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7 : ClfFON 'AMPTHILL. •! - / - 

No. 27,541 

Saturday April 22 1978 

p Suitings j 

| ^ a s k y d u r t a i t o r i -4 






' ftHnw” 

■ w* £ ; 

quiet; gold 

lip $ 2 i 

Ford will invest 
£lbn. in U.K. 







• Wri .-W" : IJU ^ /T . F0RD U K - >s planning an tn- 

•' *r,« NVfilGOC! : ' . •• **if • • vestment programme in Britain 

‘ - which will take its annual com- 

■' ‘ mitment from an 'average of 

- ■- " : "_■ V # EQUITIES moved narrowly about £50m. over the last five 

. - \ T . Tit ** TS. P ^ enSB, l 3 at tf,e end of tbe first 1*8 of the years to £2b5m. in each or the 

•’*■■ Korean. .Boeing 707 with new Account, and Uic FT next tour, 

. “ ?r bsi-. T people- aboard landed on a ordinary index closed 0.2 up at The new plans follow a big 
-• • -harh.r®?. iaJcc near: the • ; improvement in Ford's financial 

- ? r, “ a border. . fjf.r Z u " 1 1 performance last year. Profits 

r l21 airliner ignored intfrac- ] po j 7 I rose from fl2l.«m. in 1976 to 

-r-n > Ws from Soviet fighter aircraft ' 

' . : ' . ■ (wi 1 up to lead 1 1 to .-an airfield 
— c:| s oai^J:flew on for two hours in- 460 
firjjt j/fet airspace, ft Was claimed i 
■ ? Vl| l w/Moscow/ '• 

; v-«-, ;°viet officials saiff that, the 
.. 4 r. ’jtiner was. hundreds . of miles 

T',1 * w * 'course when- it -.flew over a i 

. hly sensitive area .where 

I'rAfit pL « ral and rocket installations are 450; 
1 faring jcentratfid.... . 

. n Washington: Mr. Zbigniew ^ 
- .■ r,s; j | ¥?ezijQsJti, White Honse security dA£ - 

... •■^tenhp.iirs adviser, said, that Soviet 
,J ' ^-"rttfUters had flred at the airliner. 

' *'?*•> iWbe airliner • was on a 

.Vot ^“eduledj flight;, from Paris to ' 440 

■ :.j .„”inl via Anchorage in Alaska. ' 

.^>2..' -v 1 --' W “ 

... '• DBjjj . . 

? eei^s son dies iff:?- 


»aa aa 

The new plans follow a big 
improvement in Ford's financial 
performance last year. Profits 
rose from £!2Z.6'm. in 1976 lo 
E246.1ra. pre-tax. while direct ex- 
ports went up by 41 per cenL 
lo £893^m.. and sales from 
£1.6bn. to £2.3bn. 

Ford export figures go some 
way towards " meeting the criti- 
cism it has "bad during the last 
year for importing cars from its 
associate factories on the Con- 

are plans for a considerable 
development of its mid-range* D 
series vehicles, along , with some 
changes on most of its vehicles. 

Ford also is investing heavi Iv- 
in new alloy cylinder head 
designs aimed ;«i giving its 
engines belter fuel economy and 
emissions perfot m.-mre. 

F«ird saul yesterday that it 
would not be calling on its U.S. 
p.-ircnt Tor any of the Tunds 
required for investment. With 
profits running at their present 
high level, it is now in a post- 
non to generate more finance 
internally. Even so. the fiovern- 
menl will be providing a signi- 
ficant proporiinn uf the film, 
through regional aid and other 
industrial incentive schemes. 
Some estimates put the com- 

- * n rmssssr ?“"*• A ^h i-port. r.. 5 c. ^ .hr^ 

■"^^SawSS J/ Orawy Mb- ^ S7 £ n - “ r ? p “, m ?' re ° r ,he iwuna well overturn. 

^ v -MenfaK rirs adviser - said ihai Soviet 445 tr minvinuRnm ~ for 25 per of sales — the for new products m the car and The company seems reason- 

j ; iy-Rir {Liters had fired at the airliner |r “ShSaS” company still wa.s left with an commercial vehicle sectors. ablv confident that ii can main- 

■••’virw, The airlines ’ was on a add i iav« I I increase in its net exports from Although the company would tain profits at the higher level 

^eduled ~ From Paris to A 4 (V-- -i- L ~ i I L — . £394m. to £453m. ' not be more sperific, ij is now achieved. One possible 

, ^ini via" Anfho inPft in Alaska. : 17 18 19 80 21 , The large increase in the com- believed that Ford has plans to reason for this is that prices »f 

■ J ^ 2 — ■?' . ■■ ■ " * pany’s investment programme change a considerable part of its British cars have been moved 

r,: d% '■ : . ^ . will undermine union complaints product range within the four- higher gradually compared with 

’ art taAv’e eon Hjpc 455.9, - G©id. shares recovered thatFord has failed to give suf- year period. other products over the last three 

tr-v^a. . : • . some of earlier losses, but the geient backing to its British The so-called Erica project years, thus bringing the break- 

J^-flflOCKJSia. war ~^G«old .dfibnes index remained 10.2 interests in recent years. With tinder way in produce a replace- even point on production lower. 
r Richard CeeiL % second down' on the week. " capital projects worth more than ment Tor the Escort is the largest With Ford's unit sales up last 

-i^®|tbo»5rq^brsJElSS5. — _ atn.jlgnrt.owth.^yw, or .hesc. since i. Involve, hoth ywr by 7 0 8. 0 00-m; 

£lbn. planned over the four-year of these, since it involves hoth y^r by 64.000 — to 70S.000 — in- 

- aitajina fiebrino -'between ipi,*.* CnuArnmimt Scmriricc H ‘" s ,u ,UVVB ' uver u,e saui« At me same time, me company ^ , 

feZjdesian ST!R rtn W n ^ S7 per J od ; P is working on pbns lo engineer ment, most of Fords senior 

’ - ; -.His>4onalist gueriRas..' He was an closed 0.26 d°w at ■ At least £lS0m. of the £lbn. its European range so that some executives, who collect profit* 

• •.his^ionalist guerillas.: He was an 
'■;? credited war correspondent 

programme is earmarked for the of the most imporfanr structural re ^ a,e ^ bonuses, saw their 

: _ l r- 1 ■ - « nnomoc PICO Clllicl'intl'll lit 

• ■ ^nised in 1800. ■ : 

e ae$h efforts to 

: -®:veMor6W»fe 

£250m. would be si»cnt modern- arc concentrated in Briiain. there 

Lex Back Page 

• STERLING was still weak 
bat after Bank of England 
" assistance closed 15 points:, up 

• ■ T'xly tint hiTmE' r Christian lafles *ap«ov1ng to 5LS IBi.b). 
. ^P^oepatc searched' for a dam- Tie dollar s- index, on Bank of 

-■'-^oeratc searched for,achm- The dollars inaex, on eanK m 
"< "tofTnulS wfaict- might* England figures' was 90 * 3 . (90.4}. 


Z7J$&5& ssgisr,-*- * with low interest loans- 

w^ted- «« jbo price m STOCK EXCJ^NGE trading 

""V;. 1 ?* 8 **?*•. It appeared that the Qn new /ptions market BY CHARLES SMITH TOKYO, April 21. 

^ bargaining. Jme . might Be recorded fOff‘ cqa tracts traded in 

-•.■■•4*pSr^ -- Pa8e A PACKAGE of import promo- financing promised under the surplus in fiscal year 1978 as 

• ■ GOO ^ raK * T tion measures to help reduce scheme may encourage imports well as the economy s growth 

“-v-wfcr* Miri 5 :^v i I Avn'«,‘ Of lindon is con- Ja P an ’s current account surplus of a number of heavy items. prospects. 

". pay raid .. 5-. afiei-st two other bids dunnR ttae . p ™*? nl ® ScaI 5 ’ ea r These include the repurchase He may be reluctant to otter 

oi six' masked, men, wearing f or -tlovd’d brokers' bv outside was approved to-dav at a specta from foreign shipowners of ships a concrete estimate of the 
' ”• overalls and blaek w^ilen , poflp meeting of the Cabinet coundJ buiU , n j a p an for charter back surplus but will at least be 


TOKYO, April 21. 


' Mil l 

*"^Tra*-w«Bh«sj nlw 1 | 

»u«ntj»lram \ [ _ 

26 Mho uimi ** «vT 

M77 , It 978 , 


£ 800 m. 
long tap 


THE BANK of England yes- 
terday announced a new Issue 
or £8()flra. uf Government 
stuck, the first of the new fin- 
ancial year, to help fund the 
Government borrowing require- 

An issue had been widely 
expected after the demand for 
gilt-edged earlier in the week 
which had exhausted the sup- 
plies first of the previous short 
tap and then of the official 
long-dated tap slock. 

The new stork is at the long 
end or the market and hml a 
depressing impact on prices, 
with long-dated stocks ending 

Lex Back Page 
Editorial Comment Page 16 

with falLs of up lo Short 
stocks, however. recovered 
Trom earlier falls to end un- 
changed on the day. The 
Financial Times Government 
securities index lost 0.26 to 

With the help of official sup- 
port, sterling ended with a 
slight gain of 13 points at 
SI. 8260. while its trade- 
weighted Index a basket 
of currencies improved lo 61.6 
against 61.5 

The dollar Itself weakened 
a little after the previous day's 
sharp improvement, while the 
price of gold, which fell 
sharply by S51 an ounce on 
Thursday, recovered .some of 
its losses. It closed yesterday 
at $171 J for a rise or S2J, 

The new tap stock is £800m. 
of 12 • per cent. Exchequer 
1098 to be issued at a price of 
£96 per cent. Of this. £30 is 
payable on application next 
Thursday, with another £33 on 
May 15 and the rest on Juno 7. 
At the Issue price the stock 
yields 12.50 per cent, flat anil 
12254 per cent, to redemption. 

MPs to seek 
debate on 
Press ruling 


LABOUR MPs will press in the 
Commons on Monday for a pre- 
cise definition of the legal pro- 
tection given to newspapers, 
television and radio in reporting 
Parliamentary proceedings. . 

Some Conservatives are ex- 
pected to support demands for 
an emergency debate. 

The moves follow a ruling by 
Mr. George. Thomas, the Speaker, 
yesterday that Jhe privileges 
which have allowed four Labour 
MPs to name Co). B— a a Army 
intelligence officer involved in a 
secrets case — could not be 
extended to newspaper reports 
of their words. 

. Mr. Max Madden (Lab . 
Sowerbv) said yesterday: '“The 
practical effect of this ruling is 
in further chip away at the free- 
dom of the Press and others 
to report the proceedings of 

Mr. Christopher Price (Lab, 
Lewisham West ) said it had been 
accepted for years that the quali- 
fied privilege given io newspaper 
reports oi thr .Commons proceed- 
ings had been “so nearly abso- 
lute as to be absolute." 

The dispute Hared after both 
Labour and Conservative MPs 
had challenged a warning from 
the Director or Public Prosecu- 
tions on Thursday nighL On the 
advice ot Mr Sam Silkin, 
Attorney General, newspapers 
were told they cuuld he in con- 
tempt ot court for publishing Col. 
B's name in accounts of the 
Commons proceedings. 

Col. B is involved in an Official 
Secrets prosecution of three 
journalists. During the commit- 
tal hearing the roaspstrate ruled 
that his name should not be 

Conlcmpf proceedings have al- 
ready. been taken against the 

National Union of Journalists 
newspaper and two radical maga- 
zines for publishing his name. 
Hearings in these cases were 
postponed yesterday until May 2. 

Four Labour MPs named the 
colonel in the Commons on 
Thursday and later the Speaker 
was asked to consider whether 
the DPP’s warning against pub- 
lication was an attempt to in- 
terfere with the free reporting 
nf Parliament and a breach of 

The Speaker yesterday de- 
clined to allow on immediate 
debate on the issue. 

“In view of the Order pro- 
hibiting the disclosure of the 
signals officer’s name. I am 
really being asked to rule that in 
future any MP may use ihe privi- 
lege of this House to remove the 
matter frnm the jurisdiction uf 
the courts and then to claim that 
the courts have no further power. 

“ 1 am not prepared to give 
such u ruling." 

He said n was ouite clear no 
attempt had been made to 
obstruct the publication of 
Hansard, the official Commons 
report which yesterday carried a 
full version of the events includ- 
ing the colonel's name. 

Citing Erskine May. the Par- 
liamentary rulebouk, Mr. Thomas 
said there was a distinction 
between the absolute privilege of 
MPs speaking in the House and 
the qualified privilege of the pub- 
lisher reporting words spoken. 

In spite of the DPP’s warning 
several newspapers and both 
BBC and 1RN broadcasts 
reported the disclosure of the 
colonel’s name in the Commons. 
In a statement after the 
Speaker's ruling, the Attorney 
General said he was not contem- 
plating any action against them. 

Altman fined £55,500 


i.'rJ ds, plant • The gang -wasted near record rate.- while building I 

scrapped after repurchase. 

eeis ion. with a list of proposed 
icasures for reducing iL 
Conflicting statements were 

£ in New York 

April SI Prv* uhi* 

m. There were, no injuries. .. . 

/o die in Belfast SMpbuikling 
’SSS. were compensation 

people died ^and eight were 
red ip an' explosion at the 

/ p er C ent. per vear— or 5 per ? ia ana 1,>r p™muuuu ui Air. iosnio jxomoto, .Minister 

. cent, in special cases — to irnpur- imports through channels other 0 f Internationa) Trade t»nd 

hinnin rime ters requiring rbree-to 10-year than the sole agent system Industry', estimated that the 

LllfJUtllEUlUg import financing. For shorter Tbe import promotion effect uf all measures taken to 

periods, import finance will he measures follow steps an- da te (including earlier rounds of 

imoensation available at 3.5 to 4 per cenL flounced hy the Ministry of In- emergency import promotion 

** rates. ternational Trade and Industry measures) might produce an 

VICKERS SHIPBUILDING is Steps will also be taken to pass ^ asf week - to restrict certain additional import flow of up to 

w w . ■ . . ■ a. * Aihiap n f nvnrtftc "In fa nnnlr una PI ItL* w L’t i : II iiki.^AiiiA 


I ninnlh 

(I.HNIII.- 1.12 I i Ii... 
1? m>Mii ti- •’ OW.HJtli’. 

u.'iOaK) «ti. 

ber of the Stuck Exchange for 
more than 30 years, was fined 
£55500 yesterday; for exchange 
control offences. - 

The ' prosecution had alleged 
that -a group of businessmen, 
some now abroad, had carried 
nut a plot under which ffi.fim. 
was revolved around the world 
from company to company, earn- 
ing an unlawful £2m. in invest- 
ment currency premium to which 
il was not entitled. 

The conspiracy concerned this 
operation and the making of 
false statements as u “ cover- 
up " in answer to Treasury 
inquiries. Mr. Altman was also 
run tilled on. 19 lesser charges 
of making payments abroad 
without the Treasury’s permis- 

Fines of £155.500 on similar 
charges and £20.000 costs were 
imposed on Lewis Altman and 
Co., the siockbrokin^ firm uf 
which Mr. Altman is the head. 

and which was suspended by the 
Slock Exchange in , March 1P7*. 

Mr. Robert Carnes, 31, a stoek- 
hrnkitig partner uf Mr. Allman, 
was acquitted of two conspiracy 
charges but found guilly on 19 
charscs of making payments 
abroad without Treasury' per- 
mission. He was fined £3.500. 

Fines totalling £1.050.000 were 
imposed on Iwo companies not 
represented in court. EIC FiUro- 
srcirffics and Tricommerce, 
whi'-h were found guilty of enn- 
soirary and of a range of lesser 

The three magistral es said 
these mtehi he in a sense illusory 
penalties in view of the two con- 
cerns’ want of funds. 

They referred to Mr. Judah 
Bi nsTtick. a London solicitor who 
left the country in 1976. and 
others not before the court as 
the essential pemetrators »f the 
“inaitrit’e fraud upon the 
exchange control authorities." 

Details Page 3 


eyug investigated. 4 i Wpn WFRRERT is to national air Treisht charges and Mr. Fukuda expects to be last month) showed that Japan’s 

maII • nnm nf enuitv telwihiiije and telegraph charges, cross-questioned by President visible trade surplus was over 

inglacjesn poll ' frnm^he Natfonal Erne? The Government is hopins that Carter about the outlook for the S20bn. and the current account 

ddentiai elections are to be Sl^BoIrd for re-orSnisation the hew low interest long-lerm Japan’s balance of payments surplus over 4.14b n. 

_in Bau^ladesJj on June 3 as re-equipment. Back Page 

tep towards returning the M v 

i try to democracy. President - . r .. c ro r„ CP H tD • __ _ — 

^ r o a ^ CaS ^ ^ r ' )jn r^comrnend recognition for tht! " 05 ill tiff tiVPrtURP hfUl 

i cigarettes 

nry to democracy, jcresmeiH y, as ana ; n refused to 

,r Rate,™ broaden from ■•AJjJJtaJ, £ 

non-TUC affiliated United King- 
' ^iinlcq dliizzed dh m Association of Professional 

RtlKSquiZZeu Engineers in an engineering 

i Spinks; who won the world plant, in spite of evidence of 
Q r weigh/ boxing champion- majority support. Back Page 
L'froiu^Muhaminad - Alt. was 

Sited td>walt formal charges f HOUSE OF FRASER is intro- 

Bakers call off overtime ban 


, . M 

THE THREAT to bread supplies 60.000 members of the Bakers, Frnm May 14. rest-day working 
HOUSE OF FRASER Is intro- was lifted yesterday when tbe Food and Allied Workers’ Union, will be discontinued to make 
trina a profit sharing scheme bakers’ union called off an aver- The ban was called off y ester- way for Oie new jobs. Working 


Now's the time to 
revise your ideas 
about pensions. 

_ -of being detained on suspicion during a profit sharing scheme bakers’ onion called off un aver- The ban was called off y ester- way for tiie new jobs. Working 

-J r •'* possessing cocaine and malting shares worth up to £2.000 ^me ban due to begin to-day. day when a job-saving package on rest days means bakery wor- 

ijuani. SL Louis. Missouri a . year available to employees. After two days oF talks 'with "’“s presented to the bakery kers often work six 12-hour 

-v'. :e .said. - . 3 • bak^rv Amninvprs on iobs in the unions. shifts pur week. 

^ SSSSLf Ii Inillerfr Of the 7.986 jobs lost by the A five-day working week will 

ief ly . . . 

tniiiufM »v, P cnitiprs- Ine '■ 90D J° os losr ■»? me a nve-iijv wurKinR wees win 

■FriTRlCITY COUNCIL and null nut of Spiflers decision. 2.000 will be now be the norm but the total 

“K bS h m X “ 0 «» ' ake " “» by «■' t *°. Iar » c f™™ worked are urlite.y 

\\’ s Belfast girt, 21, who killed her Council are in dispute over elec- yefterday 8 which will le and ASS0 Ran t k d S Horis make ifn for workS^esWa vds v° 

-’J^wn^fre^hv ^fhe^Home burners ^oScil^hi ri aimed,' Jf® jobs aod 1 gjve , b *ten jjcDousaH. which have already The bakery unions were seek- 
' Q between £4 JL wee l t ertra f rt)m May 14. agreet i tQ 0 ff er continuing em- ing an Increase of £7.80 to cover 

from a 867611 y mcre^d four-fold between a. k. y be cIosure of 23 bakeries p loymen , to 5.000 Spillers wor- extra work respiting from the 
•< ence. ; . and 1976. rage « affected by the Spillers decision feors by taking over six and seven closure of the 23 Spillers 

antique dealer 60 was so win 51111 Uke place to-day. Spillers hakeries respectively. bakeries. 

. -Tied by a Jwo-year ta’x invest!- MIIB , Hlre ^ Bread supplies in the shops a further 1^00 jobs may be The agreement gives an extra 

'an that he shot himself an COHrAMlES had already been affected by created, hut the majority of them £4 a week from May 14. baek- 

v-est was told * ■ panic buying after the announce- would be likely to be johs for dated to April 23. provided co- 

. ^ri Ti ' . • s. PEARSON AND SON pre- ment earlier this week of an engineers, staff and manage- operation on the time changes is 

:ce Andrew received his para- tax • profits for 1977 were a overtime ban from to-day by ment. achieved. 

.-ni"e wings at R^F. Brize Tec ord £3S.28m. (£28.54mi. on 

ion. fult-vear turnover of £32$. 5m. 

' . . . f£290m.) excluding banking and 

•^nT th^TV fita, rS iflveStmenI iDC0m6 ' PaSe 18 

JS£d j-j; 

l I / Edward Heath opened the 1977 by continued unprofitame 

. Brighton marina, trading. Page 18 

' -i'll , ' 


Overseas News 2 

Home News 

Lsrbonr News J 

The Week in the Markets 5 
Finance and ihe Family ... 6 

Mining 6 

Your Savings and Invest- 


ices in pence unless otherwise Shaw Carpets ^7 - fi 

indicated) . - Simpson (b) A ; Y > ~ « 

• Yorkshire Chemicals -- 30 

. -RISES . Afrikander Lease ... «- + 

aL Power Eng. 121 + 7 Durban Deep w - s 

™ws 17*2 + 7 RTZ 4 - 1 

I'VGlls OQ -l: C ’ Wartem HoldinCS * 

,, -RISES 

ab Power Eng. .^ 121 + 7 

'loros 17? 4. . 7 

» ~ S9 + 5 

tG - £ 6 *^ - ■£•+ 3 

^me ^sa ng. -.152 ,+*" 7 

Travel 10 

How to Spend it 11 

Property 12 

Motoring/Golf 13 

Arts/Leisnre 14-15 

Leader Page 16 

UJC Companies 18-19 


Wall Street 20 

Internutionai Companies ... 25 

Commodities . ..i 25 

UJK. Stock Market 28 


Persona) Financial Plan- 
ning 21-24 

MOTPSOn IJ-/ " , f,.l -r 

Yorkshire Chemicals * ^ 

Afrikander Lease ... »- + 

Durban Deep .Uj 

Western Holdings 

PAUS ^ _ , 4 

bpb ; lu - q 

Dawson Inti. -mr - ^ 

Willis Faber "pt - * Carpets , n2 - l-’ 

Siebens ’ :»»« " H _ 

Selection T" ,gT , 1 — 

Tax avoidance: an .industry 
down bur nor oat 16 

Tennis facing its biggest 

21O — *■ 

<i-, — 


Base Rates 

Bridge - 



Crossword Puzzle 
Economic Diary ■ 
ff merle/ ament Guide 
FT- Actuaries Indices 



Letters U 

Lee 32 

Mae Of Ihe Weed .. 32 

Money & Exchanges 27 
Racing .... 20 

Share Information .. 30, 31 
SE Week's Dealings 26.27 

Taxation 4 

TV and Radio M 

Unit Tnuts 20 

Weather 32 

tic-breaker .... 

Waok-ttijl brief . ... 

Drayton Moauiau ... 

Sa ve & i rosner 

Save & Prosper M . 


M & G 

Hamfrro Uk 


AlDcd HamBro 


Oceanic i 

Trident j; 

Laarsnn "."”."."1 H 

Lawson '” ft 

Merchant Investors 

Arbmbnm ■ \ 

Piccadilly l 


Cape IntJoKrle* b 

YonsfiaJ Carpets ... a 

It goes without saying that a pension scheme 
provides a pension. But do you know what other 
benefits you can obtain from, a well-designed and 
flexible pension scheme? 

With the Save & Prosper Executive Pension _ 
Scheme, for example, you can secure a substantial 
tax-free lump sum at retirement. You have the choice 
of a full range of death-in-service benefits. And there 
is a further option to make comprehensiveprovision 
for your dependants. 

The Scheme takes full advantage of benefits 
allowed by current pensions legislation and is one of 
the most competitive unit-linked schemes available. 

Ail contributions made by your company are 
normally allowable for corporation tax purposes and 
contributions by directors and executives, up to 15% 
of earnings, can receive full income tax relief. 

For full details of the Save & Prosper Executive 
Pension Scheme please contact your company's 
usual pensions adviser or one of our branches located 
in a number of major centres throughout Britain. 

For latest Share Index phone 0I.24d 8026 

• 'L 


Financial Times Safctf flay April 22 1978 >•» 

' " ''' 111 5 TV^'l's" 

Agreement Fighting it out on the Peking streets R$c of f 

on gas 
in U.S. 





Russia forces down 
S. Korean airliner 


TWO PEOPLE were killed 
yesterday when a South Korean 
airliner carrying around 110 
people landed on a frozen lake 
in the Soviet Union near the 
Finnish border. The airliner 
had been escorted there by 
Soviet jet-fighter aircraft. 

In Washington, White House 
Security Affairs Adviser. Zbig- 
niew Brzezinsld said the 
Soviet fighters had fired at the 

The Boeing 707 was hundreds 
nf miles off course, according to 
Soviet officials, when it flew from 
the Barents Sea over the Soviet 
Kola peninsula, a highly sensi- 
itve area where Russian naval 
and rocket installations are con- 

The aircraFt was on a 
scheduled flight from Paris to 
Seoul via Anchorage in Alaska. 
It was last heard from on course 
near Bodo in Norway. It came 
down on a frozen lake near Kern, 
about 100 miles from the Finnish 

In Moscow, details of the 
incident were given by Mr. 
Alexei Kosygin, the Soviet 
Premier, to Mr. Ichiro Nakagawa. 
the Japanese Agriculture and 
Forestries Minister. The Soviet 
news agency Tass. then broke a 
12 hour Soviet silence on the 
fate of the plane. 

To-night the Soviet Union told 
the U.S. it could send a civilian 
aircraft to Murmansk to pick up 
the passengers and crew. 

Tass said that the plane was 
met by fighters of the Soviet 
anti-aircraft defence forces and 
that the fighters Issued orders to 
the plane to follow them in order 
to land at some nearby airport 
“The plane, however, did not 
respond to these orders,” the 
news- agency said. It continued 
living- southwards along a route 
which carried it across the 
strategically important Kola 
Peninsula before landing on the 
frozen lake two hours later. 

The Tass account made no 
mention of casualties but Mr. 

Kosygin is understood to have 
told Mr. Nakagawa that two of 
the passengers were killed dur- 
ing the hard landing in which a 
wing of the plane was damaged. 

One of the dead was later 
identified as Japanese. Two 
people were injured in the 

Tass said the competent Soviet 
authorities were investigating 
the cause of this “violation of 
the Soviet Union's airspace” and 
indicated that it was only after 
the plane had landed that it was 
established that it was a Boeing 
707 airliner belonging to the 
South Korean airline. 

The news agency said the pas- 
sengers and crew of the plane 
were being taken to the nearest 
town where arrangements would 
be made for them to leave Soviet 

In Seoul. South Korean authori- 
ties were informed of the down- 
ing of the aircraft by U.S. 
Embassy officials, who are 
thought to have learned of the 
incident through diplomatic 

Clarification of the reasons for 
the Korean airliner's forced 
landing was made more difficult 
by the absence of diplomatic 
recognition between South 
Korea and the Soviet Union. 

However, in a significant' diplo- 
matic development the Korean 
Foreign Ministry confirmed that 
representatives of KAL and the 
Soviet state airline. Aeroflot, 
met in Tokyo to begin regular 
contacts aimed at an early re- 
turn of the KAL aircraft and its 
passengers and crew. 

The South Korean airline 
fKAZy indicated to the press this 
evening, that it stands ready 
to fly another plane ter pick up 
the passengers ' and crew 
stranded near Murmansk. 

The U.S; Embassy- -in Seoul has 
been acting as a liaison between 
the Russians and the Seoul 
Government, and it was the U.S. 
side which first notified the 
Koreans that the plane had been 
forced-down by Soviet jets. 

A YEAR AND a day after 
President Carter announced his 
energy programme, 14 House 
and Senate negotiators have 
reached agreement on natural 
gas prieing whleh could be the 
break-through the President 
has been waiting for. 

The compromise, whieh 
must still be approved by the 
foil Conference Committee 
and both Houses of Congress, 
calls for a substantial rise in 
federal price ceilings on 
natural gas between now and 
1985. when all controls would 
be removed. 

Under the intricate agree- 
ment, the increase in Interstate 
natural gas would be based on 
the inflation rate plus up to 4 
per coot, incentive Increases. 
After tbe first six months of 
deregulation, price controls 
.could be re-imposed anytime in 
the two years following for up 
to 18 months. 

But after that, there would 
be total decontroL The pact 
also placed limits on the type 
or gas to be freed from price 

Details of the proposed pact 
will be presented to the full 
Conference Committee next 
week, said Senator Henry 
Jackson, the chief negotiator. 
While lauding the achieve- 
ment in getting a Natural Gas 
Bill uear passage for the first 
time in 30 years, the Senator 
would not predict what atcion 
the Conference Committee 
would take. “ We are going to 
have a real debate in con- 
ference,” he said. 

The President, according to 
his Press Secretary Jody 
Powell is pleased with the 
agreement. He had promised 
to decontrol natural gas prices 
daring bis Presl dental cam- 
paign. then proposed raising 
price control levels. He 
recently, said be would sup- 
port eventual deregulation. 

Should the pact prove 
acceptable to tbe House, which 
bad wanted to retain controls, 
and the Senate, which had 
wanted to end them, the Presi- 
dent could emerge politically 
stronger than he has been for 
some time — looking Uke a 
clever politician who has won 
a long battle rather than a 
political novice who cannot get 
Congress to listen to him. 

UNANNOUNCED and unex- 
plained. zebra crossings have 
come to Peking. 

Workmen, are painting bands 
of white stripes across the city's 
main street which runs past Tien 
an Men Square and the Great 
Hall of tbe People. The striped 
walkways replace what were 
ostensibly pedestrian crossings — • 
two faint parallel lines, usually 
invisible to motorists, from kerb 
to kerb. 

Only, there is no sign that the 
new crossings have altered the 

Peking drivers traditional, view 
that all responsibility for road 
safety lies with tbe- person on 

Oh the surface bis seems a 
serious imbalance, since there 
are many more pedestrians than 
cars. On the other hand, the 
roads are so congested by foot 
traffic that the only way a 
motorist can be sure- of making 
progress is to' drive at a reckless 
paee with the horn blaring. - 
Peking traffic is made up of 

innumerable bicydes^.- ant-lika-are wide and generous ^.bicycle 
three-wheeled scooters with tipy. Janes are marked bn .either side, 
truck bodies attached, Mber&jg-ln what space 'left^about half 
three ton trucks all painted the total width— the rest of the 
military khaki hut moving in a traffic fights it out 
most unmilitary fashion, and The traffic police, . although 
public buses into which the efficient at keeping things 
masses cram in numbers thafc.moving. are tolerant of what the 
would he illegal anywhere else, vehicles and the people .do. 

There are ears tna W tha* 'And 3S long 8S a. little bit 

resists , r 

■M H * j • ' dll? 

There are cars too but they what makesThe traffic 

are a minority. Most are 

cue 4 luuiuny. aun are usea : — ----- -- = p e y ne the- new 

foreign^? 15 and r ^ ideat ^bra crossings are not going to 
forever*. ; :: have much effect 

Peking’s commercial -streets;.: . - swtney Moniso Bertaa 

By K,. K. Sharma, 
recently, in Peking 

Brussels to collect W. Bank withdrawal 

steel dumping duties ruled out by Begin 



TEL AVIV, April 21. 

THE EEC Commission to-day 
declared ■ that South Korea. 
Bulgaria. Rumania, and East 
Germany had been found to have 
u dumped ” certain steel products 
on the Community market sell- 
ing them below the minimum 
base imports- prices established 
at the start of £978. 

EEC officials said that the pro- 
visional anti - dumping duties 
already ' imposed on these 
countries would now be collected 
by the Commission. 

The real reason for the deci- 
sion is that tbe EEC is having 
no success in getting these coun- 
tries to negotiate restraints on 
their steel exports to the EEC. 

In short, tbe Commission is 1 
putting pressure on these four 
countries, while at the same time 
announcing that provisional 
duties imposed on other coun- 
tries will be nominally continued 
for another three months, with- 
out money actually being col- 
lected from any country that has 
signed an agreement with the 

Spain is to sign an agreement 
with the Commission on Monday, . 
restricting its steel shipments to, 
900.000 tonnes this year, or 9 peri 
cent, below 1976 levels. In return. | 
Spanish producers, like those of 
other countries, will be. able to 1 
sen a little below EEC list prices, i 

An April baby 


BRUSSELS, April 21. 

Dutch deficit 

Holland had a visible trade deficit 
of Flj224m. In February, up from 
FI.48m. in January, but lower than 
the year-axo F1.434m.. provisional 
Central Statistics Office figures 
show, Reuter reports from The: 


THE EUROPEAN Commission 
acted to-day to dispel a mounting 
public outcry against reports 
that it wants to impose a special 
tax on contraceptive sales and 
probe the after-hours activities 
of Irish males as part of a new 
programme to harmonise birth 
rates throughout the EEC. 

The furore has. been specially 
embarrassing for Mr. Henk 
Vredeling. Commissioner for 
Social Affairs. He has become the 
target of indignant attacks by 
militant feminists and politicians 
in the Netherlands, his own 
country, who have accused him 
of betraying his principles as a 

Among the brickbats hurled at 
him have been an angry letter of 
protest sent. ,by a Dutch group 
calling itself Die Red Women's 
Group and a motion tabled by 
two members'.or Parliament in 
The Hague demfflifing that the 
Commission be formally censured 
for impungihg ,£&e dignity of 
women. / 

Reactions ha^e not been con- 
fined to . the . Netherlands. The 
proposals have been reported by 
news organisations as- diverse as 
Reu&r, The Irish Times and 

Tbe Daily Express, whose 
columnist, Mr. William Davis, 
recently assailed them in print 
as an example of the Commis- 
sion’s excessively meddlesome 

But tbe real credit for stirring 
up the fraeas belongs to The 
Economist, which first revealed 
that the Commission had 
decided to act after receiving a 
learned report by Prof. Guy N. 
Ecologist, pointing to an alarm- 
ing imbalance in EEC birth 
rates. i 

Among the remedies said to | 
be under consideration were a : 
pilot surveillance scheme of tbe 
leisure activities of Irishmen | 
(who, tbe report said, were re- 
producing too .fast), backed up 
perhaps by -a baby-licensing 
scheme and incentives to encour- 
age bigger families m France, 
where the. birth .rate was said 
to he falling rapidly. y 

The reports were. not -exactly 
denied' to-day - by the.’ official 
Commission spokesman, but be 
did suggest that before rushing 
to complain, readers of The 
Economist should have looked 
more closely at the publication 
date of the issue: April L- 

HOPES FOR early progress, in Mr. Weizman. in two . news- 
the Middle East peace talks' paper interviews to-day. ex- 
dimmed to-day when the Israeli pressed bis conviction that tbe 
Prime Minister, Menahem Begin^ talks with Egypt were hot-dead, 
reiterated his refusal to content- but that both sides had “ paused 
plate any withdrawal by Israel for thought.” The negotiations 
from the West Bank. •;* . \ \ . .would be resumed, be said. 

Earlier, there had been - The Defence Minister said be 
guarded optimism that the re- -believes tbe Egyptians want to 
newed American mediation: may reach an agreement ’. and “we 
lead ot progres on a Joint declare- 'should give the peace process a 
tion of principles for “a peace chance” - - . - 

agreement • • ; Referring to the Israeli tnva- 

This optimism was based • W ®* on south Lebanon, Mr. 

tbe belief that the ambigubus Weizman said the flgwwtioii* 
declaration by the Cabinet on wa s correct but that to-day 
Sunday that U.N. resolution w0ul f i have done 

dos not cal! .for negotiations wifh .. eren . • . . ' . 

Jordan created a^fttle' room for 1 He , s t ld A * 

manouvre ■ - Israel had a commitment to use 

„ M ' _r - 1 -the controversial cluster . bombs 

Mr. Moshe Day^ the FWniipi only fa extreme ‘.circumstances. 

Minister? sard he will “tty ft. get .The U.S. has 1 sharply criticised 
the peace talks moving, again,”. Israel for using this bomb in 
when he confers with Mr. Cyrus south Lebanon. 

Vance, the Secretary of State,: in 
Washington next week. -•••'■ 

Mr. Ezer Weizman,'.. the- CnvLJr, 

Defence Minister, raised hopes 3.IH1 S TO 

further by declaring to-day that » • 

he "hopes to be returning to reOlilld ZTB1V 
Cairo in the coming • days.*; . ' ■ ■». 

But Mr. Begin to-day made it . By Ihsan Hijazi ’ 
clear tht Israel's restated willing- BEIRUT Anril 21 

ness to talk with Jordan did.uot 

mean his Government bad any PRESIDENT _ ELIAS SARKIS, 
intentions of makin g - teri tb rfal continuing his efforts to-day to 
concessions on the West Bank. - form a new Cabinet of national 
He told leaders of the Peace uni ty , was , reported to have 
Now movement that their ideas decided on its main mission, 
for territorial • concessions, had Informed sources said the 
already been rejected by the main emphasis is to. be laid on 
Arab states when proposed by rebuilding a strong army and 
previous Labour Governments, the re-establishment of Goverh- 

After the greeting to-day, the meat sovereignty throughout 
Peace Now leaders said there is Lebanon. 

While the President resumed 
Begins policy. Ideology and ^ consultations with political 

and Pariiamentary leaders to-day, 
up in the Prime Miplsteri* mind. Brigadier General . Khoury, the 

»' ivc Jhf £l Lebanese AriHy Commander was 
The Washington talks wilunn- dealing with Wednesday's cap- 

J* 11 rS™ JOk* tu*e*ot the SjiBMf tarrai*sut tbe 

SSJnfaMS 6 MbmLi a nlriSSlt- southern town^of Nab&tiyah by 
wccptablc to Israel .•aod Egypt. _i.pi officer* 

Mr. Dayan said lp-wlll not .be wbei Moslem oncers. ■ 

proposing anything susbtantiaRy ■ Reuter .adds from- the UN: A 

new. but hearing: UN committee to-day voted $54m. 

some fresh American ideas forVor the" BN 1 , Interim Force in 

bridging the g/p between tbe Lebanon (GNIFILj, to help 

sides on the Pamstinian and West finance operations for 'six 

Bank issues. / months. ... 

Cultural Revolution, i * 
nbfqnHaoos Revolutionary Gi 
mdtiees that are found in eri 

small and large organisation - 

Any kind, is to be abolish 
Bat Communist Party lead..' 
seem to be at a loss on' b 
.to cany out the decision. 

The dedsio nto do qvi 
.with revolutionary . conunitif 
In all organisations ex*', 
those directly under the St) 
was taken at the. fifth. Peop ,; 
Congress (Parliament) ea 
Iasi month. But . factor! 
offices, book stores^ and: ei .. 
small mobile .shops still : hj- 
.meetings of. .their Revolut* ' 
ary Committees i sthe absu 
of any directive, from aba ' 
even though. alLare aware.!, 
the decision to abolish- the 

The Revolutionary Cornu 
tees were started during i ' 
Cultural Revolution, and it 
a sign, of the new pragnuuff. 

In China that -they are- © 
sldered to .be redundant in 
noo-State organisations. -:t 
committees virtually man* 
all organisations under i ' 
leadership of tbe 'Secretary • ' 
tbe Communist Party, a- fit-, 
tiouary nominated by the psc . 
powers. But apart from pun-. - 
managerial functions .1 
Revolutionary Committees -a- 
emphaslse Ideological - a ' 
political training of worker - 

This function, will contlx 
under the new set-up, whi - 
envisages establishment ' • • 
Boards of directors in place 
tbe Revolutionary Commute 
Considerably less im porta; 
will be attached to : these fa. 
lions to enable people to e 
centrate on production 
“ four modernisations,” a 
enunciated by the. Peopl 
Congress, to enable China' 
catch up with the rest of 1 
world technologically. . 

However, in -nearly all plat . . 
where Revolutionary C« 
mittees exist they are carry* 
on as they did for the last! 
years, because the leaders! ~ 
has taken action yet to-gl . 
effect to the Congress detisii- : 

Since control by the Pa rtf . 
to be retained, obviously a v ~ 
is being found to replace ^ 
Committees without dllntioit 
State - and party sopervlsh- • 
The manner of the change d ... 
be' -obviously importaut.-’^s 
although the new Boar& M 
-perform much the same firi'-"- 
tious, ideological purity ng_ 
be- maintained even though il - 
recognised that more time 
effort is needed to inere*' 
productioD and. make techhs : 
gical innovations. 

talks to 

Signs of progress on /SALT 


MOSCOW, April 21. 

f b * 

Italy seeks 

avert strike 

By Adrian Dicks 

BONN. April 21. 

EMERGENCY talks got under 
way this afternoon between 
leaders of Industrie Gewerk- 
schaft-Metall, tbe West German 
metal and engineering union, and 
tbe top management of Volks- 
wagen in an effort to head off 
the threat of the first company- 
wide strike in VW's post-war 

Last night. IG-Metall secured 
88-8 per cent, support from 
workers in the six VW works in 
West Germany for the principle 
of a strike. It is now up to the 
union’s national executive to 
decide whether this power 
should be exercised. 

Before the talks started, IG- 
MctaL! said it assumed Volks- 
wagen would improve its offer of 
5 per cent, more pay. 

In its negotiations with VW, 
IG-Metall is demanding S per 
cent., as it did in the national 
wage bargaining round before 
compromising on 5 per cent. 

The problem for VW is that it 
stands apart from the national 
negotiations, and also has bene- 
fited in common with the rest 
nT the motor industry with 

extremely buoyant sales during 
the past three years. 

Secretary of State, concluded his 
second day of talks with Mr. 
Andrei Gromyko, the Soviet 
Foreign Minister, to-day amid 
signs of progress in the strategic 
arms limitation negotiations but 
with some issues obviously left 

Mr. Vance said the talks con- 
tinued to be “good" and “use- 
ful” and said the atmosphere 
was better than in March. 1977, 
when the Soviet’s peremptorily 
rejected two American, proposals 
for breaking the impasse in the 
SALT negotiations wbicb existed 
at that time. 

Mr. H odd ins Carter, tbe U.S. 
State Department spokesman, 
said however, there should be 
no expectation of “ tbe resolution 

of all SALT issues here/ in 
Moscow." He said the talks/were 
down to “ a handful of veiV hard 
issues " which are believed to be 
the transfer of Cruise /missile 
technology to the NATO allies, 
limitations on the modernisation 
oF existing missiles ' and the 
development of new types of 
intercontinental baflistic missiles 
and the Soviet Backfire bomber. 

Mr. Vance met with Mr. 
Gromyko for three hours in the 
morning and two hours in tbe 
afternoon. The morning session 
was devoted completely to 
SALT but in the afternoon ses- 
sion Mr. Vance raised the case 
of Irina McLellan, 39, a Russian 
woman who has been trying to 
join her husband in the U.S. 

Mrs. McLellan was forcibly re- 
moved by Soviet police from the 
front of the U.S. embassy yes- 

terday after she chained herself 
to a railing to dramatise ber 
plight Soviet state television to- 
day blacked out television film of 
the incident which' was to be 
transmitted to C.B.S. television 
in New York. The Soviet news 
agency Tass yesterday refused 
to transmit pohotograpbs of the 
incident by the Associated Press 
and UPI. 

Tbe incident has clouded the 
otherwise friendly atmosphere of 
the talks and Mr. Vance is un- 
derstood to bave been rebuffed 
rudely when be raised the issue 
at the afternoon session. 

Mr. Vance is scheduled to meet 
Mr. Leonid Brezhoev, tbe Soviet 
leader, to-morrow at which time 
he is scheduled to take up the 
question of Soviet policy jn 
Africa on President Carter’s 
explicit instructions. 


Austerity measures for Norway 


OSLO, April 21. 

France sends 250 

troops to Chad 

France has sent about 250 crack 
troops to Chad during the past 
few days to help President Felix 
Malloum’s military Government in 
renewed fighting against Libyan- 
backed Frolinat rebels, Robert 
Mauthney writes from Paris. More 
troops are expected to follow. 

to-day published its revised 
national budget for 1978. to- 
gether with a package of 
austerity measures aimed at mop- 
ping up some Kr_lbn. (£100m.) 
of purchasing power this year 
The measures will hit just about 
everyone except pensioners— 
who are to get more money— 
and the lowest paid workers. 

The revised national budget 
gives a far more, pessimistic 
assessment of the country’s 
economic situation ' than the 
original version, published only 
six months ago. The austerity 
measures are -the latest in a- 
series of such moves that began 
with last autumn’s unusually re- 
strictive state budget, which 

included big increases in 
indirect taxation, aimed at curb- 
ing the consumer spending boom. 

Since then, interest rates bave 
been allowed to rise, to discour- 
age borrowing, and special taxes 
have been introduced, or raised, 
on various consumer products, 
ranging from pleasure boats to 
chocolate bars. 

To-day's package includes an 
increase in the rate of employees’ 
social security contributions, 
effective from July 1, which will 
mean -slimmer pay packets for 
almost • everyone in the second 
half of this year. Since contri- 
butions are deducted as a per- 
centage of wages, this measure 
will fall hardest on- the better 

At the same time, families with 
children will benefit from a sig- 
nificent increase in fee tax allow- 
ance per dependent child. 

Lending by both state and pri- 
vate banks is to be sharply 
curbed, and electricity prices 
will rise from July 1. when the 
special tax on electricity is to be 
increased. From that date, too, 
ordinary households will have to 
pay the tax which until now bas ( 
been levied only on electricity 
supplied to business and industry. ' 

Some exemptions from the in- 
crease will be granted to indus- 
tries hit by the current crisis, 
such as wood processing and 
ferro-alloys, and the aluminium 
industry will have to pay only 
half of it 

Cyprus ready for talks on Turkish plan 


THE CYPRIOT Government has 
indicated that it might still be 
willing to consider attending 
intercommunal talks to discuss 
the proposals put forward last 
week by the Turkish Cypriots. 
However, it maintains its initial 
position of classing the propo- 
sals as “entirely unacceptable” 
and considering that to accept 
them as a basis for resumed 
talks would be, as President 
Kyprianou put it, “a decisoin to 
commit suicide." 

How the Greek Cypriots have 
managed to reconcile these two 
apparently contradictory posi- 
tions was explained in London 
yesterday by the Cypriot High 

Commissioner, Mr. Costas AshioL 
Speaking at a press briefing he 
said that the Cypriot government 
was now waiting to see whether 
Dr. Kurt Waldheim, the UN Sec- 
retary General, who met presi- 
dent Kyprianou on Wednesday, 
would recommend that the 
Turkish Cypriot proposals pro- 
vided the basis for negotiations. 

“ If he says no, then it will 
show that he has accepted the 
validity of our arguments," Mr. 
Ashiotis said. “But if he says 
yes. then our Governmenl will 
consider his proposals and ask 
on what grounds they are made. 

The Cyprus Government has 
thus shifted much of the res- 

ponsibility for the decision on 
wbat move should be taken next 
on to the shoulders of the UN 
Secretary General. The latter is 
reluctant to convene the talks if 
these are unlikely to make some 

. The Turkish side has long 
argued that the Greek Cypriots 
would be bound to reject their 
proposals merely to destroy the 
appearance of progress in the 
Cyprus debate. The Greek 
Cypriots are reluctant to see tbe 
U.S. arms embargo on Turkey 
lifted by Congress as President 
Carter has now requested. 

Our Nicosia Correspondent re- 
ports: The Turkish Cypriots to- 

day announced a new Govern- 
ment to rule their self-pro- 
claimed “federated state" in the 
north, ending a zmmfbJong poli- 
tical crisis which began with the 
resignation on March 24 of 
the then Prime Minister, Mr. 

By Dominick^]- Coyle 

ROME. April 21. 

, ITALY’S political parties, and 
in particular the ruling 
i Christian Democrat Party, were 
i Ao-night searching desperately 
for a compromise formula which 
might save the life of Sig. Aldo 
Mora, the former Prime Mini- 
ster, without capitulating totally 
to the ransom demands of the 
ultra Left-wing Red Brigades 
terrorist gronp. 

The terrorists, who grabbed 
Sig- Moro in an ambush in Rome 
on March 16, in which five police 
died bave set a deadline for to- 
morrow afternoon for his “exe- 
cution.'' unless the Government 
agrees to the immediate release 
of a number of unspecified 
“ Communist prisoners." 

The country, and particularly 
tbe main political parties, are 
torn between the apparently 
irreconcilable objectives of sav- 
ing Sig. Moro's life and defeat- 
in gthe terrorists. 

It is now evident that import- 
ant political consequences must 
result from whichever decision 
Is reached by the minority 
Christian Democrat government 
of Sig. Giulio Andreotti, which 
considered the latest develop- 
ments in the Moro case at a 
Cabinet meeting this morning. 

The Communists, who have 
entered the Parliamentary 
majority in Italy for the first 
time in 30 years, and whose 
support 1$ essenial to maintain 
the Government in office, has 
made it clear that they oppose 
any “political deals” with the 

Tins was also the earlier 
stated position of the Christian 
Democrats themselves and, of 
virtually all the country’s main 
political parties. 

However .the Christian Demo- 
crat leadership has beeo in 
virtually non-stop session since 
yesterday’s terrorist ultimatum, 
and some elements within the 
parly are known to support 
“every possible avenue to save 
the life of Sig. Moro." 

It is difficult to 'see how the 
Communist Party, in particular, 
could continue supporting the 
Andreotti administration should 
a prisoner exchange be agreed 
finally by to-morrow. 

tohave^ fines 

some sa 1 

•mo. ei 

And now they tell me ift 


Its a sad fact bf lif e that die income from the capital you - 
carefully saved in order to have a little extra when you retired:, ? \ 
is classed bythe tax people as imearned! . .. 

Whatinflationfedomgtothat.capitalnowis aneven ;• 
sadder fact of life. • > : • : ' - - - - - - - - . 

WeU,' we at AlEedHambro understand; we’re onyour 
side in the fight to preserve what youVebuilt for retirement 

andsavmgsagamstinfiationforsomefoityyearsnow; - 

(Indeed, we were' dneofthe pioneers of the unit-trust y.; 

movement.) .• 

And the records show weVe had more than our fair- 
share of success. Allied Hambro trusts have achieved consistent ;' ' 
above average performance. - . ' V, 

While we'd like you to join our-98,0GQ upholders, we’d 
rather you first sought tie impartial and expert advice of your 
professional advisee- • - V"/^ r • 

r . 

' ‘.He 

The new premier is Mr. Osman 
Orek a lawyer, formerly speaker 
of their Legislative Assembly and 
for many years a close associate 
of Turkish Cypriot ■ leader Mr. 
R. Dentash. 

Irish air strike 

perhaps we can get together and help yoiyand your savings, 
fight back against inflation. . ; 

Finmcial TiHLa. vuoiuncd Sun- 

day? and holiday? U.S. «jh» 31 P<IOD S2M.0>I 

(air frcialm S.Mo.Ul in ir mall* 'tv anmdn. 
Second clasi pottage Pa ,d al New Jwk. N.Y. 

Hopes of an end to the long- 
running strikes which have 
crippled Ireland’s telecommuni- 
cations and seriously disrupted 
the Aer Lingus national airline 
have received a sharp setback 
with the rejection by Aer Lingus 
strikers of new peace terms.. 
Giles Merritt writes from Dub- 

there when you really heed it - 

ALuJunaiiBaucROiitH eOs* 2aa. 

\ - J 



> r i' v 

r ^> 

J ‘ ': i ‘ •■ - • 

;.. " \*:Fii^cral"Tati^ Saturday April 22 197S 

\ . yi®^NEWS 

ReteUers ; siiunp in Labour’s 

launch ' . . , 

profit v°ic casts damper 


\ • b, 

By John Elliott, industrial Editor 


A SLUMP in Labour^ vote in The contrasting readiness of leader, said yesterday that she 

Conserv ative voters to turn out was ibriJJed hy the Tory vole. 





yesterday dampened the party's must be 
hopes of a rapid improvement in concern. 

i Paint industry 
profits ‘not 


cause for Labour “1 can't see Mr. Callaghan being BY ANDREW TAYLOR 

Tin mine 
to hit 
320 jobs 

Commission has ing feature of the industry, says 


Its electoral popularity. 

Mr. G. Hanley, Conservative a General Election.' 

jJ Vnn 1 ”*i C p| 0 ^T* i, H ny D0W * or I THE STOCK EXCHANGE was cleared the paint industry of the report. The main price survey By Paul Cheeseright 

Mr. John' Tilley, a journalist, candidate, increaesd his vote on 

J. Tilley (Lab.) 

G. Hanley (Con.) ... 

H. Steven (NF) 

D. Blunt (Lib.) 


Lord Thbrneycroft, Tory Party 0 n the successful launch of its 
chairman, said the sharp drop traded options market. Con- 
in the Labour vote was eloquent tracts traded on the first day 
testimony to the Government’s 0 r dealings were 586 — comfort- 
v. j ably - exceeding the rival 
He added: - Not much evidence Amsterdam markers recent 
horc that the people of Lambeth firs>-dav lotal or 531 
share Labour’s claim of economic t»»» 'dav began uttf, 9 r 

last nlgbt congratulating itself allegations of making excessive in May. 1977, showed the price 

Boakes (Ind.) 27s" A. Bogue* !**«? *» d ***** that 

political force.” 

The Liberal performance — | 
running behind the National 

- vr, f-^| v ..-. »y wc uwl, suare auucauans w.,, th _- ontimism in . r,tr,een 7 tarunj X nunro tft v.„ _ sipeinn^. . b»ui mr mareci nan 

... ‘ r ‘- .htlfcu*."' vJWtag “f*?® in * years tiu *‘ 11 suired bv last week’s^JnSddSi $ Peo P les Fro**) 38; C. Redgrave r*® - a creditjbie settled down. Mr. Nicholas 

• " -nti ! ■; .‘-TO explained to employees in SJJSL®* the Soares IWRP) 271; A. Whereat (S5). political force. Goodison, chairman or the 

. i* itssBSUsu'r** -r- ssxs^ ff^%irsas i— i.w« Ati ■sfass 

,, ?*■ -W ■ ;:‘—The scheme was completed vf«f U r s 'hum- OCT. 1974: M. Upton (Lab.) 15^581; Front for the fourth time and f-rom a crowd of jobbers and 

■ •,'*.*?' . earlier this year after detailed ?J*BResled that Mr. James n. Lyell (Con.) 6,704; P. Easton losing their deposit for the 14th brokers by norehaslne an 

i "negotiations •' with the arouo’s "^an riill ka* considerable (Lib.) 3,211; S. Smart (WRP) 233; lime In 19 by-elections — increases oojjon to buv 1C1 shares over 

. liSllitlon” shareholders £ho electoral resistance to overcome p. Bratton (Comm. Manr-L) 88. Mr. David Steel's tactical ?if p U Sxt tWo momE* a 7 Mfln 

4;^ '*£&:: : »SS t SJSPS^ g & Stt ^ "*' a General l*L«+Wn m *■ future of the Xoption 5 ^ 

fc-.vf «*!&■ ■ diSna^e^S ten U ieara 1SSUed A palhy araong LatM ?“ r voters Pressures from Liberal oppon- 

' OtJ 1 ' • Twf meant” nS? ?h!S’ i o m — including a substantial propor- a 9.3 per cent, swing tn the Con- enfs of the pact are bound to Tradlngwasrfasonablybnsk 

■ v. iv’ 4 * l »4 J* a, v 1100 of West Indians— was a servatives. grow hut the pros peel of an early * r unspectacular with Grand 

K ? U Q rofi ts e Sci v n ' arked feature of the contest During the past year in by- General Election is even more Metropolitan ihr most popular 

‘-“u . 3 :>pJ y ' LShe Z alth 0“eh its effects may have elections in Labour-held seats, daunilng Tor the Liberal leader. «»e. tc " s ‘ 0< *^ that are 

• : . a - { 4«:V> '. KiMi3h?Aw^fcif be been magnffled by the unusually the swing to the Conservatives The party now looks to the traded. About 265 contracts 

^ fi,. . i.' high turnover of population in has remained fairly steady be- Epsom and Wycombe by-elections were traded in Grand Metro- 

sr - lB !vaS > l • in ■ eiftniSan? hfi!.™.- t^e area and the general expec- tween 6.9 and 9.3 per cent. this week with rising desperation pohtan. followed by Consoli- 

. S Ki?> b tati0D of a Labour victory. Mrs. Margaret Thatcher. Tory for signs of a turn in its fortunes, dated Gold Fields with 1-2 

-“■^-■iiiu ^interest that the availability * contracts and Courtaulds. 61. 

•■‘•a >jf ik of “ e proposed mcome-tax con- -rr — . Mr. Dundas Hamilton, chalr- 

svcasslons may have on some com- ... . man of. the Traded Options 

"SiftfSitt Friedman warns against CaUaghan can . 

co-ordinated reflation for Soviet 

4 n BY bay P 6 rman. scornsH correspondent naval restraint 

, ’ r + sh*: follows the pattern that has been prof. Milton Friedman last Frof. Friedman appeared to member of the Chicago Board 

',?* "’is tj' ei?- 5«t in the U.R in recent years night attacked the proposal that believe that the movement MR. CALLAGHAN called yester- options Exchange and the 

when most companies y consider- there should be a coordinated towards his own view that strict day for Soviet restraint in its European Option Exchange, 

: - 5 i.rir>»ih? xng profit-sharing schemes have reflation of world etonomies to monetary control should lake naval building programmes and i aunC hed in Amsterdam a few 

Jr.. '3 • been in the white-collar and e „d the present recession. the place of demand management Heel deployments. A fresh ago, said the first day’s 

v " ~ r '‘-4 in iSr, weakly unionised, sectors of ••There is nothing , more in British government policy was surge of naval expansion by any trading, was encouraging. 

business rather than in heavy' absurd than the notion that all a temporary aberration rather major power Inevitably gave rise - compared very favonr- 

? r «4iaC * manufacturing. countries should he moving in than a thorough-going conver- to new political tension. ably t^e start of in 

- r r'pilino the same direction at- the same sion. Mr. Callaghan, who was open- Amsterdam. There was a 

ir & . • ■ U,U S time. If all .countries were There was no doubt, he said, ing a £5.Sm. Jleet maintenance higher volume of contracts and 

^ Under the House of Fraser going for an expansion there that Mr. CaUaghan and Mr. I base at Devonport. said the Rus- the tiding was on a more 

■ ■ Jf ^ w' 

.. . 

Is.-, f 01 

...... .o ,ni 


■ ■ .... yJ 


... ' 

Friedman warns against 
co-ordinated reflation 


Callaghan call 
for Soviet 
naval restraint 

on the successful launch of its profits and charging unreason- of gloss paint varying between ... , .. 

traded options market. Con- able prices. 74p and £3.15 per litre. THE MOUNT Wellington Un 

tracts traded on the first day After an investigation lasting There are three reasons for f? Ioe . ,n Cor r ni oofl JS c ose , Wl i^ 
or dealings wore 586— comfort- 13 months, the Prime Commis- this, it says. Manufacturers toss of 3-0 Jobs, only 18 
ably exceeding the rival sion report on decorative paint, charge more for nationally-adver- j®®” 1 ® 8 after opening. The 
Amsterdam markers recent published yesterday, says that no tlsed Paiot than for own-label P DSE ®, *2 

first-dav total or 531. excessive profits were found at paint.. Retailers pay less if they future of the neighbouring 

The day begao with a few any stage in the distribution buy paint direct From the manu- Weal tone un mine owned by 

cheers and some doubts that chain. lecturer. And supermarkets are Consolidated Gold Fields, 

investors would sit on the Prices charged by manufac- fl ow sellin ? f* ^uch lower prices Cornwall Tin and Mining, the 
sidelines until the market had turers cave no°cause for concern. specJalls t rBt . a,le .™- , . U.S., Canadian and Swiss group- 

settled down. Mr. Nicholas says^herlpor^There wasIS SfftSTSJSSi of ing Whi Z h 0wns , Mou0 i Wellw ^ 

Goodison, chairman or the nlus camicitv in the ^industry and special Offers and the practice of ton, said yesterday there wore 

Stock Exchange, had launched fntense P re tail compeUUon. y SS^/^^k^aSSSSf “*S Srounds for believing the 

•he market amid loud cheers Bat ^ commission does criU- 2EK 00 8 S0 ’ calleA bst “«ne could become profitable in 
from a .crowd of jobbers and C ise the industry for the standard p \ n ' f ac t paintmakers are lbe foresee,lblc future, 

brokers, by norehaslng an 0 f information provided for con- a i rea dy moving to introduce net Both 0,6 tonnage of the ore 

onuon to^huy ICI shares over sumers. It says this should be nricine on. a ifational basis and reserves and tin grades available 

the next three months at 330n. improved “to reduce niarket one ^f the bS ’three substantially below the 

The pn« for the option was imperfection.” manufacturers ban been onerat- ,evels anticipated when the min- 

**■*■"■ , . v ■ , It also recommends that the SfeKriusively f romasys?emof >ng operation had been initialed 

•r TT3 ^^^* as,0 "?w ,y r< bnS ^ old-established system of dis- net prices since January. t i r PeD ir« 3S ° n ' 

if unspectacular with Grand count pricing should be replaced - The decorative paint industry Liberal MP for Truro, from 
Metropolitan ihr most popular by nt . t pricing, with wholesalers is dominated by four big manu- ™ hose consuruency most of the 
? r j'jF- tc *», s l 0f »« thai are halting the use of notional retail facturers. 1C1. Berger Jenson J^ ,ne cniployees come, greeted 
traded. About 265 contracts list prices. Nicholson. Crown, and Donald company stateiuent with a 

were traded in Grand Metro- These moves would discourage Macpberson, Recession has hit demand for an official inquiry 
politan. followed by Consoll- retailers from making claims of it since 1973 and U.K. demand ml ° lh . e financial collapse, 
dated Gold Fields with 122 excessive price reductions, says has falleD by some 4 per cent. „ intends to ask Mr. Eric 
contracts and Courtaulds. 61. the Commission. in the years to 1976. Varley, tbe Industry Secretary, 

. Mr. Dundm HamQton. chair- Widely disparate paint prices Last year manufacturers whether the matter may be 

man of the Traded Options g rst drew the Commission's atten- believe there was a recovery of referred tn the National Enter. 

rhe next three months at 330n. 
The price for the option was 
23o a share. 

Trading was reasonably brisk 
ir unspectacular with Grand 
Metropolitan the most popular 

politan. followed by Consoli- 
dated Gold Fields with 322 
contracts and Courtaulds. 61. 

. Mr. Dnndas Hamilton, chair- 
man of the Traded Options 

Committee, who had earlier tfon to the industry. 

: - r 

- * -rnitiSr 

* -• r y ? ; frit t 

■ • --uyjinlh. 

: \ T - ' -i :»f Ibfe 

. . "V '----aetefc 

■■ ■• •• r 1 >MreidB 

v ‘; a? i»h 

■* ■I’KiRiii, 

• _ =••■ - \-r : pr 

' . L-:rt 

■ ■ - ‘ ■ " m ir* dun- 


■ .th 

r . f f. ite '•£; 

■■■■•:! Jaa: 

’ - ■ * » - ; its 

■ ■' ' •■liriRC 

said that be had hoped Tor “ a 
low profile" start to trading 
said last night I hat he bad been 
oleasantlv sumrUed bv the 
level of demand. " The total is 
mo r e than I exnect<*d.” be said. 

Mr. Marshall Harrison, a 
member of the Chicago Board 

launched in Amsterdam a few 
weeks ago, said the first day’s 
trading. was encouraging. 

“ft compared very favour- 
ably with the start of in 
Amsterdam. There was a 

some 2 per cent. 

"Tbe quite remarkable spread Decorat foe Pnzul. Price Coin- °P er ulian. 
of retail prices” is the most strlk- mission Report 33, HMSO, 90p. 

arise Board for a possible rescue 

Price Commission probe 
of Gypsum increase 

Harland seeks 
German order 

Under the House of Fraser going for an expansion there that Mr. Callaghan and Mr. base at Devonport. said the Rus- the trading was on a more British Gypsum applied to the supply policies to enable larger nient of Commerce is working 
scheme, - shares worth up to would be a world-wide boom, Healey sincerely wanted tn siaos were completing at least sophisticated level. 1 ' _ Price Commission last month to customers to buy direct rather with the shipyard on a deal 

£2,000 will be allocated annually w ith prices getting out of reduce inflation, hut they wanted 10 more aircraft carriers and The . first day passed with raise average prices by 8 per than go through builders’ mer- which is understood to involve 
to each enmlovee on a formula line."’ the Nobel Prize-winning to do so far political reasons. we . r e also building more nuclear none o£ the expected teething cent, on a range of gypsum- chants. Harland and Wolff acquiring the 

higher -volume of contracts and sidiary of BPB Industries. 

VX j J^vjULna IJUVX . By 0lir Belfast Correspondent 


State-owned Belfast shipyard, ie 

THE PRICE Commission will policies. negotiating with Maschinen-. 

investigate proposed price in- In January BPB said its fain-ik-Augsburg-Nuernberg of 
creases by British Gypsum, a sub- deliveries charges would more West Germany to get work vital 
w « accurately reflect the cost of to the future of its engine works. 

distribution. It also changed I The Northern Ireland Depart- 

to each employee .on a formula line.'’ the Nobel Prize-winning to do so far political reasons. were also building more nuclear none o£ the expected teething cent, on a range of gypsum- chants. 

geared to the level of their earn- economist said., Targets bad been adopted bul submarines than the U.S. Navy 

ings. This is the main difference Prof. Friedman, said .in the not adhered to, he said, and Mr. and tbe Royal Navy, 
from the Finance Bill scheme: Hoover lecture at Strathclyde Callaghan had announced that “ The Soviet Union can now 

which sets a. ceiling of £500 and University that Britain' should the Government would not use its fleet lo lie astride the 

means, that the £2,000 ceiling maintain rigid monetary targets indulge in fine economic tuning, traditional sea routes which 

would have to be reduced to which would steadily reduce while Mr. Heara had induldged have, for so long, linked Western 

Rise in engineering 
export orders checked 

ears to m 
n 1 retired 

>11 me® 

qualify for. the Bill’s tax con- inflation to zero. in fine tuning."^ 

cessions . , 

:The lowest earners ; in the • ■ r 1 

House of Fraser would receive ttb • • • 

Rise in engineering 

ampler if ah. allocation had been - s'- .' j.'. 1 1 w • 

export orders- checked 

.. Ttie_:overalI annual aiiocation k * \ 

—which , would have totalled FINANCIAL TIMES, REPORTER ' v 

£1 -38rn. for 1977-7S— will be 4 per J 7 . „ . 

cent, of consolidated operating THE SHARP rise /fi engineering successfully heeotiated. 
profits (excluding results, from export orders recorded at the The overall January sales and 
properties ‘but including sub- end of last year was not con- order figures suggest there may 
sidiaries). tin ued into Jaa/ary, according to have at least been a check in 

The price at which the shares provisional figures from the the slowly declining pattern nf 
are allocated. will be fixed accord- Department p Industry. business recorded in borne and 

itig U> the- groups general share The encouraging performance export niarkeU. 

' jirice;. aver aged bv er the 20 days Towards thejend of the year gave New orders received from the 
>*previoris tb-the announcement of rise to hopes that an expansion home market rose by 31 per cent 
, -:its annual result* each January, in the sife of overseas order between Novemher and the end 
employees working jit least! hooks was on the way. bul the of January, although thtsJm- 
20 hours a week, who have been January statistics indicate that provement represented little 
•?.. ; tfith..tti£*cbmpany. for more Than no sust^ned improvement was more than a recovery of ground 
-I..’;!? month if. they; are more than taking place. lost early last year. The increase 

. years old .for ".five years .if - ..The department says that be- of 2 per cent, in home sales 
— Ihey-arce younger) ■ will . qualify, cause Qt the poor January order during the three months to 
^• T This means that about half , of level the intake of export con- January arose partly from the 
'':'the'kroun‘s.50.0&(>^ employees axe tracts /in the three months to the high January fieure and from 
^-expected to be Involved. 1 ' . end orf January actually fell by 3 some improvement in December. 

--*-The shares -will be Tield by' a per cenL. So the overall picture According to the department, 
v." trust an<f fimlike . tbe Finance continues to reflect the decline the combined effects of trends in 
•• "Bill schemed will not be put into which started at the end of 1976.. the home and export markets 
■*he individual employees’ names The department, does point out produced a rise of 1} per cent. 

’" until’ an initial five-year qualify- that important export contracts -in the latest quarter for new 
tjng period has elapsed. have been, and: continue to be. ; orders and total sales. 

Record fines of £i.25m. imposed 
for £6.6m. currency plot 


RECORD FINES of more than this country, as currency offences though he should have shown 
£lJ25m. for exchange - control are not normally covered under more, diligence in checking 
offences were imposed at Guild- extradition treaties. < ®f? 5 £ n ,_ J fqTdgn transactions 

ball Court yesterday for a major Mr. Louis Blom-Cooper. QC, which had since come to ‘‘Shi-, 
dollar premium currency plot, t be Court’s chairman, said: Mr. Blom-Conper sata that in 
which cost Britain £6.6m. in its “Over a period- of six months, the courts judgment others 
financial reserves and produced from November 3974 to May involved in the fraud were Mr. 
an illicit profit of more than £2m. 3975, more than £6m. passed Eric Kohn, who had been secre- 
Mr Lewis Altman, 60, of through the London money t**y of ElC Eurosecunties, Mr. 
Gloucestm- Place & John’s marklt. The monies purported Lawrence Green, a U.S. lawyer 

WiSF^F'&’T a? S. p »Se ds p“U h d are o ff de ^ SUTb£SS. nf» n r 
HSLTS ’E £, h ‘™ nB inis w cpr£ri^ £ i 3 tz£&sr& ‘£L££ 

» C oS d f .M rI ? 6 JS ff S.-TrS£X.— 

trol regulations to 1S74.75 and the pntoe ; ua0 of SSS S«y. a taX oBdS “ho 

furnishing false information to secnnties Ltd., but .Lews Airman - Hone Kong 

the Treas^.wbM inquiries were Co. was undoubted^ tte ^ shanghai Bank, becaml 

being made m 1976.. vSs selected as suspicious about a currency 

He is considering an appeal in i J c SfJ Stof tS transaction of $956,000 in 1975. 

against the convictions, which the necessary instnime Further proof was found when 

also cover tbe payment of nearly traua. ... _ nd Co Bihstock dropped documents at 

£3m. through Zurich and other ?" d m ^ Heathrow Airport while or his 

banks to foreign institutions id ^ which had been way to France in Sepiember.19/6. 

1976 without Treasury consent. EutaseeunneB. whicb naa e? Mr Rob - n Au , d q C for Mr. 

Mr. Robert Canoes. 32. his ?5v S the fuU tafSledce that Altman, said: “He has received 
fellow director, of Jameson P«W : ” the 5^ • aSer-eio’ nothing out of this except normal 
Street, Kensington, was acquitted J \ a S commissions, and has not salted 

of conspiracy charges, blit he was 01 bjusiock. . any m 0ne y away . Binstock and 

fined £3.50(3 for offences concern- y-, ... -the others are enjoying the 

ing sending money abroad, which V^OVeHHg Up rewards, while he is here to face 

were described as largely techni- •• The transactions involved a. the music. 

cal. He also is considering an massive fraud on the Treasury “Altman is not by instinct a 
appeal. .in which Binstock was the fraudsman. but had the mis- 

Two of the companies involved puppet-owner pulling the strings fortune to be drawn info Ibis by 

in the affair. Eurosecurities Ltd 0 f the corporate marionettes.” . Binstock. He was the tool of 

and Tricommerce Ltd, were fined Mr. Blom-Cooper explained in powerful and skilled fraudsmen 
just over £500,000 each, are only the judgment, which came after and his professional career is 
nominally based in this country one of the longest City bearings, now shattered. . 

and have no money to pay the that the court found Mr. Altman “He will almost certainly face 

e_ es guilty of taking part in the plot expulsion from the Stock 

The court said Mr. Judah and covering it up when the Exchange.” _ . 

Binstock. 49. the missing London Treasury probe began, but had Mt: Auld said U . Ah™" and 

solicitor believed to be living m decided it was not necessary to Co. had probably lost film, of past 

Israel Or Minorca, was the dom- send him to prison, as he had and future profits through the 

inant figure in the plot, which an unblemished record. a **** margin 

iS V he fiif eSt ^ British ^bUc Sy righ^ T^R. Rees-Davies. QC. for 

^Warrants are held by Detective draws a sharp and definable dis- Mr. Carney said h ? J, JJ 

Chief Inspector John Todd.- ^f tinction between crimes against raason^io_thlnk fraud was being 
the City Of London Police for the person and crimes against committed, as EIC Eurosecunties 
u Mr Hin«nck and nroDertv " had a disungmshed list of 

jjj.® KJSLg associate 1 who are P H^Sid the court accepted that directors, includinq the Duke of 
nmv abroad. They are unlikely to Mr. Carnes never realised that a St Albans, and he ihoushl >* was 
K artciTed unless they return to fraud was being earned out, a firm of the h, s hest integrity. 

troubles but brokers are still related products, including Last night the company said ii sole licence for the production 
not expecting any significant plasterboard and partitioning, had invoked the safeguard pro- of a medium-sized marine 
upturn in trade until the large increased costs were the reason, visions of the Prices and Charges engine. 

institutious have laken a closer BPB Industries came under Regulations 1977. which per- MAN is one of West Germany's 
look at the market. Most scrutiny at the time of the Mono- mhted it lo raise prices by an leading truck manufacturers and 
broker* said, however, that polies Commission report into average 3.5 per cent on gypsum- engineering groups. Details of 

urnro mlVdKi MTvnri rat «.t _ 1 - 2— 1 J ^ P..L «Lr. -**.■*« nHn fn 

Europe and the U.S. with the they were mildly surprised at the plasterboard industry in related products. Subject to the negotiations are expected to 

(countries of tbe Middle East and , 
of the Asian subcontinent. 

the Initial demand. 

/ Table, Page 28 

1974. As a result of that inquiry Price Commission approval, these be 
it changed its pricing and trading would take effect from May 2. wei 

public within 
















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H civic red Office: 125 High S tree i.Cnty don. CRo lLP. 








Going metric— inch by inch 


Department of Prices has a 
picture of Superman, complete 
with space suit. 

On top of it has been super 
imposed the face of John Fraser, 
Minister for Consumer Protec- 
lion. The caption reads: “ Metric 
Man, stamping out imperial mea- 
sures wherever lie can.” 

The muscle-bound body suits 
Mr. Fraser and he apparently 
appreciates the joke, although 
few politicians would like the 
title. Metrication arouses two 
strong emotions, neither of 
which help those trying to com- 
plete the changeover to metric 
measures in this country: intense 
boredom or a kind of sentimental 

The latter, combined with 
widespread fears that metrica- 
tion will be used as a camouflage 
for higher prices, made it a 
potential political issue — and in 
recent weeks, Mrs. Sally Oppeo- 
be inter, Shadow Prices Secre- 
tary, has succeeded in making 
it into a real one. 

Eleven years after the original 
commitment to metrication was 
announced, the Government was 
persuaded by officials in 1976 that 
imperial units would not dis- 
appear in the shops unless some 
statutory backing was given to 

the voluntary programme. 

The alternative was the con- 
fusion of having metric and 
imperial measures side by side. 

After one unsuccessful attempt, 
the Government had a Bill 
approved which allowed it to 
introduce orders killing off 
imperial measures on a sector- 
by-sector basis after discussions 
with the parties involved. 

Orders imposing penalties on 
traders who refused to make the 
change had to be approved by 
both Houses of Parliament. 

Two of these orders, laying 
down cut-off dates, are now 
causing the Government prob- 
lems. The issue was revived 
again a few months ago when 
Mrs. Oppenhelm renewed her 
attack on penalties for traders 
who failed to go metric. 

Then, the all-party committee 
of MPs which monitors legisla- 
tion for technical deficiencies, 
took issue with the drafting of 
the orders which would have 
killed off Imperial measures, first 
in the do-it-yourself and house- 
hold textile trade and then in the 
fruit and vegetable sector. 

The Committee's objections 
have now been cleared up but its 
action has delayed the debate on 
the orders. It has also focused 
public attention on metrication 

— and most of the attention was, 
until the end of this week, 

This hostility lead Mr. Fraser 
to send out his open letter to 
trade and consumer associations 
this week, calling on them to 
give publicly support to his 

It was not that the Govern- 
ment was offering to go back to 
an imperial world; more a ploy 
to show that it was doing only 
what it bad been asked to do 
when it introduced the orders. 

Mr. Fraser also, presumably, 
hoped to show the ' Tories that 
they would upset many of their 
traditional supporters if they 
voted against the measures. 

His letter brought the 
required response from organisa- 
tions as diverse as Age Concern 
and the Confederation of British 
Industry. In many cases, the 
support was not a sign that 
the association were actually in 
favour of metrication — merely 
that they agreed that, without 
statutory cut-off dates, the con- 
fusion would get worse. 

The letter did nothing to 
mollify Mrs. Oppenheim who 
said that there should be no 
legal compulsion to go metric. 

She was. she said, in favour of 
an orderly transition, in sectors 

where it had been agreed by the 
parties concerned but totally 
opposed to statutory cut-off dates. 

Meanwhile. Mr. Fraser always 
carries is hi? pocket a Piece of 
knicker elastic— one of the items 
seized on by Mrs Oppenheim as 
exemplifying the stupidity of the 
household textiles order— to 
demonstrate that most elastic is 
already sold in metric packs. 

In any case, there is nothing to 

TSB joins 
call for 
tax rule 

Union attitude to pay 
‘depends on Whitehall 

!. v 

v .AfV 





stop a shopkeeper selling an old- 
age pensioner a yard of elastic 
as long as it is measured on a 
metrestick rather than a yard- 

Britain has. already taken far 
longer to go metric than most 
other countries. . 

Even if the orders are now 
approved, it will mean that 
Britain has taken almost 20 years 
to do what other countries seem 
likely to achieve in nearer 10. 
If the orders are defeated, it 
could be nearer 40 years before 
the last vestiges of the Imperial 
system disappear. 

• The National Chamber of 
Trade, which represents many 
small shopkeepers fervently 
opposed to metrication, has 
backed the metrication pro- 
gramme. which n says is neces- 
sary to maintain business confi- 

Power price 
rise denied 

By John Lloyd 

A DISPUTE over the price of 
power has broken out between 
the Electricity Council and Its 
watchdog body, the Electricity 
Consumers Council. 

The Electricity Council has 
denied a claim by the consumers 
body that the price of electricity 
increased four-fold between 1962 
and 1976. 

It says instead that the price, 
measured in average revenue per 
unit which the industry receives, 
has increased by only 209 per 
cent, overall, and 232 per cent 
for domestic consumers only, in 
that period. 

Earlier this week, the Con- 
sumers Council wrote to Mr. Roy 
Rattersley. Prices Secretary, ask- 
ing for a Price Commission inves- 
tigation. It claimed that elec- 
tricity prices had risen much 
faster than the rise in the retail 
price index. 

The Electricity Council said 
yesterday that between 1962 and 
1972. the rise in tbe average 
revenue per unit of electricity 
sold was less than the increase 
in the price index. 

The position had changed since 
1972. owing to tbe increase in the 
cost of oil and coal used for 
generating electricity. 

Interim payments of £ 4.1 
criticised by shipbuilders 


INTERIM compensation pay- 
ments totalling £4.8m. to three 
shipbuilding groups nationalised 
last July were announced last 
night by the Government and 
immediately criticised by the 

Under the interim payment on 
account scheme Vickers Ship- 
building Group have been 
awarded £4m., Scott Lithgow and 
Scott Litbgow Drydocks £150,000 

while Vosper Thornycroft (U.K.) 
and Vosper Ship repairers receive 

Details of the awards were 
given in the Commons by Mr. 
Gerald Kaufman. Minister of 
State for Industry, but were 
greeted with dismay by the 
companies concerned. 

Vosper said: “The offer is very 
disappointing particularly in the 
light of Government promises to 
make substantial interim pay- 

ments especially when set 
against the proven assets of 
£25m. or more.” 

This series of awards marks 
the end of the first round of 
compensation payments to the 
nationalised shipbuilding and 
aircraft companies. 

Interim payments totalling 
£21. 95m. were . announced iu 
January and met with a similar 
response from the other com- 
panies concerned. 

THE TRUSTEE Savings Banks 
has added its weight to the 
strong arguments put forward by , 
Jhe clearing banks for changes' 
in the' tax rules to remove the] 
advantages enjoyed- by building j 
societies and other savings out- 

In his annual report Mr. 
Andrew Rintoul, the chairman 
of the TSB central board, argues 
the case for “fiscal neutrality.' 1 
He says: “There is no logic in 
treating savers differently for 
taxation purposes depending on 
where they save." 

The TSB, be says, “believes 
■strongly that tax concessions 
should accrue to tbe individual 
and not the organisation.” All 
the savings media would then 
quote a true rate of interest 
rather than a rate which may 
or may not apply to a particular 

“It is unfortunate,” he adds, 
“that one institution continues 
to advertise so heavily its 
‘grossed-up* rate; would it not 
be more accurate to advertise the : 
actual rate and state that this 
was tax free to all ‘standard, 
rate’ payers?” 

Mr. Rintoul also argues for: 
a radical review of the tax, 
system In general, commenting 
that a switch away fro nr -direct 
taxation would increase the con- 
sumers' ability to decide his 
own consumption and saving re- 

Commenting on tbe past year’s 
experience of the TSB’s, he says 
that an overall increase of £242m. 
in customers’ balances was re- 
corded, and the total reserves of 
the banks reached £219m. -Look- 
ing ahead, he observes that the 
savings ratio will remain at -a re- 
latively high level. 

UNION restraint inthfe nest’ explore with the Government 1975 and 1976 was- designed 
round of pay settlements will how we can jolntiy frame a deal with a critical situation, t : 
depend on the Government strategy for economic, and social provide a permanent system ?‘ : 
getting the climate right, Mr. ten advance in the world as- it is, regulated pay^ - . 

Murray, TUC general secretary, which takes account of all tbe _The problem .now was to i\ 
said in Llandudno yesterday - elements of the real world, not sure that as onions moved bs-. 

Mr. Mimay told the Wales just those selected factors which into flexibility and collect! 
TUC at the start of. to annual suit one side or the other.?* - bargaining they avoided stski 
conference that he did not be ; The necessarily rigid policy ot up . the fires of inflation. 

lieve unionists would regard big -... — - • — - — - — 

pay claims or increases twice a ■ ' , r • i- : 

as*- ™ tteir rtal “ Water authonty staff to 

“This message has come • ■ • ^ *4 ' 

£3 ignore 10% pay guideline; 

not want to return to a'headlong BY OUR LABOUR 1 CORRESPONDENT 
race between wages and prices ■ ; ' ' . 2 l _ -r ' 

in those years of rampant infla- LEADERS OF 21000 white agreed in the private, and pub . 

tion.” collar employees' , of .water sectors. ' . * 

The TUC would go on talking authorities • The union has already ~4i- 

with the Government and each Ignore tte Goyerngentis lfl-wr ffllrted a p1gitn 0n behalf 0 f 

side would need to listen atten- cent, guidelines when they nego- which incim 

lively to the other. But, for its tfcte a new pay agreement due water staff 

part, “the Government should from July.; demands for substantial y* 

concentrate on the getting the A special delegates’ .meeting increases, a . 35-bour worki - ■ 

climate right above all by action 0 f 'NltibS‘'an'<pLoCal Govern- weak and extra leave. - ■ - • 

on pnees and jobs. - ■ nient Officers Association • The 190,OOi> members of t 

Mr. Murray suggested that ask- members in. the water service biggest civil service union. 1 
fng the unions to choose between was held and ' the negotiators Civil and p^iic Services As ' 

pay restraint and free collective w6re instructed not to take the tj voted 

bar gamine was like asking them oufitoiines tntn ’account. ciation, nave voted ov 

tovotefijr the submissive society into, account. , whelmingly" to .accept 1 

or the oermissive society. “We -- They demanded that no settle- Government's 9.5 per cent-p..-.- 
do not have to choose either.” .. meat should be below general consolidation pay offer in ” 
• “What we have to do is to -levels of pay awards already ballot of, union branches. 

water staff 
demands for 

concentrate on the 
climate right above 
on prices and jobs/ 

which inclnt 
substantial j - 

Rover management 
in peace move 


Government ‘forcing up potato prices’ 


accused of forcing up the price 
of potatoes to an artificially high 
level. The National Federation 
of Fruit and Potato Trades 
demanded yesterday that the 
Ministry of Agriculture should 
start to release some of the 
500,000 tonnes of potatoes bought 
off the market earlier in the 
season when prices hit rock- 


Mr. Denis Mead, the mer- 
chants' leader, wrote to the 
Ministry of Agriculture: “My 
members need access to potatoes 
to meet norma] retail require- 
ments for sale to the housewife. 

Earlier in the season, just 
after the harvest, farmers were 
being paid as little as £30 a 
toon** for potatoes. This was 

more than £15 below the price 
guaranteed under the potato 
marketing scheme. 

Prices have climbed steadily, 
in recent weeks peaking at £80 
or more iu the areas of greatest 
shortage. Shop prices have also 
risen, and are approaching 10 d 
a pound in some places after 
several months at. between 3p 
and 5n. > • . 

Brae Field 
well tested 

the initiative yesterday in recal- 
ling a staff union to talks: to try 
to prevent a dispute that 
threatens to involve all 36 Ley- 
land Cars factories. . - - 
Since Tuesday. 8,000 manual 
workers have been producing 
Land-Rovers. Range-Rovers and 
saloons with the help of senior 
management in reduced numbers 
in the face of a strike by; nearly 
400 foremen. 

■ . The dispute is ' oyer*. n- 
tihuoas working daring normal 
breaks to increase ontpat jus- 
tify a £250m. expansion pro- 
gramme. - A -• - V-r-i :- ' ’ 

By Ray Dafter, 

Energy Correspondent 

ramme. - A -• • • -■* " 

The foremefware members: of 
te Association of Scientific, 

Partners in a Pan Ocean con- 
sortium have successfully tested 
an pil flow in an appraisal well in 
its North Sea Brae Field struc- 
ture. ; . J . . 

The well was' drilled as $art of 
an evaluation programme 
designed to determine the loca- 

Technical and Managerial Staffs, 

And yesterday 1,000 members 
from the six Rover plants in 
Birmicgbam decided to support 
their Solihull colleagues. They 
are to ask tbe union's executive 
to call out the other 21,000 mem- 
bers within Leyiand Gars. -. . 

: The meeting, also, demanded a 
resumption of normal working 
-and an independent inquiry into 
the running of the Sotiholi plant 
Later Mr. Charles Crabb, a 
divisional official of ASTMS, was 
called into talks.. ,• 

■ These were , adjourned iint£t 
Monday by which tiqie -the Situa- 
tion • at .other, Rover . plants 
should have been. -clarified.. ‘ If 
foremen do hot return to work 
next week, senior management 
is likely to try to keep supplies 
going to SolihulL 

Shell oil 
strike call 
by many 

JournalisMold to stride 


tion of production platforms in, 
the field. Marathon Oil, parent 
company of operators Pan Ocean 
has announced that the develop- 
ment cost of the fletd could be 
about $2bn. <£l.lbn.). 

The group has spent more than 
£40m.- on exploration and 
appraisal drilling .on Brae and. 
In spite of the latest results, 
drilling will continue. 

The well was drilled to a depth 
of 13.470 feet and was tested at a 
How oF 919 barrels a day. 

Stockbrokers 'Wood Mackenzie 
says in its . latest North -Sea 
report, published to-day, that 
recoverable reserves of Brae are 
between 180m. and 560ro. 
barrels. Marathon has put tbe 
reserves at more than 500m. 

Recovery in Trade Forecast 

The Chairman made the following comments on the Company’s 
results for 1977. announced yesterday, the 21st April: 

The year's trading resulted in Group profits of £1.0J5,000. 
Depreciation amounted to £784,000 leaving a halance before 
interest charges and tax of £251,000. A loss after lax of 
£1,565,000 arises after deducting interest charges of 
£1,836.000 and adding a tax credit of £20.000. The sum of 
£133,000 is a currency translation variation arising from con- 
solidation o( the Accounts of our Company in Holland and 
reflects the currency conversion from Guilders to Sterling of 
the net current assets of KVT as at 31st December 1976 as 
compared to 31st December 1977. The amount is not 
connected with trading and simply represents the appreciation 
of Sterling as against the Guilder during the year. The extra- 
ordinary item of El 20,000 refers to the discontinuation of the 
Mail Order section of Rugplan Limited. Turnover rose from 
£54-371,000 last year to C64, 177,000 for 1 ‘*77 - an increase 
of 18.0 per cent. 

The result is disappointing and for the first lime in the 
Company's history, both as a private and public company, a 
negative situation has arisen. 

The unsatisfactory outcome for the year Is attributable to the 

a) Trading Situation 

Continuing unprofitable trading at Youglul Carpets Limited 
and at Morris-Gloueester Carpets weaving plants during the 
second half of the year. In addition to the trading losses gener- 
ated in these plants, it became apparent that because of the 
poor market conditions in the final quarter of i he yejr. stocks 
were too high in the plants and a large quantity of slock had 
in he disposed of while the selling season lasted. 

This de-sfocking exercise attracted very high Jtscoutti levels 
and sales into a weak market added to the trading difficulties. 
The means taken to correct the difficulties in Youglul Carpets 
Limited and Morris-Gloueesrer carpet weaving plains are now 
becoming effective and by the end of the present year trading 
losses from these companies should he eliminated, 
bt High Interest Charges 

Although stocks were brought down to a more acceptable level 
by the end of the year, lire cash generated did not come in fust 
enough to make much impression on the interest charges for 
the year, which are £244.000 in excess nl the 1976 figure. 
The statement in the Interim Report that it was the intentiun 
of the Company lo drastically cut borrowings is being imple- 
mented and by the end of 1 97S will he acltieved . 

In order to reduce the use of financial facilities a cut-hack in 
the activity of the Group is necessary. This will result in better 
application of resources and improved margins of profit on 
reduced turnover. In the present slate uf the textile trade 
generally and the carpet trade in particular the use of financial 
facilities often results in no final benefit to the Company by 
way of profit. 

In view of the results it is nul proposed to recommend a final 
dividend in respect, of 1977. The Company hopes to be hack 
in profitability in |97S when the resumpt ion of dividends will 
lie a matter of careful consideration. The management are 
confident that the trading situation can be put right in 197S 
and that the Company will continue in its former pat tern of 

Our new Chief Executive, Mr James B. Hyland, joins the 
Company on the 1st May 1978. 


It is loo early to make firm predictions iofllie year, but at our 
Annual General Meeting, which will he held tin the 23rd June 
next, an up-to-date indication of the trading situation of the 
Company will be given. 



Preliminary Announcement 

The Directors of Youghal Carnets (Holdings) Limited announce 
audited results for the year ended 31st December 1977 




£ 000’s 


Group External T u mover:- 




United Kingdom 



Other E.E.C. Countries 


8.7 0+ 




• Other 

2.6 bo 





1 .1)35 



1 784) 

• 727) 




( 1 ,83b> 

( 1 .592) 

i LossWPnUii hefoie T.»\atrun, 

currency translation and 

f:\traordinjry Item 



Taxation credit (charge) 



iLnssl/Prolli before 

currency translation and 

Extraordinary hem 

(1 .565) 

1 ,741. 

Currency translation (loss!/ 

Gain arising on consolidation 



Extraordinary Item 

1 120) 

— . 

(Loss 1/ProtTt attributable to 

Group Shareholders 

(1.81 8) 


Preference Dividends 



tLossVProlit aitribuiahlc to 

Ordinary Shareholders 



Ordinary Dividend 


( 1 .204) 

( Loss )/Pro fit retained 



t Lossl/Earnin as per. 

Ordinary Share. 


A 24-HOUR strike by L400. 
journalists worki rig t for Thomson 
Regional Newspapers. wak, 
ordered yesterday by the ’ 
National Union hf Journalists' 
national executive. 

It is to take place next Thurs- 
day, and near# 40 weekly. 13 
daily and on f Sunday paper 
owned by th« group are likely 
to be affected/ The union claims 
that membership at Thomson 

regional offices Is “ nearly solid ” 
in support of 77 journalists at 
Hemel Hempstead wfio were dis- 
missed .on Monday after operat- 
ing sanctions.”. 'i . . ' - , 

3?en AsfctoD. NUJ general 
secretary,, said: “We shall be 
consisting TRN .chapels and -our 
Provincial Newspapers Industrial 
Council to see. how. we shall pro- 
gress the dispute from Thursday 
onwards.' : 

‘ By P hilip Bassett, Labour Staff ; - 
THE THREAT of widespre . 
disruption to oil supplies reced - 
yesterday as an official stri ' 
originally due to involve Jfi 
Shell whit&collar workers at i 

terminals seemed less well si*, 
ported than the unions h 
hoped. " . 

A spokesman for Shell sa 
that many of the company?* " 
terminals were working, nil 
matly. Maiiy'of the white?#) til 
■workers had refused i 1 

their uniomfto come odC- ^-4| 

"The major threat tfr. oR^siL 
plies lay- in- the riance^ifr-tr 
tanker drivers, whose overtit 
ban earlier this year led to d 
ruption:-. The clerical works 
involved an the strike belong 
the Association of Scientif 
Technicar and Managerial Sta: 
and ACTS5. the white-collar st 
.tion of - tiie Transport » 
General ’Workers’ Union. 

The clerical worker* said - 
the action got reader way th. 


there would W ■“'close liaisorj 
with the Predominantly TGVi! 

Bill/adjoiirned again 

join London 

THERE /WERE angry protests 
from thte Government benches 
in the Commons yesterday when, 
for the/ second week running, a 
Labour/sponsored private mem- 
ber’s will designed to strengthen 
the positon of trade unions 
failed to complete its remaining 

Debate on the report stage of 
the Employment Protection 

( Amendments) Bill — it seeks to 
make, changes in the law to 
remedy union grievances arising 
from tiie Grunwick dispute— had 
to be adjourned and there is now' 
Little likelihood of the measure 

be £o?r*«arold Walker,- Minister 
of '-'Slate for Employment, i 
accused Tory MPs of indulging 
in time-wasting tactics. 

with the predominantly TGW 
tanker.- drivers, hut that 
drivers were turt at this stag S V W jg| 

being- asked Tor full snppoll ■ ■ 

^hey \_were /being asked to <11 ■ M fm. M 

operate by not doing jobs 
mally done by the strikers. 

Sanctions^ taken- before t 
afi-oDt strike have also be 
sporadic, ranging from full i 
official strikes at some of t 
depots, to. no actioh at all ; 
others. • '•*. 

The dispute is^ off' 
which Shell says is well with 
Government guidelines. T 
unions have rejected it, and si 
that Shell has been “very mu 
more generous “ in . pay offers 
other groups of workers. >- s - 1 r . 

Shell says that -the reject'**- 
offer, adding up -to a total pr ; -.. . 
package of 1425 per cent, wot ?; ~ 

give 10 per cent, and at let.'; - 
2 per cent for productivity to.'j 
The staff involved. - - 

day look delivery of the first 
of five prototype Metrobuses 
built by tbe Midlands-baaed 
Metrol-Carameil Weyman, a sub- 
sidiary of Laird. 

Another 200 of tbe double- 
deckers. worth a total of £7.5m.. 
are on order and due for 
delivery this year and next. 

The Metrobus was designed 
with the help of London Trans- 
port engineers and nearly all its 
components are British. In n 
bid to avoid maintenance prob- 
lems which have dogged some 
previous bus purchases, the , 
Metrobus has been put through 1 
a series of tough tests and 

Apart from minor modifica- 
tions, for example to the from 
suspension, the engineers say 
they are “confident” the Meiro- 
bus will stand the rigours of 
London use. 


provides investment services to 

Pensiott Ftads and Institutions. 

Olympic award 


T ixed Aftirts 
Current As'-eis 
Current Liabilities 







Net Current Assets 

Shareholders Funds 
Deterred Tj\ and Grants 
Lone and Medium Term Loans 

3.33 5 


CANTABRIAN, the sports equip- 
ment subsidiary of Trust House 
Forte, has been selected by the 
Russians as sole supplier of track 
and field equipment for the 2980 
Olympics in Moscow. 

Mr. Mike Farrell, a former 
British Olympic athlete, beaded 
the Cantabrian negotiating team, 
and the deal was clinched in the 
face of stiff competition from 
Berg, the West German sports: 
equipment supplier. 

During 1977 several articles were written by DMPM 
and subsequently published. They will be of interest to 

t ' 

Laurie Milhank 

Drayton Moat^uPortfolioManBi'einent Limited, 
117 Old Broad Street, London EON 2AL , 


Fixed Assets includes Land and Buildings at Valuation on 31st 
December 1977, which resulted in an increase over book valuta 
of £ 1 ,550,000. 

1976 figures have been re-stated to reflect the changed accounting 
policy relating to foreign currency transactions. 

The Directors do col recommend payment of a Final Ordinary 
Dividend fur the year ended 3 1 December 1977. The total ordinary 
dividend for the year will be 2.045 p (1976: 7.215pi per share 
which has already been paid. 

The Annual General Meeting u til be held on the 23rd June 1978. 


An article in yesterday's pro- 
perty column inadvertently 
referred to Laurie MUbank and 
Co„ the stockbrokdng firm, as 
insurance brokers. 

“UK stock market: Lessons ol the 70 sH : 

“Time Is ripe for ^tagx '! . 

“An approach to international Iwcjlinent^naiiagemeiit 
DMPM Booklet: A comprehend 




FT 22/4 





te haii 

. *The past few days have seen remarkable changes in market performances on both sides of the Atodc. Aterdion has however 
focused on New York, where the words “panic buying” were used, perhaps a little over-optimistically, 
early week. Another dimension was added to the scene with U.S. decisions on gold sales. 

0T15 , 

; " ‘ T Is}-' 

lr,t 5 stalk; 

One for the history books 

\Action centred on gilts 

• ■ 

Shell oil 

strike ca| 
hy many 

• ... • • * «o!i$, 

. ’ - i- OSm* 

wb " 

• f.C-rlri -l 
-ts p. i 

- nsgi 




' ‘Kite 

1 *■'>=• on. 




-v & 

• - tec- 
‘ ••.-'■■aHfc 

: - "":T .7 

: :•> -As-i. 

.• Wt % 

jVS EF responding to the. call s 
- of some. Pied Piper , of profit. ; 
. investors at home and' abroad, 
large and snail, have thrown ■ 
off their well estaMIdied aver- | 
skm to Ibe "buying and selling 
of stocks andrhave staged some- 
thing' of- a. spring' festival on ■ 
the New York Stock Exchange 
this week. 

• Headlines- screaming of a 
’■ buying panic” on Wall Street 
enabled the rally to feed and 
grow off itself, brokers’ faces 
renowned for their gloom have 
been creased in smiles for the 
world seemed a better place. 
Amidst ill the intoxication, 
•however, the evidence suggests 
ttiit in the last five sessions 
the New York Stock Exchange 
has enjoyed a trading rally hut 
it is by no means dear that 
a genuine rally for stock prices 
is under way. 

In other words, the dominant 
herd instinct of the week may 
not have been that of the bears 
but, aH appearances to the con- 
trary, neither has it necessarily 
been that of the bulls. The 
Dow Jones Industrial Average 
has certainly gained nearly 40 
points . in ’the- five, trading 
sessions up to last night but 
this was •■oh a total trading 
volume of' more than 233m. 
shares or an average of more 
than 46m. a day. The average 
daily volume for the three 
months up to thp end of March 
was 20m. and the- question 
'i being asked by the . sober 
t minded here is whether there 
l ~ would not have been a much 
more sizeable increase in the 
“ Dow if the market was 
p genuinely throwing off the bear- 

skin it has worn for the past 
15 months. 

Mike Johnston, head of re- 
search at Mitchell Hutchins, 
part of the Paine Webber 
Group, recalls a similar, tiiough 
smaller, market surge in the 
first quarter of .1976. “The real 
gains were achieved ih' the first 
two weeks and were followed 
by several’ months of heavy 
trading but no significant "pro- 
gress on the upside. 7 This view 
implies that what has been bap- 



pening Is not a major change 
of course for the stock-market 
but a technical correction fol- 
lowing several months in which 
major stocks have been heavily 

As this column has often 
pointed out, blue chip stocks 
which dominate the market in- 
dices have suffered far more 
from investors’ gloona lhan the 
secondary stocks and it is the 
blue chip stocks, with their ex- 
cessively low price earnings 
multiples which have 1 led this 
week's rally. 

Among the major buyers have 
been the institutions which for 
a year or more have been re- 
ducing their exposure on equi- 
ties but which have been 
tempted back into the market 
by the fear of “missing the bus." 
There are few fund managers 
who believe that the outlook 

for the American economy is 
any different than it was a fort- 
night ago but they work in a 
competitive world and the man 
whose portfolio has a lower re- 
turn than those oE his peers is 
the man who could be looking 
for another job in 12 months' 
time. The institutions have, 
however, also been quite heavy 
sellers this week as they un- 
loaded some of the less attrac- 
tive stocks in their portfolios. 
Just what precisely triggered 
the rally last Friday, when a 
record 5228m. shares were 
traded and the industrials 
gained 19.92 points, is still 
something of a mystery. Brokers 
reported that New York banks 
were prominent in the market 
the day before and that the 
chairman of the Fed, Mr. G. 
William Miller’s advice to the 
administration to cut or defer 
its $24.5bn. tax package was an 
important influence on investor 

I L! J 

I I i i - • I : i i 

i i i i • ■ i ' ! 
1 1 ■ i • ' 1 • i 

ii i , i ■ M 1 , ■ M ■ ;_LLU !!■ = ■■ ■■■l ul - 

TTu Industrial , .Average - ^ - 

lore 1976 . 1877 1978 

But other factors were 
equally if not more important 
than the new chairman of the 
Fed’s emergence as a truly inde- 
pendent voice. The dollar has 
been much more stable in the 
foreign exchange markets of 
late and this began to revive 
foreign investors’ interest in 
U.S. equities two or three weeks 
ago. A resurgence of foreign 
buying has been a notable 
feature this week with British 
investors in the forefront fol- 
lowed by the French. Signifi- 
cantly, German and Swiss 
purchases have been much 
lighter which suggest that there 
is little confidence that the 
dollar has embarked on a long 
term recovery. 

For much of this year the 
dollar . has superseded the 
weekly money supply figures 
has a major influence on 
domestic investors but the old 
preoccupation and its associated 
fears of inflation may weU be 
returning. As if to suggest that 
there is a fragility underlying 
the market recovery, fears that 
the latest money supply figures 
would reveal a substantial in- 
crease caused the industrials to 
fall back to a gain of 6.5 yester- 
day after a omre substantial ad- 
vance earlier on Thursday. The 
actual $2.1bn. rise in Ml encour- 
aged profit taking in early trad- 
ing this morning. But one man’s 
profit may be another man's 
lass and another important 
stimulus to this week’s heavy 
trading has been the need of 
many professional investors to 
cover themselves against short 
selling. Here an investor sells 
a borrowed security on the ex- 
pectation that he will be able 

to buy one for return at a lower 
price, thus gaining an overall 
profit on the transaction. In the 
month ended last Friday short 
interest leaped to a record 
40.05m. shares pointing to many 

expectations of a continued fall 
in the market. 

This week's recovery will 
have cost many short sellers 
money and there have also 
been casualties on the Chicago 
Board Options Exchange where 
a number of market makers had 
taken large positions shorting 
call options and thus gambling 
against a market rally. Reports 
yesterday morning suggested 
that up to a dozen market : 
makers may now be forced to 
sell their seats and leave the 
Exchange, so large have been 
tbtir trading losses. 

Dose Change 
Monday 810.12 +14.99 

Tuesday 80327 -635 

Wednesday 808.04 +4.77 

Thursday 814.54 +6A0 

Friday 81220 -1.74 


Smaller Companies 


Experienced Management 

Investments in Cabot American Smaller 
Companies Trust will be managed b y He nderson 
Administration, an investment managemrat 
company which has been involved m direct equity 
investment in North America both on Wall Sueet 
and in region?! markets f^the . 



Over this period tne manager, uavs — rr 

rained benefit from a wide range of contacts with 
stockbrokers, bankers and industrial manage. 
Contacts are particularly strong in regional a ties . 
where many of the more exciting investment 

Y in the City for 40 years and manages funds 
approaching £z6om. 

American Opportunity 

The Managers believe that market levels in the 
U.S JLdonot reflect the underlying strengthof die 

dollar return to being one of the world s more 
stable currencies. 

Prospects for smaller companies 

Current market conditions P«^^^^. mpanieS 
in the U.S. to invest and expand with greater 

Snfidence than over the l«t few y^.And^ul« 

mnmffiies whose share prices have been moving up 
Jatostihe trend whilst ^orcom^m» opiating 
g basic industries are still labouring under less 
favourable conditions. . . -■ . 

Moreover, fond managers of American 

companies at a time when 
Er^SIJfthe major stocks continue to disappoint. 
Stockbrokers, also, are responding to this trend by 
sp^orin^ta wider nmg= of compares than 

Cabot American 
Smaller Companies Trust 

In the belief that real 
exist in smaller 

♦ We offer over thirty 
years of American 
investment experience. 

5|c At present we believe 
that American shares are 
attractively priced. 

5k And that smaller 
companies offer 
a pr omising alternative 
to conventional 
US portfolios. 

sjc Units in this new fund 
are now available at the 
fixed initial offer price 

Cabot American Smaller Companies Trust will 
operate a dollar loan account as well as maki n g 
investments with premium currency. In view of the 
high level of the premium at present it is likely that 
the loan proportion will initially be s ignifi cantly the 
greater. In these circumstances the es tim a t ed 
grafting gross yield on the Trust will be Q- S°o- 
Please remember Thar any unit trust inves tme nt 
should be regarded as long term. 

The price of units and the income from them can. 
go down as well as up. 

To Buy Units 

To invest in the Cabot American Smaller Companies 
Trust at the initial offer price of 5 op simply return the 
application form below together with your remittance 
either direct, or through your professional advisor , 
This offer closes on X 2 th May or earlier at the 
Managers' discretion. 

Additional Information 

Units will be milahle after ihe 

offer doses ar the normal daily 

Unit Prices and Yield are 
published daily in le a di n g 
newspapers. __ , 

Commission of I i n will .be p™. 
to recognised agents. An mmol 
■-haw of c", h included in rhe 
offer price. An annual charge of 
! fphia VAT) of the value of 
the trust is deducted from income 
to cover administrative costs. 
Dismbmiona will be made on 
June 1st and December nt. The 
first dfetriburion on units 
purchased this offer will 
be made on December lit 1978. 

Contract nates will be issued 
and unit certificates will be 
forwarded within six weeks of. 

To sell units, endorse your 
unit cmiht gtetm d send it to the 
Mannp L'B. Payment will 
normally be made within seven 

Trustee : < \S?UiBin 5 St Glyn’s 

Bank Limited. 

Managers :Hendersc«i unit 
Trust Management limited. 

It Austin Ftiars. London 
HCjN aED. (Registered Office). 
Registered No. 856263 England. 
A member of the Unit Trust 


Gilts took the limelight in ££ 
the market this week. Uncer- 
tainty over short term rates, . 
with another rise in MLR expec- 
ted, after the 1 point jump the ;; 
previous week, tended tD create 
a rather nervous atmosphere *'■ 
over the first couple of days. 

The increase in bank base 
rates on Wednesday did, how- 
ever, ease the- fears over an - v 
imminent rise in MLR and there 
was certainly a more confident 
mood in the market. The Gov- 
ernment Broker was quick to *■ 
take advantage of the revival, : 

activating both the short tap, 
which was quickly exhausted 
and the long tap for the first !/ : 
time for over a month. There 
was about £200m. of the long ' 
tap left on Wednesday so the - 
GB was under some pressure 
to dear the decks ahead of an ^ 
expected tap issue, or even 
two. on Friday. The authorities spE 
were no doubt- anxious to se i 
get their heavy funding require- f av 
ments under way. However t h t 
; with yields at the longer end tfot 
1 of the market at around 13 per n0 
1 cent, it looked an expensive a i s 
i funding operation when the 0 j 
[ official forecast for inflation has ea j 
; been given at 8 per cent. i n « 
; This added to the uncertain- thi 
5 ties in the market and as it ne 
1 turned out the revival was short ha 
t lived. The continued weakness ra 
) of sterling knocked sentiment ov 
J and when if was known that the 
1 long tap had been exhausted nc 
and the GB was no longer under- ha 
b pinning the market, prices co 
9 drifted lower. The eventual an- be 
^ nouncement of a new long tap g E 
1 had 'little impact but the lack 
4 of a new short dated stock left _ 
the shorts better in late deal- 
“ rags yesterday. 

T & N lights 

Turner and Newall was 
originally planning to make a 
rights issue to coincide with its 
preliminary figures at the 4, 
beginning of last month. In ^ 
the event it decided to delay its bl 
funding until this week’s annual g 
meeting, so as to be able to ^ 
give shareholders a clearer view ^ 
of the year’s profits outlook. It j 
is just as well that it did, for fl 
the trading news is bleak. ^ 

Profits are actually down a 
little so far in 1973, and since h 
the group spent well over £60m. t 
on acquiring new businesses last e 
vear, that means there has been 
a sharp downturn in some of J 
its activities. The weak spots c 
are mainly in the U.K, and . 
include asbestos products and g 
automotive components. 0 

T and N says there are no ^ 
more major bids in the pipeline, c 
but it is still spending heavily t 
on fixed assets. Something like t 
E45m. is planned for the current 
vear, compared with net cash 
flow of only about £S0m. in 1977. 
So it has decided to go ahead ( 
with its second rights issue i 
in just over two years (to raise , 
E32m.) in order to maintain 1 
relatively conservative gearing 
ratios until such time as its • 
new investments start to pay off 

The current year is still 
likely to show profits growth 
but it will only be modest — 
from £45.3m. pre-tax to perhaps 
E50m. or a bit more. But until 

Mining is on Page 8. Gold 
market report Page 9. Com- 
modities Page 25. Money and 
exchanges Page 27. 

the management shows that it 
can consistently live up to the 
rather more dynamic image 
that T and N has these days, 
the shares are going to need the 
support of an above average 
yield. This explains the ex 
rights yield of just over 10 per 

Clearers report 

The Price Commission report 
on bank charges appeared on 
Tuesday, as expected giving the 
ail-clear to the big banks to 
raise their charges for money 
transmission services. The re- 
port concluded that in most re- 

ll ill ii 


■ .-All Time High 



•v. C ^ 

-7ft v.-: 

spects money transmission 
services in the U.K. compare 
favourably in efficiency with 
those available abroad and that 
the charges made for them are 
not in general excessive. If 
also found that the profitability 
of banking as a whole is low 
especially in inflation account- 
ing terms, and that it is only 
through raising money through 
new issues that the clearers 
have been able to maintain the 
ratio of free capital to deposits 
over the past few years. 

But the Price Commission has 
not confined Us comments to 
bank charges alone. Other re- 
commendations include: the 
banks should disclose their 
general provisions for bad and 



its current levels it is expected 
that it will be the turn of the 
buyers to be tempted back into 
the market. 

The current confusion is not 
helped by the fact that some 
institutions may feel that the 
premium is still too high which 
could lead to refinancing 
through back-to-back loans. 

Bid fever 

doubtful debts, the Bank of 
England should regulate mem- 
bership of the London Clearing 
Honse, while membership here 
should be open to all substan- 
tial retail banks, and the banks 
should try to achieve more 
flexible opening hours, includ- 
ing Saturday morqiugs. 

The recommendation that the 
banks should" adopt conven- 
tional accounting rules for 
establishing their annual 
profits does appear to be 
opposed in principle by the 
clearers. though Lloyds is 
known to be less enthusiastic 
about full disclosure than the 
others. The clearers will not be 
hurried to make the change- 
over, but it is probable that 
they will be on the new system 
two years from now. 

Initial stock market reaction 
to the report was to increase 
bank share prices but by the 
end of the week the sector index 
was up only two -per cent., in 
line with the All-Share. 

Bid speculation has been 
behind a number of the top 
performing shares this week. 
Dawson International, in which 
William Baird has a major 
stake, rose a sixth and London 
Sumatra, despite the failure 
of McLeod-Sipefs takeover 
attempt showed unexpected 
strength. Plantations and food 
retailers were among the most 
popular p untin g sectors. Sains- 
bury is rumoured tD be coming 
with an offer for Wheatsheaf 
which is already being bid for 
by Linfood. Less likely, 
perhaps, are stories of bids for 
Harrisons and Crosfield 
(capitalised at flQOm.) from 
the Far East and for Rio Tinto 
Zinc (£475m.) from an 
American oil company. Booker 
McConnell is considered a 
| possible bidder for Nurdin and 
! Peacock, while some speculators 
’ reckon that Reckitt and Colman 
is casting an acquisitive eye 
, over Letraset 

Premium active 

The great charge in Wall 
Street prices in the past few 
days has sent the dollar 
premium swinging wildly. At 
one point the effective rate 
climbed as high as 522 per cent, 
—before the sellers emerged 
and the pendulum started to 
swing back. At the end of the 

week the premium had crept 
down to 45} per cent. 

