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SURVEYORS VALUERS AND 
AUCTIONEERS OF REAL ESTATE 


3 "Sealey & Baker 

EStalOshaitissoinUsiidon 

as u8olobr ^s 


FINANCIAL TIMES 


No. 27,547 


Saturday April 29 1978 


15p 


Stir 

<S$> 

WI5 


World’s 
Most 
(Honoured 
Witch. 


CONTINENTAL SELLING PRICES: AUSTRIA 5di.15: BOGUM FrJS; DB4MARK KrJ.5; FRANCE FrJ-fl: GERMANY DMZ.Dl ITALY U500; NETHERLANDS R-lti NORWAY DJ-Sl PORTUGAL Mti SPAIN Ptn-40: IWBfll Kr30S; SWITZBllAHD -Pra^i EIRE TSp 



SUMMARY ^ 


Re’ 

to-* 

ofi 

Mi, 

th, 

lil 

pc 

th 

(I 


GENERAL 


BUSINESS 


pi 


if 


Equities 
gain 18.3 
over the 
Account 


9 EQUITIES marked time. 
Rises led falls in FT-qnoted 
Industrials by 3-2. But the FT 


475 


FT Industrial 
Ordinary index 


All-in 
schools: 
court 
threat 

Two of 25 local authorities try- 
ing to preserve grammar 
schools were breaking the 18- 
month-old law promoting a 
change to folly comprehensive 
secondary schooling, the 
Government said yesterday. 

The London boroughs of Red- 
bridge and Sutton were direjurd 
to submit proposals for inc 
change to Mrs. Shirley Williams. 

Secretary for Education and 
Science, by June 1 or face action 
in the High Court 
Kirklees.. Yorkshire, was told 
that the Government would ukv 
similar steps in its case unless it 
submitted comprehensive schoul 
proposals i in mediately after its 
next council meeting on July 5. 

Page 4 

SW Africa hopes ■ 
are dashed 

Hopes for an early settlement of 
the South West Africa problem 
on terms proposed by the 
Western members of the 
Security Council and accepted 
by South Africa were dashed by 
the South West Africa People’s 
Organisation which demanded 
further negotiations. Earlier 
story. Page 2 

Trams back? 

Trams could return to Britain's 
cities if a report from ihe Trans- 
port and Road Research Labora- 
tory finds in their favour. Page 3 

Women and crime 

An increasing feature of profes- ® GOLD was unchanged at 
► sionai criminal life is tbe assist- SI70i in London. The Comex 
-v.anc? given by women in the May settlement price in New 
, background, an Old Bailey judge y ur k fell 51.10 to $169.9». 

. said at the end of an armed bank 
robbery case. 

Sky perii 



30-hhare index slipped 2.1 to 
465.7. for a gain of 18.3 on the 
two-week Account. 

• GILTS were firmer, with 
shorts gaining up to 1. Govern- 
ment Securities index added 
0.06 to 71.28. but still lost 029 
00 the week and 2.61 on the 
month. 

9 STERLING came under 
pressure, losing 85 points to 
51.8245. Its trade-weighted 
index stayed at 61.4. Canadian 
dollar continued to improve 
while the U.S. dollar's weighted 
average narrowed to 5.11 15.51) 
per cenL 


Prime rates rise 
in wake of Fed 
moves on credit 

BY STEWART FLEMING AND JOHN WYLES, New York April 28 

Short-term interest rates in the U.S. rose again to-day in the wake of recent 
moves by the Federal Reserve Board to tighten credit. These are provoking 
an intense debate about the impact on U.S. economic growth. 


This morning, to the surprise 
of. same bankers, the third 
largest U.S. bank. Chase Man- 
hattan. lifted its prime rate 
from 8 per cent, to SI per cent. 
It would be unusual if other 
major banks did not follow suit 
over the next week or so. A 
smaller New York bank. Bank of 
New York, followed the Chase 
lead to-day. 

Some economists now pre- 
dict that the Fed will further 
underline its concern about in- 
flation by raisins the discount 
rate. This was last increased — 
to 6-! per ceni. — in January wlicr 
the dollar was under attack in 
lhe world's currency markets. 


U.S. 

Prime 

Rates 



1975 1976 1977 1978 


want to see a few more days of 
open market operations before 
making a final judgment. 

The Fed under its new chair- 
man. Mr. G. William Miller, is 
baring its political teeth. . 

It is anxious that monetary 
policy alone should not bear the 
whole burden of the battle 
against inflation. 

Mr. Miller’s recent call For a 
three-month delay in the Ad- 
ministration’s proposed S24-5bn. 
tax cuts, and the Fed’s tough 
anti-inflationary monetary policy, 
have served notice on the Carter 
Administration and Congress 
that the central bank wants to 


Missiles, lasers, "ray guns" and 
nuclear explosives an:- being 
placed in orbit. a report from 
the Stockholm lniornaiion.il 
Peace Research Institute said. 
Page 14 

£227,000 w»SS 

'I Le will of Sir Rupr-il do la Here, 
funner Lord Mayor 01 London 
w’ho died in February aged $4. 
showed he left £227.292. 

Michelle move 

Detectives hunting the attacker 
of 15-year-old Michelle Booth 
questioned a man taken from a 
Reading to Waterloo train. 

Death penalty 

Denmark abolished the death 
penally. There have been no 
•peacetime executions this ten- 
lury. Some war criminal' were 
sentenced to death in 1945. 

Silver lining 

•!ri lam's weaihei is not becoming 
corse. Meteorological Oflice 
dentists said. Page 4. The Jnng- 
ange forecast for May says ii is 
ikely t» be cool, often cloudy 
•ith tome sunnier, warmer days. 
V eat her. Back Page 

Worldwide 

■In/: Police stormed an Austrian 
ank. shot a masked gunman and 
reed bis seven hostages. 

had: France sent ten bombers 
•. N'Djamena, lhe capital, where 
;bei forces are massing. Page 2 

lough: Threat of possible legal 
ction under the 1976 Race 
.elations Act hangs over the 
ouncil because nf its repatria- 
te plans for homeless 
mnigraois. 

.russcls: Police made their 
• iggest haul of cocaine worth 
'22ra. 

lea throw: British Airways 

European flights were disrupted 
vhen baggage loaders walked out 
iflcr a colleague v.-js interviewed 
lv police. He was charged with 
Healing and dishonest handling. 

I oh an ties hurt:: Death toil in the 
Transvaal mine disaster rose to 
1 . 1 . 


3 H ALL STREET dosed IOUO 
higher at S37.32. more 1 than 
reversing the previous day’s fall. 

0 BRITISH STEEL'S plans to 
close ihe Redpath Dorman Long 
subsidiary at Trcorchy are being 
resisted by the unions, which 
v. ill explore the possibility of 
running the plant as a workers' 
co-operative. Back Page 

South Africa 
deal for Reed 

0 REED INTERNATIONAL'S 
partner in the Stanger pulp and 
paper mill in South Africa, which 
was started in 1976, is pulling out 
or the joint venture and paying 
Reed over £10m. Back Page, Lex 

© BP expects to achieve a con- 
irulime interest in Standard Oil 
or Ohio, its U.S. affiliate, within 
the next six weeks. Back Page 

Q SIR JAMES GOLDSMITH 
plans to launch seven new*, 
papers through a new British 
private company in regional 
areas where there is a monopoly. 
Back Page 

© MANUFACTURERS and re- 
tailers who knowingly produce 
nr sell unsafe goods could be 
fined up to £1,000 or jailed for 
three months if a measure 
approved by the Commons yester- 
day becomes law. Page 4 

9 HARRIS and Dixon, the oldest 
established Lloyd’s broker, was 
revealed as Lite firm for which an 
approach by a U.S. concern was 
considered by the Committee of 
Lloyd’s earlier this week. 

© SCOTLAND has the most 
expensive provincial offices in 
Britain, according to Debenbani 
Tewson and Ch innocks' survey 
nf office rent and rate charges. 
Page 3 

• BRITISH SHIPBUILDERS has 

decided not to recognise the 
Shipbuilding and Allied indus- 
tries Association “ for the time 
being." Page 4 

9 ROLLS-ROYCE workers at two 
Coventry acre-engine plants will 
resume work on Tuesday after 
accepting a new pay offer thal 
ended their month-iong dispute. 
Page 4 


London: Appeal for funds to save CCMFANIES 
the Discovery. Capr. ScnH'* ship, 
from decay was launched by Mr. 

Horace Cutler, chairman of the 
Greater London Council. 


9 OFFICE and Electronic 
Machines pre-tax profits rose last 
year to £1.93 in. <£1.7Sra.». Page 16 


Salisbury: Exodus of whites from 
Rhodesia appears to be slowing. 
Government figures showed. 
Minister sacked. Page 2 


9 BURRELL, pigment manufac- 
turer, made a second-half loss to 
end 1977 with a pre-tax profit of 
£300.700 (£927,3001. Page 16 


CHIEF PRICE CHANGES YESTERDAY 


(Prices in pence unless otherwise 
indicated ) 


RISES: 

lead 

nns 

mon Bros 

it Refuelling ... 

z (J.i A 

Service 

t Hldss 

lercart* 

hern fins 

nix Timber 

;c of Wales Htls. 


35 + 
45 H- 
140 + 
U5 + 
133 + 
SI! + 
1HK 4- 
136 t 

tOi -r 

140 


- 12 
- 10 


Bacal Elect 

Ib.-ckirt & Colrnan ... 

Rcdfcarn NaL Glass 

Smurfit (J.j 

Tnu les A 

WGI 

Siebens tU.K.t 

Warren Plants. 

Anglo-Vanl 

Durban Deep 

Tanganyika Concssns- 

FALLS: 

Bibby fJ.) 

EMI 

LyJc« iS.'i .... 


224 
450 
320 
202 

42 

100 

310 

225 
tiSD 
224 
147 

240 

145 

55 


12 

15 

22 

5 

6 
4 
26 
20 
30 
17 


- 7 

- 11 
— 5 


see the attack on inflation spear- 
Tbe publication this morning facing the Carter Administration headed by Government restraint 
of the consumer price index fnr in bringing down the rale of on its own spending. 

March, which showed an in- inflation through voluntary Earlier this week in. testimony 
crease of O.S per cent, on the reductions in the pace of both t0 congress, Mr. Miller argued 
month before, threw into sharp pay and price increases. ^at *-' lhe ^est way” to trim 

relief the Fed’s trenchant public It » widely thought that the i Qtcrcst rates would be to 
stance on inflation. Federal Reserve's aggressive balance the federal Budget. The 

The March consumer prire monetary policy has been pro- p | annet j Budget deficit for fiscal 
index comes on top of a similar voked by uncertainty over the 1975.79 i S $60bn 
rise in January and a 0.6 per Administration's prospeels of Sonie economists believe that 
cent, increase in February. A mmn. . recent increases in short-term 

major factor is the rise in food The Federal Reserves moves interest rates cou xd threaten the 
prices, and the Department of to force up interest rates began Adm j n , Oration's 4.5-5.Q per cent 
Agriculture warned to-day that nine days ago when the central . ciwt w target. This year 
further increases are expected bank raised its target for the M ^ner ^ understood to argue 
over the next few months. weekly average of federal Tund . th p ed -_ reccn t actions will 

The latest inflation figures rates to 7 per cent. They appear g" bv helrtniJlo 

Follow the publication yesterday to have been reinforced yester- “JJ sire D-ithe nine 

of data indicating that major day by further Federal interven- Knii Mhfictenct ^ 
wage settlements in the first tion in the Federal Funds b f-ilf .TffidS Haim the bank is 
quarter of the year showed that Market Yesterday the Federal “Morooriate ‘ r«- 

tbe rate of wage increases was did not add reserves to the mar- f* '£!!?. „r 

7.3 per cent, a year over the ket until Federal funds were ll lS in * 

life contracts, but 9.9 per cent, trading at 7,>. Wail Street's try rrt £?,'^ pri 
in their first year. view now is that the Fed's target _ ®* nl . , on k „ Pa ° c ,. 

This latest batch of indicators rale could he as high as 7j per Editorial Comment. Page 14 
shows the size of the task now cent., although .sonic observers Lex Ba-ik Page 

Metal Box takes stake 
in California concern 


BY ANDREW TAYLOR 

METAL BOX is moving into can 
manufacturing in the U.S. for 
the first time. This fallows the 
renegotiation at the end of last 
year of its licence agreement with 
Continental Group which had pre- 
cluded it from manufacturing in 
the U-S. and in large areas of 
Europe. 

Metal Box is to take a 75 per 
cent, stake in a new beverage can 
manufacturing company which it 
is setting up in a joint venture 
with Standun Incorporated of 
California. 


New pact 


The new company. Metal Box- 
Slandun. has already won a con- 
tract — which is expected to 
generate an annual turnover of 
£20 m. — tn supply cans to the 
Pepsi-Cola company. 

The British company has been 
linked with the U.S. Continental 
Group (formerly Continental 
Cant since 1930. A reciprocal 
agreement between the com- 
panies. permitting the exchange 
of technical know-how. ha" also 


precluded the companies from 
manufacturing in each other's 
territories. 

This agreement, which was not 
due to expire until 1981, was re- 
negotiated last year. Metul Box 
will now be free to compete in 
areas where Continental manu- 
factures and Continental will 
also be permitted to compete in 
the L'.K. However. Metal Box. 
until 1982 will still be precluded 
from operating in areas where 
Continental has existing licence 
agreements with other manu- 
facturers. 

The renegotiation — for which 
Metal Box is thought to have paid 
less than £Jm. — means that the 
Brili7.l1 group can begin manu- 
facture in the U.S. and other 
European countries. To date 
Metal Bus’s European can manu- 
facturing involvement has been 
almost exclusively in Italy. 

Tbe company is paying an 
initial 86m. for its 75 

per cent, slake in Metal Box- 
Standun. The total cost, however, 
is expected to be in excess of 
S15m. lES'.m.) including Metal 


Box’s share of the cost of setting 
'up and equipping a new factory 
in the Los Angeles area. 

Metai Box said Jast night that 
the group had no immediate 
plans to extend its European 
operations but it was. clearly 
something the group should 
examine. 


Cut oil 
imports, 
Schmidt 
tells U.S. 

By Jonathan Car r 

BONN, April 28. 

HERR HELMUT SCHMIDT. 
West German Chancellor, 
to-day urged Americans to 
recognise their responsibility 
for world economic stability, 
in particular through a reduc- 
tion in oil Imports. 

In Improvised remarks at a 
meeting in Hamburg, Herr 
Schmidt said that so far, too 
few Americans had recognised 
the need for their country to 
take an economic lead. 

It was wrong for . the 
strongest economic nation in 
the world to run oil-induced 
balance of payments deficits at 
the present level he said. 

These deficits had an impact 
on the dollar — the world's key 
reserve currency — and Ameri- 
cans had to see that 
The initial report of the 
Chancellor’s remarks caused 
widespread astonishment in 
Bonn. 

The strength of West 
German- American relations has 
recently been tested anew on 
a series of issues including the 
fall of Ihe dollar and the 
neutron weapon. 

Herr Schmidt has repeatedly 
gone out of his way in public 
recently to emphasise that 
whatever the passing differ- 
ences, basie ties between the 
two countries are Indestruct- 
ible. 

West Germany has repeatedly 
come nndcr pressure, from the 
U.S. in particular, to do more 
to boost its own economy and 
thus help the export chances 
of other nations. 

By his remarks to-day, Herr 
Schmidt Ls clearly drawing the 
attention of Americans to their 
own responsibilities before the 
Western Economic Summit 
conference here in July. 

Herr Klaus Boelilng, . 
the Government spokesman 
reached by telephone in Ham- 
burg, explained that Herr 
Schmidt had not intended to 
criticise the U.S. Administra- 
tion in making bf«* remarks. ■ 
Some reports had implied, 
that this might have been Herr 
Schmidt’s Intention. But Herr 
Boclling described Ihe Chan- 
cellor as “very angry about 
primitive editing ” of his re- 
marks. 

On the contrary, Herr Boel- 
ling said, Herr Schraidl had in 
mind those on Capitol Hill 
and elsewhere who eilher did 
not understand the need for 
or who opposed President 
Carter's energy plans. 


Liberals blame 

see 




no 



Opposition 


r in New York 


1 

— i April 28 | 

\ i 

Prerioue 


Attempts to link Metal Box 
with Continental’s European 
packaging subsidiary Euro- 
pemballage in tbe early I970's 
broke down in the face of 
opposition rrom European Com 
mission. The Commission was 
concerned over Continental’s 
share of the European market. 

Metal Box is to finance its 
share of the U.S. deal largely 
through local loans. The new 
company will manufacture two- 
piece cans for the U.S. drinks 
industry. 

The British group, which has 
3 9.3 per cent, stake in Standun. 
also makes two-piece cao manu- 
facturing equipment under 
licence to Slandun. 


Spot . 

] month I 0-S1-0.4S ilia 
Z month. I 1.22-1.16 din 
12 month-1 4. 504.30 ill* 


iSJ. 5225- 1.82*0! SL830MSI5 

0- 00.40 ilia. 

1- 361.25 rtfs. 


4.30-4.00 cits. 


BY PHILIP RAW5TORNE 

DESPONDENCY engulfed the 
Liberal Party yesterday In the 
wake of its dismal performance 
in the Epsom and Wycombe by- 
elections. 

Leading Liberals are now 
seriously concerned about the 
party's ability to survive the 
next General Election as a 
significant political force; 

. The Lib-Lab pact was blamed 
for the continuing slump in ihe 
party's vote but it was generally 
recognised that the strategy 
could not be immediately aban- 
doned; 

Even critics of the pact could 
see no alternative to sustaining 
tbe Government until the 
autumn at least. 

Mr. David ’ Steel Liberal 
leader, speaking about crime 
prevention in Scotland, last night 
made no comment on the Tories' 
smash-and-grab raid on Liberal 
votes. 

in Wycombe, the Liberals lost 
their 15th deposit in the last 21 
contests and they were forced 
into third place at Epsom, .with 
their share of the vote cut by 
nearly 14 per cent 

The Conservatives' increased 
their majorities in both con- 
stituencies in spite of vigorous 
Liberal campaigns. 

Mr. John Pardoe, whose budget 
tax-cutting tactics bad been ex- 
pected to revive Liberal support 
in recent weeks, last night sought 
desperately to avert panic in the 
Party. 

"This is. a time for cool heads 
and strong nerves.” he said. 

After the ups and downs of 
the party’s fortunes over the 
past 15 years, no-one need be 
discouraged by the results, be 
said. 

“They are disappointing but 
in no sense, a death blow." Tbe 
long-term increase in Liberal 
support would continue, claimed. 
Mr Pardoe. 

“ rt is a time for all Liberals, 
whether they agree with the 
leadership strategy or not to 
rally round and presents united 
front” 

Bur Mr. Cyril- ‘Smithr MP. for 
Rpchdale. and Reading oppo- 
nent of the atiiitite with the 
Government, said: "'The results 


are a serious indication of the 
public's total disillusionment 
with the^ Lib-Lab pad.” 

Mr. Steel and other Liberal 
MPs bad “a great deal to' 
answer far,” be said. Tbe pact 
may have been good for the 
country but it had been “ a 
disaster” for the party. 

Mr. Smith said there would 
be no challenge to Mr. Steel’s 
leadership. He had a moral 
responsibility to lead the 
Liberals into tbe next election. 

“ I don't see bow you can get 
the dishes dirty and leave some- 
one else to wash them up.” 

Mr. David Penhatigon, MP for 
Truro, said: “These. results hay* 
been terrible for us. There is 
no point in trying to cover that 
up.” There would be pressures 
to end the pact immediately, he 
added. 

“But’ if it is done next week, 
it will look -gs if we are getting 
out because of the results. I 
don't know what we do now, quite 
honestly." 

Mr.. Penhaligon could not see 
how the pact coaid continue 
beyond October. 

: Mr, Geoff Tordoff, Liberal 
party chairman, claimed' Liberal 
voters had stayed at home rather 
than switch to the Conservatives. 

Satisfied 

"The pact obviously is not 
helping us to pull back but it is 
the sort of pattern which always 
occurs with an unpopular 
Labour : Government" 

'Government Ministers, how- 
ever, were reasonably satisfied 
with the Labour vote in the two 
seats, both safely Conservative. 
The swing against Labour was 
slightly lower than the average 
in recent by-elections. • 

Mrs. Margaret Thatcher, Tory 
leader, said as she left -London 
for a visit to Iran, that she was 
“very -confident" of .winning 
the next General Election. 

“l ain absolutely delighted by 
the results. This shows tiiat there 
is .'a continuous swing iway 
f ronr the<Sovernmetit towards qs. 
i just wish the General Election 
would cbme a lot sooner than it " 
is likely to." 


Powell’s tax lifeline 


MR. ENOCH POWELL and. the 
Ulster Unionists still offered the 
Government some hope yesterday 
of avoiding, a Commons: defeat 
on the Finance Bill that. would 
force a further lp cut in th* 
basic rate of income tax.- 
Mr. James Mdlyneaux, MP for 
Antrim South and leader of. the 
seven-strong group -of MPs, said 
that, voting tactics woald. prob- 
ably. be decided’ at a meeting 
next Wednesday. " -’ 

A decision could' be delayed, 
however, until just before .the 


critical - Commons vote on May 

8 . ‘ . - ' ■ • i 

. At present members of the 
group are inclined to support the 
Conservatives in moves to reduce 
the higher rates of taxation, bat 
there is less eagerness to vote 
for a cut in . the standard Tate. = 
.Ministers studying Mr. Powell’* 
speech in tbe Commons, debate, 
received ■ some- encouragement 
yesterday from his rejection of 
any idea of compensating for in- 
come tax cuts by increases in 
Continued on Baek Page ' 


Italsider loss 20% of turnover 


BY PAUL BETTS 

ITALSIDER. the Italian State- 
controlled steel greoup, reported 
to-day losses of L395bn. (£249m.) 
last year compared with losses of 
L130bn. the previous year. 

At its annual general meeting 
In Genoa the company said it had 
suffered “ it's third consecutive 
crisis year." not only as a result 
of hte general recession of the 
world steel industry, nut also 
because of the company's dire 
financial and structural difficul- 
ties. 

The company said it urgently 
needed a sizeable injection of 
fresh funds. Its accumulated 
debts 3t the end of Ij^i year 


totalled some L4.000bn.. while 
interest payments last year 
totalled L474^bn.. or the equiva- 
lent of ‘20 per cent, nf italsider’s 
gross turnover of L12.349.4bn. in 
1977. 

Last year the company pro- 
duced 1023m. tonnes of steeL or 
about 6 per cent, less than the 
previous year. Its turnover 
increased bv 2.6 per cenL over 
1976. while the number In 
employment totalled 53.139 at 
the end of 1977. 

Together with the chemical 
and fibres industry, the stvol 
sector has been particularly 
hadly hit by mounting losses and 
operational difficulties. 


ROME. April 28. 

Italsider. which is controlled 
by tbe State holding company. 
Istituto per la Ricostruzione 
Industrial (IRL). is one of the 
biggest loss-makers of the Italian 
State sector, now facing one of 
its worst crises since the war. 

IRI, which groups together 
more than 150 companies in Italy 
alooe and employs more than 
500.000 people, has accumulated 
debts totalling some L15,000bn. 


Publishers Notice 

THE Financial Times will not 
he published next Monday. 
May 1. 


CONTENTS OF TO-DAY’S ISSUE 


Overseas news 2 

Home news — genera] 34 

— labour ...ttt... 4 
Arts page 12 


Leader page •• 14 

UJC. companies 16-17 

Mining 6 

International companies ... 19 


Wall Street 

Commodities 

U.K. stock market 

Week in the markets 


.... 18 
.... 19 


• TTT 5 


FEATURES 


Battlefields high In the sky 14 
The Afghanistan Cup 2 


Darts sponsorship: The 
three treble tungsten tups 
to play far 13 


Appointments 

23 

Gardening - ■■ 

S 

SE Week's Dealings 

M-21 

UNIT 

Base rates 

23 

Con 


Share Information 

2WS 


Brldnc 

10 

Haw lo Spend It ... 

u 

Travel 

10 


CJiks 

10 

Insurance 


TV and Radis . . 

12 

Merchant 

CallcciJng 

13 

Letters 

la 

Unit Trasu 

23 

Target 

Crossword Puzzle ... 

12 

(.car 


Wreiter 

» 


Economic Diary 

U 

Man o! the Week 

24 

Week-end firier 

IS 


Edncation 

1 

Money & Exchanges 


Your Savings & Inv. 

7 


Entertainment Guide 

12 

Motoring - - 




Lawson 

European Opts. 

20 



ANNUAL STATEMENTS 


Finance & Family 

6 

Racing 

18 

NPI 

15 


FT-Acliwlcc Indices 

22 

Saleroom . 

U 

Ultramar 

13 

Piccadilly . 


TRUSTS 


IlIVCSUM-S 


For Sates: Share Jnnr s phone 07-248 S/12R 


EXCELLENT GROWTH PROSPECTS -INVEST IN 


r I t ii 1 H 


TODAY 


INVEST NOW IN THE 4RBBTHN0T NORTH AHERIGIN AND INTERNJTIONAL FUND 


1 

2 

3 

4 


The U.K. Stock Market, as measured by the FT Industrial Ordmary Share Index: has more than trebicid sine* 
its low point in early 1975111 you had been .clever or lucky enough to. have inyestacLm U.JC equities aLthattimeca 
you would have obtained substantial rewards. Of .course, to be successful investor, tuning fs’qfthe eseence:- 
As managers of Arbuthnot North American and Intemationai FuRd. we fimrly betfeve die timing is now right to’ 
invest in U.S. equities, for five principal reasons. - '*• <V'- i : ’• .= ’r ; : v - 

The time to invest. Thereare atrildrigsirnyaridesbewreefitheU^. maiket now .and the UJC majfcet In. 
January, 1975, when it was at its lowest paint, and therefore* good tiraetoin vest. - . . 

American shares - historically cheap. The average, price of U.B. ; ordjnary shares IS historically cheap' 
as measured by the price earnings redo .(93) of. the DqV» Jones Index, ■'and rh'e avetagayteld bn the Index 
at 5.6% is the highest level since tta previous beat market in 1874. .. -!L ? ' • ~. 

Increased profit* for 1978. Profits for U.S_comparees are-forecasted ^to increase- through 1S78 and 
companies are expected to raisetheir dividends. ' 

Increased economic growth. It is the poficy of the International Monetary Fund (IMF) to ensure that the 
major western economies reflate as soon as possible.. We betieveThetthe-LLSA.'wiH Impl e ment! MFpbfic/,' 
but that they will do so with extreme care so as norto import Inflation. It is estimated that GNP will increase 
by 1 0% in 1 978. „ 

JE Spread of investment. -This Fund is designed to invest in a wide, range of-Anwriosn securities embracing 
^ many aspects of ihe world's most powerful economy^ (access of SQ9> of tfrii fund is invested in LLS. j 
securities. . . . .' ’ -.j ■ ... 

The price of units and the incomefrom them may go dowriasweHas up. 

Your investment should be regarded as long term. • ’ ’ . ’ - v 

Investment of this Fund is-partially through a back-to-back loan facility iri order to minimise the affects of -j 
the dollar premium. ‘ ■ 

Once again we strongly recommend investors nottoJTusathisopportunityof investing into the - 
American Market. 

Fixed price offer for North American & International Fund (estimated current gross yield' 
1.0%) until 5 pm May 5, 1978 at 31. 2p (or the daily price iflowe]"}., . 

The Managers reiervo ths right to close oTIera It unit values rise by ' Payment .vrlB be made within 14 dess of die dsaflng date and on 
more than 2-*%. ncob*. of Venn certtScata dul*.ienotrficoa. TH* weekly p«e sod T*aW~ 

Applications Bill be acknowledged, and unit rartificsiW wBJ bo sppoa^ioniBStleedlngMWSpaiMMcAconilBnsisnoIlSSirtlH^eidn 
issued wtthln 35 days. The oKeipOcoinclvdea ah intdalcnaiBeolSX. 10 rdeogpiftti pgens. TMs offer -is not open Lo residents of ^ThOf 
Tire annual charge is 4- VAT. Ail net Income accumulated twhhln R*puWtc oil releivl. Trustees; Tho Reset Beak «rScotlaad ltd. 

lhe lund. Atiei Uie close at Uieso oilers .onhajnaY be purchased at Menggeta.'ArhathaatSecarHJe*LeiL (Reg-fat Edi n bu rg h4*B94). 
the weeUr Cnunsday) dealing date, when units can abo teaold bacC MeeeberaoftlittUrdxTrostAasddfedoB. 


ARBUTHNOT WORTH AMERICAN AND INTERNATIONAL FUND 


To: ArbLnOnot Securities Ltd.. 37 Queen St„ London £C4 RIB Y nr plinoe: 01 -Z3652S1. .• ^ • ... 

Doociois Sir Trevor Dawson BU (Chairman). llfl.G. Barren (Managing). A. Pickln, OJUL. A. R. C- Album noL'C.TJ.taWtofi, F.CA^ 

M. P. Renton, Prof. R.Smitti. BJV.NLSc.nt.OL (Econ),P^uhlar Miner, F.CA. . .. \ 

1/We wfeh to Invest me sum el C (mm. E500) fo Arbuttmot-Nonh American fr Internationa] Kind -Acraimotattori Units and 

mdoaeachsquspevabietoAitiuiAnprSectiTlttesLuI. _ •_ 

PI Share etchengo scheme tick box for Moialls I~1 Monthly sayJossricklioxiofetearila • ’ - : ~ 

I/We declare thel I im/wo are over IB and noi rastdenl oacikie the ^cnedoied t^utujnrd ttdtem IrtrewdocatilimB tlw abovOUtcnlitxml 
wCannes as the nominee!*) of any pason(a) iesidem ouiadc these tenitories (if you ere unable lb make tb» dtUmdao. it ahootd be 
dsfetodandinefOfRiUMgBdihiougbroiiiBank.StDcUirOku.MSoaciiortnlhsiJiuniKlDgdODi}- ' . .. ■ 

Slnnannpfsl ■ ■ • • * - ~ ? - - * " ’ ’ ■ " ■ 

Jomi applicant^ all must sign. Stale Mr/Mrs/ Miss or Tjlfca and Forenames? . - ‘ . - . . . ’ 7 

Full Mamafsl ■' ; '■ • ■ .’ 

Addtws(u) ; ~ | : '.. 


.NA18FT 




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OVERSEAS NEWS 



Carter softens line over 


Middle East arms package 


BY DAYID BELL 


WASHINGTON, April 28. 


PRESIDENT CARTER to-day 
sent his controversial Middle 
East arras sale proposal to Con- 
gress amid signs that a com- 
promise is in the making which 
may avoid a head on clash with 


the President’s position might 
be." 


Congress. 

Originally the President said 
ihat Crmcress must accept his 
plan to sell aircraft to Egypt, 
Saudi Arabia and Israel as a 
"package" and that be would 
withdraw it if Congress voted 
not to sell aircraft to any one 
of the three nations involved. 

After strong pleas from Con- 
gressional leaders. Mr. Carter 
has somewhat softened the way 

in which the plan is being sent 
to Capitol Hill, but has left him- 
self with the clear option of 
scrapping the whole proposal if 
hi? does not like what Congress 
does with it. 

The Administration proposal, 
formally delivered to Capitol 
Hill this afternoon, splits the 
sale up into three distinct parts 
each to he dealt with, said the 
White House, "on their indivi- 
dual merits." 

But the President did not 
withdraw his threat to cancel 
the whole deal, prompting Sen. 
Frank Church, a key member of 
the Senate Foreign Relations 
Committee, to note that “there 
is a lingering question of what 


in "practice it is clear that the 
White House will accept some 
limitations to the deal if Con- 
gress chooses to attach them, and 
might even accept a small reduc- 
tion in the number of aircraft for 
the Saudis (the plan at present 
calls for the sale to Riyadh of 
60 F-15s). . 

These limitations might also 
include a restriction on the use 


of the aircraft, and a ban on 
Saudi stationing of them at the 
Tobauk airfield which is rela- 
tively close to the Israeli border. 

Senator Church, and a number 
of other senators who have a long 
record of support for Israel have 
urged the President to delay the 
sale, but Mr. Carter has argued 
that the U.S. has had a commit- 
ment to sell aircraft to the Saudis 
for three years and that it can- 
not, be delayed still further. 


Gas price accord problem 


BY OUR OWN CORRESPONDENT WASHINGTON, April 28. 


THE LATEST compromise on 
U.S. natural gas prices announced 
last week now appears to be in 
considerable trouble despite a 
concerted attempt by the White 
House to keep it alive. 

Last week some members of 
the joint House-Senate committee 
considering the Energy Bill in 
secret reached tentative agree- 
ment on an intricate formula 
that would deregulate the price 
of gas by 1985, and allow it to 
rise in stages until then. 

But members of the full com- 
mittee, who were not party to 
this agreement, are now taking 
issue with it. 

Worse still some of those who 
agree to the compromise are now 


arguing about the details of 
what they agreed, with many 
members of the ' House part of 
the joint committee irritated by 
tbe President’s acceptance of 
deregulation and increases in 
price, despite his pledge last year 
that he favoured regulation and 
keeping prices down. 

The result of all this is that 
the whole compromise now seems 
back in the melting pot If it 
should founder it is doubtful that 
the members of the conference 
committee will . have much 
stomach for yet another round 
of bargaining, and there must be 
a real danger that the whole gas 
section of the Bill will effectively 
be killed. 


Marchais attacks his critics 


BY DAVID WHITE 


PARIS, April 28. 


M. GEORGES MARCHAIS, the Marchais said, would be the and considered a representative 
French Communist leader, has business of the Party’s 23rd Con- of the Communists? liberal wing, 
categorically rejected the criti- gress, due to be held next year and M. Louis Althusser, the 
cism from intellectuals in the and which is certain to bring up influential professor of philo- 
Party which has gathered force once more the debate about how sophy who preached the break 

since the Left's defeat at the the French Communist machine with the “dictatorship of the 

March general election. is run. proletariat” principle in the run- 

in his 90-page report after a Describing his critics within up to the Party’s 1976 Congress, 
two-day meeting of the French the party as “ busybodies." M. Warning against quarrels 
Communist Party's Central Cora- Marchais set Communist unity as which would bring the party 
mittee, M. Marchais set to patch- the first priority. “A limited “into liquidation,” M. Marchais 
ing up the walls of tbe Party number of comrades have chosen sought to place the leadership in 
fortress He returned to his to express themselves outside,” the Centre. He made two con- 
attack on the Socialist Party for he said. “ This behaviour causes cessions to his critics— a vague 
allegedly letting down the cause ... - an understanable dis- admission that the Party had 

of the LeEt, and fought off pro- satisfaction in the party.” lagged behind in the period 

posals for changes in the Party He warned those members who during which Stalin’s policies 
tine. He also opposed tbe open- wanted to “install in tbe party came under attack in the Soviet 
ing up of the columns of the and its publications a sort of .Union, and that the differences 
Communist newspaper L'Huma- Permanent discussion about any- between the French Communist 
nitc to dissident opinions. thing and everything," that this Party and Eastern bloc govern- 
or' „„ - “would not be stomached.” -ments. “notably on the question 

s £ I !S?„ wa ® f 1 '!? 11 The most widely-published of democracy.” had not improved 
p 1 ^^^ a r 1 ft™Ii1t» b3Ckin3 ° f 016 criticisms have .come from M. ' since the Party made its jump 
central lomrautee. Jean E|] e jnsteln, deputy director into Eurocommunism two years 

Tbe discussion of policies, M. of the Centre for Marxist Studies, ago. . . 


EEC majority voting doubts 


‘Caro Brigatista . . 
this is not the 


French Revolution’ t 


BY PAUL BETTS 


ROME, April 28. 


A MIDDLE-AGED secretary 
working in the Christian Demo- 
crat Party headquarters in Piazza 
del Gesu was clearly distressed 
as she read out to a television 
camera one of tbe. hundreds of 
letters schoolchildren have sent 
to the leaders of Italy's ruling 
party. The letter expressed the 
hope that Sig. Aldo Horo would 
be freed and condemned the 
ultra-Left Red Brigades terrorists 
for threatening to .kill the 
Christian Democrat president 
and former prime minister kid- 
napped in a bloody ambush 44 
days ago. 

In a newspaper a schoolboy 
addressed himself directly to the 
terrorists. He began “ Caro 
Brigatista'* and went on to attack 
the terrorist group. The boy said 
that the French Revolution and 
the Risorgimento had been “ just 
revolts.” bur there -was nothing 
just about the Red “Brigades 1 ” 
attack on the state. 


Since tbe latest communique 
of the terrorists catting for an 
exchange of prisoners in return 
for freeing Sig. Moth — “con- 
demned to death” by a so-called 
people’? court— a posse oF news- 
men. onlookers, nuns, and 


children have stood around .the 
Christian Democrat headquarters 
and the apartment .of Sig. Moro 
in the smart suburb of Via 
Trioqfale with a mixture of 
curiosity and solidarity for tbe 
family and the Party of the 
former Premier. 

Whether one likes it or not, 
the Moro affair has assumed an 
emotional . pitch in Italy with 
few parallels in the past 30 
years.; In large measure, it has 
been exploited and fuelled by 
the mass-media with a whole 
series of devices often more .fit 
for the promotion of a motion 
picture than for the extent and 
enormity of the event and its 
possible consequences. Naturally 
the film industry has been quick 
to cash in on die Moro drama. 
Already a director has even been 
named to make a film about the 
case. 

An equally tasteless manifesta- 
tion of public interest in the 
kidnapping is the flood of “Moro 
jokes” — which can only be com- 
pared with Britain’s rather 
heavy-handed “good news and 
bad news” yarns^-many appar- 
ently generated by MPs. It is 
not unusual to bear someone 
gleefully asking: “Have you 



Red Brigades member Chrlstoforo Pianeoue is carriedto 
hospital after being wounded during the ktiliug of prison 
guard Lorenzo Cntugno earlier this month- . : j.7 " 


heard the latest one? " • 

The spot to Via Fani where 
Sig. Moro was kidnapped on his' 
way to Parliament on March 16 
to ratify a unique deal between 
the Communists and the Chris- 
tian Democrats, and where bis 
five bodyguards were murdered, 
has become something of * a 
flower-covered national shrine. - 
Sometimes hundreds of stgjat- 
* the day; 


seem flock thereduring 


In 1 the same way as they go to 
gate at tbe house where the 
Moro family keep- up their 
anguished vigil- 
The events of March 16 have 
had a . visible effect on life ' in 
Rome. Unlike .other; years, 
traffic* was light .last weekend 
for the extended “Liberation 
Day ” holiday. For the first 
time, both Houses of Parliament 
stayed open on “Ubgratiou Day" 


' The- searches- and road 
have become-part-of a 

xobtiaei'' - ' ... 

But there 
widespread 

^ country,, not . omy, at poll, 
party . leveL in favour oft 
Government's stana ot.j 
surrender to terrorist blackm 

• and there is a targe nieasur 
sympathy for the police aha 
’armed forces. 0a the. “ 
hand, the Tope’s iritervu- 
and that of the United Nat 
Secretary-General. Dr. 
Waldheim.- has been.^c, 

"by -a; number- of rintelieriaail 
. unwise;- v * ; — “v"- i u- 
: Political forces are tiring 
bring the -ebuhtry out of the si ;. 

* of virtual paralysis following., 
events of March 16. ■ To-day , - ' * 
Cabinet of the minority chrisl . . 
Democrat- administration of { V 

--- Giulio Andreotti inef to-appr ■ ;; 
some of the measures; ihclud: 
due-concerning- youth unempT- . 
ment, agreed with the other p. : 
tical parties. That agreem : 
sees the. Communists for tbe fi *-. . 
time in some.'SO years- dlret. V 
■in tiie parliamentary majority ' • 
an agreement largely tospi: 
by Sig. Moro himself. , 

There is also a' growing ft 
ing of resentment against * /■ ' 
■political forces,- not just fn - * 
.the large' student fringe who.-* 
some 'extent support the ait' 

If not the means, of the R 
Brigades. The resentment ■" 
reflected by those Italians w-: 
•have Ttived. through the* growl ; 
spiral of violence of the past ft 
years: In particular those pa- 
rticularly. affected by it. The ■ 
are also the families of all the*. ; - 
victlms of terrorist attacks. The - r 
stories. Written 1 as recently as 
day of two . ago,. :are alrear 
apparently forgotten. ” * 


Rhodesian 

Minister 

sacked 


By Tony Hawkins 

Salisbury; April 28 . 


•BY GUY DE JONQUIERES. COMMON MARKET CORRESPONDENT 


BRUSSELS, April 28. 


THE scope for extending the use might also be 'eligible later, if public health and tax policy 
of qualified majority voting in progress was made towards mone- should also continue to be 
the Council of Ministers after unio “- _ . . . de £ d ® d on p a unanimous baas. 

Greece Portugal and Snain inin But ^ Commission Is Most of the smaller EEC 
t! Spam join adamant ^ unanimous voting Governments are strongly in 

iarrnwa/tw iiml y pi™ ^ have t0 be retained for all favour of more frequent majority 

narrower than some Community decisions involving changes to voting which they claim will 
to EEC’s treaties and institu- become essential if EEC decision- 

ary 011 by 1116 Eur °P ean tions, as well as to subjects making is not to be paralysed 
commission. regulated to any EEC country by after enlargement But some 

Tt has concluded, as part of its national legislation. Issues of bigger members, including 
overall study of the problems public policy, public security, Britain, are less convinced, 
posed by fhe prospective 


enlargement of the EEC, that 
there is only a limited number 
of issues to which majority 
voting could be applied more 
freely in Die future. 


Jenkins ends Spain visit 


BY ROBERT GRAHAM 


MADRID, April 23. 


Most of them are of a distinctly MR. ROY JENKINS, President of and Mr. Jenkins told a Press 
secondary and non-controversial the EEC .Commission, to-day con- conference that be was mainly 
character. eluded a two-day visit here by concerned with assessing the 

They include decisions on the dec,a ring that be was highly attitudes of Spanish leaders and 
removal of technical barriers fn ^pressed by tbe businesslike gaining some first-hand koow- 
frade curioms eUlano^ the approach of Spanish leaders to ledge of the state of the Spanish 
establishment of voluntary membership. economy. 

economic DOlicv "uidetinesEura^ Mr. Jenkins’ visit here was the Mr. Jenkins said the Com- 

tnm reLreh flrst by a president of tbe EEC munlty would do its best to 

routine matters 8 of nU finaneiai Commission and underlines both process its opinion on Spanish 

man^emen? ° f the Community and Spanish membership, and apparently the 

b desire to maintain progress on first questionnaire is scheduled to 

Exchange control policies Spanish membership. be filled in by Spain by the end 

affecting non-EEC countries There was no fixed agenda, qf May. 


RHODESIA’S - multi-racial Execu- 
tive Council to-day dismissed tbe 
black Co-Minister for Justice, 
Law and Order, Mr- Nyron Hove, 
for his public refusal to with- 
draw statements on tbe need to 
restructure ” the Rhodesian 
police and judiciary. . 

A terse statement Issued 
tonight by Chief Chirau, who is 
this month’s chairman of the 
four-man Executive, said that the 
council had three times asked 
Mr. Hove to “withdraw certain 
statements made by him which 
were in breach of the agreement 
of March 3. 1978. . . 

“As Mr. Hove has; on three 
occasions -defied the' -order of the 
Executive’ Council,' if is’ 'the 
Connell's decision that he be 
relieved of his post as a Minister 
in the transitional ga^mmeot.' 
the statement said. vHvrJ’ r< ‘ 
Decisions *by the 7 Executive 
Council, which .• comprises Mr. 
Ian Smith, Chief Chirau. Bishop 
Muzorewa (who appointed Mr. 
Hove) and the' Rev. Sitbole, have 
to be unanimous. Any single 
member of: the Executive can 
veto a derision Chat he doesn't 
agree with. As a result it. is 
assumed, that Bishop Muzorewa. 


Nujoma 
doubts on 
peace plan 


-.TVO 


By Our Own Correspondent 
UNITED NATIONS, April 28. 


as leader of Mr. Hove’s party, the 


United' African National Council 
—roust have agreed with the 
other three council members 
that Mr. Hove should be fired. 

Mr. Hove will have held office 
for less than four weeks and his 
dismissal will be seen as a sig- 
nificant setback and one to* be' 
exploited by more militant 
elements within the various 
nationalist movements at home 
and abroad. 

Since taking office earlier to 
the month, Mr. Hove criticised 
the fact that tbe agreement gave 
tenure of office to the existing 
members of the judiciary, and 
also accused the Rhodesian police 
of “enthusiastically ** implement- 
ing racial legislation passed by 
tbe Rhodesia Front Govern- 
ment j 


MR. SAM NUJOMA, President 
of -the South-West Africa 
People's Organisation 

(5WAPO) this morning again 
postponed his scheduled 
address to the United Nation’s 
General Assembly, in which he 
was expected to respond to 
South Africa's acceptance of 
the Western plan for a 
Namibia settlement. 

His derision to defer his 
statement followed urgent 
talks with Britain, the U.S., 
France, Canada and West Ger- 
many, authors of the peace 
plan, and a strategy meeting 
of the African group. 

Mr. Nujoma, who told Ur. 
Cyrus Vance, tbe U.S. Secre- 
tary of State in Washington 
yesterday, that SWAPO wanted 
negotiations on the Western 
proposals r reopened, was re- 
ported to be under strong pres? 
sure to modify, that stand. 

.Western sources said -there 
was a distinct possibility South 
Africa would withdraw its 
• acceptance and proceed with 
an internal - settlement for 
Namibia if SWAPO remained 
adamant. 

At his meeting with Mr. 
Vance yesterday, he objected 
m particular to the Western 
. plan to leave the question of 
sovereignty over Walvls Bay to 
abeyance until an elected 
Namibian majority government 
is in power. 

He is understood also to 
have reiterated SWAPO's view 
that (he JL500 South African 
troops permitted to remain in 
Namibia most he confined to 
one base in the South. Karas u- 
burg, rather than at one or two 
In the North, and that the 
Walvls Bay troops be indaded 
among the 1.500. 

John Stewart adds, from 
Cape Town: South Africa’s 
northern-most African home- 
land Vend a, will lake Its inde- 
pendence in tbe second half of 
next year, the Prime Minister, 
Mr. John Vorster announced 
here to-day. 


China to modernise 




BY COUNA MacDOUGAU. 


CHINA HAS announced ambi- China's railway development 
tious plans to modernise its rail- plans were revealed in an inter- 
ways. Technical advances to take with the Railway Minister, 
place by 1985 include s witchin g Tuan. Cbun-YL reported by the 
to diesel and electric locomotives Nevr China News Agency; at the 
for over 60 per cent, of loads riose qf a national railway con 
compared with 13 per cent at ferehce this w^k. V-' 

present, and gradual automation Details also included mechan- 
of traffic control, station opera- king moretbanJJO per cent of 
tion and management of major the'.freight loading, track main- 
lines. tenance and construction, and 

tbe production of _ lightweight 


Th,s Va» rfS'Ti 


in view «■ uu» >um w ouuuu wxt>n ng 

at the end of next week by * Minister listed other iro- 


senor team from China’s State 


Planning Commission wMchto- 


Railways- . __ .tion- oF new lines, and increases 
Because of Chinese advanced to. . transport .capacity of the 
railway technology. British Rail Peking-Canton, Tientsto-Shang- 
plan to take him and others in hai and seven other trunk lines 
the group to view sophisticated, ajnd major .marshalling* yards, 
research projects at the railway i. In all. by 1985, six new main 
technology centre in Derby and; 'lines are to he built and nine 


in addition show them tbe com-.j exlsting.ones wlli.be improved. A 
for railway recent 1 Westeiti- - report' from 


puter control system 
wagons, tbe new high-speed track Peking stated that work of tbe 
recording coach and the new Wuhan-Chungkffig link had al- 
signal box at London Bridge. ready begun. 


Lebanon 

Premier 

nominated 


■ “at - 


1 By Ihyah Hijazi' ! V 

BEIRUT, April 28. 


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ur£rtt ! c“ 


PRESIDENT Elias Sarld , 
to-night asked Dr. Seiim al Hot.. • 
to -form a. new Government t.- 
replace the Cabinet of techm*. 
crats which resigned last weed 
which Dr. Hoss also headed. 

The Premier-designate i 
expected to seek a .Cabinet 
national unity to Include repre. H . •• 
sen ta lives of both Moslem anc • ... . • 
Christian militias who fough ■“ . 
each otiier during two ■ years o' V - 
civil war which ended 16 monthr; 
ago. .* * • :p- .. 

Dr. Hoss is known to favour if * 
working relationship with the 
Palestine Liberation Organise „ 
tion, and win avoid-- a confront^" - 

tion. He to Tespected by " 

- - . -< . . - 

.Observers - said.: potting a:" . J 

Cabinet together ; which .wilt 

satisfy all factions max .prove to::- 
be difficult, but an understanding 
was reported to have been 
reached to-night between the, . .. 

President and .the Premier^m p ,)s * 
designate , about the general ■- 
framework of the Government - - 


sear 

.to'od* 




AFGHANISTAN COUP 


Real leadership 
still uncertain 


.id tol* 

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- for cash 
? =: OSBe 
.r.cre»i» 
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WREXHAM 


ROOM TO GROW 


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*tar. J. A Adams. Managing Director while factory 
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Name, 


'Address 



PRESIDENT Mohammed Daoud, Pathans. tbe_dominance of tbe He was based hr Kabul, 'but the 
of Afghanistan, was killed during powerful Mobammadzai dan. fact that MiG-21 aircraft are 
Thursday’s coup by troops attack- King Zahir Sbah, the . last reported to have been to action 
tog the presidential palace, monarch, who was despond;- in during the fighting sueaeats that 
Kabul radio reported. * • 1973 and iftw fives in exile to Colonel Khadir has the atlefflaiHM 

The radio said that the Presi- Rome, was a member of tbe -of squadrons based antsidP ro- 
dent's brother and close' eoofi- clan; so was his deposer, Presi- ciaplSl. SplomS? SE£ 
dant Naeem. was also kWIed dent Mohammad Daoud, now no'MiG-2IS were based^ 

3fter refusing repeated requests said to be dead, it is reported itself. ^ efl in Kabul : 

to surrender.” \ from Tehran. •./.- • rrnfik* 10 m 

Further broadcasts said the Perhaps the most significant ^ ““g 
Constitution had been abolished point made by 1 the man speaking^ 

and that rule would be by on behalf of the ^Revolutionary when 

military decree. U urged people Council of .the Armed Forces ” vetlicle l “to the 

to go about their busings as was that the “ Nadir Sbahi era ” casualties are 

usual and said that shops selling was over.referring to the restore- “ve been high to 

basic commodities would soon tion of the family in the 1920s. fighitng. 

be open. Until ttie completion of tbe tne -umts loyal to the old 

But reports from Inside the new' administration ■ and its vCRime are likely to have been 
city only hours earlier said that policies becomes clearer, not ® dse ow tofi allegiance to the 
tbe armed forces which attacked much emphasis can . be given to g efe nce Ktofster, General HaJder 
the presidential palace in tanks tbe radio statement on Thursday b^ouu, himself known for bis 


: saved 

r.a-.^ir.s Otf 
Daritfi 
manajg 

(iecided:! 

nr . 


mature 

tiiti; r 




‘eennic S' 
:: wit, hu 
=r for ban 
^r-. v n- form - . 
^2} : *'. .ijrket the 
ffist abi 


appeared to be meeting stiff 
resistance in some parts of tbe 
city. 

During the night there W3S 
more gunfire and fighter aircraft 
continued bombing raids over 
parts of the city at breakfast 
time. Their targets were appar- 
ently the Ministry of Justice and 
the infantry barracks. 

Diplomatic sources in Kabul 
said the presidential compound 
was in flames and bodies littered 
nearby streets after the heavy 
fighting which followed tbe 
attack on tbe palace. 

The sources spoke of one air- 
craft being shot down by ground 
fire after the air foree had 
attacked the infantry base and 
the air force headquarters. Much 



to the former 


of the strength of the coup, has that „ ' «, ri ' oH J anggesUon ^rtwt Jhe_ si 

been based on air support. „ * , P ow ^ r has returae^ t° the influential old_ Royal Family 
The new head of tbe military P e °P^ a nd last vestiges of their supporters may be maki 
1 imperialism ended. 


revolutionary council, CoL Abdul 


Vice- Afghantotauo- ,has 


utter devotion 
President 
;AU means of communication 
with Kabul arc cut. But piecing 
together reports emerging from 
• tbe capital, it seems that the 
coup hasr been successful mili- 
tarily, although the real leaders 
. have oot yet identified them- 
selves. As, until now. no foreign ' 
- government has commented on 
the drama, -it is. impossible to 
detect whether -the change of 
.power to: Afghanistan is going to 
have .any. international imoli- 
cationg. - ■ . ■ _ - 

■ The favoured theory is that 
the. threatened-., crackdown. 00 . 

Left-wingers by * .the Daoud 
.Government was indeed the 
spark, that tit the fuse.' There is 

Still. 
Or 

making 

a comeback. 


«iapped 

' '■ ‘\ pf.. .. 

• M r. p,;,'.. 
% 

* S-aji-MV;’ 
^ "■ 


ix Ireli 
^xnlurat 
* 42/17 
;T Cob 
The u 
\iv the 
(■rand 


4 


* attack 

PHILLIP? 
Br;i;sb .1 
the ^ 


, -W! 

S i,:s ' 

I? ?ae 


r Qr. 


n-t-ort 


R 


y precinc 
J award 

tih,, : 

it vests 

'v' J P^*-"C PTC 


.j - B i wavs heen - nio - bv _ sTnaji . PoM« sources, in Kabul re- 
alf f ? rce - Sv/JmS wW. recency that, an under- 


the 


Khadir, was formerly 

Commander of the air ri r 1 itilifliMianP rfflfinh ^-_j- 4? ■■ tcai^u lulcuuv uitft du . uuuci" 

deutial palace. The Ministries of EjSL/t!? that a ’ po^d:- of ^Lefewinaers 

the Defence and the Interior abseiKe of extedd to them as weU ™ 

and part of the French Embassy ^.' abie n what waa. 

were hit by tank fire but there 0D within. -the service .A , preemptive stride i»y the 

were no reported foreien fatali- most foreign observers fait- that rtbels. could .explain the pmndmg 
were no reported foreign fatali- efficiOT t^nd Well- timtog-ofthe noup.;, Daoud. has 

Observers in Islamabad con- infiltrated secret police had thdr been away, from Kabul frequently 
tinue to see the coup as pro- finger on the pulsi. ■ ■. . 10 recent months^ mi tours. abroad 

dominantly Left-wing, if not U' was a- pargdoncal political and at home and the. absence 
Soviet backed. It followed hours 8e ^Pj seemingly strong -and. of a naa.tom to and 

alter the arrest of the local during in some ways and yat considerable - loyalty from the. . 
Communist Party leadership Poteotially very, brittle; easy - to . an»ed forces wiH* have toads the „ 
which provoked a demonstration overthrow once a tew kw levers rebels' task . earner.;;.. 
against the Daoud regime. of power were con milled. : ..t ; k ' Another - suggestion. - Abroad, . 

Meanwhile, Afghanistan's bor- ,s toiown about the man iavoured -to high'- Iranian circles, v 

ders with Iran. Russia and announced the coup on is the possibility of a ank be- : 
Pakistan remain closed. Kabul radio. Colonel Dagarwal fween the group of young officers 

For nearly a century, in the Abdul. .Khadir^ apart from’ ti« ' who toodprt Daoud to power in 
eves of the country's rulers, fact that he is aJairly seni(w 1S7$ ( atol were -then, eased ont, 
Afghan nationalism was Pathan force officer, who bad .rerentiy. andTtfiosewtto seem to bemisteB - 
nationalism, and among the been transferred ironr lte arn^i minding the prBsent-coup- ,' : ; ; 


;r< »,..-* 

‘hr 

ta « 


estn 
S 
pro 

cr.YirqnntE 

SS3,:.fi 

"* r -r.e publi 


cs ( 

‘X a 



a xton 


A! 


U - 


£ 


time 
a turns 


• ^6 rv,. ~ — “*V 

lav 


•3 w 


fltil p- 


to toe 

•iiartmeot 





t. 


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/V ’ : ■' V." p : . r •' 




4 


i^3^aes ; 'Safagi% April 29 1978 

NEWS 


J 


0> r 




delays cut spending 

Corporation 







?ao 


MRMAN, SCOTTISH CORRESPONDENT 

f^^NatioSoil^^orati^ SSS^nS^w^irSiS t£ ***?*] partae r' sfnce Private companies 
during, the, last year has fallen SSrSKJS f Iower toan bad we i® operators. 

Short of tjhe expected fieure *<51 S?**?’ i. j , The Nmian Field was being 

given to Tfie (SwernaSlJ? theotherhand. costs had managed by Chevron. Dunlin 

■■* , -ppppwreLL. a although the eventUaTcoS /!? SSL S( L ^ ®Y enlua! biu <Shell> Statfjord (Mobil) and 

nuaSfis 5c*S%Si s » ~ « » ““ 

.■adwattrii* •jMjjf, _ -,-jjiW .» «g Jsswarsas 

t^has been arrested in Published a .figure for its It bad experienced no nrob- * wWe l ? e ,?° ard has Ba 

iLanv.” - expected - expenditure for last lems in Jim™ d,r ? ct control, although we tty 

. of - the arrest comes a year,^al though a year ago Lord good prices, in ■ soils of the lo n i p ^ u ® n °§ s ■" 

■ the compands former Keartcnvits chairman, said that present now atal*j$£m - 1 ?* Eoanl had Sood relations 

'- ■Mf -^r GeiSd Caplan, its offshore oil- and gas develop ™ p rJSnSSi! *£ ' m f k ^_ W1 J* Private companies and its 
"'&» hy the FBI In Los men t commitment o£r thfenSt dderf Corporation s- Board de- rdatlonshin ^ 

90 British warrants fear years would be £420m. U d 


to influence things." 

.me ‘ 
r*et 

Board, de- relationship with Occidental — 
.w „=«x 0 wouia DP sxaim . include ; a with whom it had been involved 

*•* *' ^ -“'“lit ZUZLTgi™ £ &^®bS ffH^TSS ‘‘escenen,.''' aI,,in ^ 

_ oorroiWng.. in 1970. the setting nuf irt mnm riot^'r u.>.nt Th a 


Corporation's- 
yesterday to 


SSfc c „st »..W EiSS.-i.-iSSi'SS. 

I pn • 0“ companies had developments in which it is a the Press, the Government 



Sg*fi!ErK™T^ out “ what The recent exchanges between 

nwS&StSJV :SwsKg*v3 s snST‘7T T IWf-” 

*°° Sht f ° r tbe th Coroo™ti^ he “« a?!*?!™ i 1 , ad _ litt . , . e contrc 5 pnM^wWch“th l S n triW| t to 

.' iKSceid Oldenburg, Germany. 

■■ ■ -■ M flat Mr. PeppereU was 
' ‘''MKted^ai 5.30 p-m. on Tburs- 
- .'<S5f rdunge of theft and 
a «- of large stuns of 


onst had been at the 
^"■Sust of the federal Criminal 
nL in . Wiesbaden, which 
' vffitiy had been asked by the 
-.^jjggT in ■ London, to make the 

ova. • ■■ - 


moves. 


Easier home repair grants 
to speed ‘immense task’ 

BY MICHAEL CASSELL. BUILDING CORRESPONDENT : 


1976 a total of 1.7m. amend - .legislation covering 
needed improvement, renovation grants to allow a 


Ur Caplin's lawyer said, that 
client would be fighting 

_js for extradition, to Britain. THE Government faced “an “In 

r in . ra , if!lng the h0Uses , — - uup.uvcuicuu .c.u.auui. K r«m> to «„uw a 

!ty Securities group by standard of the country's existing equivalent to .about 10 per cent greater degree of flexibility in 
^ctors appomted by the bousing stock Mr:- Ernest of the housine stock. Although their- use.. . 

.... doart meni of Tratte was. puD- Armstrong. Under Secretary of this was a marked imurovement «. „ ■ . • • . 

'jbed ln January, 197S- - State at the Department of the from the 2.9m. total In 1971. the °rf J * 6 1 conations intr»- 

Cxftgjoke bf-Mr. PeppereU and Environment, said yesterday task before us is immense" under the Housing AcL 

- fe Caplan as having defrauded Mr. Armstrong told a National The job of improvement was l 974 \> we f e no necessary 

..-'.jjndon and County. of substanr Federation of Building Trades becoming more difficult because or were ^ 00 restrictive. 

- gams. .Both strongly denied Employers conference in London °f the varying types of work At a suitable opportunity the 
. . 0a jj 0nie improvement that the needed t0 improve the substan- Government would legislate to 

growth of structural disrepair in dard houses and because a large enable a more flexible approach 
housing, was worrying, and be Proportion of houses coming into t? be taken on the rateable value 
reaffirmed the Government’s in- th® renovation scheme were in limit on grant applications to 
tention to step up the rehabilita- seve re disrepair, 
tion programme. Tbe Government proposed 


^.allegations. 

•:.,’Gril proceedings have been 
■■darted against Mi. Caplan by the f 
■■ - t 'lq\jidAtOTr of London and County j 
-- hr the recovery of large sums. 


to 


East Moors closed 
by steelworker 
saw it open 


idersfifp 

certain 


‘ ..Sd protest 

- &g Union of Shop, Distributive 
^twAmed . Workers has urged 
• ,-;jhefc Lonrbo’s takeover bid for 
^rttish and Universal Invest- 
MDts should be referred to the 
. - 'tbnopoliefi Commission. 

Wbis to shut 

' iBHlSH CELANESE is to close 
t Is print works- at Spondbn, near 
''.)eti& with the loss of 225 jobs. 

;fhe dosme is blamed on decline 
-M demand for fabrics processed 

BY ROBIN REEVES, WEtSH CORRESPONDENT 

tos^Du^b ^C^k and bus STEEL'S East Moors, poration's cost-cutting exercise 

director of its ujj subsidia'ry terday--with the help of the man ^ Abc_. ,„ w 

lo the main Board, ^charge of who °} ad ^ first bil, ft tn eoa,e works already tinder the redun- 
JJagtS?^ and to. °% 6 of the pIant 0D Janua ^ z - ’*** 

ManseU will be succeeded in the ^ Tommy Owens, a life-long work for another IJ300 weel- 

East Moors steelworker, came out workers and soon there will be 
of retirement for a few minutes jobs for only 400, who will be 
to help roll the final billet in employed in dismantling the 
, . , , the hotmill he began operating works. 

GlHO, me post Offices banking more than 42 years ago. Priority for tbe remaining 

ann, is cutting chargee for cwb- Hundreds of the plant's re- jobs is being given to those who 
tag cheques at_ Post Office maiaiDg workforce turned up to will reach age 53 between now 
counters, but is increasing watch the final ceremony, bring- and 1980, when the site should 


make a house suitable for a 
disabled person. 

It would also permit grants for 
owner-occupiers where the pro- 
perty had been rented in the 
previous year and where tbe 
dwelling was being let to a rela- 
tive. 

In addition it intended to 
allow more grant aid for improv- 
ing bouses in multiple occupa- 
tion. 


Tramway 
systems 
may be 
returning 

By Paid Taylor, Industrial Staff 


TRAMS MAY return to Britain’s 
cities if a research programme 
by the Road Research Labors 
tor? finds in their favour. 

Mr. WfHiam Rodgers, Trans- 
port Minister, has asked the 
laboratory to research the poten- 
tial of light rail and tramway 
systems. The research wHJ in- 
clude an evaluation of existing 
continental systems. 

The last London tram ran in 
1952. Tbe only electric trams 
still in municipal use in Britain 
are an Blackpool. 

Monorail 

The Laboratory will also look 
at mini-trams (single-deck 
vehicles with connected 
carriages) and monorail systems. 
Diesel and petrol units will be 
considered as well as electric 
ones. 

Road transport organisations 
are concerned at what they see 
as a threat to established road 
transport The Royal Auto- 
mobile Club said yesterday a 
tram revival would “ put road 
safety in jeopardy ” and aifcued 
that trams would add stin more 
congestion to crowded city 
streets. 


North-west tops 
aid list 
with £12m. 

THE NORTH-WEST of England 
was offered the largest share of 
regional grants and loans in 
January by the Government 
under the Industry Act 

It was offered over £12m. on 
14 projects out of a total of £18m. 
for the whole country Scotland 
was offered £2.7m. for 13 pro- 
jects, while Wales qualified for 
just over £lm. on nine schemes. 
Humberside was offered £153,000 
on ten projects. 

In December, the Government 
offered £4 ,2m. on 69 projects. 



’s ask broker 
to drop action 


BY JOHN MOORE 

THE CHAIRMAN and committee Ian Findlay, chariman of Lloyd’s, 
of Lloyd’s of London have asked said that he was aware that the 
a Lloyd’s broker, Pearson Webb Pearson Webb group bad 
SpriDgbett, to drop a proposed reserved the right, after the 
libel action against .another, committee's inquiry was com- 
mucb larger, broker, Willis pleted. to pursue a libel action 
Faber. against Willis Faber. 

Both Willis and Pearson Webb This had been considered by 
are involved in one of the the Committee of Lloyd’s “ and 
mqutries.- rarely held, of Lloyds they are unanimous' in thinking 
Committee, which JS looking into that any such action fought in 
allegations aroing from settle open court might do great harm 
ment by Lloyds underwriters of would be entirely against 
a reinsurance claim on 301 Rat the best interests of Lloyd's.” 
cars. Mr. Findlay said that “such 

Tbe claims arose from fire an -action could seriously preju- 
damage tb the' cars aboard- the dice 'the' committee inquiry, tbe 
cargo ship Savonita. These care, members of which are not pre- 
were insured by SIAT, then the pared ’ to proceed until this 
Fiat-controlled marine insurance matter is fully clarified., 
company, and reinsured on the M lh view of this situation I 
London market am asking you. In the interests 

But Pearson Webb Sprlngbett of Lloyd’s as a whole, for a firm 
the insurance brokers handling assurance in writing that you are 
tbe SIAT claim against the willing to leave tbe merits of 
British insurance market, your case to be decided by the 
decided not to press the claim committee, and that neither you 
after an investaigation by the nor .your firm, in regard to the 
loss-adjuster Graham Miller. Savonita claim, pursue a libel 
The Pearson group was then action against Willis Faber." 


dismissed by tbe Fiat insurance 
company and replaced by a 
larger firm of Lloyd's brokers. 
WHlis Faber, which. Mr. 
Jbnathen Aititen has alleged in 
tbe House of Commons, began 
pressing the London under- 
writers to settle. 

Loyd’s subsequently set up a 
full inquiry. 

Pearson Webb's intended writ 
alleges that the company was 
libelled in Willis Faber’s own 
report on the claims. 

In a letter last week to Mr. 
Malcolm Pearson, chairman of 
Pearson Webb Spring bett, Mr. 


Lloyd's said that the “first 
concern of the Committee of 
Lloyd's was to arrive at the 
truth. Freedom from tbe possi- 
bility of subsequent legal action 
by one party against the other 
would obviously help to ensure 
maximum disclosure. thus 
guaranteeing that the Committee 
of Inquiry was able to carry out 
Its task to its fullest extent.” 

Pearson Webb Springbett 
intends to reserve its legal rights, 
and plans only to agree not to 
use any- information arising in 
tbe course of tbe inquiry in any 
future legal action. 


Mentmore 

Towers 

leisure 

centre 

scheme 


By John Brennan, 

Property Correspondent 

MENTMORE TOWERS, Lord 
Rosebery’s 100-room Aylesbury 
mansion, may be sold for 
use as a leisure centre. 

Mentmore, which has been 
empty since last May’s £6.3 m. 
art and contents auction. Is on 
offer for about £250,000. — But^ 
Strutt and Parker, ** the" 
London agents, wbo are handl- 
ing the sale for tbe Rosebery 
family, expect that repairs and 
redecoratlon of tbe listed 
Victorian building will cost its 
new owners “ several hundreds 
of thousands of pounds.” 

Several offers 

They have received several 
offers for the honse and the 
1,000-acre Buckinghamshire 
estate since the Government 
refused to accept it (n lieu of 
death duties alter the death oE 
the Sixth Earl. 

Now, with an unnamed 
English buyer prepared to use 
the building as a leisure 
centre, hotel or country club, 
tbe family hopes to sell 25 
acres of land with the building 
and to refaiii tbe rest of the 
park and farmlands. 


Scots offices 6 second dearest 5 


BY JOHN BRENNAN, PROPERTY CORRESPONDENT 

SCOTLAND has the most expen- tbe provincial office costs table, 
sive offices in Britain after Outside Central London, 
central London, according to Glasgow offices are sbown as the 
Debenbam Tewson and Chin- second most expensive location 
Docks’ annual survey of office after Edinburgh, costing a total 
rent and rate charges. of £5.53 a square foot. 

The London scent's review of t G L as 8° w . is followed closely by ciai orace rents are snown 
offiVe aSmodftten cSSrSut ^ and .Southampton, where increased by 77 per cent, 
lished yesterday, shows that 
Increases In combined rent and 


age 105 per cent, against a 1S5 
per cent rise in the City of 
London and 140 per cent in Lon-* 
don’s West End. 

In that period, prime provin* 
rial office rents are shown to have 


rent and rates average £5.37 and 
£4.54 a square foot respectively. 
„ Hull remains the cheapest pro- 
Sif s3owed aaQoDail y vinci al city for offices, with rent 

just year. and rates of just £2.45p a square 

But a 35 per cent increase in foot, 
rate charges puts prime Edin- Since the first rent and rates 
burgh offices, now costing £6.34 survey in 1973, provincial office 
square foot at the bead of rates have increased by an aver- 


Tbe slump iD London's prime 
rents between 2975 and 1977 
keeps the five-year average for 
rent increases in the City to just 
6 per cent, and to just 17 per 
cent in the West End. 

.In those years, the Retail Price 
Index rose by 110 per cent 


UX. by Mr. Phil Ives. 


Giro charges 



charges for some other services. 


Paper saved 

THE closure threat banging over 
the Evening .Despatch, Darling- 
Ton, was lifted when manage- 
ment, said that it bad decided to 
^continue publication. 

Car venture 

' - MANCHESTER Polytechnic and 
---Salford City Council will build 
a new type of car for handi- 
'capped drivers, and form a 
L _- limited company to market them. 
.■Tbe. car is expected to cost about 
*2,500. 


ing to an end nearly a- hundred be clear, enabling them to 
years of iron and steel making qualify for early pensions and 
at East Moors. The works is maximum EEC redeployment 
being closed as part of tbe Cor* benefits. 


Invest in both now with 
Merchant Investors’ unique International Hind. 


Belfast transport 
plan costs £100m. 


BY OUR BELFAST CORRESPONDENT 


Well scrapped 


MR. ROY MASON, the Northern A central ringroad to ease traf- 
Irejami Secretary, announced yes- fic flow is included, and many 
v*o»-«nn« r « j terday a transport plan for Bel- areas of the city centre will be 

- “AKATHON Petroleum Ireland f as t > which will cost more than made pedestrian only. Car park- 

.. oas -abandoned rts exploratory £iQ 0 m. and take several years to ing policy will discourage all-day 
■well drilled in Block 42/17 In implement. parking by commuters. 

"'SKLr °^iv ^ oun ?? r His announcement came after a 

We -’ Public inquiry into the city's Workable 
• ' ff. V’ 968 future transport strategy and will • 

. .inrndee Kiugsuorth, found no e nd about 10 years of uncertainty. ‘Mr. Mason said that the plan 
significant reserves. A dual carriageway link will be was an attempt by the Clovem- 

: t* j 1 built between the Ml. and M2 meat to strike “ an equitable and 

JCORuS attack motorways entering Belfast, and sensible balance.” that would 

■ MS. ROBERT PH1LLIPSON, a new bridge across rne River produce a workable system. 

, - director of the British Road Lagan will be constructed. “It is often claimed lhai 

- Federation attacked the Gov- About £6m. will be spent to con- Government pays only lip service 

ernmeut’s road transport policy nect the new central railway to public consultation. I do not 

outlined in the- recent Roads j station to tbe line to Laroe_, accept that, and here is a good 


White Paper. 


Shops precinct 
wins award 


[ County Antrim. This, too, will example of substantial changes ini 
| involve a river crossing. proposals as a result of evidence | 

The bus fleet will be increased from the public.” . 
by about 50, and a central station The planned road network had 
wtil-bB built for Ulsterbus, which been devised to reduce to a mini- 
services the province outside Bel- mum the impact on local co no- 
fast. ‘ inunitie s. 


"Wirii a rare measure of agreement, * 

. most infonned analysts currently ’ 
predict substantial growth from 
two investment sectors. 

The first is Wall Street, judged to 
be undervalued, and overdue for 
recovery - a recovery which is likely 
to be dramatic and sudden, with a 
sharp increase in share prices. 

Wall Street’s recovery potential 
has been exci ting for some time. 

-Tbe nxent removal of barriers to 
overseas investment - , after a decade 
of constraint, makes this potential. • 
specially relevant today. - 

The American, economy is still • 
the strongestin the world. Yields, f 
earnings* assets values- all the 
fundamentals make the recent ■ . 
3-.year low in' the Dow Jones index 
seem unrealistic. An encouraging: 
background for investors moving 
into Wall Street. 

”... The second sector is UK 
property. Here the market is ■ 
buoyant today, ancllooks set for 
steady growthagainst a background . 
of rising commercial rents. 

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The new International Managed 


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- other major financial centres - 
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v jiohg Kong, Australia and Canada, 

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World-wide Group and FutucT 
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International investment requires 
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world’s economies and financial 


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Man with *£23m. debt’ 
has £1,300 assets 


COSTAIN property investments, 
owners and operators Of Nichol- 
sons Walk shopping precinct. 

Maidenhead, has won a Racai 
award for the environment in 
Berkshire. 

The Bacai Electronics Group, 
which presents six awards 

TOTAL DEBTS of OMUL .Lock of conMeoce to 
aid M for the public." w«e -gWjjg \ H f JKJ “&S“S nffle 

adviser, in public examination problems for the trust, said Mr. 
at London Bankruptcy Court Towning. He and another direc- 
yeatefday. tor gave personal unlimited 

He said-that most of the debts gaurantees in respect of the com- 
I would not result in claims pany’s liabilities. 

1 against him. The claims he ex- He ceased to be an active 
pected to he made totalled Board member of the trust at 
Mr. Bin . Flaxtom Assistant £535 1m. He estimated his assets the end of 1974, and six months 
Head Printer of the Financial at £L300. t J c . later the company was put in the 

Times, retired yesterday after 34 On that baife his deficiency hands of a Receiver. It was 
years with the company. would be £5,349,700 . wound up m 1976. 

For most of this time he -was Questioned by Mr- Mri Lyons suggested that Mr. 

a deputy and for a time was in Lyons, Assistant 0 Towning's failure was d 
charge of the magazine side. ' Receiver,- he said r^nert a borrowing to buy shares. Mr. 

At a presentation last nlste. em.iSii.jl T °' raina denic,J He, blamed 

he received gifts from the com- dey ee . in , was . his downfa11 00 the failure of 


Everything else you should know 

41 How yon can watch the value of your bond 


3 . 'life cover 

Vmir hond automaiicallv give* you guaranteed; 
life ewer, as detailed below. Jn the even i of your 
death, the amount payable will be either this 
sua rani eed sum or the current value of four 
bond . whichever w the higher. The level oJ life 
citeer and t be n umber of uni u aliocu led tu y oue 
bond uil) be reduced if u-i tiidrsnnlp arc made. 


Bill Flaxfon 
retires 


Age when- 

Guaranteed 

buying Aierchant 

Zafe AsMtrenre 

InrnlonBpnil 

per £1 ,000 invested 

Tinder 3D 

A= 3 «>o 


ir.too 

35-3V 

A'ljdno 

JO-44. 

sOrfoo 

45-49 . 

st 1.300 ■ 

50-54. 

■ di,I^OO 

5S-S9, 

ftoandem- 

■*»!*» 

llfioo 


w =* ’ueZSmZSZ ** S-e, Trust 


and editorial departments. 


later a director in several com- . , 4 . 

oanies involved In financial Mr. Towning. now of Avenue 
banking, insurance and property. Henri Martin, Paris, still] 
In 1070 he was appointed operates a worldwlde bufiiness. 


the bankers The hetrtg »l 

S£*as aSJSJSS. I DaW sSm.el Trust. enable him to prenare accounts. 


The dcmhbcuotitt come into force only upon 
acctpumccof your arntkaoan by ibe Cmtpmyj 
which reserves the right to offer restricted life 
cover if y mi are not in good health or for Any 
other reason. 

3m Personal taxes 

You hare no personsillrabilhy tobasie Tate us 
or capita* Rains tax and you do not therefore have 
ihn Trouble of kerpinffrreor da. Higher-role uuf 
and investment-income surcharge could arise an 
the gain realised on death', or when cashing in, 
or on witbdrawelaia excess of 5%,butunly If , 
yotxare then in these brackets, tn which case this 
is calculated on advantageous leans (.details 
available from tbe Company^. _ 

3 m Company Ux« trad statutory levies 

Investment income and capital gains ar* 
reinvested in the Fund 3fter tfcdoa too of tas at 
iheomopnate rate. Any liability in respect of 
st*N wry levies which may be hnpoecd under the 
Policyholders Protection Avi or otherwise uiJJbc 
deducted from the I-anAhpfqfi- Tty- pi t ir. 


Your bond will idl you how many uriu\ you 
JUi'c; to value 1 1 - simply multiply tbe number of 
units bv the unit price pobli-Jwrf in The Times 
Financial Time«.DaOy Telegraph. and '■iher 
leading national newspapers. The unit price 
change, (.which normally uecur every Saturday) 
reflect both the performance uf the underlying 
investment* and the rcmu-Miuoai of net income, 

5. WKu arc Merchant Investors' charges? 
-Merchant Inventors charge a imcc-and-foy-alL 

'5 of vour initial investment, and the balance is 
applied loacuure units at the price ruling uu 
receipt of your tnvesunen f . Thereafter the 
Company mokes an annual charge of not more 
than 1 w , of the valucof the l 7 und-at present 
this i* tfirutcdTci Naturally, no annual 
charge is made on the International Managed 

'Fund's invest menu in nthcr funds. 

. Tbe annoai chjrjtc. tciKcthcr..wiih the 1 expenses 
anmirred in run nine the Fund, including the 
cast b of Talumg pronertia^ue puidfmm the 
. Fund. 

6. Continuing information 

Aticastonce 3 year you wi I Ibe sen t a report on 
the Fuad, giving information on the investments 
in the Fund. 

7. How tocashinyotrrbood 

At any dine you can complete a slmpfc form 
and you will receive a cheque for the full value of 
your units as dcumrtricd at the nest vafnatitJru 
To protect bondholden.’ interest?, the 
Company may, irescepliiTnsJdri.Tini-(iarH «, 
defer the calculation and payment. of , , fc . 

international Alanaced Fund values for up ra 
sis months. This will not apply in the case of the 
death of a bondholder, 

This advertisement is based on legal opinion 
KWrnfiag the present law. 

Thu offer is no l open in resident* uf the 
Republic of Ireland. 

CoimniasKit of rd trill he paid on any 
applicaUon bearing \he stamp ofa Bank, 
Sto^hnidcf^Accnuntaniai Soliatoh 


Merchant Investors 
International 



MERCHANT INVESTORS ASSURANCE COMPANY LIMITED 

Gcosv.enor House, JSj High Street, Croydon, CRg iLP. Tel: OI-6S6 9171. 

X wish to invest (minimum £ 500 ) 

in a Merchant Investors International Managed Bond and enclose a cheque 

for this amount payable to Merchant Investors Assurance Company Limited. 

Surname? MrjMre/Mtiis 

Full first names • . .. . 

Address 


I 

I OceupaHwi 

i 


Dair ofTlirUi , 

jlre yuuitthviand havei-ou always been mgoud. 
health? 


If not, please give or attach duUilu 


Sfpnatore 


'Date 


Company Number: oa-Jt^sRegisieTed in Enjdand. 
Regmered Office: XSS High Street, Croy dun, CKo 1 LP, 



WSFT2 


'.vigg reays 




HOME NEWS 



Scotland’s next Silkin claims a win 


choice could 
also be its last 


for doorstep milk 


BY CHRISTOPHER PARKES 


THE BATTLE TO secure the be extended to other EEC conn- one issue which held up progress 
BY RAY PERMAN. SCOTTISH CORRESPONDENT future of Britain’s milk market- tries. During the negotiations, he this week. 

. ■ ing boards and guarantee the held out against any proposals Mr. Silkin said that the “ pay- 

SCOTLAND goes to the polls on district councils rather than the continuation of daily doorstep which could threaten the Boards masters ” of the Common Agri- 

Tuesday— two days before Eng- regions. milk deliveries was virtually at any time in' the future cultural Policy. Britain and Ger- 

land and Wales— to re-elect its Education, social work, won. Mr. John Silkin, Minister Mr. Silkin faces a hard fight to many, had grave doubts ahout 
top-tier regional councils for the strategic planning and public of Agriculture, claimed in win acceptance of his charge the scale of aid to he granted to 

first time since they took power transport all important regional London yesterday. that the present system of the depressed farming industry 

three years ago. it could also be functions, have hardly figured But this was only one item in monetary compensatory amount in the Mediterranean regions of 
for the last time. at all. a troublesome Common Market subsidies on imports of Danish the Community. 

The hysteria which greeted Labour hopes to hold Strath- farm price review. “There are and Dutch bacon discriminated The overall impact of the pro- 



w sl 




for shi 




managers 9 umoi 


*f CHRISTIAN TYLER, LABOUR EDITOR 


tfar-m 


by MPs 


By John Hunt, Parliamentary 
Correspondent 


BRFTISff SHIPBUILDERS - has let their agreements be broki 
deeded not to recognise u for the they- will loyally stand by the ' 
time- bang ” the Shipbuilding' agreements, - 1 would welcoi ■■ 
and Allied Industries Manage- tfieirstetement . . ; 
ment Association, whose fightfpr ; “But if they mean they ^s • 
a place bsidfr enguiefirmg resemng the right to -bre . 
unions has caused a rumpus in agreements, then obviously th' : 




■■ 


the regions in .1975 — ^when the Clyde, where it has 69 seats still some very difficult outstand- unfairly against British pig far- posed average 2 25 per cent, rise OF up 

costs of reorganisation coincided against the Tories’ 22 and the inz problems, 1 ’ said Mr. Silkin and baron curers. in fann prices would probably ***** months 1 

w? rh 30 nor rpnt. mfiriunn— has catd>c- amht utfn «.» kom it «■ . .r t j j j • «« . * i_ n c- • Iv . n annmvpH in thf» 


FINES OF np to £1,000 or the Industry.- problei 

.. ... .i.. c.!. i D/.n-rrf , «r- nfMi Tiimrmq dflri.'iu/thB Industry.' . . 


with 30 per cent inflation— hM SNP's eight, and Fife, where it in a review of the past four days’ Even more difficult will be his amount to only Q.5p in the £ on approved in the C omm ons yes? 

died away, but it would be dim- ^olds 25 out of the 42 seats. talks in Luxembourg which task of getting the formula retail food costs. And if the 2.25 terday for m a no factorers and 

cult to say they have become j t 2 j s0 expects to improve its ended in deadlock. changed and the subsidies per cent was accepted, It would retailers who knowingly pro- 

position in two other authorities, There were still some condi- reduced. be. the smallest increase since *«* «! unsafe goods to 

They were characterised as re- central an d Lothian, where it is tions attached to the plan aimed Britain joined the Community, public, 

mote and insensitive and an Uie ^ ingest party, but does not at keeping the milk Boards— -the A-Omproillise Last year, the Ministers under The House was considering 

counter-arguments of bureau- nvB paii mn tmi —d M n w. n " — 


The- Board’s unanimous ' tied- industiy^ . . . - ... 

ion - includesV however. " the John Chalmers, of ti 


-• £*•: J 


itiier" to find a mutually accept- federation’s shipbuilding _ coi 


m 


counter-arguraems or oureau- ^ve overalI contro l. 
cratic efficiency have failed to tho 

dispel that impression. , S ™ m 

Survival of the regions de- jJ™ ^ ^ 
pends more on how national poii- 
tics develop than on how they 
perform, since between now and the SNP oE more tnai 
when they are next due For re- — the party s chances 


The House was considering 


organisations which buy and sell Mr. Finn Gundelach, the Farm bis presidency, had approved a the Consumer Safety WU» a. lE wto 

olivine* oil Ik. vniit nMiiii.ui i- now ppnnM lnw mproatp “ fin \ orivafe Members’ measure nre- I n-ogmeers ana aianagers, who. 


It was welcomed -by Mr. John, would ' have., to consider tl 
Wildes tetter. “ We .cerUinly don't »e , - 

inpTrmai-c nriif who to see a battle of any . kind th. 


elpctiorTIn toe ^hole face these Expectations look reason Commission's new proposals very is concerned, the recalculation of on butter sold in Britain until containedTn a *new clause put ^fd/. 1 }*^ 11111161180 no * say# 

of Scottish "overnmont could be able. carefully. One paragraph re- PjS“eat MCAs is a must,” Mr. ti L end °J **** M ” ch ‘ _ forward by Mr. John Fraser,. The^onfederation-union most “The- Board recognises an . 

change, by the establishment of In «ntnstto the situation ***** l W ^°L« 1 ”5 clearly affected by^ ■; .SAIMA’s rogets^ ^ ttat &e stapbnfldin;. 


> do so sa ^*-— • • • : - 

The^Confederation. union most “The. -Board _ recognises an ^ 


a devolved legislative assembly, south of the Border, Labour has EEC milk policy before the start The Agriculture Mi n i s ters of will taper to 4p during the last Consumer Protection, and js «, e white-coU 

If opponents oF regional gov- led opinion polls in Scotland of J 983. He had the impression the Nine, who meet again on quarter of this year.- When backed by Mr. Trotter. Sec «Qn*7 TA cs.\ 0 f the Amah 

that the Commission had been May 9, also have to settle the introduced last spring, it was It stipulates the penalties for msfrir: Tinrrm ‘ of Entrineeri 

■ ■ 1 — ■ ■ ■ » — linnoartml fn tkp oiaiu *hot f-ho 1 Wfl-ciHoH fioht hatuiaitn Vmnna amontoH vVi Q t tha ankpi^rr wnnM ,1. ... K- . ui *■ ^ 1 . J " Vlliuu . Vi ; “• 


Scotland goes to the polls on Tuesday and 
Ray Perman, Scottish Correspondent sums 
up the fight for control between Labour, 
Tories and Nationalists. 


converted to the view that the two-sided fight between France expected that the subsidy would those who fail to carry out * j workers 


white-collar industry appears to - have bee 
the Amalga- the arena for conflict over 
Engineering major national issue - betweei 
•- . - trade unions at a time when tiv;r 

rat industry: Is faced will' 


milk Boards were essential in and Italy over the management be phased out entirely at the particular safety test or pro- : Mr Ken GilL eeneral secretary industry Is : faced witl' 

Britain, and that they might also of the EEC -wine industry — the end of 1978. cedure in making'or processing of '.TASS, said last night: “This tremendous problems in main 


eminent — notably the Scottish since last autumn and on the 
National Party, wbicb is spear- latest evidence is running some- 
heading its present campaign thing like 10 points ahead of the 
with a commitment to abolish Tories and the SNP, who are 

them if ever ti Is in a position neck and neck for second and 

to do so — gain a majority in the third places. 

Assembly, the days of the Labour faces a strong chal- 
regional councils will be num- i en ge from the SNP, which is 

bered putting up 222 candidates this 

Most of the hostility towards time compared with 126 at the 
the regions has heen directed last regional elections. 


Chain store 
to shut 
18 food 
sections 


Engineering plods 
to recovery 
as orders increase 


goods and those who provide ig absolutely no change. If the tain ing -the present labour fora 
inappropriate information or board-mean by this-that-if the in the face of fierce Internationa 
misleading marks. Confederation is not prepared to competition.” 


Financial Times Reporter 


BY JOHN LLOYD •- 

T*® engineering, industry will Employment increased by 1 


misleading marks. Confederati on is not prepared to competition.” . 

Penalties 

Mr. Trotter said that the '•■ghk; ■■■■ : . .. . . 

&££&&. Rolls aero engine 

The clause would fill a loop- ' 1 •• . 

Srt t=vS' dispute settled - 

appearing on the market if the ■ 

supplier did not co-operate. BY NICK GARNETT AND RAY PERMAN 

The proposals were criticised : _ . . 

by some other MPs. THE DISPUTE at .two Rolls: ’ ACAS has intervened In the 

Mr. Jasper More (Cons. Roy« aeroengine plants ‘ in dispute, which has involved lay- 


m«l*> 

■«?&* 

z ■***% 

brefir 

% 

-m 

re- 


.irsr 

**« i 




-.n m 

:n.4 "ftl 

«-a:. 


authorities, Orkney. Shetland Strathclyde, but it would be a yesterday. ‘ . _ .. _ .... ii^u^pTn^world - tradp l < which*i^ 

and the Western Isles— are ruled major upset if it did not secure ®“ t . t ^. e company planned to . w0 “’f C0I L t i^Ii 1 e ^ s ‘fh 1 not expected) or a maior rise in 

bv Independents and adversarv thp nerassarv 5* to oive it an push food and catering elsewhere improvement shown- -by the ooi e xpe cieoi, or a major nse in 

Srii t 3. 5 “ 10 Slve lt an in the chainstore. and these industry last year, a “marginatiy the competitiveness of the indus- 


politics takes a back seat to local overall majority. ™ cnainstore and tnese inuusuy « ® ^giuiuy — ™ 

issues. A quarter of all wards The party's record in office 31111 “l 3156 , up a healtbier year tiian 197fi. ductivitv which more than offset 

will be uncontested this time. has been good, and the opposi- Qbarterof total annual sales. Net new orders were six per wafie ir^reasei; ” • • 

tt - tion has found it difficult to , s Stor« plans to cent, up last year, but produc- year productivity 

Una nim ous unita Art an iccuo ahvino unnnah SnUt 18 Of the 77 fOOd d6P3rt riflfl Jlnff tflhl Hplivpripc WPY*P * « t . « . . ** 


unite oa an issue strong enough <! 1000 «^ art ' tion and totaJ dearies were im^v^ froma lowl^el in tte 
to do much damage. H “ e , Qts J? 103 jfops and three qn jy i .per cent higher. Export JSSlS55 MS l£Sd dJSS 


In Shetland, there will b® "rff the Tories ^ ^ Sl ^eTf^rire 3Sivii« ^ ST 4 s®cond quarter, but turned down 

some interest in whether the “2 _T°nj5 rertaurants with a consequent hSt^S had to be P set^iSrt^ a “ the &nal quarter as pn> 

new islands’ council reflects the S“l“.S c inS P #K. t SS thrL^? ^ of 800 jobs. iSrSrtn of 15^^ rent duct ? 0D fel1 “«B“aUy and 

practically unanimous opposition J® 318 and ^ SNP or Mr. Paterson said that short- ^P'^ent rose, 

to devolution that the old council four - age of space in the departments f u In ^ Iatter of ^ £?“« 

expressed. Imnnrtanf facing closure meant that the however, net new export orders i r handed to Mr. Peter Shore, 

Mr. Alexander Tulloch. the * ™P „ . • • company could not provide a in rSS ro5e sl ^ llficaDtJy ’ 0^ the year J 2S? Ml . nw f nr th* p.n^mnmBnt. 

chairman, a veteran of negotia- -^* e Nationalists’ biggest push comprehensive range of - food m prodtfi was a 0w 85 a whole export orders were 

tion with the oil companies and ^lr come in Central region, items in them. They were le ^L..,_ ^ Jufftjmder 6 per cent up on the 

the Government, is among those they are the second largest losing money., 
retirina. there after Labour, and The three self-service restau- 


Windscale 

report ' -se™ 

✓ • i • i ■ 9 . The remaining pi 

‘micipanmcr of the per 

. llllMC aUUig be held by ACAS as a 


The gap between a manual tR Production at Chrysiers’ 
workers' claim of JO per cent and iinwoqdV factory, Renfrewshire,-; 
a management offer of 9-7. jxr vvas stopped y extents y by astrike - 
deni has been met partly by the 0 f go material ‘handlers, which 
provision of an extra £5 once- led to assembly workers 

and-for-ail payment to the work- being gent home, 
force. . • 

• The remaining part, worth _• Oxford car delivery drivers . 
£4(1,000 of the 03 per cent., will yesterday ignored their union's . 


rr 


Ptiva' y* 

rd*y • 


Illiijlv HUiilb be held by ACAS as a topping-up advice and voted overwhelmingly 
c- rim— Barter fimfl for incentive payments to continue tiieir strike over the 

b — « « — , — 0 M. emninvment rose. financial » P° . . when these fall below a certain dismissal of a shop steward, 

facin E closure meant ^ "that n»te, 55 StaSLSlolfcwSr ffl/' 


147.7 






retiring. 


by fal 
prices. 


But the nlne-to-one endorse- ,ast i rear J . too } c control in two tin- rants were obsolete, and a gJSft,, ?PP^ cia "® n wage increas 

mitt »f.o nn l-c cf a nri i n o portant districts. similar lack of space prevented 8W 5 i ®* . and the relatively coupled with wngie-nKure uma- - riocnr4hoc T„ri« P Parker’s 

local f plebisdte fast month ^ a party bcm on tade P en ‘ expansion to meet the company’s ra ° des{ increases in wages tion in the economies of most tendentious mlfr 

iuSests P that cSose 2 unHkely dence ’ Nationalists have standards. Space freed by the . Investment' in the Industry major competitors, the prospect Sne insdraSle and ta- 

^ests t at 0 e is on y. always lacked some fire and closures would be used to carry increased b/S per cent but this was seen as continuing to be onp •• r — - .- r _ — — 

tSSS: some edibility in fighting for more non-food lines. British rise conceals a large decline in of declining U.K. competitive- aC ?he „i tin ue has been timed to Thomson Newspapers were resumed in Herael Hemp- 

Sf GramSlan-ihe^ fi&t taw ,e ?5 r ■*° mu S prizes - , Home Stores se,ls 67 ' 000 Une5 ‘ pnvate i " dustry investment n « s - coSddf vritb A dSwnSSon mp were dismissed . yesterday stead yesterday to -resolve the 

Labou r,° Tories SZ sttS JS?? S&FLSt? Redundancies / ~ “ ' • ‘’ rn,,n 0, * M “ “ ^ 

g-ss ar be a ' goal sit's ^ rsiuSSJH Surfeit of government 

‘undermining industry’ 

/ RNANCIAL TIMES REPORTER 


world commodity V With a recent acceleration in {^^he^ro^^ng'^l^rof 
!L industry. ? 


Twsrsa ™ 

economies of moat ^q^u^ods as tendentious, mis- 


journalists in pay row 


_ 71 

:40 

“"MO 

45 

& 

'247 


BY OUR LABOUR STAFF 


A FURTHER 240 journalists in sentatives and thp management 
Thomson' Regional Newspapers were resumed in Herael Hemp- 


coincide vrrtb h in a dispute which has spread to dispute* which caused a one-day 

tn nmtPsE affect most oi the group’s news-, strike amoOg L100; Thomson 

ih! 1 <r£«irnnumt?dSSon papers after the sacking of 77 journalists throughout the 

SSS 0 ' B ?hP S journalists in Heine! Hempstead, country (with the exception of 

. “ J2SS fd nrofeS ” The journalists, to Cardiff jmd Edinburgh) pn Thursday. The 


wuo , ur - lories auu ana e that in national contests, so 

thS be recent “VarsSdden °° by- £ entra J [ e ? ion “l ay be a S° al 7116 closures would start in 
election and a rehearsal for be £2 nd i heir rea ^ h ‘ early June, but redundancies 

eonteSk tn ramp h 1 f Jbe Conservatives should be would be fewer than the 800 jobs 

wuulcsis iu cume. • safe in retaining control of lost, because of natural wastage 

Few genuine regional issues Grampian, where they hold 30 and redeployment. Nearly 500 of 

have emerged during the cam- of the 53 seats, and Tayside, the staff involved were Dart- 

pa ign and the parties have been where, although they bold only timers. 

content to push the same argu- 23 of a total 46. Independents The company is to open two 


Windscale project. 


i SnmiS? th^m inds^of^ose warnings that notices of. dismissal An emergency executive meet- 

« would become effective, during ing 0 f the National Union of 


Inhfrtie SST'for^coaJ th 5 ahiJPr if they continued: Journalists yesterday considered 

industrial action.- _ a call for an indefinite strike 


meats used in national elections, account for a further nine. new stores soon in Barnsley and MANUFACTURING industry’s The problem of unemployment extraction in the Valeof Belvoir.” “‘Justiial action.' . . a call for an indefinite strike 

Labour has been defending Individual results in those Dundee, and both will contain performance is being under- was little more than a m^th in Siotherlritique^ ySwSay. mdafteSS’S mi ^ TueSr 

Mr. Healey s handling of the areas could give a valuable in- restaurant and food sections. mined by a surfeit of Govern- some parts of the country. Mr Geoffrey Searle, secretary of a J e ^“^threatofsiis- day-,- _ . 

economy as much as it has its duration of the party’s chances Its most ambitious venture mc nt.” accordine to the Industry was encountering the Lawyers^EcolSyGroup, ^5^°“ f ™ m _ . l } • The Liverpool Echo failed to 

own record in Strathclyde or of taking back Parliamentary receotly is building SavaCentre Federation of British Haod Tool increasing difficult** inrecraiti which a!S oppi-dthe' projert. cati off Industnaiaction appear yesterday afternoon for 

f atS Scotland hypermarkets with J. Sainsbury. Manufacturers. tog skilled and aSiSkilled ^ ^ third successive day because 


and its opponents have been from the Nationalists at the nextjtfi e food retailing concern, 
hitting back with familiar General Election, 
weapons. Scottish Conservative Central 

Partly, this situation has arisen Office has claimed for some time 
because the regions are too big a Tory revival in these areas, but 
and too diverse to throw up many there was little evidence of it 
local issues. ‘ at last year's district council 

Strathclyde, the biggest, cover- elections, 
ing half the population of Scot- Perhaps the closest fight 
land, has 103 councillors from between Tory and Labour will «- , 

Places as different as central be in Lothian,. where the balance TQPmrV 

Glasgow and the Hebridean 0 f power is held bv five SNP AtH-H-FI. j 

island of Mull. The average councillors, one Liberal and -* 

ward has 17,000 electors. three Independents. nTlPTIPfl 

It also comes from the con- Two of the present Indepen- VllJVllV'il 
fusion that still exists over what dent members are stepping _ 

the role of the regions actually down this time. The outcome Financial Times Reporter 

Is: a confusion that seems to for the council as a whole could 

extend to candidates and coun- depend on a handful of marginal A £20m. PLANT • to increase 

cillors as much as to ordinary seats in Edinburgh, in which a capacity to supply Kellogg 

voters. three-cornered contest is difficult breakfast cereals was opened 

Election literature pushed to predict. yesterday at Wrexham, Clwyd, 

through my door in Lothian, for The regional elections could by Princess Alexandra. 


nuuiauiuicis. ius »«uikw aciui-aMiicu SB10 VSiai ine byccu Willi 1tlu,iu Airttvily -'Hriffl ' 

Mr. John Hewitt, president of workers, and those people who the inquiry had been conducted! v: ~T' 


. of a printers’ dispute .over new 


Kellogg 

Wrexham 

factory 

opened 


the Federation, said at Chester remained unemployed were had placed the planning system 
yesterday that far too much time “either chose who prefer that under considerable strain, 
was spent by industry in satis- stale or who have been trained Mr. Searle told an international 
fying the requirements of large or educated to desire and look' conference of lawyers that, 
numbers of Government for positions in the professions whereas be had known one plan- 
agencies. or in any direction other than in ning application for an oil 

“ If we could close Parliament the factory or on the land.” refinery to take almost five years, | 
for the next 10 years we might The Federation’s annual report the Windscale decision from plan- ' 
just about digest tbe number of says that in spite of record ning application to special de- 
Acts od tbe Statute Book and exports last year the rate of velopraent order occupied less 
begin to understand their irapli- increase in imports exceeded than two years — the average time 
cations." export growth. required far a hypermarket. 


