v® 

IlKo'Clasa A SUS1SVS® 

Ingall Inds Cl Op) 21V ) 

Ingram (Harold) Fi.Op) 36® , 

Initial Services (2 Sp) 70I.HP. BncLn. »ov 

I irtnV* > Business Machines Con. (JU58) 
intn^Srores 6VKLn. 54 V O 1'4J. 7'sKLn. 
HHni? Timber Con. (25 p) 119 20. 10k 

Inqn^Gn. ri=Tol »* • '■■*). » ZKlSt 

pf.47 Cl 1/4). 4.2pc2ndPf. IIV 11 

IslV *£( Man Enterenses I20n> 35 (13/4) 


LWkions 

« 


Rnand^Times;.SaiSirday j? 

Group ClOei -331®, -8- • 2* 


:4 

is 


Lesnev ' Products 
Vtg. CSp] 54 


(5pl 

V. 


63. 


Restricted: 


fPwfc Fa. 
I Portals 






Utnset international ft On). IMS® 6^ IJjO 
.M® 90 3® 9t 7 4 .60 56 8 * 7»tt 


tV- 

bevex-.(Sd> 


Lewis. (John) 1 IkV « ri! •« bk- 7MBK ,.S40 
Lewis (lohn) Partngrshlp SocPf. 41 VO 


Lewis (John) Partngrshlp 
Lewis's Invest. Trust i.6<ipc2ndDb. 66V 

lot 1 r i!«*ice Group (25p) IS 1 * S ft. 

Second- Scries wai 1 a n tes to sub. 1 0rd. 
■ 131 - - (10/4). fltjscUpsecLn.. 66 * 5 - (10)4> 
.tprishd Paint Wallpaper OSp) 64V® 5® 
tty's Foundries eng. C2 Sp) ftv <!*«» • 
Liberty Non-Vta- 21 ‘j -,<I2i4l. 6oeP». 
,-45's 6 OI/«) 
lldta (Hldqs-J flOPi . i3®„ V 
UUey (F. J. C,1 (2SP) «'t <1S/4« • 
Unduitnes (25pi 1X40 S®. OvpcDb. 
•67V -(11141 . . > . 

Untood H/das. CtSM 1Z8 
Unread (ZSPI 36 03/4) 

Vfttor (ZSp) 43® '(131*1 _ . 

IMrpool Dally Post echo (The) (S»t 
130 

Uoyd CF. H.I rildSS. (25p1 68 
Locker (Thomas) (Hldgs.) (5p> 16 15V 
A.. (5pl 15 V . 

'KndSS’wttnSSasSllnds. (25 pI 77 (13/41. 
J'iPcConv.Uns-ec Ln. 97 (10)4) 

London and Northern Gp. (25p> 24 VOfiV 
London and Prurindsl Poster G®. (50 pi 
206 _ 
London Brick (25P) 63 >2 2V 3. laocConv. 
■ UiwcJjl ISO (10/4) _ ■■ 

Loajaro (25p) 710 70 1. BPcCow.Unicc. 

Ln. T981-86 SStO 8® VO rt3>4i . 
Lonsdale Universal (25o) 79 (!K4t 


Lookers (25p) 59® (13/*» 
Lovett (YJi < Hldgs.) iZSni 


82 80V (1014) 
b-Low : aiitf~B«ma'r ~(S0oY 1 77 . 12 v«Camr, 
■ Unsec.Ln. Ill® 

UwTcWm.i <20pl 106 2 02/41 
Lucas Inds. 278® 7® 3®. 50 8 5 3 6 
*1 74. 7VP«Un«c.Ln. 76 (104).. iQVpc 
- 1 /nec.Ln. 89VC 6 0 341. 6 VOCU 1 . 1130 
Lyon and Lyon i25o< 750 - a - 

■Lyons (J.l 90 B9 B1. 6 «Um*cLji. 4flSO. 
B VorUriSBC-Ln. 50;o 61V. 7VpCCoxy. 
Unsec.Ln. 83 (1314) 

MFi Furniture Centres MOW 70 ,n.2/4l. 
New Ord. (I0p> 71V (13/41 


MK glectne^ thd^s 


71V M3- *1 
IS. 1 230 1 165 
ML Hldgs- *2 Sd) 111 (12141 
MY Dart (low 67v ■ . . ■ 

Macanle (London* 11 Op* 1 9 V tl 3‘*) 
Mdcarthrs Pharmaceutiods (20oi 101 100 

McBride C Hobart) (Middleton) (too) 365 
-McCofauOdale 242 (12/4). SVPcJbnseC Ln. 

-bu£fariaiw '(Ciaitsmani <25pi 630 <131*1 . 
McKectHii* Bros. C25p) 67 9 (13/4L. 

-■ 1 OncConv.Suh.ynsac.Ui. B6I .6 
'McNeill Gp. C2SPI.S? j 


Macplwrson (Donald) CtSp) «)V (l 

. 7v«Cony.l)nMc.L]». 62 V® HB/* 5 : 

^‘^/^•.fiSSwilSPF. aSu^”l 

iMmaotment .Agency Music OOP) 72- (13/4 


DuUnaganieiit Asencv Music IIOP) 77 ( 1 3/4i 
Manchester , GaragoS >1 On) 26_(1 3l*l . 
Manners (Hldgs.) t25p) 1050 V® 4 


Maiipanase Bronze Hide®- i25pt 75® 35 6 
Maple (Hldgs-) <1 op) is® 1 


lOVpc 

Ln.Tiv'iTlia* ' 

Mappln and Webb I 
March wlel Hidgs. 12 

h^arfcB ’and 1 Soencer t25Dl143 6 7 4 B 
i's at, i. 7pcPt. 65. lOOcPf. 87 V tn*) 
Marley (2So) 74 5_ . . . 


Marifng^nd^.’(iOP) IS (11/4) 

Marshall Cavendish OOP) 51 V® 500 49 V 

PujarSia^wriomas) A Non. V. (25p) 40 
11 0/4). 


M arena'll* (Halifax) B5 p) 96 
Marshall's Universal rasa) 


Martonwr Intternatjons ( 


147 : v: 7 

‘ 1 115/4] 


1 50® 49S- 50 
Martin (Albert) Hldgs. (20 p) B6v® 4 3 

hiani^Black l25o) 48® 13)*> ' ' 

Martin The Newsagents (2Sn) 252 (12/4) 
tTons ( 20 pi 14T 
132® 

_ 13<A» 

Maynards 2SP) 132 M 0/4) 

Mears Bros. 

Meat Trade — „ 

Megg/tt Holdings w 
Mcntmore Manuttg. (5p) 12V 12 
Meinies (25P> 16U (13/4). Do 
4 <12)4). 9pcPf. 104V (12/4) 

Meal Box 3010 2980-304 5 300 2. 
4.9pcPt. 59. 6 pcLn. '90V (1014), 10VPC 
Ln. 84 U 4 112/41 
Meta) Closures (25 p> 82 
Meuirax (Sp> 45V® 5 
Mettov <25pi 42 1 1 3'4) 


Matthews < Barnard) (25p) 

ttsAras 

Sutlers 2 C2Sp) 3 7 > ’ 5 tlCH4) 
lings 1 Spi 16 V 13/4) 


New' 165 


Meyer U5p) 76 4V 

Educational C50p> 88 (10/4) 


Midland , 

Midland Inds. <5 pi 40. 03/4] 
Mllbury <23pi 78 
Miller HOP) 38® 7 


Miller (5-1*1100) 9 (11«P>. 

(50pj 


Mlln MMrsten 


195 


Mining SugpjMes^tl Op ■, 63 if .3/4) 


Mlichelj. 


Mlteheir Somere Sopi &tO \ 60V 
Mlxconcrete <25pt 58 03/4}- . 
Mole <20 p> 2 AO <13/41 
l25p) 


Mol Ins 


111 10 


Monk 12SPI 8 SO 40. 
Monsanto 6 UpeLn. 


SpcLn. 107 


53 (13/*). 

(12/4) 

Monbort QSp) 49 <13/41 - 
Montgomerie 7 pcLn. 7DV0 
Monument Secs. (IOd) BV (10/47 - 
More O Terra II (IOpi 92 ^ dS*' - 
Morgan Crucible (ZSo) 1080- 9 V® '10. 
5 VpcLn. 42® 

Morgan Edwartti Cl Op) 37® CT3/4) 
Morris B la key wall Paper* czsp) 44 
CTO 1 *). A N-Vtg. €25pl 43® (1-3/4) 
Morrison (Wmj Supermarkets OOP) 200 


(13-4} 

Moss 


Bros. (ZOp) 96 (10/4) 

Moss Engineering Group (25p) 07 03/4) 
Mothemra (10p) 156® 6 2 4 3 
Mount Charlotte Investments. (100) 1SV® 
ft 3. 4) • 

MoritB* ODp) 14V 

Mswlem Uohni (23 d) 122® 

Mulrhead (25o) -185® - 

Myddtlton Hotels (S061 200 (13/41. 

Warrants to Subscribe for Ord. 1 00(1 DM) 
Myson Group (lOp) 6f Ij 


N— O— P 

NCR 4ocStlg. Dollar Cliv.. Ln. ,*99 3-aB 

.51*.* •** _ 



Ndedter? CSSpi 36®. 6pcPf. 37 (10/4) 
Negyfttl Zamtire (25o) ps flSM) 

Nfll . s *>?!S!L ■ dOp). • 90® .88- 

RpcLn 1950.35 63 (10'4) 

NeDI (James) Hldgs. (25n) 93® 4 
Nelson. David (Sol -9 V (12*41 - 

NewarthlU 159 (13/4) .- 
Newtxjld Burton Holdings (25p) 47*a® 
N ewer Grouo 47 ® 2® - 
Newman Inds. <25o) 72V 
Newnuin-Tonks I25p) 63 M2I4) 

News International T25o> 238® 8 5 
Noreros' (25n) 84 3 (13.4). ' ISVpctn. 
2SS?-«.riib. «1/4>.- 7U(KLn. 1977- 


1982- 83f- a n2/4» 

Norfolk. Cafftal Group (So) SB- 7V 5t 
Nomand Electrical Holdings (ZOp) 40i>® 
1134) ' 

MortheW Ene. Inds. I25 p) 93; 5 8 4 v 5. 
e.2SnrPf. 99. BUocLn. 69 (13r4) -• 

Northern Foods (25p) 8S 4 7 6. 6 JSncLn. 
103 V. ■ 

Northern GoJdWiiKfS (25o) 53® 

Norton Wright Gro. nOp> 1»0.<T0I4J 
NonrK Sers. >10o) 21 /13I4) 

Novwest Hoiri (25 o) 85 >JX,'4J 
Werlfluham B-fck rsnol 222 M0>4) 
Mottlnoham Mfcr. (25H 1140 130 
Nova (jereev) knit 1200 ) 27 <- '13/4) 
Ni-nf" Peacock noui 84 3 7: 

Mb- Swift fnds. rSP) 23V 
Ocean Wilsons 'HJdns.) >20p) ,77 
Oca-Van Der Grinten Fin. 9 k 95. 

Offio- . Elec. Machines C2So) -960 ■ 

Of-ex Cm. QOa) IMS 
DBvgt Paoer. MID (20o1 '-3S - ; - ' 

Otvmola .(Redacra) <20a) . 33 1 (I3<4) 
Orme Dm*. «Ofr> 46 5 V ' ' 
rwhenj. iSamuel) >2 Sol 900 
Ovens S>"e lifts, mo.izy -uso J3 rf3M) 
Owen Dwee-flSoi 73__nDT4i - • 

Okie* Prhithw Gro. C25P) 58V 8 9V- 
14reW». 2*B *12141 

Pariwr-Knoll- (ZSp) 107 10 .(40,4). A- 
N.-:*tg. I25p) 105 CIS 41 - 
Parker Timber Grp. i2£p> -106 4 (13.4) 
Parkland Texiiie iHMgs.) A C25p) 61 

Patsrabn- rR.I tons >25 p) 36 t1W» 
Paterson Zochoms (IOol 183. A N.wtg. 
1 SO**) 175.- 1DKPT. 113® 

Pauls Whiles, rzSn) 11* is: '5 
PawSofl IW- L-f Son »5 p» 3l If1>« 

Peak ta w. ; «10p) JijNiQ,.! 0 . - 

PmKri lOMiim C2So* T42® 1 3. 5-vor 
£<i? 49*' CIS-41 • 6 VpcLn. 56 ri,3-4i 
Pearson (S-< «5oi 177 80. 9KLn. PS® 

• *1>S*L.- W-oeLn. 94 
PeeMr-Hairorelev f25oi 'M# 
p-ndand lod. OOpf 24V» 1 , 
hfltw MOW 80 <13.4,. 

PWYhT-eimrrlprt-n 69 
Perry a-faroW' Motors >1 Sp' l«4* 

PvtbOW Hldgs MOW 195 tlOfM 

P-ters Store* fl Ow 40 

Petrocon Gp. (12VP* 60V® 1® 

■-1 3*4) 


UOp)- .. 

6«PI , 

„ -T2 flljAs-. ..y 

Powril Duffrvn' (50pl IG8." BVpcOtkcfMV . ... 

. nTX-At ••••'. 

P needy CAHrmJ* tZ5p) 84- 03*41-...,- •f-f.-".; ' 

Press <W.1 and Son (5p)23® th 2.* ape 1 - 

UntcU. 88: - -. i. • ■ T ■ ^ 

Preasac .HIflds.- (10b)- 86>s:Cl3/4)..jb*J- .. L . . - . 

PrreKaa Group czspi iSB fnM) ^' r > =•• - 


Primrose Industrial- Hldgs. (WO. 10); 10CH) '•' 

Of® - . * ' -Bi " ' "f 

PriWtfrf Swvhwi Grow f5*l S3 .ii 

Props-- of Hart Wharf -.138® 6 % r, h 


Provinciai Laondrfes (So) 9fr» 

)- (5u> 85® 


Pullman (R.. and jj. 

tw Hldgs. <25 p) 943 4 S. 3 
Pyramid Go. (IOpi 44 .01/4) 




vri; 


.QDtaBjiwrt Hrawt <Sp) i^33®_2^^ 


Quick (H. and J.) Group ran) si®?a 


RED Cl on) 57 8 V 8 (10/4)- ' V .. 

5*0tl Etectranlcs (ZSp) 206 9 7 1^2a ' 

Rattto. Rentals (Hldgw «« 4 d 6 Ui»Kji.;Sub 

liAfOi- i m 'nvt 

Radley Fashions (25pr 49 '5o flZMS-- £ ' 
g»*M wife rtOw t3# C13AH . 

Rakusco. Groan HOp) 16 IS ;* .•* . 

H«im Toctties (50) .150 M3I4) - 

a ind^U- aOn) 83. .. i -K ,> ' 

R»k a Onuntsauon asp)/ 2310 2 jcq'a 
* 28 SS-. GtpcPZ. 52 CT3/4L ;SJwc6)-- - < 

Ln. SlV ,(i 2$S,- BpcUnitcJjQ^M; 
igj^wa.. 78® 7v: . -i” 

^3«E?*s8«^a^r- >••••• . 

Umsam*. Holnrai] . PolUrd. ‘ tZSoi ' >«, ■ a .. ' ' 

03/4).. 8KUnSec.Lo.81 V r 

laiKdmei SI ms and JtfferW ut-J... / ■ ■ ' 


Rarbeefc f iodj 70 . . . ... , • 

Readout, Internal: 5W 32>a 2 V (1X4i> - r <• : " 


R^y^xed.ConcreltfZSp). 116 o7«1 
•)4 1SV. vWn. 100 tl»<4) vft> 
Rgckttt. Colman (SOn< 4270- 8a 3*0 s. 

6. &VpcDh. 7010 trifr <ialv',^ 

RWgway (25 0 ) |ra <Mi 4> , ^ ,, ‘ 
Matfqnal Glass (25pj 2S30-6- 


&•’' ,? 

Record .. 

Red team 


"S£ -*** 


Reed Executive CSp) 4« 5 (13/4) 

I. 107*®. _B9 > l) |( 


Reed Incernatl 

^2 !'*:&. .7vorf.o. is 

ifiJS "" 




Reliance Knlttyear Grp. ( 20 p) 4)’ (Ijiaj VJ,-- 
Reilam Motor Grp. (5p> 6 u >13/4) S '-T* ) ■>__ - 

RewW.1» zq_3 M%/4 l 6 sxdH. 44 0354 ^ 


Re ntbhll -Grp. (lOrt^* - . , . . 

ReowKk. Grp. GtSp). 39*. S ; . . . ", 

Rastmor Grp. (25PJ/-122 St 

Ravertex Chemicals (25 ol »7 a mar- ? 
Rexmare I25p) . 5Wi rt- 

R j5¥ia? BflB - [2S ri 1UKW ()3M) ' "-j- 


bLP ■ 

: 


RJ^aras.. WaUlngtan Indwt. (10o)^^6# ‘ 

Rhdl n cl^ D. wtf s,> HUMS. OOP) lW u r L ' 

Rlx Oliver (St® 6V- -omu ' c 

Robcrn. Adlard (250) 96 "• . -NIW . P 
Robertson Foods i25n) -142® 40® fug .. 
KOCKWare Gp. <2Sp) 107® SO 61; 72™*^ ... ->• 

Rous-Rovce Motors HMgs <Z5p> 80^,79% .. ~ 

dm.ivi ul.-: > . 


Ro&gm- HW^lSta 10V 




Rota nee <G-B.1 (100). 48 
Rotaprint <20o) 41. - - 
Rothmans . I nromat. B rL2Vp).47t jj. 0 
Rocorfc (TOO) 108 V 9 >■ 

RbwnL-ee^ Mackintosh fSOp) - 397® ,» | 

Royal Worcester (25 p) 121 1L -9peLn. 


82 <1(241 


RoyCo Up. <Z5pl 3BV® V® V 7V 
M CZ5p) 32 4 (10/4) 


5-1 " 


RuberoM 

Rugby - Portland Cement iZSpi 70® 69 
Russell lAJmcander) <10p) 55te a2!4 
Ryan (L.) H/dgs. (Sn) 11 VO M 
5 and U -Stores <12VP) 13 ' r 

5GB. Grouo (2Ept 1*6 a . - v - 

Saatoil Saaixhl <!Op) 120 ' 

Saga .Hoi/days (New) <zop). T25 <7 1 
Samsborv U.I (25 p> 165 ft 5 9 7®. 
Sale- Tlluey l25p) 220 
Samuel tH.) <25p) 287 (1114V 
263 (10/41 

Sanderson Kayser (ZSp) 62 
ijnrtnurst MktS- HOpl S7 ■ >0-4. —.'MV 
Sanger (J.E.l (1 Op) 27. (13/4) 

Sangvrs Gp. - <2Sp) 75.(13/4), 
S2v®..-r)3.4) -u • 

Savilkti Gordon OJ Go. (10 b) Zov'teW 
sawv Hotel A (TOPJ789 V WV 


-4<aU 

TVfft. 


Scboles (Gcorgp JH.) (ZSp) 2Eq n%4Xv 


Scotcros <2Sp)- -72® 68- 113/4) 
t 57®. V® <13/4) • '-. : -.3). 

Scott, and Robertson <Z5p! 36® 1 > 

lnd*i 218- (12ML. 


Scottish Asjrtcultural 


Scottish and Unloersal jByests.^CU^- ilS 


140-15 20 16 17S 17:19 13 

Scottish English and European TextUes220® 

51 _ . -71 • ■ 

Scottish Television NV A (TOP) 59fi., .5 

Scott's Rest. (IZVpi 410 <11/4) 

Sears HWas. 12 Sp> 600 60 ; V-1- 7VpcL 4. -•* a • 
61 1* 

SKUricor Grp. OSp) 94® 2. A OtAftBJ -.-a- 
IZSpi -90 09. SVPcff. 148 (TIM) . 

Security Serv. C2 Sd> 96. A Nos.nt.aW •): 


101 ( 11 / 


Sekers Inti, nop) 27V® (13/41 


Soli n court • (5pV Zi'*®^ 3 2. . 9 (<(XVa. 7* 


. St- 


(13/4) 

Sena -Sugar Estates (SOW ft . . ■ : 

Senior Eng. Gro. (lOp) 22V® V 2*. Mb 


Ln, 75<^V (1014) 


Serck (ZSpi 83'?* , 

Stiarnj Ware aopl 82® (13/4) -r- . - 

Shaw (Franca) <2Qp) 28V. . 6^peLn. J5t >£.-.: -.* 

(1X4) 


Sheepbridfie Eng, t2Sp) 710 70 (13^). , ' 

Sherman isomuef) Cl Op) 14 13 ... ; - " 

SUlTaw Inds. I50pi 53 C13/4L TbAcLp^fl)* ,,-U, . 


siebe Gorman Hldgs. I25p)- 162 
SHeotnfght Hldgs. (IOpi 76 (12/41 
Silhouette (London) (ZOp), 43 
(20p)39 


Simon EnH^OSoLZO B (1*4) 


. *>'201 

? ‘SJ Jk (23pJ J 85 1 il 3/4) 


tVl.- ' 


jresr 

,wi> W 


^EreSr.lrSvo s'^srei - . - ; 


BOV® 1 t; 1-S.- SpcLn. 121 Vt® r-,- 
Smith Bolmer 6ocPf. (50p) . 19 - tpM. ‘ ■ • 
lOpcPI. 47 (13041 .. 

Smith (David S.1 (HMgsJ aop) WjlJW’ ■> •• 

Smlro ON. H.) diufs*-) i50p) 1*2^40- .v* " :■ 

0 rtcini i&.riftf i* _ 


B ffOBT ZB (12/41 
irth Cap) 


Smith Whitworth (5pl ID fl 3ffJ ■■■ 
Smiths industries (5091-142,4. .7JapcDb.- 
730. 7 Vprf-n. 84V C12.‘4T. BpcUl; 

910 90V 113/4* • . • ^ 

Smurfrt (Je ff er so n) Grp. (25p) 184® 3 * 


hSol/cVtora Law Stationery Soc. (20m M 

sottrerbv Parke Bernet Gre. (25p) 2BS® 

8 5 

Sound Diffusion <5o) 41V .1 
Sontiiern Construction (Hldgs.) <5 p*. sh 
Sparrow CG. W.I. (20p) 106® (134). 
B vocLn. 2ao (11/41 - 

VW rad Jackson Intnl. (25pl 132 014) 
Spear ij. W.i (2Sp> 228 - 

Speedwell Gear Case C25 pi 22® 034) 



lr:-— 


Spencer Clark Metal Industries (10p) 38 V ’ 
Socncei Gears- (Hldgs.) (5pl 31V 


Spencer, f George) raSpi 40:® . VI® HW} 
Sperry Rand Coren. . Sns, (SUS0-5D) 
1US3SVO 

Sd Iters (ZSo) 27® Bi, 7 6. 6ocPf.j0*2 
flT,'4J. ,7pcDb. 83®. 7UocDb. v718* 
,0 3.-4) - - r 

5pfrax-5an» Engl peering (25o) 2 ( 

5 oong -IOpi. 40. (V3,4) . . " nf, . 

Spooner.- inonstrin (25o) 49 r\2ier m 


Stall ordipitee - Potteries (H/dgs.) (2SPT if* 
StaHex* intnl. (250) 10V 11. Bjtt l 


: ■ 


IMgs. (5pl 

ig Gro. (2 Dp) 7icn7|). 


1 SpcLn . 132 


59 61 


PMBpa.. Finance 5'jpcLn. 56 
PtEE' Limps Hidair >N.v.i imw i 
Phtiups Patents; (Hides. 1 fZSol i*'a 


P930O 

. . <109*1 

FtccadlHy Theatre <25o) 95 (13/41 
PrtroHkW*. A Ord. OOP-WhWtt . 
Plildiigton Brothers 474t® If* 65® 8® 70 
Pbsuc -Constructions MOo) 35 ; 

Pbuctto'S IScartwmiqlH >2501 74 flt41 
Pleesorvna 'Sol 69® 700 

Ptetttv C50K1 95t® 5 7 8 

SSTpeck rHldgs.i MOP) 8V CT2'41- 
Potynmrk Inter. tlOp) 47 


SN^- Furniture Hotel K- «Snl 94 ',-^- T ?r. ^ 

Stafcls (Reo.> Orgamsstfon /l Do) 380 .J d 
V -V 

Standard Fireworks (25p> -66® ~~ 

Stanley. (A. G.> Hldgs. (5 pI ' 

StartrHe Engineering Grp. C2' 

Status Discount (TOP) 1540 
Stavrier Indus. 222 ill >4) . 1 

Sread and Smpson (ZSp) 74 A 

<25B) 35 * 

Steel Brothers HRtgs. C50p) 362 <134) 
Steetlev (2So< 172, 7ocLn. 103: 

Ste-xberg Grp. riOp)'13<; 14V 
Sterling (2i») 26!< -. 

Stewart Ptartfcs (25o) 134 MO/41 ; 



Srocklake HIMS.'iZSo) 63 4 
•J.l tHIdtn.) >25p) 


BtoOcs »J.) >tfld».) >25 p) J45 J _ 
Stone-Platt >23p) 107 8V K. Sverff. 
46v. ' 7oeDb. 70'; -• < 

srothert Pitt 160 1 f 13/4) I 

Streeters of Godalmlng *1 On) 2T V ”5f*. 
Strong FVber iHidsa.) <25») 62 111(41 r 
Sturta >G1 MOn) TBV >11>4) 
civto. Shoes OSol 4ZV 113/41 _ -<:i_.I 
Sumner iff.) (Hlffas.) ilOol 160 IS 1 ® 
Swmrie aothre aom -22 H3<*i ifl 
sanllght Swire (lOo) 27 (11i«) _ a 

Sean 'IOol 38* 9t> ' " »-z 

s«er Electekal <3p) 18 1111*1 
Svnumds engineering (So) 16V 

•t-d-v..-” 

TACE no p 1280. 40pePfd. flop) -27';: 
Tribe* (Sp) -23 te 3.„ New fSp> lA* -: 

]1 VPCLn. 1021* (12/4) -'j... 

TarniK <50p> 1X5® 2. 5'<PCDb. 73**0.'* 
TVPCOb. 19B2-97 70 <13(4) - -j 

rate and Lyle 183® 433 80 1. 

74V- 112.-4). 7tePCDbr 65V .rfWI<e. 




Jacks (WITT. I (ZSp} 25 
Jackson LI. and H. 8 i 

Jamaica Sugar Efts. >2&0l 1 1 '10-41 


(So* 28 '13/41. 


87 (ia - 4 S ul s * n 8 Everaro >25B' 77']:® e:® [ James 'John) Go. Of COW iSLSo* 4n. 

Bridnort-Gundrv iHIdps.l (20P) 32-J® > EH)s rad Ga/dstem rHIdqs.i rSPi 19U: James (Maurice Inds. (2 OP) 13*, 1 2 '* 
Bright 'John. Gro >ZSp) 3S (10 4) <is.4i [ s 3 ,-Pf 21 '10.41 

Briprav Gro. iSd- 5 - i Elson and Robbins i25o' 72 j Jarvis (J.< Sons 7«PT. 37 <t0<4} 


Bernard Wardle 


At die Annual General Meeting of Bernard 
Wardle and Company Limited hdd at 
Winchester House. 77 1 jondvn Wall. Ijyndon, 
LC2N1BU on 77 tursdayjM April 1978, 
the Chairman, Air. D. A. Boothman, 1\C*-L, 
gaze the following supplementary report to 
shareholders:- 


‘‘The foil integration of 
Anuoride into ±e Bernard Wardle 
management structure is complete. 
After allowing for finance charges 
of acquisition, Armoride is now 
contributing to Group profitability, 


but the full effects of this purchase 
'will not show significantly in the 
Group accounts until 1979. 

“The second quarter is show r ing 
an improvement in Group terms 
over the disappointing first quarter, 

“After including part realisation 
of the exceptional stock profits 
arising from the Armoride 
acquisition, results for the first half 
of the current year are expected to 
compare favourably with those 
for last year? 



Copied ofthefuU 1977 Annual Rcponud Accounts cube obtained from The Sothtt. 
geroarf Wardle and Company Limited, 82 King Street, Routs ford, Cheshire, WAIS OEF. 





Briprav Gro. (5 d- 5 . 

BrlrHh Aluminium 6 dcP>. 47 * .11 ■ 
BrICI'h- American Tobaup SotPI- 1 

6 DC PI. 51® H3 4' 7KLH. 80 >. 

British American Tobacco l" 1 ’- 


1 1.4) 

1 OocLn. 


; EtewlcU-Hoopf 5 d> 19'.- i» - . 

Elvi W.mbtedani ,25di 116 ISC 
Emm* Theodore' TOO) M Ml 4. 
Empire Stores 'Bradford! i25o> 154© 


(5P< 45 


<1001 


MOP* 


*K;B 


84- rtO:*'. 1Qi,acLn.~'B5>70 V -13*1. Empre** Sorvices Hldo*. - 1 Dpi 11 l?«i| 

9- P6L0. 141 -T2 4- kilJ— 

British American Film Nidus. 

•11 >41 

British Be«iO< CarhonlslhO 

qrln*h Cot Auction Gro. (TOP 
British Dredrtng (Z5 d» 16 , 

Brit Elm. Tract. Did OSo> ’P*-' ' 

British Enkalon 12501 lO'.O I# 

British Home Stores (2501 177 B • 

irltlsh Ley I and . 5 O 0 ) 2*® 5 « * 

BtMC 6pr.Ln. 41 i)S4>. 7>;»cLn. 54; 1 Esoiran-'iM Trade 

BKln. S6'i:a >.:« 4 >;♦ 6®. 7>,PCLn t4S 

56>itO 7:© 7* 6‘- . ... . European Feme* HjC- 10’ 6‘: 

British Molu.f Foinnrre >25u) 42 ''-“"Eva ltd >25pi 88';® 

------ HldK.< -2Spi 139 7 ; *1 


Energy Services and Etcttromc* 

>1041 

Enelind >J E 1 fWell.rgtcni -5 di 3 
Ena>i*n and Overieas ln«e;i >i 
- 1 34 1 

English Caro dathmg i25d- t6-: 

EroHSh China c<ev* 25m 7S 1 5 
Engbch Electric 6 k Do 7B>;® 7-'«. 

72 <13 4i 

Epicure Hidp* >5P' U 
Entfi 1250 

arm Transport i12-;o) 


jerVs Catrell f25oi 65 h ii*- 4 * 

Jeriliaue Hldga. (Mb' 230 
leysuoi (Hldgi.l UOp) 37 *3-41 

Johnson and Firlh Brown [250) 63 MO 2 
4 3 ll.OSKPf. 1360 a. IlreLn. 83 


7kC0 


’ J I Johnson Grp. Cleracra '?SPl 95.® >a S 
1 Jjhnson Mateirv .418 IS 13 113-4) 

John usn -Richards tH . and fl.) Tiles CS 01 

110 11 ; 

janes lA. A.) Shipman <25p: 11 a 
Jones <Edward> 'Contractors' ;iodi 17 
112.4- 
lones 
Jaurdan 


•Hldgs 1 <25e: 85 


s>.- 


25pl 5* >12 41. 6>;KDeb. 68 

( ralamaaoo (IOpi 29 38 
Kelsey l»ds i25dL 990 *tS 4" 


K Shoes 
n j *• 



■ 12 4 


Sritlsn Safar Cpr >50e» 1 0>® 

British Syphon logs <2Qp) b0 ,., 

Hr!>i *h Tar Prod* 1 1 Op) 59 V (H 4 » 

British Vending Inds (10u) SO ,® 

British Vila iSSpi BO 79 
"rt*p.« f25p) 23<- 
RrKbhoUSP i"Z5n 55 • 11 J‘4t 
Brocks Grp. it Opt G9 >11:4- 
Bromsgrove Casting MKhlmno 

Bron* 'E«g Hide,. .iOd< » I PtbdW'"-'lPp.. ja*”!#:*! 


'5p> 30 


isp> 15 >1 1 4- 
New ord 20ei 37g 
-10 d> 2 5>; 

E>calit>u' jewoKerv >So, IS 11 5 ec.P1 

1 1 6 :.rp 14; 

E*Ddndi.-d Metal i25d- 6i® <13 41 
! FMC >2501 66 -13 41 
j FPA Cans;ruc(<on Gru. >25p> 2*<: >!t'4i 
: Fairttairn Lawson <25 pi 52V CIS'*) 

: Fa.rclaupn Construction Grp. <25p] 67® 

Fairy.qw Esis. i)0o) 1D2 100 1 

Farnell EleClrOn.es -lOp. 22B >13 41 
1 Federated Land Bldg. :zsd) 42<; 


> Kenning Motor Grp. >25p> 70 5<:dcPf. 
ib , 43 ., < 12 , 4 ;. 7 pc pi 54>; DO-*'. Bac 

i Unsec-Ln 94'; «10'4i 


Unsec-Ln 

Kern >M. Pj (lOfli 39 
KihtphCr SKUnwc.Ln. 61';® 

Kitchen. (Roberti TavHor (I Opt 53® 03.-4 1 
ir ode Intnl <25fll 103- 1 
Kraft Prods. <1 Op) 


Kunick Hldns. MQpl 5 ni(4< 
6*Musn 


(Tyres 


Hides. (IOpi 


K wlfe-Fit 

4BV0 

Kwik 'S»»* Discount Grp. nap) 77 8 


2 48 


Brooke Bond Liehla f250< 46 V S t. - 
Deb 721;® 5 >tpcy n>ec Ln. 40 M3.* 
Brook? Tool Eng 'Hides.' 'ZSoi *5j°, 
Bro’hempod iPrinr- 'SOo- ISO® 50 2 

50 : 7 

Brown Jack -.on >20o> 640 >13 4i 
Brown Taw-w «25 p. 91 -13i4> 

Brown Eaveri Kent i25P' *3 :lj*t 
Brown Bro-. 'I0o- I2'i 'IS*' 

Brown '.John 1 209 8 

Brown >N ■ tnw 1 JOo 290 ,,n . 

Brunning Gro. Hestwg. iJ5P> “* no •> 

8r,ant Hld'IS -2ip- S: 3 - , . 

Bulgin tA F.> A Non., ig ,5p> 23® -134, 
Buttr.ugh -20o. U2® >;0 Ord. >20P- 
610"* 113 4> , 

Buns) Pulp Papgr <2&p* 10' ‘;0 99 i!3-4i 

Burca Dean >26oi 6* 

Burgess Products ‘Hldgs.) !2Sn* 3S <** *• 
A Non-vn -1501 16® <134 
Purtdcne ln» >So> 1 7.'jO i13»4'- , 

Burnett Hal'am^htre Higgs iZSpi 160 
■U*> ANon.ytg rase* 158 
Bwr"» Anderson 'too 390 •it.*’ 

P.irreti -Sn- ij , , 

Puf-«MOhl ILriU"*"-!' 10* 

•unw Ore -SOD- .18* t#t * lewjl 

£^| l |Mae2jL W *3* tJUfc ' A ^tao-ioa. 1BV. 


x^-ai 


LCP . Hjd^S. !Z3pl_ 69 7J? I»_24) 


; Fenner -J. H.I Co iHIdps ' (ZSpi 132 
Fcrrv Ptekenng Grp 'IOpi 75® 
Fcrtletnan -8.1 Sens >20 d> 29 >114i 
’ f 'dc/ifv Rad>d - fOo> 78 >il<*< 

, Ftnfllav Andrew R . Gro >25o< 25 >13 4t 
. F-ne Art Dfxrlciprients i&e) 4S< 7 ® 45 % 
{ Firlati .Jonn*. .IOpi 21 
Finlav -James' '50pi 300® 298 13 4; 

• F-rst Castle Secs top; *9t. SO >lS'4t 
Fis-jn- 333 20 30. 6:aCC2ndDh. 64® 
Filth Lovell -!0o> 65:® 'ji 4J >;i 2 3 


LK IndNl «nv. <25D' 40 rll.'4. 

LRC intnl. (IOpi 36-Vi 7V 6V- 10VPC 
t Unscc-Ln. 80 111(4* 

! Ladbrake Gro flObt 186® 7® 3 6 4 7 *v. 
i Da- wrnts. 94VS®'4M & 8ncUn«ec-Ln. 

: 66-.- 6 <13-41 

Ladies Prtdr Outerwear >20o> 53® (13-4t 
Laing iJohn) S“" (25p) 125 <U>4t. Do. a 
<250* T23 

I Laird Grs >25o* 82V. BpeUnsoc tn. 92 

i HO*' 

i.ak- Elliot <35o‘. 46® 

, Lambert Howartt Gro fZOpi 39 _ 

; Lane iPercyi Group flOo) 54 f(2;4i 
Laoortr Indus**- (MUH-) I50p1 91® 2® 
: 1 Sot DO- 68'- >11.41 

Latham •jamesi lia 8 <11-4i 
Laurence ScM* (25p) 109 10 

" " 12'4] 


Flgttncr >E ’ Bldrv 10 o>.UnsLn. 65 .114 
Flexeiig Castors Wheels -Zip' 33 ;)2-4 
<SQoi 51 >i 

‘Fogertr -ZSoi is'i <13 4 1 . lO'.-oePf. 1 03 j Lawrence f55alter“ - T25or'94 

I) 3 .'?' . „ Lawtcy (25 p) 54 (13<4» 

fouss • jonm hwo , jqi ^ mb flv N- . _ _ __ #■— _ • ra_ t * 1 a®. ■ . 

■ OrH * 5*1 2 <>ig 0 ], Lead Indusib. GrovP, ibOpi 1 34® 7 ^ 

; Ford Intero I Can Con 6mC«. Gtd.Ln. i f?.-» '*"•»» 48 

8*. 7',nrCnv.G;d Ln 98*) 

c*vd M«*cr >*U&2* 37t® M S ft)' 

| * C nr"n«ter -100) 1 SB '13*' 

' fnmmrq TwIu-sVc, i>Mfr >08' " 1 

>*wer» ».* n*«o 7SO> 11.20 31 1 

•op<*» froe Opti,'"P *S«' xso 
F oreerg IN Hgr*ter ^3 S Oj ZM3 


Lebus 'Harris) '25oi ST (1014) 
lee Refrigeralion (S5 p* 74 
Lee /Arthur) Sorts ( 12 ';p) 24v fill*) 
ice Cooper Group aSD< 11910 19® 17* 
29 

<•*''. AW.nian*) HiiiiMO) rioo) t| 
trign Imeroeti (Sdi 1JS® 9 
Lotfure CiWH Farts (10*9 108 


- FINANCE FOR INDUSTRY TERM DEPOSITS: 

Deposits of £l,0b0-£25,000 accepted for fixed terms of £10 
years. . Interest paid gross, half-yearly. Rates for deposns 
received not later than 21:4.78.,- - - 

Terms (years) .1 4 5 .6 ■ f - * . J • i?, 

interest % 91 • io wi -lOf n Hi n> 

Bates for larger amounts on request. Deposits to and further 
information from The Chief ; Cashier. ■ Finance -for Industry 
Limited. 91 AVaterloo Road, London "SE1 8XP (01-928 782?. 
Sex. 177). Cheques payable to ~ Bank of England, a/c FFJ, 
FFI is the holding company for ICFC and FCI- 


EUROPEAN OPTIONS. EXCHANGE "= 


Option 


July 3 
Price ; Owe v «l- 


j- ' Ocl 

{ cum Pol. 


Jib. 

! Cion VtjL 


EL Wo-lak 
H,.Kitiak 
. E, KuflBJt 
■IBK • • 

IBM. 

GSL 

G>r • : - 
GM - 
PhfiWp* - 
Wifllp* 
:puiii» • 
: K 0 - 8 bell 
■fL D- 
•K. D. retail 
ttnlensr . 
L'&ihw.- 

Ciulever 


840 '■ 
846 I 
SSO J 
8240 
S260 
5280' 
850 
860 
«70 
P22.50 
F23.00 
1F27.S0.I 
! Fiao; 
FI50' 
.F140‘ 
FHOi 

nwj 

riwt 


fllg / a 


2Tg 

ait 

if* 


SO "f 


sfi 

* 


Mb j - -l. 

4 l -. fl. 

is*.: 3i. 
• nit : w 
i ■ ' 456 • 1‘ 5 


~ i - - I j*Mb 




1358 

-4)g 


S" 

86 


13Ig ■ B 
, 45| ! 7 


ista 
• .40 
8, BO 

- IflO ! .44 
; .SO' 1 
1030 ! 2 

a is 


. lao ; 11 

*•. ao j S7 

J 9.00 1 12 
3.30 { «r 
1 ; 62 
<10.30.!.:. 3 
1-5,10 f'25 
I •• 1 I 10 . 


! — f — . 

— . | V- . 

-j J - ' ! 286.40 

■ • • i - -'pissiio 

: ' - - r y-u ‘ 

• z- i-z. v.vt£ 

" f - • 1 ‘-V- - 


BP.- - 
»1P 
UP" • 

I LX- - . 

rci 

ict 

ier .7 - 
GBC 
SHr - 
GKC' 
li RC 


1 . Sine ' 

•700hi .98 ’ -i 
.7&0p > - J83 1 - 

600)1 1 U i ~ 
•300p • *6 > 

3S5^< 18J-- 


380)1 

575p 

aoop 

22 6p 

asop 

■275pl 


•fl I- — 

i 

•-.a I - 


Atwurt ' 
- TO — • 
.29 : 

12 .* 2 ' 

-S > = 

12- I — . 

. * i- - 

■18 

J. W ------ -F-.- 

h :ia I 


-^iiyemhM - ' - 1 

«3 -. urns 

n -z.i 

'56 ; • - ’ (MSP 5 

58 l-'—' 

16 


f- - 

T #\ -i 

.1 -44 I- . 1 — . 




V.. 
:<. ' • 


: ' « . 
\ .• ■- 


;_V;- 


'J*?*. 

•X" 


-X 


“ L 








u 


v — . 






.r>! 


; l1uMua^;^rimes Saturday April 15 1978 

*g*^*«* ■«■»-■■ 1M. npgfe'gm 1740 A® AS 5. 10ocLi,..AIh« Tft. (JStrt 100 ( 1 3*41 




■■ ■■ "feau 


l^aoM too, nz»r 

3 os» -as f. now 

3«\ift5? 40 “ 

rfW&V’ 

ftcut. -m sis na/« 


■ Throgmorton T«„ CZSn) BB. Shot Ln. 11B I CAttle** 1 * titling) Rubber Estate PDp}iP<Ma« Com. MO 
| 1 4) _ 208® ..... . Soargo lx. 200 


raw is. «i aK A ,'{®5* “us^au* *. 4*«. w T ,7 5 ^w'Vi2V4)' 2Sn ' ” 5 ,u ' a> ' 0,0 c ™l*i** * MSi £sutea 410B> 5S,J SSShX. 1 " 


r_ «!S KWR IIDMl MSP) 1U3 (12/4J C11J4J 

^"SfiJSS^OM -jHSp.l-.lMN 114. Cb^.SOrt JftSfBS* £?TaBi B* » HOW* 'Vg'TP-J **”«** OOP) 127. WrrtS. 

■*" - W^cSSS. at-WM*" 58 ifiMWdm"*-. i»*» BUSftmSK^ 


taco Stmt 


. APRIL 11 

America#) Cviwnllf 


noMy 

*210® T4, 


iSjyWniM' ■ | , firtBr-art«i8 1B> ^ ■* Jfnrcjot 58 *55np»w ««r w jps^WiSra ^ 

»■ dEsSaFS*^ L >\™> » si."^ 7 . ,3Spi 171 ^ *•■ " sbswrw ray. 1 ' us, 10 - gra-ABA.* 

1 2S»WJ AMtfX&fi- _,. . J&LPJHSPt- t . ,__ Tym»W l»wt. Tst. (2£vM01 m.’4} ■tH*? 0- M E*Ut« tlOp) 75'i* ^#?£^?**5®juS2.SL<n 

ffiKi WSU'Srfm.'V • 21R” «' ” " - 25B V" — * •«—“ » “« M.M. UM» mm (SM. 0.501 SSSS 5 

Tri 1 ** «>» «•■ «"*»■ SS^"^rVJ - ca£sfi 4 ,So , » , " l =6 BSSKia^iliTi'i^iftS'ft! iSV-n ?'»••••» «M » 

Witter . muMvul rase) ’41 (10C4J .. 45 110/41 _ Kuita Lornur K coons Berhid tjMa.i) 54 CwI - 5t ** 1 ? l 


Pahang com. 4B 
PfndMtilWIUi 950(1, X7l a ® 75 
PeChinS* FF85® 

Poa on 62 . 