Even before the recent surge 
in U.S. share prices the 
premium had been steadily ris- 
ing as both institutional and 
private investors began to show 
increasing interest in U-S. 
stocks. On March 21 the 
premium stood at around 42 1 
per cent., rising to 48 i per cent, 
just over a week ago. 

Hence when the mad 
scramble to get into U.S. stocks 
began the premilim soared. This 
in turn tempted the large insti- 
: rational holders of premium 
i currency to sell and to take 

■ some nice profits. 

i It looks as though the 
r premium will remain r vol at lie 

■ for a little time yeL However. 
- if the price sinks much below 

% change 

Investment Trusts +*-8 

Overseas Traders +5A 

Newspapers, Publishing +3.1 

Engineering Contractors +2.8 
Banks + 2 - 3 

Motors and Distributors +2.1 


All-Share Index ~°- 6 

Toys and Games — 4J 

Insurance (Composite) —4.8 

Shipping “ -6i ° 

Hire Purchase — 7 0 

Insurance (Life) — 8J) 

Property -9.1 


Average April 

week to 21 

Go vt. Secs. 71.81 
Fixed Interest 75.00 
Ind ust. Ord- 454.3 
Gold Mines 1 3 8-6 
Dealings mkd. 4.590 

Capital Gds. 198.4 6 

(Durab le) 1833)5 

Cons. (Non- 
Du rab le) 19 3.22 

Ind. Gr oup 197.17 
5 00-Share 218.11 
Fi nancial Gp. 159.06 
All-Share 202J6 
Red. Debs. 59.19* 

April April 
14 7 

72- 66 73.99 

7634 77.30 

45 8.8 467.8 

150.5 15 4.4 

4,967 5310 

199.99 203.11 

184.84 18734 

19 4.11 196-72 
198-55 201.69 
2 18.77 221-96 
~1 60.77 163.98 
20 2^1 205.69 
59.99 60.59 

! To: Henderson Unit Trust Management limited, 

! Dealing Dept., 5 Rayleigh Road, Hnttan, Brentwood, Essex QM13 lAA. 

j - T V - Telephone enquiries 01-5SS 3622. 

quoteef American companies^ having “hove »vm«e 
2£nings growth potential from a smaller market 

I t mre. units in Cabot American Smaller Companies 

TSt^cfed pri« of 5°P permit (minimum inimd mratment ipo° 

J units).- 

I , r«r- 1 - /■ na vahle to Henderson Unit 

tS Limited. After the close of this offer units will be 

I available at the daily quoted price. 

1 Surname : Mr./Mrs./Miss 


J Christian or First Namets]: — — - — : — — 

| Address: . — - — — — - 



1 Date: 

^The portfolio will contain a wide spread | 
eovaringmany sectors of the market. It will ronnast 
Ste^cccnvH.tiond U.S. efltyporrfobos 
in that there will be a careful selection of small cr 
companies which show particularly good prospects 
m terms of earnings growth. 


Our Share Exchange 
Scheme provides a 
favourable opportunity 
to switch into this Unit 
Trust. For details please 
tick box or relephone 
Geoffrey Shiicore. — , 
01-5SS 3622. 1_| 


Tctidtmu of the RrpMe of Irtlmd. 


Unit Trust Management 


Ind. Ord. Index 

Gold Mines Index 

Allied Colloids 


Bradwal! (FMS) Rubber 

Burmah Oil 

City & Foreign Inv 
Clarke Nick oils 

Hampton Areas 

McLeod Russel 

Perry (H.) 

Supra Group 

Tanganyika Concessions 


Turner & Newall 


Wheatsheaf Distribution 

Price Change on 1978 

Vclay Week I 
4553) + 7.6 4973 


69 + 8 

70 —10 93 


126 +28 

Rise halted b y sterling doubts 

U-S. Gold sales announced 

Buying in thin market 

Renewed takeover speculation 

Good preliminary results 

Better-than-expected results 

Strong lnv. Trust sector 

Following results 

Bette r-than-expected results 

Increase in consumer spending 

CCP acquires 17j per cent, stake 

Profit and dividend forecasts 

Better-than-expected results 

Results/proposed scrip issue 

Record results/rights issue 

Diamond exploration hopes 

Good prelimina ry results 
Rights issue/cautious trdg. st’mt. 

Wall Stree t advices 
Bid situation 



Financial; Tnnes -Saturday April: 22 1978 

Property which is joint 


In your reply under Probate 
not necessary (March 11) you 
wrote that where assets were 
jointly owned probate need 
not be taken out In oar case 
a car is registered in my 
name, hat the insurance and 
expenses are covered jointly 
by my wife and myself. My 
wife has jewels given by me 
There are insurance policies on 
my life, assigned to my wife 
under the provisions of the 
Married Women’s Property Act 
How do these St in? 

It is not appropriate to seek to 
take assets out of the estate by 
labelling them as joint property. 
It is a question of fact in each 
case whether the beneficial 
interest in the property is joint. 
Thus jewellery owned by your 
wife can hardly be characterised 
as joint property whatever the 
provenance may be. A car may 
be jointly owned if it is used 
by both owners, but will 
normally follow the registration. 
Policies of assurance will 
depend on their express terms, 
but Married Women's Property 
Act policies are most unlikely 
to be joint property, or to be 
capable of being such. 

out deduction from the emigra- 
tion allowance; they may also 
be taken abroad on certain con- 
ditions by U.K. residents living 
temporarily abroad. 



Your sister will be enabled to 
claim, by way of compensation, 
her actual financial loss: lost 
earnings, medical expenses, and 
the like, together with a further 
sum for her paiD and suffering 
(but not her ruined holiday). 
The sum .will depend entirely on 
the discretion of the court A 
solicitor will be able to give you 
a rough indication. 

the premium 

J own a villa in Spain on 
which I paid a substantial 
dollar premium on purchase in 
1974. I have heard that by 
living continuously in Spain 
for nine mouths and obtaining 
what is known as Rcsidencia 
1 can reclaim the premium. 

Is this so and if so, how do f 
go about it ? Could you tell 
me the regulations about taking 
a car to Spain 7 

The only way we know for you 
to recoup the investment cur- 
rency premium paid on your 
villa in Spain would be for you 
to become resident in ' that 
country' for U.K. exchange con- 
trol regulations by taking emi- 
gration treatment This would 
require you to take up perma- 
nent residence abroad, with the 
intention in practice of staying 
there for at least three years. 

In these circumstances the 
emigrant is allowed to take with 
him assets valued at up to 
£40,000 (£80,000 for EEC coun- 
tries). It is possible to use 
part of the emigration allowance 
to reverse the original purchase 
of investment currency, thus 
effectively recovering the pre- 
mium; the actual amount in- 
volved would obviously depend 
on the level of the premium 
ruling at the time compared 
with the level at the time of 
original purchase. 

Cars owned prior to redesig- 
nation as non-resident of the 
U.K. can ho taken abroad with- 

As a self employed professional 
man paying tax at or near the 
top rate could you tell me 
whether the 15 per cent, res- 
triction on pension premiums 
applies to one’s incomes after 
deduction of (a) capital allow- 
ances for plant, etc.; (b) house 
mortgage interest; (c) other 
loan Interest deductible under 
transitional provisions until 
19807 As I see it these 
premiums are invested in funds 
which themselves are free of 
tax. could it not be beneficial 
for a high rate tax payer to 
invest in these pension funds 
even without tax relief ? 

Capital allowances are deduct- 
ible, but not interest (provided 
that there is other income avail- 
able to cover the interest). The 
rules are to be found in sub- 
sections 5 and -7 of section 227 
of the Taxes AcL The provi- 
sions relating to stock relief are 
a little more complex, but pre- 
sumably this does not concern 

If excessive premiums are 
paid, the proportion of an 
annuity' attributable to the 
excess is taxable as investment 
income, without any relief for 
a notional capital element, so 
the attraction is illusory. The 
rules are to be found in sec- 
tions 226(1) and 230(7) (b) of 
the Taxes AcL 

Material change 
of use 

I own a five-acre field which has 
a site licence for one caravan 
in perpetuity, and a tenant 
occupies iL If I increased the 
number of caravans to five, 
would it amount to a material 
change of use and so require 
planning permission? 

You do not state what is the 
present position as to the per- 
mitted use of the field for plan- 
ning. If it does not have per- 
mission for use as a caravan site 
or has a permission but subject 
to a condition as to number, 
there would probably be a 
material change of use. 

Sixth of a 
person’s income 

Suffering from 
a fall 

My sister suffered a fall in a 
shop at the beginning of a 
holiday and as a result had a 
good deal of pain and her 
holiday was ruined. In spite of 
constant pressure on the 
insurance company concerned, 
no action has yet been taken. 
How can they be made to act? 
And what sum of compensation 
can she expect? 

You have no claim against the 
insurance company because 
their duty is owed not to you 
but to their policyholder, that is 
the shopkeeper. What you will 
have to do isissue a writ against 
the shopkeeper. To do this you 
would be well advised to consult 
a solicitor, and to come to some 
understanding with him about 
the fee he will charge given the 
small value of your claim. Your 
costs will ultimately have to be 
paid by the shopkeeper. 

The relief granted on life insur- 
ance premiums is stated to 
be on those not exceeding one- 
sixth of gross salary less out- 
goings. Does this mean I have 
to deduct my tax allowances 
from gross salary? 

The limit of “one-sixth of that 
person's total income,” specified 
in section 21(1) of the Taxes 
Act. refers to a taxpayer’s total 
income after all deductions 
except personal reliefs. This is 
made clear in section 34(3) of 
the Finance Act, 1971: 

“ Deductions from total in- 
come under Chapter II of Part I 
of the Taxes Act . . . shall not 
affect the amount to be taken 
as a person's total income for 
the purposes of section ... 21 
(limit on relief for certain 
premiums, etc.) of the Taxes 
Act . . 

As you .probably know, the 
1976 Finance Act effectively 
abolishes the one-sixth limit for 
1979-80 onwards (except for tax- 
payers whose total income ex- 
ceeds £9.000). The details ace 
to be found in section 34 of the 
Finance Act, 1976, and in para- 
graph 21(1) of schedule 4 to 
that AcL 

No legal responsibility can be 
accepted by the Financial Times 
far the answers given in these 
columns. All inquiries will be 
answered by post as soon as 

BESIDES the insurance 
brokers, who are now re-organisr 
ing their ranks in the light of 
the provisions of the Insurance 
Brokers Registration AcL there 
are a number of other inter- 
mediaries engaged, some whoie- 
time, some part-time, in the task 
of bringing the insuring public 
and insurers together. There are 
pension consultants: solicitors, 
accountants and other profes- 
sional businessmen. There are 
banks, finance houses and build- 
ing societies: there is the whole 
range of sales -'agents and Seld 
staff employed by insurers. 
There are many individuals who 
for one reason or another hold 
agency appointments. 

Speaking recently at the 
annual conference of the 
National Union of Insurance 
Workers at Bournemouth Mr. 
Stanley Clinton Davis, Parlia- 
mentary Under-Secretary of 
State for Companies Aviation 
and Shipping said that “nnw 
that the - self-regulation of 
brokers is well. on the way we 
must ensure that the standards 
of the best of the other inter- 
mediaries become the standards 

of all, so that the consumer ran 
be sure of getting good advice 
and service ... we suggest re- 
stricting sales of insurance to 
ciearly recognised channels: the 
registered brokers, ami perhaps 
members of other professions 
prepared to offer policyholders 

The man in the middle 

certain safeguards: the insur- 
ance companies themselves and 
their employees: and properly 
accredited agents for the com- 
panies for whom the companies 
would carry a clearer resptm-' 
sibility than they do now." 

Stopping there, for the 
moment, what the Government 
and Mr. Davis are talking about 
'is professional competence. 
Hitherto the criterion for 
appointing a . non-broker agent 
more often than not has been 
the expectation of the volume of 
business that that agent might 
bring in. Provided he Is shown 
on reasonable enquiry to be an 
honest person of business and 
financial integrity, the fact that 
at that stage he does not even 
know the basic insurance law of 
materiality and non-disclosure or 
the difference between a. .motor 
and life policy is irrelevant 

Of course as he goes on the 
agent learns, often the hard 
way, and from time to time at 
his client's expense. 

This is where there is room 
for substantial improvement 
though precisely how is not 
clear — for example, is the 
thought in Government that 
eventually insurers should set 
up training schools for agents 



and issue certificates of compe- 
tence? Whatever the eventual 
changes that emerge, it-Is dear 
that from now on there is to-be 
pressure for change and that in- ■ 
surers, individually and collec- 
tively, will haye to re-appraise 
present practice. . Whether one 
looks at the present situation, 
just from the consumer’s stand- 
point or from, the viewpoints of 
the non-broker- intermediary Qr 
insurers themselves one cannot 
reasonably quarrel with the 1 
need for reappraisal y 

Mr. Davis however did; not 
confine his comments to the re- 
striction of insurance, sales , via 
competent agents, - perhaps. In 
designated categories. He went: 
on to say “ side by side with tins 
we could endeavour to clear, up 
some aspects of the law govern- 
ing Insurance agency. not 
regulated by statute and the 
present position is very . com- 
plicated in law. The pplicy- 
h older if he has to go to the 

’cofcrfc to get ' a settlement of a. 
disputed claim, is now ofteu,in. 
a difficult and confused posi- 
tion as, amongst other things, it 
is ' undear whether the , agent 
has been acting for him or for 
file insurer. And ■ this . may be 
vital to his case.. This is noi good 

It is here that insurers are 
Tar more likely to take up their 
defensive cudgels — for although 
the law is complicated, having 
been established through; the. 
judicial decisions reached by 
the judges in disputes before 
them, there is one dear prin- 
ciple that- comes through con- 

. . .This is that, the true inter- 
mediary— be he broker or non- 
.broker agent, such as solicitor, 
-accountant or even .. motor 
trader, as contrasted with an 
employee agent of insurers, and 
whatever the- terms of his 
agency appointment is the pro- 
poser’s /policyholder’s agent so 
far as concerns the purchase or 
re-arrangement, of • cover, the 
communication of material facts 
to. insurers and so an. And 
although this duality of agency 
can be confusing for the insur- 
ing public I do not think that 
■the remedy for eliminating that 
confusion, as Mr. Davis suggests. 

Is to place the onus for actij ^ 
agents fairly rand' squarely 
insurers. ' / _ - j H* 

The fads and judgment of 
recent Court of Appeal deck' 

in the case of • Meitfeoly e f.<j£ 

nine Insurance provide 
interesting illustration of 
problem. According to the pi 
reports; McNealy, a part-tr 
musician, ' proposed for me .:- 1 - 
insurance through brokers. . 
'brokers were, appointed age ".,-' 
of Pennine Insurance and ki 
’that' musicians, .whole-time 
part-time were unacceptable: 

Wat company. . .The look .' 
failed.' to get details- 
McNealyV part-time occupat 
and pass .it on to insurers, ib. - 
. the consequence that when - ; 
accident occurred and raspy . V. 
discovered McNealy’s part-ti- 
musicianship they were able ‘ 
refuse . ; indemnity ■ Oh 
grounds' of non-disclosure. " 

Maybe ! am misunderstand- ' 
Mr. Davis’s reported comma 
hut it- seems to me that j * 
repositioning- of the onu&- 
acts or omissions must sir . 
also at the long-established^ - 
on materiality and n - 
disclosure . and must - afi 
fundamentals of the insurai . 
contact This is undesuabi.- ’ 
and provided the intermedi -j 
carries adequate professio . 
indemnity cover, there is. . ■ 
problem in leaving the respen- - - 
bllity where it falls at presc * 


Deducing the cost of moving on 

HOW TO sell your soul. This 
is a problem for which Denis 
Healey has all the solutions — 
and he confiscates rather less of 
your ill gotten gains than is 
popularly supposed to be the 

The vendor, typically, is a 
bright young man who has built 
up for himself a small but profit- 
able business: small because it 
has been solely his own labour 
which has been involved, and 
profitable because not only has 
Jove gone into his labour, but 
also have considerable quanti- 
ties of energy and native wit 

The purchaser is a larger, 
established, organisation. It 
wants several things. First it 
wants the customers whom our 
entrepreneur will bring with 
bim. He may -have 'been able to 
serve them -only in one, rather 
limited area— the purchaser 
thinks that it can enlarge the 
areas covered, thereby ensuring 
that its consolidated profits are 
greater than the sum of the 
presently separate parts. 

Secondly the purchaser wants 
the entrepreneur himself, 
energetic, , intelligent self 
reliant and with^t least some 
proven record of success. He 
may not be an/easy bedfellow 
for some of the more institution- 
alised inmates in the purchaser’s 
establishment. But it is univers- 
ally accepted in management 
that. ; a dash of ginger, must be 
added on every' possible 
occasion. ~ 

Let us assum e that the entre- 
preneur is carrying on his 
existing business through a 
company. He may have thought 
originally that he could build 
its profits to a level at which 
the corporate structure would 
have real tax advantages, diffi- 
cult though such growth must 
be if the business is only him- 
self. More likely, he saw the 
company name as advantageous 
for advertising and image crea- 
tion, and be valued the limita- 
tion of his personal liability 
should disaster strike the 
business. - 

So how does he now sell him- 
self and his business, without 
losing all the proceeds in tax? 
Can one sensibly advise him to 
seek a “reverse golden band- 

In 1962 a Mr. Arundale 
received an ex gratia payment 
not Sowing from his leaving his 
job, but in order to persuade 
him to take the job concerned. 
He was at the time the senior 
partner of an accounting firm. 
One of his clients wanted to 
tempt him out of practice and 
into a managerial post in the 
client's company. Mr. Arundale 
only agreed on the basis that he 
received a share stake in the 
company, thus giving him a 
status in the company similar 
to’that of his erstwhile client. 

value of the shares received 
could be taxed as part of his 
earnings from his new employ- 
ment That wording' provides 
that tax “shall be charged* in 
respect of any office or employ- 
ment on emoluments there- 
from. — ” The key word is the 
last one: the House ofLord&has 
expressly concluded that the 
significance of the word “there- 
from " is that to be. taxable, ;a 
payment must be made , in 



The courts examined for the 
umpteenth time the. wording of 
Schedule E, to see whether the 

reference to The serricesthe 
employee renters by virtue of 
his employment and it most be 
something -in the nature of a 
reward for services past present 
or future (although a- consider? 
able question mark irang| QvSf 
the extent to which -the ftSct 
should have been mentioned!^ 
Mr. Arundale • sncceSSfiffly 
showed that the money's worth 
he received was /insufficiently 
related to services and the 
reward for tbos/ services, that 
it was in consideration of his 
giving up a s/ccessfui profes- 
sional career and “undertaking” 
to enter employment rather 
than for whaj/he might or might 

not . do later on, after that 
employment had commenced. 

Should our entrepreneur 
•allow himself to be similarly 
and monetarily persuaded away 
from employment with, his own 
.company and into tbe -employ 
.of its suitor? Tbe answer must 
be no. Mr. Arundale won 
through on the particular facts 
of his case. Those we are now 
considering are likely -to .he 
rather different The entre- 
preneur will have noi traumatic 
break from bis established pat- 
tern of life. Mr. Arundale 
needed six months to extract 
himself from practice before be 
undertook to start employment: 
It is likely to be of .the essence 
of the purchaser’s requirements 
that tbeir new employee should 
start work without any signifi- 
cant interval:, it Is also of the 
essence that the work he will 
be doing, and the customers for. 
whom he will be doing it will 
be almost entirely unchanged. - 

But there is ah additional 
reason 'for not looking to Mr./ 
- Arundale fora precedent Since 
1962 the climate has changed; 
one of file lowering thunder- 
clouds -which no* -form a per- 
manent part of the skyscape is 
.file anti avoidance legislation 
designed to. stop that constella- 
tihp of pqp stars who found, in 
1969, a way of selling their 
earning -capacity -for capital con- 
sideration rather than income. 
It could be that our entre- 
preneur could get home and dry 

—but then again he might* ' 
well and truly soaked. T--. : 
latter is- after all the gene,-.: 
intent of anti : avoidance lega - 
tion. . _ ■ ■£, ■. 

Safer by far to reconube 
him to sell something ’ otf 
than himself if he wants tsTsi ' ' 
but of income tax, even if ' '* 
thereby walks into capital gt;.' 
tax -instead. -It would riot \ ' 
sensible for him to ', have; 1_ 
company sell its business -i - 
goodwill. That would prodB..' 
a; 1 taxable receipt for the ;cq 
paret and distributing. . 
remaining net figure from t 
company to him would cost fc 
a second time. . 

The - standard advice; whl 
tme must therefore 
your company^" Face the capi-: ,l t 
gains tax bn what you. rabeP. — — 
for your shareholding: itls nr ' 
easier to face if you get betwfc r " 
EUHXTand £9.500 for the sHaf : -.-i 
you. sell, in a particular. 

year. The standard advice o 
only, be ta* play safe. 

' Mr. . T-feaJey knows 
answers: He knows how . 

qr bow 'little to. tax - . 

prerieiir who decides to sell; a ' 
soul the safe way! He taioi 
how to tax that, other enti-.,. . 
prebeur who is willing to riV _ , 
his all trying to emulate S 
Arundale. And Mr. Healey a!., 
knows' whether nr not it. is/, 
good Idea to breed a general* 
of entrepreneurs dedicated ; : 
playing safe. , : - 

advice of f , 

, . Med te, 

_ < 

“Every investor should have a 
stake in the world’s strongest economy.” 


It is generally accepted that the 
American economy is immensely 
strong and in the long term can only 
tie expected to grow stronger. 



The U.S. A. has a wealth of' 
mineral resources. Agriculturally 
and industrially it is both technically 
advanced and highly produc- 
tive. Inflation there is running at a 
manageable 6-7 % p.a. and many 
U.S. companies are forecasting in- 
creased sales and increased profits. 

The Harabro American Fund is a 
new investment offering investors 
of £1 .000 or more a simple and 
effective means of investing for 
growth in selected American 

have identified above aver s ge 
growth potential. Initially the Fund 
will be invested predominantly 
through dollar loans. 

In short, this new Fund offers yon 
an excellent means of taking a 
stake in the American market. 


At present the case for investing 
in the U.S. A. is strengthened by the 
fact that in the past month the prices 
of American shares reached their 
lowest point for almost 3 years. Buf , 
as the sharp rise in the U.S. market 
earlier this week suggests) many ex- 
perts believe that when the recovery 
comes, prices will rise quickly. 

This is why Hambro Life believe 
that an investment now makes 
good sense for the person who is 
able to look ahead. 

The Management of the new 
Fund will be in the hands of 
specialists in American shares 
within the team which has achieved 
consistently good investment 
performance both for the Allied 
Hambro unit trusts and for the other 
Hamb ro Life investment funds. 

The Managers plan to invest 
around half the Fund so as to benefit 
from the strength ofleading blue 
chip companies such as American 
Express, Atlantic Richfield, General 
Electric, Procter and Gamble 
and Union Pacific. The balance is to 
bfe invested in sound smaller 
companies in which the Managers 

When investing in the Hambro 
American Fund, please remember 
that the price of units is directly 

related to the value of the 
underlying shares, and that 
therefore the price of units can go 
down as well as up. You should 
therefore be prepared to regard 
your investment as long term. 

To apply for Units in the Fund at 
the initial offer price of £1 per unit, 
simply return the application form 
below together with your cheque to 
reach us not later than Wednesday 
3rd May 1978. After this date units 
will be issued at the price then 

1 HnrYMMtok du *bIu at 

lulu Initsfiutnl 

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■■ —rl.l . To- iMulited eHM jtyi 
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v oZv rt.-tncW® 8 if 
tn w pet Li Qtwa BOdim or 

2. Life I 
Ajjd id li>: Kaiibfo 

-JuTiin .ml talM tto f*m 

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iriimpin of ifa.- cpfe-in vaf-J. of 
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jour dpcOu-L'iM tit the bom- 

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Af icr —1 tou caa r-'r.iplrto 1 

■mpii !: rui uf rdsriw _ 

S.AnmUl Report 

itLnSsnl Paper u 4-jgurlwJ 

<r nm 1 full dn.-tiptrcs nf iU 

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O-nae II-JIU 1 I-n* tan (it 
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Thto .«••? l- on »P»o I’ 
tcsiiintj d Ib-J of 

Ik nod. 

To; Hamfafl I»ife Limited 

flilniiiiliti n* 1 -!—* ,r> -*TT*' a> i ^■rnhnrTnfr TTmir*i 
Swlsdos SHI 1EL. EaqnliUa : 01 -439 0S31 

I wiata lo invest .. _ frunim urn £1.000) 

in a Hambro American Bori-i ortd enctose a cbflTUts 
for Uus amount payabU jo Hambrro Ban^ lannted. 

Surnonra : Mr.fMrG./Mig: 
K Full fire! nanws 

S AdcL-bss 


< Occuoatioo 

Date or t. irth I L 

5 Do trou al toady hold aar Han ibto Life colicy ? 

o — " ' " 

« Af£i you now. and fut.^ v' l,lj dl .-yri-rr b?en in good 
health ? 

Hambro Life 

Britain’s largest unit -linked insurance company 

If not. plcnse ijivc-or allach n-juil-: 


A riddle for Miss Midler 


problem. She is the U.S. rock 
singer who plans a European 
tour in the autumn and wants 
to be paid in gold. It is the 
only protection against fluctuat- 
ing exchange rates, her manage- 
ment thinks. 

When she announced her 
demands last week the London 
gold price was just beneath its 
high for the year at $179,375 an 
ounce and the trade-weighted 
depreciation of the dollar was 
6.17 per cenL 

By the time the European 
markets had had a chance to 
give an immediate response to 
the U.S. Treasury plan for 
monthly sales of 300.000 ounces 
over a period of at least six 
months starting in April, the 
basis of Miss Midler’s calcula- 
tions had changed. By Thurs- 
day evening the bullion price 
was $168875 and the dollar’s 
depreciation bad narrowed to 
4.39 per cent. 

It is true that vesterday the 
bullion price reacted against 
the sharp fail of the previous 
day and closed at $171,125, but 
nevertheless it is onssible that 
the dollar has begun to move 
on a new track, thus posing a 
riddle for Miss Midler. 

The strength of the gold price 
in recent months has been 
partially linked to the weakness 
of the dollar, itself the centre 
of international currency 
instability. If the U.S. 
Treasury sales, however small 
and symbolic they may be, act 
as one of a number oi catalysts 
to steady the dollar, then 
speculative sales of gold from 
investment portfolios may take 

This is not to suggest that the 
bullion price could slump to the 
levels of 1976 when if was under 
$130 an ounce, but it is to 
suggest that market movements 
might be quite sharp and that 
Miss Midler should have second 

Provided the level of fabrica- 
tion demand holds up then the 
bullion market has a very firm 
base. It is the calculation that 
demand is accelerating which 
has allowed the mines to adopt 
a sanguine attitude to tbe U.S. 
sales, which, it is pointed out, 
are smaller in scale than the 
continuing International Monet- 
ary Fund disposals. 

As the table shows, gold min- 
ing profits are at healthy levels, 
although the latest round of 
quarterly reports from the 
Anglo American, AnglovaaJ, 

Barlow jftand, General Mining, 
Johannesburg Consolidated and 
Union .Corporation groups has 
indicated a slightly lower level 
in the /three months to March 
than in the three months to 

At around $170 an ounce, the 
gold price the mines -have been 
receiving is much the same 
over the two quarters and, if it 
is possible to generalise over 
such a wide range of concerns, 
the factors determining the pro- 
fit levels have been internal 
rather than external. 

In the first place; a tendency 
to mine a lower grade of ore 
can be observed at some mines. 
Secondly, . production has some- 
times been lower. Thirdly, in- 



restored ” between the prices of 16.72p. The latest final appll 
rough and polished stones. to shares issued for the acqul.^ ... _ 
But these are the problems of tion of the Kleeman group. . • ~ -‘ ; ; 
an industry riding the crest of These figures look habdsoi .r ■ 
a wave. Down ra the trough are when seen against -the depr?' - 
many industrial mineral pro- sed" markets for base njetq .' ; ■_ 
dneertr- tike Hamersley, the Bio but it is a comment, pn cjt ~ 
TintOjZlne group’s'". . Western state of the industry 
Australian iron ore producer. that of Selection 
In . the first, quarter to March, .'£2DL4m. turnover no Tessi 
net 7 :: profits were reduced- 'to £70m. derived from wfn 
A$L7in. (£L05m.) from A$0m. group called , “‘active tra 
in lie same period of 197?'. as Government. securities." " ^ 
the company coped' with reduced still, the feeling is 
demand from the Japanese and ground that copper pri 
European steel industries. least have bottomed put and 
I£: 4 feis earnings pattern is week Mr. J. -Edwin 
repeated elsewhere in 'Western chairman of :.Jndo;- r .the: ynjf 
Ati^afia* then Selection Trust largest nickel produce^ ; ; 
the /London mining finanre 'that. nickel prices 
house,,' will- not he receiving" of staging a modest- Upturi' 
from 'Mount Newman as much Inco tod' first quarter i 
as the £2.5m. it gained, in the profits nf $34,9m-. (£l8.8rSte?^ 

nine months to December. ... against $46in. in the li-.*nlH 

Selection. Trust - in those quarter qf 1977 but this reflect/';'/- 
mouths had net profits of £9:6nL advance purchases and currerf. f : ': 
comjiared with £10."4m; in the gaini' rather ■ than' any strd ^‘-- -. 
previous' full year.-. The final demand revival. . .Indeed tv//' ■ 

dividedvis 9p, making a total gronp’s stocks remain b,.. '--- 


creasing costs continue to be a 
problem as the mines come to 
terms with higher electricity 
charges and the necessity to cope 
with the continual movements in 
the labour force which cause ex- 
tensive training programmes. 

Certainly thsre is no appear- 
ance of belMigh'en’.Tig in the 
latest dividend payments from 
Anglo American Orange. Free 
State mines. Western Holdings, 
for example, is declaring an in- 
terim dividend of 190 cents 
CllSp) which compares with 140 
cents a year ago and a iinai 
last September also ot 140 cents. 
President Steyn is paying an in- 
terim of 30 cents after total pay- 
ments of 20 cents in the year 
to last September. 

One of the beneficiaries of 
these payments, indirectly, is De 
Beers, which .now. owns 33 per 
cent of Anglo American. As Mr. 
Harry Oppehheimer, the chair- 
man pointed nut in his annual 
statement, the group is in an 
expansionist phase. 

The main preoccupation of De 
Beers, however is to induce a re- 
turn to order in the overheated 
open market for rough gem 
stones. Mr. Oppenheimer made 
It clear there would be no rise 
In basic prices until this is justi- 
fied by retail demand. He in- 
sisted that a surcharge, at 
appropriate levels, would con- 
tinue to be levied by the Central 
Selling Organisation until “ a 
reasonable relationship has been 

Blyvoorultxicht ... 


BnffelSfoatefn ... 
Dooriffobtein ...... 


E. Dfiggafonteln... 
E. Driefoalein .... 

E_ Rand Pty. .-- 

E. Transvaal 

F. stfEMpId 

Gnjotri el 

Leslie-*. . 


of production. ” 




. Sept : 


quarter . 







- 5B09 








. - 2.780 


■ tow 

■ f771 • 






’ : f7*l 


122 $: 





16,729 - 


- 966 . 

. 7,026’ 




9yW3 ' 





. ‘ 7^42 . 

6^25 ' 


- 597: , 

>. '. ; 265 

'■•’"•IK. ttS.-f' 

. t43.9 . 

■ 142 

- 867. 7 



-9^31 v. 


- Vl ; -10098 . 

10^79 . 

^-13 JOT 


7 f X« 


448% s , s - : • 
-t*7S4'-- ' '•/ -/ 

14,11 iV”> : 

• TL533, 


' -Cfe 
' ■ *-cr!: 

i V 

, t» .... 


PresMtttt- Brand— 

President Steyn :. 

St, Helena 
S. African land.. • 

S. Eoodepoort ... 

Stflftniiete :. , 

Vaai Reefs ..w.... - - 1 W&*-- 

Veaterspost - tl2S -. 

Vtafcfontetn '■«.*. v. , -Sy. v 

Welkom '■> - 2AT9 . 

W. Driefdntefii-— - ' "22,138.; 23.583- 

W. RaAd Consold. - ■ 't470 t3)9 

Western' Areas 
Western Deep 

Western’ Holdings- . Mg . 


■ 2,731 

a# o 



Winkelfaaak v ; 4^1$ 

- * After receipt of . State 

of capital- Stems following- efts© tion 


. ms 


- 7M9 


Cqss. $ niet .surplus -Includes sa 
■ o^mfaihg. Bre-tax profit, 

: 4,406; 

. 287 ' 



Land of the 
rising yen 



JAM. 1968' BO- 

ft ''.I 


. ;->* <*• 
•-.i v 

' *.*•« 

■- T>^ 
'.• . . “W- 

. v 

• '- Us, 


: recent rise and' fail ' of the 
London market British investors 
; must watch the cliff-like rise ot 
=t&?~ -Tokyo share-prices with 
‘scepticism. ■ They might wish 
someone bad told them- to buy 
-it the start, but they lack the 
courage to' climb aboard this 
life. v 

“--Take courage, advises the 
Xondonbroker Henderson Cros- 
thwaite: theclimb of Nikkei- 
Dawtndex has only just begun. 
^So far this, has risen by 
14 per cent, to a post-war record 
of 5,1>55. Christopher Heath, the 
firm’s Japanese specialist states 
flatly that it will rise another 
20 per cent before the year is 

Monetary factors lie behind 
the recent strength of the 
Japanese market Interest rates 
are at a post-war low. with the 
discount rate at 3.5 per cent 
These rates have prompted the 
investment funds in Japan to 
switch in a big way from fixed 
interest securities into equities. 
The savings ratio remains high, 
and the banking sector and 
companies have plenty of 
liquidity. This surplus of cash 
suggests that the predicted pick- 
up in business activity in Japan 
will not lead immediately to a 
damaging upsurge in interest 
rates. The inflation rate, too, 
is right down from 25 per cent- 
plus in the wake of the oil 
shock, to 4.5 per cent to-day. 

In Britain we have become 
accustomed- to looking at a 
rising exchange rate with alarm 
— largely because we suspect 
that such a development is the 
result of special influences other 
than an increase in our indus- 
try’s international competitive- 
ness. The first bullish point to 
make about Japan is that the 
strength of the yen is the 

1977 1978 

reward for industrial efficiency. 
The effect of the yen’s strength 
is to concentrate the efforts of 
Japanese industry in high- 
technology areas that have 
prospects for tide future. Prom 
this viewpoint, exchange rates 
are not “ the great leveller." but 
actually reinforce the differ- 
ences In the industrial effective- 
ness of different countries. 

Henderson Crosth waite detects 
improving corporate confidence 
in Japan, bred of an expectation 
of economic growth. 3be Japa- 
nese Economic Planning Agency 
has forecast an annual average 
economic growth rate of 6-3 per 
cent over the next five years — 
an envisaged total growth over 
that period of no less than 
35 per cent in real terms. The 
broking house contends that the 
current situation on the Tokyo 
exchange is analogous to that in 
1972. when the stock market 
rose by 92 per cent. It is this 
prospect that makes the increase 
in the index so far look quite 

Assuming that you find the 
argument convincing, ' bow 
should you participate ? Christo- 
pher Heath thinks that three 
British-based investment trusts 
— Crescent Japan, GT Japan and 
Jardine Japan in that order of' 
preference — are suitable i 
vehicles. He favours Crescent 
because it is most fully invested 
at the moment. At its current 
price of 165p, Crescent shows a 
discount to net asset value of 
30 per cent. 

the pinch 


SPRING 1 — spring? — and early 
summer is the time ot year 
when most people go house- 
hunting. Ask any estate agent. 
This year the pattern may have 
been distorted, because of the 
early flurry in house prices; but 
I even though things have settled 
down again it is evident that a 
good many people are still look- 
ing. If they do find the pro- 
perty that they desire, however, 
how likely is it that they will 
also he able to raise the money 
to finance it ? This month the 
building societies are, for the 
first time, cutting back on their 
lending in line with the 
Government’s request: and -al- 
ready there are disquieting 
stories of sharp reductions in 
the amounts which societies are 
prepared to lend — and still 
more disquieting stories of the 
length of time which would-be 
borrowers must wait for the 
money that they need. 

In an attempt to map out the 
lie of the land, I talked to a 
handful of the biggest of the 
building societies — the societies 
i to which the majority of our 
readers will, on statistical prob- 
ability. be going, should they 
1 wish to trade up in the housing 
market. The results are incor- 
! porated in the accompanying 
table. But be warned. It is 
intended as nothing more than 
a rough guide: and society after 
society emphasised that indi- 
vidual circumstances would 
merit individual treatment. 

What is immediately obvious 
from the table is that anyone 
who wants to raise a great deal 
of money by way of a mortgage 
is going to have a tough time 
doing it. Beyond a certain 
point, of course, it isn’t really 
worth doing anyway, for the 
interest on loans in excess of 


[ Financial doctoring 

Ashley Ashaaad 




advanc e 

Plus £2JX>0 on 
existing loans 
£ 16^}00 on new 
loan s 

Britannia £20,000 2j 95 

Halifax £25,00 0 Ji 90 T, 

Leeds Permanent No maximum 2j-3 95 To 

Leicester No maximum t 2} 95 B 

Nationwide . No maximum 2 J 90** i 

Provincial no maximum 3 ■ 90-95 Ti 

• Assuming a house built after 1930. t But they would think twice If anyone as ted for more thon £20.000. 
»» Varies according to the the of loan. 

of income 

of valuation* 


times for mortgage 
to come through 

DO YOU feel financially un- 
sound? Is there a permanent 
blockage in the cash flow, a 
hiccup in the expectations, a 
certain creaking in the financial 
ligaments? Then consult your 
friendly clearing banker. Until 
just recently that would have 
been Dr. Barclay. But this 
week Dr. Midland set up in 

For a minimum fee of 
£25 (out of which you get a 
one-hour session; so you want 
to make sure that you have done 
your homework first and do not 
need to -take up any more of 

the doctor’s time) Midland 
Bank Trust Company will now 
provide you with a personal 
financial counselling service. It 

is not a cure-all. The bank does 
not aim to resolve your prob- 
lems: all it does promise is that 
it will turn the cold eye of 
impartiality and experience 
upon them. Those problems 
might take in anything from 
insurance to the provision of 
a will: from the dilemmas which 
beset anyone who would go 
abroad, to the financial after- 
math to the break-up of a mar- 

A yearbook for investors 

10 days 

10 days' 

To 6 weeks 
To 1 2 weeks 
8-10 week s 
One wee k 
To 6 weeks 

£25,000 does not qualify for tax 
relief. Anyone wbo, neverthe- 
less, wants to raise more than 
£25,000 by way of a mortgage 
would probably do best to start 
off by approaching Nationwide, 
which is emphatic that it im- 
poses no formal limits on the 
amount which may be advanced 
to any one borrower — though 
equally emphatic that the 
majority of borrowers in fact 
play safe, and borrow consider- 
ably less than the society 
would, on consideration of their 
security and their ability to 
repay, be perfectly prepared to 
lend them. 

For those with no ambitions 
for a mansion in the country or 
a flat -in St. John’s Wood, the 
situation at the moment is a 
curious one. Most of the socie- 
ties to which I talked said that 
they would not allow the res- 
trictions which the Government 

has asked them to introduce to 
limit the aranuni that they will 
lend to individual borrowers: 
but they might be forced to tell 
them to go and ask elsewhere. 
Alliance is something of a 
curiosity, in that its policy to- 
wards existing borrowers is 
specifically designed to push 
them into ploughing back the 
equity which they have 
acquired in their existing pro- 
perties — a move which, given 
the rise in house prices on 
either a long or a sbort-term 
view, one would have thought 
was forced on those who trade 
up anyway. 

It is quite true that, having 
been accepted for a mortgage, 
the would-be house-buyer might 
now have to wait for his money. 
For the new restrictions are 
being imposed by way of quotas 
at individual branches of the 
societies; and anyone whose 
.■mnlieaHnn k aei •enr<'d .v a 

branch whose quota has run out 
is going to have to wait until 
the manager receives his next 
allocation of funds.- However, 
agreement in principle that a 
mortgage should be granted, 
isn't likely to take much more 
than 10 day's to obtain, even 
allowing for the building 
society’s survey: so it is worth 
asking when that comes through 
whether there will be a wait 
and how long it is likely to be. 

But, if there is such a wait, 
of course, the prospective house- 
buyer’s freedom of action may 
be severely limited: he certainly 
isn’t likely to receive favourable 
consid ration as an applicant for 
a mortgage from any other 
society, unless he has been 
saving or has borrowed fmm 
them already. So the arguments 
for spreading savings around 
between several societies are as 

cf-nn" ac wnr »|iop 

ANYONE WHO invests in unit 
trusts on a regular basis should 
be glad to know that this year’s 
edition of the Unit Trust Year 
Book* is now out It is not a 
volume that anyone would select 
for their bedtime reading, but it 
does give a wealth of solid, 
down-to-earth information about 
the industry in general and 
about the 362 trusts which com- 
pose it in particular — or rather, 
about the 362 trusts which did 
compose it when this book was 
put together. Just recently, new 
trusts have been emerging like 
daffodils in spring; but then 

there isn’t much that can profit- 
aL j be said about them anyway. 
Anyone wbo wants to buy has 
to go on the manager's promises 
— and the reputation they have 
acquired for the performance of 
the funds which are under their 
care already. 

The new edition of the Year 
Book has, as usual, a selection 
of articles which are quite in- 
valuable for anyone coming new 
into this field. 

* The Unit Trust Year Book 
1979, published by Fundex Ltd., 
Greystoke Place, Fetter Lane, 
London EC4A 1ND. Price £3.85. 

A warning on pensions 

WHILE ON the dismal subject 
of financial health, the self- 
employed might tike to Dote 
that Vanbrugh Life has just 
made a contribution towards 
their joie de vivre with the 
publication of a pamphlet en- 
titled The New State Pension 
Scheme: a guide for the self- 
employed. This goes into the 
dilemma they face in trying 
to provide themselves with a 
decent standard of living in 
their old age: in particular, it 

nv-minne «h« nar\ ivhii'b iq Jjkplv 

to open up between the provi- 
sion available to anyone contrac- 
ted in or out under the new 
State Pension Scheme, and that 
available to those among the 
self-employed who merely con- 
tribute to the basic pensjnn. The 
object is. of course, to pave the 
way for a sympathetic hearing 
to the virtues of Vanbrugh’s 
Flexible Retirement Plan: but 
indeed, the subject is serious 
enough: and anyone who is self- 
employed should certainly he 
thinking about arranging some 
form of topping up. 

*Chargcx decline as sums invested increase. 

Gilt-edged temptation offshore 

. • 7 THIS WEEK, let’s take a . look at 
~ _■ a haddftrl of recently launched 
offshore funds. It’s an appro- 
; priate moment to do so, because 
l^-one of them— Brown Shipley’s 
' "^. Sterling Bond Fund — sees the 
../"light of day for the first tiine 
; f/ this morning. The fund is 
' '-"^designed for people who live 
• • ‘ abroad (or in the Channels 
• -Islands), who want to put their 

money into gilts for the sake of 

the income available: and the 
managers reckon that the recent 
uncertainties of the market 
make this, if anything, rather a 
good moment for people to put 
,their money in. 

" --- The validity of that argument 
‘will, of course, be tested by 
-“r" developments later in the year: 
•i irwhat happens to the money 
•::: supply, to sales of gilt-edged 
■ : stock by the government broker. 

and to the rate of inflation and 
the value of sterling. Even if we 
assume that Brown Shipley is 
right, however, and-’’ that the 
events of the past f$w days have 
represented nothing more 
serious than a temporary set- 
back, there is dne point that 
ought to be mape to those who 
would put tijeir money into 
Sterling fixe£ interest funds. 
Because thev managers assume 
that income -comes first — Brown 
Shipley is tpekoning on offering 
an 11 per (Tent yield on its new 
fund, which can be reinvested 
by those' who want capital 
growth rather than income — 
there isn’t all that much they 
can do if markets turn sour for 
any length of time. It’s possible 
for them to go liquid on a tem- 
porary basis — by putting their 
money into Treasury Bills, for 

example.' or CDs: but those in- 
vestments .will not? yield as 
much, and to keep the income 
up they must, sooner or later, go 
back into gilts. 

The point is illustrated by 
the performance of the Clive 
Gilt Funds, also relatively re- 
cent arrivals upon the offshore 
scene (they started taking 
money last month). They are 
slightly down on their offer 
price — not a bad performance, 
given the way that gilts have 
behaved in the meantime: hrit 
then both funds still have, a 
relatively high level of 
liquidity. They reckon that 
there won’t be any problem ’in 
achieving the 11 per cent re- 
turn that they have forecast 
but unless gilt markets do perk 
up it may have to be at the ex- 
pense of capital performance;' 


High Income Trust 

Since Its Launch The UKs 
Best Performing High IncomeTrust 

r\ r\ 0/ 







The U.K. Stock Market as measured by the FT Industrial Ordinary Share Index, has more than trebled since 
its low point in early 1 975. If you had been clever or lucky enough to have invested in U.K. equities at that time 
you would have obtained substantial rewards. Of course, to be a successful investor, timing is of the essence. 
As managers of Arbuthnot North American and International Fund we firmly believe the timing is now right to 
invest in U.S. equities, forfive principal reasons. ..... 

w The time to invest. There are striking similarities between the U.S. market now. and the U.K. market in 


-T|> I i iT I- f f»1<>Kl*TvT»I'l t lli:--lAMH> 

American shares - historically cheap. The average price of U.S. ordinary-shares is historically cheap 


at 6.1 % is the highest level since the previous bear market in 1974. . • . . 

3 Increased profits for 1978. Profits for U.S. companies are forecasted to increase through 1978 and 

companies are expected toraise their dividends. 

M Increased economic growth. It is the policy of the International Monetary Fund (IMF) to ensure thatthe 
major western economies reflate as soon as possible. We believe that the USA. will implement IMF policy, 
but that they will do so with extreme care so as not to Import inflation, it is estimated that GNP will increase 

m Spread oflnvestment. This Fund Is designed to invest in a wide range of American securities embracing 
O many aspects of the world's most powerful economy- In excess of 90% of this fund is invested in U.S. 

TTtepriceof units and the income fromthem may go down as well as up. 

Your investment should be regarded as longterm. , ... . , 

Investment of this Fund is partially through a back-to-back loan facility in order to minimise the effects of 

^^OnceagirinAve strongly recommend investors not to miss this opportunity of investing into the 
American Market. ■ . 

Fixed price offer for North American & International Fund (estimated current gross yield 
1.0%) until 5 pm April 28, 1973 at 31. 2p (or the daily price if lower). 

*' hl “ ^ ° ,,eB ^ ”* W ' hJ “ ,l8 * * 


of oHa*. onlrs mar Edinbu ' Bh4 ^ ) - 

pTiunii»v)«lwHnfl«teife*rK»n unfa can ■fcolWBoId back. Mandwrs of «t» UmtTmat toeclatlpw. 


DWowSvto twIiuEBOOl In AAuUinoi Nonli Ameilcwi & Intemailqnal Fund Accumulation Units and 


□ Slau»oxchana«*cftomi»tlckbo*rfojril«tan» □ 

i num rfvhislhat l m/wa am over 18 and not resident owstta the scheduled territories nor am 1/am we acquiring the above tnenUored 
S^^riLlSKs^ mtovnouH** itoplwtoite t**?™”?** U» make tto deriamlo.., h should no 
3SSteSi5lliel0irn lodged through your Bank.S«oeMirokw, oiSoUctioi In the United WogdonO. 

StflnattwfsJ. ■ 

Joint ap pflcanB.all num 


Addressees) - 

sMr/Mrs/M«s nr Titfes and Forenames. 

. '• WA15FT W 

Chieftain High Income Unit Trust aims to bring you 
immediate high income combined with prospects of good 
capital growth. 

Since the launch of the Trust in September 1976, the 
otter price of units has increased by 6S.-S% lit the same 
period, the KT Ordinary Share Index has risen by 3tl5% 
During tills time, the Trust has out-pcrfbrmed all other 
Uhl authorised high yielding unit trusts. 

Over the years we shall seek to ensure that the 
income you receive grows. Furthermore, while a high 
| incopie is the main purpose of the Trust, it is an historical 
I fact that high income unit trusts have often been some 
j of the best vehicles for capital growth. 

. MCfe believe that, in the long term, the potential for 
| growth of both income and capital will give you a signifi- 
cantly better total return than a fixed interest investment 
I sucfi as a gilt-edged security or a fixed capital investment 
such as a building society 

Although you can sell your units at any time, unit 
I trusts should not be regarded as a short-term speculative 
i investment, and we would like to emphasise that the price 
of units, and the income from them, can go down as well 
1 as up. 

WhyAUnitTrust? ~ 

The prohlem associated with stocks and sliares for 
the individual investor is, of course, that he rarely has 
enough capita! to spread his risk, and sufficient infor- 
mation to choose with confidencc.This is particularly true 
for those seeking a high income. 

But the beauty ol a unit trust is that through it you 
invest in a wide portfolio of stocks and shares, which i$ 
managed for you by foil-tin le professionals. 

Your financial adviser will be able to answer any 
questions you may have about the merits of unit trust 

Investment Prospects 

The funds of Chieftain High Income Trust are 
invested in high yielding stocks and shares. Our policy is 
that by far the greater part of the Trust's funds arc 
invested in high yielding ordinary shares. Holdings of 
preference shares will not exceed 20%. More than this 
would, we believe, restrict opportunities for growth. 

In order to minimise risk, the portfolio is spread over 
about 100 U.K. companies. Our investment managers 
monitor the progress of these companies very carefully— 
as thelrusts paiormance to date dearly shows. 

The financial situation of the country has improved 
considerably over the last two years. As North Sea oil 
has begun to make a positive contribution to the balance 
of payments, sterling has strengthened interest rates 
have fallen, and company profits have improved. Inflation 
has been reduced to single figures. 

Chieftains managers believe that in the long term 
the wealth generated by North Sea oil wjR continue to 
play a considerable part in the recovery of the U.Ks 
economy from what is still a very depressed level of 

In the short term the sluggish increase in world 
trade will probably mean that growth will be slow 
However; the caution of the recent Budget will, we hope, 
mean a more stable and sustainable rate of economic 

As long as wage settlements continue at reasonable 
levels, we believe there is still scope for improvements 
in company profits and business confidence. This should in 
turn allow fitrther increases in the value of shares and thus 
Chieftain High Income Units, and the income they provide. 

Share Exchange Scheme 

If you wish to realise a part of your portfolio and 
invest in Chieftain High Income Trust, die Managers can 
arrange to sell your present shares for you, and will 
absorb all the usual expenses of the transaction. This can 
give you a worthwhile saving. The minimum purchase 
through the Share Exchange Plan is £500. Tick the box 
in the coupon for foil details. 

\our Reassurance 

Chieftain Trust Managers Ltd. was established in 
September 1976. Its four trusts, dealing in overseas as well 
as U.K markets, have already attracted funds worth 

Application Form 

Ftlfinthc coupon and send it now ten Chieftain Trust Managers 
Limited. 30 31 Queen Street, London EC-4R 1 HR- 

I mfc would fike to kiy Chieftain High inettne Units to the 

valueufE at -I22pii each, 

{Mmimirn initial holding L2$l)/ 

l 'Kir enclose a remniancc, payable to Chieftain Trust 
Managers Limited 

Tickbox: 1 

I I If you want maximum growth by automatic reinvestment cf X 
net income. 'j 

| | If yeti want Hi know how to buy Chieftain High Income Units 

□ on ti regular monthly boss. 

If you vtnrid like details of our Share Exchange Flan. 

about £8 million. This exceptional rate of growth has 
owed much to the considerable support Chieftain has 
received from stockbrokers and investment advisers. 

TheTrustee of Chieftain High IncomeTrust is Midland 
Rink Trust Company The main duties of the Trustee are 
to hold the title to the Trusts investments, and to check 
that all purchases made by the Trust are in accordance 
with theTnist deed; to ensure that the income is distributed 
to the unitholders properly; and to approve advertising 
and literature- 

Tax Advantages 

T&u can sell your units on any normal working day 
at the prevailing bid price You will normally receive a 
cheque within seven working days of receipt of your 
renounced certificate. 

The 1978 finance Bill proposes that unit trusts will 
pay tax on capital gains at the privileged rate of only 10%. 

When you sell units it is proposed that you will receive 
, a tax credit of 10% against Capital Gains.Tax.The Managers 
interpret this to mean that on unit trusts you should have 
no tax to pay on profits up to £3, 0(H) on sales in am r one 
year; and your maximum liability is limited to 20!% of yotir 
gam. On sales before 5th April 1979 the tax credit will be 
even higher if the proposals become law. 

. CLOstNG Date i 

. Until 28th April, units will be available at a fixed 
price of 42.2p xd each. Your application will not be 
acknowledged, but you will receive a certificate by 9th 
June 1978. 

fill in the coupon, or talk to yonr financial adviser 
without delay 

General Information 

The offer will dose if the underlying price of units 
should -differ from the fixed price by more than 2 1 2 !%. 
Alter 28th April 1978 units will be available at the daily 
quoted price and yield published in most newspapers. 

Chieftain High Income Units were iirst offered on 
6th September 1976 at 25p each. 

There is an initial management charge of 5% included 
in the price of units.Therc is also an annual charge of 
(plus VAT) which has been allowed for in the quoted weld. 

The Managers will pay the standard rates of commis- 
sion to recognised professional advisers, who are invited 
to ring 01-248 3612 for further details of High Income and 
other Chieftain trusts. 

Income is paid net of income tax, but riiis can be 
reclaimed by non-taxpayers. 

Distributions and a report on the fund are made 
half-yearly on 31st May and 30th November Units bought 
now first qualify for distribution on 30th November 1978. 

This offer is not applicable to Eire. 

The Managers of the Trust arc Chieftain Trust 
Managers Ltd., 30 31 Queen Street, London EC4R 1BR. 
Telephone 01-24S 2932. 

The Directors of Chieftain Trust Managers Ltd. are 
E L Potts, M.A. (Chairman); R. .1. D. Eats, MA, MBA; 
J. D. Gillette B.Sc.; I.H.A. Hazed, EC.15.,- A L. F. K.Tod. 



declare that I anvwe ans over 15 and not resident outside J 
the LLK. or Scheduled Territories and that I am*we are rtoc . 
acquiring the units as nominee's) tf any persemist resident [ 
owttidethe UK. or Scheduled Territories. (If you arc unable to sign i 
tins declaration fc dwuk) be dcktcd and yevr application lodged | 
through an authorised depository) i 

fr I j 



(If there are joint appkans aV must sign and attach names and > 
addrcso separately) (Pxg'J cflkc flS above. Rcg'd Na?4UII6) I 




Financial Times Safeday 'Aptil 2Z 1978 


Share prices on Wall Street have 
recently staged a sharp recovery as 
institutional investors have reacted to 
more favourable economic 
developments. This recovery has been 
given added impetus by the above” 
average amounts of institutional cash 
awaiting investment in equities and the 
fear of missing the bottom of the 

Past performance 

Whether this recent upturn in the 
market represents a brief rally only, or 
whet her it heralds the beginning of a 
sustained bull market is difficult to 
determine at this time. Even so, it is our 
firm belief that the market is now towards 
the lower end of its present cycle and that, 
however the market reacts in the short 
term, the scope for capital gains is 
substantial in the medium term. 

Since the launch, the fund’s offer price 
has increased by 113%. This compacts jjrith 
a rise of 21% in the Standard & Poors 
Composite Index (152% when adjusted for 
exchange rates and investment currency 
fluctuations) . As can be seen from these 
figures, changes in exchange rates and in 
the investment currency premium can 
affect the value of your investment as m uch 
as stock market fluctuations. . 

An investment in this fund should be 
regarded as a long-term one. . . ■ : ; 

Remember the price of units and' the in- 
come from them can go down as Well as up. 

, The reasoning behind this belief is that, 

although there are still a number of 
unsettling factors within the U.S. economy, 
they have been largely discounted in the 
present level of share prices. Despite the 
rise in recent days, shares are still selling 
at comparatively low levels in relation to 
companies' underlying assets and earnings. 
We therefore believe that Wall Street 
continues to be in a position to record an 
impressive performance. Furthermore, we 
believe that Save & Prosper United States 
Growth Fund with its current emphasis on 
the larger companies - which have led the 
recent upturn - is a particularly attractive 
way to invest in the American market. 




Save & Prosper Group was founded 
in 1934 and in addition to being V 
Britain's largest unit trust group is a . 
major force in the life assurance, 
pensions and annuities field. 

At 1st January 1978 the group 
managed £875 million on behalf of . 
more than 700,000 investors. 

How to invest 

United States Growth Fund 

U.S. Growth Fund was launched in 
1964 and is now valued at over £28 million. 
By investing in the fund you can obtain a 
far wider spread of investment than you 
could readily obtain on your own behalf, 
as well as benefiting from Save & Prosper’s 
long experience of the U.S. market and 
currency management. 

To make a lump-sum purchase, please 
complete and return the coupon below 
together with your cheque. You will be 
allocated units to the full value of your 
remittance at the offer price ruling on 
receipt of your application. The minimum 
initial investment is £250. 

On 18th April 1978 the offer price of 
units was 80. Op giving an estimated gross 
yield of £0.88% p.a. 

If you require any further information 
on the fund, we suggest you consult your 
professional adviser, or contact our 
Customer Services Department at the 
address given in the coupon below. 

Advisers requiring further details 
should contact Save & Prosper Services 
on 01-831 7601. 

Tram aim. Tbo aim ia to provida a portfolio 
invested in tbo shares of US companies. Income is 
not a consideration in managing the fund. 

Units ore easy to boy. Units may normally be 
bought and sold on any working day. However, in 
exceptional circumstances the Managers reserve 
the right to suspend price quotations pending 
their revaluation. 

And to sell. The Managers will normally bdy 
back Cram rBdueral holders.’ free o£ 

commission, at not law t han the bid price 
calculated on the day your instructions are 
received, in accordance with a formula approved 
by the' Department of Trade. They may also be 
sold back through an authorised agent who is 
entitled to charge commmon. Payment is 
normally nude wiUiin seven days of our receiving 
rouoonced cextificate(s). 

Safeguards. The trust is authorised by the 
Secretary oT State for Trade, and is a ’wider- 
range' Investment under the Trustee Investments 
Act. 1961. The Trustee it Bank of Scotland who 
holds the title to the trust's investments on behalf 
of the unitholders. 

Application for a lump-sum purchase of 


Save « Prosper Securities Limited. 4 Groat St. Helens. London EC3P SEP. Tel.: 01-564 1 
Real stared In England No. 78872S. Reglsternd office as above. 

To puicluse units ptasse complete and mum this form, eftfiai dt reedy or through your bank, sioctixofcaq solicitor, 
accountant or quaBRed insurance broker, together with your remittance. We. wilt acknowledge receipt of your OjjpBcado n 
and remittance and wtS normally despatch a certificate for the units within 14 days. Cheques should be made payable 
to “Sa»e & Prosper Securities Limited". 

This offer re not available to residents of the Republic ol Ireland. (Insert mount of nnuttanci) . > 

Please bane to me United States Growth Fund units 10 the value of ( C 

the offer price ruling on receipt of this application. (Minimum initial purchase £250, CM for subnqu 
A remittance is enclosed. 

J 'eafcubMat 



FuB Nimefc) 


Charges. The offer price currently includes «m 
oitial set 

Agin ti 

5 la otO 


initial service charge not exceeding S°/n, and a 
rounding adjustment not ex-:ecdtng the lower of 
1% or l.Znp. Out of this, commission oTli% (plus 
VAT whero opplicnblej will be paid to bonks, 
stockbrokers, solicitors, accountants and quali- 

fied insurance brokers on applications bearing 
their stomp, in addition, a half-yearly charge, out 
of which Managers' expenses and Trustee'6 fees 

are met, is deducted from the trust's assets. This 

charge is currently I8.75p per XlflO on which 8*& 

VAT in payable making a total deduction or2D.2op 
per *100. 

Income. Distributions of net income an? made on 

lath April each year. These can be reinvested in 

further units if you wish. 

Managers. Saw & Prosper Securities limited fa 
member of the Unit Trust Association), 4 Great 
St- HtleoB, London EC3P 3EP. 

I decisis that I am ovsr 1 8 and am not resident outside the UK oi olhei Scheduled Teefrortta end that I am not acquiring 
lit* aUove units as the nominee ol any penon leddoni outside these Tcnitotiea. (If yon ate unable to move this residential 
declaration it should be deleted and the lotm lodged through your UK bank. sioAbrotei of solicitor.) 


Esbring United States Growth Fund imitfioWeis 
please ucfc here. 

If you would like distributions of income to be 
reinvested in further units please tick here. 

If you would like details of dm Share Exchange Plan 
please tick here- 



United States of America 
-an opportunity to invest 

Successful investment depends on correct timing. 
Recent press articles have argued that U.S. securities 
offer good value at current depressed prices. A 
recovery in prices could occur suddenly, as 
happened in the U.K. in 1975, and investors may 
wish to establish their position before a recovery - 
takes place. 

New Court International Fund now has over SO per 
cent of its assets invested in the United States* The 
portfolio emphasises good quality companies with 
growth prospects, whose share prices are relatively 
low by historic standards. 

About the Fund 

New Court International Fund offers private 
investors a convenient way of investing in a portfolio 
which is professionally managed by Rothschild Asset 
Management and has National Westminster Bank 
as Trustee. The fund is authorised by the Department 
of Trade and qualifies as a ‘wider range’ investment 
under the Trustee Investments Act 1961. 

General Information 

Income. The crime obketive of the Fund Is capital cron-th. In 
consequence chc units itemed a re normally accumulation uoits-Tf 
h o wever you prefer income to be paid to you. vou -hould tick the box 
prodded In the application form. On rhe basis of current dbridezal rates 
and the offer price of unit- at I kh April. I^TS of M.Sp. the annual ero-u 
rlrlJ of the Futul calculated In accordance with the Deportmcnr of Trade 
formula is f.Wt per cent. Accumulation* and distributions of income 
arc made on 1 5th September in each year. 

Account*. The li nr ncta I veer of the Fund ends on 15th I uly, and audited 
. accounts are normally circulated bv 1 5th September. Hnlt-yeaxty 
Wjlt m c no made up to 15th Januaryarealao circulated. 

Charges. A preliminary charge of 31 pu cent is included in the buying 
price of unios. The annual Manancxnorr Foe isacche race of" • percent 
per annum plus V.A.T., based oo tire value of the di-routca propetev. 

The certificates for units issued will be potted to npc-Uennts K tbeit own 
risk: within 2 1 days of r e cei pt of their application bv the manager. 


(a) Income. The tax credit relating to the distribute blc income of die 
Trust will cover unitholders’ basic rate liability to income tax. For the 
THirpoies of cakuhdng liability to investment income surcharge end 
higher ni rea of nrxadon, unitholders’ Income m 11 be treated o» the 
aggregate of the Income accumulated at distributed, toserber with the 
nefatial cax credfr. 

lb) C a pital Cams. Based on die proposal, announced In "dwrecent 
Budget 3 ndsu here rociuar era ctmcnc. the Fund will be liable cow* 
ctfccxivt rate of rax of 10 per cent on its realised capital wains. ‘ 
L'nitholdcrs trill normally be entitled to a reduction in the amount of 
capital Clip* tax on chargeable gains art site from a dKnosal of d*ir 
units. The maximum amount of this relief for l°rs.'T'J is currenthr 17 per 
cent of the total chargeable mlnsaccruimt from the dr fwjl of such unit.*.. 

How to Invest 

To 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 may be bought and sold, 
daily at the prices shown in leading national 
newspapers. You should remember thac the price of 
units and the income from them can fall as well as rise, 
and you should regard your units as a long term 

New Court International Fund 

Ap/dionlon Fomi 

To; N. M. Rothxchild As*et hlamjtrmcrit Limited, ~ ’-SO vb rehouse 
Rreui Aylesbury. Bucks. (Rccd.ln Encl inJ. Nr,. rt:795JL 

1/We hereby apply to invest C — — -— in Unit- * of Scw.Cwjrt 
International Fund at the price rulinuen receipt ut this application. 

*i Accumulation Units will normally be LaucJ. rica .c tick box for 
income iinlisL □ 

b We declare that ( am ’«e are not rerioent ourvu/c tl* Scheduled 
Territories and that 1 .uti/wc arc not JCuuirinc die units ,ia thonotnu^W 
of any [ursoniyl reiijent outside these territories. I As Joined in the 
bank of Enid-inri’x Notice EC. 1 L 

I Applicant who are unable to make this declaration muss delete it and 
arrarye for the form to be lodged through an AucU.rlttj Depoeiury. 

Anthoriscd DepoKscarlc arc Informed chat permi -«ion lusbecagtan by 
the Bank of England for such ^subscriptions to be nude an beboH of non* 

residents, payment bang effected in external sterling). 

Surname fMr, Mrs. or Miss) 

Forcnnmefc) (in full) — — — — 

Address - — — ■ 


Date — 




Bothschild Asset Maiia>gejrieht 


times for 
tour men 

with recently floated Saga, is 
one of the few companies offer- 
ing investors direct access to 
the British package tour hosi-. 
ness,, was playing very coy 
earlier this week- about its- plan 
to raise £lm. with a rights issue. 
Although profits, were slightly 
down on- the industry boom 
year of 1975-76- the current 




Bruce Tanner , (chairman and mrt} amj Kenneth Franklin (deputy 
nwL) of Horizon Midlands:? cauflMK leap to the top five:' 

Trevor SvmjArie^: 

season promises well for house- 
hold names such as Horizon so 
doubtless the company feels the 
timing is right 

However, unless there is some 
well kept secret on the Horizon 
files, there seems little need 
for cash for nearly a year. 
Already the company has a few 
pennies tucked away and back- 
ing for a higher consumer pro- 
tection bond that will be needed 
for Horizon’s expansion south- 
wards into Luton will not be 
required until the end of 
March 1979. “We are just a 
cautious company,” says chief 
executive Bruce Tanner. 

** Cautious ’’ is perhaps a 
somewhat grey word to describe 
a group of individuals who 
fought themselves out of the 
wreckage of Vladimir Raitz’s 
Horizon Mark One collapse to 
become one of Britain’s 
big five tour operators. 
Gradually the Midlands part of 
the Horizon name is being 
scaled down- and no one would 
be at all surprised to see it 
disappear completely in the not 
too distant future. 

The tour operating business 
has shown itself tn be highly 

volatile in the past, malting the; 
prediction business a difficult 
one. but at the moment condi--. 
lions seem to be set fair for 
the tour operators, if hot. 
necessarily for retailers: 

For the past two years! 1 the 
industry, as a whole seems -to 
have got its sums very nearly 
right Being cynical one 'might., 
think that in" many cases this 
was due to outside factors as 
much as managerial skill. The' 
major outside factors were that 
two years of buffetfing had 
made the tour men" . extra- 
ordinarily conservative In: the 
business approach, and that the 
British charter fleet is now- so 
diminished as to make , any 
major expansion of programmes, 
a difficult proposition. - This; 
year too all the indications' are 
that supply, and demand will be 
fairly evenly matched, with the 
bulk of high season holidays 
already sold. * - * ' ‘ 

However, all in the garden is 
not completely rosy. This year, 
like last the summer .•demand 
is not proving as strong as was 
predicted in the winter and thus 
although the top .brand: games 
have been doing well.- there is 

still some nervousness in the 
ranks of the Smaller operators. 
^For-the consumer this is no bad 
thing. It means that there are 
still holidays to be bad in July 
and August with smaller, but 
highly reputable* operations. 

\ . The other concerns revolve 
around that thorny old question* 
of surcharges. It looks highly 
probable that surcharges will be 
with us again this summer and 
that consumer irritation will 

.This time there is a multi- 
plicity of reasons for the im- 
posts. Particularly criticised are 
the Spanish hoteliers who are 
accused of increasing their 
prices in- mid-contract as a 
result of employee wage 
demands (new Spanish freedoms 
include the right of industrial 
action). But added to this are 
those little things which pas- 
sengers prefer to forget, such 
as the newly announced security 
service charge which is -now 
going to be paid by the airlines 
(80p a head). Passengers to 
Greece may face surcharges 
because the Italians are propos- 
ing to make a charge for air- 
craft overflying their territory-— 

sb details are available yet 1 .- 
the present guest i gtaie is atk 
£2 per passenger. . . . ' .* 

. Tour companies cannot aba 
this' sort of surcharge. T . 
passenger may well ssy ti; . 
should, ..but the .sharehqk . 
would doubtless be alarmed' 
Horizon last year made arou , 

£2.30 pre-tax -per client 

.Further ahead „ the inc 
has the prospect of incrCasl:'*^ - 
competition from " Soandinav;' r 
.tour . operators. Tjaerebt ‘ " 
opened its doors In Londop t 
year selling holidays for. j 
coming season. It is appapeq *'•’• “ 
well pleased with the results-"'' 

a gnlair programme offering j. 

under 30,000 holidays and pit -* •’ 
to increase this to 100,000 ' 
the summer of 1979. - One «■ - : 

TjaereborgV major Scandi " 
vian rivals is Vingresor, whi 
diief executive Jan Carlftrai- -- * 
now announced his intention ’ 
moving into Britain." --- 

.All in all things-' stfem tb-; r 
set * fair , for “ people : ; li-. — 
Thomson, .Horizon, Tjaerebr 
and Vingresor. The pio&le 
are for those trapped in t- - 

to change 



IF THE BANKS are to make 
any adjustments this year to the 
charges that they make on their 
■\ retail, business” (branch 
business, -as opposed to that con- 
ducted at head office), they need 
to rtotify the “Price Commission ; 
by the beginning of Jube. And 
the Price Commission made it 
clear, in the report on bank 
charges which it published 
earlier this week, that it would 
cast a jaundiced eye on any pro- 



'■ i 

. ' . ‘if- • c ... 

. , < : 

Barclays . f ^ 

for “free w 
banking ;• 
£100 minimum oT 
_;'£200ar erage':- 

. . Charge 
per debit 
if balance 

,^10 ^'-' 



-•« r , - 
'■■*■-5%' *■ ' v - 

wBVtd (per 

"Lloyds \ 


" : r 

X^-r^Sp: • ■ 

Midland j 

£50 •: - 

National Westminster 

■ - £50 - • 

. 10p. 


Bank of Gotland . - 

••.£50,:’ ; . 

:.Ci” ^ 

- :■ 


wii::. ' 

v.v‘.7p'- •' 

Royal B»k of Scotland 

, £50 > • 


- ;• ; .S% ;• 


Allied risn 


p. w • . 

Brituh branches 

Nil ' 


•>:/ . — , ■ 

=50pr : 

N. Irish branches 

£50 • 

r 5p-’ 

■ — 



£50 - 



•I-.’- .- £50 -* ' - 

.t 4 ’— « 


-. ' £500 average' ; 


•" -V;- v-* 1 ‘ 

Vy^lliams & Glyn's 

. v v .i£5o •; 


f- £50 


4 % 


.V’ 1 Nn 

trustee Savings Bank 

Ti ■ £S0 



* Williams tk Glyn’s charge dp for automated transaction* and 9p otherwise 

1- 5EM 

posals made unless they were 
accompanied "by evidence of 
serious intent to implement its 
recommendations. So there is 
much discussion in banking 
parlours at the moment, much 
weighing of the pros and cons 
of higher charges and interest 
payments. But the net result 
seems likely to be that relatively 
little will be done in the short 
term — for the start of the next 
six monthly period on which 
bank charges are based, in July. 
The charges described in the 
accompanying table will,, in all 
probability, continue to prevail: 

Those charges raise, inter- 
mittently, the most dour 
criticism of the banking industry 
From Those who suffer them. And 
it’s not difficult to see why. 

The principal suggestions of 
•he Price Commission — that 
mterest might be paid on cur- 
rent accounts, and that, if neces- 
sary. the cost charged on such 
accounts should be raised to 
compensate — caused neither 
fhock nor horror in the indus- 
try, What the; did cause was a 
certain amount of perplexity as 
!o whether, and if so how, it 
might be done. 

The beauty of the present 
system o! bank charges — the 
appearance of that table not- 
withstanding— is its relative 
simplicity. Both the man who 
keeps £1.000 in his current 
account, and the man who keeps 
no more than £50, has a fair 
idea of what his use of tbe 
banking service is going to cost 
him — and the former, in addi- 
tion, does not need to worry 
about the impact of taxation on 
the interest that bis £1.000 
might earn elsewhere. Working 
nut a new system to provide a 
similar balance of simplicity 
and convenience— which win 
reward the high deposit holder 
without deterring tbe im- 
pecunious altogether — is going 
to take a Fair amount of doing. 

All the same, it isn’t for this 
reason that the clearing banks 
are not falling over one an- 
other to bring in the radical 
changes tn retail banking which 
the Price Commission has 
suggested they might reason- 
ably consider. It is beeause the 
recent rise in interest rates has. 
for the moment, taken off the 
pressures of necessity. 

SogpjjTiigCigijiilw 'jr ■ 

•5; - 

v: km 


■"■■■ : gm, V * I 


Year ended 31 siDecetnfrer 

Turnover * ?• 

Profit before taxation" V 
Profit after taxation ' . 

Profit after extraordinary items 
Earnings per ordinary^hare ■ 
.Dividends per ordinaiy.share 

Re-stated for changed policy ondsfftrred taxation. 

£1 55.4m 

£11 -9 m 

. 8.2G64p 

£1 33.1m 

.. £9,0ifn* 

t Before extraordinary items. 

Group profit beIow : 1976 peak du&to redu.cod demand 
in the Mining Division. . -i’.' ^ V 

^ Profits of Building and AutomotiVe Divisions higher for 
fifth consecutive year.' : ■ 

^ Maximum permitted increase in dividend.: :; 

# Record capita! expenditure of £14 mPpn in 1 977. 

Capacity exists f orlmprovement in 1978, says IV! r/ R . H. 
Dent,- Chairman. ■ r 1 -’. - 


v ’-"3l1T3 

'■•J r.% , _ 

‘.r-S.ii., • '-j if a i 

'>ii .... . _ { 

Copies of the Report and Accounts are available from the Secretary, 
Cape industries Limit ed/1 14 Park Street, Londo n W1 V 4 A B 

Building and Automotive Products 1 , insulation Contracting, Mining 





^^LL.THE clearing banks put 
j£their base rates up this week 
'aobofly’s surprise: after 
-V' & a H -.' some rise was more or less 
viDevxtable from the moment 
’ IS that the ta^mcellor pre-empted 
. market by announcing a one 
- |£point~mcrease in nunimum leDd- 
. ?^ag jate right at the beginning 
- of his budget speech.’ All that 
“.the clearing, banker have been 
fL waiting _foir ; was to see whether 
the rise h^d been enough, or 
■ whether 'nervousness' in ' the 



markets at home and abroad 
would force, the Treasury into 
allowing it tu go a little 

Anyone who wants to borrow 
money is now going to have to 
pay rather more for it — if, that 
is, he wants to borrow it by 
way of an overdraft As the 
table indicates, even after the 

rate rises this is still a much 
cheaper way of raising money 
than a personal Joan would be— 

: though whether it stays that 
way. really , depends on what 
happens to interest rates in the 

- Assuming that they may have 
a little further; to rise, what 
;should the would-be borrower 
be doing? That .depends on 
two things his .'credit rating first 
—if he can raise his funds at 
a .mere 3 per cent over base 
rates, then this is the way to do 
it: and secondly, the speed with 
which he reckons that he can 
repay the loan. 

. .Personal loons are made for 
a. given number of months, and 
have to be repaid at a given rate 
./throughout the period: there is 
no mileage to be had from pay- 
ing them back early. Over- 
drafts, in contrast,' can be paid 
back as early as you like. So if 
you belong to the' ranks of those 
who would really - rather not 
borrow money arid who, having 
borrowed, are desperate to 
repay it as quickly as possible, 1 
an overdraft is the vehicle for 
you. For tiie first time in years 1 
there as. Incidentally, some in-, 
teHectual justification for that 
puritanical approach. The , 
annual charge for borrowing 
money is now higher than the 
annual rate at wfakfa the value 1 
of that money is depreciating: 
so for the first time-in years the 
borrower is not winning: all the 
way down the line. The deposi- 
tor is not winning either: bui 
that (see the piece opposite) is 
a different story. 


Choosing to sell 



.Personal loan. 

0,000 .. 


... 14-7 



Personal loan 

None-- - 



; T4.7 



91-131 C 


Personal - loan 






■ • £2900 


■ 9 


♦Except where hire purchase restrictions apply. 




world’s leading insurance com- 
munity, is under attack as never 
beiiin?. Competition from over- 
seas insurance groups is great 
The volume of business in 
many classes of insurance is not 
sufficient to feed the ever 
expanding capacity of the 
insurance markets. Premium 
rates are being cut to obtain 
whatever business is going, 
while at ihe same time the value 
of the risks is climbing. 

So it is becoming difficult for 
insurance concerns to under- 
write profitably. And Lloyd's 
is no exception. Conditions 
have worsened to such an 
extent that ijk some syndicates 
the number Jfr members being 
introduced may have to he 
restricted in the future. 

But the day-to-da.v trading 
problems of Lloyd's have been 
given added 'spice hv the con- 
troversial ruling this week by 
the Committee of Lloyd’s, which 
'••fpptivclv blocked proposed 

Lloyd's of London 

bids by two American brokers 
for two Lloyd's brokers. 

Lloyd’s has said that no out- 
side insurance interest may 
normally hold more than 20 
per cent, of the equity of a 
broker seeking recognition at 
Lloyd's. Outside insurance 
interests were defined as an 
** insurance company, an under- 
writing agency, or a non Lloyd's 
broker, and while the Com- 
mittee retains absolute discre- 
tion the holding by such inter- 
ests should not normally be 
more than 20 per cent" 

Lloyd’s has concluded that it 



is a prime consideration to 
ensure that all Lloyd's brokers 
“ remain genuinely independent, 
so that free of pressure from 
ihcir ultimate owners, they can 
continue to obtain the best 
terms for their clients, be it 
at Lloyd's or with insurance 

Lloyd's has stressed that it 
has been at pains to eliminate 
all issues of nationality or place 
of residence from its recom- 
mendations. ‘ And it does 
accept that there are precedents 
for outside insurance interests 

Irccor Humphries 

owning a broker. But it is In a 
quandary as to what to do about 
the muddle. 

There has been wide discus- 
sion of the reasons behind 
Lloyd's decision. All business 
that is placed with Lloyd's has 
to be placed with an approved 
Lloyd’s broker. Even though 
the American brokers have done 
much of the work in producing 
the business, like all non-Lloyd’s 
brokers they have to still chan- 
nel the business through a 
Lloyd's broker if the business 
is to be underwritten at Lloyd's. 
That means that the commission 
arising has to be split between 
the Lloyd's broker and the 
American broker. 

The two bids by American 
brokers Marsh and McLennan 
and Frank B. Hall for Lloyd's 
brokers Wigham Poland and 
Leslie and Godwin are seen as 
a way in which this dilution of 
commission could be reduced. 

Lloyd’s brokers in turn are 
worried that if outsiders own 
Lloyd’s brokers then the 
volume of business left to them 
would shrink, and with it their 
valuahle commission. 

Frank B. Hall is annoyed by 
the Committee of Lloyd’s deci- 
sion. Already it is talking about 
not placing as much of its 
business in the Lloyd’s markets. 
There is no shortage of capa- 
city. /in other markets, and 
Lloyd’s could weW lose out. 

THE FIRST reaction of the gold 
market to the news of the 
planned sales of the metal by 
the U.S. on Thursday was to 
mark the price down sharply. 
It dropped by S5J on the day to 
S 168 | an ounce, its lowest level 
since early January and well 
down from this year’s peak of 
$1893 recorded on March 8. 

Nevertheless, the reaction of 
many dealers and of the South 
African mining industry was 
that the decision by the U.S. 
might not have too dramatic an 
impact on the movement of the 
price in the coming months. The 
market had in any case already 
been affected by fears that tbe 
administration in the U.S. might 
take such a step, ever since the 
recently retired chairman of the 
Federal Reserve. Dr. Arthur 
Burns, openly urged gold sales 
as a method of countering 
pressure on the dollar. 

This possibility was one of 
the reasons for the setback in 
the price after the upsurge 
earlier in the year which took 
it close to the all-time peak 
levels reached at the end of 
1974. To this extent, therefore 
the market had already dis- 
counted tbe U.S. sales in the 
price. Moreover, the amounts 
involved are not too frighten- 

Tbe gold market has already 
got used to absorbing the 
amounts of around 525,000 
ounces of gold a month which 
the International Monetary 
Fund has been auctioning for 
nearly two years. These sales 
are expected to continue. The 
U.S. sales will bring another 
300,000 ounces each month on 
to the market out of the 
country’s official stocks of 
227.5m. ounces. 

The sales, by both the U.S. 
and the IMF. underline, the 
main factor which, in spite of 
recent efforts to remove from 
gold many of its traditional 
functions in the world monetary 
system, make it different from 
other commodities. This is that 
the amount of metal which 
comes on to the market each 
vear from actual new production 
is completely dwarfed by the 
existing stocks of gold: the 
result is that movements in the 
price can be dramatically 
affected by sales from stock, 
whether by official holders or 
fmm the hoards of France, the 
Middle East and the Far East 

Nevertheless, the feeling in 
the market was that the quan- 
tities proposed could be ab- 
sorbed by demand for industrial 
use and hoarding, without any 

dramatic fall in the price of the 
metal. It may take time for 
cbnditions to settle down, and 
uncertainty until the results of 
the first U.S. auction next month 
are known could continue to act 
as a drag on the price. But on 
this view over the year as a 



whole there would be no reason 
to expect a sharp fall. 

The major qualification to 
this argument may arise out of 
the position of the U.SL dollar 
itself. One of the prime aims 
of the U.S. move has been to 
help restore some stability to 

the currency markets. Gold 
usually comes into favour at 
times of unrest in the ex- 
changes. and the sharp fall in 
the value of the dollar last 
year was one of the main 
elements whicb helped to en- 
courage demand for gold as a 
protection against uncertainty 
and pushed the price up to its 
recent peaks. 

The U.S. move has been 
timed to hit the market when 
the dollar was already begin- 
ning to show some sign of 
improvement. If it contributed 
to a sustained recovery in the 
U.S. cuirency, one of the most 
important reasons for buying 
gold will be removed and the 
speculative demand for the 
metal which cun play a big part 
in price movements could be 
substantially reduced. 

" 9 

Gtuu Gatin 

Dr. Arthur Bums, recently retired chairman of the Federal Reserve, 
openly urged US. gold sale. 

■' . v?*vr ; 



T ' 

I ■■ -i ' K\- 


The MM American & General Fund is designed 
to invest in a wide range of American securities, 
with maximum long-term growth as the main 
objective. Investment is partially through back- 
to-back loan facilities in order to reduce the effects 
of thedollar premium.The estimated gross current 
yield for Income units is l' the buying price 
of 49-5p on 19th April, 1978.. * 

Unit Trusts are a long-term investment and not suit- 
able for money that you may need at short notice. 

-. .V.Vr * -s.- -■ * - V . r. 

v . ;v V 

7.1.78 i 

1 The big potential growth sector remains 
H the American ma rket ^ NpAy TIME s 



I TELEPHONE: 01-6264588. This section to be completed by all applicants. 


I I 0 ? fllMi Mrs >tes) 



, tr 

.. <v-" 

down as well as up.. 

Prices and yields appear In the FT daily! Ah. initial 
charge of 3ar% is included in the price; an annual 
charge of ?% plus VAT is deducted from the Fund’s 
gross income. Distributions for Income units are 
made on 20th September and, 20th March netot basic 
rate tax and are reinvested for Accumulation units to 
increase the value of the, units. The next distribution 
date for newinvestofSwittbeZOth September, T978.&U 
can buy or.selt units on any business day. Contracts 
for purchases or sales will be due for settlement 2.or 3 
weeks later U% commisision is payable to accredited 
agents. Trustee: Lloyds Bank Limited. The Fund is a 
wtder-range security and isauthorised by the Secretary 
of State forTrade. 

M&G is a member of the UnitTrust Association. 


As an alternative, or in addition to investing a 
capital sum, you can start a Regular Monthly 
Saving Pfanthrough a fife assurance policy for as 
mile as £12 a month. Vbu are normally entitled 
to claim tax relief at current rates of £17 for each 
£100 pakf- 

On a £20 Plan, tax relief at present rates can bring 
down your net monthly cost to only £16-60, with which 
you buy units usually worth, considerably more. Reg- 
ular investment of this type also means that you can 
take advantage of the inevitable fluctuations in the 
price of units through Pound Cost Averaging, which 
gives you a positive arithmetical advantage, because 
your regular investment buys more units when the 
price is low and fewer is high. You also get life 
cover of at least 380 times your monthly payment 
throughout the period if your age at entry is 54 or 
under. An element of life cover is also provided for 
higher ages; up to 75. 

If you cash in or stop your payments during the first 
four years there is a penalty, and the tax authorities 
require usto make a deduction, so you should not con- 
sider the Plan for less than five years. 81% to 94% 
(depending on your starting age) is invested, except in 
- the first two years when an additional 20 per cent is 
retained to meet setting-up expenses. 

M&G is a memberofttie Life Offices' Association. 

This otferisnotavailableto restdentsoflhe Republic ol Ireland. 


AG 530428 

1 S’JTT’J I TJ J'TiYjTfT Compile section to make a Capital 

I »-~i ! 1 1 1 4 fVlTrJi Investment (minimum £ 1 , 000 ). Do not 

1 send any money. (A contract hole mil be senl io you slating exactly bow much 
| you owe-and the settlement date. Tour certificate will follow shortly.) 


(delete as applicable or Accumulation units will be issued) of the 
| M&G American & General Fund at the price ruling on receipt of this 
, application. 

I declare that lam not resident outside the United kingdom, the Channel Islands. 

! the Isle of Man or Gibraltar, and 1 am not acquiring the units as the nominee ol any 
person resident outside those Territories. (If you are unable Lo make this 
declaration you should apply through a bank or stockbroker.) 


I RTPyTTR Complete this section if you wish to make a Regular 
I Monthly Saving (minimum £12 a month). 

i wick T n cjiwc ip each month in the - 

I WISH TO SAVE [E 1 M&E lmKlian & Fund. 

I enclose my cheque for the first monthly payment, made payable to 
M&G Trust (Assurance) Limited. 

1 understand that this payment is only provisional and that the company will not 
1 assume risk until formal notification ol acceptance has been issued. 



' NAME AND ADDRESS OF USUAL DOCTOR (to whom reference may be made) 

Are you an existing M&G Plan holder 7 Yes/No 

It you cannot sign Part I of the Declaration below; delete it and sign Part H. 
Declaration PART 1 1 declare that, lo the best of my belief, I am in good health and 
tree from disease, that I have not had any serious illness or major operation, that 1 
do not engage in any hazardous sports or pursuits, that I do not engage in aviation 
except as a fere-paying passenger on recognised routes, and that no proposal on 1 
my life-has ever been adversely treated. 

PART It I agree that any declaration made by me in connection with , 
this proposal shall be the basts ol the contract between me and M&G Trust 1 

lAssurance) Ltd., and that l will accept their customary form of policy. I agree to 
provide any further intormation the company may require. | 

(A specimen of the policy form is available on request) BBHBdHS i 

Alabam a 

l , - 

*.^6^**n*£ 'MiyW- 


jj DATE 

B Registered in England No. 1048359 Reg. Office as above 

Tke TJoited States of America is one of the world's 
strongest economies. Its strength is based on the 
country’s- abundant natural resources and its com- 
mitment to free enterprise and tbe creation of profits 
and prosperity. 

In addition the US dollar is traditionally a stable 
currency and inflation has overall been kept lower 
than in other Western nations. 

Piccadilly XttiPrirem Fnnd aims to achieve maxi- 
mum capital growth by investing in the shares of 
industrial and commercial companies in the USA 
and, when appropriate, in short dated government 
and corporate bonds. 

The United States has been affected less than most 
other countries by the current world recession and, 
despite a number of areas of short term concern, the 
economy is fundamentally sound. 

Lack of investor confidence in the strength of the 
economy, and unsettled conditions in the securities 
industry, have held back share prices in recent 
months. However, these fears are related to essen- 
tially short term considerations and we feel that the 
American market is extremely attractive on a 3 year 

US companies axe raising their dividends, high 
corporate liquidity has produced activity among 
second line stocks in anticipation, of takeovers and 
there is evidence that significant institutional funds 
are now awaiting investment. Price /earnings ratios 
are at a historically low level. 

Piccadilly American Fund provides an opportunity 
to invest in the US stockmaxket at what could prove 
to be a low point of the current cycle and investors 
would be wise to consider investing before the 
market rises. 

The price of units the income from them may go 

down as well as up. 

Your investment should be regarded as long term. 

Applications and ehaqnas Kill ba acknowledged with the issue of a contract 
note, and you will receive yonr certificate for Uie number of units allocated 
within four weeks of receipt of 70111 epphestion. Units will be issued at the offer' 
ptice ruling at tbe dose of business on the day preceding receipt of year 
application. Far information purposes only, tbe offer price of miitaM the close of . 
business on 19th April 1W8 was 25Jp. Tbe estim a t ed gross annual yield allbat 
price was 2JJ%. 

Inco m e DtfsMba&az. the income, net of tax at O>o basic rale, is payable 
annually on 28th July. The first distribution will be made on 28th July 1828 on 
applications received by 28th May. 

The Chargee. A once only charge of 6% is fndnded in Ihe offer price to coyer 
initial -expenses inotoding commission oT to recognised professional advis- 

ors. An. a nnu al charge ;% f-i-VATj of the value ct the Fund is deducted to 
cover management and admaustration expenses. 

C a pital Cains Tex, ffyoa are a b asic r ate tax payer yoawill generally incur no 
fax Jiabaify whezz yon self your mots. 

Val u a tions . The Fnndia -valued dafly and the mr w ttd price and -yield is pub- 
lished daily in the national press. 

Managers. Firradflly Pnir Trust Management limited (Members of the Unit 
Trust A ssociation). 

D ir ectors. Alan F. Judd ACA, Albert H. Fox FCA. Richard C. Laden, Neil H. 

Scott, David F. H. Saoggie. 

T x - us tae. Bank of Scotland, The Monad, EdfnborghEIO 1TZ. 

Boot to Sell tTnits. You may realise pert or all of yonr investment at any lima 
by signing the back of the certificate indicating the n u mber of units yon wish to 
sell and ret urning it to the Managers. You will normally receive yonr cheque 
willrin 14 days. 

Share Exchange Plan. We consider that it is now the right time fax holders 
of u& Shar es to take advantage ol be pioeadffly Share Exchange 
to purchase units in fl». fond without incurring the normal costs. 

H yon wish to invest hy way of Share ex cha n g e, please attach a list of the 
Investments which 70a wish to exchang e with the coopen, nr ask tor onr 

To : Piccadilly Unit Trust Management Ltd. 

Wardgsie Utilise, SSAUoidoa Wall, London ECZM BOA. (Rogisiered Otfice). I 

Tel: 01-638 0801 Hegiaisw ^t j, Bngha dMa. 256338 , 

JfWe wish to invest £ f minimum S250j in the Piccadilly 

American Fend and en c lo se a remittance for the full amount zaade payable to 
PiocadiUy Unit Trust Management l>td. 

I/We declare thar l am /we are not resident outside the Scheduled Territories • 1 
and that I am] we are not acquiring the above mentioned writs bs the nomhiee(s) 
ol any pexaonfs) resident outside those Tcnstorie*. 

IT applicants r a rm o i make die declaration, if should be left unsigned, and Ihe 1 

ap p li cation Should bo lodged through an authorised depositary (bank, stock- 
broker or Bolintor in the united Kingdom). 

SB”** 01 ®* Date ......... 

(Mr. Vza. 2&a) .... 

PlHUlLlW ■ ■ ■ | ^ ^ mmmm . EJ* ****, 

Aidreas — ...... 


iut applicants most sign. This offer is not applicable tn residents ol Tfifc Republic 

■ Ahsppfican 

H^of Ii Blind. 




-S';.-: - 



Almost ever>- minute of every day theres 
a Boeing jetliner going somewhere. To- 
sunshine. Good food. Good friends. And 
good times. Cali your travel agent or your 
airline and sa v Tve had it. I’m going where 
the sun is shining. gzfg&gr&J&gr 

Put me on a Lioeingr Gening peopte together 



v***- * 


PONTRCSINA, Eniwdln /GrlioflM. The 
sports resort for Srtldkrog. People. 

Prospectus: Ku 


Hotel Vila ana. 




1st class. inooor summing pool. Offers 
the security tor sfcjng until the end of 

April. Telex 742 



I ffifliwy If'" luxurious barefoot 
LjSCgTj inform elity. Small inti- 
P N flr1wiP^]| mne Executive Family 
V $ Villa Resort J villa 

\T* rI 5y sleeps 41 on one of 
— -y the Caribbean's finest 
whir* beJcUes. with perfect summer 
weather rtooled by die Trade Winds. 
V.ltai frc*n £28 day (for 41. Direct 
London flights. Airmail: for details 
Box S04, St. John's, Antigua 
Wert Indies 

or Telex 13> JohnanJo AK 

All are good value for money as costs continue to rise: . The nt 
1978 -Edition of “ Let’s Halt Awhile in Great Britain ” persona! 
describes over 1.200 hotels. Here is a most rewarding gift ur 
a mine of information for your holidays, honeymoon, mini-week*! 
breaks, or business conference. £3.75 from book stores or dire 
from the Author, 16 <D) Little London, Chichester, Sussex, pt 
86p postage in U.K. 

Co. Durham 

LUMLEV CASTLE. 13:h century Castle. 
All bedrooms with private bath, radio and 
TV. Gourmet restaurant. Elizabethan 
Banquets held most evening s in (he Baron's 
; Hall. Tel; Chester -le-Street 885326. 

FALMOUTH, S. Cornwall 

THE FALMOUTH HOTEL*/' Eleeant and 
luxurious with' '• superb views overlook i op 
the sea and taach. Open all vear. Excel- 
lent cuisine. .Heated, swimming ooof and 

Lido. Fully .licensed. Dancing twice, weekly. 
Illustrated brochure. Tel: 312S71 


PORTSCATFDO.. S, Cornwall 

Hotel Sbardana irem £152. 

Hotel Residence Park from £163. 
Hotel Pomartlno from £305. 
Including direct flights from Gatwtck. 
FR-EE Colour Brochure from- 

1 90 Chiswuk High Road. London. W.4. 

In 3 acres .ol beautiful gardens above sale 
sandy private beach . Noted lor cuisine. 
90% rooms with bath-shower. . - Full C.H. 
Ideal tor.eirlv or late hoUdave, Tel. 20E. 

ST. DAVID’S, Dyfetl 

super v*ews. Sale, sandv beaches. G 
course aoiarent- New hid. outdoor p: 
Sauna and launderertc. Comlartable. via 
bedrooms. 2 clifftoo annexes overlookJ 
Bay. Tel. 403. 

SAN DOWN, Isle of Wight 

excellent. 7 acres ol beautlhil grown 
-Imaginative culsl-.e. Fr!v. baths. R* 
swimming pacl. Dancing ,n season. Ten 
court. Tel. 09C-384 2007. 

S1DM0UTH, Devon ; . 

WE5TCLIFF HOTEL. A ' family: run hOW 
All ages otcred !or. Lovely. In SfluB 
Heated swimming coo! - Close to dPA 
.beach and golf. Tel. 3232- V ]| 

Nr. STROUD. GIos. - 

AMBERLEY INN. Strongly ret. lor wc*| 
ends and annual ho lid., m GoU and r.d 
adjoining. Around, cream ol the Ciisnc 
countryside. Within., ger-ero-.s two • ■ 
com to mo gable bars. Tel. Amberley 25t, 
STO 045-3B71. fl 

TeleDbono Ql-995 74S1. 

ATOL 1014 BCD. ABTA 4246S. 

sleeps 2/4. Superb view. Close to 
Lido From £70 01-4S2 3110. 

CARIBBEAN. 2 weeks lor £80 per 
Person <. flight extra! is 4 persons share 
luxury villa (can accommodate up to 
6 persons) with maldlcook and close 
to beach In St. Luoa . Phone 01-235 
1 1 BB. daytime. weeVdavs. 

This traditional hot© 


. famous Bah nhofslrasbe is the ideal 
venue for the business man. You 
meet Zurich's City in the comfor- 

table lounge or in the exclusive 
restaurant. Each guest room has 
its inch viflual decor. 




g^^ %et0 b 

inclusive -. L “^*U t 

wmhas -^onuriv.,. t . • 

to 1 R 


BahakoLnrg.ne4l.S80L huieh 
leL 01041/1211 65 M 

Exciting children's helidays. 7.14 yrg. 
Adventure and non -ad venture activities 
in a happy atmosphere. Horse riding, 
archery. canoeing, painting, pottery, 
camping, outings, films, sports, discos, 
ok. . Excellent Food. experienced 
supervision. A holiday ol a lifetime. 
Centres in Writs, and North Devon. 
Full details: G.H.H.. Dept. FT. 
Grlrtiewn. Nr. Chippenham. Wilts. 
Tel: 0241 782567 or 7S24J4. 





Experienced riders, enjoy a good I 
horse In superb riding country. Com- 
forarhle accommodation, home cook- 
ing and an informal atmosphere. 
5.A.E. Run ley Park. Baydon, Marl- 
borough. Wilts. (06724 ) 70S. 

Peak Park country ho»oe. Edale 
Adventure Holidays IF). The Warren. 
Edale. via Sheffield. Tel.. (0433) 

ACTIVITY HOLIDAYS. Walking Week-ends. 
May to October. Thu Pennine Wav starts 
here. Stonecroff Hotel. Edale, Sheffield 
530 2ZA. Tel. Hew Valiev 0433 70262. 
Full board from £35. Free Brochure. 

■ International bank with operations in Paris, 
.London, Geneva and Bahrain, is seeking for 
Bahrain branch a General Manager and a 
Chief Dealer. 

■ 0 Candidate for General Manager should 

have strong background in lending, 

- . underwriting, money market operations. 
• . Candidate for Chief Dealer should have 
experience in international dealing and 

preferably with Arab currency trading 

Waggon Train complete with Wagon - 
maaterjguide and chuck wagon leaves 
here lor the coast every Saturday 
crossing on old tracks, through wild 
country. Great for groups and families 

Salary commensurate with experience, fringe 
benefits including free housing, utilities, car. 

who want something completely dine rent 
out of a holiday. This Is the only 1 

out of a holiday- mis is the only 
wagon train In Europe. Rate £25 per 

person oer week. We still have a 
few vacant dates. _ Free Brochure fF). 
The Werterner. Peddsrs Reach. Gt. 
Maulngham. King’s Lynn. Norfolk. 
Tel. Gt. Masslngham 410. 


. Candidates write in confidence to: 
P.O.Box 5820 
Manama, Bahrain 
or to 

C.C. Personal Department, 3rd Floor 
P.O.Box 2708 
7500S Paris, France 






0926 52351 . 

summer holiday in bahamast rto | 
owner cf imtrscs not imwjly W. leg- j 
Smitar EoglKh hanker offers Swill* . 
house Nassau rent-free jnlyfAuji 'Sen--, i 
In exchange <im H«f ’ house **rasjd« !>,r 
4-G «mK Oeron fr«t*nesi or Rriffpiy 
fOlnJT3)P>c«I5S. WrP* Bov N-34S1. | 
Kwiii, Bahamas. (Phono Nassau , 

Wd are a - company spetlansing in 
inwstmwt and ta< mitigation in the 
private and conwanv Sv.-ctor». In ardor 
to expand our jaalre wc rocu iro sditn- 
irady who has lust retired Tom bj"k-- 
- ipb or aeeouniaflcr anu is *«i a position 
to prSRtota business outside Lontfoi’- 

. . W Hto or Olrano: ... : 

AiauUlr Maclnues and .Cwnwy lm., 

nights/4 days for £45,-7 nights/8 days for 

Ask your secretary to phone Rod Edwards 
jon West Runton (STD 0263 75) 691, or 

write to The Links Country Park Hotel, dept 
FT.'West ’Runton, Norfolk. 

The wonders of upper Egypt . 

DUSK falls like a slowly 
descending curtain over the 
Upper Nile. Then, just as you 
think the day is well and truly 
over and you might as well 
bead for a pre-dinner cocktail, 
the most incredible flush of 
colour grows and pulsates 
across the sky. It's the time, too, 
when the kingfishers skim and 
hover and plunge most efficaci- 
ously into the not-terribJy- 
saluhrious Nile waters for their 
supper: and the feluccas are 
out pirouetting in biblical pat- 
terns against the dying day. 
Overdone you might think if 
you saw it on a postcard; mind- 
quietening is the effect in 

It was early December when 
we witnessed these daily 
phenomena both in Luxor and 
Aswan. One evening in Luxor, 
we went on to a man-created 
performance in Sound and 
Light at the Karnak temples. We 

had already visited this fabulous 
site by day, to the accompani- 
ment of a flight of pelicans 
doing an aerial ballet directly 
overhead. Now, at night, the 
ruins took on an even deeper air 
of mystezy and history- 

Even allowing for my 
susceptibility to Sound and 
Light performances, I particu- 
larly liked the freedom one had 
to wander off along the dwarfing 
colonnades, feeling very tiny 
asainst the 4.000 years of 
Karnak's history. The text, 
though a little purple in patches,, 
was evocative, and the lighting 

A few miles away across the 
Nile, in the arid hill clefts that 
house the various Valleys of 
the Kings, Queens and Nobles, 
there are tombs up to 3,000 
years old with walls covered by 
scenes from daily life that 
would not look so very out of 
place to-day. Those of the Noble 

are the most impressive in this 
respect. Thus,, the weighty pros- 
pect of so many- dynasties be- 
comes strangely less daunting in 
a setting where the pace of life 
seems infinitely unchanging. 
The Nile is still a muddy ribbon, 
cleaving through bright fields 
of cultivation, and the desert, 
pale, parched and very endless, 
is still only a distant glance 
away. . 

But, of course, things have 
changed — drastically. Above 
all, there are no more floods, no 
more droughts. The High Dam 
at Aswan has revolutionised 
Egypt's economy, with some 
snares and delusions but also 
much profit. When you start 
asking questions in Aswan, it is 
difficult not to get bogged down 
in statistics and controversies. 
But the facts remain that it has 
increased the national income 
by 15 per cent., her cultivable 
land by 2m. acres or 30 per 

cent., and it provides more than 
half her energy, needs. 

The river flows more 
sinuously at Aswan, curving 
below the Cataract Hotel. You 
can visit the quarries at whidh 
the ancients laboriously ihipped. 
' away to extract blocks for their 
tombs and temples and obelisks 
like Qeopatra’s Needle. Soon 
you will also be able to visit the 
14 temples of Philae, rebuilt 
stone by stone on a splendid 
new site beyond the reach of 
the swollen Nile, as well as 
later (Roman) . remains that, 
when we were there, were being 
dredged out of the Nile silt by 
Royal Navy frogmen and their 
Egyptian colleagues. 

From Aswan, it’s a 30-minute 
flight or several hours by hydro- 
foil to the Temples of Abu 
Simbel. which have been lifted 
about 200 feet since I last saw 
them and now stand on the 
shores of the new 300-mile long 
Lake Nasser, stretching from 

Aswan well over the borders 
into Sudan. The flight gives you 
a good idea of what the new 
face of Uubia is all about and, 
though greater accessibility has 
taken away some of the romance 
of the expedition the quadruple 
colossal images of Rameses H 
still gaze down just as cryptic- 
ally at tiny Nefatari between his 
feet and the reconstructed 
wealth of decoration within is 
no less impressive. 

However long you are in 
Upper Egypt it never seems 
enough, and all of it is sheer 
relief after the chaos of Cairo, 
which leaves an impression of 
a vast unfinished b uildin g site 
saught up in a perpetual traffic 
snarl. Behind the dusty confu- 
sion, there are fabulous 
treasures, from the 12 th century 
Citadel and cluttered rooms of 
the Egyptian Museum to the 
most beautiful monuments of 
Moslem, Christian and Jew. 

St Sergius Church was 

. . . and into inland Tunisia 

MOST FOREIGN visitors to 
Tunisia (about lm. last year) 
only know the country’s 
beaches, many of which are 
glorious but some of which, par- 
ticularly in Juiy and August are 
getting rather crowded. Yet, 
beyond the coast Lies some very 
lovely countryside, seldom 
spectacular but always reward- 
ing, particularly for the visitor 
prepared to tackle some not too 
difficult track roads and who can 
do without luxury hotels every 
night One area which, on the 
map looks remote but is not 
really, considering the good 
roads which give access is the 
triangle between Gafsa, Tamerza 
and Nefta. These mountains are 
the end of the Atlas range 
which stretches right across 
North Africa to Marrakesh and 

From Gafsa we drove miles 
to Metlaoui, a phosphate mining 

centre. The climb to Redeyef, 
a depressing mining centre then 
starts. One has the choice 
between a good track road or 
the railway line. The train 
which appears to date from 
before 1914 climbs up the 
spectacular and narrow Seldja 
gorge. Two walls of honey- 
covered stone dominate the 
track sometimes vanishing from 
sight as tunnels are frequent 
One then comes out on to a wide 
plateau which seems deserted 
until one comes across minute 
villages surrounded by well- 
tended gardens or a cluster of 

After Redeyef, the feeling 
creeps over one that this must 
be the end of tihe world. A lunar 
landscape with no trace of life. 
Mountains rise a few miles from 
the road vrfiere one may have to 
negotiate one’s way round a 
newly-formed sand dune. 

Tamerza sits on a cliff domin- 
ating a wide oued. It is 
abandoned but for a dwelling or 
two. and the inhabitants have 
moved upstream to a new village 
where the risk from flooding is 
less great. The old Tamerza. 
•like its berber sister villages 
south of Marrakesh looks like a 
cubist painting. Every house is 
surrounded by high walls, small 
windows and one door to every 
bouse, a wall surrounds the vil- 
lage. The view from the road 
coming down from the moun- 
tains is not easily forgotten. The 
old and new villages are set in 
a large and in parts well culti- 
vated oasis. A simple “ hotel ” 
has been builit, consisting of 
palm tree huts with two com- 
fortable beds to each. One eats 
outside or under cover of palm. 

The hotel site dominates a 
famous cascade which must pro- 
vide pleasant refreshment in 

spring and summer. Last Decem- 
ber, the temperature was not 
warm enough. 

Beyond Tamerza, a mile drive 
takes one to a pass from where 
one can contemplate the great 
salt lake of the Chott el Djerid. 
It seems to vanish into the 
Saharan sands which lie beyond. 
At sunset with the mountain 
backdrop and the extraordinary 
mix of pinks, -ocres and mauves 
the desert provides, this is a 
sight which makes you take to 
your camera with a vengeance. 

In late spring and summer 
you would have to book if you 
wanted to stay in Tamerza, but 
not at any other time of the 
year. What is so compelling 
about this oasis and its sur- 
roundings where one can easily 
walk is . . . the silence. The 
contrast in colour, a deep bleu 
skie, brown mountains and the 

dark green of the date palms, 
needs no further comment. For 
those interested in fossils, this 
is a must You literally trip 
over them. 

Near Tamerza lies Mides, a 
minute village built, unlike 
Tamerza which is an ochre- 
coloured clay, in dry stone. It 
is a pre-Roman settlement and 
probably looks mucb as it did 
3,000 years ago. Approached 
through -a miniature oasis, the 
main street winds' round. If- you 
enter a house and look out of 
a winder^ :the road is running 
300 feet below. Except on one 
side, the natural site it is built 
on makes Itidefs impregnable. 

At the foot of the mountains 
Nefta. all of' pink built, and 
Tozeur provide the more mun- 
dane facilities of international 

founded in the 5th century and = 
Ben Ezra synagogue dates back 
900 years, for example. . The 
bazaars, as always, are fasdnat- ^ 
mg and there are polite and 
unobtrusive • young - tourist 
police to keep an eye on your - 

Egypt is only too aware that 
the heavy burdens she has long 
carried in ! Middle East affairs . 
have stifled tourist development- 
among much other economic, - 

As it is, ex-U.K. tours- are- 
quite numerous and varied, 
with British Airways’ Sovereign 
and Speedbird programmes both ., 
featuring 15-day arrangements. 
Combining Cairo and ’Upper": 
Egypt for example, the cost is 
£560 -£615 according te- season, 
mostly full board and including 
a lot of sightseeing. Tbe welt 
established Nile cruises con' 
tinue to be probably the most 
idyllic way of getting the "true 
feel and history of this most 
historic of waterways. Swan 
Hellenic, now in their 17th 
season of Nile cruising, have 17- ’ 
day arrangements ex-UK, -with " 
guest lecturers and pretty well 
everything included, from £630, 
per person in a double cabin. " 
Bales have a similar 21-day 
arrangement from £705. 

Further Informed on: Egyptian TonrfaR 
Information Centre. 63a. 'Piccadilly. ' 
London.. W-1: Speedbird- Holidays. 57,. 
Victoria Street. London. SWTH IHG; 
Sovereign Holidays. P.O.- Box 410. Wot' 
London Air Terminal. London SWT 4KO; 
Swan Hellenic. 237-238. Tottenham. .Coart' 
(toad.- London W1P SAL: Balog Tours, ' 
16-17. Coventry Street, Piccadilly, 
London W1V SBL. 


.'Your Week-end E: Austria SClSB, w- 
ghtm SBJB, France SJ4, Italy L57B. 
Greece 66, Spain 142.75, Sarto. 3J38, U3. . 
UBS. Source: Thomas Cook. 


c Unks Countty G Park G Hotel 

Is the break you’ve been promising yourself 


Total, relaxation — Superb Food — AA : 
-/rosette for cuisine $ service — the Highest 
Standards of Accommodation . 

Our own 9— hole. golf course. Horseriding, 
tennis and fishing are ail available close by 
And we are only 500 yards from the beach. 
Pro-am golf events. Backgammon tourna- 
ments. And more. : “ 

In short,- everything for a memorable 
holiday. You will always be welcome — . but 
why not. take advantage of our ‘special 
ing/Early Summer arrangements — 3 


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by Lucia van der Post 

is sometimes more 

’■& - £ 7 i 

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A =£* r-^.Vys 


’ THE , Design Connell's 
. animal Consumer- Awards; were 
xntiotxDced in previous years, a 
__>hol^ range of products were 
paced • Before otur eyes, -all of 
which . were deemed to be worthy 
-of _Crfs. special. deagnation. This 

- year; by. contrast, it is a very 
stream-lined affair. " - Only •■ three 
products have been selected for 

. this- highest accolade — all of 
-which- are announced.- to-day. 

- To the: ordinary person in the 
' .street, at first sight it algid seem 

s’.llttle disappointing that there 
vjfcfr no wallpapers, -no tea-pots, no 
marvellous chair or eye-catching 
ught, but I feel -that for the' 

- S^gn Council 'to became more 
"selective; to . have stricter 
standards' of excellence, is a move 
fa 7 the right direction. 

v .^fTK.the past; quite often certain 
products. which were. not : always 
_ ȣ high excellence in themselves, 
.hot 1 were ■ encouraging because 

they showed that .the parent com- 
pany was “ trying," or because 
they were at least better than 
previous products,, were given 
awards. _ 

However, I feel -very strongly 
that to have real clout. the awards 
must be reserved only for out- 
standing products, those that can 
he defended on their . own per- 
formance^ without ahyTifs " and 

Of course, in an ideal world. 
Britain would be so bursting at 
the seams with excellent products 
that .the moire usual number of 
ten - awards would have to be 
given for justice to be done. Bui 
since, unhappily, that does not 
appear to be the case. I think the 
judges, -led this year by.the Duke 
of Gloucester, have ’ done the 
right and proper thing, in saying 
openly and honestly that Jn their 
opinion - only three. • products 
deserved an awar£-. -'.r * 

It is. nonetheless, something of 
a mystery that so few new and 
excellent designs from the more 
craft-based industries, have 
emerged this year. In the early 
days of the awards they used tn 
account for about 50 per cent, 
of them. In 1976 they accounted 
for 25 per cent, and this year are 
down to — none. 