Meetings between union repre- printing techniques. 


Miners hope pit is saved 
from closure after talks 



BY OUR LABOUR EDITOR 


Call to buy British textiles 


capacity to supply Kellogg workl '• ~\l 

breakfast cereals was opened B Y RHYS DAVID. TEXTILES CORRESPONDENT HvTS^lSlMffiftiSal cSdBovti 

yesterday at Wrexham, Clwyd, hy the full National ooai wx^ra. 

through my door in Lothian, for The regional elections could by Princess Alexandra. TEXTILE INDUSTRY leaders meeting. Mr. Gartside challenged The continued growth of “ la os for a strike uanoi or 

example, dwelt in equal measure also prove the make or break It is on a site chosen from 34 are urging the Prime Minister to some of the more optimistic imports meant that the first 3 tmghamshire miners _oe 

on national Issues and on for the rebel Scottish Labour possible locations, and will follow up bis recent “ buy assessments of the receotly- per cent of extra demand would suspended until the- uoarus 

parochial ones, such as whether Party, which is fighting eight supplement capacity at Man- British " appeal by ensuring that signed second round of ibe go to overseas suppliers before decision. _ - - - 

railings should be erected seats and badly needs a victory, cheater, Kellogg’s British head- the Government spends its multi-fibre arrangement, which domestic producers began to -F? 1 ? 0 1 , “J 5 
around gardens, which are the however sniall. to save it from quarters, where more than lm. money on U.K. products. -regulates world trade in textiles, benefit officials yesterday, arcer secunn*. 


OFFICIALS of the National 1981. It says it wo'ulfl lose after 
Union of Mineworkets were con- developing tbe seam, and that 
fident yesterday that they bad “conditions would he bad.” It 
made a strong base for extend- could transfer most, if not all, 
ing the life of Teversal Colliery, the Turners- to nearby pits. ' 
near Sheffield, where 680 menp — — ; — r 


second-iter political extinction. 


Whitehall demands 
action on schools 


packets of cereals are produced Mr.* Edmund Gartside presi- Ministers bad over-stated the “While the agreement “ was a promise the ^day before fro m 
everyday. dent of the British Textile be^tsof the aaeement which better than ttm 4ast one. it falls 

.The factory is starting with Employers’ Association, said in W tmW uot reduS^mteraH levels short of industry's demands ^ Energy Se gefary^that he 
three processing tines for All Manchester yesterday that a of tactile 1 imports or stop their “M 1 is unlikely to be a big factor would call a 
Bran, Bran Flakes and Country directive to this effect should be growth he said. ^ ‘ n influencing future investment Die union- and Board failed to 

Store, and will have equipment issued by tbe Cabinet to ' plans." agree. . • . • 

enabling all operations to be Government departments and nomanilc 0f greater importance for the There are more than zm. tom 

controlled from a central com- nationalised industry. ueuiduus Industry was the health of the roa ‘ reserve? ai leversai, 


BY MICHAEL DIXON, EDUCATION CORRESPONDENT 


puter processor unit Such a move rould transform Tbe new global ceilings for UJC economy. The stimulus in 

Wrexham will be Kellogg’s the face of the textile industry this year represented an increase the recent Budget meant a more 

fourth biggest plant, and Is and restore many parts to full for tbe U.K. of 17 per cent, on hopeful future for the industry 

claimed to be In the Forefront employment immediately. last year for cotton yarn and 21 than at any time in the last three 

of modem food factory designs. At the association’s annual per cent, for cotton cloth. years, Mr. Gartside added. - 


which the Board plans to shut by 


THE GOVERNMENT yesterday authority— ^overt a med on appeal 
said that two of the 28 local by the Law Lords— was issued 
authorities trying to preserve before the Act was passed 
their grammar schools were Although many of the rebel 
breaking the 18-raonth-oId law authorities have plainly been 
promoting a change to fully procrastinating on .the issue, 
comprehensive secondary school- hoping for the Act to be repealed 
ing. by a new Conservative Govern- 

Red bridge and Sutton — both ment. Mrs. Williams has been 


Weather ‘not becoming worse’ 


China clay 
dispute ... 
spreads 

By Our Labour Editor: 



lighting the IH 
^sections in Iff? 
“-..Target Art 


BY DAVID FiSHLOCK, SCIENCE EDITOR 


A PAY dispute at English China; 
Clay; factories In' 5t .Austell, 
Cornwall, spread -.yesterday and 
union officials said -that -there 1 


London boroughs — were formally waiting for clear-cut cases before SCIENTISTS WITH the Meteoro- ton, who is responsible for long- conclude that none of the three They acknowledge that the cou ^ he a complete shut-down, 
directed to submit proposals for invoking tbe 1976 legislation. logical Office can find no evid- range weather forecasting at the factors has shown any tendency years 1975 and 1976- were The company saiu tbat new 

the change to Mrs. Shirley Unlike Mr. Mulley. she has ence.to support the Idea that Meteorological Office. to become more variable over “dearly very unusual,'- as was Proposals worked out yesterday 

Williams, Secretary for Educa- been careful to avoid saddling Britain's weather 1 is getting Dr R, A. S. Ratcliffe and bis the P ast centur y. the drought itself. Nevertheless, could resolve the dispute— ^which 

tion and Sdence, by June 1 or the Government with the burden worse. colleagues in the sv-nnotk riima- . the case of rainfall, the It would be “rash to conclude ro^olves 200 lorry drivers— at a 

face action in the High Court °F showing, in anv High Court The unusually varied weather tnlaev branch at RrapfcneJi ® ve years — which included that these unusual meteoro* mass meeting on. Tuesday. ’■■■, 

\irblees in Yorkshire was actl0n 1 . tliat ^ local authorities Britain has experienced over the examined the records from three l t e ^ drou e b ? <* 1975-76- logical events are symptomatic of The men. ^ members of the: 

urKlCCS. in I ur Kao ire, was sr p ,.>tina unreasnnahlv t j cxaminea me nrurus iron} uiree ehnwMt nn AnnreniaKlo riifFannpp an,r iimn/».tanw, TVsncnrtrt . nnfl General. Wm 


Kirklees. 


are acting unreasonably. 


showed no appreciable difference any longer-term 
in any respect from the long- change.” 


climatic Transport - and General .Workers 
Union, had been given lette« 


^■Vuin 


P Ir S5 ^ term mean ' although the period Th wlnte _ iust ended . warning them that they might be 

u° ” ^ uch of _ E tbe experienced a high frequency of e “hi 3 ?kp *H3missed If they did not return 

hemisphere, surface ortn.mu examined oy me same yard- tn 


comprehensive school proposals would beTpto themtoshow In “f n c ffi ?A nges ’ Meteorologl- norfeern hemisp here. surface £SS££ ngiM. ^ same yard- 

immediately after its next cnar r that they were not in thi« temperat,re f0 ^ CMtr al England, The scientists conclude tiiat Procedure. 

council meeting on July 5- default of their duties under the “ d rainfall For England and evidence exists of a change in i and nn ^ «vent no' dismissal. 

This is the Government’s first 1976 Act. SwInnif L hTSTS Wales ' circulation around 1940 in The g™SL Bah tSS temoera?' notices Wer ® bu(, .the-COm, 

drastic action on the comprehen- If they failed to do so. the weather records for the past 100 They considered all three East Atlantic-British Isles sector pany said, 

sive issue since the supporting court would issue an order of ye iT s . . factors over timescales varying of the weather map. But the ^ There appeared to have been 

Act received Royal assent in mandamus enforcing the Educa- wiBter just eadea, from five days to a year. change has hrought na detectable Not since 1965 has Britain bad a- misunderstanding by the then, 

November, 1976. tion Secretary’s directive, with although fairly unusual, does not Writing in the quarterly increase in variability of a winter with variations in who claimed the warning m^nt 

Mr. Fred Mulley’s ill-fated failure to comply piscine the ment the description “excep- journal of the Royal Meteoro- temperature or rainfall over weather comparable to the last they should nor'take' industrial 

directive to the Tameside local authorities in contempt of court, throat,” says Mr. David Hough- logical Society, these scientists Britain. one. action at-, any .time. 







fee 


Tfmes Sataixtey April 29 1978 







THE WEEK IN THE MARKETS 




* ft l THE equity aaanre*. _» ™ m w equity was completed its move which Meanwhile Carlton’s battery 

T*J * j t seems that ®e Budget ***** *a^ gearing should contain the groups interests will he strengthened 

A j. Zf never have happened. ” b ® *“ 1S ; ™? e ? t ? ese Sort expeases iQ the current year, by the Inclusion .of Hawker’s 

0 If 1 "another week of rela- 1,1 addition fhe sroup will be Parkinson Crompton battery 

another jeeK share gfrf ac *S supported with a first-time business while Hawker has 

'X S fe: Q u,et to- ■ftSSt ^ By ~^ e t 2? ed contribution from Southeastern found an interesting home for 

“ Is; have; Aviation Underwriters of the some of the cash it has already 

fc^eysia^ fi® 0 ^ 01 ® *™®r speculative interest vs . . received from the nationaiisa- 

■■ ‘ cihancellor sent the hulls r nQtn , n Meanwhile, the pound has d ® n of its aerospace interests. 

1 . (jngeariier this month. ’Hte *naurum.e or oners weakened and interest rates All round it looks a deal that 
imShaic Inter *** now ral- A whole host of problems has have hardened, both factors makes good sense. 

• 9ri noims from its ieft insurance brokers* shares which will help all brokers. So m 

- ; J- looking very lacklustre. This tta sector which started the ±QX COJlCCSSWItS 

;i-Buaget tows.; ■_ week started badly for the week “» uninspiring fashion 

. iflt-edged, on toe other baa, sec txj T ^ ia finished on a firmer note. . Keactions m the contracting 

•J jB- continued to - 1 ®®* the full impficatioos of the TfnxairoviC'nvHnwt industry^ to the inland 

My uneasy. The new long annual statement from the HflWKgr/CaFttOrt Revenue s new concessions over 

■''“'“started life yesterday at a chairman of Willis Faber. With 0ne °f the big surprises in “l®. way tax and stock relief 

“ ."••• {OUDt of a Ml.pwat. MJ tfae . fall on Monday the the City this week was Hawker ap u p y *? lons . te ™ con - 
; yield an high coupon snort Actuaries Insurance Broking Siddeley’s move to acquire a 5^*: 5**® keen mix ®d hut on 
: : .ed stocks hos. Index had slumped six points 52 P er cent stake in Carlton “* e whole less than euphoric. 

; jer 10i to over T.1 per wiu ^ two trading days. Industries the batteries, whisky Briefly, as a result of a new 

; ce the Budget . The Willis statement bad and housebuilding group, of accounting standard (SSAP9) 

• Ssybe this widening in the warned of a slowdown in which London Merchant Securi- which came into force at the 

« sw has something to do ties holds 79 per cent beginning of 1976, companies 

. . ■ * * * — 'flu* * IJVUn ~ A. 1 - % i. l.aAka " 1 A. _ _ . _ _ 1 - * _ 


SSAP9 the opening valuations tW%"M " w 

of stocks and work in progress m fagy Vlff ry g 
were higher than usual, and at Mtr\y m wwtSmi 
the year-end companies were 
then unable to benefit from n . T __ , . . . 

stock relief to the extent they y ? t ?' 

previously had. Now the full ^ 

benefit will flow through — a 

concession the contractors are Uf?*? "S!!5 0 !L*!f u 5![ 


The rush goes on 


duly grateful for. 


who is well placed mid way 


id gap has something to do 
* ha deteriorating ouflook for ■ — ■ — 

lation. More simply, it could 

and 'demand. . The LONDON 

ONU> °« R 

t-edged marked but apart 
m the recent rights- issue 
. m Turner and NewaU there 

Btite new supply of stock growth as the marine insurance 


The price to be paid is 165p a were required to consolidate 
share and with two executive progress profits on long term 
directors of Carlton rejecting contracts when they fell due 
the terms as too low, it looks rather than wait for the com- 
as though the -bulk of the pletion of the contract, 
shares will come from LMS — This move gave rise to a tax 

which has guaranteed to make liability considerably earlier 
up any shortfall to the 52 per than before toe standard came 
cent, level. into force, something which 

^ With Hawker committed to a contractors thought unfair 


Letraset turned toe tables on m L 1 

City pundits this week by bid- suffering nagging donhts as to gooh , f 

ding for toy company Jknd L hB */W ajk J. 

Randall. Letraset’s shares had ^ose angsts -who like to OUK UUji 

been riding high on the hope P**t toe ma ritet on the couch aoo -ppj- J ^ F"Tt -1 

that Letraset itself would be say we are at a critical psycho- ' 

the target of a bid— Readtt logical point which if not sue- I Jjt ! ! 1 1 - . 

and Cohnan had been tinned cessfully passed could set the too-- t ■{ f---TrT i 
as a possible buyer. Having market a downward course. ! it JX *l| L [ 1 1-[ 

come up from 99p to l«to prior In otoer words, investors might DOW 

to the bid announcement Letra- d edde that the 9.6 per cent 600;r- : -“t \ V' - tit TTtrfi 

set’s shares immediately baric annual rate of increase in con- 3 I.jjj.ja. 

tracked by 14p to 146p and sumer prices in March, revealed 

drifted even lower by the end «* administration figures pub- SOO 1 u 1 ‘ if ‘ 1 " M 1 ''ILli' 

of the week to 142p, lisbed ttwlay, puts a new gloss P*?* ia7ia 

on their recently discovered 

JLefrose* surprise ^ *> r 

£13^! p“‘ se for’ure ”w Tccimical >*en 

amount of froth in the Letraset might drain some of the heady since the current mar- 

price before the bid. The share excitement out of the market. 5® £ „ z ^f overy . under way 
element of the offer of three On the other hand the market Si* might be a battle 
Letraset shares plus 44p in cash m ay put a different construe- b ? we t£ 1 ^f Se “ nfllt * n f 
for every four Randall shares is tion on events. when the Dow Jones Industrial 

underwritten in cash by Klein- The consumer price figures Average moved into the region 
wort Benson, but only at 135p a were higher than February’s of 8 ~°- 

Sbaro* rate of increase hut investors In fact toe heavy trading 

But speculation aside toe ■ — - momentum which was estab- 


LSJMCDJ 


aero 


uie 


Slue. m-T* . \ ft*"" 1 " aj mo uiiumc iiouraxure . lunnuiiicu lu ct coniraciOrS LODUgHt linrair 

'ning on to the equity market, market, on which the group has fnr the outstanding shares since they had entered con- 
. significant dependence, is still in 1981 lt makes good sense for tracts on toe old basis. The 

ptton gearing weak. At the same time ^nority shareholders to sit Inland Revenue has now 

; After the initial flurry - of . inter ®st rates have been lower out this first offer. .* The 1961 agreed, so pre-1976 contracts 
•- Hnitv last Friday the traded 5 ad the group’s expenses have P™f ’*?**. be based on a for- will not be taxed until toey 
N Hons market has followed the been rising. Willis shares fell wu J a ° f t**® current bid price run out even though the profits 
££. « equities over the Mp to 257p on Monday. SSb^JToT are along toe way. 

fv St week; the sharp rise in Bearish factors that have vears qq current forecasts Some companies, which had 
flare prices on Thursday re- influenced sentiment vary from f rom \ io ^ ts a sSSS? aiwa ^ s ***** profits en route, 

5%ed in a similar upturn in company to company. C. T. to™ lflll price be ■» unaffected by this; toe 

tion deals (721). Bat one Bowling for instance ^ could around °74 d twh a share 6 ma F»rity of those who had 
j ijor point that has been high- suffer from higher interest rue however wants the rash changed their basis had done 
j ;hted over toe period has rates which might knock ils D0W — it expects to receive so on a very cautious policy so 

en the effects of toe high BowmaJcer credit finance around £20m to reduce its th e boost to profits has been 

aring element in options. activities, and from its cou- s h 0 rt term debt (ex-Carlton seneraliy small aDd the tax 
According to figures supplied tinned involvement in shipping, tois is around film.) and to concession now won will not 
-'DataStream 15 options rose Matthews Wrightson’s earnings plough back into its other in- materially alter post tax earn- 
» over 33 per cent Courtaulds could also be affected by its terests. It had felt for some “gs. 

‘ ily 100 has risen by 95 per shipping involvement. time that too much reliance has 0f more importance is toe 

-nt since last; Friday against On the brighter side Miners been placed on Carlton earn- Inland Revenue’s further con- 
. movement of 9 per cent, in results were better than togs and this is reflected in a cession that the stock relief 


takeover looks tike a good deal, 
and is seen by Letraset as an 
attractive alternative to a rights 
issue. For Randall has easily 
disposable assets, including 
cash, properties and equities of 
over flflm. The deal will also 


NEW YORK 

JOHN WYLES 


In fact toe heavy trading 
momentum which was estab- 
lished on April 13 carried the 
market above 836 on Wednes- 
day, some 67.30 points higher 
than a fortnight before, but 
then profit taking set in late on 
Wednesday afternoon and con- 
tinued through into yesterday 


- ; movemeju ui v jjvi vwu. in ucuci tuau mgs ana tnis IS reflected in a oluviv icuci 

.:•* equity-implying a 10.4 expected, and the group’s share price of 85p of which restrictions which SSAP9 had 

wring ratio. British Petroleum shares are near their high for Carlton accounts for around created will now be completely 

fly 800 rose by 64 per cent toe year. And Howden has 60p. lifted. Previously because of 


boost Letraset's asset backing, have anyway been generally corning. 

It is offering 8m. shares plus gloomy about the inflationary Shortly after lunch, the Fed. 
£L2m. in* cash and it could be prospect and may instead take appeared to be signalling that it 
getting assets worth over £1 a heart from toe Fed’s upward was raising its funds rate target 
share compared to an existing pressure on interest rates. This from 7 per cent, established 
figure - of under 50p in April is regarded as potentially the last Wednesday week, to 7 J per 
1977. Randall will also be most effective means of curbing cent, and this threw toe in- 
bringing in a modest toy com- an inflation rate which may, dustrials into their steepest 
pany to. complement Letraset's otherwise top 7 per cent, this plunge since March 21. This 
own consumer : products -busi- year. If, at the same time, decline was not maintained in 
ness. Inducting * other income ” economic growth is slowed then early trading today ‘ and the 
of £1.3m. Randall made profits this too would not be unwei- Chase Manhattan Bank's deci- 
of nearly £2m. pre-tax in 1977. come to many investors who s* 01 * to raise its prime rate to 
Letraset is forecasting profits believe that the current re- per cent as a direct result 
of £7m. (£6.5m.) for 1977-78 and covery has gone on too long to of the Fed’s activities would 
taking the opportunity to in- be sustained and that slower not have been altogether un- 
crease the dividend by 90 per growth or even two or three expected and the market more 
cent for a prospective yield of quarters in 1978 and 1979 of no ^an regained Thursday’s loss. 

5i per cent growth are a necessary spring- Average daily trading 


volume at around 42.5m. has 
again been extremely heavy 
Institutional trading has also 
been substantial and brokers 
are also reporting that foreign 
purchases of U.S. equities, 
which have been an important 
factor in the current rally, 
show so signs of abating. A 
positive aid to the market this 
week have been first quarter 
profits reports from blue chip 
companies such as Eastman 
Kodak and Dupont 
Kodak’s disclosure on Mon- 
day that its first quarter earn- 
ings were up 50 per cent on 
toe same period last year 
boosted toe share price by 3£ 
and was a key element in 
driving the Industrials forward 
by 13.26 - points that day. 
Kodak’s price has been in the 
doldrums for a long time but 
its closing value on Monday of 
53 J still looks pretty meagre 
alongside its 1973 peak of 
151*. 


CLOSING PRICES 


Change 
+1336 
+ 7.53 
+ 338 
— 10.13 
+ 10.40 


MARKET HIGHLIGHTS OF THE WEEK 


Change on 
Week 


SfiM 


Hi % 1 


Mines Index 
jKtnr Chemical 
•^ ibbr q? 

% n) n.v yriti * 

i ' pn » i i; sa & puffus ‘ - 

iejrwood Williams 
jetraset 

-on. Merchant Secs. 

. 4X- Holdings _ 

4-Y. Dart 

Property Partnerships 


-tolfcftoyce ’ 

iffentpjgftt 

- Stanhope Gen. Inv. 
Vernon fashion ■ 


Srnall^upport/thin^narkTt^ 
Namibian setdenient hopes 

Good annual results 

Bid Hopes 


Bid approach • 

Far-Eastern support -* 

Speculative suppo rt 

Good p reliminary figures 
Acquisition from Hanson Trust 
Bid hopes disappoin te d 
Sale of cant, int. in Carlton Ends. 

Speculative de mand 

Disappointing interim results 
Buying in thin market 
Bid from Letraset 
Investment demand 

Results/50% scrip issue 

Bid talks terminated 

Results due Tuesday 





ng 


ft 


Highlighting the best performing unit trusts in the various specialist 
sub-sections in 1977 the investors Chronicle 14th April, 1978 stated 
..Target American Eagle, very much against the trend .. . 

"• rose 15.5% in the North American section”. 


in July1977we announced to unitholders shall contii 

our intention -to Increase , the American • respect 
content but we held off because of the The aim 

weaknessof Wall Sheet and the dollar. . ferrrr C apiti 
The correctness of this decision is reflect- that the cz 

ed in toe performance compared with capital in N 
hmds invested wholly or substantially in ; n m i n d is 
America over fte'pastyear. in terms of 

During 1978 we have increased the U,S. fowtogtoS 
content from' 48%. to 70% f taking.advant- largest 

age of toe lower share prices and also : n the work 
because we felt that the period of relative D . 

strength of toe pound against the dollar Rer !fn!l C 
was atan end. it is our intention to increase comerrom 
the U.S. content to at (east 75% but timing Your inv 

remains of toe utmost importance and we long term. 

* One year io 1st March 1978— Money Mameeimnl gntfVnJIhtJder April, 197S. 


shall continue to use our discretion in this 
respect 

The aim of the Fund is to achieve longer 
term capital appreciation and we believe 
that toe case tor investing a part of your 
capital in North America with such an aim 

in mind is now very strong. Share prices, 

in terms of toe established yardsticks are 
historically cheap. U.S. inflation rates are 
lowin global terms and America is afterail 
the largest and most advanced economy 
in the world. 

Remember the price of units and the in- 
comefromthem can go down as well as up. 

Your investment should be regarded as‘ 
longterm. 



OrtS*. 

)l«W*S teas tac*t»»l>®te rttomll to 

distributed on 31 st July 

cMtmfl ot iSCot ttra wine o* iplr» 

VAT. is deducted ifomlhagraas uuam* 

oftheFund. 

TRUSTEE; Ci»dosdaf»Ba*UinHBd 


VAhAGERS:T«ra«Tnis1 Msraots . 
(Stotranrfl Ui. {a.maufixrci toe Uml Treat 
Assouan 

Directors AJ*.W.SIn»n 1 T.D.. EC. A.. ■ 
(ChUimar. 1 , EB-G.Oowes. M.B^, 

A. W.Furu.CJL. B.K.M(£cst)i 

I. G. Samian. J.P., 

J, Tairior, MA, C.A_ . 

J. Whittan, M.A.. B..Cohl,CA, 

Tsteptnne; 


OFFER OF UNITS AT 28 - 2 p EACH UNTIL 5th MAY 1978 

current estimated gross annual yield 1*2 6* 


[target TRUSt?a HAGERS (SCOTLAND) LTD. (DepLT.OO.TARGETHOUSE, GATEHOUSE ROAD, AYLESBURY, BUCKS HP19 3EB. 

IJWswteb r~~ : 1 In Target Amftftean Ea^a Fund unlb I/We dactere Art I »«/*•■ »» outiMa «^Sch^u|«i 

f to Invast )£ letit-so aer udr taikumum Initial TerrHortoi and I am/*e are not ocoiurins nomioaela) 


_ Hn Target Amariean Eagle Fund unlb I/We dactere *atl am/** 1 o«ti^ ** I 

£ etit-sp per Writ cmWfiam Initial Ter^rleiandlaa/meaiBnu^^^a^menmMM ■ 

— — r IbWIng £3009 and enclose a c/ioquo ol an, perannls) weMwi cwbute 1^ wmunh^TOa^lsrrtt N 

mate payable Ift Target Trust Uanagare LScetfand) Lid. available lu rosaJwils ol the RepuWn; ol Ireland. This offer closes f 

cur toe 5t#J MW 19 ®. b 


I Slg nalurefs) -- - 
i Address 1 


jj, j eU^tBaoUmusl sign and attach njmwaitfWtoessessepifalefr. 

'naBEKHTt rbukk ihies-ik eBmfiMiE «u Bt mram nuns ikshsw. 


A new Unit Trust from Henderson 


Cabot American 
Smaller Companies 

Trust 


Experienced Management 

Tnvfs t-mrmtg in Cab ot ATn^rrr^n Sl pn^ll w- 

Compames Trust will be managed by Henderson 
Adminis tration, an invesmicQ C manag ement 
company which has been involved in direct equity 
investment in North America both, on Wall Street 
and in regional markets for toe past thirty years. 

Over this period toe managers have established, and 
gained benefit from a wide range of contacts with, 
stockbrokers, bankers and industrial managers. 
Contacts ate particularly strong in regional cities 
where many of the more exciting investment 
opportunities are emerging. 

Henderson Admmistxati on has been, established 
an the City for 40 years and manages funds’ 
approaching £z6om. 

American Opportunity 

The Managers believe that maticet levels in the 
U.S A. do not reflect the -underlying s tre ngth of toe 
economy. Currently it is experiendnga period of 
steady and sustained expansion rather than, the 
violent swings of the previous decade. Once the 
current un certainties , including President Carter’s 1 
policies, have been resolved, we expect that the l 

market will continue its -upward momentum and the 
dollar return to being one of the world's more 
stable currencies. ’ - 

Prospects for smaller companies 

Cnrr pTiTPrn riomie rnri ^TtinnB p ermTrsrnalT wp 

companies in the U.S. to invest and expand with, 
greater confidence than over the last few years. And 
whilst the Dow Janes Industrial Average has ftHem 
18% from its peak in Sepfientoerxp76thistzendisnot 
reflected in the healthy candition of smaller U.S. 
companies whose share prices have been moving up 
against the trend whilst major companies operating 
in basic industries are stfll labouring under less 
favourable conditions. 

Moreover, fund managers of American 
institutions, who dominate the movements of toe 
stock market arc paying increasing attention to to e 
prospects of toe smaller companies at a time when 
many of the maj or stocks continue to d is&p point. 
Stockbrokers, also, are responding to this trend by 
sponsoring afar wider range of companies than 
hitherto. 

Cabot American _ 

Smaller Companies Trust 

Inthebdieftoat real o pportuni t i es for capital 


Henderson Unit Trast Management limited is 
offering a new tmit mist wito a portfolio of shares in. 
quoted American companies having above average 
earnings growth potential froma smaller maihet 
capitalization base. 

The portfolio will contain a wide spread of shares 
covering many sectors of the market. It will contrast 
with, the more conventional U.S. eqdity portfolios 
in that there wfll be a careful selection of smaller 
companies which show particularly good prospects 
in terms of earnings growth. 


5k We offer over thirty 
years of American 
investment experience; 

5|c Atpresentwebelieve 
that American shares are 
attractively priced. 

3|c And that smaller 
companies offer 
apromising alternative 
to conventional 
US portfolios. 

3|eUnits in this new fund 
are nowavailable at the 
fixed initial offer price 
offop each. 


Cabot American Smaller Companies TrnstwilZ 
operate a daUarloanacconntas well as malting 
investments with premium currency. In view of toe 
high-level of the premium at present it is likely that 
toe loan proportion will initially be significantly the 
greater. In these circumstances toe estimated 
starting gross yield on the Trust will be 0.5%. 

Please remember thatany unit trust investment 1 
should be regarded as longterm. 

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$ op simply return rh& 
application form below together withy our remittance 
either direct, or through your professional advisor. 

This offer closes on xzih May or earlier at the 
Manager? discretion » 

Additional Information 


TJnits-wOl be avtQahle after the 
o8cr closes at ihcnacxaldaUy 
price. 

Unit Prices and YTeltf arc 
p ublish ed daily in leading 
newspapexs. 

Commission t>f z 1 ", will be paid, 
to recognised agents. Aa faunftl 
charge af 5®, is included in the 
effer price. An annual charge of 
{To (phisVATJ of the -value of 
inc trususdedocted from income 
m cover admini strati ve costs. 
Distributions will be made on 
June ist a nd D ecember 1ST. The 
iatt d iCTri taorioii on units 
■purchased under tfu* affertrin 


Con tract notes will be issued 
and unit certificates -will be 
ronraided' within six weeks oT 

payment. 

To sell units, endorse your 
mu t certificate and »end it 10 the 
.Managers. Payment will 
normally be mode within seven 
-wartottE day*. 

Trustee: Williams & Glyn's 
Tank. Limited. 

A Urupea ; Henderson Unit 
Trust Management Limited, 
si Austin Friars, London 
£CeK sED. (Regis ter cd Office^. 
KegistercdMo. 856263 England. 
A member at the Unit Trast 
Association. 


Please kit mo liava ddaitenf TarHet's nnartWy aminos schemes Q Slwm Eschanfle Scheme □ Do jou already bold Torgrt 
Esste units? YES/WO. Roatetered in Enotend Wo. 974188 at 7/8 Breams Braidings, Londoa RMA IEU 


Tot Henderson Unit Trust Management Limited, 

Dealing Dept, 5 Rayleigh Rood, Hutton, Brentwood, Essex CM13 xAA. 

Telephone enquiries 01-588 3622. 


I/Wc wish to buy . units 5a Cabot American Smaller Companies 

Trust at the fixed price of 5 op per tmiE (nunimum initial investment 1.000 
units). 

J/We enclose aicuunauce of £ payable to HcmJcrson’Umt 

Trust Management limited. After the dose of this efia units will be 
available at the daily quoted price. 

Surname: Mr./Mrs./Miss 

* 

Christian or Hist Nanefs)! 

Address: 


3/WededzrcthatIaaiJwcgrenotTeiidentqptBdctbe SdmdnfedTtnxtoriet andtinrlirm/wc 

rwrffragrttgnnmiraii^B ^of^Ty pwnnw^ ri-nAr-nT QQtside tb« eTgfwrari«- 

Signarnrefs) - 

([It there arc J aim appScanW eachnnat aiga and att ach nam e s and adtinascs atgamety). • 

- "Date: 


SHARE 

EXCHANGE 

SCHEME 

Our Share Exchange 
Scheme provides a 
favourable opportunity 
‘ to switch into this Unit 
Trust. For details please 
tide box or telephone 
Geoffrey Shircore j— 1 
01-588 363a. Li 


This tfftritmt amHahlc to 
ressdetiH 0} the Republic cflnJau. 


Henderson 

Unit Trust Management 


FT29/4 




•'■-t - ■ 


FINANCE AND THE FAMILY 


a | f -m f -g » x •/» with an excess would induce Company which was established l,QG0.mUes^yqu^ car ls accept- .yoiu car m^beregutaty' - 

A l/rif/f many Policyholders to stop look- over 100 years ago in the U.S. able at once -and the. extended viced an accordance wifiLlg * 

/Hg III B Bill Ilf IM. If Ilf f JIM/W JL/irl C- ing after their property and is part of American Inter- warranty coyer. applies as soon factureis* . reowimeafl^L • 

“*■ v properly, moreover, this of itself national Underwriters. But AA as the makers warranty runs you have, a tolerance ot%- 

/*, could be productive of claims on will handle acceptance of out; providing, that that war- miles or 14 days to:compi^ — — 

BY OUR LEGAL STAFF flT§01/* more orthodox Policies — and business and deal -with any ranty is for -no more’ than- 22 eas&i occasion, 1»efore7oijL:an 

lAJ+K'M soon. Claims. months’ daiatioiLu-- 7^-;'--breach. of amcdtidn. - YoCrV SfiL-r-* 

. . , . ... ....... To a limited- extent this tradi- lake other schemes already If you have a used- car which 'con tinu e -tn ~ use- - vrtrir rerF iTLX* 

My son who is domiciled but not exchange control jargon, which you enquire from him as to the tion^ S is be£g SbvSed on offer, the AA's does not is tinder five yc^-old and - “Seplirer 

resident in the UJK. wishes to has no particular significance position. WflWfitlTV bv few to KI w cover all maintenance and re- which has been driyen.fewer ^ ■ - .•-£?? 

make occasional gifts to me for income tax purposes. No steps regarding the title Will I ill ll V nLd to te? Stinted pair but only replacement of than 50,000 mUes. the two year< ^ er « *™ ** J^rfrrT. 

which would be in excess of the Broadly speaking, it means an need to be taken as a result of ^ to pro^e ar mamten p spedfied items, so that Period of cover starts to run as JhmtA There is a Policy iMj** 

£2.000 annual exemption from account maintained by someone the house building having been EVERYTHING that you buy Sw toteftede laram vou cannot expect insurers to : soon-as your'ear^a^ is established : at.1he j 

CTT. He controls an overseas who is regarded, for exchange completed-— in law a building is from the newest of new houses ex+^ed warranty cover ThS pay for your worn-out tyres and but the insurance does' not pay^seLdepending on your_cx?i &s ^^-^ — .. 

corporation and he proposes control purposes, as resident only an adjunct to the land and down to the last piece of new h lfl fnr ‘ it battery or for you dutch when for ^ any claims arising : in the mileage: masmuxa.; dewier i i'AI 

to have the corporation acquire outside the Scheduled Terri- as the title relates to the land furniture to put inside has built- hfl ri itp w^pIv \ +h p it bums out. first. 30 days;. ’or .during tea. £13)00, ~ minimum - £7(H>, and' 

my house and furnishings tones (namely, the Channel itself, you will have secunty of u, obsolescence .and its °wn us an d ^ the last 3 or 4 vears Tncnrahn* i s -ppwided for a period of any dealer’s- eststmg-ypg are ugfortunate ehoudi/^ 4«*|£ 

for fair market value, but I Islands. Gibraltar, the Insh tenure of the house without seeds of decay. Sooner or later [ntreduced to Britain maximum of two years, against warranty. whichever;is.:lpnger. exbanst tee limit before the1> J/i ll(ll 

and my husband woidd have Republic the Me ofJSau and taking any further steps. repair, perhaps substantial re- EuSpe b^a tew '»■ your car is not iiew^utTjear period barren teen W* 1 * M 

a life tenancy the ux). deBnition of pair, even total replacement, be- insurers, by a f ewin- no more than two years old; yon':, are out of cover. There isal^ 1 

Would there be a need to J „.i+?5^- e 0 r , /• con ? es necessary, not through surance brokers who specialise — * — — canput it forwardfor accept- per;cMm/whtefi depends ,/» 

pay a commercial rent to TCfUUlt Of accident orthe fault of others j organising the provision of " knee without an engineer’s in- your car's miieageatthe tuu|t\ W * ' ..‘J% 

my son’s corporafon? Would ' but si ?£L e wear *»* cSver or hte p^chase 'and INSURANCE Action, then youwmto^.ahe particular. ev«^£350 isF r ^m 

exchange control permission be ordinary residence for income anrdPe tear from sheer hard use. credit sales, and by Finance Com- ‘ st d pay an extra flO^reihitafi hinit per ckim' foracar ti ; 

required? Would any tax be tax (^d capital -gains tax). U gOTUge Wear and tear whether it be “ u^Domi“n - |OHN phUp ^ Mve excluded -aS claims has b£n 

payable hy me, or by my sons Purposes. I have rented a garage, from of home, or contents.car or No British ... aridngin the fiTst three months, 3 i,qqo mles---andt^'Simt 1 L-,^^r.- 

corporation, either on purchase. Provided that the Inland jj, e leaseholder of the boat, is such an mevitabie con- Q r omo TTl h a«? shown amr- ‘ - -*“■■■■- — — - - ----- - - - AjL 

daring tenancy, or after the Revenue have agreed that you neighbouring flat, who has sequence of use that the tradi- fm-est K n n S' 

.y, rnldent d SdTSu the flat and tion^ m_ view hu been Kf‘. . ' . ' ■ ,-;Y V- 


BY OUR LEGAL STAFF 


My son who is domiciled but not exchange control jargon, which you enquire from him as to the 
resident In the UJK. wishes to has no particular significance position, 
make occasional gifts to me for income tax purposes. No steps regarding the title 
which would be in excess of the Broadly speaking, it means an need to be taken as a result of 


Life 

after 

warranty 


Tot* -\;- 

37.i 


a life tenancy. tne ujv.;. me aenmuon ox 

Would there be a need to residence for exchange control 
pav a eommerdal rent to purposes is quite different from Tafinnf (if 

my son’s corporation? Would the definitions of residence and * J 

exchange control permission be ordinary residence for income - (tnvnno 
required? Would any tax be tax (and capital gains tax) U gur UgV 

payable hy me, or by my son's purposes. j have rented a garage, from 

corporation, either on purchase. Provided that the Inland {_j, e leaseholder of the 
daring tenancy, or after the Revenue have agreed that you neighbouring flat, who has 

death of the survivor? ceased to be resident (and decided to sell the flat and 


INSURANCE 


JOHN PHILIP 


no more than two years old ypo':,are out ;of cover. There is alftr § 
can put it forward for accept- per, cMm,\whleB depends ,/< 

■ an.ee without an engineer’s in- your car’s mileage atthe time) A U 
spection, biit then you will tovn.ahe particular ev«^£350 isl^ 
to. 'pay an extra £10 ^reAutaft : himt per ;daim‘ ^forja iar tj 
-and have excluded all daims has been driven, for less > 


ml m 

invest^. 


.. r i-jeen ^ 
aaour**/ 


arising in the first three months. 31.000 miles— and - 5 ‘,' : 


■ - . is ^ 




Exchange control consent may garage. Am I protected under 


of the insurance. . ■ . . ; claim reduces as .the record.' . v - : :A ' . 

So it is prob^ly better -to nrileage^l-your'car: increas:^\::^' irt .l«. c 
f . spoilt your car for inspection, yoa ^ have to bear a S -, V. ' 


UAUKMIdCr UJIIUMI tUlWV.ni. Hiaj , r— vA^fV ..... J U_ ^ 

well be required— you do not the Landlord and Tenant Act? 


„cn uc — jvu mv uvi r„~ +!,_ «** - . , . — ■ , iitue cuver aas oeen wnnen so . 

tell us enoush for us to be sure ell a‘. ble ,^5'** jf yoa ha , e used the garage only “? break - d “ wn ’ “ e far in Britain. 

h.ii it ic tmiiirpiv tn hn cession B13 for 1977-/8, 1978-79 ** ■ yuu u . “ acu not covered because otherwise, - • i 

rpfusnd unlikely to be aad ^sq. regardless of your f « r garagmg a pnrate rar your h ot d *er property ' But a few days ago the Auto- ] 

reruson. , , rtH.- tpnanrv is not nrntecfpd nnripr ’ .. . . l.-i_ . i i 


, ... . . uuuefwuLtm .^laivc. j.i uu- ■ j . ■ j Yori juso nave ■ to oear a a 

simple. Wwr and tear, s^ du ' certain how much or how “cation. -..and rbqflt; new, and either by. an AA. or. ! AA txcess to dai' ■ /I 

a!ly operating cause eiectnra^ little cover has been written so SSL’ \ acceptable, appointed engineer. This inspeo, 


However if thp nrimarv nbiec- exchange control status. The tenancy is not protected under WO uld quickly be mobile Association anoounced 

However, if tne primary oojec- „ roooHin _ VMr i, n!ri c win nrnh- the Landlord and Tenant Act ... 


“ t,,r nrpcprfinff-vear basis will Drob- tne i^anaiora ana Tenant / 

tive is to avoid CTT then a ^tur^d 1954 or any other statute. 

un Zt ^Without knowing the sireand 

^ Occupation and 

i r ^r^evSe"buryU e . Pf B \™£°; n r b ZTn residence 

lord can subsequently obtain taxatl0Q agreement between 

the appropriate relief in respect your country of residence and I am trying to obtain afterna- 
of maintenance, insurance, etc., UJL dve cooncU accommodation 

so the company would bear U.K. ^ r because my hoo^, which is my 

tax on its net income from the TiPVfilo'DfttCflt residence, though I only 

loMiTir r /yc re’WjSMtiXsii* reside m it for six months 

in the year, has been compul- 
sorily acquired for road 


turned into maintenace con- that it is now to offer car main- lar to. that of the other: ones on your car and if he passer it,- this premium is payable ire 'V*' 
tracts. Traditionally insurers tenace insurance, not just for offer. - ■ . acceptance follow^ If not and peotive of the age or mileage . ■ 

have said that such contracts, members but for private If you have a new car and you still want to . join, then the -car that is accepted, and : 

even if they were - to be sold, motorists generally. The insur- you insure it straight away, or defects most be remedied first, is not possible ’ to top up t 

could not readily be'priced, and ance is to be written by the within one month of purchase Once insured .you' have to coyer on an old car by payme ' ■ 

that the provision of cover even New Hampshire Insura n ce before yoti have clocked up comply wth tbe condition that "of .ertra premium; 


....•rienn. 


letting. 

Assuming that your house is 
the sole or main residence of *•»£*#*? 


Where the stories went in the winter time 


your husband and yourself (and An ont iine application for 

always has been, since you planning permission bas been me^the definition of ^resides 
bought it), you should escape made to S erect four bungalows Compen : 

capital gains tax on the sale to ^ the garden of a bungalow sanon Act . 
your son's company. An which, with garden, covers an Although "‘residence" is not 
eventual sale by the company arca of j acre i rood ig poles. defined in the 1973 Act we 
might possibly give rise to a if the building plots are sold, think that your occupation 
capital gains tax liability under W0U | d development land tax be would qualify provided you had 
Section 41 o£ the Finance Act payable on 1 rood 18 poles only? no other house in your owner- 


2965. depending upon circum- 


resiae in it lor six momns THERE IS no false modesty gripped the rough stone mar- 

in the year, has been com pul- abQUt ^erp. It calls itself ket ^ 

fan the World Diamond Centre T*®. unprocessed diamonds 
* ISiLl U and backs up the claim by were disappearing into safes in 
S” undtr^flind C^,tn pointing to the skills 0 f Tel A ^v primary to be held 
safior^Art 1973^ C ? centuries now clustered in a ? s ^against currency 

sation Act 1973 . dutch of five narrow streets ^stability and in the antidpa- ^ 

Although “ residence " is not housig some 500 firms with a ti0 . n of future safe profits. The 
defined in the 1973 Act we payroll of 11,500 workers price of diamonds had been 
tlnnk that your occupation engaged in cutting and polish- risin 8 fast— it looked as if it p v;r< 
would qualify provided you had ing the stones. would carry on doing so. 

no other house in your owner- n .. fQ ^ Q . .. *. The stones come in the first 

ship in which you resided for .. un : . . . Place from the De Beers Central 


stances at the time 


ion circum- „ . , _ .. ship in which you resided for .. ‘ , aL * . place from the De Beers Cex 

of the sale. Yes '*_*^l an equivalent period. djamond^industry o^the town SeUing Organisation which 


Tax avoidance is a risky filld one acre which is taxable.; How- - 
for the unwary and you would ever. y°u should note also that 

do well to recommend your ^ development y hi/ifti f/rv 

son to seek professional . r^sed in any one ImlUUlUiy JUT 

guidance, lest he fall foul of financial year is exempt . -t-urns* 

the anti-avoidance legislation. ’ J (1110 ft Tree 

„ . Title to house There were six tail tr 


should ho on a ware of vros- a near-monopoly on the world 


Tax concessions 
to non-residents 


and land 


There were six tall trees on a 
neighbour’s property, one of 


penty-never has tee demand market ing of rough diamonds, 
for gem stones and jewellery There ^ ten ^ ^ 

been so intense or the interest held m 

in diamonds so widespread. But After th e left ^ csq 

it is not — the Sjmdicate, as it is called 

Rather there has been a lull in Antwerp— they were chang- 
in the gathering of profits. With ing hands at premiums often of 
the Jewish Passover last week- 50 per cent on the list price. 



.. ?7P cx- ^Jl; 

...TSCte* 

; t i weli 
--- ran^e .Mg 

wi-.ich to/tpu 

T -.- irCT* S 

;: y win a 

!. jatmenf 


The big.' diamond, manute'. -: ™ 

turers were .better phiced. Thi' ■* 

at least could buy their rap£. : ',-_ i --■-.“iJj.vjJI 
gems direct from the -Syndlcalv - -' r - ‘.JfZ . . ' 

But even they were •' • ' = ^ 

squeezed.. • >. J; ;• . 

..Their, unfinished goods— 41^ 
cut and ’ polished - stones— ba^ ^ , • ■- : : iji 

been . rising in price, but tt v 
movement has been more evei ; .r > ? .«( 

At no stage in recent montt ■ ;- r _ 
has the: finished goods pric.;.r..r‘ 
been at a level to justify tif -j ; 
rough stones price. /. :i ■.•...'j:— 


f bought a building site In’ 


In Finance and tbe Family for 
June 11, 1977, you replied to a 
query in connection with a 
person who lived abroad, that 
his bank interest from an 
external account in a London 
bank should escape taxation 
under concession B 13. 1 bave 
been non-resident since early 


which fen on another neigh- ™ r r ; v I r*' <T ’ 

Dior’s land, doing some damage. end «“• J ends t0 ** a ^ and 111 odd of 100 P« 

The remaboing five look all ?® c i? e J*” ■S"*** CCnL 


ScoUand at the beginning of last right, but whose would be the fj e r I l a °n 
year, but have had no papers . responsibility if one were to Jjf? ^ 

from my solicitor relating to my fajj on my garage? sca f clty &f rough e em 

Hfl*- Qin<*p rtipn r have had a w B • stones, the raw material for tee 

th JrfSf “ The landowner whose tree has cutter politer. • 

C nn ?i Lll r,! fTiP hJral fallen ^ be UaWe he knew T+ i« rhoupht— anci 

Gould you tell me the legal or OU gtt to have known that the ^ 13 _ tiiought-rgno no 

procedure necessary to establish dannernus and/nr accurate figures have been com- 

my b ““' *“ d? S= ,™aU bTnot o~e. up to 4.000 o, tt e 

You do not state what instruc- The liability is in negligence, processing workers have been 


Tbe re»flt was that Toa£'- ;: . ■; ■: - °: pf 

stones could be bought from tflj- v. i". 

Syndicate and sold directly fo-r * • two ! 

a bigger pn^t. to a xnerchaz' c - ■■■■"•r c3 - l Y - 
Siteo wanted teem as a current-- R; 

hedge.' than could be i gained t: ‘ •“ 

pit) cessing. . ‘ 3 °.. ut 'V 

..... .-. ’Alfhodgh the speculation b^-y. flP-: 

. ’ . - : no vt waned, the manufacturer^ •: 

At the London rough diamond brunt of the price increases. ar ® still having to absorb th. .. ^ .-iicatfS' 

.i« H.i ■ _ ■ ■ ,1. J — ’ ■ ..a.,—. 


year, but bave had no papers . responsibility if one were to 
from my solicitor relating to my fajj on my garage? 

UUe. Stare tten I hareM a The landowner wi 

fallen will be liabl 
Could you tell me the l.egal »« hiw. u. 


DIAMONDS 


sale earlier this month the The first hurt were the snjau^ ^surcharge in the knowledge thsri.. n - ; : .r.arsaW^. 
Syndicate slapped a 40 per cenL- concerns where only a handful cannot la the immediat'' v... V:rk et»: 
surcharge. are employed. Not future raise their own price' -L w-- - -recall* 


PAUL CHEESERIGHT 


1977 and expect to return to the tions you gave to your solicitor You should invite the owner to on short-time working. Only 

■ T 1 ? ■ iaaa nv vif _ v v _ _ . I 4b«A fnrtn t nnt hoc Trim 


UJv. ID 19S9-81. Would you 
please let me know what an 


regarding the retention of your have the trees examined, 
titles. Unless instructed other- 


external account is and whether wise a solicitor would normally 


on short-ume working, umy The buying was financed by 5u ruidr se io zo per cent, ac cue They simply did not have the seen a surcharge before, an:^ -^ 
in the last fortnight has the easy cr edit from Israeli banks. sa i, e T . . ior n f xt *[!? . _ .. resources to' pay cash for' their acutely aware that they are i£-.»V-.-.rv 

gradual resumption of full-time The Syndicate, put pressure on It a good medicine, .said r&w materials,' finance their a cyclical Industry. •. -V 

«t To . « . . , . ... nna Anhuom monmnnhirow « ' . . . T 


In my circumstances there 
wonld be any tax advantage in 
maintaining one? 

The term “external account 


retain the titles of any land he No '«*?' \ aonaali ^ 


h,c accepted by the Financial Times 
had purchased for a client in his for the anrwers - g ven / n t h«e 

safe or strongroom for safe- A u inqufri « w m be 

keeping. This may well be what answered by post as soon as 


. , Z VJJIIU1U11C. yuL fliCNWS UU . . ' ‘“n Ul»icuiua, llliaHLC . UtCU k UlUUbUjr. ; - - 

working signalled a return to the banks to tighten up their . An ^ ve fP . m anufacturer, stocks as they were being Even the pessimists expect ?^-" ' 
normality. . lending policy. The Belgian but it attacks other organs. It processed— which could take demand to pick uo iu the--’;-- 


r — — — o— . could take demand to pick up, in the--.-.-. 

What happened was that over authorities tightened surveil- nave r 01116 T r ? f r ‘ eHec:ls three or four months— ax>d give summer-: ter the Christmas" 

a period of about six months. lance of exports. But this was wmcfl &re not so good. credit . to their consumers. They jewellery trade. -It is better to, 

until the early part of April, not enough to dampen specula- The fact is that it is the were forced' Into . part-time be. sick for three months than-.- ,- - 

a fever of speculative activity tion. manufacturers who bear the working. , be sick for a year. M said one. ""‘ll,.'. 


is merely a convenient bit of has happened and we suggest possible. 


are .*»!!?: 
di?«HUrt 
rewevTt.' 


i 




;>r* a!! bat 
AmerkaH- 
-c m thli 






/ 


How much of your 
business are you 
planning to bequeath 
to the taxman? 


The ghost of Cousin 


i™ 




if you run a business,then you’ve already 
learned rt can be rather like running a gauntlet 
A gauntlet of different taxes. 

If you feel you've earned the right to a 
good income, then you'll have to pay the 
highest personal taxes in Western Europe. 


£50,000 


£40,000 


^ £30,000 


£20,000 


£10,000 



CS.OCO £50,000 £100,000 £150.000 = 

METES TAfE 
AFTER. RLLltr'j 

Scur«:Th‘!lr.l.'>dRc.sr.je 


The amount of capital transfer tax payable on estate. 


if you keep the money in the business 
then corporation tax will get you. 

Nevertheless, you may succeed in running 
the gauntlet 

. But even if you do, waiting at the end with 
bludgeon raised, is Capital Transfer Tax. Able 
to destroy your life's work rather than allow 
you to leave it to your heirs. 

If you feel reluctantto face this final blow, 
don’t worry. Because the tax system gives you 
op portunities as well as problems. If you 
have the right advice, your heirs can keep 
much of the money that might otherwise go 
in Capital TransferTax, and without crippling 
your business. 

■You'll be pleasantly surprised what can 
be done through our Business Assurance • 
schemes. After 134 years of successful money 
management, we know exactly how to make 
the most of your money, despite Britain’s 
ever-changing tax regulations. You’ll find, ■ 
too, we can help you to run the gauntlet 
more profitably 

Cali your financial adviser now, and see 
what can be worked out for you. On contact 
any of our offices direct. Don’t delay. You’re 
not getting any younger. - 


Equity&Law 


Equity & Uw Life Assurance Society Limited, 20 Lincolns Inn Reids, London WC2A 3ES. 



THEY KNEW a great deal 
about mining down in Cornwall 
long before the other major 
mining areas of the world had 
evolved from being merely 
great tracts of land which were 
sparsely inhabited if at all. To 
a Cornishman. the nineteenth 
century seems to be only 
yesterday in a long history of 
mining which goes back to the 
times of the Phoenician traders. 

Nor was tin the only form of 
mining in the Duchy. In 1798, 
for example, there were more 
than 70 Cornish mines produc- 
ing copper and by 1838 annual 
output of the metal reached 
151,000 tons^-not so very far 
short of the 182,000 tons pro- 
duced last year at the Rio Tinto- 
Zinc group's huge young 
Bougainville mine in Papua 
New Guinea. 

In 1883 some 200 mines 
were at work and their tin out- 
put was small in relation to that 
of capper. But after the 1860s 
the price of copper began to 
slide with the coming of the 
big copper discoveries in the 
Lake Superior area and the 
growth of production in Spain 
where the original Rio Tinto 
company evolved. 

Tin took over, but the mining 
revival lasted only until the 
early 1870s when the Cornish 
Industry succumbed to strong 
competition from the young 
Australian tin mines which, in 
turn, were later to be replaced 
hy the Malayan dredging opera- 
tions. Cornish mines closed by 
the score and tbe miners were 
forced to seek work overseas 
where they became known as 
“Cousin Jacks.” 

Of tee many abandoned mine- 
workings -in Cornwall, teose of 
the old cotpperiproducing United 
Mines and Consolidated Mines 
fell silent in 1870. Nearby was 
the original Wheal Jane tin 
mine, some three miles south- 
west of Truro, which closed in 
1884. 

The years rolled by until 1969 
when tee U.K.-based mining 
bouse, Consolidated Gold Fields, 
decided that tee Wheal Jane 
■ deposit (wheal is the Cornish 
word for mine) still had an eco- 
' nomic potential and a new 
mining operation started in. 
1971. T-his week it has been 
announced that Wheal Jane, 
which has suffered from con- 
tinuous tosses is to be closed. 

The news comes hard on the 
heels of a close-down decision 
lor tee Mount Wellington mine. 


on tee other side of tee Carrion 
Valley, which has been in pro- 
duction for a mere 18 months. 
As a result, some 738 jobs 
together with a larger number 
of those in tee mining ancillary 
services are to disappear in an 
area already suffering' from high 
unemployment. The ghost of 
Cousin Jade stalks through tbe 
Duchy. • ■ 

The closure-- of "Wheal Jane 
has been precipitated- by the 
impossibly high cost of dealing 
with an expected inflow of water 


UtXAA V~A 


£X9J3m. to that;year*fr total 1 of Portuguese wolfram iniiiev 
£8L3m. In tee longer ternir had. a good year.- "As . a rest£itjpw » * mr 
copper is .bound to make, a consolidated profits S ■ 

come-batk and mranium (£7,3m: have risen to r£2.75in_ '.'from 
last year) r. Should figure; more £L43m- . - Despite am exchange 
importantly. : loss of : v :£l;7m''- 7 following 

Meanwhile, .. ^merger- Is pro- EprtugaTs • -dey&datwu;' • 
posed between.: the group'-s subseqnent currency 
Brinco' - Canadian exploration ~ the .UflC BeralfhOpeS that 'ffe 
arm, which is : sitting ..on rash share of-',the, operating, fjstib- 1 ' 3 
reserves .of ' sbme ; $C47m. shEarfe 7 dividend will permit. Au. 

(£22. 6m.) -and the. Coseea and a distribution here of. 4p perltfL a 
C anadian- Natural Resources riiare compared with last 
and gas-eantiog companies intO ^-TSp. ; r „V- : f w 

» . r-intain- AfJ-ilmiri-A in ‘ - ii.-'i'. I 


v: 

e tc 


UXIl 


“a Sioglg; Enterprise in.: tee: ,WoIfTOm. dr tungsten as iiT*l. 
field • of - natural; - resources - ^ 


nwd “ ' *fco- fa,™,; , h M beea mijoyteg 

exploration and devefopment- a J - 

if Vre a good' demand hi its traditional , 


MINING 


incidentally,- it will - be W. , 

j t... _ on S null cation of hardm>m<T ctopt Si 


„ i 


KENNETH MARSTON 


from Mount Wellington which 
has been pumping out some 7m. 
gallons a day. Old Corniab 
bands will tell you that much 
of this water originates from 
the long-silent workings of tbe 
United and Consattdated pro- 
perties. 

Even if it were possible to 
keep the pumps going, neither 
Mount Wellington nor Wheal 
Jane stand much chance of 
making profits even at to-day’s 
satisfactory tin prices^ Both 
appear to have overestimated 
the percentage of tin that can 
be recovered economically from 
their fine grained and complex 
ore. 


recalled that Brinco has a. 60 “PPHcation of hardening steeL SSj^ Sma11 Cw “** 
per cent stake in the Kitts Thik-k oartly because of buying 
Micbelin . uraxuizxs discovery in from the Soviet bloc countries, ^^T 0115 for capital g 
Labrador which . could attract a v/bich J have_. bebn unable to maialj-i 

powerful joint venture partner 0 btain supplies .from China, and Manner*’ 

— Exxon? : . w ko" tire ‘ well awiire of Profits. Tbe Mil 

Of other news, De Beers* ^ “war”- metal’s armour- 
Central Selling Organisation bas P* erc ing qualities.. , ^ , ■' 

reduced its price • surcharge But: the /wolfram .producers pnce ® E 

from 40 per cent to 25 per cent are now experiencing a much " c11 “ “P*’ - 

which suggests that it is succeed- less buoyant . market," which ' ■ 7T' ni should be**, 
ing in cooling-off the hoarding ; could be a comforting thought bP — L.'- ! "-'-Wgiiiw 
of uncut diamonds. for tee rest of us bn tiiis May Plan, w* r* 

Beralt . Tin and WoHram’s Day holiday. .. ^2"JWers of uk sb 


TIN OUTPUTS COMPARED 


^ sL er l of l?K » 


The closures are thus a result 
has been precipitated by the 
not necessarily mean that a 
threat exists at the two-remain- 
ing sizeable tin mines, South 
Crofty and Geevor, which have 
been going since the early 
1900s. Both these veterans are 
operating successfully, but in- 
flation must be squeezing their 
profit margins. 

The giant Rio Tioto-Zinc is 
moving into a less prosperous 
year, largely because of the still 
depressed prices for copper and 
zinc, coupled .with the poor 
market for iron ore which stems 
from the world turn-down in 
the steel industry. The 1977 
annual report shows that of last 
year’s £82.3m. net profit, 
aluminium provided £19.9m., 
borax and chemicals £18m_, iron 
ore £16.1m. and tapper (includ- 
ing gold from Bougainville) 
£13m. 

In 1976, copper was tho top 
earner with a contribution - of 


AntaL of Nigeria (tin) - 

AmuL of Nigeria (eolumbite) ... 

Aokam “ I 

Ayer Hitam’ 

Berjnntai * 

Bisich? Jantar <fin),..'. — 7^: . 

Bislcbf Jantar (eolumbite) 

CRM Sri Trlmah 

Ex Lands Nigeria - 

Geevor*: : ' 

Gold mid Brae (tin) 

Gold and Base (eolumbite) ...... 

Gopeng .: ; : 

Kara anting 

Kent (FMS> 

KQUngbalT 

Klnta Keflas 

Kuala Karaparr7-~i.'-'- _ 
Lower Petek 

Malayan L^V....:..^ • ‘‘1 
Pahang 

Peng kales .... 

Pe tali pg :•? 

Rahman - . 

St. Plrah— Far Bast . ........ i..:..;. '7-' 

St Plran— UJK. (South Crofty)... .2 
SL Plrau— Thailand' ■' 

Southern Klnta .re....:..;..;......:--- 3 

Southern Malayan. ’ ' ^ 

Sungei Besi J 

Tanjong ■ : : 

Tongkah. Harbonr .^.i. ,- 

Tronoh •' * 

Utd. Tin of Nigeria (tin) ..^..„. r V 
Wheal Janet: .- ■; 


March Fri^ : 
-1978 . 1878. : 
tontteatemtes 
193 381 - 


' '. : Same 
Total - period 


S^»tettre. 


u J*- • “ -* 


24 17 .. 217- (12) - 174 

142 llfl L204 (8> r 

» 181 . L232 (*) 3,629 

445 - 392 ;'. 4,619 <J1> - 3^09 

) 41 -7«;<2) 79 

■40 76J.<2). -80 

.< »li ((S) . 40S 

28 25 - 80 (3) .: '; . 82 

.88.,-. 88- r 3JJ67, -<I2) -949 

tsr •: 47. (2> . 53 

. .1 . ISttL - N3 (2>- - 1 

253 ' 189 847* (S) • 97S* 

-17. . -14* ■• ■ 52 , -(3).^. 84* 

34, ■ 87r ' ' 484 ' (12) - 518 

J. i' - 5. '■' 102* (U) < - 434* 

fiO* '« 357 (6) 418* 

.-42*;:_.as* soo* im ■ - .«5f 
: & - a? .- -328 . 02) - an : 

■*?:. M ': "m. (It) . -224 

286 -’’ 238 iJ37i m ■■- ?,489 

,i» . is r z'T&rra);.-: mot 

7*. . . 3* '52* '. tt)-- 94* 

TS3 ?Tl27r L .582; : (5> . - 437J 







^ AT ■- s 


K>. " *’*"*-* 


Tfaldnfl 




“39^.80 
23 -20 
201-171 


.$83*:. (9); . 
2»- (IS) v 


rSJSXl , (12) _ -2^07 
i;078 <12)7 1,084 


i;078 (127 . 
.1.923 (12) 1 
1^53 m 
L917<12) 
55* (3) 
sSO : -<9* 
6JS (3) - 
J _ 12 (9) 

^ S37*>. (8)' 





fThj metai -content % Egares facHide te*i-*rade materiaL 1 Not 
yet available. Cutputs are'shown tame trie To nae&oftin mnentteteh 






I 






/ 4 


N 



~~ ‘ * “■ '."—’a 







V ? ./•=* 


JV. 

•;« 


/• V 


V * 


. financial T^es Satarflay April 29 1978 




... 


YOUR SAVINGS AND INVESTMENTS 



Total 

' assets 
. £m. 

North 
American 
content % 

Price 

P 

Discount 

% 

■ . r C^TAgca , 

37:1 

54 

86 

-34.4 


10L5 

45 

74 

-18J 

Kfh American " 

34.9 • 

70 

116 

-183 


8U 

47 

77 

-23.8 

ASn* 1 ** TrtBt 

50l1 

35 

&& 

-253 


37.0 

41 

203 

-23.4 

' TlrYftrff x Gartmor* 

SA 

63 

40 

+ 2i 

'-..•.gfand — 

•. '^£h~Annria»>'' _ 

28J 

■ • 743 

93,8 

31 

29 

41 

113 

86 

132 

-27.1 

-19.6 

-23J 


traditional trusts 
for US investment 



; " 'rose OF YOtT iave been 

: S to-and bard about 
; v nSrtbUity Of investor m 

V&Sica. tat talent 

V «*ed to the pressures to 
■- nop onto lie Sfreet 

■^nam, wiU presum^. be 
JflSently cool and collected 
• uj to be able to gnre the table 
Src a little of your.attention. 

■ /Sows. ranged to alphabetical 
rder teii investment trusts 

. .ith- a high North American 
intent ... . 

Unless yon happen' to be ex- 
^rt to investment overseas, 
nd can cope with Hie vagaries 
[ tfce dollar premium as well 
s the difficulties of long-range 
tock selection, you really need 

• me sort of collective lnvest- 

■ wnt vehicle wbK* to 

- west your money. Tbe argu- 
. : *nts for going into Wall 

itreet by way of an investment 
■'rost, rather than a unit trust, 
re quite simple. It is n't t hat 
■•'--no management of investment 
rusts is necessarily any better, 

• hough their American ex- 
-faience will all but certainly 
:: je longer: quite often you will 

lad the same group of 
<- oanagers looking after both 

- ,init and investment trusts. It 
art that the management 

/■barges wiH be lower— though 
hey will: given the sort of per- 
\ onnance that Wall Street 
aems to promise the odd two 
per cent isn’t going to carry 
inhcfc weight with anyone. It 
Is, quite simply, that in buying 
•Into Wall Street through an in- 

■ vestment trust, you are buying 
■it a discount 

As! the table indicates, 
•however, that won’t invariably 
•be the case. New York and 
3artmore’s shares have recently 

- been selling at a premium to 
their underlying assets: and so 
.have those of West Coast and 
-Tens Regional. And there is a 
small dutch of other trusts — 
Atlanta, Baltimore and Chicago, 
'City and Foreign and Montagu 
Boston— whose shares are sell- 
ing- at only a marginal discount 
to assets. There are, however, 
special circumstances affecting 
all of them. 

They are, for a start, all but 
wholly invested in America — 
the table is deceptive in this 


respect, for it doesn't indicate 
to what extent the assets in- 
vested outside North America 
are in fact invested in gilts in 
the UK. as the sterling dement 
of the back-to-back loan through 
which investment in America is 
made. All of these trusts are, 
in the second place, very small: 
New York and Gartmore is the 
biggest of them, and its shares 
are hardly marketable enough 
to give a free two-way market. 
And there has. in the third 
place, been a big buyer in for 
all of them. 

That could, of course, be a 
reason for going for them, on 
the argument that he might con- 
tinue to buy: but while take- 
overs cannot be ruled out, they 
look, with the shares selling 
near to or above net asset value, 
an unlikely eventuality. Better, 
instead, to go for one of those 
trusts still selling at a sizeable 
discount, in the hope that it 
might, narrow. 

That doesn’t necessarily mean 
going for Atlantic Assets, 
though it does appear to offer 
an exceptional bargain. The 
recent purchase of a stake in 
its managers, Ivory and Sime, 
has not done Atlantic Assets’ 
rating any good: and in any 
case the company’s asset back- 
ing is much more susceptible 
to changes in the Canadian 
market than in that of its 
southern neighbour. The hand- 
ful of trusts with discounts in 
the 20 to 30 per cent range 
look deeidely better proposi- 
tions. 

It is necessary to remember, 
though, if you decide to seek 
your American exposure 
through investment trusts, that 
while the potential rewards 
are greater— assuming that 
everyone else follows in your 
footsteps and the discount 
narrows to reflect the trend— 
the potential risks are greater 
too. If otter investors decide, 
instead, that an improvement to 
investment trust share prices on 
the strength of a Wall Street 
recovery gives them : a good 
opportunity to sell, then how- 
ever great a bargain the trusts 
represent in absolute terms, the 
share prices won’t go anywhere. 
Not, that is, until the tide of 
fashion swings again. 


Cashing in on credit cards abroad 


LAST WEEK Visa Interna- 
tional announced that it had 
signed agreements with a 
dutch of Spanish banks, who 
will henceforth be offering their 
customers the blue, white and 
gold cards already familiar to 
British users of Barclaycard, 
and about to become familiar 
to those who bank with the 
TSB. The agreements add a 
few million to the numbers of 
Visa’s potential customers, 
which is gratifying for Visa: 
but does it all mean anything 
to existing Visacard holders? 

Yes, it does. It means that a 
great many more shops and 
hotels in resort areas like that 


in the picture below will react 
with sangfroid when presented 
with the bine, wiiite and gold 
card in payment; and it also 
takes Visa a step nearer the in- 
troduction of an electronic net- 
work through which large pur- 
chases, anywhere in the world, 
can be authorised in seconds. 
Far the ordinary traveller the 
days of those tiresome foreign 
exchange transactions, that ner- 
vous hoarding of the travellers’ 
cheques, may very well be num- 
bered. 

Though foreign exchange con- 
trols continue to limit the holi- 
daymaker’s export of sterling 
(£100 per person per journey), 
and foreign currency and 
travellers’ cheques (£500 per 


person per journey, unless your 
journey is likely to cost more) 
you can use your credit cards 
(Access, Bardaycard, Diners’, 
American Express) abroad, 
right up to the limits of your 
credit, to pay for travel ex- 
penses and accommodation; and 
for goods, too, providing you 
get a declaration from the 
British Customs to prove you 
have imported any item that 
cost more than £300. You can 
use Bardaycard to draw cash 
at banks in the Visa network 
(up to £500 on any one jour- 
ney), and a Eurocheque card to 
guarantee your own clearing 
bank's cheques, should you wish 
to draw cash at banks in the 
Eurocheque network instead. 



YOU MAY consider that the 
bonds lying you to your part- 
ner are indissoluble, but does 
the Inland Revenue? In true 
bureaucratic fashion, the tax- 
men require a marriage certifi- 
cate as proof that these bonds 
exist. So when it comes to life 
assurance, tax relief is avail- 
able only on policies on your 
own life or that of your wife. 

Now that it is becoming more 
common for both sides to a 
partnership to contribute in 
paying off the mortgage on the 
house they live in, endowments 
on both lives are no longer 
rare. But there will be no tax 
relief on those endowment pay- 
ments either, unless the part- 
ners are married. 

Up to now, however, whether 
or not you were married was 
something between you and the 
Inland Revenue. You paid life 
premiums gross and claimed the 
tax from the Revenue. But from 
next April, you will be paying 
premiums net of tax relief, at 
17 i per cent, and the life com- 
pany will get the tax dement 
paid by the Revenue. And under 
these circumstances life com- 
panies could become involved 
to your personal affairs. 

For if they have any reason 
to doubt your eligibility for tax 
relief, then they are duty bound 
to seek clarification, and this 
could be embarrassing. They 
have agreed with the Revenue 
that when the proposal is for 
Mr. and Mrs. Smith, they can 
accept -this and need not ask 


Your word 

. 1 • 1 -g tovestc 

their bond jz 


to put down details of life 
policies to your tax returns. 
Life companies should point 
out this change in procedure to 
investors with large premiums, 
overseas residents,- the 
position is reversed. Life 
companies will charge gross 
premiums and if toe investor 
can claim relief-— because he has 
, ^ ^ U.K. income on which he is pay- 

fora mamage certificate. But a jng tax— then he will claim 
proposal on the lives of Mr. direct from the Revenue, as at 
bmith and Ms Brown will give present The oroblems are going 
reasonable grounds for doubt- t0 occur w ‘h en ^ existing 
tog elegibflity, and the life policyholder moves overseas. 


BY ERIC SHORT 


company will ask for evidence - 


For most investors, the effects 


naight Qf the changeover will be 
*?** ^ Brown *» a minimal. Direct debits and 

huSmnd’s naw standing orders are being 
usband s name on principle. Gauged to the net amounts by 

But life companies have the banks on instructions from 
other problems resulting from jif© companies without direct 
the changeover, which is costing authorisation from investors, 
them m il l ions of pounds to hut they will be informed of 
implement— paid ultimately by the change. They should, how- 
you, the policyholder. Two ever, check the new amount — 
such _ problems . concern jt will be the result of one 
premiums over the limit, and computer advising another. Life 
the rules applying to overseas companies intend to circularise 
residents. policyholders nearer the time 

The present limits on tar to explain how the new system 
relief, of the higher of one- affects them, 
sixth of income, or £1,500, Finally, one word of warning, 
remain. But life companies will The change over will not makB 
henceforth be able to issue a penny’s difference to your total 
policies for any size of outgoings. Do not let any glib 
premium, without checking on salesman convince you other- 
limits. The Revenue will check wise, simply because you will 
whether they have been henceforth be paying £8.25 a 
exceeded and relaim the tax month on a policy which now 
that should have been paid on costs you £10. Your take-home 
the excess from the individual pay .will be correspondingly 
concerned. You will still have -reduced. 


Photo: Trevor Humphries 


Staying safe on an offshore offensive 


FOR ANY overseas resident 
looking for income — and reason- 
ably confident of the outlook 
for sterling — ihere’s no doubt 
that British Government securi- 
ties now provide some of the 
most attractive opportunities 
that there are. The point is 
illustrated by the return avail- 
able on the three offshore gilt- 
edged funds run by sector 
specialists King & Shaxson 
out of Jersey. Guernsey and the 
Isle of Man: the 11.75 per cent 
which they are yielding would 
be bard to better anywhere. 

It’s true that it could be 
bettered by direct investment 
in one of the gilt-edged stocks 
on which distributions can be 
made tax free to non-residents. 
But direct investment in a gilt- 
edged stock won’t bring in 
quarterly income — which each 
of the King & Shaxson funds 
will: in fact their distributions 


are so timed that an investment 
split three ways between them 
will produce a monthly income. 

The benefits of professional 
management are ' going to 
remain somewhat intangible 
until there is a track record 
established: and none of the 
King and Shaxson offshore gilt 
funds has really been going 
long enough for that But there 
are in any case limits to how 
much the managers of an 
income fund can do to limit a 
fall to capital values when the 
market as a whole is falling, 
for there just aren't the alter- 
native investments available 
into which the money can be 
switched. So anyone investing 
in a gilt fund for income is 
probably going to have to 
reconcile himself to a rela- 
tively erratic capital perform- 
ance. 

For those who aren’t so 
interested to income but want 


the safety implied by govern 
ment stocks. King & Shaxson 
possibly have the answer to 
First International Reserve 
Securities Trust (FIRST). This 
fund invests to the securities 
of a handful of foreign govern 
ments: and when conditions 
are looking bad in one market 
there’s a reasonable chance that 
l bey’ll be looking promising 
elsewhere. First International 
is dollar denominated, and 
only open for direct investment 
to those who have achieved 
non-resident status for the pur- 
poses of exchange control as 
well as lax. But there is a 
sterling feeder fund as well. 
Ironically enough — thanks 
above all to the performance/Of 
the dollar premium — it has 
over the past 2i years done 
even better than the quite 
remarkably successful inter- 
national fund in which it is 
invested. 


Institutionffund 

Currency 

listed. 

. Valuation . 

Minimum 
purchase 
on issue 

Initial 

charge 

% 

Annual 

charge 

% 

King & Shaxson Mngis. 







Gilt Fund (Jersey) 

£ 

— • 

Weekly 

£1300 

1.25 

0375 

Gilt Fund (ION) 

£ 

— 

Weekly 

£13100 

135 

0375 

Gilt Fund (Guernsey) 

£ 

— 

Weekly 

£1.000 

135 

0.675 

•First Sterling 

£ 

— 

Weekly 

£2300 

13 

0375 

Fim International 

5 

— 

Weekly 

553)00 

13 

0375 


* Charges decline as sums invested increase. 



$ 


The top performing 
unit trust for the 
last twelve months 


The KccadiBy Small Companies Fund is placed top of aft 
unit trastsiortfie last year, as p o hK s h e d by Planned Savings*. 
The fund »mic for growth with an above average 

inmm by investing mainly in. small, efficient British com- 
panies which the Managers foeKeve will expand in size of 
business and profits. The Managers will nevertheless retain 
investment fleribHity arid may invest in a limited number of 
larger companies. 

Remember, the price of emits, and the income from them, 
may go down as wril as up. 

Tour Investment should be regarded as long term. 
m Ftgatifsr the ptritdatMsrit Math ig t 

Share Exchange PZan. We consider that it is now the right 
.time for holders of UK Shares to take advantage of the 

WiyaHill yfi lwr u 'Rrglwnw ^i piljri imto purchase linitS in tllSS 
frad without incurring **■- 'e »iHng costs. If yon wish 
to invest by way of share exchange, please attach a list of the 
investments which yon wish to exchange with the coupon, or 
ask for our brochure. 

Amtta&aa and cbemra orifl he srimoniedged vrfch the xssoe oCa .contract note, 

•ad you willrttriw: 5*ar certificate Jbr dw number of rmU* allocated -witcm fror 
weds ofmxgrtafyoarBppUeatioa. ’UmtovriU be rimed sc the offer jw=j nunsg _at 
ritcdMeoftonaca on. flip day preceding receipt of yOTap ^ k aun a.Faruaoqaatiaa 
purposes only, tbo offer price c£ anils at the dose gChasxnes on ooth April 1978 
■ww-jpJlp. 1310 estimated grog annual yidd at that price was 3.35 %» 


on T",iii April. Hi£ fast distribution wDl be made oa 15 th April 1979 in respect « 
lUfappUcatioa. 

Vri m b m. The fund is valued daily and the entreat pries and -yield published 
daily io the national press. 


Tninapiniwii. imfl rinmumalMifipBHg. 

Capital Grist Hex. If vtm are 3 basic rate taxpayer yon -will generally iaaaoo 
tax. liability when yon sell your units. 

Bmr to veil writs. Yon may realise put of all of yarn- investment at any time br 
s fc ni pg dw back of the Certificate indicating the number of linns you WBh *® 
and returning it to the Managers. You wEuwattlly receive yoar cheque wiuun 
*4 days. 

M aumw e. Kceadffly Unit Trust Management Li m i te d (Members of the Unit 
TnatAaodatum). Regaierwt m EngbnutBo. TSfesS- 

BmtrfSmilaad, T3»Mimad,Editih« iqh KHi ilS. 


ToeSfeadSnyOahTnacMans 


WMga»Saas^SffAlcadm\ 
IfWevfeb to invest £ 


0801 

„ units) in the fieod 

Ml ttrnmnt payable to 

Ihnt'Ttust Management Ltd. 

I/We declare that I am/ire «e W* 

that I arn/we are aol anpnriug t he above 

[ it c&oaU be left ansfened. and die 

jUJj&arim sbmdd be ledged thzooeh an amfcorijed depwirary Mi sinckbfoiar 
or solicitor in the UK). 


onaSde tbo Scheduled Tetritnrim and 
' gain as the ■mmlnfrfo) many 


Signa 


i 

1 Surname (Mr- Men MlaC- 
| Fonamneis). 

I 


_DaLc_ 


Addiok 


rra9/o*/78 


All applicants must sign. This offer is ant applicable 10 resident* of the Republic rf 



HI 





This is the immediate protection you 
can give to yourfemily- with a Schroder Life 
Flexible Saltings and Protection Flan. For less 
than £11. 50 amonthatage30,youcanhave 
peace of mind, secure the future for your 
family and look forward to a substantial cash 
sum (or an income) when you retire. 
Furthermore, your outlay could be reduced 
by tax relief on your contributions. 

This is only one of the Schroder Life 
Plans W hirih ran pmvirtea rash .g um, an inm ffis 
and unit-linked^ the coupon 

to us for further information. 




Schroder Life Group, Enterprise House, 
Isambard Brunei Road, Portsmouth. POI 2AW. 
I would Kketo know more. 


i 

1 Name- 

I 


CPtctecb 


Address. 



Reassured 
on revenue 

LIFE COMPANIES gave a 
gentle sigh of relief when toe 
Finance BUI was published. The 
authorities are, it seems, not yet 
prepared to wage war over tax 
avoidance schemes. The Bill 
simply proposes to stop the 
scheme (described to these 
pages two weeks ago) under 
which endowment assurance is 
split 

Also there is no proposal that 
powers will be taken to enable 
the Revenue to scrutinise the 
products of life companies, to 
check that they are not blatantly 
artifical schemes designed solely 
for tax avoidance. 



j Schroder Life Group ! 

L FT29W8 Jj 



Children’s 
choice 

RIDDLE for to-day: in what way 
does toe new issue' of National 
Savings Gift Tokens differ from 
the old issue of National Savings 
Stamps? Both of’ them are illus- 
trated with ' ships of the line — 
HUS Victory (above). Sovereign 
and HMS Fan tome in the case 
of the new gift tokens, HMS 
Prince in the case of toe old 
savings stamps. Both make 
excellent gifts for children. 
Both were designed to encour- 
age saving— 4he gift tokens can- 
not, in fact, be casbed in, but 
must be exchanged for Premium 
Savings Bonds, National Savings 
Certificates or British Savings 
Bonds, or credited to a National 
Savings Bank account 
But the differences don't 
simply lie in the fact that toe 
stamps had a sticky back while 
the gift tokens have not There 
is a difference in the cost as well 
— stamps could be bought at 20p 
a go, while depending on your 
generosity, you can spend on' 
gift tokens £l (Victory). £2 
(Sovereign) or £5 (Fantome). 
Also the gift tokens are avail- 
able. And the savings stamps 
—withdrawn at the end of 1976 
— are not i 


LAWSON 



Mc* . * . * ft*A * 

I * A AAA AAA; 


HAS 
WALL 
STREET 
TURNED? 

B Anticipate the business eyefe 
and ‘ there is considerable 
chance of gain/wait forthe good 
news and you will be too late 
again. We think America and 
Canada look right— dp you 
’ agree? 

GROWTH 

Invest in Lawson American 
Fund now for maximum capital 
appreciation. 

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. 

LAWSON AMERICAN FUND 

is invested to grow with the 


lOOO 


900 


600 


700 



1977 1978 


Source:— Financial Times 22/4/78 

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


FIXED PRICE OFFER 25.7p. UNTIL 10th MAY 1978. 

(or the daily price if lower) Accumulation Units 26.7p. 

Advisers include Fahnestock & Co. New York and London. 

The Managers reserve the right to close this offer at any time if the true price moves by more, 
than 2%% from this fixed price. Telephoned orders will be accepted up to 5.00 pm daily— 
031-2263911. A wider range trustee security. A unit trust authorised by the Department of 
Trade. Twice yearly distributions are made on 15 May and 15 November forunitspurchasedby 
31 March and 30 September respectively. A 5%initiaJ charge is included ihtheprice. An annual 
fee of %% is deducted from gross income. ■ Commission is paid to agents. Trustee and 
Registrar— Clydesdale Bank Ltd (member of the Midland Bank Group) Auditors— Whinney 
Murray and Co. Chartered Accountants. Managers Lawson Securities Ltd, 63 George Street, 
Edinburgh EH2 2JG. Registered in Edinburgh 55135. Directors: J Nelmes Crocker, c. F. Y. 
Lawson CA,J.G. Dickson WS.S.C.Lawson.The current estimated annual gross yield is 0.5%. 


irkirtrknk APPLICATION FORM icirkirk ★ 


TQ: Lawson Securities Ltd, FREEPOST, Edinburgh, EH20DB. 

Tel: 031-226 391 1 (24-Hour Ansapft one Service) (Not applicable to Eire) 

I enclose a remittance payable to Lawson 
Securities Ltd. to be invested in units of the 
Lawson American Fund to the value of: 


MIN 

£600 


For accumulation units please mark X □ For Share Exchange details □ 

l/we declare that I am/we are not resident outside the scheduled territories 
nor am l/we acquiring these units as the nominee(s) of any person (s) 
resident outside the territories. (Thoseunabletomakethisdeclarationshould 
apply.through their Banker, Stockbroker or Solicitor in the U.K.) 


Signaturel 


$ignature2 


(All joint applicants must sign and attach full names and addresses} 


Namesinfull __ 

(Mr/Mrs/Miss/Title) 

Address 


.AFFT 29/4/78. 


a LAWSON AMERICAN FUND 











Financial .Times Saturday 


PROPERTY 


The chain reaction lives on 


BY JUNE FIELD 


CHAIMS OF purchasers not 
able to buy the houses they 
want because they cannot sell 
their own, and sellers not able 
to move until they get their 
money, are still around, causing 
stagnation and frustration even 
in to-day's buoyant market 

But they are a very different 
kind of chain from those of the 
past few years, where In most 
cases finance was the problem, 
particularly when bridging 
loans were so costly. Now the 
shortage of desirable property 
on offer is causing the slow-up, 
each link in the chaio unable 
to move without the other. I 
make the point of “desirable.’' 
because you only have to look 
at the lists of places on offer 
in estate agents’ windows and 
in advertisements, to realise 
that there is still plenty of 
bread-and-butter stuff about. 
But for the right property in 
the right place (not necessarily 
at the right price), it is another 
story. 

For instance in Buckingham- 
shire 1 heard of a Mrs. A. who 
received a suitable offer for her 
bungalow from a prospective 
purchaser, Mr. B„ who was also 
negotiating a satisfactory sale of 


his farm. Mrs. A has her eye on 
Mrs. C's house which is just 
what she wants, and makes an 
offer which Mrs. C. says she is 
happy to accept, but not until 
she has found a suitable place to 
move into herself. Therefore 
Mrs. A. has to go back to Mr. B. 
and say sorry, I can’t let you 
have my bungalow until I have 
somewhere definite to go. 

Poor Mr. B. then has to put 
off his sale— and so it goes on 
down the line. The fact that in 
each case the purchasers are 
prepared to increase their offers 
by an appreciable amount 
makes no difference. If a family 
has nowhere to go, they don't 
want to sell. This was in the 
£20.000 or so middle market, 
but the same sort of thing is 
happening even when you get 
into six figures, where one 
might justifiably have expected 
buyers to he a little thinn er on 
the ground. 

The demand for handsome 
country houses with five to ten 
acres continues, evfen for those 
with a price-tag of £100.000 plus. 
Little Heath Park, Potten End, 
Hertfordshire, which is on offer 
at a figure in excess of £150,000, 
has attracted strong interest, all 
from “ home-grown ” buyers, 
report the agents Brown and 
Meny. who also admit that the 


vendor doesn't want to commit 
himself to a positive date for 
completion until he has found 
what he wants. 

One of the- most impressive 
houses to come on the market 
in this district Little Heath 
Park was known for many years 
as Bullbeggars, when it was the 
family home of the Coopers of 
Cooper MacDougal and Robert- 
son fame. They started their 
original country vet’s practice 
in the Berkhamsted area. 

Built in the 1920s, the house 
has six bedrooms, three bath- 
rooms, a 89 feet Jong hall, and 
a handsome library as well as 
a formal drawing-room plus 
garden room and a two-bedroom 
domestic staff wing. The ten- 
acre grounds include a stable 
block, hay bam, sunken garden 
with a lily-pond, sweeping 
lawns, spinney, hard tennis 
court, vegetable garden, and 
three paddocks. Illustrated 
brochure, R. A. V. Cole, Brown 
and Merry country house 
department, Woollerton House, 
Wendover, Bucks. 

John German Ralph Pay also 
has Frogmore Hall, Watton-at- 
Stone, near Welwyn, Herts.. 3J 
miles south-east of Stevenage, 
for sale at £95,000. 

The Old Vicarage, Cbobham, 
Surrey, in about 12 { acres was 


originally part of Queen Anne's 
bounty for the maintenance of 
the poor clergy and had the gift 
of the living. An elegant look- 
ing property on two floors, it 
has 7/8 bedrooms, 3 bathrooms, 
2 dressing-rooms, with a green- 
house, two potting sheds, 
heated swimming ‘ pool, pool 
house, and 3-bed bungalow in- 
cluded in the price of around 
£150,000. Details from the Ascot 
office of Knight Frank and 
Rutley. 


A Priest’s Hole in one of the 
bedrooms is a feature of Bur- 
mester House. Mickleham, 21- 
miles from Dorking, near the 
Downs and National Trust land. 
The original house , dates from 
the late 17th-century, hot in 
early Georgian times a bride 
and flint facade and central 
portico was built cm the front 
giving the house and imposing 
appearance. Accommodation in- 
cludes S bedrooms, 3 bathrooms 
and such little extras as a boot 
room, laundry room, dark room, 
wine cellar, and a special kennel 
for the dogs. Included in the 
£125,000 price ticket is 3i acres, 
greenhouse and vegetable gar- 
den, 2 paddocks, stables, and 
two cottages converted from the 
old coach house. Agents John 
D. Wood, 23 Berkeley Square, 
London, W.l. 



; -Otten 'ui the region of £93,00 

the.Londo 

. ^ r dSficC Of John German 

•r- r/’.Psiy 1 : Hall, 

: . substantial Victorian countr 

! Jnus& near Wetwyn, Hertford 
- 4 shire. The property ha&alxiq 
of offic 

’’ spa<pe, smd &e acctHnmodj 
tndiide 

v “: a : ;3Aear(KHned - Aid, 2,87. 


space ' junt n-; further -‘ 3 , 7 ft 
} square fe^ofseparate storagi 
■' .i ^ 'Spabe? lib set in- six acres w 


Weavers, a house in Lod& - 
worth, midway between Pe£ ; 
worth and MidhnrsL The , 
house is mainly of Tudor ; 
origin, with a recent addition, 
and boasts many exposed 
beams. Accommodation ' in- 
cludes 3 reception rooms, 4 
bedrooms,- 2 bathrooms and a 
playroom. The property, cover- 
ing approximately i acre, Is 
situated on the edge of the 
village and has good views. Its 
own garden includes a York 
stone paved terrace and a 
charming lily pond with foun- 
tain. Offers around £70,000 are 
invited prior to auction by 
Savills, of Berkeley Square. 
London. - 


STAMPS 

JAMES MACKAY 


IN 1975 the Conference Euro- 
peene des Postes et des Tele- 
communications (CEPT) de- 
cided that the subject of the 
stamps issued by member coun- 
tries this year would be 
monuments. My understanding 
of the word monument is that 
it means a lasting reminder of 
someone or something notable, 
but perhaps this is too narrow 
an interpretation. Judging by 
those stamps which have so far 
been announced, the members 
of CEPT favour a more liberal 
interpretation, with the result 
that the 1978 series consists 
largely of stamps featuring 
historic buildings rather than 
memorials. 

Among those which have 
adhered strictly to the CEPT 
mandate are two of the three 
Crown dependencies of the 
British Isles. Guernsey is 


releasing 5p and 7p stamps on 
May 2, designed by Richard 
Grainger Barrett and printed 
by the House of Questa in 
London. The 5p stamp shows 
the memorial erected to the 
memory of the crew of the 
Cypriot timber ship "Prosperity” 
which sank off the Guernsey 
coast on the night of January 
16-17, 1974. The simple granite 
memorial records the names of 
the 18 crew who perished, 
flanked by the badges of the 
RNLI and the St John Ambu- 
lance, whose personnel took 
part in the abortive rescue 
attempt 

By contrast the 7p shows the 
Victoria Monument a massive 
castellated structure which was 
erected to commemorate Queen 
Victoria’s visit to the bailiwick 
in 1846 — the first visit of a 
British monarch in modern 
times. 


10th and 11th centuries grace 
the lip stamps. The stamps 
are being produced in sheetlets 
containing nine stamps and, 
remembering the stampede 
which followed the release of 
the 1976 Europa stamps in the 
same format, collectors will be 
well advised to purchase these 
stamps in complete sheetlets. 
The stamps were designed by 
John H. Nicholson and printed 
-in multicolour photogravure by 
Courvoisier of Switzerland. 
They will be put on sale on 
May 24. 

This is the first occasion that 
Jersey has taken part in the 



only France so far has an- SeUmiye 
nounced designs which can Nicosia, 
truly be regarded as monu- The three . stamps being 
ments. On May S two stamps is^ed by West Germany r on 
featuring memorial fountains M 22 take their motifs from 
are being issued, the lfr show- '"7 ~~ ; r 1 7 . /T 
ing the Fontaine des Innocents 0 ( * * own 111 ^ ie WUlrt- 
and the 1.40fr depicting ' the temberg cities of Bamberg; 
Fontaine du Fare Floral, both Regensburg and Essliogen am 
in Paris. The French Post Neckar. Austria issued a 6 
Office in Andorra is issuing-two schilling stamp on April 17 and 



featuring 


showed the Riegersburg, a pre- 




stamps on Monday, 

the church of Pal and the ....... . ■ , 

Carlemany House. The stamps «‘pitoui basalt rock : surmounted 
are in the .same denominations “Y a 12th-century citadel which, 
as their French counterparts with many subsequent accre- 
but an interesting feature, re- tions, became an important 
cently introduced, is the bastion against the Turks in .the 
inscriptions in Andorran. - 16th-century. Since 1822 it has 


The Isle of Man boasts more 
than 180 early Christian stone 
crosses and has selected half a 
dozen of them for the Europa 
stamps. Three early Celtic 
crosses appear on the &p stamps 
and three Norse crosses of the 


Europa series and is releasing the fishermen and smugglers of The riva j postal administra- — 

a set of three, stamps on Mon- Jersey, and was substantially Cyprus have both con- been ^ ^ P 088 * 88 * 011 of the 

day. Courvoisier have repro- augmented by both ' Royalists centrated on historic buildings- Prtnee ' Liechtenstein *Who 
duced the delicate tints and and Parliamentarians during the Greek administration restored the castle after damage 

mades of three watercolours rival war. issued three stamps on April 24' in World War U and erected 

drawn in 1680 by Master G tinner Th e lOJp stamp depicts showing Colossi Castle (25 a memorial to war victims, over 

Thomas Phillips and now pre- Elizabeth Castle, erected during mils), Paphos Municipal its gateway, 

served by the British Library, the governorship of Sir Walter Library (75 mils) and the court- Switzerland’s Europa stamps 
London. They show three of the Raleigh. The War Office handed yard of the Monastery of show the Stockalper Palace in 
island’s best-known castles. The it over to the States of Jersey Chrysoroyiatissa (125 mils)- Brig (40c.) and the Old Town 

6p stamps depicts Mont Orgueil as a historic monument in 1922 The Turkish administration is Hall in Berne (80c). The latter 

— Mount Pride— built by order but during the German occupa- releasing 225 and 450 kurus is now a department store but 
of King John between 1190 and tion it again became an impor- stamps on May 2. respectively is cherished by philatelists as 
1200. St. Airbin’s Font (8p) was tant military stronghold. showing the oratory in Buyuk the birthplace of the Universal 

erected in the 1530s to protect Of the other participants. Hand- and the cistern in the Postal Union in 1874. 


"WHEN our native primroses Maybe, these were "improve 
delicate meats” deliberately sought hi 


are opening their 


flowers along the shady hedge- k*®eders order to make tbt 


rWr. banks and in the coppices, 


plants, easier to pack and des 


PROPERTY 




Ey Oilier of the Rnyco Group 


Barton Court Farm 
Stage II Land 
Barton Lane 
Abingdon Oxfordshire 


A major Residential Development Site 
having an area of approximately 48 acres 
with Detailed Planning Consents 
for the erection t>f 590 houses 


Freehold For Sale By Tender 


on Wednesday 7th J une 1978 at 12.00 noon. 

( unli-aa juld prut ioittly j 


Sole .Agents 


Chestertons Chartered Surveyors 


116 Kensington High Slrerl Loudon, WW 7UW 01-JUT 72M Tdex 88U79S 
BiklinM.iyfciftiii'PilriifL'indiin -HydePnrk -Thulwa-LiUlc Venice 




The 

Ultimate 
in Design 
and Luxury 


"i ® 1 




N6 


Two New Exclusive Penthouses 


I Superb views over Hampstead Heath. 

1 5/6 bedrooms; 3 bathrooms; 

galleried reception room 

I Floor area in excess of 3,500 square feet 
Ideal for entertaining 


I Video- telephone security system. 
Porter 


! An award-winning development 


JtBDtSata AgcdOi 


Chestertons Sturt& 


Cturtrtnl SLTvrjnri 
26 Clifton Road 
London W9ISX 
0l-aW48Il 


Tivendale 


Oiarirnd Survflsjn 
«•! H ichnatc High S« wt 
Lin dun .N6ilY ill 3JSHM1 




SERVICE APARTMENTS. The isorv House 
A special London apartment In exclusive 
Venetian act tins. Beautifully ruin la hod 
and serviced. Available from 1 to 12 
weeks- From fciSQ p.w. Telephone 
488 2400. 


KENT/SUSSEX BORDERS. Farm or 152 
acres with Bungalow residence fvatanu, 
views, over Medway vaUev. Farm Build* 
inns-. 1? wo In hand. 140 acre* let. 
Price £100.000 FiwfroW. TAYLOR A 
TESTER, S King Street. East Ctf Instead. 
Sussex. Tel. East Grmstead 24478. 


King & Chasemore 


Chaitc-eo suivevors 





WEST SUS5EX COASTAL AREA 


Between Worthing and Llttfehampron 
LUXURIOUS CHALET STYLE HOUSE 
ON EXCLUSIVE SEAFRONT PRIVATE 
ESTATE. 5 Beds. 3 - Baths. Shower 
Room. Lounge. Bar. Dining Room, 
Model Kitchen. Gas C.H.. 2 Garages. 
Beautifully landscaped Gardens about 
h acre. 2 mini beach. 


OFFERS IN THE REGION OF £80,000 


Details: East Preston Office 
(09062) 32D2 


BELGIUM 


Kapellenbos (15 km from 
Antwerp) 

LUXURIOUS MODERN VILLA 
Spacious private apartments, 
assembly room, staff-lodge, 
guest-rooms, play or working 
'space, sauna, tennis, garage. 
Splendidly laid-out garden with 
ponds. The situation and out- 
line ensure a strict privacy. 
D stalls from: 

“ IMMO E3” 
Tumhoutsebaan 254 
B-2230 SCftlLDE 
Tel. (9 ajn^l p.m.): 

(3!) 83 16 08 or (37 ) 83 52 02 


BELGIUM 


55 km east of Brussels 
18th CENTURY CASTLE 
Splendid 20 Ha park, I Ha lake. 


Buildings (castle, lodge, green- 
houses & chapel) and privice 
apartments up-kept to a prime 
Condition. 16 bedrooms and 5 

bathrooms. 