Power Carp of Canada A SUM ■ 
Premier Portland 172 ■ • 

Quaxtor Coro. MS: -■ ■ 

Soul firm Cron ?i, 

Southern Pacific pets. 138 . 

Sw|r* Pacific A 1 13 

TJsmlno* M 0 S 

Wot Coast Trantmlnton — -. 


Range* PC 700 

Securities Trust c# 

1 960-85 £62 £60 


Scomnp aoeM.Db. 


Soeacer Huk) /Aberdeen? 96 
Star onshore services 1 . 51 # IIS 
Sunderland end Seorti Shield* Water 4igee 
ftd.Db 1995-78 £96 • 

Waitord Maritime Hides. 70 
Weeublx 2M 
Wectrtux AN.-vtg. 63 
Weetabix UXwP» SS 


Wfftn -iods. COO! 




Invest Tst. tIOm 56 (it#4) 


Wemyss Inr. 279 t11;4> 


- V -m-.Ti* r ' m 7VSSi% 5 ^, J1IJ4J ' . .. 'V’JV’JW* ■"«*■■ T«. Can.Shs. (50pi 36 U.S. Db Corp 125 m 85 4 ,. 3.05oc 

;■■ ■.■£* . .. 3}^*.. jJjpcH, 650> rt5/4), irfeQtf . fThAMtt) Q5fl) 41 MDl 4} 1 * 1 ^4) 45 MQj4i 

:■ v'.-i ?•**•{*> Wt»W SlecMc TooHntidB 9 .J CSSo? taz ^P^pwh invest. Tat, <2So> US® 12 13 U.s. Tst. In*. Fund isusil »745 mohj 

•s*.f.V T&T JMflSS 1 JZ® lll.ay^ 42 fttfama Bahlnme and Chicane Replen.il Wikino Resaurees Tst. i29bi 7Bl, 

*iy/ 43® 2C. P M T 27. 6 i 2 BcUna.Ui. . 68*2 Wwlieier Hunhcr* rzSiU-105 ( 11 * 4 ) Invest Tst. iIObi 56 ( 1 H 4 ) Wemyss Inr. 279 i11.'4I 

-t , r Kb •' H WwSSrtl sS. ”«SS!a0W A ^ n,le *“«* T«. tZ5p) 79-j®., SocM. coast and Texas Ren. In*. Tst. « 

■ -*■•*: b St Tjlaury Contracrtna Gm> 2699 : tAi-eti mr> son tUMpport) <5P) 32 2 Atlas Electric and Gm. Tst. «2Spi 55® ah. SJjniernottom Tst. rzsoi loo tn-4j 

f-V T TDHIW mm.) tzoo) HI 10 5 TO 9* ;fj»4> to f Pt M Va? ® Wltan Inv. fZSPI 74ij 4. 4pc Ob. 65 

. T- iUsocPf. s4>; n*'41. 5 pc' PE 679 Wood Hall Tst. ClSpJ 92 90 Australian and inti t«j. react ?n 8«>c Db. 69', <11'41 Z 

• :• '13A1 BhocOnt.Ln. 74i» U0H4J “ Wood (S. W.J G»p. OOp) 39 ( 11 ) 4 ) aanX«V |ntrtt Tst T t 35 m °?1 Veotnan In*. T«. (250) 151* 49® 

- v ISS&iSnnf.nSaW-If Woodheid gee*] Sons rasp) 92® . Birm.«bh.m^nd 0?iu T*t. 4ho*P». Vou "« Compani** inv. t«. 72 1 <1; 

• •'.’•• TomWns )P. Hj 'Sol T*m e® Woodward (H.) Son 02 ho) SO® 1 37i»®,i, itiaj UN/T TBI/S1S /si 

S2?i n W£.f 1 rB TO 6^.06- 75 (14)4) • Woo (worth IF. wj C25o) 6 *h® 6 I, 5 4i, ’ wopsnete Pros, and Gen. Invests. 6 '« •: Prl .. K ,crif.c,i. n. s.ami*'.-- 
■• •.'• 1 iff. »UP<C«hfCTV(i3f4?f*^pe Wv«t fWopdrowl Htdos. (So) V 2 - (11?4 )° at0 <2b °' 1460 *' bPCPt ' 42 M 6 G . .American & Gen. Fund Ina 

jSSbr ‘tffwjowMmW * WWtfc ."*■ aM *- ,0 «"- Southern stockholder. T«. (SOP. ^5^ ^‘tiSi 1 . 8 ^ 

•' i;i Twr f2 »^iM^ Mltlboom (Htdss!) 46 7 Y P^ u Pl r ?.. c, *« n 5-_P??2.® 1c,3 ^ > - 1 2 | :»c i^auae Vie»d'Vo«d income U 


Witter (Tbomao C 2 So) "41 (1K4) 
Wolf ^ElOCMc Tools (HldBS.) GKO) 1 


"figr* Uutc ‘ ivM 7 * ,s9 KhS'woSWjv.. •• wS? , (S«SVa4ml W on . •• wewo,x ^ 

Higniands Lowlands Brntad (SMaO-SOi BouBamvilie Cooler 08 6 ' . ‘ 1 DTTT I? ice /o\ /«) : APKIJ 

I Kh 'Kenneth Kalang Rutiser (ion) 68 ’ Conalnc ftm Tlnto Australia 1B4 . - " ' ' ' ' ■ ■ t^UM 8 i , * 8 -H L i W 7 neeu 

K ii l 3 u\ am ' ir KctK,n * Bwh .“ 3 54. Cwl - 5 **" 1999 Applications granted -for specific g|Si£’ JUmSSr 

unm Smun Pianutipns hop) i23 so £ 24 ' bargains In secoriUes 1 'not listed g2f, , ,SS°F3^ Br ?J| n ' 


APRIL 11 

All 'England Lawn Tennis £50Dbs. £4.200 
Barter iW. H 1 7pcCum.Pt. 35 


L S n f n 20 S 8 ,,a,ra * ,|BnUt( <>"‘ >’DP) 123 30 “ 


bargains in seen rides' mt listed g 2 ? l !“° , f 3 hd B, i 4 l n ' 125 
bn any Stock Exchange. easrbounw waterworks a 


bn any Stock Exchange. 
APRIL 14 . 


; : *; 


Zeorth • Carburetter A' tmsJ (50 p) #9 % '»*■ Tst. (25pi 56®. SpcPf. 43 


,-..We*W (?Sp) 81 


;• [ ■ \ \ Triplex Fdtmorles Group ( 2 Sn) 74® 
■ ' • '•Trust Hausec Fane (250) 1910 i 


*v: S 90. Open Warrants t 

. / .. r ^ .•--ToJtxDh. 84 (131 4). « 

Tube' Inveat m e n g 3S2® 1 
• Ln. 8 »h 17214). 9. 


HW). ; . - - - 

zetten Grp. (5pj 47 8 - 

ELECTRIC LIGHT (—) 

Braacan . A (iwvl £ 1 Dh ltZ.4, 

OfCBtca Elec. Sopply B'OM) 

FINANCIAL TRUSTS . (68) 


•tnrn Howes Fone OSrt 7910 2 86 1 rtWANUAL TKUois . too) 

S 90. Open Warranto to sob. 14 *1314). Akrord Sotttber* OSoi 221 it 3/4) 
-lOJSocDb. 84 1131 4). 9.1PCUMAO. 72'i American l*5>o1«J - SUS42I}® 


M. 8 G. Gen, T*f. 167.8 ft 0/41 
M. & C. High Income 100.6. ACC. 16 
(1214) 

M, 6 G. Japan & Gen. Income Units 1 

'§: easw^wu 

^t.-^ u n 5 ^ 0 ^ mi ..' 25 " 1 ^ 

Cardinal inv, Tst. DfH (zsni sen ha ? MacLellan ip. and W.i )20pi 16 
6 KCanv.Unsec"n B2h (ll/4» 5 ® M 7 ' S«P*e rt <« (Z5P) 44 <104. 

| Carl lot inv. Tst. (2Soi IDO® (13.'4) Richards on. W eatgartti jSOo) SB 7 


Rembrandt Grp. 199 
Selcast 249 
Soargo 19® 

SUm Bet chemical HJS37fc 
Swan Brew. SUS1.B0 
Swire Pac. A JUS' -- 44 ® 
Target -p«s. 11 


IM- & G. American & Gen. Fund Income TEA f2l Rembrandt Grp- 199 Eldridge Pone 

Units 46.1® Acc. Units 46.6 (10;4) naurc hihm Selcast 24® Fuller Srmth ai 

M. £ G. Dividend Fund Income Units Aasarn-DOMrs Hiogs 195 11214) Soargo 19® . ~ GRA Prop* Tst 

1I3IJ® 18.6® 117 (1314, Ai sam^ feJB f..-? 1 31 -* 1 - SUmBer Chemical 5US37*i Javeirn Bqiiltv 

m j _6 G. E«tr* Yield Fond income Units 5*22^ liS & S . B > 1,07 «1 0/4) Swan Brow. MJS1.60 .. Kigera Inv. 70 

82 Cam«J» IJV*- nop; 201 (11/4) Swire Pac- A 5U51^44A - ■ Mm CAurt Nat 

a - 1 1 H«h' sur,& £” 0 .. 167.7 ess?. '«« «- «-« Sre w 

rfftrau’iurau s.::r:t »•»*•,- ; 

IKON, COAL & STEEL (17) TRAMWAYS (— ) ' APRIL 11 

MacL el Ian ' ‘l P ' a nd*w7 1 20pf ’if 60 " ^aSSb^'^r'iTsie” ,Srt 11 ” a, «- AWicamier umn 17S® as® «w 70® viw'nn oil 124 

8asa& a 6US±tMMT ' ._SWW.PI • . ■ I 


Cambridge Instrument A' 
Castletown Brewery 177 . . 

Cedar Hlogi. 6 

Central Equipment B 330 . 

□art Valley Light Railway 39 
Drilling Tools North Sea B 400 . 
Eldridge Pope A .182 " 

Fuller Smith ana Turner A 240 
GRA Prop. Trt. n lot, 10h 10 . 


Darling Fdnd 146 • .. 

Eastbourne Waterworks *7t? 

Eachem 26‘ - - 

Lifeguard Assurance 28 -. 

N.M.W. computers 104 

Oldham Brewery 62b 62 60h ■ 

5t. Pancras Housing Sec Cnv.Ln. £0 

0 reflate W*. 58 ' " ■ _ • 

Vannln intnl Secs. Cap. 40. Part.lnc. 80 

APRIL JLO ' 

Adnams B 410 

Ann Street Brewery - 530 


I ff 1 * H**?* (SAOJO) liz «4 jgSTSAm 126 


Kagera Im. 70f , n/Sina fum 173 

New Court.Flatunl RejpWBM 6-m 6h SSBR » A 184 188 178 

I !1S5¥“Im ? 6 _ . . „ Flexteen Oil Flpn 1 50h 1 90 

Lovell IY-. J-1 .'H ldSt-l 7ocCum.Pf. 36 g.RA. Prop. Trust 12*« 12 11*. 

uimam »rpwery oi 1 1 1 T inL inii ■ . 

g l &St E % t S^e 1 . 1 H 5 W gs.) ih 2 ' ®g^,. K * n> ' BpcGI 

St. Pancru HOusrng Soc. , 2 hpcLn. £10. Mid-Kent water aijDcPoro.Db' £24h 

Sl^land and^Soutn shwids W«r-4iH»c "figSSggl J 2 ater 

Rd.Db._ 1973-78 £98 uatuM.WliMM.Rrblnsk Railway 4f 


□ nr I ‘no Fund 173 

eldrfiftrc Pope A 184 iso 178' 

Flexteen Oil Pipe I50h 190 
G.RA. Prop. Trust 12V 12 1'** 11«t 
11'« 11 ID*. 10', . 

Guest Keen-' Nettlelolds .(VT.K.T SocGtd.Db. 


Mid-Southern Water S’tpcPerp.Db. £39- 
GpcPerp.Db. £42 - ' ' 

Moscow -winoav-Rybinsk Railway 4ocBds. 
C.3 C2 '- _ 


Richardson. Wmgarth iSOo) SB 7 


American Tet and. Tel. SUS639 
B.P. Canada £iD>a . 


10 4. *UPcyns. ^^ C S“!*«Li?SL ,: fc l ! h ft5 , 2J Th J <k 


t ej£sm V£ ^ L ^ 4,, nrMUviiu ERSv 


cunems 352® It® 4. SMCU*. 7 «J, riv/w, 
h <12/4). SrJPCUna.Ln. 54*. A«traflaS a 
. 6 toccnv.tineiLjt. 87 Authority i, 


70*z C12.'4J. 9 i, pc DO. 87>1 110.4) Con*.Un«S£.L^ D ^§o ‘VJf 

-*21™^ A*'*- (*A09ui-73 (11.41 Cltv and Coml. Inv® Trt Ine Sh- 
Authoettv invests. 000 ) 35 6 Z6i- (tj/41. Dolcap Shs 90 fl 

OmaJbui Send. IDpcPf. I30p> 35 I"*. Tjt. I50pl 7 bV 

•JiWI Clydesdale In*. (25p) 67<a® (13J 

Bridgewater -Estate*. (BOp) 276m Tt® f*Sp) 62 <13/4t 
Bndpewater Inv. Trt.' flop, 6 L flirt) continental lad. T«. (2 Sb> T72ij 


(25p) 48 L-®. 


V'iv iCTi^lv^Climii (Sp) 9WI 03)4) 
'• TuSttf i2Sp) 61 03)4) 


?NpeLn. 66 St. (12141 
4'awl wnessoe <25pi 05 (13/4) 


i . ... Wood home. Rixion ihwbs., )121ud so Furncsa Twitjv 210 9 12 

Contl. Inv. Trt. Ine, Shs. (25oi >gi. # 13-41 Grain A 140 #10/4) 

r j®|* t {l-*»4l. Do. Cap. Shs. 90 (1114) Yarrow <50p) 265® Hunting Gibson 210 itji 

CTi.rrfio uae Inv. T«. <50pi 7Bi- (12/4) P Isle ot Man Steam Packei 

'"*• ,(25p) 67')® (13/41. B HONES Jacob* >J. I.) ' 20 d> 39 'f 

Continental mo. t«. (25o) i72ij Australian (13) LySfrtBpJ^iaT* s^mfJuL 


Caledonia Invests, .zspi 222® 3® 113 / 4 ) Krm 

?ssn.rar 11 s,4> sSsr^rsM^d 1 & 


Kullm Malaysia 44 . 
Lend Lease Corp. 214 
Liberty Life 623 
Mid East Mineral* 19® 
Myers Emporium 149® 


72® f 1914) 

UOS Grp. (23p) 84®. 


W « W -lOocLn. I "5^^.-™ £*"■ - Q5 ° 3 20 19 , > r3T n, w J a a S n ti ,,¥ «bh TB 66. , .f 0rt ia6 * 9! 


_20<^- 6*.pcPf. 54 

Cnaddesley invest*. <2So) 15 *13/4) 


8 A. Warrs. to tub. 66 'jt 
g"ae In*. Tit. (iDpi 3'i 03/4) 


• ' ww*’,? A ^rpF^vV.f, 5 “ 5 s , ^wr.v'.;K: s s".ii. .o , s .. ..7 

• *Un^ T *nd^?e* A (2So) 92 l50D> 278 02/4) nSUSS" J 0 *?- Jst GSl " 175 *13'4) MlSCeliaueOUS (56) WATERWOUCC *ev wSSh SS whlc ‘‘w i A rSt UK 1 * 

■■ ■ ■■ ■■• Uhloant (Srt 3 3. SpcLn.42 Daigety 247 4 40 “siTnZ? «So> 1*2«, tt0>4i. Beralt Tin Wollram IZSoi 51® Z® WAlfcKttORKS (5) * W°^T32 h JP 'YJ Com. SUS19I 

: - *6«socIj| 6Z Oa>«e» (C.R.) frrdga. asm Sd H MnSt" 75i ®- 6'«PCConv.Dn*er.tn. 04 >; CJurter Cant. iKcg.i -rZSol 122: 654. 0ourne#no^*h 3 Soc 37b #104) 

• is, r Zm . « 

*»•**• tn - 1Z) 5US3ZJl0 ^ Certs. °gS*SSI %&££.' tfiS ,' ^ ' ‘ C^ent 62, 

V. rt. * -bSimi In® Bor pi 45K 7pe«. 59hi® Ex-Unds OOol IS 0214) EOlnOuroh American Alien #250) 98,® 8 R'o Tlrto-Zlnc Corpn. fZSo, IBS® 6;® 6 HD#) 4a< **P»- 1984-86 70, Anglo United 9S® 8* 6 

• > X *5*"2 «»WsBf» n g« 1 1 02)41 Eninburgh Inv. Trt. Did 202 1 H 1 21 B 90 89 Ord. iBr I (ZSol 207 >1114). catevh—a it ~ «. Austral.an Oil Gas 301 . 

* • ' '. '<< Uniewli ®0o)lO7® 7 FX. Rnaw-'rasnPsa voctsfo ' Electric Gen. Inv i2Sn) ssi. #ti» 4 » Accumulating Ord. i2So* 166. S'.ocLn. n^a, Cj,f,he *‘> 3 5oe Cons.PT. 3®, Beuoa InvMte Copper 103,® 

lw. l s * 0 f*“9iJ£?i<?m» , i4»*** 97 Finance Indu^Ud* 1^1. OOp) > 17, 02 4) *09 n »>« 1"H- Tst.' IZSp" 1 78® 9,®f 4> S,0C S^',* Plra'n 'l2Spi 52 North Songy 3So< 37 »i 1l4 , O* C °" V “*■ 

so* so n .x %u nn ^ra9ii?7 o, ,gs «ruT«.,) S pu S • wfler^ u< ^ ^ncDb 


tnaaiMjiev invest*. <25D) 15*13/4) in*. Tit. (IDni 3, 03/4) I North Broken Hill Hldps- i3AD- 

Chanolipud Gp; (25p) 56® 5 7. Bispe D f£f' n "H. IZSp) S7® h® B,. 1 North Kaigurll isadJ^O' 9>.® 


•"„ . . (Mrier TelcvWM A «5o)M 
:• • UnlSm indurtMe* (2S#rt 92 
Unlpare (29o) 53«a 3* 3 5, 
.Jl&d). 6 ,ocLn. 62 


_Ln- 67, n 0/4) 

Corinthian Hldgs. (TOP) TB, 03/4) 
Gen. T«. (50p) 275® 5. 
<SOp> 278 02/47 

SpcLn. 42 2»'B«r 247 4 40 , 

Oawee <G.R.J RTdps. asm Sd h 
10 2 6 1. Dawnay Day Gp. (250) 31 , (12/4) 


Do. New Ord. f25pi 57 'rt 52® 
_SJ#BCDh. 53 (13'4l 
Den* 111 *. *B 1 I 115 00/41 
Dominion Gerf. Tst (25P# 175 03/4) 


** f jrtw of iJ| an Sltlm Pwu., # m •— <<-■*> Mlo cist MIWTis* 1 30 

DUNES ij. I.) ■ZOp)^",iY / 3, W Emporium 149® 

London Ov««5#u Freight^n i25o) 31 sO'j New Metal Mines 2I« 
Australian (13) Lyle l2fip) 127 3 111 / 4 ). A l25p) 123 ® Oakbrldge Sec*. 150® 2 

Hampton Gold <5oi 97 Ocean Transport Trailing , 23 p) 12^,6 41 . Out le t Co. Big 1 * 

»/K»ten ,t „Il?SK, . 77 »» , i!l 2 .fIS7 . PS.S.., „ SUSS-riV* 

North Kaigurll (SAOJOI S'.® V ^. 4 > qu- K M 4 . e 6 . ,J ® 6*6 A l > E^'SS i C i«2. S | 

•«SK%E h i % c .S! 8 : 5 o. m ii& 10 is 14 gs^ n ^\t 5 ;? 0 ?^M iioM) ,4> 10”"** 187 


APRIL IS 

Brown (AJ Sons 20 
Casttatown Brewer* 17S 173- 
Clilrmace '35 

□imbula Valley (Ceylon) Tea 63 
Eastbourne Waterworks 47 
Eldridft* Pope A 182 
Exchcm Hldos. 24 22 
Oldham Brewer* 57 56, 

U reflate Inv*. 63 

APRIL. 12 . 


Portsmiwth Water ApcPors^ta. UH 
Oueen Street Warehouse S,p 
Tokyo Trust 5. A. £25, 

Viking Oil 126 

RULE 163 (3) 

Margains marked for approved 
companies engaged solely in 
mineral exploration . 
ARIL 13 


* t • ^lUA), 6 hPCLl>. 62 &MWV* (C.R.) frfc 

• -T •» '.onlfever ezip) 500 x® *MO 508 10 2 6 1. gfwnay Day Cp. 
•J. • **4geD? 89. 6 *«oeDb. 72,. 5>rOCLn. 46,® CdMlMteh tndest 
A, Btn 3/4). 7*<ocLn. 63® 5,® 2 »Tl,S 2 , . 17 18 .134) 

• '.- >" vfl»c- Clnui lav. Trt. 

. «T .. nnn ... n. lElm Iimi WI rnnliu. rw. • 


Wh re lock Marden A 37 
Wooiworth iF W.) Com. SUS19A 
Woodslde Pets. 69 - 
Yukon Coo*. 15BO 

APRIL ID 

Ampel Exol. 113 
Anglo Aloha Cement 62, 


Unlterh i ’10ot 1-074 7 F.C. Finance USD] kr *o <1 lU) 

«3rEs«ltotM»da*.) (250) 1,1-48® 9 7 Finance IndurtSS Trt. (10P> 17> 

6o* 5 g tx. N w,°rff^ nn t^sr%-9i; 

U # ti J En 5 Jt«2?U fl «S, (K§, 

Utd Gas Industries f25o) 54. 9 pcLa. Gresham In*. Tit^ (25 p) 59, ' 

OW.Vuammre (H!<W<5«.l T7 - *2* ,M# 

■ Mafl Mowimpers fKe) 34fld I 13 U) - HlRUffO Tst C25pJ 29 • 

utd' srSenMenWas. <25o) 26B® 8 9 Inchcaoe 399 7 aou 39SL_. .** 


#1114) * 

Cnqlish National tny. pfd. #250) 21 , 2 
Equity Consort In*. Tst. Ofd. 1 SO 01 117® 
Equity Income TSt. iSOol .174 II J/41 
Fam/lv in*. Tst. (25o) 76 M1/4) 


Utd. 5 **rlnfl * SMI Gro- HOP) 24 rtO/4) 
uSi'WHre Grp. (25o» 57 5_ , 


24 now . MO.-«jl lZSUKUoacd.Ln. 97 ( 11 .# 

IM- Comm. Fin. Con. S ‘zoeDfa.' 7! 

. H _ UMy-hrame leti.410«> lit® lb® F 2^f [Bn Colonial iZSd) 142'?® 40* .3! 

- ir. Owwm (E.) Sons A (23a) 30® > 4 ® Unictf.Ln. JSU (1TK); -'-10 1 lOCUnscd.Lil. 40. Ai.pcDb. 55®- 

Uther-Walker CIOp) 49 JJVl’JMl. 'HpcUa*cd.H». 9fl.‘ Tl*»oc Fiurtinvest Income Sh*. <2Sol 36, 6 

■ = s "VoftSir. < 2 So>- 33t .(13/4V. 5I*PCPf. 59 Kwmhu 'rtCto) 19 (1314) ■ - ~ " •' . . . g't. 'japan In*. Trt. # 2 Sp) 114 

.--/1JJ47 . _ : " Lampu. SecurltMl (SOpf 2 S CI2.’4> General consd. In*. Tst. I25p) 78, ( 11 / 

- : Tfantpna, Crouo ( 20 P) 120 ® Lloyd* Scottish ( 200 ) SO® «n . General Fundi r25q) 136, (12/4> 

.. SB w*r«r sssTflUSp® as ssd ^^‘raVuT^ 95 

* i ' */ftj 4 i Products (WaPaend) a5p) 99 Mill* Altai Interim. tiOpV 156 5 8 60. Globe Investment t&p> 98,® 9. 5, 

- •» #,«.«» Cum RedlrtPt. (50p> 7* 11 H 4 < Ln. 80® 1 , 

- ? c JJSJS®*.** Mercantile Hldgi. "(10p» 12® Govett Eurooean /2Sol 64 

Crpuo (20p) 96 5 NMC Invert. (IZI^V 14*a Great Northern iZSo) 92® It 2 

■ Vospor (2S01 152 5 P aram bq <ip B l M, t 12 | 4 r Group invertor* f25o> 49, 1)2/41 

> Provident Financial Go. <2S4) 91® 09 Guardian ( 2 Spl 71, 


P w'/lwi 407 F V?‘ 5c*»tt>sb American i25o) B1 b.SocCnv. 

I- •',1; I-?’ Uns.Ln 72® ,# 

zOCDb. 79*t BO. First Union Gen. (R0.25) 44, '10/41 


London Assoc. In*. Tit. riopl rii t11)4> General Investor* Trustees (25W 93 
London European pP- iiom.15 21*4) General Scottish (25 di 76 (13/41 


'13/4) Tanganyika Co nr«*k> to r50pj )29® 8® 

GT. Japan In*. Trt, '25p> 114 Wmkie Colliery rShtD SB »- 7 

General Consd. In*. Tst. I25p) 78, (11/4) Zambia 1 Copper rcBDO-24) 1'oij® 

General Fund* (2 Sdi 136, H2l4i . .... 


5i|vermlnes (2>:o) 35 , 

South Crotly rlOol 51 
Tarlong Tin Drednlng i16p) 87 
Tronoh Mines Malaysia Berhad (SMa, 
173 5 

Rhodesian (9) 

FaVon Mine* (2So) 1600 7 5 
Globe and Phoenix (I 2 ,p) 61 


R £r?S5r th U<brldM Valley 13ocDt>. Emon tai. £35«» 

ssrtir.’jssbrs.if'w- « SlF^r 2 

■» SfflSi'iJSSai.WB®- “■ BSSS5L,"K!3LS;‘« ,s i?.V« 


A ^' Can TO - 4oeD,, ■ 1979 ^ S £Mlj Gas and Oil Acre.ae* (15p Bd.i 78 

Cg|ar lev. Trim 4oeDb. 1960-85 M2, S 2sX” 2 m 250* ,U ' K ■ , 366 Z6 ° 

Churrti ^n»y ^Hoia'ing 'soe. 2 * 2 PcL#v. £12 APRIL 12 

Fielding •>>? Johnson 6pcCUm.Pt. 34 fiebe«* Oil and Ga* IU.KJ 258 256 Z54 

Fuller Smith and Turner A 245 252 250 

Guest Kean arm Nettlelolds CU.KJ 6iaoc 
Std-Db. 1960-oS l30>. £S0- , , APRIL 11 

Harvey and Thompson &JUcclins.Ln. 1997. 

Harm* and T homovan 6>w>cUn*j.n. 1991- sJSjetis'o^and Ga* rtJ.K.) 254 

1990 »o ^ A‘ tpcCam - P1 - 35 APRIL 10 

3 Vor& B 1£5 W * , * n " OTfc ‘ e'sPCMt-Db. 1976- c c p n 5|M As5 «:t,tes 875 


30 J.npc Ord. J 7 ' 4 ® 

Sutton Disrrin J ISacPt, SJ'i ( 1 1 [ 4 ) 


SPECIAL UST 


LL^' F ^. [,m 4 .» ai 55 |? B5 ,82,J * 40 • ■ 39l, M |'I T2!" ,nd RcsoureP5 '' ,,D, ■ 40, ,425 Busing done ir, secorities quoted 

(i 1141. '11pcUnxcd.Uk. 9B. 11 ).ik Fundlitvest Income Shs. <2 So) 36, 6 Rhodesian Con. (161 pi 19 (10.4) ln uie Monthly Supplement. 


Hutchison IVhamnoa Pf. 16'. 
Jardlne Matheson 220 
Leverage Fund 975: 7,: 
Nicholas lnt.-74 
Northern Mining i3Dci 32® 


jersey Nm Waterworks G'jPCMt-Db. 1978* 

Jatoev- Electricttv 7 pcliv. 1377-79 £96 
Jersey Gas Spcapi. 3b 
K enmare Oil Exploration 30, 30 
Lovell iY. J-) (Hidgi.i 7ocCum.P1. 38 
Manlford lx*. Hldgs. 13D 
Mum and Oversea* Inv. Trt. A 11 
N MW. Computer* 1 Oi- 

New Court -Natural Resources 6 , 

Portsmouth Water 4’apcRd-Db. 1979 £92 


C.C.P. North Sna Associates 875 

Gas and 00 Acreage 83 

Siebens Oil and Ga* <U.K.l 258 254 252 

APRIL 7 

Slebena Oil Gas tU.K . 1 258 260 ZSd 
iBu permlsrion of (he Stock Exchange 


Cl 114) 

Vtoers (10P) 2 b (H»4» 
Vtrrten Group (20p) 96 S 
Vasper QSP) 152 5 


• w— Y— Z 

: W - Rlbtxms Htda*. (10p) 75 

Waee Group < 20 t* 34 (1X4) 
Wadldngton "John) OSo) 215 (1314). Soc 
.. ■■ Pf. 59 (10,4) 

Wade Potteries flOp) 32 (1114) . 
r" Wade* Dooartmental Stores (ZOp) 42 
( 10/4). - Non-Vtg. A ( 20 i» 40 (10.4) 

. V- . Wadham Stringer ( 10 c) 36, (1214) 

• '• Wjdk/o (SOP) 1)5 H3/4) 

- -u ’Wagon Industrial Hldgs. ( 2 Sp) 115 

- (11/4) 

Walker Hooter iso) 14, rt 2 ' 4 ) 

- Wa'k-r >C. W.) Hides. (250) 118 

• ■» Walker (James' Goldsmith Silversmith 
.. >>AMpi 79. Non-VtSL ( 2 Sp) 73 - 

.f. :. W?leer (Thomas) (Sp) 9, (llta) 

, r ■' Wall)* Fashion Group HOP) 63 
... •* t Ward Goldstar I 2 So) 90 
" *b Wift-d H'das. (lOol 37 t; 


SUM Derby Hides. (1«p) 140-1 

Smith Bro*. iZSo) 51 

Sterling Credit Grp. flOo) 24 (13/4) 


Great Northern i25e) 92® It 2 
Group investors f2St» 49h 112/41 
Guardian (25pl 71 , 

Hill (P.t (25n> 163®. 4>-«cDb. 74 6 


i •• South African (36) 

Anglo-American Coal Coro. (R0.50) 503 
14) Anglo American Cora. S. Africa (RD 10 ) 
300® 4 (1314) 

5, pc Anglo American Gold Invest, <Ri) I632p 
Blshopsgale Platinum iRO.IDl 70® 
Blyvowuitzicht Gold Mng. (Ro.25i 390® 
Consd. Murchison (R 0.101 250 (11.-41 
Caro nation Syndicate /R0.2S) 8 B 
Dedkraal Gold Mng. (R0.20I 75 ! 

6 Doornfonteln Gld. Mng. (Rli p245 I 


Hume Holdings A I25p< 72® 2. S,peLn. I East Daggalontem (RD 25® 


• W and'^icnera^raspl ^45,® 5. SX SiS ""^.'"(VooTYa 

114). soc aWlKmi'l.'AIEK fiO-hn Cn*. 3,PcDb 251. 5i,ocDh. 49 Eartera Tran.vaal Con*d. .R0.50) 160 

; > ■ W^onVn^i r,!.,, International Invert. (25p( 69, 03/41. Elsburo (Rli XUS1.46 111/41 

OOP) 42 wirtrf-e ff t, WrrtS. 29 110 / 4 ). 4,pclH. 37u 4 dc Fiee State Development Invest. Corn. 

I (10,4) WeSrra Dh - 32 (10/4) IR0.50) 75® 

.in western selection Dev. (20 p) 25 (10/43 inwcii-n ■» c.irivu cm.iria* rttni i?nn Fm cmm rtiM#..ia .on cm -icna. mu. 


East Drlelomein #R 1 ) p55B 


vK l !S to ! , ,„^cM, , 1 | V« Investing In Success Eoul 

| 35 afBBSu , .» ,,iri, r i >- , ?r m ;s D c b Q,p « ,ls# ' u -- 

f-jc rai . 7- Investors capital i25d' R9,® 

_ . . Y' . jardlne Janan (25pt 125 <13(4) 
-Crtvvltiverita 1 Gai As*ACIUlon : 3280 iersev Fvternal (1o» 137 
9 Ml 32 30 29 31. Epctn,. 1989*94 I5B >h* Holdlna* <25ol 41, 

('O' 4 ) “j ' Kcvs*one invest. (FOn) 1 


WrrtS. 29 H014). 4>;pcPt. 37 1 . 4 dc Fiee State Development invest . _ m 

. Dh. 32 (10/4) IR0.50) 75* .-*rnuu 14 

4 Investlnq In Success Eoultles '25«) 17nn Free State Gcduld (RO.SO) D1608O (13/4) African Oxvaeri | o-sm 

lnvestm-nt Corp. I25P) 184. 4, pc PI. 39® Free State Saaiplaa* >R 1 < SU50.B4: AlrlSnowZ*?*#* 17s* 

, 5orDb. W , . Gold Welds 5. Africa rRO.25) pll72 American Tel. 1 el. ‘ 

J?ISiJf ,rS i 5 ^S t *rss«? B \M >, |fs/ 4 > ?° l11 Flel0 ‘ Property (R 0 .D 2 ij) 54 ® Anglo UM. 97 * 8 * 9* 100® 100 

mo*. - ^ >n e ( ?. 5 a *'. 1 A 5 *1*14) Graoh/lel Propneiarv 'R0.25J 98® 1 , Arto SUS47A® 

J28ffl JtmN rvlerMl flQi> 137 « . acicq. MAfMMMt* f i tu 

I ISO Hofdlnn* '2SmH, ttarmonyGola (R0.5D) 336 (13 41 SSS CHI?US?S'.% ^ 

Kevsrone Invest. fF 0 n)_ 125® Hartebontfonteln HU) D1093 < 1 3/4) Eousalnrllle Couoe- 102 ' 

• - . Klnqslde' Invest.- (25P) 54 - Jd'burg. Consd. in*. (R 2 ) 1114 Bukil Sembawang 71 

Lake View I25P) 80>r Klool Gold (R 1 ) 450 Campbell Redlake )U53 HmO 

7981 Law Debenture COrp. i2ha) 92® Leslie i«0.G5i p38. Coles (G. JJ 174 

•f Led* Inv. (20p) 34,. Capital I5p) 22, l*anon iRI) pSOO Conrinc R*o Tir.io Australia 204 

!® >12/4) Loralne (*D 79 I13r4) Consumer* Gas til-"* 


APRIL 14 

(Nil) 

APRIL 13 (Nil) 

APRIL 12 (Nil) 

. APRIL II (Nil) 

APRIL 10 (Nil) 

RULE 163 (l) (e) 

Bargains marked in securities 
which ar e quoted or listed on an 
overseas Slock Exchange. 

APRIL 14 


MONEY + EXCHANGES 


MLR unchanged 


INSURANCE $02} J 


* *' W 6 M H'dgs. MOP), 37, 

.. ,'Wa*l White Group (25p) 70li 1T2»4). 
, ‘ 10 ':pcPi. 158 (12/4). 8 ecUn*ec.Ln. 83 


Commertl.I Union 145* MtiWW Dl/4. 

*• fll/4) 39 ' t W?“B'47 , i London Provincial <2Spl 98 HX#4l. 5pcDb. 

IIUpc SS& Ww StrathClvd. CSp) 37, 

1173. 19 1985-90 London AunrsMa fSAll 128 (12*4' 


London Loownd (25p> 62 


Warner Communication* Inc. 24, 

Warner Holidays HOP) 23, 

Warwick EnflO. Investment tOocLn. 84® 
(13/41 


Loralne (*!> 79 H3r4) 

Marlevale Consd. fRO.SO) 74, IT2I41 


Asscd. Manganese £ 17 , 

Baker Oil uiSaj- ® 

Bougainville Coppv 102 ' 

Bukit Sembawang 71 
Camnbetl Reoiake 1US31 1 ..® 

Coles (G. JJ 174 

Court nc R*o Timo Australia 204 

Consumer* Gas in/> 

Dayton Hudson suS38'i* 


Wrtdle (Bernard) OOo) 181*® 19 (. (1?|4) " ' ',’•’7™'” ' Londc 

Waring Giilow (Hldgs.) (25p) 90, (12Mi Eagle star Insurance (2Sai 146® fi • . 66 i« 

— tYurne .Wright Rowland OOo) 42. 8U» e frwita F> na nS* (QJC. ) B 4 ocLiv 1 9/L*.on Lonie 


Messina (Transvaal) Dev. (R0.501 92® 00 Dlg.tal Equipment VUSJO i>a 

013.4) EMI Australia 105 

New W/twatersra»d Gold Exolm, (RO.SO) Eastman Kodak SUS46 
101® . _ . Gold Brown Brick Tile 20® 

President Brand rRO. 50) 0 MI 1 .. Hamerliey Hides. 17B 

President Stevn tflO.SOI 770 Hl.‘4) Hong Kong Land 123, 


Bank of England Minimum bids of £847.6501., and all bids tial excess of Government dis- 
tending Rale 71 per cent. uttered were allotted. Next week buraements over revenue transfers 
lc4 _„ ,, in-ro\ £3 00m. will be on offer replacing to the Exchequer. 

(since April j». i»«») maturities of £400m. Discount bouses paid around 4J 

The Treasury bill rate rose by Day to day credit was in plenti- per cent. lor secured call loans at 
0.9730 per cent at yesterday’s fui supply ia the London money the start and rates eased to. close 
tender to 6.9691 per cent, and Bank market arid the authorities sold at- 31-4 per cenL In the interbank 
of England Minimum Lending an extremely large amount of market, overnight loans opened at 
Rate was unchanged at 7|’ per Treasury bills both ways, although 5-5* per cent, and fell during the 
cent. At the same time, the market leaving some surplus in the sys- morning, to 4J-4* per cent. By 
related ' formula for calculating tem to be carried forward to Mon- early afternoon rates had supped. 
MLR was re-instated. The mini- day. Bank » balances were run to 34-31 per cent before some 
mum accepted bid was £98.26 com- down and there was also a modest demand pushed the rat© up to 
pared with £98.501 previously and<rise m the note circulation. These 4MJ P® r cenL before tailing away 
bids ar that level were met as to were more than outweighed by a to 1-2 per cenL at the close, 
about 60 per cent. The £3 00m. bills large number of net maturing Rales In the table below are 
tendered and allotted attracted Treasury bills arid a vary suhslan- nominal in some cases. 


Fw/ttv giM Law Lite Asset. Soc. (SoEtSO® London Merchant See*. ( 2 Sp« 79,® 8 ® 8 Mines Praos. iRD 107 (10(4) Irvin Joiinion 20® 

-I* , ' - - - . Rand/onteln Ert*. Wltwaterarand GR2) Jardlne MMhespn 221 


Waterford Glass i5o) 45 <13M>- lOocPf. I Cora. 208 


General Accident - Fire Ufe -Assurance Lond on Prudential < 2 Spi 66 ij® 


SUS44,: ri3 4) 


! 192® 11314} 

= ! •’ Wawnbughs <Hk«s.l rasp) 82 (13(4>. New 
' - rasp) 83 (13/4) 

Watsham* i2Sb) 215 
• : :i Watson Philip (IDni S3, (13/4) 

Witu.Blgke Buarne #25p> 151, niM)' 
Wearra <10 pi 23'a -- - 

1 Wedowood fZ5o) IBB® 8 
---\WpekS Associate* ( 10 p) 36, (13/4) 

Weir Group (2Sp) 113, 14 16 14, 15 
11 3/4) . _ - . 


GoardUn Royal Exchange 
211 10. 7pcP1, 6 SL 


' ’ -- London Tst 4pePf. 46, U. Did. i2Sd) Rustenburg Plat Hldgs. (R0- 10) 

change JVsmranoe asp) 1 B 0 « (13/4i. EpcLn. 98® StVHelena (Rli ?40p SUS9, 

> 69_flS4).. _7pcLn. M G Duel Income shs. dOpi 185*. Do. sj h . African Land Enin. iRO.3 


Klmberlev Clark SU542® 

Kullm Malaysia 43® 

Myers Emporium 152 SUS1.96 
Nicholas intnl. 73 i 


I Sterling 

I pr. 14 I- Certificate 
16*71* ' ! nf deposits 


Local [Lien' Antb. 
Authority } negntuble 


Finance 

House 

Depnultf 


Fine Trade 
BUI*® 


1 ul®*®" 9 ! *S, - 1' " Caoltal ths. 97 ft 3 / 4 ) ‘ ItlHortein IRO SOI JU52.70 " Northern Moq'. 44 

■TSPJ&lfTZTJ!!?? ’ it", 37S * gsss ,r wSs™s7 , ‘ , “ , “ «“*'»• 

f! 0 ® 0 . R ° 6 , n*on Group C25e). 1 M (12/4) ^ 1 ’I’dh^d b 75 _**’ 5DC ! ,, ■• *? y?i?" offf - r ^i°n 6 ooio? SL/Stfi, O^n* ‘ Comfno N u'mb’lS 


' .. Wellcn Hldn*. (5n) 22, London Utd- Fnv*. (5 

-Wellman Engg. Cpn. (25 pi 47 , (12*4) Matthew* Wrightson 
Westhrlck Product* OSp) So (13/4) 90 5 ■ 

..- Westing ho use Brake Signal I2 Sp> 50 ’* Ml net Hide*. (20o) 1 

- Westland Aircraft CZSp) 441, t 3 ij. 74#«c Moran (Christopher) 


»d^P^V ,3,8, . . h£\ R 002,) 43 Ssfet-l* 

«w«wr ow mo ttrerVE* 4hs r a5fl, . iana?®»w. 

mSh-m. (zoo iVa® 1 • ■ . . » aranti^ C25pl wsrjn iiGS. wwR' i5W. ,! *w«i srsnff i«- M 


Otis Elevator <S.A.) ISO 
Owens Coml no UJS56)aO 
Pic. Pec. £27, 

Petrofina JU5132 
Power Cm. Canada B20 
Seagull Resources 200 


m nnoninguav oruc atgnai ixsp) av ■» *»'iwi mom. uyoi i/4D 1 . 030 7'MO.IIa 9Q<7 111(41 wwiern niuy*. ■ nu.^i# ■ 

’ckwhwp "** •Br,«»sfT ««.■>*■=• -win**- «!-*> «*» •* jaa— » - «» 

N gsr >.*!!!»" T ™“ M " -• 


West African (l) 

Btac/iTilOp) 5, (13(4)-' 
G^d^and' Base Metal ( 12 %«Vip 
J*_ntar (12>P> 9 H I ’4), -; s .; 

Diamond (8)' : 


Std. Bras* Iron Steel Foundries. 160® 
Tasmlnex 91: 90 
TYt Continental SUSI 8 S*® SUS171 
U"lon Tin Mines 35® 

Utd. Techooloole*. ‘US36,® - 
Welg-dacM Evnlrp. 95® 

W. Coast Transmission £23*in ■<! 

Woodswe Pet. 73 •■-• -.3 

WoMwnrth Hldgsv; :*U52r.4l.®#.- :=Do.r A 
1U52.41 A . • _ ... ^ 


Tr(!*a5t®(l1/«. 3 T B«L?. 0 74 t 1 8 fi 2lt U0C Stenhonee Hldgi.. fZSo). 96® 9® T-, nil 
: - . '.Whininohani CWm.l (Hide*.) 112,0) 37 Sun "l'»"ce^O n *>n 530 ®-.®*&k14». 7* 

- ' j'^BO^V niffi*'- * 1lJ n3,4, ■ BPClB - siJ, Ltf. (So) 94 a 

.W 5 IgfalI (Henry) Son (25o) 203® 200 19B w,llf F,h * r «5aJ * 7 S S? . . 