David Barnett, the Council's 
industrial officer who oversees 
the products submitted for 
design awards, asked somewhat 
despairingly, “ Where are the 
winners, the products with flair, 
imagination and innovation that 
will open new territories and 

As be rightly points out, our 
art and design schools are 
accepted as being among the 
best in the world (a leading 
American textile designer says 
that of the ten best textile 
courses in Ifae world eight are 

British), so why is their influ- 
ence not seeping through to 
influence and produce designs 
that could transform our cur- 
rent economic performance? 

Still, there it is — just three 
products were deemed good 
enough to be winners. None of 
them are what might be called 
everyday items, all have needed 
new technological developments, 
great ingenuity and a genuinely 
Innovative approach. 

Probably the one most likely 
to appeal to large numbers of 
people is the folding cycle. 

1 foresee the portable "pocket” 
television set as becoming the 
next hazard to cope with on 
country picnics, on the beaches 
of the world and at every sport- 
ing event, while the pick-up arm 
for hi-fi sets may not seetp to 
bring immediate rewards but is 
already contributing a healthy 
sum to our balance of payments. 

; -V 


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THE mlero folding -cycle was 
designed by Peter RadnaH to 
make his brother’s boating trips 
more fun — only later did he 
realise its commercial 
Implications and decide to 
make it on a larger scale. His 
brother is a keen yachtsman 
but used to find when he arrived 
in a port he had no means of 
getting about the countryside, so 

Of course, 1 didn’t manage that 
but the bicycle is ultra-compact, 
ft can be folded inlo the . 
heavy-duty nylon carrying bag 
we provide with it and, from 
the retailer’s point of view, 
he can fit four micro-bikes into 
the same spare that one ' ' 
ordinary bike would take.” 

The bike Is made from- steel 
'a be, and its triangle and bar 

Peter Radnall, a design engineer frame make it very sturdy. It 

made np for blm a folding bike 
that be could carry on the boat 
and then put together to 
do some local shopping and 
sightseeing. . - 
" Originally " he told me, 

** I gave myself the brief of - 
designing a bike that would fit 
into a ear glove compartment 

l : iU_ 

weighs 27 pounds add can be 
used by all members of a' family 
from the age of about eight 
years old and upwards. 

It is meant to be a runabout, 
not a touring blhe.anitlt - - - 

certainly has a nice, jaunty, 
happy air about it. Aeplleague 
who has one has found it very 

-• - ?•- ■ 

portable television set (shown 
above) is the result of over 
12 years of research and is the 
first "pocket" set in the world to 
be on general sale. 

Way back in 1964. Clive 
Sinclair started experimenting 
with screen sizes and came to 
the conclusion that a 2-inch 
screen size, provided the picture 
was crisp and bright, could be 
much more satisfactory than 
most people had thought- Having 
experimented with screen 
size be then found that almost 
every component part had to be 
re-designed and re-thought out 
The most pressing problem, and 
the one that took the longest to 
solve, was that of reducing the 
power consumption. Three of the 
five integrated circuits were 
entirely designed by Sinclair 
engineers and the television 
tube, which is made for Sinclair 
by AEG Telefunken, was 
developed jointly by AEG and 
Sinclair. So you can see that 

wrapped up in this ony (4-incb 
by 6-in eh by l (-inch) package is a 
great deal of genuinely original 
technological achievement. 

Though described as a pocket 
television sot it would only 
fit into a very capacious one. 

Because Clive Sinclair envis- 
ages that it will be used a great 
deal by the travelling public 
(businessmen as well as 
holidaymakers) it has been 
designed to function- on all 
VHF/UHF bands and works 
well in most countries of the 
world (the most irritating 
exception being France). The 
Microvision runs off four 
internal batteries; it will work 
for about four hours on 
fully charged batteries but they 
can be recharged from the 
mains power supply while the 
television is still working. If 
there isn't a mains power supply 
on hand then the set can be 
powered from an external 6- volt 
battery or a 12-volt ear battery 
through a cigar lighter socket 

The Microvision W3S first 
launched in January, 1977, and 
since then more than 25,000 
sets bave been sold. It’S on sale 
here at £225 and can be found 
in specialist radio and television 
departments like those at 
Harrods, Sel fridges and larger 
branches of Dixons. 

THE PICK-UP arm < shown 
above), simply described as 
being SME Series III, is a 
product that at first sight looks 
just like a rather efficient pick-up 
arm. It’s not until one has 
looked into all that has gone 
into its design and production 
that one begins to understand 
the Immense care, skill and sheer 
inventiveness that has gone into 
its making. 

Designed by Alastair 
Robertson-Aikman and William 
R. Edey for SME of Sussex, a 
firm that empfoys only 140 
people and specialises entirely 
in pick-up arms, it is the result 
of a completely new look at the 

intrinsic design problems. 

Until very recently the design 
of pick-up arms was entirely 
dictated by the manufacturing 
processes, all of which bad been 
established some 20 to 30 years 
ago. Tbe designers decided to 
use materials which were 
appropriate for the function, 
regardless of whether the 
existing machines could cope 
with them. This meant that tbey 
often had to design *beir own 
machines and tools as well. 

This is tbe kind of product 
that only the true hi-fi expert 
will appreciate. It is. not 
surprisingly, expensive — £12S— 
but at this price you are 
getting something tbai is the 
best of its kind in the world. 

It can be bought independently 
and fitted into high-quality 
decks. You will find it in 
specialist hi-fi shops but if your 
local shop doesn't stock it write 
directly to the factory: 

SME. Mill Road. Steyning. 

Sussex BN4 3GY. 

good to ride anA says it takes 
him about one rain ate to 
fold or put the bike together. 
Tbey are about £95 each and 

ran be seen and bought from 
Harrods, Selfridges, and very • 
shortly from all branches of - 


If you buy a swimsuit from our 
boutique when you arrive. 

• ■- : ■ 1 1 

Fair trading in Chelsea 

READERS who live in or near 
Chelsea might like to know that 
tbe time has come around again 
for the International .Social 
Service annual- spring fair. It 
has become a colourful local 
event and many people seem to 
use it as a wonderful source 
of unusual and inexpensive 
presents. ' 

For those who . don’t know 
about the fair, it', is organised 
by the International Social 
Service of Great Britain Com- 

mittee. .who serin to be able to 
charm out of /the embassies of 
the world a fascinating series of 
presents, a 11/ of which are sold 
to the public. The proceeds go 
to aid the4SS with their work 
in trying to help individuals who 
find themselves :n difficult ' or 
tragic situations that cut across 
national frontiers. Much of their 
work is concerned with reuniting 
families’ that bave been divided 
by wai^s. ideologies, illness and 
disaster. They sort out problems 

of nationality and marriage and 
devote about 80 per cent, of their 
efforts to helping the children 
who frequently suffer most in 
these situations. 

Id 1976 the fair made a profit 
of £21,000 which enabled tbe 
British Branch lo help 7.000 
people in 104 different countries. 
Last year it made £27,000 — 
enabling them to help 8,000 

This year’s fair (which is on 
Thursday, April 27, from 11 a.m. 

to 5 pm. at Chelsea Old. Town 
Hall and New Sports Hall, King’s 
Road), promises to be as full of 
original and enchanting things 
as ever before. There will be 
gaucho cowhide carpets from the 
Argentine, beautiful jade carv- 
ings from Canada, delicious food 
from Switzerland, Batik work 
from Malaysia, bamboo, brass- 
ware and porcelain from Thai- 
land, fruit, avocados and proteas 
from South Africa, porcelain 
from Japan and some particu- 
larly unusual and colourful 
I druggets from India. 

L ' % 


- dory 

- mm . 

ss&SJSit t 

i ‘ ’ ■•'*;*.*/ .. 

K ■■ :,-v • vAvwSi* - '* 

•.<$>* > ;■ 

’Mg!*- - •*•'•• >. • • 

^4:;* v V - *• ■; ifr'- 

■ ' ; ' ' ' • ' 

v ' * 

Jfc A stake in die world’s richest economy. 

A chance to benefit from today’s strong 
^ An opportunity to invest when US shares are cheap. 

Many shrewd investors see the good sense of 
having; a part of their investment in the US now. 

TvndaU believe that the economic faers 
justify a higher level of prices for US shares, 
which today stand at attractively low prices, 

^ and that a change of mood could produce 
substantial gains lor investors. 

^Economic Strength . 

.On such fundamentals as profits, dividends ana 

assets, American shares are now cheaper than 

they lave been for decades. Yet the US . 
economic indicators are strongly favourable, 
■with an infla tion rate of 6.7%last year and 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 pur some of their 
money into America. 

Benefit from Tyndall experience 
■For the first time investors can benefit from a 
unit trust managed by Tyndall, the London- 
Wall International Fund, which is now 
invested exclusively in American shares. The 
Tyndall Group have extensive experience in 
American investment from their substantial 
overseas involvement over the pasE 1 0 years. 
The portfolio of investments concentrates on 
- those leading US shares which Tyndall believe 
are now especially undervalued, and is invested 
through the premium durency pool- 
. Todays comparatively strong pound means 

Important Details 

Units,whicfa are dealt in daily, jwnummilctniliciie. 

■wm be allocated ar the offer All urar bolder* rux-ii-e lh«ir 

price pn-vniliag when year 

completed application is ** a '«*'■ 1-1 -'ta-swl he 

recoved. L mt prices and nonw ifirir Itra drsmbuiite m 

. yields are quoted m most KmmiKT 

national daily oewvpapers.The An mniil numomx charce 
Tnnti in itm iuwsnaeatkpBO. or^'.KiThJuJcilmilwbuiine 
To invest, afl in tbe coupon rr» ■ • ^ ' hf 
or talk to i-our fmar^i S l»*W l?b' VAT) 

, ><« ihcKund r UcducicO rtvxnii* 

Applications wiH DC ■J^-Tni^ic.anihnnscdl’Vthe 

ockoowtedgcdjaalyoar Sccr.-iarr ol .Si Jie li-r ' rnklc nod tbe 

certificate sent within 3S days, units avj-iY uicrrjn^' 

hnrankar umlia- the Trustee 

Ifvou «-t-h fnacU tncrnnlL*, ImesantimAer Wt»l. 
tfc;?.^n3ser«'riXlparctMeihmat The Scotland 

tbebxIrncctvT mi y dading cby. Timi&daiiicTrua«andh«*l»«n 

Payment trill iHomsUy he made the 1'nM’a othaoJ invuameotsaa 

-mihmsctvn oTlhcteeopa of the uniihoKitni' behatt. 


( Applications should be sent to: 

The Tyndall Group, 

I IS CanyngeRoad, Bristol BS99 7UA. 

tHfgiuc^JSo. 7TC3ia,t'i^ptJ) 

Indian cotton druggets seem to 
me a marvellous buy at about 
£10 each. The one fetched here 
is in yellow and violet but 
lots of oilier colourways wfll be 
available at the fair 

There will be a chance to win a 
Sony colour television set, a 
Honda moped, some uncut 
British Colombian jade, or two 
tieket6 for Inglewood Health 
Hydro. After all that shopping 
and buying of raffle’ tickets' you’ll 
probably be hungry and one of 
the highlights of the fair Is the 
range of national dishes that can 
be sampled in the restaurant. 

I iKegincriJSo. rrc3ia,t'i^PKi) | 

I . ' for invcsnncnr in London I 

I oiclose I a- . TRall International Fund, I 

I at the ofii-T priaj ruling on the day you receive this . I 
application. Minimum Investment •- Cheques | 

( should be made payable to The TyndM Group. | 

Omunisaion of is payable to recognised agents. | 

*UJi UU.U &U.LUU5- xv^M— W 

favourable exchange rate by investing now. 
For vour information the estimated gross 
commencing yield on 18th April 1978 was 

2.70% and the offer price 32.7p. _ 
sj . Remember’tbai the price of units and ffie 
'?y income from them can go down aswcu as up. 

-: ;i Youshould regard your investment as 

long-te rm. 

How to invest . . 

You can invest from jC500 upwards m the 

London WaH International Fund by 
completingthe coupon below and sending 

• it with your cheque: 

I Surname 

’ CMr, Mrw, A li*s or dtfcj 

I ChrisJjn N JWlc* 

(in full i 

I Full adJtO* 

' I uw CS * T IS, uw raid-"' .wit L'Kif 

Sd*Jidt:l T.-rnrnricsumllluz I LMWt expanse uxtnuUJiu^noBsrtiiii 

any person lauLaaitaiA eftua Tantaria. 

Sipwngc _ _ - _ 

"If vat i ji i mail: h* fte ii uealJ h: aaJ /l»™ UJgcd tkrjtrffr^na bunk, 

! ttwbr. IT sJipWr. 

, Fm,4TVLVn 


International Fund 

A Tyndall Group Unit Trust 

Maubcrefihe Umi Tnei .‘Uwution ■ 

After 2 weeks at Champneys you’re going to be ia 
different shape than you were when you came in. 

First, we* i l re-educate your eating habits ami custom- 
tailor a diet for vour particular weight problem. 

And \yhile you’re dieting, you can get a ton in our 
solarium. Have a massage, facial and manicure in our 
beauticians department. 

Or shape up on our tennis courts. Swim in our 
heated pool. Join in on a yoga session, or a modern 
dance class. 

You’ll go home a thinner, fitter, more attractive 

So you’re welcome to look around our boutique on 
your way in. ' 

But we’d advise vou to save vour money for the 

Won a Umon far rnidcntul course* 
of creitmant tar slimming, complete 
relaxation, controlling diet. Situated 
in die peaceful seating of a beautiful 
Georgian estate. Treatment rooms 
have the latest Continental equipment, 
including Hydro Massage, Or. Multon 
of Peril method of Wax Bit la. Fin- 
nish Sauna with cold plunge pool, 
Panfango ( mud heat treatments from 
die volcanic area of Upper leafy). 
Pan thermal from Milan- (ionised vapour 
and oxygen bach). Cool stocking treat- 
Blent for twotien and discoloured legs. 
Dry heat cabinet, COj baths lor 
excessive obesity. Morning exercises 
to piano music. Indoor swimming pool. 
Tel: Hrcthin f04S2) gill II. 

Health 4 Beauty Farm fa Spain 
The rarm is situated m the beautiful 
Albsurin mountains spproximtuty 20 
miles inland from Malaga on the Costs 
del Sol. If peace and quiet and 
complete rclaxnjoo Is whar you are 
seeking Brlsamer h the place for 
you. Indulge yourself in the luxury 
of beauty treatments administered by 
Leida and Anne Cbstigan »n their 
newly-built salons. Enjoy the benefits 
of home grown farm produce tried in 
calorie controlled diets. 

For more information contact.- Beauty 
Farm Ltd.. Henlow, Bedfordshire. 
Tel: Hltchm 10462 > 8 Hill. 


you’ll have to buy another one 
when you leave. 

The Healthy Holiday 

If you’d like to know more about Champneys, contact 
Barbara SJoggetT, Champneys at Tring Health Restart, 
Dept. FT 78, Hcrtlortlshire HP25 6HX. Telephone: 
Bcrkhainsted (0+4 27,) 73155/b. 





for CampJeie Details 
and Consultation write,, phone or call 

f' f i 

r- ^ The latest collection of probably the ivoi ld 3 

. most beautiful lingerie available from our boutiques or by mail 
«©£**'* Please send £2.00 for our latest colour brochure. 


All the traditional symbols of 
Ansfralia will be seen at 
the fair— Koala bears.' 
kangaroos and a selection of 
boomerangs dike (fie one- 
sketched here 

Tel 01-629 6531 

EVE. 1B9. Regent btreeL IM 0557. A la 
Carte or All-m Menu . Three Spectacular 
Floor Shows 10.45. 12.45 and 1-45 ana 
music of Johnny Hawteswarth A Friends. 

GARGOYLE. 89 Doin Street. London. W.l. 
Snow at Midnight and 1 a.m. 
Mon.-Fri. Closed Saturdays. 01-457 6455. 

A BEAUTIFUL BODY 1 Come Hong to 
Grannvt for vour comnlmneoiary class 
ana eco what exorcise caq mj f 0I v ou. 
Grannrs Beautiful Bodies LtO. 2 Alban 
Gate Court. 124 KnightsorMBe. London. 
SW.l. Td.: 01-581 1261. 

smokers, we can nwp vou stop witn 
Europe's omv guaranteed stop smoking 
programme. As featured In me F.rwrv- 
ual Times. April i(Wi fap. call 
01-493 S995 or 01 -90S 6465 <24 
nrs j. Mayfair -Smokers Clioic. 26A. 
Davies St., London, w.l. 



out we treaie a New look >ot you, 
:hoa&-ru) from the widest 'ange ar cos- 
met'O Tuition given, charts, and 
it etches prorinea Also com ol ere racial 
treatmcifs givon using natural products. 
To discuss voir individual needs, 
tel cohone 

75 George Street. London. W.l. 
01-486 8237 . 



iTv ’ 


Flnarieiat T&ey Satfi&y April 22 1978 />' [ v' 

^ •• ■ /- -:••'“••- ■ ••'- ■ • ■ * ' ■ • - V ' 

.'A . ‘ /!. : ■ >* ■»' - "_ ■ "JV, 


ij/e #7 the top 


JUST HOW MANY expensive 
new and renovated properties in 
London do we need to satisfy 
demand? Is the demand still 
buoyant and where is it coming 
from? John Green, a man of 
property for many years, is con- 
vinced that now is the time to 
return to his favourite occupa- 
tion/hobhy of property develop- 
ment and refurbishment because 
now that the worst days of 
depression are over it is again 

He and his parent company 
were active in development but 
managed to see the bad times 
coming before many others and 
retreated to a safe position with- 
out fingers being burned. His 
first venture on re-emergence 
Into the field is the refurbish- 
ment of an elegant mansion in 
South Eaton Place. With his 
typical good taste he has trans- 
formed the house with tremen- 
dous attention to detail and it 
is now exquisitely tight and airy 
in yellow and gold. Carpets and 
all the domestic and kitchen 
equipment have been providcd- 
Anyone with enough furniture 
to fill the house could move in 
to-morrow. Accommodation is on 
five floors plus a tiny room with 
shower on the top. But what 
price should be placed on this 
in an elegant area of London 
much desired by foreigners? It 
has finally been decided that 
Knight Frank and Rutley will 
be asking £340,000. 

It would be interesting to 
compare the price of the follow- 
ing property which has the same 
length of lease (62 years) since 
the two properties have several 
points in common. 

Margaret Duchess of Argyll, 
has instructed Tufnells the 
Belgravia estate agents to 
sell her Georgian mansion 
formerly called Argyll House, 
at 48 Upper Grosvenor Street 
along with a cottage and 48 
Reeves Mews. One of the most 
spectacular residences of its 
kind in Mayfair— the property 
has been on the market for 
some time. The problem as far 
as selling goes was the short 
lease, then only 26 years to run. 
However the problem has been 
solved and the Grosvenor 
Estates are in a position to 
offer a 62-year lease instead: 
Tufnells anticipate offers in the 
region of £400,000. 

The house is one of the 
earliest and most elegant 

Georgian houses In Grosvenor 
Square. Obviously a certain 
amount of modernisation is re- 
quired to dispel what the agents 
describe as the “Upstairs Down- 
stairs” ambience not tolerated 
in contemporary London! The 
architecture of the house and 
the rooms, as well as its 
position makes it the ideal buy 
to the right purchaser. 

The accommodation consists 
of: square entrance hall, a 32 
feet long drawing room with 
similar length panelled dining 
room, panelled library, two 
major bedroom suites, including 
bathrooms and dressing areas, 
three bedrooms, a dressing and 
a third bathroom. 

On the first floor: the panelled 
library overlooking the front of 
the house has a marble fire- 
place with carved pine over- 
mantel and built in bookshelves 
either side. The drawing room 
is without doubt the piece de 
resistance of the house, with 
its wide bay window and 
wrought iron ornamental 
balcony. The open fireplace has 
a painted Adam style mantel 
flanked by fluted pilasters — all 
this complimented by a beauti- 
ful cornice. 

In a property review just 
published. West End agents 
Hampton and Sons give the 
following opinion of what is 
happening at the expensive end 
of the market in the Metropolis. 
In London, they say the bulk of 
the more expensive properties 
are being sold to purchasers 
from outside the U.K. The over- 
seas demand has been primarily 
for new or modernised proper- 
ties in the very centre of 
London, in particular around 
Hyde Park. Regent’s Park and, 
to a lesser degree overlooking 
the River Thames. The price 
increases have been steady since 
the static period of 1974, with 
an upsurge, over the last few 
months. The middle and high 
price range market has been 
active since the influx of Middle 
East purchasers and although 
the demand still 'exists from 
Iran and other Middle Eastern 
countries, a good percentage of 
medium to high price range 
properties are currently being 
sold to purchasers from all four 
comers of the world. 

Taking as an example two 
new developments and an older 
mansion block in the Knights- 
bridge, Bayswater and Kensing- 

ton areas, they have produced a 
graph to show the price 
increases since 1974. It can be 
seen that the 15-20 per cent 
recent increase in values in the 
country appear to be higher 
and more like 20-25 per cent in 
Central London. 

Many U.K. residents, living 
in Mayfair, Knightsbridge, and 
Belgravia, are currently moving 
farther out to areas such as 
Hampstead, Fulham, Holland 
Park, West Kensington, Batter- 
sea, Putney and Barnes. Not 
only has the demand for larger 
houses increased in these areas 
but also the demand for mort- 
gageable terraced houses. It 
does however remain to be seen 
how the latest political pres- 
sure on the building societies 
will effect this end of the 

As far as Central London is 
concerned, the international 
demand appears to be showing 
no signs of letting up, and 
although price rises will prob- 
ably not continue increasing at 
the rate of the past six months, 
there should continue to be a 
steady rise until the values of 
residential properties equate to 
that of Paris and equivalent 
cities in Europe. 

In the country and less 
central areas of London many 
potential vendors have been 
delaying putting their houses 
on the market in anticipating 
of a marked upsurge of prices 
in the spring: if anything, the 
reverse is likely to be true as 
the market may well be flooded 
by a sudden influx of property 
and those wanting to achieve a 
reasonably quick sale at a good 
price would do as well to pre- 
empt the rush, by putting their 
houses on the market now. 

Hamptons are the agents for 
what has been a rather rare 
commodity on the market in the 
last few years, a newly-built 
block of luxury flats. While 
there have been plenty of exer- 
cises in refurbishment of old 
blocks developers have been 
very wary of taking on new stuff 
because of costs, lack of sites 
and an uncertain market 

The development is up in 
Highgate just off Highgate West 
Hill and is the last part of the 
West Hill Park estate. The rest 
of the estate was finished four 
years ago and sold very well, 
but when the bad times came 
the developer / builder Walter 

-J S ’. ' 

fc*' -'-A •>< f 


s ■ - m 

* ** r •• 4 > * ^ 


v r 

lf ; : 

- - ■> 

: ' ' 

/a . • 


J E 


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p- fe; ' ’ 

Ay . 

y ■; * ri ts f - a . wem&zr*- """" M 

.7.77:' 7=**"" ...rfH-K ■ .■ : 

- -"H -■ ... ©ro-* 




-, i 

'.'Above : Interned landsgxxpebfthe penthouses at West BfiU Park, Highgate . 
Left: The elegant exterior of No. 20, S<wtfeEffCo^Place,S.W-l. 

%7smir-n 1 

/• * I 

Lawrence -Estates decided to 
hold their - hand and only 
recently derided to complete 
the flats and two penthouses. 
The texture and style exactly 
match and complement the 
earlier construction. 

The location could hardly be 
better. Built on high ground, 
they overlook the' tree and shrub 
lined private drive.ieading from 
Highgate W-est Hffl on one side 
and lawn and trees to the splen- 
dour of the Heath bn the other. 
The two wings of Hill Court 
linked by a central entrance and 
service core cany through the 
basic de.dgn and- construction 
elements characteristic of West 
Hill Park. The entrance hall is 
served by ooth staircase and lift 
The entrances to the apart- 

ments aru each on separate 
levels, thus ensuring maximum 

Each wing, of Hill Court com- 
prises three apartments and a 
spectacular penthouse. Each of 
the three apartments are quite 
distinct in design and layout. 
And' all have a double aspect 
As with other homes of West 
Hill Paric, advantage has been 
taken of the rising ground to 
create houses on split levels. 
This concept is carried through 
to the ultimate in the two 
penthouses on the upper flours. 

The sense of spaciousness in 
the central living area is some- 
thing to be seen divided as it 
is over three levels; living area, 
dining area and a “ bridge ” 
connecting the two wings of 

: : .IS 


i 4 

• ' ft 

bedroom accommodation/ The 

flats are in equally e^ganl 
style though -oh p smaller scale. 

It is, however, a sign o£the 
uncertainty faced by ^the, def 

veloper when this kind o^.pi 

perty comes on the market 
again that the ^uiiits - are . being 
.sold by tender/' ' So lt is any- 
one’s guess, whart./tfie . fih^l 
'.prices will be/i Tenders-^f or 
the penthouse, should reach 

Cbestertons, 26, Clifton Roa: 
London by May 0. Tehdr 
date for the flats has not be* - 
fixed but it Is .thought it wi- 
be m the . first two weeks - 
June. . 


'V ■ 
•. * : 








s vmant a 






Bedford 22 miles London 33 miles Hertford 22 miles 


Including 3 attractive and spacious farmhouses, 4 good cottages, 
excellent farm b uildin gs with modern corn storage facilities for 4,700 
tons and a superb high-capacity grain drying plant installed in 1977. 

For sale by Auetion as a whole or in lots 
WEDNESDAY, 21st JUNE, 1978 



41, HIGH STREET, TR1NG, HERTS. TEL: 044 282 4133 

It tales two men three days to build 
(Hie of our doors. That’s one example 
of fiie attention to detail that goes 
info every Hawk home. We use the 
finest craftsmen and building 
materials. And we work with you 
to plan special features, that 'are 
yours alone. 

So, at Hawk, you really get what you pay for. Solid value in an 
atmosphere that’s as pure as the Vermont air, yet close to the 
four seasons activities and cultural 1 offerings of Dartmouth 
College. Hawk, in the hub of Northern New England. We're 
not a condominium complex or a tourist area. But if you are 
looking for design genius fused with raw nature, we could 

Write for details on our homes and complete property man- 
agement and rental program. 

Or rail os in London at Gl-351-3656. 



Fayence— Var 

Particulier vend colline 
10 hectares 
Chateau, Parc. Ferme. 

. Ecrire: M. Bouge — 
83440 — Fayence (France). 

Freehold Detached House 
Ideal for Family or Offices. 
Offers around 2.650,000 francs. 
Apply To:— 


4 bis Chemin Jean cTArc, 

06 Menton, France. 

Teh 356191 

Modem 2>bedroom flat in quiet 
area. 80 sq.m. + 30 sq.m, ter- 
race. Equipped kitchen. View 
of sea. Facilities of payment. 

Fra. 400,000. 


43, fad. Alb** ler—tX Antibes 
(France). Tel: («) 34.44*1 




5 properties from 2 acres to SO Ha 
note with a 350 *q- m. typical 
Farmnouse to restore. 

To go in one Lot. 

Write flee F1005. fimiKtal TJmct. 
10. Cannon Street. EC4P 4flY. 

Estate iiji Upper Bavaria 

Situated at Lenggries, a health resort, app. 2,300 ft. 
above sea level, and less than one hour (app. do 
miles) by motorway from Munich, the 8-acre prop* 
erty. consolidated from individual pieces of land, 
overlooks Lenggries and offers a view of the local 
skiing area at the Brauneck (5,000 ft.), one of the 
foothills of the Karwendel mountains. 

The estate comprises some 8,000 sq. ft. of living 
space. There are several terraces (some roofed over), 
an outside fireplace and all modem conveniences. 
Structural alterations and extensive redecoration 
were completed in 1977. The house has not been lived 

in since. . , , . - 

The property is being sold privately, at a price oi 
. DM3.3m. 

For further information please apply to: 

Peter Bittner, Brauneckstr. 2a, 

D-8172 Lenggries/Obb - Tel: 08042/8665 

For Sale by Private Treaty 




Klrkcowan 2 miles Newton Stewart 6 miles 

Apply Joint Sale Sailing Agents: 


J,nK r E§^r. «*.SKEt*r. 

Tel: 031.225 

IWV vniVBp 

Penrith. Cumbria. 


The Ivory Hows®. 

apartment In exclusive 
BeantMulIv furnished 

A special U> 


480 2400. 
invsmialloI cottage. Loch Long, com- 
11 "SSSSiimobB loutkwlc to hills of Amyir. 
2 rooms. TStchcn and bathroom ripe 
tor modcnilsation devotopment passl- 
bllYty. amt h acre from burn m shore. 
Helens bunjh 11 miles, Clasgmv Airport 
45 mlnirfH. Tel. Garolochhead 510295. 
SOUTHERN '• IRELAND. For Immediate 
sale. Detached 5 bed roomed bungalow 
ovcrfobKIng. YoughaJ Bay. 1 acre 
Hardens. Oil heaMrg. Telephone. 
Beautiful home for boating, fishing 
enthusiast Price £27,500. Telephone 
-Youghal 024-2721. - . . , 

Ijo-W. 17th century stone/thatch cottage. 
V.G.C. Plus rtudkifworkshop. garden, 
■by paHdnnd. £32.500. Owners: Tel. 
Vent nor 0532>7. 

FRANCE. AQinTAUifEV 70 jkmf^JBordeawc. 

rooms, ■ bathroom.-. PhoaA. CH.. ’.2 
mrius. Garden. ' wno. ■ornaijientai 
.pooT English 'owner. ... 

"fiwty ’24430. 
BreuHH- France. 

• SC" AOtbl 

Ttiinhinu of buying a tapme In.SoiMierA 

Tbetv contact us hunt Kii 
Limner*— «n npfpanwr devetapment- on 
the • beautiful AwNiluclan-.eoast Jojrn 
area of peace and . .auMtt way from 
the tourist area befWVri Estenona and 
Gibraltar. “ 

RHWltt * 

to: wt 

JT -L • UMUbCV- PVM ,i h>iavr->wv>« — - 

you m emtoratlpo reUriog 'thrie 
dollar premia nr to pay-. Fcftvtoll. 

K no donar nremipm ra pay- 
Salisbury. - 0722 74 -Z7S6. 

BRANKSQME ■ FAJUC. . .Short - ff>« Tr^ — r . } . . 
Aeach aim Canforo d HH' ylBail4/8?g I - f '»•: 
aoe plot adjacent to .. wot>d*LOTC ^ 

. Quiet; prestigious residential ' -v 

milks from. Bournamoaa 
MagnMcmit bungalow 'jdalflhaifc. aj^ . 
built 3 years ago. pnobaWYToile 

the. ftnwrt^on the. South 


built with ypacl 
without unnecessary 
to terrace- 




rooms »»ce d oc 


separate dining, room, •• - 

httchefii breakfast room. a BTItr 


_ apd- doahreom. mastar 

dressing room and bathroom -.M l 

2 bedrooms with en Suite tutfirooh 
largo study) bedroom 4. Triple ga« >; 

Heat ed swim ming pool, etc- Bwjw 
born ei hurmtme nr; Price £145.01X1 fns . 
bold. Owners leering UX. •Tel. (D2w. 

707117 or S12976. 


If you wish to buy — sell — rent or have 


managed in the 


Write to: 


26 bis Bd. Princess Charlotte, Monte-Carlo 

Principality of Monaco 
Tel. (93 ) 50 66 00— Telex 479 417 MC 
Documentation sent free on reque« 


Only £2.00 per line (minimum three lines) 

Return this coupon with detail* of your yoperty together with 
your cheque and publication will take piace next Saturday. 

or telephone 01-248 S000, ext. 390 


If you’re looking for an AtnericarieduCationf or your child, 
then you’ll be pleased tb?faear about. Ameiicim Community Schools’ 
newest campus, Hillingdpn Court Schioiol, in Vine Lane, Hiffingdon, 


Situated in 11 acres of landscaped gardens, Ifillingdon Court 
School is the ideal settings for your child to continue his education in 
the American system. ’ . J ' 

The school will Qpori in- 
Grade 9 and will take high school Students in 19 79. Boarding faalities 
willbe available - tp childrenof Sand over if re^uiied. .. , . 

For further information and imtuediate registration, contact: 

The Admissions Office 
Dept. 9 : : . 

American “Conmitlnity Schools 
£ Croniivell ^Place’ ; r /Ll : ^ ■ '/ : 

-V'i :r ' ! - 

'0t58il94fif : 

\Ve will be pleased to send you detaBs and fell you aifout the busing 
and shuttle services to HSHingdoh Court arid. six- other Amencan 
Community Schools. A ‘ 

fi’foven ... 
i n " t( 

pr ofits ■: 

iVdr- . 

i K 


-a^" * 

■ - ^ . Saturday April 22 1978 

W^&SWm > 

No glittering prizes in Europe 

m/fit means business 

ilHV Fi ETC* 

.. •;♦*** 

. '.'si 1 

•• V tSL 

psrty : Reluctant debutante 


\/ATjFA JIOMEO is- a name for 
•'i&®3isiasts' to^ccm jure with, al- 
j^apu&tL ^ohe doesn’t normally 
^3ajQC!ata'-/it - .with executive 
-^^Icirrng. Bot>thnes -change and 
yjoiain e pcialf acts of life to- 
-Safe ,is- that , it "a manufacturer 
Jwajjts tq. sell -£^5p^plUs motor 
' jVwxi'c.m:- quanf i ty. the company 
: j^market : is the one to go for. 

-price hand and above. 
jjfti'.' ^estimated ' 90 per cent of 
*gak*SVaxe , on the firm.” Hence 
Alfa Romeo’s decision to aim 
the new Aifetta 2000 straight at. 
the business user. 

The Aifetta has a sophisti- 
cated mechanical specification. 
Its classic four-cylinder, . twin 
overhead camshaft engine is 
conventionally ' mounted up 
front but the clutch, five-speed 
gearbox and' final drive are in 
- a single unit under the bach 
seat This, gives close to 50/50 
weight distribution- It helps to 
account for the well balanced 
handling which -makes the 
Aifetta flatteringly easy to drive 
quickly and tidily on winding 
roads, wet or dry. 

• A De Dion rear axle is another 
reason foT its disciplined be- 
haviour. This expensive system 
was used on the old Rover 2000 
and is still found on the Aston 
Martin. It keeps the rear wheels 
upright during hard cornering, 
maximising tyre grip, minimis- 
ing wear and eliminating hand- 
ling surprises under stress. 

Clearly, Alfa Romeo have 
gone to considerable pains to 
make the Aifetta quiet running 
to suit its executive role. The 
engine still throbs through the 
carburetter air intakes at low 
revs and snarls satisfyingly at 
high speeds in traditional Alfa 
style. But tyre rumble and 
thump are exceptionally well 
suppressed. I would guess quite 
a lot of rubber has been used in 
the iu^pensionv* attachments^ to 
keep road noise out of the 

interior because, without being 
flabby, the Aifetta felt curiously 
loose-jointed for the first 
hundred miles or so of my test. 

For a reasonably roomy 4/5 
seater with a big boot and only 
two litres of engine, it; is fast 
and punchy. Alfa claifli- a top 
speed of X15 mph and' the 0-60 
mph acceleration time - of 10.5 
seconds is a little better than a 
Rover 2600’s. The - engine 
develops Us maximum of 122 
horsepower at 5,500 rpm. Using 
this as a sensible rev. limit 
(though the red line on the 
tachometer doesn’t start until 
5,700 rpm) the Aifetta will 
reach a little under 50 mph in 
second, over 70 mph in third and 
nearly 95 mph in fourth. Fifth 
gear gives nearly 21 mpb per 
1,000 rpm so at its 100 mph 
autobahn cruising rate, the car 
still feels mechanically relaxed. 

Maximum torque.. (the point 
at which the engine pulls 
hardest) comes at 4,000 rpm, 
which suggests that town 
driving would demand a busy 
band on the gear lever. Surpris- 
ingly, this isn’t so, providing you 
don’t try to show a defin pair 
of heels to other motorists every 
time a gap opens up ahead. 

Driven with some care the 
Aifetta is far from uneconomical. 
On a round trip from my home 
in Kent to Berkshire by minnr 
roads and motorway, I used 5.9 
gallons of four star in 161 miles 
— a consumption -of- 27.3 m.p.g. 
Harder driving and frequent 
bursts of high speed in the gears 
raised consumption to about 22 

The seats of my bright red 
test car were trimmed in a 
combination of tweed and what 
used to be called regulation grey 
flannel They were comfortable 
enough, but the driving position 
falls short of ideal unless you 
have arms like - an ppe and a 

27 inch inside leg measurement. 
Even with the steering wheel 
adjusted up as far as it would 
go, the rim still rubbed on my 
trousers. The instrumentation is 
superficially attractive, but both 
speedometer and rev. counter 
are partly obscured by the wheel. 
There are five steerable vents for 
fresh air, including two that 
clear the side windows of mist, 
but no way that I could find of 
getting warm air at foot level 
and cool air for the face. 

My biggest reservation about 
the car concerns its gear change, 
which would profoundly dis- 
appoint anyone wbo believed 
that all Alfa Romeos had five 
speed shifts that slipped from 
gear to gear like a knife through; 
melting butter. The Aifetta I 
baulks so hard in first and 
second that it is difficult to en- 
gage either gear when the gear- 
box oil is cold. When it is warm 
there is a distressing crunch 
every time you try to slip into 
first or reverse quickly. 

Even so, I still found it an 
enjoyable car to drive-end 
the harder I worked it, the 
better it went. 

The on-the-road price of 
£4,800, to which only tax and 
insurance has to be added, in- 
cludes a 12-month unlimited 
mileage warranty and unusually 
generous aftersales service 
during the first two years. It 
looks very competitive. Is it, 
I wonder, too competitive, 
bearing in mind that an extra 
couple of hundred pounds are 
unlikely to stand between an 
Alfa Romeo a/^d an executive 
who has set his heart on one? 
Extra features like centralised 
door locking, an interior adjust- 
able door mirror and tele- 
scopically adjustable steering 
column, even if they pur the 
price up to £5,000, would make 
the .Aifetta an even better 
business motoring package. 

condescending there is a garden 
party-tike atmosphere about the 
European tour that leDds it a 
certain charm. But the delight- 
fully amateurish attitude to the 
whole slightly tedious business 
of running a Continental Open 
championship like the Spanish, 
which ends here at the El Pratt 
Club to-morrow evening, is 
going to have to ebange 
radically and rapidly if the 
circuit is to prosper. 

In short there are too many 
players chasing too tittle money. 
Such is the cost of living on the 
Continent of Europe that the 
spectacular rise in prize money 
of three years ago now seems 
pitifully inadequate. The 
Spanish Open first showed the 
way six years ago when the prize 
kitty was jacked up £30,000 for 
a five year term at La Manga. 
But this kind of money now 
only allows the top 20 finishers 
to make a profit, and for those 
in the lower half of that list a 
very meagre one at that. Pro- 
fessionals are pulling out of the 
Madrid Open next week and the 
Italian Open the week after in 
Sardinia in some numbers 
because the prize money on offer 
is less than £20,000 and £30.000 
respectively before tax, which 
in Italy ran out at 27 per cent, 
last year. 

Unless hp wins here 
to-morrow night Howard Clark, 
the Portuguese Open winner 
and half-way leader in the 
Spanish will certainly miss the 

6 Such is the cost of living on the Continent that the spectacular 
rise in golfing prize money of three years ago now seems pitifully 
inadequate . . , Quite plainly , the European Tournament Players 9 
division needs a super salesman 9 

Italian' event because he main- 
tains that only the leading 
eight finishers at the magnifi- 
cent Pevero course on the 
Costa Smeralda can make 

Let us get down to basics. If 
a player is to live even half-way 
decently, and no champion I 
have met so far has made it 
by sleeping rough and living 
on bread alone, his air fare, 
hotel and restaurant expenses 
will not cost less than £300 per 
week on the Continent. Add 
to this £50 in caddie fees, £50 
for incidentals like cigarettes, 
beer, soft drinks and mineral 
water, up to £30 entry fee and 
£1 per £1,000 in prize money, 
and there will certainly sever 
be much change out of £400 in- 
cluding gratuities. 

My arithmetic is not a strong 
point, but at the rate of 
exchange I received here of 
PtasJ44 to the £1. Ptas.57,600 
is the equivalent of £400. The 
winner of the Spanish Open will 
receive Ptas.900,000, out of 
which he will have to pay his 
caddie a bonus of at least 5 per 

cent. But interestingly the 20th 
place finisher will receive only 
Ptas.56.0QQ.- So by my very 
approximate calculations only 
19 of the 137 starters will show 
a profit for the week. 

I experimented by taking my 


Barcelona, Friday. 

car on the excellent Townsend 
Thoresen night ferry from 
Southampton to Le Havre, and 
driving here in one day on the 
auto route via Paris/'Lyon and 
Narbonne. And what a shock 
£ received. Road tolls alone 
cost me Frs.23 to Paris 50 more 
:o Lyon;' and 48 more to Nar- 
'mxme— over £15. Having filled 
up the petrol tank at Southamp- 
ton docks I did not believe I 
would have to pay out Frs.438. 
about £50 for petrol, arriving 

here with half a tank fulL If 
the expenses of the trip includ- 
ing a four berth cabin on the 
boat had been shared by four 
professionals I reckon it would 
have cost each of them, includ- 
ing food and drink roughly 
£50. This is cheaper than flying 
except as pan of a package, 
but very hard on the eyes and 
the nervous system. The roads 
are magnificent, however. Only 
when coming out of Le Havre 
and the 34 miles just north of 
Perpignan was I not on dual 
carriageway — and the latter 
section of the auto route will 
open next month. 

But what must be done like- 
wise to upgrade the European 
tour? Quite plainly the Euro- 
pean Tournament Players’ divi- 
sion needs a super salesman to 
really promote the sport on a 
still largely unsuspecting Conti- 
nent, as has Ray Volpe for the 
women professionals in the 
United States. The new jewel 
in their crown here Seve 
Ballesteros must really be ex- 
ploited for what he is, the most 
exciting young player in the 


I was particularly enamoured 
of his Press conference here 
yesterday after a second round 
of four under par 68 had 
brought him back into conten- 
tion, tied for fifth place at 140, 
six shots behind leader Clark 
(67, 67 — 134). When describing 
a staggeringly brilliant one iron 
shot hooked through a tiny three 
foot gap in the umbrella pines 
35 feet in front of him that then 
moved 20 yards left and 215 
yards forward on to the 22th 
green as one of the best of his 
life Ballesteros was asked if he 
had ever thought of playing safe. 
“ No,” he replied with his ready 
smile and ever improving 
English, “I try to make eagle 
three — or seven! " 

Three holes later, at the 547- 
yards 15th, Ballesteros smashed 
a driver from the moist fair- 
way, the ball carrying 260 
yards before bouncing obling- 
ingly on to the green — magic. 
Yet this darkly handsome young 
superstar, riddled by jet lag on 
his return from California in 
rather less than triumph, had 
only one hour of sleep an Wed- 
nesday night. 

If only the almost white-blond 
Clark — a real prospect if ever 
I saw one — could win here, 
what a duel could be promoted 
between the two yonng lions in 
the offices of Continental busi- 
nessmen as yet reluctant to see 
European professional golf for 
what it is, a sporting entertain- 
ment with a glittering future. 

. ill a 


. .j r . s/r.** 

. * ■ 


Vauxhall's reluctant debutant, 
a car which the Luton com- 
pany committed itself to mak- 
ing some 18 months, ago and 
which had since become the 
source of in creasing rumour 
and speculation, is at fast pit- 
ting In an appearance at 
dealers' showrooms. At 
£5,100— with a range of 
options which- ean lift the 
price- to -a round £6,000— the 
2300 HS Is by far the most 
expensive of VanxhaH’s 
Chevette hatchback “ super- 
minis,” costing well over 
£2.000 more than, even the 
most opulent of lesser 
Chevette stable-mates. 

- The model is based on a 


rally car which has scored a 
string of successes since it. 
first appeared in late 197& 
Vauxhall had to undertake to 
build 400 for sale before 
October of this year to make 
it eligible for an area of com- 
petition which in the past 
few years has become the 
arena for. an increasingly 
fierce promotional battle 
among manufacturers- 

But after the initial flare 
of publicity, the car dis- 
appeared from sight of would- 
be buyers, except for a 
specially-favoured few, and 
even the specialist motoring 
. Press was denied access to it. 

Speculation as to whether it 


The proven way to greater 

If you are thinking of leasing 
contact the specialists 

Consolidated Capital Leasing Ltd. 
Phone 629 5155 
A/H * 727 8375 





Other makes also supplied 
Enquiries Tel: 



on the A_J0 next to. 
Hcathrpw Airport. 

Are you obotning the best price lor 
your low-mileage prestige motor-art 
We urgendy require Rolls-Royce, 
Mercedes, • Daimler, jaguar, Vaiwen 
PLus. BMW. Porsche. Ferrari. Masemo, 
Lamborghini, Jensen Convertible, 
Royer. Triumph end Volro Care.. . 

Open 7 days > week 
Collection anywhere In UJC. or 
Bankert’ draft available. Telephone us 
for a firm price or our layer will call. 


Broobwood (04K7) 45*7 

PRESTIGE nect carsiveia purchased, any 
jmwint. Travel _ 1 

Unlimited cash- _01-S7B 2617/0200, 
eves 01-570 4707. 

was being built commercially 
.at all reached a climax a fort- 
night ago, when a delegation 
from the Federation Interna- 
tionale de 1* Automobile, the 
governing body 'of motor 
sport, arrived at Luton — In 
response to .reported com- 
plaints from a rival French 
manufacturer — to check that 
the 2.3 litre beast really was 
rolling off the production 

They found that the car was 
no myth, and an aggrieved 
VauxhaU insists that the com- 
pany has been turning them 
ont at a rate of 15 to 20 a 
week for some time. That 
they have not appeared in 
greater volume — it is 12 
months since they were an- 
nounced as a purchasable 
road car — is declared to be 
due to problems in manufac- 
turing certain components — 
notably the car's complex. 16- 
valve cylinder head — in 

However, the FIA delega- 
tion did confirm that both the 
clutch and cylinder head Of 
the road cars differs from that 
of the competition versions, 
and the latter now will be 
modified to bring them in line 
with the road version. 

But it now appears that 
Britain’s most elusive execu- 
tive express — In its all- 
options form it is said to be 
capable of over 130 m.pJtL — 
really is at last on the market. 

The company believes that 
it has found an on exploited 
niche for a very high per- 
formance, but small hatch- 
back, although a slightly less 
powerful variant is also being 
worked upon. 

Vauxhall said this week it 
expects to reach the 400 tar- 
get by October without 
problems and that, unlike the 
case of some other specialist 
cars , in the past, production 
will not be shut down once the 
competition eligibility require- 
ment has been met — “we sball 
go on producing them as long 
as there is a market for 


Indent life. 
Ayear of success 

Trident life hasjust completed aresoundingly successful 
In the 12 months to 31st of March 1978, a period which ] 
been widely regarded as ‘fiat”, Trident Life has: 


* Single premium sales 

* Regular premium sales 
He Premium income 

He Funds \ 

by 37% to £12.8 m. 
by 29% to £23 m. 
by 58% to £183 m. 
by 23% to £56.7 m. 


He Ratio of administrative expenses to premiums by a quarter to 9% 


* Three exempt funds and the Individual Pension Plan 

* Five new investment links for the Trident Managed Portfolio: 

UK Equity Fund International Fund Income Fund 
American Fund Extra Income Trust 


* With Property Fund up 28.6% in offer price 

* With Gilt Fund up 92% in offer price 

over that same period 


Without obligation 

send for particulars of the Trident Managed Portfolio by filling 
out the coupon on the LEFT 


Make a direct investment 

into the Property Fund without fuss or bother, by filling out the 

coupon on the RIGHT. 

Property Funds are currently proving attractive to many investors. 
The Trident Life Property Fund is a growing Fund 
and has consistently been amongst the top performers, 

f Indent Life 



To: Triden t Life Assunra ce Compa n y 
limited, Chaucay House, 

Chancery Lane, London WC2A1SR. 

Please send me full details of theHident 
Managed Portfolio. 




I Tb: Trident life Assurance Com t 
! London WC2 A ISR.TH: 01-404 .4 
I I wish to invest |£ ~~ 

i and ajdose my cheque for ibisH 
J Snmnirn. 

j Address 

| Date of birth 

j Bill tide 

I OaiTpalin n 

Are you an existing policy holder?') 

s amount. 

Limited, Chancery House, Chancery Lane, J 

[ (min. £500) in the Trident Property Fund | 
int, A o tomatic withdrawal plan I 

S un. investment £1,000) * 

ease arrange withdrawal o£ I 

{ |% of bond value aa. or * 

— 1 — ‘ 5% of initial investment pm | 

Delete which ever is not required. I 

Delete which ever is not required. 
Payments to be made: 
□Annually DHalfYearly 
□Quarterly 1 * 1 1 

■mu umlnluMigDhnl, 

cntM #»< I J* IfWRi aauhr'^Mwi 

jrdUrtHonr '" 1 are MiiuiimnBH 

FMtKBlinini. Mini LnHagMaMOikv.iSUHaiBiSqiM Leman WT.RagiiwBxsn 

1 hcatth aim free from the effects of any 
■ previous illness oracrident? YES/NO* 
I If no please attach details. 

income payments should be made 
commencing in; 


Bank Sort Code, 

Account Number 

■ : Delete as necessary Account Number. .. , , 

I The statements above are true and com ptele and are thebasisofrny contract with | 

1 J™entUle. ft22J4thk ■ 

^^ ~^5gnatujr.~— — ■■ 


Financial-: -Times. Satni^ay J^>x£t 22 197* 


Role players 

A week's holiday caused me to 
miss the first programme io the 
new senes Key Figures but 1 
caught up with the second o?e 
last Sunday. The title may not he 
terribly appealing but the idea 
of spotlighting the neglected 
element in a famous partnership 
brims with possibilities for 
radio. This coming Sunday you 
can hear all about G. H. Lewes, 
the man behind George Eliot. He 
was incidentally an excellent 
dramatic critic. This week the 
subject was Friedrich Engels, 
his portrait was admirably 
sketched by Hallam Tennyson 
(Radio 4. April 161. 

It was Cyril Connolly who first 
made the wisecrack “Where 
Engels Fears To Tread" (as the 
title to a spoof reviewl; since 
then English intellectuals have 
tended either to ignore Engels 
or dismiss him as a humourless 
Teutonic bore. Bore he was not 
as Mr. Tennyson proved to the 

Engels was a connoisseur of 
wine: his favourite tipple was 
Chateau Margaux 1S4S. He also 
loved fox-hunting. “Did he dis- 
cuss Hegelian dialectics with the 
MFH?" asked Mr. Tennyson. He 
nurtured pet hedgehogs. He 
fought in the Franco-Prussian 
war. He translated Humpty 
Dumpty into Latin. He loved 
children's games. He was a ver- 
satile Victorian with the endless 
reserves of energy characteristic 
of the type. Where he was atypi- 
cal was in his acutely sensitive 
social conscience, hi' emoathy 
with the victims of the system, 
and his extraordinary humility 

—have been less true of Engels: 
he opted into it and suffered n 
until ^ueb time as he was Free, 
to retire and devote all' his 
energies to Marxism: that was 
when the first volumes of Capital 
were ready for the press. 

By- then ‘Engels had become 
deeply involved with the. Marx 
family is bis emotions. The 
story of the complicated rela- 
tions between Marx, Engels. 
Eleanor “ Tussy" (Mars's daugh- 
ter ». Edward Aveling.' Marx's 
English translator, and. Marx's 
illegitimate son Freddy by a 

Josephine Barstow (centre) fn a scene from “ La Traviata * 

^ ENO’s ‘La Traviata ’ 

“- /'.-v 



which prompted him from the 
moment he met Marx to decide 
that his own role in life was to 
play “second fiddle." as he put it. 
to this man. 

He never wavered from the 
onerous consequences of this de- 
cision for the rest of Marx’s life. 
They were the most extra- 
ordinary example of partnership, 
of one man of genius (Engels 
denied he was a genius, that was 
his strength) subordinating his 
life to another’s. 

The programme provided some 
vivid inslghtc into the life nF the 
immigrant Marx family in Soho 
and Kentish Town, a life that 
was a sorry catalogue of debt, 
evictions, visits to the pawn- 
broker; it might have come out 
of a novel by George Hissing. 

The penury of the Marxes 
meant that from 1850 Engels 
had to take a job in his family's 
cotton business working as 
general manager in the Man- 
chester office at a starting salary 
of £100 a year. The modern 
notion of a Marxist as someone 
who opts out of the system could 
not— as this programme showed 

BBC 1 

t Indicates programme 
in black and white. 

SJ3 a.m. Piayboard. 9.10 The 
Oddball Couple. 9.35 The Record 
Breakers. 10.00 Arlott and 
Trueman on Cricket. T0Jt5 
“Morgan The Pirate." starring 
Steve Reeves. +11.55 Charlie 
Chaplin in "Easy Street" 
1Z2S p.m. Weather. 

12.30 Grandstand: Football Focus 
(12.35J: Swimming (1.00, 2.05, 
3.05) Champion Pools Inter- 
national: GB v. Holland v. 
Italy: Racing from Leicester 
(1.25. 1.55, 2.25, 2.55): World 
Snooker il.35, 2.35, 3.05) 

Embassy World Professional 
Snooker Championship; Rugby 
League i3.50j Si. Helens v. 
Hull Kingston Rovers: 4.40 
Final Score. 

5.15 The Mickey Mouse Club. 

SJS5 News. 

SAS Sport/Regional News. 

5.50 Fish. 

6.15 Rolf on Saturday — OK? 

fi.45 Saturday Night at the 
Movies: “The -lay hawkers," 
starring Jeff Chandler. 

8JM News. 

8410 Eurovision Song Contest 
from Paris. 

10.45 Match of the Day. 

All Regions as BBC - 1 except at 
the following times : — 

Wales — 9-35-10.00 a.m. Teliff'ant. 
11.45 pjn. News and Weather for 

Scotland— 4.55-5.15 p.m. Score- 
board. 5.45-5.50 Scoreboard. 10.45 



C.C.—ThB» theatre* accept certain credit 
urds bv telephone or it the box office. 


COLISEUM. Credit cards 01-240 S2SB 
_ Reservations OT-B36 3181 
Tonight & Wed. 7.30 La Trariau: Timm. 
* Fr J- 7 -°? Carmep: Thurs. 7.30 Julietta 
■ Final pern. " Hauling atmosphere ■■ E. 
News. Smoothly and sweetly, twturM. 
lull ol gentle accessible melody." O. Mall 
. ■ a dream ... a most unusual and 
- itirmomsfe operatic evening- Yorfcs Post 
104 balcony seats always available day of 

Wilfrid Pickles: career in radio '. 

family housekeeper, with which 
Mr. Tennyson rounded off his 
portrait, drawing here on the 
biography of ‘Eleanor Marx by 
Yvonne Kapp (who was the pro- 
gramme's adviser) contains in 
irseif enough material for a mar- 
vellous full-length play. Only it 
would need Ibsen to write it. 

1 was not a fan of Engels 
before hearing the programme, 
but I ended it as one. Similarly, 
my interest was unexpectedly 
kindled by Wilfred Pickles — Man 
of Radio (Radio 4. April 16). I 
remember his wartime news 
bulletins when I was at school. 
“Here is the News. And this 
is Wilfred Pickles reading it . . ." 
That, we learnt on Sunday, was 
Brenden Bracken's idea, so that 
in the event of an invasion no 
fake newscaster wouid be able 
to reproduce the genuine York- 
shire brogue and fob us off with 
false information. But in his 
latterday incarnation as the 
jocular host ol Have .4 Co l [car 
I rather lost touch with Wllf. 
The programme showed’ how 
astonishingly versatile be was; 
tracing his many-sided career, it 
became a chapter in the history 
of radio as a popular entertain- 
ment medium. On this the sound 
archive was plentiful; it was 
raided judiciously. 

Sportsceoe. 11.15 Falkirk Folk 
from Falkirk Town Hall. 11.45 
News and Weather from Scotland. 

Northern Ireland — 5.05-5.15 p.m. 
Scoreboard- 5.45-5.50 Northern 
Ireland News. H.43 News and 
Weather for Northern Ireland- 

BBC 2 

7.40 ajn.-L55 pjm. Open Univer- 

3.00 p.m. Saturday Cinema: 
“The Badlanders." starring 
Alan Ladd and Ernest 

0.00 Planets. 

7.00 Open Door. 

7J30 News and Sport. 

7 AO Don’t Quote Me. 

8-2fl Network. 

8.50 African Sanctus. 

9.40 Second City Firsts. 

10.10 Snooker: Embassy World 
Professional Championship. 
17.00 MASH. 

1L25 News on 2. 

tl 1-30 Midnight Movies: "Saints 
and Sinners," starring 
Kieron Moore and Christine 


8.45 a.m. Sesame Street 9.45 
Halt Our Show. 10J.5 The 
Monkees. 10.45 Our Show. 11.30 
Spencer’s Pilots. 

12.30 pjn. World of Sport: 1235 
On The Ball. 1.00 Inter- 
national Sports Special (1) 
Professional Cycling: The 
Parls-Roubaix and The FJeche 
Walonne; 1.15 News from 
ITN; 1.20 The ITV Six- 
130. 2.00 and 2.30 from 

Thirsk and 1.45. 2.15 and 2.55 
from Sandown; 3.10 Inter- 
national Sports Special (2) 
The LBC Radio TT Formula 
OneTtace from Brands .Katvh; 

Rather good Traviatas are not 
so hard to find. Verdi and Piave 
made their opera so well that a 
producer faces no special prob- 
lems with it — there is nothing to 
be papered over, no dramatic im- 
balance to be discreetly rectified. 
Though there is no end to the 
subtleties a Violetta may dis- 
cover in ber role (nor of musical 
challenge to be met), a sampling 
of them is enough to be going 
on with, for the broad lines of 
the part are guaranteed effective. 
It needs to be emphasised, then, 
that in Josephine Bar stow the 
English National Opera at the 
Coliseum has a Violetta who is 
really hors rone ours — not just a 
faithful impersonation, hut a 
creation so strong and complete 
as to make comparisons pointless. 

Thursday's revival at the 
Coliseum had many other virtues. 
John Copley's production is ex- 
pert and unfussy; the producer's 
hand never intrudes detectably- 
The second and third acts are 
played through without an 
interval: probably the best of 
various faintly awkward alterna- 
tives, but Flora's party flags 
with the mock-Spa nisb entertain- 
ment-brittle gaiety is not the 
ENO chorus's strong suit, though 
Ann Hood’s mondaine hostess is 
a neat cameo. Elsewhere the 
dramatic tone is confidently fixed 
and held. 

The shape of everything has 
Miss Barstow as its focal point, 
like iron filings around a magnet. 
She is not a conventional 
charmer, neither a broken 
blossom nor a knowing woman- 
nf-the-world: her sharply indivi- 
dual persona — angular, nervy, 
vulnerable, acutely Intelligent— 
gives her a far stronger claim to 
Fascinate. Her voice is not con- 
ventionally pretty either, but the 
whole character is concentrated 
in . it. It is a powerfully affect- 
ing instrument, and phrase upon 
phrase has the ring of pure 
dramatic truth: the musical 
finesse she displays is the more 

. 3.50 Half-time Soccer Round- 
up; 4.00 Wrestling; 4.50 
Results service. 

3.03 News from ITN. 

3.13 Celebrity Squares. 

6.00 Logan's Run. 

7.00 Sale of the Century. 

730 "Kelly's Heroc's,” starring 

Clint Eastwood and Telly 

10.00 News. 

10.15 The South Bank Show. / 

11.15 Executive Suite. / 

12.15 a-m. -Stars on Ice with Alai 

Trebefc. ./ 

1245 Close — Robert Rietti refids 
a prayer -especially for/the 
Passover.. • / 

All IB A Regions as Lxradon 
except at the following rimes:— 


9-lfl a-m. Undersea World of Captain 
Nemo. 3-30 Tiswas. 10.20 Frniky Phan tom. 
10.45 Tiswas. 1L2S Valky or the 
Dlnosanrs, 11.55 Tiswas. MO p.m. Man 
From /ulan us. 11.15 Within These Walts. ; 
12.00 At the End or (he Day. 


0.05 a-m. Mum's ihu Word. 9 JO Tiswas 
Including Dynomntr Uic Dos Wonder, 
plus i he Low Ranger. 5-15 p.m. The Six 
Million Dollar Man, 6.15 Celebrilr 
Souan.-s. 7JJQ Oh. no! it's Selwyn 
Forggitt. 1145 Rich Man. Poor Man. 


0.05 a.m. Build Your Own Boat. 9 JO 
Tfs»-a* Including FantasUr Voyage and 
The Beachcombers. SOS p.m. Logan's 
Ron. .605 Celebrity Squares. 11.15 The { 
Outsiders. 4 

impressive for having to carry — 
with entire conviction — the fair- 
to-middling English text the ENO 

Her Alfredo is John Brecknock, 
etching his line with bis usual 
ardent precision. His mar- 
vellously transparent diction is, 
f suspect, as much the result of 
treating his words absolutely 
seriously as of mere technique, 
and the performance would grow 
if patches of rapidly stilted 
English ' were weeded from his 



part: he is not a maa who can 
hymn “Love universal, love 
never-ending!” in good con- 
science. An opera-translation 
must render dramatic import 
exactly, but there Is no need to 
insist on the .literal sense (or 
lack of tt) of every line, and 
judicious liberties would be 
welcome here- If. Brecknock's 
Alfredo is something less than 
volatile, he has an engaging, shy 

warmth, and many full-blooded 
lyrical passages carry admirably. 

For the first time, Brecknock 
and Miss Barstow have Norman 
Bailey’s Germ on t pere to match 
them. He radiates solid, clear- 
eyed decency, and raises the role 
above the Heavy Father stereo- 
type with a quick canniness that 
enlivens each of bis scenes. In 
the meeting with. Violetta, his 
rapid change of gear as be 
realises that this is an unexpec- 
tedly formidable mistress is ex- 
cellent; so is his evident taken- 
abackness later when she insists 
on embracing him. He does not 
wallow in bis first aria, but 
treats it firmly as persuasive nar- 
rative. - and then - reaps the 
rewards of the restraint with a 
nobly expansive “Di Provenza 
...” In fact the whole opera 
seems for once to be about 
grownups, and is proportionately 
moving. The general distinction 
of the vocal style is echoed in 
Mark Elder's conducting: 3 few 
smudges — a plonking accompani- 
ment to the big tune in the Pre- 
lude, an occasional stolidity in 
what should be a febrile pulse — 1 
do not compromise the tender' 
intensity of his reading. 

Mike Stott's new play, which 
deals with wholesale Infidelity 
among three-and-a-half couples 
in a Northern city, has an ..old 
fashioned moral in an., art 
nouveau guise, that it’s best , to 
stick 16 your current partner if' 
you can; and he gives us a happy 
ending to prove it. 

The flat where all these half- 
hearted betrayals go on belongs 
to Jimmy, a professor of Ice- 
landic literature who has a habit 
of holding conversations with 
himself that would be tedious if 
Philip Donqghy didn’t contrive, 
to keep them so. lively. Jimmy 
has left his wife and child to 
live with Vernon, a . systems 
analyst: both admit to occasional 
unfaithfulness but live together 
tolerable well. In the flat above 
are two semi-lesbian gerontolo- 
gists. Hilary and Jackie; ancTihtd 
the household come Jan, in flight 
from her husband John after 
discovering an affair with his 
secretary, ahd Mildly-married; 
Malcolm, an expert in industrial 
espionage who is checking, on. 
Vernon. . - 

It is significant that Mr; : Stott“ 
has given all his characters?- 
respousibfe jobs, for their 'be- 

haviour is mostly irresponsible played by; George. Costizan. j| ' 
and yet we must conclude that ..tmderemphasfsed. Qncelt ge 
no harm is .done except to-.fee .going, the writing crackles wi : f* 
feelings. • >ftm-and srooulderswife wisdoif/// 

. -The author follows’ the varibiK Mr. 1 ' Stott has a particular tale-J/fL 
infidelities ia ingenious* co^trav.for. presentihg ’two' «mtrastirjj(r 
'.point. Veraon .- ^i^j^odsrat/oncef^alcoto discu' 

: Jackie,- Malcolm .. ’Withv 'HHajyr siag ^bortUg’ fimilr matters < . 
Jackie ;wife Jimmy; while Joi^n lie .telephone’ at one side, f,?'e 
earnestly seeks apescewith- Jan," ^example, ..while Jan tearful 
Hilary^ is. the only successful admits' her pregnancy - for ti . ; 
dalliance, physically at any rate,: first time at the other. - He c»>. - 
.though -Atj leaves. Malcolm con- combine the comic and ti . • 

’ - a ' ■ — ‘ - ' v ~ pathetic in origiiial ways. Whi 

'v .,'! Vernon comes home from sortu.- ' , • 

’ rs " out Sheffield’s transport syste.: : 

■ THEATRE' ■ ' Lv r : tofind that jimmy i? on the poi 
" of ^turning him out. be works 
V i . fi- A T0UN6 ;. : . ; ••. reconciliation by removing . 1 

. clothes, bit by bit until' he. -V-- 
• BjBsssss==Bj=gsa==g=^'---. static naked, as improbable ' 

sight as the model in Mane." 7. 
vulsed with remorse and r longing Dejeuner su r I’herbe. 

,to-;get back to'.his wife; children Alan Dosser directs the cot: . 
and pets. Vernon’s turns - out to plaxities of the action with mui > 
be a false alarm ahd Jackie’s 'skill, and the playing is fid'- " 
hetisr gets off the. ground. rate. Billy Meairs design, setth . ; :- 

jLfke. its. proraL^ "the "play wears -the play finally in Breezebloi ; 
tW faces;- while -pretending tb‘ Park; has four doors, a windo ” r . 
be, frivolous if is- really, serious, and a bookcase all together-;: 
Jtvbegfiis T to6.. : slowly; far 25 the -back wall. Improbable -.- 
minutes' we are Involved in reto- architecture no doubt but a us ' 
5pCCt~. with no - objert r bnt fulljr practical way of compres.;-.-" 
character-building.- and' the im- -ing the room into .the Ever’., 
pottance - of ; Vernon, 7 nicely man's open stage. : ' ,- 

A Tale of Three Cities 


Theatres this week 

WAREHOUSE— ’Tis Pif« She's a 
Whore. Moderate production of 
Ford's melodrama with some 
intrusive religion. Reviewed 
Tuesday /Wednesday. 

GREENWICH— Arms and the 
Man. Felicity Kendal’s Raina is 
the brightest spot. Reviewed 


COTTESLOE— Don. Juan Returns 
from the War. Horvath brings the 
Don into 1918 Bavaria, with fine 
performance by ^Daniel Massey. 
Reviewed Wedn^sday/Thursday. 

Adventure. JUS Stmce X9W. 545 .p.m. 
Logan's Run followed by area weather 
forecast, HieblaDd League and sbinrr 
resorts. 4U5 Wthto These Walls. 3245 
a.m. Refleciltms. 


VJ» a.m. Tiswas including 1028 
Djnjfitmni. The Dos Wonder. 1M? 
Tiswas icoimnuedi. XL 25 Elephant Bor. 
Uo5 Tisvu (coaclnucdi. SJS p jn. 
Ungan'S Run. 6.15 Celebrity Stiuares. 
50-15 Stan on lift. U-45 Bouse of 
/Horrora: Chrlstophrr Lee ui “Tine the 
Blind ot Dracula." 


OJS a-m. Build Your own Boai. 9J0 
Tiswas. 1045 Baiman. iojis Tiswas 'con- 
tinued). 1145 Wcsnvaj. 1L55 Tiswaa 
tcouiinuedi. 21 J5 p.m. within These 

HTV Cymru /Wales— as HTV " general 
service . except— 5 OS p.m. Canolfan. 5.45. 
6JW Canooniime. 


LU a.m. Build Your Own Boat. 9JS 
Tiswas iincluding Baiman and “Adven- 
tures in Rainbow country). SJS p.m. 
Logan's Bun. U5 Celebrity Souarca. 
12-15 Late Call. U3 The Sweeney. 


1J5 a.m. Weekend followed by Re- 
gional weather fnwvasi. 8.45 Scnairw 
Sirt-?i. 9.05 Our Show including 10-15 
Happy Days, mo tt>cti.-nd fottawed hy 
regional weather row-i-asi and U-08 Code 
R. 6JH p.m. Sis Million Dollar Man. 
11.15 Within These Wall*. 1205 a-m. 
SonUtem News. 

NEW VIC, Bristol—' Titus Andro- 
nictw. Bright production of 
Shakespeare's blood-boltered 
drama. Reviewed Thursday. 

M ERMAli) — St. Mark's Gospel 
Alec McCowen's splendid Tecital 
of the King James text. Reviewed 
Thursday/Frtday. Finishes to-day. 
BUSH— On the Out. Over- 
dramatised slice of East End 
lowlife. Reviewed Thursday/ 

ALBANY. Deptford — Restless 
Natives. Local politics in enjoy- 
able cabaret f or local audiences 
only. Reviewed Friday. 


8JDB a.m. The Lost Islands. 925 The 
Beatles. 950 Children’s Feature Film: 

•- ThimdertJtrds Are Co” 1 puppets ». IL30 
Ciua Honey bun 's Birthdays. U-35 Island 
of Advemqre. 5.25 p.m. Logan’S Run. 
6.25 Celebrity Sauws. flLlS TTie 
Mystery Thriller: “The Cabot Connection." 
12J.0 a.m. Faith For Life. 


9.B0 a.m. You Can Make It. 9J5 The 
Adventures of Muhammad AH. 9S0 Sat- 
urday Scene Action Adventure: "The 
Thief of Baghdad." starring Steve 
Reeves. 1125 Cartoon Time. 12-30 Funky 
Phanrom. 22J» Rah. Joe. Run. 5-15 p.m. 
Logan's Run. US Celebrity Sonarca. 22-15 
The Outsidcre. 


(SI Stcrcoplranlc broadcast 
5.0B a.m. As Radio 2. SM Ed Stewart 
with Junior Choice 'Si. UMlo Adrian 
Juste — who? 12JM Paol Cambacdnl. 1.31 ■ 
Rock On (St. 2J0 Alan Freeman »S>. 
5.31 Alexis Korn fir’s Bines and Soul 
Show 1 Si. 6J0 Id Concert 1S1. 7JMJ12 
a.m. As Radio S. 

RADIO 2 1.500m and VRF ‘ 

5.00 a.m. News Summary. 5212 Tom 
Edv.inla with The Early Show 'Si. In- : 
eluding 8.03 Raring Bulletin. IJK As 1 
Radio 1. U.02 Tonr Brandon (Si. 22.82 . 
p.m. Two’s Best (Si. 12Q Punch Line. . 
1.30-5255 Spnri on FoofbaR League , 
Sneeial (l.TO. 3.M. 2.?l>. n 00. 3.43i: Cuj> 1 
Tie Cricket fl.M. 3^0. 3.M. 4.50 . 5.30» I 

Every so often television Sjix-7 ^arguments . surrounding .drama/ 
dulges in a bout of navel garing,' donunentary, in a programme 
examining the content and’ pro*. j5iich notably lacked the critical 

^ tr0, Sie wtth III pro- 

did it respilSToriBC oE ^ “«■ msde ta : 

the present writer in the.ehair, • 

The ' Editors occasionally cbvem' • •“ : — “ — 

broadcasting, and next . m’ohthi .V Vi ' . 

London Weekend have a go wife V : TITI .fri/ICI/lM ... 
Look Here, offering a .chtoce'.’. . ■ • 

once a month to everyone “from: -' ' r uoi« ruiwwicv 
the .Hackney housewife to- the' CHRIS DUNKLEY 

Fleet Street critic" to comment,. ' - 

on TTV programmes. 

Last Monday Alan. Yehttfe’s . 

A rena pitched in on BBC 2 with t. J .. 

a broad but shallow study of g^e either ITV or BBC -is that 

colleagues naturedly expect 
- ■* ■ 'plaudits. Deliver brickbats and 

ft ft ft fUJtft •' v ' your sources (°f clips and 
lifeli ttK'JK-l people) tend to evaporate. ■ - 

•• A different way altogether for 
Monday, Prospect's Ticelffit Niont television to look at television — . 
at the Old Vic. Tuesday, "the and with a different object, but 
National's Brand (ThseoX Jour with lots of potential— has 
hours tong from 6-Sfi pjn.' emerged from four recent BBC 2 
Wednesday, Sisters : .by Tom programmes: A Tale of Three 
McGrath at Stf Jfford, EJL5 and Cities (Berlin, Jerusalem, and 
new Sandy -Wilson. The Clafntsm. last night Montreal) produced 
Wonder, at the Marlowe;. Canter- by Maryse , .Addison, John 
bury. Thursday, • Tennessee Williams and Frank Smith; and 
Williams's Period of Adjustment. India which was produced by 
at the- King’s Head ..aucLT The’ Anthony Isaacs and .Simon 
Becruitmg Officer at Carnwrid®. Normahton.- and written and 
And Friday; Oh Well] in »e .narrated by the hosier than evV 
Oxford Festival (which .goea^n^Jam'es Cameron.- “ 
all week, and next); jmd Op§n&0' 'India Hised clips from BBC aid 
Time at lunchtime al-rthe Orange Indian Alms made since 1948 to 
Tree. Richmond. / create a collage impression tiojc 

Benson and Hedges 
sltlre and Uslcestpr 
Radns From Sand 
win a classified d 
ilJO. 3.00. 3.00, 4. 

Kent r.-York- 
Soaser: reports: 
1 1.30. S.lfl. 2.50): 
at 4.50; Swimming 
5.30> plus news of 

sente mteic- on records ZSS News. 
-U» R^lnttegs ln-CliMe-Dp.'«&»'UOzart tffld 
Berg chamber music couceft <Sl. 2Jte 
Man Of Ac&m: ' Mirrn Criode* oh soon 
records ISK 3JS Music' of The Masters 
tty Rossini. Mozart (S). Sfe Jaaz Record 
Rcooests (SV. 5 j« Critics’ Fontm. US 
Berne. String Onartet (5). 7.B5 Ralph 
Richardson selects, reads and talks about 
Blake's poetry. TJO Cotwan from Leeds 
part I: Wagner. Stnmas iS>- US The 
Human Fare of History (talk by Philip 
HookL 8J20 Concert part S: ; Mahler (S>_ 
9 JO -RBcratsMering John Stuart Mill. 10JO 
Sounds Interesting tS). 12-2S News. HJtt- 
11.35 Tonlgbt's Schubert Song.. 

Radio I VHP any— UN-A jOO a-m. Open 
University. . _ . . . _ 


. . 434 m, 330m. 285/n and VHF 
iJ ft nan.- Jtews. t32. Fanning.. Today, 
cjn Tews PaiihfnUy. 8JS wenijar. oro- 
grammE news. TJ» News. 700 Orr Yotrr 

the SesUnk Intentumal Amalenr Five, 
day Cycling Race)/ S.00 Sports Report: 
classified football efiecks at 5.00 and 3.45; 
rugby rtmnd-up SC5: motor sport 5 -SO, 
843 Pop Over /Europe. 7JH Windsor 
Davies presents. /7J» Sports Desk. 7J3 
Radio S Top Tunes (Si. US Robert 
Docker at the mano (5>. 8JQ Eurovision 
Soug Contest imm Paris (Si. 1845 Peter 
Wheeler with /the Late Show (S). in- 
cluding m2 Spurts Desk and 3240 News. 
248-242 sumVNcws Summary. 

RADU> 3 464m, Stereo & VHF 

Xiss a.m. We a i her. 840 News. 845 
Anbade fS). 94B News. MB Record Re- 
view iR). '1IL15 stereo Release of music 
by Rubbra '51. 1140 The English Con- 
cert (Si. 2242 p.m. James Galways p re- 

si m ply of what India is (at lete ^ ' 

in part, presumably) really ilk', 
bat of wb at lia British and -ti ‘ 
Indians thought it was tike: V- '* 
different times. The Tack ) 
dates on tie clips was L*-<— 
furia.tin« t btit tbeir. evocatir 

strength was astonishing: Pai 

doxically, this post-1948 materi^ 
conveyea a powerful idea-of ha 
it must have felt to be a BrimrC? 
in the ace of Empire- . • . ' ^ 

The- three cities fi’ms . 
even more valuable. Where pr’*'" 

vious programmes, including 

series by Frank Gillard,. 
looked at television in illffel® 
countries, these three pr 
grammes told the stories - 
three cities and their inhabitan - ... 
by observing and analysing tf . 
content and organisation of the - - 
television services. It ~ so uni r . . 
like, a tediously contrived hybri 
yet it woriked staggeringly wefi; 

Yesterday!s Montreal WMj P 4 -. ?• 
bans, the best of the three, cei- • 
veying-rto me. anyway — a mu* • 
more vivid idea of the emotfoiT 
■ involved in the Canadian separ - . . 
.tint movement than ait previoi - - . 
reading, listening and yiewir' - 
put together. The series bed : " 
filed from three oytstandfr:' 
ceporters : Charles Wheeler-^ 
Berlin. Richard Kershaw . i - . 
Jenicalera. and Robert MatNs . 
irrMontreaL Yet every r 

was the television excerpts fegr '.' * 
selves which were most tellMsr 
; ,W-idea should not be p item* - 
too - IFar too fast yet these thtft- 
were so successful that it nm 
surely-be extended. 

Farm. 14# Today's Papers. 1JB. To C 1 • 
Faithfully,, 7J8 It's a Bargaiii.' 7 • 
iWeatber. nrograijuue news. 840 lffei" • - 
SJb Sport on' 4. BAO Testentay f ; ' 
PanlameuL 155 Party Political Brw 
cast fir- 'Ore Conservaave -Partfv 
News; 945 inrenmriMia] AsstoiseM. V-- 
Tbe Wrek in Westminster- 945 Uf- 
smod. UJS'nafly Service. PI*: '.. 

The Week, mn Time For Verse. 2k 
Science' Now. 1240 News. X242 pa . . 
James Galway (Si fas Radio ■ 8). JCfc- — 
WngthtTf • urocranune news. XM. Vta 
1-15 Any QiiMWoasr 240 War and Ptar • 

3.00 News. 345 Does He Take SteW 
3-35 Music of The Masters ; & ' - 
Kaleidoscope Encore, 5 JO Week Ere .- • 
log . . . SJS. Weather, programme im 
840 News. US Desert island Tlgf 
840 Stun The Week with Robert Rob- 
son. 7 JO These Too Have Lored A ~~ — - 
8-30 Saturday Night Theatre, (SI. 9- 
weather. 1040 News. 1«35 OBr-The 
1140. Lighten Our Darkness. lUS.Ne^t 

Weekend Choice 


12J8 n.m. Puffin's Plan tee. SJS lagan's 
Run. .US Celebrity Souarcs. 11J5 The 
Mystery Thriller: “ Terror on a 


940 ami. Scene OR Saturday. Including 
Birthday Creeiings and The Woody Wood- 
pecker Show. 945 Sklppy. 9J0 Spiderman. 
10JS The Clue Club; 1045 Island of 


945 a.m. Solo Oik. Y)JS Action 
Adveorare Film: "The Prisoner or 
Zends." starring Ronald Colrasn. UJO 

Rim. Joe. Run. 12-00 I Ant The Grcalpst 
—The Adventures or Muhammad Alt. 5JS 
o.m. Lagan's Run. 6 05 Olchiity Squares. 
11.15 The Proieciors. U.d5 Epilogue. 


1040 ajn. Saturday Mamins Movie: 
” Treasure of (In- GoMi-n condor.” star- 
ring Cornel WilUi- and .\rine Bancrort. 
mo Sesame Strei-i. 5.09 pan. Snorts 
Resorts. 5J5 Logan's Run. 8J5 Celebrity 
Squares. 11-15 Police Womgu. . 

Solution fo Position No. 212 
The game ended 1 . . . P-B5 ch! 
2 KxKP f if 2 KxBP, N-K7 ch. 
Best is 2 K-B2, P-K6 ch; but 
Black’s protected passed pawn 
then wins quickly), N-K7! 3 

Resigns. If the attacked rook 
moves. R-Q5 mate. 

Solution fo Problem No. 212 
1 B-K4! and each of the seven 
possible bishop captures results 
in a different mate. 

SATURDAY. The main aim 
mast be to avoid The Eurovision 
Song Contest on BBC1. Luckily 
BBC2 is repeating a magnificent 
programme called African Sanc- 
tus made by ‘ a loopy musical 
genius named David Fanshawe. 
See it; it's inspiring. 

SUNDAY. Tight planning and 
quick channel switching are 
needed. First BBC 2 at 7.1S for 
Robin PeUew’tf study of giraffes 
in The World Abont Us; over to 
BBC1 at 8.05 for “Play Of The 
Month," Danton's Death, a huge 
drama about the French revolu- 
tion which could become some- 
thing amazing on TV; unfortun- 

ately . it ov erlaps by 10 .minutes 
wife. TTY'S David- Mercer pfey 
The : Regazza. which since It 
stars IFrancesca Aitms and Peter 
Baritrirprfe should jwt be missed; 
at fed end switch channels fast 
and (thanks to the ads) you 
should be back on BBC! in time 
for the start of a Barry Norman 
lollipop— a' roundup of science 
fiction movies in Film 78; and 
lo and behold at 10.55 you will 
be: on fee right channel for one 
of the best but least noticed 
series on television. The British 
Connection? which deals this 
week with fee Irish community 

in London’* Holloway Road.^ Nom » n Rodway in Damon’s Dm 
CB Sunday BBC 1 8JQ5 

FmanciaJ Times Saturday April 22 1978 

m n 


■ jv-^v 

Time to 

'■ V - :r >; V. IF YOU grew dahlias last year 
‘ and td flfae autumn stored the 

'.’^i tubers safely in a- cupboard- or 
. other; dry, frostproof place, now 

V. f -i is the time to gettbem out and 
VAstartltiexn intcfgrowth again. It 
is also' the time to .visit a garden 
.. i= *•' centre and boy- what 'are known 
pot tubers or to order rooted 
' 'cuttings from a specialist dahlia 
■'> , nttrsery though' these may inti 
. *;'.■» arrive for a few .weeks, possibly 

. l.r.- . 4 V not- before early June. 

- J ftp. dahlias are tender and 

V.fikefr to be Injured by even a 
... '-Us y-M, few degrees of frost ao it is not 
. ' - - ‘-./yet safe to put any growing 
/V' plants outdoors; However dor- 
’ j mant tubers can be planted in 
. /-:■). most parts of -the country early 
' ■'** ' in May if they are covered with 
S cms. of soil as this will pro- 
„ /*> i teet them from the short dura- 

fr* p * |j • tion, radiation frosts which are a 
/# I/bconunon feature of May weather 
* * | (jin the colder parts o£ Britain. 
y By the time shoots push through 
the soil it will "be late May or 
■ early June and there should be 
' :-Vj/‘ljttIfr further risk. 

If the old, home -grown plants 
> rjafe large, with maybe five or 
-• -more tubers each it will be wise 



."..’/'LAST MONTH'S "super touma- 
./went " at Bugojno, Yugoslavia, 
-.'"'.'-■was an emphatic success for the 
;./J 3oviet Union after the setbacks 
■ ..■.'. '■for the USSR players in Hastings 
./ '•^ind Reykjavik. . 

Spassky, who led throughout, 
' '-'•■rind Karpov, • .frh6 finished 
■-'.-strongly after a poor start, tied 
• 3: •' -i*or first prize with ten out of 15- 
^Timman (Holland), the only 
L i slayer , to beat Karpov, was third 
‘-■'rvith nine, while another Soviet 
-■ iiX-world champion, Tal, shared 
-• -ourth prize wifli Ljubojevic 
■= .- Yugoslavia) on Si. 

•: The other totals were Larsen 

.: •. Add Hort eight, Hubner and 
irlalasho^ 7 j. Miles 7, Ivkov and 
-.-■-•ortisd* Si, Vukic and Byrne six, 
• -.-Sligoric and Buklc 5|. 

to split' them before planting. 

Two to three tubers will give 
a sufficiently - large plant for 
most purposes and more can be 
self defeating since the plants 
will be too big to do themselves 
full justice. 

Splitting old dahlia roots can 
be a tricky business. Each divi- 
sion must have at least one' tuber 
and also one or more of the old 
stem bases left when the plants 
were cut down in tbe autumn. 
This is because the growth buds 
of dahlias are not on the tubers 
themselves as they.' are in 
potatoes, but are clustered 
around the base of each old 
stem close to where it joins 
the tuber. L. " 

So if a tuber is "broken off 
without any stem it is unlikely 
to grow and is not worth plant- 
ing. Sometimes it impossible to 
split up plants with the fingers 
alone, and this is what I prefer 
to do as one can then feel care- 
fully where the natural breaking 
point is. but big roots are often 
too tough for this and a knife 
must be used. It needs care, 
and a little understanding of 
the way in which a dahlia plant 
is formed to cut with the least 
possible damage and loss. 

It is easier if one has. a green- 
house or other light, frost proof 
place in which the dahlias can 
be started into growth .before 
they are divided. All one re- 
quires are some boxes or large 
pots and moist peat 

The dahlias are covered with 
peat and, if kept moist in a 
temperature of around 16 to 18 
degrees C, they will be produc- 
ing shoots in a week or so. Then 

one can see just where the new 
growth is and where the roots 
must be split if each piece is 
to have tubers and shoots. 

Splitting average size plants 
will give a two or three fold 
increase. If you need much 
more, perhaps because a variety 
is new and scarce, it will be 
necessary to take cuttings, 
which root readily in peat and 
sand in pots slipped into poly- 
thene bags and kept in a 
temperature of 16 to 18 degrees 
C-. Ideally for this purpose the 
tuber should have been started 
a month ago so that shoots 6 
or 7 cm. long, suitable for use 
as cuttings, are already avail- 
able. However if it was not done 
then it can still be done now, 
the only difference being that 



the young plants will be late 
coming into flower or may even 
not flower at all this year. 

The small “pot tubers” 
offered in garden centres now 
wer e produced last year from 
just such late cuttings, prob- 
ably not rooted until June so 
that they had no chance to 
flower in 1977 but made small 
tubers which are all ready to 
grow and make good flowering 
plants in 1978. 

Pot tubers can be kept dry 
throughout tbe winter and well 

into the spring and this is very 
convenient for shop trade, much 
more convenient than trying to 
handle rooted cuttings which 
need almost daily watering and 
are easily damaged by frost, 
rain, wind or just plain careless 

IS you buy pot tubers now 
they can be planted outdoors 
like the larger, home grown 
tubers but it is safer to start 
them in pots under cover. Each 
will need a 75mm pot and will 
grow in any soil or peat-based 
seed or potting compost. A 
homemade mixture of equal 
parts garden soil, peat and 
coarse sand, with just a light 
peppering of fertiliser, will do 
well, or one can buy one of the 
ready-to-use commercial mix- 
tures. A sunny window ledge 
will serve as a “ greenhouse " 
provided a temperature of 
around 16 degs. CL ran be main- 

By the first week in June it 
should be safe to tap the plants 
out of their pots and plant them 
outdoors where they are to 

Tbe selection available as pot 
tubers is limited to the most 
popular varieties. If you want 
something special or new it will 
probably be necessary to buy 
rooted cuttings from a d ahlia 

Delivery is usually from late 
April onwards, the first des- 
patches for those customers who 
have greenhouses in which to 
grow on the little plants, early 
May delivery for those who only 
have unheated frames and Jate 
May or early June delivery for 

immediate planting outdoors. 
Naturally the later one leave's; 
planting tbfe less growth will be 
made tbe first year and the later 
the plants wQl be coming into 
flower. If you really become a 
dahlia enthusiast you are likely 
also to become the owner of a 
greenhouse, but it is not essen- 
tial to success. 

Dahlias are so much planted 
in public parks as spectacular 
bedding plants that it is all too 
easy to forget their many other 
uses, not least as plants to asso- 
ciate with herbaceous peren- 
nials and shrubs. I often 
wonder how those gardeners 
who despise dahlias as vulgar, 
overdressed flowers manage to 
keep their gardens gay as sum- 
mer weans to a close. That is 
when dahlias came into their 
own and from late July until the 
first sharp frosts of autumn they 
can make a marvellous contribu- 
tion to the garden. 

For mixed planting it is the 
smaller flowered, more informal 
types that I like best. 

Semi-cactus dahlias with 
quilled petals such as Brandaris, 
Brig O’Doon, Cheerio, Hamari 
Bride, Klankstad Kerkrade and 
Pontiac or .flat-petalled decora- 
tive dahlias such as Dedham, 
Flutterby, Gerrie Hoek, Glorie 
van Heemstede, Hamari Fiesta, 
Jescot Julie, Polly Peachum and 
Vicky Crutchfield. 

I also like the old-fashioned 
collarette flowers with a tingle 
row of wide petals bearing an 
inner circle of short petals, 
usually in a contrasting colour. 
All these are also excellent types 
for use as cut flowers. 

When is an old master? 

City is an actor and singer, and 
also ■ an exemplary collector. 

Over the past quarter of a 
century he has formed an excep- 
tionally choice collection of Old 
Master drawings.' He acknow- 
ledges the help and advice he 
has received from scholars and 
dealers; but finally he has 
relied on his own eye and taste 
and instinct, and they appear 
not often to have let him down, rag,- 
Sothebys, which will sell eighty gV l 
works from his collection on ' * 
Tuesday, say it is “ possibly 
one of the most outstanding 
American collections of its type 
ever to be sold in Britain, and 
consists of extremely fine 
French. Italian, Dutch, Flemish 
and German drawings, many of 



■.r^.Tfony Miles's placing, ;1hbji|h 
V-easonable in such.ah dlite field. 

• - vas not one - to improve has 

..... 'tauding as a potential challenger 
» Karpov. ■ Three _ of. .MUfistf 
: -- our defeats came with tbe Wade 
• Pieces against the Russians in 
Openings which "he plays 
. egularly. 

- T It looks as if Miles's previous 
■ -/ood record against the USSR 
"/■layers has stimulated tbe 
- -.'foscow analysts to probe for 
: s 7eaknesses in "his static opening 
• epertoire. 

Thus Karpov v Miles (the 
- • world champion's fifth win in 
• .even games against the British 

grandmaster) was an "English 
Defence" with 1 P-QB4, P-QN3; 
2 P-Q4, P-K3; 3 P-Q5, Q-R5, as 
analysed by Miles and the other 
British GMs Keene anffStean. 

Karpov chose a quiet positional 
treatment, kept tbe iniative, and 
won the ending; a ’ similar 
pattern developed in .Spjassky v. 
Miles, a Sicilian, Dragon varia- 
tion. -Judged by these - ' games, 
the USSR backroom researchers 
have concluded that- Miles is ill 
at .ease in defensive positions 
lacking tactical play. 

Miles now has a special 
problem in lus games with tbe 
leading grandmasters on the cir- 
cuit His achievements have 
brought respect, and few take 
chances against him as they did 
a year ot two back. But, as a 
very active player, his openings 
and defences are available for 
his rivals to study and have 
become to some extent predict- 

'For tbe Russians, Hongastffei 
add Yugoslavs, this is less Qf-a 
problem- They often have 
assistants and trainers -wftdse 
fraction is to supply a constant 
flow of new ideas. ' . 

I A Western master, particularly 
a loner tike Miles, rims the risk 
of finding his repertoire stereo- 
typed and stale, while the con- 
stant tournament /round leaves 
little time for refurnishing tbe 
stock of ideas. / 

Even Bobby Fischer had this 
difficulty, but/overcame it by 
his exceptional chess work-rate 
at the board qnd between tourna- 
ments. * 

The game which really sank 
Miles at Bugojno occurred half- 
way through the tournament, 

when he was placed in tbe top 
six and poised to challenge 
Karpov and Spassky. It is a 
clear case of successful Russian 
pre-game homework, earned 
Balashov the brilliancy prize, 
and demonstrates Miles's enor- 
mous task In his one-man cam- 
paign to bring the world title to 

White; Yuri Balashov (USSR). 
Black: Tony Miles (England). 
Opening: Queen's Gambit 

Accepted (Bugojno 1978). 

1 P-Q4, P-Q4; 2 N-KB3, N-KB3: 
3 P-B4, PxP; 4 N-B3. P-QR3; 5 
P-K4, P-QN4; 6 P-K5, N-Q4; 7 
P-QR4, NxN; 8 PxN, Q-Q4; 9 
P-KN3, B-K3 ? (Miles played the 
more natural B-N2 against Kava- 
lek at Wijk a an Zee and won 
after his opponent missed 
chances. Presurctably Balashov 
had an improvement ready, and 
in side-stepping this Miles falls 
into worse trouble); 10 B-N2, 
Q-N2; 11 0-0. B-Q4; 12 P-K6 ! 
(improving on 12 B-QR3 ? as 
lvkov-Filip. Zagreb 1965) BxP 
(PxP 13 N-R4, N-Q2 could be 
tried); 13 N-N5. B-Q4; 14 BxB, 
QxB; 15 PxP, PxP; 16 RxR, QxR; 

17 Q-N4. N-KJ (P-K3; 18 NxKP); 

18 Q-B3, P-B3; 19 N-K6, Q-N2; 
20 Q-Q5, P-N4; 21 B-B4 r (wreck- 
ing the black defences, for if 
PXB; 22 R-Rl threatens 23 R-R8 
dh. QxR; 24 NxP ch), B-R3; 22 
K-Kl, Q-N3;_23 NxP ch. K-Bl; 
34 R-K6 ! PxB; 25 RxN. Q-Nl; 26 
1*K6 ch. K-Kl; 27 R-B7, K-B2; 
2t NxP dis ch, K-EI; 29 Q-QB5, 
Resigns. White threatens both 
QxP cb and R-B8 ch. 


Baczynsky (U.S.) v. Basra an 
(England), Aaronson Masters 
1&78. Basman (Black, to move) 

has slightly better placed pieces, 1 
but White’s last move P-B3 pro- 
poses further exchanges and a 
quick draw. What should Black 

POSmON No. 212 










WHITE (8 men) 
PROBLEM No. 212 





TV Ratings 

Week ending 16 Aprli 

UJC. TOP 20: Viewers Cm.) 

L Rttimg Damp (York*.) 1SSS 

2. Beany HUI Dawn Under ([TV) ... 1745 

3. An&i&air Thriller (Toes.) 

(Thames) 17.05 

4. Coronation St- (Wed.) (Granada) 17.00 

5. This Is Tear Life (Thames) 15.60 

i. Mixed Blessings (LIST) 1040 

7. Winner Takes All (Yorks.) 15.80 

8. Coronation SL (Men.) (Granada) 1X23 

6. Crossroads (FnJ (ATV) )5.» 

10. Get Same la (Thames) 15.15 

(BBC) 1425 


(Thames) 15.85 

(Yorks.) 13.15 
Finns compiled by Audit of Great 
Britain for the Joint Industrial Committee 
for Television Advertising Research 
(JiCTAR). . 

US. TOP TEN (Nielsen minus) 

X. Three’s Company (comedy) 

(ABO 29.8 

Z- Lavemc and Shirley (comedy) 

(ABO 2SL9 

3. MJLSJt; (comedy) (CBS) 25.7 

A Holocaust (special) (BBC) 27.1 

5. Happy Days (comedy) (ABC) _. XL6 
t. One Day at a Times (drama) 

' (CBS) 20:3 

7. Charfle's Anyets (drama) (ABC) US 

8. Baby I’m Bade (comedyX (CBS) 22.6 

9. Amazhts Snideman— Saperiperson 

(drama) TCBS) 2X5 

18. CD M fnutes (news) (CBS) A. 22.1 

A Nielsen rating la not a numerical 
totaL i 

WHITEl 7 men) My apologies to readers for the 

White mates in two moves, omission of a white Queen at 
against any defence (by M. White's QR1 in. last week’s Pro- 
Marble, 1st prize, Strategic blem 211. As set tbe solution is 

Solutions, Page 14 

defeated by 1 K-B2. R-B7 ch: 
2 B-Q2 cb. K xP. 

which have been on loan to 
museum exhibitions throughout 
tbe US.” 

Daniels is at present in 
London to bid his farewells, 
though he appears not so much 
to be relinquishing a treasure 
as proudly seeing off beloved 
children as they go off to seek 
new fortunes in a wider world. 
His practical reason for sell- 
ing this part of the collection 
is that collectors and collecting 
cannot remain static: now he 
wants to move on, and concen- 
trate his resources on collect- 
ing nineteenth century draw- 
ings, which were in a sense his 
first love, since his earliest 
purchase as a student at opera 
school was a Degas, which he 
still owns. 

I have to confess that before 
seeing the Daniels collection, 
which is at present on view in 
Bond Street. I had never given 
a great deal of thought to Old 
Master drawings, at least as a 
collecting subject. For that 
matter I was not very certain 
what the definition of ** Old 
Master ” should be, and it does 
appear that the perimeters are 
elusive and inclined to change. 
The definition seems . rather a 
question of style than of 
chronology: until quite recently 
many nineteenth century artists, 
from Fuseli to Leighton, tended 
to be included. More recently 
however. 19th-century draw- 
ings have become a distinct 
field of their own, with a 
clear watershed at the close of 
the 18th century. Domenico 
Tiepolo, as undoubted Old 
Master, therefore, looks some- 
thing of a chronological freak, 
surviving as he did to work in 
the first years of the nineteenth 

The earlier limit is at least 
somewhat easier to specify, the 
origin of Western drawing co- 
incided with the growing use 
of paper early in the 15th 
century — though until the 
rather belated recognition that 

rag paper was as durable as 
parchment, many artists used 
parchment at least for less 
ephemeral designs. 

Over the next four centuries, 
tbe variety of media that qualify 
for the definition “drawing,” so 
long as they are executed on 
paper or parchment is bewilder- 
ing; pens of quill or reed used 
with inks of varied content and 
hue; natural chalks, charcoals 
or compounded pastels: pencils 
which might be points of stiver 
or gold, brass or bronze used 
on specially prepared surfaces, 
or lead and graphite which 
would mark the virgin paper; 
water colour, washes or gouache. 
Even experts often find it hard 
to agree upon the exact medium 
used for auy particular draw- 
ing; and Mr. Stock, of Sothebys, 
who catalogued the Daniels 
sale, refuses to be adamant and 
mistrusts authorities who are. 

The special attraction of Old 
Master drawings is that they 
were to a great extent work- 
ing documents— sketches for 
more permanent designs, studies 
for details, scale plans for 
large-scale compositions, visual 
memoranda, preliminary work 
for the print maker. Only in 
the 18th century were landscape 
and portrait drawings first 
executed for their own sake and 
to be marketed to clients. 

In this way drawings can 
often reveal quite new aspects 
of an artist. Mr. Daniels in- 
stances the lovely Boucher 

“Apollo” which is. one of the 
prizes of his collection, pointing 
out that the figure is much more 
vigorous and masculine than in 
its final form in the design for 
a tapestry “The Rising of the 
Sun” now in the Wallace Col- 
lection (it once belonged to La 

Although they were to this 
extent working drawings, from 
an early period drawings were 
collected by connoisseurs and 
by other artists, at a time when 
copying was the basic method of 
art study. Since they were pre- 
served in far better state than 
the works which grew out of 

Prices for first-rank Old 
Masters have now moved out 
of the range of modest collec- 
tors; but it is still a field with 
great scope for the scholarly 
and discerning. A singular 
aspect of Old Master collecting 
is the elaborate detective work 
of attribution. Many of the 
drawings in the Daniel collec- 
tion have undergone various 
reidentifications, which can 
very substantially alter market 

An area long haunted by the 
copyist and the forger, it is 
wise to get in deep only if you 
are prepared to train your eye. 
retain your modesty and buy 
because you like the thing for 
its own sake, as Mr. Daniels 
seems to have done, with con- 
spicuous success. 



if? ice 

-WlfcEL DIFFERENCE between 
, verageV dummy, play and the 
^ ’entiique of the expert declarer 
i 'a', fascinating study. Let us 
jok 1 . first at this deal from- a 
’yRzbb^r; in which/ South put -a 
no trump feamq on the 
ojfi;:'.:-' ' •> • 

lr| .♦J9 8-6 ; . 

? \-i. OK J 1083 
*Q9 2 .. 

\7\ - E ~ 

KB) 5 2 4743 • 

HQ1Q263 - 097-42 ' 

. '** 6 4 OA5 

S-C 107 +KJS3 

embarrassment to the declarer 
— he wins, leads a diamond, 
and the contract is safe. 

I cannot say how often I have 
seen declarers going wrong in 
such cases, because they do not 
understand the underlying 
principle. The declarer must 
take a finesse into the hand 
which is now “safe," but which 
will become the danger hand 
as soon as its suit is established 
It is just a question of timing. 

The next hand Is a small 


♦ Q5 
J 10 75 4 
O AQ6 


* V KlUbZ 

. n i) Q 19563 
L. J. 'i* 6 4 

v >*64 


* a q 

r's? 16 .. CKJ5 

‘ ; ■ ■ With North-South vulnerable, 
■>-- ' -3uth dealt and bid onfe no 
.. : ..V"' ump, to which North replied 
« ;ith a Stayman enquiry of two 
nbs. When the two diamond 
. . . * ■■sponse . showed, tip- four-card 

- v , !l Valor suit. North went three 
.'- . .) trumps, and all passed., 

: West led the six of hearts 
dummy’s Ace, East playing 
_ ie seven, and. the declarer 
V Y. - iturned the three of diamonds, 
a st, who knew his way around. 
: ok his Ace at once and led 
v” • i.ick the two of hearts, covered 
Knave and Queen, and 
'.V 'est’s return of the eight 
__ reed out tbe declarer's 
ing. Four diamonds were 
m off, on which both de- 
.-nders threw two -spades and 
dub. Now, with a -prayer to 
. e blind goddess, South led a 
■ - • .-'ade from the table and 
.‘’-iVnessed the Queen. West won, 

- W id cashed two hearts to defeat 

* e contract is. of course, usually cor- 
Vv ct to start on one's long suit, 
. it there are exceptions to 
" . -ery rule, and . so. it proved 
i - % V this elementary ■ hand. At 
, jck two the spade ' finesse 
: " J.iould be tried. West frill win, 
.. : ‘ Vit he cannot continue hearts 
i V without sacrificing -a trick, so 
has to switch, and leads the 
. .. n of clubs. This causes no 

W E 

♦ A J 10 2 *7643 

C3 032 

O K J 10 982 0743 

*J3 -+Q10 52 

S I 

♦ K98 

*A987 - 

At game all South dealt and 
opened ' the bidding with one 
heart. West overcalled with two 
diamonds, and North raised to 
four hearts. South somewhat 
optimistically made a try with 
five clubs, and when North 
accepted with five diamonds, 
bid six hearts. 

When West, started off with 
the three of trumps. South 
could see two inescapable losers, 
but he wondered if there was 
any way of overcoming this 
depressing situation. After 
studying the position for some 
time, he saw a gleam of hope. 

He drew the trumps and then 
led the spade nine to the 
Queen — West had to duck in 
order to avoid setting up an 
extra trick in the suit for the 
declarer — returned to hand 
"with a. dub to the Ace, and led 
a diamond, finessing the 
Queen. The diamond Ace came 
next, on which a spade was 
discarded, the dub King was 
cashed, and a spade was led to 
throw West into the lead. Now, 
provided that West had no more 
dubs, he would be end-pJayed- 

The declarer’s, excellent play 
was rewarded, because West 
had started with a doubleton 
dub. Whether he returned a 
diam ond or a spade. South 
would throw dummy’s dub, niff 
in hand, and thus make 12 

IfWfedgwood fine bone c hin a 
can make such a pleasing difference 
to something as casual as vour 
morning cofiee, think what it could 
do for your dinnerparties. 

Kutani Crane pattern, in fine bone 
china: an historical design from Josiah 
Wedgwood's second pattern book of 
3820. Available in afull range 
tableware items. 

Wedgwood jrajl 

• Josiah Mfedgwoodfe Sons Limited 
Bariaston, Stoke-on-Trent; Staffordshire ST12 9ES. 

34 Wgmore Street, London VV1H0HU. 





offered by qualified native 
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Nnr insamfvt count in tin. IbKbi 
M ajr 30 to June 23. 

Language. 20 hours a week from 



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196 Tottenham Court Road, Wl. 
Exhibition o( landsca p es by - . 

and sculpture by £NU) BLOOM. 
APRIL 21st to MAY 6 th 
Para —5-30 pm. 

For further information 
please contact: 
01-248 8000, Ext 323 


LGNEW GALLERIES, «3. Old Bond St_ 
W.t. 628 6176. THREE CENTUKISS OF , 
Mon.-Fr>. 9.30-5-30. Thun, until 7. 


FOX GALLERIES. Exhibition ot the paint- 
ings by British and European Artists 
from 1700-1965. 5-6. Cork Street. 

London. W.l. TeJ. 01-734 2628.. Week- 
days 10-6. Sat 10-1. 

BLOND FINE ART, 33, Sactartlle St.. W.l. I 
01-437 1 2». BRITISH FIGURE DRAW- 
INGS 1900-1940. Including David Bon- , 
tterg art Frank Duncan. Erie chi. I 


BROWSE A DARBY.19 Carte St- W.l. ! 
SICKERT. Mon.-FrL 10-00-3.30, SaL ■ 
1 0.00-1 2 SO. 

COLNAGHI. 14. Ok« Bond St.. W.l. 
01-491 7i08. INDIAN PAINTINGS— 1 
M units! and ft a; pat 1500-1890. Until 
a May. SJO-SJO. Sat*. 10-1. | 


)?£& A'o%. .MISUSE! 

S£i. , 2 -t?:sS“u 5 : ”■ 

Road. Chrteca. 5.WJ. JOHN MILNE- 
NEW SCULPTURE. Until 13 May. Open ! 
Tues—Sae. 9JO-SJO. 

ROY MILES- 6. Duke Street. St. jame'e 
MASTERS. Monday to Friday. 10 IQ 3. 

SL. W.l. Modem palrrtins>i sculptures 
and nriphta by Interesting International 
artists. Whhc range of orlecs. Tu«.- 
Frl. 10.00- V00. Sats. 10JKJ-1JJ0. 


%»N: * r vi "i< ' • . 

H < s z:/ * ' ' 

Fine 5 in. gouge Britannia model rteam 
locomotive. Sale. Monday, April 24. 

On April 24th at 2 p m . Christie’s are to hold one of the 
finest sales of steam and ship models and mechanical 
antiquities ever held at the Brighton and Hove 
Engineer! um, off NevUl Road, Hove. 

As has become traditional, viewing the sales on Saturday, 
April 22nd and Sunday, April 23rd prior to the Monday 
morning viewing and afternoon sale can be done amongst 
the whole museum complex surrounded by its magnificent 
collection of engines In steam. 

Since the beginning of naval architecture and the growth 
of engineering, models have been used for prototype design 
research, apprentice Instruction, sales aids and even living 
working records of an individual company's progress. 

It is still a major enthusiasm, and whilst new and uften 
exceptional quality models cannot recompense their 
builders for the tens of thousands ot hours of painstaking 
work involved, such as the 5" gauge Britannia pictured 
which took eight years to build, the sheer physical and 
Intellectual challenge, coupled with the work of art left 
for future generations to marvel at personifies the great 
tradition of pride in craftsmanship which still in fact 
abounds In this country. 

The Engineerium is open for viewing from 10 an. to 
5 pan. every day including Saturday and Sunday. For 
further information on the sale and about the Engineerium, 
please zing Jonathan Minns at Brighton (0273) 559583. 

ZURICH— Collections of Antiques.or Fine Art 

For a Profitable my to sell superior antique or find art collections. It is well 
worth while cons-dering the advantages afforded by Zurich at an incarnation^ 
are and financial centre. 

As a specialised company, we regularly organise sales exhibitions In our s parlous 
and beautifully furnished nie room excellently situated in the business centre 
of Zurich city. 

By providing aK.poa.ble cervices with the greatest care and discretion, Zurich 
becomes an Important and profitable outlet for the disposal of works of art. 
Our terms and conditions are most aetraetnre. 

Members of our management fere regularly in England. Meetings can be 
arranged at your convenience. Pica* contact N- D. Weiss. T4 Pall Mall. 
London, SWf, Telephone: 01-839 5233. 


< ■‘ ,l •* 



Telegrams: ffinantimo, London PS 4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 

Saturday April 22 1978 . 

Gold sales 

and gilts 

ALTHOUGH THE behaviour of 
equity prices is nowadays 
usually governed by that of the 
gilt-edged market, there are 
exceptions. At the beginning of 
this week, for example, equities 
were firm while gilt-edged were 
quiet There were two main 
reasons for this. One was a 
sharp rise in prices on Wall 
Street The other was the pub- 
lication over here of reason- 
ably encouraging information 
about the course of earnings. 
Year on year, earnings are now 
rising markedly faster than 
prices. This, together with tax 
cuts, explains the rising trend 
of personal consumption spend- 
ing. At the same time, it looks 
as if the average rise in earn- 
ings during the 1977-78 wage 
round will turn out to be 
around 14 per cent. — more than 
the 10 per cent, for which the 
Government was hoping but not 
so much more than at one time 
seemed possible. The Chan- 
cellor is aiming to halve this 
rate of increase during the next 
round; and, though trade union 
leaders will certainly not co- 
operate in any formal methodT 
of restraint the chorus of dis- 
approval has been surprisingly 

The sharpness of the recovery 
on Wail Street over the past 
ten days is a result not only of 
the long decline and the build- 
up of institutional liquidity but 
of a feeling among both U.S. 
and foreign investors tbat the 
Administration now means to 
tackle the risk of inflation and 
the decline of the dollar more 

meats deficit— it is less, in fact, 
than the International Monetary 
Fund is selling off each montb 
—and may not have much effect 
on the market price of gold for 
long. The advice of the out- 
going chairman of the Fed, that 
as much of the gold reserve as 
necessary should be committed 
to defence of the dollar ex- 
change rate, has certainly not 
been adopted. ' But together 
with tbe tightening of monetary 
policy, and coming at a time 
when the dollar is looking 
rather firmer, it may have a 
considerable psychological 
effect — especially if the firm- 
ness of Wall Street persists and 
foreign investment capital 
moves in on a larger scale. 

Firmer dollar 

In the past, Mr. Carter’s 
advisers bave tended to regard 
the weakness of the dollar as 
of no great importance or even 
as a means of forcing countries 
like Japan and West Germany 
to cut back their balance of 
payments surpluses. When they 
began to take tbe dollar prob- 
lem more seriously, therefore, 
they were not at first believed. 
But the U.S. President has now 
undertaken to give priority to 
the country’s economic prob- 
lems, and two events this week 
seem to demonstrate a change 
of attitude. 

First, the new chairman of 
the Federal Reserve Board has 
given a public warning of the 
danger of inflation and the Fed 
itself has begun to tighten 
monetary policy. Second, the 
Administration has announced 
that it is ready to auction 
300,000 ounces of gold from its 
reserve each month for at least 
the next six months. This move 
is a great deal less dramatic 
than it may appear. The amount 
of gold involved is tiny in com- 
parison both with the U.S. 
reserve and tbe size oE its pay- 

Neyv long tap 

It remains to be seen whether 
the dollar firms up enough to 
have more than a minor impact 
on the sterling exchange rate — 
which would be awkward for 
the monetary authorities at this 
particular time. The main City 
criticism of the Budget, it will 
be recalled, was that the 
Government would find it diffi- 
cult to cover the proposed 
public sector borrowing re- 
quirement and at the same time 
keep within its own new guide- 
lines for the growth of the 
money supply; gilt-edged Would 
have to be sold to the public on 
the same large scale as last year 
though conditions were likely to 
be less favourable. 

Until this week, in fact, the 
Government has recently been 
selling very little stock. It is 
probably not too worried about 
that, since the Budget is now 
out of the way and a larger rise 
in the money supply during the 
banking month to mid-April 
gives it a higher base from 
which the growth target for the 
coming year will become opera- 
tive. But May is another 
matter, not merely because it is 
the first month of the new finan- 
cial year but because, as the 
Chancellor gave warning in his 
Budget special factors are 
likely to make it a particularly 
bad month for monetary growth. 
As soon as the clearing 
banks raised their base 
rates and' .the gilt-edged 
market ceased to fear 
another early rise in minimum 
lending rate, therefore, the 
Government Broker cut his 
prices and by the end of the 
week had sold out not only the 
rest of his short-dated tap but 
of his long-dated as well. The 
market feared that two new 
issues might be announced yes- 
terday. To fact, it was one 20- 
year issue. But the very fact 
that the Government needs to 
sell stock heavily will tend to 
make buyers hold back and 
make for easier prices, especi- 
ally if sterling weakens. 