Derails; from: 

“IMMO E 3” 
Tumhoutsebaan 254 
B-2230 SCHILDE 
Tel. (9 slitl-1 pjn.); 

(31) 83 16 08 or (31) 83 52 02 


By direction of Trustees 

A First-Class Agricultural 
Investment 
CAMBRIDGESHIRE 
MANOR FARM, ELLINGTON 
393 ACRES 


Together with s Period Farmhome, 
Excellent Buildings, 2 Cottages and 
a Bungalow. Sub to Mr. Chapman's 
Tenancy. 

For Sale by Auction on Wednesday, 
24th May at dJO pan. at the 
George Motel, Huntingdon. 

Full Auction Particular* from the 
Auctioneer!: 

REF: 3F344, 


Ekins Dilley A Handley, 
Centenary House. Huntingdon, 
PE78 6PQ. 

Tel: (0480) 5617T. 


/ BIDWELLS 

Chartered-Surveyors, Truropington Road 
CAMBRIDGE CB2 2LD Tel: (022-021 ) 3391 


SWORDER 

19 North Street 

BISHOP’S STORTFORD, HERTS 
Tel: (0279 ) 52441 


t 

! 


Hertfordshire. — London 30 minutes 


THE UPP HALL ESTATE 
943 ACRES 


Grade n Elizabethan House — 4 reception rooms, 7. main Bedrooms.: 
Swimming Pool and Tennis Court in park setting ‘ . 

837 Acres Good Arable and Grass 
.Farmhouse, 4 Farm Cottages, and extensive Buildings. ‘ 
Vacant House' and ; 2 Cottages 
80 Acres Woodland 

Valuable Fishing . . • y 


FINE RESIDENTIAL AND 
SPORTING ESTATE 


BY 


WITH VACANT POSSESSION 

AUCTION - JUNE 7th IN 10 LOTS 

(unless sold privately beforehand) 


niiiiiHi/iiwjm 


LONDON - EDINBURGH - CANTERBURY -CHELMSFORD - CHESHIRE 
GRANTHAM - IPSWICH - LEWES - SALISBURY -SOUTHEND 


NORTH WEST KENT 


SOUTHFLST 
London about 24 mi lei 

PRIME BUIUXNG LAND 

in runl village 

ABOUT 9.40 ACRES 

With dauiled Planning Permission for 59 Houses and 111 Garages 
„ FREEHOLD FOR SALE 

Joint Sole Agents; Strutt A Porker. London Office. T of. 01-629 7282 
end HIND WOODS. 14 PJumXofld Rood. Woolwich, London 

SE18 7DA. Tet: 01-854 2241. fRfff. IAB5174) 


London Office: 13 Hill Street wtxsol Tel: 01-629 7282 


HAMPSHIRE 

MIDDLE WYKE FARM, ST. MARY BOURNE 

Facing South on the chalk 

21 1.9 ACRES 

Fine Family Period Farmhouse 

2 Bungalows, Buildings 

FOR SALE PRIVATELY OR BY AUCTION 


ON 1st JUNE, 1978 
As a Whole or in Four Lots 
Apply:— JAMES HARRIS & SON 
Chartered Surveyors, Winchester. Tel: (0942) 2355 


TORQUAY OUTSKIRTS- Glorious sea and 
country setting . Haro importunity to 


acquire purpose-built Hoi'day Chile c in- 
vestment Wit* Oi 



eratessiona l nunagemont 

services. Exclusive site at SO acres with 
mtauranL heated swimming pool. 


etc. Each chalet comprises inunge, kit- 
cticnorte. 2 bed rooms. Bathroom, gg year 
LcHscnuid £3.800 eaeh Chalet. BETTES- 
WORTH5. 29130 Fleet Street, Torquay. 
Tel. 28171 tSTO 0803). 


Of Interest to Farmgrs, 
Graziers, seekers of develop- 
ment potential and those desir- 
ing a Farmhouse Residence with 
privacy. 

SOUTH SOMERSET 


Yeovil 1 mfle on Northern 


boundary of Town 

SMALLHOLDING 

with 

30 ACRES 

YA'CANT P05SES5ION 
For Sale by Auction 
(unless sold privately) 
12th MAT 


Palmer Snell 


Chartered Surveyors arid' Auctioneers 

COURT ASH • 
YEOVIL' SOMERSET - 
Yeovil (0935) 23025 


MONTE CARLO CENTRE 
Freehold Detached House. 
Ideal for Family or Offices. 
Offers around 2&0.000 francs. 

Apply w — 

COLMORE 

4 bis Chemin J«Tn d*Arc 
06 Menton, France 
Tel: 356191 


PARIS XVleme 


TO SELL 

Beautiful hat, 3rd door, avenue 
Msridul Maunsury, 750)6 Paris over, 
looking the “ foil de Boulogne." 
ancient woodworks,, -larto reception 
rooms, live bedrooms, four bathrooms, 
saraee Ear three can. dependencies. 
Write to; 

M. jeeques. ID avenue des Faisans, 
B.I950 Kraalnem {Belgiutnk 


^ patch to market, for they havt 

it - ^s time to start sowing -the long been first favdurites in tht 
seed of those more flamboyant profitable i Christmas pot plan 1 
primroses from China that will trade: 

flower in greenhouses, in mid- J can see the commercial ad 
winter. There are three- major vantage btEt re^et'^e loss ol 
species: Primula sinensis, ’ P. elegance which is such an out 
obconica and P.malacoiiifiS,a»d standing t**™* <* the spedes 

att have been highly develob^d ' m three primulas are com- 
^ “only . grown as annuals, 

m gardens to^g ve ... Occasionally good plants of 
greater range of flower forms obconica are retained 

and colours than are available:^ several years but better 
-in the wild. -All three can be results are obtained by renew- 
grown successfully with very ing each year f^om seed. This 
little artificial heat ihdeed -P. can be sown how in an un- 
malacoides is so nearly haixiy ^ ez * 0HS ? J 

; «*at in some mild parts qf n^e rapidiy than the other 
£ntam it can be grown put- ^ it - K desirable to make a 
{doors. - ’ second, sowing of it about mid- 

Primula sinensis is in some summer to give plants to 
respects the most beautiful of flower in la,te winter and early 
the, three, but. also .the most dif- sprin& 

X: n. i'lV. ■ ■ All li 


flcult tij^TOw- snccessfully.- Its ^11 -like .a rather spongy com- 


rfaoniw infix* „„ post, either pare peat or a half 

in hrS and hallt 8011 tUXttire With a 
ZJZ htx} e added grit or coarsc sand.: 
rq series, -.both..; ^.charactemiaqs No - fertiliser is. desirable for 
making itliahle-tn colleet water, ^eed germination.'bttt the seed-' 
which, la autumn and -winter . 

can prove;fatid,' .7 . • ,r, u ' 7 1 i;r * - 

It also fiowm : fw. " ■' ‘ 
period than theotoers ^^GiwDENtN G ^ I 

thing like two na^lhs ' 


the possiMe ihris^^ • • HaLYH * 

from -.P. inxdtSiindes and. ^ the 
spastaod^^i^Mflowering that 

can v make^it ‘wdrth udtile to ^ rt n ^ ra -,li7.i.r i 

a e:>bco^ ^ ! 

full yetor or oviar raore.^ _ The .while quite smsiJ, inio a siBfrfiar 
flowers .’oi P. sfy&nsis aie also mixture ^te extra fwxi. , Any 1 
Iarge and- carried In. wldes-elus- erf; the xtommesci^i -peat based 

„a.i.k nKftiiiff 'mmiMctc. irili 8n_- luit 



>Uy ^ fter 

mam steps gre, : 20 to 25. on - extent: ^ one tbixti-of the total 
high. There are some :lov^ ibnlk'iof 
colours, including many shades. -. ; ,as f dr' so^maiiy'ntb^ 
of pink and mauve, also seaxiet^ Tnow-rely^on a homemade m&- 
crimson, blue^-and 1 a wondeifn? 4-tureof eq ual "parts goo d ’ garden 
reddish orange variety . named. ,so3J and moss peat, plus - enough 
Dazzle r. ; i - -• r , *.*t 'sand^o give 'it a slightly grittf 

By W well 

is a slightly stodgy plant with fertiliser. ' ” 

less attrariive- leaved which :Tb ^ seedli ngs can be pricked 

cause severe skin irritation in pni aboiit threev centimetres 

some people. If -you know that apart in seed trays to siave room* 

you are subject to this but still if space is available, time 

wish to grow the plant because be saved by potting straight 

of its exceptionally long flower- s ^j y ..™. t 9 fi y e ^ n ^f n ® tr j: 

ine season, it is wise -to' Wear ■ The htt ^ e plants are best 

mg season, it ^wise to wear kept m a green^ougg JnTie 

gloves Whoever handling them, but all through the summer will 

The colour range is similar, to be more comfortable in a frame 

that - of Pi sinensv, but with : with J protectioa' ob|y at'" night 

more and better shades of blue ' frem heavy rain. 'Do not 

but no vivid orange to rival .?*** these, are .almost 

Daalet Tie flbwraais carried 2 ■*?.? 

-- . cousin our own primrose, like 

good, rounded- heads on to grow in cool soil 

30 cm sterna... fc .. , . that, ib "always - moist- but- also 

. P rivmla^abianc&s hias the-' always ;open textured. and well 
small^t flowers' of the three,’ aer ated- Thabis the.reason for 

but they far more, than make t»>" J** 1 : 01 e: sharp( 

in number. what They ladk in -. - V- ■ . 

size Asfte smaU pots^fiil up with 

nL- * is * i' ■ uJL roots plmits innst be' moved to 
Wl ! Js^frtand gat has been larger ^ ** bine-10 cent!- 
named tiie Fairy Pnmrose and mptre poty are usually adequate 
rt is not only an exreptlonaUy **.. p ri mula malacoides and 
easy plant -to but also a 13 centimetre pots 'for?*; slnen- 
very srfe one. -.l^have never 5is and P.cbconlcaT .-Notlmig is 

from sufferers. From carir Octobei-MW.rds 

all, » greet wVIMi- ^ plants chraldlwfcVefflMai- 

a ,,^ e ^. -.03*. horigft.qr.'dp ^-.- BamBy . jadndow 

aller^c-' \ =xSL=- Tffater a"S 

\The wlld : 'Prfm«Io molaomies, autumn 
wjhi<m. grisw'more J t3wn ^0 tn&Sr- ! jtijjiti with 

years ago, haa. ^eat sprays- 

rather ■ wishy-washy ' pinkisb- apjsfpd lhe spout 

mauve flowers. It. was - ; yeiy. of rShe water^^^ahheJd’; <$psc 
attractive in k gpfet soEt otway^ to-fiiei smbr ^ 

but it was obvious that jf lt Was oTjeav^s; If 
to . .. r 

colour tvotfld haW lA oe Sft&a-' '^hen. let 

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shades et pfflfc -fp. lag ves;;^But that 

unfortunai^ in tbe'pr&fi*. fte it- *s .PX-o&amcariyDU : -are 

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shorter - ahd^. ,mgB^- :<»mr“^ : 




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CARS 


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triumph of design 



W goes diesel 


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SrUART MARSHALL 

yid flte up; the ’VoTks- 
Gttllv^iesei. .from, cold, 
^yiaerVfbr a few 
.title, engine 
^^^avchdckling kind 
S^ WoUswagen call 
riinitborpt The sound 
Kny^Cyoa conld think 
s/ the'- death rattle of 
^.Eriergywaste, because 
E' makes a little DERV 
^sna “gu' : » ; very long way— 
lespcci^ly in conditions when a 
petrol engine is at its thirstiest 

‘'Oft Large scale testing . in 
'Germany has resulted in . an 
average fuel consumption of 
l‘f 60.1 m.p.g. in town, 48.7 ih-P-g- 
,'J on country roads, 44J m-p.g. on 
the autobahn, on which -you Can 
- ... still go as fast as you like.- 

The FTs former Bonn Corres- 
"••• 'poodent, Nicholas ; Colchester, 

- confirms these figures. His Golf 
/' diesel has . yielded exactly 
* 46 m.p.g. for' 9.000 miles of 
: ■.*; mixed London and motorway 
driving and did 44 m.p.g. on a 
rapid dash to the South of 
- / Prance. - 

Next week, the Golf, diesel 
finally reaches Britain, a year 
-'■J after it had' originally been 
'•O promised. The only version to 
be -available here is the five- 
' door LD. It sells at £3,543, 
^ compared with £3 £15 tor the 
1 ; ' three-door, 1,500 ec petrol Golf : 
;. 1 - LS and £3.500 for the five-dooT 
■'-petTol-. Golf GLS. 

The Golf LD scores several 
v ~" firsts. It is the smallest diesel 
- car, in the world; though ;not . 

the' smallest engined, because 
£ the Peugeot 304D has a 1,357 


cc,. 45 horsepower diesel com- 
pared with the Golf’s 1,471 cc. 
-50 horsepower, but- is one and 
a half feet longer. More im- 
portant, the Golf is the first 
diesel car with a motor de- 
veloped directly from a petrol 
engine, and the only one that 
you drive exactly tike a petrol 
car. ' 

' Getting the best ont of all 
the other diesel cars involves 
exploiting tber engines* lilting 
for pulling hard at low revolu- 
tions. The Golf’s diesel does 
not take kindly to slogging: it 
much prefers to rev. freely, like 
a petrol engine. 

Its Odd m.p.h. acceleration in 
11.5 seconds is better than any 
other diesel car’s (including the 
five-cylinder Mercedes 300D) 
and its top speed of 87.5 m.p.h. 
makes it one of the fastest. 

Except when starting up or 
ticking over, it doesn't even 
sound like a diesel. On a jour- 
ney, the only time you are re- 
minded that it drinks DERV 
and not motor spirit is when 
you draw into a filling station 
and find it has used what seems 
like an impossibly small 
amount of fuel. The LD’s per- 
formance is more or Jess the 
same as that of the 1,100 cc 
petrol-engined Golf which also 
develops 50 horsepower. The 
difference is that the 1.100 
petrol Golf's official fuel con- 
sumption is S3.2 m.p.g. (town), 
42.8 (country) and 32.1 ntp-g. 
(motorway). 

Even allowing that DERV at 
an -average 83p-84p a gallon is 
lOp dearer than petrol, the 


Golf LD, at the 45-50 mpg 
Volkswagen GB think most 
British users should get, will 
show a fuel cost of 1.75p a mile. 
To equal that it would have to 
better 40 mpg on perroL But 
who is to say that the 5p tax 
differential in favour of petrol 
that currently blunts the edge 
of the Golf LD's economics will 
survive the death of the Ub- 
Lab pact that gave rise to it? 
DERV is artificially high priced 
in Britain: everywhere else in 
the EEC it is cheaper than 
petrol except for Germany, 
where it costs the same. In Italy 
it is less than one-third of pet- 
rol's price. Any future chance 
in Britain will have to favour 
diesel. 

As a concept, though, the Golf 
diesel has almost everything in 
its favour. Tt is going to he a 
trend setter for the late 1970s 
and early 19S0s. Already 
Genera! Motors and Chrysler in 
the U.S. are talking about one 
car in four being diesel powered 
i nten years’ tim»». 

Volkswagen GB plans to sell 
about 1.600 Golf dieseis this 
year in Britain. A diesel VW 
Passat is in the offing, too. 

• No prizes for those who 
spotted that last week's picture 
teas of the Alfa Romeo GTV and 
not the Alfetta 2000 executive 
saloon I was writing about 
Mechanically they have a great 
deal in common, but the GTV 
is a two-door four-seat fast back.' 
not a 4/5-seaf saloon. The price i 
is considerably higher, too. The 
GTV costs £5.799 compared irith 
the Alfetta 5000 saloon's £4 £00. 



feat i tfc : v 





«w» 

.v 

sepi 



MADRID. April 28. 
GARY PLAYER’S apparently 
endless succession of triumphs 
both in the XJ.S. and elsewhere 
continues to over-shadow every- 
thing in golf, particularly 
causing the strictly Second Divi- 
sion contest for the Madrid 
Open championship here at the 
Puerto de Hierro dub this week 
to pale into insignificance. In 
fact were it not for the 
duel expected to-morrow in 
the final round between Seve 
Ballesteros, Player’s heir 
apparent as the lone hope of at 
least occasionally shattering 
American dominance of the 
game at all levels, and our own 
rapidly emerging star Howard 
Clark, one would be tempted to 
refer to this as a non-League 
fixture. 

The Spanish public con- 
tinues to turn virtually a blind 
eye toward golf, although there 
are encouraging signs that this 
situation is changing. Balles- 
teros has so far been faithfully 
followed here by a crowd of 
fully 100 people who appear to 
be largely ignorant of golfs 
etiquette and the elementary 
niceties expected of spectators. 
Judging by the chic tailoring 
and often fur clad elegance of 
the ladies it is fast becoming 
fashionable to be spotted in 
the wake of the darkly hand- 
some youngster who threatens 
to become Spain’s most hal- 
lowed sporting hero since the 


A testing 
time for 
A levels 


"IF THE move- to institute a 
new 18-plus examination is seen 
to be drifting back towards pre- 
serving GCE Advanced-level*, 
there will be protest marches of 
sorts. They will be led by the 
education correspondent of the 
Financial Times, whose eldest 
son will be coming into range in 
five years' time.” 

I wrote that in March 1970. 
Since then two of my sons have 
undergone A levels, and their 
15- and 12-year-old brothers are 
bound to do so too. For ibis 
week the Schools Council ad- 
mitted that the replacement 18- 
plus, under serious study for 
the past 14 years, is unlikely to 
be ready for sitting until 1988 
at least 

To date, however, I have led 
no protest march. While the 
proposed replacement exam has 
been patted and poked this way 
and that in an effort to secure 
sufficient agreement among the 


bullfighting T ‘ beatle " El Cor- 
dobes. But if Spain's small but 
splendid selection of golf 
courses is to survive the 
threatened onslaught someone 
will have to convince the ladies 
in question that high-heeled 
boots are not really the most 
suitable footwear for the occa- 
sion. 

Golf here received the royal 
blessing on Tuesday evening 
in the clubhouse when King 
Juan Carlos awarded the Gold 
Medal for Sport to Ballesteros 
and his world cup* winning team- 
mates Manuel Pinero (1976 in 
California) and Antonio Garrido 
(1977 in Manila). Ballesteros 
also' received a bar to his medal 
for helping both to win the 
cup and successfully defend it. 
These were the first golfers ever 
to be awarded an honour 
limited to 50 living Spanish 
sportsmen. 

Needless to say that intrepid 
horseman the Duke of 
Albuquerque and Wimbledon 
champion Manuel Santana have 
been similarly honoured, as 
was the president of Beal 
Madrid football club last week. 
As yet no soccer player has won 
the award. Judging by their 
World Cup warm up against 
Mexico here on Wednesday 
night when the Spanish 
national team flattered to 
deceive with two fine early 
goals and then apparently tried 
to lull the nation’s televiewers 
to sleep against a team that was 


confusion of educational in- 
terest groups, I have retained 
faith that the change would one 
day be made. 

The Schools Council has now 
published its “ final ’’ proposals 
for the replacement scheme. 
Admittedly this is offered in 
three different versions, but it 
is fairly firmly based on a sixth- 
form curriculum of at least five 
subjects compared with the 
three at most normally taken 
for A levels. It is hoped that 
youngsters would thereby be 
encouraged to continue study- 
ing a mix of literate and 
numerate subjects. 

Under the new scheme, sixth- 
formers would study for two 
years before being examined in 
the five subjects at either, or 
perhaps both, of two tiers. 
These would be a lower “Nor- 
mal” tier, and a higher “Fur- 
ther" tier. The time of study 
notional) y required for the N 
exam would be about half that 
required for a GCE Advanced 
subject The F would assume 
about three quarters of the A- 
level study time. 

Usually, It is also hoped, 
youngsters aspiring to go on to 
a degree would sit three 
subjects at N, and two others 
probably directed towards their 
preferred higher course at F. 


equally hirsute and lacking in 
bite, the King is unlikely to be 
ordering any more medals in 
the foreseeable future. 

What Spain seeds badly as 
soon as possible if golf is to be 
translated to the masses— who 
have long been conditioned to 
regard the game as the exclu- 
sive preserve of the aristocratic 
and wealthy — is a government- 
backed programme to build 
municipal facilities. Courses, 
driving ranges and indoor golf 
centres with dubs for rent are 
urgently needed if Spanish golf 
is not to remain famous only 


GOLF 


SEN WRIGHT 


for boy caddies who become top 
class professionals as their sole 
escape route from poverty. . 

Because 1 am lost in a drai ra- 
tion of the golf course archi- 
tecture of the late Spanish 
genius Javier Arana I spent 
time between the Spanish 
Open, played on the superb El 
Prat course Arana designed in 
Barcelona and the Madrid Open 
by visiting for the first time an- 
other of his masterpieces, the 
El Saler public course just to 
the south of Valencia. I. had 
heard nothing but praise for 
this layout, but if anything it 
was not half fulsome enough. 


Between now and next March 
the council’s proposals will be 
subject to a last round of 
machinations among the profes- 
sional groupings. If sufficiently 
approved, the scheme would be 
recommended to the Secretary 
of State for Education and 
Science. 

The trouble is tbat if the 
coming confabulation produced 
no agreement, the Education 
Secretary would most likely be 
.recommended to preserve GCE 
A levels. And my current read- 
ing of the educational entrails 


EDUCATION 


MICHAEL DIXON 


suggests that the status quo will 
wan, with sad effects. 

If it were not for their 
increasing influence over child- 
ren's life prospects, A levels 
would be laughable. In mass- 
entry subjects, the tendency to 
award a given grade of pass to 
a similar percentage of each 
year's entry even though the 
number of candidates has 
increased greatly over recent 
years surely prevents the 


El Saler is half Sunningdale 
and half Birkdale. need one say 
anything more — hard by the 
Mediterranean. I earnestly 
recommend any lover of golf 
and its mere brilliant architec- 
ture to make a pilgrimage to 
Valencia and play there. You 
are unlikely ever to be held up. 
On the two beautiful days I 
played there there were never 
more than a dozen people on 
the course at the same time. 

But what is more important 
in a country whose inflation 
rate appears nothing short of 
spectacular, the dub house is a 
residential, government - run 
parador or motel which offers 
an excellent four course dinner 
with a wide variety of choice 
for 500 pesetas or roughly 
£3.50. Golf on the 18 bole 
course and a magnificent nine 
hole par three set among the 
giant sand dunes and dotted 
with cavernous bunkers costs 
400 pesetas per day and dark- 
ness does not fall at this 
moment until well after nine 
o’clock. 

Arana was a lawyer from 
Bilbao who was more than once 
amateur champion of Spain 
and turned to designing courses 
as a hobby, but unfortunately 
never outside his native 
country. Apart from El Prat 
and El Saler he designed the 
wonderful course in Bilbao the 
Club de Campo and RAC 
courses here, Guadalmini and 
Los Monteros in Marbella and 


results from representing any 
constant standard. The diffi- 
culty of obtaining a given grade 
also varies with subject and 
with examining board. While 
the grades are decisive over 
whether or not a youngster is 
admitted to a degree course, 
research has indicated them to 
be a very poor predictor of 
performance in degree studies. 

In short, the GCE Advanced- 
level system is an examination 
■which isn’t fair and doesn't work 
properly, even for the purposes 
of higher education. And where 
the schools are concerned, it 
has played a powerful part in 
promoting early specialisation 
in a narrowing range of 
subjects. 

This spetialisation, which is 
not necessarily the same as 
rigour, is against the best 
interests both of the youngsters 
who undergo and of the great 
majority of the taxpayers who 
finance education. But it suits 
the interests of the suppliers of 
higher studies by preparing 
sixth-formers for entry into the 
existing range of still largely 
specialised degree courses. 

So given N and F, the institu- 
tions of higher education would 
probably have to change their 
habits. In arguing for preserva- 


several more I have yet to see. 

An unfailing trademark of an 
Arana design was that the 17th 
hole was always a par 3. He 
was also addicted to leaving 
striking-looking solitary trees 
intruding, into fairways and 
forcing golfers to play for 
position to avoid them. 

There are several pine trees, 
both dwarf and otherwise some 
grotesquely bent twisted by 
the prevailing winds off the 
sea at El Saler which seem to 
draw errant golf balls to their 
doom as insidiously as does a 
spider’s web unwary insects. If 
Arana could be accused of 
gimickry these sentinel trees 
are nothing alongside some nf 
the contrived rubbish per- 
petrated by several of to-day’s 
most renowned architects. 

Last, and sadly, my prophetic 
words about the Italian open 
to be played at Parent on 
Sardinia’s Costa Sm era Ida next 
week are becoming alarming 
fact So few professionals feel 
they can afford to make such an 
expensive trip for scant reward 
that the pre-qualifying round 
has already been cancelled. 

At the last count yesterday 
there were apparently only just 
over 100 players — and most of 
them anything but household 
names — likely to compete, a 
sorry statistic that might even 
cause European Tournament 
Players’ Division officials to 
awaken from their euphoric 
dreams — and face reality. 


tion of A levels, however, they 
would be more likely to say tbat 
the replacement would militate 
against their elevating students 
to the present academic stan- 
dards of degree courses in what, 
by international comparisons, is 
the unusually short time of 
three years. 

But at the risk of seeming 
somewhat heretical I would 
answer that objection with: " so 
what". For one thing, the diffi- 
culty of gaining a given class of 
degree also seems to vary with 
subject and university. For 
another, while prevailing 
“ standards ” may be essential 
in a- few subjects to give 
adequate preparation- for a 
minority of highly specialised 
careers — including university 
research — 1 cannot see how the 
majority of undergraduates 
necessarily benefit by rather 
greater depth of academic study 
at the sacrifice of considerable 
breadth earlier on. 

Even so. experience suggests 
that if the higher education 
lobby persists in opposing N 
and F, the change will not be 
made. If so, we shall once again 
witness a minority of self- 
interested institutions stifling a 
much-needed reform in the 
schools. 


" v ^%iani f 






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The recent sharp rise in the U.S. stock 
market, accompanied by record volume, suggests 
the sort of buying opportunity seen in the U.iC. 
early in 1975. This rise has featured dramatic 
increases in the share prices of “Blue Chips”. 

Trident American Growth Fund 

This authorised unit trust, managed by 
Schlesingers, is effectively 1 00 ^ invested in 
leading U.S. companies. Whilst second-liners 
have proved specially resilient over the last year, 
the recent sharp market rise has featured the 
shares of leading Companies. 

The fluid's “Blue Chip” portfolio is still on a 
low valuation base with the shares looking very 
attractive relative to smaller issues. 

The case for investing in theUSA. 

1. Note the fundamental values 

■ Standard & Poors 500 Index 


Estimated earnings 810.95 $11.95 

Prospective PE Ratio 35J5S &5x 7T8x 

Estimated Dividends $4.60 $5.25 

Prospective Yield 3.5% 4.9% 5.6% 

At current levels, U.S. stocks are selling at 
roughly half the 20 year average price/eamings 

ratio andyielding some 60 % ^ -~ 

more than the 20 year average./' 

2. Geographical / 

diversification / jS B lf a 

This shows the size f tror,. A 
or the five largest slock ( w7t> I 

markets' as a percentage \ 

of the total free world’s \ 

stock market Note the N. 

U.S. domination. 

Avoiding the dollar premium 

Recent press comments have drawn attention 
to the problems of the dollar premium. Unlike 
some funds the Trident American Growth Fund 


20 Year Average 
1957-1976 

3977 

1978 


$10.95 

$11.95 

35L5x 

*5x 

778x 


$4.60 

$5.25 

5.6% 

3.5% 

4.9% 


makes heavy use of back-to-back loan facilities, 
largely to avoid the problems of the dollar 
premium. However, Schlesingers are constantly 
monitoring the fluctuations of the dollar premium 
and will channel a greater proportion via the 
premium when it is at low levels. 

Schlesingers’ recommendation 

Schlesingers strongly recommend that every 
private portfolio should now include ] 5-25 ° 0 in _ 
American securities, with a view to increasing this 
when the market outlook is further clarified. 

Trident American Growth Fund is aimed at 
capital growth through investment in a broadly- 
based quality portfolio of leading U.S. shares. , 

The estimated gross yield on the current offer 
price of 29 .1 p is 1 .94 

PIMS-Aunique Service 

Minimum investment in the fund is £500. 
Investors of £2,500 or more will receive 
Schlesingers* Personal Investment Management 
Service (P1MS), including portfolio reports and 
valuations, invitations to meetings and advice on 
personal financial planning if required. You 
should regard your investment as long-term. 

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

Afixedpriee offer 

Units are on offer at the fixed price of 29.1p. 
for investments received by May 1 1 - The offer wilt 
close before May 1 1 if the actual offer price varies 
by more than 2i% from the fixed price- In this 
event units will be available at the price then ruling. 

General Information 

TolmcM.aMtbManHBBraiMed.AniUcailoa.twnitfiarl.'mmledBea 

and » b « ui »end , r,u a derailed touch me ai ihe urtM time. Certifies tts 
will be icnl nui duiins June, Uniu will he arsJIahlc after the oiler 
cJrvsei ai ibe pri« auoled IB LAC daily picas. Tte mlnmnim iavrUBMtn In 
xh> Fmxd b ISM. TlirUah Price and field are rnhluied daily In leading 
Wfttwros. To Sell uuo, almply return tnurcenlfkaic appropnaidr 
endorsed on tbe hart - parmt si » niwnuDymade nnhin i days oi our 
reorichie the renounced certificate. Corauide'B of li'-. wUlbopsloio 
Tccocated arena. Owr** :■ An initial c buret of ?*„ a mclwb -c i in a» 
Offer i> tlce. A enaevte at an amt si roe of i'.’i. (|*J« V AT} otO»e mine nr 
the Fund u deducted Irnna cross income lowards admlnbirallTe 
expenses. Tru«i**«i Midland Bank Trust Co. Lid- Aodittrt : Peat, _ 
MararfeL. Mile bell * Co, Muaetr* : Sdstolaaer Trust MoiOecrs 
1 9 Hanover Square. London. W.I.REktaeretl In Ensland.>6.!J»S85S. 
MmbcrC e| Uie Unli Trust AssocailWhlUta offer tsnotavalUUcio 
Toldenis of tie Republic oOrefand. 


I Sclilesiiigers-specialisfsinthenianagemeitiofpTivaie.institutionaland.peitsjGnfunds. 


To: Schlesmger Trust Managers Ltd, 

140 South Street, barking, Sumy. 

I wish to invest Ir 

(minimum £300) — — . — 

in tbe Trident American Growth Fund it the fixed 
offer price of 29. Ip- 

1 would like further informatlon, including I I 
details of Share Exchange 1 j 

A cheque Is enclosed in remittance, made payable to 
.Midland Bank Limiifid. 


1 declare thui I am not resident outside the Scheduled 
Terraaiies and ihatloro not acquiring the units as a ppmujee 
of any person resident tnmkle tbe Territories. ( If ate 

Unable in mote this declaration, iishuuld be dekied and Uus 
application form should then be lodged ihroush your U-K. 
bank, stockbroker or mlidiort. Minors cannot be regisicrcd, 
but accounts designated with their initials will be accepted. 

Sanma 1 (nines UJnnaflJUASfi) 

Egtaun w ■ — - - - - ■ flafaH) 


FT 29/* | 


tin the case of a John application all must ugnj 


Schlcsinj»ers.Anierican Growth Fund 






10 


TRAVEL 


Financial Times Saturday April ^ 



Of castles , 




sheep and 


tiny trains 


BY PAUL MARTIN 


ALONG with many other people 
I thought I could easily reel off 
the names of the Cinque Forts — 
pronounced M sink" and not in 
the French way — but I soon 
found that I was wrong. Their 
history is a long one dating back 
to Edward the Confessor so, to 
put the record straight, the 
ports are Hastings, Romney, 
Hythe. Dover and Sandwich. 
Rye and Winchelsea became 
associated Head Ports and were 
later accorded the status of 
“ Ancient Towns." 


Their story is an absorbing 
one yet to-day only Dover, with 
its ever increasing cross- 
Channel traffic, remains a port 
in any real sense. Hythe has 
been overtaken by nearby 
Folkestone while the remainder 
handle no regular sea traffic. 

In historical terms, a 1688 
charter co nfirms the names of 
the ports, the two Ancient 
Towns and a whole string of 
corporate and non-corporate 
members but, even though the 
Confederation already existed 
at the time, it was here that 
England was successfully in- 
vaded for the last time by 
William of Normandy. 

The one date we all know is 
1066 and. coinciding with the 
English Tourist Board’s current 
promotion of Norman Britain, 
the Department of the Environ- 
ment has long-term plans to 
provide easier access to the 
scene of the battle, close to the 
famous girls’ school at Battle 
Abbey. The clash of arms gave 
its name to the small town then 
called Senlac. 

Hie events of that day are 
recorded on the famous tapestry 
In Bayeux which now has a 
companion piece, the Hastings 
Embroidery commissioned in 
1968 to celebrate the 900th 
anniversary of the Battle of 
Hastings. It pictures an outline 
histoiy of England on 27 panels, 
beautifully worked by the Royal 
School of Needlework, on 
display in the Town Hall. There 
are some delightful half- 
timbered houses in All Saints 
Street in the old ttfwn, near the 
original harbour with its pitch- 
covered drying houses for the 
fishermen’s nets. 

Romney Marsh, where great 
flocks of sheep stHl graze in the 
ancient haunts of smugglers. 



Church St, Rye, Sussex. 


makes a rewarding touring area. 

Here are the great wool 
churches, far too big to serve 
the current population. One of 
the most delightful is St 
George’s at Ivychurch. also 
known as the Churcfa on the 
Isle in the Waters. On inspect- 
ing what appeared to be a kind 
of sentry box, I learnt that it 
was an 18th-century hudtl offer- 
ing protection from the rain to 
the local incumbent at the 
graveside so that his wig kept 
dry. 

New Romney is the home of 
the Romney Hythe and Dyra- 
church Light Railway which 
plans to issue special stamps, 
bearing the seals of the two 
ports it serves, to commemorate 
the 700th anniversary of the 
Cinque Ports. 

The most distinctive feature 
of Hythe. dating from Napo- 
leonic times, is the Royal 
Military Canal bisecting the 
town and. with its tree-lined 
embankments, most attractive 
in summer. 

Dover remains the most 
familiar of. the five ports but* 
if you can make time to take 
in that really splendid castle 
before catching your ferry, its 
sheer size and commanding 
position are worth the detour. 
Those canny old Romans knew 
how to pick their sites and their 
original lighthouse still stands. 

Sandwich has a fine medieval 
barbican and the nearby ruined 


Richborough Castle marks the who strike out the chimes from 
beginning of Watling Street, the the parish church of St Mary’s, 
gateway to Roman Britain, are apparently less efficient 
There are also some splendid now that they have been elec- 
golf courses in the area and the trifled ! The delightful Lamb 
British Open is being held at House, now National Trust pro- 
the Royal St. George m 1981. perty and the home for many 
Do make a point of visiting years of the dis&guished 
the two small old towns of Rye author, Henry James, is open 
and Winchelsea. Winchelsea. until the end of October on 
with its splendid church as the Wednesdays and Saturdays 
focal point, was one of the first from 2-6 jljil The entrance is 
English towns planned on a grid 30 p 

system by Edward ! after the T ' he whole: Js full of 

earlier^ shrogle island on the history. Wellington, the victor 

levels was submerged. Three ^ Waterloo, died at Walmer 

original gates remain and it is Castle, near Deal, his official 

gg}/ C rr Ct ^l^ h8n1J "f residence as Lord Warden of 
httle place mercifully not ^ Cinque Ports ^ confus . 

ruined by countless souvenir inglyj not ^ one of them _ It 

««« is also thought that Nelson 

Few hotels can claim to have drew up c f yj e pi ans f 0r 

hnfth^f a rn m TrafaI gar in what is now the 

a ^ loun Se off the enchanting Royal 

a labyrinth of beams, ingle- Hotel at Dea] built ri ght 

nooks, passages and steps and a ^ M(J M 

2“? , f ° ur_pos T t . er . beds ' ! J a Hotel of the Cinque Ports, also 
delightful base. It is now the offers summer Inn Breaks at 
showpiece of a small group h d 

called Hotels of the Cinque per fleatL 
Ports. • . - 


You don't have to be 


BY ARTHUR SANDLES 



FOR NORTHERN Europeans gwfo&L-ia. overaS marketing afeti- BefeliggL wfoose .image W'.„ . . _ 

the hunt for anything like a tudes by tffte IsraeMs, around - etobed Omstznas eard-ilke on ^graphic ' ecpupmfihl; provok^ -* 
guarantee of good holiday lm. tourists visited foe <vnnn*ry nnr Trvlti^, i5'-^sS:- Heware'- 

weather can be tiresome and fast ' year and- - the Bank soane&rng of a shock iri.rea^^ lsraelii?:l6ve 
frustrating. Americans dash Hapoa&m is .predictinc a con-, but rewarding none the less. •• •• can be uisxit by^ casual .enquiries 



the main’ switch ' in Israeli ; tijreff .-and faiths; -then 'the . . • r- 

heaT f^r P tht tourists, have been to aim that presents the - temptations'.-. 

S P«Ple interested in The test time of year for . Eilat undei^tandabre. A jumber of 

nSht iSd? rather than raKgion,-and » probably in the. Bi^ish win- companies have,, 

might actually rain. Trad!- make ; 1h ^ ^ ^ tar, but the season ^fch^ on lng ^ Israel h&dsjs for scute 


tionallv euarantepd <ain9ktni> for ro ma*® -me porac mat Israel tot, opt season sirercues on r*® - _ — t- — -jt ^ 

us eomefSeSfveS^adlJ *ws same Apert) beaches which TintilrJune these- days. Already 


tragedy of the travel .market weather, brad rooms, “ost of in “odMff^wlclwuh^ 

has been the fact that the bas history .coming out of eveiy &3QT% style hotels, the ■ «pa- wW; 
newest sunspots have been walLand rock, adding falidfty to 
politically unwelcoming or. the ; saying “the trouble with 

cripplingly expensive. • -learning history is that there It is.i supefe <hyi^cente ; tod 
This has been -particularly is more of it every day. " What- 1 gSC**.** 


true of the Middle East, but now <wer -one’s sympathies^ or reli- hF camel or Land -tonrato y eax- is ^rotrna £ 1 0 0 ft£ 

: beliefs, or lack of them, but for most. visitors it is * 55 S* 5 S 8 ? ,S£S? 5 


the costs at least are coming, gious beliefs, «« mwr vl uiem, : — -r-.- — Jn 

down. With prices to such ft takes an empty heart indeed ^ Place to relax and 

>reas as (ha DA and the Wast not «be Masada, the wythd^mie. 

Indies falling so fast the tourist' Dome of the Rock of Trbefias. Itiweiild be fooBsb : ignore* the 

mdu^ries oY the Eastern For me at -least Td : Aviv is ^ 

ssgr"js-5r^-s5 

year the Israeli Government, p ^ re ™ r .*Hisraess not pleasure of it^& less intrusive ^than ‘ ode ypu^b^c jrf around 

eager to protect El-Al. forbade ^d onee^n ewmxrioa p token mig^expect I- was irritated - : * : ;****■ X^hange’ ' refe 

charters carrying anyone but 10 me ^ c «y “ Jana (wnere beingfunable to get (x>ld- meats^ *^^^ roa ke:pirwiSion4iffi{hdt^ 
pilgrims or Scandinavians—* Lm ^ ort£,d «*»#“ arts- and craft andrtal milk- with ray breakfa^r Plus' njillehge.^ tod spy additipn4 
linking logic which I have yet 8X0 .*.■■■** : rautocement for coffee -but, contrary to popular insurance ydir meed.; Petrol ; is 
to fathom— but now it has former Arab back street life) is belie^ypu can find a pork chbp less than £1 gaJl(at, Public 
opened the gates. Charters are t>ver tbe wise visitor heads else- if that’s what you want (m non- transportation is, however, ex- 
now entering from throughout where — for the coastal strip kosher restaurants, of ct>ur3e) fremely cheap by tJ^KL stahdards. 
Europe and the U.S., and the where Natanya is rising as a and; I- did enjoy one meal of . The lsraeh GovcrhmeDt Toiir- 
scheduled airlines including E\ sunshine' retort on the Merifiter- siipeab local" shrimps. You "occa- isL Office, 59 St. Jamas’s Street, 
Ai, have Introduced highly com- ran earn coast, or inland - to sioaatiy see Israeli • soldiers .London SWI lli,. . or ’'El -. A1 
petitrve rates in order to hold Capernaikh, Gialdee and down to carrying gnus bi^ security Is not lsra^ : Airlines, ' 183 V Regepi 
their grip on the market the amazing fascinating :ciiy of a nMsance,- only once did the Street, London Wt, w£[t give de- 
As a result of this, and a Jerusalem and the Dead Sea. deaddjAion " journalist ’’ in my taiig : 


ADDRESSES: Engtirfi Twrrtet Board. 4 
They offer a series Of Sum- Grosvanor Gardwu, London 5W1W oou. 


mer Inn Breaks, based on a two hows of u« cinque pons, Mermaid 

ntgtit stay with fuU Englid. SSS^.-^Si.SST'SiwSSr 
breakfast and two four-course Romney, Kent ma bpu soath East 
dinners, for £22.75. . ' B ISL^^SAS^SU^ 

The heart of Rye, The nu lnk. 

Citadel, includes one of tjbe 


loveliest squares in England Your week-end Z: Austria 26.9. Belsbim 
mid a strict preservation order ss, France *38. Haiy lsis. Greece as. 
is in force on every building spam xu, Switzerland xmfu*. uas. 
within it The Quarter Boys, Source: Thomas Cook. 



• * . . ' '■ ..r‘ * ' 

A-/ 




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OR CRUISING IN THE MEDITERRANEAN 

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Also cruising Durban, Mauritius. Seychelles, Durban. 
Fare Southampton/Capetown from £530 each way. 
Complete S3 day round voyage from £1,685. 
Currently cruising until November 1978 
from Venice/Genoa to Greece, Greek islands. North Africa, 
Holy Land and Eastern Mediterranean, from £572. 



For fuff details contact 
your local travel agent 
or ring 01-836 8216 


Nguarino Kangcagis Cruises 


Wainwright Bros. (Travel) Ltd,36 King Street, London WOE 8J& 


COMPANY NOTICES 


THE NILES. 


SLUM 

OCTX>BEK-D£CliflltffcK 


1978 

Our 21-day luxury ' tours to 
Egypt enable you to cruise the 
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ROTTAL LODGE 
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05755 224 or 242 


Beautifully (tented in the heerr of dw 
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Good food based on locally grown 
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Brochure on request . 


DISCOVER THE 
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Hotels: 

SHAH DANA from 02 

RESIDENCE PARK from EU3 

ROMA32INO from £305 

Inotudeii 7 utB. fuU board, direct 
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ATOL 1014 BCD ABTA 49409 


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white beaches, with perfect summer 
weather cooled by the Trade Winds. 
Villas From £28 day (for 4). Direct 
London flights. Airmail: lor details 
BUCCANEER COVE 
Box 804. St. )o lei’s. Antigua 

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Cable BRINE ANTIGUA 
or Telex 138 Johnnjo AX 


CENTENARY FUND S.A. 
soci£t£ anonyme / 

Registered Office: LUXEMBOURG, Ms’ rue Aldringen 
Registre de Commerce B.nd. 8,198 


DIVIDEND ANNOUNCEMENT 
a UJ II 


CENTENARY FUND SA. will pay 


ID cents dividend per 


share on or after May 5th. 1978, to holder/ on .record on April 20rh, 

/d after April 20ch, 


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bearer shares 


1978. Shares will be traded ex-divide: 

The dividend is payable to holders 
presentation of coupon number 3 
— Banque G6n6raie du Luxembourg 
27. Avenue Monterey, Luxembourg. 

The Board of Directors. 


1978. 

against 


SLATER, WALKER INTER NATIONAL 
FINANCE LIMITED 


Slater. Walker International Finance 
Imitad announces that Interest m its 5U 
ent. Guaranteed U.S. Dollar Coo- 


per . 

vertible Bonds and Its 7W per cent. 
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Is doe on 15th May. 1978. Coupons 
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on the revert* of the Coupons. 


PERSONAL 


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RONNIE RDNALDE-S HOTEL, Guernsey 
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Putting. Bars, Dancing. Family Surtax. 


FOREIGN HOTELS 


PONTRESlftA, Engaoln iGmom). The 
sports resort tor fastidious people. 
Prospectus: Kurventln CH — 7504 

POntresina, 

SWITZERLAND. A ROSA. HotM Vataana. 

1st class. Indoor swimming pool. Offers 
the Security hn skiing until the end ol 
April. Telex 74252. 


HOLIDAY 

ACCOMODATION 


SUMMER HOLIDAY IN BAHAMAS? Ho 
owner of houses nn: jsuad« tc 10,1 
Senior English banker offers family 
houso Nassau rent-free Jui».auc,.|j W 
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PUBLIC NOTICES 


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BILLS 

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Wailing Wall,\ Jerusalfem. 


BRIDGE 


E. P. C COTTER 


IT IS defensive play that really 
sorts out the men from the boys, 
as can be seen in to-day’s two 
deals. Look first at this hand 
from rubber Bridge: — 


N 

♦ J 2 

» A J 10 9 

♦ AKJ8 
+ 10 5 3 


W 

Q 6 3 
K 7 5 
7 6 

Q J 8 7 6 


E 

8 4- 
Q86 2 

9 4 3 2 
A K 2 


A £ 10 9-7 5 
4 3 

Q10.5 - 


*94 


North dealt at a love score 
and opened the bidding with bne 
heart. South replied with one 
spade, and North said two 
diamonds. South now made a 


jump rebid of three spades, 
which North raised to four. 

West led the seven of clubs, 
East overtook with the King, 
cashed the Ace to which West 
followed with the sis., and- con- 
tinued with the “safe” return 
of the two. This was ruffed by 
the' declarer who played Ace, 
King, ten- of tramps, conceding 
a trick to West’s Queen and 
claiming the remainder. 7 

East's defence was terrible 
When he saw his partner’s six 
of dubs at trick two, he should 
have realised that there wereho 
more tricks coming from that 
quarter. Then he should think 
out a possible defence. South 
most have six trumps. If he has 
the three top honours, -there is 
no defence, so West most be 
placed with the guarded Queen. 
There is dearly no trick to be 
had in diamonds, hut a heart 
might, be made if partner has 
the King. 

At trick three a good defender 
in the East seat returns the two 
of hearts, and is happy to find 
Westis King drawing dOinray’s 
Ace. The declarer now cashes 
Ace and King of spades, hoping 
to drop the Queen. When this 


team-of-four match: — 


hope .does -hot materialise, he' 'declarer drew three rounds of 
plays on diamonds, trisrting that trumps, ending' in. -hand,, and 
the defender^ with the. trump then, led the ,dub. sfx. to the 
has at'Jfea&^hiwiiiaim^ - East-. 

that he can discaFd his losing returned a_ spade, and the game 
heart on the fourth rourrf- South YYas^gcm^ with the 

is out of luck— West raffs the. King,, forced out West’s dub 
third round of diamonds,- and a- King, and lost only ' two clubs- " 

heart -to the Queen sets the and one diamond.-.. : : 

contract fit the otherrobm, the^ bidding - 

We turn to a hand from a the 1 -first four tricks were'' 

identical, except that the^ ; -fUxd v 
- heart wax won In dummy. When r 
; the' four of-' clubs was returned," 

: East who had been studying the-" 
hand -carefuDy, went up at once" 
with his Ace and retumed the 
two of diahiondsw ' .. V : '*;- 

• It. was dear that South must 
. have, either tile IUng of .i^iades / 
or the King of clubs. 4f he had . 
. the <£ub King, there was. no -, 
defence, so East decided that his 
partner must bold that card. 
West had also to be ' credited 
with the "ten of diamonds. ■:-TUes< 
--Woiddf orce>6ut onebf.dumniy^ 
h pnoufs, ' and - whe a' West, got- iih' 


W 

* J 8 7 

*8 

* 10 6 5. 

* K 7 3.2 


* 9 2 . 

-V.KJ-S3 

* KQ 3 

* q;io 9 4 


5 3 


Q 10 4 
7 5 4 
A J 72 
A 8 5 


S 

♦ A K 

y a Q 

♦.9;8 4 
4 X 6 - -• 


6 

10 9 2 . 


Wed— 


At game all South dealt and with the - ( presum ed) King I: of-, 
bid . one heart, North raised to dubs, * diamond return -woutd 7 ; 
three hearts, ■ and .South con- allow East to take two tricks JU..T. 
tinued to four. West led the the suh 'to defeat, the contract. 
five of spades. East played the And that is the- defence that ; 
Queen, and the Aoe woo.-.' ..The wins matches. • 


CHESS 

LEONARD BARDEN 


THE ANNUAL tournament in 
the small Californian town of 
Lone Pine, financed by the chess 

patron Louis D. Statham, has 

within a few years become estab- 
lished as one of the most interest- 
ing events on the international 
calendar. 


another to his many international 
first prizes. 

Final totals were Larsen 7J out 
of 9, Polugaevsky 7, Lein and 
Peters (U.S.) and Portisch 
(Hungary) 61, Petrosian (USSR), 
Ttee (Holland), Evans, Rogoff and 
Zaitsman (all' U.S.) 6. The also- 
rans included such fine players as 
Benko and Timman 5}, Browne, 
Lombardy, Panno and Reshevsky 
5, Christiansen 4}. Tarjan 4. 


Lone Pine is the strongest 
tournament anywhere held on 
the Swiss system (a cross 
between an all-play-all and a 
knock-out) and the 69 entrants at 
the 197S event earlier this month 
included a record 23 grand- 
masters. At stake was a prize 
fund of $36,000 with $12,000 for 
the winner. 

The great attraction of such a 
tournament is that it enables up- 
and-coming young experts to 
compete against the legendary 
names of world chess; the winner 
needs a higher percentage than 
in an all-play-all and this pro- 
motes a keen approach and fewer 
short draws. 


Tbe English scores were HHes 
5), Stean, Mestel and Taulbut 6, 
Speelman 4}. This strong team 
was chosen by fee British Chess 
Federation and sent on . the long 
journey to California with the 
help of grants from the Friends 
of Chess, fee Aa reason and 
British Chess Educational Trusts, 
and fee Stater Foundation. 


(P-Q4 is simpler); 3 N-KB3, P-Q3; 
4 P-Q4, B-N5; 6 B-K2, NQ2; 0 
N-B3, B-K2; 7.0-0, KN-B3; 8 R-Nl. 
0-0; 9 R-KI, R-Kl; 10 B-K3; B-R4. 

The normal plan in such posi- 
tions is KPxQP. followed by 
PQR4 and N-B4 wife fctay 
against White's KP to compen- 
sate for Black’s cramped position. 
Instead,- Larsen tries the psycho- 
logical approach .of keeping 
pieces on fee board and hoping 

White wffl-go wraag Id bompiiea- 

tions. 

11 N*Q2, BJJ3; 12 PrQ5, P-QB3’ 
(PxQP at any time gives White’S 
knight an excellent square *f 
QB4); 13 P--QN4, P-KR4; 14 P-QR4, 
P-R5; 15 P-R3i Q-B2; 16 R-N3! 
(controlling the third rahk 
against tactical ■ counterplay), 
P-QR4; 17 P-NSi PxQP; 18 Nri> 


JfxN; -19 BPxN, KR-QBl? 
(making matters worse;' 'he 
should, play N-B4 at bnoeJr M 
B-N4! R-Bl; 21 Q-Bl! (alter a., 
queen exchange fee ending would 
be very good for. White).. N-B4; 
,^BZN, PxB; 23 P-N6, Q-Q1; 24 
N^4. BxP (a desperate attempt 
to escape White’s positional 
bind); 25 RxB, P-B4; 26 ■ BxP- 
RxB; 27 P-Q6, B-B3; 28 Q-Qll 
(now White is winning on . both 
sides flf iSie board), Q-Q2: 29 
Q-N4. -R-QI; 30 R-N5, -QrBl; '31 . 
KxM?, 32 QxQ, RxQ r 33 
PxR; 34 R-R7, R-Kl; 35 
BxP, K-R2; 36 R-TC7T Resigns. - 
; For after BxR; 36_ PxB, RxP;.; 
3T.P-K5 the wfiate pawns, cannot 
be stopped. Speelman thoroughly 
otutpteyed ■ - his distmgnished 
Opponent - • 


Art times they were to with a 
chance of an outstanding success, 
as after four rounds when Miles 
and Mestel were equal second 
next to Polugaevsky, or' after 
seven rounds when Stean, with 
five points, Kiras' only a point 
behind the lender. As it was, 
Mestel missed fee grandmaster 
title by a mere half point, while 
Speeknan qualified as an inter- 
national master. 


-POSITION No, 213 
BUe$(7it*ri) 




PROBLEM No. Z13 
BULGXC9rnen) 


^tele 


r.MN . HI 



wm "sHi 


Lev Polugaevsky, the Soviet 
randmaster, won his first four 
games before conceding his first 
draw to Jonathan Mestel of 
England. Another favourite. 
Bent Larsen of Denmark, lost in 
the opening round to Jon 
Speelman of England but 
climbed back with five successive 
wins- In the final round, 
Polugaevsky took a quick draw 
while Larsen scored a 23-move 
win over Rogoff of the U.S. to add 


inn 


In individual games, Stean 
drew with Petrosian, Mestel beat 
Browne (U.S. champion), and 
Taulbut beat Tarjan: while this 
week’s game was not onJy the 
upset of the first round but an 
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From Granny’s treasure chest 


NOSTALGIA is big business 
these days. Whereas once we 
all longed for the very latest in 
the way of easy-care. drip-dry, 
non-crease, nowadays the things 
that many of us really long to 
have, that excite our imagina- 
tion, tend to be old and made 
in the days when man-hours 
were cheap and nothing but the 
best of natural materials was 
around. Just as in the clothes 
world there is a soft, nostalgic, 
romantic look about so with the 
house — shops and auction 
houses and market stalls deal- 
ing in fine old linens, crochet, 
applique work. band-made 
bobbin lace and the like are 
doing booming trade. 

As with any craze, it makes 
one think, “ if only I had 
started to buy early enough.” 
Just a few years ago marvellous 
old tablecloths, bedspreads, bed- 
linen and pieces of dress lace 
could be bought for very little. 
Nowadays you have to look long 
and bard if you want a bargain. 

As with everything else the 
nearer to the original source 


you go, the less you pay. The 
first place to start looking, if 
you’ve got that sort of family, 
is the attic. Many quite 
ordinary Edwardian and 
Victorian households had a 
collection of bedspreads, quilts, 
pillow cases, tray cloths, tea 
cloths and the like that would 
seem astonishing to today's 
young bride. 

If yours isn't the sort of 
family that has stayed put for 
any length of time or the attics 
have long since been stripped 
bare then your next best way 
of buying such old treasures is 
by going to auction rooms or 
private house sales in areas out 
of London. Very often job lots 
of linen reveal some treasures 
amongst the tat 

From these sources the best 
of the linen and clothes go to 
London shops and markets and 
you will find stalls in places 
like Camden' Passage (like our 
Mrs. Dodge photographed here), 
Portobello Road, and other well- 
known market areas. Many of 
the smarter shops are doing 


their buying In these places so 
it pays to browse around and 
spend time and trouble assess- 
ing what there is. 

For those who are rich and/or 
lazy you can be sure of buying 
perfectly exquisite table-linen, 
bed-linen, tea cosies, tray-cloths 
-and bedspreads Jo some very 
good London shops like Brawn's 
'living Shop, 26, South Moltoa 
Street, London, Wl. Here the 
pieces should all be in perfect 
condition, any tears will have 
been mended and stains re- 
moved. But you will, of course, 
pay considerably more than if 
you bad bought earlier in the 
buying chain. 

I have a very large dining- 
table (8 feet by 3 feet) and 
always have the greatest diffi- 
culty finding modern table- 
cloths t& cover it Recently I 
found a marvellous old 
Victorian bedspread, trimmed 
with hand-made lace panels, 
which looks infinitely prettier 
than anything modern and I 
paid £25 for it an a tiny, slither 
of a shop off the North End 


Road. Similar bedspreads are 
on sale in the smart West End 
and Chelsea shops for anything 
up to £160, so the great message 
is be prepared to look and take 
your time. If you do, you could 
well find the kind of quality 
that hardly exists nowadays— 
you will get a fineness .of fabric 
and workmanship that , is out- 
standing and even from the 
price point of view, these old 
works of art compare very 
favourably with their modern 
equivalents. ' 

Much of the -old lace- that is 
sold nowadays is bought in. bulk 
by designers of one sort or 
another. Some of the rare and 
beautiful pieces are used to trim 
fine silk or pure cr&pe de chine 
blouses or dresses. Other shops 
and designers specialise in 
making really beautiful dresses 
from a variety of different pieces 
of lace — these, it seems to me, 
would make exquisite and 
unique wedding dresses. * 

When it comes to looking 
after these old pieces opinions 
differ. Joyce Dodge (see piece 


M 

'll*- 

% 


Where the bargains are 

Linette Greco. £25. 

JOYCE DODGE is a splendid “ Nowadays I have to work It is worn over a 
lady who started selling fine old harder and travel further to find cream cotton blouse 
cotton, linen and lace on a stall old pieces at reasonable prices, by Country Casuals, 
in Camden Passage just as a I travel as far as Yorkshire, £13.50. 
hobby. down to Kent and Devonshire. 

Then she Was widowed and ** Bedspreads are still a good 
needed to make it a full-time buy. You can still find exquisite 
business, so now she runs a stall on * s f° r and £35. They will 
and a shop in that area— the probably be made of fine cotton 
stall is next to the Camden Head with insertions of lace. Occasion- 
pub while her shop, “ Chantilly." ally very special ones, lavishly 
is at 3, Angel Arcade, Camden trimmed with elaborate lace, will 
Passage, Loudon, N.l. Both are be worth as much as £80. 
open on Wednesdays and Satur- Tablecloths with insertions 
days only, from 8 to 3.30 of handlace or crochet are an- 
If there's anything you want °? er J ood b " y j ,Ild >ou ought to 
to know about old lace you could *° r dnd SOme hke thit 

bardly do better than to go along to :. JP~T b - _ , . 

to Joyce Dodge’s stall or shop CfllI 5f, d4i f F e t n 15 ^emendously 
and ask her. When she first s °^Jt after now and has 

went into business, old lace had "SSL v !° high prices. For . 

a steady but small group of ?*!““’ » P* r „ °f Edwardian 
aficionados. Since then she's pd'owcases to 

seen it rise in popularity and “ at * h ' * ou ' d fetch about £J». 

price beyond all expectations. JP non r she t ts - 

y . r ' . w , . though with insertions of crochet 

“I used to be able to buy which are £19 each, 

cottoo Edwardian or Victorian Tve got some huge Con- 
petticoats for £5 or £6. camisoles Hnental pillowcases trimmed 
for £1 whereas now similar with lovely frills and ribbons 
petticoats go for £30 and for £12 each. Beautifully-made 
upwards. little nightdress cases make good 

presents at about £3 each ” 

Joyce Dodge treats her fine oW 
lace-trimmed cotton and linen 
pieces quite differently from 
everyone else I spoke to. She 
believes in putting them In the 
washing machine (“though on the 
delicate programme”). She 
doesn’t believe in • artificial 
bleach or boiling but thinks good 
natural sunlight is the best 
bleach in the world. She doesn’t 
think starch is good for the 
V/ 'l materials either and she irons 
them all when very damp. 

• SOME PLACES FOR LACES 
LI RET ft GRECO. ■* Coprfcorti," n* 

Kensington Park Road, London WIL Site 
saed to self aaly antique clothes, bat 
Sheet ■ year | ago she started making 
clothes from «ld lace and selling old 
loce places For the home. In her shop 
yoo will fled all sons of (Moss front 
3 lleaerlo— like petticoats, bedlacfceis and 
eighties — to parasols, gloves, shawls and 
hooMtaotd things like tablecloths (from 
CIS) and bedspreads (From £50) and 
Pillowcases. Handkerchiefs start at E5. 

MARIA’S VIGNETTES. USa King’s Rond. 

London, SW3 (port of the AntiquaHiu 
co flection of antique stalls) goes In For 
linens, most of which have lace or 
trochee on them. Bedspreads range 
from £45 to E2B0 and tablecloths from 

ns to BSB. Sha b as, at the momeot, a EDINA AND LENA. MI KJu 
oair of pillowcases 3 Feet square with London SW5. A wonderful I 
£^*257 »«* hwerts WHICH m U Wotms , drosses, skirt 

small selection of household U 
TATTERS, a tiny nttie shop In the Instance a single bed size linen 1 
Fulham Road, at lSto, special wes in old with cutout lace Inserts and ta 
clothes, most of which are embellished tar about OS), 
with lace or brad* ties anglalse. Lovely 

Edwardian raffled hhmses start at £25, E5 SENSES, «fl Kings Road, 
■ while llotincad and tacked petticoats start SWIO was one of the first Lon 

JB fler SilOp- - at as. « resurrect. the Fashion tar ol 




- v _ • . 1 

if- “• ' 

v : _. V «;■ ■ , V 

I , ,_r_ -5'’^.-:^ J / 

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Typical of the - way designers are using pieces of old lace 
, and transforming- them info vztitpte evening or wedding 
dresses. This is by Linette Greco. Dresses are from £200 
to £250. Worn with the dress are white leather shoes by 
KosseD ami Bromley (£29.99). Hie model’s hair was dres&ed 
by Barbara at Holton Brown and she was photographed at 
thc Savoy HoteL All the jewellery is from- Cameo Corner, 
26^ Museum Street,- London, W.C.1. - 


Bellringer’s Mug 


CHOUGH these mugs have been 
: . feigned to help raise funds to 
maintain and repair -bells and 
fittings in. village churches, I 
JMok they are quite pretty 
inough to be bought for their 
■wn appeal alone. Because the 
ftrnd- - raising is actually 
.Mganised by a group o£ cam- 
jwBriogists the design on the 

- mugs reflect this interest in that 

- Each mug carries a bell with 
.Its deadstock and wheel fixed 
in; a frame as well as a. copy 
af= a traditional bell-founder’s 
mark and an obi ringers’ verse: 

The colouring is subtle and. 
old-fashioned— -dark brown on 


a sandstone glaze. 

The mugs h av e been made 
by Hornsea Pottery (a member 
of their staff is on the Central 
Council of Church Bellringers) 
and they can be bought direct 
from Beverley and District 
Ringing Society, 3, Lawson 
Avenue, Cottmghaim, East York- 
shire, Jor £1.15 (plus 30p p+p). 
Alternatively, anybody finding 
themselves in the Humberside 
area in May will be able to buy 
them at the tent belonging to 
the Central Council at the 
Humberside Show at Beverley 
Racecourse, East Yorkshire 
from May 19-21. 







Joyce Dodge in her shop. 


below) believes in washing 
them in washing machines on 
the delicate programme. Other 
experts say that on no account 
should they be put near any 
kind of ’machine. For instance, 
Linette Greco of “ Capricorn," 
suggests soaking in Persit and 
then washing gently by hand. 
For marks and stains she recom- 
mends boiling. Finally she irons 
the garments carefully and 
sprays with Robin starch to 
give the material a bit of body. 

Mrs. Wright the chairman of 
the Lace Guild (formed two 
years ago by and for people 
with a consuming interest in. 
lace) doesn’t believe in machine 
washing either. Nor does she 
recommend boiling. She uses 
well-dissolved soap flakes and 
for delicate pieces of lace she 
recommends tacking them on to 
butter muslin or an old sheet. 
Stains, she says, can be bleached 
out in a gentle bleach like 
Napisan (“if it’s soft enough 
for a baby's bottom . . 

So that’s conflicting advice for 
you to follow. , . . 


Photography : 
Trevor 
Humphries 




ESINA AND LENA. MI King’s Road. 
London SW5. A wonderful loaf shoo 
full of Mouses, dntssqs. skirts and > 
snail selection oF household things (far 
Instance a single bed size linen bedspread 
with cutout lace Inserts and scallop edge 
tar abort 05 J. 

E5 SENSES, 420 Kings Road, London 
SWIO was one of the first London shops 
to resurrect the Fashion tar old clothes 


and they nr* stHI one o t Out best. Wbftc 
Victorian nightdresses, blouses, petticoats, 
c am isoles, as well as very exotic creations 
made from pieces of old lace and antique 
fabric. Every piece b unique ant prices 
ere not low. 

PEN NY FEATHERS. 29 Shakespeare 
Street, HottLaghara has Victorian while 
cotton nightdresses trimmed with lace, 
satin ones also trimmed with lace for 
between £2 and £5. 


• Mrs. Geraldine Stott will be demon- 
strating lace making at Hturodo lo-da* 
and on Nay 5, b. 12 and 13, 

• Phillips auction rooms, 7. Blenheim 
Street, London, W-l. from tune to Urn* 
bas textile sales In which. If you're 
lucky, yon might find lovely nieces of 
old lace, or Fine veiling { marvellous to 
make an antique veil for a bride), 
Victorian nightdresses, bed linen and 
so an. 


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Currency Control 


IF THE man in your life does 
a lot of travelling fimKng him- 
self one day in France, the_ 
following in Germany and even 
possibly the next ia Japan, then 
what he needs is some way of- 
keeping the currency of each 
country separate without having 
to carry three or four different 
wallets. Asprey of Bond Street, 
whose clientele, of course, have 
heed travelling since the days 
of the stage-coach, have come 
up with what seems to me the 
answer- to the travelling many 
money storage problems— a slim 


soft black leather wallet with 
four different full-sized pockets. 
Each pocket has a different 
coloured zip so that all be bas 
to do* is to remember which 
currency, belongs to which 
•colour-code. Of course, if he’s 
not actually going to be cross- 
ing any borders the pockets can 
be used for other purposes— for 
bowing credit cards, tickets, 
travellers cheques and the like. 
Thfi- : wallet is 5* inches by 84 
inches (the zips are red, green, 
yellow and brown), and it costs 
£21 (p+p 25p) from Asprey of 
Bond Street, London, W.l. 





LIKE Eliot’s Prufrock I have 
measured out my life with 
coffee spoons. No other drink 
seems so welcome and so satisfy- 
ing all round The clock. Coffee 
stimulates roe, coffee soothes 
me, and the aroma of freshly 
roasted beans is one of the most 
evocative things in the world — 
but sadly fleeting. As soon as 
coffee is roasted it starts to lose 
- its fragrance and flavour: whole 
beans appear dead after just 
over a week while ground 
coffee is lifeless within a matter 
of days. Unopened vacuum- 
canned coffee keeps longer of 
course but such prosaic packag- 
ing denies many of the ritual 
pleasures and satisfactions the 
true coffee addict seeks. 

If you can afford it and live 
close to a good coffee shop, it is 
easy enough — and, indeed, a 
great treat— to make a once- or 
twice-weekly visit to choose, 
watch and smell your coffee 
being roasted. 

But people living in the 
depths of the countryside rarely 
enjoy the same facilities. I 
know several families who used 
to have standing orders with 
specialist shops to mail their 
supply of freshly roast beans 
each week. Now soaring postal 
charges, not to mention the 
price of coffee itself, have 
diminished the frequency, if not 
the pleasure, of such dispatches. 

There are, however, two 
methods in which anyone, 
wherever they lire, can still 
enjoy the luxury of having 
freshly roasted coffee when- 


ever they choose: freezing, and 
roasting the beans at home. 

Freezing enables you to buy 
several weeks’ supply of 
freshly roasted beans at a time 
— which means a saving on 
shopping time arid fares or pos- 
tal charges. 

Simply transfer the beans to 
small airtight packages — of, 
say, i lb each — seal tightly and 
freeze. Six weeks is the longest 
freezing time Tve tried, but you 
can freeze whole roasted beans 
successfully for up to three 
months (and I’ve even heard of 
people who have frozen coffee 
for 18 months and claim it com- 
pares well with identical beans 
roasted immediately prior to 
drinking). Grind and use 
frozen beans as and when you 
want to make coffee: defrosting 
is quite unnecessary. 

Roasting coffee at home not 
only means fewer shopping 
trips and/or postal charges but 
it can also mean your coffee 
costs you a lot less per pound 
to buy. Green beans (the tech- 
nical name for raw coffee) 
have the virtue of keeping al- 
most indefinitely providing you 
store them in a coo] dry place 
— such as a larder, attic, out- 
house or garden shed — where 
there are no strong smells the 
beans might absorb. 

Many retailers will sell you a 
singie type of bean or your 
favourite blend in the green 
state. Sometimes they charge 
the same price per pound for 
green as for roasted beans: 
sometimes they charge a bit less 
for green beans, and you may 


be able to negotiate a special 
discount price for buying 
several pounds at a time. 

If you want to make really 
substantial savings you should 
try to buy a sack of green beans 
as sold to the trade. Prices 
depend on the source of supply 
and, of course, on the current 
market situation but buying 
a sack of green beans can work 
out at as little as half the price 
per pound- you would pay for 
shop-roasted beans. 

Each sack contains 60-80 kilos 
of beans, depending on the 
country of origin; 132 lbs or 


supply green beans to any FT 
readers interested in buying a 
sack. Moreover, he sensibly 
appreciates that people wjll 
want to test roast before com- 
mitting themselves to a sackful, 
so he is prepared to sell 5 lb 
bags of green beans in the first 
instance, so that you can 
experiment before making up 
your mind. For details write 
direct to James Ashby and Sons. 
195-205 Union Street, London 
SE1 OLW. 

Knowing what you are buying 
is particularly important when 
making a bulk purchase: you 


by Philippa Davenport 


more of coffee is a lot to get 
through and ties up quite a bit 
of cash so -it makes sense to 
join forces with a few friends 
and neighbours and to split the 
purchase. 

More ■ tricky perhaps than 
finding friends to share, is find- 
ing a willing supplier. In order 
to benefit from bargain base- 
meat prieos, you need to know 
an importer. A tactful approach 
to Mincing' Lane may yield 
results for. a lucky few, but a 
roaster to the trade is more 
easily approached and offers 
the next best value. Naturally 
his prices cannot be quite so 
low hut they still represent sub- 
stantial savines— a sack of green 
beans usually costs out per 
pound at between 60 and 75 ner 
cent, of the price you would pay 
for roasted beans in a retail 
shop. 

One roaster Tve been intro- 
duced to seems particularly 
co-operative and has agreed to 


can’t buy a blend in a sack but 
have to commit yourself to one 
particular type of bean — and 
relatively few coffees are con- 
sidered good enough to . drink 
aibne. 

I think the financial savings 
of a bulk buy warrant choosing 
a top quality coffee — a washed 
arabica. one of the aristocrats or 
“self-drinkers." 

But if you like a high. 
Continental-type roast this 
would be a waste of a fine bean 
and you would do better to buy 
something from the cheaper end 
of the arabica market Ashby’s 
are willing to advise on choos- 
ing coffees to suit your tastes 
and pocket. And for a delight- 
ful read as well as for useful 
information, I recommend 
Claudia Roden’s “ Coffee ” 
recently published by Faber and 
Faber. 

Roasting coffee (which might 
more accurately be called 
toasting since no fat is involved) 


takes only a matter of minutes. 
It is great fun and does not 
involve any complicated tech- 
nique. But it does demand a 
certain knack and practice is 
needed to perfect a really 
uniform roast, so be prepared 
for some trial and- error at first. 
The aim is to cook all the beans 
to the same degree and to cook 
them evenly inside and out 
(test for readiness by splitting 
a bean open during roasting). 
If you roast too fast the beans 
will scorch without cooking 
right through; if you roast too 
slowly, the beans will cook with- 
out swelling properly. 

Regrettably it seems that 
domestic coffee roasting 
machines are no longer avail- 
able (I chased the manu- 
facturer qf a 10-year-old French 
model to no avail and a major 
importer of French kitchenware, 
who was inquiring on my 
behalf, has drawn blanks else- 
where — perhaps some enter- 
prising British manufacturer 
will step into the breach?) but 
an ordinary frying pan or 
Shallow saucepan is perfectly 
suitable for the job providing it 
has a heavy base. Those plan- 
ning to become regular home 
roasters should reserve one old 
pan specifically for the purpose. 

Before you begin, do close the 
kitchen door and open the win- 
dows or turn an extractor fan 
on high: the smell that wafts 
through the house is delectable 
but the kitchen itself can be- 
come quite smokey. Put the pan 
over medium heat When hot, 
cover the base with a thin layer 
of green beans (a deep layer 
won’t cook evenly). Stir and 
turn the beans continuously 
with a wooden spoon. After a 
few minutes some of the beans 
begin to turn yellow and start 
to snap, crackle and pop. Take 


this sound as a signal to reduce 
the hear a little. Continue 
stirring and turning: the crack- 
ling sounds gradually become 
more regular: the beans swell 
and colour more evenly and may 
lose shreds of outer skin; and 
the pan begins to smoke. 

When the pan is smoking 
quite steadily and the beans are 
nicely swollen, turn the heat as 
low as possible or right off. 
Continue stirring for a minute 
or so but stop just before the 
beans are coloured to the degree 
of roast you want. (In a medium 
full roast the beans will just 
begin to gleam; in a high roast 
they will be oily bright like 
well-polished boot buttons — and 
you must take great rare not 
to let the coffee oils catch fire.) 

Turn the cooked beans on to 
a coid surface, spreading them 
in a single layer. This stops 
the cooking process immediately 
and closes the beans’ pores, thus 
trapping the aroma inside. 

As soon as the beans are cool, 
they are ready to grind and use. 

• Those of you who would like 
to buy green or roosted coffee 
by mail order, may like to know 
the joUotrtag addresses : — 

ALGERIAN COFFEE STORES, 52 Old 
Cbrimmi Street, LmdM WL Ring 


(EL-437 2480) Is discuss Uk order. Posts 
on orders over 2 (fas ladade fttstmoce. 


L. FERN, 27 Rathtaoiie Piece. London 
WL WiJI rend price list no rewsL 
Minimum order 3 lb*. 

H. R. HIGGINS. 42 Sou* Moulton Street, 
Leaden WL Will scad brochure on re- 
quest Orders ever 5 tbs suit past Free. 

MARKUS, 13 Connaught Street London 
W2. Will seed orfas list on request 

WHITTARD AND C0„ U1 Fulham Rond, 
Landou 5W3, Send 5AE fer price |igt_ 
Orders over 8 lbs or £6 post free. 

VOUNG AND SAUNDERS. 5 Qnecnsferry 
Stmt Edinburgh EH2 4FD. Will snd 
price list on request 


V 













12 





Financial Times Saturday April ,29.1978; - ff 

Fie*- 0 



ARTS 




Arms and the men 


The last two Monday plays, eluded Jeremy Irons as the 
Dandalo (Radio 4. April 17) and innocent abroad in khaki, Anna 
W^^Pho^ Wcr (Radio 

4, April 24) were both set among Mmself ^ commanding 

the military. One was in the officer, and Alvar Liddell to give 
Z3th century at the time of the the authentic period flavour 
Fourth Crusade and the other in reading the news. (Did they, 
the 20th at the time of Munich though, have closing headlines in 

and the early years of World ^ y5 ' 

War Two. Radio can cope with mam ' sector of the front 

war very easily* Frequent spanned by the play was centred 
changes of location accompanied upon Kmghtsbridge fanning out 
by the sound of gunfire or & s fair 3S Harrods ; then there 
catapault-fire present no problem w j*s a hilarious bit in Finland 
and tbe wounds of battle pan be where the hero was being trained 
suggested to the listener without to form part of a crack ski-regi- 
the use of tomato ketchup. Both '» finally we reached France 
these plays made the same with just time to broach a really 
general point, that If wars are decent claret and a bottle or two 
crusades to the statesmen who bubbly before-the invasion of 
declare them, for most of the Belgium and the beginning of the 
time they . are phoney wars to real conflict All these settings 
the people who actually have to were seen in the light of a con- 
fight them sistently under-stated Waugh-like 

examined the crucial 


role played by the octogenarian p^o make fTra tenealb 
Doge of Venice whose name gave fir. j 


aXf*. rnr. toe clowning and the absurdity 

provided it ■» 

transport without which the “ r rc ^de a waro ?f an 

■ actor turning into a soldier; by 


RADIO 


ANTHONY CURTIS 


contrast in Miss Massey’s we saw 
how an upper-class Mosleyite 
debutante abandoned her pro- 
Nazi longings and swam with the 
tide of the time. But these 
changes of heart were rather 
eclipsed by the author's sense of 
the incredible amount of fixing 
that went on and the number 


The Recr uiting 



The Oxford .Playhouse Com- sergeant assumes the manner, 
pany are on tour-with Farquhar's beard and hooked nose of an 
classic comedy before decamping almost offensively, caricatured 
to the new Hong Kong Arts Jewish usurer. It is indicative. 
Centre in June. I saw Nicolas too. of the production’s careless- 
Kenfs serviceable production ip ness that when Thomas Apple- 
the Arts Theatre, Cambridge, on tree accidentally drops - tbe 
Thursday evening. Next week it “ Carolus " coin given him in 
plays Poole before visiting Swin- the marketplace over the foot- 
don and Oxford. tights, his enslavement to Plume 

The whole approach to Res- is not a bit undermined- The 
toration comedy in this country comedy of ruthless enlistment 
was completely overhauled by expires to the hot air of farcical 
William Gaskill’s National horse-play. 

Theatre : production . in 1963. Hayden Griffin’s witty designs 
Away with frills and furbelows, support tbe dominant tone of 
coy archaisms and obfuseatory superficiality. The inns and 
relish ;thxs. after -all. was a play shops' of - Shrewsbury slide on 
about recruitment in both the from the wings in prettily per- 
sex and military wars. Charac- spective style, while scene 
ters acted upon acquisitive changes are covered with 
instincts firmly rooted in the blare . of recorded music. The 
realistically detailed social local yokels are played strictly 
milieu of an early 18th 'century for laughs — some of them ad- 
country town. Shrewsbury. Mr. mittedly good 1 ones-^but the 

play that was dusted- down and 


THEATRE 


MICHAEL COVENEY 


returned to the British stage by 
Gaskill as a. rich masterpiece of 
social realism has been buried 
once again beneath a welter of 
rep theatre trimmings. 

At least the trimmings are 
entertainingly done. Richard 
Wilson’s foppish Brazen is more 
memorable for his’ ludicrous 



Pasolini on stage 


v 





Over a year after his death, , poetry, usually is, , but pq. ' 

| Pier Paolo Pasolini has become provocative, elusive, at c:- ,v "-\i* 

virtually an Italian national ambiguous. . ; r V-y 

industry. All of his books- Even after he hitii Hbecoq 
in print, new volumes about him famous" himself. Pasolini Bfc-'. j ■‘i.-on- 
have appeared, - articles have been stars. ■ Though his -best " f&f ' -;r ' .. 

collected. His films are newly,; were made with non^rofassipjt ; • 

enormously popular with, cinema, actors, . he could not red ‘ ; r. 
dubs (some have been seen on Magnaril, Tot5, CaUas. And it/;.; r '' . 
television), and in. HSan, an art probable- that .hft would ha/ ' 


pretfr? 

rfi COtiftt; 
*c eatflk 

,r- J . m 

nc fan;, 
iti- 


,nv 


gallery created a brief scandal .wtoyecti G^nan^ to obid 


recently by showing a aeries of 'stone , which tbe actor. transforn-. . 
naked photographs of Pasolini, into a star turn. In the bad p) >. /' 
apparently taken with their siib-. tradition,'"^Gassman surrouuc .V P 3 ^ 


etfs consent A long, not-quite- -himself- with: un talented . pe- 


for. formers.' Nobody gets in his waj ' *.--c 
his toimante 


iot-qi 

novel is anounced 

posthumous publication. and be plays 

Pa solini had a. passion for the .M^Hmese'-jtodustrMst. with Q/ 
theatre. As a young mam,- he grandiloquent ' gestures, : th 
directed an amateur troupe' in his operatic use of voles that h 


irtW 
. sore.; 


-+V. 



vtty due 'to illness. His most. Italian stage, today. -wpuld dari: : ‘ 
[ important play, Affdfatiazume,- do it* but then nobody else wouli * 
dates from this period, though be capable, of such high-fiom 
it was published ' ' ' • 

Novh-uo doubt 


m 

. dew* 
whirii 
SJaJEB t 
faivLi 

craw 

- 3 r>-toSr> 



THEATRE 


Gabriele dq- Stef ano’s multi - -' ■ 
purpose set is dominated by : -j —.ade, 

. veiled statue. A sphinx? In _anr,. : *r i , ofj 


WILLIAM WEAVER 


. case, .it’ is totally appropriate u‘ 

and significance, witf I'.-: .;; r . * M 


. appearance 
~a visual- allusion to those some 
: what seay veiled ladies to bi-' : 
- found; in- chaste white marble; 
qn the.gnmderjgraves In Milan’i, 


Crusade could never have hap- of postings that were organised 
pended. These excursions into during private dinner parties, 
unfamiliar territory are one of M 3 ? we hope for a sequel? 
the side-benefits of regular radio The world of the Eskimo is 
listening. I admired the way the one where fixing is performed 
author used the device of the more lethally with a harpoon or 
narrator, an old soldier reminisc- with bare fists as we learnt from 
ing about the campaign, to Nunoga (Radio 4. April 24>. the 
mediate a complex and diversi- st0 ry of Duncan Pryde, a Glas- 
fied area of operations to us. wegian who has spent his life 
Anotbw pleasant feature of among Eskimos in the Arctic, 
Richard Wortleys production has gained complete acceptance 
was the presence of that leaen- them after some hair-raising 
dary radio actor. Carelton Hobbs adventures, and has seen them 
in the title role. “Hobbo” as pass from the barbarous period 
SSSfe ™ SS? Of blood-feuds, infanticides and 

d Mu° U w n?£S 1 ,?iS2 ice-dwellings to the modern 

moothn«s otTwhrte B«?of 

.gondolas and 5 it well suggested ** 

the mind of a wily 94-year-old 1 

keeping his followers together ^- a i5nt n pr^3i^ I 

under extreme provocation Pr7 . de s words a nd 

refusing to allow his authority Henry Knowles as the narrator, 
to be deflected. Talking of humour, may l 

The sack of Constantinople Wrongly recommend Week End- 
whieh resulted is hardly a matter tofl • ■ • to anyone who has not yet 
for flippancy. Humour was the become hooked oo this late night 
ingredient lacking in Dandolo : satire show which goes out on 
this leavening was liberally sup- Radio 4 at 10.30 on Friday even- 
plied by William Fox in his ing and is repeated on Saturday 
Willoughby’s Phoney War. a at 530. An astonishingly high 
piece of shamelessly self-indul- number of inners are scored on 
gent nostalgia, about an actor a wide range of targets by the 
who joins the territorials just gifted team that puts it all to- 
before the outbreak of bostili- gether. I enjoyed last week’s 
ties, which I found thoroughly joke that we had to have immi- 
enjoyable. The director, John grants so that there would be 
Tydeman wisely handled it with enough people to do the un- 
a light touch and he bad popular jobs “ like being a 
assembled a cast which in- Liberal candidate.” 


Kent however, has returned to ; m »t°n ' P nruu» ° f M e U u d a t^n 
the former tradition, encourag- failure to. recruit n single 

ing a hale and hearty mode of U f * ^ rf ftcrrTa 

delivery, tbe actors playing much a , dash , to performance that 
of the time “ half-on ” to the Pleased • the audience greatly, 
audience. And Zlwvila Roche .and Chns- 

It is made quite clear early on 1 ^SSSLSS l SLJSi 

that Plume and Kite are recently 1,fe from their rustic stereotypes 
returned from Germany and caught in the crosshre of 
that Kite has brought with him fto™* 8 fcptoits. As Plume, 
the apparel of a "German doc- Nicholas Joqes is vigorous bol 
tor ” in order to entice more monotonous. Silvia, who di^ 
bumpkins into the force while guises herself as a man about 
disguised as a spurious fortune- town , in order to test Plume’s 
teller And vet when the deceit affection, is given a buoyantly 
is adopted, Barry Stanton’s bluff bisexual reading by Susan Dury. 


Bank Holiday by Wiliam Strang 


Two Tate shows 


the - torrent- Pasolini boom— the. Cinutero Monumental e, 
piece is enjoying a success on the 
stage, produced by Vittorio Gass* 
man,, who is also -its star^ - After 
a run in Rome, the Gassman com- 
pany ^is appearing at the-Teatro 
Manzzml in 


THEATRES THIS WEEK 
...AND NEXT 


The Tate; as we know, was 
born to trouble, and certainly the 
past year or two have seen it 
tried sorely, controversy even 
at the door, funds low, the new 
extension still not ready, the 
galleries over-crowded in conse- 
quence. and the hang shuffled 
and arbitrary, the exhibition 
policy for the future in ruins: 
but desperation can be a remark- 
able stimulant, and the Gallery’s 
peculiar agony has effectively 
brought us a number of modest 


OLD VIC — Twelfth Night. A End for three girls, one white. 
Prospect production, specially one West Indian, one Pakistani, 
notable for ELleen Atkins as Reviewed Friday. 

Viola and Robert Eddison as KING’S HEAD — Period of 
Feste. Reviewed Tuesday/ Adjustment. Tennessee -Williams 
Wednesday. comedy takes a bit’ too long in 

OLIVIER — Brand. Ibsen’s tower- resolving some good Comic situa- 
ing peak conscientiously sur- Reviewed Knday final 

mounted by the National, with editions. 

Michael Bryant as the fierv Monday at the Garnck, a 
preacher. Lynn Farlelgh as his revival of Harold Pinter's The 

wife. Robert Stephens the Hnnwcomtiki with a formidable 

Mayor. Reviewed Thursday. company. On Tuesday the new 
n*AWT owTi' -p, season continues at »Stratford- 

TJS; upon-Avon with The Tempest. 
CUrpham Wonder .Sandy foUowed on Thursday by The 
Wilson s musical makes too little, doming of ‘the Shrew. In 
SL*K between, Annie, tbe American 

levitate. Reviewed Friday. Tony-bedecked musical, opens at 
THEATRE ROYAL, Stratford, tbe Victoria Palace on Wednes- 
E.15r— 5isters. Life in the East day. 


ART 

WILLIAM- PACKER. 


bat fascinating exhibitions from 
stock thar only recently would 
have been given very short 
official shrift. 

“Some Old Favourites: 1877- 
1945.” the Tate’s latest exercise 
of this sort.' is just what it says 
it is. A number of the works 
have not been shown at all for 
many years, while others have 
been tucked away in odd corners, 
or put out on loan, but they are, 
most of them, sti-angely familiar., 
nevertheless, memorable -images 1 


that enlivened the history books 
or mythologies of childhood. 
Here is Hudson adrift in the ice, 
by John Collier, and; the fallen 
Icarus, by . Herbert Draper.- It 
would be foolish to . claim . that 
all are masterpieces; and some, 
though undoubtedly . enjoyable, 
are frankly laughable, Sadler’s 
“Thursday,” a bankful of jovial 
monks- fishing- for example;- Bat 
it is good to see Madame Suggia 
again, John at his flashiest, and 
Furse’s “ Diana of the Uplands.” 
Strang and wi lliam Nicholson, 
both equally straight-forward in 
their different ways, look very 
good, and so. of course, does 
Sargent The Newlyn School/ with 
Bramiey and Stanhope Forbes, 
stands up very well, especially so 
with Thomas Gotch, who is less 
well-known^ and worth reviving. 

M minings, too. * is about due 
for re-appraisal, and here a/good 
case is made but for himOBy his 
large machine, “Their Majesties 
returning from Ascot: 1925." 
retrieved from the Royal Mews 
for ■ the occasion, a loss much 
mourned by the Royal -coachman/ 
And David Brown, who selected 
the show/ brings it to a close; .with 
a wall that . indulges- his own 
veterinary and ' bucolic tastes, 
worts by. Gilbert Spencer apd 
Jamer Bateman, and a fine Land 
Girl by- Evelyn Dunbar. ' - -«• . 


m 

■* ...j -wiligte 

jnnocwfl 

’■j t;’.C>€ Wto 

Royal Ballet ; rV u S!| 
between tours ;/;/ , $***& 

, Following its tour of the :r.-" Fran ce 

?ast and America, The- Royar" - - 


The play’s tatie is not easy to 
translate. It: means “a putting. - - - - ~ 

together of fables,”! botit has a Ballet will return -to tim R<wal,. ;1 ttd 

connotation of “ affability,” . of , n a : u : a r ^ 

conversation. The protagonist is .revival- of- Kenneth MacMiUan’t' * — “ 

a father (none of . the characters Anastasia.- - • • • • 

has a proper name); who cannot _ The reason, which will end on 
communicate with his son. 

ohsb 9 i*lpq are . latpplir the - 0 * -Hans van Manens Four 

father’s own making, but they The^F*™** 1 ” 

became -sn-ihaiperable. tbat„the 
son finally runs away from Ms IS Q 

luxurious home (the setting is 
similar to that of Pasolini’s film ‘ 


and 

-■k-a’s tO ' v tlR 


tV, will film The Royal Ballet from 
ieoremo;, to live with a girl in a tVl _ n«»-, tr A nu> tnm. 


- “ft IPaX- Ballet 

« pays tribute to its founder. Dame 

v 5 *. 811 a qn affi-n dlculous Ninette de Valois, by giving a 

?ifp° mpSS special - performance of The 

hfe, trying t^extrmfii lts mean- sleeping Beauty in honour of 

JI ^ . ^ .- -ytr. , her eightieth birthday. 

'- 'Ahriel Prologve.-ih the play The television film will, consist 
is ^spoken - by . the Ghost of of The Firebird, Elite Syncopa- 
Sophocles/whd also appears latei ttons arid a series of dlvertisse- 
to the Father- - in a-- - delirium. - meats which will include the first 


-J 




- 

z&k. 


Pasolini’s - ideas — about how. public -performance of Sir 
fathers want to kill their sons Frederick Ashton’s charm Ine trio 
and sons want.to kijl their —Tjoeedledum and Tweedledee— 
fafliers — are, variations :'on_ the to music by Percy Grainger. 
Oedipus theme: foriafieris: with When the season ends on July 
Wider sexual connotations. They 29. The Royal Ballet will fly to 






expounded ;.Ia lacbnic/free Alhen? to give six performances 
rerse (in a ' discussion- of the at the Athens Festival where the 

wOl be Romeo and 


■ - /"■’v- 


play, the poet AttLIio Bertolucci repertory 
acutely cites Eliot’s Cocktail Juliet, and the first perfonn- 
Porty as an evident Influence), ances In Greece of The Shaping 
somewhat greyer than Pasolini’s Beauty. 


-‘■'it 


TV Radio 


BBC 1 


t Indicates programmes In 
black and white 
8-55 a*m* Playboard. 9.10 The 
Oddball Couple. 9.35 The Record 
Breakers. 10.00 Arlott and True- 
man on Cricket. 10.25 “ Swords- 
man of Siena." tU<SS Charlie 
Chaplin in “The Bank." 12.28 
p.m. Weather. 

12.30 Grandstand: Football Focus 
(12.35); Boxing (1.00); 
World Snooker (L30. 2.05); 
interuational Show Jumping 
(2.35. 3.10. 4.30); Racine 
From Ascot (1.55. 2.20, 2.55, 
3.35): Rugby League (3.45); 
Final Score (4.401 

5.10 Tbe Mickey Mouse Club 
5.30 News 

5A0 Sport/Regional News 
5.45 Fish 

6.10 Rolf on Saturday 

6.40 Saturday Night at the 
Movies: ** Robbery Under 
Anns" starring Peter 
Finch 

8.15 The Val Doonican Music 
Show 
9.00 Kojak 
9.50 News 

10.00 Match of tbe Day 

11.00 Saturday Night at the 
Mill 

All Regional programmes as 
BBC-1 except at the following 
times: — 

Wales — 9.35, 1000 Tele- 

fant 11.50 News and Weather 
for Wales. 

Scotland— -4.55-5.10 pun. Score- 
board. 5.40-5.45 Scoreboard. 
10.00 Sportscehe. 10.30-11.00 
Falkirk Folk. 1L50 News and 
weather for Scotland. 


Northern Ireland — 5.00-5.10 
p-m. Scoreboard. 5.40-5.45 
Northern Ireland News. 11.50 
Irish Cup Final. 12^0 am. News 
and Weather for Northern Ire- 
land. 

BBC 2 


IS 


7.40 a.mrU5 p.m. Open 
University 

■f2.35 Saturday Cinema: “The 
Actress” starring Spencer 
Tracy. Jean Simmons, 
Anthony Perkins 

4.05 The Money Programme - 

4.40 Men of Ideas 

5.25 Arena: Art and Design 

6.00 Planets 

7.00 Open Door 

7.30 News ■ ... 

7.45 Don’t Quote Me 

8.15 Network 

8.45 Rugby Special 

9.35 The Lively Arts — In Per- 
formance 
10.50 MASH 
11.15 News 

11.20 The Embassy World Pro- 
fessional Snooker Cham- 
pionship. 

+12.10 Midnight Movie: “ Force 
of Evil " 


LONDON 


8.45 a.m. Sesame Street. 9A5 
Half Our Show. 10A5 The 
Monkees. 10.45 Our Show. IL30 
Spencer’s Pilots. 

UL30 p-m. World of Sport: 12.35 
On the Ball; 1.00 Inter- 
national Sports Special (1) 
High Diving from Fort 
Lauderdale, Florida. Z.15 
News from ITN; 1.20 Tbe 
1TV Seven— 1^0, 2.00. 2^0. 
and 3.00 from Beverley and 
1.45. 2.15 and 2.45 from New- 
castle; 3.10 International 
Sports Special (2) The News 
of the World Darts Cham- 


ionsbip from Wembley; 3.50 
"alf-time Soccer Round-up; 
4.00 Wrestling: 4.50 Results 
Service 
5.05 News from ITN 
5.15 Happy Days 

5.45 The Life and’ Times of 
Grizzly Adams 

6.45 Celebrity Squares 
7.30 Saturday Showtime 
8^0 Scorpion Tales . 

9 JO Falstaff from Glynde- 
• bourne 

10.05 News from ITN 

10 JO Falstaff (part Two) 

12.00 The People Show 
12.55 a.m. Close— Poem for Save 
the Children Week read 
by Gillian Bailey 
All IBA Regions as London- 
except at the following times: — 

ANGLIA 

9J8 *-tn. Undersea World of Captain 
Nemo. 9-38 Ttawas. 1QJD Funky Phantom. 
10.45 Tlswas. XL25 star Maidens. IL55 
Tlswas. 

A TV 

9-05 B-m. Mum’s the Word. 9.50 Tlswas. 
505 p.itI; Six Million Dollar Man. 6.15 
Celebritv Squares 7 JO Oh No: 
Setwyn Frogtdrr 

BORDER 

9.05 aJtr- Bolld Tow Own Boat. 
Tlswas. 1100 Midnight Life Style. 

CHANNEL 

12.18 pjn. PafBn's piaiOce. 12 LOO George 
BamUtao IV. 12-35 a.m. WeaUter. 

GRAMPIAN 

9M a.m. Scene on Saturday. 9.25 
SMopy. 9-50 Spiderman. 1005 The One 
a oh. 10JB Island of Adventure. 1ZJ0 
Space 1999. 12m Reflections. 12.05 a-m. 
The Many Wives of Patrick. 

GRANADA 

9 JO a.m. Tlswas. UL20 Dynorautt— the 
□on Wonder.. 10^5 Tlswas comd. UJ25 
Elephant Bay. 1LS mu. House of Hor- 
rors: Louts Jord an to * ' Fear No BvO." 

HTV 

9J15 «.m. Bnfld Your Oku Boat. 9 JO 
Tlswas. 11U5 Batman- 10^5 Tlswas. 
1U5 Westway. 1U5 Tlswas. 


HTV Cymru /Wales— As HTV general 
service except: 505-5.45 Canolfan. 

SCOTTISH 

9.00 a.m. Build Your Own Boat. 9J0 
T 1 5 was. 5JS p.m. Phyllis. 12.00 Late 
CalL 

SOUTHERN 


8J5 a.m. Wcehi.-nd followed hy regional 
wenh-'r (0r.-<-asi 10J5 HarOT Pays: 

"Artour^ Wedding.” UJO Wee fee ml 
foUuwtd .• by regional weather forecast. 
11.40 thxle R. . 5J5 p.m.- -Batman. 
12.05 ajn. Stars on Ice. 12J5 Weather 
forecast followed by WorVIna Order. 

/ TYNE TEES 

9Jfl a.m. Solo One. 9J0 Action Adveo- 
furV Film: -pirates of Tripoli." UJO 
Rah, Joe Run. UJO 1 Am The Greatest, 
The Adventures of Mohammad AIL 
S15 p.m. Laveroe and Shirley. 1215 a-m. 


It's 


9 JO 


Epllosue. 

ULSTER 

10 -M a-m. Saturday Maminc Movie: 
"Captain Sindbad." UJO Sesame StreeL 
505 Beverley Hillbillies. 

WESTWARD 

9.00 un. Tbe Lost Islands. 9J5 Tbe 
Beatles. 9 JO Children's Feature Film: 
“Moon Zero Two." U-J Gus Hooeybun's 
Birthdays. UJ5 Island of. Adventure. 
15.50 George Hamilton IV. 12-25 ami. 
Faith for Life. 

YORKSHIRE 

9.00 a-m. You Can Make IL 9J5 The 
Adventures of Muhammad All. 9 JO 
Saturday Scene Action Adventure: 
-Lassie: Peace Is Our Profcssm." UJO 
Funky Phantom. 12-00 Ran, Joe, Ran. 
RADIO I 

RADIO 1 

C5) Stereophonic broadcast 
(Q) Quadraphonic broadcast 
5-00 a.m. As Radio 2. S.U Ed Stewart 
iSi with Junior Ounce, in .00 Adrian 
Juste— Who? 12J8 Paul GambacdnL 
m p.m. . Rock On (Si. 2J0 Man Free- 
man IS and Qi. 5-31 Robbie Vincent (Si. 
6J0 In Concert; Pete Seeser and 
Ouilanayun. 7J(KJ2 a-m. As Radio 2. 

RADIO 2 1 * 500in and VHF 

5.00 ojh. News Summary. 5JJ2 Tom 

Edwards with The Early Show (Si in- 
eluding 8.03 Radns Boilctfn. S.N As 
Radio 1. 10J2 Tony Brandon (S>. 