• - >« WF'&JZStfVs d 2 f 4 i 

— ) Aberdeen Invests- OSnl 53 (10/4) 

1/4) Aberdeen Trt. (7 Sol 123,® 


.‘^Sri AngtaArntrlcat) In*. Trt.(RO.Sd) 34I-® ^ 6 , 


s .^APRIL ^ 


DO. N«W 65- 


! Dlarnnnt I 

CnmpnQy markM Treasury ' 
Deposits I liepnril Bills® 


— 6-51* — 

— 64e-6ifl 6T # -6rt 

= t *V 


Local authorities aad Hnance bonsea myco days' notice -othent seven days' Saed. Lona-lerm local authority mortgage rata 
nominally three years 10 I- 1 M ner cent.; four years U-UI per cenL.; five rears lll-ll) per cfnL * Bank biD rates In table are 
bnrinc rates for prime paper. Buying ratea lor foor-momli bank bins 7Mt per ccol: four-raodth trade bills, q ’rer-cent. 

Approximate ce lling rates for one-month Treasury Mila 6i3i6 Per cent.; two-month U per cent.: and Ihree-monlh 61-6 Uic 
per cent. Approximate selling rate for one-month bank bills 6 U« per cent.; two- month H-fitSw per cent.j and three-month 
73i*-7Su per cent. One-month trade bills 7 per rent.; two-month 7» ner cent.: and also- three-month 7) per cenL ; 

Finance Hgufli Ban Rates -LpuUHshcd by the y>flaiKisJV H lS e ?-^ KS bc'tf 1 9 n ' 7 Per eent.^frena April 1. 1 STR -Cte arias Bank 
D epoch RBteSfStvsfiiall sums « %aVen days' noBcgCb *r-dpi)LtHElBartu» Bank Base Rate-fw fending Hi p&r^etjL Treasury 
Bills; Average’ repdec^rates of BisCottni &9691 per. cwk- Pi -.t" * - •• - 


Overnight 



2 daw notice--. 


1 dayi-or 

. 

7 itav» notice- 

— 

One mnmb 

67,-6), 

Twin mom hr.. 

7 A-7 

Three ranntbt 

7*-7* 

51* mnathf... 

•8-7H 

Nine nmnth». 

a hi BA 

One v«r... — 

Sft-BA 

Two yean* 



. .W'lke* l James) (2 So r 50 n 2/4) 

. wnirlns Mitchell (25p) 50.. (12/4) 


lEi Robeco- (R.B.) (Br4 (FiJO) SUS74VO pe Bern Wd. (ncg.J inn 
si*. Sub.- Sh*. (FIJI 582 1 13/4) SUS4.07, 322 6 

Ro-.hico (Br.l (FI. SO) £501®. Ord. Sub.Shs. All 

(FI .51 428® WIL. II76J 

- Roseoimom/ I mr. Tij. Cao. (250! 55 Attack Petroleum ( 20 p) 58 


Boral 196® 

Bukit Sc#nbawang. 69 
CSR-246 


LOCAL AUTHORITY BOND TABLE 


Authority 

(telephone number m 
parentheses) 


Annual - 

gross Interest Minimum Life of 
Interest payable sum bond 


ot Atrock Petroleum «0p) SB DaU^Ctai on.' ela ^ 2 1 "*• 

R 40 t*rtW 4 i <SO xaJiS 1 ?iMo?'7«u 4 #f?M7' firllhh-Borneo Petroleum Syndtaata (lOo) gSuwy rwalt) Prod*- EC6»j* 
if* 03/41. 3-6ncPf. ISOPt ZB, (13/4). idO (10i'«> Exxon Con. C34JU5® S', 

. British Petroleum 750® 47® 2j® 52 4 Hatn^Slim Bk. £«'’« 

1 9®. 50 46 2 6t St - 8.._ BocIrtPl. 70,. Hawker Slddelev Canada 4W 

B?' SM ' n0 ° 6ocDb. 91 U (11/4) Hona Kong Land '123 

^cmchh ^JLmMrTr^n* .-Ini’ -ro m. fi Burmah OH 44,® 2!* 4,1® 2 11 » l* Hutch Kon Boag 15® 

SratHrtl - - S °- i - 79 .4 4! ,. 7,ocPf. 46® 8Uoe Jennings^ 99 

■ S&Th'rao 42 ' 1 

•SW **— ■ <>■» 3 ., Ssaaj . , ta . Ba^ M ssyCw 

crAiti-i. f-Xust no* waa. nn i FFSO> SU52B>3 O^kbridqe Secs. 152 

sssi eas jjg.na *v assz^as^""* 


EXCHANGES AND BULLION 


FOREIGN EXCHANGES 


and Prosoor Linked Inc- She. f10p> Anrnh 4] U (11 f4) *" Hano 

1 n^n ■ Kf- .ttg? 1 -S RU « b“n OH 44 "* {:* 4,1® 2 -IT 3 , 

cw^ r ^CJv 50 riv ’l /? 5 ni 8 ici J, 4 41 ,. 7,ocPf. 46® I*. 8 Use jennlit 

HSS - Invert, Tst. A (2 Sd) 151 Ji in. SSUdi hi U Kullm 


Barking (01-592 4500) 8* f-year 

Barnsley Metro. (0226 203232) 10 J-year 

' Redbridge 109-47* 3030) 30 J-year-. 

.Rushcliffe (0602 811511) 9| * *3-year f 

Southend (0702- 49451) H . 4-year. 

Tfcurrock- (0375 5122) 10% ’ fyear : . 

^■*rtiurrock. (0375 5122) . Wf ■ £&}&-_ 

" Wrekin (0952 505051) 30. ybariy 


BUILDING SOCIETY RATES 


Sra«*h European Invert. (25pl 36, cSmSgrUe FrISalse Dti Petrole* B Shs. Mid East fill 

sss Baarn ^ 100 &£h* 

Sl l2^9 , ft tl t10J4 t | aSlW 12B- 5Bet>b ' ,B65 ' London Scottish Marine USn) 14B®. Oil 
Scottish Northern [2 Sp> 92 Production »k. Unit* <1 Oo) 320 (11 '4) 

scottiah Ontario (2soi 124 3 g» f f’®*» 196 9 ° r*ni D 

ScottW. United W. (25p/ 64*2® 3, 3. Premier _p ll (5 p)_13 1 2 h uUUI 

New Ord. (25 pi 64, 4 Royal Dutch Petroleum (FUOi GW 

Scottish western (25pl 81, 80 B ^SUSSBUi*:® £46 V 7 Sl«S9 

(2St») 77®. avwjcPf. 37, (1 1(4*. SVroc Shell Transport TraiRiW (Reg.) (25p) 50S 

Db. 70, ’ 8 10 7 3 3* 4 9. tBr) i2S#») 513 10. 

Second AlHance (25a) 173. fiPCW. 37 7pc2ndP». 62 (12/4 i 
( 10<4f Texaco International Financial Coro. 4’a.OC f- lUl Hnllii-in 

Second. Great Northern (2 5 pi 72-ij® stio /Dollar Ln. 59 ^ • . , " 

Securlttes TsL Scotland 12501 167 H3P4) Trlcenpol (25p) 1491® 55 4 1 3 2. -a _noe r^ticrt .- 

Shire* In*. (50 pi 123 (1 1 r4> ZpcUnsec.Ln. 155® _ lIIo-c............ S17B:27B»4 

StoeweH European. n Dpi 67 {1D;4I - Ultramar 1250) 218 19 17*. 7pcPfd. Opwiinz 

Sohere (25o) 97,. siriWDb. 75 • 127 Mornlufia'a 

W?ift4i f ^- l> ? - 1s6 * ,2 ' 4 »- ««**■ PROPERTY (142) 

illf rra { | T 5 ‘ 4 ’ Allnatt London izsp) 193 (12/4) \fuwn ofi* jr 

nx* 1 * 4 > n*w rasnl 86 AmalpamaTert Stores ISp)1D h #12/4) 1 

Temple Bar (25D) 85 4. New rasp) » aL uJS securities i5p) 19® il3/4) „ . 

Throgmorton Secured Growth Cap. Ln. fin A r0 y| e Securities 12pcDb. 80 Gold C-oln I 

urntg or £1) 90 ( 13/41 Avenue Close 120 O) 81 (1214) dome-tjcallv I 

. Bank and Commercial Hldgs. tlOp) 2, krugerrand.. 

■■ ■■■■■ ■■ Beaumont <25p) 810 113/4) ivtup™»i.. 

Bellway Hldgs. (25 p> 59® B , 

Berkeley Hambro (250) 79 82* 80 _ .V'wBOTItni. 

-wnfe - .... ■ y— w British Land (25p) 29,® 9,8 7,. 

. T?. I'KS Brlxton" Estate ‘Srt 92® 89, 91 (13/4) ^ ’*”’**" 


GOLD MARKET 


Ultramar (25« 218 19 17*. 7pcP«d. Opening S17o-17o34 

127 .UorolPRliz'c S17B-30 

PROPRRTV f1(2) i£9S.8i7i 


. The U.S. dollar improved Opening st rts best level _ of Mnriiwtt Batw 

against most major currencies tn $1.8645- 1.8655. the pound had Bank 1 

e yesterday’s- '-foreign exchange fallen to below $1.86 by lunch, April 14 rm«b i>ay'* 

market. .In terms of the West and news of the _de_Bcit_ sent it % Spread ciw 

German mark, it strengthened to down to $1,8540-1.8550. The Bank i e&aiLi ss&sli aseo-i afi 7 n 

DM2.0325 from DM2.0232* and of England gave some assistance U zliiStiBM a'.iMora'uia 

Sw.FV.1^820 from SwJr.1^720 although movements tended to A^rtn^o, 4 4 . 01^.05 4 . 0114.021 

against the Swiss franc. Trading be exaggerated by the thin trad- BnuwMsj.... Bfe 58.50 59.00 58.55-bb.65 

was fairly thin and there seemed ing conditions. Sterling closed at Unpeabacwi a id.k-io.4J w.mho.bw 

to be some fresh optimism over Si. 8560-1.8570. a loss of 1.05c on [™^ k n r,,rt ■ ® 3 7 | ^ 7 | 5 

the U.S. authorities’ intentions the day and the worst closing “ dri n d ;:;;;; ,5521 12 £ m£u 

-w to combat inBation. Morgan lev) since Mid-December. Its trade m» 1.585-1.695 i.58B*-i.687a 

> ■ Guaranty's calculation of the weighted index on Bank of emo a 9.B9*.a.97 9 . aw . pi 

— -i Inllar's trade weighted depreci- England figures fell from 62.0 to I’bn*. Big B.4B-B.B2 8-481-8.471 

** xu ation usS noon rates SVw 61.7 the worst closing level since - ■ ««i“ EH& 

York, remained unchanged at 5.75 early August last year. VtaJit.“r S 27 x 5.27 25 w!oo1md 

per cent. On Bank of England . Elsewhere the .Canadian dollar zurirh....#... 1 5 . 494^^2 5 . 49 . s . be 

figures, the dollar indes firmed, weakened .further to 88.70* U.S. — : — : 

8177*, to 889 against 88.6 on Thursday, cent s from .86.781 U.S. cents -on tRatca *l*en are for coovertibie francs. 
SLMVitoOi, l .° •' ■ ' ” U y Thiirsdav. Gold improved Si an Financial franc m.5«8.75 . 


AJuro' o fix's 1 S .6 

Ji£95.813i 


SIMM 

|£9&.798< 

5178.6’ 

(iSa.508# 


' Thursday. Gold improved SI an 
. Sterling suffered much as a re- 'ounce to $178-178) but showed an 
suit of the firmer dollar arid. also' easier tendency' in later New 
the UJC trade deficit for March. York markets. 


OTHER MARKETS 


ulrits of £1) 90 M3/4i 


Deposit 

Rale 

Abbey National 5.25% 

. Alliance 5.25% 

Anglia -'« 5-25% 

'Birmingham- . 5J25% 

' 'Bradford .and Bingiey ...... : , 5^5% 

Bristol and West 5J25% 

Bristol Economic - - 5-25% 

Britannia — — • 525% 

Burnley . — .....— 5-25% 

Cardiff ...... - ' - 5.75% 

^Catholic 5.00% 

. . .Chelsea ...... . 525% 

..Cheltenham and Gloucester 525% 

Citizens Regency • 5. 25% 

City of London — 5 50% 

, Coventry Economic ......... 5-25% 

^Coventry Provjdeut ......... . 5-35%. 

Derbyshire — 525% 

Gateway — 5J55% 

.Guardian 5.25% 


Share 

Accnts. 

5.50% 

530% 

5.50% 

- 530% 
530% 
'.530% 
5.50% 
5,50.% 
.530%. 
630% 
•5.60% 
-.530% 

. 530% 
530%- 
S30% 
.530% 
530% 


Sub’pn 
Shares 
6.75% 
6.73% 
6.75% . 
6.75% 
6.75% 
6-75% 
,.6.75%' 
■6.75%-. 
6.75% 
730% 
6.75% 
6.75% 
A75% 
7.30% 
6.75% 

&75% 

730% 


Capital. Counties Prop. (25 b) 46. Do. 
(Warrants to Mb. for Orb.) fit 03-4i. 
QfiiPCLn. 71U fi# / 12/4) __ 


Gold Coin I 

riome-tacallv I 

i( cureirraihl. .<^18314-18514 5184-186 

liL9»l5*-995, (£9814-99 141 

.V* dor’iini. S54,.a6lt 

icamt-duui (£aei4-A >141 

OKI -w’rRTi So6J»a Sa64t-68fi4 

1 £50 > 4-31141 (£3' 1 14 -a 1 >4 1 


EXCHANGE CROSS-RATES 


iFntnkliwi /\e» 


530%,. 6.75% 
5.50% 6.75% 






’Halifax — — - 

Hastings and Thanet ........ 

^j!5% 

5.25% 

0^0% 

5-50% 

■ 550% 

6.75% 

6.75% 

“Hearts of Oak & Enfield ...' 

555%. 

5.50% 

5.75% 

6.00% 

7^5% 

..JJuddersfield & Bradford ... 

5Ji5%. 

5^5% 

5^0%. 

5.60%. 

6.75% 

. .7,36% 


5-25% 

5J50% 

fi.75% 


5 25% 

550% 

6.75% 


5.75% 

■6.00% 

7.45% 


b.75% 

625% 

7.50% 


5^5% 

5.60% 

475% 


555% , 

5.50% 

.6,75% 


5^0%; 

teo% 



• 5.50% 

5.80% 

*80% 


. 5 25% 

&50% 

*75% 

Newcastle Permanent 

5.00% 

6.50% 

5^0% 

8.75% 

*80% 

L Northeni Rock - 

.Jfprwich 

"piisley 

535% 

535% 

.535% 

550% 

5.50%. 

550% 

5.50% 

6.00% 

a75% 

7.00% 

6.75% 


5 25% 

5.50% 

6.75% 

progressive 

540% 

■5-25% 

5.65% 

&00% 

6.75% 

7^5% 


5.25% 

5.50% ' 

6.75% 


5 25% 

5.50% 

*75% 

Sussex Mutual 

5-55% 

5-35% 

550% : 7.05% 

5150% *10.00% 

Woolwich 

5-25% 

550% 

.*75% 


•Term Shares 
630% S yrs^ 6.00% 2 yrs. 

A50% SyraL, &00% 2 yrs. 5.75% 1 yr. 
6.50% 3 yrs* 6.00% 2 yrs., 5.75% 1 yr. 
630% 3 yra; 6.00% 2 yrs* 5.75% 1 yr. 
630% 3 yrs* 6 : 00 % 2 yrs* min. £500 

5.75% 3 months* notice 
' 630%- 3 yrs* 6.00% 2 yrs.' ■ 

630%.. 3 yis* &00% 2 yrs. • 

• 530% over £5,000 - 

635% 6 months' notice, minimum £500 
630% 3 yrK, 6.00% 2 yrs. ( £500-215.000) 
7.05% 3 yrs,, over £5,000 
6.72% 3 yrs* min. £500 
630% 3yrs..6% 1 yr. min. 3 mths. notice 
6.75% 3 yrs. 

— Up to 6% 3 months’ notice 
630% 3 yrs* 6% 2 yrs* min. £50Q-£L5.000 
6.45%. 3 mths.’ notice, minimum £1.000 
630% 3 yrs* 6.00% 2 yrs. . 

630% 3 yrs* 6.00% IJ yrs* £250-^5,000 
6.50% 3 yra* 6% a months' notice 
6.75% 3 yrs* 830% 2 yrs* 635% 1 yr. 
630% 6 months’ notice, minimum £2.000 
630% 3 yrs* 6,00% 2 yrs* £100-£15,000 
635% 2' yti * 

6.50% 3 yra* 6% 2 yrs., min. £l(XK£15.O0O 
730% 3 yra, 6.60% 2 yrs* min. £1.000 

635% 2 yrs* min. £2,000 

6.50% 3 yrs*. 6.00% 2 yrs. min. £250 

635% 6 months* 

630% 3-4 yrs., min. £500, 6.00% 2 yrs. 
630% 3 yns*-fi30% 2 yes, 

630% 3 yrs* 6.00% 2 yrs.,' min. £100 
6jZ5% .2 yrs* minimum £500 
630% 3 yrs; 6.0D% 2 yrs. min. £500 

630% ■ 3 yrs* B.00% 2 yrs* 5.75% 3 mths. 

• 6.65% S yrs* 6.4% 2yrs*6.15% 3mthsjioL 
6.40% 3 mths. noL.B430% tolimltd-cos. 
6.50% -3-4 yrs^ 6.00% 2 yrs. 

6.50% .3 yrs* 6.08% 2 yrs. 

6.65% 3 yra* -635% 2 yrs., mlD. £500 
6.50% 3 yrs* 6.00%. 2 yra. +Max £250 
6.00% ' 2 yrs.. 6.50% 3 yri 


tranklup — £.0K7-(K» 

.Yew York . On-27-38 — 

tVrt».._ -4.70 225. 1*646 71 

U/vWli.... b.c6* 0 41.B5 68 
iLnnritai 4.17-18 «. -6-8.-' 


cIroTSS~£p7 TsirTsu®. 9 ,pclo. re Soul Coin*...' f 1 -®®, .IS’* ^ ~ r-' ,w ' D I V 

(11/41 ilntenwi UvV tawlon*.- . 4.1718 i. ■ 6-8. 7 8 46)478 0*4*4 I — 4.01J Si 4, 

Contra! oiw DW. Prop. BpoLo. S3, Krouerranil JSlB3l4-185i4 S1B314-18514 Amrt'rtam.. inF67-7S ^.1677 170s 4 #.446 493 4.i 81 6& lili 

CrortvvlDCtol Feta tax (20m 68 <11/4). <±.-98*4.993, , (£973,-9824 Zuri.-b..' |ftS.4063ro?l l.r-7^87B 4lX'CT6-iaCj .5311^741 3.4B 4876 ^.aiB9 77T: 

BUPcLn. 53 <10141 __ " il8wSo*'iBiir!Sg5-S7 " * 1 : . 

Charlwood AlHance Hldos. 7,pcUi. [Mrt {<£993,303,1 (£99)i-3oigi D5. 1 la TarouioU JS. 5=114.66-90 Uuudiaj) i-eata. 

rS^hhL 0 rV ' Eitati* C25B) 237®, SbcL- UId Sw/'rtro- |S66-a8 ' _ 5063,-683, Canaritan S In New Ynrk=67^9-59 tenia. L r .S. 8 in Milan B54.4aTO. 

54 03*) * I<£30l4-31l4i (£3014-51(4- 8t*rUn«.lD:MiuuU6e7.8a.l6BaJ». 

City Offices (25P) 51 1 j® 50.(13/4) »20 _. S28& Z89 82863,-8895^ ■'■ 

'wrws 1 ^ — — • — ^ 

CpuStty S nS# *Totmi Vropi^lOp) 20, CURRENCY RATES EURO-CURRENCY INTEREST RATES* 

sSS’ Hta^r'usp) 1 ^ nil *' - — i TES S Sr : taSSUS r~U^Sb 5 ™ 9 T 7 

Dor rl not on Inv. (1 dpi ti,t®. DroWi^K XTnilW- - April 14 atomim l»oii« . U^l.-Uouaf iran m 

1 iHBS S 4 '5sr^:'~6^~ ? av74i ^ 

JSSS-^SpOB^JSSJi^ ] A :^ li my. coi^l » 1,-612 W4-7V. ^ 

CstatM Gen. Inv. C20o) 17 . __ </»«■««« 

Estate* Ptv. jnv. i25o» 85 n 3/4). 7»m ?- j ' — 

Untec. L#i. 63 BO C10/4I bjS.rloUar. — 

Evan* Leeds (25 d> 72<-£® Stffl Ltanrtlsn 

I 

Great Portland Ert*. CSCpI 256 B dt „ I 


05. 5 in TonmioU J5. 5=114.06-90 (Janadian i-eota. 
Cmmullon 8 In New Ynrk =£7-29-311 lenio. L r .M. 5 In Milan B64.4O.70. 
Sterllnji-Ii): Milan 1697.62-1689.06.' 


i EURO-CURRENCY INTEREST RATES* 


ywk markets. , m«w k»w" 

Amwntliw. 137S-1S74 AnieiitiiwJ HM-1550 
.- - Aurtrallm .. 1 .8175- 1-6568 LufLna .... 28.6-28.0 

S. Brazil. ...... Sfl.B2-31.9Z Helcmm... B8-69S 

> Flomnd..., 7.75-7 77 Breurlt S5-4B 

■ ■ Greece B7.942-ra.S2S LtauuU..... 2.1*2. IG 

rim— w- Uwidiwi lAnaWu'm iuilch " HuonKooi! 8^6-8.67* UenirMl-k.. ID. 5-10. 6 

Iran 129-113 Fran,* B.46-B.6D 

2.027-02WI 44.46 67 I fi.41B AS 4.778 7/2 04.66 76 106.0-30 Kuwait. — 0.607-0.617 Germany.. S.7D-S.86 ' 

- -L80B4 S.16-17 l.b&60 670 «;15 20 410 20 l^ixemirr*. .6B.664B.66 Greere 98-72 

M23 467 d. 496 '16 210I1&-66 2-2 16^5 JJatay»ia... 4.3 786-4. S94fl Italy. 1680-7030 

- 66^4 69.0 14x4)- 4 1.76-02 N. 7<eninnrt 1.8081-1.8262 Inpan 410-430 

- 4.011 21 4.49.-0 aaruii 8.37-6.47 Net herl'nd 3.85-4.10 

'.MB -e. 36. 4.) 31 6& ||4 9'-11'>. 4.2BHM.50 Nururay — 850-10.5 

.aa« I-*«T«: 3.4B «e76 777 ; — ?; Africa.., 1.BB4B- 1.6603 /’wiuc*' .. 72-78. 1 

— : — — Spam* 14B-14B 

14.66-60 Uanadian venta. ' ^anorU..." Switx 1 Man B.W-S .M 

Bitiuauf ^ ’igi? 7 


Drawine 

Apn- 14 


Unit w 
Acconnr 
Afoni ‘ M 


idbon term I.j 

t iay» nnlicd 


.Sreen (RJ Props, (lflpi 41>i 

Greeoceat (Spi 5'i <11i4) Deutactietn r* I 

H*te Props. <250) 41 (1 DM) _ _ Uuteb ptji liter ! 

Hammerson Ptv. lev. A 125p> 5350 991® . 

AOhzm 3D rreiK-a Iran.- . 

Hjs/emere Esis.- (lOpl ZIS _ Italian lire*— 

Intereuropean Ptv. Hldgi, (lOol 28 6 jimnaetni. 

(12/4). lOoelstMM.Deb. 80 i S (10141 
Land Secs. Invest. Tst. (SOpl 192® 3H® *"*y*rnn« 

4 12 31719 93t- fiUeOstDb. 1978-83 il*ln prtrta.. 

■ 7Bfi< (13/4J. gpclstDb. 70®. BhpcUnsec. 4irorli*hkrone 
Ln. 57 U® Bi, 7<a (13/41. SfiocUnHcU. -MatlnuiK.... 1 

151® 49 B (13/4L 51.pcUnsec.Ln. 13H,® - — — ' : 

29 113/4). IDpcUnseCLLn. 130® 28 5 7 11 1 - . ; 

113/4) . 

Law Land (20p) 37h (13(4) ' ■ '• - .... 1 

<««. UJL CONVERTIBLE STOCKS 14/4/38 

Lvnton HldBS. r20pl 113 12 (13/4) 

ME PC. i250» 109: S t 7 .4 41 71 St h. ^ 

<4l:PcP(. S4W (11/41. 5Srf>Cl StDb. 60)^1 p_ 

(73/4). BpcUnsecJ-n. 601*. SpeUnjeCLn. I- 0 

M/diiurst vvhir« huh. (rep) 4 iu® SSse Current vers 

M^/Sir , <4WM ra J!i cMpVmss fit Name and description . (£m.) Price Terms* dal 

Peach er Prop. Cpn. (25a) 59 71 2 ii, ,, i ■ -i " ■' ' ' 1 ' ' ' 

Proa, and, Reversionary Invest. Con. iz S pi Alcan Aluminium 9pc Cv. 89-94 . 9.05 150.00 100.0 

PWB. f HUB; and (250. mi Associated Paper 9Jpc Cv. 85-90 1.40 95.50 200.0 -76-' 

Bank of Ireland IQpc Cv. 91-96 8^3 150,00 47.6 77-' 

sSSSLTSmS^^nimn British Land 12pc'Cv. 2002 ■ 7.71 322.00 333.3 S0-! 

.R-’lonal Proo*. (25pl 79 <11)4). A [2Sp{ — - 

4?i. Proo. hiooi aupcu, 5 ,® i<® English Property gjpc Cv. 98-03 824 66.00 234.0 76-: 

&rttt H ain ^3%r 1S0 ^ English Properly 12pc.Cv. 00-05 1521 86.00 150.0 76. 

Scottish Metropolian Proo. <2dpi 97® 7 a — . _ ■ — — 

ISKS e Sifir .as Hm Trust 8|pc Cv. IW 4.51 79.P0 S7.1 .8- 

Stack^cowrtsion *ind inv, Tst. fZspi Hewden-Stuari 7pc Cv. 1995 0 .07 250.00 470.4 75-i 

217l»® (1314) — — ■ -■ — — ■ ■ — 11 

Sunta# f Bernard* Inv. Tst f25p) 172 PentOS 15pC Cv. 1985 1.06 130.00 166.7 76-1 


13/4). 7l« Sterlinfi ] 

® L'*n«rti»n I 

Auatnascfa— 

K a ax Bp/jrian franc. 

Daolah krone. 
Dtutahun rk I 


1.44947 
10.3848 
39.7663 
7.0 27 10 
2.55249 
2.72395 
5.74215 


dtenuu: 

UnwiiMi 
Ltoiiu , 

u^.-Uousr 

Uuusti 

{feilKlef* 

Uwiw 
■ ran 

6-bJ, 
Pl,-6Is 
714-7* 
78g 77 B 
et,4»j 
BSb.oTb 

63,-74, 
63,-73,' 
73,-814 
8.1a oi* 
oft-SH 
bfifl'9 

63,-7 • 
63, r) 

' 7-714- 
7t,-#lg 
#68-77* 
V7 b bi h 

4 3S^»8 
48*-4Sb . 
41 a -4^ 
sis — #a, 
-l*-43, 

43, -5 

1 V* 
ae-ss 
A-A- 

«. 


-.*Tk A A. 
aifl-aA 

^TminTba! 7ai 77J Qls-clg 7i«-«le HiJ-isJ j ZmA- dre a* Amni'dam lig-fe c. pm |3ig-2ls c. pm. 
month*.... el, 451a oft-8«. 4 6»-77s -l ( -43, 4 (% c* Brojee..- 15 S i.% pm e ' 1™. 

evreir SSs-eTB bfie-9 VTs bih 4S,-5 I l-ll. Lnp nh »n. 65, -Bi# nre 41* !l»-'21 ore 3l» 

— — - — — s Frankfort llj-lj pf pm 41,-51: pf. pm 

E lira- French deport/ rales: two-dar Bi-Si per cenL; itevea-dny msi jh-t reot.; huitau 160-170 c. i/i* J 20O-54O <fta 


Rate Riven for Argentina la a free rale. 


FORWARD; RATES 

■ fine mrmrti j Three momtCT 

New Ynt* . .OBcpm..OSr.piriT.22m.17e.'pm 
llnnuw .0.15-0.25 e. dinlO. 35^.45' e.dii 
Amsi'dam lfe-fe e. pm |3ig-2l| c. pm. 
Bruaaeis... 15-5 1 -. pm 40-25 c. pm 


one-year 91-105 per cent. 


per cent.; four Tears 81-81 per cent.: flve rears 87 u-8*h per cent 


MSS 


J 200- 540 c . 1 lie 
|70-150 c.dis 
1-19-26 lire >1la 


Long-term Eurodollar deposits: two years 81 16 -83i6 per cent; three years 8F-KI Ono... ..... 71,-9), ore <t I* jl7j-19* nre dla 


l*a,rl*- 1,-1M c. #11* 


lig-2i» c. ilia 


The fnllowin* nominal rales were owried tor London dollar certificates of deposit: St'rkhriim ll{-3ts rireiUa 145 ,- 6)4 nre dla 
one-month 6.BS-7.0S per cent.: Ureerin.O.nth 7.15-7^5 per cent; sht-pwoth. 7^4-7 ner VJenna—. 6^pm-5erodWa>>Trnni-agnvllB 
canf.f one-year 7 . 8 A 7 .B 0 flerefttt. ; . .r Zuri->h.^ 23B-.li0 c. pm .i66s-5B8 c, pm 

'Rates arts nominal calUna rates. . - ■ .'j ■ • — t : - 

Sheri- terra raips nre cab for «erllfl8, U,S. dolUys and .CapsdUn. doilira: two Six-month forward doHar.'8,TM.BSc. pm 
days* notice for fiulHers and Swiss francs. U-month 1.85-1 Joe pm. 


.- 5 utfcdcs. provided by 
data STREAM International 


Con- | Premiumf 

: S&e Current rasion Hat J Bed. j 

(£m.) price Terms* dates yield [yield Current Ban; 


Income 


Cheap(+) 

Dear(-)o 


British L and 12pc'Cv, 2002 
English Property gjpc Cv. 98-03 
English Properly lapc.Cv. 00-05 
Hanson Trust 6*pc Cv. 8M3 


TB TfP.'i eUrT n . Pl n9'j' 90°S3I4) M ^ Slough Estates lOpc Cv. 87-90 

Town Centre Securities /23p) 58 ni'4« ‘ — 

Tozer, Kemsley 8pc Cv. 1981 


•Bates nofmaTt? variable irt tine with" change* inordinary share rates. 


Town Centre Securities /23p) 58 fil'd 
Triafford Park Eitares (25<»' 87 H M2, '4) 
United RlnWom Prop- Q5o' 18»| M3I4I 
il"l»d Arol Prop Trt. O-SiO 2S2® 

Warner fstate HWkn. OS*) UJ M3f4) 
W»rnf6rrl Inv. rjfto> 27fi* (13/41 
WBbh Moreohi >sm 15 I11’41 
W“rtffllrWh*r Pros.' Grp. (20pi IS), 

Winston EstatM i25«« 32'» (13'4) 

RUBBER (30) 

Abertpvfe Plantation* /So) <■, 7 m/4) 
Analo-lndWtosUn Corpns. (25D) 92Z 
Berta m Cwisolldated Robber <10u> 75 
(10(4) _ _ _ 

Bradvrall CfMSO Rucmt Estates non 38 


66.00 

86.00 

79.50 

250.00 

130.00 

140.00 
89.00 


Ban get |Equ.§}Conv.T |Diff.^j Current 

-io to i i5 i!o o!o + 2.6 

-12 to -3 15.3 9-2 - 3.7 + 2.2 

10 to 26 0.0 96.5 99-8 +73.6 

- 8 to 11 8.1 6.3 - 2.8 - 5.4 

44 to 108 29.8 53 j 57.4 -51.1 

I io 10 11.1 SI - 3.2 ~ 9,4 

- 1 7 to -2 15.0 6.6 - 3.3 - 0.8 

- 3 to 8 4B.6 48.4 - 0-1 + 1.1 

5 to 13 35-7 56.7 16.1 + 8.4 

23 to 41 12.3 7.3 - 7.0 -325 

23 to 38 26.9 41 1 20.1 - 7.7 


Wilkinson Match lOpc Cv. 83-98 11.10 90-00 40.0 76-83 . 11.5 11.7 • 27B 23 to 38 25.9 41 1 2Q.J - 7.7 

* Number of Ordinary shares h«o which £100 nominal of convertible stock is convertible. tTbe extra con of investment ui convertible expressed as ner cent, of the 
«wt of the eouity In the convertible slock * Threc-BJonih ranee, f income on number of Ordinary shares iqio wtuch llOO nominal of convertible stock u» convertible, 
nut income, expressed ta pence. Is summed from present time -until Income on Ordinary sbves Is .greater nan income on I'M 'xominal oi convertible or tbs final 
conversion da»e whidtaror ls earlier.' Income" 18 assumed to pfrow at 18 per cent, per annum and is present valued at 12 per rent, per annum, t Income" .on CM of 
amvertibfe. iseoise ig stmnneti Btfril antvertiOfl find present rained at 12 per cent, per annum. This is Income of (be convertible less Income of "he nocferlyt on equity 
expressed as.pcc cant, of the value of the underlying equity. 'J The- difference between the- premium 'and income dtiference •>xprcssed as per cenL of the value of 
underinns rao'tif + Is an Indication m nlgthra cheaper**. - I* .ap. IwHcarion. of'-rulodve dranicn. ... 


■i 

JJ 




22 


STOCK EXCHANGE REPORT 


... _ |^i 



Poor week not helped by disappointing trade figures 

Gilts steadier but share index falls 5.5 more to 447.4 


Account Dealing Dates 
Option 

•First Deciar*- Last Account 
Dealings tions Dealings Day 
Apr. 3 Apr. 13 Apr. 14 Apr. 25 
Apr. 17 Apr. 27 Apr. 28 May 10 
May 2 May II May 12 May 23 

* " New time " de aliens may take place 
from « 30 «jti. twa tasMecs days earlier. 

Stock markets remained in tbe 
doldrums as the second and final 
leg of the Account came to a 
dose yesterday. Underlying senti- 
ment was again overshadowed by 

recent concern about the Govern- 
ment's future monetary pobey 
and, with the announcement of a 
disappointing set of March trade 
figures in the after-hours’ deal- 
ings, the slide In both British 
Funds and equities continued. 

Short-dated Issues bore the 
brunt of fresh selling in the 
Funds and recorded further losses 
extending to 1 by the close. Longs, 
however, held up relatively well 
until the late dealings when the 
rrend turned distinctly dull. The 
Government Securities Index gave 
up 0.03 more In 71.50 for its 
biggest. 2.46, faU in a week since 
November, 1973. 

Leading equities finished the 
day with losses extending to 4 
and sometimes more and the FT 
30-Share Index closed 5.5 lower 
at 447.4 Tor a fall of 19.7 on the 
week — its biggest for about five 
months. Once again, selling pres- 
sure was fairly modest with the 
reaction mainly reflecting the pre- 
vailing thin and sensitive trading 
conditions. 

Secondary issues gave fresh 
ground, but the setback was not 
so widespread as on Thursday and 
there were a few bright spots in 
response to company trading 
statements. Bid speculation also 
provided Lite odd improvement. 
Falls led rises by 3-2 ip FT-quoted 
Industrials compared with a ratio 
of 6-1 on the previous day. The 
FT -Actuaries All Share Index 
eased 0.7 per cent, more in 193.46 
for a loss on the week of nearly 
4 per cent. Official markings 
amounted to 4,930. 


Another active demand for In- 
vestment currency again found 
the market in short supply. After 
opcpins slightly firmer on the 
overnight 1043 per cent., the pre- 
mium rose throughout the ses- 
sion. The poor U.K. trade figures 
and sterling's subsequent weak- 
ness gave added impetus and the 
close was the day’s best of 10Si 
per cent, for a net rise of 3$. The 
conversion factor was 0.8742 
(0.8805 >. 

Hambro Life please 

Against the dull trend in Insur- 
ances, Hambro Life rose 7 to 302p 
in response to the increased divi- 


Breweriex put up a better per- 
formance than of late, closing at, 
or near the overnight levels. 
Allied finished slightly dearer at 
83tp, but Bass Charrington eased 
a penny to ISOp and A. Guinness 
a similar amount lo 17lp. Else- 
where, Geo. Sandeman edged for- 
ward 2 to 60p on further con- 
sideration of the results. 

Buildings passed a quiet end of 
Account session with leading issues 
drifting easier. AP Cement shed 3 
more to 227p on further con- 
sideration of the annual results, 

while London Brick cheapened a 
penny lo 82p despite a Press re- 
commendation. Contracting and 


lost fl and- 4 respectively, while 
Motbereare were also 4 off at 
I50p and Debenhams 3 easier 
at 8Sp. Elsewhere, Currys eased 
3 to 179p ahead of Mondays pre- 
liminary results and Acquaseutom 
dosed a penny off at 35p follow- 
ing the results. Freonans shed 4 
to 2fl2p but .1. J. Dewhirst 
hardened 3 to 68p. Samuel Sher- 
man at iSJp, held the previous 
day’s gain of 4 which followed 
the disclosure that Energy Fin- 
ance and General Trust had 
acquired a ncar-29 per cent stake 

in the company at lip per share. 

Apart from Sony. 45 p up at 675p 
following tbe UK. launch of a 


of the annual- report Kowntroe 
Mackintosh, at 38Sp. recouped 7 
of the previous day's fall of 12 
which followed the ^preliminary 
figures, while Bluebird Confec- 
tionery moved up 3 to 113 in 
belated, response to- Press com- 
ment. Ewik Save featured Super- 
markets, rising to 80p on 
satisfaction - with the interim 
report before closing 3 better on. 
balance at 78p. Le noons were 
active and finished 2 harder at 
38p r after 39p, on continuing bid 
speculation. - In . Hotels ' and 
Caterers, Wheeler's Restaurants 
rose 5 lo 270p following Press 
mention. 


day fall of 10 at lS0p» and MEPC 
cheapened 2 to lOSp. In contrast, 
smalt selective buying developed 
in selected secondary issues.: Iq- 
a thin trade. Property Partnership 
finned 3 to 71p while Bradford' 
and Stock Conversion edged for- 
ward similarly to 203p and ; 2&p 
respectively. -Haslemere. 2l2p, 
and Berkeley Hambro, 82p, aim 
recorded small improvements. 
Elsewhere, Samuel remained 


“ Suits ” easier 


feSOi 


30 


F.T.- Actuaries AUSfeara lada* [VMA 



n* 



F.T.- Actuaries All -Share Index 
Adjusted for Inflation 




II 


SHARE PRICE MOVEMENTS 
IN REAL TERMS 


SB OR DM SO IW W7 


aw «k 


Gilts still unsettled 


The disappointing March trade 
figures, which came on a market 
already weighed down by doubts 
about the monetary aspects of 
1 he recent Budgci. made for 
further late unsettlcment in the 
Gilt-edged seclor yesterday. Long- 
dated issues were inclined harder 
in the earlier dealings, but 
gradually came back to finish at 
overnight levels and were tending 
easier in the after-hours' trade. 
In contrast, short-dated stocks 
were dull throughout the session. 
Some fairly substantial selling in 
this area left prices wirh frrsh 
losses ranging to 3. Here also, 
the late trend was to lower levels. 
Corporations recorded numerous 
Tails extending to a Tull paint hut. 
elsewhere in Fixed Interest stocks. 
Southern Rhodesia 6 per cent, 
firmed a point to S3. 


dend and profits, while C T. Bow- 
ring edged forward a penny to 
103p in response to the chairman’s 
confident statement Matthews 
YVrightson softened 2 to 188p 
following the disappointing 
annual earnings. Willis Faber 
came on offer at 265p, down 12, 
while Brentnall Beard receded 4 
to 40p as did Pearl, to 220p. Royals 
dipped 7 to 54 tip among Com- 
posites where London United 
Investments softened 2 to 140p; 
the latter's preliminary figures 
are due on Monday. 

Still awaiting their decisions on 
base lending rates, the major 
clearing banks generally drifted 
lower. Midland finished 5 off at 
34Sp and Lloyds closed a few 
pence easier at 263 p. Australian 
issues, however, were Inclined 
harder with Rank or New South 
Wales 10 up at 47on and National 
Bank of Australasia fi dearer at 
22t)p. Hire Purchases remained 
unsettled by the prospect of 
dearer credit and closed villi 
losses of a penny or sn. 


Construction issues initially pre- 
sented a . mixed picture, but 
eventually succumbed to - the 
general trend and ended with 
small falls. Magnet and Southerns 
notable for weakness. 5 easier at 
170p. Elsewhere, good trading 
news and an optimistic statement 
were responsible for a penny rise 
to lip in Stanley Miller, and 
Richards and Wailingtnn added a 
similar amount to Hip in further 
response to the preliminary 
figures. In front of preliminary 
results due on Monday, NewartbOl 
closed at the overnight level of 
158p, after IGOp. while Rugby Port- 
land Cement held steady at 70p. 

In Chemicals. IC1 fluctuated be- 
between 33Rp and 32Sp 'before 
closing 7 down on balance at 
330 p. Ffsons touched 329 p in re- 
sponse to Press comment and 
ended a net 2 up at 327p. 


Stores dull 


Leading Stores continued ihe»r 
post -Budget decline and closed at 
the day s lo«e>l Gussies A. 2nXp. 
and Marks and Spencer. 141 p. 


new Japanese video system. Elec- 
tricals remained out of favour. 
GEC were finally 3 off at 233p, 
after 232p, while EMI. 14$p. and 
Thorn ElceLrical; 3o0p, shed 2 
apiece. 

GKN, a further 5 lower at 265p, 
became the biggest casualty 
among the Engineering leaders. 
Vickers cheapened 3 to 179p and 
Tubes eased 2 to 352p. Hawker 
closed 2 down at 186p; the prelimi- 
nary results are due on Tuesday. 
Elsewhere, Peter . Brotherhood 
stood out with a fresh gain of 
8 to lolip on speculative buying 
fuelled by persistent bid hopes; 
the GrSt-half figures are also due 
next Tuesday. Weston-Evans 
gained 5 to 89p in a thin market, 
and improvements of 4 and 3 
respectively were seen in Banro 
Consolidated, 62p, and R. Cart- 
wright. 67p. Blackwood Hodge 
hardened' a penny to 77p ahead 
of Monday's annual results. Wagon 
Industrial lost 5 to UOp. 

J; Cihliv returned to favour in 
Foods, rising 10 to 213p in 
response to the optimistic tenor 


Miscellaneous industrial, leaders 
gave further ground with senti- 
ment additionally unsettled in 
the late trade by the disappoints 
ing set of March trade returns. 
Pilklngton Bros. lost 7 more to 
465p and Beecham receded 5 to 
625p, while Hoots, 201p; and 
Glaxo, 515p,.both shed 4. Scottish 
and Universal Investments 
touched 114p before dosing 3 
easier at 115 on fears that 
Lonrho’s bid, currently worth 
around 128p per share, win be 
referred to the Monopolies Com- 
mission; House of Fraser 
declined 4 to 141p in sympathy. 
Elsewhere, Letraset rose 4 afresh 
to 162p on continuing bid hopes, 
while Pauls and Whites - saw a 
late speculative demand which 
pushed them up 6 to I21p after- 
hours. Details of the proposed 
£3.8ra. rights issue left Brown 
Bovcri Kent up 2 at 50 jp and 
Broken Hill Proprietary gained 
10 to 565p following the interim 
report. S. Simpson A hardened 
3 to SHp following buying in a 
thin market and Christies 'Inter- 
national recovered 4 at 8Sp. Still 
drawing strength from the 
Fogarty touched 155p before 
dosing a penny dearer on 
balance at lafip. Rumdene In- 
vestments, however, lost 1! to 
I3ip after the halved first-half 
profits. Losses of 7 to 265- and 
13 to 317p were seen In De La 
Roe and Hoover A respectively. 