Flcancial Times SafurdayApnl 22 1978 


but not yet out 


T HE retrospective legisla- 
tion against a tax avoid- 
ance scheme detailed in 
Thursday’s Finance Bill is a 
savage blow to the activities of 
the entire avoidance industry. 

Nevertheless, the main com- 
panies in the industry show no 
signs of packing up their tents 
and fading away. The Chan- 
cellor's retrospective action is 
a risky one and even if the 
legislation passes through the 
Commons, as seems likely, the 
industry believes it is flexible 
enough to survive in some form 
or other. As one avoidance 
expert put it, “ I expect to 
spend the rest of my life work- 
ing on reducing other people's 
tax liabilities 

The retrospective measure 
outlawing the “commodity 
carry” scheme represents a 
double-pronged onslaught on 
the industry. First, if it reaches 
the Statute Books, its retro- 
spective nature will set a 
precedent for dealing with the 
problem of organised avoidance. 
The precedent, therefore, 
radically changes the rules of 
the game in the Government's 

this problem would be made the retrospective legislation, ing to establish a loss to the similar formulation -“ible: or - wa&~- considering was tfc 
worse if the -possible Conser- The average income each indi- Revenue of nearly £l0Qm. main object,” Another- possible, - mar ke ting of schemes on .. 

vative /Liberal alliance over vidual put through it was about The figures underline the formulation, wtiere r t degree ot ranch smaller scale. Sue. 

cutting marginal rates of in- £30,000— between 20 and 30 per Government’s fear that if the intention has to be! establidied^ limited editions would not mah 

come tax succeeds in the cent of which went to pay the avoidance industry were allowed The genera, .expectation it worth the Government’s wbi] 

committee stag& of the Finance cost of using the scheme; effee- to continue its expansion un- that the retrospective’ measureto. . go through the unpopuU 
Bill This would further reduce tively the fee. When the retro- checked- income tax for the rich will -get through the Commons^, process of retrospective legist ' 
the incentive to high earners to spective legislation catches up would become, like deathiduties Even Mr. Tucker believes that, tioo to curb in each instance . ■ 

seek avenues for avoidance. with them, presenting tax de- shortly before tbe introduction realistically, be chances of it small abuse.. 

The “ commodity carry” znands with marginal rates of of Capital Transfer Tax, mainly being defeated are nb hetter Another course for the. ii 

scheme was the most recent in up to 98 per cent., they will be voluntary. than 50/50. While there is wide- dustry was opened up .by BE-' 

a senes of highly successful heavily out of Pocket ■ ' rho authorities were laraelv spread dislike for the use of Barnett himself when he argue ■ 

schemes nuuketed^y tte mdiK- Mr. Tucker, a chartered' pnwerleM agSSt the streaS poUti- before the Commons, that . 

try since the early 1970s. It accountant who worked for in- schemes coming on the. ciaiK.are .wary of appearing to would be possible to legislal; 
worked through individuals ternational accountants Arthur ma rket to replace any- that ,Su PPort the unpopular cause of against schemes without ham 

gwng into partnership with a Andersen before entering the were suKessfSly countered, tax avoitonce. ' ing those genuinely engaged; i : 

company to obtain technical avoidance industry in 1972 said nkmintTr any commercial transactions t ■ 

losses in a series of commdi- he has no “Silo ^aii’eTor S22L2L T5,. lSfloa which these artificial arrsng., 

ties futures transactions. Be- repayment of the fees? “it ^ etI !° spe ^ t10 ” ® tionbted whether Labour lawyers m p ntfi raay attached;” 

fore the corresponding profits would be virtually impossible ,££,.*£ w as S? 

tSSMWSiS. ■ ' - . ' " ' • . industries in theS 

' could be used. - - 

The Finance Bill’s Clause 26 

Dealings in commodity futures: 
withdrawal of loss relief 

(1) Relief shall sot he given to any person under section 
168 or 177(2) of the Taxes Aet or section 25 above (set-off o- 
trading losses against general income) in respect of a loss 
sustained in a trade of dealing In commodity futures if — 

Second, because of the 
precedent, potential clients for 
avoidance schemes are likely to 
be scared off. In his Budget 
speech last week the Chancellor 
underlined the intended deter- 
rent effect on marketing such 
schemes. “The time has come 
not only to stop the particular 
schemes we know about but to 
ensure that no schemes of a 
similar nature can be marketed 
in future,” he told the Com- 

(a) the loss was sustained in a trade carried on in part- 
nership and that person or one or more of the other 
partners was a company; and 

(b) a scheme bas been effected or arrangements have 
been made (whether by the partnership agreement 
or otherwise) such that the sole or main benefit that 
might be expected to accrue to that person from his 
interest in the partnership was the obtaining of a 
reduction in tax liability by means of such relief as 

(2) Where relief has been given In a case to which this 
section applies it shall be withdrawn by the making of an 
assessment under Case VI of Schedule D.* 


The extent to which the 
move proves an effective deter- 
rent will depend largely on the 
ease with which the Govern- 
ment gets it through the Com- 
mons. The bigger the lobby 
against tbe measure, the less 
thoroughly established will be 
the precedent 

(3) This section applies whether the loss was sustained 
before or after tbe passing of this Act but not where the 
scheme was effected or the arrangements were made wholly 
before 6th April 1976. 

“Coae VI o Iknn for assessment on Utc fall amount of profits in Die relevant year. 

Although each scheme was : 
challenged in the courts, as well-, 
as legislated against in the fol- ' 
lowing Finance Bill, many wars - 
upheld by the judiciary • Mr.- • 
Tucker, for one, is proud that " 
be has not yet lost a case.; 
Furthermore, tbe legislation' . 
required to close specific loop- ••• 
holes was so complicated that, - 
as often as not, it offered tile - 
industry a further opportunity 
to find a way through the.' 4 

The Chancellor . decided 'On ‘ 
retrospective legislation rather, 
than two other options that: 
would have been even ‘ less 
attractive. The first would'have 
been to change the British le$al“ 
tradition, in which the courts-' 
merely interpret Parliamentary 
statutes, to the U.S. system- lb/, 
which courts decide the . tnten-. . 
tion- lying behind them. The 
second would have been , to give. . 
the Inland Revenue, powers to 
set aside, any arrangement ' it 
considered to bave been carried 
out with the sole intention -of 
avoiding, tax. > 

to construrt a scheme, or serie. 
of" schemes, so intricately, fails#' 

1 with a' key sector of : ti 
economy that unravelling - r 
through retrospective legisli 
tion would do more hairmtSai - 
good. - ... . • 

Another alternative uhde-- 
active consideration is an it; 
creased use of companies >' i 
vehicles for avoidance. Tfii.. 
money could be removed frob-. 
-these before retrospective legk:. 
■lation caught up. leaving Du 
.authorities with •'an - empi; 

- The industry is unlikely ti - 
mount a frontal challenge h 
the Chancellor. ’ It plans to staj 
very much in the background !) 
the political debate over retro 
spective- legislation, hoping thi, 
the constitutionalists will chauj' 
pion its cause.:-' It realises- tha 
it wm probably -only -damage 

own -cause by being -seetto- a 
port it- ' • • ■: . i v 

. considering schemes oil 
a much smaller scale. 


Nor are' there- any‘ plat£ 


were realised the indivduals to do. The money disappears in 
sold out far a capital gain. all sorts of financial trans- 
The marketing of tins scheme actions to 10 different places, 
stopped abruptly after it was One simply could not get it 
described in the Sunday Times back,” he said. 


in October and Mr. Joel Barnett. The Labour Goveniment wuld^tend 1 reS^ ^thi/ 

Chief Secretary to the Treasury, dearly sees the plight of the interest in taking.a.stand.ofl 

The Tories have not yet 
decided on their response to 
the Chancellor’s initiative, 
although they would tend to be 
hostile to the use of retro- 
spective legislation. If a con- 
stitutionalist view prevails and 
the Tories come out against the 
legislation, as the industry 
hopes, the avoidance experts 
could tie low and re-emerge in 
the then more favourable 
climate of the next Conservative 

warned that it would be legis- customers as an object lesson it wa $ first marketed updij 
lated against Because of this, to deter others. In his post- months t before “ r ■”*" a 

- ' move. And such a rebellion ^ ^ ^ 

Mr. BarnettV : wouId , aI “ ost ctirtaiDly be oirJrgif^tSi^^^ 

iUl .* Ua ) U l . - sary if the proton were to be ^ ^ gchemeSi whicfc wouJ 

WQrninO " 1 defealecL The liberals’ Stated be one way of retaining tB' 

WarUlIlg priority of forcing through industry's present market. 

The new Finance K}l out&ws'3T eat ^ . What will be the effect bffthl 

° f tbe Finance Brll/ measure? The industry exp**tl 

that many people : who bavi 
been -using its schemes eacl 

it is estimated in/he industry Budget speech, Mr. Barnett told issued his formal - 

that only 200-30^ people used the Commons “If those who warning. J jNj^erthefess the attitude£uf Anil . retire. _ Others _ wli- 

it to avoid faxon income total- with fire in this wav get The Inland Revei/e wiU hake, tb^Tone^ls cnbcal to tfmjong- eA**grate or set up in business 
ling Sp Si filBm. A smaller ^ h^fe fe no difficult ,'tra$g all. 'the /te^prospe^s of the/ayoMSnce abroad. Some wiR now tiy «:. 
□umber of companies also used W iif shed few tears for them ” moae y it is ow«L under .the lndudBy.,*.- AV present- Tliey evade tax illegally i by- no 
thTsrt^e V. ’ [ J legislation becau^aU the rele- .ackhowt edge fee problem pre- deddring some of their income 

Mr;' /Bart^t 4 5 < J? c,pI ^i p ®-; ^.^Irr^^ejar^-bften chairmen arid- tilled • 
al i^ommbhs^ trosp ?.?? QI1 ’- , 1'.’. r ;.- ; executives of large companies^-'- 

f » VaDarithslHc fhp ittifiulft-ltf A-ifl "’iwtiwi OthoK . vnf 


If the scheme had not been „ S ^ e€C ,u’ vant informatibi 

stopped in its tracks, however. JP*!* ° ut wl J y . - he Goyernment the ^ retuI 
it italmost certain that it deadetJ °° ^ Ing unusual used ^ ^ 
d have gone on to achieve £ ourse of retrospective legisla- high j y CO mpli^ 

Even if the Tories refuse t« 
be drawn on the issue, thej 
are still ways the industry 
could continue to operate/ — 
albeit on a much smaller scale 
—despite tbe threat of further 
retrospective action. 

The main difficulty it would 
face would be recapturing some 
of the market the Chancellor 
has scared away. Ironically, 

recorded in seiited by roe new .generation .of Finally, . there will be somi 
people who tax avoidanc^/schemes-aud ‘agree who will Still / pin ♦heir hope;? 
le. albeit in « that someactfen should be’ taken on avoidance, even though 1b« 
way. ' to curb- tbemi'' -How ever, many Ch'miceUor has' made it a fat . 

Clause 26. \Hrich outlaws the Tories. . believe.' tetrospaedye riskier business. _ ! 

scheme, is roughly drafted. It legislation is the wrong weapon So, while the industry is »• 

rules out toe use of partner- to adopt going to be wiped out by thi.^ 

ships in futures commodity In private, some Tory leaders measure, . the Chahcellftr’C 
trading where one or more of concede' that the Chancellor’s strategy looks like 'being // 
the partners is a company — the precedent would be very diffi- strikingly successful in limiting. ~ 

He said -that in the years device adopted in the scheme, cult for them to apply iii future, the - threat • presented" Jj 1 

others. These two schemes are 1973-74 to 1975*76 the revenue Subclause 1 (b) goes even because 'the use. .of the weapon organised avoidance. ^ . 

thought, between them, to have at stake from schemes detected further and lays down a “sole wouTd be strenuously opposed by next few years the Excbeque* s 

lost the Exchequer some was of the order of £200m. In or main benefit” provision, their own back-benchers. losses due to- avoidance arr - 

£300m. in tax payments. the last two years it had This is a powerful catch-all Eves.if. theories stay on the likely to fall far below. thr ' 

The people who used the escalated and in 1976-77 it phrase which is bound to prove fence there axe a number of £2Q0m. a year figure quoted ,,/b) , 
commodity- carry system, an- could be as much as JE200m. for water-tight In the courts, though ways the, .industry could, con- Mr. Barnett And. the dangers: W. •• 
other Roy Tucker/ Rossminster the single year. The authorities no one is likely to try to test tinuej|o. operate. .Mr. Tucker .the problem escalating haVt--: 
package, will be badly hit by. knew of one claim alone seek- it It is stronger than the conceded. .that one option, he been entirely eliminated.' •- i' " 


spectacular success of two 
firlier ones, the Roy Tucker/ 
Lossminster Group interesjt de- 
duction scheme and the reverse 
annuities scheme, marketed by 
Mr. Godfrey Bradman’s London 
Mercantile Group. among 

The revenue 
at stake . 

. .. v* 

:• i-x 


Letters to the Editor 


From the Chairman . 

Industrial Market Research. 

Sir, — It is encouraging to know 
the Kensington Planning Com- 
mittee is opposed to the 
monstrous building the Russian 
Embassy would like to inflict on 
local residents (April 15), and 
that the residents' association has 
also registered a strong objection. 

It is sad that no outcry has 
followed the intention of West- 
minster City Council to use 
Wellington Barracks as a coach 
park. Tbe primary considera- 
tion. relating to the use of a site 
of such prominence and impor- 
tance. must be visual amenity. 
The parking of coaches over an 
area of some 3,000 square metres 
will detract considerably even 
from the present amenity level 
of the partially void site. 

A second consideration is 
traffic flow. The service road on 
the north side of the Mall 
appears more than adequate for 
the very temporary parkins of 
coaches whose occupants have 
come to view the Changing of 
the Guard- The proposed park 
will attract other, additional 
coaches. At times, there will be 
coaches operating in large 
□umbers in the streets on both 
sides of the barracks which must 
disturb traffic flow considerably 
over a large area. The road 
systems on tbe south side of the 
barracks is narrow, with per- 
mitted parking in most of the 
streets; there will be serious 
congestion here as the coaches 
negotiate the tight T junction 
(Petty France to Palmer Street) 
in front of the proposed park 

In an area of so much 
historical interest and with so 
many buildings listed for archi- 
tectural merit, it is totally incon- 
gruous to introduce yet more 
coach parking. The increased 
parking facilities are likely to 
attract increased numbers attend- 
ing functions at the adjacent 
large hotels particularly in the 
evenings with consequent addi- 
tion levels of noise and pollution 
for the residential population. 

It should be made clear that 
the word temporary may be a 
misnomer, perhaps a deliberate 
one to disguise the real intentions 
of the council. Temporary con- 
sent is not being applied for so 
that if granted there is nothing 
temporary about the planning 

approval. If tbe Ministry of 
Defence were not to redevelop 
the site in the foreseeable future 
then, effectively, the consent is 
permanent and so is the coach 

It is not. I am told, usual for 
councils to refuse their own plan- 
ing applications which may 
account for the fact a study of 
the council file on the applica- 
tion reveals only one map. 
Rather a different picture from 
the files containing applications 
from private individuals and 

Aubrey Wilson. 

17, Buckingham Gate, S.W.I. 


From Mr. C. F. Lawson. 

Sir, — As a Liberal candidate in 
the last election, 1 am delighted 
to see that the major parties are 
pretending they don’t need the 
Liberals when in fact it is 
obvious to the electorate little 
can be done without them. 

As a unit trust manager I am 
delighted since the less poli- 
ticians can do (usually) the 
better for all of usi A cross- 
section of opinion from extreme 
Left to extreme Right is healthy 
when a sensible compromise 
comes down in the middle. The 
City is meant to be Right wing 
but hides behind a minority 
Labour Government as good for 
shares, since industrial relations 
should be better. 

We need a 2 per cent, cut in 
income tax to give everybody 
more and tbe Government (ess. 

have been compiled " without 
much knowledge of the problems 
associated with feeding day after 
day thousands of people, all of 
whom invariably are in a hurry.” 

May I suggest to Mr. Derby 
tbat it .would serve his cause 
better if be took steps to feed 
people in a hurry. Last week 
at the Newport Pagneli service 
station on the Ml 1 arrived at 
the end of the queue at the 
cafeteria at about 1.00 p.m. 
hoping to get a hot meal. After 
15 minutes I left the same queue 
having succeeded in moving 
forward only four places. The 
delay was caused by the in- 
sistence of the catering staff of 
taking one order at a time from 
the person at the front of tbe 
queue and then going off into 
the kitchens and cooking it 
before taking the next order. It 
has always been my experience 
that cafeterias have a number 
of hot meals always available 
and that this is the great 
advantage for people “in a 

I got back in my car, drove to 
Northampton, and had a per- 
fectly reasonable meal _iu a 
restaurant which was served to 
me within five minutes of my 
entering tbe place! 

Robert Brooks. 

23, Freeman Way, 

Maidstone, Kent 

or nil cost Food is available 
at ail times in quantity and kind 
amply sufficient to sustain life. 

Off the motorway, facilities for 
travellers scarcely exist outside 
licensed hours. Cafes are few 
except in towns where they must 
be sought after expensively park- 
ing the car. I suggest tbat the 
motorway station provides a 
standard of service which the 
majority of users regard as quite 
good enough for what it is, via.. 
a relief for tbe traveller. 

W. a R. Wballey. 

105 High Street. 

Hunger? ord, Berks. 


We need a rise in VAT to I flpe r 

cent, to harmonise with the EEC 
and stop sucking in imports and 
to slow down any deterioration 
in our balance of trade. 

Let’s have Lib-Cob Budgets 
followed by Lib-Lab pacts for- 
ever— or let us be sensible and 
have proportional representation 
to avoid confrontation. Never 
Save so many relied on so few. 
Freddy Lawson. 

Lawson Securities. 

63. George Street , 



From Mr. B. Brooks. 

Sir, — Mr. Clive Derby, chief 
executive of British Hotels 
Restaurant* and Caterers’ Asso- 
ciation. comments (April 14) 
that Mr. Egon Ronay's surveys 


From Mr. W. Wh alley. 

.Sir,— May l as an occasional 
traveller comment on the 
current motorway service station 
controversy. The point is that 
the facilities provided are far 
ahead of those available off the 

On roads generally the way- 
farer Is dependent on cafes and 
pubs, in which children and 
nursing mothers are by no means 
welcome, and opening times 
limited. On the motorway toilets 
are free and well up to three 
star standards. Uniquely a 
mothers’ room is freely avail- 
able for the feeding and care 
of babies. General conditions 
compare favourably with facili- 
ties at other places of public 
resort, such . as museums, 
theatres, railway stations, zoos 
and parks, anywhere in this 
country. A coachload of chil- 
dren or old people can be rested, 
relieved and refreshed at small 

From Mr. A. Sillem. 

Sir, — The inland Revenue 
advises me that the . recent 
Budget proposals -providing 
reduced rates of capital gains 
tax for gains up to £9,500 do not 
apply to family trusts; If this is 
in fact so raay we be provided 
with the reasoning behind this 
decision as it would seem mani- 
festly unfair that an individual 
whose assets are held in trust, 
presumably to protect hie or her 
interests, should be taxed at a 
higher rate than applies to those 
who are' able to hold their assets 
in their own names. This surely 
is a ruling which should be 
amended in tbe present Finance 
Bill. : ' 

A. L. Sillem. 

26. Queensmerc Road. ■ 
Wimbledon Common SW19. 

the income over and above £4.000 
is disallowed and deducted 
from the special “elderly” 
couple’s allowance, extinguishing 
it when the total thus calculated 
exceeds £4.800. The surplus ” 
income then becomes taxable at 
tbe standard rate of 34 per. cent. 
This raises the effective tax on 
building society interest to well 
above 60 per cent. 

It would appear to be more 
equitable. If such a punitive rate 
of tax on retired people's savings 
were not imposed until their in- 
come total reaches the relevant 
tax bracket 
Ralf Bon wit. 

Sorby, Kiln Lane, 

Binfield Heath. 


From Mr. T. Simms. 


From Mr. R. Bomdt. 

Sir, — The increase to £4,000 in 
the qualifying limit for * he 
“ elderly ” couple's tax". allowance 
of £2,075 will prove illusory for 
many retired people. Tb« reason 
for this is the Inland Revenue's 
practice' of including in the total 
income to be set against this 
ceiling not only the — nominally 
tax-free-old age pension but also 
interest from savings .invested 
with building societies, already 
taxed at source. 

In marginal eaaes—wbere the 
total thus calculated ties in the 
£4£00-£5,000 band— this practice 
renders OAP anything but “tax- 
free.” It also raises the effective 
tax on building society, etc., in- 
terest to nearly twice the stan- 
dard rate, since (56 per cent, of 

Sir, — Not being a member of 
the Institute for Workers Con- 
trol it is perhaps presumptuous 
Of me to suggest tbat Phillip 
Bassett misquoted the aims of 
tbe institute in hts article (April 
17) in which he stated that these 
are “Workers’ control of the 
means of production, ownership 
and exchange.” 

From my reading and observ- 
ations drawn from attending 
(admittedly only two) annual 
conferences of the IWC, I don’t 
think ownership is one of the 
aims of the dnstitute. a Many of 
us might be happier if it were. 
Responsibility for controlling an 
enterprise implies ownership and 
cannot be divorced from it. The 
authority assumed by control 
must equate to the responsibility 
of ownership and ail that goes 
with it, including accountability, 
investment for the future which 
products to make, setting of 
prices and wage levels and the 
multitude of other decisions in- 
cumbent on the management of 
a business enterprise. 

There would, of course, be no 
place for strong unions in a 
society in which most of the in- 
dustrial activity is organised on 
a worker-o wnershsip basis and 
it is a little puzzling to an "out- 
sider” like myself why Arthur 
Scarglll does not bave more sym- 
pathisers among his trade union 
colleagues who are as prepared 
as he was last Saturday to de- 
nounce the IWC ’ 5 aims as being 
against tbe interests of trade 

unions as Well as being incom- 
patible with his ideas (and pro- 
bably most peoples’ ideas) of 

If, as l suspect, ownership is 
not among the aims of the insti- 
tute. then we have to look for 
other reasons for the apparent 
paucity of popular support which 
it enjoys. Could this he because 
there is now a growing aware- 
ness to-day among all sections of 
our society that many of our 
problems have stemmed from 
our tendency to allow authority 
to become separated from re- 
sponsibility (accoun (ability 
might be a better word)? When- 
ever we - have done this, for 
example, in much of the legisla- 
tion which misleads us with mis- 
guided notions as to our rights, 
we have set the scene for fur- 
ther inefficiency, instability, un- 
happiness and strife, in tbe way 
we manage our affairs. 

Perhaps someone in the IWC 
can confirm whether or not 
" ownership ” ts in fact one .of 
the institute’s aims. Apart from 
any political ambitions it may 
have, it does, however, provide 
a forum for open discussions on 
such vita) issues as unempioy-<-| 
ment (which is what attracted 
me to this year's conference) 
which one hopes ~wtil assist to- 
wards a wider and deeper un- 
derstanding of our predicament 
and tbe options before us. 

Terry Simms. 

11. Winter Court. Sandy Lane, 
Bradford, W. Yorks. 


From Mr. 1. Wells. 

Sir, — As my' office Is close to 
Bracken House, may I seek the 
courtesy of your columns to ask 
the Commissioner for City Police, 
or whoever is responsible for 
monitoring such matters, for 
what reason a London Salvage 
Corps tender proceeds frequently 
around 2.30 p.m.. With siren 
blaring constantly, past New 
Change and into the City. 

I had understood that tbe Oir 
cumstances in which any 
emergency vehicle could use its 
siren were strictly defined. 1 am 
forced- to observe that the 
present- apparently excessive use 
of such sirens can only lead to 
their effectiveness being debased. 
I. M. J. Wells. 

4 Craham Close. 

South Croydon, Sit 


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s Saturday April 22 1978 

is facing its big tie-breaker 


grown rapidly duets as diverse as sunglasses Growth. then, has been uni- 
elsewhere. m Japan. Germany. an d airlines, fiav drinfa .nd. venal — from the grass roots 

airlines, fizzy drinks and . versa! 

Club. Bournemouth, the World’s Spain. HoUand. jSIgfaus ~a'mi nessmo^ 

years ago at the West Hants Scaiifinayia. Killy. France. motor^r'ha^heSiiT £* icrefof djb ^ V“ito sb«£“ 

m hdd P? w? JPT f a », nd nessm0n f » ucue 10 oblain W* world' of the professional 

m" 1 ,op “ nnis y* u,e , insa,iabi ; 

.pionships— won with exquisite dubs have snronted like mush- r cpn ' . . . demands of the top players and 

s* 511 ^** ®® n in fnur rooms. There are now 1.036,000 1968 could hardly°have aotie£ Ul * ir managCrs , for ever hleh * r 

..sets from his fellow Australian, registered players in Germany pate d tte estert of the b?om p ™ e TT* h ,* Ve , th . c 

Rod Laver. Those were heady and 4.390 dubs. Ten years ago The first Sn tournamcE^Tn seeds h f Je professional games 

22^5^2 t™ were 306,233 and BoumemUHffw^ “ ifi destruction, 

lawed _ professional , game — 1,85a. Britain lags, far behind, money for men and women of 

ilfdGiSen’SlrSlS?^, 5H! a k Jf il,hibited by ' tbe twin £5,440. To-day the men's winner 

^ o—re turned from the barriers, of a sluggish economy of each of the 32 major Grand 

■■V% i-- which limits ^dividual dispos- Prix tournaments receives 

: ^ GtS w . the E5 wly aWfi income and a preoccupation almost £17,000. The first open 

.emancipated amateurs. ■ There with community sports develop- Wimbledon had total «»•«**» 



• "If m 


r"; , ; vj. ' 

-J 5 V 
’ -111. , 

V.!- wnu community sporus ueveiup- vvimDiedon had total prize The ‘‘P™ ’’ game to l! ay , is 
-- : r -^,Tv-r -S*?. as Britain s mem at the expense of private money of £26,150. This year governed by ihe two Profcs- 

-t. '^j^V da5xii ng No. 1, lurk Cox, facilities. While the rest of the it will be £287,023. At the U.S. s ‘ 0Qal Councils, one for men 

eliminated Gonzales and world enjoys its tennis in com- open, the world's richest touma- and the other for women, which 
Emerson before losing to Laver fort many British clubs are still ment. there was $100,000 to be are nominally alliances between 

In the semi-finals. Here was a the wooden shacks that were won in 1968. Last year they the two players’ associations 

brave new world where honesty built between the wars. The played for $462,420. The world's fthc Association or Tennis Pro* 

had ban^hed shamateurism,” high cost of land and building toial prize money pool 10 years fcssiooals and the Women's 

£ V/ ***** courage alone pins obstructive attitudes to- ago was less than $250,000 from Tennis Association), the Inter- 

wmild be rewarded, where wards planning permission have 17 opens in eight countries, national Tennis Federation and 

horizons were limitless. held back the British clubs. Last year the men's Grand Prix representatives of the lourrra- 

As the open game now enters alone contained 76 tournaments ment directors. In fact it is 

its second decade* transformed in 23 countries and there was ATP and WTA which have the 

into a - major sporting industry, ’ 0101,6 than $10m - lo he won - power and, through Ihe 

it is right -to reflect upon the i-'4UipiUCUI . The women riding the band- players on their boards, 

lessons of the past and to ccm- ., .. wagon of Women’s Lib have the .management companies 

sider'tbe probable future. Have following the boom, equip- seen an equally impressive rise, which advise them. The 

;> “4K 

\ ->!?;>■ 

. a ;5 


•• luiutb. uavc - , , , , . _ . • . — ■■ ’-I ““"J wim.ii auvi»e uieui. inc 

: the dreams been realised? Is f 5 ® 01 sales have j n 1970 two $7,500 Virginia respective presidents, John 

•T.Js- the game as healthy as it |aapt dramatically. In Was at Slims tournaments were the only Newcombe of ATP and 


'*1 ■ 

■ ■** 

appears to be? Will the tbe European sports oncs f or W omen. This year Betty Stove of WTA. are 

phenomenal growth of the past there were about 25 women liave $5.5m. prize money managed by the two American 

decade continue? manufacturers s howing, tennis to play for. lawyers who. behind ihe scenes, 

Certainly teams has never l97 L^ '^ e y. e The figures for individuals are the real powers in ihe game, 

been more popular Already 40 ^ lftst lil ye ? f 130 ,' T A ® 5 V* are even more illuminating. In Mark McCormack’s Interna- 

Sjma^MMS "SS w . orIdwde S 1 ®"* 1969 Laver topped the earnings tional Financial Management 

SteTtathTu ? b «; 9t23 ^^ n group has Newcombe. Bjorn 

ihere-were 34m. Americans who. SS SS SJS SmiSli tSZu B" 1 *- Virftinia Wade ’ Vitas 

played the game, 23m. of them dr^ ns ?n i S w K ii w* ! 5 3 Gerulailis and Evonne Cawley 

remiarlv iv th*.« dozens to 15m. dozens. breakthrough for the sport. But _ h - pnt , As wri , as Miss 

An element in the growth has the following year Raul Ramirez ^ a chi not nn 

6nL more rGSulsrs, In 19fi8 the hpn n titp milt 'loinirASc 1 aWn r»r u 0 ..: n „ qa Stove. Donald Deli s Washington 

SS?t n “ u i SMssfdS s 

championships for men and ig^j k v asto nishin g ' growth the Grand Pri* hnnus nf ®^ an Smith, Brian Gott/ned, 

of the professional game, built $300,000 to take his year’s total Ed f‘| D ibbs - , ManueJ ^ r . aot6 ^ 

--■■4 v.jj. and fanned by the growing money is-at record levels; there tennis has created 12 dollar these two organisations are the 

worldwide exposure for the are record crowds at the prin- millionaires — 11 men and the three top independent players. 

j professional game and its star cipal events: star players; .now amazing American girl Chris Connors, Evert and Vilas — plus 

■ performers on TV and in the household names, endorse pro- Evert the Dallas-based promotional 

saj “ . 1 ” 

group 'World Championship 
Tennis, with its Wurld Series 
of tennis — the tigbt-tourna- 
ment circuit with doubles play- 
offs in Kansas and singles finals 
in, Dallas — which ibis year have 
become part of the Grand Prix 

The majority of ATP’s mem- 
bership of approximately 250 
and many of ihe 125 members 
of WTA arc uneasy about the 
influence the two leading 
management organisations have 
upon the game. They see the 
rich players (and their mana- 
gers) getting richer while their 
own opportunities to break into 
the charmed circle of top com- 
petition diminish. Last year’s 
decision to divide ihe Grand 
Prix into a top tier of 32 
$175,000 tournaments, mostly 
with draws of 32 players, and 
a lower group or $75,000 and 
$50,000 events concentrated the 
rewards still more at the top of 
Lhe game- 

The trend towards higher 
prize money is partly the result 
of commercialism and tele- 
vision. Companies enjoy the 
prestige of promoting bigger 
events than their competitors 
and lhe TV networks have an 
almost paranoic preoccupation 
with the biggest and the best. 
Hence the . somewhat contrived 
head-to-head spectaculars at Las 
Vegas that involved CBS in 
charges of misrepresentation 
and the four-man exhibition 
tournaments that currently 
threaten to undermine the 
whole fabric of ihe lournament 
scene. Regrettably it is far 
more attractive and profitable 
for a promoter to spend $200,000 
to stage a two-day spectacular 
involving four men than to 
mount a week-long tournament 
with 32 comperitors. 

This week, for instance, while 
the last WCT Series tourna- 
ment takes place in Houston 
and the Grand Prix tournaments 
are staged in Nice and San Jose, 
six players have been engaged 

in two four-man events. At the 
start of the week Borg, Vilas. 
Cox and Gerulailis contested a 
televised two-day $100,000 
tournament in Copenhagen. 
Borg and Vilas then flew to 
Tokyo where they joined 
Connors and Orantes for the 
$200,000 Suntory Cup which is 
being played to-day and to- 

The fact is that the leading 
players are now so rich that 
they can afford to pick and 
choose. Connors, lor instance. 
although qualified for WCT’s 
Dallas finals where the first 
prize is $100,000, has decided 
to miss them, even though he 
is the holder of the title. He 
claims that there would be in- 
sufficient time to prepare 
properly because of another 
playing engagement the pre- 
vious week-end. 

The other major fear is the 
future of the $75,000 and 
$50,000 tournaments. Although 
players in the top group are 
obliged to drop back four times 
during the year to assist these 
events there is still nn 
guarantee of sufficient draw 
cards to ensure success for the 
events. Sponsors for this group 
are hard to find. 


Chris Evert — the first woman' tennis dollar millionairess. 


The men’s professional game 
is polarising between the rich 
tournaments and the poor ones 
and there i.; too little communi- 
cation between them. Despite 
the growing number of satellite 
circuits which allocate the all- 
important ATP computer points 
upon which all tournament 
entries arc based, it is still 
almost impossible for even the 
bright csj young players to com- 
pete against the leadiug group 
except by gaining entry as “wild 
cards.” And this cherished 
route of direct entry is often 
influenced by the management 

groups which also act as 
advisers to the leading tourna- 
ments— an unhealthy situation. 

The ITF is powerless to stop 
the trend. The president. 
Philippe Chatrier nf France, has 
lately been trying to persuade 
the major championships to call 
a halt to the dizzy rise In prize 
money, in spite of talk among 
ATP executives of raising the 
rewards for the top group to 
$200,000 next year. With the 
world economic climate io an 
uncertain state the golden goose 
may not be prepared to lay more 
golden eggs and the goslings m 
the lower group are already 
struggling to produce silver 

Another potential danger to 
the ordered growth of tourna- 
ment tennis is the huge 
influence currently exerted by 
the Colgate-Palmolive company. 
As sponsor of both the men's 
Grand Prix and the women’s 
International Series, the com- 
pany invests approximately 
1 per cent, of its annual adver- 
tising and promotion budget of 
$580m. in sport. There are 

already signs that it is cutting 
back .on its involvement in 
tennis and if it ever decides to 
change direction it would create 
a void that would be difficult to 

These are the problems of the 
next decade. It seems inevitable 
that increasing leisure will 
ensure continued growth at club 
level but the professional game 
is at a critical stage of evolution. 
Perhaps Team Tennis, the four- 
year-old American inter-city 
league, now more secure in the 
U.S., will expand to Europe as 
an added threat to the tourna- 
ment game. 

Whatever happens in this area 
the future health of the pro- 
fessional game wilt ultimately 
depend upon the degree of res- 
ponsibility shown by the 
players and their managers. If 
they are not too greedy then 
the future is bright: if, however, 
they chase the fast buck by 
over-exploiting 4-man events 
then the whole magnificent 
edifice, so painfully built up 
since 1968, could come tumbling 




vi Here’s 
.1; health 



V .■ 

The anti-Confucius campaign 
is now presented as another dis- 

^ __ tana-M, .nn m i in Tmmn n-- f tortion of Mao's policy by the 

p„ r - HR W*7*?F7»T7Tt Gang of Four. That campaign. 

EJUSln&SK the new official version goes, had 

a contemporary target. Premier 
Chou En-lai and was intended to 
overthrow him and prevent the 
restoration to office of the 
victims of the cultural revolu- 
tion. and the progressive dis- 
mantling of its work. Chou 
wiliJy directed the campaign 
away from being exclusively an 
attack on Confucius and hence 
himself and his allies, turning It 

^ f k * against the convenimrtly dead 

■•5Ci'SiS“~ Ssi’iiwSs 

Yet neither health farm is . Water Margin, was used in a 

icing sold because of any rumoured that Champneys may formation as academic: code assault on “ Number Two 
•jlump in the market There itself be interested once it has' “fascinating enough to the pro- Capitalist Roader,” of the '»ul- 
■ ire seemingly still plenty* of sorted out its own ownership ducers old boy, but not much lural Revolution period. Tene 

. ..1 • wealthy women and affluent issue. use to the advertisers.” Here Hsiao-ping, now First vice- 

. Arabs prepared to pay ap to But for the paying customer perhaps rests the kernel of an ^£H S !? r ' nl nn nnWor 

. *462 a week (in the ease of on a 400 calories a day diet, the argument. Is a programme . of the P dyin„ days of lhe 

... ‘.' Champneys) for the full treat- question of who owns whom which has 10m. viewers who ^ has produced its own 

nent of diet, fitness, and relax- may be less important than the spend half their time in the current crop or victims. The 

. ition. time of the next meal. kitchen better for advertising Peking professor of philosophy. 

• ... Champneys of Trifcg, which . . . _ . 

... -,-epresents probably the most u___„ ' *■ 

* ' . .jx elusive form of private health InSaSlirG T0r 
’ '. 'xeatment available ‘in Britain, 

,ias been caught in the embar- mpaoiirp 
-as sing position of currently WHtfU v 
leing owned by the Labour The getting together of the BBC 
Government. and ITV for audience measure- 

The 170-acre estate in the ment in television is a some- 
Willems was in a state of de- what greater achievement than CUnIGDaGn 
■line when taken over in the it seems on face value. In spite CQNirnrnT q T( - __ thfl rfl , ri fQ 
; / - *arly 1970s by the Atiied Invwrt- of protests from outsiders the SgggE in cJ in3 . d F J r 

nents group . Om prob- two oigamsabons have stuck three years, from the tenth party 
... em largely stemmed from the steadfastly to their respective ln 1973 t0 purge of 

{rowing distrust of crank cures ways of measuring audiences, the Gang of Four in 1976. the 
^ S "■ iy the public. Thtis its- accomo- The resultant differences have entire country was preoccupied 
lation and facilities were com- provoked hoots of disbelief and with a campaign of vilification of 
;i>letely renovated after Allied placed both systems in doubt, the great philosopher, born in 
* y-jake-over at a cost of some, but now the differences are 551 BC. Now nobody thinks of 

. . JE300.000 and a new emphasis being burled. pursuing the ideological war 

^ niven on .approved medical Basically the ITV. system uses against* Confucius. 

health programmes. • > little boxes attached to TV sets Official reports now acknow- 

j However, earlier tfils year, which measure the.- time the set ledge that even Chairman Mao. 

’Allied Investments itself was is turned on and notes the w &o launched the anti-Confucius 

aien over by a consortium channel. " BBC uses the diary campaign, was fond of quoting 

eaded by the National -Enter- system and also asks people to JJ®* ^nfu^us bad I bis good 

■rise Board to help fund the recall what it is they watched gJJJ ffl rS? and 

.roup's £250m. contract with the night before. Different dismissed the reports p v 1 ^ , 

audi Arabia for the construe- geographical coverage helps to Th y d ty ‘ of ^ t y. In^n^n'inr 

.ion of two major. hospitals. complicate things and different « ™ ^ f e ladder of or T ihl revofu^on^s 

Not surprisingly, because of ways of mterpretting th® ® J 1 ”* ancestor worship and core of of Chinese philosophy betaine 

i»he political connotations, the makes matters worse. Now the Coufucian ethics, was carefully aD imernationaJ standard text 

fEB was anxious to sell off Beeb is handing over the neaa observed by Mao, according to Under the guidance of Choir- 

thac one with 5m. viewers who 
sit riveted through advertise- 
ments and all? A question 


MAO: after rows 

. — ■ . . . ... — — — — . paying homage at tne anti-Confucius campaign « 

various Tanya and* Allan, research world ir tne organic- tomb of his ancestors in his now in turn being criticised for 
* not wm the newer ana. gbaoshan. He silently lending his intellect to the Gang. 

_ contract . which puts bowed to bis parents' tomb on la t be process of rewriting 

Erision^wWcir had” been ex.- AGB/JICTAR on the same a ir covered hill outside the history the Chinese have also 
ffPd durfne the oast few days, status level as America’s Neil sen village and laid a small wreath now recast the first Emperor of 
, irtiP next two as : ;the bible for television of pme branches. the Chin Dynasty, Chin Shih- 

now likely over, the n _t_ s> . - Yhe negative view of the huang, the man who unified r he 

!*,- V > f-'J various Tanya and* Allan, res ear en 

2 9 JJ SrVhewa y -who have pat Champ- tion did 
1 back on Its' feet. A final, brighter 

SS^eeks after some minor details figures.^ 

i- . - A nnipk read nf the announce- bisioncal role of Confucius has country and established the 

been -sorted out . ■ the im- not changed. He remains the traditional imperial system over 

'J<3S$§ Henlow. Grange m Bedford- ment might have given tne im “ defender of a slave owning 2.000 years ago. An anti-Con- 

. - c- A. nncemn that rarim urflc 3lSO III > .t,. Arf,.AAAtA ... . 

advocate fuejanist who ordered a mass 
a tradi* burning of books and death by 


ire however, is ironically on pression that radio was also in society instead of the 

p 'market (through, agents on . this deal— ^but it isn t The of the coming society,' __ 0 „„„ 

ieht. Franlt and Hutley) BBC will- continue its owd head tionaiist poles apart from the "being buried alive to anyone 

ssfe tar'oSStf js ssSflffiSK TXit 

« Sffln? S 1SSt a | n 0 their own w ? . Although the 

. .nee the early 1960s. Mrs. IBA is cleariy Keen > jhj* ■ .JJ and merciful, loyalty of ministers fied the country, but tha^ the 
astigan is having to move to stations should get together win! t0 -the prince” obedience and Gang was W ron«> to like him 
warmer climate in Spain Auntie there seems less enthusi- Tes pect 0 f the young for the sinc | the feudal 0 regime he set 

.here she plans’to develop* her asm among the radio men aged, now clearly find an echo U p waa bound to exploit cruelly. 

>alth f^nn on the Costa del tenriw ^ BBC KS anU oppress 1116 peasaDtry - 

^ °He«ilow Grange, which ■ is wm coDtinue to do a” J*® criSraf' ° S ?evStf5S£ Contributors: 

. bout one-third the size of qualitative work. In & ^ ® encouraging: the young to testify 

expected tQ terms this means finding^ oiu ag^xist their parents and elders L»HUrC ni li, 

criminal offehce in Con- Sandies and 

' CUni 35 p05t -“ ao Preston. 




SUNDAY — Chanrellor Helmut 
Schmidt. West Germany, arrives 
in UJv. for two days of consulta- 
tions with British Government. 
Monthly ‘ progress report on 
National Savings (March). 

Economic Diary 

MONDAY — Meeting of EEC 
Fisheries Couril. and EEC Agri- 
culture Ministers begin threc-da,v 
talks, Luxembourg. Council of 
Europe Parliamentary Assembly 
opens. Strasbourg. 

Luxembourg. Royal Society of 
Health Congress opens, Pavilion, 

TUESDAY — TUC-Labour Party 
liaison committee meets. Congress 
House. Provision?! unemploy- 
ment figures (April!. Bricks and 
cement production (March). Con- 
federation of Shipbuilding and 
Engineering Unions discuss Lucas 
Aerospace reorganisation plans. 
National ’ Research Centre. Soli- 
hull. Prime Minister speaks at 
WRVS 40th anniversary rally. 
Central Flail, Westminster, EEC 
Development Council meets. 

WEDNESDAY— Confederation of 
Shipbuilding and Engineering 
Unions meet on Leyland Speke 
plant closure. Charing Cross 
Hotel. W.C.2. Prime Minister at 
public meeting, Hounslow 
Borough College, Isleworth. TUC 
general council meets. Meeting of 
Labour Parly national executive 
council. Statement on Yorkshire 
Area National CoaJ Board annual 
report. Mr. Edmund Dell. Trade 
Secretary, opens U.K.-Australla 
trade seminar. Inn on the Park 
Hotel. W.l. Mr. Bruce Millan. 
Scottish Secretary of State, at 
Scottish Police Federation con- 
ference, Hydro Hotel, Peebles. 

THURSDAY — By-elections at 
Wycombe and at Epsom and 
Ewell. Dr. David Owen, Foreign 
Secretary, and Chancellor Helmut 
Schmidt address Council of 
Europe Parliamentary Assembly. 
Strasbourg— also meeting of 
Foreign Ministers to discuss 
implementation of Helsinki Final 
AcL Mr. Denis Healey. Chan- 
cellor of tbe Exchequer, is chair- 
man of two-day interim meeting 
of International Monetary Fund, 
Mexico City. Second reading of 
Finance Bill: House of Commons. 
Announcement by British Insti- 
tute of Management on 1978 
management salary survey. Mr. 
Ron Hayward. Labour Party 
general secretary, is guest speaker 
at Foreign Press Association lun- 
cheon, 11, Carlton House Terrace. 

S.W.l. Car and commercial 
vehicle production (March — final). 
Energy Trends publication. 
Department of Employment 
Gazette will include employment 
in production industries 
(February); overtime and short- 
time working in manufacturing 
industries (February); stoppages 
of work due to industrial disputes 
(March): and quarterly estimates 
of employees in employment 

FRIDAY— Mr. Len Murray, TOC 
general secretary, gives memorial 
lecture on “Industrial Relations 
with a Human Face." University 
of Salford. Mrs. Margaret 
Thatcher, Conservative leader, 
visits Iran for talks with the Shah 
and senior Ministers. 
SATURDAY— Association of Pro- 
fessional , Executive and Clerical 
and Compuler Staffs conference 
opens. Congress Theatre, East- 

ce from Bno 

Take the Oceanic route to 

Now is a very good time to invest overseas - 
particularly in the United States. At the present level 
of the Dow Jones Index, Wall Street is still historically 
under-valued and is attractive both in terms of asset 
values and dividend yields. 

placed to take advantage of this situation— with 75% 
of its existing portfolio already in Wall Street and with 
10% in cash awaiting further investment in this market. 
The remaining ]5%isin vested mother overseas stocks. 
Another advantage of Oceanic Overseas is that its 
size gives the managers a flexibility denied to many 
larger funds. Moreover, the managers are able to 
invest part of the fund through a U.S. dollar loan 
without paying the investment premium. 

Over recent months, the managers’ policy has been 
ro reduce exposure in the more speculative markets 
and to concentrate .on good quality American stocks. 
The managers believe that an investment now in the 
Oceanic Overseas Unit Trust should prove rewarding 
over the longer term. 

Income ner of tax at the basii: rate is paid Vi yearly for Overseas Unit Trust 
00 15th August and 15ih February each year. The next distribution 
under this offer will be made on 15ih August 197S. 

The Trust is a udder-range' Trustee ! n vest ment. 

Management Charges: An initial charge of 5% is included in the offered 

. plus VAT, of the value of 

price. A half-yearly charge of Vibtte of J%. 1 
the funds is dedncied from the Trust’s income. 

Prices: The daily offered price and yield of the units are quoted in ihe 

Managers: Rrowa Shipley Fund Management Lid. Members ol ihe Unit 
Trust Association. 

Directors: P. H. Dunn, LL.B., F.C.A. (Chairman'), 

G. M. A. Crawford, B.A., F.C.A. 

M. W. Deimar-Morgan, J. A. Higinbotham, F.C. A., 

E. C. Marsden, D.L., J.P., T.M. Trowell, M.A. 

Trustee and Registrar: The Royal Rank of Scotland Ltd . 

Application Form 

The Managers are part of the Brown Shipley Group (whose total 
assets exceed £190 million). Their investment expertise and forward- 

looking policy is already bringing a new stability and success to the 
cUi — ' 

Oceanic Unit Trusts. In 1977, ‘for example, four Oceanic Funds 
were among the top 35 unit trusts. (.Source: Planned Savings 
Pertnrmance Tables). 

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












Founders Court, Lotbbury, London EC2R7HE 

RegiMcrctl Ollict- RegiuercJ in EncUnd No. SIIU43. 

1 endose a cheque payable to Broun Shipley Fund 
Management Limited for £ 1 Min £250 1 

to be invested in units of Oceanic Overseas L^nit Trust at the. 
Managers’ permitted selling price when applications are 






Tick Box n for re- investment of income 

Offer of Units at tbe price ruling on receipt of applications. Price 
on Thursday 20th April 1978 was 19.7p to give an estimated 
gross yield of £3.50% per annum. 

General Information 



I/We declare that I am/we are over 18 and not resident 
outside, the United Kingdom or the other Scheduled 
Territories and that I b m/we are not acquiring the units as 
the nominees) of any person! s ) resident outside these 
Territories. (If you are unable to make this declaration it 
should be deleted and The form lodged through your bank, 
stockbroker or solicitor,). 







To Invest: Use the application form. Applications and cheques will not 
be acknowledged bur your certificate's/ Ml be scat uithin 28 days of 
receipt of application. (Commission of 1%% will be paid to recognised 
agems > ■ This offer is not available to residents of the Republic of Ireland. 
To Sell: You may sell units at any time. Settlement will be made within 
7 dear days of our receiving your renounced certificate's;. 


Overseas IMtThist 

An Investment Service from Brown Shipley 
Merchant Bankers since 1810 













If there are joint applicants, all must sign and attach names 
and addresses separately. 






iMr/M/x/Miu or Title* 
First names (in full) 






Miaon cannol tic npncrcJ. but 
teaman devgoawd wiii rbar 
iciiub will be Accepted. 





S. Pearson £4.7m. ahead 

AFTER DEDUCTING £11 66m., Doulton (ceramics, glass and en- . Donlton and Co's. profit T- Marshall (Loxley) 

a-aiost £I0Q5m. attributable to gineering) £11 53m. (£1059m.), increase was achieved despite a 2n< 

jmaority interests, pre-tax profits Midburst Corporation (North ^are of associates losses of T. Jlarshall 

of“ Skmadvanced American Interests) £L84m. £37,im against profits last time .. 

i^IS^ifter iX-iSo' 1 ’(JEwSfoOOl^^eid^iIi^e Interest of’ £829^ liGM^OO) " 

s,&r ! • b -** d SfiaMsM S£g^. 

?!SSSL*SJ J 1 ? J£f« £!r ^hnJ^SvtSa /liu fh* At midway profits stood at Dividends shown per 

* Equivalent 

t£12ft2Snj.). Doukon 6J68285p to the maximum per- 
£17! .7m. ( £148.39 m.) and other mittedUOBSTp net with a final Tamo** 
subsidiaries £11.16m. (111.33m-). ol 4.S0927p. 

IK lm Extraordinary items 
289.996 net surpluses less 
98.383 interests add tax on realisations frc-acq. profits 
nj.W5 of interests in associate 
panies £247,000 (£3,3201.). ii 
14 492 >n subsidiaries £364.000 
3.152 properties loss £0.99m. 

17,04* profit i, investments held — - 

, long term £3.01m. (£180,000 loss), **■“"* 
goodwill loss £138.000 (£28,000 
i3.4ii joss), and miscellaneous gains 

investment £11,000 (£41,000 loss). minority interests was 1408 000 (CW9ntHii 

Total tax including overseas and (or period pnor to acon^tion RESULTING FROM the intro due- volume. 
Pre-tax profits were split as to: taxes of _ £4,015,000 (£4,465,000) jaiii. 


Date Corre* 
of sponding 













— . 


.. l-fit 





. 2.03 

Jun, 12 




L 0.72 




. 0J1 





t. 1 

May 30 


. 34.2 

May 30 




t. 1.39 




. 1.46 




. 0.76 





. 4124 

Jun. 12 




. 4.81 

Jun. 12 




. 1.99- 




. 2.64 









?er share net except 

where .otherwise 


. ' Financial Times Saturday April 22 197.8 

Youghals £i.6p|i joss 

FOLLOWING A decline in midway £usam. to £L84m. at the year end. £4,111 (£2,763) and Others £2. . 
profit from £l,04m. to £0.42m. The statement in the interim <££512). : 

continuing unprofitable trading at report that it was the intention of At the year . end, fixed ass - » 

two weaving plants and high the company to drastically out stood, at £lL96m. ■ (G0.56m.) ' l'* 
Interest charges left Youghal borrowings is being implemented' eluding land and buildings ■" . 
Carpets (Holdings) for the first and by toe end of 1978 this will valuation on December 31, 1£ . ' 

he achieved. ,/ which resulted in an increase o ' " - ■ 

loss, amounting to £L59m. for., O’Brien states that in order book values of £L55m. Net cum- 

£ il^ t0 reduce ^ use. .of fliwncial Assets dropped frian £10.06m. -• 
£2 Jim. last time. Ext e rn al sales -faculties a cut-back m the activity £7A4m. 

advanced 18 per cent to £64J8m_, rJ u 7r“ e iA 1 ,“ 
while a trading surplus of £L04m. tobel 

CAAItr, wae Will re$UJL in Dei 

n ecessary. This 
better application of 

• j £4_43 el was achieved. wn* re^ui l ui ucllo, u^uwiuvd v* « comment 

^Jr. Brian L. J. O'Brfen, the^^ s 0 f^ the : carpet industry * 

chairman, reports that in addition- ^„ pr i^L_ nt; -t-te of the textile deep in recessfon,. Youghal— J 
to the trading losses generated at othSr manufactui ‘ ‘ 

io me trailing wwses geaeraieq at traflnPMierally and the carnet manufacturers— has bt ■ 

the Youghal and Moms- If r^ticuS- Wt hard.. The only way the cc ^ ‘ 

rinnrpytPr M-mef WMvinof nlsmto P ? 06 ^ . P*fP. CUjar .. ? E r« maintain iV 

uaue hi muuvum* uaw' wuv vi, » « - 

4«iriiMac.nOan P&DJ was able to maintain «■ 



To minoniii's 

Profit before tax 


Nci profit 

Estraord. credits 

Net surplus 

Prof, dividends 

Interim Ordinary 



t Excluding banians 














171. BBS 


Trading profit 



Share loss cf assocs. ... 




12. SW 


To minorities 


. 614 

Pre-acq. profits 


Profit before tax 






Net profit — 



Extra Qrti. credits — .. 



Net surplus 



Ordinary dividends: 






* Profits, t Total tax Including 


lai HdSni. (f}.S5m.s 



(I3.TaO. i. proportion 

attributable to 

197B increased by rights and/or acquisition issues, t Corrected. 5 To be auarter^toSawmBtS 

S pai **S SOoa * P° ssible after JaJ * 3L U *«■ « no further Sfh to 3 T!S«?«dI T ta£ 

quantity of ttock had, to be die- *»ted by unsuccessful a ttem.> , 

J. Hepworth rises 
36% at midway 

posed of while the selling season JSLJrSfiJiSr t0 reduce the Interest, ctarg.; - 

lasted. stock levels could not be redm . 

de-stockmg exercise .K enough, in spite of a special efi ; 


attracted very high discount levels s S?£ e ^ ®*®P (earn- offset the weak U.K. mar 

and sales into a weak market 10-Jp). The chairman sags ir^jg, exports. Overseas marine'* " 
added to the trading difficulties. |s hoped that the co^^nywul be however, still provide the b y ■■ - 

The means taken to correct the hack -in profit, in 1978 when, the Jj 0pe for any possible imprd,- ' 
difficulties in the plants are now resumption of dividends will be a meat as the UJC. and Irek 

becoming effective and by the end hotter of careful consideration, (three quarters of sales) are s' 

of the present year, trading losses . The directors are confident that fighting a price war. But BO 1< 
from these companies should be tite trading situation can be put ax fbis continues, it will bfe d; 
eliminated, he says. ■ right in 1978 and that the company cult for the company to achlr* 

Members are told that although wili continue in its former pattern its forecast of a return to pro 

' * ability this year. The shares - 

fnd Jrnen, ZSoIfiSf*- 'SmS^S* complemented by better demand gg- of of the year', the cash gen^rateddid tumofer“ Sows (with £000s per cent; compared .^th 5.' 

K%v to te ^ b w^ ,e £5.65m. SSTS rSS ‘Sf SuS ^.traditional products, turnover SSSte «5S»5 S taSaS! ^ 

i Debits. 

(£6.56mj. Pearson Longman minority 
(publishing) 113.02m. (£I2.02m.>, (£3.05m.). 

Pearson Longman exceeds £21m. 

_ _ __ . . credit — 

of J. Hepworth and Son. the mens- customers are Barclays/Access 
wear group, rose by 18 per cent, credit card holders. Pre-tax pro- 
to £20.97m. and pre-tax profits by fits for the full year could reach 
36 per cent, from £2 -03m. to S ^F- ,*»“**“«! . 1 £ h jff ’ 973 

«o irA^tftirsss 

Tta 3i&'i5*i,y ih, rat, of ^, spective p/e 01 1L3 (tully 
to the maximum per- turnover gain experienced in the ,m 
first half has continued into the 

A geographical breakdown of 7p to 36p, giving a yield 

„ .jrnover shows (with £000s per cent, compared with 

not come in fast enough to make omitted): Ireland £6,912 (£6,158),. cent, -far Carpets Internatioi 
much impression on interest 17JK. £40,865 (£34^35), other EEC which last week announce)' 
charges, which were up from countries £9,623 (£8,704), UE. two-thirds, lower at fl^m. 


lT p - 

R-R to share in higher demand 

WITH £12J4m M against £12.89 m.. The remaining three operating 0.l7S75p 
accruing in the second half, companies aU showed advances mitted 0.196625p net 
pre-tax profits of Pearson and all companies Improved sales. The directors say that should secon d P 3 ^ of the current year. 
Laagman, a subsidiary of S. Before extraordinary credits of the Government announce any For the whole of 1976-77, turnover 
Pearson and Son, finished 1977 £56,000 (£152,000) but after amendment to statutory dividend and P rofit to £34.49m. and 

ahead ai a record £2 1.4m.. agarnst preference dividends of £22,000 control before publication of the £3- 5 6m. respectively. 

£13.87m. External sales by the (same), stated earnings per 25p annual report, which will be sent Tax for the > ear l ? kes 
publishing group, whose interests share were up at 24^7p (21-8lp), to holders at the end of May they £1 -5S ra - compared with £0.54m. 
include the Financial Times, West- and the net total dividend is will then report on future’ divi- which arose mainly from stock 
min.cter Press and Longman stepped up to 5J)86p ( 5.415p ) nith dend police appreciation relief, not claimable 

for this year’s six month period. 
Net profit declined from £1.5m. to 

Holdings were up 

£16^m. at 






Exiernal sales 



Hnon-Tial Times 


23 .235 

Wcstminsivr Press 



I.O'UumOT Hold ins* 



PeoKUin Publishing 



Ladybird Books 



1 mor-company 



Profit before interest ... 



Financial Times 



Westminster Press 



Lanjeman Holdings 



Penguin Piihlishlnc 



Ladybird Books 



P-.- arson Longman deficit 






Share associates 



Pre-la* profit 



t'.K. la* 



Overseas lax 



Ass>KMAtos tax 



\ef profit 



To minorities 






Extraord credits 



Pref. dividends 


■ irdtaary dividends 






Tn canlial resorocs 



To revenue reserves 



Before interest. 



An exchange deficit arising on 
conversion of net assets over- 



for increase 

Rolls-Royce Is confient of- seciir- assets in North America, ste mmin g No design as yet is. finalL 1 
ing *‘a good share” of ttie' big from the strengthening of the although Boeing with their -] 
increase in demand for' new air- pound during the latter part ol and .757. models are. near a-laar 
craft and engines from the early =1977. date. . ,-r 

1980s onwards, reports Sir * The NEB figure covers the “R-R is continuing " with V. . 
Kenneth Keith, chairman: .-company’s profit’ before this design and development 6f-t 

The group earned a profit reduction, while the annual repeat intermediate engine (now da;:"' 
before tax of £16.6m. in 1977 takes account of an exchange loss nated RB-2U-535) with tile a - - 
against a loss of £2L9m. in 197 6, : of about £4m. of it being chosen as the li.. 

after writing off research .and 1 ' Commenting on the year ahead, po^ver plant for the 757, and .. 
development expenditure Z . of Sir Kenneth Keith, chairman, says 'version .of the RB-211-22 wor 



£629,000 Tradtnc sb ruins 495.78$ 

d direct Depredation 122.974 

Net interest 42.247 

From associates 33S.039 

£ i il ium FIRST^n TARTER nrofits at F W. £63 .3m. (£57^m. in the previous that 1978 “promises to be the be suitable for the.T87. 

» .. ^ SMrK proat ^ SS£ 




Prom before lax 

Tax payable 

Deferred tax 

Net profit 

Minority interests 
Extraord. debits* 

Leaving ’ 












tivplv raised frnrn nn ariiuxted Mr S J Owen the chairman, said J «e net proat alter ^tax ana oraer replacements ior uieir overau i^twe 
0591O t?ora D nef M^ioVihaS at the AGM itoouS STeT’^e minority interests amounted . to -present fleets and to enlarge thew improvement, sales are st® 
inS SSjr SrShUv^ »ugn sales, are losa of £242m.>: capacity to handle the likely to remain relatively -dm. . 

C WS ^ “SfiSa. erased ,h,t the All of ttis has been retained in injraase in traffic m the eeciy to ^englnea - 

iwntum vvas rtnt sleniScant in thfi business. 19S0s. *0r tflC TWO yCETS. _ vi' UiU 

*?}i The company says that the “Rolls-Royce is well placed to But improvements 

* Relate io goodwill written off by as so- continuing 

U> bolding 

gear's final was an equivalent 1.5p. 
us!t 29 , downturn _ 

U 4!735 Wpim^r^Tmovp fmm traditional th^^oup 0 he* raid vvaT^udget- difference "between rills publish^, get a share of this work. traffic point to a considezsj! 

*» » JrsLssstnsri SSrHfwS 

andsorae of a ngnis issue naa oeen con of ^ company’s from the early eighties onwards, resulting orders." r- . . - 

to pay handsome 

INCLUDING £338,039. against 
£171^13, from associated 
companies, pre-tax profits of 
I. and J. Hyman expanded from 
£427.618 to a record £666.606 for 

l> £60.531 leas surplus on sale of fixed dividends. On an 18 per cent sidered, but in view of the com- 
Mfi ^ , ra a rE , «5 arU1b,,tahlc incase in ftimover. pre-tax posy’s share price be said. “ it 

profits are up by more than one- would be an expensive way cf 

Scottish Utd. 

Liberty reaches record £2.36m. 


First quarter 1978 gross revenue 

In October, reporting a first-half . _ ...... , 

refits rise fron. £100335 to 

£551.000 (£931.000). the surplus £152.102. excluding associates, the from XS09.072 to £836^88 and net 
was up at £20-22m. (£19.D8m.> but directors iorecast a substantial 

the contribution from Penguin full year improvement. Net revenue for 

Publishing Company was down by Full year earnings are shown 811 1S “ came t0 

third to a record high for the raising money, at this stage. He 
first half. The new merchandise also told members that there was 

lines accounted for 7 per cent no intention of making a scrip ... • 

Of the 9 per cent rise in sales issue either. AFTER MORE than doubling in Ordinary shares of £1 be sub- and payment in lien cf notjcei-4; ;. 

the first half from £423,000 to divided into four Ordinary shares loss is -shown, at 256p (2.73p) r/ ' 
£993,000, pre-tax profits - of of 25p and four non-voting shares share. 'jj-.. 

Liberty and Co. finished the year of 25p respectively. This to be : .Once, again, there Is no ■dF.’ 
to January 31. 1978. ahead from followed by a scrip issue of three dend.. The last payment 'if . 
ILSSm. to a record £236m. on new Ordinary shares for every Q.i07Sp~ net for 1973-74. 
external sales of £21.45m. com- Ordinary share and three new The- group makes jwmtew} ■ 
pared with £37.09 m. - non-voting shares for every non- mnutnxe and imports' timber. P 

Full year earmngs are shown voting share held plus a further ' — 

On turnover of £15.53m. against on application, £35 on 15 May and at 272.9p (230.5jJ> per £1 share scrip issue of 3 new Preference 

and the dividend total is 

T. Marshall (Loxley) 
rises to peak £1.06m. 

£13.4m. pre-tax profits of Thomas the balance on 7 June 1978. 

£1.53 m. at £1.6Sm. and at Ladybird at 3.52p (2.46p) per 5p share and The net asset value is given as Marshall and Co. (Loxley) re- Tntprpst nn thP ; c nav up from 29^p to 46^p net with -a non-voting Ordinary shares. 

Books from £798,000 to £477,000. t he dividend is lifted from S9.6p (84.5p) per Hop share. - - - -Tfl*..-:. -tL interest on the block is pay : _ £ M tk„ tt, 0 m 

shares f n r every 8 Ordinary or 

Rush & Tompkins advances to £1.27m. 

covered from a slight mid-term fall ab ] e half-yearly on 20 May and finai of 
from £430.000 to £409,000 and 2Q N 0 v era ber. The first interest close * 
finished 1977 at a peak £t.06m. payment will be made on 20 

compared with £0JBm. last time. November 10 78 at the rate of £6.18 Extern* sale* 

Profit was struck after providing per cent 
a special contribution of £145,000 ^ nrosDeptus ^11 he adver- 

exceptional be granted on terms which do revalued and as at December 33, to tbe company’s pension funds to u d ' 25 ADri , _ nd 

for' 1977 not result in the optimum use of 1977, amounted to £23.36m. The offset much of / he cumulative - f aDO ncations will be VAT or eqmvaiem ... 

compared with a debit of £4^9,000, the land; and a £60,000 write-down surplus arising on revaluation, 3 dv e«^effert o^nflation. After o d ^ dosed on Thursday, ProBt beh>n: Ux “* 

of land bank-. amounting to £o.62m., has been tax of £204,046 (£224.031) net profit 27AprjL 

There was an extraordinary taken to reserves. emerged y as -£S3o592 against - 

The jcompapy is. The issue of new Preference 
.. -.j; shares is not expected to affect 

1977-78 197 w the level of distribution to be 
' j^vmade in the future on The 

R. H. Cole 
slips in 

credit of £162,000 

pre-tax profits of Rash and 

Tompkins Group, property, build- dg^jj^qf £213*000 (£40.Q00) W for the asset value at the year-end £736,423 .y^ Figures for 1976 have 

j *192p) per share, been restated on the ED19 basis. 

ing and civil engineering concern, period which comprised of good- is shown as 234p (192p) 

rose from £0.86m. to £1.27m. on will written off investment in 
turnover ahead by £15. 15m. to subsidiaries of £236.000 less an ... _ 

£ 54.44m. At halfway, profit had exchange difference of £23.000. nci rents ... 

fallen from £472.000 to £408,000. The directors state that provi- O per * tin * proftf —« 

Stated earnings per 25 p share sion is made for deferred tax only £*5f p 4 on ?! crv ” tt ;• 

are up from 8.5p to 10.6p and the when amounts are considered to interest " “ — 

dividend Ls stepped up from be payable in the foreseeable pront before tax 

2595p to 2.S69P with a net final future. Teh company has tax Tax 

of 1.994p. reliefs and allowances available In “ ,nor1 ** . in,ere *“. 

The exceptional credit for 1977 certain subsidiaries, they add. ^ “ 

comprised of profit on disposal of which it is considered will exceed bivuieifiiss 

an investment property of any foreseeable liability to UJC Bctanmi 
£762.000; less a provision -of tax other than ACT. •Debit, t comprised; 

Earrings per 25p share are 

shorn! as-1525p (12.79p) and the 
lirc/tors announce a second 

1.J13 d ,r 
3»4 int' . . _ 

•4T9 i^46p as well as a final of. L464p 
583 (L227p) which together lift the 
fotal to 3,95p (2.227p) net. The 

rim- dividend for the year of 



" second half, 

UJC. CDVTL & w'salc ■•„- 1 * I* 1 ’.’*'- •** . U AJX/ ■ 

Export .... .... fy £ 176.277 ■ OM TnmihVRfrmi ’frAiM ClS«i, , t-‘ 

! loss by 
s Liden 

The British Leyland 
issue document sent to 

U.K. retail 

K«t of EEC - 
Conveitinc Sc w’*a r 
Net rents . 

Tax .... 

He l profit .... 

Currency loss 
Dividends .... 

To reserve* - 
• Profit 
rights diture not 
share - accounts a 

ON TURNOVER: up iom 
to £23^6m^ pre-tax. profits, for 
of R. H. Cole finished ahead fr 
£90LO00 to £L205^Ofl, after a ju;-’*' ' 
Of £444JM)0 to £789, (too at IUitH» 

™ .At that time the director's 

Sf? A Mni.imr tho that they viewed tBe secontft 

9M «,^«roiii U trtra caution but expected the 1 
lie year result to reflect a matei 

™ tof yir to Stored? 30. 1977, taprtotoment over 1976. 

Tor capital expen- with a deficit of £176,277 com- After tax of £706,000 (x5l3,(H 
provided in the pared witit profits of £236.900. earnings are shown to be up fr 
additional capital Turnover was marginally higher 13.4p to >19.7p per 23p share 8 


27/company manufactures fireclay holders yesterday is an unusual expenditure Taut ho rised are esti- at £3.5lm.. compared with £S.29nT. the dividend is raised from fiJSs - 
refractories. example of its kind. mated at- £J,2S5,000. After a tax credit of £45.829. to S^lp net with a final o£ 2.03p 

iiMteui Of tmroun-in c shire- The proposed final dividend is (£97.281 chargel the loss per lOp Attributable profits ^ 
Instead of encouraging share- ?hown a waiver of £22^45 share is given as l.Tfip (loss £592.000 (£384,000) after an ext 

NFW T DlVf* TAP holders to take up their rights ® no ”“ ' 

L r™ U 1Ar as most companies do. British *,.*£ *£22? 

1.52p): After extraordinary debits ordinary credit of £29,000- a 

£540,000 against the value of the 

Completed properties held 

. , , - „ , - ivestments and those owned _ _ K .„„. ura 

certain planning applications may occupied by the group have been cn.000 <121.0001. 

L a ^?_._ ba J3_ k _J^ JESSlifc !*?* tev^eh^and AWowiied and Exdi'SSerStock’iyfl's ^ is?00p!*r i^thrir p'oekets.^ 

STiS® ^ Bank of England announce liyland gSs to great lengt^ to "« *■ ^oposed that the existing of £40.850 (£6U59)-redundancy minorities. . 

Mentraore recovers £0.33m, to £0.53m 

j . S R 


Results due next week 

£100 per cent, payable as to £30 directtjrs vouW not 

- expect or recommend you to sub- 

Mfctaii ON SALES up frdto E7Elto. to WOMB ). Th» .cdtop-mr totto.- ■' " « 

themselves do not intend to do £9.34m. pre-tax profits of vJSLh^ tnist deed has . ; ; 

so " - Mentraore Manufacturing Com- P^c mouldings. .. . br g**eJ- |Mt publi ^ ?d ‘ - - 

The major companies in next ment contracts for a teacher spite of the continued economic to profit on the Zeebrogge route. .. J£ e J®? .SUE pany recovered ^ year 10 HrillpBW2tPr - •-• .sheet for March 31, i977JjBrid, M 

week’s Stock Exchange list are sod [an _ airfield. .uncertainty worldwide.^ Analysts There is also likely to be a larger ^ n h a " 5 |J a fes canie bought fn the Januar y 31 * I 978 fr °m a ; depressed water had net- tangible aMtMl). 

all announcing 
results on one day, Thursday, cord'd 
They include 

preliminary Depc nd h>C ?J> how the company ar e forecasting over £l2m. for the contribution from the prope 
Thursday trea ,*? r 115 JS SS - pre ’ tax Profits seasonally more favoured second and financial services divisi 
be £26.5m. before 



market for about 29p. 

Inv. shares 

£201,608 to £534.424. At halfway 

.HP onff i„pp r in 7 rr. — . - - 7 -- . the half giving £2 tin. (£I7.78ra.) for file company w]fT be^ettingThe ^ The d j re f r f r f- by the way. own aid 

the engineering Nigenan provision compared with the full year. A major factor on benefit of a full year’s results a Brand total oF 4,4a0 shares £59.346 to £151,264 and said they Cl]CflPIlfi£(l 

Vickers, the construction £22.5m. in 1976. the li.K. side (about 43 per cent, from Felixstowe Dock and Railway worth £1^50. The* are already, were confident that the full omjuvuuvu 

groups George Wimpey and Vickers’ results will reflect the °/ Profits) is likely to be a ccfi- Company, which is announcing as were * ^ u ^- v committed. 
Tarmac, together with Tootal and absence of the now-nationalised tinuiog improvement in export results on Wednesday. 

European Ferries. Northern aircraft and shipbuilding interests s? ,es > ,fii. m ma Group, acquired in Weanwhile ana | V sts are avoid- 

Engineering is scheduled to in its second half. But the *state- May; 1977, has strengthened the /n 2 committing themrelJes to any 
announce first half results. ment may show— as indicated at company s clothing division while ^0! ^Northern SriMeHufs 

Both Wimpey s and Tarmac's mid-year— that other aspects of eight new units have been. added gJS? L suit? ThS comSny 
exposure to the depressed U.K. tbe group’s business are doin'* to the Van A,Ian < * ha,n ,n lhe mler,m - results. me company 

stock amounts to £143.000. 'i 
company was 55 per cent owi 
by Qifton Investments. 

5S. wm iu wimpTs lts hiS sssrsfeSfsssrss <0 be btt sah; s. MtutMtory. "* ■« 

exposure to the housebuilding Project — should have shown con- announced by European Ferries tionai Combustion and Baldwin APCM of the 1,182,891 Ordinary The dividend is increased from taking any action to enforce nS Blackwood ‘ Hodge raises the 

cycle, the figures could reflect tinued growth Despite increasing on Thursday. At half-time, when and Francis, and 15 currently shares of BCA not already owned 0.8342225p to 0.917635p net per payment. The injunction, lasts until total for 1977 from 2.6p (adju 

some pressure on margins in U.K. competition, Howson-Algraphy announcing profits of £7iu. pre-tax, completing negotiations into tnc was sanctioned by the High Court 5p share with a final payment of Monday.:' - for .a scrip- IssUjeV&h 2£G4p. 

earnings while overseas business Should still have performed very the directors forecast that second proposed merger of its boiler- on April 37 and has now become O.70171p. Net profit was £240J872 £ri$g£ Water is to see the Stoek Tuesday’s report the divi 

may be trouble-some with con- well both in the U.K. and Holland half profits would exceed the making interests with those of effective. (£92,180) after tax of £293,552 early next weSc.: The : *mppnts were incorrect 

tract losses in Nigeria and cash while Roneo-Vickers may report previous comparable period's Babcock and Wilcox, 

flow problems elsewhere. Market slightly higher earnings after £9m^ but would be unlikely to Other results to note are full- 

estimates have trading profits some reorganisation. A weak spot match the improvement of £5ra. year figures from Simon Engin- 

ranging from £46m. 10 £50m.- may be Oceanics which may have achieved in the first six months, eering (Monday). Telephone 

Those leaning (0 the higher figure made a loss compared with break- Now, analysts see the likely out- Rentals (Wednesday). GIB and 

would put pre-tax profits around even in 3976. So after adding back come as between £19m. and Duff us (Wednesday*. Gerrard and 

£36, 5m. against £35.4m. in 1976. notional interest of some £3m. on £22m. (Him.). There are three National Discount Company 

On the other hand, the market the nationalisation proceeds, pre- main reasons for this growth— a (Wednesday), Foseco Minsep 

has become wary of giving any tax profits for 19T7 could emerge sharp increase in the volume of (Wednesday), Minet Holdings 

estimates for Tarmac since news at £25m.-£27m. traffic originating from Conti- (Thursday). First quarter profits 

emerged of a purported £12m. loss Tootal’s full year profits are nental Europe, Increases in freight are expected from Hoover on 

in Nigeria — mainly on Govern- expected to show some progress in rates and a turnround from loss Thursday. . 

year’s results would show a greatly The shares and -Joap stockof j n ihe latest annual statemi 
improved profit picture. The group Bridgewater . Investment Trnst the ch airman, Mr; A. J. Lewis, 
achieved a peak of £646,000 in were .suspended yesterday alter, that the company was-looM 
the 1973-76 year. the loan-stock trustee alleged that-aeqahe -larger interests ih 

TJffi ««2ft year h 3s stoned ' 

well, sales being in excess of those mmtvcnfr-tte holders at nat- - 

1 he directors of BCA and Asso- ?, f same period last^ year, and Bridgewater then obtained - a BLACKVPOOD 


onus* wnicr o iv we r auwmjt * repo? 

of £293,552 Exd|$age early next week. The : unopnts were, in 

Jumping on to the Wall St. juggernaut 




AlRinau: Industries - 

Allcbone L Sons 

Amalgamated Power Engineering 

.\nchor Cbeoitcal Co 

William Baird L Co 

Bolnravv «Blackheath> 

Be rail Tin A Wolfram 

Bodycon* InromaUanal 

Border Breweries iWrexluoi) 

Burrell 1- Co 

A. Caird * Sons 

Anno on cc- 




Dividend fpl* 

Laai year This year 







— Tuesday 





Canadian * Foreign Inresimenr Trust .. Tuesday 
Channel Islands & Interna nonaJ Inv. Tst. Tuesday 

Corinthian Holdings Monday 

Electrical & Industrial Securities Monday 

Ellis ft Goldstein < Holdings t Tuesday 

English National Investment Co Tuesday 

Esiatus Dulws Investment "Yust Tuosday 

European Ferries Wednesday 

tie Vcre tfofcis A Restaurants Thttrsday 

Flight Refuelling < Boldines i Thursday 

Scored it Co. Holdings Monday 

Executes Clothe* Monday 

Faroe (1 Eleciroofcs T'ocsday 

¥■ C. Finaoco Tuesday 

Fosoco Minsop Wednesday 

Future Holdings Tueaday 

Gerrard & National Discount Co Wednesday 

Gill h Duff US Group Wednesday 

Hommorson Property & Inv. Trnst Friday 

Norman Hay Thursday 

Hopfcinsons Holdings Wedoeaday 

Jcsaci Toynbee & Co Wednesday 

Lindsay A wmiams Tuesday. 

L.K. Industrial Investments — ... Wednesday 

P. L W. Mnclellan Thursday 

Maiidi-rt 'Holdings* Wednesday 

Marshall Cavvodlsi* — • Tuesday 

Martm BIar(t .. .. ...... -Thursday 

Mi trilic Dundse i, Whitson Monday 

Minet Holdidss- Thorsday 

Modern Engineers of Bristol < Holdings' - Monday 

p.-mland ladustncs 

IN-inn-on Group 



Pnmx- of Wales Hotel* Friday 


Pin a) 


Dividend i 


Last year 

This year 




























































0 S2S 















































2 925 


















4 817} 





J. £ L. Randall 

Scottish Ontario Investment Co. 
Sbiioh Spinners 

Simon Engineering ...... 

Spear ft Jackson International 

Sportg ft CO. — 


Telephone Rentals 

Thomson T-Utw Caravans • 

Toter Kcmsley & MlKUoorn i Holdings) 


Travts Sc Arnold Tuesday 

United Capitals Investment Trust 


Whatman Reeve Angel ............... 

George Wimpey 4 Co. 

Wight Construction Holdings 
W. Williams & Sons (Holdings'! .. 


Anglo Scottish lnresmu-ni Trust 

Border & Somhera Stockholders Trust 

Cullen's Store? 

James Haifitcad (Holdings* 

Hawkins & Tipwd 

Unread - 

S- Lyles 

McKechnie Brothers - 

Moron Tea Holdings 

Safeguard Industrial Investment* — 

S Simpson 

Spencer Gears (Holdings* — — — 


Epicure Holdings 

Fltzro? lavesunent Co - 

John Haag as - * 

Hoover — 

Lockwoods Foods — — .... 









11 .586 



















I 7 






3 575 

























0 419 










3 63 






























t n 


























, Friday 


Thursday if i 


IN THE AMERICAN market it is. in the 
according to one firm of London years. 

stockbrokers, no longer a ques- is that — ^ - .. . -. , .. „ „ 

non of whether equities should 0 n a longer view, but that short- aid- of nponal. brokers, the sort in Tridmit Ufe apparently ahf 

so it seemed, one and all had promised therefore allowing the offset - the risks" inherent hi a weeks, the. toraey'-has,.. 
decided that the Wall street fund’s liquidity to . rise, if y0 u dwarion to go for names which managers say, moSt conspTcnbii 

juggernaut was moving at last, « 0 f or y,e M'and G fund (with a are-.fess wdl known than the ®ot come from the-property fu 
and that tne only thing to be done minimum capital investment now leaders. FraimUngtotL which. 

which Trident is. one of -the' few ins' - 

lout it was to jump ngnt on. nibed to £1,000, or a life-linked launched its Americas and ance companies to. offer ajfflr . 
It is to the very great credit contract for at least £12 a month). General Fund a week ago, is. lfcss sccsss to the American market- •: 

shitip fund manansK— and .. t r '* “Wr" *. . - . ^ w«r nf ~ '• • 

s 2 ,n ® „ J!l a ,?!?? er *TrtS you therefore go for management jm eriaBs ed 1" its approach: 'but way of a unit-lmked^contrecti v 

they have been pointing out the ^ we u as t he. U.S. exposure. SeSfft -of this portfolio too -JjMJDoa^-to ‘the .March.. 

Scfalesingera, which is offering its ^ ^ 

this sudden enthusiasm for all Se ^oth« ^mpetition from Ham 

things American, and have been f, as • • small w companies- Like anoiner «kwi. «e thi* mimic h»tTnrf- r : 

■ -- - smaller companies, uine anotma. ^-.k. i-tvnrf-' - 

ad , !siog .h«r pototo.., unit : ssssss 

holders to put their money into f^^,l‘'Vhich”"ha^ beetToei^i^ these speciaUst investment is to be by way o 

US. funds for the best part oF Sv beamh about thl orSr. Amenea^ both- argue- that the premium, band, 

six months indeed, it is advice {Swalfl ft? Si S?S2 ^ * ?* toemnn. . ■.■ pjM. * 

which has been heeded. For the years has now changed its time It 'has : been a feature of the After. aU this emphasis bn.: 
money has been flooding m. This and is inviting applications for Industry over theiast couple of way west. It -comes as sc — tv! 

eas — one of The., funds. ¥&*. ***** Fmd; and Cbleftab 
'ihew ner cent invested; and both the taken over by meftdiant bank^ '■£lI&" a !S!!? IS S?i? r ‘ 2B, 
tneir *--» . ffhlolev — is. 75 ner cent. “5 ome . F ™ i w ^ ,ch J f 

in as much as t*e rise as there Arhothnot — . whose North tial manner: 'and ..there Hre two yides a yield of 10-8 per ca • , 

15 Th 0 COO ff,nrf American Fund has been among of them invfltog ^JpHcatious fof ^ a product on a 

unMjmods Vn beliS1n"“that there the top Perf oraier s ln this sector their units this week. Oc e a ni c ^Mchjvm »ro^?_lh^«M6-' 

SHSSsSS - - 2SR 

Mo« notably M and G is playing ^ Sat 6 ; , ‘ 

it relatively cool: 

* Dividends gfjourn net, pence per share and adiusrcd for any imervenlne scrip has -good cfaims 
iMue t Ipcludes campensatius dividend due to change m lax raio. t Second iniL-rim _gg figures 
in lieu of .final. s includes second mlcria i of S 9 md. ' Third ou arur . fluurev , Mnnpv ftfanaeement 

interim' American and GepentiTrart has tranto» this market. Henderson rest, inrideotolly. wilJ ^Puttoto ‘ fpnd , so ihi sis thfe oneforaa; 

of -‘.50 already paid. Uj First quUtiJA 

been one of the best performers launched a new American fund UJL . property, where- Merchant who wants rising incame.r 


1 "' pril 




JEmi*® Saturday April 22 1978 

"i ^ fcsatarday April 22 1978 



:mi -S> ^Kfe^over bids and mergers 

Atlantic Assets the £37m. investment trust under the man- 
agement of Ivory and Stme, has bought a 29 per cent, stake in 

' *» **»» so- - c.- <«*•>• «* ™ ssrsss Just over 

- - ' • • ijm .3fcJ frr jnflinppnncr Inforcctr Cn T 


Pre-ta* profit 
Year to (1000) 

Earnings* Dividends* 
per share (p) per share (p) 



' interests in Sri Lanka, has now crystallised into 

^ fiiS? .' w'Jorioal Offer -From Anelc^lndoneslan. the tea and rnbher estates 


Offer-From Anglo-Indoneslan, the tea and rubber estates Yule Carto has put its Malaysian plantations into a new com- 

Blackwood Bodge 
Bra dwell Rubber 

■;u^u»TO v*.ich has recently diversified Into agricultural engineer- aEreed^^n 3 ^ ^ Yule Calt0 pl ^ tatlor, | Sindinao Berbad and Brooks Watson 

r . . • . . , ... * . agreed to sell 35 per cenL or it to Johorc State Economic Develop- BSG 

f -io&r™-.®- 1 are e^caaage offer has-already won acceptance from mont Corporation for M*&l-2.6ro..(£2im.). The formation of this Burmahon 

V m-k rv'iahiah Aum n« ■«._» ~r -fir-ii > . ^ w. r.i... . ni>ui (inmnaiiK i»uti s.imiin.i»« m»a.o.. U i. 4.1 Geo. CillWHler 

vNr >' -p&o.which own-44 per cent. ofWalker’s Glares, and Mr. Sehvyn new company with Bumitputra parfhers is in line with the atvSSKs 
Prior* an Anglo director who holds a further 10 per cent. If the GCOnomic pQlicy of the Malaysian Government. Clayton So> 


flfcer-succ.eeds Anglo wilf get the rights to dividends totalling some 

Ur nu- °° ^’ s London’s ruling last week that no outside insurance 

j. -‘JfabeoMst may normally hold more than 20 per cent of the equity 
broker has .sparked off a major controversy- in the 
- z.^; ti-f WJV':- iatenuetjotud insurance community. Lloyd’s decision led to Frank Bfak 

Value of Price Value 

Company bid per Market before of bid 
bid for share** price** bid 1 -Ejh‘sj** 

Prims In nonce unless Mfcerwls* fad (calc d. 

BJakcy’s (Malle- 
able Castings) 

- . ;•• ^vjLH«ML the Amerlcan fasurance broker, withdrawing its offer for ae^o^lcs 

■V. ! ' Le^Seand Godwin. S ed0 .5® InTB - 

■ ' McLebd-SipeTs £24m. bid for London Sumatra has failed. 

JJb® offer was accepted by holders of 36.4 per cent of London Lend. Aust lavs. 

■ ; ‘f ^Stt^tra’s equity, including the 23.7 per cent owned by the Lond. Aust. invs. 

• ? '-y KcteqdrSipef camp. McLeod-Sipef is now considering its role as Liverpool 

' -t' tSiS'iai shareholders. . Mhn Masters 

Prop. Inv. & Fin. 

. 'Mr. Tiny Rowland, chief executive of Lonrho, has assured Scot. & Univ. invs. 
sbareholders of Scottish and Universal Investments that his group Soas & ^ 


has no plans to sell any of Suits’ major trading activities if Voun« S A^«ten St ' 

Lonrho’s takeover succeeds. Lonrho also argue in the formal 
document that the planned share-exchange would give accepting 


All cash offer. 

125 1 
































































Jan 31 
Dec. 31 
Dec. 31 
Dee. 31 
Dec. 31 

t Cash alternative. $ Partial bid. 

- - - _ ~r capii 

charohnldpre a nt* r o«nr ;«»««« n 9 : alr eady held, li Combined market capitalisation. II Dote on which 

shareaioiaers a per. cent, increase in capital value ana provide scheme « evpecied io become opereiive. *• Based on 20/4/7S. 

W Estimated. &§ Shares and cash. TlV Based on. 

? V H ' w , lncome increase of 122 per cent. The Suits Board has been 2i/4/78. USpensl0n ' 
,J *r? ^ l^ e L an rho offer and the majority consider it is too low 

. ,3 k 


and have advised shareholders to reject it. 

.- - Hepwoztfa Ceramic, in the formal offer documents accom- 
panying its contested bid for H. and R. Johnson-Rlehards Tiles, 
'■'z 'thJ'Si “ at P 3 ^ t0 warn shareholders that the price it is offering is 
'• not to be thought of as a sighting shot. Mr. Peter GoodalL cha«r- 

man' of Hepworth, points out that the offer was formulated after 



Pre-tax profit 
Year to (£000) 

. , Armltage Bros. Dec. 31 

-■ receipt of Johnson’s estimate of its profits for the year ended b„? 2? lcy SS;; 

March 31 and that the offer is believed generous. fflif kbC IV? ™ 

454 (408) 10BX (97.0) 

7S2 (5541 9.0 (6.4) 

369 (165) 5.6 [2.5\ 

5,489 (4.608 ) 23.5 ( 21.4) 


Clive Discount 

Compton Webb 

Final Coral Leisure 

AccTce Currys 
Bidder date Della Metal 

Don lop HldgS. _ — 

Estates & General Dec. 31 

S. W. Farmer Dec. 31 

Francis Inds- Dec. 31 

Gainer Scotblair Jan. 31 

Antony Gibbs Dec. 31 

Hawker Morris Dec. 31 

Hawker Sfddeiey 
Helene of Lo nd o n 


Higgs & Hfll 
Joseph Holt . . 

Holyrood Robber 

A^hhiiS’s^ 2 * 4 Ho?5con?Hnbber Dec. 31 
Horizon MMJands Nov. 30 

a r® “ Hoskins SHawton 

riifmr°p^£ Hover! ngham. 

Csllmr. Props. 26/4 j erse y fiectncity 

Oakstone — Kuala Selanfior 
Lead Industries 
L'hall Sterling Dec. 31 

Leslie & Godwin Dec. 31 

London United Dee. 31 

McJeod Russell Mar. 31 

John Mowlem Dec. 31 

Jobn [Henries Jan. 23 

F. Miller Feb. 13 

Moorhse. & Brook Jan. 31 
Mv50n Group Dec. 31 
NewarthiU Met. »} 

flL F. North Dec. 31 

Owen Owen Jan. 28 

Harold Perry Dec. 31 

Provident Lae Dec. 31 

Reed Executive Dec. 31 

Revertex Dec. 31 

Royco Dec. 31 

Rugby Portland Dec. 31 

Snpta Group Nov. 30 

Tern-Consulate Dec. 31 

18.09 (14.63) United Carriers Jan. 28 

1.155 (1.046) WadJdn Dec. 31 

3.0 (1.011) Weeks Assts. Jan. 29 

9.435 ( 8.528) Wilson Connolly Dec. 31 

pec. 31 16,529 (12,711) 
Dec. 31 
Dec. ai 
Dec. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Jan. 1 
Dec. 31 

(461) L9 
(855) 5.9 

(1493) 6.0 

(3,888) 9.2 

(7,987 >L NU 
(480) 4.0 

(744) b 1S.7 
„ - — (862) 16.9 

Mar. 31 2.120 fL320> « 

Dec. 31 1,820 (2^80) 

Dec. 29 18,540(10.125) 

Dec. 31 2 , 10 4 (1,252/ 

Jan. 25 10,318 (10,026) 

Dec. 31 26,700 (24,610) 









AJP. Cement — 

Allied Insniatrs.— 
Spey Invests. — 

Cons. Plants — 

Ferguson Secs. — * 
Ceramic — 

Colonial Mutual 
Life 12/5 

Plants — 

Lin food — 

House — 

Dec. 31 57,000 (74,000) 
332 (2511 

S00 (700) 

1,610 (1,330) 
L279 (1,124) 
335 (465) 

266 (131) 

Dec, 31 9451637(72.983) 
Dec. 31 1,160 (811) 

4J2B0 (4,016) 

Dec. 31 
Dec. 31 
Jan. 1 
Dec 31 


( 101 ) 
( 1 . 020 ) 
( 57) 

Dec. 31 20.911 120,546) 
(4.070 1 
{ 4461 






































. v 



Earnings* Dividends* 
per share (p) pershnrelp) 

13,820 (12,490) 
607 (437) 

203 (87) 

2249 (2,357) 
1,755 (1.735) 
698 (489) 

2,651 (1.845) 

(383)L 4.0 





( 6 . 0 ) 
(5 ; 7) 





( 20 . 6 ) 







( 112 ) 




( 112 ) 



( 12 . 2 ) 







C ) 



( 112 ) 







( 2 . 6 ) 

(— ) 




pre-tax profit 
(£ 000 ) 

Interim dividends* 
per share (p) 

1 1.6911 

Sept. 30 





Doc. 31 





Dec. 31 




(— ) 

Dec. 31 





Dec. 31 





. Jan. 31 





Mar. 18 





Feb. 4 





Jan. 31 





’ Jan. 31 





Jan. 31 . 

- 49 




5.01S- (4.493) . 

































( 10 . 0 ) 



( 1 . 0 ) 

P. Brotherhood 
Change Wares 
Cradiey Printing 
James Crean 
Dowd Ins & Mills 
lnt'european Pro) 

Wm. Low 
Long & Hambly 
Wade Potteries 
Walker & Homer 

(Figures in parentheses are for corresponding period.) 

Dividends shown net except where otherwise stated. 

* Adjusted for any intervening scrip issue. fNo dividend but 
a forecast of 0.4p total for 1978. 3 Excluding the results of the former 
U.K. subsidiary — now nationalised- 1 Not given. LLoss. a For 52 
weeks. bFor 53 weeks. 

Offers for sale, placings and introductions 

R. & J. Pullman; Placing of 1,125,000 Ordinary shares of 80p each. 

Rights Issues 

Horizon Midlands: One-for-tbree at 72p each. 
Supra Group: One-for-eight at 30p each. 
Turner & Newall: One-for-four at I52p each. 

Scrip Issues 

Blackwood Hodge: One-for-two. 

City Hotels Croup: One-for-four. 

Clive Discount Holdings: One Preference-for-30 Ordinary. 
Cosalt: One-for-two. 

London United Investments: Three-for-one. 

ML F. North: One-for-one. 

Harold Perry Motors: One-for-one. 

Kevcrtex Chemicals: One-for-two. 


• -J bwif- 
-•a itt, 

Leigh Interests 
forecasts 44% 
profit jump 

per cent. Leigh proposes to pay a 
final dividend of 323p bringing 
total for the year to 52p (L5p) 
Leigh’s profit estimate 

It is proposed to increase the POCHINS TO BUY age price of 191p on behalf of 

authorised capital from £308.000 RfiiV Aiiv Ar a r co associates. 

to i4US,000 by the creation of a ** »- lyl Ail> DtALLK Laing and Cruickshank on April 

further 2m. Ordinary shares of 5p Pocluns announces that agree- 20 ^ 4 000 Whealsheaf Ordinary 
each, jn EGM will be held on ra ent has beer reached in princi- chares at 196p for discretionary 
May II. Pal. subject to the receipt of investment clients. 

Rowe and Pitman. Hurst-Brown 

than £850,000, an 


some shares at HWp for a subsidiary of 
Guinness Peat Group. 

Rowe and Pitman, Hurst-Brown 
sold for a discretions ry invest- 
chent 3,750 Whealsheaf 


The Alpha Leather Company, a 
wholly owned U.K. subsidiary of 
Hutchison Whampoa of Hong 
Kong has acquired, for cash, 
Daniels and Daniels and Con- 
tinental Fashions (Leicester). The 
two companies, based in Oadby, 
Leicester, are leather merchants 


■ H. Coif 
slips in 
second M 

DALGETY V nr ^ ^ 1 9 J? sold for a discretionary invest- 
or t aS H P ^* a ^ ^ <« Wheatsheaf 

deducting exceptional revenue ex- Deb^lfturrslocks l? a^fS^he 013111 ° f ^ 4 7 . 

pendlture of £93,000 oot ofatoUl group of£2.4m. The group is to Net profit (after deducting all 'lS' nSrionaTSnn^^ maj ° ri 

- of £273,000 incurred by Leigh’s «^eel the. stock and say s that charges except tax) of Meir ion for 3nd “ 5>{W0 L " naoonal tanners. 

Leigh Interests has agreed, to subsidiary; Effluent Disposal, in f^matrtrJairinTof ^ing^d Cruickshank also Th " flM ’ ns,linns are mte 

acquire Barnett and Beddows, reducing the level of liquid waste finance on international markets purchased 50,000 Llarood at 140p 

SSffiiff ™ 55 1 - 25,000 - Whealsheaf 

■ ■ sa,«5 ««js, a Stas ^ 

^ 3L 1978 win amount to not less fully recovered by the revenue M the same oriees The offer is rf®" 1 .®" italnterests hlto 

its existing activi- jfaoto 

ties. Meirion represents an attrac- snares 31 
NO PROBES tive investment, providing an ad- 

The Secretary of State for drtional profit centre compatible 
Prices and Consumer Protection . ^ e , specialist plant hire 
has decided not to refer the division of Pochms. 

The acquisitions are intended 
to enlarge and strengthen the 
Alpha Group's marketing and 
sales effort and produce more 
comprehensive range of leathers 
for the shoe, furniture and cloth- 
ing industries. 


. you 



to £0.53n 

- • % 

. fc»” 


spend a 
little time with us. 

We run a professianaf rnvesfrnerrt management 
service for private clients, trusts and pension 
funds. A few minutes spent reading our booklet may 
prove a sound Investment Let us send you a copy. 


14 Charterhouse Square, London EC1 M 6JU. 01 -251 0544 

'/ Licenaetf dealer in securities 


Target Preference Share Fund) 

. u k«0<® 




mm f p. A. 




Current estimated gross yield 1 1. 70 . % 

A more secure income for as long as you like 

An investment made now is likely to yield yDu£1t-70%p.a. lor as long 
as you hold your units regardless of what happens to interest rales 
generally. - 

Invested exclusively in preference shares having priority alarms on 
income and capital before ordinary shareholders receive anything, this 
Fund has paid investors a high, stable rate of income twice yearly tor 
over 13 years. Remember, if you don’t pay income tax you can reclaim 
from the Inland Revenue the tax credit accompanying your income 

ThewSfita? value of your unite wJH fluctuate with interest rates but your 
Income shquld remain stable over the years. Your Investment should be 

JSSnSmbw'luTpriceof units and the income from them can go down 
as well as up. 


APPLICATIONS and thwi/cs wi« not W 

arknoMlMlgU bui ccrtMUdles. wlj. *>• ** n « 

wmin«2da«Q*Vwdosejdih*«wi. , 

cricaV'tnenwiii nal be laMJhan liwlcAtt.rtawf 
fs OWat (meniof TrnoflWUlano^S.»-me«i»>ll 
be mane riirnm 10 oa«&ol>rc<. ipFDvli*tM*neocri 
el in* 'priounced c«'*llf'calf . Pnc«3o)iJ'’'ii>ana 
Yield die aucried dailir In Ijjf lAljwl Preis- 

AN INITIAL CHARGE Ol5%i»inHud«UJ I"; ini' 

sale ^icc el Hw unlli. T ne Merwows will day 
eomniisson « l i%'a qualTTied AaerH3. 

o«e» Mice mo dale afcwj'tt} 0 ?, 1 . 1 
c ice w its by more Uwn ?)%•***« Ihectosje el 
in# oUc wiiJls will Wunsa-laole ■! WwidaHv once. 
INCOME letstaidl lie basic laje* >» ■». ... „ 

dmr ' I May ant) 30tb Noveinbei each 

veer, aq annual cheio# rt J%o< Hi# value in« 
f und cWuY VAT is deduced fi *11 im.- ii'cwcfi 
f lie Fund. Unn putclusea nen# well autliry w 
the dislribultonon 9Uh November IVra 
TRUSTEE MidfanJBan* truMCompanrUV. 
Managers: Yerget Trust Manaoers Lim.lid. 
iMnmbn C me Unil Trusi Awot lalion). 

Dirotiors. A.P. IV. Simon, T.D.. F C.A.,£*aim»aiU 
I. G- Sanipwo. J.P^, 'General Manad>->: 

Ft. Kon. Lord AJnovi, P.C..T.O.. D l- 
T.t. F.C.A.. Ft I. E. CPMdi: _ _ . 

A. L. B. Cnancullcu: E B.G.CIcJwS.M.F-t-. 

E V HalEhetli F.l-A.; J. H. PalliSaaiLM. a.; 

M. E. S. Prince. M JL., FJCA.. 
floq fUeied iAEna (and No. M7541ai7fflBr*ain* 
Butidinoi. Loodor €C4A i£ll. 

sir ■DuietfonaiM May »n 0 3Dfnrwe™«Tc«n »■•***. u-wui'cv^ « cu . 

^PFER OF O NUS AT I S. OpXD EA CH. 197 i--| 


f« invest 

ManKKH llO- raeirnmum in',*#' nennrunwnci/. 
l/Vtfe declare lhal I Ji^we are nomewdentouiaWr in# Seheduled Tnnipriesandl arrlweara 
rqj jcsuirinp Ihe uni 6 as ll>e Nnuerld ul aw nerswiis) «*idart OuWite |h»a Iwniorm. 
Tnts Oflel Ic nolayaUable to retidenu oi Uie RMiublie M lioumd. Tufa oltef dasen an 
t*m Apd.l97S- ... 

SlanahueOT ; ..Odle - - 

rfinrreareio>n( BJj#/.nenlt ul murt upn and 1 atlac/i nenjes *"d addresses seMnleV. 

Names In Iu«. 

ntui l el me nms daluls TerpM's Rionlhlv aa»inqa schemes □ Snare E»ch«Me 
sehame □ Po you abbftdy bald FreRrance u">(i7 YE&NP ; — 

hi* Fri r- !( jT Urc::t>i*2v.r>00 


Sales of the ships chandlery 

division of Cosalt of Grhnsby 

Aggregate consideration for the totalled oyer fI2m. in 1977, In 


The Boards of legal] Inds and 
Thompsons (Funeral Furnishers) 
announce that agreement has been 
reached whereby Inga 11 will make 

fouling proposed mergers w ife, irMtiriV. report on the purch.M n otter for Thompsons. This 

OlHnMl 11 ... « f VI n UeorfMiii ho ritomlf ■« WOC U/il? Kft (VATlWlflAnRi /lit 

Monopolies Commission: 
Engineering / Gordon 
Stephens' Hldgs.: and 
Technology IndsTKadyne. 

FT1 announces that acceptances 
have been received in respect of 
the offers by Its subsidiary Cl air- 
link, totalling 2.406270 Radyne 
Ordinary shares (94.6 per cent.), 
llie offer is now unconditional 
and remains open. 


The Canadian Government has 

jAhncTn" to £95.000 in cash’ on completion of P- D. Maes (rani by Cosaft it was will be conditional on acceptances 
together with a further £46,000 incorrectly stated that Cosalt had in respect of not less than 90 per 
in cash after production of the sold this division. ~~ “ c ' r 

audited accounts for 1976*77. 

rent, of the shares of Thompsons 

and will be subject to the 
approval of In gal I holders. 

The price payable will be 
£721,000 of which £671,000 will be 
cash payable as to £439,000 on 
completion. £104,000 on December 
1, 1978 and balance of £128.000 
within 12 months of completion. 

The remainder of the purchase 
price (£50,000) .will be satisfied 
by the issue of Ordinary shares 
of Ingall. The price of the issue 
will be based on the average of 
the middle market prices over the 
previous month. For the year to 
December 31, 1977 on a turnover 
of £584,181 Thompsons made 
profits before tax of £77,490. As 
at December 31 its net assets were 


Mills and Alien Group announces 
that Britannia Arrow Holdings has 
reduced its beneficial ownership of 
Ordinary shares of the company 
to 632,447. Arrow Life Assurance 
Company recently acquired by 
Gulf and Western Holdings is the 
beneficial owner Of 1207,085 
Ordinary shares of the company- 


Sutcr Electrical: Mosley Street 
Nominees which held a total of 

440.000 (13.4 per tent.) Ordinary 
shares has disposed or 340,000 
during December, 1977. and 

100.000 during March 197S. 

English Properly Corporation: 
Mr. D. A. Llewellyn, director, has 
acquired a further 150,000 
Ordinary shares at 29 ip. 

Idris Hydraulic Tin: Pengkalen 
has disposed of 25,000 Ordinary 
shares thereby reducing its hold- 
ing to 95,000 shares (7.42 per 

Castlcfield (Klang) Rubber 
Estate: Harrisons and Crosfield 
and its subsidiaries are now 
interested in a total of 1226207 
shares (442 per cent). 

Bury and Masco (Holdings): 
Throgmorton Trust has sold 

881.000 Ordinary shares (its 
entire holding). 

Pritchard Services Group: 
London Trust Company has 
acquired a further 60.000 
Ordinary shares thereby increas- 
ing its holding to 1,155,000 
Ordinary shares (5.365 per cent). 


Larng and Crusckshank bought 
on April 18 25,000 Linfood Hold- 
ings Ordinary shares at 138p, 
37,500 at 134p. and 12,500 at 133p, 
and 25.000 Wheatsheaf Distribu- 
tion Ordinary shares at 19Sp for 
a subsidiary of Guinness Peat 
approved a proposal by bnasco Group. i 

controlled by BAT Industries J. Henry Schroder Wagg and 
London to acquire control of Co, sold on April IS 90,000 Wheat- 
Koffler Stores of Toronto. sheaf Ordinary shares at an aver - 






Anticipate the business cycle 
and there is considerable 
chance of gain/ wait for the good 
news and you will be too late 
again. We think Amenca and 
Canada look right— do you 


Invest in Lawson American 
Fund now for maximum capita) 

Inflation seems to have peaked 
across the Atlantic and the 
Administration is now busy 
tackling the balance of trade to 
check the problems of the dollar. 

is invested to grow with the 





1977 1978 

capital markets. The safeguards 
of a Unit Trust, together with 
dollars borrowed against a sterling 
deposit make this fund an Ideal 
medium for investors wanting a 
stake in the American economy. 
Remember, of course, that the 
pnee of units and the income from 
can go down as well as up. 


(or the dally price If lower) Accumulation Untts 2S,6p. 
Advisers Include Fahnestock & Co. New York and London. 

Tlw IfanroenreMm the rW« «n ck»e fttoofler al any Bm« Hthctnie pile® mows by more 
‘ turn vhPh Irani tftti fixed prtw. Tetepnoned orders wk be acceded up la 5. DO pro daily— 

KP-22S3911, A witter range trustee seamy. A unJI l/usi eulhonsed PyiheDeoartnieWof 

Trade. TWiesyffiiVdismtXJl Ions are made on iOMavandiQNwfwnD« forunits purchased by 

31 March and 30 September respectively. A 5 s , mtnal ertar^o is included in Ihe pnee. An annual 

JeecVVftisdbt*ic«drnxn 0 ^«« , o>iTit>. Comfnissioriepeidtoagenh.TntelBeand 
Registrar— Oyoesdate Ban* Ltd (member t>1 the Midland Senk Qroup) A uonors— WTvmey 

Murray ana to Chartered Accountant Managers Lawson Securities ud. » George Street. 

12 2jaRMBWwlinEdeiduigh 55 T3& Director? j Names Cracker C. F V. 

GLOcksoriWS SC Lawson Thecurem esmna»d annuel gross yield H0S4. 

****** APPLICATION FORM ****** 

TO: Lawson Securities Ltd, FHEEPOST, Edinburgh, EH2 (JOB. 
Tri* 0314226 3911 134 -HourAnsaphorw Service I fNol applicable IP Eirol 

I enc lo se ■ remittance payable lo Lawson 
Securnies Lid. re ne invested in units or ihe 

lemon American FuM to itevtiuoar. 

Foraccumulstion units please mark XQ For She re Exchange details □ 
TAwb declare ihar famAve are not resident outside Rescheduled terrhories 
noram l/we acquiring these units as the nomhree(s) of any person (s) ‘ 
resident outside the territories. (Those unable io make this dectaralkin should 
apply through their Banker, Stockbroker or Soffciior in the U.K.) 

SjgnhtuiBl' . 


(M joint Wpfiamte must »on and attach Ml names and addresses) 

Names in full _ 


. AFFT 22/4/78. 



A new unit trust for investment in U.S* and Canadian 
growth stocks selected by Framlzngton. 

The trust at present bears an initial charge of only 2%. 

Intendin g investors will wish to know why Pramling- 
ron have chosen this time to launch a new trust 
aimed at capital growth and investing exclusively in 

1. -Wall Street prices arc 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 frcc- 
entcrprisc economy, still growing and still with, 
opportunities for small companies to become 
great ones. Even - 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: 

1. Framlington is a small but highly successful unit 
trust group with X 10 million under management. 
The management team has been together for nine 

2. On 19th March the Observer compared perfor- 
mances of the 395 unit trusts on the market over 
t, 2, 4. and 6 years. In each case there were two 
Framlington trusts in the top wu 

3. All three of the Framlington L T nir Trusts have 
significantly out-performed the F.T. All Share 
Index since they were launched, on average by- 
9-S“op.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 ir difficult to follow company results; cannot 
make purchases through back-to-back loans. 

YPiih the American Fund part of the portfolio will 
ac first be bought through back-to-back loans and the 
remainder through the dollar premium, with the 
precise proportions always depending on the premium 

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 
long term.' 

For this first public offer units are priced at 50p each 
until 3 p.m. 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 -l 

The estimated gross starting yield is 1%. 

Investors should complete the coupon and post it with 
their cheques 10 arrive not later than 3.00 p.m, on 
'Wednesday, 26th April. Applications received after 
that time will have units allocated at foe price ruling 
on the next Healing day. 


TCcl income, alter deduction t*r ’basic rate ere. Te-tH be distributed to 
unitholders on }?ih October nirh ur*t dui/ibwion Jjih October, 397 b. 
Applications wil! not he ackiawleileeJ but ccniricaieB will be sene 
within 42 days "of the dose of the otrer. The nlfer price includes an 
initial charpc of s n .\. There is an jnnuo/ chaw? of l t VAT. Units an 
be bought anil sold every Monday unites this ii a public holiday. Prices 
and yield.- arc featured in rat«t" licidrop newspapers. The trust is an unit trust coruonited b 1- .1 Tru-i Deed dated irJ April. T 97 S. 
The trust ranks ns a wider range mvc-imcnt under ibe Trustee Invest- 
ment Act The Trustee b Lloyds Honk Limited. The .Managers are 
Framlin^iun Unit Management Limited, I-'romlington House, j </y 

Luo Unit Alanagezncnt Li 
ard, London ECj (Reg. in 
1 st Association. This otfet i 


Unit Trust 

Republic of Ireland. 

London So 504 1 >. Members of the 
ii> not available 10 

10 residents of the 



To: Framlingtoo Unit Management Limited, Framling- 
ton Hou&e, 5- 7 Ireland Yard, London EC4V 5DK 
telephone 01-248 61171 

I Tc vnVi to incest the sum of £ ( minimum 

,l,~ 5 oi in Framlington American and General Fund and 
enclose a cheque payable to Framlington Unit Management 
1. united. 

1 .We declare that I am'Ve are over tX and not resident outside 
the scheduled territories nor am I we are acquiring the above 
mentioned securities as the nominee! si of any persoafs) 
resident outside these territories. Jf you ate unable to make 
this declaration it should he deleted and the form lodged, 
through your Bank, Stockbroker* or Solicitor in the United 

7™'m appliaaust all mutt djn. Suit Mr/MnlAtiss or Tiitcs and 


SigtintiirrfO- _ — . — .. 

Full Namefs) „ 

Addrcss(es).- -- - — 











and General Fund 




Financial Times Saturday' -22 1978 


Mixed in less active trading 


A MIXED TREND prevailed on 
Walt Street to-dar. when the 
market was weighted down by 
i he Federal Reserve report late 
Thursdaj' of a surge in the Basic 
U.S. Money Supply, and by the 
Fed s tacit confirmation on Thurs- 
day that it has raised its target 
on key Federal Fund rates. 

After rising 1.12 to 8l5.Gfi. the 
Dow Jones Industrial Average 
finished 1.74 down at 812.S0, 
reducing its gain on the week to 
17.67: The NYSE All Common 
Index, at S52.65. shed S cents on 
the day but was stiH up 71 cents 
on the week. Rises and falls 
were evenly matched at 721-717, 
while the volume dropped 11.69m. 
shares to 31.54m. 

Good news from Washington of 
an agreement by House-Senate 
negotiators to end Federal Price 
controls on Natural Gas by 

January 1. 1983, helped market 

Profit-taking in the wake of this 


Stocks CIcHtin* on 

irad<.-d price day 

DUIlal Equip!. .. 3KMMA 4lii -It 

Black- Derfo-r ITT.BOO 17 i +3 

Varo , J74.r»0 1.7 +: 

Ammcnn a Iiiil-s ... ;ro 700 s; ■+•; 
Scars Rwbuilc . itt.I.'ilH) M —1 

Rollings I.ifi.TOO 17 — 

Ara-r. Airlines ... •jas/SHO J» +J 

Eastman Kodak ... 21 l.tHJO 47; -L 

/.orfcJii/i.-rf .... 

Fannie Mae 

week's strong advance was' also 
seen as a factor. 