12.02 p.m. Two's Best iS>. UB Punch 
Line t series' Game. L30-5JS Sport oo 
2: Football League (1.30. C.35. 3.10. 3.45. 


5.00, S.tti; Racing from Ascot (1.90. 2.00. 
2.25. 3.00, 4.501 With a classified check 
at 4J0. Show J tunning fL30. 2.10. 
.1.10. 4-50, 5.30'. The Embassy Spring 
International. Cricket (1.30, 2.10. 2J5. 
310. 4 JO. 5.45) The Pakistan Touring 
Team v. Leicester. The Benson and 
Hedges Cop— Hampshire v. Somerset and 
Middlesex v. Northamptonshire. 5.00 
Snorts Report. Classified Football checks 
at 5.00 and 5.45: Rurtr Round-Up at 5 25: 
Moror Sport 5.30. L03 Europe 78. The 
Danish music and comedy scene. 7J2 
Windsor Davies Presents . . . 7JB Spans 
Desk with dase-of-nlay cricket scores. 
7J3 Radio 2 Top Tunes (S>. LOO Gilbert 
and Sullivan at Large: A South Bank 
Pops Concert, pan 1 tS*. Ml Talk by 
Peter Pratt. 9JZ Gilbert and Sum van 
at Large, part 2. 104Q Saturday Night 
with the BBC Radio Orchestra (S». U.B2 
Sports Desk. lL-ll Peter Wheeler with 
The Late Show (SI Incl u din g 12.00 News. 
2.03-2.02 a.m. News Summary. 


English' As . She Is Broadcast, .vjbjo 
KU pinen .ana Dvorak: .Song recital ' (S). 
UjK Sounds Intercstlnir-lS>. 1X25 Now*. 
1U0-1U5 Tonight’s Schubert - Sung on 
record (SI. 2ZL45 pjn.-3_0 jum. Russian 
Orthodox Easter Vigil Service. 

Radio 5 VHF mfy-Mfr&M a^n. Open 
UnlVersity. 


Cahray (S) as Radio 3. 12J3 Weather- 
lOfTews. U5 


Louden Broadcasting 


RADIO 3 464m, Stereo & VHF 

3 Medium Wave only 
27-55 a.m. Weather. SJ0 News. SJ6 
Aubade: MacCnnp, Kennedy-Praser. 

Strauss (Si. ».■ News. 9-05 Record 
Review (Si. 20J5 Stereo Release: Dufay, 
Handel (S'. UJO Stuart Burrows: Song 
recital (Si. 12 02 p-m. James Galway 
records (Si. 12.55 Nows. UK) Paintings 
In Close-Up: Canaletto at Warwick Castle. 
1.15 Brahms and Schubert: Piano recital 
(S'. 2J5 Man of Action: Anthony Kenny 
• Si. 3JS Music of the Masters by 
Morunsjko, Strauss. List. Haydn (Si. 
5.00 Jazz Record Rcoucsts (Si. 5.45 
Critics' Forma. 6J5 The Classical 
Guitar (Si. TJ5 Jeao-Plerre Rampal: 
Flute recital: Bach (S). 7 JO Barenboim - 
and the LPO Concert, part 1: Beethoven, 
Mendelssohn (SI. S-05 Personal View by 
Rosalyn Higgins. 8J5 Barenboim and 
the LPO. part S: Schubert fSi. 9Jg 


RADIO 4 

434m, 330m, 285m and VHF 
6J0 a.m. News. Ul Panning Today. 
A5D Yours Faithfully. L55 Weather and 
pregreimne news. 74)8 News. 7 JO On 
Your Farm. 7 JO Today's Papers. 7.45 
Yours Faithfully. 7 JO- ft's a Bargain. 
7J5 Weather and programme news. SJfO 
News. LU Sport on A MO Yesterday 
in PzrdamenL- tS5 A Party PoBtlcoJ 
Broadcast by the Labour Parly. 9 JO 
News. 94)5 International Assignment. 
9 JO The Week in Westminster. 9J5 News 
Stand. Review of weekly magazines. 
10-15 -Dally Service. UJO pick of tbe 
Week. 1UB Time fbr Verse. UJO Science 
daw. UJO News. 12J2 jun. James 


and programme news. 14)0 
Any Qoesctoiia? 2Ja War and Peace. 34N 
■News. 3.06 Does He Take Sdgarr 3-35 
Music of the Masters (aeries) U Radio X 
5.08 Kaleidoscope Encore. 5J8 Week 
Ending . . . 5J5 Weather.and programme 
news. MO News. ■ US Desert Island 
Discs. MB Stop the Week with Robert 
Robinson. 7J0- These You Base Loved: 

Christopher Crier: records (S). BJO 
Saturday- Night Theatre. “B3nd3e Wakes-” 

STSS. , SS, N SSJ'Sr 0 “»ffi BBC.ltadto London 

ness. 1 1 .15 News. 


261m and 97J VHF 
MO ml Morning Music. 7 JO AJH. 
with ' DJckle Arbiter- LUO Jcliybone with 
Tberese Birch. UK) pun. Saturday Sport. 
Ml Alter 8— Ian Gilchrist. 630 Derision 
Makers. 74)0. Geer Mala! MB Saturday 
Music. 9JOO mgbiline— with David Bassett. 
LOOMS am. Night Extra with Hugh 
williams. ... 


Capital Radio 

206m and 94JVHF 
5-00 am, Ag RadUrJ. 7J2 Good SsUng. 
MB News. K15 -The- London Gardener. 
BJO Astley Jones with Saturday. Scene. 
Uj'V Tbe Robbie Vincent Saturday Show. 
24)0 p-m. Bob Powell with London 
Country: Music:- 438 MsJorie Bflbow: 
Film guide. ' 5J0 ‘ Sounds Good. MB 
Ctose: as Radio 2. .c 


194mAnd 95.8 VHF 
MO- Ban. Kerry Juby*s Breakfast Show 
(S). 9 JO Capital Countdown with Peter 
Young <S>. 12J0 Khbqf BvereB (Si. 

2J0.PJH. Afternoon Delight with Duncan 
Johnsote^Si.- -5M Joan sheunm’s Person 
to Person (SI. . MO Greg Edwards's Soul 
Spectrum (Si. . 9JB Nicky Horne's 
Mummy's Chart (Si. ruw Mike Allen's 
American Dream <S). 224)0 Mike Allen’s 
Backseat Boogie (S>. 2JB am. Peter 
Yoanofs- Night .Flight (S). 


• V 


Extracts 


L’^ramarpSj 

v.h;cn ownse^Hj 


c.. err.c 


Cr fte world 


WEEKEND CHOICE 


CHES S SOLUTIONS 
Solution to Position No. 213 
1 . . . P-Q7; 2 R-K2, R-B8; 3 
RxP, R(7)-N8! and White 
resigned. 

Solution to Problem No. 213 
1 Q-N3 (threat 2 Q-N7), BxN; 
2 QxN, or if N-K3; 2 R-B7, or if 
N-N3; 2 QxB, or If N-N7, 2 N-K4, 
or if K-K4; 2 Q-QB3. 


SATURDAY: ITV start a new 
drama series called “Scorpion 
Tales ” with Ian Kennedy 
Martin’s play Easterman (8.30). 
The cast is headed by Trevor 
Howard who is something of a 
stranger to TV and .'Patrick 
Allen who- isn’t This is fol- 
lowed at 9.30 by the first of the 
week-end’s two popular operas 
(it is a Bank Holiday week-end, 
remember): the Glyndebourae 
production of Verdi’s Falstaff. 


SUNDAY: Unbelievably, in 
view of the weather, BBC2 


starts coverage of this year's 
John Player League in Cricket 
at L55. Later the week-end's, 
three most promising- pro- 
grammes are transmitted- simut-’- 
taneonsIy,- J to r -ninialr ' at &Q5\ 
BBC1 brih^ fisT'Carmen'froih ' 
the Coliseum; .at.. 9.00 BBC2'; 
screens' the - first- part of a new * 
royal drama series The Devil’s 
Crown about •flie Plantagenets; 
and at 9^0 ITV show- .a .half- 
hour play called The Island, 
adapted from the story byx. P. 
Hartley .and .starting, . tempt- ' 
ingly, John' Hurt and Charles .* 
Gray: CJX -- . 



ENTERTAINMENT 

GUIDE 


CC — These iMtrei accept certain credit 

cards by telephone or at the box oflice- 


OPERA & BALLET 


THEATRES 


APOLLO. 


01-437 26G3. Evenings B.OO. 
— and S- 00 . 


COLISEUM. Credit cards. 01-340 6236. 
Reservations 01-836 3161. 
ENGLISH NATIONAL OPERA 
Tonight & Wed. next 7 JO La Travteta: 
Thors. 7.00 The Two Poscari: Frl. 7.00 
Carmen < final oerf.i. 104 balcony lasts 
always a val table day of performance 


COVENT GARDEN. CC. 240 1066. 

(Garriencftarge credit cards 836 6903). 
THE ROYAL OPERA 


Tonight. Toes. A Frl. 7.00 OMta. Mon. 
4 Th " ” 


_ hura. 7 .03 Le nozze dl Figaro. 6S 
Atnphl* seats for aH parts, on late from 
10 am an day of serf. 


SADLER'S WELLS THEATRE. Rosebery 
Avc- EOT. 637 1672. Until May 13 
SADLERS WELLS ROYAL BALLET 
EVB*. 7.30. SaL Mats. 2.30. Today, Mon. 
A Tues.: SaHUlre. Giiello. Wed. & 
Ttiur, nun: The Dream, The Outsider. 
Broiilllanls. Frl. next: La FHla mai 
girdfe. 


THEATRES 

ADELPHI THEATRE. CC 01-836 7611. 
Evsh 7 JO. Mats. Thurs. 3.00. Sat. 4.0. 
■RENE 

THE BEST MUSICAL 
Of 1976. 1977 add 19781 
IRENE _ 

*• London’s best night out/ 




ALRBAOY SEEN BY NEARLY ONE 
MILUON HAPPY THEATREGOERS. 
CREDIT CARD BOOKINGS 836 7611. 


Cara OKB3. OOD J liruni a a-i 

b p.m.) Mon.. Tuts,, WW. and 
7 as p.m. Than, and Sol 4J0 and 
“A THOUSAND TIMES WELCOM 


ALBERT. 836 3B76. Parlv Rates. Credit 

card bkgs. 836 1 071-3 (from 9 a.m. to 

Wtd. and Fn. 

‘ "7 7 B.OO. 

_ WELCOME IS 

LIONEL BART'S 
MIRACULOUS MUSICAL." Finan. Times. 
OLIVER 

With ROY HUDO and JO-WJ TURNER 
“CONSIDER YOURSELF LUCKY TO BE 
ABLE TO SEE IT AGAIN." Dally Mirror. 


ALDWYCH. 836 6404. Info. 835 5332. 
ROYAL SHAKESPEARE COMPANY in 
repertoire. Complete trilgjy day iSofd 
OlR>. 10.30 a.m. HENRY VI Part 1, 
3.00 P.m. HENRY VI Part 2. 8.00 p.m. 
HENRY Vi Part S. *'re«hJno at void 
and finding If." The Guardian. With: 
HENRY VI Part 1 iMon.i. Port 2 (Tuev.r 
PM1 3 (Wed.). Tom or- 8.0 STEVE BIKO 
■■ a miserable and lonely daath. Moving, 
enthralling." Gun. RSC also at THE 
WAREHOUSE isee under W) and at 
Piccadilly Theatre in Peter Nkhofs’ 
PRIVATES ON PARADE. 


AMBASSADORS 


vm. 01-836 1171-3212. 
tor 2 weeks euW. 


fyuiln^M^ljO. Mats_. Sats. 3.0. 


. SRIOSOVA. GIELGUD 
KELLY. CACIULEANU 
STEPS, NOTES AND SQUEAKS 


wwma anba, eve i 

Mata. Thurs. 3.00. saL s.oo 
DONAL0 sinden 
A ctor of the Year. E. Std. 

THINK OF ENGLAND 
“WICKEDLY FUNNY." TTmea. 


ARTS THEATHE. 01-B36 -21-32. 

TOM STOPPARD S 
^ DIRTY LINEN . 

** Hilarious ... see It." Sunday Times. 
Monday to Thursday 8 JO Friday and 
Saturday at 7.00 and 9.1 S. 


ASTORIA THEATRE. Charing X Rd. (with 

‘ " 4291. 


fully llcensed Restaurant). ^01-734 


k Mp "" 


Nearast tube Tottenham 

Thurs. B.OO u. Frl. and Sat. 6.00 End 
8.45. Instant credit card- booking. 
ELY1S 

" Infectious, aoneallng. foot- stomping 
and heart-th^nginp, ’ Observer.- ■ 

Seat ^ces g £f_.50-£5.50. . Dinner-top 


price 


1.50. Hall hr. before show 


any ^valtabla too price ^tickets £2.50. 


Mon. -Thurs.. and Frl. 6.0 p.m. pert only. 
BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 


CAMBRIDGE. 836 6056. Mon. to Thurs. 

8.00. Frl.. Sat. S4S and BJO. 

_ I.Pt TOMB I 

Exciting Black African, Musical ’ 

It’s a toowtampino. ouVsitinn. action- 
packed musical. News or the World. 

THIRD GREAT YEAR . . 

Pinner and top-price seat £0 75 Incl. 


COMEDY. _ 01-930 2578. 

Evening 84), Thurs. 3 JO. SaL 5.30. 8.30. 

MOIRA LISTER TONY BRITTON 
Marnaret COURTENAY. Dermot WALSH 
THE HIT COMEDY THRILLER 

MURDER AMONG FRIENDS 
“ Blackmail, .armed robbery, double bluff 
and murder. ’ Times. ■ A bom deal of 
fun." Evening Newt. 


CRITERION. CC. 930 3216, 

Evenings 8.0. Sat*. 5.30. 8.20. Thur. 3.Q. 
LESLIE PHILLIPS ' 
in SIX OF ONE 
(formerly " S «rtet '■) 

"VERY FUNNY/ - S. Tel. 


DRURY LANE. 01-836 8108. 


Every 


night 8.00. Matinee Wed- and SaL 34)0. 
US UNE 


A CHORUS 
A rare, devastating Joyous, astonishing 
3lunner." Sunday Times. 


DUCHESS. 836 8243. Mon. to Thurs. 
Evg*. 8.0. Frf.. Sat. 6 15 and 9.00'. 
OH 1 CALCUTTA ! 


“ The Nualtv_ Is stunning.” Dally Tel 


8th Sensational Year. 


DUKE OF YORK'S. 01-836 5122. 

Evgs- fl.O. Mat. Wed. and Sat. at 3.00. 
JOHN GIELGUD 
In Julian Mitchell'S 


HALF-LIFE 

"RE PRODUCTION. 


A NATIONAL THEATR 
•* Brilliantly witty ... no one should 
miss IL” Harold Hobson (Drama). Instant 
credit card reservations. Dinner and top- 
price seat £74)0. 


THEATRES 


FORTUNE. 836 2238. EvBS. 8.0. Thurs. 3. 
Sac 54)0 ana b.ao. 

Muriel Par low os MISS MARPLE In 
AGATHA CHRISTIE'S 
MURDtH AT THE VICARAGE 
TWro Great Year. 


GARRICK THEATRE. 01-836 4601. 

Evgs. 8-0. Wed. Mil 34). Sau S.1 5. 8 JO 
JILL MARTIN JULIA SUTTON 
ERIC FLYNN and ROBIN RAY 
in Uie 

“ BRILLIANT MUSICAL 
ENTCRTAINMENT.” people. 

SIDE BY SIDE BY SONDHEIM 
" GO TWICE." S. Money. Punch. 
"GO THREE TIMES." C. Barnes. NYT. 
LAST WEEK. ENDS SAT. 


GARRICK THEATRE. 01-836 4601. 
Opens Monday at 7.0 (Good seats avail- 

able at £2.00). Sub. 8.0. SaL S.30. 8.30. 
Mat. Wed. 3.0. 

TIMOTHY WEST. GEMMA JONES 
MICHAEL KITCHEN 

In HAROLD PINTERS 

THE HOMECOMING 


GLOBE THEATRE. 01-437 1592. 

BflS- 8.TS. Wed. 3-0. sat. 6.0. 840. 
PAUL EDDINGTON. JULIA MCKENZIE 
BENJAMIN WHITROW In 
ALAN AYCKBOURN'S New Comedy 
, TEN TIMES TABLE 

■Tills must be the happiest laughter 
makur in London.” D. Tel. ” An irresls- 
tjbly enjpyabte eyenbig.” Sunday Times. 


OtfENWICH THEATRE. 8S8 775S. Evg*. 
7-3®j Mat. SaL 2.30. ARMS AND THE 
MAN. A Comedy by George Bernard 
Sftaw. Felicity Kendal In her bast 
performance to date.” Observer. 


HaimahmI. ul-jlu ScU. evgs. b-ou. 
Mats. Wdos, 2.30. sats. 4.30 and d.-ua. 
1NGKJU BcKGMAN 
WENDY HILLtR 

DEREK DOHis FRANCES 

GwurKEY MARE CUKA 


WATERS OF THE MOON 
” Insno Bergman makes me suse radiate 
— unassailable charisma." uauy Mail 
” Wendy miler Is supern.” sun. Mirror. 


HER MAJESTY'S. CL. 01-930 faSjb. 
Evenings b.dO. Mats. Wed. ana aaL 3.00. 
BRUCE FORSYTH 
In LtSLIt BRIlUpsE ana 
ANTHONY NfcVM.tr a 
TRAVELLING MUSIC SHOW 
with Derek Gnmths 
Directed by Burt SHE v cLOVE 
It IS packed to bursting point with the 
personality and sheer energy of Bruce 
Forsyth. * Sun. Express. " The auoicnce 
cheered.” Sunday Teleoraoh. 


KING'S ROAD THEATRE. 352 7488. 
Man. to Thurs. 9.0. Frl.. Sat. 7.30. 9.30. 
THE ROCKY HORROR SHOW 
NOW IN ITS 5th ROCKING YEA* 
THE GREAT ROCK ’N’ ROLL MUSICAL 


LONDON PALLADIUM. CC. 01-437 7573. 

Tonight 6 . 1 5. 9. 

LIBERACE 

IN HI5 LAS VEGAS SHOW 


THEATRES 


LONDON. PALLADIUM. CC 01-437 7373. 


Opening Thursday. MW 25 at 7 ’for the 
Season (to August 19 only). 


Summer ___ . _ 

Subs. Mon.. Tues., Thurs. A Frl. at 8. 
Weds. 4 Sets, at 6.10 & 8.sa 
RONNIE RONNIE 

BARKER CORBETT 

THE TWO RONNIES 
in a spectacular 
COMEDY REVUE 

with areat International company 
_ ALL SEATS BOOKABLE NOW 
£4.50. £3.75. £3.00. £2.50. £1.50 
Special Booking Hotline 437 2055 


LYRIC THEATRE. CC. 01-437 3686. Eve. 
8.0. Mats. Thurs. 3.0. 5at 5.0 and 8.30. 
JOAN PLOWWRIGHT 
COLIN BLAKELY 
ana PATRICIA HAYES In 
FILUMENA 

bv Eduardo Fllipoo 
Directed w FRANCO ZEFFIRELLI 
“TOTAL TRIUMPH." D. Mirror. 
"MAT IT FILL THE LYRIC FOR A 
HUNDRED YEARS.” Sunday Timei, 


MAY FAIR. CC. 629 3* .6. 

Men. to Fn. S.o. Sat. S.30 and B.45. 
GORDON CHATER ” Brilliant E.N. In 
THE ELOCUTION OF 
BENJAMIN FRAHKLYN 
A compassionate, funny, hercefy clogucnt 
pteY.. Gdm . “Hilarious.” E.Stu. "Wickedly 
amusing," E. News. “Soeilbindinn." Obs. 


MERMAID. 248 7656- 

_ Restaurant 248 2635. 

Tom Conti. Ja»c Asher In 
WHUSC LIFE IS IT ANYWAY 7 
THE NEW SMASH HIT ACCLAIMED 
„ BY EVERY CRITIC. 

E*gs. 8.15. Fri. and Sat. -5.15. 
ALEC McCOWEN-5 ST. MARK'S GOSPEL 
every Sun. until June T1 at 7.30. And 
Mon. ana Tues. from May IS. 


NATIONAL THEATRE. 928 2252. 

OLIVIER lopen stage): TonT. & Mon. 7 
i note early Marti BRAND by [Men. In 


a.rerslon by Geoffrey Hill. 

TN. iP redeem urn stage): Today 


LYTTELIO _ _ 

3 . * J- 4 # V. ar L 7 -*s plenty a new 
plav by Dand Hare. 

COTTESLOE < small auditorium): Today 
3 & 8 Mon. 8. DON JUAN COMES 
BACK FROM THE WAR by Horvath, 
trans. by Christopher Hampton. 

Many raced Ion I rhcao w-U all 3 
theatres day of pert. Car park. Restaur- 
ant 928 2023. Cred't card bkgs. 928 
3052. 


OLD Vic. „ _ 928 7616. 

PROSPECT AT THE OLD VIC 
New Mason to May 20th. 

TWELFTH NIGHT 

Prospect's Erst comedy at T** Old Vic. 
to-day 7.30. Sat. 2.30 and 7.30. 


PALACE. Credit Cards- 01-437 6834. 
Man .-Thurs. 6.0. Frl.. Sat. 6.0 and 8-40. 
JESUS CHRIST SUPERSTAR 


THEATRES 


PHOENIX. 01-836 2294. Evenings S.15. 

Friday and Saturday 6.0 and 8.40. 

"TiM BROOK E-TAYLOR. GRAEME 
GARDEN makes us laugh.’’ D. Mall In 
TH1 UNVARNISHED TRUTH 
The Hit Comedy by ROYCE RYTON 
” LAUGH. WHY I THOUGHT I WOULD 
HAVE DIED.” Sun. Times. "SHEER 
DELIGHT." E- Stand. "GLORIOUS CON- 
TINUOUS LAUGHTER." Timas. 


PICCADILLY. 437 4S06. Credit card bkg. 

836 1071-2. 9 a.m. -6 BJn. Eves. B.OO. 

Sat. 4.45 and 8.15. Wed. Mat. 3.00. 

BEST COMEDY OF THE YEAR 
Evg. Standard Award and SWET Award. 

Royal Shakespeare Company In 

PRIVATES ON PARADE 
by Peter Nichols, 

(Not suitable for children.) 

- HUGELY ENTERTAINING 
EXTRAVAGANZA.' S. Times. 

RSC also at Aldwych and Warehouse. 


PRINCE EDWARD. CC. 'Formerly Casino). 
01-437 6877. Preview* from June 12. 
Opens June 21 EVfTA 


PRINCE OF WALES. CC. D1-92Q 8681. 
Monday to Friday at 1 pm. 

Sat- 5,30 and 8.45. Mac Thurs. 3.00. 
" HILARIOUS COMEDY MUSICAL.” 
The Son. 

ROSIN A5KWITH 


Hi 


1 LOVE MY WIFE 

"NAUGHTY BUT NICE WITH A LOT 
OF LAUGHS.” News of the World. 
CREDIT CARD BOOKINGS 9S0 0846. 


QUEEN’S THEATRE. CC. 01-734 1166. 
Evenings 8.0. Sat. 5.0 and BJO. 
AL6C GUINNESS 
BEST ACTOR OF THE YEAR 

Variety Club Of GB Award 

THE OLD COUNTRY 
A New Play by ALAN BENNETT 

Directed bv CLIFFORD WILLIAMS 

BEST PLAY OF THE YEAR 
Plays and PI ay ere London critics award. 


RAYMOND REVUEBAfL CC. 01-734 1593 

at 7 p.m.. 9 a.m.. 11 p.m. (open Sun.i 
PAUL RAYMOND prnents 
THE FESTIVAL OF 

EROTICA 

Fullv Air Conditioned. You may 
drink and smoke in the auditorium. 


TOTAL COURT. 730 1745. Last 2 peris. 
Today 5.0 & 8.30 

CLASS ENEMY 
by Ninel wiHiamt 

“ Sfunnlrv new olay ” F. Times. “ Blues 
with hie and forces, ” Gdn. 

From Mav 5 The Glad Hsind bv Situo 
Wilson. World Premiere. 

See also Theatre Upstairs. 


ROYALTY. Credit Cards. 01-405 8004. 
Mondav-Thursdav Evenings s.oo Friday 
S.SO and 8.45. SatunUrs 3.00 and B.OO. 
London critics vote 

BILLY DANIELS !n 
BUBBLING BROWN SUGAR 
Best Musical of 1977 
Bookings iKccoted. ,m*Iot credit cards. 
Special reduced rates for matinees (for 
a limited period only from May 1). 


THEATRES • 

■SAVOY. 01-836 8888 

• Nightly at 84)0. Mats. Wed. 2.30. 

, , _ Sat. 6-00 and 0 . 00 . 

PATRICK CARGILL^and TONY ANHOLT 

SLEUTH 

The World- ram cm*. Thriller 
by ANTHONY SHAFFER 
Seeing the play again ■ Ia. in’ fact, an 
utter and total ioY.” - Punch. 
TranaferrinB to Ambonadm May 9 . 


SAVOY. 01-838 BBSS. Oggri. May 10. 


, RALPH RlCWAR, 

Michael GAMBON. Michael JAYS TON. 
. Gary Bond. Joann* VAN GY5EGHEM. 


GeoH r e Y KEEN to 


I’S BOYS 


SHAFTESBURY. CC. . -BS5 6595. 

Shaftafiiurv An WC2 IHLqh Holborn end) 


Era. at fl.oo, Mao. Thurs. Sat. 3~00'. 
JOHN REARDON and JOAN 


i DidlER in 

KISMET 

“A SMASH HIT. THIS MUSICAL HAS 


EVERYTHING.” S. Mirror. 
CREDIT CARD BOOKING I ‘ 


836 8597. 


SHAW THEATRE. 01-388 1 394. 

Evgs 7.30. Last ' D*y^ 
CHICKEN SOUP WITH BAftLEY 
by ARNOLD WESKER 
" MOVING ANO ILLUMINATING.” Tins. 
“ ABSOLUTBLY MAGNIFICENT.'' E.News 


STRAND. 01-836 2660. Evening! 8 . 00 . 
Mat. Hi ure. 3.00. Sats. -S.30 and B30. 
. NO SEX PLEASE — 

WE'RE BRITISH 
THE WORLD’S GREATEST 
LAUGHTER MAKER 


STRATFORD-UPON-AVON. Ratal Shake, 
ware Theatre. (0789 2271 J Tickets 
immediately available for RSC In THE 
TEMPEST May 1. 2. THE -TAMING OF 
THE SHREW May 3. UoaL^anc^eve.). 


Recorded booking Infp. (078 


191). 


ST. MARTIftrs. CC. 836 1443. Evs 8,00 
Mat. Tues. 2.45. Sats. 5 and 8. 
AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLD'S LONGEST-EVER RUN 
26th YEAR 


TALK OF THE TOWN. CC.. 734 5051, 
8.00 Dining. Dancing. 9.30 Super Revue 
RAZZLE DAZZU 
and at 11 p.m. 

MADELINE BELL 
From Mon — FRANKIE STEVENS 


THEATRE UPSTAIRS. 01-730 2554. 
Tuevday-Sunday 7.30 
SHARED EXPERIENCE 
In BLEAK HOUSE 
by Charles Dickens 
1 fri 4 parts. In Repertoire) 


VICTORIA PALACE. 


STRATFORD^ 


01-B34 1317, 


SHEILA HA> 
ANNIE 


A NEW MUSICAL 
BIGGEST 


BROADWAY'S BIGGEST HIT 
Prevs. Evgs. 7-30 [some sears sUH avail- 
able. Oprm May S 7.00. Sub. Evg*. 7.30. 
Mat. Wed. and SaL 2.45. 


THEATRES 


VAUDEVILLE. 836 9968; CC. Eva. at BJJ. 


Mat; Tues. 2.45. Sat. 5 and -8. 

„ Dinah SHERIDAN. Du) tie GRAY •' 
Eleanor SUMMERFlELO. JamaY GROUT 
A MURDER IS ANNOUNCED 


THE NEWEST WHODUNNIT 

by AGLATViA CHRISTIE 
. Re-enter Auatha vdtb another, who- 
dunnit bit. Agatha CttrlKte it nalfdng the 
Wes* EwT yet aaatn v*W»- another of h_ 

SsnolMily inoent o n* . murder mysteriM." 

Fella Barber? Evening News. 


WAREHOUSE. Downar Theatre, covenf 
Garden, 836 6808. Royal SbitesoeaM 
Company. T«m*t 82)0 Pa rt Thamiison'a 
THE LORENZACCIO STORY ”cradctng. 


colourful." D. Mrii. -All seats £>.60. 
AdrBkn*. Aldwyeh.' ■ 


WESTMINSTER. 


SENTENCED TO" LIFE 
Mateo kn 


0283. 


fay Malcolm Miwoeridav & Aiau 

Thornhill. jygvteW from May 9 . 
Opens May 17. - 


WHITEHALL. 


01-930 as 92-7765- 


Cvgs. 8 SO. Fri. and SaL 6A5_aod 94)0 
Paul Raymond * 


flresentt tha Senaattenal 
Sax Rewe Century- 

DEEP- THROAT- 

Dn to ovefYfheinilnsr public demand 
’• s gason extended- 


WINDMILL THEATRE. CC. 437 6312. 
Twtea Nightly 8,00 -and 10 : 00 .- 
Open -Sunday* and 8.00. 

■ PAUL RAYMOND DnCMtt 
Rir OFF 

the bwcdcphuence or the 

unncmL.iDA ■ . « 


. • -J40D6RN- IHA 

“Take* to -imprecadadterf. ttmlts ; what M 

bWmjsalMe-on odr.stoses.*; Evg. News. 

Too may. drink and . smoke in 'Hr 

• • auditorium. 


WYNDHAM-S. 838-3028. credit cm 
bkgs. 836 1071-2 from 8 aan. to 2 o.m. 
Mon. -Thurs, 8. Frl. and sat. 5-15. 8^0. 
“ENORMOUSLY RICH 


- -VERY rUNNY^.&wdnB^Ne**.,. ^ 
Mary O'Malley's anasb-Mt 


'oNCe'a CATHduc C ° m ^ 
Supreme, .comedy on sea and -retmon.'! 

-knN!U : msg • 

LAUGHTER.- Goanflan. 


YOUNG vie (near Old Vic). «28 6363. 
Tonigh t 7.45 Rovai Shakespeare Company 

In MACBETH. Ptws week sold out., any 

returns on doofO 


. CINEMAS 

ABC 1 ft 2 SHAFTESBURY AVE; 836 
8861. Sep- Parts. All Seats Bkbte. 

1: THE GOODBYE -GIRL- (A3._-Wk._ft 

Sun.: 2.00. 5.10. MO- Late -show. To- 
"teht 11,10. 

2: SWEENEY 2 (AA>. WL * Son.: 2 AO. 
5.10. B.io. -Late 'rtiw Tdwlght TT M ■ 


CiroTON. C preen Street. W.l. «0 3737. 

PARDON MON- AFFAIRE «c r Ena Hah 

sub-tttlert. “A jpsrWIng 
Comedy Directed wMbin awr -by 
Roger*.- S. ■ atpresa.'.Pregs. IftOTuof, 
SunJ. 3J5. 6,10, .5.10 (4tii month). 


CINEMAS 


CLASSIC- T. 1, 1.4, Oirford Sc. lOpo. 
.Tc ^enbi m _Conrt _ R. Tube). 638 0310. 
'i KfEtHpccTi iaOo Part f OCt. Press. 

Lote^row 11, IS p!mT 
" - Thaw. . Dennis Waterman 
Z_IAAJ_. ^CHARIOTS OFTME 
t *°£ s (Ufr PBS. AO, 4ft5, 7.55. Late 


sho»v_ 10 .s 5 . ~pan.' • 

Bonn, Jobe Denver "OH. 


3 ' D7°85.. I*;' 2dJ07"4.1S. 6.30, 8A?! 


GOD 


Late ahow .il pan. . 

!!a. 19?0 Pvt 2 cxj. Pg*. 


a. Bertolucci . .. — . _ . .... 

2.30. 5 JO. 4.151 Late show 11. ig p,rn 


<opo. Camden Town 
Tube). 4*5 2443. Melville’s efesaic 
Re« nance thriller, THE Amur IN THE 
SHADOWS (AA>. 3.10 re 5r4S^.BJ5. 11.0. 


LEICE STER SQUARE THEATRE. 930 5152 

SmrteY Mactofne. Anno- Bancroft. Mikhail 
Bai-rGmMMYln a Hwrbert Rosa' Film THB 

TMMJW PHHMW' PrOBS.- Wk. 1.05. 

A30. 8.10,. Son. 3.30. 7AS. Late show 
W. Sac. 11 as pair. Tuas. eve pert. 
... SOLD OUT 


• ! nterm$$f 
grating profft? 
c . lrr, .-orTantrr^ 


DDSON HAYMftRKZT- 930 2738-2771 
jroe Fomla. Vanesu Red grave In a Fred 

Zlnaermam him JUUA (A), Sep. progs. 

Dty. 30. 5.45, 8.45. Feature Diy. 2A5, 
6.00. 8^0. Late show' Frl. and sat. prog, 
comm. 41.49 p^d. Feature 12.00. All 
seals bookable at Theatre 


^ cash flow ftpa 
^sfionswe*® 
.'i ; 11 ^* 1977 . in ^ 
‘^Sc results^ 
esi we haveevl 
°- p - ; 6ved * . 


OPEpjl LEICESTER SQUARE. 930 6111- 

CLOSE ENCOUNTERS OF -THE THIRD 
KIND (A), Sep. prwes. Dir. Doors open 
(ifeOO-Sat bRty, 1.05. 4. 15 , jm. Late 
perfs. -Tues-iSaL. noorr open 11.15 p.m. 

All aetts mar be booked ottept 10.00 

a.m. prog.; . • . ...... ■ • 


(a-,-. 

*s*W£ 


ODEON MARBLE ARCH. 723.2011-2. 
STAR WARS (U). Door* open Dlv. 1.30 
4ftS, .720; Eat# show Gat 12-00 mid- 

iL All -seats: bfcbie. eacwt 1.30 parf. 


5- 


MS 1 


JWNCC CHARLES. LQiC. So. 437 8191. 


SWEPT ^AMTAT‘ UO-1 Sun."BOrit. Dte. fine. 
Sun.) .2,10. -Bar 


BJt5. SAO. Late stem SaL 

1V-5S S#*ts PKble.-tICd Bar, 


SOfaR l AND,,*. -Able-, SqvjW ardour SU 
430 4470.' . 

It. Woody ABM'S EVERYTHING YOU 


ALWAYS WANTED TO KNOW ABOUT 

-SBC tXj. -2.S - “ 


_,SO. 8^0. 8.1 S. BANANAS 

- (AAL- 1.1 5, *-25. 7A0. Lat# ab«w Fri. 


~8w^Slt.-10J5. 



twre* •' Jdhn’ Difrier OH L GODl 

CAl. Progs. 1.15.Wr 


I MBII*U Wtti Mwars 

5. 6.15, 8.45. LtlM 
show -FrC and -SaL. .! 1-15. 


Prised 


STUDIO 1, 2.- 3 

3300. T. Gene wilder as 


Orens- «7 

6 WORLD'S 

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y f^^fll :T^cs : Safcirgay April 29 197 8 





B Y JUNE FIELD 


M-jyEif. IN. the 18 tb-eenturythe 
' '• - v - h-r fans were fairly pricey 

■ - *: -inputs. As CasseH’s Household 

*m »» «» 

- £100 was sometimes paid 
the most elaborate fans 

, V.;& .Paris. Conversely the 

- JjraA also make ■ * conmran 

at 5d per.dMM-’ Pretty 
■ dmiltDr and bouquet fans could 
>■ 4 'te bought from 6d to is each 
' - -.in our own. shops, and 2Jd 
.■> .-.would buy s' telescope. fan. 
: : ; fnns little number «wed its 
«* iame to the fact that the sticks 
■ made to slide up iato tbe 
> Amount to make it more port- 
"■■■ i able). Japanese fans were 6d, 

. ■C */ the. Chinese version Is more. 

• .’.v -But in cheap fans we are 

completely undone by the 
'■' Spaniards. Around the -doors 
. v J fl I the amphitheatres in which 
\ % C^the bull-fights take place, stand 

nomberiess ' vendors of fens, 

* shouting, ' "A&onicos duno 
! quarto ! " (Fans at a farthing l ) 

- ' . and everybody buys them. 

' 1 As if this wasn’t enough, the 

- ■: * writer went on, the paper which 

- • ’■ covered the bamboo strips of 

■ . “ V which the fans were made, had 

- I; •’ : rude representation of a 

bull and matador.” The last 
r 'V straw was that when “the 
r , ' questionable amusement of the 
??»•], day was -over and twilight 

• "’’.v comes on,- the more innocent 
*>. S poft of destroying these fans 

begins, and a temporary illumi-. 
nation is got up by each 

• spectator setting fire to his fan.” 

/• ' " Quality fans in Spain were 
■-'often imported from France and 
\ England. (The model known 
V7 as a Spanish fan refers to a 
bafloir fan, semi-arcular with 
very few sticks- and eorre- 
v . ‘ spondingly wide pleats to the 
mount). Probably made in 


England for the Spanish market 
were the mid-lSth century 
masquerade fans (a face mask 
in tile centre has slits in tile 
eyeholes for the holder to peer 
coyly through. As Thomas Bailey 
Aldrich (1836-1907), wrote in 
Coquette; 

' " Or light or darts, ■ or short 
or tall. 

She sets a springe to snare 

them all 

All r s one to her — above her 
fan 

She’d make sweet eyes at 
Caliban-” 

A rare mask fan is in an 
exceedingly fine collection of 
fans being sold at Christie’s 
South Kensington, 85, Old 
Brompton Hoad. S.W.7. on 
Thursday. The property of Mrs. 
August Uilhein Pabst. the 
collection, was formed by her 
mother, Mrs. George B. Baldwin, 
of Milwaukee, Wisconsin, who 
acquired Madame Emil Zola’s 
collection in Paris, and is 
ODe of the largest and most 
important to come on the 
market in recent years. “An 
entire Sale of exquisite fans 
from .one private collection is 
rare,” says Susan Mayor, fan 
and textile expert at Christie’s 
S.K- It contains examples of 
most rare types of fans such as 
an articulated fan celebrating 
the Birth of the Dauphin, a 
17th-century fan painted on 
mica, a mid - 18th - century 
German fan painted with love 
scenes behind panels of blond 
tortoiseshell, and a double 
image fan painted on paper. 

There are also several com- 
memorative Spanish fans includ- 
ing one. with a procession in the 
Plaza Mayor, a cabriolet fan. 


and an oracle or horoscope fan 
c. 17S0. (The cabriolet fan got 
its name from the light horse- 
drawn carriage introduced to. 
Paris in the 1750s by an 
Englishman, Joseph Childs; the 
oracle fan has the silk leaf 
printed with questions on one 
side,, answers on the other.) 

Sale estimates on these two 
vary from £100-£200, but many 
of tbe lots are in the £1050 
bracket Although fan collect 
mg is still a relatively small 
field, prices have risen steadily 
over the past few years. 

Miss Mayor is on the com- 
mittee of the Fan Circle, which 
was started about 21 years ago 
to further interest 'in fans of 
all times and of all countries. 
Membership is around 176. and 
the annual subscription £3 a 
year. Details for sae from the 
secretary, Mrs. J. Morris. 24. 
Asmuns Hill, Hampstead 
Garden Suburb, NW11. 
Members will have a private 
view of the Christie sale the 
day before, and next month 
there is a trip to Manchester to 
see the fan collections of Platt 
Hall and the Whitworth Art 
Gallery, while on 27 September 
the Worshipful Company of Fan 
Makers is asking a limited 
number to a special display of 
their fans. A major exhibition, 
“ Fans from the East ” is being 
arranged by the Fan Circle in 
conjunction with the Victoria 
and Albert Museum and the 
Birmingham Museum and Art 
Gallery, to open in November. 

Advice on how to conserve 
fans is given in the society’s 
excellent newsletter, and col- 
lectors and dealers can adver- 
tise their wants and sales. “At 
The Sign Of The Herald 


Angels.” 19, Park Street, 
Cirencester, Glos., run by 
Thomas and Pamela Hudson, 
will send a list of fans they 
have for sale if collectors will 
state the type they are looking 
for. 


Nancy Armstrong’s A Collec- 
tor’s History of Fans (Studio 
Vista 1974), Bertha de Vere 
Green’s A Collector's Guide to 
Fans Over the Ages (Frederick 
Muller 1975), and The Fan by 
Mary Gostelow (Gill and 


Macmillan 1976), are required 
reading, as is the new work 
Caring for Textiles (Barrie and 
Jenkins, £385) by Karen Finch 
of the Hampton Court Conserv- 
ation Centre, and Greta Putnam. 


THE ONE time dominance of 
the Enrolls ion Song Contest in 
the British Television ratings 
seems to be slipping a little. 
The competition this year was 
soundly beaten in the league 
table by established favourites 
such as Rising Damp and Sale 
of the Century. A taste of 
things to come was the high 
audience for BBC's coverage of 
the England v Brazil soccer 
match. 

In the U.S. a production of 
Holocaust succeeded in doing 
what was asked of it by produc- 
ing major ratings for NBC. The 
programme is a dramatised 
treatment of Jewish experience 
in the Second World War and, 
cynically put is a variation on 
the Roots theme. The impres- 


TV RATINGS 

W/E April 23 

sive aspect of the American 
ratings remains the perform- 
ance of 24 Hours, a news maga- 


zine. Panorama and This Week 
might envy such popularity. 

AJS. 


II. K. TOP 20. homes viewing (at. 

1. Rising Damp (Yorks.? 

2. This is Your Life (Thamus) 

3. Arts chair Thriller (Tuts.) 

(Thames) 

3. England v Brazil (BBC) 

5. Sale of Ute Canary (Anglia) ... 
g. E provision song Contest (BBC) 

7. Winner Takes All (YorksJ 

8. Get Some In (names) 

9. Crossroads (Tims.) (ATV) .... 

10. Co r a l H n Street (Mon.) 

(Granada) 

11. Celebrity Stnrti (ATV) 

12. Crossroads (Wed.) (ATV) - 

13. Crossroads (Toes.) (ATV) 

13. Crossroads (Friday) (ATV) 

13. KeUys Heroes (FTV) 

16 . Co reflation Stroal (Wed.) 

(Granada) 

17. Nairn (Wed.) (BBC) — 

18. Armchair Thriller (Thors.) 

(Thames) 


IB .25 
18.00 

16.83 

was 

10.63 

1S.0S 

15.IM 

1US 

14.60 

M.35 
14.45 
14-35 
1440 
14X0 
14 JP 

14 .80 
13X5 

13.70 


19. Emmcnlale Farm (Toes.) 

(York*.) 1335 

20. lt*s a Knockout (BBC) 13-2D 

Figures compiled by Audit of Great 

Britain far the Joint Industrial Committee 
for Television Advertising Research 
iJICTAR*. 

U.S. TOP TEH (Meflsen retinas) 

1. Holocaust (drama) (NBC) ..... 34.9 

2. Holocaust (drama) (NBC) 32.7 

3. Holocaust (drama) (NBQ 38.3 

4. Little House on the Prairie. 

(drama) (NBC) 34 S 

5. Alice (comedy) (CBS) — 34.7 

6. Happy Days (comedy) (ABO... 24.4 

7. La verne and Shirley (comedy) 

(ABO 2LS. 1 

8. Ail io the Family (comedy) 

(CBS) 34-2 

9. 60 Minutes (News) (CBS) 233 

10. Threes Company (comedy) 

(CBS) 22.7 

A NeUsen rating is not a numerical total. 


How we went 

strength to strength 

in 1977 


Extracts from Ultramar*? Annual Report 

LHframar Company Limited is a British oil company 
which owns exploration, production, refining, shipping 
and marketing subsidiary companies in various parts 
of the world. 






Refining Operations, Page 14 



4 The gas from a large field f'Badak Field] 
discovered in East Kalimantan, Indonesia, in 1971 has 
.been dedicated to the Liquefied Natural Gas Rant 
■which exports LNG to five Japanese buyers under a 
twenty year sales contract. 

V\fe only started sales in August 1977 and at a 
Jeyel greatly below that anticipated for 1978.^ 

Badak LNG Plant, Pagell and Chairman* Statement, Page 3 


^Total throughputforthe Ultramar Group’s 
three refineries in 1977 averaged 111,418 barrels of 
crude oil per day, which is a considerable increase 
over crude runs in the past three years. 5 


We have spread 
ourselves widely across 
the spectrum of an 
international integrated oil 
company. \Afe have our oil 
and gas exploration and 
production, our shipping 
and road transport, our 
refineries and our 
marketing systems with 
numerous terminals and 
gasoline stations. In 
addition we have made a 
start on our diversification 
ventures.^ 

Chairman's Statement, 

Page 3 


(■[Taking everything i nto consideration, we 
-expect the Ultramar Groupto show a 
?y considerably better cash flow and operating 
profit for 1978 than for 1977.^ 


The Annual General Meeting will be held at 
Winchester House. 100 Old Broad Street, 

London EC2 on Wednesday 24th May at 11.30 a.m. 

If you would like to receive a copy of the1977 
Annual Report, please complete the coupon. 


Summarised Financial Results 
Sales 

Cash flow from operations 

Operating profit before taxation 

Operating profit after taxation 

Earnings per Ordinary Share 

(before foreign exchange fluctuations] 29.6p 


472,652 571.875 275,344 251,454 171,728 

26,556/ 17,550 -22,806 22.095 14,905 

24,709 12,323 19,741 16,167 8,949 

12,598 7,353 13,587 12,503 7,964 

IT.Ip 35.1p 32.3p 20.6p 


Ultramar Company Limited, 2 Broad Street Place, 
London EC2M7EP. 

Pfease send me a ccoy of the 1977 Annual Report. 


Nama. 


Address^. 


FT 2 


|uitramar Company Umited| 


13 


8 King Street; 
Srjajncs's 
London 
&W1Y6QT. 



Tel: 01*839 9O<S0 
Telex 916429 
Telegrams 
CHRXSTIAR.T 


ff EXPERIENCE AND EXPERTISE 



St. George Staying the Dragon, signed in Greek 
" By the hand of Victor" Cretan School, late 
17th Century, Zfij in. (41.3 cm.) high. 

Sale, Friday, May 5. 

The Cretan School of icon-painting aimed to continue the 
traditions of Paiaelogan art, surviving under Turkish rule 
when the Byzantine empire bad disappeared. Its last great 
phase was the period around 1640-1700, when all tbe best 
Cretan painters worked in Venice after Crete had fallen 
to the Turks in the long war between Turkey and Venice 
from 1645-1669. One of the three leading monographers in 
Venice was Victor, who worked in two styles; tbe classical 
Cretan and in the “ Italian ” style. This rare signed work by 
Victor of St George Slaying tbe Dragon illustrates the latter 
trend and is an almost identical copy of a work by his 
contemporary E. Tzanes, now hanging in the Benaki Museum. 
Other works by Victor arc in museums and private collec- 
tions in Athens, Rome, Venice, Zante, Patinos, Mount Sinai, 
England and Russia. This icon, and other Greek icons from 
a private collection, will be included in Christie’s sale of 
Fine Greek, and Russian Icons, on Friday, May 5 at 10.30 
aju. For further information, please contact Elvira Cooper 
or Emma James at the address above. 



Specialists in the Sale by Auction of Coins and Medals 

7BkakeimStrert,NewBaBdSfreeLWlY9LD THepfcme 01-491 2445 

Wednesday & Thursday, 3rd & 4th May. at 1 pan. each day 
ENGLISH & FOREIGN COINS 
in gold, silver and copper 

including a good series of English milled gold coins and 
silver Crown pieces. 

(Illustrated Catalogue (9 Plates) — Price £1) 

Wednesday, 24th May, at 1 jun. 

A collection of 

BYZANTINE GOLD, SILVER & BRONZE COINS 
together with other related 
MEDIAEVAL COINS 

also ANCIENT GREEK & ROMAN COINS 

in gold, silver and bronze. 

( Illustrated Catalogue (5 Plates)— Price 50p) 

Wednesday. 7th June, at 10 ajn. 

ENGLISH & FOREIGN COINS 
in gold, silver and bronze. 

(Illustrated Catalogue (3 Plates) — Price 50p) 

Wednesday, 28th June, 1978 
ENGLISH & FOREIGN COINS 
in gold, silver and bronze. 

(Catalogue now in course of preparation) 

Catalogues for further Sales of Coins and Medals to be 
held in the Summer are now in course of preparation. 
Collectors desirous of selling should contact Glendining 
& Co. promptly. 

Commission to Vendors— 10% 

NO PREMIUM is charged to Buyers 


ZURICH— Collections of Antiques of Fine Art 
For » profitable w»y to sell superior antique or fine »rt collections. It is well 
worth while considering the sdvannges afforded by Zurich as an international 
art ana financial centre. ... 

As a specialised company, we regularly organise sales exhibitions in our spacious 
and beautifully furnished sale room excelienty situated in the business centre 
Of Zurich city. . 

By providing all possible services with the greatest care and discretion, Zurich 
be to me* an Important and profitable outlet for the disposal of works of arc. 
Our terms and condition* are most attractive. 

Members of our management are regularly in England. Heating* can be 
arranged at your convenience. Plena: contact N. D. Welts, Pell MM, 
London. SW 1. Telephone 01-839 5233. 


ART GALLERIES 


ASH BARN now open. Spring EvhiCition 
o4 paintings and sotlpture i30C works 
Including outdoor stuloturei. Open 
dally 10-6. Sundays 2-6. Closed Mon- 
davi. Winchester Road. Stroud. Peters- 
field. Hampshire. Tel. u7X0 3662. 


BLOND FINE ART 33. Seckvillc St.. W 1. 
01-437 1230. BRITISH FIGURE DRAW- 
INGS 1000-1940. loriodlng D>na Son- 
berg and Frank Dobson. Erie Gill. 
Augustus John, Gwen John, Bernard 
Men. ns icy. Christopher wood. Until April 
29th- Mon-Prt. 10-6. Sal 13-1. 

BROWSE A DARBY, 19, Cork St.. W.l. 
SICKERT. MOn.-Frl. 10.00-5.30. Sat. 
10.00-1230. 


01-491 7408. INDIAN PAINTINGS — 
Mugbai and Rajput 1500-1850. Until 

May. Mon.-Frl. 9-30-1 ’ 


-SJO. Sets. 10-1. 


Co VENT GARDEN GALLERY LTD. "The 
Tropic Bird." Visionary Watercolours. 
W. J. Cbamberlayae. Views ol West 
Africa. West Indies. Mauritius and 
Britain 1850-90. Open daily 945-5J0. 
Sett. 12-30. Thurs. 7. 20. Rui&ell SL. 
W.Ci 01-836 1139. 


FIELDBOURNE GALLERIES. 63. Queena- 
nrove, N.W.6. ART IN RELIGION- 


FOX GALLERIES. Exhibition ot the paint- 
ings by British ana European Artists 
from 1700-1965. _ 5-6. Cork Street. 
London. W.l. Tel. 01-754 2626. Week- 
days 10-6. Sats. 10-1. 


GILBERT PARR GALLERY. 2B5. King's 
Road, Chelsea. S.W.3. JOHN MILNE- 
NEW SCULPTURE. Until 13 May. Open 
TUCft-Sat. 9.30-5.30. 


OMELL GALLERIES. fine British and 
French MODERN ^ PAINTINGS and 
"Modern British maritime pictures. 
40. Albemarle Street PIojOIIIy, W.l. 


BOY MILES, 6. Duke Street Si James's. 
SW1. VICTORIAN PAINTINGS AND OLD 
MASTERS. Monday to Friday. 10 to 5. 


SLOAN E STREET GALLERIES. 154 Sloane 

SL. W.l, Modern paintings, sculptures 
and graphics by Interesting international 
artists. Wide range of erlees. Turn.- 
Frl„ 10.00-5.00. Sats. 10.00-1.00. 


THACKERAY GALLERY, IB. ThacBerav 
SL, Kensington Sq- W.B. 01-937 5605. 
BRIAN YALE unlH May 12. 


SILVER SALE 

050,000 OF SILVER AND 
SILVER PLATE 
Must be sold at 331% OFF 

normal retail telling prices due to 
doling of department. Canteens and 
tecs of cudary up to £10.000: tea 
and coffee sets £190 to £2,700: 
candlesticks and candelabra; trays and 
salvers; sauce boats; condiment sets; 
castors and ocher table silverware; 
silver modal birds: centrepieces: pro- 
senndon pieces, etc., etc. 

Personal shoppers only 
PRESTONS OF BOLTON, 

2 Deansgate. Bolton. 

Telephone; 25475 Tele*: 53221 


HEREFORD AND BOEHM 
Rne China models of 
BIRDS, FLOWERS, ETC, 
at 33}% OFF 

recommended retail pnees due u 
closing of department. 
Personal shoppers only. 
PRESTON5 OF BOLTON. 

2 Oeanigate. Bo) Con. 
Telephone; 25476 Telex: 63221 


SALEROOM 
AVERTISING 
APPEARS EVERY 
SATURDAY 

For farther iaformatiaa 
please contact: 
RICHARD JONES 
02-248 8600, Ext. 323 


FOR SALE OR ACQUISITION 
Highly profitable young manufacturer of equipment selling 
to fast food chains and restaurants worldwide. Excellent 
financial position and growth record. Sales over SI million. 
Located Eastern Seaboard (IJJS.). Owner seeks well-earned 
retirement 

Principals only. Write Box F.1011, Financial Times, 10, 
Cannon Street, EC4P 4BY. 


' V 













14 


Ffrianciaf "Times 'Saturday 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Finanlimo, London PSA Telex: 886341/2, 883897 
Telephone: 01-248 8000 


Saturday April 29 1978 


Wall Street 
and London 



EQUITY PRICES in London 
have been bouncing up and- 
down erratically from day to 
day this week, though actual 
trading has been light The 
main business indicator, the 
unemployment figures for the 
month to mid-April, can hardly 
have had much effect on invest- 
ment sentiment one way or the 
other: though it shows that 
recorded unemployment is still 
failing and unfilled job 

vacancies still rising, it is not 
easy to reconcile these figures 
with the flat level of national 
output and the evidence that 
industrial demand for labour 
(with the exception of certain 
skilled grades) is slack. The 

rise of 3 per cent, in output at 
which the Government is aiming 
this year can probably be 
accommodated without any 

increase in the labour force — 
actual employment has fallen 
now for two months running — 
and its own special programmes 
fur maintaining and creating 
jobs make it difficult to detect 
the underlying trend in the 
labour market 

A much more important influ- 
ence on the stock mar ket, 
especially since it was already 
nervous about the public sector 
borrowing requirement and the 
risk of higher interest rates, 
has been the behaviour of the 
exchange rate and the perfor- 
mance of Wall Street. The two 
are closely connected, since 
both the U.S. stock market and 
the sterling exchange rate 
reflect changing views about the 
future of the dollar. 

Interest rates 

There has been a consider- 
able change over the past few 
-months in the attitude of the 
Carter Administration to the 
persistent weakness of the 
dollar. Beginning from the 
position that this weakness was 
of no significance and might 
even help to persuade the 
surplus countries to aim at a 
higher rate of economic 
growth, the Administration has 
gradually come round to the 
view that it is a serious threat 
to world trade. The President 
has increased the pressure on 
Congress to accept his Energy 
Bill and discourage oil imports, 
■while a number of measures— 
culminating recently in the 
pushing up of short-term 
interest rates and the decision 
to hold regular gold sales — 
have helped to convince the 
foreign exchange markets that 
the Administration is serious. 
This is a major part of the 
explanation for last week’s 
sudden recovery, after a long 
decline, in Wall Street share 
prices. 

Both the dollar and Wall 
Street moved up further this 


week when Mr. William Miller, 
the new chairman of the 
Federal Reserve Board, 
addressed the Senate Banking 
Committee. He was much con- 
cerned about the outlook for 
inflation and admitted that 
short-term rates had hardened, 
but stated that there had been 
no change in the money supply 
targets; at the same time, he 
predicted that national output 
(which fell slightly in the first 
quarter because of bad weaker 
and the coal strike) would rise 
sharply in the present quarter. 
He suggested that the Presid- 
ent should reconsider his tax 
proposals and take the sort of 
steps needed to encourage 
greater capital investment in 
industry and remove the supply 
bottlenecks that would other- 
wise occur. 


Tax changes 


This line, which Is remark- 
ably similar to that taken by 
Mr. Miller’s predecessor at the 
Fed, was well received by the 
U.S. markets, and the streng- 
thening of- the dollar helped to 
push sterling down further and 
depress the gilt-edged market 
During the next couple of days, 
however, the position was re- 
versed. First the U.S. trade 
figures for March were pub- 
lished. They were a very con- 
siderable improvement on those 
for February, when there was 
a record deficit and were prob- 
ably a relief to the Administra- 
tion. But they were also a re- 
minder that the deficit for the 
first quarter of this year has 
been much larger than that for 
the same period of 1877 and 
that the deficit for the year as 
a whole is unlikely to be much 
different from last year's 
$2Sbn. The dollar weakened; 
and, when the Federal Reserve 
reacted by allowing short-term 
interest rates to rise still fur- 
ther, Wall Street too slipped 
back. 

Sterling, by contrast, re- 
covered. Gilts held steady, dis- 
missing earlier fears of a rise 
in Minimum Lending Rate, and 
equities shot up before yester- 
day’s slight reaction. The rise 
in equities* which took place in 
very thin trading, may well 
have been influenced by the 
fact that both the liberals and 
the Conservatives are planning 
to press for further cuts in 
direct taxation. But it must 
be remembered that the size of 
the borrowing requirement as 
it stands - has caused some 
apprehension in the market. If 
new cuts in direct tax were 
forced through without being 
fully offset by increases in in- 
direct tax or cuts in expendi- 
ture, there is little doubt that 
gilt-edged would fall and take 
equities down with them. 



a c saw* 

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r -r 






‘> 1 * * ~~ 



?K::- *r*e 

vr.rtt Ij 


The U.S. Space Shuttle (centre) will provide a platform for experimenting with new space weapons. It is flaiiforf by two ^peace-oriented ” satellites. 


v:» ! ’ 


r* 







■ _ ■ .»*; - 
; * ■ :• v-i’V ■* . 

: , — 2 .1* 

; ... iXA 

V- - . .iarr* 


By DAVID FISHLOCK, Science Editor 


■.* .-rfise 
;V.aB 


ii 




M any PEOPLE were 
shocked last January 
when radioactive debris 
from a Russian military satel- 
lite crashed on Canada. . Few 
had any idea that there might 
be mini ature nuclear reactors 
and radioactive batteries in 
orbit around the earth. But a 
study pubis bed this week shows 
clearly that these nuclear 
powerpacks are just a small 
part of an astonishing array of 
advanced technology and 
weapon systems now being 
placed in orbit; an array that 
includes missiles, lasers and 
other “ ray guns," perhaps even 
nuclear explosive. Regardless 
whether the neutron “ bomb " 
is ever deployed in Europe, it 
is a natural weapon for certain 
purposes out in space. 

If things go awry — as they 
did when the burned-out reactor 
failed to separate from Cosmos 
954 in January and. instead of 
being accelerated into a safe 
“parking orbit.” tumbled back 
into the atmosphere — hits of 
this technology could find its 
way back to earth. Still more 
disturbing, the day appears to 
be close when the super-powers 
will be equipped to conduct a 
remote-controlled electronic 
war between - satellites a few 
hundred miles above our heads. 
Yet it is argued tbat this tech- 
nology is proving its value as a 
prime means of verifying that 
arms treaties between the 
superpowers are being ob- 
served, and also of monitoring 
the military progress of other 
nations. 

The Stockholm International 
Peace Research Institute 
(SIPRI) devotes its best ener- 
gies, incongruously, perhaps, to 
compiling a yearbook of arms 
that is respected by defence 
services all over the world. The 
SIPRI Yearbook* for 1978, pub- 
lished this week, reviews in 
great detail the arms race in 
space. Last year another 133 
satellites were put into orbit, 
bringing to 1,957 the number 
launched since Sputnik 1, the 
world’s first artificial earth 
satellite, was sent up by the 
Russians in 1957. Three-quarters 
of these — 1,480 — were “ mili- 
tary oriented," says SIPRI. 

The U.S. suffered deep shock 
from Sputnik. Not only was 
there the blow to its techno- 
logical pride but Sputnik also 
posed a threat to ‘Western 
security once the USSR had the 
West under surveillance every 
90 minutes from space. Twenty 
years later the U.S. has to con- 
tend with the threat of satellites 
capable of being manoeuvred to 
take a close look at something 


of special interest: satellites that place at an altitude of about Currently the U.S. has no the^U.S. (Rtauours that the 'for the Shotfle, however, will 1 

can glean the latest climatic, 500 kilometres, and all .at anti-satellite system deployed.' Russians are- also developing * the new NavStar satellite na’ 

atmospheric, topographical in- orbital inclinations of between But in spite of a declaration by Spadb Shuttle have not been gallon .'system — a total of l . * - r 
formation about American tern- 62 and 66 degrees. The institute President Carter a year ago, to contained,) Ostensibly a $6.8bn. satellites eventually orbiting /• 
tory of a kind vital to modern concludes that seven, simulated the effect that he was working irivU^iresearch project in the a height of 19,500 kilometre ...r« 
warfare; even satellites capable targets have been “ buzzed” for a U-S.-Soviet agreement care of the National: Aerohau- well beyond the range of cnrrei-’. .% 
of intercepting and destroying ten times in four different ways banning all ' anti-satellite tics and Space Administration; Russian anti-satellite pi aim in 1- - : 
its own. over a period of nine years. weapons, the - U.S. is believed the Shuttle budget nevertheless NavStar ds also planned to bav‘7 — 

Nuclear explosions in space On the face of it, the US t0 be stffl working onr ; two new contains ah - investment'- of ample reserve, power so -that tb 

axe banned under .the Partial would have little trouble for “^er” systems- One is a $L5biL-$2fon. by the. Dep art- system could stUl' work ac» 

Nuclear Test Ban Treaty of the nresent in keenins satellite that will release ment'bf Defence. \ rately despite the loss of pe ■■■ " 

1963. Under the Outer Space “Li* v!p miniature ' TChicles The. Space -Shuttle, testing- of a^rd of .its satellites. T 

Treaty of 1967. the USSR and “^tes outside the narrow designed to collide with and W hi<* began- last year, wilfbe Puipose;i3 to guide weeper - 
the U.S. reached agreement sector within which they might destroy a satellite. The other able'to caroMurolete satellites Sich as the Trident missiles 



should be fort>idden, and also simulate. But one Russian aim . . • - * ■ -f. ■ »wi longnune^ • ' An ■ aircrair,: 

moraw other 8 celestial bodies 6 clwly\? m en^iy Sartiie Ru e Sans W £d.^^Uke Orfclter vehicle wil^ 

*52 Sffii MEM? “WPS' ■ Jt 

open to other military activities 52,5!? were brou^hti^S^to “ directed energy" weapons— psing. remotely controlled arms,; .: Are satellites ta^cal or stre - 
— including anti - satellite werc brought t0 whidi fired beams of atomic andr take them aboard for in- tegic weapons ? The mstitut.: 

weapons. Last year, it estimates, ~T' particles at (or hear to) the spection— or even .bring them acknowledges that the distinc " 

the U.S. Defence Department 0ne vjew “ satelUte speed of. light, to blast the back to earth. It is. designed to tiou -Both the US 

spent $2.34bn. on its space pro- biterception is the Russian target or knock oiit its elec- land' like a big jet, although at .and USSR are believed to have.. ' 

answer to the U.S. Space Object tronics. Previously there -had v ® 1 ? hi 8b speeds -The- first used them an tactical- roles ur 

Identification project, which at been reports that American ‘“/Space abduction ” may be only ,recent wars, for exmnple closelj • - 


had a. f&w years away. 


grammes. 

Since the Outer Soace Treaty 1Qentmcaaon Project, wrnen at been reports 
was signed the 22 P resent 1S based early-warning satellites 

^rtieSt^oseriMofexn^ ^ world, but iater may be put been “blinded” by Russian...;' 

. ... . into orbit. The Americans are satellites armed with lasers, •' . l • ' j £ 

sateltites ^n e P ran 1 from V 96 & already fanning to do this, though these stories were firmly -..^NeW Mild Off 
satellites. One ran from 1968- Alternatively, it could be a way denied by the U.S. Department ",V ■ ■ • . 

oi defending Russian sateUlS of DefeSe“ . sateffitfe " & 


airf may still be continuing. The ^ust any American attempt 1Me doubr now , .. 

m^des S’ i'mercepS saleiS t0 ? ut sate ” ite s into the same ** both beams^ of ions and ': ^ at Butjni^ry satellites 

mooes ot iniercepnng satellites. orblts ^ Russiaijs ^ U alns hght beams from .lasers are> in 'jJZLiJi. . W alsb^nshown 

in order to jam or alter the prindpje, -effective- Bateflite.< 


to inspect the battlefields of thi 
Middle East For that reason- 
it argues tbat it would be easy .-::, 
for - it nation whose satelliti 
Were" assaulted, to use '.this as 
excuse, for widfeping .the 
flict:‘ 'V; ". 


intercepting 

These are perigree matching, in 

which the interceptor makes a courses 0 f their satellites. A weapons though the technofoBV" 
fast swoop past its target at the ^ possibility is that it is wea P ons - “ ou S h the .technology . 


'projects planned , for the ^ueen^own.tP^e n 
£ trvo role, for -example In 


Shuttle lis‘:.to put into 


c ^ is may not vet he ready iehia- a ■weaRplf.br ro^bt testing...SEFSjc-.—:^: 

perigree (lowest point) of the Chinese satellites which are the turised - space-borne * atom- satellite equipped cit^s at leng& 'the story oif ■ 

“ C I D S C P rima,y This theory is Srs iSfffSL 1*7 «nsi^e heat sen T alleged^ detection by tbt.tJsST^ 

orbit, co-orbiting, in which the supported by the proximity of t o ma t- g According to the U.S. designed to spot from far last summer of South . Africa’s 
interceptor approaches more the Russian to the Chinese Defence". AHtyn p/ »oA ■ the cruise 'missiles or tow-- preparations : to. extrfodg 

gradually while m a circular orbits and Russia’s timing of its projects Agency a very nower-^ JSy&g . a&raraff- ' Which, .ground nudear weaponin tiie Kalahart 

orbit similar to its target; tests — shortly after the launch- ful and efficient tvue of laser for rai ^ ar *nay, to detect An-; Desert 1 The Russians Jaundiedfl 

apogee matdhmg, in which the iog of Chinese satellites. the purpose heeding no large ot ^ er project; envisages the a-dbse-Iaok mahoexivrable type^ 

SEPRI P° ints out that in the electricity ’ supply, 
current controversy about the hydrogen - fluoride 
i^ct till "destabilising” effects of laser. It has been 
in^bioh the intPnMBtnr listen Russian anti-satellite technology says SIPRI, that by usi^ 0 ^ frnri fhe 

Ln ™,rh on ^ 1)318 nce of Power, it is Space Shuttle the U.S. could 

often forgotten that the U.S. assemble an orbiting high-power' 
accelerated to possessed the first anti-satellite laser, within six years, capable 'S 

target altitude. systems — from 1963-75. The of destroying the sensors and “ ® ' SvSfvJoomm ' 

official U.S. reason for deploy- solar cells of another satellite ° 

ing them was that they would at long range. In orbit such a - ■ - —- r. - 

deter any Russian ideas of laser would be unhampered by The SbC^tie. ■frill firoyfdr .4 for a close 2qqk~ 

destroying - the U.S. spy the problems of keeping the versatile" giin platform^ ffom whether these satellites: :* 

satellites. The two U.S. systems beam finely focused during a which to experiment with the^^ up preparations :=• 

/ consisted of missiles based on journey through the atmosphere, new space, weapon* such as ion- *-, lrf( «- r +Pst A* «Hn in - 

La^ year seven of the 82 atolls in the Pacific — some which would arise “ «■’ IQr a ^ 3 

Russian military satellites fitted with nuclear 
launched are thought to have Of course, blast effects 
been part of these tests, the atmosphere would 
I a December, Cosmos 970 but electronic circuits 

in sensors 
and irreparably 
fact the 
the for space 

indicate that the called neutron bomb or vanced ideas for space weapons 
a “limited and enhanced-radiation weapon, an and 
capability for H-bomb in which more energy appears 
satellite interception. Most of is released as radiation than as Shuttle, the re-usable satellite 
the interceptions have taken blast or heat.) launcher under development in 


u ting; preparations. for-.imcJ 

mtmary -wtfaifahrbr^ rotirfet festlftsr.SG 







In co-orbital 
interception 


was recovered bn August 2, and- • :: - im 
onl^ .lbur days later the Rus- c 
sians reported thbir suspicions : 
to the' U.S. Government The ■. . 
■TJ-SL then manoeuvred its Big-"-. 
Bird spy satellite into position V- : • 


alt 


it were beam 


miniaturised 


approached Cosmos 967 
co-orbltal interception, 
exploded. 


According 
experiments 
USSR has 
inflexible ” 


to SIPRI, 



tlM'^sSS Shntae to t«ke l dioser look at to prerent nuclear proWeratioo - *?, 

to oe tne, apace by diplomatic pressures. .. 

ihp rp.u«nb 1 e satellite a satellite. -• ^ . A_-. ..j. - 


Th- fim* w«r«.nit.w SIPtu vwrtm*. -isw; mbSahcd bn 

The first big^ military payload Tartu* «nd..Prenrto.- xjs. • .•^t* ••--o, it 


2 tor-’, accni 
No»v ’.he 

"SI ffl 

‘.-•..tn It 
; 2 - uhn 

* ntUiiV.on i: 

? >4 Mr. 

* ils rr r t t \ 

' bi-,i cr 

to*: of Lg 
can s 
‘^•e for £3 3 
.7^- ts 

*f> matu 
n. 8 . 0 *-- .» on 
. : ’ 9 f-e « 

■s.; -• cental 
which ■ 


Letters to the Editor 

Management 


From Dr. Ralph HonoiU. 

Sir, — Lombard on page 16 of 
your issue of April 25 laments 
the contribution of professional 
macro-management of the 
Norwegian economy in achieving 
a major payments deficit and 
foreign debt equivalent to about 
half C.NP, as the culmination of 
the national econmnetnc plan for 
the wealth-welfare potential of 
offshore hydrocarbon resources 
far greater per capita than those 
■of Britain. 

On the reverse, page 15, your 
Management Page, you carry re- 
ports of the EEC petrochemicals 
industry “facing the greatest 
crisis in its history with a pros- 
pect of at least a decade's over- 
capacity;” and alongside, of 
Shell's “ subsequential heart- 
searching about the wisdom " of 
a £25 ui- capital investment de- 
cision in plastics plant in 1976. 

This. I suggest, is more than 
a news make-up juxtaposition. 
Rather page 15 and page 16 

graphically identify a very 

typical systems interaction be- 
tween theories and practices of 
economic planning and manage- 
ment science. Macro-planning by 
establishing long term certainties 
for the total economy creates re- 
lated certainties for micro- 
economic management science — 
and presumably the reverse. 

The exact opposite seems in- 
controvertible on all the 
empirical evidence for Norway as 
for Britain. But there have 
always been economists with 
theoretical propositions derived 
from classical political economy, 
who have predicated the in- 
evitable chaos from such long- 
term planning. Unfortunately 
their Chinking lacking 
"numeracy" has virtually been 
proscribed in British Univer- 
sities. 


mature if less “scientific 
sights in policy-making. 

(Or.) Ralph Horwtiz, 

Visiting Fellow in Business 
Policy. 

London Regional Management 
Centre, 

3ll Regent Street, 

London, W.l. 


m- 


Yn related fashion those 
academic sceptics of management 
science ' (and behavioural 
science) have had little prefer- 
meat in academic management lOSUCevS 
departments. Such sceptics can 
comfort themselves that, like the 
political economists, the stagger- 
ing losses from “ corporate plan- 
ning !1 (validate their more 


Lloyd’s 

From Mr. G. Wansbrough. 

Sir, — ian Hargreaves' article 
(April 24) on the Amoco Cadiz is 
packed with facts. When slow 
steaming ceases to be economic, 
the rewards of cutung corners 
will become evea greater, and 
the current penalties even more 
derisory in relation both to the 
rewards and damages at stake. 
It would make the punishment 
better fit the crime if non- 
observance or tbe rules invali- 
dated insurance cover: but 
presumably the interests of 
mortgagees rule that out. 

Two important points seem to 
have faded from comment. First, 
the proximate cause was . that 
pipes leading to the hydraulic 
pistons actuating the rudder 

failed: why do Lloyd's rules per- 
mit this one link to go undupli- 
cated? If the chances of failure 
on a given voyage- are one xn 
100, a secondary mechanism, 
automatically cutting in when 
the primary fails, would reduce 
the risk of total failure by 99 
per cent., and chances of failure 
in such a vulnerable area would 
be near vanishing point Second, 
some of those damaged have 
started proceedings in an Illinois 
court The pernicious practice 
by which attorneys’ rewards are 
fixed, not by fees agreed a priori, 
but by a share, a posteriori, in 
the award, have made attorneys 
so adept at inflating damages 
that if neither jurisdiction nor 
enforcement block the way, the 
scale of the damages at the latter 
end will be so sensational that 
fresh arrangements will become 
inevitable. 

George Wansbrough. 

Udimore Cottage, 

Otterboume Hill . 

Winchester. Hants. 


Cadiz (April 24» which fails to 
draw attention to the serious 
and unseamanlike lack of 
adequate back up equipment for 
main engine boilers, steering, 
engines, and the like. 

These are back up require- 
ments that the aviation industry 
has been Forced to face up to Tor 
many years: and even in cars we 
insist on hand brakes in addition 
to foot brakes. 

Bearing in mind the narrow 
and inadequately surveyed 
channels which the super tanker, 
because of its great draught, is 
forced to stick to in the English 
Channel and the North Sea, it 
is surely time that this aspect of 
the increasingly frequent tanker 
accidents around the world was 
given adequate publicity. 

As things stand to-day. it is 
only a matter of time beFore the 
Brittany incident happens along 
our own South or East coasts. 

J. C. D. Maekay. 

Athlone. SI, Bauham Road. 
Seoenoaks, Kent. 


both ports residing in their in- 
shore and seine net fleets. 

D. A. Palfreman. 

Exchange Building. 

Fish Dock Road. Grimsby. 


Champagne 


Fishing 


From, the Editor, International 
Wine and Spirit Record 

Sir,— Your report on Cham- 
pagne sales (April 25) causes 
me to try to correct the facts. 

Champagne sales in the United 
Kingdom did not rise in 1977 by 
38 per cenf. but fell— as 
measured by clearances — by S.5 
per cent, from 992.000 gallons 
to 908,000 gallons. Imports can 
fluctuate wildly and do not re- 
flect consumption and French 
exports to the UJ\. (not all of 
which are consumed here) are an 
even less reliable guide to con- 
sumption. French exports were 
indeed 38 per cent, up but only 
to 7.3m. bottles and not the 3Sra. 
you report. 

la truth, so far from the Cham- 
pagne market in the U.K. boom- 
ing it has fallen again after a 
rally in 1976. It is currently run- 
ning 31 per cent, down in volume 
on the peak year of 1973. 
Christina Speight. 

Acumen Marketing Croup. 

217, Tottenham Court Road, W.l. 


From tiie Chief Executive, 

National Federation of 
Fishermen's Organisations. 

Sir.— Shadows over Humber- 
side (April 26) and at Fleetwood 
too there may be hut a bright ijOtldaVS 
new dawn for British fishing is * 

ready to chase the gloom away. 

The number of seine net and 

inshore vessels based at Grimsby sir— Yonr weather rennrt nf 

si£ A p ri '' 17 Sas ^ ™ seri ™ s 

years. These vessels are regu- 
larly supplemented by olher 
smalt boats from the U.K. and 
other ports of Europe ready to 
take advantage of the Grimsby 
market. 


From the Legal and Financial 
Director, P-\ International 
Management Consultants. 


From Mr, J. A iachay. 

Sir,— It is disappointing to 
note that yet again you have 
printed an article on the Amoco 


This is a side of Grimsby you 
forgot to mention m your article, 
but far more important than 
that, the future of the industry 
depends on these vessels. They 
are ideally equipped for taking 
advantage of the slocks available 
around these shores; the skippers 
know the grounds and the boats 
are suited to the comparatively 
short voyages tbat are bound to 
he the prevailing pattern in 
future years. 

Before Grimsby or Fleetwood 
are written off, policy makers 
must first take account of the 
very considerable potential of 


embarrassment. For some time 1 
have been visiting such places as 
Amsterdam. Athens, Barcelona, 
Belfast, Birmingham, Brussels, 
Chicago, Copenhagen. Dublin, 
Edinburgh, Frankfurt. Geneva, 
Glasgow, Madrid. Manchester, 
Melbourne, Milan, Montreal, 
Munich. New York. Pans, Perth, 
Rio, Rome. Singapore. Stockholm. 
Sydney, Toronto and Zurich. On 
every occasion l have told ray 
colleagues that the trip was 
necessary for business purposes 
but your report has now con- 
firmed their belief tbut I was 
really taking holidays. 

I have, however. Taken im- 
mediate action to keep in with 
iny colleagues by arranging to 
visit business centres such as 
Ajaccio, Casablanca. Funchal, 
Malaga and Rhodes. With grate- 
ful thanks lor helping me estab- 


lish a revised programme of 
overseas visits. 

P. R. Rawson. 

PA International Management 
Consultants, 

Hyde Park Hou-se, 

60a. Knightsbridge. S.W.l. 

Design 

From Afr. J. Chappie. 

Sir,— The whipping-boy for our 
national ills is not design, but 
low- productivity. It is a well- 
known fact that productivity is 
abysmal in our engineering in- 
dustries. I believe, however, 
that low productivity is only a 
symptom of our real national 
disease which is sloppy product 
design (in the industrial design 
sense). 

I have been involved in a. 
number of company profit im- 
provement situations. In each 
successful case, a key objective 
was to redefine the image as one 
of excellence in every detail, 
beginning with a blitz on the 
quality of paperwork, documents, 
procedures and company reports. 
The effect of this was first to 
antagonise, but soon to reawaken, 
management and its interest in a 

quality image. A renewed 
motivation developed to improve 
the product. 

Few engineers seem to realise 
how important is the relationship 
between image, motivation and 
profit. The product must not 
only be good, but everyone in- 
volved in its design and manu- 
facture must be dedicated to 
make every parL of it look as 
good as possible. The effect on 
the organisation of such atten- 
tion to detail is to create real 
corporate pride in achievement. 
To argue that some products 
have higher aesthetic signifi- 
cance than others is heresy. 

Would Mr. Pugh (April 19) 
argue that the appearance of a 
hammer is more, important than, 
say, the inside of a crankcase. 

J. N. Chappie. 

4, Akehurst Street. 

Roehampton, S.W.1S. 

Peterborough 

From Mr. W. Goodchild 

Sir.— On April 25. the Peter- 
borough Development Corpora- 
tion’s advertisement carried the 
surprising information that “the 
Romans built Ermine Street 
through Peterborough.” 

This is not confirmed by a 


study of Ordnance Survey and 
other maps. Ermine Street runs 
north through Royston to 
Huntingdon, joining the AX at 
Alconbury- Then some :5 miles 
south of Peterborough, at 
Norman Cross, there is a right 
fork (A15; for Peterborough but 
Ermine Street continues -roughly 
five miles north-westerly to the 
Roman town of Durabrlvae— and 
so towards Stamford (across the 
fields). 

Ermine Street never went 
through Peterborough. The PDC 
seems to have dropped a 
(Fletton) brick! 

W. P. Goodchild. 

67, Summerdotcn Road. 
Eastbourne, East Sussex. 


Relief 

From Air. AT. Rabtn 

Sir, — In bis Budget speech the 
Chancellor stated that losses on 
loans and- guarantees . would 
henceforward qualify for capital 
gains relief. The necessity for 
such a provision arises from the 
fact that in the majority of cases 
businesses are funded by means 
of bank loans and the lack of 
any tax relief to the guarantor 
for any loss is a restricting factor 
in business expansion. . 

Clause 40 of the present Bill 
provides that the proposed relief 
is not available where the 
guarantee is given by a company 
on behalf of another group' com- 
pany. It is, however, this parti- 
cular situation which is the most 
common in practice and ( .where 
the existing system works -most 
unfairly. 

If a parent company intending 
to fund the business of its subsi- 
diary were to fund the subsidiary 
through the medium of Loan 
stock financed by a bank loan, 
loss on tbat Loan stock would 
rank for relief. Where the 
arrangements, for purely com- 
mercial purposes, take the form 
of a direct advance by the bank 
to the subsidiary guaranteed by 
the parent company, there would 
appear to be no logical reason 
for refusing to the parent com- 
pany the new relief which is now 
extended to third party guaran- 
tors. This refusal . of relief 
applies, even more surprisingly: 
in the case where the debtor was 
not originally a subsidiary, but 
the guarantor later had to take 
over control to mitigate its loss. 
M. Rabin. 

7, Harley Street, WJ. 



Chairman’s Statement 


- Jfr£&orRiiartcwriiafh;ctf 

. Progress maintained Sales pf urdts in 19/ /Tdsefroin£333m. 
to £37201, the seba^l^iest-figure on reconi As is normal. 
hciwew 25 in a period erf fbrner equity markets, ihe repthdiasesoE 
units also rose, from £1 66m to £258m, and the net amount 
invested fell in oorfieepehce.fem £l67m: to £114m. la this 
connection it is interesfingtonote thatin the last quarter of the 
year sales continued to rise while repur ch ases fell,- and this, 
improvement in net cash flow has been continued into 197S. 
The repurchase rate of 1977r-S.4% ' of the “average value of 
fun^-^^dmo^fflai^ecpiaBedin thebocrojyearcil^^ 

UrahKnked.polides The offtake of units ^l& asaharkaosm- : 


factor: net investment aitributabfe to such pe&d£s was £18Sm. 


British ihdushy^epmmert^aj^.inwgtf of teftpeadvahtages- 


Jarge and gxx^-caTtiflxifion. v' Vi:y-' k.:..-';- 
(^mmurfcationsln pursuance of tSbe pofevShnounoed -last 


unit and pufctefeng a hewispap^ 

Association ' has .also beeti .kept ^atrenj^. procuring 
evidence for official bodies. It is ^ to's^ fi^ toe inerts of ' 
unit tru^ h^ rieuexbeen b^er^g^geCgied ihakihs%L are new - 



3 xri-.-- 


- fndushyfe'irtaT flpefe. 7 * ' 






* «; ... ... 

7 .'"■‘Da r 







Kt-- 
















financial Times Saturday April 29 1978 


BY RICHARD MOONEY 




Tlpee treble tungsten tops to 



for 


. v the Empire Eool, 
Spy will resound to the 
r rooo fanatical sports 
^ The sport will be 
2!Sch is attracting ever- 
wmmercial sponsors, 
fSi occasion will be the 
? of News of the World 

the News 

,f World ^ British darts 

^Khip p rett y “ u . ch 10 
Sich >s surprising as 
. TS bv far the country s 
A recent ^survey 
'rhP total number of darts 
S in the UK at 6.4m The 
Aorts to come anywhere 
this total were swimming 

snooker with i ^J m - arid 
respectively. The darts 
; rs outnumbered the fisher- 

golfers and tennis players 
lore than two-to-one and the 
jailers by more than 
Mo-onc. 

, ar ly 2m. British darts 
ers are serious enough 
it the sport to be members 
Urns and as some of these 
ers are now spending 
md £W a year each on the 
t /including travel but 
uding “ refreshments ’•) 
s is becoming quite big 
ness. 

auipment sales are now 
niated at more than £25m. a 
■ and another f 5m. is spent 
jjaUy on local league 
ibies. Television coverage is 
inding rapidly and the two 
*st popular daily news- 
ers have begun regular 
is columns. The sport even 
sts two specialist monthly 
jazines. "Darts World ” with 
circulation of 31.000 and 
tah/oid sister publication 
arts News ” with 22,000. 

•he origins of the game are 
lauded in mystery but it is 
' : kin that it goes bade a Jong 

- y The first mention of 

- jjujfis” was in the 15th 
jjpiy'and refers to weapons 


. hurled down on marauders from 
■castle battlements. But it is 
more likely that the . modem 
game descends from the off-duty 
diversions- of medieval archers 
who- threw cat-down arrows at 
the 1 bottom . of beer barrels, 
later references abound. For 
instance a set of jewel-encrusted 
darts was among the gifts 
showered upon Anne Boleyn by 
Henry VIII and the Pilgrim 
Fathers are reported to have 
played the game while aboard 
the Mayflower. 

However, the game as we now 
know it did not develop until 
it was introduced into pubs at 
the beginning of this century. 
For this development we have 
to thank a Leeds publican who 
hung a board on his premises 
in 1909 only to be summonsed 
for allowing the playing of 41 a 
game of chance." He requested 
that a board should be set up 
in the court room and proceeded 
to throw three double-twenties 
with three darts. When the 
magistrate and officers of the 
court all failed to equal this feat 
it was accepted that darts was 
indeed a game of skill and fit to 
be played on licensed premises. 


Brief foray 


The oldest and best known 
British darts competition is of 
course the 44 News of the 
World." After a brief foray in 
the newspaper circulation wars 
of the Z930s this tournament 
was re-launched after the War 
and has enjoyed an uninter- 
rupted run since then. In the 
last few years the 44 News of the 
World ” has been overtaken by 
several other competitions both 
in terms of money and prestige 
but it has established a position 
in the world of darts rather 
similar to that of the Grand 
National in horse-racing — it is 
neither the richest nor the most 
important competition but it is 


the one which has most effec- 
tively captured the public's 
imagination. 

The origins of the current 
darts 44 boom." which began five 
°r six years ago, are also 
obscure. But it can be no 
accident that the upsurge of 
interest in the sport coincided 
with the introduction of the 
tungsten dart 

Tungsten is a hard, heavy 
metal. Its hardness makes lor 
durability but its main advan- 
tage for darts players is its 
heaviness, which allows barrels 
to be shorter and slimmer for 
any given weight. The balance 
of the dart is improved and, 
more importantly, darts can be 
grouped more closely together, 
greatly improving the player's 
chances of scoring the “magic 44 
ISO maximum (three treble 
20b). 

But there is one major draw- 
back to tungsten — it is expen* 
sive. A traditional brass- 
barrelled set of darts needs to 
cost no more than £1.50. A set 
of 44 tungstens ” can cost up to 
£20. Sales have nevertheless 
increased steadily and few 
serious players now use any- 
thing else. 

The switch to more exotic 
material does not stop with the 
barrels. The old wooden shafts 
have long been abandoned and 
the aluminium, glass fibre and 
nylon shafts which replaced 
them are already threatened 
with obsolescence. The material 
of the future appears to be 
titanium, a light, tough, flexible 
metal from which extremely 
thin and durable shafts can be 
made. The playing life of these 
is claimed to be virtually un- 
limited, which is just as well 
as they cost nearly £3 a set 
compared with 20-40 p for the 
products they threaten to re- 
place. Hal ex, an MY Dan sub- 
sidiary, is the only company 
offering titanium shafts so far 



The ne pins ultra (so far) in pub arrows: Leighton Rees, winner of the recent “World 

Professional Championship." 


and Mr. Sydney Marks, the MY 
cbalrman, says sales have 
already reached 3 .800 sets a 
week, despite the high cost. 

Flights now come in all 
shapes and guises but nearly all 
are made from celluloid with 
only the faithful few sticking 
to the traditional paper or 
feathers. But they still cost only 
30p or 40p a set, so the market 
seems ripe for the introduction 
of an expensive . “wonder" 
material for flights. 

Apart from the introduction of 
more efficient and “smarter” 
equipment darts has received a 
considerable boost from the in- 
creased interest of the television 
companies. From the occasional 
spot on Saturday afternoon 
sports shows and lunch-time pro- 
grammes on regional commer- 
cial stations the sport has 
recently been promoted to the 
evening schedules. 

The breakthrough came on 
Thames television last autumn 


with the 44 Evostik Golden Darts 
Tournament" which ran to six 
programmes. 

This was followed in February 
by BBC-2’ s coverage of the 
Embassy 44 World Professional 
Championship" which went out 
every evening for one week. The 
BBC-2 controller is reported to 
have been delighted with the 
viewer response. No fewer than 
2.75m. people tuned in to watch 
Leighton Rees, the genial Welsh- 
man, beat England’s John Lowe 
in the final. This may not seem 
impressive compared with 
“Match of the Day's” regular 
12m. following but it is a re- 
markable figure for a late night 
programme on BBC-2. It is also 
about 450.000 more than had 
watched the ever-popular ‘Tot 
Black" snooker programme on 
the same channel earlier that 
evening. 

The . increased television 
coverage has greatly impressed 
potential tournament sponsors 


and the 11 big boys " ia this area, 
such as W. D. and H. O. Wills, 
are now showing greater in- 
terest in the sport 


Sponsors 


There has never been a short- 
age of sponsors, however. In 
addition to the usual cigarette 
companies and newspaper 
groups, funds have been 
ploughed in from sources 
ranging from Hayward's Pickles 
to British Rail (partly because 
of its hotel/travel packages to 
the competitions/. The list in- 
cludes Evode Holdings (Evo- 
stik), Phonogram (hi-fi equip- 
ment), Bui mere* Cider and Big 
D Aerosols as well as book- 
makers, breweries and darts 
equipment manufacturers. 
“ Darts World ” magazine esti- 
mated recently that the total 
value of direct sponsorship had 
reached £lm. a year, hut that 


figure already looks too - low. 
Mr. Oily Croft, president of the 
British Darts Organisation, puts 
the total nearer £2nu 

Apart from direct sponsor- 
ship a lot of money is chan- 
nelled into the game through 
league promotions and minor 
competitions, mainly by the 
brewery groups. These com- 
panies are coy about the amount 
of money they spend in this way 
but one Northern brewery is 
rumoured to invest over 
£100.000 a year and many admit 
"off the record” to expendi- 
tures of between £20,000 and 
£30.000 a year. 

.The most direct beneficiaries 
of all this extra money are of 
course the players themselves, 
and none more so than the grow- 
ing band of professionals. Until 
five years ago the number of 
full-time darts ‘‘pros” in Britain 
could be counted on the fingers 
of one hand. The total is still 
small by the standards of some 
other sports but there are prob- 
ably now 20 or 30 full-timers 
and * large number of semi- 
professionals who earn a sub- 
stantial amount from the game. 

A Londoner, Eric Bristow, 
regarded by many as the world’s 
number one player at the 
moment, said recently that he 
could earn up to £50,000 a year 
directly from darts 44 if I worked 
myself into the ground" but 
that he would settle for 
£30,000. The editor of " Darts 
World ” was dubious about the 
possibility of earning .tills much 
from the sport, however. He 
thought that few players could 
earn more than £20,000 a year 
at current prize levels. 

But prize Tnoney is going up 
all the time and this rise is 
likely to accelerate now that the 
sport' is becoming established 
on television. The Embassy 
tournament (televised) carried 
the biggest prize money so far 
offered with the winner 


receiving £3,000 out of total 
prize money of £10,500. Other 
costs including travelling ex- 
penses, hire of facilities and so 
on, will, however, have taken 
the total cost of staging the 
tournament much higher. 


Darts may he British by 
birth but it is becoming lit- 
er e as ingly international by 
nature. In December teams 
from 26 countries will be com- 
peting in the “World Masters" 
competition sponsored by 
Britain’s WLnmau dart board 
company. But this is only the 
tip of the iceberg. "Darts 
World” magazine has sub- 
scribers in 53 foreign countries. 
One copy even goes to the Soviet 
Embassy in Thailand. Most 
dart-playing countries are 
either in Europe or are former 
British colonies but the game 
is gradually establishing a fol- 
lowing beyond these boundaries, 
including Japan. 

One of the “youngest" 
nations in international darts is 
the U.s. But it is also the fastest 
growing and has already estab- 
lished itself as the second 
strongest darts nation in the 
world (after the U.K of course). 
Over the • past few years 
American teams have become a 
familiar sight in the final stages 
of international competitions 
and the amateur fallowing is 
growing fast. The “North 
American Open," the finals of 
which are to be staged on board 
the Queen Mary in Long Beach 
in August, has attracted an 
initial entry of over 1,500 end 
the top prize of $4,000 puts it 
near the top of the league in 
financial terras. This is all the 
more remarkable because com- 
mercial sponsorship plays a 
relatively small part in Ameri- 
can darts. Most competitions 
are self-financing with competi- 
tors paying fees of up to $40 
for the privilege of playing. 


Weekend 


jfster 


ateliers 


■ ESTER EATERS of the British 

- - t« beware: you may soon 
- .st' to pay much more for 

‘ir daifir: dozen. -All depends 
bow much damage has been 
■ . jw- by the oil- from the 
iunded tanker, Amoco Cadiz. 
..ff dieoff has lulled off a sub- 
; intial number of oysters along 
C Brittany coast, then prices 
brocket in Britain. For if 
•e: French cannot get enough 
home, they will go to the 
JC to get their fill. 

Britain exports around £lm- 
.... oysters a year to Europe, 
; ostly young seed oysters, 

- _ itfch the Europeans then 
i.itivste. Britain’s competitive 
. _lge over European neighbours 

igan when the pound sterling 
st tumbled on foreign 
frbauge markets, and the 
. riiish oyster has retained its 
ipnlarity. Inevitably the 
, Htish consumer has suffered as 
result Five years ago,.it was 
assible to buy seed oysters for 
■^ranriH fsoo a tonne, according 

y Dorset oyster-fanner, 

rasdon Nixon. Now the price 
i nearer £1,000. 

■> V* * ^ A growing demand for the 

± i. 'British oyster has been further 

' ' . Jelled by a disease which Hit 

_ ^ . V. J e oyster population in Bri- 

• a vhtoy three years ago. 

•- •- ‘ ’ According, to the Mr. Oyster 

f Billingsgate Market (Mr. Bill 
Wer of Baxter and Sons, 
fo.ich supplies most of London), 
/dozen oysters can still • be 
, wholesale for £3 a dozen. 

7 * .3 •’} ^ flirt, because oysters take five 

* •“’**' o seven years to mature, the 

riginal price rise is only just 
^ginning to be felt, and any 
tew increase in demand will 
end prices through the roof. 
“If the stocks which were in 
be beds have been killed off, 
hen prices will go sky-high. If 
heir stocks survived, and only 
■equire a thorough cleansing, 
ben 3 don't think it wiH make 
■nuch difference,” said Mr. 
Nixon. 

Oysters are hardy little 
creatures, well able to look after 
themselves. Given dean water, 
they can flush themselves out 
But if the oil is so thick it stops 
the water getting to them, 
they’re dead. 

French cultivators, perhaps 
with an eye on the insurance, 
are pessimistic. Alain Madec 
runs an oyster “ park " in one 
of the most productive oyster 
areas along the coast — the 
Aber Wracb. (The Aber Wrac’h 
Aber Benoit, and the Bay of 
Moriaix together account for 
more than .10 per cent of, 
domestic production.) 

When the oil first hit, Madec 
tried putting his oysters in 
tanks and pumping water from 
beneath the oil. But the stormy 
weather had beaten the oil into 
what the French- have called 
a “ mayonnaise " and it polluted 
all his stock. 41 Smell that,” he 
said, heatedly, thrusting an oily 
oyster forward. 14 Go on, smell 
|ti it stinks of petrol." Health 
inspectors are keeping a dose 
eye on the oysters because the 
sale of one high-octane oyster 
would destroy the already shaky 
reputation of the Brittany sea- 
food industry. 

sJ Demand has plummeted 40 to 



TO-DAY—- Mr. Denis Healey, 
Chancellor of the Exchequer, in 
Mexico City for two-day meeting 
of International Monetary Fund 
interim committee. Association 
of Professional. Executive and 
Clerical and Computer staffs con- 
ference opens, Congress Theatre, 
Eastbourne. 

MONDAY — Prime Minister 
addresses APEX conference, East- 
bourne. Dr. David Owen, Foreign 
Secretary, at May Day Rally, Dig- 
beth Civic Hall. Birmingham. 
AUEW (engineering sections) 
conference opens. Worthing. 
TUESDAY— Mr. Forbes Burnham, 
Prime Minister of Guyana, arrives 
in U.K. on official visit EEC 


Economic Diary 


Foreign Affairs Council meets, 
Brussels. House of Commons 
debates enlargement of EEC. 
Scottish Regional Council elec- 
tions. Mr. Eric Varley, Industry 
Secretary, at AUEW (foundry sec- 
tion) conference, Morecambe. 
Statement by Manpower Services 
Commission. 

WEDNESDAY — Guyana Prime 
Minister in talks with U.K, Prime 
Minister on trade and investment. 
Monthly meeting of National 
Economic Development Council. 
UJK. official reserves (April). 


Capital issues and redemptions 
(April). Lucas subsidiaries 
accused of Rhodesian sanction 
breaking. County Halt Aylesbury. 
IMF gold auction. Washington. 
Statement by Independent 
Schools Information Service. 
Details of Footwear Distributors 
Federation plan to assist British 
footwear manufacturers. 
THURSDAY— English Metropoli- 
tan Districts. English Non-Metro- 
politan Districts and London 
Borough elections. Commons 
debates Rhodesia. British Rail- 


ways Board annual report. Build- 
ing Society house prices and 
mortgage advances (1st qtr.L 
National Federation of Building 
Trades Employers annual meeting. 
FRIDAY— British Leyland shop 
stewards combine meet on Speke 
closure, Birmingham. Sir Geoffrey 
Howe, MP, shadow Chancellor, 
addresses Conservative Assocla 
tion Taxation Seminar. Swan 
Hotel, Yardley, Birmingham. Mr. 
Edward Heath, MP, gives Federal 
Trust for Education and Research 
lecture on “A World of Our 
Making,” Royal Society of Arts, 
John Adam Street, W,C3. Council 
of Europe's “Europe-Day," Stras- 
bourg. 




Billingsgate's Bid Potter: £3 a dozen 


60 per cent for any seafood 
from Brittapy, and smaller 
firms are faring an acute cash 
flow problem. Nor will they be 
able to stock up for winter, un- 
til the, water is clean. This is 
posing equally big problems for 
the British firms which supply 
the French. Brandon Nixon’s 
Poole Oyster Company sells 100 
tonnes of oysters to the French 
every year, and is waiting to 
deliver new stock. 