Motors and Distributors, closed 
on a dull npte Lucas Industries 
fell 8 to 272p. while Lex Service. 
72ip, and Godfrey Davis. 74p. 
shed 4J apiece. Against the- trend. 
Fodens revived with a rise of 4 
10 53p. York Trailer continued 
firmly, closing a penny better at 
fiOp, after 61p, for a two-day gain 
ol 4 on the results: 

Press comment or. the poor 
secnnd-half profits brought about 
a further fall of 4 to 112p in 
11RG. Elsewhere in Paper/Print- 
ings. Ogflvy and Mather rose 13 
points to 1371 on Investment 
currency influences and British 
Printing moved Onward 2 to 43p 
in response to an investment 
recommendation. Publishers. Asso- 
ciated Bonk relinquished 10 to 
17 

Properties drifted lower in. 
sympathy with Gilt-edged, but 
eventually steadied at the lower 
levels after a meagre trade, 
t-and Securities Inrt 6 for a two 


lunuHuif juuiHujrg 

fluctuations on the interim 
figures, but Clark NickoQs eased 
2 to ■ S0p' after, further considera- 
tion of the. annual results!- • -. ■ 

Initially 6 higher at 732p ' re- 
flecting firmer Wall Street -ad-, 
vices,. British Petroleum reacted 
following reports of a l.e.-milBos 


share -placing to close unaltered 
at 744p. Shell edged forward 2 to 
508p while Oil Exploration and 
Lasnto both firmed 4 to 196p-a&d 
142p -respectively. Triceatnri ■ re- 
covered the previous day's fofl : of 
4 to ctose. at 154p following • *. 
reappraisal of prettnrioary results, 
while further consideration of tha 
North Sea farm-out deal “lifted 
Siebeus UJC another 12 to 276p. 
Woodside, 75pj and Weeks Natural 
Resources. 133p, both reflected a 
firm Australian ' market with 
rises of 6 and 15 respectively,, and 
RoyaJ Dutch, £47. added a point 
on investment dollar premium 
influences. 

United City Merchants figured 
prominently .in Overseas Traders, 
the Ordinary and 10 ptr-vcSt 
Loan stock both dosing 4 -to the 
good at the common price of 60pw 
Dealings were suspended yester- 
day in Walker Sons and ; Co. 
(UJC). at S4p. at the company's 
request following a bid approach. 

Investment Trusts drifted gently 
lower in quiet trading. Scottish 
utles “A”, were lowered 4 . to 
I5ip, while similar losses- were 
recorded in Globe Investment 
9Bp. and Sphere Investment, gtyp: 

Pi - O Deferred came bn offer 
in Shippings, falling 6 to .a* 1978 
low of Dip on some sizeable Deny- 
ing orders. After recent strength 
on the record figures, J.’ Fisher 
eased back 4 to I46p 'on light 
profit-taking. 

Textiles had 4 lfttle to commend 
them. S. Jerome, at 56p, gave up 
the previous day’s gain of 2'whTch 
followed the remits, while Josses 
of 3 were .seen in Conrtzolds, 
109p, and Allied Textile, 137p. .In 
Tobaccos, Rothmans closed 
slightly cheaper- at 47jp.‘ after 
news of plans to launch a new 
plain cigarette in the UJL. ; - 1 - 

Still reflecting Cape interest, 
Abercom Investments rose-,12, to 
UOp for >a two-day gajr of20. 
Dealings were halted in ; Prim- 
rose, at 102p, following the com- 
pany’s- suspension in Johahnes- 
bnrg; ' the company recently 'an-, 
nounced that it was involved ,-ln- 
talks which’ might lead to a major 
acquisition. 

Awaiting fresh developments. in 
the bid situation. London Sbmatra 
rose I3p to 133p. still a- substan- 
tial discount on.the.150p a share 
cash offer from McLend-SIpef. . • 


1 FINANCIAL 1 

rrtflES STOCK tHDiCEsd 


T: 

T 

-ft 




A y esc; • 

- 

Ouviliiuont Boos— — . 
Hxod Uitinst-^-ww 
ladRsimi Ordinoty-. 

. MdKiow — — 

OrtL Dlv. TWd- 

PjB.E»clo(oeWt)-- 

- UeoUngf msrired .~.— 
, %nhy tnrjwrrw &m- 
Bqulty bvfgaidj »isL. 

7L5Q 

,76.18 

W* 

147.0 

6^)1 

17.69 

4.930 

11.03 
78.31 
.46 33 

i«u> 

-. BJ)6 
17.58 

4issq 

»0.A7 

14,788 

71.78 

7.6A9 

460.2 

161.4 
. (U7 
17,14 
8.Q6 
6,180 
7i7i 
14,496 

; 73.60 
77-OS 
47OA 
ioa:s 

.■8.7B 

BJtl 
4,244 
42, 1C 
10,518 

7392 

7X25 

"463.3 

'. 160.7 
002 
: 16^9 

fi-12 

•4.662 

,'48.19 

-liiioa 

.-7&9S 

77.41 

*67.1 

l6B I° 

15.86 
, B IB 
4,921 
-.6508 
11422 

■ 86#^ 

. .wj; 

69.73; 

41^ 

0.49- 

ieJTBr 

A9&-; 

1* wa. 4S84_ H-SJIL -4514.- Noon 44BA1.W0. «J. . 

V* '• J »jil '44M-' S'wa. 40X. ■ - ' - 

: LatMt.’ index 

; • Based «i td per cent, cocpareth m txx. 'ffffl=z.Tl. ' . 7 1 v ££ 

■ lull 1W. GeA Seat- IKlArtk.-.rUed IoL VUX TaS. pr±. VW& .YtiMk! 
Ufaies JO/0/B5. SS ActfrltX Jul J-Dut. 10O- - c . u ~„' 

highs And lows. . sx activity- 


1978 .. 

|SHiim CempUiirtoa 

'S - 


Y-i 

High 

Low 

jHigh 

low . 

fart. Sous— 

.'Find la*— 

.rod. oid — 

Bold Vines. 

mss 

(3/1)- 

81. ZT 

497.3 

(SID 

168.6 

(8/3) 

lusa 

aw 

76.13 

433.4 
(&5) * 

130^3 
(6/l> ' 

ISrfA 

(B/XJ36) 

180.4> 

(28/U/471 

649.2 

(14/9/TT] 

44&S 

(2?«75 

49.16 

(3/1/76) 

60JS3 

fl/vrej 

49.4 

(26/6(40) 

43.8 . 
(28/10/71) 

-Oshy'", 

GtU-8drtd„ 

Imlustriov 

535?**- 

Maj-Av’tscs 

GUt-BdaedT 

Speculative... 
Total.-...: 

177S 

170.6 

330 

1UA 

186.1 

170.9 

31.7 

uu 

ssi 

dS& 



i & 


iv ,i - 
m \i i 


m , £ i- 

'.V •: « :f 

SaTrt- ■ 


f.t : ■ : 

.*■% :vi 


c.p. .-:-t • -. 




y .- 

S- 


-Yor the second .day running, 
Australians gain ed mxwind j» 
otherwise subdded -. m i ning 
markets. Although the. rise in 
bribes was helped by.tbe 'increased 
investment dollar .premium, some 
London buying developed after a 
rise in Sydney overnight:-' - 
The sector was suffici ently , 
atfohg for BH Sooth to ignore a 
sharply increased loss and harden 
j, to 76 p Co mine Rio tin to closed 
11 higher at 207p and. its paitially- 
owned HamereJtey advanced -6 to 
I80p in spite of a strike apd dis- 
mal: sales prospects: . 

; Among the Coals. TTiiess were 
39 firmer at 187p4Uid in. Uraniums 
PahcootinenUl put on 25 to 975p. 
The more speculative stocks again 
featured Tasmlnex with . a fall, of 
10 to 90p. reacting against the 
strong rise earlier in the week* - 
There was also some two-way 
trading in London Financials, 
although price movements were 
less marked. Rio Tinto-Zlnc, 3 up 
at 190p. regained sortie poise after 
a " cautious response to .. figures 
early in the week. Consolidated 
Gold Fields* at 167p, and Selection 
Trust at 402p both finished 
slightly harder, but Charter ended 
2 easier at 124p. r . 


South African Golds, bovwJtfw; 
were, doggish- awaiting a 
This- was -q'ot J forthcoming ;- from 
the. -bullion, price, which moved 
naiTowly .. and closed 25 'cents 
higher .at SlTSDTD'an bafiice_SlLa?e 
prices drifted lower and the cSi 
Mutes Index fell. SJTto 147Jt*J^; 

Falls predominated -hi 
with Randfonteta; at' £S8i, iad 
FS Gedidd; . at £16, both 
|, while. .West Driefbntrin 
ito flST- - , : r - ' 

Business - in' - - • South 
Financials Was slight, but 

was small deihand for i 

American, whitth finidied sligSfly 
firmer at -306>. and for De Bee™# 
which hardened to 325p._ Ant^flg 
other South . African issues, 
Afrikander- Lease fell 14 -to . 

In Irish- Canadians, aggressive 
buying in .a tUiL market lifted 
Anglo- United 14 to II5p. extend- 
ing their rise to;. 29p . oyer : fife 
week. Business was slfghtV.nn 
Coppers, although. ' Rflffii Consoli- 
dated slipped a farther *3 to 65b; 

Tins were subdued . but .‘tbe 
higher premium. ' and a 




, (e 






; »i 



; ■--* 
s' a’ 




» v ; 


I-«l 


:: v 


]? * 


sx - 




Eastern interest Helped Malang 


-'‘HI 


improve 5 : to'285p and_Ber]i___ 
to rise 3;to 22Sp. 

•; .: -.r '. Nss 

- 2M 

- ' ' - ^ li. 


V -' 




NEW HIGHS AND 


. - ; . .- -- 1 • *1 . iqi 3 

LOWSFOR 1978 17 % 


'.ifiXTr 




TIM loiiowihg tecoritle* mo&tA lo Use 
Star* information Service, vtitertfly 
attained new Hichs and -low* lor 197S. 


NEW HIGHS 1109> 


LOAMS lt> 

FORElGM SONUS HI . 

AMERICANS 144} - 
CANADIANS 17} 

CHMIKSSat 

DRAPERY A STORES C1» 
EUCTRKAtS rl) 
ENGINEERING 17) 
FOODS 41 1 
INDUSTRIALS <71 
INSURANCE til 
MOTORS (1] 

PAPER » PRINTING. ill 
PROPERTY ill 
SOUTH AFRICANS <21. 
TRUSTS <71 
- OILS (41 

OVERSEA* TRADERS «3I 
RUBBERS ill 
■ TEAS (21 
MINES «7l - - - 


NEW LOWS. (105) - 
BRtnSrt FUNDS <141. . • - 

CORPORATION LOANS II) 
COMMONWLTH. A AFRICAN LOAMS^n 
- LOANSUI- ?•- 
FOREIGN SOPIOS 12) ' . - ' 
banks hi . 

: beers cir 

BUILDINGS til : 
CHEMICALS ft) 


n- ""-' •... ■ 
. - • 


DRARRY & STORES (1) 


i tesr 


RLKTRICALS (3) I 
ENGINEERING . IP 

mm rooDs-iit mm 


INDUSTRIALS (14) 
INSURAI 


JRANCE (4) 

MOTORS <13 
NEWSPAPERS <1> 
PAPER A ,P HINTING CO 
, PROPERTY IK) 
SHIPBUILDERS <1) - 

SHIPPING <21 
TEXTILES (O-. 


-J-i‘ .J" 

t? ■■■ 


TOBACCOS^Il 


TRUSTS 
OILS (2) 


| -_I ' 

-Ts:' ■« 


UIU IAI . . 1.— 

OVERSEAS TRADERS (T| . 

MINES (5) .. ~ v,v 


- jr- 


ACTIVE STOCKS 

ON THE WEEK— 


No. 


Dpnnrtiina- 

of 

Closing 

Chancp 

I97S 

197R 

Stock 

lion 

marks price ip) 

on week 

hivh 

ln\v 

ICI 

£1 

fit 

330 

-2S 

3155 

• 328 

Grand Mel. 

•top 

liri 

min 

- 4 

1051 

M7 

BP 

n 

.11 

744 

- IB 


720 

Shell Transport .. 

-ip 

4!) 

•iflS 

- !l 

533 

4S4 

BATs Defd 

-•IP 

4S 

251 

- 0 

2150 

227 

Lelrasel 

ujp 

47 

1H2 

17 

192 

ns 

rtz 

25p 

47 

100 

- IS 

202 

104 

Reecham 

2->P 

45 

H23 

-24 

078 

583 

as A 

25p 

45 

208 

-20 

312 

0“ 

GEC 

25p 

40 

233 

- 14 

27R 

233 

Glaxo 

50p 

40 

3T5 

- 12 

nut 

513 

Midland Bank ... 

£1 

.7!i 

34S 

*- 14 

3'HI 

330 

Burmah Oil 

£1 

315 

43 

N. 2 

.17 

42 

1 : nilever 

25j» 

no 

.102 

— 14 

-vis 

47(5 

Marks & Spencer 

25p 

35 

141 

- 6 

ICO 

130 


YESTERDAY- 


NO. 


Dennmina- 

nf 

Closing 

Charge 

1978 

1978 

SI nek 

tion 

marks 

price ip) 

on div 

high 

low 

Grand Met 

Slip 

13 

innj 

>1 

inn 

87 

ICI 

£1 

11 

330 

' — 4 

SIB 

328 

Letraset 

inp 

10 

1 02 

4- 4 

H52 

98 

MEPC 

25p 

9 

105 

- 2 

134 

105 

Marks & -Spencer 

2op 

9 

141 

- 4 

1/50 

136 

P & 0 Dcd 

£1 

9 

91 

- 6 

118 

91 

BATs Defd 

-25p 

S 

251 

- 1 

2(59 

227 

Rnecham 

2op 

8 

G25 

— 5 

678 

583 

RP 

£l ' 

8 

744 

— > 

864 

720 

GEC 

25p 

8 

233 

- 3 

278 

233 

I^md Securities .. 

50p 

8 

trio 

- 6 

228 

190 

Midland Bank 

£1 

8 

348 

~ 5 

390 

330 

Scottish A Uni- 
versal Invs. 

25p 

S 

115 

- 3 

120 

85 

Shell Transport ... 

25p 

S 

508 

+ 2 

533 

484 

Burni3h Oil .. .. 

£1 

7 

43 

— 

57 

42 


The tibnie list nj active stocks is based on the number of bargains 
Tcrnrrlcd tiesterrlay in the nfbrial list arul muter Rule 163(1) (e) and 
reproduced today in Stock Exchange dealings. 


BASE LENDING RATES 


A.B.N*. Bank 

Allied Irish Backs Ltd. 
American Express Bk. 

Amro Bank 

A P Bank Ltd 

Henry Ansbacher 

Banco de Bilbao 

Bank of Credit & Cmce. 

Bank of Cyprus 

Bank nr N S.W 

Banque Beige Ltd 

Banque du Rhone 

Barclays Bank 

Barnett Christie Ltd. .. 
Bremar Holdings Lid. 
Brit. Bank of Mid. East 

Brown Sbipiey 

Canada Permanent AFT 
Capitol C & C Fin. Ltd. 

Cayzer Ltd 

Cedar Holdings 

I Charterhouse Japhet .. 

Cboulartons 

C. E, Coates 

Consolidated Credits... 

Co-operative Bank * 

Corinthian Securities... 

Credit Lyonnais 

Tbe Cyprus Popular Bk. 

Duncan Lawrie fl 

Eagil Trust 

English Transcont 

First London Secs 

First Nat. Fin. Corpn. 
First Nat. Secs. Ltd. ... 

[Antony Gihhs 

Greyhound Guaranty... 

Grindiays Bank i 

i Guinness Mahon ... 

I Hamhros Bank 


6i% 

6i% 

6! 

61% 
6»% 
61% 
61% 
61% 
7 % 
6}% 
SJ% 
7i% 
61% 
6S% 
fli% 
Sl% 
7 % 
S % 
61% 
64% 
74% 
64% 
64% 
64% 
6 }% 
6‘% 
61% 
61% 
S % 
6 '.% 
S!% 
S % 
6i% 
64% 
64% 
81% 


IHill Samuel 5 

C. Hoare & Co t 

Julian s. Hodge 

Hongkong & Shanghai 
Industrial Bk. of Scot 

Keyser Ullmann 

Knowsley & Co. Ltd. ... 

Lloyds Bank 

London Mercantile ' 

E. Manson & Co. Ltd. 

Midland Bank 

1 Samuel Montagu 

I Morgan Grenfell 

National Westminster 
Norwich General Trust 
P. S. Refstm & Co. ... 
Bossminster Accept'cs 
Royal Bk. Canada Trust 

Scblesinger Limited ... 

E. S. Schwab 

Security Trust Co. Ltd. 

Shenley Trust 

Standard Chartered ... 

Trade Dev. Bank 

Trustee Savings Bank 
Twentieth Century Bk. 
United Bank of Kuwait 
Whites way Laidlaw ... 

Williams & Glyn's 

Yorkshire Bank 


64% 
6i% 
74% 
64% 
64% 
64% 
9 % 
64% 
61% 
S % 
64% 
61% 
64% 
64% 
64% 
6i% 
64% 
61% 
64% 
S4% 
7!% 
91% 
6i% 
61% 
6*% 
74% 
6 '.% 
7 % 
64% 
64% 


K Mc*bor<« of i he Arceolilix Houses 

Commit iff. 

* r-flaj dfpnsinc 3%. I.ainnih dopasUs 
31-s.. 

1 T-dar dpposjts on sums of IlO.QiU 
™ ‘“KkT 3'-;. UP to 25. soo s;% 
and ovit £25.000 4i-~ r 
i Call J'.Tosiis uvi-r fi.000 3"i. 
t Demand <1 huo»us 4‘.. 

0*1® applies In Slgrtuuj Ind 


K 



RISES \HD FALLS f = 



UP 

Down 

Santa 

Up 

Down ’5am« 

Br+HVti Fund* 

12 

IS 

44 

15 

254 

181 

Corporations Dorn, and Foreign Bands 

3 

25 

36 

U 

121 

198 

Industrials 

ra 

yn 

901 

MM 

2.203 

4.3S3 

Financial and Prop 

a. 

172 

2M 

254 

VJD 

1.431 

Oils 

17 

5 

12 

3 

M 

7* 

Plantation 

1 

5 

.22 

24 


11* 

Mines 

23 

53 

4* 

ITT 

204 

279 

Rocem Isiuos 

2 

3 

13 

12 

20 

52 

Totals 

eos 

*72 

L-315 

3. MS 

MU 

*.«* 


OPTIONS TRADED 


DEALING DATES 
First Last Last For 

Deal- Deal- Declare- Seitle- 

Ings ings tion ment 

Apr. II Apr. 24 July 6 July 18 

Apr. 25 May 9 July 20 Aug. 1 

May 10 May 22 Aug. 3 Aug. 17 

For rate indications see end of 

Shore In/ormaficm Service 
Money was given for the call 
in Premier Consolidated Oil, 
Con*i. Gold Fields. Ladhroke. 
Burmah Oil. Capper 'Nelli. Sufer 
Electrical. Oxley Printing. Hardy 
and Co. A. Town and City Pro- 


perties. British Land. English 
Properly. Grand Melropoliian. 
Northern Mining. UDT, J. Brown, 
F. Gales. Dunlop. RoUs-Roycc, 
William Press. Adda Interna- 
tional. Ultramar, Orrae Develop- 
ments, Snlllers. Suits. House of 
Fraser. Trafalgar House. Brif- 
lanla Arrow'. Loreine. Mills and 
Allen. Srllncourt.- Midhurst 
UTtltes and James Crean. While 
doubles were 'arranged in Filch 
Lovell. Cons. Gold Fields. Brlt- 
fnnia Arrow. Letraset Adda 
International, Hestair and James 
Crean. 


RECENT ISSUES 


EQUITIES 


Inue 

Price 

Pt 


X0S 


3 = 2 l 

J 3— 1 


1978 


— High I Low 


I * 


! s? 


Stock 




9.V. Iz6« 1 127 1 118 (Saga Holiday* [187 +1 1^.75 


|a .2 ja.i a.t 


FI^ED INTEREST STOCKS 


2? 

15 

1 - Ills 

s j 4 |- 


r.H.; - 

SlOU 

F.I'.I - 

100| 

F.P.I - 

100 

K.P. ! — 

« 

MSi - 


F.l*. -2U* 

•» 

f.i*. iza t« 



K.r.i 9/6 

9 

F.l'. 120(7 


P.P. ’a«a» 


K.P. , 9*9 


F.P. ;14|4 

C98 

€25 { S/6 



B3p.-1 

890=4 .... 

UOp 1 


59 * 14 ! SW^'Ainer. R^jrtvK- Ini Fin. V,iruil.|f. H 2 . 

Hop 1 loop ArinliagelO.i UUeS 2m I Cum. Pr at 

lul > 2 I"iKVlv p bmtam- 91. i.^-nv. l«m. Hnl. Sn .1 Pretj-.—ilbO^p; 

J!7la! £t i fa. lek alalmy. 10% Ul. Mori. 'Wjft' .......I 871* 

IU-S|.| 49|>,C>reerimi Whitley <«, l*rf ' OBifi' 

lOdi- UHUpjJenl. A Line' ^ Cimi. p re r 10Zp, 

l®Pi I021 3 p Mcntiw |J.) n. Com. Prt |M24|ij 

JOJW loi! -JIi-i-oii-Ma Water 7% keil. Pri. ! 

104 1 96 jPearron (S>.i UHp% l*lv. Cnv. Ln. 1995-96.... 1 

1*| d 1 ] Tallies lli*?; Cnv. Ciu.. l.n.lH J-.i 101 |— ‘t 

lltsii lhp,W, Dramwtefa dpriwe llJ>* I’n 117p. 

SiCiRei 24 Ir York iVatei 1 1% Oet>. 19* ... 84ls, 


41 RIGHTS” OFFERS 


I I teien 

Issue | J Ken line. 

Pricel i-5 ■ beta 


1978 


1 


Pt 


<1 


Stork 


’ Htgh 1 : 


J+ nr 
Price [ — 
Pt : 


— i - I SSpml eSfimlBulbaixh 
xr>. a) 1 *ia\ :! I 4o li' n In.’ 


SO Mil 

25 : F.I». I 3013' 13/41 5« 
62 i F.F.! 29 '3i 10/6! » 


89 II. Iinturkriala 

76 W«i nn«mhs 


62pm! 

50i*- 1 


85 If I 


Kenunciaiion dale usually lan oaj <oi m-aiir.i in* m .mmo tiuO- o M«un^ 
nwd on pnauceruk ccrfmaie. o SMumm dividend and niHd u KnradST dividend 
LW i buna on iirwuws rear's aomnuta r Fllvidenn and vield based «• pmSta-ei.i- 
ot oilier official esrunsies for IKS o Qma I ^inures assumed- f Cow allnw- 
lor conversion m shares iwi now raiucms Tm dividend or ranmn* onb dwfniim 
dividends t Placin* once to public, pi Hence unless npierwist irwlcH«I J Jf 9 '*' 1 

0 > lender, y utlerefl ni noirters ni Ordinarj sham as ■ ■■ nsntt ” KiKiiL 
br ni capi'alUaMnn >t Mmimnm tender uric* It Heinirndweti W 
■i> cnqiw-t-iinn with rvaCvflitlsafuut mprupi ni take-over DU Inimdiunno “ Itokwi 
t« former prererenee Holders B Aliormeiu lerien (or ruUj-naid). . • Hr#*taooai 
or Dirtly-Dold allotment la liars. * Wtti wairsma. 




FT- ACTUARIES SHARE 

' • .* f. .j 1 

These indices are the joint compilation of the Financial Times, tfie Institute of Actuaries and the Faculty irf Actuari e^“ ’ 


tpU T 
JSTrt 


Ui.r r->. . 

T'* 




EQUITY 

GROUPS 

and 

SUB-SECTIONS 

Figure* In porcoliic**-* «*•>« 

number ol Herb per wetum. 

Fri. 

, April K 1978 

Thurs 

Apr. 

13 

Wrd 

T 

Tues 

Apr. 

It 

M. 

Vcar 

a*o 

mvm; 


• ' 

Highs and Lows Index 


tndn 

No. 

nay's 

% 

Ert. 

Ssramti 

IXJ*. 

■ Max > 
Corp 

T» 33- 

Gross 
Div. 
iVW *• 
1 A 1 T 
■ II s . 

Eft.' 

P'E 

Ratio 

(Neti 

i.’orp 

TuSP. 

Index 

No. 

Index 

No. 

Index 

No. 

Index- 

Na 

Index' 

.No. 

' 'ii 

y 

. ftfch.l ■ 

J 78 

. . ^ ow ' 

*. . Since-. 

Compilation 

High. j- Low-_' 

l" 

CAPITAL GOODS ( 1701 .... 

195 .M 

- 0.7 

18.08 

601 

7.81 

196.97 

200.64 

20381 

26288 

16285 ' 

' 214.04 

16 .U 

isiios 

12/31 

228 03 04 / 9 / 77 ) 

50 . 71 11302,741 

n 

Building Materials ‘. 271 ... 

176.56 

- 0.8 

17.89 

6.02 

8.07 

177.90 

18248 

184.49 

183.50 

139 . 01 ’ 

197.86 

< 6 ; 1 ) 

* 16630 

am 

233.84 am 

44.27 ( 11 / 1274 ) 

3 

rcoWcimgl’onstnirtiaB ;#i _ 

302.98 

- 0.5 

1903 

431 

7.82 

304.43 

312.36 

32139 

32321 

24021 

350.75 

l 6 ,ll 

28935 

( 6 ( 3 ) 

389 J 3 09 / 5 / 72 ) 

7 L 48 1 2 / 12 - 74 ) 

4 


409^4 

- 1.0 

16.96 

433 

8.45 

413.63 

417.49 

423.08 

424.60 

315 .B 8 

' 464.54 

. 16 D 

404.47 

423 ). 

48389 '( 2100 / 77 ) 

84*71 iS( 6 ' 6 ?> 

5 

Eo t i nreri de '- nntncloiT 1 Hi 

285.56 

- 0.7 

17 45 

7.08 

7.74 

287.46 

289.77 

292 77 

29 L 24 . 

21846 

307.85 

-ffrli 

270.95 

( 6 / 3 ) 

332.22 03 / 9/771 

64.39 i 20 / 75 r 

6 

Mechanical EapiweringiTli 

156.89 

- 0.4 

19.77 

6.57 

6.97 

15739 

161.14 

162.42 

161.76 

144.99 

167.29 

1231 ). 

14987 

(23) 

187.45 04 / 9 / 77 ) 

45.43 r^irraj- - 

8 

Mouls J 4 e!al Funiuns- 17 i — 

159.21 

- 0.6 

16.48 

8.71 

• 8.41 

160.20 

163.04 

165.15 

164 . 41 - 

340 J 1 

16525 


154.22 -< 27/21 

377.41 ( 27 / 4 , 72 ) 

49.65 Ife'^ 


CO.VSOfFS GOODS 









• • 


.■*. 

• - 





it 

iDl^RABLCl laS 

280.11 

-13 

18.87 

526 

7.65 

182.10 

185.61 

183.43 

187.96 

146.46 

196.67 

TfrJ). 

17333 

( 3 J 3 V 

227.78 (Zli 4 / 72 ) 

3839 ' , - 6 3 sB' 

12 

U Hecnvoies. Radio Tl'ilai 

210.69 

- 0.7 

16.65 

4.05 

8.63 

212.12 

217.80 

221.82 

22235 

16636 

235.96 

' iUlV 

209.01 

( 33 ) 

26 L 72 121 / 10 / 77 ) 

42 85 03 /BHfl 

13 

Household Goods/ 121 .... 

163.68 

- 1.7 

17.46 

6.89 

7.96 

166.47 

168.90 

170.43 

171)87 

150.02 

18433 

i 9 i> 

160.54 

( 6 Of 

26382 ( 4 ,- 502 ) 

63.92 070235 - 

14 

Motors and DiAnbiirora i 25 j> 

114.75 

- 1.6 

22.50 

6.67 

6.49 

11638 

117.67 

119.05 

iD 86 

9485 

119.61 

l 6 fl) 

10488 

( 2 / 3 ) 

17089 1150 / 69 ) 

19 . 91 - 16045*3 


CONSUMER 450 ODS 









- ’di 




•• L. * 




21 

(NON-DITLABI^HITW- 

18985 

- 0.9 

16.78 

611 

8.22 

19159 

194 56 

19868 

lfe .89 

15901 

20725 

'. ( 6 fl) 

179.46 

am 

226 . 0806 / 802 ) 

61410302 ,- 71 ) 

22 

Breweries 1 14 > 

21657 

-02 

15.07 

6.14 

10.05 

216.95 

221.27 

227.35 

mit 

170.97 

23180 

Wl) 

' 2 WJ 4 

( 27 / 2 ) 

28187 ( 28 , 1172 ) 

69.47 0302 / 74 ) 

23 

Wines and Spirits Iff) 

24353 

-05 

16.61 

5 92 

9.13 

244 77 

24819 

256.39 

247.96 

17432 

25639 

aii«) 

229.85 

( 2 D) 

257.40 03 / 7172 ) 

- 78-88 ( 130274 ) 

24 

EatmairmMLCaleriii|!ll 7 »: 

24135 

- 1.1 

1428 

7.06 

10.17 

24401 

248.22 

254.82 

250.35 

196.36 

269 .n 

(t'U 

219.62 

( 23 ) 

329.99 02 / 12 / 72 ) 

5453 l 9 /W 5 )i 

25 

Food Manufacturing ( 23 ) 

185 96 

- 0.1 

21.53 

580 

6.46 

186.22 

188 14 

192.31 

189.74 

16883 

20138 

( 6 / 1 ) 

.17537 

( 27 / 2 ) 

Z 14.63 ( 21 / 10 .' 77 ) 

. 59 . 67 - 01 / 12 / 74 ) 

26 

Food Retailing 1 16 ) ___ 

186.22 

- 0.1 

14.76 

4.91 

9.77 

186.50 

190.66 

194.72 

192 J 6 

167.70 

223.22 

( 6 , 1 ) 

175.53 

( 3 / 3 ) 

244.41 ( 27 / 10 / 77 ) 

§425 ( 11 / 12 / 74 ) 

32 

Nw^papefs. Publish! ng< 13 L 

328.12 

■ ’ 

12;03 

390 

12.34 

328.16 

33687 

34132 

34112 

250.45 

. 360.82 

.( 6 a) 

.26939 

am 

36082 .( 6 / 3/781 

55.08 ( 6 / 1/78 ‘ . 

33 

Packaging and Paper( 15 j_. 

224.16 

—0 7 

21.20 

9.54 

6.78 

125.03 

126.03 

12849 

128.20 

110.40 

135.99 

( 6 / 1 ) 

119.11 

( 15 ® 

144 21 04 / 9 / 77 ) 

43.46 ( 6 009'. 

34 

Stores ( 39 ) 

17530 

- 2.0 

11.18 

4.57 

13.11 

178.83 

181.78 

185.14 

183*26 

136 58 

197.95 

am 

16517 

( 23 ) 

204.39 ( 16 /B/ 72 ) 

5263 ( 6 / 1/78 •:• 

35 


166.72 

-12 

22.14 

7.99 

539 

16872 

171.71 

17334 

17225 

156.97 

178.78 

tm.) 

160.85 

( 2 / 3 ) 

235.72 am&7) 

6266 01 / 2 , 74)1 



226.10 

- 0.7 

24 45 

828 

4.86 

227 69 

23025 

234.79 

23087 

20989 

Z 3920 

( 16 / 3 ) 

21488 

asm 

- 339.26 ( 2 / 8 / 72 ) 

94*34 <&Rm 

37 

Toi-snnd Carnes (fit 

95.67 

- 2.2 

21.12 

6.26 

6.33 

9686 

9830 

101.06 

:10106 

-• 84.15 

104.97 

( 24 / 1 ) 

93.79 

( 27 ® 

. 135.72 06 . 0 / 70 ) 

20.92 (&fl/ 75 >i 

41 

OTHER GROUPS 197 ) — 

178.51 

- 1.0 

18.10 

6.24 

7.28 

180.26 

1 B 301 

186.16 

18511 

164.06 

196.66 

\U1> 

173.08 

am 

213.70 04 / 9 / 77 ) 

58.63 ( 60 / 78 ; 

42 

Chemicals 1 19 ) 

241 JZ 6 

- 1.4 

20.78 

7.19 

6.59 

244.74 

249.17 

255.76 

7.5462 

225.77 

26225 

( 6 / 1 ) 

238.69 

'03) 

295 JO ( 14 / 9 / 77 ; 

7120 0 O 2 /W- 

43 

Pbsrnuceutical Products w)_ 

240.02 

t -05 

11.74 

4.25 

10.80 

24119 

24244 

247.09 

243 . 67 ' 

0.00 

26296 

( 6 ai 

228 . 41 ' 

13 : 3 ). 

262.96 16 / 178 ) 

228.41 ( 3 .» 3 / 78 K 

44 

Office EquipmenU 6 i 

123.56 

-05 

19.64 

5.05 

5.98 

12438 

12638 

12833 

127.97 

9222 

134.67 

0 / 1 ) 

117.48 

am. 

246.06 - 0 / 9 / 72 ) 

45.34 ( 2 flflfr. 

45 

Shipping(lO) 

405.06 

- 1.6 

24.31 

7.48 

4.87 

411,86 

419.82 

42103 

428.76 

45182 

483.01 

( 60 ) 

485.06 

av 4 ) 

539.68 ( 16 / 5 / 77 ) 

90.80 ( 29 / 

46 

Miscellaneous ( 551 . 

188.71 

- 0.8 

17.88 

6.59 

7.63 

190.16 

193.44 

195.23 

1943 ? 

167 21 

209.16 

( 60 ) 

- 178.47 

am 

258.83 ( 2 / 5 / 72 ) 

60.39 tblWBK 

4 9 

f\IMSrEIALGB 0 CTl 48 Si 

194.13 

- 0.9 

17.56 

606 

7.83 

19535 



200.95 


21232 

( 60 ) 

18602 

12 / 3 ) 

22232 ( 21 / 10 / 77 ) 

59.01 03 / 12 / 74 ), 

51 

0 ilsi 5 i- 


+•02 

17.32 

4.55 

6.55 

43412 



44432 


47934 

"•em 

417.98 

C 2 / 3 ) 

54330 . 05 / 9 ) 77 ) 

87.23 (VH5KBr_ 

59 

500 SHARE INDEX 


- 0.7 

17.53 

S .84 

7.61 

21584 

21922 


22136 


23432 

< 4 D 

205.42 

■ ( 2 / 3 ) 

248.32 04 / 9 / 77 ) 

. 63.49 ( 1302 / 74 ) 

61 

FINANCIAL GROUP! 100 !., 

15637 

- 0.7 


5.90 



157.42 

160.84 

162.82 

16383 

13030 

178.96 

< 6 0 ) 

15385 

( 27 ® 

24141 OJ/ 4 / 72 ) 

55^8 ( 13 / 12 / 74 ) 



185.71 

- 0.4 

25.73 

5.80 

5.88 

186.54 

191.49 

19134 

19 U 8 

150.92 

20436 

( 23 / 1 ) 

17138 

( 27 / 2 ) 

28832 ( 20 / 7 / 72 ) 

6244 112 / 12 / 74 ) 

63 

Discount Houses 1 101 — 

185.46 

+ 41.1 


8.90 


185.20 

190.99 

190.99 

190 J 3 

16931 

22833 

( 4 / 1 ) 

18520 

03 / 4 ) 

293.13 ( 2 / 5 / 72 ) 

8 L 40 ( 10 / 12 / 74 ) 

64 

Hire Pu rebase (S) 

14038 

+02 

13.94 

5.70 

10.62 

140.16 

14837 

14845 

146*72 

125.28 

17035 

( 12/11 

. 139.48 

( 27 ® 

433.74 ( 4 / 5 / 72 ) 

38.83 ( 1102 ^ 

65 

Insurance! Ufeif 10 ) 

126.76 

- 0.7 



7.12 

_ 

127.59 

130.77 

133 79 

13489 

103.84 

15139 

( 60 ) 

126.76 

riwt 

194.46 ( 15 / 3 / 72 ) 

44.88 < 2 / 1 / 751 ? 

66 

Insurance (Composite! ( 7 »._ 

121.62 

- 1.0 

- 

7.01 



12289 

12482 

126.67 

12687 

103.41 

143.46 

( 6 / 1 ) 

12025 

( 24 ® 

161-72 ( 600 / 77 ) 

43.96 ( 13 / 12 / 74 ): 

67 


319.99 

- 0.8 

15.11 

4.55 

9.59 

32246 

32735 

329.73 

W 2 S 

27732 

34880 

( 130 / 

30120 

< 6 ® 

37153 (lSfflBT) 

- 65.86 ( 16 / 12/741 

68 

FnL "a* ■_ 

7353 

-05 


|V. 


7417 

75.82 

7632 

7687 

653 T 

- 8522 

( 60 ) 

7180 

|r 7 /^| 

278 J 7 ( 1 / 5 / 72 ) 

3121 ( 7 / 1 / 75 )* 

LJ 


210.03 

—12 

3.18 


6039 

21238 

217.48 

223 . 69 ’ 

WS‘ p>^ J 

17127 

25529 

( 200 ) 





H 


10432 

-02 

25.04 


5.53 

10433 

105.96 

106.30 


rm 

13087 

( 90 ) 


Wwir* 



71 


186.09 

ED 

3.54 

5.12 

28.28 

187.56 

19 L 19 

19 L 69 

Ej 5 D' 

168*65 

20638 

( 3 / 1 ) 

. 176 48 ' 

■S 3 



81 

Minins Finance ( 4 > — ^ 

8939 

+ 0.8 

17.44 

7.85 

6.67 

88.72 

1 V-I 

9235 

«87 

10 L 31 

.9589 

LlEI 

85.39 

m 

175.90 ( 28 /V 69 ) 


91 ' 


285.48 

+03 

16.67 

6.87 

7.47 

284.60 

28632 

287.92 

'Mil 

2 &L &1 

288.14 

eSSI 

262.26 

■EE 3 

297.01 O 5 < 907 j 


99 


198.46 

- 0.7 

— 

5.87 


199.82 

203.16 

206 . 41 ] 

20539 

175.41 

217.99 

( 6 , 1 ) 

' 17 L 25 . 

am 

228 J 8 ilf5i72 > ; 

w ;92 (U' 127 « . 


tc 

_r_ 




Si 






ill .?■ 

V.Si 3r": 


-- . 

_-l.il -7.1 
^.8? ri- 


‘J! 



f* Um 


t. 


FIXED INTEREST PRICE INDICES 

FIXED INTEREST 
YIELDS 

Br. GovL.Av, Gross Bei 

Fri: 

- Apr. 

- 14 ■ 

Thu re. 
Apr, 

13 -. 

/Year 

a«o 

tapprOK.1 

: ^ - ■ tors . • J 

Hiffe* - Low a 3 

• ' 1: ! S 







1 


845 

845 

' '7.48 

0.45 il4'4, 

705 

s3'l} * 

British Government 

Fri. 

Apr. 

14 

□ay's 

change 

% 

xd adj. 
To-day 

xd adj. 

1878 
to date 

2 

3 

Coupons 15 yearW.^- 
25 years.— — 

■ 1077 
.1127 

1076 

11.26 

WM 

. :J0.77 ' (14/4) ■ 

. ;. 1127 (14(41 • 

' .9.12 
9.74 

am ] 

(j-ii i 





Medium 5 ye4rt—. ~ — 

-■3035 

12.02 

10 47 
11.99 

9.66 

1172 



(3/1) ‘ 

am •. 

1 

Under 5 years 

10643 

-0.08 


' 280 

S 

: 1202 (14,'4) . 

mu 

2 


115.99 

+0.06 


. 207 

fi 

25 yearly- ii!..- 

. 1222 . 

1224 

1246.. 


. 10.34 

13,-1) j 

3 

(her 15 years 

120.57 



4.41 

"7 

•8 

High 5 years.-—.-- 

:iI09 

1241 

lies. 

. 1260 

10.42 

1296' 

. 1109 Jl*4) . 

" 1261 (14/4) 

9.67 

11.13 

(3/11 * 
All • 

4 

Irredeemables 

135.D 

1 


L78 

9 

25 yean--—' ■— 

1283 

1277 

1322. 

1283 044) • 

.1226 

an ; 

5 

1 L ,1 1 

113.86 

-0.02 


3.26 

□ 

Esmaeg 

mm* 

E2X 

1221. 

.: 10.98 (144) 

9-80 

(31) i 


■ _ ■- 

• <■/ 


j.*., 


«v." . 

. ’’"l C _ 


f 



1 I Fn A|inl 14; 1 . 

- 1 ; 'Timr.Wwt. 

1 ' Index 1 Yield . Aurtl 1 April 

-l.Nu.' a 1 D ' 18 

Tubs. J Mon. 
Annl April 

1 w 

. . /i. •' 

FH. ThUr.iWud. 

Tw't|... : ; .riots'*. 

. ; t Bine* ; 

r . ... . Cpni[ai*14w+V s' 

■pprox 1 * '■ "High* -.- . Got** - - : 



is 20-yr. aed^Bflb^^Lqanfi^^tS) 


16 'In refitment Trust Prefs 

17 Coml- alui ladl. Prefs. (20) 


riZ.4d|S9-« '60.07 60. 

1 6&&2 


.SJ.52 .... 

54.48 1:3.06 .54-46 166. 14 
71.81 12.76 (72.04 175.01 



Section or Group 
PiurmacouticaL Products 
OUier Groups 
Overseas traders 
Engineering Ccoirecters 
Mechanical . Epgintarhta 
Wines and Spiriis 
Tqri and Gunn 
Office Eoulpmonl 


Rase Date 

38,12/77 
a/12/74 
31/12/74 
a <12/71. 
31/ 12m 
15/1/70 
X5/1/7D 
15A/T0 


Base Value 
251.77 
UB 
UO.OO 
15344 
153^4 
' 144.78 
L» 72 
12520 


5Ktta4 or Group 

industrial Group 

MisceJIadoOtts Flnuciai 
Food Maoitfscuiriog 
Ftod Retailios 
Insurance Br*ker* 
Minina Flunco 
All .other 

t Redemption yield. 


Base PiM '■ 

nfi 2 /io-. 


asu Vmm 

S'"- 

» ■; *£ ■ 

» . S3 .. 

A INW «» rf'ttv <u usU a pgM 


is available fruur the Ariiftshatrs. TBir :Ph»irikL 

■ feraefcen : House. ' ^Streiit,. ’ Csadan.- MGt? 

Up»- tgp Jlflit" Z2p. fortnlWMbr/rteWt Pf S 

subOKtURi indtCES. dWtdeud_rWQis i sivl;Mr8lffi6 

■ stecu, wfth quarte^w dh^s «wl 
iridlcei, is iteliiMt tnsui 

IB - Raft' Court, CoodMr' GCC ufTSdp-. per * *?*■ 


o 























































« ;^: -=: : %s\ 

<*. ■• -i t ! ..>' 

4f ’ i . *S*- *3j -J. 

- r /."* 8? : ’-i) y 

;.t- *3v 

’v . ■ «:■, *‘j«i ty 

' ft i’ .- fc.. ty 1 

■ Z*%' "•*?, 

■ 

■*OA'S 


S : Saturday April 15 1978 

^irtNBiANCE, PROPERTY, 

A&lf-C- " BONDS 


(Wdtrt'j&al 


AUTHORISED UNIT TRUSTS 


bln Fund,! 


* *+:• 


. Ill* 

■ •• -Vn ^ 

i - « ; ! 


Abe? We Assurance Go. Ltd, 

JJSt P*ar< Churchyard. CCA. 01-3488111 

BS2S==BT S3 Hz 
JOSSfcpBB W = = ■■ 
gSffirJJfteg, Si-- 

fUea&T 1201 120* ___ — 

KE 1e : e 

FecaJUanafcd 1711 386JI - ^ 

m=. - 

SlV KtoWrowOTtefe Too*. 

Albany -Ufe AssnnmceCo. Ltd. 