Among bullish factors, analysts 
cited the Government’s report of 
a 2.2 per cent, rise in U.S. Retail 
Sales in the week ended April 15. 
This follows a 1.2 per cent, in- 
crease the previous week. 

The Government also said US. 
Durable Goods were up 2.1 per 
cent, in March compared with a 
5.1 per cent, increase in February 
and a 4 per cent decline in 

White Motors rose $12 to $$*, 
despite a plant closing and a 
first quarter loss. 

Varo picked up $2 to $15. 

Bates Manufacturing advanced 
84} to $43^ — -it is being wooed 
by Koch Industries. 

Pan American firmed $} to $6} 
—it reported its first profit for 
March in ten years. 

Value Index was up 0.12 to 135.43. 
making a rise of 0.74 on the week. 


TOKYO — Sharply lower after 
profit-taking and liquidations 
pared early gains, despite Govern- 
ment measures to cut Japan's 
balance of payment surplus. 
Volume 300m. (380nu shares. 

Export-oriented Electricals. 

Vehicles and Cameras led falls. 

Public Works, Pharmaceuticals 
and Petroleums also fell. 

CANADA — Mixed trend in 
active trading, with the Toronto 
Composite Index off 0,4 at 1,086.5. 
Metals and Minerals lost 6.7 to 
908.1. Utilities 0.26 to 167.60 and 
Banks 0.51 to 259.19. But Golds 
moved up 19.6 to 1,225.2, On and 
Gas rose L8 to 1.410.8 and Papers 
firmed 0.42 to 113.17. 

PARIS— Further improvement 
on Prime Minister Raymond 
Ba ire’s speech on Wednesday. 

Several Banks, however, fell. 

U.S. and Canadian shares 
firmed, Germans and Oils eased. 
Golds gained but Coppers weaker. 

BRUSSELS— Mostly higher in 
moderate trading. 

UCB unchanged at Frs.936 after 
announcing a nil 1977 dividend. 

ILK. and French stocks mixed, 
Germans steady, Dutch little 
changed, UJ5. rose. Gold Mines 

OSLO — Industrials barely 
5 tea ay. Shippings easy. 

VIENNA — Leading Industrials 
fluctuated narrowly. 

COPENHAGEN — Closed yester- 

SWITZERLAND — Barely steady 
in very quiet trading. Investors' 
interest shifted to Foreign sector, 
particularly Dollar stocks, while 
Domestic shares remained largely 

NEW YORK, April 2L tJj 

Domestic and Foreign loans ab 
eased slightly jq quiet dealings. 

AMSTERDAM— Mixed trend. 

Shipping^ "and Transports 
mostly weaker. ' 

State Loans edged lower. 

BULAN — Mixed ' to lower in 
quiet trading. ' 

Insurances all- higher, Finan- 
cials mixed. 

Bonds active and firmer: 

GERMANY— Prices once again 
came under pressure but losses 
were generally light. 

Banks shed up to DM2.00. Major 
Chemicals and. Steels little 
changed. Motors steady to mar- 
ginally lower. Stores and Utilities 
declined by as much ax DM2.00. 

HONG KONG — Closed yesterday 

—Queen’s birthday. 

JOHANNESBURG— Gold shares 
generally higher in moderate 

Financial Minings also mostly 
higher in slack . trading. Other 
Metals and Minerals firmer. 

Industrials quietly firmer. 

AUSTRALIA — Mostly easier. 

Peko fell 12 cents to $4.90 and 
Central Norseman 10 cents to 
$7.10 following UB. Treasury gold 

AWA rose 10 cents to SIRS— it 
helped develop microwave landing 
system voted for by International 
Civil Aviation. Organisation. 




Apr. Apr. Apr. Apr.. 

CL * 20 19 78 Bl*li Low i£iBW- 


62.65’ 62.75; 62.59 52.1® 62.75 46.57 L'nctajuved 

j | | | (20/4) (6/5) New Highs 

hnti'C ci'Dipilai 'n 

Low High 

Rims and Falls 

Apt 21. Apr. 20 Apr. 19 

Issues traded...... 1388 I 1.9LO ■ 1.921 

KiW’*- 721 1 1.018 i 872 

Fans.- 718 475 625 

Unchatfcred 462 ! 417 i 424 

New Highs 88 144 ; — 

New Low»....„ 17 fill — 


I li. I list rial 8 J2.M' 814.54 886.04 803.27 810.121 795.15 817J4 742.18 

-iil‘ ■ wlU «W2) 

H’lncB-mls*' B9.2 q! 03J3 89.42| 89.35 88.56 89.34; 00.80 83.2Q 

I ! ; i ‘ -411) 02/4) 

Traiisf.jrt — 1 220.59 220.49 217.72 216.101 218.30 215.77' 220.69 l&Ul 
' ; i ! I -21/4) (S/li 

Llili ties j 100.77' 108.75 165.55 104^7] 106.72i 1D0JI9; 110.98 102.B4 

• III] (A/ll (22721 

Trading wol.* } | ■ j | 

OOT* 1 j 51.540; 43.239 35,080: 28.950, 85,500, 52*280; — 

lad ostein 

181.47 (17/4) 
187.95 )17/4) 

162.90 (16/2) 
170.62 loO/L 

1BBU (17 ft) ( S99J (AM) 

2 IB. 7 (1/2) 
214.4 (4/1) 

183.0 120/4) 
134. v IU.AI 

* Basis of index changed from August 24. 

Ain’. 14 1 Apt 

I ixl. iliv. viehl % • 1 — — 

5.86 6.C 


Mu. 31 I Yau-axo (nppmx.) 

biure Cumpilat n 

’ Apr.: Apr. • Apr. I Ajmt. Aw. .Apr. , J 

| 21 £0 I ID | 18 I 17 | 14 ; Hiali Low . High Low 

t Industrials! 103.02' 104.10: 103.5&! 102.97' To7,15 102.85! 104.13 I 95.52 154.64 6.52 

I ! i i j , |I7/4| | 08/31 (1LH73I (W)tf/3E> 

^'nmp.Kite I 94.54' 34.54 : 95.001 93.4S 94.45' 92.92' 34.54 I 80.90 125J06 4.48 

I 1 , I I I : (20/4i ! (6/31 (ll/l/lo, U/K/82) 

! Apr. 19 

ago (approx.) 

lii«L iliv. yield % 

InU. P/K Katin 
Lmu l.invt. Bnort yicM 

I Apni Prev- i 
j 21 ious | 

Australiarti' 469-94 471.90 

Belgium <!)' locus 10022 

(Denmark**! (r) 96.06 

France (tllj 68.2 67.1 1 

Cta-muiyltt)! 776.1 778L8 

Holland tii)' 793 793 

Hong JLon^j b) 448.91 

Italy 111); 60-64 60.40 


Japan (Oli 411.83 : 416.09 

Singapore 303.96 j 304.41 
(5) 1 

8.32 i 

479.45 041.19 Spain — 94.77 wr.xO oi-x 

lA»l» (1/3) rl'j/li ! (I7j5) 

1W-28 90.43 Sweden (n 381J91 383.16 385.16 ; £*.74 

(18/4) (12/1) 1 19/4) I (3/1) 

«*b- 13 94.00 Swif.erl'du 287.9 289 JO l 296 A6 &0.4 
(9/1/) ! ifi/2) ( ] j>4i <10/3) 

68.2 47.8 

(21/4) ) (3/2) Indices and base dates (all base values 
eLs.7 j 775.1 100 except NYSE AO Common — 50 

(10/2) | (21/4) Standards and Poore — 10 and Toronto 
82.1 (6.0 awJ-1.000. the last named based on 10T3). 

(10/2) (4/4) t Excluding bonds. 1 400 Indnstrlals. 

461.67 383.44 J 400 lads., 40 Utilities, 40 Finance and 
(4/4) (13/1) 20 Transport. tl> Sydney All Ord. 
63A6 6(3.40 (Ih Belgian SE 31/12/83. (— > Copenhagen 
(6/3) (10/1) SE 1/1/73. (tti Pari* Bourse 1961. 
416.11 364.04 *M) Commerzbank Dec, 1953. • SCI Amster- 
,19,4, dam. Industrial 1971. rtf' Hans Seng 

304 41 26JL00 Bank 31/7/64. <ll]> Milan 2/1/73. iai Tokyo 
,20,4, .1,01 New SE 4/1/66. (6) Straits Times 1066. 

* v td Closed- (d) Madrid SE 30/1 2/77. 

(e) Stockholm Industrial 1/1/53. iji Swiss 
Bank Corp. <t» Unavailable. 


A prize of £5 will be given to each of the. senders of the first 
three correct solutions opened. Solutions must be received b« 
next Thursday, marked Crossword in the top left-hand corner of 
the envelope, and addressed to die Financial Times. 10, Cannon 
Street. London, EC4P 4BY. Winners and solution will be given 
next Saturday. 


Address - — ... 

Shifting Gold looks 
a sound investment 

THE SPOTLIGHT switches latter’s course-winning stable- 
briefly back to the jumping scene mate, .Bolak. 
to-day as Sandown stages the last Foy Yorkshire racegoers there 
major chase of the season, the is possibly no better bet than 
Whitbread Gold Cup. the/Edward Hide mount Middle- 

•‘Thi.- inivlnnlnn dn, Sf _ f 

Whitbread Gold Cup. the/Edward Hide mount Middle- 

This intriguing 3m. 5£. event, ■ / ■ 
which was among the forerunners / SANDOWN 

in sponsored events, has attracted j 1.45— Joleg 

15 runners, as it did a year ago/ 2.15— Hot Grove* 
and a highly competitive racp 2.55 — Shifting Gold** : 

seems assured. / 3^5 — Bondi 

Although the joint market 4.10 — Bolak 

leaders. Fort Devon and Master 4.400— Glen best 

H, are well fancied to make up thirsk 

ira» G «Iue h0 lMkS !ta b<St Mdl ' 2J^-TSSnd» The Gr«t 

Ken Bailey's much-improved 3joI«eBo?Cirl 

nine-yea r-old won three succes- in£lSS3SS«* 

sive races between mid-Novem- -tow-^iuDuani 

55 “AfK"^ Ja fflra.L nd ^ n ‘ ham among the runners, ftr 

the Anthony Mildraay Peter 


DACIMf^ "This Ernie Weymes juvenile 

RnUlllVi showed that further improve- 

nv no mi Mir wir&M ment would be forthcoming 

BY DOMINIC WIGAN when running green u, his last 

successful outing. It will take 

Cazalet Memorial Chase over to- a “PPy two-year-old to lower his 
day’s course and distance. colours. . 

A reproduction of the form — . 

which saw him saunter home « Nt5 . POHE 

from Evander in the Anthony 

Mildmay— a race which he had 

sewn up a mile out — should see April 21 a Apri 31 

Michael Dickinson's mount safely ladnsuiala 

home. Boria 0.66J jtniUTnd'g 6.70 

I take Shifting Gold to win g— ££ 5 . K 

at the chief expense of another u QO iop.. t3.72.-:B u. EnnUwo™ us 

San do wnspecialist, the Michael jfem. u.Ov’B.Bb~ 

Thorne trained Spartan Missile, 4.w ^-77 

whose winning, sequence was ije 7 cSSSESZ: 52 

only broken througb an un- incbcape—. ^ 1.92 wiiim Jacks, lu 

char acted! Stic jumping error -JwdJne 2.02 Rubbers 

last time out. Malay Brew. fd.UW Ihi., Untwip 1.70 

last tame oiii- . aiamytvm. 

For flat racing enthusiasts, 1 

the two most informative races -tfijzo K.-mpa* 3.92m 

on the card may be the West- "«•»*;**"{; ^ ' 

bury Stakes and the Classic Trial l“ wi..tuu 

Stakes. Uothrianu Uu. JL49 IWnunUI tTSSM 

In the WeStbUry, The Umbmmi ..... 3. 7K frill ID par ....._ — 

Minstrel's Derby victim. Hot —5^- r 

Grove, can get back on the LouisiitiM«e. 2^3 LawerPemk. — 

wi nnin g trial with a win from stmltesauain 2.87 Hei-aiing Tijs, 16.40 

Classic Example; while in the i^- 06 — 

trial I like the chance of the 



1 Flag here for late news (4, 41 7 

5 Plea to let Cockney chap 
through can be seen througb- 8 
out the book (6) 

9 Leaving boy to see the events 13 
(6, 2) 

10 Surprised expression by 
artist on board can be annoy- 15 
ing (6) 

11 Poet crowned as a rule maybe 

before tea-break (S) 16 

12 Dust women have to face (6) 

14 Film of lightweight magician 17 
f6, 2. 2) 19 

18 Bob major requires sound 
eading of watch (5, 5) 20 

22 Entice good man to enter 

Sheen (6) 21 

23 Place for bar offers refuge 


24 Corresponding thanks to man 
on tiles (8) 

25 Fan facing a screen (8) 

26 Voieed by child worker f6) 

27 Risk taken by railway going 
to court (8) 


1 Bargain for old woman with 
broken leg (6) 

2 Saved from ' being unable, to 
get about (4, 2) 

3 King for example to stick up 
attacker (6) 

4 Temporary circuit fault not 
recorded by dunderhead (5- 

6 Snake from Canaan? Do take 

another form (8) 

Dismiss workers including 
half at Rugby (5, 3) 

Fail to appreciate that French- 
man is above reward (8) 

Pin down foreign language 
offering 22 at one's finger tips 
(4. 6) 

Members of Admiralty put 
authentic stamp on equity 
shares (3. 5; 

Cracker at breakfast table 

(3, 5) 

Way to encourage fish (8) 
Man set on renovating part 

of plant (6) 

Doctor got up in surly mood 

( 6 ) 

Give away flutter , coming on 
beam (6) 


No. 3,648 

El 0-0 HE BEE 
mnnn RCE^EGnsta 

a m SHE BE 
G m*m BBB50BE 
EBBS 0 55 B 

0" ET E' H ES E S G 

(U17?) U>1..J 

PUZZLE No. 3,643 

Following are the winners of 
last Saturday’s prize puzzle: 

Mr. C. J. Cazalet, 2 Turneville 
Road, London W14 9PS. 

Mr. P. Collins, 38, Horseman 
Close, Marston, Oxford. 

Mr. A. S. Woodhams, . 6 
Avenue St Nicholas, Harpen- 
den, Herts. 

n n ei : n c; n Fi □ 
nagsGanas ehshb 
a g • b a c e 0 is 
snna nsEEsnEflHE 

^ 0' s n 

ansBiB sianaBH 

55 a g B m. g 

s h m s 

aB53BEIE2EQa!3 BHC2E1 
H n Q 55 E 

EEBHS. gssasEnas 
s_a e m m b e 
■ £ 2® saanas 


April 20 Pop cent. 

/island .l 115 

Banco B6 tun 260 

Banco AUandoo (1.0091 22S 

Banco Central — 3U 

Banco Exterior ........ 282 

Banco General . — l ... 274 
Banco Granada ( 157 

Banco Hlspsno 217 

Ran CO Ipd. CaL 0.000) 189 

R. lad. Medtiemnen . 192 

Banco Pnpular 222 

Banco Santander (290), 350 
Ram» Urando (1X00/ 229 

Banco Vr2CAya 2Z2 

Banco ZarsHOtano — 500 

Bankoolon 341 

Banns AndalttdA — 223 
Babcock Wilcox 29 


Dragadns — — 2X 

tnmobanif 83 

E. L Aragon esaS «... W 
Espanola Zinc 10S 

Expl. Rio linto «.._ 301 

Kecsa (1,900) 

Fenosa <1.0001 — ■ WJ0 

Gal. Predados 72 

Grnpo Velagnez f400> 3*5 
Hidrala — - 20 


Olarra ... 

Papeleras Reunldas ... 



Samo Papalera 

Solace .......... 



Tnrras Hosiench 


Union Elec. ... 


id + 

■66 + 

129 - 

179 + 

71 + 

46 + 

329 - 

89.25 + I 

92 + 

ue + 1 

22J0 — 


'Price 1 + or Di*- 3 !Ii 

». mr I “ t'nii ; 

Aye-ita_ 0.38 

BunmiiiiKniii.,. 3.36 

Banco lUa I, IS 

i UiiinmUl- 1.7S 
LjJab Amw. Op.. 2.85 
Petrotmir. PP.„„. 2,75 

l J ln-n- « »!• 3.5Q 

0.98 -0.Bffl9.Ig 
2.36 -O.0&I.17 
1.15 jfJ.lG 

1.76 — OXllO.12 
2.85 -0.2W.2U 

2.76 -O.1i0.lO 

3.60 J.16 

Sousa CruE OP.... 2.62 +0.D1P-2S 

Im | 

Vole HI- IV 

7.10 +0X^-2^ 

U>- IV.v r-i' l 1.5 1 j— QJg J.13 
Vol. CrXSJra. Shares 44-5tn. 
Sourre: Rio de Janeiro SE. 

MOTES: Overseas prices exclude S premium. Belslan divusenfls are mner 

* lfl ^°mrai t fiennrri unless otherwise stated- W PtasXOO denom. unless 

stated. AKrJflO denom. unless otheretee saied. $ Frsjoo denom. unle^ 

omerwlse stated 9 Yen SO denom. unios* otherwisa staled. S Price at time of 

SXr oFloms. h Schminss.,, c Cents, d Dlvljluou after 

andJor scrip issue, c Per share. /Francs- n Gross div. - h jUrMtond 

atier scrip and for ■ riahts Issue, k Aner Mni raxes, m** tax free. 

Ini'lndlns Undue dtv. d Nom 0 Share split- i Pit, and vletd 
paymrat. I indicated dl». u Unofficial, trading, o Minority homers ott/y-S Menwr 
SndtM ‘Ashed, t Bid. 5 Traded. I Seller, i Assumed, u Ex rights. xdEa 
diridend. *c Ea scrip issue- za Ex afi. a interim smee increas'd. 

Johns Manrilla.j, Sl*i SIBfl 

Johnson Johnson 697# 69** 

Johnson GaatjoL 28*8 29*4 

JoyManuftmtur'g 331* 337g 

K. Mart Corp. 271* ZHs 

Kniae r Al”" 1 mil |, ‘ 32k! 

Raiser Industries 1?B 

KalaerSteel 22 U 

K»y lOfis 

Vnmvp rtft ,.... 2698 

Kerr ilcGee_ 477g 

Kkkle Walter...... 311s 

'Kimberly Clcnt .. 447* 

Kraft” 461* 

■Kroger Co 313* 

levi Straus*- 311* 

JibbyOw .Food... ‘271* 

XJtjMt Group..... 339* 

Ully (BU) 435a 

Litton bidust. — 186s 
LoofcheedAircr'ft 22Bs 

Lone Star lads 18T& 

Long Island Ltd. 19 , . 
Louisiana Land- . 227 b 

Lubriaot^.. -397 b 

Luekyji tores. -I37s 
L'fce x’ungrt’wn : 67s 

MacMillan 111* 1 

Many R. H_ 4BU 

Mtr*. Hnnovor -.331* 

izu Mapco 3478 

Maathan OiL.-, 431* 

Ufa Marine Midkad .1508 
*5?? Marshall Field _ 231* 

MCA. - 

McDermott, a....; 
McDonnell Dong. 

McGraw Hill. 



Slerrili Lynch. 

Mesa Petroleum.. 


Minn MiogA Mti 
Mobil Corp.__._ 

M mni lA- 

Morgan J JP 





>'atioo&l C trl . .... 

Xat. DlaUlienk.^ 
Xat. Service Ind. 
National Steels.. 
Xatonmi^. ......... 


Heptane- Imp. 

Sew England EL 
Sew England •Eoi 
Niagara Mohawk 
Aisgara Share, ... . 
S. LL IiHuatrina. 
North Jfst. Qh*.. . 
Nthn Slate* Pwr 
N rinreat Airlines 
Nth west Bancorp 
Norton Simon. _. 
Occide n tal Petrol 
Ojnlvy Hatbar— 



O vbtscm Bhlp»_. 
Owens Ocrmlnr.. 

Ovrans ILKtioia 

Pacific Gas 

Pw q Mg Tiigi ^Krig . 

Pan. Bwr.i Lt..' 
JPHnAni World Air 
Parser Hannifin. 


Pen. Pw. A JX... 

Penny J. C..; 


People* Drag 

Peoples Gas^n^. 


7* tt W Aom 

t BU. I Asked. 8 Trader 
I Kw stuck. •» 




USOi I met nr. .... 

1.96 Chemical 
1.92 IVilim Jacta- 
2.02 Robbers 

-f6^0 kinniH„.. 3.92m 
2.7: m • 

6.70 Tina 

L76 \u>ti«l. Am. f4.28nl 

2.49 IWnunUl t7-2M 

3.TK IvHrapar, — 

|2.1£> K in mat-..— — 
4.48 Kiulul w . H — 
£L23 LmerPerak. — 
2.87 Pctaling Tin. 75.40 
tfi.06 A/pmneCp.. — 

T.-inckatuBar. — ’ 

April 21 



Aluminium ...„ 


oUC • A ' 


(. lbs Qelgy(Fr.lOO 


Da Pt- Uert»_. 


Uo. Reg 


Credit snlitrf 


k lectin watt 


Fltcher (Goonpej.. 


Holt roan PtCert- 


Lfci. (Siuaii) 


Interidod 8.! 


Jelmoli (Fr.lOCq... 

1.490 a 

Seat** (Sr. IQOi 




1 Jems on ».( 2.139 



smmtoc (Fr. 25Q) 


Uo. Pm Carta. 




vuner Uta (F.100) 


:HlBssir IFJW). . 


a' wine Bank (F.100 

35 4 m 

6 wins (IEaJ'JMn n 


I Union Hank 12.965 r« 

j Zarirfi Ins,.,.,.,. 


. 2 


r Gmrdlan ■Afanranot 

| awwf8. 

* LTA v — i. 

i MhCanur- RMw _ 


OK Barasre — 

Premier' Mtntng 

Pretoria Gemma 

Rrotea HohUnga V 

R»d Mines Prape nlM — 

Hambrimdr Qidqd .• 



April 22 1978 


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Saturday April 22 1978 

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By Adrienne Gleeson 

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mm fee rate of inflation in 
Britain now flown to less than 
IDT per cent, after three years 
in' which -it has been well into 
doable figures, you would think, 
to hear the politicians talk, that 
/Ste'daysof wdne and roses were 
with us once again. And in all 
probability they are right : The 
Budget may not have done all 
feat much to help, but real 
-incomes are- set to rise this 
year; and Jbe retail sales figures 
and fee; housing /market both 
indicate already that at least -a 
part of this new-found affluence 
wfil be spent! . ATI of which' is 
quite 'satisfactory, and -not 
simply . for its', implications for 

.unemployment in fee- manufac- 
turing and construction indus- 
tries. It’s satisfactory to terms 
of individual financial strategy 
as. well. For the days of wine 
and ruses are. in ail probability, 
not going to last for very long. 

•It is not simply that the rate of 
inflation looks set to rise again 
in Britain towards the end of 
this year — an end to- wage res- 
traint and a relaxation of monet- 
ary controls will see to that even 
if the impact of Imported Infla- 
tion does not. Nor is it simply 
that an inflation rate of going 
on for 10 ' per cent, however 
great an improvement on what 
has: gone before, is still a great 
deal too high to allow for a 
steady, satisfactory rate of 
economic growth. It is. 'also a 
matter of the . lack of an 
adequate alternative: use for 
fee money. ’ 

There is no investment in 
Britain at the moment which 
will provide a safe and satis- 
factory real return, never mind 
a safe and satisfactory real re- 
turn after tax. The' neatest 
thing to it is, on the one' hand, 
fee index-linked retirement 
issue of National Savings Cer- 
tificates— where the return is 
real and safe but, at 4 per cent 
after fee fifth anniversary •' of 
the purchase, ’ -hardly satis- 
factory; and on the other, high 


This survey discusses the main 
considerations involved in personal 
investment, including portfolios, taxation, 
pensions and retirement provisions 


forms) by the middle income 
groups. And that is despite a 
sharply progressive tax system 
which has tended to squeeze in- 
comes in this range much more 
tightly than those in a lower 
income bracket The reasons, 
of course, are to be found in 
our present systems of tax 


coupon gilts, where fee return 
(in terms of income) is real 
and just about satisfactory, but 
— given fee ' erosion of capital 
values over the past two weeks, 
never mind fee past 20 years — 
hardly safe. 

Of course it is possible to in- 
vest for a real return, and to 
achieve it too: the performance 
of gilts over fee past two years, 
the performance of some 
equities, "and of some equity 
funds— notably . the extremely 
successful- recovery funds — 
demonstrates as much.. But to 
achieve a real return it is neces- 
sary to go for capital gains; and 
investing for capital gains is a 
risky business. Small wonder 
that most people would rather 
put their money into real assets 

The emphasis may change a 
little, of course, in ; the wake 
of this latest budget. For fee 

Bonds of marriage 

T3KYC r 

'■* r-- 

' s:: -u 

" .. «r .p 


-- £ A 

"U* -5 


5 ;s 


THE SECOND question which 
anyone ’ planning! - matrimony 
has to -ask (fee' first is 
obvious fenough), is how; ! to 
find somewhere to live, ! and 
how to 'set. about buying 1 -it. 
Because the rental market, at 
least for British residents,; has 
been so distorted by legislation 
it is hardly a viable alterna- 
tive to the path of owner-occu- 
pation. .Buying property ’ -is. 
however, likely. to prove a ! tricky 
operation at&e^n ament, jfes 
■ * First-time buyers do havefab 
advantage— assuming feat they 
can get the. deposit together. 
Building -society affer : building 
society has this year, been pro- 
claiming,,- its .’.social virtues in 
leading to fee people who come 
jn for fee. first time rounds as a. 
rough average perhaps 40_per. 
cent, of all new lending; might. 
be going in their direction. That 
does not alter fee fact, however, 
-feat they are likely-to find feat 
they may not get quite asmuch 
as they want; and that they are 
almost certain to find feat they 
have to wait for it . .... 

If fee great, rise in house 
prices forecast for this year, is 
now over — and. it rather looks 
as though it might be, except 
for isolated pockets where 
peculiar conditions of supply 
and .demand prevail — that will 

not necessarily be- much of a 
hardship. Certainly it ;dbes 
nothing to detract, in the long 
run, from fee virtues! ol invest- 
ment in a house or fiat! There 
cannot be many opportunities to 
compare 'wife that under which 
the 'owner occupier can ^borrow 
at considerably less than the 
rate of inflation 'to put money 
into - an asset which provides 
accommodation • now and a tax 
free capital. gain later en. . 
; 3he.V. mortgage ' - which. ‘fee 
would-be owner occupiqr should 
chpose depends almost exclu- 
sively on fee. amount he can 
afford to spend 0 / his repay- 
ments. ' After tafc relief, a 
straight -repayment mortgage is 
cheaper In the/ earlier years; 
biit jgtiiSiMXei&sX element runs 
off and fee tax-relief diminishes, 
monthly repayments rise. Obvi- 
ously for most owner-occupiers 
it is the eariy years which prove 
the most taxing in terms of fee 
strain on their cash flaw. But 
those who anticipate that their 
other • commitments will build 
up might well -be advised to 
choose either the option or fee 
low-cost endowment method. 

“Other commitments,” for a 
cfoftple on fee point of setting 
up house together, most obvi- 
ously means children. For any- 
one planning on private educa- 


KoSLBIind Dating 


You never know what's writing for you 
fust around life’s comer .tut you:can always 
play il Erie where your money is concerned. 

In Northern Rock it earns good interest 
with security — and is riways there when you 
need it. . 

We have schemes for small savers as 
■well as for big investors. Northem Rock is. 
everybody’s Building Society. 

Save safe with 

Authorized for Investment by Trustees 
A member of fee Building Sotriedes Association 
Assets exceed £44G-miBion. 

A Coautiywidc Building Society 

Chief Offirr: Nitf Ihutri Fnek House. PO "ftn Vfl. " 

Nenrg«l!c npnn T\nu Nt » 3 tT^.TrJflplB.ii>- ijm_- BV i‘U 
ittun) OffvJ-': 1 ? Coaiiml SfvW.l«idiih-U’iK tUTK. T'i D1 a*3. 
I Qffit*! 27 ijHtfc sum. Biiawfsih EHi IDS'. Ttat cm jz& aw. 
branchis .-^d .\GfMTSTHROW.noi;i - n u: ux. 

tion there are very strong 
arguments for making financial 
arrangements at the earliest 
possible moment. It is not so 
much that if they put their 
money into one.; of the charit- 
able trusts whictn exists to pro- 
vide for the later payment of 
school fees they will end up 
much the better off in financial 
terms; but they will have spread 
the load. And with the fees at 
most, boarding schools .now 
approaching £2,000 a year— and 
payable out? of net income— it 
is a load which definitely needs 
to be. spread oyer as many years 
as possible. 

Most families living off 
earned income Would not in fact 
be able to contemplate such 
expenditure — not unless -there 
was help from grandparents, 
say, under the CTT exemptions, 
or both partners could command 
extremely bigh salaries. In that 
case it would pay them to sort 
out .their tax position. ’ 


•FOr fee purposes of taxation 
a husband and wife living 
together are regarded as one 
unit and fee husband is that 
unit- Thus their incomes are 
added together and fee husband 
pays tax on it. However, there 
are two exceptions to this. 
Couples . can choose to be 
separately assessed, in which 
case fee ultimate amount of 
tax paid is fee same but fee 
reliefs will be apportioned 
between them and each will be 
responsible for'their respective 
shun of the tax due. The second, 
and more important exception is 
that of non-aggregation, which 
prorides potential tax saving 
for- high earning couples. A 
husband and wife can elect to 
be taxed as single people, so 
losing the difference between 
fee raanied and single allowan- 
ces, but gaining two sets of 
lower tax bands. However, it 
is important to remember that 
this right is limited to the 
earned income of fee wife and 
any unearned income wDl still 
be 'treated as part of the income 
of -fee husband. Therefore it 
is ho use transferring all one’s 
income bearing assets to one’s 
wife, and then electing for 
separate assessment. 

• For purposes of CTT, fee 
united character of fee matri- 
mpnia-1 unit works in favour of 
fee taxpayer. Thus no CTT is 
charged between a husband 
arid wife living together as long 
as both are domiciled in the 
UJK. This only applies, how- 
ever, during fee subsistence, of 
the marriage. Thus gifts after 
a' divorce will, only be exempt 
if they fall within an exemption 
in that they are for the main- 
tenance of the family; and 
where a couple are buying a 
house jointly before marriage 
wife funds provided by only 
one partner, it is better for 
this to be done by way of loan 
(r?tfter than a gift), which can 
then be forgiven after mar- 
riage with no tax consequences. 
Otherwise it will be treated as 
a non-exempt capital transfer 
and will be caught 

Marriage provides opport- 
unities for others to make non- 
taxable gifts, £5.000 for parents, 
£2.500. for grandparents and 
£1.000 for anyone else. Use of 
these will certainly give any 
couple a good start. 


moves to relieve the small in- 
vestor of most of the liability to 
tax on his capital gains (fee 
threshold for fee tax has been 
raised from disposals of £1,000 
to gains of £ 1 , 00 P. and fee 
following £4,0 00 of gains attracts 
tax at oniy 15 per cent) has 
effectively increased fee return 
to which he can look from in- 
vestment on his own initiative. 
But it will take more than this 
to send fee individual investor 
into a market in which he needs 
a return of around 7$ per cent 
to cover his dealing costs alone. 
It will take a bull market of 
the kind for which Wall Street 
now appears to be ready and 

It is plain enough from fee 
level of money recently 
attracted into American funds 
that the U.K. investor is far 
from immune to such excite- 
ment; and it is also plain from 
the level of money going in 
that be is very far from broke. 
It is a curious fact feat, while 
fee effects of redistributive 
taxation have certainly been 
felt at the top end of fee scale 
of private affluence (though the 
historically depressed level of 
security prices may have 
exagerrated its apparent effect), 
fee net result looks likely to be 
a considerable increase in the 
level of capital held (in various 

At a time when it is all but 
impossible to find an investment 
which offers a real and seen re 
return, and when our taxation 
system ensures feat if such a 
return is available it shall attract 
tax at a rate which makes it 
barely worth the effort of 
obtaining, it was presumably 
inevitable- feat tax avoidance 
should assume an importance 
out of all proportion to fee 
actual level of income saved. 
And not simply tax avoidance 
of the artificial variety against 
which the Chancellor has made 
it plain feat he now intends to- 
proceed: but tax avoidance of 
the day-today variety conferred 
by reliefs for insurance pre- 
miums and mortgage interest 
Cutting down on fee taxman's 
take has become fee lynchpin 
of al( financial planning. 

Whether it stays that way de- 
pends, in part, on what happens 
to the economy. Tax planning is, 
after all, all too often a sterile 
exercise in mental ingenuity, 
and it cannot compare for satis- 
faction of the financial or any 
other variety with fee results 
of a really good investment It 
depends, too, on what moves 
Chancellors make to trim the 
present complexities of our tax 
system. Mi. Healey’s latest bud- 
get for all that it left some 
of the worst of the anachronisms 
—tike Stamp Duty — intact did 

at least indicate some willing- 
ness to stand back and take a 
look att he wood, rather than 
concentrating on the trees. 

But it depends, too, on 
whether any Chancellor has fee 
courage — and fee time-r-tp 
undertake fee radical revision 
of our tax system which, is now 
overdue. The Meade report, 
wife its suggestions for fee re- 
placement of taxes on income 
wife taxes on expenditure, gave 
one indication of fee direction 
which such a reform might take: 
but the signs are that it will 
be a long, long time before its 
recommendations make their 

Wife fee Chancellor now pro- 
posing to introduce a second 
bout of restrospective legisla- 
tion it would be foolish for any- 
one to claim that at least we 
know, for fee moment, fee 
grounds upon which financial 
planning must be based. For 
the general run of individuals 
arranging their financial affairs, 
however, the scope for tax 
avoidance looks sufficiently dear 
cut: after all, in terms of mort- 
gage relief and relief on life 
assurance pr emiums , at least, 
there are just too many vested 
interests involved for any Chan- 
cellor to meddle wife impunity. 

So fee guidelines for financial 
planning remain the same: maxi- 
mise tax reliefs; borrow in 
moderation; buy rather than 
re nt: buy now rather than later, 
and keep fee insurance values 
up to date. Insofar as things 
change, this year, they are 
likely to change in the markets. 
There may be no such thing as 
a safe and satisfactory real re- 
turn to be had: but it looks as 
though there may well be plenty 
of opportunities to balance risk 
and reward. 


Specialises in providing a 
wide range of flexible and 
personal services for 
private investors. 

Our international experience can 
prove particularly attractive to those - 
not resident in the UJK. 

We make no investment management 
charge above normal Stock Exchange 
dealing expenses. 

Why not telephone or write for 
further information to: 

Colin Richardson dr Gerry Gorb 

Vickers, da Costa & Co. Ltd., 
Regis House, 

King William Street, 
London EC4 9AR 
Telephone 01-623 2494 
Telex 886004 

Vickers, da Costa & Co. Ltd. 

-a Corporate Member of The Stock Exchange 


If y oif r e anything like most people^you 
suspect yoifre paying too much tax. 

But you can’t prove it. - 
Inthe last three years alone,two Budgets 
and four Mini-Budgets have produced 
undreds and hundreds of changes in tax 
legislation. Ahd 3 if it’s any consolation, the 
nation’s tax collectors have been left almost as 
overwhelmed asyou. 

Some of these changes may well have 
pushed your tax bill np 3 some may have cut 
it down. 

ft’s no wonder that filling in tax returns 
is seen as a brain-racking ordeal. 

. Except by us and our tax experts. 

We regard each return as an opportunity 
to save our clients’ hard-earned money.We 
relish the prospect of using some snippet of 
knowledge to claim an extra allowance here^or 
some e^tra tax relief there. 

We have people who specialise in income 
tax, capital gains tax and capital transfer 
tax.Each has immersed himself in the stat- 
. utes and case law of.his chosen field. 

IL. Each is looking forward to chalking up 

|iiKp** another spectacular success to his credit. 
Of course, not everyone needs our 
service.Butifyoumceivefiringe benefits 
ItjliB from your employer, claim business expenses 
of any kind, pick up income from more than 
one source or are earning £8,000 or more, it 
would certainly be worthwhile talking to us. 
You can do so id absolute confidence. 
And itis so simple. Just ask at your local branch 
of Barclays Bank for an introduction to your 
nearest ’Eiist Company Area Office. 





Barclays Bank Trust Company Limited 





For a start, you might well do it better than the M experts.” 
After all, yon care more about your own affairs than anyone 
else does. 

Gone are the days when a “sound portfolio” of shares 
could just he bought and forgotten. 1974 proved that! 
Today's investor has to be alert. Baying tomorrow’s 
favourites at today’s prices. And. of course, remembering 
when to sell them. B efore t he next “ 1974.” That’s why 
the FLEET STREET LETTER. Britains oldest newsletter, 
emphasises the importance of knowing when to selL 

In todav’s fast-moving markets, only sound common sense, 
backed ’up by in-depth research, will win through. That’s 
exactly where the FLEET STREET LETTER can help yon. 
Why not study a FREE copy of FSL and decide for .'pur- 
se IF— it could prove your soundest, investment . of alL 

. - Financial Times Saturday- April ' 22 197$| 






I Address 


Please send me a FREE copy of F.S.L. 


&■ i 

JUST AS investors were getting Unfortunately the rate is then unload shares and other com* life assurance business 1ms only ■ repercussions ; iipon~ U.K mar- fion hedges will naturally s .. 
used to an unaccustomed likely to accelerate once again, pany securities to the time of recently been picking up after a kets—is entering ardefiatioiiajy less Important Returns on ' ■ 
stability in financial markets, if only modestly. The Treasury £l.7bn. in just the first nine lull during 1977. - period- Certainly, by. ihdex-Cnked National Sat'..’ 

last week’s Budget led to a re- ^ expecting $ per cent infla- months of the year. But while investors have been taidno '^ eramen ^ pump up schemes will, for instance . ; 
newed bout of gyrations. Gilt- fr° n over the next 12 months, the older members of the in- - t national eeancnues-are rhaving fairly low over the next 

edged, equities and sterling and some more sceptical econo- vestment community were dis- . _ 1 T an 7 s ~ ™ relatively tittie effect '; 

have all come in for renewed msts in the Cily are predicting their portfolio?, ‘ 

share Dress ure_ while events on o^ore like 10 her cent. The re- vnnnoor Donomfinn WAS <3lh- P- reCttit Surge Ml- 

Gold- has recently been wea : 
Xnflation is.tending-to markets, an - 

houM prices, for «J1 Oa. ezpres- 5?* : » £ ' more mm 

ta • uStaJtaB^ ar-2 Grew and fine art W,tl tend to ," 

house owners. It will have en- 

* world industries.-^fee steel; oil, some .of their appeal. 

substa ' 

^ i fcvestinentin XjX equities ■> 

- 55 QB " rt purch: - ; 


But the strength of 

these institutions probahly ha ;ft EngfisteBan’s cbn^ ^ -apd -ship&iiading -are . Nevertheless 

approached £7bn. last year. ■•-** >* — - ■ * 

Recent patterns have reflected 
a combination of risk aversion 

lies ahead, -while>at worst the will- be directed towards • 
year 1984 has' .been ringed parties outside the main a-' 
house mmd by devotees' of the Kon- of industrial overcapacity, 

Investment Trust 
Year Book 1978 

Find out about Investment Trusts 

sharp pressure, while events on like 10 per cent rne re- younger generation, was sub- 

Wall Street have shown that decline ■ in sterling has scribing heavily for institutional 

volatility is not confined to causfid expectations to be raised assurance and pension 
Britain. So investors have been so® e what . schemes. The net inflows to 

given a sharp reminder that the Bnt > is a much better 
financial environment remains Prospect than the double digit 
one of high risks. inflation rates of anything up to 

Still, there is no disguising ^ P® 1 " cent, which have been 
the fact that the decline in the es P e rienced during the past few . . 

rate of inflation over the past *«**. and long-dated gilt-edged * 

year has produced benefits fbr cl ° s *_ * £ 'nbeSSorto^riaritt P rices a*™* ooi * t0 compen-dratieff wav* theory as markings towards shares where divii 

most forms of investment The ^a^now offer a reasonable l0 wrLk?references » te for a Period of * several the likely onset 5f the next full- income could benefit snbst: 

latest yem-on-year figure for tiie been the b^diScrodetiS.aMe ye ars during which' most house scaleworlddepressioiL It could ally from the projected in- 
growth of the retail price index make it plain been i the \ turning : MM, . lUe { b been j , 6 eBlWr J of 'dividend restraint 

is 9.1 per cent, and a further T he ? e ^vings have been flow- to offer safety and liquidity c as seriousI beMnd geaerriTSS " ' nriwtei. * 

fall to around 7 per cent can »8 « decent past. A spec- we 1 as reasonably hogh nominal tion> 4 atever the^pS nailOAP - ' of SSufA '- ' 

be confidently predicted for the £5.7bn. was invested in yields) to investors frightened featares of ^ u!k. «co 2!S . aHgcr ' ' - n5Sul2 ^SfemeS-v 

building soaeties in 19a, while out of shares by the market col- ^ investor can only come t© : But while the prospects for r u_ J frfdividual investors. ■ 
“ore than flbn went lapses of 19/4 and 1976. one conclusion when he surveys 4iie real economy are rather duU general tax considerations 

rnto Various forms of National Meanwhile the occupational t he world scene— that the world ,-^the Treasury is now finding it !SSth C nrivate investor ' 
Savings; the personal sector pension funds have been col- economy has entered, a' much -hard to predict a' growth rate Pn thnsiastic about gilts than ' : 
bought a little under flbn.- lecting tax-deductible contribu- more sluggish phase than has: bf -much more than 3 per cent institutional fund manager • 
worth of gilt-edged securities, tions on. an ever-increasing scale been seen since the 1930s. - 'i .over the next year — -there is still game B0BQ etiiing like a 

In contrast, the rise in depo- and the life assurance offices So in planning, portfolio * danger of monetary excesses. of ^ average portfolio sh- ' 
sits with commercial banks was have been heavily marketing strategy the investor has to bear is not large, for the Treasury ^ invested in gilt-edged, p 
modest (only £560m.) and self-employed pension plans, in mind the possibility thatthe .has learnt ' important lessons ab ]v concentrating" on “ 
private investors continued to although normal savings-type world economy—' with inevitable "flrom the disasters of recent ^ 000 ^ 0 ^ when the inve-' T t 

' . . -years. But the alarmed reaction ^ ^ a ^gh «ax bracket <- 

‘ by the City to the Budget and . - - 

early summer. 

There are over 200 investment trust 
companies in the UK which are members of 
.The Association of Investment Trust 
Companies and which between them 
manage assets in excess of £6,000 million. 
What were the major developments in 1977? 
How did these trusts perform? And where 
are their funds invested? These questions, 
and many others, are of considerable 
significance to institutional and private 
investors alike. 

The answers are contained in the first 
edition of the Investment Trust Year Book, 
which is the official year book of The 
Association of Investment Trust Companies. 
This publication contains an analysis of 
member companies and a separate section 

giving details of management groups. An 
important feature is a statistical section on 
management performance and share record. 

For those not fully conversant with 
the structure and advantages of investment 
trusts there are introductory articles 
explaining what investment trust companies 
are, how they work, how they differ from 
unit trusts arid the range of conventional 
and specialised investment trust companies 
available to investors. 

The Investment Trust Year Book is 
therefore indispensable to private investors, 
professional advisers and investment 

This book will be published in May oy 
Fundex Limited, publishers of Money 
Management, and will cost £7.85 (inc. 
p& p). If you order before 28 April you 
may take advantage of the special 
pre-publication price of £6.95. 

To: The Association of Investment Trust 
Companies. Park House, (Sixth Floor). 

16 Finsbury Circus, London EC2M 7lj. 

Please send me copy/ copies of 

the Investment Trust Year Book 1978. 
1 enclose my cheque for 5L, 



I FT 22/4 | 

L- - ~ 


And some other overseas markets. 

That’s because we believe that at present they 
offer excellent value to the investor who’s prepared 
to look ahead. 

Currently share prices in the USA-are at tbeir 
lowest point for well over two years. However, we 
believe that it is only a matter of time before prices 
recover, aud when they do start to rise, they are 
likely to rise quickly. 

Recent British take-overs of American 
companies show that we are not alone in thinking 

A simple way to invest in these markets is by. 
purchasing Midland Drayton International Units, 



Worldwide Portfolio 

This trust aims for capital growth from a 
diversified worldwide portfolio: Currently, 58% of 
the fund is invested in North America, 15% in the 
Far East. 5% in U.K. internationals, and 5% 
in Europe. 

Since its inception in December 1969, the offer 
price of Distribution Units has increased by 90.8% 
(as at 13th April, 1978) compared with a rise of only 
42.0% in the F.T. Actuaries All-Share Index over die 
same period. 

The investment managers, Drayton Montagu 
Portfolio Management, believe that prospects for 
further growth are good, but unitholders should 
regard their investment as a long-term one. 

At the offer price of 47.7p on 13th April 1978, 
the estimated gross yield was £2.29% p.a. 

The price of units and the income from them 
can go down as well as up. 

To buy units simply fill in the coupon and 
return it to us, or hand it in at any branch of 
Midland Bank, Clydesdale Bank or Northern Bank. 

Dlilrllwtloii Unis 
ir yon choan thaw, yoa m» tvs 
income aei of basic ret* mtwic* 
yearly, on 15th January euid 
ISth July. 

Pricaa )Rd Ylalri in (RlbUahsd 
dail y In l eading nevsnopers. 

An luSal service ' charge of B*; Is 

Accumulation Units 

If you chooBO Income 13 


included in tbeo ItorprlCBaf 

Tax You chan are Issued to all 

Boyiha and Soiling 
A contract note will be Issued on 
rtwelirt of the apnli cation form and 
yen wOl receive a unit certificate 
'within 43 dars of paying for your 
onlca. Units can nc bought at any- 
time at the ruling 1 offer price or 
oasnod at any time at the rul (turbid 
once In whlob case a cheque will bo 
sent to you within a Taw day a of 
recelTimr roar renounced 

An annual servlee charge 
1% CpIwVAT) oftho valneor the 
Trust Fond tided acted from tfao 
Trust's gross Income. 

Commission of 14*; will be paid to 
recognised neon bs. 


The Managers are Midland Buie 
Oitjun Oatt Trust Mana«rs 
Limited. » subsidiary ol Midland 
Bank Limited and a member of Uib 
C elt Trust Association. 

InvtfumM Kaniamint. 

Drayton Montagu Portfolio 
Management Limited. 
ncg i j uar- Clydesdale Basic Limited. 
oTtht Republic of Ireland. 

Application Form 

To: Midland Bank Group Unit Trust 
Managers Limited, Courtwood House, 
Silver Street Head, Sheffield, SI 3RD. 
Tel. 0742-79842 

Jteg. Office 27}32 Poultry, London EC2P2BX. 
Jteg . Ate. 233857, England. 

I/We enclose a I ^ 
cheque payable] -V- 
toyoufbr: i c **' 


£ 200 ) 

for investment in Distribution Units □ 
Accumulation Units Q (lick which) 
of Midland Drayton International Unit Trust 
at the price ruling on the day you receive this 

(For your guidance, the offer prices on 
Thursday , 13th April, 1978 were: 
Distribution Units 47. Tp, Accumulation 
Units 50.4p.) 

Surname (Mr., Mrs., Miss) 

Forenames in full 





■■hilled Tam tones and Uumi/we sm/are 
noqutring the units as tha nomlneetH) of BUT SUMtfa) 

randent outahte theea Tern torus. (lfysuareynatAs 
fnaois tftls declaration Xthould be dieted and 
Uijagnllcaffcm Omagh, a Bank. SiKHbroker or 


ffn the meaf&nl applicants, alt must stan) 
Please send me details of your Share 
Exchange Scheme □ Savings Plan □ 
(tick if this applies) 

i -s? 


midland Drayton 
' International 
Unit Trust 


Guide to Capital 

Transfer Tax 

UNTIL RECENTLY thoughts of used up during the donor’s life- Because of traditional difficul- 
mortaiity could, as far as one’s time), but also, since the rates ties associated with trusts— fed- 
worldly goods were concerned, of tax are progressive, the iitgs of guilt at challenging the 
be left until death loomed on lower tax bands would be used activities of trustees who-, are 
the horizon. Property would only once, rather than twice, friends or members : of -the 
then be given away, hopefully. Thus it makes sense to split an family, beneficiaries wanfing to 

seven years before the event, estate between husband and get hold of the capital TUid so ® Tv? t0 the- portfolio in .cash, an 

ratner roan ine pnee oi gut- pg r cent, or thereabouts is f" 

in other, overs 

ledge that large fortunes were Another reason for splitting trusts will be set up in the I0r8 _ naiUfa *f y tiKe V sno . ¥r ; 11 equities such as gold mines;, 
changing bands untaxed was a such an estate is that each 

-the subsequent hints by Minis- -Around .40 to 5d P«r c* 
•ters of more giveaways to come should be allocated to 1 
in July showed, clearly that equities; and a further 20: . 
nerves are still tightly stretched. . cent, or so should be invei .... 
. ti t . 10Tn ' in UB. equities. .‘With foe . 

. Portfoho strategy in 1^8 wti! vestment doliar premium 

reflect .the continuing, un- ^ in weeks, 

certainties, but he b^sed ^ route tor invest* .. 
towards taking has been made excessively rf 

opportunities m the . bond investors unablr 

market. Even some short-dated contemplate lwnjinanced )- 
gilts yield 10i per cent. portfolios, so it makes be 

•' The difficulty is of course that' sense in. current, conditions - 
-the Government- has a great jnvggt. thr/mgh the many in* - 
quantity of gilt-edged. to seiL m ent trusts, and unit trj’ 
over the next year — around which specialise in the Nc 
£5bn.— and this will restrain . A m eri can scene, 
prices. Long-term institutions leaves about 10 per o 

3CVCU yci us UG1U1C LUC cvcul, auu gee OU1Q OI me Capital ana -50 than th#» T , r Snr, nf oilt u>»- 

and death duties could thus be wife, where this would not cause - on, eonpled with the new legis- w SSL J* 1, ceat - or Q* 

avoided completely. The know- hardship to the survivor. i ation , ^ ^ i lj: ely that- KiWlTt for dabbUog i, 

ladns tVt.v (.mo uiaM Anfiftipr TAocrm fnr cnlitHno :vv » , - . tOlS naiuraiiy .UKe TO SHOW- a nvinj H ac citr>h 9 

was a suen an estate is that each future — unless, that is,' they 
source of major irritation to the spouse can then use the annual come wi thin specific 
Inland Revenue, but death duty capital exemptions. Each can as do accumulation and mamteh- 
commonly came to be regarded give away £2.000 each year. with- ^ce trusts for beneficiaries 
as a voluntary tax. To close this out incurring tax and also any under 25. 
loophole, and also to prevent number of small gifts of £100, Because the rates nf t$x 

transfers of funds before the so long as they are to different applicable rise cumulatively 

introduction of a possible recipients. Also specific exemp- w j£h the amount of capital dis- 
wealth tax. Capital Transfer tions such as those on a wedding tributed, it is important to 
Tax (CTT) was introduced in —£5,000 from parents, £2,500 review one’s will regularly and 
1975. from grandparents and £1,000 t0 calculate the tax.that-would 

This tax catches all transfers from others— can be used twice ^ payable. This is particularly 
of capital during lifetime and over. important with regard to rifts 

at death, beyond. -an initial free Other exemptions are 0 f residue, which, even if,ftey 

estate of £25,000. There are designed to encourage phUan- a pp ear to be substantial* 

specific exemptions, but as thropy. Gifts to charities or be wiped 0 ut if th^full bordeni 
several of theseAave to he used political parties are totally 0 f t j te tax falls or/ them Atten- 
up in a single tax year and are exempt when made during the should be pad to whether 
not cumulative, it is important donor’s lifetime and exempt up gjftg should bear flieir own tax 
to plan a strategy to give away to £100.000 when made on or or noL 

capital as early as possible in within a year of his death. Gifts FinaDy. whatfif the family dis- 
life./But it is also necessary to for national purposes or for the agree with the bequests made, 
renumber that it is not worth public benefit, such as gifts to either becausTthey will lead to 
saving tax to spite the Revenue museums or to the National a higher tax lability or for other 
y-not at the expense of a pau- Trust, are completely tax-free, reaS0 ns? Wfiere this is the case 
/perised lifetime. , whether they are made during an d the assets are redistributed 

Of court CTT does not apply life or by will. by a deeti of family arrange- 

to transfer of income, but the It is important to remember men t witlfin two years of the 

profit over the purchase price. rar East counters. 

In these less inflationary cir- p ^ 

cumstances the virtues of infla- KaiTy Kll 

Revenue will only allows cer- that an individual's history of death, theredistribution will not 

tain amount of income to be giving runs from birth to death, be treated as a capital transfer 
given away. The donor must be and that CTT rates ^increase b y ^h e participants, and no 

further liability to tax will 

able to maintain his standard of cumulatively. It can therefore 
living on the remainder. So it be important to decide in which 
is not possible to reduce capital order to gjve glfts, when making 
by living on it, and at the same several, as this might affect the 
time to give away all one's in- incidence of the tax. Care 
come — although where a hus- should also be taken on deciding 
band and wife both have what to give. A gift of some- 
incomes, and he takes care of thing likely to increase in value 
all the household expenses, her will give rise both to lower CTT 
income might be applied for and lower capital gains tax if 
such a purpose. given now rather than later, 

As tax is paid on the loss to The chargeable estate for 
the donor’s estate rather than CTT purposes includes not only 
on the benefit to the donee, the property owned absolutely but 
tax payable — if paid, by the also that in which a beneficiary 
donor rather than the donee — has ah interest under a trust 
can often be much larger than fund. • 
mig ht be appreciated- Thus if So if someone has capital of 
the rate applicable to gifts from £ioo,000, and is the life tenant 
the donor’s estate is 50 per cent 0 f a trust worth fjin., the tax 
and he makes a gift of £5,000, payable on . his estate on death 
the tax on that gift, if paid by wju be at the rate applicable 
him, will be £5,000 and not m an estate of, £600,000. In 
£2,500 as might be thought This fact cessation of any interest in 
is because the gift w i J1 a trust is rated as a transfer of 
grossed up to include the tax capital. That means that suc- 
on it. and be treated as a gift cessive interests should be 
of £10,000 tax paid. If however avoided. To leave money on 
the donee paid the tax, it would trust for one’s children, and 
amount to £2,500, as the loss to then grandchildren, will give 
the donor would be the same ri se to an initial charge,, and 

Helen Whitford 

Books on Tax Law 
and Practice 


For dear and complete guidance to the application 
. ^of the complex legislation controlling all ftpes of 
. ' taxation, Butteritforths Qffer. a wide range of books 
and periodical publications. 


Ranging from the newly published Budget Tax 
Tables 1978 to the nine looseleaf volumes of Simon's. 
Taxes and its companion Weekly Tax Service, the - ■ 
Bizttefwortii list also includes Foster's Capital Taxes 
-Encyclopaedia and Spitz's tax Havens ■ 
Encyclopaedia, which are both looseleaf for 
frequent updating. Individual textbooks deal with 
such subjects as Practical Tar Planning, Taxation 

* of Overseas Incomes and Gains. Capital Transfer 
Tax, Tax Planning for Businesses in Europe and 

• many more. The whole range is available in 
- our bookshop. 


■ :rt 
M A 



Further details on- application to: 

Bntterworths. Borough Green, Sevenoaks, Kent 
Bookshop: Bell Yard, Temple Bar, London, WC2 




as for a gift of £2,500 tax paid. 


The rates on lifetime 
transfers after death differ, and 
where gifts are given away 
within three years of death the 
difference between the rate pay- 
able will be clawed back. 
Although this will be levied on 
the donee and not on the estate, 
it might be desirable for the 
donor to provide for funding 
the difference if he wishes the 
gift to be tax-free. At any rate, 
the beneficiary of the gift 
should enquire as t0 his 
benefactor’s tax rate; and where 
his liability might be substantial 
it would certainly be worth his 
while to insure against the pos 

then another charge on the 
cessation of the children’s in- 
terest, in the same way as if 
the' actual capital had been 
transferred twice. Such a situa- 
tion should be avoided, unless 
the intermediate beneficiary 
really needs the money. 

Where there is no interest 
in possessions, as with a dis- 
cretionary trust the fund will 
be treated even more harshly. 
Discretionary trusts used to he 
a very popular and flexible way 
of saving tax and providing for 
future needs as tiiey arose. 
However, it is very unlikely it 
would be worth setting up such 
a trust under the new legisla 
tion, as not only is tax charged 
on every distribution from the 

sible liability— assuming that is, fund, and on interests in pos- 

that the state of his benefactor 
was not too precarious to make 
the premiums prohibitive. 

Transfers between spouses 
domiciled in the U.KL are com- 
pletely tax-free, and wills using 
the surviving spouse exem ption 
common clause before CTT 
was introduced — should there- 
fore be reviewed. How- 
ever. if the whole estate 
is left to the spouse it 
is possible that there would 
be a higher liability to tax than 
would otherwise by the case, 
on the second death. This is be- 
cause not only would there be 
only one, rather than two free 

session when they come into 
being, but a periodic charge 
will also arise where no distri- 
bution is made. Under this, 50 
per cent of the rate which 
would be applicable to an actual 
distribution is levied on every 
10th anniversary of establish- 
ment of the fund falling after 

Because of the harsh treat- 
ment given to such trusts, 
transitional relief is given. If 
the fund is distributed, or an 
interest in possession arises be- 
fore 1980, a lower rate of CTT is 
charged than would otherwise 
apply. In most cases advantage 

estates of £25,000 (assuming should be taken of this before 
this threshhold has not been the axe falls. 



J.A. Geddes, Managing Director; 

■ •’> • Hill Samuel Life Assurance Limited* 

The end of the 1977/78 tax year has passed -But there's still time to check that you 
are taking full advantage of afi tax concessions available io'youi. . 

For example, you may be'etigible for tax relief at the highest rate payable on your 
earned income on contributions you make to a plan which provides you at retirement 
with a tax free lumpsum and tin income for li fe. (Contri butions pdid now could be offset 
against tax for the year 1977 / 78 --itcould be to your advantage to check.) __ 

Moreover contributions are invested in our funds which are accumulating entirely 
free of all taxes to build up yqucrei^^^ t hewfit& ■ J -- * 

Yon ARE eligible afif-ybii arc self-employed or apartnerin aprofessioa. 
or business; or b) ff you are not already ajnemberof an occojjational 
pension scheme. 

You MAY be eligible ffyou have more than one source of earned 
income and not all arepenaonaWe. - 
A Hill Samuel Personal Retirement Plan brings jot the full tax benefits, of course. 




skill and experience in investment and annuities. Over the 12 months to 1 January 1978 
the Hill Samuel Pensions Managed Fund was, according to a survey published in‘Savings 

■ ■ 

OVER 60%. 

For the lull facts on this OB&tanding investment, send in ihe coupon.; 

^ I .. .. - ■" t xir i ip! A J nvrmvn 

Telephone: 01-686 4355. Please let me have details of your Personal Retirement Ham 

Name (Mr/Mrs/Miss). 


* '-3 1 

Date of Birth: 


' -=31 


Top Tax Rate^ 

"IL P 

.Hycw are a HiU Samuel life poUcyhoid^^ease tidc O 

Name of insurance broker; if any: 

^ Sot applicable in the Republic of Ireland. ' V'; 



r; >: ' r p 

-. ■? :T 

Vr. Vj 

■' c. 



; - F&aneial Kmes Saturday April 22 1978 



I* " 


-•^1 X .% 


ftad 0ne 811(1 there is no “P 1 ’^ Sains then he is not JLkely to have to the mortgage lending rate re- 
■' ^ ta x. . “eet the emergencies that a commended by tile Building 

«Si o£ • PmaIly - oa retirement, there self-employed person might Societies Association. When 

r - ..U '^v? s^^'livlnB when retired. Nowadays is a variety of ways in which face. that rate fails, the arcumu 

*r a T»enaon is t**® t** e benefits sub- The need for careful planning tion rate usually falls with 

01 ® ler ky the Gov- ject to generous tax treatment, in setting aside assets for At retirement the cash sw 

:.- ® r ol *** employer ex- The payment of the bene fi t can pension purposes is paramount, accumulated is used to buy the 

• .“■*" 'sin ^ “*® money painlessly be made at any time between But with this fear of not being benefits — a minimum pension 

- '* ;r ' packets. The new yoiu' 60th and 75th birthday, able to get at the money, rate Is usually guaranteed from 

:;--v-s; ; Pfle U vSt 5 *? ^“ erae - s ? lrtetI boti K dates . Inclusive, and you many self-employed still put the outset. However, with this 

■ : t .. i ■' earlier this month, will ultima- need not have actually ceased their money in a building scheme you cannot do much 

1 . K. ensure adequate earnings- work in order to claim the pay- society, simply because it is more than guess the final 

• ■ ■. V-./^rTp^v.^ielated pensions for all em- ment The pension is taxed as readily available. amount of pension. 

" ' . -V ' 11 ittA* persons — but not for the earned income and can be paid But havine decided to invest i »w* „„ 4 , 

■ .s-.V 5 * ft‘Vr%eff-employed. They will only oa your life only, or a lower m a pSn ^heme vol 2 

■ State pension rate on yoursetf and wife or in probtenS^e only^list starting. tiibStions\re used to buy unhs 

■ £™ ** *£*' Zf e nSS™ Tbere is a vartataof contract ifC undoing funZ At 

■■ • >1 t? U i? 5 . 1 ? 1 ?: 5 ® 111 N ? v ' !£? 22S froin a b0St ot Jife C0JD Paaies retirement the cash value of 

■-=: ^ erpber. It is not generous by "P te *bree times the amount from which to make your choice, the units are used to buy 1 

‘ . .. + SnmStS * U * there Js e 00 ^ pension. The underlying fut 

Tbus -^Y^gs for retirement ,nlerest now shown to can be based on equities, pro- 

: pnonty in the financial a completely tax-free lump sum. self-employed pensions a perty fixed-interest or cash — 

: -v r&C planning of the self-employed. If you try to nuild np your best seller, even if the potential or in a managed fund which is 

- T 6 * 8 mcky decision, own fund or use most other f or more business is even a mixture of all four. 

•; '*V- since if you are self-employed, savings media, you will be greater. . if these decisions are not 

- you have to balance resources penalised at every turn by the Basically there are four types enough, you have the choice of 

- *- 5 . between running the business taxman. You will have- to pay 0 f contract on the market, but taking out an annual premium 

• '.i' -... :^ J liv- and providing, for your per- out of taxed income, you will some of these have further contract or a series of single 

: *w sonal needs. That said, too Pay tax at the unearned rate on variants. The first is the non- premium plans. The annual 

tjj, many self-employed still ask your investment income and profit plan where the ultimate premium scheme will impose 

r /■; themselves whether they can when you come to realise your pension is completely upon you the discipline of re- 

afford a pension, instead of you will pay capital gains guaranteed. Your choice comes gular savings, but if the con- 

considering whether they can "tax. Taking out a pension plan down to the simple matter of tract has an element of guaran- 

' afford not to have one. 

■ ^ 


: - 


£ (IX Law 


with a life company puts the comparing rates to see which tee, the return is lower. Single 

self-employed on a par .with an company offers the best- But premium plans have their rates 

employed person in a company because of the guarantee, the based on current investment 

pension scheme as regards tax benefits are likely to be lower conditions and no margins are 

To encourage you in. your treatment. than under other types of required. They also provide 

decision, the Government has Yet despite all these advan- contract. flexibility in making the con- 

giveh generous tax concessions tages it is estimated that less Then there is the with-profit trrbuitions, a necessary feature 
if you save for your pension than one-half of the self- contract, which comes in slightly when earnings are variable, 

through an approved self- employed have any pensions' differing forms. It essentially The need for expert guidance 

■ .f employed pension plan with a contract Besides the obvious provides a guaranteed pension, is obvious, not only at outset 

life company. For a start, your one that the assessable earnings at a lower rate per unit of con- when you decide to take out a 

-£t£. contributions attract tax relief of many of the self-employed tribution than a non-profit plan, plan, but each year when you 

'at your top rate up to 15 per we low. the pension, scheme but at least every three years the come to renew or reinforce your 
cent of assessable earnings. If itself has one big weakness. In pension is increased by bonus savings. The type of plan used 
5 i?-. you were born before 1916 the order to qualify for all these additions paid from the profits will depend on your tempera- 

rate is higher, but in all cases tax concessions, you cannot of the fund. On past perform- ment. the nature of the risks and 

there is an absolute limit of touch the money until you ance the with-profit plan has rewards provided and the 
£3,000 a year. However, you retire, even in the mOBt dire of paid a much higher pension than amount of time you are prepared 
can carry over any shortfall in emergencies. • - r • its guaranteed non-profit to spend reviewing the position, 

one year into future years to This Is a condition imposed counterpart The ultimate pension will 

allow for variation^ in earnings, by the authorities, sp do not Then there is the building depend solely on the investment 
Thus if y oar top tax rate is 50 blame the life companies. It society-linked scheme — the performance. 

. per cent., the net cost to you is does, however, give the . Invest- easiest to understand. The 

only half the value of the con- ment manager more freedom in contributions are made into a 

. ** tributions. his investment strategy knowing fund and the investor’s account 

■-•l-* Next, the funds into which that he does not need to keep a is credited with interest on a 

the life company' invests your iDt of liquid assets against monthly basis from the income 

contributions are tax-exempt, surrenders. The employed per- on the fund, just like a deposit 

that is investment income can son cannot touch his pension account. This rate of interest is 

be rolled up on a gross -basis scheme sayings either, - but guaranteed to be not less than 

The expatriates 

‘ - v - a?K.- 

.n ft 

Eric Short 

Portfolio Management 
In Unit Trusts 

Britannia Trust Management has the widest range of authorised 
unit trusts managed by any unit trust group. A portfolio of these unit trusts 
under the constant surveillance of the private client portfolio management 
team of Britannia Fund Managers offers the following advantages to the 
client with £20,000 or more to invest. 

1) A convenient way o£ obtaining a wide spread of investment which 
meet most investors’ requirements be it for growth or income from 
general, specialist or international funds. 

2) Reduced charges when switching unitholdings between trusts. 

3) A reduced liability to Capital Gains Tax when realising ■ 
investments at a protit compared with a maximum of 30% when 
selling shares at a profit. 

4) Currency loans negotiated by the trusts (as appropriate) which 
minimise the effect of having to pay the investment currency premium 
when purchasing overseas shares. 

5) Personal half-yearly portfolio reviews and valuations in addition 
to Managers’ Reports. 

For further details of the Britannia Unit Trust Portfolio Management 
Service please complete the coupon below and send it to us. 

To: Britannia Fund Managers Limited, 

3/4 London Wall Buildings, 

London Wall, London EC2M 5QL. 

Tel: 01-588 2777 

Please send me details of youn 

Unit Trust Portfolio Management Service f~"T 

Unit Trusts f~l 



Tel. No. 

FT 04 

Britannia Fund Managers ipt 

me a 

£nME WAS when the ' British ea<* case , ; the vital issue fis • . .For expatriates tibe subject of 

'. Went abroad to spread the whether or hot he cari . be con- investment us a very tricky one 

"gospel, serve the Empire, and sidere dresident / indeed. On the one hand a 

. see the wilder corners of the There is no legal d&finit ion of sudden and drastic increase in 

• : -‘EWorld- These days -they mostly residence for tax purposes: com- the levei of bis investment in- 

• ~ ;' go abroad for money. It isn’t as mon sense applies/nstead. Some- come very often tempts ham into 

7 ..romantic an objective, of course, one is likely to/be considered the view that he can afford to 
,;hut the real problem for ex- “resident” if fie lives in the take a flyer; on the other, it 
^patriates is that It is not an United Kingdom for the greater is diffleuit to jussify a few years 
• objective considered worthy of part of the year— for anything, working under what axe often 
: encouragement by the British that is, over.- 183 days; and as extremely difficult conditions 
! authorities either. He who likely to be considered 1 onlin- vjtbom; the prospect of a nest 
- --swould earn abroad has, in arily resident ’ If the Urutaa egg safely accumulating for en- 
f fact, to circumnavigate various Kingdom is where he habatualiy j oymeat once h e gBts 
obstacles, principal among hves. Obviously there is room hwne 

' which are three distinct matters {or argument at the margin— in b^ess is not made any 

:>!.*» ability 

■ tod id extt-emely d^t 

-■■■■■■- Sflt They are-^he quSion should be bo problem in esteb- to dbtam «y mtonneUM shoot 
^residenre for pirposes: Usbiog tbst they sre mm-resi- ^ m>™8ed wh.ob are 

the auestion of residence for dents for tax purposes. the natural vehicle for the inex- 

foreign exchange purposes; and The ease with wfdch be win ^° re G ^ e 

the question of domMe. _ e^bU^ideMe^bwad to ^ ™ 

Tn^SSr^S. M tot aiiowed «, promrne titeir 

Linrv will be free of any freedom from United Kingdom ^ vac ^ wathin the U.K And 
liahiHtv to income tax in the foreign exchange controls can be “ addition, the . fact 

U K even if it is paid from acquired with equal facility. To j ® ffs . fwra fun ^ 
within the UK— given, that is, establish residence abroad for subject to only the loosest of 

control regulation, and that they may 

i -H v- 

within the - . , , 

that his duties have to be the foreign exchange u 

performed abroad. In the-second authorities takes, however, con- very weH torn out to have 
niaee he will be able to receive siderably more doing. In essence bidden pecuharmes whach only 
Lor to accurriulate-r-the returns the expatriate needs to be able batter experience wall rfeveal. 
upon his investment gross; and to prove that he intends to stay They may, for example, be 
even if he eventually intends to arboad for four years nr more valued only very infrequently; 
return to the U.K., that win before he can cake assets of any timir front-end loading may be 
mean that bis investments are significance out of the country grotesquely high; or they may, 
growing more rapidly than they without going through the dollar quite simply, have slipshod man- 
would be were dividends or premium (or some other route agement. All of this is very 
• jVr-. | l! interest to be taxed. acceptable to the foreign ex- difficult to determine from some 

• The potential snags are, of (mange control authorities). .outpost on foreign parts: and 
'■ l ‘‘“ course, that be might not be able ■ . - • there is at least a possibility 

.■.-‘•to claim reliefs to which be rfir nU SSlOIl . that the advice available on the 

would be entitled as a UJK. , . . .. rj1v spot may be of dubious quality. 

. „ lC resident Thus, though the The best advice to the aspiring 

' expatriate who isbuymgaliouse * problem— it is p *® investor is to establish a tiason 

w arstttsfs 

-V : - abroad fo^a prolonged period, to acquire funds rather than po mmt too reach of ha mcorne 
and that the house in- question is export them. It is, 


investor is to establish a tiason 

however, to savings in ignorance of the 
to revert to his main residence, necessary to bear in mind that conditions: however high 
it will not- do him any good earnings abroad which are in- salary, the most of laving is 
unless he has income arising in vested in the U.K — by way. for likely to prove pretty startling 
the U K, against which he can example, of a Channel Islands «>o- 

oifset this relief. trust whose dividends, for tax Assuming that our expatriate 

This is one of the arguments purposes, may very well roll up investor has not merely estab- 
for letting the house during the gross — may not then be re- tished himself in a job abroad 
...< duration of his spell abroad. The invested elsewhere in the world which pays a great deal better 
others are obvious enough: at whim: those investments will, than anything available at 
maintenance and security. As just like those originally gener- home, and permits him, in addi- 
it happens, the expatriate is in ated from within the United tion, to roll up the proceeds of 
- a better position then most UJK Kingdom, will be subject to UK his investments gross, is there 
• •„,£ residents (under the legislation exchange controls. anything he can do about pass- 

on security of tenure) to let s© anyone who is resident in ing on the capital he has thus 
- " with reasonably certainty of tire UJK.. for foreign exchange accumulated without incurring 

being able to regain possession control purposes — wherever he liability to capital transfer tax? 
^ of his property on his return — happens to five, and whatever The answer, in all probability, 
although it may, should he have his status for tax purposes— is no. To evade CTT he would 
^ acquired unscrupulous or unfor- needs to think long and bard have to establish domicile 

- tunate tenants, take a consider- about the strength of his beKef abroad: and while establishing 
able amount of time to do so. xn the UX economy before he residence for tax purposes may 
Income arising within the commits any of his savings to take some doing, and establish- 
United Kingdom is almost in-. a sterling denominated invest- jog residence for foreign 
.. - — variably going to give rise to a ment. Putting the whole of his exchange ‘ purposes may take 
trill for United . Kingdom .tax. savings into sterling would al- more, to establish domicile 
The questions that the would-be most certainly be folly—' what- abroad is all but impossible. It 
^-■^ expatriate has to settle, are ever the prospects for the U-K. requires, essentially, a perman- 
whether the income that he economy; Being in a position ent move abroad — a move of the 
earns abroad will give rise to to make a choice on CBrT . el J c Jf*' sort which implies, not merely a 
a similar liability; and— given without the handicap which the < 5 ^^ to ^ j n country 
that most expatriates plan to dollar premium still imposes, ^ ^ 0 ,*^ ^ a decision to die 
accumulate a nest egg against the rational investor should go j n t That’s a very big decision 
their return to the United King- for spread with the object or, t a ^ p fo r gg^e of leaving 
Vfl doro— * the treatment that the at the worst, neiitralminfi .the taxman empty-handed, 
fpld Revenue will mete out to the changes; and at the best of AO 

ri return on his investments. In benefiting from them. 

r’ ^ ^ * 

Ifou want the family to keep 
the business, leave a littie something 

for the Inland Revenue. 

A word of advice if you're thinldng of leaving a 
£100,000 business and a similar amount of personal 
assets to your children. 


Unless you can also leave them something to pay 
Capital Transfer Tax. 

Because, within six months of your estate being 
wound up, the Inland Revenue will be askingfor 
nearly £50,000. 

More, if full business relief isn't available. 

If you double the size of your business and legacy 
you increase the Inland Revenue's share by nearly 
three times. 

To pay that much tax your heirs will probably end 

up having to sell the business. 

National Provident Institution have prepared a 
booklet on Capital Transfer Tax which shows how to 
avoid this kind of shows how you can 
reduce CTT liability by taking action now. 

And it shows how life assurance can be that little 
something you leave for the taxman. 

So if you d like to keep the business in the family 
get a copy of NPI’s booklet ‘Capital Transfer Tax? from 
your broker, or write to Barry Gill man, National 
Provident Institution, 48 Gracechurch Street^ 

London EC3V OBB. 

It may be free advice you get But L 

it could be worth a family fortona 


city or 



Flexible Pension Plans 

Whetheryou’re self-employed 
or eligible for our Directors and 
Executives Pension Scheme, 

City of Wsstminster Assurance 
can give you an outstandingly 
flexible pension plan backed by 
a highly successful investment 

When choosinga pension plan, 
it is vitally important that you should 
know what your options are. All too 
many schemes fail to cater adequately 
for the individual requirements of a 
particular person. 

City ofWestminster Assurance, 

■ however has based both its Self- 

Employed and Director^ Pension 
Plans on the premise that the 
individual comes first Freedom of 
choice is a key factor in both these 
contracts, allowing investors real 
flexibility about the way they invest 
and subsequently draw their benefits. 

Ask your broker for details of 
whichever plan is appropriate for you. 
And bear in wind that City of 
Westminster has an excellent long- 
term investment record backed up 
by a special reputation for original 
thinking in the field of pensions and 
life assurance. 

Sentry House, 56 LeadenhaU Street, LondonEC3A2BJ. T 


Consider the 
Save & Prosper range 

Broadly based funds 
with freedom to Invest 


No specific Income 

r— Capital Unit* 


1 Univeoal GRnvtb Fund 

Funds with jfecific 
incamo objectives 

Increasing income 

High-Yield Unto 

High income 

High Return Ua&lhat 
Income Unto 

Funds concentrating 
on specific Investment 

Geographic areas 

■ UK Equity Rind 

' Scotaharsa (Scotland) 
European Growth Fund 
- Japan Growth Fund 

■ US Growth Fuad 

Funds with high 
minimum I C2.S00] 

investment sectors 



High and increasing 

. Commodity 'Share Fund 
Energy industries Raid 
- Financial Securities Fund 

> Cfr.fKIte 

. Select International Rind/ 

• Select Income Find 

For further information on any Save & Prosper unit 
trust or for a copy of our booklet *A Guide to Unit 
Trust Investment*, please consult your usual 
professional adviser or complete and return the 
coupon below. 

To : Customer Services. Save & Prosper Group, 4 Great St. 
Helens. London EC3P 3EP. Telephone: 01-6o4 8899 
Please send me ’A Guide to Unit Trust Investment' together 

with details of the following funds. 



4 1 7/FT/ 1 

Not available to Eire residents B 


Financia} Ezaes ifetur&ar April .22 197 


RETIREMENT-, comes to all of 
us fortunate enough to survive 
the hardships of a working life. 
It should be a time for relaxing, 
for doing those things we always 
wanted to do but never had the 
time. But we will need an 
adequate income to live on in 
order to fulfil these plans. There 
is therefore the need to arrange 
quite early In our working lives 
to have a decent pension when 
we retire. - 

The new State pension 
scheme, which started earlier 
this month, is designed to pro- 
vide every employed person 
with an adequate pension, at 
least for those who retire after 
the scheme reaches maturity in 
20 years* time. This is achieved 
by relating pensions to earnings 
during the normal working life. 

However, no two persons have 
the same measure of adequacy. 
Some of us never have enough 
money to live on. Current pen- 
sioners have to try to make do 
with £17.50 (£19.50 from next 
November) a week; no wonder 
nearly 2m. are on supplementary 

One big disadvantage of the 
new State scheme is that it does 
not give any credit for back 
service before April 1978 in cal- 
culating the additional pension. 
You may have been paying 
National Insurance contribu- 
tions for the 30 years since the 
scheme started, but those con- 
tributions do not count in the 
calculations. If you have only 

five years to retirement, then 
only those five years’ contribu- 
tions will apply. 

Your first task therefore is to 
estimate your future pension, 
if you have been contracted-out 
of tha State scheme and are in 
your employer's company pen- 
sion scheme, then the pensions 
manager should be able to pro- 
vide this information. Many 
schemes now provide benefit 
statements automatically or on 
request But with the State 
scheme you will have to work 
it out for yourself, not an easy 
task with a scheme as complex 
as the new one. 


But a rough idea can be ob- 
tained by taking your weekly 
salary between the Unfits of 
£17.50 and £120; your additional 
pension will be per cent, of 
this figure for each year that 
you contribute to the scheme 
before retirement Thus if you 
are earning £80 a week (the 
national average) and have five 
years to retirement then your 
extra pension will , be 6} per 
cent of £62.50 — that is, £3^0 a 
week. Add this amount to 
£17.50 or £28 if your wife has 
no pension in her own right 
Your ultimate pension will be 
about this level in money terms 
at the time of -retirement and 
it is inflation-proofed. But it 
is not really very much, is it? 

A company scheme can be 

much more flexible • and very low pension as a percentage years to retirement and dc . 
credit for your past dervk£ bf earnings. Topping-up is esseu-.waht to «xt your eventual 
This is one important reason tiaKor top employees. . sion, you. can save for that 

why many employers coq-^ If the employer, is not pre-«gg for use at retirement ! \ . 

tracted-out of the new Statepared to do anything' further to tiffr assurance can fill a-....- 
scheme and paid lhe earning^ supplement the State -scheme while providing some tax at : r . .. 
related pension throegh a com-" the Individual is left -tb his own tagea. You can take out a :■ 
pany scheme. The employer- devicGs. Here he will get very -yentlonal with-profits con 
could provide a much; la^af^ttle help from the State, You .which will provide a lump • 
pension for employees with wdy:Will have to pay out of taxed at retirement with no prob . 
a few years to retirement Bu£fina>me, your Investments will' as to the timing of cash-ia,<'- 
if you are not contiacted^ut’he taxed as unearned' income if you are adventurous and . ; 
what can you do? , and when you start to realise pared to 4ime the cash-in to - . 

The obvious answer .is :ip the assets, you will pay capital market conditions, then a li 
negotiate a topping-up scheme gains tax. You should consult an plan could give you more 
that will provide an additional- r investment adviser to discuss the your money, 
pension up to the limits_ p6p-; fest method of overcoming these 
nutted by the Inland Reyemte- problems.- RflflSt 

This should be able to subgfnrw y So much . for ensuring, an 

tially help aH employees exrept adequate pension. But retire* rr 'you are already retiree 
those withiu ayear^r twb : ^/mentis also a;tbne.fcrgcnnroh 7 ^ , p g I ^ oil . is madequatfi, 

retirement ^^Tneed AfUlT 

period . . cottage.v.itt* the ^ 
t. And for these -dreams. ??^ b • 

to boost your 


Specialist advice 

THE PRIVATE individual has 
always needed to rely on spe- 
cialist help to sort out or clarify 
some part of his finances at 
some stage or other. In the past 
stockbrokers were sought for 
advice on investments, bank 
managers on mony problems, in- 
surance brokers on life cover 
and unit linked assurance and 
the solicitor/accountant on 
legal and tax problems. 

But the whole financial scene 
bas now become so complicated 
that individual specialised 
financial counselling is not only 
time-consuming but expensive. 
Wht is now in demand is a ser- 
vice that cin give advice on all 
forms of financial matters. 
Those .giving specialist advice 
have ^ot been slow in fulfilling 
tins .meed. 

'fhe problems encountered in- 
clude inflation and the harsh 
economic climate. The Stock 
Exchange has become a; highly 
volatile market dominated by 
professional and institutional 
investors while the introduc- 
tion of Capital Transfer Tax 
hits personal wealth even more 
than tiie estate duty that it 

Regulations and restrictions 
are for ever changing and there 
is now almost a need for a 
periodic appraisal of each in- 
dividual’s financial position. 
Certainly this is the view of Mr. 
Hargreaves, director and 
general manager of Midland 
Bank Trust, which has just 
launched a new personal 
financial service. He points out 
that “ personal financial coun- 
selling provides a check up on 
a person's financial health. Like 
a medical examination, it can 
give the assurance that all is 
well or it cn indicate weak- 
nesses which need attention, 
sometimes urgent attention." 

The new service will be avail- 
able to anyone irrespective of 
income or wealth and whether 
or not they are customers of the 
Bank. The Midland Bank Trust 
Company will provide an inde- 
pendent review of a personal 

finances, covering such areas as 
income tax, taxes on capital (in- 
cluding Capital Transfer Tax) 
investment, savings and insur- 

It is claimed that this service 
will be of particular value to 
those whose circumstances are 
undergoing some change. This 
would take in emigration- the 
prospect of working abroad for 
some time or returning to this 
country after a time spent 
away. The charge for the ser- 
vice will depend solely on the 
time devoted to each interview 
but there is a minimum charge 
of £25 plus VAT which would 
cover an interview lasting up to 
one hour; interviews are con- 
ducted after the individual has 
completed a special form which 
would reduce the time needed 
for research. 

be made flexible so thit ben e-fits dream 

accrue much quicker for the ■ country, ana *uf mese -uiesima v » h|i most- straiehtfoi 
older employees than for the yon will need .capiat The State **£«,«* is to W- an- am 
younger employees who: wa&besScheme does not make lump sum rt Iife company - - ** " • 

able to get the fuH State pen-: payments on retirement, anoflwr v 

sion. If you have 10 years. tb v -gap_ in benefit provision. wiU out Uve your capital V.. ■: 

retirement, the Revenue wifi ,, However, with a company payment is splitC' >■ ~ 

allow the fuH two-thirds pen- scheme you have the option and and oniT 

ao °- • .^retirement of commuting part portion is taxed. 3 . 

Directors and senior _execn r of your pension to provide a is, however, one disadvantai 
tives. often find it convenient, to Completely tax-free sum of up although a high riel 
have a separate scheme, from. &e to 1J times your final salary pr0vided the annuity pay* 
main company scheme. This can (provided you h&ve' leas are usually fixed in moni- 
provide a variety of benefits £a 20 . years in the- • company terms 
a way suited to each executive; scheme). . , 

and provide senior -per* Now we are aH tempted when, Finally, for many elderly,, 
sonnel with a pension commeb- such a choice is offered us to take, .T?®? niaHL asset 1G1 

surable with their salary. The the cadi and let the future look which jtney five.. 

State scheme, because .of its after itself. But if you ate about “ns asset. does not produce! 
ceiling on earnings used in;tfae-to retire, stop: and think care- tocome. You .can sell the hi 
pension calculation, provides -a fully before making a decision. aoff h*ove to' a smaller one. 

- -• : One must assess the reduced inany-people want to stay ii j__ n * - 

7 ... - -- level of pension after the com.- house where they have liveyftj 5 led u . 1 * j 

mutation and consider Whether many years. However, s' , 

lit is going to be sufficient, taking not lost There are two life ^5 ciiO « * * 
into account the effects of tafia- ponies that dill market t 
tion — very few company schemes income plans. , which enable : 
are inflation-proof. -Also your, elderly to raise ai mortgage .• _ 

wife will have to make do with the house and use the mom- • _ ~ ^ 

only Half pension. If you take buy an' annuity. But yout 
. 1 V the lump sum to reinvest so as to be at least 70 and 

: .. \ - to boost income all well and. -paying ; at least basic rate ... 

put the service in jeopardy^; / goo ^ g ut if yo U are going to order for these schemes ter; 

Midland Bank' after ml W not spend it, make sure it Is. on you. a worthwhile return. ' "Q|w 



-tSOi?. - 

the first clearer into pej^qal something: worthwhile.. .,.,:; 

financial advisory service. 
Bardaytrust. a member ofTthe 
Barclays Group, ' already 
operates its Money Doctor Ser- 
vice. This service covm^.. the 
same areas as tipe Midland Bank 
scheme and is operated «£~the 
same basis; completion';, of >a 
questionaire followed bfr&i ift; 
terview. . g 

Stockbrokers have.^ 
equally active in tiie exjfejon 
of their investment.- services. 
Grieveson Grant, {off examplfej 

But if you still have several 


•V “e* 


The clearing banks have beeD 
expanding their range of 
financial services for some time. 
Barclays have been particularly 
aggressive in marketing their 
unit trusts. This form of 
investment is ideal for the 
small investor who is 
seeking some form - .of 
professional management The 
lack of confidence to manage 
his own small portfolio in 
these difficult markets is plainly 
illustrated by the success of 
the funds offering exchange 
schemes — the fund acquires the 
individual’s portfolio in return 
for units. 

For the larger investor who 
requires a more personal fund 
management there is a private 
portfolio management service 
offered by the clearers. 

The involvement of the 
clearers in fund management on 
this scale naturally leads to the 
criticism that financial advisory 
services are mainly used to 
promote the “in-house” funds. 
To be fair, if the bank was 
asked about unit trusts it 
would presumably offer its 
own product but to abuse' the 
so-called independent advice 
would soon come to light and 

formed a new su 
son Grant Finan 
April 1974 to 
hensive finand 
felt that it wi 
for private 
their stock 
in conjunct! 
all financi 
with the 

iary, Grievi? 
Services. In 
Her comp re- 
advice. They 
more sensible 
rs to look at 
;et investments 
with their'-oyer- 
position. Along 
al advice on such 
tax and pensions 

they also . cover annuities and 
life assurance — Grieveson Grant 
are agents to 20 insurance com- 
panies. However, unlike the 
dearers this service is as yet 
only available to the brokers' 

Insurance brokers, faced by 
this growing competition have 
also moved into the role of 
financial counsellors. Most of 
the major insurance brokers 
now successfully offer this 
service although the com- 
petitors often claim that the 
advice given has too strong an 
insurance bias. 

Much the same sort of 
criticism could be levelled at 
the main unit trust management 
groups like Save and Prosper 
Group, namely that they use the 
service to promote their own 
funds. But S&P seems to be 
successfully bridging the gap 
between the professional ad- 
visers, such as accountants and 
solicitors, who are not geared 
up to meet the ever-changing 
financial scene with the products 
that are available in the market. 

David Wright 

Marry us to Mrs Castle 

Mrs Castle's new state pension scheme goes so 
far, but is that far enough? 

For most directors and higher paid employees, 
.the answer is no. 

Because the state scheme does not currently 
provide tax-free cash in hand at retirement, 
nor full security for your family if you should 
die before retirement-important points when 
you look at the escalating cost of living. 

The solution to your problems could be 
MGM’s ‘Design for Retirement’ 

MGM’s plan enables you to build on the 
foundations of the state scheme-or your own 
private scheme-and create a tax-efficient package 
of fringe benefits for you and your employees. 

‘Design for Retirement’ is simple to run- 

For further information contactyour financial 
adviser or ring Malcolm Powell on 01-623 8211. 
Alternatively, return the coupon at our expense. 


Established 1852 

Marine and Genera! Mutual Ufe Assurance Society 

To: MGM Assurance. Freepost, Worthing, West Sussex, BNli 3BR. 
(No stomp is needed) 

Please said me fivtiier details of your 'Design for Retirement* Pension Plan. 

because MGM does all the paperwork-and is so 
flexible it can be tailored to suit your own specific 

Why notfind out more -you’ll be glad you did. 


Company Name 

Company Address. 

-. P -it 

i . 


A comprehensive service to 
British expatriates '' 

□ Offs hore Inyestment/Banking 
Q. OKHoiise l^ircliase/I^ortgages r 
71 P ‘School Fees Planning 
O life Assurance/Pensions 
• Accident, Sickness & Medical Insurance 


Particular attention will be given to making the most of yoc ; - ' 
financial advantages as a non-resident of the UJK. for rax an 

To bbrain a copy of con prospectus, Tnvescment Planning fo : 
the British Expatriate’, simply return the whole of tit'- 
.advertisement, ticking the appropriate boxes above to indicate di ; 
nature of the advice you require. Amdre derailed note of your ow “ :• 
'situatidnwouMbehdp&i ? -M. 

^Telephone: 0624 812689 Teles: 627408 

Overseas Expatriates Financial Advisory Bureau 
Tower House, Ramsey, Isle of Man. ■ 

jName— — 


_ : t 

j Mjfageis — expect to be overseas for — years ft 2x.-. 


. Wliea-was thelast time yon sat down and addedup 

V-i If it was mom than ayear ago i thenyouim^itfae 
- -suxpnsed at hcwimidi timigsliave dbaaged^andattiow' 

; :. m^ finanria l aixangements ycniVe entered into. 

AndtfaaPsxvfagTft Finamria! OirmseTImg 

; jSeiyice coold helpyoul^ gwmgannHiq>^^ ^ if S Cg 

V of^orwiMlefi^ . . - 

Kyou’d Ukeio knowrnpre jnst fill in theccn^)ori and ' 

HeasesendtimyonrleafletonPeikinal Tmancial Connsdlmg" 
Nao e — : — — 





Midland Bank 


- f 

■.„v Limited 

S* -4 


' • ; /^taaajeial.: Times Saturday April 22 1978 


Personal Tax 

Pfnhh>rvi ? 

Poor chemicals results 
push UC1J into the red 

1 . . • ; MoDo plan to 

coal strike . lf , 

and rise raise liquidity 

■ ; v. .. •'^r+ a . 

•- a,* 


\ • ‘-i-. 

■ :■?,;* 



In. the current jungle of tax legislation, personal tax 
fanning, is essential .-Capital and Income Consultants 
[Specialise' in financial . planning for top executives 
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telephone: 01-248 6321. - 

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Name _-s- 


[ Arntmtm 




A POOR second- halt year per- 
formance. particularly by its 
cbemlcal sector, pushed UCB, 
the Belgian based Croup which 
also makes films and pharma- 
ceuticals. into losses of 
B.Frs.397m. (Sl2m.l for 1077. 
The group, which made a 
B.Frs.lStai. net profit in 1976 
and paid a B.Frs.HO dividend 
Tor that year, had already 
decided not to pay a 1977 divi- 
dend after recording a B.Fr&SHjn. 
loss in the opening six months 
of 1977. 

Overall, sales increased 2 per 
cent. Iasi year. The pharma- 
ceutical operation raised its 
turnover by 3 per cent., making 
a B.Frs.63m. profit, while film 

BRUSSELS. April 21. in interest 

sales increased by 6 per cent. 
But still made a loss of 
B.Frs.lOSm. The problem here is 
that demand had switched more 
rapidly from cellulose to poly- 
propylene film than UCB. which 
is developing its activities in the 
latter product in the U K. and 
Belgium in partnership with ICI. 
had anticipated. 

But the group's major -loss 
arose in Lhe chemical sector, 
where* sales fell 3 per cen L and 
l«sse 3 totalled B.Frs. 339m. This 
is the only sector in which UCB 
production is solely concen- 
trated in Belgium. 

The company comments that 
Belgium has now become "the 
country with Uie highesi wages 

and lhe heaviest social chanjes.” 
and the strength of ihe Belgian 
franc, is u an added handicap for 
our group in the export field." 
UCB produces 70 per cent, of its 
output in Belgium, but sells only 
26 per cent, of it here. Some 
45 per cent, of sales are to 
countries with currencies weaker 
than the Belgian franc. 

UCB nevertheless has strongly 
refuted rumours that it is con- 
sidering moving more of its 
operations outside Belgium, 
arguing that its chemical invest- 
ments there are loo expensive 
to abandon lightly. The amount 
set aside for depreciations is 
slightly larger than in previous, 
years. 1 


Norol to sell refinery stake 

This monthly investment bulletin gives our view of the 
. likely- fujuhs performance of the principal commodities. 
Send fotyour frse copy now 

. To; Carratto Gommodftkta Limited. Bridge House. 181 Queen 
•Victoria Street. -London EC4A4AD 1 would like to receive your 
i'.morthty investment boteftn "The Outlook lor Commodity Futures" 

•JVir/Mrs/Miss 1 — FT * 

. Achfr frg* ■ . - ■ • 

yV :fcz = COMETCO 

Postcode l.-;. ... The Commodity Brokers 

- Edited by Denys Sutton 

. p *■’ - - . .. I J ~ 

The world’s leading magazine of 
Arts and Antiques 

- ■~-t 3 ^Published Monthly. price £200. Annual Subscription £25.00 (inland) 
: i? - 'i* Is, ^Overseas Subscription £26.00 USA & Canada Air Assisted $56 
fcc^pbllb. Magazine, Bracken House, 10, Cannon Street. London, 
a: . t ec4p *by Tel: oi-248 sooo. 


Energy Ministry has arranged a 
controversial tradeoff between 
the Slaie-dnmin-ited -efining 
and marketing company. Norol. 
and the wholly State-owned oil 
company, Statoil. It provides for 
Norol to sell to Statoil its 40 per 
cent, lake in lhe West Norweg- 
ian Mongstad Refinery, for a 
price of Kr.275m. (S50ui J. 

This is about the amount Norol 
needs to put it on a sound 
economic footing, after two loss- 
making years since its formation 
at end-1975. The company had 
hcen hoping, however, to get the 
money from the Government, as 
an allocation iif additional share 
capital. It did not want to 
relinquish its refining interests. 

At a meeting this week. Moral's 
representative council made it 
clear that the Ministry's plan bad 
been accepted only because no 
:itipmutivr solution to the. com- 

pany's financial problems had 
been offered. In a unanimous 
resolution, however, the rouncil 
said (but the deal “should not 
he linked with a product supply 
agreement ” obliging Norol to 
buy refined products solely from 
Statoil in future. The reserva- 
tion was- later brushed aside at 
a shareholders’ meeting, domi- 
nated by the Ministry through 
the State's large slake in Nnrol. 
This assembly made a vague 
promise that the Ministry would 
** take up the matter with the 
iwo companies if the agreement's 
provisions should turn. out to be 
unreasonable ’’ for Nofol. 

Opposition politicians have 
criticised the trade-off on two 
grounds. Firstly they say ii will 
make Nornl into nothing more 
than a subsidiary of Statoil, which 
they regard us already becoming 
dangerously large and powerful. 
Secondly, they claim the deal 

USLtX April 21. 

has been arranged partly as a 
face-saving exercise, since it 
enables the Government to avoid 
having in ask the Storting (Parli- 
rnent) for the money needed to 
rescue Norol- 

Tbe Opposition hits consistently 
claimed that the formation of a 
State-dominated distributing com- 
pany was an unnecessary waste 
of taxpayers* money A Govern- 
ment request for additional funds 
for Norol would have seemed to 
justify this stand. 

The Ministry's move will still 
require Storting approval, since 
Statoil will have to be granted 
money to finance the purchase, 
or a State loan guarantee so if 
can borrow the necessary money. 
The Opposition can be expected 
to express Itself strongly on the 
matter when it comes up for 
debate — probably before the 
summer recess. 

- Ki Cl 
-•••ii* rac - 

Profits surge at Stevin 

IQ {HVty 
U3 iUA|5fi 

isl Ad 

'At*** A 


ckaisive serum 
ish expatriates 

\\ -.rLsasi* 


■ . . . 


For details of our , 

’phone JOHN WRIGHT on 01433 1662 

Atefribers of the Association of " 
Independent.lnyestment Monogera 

Commodity OFFER 38.0 
Trust BID 36.1 

Double OFFER 87.0 
Option Trust BID 83.0 

B Commodiiy & General 
Management Co Ltd 
8 St George's Street 
Douglas Isle of Man 
.’Tel: 0624 4682 

THE DUTCH dredging concern, sales were Fls.l Rhn. fSSHm.i. 

s>e.i" P7«>- hSSK 

per cent, increase in net profits of ig?7 coaiparE . d wjlh Fls.2.6hn. 
in 1977 on top of a b per cent. a VPar ear ]ter 
rise in turnover. Net profits Ttie company proposes a divi- 
were Fls.31.3m. lS14.'2m.». while dend of Fls.5.50 in cash or 

Fls.1.25 in shares. Last vear it 
“ ' — gave shareholders lhe option of 

“V^OMMOmTT Hf-j-.-ffij’ F1 ^ ^ C “ h 

C 3 ■ sc March 1978 £ io.oi .£ 10.42 Stevin, in which the Dutch 

wet managers uMtTED businessman Mr. Pieter Heerema 

* p -.? ««. 73 recently announced he had 

U hJ!fiEaJnr acquired a 40 per cent, stake 

Next dealings 28th April we said it expects the same level of 

profitability to be maintained in 


WARDGATE commodity 

at 31st March 1978 CIO.OI.CIO.41 
P.O. Box T3 
St. Holier. Jersey 

Next dealings 28th April 1926 

OMMObITIES/Review of the week 

Belgian metal strike ends 



j t ^ 

■ •is.sii^lnsjnw^s THAT Belgian non-fer- 
metal workers had agreed 
' ' ■ : .r.';Jhd their, two-week strike .and 

• ' --' v ■•"arn' to work on Monday halted 

‘upward trend in copper, lead 
tine -prices on the London 
• ■ * ' - :tal Exchange yesterday. 

. -...-Pepper cash wlrebars ended 
- week virtually unchanged at 

'2.25 a tonne, despite fore- 

tjs of a hefty, fall in ware- 
tse stocks . and .the earlier 

_____ — 'louncement oLprodnctlon cuts 

' " . • •v.jrvEBi way of’ temporary plant - 

" " ‘ lures, fay leading. U.S. pro- 


•ead and. zinc values lost 
“ und duxing the week. The 
ve by Electrolytic Zinc of 

^^itialia to raise the European nieine the sterling price 

■" ff'.Xf'hm »' Plenum ?s £3 to £12050 an 

onne has not yet been fol- effective Monday, to 

■ ""ft as « 

rease tothe® International although 

■mn Agreement once. ' ranges, woved to a dizeable diwiount uoui 

^ \Ylll hdard grade cash tin closed ‘“New Vork and Lon °“- 
£ f ,-nIa.hi £122.5 up on the week The London wool termma 

* m&iTteane, * - market association announced 

- ■ H-niTa -Sllllte'wsts of: -a fall in 7 Metal ’yesterday n ^at it P anDed to 

m tT I tivhange warehouse stocks, con- launch a n *' tf K 5f? t T?5n 1 f „ n t u i v 

% 3 8 ; ^ .iting with,’ predictions of a Zealand crossbred wool on J V 

■* ** in the week, brought 3. It is felt that the * _ 

$ > ^-.-wl/Hirge. In prices yesterday which fluctuations in cr «»^ed, a. {> 
> 3 '8'lJljlUet previous lostes. Pos®d to T £ e t an d 

f H t fail m gold, following the futures markets te London and 

A ■»*■* H onneement of .sales by .the Sydney, will attract more in 

£t / Treasury, brought setbacks terest 7I ^ 

- w platinum .arid stiver values. An unexpected cut rUA 

^ v ^ ertheless, Riistenburg, the cocoa bean demand set prices o 

i? eLttf. **■ Id’s biggest platinum pro- the Ixindon futures mark t, annoSiSSferday that the downward path early the 

■ ■■'!/ 1 "" 

- vti ■tiTllpteMSts of "a fall in 7 
tT S* E| warehdute stocks 

“ * ,*jng . With.' predictions 

■* in the week, hi 

_ wTitlrFfSe-ln prices yesterday- 
3 "f « xi I lt* r Previous -testes. 

" £ be fail m gold, fplfowii 

-* *" 9 1 ouncement of ^aies . b; 

rn / Treasury, brought sel 
platinum arid -stiver v 
“ R ^ ^ erthelete, Riistenburg, 

Ln 2b. ^ iJi- i_-__ 

week. U.K. Januarj/March 
grindings totalled 21.000 tonnes 
— per cent, down on the same 
period of J077. confounding 
market assessments that manu- 
facturer demand was unchanged 
to slightly higher. 

This news pushed the July 
position down to £1.912.5 a tonne 
and, despite a subsequent rally, 
July cocoa ended the week 
£37.75 lower on balance at 
£1,055.25 a tonne. Reports of 
producer selling added to the 
downward pressure, but the 
weaknes of sterling had a steady 
lag effect on prices. 

Prospects of the Centra? 
American producers resuming 
coffee exports commanded con- 
siderable attention but had little 
visible effect on prices. 

Reports of a reduction in the 
Brazilian crop have also been 
circulating in the market. Dry 
weather has caused a high inci- 
dence of small beans, local trade 
sources say. and the crop could 
be sharply reduced. They doubt, 
however. ’that it would be as tew 
as the 16m. bags (60 kites each) 
figure quoted in some quarters. 
Earlier reports had put the 
Brazilian 1077-7S crop at between 
20m. and 2£m. bags. 

World- sugar prices fell back 
to £99 a tonne (Wednesday’s 
London daily price I before re- 
covering to £101 a tonne yester- 
day for' a £1 fall on the week. A 
forecast by the EEC Commission 
of a 2.8m .-3.5m. Euroodan crop 
surplus encouraged ;be decline, 
as did pressure for a clampdown 
on American imports by the U.S. 
International Trade Commission. 

KMT mis 


COPPER— Htohor, bin below flas's lx*« 
on the Lundcm M.-ial exi-haimc. Forward 
m»u) me m nn nn rhr pr^inartwi on 
i-\p*ruilonK nl u furibt-r suhsidiiilal fall 
In wan-hoiife* s tucks This i rwid was 
rcvi-rsod. ihouxh. vrtils proM-taMon m i 
ihin (ak-nc the once rtown to 
; *707.5 on lin* morninc kerb. In lhe alic-r- 
i noon, nows of lhe s' like sen lenient at 
\ i )ir DK-n smeller broiuthi oui srob-lusa 
sellint. which lowered ihe price 10 £701 
on ihe (ale kerb In line with the weakness 
or Como*. Turnover: M.100 lonnex. 

L t.M l bK , 1,(11,.^ , _ | L UnllHIii j — 

I £ | -C 1 t 1 £ 

Wlrebars • „ 

L— I +6.B 692.5 !+4 

■ i.u .mti .. il J.S-ll +b.b 709.6-10 1 +4.B 
Nfin'in'in 694 -+6.S — j ...... 

Jathodes- ___ 

• a~Ii- 6S3-4 t 6 • 682-3 +4 

• ..n.iii n „• 700.0-1 +5.5 699-700 1 + 3.5 

'ifiL.'in'ui 684 + 5 — I 

l : A.'liii., ... 04 I 

Amalgamated Metal Trading re coned 
Hu i ic the momma tush wir-hars traded 
at £694 three months £711, 11.5. 11. Id.5. 
U. CaUiorti-E. cash £«8S.a. three monihs 
mi. Kerb Wirehars three 

months £710 a 10. £709, » Aliemnim- 
Wirebars. eash (W-. throe monihs £709. 
8. K.5. 9. ID. £709.5. Krrl>- Wlrebars. 
Hire-.* mouths C7fl9 5. 10. 1709. 8. 7. fl-S. 
7. B. 5.5. 5. fi. 

TIM— Firmer. EspcdaUons of a fairly 
substantial tall In warehouse stocks, 
coupled with a ngbrness la aearby supplies 
prompted short -covering. This took for- 
ward inmenil pd from &J 60 on lhe on- 
tnarki-t io on ihe laic kerb, with 
Ihe backwardation widening to 145 at one 
point. Forward nimal rose by more than 
£77 over the «vek. THraocer: *775 (oimes. 

UUU.OU-U3U.OO. Sept. -*90.0u-:C0.6u. Oct. 3*1.00- Nov. 3)0.00-315.00. Bee. 280.00- 
310.00. Sales: Nil. 


Silver wns list'd 3.25p an ounce higher 
for spot delivery tn the London bullion 
market yesierday ai 275.5n U S. eeru 
-quivalems ol ibe Oaliig levels were; nmt 
M2 5c.. up 4 9c : ffeva-.moii£h 5I0.8C.. ud 
V- : sts-momh 530.9c.. np 5.3c.; and 
12-mnmh 5M.U-.. up 7c. The mclnl opriM*d 
»i 275-3760 i.-iiu-3W.c.i and closed at 
27a.7-278.7p i5a3i-585c.i in modi: rale 


MLVfcIH | Bii- iou c*rf I.U.K. + oi 
iwi j huiis i — ; el*w+ — 
lu*V nr. iinLiOK | 

Sfx« 275. 5y ;+5Jfi' 275.95,- +5.8 

o iiHjmliM.. .81 '+S.55 1 81.65 +4.1 

rniMRtli*.. a89.9 I+S.7 - ' 

•LiimiiiU-. 302.7. '+4.2 

LNE — Turnover 159 1531 1 lots nl 10.000 
ouuces. Morning: TOree monihs 280.7. 81. 
1.2, 1J. 1.4. 1.3. 1.4. Kerb Three monihs 

551.5. Afternoon: Cash 275-0. three mamba 
2*1. 1.5. 1.7. 1.6. Kerb: Three months 

281.5. 1 A. 

By Stewart Fleming 

NEW YORK, April 21. 
strike and rising interest charges 
have hit the first quarter profits 
of Amax, one of the leading U.S. 
natural resources and metals 

Net profits of Amax fell from 
$32.5in. in the first quarter of 
1077 to only S16.2m- in the latest 
period. Sales revenues were also 
down, from S3 55m. to S327m. 

Earnings per' share' were 32 
cents, compared with 91 cents a 
year ago. 

Amax cited a range of factors 
to account for the decline. It 
said that salaries, depreciation 
and overhead costs associated 
with the United Mine Workers 
coal strike had cost the company 
S14m. in after-tax profits, 
although it added that its Wyom- 
ing coal operation had continued 
shipments through the strike 
period of December to March at] 
a higher rate than last year. j 

It said that earnings from its 
copper operations fell becausri 
of reduced trading profits, while 
its zinc earnings decreased 

Earnings were also hit by j 
higher oil and gas exploration 
costs. Higher molybdenum earn- 
ings offset some of these factors i 

Net interest expanse increased 
to 518.6m. from Sl0 8m. in the 
first quarter of 1977 as a result 
of highpr outstanding debt and 
lower capitalised interest. 

share tussle 

By Our Own Correspondent 

AMSTERDAM. April 21. 
ANTILLAN Holding, the com- 
pany in which the family' of 
Dutch businessman Mr. Pieter 
Heerema has a controlling stake, 
will fight construction group. 
Ballast-Nedam's plan to issue 
Preference shares. 

Antillan Holding, which an- 
nounced In February it had built 
no a 30 per cent stake in 
BalJasi-Nedara’s capital said ii 
ha- hep tin a enu r t notion to pre- 
vent the share issue. 

Ballast-Nedam earlier this 
month announced details of a 
Plan to place Preference shares 
equivalent to half ils present 
capital with a trust soeciallv set 
up for the purpose Th'« would 
reduce the Heerema holdings to 
one third. 

Antillan Holding is opposing 
the share i&sue on the grounds 
that it will affect its financial 
interests, since the extra shares 
will lead to a reduction in the 
dividend accruing to . the 
[Heerema interests. The court 
action will he heard on May 17. 

Mala: U-S./Krtnch Apnt-May iRrm hall) 
1W.73. May « second half' JOS. Jum 105 50. 
iranshipmem Basi Cos*. S. African Yellow 
May-Jnne Sl.flO. S. African While and 
Kenya tirade Three unquoted. 

Barley, Sorghum and Oats: Unonoied. 


MODO, the Swedish pulp, and 
paper group which' .plunged into 
a Kr.229m. (£49.81x0 loss on a 
Kr.2bn. (5435m.) turnover last 
year, wili not be able to avoid 
another heavy deficit in 1978. But 
managing director Matts 
Carlgreo, writing In the -1977 
shareholders* report, calculates 
that the company has sufficient 
financial resources and credits 
available to “ manage another 
year or two.” 

The main loss will continue to 
come on pulp manufacturing, 
[while fine paper production is 
expected to see increases in both 
sales volume and prices during 
the year. Priority is being given 
to improving the group's 
liquidity by major cuts in invest- 
ment plans and a further run- 
ning down of slocks. These 
measures should allow MoDo to 
avoid any further debt growth. 
Heavy borrowing last year 
brought an increase of Kr.73m. 
in the group’s net financial costs 
to Kr.lS2m. 

The 1977 financial analysis 
shows a drop of Kr.27m. in work- 
ing capital and a capital shortfall 
of Kr.458m.. which was covered 
by drawing Kr.llfhn. from liquid 
assets and Kr.l3m. from a 

STOCKHOLM. April 21. 

blocked savings account in the 
central bank. 

The remaining Kr.335m. was 
met by borrowing.- The group's 
cash and bank balances at rhe 
end of the year totalled only 
KrilOm.. but the shareholders' 
report notes that it has “firm 
credit commitments'' of around 
Kr ,350m. to draw on. 

Mr. Carlgren underlines the 
importance for the group's 1978 
performance of the dollar's parity 
to the Krona The price increases 
needed tu return the Swedish 
pulp and paper industry to profit 
cannot, in bis view, be realised 
as long as the dollar stays at 
around Kr.4.6Q. 

The undervaluation of the 
dollar gave the American pulp 
manufacturers a lead “which we 
cannot possibly pull back.” The 
Swedish producers could match 
the Americans, if the dollar 
returned to its “old” parity of 
just over KrJ5. 

But Mr. Carlgren also sees 
hope, in the fact that current pulp 
prices also offer only marginal 
profits for lhe North American 
producers, who will have to face 
higher raw material price 
increases and larger payroll cost 
growth than the Swedes this 

BAII in bank takeover 


FRENCH-BASED Arab Invest- 
ment Bank, Banque Arabe et 
Internationale d'lnvestissement 
(BAII) has taken a 77.5 per cent, 
stake for an undisclosed price in 
the Banque Commerciale de 
Grece SA. which is also based in 
Paris and has a branch in 

With a balance sheet of 
Frs.ll7m. f$24.Sm.) in 1977 and a 
capital of Frs.4m.. B All's acquisi- 
tion will strengthen the Arab 
bank’s commercial banking activi- 
ties. The Banque Commerciale 

PARIS, April 21. 

de Grece's capital will shortly 
be raised to Frs.lOm. and its 
name will be changed to Banque 
Arabe Privep (BAP). The aim is 
to attract mainly private clienLs 
in the Middle East 

BAII. with a capita) of 
Frs.50m.. is a subsidiary of the 
Luxembourg-based holding com- 
pany CA11, capitalised at S50m. 
BAH has a 10 per cent, stake in 
Hill Samuel, the merchant 
bankers, and a 6.5 per cent, hold- 
ing in the U.S. brokers. Dean 
Witter Reynolds. 



■ * ~ 1 '■ " 1 1 Flrti QuarLcr 1979 1877 

First Quarter 1478 147? S S 

s s Revenue 284.4m. 323.6m. 

Revenue’ 1.241m. 1.48bn. Net profits *7 Am. 12.9m. 

Net profits 38.0m. 33.3m. Net per share. . — 1.53 

Net per share... 0.41 0.45 * Losa 

Net share dil... 0.4a 0.41 BE(;T0N D h;kinS0N 


S 5 

Revenue 472.5m. 422.0m.. Revenue 172.5m. 151.1m. 