The selling season runs from 
September to May. but now is 
the vital period to prepare for 
Christmas. When Christmas 
comes, the French will buy, 
whatever the cost. “It won’t 
matter what the price is. When 
Christinas comes, everyone 
wants oysters. It's a tradition," 
said M me. Nicole Monard, who 
runs a seafood restaurant in 
Brest. 


Nonetheless, extensive per- 
sonal research in French res- 
taurants along this part of the 
Brittany coast shows the oysters 
here to be as good as ever, 
wherever they come from. 

And Nixon does have one 
word of comfort for British 
oysterpbiles: the French prefer 
the smaller, younger oysters, 
and should leave the larger, 
more mature oysters for the 
British table. 


Question 


of timing 


THE quarterly anguish of 
grappling with the telephone 
account may be slightly lessened 
in future, following the appear- 
ance of two ideas this week for 
measuring telephone costs, one 
ready for customers and one 
still on the drawing board. 

The first device, a Telephone 
Charge Clock designed by a 
Colchester-based electronics 
company called Momt^I, 
measures and displays the 
actual cost of calls as they are 
being made. The pounds .and 
pence of calls show up w®*™ 
fluorescent digits on a keyboard, 
which sits as part of a 
underneath the phone. Costs 
are automatically adjusted for 
the day of the week, tte rime i of 
day, charge band tariffs and the 
dreaded VAT rate, and ithe 
Clock cost s £29- It was launched 
last Monday and came m tor 
the full blast of publicity. 

The second — and as yet un- 
named — telephoned ■ meter 
emerged more hesitafltly from 
obscurity towards the end of 

resigned by 

of lfl-year-olds at the Maftiaew 
Arnold School near Oxford , it 
£ a far less sophisticated 


product, which merely measures 
the number of units used during 
a calL 

The pupils designed it as 
their entry in the Alcan School 
Award, a new competition 
organised by the aluminium 
manufacturing company for 
colleges in Oxfordshire. Prize 
money of £1,500 will be awarded 
to schools which think of an 
original product, and then work 
out ways of designing manufac- 
turing and marketing it The 
Department of Industry is also 
to put up some prize money, 
too. 

The school is bitterly dis- 
appointed at the appearance of 
the Mon i lei Clock, whose launch, 
according to Mike Byford, the 
master in charge of the project, 
pipped the boys’ effort by a 
matter of weeks. The school is 
also upset because it thought it 
had found a way of beating the 
Post Office at its own game. For 
years, the GPQ has leased ont 
a monitoring device, " a nasty 
round thing with a clock on it ” 
according to Byford which does 
not meet the market’s needs. 
Telephone users want to buy 
their meters, not lease them 
Byford maintains, and at £15 
per meter, he thinks the new 
product is correctly priced to 
manufacture. 

The boys are so convinced of 
the commercial potential of 
their meter that they have had 
it patented, and are ready to 
sell the manufacturing rights 
to any company that wants to 
mass produce the device. 


Lord Alexander Hesketh’s grand 
prix team at his estate at Tow- 
cester. 

The car, which is expected 
to top 220 mph on Le Mans' 
legendary three-mile Muisanne 
Straight, is to be driven by 
Bracey himself and • Guy 
Edwards and Ian Grob, both 
well-known British drivers. 


Winning 


policy 


Ian Bracey is a Lloyd’s insurance 
broker who admits to indeter- 
minate age. a weakness for 
driving racing cars and a keen, 
if good-humoured, sense of 
patriotism. 

The last two Jm has used to 
bring together the outwardly un- 
likely ingredients of Lloyd’s 
flanance, and Formula One 
Grand Prix technical expertise, 
to produce what looks like one 
of the most serious all-British 
challenges at the Le Blaus 24 
hour race since the hey days of 
Aston Martin and Jaguar. 

Underwriters at Lloyd’s and 
brokers Alexander Hnwden 
Group are putting up the money 
for a three-year progranune, 
likely to cost £100,000 in its first 
year alone, to, as Bracey putsit, 
“ crack the race for Britain/* The 
car to be used is a Formula One 
-engined sports prototype de- 
signed by Dr. Harvey Postle- 
thwaiie of the Wolf Formula 
One team and is being bull* by 


Despite an open admission 
that he races purely for fun, 
Bracey is no slouch on the 
track, having- finished second in 
the under-two litre class during 
one of two previous visits to 
Le Mans, as well as finishing 
high up in a number of other 
European races. Last year, 
however, his learn made a 
bigger impact off the track than 
on it, Gallic eyebrows lifting at 
the sight of pin-striped and 
bowlered Brits raising the 
Union Jack and delivering a 
Jubilee salute to the Queen by 
bugle before heading for the 
start-line. 

Even given the team’s evident 
boundless optimism, they have 
an immense battle on their 
hands to come within a mile of 
making good their declared 
intention of winning the race 
outright in the next three years. 
Against them is ranged, notably, 
the might of Porsche and 
Renault — both of whose invest- 
ment in winning Lie Mans is 
measured in millions of pounds, 
not thousands. 

The project has finally come 
together only in the past three 
weeks, only two months before 
the starter’s flag is due to fall; 
Bracey, who has designed and 
built his own racing cars in the 
past, first commissioned Postle- 
thwaite to design the car last 
year, then set about the task 
of finding the necessary funds. 
Bent on keeping the project! 
all-British, he was holding off’ 
Spanish and French offers of 1 
sponsorship in hopes of finding 
U.K. backing. Then Ian Posgate, 
joint chairman of Alexander I 
Howden Underwriting, got to 
hear of the project a month ago, 
the bulk of the finance was 
agreed immediately— and other 
Lloyd’s underwriters are finding 
the-rest 

Hie car, officially dubbed the 
Ibec-Hesketh 308LM (the Ibec 
stands for Ian Bracey Enter- 
prise Company), is to be jn 
red, white and blue, with 
Lloyd’s and Alexander Holden's 
names emblazoned across its 

bOWSL 




T: -V*.Os 






VLash&od; 


W Rgrew 
14 % last year. 


Once again National Provident Institution 
lias achieved sound growth by offering an honest incentive; 
real value for every pound invested in NPI policies. 

In 1977NPIs new annual premiums increased to 
£33.6miUion,a 14% rise on tile previous year.which is twice 
the industry average, and total premium income passed the 
£50 million mark. 

Funds under management are now over 
£300,000,000.on behalf of our 150,000 policyholders, 
k NPFs Self Employed Retirement Plan was once 

I again one of the best performers in the country 
L according to a survey by theindependent financial 
[a magazine Planned.Savings. 

In the 1977 ’Annual Report NPI Chairman, 
John L Harvey, explains more fully NPfs strength 
and performance. For a copy of the Report 
write to The Secretary, National Provident Institution, 

43 Gracechurch Street, London, EC3V 0BB. 




Contributors: 
Mark Webster 
Christopher Dunn 
John Griffiths 



16 


financial Times -Safcrihp^ 


COMPANY NEWS+ COMM ENT 


UNIT TRUSTS 


Setback leaves Burrell down to £0.3m. 


AFTER A FIRST HALF profit 
rise from £337,000 to £405.000, 

Burrell and Co M the pigment 
colours manufacturing group, 
incurred a loss -in the second half 
-to finish 1377 wit* a pre-tax 

surplus down from £927,300 to ^ * 

** from B”“ 

di“ s tT e °'^h «"^ he ™ ,od JS, 


DIVIDENDS ANNOUNCED 


Current 
payment 
0B 
3.03 
OBf 


0.495p. 


Turnover 


1977 

£000 

0.236.7 


Home 6221.2 


3.035.5 

fl6?-4 

233-3 

7K.5 

49.2 

0.7 

300.7 


Export 

Trading orofit 

Depreciation 

Imprest payable ... 

Exchange luss 

Share assOcs. loss . 

Profit More few ... 

Tax 

Net profit 

Pref. dividend 

Ordinary dividend 
Leaving 

t Gain. 

Air. M. C. Ashworth, the chair- 
man, now states that I9< • proved 
to be a year of far greater diffi- 
culty for the chemical- industry 
generally than was expected at 
Che outset of the year, and trad- 
ing continues to be difSculL 


Jas. Halstead Int 

HammersoD Prop. 5.46 

1.41 
1.75 
2 

22 
OBS 
2.51 
0BS 
2B5 

1978 Silhouette (London) 2.54 

hioo Towles 1-66 

I'SM Toye and Co IBS 

Whatman Reeve 1B1 

iax.6 Wheatsheaf Bud inL 4f 

160.3 


than those for the first 

There is no tax charge 

(£440,000) and earnings are shown “°r^ ( 5 roperty 

at 1 12 d il.9Bpi per 5p share on a-_D»e» :* —•_*: ; : — 

eaptel ^crease/ by P tat May’s ^^ctroiuc 

one-far>flve rights issue. , As 

promised .the dividend total is J*™*® AsIS 1 ** V "l* 

0.924P net 10.66P) vvaLb a final of tat 


Date 

Corre- 

Total 

Total 

of spending 

for 

last 

payment 

div. 

year 

year 

June 9 

0.65 

■ 1 

1 

- 

3.03 

42 

42 



026 

0.92f 

0.66 

July I 

2.73 

2.9 

2.72 


022* 

0.48 

0.43* 

June 19 

NU 

— 

023 

__ 

427 

5.46 

4.97 

May 30 

1.41 

12 

12 

June 21 

125 

L7S 

125 

July 3 

2 

— 

4.47 

July 4 

2.5 

4.08 

3.69 

June 30 

0.88 

— 

4.61 



229 

221 

229 

July 3 

0.8S 

— 

2.44 

July 3 

2.5 

4.1 

3.5 

__ 

2.5 

327 

322 

July I 

121 

126 

121 

June 2 

0.81 

126 

0.81 



121 

4.05 

3.63 

July 7 

3.06 

72 

526 


came out at £L2m. (£L54m.). 

In accordance with (he group's 
accounting poticy, the extra- 
ordinary income has been utilised 


A wide choice for 
those going west 


deferred interest and _ other street over the past 


To anyone who has been follow- I£ however, you see the U.S 
the performance of WaH more as a continuing part of your 
it over the past two weeks it portfolio than a place where 


other properties. 


lation to however strikingly uu» vimiaw « 5-* 7— rr 

jsd t tempting people icto much ^ New Qoart International nr 
more than an intermittent splash m ^ q Ameren and General 
in tiie shallows. At some point all —might suit you better ■ Finally 
the American institutions will if you think that the UB. is the’ 
jump in for a swim with the tide, home par excellence for 
but at the moment they're still initiative, drive and other en tro- 
ll ove ring somewhat indecisively P^cneurial qualities and you want 
on the brink. to get in on the act, try 

Does that mean that the inves- Henderson's new Cabot American 
tor too should hang back in the Smaller Companies Trust It. has 
TURNOVER for the year to hope of a better opportunity JSJSL^SkH SL^ 0111 ' 

March 19, 197S of Towles, which later? Probably not It will take sncS^^ffj^^^iSent 
manufactures hosiery and knit- any investor a certain amount of Pic^dillvsJmn Comoanipi Fmlrt 

*»• to git ttwkal we 

£8J6ol and pangx profits have seen m the past two weeks 12 months) is also on offer this 
^ om £463,776 to a record that when Wall Street moves it week, and apart from a hiccup 
£74, - 923> moves both far and fast. For four years back, its record 


Towles 

reaches 

£0.75m. 


"St Dividends shown pence per share net except where otherwise stated. be^ahead **3°?? want . ^ et V 1 

t«.t • Equivalent after allowing for scrip issue, t On capital increased fnS/^33^to 14A6p per JOp share ?1- 016 I ? xt ."“A “ agam * ° 1<ra€er 

- and/or amniatinn iccnps ■ tT.?' ? per .wp ^ week. olentv of choice. term sraaHer is 


3IHI.7 

8.1 

SSO.I 

38.5 


927 J 
440.0 

457.3 
6 1 

152.4 
326.8 


by rights and/or acquisition issues.' 


*rwu o.ojp TO per *up snare ^ ek 0 lentv of choice 

and the dividend is raised from ,L W . J P*?" 17 9 1 cno,ce, 1 


better: However, 


L511Sp to L663p net. 


Peak £0.4m. 
at Cope 
Sportswear 


goods has continued to be reduced 
and in order to improve the 
ability to supply home produced 
goods the group will be complet- 
ing a £290,000 capital expenditure 
programme to extend and 
modernise manufacturing facili- 
ties. 


comment 


ON TURNOVER of £6.34m. against 


£4. 63m. Cope Sportswear lifted Hammerson 


Which fund to choose probably !LSJ h 2WJ , **9!SS!l 
depends on how soon you want f6r 

your returns. If you want them as investors Assurance; too. while 
fast as possible -then you should extolling the virtues of- the U.S. 
go for the funds that are con- market on the one hand, ' pro- 
centra ting their money on the poses to invest in the U.K. 
heavyweight American shares: the property market as well. It has 
ones that the American iustitu- launched ■ an International 
tions wiEl go for. Three of the Managed Bond, to be Invested 
funds ou offer this week come in- (f° r the moment) as to 70 per 
to that category: Tyndall's Lou- «“*■ *» U.& equities, and 30 per 
don Wall International (now ex- properaes. 

A DECLINE 'in second half profita- duaivelv invested in American Finally, on . a different tack 

£ SnS: ^°is ^ 2£ p 257 to ! >5 

against £7.98m. ns ® *° . per «ent.), and as saving, with its Flexible 

^ Trident American Growth. *• — 5 — --- - — **-- -*■— 


Second half 
fall for 
Whatman 


At midway, when " reporting 
profit ahead from £695,740 to 
£719,000, the directors forecast 


Savings -and Protection Plan. 


Ultramar set to reap 
expenditure benefits 


. . , ,, , , pre-tax profits from £301^220 to a 

Burrell's second half, showing a record £435,869 for 1977. At mid- p-fl 

pre-tax loss of over £100,000 is way t he increase was from 11T1 I 1 1 Cl 1TB 
much more than feared. CompetJ- £ig0f000 to £2154)00 and the direc- U M cLl.l/UUI. 
tion in the pigment tnarijet led tors expec ted the trend to con- . a i aa 
to price cutting, and although 1^,^ 4-^v A* A VUttl 

volume was littie different sell- After tax of £233,048 (£165,946) Ivf • oC^leO^IXI# 

at ff the C year eiid than the'be- J u JJ n y ?« PRETAX profit of Hammerson that full year figure would be in 
ginning. The home market is JJBJJnTliESAflS ® Property and Investment Trnst line with 1976. 
partly sheltered but export prices J tn f n«^ rose b y *L0®®- to i4B9m. for After tax of £646,607 (£757.746), 

took a dive. The current six 1977 after £2 J9m. against £1.82m. earnings are given as 38.59p 

months is not offering much; ""“Si °- 4S0 ® p f 'J®?! at halfway. The dividend is (38.08p) pec 25p share. As fore- 

Burrell might break-even. But °° e "2, rtnree increased from 4.97p to 5.46p net cast, a final dividend of lB14p 

prices could start to move up- “ s “® Is " so P r °P osea - per 25p share, the maximum raises the total from 3.62Sp to 

wards by June and full year ..Th e directors have waived their allowed, and earnings are shown 4.052 p neL __ ^ ^ . „ „ , . 

profits might match those of dividend entitlement. as 9-27p per share compared with An extraordinary debit of THE UNDERLYING theme of the Trust Company of New York (as 

1977. Meantime one factory is be- Although the economic dimate 8B6p. £179,785 (£120,978 credit), which Ultramar report and accounts is agent) and Ca n adia n Imperial 

ing closed. Capital expenditure * s still uncertain in the U.K. the Tax for (he year took £2.43m. is covered by a transfer from th® promise that the current year Bank of Commerce. 

was over £lm. last year and debt group is still making progress (EL 67m.) and minorities £0-9 6m. general reserve, relates to a see the group reaping the There are plans to e x pa n d the 
rose to £1.4ra- though this i9 little with sales for year to date ahead (£0Bm.). There was an extra- decrease of £114^79 (£120,978 benefits of the heavy capital Badek LNG Plant by adding at 

more than a third of shareholders* of last year. ordinary income amount of £L9m. increase) in the net value of JjxpctJdfture of the last six years, least two trass, thereby doubling 

funds. At 12p the p/e is 10 so Subject to unforeseen drcum- (ISBSzn.) for the period and after overseas subsidiaries due to cur- Taking everything into considers- capacity and (he 1978 Indonesian 

the major support is a yield of stances Cope should have another £2 Jim. (£3 Am.) deferred Interest rency fluctuations and £65,206 faon ., “15 directors expect exjptorattan bodgot includes funds 

12 per cent But this payment is successful year, say the directors, and other development outgoings goodwill writes off on the pur- conSK *? rabJy better cash flow and to develop the gas. reserves 

only covered 12 times. The dependence on imported written off, the amount available chase of business* operating profits to result required for such expansion. 

The only areas unlikely fo see in h b annual statement "Mr. 
a fair return on capital mvest- Campbell Nelson, chairman. teHs 
ment apart from the North Sea, meSbeis that a weH run company 
f0 * r ^ in to ofl ind^ti7^ lookto? 

off. are Quebec and Ontario. Hwe ^ a time of prosperity for 

adverse market conditions for years t0 come ^ « is the 

„ . from £l5.6m. to 2p net costing £72, 63S. Last year’s K53lS5«'thIt tl2?e 31 aS directors intention that Ultramar 

Electronic Machines rose from rent year with first quarter sales £14.4m. The group blamed low total was 4.4676p paid from earn- in ** continue to be one of these 

civ ..lor,, in fi- -mw n ».in, ... nf.u v:~i _* l. tn. ; immediate improvement in 


Office and electronic profit nears £2m. 


TURNOVER for 1977 of Office and trend has continued into the cur- profits fell 


£15.42m. to £17.6m. and pre-tax one-fifth higher, some of which demand for textile machinery for ings of 10.11p. 
profils were up from £1.7Sm. to romes from a price rise in the drop. 

£i23m. with £0.81an. (£0.76m.) January. At 95p, the shares are on Now, Stone-Platt says that in 
coming in the first half. a p/e of 6 while the yield is 6.7 the last two months it had won 


results. 


Earnings are shown at 152p per cent Cover is 3.7 times. 
(13.7Gpj per 25p share and the 
dividend is raised from 3.69p to 
4.07Sp net with a final of 2.8p. 



1877 

1976 


X 

£ 

Group turnover 

17.603.6P8 

15.418.636 

Profit before tax ._ 

1.ULM5 

L 775.909 

Tax 

993.413 

80.183 

Net profit 

KW.733 

M2.801 

Betained by cubs. — 

4SJ5I 

37.110 

Available 

BSfi.lti 

805.682 

To sencrai reserve ... 

500.000 

300.000 

Leavina 

3*8.191 

303.682 

Dividends 

252^32 

223.558 

Retained 

• comment 

333fiM 

02,124 


Stone Platt 
waits for 
pick up 


three major orders worth around 
£25 rm, for texturing machinery, 
air-conditioning equipment and 
■ foundry equipment for the Polish 
tractor project of Massey- 
Ferguson. 


year, Mr. F. G. Hawkings, the 
chairman, told the ann ual meeting 
yesterday. Trading had been 


S. Lyles 
looks to 
latter half 


companies. 

xs . «„> *1 ■Tfii.fi'ipo .w As in past yews the 1977 dlvi- 

rTwfarsafe SiSSKSSSs 

UJC and Western Canada opera- Lf 

tions. and continued profitability « Ira to tot 1978 w81 see a ftiU 
from shipping and cargo trading sa ^ 8 15r,a . 3 
activities is anticipated. Modest , n w- n. 

efforts at diversification will also 

eive a small return. f“®® started in August at a 

The capita] expenditure pro- anticJ- 

continues unabated. ^ ted fQr ^ ° arren ' t ye^- 

As already reported, taxable 
£14.4m n in 1977, the projection for profit for the year under review 
the current year, which includes doubled to £24.7m. and cash flow 
a provision for an equity contri- from operations amounted to 
ahead from £424aTto £5to. and bution t0 a Q uebec ReflneT 7 f26-56m. (£1725 hl). On a current 

the directors say thS adS* dS- catalytic cracker, is £31.5m. cost basis toe profit figure would 

ing the first quarter of the cur- Golden Eagle Indonesia, a he reduced by £5.7m. (23 per 
rent year were 25 per cent, wholly owned subsidiary, has cent) arising from additional 


Toye profit 

advances 

to£0.2m. 


PRE-TAX PROFIT of Toye and „ Ilf w 7m 

Co. rose from £103,928 to £203,066 1^7 *2 


for 1977 after £103,574 against 
£65,921 at halfway. 

Turnover •* for the year was 


With no price increases and only slow during the early months and REPORTING pre-tax profits down higher than the same period last arranged a seven-year *UB.75m. depreciation of £3.7nu, and a cost 

a small element of revenue from a lot would depend on the total from £358,247 to £107,072 for the year jj, e improvement is ex- limited resource Eurodollar of sales adjustment of £5. 9m.. but 

the repair and supplies divisions, shipments the group was able to half year to end 1977, Mr. John pected to continue. The group financing, based on its Badek wiib the mitigating effect of £3.9m. 

most of Office and Electronic's make in the second half. The Lyles, the chairman of the S. achieved a peak £224,138 profit in Field oil and gas production. This in respect of gearing adjustment 

14 per cent sales rise comes firot half would certainly be Lyles group of carpet yarn spin- 1974; financing will carry an interest The company intends to repay 

from volume growth. OEM has disappointing but “ hopefully this ners and dyers, says that after Earmncs ner 25 n share are rate of 11 per cent over the the remaining 7 per cent 


1974'. financing will carry 

_ , , ,, „ . Earnings per 25p. share are rate of 1| per cent over the tbe remaining 7 per 

held on to its market share of should be compensated by a a slow start trading conditions shown as 7Bp (3.32p) and sub- London Inter-Bank offered rate Unsecured Loan Stock 1975/78 

about 40 per cent, in toe manual better second half. improved late in the six months ject to Treasury approval the dlvi- for three or six months renewals, which amounts to £L7 hl, on April 

typewriter market and about 30 Mr. Hawkings explained that the and this improvement has been dend is increased from 0.S125p The lending institutions are a 30. 

per cent in the electric market, strength of sterling was making maintained. to 125B25p net, absorbing £22,615 group of U.S., Canadian, UJU. The AGM of the company will 

and fihe result reflects the gradual exports more difficult to win in Second half results will show (£14,404) after waivers. Japanese and European banks be held ait Winchester House, E.C, 

recovery taking place as addition to depressing profits by a notable improvement over those There was an extraordinary headed by Morgan Guaranty on May 24 at 1120 

employers re-equip their offices currency exchanges. This for the first, he tells members. credit of £9,010 (£51246) for 1977 

with more modern machines. The affected last year’s profits by Exports, although marginally and after tax £27,703 (£29,210) 

trend continues to be away from £1.3m. whereas in 1976 there had down on last year’s value, are the amount attributable came out 

manual to electric, where demand been a £lm. benefit from a weaker currently running at record at £184273 (£126,064). Certain of 

is buoyant for the Adler single £. levels, he adds. the 1976 figures have been re- 

element typewriter introduced as Last year also was difficult for First half earnings are shown stated to reflect the change in 

a conrpetititor to the rival IBM Stone-Platt. Sales came down at 1.42p (4.73p) per 20p share, accounting policy regarding de- 
model. Meanwhile, the recovery from £195m. to £176m. and pre-tax The interim dividend is held at ferred tax. 


Wheatsheaf ends year 
with halved profits 


Resuits due next week 


, The downturn at 28 weeks from been transferred to reserves. 
£2 4nb to £L53m. at Wheatsheaf Transfer has been made ,on the 
Distribution and Trading con- basis that having regard to future 
tinued in tbe second half and for levels of stock values it Is not 


Some of the big names in re- are due on Monday, is closing a growth for the full period In shipping In a market suffering gU™ *“fits° wS^more E ^^become^wabte ffSTftX 


telling are reporting their full number of its food departments addition the company brought in from substantial excess capacity from » Mak ra aim »« seeable future, 

year profits next week. They in- which, overall, account for around its “Discount 73” scheme in the in the second half accompanied RS lr P The manufactures 

elude Marks and Spencer, British a quarter of group sales. BUS — last quarter, and this will have by lower earnings from its general i„thnir interim nmort the foundation garments swimwear 

Home Stores, Mother* re. .Sain* Jess than half toe size of M and S tightened margins. Overall, cargo division. TCis sector has dl £J£ "qS ted Sd |£S SSBSSSk viSS nJS? ' 

bury and Sears Holdings. Also on —had a sluggish start to toe year analysts expect profits, of around been adversely affected by labour be^Sr tothe same 

toe Stock Exchange list are with first half profits a tenth £29m. for the year, against £26 2m. disputes and problems with OCL’s {Jriod fast year but in a state- ' 

budders John Udng and the htgher. TJe second half will get last time. new services to South Africa and Sf.JS ofto“ P ?o2Sd 

shipping giant. Peninsular and the benefit of the new stores in fllI *w New Zealand. Therefore, initial Lj-idhT^on VJTrOWrll SLt 


Oriental Steam Navigation Co. 

In the stores sector, the pres 
sures on consumer spending last 
year are bound to have left their 



^B n tilf m CS“f"12d 0 '&lS w°h™“Sf «r d D ™fl te U,a a ,: ^ tad? The results from building and Linfood.' ' PRE-TAX PBOITTS of Pechta's. 

margins further squeezed by the nounced on Thursday which com- cated 111 Februa, T* ^ the ro 13 * 1 civil engineering contractor John Wheatsheaf chairman, Mr. E. the building and civil engineering 
Price war. This ]Jt factor £igbt pares with £lL95m.Tit time. The Si 


not be so pronounced in the case company has been involved in an wi * footwear retailing little or no improvement in U.K. company has underestimated the £187,684 to_£430, 740 for toe six 


01 mams and spencer (as it tends extensive expansion nromrame trading profits rising 10 per cent, operations. At any rate, the effects of the current High Street months to November, 30, 1977 on 
to trade slight!? up-market) but and should^avT^SoiSid 5 ?^^ ? narket do f - " ot . 1 , expect . pr i“ on pr0 ®£f' ' . of £5 - 7m - compared with 

toe fail-off in the number of square feet of sales space in use. st0I 5® a “ d P CW * U S7 P ,ckiT, e up improvement in build mg and civil Mr. Aylett says that apart from ±a^7in. 

tourists to the U.K. In the wake With trading fairly stagnant, Pf° fits of about mu, up some engineering and property develop- the price war between toe major The interim dividend is held at 

of a strengthening pound will cer- additional capacity was the prin- “ Per ce nt. ^ LicenMfl getting ment but_this could be offset by supermarket companies there has 0275p net per 25p share. Last 


fiainly be holding back volume on cipal factor in toe first halfs 40 have traHed in the second better results from construction also been “a quieter but no less year’s total was 4.6U915p paid 

-> n: — i — i* — «■— -- — . ■ half but. like motor vehicle sales materials. Property investments- fierce struggle” fnr oaiiin* <—*. — — -j *— 1.1- -r 


the clothing side. First half profits per cent, sales rise, and this is pa ' 1 ouiuxe motor venicie saies materiais. Property investments fierce struggle" for extra selling from record taxable profits of 

were around a quarter higher but likely to be the pattern in the *“« service and property develop- may yield higher income and over- space. He says that a difficult £562464. The company is dose, 

analysts are not expecting this latter six months. Mothercare has ™ en ] and “vesttnent should show sea s contracting could show a scene has developed particularly 
growth to have been maintained had good market penetration in steady growth. T£e engineering small tumrotpd as a result of in the second half “and one 
in the second half, in spite of very Europe and has now shifted its d ‘ v ^* on , wlU stu * ®® , d by stab,e operations in Spain. Con- which we under estimated.” 

good Christmas trading. They are emphasis to the U.S. Here, how. Bentley group, but UB. losses sequent]/, the market expects the Linfood is bidding three of. its 
forecasting around £127m. for toe ever, earnings will only be forth- shouId be significantly lower full year profits to be around the shares, £2.40 of Linfood nominal 
full year when results are an- coming In the current period. following the disposal of the group’s interim forecast of £IS.5m. stock plus £1.80 cash for every 

nounced on Tuesday, which will The food sector also sees full Highlander knitwear subsidiary, with some estimates £0.5m. or four Wheatsheaf shares, 

mean an increase oF slightly under year results from Sainsbory, due Th us - Sears is forecast to achieve £lm. higher. 1&77-7B 1 vk-ti 

a fifth. Canada is expected to out on Tuesday. In the first half- p ™I l J x Profits of about £60m. other results tn note are preli- „?22n 

have broken even while Europe profits were around 16- per cent. minaries fre*" 1 Tunio«T - 343.910 

continues to bear heavy opening higher but that was when food Market estimates of P & 0’s (Wednesday 

costs. price inflation was 20 per cent, figures due on Tuesday have been day), and 

Meanwhile, the difficulties In the in the second half this figure revised downwards following its (Thursday), 


Second half 
loss by 
Silhouette 


British 


Sugar 


food sector are confirmed by news dropped to around 11 per cent, a disappointing interim results. The (Thursday) and National and 


this week that British Home factor which will have contributed group is expected to report a Commercial 
whose preliminary results to pulling down Sainsbury’s further deterioration In bulk (Thursday). 


Banking 


Profit before tax 

3,040 

6^08 

Tax 

447 

812 

Net profit 

2.M3 

5J3P6 

To minorities «... 

161 

107 

Attributable - - 

2^12 

SJX9 

Interim dividend 

581 

329 

Sc-cond lure rim 

a«3 

402 

Undistrawucd 

ajss 

4.5SS 

Extraordteftn’ doblis 

217 

42 

Retained 

1,881 

L516 


Turnover for 1977 of Silhouette 


£13.48 nu, but with a second half 
loss of £120,626, compared with a 


Adjusting for ED19 there is a 



Announce. 

Dividend tpi" 


Announce- 


Company 

ment 

Last year 

tola year 

Company 

ment 

Last year 

This year 


duo 

Iul 

Final 

DlL 


due 

Int. 

Final 


PINAL DIVIDENDS 





Seottleh Northern Investment .Trust — 

Tuesday 

0.513 

1.98ft 

1.2 



__ 





_ 



Boos lead 

Tuesday 

0.71 

oa 

0.7 

H. C. SUnraby 

Friday 

8.6 

1.65 

0.6 

Britinh Homo Stores 

Tuesday 

3.318 

S.l 

2J8 

Southern Construction (Holdings) 

Thursday 

8.435 

0.435 

Nil 

Britlsb Investment Trust 

Wednesday 

2.0 

2J 

2.5 

Vernon Fashion Group 

Tuesday 

l.m 

1.634 

J.4D3 

Clement Clarke moldings) 

Tuesday 

0.813 

1.125 

0.338 

Wadham Stringer — 

Tuesday 

0.5J 

0.839 

0.99 

Continental un Trust 

Wednesday 


2.05 

1.0 

George Wills and Sims (Htfldlngs) 

Thursday 

0.75 

0.642 

0A25 

Dares Estates — 

Thursday 

— 

NU 

»— 






Davies and Nesvstan Holdings 

Tuesday 

2.183 

4.3TO 

5.435 

INTERIM DIVIDENDS 





El Oft) Mining and Exploration 

Tuesday 


0.388 

8.99 

A. Aretiann i^oldlnni 

Tuesday 

e.Rw 

1.5*3 


Exploration Companv 

Tuesday 

— 

0.443 

0.495 

British Sugar Corporation 

Thursday 

2.594 

6.906 


Ferdex - 

Thursday 

0.52 

0.713 

0.585 

J. A. DovenJsh and Co. 

Wednesday 

2.0 

3.9 


First Ca*<flc Securities 

Tuesday 

— 

Nil 

0.49S 

HlgBons brewery 

Friday 

8.375 

1.979 


Guardian Inveattneot Trust 

toured ay 

8.73 

Lit 

6.75 

London and FTvnd. Shop Centres fBldcs. i 

Thursday 

0.301 

0.437 


Baden Carrier 

Wednesday 

2.73 

5.045 

2.73 

National and Commerrlal Banking Croup 

Thursday 

1.35 

1.753 


T C Ramson 

Thursday 

l: 

Z.46 

1.3787 

Peachey Propeny Corpora tioo . 

Thursday 

Nil 

0 993 


Uawtm 

Tuesday 

— 

— 

— 

Serck 

Thursday 

2 0 

294 


John La.ne 

Tuesday 

0.73 

2.0T4 

1.23 

Sflverthorne »iroun 

Friday 

0.5 

1.0 


Laportc Industncs tHoldimcs) 

Wednesday 

2.15 

3il9 

2.708 

Sqocpi Bahru Rithher-Esratcs 

Friday 

0.52 

1.32 


Marks and Spencer 

Wednesday 

1.33 

2.48 

l.Ttaf 

U* A. Ty»ch and Co 

Thursday 

0.363 

n.oii 


Marshall's Universal 

Wednesday 

2.462 

2.57S 

3.155 

Ulster Television 

Friday 

1.8 

2 1 


Mciioy 

Thursday 

0.93 

0.05 

1.05 

United Wire Croup 

Thursday 

LS 

2.39 


Motnerrare 

Thursday 

0.912 

1.707 

1.044t 






Janus Noiil Holdmus 

Friday 

10 

3.764 

2 2t 

INTERIM FIGURES ONLY 





Peninsular and oriental steam Navigation 

Wednesday 


3 3S7 

3.0 

Audio Fidelity 

Friday 




Pbotax i’Lwidon) 

Wednesday 

1.15S 

1.584 

1.2 

Wm. Mownt and Sons 

Friday 




Porter Chadboro 

Thursday 

i.n 

3.47tT 

1.452 

- Dividends shown net, pence per share and adjusted 

for any 

luterrenlnB scrip 

Roberts Adlartl and Co. 

Tuesday 

1.444 

3.458 

l^SS 

Issue, f Includes eomDensstinc dividend due to change tn tax rate. 

; Second interim 

J. Salisbury 

Wednesday 

1.S2 

337 

S.OSJt 

In lieu of final. 5 second interim of 6.88p already paid 

In ibis 

13-month period. 

Save aad Prosper Linked Inv. Trust ... 

Thursday 

LIE 

LSlf 

LS4 

9 .Includes second Interim of a Jp. 






Turnover was ahead 
£343.9m. to £426m. and 


from earnings are shown at lO.lap 
... ... w ? s (lLOBp) per 20p share. Tbe dlvi- 

spht as to: delivered wholesale dead total la lifted from 3B175p 
£i41.79m. (£U1.77m.): trade- to 3B67p net with a final (5 

markets £215.75m. <£l8227m.); 2.541p. 

Carrefour £58. 83m. (£43B9m.); In their Interim statement, the 
other retail £?.Sflm. (£6 28 in.) and directors, warned that the second 
shopfitting, packaging and other half would reflect a further drop 
minor activities £L24m. f£12m.). in net margins and full , year 
The results Include turnover of profits would fall short of those 
£22. 02m. (£6.93m.) and pre-tax for 1976. 

profit of £0.64m. (£0.3m.) in Mr. Tom Blumenau, the chair- 
respect of the group's subsidiary man, now says that the second 
operations in France and Spain, six months were very disappoint- 
with toe comparative profit being ing with sales up only 62 per 
from France only. cent. As a result a - loss was In- 

Stated earnings per 25p share curred, though It should be borne 
are down from 392p to 16.6p and in mind, says Mr. Blumenau, that 
the dividend is stepped up to 7.5p a normal feature of trading is 
(5.555p) net with a second that most profit comes In toe first 
interim payment of 4p. on capital half. 

increased from last year’s one-for- Group exports made progress, 
four rights issue. rising by 29 per cent, -but in 

Provision for deferred tax to France there was a second-half 


26, is 11, stood at 6,716,000, has and economic uncertainties. 



BIDS HID DEALS 











other suitors 


Tbs '.unsuccessful £J2Bm.' bid.'. HiDeshog. now- owns 51A pi' 

- - - -- * “ sSters and jmd 


for James Sitipstone and Sons, cent of M2n Marrero 
the Nottingham brewing group, takeover rides must proceed. wi: ; ! 
by Northern Foods seems to have a full bid. . MiHn Marsters. h 



-• hn* 


oA 1 


whetted the thirst of other com- dedar^d a second Interim d£.: : :.'. <4: \ -iefl 

panifes.- 'At yesterday’s annual dead of 3B819p. - ■'l . 

meeting Mr. R-' D. Combe, the 


meeting 

gh aiwwati , told shareholders that 
discussions were -being held- at . REDFEARN SHARES 

the moment with more than'one ; ' r *«_ ' ' 

other, possible bidder but that vAlN.ZZp .' ■■ 

they had not yet readied aoy con-' 

elusion so far. 


::t '* Bit _ 
.’'receftiptf-l 
•* ' : 


.. ... . . .-jrfSaJV 

With less than a fortni^t to >; “J .,r a ‘ 


Mr. Combe's* announcement was before 'toe Monopolies Commi.~\ . “ j jfttJ 

made, against the b i2>S?S K gL' ‘ 


defence>oves during the;North- neither^ ^ two bids^fitr.-:; - 



era bid to Mareh^fy wMrii- a outstanding for Hedfrani Nation ; .:^ ' 
group- of institutions, led by Ship- Glass -can gpahead, the shares ai ■ 
stouess merchant bank, Kleinwort starting 1 to rise smarter. - 

Benson, sfgnifled their willingness ' Yesterday they lifted by 22p .1 :** .. 

to buy a Mock of lm. shares at fin ish L to e day a 
300p from any shareholders who market, talking ol 
were.'willtog to- sell. ‘ suitor, jn addition 

Had toe move gone through it ware . ;t!Sroup . and. umu» «««■ ^ */» 

would'have created a solid 23per which, have both announced theL 
cent backing for Shipstone’s de- intentions. -i-*' . 

ffence- Now, with other approaches A spokesman, for Redfean . , n Tijtof ****** 
being made, the institutional pur- however, said simply: “ We kno’ , T 
chase has been postponed in case nothing about another bid." - i y!V (y 

shar^olders are offered a better - . - ■ : 

PI SMpstone’s Board. 'has .'abeeady DQV1/AUROR4 . 

indicated the sort of level .they . pCM- announces toe coanpletio: : -- 1 -adtog; 

wnto. effect from March 31, 197 - -e V.S--b0£ 


DCM/ AURORA. . 

indicated the sort of level .they . pcBL announces toe coanptetio: : -- . 1- 

would ’consider worthwhile. In from March 31, 197 . - u . 

the. -second defence docnmCTt of ^ agreement to purchas . 
during the Northern battle they from Nabisco, U.S„ toe Aoror. - 5 ‘ - 

blazoned a net a^et price .of Hobby and' -Toy business in to ;. :, rC! '-‘‘ f p S 
on the cover, and also said that and toe Aarona subadiarle-.. 3 prw* 

this was based on a <»ns«vative In '0^^^ sioeapore and to-!. -.-;.... ■: S?m. 

valuation. Prert^. profits fot.the Netoeriands. : V-n Fnnd.MlA 

company to- December were . . -M;c cu!l * r 

12.07m. Ttie consderadnoin -wiB be base+ 

The Identity of the new suitors on the written down book val 
has not been revealed but it -is of . toe assets acquired on cot 
unlikely, in view- of tbe Mono- ptetton. (to December '3L1977 tin. 
polies. Commission’s attitude to value was jost over U-E219m. am 
further expansion by toe national based on toot figure toe cow 
grou&s. that the bidders come ^deration would tie $10B7m.- Ai 
from their: ranks. ' . .. .initial |L4m: was paad pn.com 

One comapny whose name has pletion and toe balance or mi 
been linked to Shipstone, is <mnsaderatk»n wffl be payable bj 

gUetinan particularly in- Mtn|||| i Instalments over toe nexr ■ 

recent years as it has built up a four years^ - •" 

brewing arm firet by buying J. 

Cameron in 1975 and- then by i-Airirv TbnAtisnmNR -s 
acquiring Tollemaehe and Cob-- AMJiX KUAL/»lUr*x} • 
bold last year. However, Ellcrman Amey Roadstone, wholly erwnee . 
yesterday firmly denied- that it subsidiary of Consolidated Golc • 
had made any approaches to Fields, has spent £Um. to extern: - 
Shipstone. its European concrete manufac- 

turing -interests - with aoquisitiozu -? 

The Bank of England has per c^t of Jonker Beton neai - 

granted the necessary exchange Amrterdam a 59 pei- 

control consents which Swedish cent, stake . in- Noppert Breton .- 
— HOleshog needed .Before it based at ' Bergun In Northern 
proceed with its„200p cash Holland. At toe same time the ; - 
a share bid for the outstanding group has acquired 80 ~per cent - 
shares of MUn Mareters (titer of Sociertie. des Materiaua- : 

Norfolk seeds group) it. does not Agglouieres de Bouchain in. : - 

already own. . . Npitoem France. 



arn£!* • ** 

BrweR 


!s sax**i 


not; 

r -.Mi 


Hawley-GoodaU purchase 


.•.JTsWAvf 



*■ ■ »:s 


*1-'. ; 
.I--» 


Camping equipment manufac- land at Vence hear 'Nice for - 
turer, Hawley-GoodaU Group, £335,000. ’ ■ . 

Which yesterday aanoixnced ah This Is seen as a first step to* - - 
increased pre-tax loss .for' 1977, wards a larger involvement in- - - . 
has agreed to buy Streets Auto- housebuilding in the South of' 
ihatjc Machine, a . private "Cbm- France. Negotiations are fq hand-* -- 
pany which makes slot machiheps fojr. toe puraiase of further land. - - 
for amusement arcaded-in a deal ; ; As the vendor ( Davlin Corpora* 

worth ^£122290 jdon, is half-owned by St Paul’*: — .’ 

It is buying Streets from Ren- Holding Establishment, which is-.. ... 
wick-Skeisey in return for.- the owned by a settlement made by 

issue of .LlBm. shares, approxi- Mr. p. D. Jackson, r hT>»p"i»i of 

inately IS per een t. of the en- Dares, th i s transaction is con- 

larged capital. The move - is said (jitional upon approval of share* 

to be part of Hawley’s restructur- holders, 
ing programme and Involves the ' 

resignation of Dr. R. C. Theobalds . •. ... 

from Hawley's Board. He will be BLAKEY’S .. 
replaced by Mr. G. P. Ren wick, .... . w 

the chairman and largest share- Allied Insulatera has won 742 

hplder of Renwick. F er .?, n t Sft-teS f ^ ^ I) HOI' 4 

The net tangible assets of for . Blakey^ M all e a b le Castings, ^ r, ' J > 

Streets are said toLbe ^£167200 and toe > Wd . has now goneiptnT-\ COS 
and the completion of the pur- unconditionaL. 

chase depends on -its profits for . Th e cash, offer, worth W a-.. ani j 

1978 being no less than £43/575. share, will remain open, 

Meanwhile Hawley’s own turn- snar e att eroatrve. of six Allied , -y, t otj 

over last year dropped; frpm for eveiy seven Blakey, doses on , f - 

£1234.000 to ±1288,000 and pre- Wednesday. . •- ■ ■ 

tax Josses increased from £55260 The - share alternative has 
to £98287. There was a tax created some confusion because . 4 
charge of £10,475 -compared- with Blakey had forecast dividends for^yj; . 
none in 1976 and an extraordinary the year to March, 1978, which "..L, ^ ^ 

debt of £44255. This brought the would have amounted to 25.41p on ~* 

attributable loss ; to £163249. net for^ each seven shares, but 
(£55260). There i£ no dividend,* . because or the change o£ owner- 
ship now cannot pay it • 

1 r t — 1 t rir ' • ‘ : Sljiareholders are now reminded 
DUNLOP JNTERNL . ■ that if they accept six Allied 
Dunlop TnteruationaI--is to take shpuW at l^st 

part in a joint British and .Philip- “■ -dWtodg (based on tbe 

pine venture to set up a. palm oil. ^77 dividend payment) and all 
company with capital oTaround JWJJ 

£l.8m. Dunlop ia to take a 30 per t0 increase of as much as 10 
cent stake in the venture which P® 57 cent -. for i® 78 * 
is currently- negotiating foreign 
loans totalling around £7m. with- . RHM/SWEL - 
a consortium, of European' banfct ^ ^ Banks Hovfa 

McDoogaii offers for Swd. Foods 
PFNTO*, ' - (Holdings) have been received 

« 1 ^ holders of over 94 per 

Pcntos Is extenung Its anterests cent: -of the Ordinary and 93 per 
in garden leisure products with cent, of the Preference shares. c 

tbe acquisition of privately owned The offers have become uncon- - 

Gardencast for an initial con- ' ditional and remain open. RSM ). ^stiUiav^B 
si deration of £126,000. Total con- intends to acquire compulsorily 
side ration wiH be equal to any outstanding shares, 
approximately. -three times Garden- 


’s? 



cast’s averse pretax profits over . pARM FEEDS SALE ftcov 


Dt press ar^d 
valued 


the next three 
Gardencast earned 
of £15,000. 


y&ars. Last year Farm Feed Holdings has agreed l ^ in pncftfi 
led pre-tax unfits to sell 5200 Ordinary shares in ^Ppened 


Triphos (Northern) to the 
majority shareholder, Leather's 
nADPO PSTATCC Che mical Company, for £5200. 

UAKtA taXAliaa. FFH vUL thus reduce its share- 

Dares Estates has 'agreed 1 in. holding: in Triphos from 30 per 
principle to buy 4.77 hectares of cent- to 19- per cent. 


^toestab Mkt 
^ place. 




RESULTS AND ACCOUNTS IN BRIEF 


e ' v Court Xatif 


ALLEBOHE AMD SONS (footwear £43,341) for W7. Pro vision for tax ins- 
manufacturer and re tetter) — Turnover for -cowable £9.412 f £8.730). Surolus on Bate 
rear to January 31, 1978, ni.lS3.0Q8 of properties and investments, less tax, 
(£9 .6*7.000). V Pretax profit £2284180 £30,653 (£63,840). Bandnsa per 50p sban 
□56.0001 after Interest £230,000 t£220.800). 0 lo (teas 4Sp). DMOend L73p (L25p), 
Tax £30,008 (£37.000). EaznlnsB per lflp suMecx to Treasury approval. 


1?. ?! * ts assets** 

emphasi 


>’ ^istoricsis 


share 208 p fl.TSp). Final dividend 0 Sp' 


■SL'jSS’ 19 appttoL 


uaratlves sdlusied. 


BOTSWANA RST-RMUltr fOT .IK?-*™* Turoover aTS.tal 


RVianwin loi-nnm ive . w > - , « mm atm' fni- K«ir i. iiwt 

already knowtL^ Tilting assets Tali J“ r SasMJEmf -'ite 

P.muo. tieettag -off- SS^nftSSi 

CAMPBELL AND- ISHEHWOOD feJec' 

ffiW5 - CtiO.1^1. - Retained mwb 

laKffliWSi sssifc , W:«sai?&a 

ClfiSSlIESE . 1F.MJ.1 ESTATES 

iss-ts 

sa*as2Wi2?BiaB 

re mm . <£03901.). UqdU fund s Increased year and 

by £280448 (ai^OO). Meetiag BWB, «« oer * t .tontmaom, 

Uinebur Lane. E.C.. liny 18, m noon. .- rcf holdings ■ (band tooisj-rTamover 
CONSTRUCnOH 'HOLDINGS-- (cODsuIt- £746m. ; (SUM.) . for .half year, to 
iBK sagtaisers)- 1 Iteiwvw £85£» OXM.8851 ' JuaatT" W,' W78. nrtfit aSOyOOO (£7T.000> 
fox' six nuath to December a. 1877. br©- before lax (fSSJWD, mlnoriiiea 

tax profit £132,404 (£72.688). indixtea -profit - WHO profit attrfimtiUe £57,880 

on sales of imreabwnti. £740M (nQ) and COSJHIO). . atetimj J33 p net (suae)-; per 
Investment tobome. Tm £0.000 (290371. Ranks &c m. year emdrolx 

Chairman says second Juk xnar ,atHnv. deseadati on order japat ia. nmwmnx 
some Improvement, ami hopes .fids vrQl - months. SiOdd'MbT and current pidduc- 
conttaue. tone is no reason to doubt, t ton iodsed adeamte to meet demand 
that last year's rate of -tfivitei* wltt bo -that may be Imposed.- RecwU/ competed 
at least malntsliiedr " — • • : rixbts Issue - soccessfti/ Even tbousb 

DE BEERS COriSOU DATED MINES— .stodfc remains at *W«h Itwt net asset* 
Results for 1977 already known -Crditp ^ sboar.tinniAaut .tamrevement and m*# 
flx.?d assets. JU70.Slm. .. (R1«2taL); WtoeS opcrwe wettrajitin bantenf 
Current assets-. R3J3bn.-' (BBSfl.Om.),- fades'. - - - — - 

liabilities R5S7.1BL (R3«J8nL>.. Meeting. •- SHILOH ■ OTIWEK~??fi*K&«Z5 a r 
Kimberley on Uay'ta.. -’•ended. todl' LS97*. »as-I7^7ar. (£7j2m.i. 

CLASGOW PAVILION — Turnover Profit £IUJ94-(£UB4Dfr before tax £81257 
End. ta? i £3 os.bs3i tpr year tn 0emba-3U.1£7ij»),rr71nal_dtvidE]«l Q^8o net. to 
1977. LOSS £117.478 ■ i £8 .2701 before ur nil . nuke L6S6o (same). Outlook for current 
>£d.74D). Extraordinary Item oil-- f credit year ia more proonatas.- 

Despite comtanance.-of difficult SPOHC AND CD. (hudvare intiter M>d 
conditions favourable trading. . bos . bern. JWfdw«Xer>TrXuroov« tor . »7JM 
experienced . from ewntneDcemant oT ELStot tB.88tw 7. 'Kef txxed profit £88.<BS 
current rear to date--' ' ' <J3SSiM8L Eantings. L72p flLOSp) and 

HOUSE PROPERTY COMPANY OP Etal dividend to maka- OJ4p> 
LONDON— -Be venue • suipbi*-. £9,854 4defi*ti net per_Mp.aliAro-i . - - : . . • .. . 


4e Pus 

C- v ^ ourt W 

^'■ r " aconv # 
iS Profess®; 

^sneataiit 

‘ti-St*; 


Theft 


^^Truaei 




.• *0 


Inves 


Plirr* 




■‘-aase.-iD 
^v 0p ?ositeis 
3 to the ad® 

ifeWatM 

vtle Ptic e 

.Oaioulfi 


k 









*2 


V 


js n.rriat Times Saturday April 29 1978 ' 

UMMARY OF THE WEEK’S COMPANY NEWS 


•' rtwflr hiffc " onri mfirnpr<5 ia Canada and based in Holland, is being accepted by Rothschild 

ake-over BIOS .dflU IIKiyeiS Ia»wtment Trast the holder o! a 44.1 per cent, stake which. 

HMriBBT Siddeley haS-g*aQfr a_surpnse £23 iil cash bid for a together with a holding of debentures, may, under the bid 


PRELIMINARY RESULTS 


Pre-tax profit Earnings* 
Company Year to :(£000) ■ per share tp? 


Dividend 
per share ( 


r gent stalte in Carfton Industries — the batteries, whisky formula be worth some £l7.4m. The offer is being made on 
5* F~ crrnnn in which London Merchant Seenrities behalf nr f dents »r thn m SThhant hunfrino owrrt nff Chnonlo 


Company 


\ j khhqeJndldiPS-P 00 ® -* 0 ***** London Merchant Securities behalf of clients of the merchant banking arm of Generate — " 

and The 1«5 d a share offer will initially Occidentals Afrspnwg 


Year to 
Dec. 31 
Dee. 31 
Dec. 3i 


Pre-tax profit 
(£000) 


Earnings* 
per share Ip) 


Wiliams is attempting to move into the U.S. hotels Pnl^r Sfn'5i 

v , snoruau « — — - , — 1 industry through a neat package deal by which A ^„. r n ® ,, 

^ «dU be expected to bay Hawker’s Crompton Parkinson it would assume liabilities of $700,000 and in return get a 5^*1 

- '' : v\vfSS « hnsiness at an estimated price of around £4m. Hawker business with a net book value of $5m. The deal involves the 5£b*i Sr!‘J, 

■.*.'bsl» i y OUnU* ■ 1 nnrTi hid fni> tha a n t L't wni^ino PaJtnn hafal .r I1.U.4 />. u BBLDaUtt JJUC. 


817 (SSS) 7.6 
i;040 0.780) 34,8 
030 (330) 38.0 
601 (415) 15.4 

507 (3SS) 53 


38.0 (205) 
15.4 (105) 


Dividends* 
per share 

3.8 (2.75) 

13582 025) 
5 is (3.658) 


Dec. 31 7534 (45S1) 


55 (3-7) 

34.0 (22.1) 


(3.724) 

(0.65) 

(8511) 


a " v v --T ZTinlSBL • • the H.S. public 

” \ '<■ *« rS wHhovrdesigned to help its takeover aspirations, Letraset Hanson TrusL 

• >:» C made a £i3m. agreedl)id fo r J. andL- RandaU, a toy company. 

f ’ 4U rt h Sfo^rnnosed rowgw - is seen as tbemeans whereby Letraset can cnmnanv 
• A '\ %?^!^ P rts equity base and borrowing ability. Letraset is offering bid for ? 

^ i?2fS^plps «p in cash for every four Randall. The share 

- .> 1 ^J?-hasb*eB underwritten in cash for 135p a share. - ^ 1 

; y; /r eten SlLfor the voiontety liquidation of SL Kitts (London) 

: Se* t«en pteeed in “mothballs" following the announce- ciito^rSdsP* 

- ; r '-y ''::“7th3r the Bwid has received an approach which might lead Cray Electronics 
v. ^'flieni , v . i Gedonglnvs. 

services bompany, KCA International, formerly Berry ftfSJ . 
' ^iWcSs S nowtiJ^target of a fnltscale bid from Mr. Travis Ward, 

V "■* 'ZhfTtest November rescued the company from critical financial Load. Ansi lavs. 

. ^r^olders in KCA are being offered 29p cash for LoDi&LJverpoo] 

s***^ A^tSplex off-shore takeover deal.for Marter Estates means Marier Estates 
’ ‘ -.'-^that the gKop vrfll -retain its. public quotation and be revamped , 

. ' i‘ T 2Ser a ^yoong professional management? Blade Investments, R^Mdi no J°) 

‘ •• x " - * IS Me of Jfefrbwed client of Lazard Bros^ has agreed to purchase Scot & Ui^‘(ovs. 

•-'V> family holdings totalling 62.15 per cent of the equity and v '^*“ r T ^ > “ s * 

■ * faking a general offer to the remaining shareholders of 25p 


Value of Price Value Final 

bid per Market before o! bid Acc’t’ce 

share** price** bid (£m's)** Bidder date 


Price* In macs antes ottemrta Mlcatzff. 


Wheatsbeaf Dist. 
Young Austen 


* **Robert Kitchen Taylor Is making its long-awaited bid tor the Young 
■■c* 03c ner cent of KKT Textiles not already owned- Castings has 4 «H 


52* 

56 

48 

15 

165* 

ISO 

170 

22.73 

26* 

25* 

87 

2.58 


143 

125 

0.52 

U8SS 

120 

118) 

25J3 

29* 

30 

28 

7.7 

149* 

134 

123 

11.17 

21* 

22} 

29 

0.52 

25* 

27 

21 

Q.S8 

200* 

197 

163 

4.22 

118i 

114 

69 

12.67 

45* 

44 

444 

1.75 

130 

120 

107 

40.66 

94 

87 

34 

0.42 

210 

199 

168 

31.65 

83* 

S3 

86 

3.4 


Allied 

Insulators 


Beotks 

Dec. 31 

266 

(303) 

3.7 

(42) 

1.714 

(1.683) 

Bodyeofe 

Dec. 31 

2,040 

(1,700) 

13.0 

1102) 

2.716 

(2.431) 

Border Breweries 

Feb. 28 

810 

(728) 

7.4 

(0.7) 

3.5D3 

(3J37) 

A. Caird 

Jan. 31 

166 

(106) 

21.7 

(1SJ» 

SJMU 

(7.432) 

Corinthian 

Dec. 31 

505 

(26) L 10.9 

(0-6) 

0.7 

(Nil) 

De Vere Hotels 

Dec. 31 

1.523 

(1,158) 

6 J3 

(5.6) 

4-653 

(4203) 

Elec. & IndL 

Dec- 31 

lvWS 

(L303) 

6.2 

(5-8) 

1394 

(2681) 

Ellis & Goldstein 

Jan. 31 

1.225 

(926) 

22 

(US) 

1204 

(1.719) 

EDITH 

War. SI 

2^60 

(2,180) 

9.0 

(8J) 

8.0 

(7.0) 


Steel Brothers 
Stylo Shoes 
Tarmac 

Telephone Renllls. 
Thomson T-Llne 
TKM 
Tootal 

Travis & Arnold . 
Turnbull Scott 
Vickers 
Geo. Wimpey 
Wood & Sons 


Dec. 31 
Jau.28 
Dec. 31 
Dec. 31 
Dec. 31 
Dec. 31 
Jan. 31 
Dec. 31 
Jan. 31 
Dec. 31 
Dec. 31 
Dec. 31 


6,755 (4564) 565 
364 (697) 45 

24.163 (22,502) c 
9,554 (9,913) 31.8 
231# (161) Nil 
5,520 (5,210) 9.0 

21.774 (17,777) 8.1 

3,790 (4J230) 23.5 
U.92L (7)L Nd 

Z5JW1 (384599) 28.1 
5L370 (44,490) 9.8 

-253 (210) 5-9 


13.0 (10.1 
1.73 0-2 

9B04 (ST 
5.83 6 

3.3 (35; 

3.095 (3.41 


2.724 (3.4 

3.814 (3.4 

S.0 (9X 

9.814 (8.7, 
0.69 
0.662 


INTERIM STATEMENTS 


Company 


Half-year Pre-tax profit 
• to (£000) 


Interim divides 
per share (p] 


3/5 European Ferries Dec. 31 21,770(11,070) 


. ' ^c.31 

Cons. Plants. — fairbairu Lawson Dec. 31 
Hepworth Fornetl Electronics Jan. SI 

Ceramic 10/5 FC Finance Dec. 31 

Mr. T. Ward — Flight fteruellmg Dec. 31 
Colonial Mutual Foscco Minsep Dec. 31 
Life 12/5 Gerrard & Nat Apr. 5 

Asehhelm Sees. & Gill & Duffos Dec. 31 
W. & A. 5A Zug — Grampian TV Feb.28 
Blade In vs. — Hopkinsons Hides. Jan. 27 


Blade In vs. — 

HillesfaogAB — 


Dec. 31 120 (150)L 13 

Dec. 31 1^42 (1,075) 11.7 
Jan. SI 3,140 (1,970) 24.1 
Dec. 31 1,150 (847) 8.5 

Dec. 31 1,480 (980) 125 

Dec. 31 14^20(15^60) 13.7 
Apr. 5 5,710t (3.410)t 38^ 

Dec. 31 20,401(13.437) 32.7 
Feb- 28 372 (305) 5B 

Jan. 27 4,280 (4^60) 175 


Jefferson Smorfit Jan.31 15,934(10^82) 


Oakstone — 


Anglo-lndonesian 
Punts — 


— Jessel Toynbee Apr. 5 

— Jones Group Dec. 31 

12/5 Undsay & Wms. Dec. 31 

lan L. K. Industrial Dec. 31 

P. & W. MadeUen Dec. 31 

Manderf Dec. 31 

Martin-Black Dec. 31 


Trafalgar 

House 


Dec. 31 
Dec. 31 


— MarshO. Cavendish Dec. 31 


««c ^.r cent. OI Kill uui Aiieauy uwueu- vaiauugs nas aunMu«uvc P + ratoai am. srur capiiai fuervuie uiinaas uec.41 

“ - ■ that it has received a bid approach, but recent meraer n °t already held, il Combined market capitalisation. II Date on which Mine! Holdings Dec. 31 

_ v -. ;-.annonftced toatltnasrecei^o «« scheme is expected to become operative. ** Based on 27/4/78. Modern Engs. Dec. 31 

. talks between Stanhope General Iovesonent and an unnamed ft At suspension, ft Estimated. §3 Shares and cash, n Based on Northern &igg. De^3i 

> ■ nub have now been terminated. 28/4/78. pentZand indsT Dec. 31 

-^ r WC(i the U2£*s leading cable manufacturer, is selling its - . . ' Petiwm Croup Dec.3i 

. ::< • 20 per Offers for sale, placmgs and introductions ss-si 

- The move stems from frustrated hopes that the partnership with , Francis Shaw Dec.32 

General Cable would result in a larger share of the U.S. cable Fuller Smith and Turner; Placing of £750,000 of 13$ per cent new Siemssen Hunter Dec. 31 
■: jacket. BICC has set a price of $18.50 per share— more than Debenture stock 1998 at par. silentmght Hides. Jan. 28 

«53nt (mm) for the 2.87m. shares. involved. London Borough of Greenwich: £20m. of 11} per cent Redeemable w f 

. - • A bid for Magnum Fond* an investment company incorporated stock 2986 at £99 per cent Spear & Jackson Dec. 31 


17 Based on Northern Engg. 

Pent land Inds. 
Pctrocon Group 

uctions J. & L. Randall 

Francis Shaw 


1.290t (L010)l 
1,430 (L230) 
196 (48) 

310 (232) 

106 (56) 

2370 (2,400) 

25GML270) 

3,080 (2,880) 
670 (L260) 
15.200 02.400) 
252 (319) 


(Nil) 

C2-1) 

(3832) 

(L5) 
(2^bi) 
(4.09?) 
(7316) 
(5.72) 
(L991) 
(•L581) 
(5,472) 
(3.658) 
(335) 
( 1 . 0 ) 


Ben Bailey Dec. 31 

Common Bros. Feb. 28 
G.&G-Kynoek Feh.28 
Unread Jan. 28 

Lockwoods Foods Nov. 30 
MeKechnie Bros. Jan. 31 
MY Dart Dec. 31 

S. Simpson Jao-Sl 

U. U Textiles 0ct2S 


Dec. 31 
Jao-Sl 
Oct 28 


STL 

(SI) 

Nil 

775J 

24 L 

(750)1* 

2.0 

(28)L 

1.0 

189 

(144) 

1.0 

346 

(041) 

— 

6,770 

(8.330) 

1.75 

744 

(716) 

1.0 

840 

(64J) 

013 

29 

(116) 

Nil 


(Figures In parentheses are for corresponding period.) 
Dividends shown net except where otherwise stated. 

. * Adjusted for any intervening scrip issue, t Net t For el 
months. § No comparable figures. 8 For 12 months, a For 15 moo 
B Annualised. cNot available L Loss. 


16 J) <12. 


gg- Dec. 31 25460(22,110) 20.7 


Dec. 31 

Dec. 31 _ _ 

Dec 31 817 (876) 13 

Dec. SI l^OO' (1.600) 10.6 
Dec.32 377 (432) 4.4 

De& 31 814 (615) 8.0 

Jan. 28 3230 (2,730) 282 
Dec.32 14,322 (1 0,027) 34B 
Apr. 5 1^50t C148Q)t 18.1 

Dec. 31 U70 0,410) 11^ 


618 (357) 

690Q (liO0)a 
817 (876) 


(0.5) 
(2376) 
(A437) 
(3.9) 
(2.43S) 
(3.0) 
J2j386) 

(0.602) 

(4.443) 

(0.656) 

(Ifi24) 

(2359) 

(2.137) 

(3.645) 

(7.022) 

(4531) 

(728) 


Scrip Issues 


Barton and Sons: One-for-five. 

Estates Duties Divestment Trust: One-for-10. 

Gill and Duffus: One-for-one. 

S. Jerome and Sons: One-for-ten-. 

Jessel Toynbee: One-for-four. 

Robert McBride (Middleton): Two-for-one. 

Robert McBride (Middleton): One Preference for five Ordin. 
Melville Dun das and Whitson: One-for-two. 

Silentnigbt Holdings: One-for-two. 

Smith St Aobyn: One Preference for eight Ordinary. 


Brook St. finishes with £0.9m. 


Maple ends three years in doldrum 


STATIC second half • profite at 22 and tl 
around £0.55m. meant that Brook approve the 
Street Bureau of Mayfair, holding on June 1A 
■ the gain made at. inidway,.flntshed 
‘ J977 wldi a taxable figure £023tn. T T 

• bi^ier at £0$m. • • i-L . , _ .1 J TISU 

- -^r.* ^The skJs*ddHTi:ofgirowl±r in the V 
: ‘V. second' months .was not " T) r .: nr 

unexpected however,' foe when ITIllll. 

, . c ^ v reporting the Interim results, tbe n ^i 
f f : directors .or Sas cfeflca 3 and aiG 

; admirwstratiVB. staff agency said . 

they boa continued to invest - Assisted 


ofito . at 22 and that the meeting to optimistic that this will continue the subsidiary, Securicor Interna- A SECOND half profit of £675.000 gain) relating to subsidiary trad- 

t Brook approve the proposal will be held in the coming months. tional, and will be used to fund against a loss of £848,000 enabled ing overseas and profits (net of 

holding on June 14. A long term study ol the future the group’s European develop- Maple and Co. (Holdings), retail tax adjustments) less losses on 

finished growth of the group has been ments and existing short-term store proprietor, to recover from sale of subsidiaries and of inves^- 

£023tn. „ T carried out and as a result the currency borrowings. three years of losses to a pre-tax meats, nil (£1.03m.). 

I insurers nv directors are embarking on an profit of £148,000 for the year to )B ™^ 7 


and group profitability should 
benefit accordingly. 

The group makes clothing. 


Upsurge by 
Prince of 
Wales Hotel 


expansion programme, not only 
by internal growth, but also by 
the acquisition of like companies 
to the group’s current operating 
subsidiaries. 


Assisted by a strong second 


heavily ■ to - staff training . and half performance; Prince of Wales 
creation of ' additional specialist Hotels boosted pre-tax profit from 
divisions. Expansion . was being £35,402 to £376,256 for 1977. on 
main tain ad in the latter ba]fof turnover of £3£2tn. against 
1977 and while profits for that .£2 .79m. 

period might be - marginally . jn December,, announcing a 
eroded, benefits . of • the policy tumround from a £12,167 loss to 
sbould become apparent during a profit of £45,240 at 28 weeks. 


Antony Gibbs 

expects 

improvement 


currency borrowings. three years of losses to a pre-tax meats, nil (£1.03m.). 

profit of £148,000 for the year to 
_ _ January 28, 1978 compared with 

HPb inAlfC last year’s loss of £I.73m. Turn- Retail opi;radom“'.I“! 

^ lUwM over for the period was down Closed brandies 

» from £22. 16m. to £I9.96m. T SP lalBl w,Ua * 

for upsurge , ^ sis-r: 

v c? last payment being a final of closed brandies 

• £• j 1.474p net for the 1973-74 year. Property rentals, tradnw 

ID continence w The directors said last Novera- 

ber that the situation of tbe com- ~ "T 

The higher level of trading pany had been radically changed Net profit '.~7. 

activity experienced in 1977 has by the sale of the Tottenham Extraordinary debits — 

continued in most companies in Court Road development and they Anriborabie 

tbe British Printing Corporation hoped that profits for the second 
says Mr. Peter Robinson . the half, generated by the furniture 


1977-18 1978-77 
0HM £000 
10J3B 22.158 
19.4S1 18.058 


— 2.483 
4S7 1JS7 

1.299 193 

[.113 385 

— 350 
M 40 

i.PBl J.923 
MS n.728 
S3 32 
55 41.7SD 
6 999 

49 12. 759 


Boddingtons 
in good 
shape 


^(vurui yciicuw . luiiiruunu iruni a was l u l... Z-m-, — ,V — V 

should become apparent during a profit of £45.240 at 28 weeks. While the banking and other t Dnwntlim at 

1978. the directors said that trading U.K. businesses of Antony Gibbs of SesTSm- ' t0 ehmmate *** mferun L'UWfllUIU 41 

They now say that during, ebe was continuing on the same trend Holdings should continue satis- Sj^ e g te • seef n? real d Shi ib a t thp k .i 

first ouarler ol the current year f n (he second half and cense- factorily and the situation in ..tSIS,® thi*™** D ° rea ' They no ^ state that the^ com- A rthiif 
thert has been an increased quently. full year results were Australia shows signs of an evld ence of this yet. pany can be expected- to at least Li 1(11 

growth rate in tbe AJJL and a expected to show a substantial improvement in the second half As reported on April 7 sales pay the arrears on the Preference 

reduction of Australian losses, fh improvement over previous years, of the year, Mr. Philip de Zuiueta. fuse from £i43..59m. to «54*6 «l sbar^ u-hicb amounts to ^S19. HenFlQIICS 

Ibe likely event feat these trends Full vear orofit was struck after the chairman, believes it is too in 1977 and profits advanced and resume the payment of pre- * * v '“ 1 . 

continue; holders may took for- interosf^ SI.748 (JEmSS) a^d early to predict the amount of from £3.16m. to ' 15.79m. before ference dividends, dunng the After talling from £39,085 to 

wabd to an increased interim divj- a n exceptional £63,782 loss last ^-s * WhJch wffl ->n AM-rmanhnrt, trr Sl’ S’s an extraordinary £46 * 387 “ the first half, pre-tax 

dead, • time Aftpr tax of £70 DM) f£8Riu achieved in 19/8. Meeting. 20. Aldhrmanbury, E.C, /here was an _ CTiraorainary Dro gt. 0 f Arthur Henriques 

For 1977 the interim payment credit), net profit jumped from Last y ® aT ' n ® 1 tJle 0n May 23 at noon ' th ^ 7 v,;^l ri0d , n °LftaS finished 1977 down from £173,720 

was 1.173 d which wUh thB final -£44706 to £2D7*»sfi group dropped . £130.000 to (£999.000) . whirii comprised, . V774S7 on turnover of £2^4ra. 

,c E87 ^ R • £335.000 before associate comoanv _ _____ oases on realisation or revalua- 


Although the way ahead still 
preseuts a somewhat uncertain 
view Mr. Swan Boddington, chair- 
man of Boddingtons’ Breweries 
reports that the group has entered 
its bi-centenary year in good 
shape. 

Management has been strength- 
ened; production capacity has 
been enlarged; new markets are 
opening; production remains in 
strong demand; and sales for tbe 
first tew weeks of the current 
year show an encouraging in- 
crease, he tells members. 


proceed with an additional bt 
ing at an estimated cost 
£733,000. This will provide CE 
and storage facilities and | 
extra space for future requ 
ments. 

In 1977 the group achis 
record profits for the eig 
successive year, the pro 
balance expanding by £159 
to £3.07m. While total sales 
volume advanced by 10.6 
cent the group’s own toe 
brewed beers did even bettei 
ISA per cent. These figures c 
pare with an average natj< 
decline of 0.6 per cent. 

At December 31 Whitfcr 
Investment Co. beld 26.4 per c 
of the equity and Britar 
Assurance had at 1L2 per c 

Meeting Manchester May IE 
11.30 a-m. 


Expansion plans are on schedule 
and the group is well on the way 


Foreign and 
Colonial Inv. 


to doubling the capacity of only 
three years ago. Tbe £L64m. de- 
velopment programme is being 
carried out as planned and should 
be completed by the middle of 
1978. 

It has recently been decided to 


^ - £335,000 before associate company 

J IKj Stated earnings rose fron»»3.91p contributions of £120.000 

10 per 25P share Hhd the (£58,000). 

Z22p (S.78PJ. per lOp snare. -dividend total is lifted to 2.5135p Mr. de Zuiueta says in bis 
' £ £ (£285p) net. A two-for-one scrip annual statement that white dis- 

itanowr .aw — 13^54.788 WJ91JH? issue is also proposed. •*' closed profits fell in the year the 

Pnnax pmot ... 903.974 572JU9 There was an extraordinary revenue reserves increased and 

StaM, to*." '"- "' of £156.774 (nil*, comprising the company’s balance sheet 

ttetmStr . sSS? elimination of goodwill and the shows a strong and liquid 

•Adjusted in socwndanec with edsl loss on the sale of an hotel. posit ion_. . , , 


to £77.48? 00 turnover of ELS4m. 
losses on realisation or revalua- n,,e_ , v,, c<w»9.7n 


... .LAND AND. HOUSE „ f _ _ n ■ r t , h • t ^ 

property coRPa Hanger ahead in more than S per cent of shares. reT^rd H PqTIAT* Q|Y1 

7i - . A proposal by Land and Boose £J__a «„nrfor SFrilRlCOR I OAN f^ 82 ' 0001 totnin B tn lhe 6nX haIf - 1VCCCI MT d j/U LIU 

Property Corporation will shortly lirSt QUaiter attUKilUK LUAH FuH year profits were struck 

..-'be made to the holders of its * „ ^ Securicor Group and its listed after interest of £85.132 (£99.857). nff A|* rhl*DD ItlATImC! 

£1,176,592 lOf per cent First ■ Accounts for the first quarter subsidiary. Security Services, have After deferred tax of £196.892 (Hid lUICC Ull/11 lllu 
" Mortgage Debenture Stock 2000/05 of the current year show a further negotiated a seven-year foreign (£77,731) earnings are shown to 
. .that repayment .ol the stock Improvement in profits of Hanger currency loan of SU.S.5m. with be up from 4.64p to S.OSp per 25p „ . .. mnn thR to Aoril in the House of Lords a Court of 

J. at par be made 00 July 3L investments, says Mr. P. D. County Bank and International share. , , ^ Re^pInS m?<Snadten AmlrSuSm on FfeSi^lriiat 

It to expected that Full details Adams, chairman, in his annual Westminster Bank. The final dividend is 23p net Reed Pa^r, d i tsacti [on to I toa tbe invest! gation 

vrffl be posted to holders on May statement and the directors are The loan will be taken up by lifting the total from 3p to Sfip. £d^2S SifSilv 


A revaluation of properties 
shows a surplus of £949,315. 


T» o T \T 4L against £2.15m. Tax takes £52270 

B. & I. Nathan £47.000 «Mln.) on Tottenham (£ ^ 1 ^ idend total is held at, 

• , Court Road development and , net Mr iOo share with a 

jumps to jstisu; ? ssj*s s® ® fcs 1 h« 

mZvre SSSfc- 3 aST(*aSTitf T&ZJiU** dmdend 0,1 

£363.875 deferred tax on book value of 1 “™ * . . ... 

w properties; provision no longer The directors state that tum- 

Turnover for 1977 of B. and L required on the secured loan. nQ over tor tbe first three months of 


Foreign and Colonial Inv 
ment Trust Company has 
changed £6m. for SU.S.11,065, 
and has entered into a curre 
exchange agreement when 
such amounts will be 
exchanged in 10 years. 


The Hong Kong and Shanghai Naiban, the furniture manufac- (£228.000) and Interest received 1978 shows a substantial increase | 


.. A proposal by Land and House 
Property Corporation will shortly 
lie made to the holders of its 
£1,176,592 10f per cent First 


Hanger ahead 
first quarter 


Banking Corporation owned turing concern, came to £6.09m. £177,000 (£117,000): exchange over the same period of last year. 
40 per cent- of shares at March compared with £4.65m. for the difference loss £31,000 (£25.000 Profit margins are now steady 
ol.and Lord Aldennsm and Mr. previous 53 weeks, and pre-tax 


Invest in 
America now 


Reed Paper $5.9m. off 
after three months 


with Tyndall 


For the three months to April in the House of Lords a Court of 


■ggj w "» ^ sfss r»” 

I of 8C5.91m. compared with 34.06m. 



United States of America 
-an opportunity to invest 


for the same period of 1977. Sales 
advanced from 691.43m. ro 
6104 85m. 

After tax credits of 80.37m- 
(Sl.iSm.), share of earnings of 
joint venture companies of 81.07m. 
(S2.42m.), loss of discontinued 


Alcan (U.K.) 
attraction 


stake in the world’s richest 
economy. 

n opportunity to invest when 
US shares are still cheap. 


So far in 1978 the level of 


. 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 price&could occur suddenly, as 
happened in the U.K. in 1975, and investors may 
wish to establish their position before a recovery 
takes place. 


General Information 

Income. Tbe prime objwtft* of the Fund U capital growth. In 

caQjMUcncer)>e«aili,iWBed«reDOtmaJ}7accniiJuiarionnn}ES.If 

bo wests you prefer income to be paid n» you, n»u should dele tbe box 
provided in die a ppUcvtfoa form. On the erf current dividend rates 

and die offer price of units at 1W\ April, 1978 of 84.6 p. the annual ortw 
yield of ibe Fund calcobted In iceonLnce widb tbe Dena rttnenc ofTndfi 
formula is 1.98 per cent- Accumulations and distributions of income 
are made on 15oi September in each year. 


Acconata. The ffoondal Tear of the Fund ends on 1 5tb Juhr, and audited 
accounts are normally cbynlared be 1 5tb September- Half-yearly 
statements made up to 1 Sth Smuaiy are olao circula ted. 

Charge*. A preliminary charge of 31 per cent ia led uded in tbe bertac 
price of units. Tbe animal Manasement Fee ia at che rate of 4 percent, 
annum pfeu VLA.T., bxsoi on che value of tbe deposited property. 

Certificates- 

Tbe certificates for unit* baaed will be postal to applicates at their own 
rialc wttbln 2 1 daya of teeeipc of their application by tbe manager. 

Taxation. 

(a) Income. The euecreditidating to tbe Jatributabto income of tbe 
Tniar will cover unitbaklers' basic mte UobQJry to tocseoe mx. Sor tbe 
purposes ot cd cub tins liability to investment income surcharge and 
higher rates of taxation, uni thoider*’ income will be ctea otd aa tbe. 
asgrepae of tbe income acmmukied or diatrihqigd, together with tbe 
related tax cretSt. 

(b) Capbal Gaina. Aued on tbe proposal, announced in the recenr 
Budget raj subject to thdt enaomeaw, the Fund will be liable to an 
effective tat* of out oflO per me od its reaKecd copied gains. 
UniihoUeis will nonoally be entitled to a reduction in the a tnoonr of 
capital *alo» tax on chargeable pins arising from a tllspoeij of thdr 
pnita: The majdaiumamouw a diis relief for J 976/79 i» currently J 7 per 
rant of rite total etomeaUe ^in« accrubv; from the diapool of such u tills. 




New Court International Fund now has over SOper 
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 Fuad 

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 quaHfies as.a ‘wider range 1 investment 
tinder the Trustee Investments Act 1961. 


operations, nil (8127m.) and a demand has been lower than 
80.18m. extraordinary credit last expected and competitive 
time, net loss emerged as 34.48 m. pressures have bean strong," 
(81.55m.). writes the Board of Alcan 

Loss per Common share is AluminJntn (UJC), in a letter to 
shown on continuing operations as holders of the 9 per cent con- 
27 cents (8 cents) before extra- vertibto loan stock reminding 
ordinary items as 37 cents (12 them that they can give notice 
cents) and after extraordinary to convert during May. 
items as 27 cents (12 cents). The conversion is now attrac- 
The directors say Uiey are ^ ve because the Board paid a 9J9p 
encouraged by the reduction in the oet dividend (equivalent to I5p 
first quarter loss, compared with ^ ^77 attd expects to 

the preceding quarter and expert m!dntain that rate for 1978. The 
the company to reduce its loss still shares therefore offer 50 per cent 
further in the second quarter. more income than the-loan stock. 

A significant recovery however, th _ T first .haif 

remains dependent on increased JJw. B ?2T^ 
pulp prices and a stronger results will be disappointing 
Canadian economy. In view of the but “the cuiront 
continued losses^ no July, 1978 indicates some improvement and 

dividend on the company’s out- tjj® be ^ess 

standing Cumulative Preference trading condrtions will be less 
chsi-pc ic rerommended. adverse in tbe second half, 

snares is recommenaeo. Unusually, Alcan has sent 

shareholders a “form of with- 
NORWFST HOT ST drawal ” which enables loan stock 
iwnniai nuwi holders Who wish to convert to 
The Norwest Holst construction change their minds and stay with 
company has lost its legal battle the loan stock If the Ordinary 
to stop a Department of Trade shares do not obtain a Stock 
investigation into its affairs. Exchange listing- It is expected. 
Three law Lords have refused though, that listing will be 
the company leave to challenge granted in June- 


New Court International Fund 
Awlictttioit Fom 

To: "W. M. RodnAild Avet Management Limited. TMvO Gneiouw 
Road, Avltsbury. Bucka. fitegcL In Enataod. No. 827982). 


SHOULD I SELL 
MY SHARES NOW? 


Vftc hereby apply to invest £ in thriv * of New Court 

lwernariotu! Fund m die price ruling on receipt ofthb aprtotion, 
•(IrrumulacUtn Unitarvil] aofBttUy be Itfucd. Pka p eric l e boa for 

f am/tw are not reridenr ontridc tha SdtoJaW 
Tf^rimrisi and drat 1 ami Wc are QOt Pequirins tHounia as the nominee 


Howto Invest 

To purchase unis simply complete the application 
form opposite and send it with, your cheque (minimum 
£500) to the addres&shown. 

. The unis are valued, and may be bought and sold, 
daily at the prices shown in leading national 
newspapers. You should remember that 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 
investment. 


I ]/Vc ticdsrt that r«n/wr aw not reridenrontriJc tha SdttdoM 
TeniR»ic9tnd that 1 nm f*e are not requiring thaupicau the noatineefc) 

I of any pertoofa) resident oursi-i* these tertmdtt. (A» dehrted in the 

Bint of England's Notice E.C1). . . 

(j^jplicaws^ who arc unable to make ditfdedareBonnj^t detoe it and 

I anana for d*fomroWod8^tiaaio» an Authorised P*poeii«Y. . 
AocboiiiedDeTWitarief arelnlocMdtharpeiTiibson has been sWea by 
the Bank of England for such subscriptions to oe made oabthalf of aoa^ 

i trririerts, payaent bdng«6«3»l (n eaemil adinat 
PLEASE UNBLOCK CAPITALS 

J Somaats (Mo Mre. ot M<g? - — — — 

Forenmncfs) fin foil) -- - — — ■ ~ ■ 

i Addre» - — — 


On the face of it. the F.T. index topped out last September at 
550. Since, then, the market has fallen over 100 points. Right 
now. it is rallying scrongly. Is this a rally in a bear market— or 
are we headed hr new highs ? 

The FLEET STREET LETTER. Britain’* oldest newsletter, answers 
that question in its latest issue, just out The conclusion : We 
ar* recommending the sale of most leading ^ equities NOW.* 
Only the highest quality' second-liners ” should be purchased 
at this time. Companies with little or no borrowings, paying good 
dividends and fully backed by sound assets. 

Find out today just why FSL is recommending the sale of leading 
equities now. Send tor our special SELL issue. To get your 
FREE copy, fust complete and return the attached coupon* without 
obligation, of course. 


Many shrewd investors see the good sense of 
having apart of their investment in the US now- 

Tyndall believe that US shares today still 
stand at attractively low prices and that the 
economic facts justify farther substantial rises. 
Economic Strength 

On such fundamentals as profits, dividends and 
assets, American shares are now cheaper than 
they have been for a long time. Yet the US 
economic indicators are strongly favourable, 
with an inflation rate of 6.7% last year and a rise 
in GNP of 5% in real terms. Corporate profits 
ioo continue to grow a r a sustained pace. 

Tins is why Tindall believe that now could be 
a good time for investors roput some of their 
money into America. 

Benefit from Tyndall experience 
Investors can now benefit from a unit trust 
managed by Tyndall, the London Wail 
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 past 10 years. 

The portfolio of investments concentrates on 
those leading US shares which Tyndall believe 
are now especially undervalued. For your 
information the estknared gross commencing 
yield on 25th April 1978 was 2.38% and the offer 
price 31. 9p. . 

You can invest from £500 upwards in the 
London Wall International Fund. For further 
information, including a statement of 
investments, please complete the coupon below 
or telephone Tyndall at London 01-242 9367, 
Bristol (0272) 32241, or Edinburgh (031) 225 1168. 


— Tyndall — 

London Walllnternational Fund 


SgnmniK — - 3 

Dttc. — ■ — *' - * * — 

PLEASE PROVIDE IDENTICAL INFORMATION RELATWGTO 


j To: FLEET STREET LETTER, 80 Fleet Street, London EC4Y IJH. j 


The Tyndall Group, 

18 Canynge Road, Bristol BS99 7UA. 

Please send me information on the London Wall 
International Fund. 


j NOrSw^^TOt^mb^OFREPUBIJCOFlRELAND. 


J Address ............... 1 

I ! 

I - I 

I Please send me a free copy of FSL FTD | 

l » 


Name™. 

Address 


.VriwuUldir/vnr AmRnbcroftbc UdltTivnAttOcnidim 

■ ri i tslvi 


i 



18 




Profit-taking absorbed: up 10 


BY OUR WALL STREET CORRESPONDENT 


FURTHUR PROFIT-TAKING was 
well absorbed on Wall Street 
to-day and the dollar forged 
ahead again lo reach its best 
level this year. 

The Daw Jones Industrial 
Average recovered yesterday's 
loss and moved up 10.40 to 837.32. 
making an advance of 24.52 on 
the week- The NYSE All Common 
Index, at $53.90, rose 50 cents on 
the day and $1.2.) on the week, 
while rises led falls by 929-1 o-537. 
Trading volume, however, 
decreased 2.62m. shares to 32.85m. 

Buying demand among Institu- 
tion and Foreign Investors 
appeared * irresistible as the 
market fought off the profit- 
taking encouraged by the Federal 
Reserves credit tightening Thurs- 
day— the second in about a week 
— and a new round of prime rate 
increases lo SJ per cent, from 8 
per cent. 

Profit-taking bouts were also 
encouraged by the report from 


FRIDAY'S ACTIVE STOCKS 

- Change 
S lodes Closing on 

traded prirc day 

Mcdonncll Douse ... 4R7.WQ MU + { 

Wesiern Air Line... 3&4.9M 91 + I 

Gulf OH =1*.SW 241 + 1 

Ti-lprmnprir . 2K.1.KOO 12S +1 

Eisrman Kodak ... 2S 1-70(1 31 * + i 

Digital Eauip. ... 276.400 431 +1J 

K-ars Roebuck 28-7.71)0 Mi + S 

Aetna Life 1 38.1 30D 41 +1 

Bril. Pci rim 260.7M 143 - i 

Carrier 24G.WH 191 + 1 


the Labour Department that Con- 
sumer Prices rose by a 9.6 per 
cent, annual rate last month, up 
from a 7.2 per cent annual rate 
in February. Later, buying was 
helped by firmness in the dollar 
on Foreign Exchanges. 

Many investors— especially those 
abroad— tended to view Federal 
Reserve credit tightening posi- 
tively as a strong move against 
Inflation. 

THE AMERICAN RE Market 
Value Index gained 0 -51 to 136.36, 
making a rise of 0.93 on the week. 


OTHER MARKETS 


CANADA — Mixed in active 
trading, with the Toronro 
Composite Index up 0.8 at 1.081.5. 
The Metals and Minerals Index 
rose 5.1 to 915.9 and Utilities 0.88 
to 168.9. But Golds lost 1.0 to 
1.210.9. Oil and Gas >U to U75.4. 
Banks l.GS to 254.76 and Papers 
0.79 to 112.81. 

PARIS— Generally lower on 
profit-taking, reflecting { point 
rise in Call Money to Si per cent. 

AMSTERDAM— Generally high- 
er in Fairly quiet trading. 

Shippings and Transports finned. 

State Loans lower. 

MILAN — Mixed in thin trading. 

Leading Industrials generally 
steadier. Financials mixed. 


Indices 


Bonds quietly steady. 

GERMANY— Slightly firmer in 
colourless end-month trading. 

'Motors gained- up to DM3.50. 
Banks stronger, while Chemicals. 
Steels and Electricals mostly 
little changed. 

SWITZERLAND — Mixed In 
light trading. 

ZUERICH - VERSICHERUNG 
virtually unchanged after its re- 
sults. 

Ciba-Geigy Bearer and Registered 
each eased on lower group sales 
in first quarter. 

' Domestic aod Foreign Bonds 
steady to slightly firmer. 

HONG KONG — -Firmer on more 
local and overseas buying. 

OSLO. Bankings and insur- 
ances quiet. Industrials and Ship- 
pings firmer. 

COPENHAGEN. Irregular tn 
fair dealings. Banks and Ship- 
pings eased. Insurances firmed. 
Commodities and Industrials 
mixed. 

VIENNA. Market edged higher 
on light buying. 

BELGIUM — Closed yesterday — 
pre-Labour Day holiday. 

TOKYO — Higher in moderate 
trading. Volume 340m. 1300m.) 
snares. 

Constructions, Petroleums, 
Machines and Steels generally up, 
encouraged by the 1.6 per cent, 
rise m Japan's preliminary March 
Production I.ndex. 


ff.Y.S.E. ALL COMMON 


NEW YORK, April 28. 

AUSTRALIA — Mixed, with in- 
terest centred on Uraniums on 
reports Aboriginal landholders in 
Northern Territory want Queens- 
land Mines’ Nabarlek venture to 
start before Ranger project. 

JOHANNESBURG — Marie vale 
shed 7 cents to Rl.40 following 
capital repayment statement. 

Mining Financials mostly steady 
at higher levels. 





mm 


SINGAPORE 


April 28 { & 

Industrials 

Uovu .... 0.7C 

Boune&d Co. 1.75 
BuuoteadDbd 2.56 

Dunlop... 190 

Boo C 

Fraser Naive 4.60 

Haw Par Q.9E 

Hume Ind.... 1.6J 

Inobcape 1.9C 

JanUrw. * 

Malay Brew. 6JSG 
Many Cetnr. — 


Dow Chemical 


April 28 j $ 

StraitaTrad’g 6.70 
Times Fun. 

Uerlutd ZM 
0. Unwin ren 1.&* 
tf. Ov'e. Bk.. 2-44 . 

Wearne. £.88 

Tractor- "3.94m 

CbemleaJ-... — 
WUltn Jacks.] L10 
Robbers i 
HniuEJninns’ — 
Dunl'pjfaraiei & 38 «fl 











14 Bs i 143 r 


> i i 


Woohrartb^ 


Zapata.. — 


ife 

& 


• *••••-' ' 

* v. 

Cr- • 

X\ 

ll,: 



CT_S. 90 Day 




smm 




mr- 


if 

Fii±ix 


22 V4" 23 


MsL. tctacni 

Het.Bx.5iLe 

Uv'aChJn.Uk 
Hhd tlntric. 
KutriiiKHi Co. 

Kotinuau 

shell 

dune Darby.. 
CuUi Storage, 
au-aludtuam 
titnuuTImeil 
1h/o) Llii ..J 


16.30 (tempos....... — 

6.60 Tina 

1.72 Austral. 4 m. iJO 

2.45 Berjunmi 7_55ld 

13.72 K mm par |ZJ37 

2.16 'Knunat. — 

2^3*»>KucluU 10^3 

2 .J 9 I lower Perak. — 
2.7Brtj FWal in* Tiu. 6.65 
6.10 pLirrenie ( '[>_ — • 

| fnnirtahHarl 12.56 


NEW YORK -DOW JONES 


1 



t 1978 

■Apr. j 

Apr. ! 

Apr. J 

Apr. |-- — — 

| 

Zl \ 

28 1 

2 & 1 Hi^tj | j>,u- 


Rises and Falls 

: Apr. 28J Apr. 27* Apr. 26 


rasEsa 





\vr. ' Ajir. .\)ir. ' A|«. • Apr. 

2S I E7 i SS 25 ' 24 ' 21 


IipIiiXtwI B37.32 S 26.92; 656.97. B33.&8: 826.06' 012.60 

H'lueU'nUi'j 89.61 89.01' 68.12! BS.OSJ 88.I6 1 , 89.20. 

Tnunik.it.,,.' 224 JS 222.34 224.541 223-B6i 222.3S 220.5* 

• : ! i ■ 1 

Utilities | 106.56 105.68; I06.12| 106.70; 1B6.97| 106.77; 

Timlin" vol-1 ' i 1 ! 1 I 

OOOV t ! 32,650 S5.47I)! 44.450; 55.600! 34.510; 51.5401 


* nt iiNiPx r-nanicM from aokiixt ■**. 


Hir idiwv L-uiii|iiiai n 
High j Lun [ Higli Low 

837-32 ! 742.12 I 105 1.7 J 41.22 

! (&?i2) !i 11/1/73) 1 (2.7/32} 

90.66 89 J I | — — 

<4/1. <E7(4) 

224.58 Idc^l | 279.88 13JEB 

|36i4i (Sill (7/2)89) (B/7,o2) 
118.38 102.64 165.52 10J&S 

(5/li (22/2i k20/4/6ai (28/4/421 


65.90 55.40. 53.06) 55 J1 


MONTREAL 


iMiiea traded I 1,919 

Htaes i 920 

Fells . 557 

UnctauunM 452 

New Bu(bs. I — 

N ew Lows. J — 


L808 I 1,926 


557 | 1,045 
452 422 


Industrial 

C-nnhtner] 


I ! 

I Apr. Apr. Apr. Apr. — 

I as 27 J 36 25 Hi*rfi 


176.63 1/7-90) In) 
184.64, 195-32! (*| 


178.47] 181.47117/4) 
188.781 187.95117/4) 


TORONTO t.'onipj»lte j‘ 1081 ^ 1080.71 1088 J 10B8.4, 1091.4 (17/4) 

JOHANNESBURG 1 

Gold 195.K 183.0 188.6] 184.1 218.7(1/2) 

I mi usl rials 216^ 215.8 214.1 212.8 218.2 (28/4-) " 


162.60 |16i2) 

170.62 (30/11 
888.2 (30/11 


'183.0 (W) 
1849T (15/4 



liul. illi. riel. I i, 


Apr. 21 A(<r. 14 


Year a^o tapprux.) 


STANDARD AND POORS 


IXfl! tf<iiii.-«Ci<iiipliitt , n 

! Apr. , A | «■. Apr. , Apr. j Apr. I Apr. ; ■ - ■ ■■ 

ZU 27 ; 26 . 2 b ! 24 I 21 1 H^li 1 Luw \ Hudi Low 


;in.lTisinniH 106.84 105.71' 100.801 106.5S 105 J»! 103.82! 100.34, AM j 134.84 ] AA2 

1,1 , t I ( 28 , 4 , i (Brfj (ll/l/ 7 or ( 30 W/ 32 ) 

1i.oiMjpr.itK 86.63 S5.8ff 9B.B2J 96.64, 95.77| 04.34 98.63 ' -0.80 I25.B6 4.40 

• i n 1 ! ? iSS/4, • 18/31 j(llil/75il flfliiSS) 


Apr. 19 I .V|ir. 12 ' Apr. O I Year aco lapprasA 


Ind. <1v. yield %> 

I rat. F iE Ball'.' 
Lw'fiovi, BihuI view 


8.48 I 


AustraUarit 
Belgium (uv 
Denmark < M , 
France tti>! 

i 

Germany HI) 
Holland US) 
Hong Eon^ 
Italy tin 
Japan w 
Singapore . i 


April I Pro- 1978 i 
28 liitus ! Hijjb f 

47BJ8 479.91 479.88 i 
■ 128)4) j 

(r, ! 10056 : 10039 I 
i ! (£0/4) | 

94.49 I 94-22! 5W.13 1 

; rail) I 

66 .6 : 67.0 65.7 I 

j i26.4) j 

768.2 1 768.6 812.7 
1 , ( 10 / 2 ) , 

78.7 78.7' B2.1 ; 

; ' (10^) , 

46023 ' 456^2 460^3 
( 126/4) ; 
6O.1I8 60.06 83.56 i 
; ! (6(3 i 1 

409^7 WflJS l 416.11 

' (19/41 i 

304.49 ■ 303.71 , 304.49 

I ! (28/4; | 


J April Pre. 197(? • 1978 

| 2 8 vluns Hjiiii | Low 

Spain (rfl[ 100.64 99^2 tlOO.tJ - 1 tf/JSB 
)28)4> ! (11)3) 

Sweden frl 327 ^9 382.54 38?.r>6 1 325.74 
_ . . . j I (28, «i ! (3/1) 

Switxerl dtrt 283 J 284.5] 286 J6| £79.0 

I | (14,4. ; <g&/4) 

indices and case aoiett taU dum? vaiu/a 
U» except NYSE 4U Common - SO 
SUindards ana Poors — ID ana Toronto 
300-1.000. the Iasi named tuned on l97Si 
1 Sxcfodlns hoods. 1 400 Imustnals 
1 400 Inrts.. 40 Utilities. «/1 Find nee am* 
20 Tranaport. Hi Sydney Atl Ora 
i||) Belgian se 31/13/B3 (—) OioeniraKeo 
SE 1/1773. mi Paris Bourse 1961 
(tn Commrnbanft Dec.; 19S. t}w Amster- 
dam. Indusuial 1970 iY6) Hanc Sena 
Banfr 31/7/64 >DI|) Milan 2/1/73. >m Toftyn 
New SE 4/1/88. ibi Straits Times 1986. 
(/*) Closed. (d) Mad nit SE 3a/i!rn 
<e\ Smcktmlm lodnnnal \T\rSb. tf> 9wt» 
Bane Cnrp (u) Unavailable 


19'z 193» 


F.T. CROSSWORD PUZZLE No. 3,655 

A prize of £5 will be given to each of the renders of the first 
three correct solutions opened. Solutions must be received by 
next Thursday, marked Crossword in the top left-hand comer of 
the envelope, and addressed to the Financial Times. 10, Cannon 
Street, London , EC- IP 4BY. Winners and solution will be given 
next Saturday. 


Wildenstein owner 
to follow to-day 




■ '.i 1 


Address 




ACROSS 

1 Iron family of cats (61 

4 Hang on to part of ship 
getting stuck (4, 41 

10 He won’t thank you for being 
in fireplace (7) 

H Oriental with key at the back 
(7) 

12 Stop being lame (4) 

13 It makes no sense for parent 
and old boy to return by giant 
plane (5-5) 

15 Coin UN struck badly for 
church's ambassador (6) 

16 Study line of agreement t7) 

20 Tom's point of view? (7) 

21 About to dust ? Far from it 
( 6 ) 

24 Public transporter making 
groovy progress by the way 
(4, 6) 

26 Spoken of gold by a student 
f4) 

28 Constable's description of 
farm cart (3. 4) 

29 Retiring when punch-drunk 
(7) 

30 Misfortune letting Pluto come 
lo flower (8l 

31 Agreement since posted (6) 

DOWN 

X Best writing of showground 
attendant ? (4, 41 

2 Look after member shot at 
Lords (3. 6) 

3 Mean to close (4) 

5 Reserve beyond capacity of 


SOLUTION AND WINNERS 
OF PUZZLE No. 3,649 

Following are the winners of 
last Saturday's prize puzzle; 

.Mr. T. S. Moore, 9, Dartmouth 
Park Road. London NW5 1SU. 