XL Ofe BnrDnglon St, WJ. 01-437 SOB 

gffiSMfcEK SIS rd z 


Inv. Arc 
PWLFtLACC. 
-Fn-Acc— 
GtdJiae.Fap.Acc.. 
IsffJteJ’aFdAee 


4JHEV Life-Assurance XHLV 
Atom R«U Alma Rd, Bristle. Rri«ate4O102 

*§ - HH ::::: n 


General Portfolio Life Ins. C. Ltd.f 
MBaritoloinmiXWalUmmCrwft. WX3IP71 
Portfolio Fa wL,_| , USA. I — -j — 
Portfolio Capital n |426 43fi| . — | _. 

Gresham life Ass. Soc. Ltd. 

1 Prince of Vales Rd, VmMrt*. 0202 tstsss 
OLC nbFudvaHU WUI ..... — 

m — - 

fi' H P"^ .„ Nr* 7 v»x — — 

GLPpty.Fua<U^pSJ IK}.] — 

Growth ft S«c. Life Ass Soc. UtLf 

Weir BanX Brap^o-Ttmees. Berio. T+L 34284 

Es^nss^L %s? l ~~ l - 

iSS^ksSrA^iu7.7 323. 
G.itS.SnjierFd.^1 £2.0710 

Guardian Royal K*fh-p 

Royal Exchange. EC3. - 01-2837107 

Property Bftidf _p7M DU| --4 - 

Barabni Life Assonaee Limited f 
7 Old Pert; Lwe^LoBdee, W1 00-4000031 


>-• ,,# ifc ' 

.%£$ 
I- is*?: 




' r * Us*T? 


Arrow Life Assurance . 

M, Uxbridge Road, WJZ 01-7400111 

EaL3mtJ,CpJJ«L . toB.7 85ft . I — 

Ke< J9rf<LSLUnt_ Hi 1*0 _ 

wBS^Bb 8H=3 = 

Barclay* Life Assur. Cm Ltd. 

Romford KJ..E. 7. (0-8346544 


MWf , 

MHAniAttUBL 

Do. JalttSal 

catt EdgpeaaAet. 


S3 31 = 


goa-grop- . 

kems- 

S2:8ff*Efc.,.-. 

Pea. BA Cap. 

Ptn-KS:A«;__ 

Pen. D-AJj. cap. __ 

Pan. DaP. An 

Heart* of Oak Benefit Society 
lb-17. Tht Mock Place. ~WC1S0SM 01-3876000 
Hearts ot Oat. ,. pfc? J«Jj — -I — 

Hill Samnel life Amr. ULf 
NLA Twr, Addtacombe Rd, Croy. 01-W43BS 

nnRj — •“« 1 


Mao aged tTsitaHl 
Managed Scries A_ 
Managed Series CH 

Money Units m 


Pensions Management Ltd. 

48, Grnccchurch SL, EJC3P3HH. 01-tB3430o| 

Moaued Fund-. J14S.9 25381 ■ | — 

Price* April 1 Next dealing May 1 

New Zealand las. Co. (U.K.) Ltd.V 

HtiUud House. Soulbeod SSI US 070282825 
Knrj Key Iut. P lan. (U4.6 138.11 — 

SnwIlCo'tFd. 100.1 MSI — 

Technology Fti 103 2 . 10RC ...... — 

EatfaliieJFd.-. 17.4 1025 ._... — 

American Fd 174 102J — 

Far East Fti. 1MJ 1056 - 

GLa Edged Pd UU 1BM — 

Coe. Deposit Fd,_.|lSb lMt| — 

Norwich Union Insonmce Group 
FO Box 4. Norwich NR13NC. 08032X800 

Managed Pond C 0 QB 2105-0.3 - 

Equity Fund 313.7 3302 -0.7 — 

gppwtyFiind 123.7 13M — 

Fixed Ini. Fund 148,9 +0J - 

Deposit Fund^™- 184.7 1185 — — . 

Nw. Unit Mar. 25^ 11L4 | — 

Phoenix Assurance Co. Ltd. 

4-5. KlngVnujamSt. EC4P4HR 01-8208670 
WnRh An 007.9 11Z71 „..S — 

- C^Jd z 

Prop. Equity & life Ass. Co.V 

1 10. Crawford Stre*t,WlH2AS. 01-4880057 

iisi at IeJe 

Property Growth Assur. Co. Ud.V 
Leon House. Croydon. CRB 1LU 014800006 

sa = 

Si r.:: = 

1513 — 

1£LS — 

M.« — 

652 — 

1M2 -HA — 

159.4 -0 4 — 

13U +D.2 — 

237.6 *tL2 — 

10X7 — 

1213 M .... — 

1213 — 

1772 — 

1385 — 


now, uroyoo* 

Property Fund 

Property jT|ind{Aj. 

Agncultund Fuad 
Agrlc. Fond!A)_ 
Abbey Nat. Fund«. 
Abbey Nat. Fd. (A3 . 
uwaoninusL, 
{nvestmeet Fd. (A3 

Equity Fund, 

Equity Find (A) 
Money Fund — 
Money Fund (A) 

Actuarial Fund. 
Gilt-edged FUnd_ 
GUI-Edged Fd. (Ai 
0 Re lire Annuity 
Olmmed. Aunty 


Pns. 

Pns. 

Fnx.Gid.Csp. 

Paa.Gtd.Ace. 

Imperial Ufe Act. Co. at Canada 

Imperial House, Guildford, 71255 

srarw&y si ■ - 

Unit Until PocttoHo __ 


sv^.Tsasf '“■ssr.ir 






1ND LOWS F0R1J, 


SSStiS^ffZpb-O 10231 4 — 

■Cnmn imb mine March 29. 

Beehlre Ufe Amr. Co. Udf 

71.LocnbnriSL.EC3. 014231208 

Black Harm Apr. L | 138.42 | J _ 

Canada Ufe -Assurance Co. 

M High Sc. Patten Ban Herts. PBar SLI22 

Eqty.Grth.Fdliar.lj 573 j J _ 

RetoLFcd. Apr.0_| M93 | 1 - 

Caawm Aswuiaw LtA9 

1, CHrmplcWy, Wamhley HA80NB 014029070 
Equity Unit* ttaA«S — l-DJfl — - 


Prop. 

Bid!l 
Deposit 
Equity Accnm. 

Property Accina. 

Mngd. Aecuto. 

2mf Equity™ 

2nd Propoty 
2nd 

2 nd 

2nd 

ShdBq. Pena/Acc. 
anAEnTEufArc. 

2nd Mgd. Pans/ 

2nd DepPenifi... ...... __ 

2nd GuT pchs/Ac C.W2J 97. 

T.aKsi y. 39J 

L&E5UF.Z IS! 27- 

Cnrront value April i 


— .. „^u*.99 1340, _ 

•All Wefiher Cap, . 123.7 130.2 — ■ 

•tov.Fd. VU 1336 — 

Pension Fd. Uts 2288 -... — 

Coov.Pena.FA 1A3J — ■ 

Car. PBS. Can. Ul. 130.9 ™... — 

Man. Pena. i t . 143.2 — 

Man. Pane Con. U(. 23347 — 

Prop. Pens. Fd 1436 — 

Prpp.Pona.Cap.Uta. 131.9 — 

Bdgg. Soc. Pen. Ut 129 D — 

Bdg.Soc.Cap.UL4 U« — 

Provincial Life Assurance Co. Ltd. 

S22, Blahopsgatn, E.C2. 01-2476533 

Pror. Managed Fd-M2J 11 XS ,1 — 

Frav.CashFd. 1104.1 1 M.M _ 

Gill Fund IS plA2 1204 -2.0 — 

Prudential Pensions Limited^ 

Hoi bora Bars, EC1NZNH. 01-4059223 

EquILFd. Mar. IS. (£22.98 Z3.M .1 — 

Fad. in t Mar. IS U3944 14.7* — 

Prop. F. Mar. 16 £2459 25351 4 — 


Managed Fond . ~~ tw.9 eg* -U| — 

-Sq- 

Equity Fund [954 180.41 1 — 

Irish Life Assurance Co. UL 

1L Finsbury Square. ECL ‘ 0MS88253 

BhieChfpAprt7_Uf9 723? —4 450 

Manat cdVnnd St.9 22»3j — J — 

SoaMmLApc. 1 u7Q3 179.M — 

Prop. Mod. GQl (1873 19*51.-4 - 

Wtij Ac Shuxsou t|M 
KLComhilLBCa. ‘ 0(2423503 

Bond Fd. Exempt „ 00091 HBJ5! 4 — 

ia«j|iiMw life Assnnmce Co- Ltd. 
T-angham Ha. HolmbrookDr. NW6, 01-935211 

j^=d = 

Wisp (SR Man Fd[75Jh 79Jj ~—4 — 

Legal ft General (Unit AmrJ Ltd. 

£3£SgoS§r- ““SSanSSSi 

Cash Initial.- 
Do. Aecmo. — 

Equity InitiBi 
Dol Accinn. — 

Fixed Initial- - 


O.I-LS - 


Capital Life AMnraneeV Fixed ioitii 

CanisUM HQOS4 C2upe) Ash VFtoe 080238513 


| Abbey Unit Tst. Ugns. Ltd. fal (*) 
7JA0. Gate house Hd.. Aylesbury. 0ZM5M1 

Abbey Cmpiul .003 3221 -0.21 4.15 

Abbey Income-.. . B6.7 39.3-011 5.75 

| Abbey Inx. Tst Fd.,01.9 33.9 -«li 453 

Abbey Gen. Trt (421 4481-04 431 

Allied Hambro Group (iNg)V 
l Hsmhros Hse.. Hutton. Brentwood. Essex 
01-588 2831 or Brentwood (0277) 211456 
■tiaecfd Funds 

MW -02! 5.91 
63J -0J 5 M 

36J -0A 551 

32 2a -0.2 SJ8 

696c -01 455 

103.7 -05 5.49 

U7_j(-07j 454 

lneonw Funds 

High Yield Fd. 1636 MlJ -DiJ 0J7 

B Uh income -K9 675se —0.3 kM 

AjSTEq Inc., (35.9 U4| -tL^ 756 

la taria daa d Imda 

bdensdoeal Qt.4 26.U+03I 250 

Sen.oIAnwiIra — M3 527] +0.7) 2U 

Pacific Fund (371 39J|+QJ( 252 

Specialist Foods 

Smaller Co ’s Fd-_m.7 34.(0 -02) 514 

2nd Sndr. Co'S Fd— »4 -45.3 SJB 

HeMnqhU.— „ BL5 Mid -Oil 5.BS 

MetMla.6iC(Ry..- 366 393 -0^ 554 

Overseas Earnings. 501 51* -0.3 5.20 

Espt. Siulr. Co’s -40971 207fe< -0^ STB 

Anderson Unit Trust Managers Ltd. 

1 58 Pane burch St. EC3MSAA Q23SZ31 

Anderson U.T. (4 61 492U| ] 4.78 

Anabaeber Unit MgmL Co. Ltd. 
lMoblcSL.ECZV1JA 01-0236378. 

Inc. Monthly Fund .p£0 170. Oj J &9 

Axhnthnot Securities Ltd. (aKc) 

01-238 981 
-051 1070 
-03 9.60 

-0 4 9.64 

-0.4 950 
.... 1250 
1200 

Z 600 

6N 

£M 

318 
-0.7 332 

-0.1 332 

-0.1 331 

-01 331 

—... 4.71 

170 

170 

195 

150 


Gartuum Fund Managers y (aVg) 

2«tM«iyAi».»3ABBP, 013643581 

(*)AimncsnT*.-...B2 2711*0 #.71 

Rri Mh Ta i Act) - H9 2 52.3 _o.ll 32 

Ccmupodlty Share -134 5 144 U +j3 339 


271 *0J 071 
,52.9 -0.1 3» 
JMI *12 339 
324B *02 0.71 

59.1 -02 907 

717 -0J 734 

13J2 rOK 354 
76c -0.4 657 


26.1] +03) 250 
5L3+O.M 2.18 
39J1+0J1 252 

a -02] 5A4 
—da 533 
-0 a 5.B3 

3a ii 


I*t. Agencies— —061 1333*00 354 
InlL Excsif* Fit ~ B05 S7&3 -DAI 657 

WignU-TsLiAcc.i- 111 5 3054 ..--I L67 

Gibbs (Antony! Unit .Tst. Mgs, Ltd. 

2%.BIoiiiaeldSL.ECSM7NU 01-5884111 

(a, AC. Income--- 138 « «12cl J 8.40 

ii)AG.Crawthrt—P*a 395] ,^,.J 450 

UlA.G.£arEasri~|2Zb 3A2\ ] 030 

Pcsling *Tuns. tlWed. 

Govett (John)? 

77, London WsU. ECi 01-588S8M 

EEgkgm BldB 

NaU dealing day April ZL 

Grfevrson Management Co. Ltd. ' 

5 D Gresham SL.&C2P ZDS. 01-006403 

206.11 457 

223 < 457 

177.5 755 

204.1 ...... 7.65 

>W1 IS 

aac +23 292 

90.7 *24 292 

745 ...... 286 

l Accum. tinJisi L'J-o 77 286 

Goardlu Koyal Ex. Unit Mgn. Lid. 

Royal Exchange, EC3P3DN. DI -623 SOU 

fujOiardbUIRt-pU ■ «.7J -OSf 4.71 

Henderson. Adm i n l s tratioa (a) (c> tg) y 

Pr ^crUTAdmla- S R ^krlBh Road. Huaon. 
rut Ftaads ' 

Cap. Growth Inc— p9. 7 425x0-031 359 
Cap. Growth Acc — (g 3 43 id -ail 359 
jncocM a AsaM*_-|295. 31-9-051 657 


SlBtedfiS jq: a *2 
S 5 S&r ^*ii| 


OUftNM.Be* (24.7 

IBenadMSI _ . 

Cabot ■■■■-■ 1U.4 

iffiTSKSfeiSl 


+051 294 
175 
—271 459 


Archway Unit Tst. Hga. Ltd.y (aKc) 
217. High Holbom. WCI V 7NL. 01-631 6S33. 

ArchwarFmad J78.5 B3J51 1 6.12 

Prices at April 12 Next sab. day April 2& 

Barclays Unicorn Ltd. (aKg)V(c) 
Unicorn Hd2S2 Romford Bd-E7. 01-534 5SH 


IldE 


Prop. F. Mar ,15 p459 2 

Beliance Mutual 
Tunbridge Weils, KenL 
Rtd.Frop.Bda. ] 1965 


089222271 
I .——I — 



■KeylnmSL W 1 

Pacematerlnv.Fd- J 


lil = 


N2W-IJ-, 

■li.r-s-a : 

■7-:.cr 

■I.ll r 

-id’ 
'«!!■ 
u S£J j 


Charterhoiue Magim Gp.y 

18. Chequer* Sq„ Uxbridge UB81NE 62181 

Chrthse Energy DSA 37M — 

-ChithBe. Money 29.2 381 .... — 

Chrthse. Managed. 375 39.6 — 

Chrthse. Equity M2 365 — 

Magna BM.Soc.__ 3245 — 

Magna Managed 1527 — 

City ai Westminster Assur. Ch Ltd. 
JRlngmead House, 0 VUMume Road, 
Croydon CR02J A .. 0 i3m9664. 


J U |Ifei0gft< t»iH|nl 

Do. Accnm. 

Prop erty m illni 
Do. Agemn. ■ 

Legal ft Genctal 
Exempt Cam IniL 

— Do. Accum. — - 

— Exempt Eqty.IniL- 

— Do. Accnm. 

— Exeapt Fixed 

— Do. Accum. — 

— Exempt Migd. Inlt 

V M Do. Accum. 


West Prop. Fend 58.9 

JCaoagroFnruf - 178.4 

Equity Fund. 545 

Farmland FuikL— 705 

Manor Fund 120J 

GfeEAmd 635 

PULA Fluid UU 

FttaK.Mngd.CapL-. 113.4 
Peru. Mpgd. Acc._ 1172 
Pens. Money Cap.— 453 
PenxMwieyAcc- — 475 
Pens. Equity Cap, _ 452 • 
Pens. Equity Ace. _ 457 
Fund currently c need to 




DUES 


Legal ft General Prop. Fd. Kps. lid 

32 Ou*ou -VJetcxi* St, EC4N4TP. O1-0M0078 

LftCTTOFdApr. 1W3 1017] 1 

Next juts, day May L 

life Amr, Co. of TOayhaila 

30-42 Now Bond SL.W170RiQ. 01-4808886 

LACOP Tlnit x -— (1007 1057) . — | — 

Lfeyds Bk. Unit TaL Mngrt. ltd. 

72 Lombard St, KC3. 014031288 

Exempt . v |972 1023d --4 7.94 

Artbrancc . j wtf 

Jlf 


Rothschild Asset Management 

St. Swl thins Lana, Loudon. ECA 01^264356 

N.C. Prop. Stxr. 32_| - 2215(4 ....-I - 

Royal Insnzance Group 

New Hall Place; Liverpool. 0512274422 

Royal Shield Fd. _|1321 U95( ( — 

Save ft Prosper Grotapy 
A GLSUBelen s. Ludiu ECZF 3EP. 01-584 8888 

RaL lav. Fd. _|1223 12951 1 — 

Property Fd.* 1492 157.4 J — 

Gill Fd. .. 1126 ‘ 124.! +111 — 

Deposit Fdt- 122.0 128.1 _... 

Cooip.Pen&rd.t 198.C 238. 5 — 

EquItyPcnsFd 1675 177.2 -02 — 

Prop FeS. Fd.* 209.7 22L* _.. . — 

Gilt Pens. Fd. 05 95J +05 — 

Depos-Pens-PiLt (97.1 1021 ..._. — 

Prices on ‘April 1L 
fWoekly dealings. 

Schroder Life Gnwpf 

Enterprise Boose, PortsromitlL 070327733 

Equity April I 2145 ] I — 

Equity 2 Apr. 11 200 0 219 U — 

Equity 3 Apr. U 1135 119.3 — 

Fixed fut Apr. U- 1382 M5.« > — 

Fxd. Int 3 Apr. U_ 1403 156 

Int UT Apr. XI 1252 m 

KftSGUt Anr. U D47.7 150 

IB 
3 
3 


177^-02 — 

95.3+55 — 


Baring Brothers ft Co. 15d.y (aXx) 

88.LeudanbalISL.EC3. 01^882830 

is ssffj=(B m-i ut 

Next Sunday April 26 . 

Biahopsgafe Prepmiw MgmL Cap 

01^5880200 

S3rJ IS 

mats 

18. -Aprils. 

Bridge Fund ManagemKaXc) 

01-6234861 



37.7 . — 359 

405 5.73 

iSz 291 

17.0 . — 291 





Fund currently cloned to not* htmainniL jsxempc — 1 nx JUAAq 1 /.w 

■ .Perform Unas— -| WJT ■ | r. „ • " • 

Oily a Wutmbuter Arox. «gT“ 

Telephone 01-684 0164 ^ | , 2T 

=J = 

.Commercial Oaten Group 

• St. Helen’s, X Pmdwahafl. BC3L 01-3887500 OpLSDapLA^JS- . 

" DoAnmiayuE^! S-S — London Indemnity ft GnL lux. Co. Lid. 

Ouiederatitm (( fa insurance Co. ia40,TheFotbuy.aeading58ssiL ' 

50. Cbanceiy Lone, WCZA 1HE. _ 01-2C0282 S3 -• 

VEquRyTVi n d... ■ . P412 1QJ — . 7hMIiitoi«at_M2 Ju-tj] — 

TManeged Fund _ 1755 1SJ — ^ ^ ^ 

2095” J z Iht Lend*, ft Manchester Ate. Gp 19 

Plied} ;. Pro FA 2W.0 - — — TheLetta, WfaBtona.K»L Kmsms 

Managed Pan. Fd. - 1702 _ — — Cap. Growth Fund-. 211.7 +15 — 

IVopmy Pen, FA-. 1293 — OExompC PleX-Fd. 1205 +SJ.1 — . 

fproloted In. Pol] 3B&.9 «-J — ^Exempt Prop: Fd- H73 *05 — 

Corah HI IwmrmtteeCo.lM. FtoShfcF^J^ . IM5 ioj - 

32.CorohUl.EC3. 01-608543,0 hi*. Trite Fund DO.4 +24 — 

■Cap Feb. Mar. 15- 0U3 . — | — J — ProptwlyFund «L5 -0.3) — 

* TteJ £3 - M ft G Groupy 


127090 

129 

■Mi 


war 


+1.4 — 

+0.7 — 
+24 — 

-M - 


KftSGllt Apr. 11 
KA55cApr.lL 
Mngd.nx.Apr. 

MnBd.3Apr.Il 
Money Apr. 11- 
Mouey3Apr.U 

DmuitAnr. II. 

r.ll. 
pr.ll 

BSFn.cu.Anr.il. 

BSFn- Act Apr. 1L 
Mn. Fn.CpkApr.ll 
MnPnAccApr. U, 

Scottish' Widows’ Group _ \ 

PO Bofi otQ.'&flnburgti Eaifl SHU. 031-«56^000 
lw^y!»rSL— W-9 j 2-41-291 
In*. nr- Senfe*2_i 925 ■ 96.* -291 — 
luu. Cash Apr. H— _ 97.0 MW +0 P — 

Ex.Ui.Tr.April8_ 13«3 1«S ..7.7] — 

Mgd-Fttn-AprtJULpeS 25071-431 — 

Solar life Aanuance limited 
10T12 By Place London ECJNOTT. 015420005 
Solar Managed S.— {2225 23031-0.1] - 

Solar Ptnpeiri 
Solar Equity S 
Solar Fxd. for 
Solar Cash S 
Solar loti. S. 

Solar 
Solar , 

Solar Equity 
Solar FxdJnL P. 

Solar Cash P. 

Solar iaiLP. 




Britannia Trust ManagemenUaXg) 

S Loudon Wall BnBding* London WOli. 
London BC2M9QL 01-0380498/0470 

Aasata 1645 -031 279 

Capital Arc. 465 53.0 -05 «.«B 

SnunScInd 505 53.7 -fa 4.90 

Commodity 665 7U — 557 

Domeatic!— — — 355 275 .... 4.90 

Exempt-.————-. 975 1CU -05 000 

Extra Income—— 075 40.7 9.71 

FarEort 19.D 20.4 *0.1 354 

Financial Sec*.— 605 620 —03 4.75 

Gokl A General KL7 S75 —LB 327 

Growth 72-2 77.7 -0.4 4.45 

Ine. ft Growth M3 725a -LB 730 

Ian Growth 555 SOC -0J 253 

lUWAThLSharoa- 405 421 —0-2 456 

323 34.9a -0.7 273. 

NaL Ml Rhine 72.4 775a -03 051 

rNmrgHOB 32.4 Mi -01 5J1 

+Kn+ft American— 27.7 292 +0-5 290 

TTOtanumai 9SL1 4620 -27 455 

Property Shores - 12.0 12.9» -OJ 2.91 

Shield *25 453 -03 4.82 

Status Change 27.8 29.9 -02 539 

Unlv EnetKy p95 325] ..Ti4 2.77 

The British life Office Ltd.f (a> 

Reliance Hae^ Tnntuidgn Wells, KL08S2 22771 

BL British Lite [45.9 4B5ri~03j 5.94 

BL Balanced'— .105 46 5m — ..J 293 

8L Dividend” HU , «5te ,-.J _,931 

•Prices April 1Z. Next dealing day April 15L 

Brown Shipley ft Co. Lld-f 

Mngn; Foumdera CL. EC2 01-6008500 

ESSZESdW S 


Anrtrailan — , - ■ -P0.9 32.M +05| 235 

assfigFfe MM as 

Hill Samuel Unit TaL Mgre.t (a) 

61-6288011 
i3La -aa 539 
36.! *63 290 

76J +L4 299 

29.4 +0.t aSl 

90.7b -05 4.96 

27.4 —03 7 95 

51.5 -0 .1 352 

»j|--53 041 

InteLf (aKga 

15. Christopher Street. E.CJL 014MT77M3 

InMJ- Inv. Fund (82.7 095] -03| 750 

Key Fund Managers Ltd. (aMg) 

23. MIIfcSL.EC2V BJE. 01-0067070. 

Key EncnyliUFd- 1675 7231 -03 3.95 

Key Eanlri' * G«m.- fe 9 65.3 —02 527 

<d(cy Exempt FU-Q323 Wtf - 0.6 655 

00.2-01 857 

633 .... 3234 
9U] -0 jq 6.99 
Kleborwert Benson Unit Maugenf 
20. Fenchurch St, EC3. 01-6238000 

fiS 

KAFd.IiW.TBa._l49 S SAW — -| 452 
L ft C Unit Trust Management Ltd.y 
The Stock Echange, EC2N 1IIP. 01-588 2800 

aglSStenlSS 0 

Lawson Secs. Ltd. yiaKe) 

63 George St. Edinburgh EH2 2JG. 031^263911 
ARaw.Malerfala__.g43 3651 -L7) 732 
gtAccum. Unit*) — »1 41J -L! 732 

Growth Fund 56.1 6U ..... 35S 

*t Accum. UnJto — 615 665 353 

tiGOt and Warrant. 355 383 ..... 157 

iAjnartoanM. 20.7 zzS3 150 

SAcctnUnltSl — - 215 233a 130 

••High Yield 4B.Q UJ -0.4 1050 

-(Accum. Unit*) _- (667 72j| -0.4 1050 

Deal. jtHtoo. Tuns. tlWad. tThura. ^Fri. 

Legal ft General Tyndall Fundy 

18. Canyjwe Road. Bristol. 007232061 

Dii. April 12 155 .2 58 * J 557 

UxatSLuniW l*a& 72 M j 557 

Next sub. day May id 

Leonine Administration 

2. Duke St, Landau WLM6IP. (» -4804001 

iSg^zr"-^j 2*513*1 » 

Uoyds Bit. Unit TsL Mngrs. Ltd.y (a) 

Iffftyfttta. 

61-623 1388 
-5031-051 4.73 
671 -0.4 671 
513 +05 359 

635 +05 339 
8Lta -L7 657 

7 1114 -03 557 

60.! -03 031 
47.H-64 *32 
Lloyd’s life Unit Tst Blngn. lid. 

7260, Gatehouse Rd . Aylesbury. 0U89M1 
Equity Accum. — JW9 1323] — J 435 
M ft G GroupV tyXcX*) 

. Three Quay*, Tower Hffl, BCSR 8BQ. 0M3# 45B8 
See aim Stock Exchange DoxIItwb. 
tww ti^ii 445 475 +0.91 

(Accnm. Units)—. 4S.4 90S +0.9L 

AuBTOlaaian ■ - — 465 ■ 49.C +831 

(Accnm. Units)— 46.9 49.5 +S.4 

Connnoday.—, — M3 60 ! -OJj 

(Accnm- Unite) jJJ 74J -03j 

Compound Growth. 945 1013 -151 


Perpetual Unit Trust Mngmt,y (2) •. 

48 Hart Sl, Henley on Thames 040136888 
ppmwaGpxah._-t»3 4i0i ..-.l 3J» I 

Piccadilly Unit T. Hgrs. Ltd.¥ <aHb) 
idneWaBEca 0380801 | 
'.9 32.M-051 4.40 

Ll 425 -05 336 

6 320 -03 350 

7 47 1 -03 3.65 , 

6 37 2 -0 2 352 

.7 . 641 -15 365 

14 34* -L7 534 

271 +03 150 

245f+M 250 ; 

Practical Invest. Co. LttL¥ (rHel 

44. Bloomsbury Sq. WC1A2BA 01^238803 

Praclc*iAw.li-.|lM.4 lWOdj 1 

Accum. UmU [1973 2095] — 456 ] 

Provincial Life Inv. Co. LtcLy 

222. BUhopxcate, E.C5. 01-3470530 | 

BBsaS!==B& 

PrudL portfolio Mngrs. Ud.y (aXbMc) 

RolboTB Bara, EC1N 2SH 01-W3BZK: 

Prudential [114.0 1ZL0U| -03] A71 : 

QaiKer JKasageatent Co. 15d.y ! 

The Stk. Exchange. BC2N IBP. 01-0004177 | 

taSE£S£JU 

Reliance Unit Mgn. LtiLV | 

Beliance Hse Tonbridge Walls, KL QS8222271 I 

SSSSriATlActJ- P9.2 «l9 -O.J 5*9 

SefdoriUT. lac __p01 40JWf-£21 5^9 

Ridgefield Management Ltd. 

PO Box 419. 3B-H, Kennedy &, MaudKSMr 
OR 239 8521 

RldgeaeMlnt.trr.ta9D 955] .._J 253 

BMgCflcMlacmue.|9U 3005] — 4 933 

Bothschild Asset Management (g) 

0S9608U 
+031 3 02 
+0.4 2*2 

-05 6.95 
+03 1W 
+03 UK 
-C5| 457 

Rothschild ft Lowndes MgmL (a) • 

SLBwiUilnsLane.Irin.EP4. O1-02843SO 

Now Ct. Exempt 10155 1220*4 ,._4 372 

Price on March 1$. Next dealing April 17. 

Rowan Unit Trust Hhgt Ltd. 

Cbj^GateHse^'FlmfawtySq^BCa. 016081000 1 
RoranAm Apr. IS . [62 5 65 0] . — 130 

XtawaaSeeaApr.il. 1553 lAJS] 4_J1 . 

Rowan Hy. Apr. 13- 525 • 563 — 737 

tAecumTun Uai . 723 75S — 737 

Rwn.Mrn.Apr.lZ_ 723 763 45* 

(Accum. Units] [883 93.« — 454 i 

Royal TsL Can, Fd. Mgrs. Ltd. 

94.JensynScreeLB.W3. (H62882S2 

' S3 “S3 « 

. Prices at Apr. 14. Next dealing Apr. 28 

Save ft prosper Group 

A Great Sl Helena, London BC3P SEP 
0B73 Queen SL. Edinburgh EH 2.4NX_. 
Dealings to: 01-534 8888 or 831-228 7361 

Save ft Prosper Securities Lld-f 


OFFSHORE AND 
OVERSEAS FUNDS i 


LT3J 023 23.M -0.71 459 

Uulv. Growth ]U5 665u|-0A| 228. 

Iptrrpwi^nf | |fd 1*11*1 Pni 

Blgb-Yleld |5L7 5354-05] 7 JO 

High Income Funds 

m & 

VJL Fund a 

UK Equity |40J 433) -051 557 

O wm naa FundabO 

gF=B I «li 

(prior pBndl 

Commodity HI 7151 +03] 456 

.. |5n 6651+03 199 

USweiw+al Cm fa* Jl4 +03 111 

B^K - Wrii a — rt u P ypcfe 

Select lntoreaL 1233 0 245.94 -L« 256 

Select Income P03 5334 -AM 757 

Scetblts Securities LtcLf 

Scotbtts-— 136* 39 5 +0^ 3J7 

Scotyleld.1.. —'148.9 525 -03 733. 

Seotshnim- p£9 565] -03i 3.79 

I Sfcntdtt SSS}:=i?S 

Prices at April 12 Next sub. day April 27. 

Schlesiager Trust Mngrs.' Ltd. (a)fa) ■ 

(IncorporsUng Trident TrosWl 

140. South Street. Dorking. (0806)88441 

?» 04 155 

275n +0J 237 

2 M 038 

255 M2 

303 1035 . 

415 -0.2 TS 


+03 294 

__-33 4.95 

22! -03 4-92 

204 0.03 

253 1154 

25/ —03 251 

2S.ta -03 2*1 

ZL7 

195 _ j 6.06 
March 22 

J. Henry Schroder Wagg ft Co. LLLf 

90M.°iris 

BSStesriSM-'-ffizJia- 

(Accum OnJOj- 2555 364.7 ] fc.78 

General Apr. U~~ 775 KLC 9.44 

(A— www Tinlw) 1 ■ • (5.9 99i — J 3.44 

Europe Apr.' fl 29.9 31 Bb 139 

lAcctnn. Units)— — 333 33.7) 1 Lit 

Specs. Ex. March 1L 

BAseAsns ju=nfi 

•For tax^ exempt funds only 
Scottish Equitable Fad. Mgrs. Ltd-f 
28 SL Andrews Sq.. Edinburgh 831-3800101 

Income Units N7.7 MJW — 4 535 

Accum Units ._ r _ (54.4 57.94 „„4 535 

Dealing day Wednesday. 

Sebag Unit TsL Managers LtcLf (a) 
POBoxSH, Bchlbry. Hae^SCA 02-2389000 

Security Selectton Ltd. 

lb-lB, Uncotn's Inn Field*, WC2. oi«aiflgs6S 
Uuvl GtoDdAee — Jf5) ..-4 3te 
UuriGthTKlM _-pBJ 215| — 4 352 

Stewart Unit Tst. Managers Ltd. (c| 

45. Charlotte S<l, Edinburgh. 031-3203271 
Stewart Am eri ca n Fund 

Standard Unlta«__H93 «3J ] 152 

Accum. Units —163.9 6001 i — 

Withdrawal Uutta- fWO 52j| | — 

Burnt British Capital Fttnd 

ss?te=gtt aa.dis 

Son Alliance Fund MngL Ltd. 

Sun Alliance H«e., Hamham. D408 04M1 

W9aKR±»S sa ^ 

Target TsL Mngrs. LKLf (aXg) 

3L Gresham SL. BC2. DeaUnff: 0286 5841 

.._. 430 

625 +21 450 

36.9 —04 632 

210.! 657 

2796 . — 657 
1205 +0J 3J0 

203 —03 4-46 

»-7 +03 207 

2931+03 252 

-02 3.72 

4(7 

-LB 059 
-20 1355 
. — 463 

Target TsL Mgrs. (Scotland) (aXb) 

10, Athol Crescent. Edin. 1 031-2288631/2 

Target AmerEagumj 26.71 +0.« 

7hr«W Thistle _p ? A 433J -B23 60S 

E^r* Income PU._p7. 6 629f -03] 1058 

Trades Union Unit TsL Ma n ag era f 
100. Wood StreeLE.CH. 034B8B011 

TUUT April 3-—K04 5LSn| .—4 532 
Transatlantic and Gen. Sees. Co.f 
Ol-GBKewIiondanBd. Chelmsford 0245 91891 
Barbican April 13 -(723 ,7S-7} — SS 

lAcctUn. Umts.) 1W0 115-3 — 4 Jte 

Barb-Kipl Margin taS.O 8J.S 1 389 

Buckm. April 13A_.[75L 79.3 4te 

(lUnm. Units) B20 96.41 42S 


Co. Lld-f 

srs 

£}i 3 ' 


aw-w f^*" 446 

(Accmn. Units) ISA 

Aiternlaaian . 465 

(Accnm Units) 109 

Commodity. 143 

(Accnm. Units) W 5 

Compound Growth. 942 
Conversion Growth 538 
Conversion Inc. _ 55.6 

DMdend IJ 0 A 

i Accum. Units) 2053 

Europun — *63 

[Accum. Unltaj — _ 06.9 

Extra Yield 702 

(Accum. Units) 1046 

Fnr Eastern.—..— >53 

(Accum. Units, WJ 

Fnndoflnv.TGts — S65 


3534 
March 1L 


373 +0.4 
592 -12 
. U7J -27 
2UM -3 2 
WJ —05 
49.9 -05 


iSW MftGGroupf 
Credit ft Commerce Irunnutee ^ 

120. Regent St, London W1R5FE. 01-4W7081 SSe 

ClcCUngAP* p220 3325) J - Bqaltar*^ 

Crown Ufe Aaatuwnce Co. Ltd.f Family ai-«8*+ 

Crown Life Hr. Wotta*.GiroiXW 048035033 CUtBauP 

8149 - » 

Mnqg’d FcLInit- 
Eqaity FdLAcc.. 

Hquity Fd, Incm — 

HqiriQr Pit latt. __ 

nSfiuty Pd. Ace. 

Ptopeif Fd. Incm. 

Property Fd. Inl L 
Inv.Tst. Fd. Acc__ 

Uv.jtt.Fd.Inem 
Ittv.9hLFd.InlL. 

Fixed luLFftAcc. 


SM3 r 

li —April 14. 

"I — Merchant Investors Assnrancef 


— • 135, High Street, Croydon. 

— ~ ConT.Dep.Fd 1 127.7 

~ Money MrkLFd.„ 1405 

~Z Her. In*. Man. F±| 1815 

~ Bfor.Inv.m.Frf.— 1MX 


OlteSOm 

m- 


Prop.i+,116. 

mi 


Sun Alliance Fund MangmL Ltd. 

Sod Alliance Bouae. Horsham. 0403 64141 

Exp.FdJnLApr.12 .{05350 160.40] — .] - 
Int Ba. April U — ] £1267 f 1 — 

Son Alliance linked life Ins. Ltd. 

-SanAfeuceRimae. Horsham 040304141 

* 1872] -05| — 

■ m.§ +9.9 — 

iotw — 

5Si J +L6 — 

lOOm — 

10761+03] — 

Sun Ufe of Canada (UJL) Ltd. 
E24,CocfepttrSt,SWIY5BH 01-0305400 
Maple IX Grth... I mi I — 1 — 

& 3 = 

PmmlPnZfi. | 1944 | — J — 

Target life Assurance Co. Ltd. 

Hbaw6 

. Man. Fund fee W3 MOM — .] - 



(Ataun. Units'! - 
High Income — 
(Accum Onlts)_ 
Japan Income _ 
(AecumUnlta)- 

Mngnum 

(Accum. Units)- 
MMlaad— — 
(Accum Uni lai- 


MA 253.4 -3.9 

.0 1022 -L7 

M2 1663 -28 

107 1593 +02 

W0 159.! +02 

D.0 194.7 -13 

».9 2425 -13 

S6.4 3665 -24 

35 270.1 —3.9 

SJB 77.7 -12 

1.7 705 -12 

3.0 1682 -2.7 

117 2514 -43 


Canada Life Unit TsL Mngrs. Ltd.f 

34UlghSL,Puttaxs Bar, Heats. Pi Bar GUZZ 

Cm. Gen DM. B53 37M-OZ 472 

Do. Gen. Accum —IC.6 44JB -03J 4.72 

Do. Inc. DlsL p25 342M-13I 7.94 

Do.lnc. Arcum [42A 44®| — 44J 7.94 


Capel (James) MngL Ltd.f 

100 Old Broad SL.BC2N1BQ 01-5868010 

ftSriSS 

Price* on April 4 Next dealing Axml 1& 


(Accum. Unltsj ( 

SpeeiaUaed Funds 

Trustee — 1 

(Accum. Uni lx) f 

Cberiboud Apr 31 -[ 


(Accnm. Uni Bi 

PensJEx. April 10—p272 . 13421 1 5.95 

ManuLife Management Ltd. 

SL Gearo* 1 * Way. Stevenage. 043860101 

Growth Units M82 507] -25) 451 

Mayflower Management Co. Ltd. 

14710 Gresham SL.ECSV7AU. 01-8060096 
Income April 11 — pflli U?3] — .] 032 
General April 11 — (67 J 713| _4 536 

Mercury Fond Managers Ltd. 

ovaoottss 
lML&d _J 4.83 
»S3 453 

Mfidiand Rank Group 

Unit Trust Managers Ltd-f (a) 




-2S 653 
-45 653 

1031 

...... 7.97 

7.97 
5.95 


Crusader Insurance Co. Ltd. . Moa-MW-Peo* ( iso.i 

Vincula Houic. Tower PL ECS. . QUMMm NEL Penxlous XJd. 
Gtb-fn^April +-/717 70S) — J — * 0 ^ CoarL DotWos. Snrray. 

Eagle Ster Insurnffidland jftsaL Nelex Eq. Cap . — (765 

LThxeadneedleSLECa. _ 01-5881212 KSS5&*?S5:- 5v° ^ 

Eagle/Ml (L Un) l* -4*7.5 4933-03] 632 }Jg“ 1 hfota < %cMi 


ha = 


sou 

l-isl - 


Amenh am Road, High Wycombe 
Equity Fd. <-MU IW. 


* BBTV “ Next rob day April 29. 

~ ~«S»fa=W = 

— Per New Court r r ap e rt y roe andw 


M*n, Fond Arc 1093 115A 

Prop. Fd. Inc. 1053 1H7 — 

Prop. Fd. Ace. 1355 — 

Prop. Fd. Inv. ... — uao HW4 — , — 

Fixed InL Fd. Inc. 1545 1MJ — 

Deo.Fd.Aec.Inc_ VIA 103 J „.... — 

S&asfcgJ li th z 

RemanMauXapI ^5 • lgj " ” — 

a sad = 

Tnuurtntenutlonal Life Ins. Co. Ltd. 

01-4038 «n 






The Building and Civil Enginering page 
is published in the Financial Times every 
Monday and carries news items relating to 
contracts and important developments in 
the Construction Industry. 

For details of the advertising space 
available on the page each week, and costs, 
you are invited to telephone 

01-248 8000, Ext 360 . 
or write to The Advertisement Director 
Financial Times. 

10; Cannon Street, London 
EC4P4BY. . - - 


Trident Life Assurance Co. LM.V 
Smv. e* Hnnaa. Gtoocexler 049238541 

Managed DM3 12631 — — 

CtdSial M63 1553 . — — 

ftBPwSZ____ 146.1 155 J — 

KnnlGr/An*ric»n _ 794 ...... — 

UJLBqnhv Fluid „ 946 MSS -05 - 
Hlfh Ylrid_„ . 1375 1«3 — 

aSss^ai = 

jggZtz ::& 3 5 jp = = 

Growth Ha p . 1253 .1353 — 

Growth Ac£_m 549 2365 

FBteUnSd.Cnp._UiO 1193 — 

Uj$3 1073 — 

SSI ” = 

F*M.I^Acel_ U6.0 E21 - 

Tntt.&xid 349 36-9 - 

TntLGLBnnd \ 1B04 - 

■Gull value (Of £200 premium. 

Tyndoll Assnrance/Pensionxf 

18. Chnynge Road. Bristol. 0Z72322U 

Ie 

Property Mar. 16 3835 — — 

DcpcritW.iff - TAB — , - 

0wayPen.Mar.18. 1434 — . 

±.= 

ewBte m = = 

Do. Prop. Apr, 3 M3 . — — 

Vanbrugh Ufe Assurance 
tMSHMldOxSLLdn.WlRBLA. 0HM94B23 
MtatagedFd. 0399 147J! +031 - 

WaJ-Pund 9J2 « +1J .- 

Fixed Intent F4_ 1625 I7IJ +02 — 

PriJwnyFd. m3 M« ..... — 

CjufiFted P175 aM ---I — 

Fubrngh PeasiODS limited • 

41-43 HaddorSLUn-WlR SLA' 01-4B84S23 

ad = 

Raul — -1 - 


Carltel Unit Fd. Mgn. Ltd-f (aKc) 

UK burn Kouae. Newtartlo-upon-lViia 31185 

Car11ol_ _IM3 65.7m — .] 475 

Do. Accnm. Unit* ~(75A 78 JO | 4.75 

Do.HlgbVleld ,00.9 4L4J ._J 8.91 

Do. Accum Unit* _ Jte4 5BS / Ul 

Next dealing date April UL 

Charterhouse Juphetf - 

0-2483 POP 

226ld 252 

26lZd 202 

35ft* — 735 

2R2n 133 

SXAm . — 353 

26ftc 3.74 

3.74 

dealhic April 18. 

Chief talu Trust Managers Ltd-f(aMg) 

S(V31 Queen SL.EC4R1BR. 01-0483832 

°° 1050 

lmen>ationalTrt-.H^26 2M +03 345 

Basic Raarce. TU.pD3 2Mq ...E| 552 

Confederation Funds MgL Ltd-f (a) 
OOChancaxyLanq, WC2A1HE 01-M2028Z 
Growth Fund p93 413] J 454 

Cosmopolitan Fond Managers. 

3a Pout Street, London SflXOEJ. 01-239 SSBS. 
Cro^ofwinGthFd-1166 173| — J 538 

Crescent Unit TsL Mgrs. Ltd. WKg) 
4 IfcMIta Crot, Edinburgh X D31-23S4031 
crescent Growth _p5J5 2751-031 440 

Cm. Internal 1 ].. — 153.» 57.6J +0.71 OJiO 

Cron, a ?1v DtaL __]«-* 44fl -0 jl 9J7 

Onss-Rroervat 37.9 447 ] -olD 461 


Courtwood Bouse. Stiver 
Sheffield. Sl 3RD. 

Commodity & Gen- [993 
Do. Accnm. ..KJ5 


Head. 

d; 074279042 
I +031 552 



Prop**, — («5 100.6) - 

Gurnteed tee ■fes.-Base Rates' table. 