Net profits .......... 28.3m. 36.5m. Net profits 14.0m. 12.5m. 

Net per share... i-06 I.3S Net per share... 0-73 0.65 





sr in m 

S e-tenla.v 

Wien lay 


| + **i 



97.10 ! 

85.75 • 



- 0.40 

80.95 • 



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83.90 ; 



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88.2 J 




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SJSJW- D«X-» f LQ- I 

- - E88L6 — ' CSOBJ> : 

C £S99A-+02b 

S3f w'ib.™.„ sm.i25-7.a 

Z-- ’-•fSSfcS:' . 3MI SL.J SS2 

■if OB. . CUSJ6 ^3^6 I 

“*~»rca. r ...J.' E75hp -M “S' 5SS 

yertK... figlv 1-4-8 ®8 ;£p ; 

otb* £S^XI7.6 J+77 j5 £S.7S7^\ 

./ ‘Ol «L0»lb.). ai$9-44 }-A.O ■ 51 WW 1 I 

j Latent 

I IhTc 


Jcii'Re ! 

Year 1 ' 

!t*w mnne 


1 lli"li lam 


— — 

Wheat „ ‘ h | 

No. I Uc-J spriiij:-. 

Am. Uart> 

Wmlei— • - i 

Unis. St i limit ,||C * I 
















; Vi 

a- r ::." hU .-:."| £S 

| CwmiuV Hhiilp'i’«ij 

srtiq gg 

Palm Maluku 

X im Vi&ju | — ft.O 

.«* £285.5 

yiUhs £301.26 — 3.75 

' " «tCl6» - 

S17H-W j S 178,5 

£M1* £318.8 

■ ESC. :I ! - I -£82.5 
* Futunit.,,,, Bjb.'ib j+655 j i&S-f 

l.\u.5Yoium' ‘I 
-rl (Aoierimn* 1+0.75 


Other i 

L'm-ud blnimwuw— • 
rts2n.l pen ... • -•! 
CufTev Funiies W* 

L4mim l"» ,e * 

Des. CvOi" 1 ! 

.hue funte* 

■lilial N«'- 

Siijm'in* 1 " 

T*|Hirn Nv- 1 
Ten 'quality’ t* lu — 
iploiui fciUfc-- 

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£86.35 1 C1Q6.75 ■ -£9G-5 ■ 

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S417.6 ‘ +124. 
SiC Ci 1+4.0 1 

£2.1*57 ' 1-46.0 - 

£U68J> +A.0 • 
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5L6ii. +3J 1 

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£S6.7o ■ iaa.t 

131.6 K9I.6 

A-100 A93 

£4,o£<>j A4.600 
SAjCiU **2.860 
S&4M.V S I.S7o 

6722 F635J.' 

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6367 62bb 
1 S49i 

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TIN ! nm-iHi I — I'ii.iITi- m — 

dign Grsrtn *" ‘ l" »' | C 

iwibli : 6040-50 +117. 6060-6 .+ 125 

hi. * m lif.; 6010 5 '+97.6 6ul5-20+75 

-••un-nil .( 6050 pISO — 

itanrtard; 1 l 

.■-»li 1 6040-50 ,+ 120 6060-5 +125 

-* in* ini Ii- ., 6010-5 +07.3 6015-80 + 75 
■rtiiwn'i 6050-5 +120, — „.... 

‘K..j .Stw26 4- — [ „.... 

.Sl-n >nriJ- — . — „ — 

Morninfi: 'StamUird. cash £8.030. 40. 
45. 50. 45, ilirw.- monihs EH.OlB. 20. 10. IS. 
Kerb: Standard, tush £6.040, Ibm -Urantbs 
£6 010. 20, 15. 1U. £6.000. Afternoon: 
sundurd. cash Lfl 040. 45. three mo rubs 
£6,020. is. Kerb: Sumdard. three months 
£0,020, 30. S3. SX 

LEAD— Very steady, with (orward met a! 
dlmluiu; rrnin £310-1312 in trade in the 
£313-1310 ranBw before comlno nit to £310 
an re Dons of an end m the BeJaian 
strides. The dose nn the Kerb vras 
£112. Net lall >m the week was £3j0- 
Turnover: 9.673 tonnes. 

1 h.iu. |+ ur' ~ pjn. ’ |+ tiT 

LKA U j IJItu-M | — j Unortwiaij — - 

J K | £ ! . f f 

.mIi 507.5 +7 , 307-.5 +4.75 

,iiii.ui Ilf..! 315-.5 +7.5^ 314.5-5- 44^5 

leti'im'ini 307.5 +7 i — -J 

1 1 , .». '»|»ti .[ — _ : | ao i 

Mornliui: Cash 1308.5. 7. 7.S, three 
months £113 14, IS, Its, 15, 15,5, - 15. 
Kerb* Three montiU £315. 15.5, 15, 15 j. 
IS. Aftenuwn: Three monihs £314, 13. 
13.5. 14, 13.5, 15. Kerb: Three mn mha 
£315. 14. 1C. 1J. 13. 

.ZINC— -Steady, bat losing ground m late 
trailing. After starilns at CBS- £300. 
fonv«rd ntvutl moved Off Ween lsoi and 
£304. -Following lead, ft slipbed to CSS 
and closed . no the Kwh at £29*. Net fall 
on the weefe wan £3.75. Turnover: 4J50 

I *.hl 1+ ml |i.m. |+ or 
AIM- 1 OUit-in • : — [ linrdllele* ; — 
i . I l 

a«li i f! ' I 

| 295-6 +5.75 29M !+l.S 
■ ninurlis..) 30^-3 301- JS j+B 

a-jneni £96 ‘+6 | - [ 

- 1 09 

After j steady morning the London 
market eased durrac rhe earlv afternoon. 
wnn proQi laSinn and Jobber wi-uk-end 
book-souariiig. bin raOJed at the close 
to fimsn around the mid point o( ifte 
aajfs range, 'illl and Dnffus reported. 

V^u-iilajf'a + nr • 

rtm.l.% rinae , ; Bu+mesi* 

— ‘ IK me 

SiKbC'unr'i • — — - 

May W45.Q-4&0- -3.0 .2085.0- USO 

July 1*56.5 67.0 .+ 10.25 1387.0-1965 

Sent. 18B5.U-BBJI + 14.5 18U.Q-1B05 

Dee 1007.0- iOX +4.76 1837. 0-1760 

March 1750.5-52J5 .+7.5 1770JM7S6 

Mar 17I2D-154 +8.75 17S0.0-I710 

July 1MD.0-90JI +9.5 ■ - 

Sales: 2.825 *3.t«2) lots of 10 tonnes. 

Iniernational Caen Organisatian iU.S. 
cents per pound ■— Daffy price Aon! 20: 
14S.63 <140.2: 1. Indicator prices AprU Cl: 
I'vday av*-raue 158.e ilS9.EC ft CC-dav 
average 15B.J6 iIjO^Ij. 

Business done— Wheat: May 0T.13-U6.5S. 
Seoi. M 50-Rj.95. Nov. SS-85JS&.50. Jan. 
91^90.05. March 03.ttHH.0O. Sole*- 160 
lots. Barley: May S3. 75-95.00. Sept. SlCU- 
80.85. Nov. 83.86-53^*0, Jan. 88.10-85.75. 
March KS.I0-M.II3. Sales- 23] lots. 

HGCA— Ex-i arm soot prices. April 21. 
Feed wheat: Kent £31.40. Feed barley: 
Kent £77.30. Lancashire £78.30. 

UJK. monetary co-efficient for week 
from April 24 will remain unchanged. 

Dreraimns effective lor April 52 in order 
eurrem levy plus May. June and July 
premiums, wtut previous in brackets . all 
tn units of account per tonne. Cam men 0.32 . 8.32. *.07 86.02. 016. 
0J>. 0.16*: Ournm Wheat — 1304E. 

nil. nil. nil imune*: Rye — rl.37. O.0T 0.9:. 
0.07 isornci: Barley— 75.09. nil. til. ml 
isamoi; Oats— 78 77. nil. nil. nil isami'i: 
Maize ( other than hybrid far seeding)— 
71.38. 0.97. 0.07. 1.G1 «t0.75- 1.93 1.93, 

3 0G>: Millet— 77 40. nIL nil. nil >samc>: 
Crain Sarphnm— TC.04. nil. nil. ml isamet. 
Also for flour: Wheat or Mixed Wheat 
and Rye— 1-tLM il32.sS>: Rye-125.84 




Aher a nuf.i monrtnt. Jlabusza /mures 
cased in ihe afternoon . an wrslMcni 
Commission Hnusu Oeillos, Drexel Burn- 
ham reported A tveok performance by 
New York -C" Contract 'caused tone 
Uqnldation and #iop-Sw» selUuu ai Um 
C lose, with values aronod £48 lower nn 

the day. 

lYcMerday’wi . 



! + or UiiKincM 
' — limits 

ABOUT UNCHANGED npcnms on the 
London physical market. Little Interest 
throuehout the d ar. tlosine oule'ly steady. 
Lewis and Peat report that ihe Malaysia 
codown price was 2us isamei cents a kilo 
i buyer, May). 

“X...1 I ' I : — 

K.S.S. YcM 'wlxy'iJ Tree i< h» Bmuiinm 
i-hne •■low I di me 

list 52.00 52.501 62.65-62.70. 62.2S-62.M 

June.,.. 52.55-55.00. 65JE5-U.36 52.65 
Jlv-St-JA 53.fiO-53.BO 54.OD-M.10I 64.10-56.35 
ti, l- Her 64.75 54.B6i 55.K-56.l0i 54^5-64.40 
Jan- 111. 6B.00-36.D5, 58JO-5B.40, B6.30-65.iO 
Vnr-Jne S7JH+S7.M 67.B0-67.66 1 S7J10-S7.00 
Jlx-^eu. 5B. GO -5B.E5 68.35- 69.00-. .- 

Lkt- Dee 53JO-50.a5 GD.i5-S0.40, 60.00-69.85 
Jaii-Uar' GMHW3L06 8 1. 40-61. 46. 01. 6/781.05 

Sales: 110 (3831 lots of IS lounes and 
7 i|4* lots of 5 itinnva. 

Physical dosiRfi Zrices 'buyersi were: 
Spot (same): Mav ft.5B i32.0i: 
June 54 ( 52.25). 

May i 1609-1512 !!.5! 1640-1501 

July. I 1S6B-1S09 — +4J5 1 I405-I3GO 

tjeutem'^r ..I 129 - 1U0 '-40.S; 1336- 1205 
X.(wml«r..| 1256-1259 1—42.01 1800- 1260 

Jwmiu-y 1260-1245 — SB JH 1260-1240 

Mareli 1213 1220 -21.0)1240 

M«j | 117S-1.0B ; — 36.01 - 

Morn Ini:: Cash C2H3.5, ibrcc moutln 
£902. .7.- Kerb: Three months OKSi. 2. 1. 
Aflerounn: Thni- months CDI2, 1.5. 1. 1.5. 
Kerb: Three monihs £301. 1-5. £300. £290. 
V..K. 95. 97. M- 

-O-nis m-r pmind. ton previous 
upoftictal rinse.- * 3Ai per picul. - 


LONDON PALM OIL^Clnspu;; Abril 
KP.ttdo.uu. May. June, July and Ausust 

Sales: 2^04 12 565) lots of 5 lonnes. 

ICO indicator prkos lor April 20 «U.S. 
ccms per pound): Colombian Mild 
Arabic as isanaei: other Mild 
Arablcas is* * (1S4.CO): unwashed 

Arabicas ITD.OO 'same): R a busies 143 SA 
( 144.30 1. Daily averase 182A9 1164.23*. 

ARAB I CAS— Dull, the market eaalrui m 
feanircJesfi conditions. Drozd Burnham 

-Prices * In order buyer, seller, chanflc. 
business): Apnl 2O0JD-21D.5O, -175. 

■2W.fflt2l0.0d: June 18 4 7D.lS4.rS. -2^7. 
135.50:- AUB. I7I.OM7S.O0. -4.88. 174 0*. 
17LB0-. .Oct. 155.50-1 =7.00. -2.18. umrodod: 
Dec. 144.75-145.50. -2J2. an traded; .Feb. 

135.00- ie.O0. -2.00. untraded; -April 

124.00- 136,00. -MS. untraded. ■ Sotos: H 

lots ol 17J5D fellas. . . • . - . 


raarkci opened htohet on old crops, 
bin met sood profll-takJofe ,Adi - reported. 
With a weak phyMcal wheal market la 
East Anglia, values fell by up to 55. 
before strene commercial burin* enabled 
values io rally tinrt "o close unchanged. 
Old crop barley »'us always wanted oh 

any dip- and dosed Bnu at the •• hiuhs 
—up 55 New crons -cama finder further, 
.pressure from heddine ' sources There 
was more pressure on wheat -than barley 
and It closed around .15-M tinver 
IMPORTED— wncal: CWRS No. 1 ttl 
p« cent- AprU-May 95 50 Tilbury .u& 
Dark Northern Spriiw No. 3 14 per ceni. 
Aprit-Mjy S9.33- May June 83,75 iall 
►'ll'-rji transhipment East- Coast. U.S. 
HnrJ >1n** Ontinari. Aiwa Han. Argentine, 
Soviet aod fc.EC sjradcs mauoted. 

Ye+teniiiy +’ur j ” Uiistiicu, 

. _ 1 Cfiwe ’ — | is me 

J£pen»nue ■ 

Ai*iil 1S5.IB 

June 131 JO-51.7 + 3.35 142.00-29 JO 

Autfun 1EB.20-39J +9.B0 18l.8eJ27.Dfl 

Ik-l.d+r <127.20-27.5 + 2, B0 128.60-29.60 

Det-enilmr ...121.60-23.0 +1.50 125.60-21. DO 

Feliruan- 1125.50-24.4 + 1.& 125.50- 

Ajirll '124.00-29.0 tB.OB _ 

Sales: 245 US) lots of 100 lonnes- 


and stowed Caribbean pom for April 20. 
Dally price 7J2 « 7.4ft); lS^lay average 7.6! 
17.84). , 


LONDON— Dun and rear are lew. F; ache 

i Pence per Klloi 
'AieSnsiteiri iY^TewrJ-fc‘+”'«lr' 

Cnwt W.m.N iMib+i , — , 1*11,1"- 

Muv ^229.0-50.0 .+0.5 2 29.0 

July 1232.0-46.0 ~ 

Uil«d"?r 255.0 37 Jl — 

Itoi-etnl+r... 259.0-41.0 +0.5 - 

Man-1 242.0-45.9 +3.0 - 

Mat 242.0-45.9 .+ S.O, . 

Jtilv.... 242.0-47.0 ; + 2.0‘ — 

t ii-tuliCf 24S .0-48.0 +0.5 - 

fealca: 1 (4i tots of 1.500 fciios. 
SYDNEY CREASY iln order buyer. 
seller, bu« aey.i, traits' >: Micron Contract. 
May 530.5. 340.0. 31LIL539.3. 59. July 
544.0 . 344.5. 344..S-343.0. 28; 0*.i. 147.0 

348.0. 348.D-346J. 11: Dec. 355.8 35B.a. 

35*1. 5-3+1. 5. 20; &tarctl 3B4.0. J64.5, 

384.0. 13: May 808:5. 588-0. 36S.S-. 163.0. a. 
July 371 5. 372.0. 371 .S-57U). 10: Oct -, .73.U. 

347.0. unrraded. Taul sales; 15G inis 


MEAT COMMISSION— Average raisiork 
prices at represeniatlvc markcis on 
April 21. C.B.— Cattle 87.4Rp per los.l.w. 
t-DJSi. U.K.— Sbetp I34.8p per uu csi. 
d.c»r. #+2.2). C.B.— Plja 04 7p per 
i + 8 jh. England and Wales— Cattle num- 
bers up 7.9 per cenu average price 87 4-P 
i-OJli: Sheep down 8.8 Per cent., aver- 
age 154.8p-t +2.2>: Pfes down 4.0 per win-, 
average a4.7p i+8.8» Scetland— Cjtil*' 
down 3.8 per cum., average 67j<6p i -o.udi; 
Sheep up 12.2 per cunt., average I34.8U 

COVERT CARDEN (prlet* in sterling 
per paekagv unless stated)— I mporten 
Produce: Oranges— Cyprus: Valeuna Late* 
30 kilos 3.70-3^0, 15 Id Joe 4.40-3.80: Jjffa 
Sham on li 3.76-4.05; Egyptian: Vak-nua 
La lea 3.00: Morouean: 2.70.2JM; Texu. 
1.30; Cuban: 3.30-3.40. Lemons— Italian 
lOO'ISOs 4-00-4.20: Cypnu: 2.80-3.50; 
Simula- Small trays -6'JOa 1 l.4U:‘ Can- 
InrtJlan; 3.50-4.90. CrapcfniK— Cyprus 
13 kilos 2.50-1.60: 20 ■ftilw.4fJto-3.SJ: Jaffa 
20 kilos 2-75-3.75. UJS.: Kuby Ke-d la 
ft ilas 4 . BO-4 go. Apples— Preuch- Uoldeii 
Delirious 2D-Jb «s, 72s 3.70-2.0*). 
4n-lb 3. 00-5. SO Golden Delicious mmh'e 
park, per pound 0.10-0.12; 1 Lallan. Rome 
Buauiy. pur uouud 0.13. CuHvu Deiiuuu* 
8.10-0 72; U.S.: Red Delicious H.oOS.W. 

S. African: Dunn's B.40-8.BO, Jonaihau 
6-80. Stalking Delirious 3.08-8 -3T. -Chilean 
Cranny Smith 7. DO- 7 JO: n uw -Zealand 
Cox’s Orange Pippins '63.-234 -7.oo-3.ffll: 
Danish; Per pound fax's : . 0.16-u.lS. 
Span arts U.D9-0.10. Pears — S.' 'Arncan: 
Canons. Packham’s Triumph 'b^O- 7 4ft. 
Bcnrr? Hardy 6^0-7.00. Beurrc Bose 6.30: 
Dutch- Per - pound Conference 9.13. 
Belgian: Conference 0.11-0.13. Grapcs- 
S. African: New Cross OB, Bartinka 4.4H. 
Bananas— Jamaican: Per pouiai 8 15 
English Produce: Rata toes— Per 56-lb. 
Whiles rRedB 2.20-2.50. Lettuce— Per 13s 
1.40-1^0. Bet roots— Per 26- lb 1.20 
Tnrnipo— Per 28-lb OSD. Cirnw-per bat: 
0.60-1.00. Parsnlps-T-Pcr 38-Ib 0.30 

Onions— Per jfi-Ib 1.00-2.09. Stwades — Per 
28-lb 0.59. Rhubarb— Per pound ouidonr Cucumbers — Per tray 12/245 
1.50-2.50. MiahmiBi- Per pound 0.5a- 
DlSB. Apples— Per mmud Bromley's 0.1 J- 
0.18. Cox's O ranee Pippins 0.154.1R. 
Laxttms 0 09-0.1S. Pears— Per pound Con 
fere nee 0 12-0.15 Tomatoe s Per pound 
Enclls'i 0.40-0.45. Greens— Per crate. Kent 
0.60-1.00. Cauliflowers — Per 13a a.58-3.80 

U.S. Markets 

LONDON DAILY PRICE lor raw sugar 
£101.80 1 £09.001 a lonnu ctf (or Anril-Hay- I 
Jnne shipment. White sugar daily price 
was fixed at £107.00 <£104.5Dl. 

The marker opened slUtinbr above kerb, 
levels and thereafter wires tended to 
move ahead as sellers appeared reluct am 
to offer in front ol the week-end tender 
fn frao. C. Czarnfftdw reported. Pinal 
prices were around ihe *’ hUths " of the 
dity. some. ' points" above opening 
guntauons.' - ’■ 

"Sigiar 1 ' I- j 

PM. tYeBtin la.r'ff 1 Krtvbms BiiapieH* 
L'pniui.j L'liwe •«' VIiBu.- I lVpie 

J ) • } 


Mar,... If 4:40-04 JOi102. 1>0! J2S 104JO 10S.0 

Am 1D8./5-0O.4O 106.b0-08.d0 IDS. 66-100,7 

Ul-I 1 12.26- 12-16; 11B. 10- 10.M 112JMI-1 lu.0 

Dei--.. n5.76-JbJ0illff.76-13.bS 116.80-113.7 . 

Mare/j Jll2A-a9.ftllm.0a-?l.»ISS!.9o.7il.I 

Mat ....j 1S6J&B-27 -DU: 176.00-S6JS; 

Any.. ■ . . ; 13Q.ilb-vD.75! 1 78-K-23 JM 136.00 

" Sales: 2.599 (2.7M1 lota of 59 formes. 
Taie aod Lyk* tx-reftnenr nriec for 
granolaied basis while «j*ar wu C42.40 
1 samel a tonne for home trade and 
1181 1 £159: for riftwrl. 

inlornatlDoal Sugar Ag moment: Indl- 
color prices tU^.’ cents per potud. fob 


"Apr. 21 ! Apr. 20 Atnnlti Bi?il YeorauiT 

239-93 239.77 | 235.34 I 275.93 
1 Base- JnJp'l. ]fi0S=i0B> 


.iprtF SI Afrit SOfilonrh apt J Ytarujpt 

1457.5 1445.9 j " ic) ~~|~1735 .8 
(Base: Sent ember 18. .1831=; 1W) 


linn'! April J April j XluttUiT Year 
4«iex 21 j 30 aKti | ajn 

Sixs™ 360.58360.48 360.774S2."l3 
Fntnnw 552.94 $54.26 344.94 41 1.14 
■ Avers Ci- 199^1.36=1001 — 


I Atnili April 'MlaithiYtir 
Mmiy'h j 2! . -3) •; «an jajpi 

S|ilu fil lin' try 699-9 902.0 906.4 94S.3 
tDccembor" "H. 1031=1001"" . 

Losses in 
cocoa, coffee 
and copper 

NEW YURK, April 21. 

COPPER eased on Commission House 
slop-loss siUuic and trade nedfi'-selbn^, 
(ollowinu seittomem or the BuUusn meiat- 
uorkers strrfti-. Bathe reported. Cocoa 
uave ground sliuhily un trade lelluic. 
while coffee fell back on rumours or 
possible Central American offerings on 
Monday which would increase avail- 
ability of supplies. Suesr closed higher 

00 strong tratfu bnying. 

Cocqa— May 1M.73 1 133.73 1. July 149.30 
<149-85. . Sept. 146 M. Dec. 110.70, March 
135.95. May 132.45. July ] 38.10. Sabs: 
338 lots. 

Coffeo— " C" Cuntraci: May 174.26 
• 177.541. July 153.25 ■ 157.25 1, Sept. 133.40, 
Dec. 125.50-120.00. March iiB.oo-l2fl.uu, 
May 115.00-116.00. July 114.00-115.00. Se-pt. 

115.00 asked. Sales: 750 tots. 
Coppere-Apnl 57.51* /.iS.JOi, May S7.S0 

liS.-W*. June 56.20. Joly 56.76, Sept. 59.70. 
Dec. 01.20. Jan. 61.30. March C2.7U. May 
B3.7U. July 8170. Sent. 63.30. Dec. 67.20. 
Jan. settk-mems. Sales: 72100 tots. 

Conan— No. 2: May 5fi.7o ijd.07i. July 
5S.25-6SJI7 i 58.43i. 0«. 60.13. Dec. 61. li- 
01.25, March 62.2P-C2.30. May 62.85-63 IU. 
July IB.23-6S.W. Oct. Kf.7j-tD.75. SaU-S; 

115.000 bales. 

'Cold— April 178.30 1 1 70.601. May 171 JI0 
<170 901. June 171.50. AUK. 173.60. OcL 

175.70. Pee. 177.90, Feb, 180.20. April 
182-88. Juno 195.50, Aim. 189.20, Oct. 
191.00. Dec. 103^8. Feb. 196.68. Sales; 
S.500 IOI6. 

tLard — Ctaii-aya loose 23.00 fuiiavaii- 
ablci New York prime steam unavailable 
<24.73 asked/. 

tMatoe-^-May 2541-2M1 i238ii. July 

L’53!-'J53t (256 1 . Sept. 2631-2534 , Dec. 2A5- 
2344. March 3811. May 265. 

SPIaUnum-nJuiy 2M.80-JU7.70 i204.4lli. 

Oct. 21UJHD 1 208.001. Jan. 214.70-71190. 
April 218.7O-21890. ■ Joly 223.50. Sales: 
1,190 IMS. 

‘Silver— Apnl 497.40 1 497. ini 1. May 

49790 1 497.70), Juno 501.60. July 30a.:M). 
Sept. 512.70. Dfe-c. 521.50. Jan. 52S.50. 
March 598.70. May 543.10. July 
Sept. 582.20. Dee. -575.30. Jan. 579.70. 
Sales: 8300 loi». 

Soyabeans— May 7I4-712J <J9si. July 
703- 70S <7K). AUG. SS4-6S2. Sept. 

Nov. 621-620. Jan 624-825. Mareb nil. 
May 835. 

1, Soyabean Meal— Mav i30.50-)siijhi 
1177.30). July 1S3.00-IS3.50 < 180.70 1. Aun 

181.70. Sept. 175.50-176.50. OCL 1«0. 50-170. 00. 
Dec. 168.nU167.Sfl. Jan 18930-168.80, 
March J 70 .20-171.01). May 171.50. 

Soyabean Oil— May 26 70-26.60 i2fi.4Si. 
July 25 90-2530 133.771. ADR. 24.03-24-93. 
Sept. 2335. Oct. 2S.S5, Dec. 22.40-22.50. 
Jan 2233. March 2220. May 21.90. 

Sunar — No. 11: May 7.74-7.73 i7.3Si. July 
7.98-7.99 i7.SI*. Sepr. S20. UCI. S.32-S..T1. 
Jan. 9.5841.05. Mar/'b 9.09 9.1IJ. May 9.29- 
039. July 9.45 bid. Scpi. 9.75, Sales: 
4.100 lots. 

Tin — asked <not available*. 
“Wheat-May 3] 5 '3172'. July 3191-313 
<32111. Scpi. 323. Dec. 3291-33U. March 
339. May MS. 

WINNIPEG. Apnl 21. t+Ryc— May 

114.00 bid 1113.001. July 10B.3U •IflB.aOi. 
Oct. 108 SO bid. Nov. 109.90 asked. Dec. 
110 90 asked. 

ttOats—May 53.90 bid <S3j)Di. July 

79.00 asked i79.7D o*dl. Uct. 78.30 bid. 
Dec. 77.00 bid. JUarcb >4.00. 

ttBarley— May si .SO bid ist.fim. July 
81.60 bid 181.60 bid). Ocf. W.flO hid. Dec. 
mum nom.. March 76 00. 

^Flaxiecd — May 255.00 bid *256 1)0 bid». 
July 23B00 bid <250.011-250 50 biili. 'VI. 
701.50 asked, Nov. 257 JO asked. Dec. 


''Wbcal — SCWRS per *-cnt. pror,-in 

coni ltd eft St. Lawrence 1C3J>8 *iB3.7Bi. 

AH rent* per pound ex-warehouse 
nnlcss pihcrurtse staled. * Ss per iroy 
ounci-s— Jfflj ounce lots. * Chicago lotme 
6s per 100 lbs— Depi of A r. orlo-s pn- 
vioim day. Prime si vara f.o.b NY bulk 
»ank «irs- ’ renis p*-r 56 lh hinh- l i\- 
wari-lmnae. 5 non bushel lots. 5 as per 
jrov otinre for 30 02. (intis of 99 9 per 
ceni purny delivered- NY. ' Gents per 
ifnv ounce c3-warehou$e. It New P. " 
ennirnci in Ss o shnrt ion Tor bulk Ibk 
nt 100 short low delivered t.ob. ears 
ntlppon. Tol'tln. SI IaiuS and Alton 
“ | " rents per 68 Jh bn&bcl In store 
i r-*n« ru-r J4 lb bn+hi-J r.*ms per 
+s 1h h'whel fV-warelratiM 1 . 5< Hems p-r 

56 lb hushet cK-warehotiBc, 1,000 bushel 

1 lots. -CSC per tonne. 


/ x . a ,i 
1 i- r 


2H« Anns. 2T»® *20 4 1 
let Br.dsti Transport Stk 197B-B8 G2-’i;« 
O J;0 2',i® 'i 'it ! o 'a V ‘a 3 2-»- »• 

2 ;CC Cone Stk 21 SO 'a *!« ’» 

4p: Cons. Ln 33 v-C '■< 'i 

3 ;3C Con»C"S‘Bn 1-u. 3S‘i® V •* 

£« EvCriOa. Ln. 1976-78 99# V ,, 
13'«s: Eichea. in. 1996 ,03V® V® "*® 

rflfltltfi On Jpe 4 AH >4 

| GU.A-UXBdS. SSn (20,41 
North of Scotland Hycro. Electric Baird 
n. of scat Elec, 4 pc 98 v 
Northern. Ireland 6i<pce«cbtq-Stfc. 90 
■20 4). 7pcExCh<Hi-SU- 771;# 

, 3 pc Srtempiionsik. 44 ys 

This week’s SE dealings 

Financial ’nmes-jSatqrSay Aj^22 1973>^ / • 

| Locker <T.) «HWiO«W 17 Mfc ,£$«». 

A Non-ra- -(5p>;t6 <2o ra . 
i London Midland IndustL OS*> 75. % 
London Northern Gp. <250>Zfl - 
London Brick (25pl 660 3% 5tx- 4*t 3 
(20i 4). i4ocLn._138# 6 . 
tons HamWr OW) 3 5 I 20f4i 
Lonrho (25p> 73 2- BpcLn. 70 <MpM 
LaSSreTZM) 8* OB/ 4) . 

Lovell iG. F.» '25B i .33 . —IT., " — 


3e- Exchcq. Stk. 1921 37V 'l-. 7 • 

3pr Evenco. Sir 1963 BIO <:i® *ift# ^ 

8'iBC E«hCq. Stic. 1981 95-'*:0 4i>i$ . i 

0:«pe Eycheq. Stk. 19S3 93';# -i« 

S'.pc EiChOP. Sik. 1982 96>i*;# 6i* SWhO- 1 

INTL. BANK (— ) 

SBC 32i; US 41 


Friday. Apri! 21 . «» r Wednesday, April]* 4$6& | Monday, April 77 *432 

Thursday, April 20 4,995 i‘- ’.Tuesday, April 18 ...... ; 4,608 I Friday. April 14 ............ ........... .. 4^30 

ten's Moa* 3to“#* 

fck <H-,'J.)Crocp 

-) 3^2 A;-.-, 

SI# . 

R_C.IL HUSK (25 P)- 36 .(10/4) ' :*• 

, R.F.D. Group 5^cPf.. 404 (18/4, >'=■ 
Raeal Electronics Ct3OT~213® 8i®-. ." 

9 .-si' Exchea. Stk. 1981 9B 7 » *» : i» * 

iov>' Excnea. Stk. 1995 86'Ve® "«® 7 ' 1 ® 

7" A 6 ' m M _ _ aA 

10 Eicneo. Sik. 1S97 89'* Hi* *• 

1 l ot iWheo. Stk. 1992 1 00® 99i<*| 

12?; pc* s«hoo. Sfk' 1994 100'* 1 '* .. ! 

12 ipc Eachetj. Stk. 1981 107® 6'i® -K®, 

1 3 ic^Escheql^Stk! 1980 106';® 15-64thsi 

SVoe Funding Ln, 1978-80 95® 5 '« 4 V 
5 ‘.-pc Funding Ln. 1987-91 68%®U V £ j 
Gpc Fundin'! Ln. 1993 62Ji© S***® 3 - 1 

fi^ WndiV Ln. 1985-87 79 f *® «1 “ 

3 'aB^Funding Stk. 1999-2004 ireg.i 3SU« | 

S?;pc funding Stk. 1982-84 84 ',0 V ’»• 

6 ’jpei ^Treasury Ln. 1995-98 62® 1 ! «* ^ 

7'4K Vraasm Ui. 19BS.B8 64>a« 'a® U 

r'ac TrcaSurY* L". 2012*15 6 B‘j® *2 

Bp'c Treasury Ln. 2002-06 69':* 70 

g*Xc TreMtfrv Ln. 1987-90 83 *«: 2 : « -’■» 

- <y d g2 *4 r 3! 1 

a ?ut' Treaiurv Ln. 1980-82 95U® ?i.® * 

S?:k ' T reasury 'j-n. 1984-88 '* ^ 

8 :DC Triasurv Ln. 1997 J7® S-. 

SBC Treasury Ln. 1994 79'i*® 8 i»® -® 

9dc D PtMinr' Ln ^ 1992-96 7B"i«0 ':® 

9^pc Treaiunt Ln. 1999 83 |j® 3® 2S 
12b; Treasury Ln. 1982 lOS 11 !*® «# 1 

1I*:“C Treasury Ln. ’993 1 02’; •* '* [ 

i;w TrCiSury Ln. 1992 104 «>* , , l 

12-ipf Trwmv Ln. 1995 100':* L 

labile Treasury Ln. 1! J97 'fJX# .IV*/J 
13 'jPc Treasury Ln. 1993 106-.® *•# >; 

1 S' *n<? Treasury Ln. 1994 113 T «® 14'«® 

1 SLiSc ' Treasury Ln. 1 996 H 6‘># *■ .1' 
IS me Treasury Ln. 1998 1»0‘:i 19 » 

iT-w' Trras.Ln. (Req.i 20‘*# N “i« N "h. 

3K Treat"! tk". 1979 9i L «A •»# "w *•» 

London Countv 3Pt Z4L tzo'4]. 5bc 
79-:# 1; 80. 5l;pc 1977-81 BtU (19 4>. 
5';PC 1982-84 78>a» 7-’4® 51UX 

1585-87 70. 6>iPC 70:*0 i* 

Ccrp. London Suoe 95. 6>2K. 

i20!41. SltBC StU (20(4). 9tJ»c 99 

(20 41 

Greater London Bbpc 64> (20/41. 71* pc 
920 2 (20 41. 9bac 961*. 9'ipc 96 
(20 4).- I2i;pc 1982 1 031*®. 12':K 

1 984 107 '2 (19/4) 

Barnet I4ac 1130 
BaM (City oil S7‘« (1W41 
Belfast 90 L® 

Eiiminfitum 7 5 iuc 88 -‘<0 A. 8 pc 92 L® 
20 4). 9t*PC Wist 
Birmingham 106:-® ■: 7'* (20, *4) 

Bradford 78 C18.4I 

Bristol (Cltv on I3-'*Br 106 (19 4) 

Brisiol Corp. 7Lpc 91:- (17 4) 
Buik-nohamshire 9 Pc 96 1; 

Cardiff City 96: 2 :i7.*4) 

Cardiff Corp. BE'i 

Coventry g9<s IZ0'4) 

Crovdon 6>ipc a 7 A® (20.4) 

Dudley 9'-»c 9G 
Dumbarton 9>-pc 96 L® (20/4) 

Edinburgh 97* 

Glasgow 9 U PC 95 
Gloucestershire 92>: 119;4) 

Grampian 96'* ;20)4) 

Greenwich 99N *20 41 ' 

Hammersmith 99-'<® 

Hertfordshire 91 L. 512K 77 1 L. 6<*PC 
rS'» h 

Huntingdon Peterborough 96 I; '19 4i 
Islington lOpc 96U 

Kensington and Chelsea (Royal Aorougm 
, ll-'ipc 983*® I, 

Kent County 5<;pc 99«* H7J4i 

the date '(S pirtnih»M? *** ye5tert * y ’* m **' ns * aRa tte latest maridoax dnrhqi tt» wade of uy stare not dealt In yesterday. The (attar can ba dbtlmtisbirf by 

Low Sonar Gp. flSOp) 177 <20 1 *} . 

277® M *>• l« '7r- 

Lyons U-> 91- BUpcLn* 61» : 

Raise EMu teds- fiopi 13® 14 
RakusHi Group <iop> is® aoiar- ■ ■ 

R 2J n ? r iT , *J!S l £i? So) ««14>. tu - 

o5p> 5i* tlof4) 

Rand^f.LK U (I6p) 67 Bh 
Randalls Grouo . CESp) 83 
BankOrs. f|Sp> i30rt> 20 5 I ' 
■ BLpcPf . . 52 it - BpcPl. • SS'a 

. SSfSS-*? 1 ** *&!*!***• M <i9f4). : 
Rooks. Hovt* McDounll C25p) , 

Raosmn t7S ." 

The Dumber of doallass maiited In each entian follows tba name ef On 
section. Unless otherwise denoted shares m'fi FnBy paU And stock EU» fully 
paid. Stock Exchange securities arc quoted in pounds and fracUw,* af pounds 
or in pence and fractioin af pence. 

Ttaa Hit below Hlwa the prices at ittildi bamalns daso by members ef 
I The stock Exchange have been recanted- In Tlw stedr -Excbanse Dally 
Ofllctal List Members are net obllsad to' mark h ank, fexcept in special 

'cases, and tbs Ibt cannot, therefore, be resarded as a complete reewd of 
prices at whicb bottnam has been dene. Bargains are recorded in the QfRci&l 
. List up to 205 p_nt> only, but later tra n saak ua can be indnded in the Mliwteg 
day’s Offldal List. Hn LmHeaHoa Is available as to wtodher a bargain rnm-nii 7 
a sain or purchase bar members of the public. Msrknws are net necessarily^ 
In order et ex ec u t ion, and only one bargain in any one sec uri ty at- any ; 
price Is recanted. • , “ 

mFI Fomimre Centra* . «lOp) 78. New! 
(lOoi 76t# 8 ' 

MK 0 EI^W«. CUP! 1 71 H 70®., -7^; 
ML Wdga. j?5« ’ D} ® 2 " :J 

t Bargains at Special Prices. A Bargains Hoik with or between non-xnembere. ® Bargains done previous day. 3 Bargains done with members of a recognised &«*}'Ma»rthy* L0 Fharmacefflcals- t20pi 99 
F .y ch a n gp. + Ba^alns done for delayed tteUveiy or “nd buyins-UL" SA-SAnstrallan: SB-EBaham!an: SC-5 Canadian; sEK-samg Kong; U-Vanuteu; m 2 L^ 4 '* ' skpcin. 

(Malayan: Jllo-5McxJcan: tKZ— SNew Zealand: (S-Sinenuni- suS-8UnIted States: SWi-SWest Indian. -«««** ««**•. *Ma~ F McCorq0 o«iaie supcIsh™. so®, bopcul 

Ransom (WHIjanUr-fon t-Oo) 17S 
_8psLn. '77*3 ‘YlU/41 

SS-Sinsanore; (US— (United States; (Wi-SWest In dia n . 

7 Hoc Bds. Reg. (3/1/79) 99.542* 99.5460 
6>*ne BdS. Res. (17, 1 179) 98.900® 

6>*ne Bds. Res. (17,1,79) 96.900® 


7 ‘-sue Bd*. Res- CM/7.-79) 99.65 (20/4) 
8>|PC Ms. Reg. (7,3179) 99J| b (1&4I 
7'ipc Ms. Rep. (4/4,79) 99 k* 
lU^ocBOs. 100's® (28,4) 


Variable Rate Bds. DJoc 100.015® 
1 00.016® (20/4) 

Variable Rate Bds. 8.175PC 100* 




Agrf- Mort. Cpn. SijpcDb. 96J. (17/4). 
Do- 4':« 1977-82 BOIl *20/4). On. 5oc 
1959-69 61W >20/4). Do. 19-79-85 76 ^ 

• IB 4). Do. 7Lpc 1981-84 82- 1 . (18(4). 
Do. 9oe 85>U (20/41. Do. 91*pc 8»L 9L 
Do. 9l:pc 1981-85 93 H9MI. Do. 19B3- 
1966 87. Do. 10k*PC 86 
Clyde Port AUir. 3oc 20'zSO. 4pc 27kt®- 
Buds. 99 (204) 

Finance for Industry 14ncLn. 1 lO'; 
Manchester Mtg. Cm. 7Loc 96'j 
Medway Water 4pc 19S8-9S 33 I18‘4) 
Met. water 3d. 3 oca 291,. 5<-ne83V< 
Northern Ireland Elec. 5:31c 62 1>® (20.4). 
7I-PC B2»J® (20/4) 

South Cornwall Water 60c 78® 

Lanarkshire County Slipc 97 i17/4) 

Leeds Corp. 7: : nc 99*i* f17.'4> 

Lincoln Corp. 3 pc mg. 1 3pc 104>:® 

e . 

Liverpool Corp. S: ; pe 97V (17/41. S'.DC 
99'- (20.4). gJinc 91 it 
Liverpool City 13pcStk. 106 117/41. 13'sPC 
106 '19/41 

Mudstone Corp fi'*pc 86'* ci9'4> 
Manchester Corp. 4pc 28 ** <17/4, 
Middlesex County Council S'*pc 92ii 
Newcastle-upon-Tyne Corp. 9'aoc 96<: 
Notfinnham com. E-'*pc 99N®. 80c 96 

St. Helens /Met- Boreughi 11'«PC 97<* 
Sxnnwril (Met. Borough) I3pc i08A.Sf 
f20‘4i. ISPC 107«? tl»!4l 
ScHI H.>nd -on-Sea Com. 97I;. 9>,PC 94 

rsoai. 1 2 J *pc 104® 

Sci.thwark Com. 6NPC 76L 12014). IIViPC 

s- rl’n-i County Council 97-1* 

Storkoort 1 Met. Boreughi I2'*pc 103® 

Sundriland (Borouah) 121, pc 106® 12014) 
jMini-l Corn. St-pC 99 )* <17/4). 9’iK 

TaS.»*rte 1 Mel. Borough) 10><pe (Fy- Pd.l 

w,nii'L'. County Council 12':PC 1 04b 
«- rzn ai 

wno Xromwich Com. 5'*oc 9* 1 * 

Westmirf t-r fCltv of) 1 0^'-* '20/41 

g:,pc Bds. Rea. <24-5 7BJ 100.156® 
100.1 59 J 100 7.64B1S ii; , ,, 

9I«C Bds. Reo- rST 3-76) lOO?^ «0'4) 
g m»c Bds. Reg. 17.6.78) IODI* f20/4i 
lOpc Bds. Reg. (26(7781 1UH: (18.4) 
bi-pc Bds. Reg. (30*78, iao>i« 
a "pc Ids. Reg. i6:9'7B) 99-i «i7/4) 

Sac Tmas.S'S- 1982 84',*® «/;® *»t ? i* V' 
Treas.Stk. 1377-80 93'i«® '*« 3 •* 

3 -PC TrcisS'.k. T979-B1 89': ’•» ■>» « 
3 pc TreasS’.k. 65 > 6ia <■ 6 1* 

S'-nc Treas.S’k. 4S)ii# 9 

8'*or. Trcns.Stk. 93'i.® ; »® 'i 2‘’i* '* 3." Tntas.SIk. 1933 97'*® V® 'rt® 
fl' pc TrwSiS'k. 1OOU0 *1® TOO * J * i* 
9'ioc Tn»s.! , >. 99' he. 3-fid ths B j W ? 

T Qoc Treas.S^k. 87<i4l b'i ‘i 7 J 4 - fi-i*- R 
lO'-PC Treas Stk. 1976 100.74 
TO'iPC Trcas.Sik. 1979 102:0 2® 

IQi-oC Treas. Stk. 19999 85'*® 4<* “h | 

ii-!pc Treas.Stk. 1979 102L® 

J ) -ue Treas SIX 1981 103 2"i» i 

line Treas. SIS.. 9B"« '« "i* I 

lire Treas.Stk. 108® 7<*® 

1 4dC Trcas.Sik 110**® ' «® 2 3 -64th i <j 
9oC Treas.Stk. 991« 'li. •>., '* 9 

Var able Rate Treas.Stk. 1981 9S'* <70 41 
ViriaDlr Pale Trcaiitk. 1982 9S<: 

3'-pc WarLn. 34 "rfi .•*;# i' 1 >:® S "i* -y ’ll 

A] shone sons ng B i 17 (20i4i 
Al'in i Edgar) Ballour (25P) 54 u (2014). 
5pcPf."37i2 (10/43. 7)*ocDb. 7D 69 i 
(W-C-J mrton) (250) 42®^ 

AIIIM Colloids .Gp, nopl 70® 70J® i-l# 
.{•69 70 (2014) 

Affied^ insula tan (25p) 67. 6pcPf. 46 

AUleu Plant Gm.- (.(Opi 14i<® 

Allied Retttlmvtiop) 215 
Allied Suppliers 6>gpcLn. 54 <: (i%4) 
A^ed Textile <25p) 1380 
Ahitee HMgs. rsp) 491- 8 (2014) 

Alptoje Soft Drinks (top) 116 (2W4) 
Amalgamated Industrials IQ.SpcPf- 92 
Amalgamated Metal Con. 2B9® (2014) 
Amalgamated power Eng. (25p) 113 

Amber Day HWss'flOp) as (W) 
American Brands Inc, (SUS6-251 3B*u® 

Anchor Chemical (Z5p) 65 (18,4) 
Anderson. Strathclyde (25P) 49 k: (Z0I41 
Anglia Tttevlslon Grp. (2Sn) 73 2 (18/4) 
Ang o-AnwrlMfi • Agxialt (2Sp) 50*. 
Appleviro Grp. (Z5p) 85 /20.'4) 

Centreway (sop) 220 hbmj Ganar Settwair »25o> 97 (luvi : ■ 

SSS m 5in a ! n 03 p> Canon E™flOpi 89® ’ . 

Chamberlain Phipps (1 Op) 39': Gates (frank c.) Gep7 ssSp 6® 

Chambers Fargo* (5p* 12>] (17.'4) Gaers Omu (IBo) 44 42014) ™ "• 

C ha use Wares <10pi 22 120(4). 12pc Gellgr (ATj.) ascb ' - • 

Pfd- UOp) 201- 1 Geo. Elec. (Z5nl 2301® 5 7-4 s-i* ■ 

Channel Tunnel Im*. (SpJ 50 4pcLtu 8*is. dpcLn. 1873-64 tsu' 

Chapman (Sal ham, (50 dj so 7LflcLn- be® a toTocLd rvr.nriT 

Chemrtng (5p) 60 (17*4) loaS® u % * 7 *“ - ’ S7 ‘ - Ce F* N Or 

Chesebtwi9ii-Pond3 (SU51) 10^ (I7f4j Gen. Eng. (Radrtffle) ilQal IS qqui ■ 
Ch'uriM *ou P IUM 97 S. THjicDb. 71 ^ BSoraSgTltSSS B^9& • 

Christies internal. <10pl 91® 9aV>± G f8f l ?Mri! ,d9 *' A C25p> 178 ' ’“•WDi. 

Madcay (W.)_(25P) . jfc* 1 Sjfi 

ass3ttir>Sa« s * »« 7*.,aoML 

lOpcLn. 87 (T9/4) • - 

Mackintosh ' 

McNeill GP- «5pi 95 <W4J • - 

Macpbafwn 1JD4 < Bb- wSpi Pi * 

ffllm-Denrnr 4.2pc«. 42*. ISOtpeand, 
:Pf. 84 (17M> fc*«t,- atfl-i tv 

Christies interna tt. (10pl 910 SOiai 
Christ ie-Tyler (lOp) 70 (1714) 

Chrysler (SUS6^5> 11 (17/41 
Chrysler U.K. 5'npcDb. 661) (18/4). 
Chubb Son (2Qp) 134® l® 5 4 

120 (2014) : • . 

Qbbons Dudley (25p) 73 (2QM)' 

' Minanemen t Ag*ncv M«fc;- «0pl 72 
Garages- SpcPf- 37 (1W) • 

Chubb Son 120P) 134® 1® 5 4 
Church C25P) 155 (19/4) 

City Ho ted Go. l20p) 112 
Clarke (Clement HWgs.) l25p> 60 (1714) 
Clarke. NkkoHs. Coombs OSPI 68 
Clarke IT.) (IBs) 25 (17/4) 

Clayton. Son iHIdgs.) (50p) 64 (17/4) 
Clifford (Charles) Indus. 61 0614) 

Sbbons iStanley) Intel.' (25p) 17Q.*9 
Gie»« Qtl OSp) TOO® 

_ HW 0*- ‘10PJ 7 (20M) . , 

I GUI Du (I us Grp- C5p) 215 
ilttenr non) a-M*t Si . 

Glass Metal Hldpr. non) *6S' -. 

Glaxo Grp. 6 LpcLd. V50nl " ZSii <20f4)‘ 

T.k«* n. .TOt. 

MaKhUter Garages; 50^- 37. Ct8f41. • 

Hi kmttbrrttt 

SpcLn. ‘'77fa'ft8(4) 

Banswnes Sms. Jefferies 1SZ. 5>» -• 

• tiHfor • . ■ . 

Uew«l4e«) Ltd. flop) 67* 7 * •' - 
New Ord.dOrt E7 BO/4). - V s- 

Raytnek (IOp) 71 ft® 2® . - v ; , 

Read (cut Intertar, t3P) '213*® 2’a a.-. - 
Ready -Mixed’ Conortta (25u) 145%^ ' 

14)1. 8hpcLn. 103 (2014) V 
Reckrtt Cotman (50p) 430 Z 29. • 

*3. ELpcUb- .7WD (2XM4) rv. 

Recon) . Ridgway iZSpj 78 4* 8 f) • v ' 
Radteom ■ NatfdKrt Glass (2Sbj 
Cum^ndPL -47ia (19M) 

Redttruslon (25p) S3. . 4ccPf. 30^ 

&Lo , ■iv 5.95pcPr. 74 .‘'j 

Radland (Z5p) 130 23. 6i’PcPf. 57.- . • 
Redman Hetman ■ I utmost. (1 Op) O - 
BOH) . “ 

Read (Austin) G S.p)p2A( ■ : 

Mure Ca.J nj# 5 -' 


I Heed (Austin) Co. A C!p) 82® ; 

1‘Retd Executive -{SpJ 49 (17/4). • 

Rccd. Intenwt-115 16. 7LpcDto. t - 
70 (20/4).' 7lucRedJji. 49 (19M);. '- 
Ln: 1996-2001 531* A OBt4). . : 

69* 8* 5t - ■ . - - “ 

Reed Publishing 4>zncLn. 31- 7 

. 63J*®. 9pCLFI— *2«® 3f (20/4) - , I 
Reed (WTlIlamj sat® (25p) 81 ij so .- 
RaHant Motor (Sp) 6<3 (19‘4) 
Relyon'PSWS (25p) 75^ 6 (19/4:.*: 
RmwM 123*. 'EPCP1. 43 (ISM). 0 -V 
58 >x (19j4). 7)ipcLn. 60> a . 

RentOKIl Group (IOp) 32 ft (2014'- :• 
Renwick Grdop (25n> 39 ■ ?.V 

Restmor Gd. (2Sp) 124 (1994) •{:- 

Rmrertex Chemicals IZSP) 97 frS - ' 

7-VpdLn. 32(* (18ni) ' ' 

Glaxo Hides. (50p) 525* 6* 5 3 6. 

7ijpcLn. -IISW 16 

Marl Jy 1 * (25P» 78 9 n7U . ' ‘ 

Aouasuhim -and -Associated Cos. (So) 36 

.,8*: (20*1. a (5p) 33':® 

Armltagc Shinka. ci*. (Z5D) 61 ‘2 2 1 
Armstrong Equipment (iopI 63': A* 4'-» 

< «W37!?® W “ <2SP) 460 A ®2^4) rM ' J-J iContrBaqcO CIOB) 43 

7 'nee Bds. Reg. (20/9 78) 99 '■ 
671PC Bdi Reg. (8 1178) 99':® 

British Ef"Ctnc'lv 3‘:pc 96 >* 5'f,* fi 5 V 
4'*PC 96'? 6 

70C Bds Reg. l.l 1V.78) 99-'x 
Blot Bds. Reg. r22-11.7B) 99 ■« (20 '4) 
7i-pc Bos. Reg. 129 11 178} 99V* "it 
8 litK Bds. Rail- <612781 99'-'i* 

S '.pc Bds. Rag. (13,12'7B) 100 (20’a) 
7', PC Bds. Reg. (20,1278) 99.7 (20/4) 


Tate & Lyle group 

man a gin g director 

Mr. Saxon Tate has been 
appointed group managing direc- 
tor of TATE AND TYLE and con- 
tinues as chairman of the Board's 
executive committee. Mr. James 
Forbes has joined the company as 
a senior executive director with 
special responsibility for finance. 


By arrangement between BET and 
RediSusion, Mr. Binns will con- 
tinue certain of his present 
activities, including his appoint- 
ments on the Boards of Rediffusion 
Radio Holdings. Capital Radio (of 
which he is deputy chairman! and 
Windsor Communications. 

Australia (Commonwealth of) S'rac 1975- 
1978 98L 9 (20 41. 5'tpc 1976-79 971- 
C1B/4). S':pe 1977-80 944. S'-uc 1991- 
1982 SSL (20/4). 6pc 1977-80 92': 
(20 41. 6pc 1981-83 S3': (20/4).. 7pc 

Jamaica 6L1 PC 90'f (2U4). 7ac 100': 
(19/4). 7-*«i>cLn. 99>i (19.’4). S'^cLn. 

BO 2 (1914) 

New Zealand 4pc 97U,* tl7l4). SUpc B2i z 
(20-4). 6 pc 93(| (20/4). 7 <ipc B6I; 


Northern Rhodesia 5 PC 89 (17 4). 60c 

7976-79 97*2 /20'4). 6flt 1978-81 89 

N ( yualand Sac 89 (17 4). 6 pc 1976-79 
97'- (20/4). 6 pc 1 978-81 89 (17/4) 

Southern Rhod-»sla 2'-Be 55 (ZO'4). 3oc 
60 (20 41. 3'ipc 1967-03 54®. 4 'roc 

1987-92 57 5 (20'41. Spc 64 (20 '41. 
6 DC 1976-79 SB (20141. 6 PC 197B-B1 88 

South Africa 9 '-PC 93 2 (20,4) 


Bulgarian 7';pcLn. 6 
Chjnese 5ocLn. 7 
Hungarian 55 (1B'4i 
Iceland (Govt, ofi 68 (20"4i 
Japan (4acLn of 1910, E365 (20/4). 

SpcLn. 1983-83 77 (20,41 


Citicorp Overseas Fin. lOpcStlg./U.S.DIIr. 
1993 1^8 L® 90® V® a.® 90® <*• 
(20 4) 

Finance far Industry 9) a pcSMg.'U5.Dllr. 
1987 89 ‘3® (20'4I. IDocStlg. 1989 

900 (20,4). lOLPCGtd.Stlg. 1990 1]* 

dofertiUr Ho1dln9 UPCStlg 1988 94* 
L® (20/4) 

Rowntrer Mackintosh IQliacStlg. 1988 
091.® «.® go l.® (20 ’4) 

Sears Inter. lOUpcStls- 1988 90U® 


Total Oil Marine 9'iPCStlg. 1M2’84 920 


Moscow (City) 5pcMs. 1908 £2': 


Canadian Pacific (SC5) 12). (19/4). 4ocPf i 
40 (19/4). 4PcPn.Db. 34 
Ontario SpcPm.Db. 39'- (19/4) 

BANKS 0L81) 

Alexanders Discount 223 H7:4> 

Allen Harvey Ro&s 440® 

Allied Irish C25p) 173. IOpILr. 137b 
B 7 (1914) 

Arbuthnot Latham 157 (20/41 
Australia New Zealand (SAl I 238 5 40 

b!)&* America Cora. (SI .5725) 19V 


Artns^g Equipment OOp) 63'; V 4'e 

Ash Lacy (25p) 114 (18/4) 

Associated Biscuit Manftr. i20p) 83. 

3-GSpcFf. 42 % (20/4). EltPcLo. 34 
(1 0,4) 

PJOTcjated Book Publishers (20pi 175® 3 
Associated British- Foods (Spi 61 2. 6'ipc 

Coalite Chemical Prods. C25p) 70'i® 70 n aynwed (25p) ill* 11. 'T02 *pcLji. az 
Coates Bros. <25P) 59 «19/4). A (25P) 34 (17/4). SpcLn. 71 (18/4) ■ “ 

SB J 1 9/4) ... Gnome Photo (lOpi 39® • - 

Coate Patens t2Sp)75lj Si; f . 4J«BLn. Gomme Holdings (25p) 75 6 • ' : 

KiWulWg.lJj.p* • 

Marshall Cavendish (lOpV 48>i . ■•■ 

Marshal I (Thomas) (Loxleyi <25P) 47 

'SB*. Vf B.8UVOm> 

IB's® (20/4). 6VpcLn- 52'rt (20/4). Goodman Bros, and stoekman IS®) 10V . 
Co^r!' H.? i2*;?'VT3 oa<> WSi" "*■’ Sons CEnBin “ ersi ”«-*«' 

Colaate Palmolive (SU51) 17V B (17/4) 1 Gordon (Luis) Group (1>0P) 17 

Collett. Dickenson. Pearce Imsmat. nop) Gough Bras. (20p) 44 (19/4) 

SB 7 (20/4) Gough. Cooper i20p) 76 (17/4) 

Collins <G. and W.) 8'ipcDta. 67 (18/4J Grampian Holdings (25a) S3 1 
Colmoro Invests. i25p). 41® (20/4) Grampian Tele. NV A Cl Op) 38V~. 

Comber Gp. HOpl 28 Granada Group A (25o) 92® .1 

Db. 77 (18/4). 5'ipcLn. 22 <19'4) 
Associated Dairies. S^p. 222® 20 1 
Associated Electrical Inds. fipcDb. SOU® 
. 1. eVpcDb. 661* (18/4« 

Associated Engineering i25p) 113® 12 iz 
13'i *20/4) 

Associated Fisheries (25 d> 46 110/44. 4Vpc 
Pf. 34. OUpCLn.'SO (17(4i 
Associated Leisure (5o) 53 21- 2 
Associated Newspapers fZSoi 143 
•AsracfaeBd Paper lads. New (2Sni 45 <2 
Associated PortUnp Cement 227® 80 7 6 
I SpveDb. 46 (1814). 6pcDb. 58. 

6B ®- 9pcDb. 75® li i20/4i. 

Grampian Holdings (25p) 53 1 'I 
Grampian Tele. NV A Cl Opl 38V: 
Granada Group A (2 So) 92® .1 . 

May Haueil <25 di 60® (20 
I'Miynartis .125^.1 30 1 20141 
Meors Bros. Hldos. (23p) 2! 

SKmwe (2 So) 56 1AU) 
Rkhards Waltlpstou Inttta 

Rfpiards WalUpgtei) Imtost. (Jqw. 
2 ' 4 (2(aUn ‘ 

Rlrttards (IOP) 20- (1fti4) 

Combined English Stores Gp. (12>tp) 86 Grand Met. (50p> T04ir® 3® 4fa 4 3L. 
Comet Radlovlslon Sews. l5p) HO 5 i; 3. Writs. 1.5625 ,11 (17/4).'- 5oc 

mSRK? i H o*Spr.^SWi B W.h6»f 

Melody Mflis oaSTn 0741 _ 

lUchaiidsonx. wiessgarth i50p).sa' 
wiey tEjj .hwbs.- n dpi 2x trrit': 
RJrihr (I.D.- and .5.) Hidgo. <>on '. 

CompAJr CZSP) 95 'i 4'i 3': 

Compton U4 Sans Webb (HldgsJ (20o) 

F*- 39®. 7<apcPf. 82. ' BbPCLn. 96® 
5W. h 9VpcLn. 99 (19/4). . IBPCLn. 8S® 

JgCOb. 66® 9pcQb. ; 
IOVpcDU. 82 (1714, 
Associated TV A fzaoi 112 14 
Astra Inds. <10 d) 1b® >iO 

27 'i 2 3i- 

Concentrtc (10pl 420 Grattan Warehouses C25 p) 113 14 12-" 

Construction Holdings (20p) 90Vt 5 IS Great Universal Stores (2 Sdi 296® oars) 
Cook (William) Sons (Sheffield) (20p) 24 A <25pi 277® 8 7 “ — 

(17(4) Greatermans - Stores 1 

Cooper (Frederick) (Holdings) tlDp) IB (RO-50) 1)9 
Cooper industries (IOp) 17b (i9,-4) Greenbank industrial 
Cope Allman International I5p) 59':. 7 Hoc (1914) 

Ln. 1971-90 76® Greenfield Milletts (1( 

. Cope Sportswear itOp) 03 <1S>4) 
Corah (25B) 31 

Astra Inds. <10 d) la® 

AudiotronlC (IOp) 3Z 
Ault Wlborg (2Spi 30i<« >a 
Aurora (25pl 91 12014) 

Austin nopi 13 00/4) 

Automated Security BecPf. 138 H7/4) 
Automotive Products (Z5pi 118 <j 
Avana (Sp) 3Uab U 1 U <2Q,'4i 
AvellnB-Barford 7VpcDb. 65'.- (18/4) 

Avervs (25pi 143® 4® 

Avon Rubber 7 bb® s 

-Ayrshire Metal Products C25p, 46<x (18(41 

_A <25p> 277® 8 7 80 79 . 
Graatennans ' Stores (R0.5O) 1T5: : : A 
^RO-50) 1 J9 . J - ’ - $ 

Cr«nbanlc Industrial Holdings (TQg) S3 

Greenfield Milletts (TQpi 44i.' ' 
Grlpoerrods Holdings iVDu> 42 Cl 7/4) - 
Group Lotus Car (10a) 47 ii . . 

Coral Lelsure Group ClOo) T12® 11® Guest keen and Nettlefoldi 265 3 46 . 

1 1 IB. Naw (IOp) 108® 8 G Guest Keen and Nettietolds (UK).7TjpcOb. 

Cornell Drews 1 5P) 120 I2C/4) 721- 07/4). 7VpcDb. 7K* T20t«/ClDH 

Cornercroft (2 Op) 61 pebh 87V - .- ' 

Corv. (Horace) (5a) 20 (17/4) ' 

C ?Sli 1 B0 'aS- lOpcLn. HJ.T. Groop UOp) 33r : t 

- H.T.V. Gratia Non-Vot. i25o) TT8.618M) 
Costain t Richard) (2Sp) -.46® a® 5® 6. Hacwn Carrier i2Spi 99® Q0J47 - 
5'zPcBPf. 41 Hagga5 Oohn) UOp) 99 B (20.)*) •••’■ • 

Courtaulds (25pi 11Q 9 8 
; 1982-67 72® 3 V 3 (204). 

"niw l Bft«b.,«5p) 310® 2 3 300 6 4 5. 

561 £ 5 G0 2S7 ® B7 ° 20 a ® 58 St 63 
5RA Cp. '2501 51 (ZD.'4i 
B I9£ ia 14 - 5'ipc2ndPf. 

4 *®. Si-pcDb. 77V®. 7pcDb. 71U# 
BOC Intel. (25p) 69 8I2. 2.Bpc2ndPf. 31 
<16)41. 5VpcDb.72>; (18,4,. gpCTonnaoe 
□b. 1988 88® 5®. 9pcTonnage Db. 1990 
65® 4 (4 

BPS Jndusts. (50p) 221®. TDLpcDO. 87. 
7 VbcLn. 131 

BPM Hides. Nan-ytg. B <75pi S3 I17'4i 
BSG Intel, nopl 40 >4® 40 V. 12'apc 

Ln. 101® 1.20/41 

1969-94 68 V (184). S'UkUi. 1994.96 Hall (Matthew) 
49 '7® Bis. Sia-ocLn. 1994-96 53<a® 4. Hallam. Slelah 
7VpcLn. 1994-96 59 V. 7-'«Pctn. 2000. HaJfite HMgs. 

2005 61 (20.4) 

Courtaulds Knitwear 7>;pcPf. 54 

7ocDb. Hall Engineering CSOp) 91 V®. 7VpCt 
». 7 VpcDb. 78® 7. 

Ln. 1994.96 Hall rMatthew) i25p) 192 90 fiSM) '. 
96 53'xffi 4. Hallam. Slelah Cheston (IOp) 24 C20M) 
•PcLn. 2000. Hal rite Hhtgs. (SQoJ .132 (1744) 

Halma (IOp) 590 Sh - 

54 Halstead Clames) OOp) 17V W 

Courtney. Pone (Holdings) (2 Op] 60 Hampson TndusHres (5Pl 1YV® Idft <Z0M) 

Court* (Furnishers) N-Vtg. A (25p) 85 Hanger Inve st ment s noo) 30*1 25A-J0 ■ 

Courts (furnishers) N-vtg. A t 

AM) Hanson Trust (25a) 137® 9 40 -i - 

Cowan de GroOt (IOp) 59® V® Hardy Co. (Funtishera) (25c0 36 OTP*)’ 

Cowle (T.) (So) 39® t Hargreaves iZOp) 55 (TSH) 

, Harris ShMdoo C25p) 46’a H8M) 

1 hSIS* 0 ri.« ' -■ J ■ =1 Harris (PblHp) «20pi 67i» (17J43 ' • 

H0US * GrOUP ' 27m 7w:P, ■ 5S Harrfson iT. CJ (ZSPJ 103® 3 7 

[ Mentmpre Manutg. (5p >. : 1 4 Vt. J4 . 

Men 1 isles UttmC (H*dg»4 CZSp] .155 
(17/4). 9pcPf. 101. 

.Medal BOX 298 4 '3® 3. . TOVOCUi. 83 
Meta/"*' Box Overseas 3.675»cPf. -.42 5 

MeUI 4 Closures Grp- (25PI 78. . 

MO-4/ra* -HldBt) 650)434® . ... 
Mettov (25p) 43 (19/41 __ 

Meyer (Montague L.C C25p) 770. ,.-7]gpc 
Ln. 72® (20/41 

Midland Industries (5pv 41® (20/4) 
M.ller (F.) (Textiles) (1Dol -4Sia 
Miller (Stanley). Hidoi. (IOp); .12 (17/4( 
Mlln Mansterc Grp- (SOn) 201 V 3 (17/41 
Mining Supplies (IOp) GO (1764) 

Mitchell Cotts Grp- U5p>'43 V. T SpcLn, 

Mltchdl Cots Transport (25p) .55 ta 
(1Br4( . .. 

Mitchell. Somers (I0e) 60*. 

Mfxconcrote tritaos.) (25in 58 09(4) 
Mo/lns (2Sp) JT1 (1A’4J 
Monk 1 A.( (2Sp) 92t Vt (20/4) 
Monsanto fi'tecLn. 52 (17M5- ■ 'SpcCnv. 

Gtd.Ln. 113 (20/4) : . . 

Monument Securities (IOp) B(iO -(20/4) 
More O'Ferrall (lOoi 92 (16/4) 

Morgan Crucible (25p) 111® 12 
Morgan Edwards (top) 36 (19/4) • ■ 
Morris. Blakey wallpapers (25M ■ 45^ 

Wr^U-D. end 5.) Hidga. ■ 

I RIx (O/ iren (5p) . 6)k® 7® . 7 ■ 

Robertson Foods C2Sp( 135 :- B : 

RoMnson <Thonas) son i2Spl A®. 

iSrBW - *. «*!■?.■ 

Roth mens intnl.- B <12 <k»> 5ffi» 3f 
-Rowtlrt*? Mac w njosh - (50p 3 400 
W. 50 7pC2ndP>. 59®. . .7^;- - 

Rowton Hotels «25p) .146* ■ - **'■ .• 
Royal Worcester t25p) 1-31® S 3 2-'. 

SpcLn. 85® • 5 

Roy co Grp. pSp) 38*2® 7U 8 - I ‘ 
Ruberald. (2 So) JSB . 40/ 3JHi 4 LI!'. " ■ 
Rugby Portland Cement 'MB) 73®') '- 
4. Ptg- >5a) 54 k 4 *1 9M). - : 

5TV 2 (20W ?!•■/< 

Russel! • (Alexander) -MOo) 54 3 4l9l : V 
Rassen Bro5_(PaddlttBtonLt23p) 89V, T »' 
Ryan 0-). HldflS. ©3). 13 4i* ; 'l‘ 

BSR (IOp, BS« 9®, 6 
BTR <25pl 254. lO'tPCDb. 1Z2 
Babcock Wilcox <25p, 122 
Bail*? iC. H.i UOp) 6 it V 
Bjriro (W.i 154 

Baker Perkins Hldos. C3ni go'i® 
Baldwin *H. J.i (10pi 6'a® 

Bank Bndae Gp. <5pi 4it 
Barker Dobson (IOp) 121:0. 6VpcLn. 41 1 
■20/4-. TZpcLn. 8B> : ® 

Barlow Rand (RO.IOz 207® 

Barr Wallace Arnold Tst. ,25pi 73. A 
iNon-vtg 1 (2501 70 il7'4i 
Barrait Dvipmms. (lOpi 109. New nopi 

B rrow Hepburn Gp. (25 di 35 ij 6 SLJ fet 

|| 7 >4] nurnsun >1. Ul U3PI lUJV >) / ’ 

Crawley Bu'ldlno Products (25p) 67® f ^f n S'%,S|T’. saeld MV® /wO V. . 6 Vpc 

rSSII TtTli^a^rLrl’riusgi’aBi iva-41 Hartweas Groi C25 d> 88® 8 . . 

Crewthn^ ciohn* 1 E^rermtHttdfims) * V?idc 194® 200® ,93® 

Morrison (Win.) Supcrmarkebl (IOp) 196 
■ (20/4) 

Moss Bros. (20p) 9IT Cl 8/4) 

Moss Eng. Grp. (Z5 p) 70 
Moss (Robert). (IOp) 33 (20/4) 

Motiiereare (IOp) 158 60 -. . 

Mount Charlotte Kw. (topM7 

5GB Group CZSp). 149® 510 V' . r 
SaatcM Saa trill Mop) 119® 24 a^' 

Sabah Umber (20p) az-b . ... 

Saga Holidays New OZOp) 130 . ' 

Sa/nsfiurY <J-J t25p) .170® 75 "r l\. » . 

Sale Tilner (250). 230 C2W41- - ; V * 
Samuel (HO A (Z5p) 266 (1«4>- -1' 
Sandoma® (Geo. Gj sons.<24» • 

Summon Kavser 4Z5n) 62 -11 1..: 

Sanderson- Kaysor d25p) 62 7(1®/®.- 
Samtorson ^ M array Elder HHIdavV. 

C S Wt 3 h |r 9SHs Wgtme> WoWr, * a 5:3De 42B. 72££b.70O ™ • 

<-r-ital3ti (HoM'ngy) (Sd) 27 I- “ {liSSLl 3 Ii " ' • i' m ' 

C H5S , SB" tZOrt 90 n7,4J - A N ' VW - fiZ (17/4)- 

r.,ltp.r } Brides* Hfllrllnot |ic g i is HeasJlam Sims Coggins (5pl 33 "C2(Ha1 

C f20%4) d d Holdings (25p) 19 Hel0|le ^ London ,1 Opl 17® la C20M) 

Cmnn'lnt Engine SVflCLn. 1976-94 1 04® eii *v n*ui 

Movltex (IOp) 14 (19/4) 

Mowlem Uohn) (2Sp) I27ist W - 
Mulrtiead (ZSo) 171 700 70 3-.. 

Myddleton Hotels.- (SOP) 2100 
Myson Grp. (IOp) 63(i® Sr. 

Sandhurst Marketing (IOP) Zfi OOtf- 
Sanger (J. E) n(®- JM 4-3^51. 
gangers Grp- C2Sp> 79® 80. . 7-hSX& „ ■ 

- n b/ 4) to. ii" 

SavUle Gordon LT.) Gra. (KW.icjV ‘ 

Savoy Hotel A- (1 Op) 67 la bJ®' • 1 •; -• - ■ 
Scapa Grp- CZSpb. 90 85- (20 M) <■’ 
Schlumberser OU51) SUS68V 
Scotcros 4250) 67® 7 r 1 . 

Scott Robertson (2 Sp) 37- (17f4t , J .; : 
Scottish . Agricultural Indust. TVoqE 

Sconfah Universal Invests. (25p) 1J®, r ' - 
18 21 ‘2 19 2 Oh . 20 - . .7*,^ ■ 

Scottish English Coronean Text/tear- ; 

50® -''H.-- 

Scottish Heritable Trust (2Sp) 37®j :- 
Scottish Homes Invert. T25W 2tr .ri_- . • 

Scottish - Road- Sendees ; 7jxjPt . ■*} 

(1714) , i*'. ■ 

Scottish Television -Nah-V^g. ACtda-' 

(19,4) - • • . ; 

Seers Engineering BpcCnm Pf. . 48 Ca " • : - * 
Seats' Holdings C2 Sp> BJ 2k 4- 3 ; 

N — O — P 

Engine SVncLn. ,976-94 104* ^ y ^ A S 

Henlys (20 p) 113^ 14. S3 . 11 VpsLI). 10* (ifigi _ __ _ . 

□ale Electric Intel. (IOp) 1359 
Danish Bacon 108 117/4) 

Dartmouth lnv. (5p) 18'tih 18 
Davies and Mctstite A Ord. (I Op) 45 

H<MJlys (2'Dp)' IIS's® ^ ' 14. "•'7^dM. S3 

Hw^laucs (Arthur) (TOP) -21 |Uf/4) " 
Henshall (WJ Sons lAddlestene) .(.TOP) 
i64 „ .■ _ 

Neediers (25p) 35 Ud/4) 

Neepsend i2bo) 42 o 9/4) 

Negrotti Zamblra - (2Sp) 87 (20/4( 

Nell Spencer Higgs. (IOp) 90 '(19/4) 
Neill (James) Kids 5. (Zbp) -9511O T20/4) 
Nelson David (5PJ 8<a <17/4) - rr* - " 

Newarthtil 164 (19/4) 

-Newt Old. Burton HiagK (25p) 4»<i ' (20/41 
Newey Grp. AS® B<i C20/4) : “ 

Newman Inds. (25p) 74 '■ ‘ 

Newman-Tonks (26p) 59 

Bank Leuml ru.KJ ISO V 07/4) 

Bank of Ireland 155* 5. 7odLn. 64® 
(20141. lOocLn. 156 V* 

Bank ol Montreal iSC21 13”i# V 

Bank of New South Wales (SA2) 505 500 

Banker Nova Scotia (SCD I3'iw 120/4) 
Hank of Scotland 268® 75 70 1 
Barclays Bank 3S3® 40® 1® 4® 4 5 3 E 
Til 8'lDcLn. 69'!® 8'- 70 69V V 8 
Barclays Bank Int. 69 (20;4) 
drown ShloW 210 f 19 4) 

Can. Imp. Bfc. Commerce (SC2, 20 >t »•* 

Chase* 1 Manhattan Corp. (SUS12-50) 

SnSi'ift’ Izrail- (SA11 «■ , 
Compignla Fliwnclere De Paris (Frs.100) 

Gernird^and National Discount GSp) 165 
5 <20 41 

Barton <25pi 55':* 1»® I20'A. N 

Bafisett (Geo.) Hldgi. (25pi 140 
Bath Portland Gp. (25 pi 65 4 3. 7 hoc 
Ln. 52® (20/4> 

Hatleys of Yorkshire (lOpi 52® i2D 41 
Baxter Travenol Labs. SUS1 1 32 
Beatson Clark (2Sp> 162 
Beattie *J.i A rRest.-vbg.< >25pi 93 

Davies and Newman Hldgs. i2Sp] 134 HuihO- (Furniture Trades) A 410I0. 22 
DarH^GodlYev) (25p) 75® Heoworth. Ceramic Hldgs. CZSp) 78WU is. 

Ord- (25p) 115* 15 13 - - 

De La Rue I25p) 267® 2 60 Heron Motor (25 p) 103 _ ... 

De Vert Hotels and Restaurants (Z5p) 158 Hestxlr (25pi 107 8 9 ■ . •; 

<19/4) Hewden-Stitart Plant (IOP) S6»i* S'a* 

Doansan (Hldgs.) UOp) 27 (20/4) 7 (20,4) - • *• - - 

Dehenham* <25p) 99 101 TOO. 5':PC2od Hrywood Wullams tSQp> 9Vf •/ 

Db. 78V ilB/4). 7Voc2ndDb. 68 H9/4). Kicking; Penteawt f50p) 79- <16hO v 
6'iPcUns.Ln. 59 V (18/4). 7VncUns.Ln. Hickson. Welch <;Hldg&.) (SOp) 170* 3 70 
57V. 7VpcUns.Ln. 62(. UpcUns.Ln. 1 2(20/4) • ' 

IfiJncDIi 86/7® -• 1. 

Hemrariti 'JO Son (lOoi 62® *«- «PcPf. 
(39 (19/4). 7PC A PI. 55 

Mr. F. Stuart Andrew has been 
elected to the Board of WELLMAN 
INCANDESCENT, a subsidiary of 
WcUraan Engineering. 


Mr. John D. G. Buchanan has 
been appointed to the new post 
of chief executive of WANDER. 

Mr. Colin Mitchell has been 
appointed a director of WILLIAM 
LOW AND CO. He is at present 
general manager of Lowfreeze, 
the company's freezer centre 

. * i 

Mr, H. K. FitzGerald, chairman 
of Eastern Produce iHoIdings), 
has joined the Board of ASSOCI- 
duce holds 34.3 per cent, of the 
issued ordinary shares of A.F. 


Dr. John Maund has been 
appointed director. industriaj 
engineering and manufacturing of 
CABLES. Mr. Peter Morcombe has 
returned to the company as 
general manager of its new optical 
systems division and Mr. Harry 
Roper has become manager, 
military and public sector market- 
ing. Dr. Maund was previously 
with Lucas Electrical. 


Mr. John Wrigley has been 
appointed a director of MAY AND 
HASSELL. Mr. Robert W. Bell has 
been made regional director 
t North West! and Mr. John Good- 
man. regional director (Midlands). 

Mr. Norman A. Gardner has been 
appointed sales director of 
joins the company from the Powell 
Duffryn Group. 


Mr. Graham Binns has been 
appointed a director of WALPORT 
will succeed Mr. Geoffrey Nugns as 
managing director from May 15. 

Mr. O. P. SL Aubyn is to 
retire from the partnership of 
W. GREENWELL & CO- stock- 
brokers, on May 16 but will 
remain associated with the firm. 

Branford Grp. (IOp) 41 (20/4> 
Beuer Hod) 54 (18/4) 

Beuer i,od) 54 (18/4) 
Hackman (A.) OOp) 66® 
Bffecham Grp. (25p) 631 1 

Mchiin Grp. (25p) 6310 23: 8 5 3 4 6. 
6pcLn. 80*i. 6VpcLn. 79 |1B.<41. 8<ti>C 
Ln. 70 (17/4). SpcLn. 240 (IB/4) 

News - International C2Spr 235 (1 ft/4) 
Nichols (J.N.) (Vlimo)- (Z5p) 135 (17/4) 
Norcros (25P1 8B <z CO/41. 5oCPf. 54.- 

7J«pcLn. 8 2L, (10T4) 

Vtgj C25p) 90 ... . • — . 

Security Services; (2Sp) 92. _AitHoq;L . 

Sekri? International -.( IOp) 27. <20/4 9 
Sellncatirt (5p) < 23V® V h - ’ .-,v 

Sena Sonr Kifatea tSOoX Stz ■ ■:>* 

Norfolk Capital Grp. 3 5g): 39 (20/4) 
Norm and Electrical Hldgs. (20p) 39® 
North Brititti- Steel : Grp. ' (Hldgs,) asp) 
30 _ • " 

1 14-'l 11914) 

□ecca (25p) 415 (20/4) 

A Ord- (25 p) 

BeUm nop) 55 61 
Bell Si me (2Sp) 95® 

Benford (IOp) 47 
8 en tolls HOP) 31 

“SS 0 ^. .25P)*?!? 18 ® 2011918 - 

Best ond May HOP) 50 

Belt Brothers (20 d) 65 

Bibby (J.) 222 20 3. 4VpcDfa. 8ft '2 V 

Bidti/e ’Hldgs. (25p) 81* ■ 

Bifurcated Eng. CUP) 47 (17/4) 

8lilam (JJ HOP) 41 . 

| BlrmUl cfoakast 1 (25p) -66. 7'=pcLn. BSiirtP 

j Blrmingham*Mlnt (75Pl 69 (18/4) 

Black Edgiogton <50o) 110 
Black Arrow iSOp) 30 (18/4) 

| Black (Fttert (25p) 134 
! Blackman Conrad goo) 16 
| Blackwood H«l«2 . 7,2 

liundWI-S^mglMe <Z5P) 92'J UO/4) 

Boa rdman (Spi 12t® 

!oftbn 0 T«tI | ! Mill <5o' ' 9^9 ' ' j* mVm, 

Booker McConnell (50p» 22B 31 
Bool (Honey) JSOoi 123_(1> l4»^, _ 

Bools 125?) Z03 i 2. DO- 6PCLI1. /fl 1 :** 
70%# i 20 M Do- 7^PCLn. 66 ^ 
Borg-warner Cpn. ' ^- 5 , 0) „ f 2 ? ^ 7 0 l ,I) 4) 
Borthwlck (Thomas) (SOp) 86 5 1201*1 
Boulton < Greooi ClOffij^V 

Bowater Corp. 190 1 2 3. SWfrT. 

5 ^. 35 «pcDb. Ill 56. T«Ln. 83'i 

Bowtnoroe Holdings tl Opa S3 
Ora By Leslie <10pl 85® 

Braid GP.- 39^i 

wSi^sSr in^op' 20Mr 9 aw4 ’ 

SSMgft 1^120/4, 

Brldport^Sndry (Hldgs .1 f|DP 132 
Bright Uttm. fep. ? u 5e . , 1 SV* 

Brigray Gp. (SPI |V '1W? 

British AtomWilipn fPCW. 46 (19/4) 

BriWsh^Snd 5 Amer lean Film Hld9»-'(5Pi 

Gibbs (Antony' «>««»■, fi®? 1 MJFP'w 
Gl'letc Bros- Otecount 197®. lOocLn. 7! 

Mr. R. R, B. Mackenzie has 
been appointed a director of the 
PAPER MERCHANTS.' succeeding 
Mr. S. R. W. BaOey, who has 


IBPCLn. 79* 

Crteiari HM9S- C 2 So> 100 ® 98 9 k 

Golnness Mahon Htdns. fipcLn. 54 (20/4) 
Golnnns P_eat Gp. i25p' 208® 

ambro* SI is. <25p) 169 72 68 70 5. 

Hambros SI is-_ <25i 
VncLn. 69 WOM) 
Hill Samuel Gp- 

Mr. D. A. Whitaker has been 
appointed to the Board of 


Hill Samuel Gp. C*Spi 82® BO'i-® 
WrrntS. to sub. 41* 

Hongkong and Sbanghal BanWng Core- 
(SHK2.S0I 2S6® 2 1 4 45. 

Jesse/, Tovitbeo (25p> 71 
Keyser Ullmann 

King and Shaxson (20p> 58 (17 4) 
Klrinwort. Benson, Lomwale t2Sp) 98 
4'tPCPf- 55':® G 1 20/4) . 

Lloyds Bank 261® 3 7. 7i)PcLn. 91 ij 

Lloyds ( Bank 261® 3 7. 7'jPCLn. vis 

Lombard North Central BpcPt. 44 
Mercury Secs. <25p) lift® 15 )B. 6'ipc 

Mr. E. W. Wood has been 
elected chairman of the ASSO- 
COMMITTEE, succeeding Mr. J. L 
H. Meier, who takes over as 
treasurer in place of Mr. Wood. 

Midland Bank” 355® *0® 5 2 It 50 J 
50 7. lOVpcLn. 89 8V. 7'^cLn. 

50 7. lOVpcLn. 83 B*. 

Mterter Assets <25p) 62. 5ncPT- 36® 

Morgan O. P-1 Iwv (SUSZ.50) 39 


Following the merger of 
appointments have been made to 
the Boards of subsidiaries. Mr. 
J. 0. Church and Mr. D. R. S. 
Ezekiel become directors of Wood 
Bastow and Co- Slis and Andrew 
Baron. Mr. T. Scabrook and Mr. 
D. Harrison join Wood Bastow 
and Co.; Mr. R. W. Druce, Mrs. I. 
Richardson and Mr. J. J. Priestley, 
are directors of SLix; and Mr. B. 
Dickinson is a director of Andrew 



National and Commercial Banking Grp. 
(25p) 71 >i® 4® 2 >2 3l> 

National Westevnstm- &ink 275® 5 7 Sja 
8. WrntS. 92. 7pcPJ. S_9® a.- 8Vpc 
Ln. 941* (20/4*. 9oeLn. BZt# V® 

5S..%"i;i. 5 - SS3> «5 9 . 2o 5 i.t® h 

lfm»”Sartiy D2 |-(mdon Ptd. <10P) 1 2A 2 
Smithf' St. Aubyn (Hldgs.) <25 pi 72 

Staodjuntf Chartered Bank 400® 400 398- 
1 3>2PCLn- 103'jt (20/4) 

Trade Devrionnwnt Bank Hldg. (Rea.) 

(USI.501 SUS10.01S® J0>04$® 

Union Discount of London 301®. Now 


Allied 125el 86b 5'3 5 4. 5<lPCPf. 46 
fi 9/4,. 7'iPcPf: 51 Ij® 120/41. 4 VPCDb. 

71 (18/41. 5 VpcDb. 75V. BVbcDb. 

621- (17,41. 6 VpcDb. 64J* il8.'4J. 7Vpc 

Db. 68t (20/41. GVpcLn. 46 *20/4). 
7 1'peLn. 53 <19/41 

Amalgamated Distilled Products itOP* 39® 

Bate Charringten (2Spi 151® 49t® 52 3. 
7pePf. 57 is i20:4i. SVacOb. 1977^9 
93V. Do. 1987-92 46V®. S'tiXDb. 

1977-79 97 ij 5 »T9/4). Do. 1987-92 
1 72V lx. 4<:pcLn. 45 i2D/4i. 7VpcLn. 

63 >1 V (20/4) _ . 

Bass Chirring Ion Brewers EpcLn. 62 'a 
<19/4.1 7VpcLn. B1 
Belharen (25PJ 3B'i® 4) 

Bell (A. I (50u) 238® 9®. SiapcPf. 46(j 

Sodding tons I25pl 149 51 

400 (2014). 6PCUm~Ln. 73H (18/4) 
□ebon UOp) 22® 120/4) 

Hield Bros. (So) 10 

H (^, HH ‘ ^ 

High Gosiorth par® 

(5ni 10V <17V4> 

C2Sp) B2®. 8PCU«-Ln. 74 

Sekri? InterattUiial -tlOp) 27. <20/4 

Sellnceort (5 p) °23V® V b - • 

North (M.F.( CIOpJ 36 Cl 814) 

Northern Engineering Ind: i2Spi 96 41*. 
5.375ocP(. 58 <20/4L B^BpcPI. TOO 98 

Seno Sonar estates !50p) 5h l-i>* 

-Smrtor Engineering Group • (UWJv. - " 
_ (20/4) 

Dewhurst and Partner (IOp) I61- (20/4) 
Dewhurst Dent OWp) 1^(19/41 
Diamond Stylus (IOp) 21 tlS/4) 

nirw nottLAjpiuuii . t-. mWicAt 

Dickinson Rooinson Grp. (25p) 113® 16. 
7VpcUns.Ln. 69® (20/4). 

7VpcUns.Ln. 69® (20/4) 
Dlnkle Heel (5P> 27 (19/4) 
Diploma lnv. l25p) 140 i20/4) 

5.375ocPf. 58 C20/4L B^BocPI. TOO 98 
(20/41. 7'mcDb. 72 (20/4). ..SpcLn. 
73 '1 (20/4) ' -r 

Nortiiem Foods OSP) 67«t® 9 8. TVpttM). 
67 *17/4). 6.2'i cLn. 105 

Norton and Wright Gp. (IOp)' 186 09f4l. 
Norton iW. i.) (Hldgs./ (Sp) 3S*'3ig 
_ <20/4)_ .. _ • ' 

Serek (25p> 85 6 (20/4) . . \ 

Shakesprare Uosewh) (5p) 36* 

duma wmrw raoni 7B (19/4) • 

DKT f5 «°W P 9 hle ' 10P, ^ * Holt Lloyd |r 

SSttATASS- 67°fi9?- 4 ) 120/41 C £SK 

fc/a'Wtig? 7 <m) . „Xo5, 

Dowd I ns and Mills (5pi 25 119/4) 

Downs Surgical OOPI 30® 29'- 

Dowty Grp. (50pi 175* a. 7pcLn. 175 J5SJJL* JL. 
Drake and Scull Hldgs. (25p) 24 (20:4). Hrakins. Hmi 
S.6pcBPt. 54. 7ncDPt- 69 (20/4, , H SH1 l* 66 

Dreamland Electrical Appliances <10 p> 43 House ofLe? 

nidSitaF rc.i in ,10, at Hovering ham 


Hoi it* Bros. £.sjfi. tzs/j bo® taping \ 

Holt Lloyd I nternationaj l 1 0 P) J34 120/4) 
Home Charm n0p i.lg» ^_4 3 <|0’4) 
Home Cmintira NewH»pe« t"p) 6B 

Homtray <25Pl_46'iy „ . . 

Honeywell JSUSlia/SUSSDV'x*® 

danw Ware (20o/ 7* 119/4) - Z-L 
Sharpe -CW. -N.J. (25n) 140 GDt4|> 
Non-vw. CLSp) 137- (16/4) ... ?■; ; 

Shew Caroetb ClOo) :26V® >-« ■< 

Shaw (Francis) Row 3CH,- (16/ah 
PI. 45® _ 

Shecipbridge EnglnaertiiB (25p). BS- i:. 
rm asi, ri<ua) •• ■•*• 

Nordle and Peacock *10p) B 
Nu-Swtftv HxL (Sp) 23® 

cover (25t>> 315 
opkmsons HWgs. 

yuBSffi 1 

mo) 86 <17/4). . . 

OtHK^MUl Bectrooic Machines (25p) 96 

□ffier (5ol IS .19/41 S¥p?67° 

0 z f 9,41 Howard MacttWVtispi 31® 30 

HMkins. HortonJjlOW 152® ■ 

House Of FrasdLrMW 149® 5® B 7. 

•SJSrajrfufc 0, D0- A 

Otrex Go. CNJo) 109 •* 

OHves Paper- M*ll <2001 39 UOI41 
Orme Developments (IOp) 46 WBML Do. 

BPCUL- &Aiz tZOM) ' ■ ‘ 1 

Osborn (SanwelJ <25 p) 89. , 

Owen Owen. CSSpt 7fl 7 _••••••• 

Owen Owen (Z5pi 7fl 7 - '• • • ■ - 

Owens- IlHodls Inc- (SUS3.125) 173* (17/41 
0*1 ay Printing Gp. (ZSpj 56t (1W4) . 

Db. 83>a (19/4) „ 

Sheffield Refreshment - (25W'_.4®,;i-; t 
Sherman (SanHttl) HOP) 12 
Shiloh Spinners (25 p) 21 (IBW.;^ •- 

SW law Industrie* (50o) 83 , -X, - . 

ShitM Gorman Holdings (25p) 1«fc' ’ 

Silhouette (London) (20p) 4Z O8/4. - • , 
Silkotene Lubricant* ( 10 pi 6ft W 
snverthornd Groms' Cl 0n> IQ ‘ 

Shnoo Km. ■<25p) '208® B_6. -1^; 

ShStaan ' (54 'A *25p) ^Obwi ' j: ” ' * ' 

■34t® (20/4) - -.--* . • 

Sirdar (25o) 6ei;® S-3i«- _ j. ~. 

600 Group (2Sp) 7S>i® 6 »t . . 

70 (16/4) • -v-'-hJ-..- ' 

Sketch lev. O/Sbl . 96 v - 

Small (John C.) TTdmas (25p) JT:( 
Smailsluw (R4.. (jStiiwear) fl6p)_J) - 
Smart . Cl J. - (Contractors) C1g«4 53% ^ - • 
Smith Nephew AssocJaWd.nOpJ .63. 

' BpcCmr.Ln. 1681 T 24 (20/4) - 

Smith .(Pr) a Ob, SO (17/4) - 
Smith- 'WalHi *25pi '®, . _J1 11 

Sdilth (W. .H.I A t50p) 143, 4»a*fa fi 
(19/41. 5VPCUI. 37 lit _ "hi 

Smith WOiltworth (5p) 9 'i (18/4) 

SmitM Inds. (50 g) 157* 

Smurn (25p) 166® .. . ^ 

Solicitors* Law Stationery <20p) 55® .—r 
Sony (YSOl P728 (18/4) '• , ' 

Sotiteby Parke Bernet (2Spi 258 7 
Southern Constructions (5 pi 7h® 7 . 

Sparrow (20pi 103 aO/4) ■ ^ _ /• ■ 

Spear Jackson Inter. U5 p) -128® 7 < 

PMA (Hldgs:) (2J9p) 3® (18)41 
Parker- K poll A H-V OSa) 104 2JI (1«I4> -• 
Parker Timber Gp. (25pi 102 (ZO/4) 
Parkland TeactHe (Hldgs./ A -Ord. 05P162 

llNS^S^-r,)' (2510.37® 5^ ' 

bsss dp., 

PMteaMi' VmSk. (25M 119. 1 SVPCPT. 431 
Pawscxi <W. I.) ISpi 36 - j 

Dundonlan (20o< *7 (18/41 Howard fen^s’servlcis (Md’ 27V® 

□unford and Ellloit BvocDb. 7t (19<4 i Hudson's Bair E13V* 13'« 13. 

□unhi/I (Allred, (lOpi 350® Hunstlel (Hldgs.) (25o) 132 <17 4» 

Dunlap Hldgs. (SOP) 78 *. 9't 80. 5-Vpc Hunt. Manna (Mlddletom (5 pi 26>s 
Pf. 43 ij 1 18/4 r: 4 VpcDb. 01 C18'4l. /-|9'4i ,,, , 

7ntDb. '65V H7/41. BncLn. 64 M7 4 
Duple International >5p' 12V 13 (20/4) 
Duport (25 pi GOO 7h 
Duraplpe Inti. <25 p) 106 (2D'4) 

□ utton-Forshaw Grp. <25pi 401:0. Var 
Rate Ln. 98 

Dwek Grp- (lOpi 9® (20/4) _ 

Dyson o. and J-) (25 pi 52 (17/4/ 

Hunting Artoc. '"gust. <2Sp1 21 3 It 
Huntieigh Grp. (lOpi 89 CISWi 
Hyman (I. and J.i (5p) 3*V® 

Peak Inve stm en t s li Opi 11 (2#W 
Pearson Longman (2 Sp) 184® 3 ■ 

I — J — K 

Longman (2 So) 184® 3 <2 014) 
(S.) Son (2Sp) 185®. • 9WL 

Pearson Longman (2 Sp) 
Pearson (S.) Son (25s 
T9BT 94J*® G0#4J. 

_ - IU irniti corp. OU91.25I ?50o <18/41 

E — F ibsteck tainsen . ‘“"IJ 4 7«L® “iS^'A 

Illingworth Morris (20p> MW- D°- * 
EC cases a Opl 12 (20(4) ,2001 26'» 3^ (20/4) 

EMI (50p) 156® ij® 5®-7. 5PCLIL 37. Iin ^ a | cfate A 2,0V '20/41 

•earsop w-J son i«pi imp. ■ •wui.i 
1981 94J^P G0/4J- lO’aPdJi. 1.993-96 1 

•egler^M^tersley (25 p) 160® 58 9. -7oc 

j '1SITH0R1TY B 

Lp. 1989-94 77 1 
Pantiand Industries 
Pentoc (IOP) 79 

stries OOP) 

Spear <2 5 pj 228® - . 

Speedwell .Gear Case (2Sp)_22 • • ~ 

Soehcer Clark Metal Industries (20Bri- 
■ o8(4) - s 

Spencer Gears C5n) 31b (19/4J ■ ■ ■ . : 

Sperry Rand Corn, (* M W,. 
Spiders C25p) 27-® 7 8. 6PCPt> 51- 
Splrax-Sarco <25p> 272* (20/4) -“■ f . 
Soorto OOp) 42 07/4) • • ^ ■- 

Staffordshire Potteries (25p) 140' (*-. 
Stall ex OSpv 12 11 C20/4I- ' ' < 

Stag Furniture (2Sp) 92 C20/4L 11^-. 

97 (20/4) • 

Stakls OOp) 36 b (2014) 

Stanley (A. G.) «d> 129' 30 
Status Discount (1 Op) 158 (20/4). _ •: 
Starelev teds. 217 *20/41 * 

Stead Shonson -A (25p) 36 00/41. 

. Db. 28 (19/4) 

SteeL Barnett (R0J5t‘33'i 08/4) ' . 
Steel Bros. (50n) 372 119/4). 7pcLn*s* 
■7014^ 9ncLn. 70 (20/41 
Stoetler <25o) ISO. AljpcPf. 33 ( 
7P«Ln. 110® - j, 

StHnHerg (I0o) 14 ‘ t .H*| 

Sterling Industries r2isD) 25 OSMil; 

Prt (5<yPC> 34- (16)4) „ *1/ 

Stewart Plastics. (2Spl 126* (20/4) 
Stecklaka Holdings R5pl 63 (19/< 
Stoddard (Holdings) A Non-Voting 
<25pl 29 Vi (2D’4J 

Stonefilll Hotel og* (25pl 87*' OBIl 
Stone-Plait Industries (25p) 111V. 
Stothert Pitt 166 (20/4) - ■ --L 

Stroud .Riley Drummond (25gl 28 
Sturla (George) Son nopl 17i^ -6' 

Samxr (Franc/*) WoUlnos) tlOo 

Sunlight Service Group 7'rpcPf. 59' 
Sonra Group (IOp) 44 h® 

Eater Elertrieal (5p) 19® 20 

Swan Hunter Group -ISO® 2 38 
syltone czsp) 9fr aoi4l 

TdCLit. 62 V® Jk® "j20/4i. 7VpcLn. 59V. JSSriS ClSmlcar Indust. M 4® 35 B 7 
8'tiJcLn. 100® IDO 3 6 4t 4. 5pcPf. 44<i (10j4,. 5'iPd.n. 

RF (Hldgs. I l25p) 102 4 (2 0/4) 47'-® 6 V. 7VPCLn. 64 VO V *! 4* 4 5. 

Prly ic.l BpcPt. 37'i 117/41 BpcLn. 70V® V V 1 70 h. lOVpcLn. 

Perido-Elmer 4pcLn. 19JMMB. 75 (18/4) 
PenY (Harold) Motora (25 p) itt'i * 

BritisP* Benzol Carbonising <10p) 19':® 1 

Br^tite 1 Building Engng. Appliances C25 pi | 
Bmlsli Auction Group <1 Dpi 44® 3 I 

ERF (Hldgs. 1 (25p) 102 4 (20/4) 

Early iC.I BpcPl. 37'i H7/4i 

East Midland Allied Press A (Limited Vtgj __ , , 4 ^ . 

■2SP> 75® 6 (20.4) Imperial Grp. <25®1 76* 5 6 9' a BW- 4'si. 

Eastern Produce (HldOS.I t50p) 87. ItHipc 4pcLn 66V. SVpcLn. 73. 6.9pcLn. 52 >1 
Ln. 75 (1T4i ,20 4'* 7.5pcLn. 59'2® i2tt*l. 1 0 -S ncLn_ 

Eastwood CJ. B.l (5P) 87 82V® BOV 1* V IV 1. BpcLn. 721*® lj 

Econa nopi 57® 9. 7UpcLn. 54 (18/4) imperial Metal hteust. (25P) 57»i® 8'z 8. 
Edbro (Hldgs.) I25PI 145 8 <17.4 1 7vUcLr. 64'j V (18,4) _ „ 

Edwards iLouls C.i (Manchester 1 (5p) ID® meo CUa A 12V (2014). Do. Cate 6 
a mel tSpi 12® 13® 1 ? il|n M6/4t _ 

nnco. Hldgs.. noo) 39 mgall lndu«rles (lOpi 22 <17i4) 

Jnglls SncDb. M2 'r t17/4l 

BpcLn. 70 V® 
88 T V _ 

rin-sjefla 1 Wiawjw = 5 

pSef-Pte B»keri«, 2piw COM) 


PhlHps Finance SAmcLn. 1961-94 57V 

MHW ■ Lamps Holdlm _ Ord. (0.10) i 
P914 10 8 7 900 1 

Phillips Patents . (Holdings) C25p) 14V 

42(17/4) • • ■: 

Potteries (25p) 140'OD-. . 
12 11 C20/4) • .'W-. 

re (25p) 92 00/4). 11^ -. 

Electrical industrial Secs. (25 p> 430 

British Enkaion <250)10® 12 _ 
British Home StOrM j 2 Sp • 1 78 b 

Phoeqtx Timber (25 p) 138. S'* 

PhoUX . (Voodoo) (Z5P) 41 (16/4) 

PkUWily Theatre' (25W 105 8 (IB/4) 
Pickles (Will I am) A N-VtJjflOP) W. 

British Home SterraiZ5P'i<ro» 

British Leyland 'SOoiZS* 30 ^ „ 

nrirlch Lev land Motor cpn. Bpcunset-,*;"- 

Efectrocomooneou <10 pi 3450 Ingram (1 Op)' 37 (20/4) 

Electronic Machine iZ5p) 19V 20 19 <20/4) initial Services (2SD) 68 'j 
Electronic Rentals Grp. II Opi 111 (20/41 mter-CJty Investment <20 p) 1 

_ , Inter-City Investment (iom <u" 

Elliott iB.) <25p> 91 'I® 1 IBM HUSSi 206® 4 l20/4i 

Elliott Group Peterborough tlOp) 230 international Paint (25 pi 65 <1 1 

EMls Everard <2SW 80 (18/4' intwi«| l oni 0,4 SUnilird Electric 5'ipcLn. 

Ellis Goldstein 1 Hldgs.) (5P) 19i, 69® la 

Ellis MtHardv (25p) 66)]® 120/4) Inter- Stores 4VpcLn. 3' 

Els wick- Hopper iSp, 19® >< 19 120/4) Xr, Tele. Telegraph 

Elya (WimbeldoRi (25p) 117 «17/4i Timber (25p) 117 

Empire Stores (Bradlordl <25p) 159 B inveresk (50pl 66':® 

Empress Services Hides. UOp) Tlij HB/41 

Em ray (5p) 5V® . . B ic n i 57 e (17/4) 

Energy Services Electronics Hop) ll<«c i25p) 26 120/4) 

S order (25p< 73 (T8r4i 
rown I25DI 107 

B ulmer >25pi 152® 5. 9'aPcPI. 110® 
Burton wood <2So) 138 41 <16/4 
City Of London (25pi 55 
Clark (2SP) 122®. 7pcPf. 63 (18/41 

■SSS® 5 ® 0 ^"4 

a VpcDb. 71V 118-41. • 7VpeUnsec.Ln. 

British snoe Cpn. 5Vnc2ndPI. 48- 7 pc 

Db. 86 117/4,. 7pcUnsra.Ln. 63ia 
BrlUsh Steam Specialties Group iZOpi 74>i 

(1 Q J 4.J 

British Sugar Con. <5001 107 <17/4) 

British Syphon Industries (20 P) 59 
British Tar Prods. ilOpi 56 7 l17«4i 


Inter. Timber (25p) 117 
Inveresk (50oi 66';® 

Plfco - Holdings (20 p) 90® (20/4). A, 

pfiklSioP^freteers* 450® 50 1 3 2 . 

Pitney Bowes. 5'»pcLn. -1979-94 64^ 3 *3 

Phttlrd 1 Group (250) BI BO - (19/4) 
Pirade ConstrectioiM (IOp' 40® 

Plaxton's (ScartiOrimgh) CZSp) 77 (16/4) 
Pleasure ma (Sp) 76® 

ssrseStAjaa 4 !!®. ■ n« 4l 

Pork - Perms (TOP' 455 <*?/4) 

10lj 11 

England <J. E.) Sons 

(Welllngtoni iSni 30 JaclSons t Souree‘ , EnS B «5p| 1 62 ’/p 1 ?1 9/4) 

aShstSTaa 1 ■ - 

103 (IBM, • 
pprtsmDurh Spnde Hand Newspapers Ct5p) 

British Vending industries <10p» 3p W 4 ' 
British Vita 1 2501 E9. New (Z5BI 69® 9 

Britrains (25 o> 25<- '20.41 

Brofchouse >25pi 560 <20^1. 
83 <17'4) 

Pcrwril Duffryn (50P) 1.69 I I 

pSs? W ools nopl 241- (17141 
. prate (Wiliam). Son (5pi 25® 4|) * 3. ] 

P^Stc‘ HWOS. (1 0o».J»6® 


Courage 4 VucDb. 1975-80 87 <17/41. 

6 VpcDb. 84 li H9/4I. 7 VpcDb. 68V 

<17l4i. SocDb. 70's® (20.4i. 6VocLn. 
52 1'* (17. - 4i. 10'socLn. 85V 
Davenports' (25pi 85 11 914 1 
Distiller* i SOoJ 178*2® 7 8 9- S'.-pCLn. 
41V 40.' 7 VpcLn. 62V. 10-SpcLn. B2V 
3V 4 

Greens I II Whitley <25 p> 110 7 8. BPCPf. 
93te) 5® 5. 7 VpcDb. TO >2014). 8'iPCLn. 
60 (19141 

Guinness 173* 1® 7* 3 5 'a 6 2). 7Vpc 
Ln. 52'**. lOpcLn. 81 V UO/4) 


The aim of the fund is to provide a high and increasing income, which is 
paid quarterly, and the fund now approaches £13 million. Initial 
accumulation unit investors in June 1974 have seen their capital increase 
substantially, in tact more than doubling by September 1977. And that's 
equivalent to over 30% p.a. 

Brocks Grp. HOpl 67® 5 5,00“). 
Broken Hill Prop. (5A2i 58a; 73: 
Bronx Eng. Hldgs. riOpl 29 

sngifin Lmna uiayi ov; ira ■t^r’iTsey.i ci 

69’a. 7pcDb. 73 1 (19/41 <2 Sd) 100® 99 8 

Epicure Hldgi. <5p) 12i, Johnson Cleaners <Z5P) 5,3 



in n.7/41 _ 

Brok Street Bureau Mayfpir <11 Dpi 69 
Brooke Bond Liebig <25p) 43V® 4‘s- 5V»e 
Dob. 72 V iJH/4,. 7PCUnsec.Ln. 52S 
(20(41. 7V*xUnsee.Ln. 61V 117(41 
Brooke Tool Eng. (Hldgs.) (25 pi 27 6 

Brotherhood (Peterl iSOe) 156® 2 

herhood (Peterl i50e) 156® 2 

Brown Jackson (20pi 660 (2014* 
Brown Tewse '2Soi 93-<l9/4> 

Hardys Hansons asp, 158 (19/4) 

Highland i20P) 133® 2 4 1 
Hlgsora <25p] 78 7 '17/4, 

Invergordon (25pi 90® B8* 

Irish (25P1 121 (1714) 

Mansfield 215 14 <1B/4i 
Minton Thompson E*ershed (25W 59 
(20/4). 4 VBCDh. 51 I 

MorUnd 4G0 (19/41 _ 

* Current Portfolio 42% Preference Shares, 28% Equities, 29% Investment 
Trust Income Shares. The price of the units and the income from them can 
go down as well as up. Units should be regarded as a medium to long term 

Brown Bovorl Vent <Z5 d) 50 
Brown Bras. Cpn. nopi 23 V. atopeUnsec. 
Ln. . 65® (20/4) 

Brown ^ (John, 305 Z. SVPCUnsec.Ln. 434 

Brownlee (25o) 53'2 (17/41. SpcPf. (£10) 

Brunswick Cpn. 13 (17/4)' 

Bn/fftans 'Mosselburgh) (25p> 103 1,814/ 

Epicure Hldgs. <5p) iz,. 

Esrnirk Income (JUST 21 'a Z*« ,17'4) 
Espcranzs Trade Transport (12i-pi 151 
Eucalyptus Pulp Mills <Z5 pi 61 t2a(4i 
European Ferries <25pJ TO*»<, TO 9 TO': 
Eva Industries i23pl 90 >20/4) 

Ever Ready rHldgs.i i25ni 1 37 
Ever** Hldgs. <25o) J4i- (18/4) 

Evade Holdings (20 di 36 H8.'4|. Ne, 
rzop) 38 ,20/41 
Ewer i Geo.) (10m 26 

‘T — U— V 

asstisssssJBffiiL « 1 2 (2o/4). 

Prince oj WaHg Hotel* <2Sp) 112 (17M, 
Prilrbgrd Services Groua OSlJJ'i T . 

SpcPI. 36 5V 

Jones ’ (Edward) (Contraciors) noo) 16 

Pr^clffwra of HavS-Whart 133 (1714) 
Pt/Hman (R. ■ J.) (So) 83® 2 
p^Htera-.(25Pl 97 6 (20/41 

TACI (lOnl 29. 

Talbex Group <5pl 23V >T (20/41. , 

Ord. (5p) 23 Ip (19(41. Yl 'ascLn. 
Twma'S (SOP) 138® .7 6. 7>-pcDeb 

K SIMMS 1*5P) 36 
Kakuzl . _ 


Eaul'bur Jewellery ISp) 15. ll.5ncPf. Ka tenuMO (10W 28H B'jtZO/*) 

1 1 BO i2oln _ Kelsey Industs. nSp) 100 (17I4) 

Expanded Metal (25 p) 62® 2 Kennedy Smile liDp) 31 (18,4) 

Kenning Motor ®™“P* aS S« 6 MTj2, f2 ®iiS 
FJ*Ut. Construction Grp. «2Sp> 21 Kent (togrpe, T^PcDb. 68 (17M). Bpc 

Falrbalrn Lawson I25p) S2': UnSK Ln. i 67 W9 {ZO', 4 ! .rut, ,n* 

FalrcMId Camera Instrument Shs. ol Com. Kent iM. P.) CIOpJ ^1 

(*US1) 2BV iTft'4) 

FalrWew Estate* flOp) 110® 9 

S ’* Gravesend Sp4M. 48® pO/4) 

ih Newcastle (20 pi 65 4. EVocDb. 
69V <1 (17,4) 

Seagram £iav <18/4) 

A wide, rancp Iruslee wa/rify authorised by the OflfSrtffWt of Trade. A 5% initial charge is 
inciuOPd m the price An annuo) lee ot V^o plus VAT e deducted ham grass Income. Comrros- 
sion to agems Tf uslee Clyrtesdale Bank Lid. /MorntJ*' ol MxDand Bonk Group) Managers: 
Lawson Seamiies Lid. 63 Geage Street. EtfOburgh EH2 2JG. Tel. 031-226- Mil. 
H«lLi[efPiieiEdiiil3iift|h55i35 Dunngan offer, untemay he bought oraald daly— otherwise 
weekly on Frxiays. Senlemem lor uniTs soW lofcwfiwnnn aten days. 

Bryant Hldgs. ,25pi 55® 4® ‘7 
Bulgln (A. F.) (So, 26 (1 514), A Non-vto. 
(Sp) 23 21- 0 8/4 1 

Boijoagh (2dp) 122i. Do. Ord. <20 p) 74 

, Optton 



- OcU Juv I Bquf 1 '"-- 

Clara VoL (i Clara VoL chw^' 

Kershaw (AJ Sons (5 p) p9Z0® 
Kimpfier BpcUnseeJj?. 60 (J S/4) 

Farmer ts. W.) Grp. (25o) 118 19 20 K 1 *?*" (Robert Taylor CoJ (IOp) 50 

Farwrfl 5 Electronics (20o) 231 5 l?S®> ,, .-a-,, 

F f» 'iaW M “* 2 A 0 “ 1 ^hBSiiU'Wi&a*" , 

Federated Land Building i25o) 43ij* Kwlk-F,t (TYr« Exhausts) Hldgs. nop, 

South African IR0.201 70 1; 1 
Tomatln (25pl 103® 2® 2 (2014) 

I I Vamt Brews. <25pi 101® 
MIL ■ IwbUmv Mann Truman 
ennsa 1 I 29 <1*41. 4 VpcDb. 3 

income Units 5Z0p. Accumulation Units 71.7p. 

FIXED PRICE OFFE R UNTIL FRI APRIL 28 1978 ,m daiyprcetf iqwiERl 
The Marvagere reserve ffw nghi to dose the olf« if tM hue pnee nsas by mot® IMn 2!u%. 
Urals first issued June 1974 ol 33 Jp. 

Wateffy Mann Truman Hldos. SVocDb. 
29 (1 K4|. 4 VpcDb. 32 <20'41. _4l-nc 
Db. 781). BpcDb- 57 (18 4,. 7peDh. 
B6Vl16'4l. 7 VpcDb. 66V 117 14>. 10'iPC 
□b. 87 (19’4i . 