Mrs. H. E. Rutter. 28. 
Washingborough Road, Heighing- 
ton. Lincoln LN4 IRE 

Mr. F. Vander Steen, 24, 
Wcndover Court, Lyndale 
Avenue, London NW2 2PG. 


finished volume (Si 

6 Broadcaster with record turn- 
over (4, 6/ 

7 A bit of sun falling across the 
boat (5) 

8 Can be inferior (6) 

9 Danish leader goes on under- 
ground up to first appearance 
(5) 

14 Boat-race crew picks out 
winning pools entry 15, 5} 

17 Shooter gives bird sack (4, 5) 

18 Everybody joins Scots boy 
over church union (S) 

19 Apartment on hili didn’t make 
desired impact (4, 4) 

22 Wanted very much to irritate 
newsman (6) 

23 County bowler (5) 

25 Article next to ship reaches 
the depths (5) 

27 To be twice on a river (4) 
Solution lo Puzle No. 3,654 


0HH& JBEHE HEHOas 
B B E G ■ E ■ E3 O 
EHKEE3II0H B0QBBS 
0 B E D G □ B H 
QSE3BEQ0EH HHHH0 

n 0 B H 0 0 E 

HE00 EHHEjGHS 
n G 0 E 0 0 
HEOnS H0 EBEQ 

ra b o d o m b 
tmtm® - ebhhohbhh 
0 □ d q b n on 
aSHGED HHEHEDSB 
Q 0 E 0 a B C 
aaHQEB EQDaBEBB 


rasaanasa anafanci 

0 B E: S' ■• . . E Fi n 
HEQIEEBECi;. EQEHSH 
• E ,E v S' 55 E 
aSEEBQGIS ESC5BSE 
0. E B H-'rffl 55 0 Q 

■ •' •■■nos0B00aas 

s s n -n -s 0 

EDGBGIHEE3H0 • . ■ . _ 

0 S- E' B E E ® ‘E 
0000 ES "• EE00EE3S 
B :0--'v© a O E B 

besqes snassrass 
S -S S" B 0 0 E 
BSCiEBBBB 


PARIS-BASED art dealer Mr. 
Daniel Wildenstein, who for the 
first time has several horses 
trained in Britain, could have a 
top-class English represen ta'ive 
in Leonardo da Vinci. 

This illustriously bred colt by 
Brigadier Gerard out of the Oaks 
winner, Lupe. who is among toe 
runners for to-day’s White Hose 
Stakes at Ascot, struck me a$ a 


RACING 

BY DOMINIC WIGAN 


particularly smart three-year-old 
in the making when making his 
debut at Newmarket 10 days a^o. 

Leonardo da Vinci, a colt 
trained for Mr. Wildenstein by 
Peter Walwyn, won that useful 
test, the Wood Ditton, in the 
style of a potentially high-cb->s 
mile-and-a-balf performer, in 
spite of drifting in the betting 
from an opening show of 4-1 to 
10-1. 

Two other fascinating races in 
which Walwyn is represented by 
a strongly fancied runner are the 
opener, the Aimers CoEfee Stakes, 
in which Pamina does duty for 
Seven Barrows, and the Sagro 
Stakes, which sees Walwyn’s top- 
class staying recruit from France, 
Buckskin, in action. 

Although Buckskin has not 
been seen in public since running 
a tired third in Longchamp's Prix 
Gladiateur at the end of a busy 
and largely successful 1977 
season. I shall be disappointed 
if he is not forward enough to 
take to-day’s valuable prize 
sponsored by Mono Containers 

The Wildenstein five-year-old 
was in tremendous form in the 
first half of last season, winning 
four successive races before 
coming unstuck against a rapidly 
improving Sagaro on ground a 
shade firm for him in the Gold 
Cup. If he is back to anywhere 
□ear that form (which included 
two victories over Sagaro), he 
will win without tuo much diffi- 
culty. 


SPAIN * 

April 25 Per cent. 

Afiland 128 — 

Banco Bilbao 2 W + S 

Buzko AUantiro 1 1 . 000 1 248 +3 

Banco Central 340 +4 

Banco Exicnor 294 — 

Banco General 275 — 

Banco Granada il.OOOi ltd +1 

Banco lllspano ... Z 34 + 4 

Banco Ind Cat. il.OODi 180 — 

B. Ind. MctOrvrnuwo... 1 W + I p 
B anco Popular ... . 239 — 

Banco Santander iSOi 373 + fl 

Banco HrquUo « l.ooai 255 + s 

Banco Vizcaya 2 « — 

Banco ZaraBozano ... ^7 — 

BariRunlon ms +4 

Banns AndalueU 223 - — 

H-Dcock Wilcox » — 

C 1 C 7* - 2 

Drag ad os 259 +1 

Iiuoabanlf tt -PI 

< 3 . I. Arasonesas 85 — 

Espanola Zinc 110 — 

Ex pi. Rio Tinto I 04 JS + 025 

Fccsa (l.OOOi n — 0 -® 

Fenosa il.OOOi 70 + 0 -S 0 

Gal- PTcctodos 77 +2 

Grupo VdacqncZ MOOi 165 — 

Eldrola T 7 J 5 + 0-25 


T expect him again to earn 
favouritism for the Gold Cup 
with a clear cut victory over 
John Cherry, who, apart from 
being ay fit as any following his. 
hurdles campaign, will also GERMANY ♦ 
relish' the prevailing yielding 
groutfd. 

Pamina, Seven Barrows' 
runner in the Aimers Coffee 
Stakes (formerly the Golden 
Hind Stakes) earned to-day's 
trip to Ascot with a three- 
quarter length victory over 
Water Frolic in the Bucklebury 
Stakes at Newbury. 

Her response was then all that 
Eddery could have hoped for. A 
lengthening of her stride quickly 
pulled her three-quarters of a 
length clear of Water Frolic, who 
in turn, found little difficulty in 
holding off her belter Fancied 
stable-mate. Sister Connie, a 
full sister to Connaught. 

In the belief that she will 
have come on a good deal as a 
result of that easy introduction, 
which saw Eddery riding with 
the blend of patience and con- 
fidence so often associated with 

ASCOT ft 

Pamina' 1 * 

2-30 — Buckskin*** 

3.05 — My The rape 

3.40 — Leonardo da Vinci 
4.10— Schweppshire Lad* 

4.40 — Pledge 

Piggott. I give Pamina a reason- 
ably confident vote over the 
much vaunted Brigata. who 
appeared lo have no excuses 
when run off her feet from half- 
way in the Nell Gwyn Stakes. 

Another trainer who seems 
virtually assured Dr at least cne 
winner at Ascot this afternoon 
is Michael Stout, represented by 
such useful performers as 
Shangamuzo. My Therape, 

Greenhill God and Srhweppsbire 
Lad. The last-named, who did 
no more than was necessary 
when outpointing Abdu at New- 
market last time out. could be 
the safest bet from this after- 
noon’s busy programme of flat 
and jumping meetings. 


xsi 8 

274 
1 aig 
381a 
Ilia 
54% 
21 
25 
23% 
39 6q 
a2>B 
30*4 
28 
16 

28t 8 I 29 U 
615a ! 50J( 




m 

IP 


PuJceo'g* & 

Ford Alotor 




E-r 

?!Ji' 


w 

flfc 



tvTrust 


i‘a 
36sb 

117| 

5214 I Republic Steel 


• Taranto uriees: Montreal prices , 
nor av*JiaW& . T Bid. fAHted.' 
f Traded. V Now stock. 


RJ& 
56 0.6 
20 1-3 
10 l IM 
4J5 


Ibcrducru 

oiarra 

Pap'/loras Kounidas 

Porrollhcr 

Putrolt-os 

Sarrio Papalera .... 

Sniaco 

Sosoflsa 

Telefonica 

Twtos Hostcnch .. . 

Tubacox 

Union Elec. . 


BRAZIL 


75.75 - 

123 +3 

71 - 150 

US - 

M2 + 3 

70 - USO 

SO - 

120 - 

1T.7S + 0-75 

*7-50 + fc50 

111 - 

77 +1 


I Price" 1 + >ir 'Div. [ 
April IB ! Cm/ j — jt.'rur I 

Ai-^ita . ...[ l.c2 ! 

Hawoilp Ura*ii...i !i.S7 1 -.17 1 

Hanui llau. ! 1.18 •'■t-U.fll -.It ! 

UeisnMioelraUP 1.90 ;-0.fll‘.».12 i 
Liju Ault. Ol'-. 2.95 — 0.1 5' jfl. ' 
PctnAnvvj PP j £.88 U.ll; .It I 


— „ Pirelli OP 

+ Suuwi l'ru< CJH... I 

“ J-® l ulpHK 1 

t S’ 50 Vsle Kin Diwe I'll 


3.46 ' ,.lt 

r.65 ! + u.'2 
7.85 O.I5, -2 

l.JU 1 ! U 


VoL Cr.75Jm. Shares U-Hn. 
Source! Rio de Janeiro SE. 


NOTES: Ovcneas prices exclude 9 premium. BcUlan dividends arc after 
withholdlnfi lax. ^ . 

4 DM50 denom. unle-^ oiherulw aiainl. f PtaJLSOO denom. unless oiijorwbtc 
staled. 4, Kr.liw dettoui. unless otherwise stated. «|j FruJoO denom. unlwa 
oUicrwiic stated, t Yen so denom. unless cunerwlnr stated. 3 Price ai time of _ 
buspeiualon. a ttorins. h Schfllluc - /. c Cents, d Dividend a Tier pending nphia s 

ami' or scrip issue, c Per share. I Francs, p Gross div. ■>. b Assumed dividend j 
after scrip and/or rtahis Issue, fc Arier local taxes, m-i lax frw. n Francs. S. 
Including unllnc div. p Korn, n Share split, a Div. and yield exclude special r 

payment, t indicated div. b Unofficial trading, r Minority holders ouly. p Mercer ., 

pendme. -Asked. 1 Bid. a Traded, j Seller. 1 Assumed. xrEx rlshut. xd Ex 

dividend, xc Ex scrip Issue, xa Ex alL a Interim since increased. 



w-..- 




2 A Mr 


i-r 


^ prii 


her an 


i:./; 

• r 













































































Wnandal 'Bg»es - S ^ gy April 29 1978 


B £ "V m f 1 T 




AND COMPANY NEWS 


^■■'Z ■*- V fr. ■ .1 



Electrolux heading for 
turnover of $2.6bn. 


<■ ^J§SUG--'- ' ' - . BY WHJJAM DULLFOftCE STOCKHOLM, April 28. 

avstESDAM, AP-“l holders. 


STOCKHOLM, April 28. 


^idend cut Debt burden sinking 

at Kaufhot _ ° 

as profits French shipowners 

decline BY DAVID CURRY 


BY DAVID CURRY 


PARIS, April 28. 


By Our Financial Staff 


AN ALARMING picture of yet had fallen some Frs.S0m. short switching the emphasis of its 


.o'® “VHT-tirm pronp ijauasi- ,„ ct ~ "** *■»«« anu u can uow ue expect eu cxpresacu as pre-Lax earniups m , ‘ According to tne neao or me VT 'j — ” —■ * — * — 

coflstrufitl^ !^ t a5 ar ^_^;^_ per i cen t l con in t0 contribute to earnings. relation, to the balance-sheet ^™ fi r ls af «l2 a!k \ e 7 erge ,n^7 body M. Pierre de Demandoix clahned. 

dam- ■ - , ' .« 0 hfpher th&B Gainings to Kr>53Qm, The Electrolux reoort aisn total— slipped From 12.1 lo 12 & DM50. < to. ti5_4.Sm.l for 1977 n j. n . tntai deht has risen in also - noted that up to 17 to 

<S115.2m.). which has prompted ner^Lhst'^r Rut The spared to DM63.2m. a year P*™-*? flfinTh!. mFrs tankers could be laid up shortly ch 


financial charges and a scheme 
to reduce the social security 


and the company is inm,- .* PraRAhT* was uecuuse ot ikk ar wotk. 

dropping its dividend . He otw little immediate hope 


a vear S 'from Frs 10 7bn toFrs tankers could be laid up shortly charges borne by French flag 
i? rtSfi h« was because of lack of work. carriers were being worked out. 


ftty bold- ™ » * Jarcui - company ias * year earnings climbed from Kr.13.S0 >»> 

.* wSuced to an effec- *Vf- 5 - 2S a share on the increased amounted to KrJlSm., which to Kr.16.15 a share. ™£nt 

Hiding, hftW- A^L? ap lr ! ' „ ' „ more than covered the increased A profit break-down shows that 19 '?- 

Stast-Nedafe’s issue of part of group Snap- dividend paid to shareholders ihe vacuum-cleaners, white good* OA Ka ' 


my aropping its oiviapno r - nK> ne bhw ume uDDieuuuc uopc _ . „ , 

ire than DM0.5. The pay- Sid a c around Frs f0T industry since only a PrintempS Confident 

is -DM6 against DM10 in g?.*,™® recovery in the rate of growth of _ 


Kaufhof operates more than 


v - ^ icsne Ci ' -me court m uie incurporauuo ar viaeu ou per cent, or me — *•— 

:•• -\t&C “f^Xtiest month !i flrea ' ™ . merger with Husqvarna and the Swiss Kr.733tn. operating profit, struck cent - of group sales. The com 

to De-. Husovarna will in limp remforn* Therms rinmnanv &hnnt h?.lf .rtd. nanv.s travel business account: 


V.'acWJh 10 J^Khat ^ ^ to Husqvarna will ip time reinforce Therm a Company. .About half after cost-calculated deprecia- P an >’'- ? traveJ business arrounts profits in 
. on' financial dis- smup’s position on the white last year's 205 per cent, growth tion. for less than 5 per cent, of 

•I * IfltHUan - nnmnl tiirnnuor 


>bn. a year. worid trade to pre-oil crisis THE FRENCH store group Au 

“The vulnerability of com- jewels would absorb -the over Printemps Is confident that its 

mies is even more pronounced capacity In the market and drastic recovery programme will 

ace their cash flows are -con- permit shippers to charge profit- beoiT1 t0 have a PD5 itive effect 

nually declining,’ commented a t>ie rates. .. .. 

. de Deinandoix Dedons. The publication of the "report ? his vear 

He estimated that operating coincides with suggestions that « losses in XS77, writes David 

V . r ! .v. >.» n r.«iMant M ttiinlrinn nkj-mt WhltB 


the dry cargo business the government is thinking about White. 


, .drantageanou, _ 


^deprived ; of their 
regards its 

Antuuaii “ w ctmnlv 


?-JSt ^fisaUast-Nedam simply 
^ Gees de 


Costs ‘worry’ Norske Shefi 


Financial: director offte 

- 'JSSS 


BY FAY GJESTER 


OSLO. April 28. 


annual turnover. 

The company will use DM36m. 
for the dividend payment against 
DMfitim. in 1976. Payment into 
reserves is DMJ4.7m. 

Total legal reserves are DM150ra. 
(same I and open reserves amount 
to DM511 4m. (DM496.7m.L 


U.S. plans by Nissan and Honda 


BY JOHN WYLES 


NEW YORK, April 28. 


. 'bSig- ~ aco 0l< that N j 3 J lSKE . SHELL, one of the becoming poor, “compared with He fett it was speculative to 

derided rih«e ; ^s. •£! partners in tte _Angh>-Norwegian what they should be on projects 


- companies l^S^ Q *?$:■**** be on projects evaluate lie field as a whole. 

“■ ,» e z™ rs. s^^.sr.r.s.’rss “■> «- 

national ^“^^Heerema’s development costs on would have been necessary lo d,d ln recent annual report! 

activities the, field. In its annual report justify srtartinE develonment in tQ postulate the possible joint 


Write-offs at 
grain dealer 


TWO MAJOR Japanese car pro- soon a decision might be taken car market from U.S. car pro- 
ducers Nissan and Honda, look on establishing manufacturing ducers. Is thought likely ® 
likely to establish vehicle manu- faciUties in the U.S., but the fact weaken Japanese sales later this 
facturine Plants in the U.S. that Honda provisionally intends year. Moreover the first units 
within three years as a means to take this step means that produced at the new SSDOm. 
of sheltering from the seemingly Nissan could well decide to Volkswagen plant opened in 


•offshore 


• folding - was' reads' to give ^ is not to be a still that Riatfjord would fail to pay (34/10) recently allocated to ($26m ) in tbe vear ended July 

.gSSJ'lo :«HJf *WA ta «, There ... -still Statoil. Sega end Norsk Hrdro. ^1977- i-mp 'red ^ .b a nlfpreai SS^.tSW'T'cSMS “S SreSure““4re““ lindr' ww"nh taiTlWta 

•Sd protect 7 its mtererts but Sea development, little information available, how- Aker’s annual report estimated of DM42.4m. in 1976. “SvaTiISfSsiWIItv rtuSV 1 ” on managed to sell a few more cars U.S. from Japan, 

the company r ®ft* sed 10 talk * Goks .®y r - the company s ever, to allow an assessment of that the total cost of developing Some 75 per cent, of the loss es t?K?ishin« facilities here At here AVnDatsun in January and These pressures, and fears of 

Hr de Bruin «ud. ■ managing director, commented the possibilities for the third Siatfjord would probably reach stemmed from trading in grains fui gi~e time Honda has con- February possible protectionist measures 


" Mr de Bruin said. ■ managing director, commented the possibilities for the third Siatfjord would probably reach stemmed from trading in grains ?. ® ii nT ,fl B w February possible protectionist measures 

' At an" estra-ordinary. general that the prospects for a return phase of the field's development Kr.I25bn. (£12.5bn.)— far higher and feed stocks. They resulted SL t mntorVvele The rise of the Japanese yen by the U.S„ form the background 

- meeting . called to explain the on the Statfjord investment were (Siatfjord C). than any previous estimate. from fierce competition result; JJJJJtinOlifo whfeb goes into from 275 to 225 against tbe dollar to ihe Nissan study which is now 

r 1 m m 1 A L il>i<4av UIQIT W QQ H art Kt7 Wy 


v meeting . caJiw w 
• nreferMice share Issue, to sbare- 
.tlwprs. the Ballast Board said 

' toe's offer of guarantees. 

• . “LliaSt .Is opposed to. Antillan 
«bSW largeistate Because of 


Cross-Harbour i Credit Suisse funds grow 


ing largely from the ent^ of Veaf. is intended over the pTst 12 months has under way Headed by Mr. 

U.S companies into . "[ b ® to be the forerunner of a pos- forced the Japanese producers to Kenfciehi Takita. who is Uie 

pean markets. Losses in soybeans jbj S250m. car plant which raise their sticker prices in the director and general manaeer for 
occurred following a heavy drop » D, ® d J - production bv 1981. U S. on five or six occasions. Nissan's overseas operations, the 

«" » «S52T " A A spokesman for Nissan Higher prices, coupled with srnup Is expected to spmd two 


pays more 


the. _Poteptt3g;»^J c t of to- qrqss . HARBOUR TUNNEL 


BY JOHN WICKS 


ZURICH, April 2& 


in prices and a failure of a Tpokesman for Nissan Higher prices" coupled with srnup Is expected to spend two 

S^pT^uT5J£52 would not sa y ** morning how sharper comnrtMon in the small months ^ the U^^udylng 


The First Viking 
Commodity Trusts 


’ If/ f . St k • ,at>our - transportation and 

ox a Sa ,n« piwvuiuaiy. .c u,« mvesu^ms W n . r « EPF *** DOUlt&r QOUblCS 63011028 ^ spokesman for Toyota said 

A fourth and final quarterly of 197B to SwJTrs.44.4bn. The to telMast month. Earnings From DMIO.lbn. m 197T. i* O to-day that the possibihtv of a 

dividend of 21 cents per share is bank reports a “brisk inflow " of foreign exchange were higher AF " Do W lones nv onnFuT Giaaews MONTREAL, April 28. U.S. plant was still hems oiar 

declared making a total :fov the customer funds during the and Swiss and international 1T _ “ . BY ROBERT gibbens mu ru^, y cussed within the company but 

year of 60 cents per Share (52 period, these jumping by underwriting activity remained fc,UE adds UlltCh banks DOMTAR the Canadian paper, the company said. Chemicals be o id not know ot any moves 

cents per share). . Sw.Frs.l.64fan. during the three- extremely lively. Costs were kept . .. < hl , n materials and and packaging did well, but lo establish a feasibility study 

The ■ Directors intend 1 to pay month period to a record within budgeted levels. to Opt'rins CI3SSCS “J* R B .mBri s(SSm building materials still suffered comparable to Nissan s. 

first, second and third quarterly Sw.Frs37bn. This growth rate Meanwhile, results of Swiss AMSTERDAM April 28. chemicals group, eam ■ . {njm selling prices in 

interim dividends each of 15 was almost four times that Rank Corporation Basle, in the THE NUMBER of option classes or 58 cents a s °*”r “ roofing products. FORD CANADA 

cents per share in respect of the booked for the corresponding first quarter were comparable to traded by the European Options quarter against $C4^m. or m wallboard plants acquired re- — — — — ; — 

year ending March 31. 1979 and 1977 quarter. those for tbe corresponding Exchange will be increased by cents a share earlier, op volume cently from Kaiser Cement in Flp * *»“ rwr s 

to recommand a fourth and final Q n t h e assets side the balance- period or 1977 and are regarded three Dutch-based options from of- SC276m. against SC240m, California are located in a Revenue 1.5hn. 1.4hn, 

quarterly dJewtend of not less s ji e et showed rather slack use of as satisfactory, according to a next Tuesday. These are Latest earnings include eight growth market are cost-competi- {g- et pro fi ts ’ 21.7m. 34.6m, 
than 15 cents per snare. t ), e Rank’s credit facilities in statement issued by the Bank. Algemene Bank Nederland, cents a share more in exchange tive and should prove signlfi- ^ p ej . ^are..’. 2.61 4.18 

■ - - keeping with seasonal trends and The Bank’s balance-sheet total Amsterdam-Rotterdam Bank, and gain compared with the 197* cant cash generators. Costs in . , . .. — ... — 

wardgate COMMUNITY the high degree of liquidity pre- rose by 1.6 per cent during the National*? Nederlanden. quarter, arising tnatnly from the the U.S. are now rising in line ^grNA LIFE AND CASUALTY 

fund ' vailing, tbe end of quarter total first three months of 1978 to The EOE also points out that strong exports of the pulp ana with those m Canada, and U.S. — — 

f° r outstanding loans and reach Sw.Frs-56.62bn. Customer From Tuesday two Eastman paper division. pulp and paper industry pay ei** onumr lira un 

• wcf managers limited advances being slightly down on funds went up 3 per cent to Kodak.series will be increased by - The lower Canadian - dollar settlements are running at peak s 5 

■je. Heller. the end of 1977 at Sw.Frs.20.6bn. Sw.Frs.Sl^bn. within this total tbe expiry months July. October enabled domestic sales to nse levels- Craadian doll» d«wu^ Revenue ~ Q1 

°534-ZQ5» 1 /3 - • Interest earnings kept rather and loans by 3.8 per cent, to and January. in volume and price, helping to ation affords us a breaming Net profits ...... 81 y™- 


OFFER 37.7 


ArtkaiTnist BID 80.0 


It 


CamaodHy & General 
ManageBient Co Ltd 
8 St Georfle’s Street 
OomjMs&le of Man 
Jil; 08244682 


i*m 

5 

l.4hn, 

34.6ra. 

4.18 


WARDGATS COMMUNITY 
FUND' 

M Mill April 197S £9.«-£lD.40 
WCF MANAGERS LIMITED 
P.O. Box 73 


-St Heller. Jemy- 

0534-2DS91 /3 


Nixc dnlrngt 3Ha M»y 1978 


[below the previous year's level Sw.Frs.20.9bn. 


Reuter 


of the week 


MARKET REPORTS 


offset domestic cost increases, spell to get our bouse in order.” Net per share... 


Mftieat optoeC 10 poim« hi*lu»r bur tnua n/A(Y| FUTURFS ( 

•imimwlil dutrr.florertoE SDoesmt afld 'V LAI L. ITU ItllVIja I 


Confusion in zinc market 


BASE METALS 


HQMG KONG— Prices tell about 130 wheat opepeb 10 oomis UiKlier hw WA/] 

Mints over the w«» in rontiiw trading, commercial shorf-coper^g a ppeorert ^ and 
Friday's dosing prices (cents a pound): values “O™ 5 . op to clos« at LONOON- 

Ma» unowned. Yuly 58.9M195. OcL 57.10- 

57.85. Pec. 58.90-5835. March unquoted- seller* The afternoon »«OP gw *oj» XuatmlUn 
59 05. Hlgh-lowt, July 58.15-58.87. Oct. Pf””',!*? 1 ??. GtwwyWool 
50.01. Pea BO-SWSJto. Sdes: 158 .95) lots. SJr&!rSr UMmSSs WgK . ^ 


LONDON— DuIL 

YFeocc per talol 

1 Mtmlianlye!'tuid’yB+ on Buslnew. 
wbhvWooI C-ktfe | — Done 


U.S; Markets 


Silver was fixed O.SQp an ounce lower 


2nd POSITION 
FUTURES 


THE ZINC market was thrown ~ . 

into' confusion yesterday by ‘the ^ 1 

anflooneement ot two surprise | ■ |. 

- increases in the official European I (JOKDDKI 

priett First Broken HiU Asso- _ m nnrrrr 

T elated Smeifierei 6/ AostraJia said 2^00^1 . • l.llrrrr 

5 it was keeping up with another • ,1 IIUI I RE 

- Aqstraliaa company, Electrolytic I- 2ndP0Sm0N 

. Zinc, in raising its producer "1 nmiRCR 

"■ price from ?55a to 5600 a tonne b m IJ fUUIICJ 

; i' But — significantly —Noranda ' I. 

'.-Mines of Canada, the world’s big- ■ II rk 

"ffMt mine producer of zinc, laier ^|P ^ le 

: ttld it was Increasing its price t ^ nn V ljk _ 

- outside North America to $575 a ^»Al 

■■ tonne. fr 

' The immediate reaction from | 

&k traders In London was asto-. [1177 ji378 

: .ntshment and disbelief. It was ^ sep oct wov dec jab rea mah aw 

And the market was : not pre- - . - ■ - - 

-pwed for a bi^ier price ye*. «t r |ir e a t the Oh 


r% VVlllrH/ A T COPPER — Lust ground in monrinn only CII lrrn craps w 

L I ii r“fl wading on the London Metal Exchange. SILVER between 

W AB.V' ^ A ellghtly easier trend m overnight U.S InitUl K 

murkeu coupled with talk of a tower Silver wax fixed o.fcOp an ounce tower - - — ■ — 

than anndpated decrease In war "house for R>ot -deUeery in ibe Loudon bullion WHEAT 

values in London ended the week «octs saw rorwartl mctaJ open lower ma { Kt * 1 . ai 2n.3p. uM-cent Vl 

va,u . 1 ,, A "“ ■ at £7M and decline further to CTOl in ecndvolents of the fixing levels were- 

marginally higher, reflecting rhe m ’ e ron^wSr hedge seiung. On spot <W-8c. nuchanged: tbree-momb ^ ,,lit 

fall in Sterling. tbe kerb, however, the pnoe recovered 508.4c, down 0.80c: stounonth 5lR.Sc. down „ 

_ , (ractlOEUlly to end at CTOS. Prices have O.lct and l— -rnontlt 537.8c, up l-Bc, The ^ j. 

Cocoa prices feU yesterday Stoett wound a over the wce^Tur^ ^ *£" 

following the- - latest market over oso tonnes. closed at 274 .i-zts.ip <mi.wz*c>. .« ■ 


dosed firm at 130 points higher. New 

craps were Beoaralhr steady and closed 227 0-ao 

between five lower and five higher after SwnJsn 

initui lo sses of is porta, raporn .Adi. Jii 

WHEAT MJILEY jUeuembv L 240.0-48.0 

^ ^ „ Uoreb MS.W0.0 


following the- - latest market over oso tonnes, 
report from London merchants mw i "/m, ft nr p.m." 

Gill and Duff us, raising its fore- — Uoojbc 

cast of the expected surplus ol Ti £ g }T 
supplies over demand this season wirabara 

back to 99.000 tonnes. This is Ou»h .71 68A-.5 r-5J5 - 

13,000 tonnes lower than the “ 

surplus predicted in its February g ^Smi— . " ~ ; 

report but tbe same as its fore- u-ir 674-s Lb.25. — 

cast in December. iw»inUi^. 69i.B-z hb i - 

The report said the recent D.ts..»ni».. ~ I — - 64 


Yt^tMdayV +or 
'■U*» — 

YcvUxday* 

■k«n 

+ or 

9R20 4-1.50 

82.25 

+0^0 

86.05 +UJ1B 

80.60 

+ 0-05 


82.95 

awm—M.. 


85.55 

— 0-05 

03.30 u jl 

87-95 

+0.00 


Sales: .Nil <41 lots Of 1.500 Mtos. 
SYDNEY CREASY Mn order buyer. 


Copper up, 
precious 
metals ease 


NEW YORK. ApnJ 28, 


COPPER rallied on ctmuoissloa house 


The report said the recent q.d..»m».J - 64 _ 1 Mowng: Three momi 

resurgence in market prices did Amalgamaied M«al TTadfng reported Months "278 m." M Aftertiwn: 
not ■ mean the fundamental that in the morning cuds Wirebus traded raopens Tuesday May !. 

supply-demand position had gjff JP- SSTJt rArft . 

changed. Wlrebare. ihree mouths ran -5. a. LUv.UA 


iofflcm.1 — aiLVbu puiihju + or uu.ii. + w Max Bd^D-97 DO SH 0 X44 B, 344 5JUH.0 35; Oct. 049.8. wt-t-EK raiuea on cumnussiou uou» 

fixing - ckwe - jX' ^3 St tscr I- DSC s 54 6 slop-loss buying. Precious metals eased 

£ k tmr* Pnclng w.5MA*SaSi SxiwOJSl Sates: 126 J55PJ54.5.' 3S: March 3B2 5, 363 0. 3*1.3- fSSliL % 

,,, lota. Bartay: May ffliMOAB. Sepi. M.0O- 862.7. SB: May 368.0. 368.5. 368.1-367 3. Q^iSimSwS! 

- -l!l» S|™_ 273.3 r, 0.3 274.Q5pMl.BS 5'ijjj, nosjjs*®'^ aj^”n tou^* 5 ’ 5, S77,1] J ‘r-j. /' sts. S I 7*S ">“« '« UnuMsaon tcins .MM 

- - !rst as: ta 2, - 25 “’|'i:“ s bl 

_ -8S *«—.!— MOBP '— , -® 1 Lr": MPAT/VFRPTAKI PV » ma “ 

“ -9- a "|u E _n Wm IB mvrinw »« 10 Ma May 185.00. June and July 184.50 tranship- IH.C.A 1 / YtUtlABLCJ WJl _ , 

64 ZZ tfomng Tbree momhs JOTS. Am^nnrt-baU May j£^ HF,ELI> — No catc “ e Dr,ces hSjaTm UUb/doc. 137.60, ? Mardi 

[fng reported ni wlm! nM-73. second-had May £108.80. Jaae « umwL . 133J5. May 130.35. Joly 133.00. Sales: 

rebarTSSed Sd t^Msen^ 01 MEAT COMM ISMOR -Average I abnock «1 U>«- 

£703. 1.5. 1. "WW S?'™„^2S' Prices at representative mart eta on Coffee—" C ” Contrail: May 17A75 

n_s. Kerin: . BarWT, sorgmim, oaiK AU unuuweu. Anrll -ft: G.B. — Cattle. B7-45p a kit lw (iTJ.sm -Tnlv ts4.OB.1S4 35 (154.051. Saul 


May 17A75 


• said the. market was not pre- > - . - ■ - It attributed the price rises rnh-umr following me subswnaai values feu sharply at the opening and 

g*" t*; , The strike st the _ Oiee to conH"^ ta^sWp- mm 

’ “ ptMes on the London in Belgium officially menu from Ghana and.Nigena, f 0 uo«iBg male bon uquidaoM but uipd ;Y5Si5:v , »Tti ,_ Bu«in«»^ ' 

' Metal Eajfcange market, whH* ended on Monday, although some due to the late crop and ports rallied- owing to bear covering, some cocoa Close i — Dtm* 

SSI????'!* ■*» •? 92&SL J£IS!**JCL »rrrwrasa.%£ =ss=^ — 


RIIBRFR (+3.04. CJt-Plg8. ©-5P a ks hv f+0A«. 

England and Walan-Cattle down 28.2 Per 
UNCHANGED opening on tbe London BBU average price 67.47p (—0.09). Sheep 


April 28: G.B — Cattle, B7-45p a kg lw <m.5U), July 154.00-154.25 (154.551, SepL 
(-4J.UO. U.K^Staeep. 1S9.1P a kg on dew (33.40, Pec. 125.33, March 118.10-118.73, 


(4-3.0). G A— Pigs. 65-So a kg lw (i-0Ai. May 114.50-115.80. July L13.50-U3-M. ScpL 
England and WaJon— Cattle down 28^2 per U0.00-113.80. Sales: 370 lots. 




before Ihe. wndocer rises wexe wor K in defiance of the settle- dieted that the premium prices '-Aa-asWo-su 


WUI A 1U UCUdUCG _ • . . IW pnre luucutu o any a dikii ui a.ii« « 1045 5 45-0 -65 25'2tlB5.Q.50Jii 

: announced, teU yesterday. Cash ment reached. Eventually, how- for spot and nearby supplies of before closing at «.uw on the kora. .1W&W4.0 -iijbiiB70.i«B.o 

-. m lost i7 to 4289.5 * tonne. « e«r,flrerewK a full rasmnption cocoa was likely to remain for »g5"1«S* S' — - fcaKfla- i-fiSSStSi 

nnwn f\n fhA UTmIt wit wsamrI Iitnelrina RnfTlP time. « k. ren Atrire thin W«C-n IIBUU.IMJIAJ -D3JW IDZU.V'ifW 


Bvuinm" the day. closing quietly steady. Lewtaand r+3# 2>? Piss down 1L3 per M. f a^eraee janaiowarcn 64*Q Mj/ jillr 

» sruwjfrtt sss g? Mk’SSfL ® a 

May i. 1—0.48). Sheep down 62.7 Per cent.. 

385.0- MU1 — — ; awage Brice UO.to-(Sa.0>. Cmton^No. 2: May 57.00*7.15 (56.96), 

**0-1 Preview* Yent’rday’s BusUwaa COVERT GARDEN tin sterling, a 


down on the week. of normal working. some time. 

-In the other metal markets Central American coffee pro- 1 

tin prices moved up strongly at ducers this week ended their ban 

the beginning of the week, en- 0 i, exports. which proved Sh&6D rEtlini 
cou raged by a hefty fall in ware: unsuccessful in its basic objec- r 

boose stocks and an. upward tives of raising market prices to * A Irlornov 
trend in the Penang market But a more "reasonable” level. ID /VIUCIllvj 
a setback in Pehang and freer London traders said initial e _™ p .r, MTNfi rphirni 


values rose by around 160 over the Sfc^^HiTSBlo-W.B 


__ Turnover 18,925 lonbaB. f-*a4^a 1725.0-06 J1 


1+ *w( (<-W. i 

j — lUnuBi'-ia 


Sales: 4MS 13. 431) tow of ID tonnes. 


Hi g h Grade r r 

CSh 6105-15 -12.fi 

i niuathk 6075-D6 — 4D 
neuiem'i. 6115 — 10 1 
Standard 


bffSS" S SSal to SffSriugs taSted a pnee war SjreEI-FARMING returned to gK eio^s - -is 

Loodof ] ironeht an easier tone could develop among exporters A^erney jMv info J* *»gp lf Q - 

and cash tm closed only £47.5 seeking to make up lost ground, a^vai _ D suniu e.. :si»si — « - ...... 


131.12 1192.80'). indicator prices t 
IS-day average JS5M (156 J3>; 
average 157.74 (158^8). 


Np.l 

R-S.fi. 

Prevlviu*. 

ctosa 

Juno.-.. 

Si50-&4.0Q 

July 

b6.60-64.(K| 

Jly-Sept 

54.20-b4.40j 

Out- Dec 

56.45-66 M 

Jut- Mr. 

5b.60-SSi5j 

Apr- J at 

57.B0-B7-fi6[ 

Jiv-fiep- 

6BJ6-5B.B0} 

0«- Dii' 

55.65-55-70) 

Jaa-Mu 

60.B5-80.7oj 


—Orangeo— Cyprus: Valencia bates 20 ^ ld - 0eL “ ltL Salea ' 


— uiJnaia-viniua- Tuicuu, ^ i hllpR- 

taitos 3.3(Wrt>. 15 kilos 3-QO-3.60: Jaffa: f DaJeB - 


| Valencia Laies 3.7S-4J0: Egyptian-, valen- 'Gold— May iso.sa an.Mi. Jane 170.60 

sa.B54a£0 — da Cates 2.4Q-. Moroccan; 2. <0.2.80: Texas: nn.7»i. Juiy (H-ffll. Aug. 172.70, Oct 

58 .00-55^0: — 3.30. Lemons— Italian: 1D0/12QB 3A0^.70: 174.50, Dec. 177.00. Feb. 178. 30. April 

53.60-68.06; 54.1045.70 Spania: Small trays 25'58'a L30: Call- ISI.30, June 1W.40. Aug. 167.00, Ori. 169.60, 
54.B0A4.6B! MM-bA30 fornlan: 8.50-4-00. G rapefrwH— Cyprus: Dec. 102.30. Feb. 103.DQ. Sales: 6.000 lota. 
65.v0^6.86. S8-5S4.fi.6a 15 kOos iaj-2^0; 2fl Wtos 2SM50; Jaffa: !<»» rmf .«n.hi. 


da tates 2.4Q-. Moroccan: 2.70-2.80: Ttexas: ( (171.701. July (71.60. Aug. 172.70, Oct 
3.30. Lemons— Italian: 100/12QS 3Afr3-70: 1 174.60, Dec. 177.00. Feb. 170.30, April 


56.45-56.50l g7.BM8.45 SOhflM S.nw.70: U^.: Ruby Red 15 kilos ) 


average 157 74 (U8 l 9> JlV-*p. &B-5M8.E0) b7.4M7.bO) 60.80-58. 15 4.W. 

average «r. >»^i . Oct-D« 6S.65 58.70 58.aM8.6S 64.70-58 M English prMiuce: PwaiMs-Per S6lb, 

G0.B5-60.7aj BB^EMfl-W! .B0.70^55 Lettuces-Pcr U's 

LUrrtX * Sales: sis tSBBi iocs of’ 15 tonnes. j.88. Bceiraow-Pw 2Mb 1-flB. Turaiw- 

Robunas remained steady as trade Physical dnshig Prices (buyers) were: Per ^ OA0. 

Burabatt) Lamben reports. New Yor* ju-™). nurrinnr 0 .mulo 7. Cnaunbcrs 


asked >23.50 asked i . 

(Maize — May 35I-S50i I24«i, Juiy 246J. 


Robunas remained steady as 


‘248'. Sept. 2441-244, Pec. 2«l-345 
( Marcfi 252. May 256. 


SPIaUnum— July 212.30-212.7D 1 212.70 v 


..Bolivia Whbt wSta. from fix a minimum price for their «“ “JSSlff 'umm SSS “ 5^""^“ ' SE SSVSTSJaS'MSSE 

ihe International Tin Agreement sales. etinulies S’,* 3ta * po ^. eon ,e ®! ed E } <M , COY A RFA ]V UFA I Per pound o.sm. 60. Ap«es— per pound ^silver— May 497.10 1 497.1*1. jnw «9.a 

the Mining Minister warned yes- a further blow was the arrest G«PP ,,e5 - «-i«. s /^^^‘^ J hz ^ i ^ oaUa Heavy chan seiung »«i local mom- SUIADtAlT WcAL Bramiw^o jm.is. curTorajure Pipoins isod.soi. July 503.00. sept, siojm. uec 

te'tdav He sa4d thp tJC vfrteaHv ft,* IfnriMn Coffee Institute Until the last war sheep farm- xe - 975 - £a - 100 ' £a - 090 ' n - 931 a ' Uffl - taWng prevented a breatohroueh. values No tauraduedra? aj 6-0.31*. unnns 0.10-D.ia Pears — Per SBi.90. Jan. 523 90 March moo. Mas 

11 f “ e I ■J art ° aWy 0f ™ e Mexican t-Otree tuaiiiuic - ^ mtegral oart of island lead— B aral* dmgBd. Forward were Irregularly ranged pound Conference 0.1M 15. Tomatoes- SC.io. July 550.50, SepL 530.00. Dec. 

controlled the orgaalsatnon. chief, who bad been a prime mg “ hat ISm al s were left nw,w c **’ ne * 1 Jmrer 106 ,eJ l loflJOS OD days final level* after scattered nosiiloa CiS^ y i + jSom per P« mrf BniUlsh B.45 G«e«-Pfr 572.00. Jan 57B.40, March SSJO. Sales: 


Iftmiswr vrairo y*»r A furmer mow was . .. h last ^ sheep fajnj. sum. ffl.ioo, £B.0», 92, 93, a.ira. Rented ^ i breatohnwgh. VaJuPS 

°, f ,^ e Mexican Coffee InsbtM nil! t of jsland LEAD-Bareb* Clnmged. Forward were tartM* ? betow Thuro. 


it J tS > J J ot me ""Txfc* inp was an integral part of island LEAD — Barely clnmged. Forward were Irregutorty rang« 

controlled the organisation. chief, who bad been a prime mg was an imegyai pa *. Jpwer JJJ£t w , |0 a}65 ^ days finai lewis after s 

Cornier priceb also lost around mover in the export ban. on life, but wn*T apimaw were J 1 Ihe pre-market owing to ibe downturn squaring on tbe close. 

a*^Sa.“SoSSr^af» 3SS.W aiegSrSmportine of »"S 2 ™=r£„ , 15 SSi JSrL.'SS 


X. 00-2.00 Swedes— Per 381b a. 50. Rhubarb Oct. 214.30-214. 40 >215^0). Jan. 316.90 
—per pound, outdoor 0,06-0.07. Cucumber* S17.10. April 219.70-210.90. July 223JO-222.7D 
—Per tray lt/24's tJWLa.M. Mushrooms— Sales: 785 lots. 

Per pound 0.504.60. Apples— Per pound ^Silver— May 497.10 1487 M>. June «9-5l 
Bran* ley's 0.124.16. Cox's Orange PJpolns 4800.50*. July 503.00. Sept. 510.30, Dec. 
036-0.20. Lutnns O.l (*-0.13. Poars— Por 521.90. Jan. 525.90, March 533.90, Mas 


^sweek, WI ano^er JUl la charges offl ? n i*M0 ^re Wiled off by “ttra^Tion^Si JT*. 1SS 

warehouse stocks to -the lowest coffee and, tax evasion. S^rremanc recovering to X3i5.s before eaaws hack 

level since AueuaL 1978. ■ Nevertheless, rohusta coffee tne laermans. to close a\ du on the kerb. Pncex 

- — * are barely changed on Ibe week and 


I 1 October 1 lift. DO- ZX. 1 1 +1.60 UB.BU-Zb.ijU . July 177.60- 177.80 «1T7.10>. Aug. 176.70 

~ «=■= 1Wttber -nw-MiM+P-MiMmso 


WEEKLY PRICE CHANGES 


CiiofllL-ia l| 


Vfitab 

Aiumioluni £660 

Pre* JLxrteet lit.f. .. 5986-11 


latest 

Llh .„ 


137a | 

iwtonna 

on 

Year 

High 

Low 

unless - 
statal 

week 



*#o 


latest , • 

prices .t'h'Re I"" 1 

per lunue ; "ii »»?-' 

unless ,wt 
■mite-1 : 


£S30 

WD3OA0 


Antimony. (99.62) „. £L8fc - ttlJSfli t SZl.ofo - uuitaiTiiiew wpt £100 — 

ftoe Market (W.^ 52^00®^+ 87.6 S2.8DM001S2L3 Z& | 52,136 ^ | 


No. iltol Spring- SSa.M p B 
Am. Sari 

Winter.— 1 — 


iffl Wire Bars...,, ££84^5 —8 
3 tilths Do. DO.— £70L2&‘-&6 

C»ab Cethodes £B?4^ f-8 

3 month Do. 1X91.76 1-7^ 

Gold par at SnM86 -^n6 

bmaCaeh 5 £3®.» (-2 


S»S SS.7& pSSrwb.if: 

etBBJb £699 £60 2^* ri ^ b,cl ‘ — 

V&m !S5> S£ fi-2Sfre 

£593 £ £364.75 | £275£b Groundnut 



lash.--.-. 305- .5 
3 iruntbi.. 3X3-4 
Sctt'Iui'ul 30525 
U.S. Sp*e 


305- JS — 

3X34 Uj?5| - 




Yesterday'* i 

Clues i + or 

Business 


Done 

£ per tonne j 


1508-1510 -7.0 

1523-1500 

1390-1592 +4.5 

1400-1580 

1310.1312-6-6 

1325-1507 

1264-1260-16.5 

1275-1258 

1225-1235 -IL3 

— 

1210-1219 —8.0 


1190-1235 -a.a 



crate. Kent 0.704.80. 


August 128.50-S6.7 + 1.80' 12B.GO-27.00 

October 125.00-28.0 + 1.80 lSB.OD-25.50 


vrs Lincoln 0.794UU Kern 1210-3.00. 

* 


GRIMSBY FISH— Supply moderate and 


CguUf Uwre re Per 10.OOO lots. 

»di 1.30-2.00. 5oyabca»— May T21-723 (706*. Julj 

702-703 1793), AUE. 077. Sept. 640. NOV 
609-611, Jan. 0161. March 623, May 525-626, 
It* moderate and . USoyabean Meal— May 176.00 <774.301 


February ..._ 12 1.00-23J -0.05! 122.00 
April <121 J0-24.5 +0.50 - 


ZkuwnMMh: larao 1B4.5O.INL30. Ward 

£4.70. medium haddoett £3 20-13.90. small r m J.hma niLuu aiiLiaw mn cai 


Business done: 100 <144* lota. 


MMnwnmrmi; «80 Smeaben Oil-May S6.45-36.50 <30.681 

Jals 26.40-M.50 125.87*. Aug. -25.35-25.40 
best small plaice ES.SO^ES.eo. skinned dog- 2 < "0. Oct. 23.10. Dec. 22.4922.3S 


SUGAR 


fish (larpei £5.88. nnedlnm* £3.fi0: lemon j B n. ffi.05. Marcb 21 JO-21. Ba. Maiy 3L5S 
soles <lante* £7 00. Imodium) £6.00. rods- ni.60. 


Sales: 2.694 114341 tots Of S lonnw. LONDON DAILY PRICE ll»w Wiri 
ARAB I CAS — Trade was. reasonably tun.50 inns.DO) a tonne cu for April- Mas- 


flsb n.GO-rt.M. reds n 20 salthe £1^0-CL10. sugar— No. II: May 7.47 <7.531. Juls 

* 7.90-7.9] (7.86*. SepL 8,15, Ocl 9444125 

. V Jan. S.5M4S. March 9.M, May 9.IS-9.21 

PALM OIL. London— May. June. July. July 9.34. Sept. 9.40-8.4 6. Sales; 3.050 Jots 


■ v ~ * ■ ■ - uriPh rhd Amb-u irf thi Audi June stlXDEDPQt Whj(p sttfiaT daily price WLN Otl_ Lomfoo — H&Y. JlRie. July . July 9.34. S&pt. S.W*8.w. SRJeSi 3.0 m) <CU 

Morning: Cash £306, SS. three months ^ a f am of fni?®*, Au«wi soo.oo-sw.OB. Sept. 2M 00 -MO do. no— sor.wwn.oo arted tsio.ULSW.ft 

111. 11.5. 12. 13. 133. Kerbs, three SS*S« fl “™5£3» am hem Oft. 230.00420 OO. Nov. 2SO.OM1S.OO. Dec asked). 

onrtis isii Burnham Lambert reports. Prices Un ™ ™!,"Sr S" £L, mnuiiiM .tan nnniin^i Salca: nO ••Wheat— Mav 309-3091 <30341. Jnh 


flBs Z%TZ r £' r 2 r T'r™Z*. ''SkJ'" ■S-SSTm- 5 T im aHA »■>« •» 

£014, ZINC— pall away owins to otaanlsl and April expired, 200.00 oply: June 183.00- trading conditions. Later scattored non- 

£ai fresh .selling despite news that 3HAS ufi.ja, tO.OS, 182-30132.00; Aug&SZ 157^0- covering developed wblc* foiaid teilere 

is to ' Uft us basic price tor rioc to ub.oo, +D.S7, i«9.00 only; Ocl 154.00- reluctant Id offer ahead or TOe long wee*- 
£4 JtiQ BNQ inm &50. Forward racial Opened 151,75, +0.75. un traded; Dec 14L60-HS.08, end and Price® lined anom 100 pomt* by FINANCIAL TIMES 

P2JS0 around 1302 but moved down to £298 -1.00, 143.09-143.00; Feb. 133.00-137-00. the close, reports C. uZVfllkow, 

SIJ375 poor to ending on the kerb at £3SS.J. -0.75, untraacd: Anri! 130.00-136J6. — . “j ' ‘ '^vnr. fig! Api.’gTjHonih «;ii rwrac * 

Warehouse sorts are expected to show on traded. Sales 17 CB* lots of 17-250 Btoe. Yenerdav'B Prevtoua Buetneu — , ; 

FM&b a smoJr nse over the week during vrfilch ICO Indicator prices tor April 27 <U.S. Cto»e Clone Done 238.9*1238.94! 258.61 I 272.90 

£687 " values have faHen about 14. Turnover ctms per pound*; Colombian. Mild /Baw»“'ja£“irios2=iJ)l» ‘ 

^6 4-^3 wnnes. ArabittS 194.50 <184.00 1; unwashed Lmn ‘ ■ - laase, jmy i. iws 

5495 , iTTvl JjTTir 7T, n i~r_ Arabicas 168.66 <176.00;: other Itiilfl ' ,, ‘ , BfllTFB'd 

^ n ~ n h, F irl jl" i r Arabicas 173.80 (173.17): Robuetas lSfi.OO i. ^er inane REUTtR 5 

Dafly ^ 15&w m rirsjifjggr 

«• r^llwsbS “ b 7 « JUTE SSl:.:: KS iS iS£S5S£n J mS 

£23 2 !m -EL Z fl” DUNDEE JUTE— OuIOL Prices C Ubd f jj* - £»** «■" * ,93, - IW) 

EI.511 Frn,.W«u| - . .-3 . I ffi aS”! lSSSSSiSSS 134JW DOW JONES 

^ ^- 0DI ^ j *5lA BTD OHS. Calcutta goods Orm. QUOU- n^mme l 5 ^ - I ■*{'!»' i Vw,r 




GoUparoL 8170686-^6 

btailCahhi 1 £3SJ5.» (-« 

3 month* } I J6313L& UL25 


kldttJ., j. }- 

kreolLiriteieJJJb, 8L96/2JB — 0.1 
PMffpmperoE,... £12W -j+3 
9r« Market pertwj £117.6 I+4J 

Quieksilvar (76llM.)| 8121-32 i — 


FINANCIAL TIMES 

TiVr 2arvp;2r:unmh^.4 rwrac* 


■4J8L9 j£li»J0 !£96-4 

.«*:« 1»R» 


Pjp| iq 1 

CoprtlPbWPPf je3,, | 

rioya bMUSi 


Bilvar peroa, S73Jp J-AS '87U0p 2Mj» 

3 months (er ex... 27&hp J— 2^ .27940^ 


TrauMh 

3 roontlw-, 


Wolfram (SDHbJ. 8137-43 }-2.0 

Zim.-i-a*h.„„„ 2280.fr '-4 j0 

3 luonlbfi. £297.6 «3.76 

Prodiusr*,™™™. VbbU/601^ — 


Other 

GomsaflfflSies 


fflBJp i— BJJ .XI Utoup. r-^TShllHIlCil^ U2L0M-6 i-S-b 

£6,1 W +47.5 £6;«0 £*.*3S ^Wp iT.SB.7.^5 

CS.Q77J \*e0 Sb. 727. £6^4 *MIW SS1JB1 '.+« 


258,94 1238.94 i_25a.6X ! ?72.90 
fBase; July L 1963= iOM 


T+ ,,r i „ !^+ ur 

— I Untiflk-uu I -- 


S37Zh t >t.h 

3834 


, i wnths..| 

J i 3‘meiii j 

12.153 | £1.511 t'roi.Wwti 
i££.0Khi £LI5&J* Momma, 


* » 

289-90 -4.75! 
297-8 I-5-2SI 
290 "-j — fl.Sj 


i U 

- ;-7.75 


REUTER’S 

April"! EBlijirR” 27[ iliiqrh~i(jnl~?«r «5?* 


1455-3 ' 14 57 .lt 1434.6 ! _17W.4_ 
(Base: SSewember IS. 1931=100) 


S 178-84 Sl72.fr S7395 
£38125 £315.5 IeJMWS* 




Brains 

Bariev ESC. i . - 

Blome Futures ..... LK.26 -3-6; . 

Mtiw ; 

FrenuhXo. 5 Yeilow 

limintaii)] £106.76 — 


fflygfi i £106.76 1 £96.6 


asiqi'l 

Hm.'G(«v(>uI I W* 5 ! la 


9m fiSeb S Tn. 

"»'*» 9SfS^. gf 

«*.*» *B6fi wJtoS^Wn^: m.kUo +3 


»o6<3 S627.S 
EU4 kM 


ei.«3r- motnlK £299. 59. 8SJ. 
£630 * Cams per rww 

543* ofijeial close, t SU 
4b.bu 

H77 rflTTfllV 


1 2B0|v>tl» >279uhllo! 


XplKOCHO- 


•jMsatoPL tlWUw®- 


ista ; SSlJi U-l.b«Shi!Lias ma . ZSSJ,. «. ns. 08. Knrte. three hom c^d (UK lororomptBhltwtent: ^ (2.13S) lots of 50 touneo. 

” ■ TSL-yf , on “Hk SSSff p25JUf 

:lTf m iTOIV resiyclive ritipmem pi-nods. Yarn rim . Sugar Agreemcnu Indies 

» 7.3 v-v 4 * i-' 1 ’ twin re*m. tor pnetg <o.S. «ms per pound) *ob and 

B 4 LIVERPOOL— Spot and shipment saks stowed Caribbean port Prices for April 37: 

:m atnounltd to 91 lonnes, bringing Ihe total GttAlN^h Dally 7.65 <7.48i: lS-d&y average 7.80 

30u for (he w«* "to 1U33 tonnes against J tf.SOV _ 

4„ 1,451 lMm«. only limited dealmw LONDON FUTURES (GAFTA*--The EEC IMPORT LEVIES lor dMitured 

Dinio occurcd with Russian nod Turkish auali- nariwi opened unchanged on old crons and non-denararen sugar, eoectlfe tMay 

r}«* m fair reouesi, reports p. W- and May barley moved steadily h inner *b In units of aecount uer 100 kiwb ipremous 

■ TatUMsat]. The cad for African aid oulet conditions after Initial losses ol in brackets): 2051 (same): raw 31J3 

other supplies was negligible. 25 points. U dosed 10 higher. DM crop <2l,£5>. 


DOW JONES 

'^T’E? ; tf"! 


.-JUS ,.,.asa 75 3S8.11 364.0&430 64 
Futunir44a^8 S49.32 3fr3.354C©.6a 
fAverafitf lft24-2M6'ilW) ... 


MOODY’S 


I E8 1 C7 ; ic- i>u{<» 


fipla t-'o mwvy VOO 3. 9PD JO 1 9Q8.fr -4SS 
* December 3J; 1931=100) 


••Wheat— May 30M0M <30S*i, Juft 
312-31 If l30Ti i. Sept. 31fi |-«5. Dec. 321 
310. March 313-3231. May 322. 

WTNNfPEC. April 2S. tfByo— Mas 
105.50 bid <105110 bid). July 104.20 1 103.41 
hid*. Oct. 105.40 asked. Nov. 105.00 bid 
Dec. 105.50 bid. 

tfOirts— May R2J0 Md <61.10 bid). Jail 
7S.90 <77.40-77.60*. OCt. 76.50 bid. Dec 
74.30 bid. March 7430. 

n Bariev —May 77.08 I76.BDI. July 78.2! 
bid 1 77.30*. Oct. 78.00, .Dec. 77.10 bid 
March 78.59. 

GS Flaxseed— May 258.80 Wd <244.10 bid* 
July 254 40 bid <248.00 bWi, Oct 25L6I 
asfcrd. Nov. 232.30 bid. Pec. 353.50. 

7*:»rhca<— SCWRS 13.5 per cent, proteb 
Conti;iit HT Si. I-Bwrenrp 163.54 I16L21) 

AS ceniR per pound es-warehousi 
unlnts othenrise staled. 'S'b per tro; 
otmee—lim. minw lots. * Chicago kx» 
per 100 ]b*s— Dcot of AffrimlUre erica 
previous day. Prime stpam fob N> 
hnlfe 'ank ears, t Cents per 56- lb hnsbo 
ex-wareboaxe. ROWl-bushe] lots, fits oe 
tray ounce for SHiouce imtts of B9.i 
per e*TU. purity delivered NY. u Cm 
per irny ounce ex-w 3 rehouse. II New •* B ■ 
contract In Sg a short ton for bulk tot 
or 100 short tons delivered fob can 
ChJt'SHO. Trtedo. Sr, Louis and Alton 
— cent* per RMb bushel in store 
t f Cents per 24-lb bushel. 27 Cent* Be 
4.<Mh bushel ex-warehouse. I! Cents ue: 
5Mb bushel rx-warebouse. 1,000-basba 
toia. tlBC per tunae. 






BRITISH FUNDS (710) 

2'tpe Arm, 19 127141 
2-Uk Amu. 220 


SVpc 99* (2444) 

7 *PC aa >\ 114781 99 3 M 99.723 99.725 
99.970 99 S9*K >21 /*, 

8 toc 99-6400 99.5420 99.8430 


3pc Bm. Transport 1978-88 62 >,:o /*« »« JsTIS's” * ” ^ 

y.'SL' VSJ* J a.. ,z 1>. 1> ... ,. S'lDC <13(12.78) 99.7050 99.7080 99. 

2 L : S? T®"*- 5tk * 21 W 20 10 “nO t«a 7120 99.7150 99.7130 

20* 1 71.dC <2012.781 OO-TIUA W-llUA Mh 


40C Cons. Ln. 3 31;® J| ij 


3 ! :Pc Conversion Ln. 35 «• 

5DC Exchea. Ln. 1975-70 99 8<3 m % 


I 3 I 4 K Exchec. Ln. 1995 102*0 U0 
3 k Excheq. 5tk. 1981 67iiu 
3p< Excheq. Stk. 1983 Sl’ia <1 


71.pt -201278) 99^840 99.388# 99* 
7l»DC iT0.’1 r 7») 98<!u 
1 1 DC <11 479) 101.907 101.952 101.869 
101. 101.955 
9 pc <25 4 79) TOO* (2S<4i 
6>:PC '2, 5791 99* IZ7/4I 
1Q-:pe <16*79, 10l*i Zfr'4, 


* 

This week’s SE dealings 


Financial Times Saturday April 29 & 97 S 


Moss Ebb. Gp. (25o) SB 
Mob <ftJ. <1001 -350' •-.•• = : 
MCAMvWr OOP) 1S20 50 at •' 
Mourn Charlotte liwwts. 0 Op/. 17*0 1641 
MovitCX (lop) 14 119/4)’ •• /• • . 

Mowtan (JJ ( 2 SpJ 1300. ~ / • :-• . 
MvlrMatf/OSP) 1730 3-2 tZ7M) 


Friday- April 28 ........... MW 

Thursday, April 27 4,727 


Wednesday, April 26 5,110 

Tuesday, April 25 ... 4JM4 


Scott ana ftaMrtson 12 So) 3 & <24/41 
Scottish - 4t)<> Universal - Invests. <25 p> 
. 1TB 1*0 ‘ 16 It.- SAapcDb. 8Fo7/4> 
Sco^j^EnBlIsh and . European Textiles 


. .. *sh Homes invest-. ttSgj T 8*0 19 
sccmiff) Icn-Rlnk. C19Z8J 12110 20 (27(4) 
Scottish Television Non-vtg, A (lOp) sail 
SMfS HWOA 050) 64*0 6 5* 6 *. ' 7pe 


Monday. April 24 . 4,382 

Friday, April 21 ... <U99 


Uylgn Gn. (10a) 660 <27(4) n 

N- — 0 — P 


8 [a DC E«»wq. Stk, 1981 95* 5 * 'it Variable Rate Bds. ‘Reg. 6625 k a | the On parentheses). 


The list below records all yesterday 1 * ntarktoss and also the latest nuridnss din-ins the week ef any share not dealt In yesterday, tb* tatter can he dtattasutatied- m 


NCR 4PC$tt0.Ln. 770 6% 5 S* 

NSS Newsagent* (lOPi 1T2. 10* 10 


5 64:hs <2 12 81) 100 0200 1 004)230 

. s,k * 1983 * zu '«0 **» iiMK'21'4'82) 99* The Dumber <d doattasa m ar ked In each section rallowa the name of the 

3UK E*ch*£ Slk. 1982 95* W U V "‘lTlz. 1M.02M, ^■oaM 662 * 9 '' 3°°^?. 


ESS ft \ 9 iii %V U W U aSSf* moftum are tented to pounds and Mullens * pounds 

10 '.PC Excheq. Sir. 1995 860 S'.O fi* * Variable Rate Bds. (Res. (9J2375pc 10 °* ,n PMM *»d Fraction* of pente. 

10':pc Exehea. Stk. 1997 870 6i» 1t « 7 * (20:4 83) laoo The ust below gives the prices at which bargains dng by members sf 

.1* * _ niipiir- nftsDne ..... Tire Stock Exchange have been rwcorded In The stock Exchange Dally 

29* 30 29': * Agrieutaral Mart, Coip.S'zpepb. 75-78 , .^. h ... .. . 


1 2 dc Exchea. Stk, 1998 iFy. pd.i 96 5* 

1 2 Pc Exchea. Stk. iisa. at £96pc £30 Dd.) 
29* 30 29': * 

12*K Exchea. Slk. 1992 100 U <■ 

IZ'jdc Exchea. Stk. 1994 lao* * 

1 2-'.pc Exchea. Slk. 1981 105 61-64U»0 

6 *jsO ‘is 


cans, and the Hst cannot, there fo re, be regarded as a qm ip lete recant of 
prices at MWCb business has boon dene. Bargain are recorded In the Official 
Ust up to 2J5 pan. only, hm tear transactions can be (Ktodod in the Mtowhw 
day's OfBcfal Ust. He indication s available as ro whether a bargain represents 
a sale or paretasa an members of the public. Markings are not necessarily 
In order of execnUoa, and only one bargain to any one SMority at any one 
price u recorded. 


mam u. #.1 secs. <25pi 78 
Nathan (B. I.) (25p> 510 ^ 


7«ScUnieUjn. 6010 f 27/4 1 
Scgurfs* Group C25 p) 36.. A C25p> 94 6 

Security Services C25o) .100 G614) 

Sekera Intnl.. (lOplMh* 

SeUncoart I5M -250 4*0 4 -1* - 
stra sma Em. isop) 5 
Senior Engs- Group (lOp) Z3VO 


National .CarbOWHPO . ilOpi SHl® .SO. Senior Engg. Croup oOm Z3VO 

NeepiuuiUpr *ii i«/4) ■■ ’ -Iteilamm ‘ST mS <5? 3% 

eau g 

JSffoASSSB 1 " ’« a ™ “K SC tffsawdl' 
SSSUSfWIW.. 


of a recognised Stock 
SJ— dJamalcan; 5Ma— 


127/4). _ GpcDb 82-87 69*. 61uxDb. 


Neill U.i Mldgs. <2Sp) W tPfl B7f4J 
Nelson Dario (5pi^O 
Newarthill 1 » i2774j 

jssi^'u: ifs? 7«». .am 

Nwmu,Tanks (25|H- 55*0 . 

News lotnl. (Z5P1..242 - 


Sharpe (W. N.i OSp) 1400 
Shew Carpets <10p> 28 (27J4L 


\4£J£P* 2£,ir - 

Shwptaf-kfga E< — 


. ahpcDb: ,/ u 




504 (28/4)7- 


8SS^ e R§SS5 i «^ S i , ! , n« , i 1 I? v IHoWInsoos Wdgs. «0p) 9710 7 B1 

□ u fay BOT mwtk (1 Qp). 38 7 f Horlzsa MkHands (So) 102* 44 

D «vSf Combex ' M "* (10pl 1220 1ST 21 Homo Bros. 48 
U7|*J I «4 1 — - — 4-in-i tkrim row 

Duncan (Walken Goodriek* 

Duntord Elliott SpcML 




• Hoskins and Horton t20p) 1500 <27141 
.V- House of Frarar I25w 1490 40 6 6 7 50 

3*0 (2714) 49 . 49t0< SUpcLo. 650 ' 

... — Ho rering nam Grp. (25 p) 79, RBt-Vtg- 
7nrnh iSSS (25n) 68 (26(4) 

BSkfii Howare and wvndham <2001 20 19 <Z 7 ( 4 ). 

-- , 7 MI ..A (2&1.19 (27 4 i. _ 1 BocU. 107.07/4) 


lorthtni EnB- 5U"0» Engg. S5p) Z 04 I® - - f.. 

1 ? A m* ilSpdPfiaffi: sw.” «« wo* 1 * 

oa« » 

' ^. % K sssn ^ st v M 
fitt*swsgsap<i«« <»» 




NOTUllM. F-MlUPf wxw • . Sllveraomo Orouo(l£)p>1 

MBiSSPlffi BUS ZZ1± 


Howard Machinery (25p) 32 30 1 


"C^TreBure iT loss- 88 . 3*0 4 ' u® COMMONWEALTH GOVTS. (8) (25o) 59 gffi Ora 1 25b) 104 3 73tJ tSSSS msrsr U50 ‘ 2a ** 14 

IS * 1 jssseti^t ' otF'UhSFSh aw 12614) .... . «jss?5^,2is ia3 , 6l 4 3 . nsiAr&runte « hs\»«a!U»u c 


7 * 0 ? Tr^Lre'ii 2 DT 2 - 1 S GBdi 7 VS *0 AusiMiia - (Comm ) Sijpc l 975.78 98* Mortond 460 12614) “L I !?5!!«!? D, " e C D S,tw S. f A 5a> 1831 * *■ gvTM^nhaw Group <25 p) 506 49 

«■ coSn Ira rzd.fli 5 ' 7 PCSik 1976-79 97* f?64). Scottish Newcastle' Brews. i20p) 69 'a 16 SbpeDb. 59 (2714) fii.pcDh. 6 S* Drkos <j.i (Hides. 1 (Z5p) 29 (2&4i 

!? C b , T ES* L C; Z ?QH 7 °on 6 B% 787,10 SHflSik. 1^7-ao §4V sioestl!: 4* S«aocCum.Pt. 45. BoclstMhDh. . 2541 . 7*pcDa 65n IZ 6 . 4 . Dvson Q. j.i A 050) 53* 

B B2i|*0 , **S , TS|«o'b 3 >i«* 9 3 iun! 8 * ** 1981^82 ns** <26i416pcStk 1977-80 6s 6 UBCl.stM t.Db. 82 7*ac1stMt. British Levlano (50p) 231. 3 20 4 _ _ 


Hudson* Bav Sbs. rtpv 13 1Z%$ 
Huglws7o« Shs. (SUSt) SUS31ij0 <27i4) 
H unset (Hldas.il25p) 128 04(4). 

Hunt and Moscrop iMkidleton) (Spi 27 


B'jdc Treasure Ln. 1980-82 fta’ioO '* 5 JpcStK. 90’)' 


CucStk. 1981-83 831- f24'4i. Ob. 68 CZ4.4) 


British .Lev land Motor Coro- 6pc 41. 


5li'9«one IJam«) Sons 5*pc2ndCum.Pt 6.1pc 74* C24i«). 7J»BC 521,0 sot. 
SO 124 41 Hoc 54. 7 L,nr Ln. 54 nT' ‘ 


Hunting Assoc. Inds- (25p) 2160 
Hunrteigh Grp. <tOp> 88 9 
Hurst (Chart es) t25m 85 


Northern foods (25p>- 90 2. 6J25»ct 

Sa&SL.'tSJ’fl,-- i. 

Nurdln, . Pnicodt (IObi 880 7 9 8 
Nu-5«rifl Hxts- (Sr) ZB 1 *© 


Hurst (Charles) (25m 85 
Hurst (Chariesi Motors 7>mcDb. 666 bO 
(27'4) I 

Hyman U. and J.i (5or 33 2 


I — J — K 


to"— 5oecu,,,WBs gd - ,20bi 77 

tp "9 ^ru^aK^ 11 ,a7w - 78 * awTijaa'sap. ^ a™ 

Z 1 ?? British Syphon Inn. tSoprsau i |S(W ®V- IO*c uiipgworth Moms UOpi 28* (24/4). A 


1 2 *pc Treasure Ln. 1992 104* U I27I4). 

t2*pc Treasure Ln. 1995 99*( 100 99* (?4'4i _ . 

lOOlit S(k. 84 S* (24(4). EpcStk. 1976-7' 

13Upc Treasury Ln. 1997 106*0 } i<0 * (27(41. SocSUk. 1978-81 86 124J4) 

13*pc Treasure Ln. 1993 T05*O * FOREIGN STOCKS ( — ) 

14i : p c Treasure Ln. 1994 1131,0 * COUPONS PAYABLE IN LONDON 


: UnoecXn. 140 (Z5-4J 

(2814) Eastwood (J. B.i l bp I go 
(25/4) Eleco Hioos. n Op, 41ij 
New Ord. electrical Indusi. Sec uri ties C25 di 45* 

Elactracomponents HOD) 53 1 ,q bq 


■SiaOC Treasury Ln. 1996 115*0 *0 Chinese SoeReorg.GoldLn. 1913 (Lon. 


15A0 16 15* tss.) 8 (ZSi4l 

IS'rpc Treasure Ln. 1998 119* * Creek Srr 1914 £44 (25/4) 

2':pc Treasury Stk. 1975 20*0 UO * Babcock Nederlam 

!pc Treasure Stk. 24* Burmah Oil S'jpc 

5 pc Treasure Stk. 1979 9SV Ms * IB u inchcane (Bermud 

3pc Treasury Stk. 1902 84 )m * *’nt U7 ' 4 ' 

3* pc 1 * Treasure Slk. 1977.80 930 UO 3 _ CURKE 

ii Citicorp overseas 

3'sPC Treasury Stk. 1979-81 89=n «n 91*® 20 l 2J'4> 

’i< * Fin. lor ind. 9*« 

5 pc Treasure Stk. 1986-89 66* ** 5* ■, I (25'4) 

6 1 in 6 Financiering Mai 


Whitbread In rest- (Z5P, 82 (27,41. 3 *PC (23b) 00 r nV,T*T riTf ° 

Qk 74 * rze- 4 ) B.itei.. ?c .. EluctrocDmponentS (TOD) 3B1lza) jQ M 

Wolrerhamoton and Dudley Brews. C25p Brockhota^ I^So) 5 ' 54Ud» 4, CZ7 /«). 3.1 5 pc Hmronlc F mu!s*Oref(10«) ^ridf 1 0t 1 1 

I Youna »nd Co.i Brwy. (SOP) 1670 127,4) & o, Compaq <10 p) 69* SHS 

CANALS & DOCKS (8) BrokEn 1 Hill Pntonptarw ha,, cn , 6lll«t Gro-o» Peterborough nOpj 20 

I Bristol Channel Ship Repairers <1 Op) 6<aO Bmabn ■nrH i .r^r-. ... 1 _9pcCnr.Uns.Ln. (2714) 


UUP, 2m 70 hi ' 

iraasco Class A Sbs. 210 (27/4) 

Imperial Chemical I nos. 339*® 42* 1 40 


Nwaiwnam row- • — Smith.- (Dold S.l (HldgsTf oopi 8Q« ( 27 ( 4 ) - 

JlKs^’lSff^W " Smith iDdmtrii <50u1 TTOO 56 2 6= . 

Nu-Swtfl !«»■ 5murM UeflvrswiJ Grp; ESol 18» (24/4) ! 

8±.ftE5 aft- 1- * 

©J!- wr W«* finance Sgcu., 961 2 fC ^ 

awe«.- Electronic Machines (20p) 101 Consfructfens fHktu.) <5 d) 7* ^ V ' . 

Group- aoo) 1130- 140 12* - Sohrrow KJ. W.J Son» (Z(Tp) 100* 07/41 Jr J. 

A “? " S ‘fig. 1 , S* 3 “^ !M ' :• ' 

OihSs 1 'paper MIH (ZOO) MO <27141 SoeedwefUSwr Case (25 d) 22.(25/41 ?■;?’ . 

Orme Ueveiopineott it Op) 46 * <27M) Spencer Geers CHldgu (Sp) 32 . . v 

Osbem (Samuel) 125 b) 930 5 . r ■ .: Saenr . lUnd Con. '(SUS0L50) SUS40U --S- ■ 


2 3 5 40* 38* 42* 4. 5>2PCLn. 46* * 
6. SLPCLA. 97 I2S/4L . 7*pcLn. 636 


OwwtonTlnvsts. (R012« 276 ' ' 

Owen Owen (25 p) 85. SbpcDb. 68* * SoWere O5o) 27*0 7 6* 7* 6. TpcDb. 

(2814) __ ' _ " '82 (ZS,4). 7*pCDti. .71 (25/4) 

Oxley Printing Group «23p» SB's® Soirax-Sarco Eng. (ZSo) 276® 5 . 


>3*0 5*4*. 8pCLn. 71*0 70la 1h 70*1 
1 70. 10*pcLn. 88 7* 


CANALS & DOCKS (8) 

I Bristol Cbannel Ship Repairers ClOp) 


Fl f [St ifsni un? &¥¥> Imperial Grp- (25o> 76 5* 7 6*. Apcui. 

SSAXiSsb m - i shs 


Oxley Printing Group-OBp) SB’s®. 

sr < Eionr4ra?ji<g SS 

Parkland Textile (Hldfl&O A. (ZSo, 


Paterson 2 (RJ'^Sons OSp). 


SPUTers <25P>. 271*0 7 6* 7* 6. TpcDb. 

82 (ZS, 4). 7*pCDb. .72 (25/4) 
Soirex-Sarco Eng. (25e> 276® 5 
Spooner- <nd. (2$p) 48 <2S<4) 

St*6ordtiih-e Potteries (Hldas.) (2Sp) 142 
Stahex lDd. (25p) 11* 11. 6*pcLn. 40 

Stag • Fornture Hides. (25 P) 32 (25(4). 
_TOpcPt. 90* 


STERLING FOREIGN 
CURRENCY BONDS 

Citicorp Overseas Finance Cota NY IOpc 


EUwick- Hopper i5p) 20 (2744) 

Elya (Wimbledon) (25p) 125 (24(4) 


5i.*pc Treasure Stk. 2008-12 48*0 9 * lOUot 90* (2614) 
B'mc Treasure Stk. 1982 92‘i»t * ’i, Fltons (nt- Fin. NV 1 


Fin. lor Ind. 9*PC Bl* (27/4). IOPC 91* 39 (26-'41 

■1 I (2S'd) „ 

Financiering Maatscbappl D'Oranleboom CO 


0*PC H4* * * 


COMMERCIAL (3,217) 
A— fi 


B'*PC Treasure stk. 1983 96*® %® Geasterner HUB- 11 Pc 94*® flaO *® %® AA|| t2SBj fl7 Bryant Holdings ,25p) SSffl 

9>:pc ^Treasure sik. 65 1980 1 00 17 64ths Rownfree Mackintosh !0*pc 90*® * ACE Machinery lHidgs.i i2SP> 113 a6'4i Bulginf'iA. 6 F*.) 4 /? 1 N-Vtg. • 
* * * <27/4) A*B Research OOP* 910 2_ Bullnueh fJOnl 10 a. 


L?'TlM°3 PeU1 ' aQ!l ® 1 "a- ZotiSS nop, 183*0. A (10P) Stokla (Reo.) HOP) 360 5*6 6 

wr wrsiflff ssz 60w 5313 *gt • 

U7.4, iiop> 5o ?T !5p5 38 as, * > (RO^ 1 13* (27,4: 

ffiSn 6B l ® 9 a7 ' 4 *' ps!££ (S ) : asp) IfigS «s-.S? l ft e S* _PT 185 (25/4). BPcU., CSp? 1 


(25p) 59 it® 60ij* 59 * 
1 1 * (24,41 


Brown* and" Jackson ( 2 ap) Bi« I® rero * ,,ort U (25oj isdffl 61® } ngrun '^H^oldi °U On? 3B 7 ;z4as) 

*= a-u e&r — - - — :sfi± “ 

' 10,11 22,4 | na,on mante (25p) 550 (27(4) m5] 2U0t® 5®^« 

79 10 * 1T ® lat 16 f""ST J Sere(c« Electronics I10p) 11® 11 International Paint (25p) 6B (26/4L 8*pc 
S™""” SS ,, . , ...... E5Sl“nd u. E.) Sons (WeUIngton) <5p) Ln. 65 (2A4) 

Brimnlng Groin (25p) 68 . BocLn. 1989- 32* International Standard Elec. Cora. 69* 9 

'2641 Eitollsh and Overseas Invests. ilOa) 25 70 i2*4) 

Bruntons iMuiseiburuhi < 2 Sp] 1010 (27>4) < 2 W) International Stores 4 *PCU). 58 i27,4>. 

Bryant Holdings ,25p) 55® u® 4 5 (27,4). EngMso Curd Clotftlno .ZSp) 81 <Z4-4] 6 *ocLn. 51b (2641. 7*pcLn. 59'a 
BpcPI. 46 124 4] w English China Clays (23n) 82* 2 7*uc Inter. Tei. Tel. <SUSV) 25b i25Mi 


stead Simpson a <25oi 35® (27(4) 
Steel samm ntaJS) 34 


pSre€»TL^smPa <28o) 181 (2714) , SMI Bro® . Hltas. (SOp) 384 (26,4). 
Peireda tsTTzSo) I860 JS-.jSptP. 94 PT 185 05/4). BPcLn. (25p) 18/ 
0614), TO»-rcLi> 2001-05- 83.* (25 Ml Steetley TpcLn.-OOpi 109 <26,4) 

Peoiee-ffattersley ^Sp) --1 61 ® * . ■'2641 

Pennine Motor ClOp) ** Sterling Indust. (2t*p) 25 054] 

Psntiana Ind*. MOn) 72* . rr»*. Stevenson iHughv Sons 6*ncDb- 77k 


English China Clays (2 So) 82* 2 7imc I Inter. Tei. Tel 


* * >a >27/4) 

9'.pc Treasure Stk. 1981 99<i«tt 9® 8*« sears lot. Fin. NV 1Q*pc 90*® 1® (27'*) 
9* ■ ,n >is - Total Oil Marine Bine 93*0 (27 4) 

IOpc Treasure Slk. 1992 87 * * * ‘it rihitbread 1 0WPC 94® (27>4) 

IDhK Treasure Iti?' 1979 10 ».«« FOREIGN CORPS <— ) 

»M® 5 “it -- Rio de Janeiro 4'ipc 50 (25/41 

Iiudc Treasure Stk'. 1979 lOZ^ 5 i» “at UJC RAILWAYS 

) 2 ^T«-^SL lf, Stfc tk 'inls 1 9 iS 0 i *• * * Canadian PaciBe (SCS) 18 127,*). 7*pc 
12nc Treasure Stk. T99S 98*® *® * n iSCIO) 660 >24 41. 4oc 33*® * Ij 

13dc ‘T reasure Stk. 1990 107*® Ti FOREIGN RAILWAYS 


International Timber Cora *25n, 116. 


, Trs E£SSiS«inn, fll® 2 Bulgln IA. F.) A N-Vtfl. >5p) 23 (2 5^4) Uns-Ln. 62* International Timber Cora (25b) 116. 

?u5£l!* n i«inoi P yno®in 5 3 ISncPt Bu,| Pu®h (20 d) 124 19 *^04(4). Ord. English Electric 4«cOb 96. 5*PCDb- IDocLn. 125 (2541 
1 ® ( 27 ,4> MldOS. (50P' ZOO 195. SASgcPI. - 2 dpi B “ 77-B2 BS*« (27/4). 7pcDb. 72* U7-4) (nverosk Grp. «S0p) 66®. 4JuclaJ>t. 

17,41 I fa®; (liti*" 47 UB4, ‘ Burner and Lump moldings) i20o) 42 k EPlcnre^ H,d£rL 2 (5p) 12 * 47 i254). 4.2nc2ndPf. 11 ,27,4) 

Sit2I“iE.i1?iMS ,l S5h 7 , rj 7 j 4 , Bunn Pulp Paper (25p) 100 Esoevanaa Trade Tranwort HSijp) 152® J-B. HldUI. (5P) 57)3 

AW»r Pa ne lS l2 5p) 3Su^7t (27/41 Bureo Dean i25pl 66 <27/4) 49® 8 Jacks ., William) l2Sp, 2Bk:® *1 

Aterdeen construction Grp. (zap, bz 4 Burgess Products (Hides.) A N-Vtg. C25o) Eucalyptus Pulp Mills <25pl 61 1.® a Jackson ij. & H. B.) >5p) 26* <25 4). 

-V?A 4 ' . o— _36 European Ferries (25n) 117® itis is® lOocPt. 10a (25 4) 


-Vtg. C2So) Eucalyptus Pulp Mills (25pl 61 1.® 4 


Jackson ij. & H. B.) >5p) 26* <25 4). 


^Tr^re S(k.' llso Wlaf.!? £ * An» 0 '« 4 «a «Cn.l„ ® Boll... 17 ^ < 24 , 4 , ftaSTlJPllftM® 4 
Variable Rat* Treasure Stk 19 B 1 96 * BANKS ( 188 ) A i ral K? Laundries OOl 


European Ferries (25 p) 117® fa*® 18® IOpcPF. 10B (25 4) 

17*® 18 19 18* i7k I9h Jamaica Sugar Estates <25pi 15ft 16 'a 


James (John) Group of, Companies i25o> 
45 3b 4k: 

James (Mauricei industries iZOp) 13 * 14 


iurio'uaK~fcamratlan'~si>A 'ol Com. Slk. 'rSf.)"'™^ ‘" w ■” """ “ aw iB JratiaSe* HhSSfc. (Jfni '*3* ** 

'SUS51 57*® 1 27-4) Ewer (Georoe) (TOP] 2E (27,4) Jerome iS.) sons -rildgs.) i25p) 52® 

Burrouahs Machines 5»]PeLn. 1980-85 990 E*Mliburj2«HiJv ,5c) 1411 ®*® (27 ni 5S SUP * '£ ,d 2H ^Op) 40* 

Burt Boutton Hnldmos 7 pcPi. 48 (24 41 r ttSESTriASr'ilW' .nl'S, 1 * 7 1 Johnson, Fifth Brown >25ni 65. 1T.C 


flODi 23 (27 4i. 8 PC 


Pentos tl Op) • BO«7B- ) soa-n^iKu, stewart Piastlrs i25pi 122 0614) 
! ^ n .M*, ,n M r oto?r^P? 19& Stork lake Hldgs. C25o) 63 

S252j H ulrt£^?10o) 193 Stoddard IHWti,) ,A «250) 29<u 

SJJSSrc/nV3?T10p) 42® (27«» Sfone-P/aft Intest <25M III 

SStSSm^Si n 2 «»Di 64® 80V1* « Streeters of Godalmlng UOpi 27 (27M41 

Prrrocoo GfP. nznoi »«. * Strong Ww (HWgxJ OStn 67 (25/4) 

Pha^afe Garre BocPT. 50* (27/4) - Stroud Rllev -Drummond <25p) 30 <24 '41 

B c244> * 

K?l^v Tl Tl^tT^&P^l3^ , !ift|/4> Snmner^rom^) B mid®bi nop) 18 is* 
Pickles (Wo HOp) I3'i *26/4) A UOp) sumrle Clothes OOp) 22 ‘ ' ' ' 

pf(o> Hldgs. Pi «££> W-JfS/4) . ' ' *f"% **"-.*>■ «0P). TIPs. 7**pcPf. 

• S “K fto". 0- :so ® "■ _•?* <iow 

pEj^uni*^) Ts* a M?^ • ‘ Suter Electrical (SP) 23 

Pj™ (SOP) 99^ 9 74 8 7. _ ThpeDb. l^) Y5H *2504). B 

95 3 (2i'4) S«rt!rctohrt ,1 S^S , tjpePf.:73* (24/4) 


Norih r* F-otiard Hvriro-Eleriric Bd. 4oc .Kf, 3S1 j c n 
^■’R^on 3 ^. 9 , 1 ^^® 3*® 4^ ^ 5D Corph 
Ik Sank Ltumi (U.K.i 164 

TNTT RANK ( 1 3a.' k of Ireland 357® 

1INIUBAIVM I Bank Ol Montreal iSC3 

FREE OF STAMP DUTY Sank at New South V 

5 pc Stk. 1977-82 83 i2E 4i ;5A2) 490 (27.4, 

CORPORATIONS (55) S2Sk 3 sEtian^SoJS 

FREE OF STAMP OUTV darclavs Bank 342® 3! 

Lgndtm ^nto 1m: 2iu <27 4. W»h Bamtoys'n.Sc^nu.^^ 

Coro. 'of London 5 *pc S3*® 6j*pe 1975- ChM# Manhattan Cwpn, 


Fairbaim Lawson >25ei 60® 59« 61 


Falrriough Cons. Gp. rzspi 67® 
Fairdaie Textiles -5oo 17*® 1271 


7*® i27>4i 
16® 18 


Hviiro-Eleriric Bd. 4oc ?£“ Z« l » n '» Banking Grp. Airflow Strean lines (2Sp) 75® (27 4) Fairbaim Lawson . 250 ) 80® sg 

k 91* '27 41 n ■ SO r „ -k. Alnrlght and Wilson i25p, 116® 12® IB f n .. FalrrtOugh Cons. Gp. I25p) 6' 

k 1986 96 44® 3*® B i n , l! ftK?* Corpn Shs.. (SUS.S725I 17 15 O— U Fairdaie Textiles '5» 17*® 1 : 

»«»’ 1 ..I™ 111 x 1 1U ia u. im« Alcan Aluminium (U K.i 10'iPcLn. a5'i . -k- cm, KMr - n Falrvlew Estates (TOP) 116® ig 

„ v Ba?J S* t274) »Z7 4#. 9acLn. 147* “S Shs. ol Com. Slk. 'SUS2J5D farm Feed H idgs. <25pi 40® 

{AN ^ 01 MonSM| S, i?C2i 15 Ua® (27 4) A 'l“* n f^s? 4 , HldBS ‘ t5PI 23t- New ,SoJ C.H. ’rnduslriala HOP) 32 (27 4 i FaSST Eltrtiwte 12^ 238 ‘ 

5 If M «^V 3i ? k °* W * leS a0rU Re °' ) Alpmate Inds. I2SP- 278® 4® <27 4) CaSErTscmaSoaes^aSuf Si rn^UZ® 3t® Foxhlon e Md W Genore? W Irmst. 

es ,26 41 ;SA2) 490 C27.4, xhda Packaging Grp. (loot 85 9 <24'4i C i rt T,“ rv ,r n r2 0 5 es ,7.^1. Si* “I? 1 '27 4i 

i ttomc r«\ ’art* rt . Scotia oCD 142 _ Aiiebone UOpi 19 18** !27,4i 1?, _ s ^.s5a' ,27 a 4 i Feb International ilOsri 22 (2 Em 


Johnson Fifth Brown >25ni 65. 1T.05PC 

Pt. 13B* <25.41. lOncLn. 93'* 127 4). 
llPCLn. B2I* 127 4) 

Johnson Grn. aeanere (25n) 94*® a® 
St® 6 7: 31 * 

Johnson. Mattiiey 412® 8® 12. 7*nc 
Db. 62* H >25'4I 

Johnson-Richards H. & R.t Tiles i25d> 
121® 20® 19 20 

Jones (A A. 1 & Shipman (25 d) ITS. 7 PC 
C25DJ 10 (25'4) 

Jones 'Edward' 1 Contr a ctors) (10pv 12* 
127 41 


Philip* Lamps (NV.) Mi 3® is.' 
Pickles (W-> OOp) 13'i (2614) A 

pftoo Hides- 4 ® 8 C ' 2S;4) . 

PMMiwton Bros. 460® 2 60 
Plastic Const (10p» WJ 

B5SS«.a”SJ)”5®6*5 ■ 

Ptoner <50 p) »9ii® 9 74 8 7. 7* 


T— D—V 


TACB (tOp) 29 (27M.I 


Portsmouth Simdertand Newspapers (25p) y| Raleiuh Indust. fipcDb. 80 (27/41 

d SiBAs Mcw 


EiK »*STGi S rH^ 0 ” I ^St. 1 S 01 119 ,W<Un ,Th0m “’ «* 1# 

=’A 7 .lL ,, __ . « Shoes USD) 57 (25 4) 


"owe/? Dudren <50p) tm 

Pratt (F) E "9 ^>23oi r 70* 7*odJi. S9 
P reedy (A.) (25jo) 85 . 

Press iWUllami FSni 24 * 3 ■ ■ . - 

Pressac Holdlnw. nq^_86 8 f2S/a) 
Prestige Go n 5o) »60 >2S !4)_ 

Priest (Beniamin) Sons (Holdings) (2So) 
72* .. • • 


Tjlbpt Go. (5 p> 25* 3 (2SI4). New (Sp) 
22t 1 1 <2PcLn. AS 7h 8>i . 

Tarmac cSQm 153® 2>*® 2 49 51 5 4 3. 
■ 64dKDt>. 1986-91 75<i (27 4). 6*pcOb. 
1989-94 62. <25-41. 7<ltxDb. 641* 126,4) 
TM* Lrie- 191 88 -52. 44ocDb. 98<] 
<26147. 5<iDcDto. 72 (251 4). BVpcLn. 
«3*r £27:^). IJpcLn. TCsS 


PriM rl Wales Hotels (25p> 125 C24f4) | j>f of Uedb(25rt61 WZ5 4) 


Allied lnsulatxsrs i25o) 70 


aro' of London 5 *pc 93V® 6'; pc 1975- Manhattan Corpn. (SU52.50) 26i|» Allied Leather Indust. ,25 p) 

1970 99 <s <27,41. 6=:pc 19&0-82 84 ., us ,. Allied Polymer Gp. 94< 3 « 

u'fij 90 ’ 7 ,24 - 45 - 9UBC ,984 - as 92 ,J ahi“BjaP«faop. 7BW 4 ® 4 S!ffiS£SKSSa2i5fe' 


Greater London 6* pc 64 (25 4 


Sef* "KE'S'IL* re J , *2®- Paris et . das Allied Textile Cos. •25e', t39 (25/4) 

95* I _Pavs Bas FFr 1 65 9 (25 41 1 Alsina Hldos. fEnl SS'ub f. 


C a ml ord Eng nop) E2<*0 3 h 
98 (24/4) Campari i2npi 1310 . B i2Qp) 120 

Camrex (Hides.) >20p) 63( M X® ’»t* 4 

54® 5® 6 30 c | nn4nB Wi , , 2 5pj 62 4 Zi t i24 4) 
a Cane Inds '2 So) 113 


w f CapfJn Proft/e Group fTOp] 

oaa .?7iAi CiDPrr-Nem >10 d 1 5M h 

Caoseals >50) 39 _ - 


Bill) T1*PC 951;® 

Birmingham 7*pc B7-* (27 4i 
125 4, _ _ .. 


Grindlars Hldgs. (2Spi 102® 

8 pc 91 >4 Guinness Peat Group rzspi 205® 10 
Hambros Shs. I25p> 185 7 


Birmingham Dls. Council 12 <ipc 106* Hill Samuel Group «2Sp, 84 
(25 4, . 13pe 103*® | Hongkong ShaoghaJ Bkg. C 


Amber Day Hldgs. flop, 34 (2514) 
Anchor Chemical i25P) 65® 
Anderson Strathclyde 125 p) 50® 50 


Brighton 97*® 

Bristol fClty) 13 bc 105 7 »® 
Buckinghamshire 9 pc 96 (25 41 
Camden 6<ipc 97 49-&4thi® *4 


Hongkonj Shan 

Jassel ^ownboe 3 


,-C-i 11 ,. L^DWBO -aDJ J, 

r* ,*xia, ® Caravans Hit. <20o, 78*® 91® 

"* Carrie Eng Group (2Sp) 65® 4 
,Z5,4J Cariess Caoel. Leonard (10o).31 

Cariton Inds <25o) 179 80 1 2 lOocPt 
S® 5“ ,, 79 <25 41 


Jassel Townbee 
Joseph (Leooold 
Kevser U liman n 


Cardiff 7pc 861: ,26 4) 

Cardiff City 11 PC 94*® 2 

Croraon 6 »,pc 88 r 

Dunbarton a*pc 100* (24.4). 9(]PC 96 .7 

Edinburgh 6'jpe 97» E 

GramlSra^Regio'iar iO*pc : 94i* . (274) JJf 

Greenwich Corp. 6*pc 99’ i» <26 4) t(! 

Greenwich (Ldn. Borough) 11 *pc (tD< 99*. 1 

DO. ilSS. £99uc £10pd. 9* * I 

Hertloroshlre 5*pc 91*®. 5'jpc 76>i®. M 

6-Vpc 75* * Nc 

Hull S*pc 99 «y® ii»® . : 


Do. 65 (26 4) Amascutam ana Aasaa. (5oi 36® (274, 

King Shaxaon i20pi 65 (27 4) A (Sp) 35* 

K 99« M ?01 Ben9MI Lanadala ,2SD> 1000 '* ArcoiecTric .HWgsj (Sp) is. Do. A iSo 


Appievaro gp- upi* 1 r «~-nh 73* (26 4) 

ASMCS - »« »0 CirOjIrji^^HIdWRl -250) 46® 3® 
A ISP) 35 <2 rarrim-laM it.1 rvurloc.l (lOnl 


*« Fe fni'! 1< ia , "rf ) i, , ' (W 22 ,2B ' 4> Do - A mW <27 4/ . 

1 .JL Kaiamaaoo CIOp) 30® 29* 

imi F^SS^^iaS^s^rSsiT^ 250 44 Ke * n * S™** (2S P' ’5 <25 4) 

,1 H*. iHi*>?fi)c»i IM * reiser Ind. <250, 98®. IOpc Pf. 104 

4 BffinSM^aft iW 73 l25 ’' 4 ’ P.r<1ol.' 4 iou (24,4) 

Fi.r^r^^SpV 0 ^’® 78 ,a7 '*’ -PXZ ‘ 27,4> 

Fine Art DevelooinentS <Spi 48 5!2?"Mi l i? 0 3mL ^ - S ®, '26.'4i 

Fine S powers and Doublers 4pcDb 294 522” HIobs. <1 Op) 17 C2S,4) 

>24-4, Kode International <25o) 110® 11 4® S 

Fkilav ijamean (SOp) 315 ID 14 . Do 5 unlcfc , H'dw. (lOp) 7 
4.2pCPf 1st. 48* 9 '25'4) <M£0J5l 94 (25(4) 

First Castle Securities iIOp) sit. (26'4, ^wik-Fit (lOp) SO* 

Flsons 349® 5 2® 5 50 S>i. 6pcbb. 2nd ICwi *( Save Dll. Gp. (lOol 77® 6® 7 
Pt 84 <27'4i. SJaocLn. 43* <24'4/ _ 

Fitch Lovell <20(4 63 2* *i 60 1. L M 

7*pcLn. 57 • 

Fleralio Castors and White* tZ5pl 52 L.C.F. Hldgs. (25p) o6i*» 5® . 

40 <27 4) L. K. Ind. Inv i25d) al 

Fjlgh-^ReCueUing -Hldgs., U5m IIS 11 LHC (nt. (lOp, 39® 7* 40 (27,41. !0*pc 

F,u,dri»e Engineering I'zopf 66 ,27/4» Ladbroke Gp. (lOn) 191® 3® ana. on;® 


Pritshartl Serelees Ghoop-tSw SS* 
Proorfetors at Havs Whorl 140 2 % - 


Pullman >R. J.< (Sm 85 . - - - 

Pve Hold I nog (25o) 1010 100 96. ... 
Pyramid Group rFuhlWhars) (IDn) 44 


Q—B—S 


Queens Moat; Houses (Sp) 33 ^ 
Quick (H. W Group (Sp) S0h (Z7l*l . 


R.C.F. Holdings U5p)_36® (27tf t : 
R.FJ3. Group HOP) S7-* <26,44...' . - 


Tavener -Rutttdge CUM 96 12614) 

Taylor Woodrow- (25n)- 3501® 46 
Trcalemlt, <25p) 120 
Teietaskm A i5pi 32 <27, 4>^. 

Teleobooe Renta® i25p) 119® 2®. 3 a* 4 
127/4) 

Tenners IDocLn. 155® 

Ter o-Consu late (25n) 57>j <26 -4) 

Tesco Stores IHk»o-U ISM 394® 40 * 
39* * ... .. 

Textured Jersey non) 20 (2414) 

Thermal Syndicate <25p> 113® 


S W ME 

Radley Fwhrnns and Textttos (25p) SO* TtSS^^ENCtiftalJ ' toSCl'^zEo^su® 44® 
C25J4) J '■*"* 6 7 8. 6pcLn. 76 <27/4). BifPCLn. 

Ralne Eng. Indust,-Ct0p) 12* . . 68(77,4). 8pcLn 102^(27/4) 

4amar Textilea -So) B . ■ - • . Thorpe iF. WJ (10n) B7- 

Randall U. LO/.dOp) 1130 .14* 12 13 TTiurpar Bandax.1100) 14<i 15 C24/4) 

.13* 11 ' THbLry Contracting Gp:- 254 124/4) .. 