Welfare Insurance Co. Ltd-f 

The Ueay, Folkestone, Ktrnt 0303S7333 

MroeraaketFd.— ] 995 

Fhr otinr fubde. please refer to Tne tendon ft 
Manchester Group. . 

Windsor life Assur. Co. Ltd. 

lHlgbSUttttt. Windsor. Wind*or«l« 

yteiav.mns— (M3 _ 7Uj — I - 

PutareAssd.6th(a).l 20.0 ^ J — 

FutureA**d.&h(h).} 435 I — J — 

R*LAs*d.P*M.__! £2630.. t--J — I 

Flea. lav. Growth W |US5 UUi — -J — 


Discretionary Unit Fund Managers 

22. B1 onfield SL,ECt>f TAL. 014384485 

DhelMax— .pK* ZMJ — SJg 549 

E. F. Winchester Fund MngL Ltd. 

OLdJewry.KS _ 014082197 

ocw^tf^wSaxfiaa 19^ HZlJ 550 

Entsou ft Dudley TsL MngnraL Ltd. 

20, ArllBgtao SL, S. tf-L . 034887091 

Emwa»udlayTXL.i647 Mfe | 350 

Equltos Sees. Ltd.f(a}(0 

41Bi*bopagate,£C3 01-3882851 

PTOffOMlw (U-9 C5JI+0J1 456 

Equity ft Law Un. Tr. DLf (a)(bKc) 

AmershamRtL, High Wycombe. 0404 32377 
Equity ft Law ] VIA 635^-03] 450 

FnmUngton. Unit MgL Ltd. (a) 

5-7. Ireland Yard. BC4B ODE. 01-0*88071 

Capital Tit. .0063 ZUfed — J 458 

fertWDB 10*3 „J 632 

Ilti. Growth Fd. R4 I5? ri — J 248 

Do.Aeeum. 1995 1860) —4 2.40 

Friends’ ProvdL Unit Tr. Mgrs.f 

Fuham End. Doridng. 8S0850S5 

ffisss^w sa^ii ;s 

G.T. Unit Manager* Lld-f 

10 Finsbury Circus EC2M TDD 01-8288X31 

G.T. Cap. Inc B5.4 M2 -4.41 450 

Do. Act- 905 965 -5 3 450 

G.T.Ine.Fd.Un-*— 1473 156.7 -63 040 

G.T.U.S.fcG«u — D4ft 1413 +L9 230 

G.T. Japan ft Gen— 310 295.7* +33 MO 

4GL PBu&SxJf — 1»0 IMi 400 

GX fetl FUHd 2895 22S.4 -13 2J0 

G.T. Four YdiFd_p33 56ft| ._D 738 

ft ft A- Trust W (g) 

3, Rayleigh Rd, Brentwood 8)gm 2 27300 
C.AA. ; 1302 ■. 3131-031 480 


Do. Accnm. . 295] +0.1 3-51 

Income — 47.4 503] —03 6-Si 

Do. Accum. — — 5J.9 57.71-03 65S 

International — — 453 48.71+0.9 234 

Do. Accum. 473 5LS +3-0 2-24 

HlKhVlcld - 573 613d -05 008 

Do. Accum. WA -05 MQ 

Eqidqr Exetnpc* — }®5 107ftd 5.® 

Do.Aeeum* U25 1075x4 .^..4 5.42 

-Price* « Mar. 3t Next dealing April 20 

SULnster Fund Managers Ltd. 

Minater Hse. Arthur SL.E.G4 014B310S0 

SSSgi!S,fc:g2 IS 

HU Unit Trust Hgeomt Ltd. 

Old Queen Street. SW1H BIG. 014007338. 

MLA Units -053 37.11 —3-2! 458 

Mutual Unit Trust Managers? (aMg) 
15, Oopthnil Ave-. ECSR 7SU, 01-006480S 
Mutual Sec. Plus— N7 3 5131 — 031 

MfituSlIlK.T 2 L r -^3 6773 -la 759 

Mutual Blue Chip- (W.9 S3 « -03] 6.95 

Mutual High Yld — p55 60. ft +03] 076 

National and Commercial 

31, SL Andrew Square. Edinburgh 031-330 DIM 

essa ii=|& 

lAeeum. Units). —|HU 1515] | W1 

National Provident Inv. Mngn. Ltd-f 
48, GrKttchurch SL.EC3F3HH 01-8834200 
N J>i Gd.Uu.TH ~ (443 47 Aj , — I 558 

(Accum Unltar— WJ _ 57.3 ( 

NPItrsea*. Trust -D346 ITlfel 3.M 

(Accnm. Lfnlor--- B2M lazri — MB 
"•Price* on Korea 30 l Next dralros AmG 27. 
"Price* on April 0 Next dealing April UL 
National Westmlnsterffe) 

18L Cheapdde. EOTtEU. W40B (WOOL 

Cxpilal (Aecuaxi-^ S83 641 -03 463 

Fdri inr — m 604 — 05 7ftl 

Ftamncial. — — — D-J 363 533 

Growth lav — — 9*-* 901 +U 531 

Income.—— - S6.0t — 03 6.90 

Portfolio Inv. W—g5 M5 -03 5 51 

Uuhnrsa] FlUtD-- P« 304] +0^ 2-37 

NEL Trust Managers Ltd-f (aX£> 

Mlhon Court, porting. Suro^. tell 

Nelatar |»5 5954 -0.11 64S 

rfelBtarRtiOifef te>S3-a3 0*2 

For New Corn Fund Managers lid. 
see Botbsehild Asset Management 
Norwich Union Insurance Group (b) 
P.O. Bax4 Norwich NX1SNC. 080322200 
Group TSL Fd.. PMJ 331.94 -05] 547 

Pearl Trust Managers Ltd. (aMgKz) 

Kig h Btdbortt. WC1V 7EB 01-4888441 
Pearl Growth Fd — P-Lt 223*4 -05j 553 

Acculn Unite — — -H-S -A3 vS 

gA SlJal 739 

Peerl Unit TSL S-3 5^2 

(AecumUnltf) pL 1 ® «3] -021 854 

Pelican Unite Admin. Ltd. (gX*) 

aiFbtmtato St. Haacheatar 001-2382089 

XUlauVBU* PA# 805x4-05] SM 


Arbnthnot Securities fCL) Limited 
P.Oi Box 3®tSL Heher. Jersey. 85347*172 

Cap. TroiJerseyi.. 11140 118.6! ! 4J4 

N«t dHline dale April 23. 

E«n&lnU.miCIi-rU7.0 lii.ol I 338 

Next rob, April 27. 

Australian Selection Fund NV 
Market Opportunities. c>‘o Irish Young ft 
Ouihwaile. 1ST, Kent SL, Sydney. 

US 1 Share* f JUSL52 1+OJWl — 

Net *wel value April 13 

Bank of America International SJL 

35 Boolerard RoyaL Laxnuhcxjrg G.J>, 
Wldlnvert Income.. Jp ms UUHl-Oifcl 6.48 
Prices at April 13. Neat suh. day April 18 

Bnk. of Lndn. ft & America Ltd. 

40-66, Queen Victoria St, EC4. 01-3302313 

Alexander Fond... pUSt 15 — t ,1 — 

, Net asset qm April 12. 

Banfue Bruxelles Lambert. 

2 Rue Dr la Refence B 1000 BnzwoU 
Renta Fund LF — 11.956 2.016] ... 4 - BAS 

Barclays Unicorn InL (Ch. Is.) Ltd. 

] .CbaringCluoa, St Heller. Jny. 05347X741 

Overseas Income -E7 Su4 -L7] 

UmdoHar Trust — BtSUI UM — J 450* 

Uni bond Tnte 1 - SIS30J9 .] 8J» 

•Subject to lee and withholding taxea 

Barclays Unicorn InL (L O. Hani Ltd. 
1 Thomas St, Douglas. InJl. 08M48S8 

Unicom Auxt. Ext..M55 49.0] 188 

Po. And. — 266 207]—-. 358 

Do. Grtr. Pacific — 579 62Jj 

Do. loti Income — M.4 4IM 

Do. L ol ManTfct «? 49 S 8.W 

Do. Manx Mutual [235 25^ -J UO 

Bishopsgato Commodity Ser. Ltd. 
P.O.Box42.0oogiaa,LoJl 08Z4-238U 

ARMAC *Apr. 0,__ ISl'S2696 SW I — 

CANRHCr-Apc. 3 . _ 51*17 llrfB ._-J — „ 

Bridge Management Ltd. 

P.OL Box 500 Grand Cayman. Cayman la. 

kThashl Kara. I VUftM { J — 

i: PO Box 500. Hone Kong 
NtpponFUApr.g.^W^DJU 8J2 

Britannia TbL DKngmL (Cl) Ltd. 

30 Bath St, St Seller. Jeroer. 053473114 

Growth Incest [29.7 32J| -L2) 4.00 

IntaLFd. — [695 75.11 -Oil 1-M 

J ersoy Enerer Tsu . 1137 5 1407] 150 

Univd.Dlr.Kt SrstJS Sjil+SJffl — 

UniwUSTR-Stg — (£2.07 zSt-BJiH 1M 

Value April 14- Next dealing AjwS 17. 

Butterfield Managesnent Co. Lid. 

P.a Box IBS, Hamilton. Bermuda. 

Buttress Equity — gJ5 2M ] LU 

Buttress Income — Etc 1_9M .—.-I 7J8 

Prices at April 10, Next nib. day May 0 

Capital Internat ion al S.A. 

37 rue Notre- Dame, 1 jxembourg. 

Capital Int. Fund — I SUS1U7 l I — 

Charterhouse Japhet 
L Paternoster Row. EC4. 01^3483800 

Adirope DH3838 SLM - r --J 5A4 

AdlvSha DH««J 5Lte-®a| ^ 

waa dah D1C1A0 3JJW 6JMJ 

Fondu Duma nte +010 un 

Emperor Fund.— IPS267 . 0771 — 

Bispmio ; pusna 6U| 1.9B 

Clive Investments (Jersey) Ltd. 

P.a Box 320, SL Heller. Jersey. 0S343738L 

CUce GIB Fd. (Ci3.J9.91 9.93] I 13.00 

Clive GUI FJl 9.90 09Zf — 7| 1U0 

Corn hill Ins. (Guernsey) lid. 

P.a Bex in. SL Peter Port, Guernsey 
fetid. Han. Fd. P64.0 1798] J — 

Delta Group 

P.O. Box 9012, Nassau, Bahamas. 

Delta Inv. Apr. U_ftL47 154] J — 

Deutscher Investment-Trust 
Poctfeeb 3889 Blteergasse 8-10 8000 FronkfoiL 

feLRartrojeadaZ^SaM 71ifl|«ii£j +i-10 

Dreyfus Intercontinental Inv. Fd. 

P.O. Box N3712, Nassau. Bahamas. 

NAV April II )R5UJ0 11U} J — 

Anson ft Dudley TsUflgUrayXtd. 
P.a Box73, EL HeUer, Jersey. QE34205BI 

E-DXC.T. RHO 12154 ■ — I — 

F. ft CL MgmL Ltd. Inv. Advisers 
l-S. Laurence Pouniuey Hill, BC4B DBA. 

01-023 4000 

Cent. Fd. April 5 — ( SUS4.7S f — 4 — 
Fidelity MgmL & Res. (BdaJ Ltd. 
P.O. Box 670. Hamilton, Bermuda. 

Fidelity Ant- Asa—. | SUS2Z26 I J — 

FIHdlS' InL Fnqd_{ SUS1941 31 — 

Fidelity Pne. Fd. — SUS44JZ3 .....J — 
Fidelity Wild P ii._ SUSULB9 +0JM — 


Keysclex Mjogt Jersey Ltd. 

PO Box BO Sl Bella-. J«w./S»«W-80B7tfflf 

FonselME |PrU« MW Mg 

KeynriexlnFL- — [tt.19 f5a — 429 

Kcyxelcx Europf_tS54 4Jti 082 

Japan Glh.Pund—iffff'U ■■■■■■ — 

Keyselcx Japan — fiiW I51S +08! — 

Cenu Assets Cap ] P3282 IrtSU — 

King ft Shaxsen Mgrs. 

1 Chari oe Cross. Si. Hriier.J«wy.(0S5Q7gTO_ 
Valley fee. SL Peter Port. Gnuy. \tMBll U70S 
1 Thomu Street Douglas, LOM. . (WBJ414858 
Gilt Fuud (Jersey] 

Gift Trust (I a.U.i. 

Gilt Fnd. Guernacy 
felL Gotl Sec*. Tst. 

Pint Sterling |U92 19.M — 

First In tL [B89J7 18?.^ Z-J — 

Klein wort Benson limited 

20. Fen church St. EC3 01-6238000 

BorinvesL Lax. F. 2203 +6j 3.40 

Guernsey Inc SB 5 62.C 454 

n«i AiTum. 71 1 755 454 

KBFarEoWFd— STIS10.16 158 

KBlniL Fond 5U53059 +BJ! J57 

BIB Japan Fund. 5US3119 n — 051 

JC.B.USI Gwth. Fd_ S10.7& torn — 

Slpnrt Bcnomia SUS4B +0I» 1.77 

•Untionda'Dlfi 1030 19Jo| ...TTt &BZ 

•KB art u LondbB paying agents only. 

Lloyds Bk. (CL) U/T Mgrs. 

P.a Box 189. SLBelier, Jersey. 053427381 
UagdeToLOrsen.-M.7 523Sg . — | 247 
Next desLUag date April 17. 

Uoyds International MgnmL SJL 

7 Rue da Rhone. P.O. Box I7P, lSll-Geaeva IX 

Lloyds InL Growth. gnU* »W J 1.75 

Lloyds InL feeaae.piBUa 3U>5q — 1 650 

M & G Group 

Hue* Quays, Tower ffin 1U3B SBQ. 0X4BS 4BB8 

^ =1 = 

Gold Ex. Apr. 12 BUSJj? 9X3 .....J — 


Island 

(Accum Units) - 


ll 


Samuel Montagu Ldn. Agte. 

114. Old Broad SUE Ci 01-8888484' 

ApoDo Fd. Apr. ia-|SF44.C 4025J+QJOI IB 

japfext tur.S^ — Rasjan 1 U« — | ia 

n7 Grp. Apr a hcnui lua .1 210 

117 Jersey Apr. 5™. S4.75 5JuU 084 

117 Jivrira liar. 2B-P8.9B 3U6{ —J — < ' 

Murray, Jehnsteue (Inv. Adviser) • 

183. Rope SL. Glasgow, C2. 041-22155Z1 

•Hope St. FA. 1 SU53240 ] I — 

•JIunttyFtind^^^ U-J - 

Neglt SJL 

20a Boulevard Royal, l^ a wu bw uy 

NAV April 7 1 SU SULKS | 1 — - 

Neglt Ltd. 

Bank of Berunufa md g fB , Hamilton, Brzada. 
NAV April 7 [£555 - 1+325] _ 

Phoenix lutenutional 

P0 Box 77, Sl Peter Pact, Guernsey. 
lnUu-Doll *r Fund (505123 MB| ] — 1 

Prop ei ty Growth Overseas Ltd.' 

gSlriataTown.GfbflSUu' (Gib) 8100 

U S. Dollar Fund _ I SUS80Z7 [_.-.[ — 
Sterling Fund | £32850 | — J — 

Rothschild Asset Management (CX)‘ 
P.OB4x 50 SL Jull ana Ca. Guernsey. 0481 38331 
O.C.Eq.Fi\ Mar. 31-1500 53 Ba* „.J 3.07 

O.C.lnt-Pd- Apr. 3.- 152.0 XUS .[ 727 

OcitaCoFdhfx^SL §M 146^ J 344 

O.C. Commodity* 122_5 329ft -27] 4.97 

O. C. Dlr.Comd^.+_ SZ539 278l] -I — • 

•Price on April liNcxt dealing April 28. . 
tPriee on April 7. Next dealing April 2L • 

Royal Trust (CD Fd. MgL Ltd. 

P. a Box 196. Royal TsL Hse, Jersey- OEM ZJ441 

JLT. toll Fd. (SDS9J6 S«+flig 3LM 

«.T.brLUar )Fd..H9 +4[ 3L» 

Prices at April 14 Next dealing May 10 

Save ft Prosper International 


Dealing to; 

37 Broad SL. SL Holier. Jersey 
US. IMlBpdcwtelBried Fund*_ 
DlrFx(llnt**Anf . 12 19.50 10.07 

InternaL Gr.*xH tf-55 7.09 

Far Eastern 07.93 41.01 

Noth American**. &46 3.75 

Sepnw* P3.46 14_7l| 

Channel IalandsO—fpOJ M75 

CnmuKKLAprS [1172 45| 

Kt_ Fxd. Apr. B Il20.4 177.4] 


053430801 

1 6.95 ' 


, . , J 10.92 

Prices on 'April ft. "April 0 ■‘"Mareh 30. 
{Weekly Dealings. 

Schlesinger International MngL Ltd. 
41. L« BfotteSt., SL Heli er, Jersey. 053473580 

SA.U 177 87( +4J 004 

sA-ox. »ai 0B6+oja «s 

GUtPVL 23.0 342 1155 

-Far East Fund _ ]96.0 MU .Zj 297- 

•Next aub. day April 

Schroder life Group 

Enterprise Boone. Portsmouth. 070527733 

Inlernsrimal Funds 

EEqnltr _plA8 110* . — — 

SEquitv ... 119.7 127J „. — * 

EFlxed Interest 1395 1481 — — 

(Fixed Interest 1 104.2 T10J — 

EMannged 1209 134.9 — • 

Ulmi| .<( ...p i17 1108) .—4 — * 

J. Henxy ^Schroder Wagg ft Ca lid. 
12O,Cheapsliie,E.C0. 01-5884000 

Cheap* Apr. 18 — M.75 +0071 269 

TrnfaIcarMnr.31 — SUSUIUS r> 

Asian Fd. Apr. 3 — S0K14* Eli 338, 

Darting Fn a SAL77 158 . 550 ‘ 

JnpanPd. Apr. S— J5US057 JMI ....J 03*. 

Sentry Assurance International lid. 
P.a Box 338, Hamilton 0 Bermuda 

Managed Fund JR3LW7 UU9| — 4 — 

Singer ft Frledlander Ldn. Agents 
20, Cannon St. EC4. 01-2480848 

Dekufonds pteSM 2UI| — J hte 

Tokyo TsL Mhr. 28 _| SUS332S 1 — J 186 

Stronghold Management Limited 
P.a Box 310 SL Heller, Jersey. 0534-71401 
Omwodlly Trust -fi*M 99 JHf — ] — 

Suxinvest (Jersey) Ltd. (g) 

P.O. Box SB. Sl Heller, Jersey. 038473873 
American Ind.TsL_K7.71 TJM+iLlfl UZJ 

CopparTnifc {OOte liM+C8d — 

Jap. Index Tat (0159 U52]+022( — 

Suxinvest Txust Managers lid. (x) 

40 Aibol Sheet. Dooglaa, LaH. 0834 83814 
The Sliver Trust — llBAS 109.41 -0J11 — . 

Richmond Bond 87. MLB 1915 -3.1] 1068 

Da. Platinum Bd BD92 115.B -051 — 

DO. Gold ZW. pu 2042 +o3 _ 

Do.Em.97/02Bd — (172.6 1SL7] ...“( 1151 

TSB Unit Trust Managers (CL) Ltd. 
Bagatelle R(L.5L Saviour, Jersey. 0334 734M 

Jersey Fund ig.O 47.4] I S.U* 

Guernsey Fund __I61 474] — J 5.0M • 

Prices on April ll Next nob. day April 10 

Tokyo Pacific Holdings N.V. 

IntintU MmigiiBBt Co. N.V^ Curocoo. 

NAV per share April 10 IUS5L78. 

Tokyo Pacific HIdgs. (Seaboard) N.V. 
jntisns Man ag em ent Co. N.V, Curacao. 

NAV per share April 10 SU 537.73 
Tyndall Group 

P.a Bex UM HmsOtaa 0 Berate*. StiU 

Overseas April 12_(tUSL07 Ug ] LSD 

I Accum. Units! preLW L7S . — J — 

3-Way InL Hsr. 10..^S2JH ZWj .] — 

S New BL. SL Heller, 


Fidelity InL Fnqd- 
FideHwPoc. FtL— 

Fldeliiy Wild Fd 

Fidelity Star. PWa_ 
Series AOntnLi — 
Series B (Pacific)— 
Series D (Am-Ass.) 


MngL Ltd. 

. O5347SS80 

H +4j 084 
U+OJQl 4.65 

3 1 ms 

3 +« 053 


First Viking Commodity Trusts 

Cn, Ltd, 

53. Pull Man Loudon SW176JH. 01-S307857 


= 1 “ 

:=l !£ 


S3, PaD Mali, London SW176JH. 01-S307857 

Fa. Vlh- Cm. Tn — D6J 3001 I 250 

FSLVtDbLOp.Tst-^M 85.00] | JJD 

Fleming Japan Fund SA. ~ " 

37, rue Notre-Dame, Luxembourg 
Flag. Apr. 12 1 SUS47J7 .] ,_| — 

Flee World Fund lift' -rt /* • 

Butterfield B ldg, HajuUtou. Bermuda. 

NAV March 31 1 5US1T264 ( 4 — 

G.T. Mafagemeut Ltd. Ldn. Agto. 

Part Hse, 18 Finsbur y Clr cux, Loudon BC2. 

Tel: 0UXB SWL TLX: 88S100 

G.T, Pacific Fd- 1 SUSU.07 UB 

Hiwg MMnt blciUtllDAl Ud 

c/o Be. of Bermuda Front St, Kamltn. Bmda. 

dffifcRH SSI Jig 

G.T. Bcrmnda Ud. 

Bk. of Bormuda, Front St, Hamltn, Broda 
|+«JLd| 0J4 

G.T. Mgt (Asia) Ltd. 

Hniehlaon Hse, Harcourt Rd, Hoag Ken* 

G.T. Asia F BH80M UM 270 

G.T. Bond Fund | SUSUA7 |-0M| ■ 496 

G.T. Management (Jersey) Ltd. ‘ 

Royal 7 «, fee, Colotoberte. St Rclitr.Jmey 

G.T. Aria Sterlings (E12 69 U52| | 248 

Bank of Berates (Guernsey) ltd. 

31-33, he Pull cl “ 

Berry Fsc Stria.. 

Anchor GUtEdse. 

Anchor InJagr-lSL 

Gartmore Invest. Ltd. Ldn. Agts- 

0 SLMary Axe, Loudon. KC3. 01-3833S31 

Gurttnoro Fete HugL fftt East) lid. 

1503 Hutchison fee, 10 Harcourt Rd. H K 00 K 
HK & Pac. U. TttL_.KKa.7B 2B9«iMI 270 
Japan Ftt. — 


N. American TM. 

, lutL Bond Fuad - 
Gartasrc imnemt BfegL Ud. 
P.O. So* 32. DousSaaJoM. 
lniL-fnational Inc. _G0.4 22J 

To. Growth B41- 62 1 


omtmn 

_...] 123 
..... 491 


Cmald. Apr. 12 
1 Accum. uni 
Glen Apr. 11— 
(Accum. Unit*) 


/Accum. Uni: 

VaaRyApr.lX 
Vang. Tee Apr. 

(Accum. Units.) 

WlckVA 

(Accum. 

Wick Div. Apr. 

Do. Accum 

Tyndall Managers Ltd-f 
10 Csnyuge Hoed, BriatoL 
Income April 12 — WB 4 IA04 

(Accnm. Uni:-} 

Capital Apr. 18 

CArcom. Unit*) 

Exempt Marthas 
(Accum. Unltai- 
Canynse Am-. 13 
r Accum. Units) - 
InL San. Apr. 

(Aarum. Units). 

SeoL Cap. Apr. 12 
(AccnnL units) — 

Scot Inc. Apr. 12 — 

London Wall G 
Capital Growth 
Do.Aeeum. — 

Extra tee. Growth—' 

Do. Accum. 

Financial Prtty, 

Do. Accum 

High lac. Priori^ 

International 
Special Site 
TSB Unit Trusts 

21. Chantry Way, Ando«*r, Homo. 


—53 623 

. — 069 

069 

5JU 

531 

3^ 

— 3ia 

3ftl 

3ftS 

076 

6ft3 

063 

04* 

..... 04* 

-27 9.15 
-21 955 


027232341 

l 7A4 

7A4 

1 3.92 

7ft7 

7ft7 

5.63 

5A3 

027 

..... 027 
..... 529 

029 

091 

-0A| 656 
-8.7 656 
-m 1056 
-05 1056 
-0J A9L 
— QJ 4.91 1 
-W 857 
+05 019 1 
-02 017 


Da Growth (59.Z- 42.9] I 491 

Hambro Pacific Fund m pg* Ltd. 
0110, Coa naught Centre, Rons Bant 

Par East Apr. 12 — t&KUft tUU J — 

Japan Fond. pJSJS 7^-0U] — 

Hamb r o* (Guernsey) LMJ 
Hambro Fuad Mgrs. (CJL) Ltd. 

P.O. Box 80. Guernsey (M81-3B531 

C.L Fund — 0300 247ft I 3.90 

In ml. Bond St.lshS4.93 18850 j 440 

InL Equity fosh 0J3 M4ft ...J 250 

lot. Svsa. ‘A’ SpSU-OZ 115 j 850 

InL Svgs. *ff SIISO02 L«j .] 050 

Prices on April 12. Next dealing April 18. 
Henderson Baring Fund Mgrs. Ltd. 
F.0. Box N47Z9, Nes san, B ahamas 

iSSte April 13. AprvTia 

BiH-Samuel ft Ca (Guernsey) Ltd. 

8 LeFebvre St, Peter Part Guernsey. Ci 
Guernsey TW |M15 151^ -05) 3.69 

HU! Strand Overseas Fund SJL 

37. Rne Nolre-Domo. Luxembourg 

PCSU-3 17JST+0UI - 
iBteniatiMift Faciflc Irr. MngL Ltd. 

PO Box R237; 30, Pitt St, Sydney. A art. 

Jnelin Equity XML [5293 0D1( ,| — 

JJE.T. Managers (Jersey) Ltd. 

PO Bex 104. Renl TaL fee, Jera»05M 27441 

Jersey ExtraLTK_p43J . 15251 | — 

Ai at Mar. 3L Next ro0 d^Apr. 20 
JartUue Fleming ft Cm Ltd. 

48lh Floor. Connanghl Centre, Bona Kobe 
J anliac Earn- Trt. .,1 KUC229.68 I 3 JO 

■'SSSSS^S d IS 

Janbue FlemJaLt.l 5HB956 I .1 — 

NAV Mar. 31. 'Equivalent SUS8030 
Next mib. April 30 

Kemp-Gee Management Jersey LtxL 
1. Charing Crosx, SL Boiler. Jerocy, 0534 73741 

Kemp-Gee Capital -BJ-J «6.?1 ! - 

Kemp-Gee Income. |601 602j !] 027 


El * 


TOFSLAp rU18. 

(Accum. Sharow 
TASOF April 12 
i Arcum Sb*re*i 
Jersey Fd. April 12 
(Non -3. AC c. Uu.l— 

Gilt Fund April 12_ 

(Accnm. Shirea) — 

Vlctcry Boose, Douglas, Isle el Man. OSH 25B29 

1 Managed Mar. 16—1127.6 134 4j 4 — 

Utd. IntuL MngmnL (GLLl lid. 

10- Mule aster Street, SL Holler. Jersey. * 

U-LB-Fund |SUSU0Jt Ul«| 1 0U 

-United States Tst. IntL Adv. Co. 

10 Rue Aldringer, Luxembourg. 

U^. TW-lnv, Fnd._l SL1S9.74 I | 0.97 

Net asaet value April 12. 

S. CL Warburg ft Cm Ltd. 

30, Grcahax* Street, EC2. 01-6004959 

Cnr.Bd.Kd. Apr.lft 5US9J5 1-0011 — 
Eno. InL Aprilia_[ 5U516JB6 -Add — 
GrSLtFd. Har31 -.1 9US6JW 1 ._~j — 

Uf.Bnr Apr fi ffpttia UJZJ ,f — 

Warburg Invest. MngL Jny. Ltd. 

J. charing Croe*. St. Hriler, Jsy CI 0834 737 tr 

ClfFltd. Karrb 30. - 

CM Ltd. March 30 
MtaUTxLMar.18 

TMTMar. 0 

TMTUd. Mar 9 

World Wide Growth Management^ 

lOo, Boulevard Hoyal, Luxembourg. 
Worldwide Gth FdJ 5US1016 KDJQf — 


ZM-A 


IE 


lw- ^ 01047371 


NOTES 


inless otherwise 
i Offered prim 
alert * To+iay a 
Tplnns. s Single 


day’s price. 


(hffSB Geami L_T|<a4 ' 4<a +ojj 389 
(bj Do. Accnm. _ _ , tofi 565J+01 389 
(bj TSB Incotne—^HTJ 4LSj -0.2 7 27 i 
(b) D o. Acmum— [504 62ft -0.1 757 

TSB Scottish-, PA6 SS+gJ 2.«| 

(b) Do. Accum. P9.9 lift +0ft 2.W ; 

Ulster Sankf (a) 

Wsrtng Street. BelfasL 023235231 

(b)Uiiier Growth P5.0 57.7] -0ft 045 

Unit Trust Account ft MgmL Ltd. 

Stag William SLEOiKSAR 068234851 

gsMay 

Wittier Growth Fund 

KinxWUUamSLB04B9AR 014B34B51 

*ai=jjs 


023235231 
57.7] -Oft 045 


CUVE INVESTMENTS LIMITED 
1 Royal Exchange Ave, London EC3V 3LU. Tel.: 01-283 1101. 
Index Guide as at lift April. 1978 (Base 100 al 14.1.77.) 

Clive Fixed lwerest Capital : 132.70 

Clive Fixed Interest Income 119.86 

CORAL INDEX: dose 446451 

insurance base rates 

t Property Growth 8 % 

t Vanbrogh Guaranteed 7.75% 

t Address shown under insurance and Property Bond Table. 

I.G. Index Limited 01-351 3466. Three month Copper 707.3*713.2 
29 Lamonl Road, London, SW10 OHS. 

1. Tax-free trading; on commodity futures 

2. The commodity, futures market for the smaller Investor 


• i- - 


























































































































































































•••.; v ^ V-V; 

•■SSiv . • - -v- ■ . i V - ■ \ 


■vH id 

il *h 

. ifW 
■ ' *' J 

. : .-f • - 3l 


- - .Trtt^mcial "rimes Saturday April 15 1978 
/^^TJSTRlAI^-^tinued . INSlJRANCTUtotiiiued 

fbtzz “ -i“-t‘-i s icinim 

Alliap»tJ_| 53* - j-5 1 30.15 | — | 5.8! - 
95 -1 1 321 _ Uffl _ 

890 |+M CQ10M — O.H - 




s>; 

*•! 


! >UI\ 


v ST? % 

V* 


. ~ 57 E£*pS 
--1C 98 feta*" 

. 5 *Jf g !££$ 

151 128 UnAutdc 
29% 24 LoafcKi! 
38 34 I m p Bwj fi 

‘ 64 52 LaretoaT 

• 85 68 LtnSbilaU 
175 163 Dnr&Bor 
7D 54 VUM. 
n 18 ifecofeU 

V S Sffl 


r?S-S^ 2! -? W2J8 22 wo u M 

tC-fag-lOp— 38 +1 t223 26-8.9 6* Kg 
<< g. ' 5J*i 2.91 48 8J 3* 12? 

47 +% Jli2 25 52116 305 

wsHcra — Sd +1 327 19 9.9 I4(h 

134 -4 u353 22 4.016.9 
rareO gjOp. 107 Tb4.03 b42 52 123 

aayPradtJp 62 -l" MZM If 3 m MOTORS. AIRCRAFT TRADES 
SSS^ 'i ±«? "i’™ . Motors and Cycles 


AfiiautwlL 534 ■ _s 30.15 _ &.R! — 

Lde5*_ 95 -1 311 - 5 $ - 

rtJjr.EOR 890 +19 cOUHt - 0.6 _ 

,l»tetenli> Item 847 — 7.9 — 

W3S25(L_ £25 *1 QSUffl - 3.(8 - 

Ula Faber — 265 -12 9.0 fj2A 5J11.8 


PROPERTY— Continued 

K8 I I ‘ |4 «J Die J JTO] 

igfc law I Sack 1 Price ( - [ Vt |c%t(Gi < *{ WE 


' . 385 315 

:E s 

. •*- 66 58 

■c.j. --h. 73- 

:.'J 79 70 

i»j * ZE7 1% 

m m g 
■■h w* 

• f ^23 20 

r .'.' ??m% 10 

ft- f. 

« i f i»3 mo 

. ;’?> '■■■& So 

- 47 ' 34 

: :7.l : • 36 • 32 

■S?j -. .69 55 

. VJ 80 62 

. '5 t .51 46- 

& £» 

■■ '8 6s 

>■; . §* »■■ 

■ 77 

:V ; « W 

- >‘i , 503 172 

: .r ?.-28 a 

■ 1 ; 26 22% 

• - £99 m 

. v 98 88 

V.i ;337 - 98 
. ; .27 Zlfc 


alOp Z3 _ _ _ _• - 

far™*. ,«Pa tioi 21 32 192 29 [2D 
fags— 135 -r 4 tt.O 28102 45 245 185 

6N4a&TJ_ 26 420 24 13.7 SJ 53 37 

36 1 * 4 . 56 62 3 J 7 A 

te td3.46 3J 9.7 U H @1] 

,7| -1 4.63 2J 9.0 5.6 G4 762 
'itoarSQp 175 — 10J9 * 9.8 * 

67 -1 214 45 45 55 . 

“WSf-M?- — U0 11143 05) 

sss=i rd?2 1 

kayL'A— lHart ...... 025 — 3.4 2. TT. 471 


245 +5 18 1.7) 64 92 

CarlOp 46-1 ______ 

gtMr.k- 6 _ _ _ UO 

fewMK. 79m M516 24 9.9 7.6 

»BS0 £13*2 Q12M 05 5.4 JU 


Commercial Vehicles ' 


eTtfds^ 


in£i s 


M 

s 

152 +Y p 6 9 S 5 4 A lS 1 M 

41 —El w 


~4 

h237 

+4 

5325 

“% 

0.5 


fa3-25 

+i' 

2J4 


347 300 
109 77 

JB 

156 127 

ft J 

87 75 

77 60 

115 8« 

96 74 

118 97 

43 36 

129 102 
£174 £140 
270 216 
228 172 
47 311a 

70 56 

17 12 

98 82 

24 19*2 

282 242 
148 121 
292 262 
20 1« 
19 16 


Components 


Prop.HMf.6InT. 
h? iltv 4F;n il_ 
PivHvrarrship _ 
Prop 6Rn A.. 
Pro? Sm lct'SCp- 
Raglan Prop .ip.. 

RecaJian 

RepooalProp _ 

Do 'A 

Rusk & Tnni^ton? 
Samne! Props — 
Scr*.Metrop.3)p 
SerondCiljr lOp. 

SloufbErts 

DjlffftOmv'M 
SbxbCom < erm.. 
SunJejiB/loi' — 
5stiroPro«wlw5 
Tc«-n Centre- „. 

Town&CiiylOp- 

IwfiordPark— 

U. K,Pr»erti-... 

UTO Heal Prop— 
ftmrlWB- 
W«nlonllav.KK 
Wehh<Jos)5p 

V . ; «erP 20p. 

WsrHooEbU 


300 ... 

108 -1 
71 *J 
293 -2 

134 .... 

■ 

. -‘3 

80 ... 

60 

100 -1 

74 ... 
98 +1 
36id .... 

102xd -1. 
£140 
218 +2 
172 .... 

46 


S634 U 333891 
+T4.0 0 8 5 6359 
T139 20 2.4 228 
d4te 15, 24 415, 
tl.88 - 2P — I 


INV. TRUSTS— Continued FINANCE, LAND— Continued 

IT! [ }+ erf Or J JWf IKS ( orl Dir T*fclJ - 

Hlfk L*» Stock | Price j - 1 Net |Cw Gr*al HE fflgh LowJ Stock Price | — ! Net Cw &’*! PJE 

86 | 56 CedarlDr t .59 :... .1 25 • 1 11 6 5122.4 62 t 38 [Kajedie fats Ito_i 59 |..-.|0 68 2L2J 1.7140.4 

|132 124 Cban'IUiw LI.. 131 +3 QJ2J 10 9 STi 74 49 iMartin 4W |g.re U Vi 7.4 

400 455 Da Cap. .. *455 . - - - - £31%9Z0 b«assttt.4tffo SXVi\ Qjll* - AS - 





M -A.. 

W 2 . ... 
246 -4 
121 . .. 
270.' -3 

15 

16 

32 


15 L9M4: 

15 25.521) 
21 4.013.9 
0.6 

12 3.043a 
1.9 73 30.9 
6 3.4 « 

0 n . 4 - 
2* L4 455 

L2 llsto 

U MU1 

L2 12 408 
U 33 307 

16 2.7 344 
25 4812.7 

* M* 


iso 455 rer<xrr;« r. rr - Asa s mxk nE=:«a f £.5 - i 

55 46. loanerTnia. . I 48b ~‘t 215 10 5.91212 18 14 SHCJjm*, 13^« 15 i3 0.7132162! 

2V* 26l*‘tap6«:oaiv. i 26i5 182 O 104 O 330 200 Nippon Fd.Sf ft »« •••»• - 

109 7c 1 Do Cap £!■_ . 87 -2 ^ - - - 15 2 9b Piffattibelto_ 12 .... - - - -j 

58 48^8 (CUyiFnr Im- .1 57i*L... - - — — 32 Wi PirtHMeSi— ,|5 -3 tl.0 3.S 6.1 55; 

100 85 City 6 lateral 1 88 A _....[ 14.07 11 7.0 205 204 167 FeafiMiSl*Sm_ 176 -4 W9 3.71 53 76 

U 62 |«si<Ort»l._ 63 13 05 09 7.222.1 £65% £43»4 Prrtabl-S.fW5ft_ £«% — <39.4*6 - 4.5 - 


5 76% ClrarhmseSOp 77 ._... 35 10 75201 11 10 &Gc«»10p-, M ■ 1044 0.9 6 6 26.4 

1 iz 6% C2tfa»2m<i^. 7% - - — » — 133 92 Scot titer- ‘A_ W -3 302 17 50175 

i H 5*2 CWerialf taiL 66% +% t!67 10 3.8,141.4 £51 £50 SEWpcAnau £50 Q4.25 v 85 - 

m 57 fta-B" 63 -f _ - - 61 51 SmttMns. — K +1 14.91 21145 55 

212 CsioniUSeaMi 212 81 12 5*22.7 8b 1\ SflmPsc.HESOc ft — — — 4.0 

202 1W Conncealfclnd 173 -1 75.84 11.53275 £W 2 E2K SattFlaNFUB- £46>2 + 1 * Ti M T 

U2 94 CoicmisI L'rloa. 96 -1 t209 13 4*265 950 W bi«.HB.»lP- «0 .-..iWfi 16 J 

S60' 116 CresPUijna5Cp, 258 - - — 28 24 5Ma.Sefaet5to. 24 -1 21 12131 9.9 

fn 68 Croatia roJT 68 7352 U 7*195 53 36% BeflflfBrimnT 48 — TU8 17 4.4 94 

30 24 Comuins[M__^ 24 IJ 10 50^306 87 70 McCSM^ii— - ® 139 3J( 2*10.4 

44 . 38% lfanaBiInc.!^) 38% f2-S7 U 11*12.7 

4 3% Do.iCap.il0p_. J% — — — 1 — 

65 56 Debenlure Cwp- 59tt +1 K2.40 11 £-2] 221 iXTI C 

bl6 208 Derby Taint El 210 -2 1343 0.9 9*181 OILS 

1 *0 DoCap.SJp 144 -2 — — 1 — _ 

140 172 Darauea&On. 174 685 11 6*23.8 348 66 Attack 20p -68 — ~- 

134 106 Drayton Corn’d. 121 +1 45 11 5.UZI6 156 134 Brtt-Boroeolto. 136 +2 t633 li 

146 123 Do. Cora. 131 +1 4.7 U 5*245 864 720 attlWrattiZl 74W .._. HJO 4- 

31% 27 Da Far Eastern 31% +% 0.9 11 4*312 7M Z 71% Do.8*«.£l— 71% ~h 55% 5tt' 

190 155 Do. Premier. _ 171 _.... 6J 11 5*238 57 42 BunraiO 43 — — 

65 61 DK.5restIne.50p 63 .. .. f4.18 10 10*151 £62 £54% DolMiiOUW. £M% +% QB>2% — 

228 163 Do. Capital £1_ 190-1 - - - - £11% 875 ttCCPMllS«£l- ®Z5 — _ — . 


=»8Bb'j 

& § ijfe 2 ojnlijj §? 

rtt — 300 tI351 31 68 6.7 90 
m. S3 +1 4.21 4 8.0 6 ijS 
r— =r- ,S., - 1 && « U h 11 


S®i5x^“ i& :V $&£& 
£££&* S6::::% 


1131M 58 V'-AHarlM-. 54 d264 30 7 A 54 

§•< W 78 a A gSow Sfacan- 73 «.47 15 9 * 4.6 

f-4 5.4 64 te AnntfM&HOp 6U 1104 38 51 79 

44 125 1B9 A aOpeJafe — 310 -1 4.69 3.9 65 6.0 

£.7 14 6 J20 88 120 204 6 26 * 

1H5 TV ™ 56 tBtaandBw... 66 3.67 2.6 24 62 

l-J M 24 20%. BnwmBra lOp. 23 UJK 1.0 7112.9 

•2-5$ 0 Q9 04- DMOwp. £19 +1 QQ24e 3.7 3.6 97 

X8 178 184 152 DomjSte. 173 -2 t4U 37 3.6112 

58 6.7 90 78 82 -1 <53 35 98 43 

5-B 119 96 104 .....259 40 3810.1 

78 S3 ll 8% HornfadhlOp. 81, 025 18 4 5 381 

43 73 55 44% »Wffl*5 lDp_ « 10.71 15 22 155 

8.9 6.9 290 240- Locasl8t&.£L._ 272m -8 *8.22 43 4 6 7.7 


SHIPBUILDERS, REPAIRERS 

75 64 IRroflOTnLSOp.! 70 I. — - - ! — - 

157 1?9 SnanHumerO. 129 -3 6.86 18 8110 7 

181 135 Viwper _ 152m -3 «65 d> 4.6 4 

295 265 YamnrtOp 270 | 74.61 4.7 2.6 8.9 


sECURmES coutra 

London Branch; Marite: Bicgs.,29 Mincing' 
Lane. London ECSR 'E£ TLX: 881113'. A/B 
OKA5AN LOfeDOM TsI: S23-E514/7 


MINES— Continued 


OILS 


CENTRAL AFRICAN 


190 U.72 
134 B06 


65 [61 DBalrest.Ine.5fip 63 


SssfflftiKJ#! 


63 55 Dandet&Un.., 57l> +: 

99 86% EdmbsrsbABLTn. 99 + 

27 194 Edralnt Df £1 202 .. 

,06 96% QectraTnv.Tft. 98 - 

66% 60 Bed k Gnu. .. 63 

W 74 EafALdenati. 79 ... 

75 63 EnfiVYTrnsL. 67 .. 