Whitbread A I25P) BSb 5 9t- 9. BpeSrd 
PT. 49>1- 6pCDb. 07V® l;«. flVpcDb. 
621; B0.-4I. 7peOb. 64 V 7 VpcDb. 71V 
(18.-41. 7VKUncec.Ln. 590. 10'jpc 
Unsec.Ln. 55 V (20.4), 1 1 pcUnsac.Ln, I 

B ulmer Lumb 'Hldos.i (20 d) 42 (20141 
Buml Pulp Paper <25pi 101 100 ■ 

Brno Dean czsp, 83 
Berndana lnv. rspi 14®-<20I4) 

Burnett Hallamihlre Hldgs. C25pi 158 
'JOf. A Non-vtg. (25p) 155 (18/4) 
Burrell (5pi 13U ,20/4] 

Burroughs Machine* 3JapcUn*oc.Ln. 116. 


Feed** (IOp) 31 

Fenner ij. H.) (Hldgs.) (25o) 131# 25® 
Ferguson Induit. Hldgs. >25p) 91 
Ferry Ptokerlng Grp. UOp) 73® 2® 

Fertiemgn *6.1 Sons (20o) 29 ij 
Fidelity Radio <1Co/ 7 7 <201*1 
Fife Forge '25P> 50 1 (18/4) 

Fine Art Derelooments (5ni 45 j»® ?Vp 
U ns-Ln. 69® 

Flnlas Hldg*. (50P) HO il8’4) 

Finlay (James) (50 p) 305 4i 
First Castle Securities (IOp) 50 '17/4) 
Firth IG. M.) 1 Metals) (IOp) 19 ,19/4) 
Fisher (Albert) Grp. <5p) 10 (17/4) 

FI sons 339. 5-VncUns.Ln. 43 

Filch Lovell 12 Op) 63. 7VpcURS.Ln. SB 

FItswilton >25fl) 42 '194, 

INVEST BY 30th APRIL 1978 


134'; <18.'4l 

Whitbread Invest. <25pt 80®. 6>iPcDb. 
B1 f 1 8 41 

Wrtynrtiampton Dudley Brews. (25o> 191 

Youno Co.'S Brwv. A (SOp) 168. Non. V. 
<50pi 133 2 <19 41 

S“jy (Hldgs.) (I7ijp) 71 

Butterfield Harvey (2Sp) 63 (20/4 


mm mm mm mam application form mmt rai h a 

To Lawson Securities LM FREEPOST. Edinburgh EH2 ODB (no stamp required ) 
or Tel; 031-226 39 n (5 lines +24-hou r Ansaphone Servicel 
I enclose a remiiiancc payable to LftwSOfl Sacunws Umiieo to be invested in units of 
Lawson High Yield Fund Noi applicable id Eire. 

£ | uiu i _ , For accurnuUltod onlls mark TCO 
Ircnnl For unJl-iinked Savings Plan please m»rk TCD 
j lAXJUl For share exchange aolaiis please mark 'X*n 

l nr cecia'o that I «m we are rwi lesidert oubwde the scheduled lenliohes noram I, 'we 
-I- qmnng inese unns as ihe nnnunseis/ ol any pcrsoniaj rcs>deri oulside iheien'iorres. 
<Tn«e unaNe io make me dcciaraion should apply through ineir Banker.Slochte oher or 
Solicitor m me u h j. 

Signature — 

(Alt joint applicants musi sign and attach lull names and addresses) 

Namesintull , 


Bristol Channel (lOpi Gv (16'4i 
Manchester Ship 217 18, SpcPf. 40 h. 
4pc1rtMt.Db. 27V >1 (18'41 
M craoy Docks Harbour 18® 17b (20/4). 

S-VpcOb. 73 (Z0.'4i 
Milford 64® 

jCWIntShs. 421a f18'4) 

Cadhurv n ciai^ rD ' W, *"* ,IJs2,s 3,1 ,20,4> 

**• 4 3 2,; 3 * 

10 UrY Schv, ePMs Overseas iSOp) 110* 

M l (10ff) 23 (18/41 

KHk Save Discount Group Cl Op, 76® 3 
L— M 

L.C.P. Hldgs. (250) 86* 8 4 

L.K . Industrial Invests tZ5oi 37 <18/4, 

LRC Intnl. (IOp) 30®. 8pcunseC.Ln. 6ft 

f»9'4>. TO'iPCUnsec.Ln- 79 (14/aj 
Laftbrake Group ClOo 183 7 5. wrnts] 
to sub. 98V. Bpcuiuec-Ln. 65 (18/4) I 
Ladles Pride Outerwear (20 b) 44 (20/4),] 
New i20P) 43 | 

Lama (John) (25p) 123 A 12 5a) 120 
Laird Group (2Sp» 85® 4® S'* U0/«) 
Lake Elliot (25P) 49'(18 4) 

Lampert Howarth Group (20p) 33iz 9 

R; Kodak 

UKtatak ' 





IBM . 

IBM" •' ' 

Philips . 

Phffip* : 

Phffija „ 

a. D. SbeD 
E.-D. Shell 
•ntdtetar • 



£12 40 

,16 42 

83* - 

' 6ifi 48 

- - — #48 

5t 8 lfi 

3de *3 
Z51g . — 

16 S 
5Tg 22- 

6T( 9 

15* 11 

- — -' 1865- 

■-. ! - 1 8253 

1^0 20 
030 20 

■ 3<g' BS 
3.70 5 

-1 J— c P81.^i 

1.70 — 

0.60 19 

3A0 J 111 

3.50 £ 

10.50 6 ' 

i 4.20- 45 
1^0 10 
11.90 6 

4J90 BO 
1.00 10 

~ '.4-‘ P139.I.., 

I - IP120. V 

Fletcher (E.i Builder* tOKUns.Ln. 67'; uiaorir m* 
120/4, $2 (19/4). 

Lancaster (D.M.) (5p, S 120,4) 

Lane (Percy) (ibn) 52 (17/4) 

La oortc ted*. Hldgs. <5Qpi 92t 2. 7'rocPf. 
52 (19/4). 10 VpcDb. 82 (17/4) ^ 

Latham UJ 11 SO 
Laurence _Seott 'J5pl 109* i20«> 

Camfiord Eng'g (IOp) 64 3n 
&S”rt OpP) 115®. 0 pop) 101 
Camrox cop) e3>m.:« 

Canning iW.i (2Sp) 62 . 

In ds. ( Z5p) 116 ra o/4) 

Caplan Profile (IOp) B3i a i20J4) 

7 6lj 420,41 

Capeeais (Sp) 39 iZoivf 

C20P) 79* 7 ij (20(41 

Garten Cage I L MmnP (lOpi 30 1 (19.'4) 


Fluidr/ve Enog. (20o) 67 V (ZC 
F odens iSOp) S3 4 rt7/4) 
Fogarty it.) (2Sp) 150 (20/4) 


A.A.H. (25p) 97 (20/41 
A.B. Electronic Products Group c25p) 88 

AECl S'tDCPf. *R2) 290 i20/4) I 

Fogarty (E-, <2Sp, 150 (20/4) iLawiea (2SP) 56* 

Folkes (John, Hefo i5p, 23 (20.4). Non-V. 1 Lead Into, (SOp, 1 

5pl 109* I20M) 

21 (2Q~f4, ' Leboff ISO 110O, 48 

Footwear Industry inverts. (25 p) 60 <18/4 i Lttnn (H.i daw 47. 
Ford Intnl. Capital Corpn. 6pcCny.Gtd.U1. tec Refrig. (2S 

( rjcK. 5« BO,.. 

Fort intnl. Capital Corpn. 6pcCnv.Gtd.Ln. Lee Refrig. (2Bpi 66 (10/4, 
7 ,, fi 11 TVocCnv.Gtd.Ln. L« 

Ford <Marth>) (TOP) 32'i <17!4) Leigh Interests (5p) I38'i:« 

F ?US4gs t 2oi* S MB/to C Br , ‘ Dw^^Recolote M i. n * ^ 5 P1 ’* 'S 1 ' 
Anrln in i y *5° ?? Leisure Caravan nopl .109 (Zi 

comp, unit* each rep- i-2Dth of a Sh. Lcm^ng Grp. (iop, 40 

«P‘=: , 

BP ■ 
(rSO: • 

GBU ■ :• 



ICI •. 

87 — 

16 - 
51 — ' 

£6 • e-t 

' 6 . 


50 — ' 


15 — . 

11 — ' 

N (ire tuber 

116 - — 770p J% -- 

71 — - 


BS ’ — ' B33p ■ 

51 — „ 

89 . — . : «. 

19 — ' m J 

81 . — 538p i. 

-■81 . — «- T>- 

36 — ' 

82 . — 

B 9:® 44® 

I AflB Research UOp) 95 (20.'4i 
Ia.P.V. Holdings (SOP) 1BO H9/4) 

Carlton Into. lOpcPf. 79 
carras intenuti. (50p). 44<^ 
Carrington Vlyelia C2Spi sS'i 

a t ?W-,- r 0 'aw;P(. 52 (IBM) 
rron (25pi 39® <20/4, 
n-Y Milling i25di 4&h (II 

Aaronson Bros. (lOpi Go* 

Abercom Investments (SO 30« 108i® 
Aberdeen Construction i25pi 82 

Carrington Vlyelia f25pi siti 9 40 39 ij 
(20/4). G'spcRL 52 (18/4) 

Acrew i25p) 108 <19/4). Non.Vtg.A (25p) 
707 80 79 

ta— **#■ JOW •All/* J 

arrY Milling i25pi 45 fc (11/4) 
arter Penguin GptPf, 26® (20!4i 

Adams Gibbons I25p' 77 iZ0/4i 
Adda Intel. (10n) 34® ■: 

Advance Laundries (lOn) 22 
Adwest Group (25 pi 238 6, GeeLn. 57 

Alrfik Inds. (20 P) 48 H8/4> 

AJ bright Wilton (SM 11 OB. SpcPf. 

40';®. 7'aPcDb. 83 IT7/41 . 

Alcan Aluntinlom (U.K.J id'tpeLn. 85':- 
9pcLn. 1 50 1 »® SO'J 

Alneanders Hidn*. iSpi 18. New (5p) 
17'™* ’it* 18 (20/4,. AlRestric.Vtg.) 
1 Spi 18® 

Cartwright (R.) iiop) 67® 
CtoUAto <10p* 31* (20 4) 

reg. In the name o t or held lo the ordei 
Of Notional Provincial Gink 215 H8/4J 
Formlnster <10p) 135 (2014) 

Forward Teehnqlogy Indusu. (SOp) 108® 
Fowco Mlnsep 125 dI 137® 40 39® 

Foster Bros Clothing >250) B7>,: U s 31 
Foster (John) Son (250, 32 3'.< 
Fothergill Harvey '25m 58 i20"4) 

Francis inds. >250' 62® 

Lesney Prods. (5P) 65 2 

Let reset Int (1 On) 193® 7® 5 4 7 6 2 a 

Lwe* (Sp) 15 117:41 _ 

Lewis, (John) 7 <sR«Pf. 594 (17(4) 

Lewis s lnv Tst 6^pc2ndOb. 654® 4u 


ro* Clothing iZ5n) B7i»s u s 91 Lex Service t25p) 79 5>a. Second senes 
John, Son (25 p) 32 3'.< - 20 1 19 (1B.4). 8'iPCLn. 1992-97 66 «* 

II Harvey i25m 68 <Z0'4) 1,(1814) , . ^ 

inds. i2Soi 62® iLcyiind Paint I2Sp, S3ii (17/4) 

Liberty Non V. 22i- 

nvsi aiw <aa •) • 

Caterpillar Trader (n.p.w., 43'» 2\ 117.4, 
Causton (Sir Joseph, i2Spi 1S<- 
Cavenham 7v-pci & tpr. 48 (17/4). 10pe 
1«PI. 93 ii. StipcLn. 69H 
Cawdaw liidf. <23 o) 28 4® 

Cawosds Hldps. llSpl 125 B . ,, 

Celestlen Into. (25pi 30't 1 (19'4) 
Celtic Haven (25p) 1 5® 

Cemanc-Roadstom* i25p) 129. <19/4, 
Central sheerweod asm 50>a 1 

Francis Parker (1 

63* (17/41 
P> jatai- (18/4, 

Freemans 'London EW91 i’ZSuI 306 10 8 (Holding ri <10 p) 

French Klcr Hldg*. <25o) 27't ^' it Y U : J C l (Z5 pI 66® 5 

Fricdland Doggnrt Gre. asn) 67 (16/4) tSSSSSS&iM TO ® (1«4L 

G — H Lteteod H&gs, 7, (2Sp) 1 36® 40® 

„ „ Lister (250, 47® Ij® 4'I. 5pCPf. 36ta 

G. C- Elltott-Aotunutkin S'jPcDb. 1969- (17/d) 

1994 6U1 <18 4) Liverpool Dalir Post (50pi 132® tib 

GEI Intm. <2Qo) 71 120/41 __ 

Gallaher 5pcLn TK Lteyd iF. H.) Hldns. (250) 66h ao/41. 

Gartord-Llllcy Ind*. (Sp) I5‘i PI *4, 7VDCLn. 63 'a (19/41 

-Deposits'- of £l,000-f25.0(KT accepted for Jxedr terms of S-i 
years. Interest paid gross'. Half-yearly. Rates for - deposi 
received -not later -than 28-4.78. -..V' : ?V 

Terms (years) 3 -4 ■;* 5". JL "l 8 ' 9 It 

mm v - 9i . io - lot- .104 - ii - 114 r 

Central Min. Tda. (iapi 63® 

Central Wagon 7VpcLn. 97 (20/4) 

Terms (years) 3 -4 ' 5- 6 I 8 ' 9 It 

toterest%.y 9i ; 10 : m 101-11 llj r 

Rates for larger amouats oil request.- Deposits -to and flirtin' 
information from The Cblef CasWei:, Finanee for IndnstiW 
Limited. 91 Waterloo Road, London SB1 8XP (01-928 782 '• 
Ext 17T). "Cheques pa/ablef to -“Banfc;' of England, a/e'Ffl,. 
ITI isthe holdtogeompady fialCPC andTCL - - . ^ 


•*«v A 

■ ■ ‘Vil . - y-; 

* . : ■* 

i ;^s 

: - ■? !*»i-a ^ *J>| ‘ 1 TWO W :{j 

lE&afid^/Times Saturday April 22 1978 

i-'J&jfiifii*' JSV- J*®! 1 ** .• t Milan (OonnofM Hfdox. <Z5oi 130 

; • SHS » 2 M^ T & S , P1 130 «»4» 

-■ ■ • : fflS&jSK (5*«. Wm im 


S ‘mb; 

. .= apy'ffiSa.MffiAy «« 

V JK}"" i"dwsspfra turn \iw % 

famtlpm?XZ 3 Pi - 344 Q- 39® 44 JjfltWr^CThonail i25pf tf (1ft4> 

'WvobV«t w ™ wwbw «»« ’« 

r.tSplTM; 3 tiSMK A (Non-V.) ^oBtenboteie bronxe Powoers (25ol 172: 
>1J4 (28)47 - • 1204) 

-BMgW.USpl IM (20«4) . •JfiHft*" Founary. EnpM. tlDPl 200 

:nc,.-ii4 lUfKUl 149 (2vi4l 

tms (Huttings) tsu» «D S»2 Sons <H/ogi.) i3P> 32* 

. onmu^pan i25p> >220 2. "JSft.'Arthuri son (Lononortt (5p) 30 



iio« 33i *B5F JSn-ki wo « , «’ 

»»*«"«*» Mlllbourq fHIdai.i 12001 46 Volina l &rpeti (Hldos-i 

fStoy Hqusajaop) i«Jj® 4® 1 * a 3 2'; xcmu, . • 

tZSd) 43 2 t 20 4 1 

KaHEB^*s«» nAnras^evm." 

&VW -“fcnac UGHT o-> 
$&*%SR%a8X’(£ff filial*! FINANCIAL TRUSTS (72) 

! V ■ -vnwan V° ua . flitters t25p> bo H8/4) Akrava and SouUiere (2So) 220 <20141 

AJ>,on - v ®- «1O«.50* <*wrie*n EjmreScwnfstaTlsObLkl 


*rarSsrs?*u:B!S>. Fh iJg» t "s;,'; 

3 £K?C®a»S: «*%«** «s£S 

1 i 1 .?^'i 8 ‘ l irT lt .? t>l * 68 t . zo,4 i-» Aimtom* (ovens, (200) 39*' 120 4J 

irenraema 1« MIMAB Bo^Kcti (HStaolsD * • • ■ 

66 Li 614). fiixpcLn. Bnmwnw in*. 1st. #1 Op) 7 <ia/4) 

5 247 SO »£?**•» Arrow HI*)*. IZSp) 19 *;® 20 U® 

rasa «_<_ 7a s'^pcCuoi.n. .‘5 f)7i4» 

nZS. “fuffletfi 1 94 C ir *17, Sf*™*" ‘- ,0a A***- <“» SB'S 

• .Cn>. OSn) 70 j.® ... 

:**•*■•.-* ‘;.|So Gl*. (2*1 87 6. 7>M>cOb. B7lj 

:■■■;•.. -120/4). SlmcUnS- Ln. 50 (19(4) 

.:■ iwtth warra^s; 

: ■;#*. ^ ^v,- ujsw^su ■mm - 

- . as 902 . ... 

--' . : -ij.-'ls i L’iOimBi Hldps. Ilto) 38 ROM) 

.- --_ J uotefflto >250) SOI* 32:;* 4* Z'l 2 S';. 

: - : ; ; ._ saBS^feST^ ”■ 6t3pcU,XI - Ln - 

j-T. c- J, *L UnlWMr . SSOT *95 . 6 a. 4pcOb. 89 

IMn.952 100 C «5 m Vi* n F 9?Jj ClWe *** S ““ * N - F - 100 » 

710141 Corinthian HUtgi. (lap) 1 am naidi 

tffl 4 * D |Vl NW1 Ge^Trt- Soil) 2f7* A iSOp) 

87,1 67*?® 

<94> S' B6T.J® (2014). e<4PC 

pith warrants) a^ D ( 2 0 / 4 i^' a ^ ,2Q<4) - OpeUns.Ln. 
(17% ?J?^ y PV' Gn - rasp) SI PI 9/4) 

i “'==» “=* i^y ,, asj!Bfc?us?Js, , . , ?-a 

j4* no/41 

MrL 21 , 2 .... Elcctra in*. Tst. i25pi 101 
. fibPCUns.Lnl ,nv - ™* W 7 fngeljch 

r2^ d4 ? he Be'lewinss Tat.) Panldpation 
4pcOb. 89 . 'Of- ' ,S J- bv Kara I tkchange Assur- 

United CaiTlert Cl On) $9 7 

Grnham In*.. Tst. i25pi 59>j9 60 

• ‘ ’T*) Sf 

-;rV ^",3 

Udocnroma Intm. (10W Hi* 

Valor CUn) 55 (2A'4) 

VUHM l20»» 120 (19(41. 4.9PCPI 53 
VtrnoB Pbshlon <SOpi 77 8 (18 4) 

VMM* /TO p) 30. 6pcPf. 37 (18/4) 

10WCU1. 97 <19 41. 11PCLP. 97 

TiUneUt. 96 U® A* 

InvHtment (25p> 18 17 <1ft«‘4> • 

Liovds. Scottish (20PI 88 

PI. 53 lonaon. Assoc. In*. (IOpi C*® ' 

London. European Grp. (lOp) 180 17 IB 
7w._ LopdOfl Scottish Finance MOot 38 (17/4) 
BctBrn - Mansan Finance Tst. ( 20 u> 480 (20/4) 

'• V 

W Ribbons PlOw 

• r- ^ i-, n S» W.G.I. (25» 95 


• - • ■ i* =l_ ) »r®<« Hotter lea t, 

Vlnten (20pi 100® 100 99 >• 

VotPfr dsp> 146 50 (18/4. 

W —Y—Z 

rww 2,4 »» 

Martin IR. P.j (So) 50* f2V4i 
[Merrill Lynch (SUSI. 331 ?) <20/4) 

I Mills. Allen Internal. (SOni IBS® 70. Do. 
Cum. Rad. lat Prt. 1984 7l® ■ 

N MC. In*. (12i;p) 1411 (18(4> 

Parmmbe (10p| 1Z 

Park Pace In*. (10p) 25 (19.4) 

[ Provident Fin. Go. (25p! 88® 5® 8 6 
Slme Darby Hldos. (IOpi 148. IDpcLn. 

(London Rea. 1 ZSI M7A4I 
Smith f25oi 54 

, ^<*^igsr t k-i®!ff‘a& 0 a , ,ia» , * 0s * t sss » tm*. bzw %.aoi« 

t: Wad^m Strtm^ QP C 10W®37 ROd! ^ '*°- 2 V 61 ,® la °l. 4 ‘ 

■ zi-\ < r W|fier tAlfrocn nooi ql r?n/di United Dominions r$ r. f2Sw AD . 

. * _ —‘•fctfi WalkS- HomS r5pj nS (20 4? Wagon Finance 125b) *7 12041. Do. New 

- - J lAlbll'bP ir IV a f/fc'.N 449 laniai 

Walker Homer f5p) llij (2 

. walker ic. W,» (2Sp> 117 

>25oi 46® (204) 
West of England T 

Tst. (25e) 48® *t® 6h# 

A 'Ifa. Walker (James) Goldsmitii (25pi 76±® S5' e ? Enoland Tst. (25a) 4E 

■ - - .. *-> - (20(4). Do. M-V (21*1 73 f V7 41 ”* VwkB(*M Ihw. (10oi 3 1194) 

V-j.’- 5 o'. Walker mtos;) [Sbi io'j i 17;*> . v U le Catto HOpi 79 (2(y4i 

WalM* Fashion nop) 64 .120 4) 
Wart Hjdgsi now 3« <17/4»“ 

GAS (6) 

Av';..~. : >Ti Wart Mhos. WJ (25p) S3. HupcLrc 84 Imp. Contnl. Gas Assoc. 340® 5 40. 7oe 

■ ; . «S»8- -- ’»«"• ’« ^Vsi^ANCE (137) ' 

'|S|BH3A^^Li flft* aw f . ,, vajAt 

• - -:r‘ r '-~ ia*s 5K«™« r *iop> 26 iia-4» ■ 

Jr WSr r SS'y« 6 ra , 4) SUSMU ,17,4 » Sffli gGS^BOT* ‘ 10,,, 3W 8 

. '**' Waterford Gtau l5W 44® (2014). IOpc CommcrrMI Union (25p) T41® 3 4 5 2 

Pf. 1B5(T8(4) ' 

Wnmonflhs (25W BS 1 (1714) 

Wats ha mi (25p) 214^0 

Watson PtitUo ItOp) ^6 

Watson (R. Kelvin) MOp) SI® C20I4) 

Watts. Blake (250) .131 • 

: r^, WIDUim rcsBJ C14';0 

-_: r V7 , ‘< Watson PhUlO IlOp) 

••• . -‘r:‘ Watson IR. Kelvin) MOp) 

: "Vi" K-e Watts. Blake RBP) 131 ■ 
1 . ■.: - l - V : . Woarra (10b) 23 h 11714) 
WNnvcJ) I5 p) 19t (75/4) 

LV :■ . WditH. iKnl « “ 

U:; v ,, webeten i5pi 32 " 

Wedgwood (25p) 204® 

‘ ' • fe^i S n p, ri 1 0p^ , 9? , * <IHi " 4S 

■ Wosfbnot I25p) 30‘M. (20/4) f5S2,„ 2 A*2 31 *■■.• 

■••?■•!: 6!. Westingbouse (25p) SI- (Z0I4) . i SSdSn {/S' i JL' i rt* - 

1 :i;s Westland Air. IZ5p) 47® 5 Ij wiflgS J? * wh ? hi T n 5 r pa ,'»nS l *i *-nn C > 

:';l -i- Westminster Country <25p) IS® 14 WUAi a?JS^^2^ l S!ttS in «Kr 0 ?' 1KB# s 

Eagle Star '2 spi 14F® 5 7 ' 

Eoulty Law Ufe <5n) 132® 50 2 
General Accident Fire Life (25p) 2060 9 
6 8. 1 7<i dc U nset. Lit. 67 (19/4).' 7Lpc 
Unsec.Ln. 66 'j 

Guardi, n Royal Enchanoe t25o) 2Q9® 14® 
10 14. 7ocUnsecJ.n. 651, (2014) 
Hrmbro life (25o) 302 17t lit S 
Heath (C.E ) ( 20 b) 257 60 (204) 

Hooo Robhson Group (25p) 184 2 
Horten (Alexander! Group Cl Op) 1EB® 

Legal Gan. (Sp) 146® 7® 80-6 3 4 5 

Leslie Godwin ( 10 p) 93 

Land, Mancb. (5o) 1 300 ZB. New <5p) 

-• WheatShoaf «2Sp) 197* 8 'V 

. * 1 7 <ao iv w 

... Whewav (SP) 16® 00(4) 

PhMntx ASS. (2SP) 2520 SO® 50t* 4* 

Prudential Ass. I5p) 142® d® «0 1". 
Refuge I3p) 128 ; 

WnCWlV 1901 160 IaUJ 4| •» • * • mniw iof/ 1 40 i^ui® . 

7 *■:. ~ «1-Whlt£f(juse' 150 Dj lCr ' 08 / 4 )" r Royal fi®. QSp) 254 ® 6® S 60 3 571 * 

. x J “i--r'«- e; WhSSfWS^W 81 JlR®. 3 pcL«i; 72 ® Sedgwin^Fo^ (lop) 

- a2 ^° 57 <17,4) ’ : ***• fw fSwffnSWS 0 * 

. ' t?5 : Whi liect-'iip) 17. 120/4)' m 

ir;5“ Whitworth Eject. TSp) 171(20(4) . 

•. ; “ Wholesale- Fitt. OOP) 125 0014) 

WlOfall (Henry) 05P) 210® 

-.itS-. : WiBOln* Con. MOp) 25 M9I4) 

Wilkins Mitchell (25ol 3S® (20/4) • 

1 -- Wilkinson Match 171® 1. ShPCPT. 4S'i 

,20/4). lOocLmMM^O 

williams James, i25ol 43®^ 

WIIDama (John* 'ICardlffl (25o) 40 39 C' 
Wills (Geo roe) Sons (HkN».>.(25p) GO 

SedBWlCk ForUei MOP) 383® 8 .12014) 

S teahouse <25 p) toot 

Sun Alliance 836 5 / 

Sun Life C5n) Bfi 

Willis Faber (25p) 278® ^7 8 5 6 


Aberdeen Investment (25 m SI I IBM) 
Aberdeen Trust i2Sp) 125® 6® 

Acorn secs, (to* 75 • _ 

Alls* Inv. Tst. (2Spj, 1D1 I20I4) 

M8/4). Cap. <2Sp» SS’a (19|4) 

American Trust i2Sp) 42i;» so 4', li 
*WlO American Secs. CPU. (25p) *iaij4ij. 1 
-4>J0CPr 38® raoidi. apcLn. 92 ‘j ,20'4i 
a ng lo- In I cma Uona I |nv, TH. Asset tZSol | 

113 11714) 

Aobhj S cottish Iny. TlL OSP) 42ii® 2] 

Archimedes Inv. Tst. Cap. iSOp) 34 
Ashdown Inv. Tst. l25pt IIS <20141. 4*,pt 
Ln. Qa M8/4I 

AUanU Baltimore Chicago Reel. In*. Tsi. 
Meld i B5 ® 5 ‘ Wr * n t a . to s«b- 34 3 
Atlaouc Amu Tst. (25 pi 85<jl* 

Atlas Electric Gen. Tst. t25p, S5ij« 'j 
Australian International Tst. (50n) 81 
BaRkers' inv. Tst. (25o» 5i'; ,20/4) 

BWry T5L <25») 57® 

Birmingium Disc. Inv. Tst. SflC2ndPf. 42 >i 
BiSMosgaie Properly Gun. Inv. 6u® 7'« 

Border southern S stock hoi ders Tn. >50pi 
264 S'.® 80 6® 5 ijQ 6 
British American Gen. Tsi. ,2Sp) )7'<® *i 
British Assets Tsi. I25pi 73<;® 4® 4 3',. 
_4>aOPf. J5 ,17/41. A5pcm. 4Z 
S/IilH 1 Empire Secs- Gen. Ts,. ibnl 10*« 
British In*. Tsi. i25p) 152 3 
Brc.*dstDnc Inv. 1st. |20P< 13Hi-,20 4i 
Caledonian Trust (25P) 72< a ® 1<i*. B 
,U»W 70 (1di4) 

Canadian Foreign Invest. Trust i25p] 102 
4<* 5 (IB'41 

Capita, National Trust (25n) 116® (20/4). 
8 (25p) 109 (20.4) 

Cardinal Invest. Trust Did. (25pi ioi*j 

Cartel investment Trust (2SP) 106« 


Cedar Investment Treat (2Sp> SI ij 2, 
MBfd). 5 pc PI. 41 18/4). 9PCLA.I 

1000-05 102 (18 4) 

Channel Islands Inter. In*. Tst. Cap. SitsJ 
452 120:4) 

Charter Trust Agency (2Sp) S3® t*® 1 
_4*sPCLn. 1990-95 81 (1914) ! 

City Cm!. Inv. Tst. Income Silt. (25p) : 

M (Va:4)° :4, ‘ w ’ a 7 ’ a 

City Foreign investment (25pl 72® 3 4 s 
CM, ton Investment (10P> 8® (20/4) 
Clydesdale Investment G5p) 72®. B (25p) 
70 t1»4). 4ApcPt. 39 1 

Colonial Securities Trust £25p) 220 
Continental Industrial Trust (25pi 183® 
2 (20/4) 

Continental Union Trust (2 Sp) 1030 (20'4) 
CrtKent Japan investment Trust (sop) 1 
189. Warrants lo sub. (or Ord. 74 

Cross, rlart Trust (25p) 71 M8l4) 

Dana* investment Trust Income Shs. (50p) 

Debenture Cornoradon (2Sp) 61®. 3<>pc 

□b. 1966-81 86 

Derby Trust Income Shs. 20 BS®. Capital 
ShS. (5Cpl 144S® 4 

Dominion General Trust (25a) t?/f /2D.4) 
Dravton Consolidated Trust <25o) 134 
(1Bi4l. 4 ■; nc Den 54 (17/41 
Dravton Far Eastern Trust (25p> 32>: 

Dravton Premier Investment Trust iZSp* 
176. 7 UpCALn. 1993 105i (20/4, 
Dualvest Income Shs. I50p1 61 1, (19>4). 

Can. Shs. 195 6 ,18(4) 

Edinburgh Amenorn Assets Trust (25p> 
111® 14 u. BpcLn. 228 
Edinburgh Invest. Tst. dhRcPta. 35 i. Did. 
Stk. 209‘;® 14® 13® 14 II 1 ; SocDb. 

Electric General Invest. (25pi 6B'i* ■: 
(20 >4) 

English International Trust (2SP' BZ>:. 
5<>PCPf. 431; (IBM) 

English Scottish Invasion (25 p) 57 >2D'4> 
Equity Contort Investment Trust 105<: 4>i 
M7-4I. Dtd. iSOpi 118® 

Eauity Income Trust (SOpi 1B4® 

External Investment Trust 149 
Family Investmont Trust (25 p> 76 (20j4i 
F irst Scottish American Trust (2 Sp< 88 
,20/41 5ptLn SQ M9/4) 

Foreign Colonial Invest. Trust (25P> 150 
1 1~. 4 UpcDoh. 54 »; (t?«» 

Fundi nven Income Shs. ,2So) 37® 6 
(20 4). Cap. ShS. (25p> S8A|® (20/41 
General Commercial invest. Trust (25p> 

General Consolidated Invest Trust l25pl 
81. 4'jPcLn, 88 £17/41 
General Funds Inv. (25 p) 139® 

General Scotiisn Tn ii5p) ai -;® 

General Stockholders »mr. M2>;Pt toi .. 
Glasgow Stockholders Tst. (25PJ 91 (20/4) 
Glendevon Inv >25p) 88® 7>< l20'4l. Wrti 
Drd 41 IZO'A). lOBpdA. 87 (2014) 
Globe Inv. Tst. (2Sp) 1031;. 4ncDb. 
sa>- St. 5<:pcLn. 84 3>; ,204). 6I.PC 
Ln. 1081 - (2o,'4) __ 

GovDtt European Tst. f25p) 660 
Grange Tst. 5 pc Pi. 43 >m» 

Grrw Northern Iftv. /:ip) 95'.- (20'4> 
Guardian tnv. I25p) 751; ROM). 4pcDb. 

1976-86 51 MB'4) 

HT Inv. <25p) 92J ■:! 120/4) 

Hambros Inv. (25pt 86 

HIM iP) Inv. (ZSpi 167*t 8 7. «';PCDb. 

Hum* Holdings A (25p) 72>- (2014) 

Ind. Gen. Tst. I25p) 48. dijpcDb. 94 

Inter. In*. Tst. (25p) 70 (20/4). Wrru. 
Ord. 31 I, 30V 

Inter, inv. Tst Jersey 170 M7J4i 
Investing In Success Equities (25p> 12 

(nv. .si. CD. (2Sp) 198 
Investors Cap Tst. I25ni 78® 7's 
Jarqine Japan Inv. r25p) 130 
Jersey Gen. Inv. 243® 

Jos Holdings (25p) 43<j (20)4) 

Lake View inv. I25p) 84';®. 4pcLn. 

1 03b® 

aw Deb. Cp. (25 pi 95 4 
Lo n don and Aberdeen Ptd. iSoci tSpi 

London and Gartmorg iSOp) 57*;® 

London and' Lennox i2Sm ,18|4, 

London and Liverpool (I Op) 22>, 

London and Montrose (25p> 172 (19/41 
London and Provincial t2Spt 101 MBMi 
London and 5 l Lawrence (5p) 10V u v> 

London and Strathclyde /25oi 38 h (20/41 
London Australia iSAl , 1 34® 2 (20/4) 
London Investment £5pi 3 
London Merchant Secs. (25pi 771; 

London Trust Did. (2Sn> 18) 6ocLn. 

1 00': < I9.'4i 

M and G Dual Income (10p) 184 117/4). 
Capita/ (10 p> 101 M9/4I 
M and G Second Dual Income (IDpt 34®. 
Capital >4p< 18)4 (19/4) 

Mercantile invest. <25 p) 3T‘s. 4'xpcDB. 
78*i 8 (20/4) 

Merchants Trust (25p) 68';. 4liAcP1. 

Mt-triool Ran* Trust 5pCW. 42H® 

Monks Invest. (2sp* 47 6*4 A 
Montagu Boston tlOpi 63® It® 3'i. Wts. 
4) A 

New Throgmorton. Income (25 m „JB h® '? 
(20141. cap- Ln. 88® (20(4). Wrrtt. £1 

New 2 v^rfc 4 and Gartmora (25p| 40tt 
Nineteen Twenty-E igbt <2So) 202 S 
Nippon Fund .Sterling ll Op) 303 4 *; 
North Atlantic Sees. (25o» 87®. 7i;pc 

Second Alliance £25p) 181® 80® 79 
second Ct Northern (25pi 79® 

Socuritles Trust Scot I a do i25p) 175 (20.4). 
3pcdh. 70 ,17<4> 

Selected Risk lirvs. &A. ilUSSi . 400 

Suewoll European (lOpt 65 (17/4) 

Sphere £25 p> 102 '.-. SbOCDB. 76 M8/4i 
Mandart Trust AijpcDo. 86 1 ) 9 / 4 , 
Sterling- Trust < 2 Sp) 160 
Stockholder! i25e) 87 ij 
Technology /asp) 89® 9 (20'4) 

Temple Bar ,25 pi B7<-® I2D4<. Do. New 
IZSpI 874 _ _ ^ 

Throgmorton Secured Growth Cao.Ln. 92 
M9 4i 

Throgmorton Tsl I25P> 69 1,. 81;pcUnscc. 
Ln. 1)1; ,20 4) 

Tor inv. Tst Cap-. i25di 58 M7 4i 
Trans-Oceamc Tst. i25pi 153 M9 4< 

Tribune Inv. Tu. >250' 62 1 .® ,20.4 <■ New 
,25p1 b4 ,20.4 ■ 

Tnp/evssc IncJihi. I SOD) fit’,. Cap.ShS. 

135® 5 I20 4i 
Trust Union i25cu 98 120 4i 
Trustees Con. iJ5dI 124's <19 4» 
irneside inv. Tst. i25p< io3*< ita.a, 

Utrt. anr/sh.Secs. Tst. <ZSo< ITS 
U to States General Tsi. Con. <25 p< 172 

Uid states Deb. Con. i25p< 91® ■, 

Viking Resources Tn. >25pi ai'-o 
W«gr Coast Texas Rep. inv. Tst. fiom 

WintertMttom Tst. iZ5p> 182 ,20.4i 
WlUn^i Invest. l2Spi 80®. 8 PcDb. 6 a>, 

yeoman /nv, Tsi. ,2SP* 154 ,18 41 
Young Cos, Inv. Tst. 72 


M G. American Cen. Fund Jnc. 48.7®, 
4B«® 4a<; ,20/41. Accurn. 4gi.® 

CL ^ Conversion T«. Fund. Growth 57.6 

M. C. Dividend Fund Inc. 113® 111 . 5® 

> IB 120 AJ 

M- 2 G^ European Gen. Fund Accum. 46.70 

M. G. Extra Yield Fund Inc. so® 
a G r- !«■ Fund Inc. 15B:® 

M A«&..1K® , ,Wf FUn * 9 **i 

M G. Midland General Tst. Fund Inc. 

154.8® >20/41. Accum. 265.9 117:4, , 

M. G. Recovery Fund Inc. 7B.3 

M is^®W> TSL Faa * ,nc l 

M. G. Special TH. Fund Inc. 151.3 M7.4t 


Australian (4) 

H 5® D 15 n 2°“ l ?20 l (4 l ) n ' ,lfl ArNB (Sd) 'OB* 
MI.M. Hldgs. (340.50) ISO 
** c '" . Guinea Goldhelda ISA0.35) 14 

120 4r 1 

North Broken Hill Hldgs. MA0.50) 1 0S® 
North, Calgurll Mines <SA0.30i 9 8>a 

Paring, Mlnutg. Exploration ISol 15'- 
Weslorn Mining Cpn. (3A0.50) 118® 19 
(20 4) 

Miscellaneous (64) 

AMAX Inc. (SUS11 30 (17.4). BucDb. 
(3US100) £72® 

8c ralt Tin, Woliram (2Sp) 52 (IBM) 
Surma Mines (17/ : p, 10 
Charter Consolidated (25p) 120 :® 3 
Consolidated Gold Fields (25p) 171® 63 
5 8 Bt. 6'tPcLn. 57. B'vpcLn. 6BU 
(18 41 

El Oro Mining. Exploration (10a) SI 
(19 41 

Geevcr Tin Mines <2SP> 130(17/4). New 
(250, 132® 

God* no Consa//di red (25o> 225® 

Mam van Tin Dredging (Ml Bern ad (SMI, 

Malayslam Tin (5pi 35 (1714) 
hlorthgate Eaploration (SC)' 350 (19)4) 
RIO Tlnto-2lnc Cpn. rReg.i (ZSpi 199':;® 
9t® 9 200 1S8 9 205 1 2- >Br.) *25 p* 
202 3 07.41. Accum.Ort. 19a: 71 9 5: 
<20 4i. 3.325PCAPI. 411- MB/4). 3.5PC 

BP(. (Reg., 43 (17 4<- 6-CpcLn. 66‘;« 3<] 
Saint Ptran (25pi £4 (19 4. 

Selection TH. (25p) 406® 120 400 395? 2 
4 5 85: 96 

SJJvermJncs *2*.-P, 40 >20M) 

■”ii»h Crafty MOp) SI 
Southern Klnta Consd. (Bering (3M0.501 

Southern Malayan Tin Dredging Berhad 
<tM1 ■ 235 

Tanlong Tin Dredging M5oi BS (20:4, 
r *hidv Minerals /IOpi 450 
Tronoh Mints Malaysia Berhad (SMI) 183 

Rhodesian (7) 

Falcon Mines (25p) 176 4 
Minerals. Resources Cpn. (5BD1.40) 156 
2 (20/4) 

Roan Consolidated Mines 8 - <K4» 65 

Tanganyika Concessions (SOP) 137':® 45: 

Winkle Colliery (SOpi 35 
Zambia Copper Investments (5BD0.24) 

South African (25) 

Angio-Amer. Coal Cpn. iR0.50i 510 >1B>4) 
Anglo Amer. Con. SA iRO.IO) 302® 2 
Anglo American Gold Invest. 1RH a? 552 
1575 (18/4, 

Blyvoorultzlcnt Gold iRO.ZSi SU53.24 
Bracken Mines lR0.90i 70 (19'4) 
BuBehfontein Gold (R1 < 557p:« 

Consd. Murchison (RD.10) 240 tz0/4i 
Coronation Syndicate <R025i 84 
□oornlontein Gold <R1 > 21 1 12014' 

Durban Roodeooort Deco lR1i pi 65;® 65 
(20 4) I 

East Drier ontein Gold ,RL< SU97.5SZ 
East Rand Consd. llOpi 18 ,20/4, 

East Rand Gold and Uranium (ROJO) 
3U54.70 H7.4) 

"xhuro Gold (R1) 95® I20,'4i 
Free State Geduld Susie’s MBI4< I 

Free State Saalp/aas Gold iRU 68 (12/4) 
Gen. Mining and Fmanct Cpn. iR2i £15', 
(20/4, I 

Fields Prop, i AO.02'71 40 ; 
Hartebeeat/onteln Gold (S1I pi 060:® 
Johannesburg Consd. Invest- (R2) pi 125® 


iros5 Mines (R1< 251 i2Q.'4i 
( loot Gold >R11 456 (19/4, 

•s'le Gold iR0.65i SU 50.50 
‘Mnon Gold Mining iR)i SUSS JO p440 
Laraine Gold Mines <R1i 88® (20/4) 
v dan burg Plat- >R0.12>:pi 57 (20/41 
Messina (Transvaali Devpt (R0.50) 86 

'■ew^kminTonteln Props. CR0-25I 3 (17'4i 
PreMdot Brand Gold *80.50' sutio (20*4* 
i President Brand Gold iRO.50) 636® 
Randtontein Ests. Wltwatersrand (R2) 

Trallord Parts El«. ( 2 Soi go/*. gpelstDb. 
77 (20'4i 

utd. Real P«o. Tst. ,25p< 253 
Warner Est. rtidBa. 6 ':ocLn. si® 
warn tort invests. rZOei 267 M8>4) 

Webb (50, 15 *• (20/41 
Westminster Pro*- ' 20 pi 15^ 

RUBBER (21) 

Chersonese t 'Os) 64 il9,4i 
Cons. Plant OD« 139: dO'i. Warr. 60L. 

1 Dunlop Plant. 45,j ilS(4) 

Guthrie 248. . 9-*vPeLn. 68 M7/4) 

Harrisons Malay. IlOp, 81 *; 

Highlands isMaO-SO) 93 * : 

Kuala Lump ur is Mai) 61 60 
i London Siunajra MOpl 133': 3 
Me/edlo *100)81 119/4, 

Meiakoff UftMj) so 117.4) 

Muar Rive*" I'flRJ 
Plant. Hldgs. tlOp) 67 •: 

5 ungcr/ Bahru I'Ow 47 #»8/4) 


Caledonia Inv- i*5W 22d® 

Common Bros. ■ SOpi 130 29 (20.4) 
F.uier t J.) fiSo) KS 
Furness Withy 219 

Gra.g Shlpo«g_A 1«D ,t7 4) 

Jacobs U.l.) ,20 pi 38 ij .18.41 
London Overseas Frc.ghicrs i25p) 31® z® 

Lvle'" Shipping C25n) 121 . A (25P) 124 

Ocian 4) Tranwort «25pt H 8 .r 19 18 
Peninsular _j5r*«*lal .Steam SptPL 3B*j 
*20/4., Did. 921- ll, 31 . 2 
Reardon Smith iSOpt 95 .20/4). A (50P) 

Rw'nut CWJ (2Sp) 99 IB/4) 

Stag Une 118 hb.-d 

TEA (10) 

Baneon SspJ tOB.tSdj 
OnSSuia lo*®. J^Do) SOO® 200 196 

Dvundi *5o) 14S 118 4. 

Jbkal 260® 5 
Ldngbourne 265 
Lunuva (Ceylon* 145 7 50 
McLeod Russel 213. 

Roma 340® 120.4) 

Slng/O HldBS. 2 '>® »20.4) 

Surreah Valley ( 2 So; 105 ,20/4) 

Warren Plants- I25 p) 201 3 
Western Dooare 146 MB4> 

Williamson 162 

tramways OX. 

Anglo- Argentine Trams cpcSrdDb. 75: 


Bristol Water 4 SSpcPi 1980-82 86 
East Anglian Water 4.2 pcM. 1982-83 


East Surrey Water *.2 k .tmty. 4 *:pci pi. 
1985-90 63*v l20>4l 

1 East Worcestershire Wtrwks. 5pcDb. 36*, 

I I1B/4). 7peDb. 19B9-91 66 «20<4 
Eastbourne WT w fe, 4.2pe ilmly. BpO Pf. 

1 1985-87 67® 120/41 
Fulkastonc and Disc Wti. «ucDb. 28 *18)4) 
Mid-Kent Water 3.B5pcRcd.Prf. 1981-83 
69 r20l41 ^ . 

Newcastle CBtowead c.9dc Stk. 1876 
45',. 4 . 02 SPCM 76/ ; ® r2o>4». 5ocDeO- 

North Surrey. AptDcb 30 H8 4i 
Portsmouth 2.1 Pr, 21 ,20/41 ■ 

Rlckmanawortti CpcConj.Deb. 27 », (17<41. 

1 3 pc Deb. 104 S * 20 41 
S. Stacordshire 3.5 dcPh 39 >1714). 4 2oc 
Prf. 69® M>,<20 4>. ApcDeb. 50 (18/4,. 
SorDeb. 37 MB 4. 

Sutton Dis*. 4.9pc 49 *17/4). 3 PC Prf. 104. 

SocDeb. 37'Hb <20 41 
Tort Waterworks KncDeb. Use. at 598 
£25 Pd.) 24 ,, 


P2?*)-,® i» 

2 VO 

.VPR1L Z9 

Afrikander Leases ISO® 5® 

Asan. Diamonds 240® Foundation Inv. 80 
Sad.scnc Aninn soda Faorik £53 
1 a, .age on 75 ■ 

Carnation £21*} _ . „ 

Couruuids Inuil. Fin. 9-'*K 1989 £88® 

I Dana Cpn. SU&26L® 

Wresdnev Bk. Ll OO 

Da Ppnt it. I> Do Nemalis SU5113*e® 
! endeavour Resources 1 S'<® ■v 
I tusn Cpn. SU&47 
rtpng Kong Land >3! 

Kang Kong wrtarl 462 
1 Houston Natural Gas £21 *e 
intnl. Paper IUS40W 
OakbndBe Sees 154® 4 
Pac. Copper 37® 40 ® 

I Peirotane £24', 

Procter GamDle SU582-'*:® 

Ftcmarandt Grp. 202® 

B mth tC. G-i 132® 
hm. Pac. Props. 8*, 
straits Trdg. 232® 

Tara Exeirn. BSO^D 
Tniess Hides. 201® 

5 rl Continental £14-V: 

in Ion Carbide SUS42i<:® 

U.S. Steel UK* 

Virginia Elec Power £11 la 
Wheel OCk Mardon A 38: 

Wheelock Maritime 8 4-'a 
Yukon Cons- 160® 


American Dual west 720: 22 
American Eagle 2420 83 
American Standard £34*a 
Ansett Transport 137 
Ametek W532'*® 

Argo In*. 1 32 
Avon Prods. £d3*a® 

Boise Cascade £24® 

Bulova Watch 510 
Burns Philo 20a 
Crane FUSZg',: »«: ' 

Consd. Gold Mng. Areas 2 

Continental Illinois £24 v: 

Conti dc Rio Tlnto Australia 212 
DrevHiSS Cpn. £14ta 
□u Pom £94 1 - 
Gen. Foods SU529*.* 

Heinz rH. J.) £31 S 
Kulliti Malaysia 486 
K Mart SUS23hi 
Little Long Lac Mines 139 
Matheson m, 7'vocCn*. £96>: 

Metal ktmrn. 16 
Mltsublsm Heavy ind. 49 7£ 

Ocean Resources 19 
Oil Search 7', 

Pioneer Concrete SUS1.70>- 
Power Cpn. Canada A SCIO';!® 
rca U(i,: 

Soargo Explrn. 21 
Standard Oil California- £34 *i® £32**0 46 

Unilever 1 FI. 100) £216*? 

Union Oil California £41**0 
Westbeid Mlrerals 64® 

Whim Creek 48® 

Abbot Labs. 3US5B** 

Per il. 9® 

Aetna Llic £28-90t 
Betnlehem Steel £181* 

C.SJt. 248®. 

Central Pac/bc Minerals,. 445® 
a ism Gita* 7 Uk Con*. £92 >, 

Coles iG- J-> 1B1 3 

Comalco A 247 J 

Dresser I n08. su$?B<a £32 
Envirateeh £2l3»® 2^ 

Gannet C. £331.* _ 

Gain and. Cooaer Ex. IBUD 
Lehman Corn. 755® 

Mid East Minora Is 210 
National Service Inn*. £11',® 

Ocean Resources 20 
Otter Ex. 19® 

Owen Corning £49 '< 

Pancont.nental 975® 90® 

PCrkin Elmer £15-<* 

Roll nco 6 ‘yae Cum. Prf. £12 
Saleway £32.45: 

Swire Props. 46-'® 

□-S. Steel £22 >h 
W cstmn 6 ® 

Wes to Financial 55S 

KULE 163 (2) (a) 

Applications granted ror specific 
bargains In securities not listed 
on any Stock Exchange. 


Aston Villa FC £16 
Cambridge instrument 2 1 ", 

Cedar Hldgs. 5 

CetBr Hldos. 5pcRd.Cnv.Pf. -3 

Clyde Petroleum 125 

• Duckwari Tea and Rubber Estates 14 

Elorldge pom A 181 

Exchen, Hldgs. 26 22 

Fuller Smith and Turner A Z4S 

GRA Prop. TH. 11 10>* a» 

Jin kins (Robert) iHtdga.) MS 

lenn/ngs Brothers 62 

Petroleum Royalties or Ireland 190 

a ueen St. Warehouse (Hldgs.) A 

PM A intaraiKe 35 

Urogate invs. 64 62 

Viking 0(1 123 120 

•L/cting temperariiy sidocrrc/ed. 


All England Lawn rmnls £50Dbs. 1976- 
1980 £4050 £4025 
Ann Street Brewery 330 
Castletown Brewery 175 
Celtic Basin Oil ExuloraUen 65 
Deborah Services- 113 
□IckwclU tHldgs.) 4 

Drilling Tools ana Nunn sea B 400 1 

Guernsey Press 325 

Home Brewery 232 

Norton VI liters 4 

Star Offshore Services 115** !15 

Stylo aaratt Shoes 43 

Sutton Harbour improvement 98 

Tricenlrol WrnU. 1972-7B 1 Dd lOUit 

Twl block IZKUns.Ln. 1976-99 £77 

Jersey Electricity TpeUt, 1977-79 £84 
Jirtev New Wawrwom 7J»ocMLDb. £#lb 
jersey New waterworks SKCvm.artM. 

Gdornsw Preys 325. __ . . . 

Mam, and Overseas in*. Tst. A 11 

NMW ComruRers 108 

Ourah High fields 52 „ 

Parker (Frederick, 132 
Rangers FC 700 
5efton Hotel 175 


DlmSufa* vaflev* ( Ceylon) Tea 6 pcCum.Pi. 

Mi^ 1 southern Water 4KPero.Db. £27 ta 
Minch Norton ISO 
Oldham Brewery 58 56 
Oldham Estates ]17 116 
UroOatb Invs. 61 


Rim H 

inn Is Deb. itSOl £*. 
Hotels 6iiKCum-Pref- 


D 1 28 126 
tllway 33 

nil 101 * IO 

of Ireland 190 

KULE 163 (3) 
Bargains marked for approved 
companies engaged solely tn 
mineral exploration. 


CCP North Sea 875 
rl.iB 011 400 

Siemens Oil and Gas CU.K.) 311 310 308 
104 304 302 300 


Gas and Oil Acreage 83 82 80 79 78 
Slebens Oil and Gas (U.K.) 308 30b 303 
104 303 302 


51 r bens 0.1 and Gas <U.K.) 308 307 306 
304 302 301 300 289 298 


CCP North Sea Associates 862 it 
dull 0.1 580 

Slcbens Oil and Gas ,U.K.) 308 306 304 
300 290 296 294 Z9D 2B5 285 275 



Bowatsr Steamship 6<,pcistMt.Db. 19B2 

67S £72 

Channel Hotels and Props. IS 
Cla/rinace 34 

5ta&l» l Oif B a 7 i gS^U.k.; MO 279 27S 
275 274 272 270 268 262 260 259 
(Bu permission nl the Sloe/, Exchange 


Business done in securities quoted 
In the Monthly Supplement. 

APRIL 21 (Nil) 

APRIL 20 (Nil) 

APRIL 19 (Nil) 

APRIL 18 (Nil) 

APRIL 17 (2) 

U nl royal Ld. 4<*pc Red. Deb. Stk. £25® 

RULE 163 (1) <e) 
Bargains marked in securities 
which are quoted or listed on an 
overseas Stock Exchange. 


Anglo Utd. T09 
AusL Cons. I nos. 151 
B. H. Smith 72® 

Bougainville Copper 104® 2 
Brit. Contd.. Oilfields 12 : 

Buntfahart Sugar 2 B 6 
Can. Pac. Inv. £i3i>® 

Can. Tire A £15'.:® 

Eastman Kodak 3US49® 

Enin £22 
Rond* Gas £22 -‘a 
Hutchison Whampoa 77 
Jardlne Math«on 228® 30® 

Jardine Secs. 113® *, 


Bill rate eases 

Bank of England Minimum 
Lending Rale 7} per eenL 
(since AprQ 11, 1978) 

The Treasury bill rate fell by 
0.0015 per cent, at yesterday’s 
tender to G.9676 per cent, and 
Bank of Englind Minimum Lend- 
ing Rate was unchanged at 
per cent The minimum, accepted 
bid was £98.25} compared with 
£ 08.26 previously, and bids at that 
level were met as to about 11 per 
cent. The £3D0m. bills tendered 
and allotted attracted bids of 
£603 ium. and all bills offered 
were allotted. Next week £500m. 
will be on oifer replacing maturi- 
ties of £300m. 

Day to day credit was in short 

supply in the London money mar- 
ket and the authorities gave 
assistance by buying a small 
amount of Treasury bills, all 
direct, small numbers of local 
authority bills and tbe same 
amount of eligible bank bills. 
Some of the bills bought are for 
resale to the market at a fixed 
date in the future. Total assist- 
ance was on a moderate scale and 
appeared to be slightly overdone. 

The market was helped by 
banks bringing forward balances 
above target and sizeable net 
maturities of Treasury bills in 
the market's hands. However 
these were more than outweighed 
by a substantial excess of revenue 
transfers to the Exchequer over 

Government disbursements and 
settlement of gUt-edged stock 
sold on Thursday. There was also 
a slight rise in the note circula- 
tion and a number of local 
authority bills maturing in official 

Discount houses paid around T 
per cent for secured call loans 
at the start but closing balances 
were taken between 2 per cent, 
and 3 per cent. In the interbank 
market, overnight loans opened 
at 7A-7J per cent, and traded for 
most of the day at 7j-7i per cent, 
before rates eased at the close to 
around 2 per cent 

Rates in the table below are 
nominal in some eases. 

*5, .. „ . i Alls* Inv. T*. (25p).lD1 (2014) 

<25n)40 39C18JA) All lane* Invast. J26p) 84 ,20.4) 

off^^^Sc ^l?r i j?ln) 2 S2'- ®1 B 4i u nVon ’ Coru!"^ 0.061^' 26*8 70 12014, 

BSePf 48 Vaal ""rf* Exm. (R0.501 Pi 158 (20 4) 

Outwlc/I SDCPT. A, Jr. 5DCP,. 40 VMlWraMl run 132I.A 

Ln. 98 (18/4 

Alliance Trust <2 

: "V ”:-a 2,? 
. ■ ' * ■ . 

W'lmofeBre«fea (NUosJ «Sp> 56 h 71*. AMMuod Incxmw 'SD 
l2D'4T ' I (SOD. 152*4® 3'«® 

5e) 213. 4PCPI S3®. 
■50P) 115 120/4).- Cao. 

1 W S40 it 9/41 

4ust*"Ouro Plat HMusl (R0.10, 71® 70 1 
St. Helena (Rl) SUSB1« ,20/4, 

Senmiit Beperk 1R0.101 SUS2.46X (20/4, 
South African Land ExpL (R035) HIS0.4B 

SMIfontein (R0.S0) SUS2-55 ,17/4« 
Transwai (Rl) iU«15.50 (174) 

U.C. Investment!. (Rll 202 

Union Coro. 1 00.06*4) 266 70 120,4, 

Wilson Bros. I20D) 38 (20 4> 

Ambrose tnv, Ttt. Income W5D, 54^ 



* (telephone number in - ■ 
parentheses) . 

Barking (01-592 4300) 

Barnsley Metro. (0226 203232) 
Knowsley (051 5486535) . - 

Redbridge (DI-47B 3020) 

Roshcliffe (0602 813511) . — . 
Southend (0702 49451) 

Thurrock (0375 5122) 

Thurrock (0375 5122) 

Wrekln (0952 505051) 

. gross 

Interest Minimum Life or 
payable sum bond 

1* Year 
5-year 5,000 2 

5-year 250 4-7 

i-year 1,000 5-7 

. 5 -year 200 5-7 

5-year 500 3 

5-year 250 3 

5-year 300 4 

5-year 300 5-8 

yearly 1,000 5 

Pantland 125p> 112.*; ‘»9|4i 1 

Raeburn Inv. I25p) 1,7'! 

Rcabraok USo' 40', 120(4) ' 

Rights Inues Inv. (nc. (25p, 26. Cap. (25o) 
24. 7'iBCPI. 48 _ ■ 

River Memanriib SocPI. 41J»9. 

River Ptmie Dtd. I25 p> 128 (18*4) . 

Robeco iRonrrtmamsch iFFSOi *11574® 
£89 91. Do- Sob-rta. - iRBg.Nat.Frpv., : 
IFF. 5) N)0® _ . „ 

Rglllnco N.V. (FI. 501 45® (2014). Oo. 
Ortiut.sfti. (RegNat.Prov.i (F(.5i 449 
S3 (19/4) 

Romney (25p) 88® 7 

Roxedlmond Inv. ClD.&ns. (26P) 600 

Rcusrft/Hl (SOp) 170*)® 68® 7D. 6>ipc 
Unsec.Ln. m\rp 

Maiert IndsU. (25 p> BB H7!4i 
S t. Andrew (25b, 114 
Save Prosper Linked inc.shs. H0p> 158. 
CapJhs. (10P> 57® ao.4) _ 

Scottish American «50oi 87 Si- 6 
Scottish Cshtlnental (ZSpi 70ij 1 
coottlsA Eastern iZSPI 132':® 2 
Scottish In*. Trust (23s) 97* 6® 6 < 2 - 

4 JiSpcAPf. 52 If® 

Scottish Mort Trust i2Sp) 107® 8. SUpc 
Scottish Natl. Trust (2501 135*:. 6ncPf. 

s^a. Northern (25p, 97® L 7 . 

Scottish Ontario (25 d) 132 ,20/4) 

Scottish Utd. Investors (2Sp> 70's® 7TI 69. 
New (25P) 70 ,, [20 4,. fiwcDb. 65 

Scottttft Western (25m 88*:. B r2S*»» 
Bj:®. 4W( Pf. 36.* _____ 


V«nwrsoost mu 13ZI]® 

Vlakfonre.n 'R« 40 
Wrlfcom Coin 'HO. 50, 2 42 
West Dr/pfontein (R11 01638® 90 
W-srem Deep Lewis (R2i 657 120 4) 
Western Hldgs. <R0-50> UJSZOti 
Wltwatersrand NK>el 'ROJS) SB (20.4) 
Zandpan (RH 178 <20'41 i 

West African ( 1 ) 

Amalgamated Tin (lOp) 24 (20 4, 

Bisichl (IOpi 5*j (1814) 

Gold Base Metal nz'jpi 9® 

Jantvr (12*:P1 11 1« (19'4, 

United Tin i12*iD) 10'j (19.'41 

• Diamond (16) 1 

Anglo-American (RO.SO) 34*«® 3I< j 

DeBeers 40pcFf. ;R5i 1D*<;. C(d. (RO.OS) 
327® 8 30 27 2 9 7t. (Sr.) {RO.OS), 

402 (18/4). SpcPI. (Rll 35 (18(4) I 

OIL (158) 

Attack Petroleum (20al 72 4 
British -Borneo Petrohnim Syndicate rlOP) 
T 38® 40 ,2014, 

British Petroleum 765® 4® 6 74 3 70 6 
64* 8. 8pcPf. 691)® *,:- SpcDb. 1004). 
6 pc Do. 90*2® li 120/41 
Burmah Oil 49'1« 51 >i« 50 2 49 51 g. 
7i«PCPf. 47 iT9/4i. SpcPf. 51 *a H8/4I. 
7^DcLn. 62 if®. 6>-pcLn. 60. 8>:PcLn, 
57® 7 

Century oils Group HOP! 56 (19/4) 
Chartertiall <5pj 23li« 2 (20/4) 
compagnle Franca I so Des Pttroles (FrvBOi 
21 H ,17/41 

Esso Petroleum 5 'ipcDo. 77 
KCA Int, t25M 28 * j® 8. lOpcPI. IS 117(4) 
London. Scottish Marine 011 (2501 156. 
Oil Prod. Stock Units HOP, 333®. lapcLn. 

Oil Exploration (Hldgs., (lOp) 202 6 Bt 
Premier Cons. Oilfields i3n> i«i- 
Royal Dutch Petrol. , 1120 ) 46*,:® >s «« 6 
Shell Trere. 125dJ 520® 20j® 5 9 8 2s 
int. co 30 - 0ra - rasp, 536. 7nc2naPl. 

DU *2 99 

Jones CDavld) -99 
Lend Lease Con. 227 
LOlmarv Fund B3S 
Levi Strauss suss, % 

Madison Fuad £11 *« 

Nthrn. Mng. 64® 

Pahang Coos. 48 
Phillips Pea. JUS31 h 
R aytheon £32 h 
Selangor Coconuts 70 
fttirn. Pac.. Props- 8‘* 

Swire Pac- A 117,;:® 18*:® 19® 4®. 

DO. B 22 *Z® 

Unilever hW-tF(J!0i £43:® 3 
Walker ( Hiram) £23 
Westinghouse Elec. £14 * 

Woodside Pets. 74® 2*i 
Woolworth t AusL) 138 

Should have been marked 

£1t<:0 <20.4) 


American TH. and TH. £50 <- SUSB2h 
Ampol Explrn. 120 
*ti pot Pets. 72n®, 

Atlantic R 'Chlletd £39 
Australian Gas Mineral 4 
Australian Oil and Gas 3ii x 
Bk. NS WAust. Reg.l 480 
Campbell Red Lake £24A<® 

Cockhurn Cement 103 
EZ inns- 195 
Homer si ey Hldgs. 170 : 

Hudson's Bay Oil Gas E29U 
ICI lAust.) 1E6® 

Johnson Johnson £SSU . , 

Kimberley Clark £35 s® 

Kulim Malaysia 45: 6 
Loral Cpn. £21 u 
Magnet Metals 18 
Merck £43**® 


April 21 I April tO 

Apr. 21 


bierlinK [ 

of <)»-(- | 

Intcahauk | 


Authority \ 
depreit* . 

Locn* Auth.l 

1 ii>n<l* i 




j CnmpXD.r 1 
Uepiirit* 1 

Discount ' 
market 1 
depirit ! 

Bills * 

Eligible I 
Bunk , 
Bills® | 

Bills * 



2-7i 4 | 


73 4 -77 B 

2-7 i 




: ' notice. 


— J 

7l2-7S 4 















7i 4 -75 4 

758-7i« 1 


75/, -8U 

6i a -7 




Doe month.... 


76 B -7i 4 

71 2 -7ib 

77 8 .7jb 


8ia j 


7SB-7l a 

7tj-7S 4 

I'«< ronathv.. 

7 ^ 7i* 

7Ji 7 /* 

7J 4 7a, 

754 614 

678-7 1 


o 4< 

three month'. 

7>g 7H 


7V7tf | 


77fl 8«e 




ilx month- ... 

HU 8,' a 


8i 4 «i 

77g 7i« 

Bl4-BJ 4 





ai 4 

.Mile niDOthr.. 

6,- 6 

8l8^S 4 





- I 




Uno rear 

87 8 9 | 


I 85, -81: 



— | 







1 — 






Local aoiiiantles and finance fiouaes seven 'favs' notice, otbcrv seven days* fixed. Lozzc-tcrm ideal iMihartcy mortgxee rate 
oominalls three years lM-ll per cent.; lour rears m-lli percent.: five years m-l« per eem. •Bank hiU ream in (able are 
busing rates for prime paper. Baying rate* *or four-month bank bills 71 per cent.: four-month trade bills K per 

Approximate selling rales for one-month Treasury hills *>}-dlSifi per cent.: two-month 6£3i® per cent.: and tb roe-month KS 32 
per cent. Approximate selling rate for one-month bank bins 71-77 ie per cent.; tWMnonth 75/6-7113: per cent; andUiree- 
tuomb 77(6-71752 per cent. One- month trade bills 71 per cent.: two-month 71 per cent.: and also three-m onth 71 1 per com. 

Finance House Base Rates 1 published by the Finance Bouses Association) 7 par cent, from April 1, 1B78. Clearing Ba^ 
Deposit' Rates «for small sums at sewn days' nonce/ 4 per cent. Clearing Bank Base Rate for lending per cem. Treasury 
Bills: Average tender rates of disco am 6.9691 per cent. 



Gold Bullion,! 

in fine ouni t). 

Cl, we 1617036-1711* *168i E -169l4 

Onenluc- ,S1703 4 -171Js 5170U-171 

Morn in gfii.E S171.G0 S169.70 

b |<£93.478] ,£92.6*1, 

Aftem'a fix'c'£170>90 6160.55 

”[(£93.644) (£98.164) 

Quid Cm, ' ] 

donwidval l.v , . _ 

KmjrerraJid ./S175ig-177(aigl74-lT6 
^ ,£96-97) i£95l8-96lar 

N'vi- jovco,. S5345 |S52i*.MM 

;/£39-30) .,£283^29 It; 

Old dov'rgni S63-6B 

.,£29-30) |i£ZBJ*-29la) 

Activity in yesterday’s foreign 
exchange market took on a 
quieter look ahead of the week- 
end. Sterling remained weak and 
ended the day cIlRhtly up only 
with Bank of England assistance. 
After opening at S1.8305-1.SS15, 
the pound improved to S1JS335- 
1.3345. However, during the after- 
noon, further pressure saw the 
rate down to $L8220-US230 where 
it is believed the Bajfik intervened, 
and reflected in a sharp rise in 
short term Eurosterling interest 
rates. Using Bank of England 
figures, its trade weighted index 
improved to 61.6 from 61.5 previ- 
ously and stood at 61.5 at noon 

and 61.6 in early dealings. Ster- 
ling finally closed at $1.8255-1.8265, 
a gain of 15 points on the day. 

Trading in the U.S. dollar was 
somewhat more .active and the 
currency finished the day around 
its weakest level. Against the 
West German mark, it moved to 
DM2.0770 from DK2.0775 having 
been up to DM2.0870 at one point, 
while the Japanese yen showed a 
small gain at Y225J against 
Y226.65. The dollar's index on 
Bank of England figures fell to 
90.3 from 90.4 on Thursday. Gold 
recovered some of the previous 
day’s losses Improving to S170}- 
171} in moderately active trading, 
a gain of $2}. 

I Bonk 
April 21 lint® 

Market:. Itatw," 

New York... 6i* 1.8220-1. BM5 I.B2S5-1.B26S 
Moo trail....' 8/ s 2.0878 2.D865 12.0B7S -1.0886 
AnnrerdaiM 1 4 4.H3J-4.W.;, 4J4J-4.D6J 

Umase filg 5S.B5-6a.25 6fl.B5-5S.05 

C.ipenhairen 9 10.35-10.40-10.55^-10.58* 

Frankfurt... 8 S-7Bi-5.B0i 3.79-8.80 

Linton 15 75.70- 76 -SB 75-60-76-20 

.\Iadrld_ 8 I4B.50-147.0G, 146-60- 14b.70 

Milan nia 1.582*.1.6B8* 1.588^1.6846 

Oslo 7 9.83 ABB 3.B4V-9^ 

PariB. 9)2 B. 454-8. 52 B-47-8.4B 

Stockboim.. 7 6.4S-8.514 B^fti-B.Blx 

Tokvu Slfl 408-418 4114-4184 

Vienna Wg 27.16-27.55 27^6-27.83 

Zurich 1 5.56-8.B2 8.5B*g-8.57/ > 

(Rates given ar cfor nmrcrtible francaj 
t inancial Iraac 59.00-59.20. 


Lon,loQ lAmst'd'm 



a « *1 *'* * 







Abbey National 




Alliance * 


550% • 

6 75% 









Bradford and Bingley 


■ 5.50% 


Bristol and West 




Bristol Economic 



6 75% 

















Chelsea — ! 




Cheltenham and Gloucester 




Citizens Begency 




City of London "... . .. .. ... 

• 530% 



Coventry Economic 


. 530% . 


Coventry Provident - 





5 25% 



- Gateway 




'Guardian - 








Hastings and Thanet - 




Heart of England 




Hearts of Oak & Enfield ... 





5 50% 



Huddersfield & Bradford ... 




Leamington Spa 




Leeds Permanent 







■ Liverpool 




London Goldhawk 




Melton Mowbray 




Midshires * 

. 5.25% 







National Counties 

~ 5.50% 







Newcastle Permanent 




New Cross - 




Northern Rock 









5.50% ... 


Peckham Mutual'.— 





■ 5.50%_ 

. 6.75% 

Progressive - 

■5.40% . 


a 75% 

property Owners , 




provincial — - 


. 5.50% 


Skip ton 



8.7a % 

Sussex Mutual — 

5 50% 



Town, and Country — 


5.50% *10.00% 


5 25% 



•Term Shares 
6.50% 3 yrs., 6D0% 2 yrs, 

6.50% 3 ym, 6.00% 2 yrs., 5.75% 1 yr. 
8.50% 3 yrs^ 6.00% 2 yrs.. 3.75% 1 yr. 
6.50% 3 yrs.. 6.00% 2 yrs., 5.*o% 1 yr. 
6.50% 3 yrs., 6.00% 2 yrs., min. £500 

5.75% 3 months’ notice 
6.50% 3 yrs-, 6.00% 2 yrs. 

6.50%. 3 yrs., 6.00% 2 yrs. 

— • 5.80% over £5,000 

6.25% 6 months’ notice, minimum £500 
6.50% 3 yrs, 6.00% 2 yrs. (£ 500 -£15,000) 
7.05% 8 yrs^ over £5,000 
6.72% 3 yrs., min. £500 
6.50% 3yrs^6% lyr. min. 3 tice 
6.75% 3 yrs. 

— Up to 6% 3 months’ notice 
6.50% 3 yrs., 6% 2 yrs* min. £500-£15,000 
6.45% 3 mths.’ notice, minimum £LOOO 
6.50% 3 yrs^ 6.00% 2 yrs. 

6.50% 3 yrs., 6.00% 11 yrs, £250-£15.OOO 
6.50% 3 yri, 6% 3 months’ notice 
6.75% 3’yrsl, 6.50% 2 yrs., 6J25% 1 yr. 
6.50% * months' notice, minimum £2.000 
0.50% 3 yrs^ 0.00% 2 yrs„ £100-£15.000 
6.35% 2 yrs. 

6.50% 3 yrs., 6% 2 yrs., min. £100«£15.000 
6.60% 3 yrs., tU 0 % 2 yrs., min. £1,000 

6.35% 2 yrs.. min. £2,000 

6.50% 3 yrs., 6.00% 2 yrs. min. £250 

6.25% 6 months 

6.50% 3-4 yiSL, min, £500, 6.00% 2 yrs. 
6.80% 3 yrs., &50% 2 yrs. 

6.50% 3 yrs., 6.00% 2 yrs., min. £100 
8.25% 2 stsl, minimum £500 
6.50% 3 yrs-. .6.00% 2 yrs. min. £500 

6.30% 3 yrs^ 6.00% 2 yrs-, 5.75% 3 mths. 
fl.65% 3 yrs^S.4% 2yrs„G.15% Smthsmot 
6.40% 3 mths. POL H4^0% to Ilmltd. cos. 
a50% 94'ytSn 6.00% 2 yrs. 

6.50% 3 -yrs., 6.00% 2 yrs. 

635% 3 yrs., B^o% 2 yrs.. rain. £500 
fi.50% 3 yr&, 6J)0% 2 yrs. * Max.. £250 
6.00% 2 yrs^ 6.50% 3 yrs. 

Tesoro iSUSO.16) 7.45 f17/4) 
Texaco Inc. HUS6.2S) 22ij ill 
Texaco inter. 520 I*: 

'* Rate® normally, variable in line with changes In ordinary share rates. 

THOMM (25P) 162 3. Orb. (2Sp) 162 
(20/4). 7pcLn. 167® *.® 120/4) 

Ultramar <25p) 242® 39® 44 7 B B. 
7pcPf. 137'?® 40 


Allied London ProoertlM <10pi S7>:® 1 
AllM^ Lonoon Prooertles i25p) 190 

Aoul» Secs. (5 p> 19*4 

Argyie Secs. 10 *;pcDb. 72 (IB/4) 

Avenue Close (20P) 61 <20/4) 

Bank commercial Hldgs. (loo) 3(4 
Beaumont Pram. <1 Sp) 81': *18/41 
Bellway Hldgs. (25 o) 67® 8 >: 7*) 8 
Berkeley Hnmbro Prop. *25pt S3® 

Bradford Property Tat. (25pi 210 
Brltliti Land iZSp) 30 29*: 30<e. 12pcLn. 

Briton Estate ( 2 Sp) 90 

Capital Counties Prop. (250) 4S’a. Writs. 

01: 120 4). 9/kPCLn. 70>- (20/4) 

Carding GP- (5 p) iG'yp (20/4) 

Central Dlst. Prop. 6 /aPCLn. 1980-82 79 1- 
(20W.4* 7 i 4 peD 0 . 64. BpcSbbord-Ln* 
S*M * . . 

Centrovindal Estates (20 p) 66® 7®. Capital 

(20o) 53 (20/4) 

Ch»rlwood Alliance Hldgs. 7tspcLn, (SOpi 
21': (19/4) 

Cit^Mees (Z5p> 49. SijpcZndlf. 39 

Compco Hldgs. r20p> 103 (18/4 
Control Securities MOp) 26 
Countv District Prop, a Opt 77 117/4 ) 
Dacian Hldgs. ( 2 Sp) 78 9 8*1 
Dares Estates nop, 14. 6 *:pcistDb. S9t- 
Dortlngton Invest. <10P) 50*» 1 t17<4> 
EngHs/i Prop. Coro. (SOpi 30UO ZB*s* 
?*• 310 2Bt «’* fitsDCLn. 6 SC. 12« 
Ln. 830 BO: 

Estates Awncv Hldgs. (25 b) 40 (17.4) 
Estates General Invest- iZOp) 17 
Estates Proa. <2Sai 84 (19/4) 

Five Oaks Invest. <2Sp) S® 

Glanfie/d Sec. 1550' 265® 8 4 (20/4) 
Godlrev s 'Sp) fi i18 4) 

Great Portland Estates I50n) 264® 4 
GreeiKoit Properties i5p) E (20 4t 
Guildhall Property SocPt. <2 (1814) 

a a let Prop. >25oJ 39 <18 4) 
ammerson Prop A QSp, 53S 
Has/emet* Estates hop) Zigo 
Imrv Property ( 2 So) 287® 

Intereuropean Pros. rlOpi 30':® (20 4) 
lOnclstDb. 79<a H74) 

Land Investors t2Soi 399. New <2 5pt 30c 
Land Secs. Invest. Tst. (50pi 194 3 5 6 . 
6bC1ltDb. 19BB-93 56fiiO b® (2D'4>. 
9pC1«Db. 72 'r® ' 4 ®. IPiPCLn. 56':® 

BbecLn. 65b- 5'sncLn. 148. SbpcLn. 
13Q (20/41. lOpcLn. 130 
Law Land i 20 o< 3B*a® B® 7*i 7*ipcist 
Db, 71 (19 4, 

Lewis vj.i Pro no. 4pcDb. 694>* 

London Pray. 5/too Centres (Hldgs. r Bt ' 
London Shop Prop. Tst. 6 *>pcLn. 85 

MEPC (25pt 107® 111’® 7 5: 9 4pC1St 
Db. 50 (20/41. S-^ocIstOb E9. BoCLn. 

82 (19 41. SpcLn. 86 I1B/4 
Mldhurst While Hides, nop- 40L (20 4) 
MuCk low (A. J.) GO. (25pi 110>n® 10 

Pewt ter Prop. '2 Sb» 75*i® 6 ®. SVpeisr 
Db. 73 

Prao. Reversionarr inv. (25p, 2 SB 09 4> 
Pros. Hide. Invest. Tit. (25oi 293 (17/4, 
BpcLn. 133 (17'4I 

Prop. Partnerships >25p, 740 4 i20/4) 
Prop. Security Invest. Tst. t50oi 136 

Raglan Prop. Tst. (5P< 4^ *j 
Rertonal Prooi. A (2Spi 60 Ofl'41 
Rush Tomnklns Gp. iZSp, 1(1 h® 5 
Samuel Proos. '2Spi 74 (20(4 
Scottish Met. Prop. iZOo, 102 ® 

Second City Progs, non, 38 (l£4i 
Slough Ests. i2Spl 101. lOpcLn. 141 

Stock Conversion Inv. Tst. (25g< 224® 
Sunley (B.i Invest. Tst. <25o, I7T® _ 
Town CltY Props. HOBi 12li® U V. 6 pc 
Ln. 01 ® ( 20 .' 4 i, B*14pcLn. 88 (19.41 

GiJ>l Coin-... 

ll Internal llji l 

Kni/terniort..S175if.l7TI g .SI75t2-lTSi* 
I i £98-97, (£951., -961(1' 

XeffSuv'rj!D>i , 534SB ;S5B-54 

I i£Mk30) 'i£2aig.29lal 

UM Sov'CtfiiK '*53-65 IS52-54 

/ £29-50) n£2a>s-29ifei 

fg) taiKkra—. e BTgla BTSle ^aT aig-gTSiii 





I lidkllll..... 

Amet Mam 


! 225-30- SO 
• 15^cs«l 
■ 5- 79- EH 
lOfi. 726-776; 
.94.106-485 I 

1 .068-961 

MZ-435 ; 3.785-788 93.62-82 • 106.60-10 
3.086-090 'I.824M26S 46.16-JO : 60.60-90 
14J43-377 <8.4676-48751 209^0-70 I 33«JICl 70 
ft.96-0fi — I 68,97-15 ] 14-fiMl 16.45-52 

8.«7 AS 53J6®BJj6) - | 4.04f-0&< 1 3Jjft',^7A 

47.74-79 6.8625-76 . 4.M3666 - ;il3.Cffi&.07& 

. 6A315-06C5 3.6705^081 

88.0MW33 - 

I'.S. S In Trevratu I'J*. S =114^840 UUMmIIsti centn. 

Caua-.Uan 5 In \ei» York — 87-34-36 rente l<.9. 5 In Milan 867.70-866.0 
SierUnR 1u Milan 1682.7b- 1533 .76. 


Amtralla ... I 


Grew. : 


Inin | 

K litre it_.. . 
N. Zealand! 
anmli Aral 
binenputv J 
■ s . Amen... 



l;si J 

U.-i. i-bUi J 


I I -Notes Hales 

1568-13711 I.Vreeni«uaJ12SB-lBU 
Ij-BOBB-l-BlSB/Su-lna.... S8J^8.0 
I 80.53-81. S3 lUeleium— BB-6A4 

7-7000-7.7079 Unuil 32-87 

67-862-69-386 UBiunta— .. 2.08S-2.I0 
6.46-6.49 Denmark- 10.5-10.5 
125-181 Frarere—.. B.40-B.55 
0.499-0.509 Germany.. 8.70-5-86 

69»-59.1)5 Giea-e »72 

4.B7-4J64 Itaiy„ 1680-1BM 

<1.7869-1.8141 Japan 4.D5-4.SS 

6.25-6.86 .Netberi'Dd 3.ffi-4.10 
I 07-4.29* Xorn-ay.... 8.B5-I0.Q5 
1. 5786-1.8040' For tusal .. 7*79 
I Bpain ._.... 148*-147i 

I hJirito’lawi 8JW.B5 

Uj!._ 1.62-1.84 

B7.4E-B7.45 iYuKalsvw 55-57 


: Jpeclai "i Knrqpein 

i hrewine tJnfi o 





rlelt^mn fimu< ■ 
Daalsb kneie. 
Houurbem rk 
llDE-h ifullde/ 
Italian Ilia.,... 
Norway krone 
Spain peseta.. 
SnrfvlIsLknjDe i_ 
"itrin* fmne £ 



■tp* 21 

""o! 668793 
39 4744 


AlTr- SI 
















U.S. Dollar 

Dill i'll ; 

(Juildere j 

6* 4 -7 




7 la-7 fie 



4i 4 -4i* - 


4Le-4i 4 


4*4-5 1 

IV. (icriiiau 

Rale gfreo (or Argentina is a free rar* 


tSbnn- twin...! — i 7-B 6*»-7 4Jfl-45s tl-ft dJeoig 

7 ■ lays u.iTiivi . — ; 749 6ig-7)s 4ae-4 , 6e 1-1 U 3ae-3it 

Mtiutli.. lOig-lH*. 7%^ 71 8 '7Je 4l«-4lg ,i-A 3Je-3,r r 

Thrtw months Pl4-10/«| 8,!.-8re 7is-7^ 4ie-4i* - . . 3^-3r> 

Sis niontlu. .. 9^-10] 4 l B«e-85 4 73 4 -8 4ie-H 4 l-li* 

Qiieveor. I lple-ll^! Btg-9 _ 7T*JBla 4i 4 -6 I 3_i*.3Sa_ 

Euro- French deposit rates: rum-das 82-81 per cent.: seven-day St6I per cen/.; 
Dno-iDDoUi fl-M per cm.; ihree-monU) 9lis-65u Per cesL; sex-mootb 97u-B"i6 per 
cent.; une year i0i] 6 -l(U per ccdl 

Long-ierna EorodoUar depodLs: two years Si^-SJis per cent.: three soars 
Si-83 per ceaL: lonr years Si-Si per cent: &»e years ^ns-S&is per cetn. 

The foflowlng nominal rates were atmted ror London dollar certi Scales or deposit: 
ouotnoDlh 7.10-7^0 per cent.: three-month 7.35-7.45 per cent; six-month 7.65-7.73 
per cent.: one year 7.85-7.95 per rent. 

- Rates are nominal calling rates. 

Short-term rates are call For sterling. U.S. dollars and Canadian dollars: wo 
day's notice (or snUders and Swiss-lrancs. 


One iiH«uth ; Tlirec niorulii 

><?w Vurk. Q.S54L55 1. 17-1.07 l<m 

Jlonupn . 0.&0-0.40 c. pm 0.80-0.70 

\mst\lam tv pm Big-Sl^ c. pm 

Bnuwti — J 30-15 fiu (65-50 r, pm 

Uop'nh-'n. 3i 4 -5U oredta 12i-14j <jre rtii 
Frank in rl 2T B 17g pr pm i6lg.5ly {if. pin 

Lisbon 40-180 e. dis 1250-550 n. du 

Sftdrtri. 30u-pm-56r^iis i’par-100 c. di» 
Milan „ |«r-7 lire die 1 10-18 lire dis 
Os to- ..... ZV4U ore dla 91-118 ure dis 
Furls. 8-1 c. pm 2/ 4 -1 Li c. pm 

dt'ckhomi lore pm< lore dia par -2 ore dis 

Vienna 14-4 gru pm 24-14 gro pm 

c. pm Big-7ia r . pm 

Stx-monib forward dollar UMLi-TOc tun 
iS-montb 185-2.70C pm. 

Stari sties provided by 
data STREAM International 

N ame and description 

Alcan Aluminium 9jpc Cv. 89-94 
Associated Paper &}pc Cv. 85-90 
Bank of Ireland IOpc Cv. 91-96 
British Land 12pc Cv. 2002 
English Property 6Jpc Cv. 98-03 
English Property 12pc Cv. 00-05 
Hanson Trust 6+pc Cv. 88-93 
Hewden -Stuart 7pc Cv. 1995 
Pentos lapc Cv. 1S85 
Slough E states IOpc Cv. 8 7-BO 
Tozer, Kcmsley Spc Cv* 1981 
Wilkinson Match IOpc Cv. 83^8 






Dear(— )*> 







Current Banget 

Equ.§Conr4 Diff.t: 


6.1 3^ 

10.1 10^ — 2.0 -• 

6.4 4.4 -6 A. 

l&J 10.0 " 25fi 

9£ 10.0 02 

142 142 98.1 

S.0 8.7 8^ 

2^ ~ 51 

11.6 8^ - 0.7 

72 42 11.7 

- 7 to 1 
•12 to -3 

10 to 30 
7 to 11 
46 to 102 
1 to 10 
•17 to —5 

- 3 to 8 
5 10 13 

23 to 41 

24 to 38 

* Num'i.'r tji ordinary shares into which MW nominal ol convertible s’oet is convertible, r The cstra uost at invesuBom ni cvuFcrnbte expressed as per cent, of the 
cost of the couiry in the convertible stock / Three-month range- 5 Income an number of Ordinary shares into which flflO nominal of convertible stock is convertible. 
This income, expressed lo pence, is summed from present lime until income on Ordinary shares ts Brea/er* than income an HOD iKunlns) of coovert/file or the fina l 
conversion dale whichever is earlier. Income Is asstmuxi lo ww a, 10 per cent, per annum and is present valued at l? per com. per annum, n income on nOO or 
con ven Ible. income is onxnmed until conversion and prueenr valued at 12 per rant, par annum. QJThta la innmv of [he convertible less income of thi underlying equity 
expressed as per cent of the value of (ha underlying equity. 0 The difference bei ween the premium and Income difference express^ as pot cent, of iho value of 
undcrtyfEUi equity. -+ fs an indication of relative cheapness. — j> an Indication of relative dearness. 


Financial Times Saturday 'April 22 TST7fe ' 


Stock markets finish the week on a subdued note 


: — r - mi A ff’ I ^ 1 -if. pjfp.l A 5T' s' 

Share index up 0.2 at 455.0— New long tap stock 

Account Dealing Dates 

•First Dedara- Last Account 
Dealings tions Dealings Day 
Apr. 3 Apr. 13 Apr. 14 Apr. 2o 
Apr. 17 Apr. 27 Apr. 28 May 10 
May 2 May 11 May 12 May 23 
• Hew time " daallafls may take place 
from 9J0 a.m. two business days earUor. 

Subdued trading conditions pre- 
vailed in stock markets as the first 
leg of the current Account came 
to a close yesterday. Interest in 
the equity sector was restrained 
by week-end influences and to a 
certain extent by the advent of 
dealings in the new Traded 
Options market British Funds 
fared little better in the way of 
activity. Continuing worries about 
sterling and the absence of sup- 
nort made for dullness in the 
shorts for most of the day. but 
prices rallied in the late dealings 
on the absence of a new "tap” 
and the majority of quotations 
finished without alteration after 
earlier falls ranging to A- Long- 
dated issues drifted lower to 
close with losses extending g. The 
announcement of a new long 
“tap," £800m. of Exchequer 12 
per cent. 1998 stock at 99, £30 
payable on application, had little 
impact on this area of the mar- 
ket hut slocks within the vicinity 
of the new “tap" tended to ease 
a shade further in the late 

Leading equities moved within 
narrow limits. Inclined easier in 
the early dealings, prices gradu- 
ally recovered and final quota- 
tions were a shade better on 
balance. Down, only Q.S at its 
lowest of the day at 10 axn., the 
FT 30-share index closed 0.2 up 
on balance at 453.0 for a rise of 
7.6 on the week. Few movements 
worthy of note emerged in 
secondary issues, but the general 
trend was to slightly higher levels 
as reflected in the majority of 
rises over falls by fi.5 in FT-quoted 
Industrials. Official markings of 
4,299 were the lowest of the week. 

Gold shares took a turn for the 
better after the previous day’s 
setback nn the propped sales of 
i lion by the U.S. Treasury. The 
Gold mines index regained 2.1 to 
336.8. but still showed a fall of 
10-2 on the week. 

business. The close was 10G} 
per cenL, down 21. Yesterday’s 
conversion factor was 0.6S63 

Willis Faber down 

Traded options 

The market in London Traded 
Options got off to the expected 
low-key start. with most 
interested parties feeling their 
way. Traders were quite satisfied 
with the first day's business and 
were mildly surprised at the 
number of contracts done which 
was 586. Institutional interest 
was small, again as expected, the 
feeling being that large Funds 
would not commit themselves 
until rates had settled down. The 
best traded options were Grand 
Met with a total of 265 and Cons 
Gold at 123. 

Trade in the investment 
currency market was much more 
subdued than recently. The 
premium moved in a narrower 
range, between 1081 per cent, and 
MB per cent., in a better balanced 

WiU is Faber cheapened S more 
to 267p on further consideration 
of the chairman's bearish annual 
statement Meanwhile, other 
Insurance brokers generally gave 
ground following Wednesday’s 
decision by Lloyd’s of London that 
all Lloyd's brokers should remain 
independent, so blocking full bids 
from foreign suitors. Sedgwick 
Forties gave up 5 to 330p as did 
C. E. Heath, to 250p. while Alex- 
ander Howden declined 4 to 164p 
and Hogg Robinson 3 to lS4p. 
Leslie and Godwin, in which deal- 
ings were resumed on Thursday 
following the withdrawal of the 
proposed offer from American 
giant Frank B. Hall, moved 
against the trend and closed 2 
dearer ac 92p. 

With the exception of Barclays, 
which relinquished 4 to 346p. the 
major clearing banks edged 
higher in thin trading. LlAyds 
hardened 2 to 264p as did Mid- 
land. to 354p, and Nat West, to 
27Sp. Merchant Banks came in 
for .come late support. Rambros 
ended 7 to the good at I72p and 
Schraders closed 15 higher at 395p 
in a thin market. Corinthian 
hardened a penny to 21 p ahead 
of Monday's preliminary result’s. 
Among Hire Purchases, UDT 
gained a penny to 40p; the 
group's " lifeboat " borrowings 
have been reduced to below 

The trading pattern of the last 
few days was repeated again in 
Breweries, shares fluctuating nar- 
rowly and closing little changed. 
Whitbread "A” lost a penny to 
88 Jn. but Allied closed 1J harder 
at 87p. 

In Buildings. BPB fell 14 to 23 Op 
in the late dealing on news that 
its wholly-owned subsidiary, 
British Gypsum, is to have a pro- 
posed increase in the price of 
gypsum-related products investi- 
gated by the Price Commis-vron. 
Ben Bailey eased 2 to 12p follow- 
ing disappointing interim results, 
but Southern Constructions 
attracted small buying to close 
a penny better at 7p ahead of 
preliminary figures due early next 
month. Bid speculation lifted 
Brown and Jackson 3 more to 76p, 
while Bryant Holdings attracted 
speculative support and finished 
a like amount up at 58p. Ruberoid 
firmed 2 to 40p after Press men- 
tion, and modest interest in 
A. Monk produced a similar rise 
to 91 p. Elsewhere, Marcbwiel. 
27Sp, and Richard Costain, 244 p, 
both drifted 4 lower. 

Yorkshire Chemicals featured 
with a jump of 6 to 92p after news 
that Croda International had 
acquired a 6.9 per cent, stake in 
the company. Croda remained 
unmoved at 44p. Reverfex 

trading, IQ edged forward to 

Liberty please 

Narrow irregular price move- 
ments were the order of the day 
in leading Stores following a thin 
business. Marks and Spencer 
hardened a penny to 143p but 
Woolworth softened that much to 
66p in reaction to'tbe chairman’s 
annual statement, in which he 
revealed that first-quarter profits 
of the current year are down on 
the comparable period last year. 
Elsewhere, Liberty and the Non- 
Voting were marked up 24 points 
to the common price of £23} in 
response to the higher annual 
earnings. J- Hepworth rose 3 to 

threatened overtime ban from to- 
day by bakery workers. Ranks 
Hovis MeDougafl closed a shade 
easier at 49p and Associated 
British Foods a penny cheaper 
at 6ip. SpjHers, which recently 
decided to pull out of the bakery 
business, closed without altera- 
tion at 27}p. Wheatsheaf Distri- 
bution continued firmly In Super- 
markets, hardening 2 to 200p for 
a rise on the week of 16, this Is 
still a discount of 10 on the bid 
from Linfood which finished 2 
better at 140p. 

City Hotels,. at 110p, lost half 
of the previous day’s gain of 4 
which followed the preliminary 
figures and capital proposal Other 
Hotels and Caterers edged higher 

unmoved at 44p. KeverCex 
responded, to a Press mention 

responded, to a rress mention 
with a rise of 31 to 93Jp, and 
Hickson and Welch added a simi- 
lar amount to 173p. In very quiet 

65p,- after 66p, following the 
Increased first-half earnings and 
A. G. Stanley gained 5 to 129p 
on consideration of the chairman’s 
confident annual statement 

Electricals had Little to 
commend them. Plesscy, at 96p, 
regained a penny of the previous 
day’s fall of 4 which followed the 
decision by the ICAC to adopt 
an American-Australian instru- 
ment landing system rather than 
the UK. Doppler system. Gains of 
4 were seen in Kode International, 
llOp, and Mnirbead. 172p, but 
small selling clipped 3 from Ever 
Ready at 137zl 

Buying ahead of next Thursday’s 
preliminary results helped Amal- 
gamated Power Engineering put 
on 7 to I2Ip. Ransom e Sims and 
Jefferies came in for good support, 
which continued after-hours, and 
closed a similar amount better at 
152p, while speculative interest 
lifted M.L. Holdings 6 to 108p and 
Mining Supplies 3 to 67p. Further 
consideration of the record 
profits helped Clayton harden a 
penny more to B8p. Of the quietly 
dull leaders. Hawker softened 2 
to I94p and Vickers gave up the 
turn to 176 d. 

Foods rarely strayed from pre- 
vious closing levels. Awaiting the 
ou tcorae of talks to avert a 

with Grand Metropolitan harden- 
ing 2 to 106p and Ladbroke 3 to 

S. Simpson firm 

Miscellaneous Industrial majors 
suffered from an almost complete 
lack of investment interest yester- 
day and closed with minor mixed 
movements. Down 37 the pre- 
vious day following the surprise 
announcement of the £32 m. rights 
issue and an accompanying 
bearish statement concerning 
current year prospects. Turner 
and Newall remained friendless 
at 170p. down a penny more. 
UnfleTer shed 4 to 494p and 
Glaxo 3 to 525p. Scottish and 
Universal Investments, however, 
edged forward 2 to 122p pending 
further developments in the 
Lonrho bid situation. Elsewhere, 
S. Simpson A gained 6 to 97 p 
on buying in a thin market ahead 
of next Thursday’s interim re- 
sults and Norman Hay put on 5 
to 50p ahead of annual results 
due on the same day. Thos. 
Marshall Loxley A improved 2 
to 43p in response to the results 
and Hentmore Manufacturing 
added 2 to 14£p, also alter trad - 
mg news. An investment recom- 
mendation left Central Manu- 
facturing 2 dearer at 66p and 
BTR a like amount better at 

255p. A good market recently 
on the record results, E. Fogarty 
revived with an improvement of 

4 to 155p, alter 156p, but R- H. 
Cole touched 105a on initial dis- 
appointment with the annual 
profits before rallying to close 
only a penny lower on balance 
at 110p. Light profit-taking after 
the recent surge on bid hopes 
prompted a reaction of 4 to 
163p in LetraseL 

Noteworthy movements were 
few and far between in Motors. 
Hartwells stood out with a rise of 

5 to S9p, while T. G Harrison, 
107p, and. British Leyland, 3Gp, put 
on .2 apiece. E C Perry picked up a 
penny at 185p for a two-day rise of 
10 on the preliminary figures and 
capital proposal. Dunlop, however, 
gave up another penny at .79 p 
following Press comment on the 


Annual results from Pearson 
Longman failed to impress and 
the shares eased a penny to 182p. 
Elsewhere, Collett Dickenson 
Pearce declined a similar amount 
further to 56p, sentiment stffl 
soured by the Inland Revenue’s 
proposal to bring criminal pro- 
ceedings against the company. 

Rush & Tompkins please 

Little enthusiasm for business 
left the Property sector narrowly 
mixed, where changed. Rash and 
Tompkins featured in secondary 
issues following well-received pre- 
liminary results; standing at 102p 
before the announcement, they 
responded to close a net 5 up at 
lOSp. Elsewhere, Beltway added 
2 more to 69p in the wake of 
further takeover speculation, and 
Midhurst Whites firmed 1* to 41*p 
after modest interest Centro- 
rincial Estates returned to favour, 
both the Orffinary and Capital 
shares put on 2 to 6Sp and 66p 
respectively after recent dullness 
following the unexpected first-half 

Oils passed another quiet ses- 
sion. British Petroleum, 770p, 
remained at Its overnight level, 
but Shell, 528p, improved 5. 
Ultramar continued firmly and 
rose 4 to 248p, Siebens UK. how- 
ever, eased 12 to 292p after 
recent firmness on the North Sea 
farm-out agreement. 

Although business was at a low 
ebb, Investment Trusts closed 
with a string of small rises. Man- 
chester and London edged forward 
2 to a 197S peak of 22p, but small 
selling clipped 5 from Inter- 
national Pacific Securities at 165p. 

Dealings in Bridgewater were 
suspended at 7p pending an an- 
nouncement. In Financials, S. 
Pearson finished a penny cheaper 
at 183p following preliminary 
figures in line with market ex- 
pectations. Yule Catto, at 79p. 
gave up half of the previous day’s 
gain of 4 which followed news of 
the proposed capital repayment. 

Shippings held up well, senti- 
ment being little affected by the 
discouraging comments on pros- 
pects by the chairman of Ocean 
Transport in the annual report. 
OTT closed without alteration at 

Youghal’ Carpets featured .late ' 
in Textiles, losing 7 to a 1978 low 
of 36p on the substantial annual 
deficit while Dawson. Inter- 
national, at 115p, gave up' .5 of. 
the recent bid-inspired advance.. 
In contrast, the optimistic state-, 
ment which accompanied the in- 
terim figures lifted G. and G. 
Kynoch 5 to 55p. Parkland Textile 
A attracted fresh speculative sup- 
port and rose 4 to 72p for a two- 
day gain of 8. Gorah hardened 1$ 
to 33}p and Shaw Carpets 3- to 
29 p. 

fin. .. m iLmnfc SA W .. 71.57 71.83 . 72.16 «*.#« wi «o.ra 

tThL «.98 75.00 75JtO.74Al.WB4 7*13 69.49 

intoteW Orii«y- <H».° «« 4616 «” 44617 «*-* 

Gold Hitts*- , 13 *' 7 Ml ’ 1 1B ? J * *** *»■» 

OhLD1v.YW«U 8.91 5-90 5JW M4 ^ Ml ,«9, 

fcmiiu»rU!Wr> 17-55 17.61 *47-25 17.44 17.09 17*9 16.22 

iiMMUMCil- ■ 7 - 67 ' 7 - 66 8 00 7<a ° * M 

De B Iinr,«nKt«l , 44» 4.99B : 4;66fi 4.608 4.482 4,930 6,856 

■ kpdty tarw^£®~ - ML53 ' 08-73 75-98 69.11 71,4* 7*98 

out.- - • 1S,742|14,301 15.152l_l4 . 696i I4A6a 17,869 

..“^^TSTSSiS: 11 TSToul NoonOLL im-rn, 

• . tajn.4stx **2*J£*-.- 

- Latest 'Mex • 

• nosed 52 oer cent con®™®® tax. T 

nub m* S5t •&-.»»» ^ m . tad * 0r4 - 1/7 ^' <u ' & 

tuna 12 / 9 /S. SB Activity Jnly-Dec. 1 M 2 . 


"" . 1878 (Stow Ooir^Wloe • -. ' , 

‘ i - 1 1 - ' Ape. An. ■' 

— I ifflr Hlirh I -lOT 

7L75 7JW 
74-91 . 74J 
403.5 446 
137-9 143 

17.441 V7.i 

4.299 4,998. ‘ 4; 668 4.60B 4j4ttj "4.93C 
— ; 6&3» '0a.73 75.98 71.41 

69.49' H; 
4Z2J5 • .f 
113.9 ; '■ 


■ 9.06 


17,860 ' . 

S.E. ■•JICTVrfe 

Golds tetter 

South African Golds staged a 
modest recovery in the wake of 
the firmer bullion price* which 
was finally $2.25 better at J17U25 
per oz— although etffl. Itww, 
on ' the week — after the \aharp- 
fails which followed Thursday^ 
announcement of-UJS. Treasury 
gold sales .of SOtMKW ounces per 
month for at least sax months. 

The Gold Mine index regained 
2.1 of the previous day’s 6.4 fafl- 
leaving it lOi off over the wedd 
Share prices were marked -txp az 
the outset of trading and there- 
after -fluctuated narrowly with 
interest generally at a low feveL 

The Orange Free State gold 
producers in the Anglo American 
group improved on consideration 
of the March dividend declara- 
tions which were generally 

Western Holding’s increased 
Interim encouraged a. good 
demand for the shares -which 


FM lot-- BL-W 

Ind. OttJ — 497.3 
(6' 1 ) 

'Oold Mtoea- 168-6 

1327.4 49.18 

150.4 B05S 
(23/11(47) (3/1/76) 

649.3 49.4 

(14/9/77) (E60W 

442.5 43.5 






172.0 1164.7. 
134.8 166.1 

32.0 41.7 

97,9 113.7' 

159J» 161,1. 
rJ 154J 161A 
U 57i0 Z1X 

EffivkSw . D I SBEZ^J.ioiji 1 107 

■j .. 


The follomlng .accurWe* .quote J In t he 
Shut Information Serrtte ' yesterday 
SSLd iSS Mtom *nn Lows for 1976. 

attained new Hlohs ana Lows for 


advanced f to £16}, wtSe Free 
State Gedrud put on a half-point 
to £15L Other, heavyweight' to 
register good gains included 
Randfontem. a . half-point JdGErer: 
at £32} and West Ddebotebt 
which close! } firmer at £17, " 

Durban Deep were a feature 
among mar^nals; the . shares 
advanced 21 more to 199p^-a two- 
day rise of 37 — fofiowmg news 
that the Sooth African Govern- 
ment has granted the company an 
additional state loan facility of 
up to R2m. to Decend/er 3L The 
grant is subject to the facility not 
exceeding the loss after state 
assistance based on the compaxqft 
1978 results. East Rand Props, 
have been accorded a steftar 
facility of up to RSm. \ 

Financials were mixed. - Be 
Beers hardened 4 to 329p foS ow- 
ing the chairman’s statement and 
annual report On the other hand' 
Selection Trust dectined 14 more 
-to S90p on further cons! deration 
of the results. 

Rio Tbxto-Zme attracted ^strong 
support and the shares cHmbed 8 
to etpial the 1978 Wpti of 209p. 
South Africa's Afrikander Lease 
jumped 30 to lBOp, after 200p, 
following heavy Cape buying.' , 

Among Australians’ Hampton 
Areas were again a feature: and 
rose 3 more to 12Sp — a week's rise 
of 28 — on takeover bid -.hopes 
foUowinw tf|<> acqi’^^on bv CCP 

of 37J per cent cS the- company, 
Elsewbore. "Tanks*' rose 2 more-, 
to a 1978. high of 140p- for a iȣ&- 
on the week ' oE 12 / on their 
diamond exploration hopes. ' 



BANKS r^l 


Brown 6 Jackwan Briant 
Hoveringhjm Monk CA1 . 

- He. Res. Vtv- Ruberoid 


RmrtM ' 

TEXTILES OV . . - <- 

Miller (F^ ■,.. lr ,. sh fr , „ Carpeta *■ 

TRUSTS (131 _ : i iT 

Atlanta Baltimore N.r. 4 Gartmora - 
city 6 foralgn lav. Scottish Ontario'.' ; b -- 
Crescent -Japan Sec. GL Northern 7 C- 
Electric & General West Coast & ~ . 

CTT. Japan Whiterbuttsm Vi . 

Jar dine. Japan Dalnety »• ' . t 

Manchester 4' Lond. - • 

01LS„(» , ^ 

UttraDur - Uhramar 7oc Cow- 


BertsfOrd IS. A W.) Hoffmans (SO . . 

Bradwall Hurisoai . Malay. E r 



Alfred Retaffers Hepwortft O J 

Helene of London MR Furniture 

12PC Conv. prer. Martin Nrw»fient 

liberty Ha mar Textiles 

™ ^SSaNaSSESSr”'' ■ 

Babcock & Wilcox Cornnraoft . 

Blaleev'6 - Cummin* 7I-S4 

Bonier Engineering Ransomet Sima 

Chemrlng Wefiton-Ertw 

Cosalt Nell a, Spesoar 

Crean <J.l RantfaJb 

Dobson Park Ryan CLJ 

Fooartv ■ E. * Scott. A Untv. ItlYf. 

•ftwikffn Mint Simpson £S.) A 

Hay (Norman* Wedgwood 

I.C. Industries - Williams (J-) 
Mentmore Wilis (Gaome> 

N.CR. 4 pc *93-95 


British Lev land 


Chapman Balham Sutdil't SaatctaL - 
Olives Paper Mill 

- Burma Minas 

MINES <3> 


NEW LOWS 119) -7”4 =? 


Treas. T3Aoc 1993 Fndg. 3>rpe ’97-M. 
Redemptn. 3pc ’BS-96 


Iceland filwx; *83-88 - 

Syfces (Henry) Wlilimtu 


camret - Matarcionuya Vb 

Cole (R. HO SpearXJ. 

Lap Group Turner * Nhrd' i 


- ;*3 S 

bhwb,Fot0 textrx.( 1 ) . - 3 r- 

EH 0 "" 

Harmony Tanfong 


: ■ . • • - ••W-t 



.- s . . •• .■ ..v-a? 

DEALING DATES Press, C. E. Heath, Queers Ms-a;- 

First Last - Last •• Fox' Houses, Cons- Gdd FleIds,_St^£ r - 
Deal- Deal- Declaza- Settle- Discount, . Tanganyika Conte .. 

lugs lugs tion ment sioos, Lemwns, Valor, J. Bibs- £ : 

Apr. 11 Apr-24 July 6 .July 18 Dawson. Internattenal, Engffi 

Apr. 25 May 9 July 29 Aug. 1 Property, London. BriA-'in j; 

May ift May 22 Ang.-3 Aug. 17. Parkland Textile A«. Cons. 

For rate indications see end of Fields 'was dealt in for 

Share Information Service white doubles were arrangeffj ^ 

. Stocks favoured for the call Savoy Hotel A, Cons. Gold BW r.; 
Included Oxley Printing, William and Lennons. . . - ; 




■ .-.i z: 

3 * ' 

• ---CS I 


Up Down Same 

BrftM FuBtfc - — . « » 

Corporations Dom. ami Foreign Bonds 2 U 9 

ludasmals . - — 308 2S W 

Financial and Prop. - U9 68 S3* 

Oils b ■ O a* 

Plantation S 3 » 

On the week 

Up Down Same 
IS HO 105 
7S Q 213 
2.160 1473 4.413 
954 337 1415 

72 30 68 • 

58 26 96 

These indices are the joint compilation oflhe Financial Times, the Institute of Actuaries and the Facility of Actuaries^ 


•r. •* 

■S - V.- 
' " -» 

Recent Issues 
Tota-s - 





Fri^ April 


8 Ttmr. Wad. Toe*. Hon. Year]' 

Apr. Apr. Apr. Ap&TsifeO 

20 19 ft 17 tavnij 

Highs and Lows Index 

Index Index Index 
No. Nft No. 

CompitetiOB' ' , -'s- 


' Optir.n 

Es*n.-iB 0 













Com. Pnion 




Corn. Union 




Cons. Gold 


21 i a 


Onus. Gold 












ll KO 












Grand Met. 




















Marks X .Sp. 




Mnrkn Jt Sip. 












197.87 15539 
177-37 17474 
308.97 30320 
41556 413.91 

16522 .214.04 (6/l> 188.95. (213) 228.03 (14W77) l 5071 03fl2/i 

13951 197.86. (6flJ 36630 (3/3) 233.84 (2/5/72) 

24235 350.75- (6/1) 28935 . (6/3) 38933 0*5/72) 

3ZLZL 46454 (6/1) 404.47 OI5) 48359(21/111/77) 

2ZL66 30755 (6/D 270.95 (6 13) 33222 03/9/77)- 

14834 36729 (230) 149.87 (2 13) 287.45 04/9/77) 

14038 16535 OH 4) 15422 (Z7® 177.41 (27/4/72) 

18.53 535 7.79 18423 184.41 18292 18026 147.49 19657 * (8/1) ; 17353 (3/3) 22738(23/4/72) 

1630 3.97 8.82 71655 21722 21426 ZI0.95 167.47 235.96 (60) 20951 (3/3) 261.72(21/10/77) 

17.07 6.74 8.24 16651 16559 164.97 16360 148.49 28433 (9/D 26054 (6/3) 26322 (4/5/72) 

2223 657 657 11657 11660 116.03 1U83 -9551 11951 (60) 10458 (2/3) 17059 05/1/69) 


226.08 06/8/72) 
28L87 (2801/72) 
329.99 02/12/72) 
Z1463 (2100/77) 
244.41 (27/10/77) 
36052 (6/1/78) 
14421 04/9/77) 
20459 06/8/72) 
235J2 070/67) 
33926 (2/8172) 
13522 (16/3/70) 
21320 04/9/77) 
29S20 04/9/77) 
262.96 (6/1/78) 
24656 0/9/72) 
25853 (2/5/72) 


Jt V 








I. » t 




A.BJT. Bank 

Allied Irish Banks Ltd. 
American Express Bk. 

Amro Bank 

A P Bank Ltd 

Henry Ansbacber 

Banco de Bilbao 

Bank of Credit & Cmce. 

Bank oF Cyprus 

Bank of N.S.W 

Banque Beige Ltd 

Banque du Rhone 

Barclays Bank 

Barnett Christie Ltd.... 
Bremar Holdings Ltd. 
Brit. Bank of Mid. East 

■ Brown Shipley 

Canada Perm'nt Trust 
Capitol C&C Fin. Ltd. 

Cayzer Ltd 

Cedar Holdings 

■ Charterhouse Japhet... 


C. E. Coates 

Consolidated Credits... 

Co-operative Bank • 

Corinthian Securities... 

Credit Lyonnais 

The Cyprus Popular Bk. 

Duncan Lawrie f 

Eagil Trust 

English Transcont 

First London Secs 

First Nat. Fin. Corpn. 
First Nat. Secs. Ltd. ... 

■ Antony Gibbs 

Greyhound Guaranty... 
Grindlays Bank t 

■ Guinness Mahon 

■ Humbrns Bank 

I Hill Samuel § 71% 

C. Hoare Sc Co t 74% 

Julian S. Hodge 8j% 

Hongkong & Shanghai 7J% 
Industrial Bk. of Scot 61% 

Keyser Ullmann 7|% 

Knowsley & Co. Ltd. ... 9 % 
Uoyd$ Bank 6$% 

London Mercantile ... 7J% 
E. Manson & Co. Ltd. 9 % 

Midland Bank 71% 

i Samuel Montagu 7i% 

I Morgan Grenfell 71% 

National Westminster 71% 
Norwich General Trust 71% 
P. S. Rcfson & Co. ... 7J.% 
Rossminster Acceot’cs 71% 
Royal Bk. Canada Trust 71% 
Schlesinger Limited ... 7i% 

E. S. Schwab 91% 

Security Trust Co. Ltd. Sl% 

Sbeniey Trust 94% 

Standard chartered ... 7J% 

Trade Dev. Bank 7*% 

Trustee Savings Bank 74% 
Twentieth Century Bk. 84% 
United Bank of Kuwait 61% 
Whiteaway Laidiaw ... 8 % 

Williams & Giyn's 7(% 

Yorkshire Bank 7|% 

■ Members or me Acccprirut Hanses 


• 7-day deposits 4:i. 1-nooUi deposits 


t 7-dny ili-nnslKi nn sums of IIU.MI1 
and undt-r 4-.. up io £25.004 41% 
and flier £ 2 j.ooD 0 ',. 
t Call dt.-pasiis over ci.noo i‘.;. 