Randalls Group (25 pi 820 l27(4, . . ■ TllPne (Thos (20p) 1TB 19 .171* 4^5pc 

Rank Organisation ' C25») 240® 56 ® T Ft. 55. SJSuc 64 • - 

40b«4O®'2 36* -40. SUpcPT 82% Time Products (1 Op) 132 
(26/4) - - S*roeUv”48t (27/4). l0*ncL«. TomWgs <F. H.) <5c) 23h® *427/4) 

75® 7* 7*i - Toortl . <250/ 48V® 50 4 1 4* 4 48*. 

Ranks Hovis McOoggall (ZSp) SO JV 494. SpcPf 40 0.7 W- 7*pcLn. 64t® 34 4 
few Cam API. 494. ■ 64PCLD. BS* 5. (ZTl* 

^e*ix£n.~ 63*® 2* 3. flUpCLD. 67*®. Tonies A Oro.-nOp) 40 
- 27/4). B%pcLn. 72 )j 70** •••• - rowr uemsiey MHlboarn tHktgsJ (20 p) 

Ransome Hoffmann Pollard. (28 p> 574® 1 f '•'> 

• 4 . SpcCnv.U). 77 T27/4) . • • . Tratatosr .House >20U 1Z4« 34® 44® 

RansomSsims •jaNertes.JSS.-' ‘ 1 - 1 4Mft4W*4Mnii B4oc 


Thomson ' Oman hut -on (25p) 24S® S 2. 
-SA3PC/T. 64 (24 MT. S*pcDb. 78* 


9 PC £1 OPd 
5*pc 91/ 


S UDcUnsecxo. 

« 4 , 


, _ >la - 74PcOnsec.LA Arnutage Shanks (25o) B1 (27 4) 

4PC 764®. M. niter Assets (25p> 61® 604 Armstrong Eopt. tips) 63 

| National Commercial .Bkg. » ,25p, 73® JP™ 


;; zssjni WeTW 6 S * 5 L »V2 c ?iWM 

• *\ 7 \ ha? . wr.jsi.'w ’-is. ^ do n..v SilSEgpsr' ' 20p, 44 2 124,4> 

: ^ 'itr Vl ‘: * « 

-ssaAM-iaCmw - 9 - ^ 


Forte Hldgs. 7.7ocDb. 71*® J7 4, 
Fortnum and Mason 610 -24 4) 


K &\ 96 T 


129® ^PF^^rd Technology Inn. -50pi 114 
. Minsep 25P- 153® S 3 4 

Foster Brothers Clothing -asp- ggi 
66® E 0 ®* 1, Uohnl <25p> 344® 

Fothergill and Harvey (25oi 87 

'G. R.» Gp. (10 p, 45 i27/4) 


.ake A Elliot (25p, 47 
Lambert Hpwartn Go. i20pi 40 (25,4) 
Lane i Percy, Gp. iIOp, 52 i.27.'4i 
La parte Inoustries iHlasi., (SOp) gfi® 6 


Ratcliffs (Great' Bridaet'iZSpI -^8 U5,4) 

Ratnera/Uewellers) riOp) 67®. \HmOr0- transport Dm. On. <25 Pi 67s® 84® 7* 
I tiort 68 (27/4) -- • ••••:• : •.« tv ( I,. 8 *pcLn. 68 (26141 

•tar beck non) 73*®. Wartants -to sub. Tranwon Gp. (5p> sjxj 
36 (25/4) ... Trevs Art Old (25p) 134® 

Readieur totermtl. ISp) 31* ■ ; - ^ • Tricovllle nop) 63® - 

Ready Mixed Concrete uao» ,J7 w zo trident Tv A dOoi -Sl® 

. 1<l 1 2is.-.*4PCUiiSic.LB. 1W. Q5 4) Trus) Houses Forte <25pl 199 201 200 

i « 5c l * m c n “ 1 ' w ■ 8.25 *- Ob. "1985-90 674.(25/4). 

48 52 455 5. 6*PSpb/70*® (27-A) ■ yjncDO- 664 <25/4). 10 -SocDb. 83* 4 
1 ■ OKS (25o, 300 .5. .f27i*i. 7 JWSpcU). ,61 . 9-loctn. 694 

1 ? * ' T ’ Tohe ln>.- 366® 8 ® 72 70. S*RCLn. 82 4. 




Transport Dgvn. Go. <25 pi 67r® 84® 7® 
1 ' .6 71- e 4. 8*pcLn. 6B (2614) • 

Tranwon Gp. (Spi 4** 


• Fp«e r Brothers CIMh/ng *28®. 994* 6 ^SS’ce <J 5S?f' t25u, W aj . w „ K 
66® E°^f r h! w,nl ,Z5fll 34 ‘ 1 ® <26*4)* l2S 1 11 7 - S4,BtD (»- 


Trav-5 Art-Old <25p) 134® 
Tricovlllc (lOp) 63® 


ksss sh"us-tfn ^ ™» tfftWWa W 4 ® 

Francis 9 tSSs" ^a'rrmT^orS?’ 51 «• 

Freeman, .London S W.9, -ZSp) 314 9 tS^Siri^SSnsMlia,) 234 (27 4, 
French K ler hi das i25di 29 Cooper Grp, (25pi 133 

Future | Hldos. 1 25p> 45 4 . 7 pc PI. 43 ® L **"* 4) ( wll,l 4it<> (Builders) (20o) 76® 

s D, f rt 4 Cl C2^* 4nd 

lx— “II Leigh Interests (Sol 144 2 

rzrr mu. . _ Leisure Caravan Parks 11 Op) 109 

GEC-Elllett-Autosutloa BljpcDb. 774® JJtnnons Grp. (lOp) 374® B 

Sr \W‘l7 C o ,n a&4, w U5 ' 4 ' L f?*S t ‘®* “«• «® *0 2 


County Council 5*PC Stic. 91* 


BREWERIES ( 153 ) 


Assoc. Leisure (5p) 53*® 4 ® 4ij 73 '77 41 

Assoc. Newspaper;: Grp. i25p) 151® 49 Channel Tunnel 52 

4. Assoc- Paper Indust. i2Sol 504® ,27’4l. Chapman iBalham) <50 pJ 80 054) 
,S. New <25 p) 48® 4 '■KWif Groun -75ei ’03® 2 


Nottingham Coro. 3 pc stk. 22 i25 4). ’I?? -8 ?,/ 2 !* WjTMJL 6i^>cDb. Assoc. Portia nd Cement 235® 4® 5 6 7 Christie* I ri. rlOp) 95® 4 Gtl Intira. iopcPMv r«. 1 n « „ El . 

Sac Stk. 954 *27 4) . JiK 89 T ?®L 1 nh f2 e^i , ‘ ■ 7 P59 I 1\ ,B c. 5b It S*PC2>idDb. 46. 9pcDb. 75. 10*pc Christl e-Tyler il Op) 70 <24 4) *1* .tsiou. «!? as% ? 5 ,25M 

p-irtev Corn 9 Udc SUe 93* '24‘4) (2o *J. 7*pcDb. 68* 8 (27 4). 5*PC Db. 821’ (24,4) Christy Bros (25p< 40 <24-4) _ . ( aUB i,ri? DM, 

Portsmouth Corn. 3<iPc'sik. 78 £5 4 i , .^..7j< pe i; n ; , g3 . l « J??*) .. Ass DC- Television Cora. A iZ5o) 113® 14 Chrysler U.k. 54PcDb. 684 (Z4M) Shrtiira Brrnp| - «v 8 ?s«M 

St. Helens iMetrooallun Sorough ot, 954 A «H!S? n,aM- D'»*' l «o Products CIOpj SB Assoc. Tooling Indust. (ZSp) 29 (26, '4, Chubb and, Son i20ot 132®. 6'iPCPf. W>4 Bniioim, i5pi 55*® (27.4) 

«, .» ■SrtrvsTi'Kajf’Tjn.'M! siSFjF ,27 “" 

larff-saw 55 .?5- .. J8 £ ««» . 25 ., S3 . Itf> . 75 * cS'i;s' c .;s."' Si B r/cSi, s “.7p. a, 6 » aa9n,®fi'35>-> 

-- — — " — <--“- “ -- (27,4) <24.4,. Bi/PCUnseC-Ln 65 f25Ar 


Op) 63® - 

A <3001 -SI® 


QMuSn'SsSr^Isl® 4 S- 2 ' ■ :: - - TBbe In*.- 366 ® 8 ® 72 70 . S*pcLn 

BMrcSmfanAm.'' , 

Hit 


Reed frrterwiti. i2q.4® 78-17 1B;2D 
AiTpcR 30.4 ^2i3ft. ^p cPL 4|Q 

7iipcUnsecAn: 5i , '10pSins«JjL G 
Rew Publishing Hldgs- si/pcUnser.^n,, 
127 4): , 9pdLJn»ec.Ln. 63W G17UJ- 
Reed (Wltnomi 5ofls825p>=82® - r 

Reliance Knitwear GktNp.fZOP) 40* 
Renoid 125® 2 


Tun nth Hlags. BOrd.iSOD) 256 ® 9 62 60 . 

3 . 54 CA • 394 _ 

Turner NenraB 172 ®. 3®-70 <J 69 72 67 
73 I ts. Ord. 20 * «n® 20 18 IS 21 


.20*. .17.; is 19i 15 tocut. VD (2014). 
10.1PC-n. 8 j - 11*pcLB. 94*. 

Turne- CVnon (5p) 1 0 127,4/ . 

Xornor Matg: i25p) -108- ’ 
lff™r <Wv*ji16ot®te 
tlinlf Cptl '25 p, 59 (25/4) 

Tyxack TW.) Sons i25ltl 40 'a 

DBM Group (2Sp» 75 4. 7*PCDb. 68*® 


Lev me (So, 15 

Lewis UOhnl 7ocPt. 554 (26/4) 

Lewis', Investment Trust 64PcZmiDb. 64 
Lea Service Grp. <2Sp) 7B4 8 80 794. 


Rent ok II Group IIOp) 554®, _ 

Restmor Group <25o) 124 a7!4> ■ - 
Revertex Chemicals (250, 95 .44. 06/4) 

Rexmore Q5p> 59 . 

Reynolds (W. j.) Hldgs. <5pl 434® 


LIDS Group (Z5b> BSO 74® 94® 90® 89 
91 884.- • 6»*peLlu -45'* 1 


aijpcLn. 66*: (26/4) 

Levland Paint nun wallpaper (25p, 634® 
*"(27/4) 2S ' ! f2e,4> - Non * vt 9- 26 *5 


Reynofds JW. j.J Hidgs. (3oJ_434®~ UKO -irtonwUo™i <25p) 152 (25,4) 

R S«4; CO- &9'«*ff«* »9271 _rflp) 135 {JSMC 75?nL SScGW^ with wrrotS. to 


’V® 3 (25/41 

54 (75/4, 

0 454 64 


T.wriHe . M'-»wpolitan Borough Ol> 124 4] A van a Grp. (5p) 32 

iQ-.nc gtk. 95 *t Trown (Matthew) (25 d) IDS® Averys (25n) 145® S 3t 4< a 

Tximf-i rnrp. °4'’« ’urkley , Brewery. (25o,- 42® Avon Rubber 191 3 

W*i«ali r«rp G'.oc stk. 97 >26<4L 9*w Hldgs. (ZSp, 1S4®. 94oc Ayrshire Metal Prods. (ZSo, 46 


Coato, Brothers (25P) 61 A rZ5o, 60 GflU^ Maten Con. Com. ISU5 , J} Vf?10 " 46 4 

Un^ L^T7 ?26'4) 6®. tSuV^Xn. 52* Gestejwr Hwps. A (25p, IBOt® .27 4,. Lln, ' K * l25 °J 14, » 2-14 

3* 7<:PCUn«S LS 63® 3 uT • _ 778 '»MI- IDPCU). W « 

C '*27 : ^ 0e ,H,dfls ■ , f25 “ 95A ® 8S 90 Giboons Dudley i25pi 74 Liverpool Dally Foil and Echo (The) 


Stk. 100® 

SHORT-DATED BONDS 
FREE OF STAMP DUTY 
9?tipc 13' 5/70 1 100.1 (27/4- 
gipje rtO'S 78T too* -24.'4I 


PI. 1084X® _ . . _ Ayrton Saunders SocPt 33 i24.'4) Cocksedge tHldss.) (25ol 9! 

C-tv of London Brewery and I nr T«. Did BAT. Inds. (ZSo: 313® 8T® 15® 13 10 <27 4) 

>250) 57 . _ .... . , B 12 11 15. Did. (25pi 264® 90 1® Cole <R. H.) (250) 104® 5® 

7 1 Frit (Matthew) and Sons (Hldgs.i (25ol 4t® 8® 3 4* 7 5 60 Colgate Palmolive Sbs. Comm 

133® _ _ _ B3A Group JSa- 5) 4 ,27 4) 174 (25'4i 

rocrege JLprDb. 75*. SUXZnaDti. 64 BICC tSOpl 1200 16 19 19 («»:*. 6tPC Catlett Dickenson Pearce Intnl. 


unread. (25p, 36®. 7*pcOb. 64 (27,4) 
Lister (25o, 43 (Z6:4) 

L'verpoo! Dally Posi and Echo (The) (50o> 


Gibbons <5.i Intnl. «25pi 170® 69® 71® I 129® 30 


gupc '25S<7B> 10O-7i64th* *x: 100.123 ,27'41. 6*ncLn. SI* (25(4). 7.1ncLn. Db 77* 7pcDb. 72 
100.125 100.122 100.129 100.131 57': (26'4). lO'/PCLn. B4 1 ?® 5 BOC Inn. l25pi 70b® 1® 2.0pc2ndPI. 

i27‘4, “liven port 5 Brewer* (HldOS-l (2Sfl) 85 r)la 127 4-. 6*acDa 70 1 * 


■ 27-41 Tx*en pons arewer* m'pas-i us 

91 .ee 131 '5781 100.1060 100 109® TOO Tevenlrt <J. A.) (250, 155 (25,41 
1 19* 1 M.1 22® 1 00 1 11® 1 0OVS -'•'ti'J-" '5001 1"Dti '>* 7 50 Rl BO 7»u 

9*CC <7.678, 100'm ,24 41 9t. SijpeLn. 40 r. 7*ncLn. 62*. IO.Sdc 

9*PC rT4'678, 100.235 1 00.237 '25-'4- .Ln. P3*® _ ' 


BPS Inds ,50p> 220® 20. 10*pcDb. B7 
124-41. 7*pcUl)S«ca.Ln. 130 


Ln. 63 '26,4, 


9*PC 'Z1-6.7W 100.271 100J273 '254- 1 r-ererrts Brewerv SncPt 40 


8*oc '6/9 781 99I5 ik® 


Gratimli Whitlev (25pj 109® 8 


APPOINTMENTS 


Reckitt & Colman 
main Board post 


<5) 

5*lln (l. D. S.,- ffldcrs. (10o» 19* <26,41 ?® 'IP^L c=u 

R^iOlWl %. 8PCD0. 1 09 >70 UnEre %S , '|« i , 8ll:"W 

Robertson Food* (2Spi 135 6 (25'4I . -CovjLn. 61* 

Robinson (Thomas/ Son (2 Spi 66 (25/4) jiutovei, (25P) 497® 8038® 5®. *M® 
Rockware Grp. (250/ 11 1 (27-4) 7 or ,5w4 6 8. 6*ocDb-- 71 <j. 5hoeLn. 48®. 

Db 61* (25/4, 1 J • 7 VtI r~ S24* 3- 

Rolls-Royce Motors Hldgs. (Z5n) 89* Unilew -'(NVJ- SbfcShs.. (FL12) 25.80® 
_90« 87 Bl, 8S B 8ocLn. 1 09*® (27/4 > (27-41 _ _ „ 

Rotmer HI dps f23p)_ 41 1, (24,4). A Union (ntnt. BpcPI. *4® (25/4). 7pcPf. 
(25 bi 39' j (27/4) ; - . 53 ' \ 

Posolli Hldqs Oo) 12 124/4) • , Jn-eOi (ion) 114®_12 _ 

Ro»fl« (G.B.J OOp) 47U (24-4) * United Biscuits lHM»-) i25p) 1S7J® 8® 

Rotaprint (20«1 41 '2 <26(4, 8 '9. 8 k D b. 6Q (ZO/4) 

ffottimans (nrn(. a (12 Fro) 52 <2 4* . United Carriers (T£to, 6<I «4 4) 

Porarfc fiOo) 115 „ . -Jntad-Ctty Metch»*U (10pl bl® 60 <i® 

Rowntree Mar k/nrosh (SOo) 4040 7® 6r 1 • ' 

400® 6 TO .. .. - • • United Engineerin' i Indus. WJp'SJt... 

Rowtoo Hotels <25 b) 1561 < a t United Get Indus. (2 Sdi 550 3* 3 (27 '4). 

■Rpyal Worcester (25b)'T34® 100c2bdn. 68® <274) 


(2741 

Union XfitziL 8ptiP9. *4* (25/4). 7pcPf. 

Untted 1 ' BteSa^iwSfffc? <25p, 157X® 8® 
8 -9. 8 k D b. 6Q (20/4) 


United Carriers (T On* . 60 124' 4) 
United -CHy MenbaaAs OOp) 67 


-Poval Worceeter f2SH>-T34® tOPcZndTr. 68® (27 4) 

Rovro Grp. (25p) 380 7’» 7 United Gian 7’aBCDb. 20* 07:41 

Rub-roid (25n) .380-7.0.. lOttpcLik 75* Uqitod Newspapers (25p) 348 7 (26/4) 

S-U. Stores (12 'jb) 12^(25/4) .Cnv UraLn. 100— T4peCn*.Uns.Ln. Z35 

!aa B tchtliaa^ } (lOo) .135 UB/41 . V*y»i^ Motors. '~?j A<t 24W 

Sabah Timber (10p) 34® Vectls Stone_Grp. ClOp) 25 J24r4) 


Bairns-Weor 4 <ik 1 stDb. 88 C25/4) Cooper' (Frederick' (Hides.' ViOp, 180 i 

2" rV nj. S U* mM 1 Cooper Industrie, rl 0p> 17*® »i •* 

Bamberqers (25pi 47 ij (24.-4, Cape Allman mini. (Spi 60 59>i i 

Bank Bridge Grp. (5P> 4® BpcUnseCd. Cope Sportswear (10pi 96 
Lit. 621.-® Coavdex (10p) 29® 127-4) 

Barker Dobsoo (lOo, 13 1 Zi; Corah <25 p, 34); 4 5.,, 

Barlow RaiM (RO.IO/ 215 <27,4, Corel Leisure Grp. «10 p' 115® 14 15 

Barr (A. G.i (25pl 75 OStA 16. New (tOpi 109:® B 10 9 

Barr Wallace Arnold T«. (25p) 73 4 Cornell Dresses (Spi 13'; 1 


Gough Cooper (20p< 77 
Grampian Hldgs. iZ5pi 53 i24,4i 


S..U. Store* (12>3P) 1) 
SGB Grp- CZ5p) 150® ' 
Saatchl Saatchl (ion) .1 


LOW (Wm.) (20s, 95® 


saatchl Saatchl <10 p) .13! 
Sabah Timber (10p) 34® 
Saga Holidays (20 p) 134 


.135 UBM) 
34® 


Grampian TV Non-rig. A (top, 39® *Z7,4i *-“5** . l . n * „i“ zw 700 BS ® 5- »0 *dc 

Granada Gn A >25 d> 94® 3 Unwcc.Ln. 86H 

CrSnn MtL (MB' loal, a ih 7 fir Lyons (J.I 9 tii* 2.3 14 . B*PCUn 5 CCXn 


sainsborv U , (ZSp, 17iji®_ijt® 70® . . _ 

70 67. SocLn. 80 (27 4) - Vernon Fashkm Gra in 

St. George’s Laundry (Worcester* ClQpj Vtertiotanf Hldau fZSo> 
19® . ■ Vickers 175® s® 8®-« 

Sale Tlhiev (25 p) 243 40- Com (Tax Ft*w to 30c 


'25,41. A (25pl 73 (25/41 


Comercrott < 2 Dp< 59 (24 Ji 


G rano Met. <50Pi 108'j 8 7<a 7 6*. L 2? ,& , 4 - n^£ C H!J5£Sf n 

Warrants Bb® (27/4/. 5pcP. 40 'i. 9<apc oS?®^ 127 ^ 4 ^ 

l*«U. 95<2. IQpcLn. 81® ggST t10P ‘ 78 ' D °' 

G r.* t (* n W»ren°«™« (25 p- 115 ® 11 ® 130 “f H loos^ C ( 25 P? ^I ZO®° < 27 ^ 4 , “ <27 ' 4 ’ 
_ j 1 J l / l -f _ . uv IIM rinm ca.fi ciu u ii. 


Samuel <HJ (25n) 290 (27/4) 
Sandeman (Goo. GL) (25e) 63 
Sanderson Kavser (2Sor 60** 


Barratt DevtS. ilOpi 111® 80 10® 11. Cosalt (25PI 85® 


Mr. John SL Lawrence is to Witham, generaJ manager of Its i2pcuis«dj-n. 77® 


6>;pcUnsecd.Ln. 70 (24/4) Costiin (Richard) (25pl 258® 62® 60® Te 

Borrow Heaburn Gro- (25nl 300 4# * 3C I B 6 9i _ Jf 


at Universal Stores (25p) 294t 6. A IJia^SPiiyMonf^fof, 0 ^ 

ini 287® St® 8 90 86 91. 5%ocLn. Saunti** ^ s» 

/. 6 wcLn. 45'j. 7 bocLn. 77;®. h^arttiys Pharmaceuticals (20 p). 1< 


ftSAfflta « (27,4,! 
E.) (100) 320,5®. 7® 7 6 5 


Sanderson Kaner (ZSpr 60** <■ 
Sanger U- EJ (10d) 320^50,7® 
Sanger* Gro. OSa) 79 (77/4) __ 


Vectls" Sone Grp. [1W). » 
w ri w Mng iWrewiri SfeDcCum H. - R2) 
rust .660 <27141 - 

Vernon Faahjoo Gr*. W.Qrt 
Vtbrdotonr HWataag ijr (ZW) 

« M ^duS B ^.S^N2 S P) 108® 


v5nwS > Gro. -JOti-IMJ® 3^. 

vtxme Dm~ioun*wti ra* 51 A®® a7 4} 


SavlllB Gordon (J.) Gra.(10oi UV *f *<M Vosper (25n) 1** 6 
Savoy Hotel A HOP, 71; 69 __ J. 


become a director of RECKITT spring and screw making division, IS£2L l S5L , ?SS , J!. 0 Slag 
AND COLMAN from July L Since has been appointed to the newly- Ban. Ponunia gp. rfspi 7. 


AND COLMAN from July L Since has been appointed to the newly- satn Portland Gp. rfsoi 7 . 5*dci»> 

1976 he has been chairman and created post of group marketing 45*7* of’Yoricahire <1001 50 <26/4, 
chief executive of Reckitt and director. ^ - ge^es u.» «op) 54 124/4 

Colman South Africa (Pty.l. On * I nfarfST 1 1.1 A f25o> lOdtfi. GUocI fitCh. 


Colman South Africa (Pty.). On * aSattS 1 iSf^L'taSpi’loa®. G*pcistDb. cowan 1 ^de^&ooe iiooi go izb- 4 ' 

January 2. 1979. Mr. St. Lawrence h> Mwanl r p wmrfnxtm han 85 '25,4> 6*pcistDb. es* 125141 cowie <t.< <5p, 4p<7 < 27-41 
.3n MMP . ntr - “"r” 1 V- F - wiuanson nas Beaw . (C H , {Hiags ., (10pi ss ,27,4, -radiev Printing non, 19 <75-4, 

will take over as director, over- been appointed surveyor director Breen am Group izsoi 6400 34® a 7 41 crest Nicijdscm tipoi 73 

g-ac PTniin. from Mr. E. V. Wneht, n c , iwuriRn /MIDI AND) 9 34t 43 40 4 38. 6ncLn. BO®. G*«Ln. Croda Intnl flOf 46<«® 6 S': 

3K5S , SSS?..u;comn.Srt 1™^?“ uSJSi 1 SFJ*'- 5 “ 1 "- 2156 saSTSsssK-ffi/'iS}'., 

1 s * aseffiBi’"' M - ,27 ' 4 ' '& 

Cleminson. ebairman and chief Mr - >~ Jul-s baa become chair- Soff-SLIja^SSs' suMalJ^hli c!m/' >omK> .ciractam a 

SST ‘i™ Zr baa LJ ■^ghdepud SSS fiST-iSM 8 . 1 ' 2M ' 

hpp n anoointed chairman and cbairraa11 ' . or Jpe fuknitukis n«nji)t cpn. <suss, 30:® t27i4, crowmer tjonn, croup <2sp, 3 

D . E «* n r nlwicitt anri INDUSTRY RESEARCH ASSOCIA- Breiiw Hides. (20 pi 18 (24 4, -vstauie iHidgs., (5 pi 2B* P 9 1 

chief executive of Reck<rt and Bros esm sa -2S4i ruiion-s store, a nv < 20 m 34 

Colman South Afrrra iPtv ) from * IUW tor . Bmcon-s Hniorv so® <Sw ‘ ni Br,<We Hld “ 

the beginning erf June this yea, ^ ^ ^ & 4* 4 2. New *±V Wfc S - * 

Mr. Peter' Nash has bffi'o S^Tnd S^lr ^mNRY ’ 34 * ' 

appointed deputy ernup chief BOOT CONSTRUCTION. 5W" ( P; £■» ‘HWos^ <Sbi i6ij (26-4) oartmouto in*. cs P > ia* ,24i, 

executive of the JOHN WI1-L- * 8'bby 1J» 5on, 246® 40 S3. 42 38 41. Davie, Mercaita UOpi 45 (25-4). 


Beattie (J.I A <Z5 p) 104«. G^PClstDb. I Cowan de Groot ilOo) GO 'Z8-4 


Countryside Propnrthjs <5p) 40® _ _ HMH ( ,nm cou McBrioc iRooerti (MlddletM) <10flt 425® 

Courtaulds '25 d, IIZJj® 6 :® ia 19 17. ttSSSi mdS - S?m 2741 ’S, 2 0 

7BcDb. 72® 2 w 2t. 7'.pc0b. 66 * g”g"!g ^ “HltKS OOP' i 43® McCloery L'A/nla Gp, l25p) 15 

(27 4). S'zpcLil. 49 G'ipcLu. S3. Greens Econornhjr Gp. *250' i 86 ,25 4) MeCorquodale 243 (15/4) 

7*ocLn. 58® (27/4/. 7*pcLM. 600 wSSSktoiSf jt*ib Z I' 4 r 7 * x Matkay (Hindu ( 2 Sp/ 42® 

Courtaulds Knitwear 7bpcPf. S6 r24*4i G V“* Nettieioids 273® 4 6 71 3. McKechnle Bros. (Zip' 8SW 

Courts (Furnishers) NV A (35n) 91. 7pe _»*pcLn . aa Macklntoan (John) 4i^cPf. 39 

Pt sn ren al Guest Keen Nettietoids <U.K,i EUocDo. Macteilan (P. and W.J (ZOp) 20 19 

Cowan °de Groot ilOo) GO iZ8-4i rt5 4, R7 ¥S D £i 7 |S ,24,4t - KUsoc McNiHn Gp. USo, 57 9U «7/4) 

Cowie IT. i !5D) 40b (27-4, J>6. 87 *® B® 7b Bb 7* fctoepherson (Donald) (ZSp, 60 * <2G/4L 

-radiev Print I no MOP) 19 <25'4, UtP rvioi iio-« is. tin . n 7"d»eCony UnaccXn. S7 (26/4) 

^rett Nicridson (IOpi 73 M-T-V- N.V. C25d) 119-# 16 (27/4, Magnet ind Southern* <2So) 178 

Croda intnl (IOpi 46<«® 6 5<: P r?rl^ rSSi 'eS? e 1*7141 Magnolia Gp. ‘(Mouldings) (TOP) 740 

Cron lie Group (2 Sbi 36 (2S/4) HSSnas C UohM <l|S} %%t I (J 7 Jj Makln Cl. and JLi 6'iPgH. 91 . 

Crosby House Grp. 125: (27 4, H angM Uonn j tiup, ti a I47r«, Malllnson-Deny (Z5PJ 45 ij® 

Crosby Spring Interiors H0 P , I7u (27/4> H 7 B 4 En ° rn - 1500 92 * 1 - 7*P«|a). Maiwgement Agency and Mi®lo riOp, 71 

oil] ^ Hldgs.) <25.) 90®. SpcPF. 40 

Halstead d ( James) 0 ” H/d9t, 6 (1 (5li ,7. 16* •ftB?" W5P) 80 * q 

C?awther (Jon” Group <2 bp, 30 C264. 2® 6 x 9 4H M«m Cserton 7ijpePi. 57*9 ti. B»o.n 

1 Bu 9,1 Jfes x Wt 6 5 6 ^ n «■« i6 « 

C^t w Guaro Bridge Hldgs. (2SP. 19 ^ l«ftl ■ «W 330. A (Rc fit tJSp. 282 

Cummins Engine 3*pcLn. 1060 ■ tflJ ,25 9 , - Z9, 1S — — Marks 1M SoreMr tZ5a, 14G SI B 7 n 


SchlumWrgor (SUS1, 5Btf'OS/4l . . ■ „. rinT 

Sc otcros fesp) 64 (25/4) 6odLn. W W l»toa« HMw.. 
(2714, 1 W^J. (25d) 100 


New (25p) „ 91 


Wi^-Y — % 


EUROPEAN OPTIONS EXCHANGE 


r 'Juiy • 
Price- ! 'Wore Vol. 


Oct. 

Uloae Vol. 


vtg.) izapi zv'i® 
Hargreaves Gro-J UO pi S? 
Hams Sheldon Grp. (25p). 


Marks and Spencer (25p) 146 St 5 7 8 
41. 7 dcPJ. 62 'j 2 

'ey (2Sp) 800 1 21 * 2 


Hams Sheldon Gro. (25p) 45® fe® W (2Sn, 80® 1 2 b -2 

Harrison (T. CJ (Z5 p) 1100 Mprllna InSmriM inn) 17® 

■HThwIc l f7nB, 1 6-?« < 4a *' Date Eiec. Inter. «irp> 134 ® 6 (Z7,4- Harrison, CrosEeld £4Ji® S* 5 41i Slid Manlull Cavendish (lOrt .54? 

Bevan (D. F.»?HWas.< 'Spi 161; 126 4) SSrtffbuto'Tnvf (Sp}® 18* 124/41 Hartle Mart Inery Intnl. (2S P) 24 (25/41 "q^SS 11 

Bibb) I IJ » Sons 2460 4 0 S3i 42 38 41! D „| K Mereaite nogi 45 125-4* A tIOpi Harwells Gro. «Sp) 93 (24, 4 , «4 <2s5> a50, s 7peW f£1S 

2! G 37 45 (24,'41 Hawker Slddelm, Grp. (25p) 202 1 199 u miulk /Hi,ii»i f 7 >— . q r . 

Bllurtatoa Eng's (2Sp) 47 Davies Newman Hiags i2Spi 133 200 3! 3. 5 'jkW 47 <26;41. 7*pc mJSSSt* UnwHl t2 USp, 9S 1sl® M (a7.a, 

Hlrmld Qualcast (25D> J55® Si’® 4 6 (27-4) Davis Godfrey i25p. 78® 7 07, At Db. 70', (26:4) MareT^ t AlMntiMmlhi. ^In„. *5 1 

Bishop's Stores A r25oi 140 124/4, Davy liner. (25p) 22G® 6 7 8 HawJenB Tipton (25P) 68 7 83 127(41 


MOTT GRCHT*, Hn has bef*n M r Trevor WeatheraJl has Bllurtateo Eng g OSp, 47 Davies Newman Hldgs 

riiviclnnal rhiof fvertilivo nf <he ; J«Lj uL.j .« n*otwrtl Blrmld Qualeast (25ni 65® Si’O 4 6 (27-41 Davis Godfrey i25ai 7< 

divisional cmei uxt^’in'e ot . nc joined the Board of DARENTH Bishop's Stares a raso, izo 124/41 ®avy inter. (SSp) 22 


Marshall Cavendlsb (lOp) .54<s 
« -snail (Tho mas) (Laxley, iZSc) 46® 

W\zs%" y 12505 48 » ,£15 


general contracts division since WEIGHING EOUIPMENT as siark (A. c.i i2sp, 92 ,35/4, Dawson inter, asp, 11 1 ,3? ** i4t H»w/m^Go««ii 

^Q74 Black Eddington (SOD, 112® 15® 14 12. A 05 01 IIO (26 41 Hawthorn Bake 


1974. marketing director. '^TuSTGaw Dc u Rue OSoTza?® a s 3 

Vi/ ^ Black Arrow (50pi 20 B: Je vero Hotels '25 di 159 (25(4) 

Mr. C H. Fern, is rn relinnuish Mr. John Nicholas is to become “ack™n^nr^ d (:ooMG aifsi * ^ffi b . (2Sl V 02 V*SS1 £g 

** ^^N^ockbrokeS^om 30 °l “SS 24 « 7 ' 4 ’ - e 5 i 5 & 

AND AiTNiiN. stockbrokers, from on May la. He is at present Biaoden n rakes (zsdp zsa (25/4i ns (26 4) 

‘°-™; r X. a "i?h SSL.*"<£h 2* 5w al1 . tr °? e diI ” l ° IS 01 cour " Ee ssa sjst. on.-... «7,.. 5 " J 

partnershiD with HALL (jKAHA.'VI (Wpstem). Bluemei Bros. 1250) 70 (27’41 Dason pOp, 23 

BRADFORD AbJ) CO. stock- * i 3 ffi“'T/Slfc ,! 5 ?S 6 ,fS,*'.W . 27 , « WaSa. aSS 

brokers, on May 2 . , MANUFACTURERS HANOVER si^cl™ ies® mm S”gff" V kISq oiir l« 97 ot 

* TRUST has appointed Mr. W. toS^Ei&rt “zaw 2 «? £* mm oel^Jd stompmg jsopj iso tl 

LDMTAFOAM (MANCHESTER ) Trevor Robinson to be vice- Booker Mcconneii isopjaii gSSJSJST Part <iooi‘ i 6 ?, 5 l « 7 <- 

iSLaJES!** XL™*!! and .md. mana^r. • HCI S dSS^, ia. 254 , 


Hawthoifl Biker i2S'p, 45 
Hawtln ISp) 13is® 14 


M Ln? in 39 T 0 C (26 < 52? 4Benl US ° 3 


, K. Kodak 

H. Kodak 

K. Kodak 

GU 

GM 

GM 

IBM 

IBM 

JHM 

Phftffl* 

phinrw 

Philips - 
K.D.BWI 
it. D. Shell 
K. D. Shell 
Uoilerer 
Uni le* ar 
L CbUbvbt ■ - 


Ilia 10 
63. »- 


, 41g 27 

1634 - 

53, - 

-85^“ 6 

'. 9 - 

26s 10 

.3.20 

-j;oo. 6- 

'0.40 ' 
•9.30 — 

-8.00 -6 
0.40 i- 
7.60 — 

:L40 - — 

. -0.50 — 


12 


71 B 

13- - 

47g 

25 

Wto.' 

.11 

■ 6’ . 

11 

lto 

..8 

245* 

B- 

12 

* 

6 

16 

3.00 

— 

L60 

50 

0.70 

20 • 


! ^ d0,e 

n ia. 1' - wo** 


ia . 

8T » 

B7£ 10 


16 — 
. 61» 1 
.. a. : 4 

B7V — 
' ^ 

714 10 

4s*0 . . -r 

A 3 Q .6 


9.40 — 

3,30 104 


_-.-lFa6.30 

'? -'i Z - 

- iFiaajK) 


1 . 10-1 - as 


8.60 \ . if 

| .4.00 . — . 

- 9.00 - — - I 


- jf 116.90 


5l Vero 'Hotels 1 ' <2 5pi®l 59 S f2 3 5(4) Hay* l^ortnanlJ^OpI 50® Ma2Sy a Fe« l |lMm' ^VL B, a6twi D ®ra7^fi 

□ntenhanw (2SPJ 102® 100'tiD T 3 2. 22 M^h^^B^.rdMZS^I^SM 7 3 


1 Km- amber 


A (2SDi Helical Bar .(25 b) 38 <2(5/4, ^ MHody M lll^ (25 p) 7S9 (27/4) 

Henderson U- w.) (Hides.) (250, 154 48 ■■Wg , 7 g i. i S , P> _ ! 3 A*g H 

124/41 “ff"* 5 * CJ-Onh) IHIdflA, (25p) 1, 


Docca <2Sp) 415 17 (25;4). A CtSpi Helical Bar (25n) ao «s/4j 
408® 13 15 Henderson (J. W.J (Hides.) (Z5B, 154 , 

Delta" Merel^ f2Sp) 72*: 3. 4izoc2ndPi Henderwo-Kenton <20p) 73's 4 (2514) 


□enbyware (25p) 71 

Dentsoiv 9pcStla Dllr.Lo- 87 (26/4) 


! -ireekey'i 7pe2ndw. 4911® 


Menties (John) 
Non* rasp, 
(27M, 


IHidgs.) (25p) 154 C27I4L 
156 07/4,. BpePf. 101 


700n '■ — — 

7S0p — ■ 'r'— 

800p - — — 

800p - - 

2£5p ■ — 


Deritend Stamping <50p) ISO (27.4} 
□ewultsr Bros Hldgs. 5 25o<:Ft. S8< 


IIOp, IS (24'4l 

□ewhgrei Deni <20p) IB- t25>4) 


Henlys (20D, 115 ' . "■*»'?«« »»• «»• «I2 7. 1 3001. 

Hensbali IW.) Sons (Addlcstone) riOp) 1fli s . JOy ftg- M U _ 6 , 

Henshor (Fare. Tredesi A HOP, 23 (27,4) haai 

HppvMrth Ceramic Hides. (230} 79>s 44 <2B,4} 

Hnmmrth < 1.1 San t10n> 50® Si*. 7ocA Mffftoy l25pl 430 3 ... I 


Broekleburst as director and u nd on. He joins the bank from , ^ L n*:'lS p .2T 4 ,: w 7^L^.^sr ; §^7 ^m 1 ^' ^■ron'^^o.ptDb !JSSS tSSTUST^t **** -* 
general manager of its new Midland and International Banks B ^ 4 :„., , 90d) 127 cMl4 , oKte Stylus mop) 20 . 24 , 4 , 

specialised unit. Lmtafoam Com- where he was a general manager, "or*"** so" 5 ( s°"» fia ® 3; ® qiekinsw A*!?*®. ‘if®’.-!?* 5 *® 39 2 Sso, 115® a® 7 a 10 

pounds which comes into opera- * sS iStn /Wm.i <Gp.mi 0 p> zo* <27/4, 0 tnSJ Lr H.5 7 %,V iaiV, 4 * 4 a ,;M ' 4J 

t.on on May 1. Guthrie Industries M r. W. J G. Ford, managing 9 &£°w b '< 27 ) 4 ? BSaTpftiWIii • uH' 'Sra' ^fFrerom^o)® «, 

Curnru is the naronl mnrern nt tt.irt k.. k.»< E 1 '*<- a*«DCH0. 56 *47, «< toiKuns.r, uniii.m r.A isan iru nv 


i Opt BP* ,50b/ 39® I L,> 79 > 2*JPa.n. j 

Tl.nrDh. MU Mb ’I® (27/4) 


275 p - — - 

300p — - - 

3 SSp — . — 

3 SOn , . — - — 

575p- 


-■ • -- 


Midland Educational i50pj 90 05*41 
M.giand Inds. (50) 40 W 1 


Miller IF., iTewtiiesi (fop, 47ijO 6® 8® 

Miller (Stanley) Hides. (10p) 11*0 (27/4) 
Mills Allen OHdgs.), 6h*cPt. 38 
Mlln Marstore Group fSOpi 195® 9% 


Europe is the parent concern. director of UAC Motors, has been "pel 4 V*r« >Y 3 * u *° 0, 56 ' 
★ anoointed chairman Of FORD awvthoree hwm- < iop» szu a (27/4, 

Hr. ft 0. K. Turvey has been AND SLATER In place of Mr. ■ Sterr^iiLaV 'ft i® op, s® am 


D'xar (5o) 61" (2S"4, 


Hewitt u.i son irnrani jam is® _ Minina SupbIIh nop, 76 — 

Hwwood William* Gp. «50 p) -104. 1® Mltchril CortsGroup ' (2Spi 43 (28/4) 


Dobson Park Inns <10 p) BOH® 127,4, Ln 144 Milch/Hi COHl Tranipfli* '25 p> 54 

Deraaa Hldgs iZ5n, 73 Hickson Welch <Hldes.) <50p) 171® <274* Mitchell Somers (10 d> 81>i 1 <25/4, 

Douplas /Robert Mi Hldgs. <«oi 85 - Hlqgs Hill r2Sp| BO <26/4). SpcLd. 73 Male 'M-J(20 b) 24 (2 54? 1 

Douiton CO. BUKUnset-Ln 68* 7 ' J ,25/4, Mollns I25pi 110 (26,41 


6<7MlatDb. 


mr. ixvddcui n. rraaicr iuu, unxruic avcreiary in place oi nr. Bridpert-Civnary ihiobs., izop/ si d . „ Draw a™" *■»** '■‘/'“V .* MWnJ iTSDimh nriai 

been made no-execulive chairman C. Metcalf, who. remains on the n#h "' Gn - 12501 “ |J - aocLn - 65 0 5 Sf"a > !ft 5 ? < " rlcBl ABB,Une « f10pl 46 ,?usi.a» 4 o»i l0 ® 

of DELSON AND CO. Mr. Brian Board. . ««. i&«, b*® 7 * * s* 127 / 4 * Dutiiiier <sp, 1 g>s uia 127/41 Hooror usp) 323 s. a wsp, 326 ; 7 


Brfsrey Gp. (6W 6*® 7U * 6* (2714, 


7(r 8 <?7'4< 

DubJUer (5pi I6ij 17ia U?.'4i 


Morrison <W-l Sooennarkm riOpj- 198 
<26,4, 

MOSS Bros. (ZOp) 94 (2B/4, 


FINANCE FOR !P©UST»y TERM DEPpSHS 

Deposits of £i,WQ-£ 25 jtiQ : accepted . for fixed 

year^ Interest paid, gross, ' half-yearly. Bates for . deposits 

received, .not . later Chair 9-5.7S. -. •- . I . ‘ % - • 

Tenna (years). 3 : : f J. j - - S, 

Interest . % H ;1Q - -10i . -401 11 Hi U* • Ut 

Rates for " laicger amounts vo request.' Deposits ; to andr further 
information Trom ^TKe^htef Cashier . • 

Limited. 91 Watertoo Boad, London SBLBXP 
ExL 177). ChequesrpajaWe to 1 * Bank, of Inland* a/c FFL 
FFI- is tte bedding company-forKIFC and-FCL • 






'.-•-I- 


1 






I Gulf Oil C*wd* 


I Provident Financial Go. i25ci 910 S 
Rosohaush (2 5 b i 170 


■ f..‘* -- F«rK Ptacq «0B> Mia *2414) 

/..-a PffiS rtOiiv«0 - 1 Provident Financial Gn.- iZ5ci 910 5. 

“ V ! J*£ii^scrlna^, H Sa4l rj m 1 .*■ I Rosotuugh '25o> 170 

• --V.- *Kg gt|50R» . ^.Ui^fawfr. * • - . • bt George Mutt UUOI 10'? 

: C/SSSn l** 7 wme oarw hums, nom 1M® i. iOdc 

. • %*•- Ln4»t. (Ldn. Reg.l 223 <24,41 

•X *x® • : raws*: «ur «*’»» » 

. Wagon 0 Pi"*** 12501 11 ,2S - 41 - New 

t«,« u ,«*. 

V*; ivi- Seair^l 1 °PI«bT ll** •u-S. , TW 14J. WKH ra Selection DW. I20p) -a 

■ ■ «*»<« 

(10P> « C&*4) I imperial Continental 3W_- GpcLn. 16 b 


I860 78. mSTL!WKSLff 
,10« too 

. Ml ,, as c i* 0 K vi ;.»Si 

9 ?ii. 


[Surma m" W iinv 5 g^' i 2S?4« 25,4> HSSo^s^av^Sil 1 G*| U9 7 i* « 
Charter Cons. 'ReB.' I 2 *?! ,2Z * 5 ® * 3 Hunting G-BU" 6ncP1. 4*£ <&*• Hutshtton. WPampM **** 

iad.ssfisaii^i. j^f .’, 74 iii ^w’gsp^^aBr'iWWf. ?.£“<"-« £«.» 

a 1. 7'roeUni.l.n. SB<r 127*1 »■*«: L vie Shinning (2301 123 l35<*f- a m »w- Mld Minerals ZD® 

Unal.iv 69 l2Sl4) „n-i 12 i25o) 121 rz ??li T®nmu t25o> 1230 5 OwdM*eMMr 300 

El Oro Mining E»io. «'“g J 52 Ocean Tranwort and T«qina wop <* “ . PatuinB Com. 500,, 

ESSSBut Fa°"t« <M1 Bert,ai1 insular and .Orient* Steam Nj^a Sg^®* 4 * *“ 

M*Uv*n° Tlif ^3rad>ina <l» Bcrhed «M« f? 2 " 2? ^ N-V«. FJon^Cj^^OO 

, 307'}: tui 12741 2 02O JSO»i MO 1 , 27(AI i S.mnonttt 9 reoflun £10 «0 


Herslwy Foods £in“'» 
Hons Kona V*nd .15?' 


Foreign Cfonai in*. Tit. i2aD' l 
Db. 56'j i27t4i t ,_ 

Fund Invest Lap. '2S.P' 5B i27.4i 


J Gen'eiaPconid.' JnvT Tst.^Vn? 33 M*Tiiv4in — TirT Dredging (Ml Hernao «»""■• 

_ General Funds In*. J2apl , 307'}: jw '27 41 . , 25 .i 2020 

■■=• ass fissfoBwaw- ”2-“ "si, ii«, °“i ^ | s Sw "is. 

“'■ Ke " ,£i^£Mvn»><« ■ g,'S: ,?i'. .'ll”' SIS 

,. „ ,=«. qjj&jj. «• '= ■ ' '«■«■ SV af “KtunHi"*! 


.-vWJEEaa-SsP"®'- • gas in 

■■' *V***$£rw<& .\25ri M f 25 ** 1 hnpwtol CsnllnniUl 352, GpcLn. 168 c ^crt luwptS'n *25.1 66® 

- •■"',• jffiw-J KSSwi'UlW’iSfdW ' ■ 127;4). 7KLn. 1S2 Grange Trust 12 SpI 70 «2S'4i 

.'••y# asr«*ssss iSftnrp.p' • ujsuiiANCE 0*1) asuKBSftaiais.s 


, Tri ConMnentoi SUSaO 
| Utah Minot SOS 

IwoKKft^**- 71 69 


■ Rllev RE- JJ HldB»* l3otCft*.Un« 


.Ul. £75 


&wjf-jssa^ w - 


APRIL 24 

^^Tld«Jn Z « 1 5“"' e l "* ’^J'iiiocLn. S' 11 


. RULE 163 ( 2 ) (a) gg-i -» M ,, , 

Applications grtnled for spodfic ChurclJ Ar» S Housing soe. 
bargains ‘n secnriUcs not Usled wwweiia hmoj. 2 * s 


•••Ptd. 40'* «» ef4*?ic Sj a n-Vib. Pioneer Ciww 
peardon Smith ‘S0o> 9- I* 5 4). a sea Containers £Z5U 

i50pi 390 9, <: « 2 7Wi 127141 Simmonos Pr««slun CIO-mO 

Runt. I man Walter! (25p> 102 U/'*' s SUS0.37I;0 

Tpxas Commerce Bk. MJS 39 '^ 

WATERWORKS (7) Teeas, Instrunwnta can. 


on an? Stock Exchange. 
APRIL 28 


Ord. <Brl (250.^1^'"' ,"-^. WATEKWUIUW l«l Teus mswunwnu. .. 

t27,4J. Ord. 02S 1Z4-41. g.33 60|* BaurncmC niin District Wtr. 2.BP* IWG'F w'oodstde PetS-’7tO 

Cum M 40':O '>*■ 6'«peUns.Ln. ba s*GO »a7;4i , w . Yukon Cons- 1S2 

*«*“■ Eiml^lran U5P. 6 T'mT« SWl «• 7 * APR 

. !fl^"neTV2';in*39 •25 i ' 4 J.. Colne VaAn 9l* rtml*. 7ee. *9 '264J. M(rk|A T „ «m , 


APRIL 25 


ISwmmM 1 W <2 'ffi 39 ,25 ’ 4 l f . 1 Colne VaiWv 4 9oe itmi*. 7 bc» *9 Arncr |c an Tel. and Jei. £SOiia 

ar^- 4-60 — i «, 6 " p, 7f - ,Sr " !: S&fl'riatf * 1 

Tm Drying 'Ml Berhad 3.9oc .Imlv Sou Cons- g" «.S!*JSf Teleonone *.84i 


ici ri. in ■ Auslra | Wn Foundation 

,9oc ilmlv SOU Cons- MB. S2JK? Teteoi. 


BSf- 74 73 

Cnanwl Hotels amJProps. 19‘- 
Qriilina Tools. North Sea B aoo 
Eistboume Witerworts 40-!_ 47 
GBA Proo. Trial 10 
Gadth tutdonesia) 46 41 
javufln Eouity Trust .163 GO 155 
we Rich os Stores 450 
LiMuard Assurance 25 


Eldrldoe PopC A t*s 


I Mowlem U-) 4 Ijpc £30 
Namunakula Tea _ Estates 3 


gg lfg- lU.- .!» 

Tvilnlock 1 2 P cl J , ' s - l - n ' 

vihlno 011 1 2 6 yuanfUirers FC C1B2J1 MO 

Wolverhampton Wanderers rv 


r • « SSrimO •« L^StS ’17-- 
'. .•A W^gS-gSs t’Ort 31* 

•i !>?*. ureir 0 ®-Sf*TSW 2 »>it.is 


7ocPI. 6712 <27.4». 7prtA- G6 s « lnvIitlng , In Success EouHles i2ao) 127 1 151 

Hamhro Lite 1250' 507 285 305 i27 4) ... i c. 1 RhOd«i»n Coron. ttGI 

Heath tC. E.* 12001 26M M 2 imetnnent Trust Coro. iSSul 203 5 6 | TanganrAa , ConcessM"s 

'JSSS&MSS^S^oS*^ G6. 73 ,‘f^rs Cap, tat Tmst '25o» 79 BO. SUPC 


R,. 44'} 126,41 


Legal and General Assurance societ* ‘Sol I jardme japan i25oi 12B»» » 
153® 1® 2 4 3 | jersey &temai i<1p> 15? . 


RDOdesian Corpn. * T Sips 1 *♦ 5 .. 

TanQinrika .Concessions go® ' 5 

Wankle Coll'WV f50pl 35 tab 41 

South African ( 20 ) 

Anplo- American Coal Coro. tRO.SO' P&DG 
25141 . r.mn. a S. Ainu 


Angl!} American f-irpn. 01 S. 
ROlOi 306® 30QJ® 


s ?v. 26 *u " . 

Jwfwrw '^ 6 5« 'tmiv 5 pci Cons. 39 CW MG^ 7 7upil c„ m taz 

-w KUB'v«ffir«i.F' 

Mid SoulMm W»r 3.15PCPT. Mb C27/4,. 8»J**. Hgd »n JUJ:® 

^IS 49pc 47 ,24 ' 4 ’- 3iZS0C BfRff 1 iTJS28*» 

Sfe 4 
SHisflaft »« 

Rickmanswortn UubrM«n VaRev WW. 2.Boc Mag 14C 

(tmly. *pc) Cons.Pf.Sdt. 29 124 4) Mga Asties toS 83 

S. Staffordshire W.W. BUotRed-Db. 78 JJJSphy OH Sirt 36 F. ; , 


,M - frit. ColumBia Telc»no« 4 . M ocPl. LUi®. ““ a 

Pt Do. 2 . 32 pcCnv.P». £ 19 -® Parker tFreoerklti 136 , - 

• 4 , gp Canada^! ®** bJ Pe*roleum RmaKlos of jKland. 175 

Su 7 X 0 Ouecndaiid Mines 1 68 162 


Queensland Mines 168 162 

| Unites Friendly Insurance B vz 

APRIL 27 


Ad ns ms B 43® 

» . 

■GSr 5 ian 29 PrpPertlB 'H 1 MS.J U 
Ml®5uss« water 3.15pcRd.PI- £ 2 " 
Mowlem tJ.) 4 '*< > cCi' , Si W ',,P s 

S uoens Park Ranoe^ K .110 
MW Computers 135 130 > 2 ® _ s 
5M United Kingdom 4SocCum.pt. SZ, 
"Denotes listing temporarily suspenoeo. 


errata 

AAH ord. 192 i* 5 ® 7 Should have w* 


RULE 163 ( 3 ) 


JFMSTETl.-. . 81 * ISO 2 -* gJSU £■ Shields Wtr. ^oc (tmw. ^ 1 ^ 7 ^ * 
.'*41 r „„, ln lnr . A 1R0.50. *5cw)Coas.Qrd.Stk. 36':. TocRed.Dlk 71-, H’^M^r'sS 


W'32B£k&Z 


- J ^ ^Jmns Giy ^ .f 0 r rSoo^Vta. OOol P«irt Assurance :25oi Z31®2 
•?■■ W ffrgHT !* TeUri’S* 00 ' • Phoenix Assurance i25oi 248® I 

:r k wnw? ... . - Provident Lite Assoc, of Londo 

® C25nr AJ^fsSp) 22Q® 21B ,2S 0 1 1Z2® '27-41 

e AiiBtt t**n and -Tiodlno 1 p rlII «»nrlil Assurance '5p» 144 


Moran tOirlttopheri Gro. i2Do) 52® Leda In*. Tit. 7W E£?65^4 I 41 
Pearl Assurance :25pi 231®- - London Gsrtmore v50P> 65 1-7 4 

Phoenix Assurance l2Sol 248® 6 4 *?7 41 London Holyrooo ljj. “P 107 4 , 

Provident LUe Assoc, of London A Reg. London Liverpool Tsi. iiooi a * - 
<2501 122® '27'41 , London Lomond {25n' 6 jBi 2 ,2714* 


Anglo-Trani»aal Consid. in*. A tuo-au' 
gf^Mruh^cht CQIC CR0.Z5' 1US4.10© 

? r U flrbtonto^Gmd^Mn 0 lRl'8|0« 

riMrifi^ake ^Transl^4A l, Col. (RC.&ei M * 3 


VVrfx ? lm Fist DonDlghsture 


Wtr a 9 oc Owens Corn^ti SU 560 ^ 

?r«L 6 i. E 2 ™*. , a. £ . , ,S u -®sis. 


Clviiesdale fTrans*aali Col. (RC.SOJ «*a| 

Coronation Syndicate {R 0 . 25 1 83 i |7 • •» 

□ Klkraal Gold Mng i RO J0> p 82 .126 • J 

n..^ n RMd*m»rl Deep JBl* 214 ® 34 


.sar Tpe. conr ais*. 4» n*M» RTW'icSTasi 

YdtV Watrrwock5 ^TocRrd-Dto.^ 7 £ 98 ^ua I b» a *. P S!L,.?!¥] 


11 peRed -Db 1986 llss. 
Pd.i 241} C4(4I 


jLut'' B* 8, fliwiv OHiail! '2501 122® '27'4l ■ London Lomond {25m 66 i 2 i27(4» Dwlkraal Gold Mnp iMJO> p 82 *26'4) rnrniT T 1ST 

S^ i r5iS^-“ ,d - T nrr Awuran<e ,5B vr &a , tssa •*-«. special 

"Prudent... C25P. 68 tjg.-* 2i; H\\ Businpss d<inc in seeurlljes quoled 

BESSlI (SOp> T ?lr ? ,L~r M. 47 Q514) Sedgwick Forbes Hldgs. IIDO) 390® B8® London 1st 45-1 12614' Did ,1M ' tB2.i Frpe 5ra(e Siiipiiis Gold tRI) 70 2 * : n fhv; Monthly Supplement* 

Wh.in^tr -3 wKOh- •?° ,s <Z3(41, sfe^use Hld«. i2Sm 10® M. and G. Dual Tst Cap iiom 102 « 26(4^ Q^'-p^ds south Atnca 'R0.25) iUS , 4 , i | ...... 

lOT'Ef* rs-UJi*) ' , rHIdas i C12*iol Inn Alliance and London Iniuranee 531® JJJ G . ; KO nd Dual Tst Cao Mpi 13 pi e ids Prop IR0.02'sl 72.® 127 *J APRIL 28 (Nil) 

-ST W?***- « 7 - 4 > S3? W Assurance Society 'So. 100® « S p, .43 4 gw. , dpc ^FtT ^ ‘Z ! ' * KPKlL B (4) 

10 ffl-’JSU 283 s BUT* «. 1 ' Swm. «*«*- ,r0 ;" 8 _ 9 . APR ‘ L „! 11 _ 


Walker «Hlrami EJJ* 
Wheel oik Marten A 40 
Worms! d Austritm -»7 


APRIL 26 

Ceylon and Indian Planters HldflA 45 *s 
Ceylon and Ind'an Planters Hldo*. 4 . 2 pc 

o«. 4 S!itti S » 7 .“ ■ 

Eldriwe Pone * 1 7 * 


Bargains ’* nark 5* 1 * or in 


Bargains colelv \n 

companies engaged 

I mineral explo rat5 ° n ' 


APRIL 2 ? 


Eldrlno pop* 't-.l'* l£ lufl *?2 i rv? 7 Acreaoe 86 91 

iSAD -501 156 1 ST. gSJ‘« , 0 C S , < £i r “u.lC.» 286 284 266 


APRIL 34 


vs* Sioiaraj BCH.4B-IMW airfs^s'Ss^i 390® as® tsss a 

f 0 * 3 <W ' 41, stentmuse Hides. iMpi 100 k?. and G. Dual Tst Co HOP' ] 

- w • . . -Whilf* ffiPiS/43-- , .(HldPSJ 112«iol Son Alliance and London Insurance 531® JJ c . g KO nd Dual Tst Cal 

"^.cSJWaTW sJS W U* society .50. too® -gj^. «Sp, 43 4 gw. 
'Sj&^^sVss^Mr '• INVESTMENT TRUSTS (201) tE&Spte ‘SSK,^ (27 

: ' ! 1 3 W^1 4) 44. ttT ?lsi“ P i2 5, 3b 126 4.. 4pc M^ao" »’ 0B ' 669 4 ' ! 

Aeon? Sec sfcaV tlP* ?7 127)41. Inc. (50p. B6 7 '. 4 27 4. 

v Swas &Esrr«: 


PI. 361: (26.4k 


Free 5rare 5aa'Plaas Gold tRD 70 .2. fli . ^ MOPthly Supplement azl Re50,l r t ” <J » 3t iHSffl 

ei « -»- - <n"» sssr:^ 

Grlaualand Exolorallon Fin. .R 0.051 0164 . Beatn* Fcmcg , _*>*» ?&«. 

Grurrlel Rrooriourr Mines iRO.45) 81 9 .APRIL 27 (4) wimler” 5^,^ £ luti9 D ‘i» 

M, lSi. <B lR21 °‘l 1 ® BST-W 034.:® Tv-.pcPl. 167 


.in. nss - - - 

SS .»«« l-.WD.. 1«H» „ 

Mi? ,n. 0 -»* !"-«» T,«. » “."“oT.IS'SS'.S k J I" M> 

11 a 282 


gKB&fenr- %«« — — 

S&°*wl” Authority SBC 1M2-87 APRIL 24 

3 E. - — “ ■ •onJ’M* ' UJtJ " z " 

APRIL 25 APRIL 21 

12“ 12 G 124 ^& O- ' , ^ O £r«& , |5jt"| , M3 S 300 298 

Ferranti 295 a6 H^TSgS 294 292 290 

36 „ 

D^dnsm Brevmry W 


APRIL 28 (Nil) 
.APRIL 27 ( 4 ) 


Norton VlUlers 6pccn*.uu. 

y.«S 2 “»g. &SSSmm&A 


'iv. -nriT„, a> >. 127,4' Johannesburg Consold 

K^i^n^Vb®^: wrmts. Mnfl (B11 SU5S.70® S.75 


HulCMSOn «!® n K! 735 - 

Inland Natural Ga* 735 x 1D , 

interorovinrial Pipe Line * tlo » 


mg/mte 

40® 4C 


Leslie Gold Mines 1®g 6S| 45 I27i4l 
Llbanon Cold Mnp. :R* » *JJS5.7S 
Loraine Go'd Mines 'Pi, 90 127 4) 


Alliance Tst l25o> 2171 
3<}PrOb. 62 ij 127 14). 


april 26 ( 5 ) •sssrxestjsraf 

sss. a.^?, ui*o xaugrts " 1 

bu-M ntpi} RMOurCeS ,6 


ylfl«m Bt4^S^wS? U.5BI 126 -30 27 cap.Shv 15001 15 

S Jon OS': i 2 4i4) Ambrose Invest.- Tst. Can. 

"■SKSiTJ ' 66 7 ■ American Tst. '25oi «w 

Jfiiio Walton 2nfl- ^ b>-d 6® 8 44 i2*'4i. 5pcPt. 41 fi 


Walton 2np- Dtm fi 8 44 (2*l4i. ' 5p 

SnST’SSw “ 70 !l°4)^S5S 


rican Secs. 
AljocPI. 3T 


17-4 . ihcw 1 arm.iiw. Lora me w* "■"Asr.Wi I m ----- i. 

I^dV^mI- N^neieerTTwen'tv-Eloh. in*. Tst. ( 2 Sul 208 ^denburg .R 0.501 80 Waoe Potteries 6 «Pf. p 19 >. 

, S5 , North 4 Atlantic Sees. Con. .250' 88 «27)4i. J»« lTrBnlMi „ D e*. ««0.50' 86 ® 8 APRIL 25 ( 2 ) 

ID - ( ^ B ;, 5 V? 2 5 5 a p ; hi MkUle' Witwatersrand (West. Areas} Bassett (G,o.. H-dgs TcocPt. o*i 
5?l' . DC1 . c A*sSb &t”«- -sso, 5*'? '2*141 N : , R °-^mrtmein proos. IR0 251 7 1341*1 APRIL 24 (NU) 


Pent land Invest 


KleWfonietn Proos. iRO 251 7 {34'*^ 

■nf|i Brand Gold Mng rRO 5DI " “ 
l«u 5tevn Gold Mng. iRO.SOl ot64 


RULE 163 ( 1 ) (e) 


Ocean Resources ■£ 

tMrssSs&B* ■ 
e ^WsS& • 

Bevlon SUS 4 3 W 

NlSonw.de Transport 98 
Thiess HldoA 1 88 . 


Bargains marked in securities 
which are quoted or listed on an 
overseas Slock Exchange. 



' - ~1‘ •? WoBdMrd, i Oj- , .AV t 13jB} 6Bi»® t* 
. .' Woolworth 4F. E27. , 4I 


APRIL 28 

Allstate E>. S:® 


Wrights* tildgs.j££'i 5 , . 5 ? (Z7 '' 4 ' 
Wwirt iSS^SSc’mlsi' 37 ^ 1 n4 .4i 

vSy*" t « 50 P , l 2 S s ^li 5 l) 70 . 1 0 ocPI. 108 


KlTiJBiKSioi®" SUSSrf isg, 

i3TI«* - ArtlpOl Pats. 72* 6 


Anglo Unlied 124 


I Basie Resources 420® 

Boeing & ^§41;® 

9dugainv'lic Conner 10281 6 

Central Pacific Minerals 430® 400* 
Clba Gieov OucCn*. SJ94 
romrmmicaiion Satellite £32 
Consumers Gas £12® . 

Dataownt Corpn. ESB 1 * 

Flur-di Gas £23*t 
Hewlett. Packard SUS77.® 

Hutchinson Whampoa 78 
iiualhn Faulty Trust 163 160 155 


Bill rate steady 


*ork Tr^Mer JJJJ&iv j 25 p» 946 - i 27 r 4 «. HQro ^ j* 3 Save Pr St I ¥, r hit 1 a rS ihi n oni W^tern Areas Mio ,icao? 

V/irMiirC- Oisp^T • ... . * e-re**! r?^J4i Shi- flOp) 157 1 ! i2& 4i Cio.shi. hub uyesi^rn Oc;o iR2» ^US9.Q& 

Y S& fc JSV“^ ^n"*" S0C ”' IS 4 4 ^ ScrtHsh American Invest- <50 di 88® 7 6': KmLak° B 4l * 

127.'** ‘ . r?«tni 32 « » CnrW. 411 U5 4i crntrith and Coiitlnenfal Inveil. '250' uilitwarersrand iR0.02':< 35 _'25l« 


SM f ?rSnM’widBS.i rasp' 32 i "4vSpr*a7' 26 4>‘.“^ ~S '2S4' | Scottish and Con 

STSSSTT-"^* *“* •’ l«S8S fcS " w I arv’Sea"" 

zaSw* Gro. - f 5 Pt 49 u; 07 ' 4 ‘ 


ainept 37 126 41 A SncPf. *1 *: '?S 4i sroftlsh and Continental Invesl. '250* Witwawsrand iR0.02':« 35 

p mB ,iro Gen. Tit. <5o* 10^ ” 71 H® 70': -27.*} Warrants lo sub. for Wl , wl|1} rsrand Nigel iRO 2Si *0 '27l«i 


Briush 1 Indust, and Gen. invest. Tsl Did. Scmlsh* CUlci „*"«?» Tsi. A i«p; »56 West Afrieon ( 4 ) HMChmson* “ wmimm' Vb- 

rSmTOL'a* 15514. 3'jucDb. 5® Amal. Tin M.nes o- N.ger.a 'Hldgs, *10o. JjjglM Mb Trus'^63 160 1 

As& i&'mS: 2 $ 9> * VSR essB. 3 ^* 


Bank or England Minimum ^thof.tle^^teSd f %^uyKj Sid Mi P <* 7 

u *S!! 2 . l S£i a moderate cenL for secured call loans at 


in ECTRie UGHT (— ) Waafln* 1, Tst *'** 

-CP".- " ■ « 4 ' 4> 

FINANCJAL TRUSTS ( 105 ) 

fissOis&vsSoi «t 7 :s> asjs^VrSig^n*! *«-? 

*™^3SriSr Flnanet I7i? p ) l 3 . ,2 fltL f27i4l . _. 


SreiSih 1 Invest. Trust 1250) 96':. 4.S5ot Bislch' Tlr 
Cum. API. 52U (2514). SocPerp.Db 37 Gold Base 

Scottish Mortgage Tnisl t2Sp) 109'jffl B':® 

9. SocRed.Db. 68 . „ Anolo-Am 


Diamood (IB) 


Pacific Copper 32® 


, . e »■ ppcisco.Mo. bo . ... „ Anolo-Amcr. invest. *»»- Stvlre i-acmc « 

.« 5® 6 Sfomsh National Trusl IZSpI 136': 8 oc D Becrs Consd M| nes iB..» I0‘i. D'O; | wlrc p ro „s. 51 

Scottish Northern Invest. Trust t2bo. 98® lB0 .OSi 336* 6 5 7t 7. IB ■' Tasn , iNB | 65 


. 1st. *RO-SO> SSL 


Pahang Corpn. 52® 
i Sea Containers £25i]® 


Swire Pacific A 123 >i 




(SA0.50) at 80 Cedar jSJ Trt.. fiSo) 

_t254> ' o^o..GBs: ln*- £■*• G^ 14 ) Chann-T Islands Inter. 


Scottish Ontario Investment t25oi 113® 
Scottish United Investors f2So) 72'.® 2® 


OIL ( 2 D 5 ) 


Tongkah Harbour Tin 95® 


2 3 127(4). New Ord. (2Spj 74;. Sot I Attoek Petroleum -20 d< ISO ‘ 274 ' 


Wheelocs Marten A 42 2 
JVoolworth IF. W.) £16'i® >a IB 


C23 .4' ' p„jp. Gat In*. 6A 04 

? 7 0 Charte’r TM Agv. (2501 S3 127.4). SocPt. 

HUgs.; (250) 20*26 19 'a f W S rSSfclj- Cao. Shi 95t 

cSasrfgSAsjfifcW.;: “- Ln - aT 


Cum. PI. 43® 12714) 


$n$ 4 <W inter- M . Shs. 14. ggjf jggn ?U 

r£rt5J Tst. Agv. {2501 S3 127.4). SocPt. cwn.PI. 37T (26(4) . - . 


Br.tish-Borneo 
I 1400 '27 4 1 


5!*?ffl\S! B ShS?‘c^S > 2M, U7J4I 


GO 79 . 

4'jncLn. 81 


Second Great' Northern Invest Trust t2Eol 
BO® i27V4> , . • 


APRIL 27 


tender, risin;; « p„' i and was on a tnoaeraxe »»»: --r - - - market, overnignL iw®**» 

6.9988 probably not enough to take out Jank^m^ ^ pgr L and 

SK 5 d the minimmn thyforw^ ^ faced wrtha eased to 6 K per jjjjg 

were met as to a ,^°^V ^^nt-^ast brought forward above tareet back^to 6 J -7 per cent, in 

week^The^foOlhTL biUs tendered bataneM i and fito SKiouj; ^ at taSiS 

^ ;W™r d _=.n Ai b.r.r. c.. S .n S 


American Gen. insurance £22 -i 
American iui. and Tci. suSo3>»® 
Anglo Ulo. 126® 9® 6 B 


£ 594 . 88 m. and all bills onerea ' 3 substantial excess of 10 iv-f 

were allotted- Nert week Jj overnment disbursements over aiwnd 10 ^ ^ ^ are 
■further „__ w,u p revenue transfers^ to the bx « . . ^ me cages. 


Securities -rust ol Ssutland 179 g urman Dil 51 *:5® S*> **• | 2 - 4 , pj-p» op u*-oa £1 Di- 

i>. 4‘:DeCum.Pf. 37 (2514). 7 pcDd. aQ ,24,41. 7LpcPt. 46 i24 4i. ", Bethlehem Steel tl8)< 

603 ,®-,® . 50. 7 :«Ln. 64® S'? '27l4i. B'lOCLn. Jue , no £, J2U 


s£ewe11 European Invest. Trust ilOp) 69>: | 


•n >:HHT x W 


75-80 '91S GglSStf 1 


Sphere' I nvesL Tijat «25pl 10*i: (2714) 
Sterling Trust {25 p) IBS® 4 U7M) 
Technology Investment r25o) 90® 


SO. 7 soeLn. 64® S*J jueing £12’* 

50 127.4 . _ ... .. Bums Fooas «UM.83- 

Century Oils Go. iIOpi 57'i r2S 4> k^rn-bon L22>«:« 

Chirternall (5oi 221 1 Hs I25'4i- Cheung Kong 113 

Esso Petroleum 5‘tOClStDb. 99 ■ Columwa PicturM 617*1 - - 

■;i-ar1stDD. 76^1 ^27/4i _ ___ . lAu Con&umtrs Gift 1US1S.35 ■ • 


rSSTdiUSli appeared to_chequer__ 


<ier<ing 
I CertilieAK 
I of ilepo-lt* 


33 “ nominal In anm. 

ssETr^lTS I r ~vlH 


deiiwit* i 


FHnetrarle 
Rill* * 



K laratuxi 
, Flnanc 


F.C. Finance 125 

vira National FI; 
TS; 92-97 105 
Fitzroy Iny. (25| 


Coro. HOP) 2®. 9*JP« 

1 f| 1 i"fl 5 l 4 l 


B prbv Tst inc. <■ ' Or0 6 j 05141 Trust Union i 
lyount B«nk in*, i?6'4> trustees Corp 

gfsSsrcSfe. «sp> 6, ' DcLn - 


lUmbroTst. C25p) S2««f 7 ' 4 ’ . 

' !S 4 T r 4 ® 4 T^'T 7 18 < l 6 . I 2 h 


.250) 126':® 41-ocPt. 39 |«. 4B 3r, l2 S0. 555®. /oc*nnr.. SUS0.49® 

British Secnr.lles Trust '25o> 122': T o «aco 4 i' o< ffl'g 4 L n . 53'*® Ifdf’oS^&WornlB 1US41 
' 4 Cap.tal* « Trust <2 Sp. 18 ^ 

hSSWMk ^Ti). ‘sISla. 1 !! U^mV^Bp. 261® 54. 9 60 ,7. 7PC 


Overnight 1 

t tuiw notk-e-.i 
1 ilny* or ; 

I .lay* nntice.., 

. Hip month ; 

I'm numtli*— 
Hire** monthaJ 
vlx numth- .... 
Vine miinth'.. 

Uoe ve*r 

iwr. rPAT-- 


7t» 7lg 
758 73 , 
7 ft 8 i» 

8 *i a 

8 -:- 1 - 91 b 
91 b asg 


85pcPt. 45 '24 4). SocLh. 96 


fen- *j -s .'*a .gL-ss ....... ME w- nryaiv. 


■SS 1 U. * ;=»». 

Merrill Lynch aUS133»*l £1S>i»P {2 7W tzb.*' 


ftia * ® '-is 

m w.'**®* s®. a 1 &2 

.^a^t 68 ^* . 250 ) 155 127 41 . £ 0 *^ 6 . ClOo) 2 '* (24 4 . Arian.^ 

,-ocLn. 77 ( 25 p) 31 »: Beaumont Proo. l^ol 79 . Ptsourcei 

as Lancs - ,nr “- T g»;i%Orro" 2Sto 82 ,26,4 ' wssM 

UNIT TRUSTS ( 13 ) g^° n Land Cr f 2 ¥ So' 2 29 h. isb«db. 107 . 26 4 .. Car.umJJtd^ 

,G, Am.n« H .Ge-. Fund Income 50 . 2 ® 4 |»P?S*a* 9 91 ,27 ' 4> - 5 


APRIL 26 


LOCAL AUTHORITY BOND TABLE 


- Authority 
(telephone number m 
parentheses) 


i groffi al • interest Minimum Life of 
interest payable sum bopd 


M.G. Am-ntin. «*"• — Rf .i«inn Estate 12SP' BU 1 }". * »■ ' 

Kl £ W r : . " 

JtttSA iSS Fund Income J5B.9 Carting Ga (Sp> 16^ M 

M^H'Oh Income Fund Income 102® Centrovincm' c ^ t ‘« £S*j5g?'*\ H 1 


£ 16 . 95 ® 

4 ' SS,U RI C|"' 1US S 1.34': 0IO8 

41 ISSCSsr "^ 303 

4 .. cSrilSS UttJSTpwVD* 

4 >- TOf- 2,3 

1 Falconor.dge ?1|® 

Grace "— f — 


Ress^SI S^T safflSifcBte 

iBrjs sjrswis u. 

^ AA,n Dill I IAN FOREIGN EXCHANGES 

EXCHANGES AND BULLION Market BBl- ■ 


M^.' 4 J«pan. Genera. Fund .ncojie , 49 . AfTl^e' Hlogs. 7 ^pcLn 214 . ^OLD 

Jr? ^R-fmenf^Fund 4 ®ncome 78 . 7 ®. rnerterfield *rw. »»oi 275 ® 3 ' 27 - 4 ■ ; — 


gold market 


m.gT '■Recovery Fund Income /o./w- chesiertieia Prop »«oi - 

^Special Trust Fund Income 156.5 '10- 21 


Barking ( 01-502 4500 ) 

Barnsley Metro. ( 0226 . 20 S 232 ) 
EUnbridge ( 09322 / 98 / 28844 ) - , 

Knovreley (051 5486555 ) 

Redbridge ( 01-478 8020 )^ 

Rushcliffe (0602 . 811511 ) 

Southend (0702 40451 ) 

Thurrock (0373 5122 ) .... ' 

Thurrock (0375 5122 ) - 

Wrekin (0852 505051 ) - 


J.year 

1 -year 

4 -year 

i-year 

l-year 

1 -year 

i-year 

j-year 

3 -year 

yearly 


MINES 

Australian (7) 


Country •«» »«" -wAS.70 iSt*) 

igBS-aS'&m- fV 27 4> 

g^np E «*. 10 l?y_ 5 49L- *7'« 


Ws.WJh- 

K K ESo.BQ 1 118 19 

Miscellaneous ( 68 ) 


English Proper 
30 29‘J tJ! 


6'WcLti. 1998-2003 65®. 


smuts" 'G en. 1 * nvest*. i20pi 17 124,4). 


.sOp. l 29 4 


, rioW Bullion. 

•a Hue ..hiup'i 51704-171 

uSin:~:: liSIS? 

Uoroindl. l! |H 3 .ilS, 

'"‘"■'•"•WZih, SS& 


>lbB.3& 

IL‘ 95 . 185 i 

£169.90 

i£93.E24i 


Dill I ION FOl«W" MV "" 

week-end. Sterling came under D m 2.0610 and SwJrfcJ-Jgjp from l».oese-a- 07 T&, 2 -oeGB- 2 . 0 |GB 

some pressure »d U- « ~"l i. I S 

England gave a “Ogrtteamounl On th to improve. SS^m | 

of support durmg ttie aftenmon. do^ ^ U5 . cents from pjmmb*... i 7 |;S^ 5 o 77 ^ 77.40 

S&TS& SSfi throughout M g|. jgfc indes on Bank 1 SKg 

ms *S 

a n .» G « S""" is |Hs?.» » 

to close, at 51 ^ 40 - 1 -^ 50 . lra de weighted average ' , jj. 51 ij. 5 A 6 1 3 .M- 5 J*_ 


8.85-9^0 B.85i-8.B8i4 

B.59.B.44 | 8.41-8.42 
8.42-8.48 I 8.43-8.46* 
405-412 I 4084-4IW 
Z7.I6-27.S0 | Z7.1UTJU 
i.51>g-S-66 1 S.58-SJ4 


to dose at 91 &M-IXW- *u -™ d e weighted average T hjim -i-M 1 »■»»* 

"A !2PSS!!S,YE , S?J5A H ca “ 


England figures siayeu 551 percent. Goia •Rates siven * 5 ? 

Si itood .tit" noon ” ,d St r& ii* "> Clow un- mwiu ® - B! " 


olLeidS 12501 77® 

Green BSytSrSWW .26 4) 
rcmoiKoat Props. *5P) ^-i _ . 


.inUI Coin 1 

inn mil «WV.(- 

'•n— '-S^S. 


A m W 8P(5U».Dbs due T118B 'SUSlOOl ^ |MI*. Cw SaV^KV^Si 

A*cr Hitsm Tin DredBino Mal»ys*a Bernad ^mmcrion Prop. ]nv- T ^ a ^ 2 |g ) |? K (29 30, 

7sM. il “ 280 ^SI4V |s«el« .lOo. .18 17 20. 9 ,pc ^ 


BUILDING SOCIETY RATES 


Haste mere Esiaies «iopi sio — - — 

Imry ’ft* IW>. 
lnwreurope*n Prop. Hldgs. «10P) 

12414) • • 


l(£ 28 ^- 4 -afl 1 1 


S 175 S 4 - 177 A, 

(£8697. 

ISaWs-D'Hj 

U£ 5 iai;-*e* 4 ‘ 

U 5212 - 5 41 * 

l£ 2 e» 4 - 2 BS 4 


“The" dS 'dollar 8 ' finished at changed at $ 1701-171 an ounce 


exchange cross-rates 


OTHER MARKETS 

I Nikuv Kale* 


iFnanklwi |\e* Y-iri. 


Deposit 

Rale 


Share 
A cents. 


Sub’pn 

Shares 


Abbey National 5 . 25 % 

Alliance ; ^"5 

Birmingham ...: 

Bradford and Bingley ■— 

Bristol and West -?« 

Bristol Economic ..... 

Britannia 

Catholic vv-.- coal 

Cheltenham and Gloucester . 555 % 

Citizens Regency - 

City of London..... 

Coven Lry Economic 

Coventry Provident -J-n* 

Derbyshire - 

Gateway - ^ 

Halifax 

Hastings and Thanet - ■ »-? * 

Heart of England 

Hearts of Oak & Enlield ... 5 - 40 % 

Hendon IS 

Huddersfield & Bradford ... 

Leamington Spa - 

Leeds Permanent 

London Goldhawk 

Mellon Mowbray •••••■ 

Midshlres 

Mornington VSS 

National Counties 

Nationwide f * 

Newcastle Permanent 

New Cross ‘ JJ!S 

Northern Rock rT?? 

55 a% 


Nationwide 

Newcastle Permanent 

New Cross 

Northern Rock 


5 . 50 % 

5 . 50 % 

5 . 50 % 

5 . 50 % 

5 . 50 % 

5 . 50 % 

5 . 50 % 

5 . 50 % 

5 . 50 % 

6 . 30 % 

• 5 . 60 % 

5 . 50 % 

5 . 50 % 

5 B 0 % 

5 R 0 % 

5 . 50 % 

5 . 50 % 

5 . 50 % 

5 . 50 % 

5 . 75 % 

5 . 50 % 

- 5 . 50 % 
5 . 50 % 
5 . 75 % 
6 . 00 % 
550 % 
5 . 60 % 

55 ( 1 % 

5 . 50 % 

5 . 50 % 

655 % 

5 . 60 % 

5 . 50 % 

6 . 20 % 

5 . 80 % 

5 . 50 % 

5 . 50 %- 

6.75% 

5 ^ 0 % 

5 . 50 % 


•Term Shares 

6 75% 6.50% 3 yrs.. 6-00% 2 its. 

; =« 6.50% 3 yrs-, 6.00% 2 yrs.. o.7*% 1 ^ 

n--K 6 j 0% 3 yrs.. 6.00% 2 yrs., 3.i5% 1 

6 75% 6.50% 3 yrs.. 6.00% 2 >' rs ^ 

6.75% 6.50% 3 yrs., 6.00% 2 yrs.. min. £o00 

675% 5.75% 3 months’ notice 

6 75% 6-50% 3 yrs- 6 00% 2 yrs. 

!S! eSS 3 yrs- 6 .00% 2 yrs. 

7 ^°* - • ^SSfSh*™- «00 

tss si 

750% 7.05% 3 yrs., over £a.000 

135 S5 " 
IS* 6 -l 

S M 5 % noth*, minimum n *00 

41 « “5 I ^ " £ 3 % uTm.. ««W» 


Kennlnus. Estates BpcDb. 74 «4|4l U.M 

«a— SS5S'-si«t‘a. bt i a.. 

B 7 l 24 41 , « um i 3 Sdi 37 : : ^ '(UObai-flCAl i s , ° 

Lana rnveiMrt l 25 p l-S 7 . , i» * , ;So 2 lg- 341 g 

Land Mu m Tst. iSOot i|| ■» * ' 7 4 * \en-wiv -Z 9 ** 

,-hSv ^4 


S 176-177 


6 ^ 0 % 3 yrs.. 6 . 00 % 2 yrs.. ^ 

6 . 50 % 3 yrs.. 6 . 00 % 2 >ts 

6 . 50 % 3 yrs.. 6 . 00 % 2 yrs.. min. £o 00 


5.75% 3 months’ notice 

6 . 50 % 3 yrs.. 6 . 00 % 2 yrs. 
6 . 50 % 3 yrs-. 6 - 00 % 2 yrs. 


Fm.ikr.irt. - 

S3S. 4 .F 06 - 61 B 
J.ra i 8 . ;■!!»“ 


Bruised Loruh.ii Alil«'' l ’m /uru ''' 
M 14 - 4 S 4 3 .<i 5 -('b 

i.\ ..105 U 2E6 8£«i| » : * ■*£ r 


Brazil ! 88.80-81.80 iBt-ls|um - M-W 

stossatei^iL 


K’ar&jSLffitL twzz 

EH. 147 hr. ^ 1250 B ®‘ -Jj Knr ^ - 58731 * - 27 6 i< I S 2731 g ^^j 

IDpcUnsec.Ln. 1231® 9. IT T — 


lOncUnsec.Ln. 12 a.® a. 
t 2 :, S Ljn flo^ , jas. : 9 UPcMipu. 75 
Lund oh P r 1 oKI D 5 b hup B5 Cen^’fH.d«.. 

UHMOn 7 ISqp* Prop. »«■ ‘asjl 56H 7 
■ 77 Al fi^OCUrtft.Ln OU* 

ME PC " i25pi 107 & 6 ij S'l. ^ 

MLDB. 69 N®. 94ipClSfMt.Db. 7SH. Soc 
Unset-Ln. 59 5pcU«»ecLn. 87 


CURRENCY RATES EURO-CURRENCY INTEREST RATES- 


Y.^ 1 . P«rt D ™“ — — — I*™'”?."" "■ j I ii >l>mnuirk..UB. 25 - 0.45 

^81®° 

a* ^ ■■ & WM ^^ 4 1- 

.aixCDrQT RATES* • naie aivun tor Arwovlna u a free rate. 


Loudon 47525-975 ».-o26-il> IW««! _ - “ 

4 L 990-001 1 F -OODOa &*&*&£$ gfWTO_ 

7 " “ ' L -.,. S in 

CaiiMltanM^ 685.75. *I«i« for April 27. 


Midnurst wnute Hmu^ I0n' 42 (26 j4i I 

MDimtvlew i5ti- i5pi 55'i r24 4> 1 

Muck low IA- J i Group *25P* 113 i.®I 


Bpeeia.. 

Drawin° 

Kigbfo 

“Alois 38 


Kuropean 
Dili' o I 
A- gqn _ 
Apri> JB 


Lamuiwu 

Dollar 


e5% loss’s-™-* 

S5 l^oosryr.. eoo.no/Kio) 
7 . 05 % 3 yrs., over £o .000 

6 . 50 % 3 yrT.G^Tyr- min. 3 mths.no Uce 


6 !! % Jjp w 6% 3 months* notice : 1 
fl 50 % 3 yrs. 6 % 2 yrs., min. £ 500 -£la .000 
.S a^’notice, minimum njm 


PeaclW - 1 Fr» Cflj*. ( 2 |« , ’ 7SO **• 8 7I, ‘ ller'llis- 

• 2s - 4> '■assf'zr' 

R?g!ona| P ’propS.^A (2 5p) 59 ' 27 »> Austria » h - 

Reals Proa- Hides. ■laKk n 'vir*5 F 7 4J Heirnan iroin-. 
Rush Tompkins Grp. CiS"' 1D7® 8 Uaolah krone 

Slough £sta. (25e) 101® 100 1. IDocLn. p^u,.}! fraai-. 

Conversion Jnv. Tsl. «25pl 224. tal-n 


O.B 69519 

1.82609 

1:38671 

18.2473 


Stock Cofl 4 /er 6 fon ip. 1 uapi ‘ 
5 <iPCLn. 218 124 / 4 ) _ u 

Town City Proos. ( 10 p) 13 ® 12 W 13 lit 
6 pCLn. 80 126 ' 41 . BpC- 1 4 P*Ln. 09 


6 pcLn. 80 126 - 41 . BOC-IOPCLn. 09 
Town Centre Secs. ( 2 So, 58 
TraHord Part E*M- « 6 o 1 W® CZT. 4 I 


iapraeve ven. I 
\urvrn.v krone 
Si* in peseta.. 
Sweili»l'Lri“ w ' 


nssfisasm 


United Kingdom Prop, sera- ■» 

ifmM? Real Prop. Tst. <2Spl 246 
Warner Estate Tlfdas (25P' 121® 


6.62296 

а. 63473 
2.70966 
5.65473 
1065.08 
273.295 

б . 62395 
B 9.1134 
5.66208 
2.37432 


nM 

ii/x 

ul* 

ii/a 

n/u 

6.98973 

2.56839 

2.73416 

5.70692 

1072.96 

Ilia 

n/a 

niu 

n/» 

nf* 


tdlmrt ienn...; 
I day* ooticri 

lliuilh 

Three montlnJ 
, Six niuDllia.... 
One year - 1 


7 i*- 7 ig I 
10-11 | 
10- 106b | 


lO-lOBg! 74 «-B»b 


t'uldi 

(iuiuler- 


"iC. Uanuan F n BW ARD RATES 

mark _ 

— i i .— — ; One minitl* 


’flireeninntha 


334-4 
*- 4 l« 
4-414 
4 i 4 - 46 g 
3 is- 3*4 
4 bg 4 ig 


I 

I d.ii-a.T. 

dife-aft 

dl 4 -Sll 


s=^a»5B|stss: 


WiokrtM 284-134 rt P«n 


Euro- French 






310-680 c. diu 
40-140 c. div 
,11-16 lire >lia 


ranVnTrUM. vs. d»aart and Canadian dnllarg: wo pg^ 


•aert-ienn rates are can «or swo-u*- ■ 
day?noUw tor cnjMera Md Swing Irenes. 


sisssss- 

6 . 35 % 2 yrs. 


Warner Estate Hidtri «sp* -a-w 

RUBBER (39) 

Ana Id- I noon as 1 in 1 *5p: 9 A 5 (2*l«) 

Berraf cons tmo) ' 4> 

Castieaelo RiM|r \\%L\ 

SCSsoKmSm " pfflu! ttirt *”■ wm *' 
I so 1 ? an 


UX CONVERTIBLE STOCKS 28/4 j as 


Snosues provided ny 
data STREAM luferiwiiwol 


Dunlop PlanlS- 
Guthrie Coni 260 SB 


6.50% 3yr S ..«%2^- : .^fS M 


BSsSdr^S 15 Sd” 5 o 9 &i 92 .: Xame and description 

Alcan Aluminium 9 P c Cv-J^j 
Ku.la Sel-n 2 pr j 'IDO,! 1 1 5 ®. i 27'*1 u lnr r.v. 83-90 


s', 6 . 10 % 2 yrs- min- SLOW) 


6 . 60 % 3 yrs- W»i 9 “ 

e «w. 2 yrs., mitt- £ 2.000 ____ 

“■* ■“ - (uiq' 2 vts min. £2.>0 

6 . 50 % 3 yrs- 6 . 00 % z jts. m 


Size Current 
(£m.)l price ( 


Con- I 

— 

— 

Premiumt 

Income 

Cheap(+) 

Dear(— )<y 

version 1 

dates 

Flat 

yield 

Red. 

yield 

Current Ranget 

£qu.s[conv.f Difftf 

Current 


iXdO Rutwr 15PI 26 B7^> 

London Sumatra 1 1 IH») 135 # 6 5 41 


5S5 Lorain. AM. 6-W* 2 ^ 


6 50 % 34 yrs., min. « 
S% 3 yrs- 6 . 50 % 2 yrs. 


London Sumawo «i«wi — 

Maledle Inv. HOP) J 7 !’** 

Muar R»er OOP) 42L® . 

Padara 5eiwng ^JW,, 50 --?? 4 *!* v, a 
Plantation Hlaos - (1 Ool 67# 8V» 7 »■ 

B Z effia n 'Rubb$ Om. g OSW 

cinoapare Para ( 5 pi 52 izo JJ 
Segomana ( 10 o) 146 ( 27 ' 4 ) 

TEA (16) 


Norwich SS-- 5 b% "«•** 

‘aisles “ *55 ooniu - " 


6.50% 3 yrs., £10 ° 

^ S!S«?lln. £500 

6 . 50 % 3 yrs- *>- 00 % - J 


Pcekham Mutual •••• - JJJ 6 . 75 % 

r«-». • ; tH «% ^ 

Properly OvmeK .'...- 5 ™ % 6.75% « 

Skiplon 5 80% T.05% ^ 

Susses Mutual ' ®*»?^ '- 0 * * 10 . 00 % 

Town and Country ^50% 6.75% 600 

Woolwich ;f n ;° wit b changes in 

'* Rales normally variable In unc 


S5 S SSiS. 

Si m ri- ««*»"■ 


T.05<s 6** , j yri *» 350 


Assam- Dooa IX Hldgi. 198 l*6'4l I 

Assam frontier T*» hwov zbh , 

Blantvre Tea Hldgs. 430 ® ' 274 ) 

Deimoi Hldfls. iSo) 140 * i^64i 

Emolre PUntM'On* »nv- nOoi 23 U6*' 
Joitai Tea HldDi- Z6|® 

,274 ‘ 

- < 27 ^>- ' 0 * 
W W 3 , W n 50 VJ,°a?.on 6 H 4 .V •>>» 22 ° « 

WMlnrn Dw>rs Tea Hldgs. 1*6 '27 41. 
firjfp^v 6) &D . ■■ .*■ a ■ 

Wilkinson TM Hldgs- <162 *24 4) 


Associated Paper Ojpc Cv. 85-00 
Ba nk of Ireland 10 pc Cv. 91-06 
British Land I 2 pc Ctf. 2002 
Englbh Property 6 jpc Cv. 98-03 
English Property 12 pc Cv. OO’Q 5 
| Hanson Trust 6 jpc Cv. S 8- 93 
Hew den-Stuart 7 pc Cv. 1905 
pe ntos lape Cv. 1985 
S lough Estates lQpc Cv. 37-90 
fozer. Kemsley Spc Cv 1981 
Wilkinson Match lOpe Cv 8 »-W 


148.00 

97.00 

158.00 

124.00 
06.00 
82.00 

8 4.00 

250.00 

134.00 

143.00 

90.00 
92.50 


- 6.0 
82 ^ 
1.4 

— 7.6, 
0 ^ 

13.3 

10.4 
41.0 


- 6 to 1 

- 12 to ~3 
10 to 30 

- 7 10 11 
~ 46 10 103~ 

i to i<T 

-17 10 "7 

- 3 lo r 

5 to 13 
10 to 4J 

24 to 41 


- 0.3 

- 3.5 

98.5 

- 72 

39.5 

- 3.9 

- 3.1 

- 0-1 
16.7 
- 6.1 


5 . 80 % ‘• ua J* fi^n% 3 yrs- 6 . 00 % 2 yrs. 

550% *1“™;- emt 2 jts.i 6.30% 3 yn. 

*** " ordinary d.are rams. 


TRAMWAYS. OMNIBl'S 

| « A t'SSSi '■w*'”' 


SHIPPING (33) 


C 0 si 01 IW fornu in 
This income. «Wt# 
conversion date whli 
convertible. Ifteonu* 
n pressed as per ce 


ant. and Commonwealth Shipping ISOP' j undt-rlyina cduUF 
C&U invests. tZ5»> 228 '* 


ch 10pc l.v — ,. - ■■■■ — ~ .(Mivoruble cx Dressed as per « Bf - Bf *8* 

JLifl in pence. Is sufflmeH ifonj pmml ' cent per annum amI rLconsertJble less Income *' anderlylng «uwr 

— — — " ^ ™ w 


» 


Financial Times Saturday Agift- 29-1978 



& 


, iV v ' 


Better trend in Gilts but equity leaders drift back 

Share index down 2.1 at 465.7— Golds make fresh progress 


FINANCIAL TIMES STOCK INDICES 

I I A ^i A £- I \-*g- f ^ 


Account Dealing Dates 
Option 

•First Declara- Last Account 
Dealings tions Dealings Day 
Apr. 17 Apr- 27 Apr. 28 May 10 
May 2 May 11 May 12 May 23 
May 15 May 25 May 26 Jun. 7 

0 ” New time " dealings may lake place 
from 1 JC a.m. two business days earlier. 

The approaching Jong week-end 
break appeared to dampen recent 
enthusiasm for the equity leaders 
in which much of the day's busi- 
ness was restricted to book squar- 
ing. Lack of follow-through sup- 
port saw prices drift back from 
slightly firmer opening levels and 
by 1 pjn. the FT 30-share index 
had gradually eased to show a 
loss of 1.9. Thereafter, prices 
virtually marked time and the in- 
dex closed with a fall of 2.1 at 
465.7. This represents a gain or 
10.7 on the week and one of 18.3 
on the two-week Account, 

Thursday's recovery move- 
meat in sterling encouraged 
hopes that Minimum Lending 
Rate wauJd not be raised and 
British Funds made a little 
further progress in the earlier 
dealings. In the event, MLR re- 
mained unaltered and prices set- 
tled at the higher levels. Short- 
dated stocks recorded gains to j, 
while long-dated issues closed 
with rises of £ and occasionally 
more. The Government Securities 
index hardened 0.06 to 71.28. but 
still showed a loss of 0.29 on the 
week. 

Interest in second-line equities 
was at a low ebb, most of the 
day's activity being centred on 
trading statements and take-over 
favourites. Nevertheless, the over- 
all trend was to slightly higher 
levels: rises Jed falls by 3-2 In FT- 
quoted Industrials and the FT- 
Actuaries All-Share index 
hardened 0.3 per cent, to 208.45. 
Official markings of 5.406 com- 
pared with 4,727 on Thursday and 
4.299 a week ago. 

Gilts slightly better 

The absence of a further rise 
In Minimum Lending Rate came 
as a relief to the gilt-edged sector 
yesterday and the tone of the 
market became more settled after 
The recent bout of uncertainty. 
Thursday's late rally, which 
followed the recovery in sterling, 
was taken a shade further in the 
earlier dealings and both short- 
and long-dated stocks held on to 
the initial gains which ranged to 
4 following the MLR decision. The 
new £30 paid long tap. Exchequer 
12 per cent.. 1998. closed at 29}. 
or f discount on the issue price 
of 96. 130 paid. 

Following Thursday's Burry of 
interest, traded options became 
much quieter with 358 contracts 
transacted. This compares with 
the previous dav's highest total 
so far of 721 Cons. Gold Had 62 
trades and ICI. 51. A third, 260o. 
series will be started in GEC 
next Tuesday. 

7n a dull day’s trade, the invest- 
ment currency market again 
moved narrowly. The sole 
incentive appeared to be small 


demand for Investment in UJS. 
securities following Wall Street's 
overnight fall of 10 points. Tbe 
premium ranged between 109 and 
110 j per cent, and ended a net 
\ higher on the day- at 110 per 
cent Yesterday’s conversion 
factor was 0.6766 (0.6820). 

Minet higher 

Comment on the better-than- 
expected annual results helped 
Minet Holdings improve a further 
S to 186p. Other Insurance 
Brokers were Inclined firmer with 
Sedgwick Forbes closing 7 up at 
392p and Alexander Howdcn 
finishing 5 to the good at 174p. 
Life issues moved in a similar 
direction. Equity and Law pur on 
5 to 160p and Hamh rn Life 3 to 
30Sp. 