57%1+U I U 


SHIPPING 


wGplOp_ 63 +1] ±3.84 l 

hffJjSnra. 77 518 2 

46 3.05 2 


qio.3 51 1 


Hwaffi- 46 2I1II1 3.05 2.4108 68 95 « 

SS S -2- il IS Si H *i? % 

fBjdplOpi-, 12 a98 27 VIA *h iL 

wty droop LL 48 — — — — IK 

rcna_ 85 +1 402 2.6 78 63 » w 

rtheraEng — . 94 +1 b5.6 - 9.0 - m M 

tatmHp. 180 td3.8 2.9 3.2 362 45 35 

rrieSeralOp. 2M 22 * 15.9 * mu 74 

-SniflSp 23 L57 * 103 * to’ 68 1 

BRnairafX. £96 -% 09% - 19,7 - «§_ 39 

u»&X3eet_ 96 «408 3u6 6.4 71 u 2 5m, 

wt2)p_ 104 +4 3 j 65 f 5.4 * to 

EWto»12<2e_ 24 -1 QBc 8519.9 2.0 g g i 


.-26 38 pMflrad l6p__ 24 — .. 10.61 33 3 

84 M PentcalOp 80 4.29 « 

£137 025 Do.rat Cslfi.iae £330 Q15% 6 OL^ - I 42 31 

. 76 60 PetroewUtff— 60 -1 1439 L9 111) 7.0| m 65 

:.;i9 15 FMUprPBtems. 15 — B- — -T353] ?9 64t 

.52 40 FbofaRfLoo) 40 td848 3J 9,-' 11 

300 242 PbotfrlfeSOp 285 6.96 7-0 2 

<488 422 nHmdon£S! 465 -7 T10.56 48 3 

£62>2 E56 Pitity Bowes Ln_ £61 Q5%% 5.6 9 

.4130 PUfaCWLlOp. : 36 hdftw 2.4 8 

-176 te HcaaBama5p__ 74 +3 802 51 4 

f *55% 45- 47 ...._ 12.45 86 fi 

; 242 216 PM 225 ; 7.B8 ® 5 

- 194 149 Powell Dufl.5Dp. 168 tlD.O 14 9 

-3tPj 17. PrwatWmJV- 22 gOB4 4.4 5 

,1U2 154 Pnutife Groups 155 5.58 3.0> 5 


15 19 83 £370 £128 Da 

♦ M ♦ 95 72 to 


Garages and Distributors 

Adm Gibbon _ 70 ...415 3.219.415.0 

6Jeaaol*fs5pi„ 15tt -% - — - 18.3 

flSIfr >8 :t98 t,® t, 
Sk-P 3?‘ i s 1 a u y 

0itt.CarAlK.rOp 42 11.98 83 71 9.2 1 

CJGSB-Bp 21 1.42 171018.3: 

CaHpisMn 195 -1 5.84 21 8.4 8.6 

CoWiafTjSp — 38 -% d!70 4.6 68 3.4 

DadsDodoty — 74 -4% 13.03 5J 6.2 4.4 

Dorada 70n! -4 4lT 6 9.9 « 

DnOoaFBtmiaw- 47i 2 42.76 2.6 88 6.6 

Sateff W 53 -% 143 4.8 41 7.9 

HanftekiLawr_ 32 125 15 5.9 16.8 

Ot&r Inw-lOp. 25- -1% d0.46 * 2.9 * 

BjSrfT.CO- 99 ...... td3.72 31 5.7 7.1 

Sartwdh.: 83 3.98 3.9 73 7.1 

Berij*20p 115% -% 659 12 8.6 5.0 

aetmlftr.Grp.- 107 +f 1313 31 W10.6 


294 2f2 BritftCom 50p.. 265 
200 117 ConmmEruSOp. 123 

150 112 FishcrtT) 146 

3*8 204 PariMfsWiihfEl 209 
235 175 Hunting Gibsn.il. 205 
41% 36 iaci»'J.li20p- 39ri 

39 30 Ira (rSf«Frtn_ 3Qi z 

145 124 UieSbippiitR -. 125 
255 220 Han.Lroar20p 220 
23 15% Mersey Dtlinfls 20?* 

84 67 tfilfard Dorks £1. 68 

138 121 Ocean Transport 124 
I IS 91 P60PeTd.fl 91 
140 95 Reardon 5m. S% 95 

46 34 Da'A'SOp 39 

115 97 Rumman iW.)_ 100 


| 4.11 4A 7.6 
-“7.2 6 

1 i, u ii 

67 81 2.1 

* 7.2 4 

Hw 

* i 6 h 

43 6J 54 
i J 10.4 * 
26 9.9 rt5! 
39 tlO.6 
! 3.9i 4 44 
ZS 12.4 4.9 


227 194 

Stf 1 

74 58 

106 91 

117 

183 If® 


* '« O-^uS: TL 'J, 25 -Ju»- » W 91 SSg : l = *iiO Ji 

K£l tt 2tt *.* 675 *] 51 £21 U21» OePc WtoImbI Z.l ftlUt 19 85 « 

vTsl 98 -1 4.37 1^6.8 28.9 450 382 ttMOBil — 388 +6 

«_.... 63 gj.45 iJ) 35 39.6 14* 116 HOjdePetnflQ 12* ...... — - — 5.9 

ensttL 79 335 Urf 6J29Ji 13% 9% EtateawBrSOc- 13 — — — 

TmsL. 67 . ... 23 * §9 ♦ ■ 3* » RC^, » 7% ™ A ~ 06 ~ 

M. ... 9 OA A 58 (& 190 134 LASSfO 142 +4 — I — — — 


Z. *145 33396 m 2 

335 10) 63296 13% ?% 


n U 5« « 


LSI 13% 9% fEDdeai 
l. 36 26 ScT: r 


74 58 Eng. 6 Scot. Im 64 £*5 * 5^ A 190 134_ 

106 91 ftuirjfoMtU. 106 *1 15 94 11 85168 HOT* £100 — 

117 102 ^o CeTrtap ^ 117 *3 3.96 12 SI 243 41S 284 U5W 

LU3 H® Eqoiljr Inc sip .. 175 -1 838 12 7317.0 24 13 MaoeC 

W 258 BEeDnhwfl. 268 -2 1761 12 4329.B 306 178 Off§I 

45 37 F-6C Earotrust 45 fl65 IJ 2.9 42 3 19 12% jpramw 

81 70 Famib'Inv TsL. 75 3.85 10 7 & 18.9 £22% £14% 


1^8 OOT* Q62 l+lj Q14%J -^1«w4 - 


90 76% RnaScol Hm . 81 -1 265 10 5 J 27.4 1% V 

L52 130 Foreign fc Col... 141 -1 3.77 13 4.0 373 £47 £35 

46 37 FX.GIKPOS.. 4512 . .. *£»%c 12 69112 578 455 

39 36 Ffcndimestlnc . 36% -% 240 1.0 ID 0 15 0 533 «4 


WL y ± - - = 

196 +4 2J1 6 16 6 

rCoraSp 13 +% - — — — 

Oil — _ £22% +% — — — — 

-i 1 * vi- T T« T 


£35% W-DctehnaO- £«T +1 QS1 B 1 
S BRKk iSd+? 35.7- 


4 5a 4 


f, % M :% m 122 1 

118 98% G.T. Japan.-.: 114 -1% tl .01 21 2*552 298 226 ^SroemfCiJEJ. 276 +U - — — — 

138 120 Gen.6Ccmm'cl 128 562 * 6« 4 £60 £55 Teuco 44* Cm £39% +% 0^6% — ffl.l — 

83 73 Gcn-ComoWid _ 78 3.75 11 7.|l9.B ITS 130 TncKOrol W +4 132 * 13 * 

141 125 General Ftmdt . 134 -1 4.7 10 5.3 28J 23* 194 Dltramar 220 ...... 6- — - 7.< 


134 97 Do Ctmv lOp - 107 I.. .. — 

106 88 Gealmwnn. .1 94 l-l 4.0 

82% 72% Gen. Scottish . . 75% -% t3 05 

103 T2% GenSlhldnlSajlDO { 17 

98>2 

B6 71 


44%Cne £39% +% 

m “5 *♦ 

ar 220 ...... 


- ffi.1 - 

‘ “ U 


4.7 10 5.3I28J 23* 194 Ultramar 220 ...... 6 - -1 - 7> 

_ _ _ _ 139 120 1 DalpcCnr 127 -1 7% 13.01 7.9 — 

40 * i 66 ♦ 135 86 Week* NatUWs. 135. +15 - — ! — — 
13.05 M.tt 6.1 25.7 135 86 ftt?«.0rd.l0e_ 135 +15 Qi5ta — 6.7 - 


ns ! 

SQgh Lm I 

^sfi 

3 | 

80 78 


12 20 
ie m 

77 63 

207 148 
72 52 

98 ?! 
17 10 

*g To 

a g 

a- a 

38 30 

ao 750 
ie% 12 

457 310 
116 84 

X 35 




+ M Dta 
Price — Net 

175(0 -10 Q50C 

» -i ** 

128 QU O 

M -l” WV 
11 — 


AUSTRALIAN 

io - 

102 +2 QBc 

76 +1 - 

207 +11 QlOe 

56 - 

98 +1 L45 

14 - 

178 +5 Cflc 
23+1 — 

2 - 

108 +3 Q8C 

10 % - 

153 +1 KJllc 
38 +1 — 

975 +25 - 

15% - 

447 ...... Q15c 

116m +4 Qfie 

40 — 


CvrjGrt 
I 13] 24.4 
♦ I 43 


■!W*nUn .] B6t 2 2.4 


SHOES AND LEATHER 

22 1 16% 

65 60 


3.0 9.4 5.4 u 48 

7.0 il 8.0 H7 77 

46 3.4 86 *36 23 

56 93 — lo s* 
24 8.7 7J 5% 4 

8 a By v 

l* 96 J.O 7V 2 


rfH 

r 71% 48 

63 49 

80 72 

265 226 


28 griimiudSvs.5p 33 pi“ tl35 2.9 


w.Lamdifc*. ' 9% -*% 
itoanRA15p 84 -1 
FD-GronplDp 57 +1 
mGrorotol 15% -1 


15.45 U 
1L43 76 

11 


£328 DaMpeCnv— 063 -5 010% 21 J T63 - 

72 BunttCb»des)„ 90 dS.96 6 10.4 6 I 

31 fewwHto- 38 ...... L55 4.4 63 56 

65 EflBBh«Ktr 70 415 37 9.0 46 1 

64% LcxSemeeGrpL 72% -4t z 3.47 46 72 4.4 

«T Uoteg — 56 -2 2.46 52 6.6 3.1 

77 tantlnn — 77 -1 6.0 6 12.4 « 

23 UnefastrlOp. £ -1 D.99 Zl 6.1 26 

5% NebonDnklSp. 7% -1 _ ~ - 166 

4 Pennine Mlr.Hfc 4 — — — — 

L44 PenrfHlMbs.- 165 t4.93 46 4.5 72 

35 3ttfct(E£J.tfp SOuT-I 1.65 « 5.0 « 

15 g^ntisWJ.Sp fgO.62 4 2.2 * 

4V MmnflSpZ 6% -h — - - 196 

% Lends 58m 063 Z7 9 L7 23 

33 rWadbamStr. lOp. 37 ...... 12.2 2.9 9.0106 

66 pfotemlfir. 93 ..... 220 4 3.7 63 


67 60 

1M % 
36 29 

■ 78 64 

60 47 

41 36 

48% 38 
50 42 

66 SB 
39 33 

70 60 

55 42 

36 27% 

76 66% 

32% 24 



8* 3 

60 

96 

35 

78 

52 -1 
39m -i 
48% 

43 

som 

36 

60 

42 .._. 

36m 

«sm 

24 


0.9 £20.3 

4310.7 32 
2.4 9.8 63 
63 7.1 43 
43 54 7.0 
« 10.0 6 

3.7 6.6 4.7 
23123 5.0 
3.0 8.7 S.7 
27 6.6 S3 

^6 21 ill 

2410.7 6.0 
23 5.6 1X9 
38 73 53 

uah 


B6 71 dendmuclm _ 79 

84 68 De-T. — „ 75 +% 

68 60% Gtenrmnrolnv.. 61% 

65% 56 Do'B'Onl 59 -1 

114% 97 Qobelm.. 99 

64% 55 Gosett Europe 63% 

75 B Qrangelnist .66-1 
105% « DL North's Im.. 91 -1£ 

79 67 Greentnvlm_ 71 ... . 


2fl|jlL7 75 i 57 |ffindadeA5k-| 75 f+4 | - l-t-l- 


amwmPlnv.. 61% 3-7 1.1 4.2 36.7 

0 ‘B’Ord . 59-1 _ - - _ 

ibelm 99 -3% u*.l 1121 6319.4 305 rago 

aettEurope _ 63% 18 13 43 24.4 75 ^ 

mge-Tnut - 66 -1 22 1.1 «.B 2B.0 324 % 

.Vorth’Blm.. 91 -1% 337 LO 6.4 23J 73 S 

senfriar Inv-, 71 .. *145 12 33 39.7 


OVERSEAS TRADERS 


79 67 Greenhwlm_ 71 ... „ 145 12 33 39.7 iTL 

65 56 Gresham Im-. .. 60 -% gLBL 20 « 6 163 ain* 

55 48 Group Investor;. 51 1L71 J1D 5J303 230 

82 69<g GiuroiuIsv.Tft^ 72i a -^% 239 1.0 5JI M4 Sj 

92 78 Hamhros 82% -1 t33 10 61 24.7 425 

31 26 Haims Inv.lOp. 27 4M5B 11 3 2 45.1 74 

187 160 UiUiPtriiip>.. _ 163 -2 201 LO 63 231 400 

78 69 Hume HWs. “A - . 73 t371 L3 7715.7^ 

76 68 Da“B" 71 _ _ _ - g 

£9% £8% behind *3) S8% Q20e - 13 - 70 

670 600 Do.<t< 600 $9.49 — 16 - <9 

52 42% Industrial fc Gen. 45%-% tL45 Ll 4 3 293 2 75 


SOUTH AFRICANS 


165 105 

» » 

20* 174 


. Pic Sr HEM J 165 .. ... «18c 


S5-S 99 


InrJ 67 1-2 232 Uj 5.9^223 235 


.!»■ TttJijrElJ 168 I...- IQ4.0 


.je. in Success _ 119 .. „ 

73Jj 62% favesTOra'Cap,- 68> 2 -% 165 Ll 36(373 m. 

20* 174 FnrastDLTsUVp.- 185 16.0 Lfl 43(303 14? 

127 103 JirdineJapan_ 124m 0.85 * LOj 6 366 

110% Wh JardineSK HB5, 106% tQ47c U 5^182 « 

140 103 JeneyExtPLip 140 +2 — — -J — £92 


290 

-% 165 


24193 gs 
3.7 38.0 % 
33 37 J m. 


u NEWSPAPERS, PUBLISHERS 

3.7 e-0 . t . . aff I . M | | _ | — . _ _i 


•: : •. 52' « 

' : H in im 
• : : i 58 45 

: ^ S% 

•ll : .. ?zs nij 

■ fSr s 


J65 226 SankQrcan— 230 -2 8.04 3fi 5J 5.9 196 

445 392 Hedritt M 50p_ 429 +2 10.61 * 33 * 55 46 

327 262 Bedfeana^Ll 290 +3 MUM 4.7 83 4.2 65 55 

49 42 Reed Exec. 5p_ 47 KL66 26 53103 95 [ 70 

143 102 Beedlna.il- 110 -1 1330 1818.2 46115 

76 68 RdjraPBWS— 74ai — 4.10 * 8.4 .* lg 

205 145 Rcoovnbc.990. 205 Q10 « 0.7 A' 1» 

47 35 Rerokk&oqp. 39 - - ~ 212 347 

S u d g£E— : *2 =M H&i 8 \ 

S' a Ssa&iSm^rl 4 £ 

47 36- 3T 1194 4.0 7,9 If 132 

46 . 32 DoS. 34 1194 « 8.6 4-4 59 


A 152 123 

3-2 347 265 

4.4 76 67 

4J 92 85 

- 72 55 


JWona^— 12im -3 
sdlfAJHJp- 57 +1 

JSJ? — 


13.7 — 72 55 

75 * 133 115 
7,9 18 132 . 122 
8.6 4.4 59 48% 

93 62 278 235 

7.4 * 185 174 

8.D * 44 40 

5.4 62 168 153 
_ _ 150 134 
6.9 1L6 238 155 
20 6J 350 306 
5 2 16 34% 23% 

11? 53 47 35% 

n m • 



143 1523 43 5 5 6.7 

175 -18 432 A 35 A 

53m 287 24 82 6.6 

57 ..... 1213 29 5.7 92 

93 4.9 * 82 * , 

115 153 22 73 8.9 

128m 4.68 ( 5i 4 

128m 4.68 4 51} 

273 fll.61 14 6.4 17 J, 

74 13.63 4.4 7.4 5LB| 

85 $2.64 42 4.7 7.7! 

66m -2 45 * 105 4 

120 65 26 82 72 

130m ...... 726 24 85 75 

48% -1 13.96 1.0 12.4 73 
238 -2 29 q45 5.8 521 

1B2 +1 5.44 4.4 45 75| 

43 td221 23 75 28 

168 iu 29 35 113 

138 d355 58 3.7 7.1j 

213 197 q33 14 328 

^ =&" t Hti 

39 «... 1128 14| 53] 78 



49 -.141% UosHolfingt. 


TEXTILES 


4 1 

^ Wa 

* S 

44 38 

101 87% 

mu mi 

31 26 

13 6 

62 55 


La 4.M17.7 | 
1? 7|l9-9 go 


Blnv.Inc.Mp 46 -% 350 4 125 4 

Cer)2t)—„ 5% — — — — 

Sone tor. Kto- 126* 6.0 Ll 7218.9 

Gridelse-L 54 -1 225 LB 65238 

BTterIm._ 80 -% 1213 LS 4.0 362 

ic.4IiH.lm- 41 -% 18 A 6.6 A 

rPebentee_ 93 45 U 75193 

rifatEKto.. £21% — 27 - _ - 



305 4.4 4 22] 4 

lttxe -1 h*J3 42 29 38 
65 +1 62 11145(29} 

» 152 L2 81 5X.fi 1 

298 -1 g254 7.0 35 55 

210 ..-.M 32 65 29 

£61 +1 012* * 23 A 

425 u272 U 45 95 1 

70 -2 426 21 9.2 65 

397 +2 t!5.0 32 5.7 9.7 

24 ...... 2956 65 - 38 

13 ...... - - - - 

70 +1 655 22 142(39) 

43% ~% 14 17 220 (50) 

253 132 A 82 f 

79 U229 35 4.4 66 

laOssi 47.7 75 65 3.1 

175m +5 #7.7 75 6.7 38 

27 -1 14.43 15 1 48 


27 -1 

5% 

141 _ 1035 35 25)16.9 

366 +4 11325 4.4 52 55 

46 389 25 102 58 

£89 ...... T92 102 PU - 

60m +4 ThO.75 1L0 L9 75 
60 +4 0.4 3L2 D J - 


30 24 

2 1 *8 

3 a 

270 S 

u 10 

4M 450 
320 280 
50 40 

58 50 

190 165 
61 49 

61 47 

180 140 
280 230 
170 134 
68 55 

100 88 
90 74 

188 148 


TINS 

g L Nigeria 24 -1 

HitemOO — 290 

It Tin 53 — 

natal SMI 238 +3 


GoW*Base®2P„ V 

GopengCons. — _ 225 

Hongkong 147 

TdrltlDp 83 

11 

Saratn31ngSMH50. 68 


53 

238 +3 

128 +3 
„?% 


158 Mm3 
75 ♦ 148 


450 

285 +5 


;SW 175 +1 

ran 51 -1 

Snfa 140 "... 


nHrtaSMhS 140 I...... 

Ma/ayaiSSO. Z30ai 


Snngei Best SMI 
Snprem eCofpSMl 

TronohaiL — — 


168 +2 
66 ..... 
88 -2 
85 ..... 
175 


77 


COPPER 

96 1 70 pfestfaaTOSD 1 82 ]-l ]*Q30c] L9| t 


65238 X3 

4.0 362 H 

75 ltfl «» 

_ _ H8k U* 


RUBBERS AND SISALS 

«| Jtek | Price M SS |c 


34 277 IS 124|1LB 95 75 

58 1267 Ll 7.d25£ 


ji f 


LBataUe- 39. ’ -1 
LfcOn-Inva- 115 -3 
rtHMffl. — 60 - 


•8* ft 

84. 69 
190 155 

87 74 

47 40 

n 18 

88 70 

109 96% 


1‘jL’ ipf, 

inly Service* 
lWT- 


3 f452 17 65142 
1 234 LB 5.9 14.2 
_ 125 108 23 5.7 
_ 1.25 108 21 58 
20 64 35 5.4 

... 200 6.4 32 52 


SJctI, 

34 29-' 


ji.3i ' . . .. 

PAPER, PRINTING 
/ADVERTING 

UnKft%««S- 30mL_. L95 A ]9.| 4 

imrou 65 323 « 9-3 ♦ 


141 130 
5B 48 
59 53 

73 64 

30 20 

I fr 

ft J 

.42% 35% 
45 4T 
16 12 
55 39% 
41 36 

31 28 

75 67 

39 . 29% 

125 109 


S? h fl « “ BBSs!= « a-ffl ] iSai 

2 + 1 U-7 38 75 56 J? 55 Bnmnb^I 65 -1 13.46 U fl fJ 

jff 7 H In'! 57 66 - 54 Do-BestncVtt— 63 -1 13.46 3.4 85 53 

I srS y « g ™ 8 ja 5:5 ?J il 

Sc % - # .8 § Sf 4 : l . % ii u t.i 

Jr=rto I ll mBZ i.i» iiife 


37 32: 

116 : 99 
115 98 

70 55 

35 29 

29 25 

110 85 


H" s m 

H fa 129 112 

u till 51 


i-dar sr.flis 


4m 74 4.4 1 
3 - 37 

22| 7.7 8.8] 
* 75 Oj 


I4” 6.27 A 9.y A 

.35 2.9 ZO.a 5.2 


i -97 85 

Z:3®t m 

« °58 35 

93 ' 
.25% 14-1 
13% 10% 
137 108 

11 Vt 

-116 98 


SfeTZ: 63 • -X 257 4.C 43 « “ jK. 97? % 7 2 * 

£e l « a-pR u 7 s Hrs ^ ± & u d a ^ 

S? 2 fa afl»ln|£37% £23% 0cfliT*M.S2__ £37% +i%tQ140c 3.7 21 127 

Paofic 80c 112 1030c 14 UJa y 0CwsP.»iJ20p 35 ..._ 27S 1.0 9 7 8.6 

a ifiu 1 me* % ss t * at 

J s 3 jrr s fl aaSS; i -JP li SiiH 

t? ta s5?- S * s ' ,,L. rv:- i'S cS) Inl76* 67 Transparent ppr. 68 -....8493 3 0 1L0 5.4 


(Jrfsn_t_ 182 
uenlFpr. 68 


Ifihaa 23 45 15.8 

84.93 3 W1L0 5.4 

-2 354 24 S4 6.3, 

1297 3.4 8.7 52 

...... 142 33*. 6.2 7 5 

F11.0 4.4) 78 8.0 

385 id 72 43 


64 53 

56 40 

32 27 

31 26 

36 28 

58 46 

44 38 

16 15 

18% 13 
46 34 

64 58 

49 42 


40 36 

60 46 

118 102 
37 24 

74 58 

15% 12 
10 % 8 % 
82 56 

51 41 

82 69 

41 36 

25 19 

63 50 

44% 25 
27 ia 


137 -3 , 
53 -1 
53 ...... 

64m 

22 

33 

*5 -% 

m 

42m +1 

« 

14 -.... 

40 +% 

38 ..... 


334 27 95 6.0 

t262 52 75 3.9 
e490 1.9 1L6 7.0 

If a u.l 9S 

246 L7 1L0 B 2 


272 3.7 

*U 26 


11% 9 Turner ( 

-168 150 UKOIntL 
' 97. 88 UnkMnli 
'41 38 Uniflex 1 

‘548 476 Unflew. 


AKteULfiag, MID 

rCottM 0.72 


a4 /- 5 ^ 
7.9} 82 


99 8* 

67 50 

31% 20 
56% 27% 

38% 19% 

40 42 

31 26 , 

30 23 Stroud RfltrDrti 


JtA 

£72 -% 

loo -f 

99 -2 

68 

29 

29 ...._ 

99 -1 
80 

If 1 ~\ 

'8 - 1 - 


44 

16 ... . 

14% 

42 +1 
58 -2 

42m 

48% .. .. 
84 -1 

39 ..... 
49m .... . 

113 -1 
28 +1 

61 

14 

S -1 

40 

19 

51 

36 

27 -.... 

23 

21 ...... 

84 .. ._] 
64m -2 




23 16 Lon-fcliv-JOp— 

71% 59% UmfcUxnmd- 
181 157 Lon-iMonlrore. 
108 93 Lon.6rftw__ 

73 64 Lux Prudential _ 

41%- 34 Lon.iS’eWft— 

193 173 Lon. Trt. DM 

52 48 Lpriandtan. 

195 178 M6G Du! far. Up 
119% 90 Do.(iiWp_ 
88 79 Da2*Ltanntfflp 

22% 16% Do Cap. 

23% 20 Han &um.50p_ 


M « :r V 

LfcHriyroS- 102 -1 t325 

ml A Lennox 65 -1 t245 i-m xi «.«» 191. «_ 

MLfcljv lOp 22 -% 10.42 L4 2.9 37.4 gfa 

onfcLoamnd- 62%-% 24 15 5.6 24.7 7M _ « 

on.&Hontnne. 167 ...... t5i5 LO 4i 315 &, 

W.8ftw- 98 -1 t3.CI5 L® 4.7 3L6 

gaPnaJentul- 66% -% 1244 LS 56 275 u. -73 

g|n4 s 

fltiKs ™ MCI Ik Ik 


210 165 


n 2 nix W S3 

SBtl 


traCoral^vl 
lCAfriaii 1 


tPlanfallfc-jj 
dcHafaplOll 
id Central M^.. 

idea Z- 

aw3Br.Ba.10n_ 


ffiz sr 3- sf 


LSatatrelOp 


£! s i - 

50p. 20 — 0.98 15 

41 — . 155 . LO 


+ erj U*. TH 

Price - Net Cn Grt 

94 254 24] 41 

77 35 15 6.9 

1* _ _ _ 

38% WLZ7 LO 5.0 

210 *28 LO 20 

6lhd 275 4 6.9 

127M 125 L2 9.4 

57 — tQ5c — 22 

10 055 A 83 

240 11015 L8 6.4 

76 +1 3.05 - 65 

86m +% ffiOfle — 52 
56 +1 «2%c 15 4.9 

44 QlISc A 5.7 

133 +13 4145 16 5.0 
85 +1 1011c L7 28 
35 4L15 04 5.0 

40% +1 M.43 35 15 


9 9 

300 220 
325 245 
202 164 

9^ 

15I m 


MISCELLANEOUS 

9 



240 -5 Q30c 26 75 

31® 

190 +3 95 A 7.8 

818 — - - 1 

43 121 23 43 

154-1 Q7c ♦ 22 


£9 NOTES 

L2| 9.4 1 

— 2.2 uum ndmrwln n toget e d. prtev naA not flrl toi n «rt tn 


E25% +% 753 




S3. I! 
IIP i: 
li 

3.05 A 
hL51 5J 
dl.05 21 


LO 7 A 

u3 - 

9.0 4.7 

?JU 

120 84 


l! 1 &3£t : . 3f ft fc 

5M 2 50 Jlnht Boston lOp 068 12 

36 25 Da. Writs. CL _ 34 - - 

47% 42 Honfaratfli 42 — — 

82* 78 StoSSilmrr 80 ...... 13.07 Ll 

94 84 Moarnde Trust- 85 -1 +4.75 IJ 


iTs us testis 4 m gma 1 » 

J! li; JB Mr l t Si |= fl 

^aaast ■ : m y i|l 

&, s sat- js a a|!» i» 

^ ! S? BSStar: ^ H KlHsg Pfl 


1UW i 


- 0.4 _ 
22118 6.0 
09 11.7 145 
54 62 53 

?.i Si ?7 
u *« u 

76 2.7 6.9 
66 7.2 35 | 
24 72 8.7 ! 
24105 5.9 
3510.8 4.0; 
3.1 12.2 4.0 
24 7.1 7.B 
29 110 16 | 
3210.0 58 
92 4.9 28] 
32 75 61, 
1.7 63142 

L9 fj 86 
13103 9.6 1 
44 67 36 

♦ 10.1 « 


a 


TEAS 

India and Bangladesh 

198 +951 5.9] 73 

290 U625 4.9 85 

105 7.0 L7 101 

23 +L98 L6 110 

.263 +3 +1200 35 6.9 
263- +3 61000 65 56 
193 -1 iao 27 7.8 

390 1508 4.9 5.9 

23 +FL72 32 1L8 

199 -1 F13.0 36 9.9 

162 ...™ 9.0 4.7 a4 


171 148 RiiwkMeit — 157 -1 

142 123 Rher Plate Def- 129 ...... 

£59i 2 £46*» RfltoecxjtBrirai £5f% +1% 

595 467 Do.Snb5VsF15 595 +12 

* nsar «•* a 

8W2 73 jRannBy Trust — 80% -1% 


LO 5.0 29.6 100 

lo si 255 Sri Lanka 

LO 57 26 I 185 I 125 Pomona ; 125 ] ] 55 1 LS] 6.? 

H SiH ■ Africa 

iilfiSSfffi SB I i SB 

Ll] 7.8 iT.l 
U 7519.1 

10 5 3 18 MINES 


88>2 73 Rwmqf Trust 80% -1% 265 11 5.0 276 

59 53 Hose* mood Inc. 53 -% 4.18 LO 120 127 

69 4ft Dn Pan 55 ____385 16B 

182 159 R^fcap'. 160 -3 558 12 5524.2 «6, 244 

70 67 SateguarflnT.. 69 136 Ll 8.4 175 £36% 

117% 101 a!todre»Tit- 106 -2 4.15 Lf 65 MJ 178 78h 

86 74% Scot. Asl far. 90p_ 781? 25 1.8 4.8 303 

68 43% saafcOwLS. 67t 2 12 15 27«.0- 

181.151 ScoCf3tks‘A'._ IK -4 M U 8117.0 

131 11« Scot. East Inv „ 122 -1% 4.05 U 5.0 06 


37tj 34 iScot European.. I 37 +% ]FL5 Ll 65 g 2 „ 

975 82ij ]S«ttjsbfae. j 88%J-r 256 Lfl 44 332 5 3 

112% 94 IsroLlfoitiTsI llOOijI-l 3.05 { Ll 4 6(29.5 ," 


-i *s m * i 

22 * ".—I I — / I Mann. mi.W /warin im ran I • J 4.9]33 I 2 !? 


MINES 

CENTRAL RAND 

irbra Deep HI. ~ 179 -25 — 

ot Rand ftp. HI. 298 -28 MBs 
mdfratnEHLRB £35% -% 0350 
utBsadRI 111 -7 Q Sc 

EASTERN RAND 

1 WI3S 


EfttP- VIS S 

;Mp_Z| 39 | ..I d279 3510.8 4. 


PROPERTY 




: 7* 

77 72 

>■: % 8 

: \i # J 

if « *8 

-:.r *8 

» 13% 

' - ■ . 39% 28% 
: : : 235 aj. 

» 24. 

- *. 84 74 

; • ■: 190 176 

-. ;■ 46 43 

« 5? 

' : 47 36 

' .212 163. 
> ; £104 £39 

. r ; • ; 3» 36 

*:-? -59 ii 
'•r ■■ -81 64 


548 4/b ifntpB W i . 3IK -+ iAJU W J-O + 5a rauimrenau^ umj a.-. * - 

k . £26% £20% CWvKVJUIL- £26%+% MLW 5 4.9 i 230 1&4 Aflnatt Lwrfon.. 38* -4 d3.B& 2.1 32225 

» ' 61 53* Ctd. Carriers lflp 56 ._... r2I ^4 5.7 Si 10% 7% A iwI g aiaid Stisw 9% -4*. 

: . 60* 5L MedGnsIn&- 5V 2 -% 43.63 ,22 102 7J J? 68 AnstiHiHld»_. +242 0.9 4 9 34.6 

■a 14% aGnsrateeSp, 17 — fl28, 120 16 -7A2& 205 Apex Props. 10p- 3 5 L6 26.36.4 

k B S $$ ll p w fl. S 1 SSSRife '*.=:•& U »B1 

n SSU: % 3" 054 m un]^ ft SS2SSZ. Lil ian ujiijj 

S B SSS B =S ll a '8 0L ik atsme -Bt ::::: ffl* i 1 1 

:S 12 14% do.f 29 95 *2 117 81 tekde+Ham&a- |2 +1 265 0.7 4.9 45.6 

TO 52 Jf»nai(J«s.)j&r 65 +— — — — 186 153 BiluvilPerqr) — 158 1553 14 5.3194 

<1 42 watBriaroSp 4* Q13Q + 46 4 234 200 BradfordPrpa_ 2C3 +3 1610 3.9 4.6 8.6 

«7 205 215 -2 fl62 35 2617.0 15% I5i 2 BriLAnranTSp- ISrf - - - - 

v2 48 ffmsraBX WW— 51 fd2-35 24 6.4 9.B 39 28 British land-— 2ft -1 — — — — 

ZQ 178 Wedgwod_ 198 ..... i 6 lM 3.9 52 S3 145 118 MapttoME- 320*1 +2 Q1296 -Mi - 

■i? S ES5S aP ± Stg ii 3J il ft & SSe r: » d* 

1 a aafi-s =*■. » « a r a sseal 8 -- - - - - 

^ l “ BSS®-. ± e* .« H & & cSS sat: an :r: *5 r. «|*7 


62 46 

50 44% 

i 45 31% 

3?% 77 
62 48 

44 41 

43 34 

59 36 


g 

S -r 

29 

Si +%' 

30 

58 . — 

42 

43 

« 


2 *6 LS 
1L32 4.0 
+101 75 
1063 6.4 
«L0 0.9 

375 69 

1240 26 
010% LO 
t206 L8 
1.83 55 

3.25 22 

182 A 
#28-76 68 


95 82 
7.4 52 
55 35 
3.3 SJ8 
64 26 2 
105161 
7.1 74 
26 39.9 
10.4 20 
48 55 
1L7 6.0 

‘■I i. 


TJ'2 w» nm.iwnas- -i c jjh *-* ■*!«.« 

lM% lJl‘;IS«tf.ODt8rio._. 122>7 -2% M.O LO 4.9 335 % 

68 J 58 Scrt.TM.faw Wtt -1 hLM) Lfl 39M.6 35 

87 72% ScoC.Wert«i! 80 -1% 220 09 4.238.7 "” 

83 64 Scot Wfftn 'B - .. 76 -2 - — — - V? 5 

188% 161 ,s« AfUmreTd _ 17 1 -3 15.67 LO 5.0 292 

7Vi 65 Sec Great Kite 72 -1 1179 11 38 37 5 7 ® 

7V$ 60 Dn -B- 67-1 - - - ” - 63 31 

183 154%jS«uriti«lSc 164 -l%t5 48 1.0 52.293 
400 300 ‘Spied Bilk far JESS 375 . ... 025c -4 2 - 

134 118 Sfarwlm- SOp 125 . .. 246 * 103 * 

66% 58 Suewell 10p 66 -2 L5 12 3 4 356 

113% 94 Spheral nr 96% -3% +294 12 4.627.6 M3 im, 

165 155 5h3;fatiqn.. 161 -2^19.19 10 94191 S? 

« SEffiSS*- 7a lS PB 



78 -16 Q19C LH14:6 


79 1+2 

40 |+1 

41 

659m -11 

49 


125c 0-4(364 
Q86e L7 78 


FAR WEST RAND 


445 288 BijWiB 

* 1 931 764 BuHefcRL 

.r, 104 75 Peelkraal BB30 


TOBACCOS 


310 [267 tBATInde. 291 ]-3 }13fll ]».*{ 651 50 

269 027 DnPed. 251 -1 - ~j -J 45 


U2 «' Ktefr- S -i W 8 U IJ gi 315 229 234 

■31 B»:i i,«5 H SsiHg. « ag«r~1 HS 

S W‘ “® °’I 12,1Z7 5« ™ BSSSffl-- m 

■ % 86 no.uixn — m — — i— m iiha Mn m i smt 


306 j-9 

‘(I 


WtetefMdSa: 78 ZZldiA 2.7 W 55 91 44 rntrorincraiaip 6* ...... - - — - 

ass®-. *8- ± jg 2 .a : ‘a a & $ cssssfc 4- ~ ™ ^ 

Efeac T -r iih *V,* fl ffiSfar ^ *. ,,i r, 

lEtfldril - 173 -2 1857 22 75 82 64 50 Citj Offices---- 50 ...... 1.72 15 5219 4 

nfKcnv— £89. -2 ilfl%13|fllJ -- 93 52 ChrttjArtAL. 80 -2 198' * IBj A 

¥illtamW+-__ 40 t2J5 3513.4 52 2Zb ControlSett Wp 26% . ~ — — i — 

nflstGeoc&ni 57 — ldL41 b65 38 62173' 154 Cnro&daMfipp 171 -2 20 22 1K303 

l 1 , 111* 2? 1} SS?SR2flt- % zr « tUi. 


• . *a 47 vaastueoraei — in*.’ 1 2-2 “ uh ~ *■ --j- — 

ll 64 ffflSHWaUeBlOiL 64 t323 27 7.7 7.4 zr 21 CettyKejI Mg- ^ 1386 -■ 4.B- 

O; -. 471, 36U l ytro i jwh 2fai _ 44 - J 2 280- * 1 0-0 J 91 75 FnljAtotllfc. 77 +1 . tO .79 2.6} L6][U+ 

: :;«* 3* W^r^^s)- «2 --..32* L31L3 M 88 60 toaSni'HldesU 76 -% +2.96 281 59] 8 3 

>98 19 Wood 6 5dm 5p. 35 .-— J8-6 63 26 64 15% u% ffiaKEtntei lOp- 22% ...... -- — ( — J — 

• > " m 24 HtoodfArifanlap 32 0,90 A 4.4 -A ■ £0 .47 mu kiujjjon lOp » 52 -1281 LfJ.I?)?! 1 * 

_55 44% pBlHBflJ— -- 


300 U30 DoDhiilfA-riOp- 345 j. 17 92 65 35 6.7 

] 81 [71% litDperiaJ 7* ]..._ 5.66 20 1L6 53 

StJf j *5% (RrKtomisI^jp- 47% -% g2<M 9.4 6.5 25 1 

66 ( 55 ISKonenHiLlfM 55 |-L 1275 3i| 78] 8.4; 

TRUSTS, FINANCE, LAND 

« Investment Trusts . 

52 ...... +2 00 12 62(23.9 

123 15.05 12 63 233 

100 -% t4.12 Ll 62 228 

83 ..... 2.49 LO 4.5 33.4 

202m -1 MO LO 53 27.4 

115. 17.31 1.0 9.615.4 

M2 -1 1036 - - - 

53 -4 14.06 12 1L6 122 

SL r, 7 % ^ 


n&i £105 aS Z. xoarf.s ffij BgS2Bt“ SS 

167 142 TY-us(fc»nie_. lS -1 5.0 1-1 5.1 28.0 ^5% U8% wSttSffll 

^ M m® ~ l 4jl i 3 ,^ 3 !- 7 241^Sf^ WeaeraAreisRl- W* 

w tSTtSSS?^" il? "V 09 * 107 * 783 589 WwtwnDeepR2- 715 

S U ,1 ^ ±. j£m u «zT»2« w» w+“ — m 

230 230 723 +} +4.06 Ll 5.0&7 

KB 94 m™mdefaw lOO 385 12 58 237 . _ 


- J 715 - 6 ui9 OlV: 



MM and mm are huad aw Mart rami mM ■■* imMida 
and. where IMMrtUe. are npOntedon Wf-refaly flCarw.nE>nni 
cdcMlniasd ak ttao bwU * wt dtetributlna: bractatn* Oganm 
hMcMe U per cent nr raw jMtormee M n l mtt a iH ra> *mC* 
(UrtrUmtlon. Cmn are bread «n “im U rearo ” dbMfaAhre. 
'ElnMfi ire breed on middle price), are irecn. ndfaat«l M ACT «f 
14 per cent and bUmr lar relna ni AeetmA flntrBartfcw* nd 
rfahta. SrearittM +Wh rTOnranfnartmia after Uian rtretfan are 
«iat*d ladoatva a( tha hn uiun at dollar pr audipa - 

A StarUaf deno wt l uM tad aa cugi t tre arhtch todadt IwMaMd 
dollar premium. 

• "Tap" stock. 

-* High! and Uwnmnrfcad than baro bam adjnrted to allov 
for rltfna iaatuea for casta. . 
t Interim rtnea tncrcaaod or inrnnd . - 
t Interim rtnea reduced, pamod or deferted- 
tt Tax-free to nonnrtdento on appUcatkm. 

A Figures or report awaited, 
if Ueluted eacnriQr- 
H Price at Hum of Mmenrton- 

« Indicated dWdond rtta- pewfln* aertp andfor ri*Wt fame • 
cowur relatea to pndoui dhtdeod ar fo toc aa t 
— Preo of Stamp Duly, 
a Merger Md or reorganisation hi prepa re. 

6 Not comparable. 

4 Same interim: reduced final nmbar reduced aaraUgn 
indicated. . . 

f Forec as t dividend: cover an earning* updated bp latest 
Interim statement 

I Oner alhnre for convar ri an of aharre wot now ranking tor 
dividends or ranking only for restricted d i vidend- 

* Cower does not allow for share* which may elm rank for 
dividend st ■ future date. No PfE ratio usually provMod. 

v Excluding a final dividend declaration, 
r Regional price. 
t No par vslu* 

a Tax free, b Fi cures based on prospectus or other official 
estunate. e Cents, d Dividend rate paid or narmbfa on part 
of rapltei: cover based on dtadend on tail capital 
r Redemption yield, f Plat yield, t Aaaumed dividend and 
virld h Assumed dividend and yield after scrip treue. 
i Pariront from capital sources k Kenya, m Interim higher 
Umn previous total, a Rights Issue pending 4 Earnings 
based on preliminary figures- r Australian currency. 

■ Dividend and yield exclude a special payment s Indicated 
dividend cover relates to previous dividend. P/E ratio based 
on latest annual earn tore a Forecast dividend, cover based 
wi previous year's earnings » Tax free up to 30p in the i. 
w Yield allows for currency clause y Dividend and yield 
based on merger terms, t Dividend and yield include a 
■pedal payment - Cover does not apply to special payment. 
A Nat dividend and yield B Preference dividend passed or 
deterred. C Ca n adia n . D Cover and P/E ratio exclude profits 
of U.K- ae r osp a ce subswiiartex E Issue price. F Dividend 
end yield based 00 prospectus or other ora rial estimates for 
1077-78. C Assumed dividend and yield after pending scrip 
unitor rights issue H Dividend and yield ta rt on 
pnmpectw or other official estimates for 107*- 77. K Figure* 
based on prospectus nr other official estima te s tar 19TB. 
M Dividend and yield based on prospectus or o«her official 
estimate* tor 1878 N Dmdetid sod yield based an prtspectu* 
or other official estimates lor IP19 P Dividend and yield 
bated on prospectus or other official intimates tar 1977. 

Q tiros* T Figures assumed V No ugniflcanr Corporation 
Tax payable Z Dividend Intel to data. 44 Yield bared on 
asiumntum Treasury Bill Raw stays unchanged until maturity 
of riork. 

Ahbreviadnns dear divide mi. * ex scrip I tana: r ex rii&tx: act 
all. d ax capital distribution 

- Recent Is sues and “ Rights " Page 72 ■ 

Thfa senior fa avaifabfr to fwry Company deair la on 
guck Etohanges tbrtHiRhtmt the Lotted KicBdom tor ■ 
ter of £400 per anmnn for each security 


REGIONAL MARKETS 

The f«l lowing is a selection of liondoti auotations of v bares 
previously listed only in regional markets. Prices of Irish 


previously listed only in regional mar 
1 tccueA. most of “'hi oh are* not officially I feted in LonOoa. 
are as quoted an tha Irtah exchange. 


60 53 Ifapdomifa* 58 if LJ3 *1 V3 A 

128 106l 2 P'l4D r > t -S«fl.„ H»% -% 64 03 Lfl 5.5|27 5 

19 18 irtdCapjW* — 18 10.91 0-S 7.i K.9 

94 80% IVS Deb. Corn 85 3J2 1W 6.3 23 6 


O.F.S. 



47 |-%~] 126 


INSURANCE 


£LD0 £83 
42 38 
20% 17 
95 77 
100 76 


«7 gw Prop S0p_ f 27% 230 0913.2-Ui' 

13 iSSoR- ]£63 - -8%Ofiisl6 323fl04 - 
O Da lipcCnv - 1 £84 +1 58Q4.S r . 