3 Demand deposits 5%. 
r Rale also applies ia Sturbna Ind. 

4/ v ; — ^ 

U i h 

VI r.H. | — 
S103 F.l*.: - 
IOOij K.l*. -20/5 
10U K.P. - 
%•> MSI - 
V.V. Idl'l 
- V.V. i 9/6 
«■ t.l\ £6if 
« K.l*. ; 9,6 

•* F.K 14,4 
C90 t26 I 8 6 


!■ Aitim. IrnK ilLH% Zii-l. I*ri 

ijAmer. Ini Km. -2.... 

i lArniiCime (T; .) I01;i 2n-l Cum. I*M 

i ;linUam-' L-.nv. Cum. l.’wl. 2n.i I'n-i 

( UkUi. Id' Ini. Sfflrl. . ... 

|rliin.-ll>M' NV I III U*V I'rl 

j-link A (. h j i hi ■ tOi, Cum. KihI 

|. Uenziev iJ.i - 1% Cum. I'rl 

Wniet i % . I*ri. I .... 

rmiiH\ llig^cnv. In-. Lu.iM-K*. 

ii W. itn<mwn-li 11.6* l*n 

iV.iri. Wglei 11% I'oh. l*Mh 


Keiiunciarinn date usually Ibst day for dealing iree ui -.tamp dniy. »* Kwures 
nawd an vmvtmciu* estimate a Assumed rtiv/d^ud and vieW a Forecast diyiiJHini 
rnvnr hjsert on prevlnus vear*9 earnumv r Diviflenn iinn vmln naaed on pnHiiHCiiis 
gr ut tier offleial gsumaluf tor 1979 o Cross i H/jUn-s awnmM rCOwr allows 
lor run version oi n/iares not now runKmn tor rtlTKVnd or mnPiiiK only tor rewnctrd 
mvid*-rrfiK i Plat-iDK price in publiu. pf Fvn& urt® iMherwiv.- ind waled- 1 1 «Wl 
ay lenilur. (] filtered 10 Italdera (ll Ordinary shares as i nghlfl." ““ RiWUa 
by wa» of eapiuLsaiton. It Muumuin lender pnw si Beimronuced. ^ I'lUeii 

in connection with rears onlsai ion nwruer or (afce-mwr. fill tnrrorlucUod ..j 
to former Preference holder?. B Allotment letters (or fulli-paid>. • provisional 
parUy-paM gUoment loners. * VVlih warrants. 

87.01 - (3/1/1 T 
47 67 .(&!/, -J : 

Setltoo or G roup 
Pharmaceutical Products 
Other Groups 
Overseas Traders 
Engineering Contractors 
Mechanical Engineering 
Wines and Spirits 
Toys and Games 
Qttice Equipment 

Bm Date Base Value 









Secdno or Group 

Bus Paie 

Base Value 

loductfial Creep 

3i/mm .. v 

' 12X20 . ' 

Mfsccllanoon* Financial 

31/13/70 . 


Food Mwiufecttrtag 



Fatd Retailing 



Uuunwee Brokers 



Mmina Flnanca 

• 29/12/6 T. - 

■ -ueoa . ’ . 

Ali Other 


m» _ 

t Rademption yield. 

A now |st-pf -the constituents | 

* wartaWe From «q Pafelisiw*, The Ftewcn) tow/* 
Bradreu. HiBM, Cannon . Street. London. EC4, pH>i > 4 
Up. by put 22 p. ' A FortnJshdy record or group m 

pfnen T962. -with qpnrteriy Ittgls- and lotos o t ll'^i 
liwBces. Is obtainable fnis.Jr;j«dqt*i..Eiilew(«- | *■ 
10 Bolt Court, TjoaintirrjECiC" « M0 per ' CT^ 1 '"' 


■ ■ 7 ' ' Fiaafleial Times Saturday April 22 1678 



Si — . . • • 

Ufe A«flMnee 0». Ltd. 

NHggl^lpk ' !3 .e:1 = 

*'4 a sS - 

'-h. U 

Abbey Unit Tst. Mgrs. Ltd. <ai u> 

72 BO.fiHlchouse Rd , Avlcsburv 03D8MH1 

^ "d 

n«Hl WA7 177 fc : _ 

Entail M3 153.2 — 

SfiK&:P& iSS = = 

[^ApS' 18. VstoaUo^oLiriiy Tbm- 
jr life Assurance Co. Ltd. 

.Mirt lw A 

Burlington St. w.i_ 

. ;'> iJSi 

S 9 j “3 = 

II: j = 

jf Life Assurance IMJf 

Upn. Alma KiL. Ksigate. Hcdgate «UOJL 

ssai" = 

HfibBi fti r 

iSSStfigt.-. *a - 

rprop-Fd. *jB- ■ ml — 

n^mra <mj sau — - 

irn. 97* XOJ — 

General Portfolio life ins. C. Ltd-V 

80 BartholonH"*' '-‘I , Waltham Cross. WX3107J 

Portfolio Fuad USA 1 . — J — 

Portfolio Capital _ HI 6 _*35| 1 — 

Gresham Life Ass, Soc. JM, - 
2 Prbm of Waist Rd., B ’mouth. 0002 7CTJ55 
C.L C*shFmni.___W5h 10931 —.1 — 
GJ_ Equity Fund.. hDO.a lOSJt 1 — 

o.u tali Fuad p%a EEu — J — |UA 0 12 U ....1 — 

GI~Ppty.Fund._~. (95.7 100.71 — f ~ 

Growth 4 Sec. life Ass. Soc. LULV 

Woir Bank. Bray-oo-Thtmco. Berks. ’EW.3SSS4 

GS& F SS W .;:I $S3f J ::::::) = 

LandhankSc*. A<xil7J 128.51 1 — 

GTfc S. Super Fd. £8.0710 |- J — 

Guardian Royal Exchange 

RuyaJ Exchange. E.C.3. OM837107 

Property Bonds p 7 tt 9 13B.B| — V — 

Hambro Life Assurance Limited ¥ 


NPI Pensions Management Lid. 

48. GrtroehurMi SL El*IP31IH. 01-8234200 

Manased Fund . .. pU59 ISSOf .. 1 — ■ 

meet. April 3. Next deal i no May 1 

New Zealand Ins. Co. tU.Kj LULU 

Maitland Home, Southend SSI 2 JS mzfflWS 

Allied Hambro Group laitgif 
llwnbros Hw . Hutton. Brentwood, Essex 
01-088 2891 or Brentwood i«m si 1450 
Balanced Foods 

AZIktf 1 st..... {6L4 41.71 -0.1 5.79. 

BnL Inds. Fund IfcO fa US ... 5.72 

filth. Sc Inc. tB .8 3b J -0.1 53d 

EJert & !nd DCvJjD.7 328s -04 548 

712s -0.1 455 

10&J -03 - 537 
119.1 -03 4.74 


\tow Life Assurance 

SjfcFtLSUJ nt—NU 



::rr| — 

0SM ~~l - 

^relays Life Am ur. Co. Ltd. 

, a»»ratonnid~E.7. . 01-5345544 

!!«****•*-- VSH - 

Hearts of Oak Benefit Society 

15-17. Tavistock Place. WC1HRSH 0M8T5020 
Hearts of Oak (362 384} — 4 — 

Hill Samuel Life Assur. Ltd-V 

VLA Tier-. Add tecombe Pit, Croy. 01-8804255 

'"■La* M.7 U5J-W 

- <S^SssssrM. SS3:::; 

%^Bk:RS « :::• 

Tw inal ... 923 97 J 

• • - s* - 

^ i jnMal • - 97.0 1024 .. .. 

0, *3 j, - «Corrent unit nine April 18 

Life Assnr. Co. Ltd-V 
1 . hOBthard SL, EC3. 01-t 

1 — Norwich Union Insurance Group 

j ” Pt* Box 4. Norwich NR13NG. 000322200 

' [202.0 0231 -0 31 — 

Equity Fun j 1293 3S6.4 -0.4) 

gopem-Fund— ... 124.0 1305 -HJ.ll — 

OIrSSB37107 Fued Int Fund 1489 156.7 -tia — 

V — Tlepeslt Fund,. 1043 tint ] — 

■ „ Nw.tniLApr.lD_ 19ia \ 4 — 


CM09 0031 Phoenix Assurance Co. Ltd. 

— *-0. KlnR William St, EC4F4HR. 01-62E9B7B 

— Wealth Am 1107.9 U3.7] I — 

Ekr.lti.AsK. j_ 7Z& .... j — 

..._ Eh’r. PhJSq E. [715 75.ll — 1 — 

— < — Prop. Equity * Life Ass. Co.Y 

— 1 10. Crmwlonl street. W 1 H 2 AS. 014890887 

— . • — R SUkProp. Bd 1 3733 J 1 — 

— Do. Kqatty Rd. 1 37.9 I I — 

...... — Flex Money Bd | 1485 | | — 

— — Properly Growth Assur. Co. LKLp 
_ Leon Houne.Cro^dtrn,Cft9 1LU 01-6800608 

— fJopertyFood-.. -1 177.0 — 

— PwiORlte Plin4 ■ A ■ I J 75 ( 

53.4 _ 

332.® — 

1514 .. .. — 

1515 . .. — 

45 3 *0.4 — 

35 3 +0.4 — 

162.0 _ 

14L€ — 

138.4 +0.1 _ 

157.7 +04 — 

110.7 — 

121-4 -0.4 — 

1211 -0.4 — 

177.2 - 

1385 - 

Allied Capital US 

llamhro Fund . .-.1992 

llanhrn .ter. Fd. 1132.0 

Inca me Fuad* 

HIRhl'ieldFd |U8 

High locunje 164.2 

A4t.Eq.lne... _lj68 

Idtnailaa] Fonda 

jniematJonol 04.7 

Soca. of Aitwrin K12 

Pacific Fund - — [37.4 
•jpcefaUat Funds 

Smaller Co.’aKd 325 

Sari Smlr. Wt Fd. _ 39 9 

KearmrySils 83.9 Cdfy.... 363 
OnrtMsEanliia. 545 
Ezft, Stair. Co's.~4 1399.1 

69 U -Oil BJ 

b 7\ 

2651 1 2 J 

543 +0.4 2] 

4aq -oi| 2 J 

343 5 06 

42.7a 527 

MB* -02 9.73 
588m -04 5 90 

583 +1.4 430 
209.6m +04 5.72 

Garunore Fund Managers V iaiigi Perpetual I'nlt Trust MngmLy ia) 
L , .Sl.Mai>-,\se,fX3A88r. 01-332591 481lBrlSUHenl«y on Thame* 0*1260% 

ni.\mcnczmT&t 51 t02| 0 66 P’petuglG^ GtK - - .P57A 40. Of ....-4 S-W 

SiSSffl'fi&i: B& M 4 3 3 3 ^ Piccadilly Unit T. Mgr*. Ud.V Wlb> 

HiVarEafil TniUL- Wf 324u -0.3 Wordete flse-.5B» London Wall EC2 C30O8O1 

HlfihtitfonieTsL— J?8 *0 1 894 tvtrM Innmr.. pOJ 3L3| 8.40 

inctune Fund. - — ff-L ,JlJ 7.11 gminwsFd 804 4U -04 329 

iiu Aficticin - d-JI tflffl 3.70 Capital Fund.. *86 51-9 -05 5fA 

Intl EimpiFif.— . W W8 .. 6.47 loL&ttR.* AfiMft- <4-6 47.7 -04 357 

iiilntl.Tm. iacc.i . B0J 32.61 +ojj 134 pJ+nSeFund,— . 353 374 +01 339 

Gibbs (Antony) Unit Tst. Mgs. Ltd. 07 sSsi loi is 

23, BJomfiekl St. ECZM7NL k A 2SJ Z7J -02 3-20 

<ai A.C.. Ijvrome* ... I 8 .60 Amcric*rt Ftsnd P*1 2S*2l -0.1] 230 

SIagIfJSeoS?"^ mK oJo Practical Invest. Ce. LUL9 iyMcj 

ocalinE +Toes. tTWed. 44. B)oontsbtnySq.WCiA2RA 01-8288883 

Cove ft ClehnHf Pt»«tatfApr.l0_-B«.0 349.7MI J *30 

77, London Wall. E-Ci 01^885820 Accum-Unn, ..__|l99A M J *» 

STiiJr. Apr. si . — [129 6 13b u -o.4i 245 provincial Life lav. Co. UtLV 

IX..Acctim.UnU-.[L»0 M^V 061 125 22S.BUdWB4W.ECa. 01*476533 

Next dealiM db. *»> 5- Prolific Unit* —1756 BJJhd +S.3I 3.40 

Grieveson Management Co. Ltd. Highmconc po& mJJ +oi) 7.69 

» Grwham a-fC=P3». oi-«kv« 5 Prndi. portfolio BSngrs. Ltd.¥ laXbHO 

rA^SSuSSj a»S Holbt>n»Ba«,BClN2Sra 01-UB0232 ' 

wSSHYAp?mr.^o ::::: pruu«.uai poos ***\ 

■ Afcmn. Units) — ins Managemoit Co. Ltd-V 

19L71 ' 1.14 The Stk. Exchange. EC2N IHP. 01*004177: 


AnbaOmot Securities fC.L) Limited King St Shaxson Mgzs. 

P.O. M) 284. Sl Halltw.'Jarwe- . 053472177 1 OiarinBCwa»,SLKclim-.JerKcy.i]5^l9^41 
.v. mas 118. W 1 474 ' Valle? ■»*- SL Pwer Fort. Crmy. tiMBli 24708 

r Gitt f- aenise y[£9.65 

Australian Selection Fond NT Int] ^ sees. Tbl 

Market Opportunities, cio 1^2* Vouni fc FirstSlertlns Ei°9. ,1S-S9l 1 ~ 

Outhwaito/127. Neat SL.Atfnej-. Flnttntl. pZMJA 286.93( ..—I — 

i; SSI Shore* 1 9VU I !- 

Bank of .America International &A, KIMnwort Bensmi Limited 
3 S Boulevard Royal. Ltucembows G.D. aLFeoehnrehSuECS 
WUUnaeailneomeJSLmH UU5I-D.4S1. 652 WglXSmi!?*'* 585^ 620 
[ Prices ac April 20. Sot «ub. day Apnl 29. TlJ 755 

Bnk. of Lndn. & S. America Ltd. KB'FarEaaFd __ SUSMifi 

40*& Quern VIWOrtaSL. EC4 01-0002813 j,n„ .!undir S11S&9 
Alexander Fuod._|WS*57 . - I I- iSSueS: sffi.76 

-..[ 11 75 


— 1175 

sen Victoria SL. EC4L 01-0002813 j',n^' U i !undlr 

a-Fuud.-.isi’sfsf - 1 - ^rtfSTiSSrw: 

Net mm value Ann! IB. Slenm Bermuda 

jft Fenehorch St- EC3 01 -623 9000 

Eurinvett. Lu*. F I 1029 I +6 340 

Gaerateylnc. S85 62 C 464 

Do Actum. — — 713 75 S 4A2 

KBParKMFd — WSUtt 135 

JCBIntf- Fund-- 11Gb _.. . 181 

KB J»p*n Fund. 1US3U4 .. . ■ 0-51 

K4tlf!sTGwUvRi- 510.7b .... - 

Slenm Bermuda SUS4.74 +0,07 1 W 

“Lmlfonilf fDJIi 17JJS U8B|-040} 9.04 

•KB art as Lonttoa paying agents only. 

(11-623 BOOO 
+6 340 




Anderson Unit Trust Managers Ltd. 

lbSFenchurchSLEC3MflAA 6Z30231 

Anderson U.T [462 492*4 4 4.70 

Ansbacher Unit HgmL Co. Ltd. 

I Noble St_ EdV 7J A. 01-0230376. 

Inc. Monthly Fund.difl 17IU| I 8.9 

172.5 tSI prudemui puj 1235^-051 442 

Iffili .;;;;; IS QuUter Management Ce. U*L¥ 

lAcctuu. L^itst MS 4 191.7 144 The Sk. Exchange. EC2N IHP. M -8004177 

Gmchstr. Apr. 21—®-® gJ +42 2.90 DoadrantGeo. Fd-.U005 103Jrf . — I 4.40 

lAccum.UnIiJii__-.W7 95 0 +4J 2.90 SjadnUntlnccnto.-JUU UOJfl J W* 

fftSSSuu£:“:® ”5 :::T| Vn Reliance Unit Mgr*. Lld-V 

Guar dian Royal EX. Unit Mgrs. Ltd. SteUanceUM.TnnhrldeeWeUs.KL OO0C23971 

Royal Exchange. BC3P30N- 01-6288011 KHgSSSp'.Krr-KS-f <£9 "H «S 

iagiGuanthDlTtt—|835 865) -0J| 468 l 4^3 "^1 559 

Arbuthnot Securities Ltd. 
3T, Queen SLljnndnn EC4R1BY 
Extra income Fa .--Mi ' ufc.7 

Hleb Inc. Fund 
4t Accum Units 
(»/*. Wilrwl.Uts. 

Preference Fuad— 

■ Accum. Unite). 

Capital Fond - 

167.7 +01 . — 
99.1 +05 — 
974 +03 — — 
1016 . — — 

igj ^ - = 

L Lomtmn 1 SL ECS. 018233288 

tt.Ho»oA®r.lA_l 1ZMQ 1 - 

tias., ^asteda Life Assurance Co. 

Ul . 1 8 High SL. Potters Bar. Berts. PJBar 51122 

Xsssssei Si l:d- 

aoMm Asouranee Ltd.? 

OtympteWy^ Wembley HA80NB 01-9028870 

r^jgsa&IB MU = 

. . . ’SMiaita,-, l epo«tB«nil__^.. m2 au... - 

WJWiWB E^22 — ~ 

,S -«T2? S 9 92.J -02 — 

- "SlidSBS= K W ::::: = 

' > ^.' A ^lf^Bq.P0B0jX5T. nl Si -03 — 

• sasrsassi^- sa«s -- 

VV5-,., fcERiP- 965 . . 39J _.... — 

fcESXF.2. |K5 Z7J — 

* 7^*4 Ciumt valtw April 30. 

■pital Life Assurance^ • 
mdtttmHatue, Chapel Ash W'tmr 09CC285J1 

eyXavesLFd I 9842 j — ..J — 

■^--b^rtn.FH I 1B542 | -_1 - 

‘"Wferlwuse Magna Gp.¥ 
t Chequers Sq, Uxbridge UB8 1NE SCUD. 

0 NS g| = 

Tilhm. Managed- W.6 3JJ ...._ - 

vtliee. Equity— M2 3M — 

„ agnaBld. Soc 1246 — 

- 1 • L liij^lWngttaHaaaaed — 153.7 -...J — 

:■• ■' $.v. Cold FHtitl of Westminster Anar. Co. Ltd. 

ll n ' 2 nni, flngsbead HtniM, 6 Whhehorse Boxd. - 

. tSSonCROSM. 0I-O88S8W. 

• «-• .;.vZt, \ oIr, J, ^ prMxFand—158.9 62ffl ' — 

1 ■ i r ’ a**' uuuiiuF'und 170.4 17« •■■■«*■ 

. *- --^eLOBR igSSFtaMG 555 58A -<U — . 

Lv2*j|»E ^■SbadFbnd 100 736 ...._ 

■ - T-viu • rT«>ey Fuad 120.1 126.4 ...... — 

- - 1 * f Zamwd^.JZZl S35 66J ~ 

• . - “.—DLAFimd FiX7 175.1 — 

- -nia.3fnBd.CapL— 135-4 11 9J — . 

awl .....1 - 

Imperial Life Ass. Co. of Canada 

Imperial House, Guildford. 7Z255 

Growth FtL Apr. 23.169.1 7511 +13} — 

Pena.Fd.Apr.22_.l63J. 60b| +0.71 — 

Unit Licked Portfolio 

Managed Fund N39 98.91 40JI — 

Fbomnnl.Fd._- Ml liffia +0 — 

Secure Cap. Fd...— (95.4 100.41 +0J) — 

Equity Fund (555 1405) +0J[ — 

Irish Life Assurance Co. Ltd. 

1L Ftnubury Square, EC2. 01-8388253 

Bine Chip Apr. 21 ...W6 .735} +18j MO 

Mdnaaiw f Aim mlH a +73 — 

Prop. Hod. Apr. l__g7D2 177j3 .._J ~ 

Prop. Mod. Gfc (387.1 19M J — 

King & Sbaxson Ltd. 

52.CornUU.EC3. 01613503 

Bond Fd. Exempt -110638 107.721 -,-.4 - 
Next dealing dale Aarfl 10. . 

Govt Sec. Bd. tSb.71) 13ft«f I — • 

Proa. Croarlh penehma U AmmtUea Lid. 
AJ) VFUier Ac U la 11299 136JI... 

¥AII Weather Cap . 123.7 1303 

Olm.FitUtt 1536 

Pension Fd. Ut* -. 1^ 2 

Ctmv.Pena.Fd. U3t 
Cuv. Pita Cap. I't. 130.9 

Man. Pen*. Fd 1434 

Man. Pens. Cap. Ul. 1330 

Prop. Pens. Fd 1436 

Prop.Pena.CBp.Utji. 131.9 

Edtg Soc. Pen. Ul 129.0 

BdS.Soc.Cap.UL... 119.1 

Next dealing dale April IS. . 

Govt sec. Bd. tfkjo Sams. — l.- r 

Tangham Life Aasurance Co. Ltd. 

LaofhamHs.HolmhrbokDr.NW4. 01-3085211 
Langham*A*Plan_M.l 67.4 ..-4 — ' 

«sr MsfffHV 1 Wri- 

Legal ft General (Unit AssnrJ lid. 

ngewood, Tad wtftt- 
BonA Heath SMC8 

Provincial Life Assurance Co. Ltd. 

222. Bishops Ante. E.C2 01-247 8533 

5 M=J = 

GUI Fund 20 [114.1 12A2| -LZ| - 

Prudential Pensions Limited4> 

Bolbom Bars. EC] N 2NH. O) -405 9222 

EquiLFd. Apr. lfi^.lEZUO 24.02).....] — 

FkeL lnc Apr. i» laiS .1 — 

Prop F Ape. us . — RSB 25.90] - 

Reliance Mntnal 

Tunbridge Wei li, Ke nL -OSGazSZn 

ReL Prop. Bds | . 1956 l | — 

_ Commodity Fuad 


z FliLfcPropJ-d. 

Giuta Fund .... 

_ i Accum- Units) 

growth Fund ... 

“ lAcemn. linlki 

Smaller Co's Fd. 

■ EoaernAInll Fd 

— /S', W'drwl.ULt ) 

— Foreign Fd 

— N. Amer. blnL Fd. 

— Archway Unit Tst. Mgs. Ltd-f lake! 

— 317, High Holborn. TOO V7NI- 01-8319333. 

— Archway Fund J785 895) .... 4 6J2 

— Prices at April HL Next aub- day April 28. 

— Barclays Unicorn Ltd. (aHgWci 

Unlearn Ho. 232 Romford Rd-FTI. 01-534 5M4 


01-230 seal 

+04 ID 60 


..... 9.44 



. — 1244 


..... s or 

—0.4 346 

-0.4 346 


..... 348 

+06 4.69 




+05 LOO 

ssssffisfsr- -cirri' SsSEi-t .sl ^ 1 

Henderson Administration ia) (ci tgjtp Ridgefield Management Ltd. 
agStSE£SStM£F. i§& fto “ d - Hu,Mn - VO to 4^38-40, Kennedy sl, Slaschecter 

Htt iSSl^ IS 

U.K. Funds 
Cap. Growth Ibc....K 
C»p. Growth Ace—. M 
Income U AMats-.-P 
Ugh Income Fund* 

High Income ~g 

Cabot Extra Inc. — P 
Sector F un d s _ 
Financial & ITU — g 
OUONaLRca ___P 

Cabot _G 

Intcroabonal .-P 

Word Wide Apr. St.p 
OwntM Radi 

Auatrallan — 3 

European. 3 

FhrfejiC—. - 3 

North American — 9 
AmGru. Apr. 24--- P 


so a +o.ii 


I* i aata 

6.47 Rothschild Asset Management (g) 

... 73-80. GatehOMcRd.. Ay letburj-. <£965041 

fg N.C.E«uily Fund- 1156.9 1669ri| -06) 2.98 

s:c :*sg*gflR 

tall 7%L 


Hill Samuel Unit Tst. Mgrs.t In 
95 Beech Si^ECZPaJC 
<b) Brt nab Trust 
teilmlTnut — 

• - Dollar Trust- 

sa. rf j s-g NiciSSTFd flS: 

263) +0J] 247 N.C. iml.Fd.CAct. 

smu om. N.C. Smllr Coy* Ft 

3L5d -olf 171 Rothschild & Lowndes Mgmt. (a) 

7571+24) 456 Sl S wiUriM Laue. Lda.. EC4. 0142S43S6 

„ , . „ _ NewCLExemnL— KU2-0 119.0( 4 ATI 

40^1 Zor) 467 Price On April 17. Next daaUns May 15. 
7991 -oJ 161 Rowan Unit Trust MngL LtcLY fa) 
-lsiStS g Clt»-G*i* Hse^ nnabury Sq., BC2. 01-0061068 

W RowanAm.Apr.20.IM5 6751 — 4 0.96 

Wgrs.t IS) RowanSecs Apr.)8.u9-B 159.0) — J 433 

01-8288011 ItowaaRy.Alw.2Q. 

mi q jj-, 1 Aceum.uvilG 1 .__ 

lolj IS Rwn.MnvApr.i9_ 

Ino) iu (Accum. Unit*) - 

3 TfONS 

-7 U9.R -Oi — 

3 mA-U — 

.7 5H3 -m - 

usJ-ofi — 

Rothschild Asset Management 

SL Swl thins Lane, London. EC4. 01-028*356 

N.C.Prop.Mar.31..U143 ULM 4 - 

Next Sab. Day June 30 

Royal Insurance Group 

New Hall Place, Liverpool. 0512274432 

Royal Shield Fd ..11301 137.6] — | — 

Save ft Prosper Groapf 

4- GLSLHelen's. Lndn. EC3P 3EP. 01-654 8800 

BaLInv.Fd 11233 13051-0.91 - 

Property Fd* 1*96 1S7.9 ... .J — 

C.Ut Fd. LUL8 125.1 — OJl) — 

Deposit Fdt 122.1 1266 .... 

ConmJ%nLFd.t 195.7 2Bkt . ..J — 

RiuityPenm i : 1716 181-2 -0.41 - 

Unicorn America 
Do. Ann. acc 
D o. AusLInc. 

Do. Capital 
Do. Financial 

DO. 500 

Do. General 
Do. Growth Ace. 

Do. Income Tbl. 

-Do. Pri. A'ns-TsL 
Prices at March 3 

Do. Trustee 
Do. widwirfc 

Do. Accum 

Baring Brothers ft Co. LUMP fagx) 

80 LeadonimU St, E.C3. 01-9882830 

8 S 8 »-=:« SS|::::J 

Next imh. day April SB. 

795u +D2 165 ,rttrunl UBW— pi j 9 

(BiCtpUai 303 4.73 Royal Tat. Can, Fd. Sign. Ltd. 

®2B3 +01 775 54- Jarmyo Sweet, S.W.L 01-82882S2 

5Jo IB capital w ..._ — iui u.r ._...} 3.91 

fSvSST -58 “ 01 808 a 76 

is! Christopher Sweet. E c 2 01-3977243 S * ve * Froasger Group 

Intel. lire. Fond 1»2 IU| | 690 *. O^SL Hetons.. I^ndon BOPSEP 

Key Fond Managers Ltd. (aKgi gSi^S; mmW& wi 
25. BtQk sl, EC2V WR ^ mwwjo. & Prosper Securities Ltd-f 

b7 tj IflJ 51? IntonaUnsI Fund* 

bSll 1217 Univ. Growth [Ul 68M 1 

904 -81] 7 M increaaiag Income mad 



Sit 3 

1 _ Prop. Pens. Fd.* 

*' Gilt Pena. Fd ,| 

I Dcpon-Pcni Fd \ 

( _ Prices 

gPi 7 

972 102.q| 

on ’April 11. 
tly deallnfiL 

— Schroder life Group? 
•—■■1 — Enterprise House, Portsmouth. 
.-—•9 — Konlt+AortllB. I 046 

w „ v.i .-THRiwuvovAien. 

*-■ 'alR,J,tcstFroaFuniL_ 


• b.'Sevc i~r f cmbmii Fund 

T^We-faSaSfflZ T 

• . . • - -.— DIAFnud 

.' ' «+ Unp l ri p 

. a i ia atBt<ec & -m=* =- 

* L? ' )l -ioa. Money Actu- g8 MJl 

sgfc B - 

Tund currently ciooed to new Investment 
«. _ ufomOnils If76 | — .1 — ' 

L W ity o£ Westminster ftunr. Sac. lid. 

. JLitJ Btophono 01884 0084 

*W|.=J = 

p --.-iri- IcHomnurdal Union Group 

• iMaXJ.IWwiMUa 01-2837300 

ssssssea §s ■ fa - 

. . onfederatlon life Imutancc Co. 

; tChanceiylJine, WC2AIHE. 01-3*30283 


BQwnalPen. Fd.- 702 ■ 73J .. — — 

... unity Pen- Fund-. 2OT.0 — 

' Sea InL Pen. Fd 2010 - 

•r; rsAna*edPem.Fd_ . 178 2 — 

rapertyPetvFd-- J2J5 — 

Protected In. J I 3S5.9 .....4 — 

etnhiU Insurance Co. Ltd. 

J.CarnMU,&C3. .. . 01-OW5410 

Legal ft General Prop. Fd- Mgrs. Ltd 
It Queen Victoria St. E04N4TP 01-3469878 
LfcO’rpJd Apr 1|99J 110.71 __.4 - ' 

Nod sub. day Mar J- 

Life Assur. Co. of Pennsylvania 

30-42 New Bond St, W170RQ. . 01-4988386 

LAC0POWt«___.pflM) . . 25501 | - 

Lloyds Bk. Unit Tst Mngxs. Ltd- 
7j.LombardSt.BCa. 01-8331388 

Exempt |976. 1flUd|^~4 ?•* 

Lloyds life Assurance 
20, Catllon St, EC2A. 4KX 
BK.Gth.Apt0__-l _X278« J — 

8SSl3S:5S:S:}i3 S:? ::::. = 

^t^WApr.»_ m:* m3 — 

0pL5 tWpL AprSSZ® 7 - 127 i| - 

London Indemnity ft Gnl. Inn. Co. LUL 

IM0. Tbo Foebtny. RotdinS 58301 1. 

Fixed Interest pil -0^1 - 

The London & Manch es ter Ass. Gp-f 

Sent 030357333 

214-9 +og — 

127.7 -o-a - 

575 -03 — 

192.4 +S « — 

M7J +0.7 — 

w - 

79432 Bishopagate Progressive MgmL Co.V 

— 0. BlabopsEaie, E.CA 01-5686230 

B'eatePr.** Apr. 11. .11766 1883) . — ) 535 

Ace Dta. “Apr. 11 .-,12086 2223 ) — f 3-55 

18800 ^8«leInLAw.ia-n698 lBOT^ I 2»& 

< Accum.) Apr 18 — [1875 1993) 4 26b 

~ Next sub. day •May 3. ** April & 

“ Bridge Fund ManagersfiaKcl 

— KiugWUllamSt.EC4RflAR 01-8234051 

— Bridge Inc.* M68 S0.9tf| 755 

— Bridge Cup. Ine-t.... 32-0 343d 358 

— BridxeCap.Aec.t_ 353 3761 ...... 360 

— Bridge ExmnptT- 130.0 139A ..... 5.77 

Bridge Inti. Inc.t — . 156 16. W 3.79 

Bridge lnU.Ace.t_ 16A __ 175J 3.79 

Bridge Amnr.GenJ 256 I — 

Prices April unS. Dealing *Tues.. TWed, 

Z7733 tThurs- 

~ Britannia Trust ManagemenUa>(g> 

— 3 London Wall Buildings. London Wall. 


44.01 —0.3l 



89.71 —0.4) 









reij +0.i| 

2S33M +0.21 


1 - 

1333] .... I _ 

Scottish Widows’ Group 
PO Box B02. SdiuburKb EHlfl SB 17. 031-8508000 
InvJW6eriasl — Q»0 1086)42.61 — 

Inv. 1^. Series 2 — (945 995) 4261 — 

Inr. Cash Apt. M — W6_ 10261 .....J 

Kx.ULTr.AprU 10.0329 13SN -La —• 
MJ9CL FeiL April IS- 1*943 252.71 42.0] — 

Solar life Aiumrance limited 

lOnzEtrnaeeLondonEAINSZT. 0Z642SOO5 
Solar Managed 5 _.h2A.7 13131 -D+J — 

Solar F?w«Ss„ U14 1163 ..... - 

Solar Equity S. 1546 teJ.D *02 — 

Solar Fxd. UL S — UL46 1M.7 -03 — 

Solnr CaahS 995 1B.7 .... . — 

Solar lutts 976 703.1 -03 — 

Solar Managed P — 124.4 1M.0 -0J — 

Solar Property p—.. 1106 U6J — 

London EC2U3QL 

And! — (658 

Capital Art.— 475 

Coxnmft.lnd . . - 5U 

C o mM TO dUy — 68J 

pSroSr&SIZ S .7 

Gold fit General . — 756 

Growth 74.4 

Inc. K Growth W.b 

InTl Growth — „ 576 

InyasLTsLSharea.. 433 

Minerals 296 

NaL High l a c 77.4 

New tamo — 333 

North American 285 
Protesslonal — . — JU6 
Property Shan* _ E2 l2 

Shield g.l 

Status Change 

tl air Energy 305 

70.71-06) 568 
516 439 

556 -06 462 

73.9 568 

385 -0.2 462 
103.4 -03 767 

412 959 

20i -03 351 

663 -03 456 

80.6 +14 357 
805 -03 432 

74.9* -06 736 
613B +83 -Z5& 
465 +03 360 

326a +0.4 4177 
gS6e +06 864 
35J -06 536 

30.7 +03 1.92 
4775 — 2jD! 452 
13Jn -0-1 267 

463 -03 4.70 
30.4a -03 5.02 

321 -0.1 230 

74 71 I 369 roc w riw»|»c* gcviuiura uu-T 

b7 tj -ojj 539 (nteroatfcraal Funds 
«+- 3A*.9l . 1 665 CarutaL B*6 3761 -0.1) 3.0 

Key Inemne Fund- 

Key Fixed latP«t-K.--» "-g J +-am. wiwii 1 »*+ ■ — i — ' 

Key Small Co'*Pd-ftS.4 904-0.1] 7.04 inowwing lacwnr Fund 

Kleinwort Benson Unit Managers^ Higb-Vieid (S2J H6n(-0J( 761 

20.FenchurchSL.RC3 01-6238000 High lacame Funds 

aSSKS -K .SI :■■::] tS BSSS’—R} Slit 3 IS 

1C.B. Fd. lw. Tst*. ~|*9S 543) --4 462 

L ft C Unit Trust Management Ltd.? UK Equity |4L0 440J-0.l| 499 

The Stock Sebange. EC2N IHP. 01-588 28 M gweiwi* Paadalri M ... 

LAC I ttf. Fd. M06 1343} —181 7.93 S™ 5 * EH* iS3 “SS fnu 

LAC InU A Gan Fid. (913 946| +0.?( 233 J«6» B ~ 2S [ 

Lawson Secs. VA. ViaMcv ^ 7731 1 

63 George St_ Edinburgh EU22JC. 031-2203011 Commodity— 1675 7251-031 457 

*Raw Materials^ .IK. 4 305) +L71 7.02 Energy 1636 6861 .1 X68 

** Accowl LnlW I- — PV 7 436 +2.9 762 Financial Seca. [69 9 753] +0.l| 331 

•Growth Fund 6*3 58 J 377 HigkABnbnam Finals 

ri Accum- Unlta)._.g7jJ 643 177 SeleetlntornaL __ 0400 M33M +0.21 147 

jSSSSMKrfe IS I? SeCUri 2S ^1,5, +031 435 

DraL2llon.TuaAMWed.ffhura.-Fri. SeolyMd ^ [g5 

Legal ft General Tyndall Fnntff scoLEx.Gtir-6 mo t 230.01 .1 269 

18. Canynge Bnud. BrlidoL (B72 32241 Scot Ex-YLd** — p33 1706] 4,730 

Diu. April if - — BS6 50.4) ( 567 Price* at April 16 Ntert anh. day April 28. 

i®ra?day iujm ■* 537 Schlesinger Trust Mngrs. Ltd. (agz) 

Leonine Administration Ltd. 2S?SM^^wSriJwSn^ T, ** , toaoei 86441 

6 Duke St, London WIM84P. 01-4885001 Am.Eum 

Leo Did... P35 77 A 1+06/ 532 Am. Growl 

Leo Accum P83 SX*) +0j| 461 Exempt Wgh tl«L 

Lloyds Bk. UhK TsL Mngrs. Ltd-V (a> 

Regidrair's Dept, Gortag+iy-Sra. __ Income Did. 

Worthing. Wert Suioei- 01601288 lne. 10% Wdnri— 



Third rln cornel - 

D 0 . 1 Accum. 1 _ 

Do. (Accum.) — 

Lloyd's Life Unit Tst. Mngrs. Ltd. ‘*‘5^ int,. April so: ’ 

91 TSi 1 J- Hw y Schroder Wagg ft Co. Ud-f 

Equity Accum. JM5.7 153^ 4 rti-OinjUft* 

[+031 435 
-03 735 

01-001288 Inc. 10% Wdnri 

—XU 459 tnmL Growth 
—03 459 htv.TSL Umta- 

+03 3.48 Market Leaden 
+03 368 'NUneid* _ 

-03 655 PreLAGilLTnut 

-03 655 Property Shares. 
—06 804 Special 5iL 

864 Special Sit. 

S 04 uS- Grth. Accum. 

U.K. tilth. IHat — — |w a 

O- *Ne« sab. April SB. 


!X9ri ..... 1A6 

283 403 X97 

26.4 _.... 863 

255 455 

303 ...... M3 0 

413 9.74 

263 +03 4.74 
295 -03 4.74 

289 -03 — . 
256 -03 1169 
25.8 -03 2-47 

6.4a 2.85 

226 -03 660 

20.0 -03 6.00 

M ft G Groapf (yXcXz) 

ThncQimyi.TOMr Hill. GC3R 880.01820*688 fAccum.) 

120 , Cbwtpside. B-CH 
Caiutal Apr. 95.4 

See alao Stock Enduingft Deallr 

American - 465 4751 + 0 : 

(Accum. Unit*) 47.4 505) +0. 

Anfltralasian - 45.9 4931 -D. 1 

(Accum. OmUi 46b 503] -0; 

The British Life Office Ltd.¥ (a) 

— — . KelianceH*e_ Tunbridge Wells. EL 0600 22271 
BL British life (46.7 47An* -<Uf 564 

— BL Balanced* fea MBtfl J 563 

— BL Dividend' D96 CjM 4 HU1 

— "Prices April 1ft Next dealing day April 28. 

~ Brown Shipley ft Co. Ltd.f 

Ptt = 

1 Feb Apr. J5_. 

Z MAG Gnwpf 

"H0 ft Cnumerce Insurance 

- Regent St, London W1K5FK M -*387061 

•/. ^-tCMavLFd, 0226 - 13261 J — 

: ". ’. - : : sown life Assurance Co. Ltd-f 

awn Life Hna. Wtofcing,GU21 1ZW 00920033 

" ' " 638 

-• • z ■ ,.<sm7cq.J iw._ -| 

,3 Hqnlly PVL I ii fm ■— 

-7- - WdtyFilnft- — | 

-r - • -''rnpertyFd. Acc.— 

. ” ir - repertyFfLAec.— «6 

.. -. '--.riiiwrty Fd-Inem- 956 

roperty Fd Inh — 95.0 
Fd- Aec._ SO- • 

. . . ■ - .'(.!V.Tst-Fd-IiiCTi- %.() 

!: «y.T*t-F<L Inlt.— H.O 

. F ttedlBLFd-Acc.. 950 

V ir.xd.tot.Fd.lncm.. g.O 

• .. . - • dal Fd, Arc. 95.0 

. • -7 >' HalM-Incm. 956 

-oney Fd. A«, — g -0 
■ . .ttneyFU-Iocm — 956 

.. - - Fd_ incm. K-O 

- .. ro-nBrt.Inr.-A'_|U03 

;> rnsader Insurance Co. Ltd. 

-. -Incula House. TtowerPL,ECS. 01-8288031 

Ul Prim April 4 _f7L7 7SJ( — .( — 

■’ 'r-'^gle Star lamrnUiDnid Ass. 

I; \ -Thro*dneedlea,EC2. OldWina 

" agWMd. Units. -|485 583 ] — \ 639 

•I :*• 5; ieprity ft Law Life Ass. Soc. Ltd-f 

- jnerahamBoad, High Wycombe 040433377 

' - < quityFA - - ^M70 — 

■ ' • *•' -bted URNudMI - -lhs| — 

' i:ft»e 2 i=K ffla 3 - 

8BQ 01-838 4588 

■WS! - 


M^***ApriI M 

Solar FxdJnLP 0146. 120.0-0.* — 

SoUrCaahP |99J MIH i — 

Solnr toU P (97.0 703.1) -H4) — 

Sun Alliance Fund M a n g m t. Ltd. 

Sun AQianoaHouae, Horsham. 040384141 

Exp.Fd3nLAnc.12. 105358 lMAOl J _ 

tot Bn. April M — | 04® I I — 

Sun Al liance linked Life Ins. Ltd. 

0403 8*141 

Mngrs; Founders CL. EX2— 1207.9 
Da. (ACC.) Apr. II —{259.1 
Oceanic Triad* Ul (pi 

Financial — g3.7 

General &7.4 

Growth Accum.. — WL3 
Growth Income w.7 


Index [233 

Overseas ^—_-_JU6 


Recovery — [20.7 

Eonpt. April 10 f&LO 


:rj iM 

35.7] *» 

UL5a ..... 431 

44.1 -03 520 

35.7k -0+ 5 l£» 

30iw 9L63 

20 S ...... 369 

253 -03 4.72 

19.7 354 

56.7a -03 452 

22.2 -0J 532 

...... 438 

(Accum. Unite) - 

Compound Growth. 
Conreraloo Growth 
Conversion Inc. — 


(Accum Uni It 1 


(Accum. U ruts 1 

Extra Yield 

(Accum. Units) — 

Far Eastern 

(Accum. Uni tyi 

Fund of Inv Tsts—.. 

(Accum, Units 1 


(Accum. Units)— 

High Income 

(Accum. Unltsi 

Japan Income 

(Accum. Units' 


(Accum. Units) 


tAoctnn. Units j 

585 +03 
605 +0.4 
1195 -03 
223.1 ~0J 

iDCOBtoApT; 16 m3 1M.1 7.01 

US (Accum. Units'-— BJD 3623 7.01 

toS General Apr. 10 70.7 8l_7 353 

£5 (Accum. (Juts) J6.9 10M 3.K 

Europe Apt. 20 MJ 320u 2«. 

an uvecum. Uni tal D5 354 2.J1 

Js SpcrtBcktarchlL 1643 1473 436 

SSpecL Bl March 11 J*64 2B3 358 

3 « Recovery Apr. 11 -1 1171-8 1*35] .—.4 533 

9 .b 0 'For lax exempt fundi only 

IS Scottish Equitable Fad. Mgrs. LtdLf 

107 . 3 - 0.7 — 
jOM^J — . 

aT'— Airii 2 L Son Life of Canada (U.K.) Ltd. 

2.3,4,CockspurSL,5WlY5BH 01-0805900 

Merchant Investors Assurance MapteueMh 1 jmj J+L4 - 

125. High Sweat, Croydon. 01-8880171 JSI { 1 “ 

SqgZfZSZZ SSS ~ ESEtstozsi m-S M = 

Equto__ _ ^7 Z Target life Assurance Co. Ltd. 

KltainL— 3*03 +ft3 - Tiiwl House. CWchcuge Rd, BMafiffi’s-.. 
MonayMkLFeM.— 1*3 +02 -- Bum. Aylesbury lOJffii 5041 


Deposit Fens. 


Manned Pens.— 

tottMulty • 

IntL Managed 

NEL Pensions Ltd. 

MlKon Court, Dorking, Surrey. SOU 

NfJex Mon. Acc 632 665] — 

NrfMGui&£c5:£5 490 I ~ Transinternational Life Ins 

. . IUU- day Aprt tt. 2 Bream Bldgs, BOUNV. 

NelMrd.Fd.Cap— J75 SOM — J — Tulip taraaLPd.^,. 11313 13B6I 

NMMxlLFd.Aac._|475 - 5M| 4 — TuUpMwmrf.Fd__P*.? 11031 

ftr New Court Property s ea und er M*»- BgPwWr-BS-Z . HI'S 

B«lmcMMA»e*M«»*emrai g£ S Ti. 2£ ®3 5»3 

Co. Ltd. 


NelMxiLFd. Acc. _ |475 - S0.0[ .] ■ 

Hr New Court Piwjrtr s ea und er 
Bathac MM fieri Ma nagroirwi 


Mr. Chairman 

We have a challenging opportunity for a 
dynamic personality, about 45, who has a 
successful background in senior management 
and who can deal vdtlf and negotiate. at the 
very highest levels of business and industry. 

We are a successful, performance-oriented 
company and leaders in our business. -What 
we. have to offer, however, -is not for- social 
climbers or title-worshippers. 

If interested, please write to us, enclosing a 
curriculum vitae, salary requirements, photo, 
together with a letter about how .your personal 
qualifications might be of value to us in dealing 
with large firms. 

Write Box F1010, Financial Times 
10 Cannon Street, EC4P 4BY 

TrtSent Life Assurance Co. LW.? 

Renaladc Home. Gloucester 045236&41 

Menaced M95 12651 . — — 

iSS igi 

Eaudy/Aaericaa KL5 B6J .... — 

uSTBauityFnisd— 1013 107.3 -03 — 

griS=gS! aa=-*= 

Mon *a 123.7 1282 — • — . 

Intenurtlocml 96.7 102.4 — ■ — 

Fiscal 1214 IMA — 

CrowWi Cp IMS 133-7 — 

Growth Ace. 127.7. 1356 ...... — 

BB»aEogd.cap._ U3.0 119.7 ..... — 

Proofing: aSs1_ 115.7 12.1 - — — 

PeosjG&UWCML. UF13 1073 — 

“Trdt. G.L Bond f 993 I I - 

•Gash value far 6100 premium. 

Tyndall jigsurance/PensioiuT ■ 

) B, CxuyngoRoed. Brutal- 027232MI 

3-way April 20— 1286 “2+ — 

Equfiy April 20 155.4 +«4j — 

Bond April 20 153.4 -4J# — 

PropM^ April 2D._ 1046 — 

Doporit April 80 1264 — 

3-waylWApr.a- V02 -02j - 

Caeulnv. Apr.20- 

Do. Prop. Apr. 3 J 846 { — 4 — 

Vaahrngh Life Assurance 

41-*3 Maddox SL.Ldn.WlR0LA- 01-4804923 
Managed Fd, 1140.9 141141 -0.4) — 

38 = 

FUadto MlFil pg6 ~ 0 ^| ~ 

Vauharugh Pension* Limited 

41-48 Maddmt St, Ldn.7n&8LA OI-4S94B2S 

Managed .[913 _25-?1 4 — ■ 

Properly (755 100.6) 1 — 

Guaranteed see 1m taw Rates' teUe- 

Welfare Insurance Co. UW 
The Leas, Folkestone, Kent- 030857333 

Monmrmter Fd. -.1 997 . 

FOf other (unto, please refer to Tha London A 
Manchester Group. 

Windsor Life Assur. Co. Ltd. 

I High Street, Windsor. Windsor86144 

Life Rw. Plans-..-. {655 R-Jj j - 

FulureAssd-Ganxj. 20.0 \ I — 

PutureAsad.Gttrfbl I «6 4 - 

Ret-AsRl NsJ pl» 1 ] - 

FlWLluv. Growth- [UBS UM —4 — 

Canada Life Unit Tst Magrai Lid.f 

2-fl High SL. Potters Bar, Hans. P. Bur 51122 

Can, Geo Dlst. B5.8 37 Jl ...J 413 

Do-Gen. Accum— 1*35 4Sm +-031 453 

Do.Ikc.D1bL KB SftSa __J 767 

Do. Inc. Accum—- pQL9 45J| — 1 767 

Capel (James) MngL Ltd-f 

100 Old Broad St, EC2N 1BQ 01-9888020 

£»:— Bfl ?:S 5 

Prices on April 28. Next deaUng Mar 3. 

Cwiiol Unit Fd- Mgrs. LULV (aKc) 
MO burn House. NewcasUe-upon-TYne Ml® 

Cnrllol — |M4 66M .— I 458 

Do.Accuol Vnitn...l77J. 7fS — J 458 

Do High Yield -438.9 (LU .... RS7 

Do.Accnm.UoiU— MM . 589| -...4 867 

- Next dealing date May 6 

Charterhouse Japbetf 

1, Paternoster How, EC4. 01-2*83000 

CJ.lpternai'l ta6 23.2*4 — J® 

Artum-UnlU Z5J aj — 166 

CJ.lnrtUne 33 0 35 2» 75* 

CJ.Eoro.Fln Z65 2S5a 329 

Accum. Unite — — *8 H6a — 36 

CJ.Fd.lnv.Tal 258 Z7.fa 3.98 

Accum. Unite |M2 3.98 

Price April IS. Next dealing April 36 

Chieftain Trust Managers LULftiOig) 

3031 Qoeen SL. ZC4H 1BH- 01(2482832 

American. Juff-TO in 

High Income 092 422x* ......| 9.BD 

toteraatMna] Tst — fcr(22-7 2A4I -C.1J 3.43 
Basic Resrce. TsL|2Ai 25.94 « — l 

Confederation Funds UgL Ltd-f (a) 
50 Chancery Lane. WC2A1 HE 01-3*2 0282 
Growth Fund— —138.7 4051 .....J +.70 

Cosmopolitan Fund Managers. 

3* Font Street London SW2X89SJ. 01-2358523. 
Coamopoto-Glh-F d. [152 18JM — -I 569 

Crescent Unit Tst. Mgrs. Ltd. (*Xg) 

4 Melville Cree.. Edinburgh 3. 031-3=84931 

Crcacent Growth —J2S.7 27M f *52 

Oea. totanmiT. — M.7 58.^ 05D 

Cwa.mBh-DteL-.feO 45.0J J 7.10 

Crea. Reserves- — p«-7 415) 1 451 

Discretionary Unit Fond Managers 
S3, BZomHeld St.BCEM 1 7AL.. 00-8384488 

Disc Income [1500 1MJ 4 5.49 

E. F. Winchester Fond MngL Ltd. 
Old Jewry, EC3 01-6062167 


Emson ft Dudley TsL Mngumt Ltd. 

20, Arlington SL. S.W.1. 01-4997561 

Emaou Dudley TA_|6*.7 695*1 .| 3® 

Equitas Secs. Ltd-ftaKg) 
4lBtebopa*ate,Eca 01-8883851 

Progressive 1646 67.7[ +03) 461 

Equity ft Law Vft Tr. M-f uKblc) 
AmmefaamRiL. High Wycombe. 049*33877 
Equity 4 Law 1622 65.4) -0J1 4.45 

Framlington Unit MgL Ltd. (al 

5-7. Ireland Yard. EC4B SDH. 01-2486871 

Capital TsL IU92 U5toJ +2+1 4J9 

Income Tit — — [995 105m +15] 6J3 

toL Growth Fd.™{W4 1055»i+20; 2 33 

Do. Accum. p«L4 UB6^+ftq 253 

Friends' ProvdL Unit Tr. Mgrftf 
Plxham End. Dorking. 03069055 


G.T. Unit Managers Ltd-V 
ML Finsbury Circus KC2M7DD 01-8286131 

G.T. Cap- Inc E-J IS 

Do, Acc — BJ +L3 3.90 

GT.tor.Fd.Un. 1525 16L3 +4B ftifi 

G.T.U.S.&GM 136-5 1456 +05 260 

G.T. Jnpsn 5 GOT— 2BU 2956« -8.7 1-80 

*Gt PrM6h:.Fc! 1330 1395 ..... 460 

Ex Inl'l. Pond 107.8 U45 -L3 250 

GXKonrydSFd-.'lSj 56^ .._j 710 

VG. ft A. Trust (a) (gj 

3. Roy lei rtf i Rd-, Brenf-rood (02773227309 

G.ftd 1».9 33.0] — 1 «9 

(Accum. Umui JUSJ 1976| +0.9) 4.42 

SpedaUaed Pond* 

Trustee [136.9 MMsI +0J] 658 

asx ^°s.r.: “w™ ® its 

SK^ iS SK ::::: IS 

PetuiExApril 17 _ [1636 13051 — 6.16 

ManuLife Hungonent Lid. 

Sl GeorgCs Way, Stevenage. 0*3858101 

W^liS# Son Alliance Fund MngL Ltd. 

33.7 4J3 

62.0 453 

38.4 +0.4 6.07 

2075 ..... 6J0 

275.7 660 

120.4 ..... 3.00 

tti -0.1 467 

28J +05 LT6 
335 +0.4 1-76 

S3 fta 

157.9a 4.44 

298b ..„ 871 

156a 1170 

246 464 

Growth Unite. PM Sll| +LN ?■« K^COmmodlte 

Mayflower IHanagauent Col Ltd. Target Financial. 

14118 Gresham St. EC2V 7AU. 01-6068009 

’nil IS ggS 

Mercury Fund Managers Ltd. Tarcrt Growth 

30,GreahanvSL, EC2P2EB. 01-80045S5 ^StaTtlrite 

MertfGen.Apr.18.IUe7 17951 AW Target luv. 

Ape-UteAW. M._ 2296 JSS6 4J8 Tsrgec Pr. Apr. 

IlKC-lnt Apr. 18... Ml 65 7 ..... 15* TaL Inc. _ 

Accra, Uts A pr l A. bAJ 705 . — 164 TgLPret 

MonLErUterJO ... W0J 2MS ..... 4.n coyne Growth FU. 

r n Target Tst, Mgrs. (Scotland) laHb) 

TtriW (o\ 10, AdtolCresconLEdto.3. tat28»88BUS 

Unit Trust Managers Ltd-f (a) Tweet AnwrJSagle|256 27^ I 130 

Co urt v rood House. Skiver Street, Head. TaraatThiatle 1385 *L4l I 565 

SbefOrid, Sl 3RD. Tel: 0742 79M2 E^ralncome F- _ (576 62-3 — J 2053 

CcnnnodjiT<iGon..|60.* _ » Trade# Union Unit Tst. Manage rsf 

Growth.-- JZZZ. 36 7 34.7 -HI 359 100. Wood Street, E.CJL 0Z-6B8«ni 

Du. Accum 38.4 0-1 -OJ 3J9 njUTAprflS [484 515* 4 552 

SoE&rrrr: » 7 SI ::::: 35 S Transatlantic and Gen- Secs. Co.V 

income *83 919 -OJ 639 61-80 New London Rd. Qvrimalord 0545 91851 

Do. Accum.... — . — - 555 5J5 -0J BarWcao April 20 .,[725 ,76M | 554 

TnunuUoiial *66 49.S ...... 2^ (Accum. Unltaj — IIW4 115 6 — -J 359 

Commodity & Gen. . W.4 

Do. Accum. M5 

Growth. — Sfi 7 

Do. Accum. 38.4 


Do. Accum. aj 

income . - *83 

Do. Accum. 555 

ZnMnmtfoiial *66 

Do. Accum. — _. — to-' 

High Yield 586 

Do. Accum. — W 




Buckm. Apriir" 
(Accum. u dux 

Do. Accum- .I1K6 X07.U ......( Ml (Accum. Unite'! 

■Rriceo at Kir. 3l. Next dealing April 3ft CumW. Apr. IS 

Minster Fond Managers Ltd. <a c «™- 0^ u > 

?ASSm J^S[iio^r~'.jl746 b'7B (Accum. Unite) 

CiSrSr aZZ: 0196 1243 .".I 337 Exempt Mawsh 20. 

(Accum. UbUbi 11*6.0 ISLfl — 4 357 (Accum Unite) _ 

Nadonal Provident lav. Mngrs. Ltd.? SESmuSm” 
48,GrucethurchSL.EC3P3HH 01-883«a)0 tot Earn. Apr. IS 

N J»1 Gth-Un/Td. — 1535 *^7] ■} 3-S J*2%L U 5™’ 

(Accum. Uniter — R?/. — 4 3.9| 

TOPlCrsees. Trirrt _WA6 12U3 —1 365 

IaS^Tu^ riSM tSS) ::::] is ssrai. 

—Wcea on March 30. Neat dmUng April 27. Lamton WU1 C 
- Prices on Apnl 10. Neact dealing May a capital Growth 
National Westminsterff*) 

1(0. Cheapelde. EC3V 8EU. 014306 8 

Capital (Accnm* 523 675 — ., t 

Extra Inc fig-7 675a -0J i 

FtoandSl — **^ X[-l -0J ! 

Growth tov — B6.1 9ZI ...... ! 

toc«ae__ — 3f.l 367); -0.1 j 

Portfolio lnv. FA ... 665 716 -OJ ! 

Universal FtUd)- -]563 tag) +0j] : 

NEL Trust Managers Ud.f (aKgi 

Banque Bruxelles Lambert *kb act as London paying agents only. 

2, Hoc Do la Reg core B 1000 Brussel* - 

Rants Fund LF P615 2,8711 -1| 8J7 LlVfdS Bk. (C.L) V/T MgrS. 

— , n,— . j. tinlrnm Tr,t /n. 1.IIM p.O. Box 1B5.SL Heller. Jersev. 0SM27SS1 

Barelays Unicom lot. (Co. Is. I Ltd. jwdgTa.Oscmi-KZfi 553aS | 165 

I, CTiatri ng Cross. St Heller. J«j*. 053*73741 Next dealing date May 15. 

i^doUarT^suJl.lsrEUM 4?*0* Lloyds International Hgszut. SLA. 

Uai .W^J~L7.iS..,7L W 4 Rue du Rhone. P.O. Box 170. 1211 Geneva 11 

8f§ Sun Alliance Hse-Horaham. 010884141 

K 9 R iBWaSW 1 Hvi » 

Target TsL Mngrs. Ltd-V (aMg) 

“'LL 1 31. Gresham SL. ECS. DeaUnga:O»e5041 

StinslorHaeu Arthur SL.EJGA. 01-623 1060 

Mlnteter Apr. 17 — |g-4 5AM „-.J 654 Marlboro aot. 18 

Exempt Mar. 31 — 1876 9U| ....] 550 (Accum. Unite). 

MLA unit Trust MgemnL Ltd. SSSuriS; 

Old Qneen Street. SW1HBJG. 01-S307S3S. V»nUy Apr. UL 

MLA Unite __.._J3A0 376af ( 450 Vang. Tee- Apr. 

Mntnal Unit Trust Maaagersf (aXg) 

15, OopUmil Ara.,EC2R7BU. 01606*803 i Accum. Unite) 

Mutual Sec. Dus. — 1485 52J] -ft* 6,74 Wick Dlv. A pr. 21 

Mutual toe. TsL <646 Mjh .....J 768 Do. Accuul 

Sal - H ftfo 

, j ... ^ 18. Causing* Rond, BrlstnL 087232241 

National and Commercial ma ua.* l 761 

31, SL Andrew Square. Edinburgh 081-558 8151 (Accum. Unlts)__b7l2 I ff W I 7-B 

SSSWBifcrH* SB :=j IS £S2L-®S=^ *8 

CxStSt 019-8 12*4 . ”. j 337 Exempt March 20, 

875 389 

«U 4J9 

48.7 ...... 459 

226.0 +3.9 5.98 

252.1 +4.7 5.98 

^5 !:S 

S 6M ;:™ IS 

56J ““I 561 

481* — 3*5 

« :::: t% 


68.9 +12 8.47 

7601 +U) 8.97 

Sfllttn Court, DorW^. Surrey. Ml l i,rrSBGonerai__Zi4aj 

JWstar--—-. — — @5 J AX! n»Do. Accum ®5 

Nhteur High toe... 1476 50^+OjJ 8,70 rb) TSBIneomo. — M6 

For New Ccwi P“hd Managers Ltd. (to Do. Accum— 
see Fat><ghlld Asset Management TSBSc MtUb. — . — Rts 

Norwich Union iaawaiM* Group (h) S^SSkf'iff 

on s,., v_n>-h NRlSNG. lwra"*«W Ulster •WIU'T'SSSsh 

SaSSii L ' Q,t TrwSt Account & Mgmt, Ltd. 

SSrirrolSnL' V* --SS KtogWUUamSLEC4R0AR 01«B4S 

sas=.i s w :: -\ {? 

pSiuSiTS. sl 5J2 DO- Aeotnu . — ^7 1 

I Accum. Unite) j428 m 55M-0JJ 522 WTeler Growth Fond 

Pelican Units Admin. Ltd. (gx*) KingwiniarnSLEx^ftSAR oi«S4i 

BI Fountain SL Manchester 06J-238S6& inoome Units 127.7 248rf J 4.i 

PdlcxuUnUi l 7 ^'® *25B|-0J| 629 Accum. Unite —^—132.1 33jj — _] 4j 

w tr* and wUhholdtog m»« jsm» M J Lto 

Barclays Unicom InLd.O. Man) Ltd. -UcpdsloL income. Jir»M 3UfiO) J 630 

1 Thomas St, Doug^.LoJL TK & G Group 

&aSS.kio:..^I:.:S5 ::::: zoo nn* ow* Town - hui ecbb bb« ohm «bb 

H?-fl2Maair~"fitZ So _ Atlantic apt is—.gi'sria sm - 

421B 850 AO n. Kr. Apr. 19 — Katt _ 

50.4+26 $M Gold Ex. Apr. IB — EF» -J JL 

26J .... 150 Island 1 0105 1173d +0.1] 1372 

.. , , , n ^.^ 11 +.. BA. t , j . (AccnmUnitei |156B lMJfl +03l 73.72 

Do. IntL Income 
Cm. (. of abut Tht- 
Do. Manx Mutual 

Bishostsgate Commodity Ser. Ltd. 

PD. Box 42, Douglas. LeJi. 082+23011 Samuel Montagu Ldn. Agts. 

ARMAC -Apr. 3-._.|0Ca* 

CAN RHD* “Apr. 3_ IEL.M7 

— 11*. Old Brood SL.EC6. 

2 «a ! Vis ABoUoFAApr.l2..(5M*« 

Bridge Mai^emmit Ltd. SSjSRjfrlcHi 

Bridge Management Ltd. tSJSI "" 

p.O. Box 508. Grand Cayman. Cayman Is. 

Vljariif Apr.3.-_! Y15J98 J — .| — Murray, Johnstone (lav. AdriseH 

i « .'KT&. o “r r'T™ 

. ^ _ *Murroy Fund susiO.02 I .....4 — 

Britannia Tst. Mngmt. (Cl) Ltd. *NAV April 15. 

30Balh SL SL Heller, Jersey. CKH73I14 

Growth invest »5 32.71+061 4-M Negit &.A. 

Inlnl.Fd. 715 77.1] +2M T60 10a Boulerard Royal. Luxombourg 

(Bamstpfc — NAVApriJ7 — 1 SUSM " 

Um'"si its. Sw. --fe.04 zml-o od J-M Neglt Ltd. 

\atoe ApnJ -3- N**» d»luw Apnl Si. ^ Bides, Hamilton. 

Butterfield Management Co. Ltd- nav April u US. 2b - |-ox 

P.O. Box 106. HamilllM, Bermuda. . 3 , . 

ButtrrasEouliy._K.l5 ZM I L» Phoeum lntmiatioual 

Buttress Income — (202 L9S] J 758 P0 Box 77. Sl Peter Port. Cuernney. 

Prices ju April 10- Next su6 day May R toeBP.aoUarFuitd..MCS2M 2*1 .... 

9 +0'lj 1372 
+QJl 73.72 


01-588 6164 

829 | 36 8 

UM .. . 115 

ua-tfljsl 265 

Negit S.A. 

10a Boulerard Royal Uixomboura 
NAVApril7 ( SUS1083 / J — ‘ 

Bank of Bermuda Bldgs, Hamilton. Brroda. 
NAV April 1* KS-26 — 1-06791 — 

Prices at April 10. Next suh. day May R 

Capital International S-A, 

37 rue Sotre-Dtoie. Luxembourg. 

Capital lot Fun«L.. | SUS1L4S ] — 4 — 
Charterhouse Japhet 
1. Paternoster Row, EC4. 012483088 

Ad|wn«M. _ -1DUM.M SUM-tUIH 5,78 

F™3i“r:rrzr ssg 5 .* 

Emperor Fond iHI Tbo 

Hispano — w .._pKG*l <5M( ...... 198 

Clive Investments (Jersey) LttL 

Inter- Dollar Fund. . (ICSJJfi 

Property Growth Overseas' Ltd. 

■ 28 Irish Town. Gibraltar iGlb'6109 

■ C.S Dollar Fund-...] S1S8877 | - 

Sterling Fund £12880 J I — 

am 11 578 Richmond Life Asb. Ud- 

-fli 0 533 4R Athol Scrcet, Doughte, LOM OEM 23914 

6.35 (xtTheSilverTjusL]lD4 9 107 41 -l.fl — 

-BIB 5.96 Richmond Bond 97. 1824 WM‘ -OJl 10.66 

- Do. Ptaitoum Bd. — 1M.Z “ 

L9B Do- Gold Bd. 985 1033 +0^ - 

IM - Do. Etu. 07102 Bd — |U73 17M -1.4] 1158 

Corn bill Ins. (Guernsey) Ltd. OC-tocjrd. Apr3 _ IK 8 

P.O. BOX 177. SL peter Pori. Guernsey nS^rn Fri ft?* 
totol.Uan.Fd. P645 1796) 

Delta Group 52554 .2761) . .. 1 — 

^.tov^; S5uf*“u* 1 - ’* 5fee ° n i,N ^ 1 S ” lfigs Ssy 8 

Dentscher Investment-Trust Royal Trust (Cl) Fd. BSgt. Ltd. 

PosUach 2085 Bicbergasae B-J0 6000 Frankfort. P.O. Box 184. Bo>al TSL Hse.. Jersey. 053427441 

Concentre IDUUMB 2UM-M0| - RT.IntT.Pd. g-Wli 448 _....[ 300 

IdL Rentenfonda_UlHfifl9 713*1+0 Jfil — RT^|ntX(Jmr.lFd..fi9 03| • ■ •I 361 

Dreyfus Intereontinenial Inv. Fd. 14 - NeIt dMUn8 Mw ,5 ‘ 

P.O. Bax N3712. Nassau. Ba h amas. Save ft Prosper International 

NAV April 20 JjrSllM 13 D) — -J — Dealing to- 

Emson ft Dudley TsLMgtJrsyXtd- 37 Broad Sl. SL Belier, Jeraey 0534J0581 
P.Ol Bdx 73, SL Heller. Jersey. 053*20501 F * n ^r« | 

E. DXC.T. 1114.0 12154 1- “3 i* 

F. ft C. MgmL Ltd. Inv. Adviser* tter Eastern gL99 «ig -J — 

R-T.InfLIJn.lFd. .(89 43| | J21 

Prices at April 14. Next dealing May 15. 

Save ft Prosper International 

Dealing U: 

37 Broad Sl SL Belier, Jeraey 0S34-30S0: 

1-2. Laurence Pountncy Hill. EC4H OBA. 
01-823 4880 

OoL Fd. April 12../ $715469 / I — 

Fidelity Mgmt. ft Res. CBdaO Ltd. 
PJX Bo* 870. Haadlton, Benaoda. 

Fidelity Am. Abb — | SU^ZM ] - 

DlrFxdlnl— Aprlfl .<453 

totemat Gr.T— 16-55 

Far Eastern*?- — (37 99 
North American** . g56 

Sepro*** (13.68 

Slolliigdto— miailrd Fua 
Channel C*pitfd*„pi7.9 
Channel Ulandsf -.pLD 
Commod- Apr. 20_.I115.7 

229.4) -0 
1435) -6. 

sea .... 




Fidelity toL Fund 

Fidelity WrldFd 
Fidelity Ster. Fds 
Series A itotaLi 
Series B (Pacific*. 

Series D 1 Amass. 

First Viking Commodity Trusts 

S3. Pa II Mall. London SWl 7 Sra. 01-0307 

ffl i 

Fleming Japan Fuad &A. 

37. rue Notre-Dwae, Loxemhotu* 

Flmg.Apr.lS 1 SUS4M9 I 1 - 

Free World Fund Ltd. 

Butterfield Bldg. Hamilton, Bermuda. 

NAV March 31 1 SUS1726* ) | - 

G.T. Management Ltd. Ldn, Agts. 

_ SLFxd.Apf.20 JS7.9 134,7] | 11J5 

Jnjn — Prices cm 'Apr. ftT-Apn. 10. *“Apr. 20 
__ _ Jweekiy Dealings. 

; Z Schlesinger International MngL Ltd. 

*b.0l — 41 . La Mode St. Sf. Belier. Jersey 053*73808 
— SjLU p7 ml ..... 864 

trails GiiiFd... So ai-«j RK 

Inti. Fd. Jersey— 101 106 3.47 

cn_ii* • ta«LFd.®jg.- »0J5 UJM+MB ~ 
niatti 7 ffi 7 * P»r Ead Fund — 97 1®.^. 2.94 

Ol-SWKOl na**t wn , rtnv Anri M 

-Next «uh. day April aft 

^ Schroder life Group 

Enterprise House, Portsmouth. ( 
luleraattomal Banda 

— £Equity..._— H16.8 124J .. 

WSSfBBm=zW fd :: 

S Fixed IntereaL 1048 m.4 ... 

— EMaaaged 1246 137J .. 

, SManaged... — _ — [U2.4 119 5( ... 

«O3L I TLX?0W1OO S ' Ij3aa °° 1X31 j. Henry Schroder Wagg ft Co. U* 
G.T. Pacific Fd. ... —I SUS1261 l-Oif L20 • 18 Q, Che* pride. E-CZ 01-588 4» 

BboaCaaent l ulfiidll a tl Ut . , Cheap S Apr. 30— 

c/d Bk. ol BennutteProot SL Hamlto. Bnate. Tnitolgar Mar. 31 

Anchor ‘B* Unlte-ZfeJSt-M ftffl I Aman fu Apr. 17.. 

Anchor lot PV gCStll *3t) I 15S Darlte 

G.T. Bramnda LUL _ „ , _ j J Nmn 

Sentry Assurance International Lit 

G.T.5W. 1 SUS6.74 | 4 t « p.O. Boot 32R Hamilton 5, Bermuda 

G.T. MgL (Asial Ltd. Managed Fnttd WSLIBW 18U9| .... J — 

CTAriTF H5e " H m59 R 85*f n f..4 0O *76 S * n * eP * Medlander Ldn. Agents 

2X1 28 St Andrews Sq, Edinburgh 031-5560101 

267 Income Unite W76 506M j 538 

+05 R39 Ac nun. Unite J»5 56-« .) 530 

+0.* 859 Dealing day Wednes d ay. 

Sebug Unit Tst. Managers LULV (a) 
+0.1 466 FOBox5Il.BcWtey.Hae.E-GA 01-3383000 

^ ii ISfSSfLfil gia:S| iSt 

+05 862 Security Selection Ltd. 

? S 13-10. Uocoln's Ion Field*. WC2. 01X3100050 

31 a SS!^Sii?.-&i aH::d IS 

tS-J 5-?5 Stewart Unit TsL Managers Ltd. (a) 

+16 7.17 45. CbarlOttB Sq_ Edinburgh. 031-226 STH 

+0-5 \%L tfttowart American Fund 

+W a 2 Standard Unite — [615 «.4j — J L58 

Wt£*a^funlte 7 Sf ~ 

^ “ gBESa-rrm- W:d M 

+0-H 6 hO Dealing TFri. *Wed_ 

J. Henry Schroder Wagg ft Co. Ltd. 

-0J9| L20 ' ISO, Cheapride. E-C2. 01-5884000 

ahn-Bnato S3SrtpBfc?3t”l SUOK-K ^ 

:d iS £9 ::::: » 

Japaord- Apr.20~-[tUS658 7J7| 0J4 

0.42 Sentry Assurance International Ltd. 

fi 74 p.O, Box 328. Hamilton 5, Bermuda 

Managed Fhnd JH51IBW UOlfl — 4 — 

5 04 2ft Cannon SL EC*. 01-2480648 

(*«ji»T7.mj ,, ra is 

PO. Bo* SIR St Heller. Jersey. 0534-73460 
Commodity Trust., 1*069 98.84) 4 _ 

S:?:^dtezl ll nSa^::::-J ao.cknn m.sLBc*. 

G.T. Management Ueraey) Ltd. ire 

Royal TsL H»e_Coloinberie l SL Heller. Jersey . , , „ 

G.T. Aria sterling- 10274 13.64) | 167 Stronghold Management Limited 

■arfr of Bermuda (Gaernseyl Ud. PO.Box315.SL Heller. Jersey. 0534-73460 

31-33. to^Pollet. Ougrogy. MX^nOBO L#g Commodity Trust .,|43J9 9864) 4 — 

4-^3 1344 Surinvest (Jeraey) Ltd. Iff 

Aiuroorinjsy.i-si. -pnj I t.-t/ pQ ^ ^ & H eJ,er. Jersey. 0534 73673 

Gartmore Invert. Ltd. Ldn. Agts. American tod.T6.,J£ai« RM»oiiJ 120 

ft Sl Mary Axe. London. EC3 01-283 3S31 Copmw TniM. 83865 11 W -0 JW — 

Gartxmre Fund Hart- (Far Bast) lid. Jap. Index T sl JOlAl U5*)-ft28) - 

TSB Unit Trust Managers (C.M Ltd. 
Japan Ff — — — KSS KS 5-S Bagatelle IUL.SL Saviour. Jersey. 0534 734W 

iV. American Tet—IHIMBS W | 2m j trtev Fnnd W42 465( 1 5J6 

tall. Bond Fund — pUSlU& 1UM 1 620 Guernsey Fund ,..5442 465| .. .. f 516 

Gartiasre Inv estmen t lUngft Ud. Prices on Apr. IB. Next sub. day Apr. 26. 

P CL Box. 32, Douglas. ToH. 0034 23011 

toternatftwai toeTT^-i 223 i iy Tokyo Pacific Holdings N.V. 

Do. Growth. p9J I 4,71 Imimia Manaceroml Co K.V.. Curacao. 

P.O. Bo* SB. St. Heller. Jersey. 
Americas !n&TM..)QLl* 
Copper Trust _)£3fl65 i 

-MtOJIJ 120 

wHufl — 

iV. American T«. 

I toll. Bond Fund. 

Gsrtiasrr Investment Kngt, Ltd. 

P.O. Box. 32, DOngtoAtoM. _ 0034 23911 toe. _ 0X3 22M J 11* 

Do. Growth. pO H5| 1 4.91 

Hambro Pacific Pond Mgmt. Ltd. 

2110. Connaught Centre, Song Song 

JSStA^jm = 

Hambros (Guernsey) LtdJ 
I Hambro Fund Mgrs. <CL) Ltd. 

P.O. Box 0& Guernsey - 048136521 pn _ Baa 

Cl. Fund 03RB 1*7.M 3.W 

total. Bond JUS 1M.9I iSMja SlSESTr 

tat Equity SUS 1055 IftSI 258 

toL Sags. ‘A’ JUS 102 1M 850 Z * l L 

tot Srgs. -B- SUS 1.04 107) 250 SNewSL 

Prices on April IP Next dealing April SR TOFSLA 
Henderson Baring Fund Mgrs. Ltd. '-fSsev a 
P.O. Box N472R Nawan. Bahamas lArnim. S 

Intlmla Management Co. N.V.. Curacao. 

NAV per share April 17. SUS51.7B. 

Tokyo pacific fUdgs. (Seaboard; N.V. 

Inti mis Management Co. N.V.. Curacao. 

NAV per share Apnl 17 SUS37.73. 

Tyndall Group 

0481-3&21 po. gox j egg Hamilton 5. Bermuda. 2-2760 
IS. Oversew April l». »raJ9 UlH J 6« 

52 (AecuKL Unite) jfi'£Li7 I 3 ..J - 

- 3-way Ini Apr 20 . _ ffl-SlSa - 

15 U-9if : - 

urtiocrwu iNuioB ruxui n^rsu uo. TASOF April IB 
P.O. Box N472& Namu. Bihinwg i Arciwn. 

HlU-Samuel ft Co. (Guernsey) Ltd. 

8 LeFeh+re Sl Frier Port Guernsey. C.l. Victory Bouse, Douglas, tele al Man. 088* 25029 
Goern«tyTxL._.-_IW4* »«! -«) 2U MwlBge< i Apr.20 _ [126.2 133 0) -L4[ - 

Hill Samuel Overseas Fund S-A. . . ... 

37, Rue Notre-Dame. Luemboiuv Ltd- IntnL MngmnL (C.l.) Ltd- 

Brsne ajt)+0J5) — K Mule aster Street. St. Reiter. Jersey. 

International Pacific Inv. MngL Ltd. Fund pwswtM Ui«| ) a.U 

PO ta rn 5ft mt St, Sydney. AnM. United States Tst. IntL Adv. Co. 

j a vehnEorityTri..|5LW l«|48J|71- ». Rue Aldriotar. Umembourg. 

JJLT. Managers (Jersey) Ltd. U5.TsLtov.Fnd....| SUSU 21 i+ouj ow 

PO Box 104. Royal Tst Hse, Jen«yQ334 274+1 N ri asset Apnl 20. 

E2f sub.^d»y^ Apn'*2aT S. G. Warburg ft Co- Ltd. 

Jardine Fleming ft Co. Ltd. 30. Gresham Street, EC2. 01-090*565 

4fth Floor. Conuaught ta i to e. Hong Bong ES^toLApSaD.'k'SU^ 9 ' -Ulj ."'.".J - 
Jardine Esin, m.- 5HK22458 . — I 3.10 GrSjSFd Mar hi . SUSR55W| j _ 

JSteffiCT £S Mr-^ Apr.10.- bnau Ml ) - 

Jarfine FlomdntT -I^ SHKS - Warburg Invert. MngL Jrsy. Ltd. 
NAV Mar^M.^uiralenlSUSBaSR 1 . Charing Cross. SL Belter. Jty.a. OS3473741 

Keyselez MngL, Jersey lid. , cMnjRUuehn*' 

PO Box BB.5C. Belier. Jersey.. (Bog. 01-606 7070 1 MttlpT«.Mar20 

Mrd ”• HMflSSir» 

are *a ZT. IS World Wide Growth Management* 

Japan GUu Fund — BJSH3 2UE . _ 20j. Boulevard HovaJ. Luiemboors. 

"... worldwide Glh FdlSCSBM -tl3)+043) - 

Warburg Invert. MngL Jrsy. Ltd. 

1 . Charing Cross. SL.Helier.Jty. Cl 033*73741 
CMFL+dL March 30. ptsmt UW .... — 

CM1 1«L Marob 3D ..K3J.0* 13^ ... — 

ura -ok - 

VS9S5 4M - 

.74 9.58 .... - 

20a. Boulevard Royal. LuiexobooiX 
Worldwide Glh FdlSCSUM -913) +041) — 

...... MI 

4 5.41 

m May 3. capital Growth — .T755 M.71 -DJI LftL 

DO- Aecum. 774. 82.* ~®2 621 

SratSTGroSSI 35 5 382 +85 U36 . 

8088. ^ (OS «1 +05 1036 - 

, 4 M Financial ft*rw.._. 15.4 165 ..... 4J» 

“0J 7.71 no. Accum. 1R7 288 -04 455 

-OJ 520 mahlng Prinrily 58 8 625 8.48 

521 Ci^rnatfonaTZ:! SOU 322 +ftl 2.74 

-01 6-2 Special Sits. PR5 553] -S3] * 98 

lojj 2 M TSB Unit Trusts (y) 

tatfel SL Chantry War. Andover. Santa OZM623S8 

Dealings to 0804 634323 


Prices do not include S premium, except where indicated -f. and are in pence unless olherwisc 
inri) ruled- Yields % (shown In last column' allow for nil buying expenses a Offered price-* 
Include all expenses, b To-day's prices, c Yield based cm offer price, d Estimated g To-day s 
openinc price, h Dlatrlbutian free UUJt. taxes, p Periodic premium Insurance plans.* Single 
premium insurance, x Offered Rice includes all expenses except agents epumisuun 
t Offered price includes all expenses if bought through managers, z Previous day's pri re. 
9 Net of tax on realised capital gains unless indicated. by ft 4 Guernsey gross. s> Suspended. 
4 Yield 

ns unless indicated by ft 9 Guernsey gross. s» Suspended, 
'ore Jersey tax- 1 Ex-subdivlsloti. 

4521 -02 352 

5743 -03 352 

bhS -03 7.18 
Ud -03 7.18 
SL9d +04 256 

87^+03 256 

.... I *.65 
—J *53 i 
4 453 



I 4.42 , 


1 Royal Esrchauge Ave^ London EC3V 3LU. TeJ.: 0J-11S3 1101. 
Index Guide as at 11th April, 1978 (Base 100 at 

Clive Fixed Interest Capital 132.70 

Clive Fixed Interest Income 110.S6 


T Property Growth 8 % 

■f Vanbrugh Guaranteed S-K^i 

f Address shown under Insurance and Property Bond Tabic. 

~ CORAL INDEX: Close 453458 ~ 

I.G. Index Limited 01-331 3468. One month Gold 171.6-173.lj 
29 Lament Road, London, swio OBS. 

• l. Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor 


esc Barns w sggg» w,t "y 



U.K. likely to press 
Tied to the Schmidt on reflation 




BRITAIN IS expected to renew British Ministers are likely to budget to which both countries 
efforts to persuade West Ger- raise proposals for increasing the are major contributors. 

New f 10m 
aid for 



ecorts 10 persuaoe west uer- raise proposals ior increasing me are major contributors. vy m 

many to reflate its economy as a role of the International Mane- a further subject for the talks L_I Al< ll/iyr 

contribution to world-wide re- tary Fund which will he dis- may well he the future of Euro- fff 6^8 If (3 1 L 

Xl a J A B r.ln MitnxAJ nf intnwiiM __ _ _ ... : ■ • ^ w A w 

After its dramatic upsurge 
at the beginning of the week 

oil activities) was 

able 3£ per cent 



as smll_ai 

at cue ueguumig or me ■ week - - , scr A ~ — 

the New York stock, market was ^IndcX TOSe 0.2 10 4 j 3.U In cash terms.- -the-. 

By Arthur Smith, 
Midlands Correspondent 

contribution to world-wide re- tarv Fund which will be dis- may well be the future of Euro- 
BY DAVID BELL I t-overy during the twe-day Anglo- cussed at the Fund’s interim pean co-operation in civil air- 

tlerman summit that starts in committee of finance ministers craft construction. The West 
FOR THE first time in months London to-morrow. in Mexico in a week's time. Germans would be dismayed if 

things ought to be going right The talks, at which Herr Hei- The authorities in London the CJJv. plumped for collabora- 

for Mr. Michael Blumenthal. the mut Schmidt, the Chancellor, will accept that the U.S. should do tion with the U.5. in preference »■ _«, — - — ---2* *n hub wna me TT1priil . m .v er m. borrowinei 

Secretary of the U.S. Treasury, lead a strong West German Mims- rather more to accept the to joint projects with other Euro- CREATION of £10m. qr new bylunchtune. The log3caipisti- tlons bips. this £75m was reinS Alt £ 

Th > Hniiur cppmc m hp stahiiis lcri:jl team ’ are ,ikel >' 10 be responsibilities of rundine a pean countries such as Germany ^ty capital lo support “a fleauon for the pause was the ' T . _ M . .. n « nma i 

I r, J h t hi m fr-L/tc v, ■,« A of lln it dominated by preparations for reserve currency. But British and France. major reorganisation and re- U.S. money supply data .with Jt is this- kmd of- anomaly fixed assets, ?l5m^ was gjyf A 

fl the next two international Ministers argue that the US. Herr Schmidt will -mend most <*i ni P rac nt programme” at Ml jumping $2.1bn. after mst which the traded option fans. j n a ; dmdend, £l9ro r w 

hi* plan m sell gold- YVall Street economic summits— that of the Administration’s ; political willins- of his tim e^tCheque^for talks A,frc J Herbert, the State- 0.4bn.-the week before Bot-.wiU be pondering on during, the taxes, and ^00m. w^ -r ; 
nis plan io seu gom. FF.r. in Brpmen in parlv Julv np« m lake such a view deDends -w — i „ owned machine tool comnanv. u 4 1 i luaalrjinrl He ibpv MinsidBT thft fiirfhsr WilfklllS CJlTIlfalr- . r 1 -"' •' 

going nowhere yesterday. Trad- - figures mean thpt trading 

ing volume was sharply down ate£ j £29 6m. . last year-] 

line with the erpected rela- 

medium-term borrowing: 
this £75xn, was reiayesi 

has rallied in some of the most h 

heclic trading sessions in its his- a ” m} 
torv: the economic indicators f^ nn 

S k ,r^S U S nBtbanthey * Bur while tbe Br,lish side is Minister, is also likely to take ■ Matthoefer' ^the* Wes?* German 
did two months ago. hoping for 3r0Bress ” t0 . the opportunity to try to repair RSIS SSntatS- Dr Hans 351? 

But Mr. Biumenth3i looks and lv ards putting together a new some of the damage to Anglo- npfence. Herr* Hans-Dierrich 
sounds anything but a happy man international growth package. German relations caused censeber Foreign Affairs Count 

on the eve of his visit to Europe there has been no sign from Bonn recently by disputes over EEC 0tto Lambsdorff Economics, and lI0n 10 move tne company up- tutions were an estimated 15 Pa™ 

this week. Washington has not that Herr Schmidt is any readier issues such as fisheries and farm »>_ Otmar Emmin'-er the Presl- nuu-ket into more sophisticated per cent, liauid a week aw» been 

been kind to him in his first la t 0 undertake the sort of policy prices. dent of the SunrlAbank machinery, and to raise pro- Some indefinable a» 

months m office. Within the commitments that he has consis- British Ministers will try to British Dartiein-ints at the dactivi *y and profitability. • ^ eir ormrn 

Administration, and particularly tentiv resist ed in recent months. ^ nn <nn..a r.erman counter. British participants at tne in tneir oroun seimmmt 

ment Is under way on product 
development and modernisa- 
tion to move the company up- 

Admimsl ration, and particularly tently resisted in recent months, convince their German counter- JJ!” im H 

among the President s staff he H is reluctance is likely to be par ts that the U.K. has done no 5EfrSl*SS!L uZ 

me ms reluctance is iikbiv [u uc parts that tne u.iv. nas aone no u; r a iUoh 4 n u, nonic WmIph 

seems forever to be at the losing matched by continuing British more , ha n defend its legitimate !?£ ChanrellS’r M fir ^aildOwen’ Collapse 

end in the continuing struggle nnm>sitinn \n ntans for eins<»r i iii«i in Ipc cuancetlor. Dr. David uwen. 

end in the continuing struggle operation to plans for closer national interests and that in poi*! “n siS tanJ Mr Fred The Government =, 

far power and influence. EEC currency cn-oneration that manv areas the interests of » r - rreo ine uovernmem a 

Th White House blames him were supported by Herr Schmidt Lon d 0 n and Bonn coincide. Mr^H&rohf Lever Ch" nceVl o^of by inj?clin- , £25m “Uretmi 

'»r not capturing tHat '‘r 1 ** ,n P arUcular - ,he ° K - ^ SuX o^n^r «V“« to5l“?^{ SS 

substance, business confidence summit earner this montn. ,,, L ine i,. inp ,hat the „ * , re-, 

Th XVhite House blames him 
for not capturing that elusive 

substance, business confidence — — 

Hhe more so because it was his The British position 
record as the chairman of the lhai any new currency 
Bendix Corporation that helped ment must include tl 
him get the job). Unfairly, some and 091 be limited to 

s in 1975 
equity lo 
debt and 

in any direction now it’ is nn- a first day tally of . nearly 600 The next four years. . >3 
stable upwards The U.S. insti-- contracts, though institutional . . :~ 

tutions were an estimated; 15 participation appears to have Long .Tap . 
per cent, liquid a week ago. been minimal. ' institutional 'fund' rS| - 

Some indefinable improvement At this early stage, the are keen to get their te^- '. 
in their group sentiment general impression is that a really long gilt-edge 
triggered an awesome demon- option prices are on the l°w say with a redemption'.; 
stration of that potential buy- side— not surprising, perhaps, in around 2005— but the : ii 
iog power. 'the light of uncertainty about ^gs went only part of 

The strengthening , of the the equity raarkefs pear term yesterday with an ' isd' • 
dollar has - encouraged.; : the prospects, and. the likely P^- £800m. of Exchequer 1 
foreign investor to participate^- ponderance of . writers in the cent. 1998 at £96. Clear 

investigated the President’s 
friend was under the aegis of 

Lloyd’s considers further bids 



LLOYD’S of London is consider- Lloyd’s Committee. But we hope want to do-” 
ins at least two other bids for that they would reconsider their Marsh and Hall are both 
Llovd's brokers by what it has decision. We do not understand anxious to own British -based 
defined this week as outside why they have changed the rules. Lloyd’s brokers since tbey view 

insurance interests. These cases After all there are established it a development and con- Tl ,__ vninni-.™ 

are due to come before the Com- cases for outside insurance solidation of their international redundaoc j es this ar 

inittee of Lloyd’s at its next Interests owning a Lloyds operations already reduced the Edgwick (Stripping out the intrinsic value 

meeting on Wednesday. ^London Mr. Albert J. ItaffiriUft commUsio^wUh w 0? force to t«0 Marketing (with the underlying shares at 

They are believed to be Tahraousb chairman and chief Lloyd’s brokers was not a s,n .^ ,e ® SUR R cst ,hat , dcm ?“ d xs . 

witness, as far as the U:R. is U.K. compared, with U-S. condi- authorities are reluct^' 
concerned, the steady, rise of tions. Predictably, action enn- foimuft themselves. t0; : . 
the investment dollar premium, centrated yesterday on the more yj e ifls (this new tap yiel^ * 
The week's events have tended volatile stocks like Consolidated ^ cent to redemptioi , 
to reinforce the City of LoMotf s r * 0l d Fields and Grand Met longer than is absolutely:. ; 
growing faith that New York sary., But this looks- to* 

costs and currencv losses were equities are undervalued and ford . .. reasonable t compromise^:- 

responsible for special provi- aiusr move: up. Thus., tiie dis-' - -. • •• ."The . curious point: is tS; 

sions of count on the net asset Value of 11 is not often these -day^tnat fie vl’tap is . partly : pafci. ’ 

Sir John Bockicy, the chair- investment trusts specialisitig-in § ood pri)fits : are made ^ on f y £30 payable .on isseg- - 

man, is expected to give some tbe'U.S. has narrowed OTbstan- British industry- and -the. car Thurgday another J ’ 

Indication of employment profr tially— from 25 to arohndi 19 ner business. is one of. the last places May ig jn time: to cow- 

pectin hm annual report next BriS ^ost peoplej would- , think ^ May banking moS 

The company has already V th a transatlantic . sp^fca-^ i' ' ^1 ^ • 
annonneed that it wants to shed tion are advertising heavily for * e u ; K „ slde of Ford -increased june-there Appeals 

150 jobs this summer by new funds.' S' L- Its mflation-adju^d pre^k no rush -to ftmd Jiie h| 

* ~ r **-- * 7 -*— - ’ .- 1; i . profits by no.^ ^less .than 220;.p?t. .Government . 

Options open : -V V cent - t0 a A 0 ? 1 . iaancelfoY feresha^Fe® • 

- a r ... IT.?,*. . inmriiipr whinh 1C I1T> hv lHlflftf: r» l u’ . arj_iu 

9 i * ri 

closing part of the Edgwick 
plant, at Coventry. 

Why did a ibr-month option lurnover which is. up by under gadget speecftVNdr^f^ • ■ . 

to buy Courtaulds at4c(^SS 1°^?^ ^ „ 

— Hi. -i more than doubled from-o— to r Mnvhe rhp nffirmt 

3 ■■ 

on more — at ll^ast 'night the 0fficiaI '? ( 

than the three-month contract? / 5 p L to * d °P* * deliberately 

Stripping out the intrinsic value The pre-tax real return on approach, in the belief 

Three hundred voluntary 
redundancies this year hare 

already reduced the Edgwick ^tripping out tne intrinsic value *•« **«*■«* “i, : 

workforce to 1,460. Marketing with the underlying shares at capital was an outstanding 18 institutions are more 1$.. . .. . 

Thev are believed lo Be T-ahlnonch chairman nnff T chief Lloyds* brokeR 111 was ° not a sludies suggest lhat demand is 1 09p the effective premium in Per cent.-probably -2J -times be buyers in a .relative^. .. 
similar cases to the planned bids ^ecutiifnrFrL^kB Hallhad pnmarv cobs ideation. And both unlikely to imporve for at least force at thnse two dates -is only what it was m I97& Just how atmosphere. Or maybeth. . 

by U.S. brokers Frank B. Hall an hn ur-long meeting with Mr. are aniious not to upset Lloyd's. I wo yea re. . just over 2 per Cent, -but: it sinking this performance Is. some other., reason ... 

and Marsh and McLennan for laQ Findlay the chairman of However. Lloyd’s said yester- .. Tlie NEB - by subscribing shnots up to around 10 per cent, becomes evident from a com- unofficial gilt sales, perh^; • 
Leslie and Godwin and Wigham Lloyd’s ’ day that there was “not much 4 ? m - new shares, has clearly p or January con trad. Intoh- parison with the average real heavy support of sterling. . .:- 

-■ ■ lalilude - available to ouiside J •» nw. the effecHv^ premam me of retom of BriBsh m- fte foreign eMhiDBes-wl:-. _ 


• Pf?! 

Poland respectively. 

MeanwhjTe, V in New York, Mr. th^^Half' sh^ld' S fo^se insurance Interests under the 

sued by management to make 
the company viable. 

The stronger financial posi- 

John M. Began. Marsh and Me- C | 0ser trading links with Leslie terms of the new ruling. 

Lennan’s chairman, has described an d Godwin, said: “The meet- Lloyd’s has also said that a 
. the Lloyd s ruling, which said in(S Was amicable. W e . wanted dispute between Frank B. Hall ‘“^.ril'^nrovVHertirtN 
that no insurance company, un- t o set a better understanding of and two Lloyd s brokers. Thomas under ihl 

derwriting agency, or non-Lloyd’s each other’s motivations. We Nelson Insurance and Oakeley «se Jor assistance unner me 

Michael Blumenthal broker should hold more than 20 will now ponder whether we can Vaughan over some reinsurance Department or industry s 

He may be down but he is Per cent, of the equity of a accomplish our operational objec- contracts, had not been a con- maernne tooima wneme 

not uctout Lloyd’s broker, as “a backward lives within the spirit of the sideration when they fomed Herbert has made appuca 

not vet out. ste p which is not in the interest Lloyd’s guidelines.” „ their decision “The comm it. ee tions for 

thP Treasury) And senior mem- of free trade.” But. he added: “A 20 to 25 was aware of it but did not jeclsatitstbreemajorpianu,. 

hers of ^ the Administration claim added: “We realise that per cent stake in Leslie would discuss it, said Lloyds, 

that he has been touch! a trifle it is the prerogative of the not quite accomplish what we Lloyd s under pressure. Pa p e ■ 

levels over intrinsic value for dustry. Last year saw a degree May ; mohe.v supply will#. 
ICI 330s at the three dates are i»f recovery but the real return such -a serious probltf 
5. 7 and 9 per ce/L. much more on capital (excluding North Sea originally expected. 

He may be down but he is 
not vet out. 

that he has been touchy, a trifle 
arrogant and too ready publicly 
to distance himself From policies 
with which he disagrees. 

it has all come to something 
of a head in the past few days. 
The Secretary was among the 
first of Mr. Garter’s advisers to 
concentrate his mind on inflation. 
But at the last minute the Presi- 
dent was talked out of giving 

Setback for engineers’ group 



DRY. becoming cloudy in the W. 
London, S.E„ Cenl. S_ N.E, 
Cent. N. England. Borders. 

But at the last minute the Presi- THE Advisory, Conciliation and inquiries showed that 71 per ments to which the employer was Edinburgh,' Dundee, E. Midlands, 

dent was talked out or giving Arbitration Service has refused cent, were in favour of being a party. E. Anglia 

prime responsibility for the again to recommend recognition represented by a union with 19 The company, the Engineering p rj , sllnnv sp ells. Max. 14C- 

crusade against rising prices to for the non-TUC-affi Hated United (56 per cent.) opting for the Employers’ Federation and tbe 15c (57F.59F). 

crusade against rising prices to for the non-TUC-affi Hated United (56 per cent.) opting for the Employers Federation and tne 15c ^p.ggp) 

Mr. Blumenthal. Instead the job Kingdom Association of Pro- association and five (15 per Confederation of Shipbuilding w Midlands, N.W. England, 

went to the inimitable Robert fessional Engineers in an cent) another union. and Engineering Unions resisted Channel 

Strauss, Special Trade Represen- engineering plant .despite *nj e case being contested in l ll e e *te°sion or recognition to Dry sunny intervals. Max. 
tative and political operator sai« evidence of majority support. court follows the rejection by the association. 1 "evidence the 13C . 14C (55F-57F). 

porj 11 The decision is eimiler ,e ST S e™?e 3 ,i, LogmU™ 

The Secretary was furious and another finding against tbe-asso- claim by the association .V W. H. s ,L«us and it 

said so to anyone in the White Nation last year which the union Allen Sons and Co. at Bod Ford, , d b “ ( ,.,jr e anomalous for 
House who would listen. Detailed is asking the High Court to set where a survey showed 79 per Q1 ?% ^ niS ? majority 

reports of his anger duly sur- aside. A hearing has yet to cent support for the union in ? ' ar ' M °'if L firm to 

raced in the Press prompting one take place. ihe area which it wanted >• "'JS 

The a n« 7 rS B »' h ^tc-which come at a SSiSert™ indS” 

StrauM’’ With another saying time when union representation _ The conciliation senjice stresses The arbitration service says_ in 

np I 

S.W. England, Wales 
Sunny in places. Mav. 12C-13C 

Lakes, I of Man, S.W. Scotland, 
Glasgow, Argyll 
Bright becoming cloudy with 

secure formal recognition In the rajn lM 4C f54-57Fi. 

engineenng industry.” Aberdeen. N.E. Scotland, Orkney. 


“ The decline of Michael Blumen- Ben and prof ess ional In its report ^on tte Electro its conclusions (hat it cannot dis- cloudyt m ' oslly dry . Max 7 . 9C 

staff is an issue in the engineer- Dynamic Construction claim that regard the implications for in- /45_4gF) ' 

ing and shipbuilding industries the service has to consider the dusirial relations within tbe r--. Highlands. Moray Firth 
n p. . ■ — involve the arbitration »T- “overall and cumulative effect engineering industry oF any re- N Scotland 

Kerresning vice’s finding a majority for the of its actions” when making commendation which would be Dry SUn ny Vpells Max I3-15C 

In fact the Secretary mav he association among tbe sections recommendations. strongly opposed by the engin- (55 ^9 f» 

down but he i- m S out If of employees interviewed but not W hile the wishes of the eering employers and the con- N. Ireland 

he has not vet established him- recommending recognition for workers involved were always federation which represented the Becoming cloudy with rain, 

self like man> of his predecessors w^er reasons. an ' important factor, it had to vast majority of employers and May 12C (54F) 

in the job he has he«un lo make In the latest case, at the Kent- take into account other con- workpeople. Outlook: Mostly dry in E. with 

a mark. The new chairman of based Electro Dynamic Con* siderations including organise- botn sides had sou e m in re- qunny intervals, occasional rain 

the Federal Reserve. Mr. William struction. a list of 35 employees tional structures, the views of nuce fragmentation ' jn W., rather warm. 

Miller, was appointed at Mr. was agreed as tbe appropriate all parties concerned and any tation and it was in me interests 

Blumenthal’s suggestion. He has group for survey and 34 were existing bargaining procedures of good indusinal 11131 

worked long and hard on un- interviewed by the service. The including indus try wide arrange- this should he encouraged. 

popular and complex tax reform “ 

plans, handled New York’s latest 


and been particularly successful 

at helping reduce protectionist -0 - -it -a 1 ■ — — — 

pressures. And it is refreshing a I? chQ1*D CQI^C PERSONAL SECTOR 

to have a Secretary as open and I JLtrfi. T Y V ACQUISITION AND SALE 

straightforward as he is in J OF HNANCIAL ASSETS 

private after the somewhat doc- 

preredid him.^ Sjn,0n Wh ° Ky ||riV3.tG lIlYCStOFS ' SFS 

But In public, at Press con- [WiflllV UITVJIVIJ -gJfcS p^donfu^is 

ferences and on The Hill, he — — — : — — — - — - ’ 

remains curiously diffident, even BY PETER RIDDELL. ECONOMICS CORRESPONDENT 1776 —1,140 5,713 

flat at times. The result is that , — 1A45 4^23 

at critical 'moments as when the PRIVATE investors have con- £1.9<bn. in 19<3. _ 1976 lit —372 1,577 

dnliar was really under pressure, tinued lo sell shares at a near This suggests lhat private in- 2nd —139 1,381 

he has failed tn project the record rate while building up vestors were taking advantage of 3rd -279 U84 

authority of his office. their national savings and build- relatively high share prices 4th -350 1^77 

It i- nf V,., ™ ing society deposits. during a large part of 1977. 1*77 1st -493 1.774 

all Mr RhimMt?9ir< 0 This is show0 b >* Central The decline in private share- 2nd -189 1.624 

Fcnnnmip nnKmakine is no Statistical Office figures yester- holdings has been matched hv 3rd -583 13*1 

Economic policy-making is no ^ wbjch also higbiigbt the a sharp rise in various fixed 4th -575 1,534 

S°7 h^itmin i«S?inn th< steadily growing inflows into life interest investments and in in- — : — T 

has never bera Allowed to take assurance companies and pension flows into life companies and No[ seaS onally adjusted 
?*?, °r funds. ■ pension funds. j Sourte: Central Stmin/caf Office 

full control of the economic ^he personal sector cut its Private individuals deposits 

policy groups par is supposed foldings of company securities with building societies rose by 

lo coordinate it. Like everyone b f575m. in the final three £1.96bn. in the last three months on <he Drevi _ aQd nearly 

| ls « J" the Sr months of last year. . of 1977 and by £5.69bn. over last 5"^,! P the . “l/S 

Secretary is also a Victim of Mr. This rnmnareG with a reduction vear as n whole coranared with mt:. . 5 e . t... « 

Outlook: Mostly dry in E. with 
sunny intervals, occasional rain 

The recent remarkable rise in the American 
sioekmarkci, accompanied by record volume, would 
indicate that this may well be the sort of buying 
opporiunily which w-js seen in the U.K. market early 
in 1975. .; 

Expert opinion differs as in whether wc arc' 
wiincvins the Mart «»ra major bull market or merely a 
temporary bull Tor the U.S. still faces many 
sliori icrm problems such ns ihc weak dollar! balance 
of payments deficit and lack of confidence in the 
Cancr administration. All Ihcsv points were high- 
lighted at the recent Schlcsingcr Conference on. the 
outlook lor the U.S. economy and stock market. 

However, ilic Conference speakers also stressed 
l lie csccllent values now available in the O.S. 
si wk market, which Schlcsingcrs have been pointing lo 
for some lime. The view was expressed (bat the market 
mm. when ii como. could be very sharp, and recent 
pessimism could be followed b> a major market rise. 

The case for investing iotheUSA. 

L Note the fundamental values 

dollar premium and will channel .a greater proptt^OWn 
via the premium when ir is a r low levcW: • - . 

Schiesingers’recoiximendatiofi ; f : : v 

Thccasc for investing part of a portfolio in’ ‘V. • 

U.S. market Ha very powerful one for the gemiifj';' A vvti 
investor, taking a 2-3 year view. 11 remains ■ .^ . r T 

Sch lesi niters’ si ro n u rocommcn da tion Him everv ' 

Sehlcsingers' strong .recommendation that every : • 

private portfolio should include 15 n i-25' , l) inve>(' T '::. ; ; 
in American securities, with a view to increasing 1 

.Slumlord &?uur>S0<I1odc\ •« 93.43 

20 1 ear A \ crane 
1957-1 97h 

Kstimated earnings 
Prospective Pt Ratio 

'S10J5 si 1.95 
815\ 7JJ\ 

Heavy share sales 
by private investors 


authority of his office. 

It is. of course, by no means 
all Mr. Bliimenthal’s fault 


OF financial ASSETS 




Inflows to 
life assurance 
companies sod 
pension funds 







1976 lit 












1977 1st 










— 575 


Not seasonally adjusted 

Sounr: Centre! Sutinlco! Office 

financial accounts 

improve with those of the dollar period. set a decline in net personal n . T : 

and Mr. Strauss may prove less Private investors have been seetnr purchases of gilt-edced inve f J" , 

adept at dealing with inflation selling shares on a large scale stock from £1.73bn. to £S33m. 

Ilian he thinks. But for the for several years. But reduc- between the last two years. The per; 

needs, soot 
to find a 

of the previous record sales of £6.52bn^ were 14 per cenL up houses, from I3.59bn. to £4.19bn. jc— i:ioady. k— F air, r— Rain, s-suimj. 


Y'day | 











34 LnxvDfttrjt 







61 Madnd 







SO Mancbcsrr 







59 Melbourne 







66 Mexico C 







34 MUjd 







66 Montreal 







56 Uoneovr 




1 Plrmluchm c 


5« Munich 







4o Newcasrle 







33 Xi'w York 







-33 Oslo 




B. Aire-s 



fia! Parle 







is | pnrrh 







43'’ Praaue 







41 1 K">kjavilr 







._>7i Rin Ho J'o 




■.'oDv-nhaan S 









30 1 Singapore 







4 K jSimkholrn 




Frank fUn 
















54 .Tehran 







54 Toronio 




H. Komi 



77 1 Tokyo 







Tfil Vienna 







64 1 Wnrs.v.r 







50 ' Zurich 





Y'day [ 

















5-1 (Us Plnias S 






49 Locamn 







55 ilalorcS 







is! Mat-1 











Cape Tn 



70 llairmi 







61 Naples 







s:i Xki* 







Kl j Ctpenp 







61 1 Rhnrtr-s 














7a ' Tanincr 







»n Twu>nfe 







SO I Tunis 







4k. Valencia 




is. of Man r 










c— cioody. 

F— Fair. R— Rain. 

5— Sunny. 1 

Lstimated Dividends 
KmH|K.*clivc Yield 

S4 Ml . J5.25 
4.9 "n - 5.f> ,, (1 

At current levels. U.S. stocks arc selling at , 
roughly half the 20 year average pricc.'carnings ratio 
and yielding some 60 more ihan the 20 year average. 
2. Geographical diversificniim : ; "/ 

The table below shows the sue ofShtfitx largest 
stock markets as a percentage of the total. free worlds 

most or the problems of thc-dollar premium . '.y 

Trident AmericanGrowth FajbfVi: f ; - 

77iis is an authorised unu.’lrust managed by ■■ • 
SchicMngcrs vvilh ihaaim of capital growth thro, ';- : 
investment inn broadly-bused quality portfolio r .1". / • 
leading U.S. shares. VY hi 1st second-liners' have pt ' ' - 
particularly resilient in Wall Street oyer the last. si 
the sharp market rise in recent days has featured* 1 
“blue eh i ps", is predicted by Sch lesirigcK, and t'h-- . 
fumFs “blue chip” portfolio is now on a very ioW* J '. - 
valuation base wilh the shares looking aUnielive- .. . 
rebliveio? smaller issues. . . 

The estimated gross yield on the current orfc" . - ' 

price of 28p is 2.2g“ :. 

American PI MS 

Minimum invesimenr in Ihe fund is £500 bo> .. J " 
larger investors of £2.500 or more will receive 
Schfcslngers* Personal Investment htanagenwiit - . 
Service (’PI MS’), including regular do ri folio rcpC. : : . 


• <-DW! 

1 Tin 


■'o ofToral Wurlil Maickolr.!. . 







■ , ' .• 





- f-'-'. - " 



Scbloinger funds investing in AmcritAi nd ud i n g 
the Trident American Growth Fund,. use bflCk-tp- ' 
back loa >1 facilities, largely to a v aid ihc-SoIaiHity and 
problems of the dollar premium. Hovvcycr, S^mcsingcrs 

Service (*PI MS’), including regular portfolio rcpC. % 
a nd valuat ions, invitations to meetings with Jhe ' 
managers and advice on personal financial planni , . 
required. You should regard .youruivc^URent ai . 

long-term. • , .. ... 

Remember lhat the price of units, and, the flK- . *’ 
from them may go down as wcllasbp. : ’ ” '.%."•* ' f \- 

General Infortuaiwn • . « *. - - ' ^ - 

In idiom. m*U>«cr«,i>oi, ptbOoc^j jntllinftxaJll hcaUotalf' . 
riles tuiin< >»n rv^cioi tir\<nir ijtwHH.'A.isHitfMfiuKvilll Hcvar. 
runrn Ibei'rii Price jnU^ichLatvnuiM'MKadiiFv In IcmlUis * 

*»<mn;rs r«>S>clt trril(\.-.1mTi(i reium j.irtrYcTiillvalO api^vTiyb, 

. tiii>.ir- o «n :ttt hjet. Pjnnr'm' i-. niirmjllv.njuc. Within T-0aV-''l : -. _ 

. h.vl -1 1 ms 1 he rumiumxu ccnilkaik-. T'nnimhiTirir*f ll"r *in he ' ~ 

isk.isnhru .in-nik. Oann; An Jiinljl thjriwrfi ^5": Klndmka 
» Kfer orKtf. A itiufcr jr jn .inntul bi; „f .ortus: VA')' > vf I b* T ^ ( «. 

■it ih, luihJ lk0olw.-ic(liru<>i«ri>s<tnv«mi'li>*srifiAdnilnlMll ; 3tl<S l [Pl^. 
t «WI»\ ln»im: MULnsj Hank .woronv T-Jil, Audhont f C . 

■ , IV. ll. MJrwicL. MllCtILll A 1 .1 MuisrcK: S.'Mediisrr'? rmt • ; 1,3 Qt 

ymnjTLtx | lit. IW H ,iJt.i icr Snuarx-. LunOuivVVjr: RenWcrri lii 
I ncUnJ. Sm. •i.isjh*. Mcmhsrt ■/ Ibr-t.'MiTrwt *w»>etall»n.T1ih 
i- n.iiinaiijhfcn. Kw HtpuMlcirflnSoml. - . - V 

to-d a > 

l R €» 

To : Schlcsingcr Trust Managers Ltd., "- ? - 7 •' 
UO South Street, Dorking, Surrey. ’ '• ;’ ' 

I wish to invest 

^minimum £3D0j 

I Occlsre that Jam not resident ouiiwld tlj« Pehednleil ■ ' 

Territories dud that Tam not acquiring the units as anominc • V| 

oT any penu/i nuOnii outside the Temtoriet. (Ifvouare ■■•i 

unable to make ibis declaration; ii should bcdclered and ib&. 
appfution form sboutdihen-be lodged throuBb your li.K. '»' 
bank, stockbroker or solidtnrl. Mmots eanriot be rejiMwed 
but accounts d ca^n aicd frith their initials wjH be-acccptcd. - v 

in the Trident American GrowthRuid at the price 
ruling on receipt of my cheque. - V : . : 

. Snmoac^ 

^(koex 'cenm.n£)2 ■ 

1 would like farther informatioiv,'inritXlmg r r n 

details of Share Exchange • J — I 

Ur Es 

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

Sqatamt- __ . . . _ . 

rinthcvascqf ayrim appBcaiuJii aU’qi’nii 

¥122/* * ^ 
i ?•- 

t J** »h 

i p - u