TO ^.6A^~ 38 SS5'" 2Q 1,7 46.1 

W SkcS- 17% —. 081 0.9 7.0 252 

77 Efts. Plop. In' 1 ~ »_ . — 1101 3.4 l-fS.f 

7ff Ei-s-ss f«eedfi- — 3 ..._. 1M.M 2.4 2327.6 

88 . lOOfa -1 1588 2.4 8.0 .581 


4M +4 1.35 11 5, 

39 +% _ - - 

88 -f 38 12 5 

*3% -% 32 LO 11 


*s*2 -ii i* 18 LU 132 

117 -I - - - _ 

38% L61 1.0 63 242 

70 ...... 5.15 18 112 133 

12? :::::: qu% Ta ?8ii7 

212 4.04 Lfl 5327.9 

58 +% 0.5 18 L3 652 

79% +1%081 43 08445 

54 -% L62 Ll 4.630.7 

79% 12.7 1.0 53 282 

51% 233 LO 6.9 2L4 

53%-% 1S.87 10 2559.4 

I*?® " "." +533 LO ^5 277 


' 320 

:■*. -58 

■ : m 

C3U 
■ 256 
il46 
24 



• OO , •r le-vrony — ■ — — — 

Tia li SSficST m :z: Is «ii 

SB - & - li i g£M?; \ T H 

S 3 -* l?r r. Hr lfl 8- SESfe** -s Um u iki 


1** 623 — 68 — 590 534 

M: 11 - i | 

212 -2 1827 — 73 - 39 25 
302 +7 20.0 -.108 - ^ 31 


n^sra’A 1 - 532 -3 ' 5.05 U L4 09.7 

BSteff^'a-Si 9 dll 
i^.MS ttlUi 
SSS* i? rijs.l ui 


307 278 fleays* li»£l... 281 +f 1081 *_ 58,4. 789 5B2 PretS«evn50e. — . 739 -15 

l ZL T f Ai* t? l«2flB33 703 Sl Helena R1 765x6 -i 

S sl’fc ?f ! :i nil ^ 3? ifi SSL--:— MS -l 

J 58 IS tefc; ^ :‘f ill H Si gi -+ 


Albany Dw-Mp 2| Sheft Rcfrehmt. 51 „....l 

Ash Spinning - 45 . — sindeU fWm.1_| 85 I 1 

Bcrum _.. 24 
Bde'wtr Ett SOp 270 

Clover Croft-.. ZZ IRiau 

Oaig£Row£l «0 

Dfrion ^ lA 41 Conv. 8 % * 8 (M 824 £ 9 »s 

SliBiMcHto.. W Alliance Gas 55 

Evan* Frit lOp. 57 Arnori 290 

Beared lf« Carroll fPJ j_. . 90 

ClontUlldn 91 * 

■Finlay Pag Sp - j™ Concrete Prods.. 128 

GrweSJMBEl- 159 Heiton iTTIdgS.) 43 _.... 

HigsoMBrey- » Ina.Corp. 190 

LOSf.Stm. £L... 145 Irish Ropes 132 

HolnJoa; 25 p... 250 -5 Jacob 65 

XHluLirtldsmiUi 53 Sunbeam Wrt +1 

PtsrcefC H.i.. 1 « T.M.G 175 

PeelMlU-v . Wi Unidare 95 

Sheffield Bnck 46 


QU16 IJ 
4.04 Li 
03 U 


neamacuni 1 roij : ui wi ‘-iij-i 

KartetUnts- 30 +f L35 Lfl 6.8219 

YffttreenlQp.J 3 — — - — 

KcungCbBtolLj 72 ] 1 13.35 l.d|7.0 2LO 

Finance, Land, etc. 


252 -2 7.5 


i S Zl Sft?4 J2ziw3 46 38 » K J.’ M.67 12 27 4§3 

ijrt ifi tj 4 7 lfl 7 Tffl 190 L2nrfSeo.5®P— W -fc 4B3 15 ^ j W S 

» Ini gg kxB es :? |s i; s = 

® -n <§a m h «fb .H aSSS" ‘SP W* llli * 


I* f W T ft r if S- J a jL 5 M. 

8i.8.Si£ligasi.?lliNW 


Z? 

! 6 Bnd{K*sfarl0p 
34% Bnt Am.fr Gen 
j W Bnlish Amu 
9% BnlB»S««lp 
F88 Brit Ini 6Gen 
1140 Prt.faveft- 


^W3traii s besitw u oil 

W3S - 6.6 - Z> M ttMMBf- . — 23.9 

g8 ? g 2 94 Z 2W 145 Jg, Z. +L41 M3l. d308 

is “K“ (« 3* 43% 3U- llidfcwaffh J6pu 41% 4% . — 

g 4-«- = V. - S .?.& 


67 +1 2.2 
9% .... +0.6 
93 -1 3.4 


+5J3 LO 55277 
7.5 IJ 4.5 30.0 
QS0.44 -5.9 4.5 3.7 
Win LO 4.7 20.9 
+0.5 13 3.0339 

0.32 11 6.920.1 

L65 6B2L7 

2.2 IJ 5.028.5 
+0.6 L2 9.6 13.6 
3.4 11 56 243 


tecwiwsop. 128 -1 5.15 


4t4 37 1.H 4.6(333 


• 79 Brimiar Iro . 

66 DmmriaOp 
56 C-LF-Plm.. 

214 Caledonui Inra 
1 58% Caledonian Tst 

56- Da'S*— ( 6* 

75 Cwthnanandfla.] 77 


3.55 Lfl 68)22.9 


223 +3 +7.67 U 

n ar fl -“ ® 

77 33 Ll 


a j w - Vi z % 9 is i 3 « 

i- ^ W h U s » ft ft Spi-l I ■ ® IF 

W ¥T 4.05 2J| 6$ 7.4] S3 68 > 70 -1 |1W | - I U - 


pS4 •£«efl!aIms.l0pJ2W ...- 20 
90 taaatforfeign_l 95 — 035 
U0? {Capital 6 Nat _ 112 +1 48 


JIM Da-B*. _ 
B7 fca-TijialEW 
I 94 | f Ji ri nd lev — 


, 95 

1» [100 


187 +i - 

95 3.9 J Lfl 

100 385 1 U 


242 
12 
39 

25 
17 

123 
66 
03 
247 

20 
58 
48 
15 

26 
180 

19 
13 

30 

34 25 

11 7% 

30% zS 

20 17 

120 80 
74 44 

22 18 
19% 13* 

33 25 

13 13 

95 1 73 iLenXertlax.-., ,v 

1U [104 [lL6G.HUsi.afrl 105 (£46 


tend. etc. 5 g re 

220 -6 200 * 7*13.8 2 J £17% E14% ^ 

10 -% - ~ 2.7 708 621 AnfrVaalSOc. 650 -10 Q105c 

38 ..... - - - *8 D7 119 Charier Cora 12* -2 f7J 

IPa ---- 204 166 Dm Gold Fields-. 167 +1 t9.» 

14% - - - - 25 18 Ssa Sand Con lflp 1 Vi L» 

123- +2 Q12%c 3.0 5.7 58 £U> ; £14 Gec-MmiMB2 _ 0%d -% Q225c 

57 -1 386 L4 8.9 10.6 £12i z Ql GddfiddslA&- SK QllOc 

£32% ...- 0256 IJ 2.0 * 03% £10 foTwgCoralC..„ £11% -% Q170c 

245 tlL76 2.0 78(7^ 180 140 MWaleWii25c — 1*8 ffi2%c 

30 b! +LQ 3.7 5.0 5.9 l3j 126 JfinwcoSBDltt- 1*7 ..... Q12c 

17_1 ___ 22.0 3J2 97 JCewBItSDC 107 +1 QJ5t 

50 -2 10.99 6.0 3.0 9.4 £H%|860 PatmDSVFfaS _ £11% +% QC50e 

*0%-% L72 2.1 6.4111 58 50 Rand London 15e~ 50 .. tQlOc 

13% . L01 17 11.4 7.8 410 375 SetWWOTrusi . 402 +2 1672 

2* +1 1049 S3 3.1101 210 161 • SWtudlOc 195 -9 tQZBc 

100 . .. +4.49 1.3 6.8 18.0 37 29 SUvenwn»2»iP- - 36U +1 U 


FINANCE 

; Am. Coal 50c, ’ 510 
loAmer.lOe 306 +1 
!, Ant Gold R1-: £16% -% 

^VaalMc. 650 -U 


£32% ...- 025 6 IJ 10 js 03% £10 

2*5 tlL76 2.B 73(701180 140 

30b! TLO 3.7 5.0 59 126 


650 -10 Q105c 
12* -2 f7J 
167 +1 t9.Q5 
lffz L05 
15%» -% 0225c 


OPTIONS 
3-month Call Rates 


ladflilriali 1.C.I 23 Tube Invest- 30 

A. Brew 6% "Imps" 7 Unilever.. 40 

AJ» Cement... it lC.iT 20 Utd Drgpey J ^ 

B. SJL - 9 Invcreslt .... 7 Vickers. 15 

Babcrock. 10 KCA - 5 Wool worths „] 6 

Barclays Bank 2S Udtarota 17 

Beocham. ■■■ 38 LeMlACien 14 Property 

Boot* Drug - If ■ L Brit Land — 1 3%| 

Bowmen 16 UomfaBank... fi cap CotndJeiiJ 5 


,, ,. , J* Cap 10 unties. 5 

BAT • - 2* Lws j 5 gp j 

BriaahDsjxan 6 Loudon Brick. 5 jou^ropean' * 
Brown .J 1 » Lonrho , L Land 5ecs. 18 


100 . .. t4.49 1.3 6.8 188 37 29 SihernatwSsP- • 

17 10 1 9 9 9) 8.3 U2% £11 rraaKoraWSl 

9%.... - - - - 232 182 L’JC MU. - 

IT ... - - - - 292 238 Lm« Coro. 625c 


IvernntwSjP- - 36 rd +1 

.■aaKwsLcfll - £12% 


Burton -A’ 13 Ujeaalnds. - » jjgpr 12% 

Cad burnt • f. • 13 Peachey 10 | 

Courtauld.* .- “ - 7, bMiumlProp#,. : 10 

Debenhajnf JO l ii TnwnAChs... 2 

Distiller*. ■■ J3 Midland Sank g 

Eutefetar .. U NaiWesUBml- 22 „ ' . . ... 
SLS± 18 Do Warrants 10 Brit fenuteum. J5 


17 ... - - 

27 -2 H 64 * 3 9 3 3.9 
9% .... - - - - 

-% r, r. t. 


lXiir.e*iRl- - 220 ....J 

Inicffl Corpfi.fi^5c. 2804 ...J 


53 1 40 IVocefeSfe i 


iS I:..:. Smc li |]( |J DIAMOND AND PLATEVXJM 

E 0 “ » ll i 4 IttSiHd i [ 


t» AJ U - 3 TV 

18 _... OLD — 0.9 - .90 

25 4- 35«. 

IS - - - - £11** 

76 -3 tL25 *2 22 318 7 « 


- - 354 M5 |DeBeenDf 5c — 325xtf +1 

- - £11% '125 ' D6.«psH.H5^- £U% 

2233 8 74 54 » -1 

541 U U 71 ^.FuLlOul,. 73 -2 


[ ♦ [10.4 

ti li 

jlPlOii 


G^Accident 17 PfcODfd.. ' lo BimnaJ WL_ [ 7 

gE?"""' : S SSS 1 ' :• 3 ffi* rt ±r.i & 

SSsmI.. ?. 5S2S5-* A - ?! w ^ ir — 1,1 . 

O.C S. '.V- .— 18 J™ . ... 14 ^ 

GuiniUu .... 18 Sptllws 4 Min » 

G.K.N. ... - « T«« — * Charter Cow. ! 12 ] 

KawherSidd. 20 Thom 22 Cons, Gold— 

HctnerfFniwriia Tni« Houses. IS RloT Itne... J 16 ] 

A aelection ot Options traded If given on the , . 
London Stock Eichangn Report paga * 




r.- 







25 



FINANCIAL TIMES 





Saturday April 15 1978 



Head Office High Street Sdpfon 
X BD23 IDN Tfef 0756 4581 
L ’ x LonttafrpfBoc 81 “- 1 - ” * 

Teh (9-242 81 47 
APrti iUMBrrUnillil ■ aj 

- J 


KAN SF THE WEEK 


Land 
of his 
fathers 


BY QUENTIN PEEL 


THE DECISION by Paramount 
Chief Kaiser Daiiwonga ilaian- 
zima to break off diplomatic 
relations between the Transkei 
and Ihe South African C,o merri- 
ment was a rude shock ti> many 
South Africans. ChieF Matan- 
7ima himself undoubtedly saw 
it as a logical step. 

Two years ago he was the 
South African Governments 
most Favoured son: the first 
tribal leader tu take his home- 
land to independence within 
the National Party’s policy of 
separate development. This was 
the bis breakthrough fur apart- 
heid which would show the wav- 
forward for the other home- 
lands. But to Chief Matanama. 
62 years old. a tall, aristocratic 
figure with traditionalist views 
on tribalism, it was also a first 
step towards the building of a 
greater Xhosa-land Eor the 
Xhnsa-speaking peoples. 

As a negotiator, he wa* 
scarcely compliant, in the talks 
which were carried nn with Mr. 
John YorstfT, his South African 
counterpart. Two issues gave 
the greatest problems. The first 
was the South African insist- 
ence that all Xhnsa-speaki-ig 
people living in “ white *' South 
Africa should automatically 

become Transkei citizens. Four 
times Chief Matanzima rejected 
the proposal, four times it came 
back unchanged until finally, 
maintaining that a compromise 
had been reached, he gave in. 
At least in future, be declared. 



Chief Mantanzima 
Traditionalist fie its on tribalism 


Transkeians would not have to 
deal with the ” notorious aod 
anti-black ” officials of the 
Department of Bantu Adminis- 
tration, but rather with the 
" sophisticated and gentle 
officers of the Department of 
Foreign Affairs." Even that 
hope has not materialised. 

The other issue was, so to 
speak, paramount: the restora- 
tion- of what Chief Kaiser saw 
as historic Xhosa land. Instead 
he had to settle for two districts 
he had not directly claimed, 
which previously belonged to 
the neighbouring homeland of 
Ciskei. But he declared that 
the land dispute would continue 
after independence. 

He has shown a strong streak 
of puritanism in his dealings, 
even with his colleagues. The 
recent defection of 16 members 
of his ruling parts' — seen by 
some as one reason For his sud- 
den belligerence towards Pre- 
toria — was sparked by his dis- 
missal of Miss Stella Sigcau, 
Minister of Education and 
daughter of the Transkei Presi- 
dent Botha Sigcau. for becom- 
ing pregnant. 

He is described as imperious, 
arrogant and aloof. He has 
threatened to expel his own 
Methodist Church from Transkei 
for discontinuing the practice 
of sending messages of good 
will to South African beads of 
stale. 

But when in interviews he 
has come to the question of 
land rights, his attitude is 
transformed. Although he used 
the language of African 
nationalism when announcing 
his break with Pretoria, de- 
manding majority rule in South 
Africa, he remains ultimately 
a Xhosa nationalist. 

‘■As I have already said, I 
will from now on demand 
majority rule in South Africa, 
roy country." he said. “It will 
remain my country as long as 
. portions of Transkei are stiiJ 
in South Africa. It will stop 
being my. country when the 
land claimed is transferred to 
Transkei.” 

Few would question Chief 
Matanzima s sincerity in seeking 
the restoration of Xhosa lands, 
although he may well hope that 
the move will also bring 
Transkei ' the international 
recognition hitherto denied it. 
His credibility has severely 
suffered; however, from his pre-. 
virius attempts at confrontation 
with Mr. Vorster — over citizen- 
ship and the land issue — on 
each of which be has eventually 
backed down. 


SKATE PARK CHANGES HANDS AS OPERATORS MAKE A LOSS 


A bruising for skateboard backers 


BY ARNOLD KRAN5DORFF 
skateboard 


craze 


IS THE 

dying ? 

The question has been raised 
t)\ neus that ihe U.K.'s first 
— and largest — skateboard 
park, in Southwark. Sonih 
London, has changed hands. 

The previous operators, 
Skatecily. found It unprofitable 
and slopped trading earlier 
this week. 

The new management is 
hetnp undertaken by Skate- 
ways,. a joint venture between 
National Car Parks and Tate 
and Lyle. 

Mr. Peter Bewsey. general 
manager of Skateways. said 
London Bridge Properties, part 
or Hay’s Wharf, had asked 
Skateways to lake over the 
running of tbe skate park from 
April 10. J| was currently 
operating at a loss but he ex- 
pected this to be reversed when 


the weather Improved. 

About 100 skaters a day are 
using the park, compared with 
about 600 a day last October 
when the craze was at its 
height. Air. Bewsey said that 
there was no intention, to in- 
crease the fees of 75p per 
session. 

The company intended to 
improve the amenities for 
skaters and spectators but tbe 
extent of the improvements 
would depend on the length or 
the management agreement 
and the rent, which have still 
to be finalised. 

Mr. Ian Tcgg. a director of 
Devontown — trading as Skate- 
city — said that demand Tor the 
facilities at Southwark had 
rallen considerably. Attend- 
ances were down at least 60 per 
cent, on the peak levels of last 
year. 

With an annual rental 


demand of £20,000 plus a rating 
assessment of £19,000, opera- 
tion of tbe park had became 
uneconomic. He believed that 
I here was no future Tor skate- 
board parks in the U.K." 

Skalecitv bad also pulled out 
of its joint venture with Bovis 
Civil Engineering, which was 
to offer a construction and 
investment service to park 
operators. 

Boris, while discontinuing 
tbe financing service, still 
believes that there will be a . 
demand for park constniclion 
and modular units, and is con- 
tinuing its interest in the 
skateboard indnstty through a 
newly-formed subsidiary Sabel- 
lian. 

The number of skaieparks 
in London ba= been reduced to 
three with the closure of one 
in Putney. The other two are 
in Battersea and Hillingdon. 


The remarkable boom in 
skateboard sales last year led 
a number or companies to 
invest in the business, includ- 
ing Tate and Lyle, which 
acquired the European rights 
to a new range of skateboards 
developed by Mattel, of the 
VS. 

Some manufacturers have 
argued that the development 
of skateboarding as a spoil 
would depend on the avail- 
ability of skateboard parks. 

The apparent decline in tbe 
popularity of those parks 
which already exist raises 
doubts about the future of 
'skateboarding. 

However, one manufacturer 
yesterday pointed to the severe 
winter weather which followed 
the boom period at Christinas. 
He forecast that interest would 
revive as the weather im- 
proved. 


Autumn poll possible 
after Labour win 


BY RICHARD EVANS, LOBBY EDITOR 


Appeal 
to ease 
mortgage 


LABOUR'S success in retaining 
Garscadden by a respectable 
majority against the pressures of 
the Nationalists in Thursday's 
by-election is a further pointer to 
decision by Mr. James 
Callaghan to go to the .country in 
the autumn. 

Several indicators still have to 
be assessed — including some by- 
elections and the prospects for 
inflation later in the year — but 
the Prime Minister now has a 
part answer to a question worry- 
ing Labour strategists — how the 
party would do in Scotland. 

Without a respectable showing 
in Scotland, Labour could not 
hope to retain power at West- 
minster. and the swing to the 
Nationalists at Garscadden of 3.6 
per cent, was the lowest against 
the Government in a by-election 
of this Parliament 

Jubilant Labour MPs pointed 
out that during a General Elec- 
tion campaign, opinion invariably 
swings back in the Government's, 
favour, so that Labour's pros- 
pects in Scotland appear better 


than the party dared hope. This 


makes tbe result at Hamilton 


critical for the Government. 

Mr. Denis Healey. Chancellor 
of the Exchequer, said yesterday 
that “ the tartan tide is on the 
turn." The Budget had helped 
to win the by - election — an 
opinion borne out by a special 
poll conducted for ITN by 
Opinion Research Centre on the 
Garscadden vote. 

.Among Labour voters. 26 per 
cent, said they were strongly in- 
fluenced by the Budget and a 
similar number of voters cap- 
tured by Labour from the SXP 
and the Tories also gave the 
Budget as their main reason for 
changing. 

Just under a third of the 
voters asked, who switched from 
Labour or SNP to the Conserva- 
tives said it was the Tories’ law 
and order policy which most in- 
fluenced them. The second most 
frequently mentioned policy was 
immigration. 

The by-election result means 
that in. the Commons Labour and 
its allies will now be in a 
minority of seven against all 
other parties, with four by- 
elections pending. 


The contests still to come are 
at Lambeth Central, where voting 
takes place next Thursday, 
Hamilton, where polling is ex- 
pected in late May. and Wycombe 
and Epsom and Ewell, both Con- 
servative strongholds, where 
polling is on April 27. 

Ray Penman, Scottish Corre- 
spondent. writes. ' The Labour 
Party is growing in confidence 

that it can bold Hamilton in the 
by-election and retain control of 
the important Strathclyde region 
in the local authority elections 
at the beginning of next month. 

The party has been given new 
heart by the size of its majority 
over the Scottish Nationalists at 
Garscadden. Mr. Donald Dewar 
held the seat by 4.552 votes, 
some 3.000 less than at the last 
General Election, but consider- 
ably more than predicted. 

The Nationalists were clearly 
disappointed by their perform- 
ance. although the swing from 
Labour was enough to give them 
a further eight seats if repeated 
at a General Election. 

Week-end brief. Page 15 
Byrelectian details. Page 20 


curb 


By Michael Cassell, 
Building Correspondent 


Dunlop International moves 


BY JAMES BARTHOLOMEW 


! BUILDING SOCIETIES, will press 
;lhe Government for a relaxation 
in restrictions on mortgage lend- 
ing, introduced only two weeks 
ago. 

They believe that the Govern- 
ment’s insistence on a reduced 
level of mortgage advances, de 
signed to stem rapidly rising house 
prices, has had useful psycholo- 
jgical impact on the housing 
I market, even though the cut has 
■ just taken effect. Prices, they 
•say. were in any case levelling 
i out. 

The societies are concerned that 
a sudden return to higher mort- 
gage lending levels at the end of 
June, when present restrictions 
are due to be discussed, might 
again start rapid house-price 
inflation 

Mr. Ralph Stnw. chairman of 
the Building Societies Associa 
tion, said in London yesterday 
that he hoped societies would 
return to higher lending levels 
at the end of June, and the pro- 
cess could begin almost at once 

The societies have been com- 
mitted since April 1 to lending 
about 10 per cent less than the 
figure originally agreed between 
themselves and the Government 
earlier this year. 

The result should be a monthly 
leading programme of about 


DUNLOP INTERNATIONAL, pany stayed in England. One the U.K. 

owned 60 per cent, by Dunlop result will be that the company Many other British companies 
Holdings of the U.K. and 40 per will be allowed to hold retained with international interests are ■ £650m.. a figure which includes 
cent, by Pirelli, is moving its earnings in Swiss francs. thought to be keen to move their 

base from England to Zurich. The Bank of England would »D te rn a tionaI holding companies 

The company holds Dunlop's not normally allow such, a giiy^rmUted* 1 The Bank of Eng 
investments in the U.S.. South transfer of residence, because of eacb Sse on iU, 

Africa. Nigeria, and elsewhere the adverse effect on the balance nier jt$ ‘ e 

overseas. Its capital and reserves of payments. The dividends hardener emphasised that 

in the latest published balance- paid to Dunlop International a urne porUon oF^he wmpai 
sheet was £85ni . although that will now be going to Switzerland, earnin'"? would still be remii 
is thought to undervalue its true instead of England. t0 the lUv; because they would 

worth. Since n is a holding com- Dunlop International is a be needed for the parent -com- 
pany tne transfer is not ex- spec i a i case, because it is 40 per pany’s dividends and other pay- 
pected to lead oany substantial cen t_ owned by the two main ments. 

movement of siatt. Pirelli companies. Pirelli Sp.4 Nevertheless, he said, obtain- 

Mr. Ken Gardener, Dunlop’s in Italy and Pirelli SA in Switzer- mg permission for the move from 
finance director, said yesterday land. ' In addition the only the Bank of England, the Inland 
that the main advantage would investments it is taking to Revenue and Ihe Swiss authori- 
be “ financial flexibility.” The Switzerland are those in foreign ties was ”a considerable coup/ 
move would enable overseas in- countries. Its British invest- Tax advantages were not a fac- 
vestments to be made with ments (about a quarter of its tor. he said. For those, Holland 
greater, freedom than if the com- total! and cash are to remain in might have been a better choice. 


Mars buys Courtaulds’ Kesp 


BY OUR CONSUMER AFFAIRS CORRESPONDENT 


COURTAULDS. ONE of the in the late 1960s. The. product the stage where the company 
pioneers of meat substitutes went into commercial production either bad io sell it or invest 
made from vegetable fibres in in 1972. and is now widely used money in setting up a full sales 
this country with Kesp, is to sell by food manufacturers and indus- and marketing organisation for 
its ' vegetable protein business, trial caterers. it. The business was better suited 

The buyer is Dornay Foods, a Tt ha _ ni . ldp , nv „ Ppat to a specialist Food company, 
division OF tbe American food . “ s h 0 Ds in sl ?jVe of a « wh 3S Dorna >- 

group. Mars, which has recently d i s ?i. ibut i on w -, t H P the food Mai ' s is already well estab- 

diversified into the meat business cimpaSy S. Daniel! lished in the srocerr market. As 


in Britain. 


well as the confectionery it sells 


about £40m. to cover items like 
improvement work. 

.Association figures yesterday 
showed that the societies' ad- 
vance programme exceeded even 
the original lending .targets. In 
March societies feat a record 
£800m. to home-buyers, reflectin 
the exceptionally high level of 
commitments in the last few 
months. 

Takeover oF Greys. Page 3 


Weather 


U.K. TO-DAY 

SCATTERED wintry showers 
London, Cent. S. and E. England, 
E. Midlands and Channel Islands 
Cloudy with rain. Max. 10C-11C 
(50F-52F). , „ 

W. Midlands, S.W. England, 
S. Wales, N. Ireland 
Cloudy, occasional rain. Max. 
IflC-tlC (50F-52F). . , 

N. Wales. N.W. England, Lakes, 
Isle of Man. S.W, N.E-, N.W. 
Scotland, Cent. Highlands, 
Cloudy with rain. Max. 8C-9C 
(■MF-48FI. 

CenL N„ N.E. England. Borders 
Cloudy, rain and sleet. Max. 
SC-9C (46F-4SF). 

Outlook: Cloudy and ram, 
sunny later. 

• Long-range forecast for the 
nexl 30 days: Cold and warm 


IKE LEX COLUMN 



Last Tuesday the ChaoceBor 
went to tbe unprecedented 
lengths of including a one-point 
rise in Minimum Lending Rate ' 
as part of his Budget package in 
an attempt to persuade the 
financial markets that. he was 
steering an acceptable course, 
between fiscal relaxation' and- 
monetary restraint The gamble 
failed to pay off during the rest 
of the week. 

Alarmed on Thursday by sug- 
gestions, quickly denied, of ' 
further giveaways planned for 
July, and depressed yesterday 
by some March trade figures 
which were quite as bad as' any-- 
body had feared, the markets 
have been in disarray. The FT 
30-Share Index has lost 23 points 
in the past three days, while oh 
the week the FT Government 
Securities Index has fallen by 
nearly 24 points— con tinuing a- 
slide which has lasted ever 
since January 3, the first trading 
day of the year. In 34 months 
the index has lost 9 per cent. 

Effectively what has happened 
has been an upward adjustment 
in yields on gitt-edged. which 
now return almost 13 per cent, 
at the long end. This reflects 
the market's expectation that 
the Government .will- have diffi- 
culty in financing a public 
sector borrowing requirement of 
£8.5bn. — the authorities need to: 
sell around £5bn. of gilts tins 
year. 

Equity prices have had to 
reflect these rising -yields on 
gilt-edged. There is also a fear 
that the private sector could be 
** crowded out ” of the credit 
market if events do not develop 
according to official plans. One 
big danger, highlighted by yes- 
terday’s trade figures, is that the 
Treasury’s forecast of more 
rapid world trade growth will . 
prove over-optimistic. . '* - 


Index fell 5.5 to 447.4 




a' s'g'n'd ' j f'm a 
1977 1978 


Bank disclosure 


Bankers are a secretive bunch 
especially when it comes to talk- 
ing about their bad debt provi- 
sions. Consequently, next week's 
Price Commission report on 
“ Banks: charges for Money 
Transmission Services " is being 
awaited with some trepidation. 

While burrowing away into 
the minutiae of debits and 
credits, the Price Commission 
appears to have been asking 
some awkward questions about 
banks’ individual bad debt pro- 
visions. The banks apparently 
refused to disclose their indi- 
vidual experiences but they did 
give a global figure, and the 
feeling is that the Price Com- 
mission could well recommend 


that the banks finally reveal alL 

This will no doubt cause some 
huffing and puffing -in baixking 
parlours but the Price Commis- 
sion probably takes the view 
that since the Prices 'and 
Incomes Board recommended, 
back in 1967, that the; banks 
should work towards- full disclo- 
sure “as soon as practicable,” 
they, have had enough time. 
Such a move would obviously 
sound the death knelL/for-the; 
■“ Leadi-Lawson " ruleer under' 
which the -clearer? have heeft 
fudging their true profits since 
they undertnok .their •version of 
“full disclosure” in 1970. 

However, the bulk of the 
Price Commission’s report is 
likely to be taken up with the 
more mundane problems of 
operating the nation’s money- 
transmission service. As 
120,000 bank staff are employed 
keeping the wheels turning and 
the cost is running at £800m. 
per, annum the banks feel that 
they have a good case for. put- 
ting up their charges- The Price 
Commission will doubtless agree 
but there are likely to be a few 
pointed remarks about the. in- 
efficiencies of the.cleaEers* 
operations. Which other indus- 
try ta Britain has increased; its 
staff .levels by over a tenth 
daring the worst economic re- 
cession since the 1930s? . 

Matthews Wrightson 

It is a tribute to the under- 
lying .strength of Matthews 
Wrighton's insurance broking 
business that the multitude of 
problems detailed in the group’s 
preliminary statement have led 
to nothing worse overall than a 
9 per cent, drop in. pre-tax 
profits to £8.4 Im. Apart from the 
well publicised ..doubtful debt 
problems in insurance broking 


first revealed at the iptenpr 
stage— the f 1.65m. provision ft 
the full year reflects the Boards 
view that there could be diffU. 
ml ties among other nndanrivF- 
bzg. agencies besides the'Bqbm' 
Bradford Hobbs SaviUe- offs&Sot 
where payment troubles / first 
came. to general notice— -the-Ll. 
per cent rise in sterling against . 
the dollar has had a substantial 
adverse impact (the reverse side 
of the coin of the exceptionally 
big boost which the group: 
enjoyed in 1976). Elsewhere, 
sjupowning' losses have con- 
tinued, and there has alio been 
another substantial deficit in the ■ 
rural land activity, pajtly -re- 
flecting closure losses. . - ;; 

The big question mark for 
1978 is over shipping, where a 
consortium of six Norwegian 
shipowners is haring increasing 
difficulty in keeping up with 
charter payments of £4.4m. a 
year due to a Matthews Wright- 
son subsidiary. A possibly ex- 
pensive renegotiation 4s In 
prospect here. But elsewhere the ' 
group’s outlook is reasonably 
bright, and the shires eased only- 
2 p yesterday to 188p where the 
yield is 7.6 per cent" 




Kwik Save Discount 



-stalks 


:Th€T cut-Price' food 
Kwdk Save is saifferihg from 
combined effects of the current .. : J . ' 
price war and ironicaHy, -the . 
reduced rate of inflation. The 'J , 
first-half growth in reported 
sales iris been halved to 33 pm -gvOiS 
cent, and- margins are down 0-6 V'. 
at 4 per cent. Nevertheless, pre- ..- .. 
tax profits, which are up 16 per 
cent at £4-4 bl, are broadly id 
lone with market expectations. 

Just how difficult the going - 
has been is (dear from the 
break-down of the sale 
increase: at least 10 per oenti iij 
accounted for by price 'rises;; 
and amost all of the bsla^ft 
relates to new selling - 
which increased by I0J per 
to. 912.000 square feet * 
the six" months (the target . , 
the year end is lm. sqmre 
feet). Kwik Save teas trammel, 
back on some services and staff 
costs to. cope, while the offering 
of the Swindon warehouse has. 
been postponed until early nest 
year. "With second-half sales 
growth tmtiktijr to match that 
of the first period inti-year pro- 
fits wqH do well to reach £10m., 
against £8.6m. last time. The 
shares are folly valued on a 
prospective fully, taxed - p/e of 
about 9$, while the yield is 5 
per cent. 


•i&y 


Dornay is to move tbe Kesp On tbe retail market, it has under its own name, it is also 
operation in Coventry, which been the rival process— textured , n peLfood. Uneils Rainfall near or above 

employs 20 people, to its own vegetable protein — which has Dornay is best koown for its ■ except j n the oorth-west. 

factory in Kings Lynn. The deal made the biggest inroads. Cad- instant potato products, such as I 

will cost Dornay about flm. bury’s Soya Choice, for example. Yeoman, but it recently set up a 

Courtaulds. which has no other is made from TVP. separate division to develop both 

major interest in the food Courtaulds said yesterday that meat products for human ‘con- 
business. started developing Kesp tbe Kesp business bad reached sumption and meat substitutes. 


BUSINESS CENTRES 


V'd»y 
mlri-<Iny 
•C "F 


Y'das 

Olld-day 

•C ‘F 


Owen and Vance start 
new Rhodesia talks 


BY martin DICKSON 


DAR ES SALAAM, April 14. 


Continued from Page 

Deficit 


the Finance Bill conunueu 
yesterday, with Mr. Denis Healey, 

[the Chancellor, warning the!c»niiiT 
Liberals that the Government 
would call a snap General Elec- 
tion if they tried to wreck his 
economic strategy. 


Amstnbn. 
i Athens 

i Bahrain 
! Fyrcclona 
Bi-Uasr 
Botarade 
Berlin 
Binuehia. 
Bristol 
Brussrls 
continued i Burtap 1 ' 51 


MR. CYRUS VANCE, the U.$. tougher than expected initial 
Secretary of State, and Dr. David stance. However. British and 
Owen, the British Foreign Sec- U.S. sources said it was still too 
rotary, opened talks with the early to predict the outcome. 
Patriotic Front nationalist alii- Before flying on to Salisbury 
ahee here to-day — amid uncer- on Monday to meet the parties 
tainty* 0 ver the chances of major to the interim settlement agree- 
I progress on the first stage of ment. Dr. Owen aod Mr. Vance 
'their Rhodesia initiative and pes- wi/j hold crucial talks in Pretoria 
simism about the chances of an with the South .African Govero- 
early all-party Rhodesia confer- ment. 

en £ e * Not onlv„can it exert immense 

Before the meeting, the inH u ehCe on Mr . smith - 


African front line states, which 


although it has shown no signs 


Si™ Th " f ^ing prepared ro-but nego- 

Ihat thp^o^rTn^thp "nian^o Iwlions between Pretoria and the 
Mr- J*C -toe Ortiecll 

Robert Mugabe, would be pre- P QV ) 15 rs over Namibia are at a 
pared to make signiScant con- make-or-break point. 

cessions to the Anglo-American Tl J? Rv . e p0 '£ e H’ | re 
settlement plan for Rhodesia. reaction from both South Africa 
But after two sessions with Swapo. the Namibian : » "J ,Q such 4 

the Patriotic From to-day, Anglo- nationalist movement, on the ■ ueL,Jlcu - 


As the political parties con- 
tinued to manoeuvre over the 
Budge l. the most likely prospect 
was Ihai higher taxpayers would 
benefit from an alliance between 
Conservative and Liberal MPs. 
Such a defeat for the Govern- 
ment would not dismay Ministers 
too much, as the cost would not 
be excessive. 

Mr. Hr a lev. interviewed 


Chicago 
Colon ne 
CooniiaRTi. 
Dublin 
RSInbrsn. 
Frankfurt 
Geneva 
Glasgow 
Helsinki 
H Konc 
Jo'burc 
Lisbon 
London 
Lusi-mbrs. C 


SI 

l 

11 

Martrjd 

F 

17 

S3 

R 

17 

S3 Manchstr 

F 

7 

45 

S 

34 


Melbourne 

c 

IS 

59 

F 

IP 

94 Milan 

r. 

10 

50 

F 

n 

49|SIi3TiireJd 

r 

a 

45 

S 

tft 

Moscow 

r 

10 

50 

r 

p 

W 

Munich 

R 

6 

43 

F 

s 

4H 1 N\*a-casJl<' 

F 

6 

« 

F 

3 

IS ! New York 

r. 

It 

52 

r. 

1! 

43 lOsWi 

S 

7 

45 

n 

a 

46 

Parti 

R 

6 

42 

S 

33 

76 

Penh 

F 

28 

79 

s 

23 

82 

Prwroc 

R 

2 

36 

F 

9 

48 

Rorkjavik 

P 

4 

39 

S 

S 

47 

Km de J o 

S 

20 

86 

r 

7 

45 

Rome 

F 

15 

54 

F 

T 

45 

S/ncapore 

S 

29 

M 

F 

tn 

SOiSiodcholm 

S 

7 

45 

c 

7 

4a 

Sirasbnc. 

F 

ie 

50 

F 

It 

53 

Sjrdncj 

R 

17 

82 

C 

6 

43 

Tehran 

.S 

21 

70 

K 

a 


Tel AVIV 

s 

24 

75 

F 

7 

45 

TnkyO 

r: 

15 

oS 

C 

S 

77 

Tarontn 

r; 

.*■ 

40 

S 

!“ 

Sfl 

Vienna 

c 

7 

45 

r 

if 

37 

V/ar&aw 

c 

4 

39 

F 


43 

Zorich 

F 

13 

55 

c 

5 

43 






HOLIDAY RESORTS 


.Via eel o 
.‘.Icier* 
r ,n 1 Bi.irnir 
eiackpwl 

BBC radio, commented sharply i ^rdtaux 


K 10 r>a) Las Pirns. 

V 1* Mi Locarno 

V 9 48 j Majorca 
K S 46 Malaga 
C T 4 j Malta 

C < T9 Nairobi ■ 


lhat the 'Government was 'Jlolj gS™. ,, l7 


prepared to see tbe country's T o“n s is Nice 
recovery wrecked by irresponsi- 1 toriu v « m ( Nicosia 

bility. "We shall ask the_ nation lOuhro.mk k i 4 £ owji« 

Fum-hal F IS « satetuiro 

.Huenisey *■' 5 « Tansl«*r 

The motto of the Budget had j F : - 5 ' 


S 19 fi6 
S 13 St 
S 17 « 
S 29 6b 
S Lt 3P 
C m--» 
B I IS 

f u 

s as 
F i:: ss 
r. -£t T 2 

•' • 45 

F IK HI 



SI., 


* A stake in the world’s richest economy. 

* A chance to benefit from today’s strong £. 

* An opportunity to invest when US shares are cheap. 

Important Details *- 1 


American officials appeared to Western proposals for an inde- 
plsre less; emphasis on these pendeoce settlement there. * : ™™ *"•- n,,u 

■predictions. Meanwhile. Mr. Sara Nujoma.jthe accent on safeguarding^the 


TJip implication nnpbt be that Swapo’s president, was reported improvement's made in the muo- 
the Patriotic Front presented a to be flying to Dar E* Salaam, try economy over the pa&i year. 



Many shrewd investors see the gaod sense of 
having a parr of their investment in tbeTJS now. 

Tyndall believe that the economicfacts 
justify a higher level of prices for US shares* 
which today stand at attractively low pries* 
and thar a change of mood could produce 
substantial gains for investors. 

Economic Strength . ^ - 

On such fundamentals as profits, dividends and 
assets. American shares are now cheaper than 
they have been for decades. Yet the US . 
economic indicators are strongly favourable, 
with an inflation rate of 6.7% last yeaf.arid'a 
rise in GNP of 5% in real terms. Corporate 
profits too continue to grow at a sustained pace. 

» This is why Tyndall believe that now could 
be a good time for investors to put some of their 
money into America. ' 

Benefit from Tyndall experience 
For the first time investors can benefit from a 
unir trust managed by Tyndall, the London 
Wall International Fund, which is now ; ' 
investing exclusively in American shares- The 
Tyndall Group have extensive experience in 
American investment from their substantial 
overseas involvement over the past lGyears.. . 

The portfolio of investments will consist of 
those leading US shares which Tyndall befieve 
are now especially undervalued, and is invested 
through the premium currency pool.. : 

Today's strong pound means thatSrkish 
investors get mote dollar stocks for their 
sterling. You take advantage of this favourable 
exchange rate by investing now. Foryour 
information the estimated gross commencing . 
yield on 1 1th April ly?8 was 3 . 27 %J»id the 
offer price 30.3p. . . 

Remember chat the price of units' and the '■ ■ 
income from them can go down as wellas up. 
-You should regard \’ourm\'estmentasioDg 
term. 

Mow to invest 

You can im esr from £500 upwards m the 
Lpn don Wall International Fund by ’ ■ 
lpleting the coupon below and sending 
ith your cheque. ' • 


nlixTttficare. 


;c nr rc 

AH mr bnldervrwriw! their 
Jom1nUM«nsofDaiadKbeic # 
rj(e rwKea ten as sod 1A i- 

[mcMonnwiill — 
rcodrcihcirfir>t Jbwributk-niB 
XfRcmba 1*7*. ‘ •” 

An utktaltiuMpement chits*. . 
of » mdoded in ihe Icy ms ’ “ 


UnUs, which arc dealt Ux daUyi 
will be allocated Ht the offer 
price prevaifinfr when toot 
complcccd application L« . . 
received. Unit prices and- .. 
yields arc qumed in most - 
narfbnal daily newspapers. The 
minimum investment Is £580. 

To invest, fill in the coupon * 

or tafle to your financial 

adioiier without delay. ? 1 ^f^c* daaedftOT *! , 

-lppiicanops wifi be Thf Tnpj k MntvTri«-d by gg 

acknowledged and your Sccmxvrf Suicf.* 

certi Scan: sent within 3S davs.' ^■fclsrrjngt'" 

- * Ipamoi under ibeTmtee '' " 

1[>cu« i nhu.'-dI«CMruniO: - Jnmonmn'Aei P»SL ■ • — 

fteXUnaoo-.iirillpurchiseibeinit IbeRoxalBaAefScoitcd. • . 

Jbcbnl price rn am JoiinedjT. XimDcd ib die Trawec and bcldajfi ; 

PairtenraTli tKenDU*' be made icTneft'iCBhaDdbTveWQOTSdtti 

widen liiirecf ihe roaiperf iteumtfwMrp.'behah 1 .. . ■ ■ . 


APPLICATION FC)R UNITS 


Applicarions sboold be seat to: 

The Tyndall Group, , 

IS Canyngc Road , Bristol BS99 7UA. 

"itrzbSBsiXe. TSj/S.tiKiMJi , 


I- enclose | £ 


tot investment in London 
Wall In ternational Fupd, 


at the offer price niling on tbe day you receive this 
application. Minimum Investment £600. Cheques 
should be made payable » The TyndoSGroup: 
Commission of 1J% is payable to recognised agents. 


Sunumc 


(Mr. .\1r^ Mbs <x mfc i 

f1irniimiy»nK 


i'ioJoB. 1 

fnlladike4 


—A 


- ! .'j. :.i rt / va cztr IS , Ji^Lon aXwLixaoxjidcsix CK or _ 

XJtatasi Tomima^kiibut'ilnnaatfmnivAtlMballteeemlUif 
jirr p.-ncn -aum iraad* Ttrnicnn- 


Sig»tigfr 


ft ; mUtie M "M*. Sai i trmtUU* r ■■ *' 


02c not *«labk VrteidnK. of Eire. 


LfflidanWl , 
International Fund 


A Tyndall Group Unit Trust f 

.Member rj JuVm'tTnisiAaodLmon 



5. 


b. 

*:i,. 




- 






' u ; -. 
'‘H,/ 


Sccisured ar (he Post -Office. Prmeetf ^ 
fty tta/uiMMl Tunes UA., flraeten House, 




V 


V— 


r. 


4 - 


t 

5S 


■4k 


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