With the exception of NatWest, 
which .softened a penny to 284p, 
home Banks edged forward in 
thin trading. Lloyds gained 3 to 
2BSp as did Midland, to 358p. 
Bank of Scotland firmed 5 to 290p. 
Australian issues moved higher 
with ANZ up 6 at 25Sp and 
National Bank of Australasia, 5 
dearer at 233p. Hambros were 
marked 2 harder at 185p on Press 
comment among Merchant Banks, 
in which Hill Samuel and Keyser 
UHmann Improved similarly to 
S5p and 44p respectively. 

After opening firmly following 
Press comment on the Price Com- 
mission report on Allied and 
news that a voluntary freeze on 
beer prices until early next year 
had been agreed, Breweries closed 
little changed on balance. Allied 
were exceptionally lb easier at 
S7p. A Guinness; at I81p, held 
the previous day’s gain of 3, while 
Boddingtons improved 6 to 154p. 
Elsewhere, A Bell ended 5 better 
at 245p, after 247p, following 
Press comment 

initially firmer. Buildings gave 
ground by mid-session but picked 
up in later dealings and ended 
with some reasonable improve- 
ments. Contracting and Construc- 
tion issues made headway: 
Richard Costafn firmed 4 to *266p 
and Marchwiel 6 to 284p, while 
George Wimpey added a penny 
more to 77p in further response 
to the good annual figures. John 
Lalng A became a firm market 
in front of Tuesday's preliminary 
results with a rise of 9 to I33p. 
Speculative demand had Phoenix 
Umber 12 higher at 155p, and a 
little interest was seen in Street- 
ers of Godaiming which rose 2 to 
29p. BPB improved 5 to 220 p after 
recent weakness, and Wilson 
(Connolly) put on 3 to 131p after 
press comment. Tarmac continued 
firmly, rising 2 to 153p, after 154p. 
on further consideration of the 
results, but Norwest Holst eased 
2 to 86 p following its failure to 
prevent a Department of Trade 
investigation into its affairs. A 
good half-way stage improvement 
in Pochins prompted a gain of 
4 to 96p and M. J. Gleeson firmed 
2 to 46p in front of results due 
soon. In contrast. Brown and Jack- 
son eased li to SOI P as bid hopes 
receded, and Manders cheapened 
31 more to S9p on further con- 


sideration of the disappointing 
figures. . 

In a reasonable trade, ICI 
touched 346p before dosing at 
342p, a penny cheaper on balance. 
Elsewhere, Allied Colloids ad- 
vanced 3} to 74lp on small buy- 
ing. Alginate rallied 3 to 275p 
after dullness on the results. 
Burrell shed 1} to 12p following 
the annual results and pessimistic 
chairman's statement 

EMI sold 

EMI figured prominently in 
Electricals, falling II to X45p on 
some sizeable selling orders 
prompted by talk that a bearish 
broker's circular is due to be 
circulated. GEC, at 245p, gave up 
3 of the previous day’s gain of 
S, but Racal Electronics revived 


after a thin trade. Comment on 
the preliminary figures left 
Vickers 3 easier at I76p. John 
Brown continued firmly at 318p. 
up 2 . Elsewhere, Castings followed 
the previous day’s gain of-5} on 
news of the bid approach with a 
further Jump of 8 J to 45p and 
WGI, at lOOp, recorded a Press- 
inspired rise of 4. Molins put on 
5 to I17p and Wolseley Hughes 
improved 4 to 19 Op, while RCF 
edged forward a penny to 39p, the 
last-mentioned in response to the 
higher interim ea rning Profit- 
taking after the recent specula- 
tive spurt, prompted a reaction 
Of 5 to 12Sp in N.L. Holdings. 

J. Bibby came on offer follow- 
ing further bid denials, and 
touched 233p before rallying on 
renewed support to close 7 



with a rise of 12 to 224p. Auto- 
mated Security continued firmly, 
rising 3 to 71 p for a two-day gain 
of 9 on the results. Other firm 
spots included Sound Diffusion, 3 
up ar 46p, and Ever Ready. 4 
higher at 143p. 

An otherwise lethargic day in 
leading Stores was enlivened in 
the late dealings by some interest 
in Mothercare which rose 4 to 
156p ahead of next Tuesday’s pre- 
liminary results. British Home, 
however, which also report annual 
trading figures on Tuesday, ended 

3 off at 184p. Elsewhere, Janies 
Beattie *A hardened 5 more to 
106p in a thin market and A. G. 
Stanley finished a like amount 
better at 137p. Vernon Fashion 
edged forward a penny more to 
SOp ahead of next Tuesday's re- 
sults and Improvements of 3 and 

4 respectively were seen in Time 
Products. 133p, and Wallis, 72p. 
Cope Sportswear, a firm market 
of late, were unmoved at 94p 
following the prelim a nry results 
and proposed 1 for 3 scrip-issue, 
hut Arthur Henriques shed a 
penny to IS|p after hours in re- 
action to tbe disappointing annual 
figures. 

Engineering leaders closed 
with small irregular movements 


Cheaper on balance - at 240p. 
Robertson Foods eased 4 to 131p, 
but investment support lifted 
Rows tree Mackintosh 8 to 407p. 
In Supermarkets, Lemons, at 35p, 
gave up 3 of the recent specula- 
tive advance. Following the poor 
preliminary figures. Wheats heat 
Distribution closed 5 higher at 
204p in sympathy with Linfood. 
6 higher at 146p. 

Prince of Wales Hotel rose 10 
to a 1978 peak of 140p on the 
increased earnings and capital 
proposal, while Warner Holidays 
A moved up 2 more to 32p. J. 
Borel. however, eased two points 
to £ 201 . 

Redfearn Glass better 

Following Thursday's sharp 
upturn on technical influences, 
miscellaneous Industrial leaders 
opened higher yesterday only to 
drift lower in thin trading as the 
day progressed. The dose was 
mixed. Reckitt and Coiman stood 
out with a rise of 15 to 450p while 
Glaxo put on 4 to 540p and 
Unilever 6 to 506p. Turner and 
Newall cheapened 3 to 169p and 
the new nil-paid shed 4 to 16p 
premium. News now of union 
opposition to Lonrho’s offer for 
Scottish and Universal. Invest- 


ments left the latter 3 easier at changed at 80 6p. 

117p; with Lonrho dosing Awaiting Tuesday’s preliminary 
unaltered at 71p, the bid is results, Boostead rose 3 to 35p. 
currently worth around 130p per Harrisons and Crosfield advanced 
share. Elsewhere, Redfearn 38 to 525p, but small selling left 
National Glass, 22 higher at S20p, the recent speculative favourite 
attracted fresh speculative buying J. E. Sanger 3 easier at 34p. 
ahead of the Monopolies Co minis- Investment Trusts adopted no 
sion’s report on tbe proposed offer set pattern. Aberdeen Investments 
from United Glass. Northern hardened 2 to 52p, while Camellia 
Engineering rose 5 to 105p on Investments, 203p, and Glendevon 
further consideration of the Investment B, 90p, put on 3 
results and Siebe Gorman were apiece. On a dull note, London 
marked up 1} to 169p in response and Garimore lost 4 to 63p on 
to Press comment. Still drawing light profit-taking. Stockjobbers 
strength from the record profits, Akroyd and Smithers rose A to 
European Ferries added 2£ 222 p in Financials where interest 
further to l 20 p and Whatman was also seen in Majedie Invest- 
Reeve Angel hardened 3 to 220p ments. 2 up at 67p, and Dawnay 
in a thin market despite lower Day, a like amount better at 
annual earnings. On the bid situa- 34 ip. 

tion; J. and L. Randall relin- Apart from Common Bros*. 10 
quished 3 to lllp and Letraset higher at 140p in a thin market 
cheapened a penny to J 42 p, - on .further consideration of the 
making the latter’s offer for- interim report, Shippings rarely 
Randall currently worth around noved from overnight levels. 
117Jp per share. De La Rue p - and -O. Deferred hardened a 
succumbed to profit-talcing after Penny to 9Bp, while small buying 
recent strength and closed S lifted Walter Runciman 3 to 106p- 
lower at 280 p. Courtanlds continued firmly in 

Lex Service featured Motors and Textiles, dosing 2 better at LUp 
Distributors, rising 3 to 81Jp on f° r a two-day rise of 7: Corah 
the optimistic tenor of the chair- iPicked a like amount at 35p 
man’s statement at the annual following Press comment, while 
meeting. Flight Refu elling trading news was reflected in 
improved 5 to 115p on second TootaL 1* harder at Slip, and 
thoughts about the preliminary Towles A. 6 better at 42p. S. Lyles, 
figures, while Fodens, 5Sp. and however, fell 5 to 55p on the first- 
Jonas Wood head, 95 p, put on 2 half prefits setback, 
and 4 respectively. Wadbam Trueform A, 10 off at 135p, 

Stringer edged forward a penny Provided the only movement of 
to 40p in anticipation of n(>te B s . outh African Industrials. 
Tuesday’s preliminary figures. Plantations made a firm show- 
while small selling left H. Peny “I with Wamm outstanding at 
6 Cheaper at lflOp following the PP’ up 20, ^ mterest generated 
recent good rise. Rolls-Royce, £y a chart-buy signal McLeod 
another good market of late! J *?? 8 ® 1 ® while HME. 

eased 3 to 87p on lack of follow^ 9 °P» j u *dG"£ n6 ’ 264p ' put 0 4 
through support. and 6 respectively. 

•^TSSUffiUPSTC: Good week for Golds. 

WatmouahL sSp * “ South Africans to move ahead for 

Properties in' general had a ***** . consecutive day, 

firmer tendency, although turn- although business was extremely 
over was again diminished on lack srr !f™ . , _ , . — . .... 

of interest Of the leaders, Land ■ Rlses mainly reflected the slight 
Securities and MEPC addeda improvement in the investment 
couple of pence to 194 p and 109p currency premium although some 
respectively. Hammerson A firmed sup P ort was 86611 *h 6 late 

3 to 533p in response to higher “^S 6- . . 

annua! profits. Stoek Convention ^ Gold Mines index rose 2.5 
improved 2 to 226p Peachey more t0 14 '-'- a Sam of 105 over 
firmed 3 to SOp in front of Tue*- the week, with sentiment in the 
day’s trading statement, while market generally improved fofiow- 
Law Land were unmoved at 37p in ff the acceptance by South Africa 
despite adverse press comment. °f the Western plan for independ- 
Marler Estates improved a penny cnee for Namibia (South West 
more to 28p on the offer from Africa). 

Blade Investments of 25p per Heavyweights rose by up to half 
share. a point as in Randfontein. £344, and 

, TT - „ Western Holdings. £18}, while 

0 I 6 D 6 US UJ\. film Free State Geduld pat on } to £16}. 

Siebens (UJK.) responded to Marginals were particularly firm. 
Press comment, rising 26 to 3I0p Durban Deep advanced 17 to 234p, 
in a good two-way trade Lasmo East Rand Props, gained 13 to 3I(Jp 
also found support and finned 3 and Marievale closed 4} up at 88 |p, 
to ISOp with the “Ops” a like the last-named following news of 
amount up at 370p. KCA Inter- the proposed 25 cents capital re- 
national added } to 30}p on fur- payment 

tber consideration of the bid ap- Interest in the Financials was 
preach from Mr. Travis Ward, negligible. Exceptionally, Anglo- 
OF the leaders, British Petroleum Vaal advanced 30 to 68 Op in re- 
traded quietly despite the decline spouse to persistent Caps buying, 
on Wail Street and closed un- Rio Hnto-Zinc, although reason - 


Government Se ci ...— . 7 1 

fixed Interest 74.i 

Industrial Ordinary— 46! 

M tYUW — 141 

Otd. Dtv. Yield S- 

Bantings yUSlfnlljn 17. 

P/BRxdolMtlJft) 7.1 

Dealings ., B,4l 

Equity turnover — 

Bquitiy bargains total ■! — 


74.B7 74.33 

465.7 467.$ 

147.7 145:2 


71.23 71 J2- 
74.33 74.4' 


71.24 71.47 ,7U 
74.47 74.79 '76.1 
457.6 460.7* 46C 
14L4 135.3 135 


5.7B 5,87 5.83 

17.10 17.46 17.29 
7.86 T.70 7.78 


7LS7 69 Jl 


455 .Ol 43ia 


4.299 6.399 
50-46 67.61, 
■1^7b| 1&498 


HIGHS AND LOWS 


P/B EwtoflietaPt) 7.69 7.8ffl T.70 7.78j 7;76 7.87 9 A3. 

DesIingB marked 6.406 4.72T 6,110 4,944 4,382 4.299 6^99 

Kqni ty mrnover £ ra — 82.5a 86.70 . 70.50 54.13 50.46 67.61, 

Sanity hertiuna tool.. — 16, 41S) 14,0981 13,757 12,6321 11^78 16.498 

19 aun. 4891. H bju.' l iun. " ” 

t pun. 485:7. -3 - run. 485.8. 

• Based an 52 per cent, corporation lax. Nil =7.55. 

LiiTdr into sun yr* 

Buis 100 GOVL Secs. lSnSflO. Ptad lot. 1828. IntL OltL 1/7 /*. CMd 
. Hines 12/9/55. SB Activity Jut7-Dec. 19GL 

HIGHS AND LOWS S.E. ACTIVITY 

' ~~ 1978 [ aTnoa Cowpiknado v “ 

High Low , High .Low ^ Zl' 

Oorkflec- 78.58 71.22 127A. 49.18 i«a ' 

mem mm mm giagr }||5 

Fixed In t..- 81.27 74.33 150^ ;60« apecnJxdTE- 33A 46.4 

(9/1) C27/«) Cffi/Uffl) (3/1/76) Tm*i« 1— 183.0 .107.6 

Imfc OnL..« 497.3 433.4 549J8 49 A *&**£*!!& -a* 

(6/1) (M/9/77) ffBjWWD 

Gold Hlnee. 168.6 130.3 4423 43.8 SpecnlutlTc-. ssis 38 8 

<&i\ (5/D (22/5/78) |^B/10/71) Xltl 1063 


1978 

since Compilation 

1 High 

Low 

High .Low 


Oort, flee*- 78A8 71.22 1XJA 49.18 

(3/1) (27/4) (9/166) C/1/76) 

Fixed In t..*, 8L27 74.33 160.4 50 A3 

. . (9/1) 07/«) (26/U/R) (5/1/75) 

ImtOat™ *»97-3 ASSA 549J8 49 A 

(6/1) . (2/3) (M/9/77) (26/6N0) 

Gold Hines. 168.6 130.3 4423 43.8 

(8/3) (5/1) (22/5/7B)j(S6/lD/71) 


ably active, closed unaltered at 
200p. 

Goid Fields eased 2 to 172p but 
were still 5 better on the week 
after a flurry of buying Interest 
late on Wednesday followed vague 
bid rumours. 

After moving ahead strongly for 
most of the week, Australians pre- 
sented a mixed appearance: 
Uraniums were particularly firm 
with Pancontinental a half-point up 
at a 1978 high of £10}- 

On tbe other hand, the UJL 
domiciled Hampton Areas gave up 
3 to end the week 7 better at I33p; 
on Monday Anniss Holdings 
announced that it had acquired 
ii-3 of Hampton Areas. Elsewhere 
in Australians Tasminex fell € to 
70p. 

This edged up In line with the in- 
vestment premium with JBetjuntal 
and Southern Kinta 5 firmer at 
260p nnd 165p respectively. . Else- 
where, “Tanks” advanced in the 
after hours business to dose 7 up 
at a 1978 high of 147p on diamond 
exploration hopes. 


MONTHLY AVERAGES S 
OF STOCK INDICES 

” ■ l-Ayrli- 1 Mar. [ Petv I J*nT 1‘ 


Fhtancul TSmwT 
Uoramnt tieevi 72.47] 75J 
Pixad Intorsat 76-80 ,77j 
(ndastnalOn). . '46QJK 464, 

Gold Mints M6.I 168. 

Dwliaga mkdj 4.B0OJ 4,9/ 
F.T. AotnariBB 
ladnst. Grp...: 199^81186.1 
&00 8Bo5ol 216.4 
noaaobU Grp. lQOLSSl 168J 

(850) 204jo( 200.2 
BecLDeba fiefiffl - 608 


I odortrial Or.! 47L4 (6thV 
AiiatMm gffjograi)- 


>74.78 77.18 
77J81 80-70 
457J 4823 
146^ .146.1 
6,5251.6,787 

» 206.73 
227.84 
17332 
21L89 
63 J4 


446-7 (17tfa) 
196-46 (14th) 


NEW HIGHS AND LOWS FDR 1978 


Th* fo Mowing secnrltles quoted -In the 
Share information Sendee yesterday 
attained new Highs and Lows lor 1978. 

NEW HIGHS (313) 


FOREIGN BONDS (1) 
AMERICANS (21 . 

BANKS Clt 
BEERS (2) 

IILDINGS. (SI 

CHEMICALS 11) . . 

DRAPERY & STORES 411) 
ELECTRICALS (4) 
ENGINEERING (7) 
FOODS 111 
HOTELS <73 
INDUSTRIALS (IS) 
MOTORS 03! 
NEWSPAPERS (1) 
PAPER A PRINTING (8) 


1 PROPERTY- (*) *• 

• V 'TEJCT1UEST9J 
TOBACCOS (1) 
TRUSTS if T> - 
OILS CD ' - 
OVERSEAS -TRADERS <U 
w RUBBERS .«> .- S 
-TEAS (3t 

, . . . MINES: MV " 

NEW LOWS. (6) 

o _i 1 '' "STORES'- fl) -' 

Henri goes A. J ■ . . - 

INDUSTRIALS at 
■Cole (R.HJ : ■ Ro taprfat ' ' 
> PROPERTY -£») 

-Prep. S Rev. A " 

SOUTH AFRICANS CO 
Rex Truefdnn A - 

TOOTLES- (1) , . 

Lyle* Of.) . • •• 


RISES AND FALLS 


•••' Yesterday- 

: * ■ v . Up Dm Same ■ 

Brftfsfa Funds i. ,..W. 60 3 E 

Corporations, Ddm. and Foteto Bends 16 8 , 41 

Industrials — ~~ — . 3S6 - ' -238 . B7 . 

Flrandai antr Property ; — : 111 M .369 

Plan tad ons . - . 16 " 2 IS 

Mines — : 54 M- • « 

Recent' Issaes — ^ - 4 6-8 


On the week : 

. tip Down same ' 
62 205 - 

• 45 -n 200 
L96S UM 4,726 
744 3*4 1,477 

54 29 i. ■? 

-a n ff 

-• 2B-. M7- 

13 .15 56 


res - 337 wa, »M IW -MR- ' 


ACTIVE STOCKS 

YESTERDAY- 


Denomina- 

No. 

of 

Closing 

Change 

1978 

1978 

Stock 

tion 

marks price tp) 

on day 

high 

low 

EMI 

5llp 

13 

145 

-11 

190 

141 

BP 

£1 

12 

800 

— 

864 

720 

ICI 

£1 

10 

342 

- 1 

365 

323 

Lloyds Bank 

£1 

9 

26S 

+ 3 

297 

242 

Trnr. & Nwl. ‘New' 

Nilpd. 9 

16pm 

- 4 

20pm 

11pm 

Beecham 

25p 

S 

640 

+ 2 

678 

5S3 

'Bibby (J.) 

£1 

S 

240 

- 7 

247 

182 

Shell Transport- 

25 p 

8 

552 

+ 2 

552 

484 

Midland Bank ... 

£1 

7 

358 

+ 3 

390 

330 

■ Northern Eng. ... 

25p 

7 

105 

+ 5 

105 

84 

RTZ 

25 p 

7 

200 

— 

210 

164 

Warren Plants. ... 

25p 

7 

225 

+20 

225 

181 

BAT Inds 

25 p 

6 

310 

- 2 

312 

267 

GEC 

25p 

6 

245 

- 3 

278 

233 

Marks & Spencer 

25p 

6 

146 

- 1 

160 

136 


OPTIONS 

DEALING DATES ham, P 

First Last Last For Savoy 

Deal- Deal- Declara- Settle- Wilson: 

ings ings tion ment Seottisl 

Apr. 25 May 9 July 20 Aug. 1 Textile: 
May 10 May 22 Aug. 3 Aug. 17 Day, 1 
May 23 Jun. 6 Aug. 17 Aug. 31 Jamaic; 
For rate indications see end of Phoent 
Share Information Service and Vli 
Money was given for the call arrange 
in BP, Mettoy, Furness Withy, Selin co 
European Ferries, W. Whitting- Ladbrol 


bam. Polymark, Ladbroke, UDT, 
Savoy Hotel A, Jessups, Ocean 
Wilsous, Hawtln, Status Discount, 
Scottish English and European 
Textiles, William Press, Dawnay 
Day, Hanger Investments and 
Jamaica Sugar. Puds were done in 
Phoenix Timber. Rio Tinto-Zinc 
and Vickers, wMe doubles were 
arranged in KCA International, 
Selin court, UDT, BP, Jessups and 
Ladbroke Warrants. 


FT-ACTUARIES SHARE INDICES 

These indices are the joint compilation of the financial Times, the Institute, of Actuaries and the Faculty of Actuaries 


EQUITY I Thiirs.j Wed. Tuck. 1 Mon. Year 

Fn„ April 28. 1978 A P r - A P r - A * ,r - A P r - ' flgo 

GROtTPS III., rtyiu (W, 27 .28 25 34 UppmU 

311 ^ F.sL Gross EsL 

SUBJECTIONS I Index I Day's I YirJiR, l\:eW *l Ratio I Index I Index I Index Index Index 
No. . Goose CVlax.) (ACT (Net) No. No. No. No. - No. 
FipRi in parenllram show % ^" or P- 4 W34 Corp.. 

Dinnbcr of alocka par s re Li on. Xk SJS Til 53S 


; Tfighs and. -Lows. Index 


. . 1S78. 


Sum . 
Compilstloii. 
High: : . | ' . Xbv 


LONDON TRADED OPTIONS 


Junury 


The above list of active stocks is based on the number of bargains 
recorded yesterday in the Official List and under Rule 163(1) (e) and 
reproduced to-day in Stock Exchange dealings. 


ON THE WEEK- 


Denomina- 

of 

Closing 

Change 

1978 

197S 

Stock 

tion 

marks price ip) 

on week 

high 

low 

Shell Transport... 

25 p 

64 

552 

+ 24 

552 

484 

BP 

£1 

57 

800 

+30 

864 

720 

ia 

H 

00 

342 

+ 5 

365 

328 

RATs Deferred ... 

25p 

51 

263 

+ 3 

269 

227 

RTZ 

25 p 

45 

200 

- 6 

210 

164 

■ GEC 

25p 

42 

245 

+ 9 

278 

233 

'Grand Met. 

50 p 

42 

107 

+ 1 

109 

87 

Beecham 

25p 

39 

640 

+ 13 

678 

583 

Letraset 

lOp 

39 

142 

-21 

168 

98 

Bibby (J.) 

£1 

38 

240 

+ 19 

247 

182 

Barclays Rank ... 

£1 

37 

340 

- 6 

353 

296 

Burmah Oil 

£1 

37 

51 

— 

57 

42 

European Ferries 

25p 

37 

120 

+ 10 

120 

on 

Midland Bank ... 

11 

36 

358 

+ 4 

390 

330 

Court a olds 

25p 

35 

119 

+ 10 

125 

109 


— 

Option 

Ex'roire] Clgaing 
pnue ! Oder 

' VoL 

Cloning 

Oder 

— 

Voi 

Closing 

offer 

VoL 

Equity 

date 

DP 

750 

74 

4 

95 

6 

1 ioa 

1 

799p 

lit* 

son 

42 

2 

62 

— 

; 7 4 

16 

It 

■Join. Unuio 

140 

14 

4 

18 

11 

I 21 

5 

147p 

Cum. Lini'ii 

160 

41» 

1 

8 la 

11 

! 11 

16 


Cults, livid 

160 

22 

35 

29 



: 3i 

13 

17 lp 

Guns, lli, Id 

180 

12I S 

13 

18 

1 

20 

— 


(.'iHirtniilifc 

100 

21 

7 

211? 

— 

. 8a 

6 

li'ep 

(JuurtiuMtt 

110 

12it 

a 

14ia 

1 

151, 

6 


Court* u Ida 

120 

71; 

10 

19is 

22 

: ms 

— 


UKO 

220 

34 

3 

40la 

8 

1 47 

5 

245p 

GKO 

240 

21 

5 

27i a 

10 

• 35 

1 


Grand Met. 

100 

15ia 

6 

17 

8 

! 1B1, 


107p 


110 . 

7*4 

13 

11 

5 

' 13i« 

5 


Ill 

330 

261- 

13 

331, 

16 

, 39 

— 

S41p 

ICI 

360 ; 

1U S 

8 

16ij 

9 

j 22 

5 


Land Sec*. 

180 1 

21 

2 

27i g 

— 

! 32 

20 

194p 

Laud Seva, i 

200 : 

10 

— 

17 i a 

— 

21 

— 


Marks Jt j$pJ 

140 . 

13 

1 

17i 2 

1 

j 19 

1 

146p 

* Larks i Jij..' 

160 

4i a 


81= 

a 

i 111* 

18 

M 

Shell 

500 : 

68 

2 

76 

. — . 

83 

— 

0S3p 

Stiril 

860 

30 

4 

42 

i 

! 52 

4 


TiiIhIh i 



141 


95 

: 

122 


— 


RECENT ISSUES 


EQUITIES 


1 CAPITAL GOODS (ITS).- 

2 Bail ding Materials (27).. 

3 Conlrartii^ CuidractKii [2# — 

4 Electricals (IS) 

5 Engfoeering Con tractors (14). 

6 Mechanical Engineering (71). 

8 Metals and Metal PonningQD— 

CONSUMES GOODS 

II (DURABLE) (52/ 

J2 LLElecLroaicxRadioTVil5L 

13 Household Goods (12i — 

14 Motors and Distributor?' 251- 
CONSIDER GOODS 

21 iNON-DURA BLEH ITS) — 

22 Breweries! 14i 

23 Wuics and Spirits (6i 

24 EnlH'tainnent.Caleiingim. 

25 Food Manulnoto ring (221 

26 Food Retailing (16) 

32 Newspapers, PnblishinglI3). 

33 Packaging and Paper 1 15) ~ 

34 Stores (39) 

35 Textiles (25) 

36 Tobaccos (3) — 

37 Toys and Gaines (61 

41 OTHER GROUPS (97) — 

42 Chemicals US' 

43 Pharmaceulical Products ID- 

44 Office Equipment (ii 

45 Shipping f 101 . 

4f_ Miscellaneous^ _ 

49 INDUSTRIAL GBOCP 14851 

51 Oils (5) _ 

59 580 SB ARE INDEX 


+03 17.64 
+0.7 17.83 
+1.6 17.75 
-0.6 16.12 
+13 1639 
+0.1 19.84 
+03 16.05 

+3.0 17.70 
+2.0 15.61 
+03 16.70 
-0.4 2109 


5.80 7.99 20430 20104 20220 20065 17038 

5.90 ■ 8.05 18240 17931 18039 17098 14109 

4.10 837 320.90 33315 31410 31337 243.48 

4.11 8.89 433.44 42221 424.80 419.96 334.82 

6.77 8.15 296.74 293.95 294.93 294.95 230.92 

636 6.90 163.76 16217 16328 16234 15336 

8.48 8.78 164.41 16210 163.03 16141 14725 

4.98 8.10 18062 18538 186.54 18003 153.78 

3.82 921 22037 217.B4 21921 21095 175.71 

6.60 8.33 169.90 167.75 168.96 167.92 15195 

6.37 6.81 12034 117.78 118J2 11733 99.23 


21424 (6/1) 

197.86 (6/1) 

350.75 W)- 

46434 (6/1) 

30735 (6/3) 

16729 .(23/D , 
16527 (28/4); 

196.67 (6/D i 

235.96 (60) . 

18433 (9/11 

12034 (Z7/4) 


18095 (2/3) 

16630 £3/3) 

28935 m 
404.47 £2/3) 
270.95 £60) 

14087 am 

33022 (Z7/D 


22003 GW77) 
S3.84 mm 
38933(19/5/721 
48369 .(23/U/7D 
33222 G3/9/7D | 
187.45 £HW771 
177.41 £27/4/72) 


SL71 (1302/74) 
4427 01/12/74) 
71.48 (2/1374) 
84.71 (25/6/62) 
6439 00/75) 
45A3 (60/75) , 
4965 (60/75) 


173.63 SXJt 227.70(21/4/72) .3039 (6/3/75) • 
209.03 (3® 26L22:£Zbfil/f7) 4235 0302/74) 
16034 (6/31 26322 (45/72)' 63.92 07/12/74) 
104i8 ‘ (2/3) 17059 (15/1/69) £60/75)' 


5.85 8.53 

5.86 1052 
5.63 9.59 
■6.81 10.28 
5.67 650 

4.82 10.00 
3.43 13.68 
9.01 7.04 
4.38 13.66 
7.45 5.97 

7.85 5.13 
627 632 

6.06 7.67 

6.86 6.84 
4.11 11.13 

5.06 6.22 
722 5.79 
6-47 8.00 

5.83 824 
4.21 6.92 
5.58 7.93 


BASE LENDING RATES 


A.B.N. Bank 7i% ■ 

Allied Irish Banks Ltd. 7j% 
American Express Bk. 7t% 

Amro Bank 7i% 

A P Bank Ltd 7»% 

Henry Ansbacber 7J% 

Banco de Bilbao 7J% 

Bank of Credit & Cmce, 7|% 

Bank of Cyprus 71% 

Bank of N.S.W 7*% 

Banque Beige Ltd 7**$ 

Banque du Rhone 8 % ■ 

Barclays Bank ■ 

Barnett Christie Ltd.... 

Bremar Holdings Ltd, 81% 
BriL Bank of Mid. East 7}% 

i Brown Shipley 7J% 

Canada Perm'nt Trust 
Capitol C & C Fin. Ltd, 8J% 

Cayzer Ltd 8 % 

Cedar Holdings S % 

I Charterhouse Japhet... 7i% 

Choulartons 74% 

C. E. Coates Si% 

Consolidated Credits... 6J% 

Co-operative Bank * 7i% 

Corinthian Securities... 7i% 

Credit Lyonnais 

The Cyprus Popular Bk. 71 % 

Duncan Lawrie fl 7*% 

Eagil Trust 71% _ 

English TransconL ... 9 % 

First London Secs 7J% • 

First Nat, Fin, Corpn, Sl% 
First Nat. Secs. Ltd. ... S % t 

I Antony Gibbs 7}% 

Greyhound Guaranty... 74% ♦ 

Grindbys Bank ; X 7J% t 

Guinness Mahon 74% g 

Hambros Bank 74% 


IHill Samuel S 7\% 

C. Hoare & Co t 7*% 

Julian S. Hodge 84% 

Hongkong & Shanghai 74% 
Industrial Bk. of Scat. 64% 

Keyser Ullmaun 74% 

Knowsley & Co. Ltd.... 9 % 

Lloyds Bank 74% 

London Mercantile ... 71% 
Edward Man son & Co. 9 % 

Midland Bank 74% 

Samuel Montagu 74% 

Morgan Grenfell 74% 

National Westminster 7.J% 
Norwich General Trust 7i% 
P. S. Refson & Co. .... 74% 
Rossminster Accept’cs 74% 
Royal Bk. Canada Trust 74% 
Schlesinger Limited ..: 74% 

E. S. Schwab 9j% 

Security Trust Co. Ltd, S4% 

Shenley Trust 94% 

Standard Chartered ... 74% 

Trade Dev. Bank 7J% 

Trustee Savings Bank 74% 
Twentieth Century Bk. 81% 
United Bank of Kuwait 71% 
Whiteaway Laidlaw ... 8 % 

Williams & Glyn’s 74% 

Yorkshire Bank 7J% 

Members of the Accepting Houses 
Commliice. 

7-daT dcposlu *%. 1-monUi deposits 
41%. 

7-day deposits on sums of £tO.OM 
and under 4 *. up to £26.000 4)<% 
and over Ej.OM 5°,. 

Call deposit over 11,000 4ft. 

Demand deposits 5%. 

Rale also applies to Sterling Ind. 
Secs. 


Price I 12 “ 

r-7 2 - L.^ j- 

IDS FJ*. B6/4 1 36 118 ^ig» Holidays jl36 


FIXED INTEREST STOCKS 



van E2& 


_ [ pi|,Auinl. In, Is. LU.i?“ ami. I'rt 

— • SSSij -A uiijf. tii-roira Ini K,u. Vnrl&Me bCL 

20(5 ) ilOo I'Bp ;.\m illume iG .) End Cum. Prcr 

I IUI la l* : 1'JOp |UriIiniii- C-onv. Cum, Kci- I'rvi 

— i Jilj' Si *!«••»•!, M«Ir\. Ik>j Ni. Mun .. . . 

— | 914' 8-;^- Gnrnwirli iIj-u. Bum. ufi Hi" Up. 1 . last,.. 

28A 104|*| lOUqJifim ,\ i.hUh- 11 % » urn. I'ivi 

9/6 1 IUJ|i' ICC^Ili-iidm <J.) VJ Cum. Hrf. 

28/7 ’ J 1 .CI 4 Water JLert. f*n. Irto-i.... 

9.-5 i 109' m [1 'bIIh*k ll*ai Ciiv. Uns lai.7UJo 

B,6 I 26 'g| 24 lYorh W'niw tft Udi. Wto 


FRIGHTS” OFFERS 



198.69 195.46 196.64 19755 16456, 
227.78 220.43 22211 223.75 169.21 

25625 25263 253.77 254.84 18520 

253.92 249.93 25210 25282 210.82 

189.04 186.98 18858 187.93 170.46 

19052 189.22 19U6 19(172 174.25 

363.89 350.29 34953 358.78 27651 

13L30 12920 129.88 12954 113.87 

183.43 180.79 18250 18350 143J2 

176.97 173.06 17354 17152 16L88 

239.95 237.47 236.97 239.44 ZDJQ2 

9554 9630 %.44 96.63 89.76 

18556 183.14 183.75 18298 168.74 

25236 248.71 249.58 248.73 230.86 

246.23 24264 244.25 243.89 OHO 

127.41 12659 127.01 1Z7.06 95-02 

429.77 417.82 41536 411.42 459.96 

196.46 19436 194,94 193,62 174.18 

469.37 46124 463.18 456.41 496.03[ 

32 158.52 1 
.00 188.60 
.08 193.75 
.94 13883 
12952 
123.34 
324.98 

75.87 
21138 
10556 


20245 20218 20L76 198.70 16923 

9252 91.70 92.14 9338 10134 

305.79 30259 299.51 296.68 Z73.77 


207.90 1 204.94 } 206.07 ] 205.42 1 18121 1 


' 13039 
14225 
16271 
129.96 
10657 
10290 
27925 

75.93 1 65J8 

18835 





(23) 22608.06072) 
(27/2) 281.87 (2801/78) 
(23) 257.40 03/7/73 
(2/3) 329.99 (12/12/72) 
(27/D 214.63421/13/77) 
(3/3) 244.41 (27/M/Z7) 
(2/3) 36359 (27/4/7® , 
<i5/2) lMa-cwwn 
(2/3) Z0439 06/8/72) 
(2/3) 235.72 (17/1/67) 
05/25 339J6 £2/8/72) , 
(27/D 135.72 060/70) 
(3/3) Z13J0 04/W77) 
(2/3) 295 JO 0-4/9/77) , 
(3/3X 262.96 ftfl/78) 
Mi) 24606 a™ j 

arm 539.68 asrsnD i 

0/3) ' 25fim QIVT23 

' (2/31 I 54320 (15f9ff7l] 

(27/D 241.41 (13/4/72)1 
(Z7/"2) 28832 (20/7(72) 
03/4] 293-13 (2/5/72) 
07/4) 433.74 (4/5/73 
07/4) 194.44 050/72) 
16L72 (6/10/77) 
37L53 0SW77) 

Z765Z 0/5/72) 
357^0(9/31/73} 
303 J8 (186/72) 


61410302^4) 
69.47 030204) 
78M 0302/74) 
5953 (90/75) 
59.67 0202/74) 
J425Qin2nQ 
5538 (60/75) 
43.46 (60/75) 
5263 (6/1/75) 
6266(1102/74) 

94X03/fi«® 

2192 .(6/1/75) I 
58.63 (60/75) 1 
7126 00X74) 
228.41 (3/3/78) . 
4534 (20/75) 
9088 (2916162) 
6039 (6/7/75) 
59.01.0302/74) 
87.23 (29/5/62) 
63.49 0302/74) 
5538 0302/74) 
62.44 0202/74) 
8L48 O0/I2/7D 
38.83 030204) 


43.960302/74) 
6536 0012/74) 

3in (7/1/75) 


7U3 0302/74) 


217.99 (f/D 



94 P| .... 

.... 

110| .... 
IOOlI .... 
27 | .... 

loa^ .... 

103 to- .... 
102 .... 
8812-12 
24 i — 


FIXED INTEREST 
YIELDS 

Br. Govt Av. Grass Red. 


Pri. Thun. Tear 
Ape. Apr. ago 
28 27 fappmO 



Fri. Dav's xd adj. xri adj. 

British Government Apr. change To-da> 197a 
afi 4n to dale 


106.41 40.23 - 

116.41 4027 — 

11933 +0.20 - 



4.97 l 
(.08 9 



HH 


3.78 j 10 1 Irredeemables. 


&43 8.47 j 731 

10.84 1035 J 10.94 

1136 1136 


.10.61 30.65 957 

12.11 1233 1177 

1229 1230 12.47 


10.94 

12.67 I 12^8 j 12. 
12.98 1Z96 13. 


1X07 | 1106 


8 47 (27 “4) 
18.85 (27/4) 
1136.(284) 


10.65 (27,® 


6X92 03/12/74) 


7.05 01) 
9.12 (XU 
9.74 (3/1) 


SI 


11.09 (144) 
1Z68 (27/4) 
12M<2m 


| Fri. April 28 


[ Imlex j Yield 

I So. I % 



Kenunciartan dale usually Usi day lor dealing tree ot stamp duty, o Figom 
eased on prospectus estimate o Assumed dividend and yield- « Forecast divide no.- 
cover based on previous year's earnings. > Dividend and view nased nn praspeems 
ar ottuir otncial estimates tor 197B q Gross, t Figures assumed. ; Cover allows 
lor conversion or shares not now ranKWg for dividend or ranking only for resuicteo 
dlvtaands f Placing price to pablic. p: Pence unless otberwise indicatea- it issued 
hi tender. || Offered to holders of Ordinary shares ax a "rt gats." ** Rtgnts 
by way of capltaltsation. tr Minummi tender price. H Reintroduced, if Issued 
In connection with rcorganlsatum merser or takeover. [Ill (ntredncmw, _ rj Hotted 
to Tonner Breferenro boidcra. ■ Allotment letters (or folly -paid! 
or partly-paid allotment toilers. * Willi warrant* 


16 ISO-yr. Rod- Deb. & Loans (15) ... 6B.&2 it I2.6S:S2A4 1 58.51 58.W fiaAs 59.63 68.72 S9.B2.|64^« 

16 llnveatment Trust Prafs. tl5) ,iaj2 m.bB i54.75 54.6i S«.61 54.61 54.61 54.96 fia^t 

17 Coml. and Xnffi. Profs. (SO) ....?).0i 13.8B 170.9B 171.01 7i:tH (74.64 70.B4 7B.B4 .171.42 17D.16 


Section or Croup 


Base Value 

Pharmaceutical Products 

30/12/77 

261.77 

Other Groups 

strum 

63-75 

Overseas Traders 

31/12/74 

100 J9 

Engineering Contractors 

31/12/71 

153X4 

Mechanical Ensinoetlns 

31/12/71 

153X4 

Wines and Spirits 

ISA/TO 

144.76 

Toys and Games 

lb/1/70 

135.72 

OlHcc equipment 

16/1/70 

•i?V3n 



+ Rmtawxto* ytol* A J am of t** '.caMttMMs 
If available from «* W M is tor *, .Tte^flaandat Thim, 
Bradten -Hesse, Cam*"* .Street, ; price 

13P, by pHt. vpl ’A WfWWitfc recfnf .ef : arppp and 

to gr.'W|i«:WWl» 

IO Baft . Court, Vwdpp, ., -JSC&. at , 6*0 cm. 


r?; ;i 


dec 1 r-r • 


— =! j. 


<C-4; » 


SZSCii- -■ 
«»- 

L!i .- 

z.i. ** 

its -.t: 


■j-r — 
Bbx-x.’ 
■-rir; : 




£» 


( 


































































Balaam! Funrf* 

H 

Uw-L*, I Via. 

MSSKfci-ffij 

H umbra Ac r Fd.-..|U 4.4 
luremr Fuwt» 

High Yield Fd W! 

Hich Income 

A.H. Bq- Inc .- 137.4 

iBlenmlwal Fan* 

Inteniaiiaonl Ig D 

Secs of America.-, KJ 

Pacific Fund P*- B 

Specialist Fuad* 

Smaller LO s Fd .—»*■ J 
2 nd Smlr. Co's Fd. . WO 5 
Recovery Slis .™ — e 2 

Dvmeas BowRP J-g® 
ExpL Stair- u> £ -« 2 K® 





n t irnABISH) UNIT TRUSTS 


4 Vk» unit Tat Mans. I.UL (*l *» f, art more Fund Maw 

w piY®*" » a -VS r,^™ r T. 1 t ^i»a r - 

AW^J I apilwl • -E *2 « 3 +ad 5 5 Z Krm«liT>l-iA>.c.'-.p 3 '» 

Alil«-i Inrimii ...... W * SHtOH «Z 3 i , ..mnu».liiy Wian*..|Ml 6 

Aliht-r a* To M-WJ SlUoil 3.94 . 3 ,Ka r r-.'.t.TruA..B 0 S 

\bbPy Uen. Tst . . — 1 ^ 3.9 I !lichtll<-nn».'td.. ■ S* 


\]lied Hambro Group <aMR» 

liumhw ll»r. Ihntnn. 
iDI-SuttiaSl <ir Brenlu»"d lit*!' - 1 W" 


r orimnri* Fund Managers V UXgl Perpetual unit irus* m 

Gartmore toi Ai-aKiassi 4 Biiai*s*.. Henley mi ThamM 

$1 |g ««■<!»* vw t.-m 

G 334 1403-0931 3 60 c-jnital Fund I*?-? 

90 . W 
34 3 i -0 


jjS+021 ,w irWnwelroiiTM — .1265 
40 3 4-0 zl 5 g Hrlli-.ll T-MAtC.l - * 2 9 . 
363 lf 0 ll 423 f'nmnrtwlitv Stuff*.. Ml iO 

3.94 in Karr-i't-TruA- 30 . S 
' Iliehlllcom-'t-U .564 

ailulW lnromi- Fund 5. 

a,IR,T . 1n« Aisi-ncuw.. - 13 M 

|wwhI . «« ini L H-.wnps KU .. BJJ 
rTTi -IH-iO i9.lull.Ti4.iAcc.>-- 319 


— - TRUSTS 1 

I Perpetual Unit Trust Mngmt* (a» V T — — ' 

is TES£SZ5E m ” , mm “ST t^*,****— <cj.> urn* 

319 Piccadilly Unit T.-Mgrt. Ltd* laUbt ^ iwaSEfeg S^-mss* 

|w 33 B M£vflK > Jfl=nl' 


*2 Extra Income --—I 

6 9 * PmalRto.'Kf-- 

?» Capital Fund » 

6-*9 * nl - K*“* * Aa-ieti. 
1 ® Pm am Mind -■ — 


lira B 8 IWM KSnSio U'H. -I «» ffg^S^DSudnilM 
MB- 5 -a 355 Cap-Tst-iOcmn^ J ^daXa M»v 10 . a -Xfr 

&sH if *•'***&&-&* jawsAdBi ”* 

IS Australian Selection *»***? ,15 


67 5 +oy 563 

15! :S1 IS SIaJmcPBS 41 « 2 3 ;:.:i 

3374+0 2 5 25 ,a ‘£ tSJ'p'i?" to 8 2« 3 I 

as:H SS -r«..wv,d. 

122.9 + 0 J 1 4 i 2 Govett (john)¥ 

77. linden Wall. EC- a t ®«-5 

%-a :8 a sss^s-SacBS^ sss ■— 

40.51 4 J 1 687 P 0 - AC ™pi«xi dealt « day Slav S. 


- si St 1 g p«w»r;. 


5 M ^«i« ;Kl ^ , 4 :N 1 ' 41 2 u < “‘TbM SSSKfcd-K 


S«n iBiAG.Inrwne".— 

5 25 ia> A 'I liruirihTt - 

444 iaiA U.FarE®^'’; 


0 J 0 Practical invest. Co. Ud,V W«« 

44 .Blnuau*urrSq.WClA:HA 0 I« 3 WW 

ESEMS'*:.BS* **><=i ^ 

® 8 ?® 1 _ . - ..I I ;h hv. Co. ud .9 


.. 3 ra sovt EUlt. »ay 11 - . 0 , 11 61*4 Ouenisrjip** 

-a] 323 Aostralian Selection Fund ISJL EffliiS?' 4 ' u-5ij 

Rasas=B»*«« 

-02 in SSkisSSSesl!! — 1 1 

■TiS .SSsS^FUffil 




7 DH+ 0 a 6-2 
40.51 + 0 il 6.87 


i^asfevsJrV^ safsr^ffii. ,sa^j aaateftzWS!^ 

•SB act as Lot 


day May S. I^,S 7 uSj U RM ^ 2 f««i value AP" 1 » 

StSSr" C °- ms Sul mk.ii> ^ w*»S 


014323 B 000 

3.40 

T... 4 64 
“ 1 . 462 

}» 
106 - 
II 052 

II Iw. 
9-09 


paying accnti.only. 


Hl-od »Gtesha«nS[-EC 2 F 2 pS. 

"■^■s ** ggSSffllrt-ES? 

S *81 «g SBSSMSfc” 

to' § SSS'iil&V 

+La 5 A 2 Ln.tBmis.AprJd. 

... IAcclut. Units, — 


fl^SW^SSS^s asaisare-rB 

Hd 13 S3rS=5EV«?“« l«s^ 2 StKJ?--SJ!a. «*— 

Lloyds International .. 

1.1 100 t^o du Rhone. P.<U« t™ J®. 1 ^FXu 


204 .B — ■ 
i 77 a — 
u»a ...... 




i SSRSSSf* “r-s 

IS Reliance Unit Mgrs. Ltd* 


Lloyds lnL Growth. 


R«^ B lJ il le Bra lnLa-O.Bta)Ud. UaydslnLlnccn*. 


| Ltt 

III 6 J 0 . 


sEcttwtb; S5Ssr -» SEi ^hjh » mm 


TbamuSuDouBlaa.l-o-V' 


*■■ — t, _ uc 8 49 m j eos — ~ -luiuTe. B 55 uaJl m.-*i sciuoroa l.jiu. h-'-* ■ 

Andonwn ,H V. rn IJd H ' ders€i Administration (*) (cl (g) ¥ m^efidd Management Ltd. 

An&bacher Unit Mffmt. Ca. Ltd- ,rr Admio. S RsyleighHoad. Uuuon. m Bra 4 H>. 38 - 50 . Ken netly SL Mime) 


1 Noble SL.R 3 V 7 JA. 

Inc. Monthly Fund .1160 


,C °'nrSlK TB. M^ 7 eTpTAdn,' S Rsyl+iBh-RMd. UuUon. po 80 * 419 . 3 ^ Kennedy SU Uancbesler 

01 - 6236370 . Kremier ran-sn 238 ui -v>H B 521 , , 

1 " SL”Sr^ - 3*83 IS BSaasan a :d * 

(SaSSa--Sl glisl IS RotbxhUd Asset 


— do Autf-Uin. Ml 

DO.G*tr.Paclflc— M 6 
Easier Du-intL Income— »5 

Do-T-odtoTK— «« 

1 252 Do. Manx Mutual ^-P 4.4 


M & G Groop ™ 

— in Thrw Qaa^Tower W ““J 91 *!!" 
:.r. - ALUnUc Apr. » — 2§1 II '■— 

I 850 AusL Ex-Apr. 13 _ 

IJ 8.90 Odd St. Apr. 26 — WgAI +u * 354 . 

-I 1 * SSSitsia-=l«:5 


Arbotbnot SeeurltiK Ud. I.MI JgS- 
ST Queen Su I-jndou E«' 4 R IB' IM ™ 1 ? 4 

p.'tra ineome Fd— ROOJ 


Extra Income Fd— M 83 
HiRh lac. Fund ._ . »-» 
e- Aceum. Lniti- — »“ 
iBUNi Wdrwl lhs .1 g -5 
Preference Fond... g 5 

lAceura L'niW «•“ 

Capital Fund ■■ -— ±S 2 
L'onimodily Fund _. g 9 

lAccum-Unltai g-* 

< I 09 i Wdrul.U.i.— <8 6 
FioJtProp.Fd g? 

lAccum.jlulwi JJl 

lAerum.UnU*,. — ?'? 
SmsIlerWE F«L_. g| 
Eastern 6 lnil- Fa-- 
<S% Wdrwl. UIS. 1 — “■* 
Foreign Fd. 

A!, .Amur. 4 c lot- Fd.P“ D 


+01 4 M 

\A a 


Co bol Extra lae.— 

Sector Fuads , 


m II gw | 5 SScGr g “rru„|g 4 

407 la -09 oDbNnLRes— |M 5 

574 j 3 "S“ ,iw,lJ laij 

|| i- i ?3 S 2 SS.ar«ii— 

Si ?-S World Wide Apr 2 S | 72.4 


•vata is *js 

M r inranw Fluids M 3.9 153 JM 3 .. 

fa H -D II 4 52 SJlW (Ino.! 86 * 920 - 2 J 


321 World" 


24 . 41-021 4 H N.cl lnU. Fd. IlDC J® 4 SH IjS -1 

26 . 9 ] + 02 ] 2 L» « c. lotL Fd. tArSJtef, -.St} *i 3 4 

NlcamllrCoyBFdllOA 15221+151 < 

iU iojj iS Rothschild & Lowndea KpdLM 
77 . 11 +L 7 l 4.46 aMIUHLHftUn.Ud- 0 W 


m - 

Bridge Management Ltd. 


01 - 588 B 464 

■3 LS 

::i: 151 


434 P.O, Box SCO. Grand CWTMU^CiCfnmn ls. 

#J, ]V.H,.WAor .3 V 15348 I —4 - 


d.<a) iHSUAS 

01-60043961 JflppoaFd. Apr. 56 


r- iahj 

Split. 


i|a I S A^SraUm^— - - g* 

S +5 35 ? 


255 

20.9 ..-J 
9 X 5 +15 
31-21 -05 


125.91 + 4 . 
50 61 .... 


C- 9 ® SLSwIUliM Lane, tain, c«. — h-swu 

tCD ^ 73.,4 


ffiiatewai - 

ss^.]C A ^V 

:sss ^ - -na!v iSSC“ ^ 


135 CaboVAmerSm-Co. 150 0 50 01 1 

ij£ HiU Samuel Unit Tst. Mgrs.t fa) 


4 SBeecl,Sl .EC 2 T 2 HX 

ik.nriiithTraat -.11445 


■ a? A.-j i 

fsgM'jff—K si— j-g 

93 ^ ::::: «2 Butterfield Management Co. Ud 


•?»laSc23R ,,F JI31 IS ‘SSffli^issESrT-j - •. 


_ . Mir . riil V (bKC) ibiBrUi*hTniBt 
ArrhffaV Unit Tst. M^S- cp Jnt'lTrtisl-— 

: iKSgSffiS 

: tettilml «ah. c?a>- M ' " 


rt K» i’ APrtl as. N«t EUO. , | {;’ 1 KSS. e c i ffi*. L . 

Barclays Unicom LW- ®S 3 «Wt 

Unicorn Ho. Mfl Romford ^ u “ J" Kf Intel* Calfg) 

AmeTica-P 3 L S 9.1 4 1 U .. n .^ d . n h»r«ln 


01 - 628 Edit 

let lAccum. filial 

00^3 265 Royal Tst. Can- Fd. 

99 o 3 to j 473 54 . Jettnm Street. SAY 1 . 

8 2 a Ik -3 +S caoiujFd. Ml 


t + 22 { 5.00 NAV April 21 

Luoil — 


5 ?? Bftval Ts t can. Fd. Blgrs. Ud. ] P.a 


2634 - 0 . 
SLfl + 0 . 
3 LM + 0 . 


-oj 736 capital Fd. „ 7 iU :;:::: im 

tg-l dealrag Apr. 28 


5® ^ ^ *AVA-«»— »“ - '- - 1 . 

pa BOX 186 - Hamilton, hwjh . _ phoenix International 

18352 B uttress X« DLl 738 P 0 Box 77 . SL Fetor Port, Cuf^F- , _ 

3 91 ^MirKud W 1 lnler-DollarFund-.J 2 J 0 MR ---4 


Unicom • 

I'nlcoru America— ».l 

dS.aom.aj* ■ 

X 3 o.Auat.Inc 

S 8 fer-| 

no. Extra Vp n “ - H? 


6 661 + 03 ] 

Bo.unpii«..--j KM 2 109 A«l — Li! #+» Bey ruuu "irimmn Save « rm»|m 

pg-agft SLr :g> 3 Md -mil 855 25 .Miiksu , !C 2 vajE; |Btcnatln>l ***** 

Ho! Financial S, 7 fcJ +flj| 5"41 5 ^ SI 67 iS -05 5 J 9 Capita] 

*409 x!l 4 il KSsSfBr 7 ? 1 J -lo an 

Frdtf® • - 3 h. 4 * SSBSSaWiJH 679 Baa-— .WM 

March at N«t f AAn a Benson Unit Manag^s^ «*>; W 4 

KSsgssBJi fi^sl ii? £ ^cbu-^Bx* bbs=H 

rii US sSt . 4 a* 3 ji 

BaribC «™. h « * c UWJJ-, ^SSSSSTSSllSSS 

KgM'- Bi Bl-:j i;« iS 3 ::::::! « £sr" ^ 

"•““Ki-Rt iwfi L.- 50 . S« s . LW. W.MCJ ,y ^m— -Hj 

. r«» 63 George SL. Ed Lnburgh EB 23 W. 3 M 1 ,,(703 

Bishopsgate Progressive P ■ au Vf < ?- s_ "Si 25 |tjJ It! BiRb-MUimiiin Fund* 

9 .Bl«hopSgale.E.Ci ' | 3S8 *L*ggg*jSff| L gj 60-4 + 0 -J 3 .ra. Select Intemal- — .[M 68 

SBatePr.-Apr^-UR.® M H. I )S maSEISl xBSuiII H 8 +01 Select lneomc |SL 7 

m > 3 j 181 ||*H “U Scotbits Secant** 

'““vardtiSw sj |l ms gagSd— — jj 


. . cn-* & prosper Group 

1 88 Intel* Calfg) frlr a. BelMS. Loodon EZ 3 P 3 EP 

i S 2 WB r»f“ « 5 f s iassunssm- 

*"i 6 Key Fund Managers Ltd. < a Wg) ___ ga Ve & prosper Securities Ltd* 


prices at April 10- Waxt sub. *u 
Capital International SJL 

Capital InL Fund— I SU 51 fc» i 
Cauntorhoase Japhet 
.1 T>nt«Riaxter How. EC 4 . , 


Property Growth Overeeas Ltd. 


28 Irish Town, Gibraltar __ 

S SS? I:d- 


(Gib) 6100 


Vnj 541 Key Energy UxFd.. 

*51 si 8 ZX 5 S®.- 

® ss BSSafflSt- 

„ »«ii a. .»»«'»« 


International Funds 


i jg 2 h. Milk SU.EC 2 V ait 7 S *i“‘ Wa H# tolmmUoMl Vimia 

is isasg&si, jgi^' sS afc==g 

eSsga-g < 3 ^ & £=S> 

, 4 * K^s^arsM.'.S?! 42 . 7 | + 0 fl 679 High- Yield. --—^ 3-2 
sS Kleinwort Benson Unit ManagCTS^ ««b 9 

534 « n.Iimnli 9 i_ E.C 3 010238000 HlghRMara K? 

159 20 . penchuteli-Ufc. 1 . 0 . Baai+jjl 5 01 Income H 2 - 3 

» gSSSSE* dslt'jj, 

!5. iSSSSSEESp 1 * S=H 

3.90 LtClae-Fd---.^ 273 «*- P3 ’ 

3.90 iJkClnUtGenKd .1113 I s-elor Funds 




Sterling Fund 1 

01-2483909 Richmond Life Ass. Ltd. 



10251+351 — 


O C.lntLFd.t_— --.g 373 

OC.SmCoFdAprt®.K 48 najl I 4.91 

Dr. Commo dity ^ — ,1 — 

O.CJ pirXkw idgjt- 75268 ^ April 38 

■ ; 'fflMiii wsi a *w « 


062423814 

:::::) mt* 

4: 

III 1144 . 

ent (C.I.) 

.048126831 

l i U 5 

M UJ 


,Ac ^^s-dSr-»u » -w '■■ 


o “ Scotbits Securities Ltd* 


^+ 07 , 7 .» 

sa^ii a a=i^ aa § 

CernhiB Ins. (Guernsey) ltd. . oc.intLFd-t — □) 334 

->*oai »» ft- - 'g£% gaf a§g. ^--3 “ 

mt a --s^ _ -ia&sf 

S |^3 3 S SLha«iueb«™» 1 0 «^ ,I ^ rt - ’g-;r 55 

” „ SSSSSsaszWB «H Lr ■ "-SfiSMiliSS S , »«*&i 4 K 

2 54*3 + 04 j 741 Dreyfus Intereontinmtal^lnv. Fd. & Prosper International 


Royal Trust fCI) Fd. Mgt. 

H.T. lnl'L Fd- —--j- ^ ss - Bi ’ml 1 jS 

i?* Nnrt dmllSaglUr is- 


I PO Box N 3 T 12 . Nassau, Bahama- 

412 NAV /Su as.-.-.-lssna # 7 


g» , £.SLHelicr.Jer*y j 


Bridge Fund Managers¥faMc) 

Kino William 9 l, BC 4 BBAR 01 


laSKSEi'CrlS.? ■ 35 .l 3 ::'.l| 350 jaCanynBeRoad.BrWoL ° 37 ? 3 ^, 1 


DnUICIH*-' " ^ M . Ull 

- jaa-id if 


Bridge Inti- AK 7 .JI 6 6 . »•*! ~ 

B 3 d«.A»er.G^ 

Dealing 'Tuea.. tWod, 4 Tlmra- 


JSlMSSasJ!. ctgBfaJSLJfcilff ®^Mk 5 

^LnynBeRoad.wmd. . 03 J 3 ^ 1 Mngrs. Ltd. (aMri ^^ oPouotwHU1 ’ l tSS^^Zsi 


KS 34-20591 

I _.I 0 .* 


14 S 

ssasgfcffi ii 


S :::::: IJ SSP 

17.71 — -1 377 Le#niBe Administration Ud. ab. 

London W 1 M 6 JP. 0M “ g ^ L 

d-tnmra teoDiaL— EJ g| III 4 M S 


Mtt. Ldr*- 
e.TSL 


— [Britannia Trust Managementtalfg) t^^Bk. Unit Tst Mngrs. Lid* W 

? J-E*«r 55 l it£ ,lWiw le^SKfc: 


London EC 3 M SQL 

Assets 52 ' ■ 

Capital Ace. g-* 

Comm A lad 

i?nmn»iht>-. ijri 

Domestic -*— — 

Exempt 

Extralncotne.— ■* 

EhmBsEe 

srfe=| 

iriasa-sr .1 

Mite - 1 

Profeaslonal--- -- 

Sialua Change JM 

Unh' Energj.— ~-P^ 


56 .U + 0 -: 
7754 + 0 . 


+051 558 SVrthimcWeulSn^ 

to 5 428 First fBalncd .1 g 5 

+ 0.4 4 j 68 Dn.fAecura.' 

+0 7 542 Second (Cap ■ «■* 

_o'i 4.78 Do.iAeenm-i g.l 

Zqb 757 Thirdilpeomc J* 2 , 

+07 947 Po-IAccubli- !«*- 

+07 347 Fourth (EUnc .1 584 

. n b iM no lACCUm.!—.— — hh-E 


■Mi 


0 45 * in*. Ts*. Unit* — 

In? 458 Market Leaders.. 

Si 1 HKh 

+05 ‘tS SfSlftf-*' 


a 7” owh u __, SCS5JB7 . [ — I - 

2 « ...... J -99 po Box 8 TO. Hamilton. . Si. F xd. Ape. 17 „ IJ 17 . 1 . lg-* 4 , 

^ ::::■ lui?| 4 H - oeaim^ 

toi “:S gjffiwdfciraM -tM i 74 - scUesingerln^atiW* 

«l ^oi 2 ^ gKSffig^ 03 *r - 9 M Mi - dl.U MoucSUSLH riier.Jerae^ 

Vis ^07 441 ?*^ e “ | !□ — SA-O.l H ® 1 

Sj 1 XS 4 Ffast Viking Commodity Trusts mu.Fd. 3 W— 

”1 « I HU^Mg l c hi|hm *— 'rf-,31 

wMadg- m=i - sESEsaa* 


CorolDWI-JMin-i— ecx-, 1 ZX. 9 I - .1 7 1 77 

a M 3 rfV“ , “AF- * 

Prlcea on Ejra^ De^nnER. 

Schlesinger International Mn£.^* 
41 . 1 *. Moae SL.SL Holier, Jersey. “S® 17 ^ 
SJUJ-- —EL, oBfafl-atK 4.46 

gft$fc==ff W D A ^ 

JSiuwuHtelSa loo' 

•For East Fund— .W . “B ■ 


89 ON + 0 ' 

365 +D- 

5 D - 0 . 

49.1 + 4 . 
13 . 0 a .... 
477 +0 
31.0 +0 


if gSSs=B 5 H as ™ uKGNh.Dw^/ ^ ts- - raawn , «» 

335 1 iauiIVT ife Unit Tst. Btnfrs* IXtL ^ ... cciuoder WsflC & Col LULf Flennng Japan Fond S-A- 

Is W—S5£Mi TS raapfisr, * an* 

?:S f wLw aW-t- BII si = a SSXna wU LbL 

i% Si «*«•»** $SS£fS5£Ez%* 2 «| li Bnttoflald Bldg. 

Ste ^S^^so^oek&ch-ngeDe^nja.^ £’ Sri NAVltorth 31 -j 

39 im 32 . 0 a "Il JS I G.T Management Ltd. Ld 


sns aaaB=rBsn« - 


“ The British Life ?*«• 


^7 5.06 ‘ S^o also Stock ^change 

-0 J 188 American - . — — — <*■? i 

+47 *57 iAccuul. Units) — - ®-? | 

2.89 AliMTala< ,Rn — — SSs s 

+0 2 *61 (Actum. l-nttsi..-— Jjj-J 7 

+03 *?2 commodity - — -■ S? 

+DJ] 162 (Accum. Unll W — ■• g§ 

tVnnpoundGrwtn. W .2 

If (al Conversion Growth » ' j 


Inlermdhnnl Funds^ 

JS Plmg.Apf .38 1 > U! 7 " * 1 SEqUiSrllin 12 +| JJJfl 1 _ 

_y-- World Fund Ltd. £ Fixed Int erest . — 1355 I _ * 

1 e3=li ffl=3 = 

11 SMSgLaJftiStw lhws.wcwbloiu 

a ^®Sjt “ ssa*i^l 


IS ISESCMm^Lm «« .... 
5 il ^ss^^lrlio Sl~ 

ig Rec ^ F ^ r Jx«Sa>t&i«KUimly 


1 + 0.7 3-38 

I +011 ?.47 


S 3 GXPacUleW -— 1 

id. 


Apr. 27 — —■ 
aw Mar. 31 -J 
Fd. Apr. 17 — 
«Fn<L— - 


. r EL 00 ^A^u^ndrews sit Edinbmgh "BJm ““ CWmT-P 

1 Si i feiteSjSSL^ a IE8ES“rtfcr^ SE5SS. 1 ; 

■ +- Q-?I _ — * 4 ^ 1 


Next dealing OBy ~ “. g^e 

Brown Shipley * Co. X 2 d-V ^ (AcrotaUa®— 

KSii ’ W :::::! « 


BS Units Apr. 3 *— 
Do.(Acc.i Apr 24—1 

Oceanic Trusts (a) : 

Financial — 

General. — 

Growth Accum. 

Growth Income — 


45 . 7 ] + 0.4 
36 . 6 m +05 


*■« sssai— -ags 

lAccum. Units) 

434 High Income.- " 5 , 

430 (Accum- Unilsl } 60 B 

5.16 japan Inconm W 6 J 

516 lAccum-UnUa) }*“■' 

?s fisss^tsEsczm 


11 *S + 2-9 
50 Al + 0.5 


767 +05 

174.6 +23 

266.7 +36 
]iw? + 0.7 


fin 1 St Hamlin- Bmda* sentry Assnrtnco Inieraational Ltd. 

'MESaiWPI^ ® S£SsBA“=r-i - ■ 


9.60 Magnam.-— 

3-88 (Accum. Uni W — --I 

4 mi Midland.—..-- 

350 lArtum Unitai 


167 A 4 + 0 .* 
2 ^ 2 + 0-6 


as. Ltd. 

040304141 

M 1 


512 lAKumL^Js&U 

450 Second Gen.- 

i Accum. L'nitii^— - 


Lid. Growth mcome g-j 3 LM + 0-2 ?.W ™** nnm i\ZXZr'r m ‘ $«ft 4 255 J + 4.2 

040364141 . || W 3 . » tfas«=: 1 |. to as 

= SS 5 iS=|) jHilI ifi ttBSfcSF r 2 S 3 SS 
“St SS»nteiB=» 3 a J 430 asSteBr:! 3 ! SI :lj 

a= 

?.‘.T^° ^I 2 S£w«“tm“TS "«!iSsSE 2 tud ’M 


V . X v 1-6 GT->rn 1 ’ , ■ l lnnwg pfl 101110 ! ")« n— ““ ■ 

H issffissaji! »» b s w 

5 J 6 Security Selection Ltd. ct Management (Jersey) Ud. Tokyo T*u Apr. -I . . 

5 -a ^,UM D m-sinn wridAWCx Oi- 8 ^ 85 ®^ B^T»t-Uae..col*rf>^d^Hju«-.Jerag stronghold Managisment Lsj^d^ 

55 UnvlGthTKAcC-^l gjri: 375 ST^aSterU°&-| 0 ^* ^ — j LSI paB 0 « 313 StHeII«.JtoW^ 0534*71400 
^ Irt^.WMSESfUSW. — Commodi V T 7 a*..| 43 i)» « -4 

45 . Charlotte So- Edinburgh. 031-2303271 

7 J 4 tatewart American IW L4 7 

*■* standard. Unita — [ 62.9 -a ' I — 


CommodityTrtMt_.| 43 W 98 B 4 J .—I 

129 ? Sarin vest (Jersey) Ltd. (*) 

3 m QnwisHae. Don. Rd.SLHeU*r. Jersey. 

3 ” crtMT. w* ™ “•■ . SlSSi..+w- l 9 a . JSBffl i” 

ld . {ffiSs-Tgr-^f jf ;d H 8 SSfRSiSr si 1 IS 

ftws »» ' 


Lb# smndudUTHU — lg .9 "H ^ ^ Qartmore Inv 

« Sfledh. JS=i 11 ES®« 


r nM .I flames) Mngt. Ud-F PwsSs April 34 _ 11235 ww ■ Target TsL Mnft 

S^ 1 bJJS 2 !ec- 2 NIBV , 01 -M 8 WW ManuUfe Management Ud. 3 l.Gr«hamSt-K 2 . 

■■: j jo-KSKSsr * 1 M “ » ?SS«SP 

Income— — .- •-.v ,, .Vf' Vi—i +>nlina Max 3 . Growth unna.— r* , nj Target Equity 


A^^^^.-wSd ?"- 1 Pg Bagate.lo^LSLS.riou, J-r^.. 

657 Sun Alliance I^JMngL LWj #mm1 i»ti.BoodFundJtai^ ^ “ &J^| 4 Sot Jb. 4 ^'iL 5 “* ' 

II » HSMtfeT ^+W 1 S 1 Tokyo Pacific Holdings N.V^ d ' 

1W Target Tstl^n, Fund Mgmt. Ud. «-* ?— SS S- » ’ 


*n55SiTiWfc‘ N «‘ dM,,n8 Mw 1 Mayflower HJmageinent Co. LkL 
Carliol U»« Fd. M grt- LtJLV “T 

MHhuralIoura.Nm«J S ll-* 5 g}^ , ggSfrtRt.fcW 

SE&rSinR! j 53H » Mercury Fond M^ers Ud*_ 

D 0 .HlghYlo W---H] 


01 -«OOK ®9 

.1 8.44 

i S21 


'III 8 .B 7 30 .Gr*«haaSuK^I™- 


m 4555 ^ 5 ldm?Units 

Target Inv 

——I i&c Target F 

E 11 SEfcarat- 


Do.' AccfnL j Unl^-j»J 8 daU) jjJ i"'" Men:. Gen. AprJM-fl 725 


Charterhouse JapbetV 

l.PalernoBlerRow.K-*- 

r - 1 inipmatl. 2 ? - Si 


t- 1.71 — cJ.lnterpaTl. — --gS 

— - Accum. Un, t* 

— | - CJ.lMO**- Si 

■ill = 5 Aa»a=E 

Co. lul SiSiSS 2 J=:B 

01 - 4056+97 Price April IB. Nex 


Mete. lot- ... . _ 

_. qjDMOD Accm-Uls- Apr -78 
01 -S 4 S 3 W jferc.Ext AprJ 7 - 
I VS Acrum-ULs. Apr 77 


S 3 ITi - Tokyo Pacific Hldgs. (S« 

6 .JK jJ^lin? tSI 1 lotimls Management Co. N-V- 


(Seaboard) N.V. 


I id 6 04 Hambros (Guernsey) LUU 


a W tUUDUlwa ^ 

4 .“ ^«ir» TyndaU Group 


NAV p« aba« April 34 . 5 U 530 . 78 . 


a ' 34701 W VSS T^tZZ***-*??* 

m insfet iMariJ bS 5 ^r«^ April iD,+on21 600 

IS aWsilf H;d a SJSIt**''- 50 -- 

tb) ' Hendemm Baring Fund Mgrs- Ltd- 


— | IS 3 -way lm- Apr. 


3 * 1 “ 

L Apr. 3 D *_PU 52 SB JJ«i ——I 


II ffi Midland Buk Group 
I...| 3.24 Unit Trust Managers 




Target AmerBagle 

Target Thlale—— 


u3 +odl T0 « I HiU-Samuel & Co. (Gnernsey) Ltd- 


MU - 0-5 - 

JS& 4 * 

isj as iJb 

1393 + 0-21 - 


i« SSKSAIxISp ’ Silrer wfe *)® 8 * 2 tSot Btatoi St TsL Managers^ B LcFobvrt- st. Purport Gnanwy. C a«mc, OoogliiB, uie »«• 

Shellicld. 51 3 RD. nu _0 5 l 5 A 7 T™** 1 + nl^ 28801 l| rtremserTtt- ( 1 * 4-3 1 S 9 . 71 + 1 - 0 ) , -*v 13262 133 - 01 — -1 

5.67 100 . Wood Street. *&*■ 


2*13 SfJ phSuio]d.SI 3 BD. 1 ^ 

^A-sii » ^ 


deffiSg April » SKSSS 

Chieftain Trust Managers LtJJaJW) gSgum 


65 , 61—051 5 A 7 ““TI. HT R tli 01 - 628 B 0 11 Guernsey T*U P* 4-3 , Manaecd A»r.a 0 _p 26 i 133 . 01 — -1 

l!?l ffi 


133.0| ..— I — 


--- | — sy-ADiBR. 01-9402932 capital. — St ' Sx 3 II 3 J 0 91 ^ 9 New Londot 

-1 - aaraitjncen Su. IX+R^R- ^ I doIxccum. 3 U +Q5 ^ Barbican April K 

| American — — ■ — Kfr « »j + 0 aI 9.66 Income.- Ej 603 + 0.6 tSi iAecum.Umts.l-- 

I High loeome.—j— •P 9 -L 0 sqd +-o 3 3 J 9 Do. Accum. ——— g-J 50 n 229 B*rb-Exp*-Apr 2 fl 

LULF |Brt5SI?fe-(M «■“ gK5SSS?=g! jd J *li but^Mzv 

Confederation Funds MgL }SSSA=h 9 „g ^ i| ^SSi. 

| 4 flChaoceTy Lane. WC 2 A 1 HE 01 - 34 - 8 ^ Equity Exempt JJO-S lOS'-wl 554 comld. j 

^■’1 “ Growth Fund P 9 -? «- 71 + 0 A| 4 i 0 Apffi“SdSeU deali ng May SL fAccurn^^ 

-0J — pAflmoDolitan Fund Managers. piinsier Fuad Managers L*“- ( Accum. Uniui-- 

=- g^KUlOTdaaSWlX^O.^^ Mltudm-^-.Artlm^^- ^d 0 ^ 

VI. - oo.mopnM-GUtW.P 6 A gaffilidBl ^1 552 ggg^ 

II I ^*«.4 “*“£JE^5it5SS^ ^ »»«s2?«Ras 


« tot e m 8 tKnfellSclnv.MngtUd. SiSV-d _J— ■ *-• “ 


Next dealing May 50 - (Accunt 
I K.U. 4 . 01-823 Marlboro Apr. 28 — 


gd;* 

155.0 + 2.9 

V = 
■ffi = 
Hi n 

40.9 

60.1 — - 
72.4 


= v^£Sf*g** x ™ i-vii ow r ^“ t . }Wl o ^M|. 

— I C'reaccnl Gitnrtn.. le-i tS »l _n nl nu m ni>iiu+ —1367 *9 ■•-' 1 _ _ u.-i-w Am -,1 27 


^ = 
+10 - 


- ja:s| !S SJXtSuHi w»t«« w»> sssassa. 

ss-S&'sl-:.©! "*a*«a «• S 5 S-“SJSS™,. _ ««js aissi^ — -- 

DiscrelionwT SSSSEifcBI MM bl T »" d * u 

at Blomfiold SL EC 2 M 7 AL ° 1 *» Mulun l Blue Chip -&5 « j 4 g$ fl 5 * ia Cauynge BMd. BrWnL 

p^mcomo U 33.0 ****** S"^id-<SnereS. SES J fi£=K 

E. F. Winchester Fund »*«JJJ alg| 31 . a. SLw Squar^Bdinb^hKI-MdO ^ 1 |l 

Old Jewry. ECS • -- « &ji Income Apr. IB ^6 19fc fl J 6 . 7 B Exempt Ami! 26 * ,MD W 

Great WlBChMier.. Ili .7 23 — "l Jga lAccnm. L-mb)...— gWA l 3 jy lAPCum . i&tsv- 

G 5 Snch-ec troeadlB .4 20 J! capi. Apr, » K ?2 iSal li 331 CanyngcApr 30 


WOT InlriPri* IViUM * - — 

IS po box B237. 56, Syttog.A^- __ l Un;ted states TsL IntL Adv. Co. 

Javehn Equity Tst-p 2 JK 1 14 . Rue Aldringer. Luxembourg. 

S'* jjelT. Managers (Jersey) Ltd. - I ris.TsLinv.Fod— [ susop.** 1 ——1 B -* 

15 poBox So^al T 5 L H«- 1^0534 27441 1 U-S - ^ 151 W «U ApcU 2 * 

6.5 «h.^ 1 A^: 1 2 * s. G. Warburg & Co. Ud. ^ 

IjI -Tartline Fleming 4e Co. Ltd. 30 . G r «^* :r ! s,:r ^ L IR , uolqi - 

H iS^loor. Coimauihl Cwwe. Bong K«« , SSmUM^W- - 

aw j^i^FWLnLf-1 5^936 l, -L- Warburg Invest. MngL Jrsy -f^,. 

a M ' , ^;ws"* 7 i ! M?ssssss-*pSS'"iSi -^h ™ 

SS Keyselex ^244 IlH -1 ■— . 


0 1-BOO 4553 

t0.011 — 


— T-, -mat Uld JK^*>-.** 

“^f 3224 Great Wlneh 
~ Gt-WLoeh ec 


fab.iF 5 i 2 £«n:BSi 8 


337 CanyngeApr. 30 


"•■■] — Emson & Dudley TsL Natimal Provid at Inv. Mngrt-UAf 

=J - UArii-gtOTSUS-WX M 5f*Jg ^ 4a.<h*«h»chSU i OT3HH^ OI« 


iiauion Dudley TsL.(M 7 69 .* _ 

Eqnitas Sees. Ud*(aKg> ^ III 2 ” SJrJuf'i 

*1 Bilhoirfaale . gCZ iM1 -L ? 421 ^p^Sri o^Aprll^'Nwt dMhnB ^ CapitalGrtWlh 

Prtgnwrtve ) 6*1 67 . 6*1 J-U ua A^il W- Nexldeallng May 3 . DnAwma-- 

Eonitv & Law Ub- T r. M-f (aHbMO National WestndnsteilKa) 

SmShamBiLHUhWstimib*- ] 61 . CtnwI«ldo. P : 3 ^- SK1J - D ^ 8 nf^j?‘ 459 Finite iai J >:f ' rlJ ' 

SSSG2-S** •**+*•+ *® assE^qB • 8 S «*4 I? g&CSftsa* 
F"* |, » w !S u 1 w®. ES'Serr:® g|*g (S {JSSSS 

«t™i«dVard.BC 4 BSDH. M- 2 WWH w» — — ( 3*-4 £- 3 +S-a ES ™ n.ift Trns 


41 BWngdgate. EGt^ 

Progroslve 1 **-* 


I if 48 ,urac« :n ' m:oaL --^rr ' 

sassst «. 

.«.*! SGSSfiSS;®!. 


675 ^ -Lll 4 H 


srHSKSSii-^ 


•«SSm « April ». N«t dwbDB 
•Prices on Apnl IB. Nexldeallng 


StliS'L 


foukib.— p-jmi. +3 

BondMlex-- r^» , 

fUSfel • 

--■ Jg cStSu’c?P~ r 

II 

l.- 7 . 9 Z - 

5.68 

_.... 5.69 

E 13 HS&SM£$E?i 


Warburg Invest. MngL Jrsy "f^i, A , 
j 1 . Charing Cri»a. J*^! 0 O 47 W 4 I 

CMF Lid. March uj 9 HI — 

I'M! Ud !Urrh 30 -^ 3 .M UJG ■ 
MialsTsLMor 3 D — “jH ... .. — 

IBCWaSars:®" m "---l - 


A SSfe Ail e Sjsssrwia- - 


notes 


low ^ * r . 

I Taora, 

is 1 S£ STL »« **»& < B “* 10fl 11 SH7 J 

Clive Fixed Interest Capital iisrt 

ffliw Cliv e Fixed Interest Income 

!-2 CORAL INDEX: Close 463-468 

700 ..— — — 

is INSURANCE base rates 

t Property Growth ■■■■■ | S 

l3 S t.yiiaiSg^ g- aas-ii- 

<tfl- • ■ 1 

rS Eg. index limited 01^51 3466- monUl GoW 

\ *J3 29 Lamont Road, London, SW10 OHS- 

.. k a*£asyMSffi gs mm, ^ _ 


35 = 

+051 — 


6 B. 4 J +05 

5 . 7 .IralWdVanL EMSDH. M- 2 M«n MR « -Z 527 tsb Unit TmstS (y) 

Capital Tg :i;:l AM y 2 El ni°n^W«.Andnycr.HM^ | ^62188 

| }SlSS^w:hU| ;;;::: | g NEL Trust Managers Ud.f WME^. “W+BR 

Do. Accunt ■ „ Min<mCo“n« DeBW ^f 1 ,nfl L S J + D 2 | 4.70 (b» Do. Accum. Sfltofl 700 

au-wrij-a-iw tt. m**" sSBEsmcriW . « SSKE^Il M A 5“ 

sssasris ^ bkss* 7 ® a-'* - 

^ AeBUB - m Norwich Union Insurance CroupTb) LIlster Bank* fa) ^ 

S T ^SJES 5 ™!.-«e B 3 SSSSS. . . -+-U* 


Eoj( 439 Financial Prirty 
+ 03 j 756 BfcAStoi 


4*.7 +05 10 -U 
1A6 +01 *M 
202 +01 *® 
64 + 0.6 831 

321 - 0.4 ?-?l 


rio Aceunt -no** — 't 

vnr ■ «-*■ “* *■ “*ST: 

• n i] I P'uihnm Bad. DnrkloB. 4421+041 ' 

:°i - aaa ■ 


756 Do. Accum. 7 — - 
5 !u High Inc. Pnfrity 
4.44 lmwOTno"* 1 — 

663 Special Siu.-— -i—- 
527 TSB Unit Trusts (y) 

y 2 21 r tiantr gWay.Andgycr.HM’*: (KB 4 62183 

> - I»J* n C a l Ji' fl 03& ‘ B ^j 3 + 05 l 3.70 

Mil ibiTSBGcoerol S 3 + n 3 5.70 

4.78 (blDo-Af CUm — ga+D^ 78 fl 

8.49 iw TSB Income— B 9 5 700 ' 

Id ibi Do. Accum.—— E' T 2*1 

r TS&Scntlish R 8 J 89 S I. 201 

I .l.tvv Appum .lu .7 ■ 


T IiclOT+.FolhmUn|e.*iOT. 1 * 111 -. LSSS *4 S ?S SSaHigh HoIbmti.WClVTliB 0 l T 3 ^ ^ Kina William S-EC-WBAR 

essfiSibeW'--* Wi ill *3 gws=F« S 3 e h ggS^T ■ 

Windsor Ijfe Assur. Co. Ltd. Hll t ’3 — B* «I I '-I sS wider Growth Fund 

,Jfc ^J2SBw» I 67-5 200 1 - ¥G. * A- T"* 4 ,0371.2=7300 81 FounlalnSUManrtiwU* 

SSSSaSS®* J 30 :;;; ] : 33 «^m «S ’.*'« u “ flU “ ta — 1744 

StSfiad* uul- 4 - 


02 MHS 11 


01-6334831 

J 4 62 

I. J 452 





























































































































































































i n 4 ji ! 


Ghestertons 


„ r tkt lCwlCfs|WE 


Chanlli.lne.fcl- 


CiC'&'.'an.lnt- 


BefionalPfop 




m 


Deto-Txt toe. 


m 


WihnKBrwden 


SrhWn-lSjP 


IfndeTOzilm 


YuJH'MtolOp— 




Fr.Pftn*sB 


4SM0lftlSBHB| n<p 

n 


3.81 2.8 9-8 


MINES— Continued 
CENTRAL AFRICAN. 


w ImlGrt 


FalwnRhSOr 


Cpr5BM» 


^ 11413,1 


IcohmdiSi 


Pritchard Sys. 


11 




tnsWilllanu 


CtJJlOp-1 




1 . 1 
2 .( 

2.1 
3.' 
3.' 

14.8B j «. 


122 ”1+3 
XOB +2 

g I- 
“5 

1 

125 


12 b 1 104 

IS 

56 
32 
31 
39 
58 
52 
19 
18 b 
. 46 
l M 

1 49 
45 
87 
48 
60 
118 
. V 


1.0J 6.4122.9' 
12 4 B 25.6 
1.0 5.7 26.1 
1.0 4.5 33.0 
1 # 21 59.9 


India and Bangladesh 


Assam Frontier EL 


Plant* 10p- 


E55tf 




I/meboanwfci 


1 


ni«rn later 


Vmers lap- - 


DalOpcCnv. 


PR 

u 45 l.UTdlJWdoiyll 
1 M Ullnati Loader 

l.i 1 * ;i EsffiS" 

-« r 2 42 204 lA^Projall 

IS S’fflSH 
$ ?4 pffi 

II 47 iBeKwVcH.iH 

f* 

234 200 

itL, iSjiBriLAmaniS 

39 28 (British I** 5 ; 

145 118 

(if. 89 TBriatonEstal 

53 454 C 1 P- Amount 

14 ■ V I dS wap " 1 
. 1 — 1 ? 

SM 94 88 KaninfilOllte 

4J 91 '64 jcntwnpciJri 
- 90 62 P 50 **?^ 

(££££ 

7,9 no 233, 

n — u aTijiCitsOaices. 

ii n 5£pgig 

61 im, 2Zh tvootroiiiec 

U 173 154 brntdan 
5,4 jM 21 (entry Ne*7 
Mlfftl 75 

ttft Ml n VippP lnH 

& ac wpas 

: .^’4 to 
-■ «> S Efei % 
88 g SBiSfcdm 
siasi » Bjt 

87 ~ R1 255 Gt-PoriJaj 

:■ a 2i 30 GreeniH.1 

7)9 _ in 44 Greeno* 

66 — un 52) Hammers 

43 ^ FI 8 2 *«*t U 

6 J - “ 87 HKLand 

5 f= $ ? SSi 

Uui 46 IK 3®* 

4i 10.9 m 190 r 

11 “ gg aa 
ii *• f 5 as 

l 4 J * 39 172 l«dLB 
?9 1 93 77 UoPk> 

1 2.7 4 74 I 55 Lod-Sm 

ifio.a si 132 m 


20 

49 

36> 

28 


2 
21 
84 
bb 
30 
50*2 
31b 
40 
30 

29 
40 

'rdJrsy. I0p.{ || 
51b 

a »2 

30 
62 
42 
45 

32 


6 9.7| * 


estRandHl 


Kinross B1 


1+3 I 55 | 


MSS 


AND 

1+171 ^ 

1+13 tQ5e 

*V'UW 


land 


lh\+f 2 

1 a 

9 +14 

0 


FAR WEST RAND 


TOB-fl 


8.5 111 

118 UMi 


H = ^ T 4 EW 

in 4 _ In » pSrSn 

10.4 - m i« Jgw; 

6.9 ■- 43b IB* 

68 - IS 2 103 HurUwAW* 

„ iHi a-sat=. 


BATInd* HO 

[hajrill(A.)10p- 355 +2 

\\ 5| +b 

1 Sienacn Hn. lOp -1 59 


RUSTS, FD 

Investm 

50 lAbgdMB fa.*- 

18 UherdeenTnat- 131. 

95tiCSMHw. 1W* 

77 lAHianeelnv — - 

193 Uiiiance Trust— 

5 M&InaSOp- 
9 ( Da Capital »P- 
13 lAnbroselnv-iBE.- 
17 f Da Cap—--- 
171 . l.vnienranTnct- 
16 AmerionTa/B 

J 

f isaat « 

68ii krcmnedeslnc.. 

06 jArmlnv.SAli- 
06 UtAdtiwnlm.-- 
49 Atlanta Balt Ufr 
69 I Atlantic Assets.. 

51b lAtlasEleft---- 

73 Und-aint-tSOp). 

48 feitaglw— 
KblBcnjTrori — 

6 mntepsgmPnP- 

^■BSBSS 

22 Brenar T$t , . 

6 Bridgewta;lOp 

?s«JS£.- 

140 BriLliMSS.-— 

122 BroadsttWlSOp 
79 fonnaitflHV-'- 

tt HHff:. 

34 Catatonielms. 
58bjCaWonianTn 
56 Do."r~-- 

75 IfluabrsnanilGBi 

wi (ciSKUialnwlOp 

90 tan-aForeign- 
102 Kapiial&N* 1 - 
119 IOO Da:8"--.- 
105 87 tardmalWd. 

113 94 ICbWUw. — . 


S : 5 nS§£ 
r t?,®* 

53 +10 Q»8c 

09 tl Q&45C 

V a- K 

a 3.® 

230 +1 

S?" 

ifat 

735 +M^“ C 

193 TQ22c 


1 ranking tor 

wi 5.0 ; ss-avfir 1 ' u ' 1 • 

B No par value. n ««o*ctua or other official 

. -nix rWe ^»TiJS5SMmS5 " «» 

. ,, 7 9 esrtlmale e CetiW. d WiAdtmi po ^ ^ full cawttL 

* 13I-S ot capital: ««« _ h**4 ^ el j s Awumed dividend and 

* l 12 : 7 r Redemption yield. I f, e id after aerip »«»; 

vicld b Assumed dividend ana ^ interim hiiher 

j p^nlfrorn^pitalsonrc^- q Earning, 

thus previous Wil. B A —*. r Au-strallftn cdirrncy. 
baaed on prellndnam payment, t Indicated 

rStrtdeod and FfE ratio bm*ed 

dividend. rovcr .™}f^ P . P L^Voroca»t dividend- eover t““ed 
on latest v Tax ins* »p w 

on previous yea^'*^^. c| aus£ . y Dividend and sje*4 
. . « Yield allovm Dimdmid and yieW include » 

I-tJ "T baud on merser imms. apply to special payment- 

116.41 t special payment: Cover do«s not pp< passed or 

1 15 6 JL A Net dividend emlF** 1 ^ tS^^SS’/EratioeacludeproHu 

1 “ waftag a*S »jgjeaAa 8 W 

ssJ»S , sS*ffaa. , “S 

e 1.5J21.0 sraLsuggiM 

p “ T 4 rsaraarjJB*£B£JHsi»^ 

; lls!:§ asaftJSSMUSi-— 

— of stock. 

*1 _ _ all; iR ex capital diunbuUon. _ 1 

. ■■ Recent Issues - «nd -***'* 

Mel l5 88 fee ol £408 per annum lor each secur 


REGIONAL MARKETS 




OJ.S. 


tStJ+b S^Oc 

74 1 — 

310 +9 Q55c 

i a » 

OT -1 «g5c 

£1B1 2 +b t<PB0c 


Albany Iny. 20p g 
Ash Spinning- « 

Bd?W^50p 2M 

SSBByTO .§ 

nymon fB- A. i A 
StisiMcMdy g 

KvunaFfk-lOp. 57> 

l Evered “*■ 

1 File For«e_ j£“ 

1 S&hflrrttfP- ,S 

t GraiBShiP-Cl • 1 |2 

2 HigaonsBrcw- 77 
§ T O M. Stm. £1 ■■ 1« 
2 Holt (Jo» l25p-_ 252 
8 snhn. Goldsmith » 
2 Pearce iC Hi. 12| 

- Peel Milk... . .. 19 

.0 SheUield Bnck « 


40 

65 

57d ...... 

13b -b 
50 


Shelf. Retrshmi . 

Sindall lWm.i— 


Conv.S'Si'eoflB EWi 

Alliance Gas _ 

Arnott...-. ™ 

1 CarrolUPJ.)-- ® 

I nondnlta n - v — 100 
Concise Prods- lg 
Helton iHlde* ' « 

IniCorp.... - ■ l»d 


ins. v ui h 

Irish Ropes- — | izo 


43 +3 | 

10541 1 -lb l 


Jacob — 

Sunbeam 

TM.G - 

U aid a re 


65d 

32 ... 

185 +2 
95 


FINANCE 


S>pJlll 26 


bureContK— 


Sen trust Ifc 


I £jji| 

6 BO +» Q105c 

WM -2 

as +^. fe 

£llb lQ170c 

143 +1 Q?be 
150 .—■ 91?c 

m +1 

£UL QC50C 

1 - Sr 
h n if 

£l| Q95c 

200 r5 Q30 c 

265 jofc 

50 W’zC 


3.41 7.2 

28 6-4 
1J 6.1 
3.4 9.4 1 
IB 9.2 4 

Jill 

22 8.8 

1.3 9.4 
14 4.5 
0 H 89 
A 2j 
3.0 1L7 
0 5.6 
U 8.2 
1.7 9 7 

3.4 4 41 
12 9 0, 
16 8.6 


OPTIONS 

3 -month Call Rates 


JmtttmfintCo. 


Knch'n Tariw IBP 


lamoniHIflf.lCpr 


diamond and platinum 

— 1 nn . 1 IflMKIrl 6 1 


es* 

&E «fc 

UB 1 I 8 B KSHE= 


£35*4 06« c J ^ 

,8 h B 1 

76 +1 * 


. 23 Tube invest.... 3 

TndnstrlaU — - « Unilever 4 

A. Brett- ft: .'J? 1 20 Utd. Drapery.. 7 

9 jgf*— : 5 SfflrthT:- « 

K&'ik.- 25 jjJ-Jfc U property 

BSE!.:- » t®s M " k - F c.p.nu.to j 

i«~' j, BSSi 5 ssr , 
SB&- f 0 “ Kfe 

| s r tcily - 

y®*-- 4 | sssacl 

siaasr s «-■■■- ? ssasr^ 

Glaxo.. - 40 R-HM -■ utramar 1 

« Baa*: m ^ 

liuuriiian- 18 4 charter Cnns..| 

7 ii.KN-.-y S Thorn : 22 Cun*. Hold -J 

■I itSSTnil" “ K.«™.e= B B.oT.Zinr 


Q200c. 3906 10-9 . „, P( .unn of «7uii«n ? traded !»«£«■“ 

55T.7c 10 i A ^uJndon tSUwV tkchange Report pn C a 

}Q 2 bc 1 . 4 ( i -- 



















































































































































26 




i-.-r-.-v--,. . ’ t ■■ jKcap.- ; 1 





♦ Relative Strength ^ 

tl^**™* * aXbe ^ e^ce between a good 
We “My relative 
aucugth charts tor Britain’s leading companies, 
ulus an th» ntw 


SQBcessfpl investment. 

Write or telephone for a free sample. 

... CHART ANALYSIS LIMITED 
iH-MB BiAopsiata, Lender BC1M 4FE. 
T«l:0l-3fi3 4f7X 


FINANCIAL TIMES 


n 


Saturday April 29 1978 


Bcakfrif 

Society 

Jorsaven 

>^H«d Officer HighStreet SWpto 
BD2J IIW TeU qi^A58I ' 
gSXQbfc London Office:61 High HbflJotr 



> Tel: 01-242 8147- 


MAN OF THE WEEK 



Reed’s South Africa 


other 

leagues 


BY IAN HARGREAVES 


THIS MORNING. Mr. Keith 
Wickenden, chairman of Earn 
pean Ferries, is on edge about 
success and promotion. His 
anxieties, however, do not relate 
to his company, which reported 
almost doubled profits of £21J8m 
this week and thus, by impiic.i 
tion, is not a subject for nail 
biting. 

The nervousness arises 'ram 
the predicament of Brighton and 
Hove Albion football club 
Wickenden will spend this after- 
noon on the edge of his direc 
tor’s box seat wishing for toe 
combination of a Brighton vic- 
tory over Blackpool and, further 
along the south coast, a defeat 
for Tottenham at Southampton 
Only such a turn of events will 
take the Sussex club into rhe 
first division of the football 
league for the first time in its 
history. 

Should this matter satisfac- 
torily resolve itself. Wickenden 
will be in exceedingly good heart 
for the third challenge of the 







Wickenden: ports to politics. 


year— assuming that Prime Min 
ister Callaghan obliges— the 
defence of Dorking for the Con 
servatives. This, by any analysis 
must be the most easily aehiev 
‘able of Mr. Wickenden's ’bree 
goals this year; record profits, 
'promotion for Brighton and 
election success. 

Although he agrees that even 
in a Marxist revolution 
the Conservatives could count 
upon Dorking, he is not taking 
the role of prospective candidate 
lightly. “ I attend two to three 
meetings every week," he says. 
“ but it's no problem as Dorking 
15 conveniently placed between 
my office and home." * 
Convenient perhaps, but rather 
a change in backcloth for one 
3f the British shipping industry's 
brightest stars and for one who 
iy his own admission had not 
>ven thought about political 
ictivism until six weeks before 
ie was selected to fight Dorking. 

His . real initiation into 
K) I i tics came, be says, in the 
Ight to win control of the port 
•f Felixstowe against the opposi 
ion of the British Transport 
Jocks Board. 

Great things are expected of 
ira. John Davies is a name 
ften bracketed with Wicken- 
en*s, although Wickenden 
grees with his Tory backbench 
riends that a learning period on 
ie back benches will help him 
> avoid the errors Davies com- 
litted in switching straight 
■om industry to ministerial 
pwer. 

Precisely where Wickenden 
ands in the party spectrum is 
irder to determine. A 
onetarist on economics and a 
serai on field sports is how 
i sums it up himself. He «ays 
; knows front benchers, but 
ies not have personal friends 
the Shadow Cabinet- 
Will he move on from thrash- 
g the docks Board over Felix- 
jwe and out-trading British 
til Sealink on channel shipping 
cites to the role of scourge of 
a public sector In the House? 
■-'says not, accepting the case 
: nationalised industry so long 
is free from Government 
erference. He would not, in- 
■estingly, favour de-natiunali- 
ion of the docks Board's 19 
rts. 

Nithin the shipping industry, 
■re are few prepared to cavil 
the transparent success of a 
npany which has grown from 
; to 25 ships in not much more 
n tea years and which will be 
ong the very few British ship- 
g companies ordering more 
sels in this -very depressed 
r. He will, he says, buy British 
the first time if he gets "an 
ionditional guarantee" about 
Ivery, and if prices are com- 
^tive. 

t 45, his industrial ambition 
to create “a third shipping 
•or," to rival Ocean and P & 0, 
he certainly does not dis- 
nt the possibility of Furness 
by eventually changing its 
d about European Ferries' 
ances. He believes that for 
opean Ferries to grow from a 
*t-«ea ra-ro operator in ocean 
ping he needs the expertise 
> company like Furness. An 
luntant by training, be equally 
ogly believes that British 
owners could do with a 


partner pulls out 


BY CHRISTINE M01R 


REED INTERNATIONAL'S part- 
ner in the Stanger pulp and 
paper mill iu South Africa, 
started only in 1976, is pulling 
out of the joint venture and 
paying Reed more than £10m. 
cash for the privilege. 

This became known yesterday 
at the same time' as the troubled: 
paper company published the 
first-quarter .figures fnpm another 
of its losing overseas sub- 
sidiaries, Reed Paper in Canada. 

Losses there continue to the 
tune of nearly S6m. pre-tax for 
the three months, but have come 
down from the previous quarter. 
The directors say they are 
encouraged by the trend. 

In South Africa. Reed is buy- 
ing the 50 per cent, share of 


C. G. Smith, Its partner, for one 
rand. In return. Smith is paying 
Reed just over £10m. in cash and 
writing off a further £7.2m. of 
loans. 

The price of Smyth’s exit from 
the venture must be set against 
the fact that the mill lost£9.4m. 
last, ybar, each, partner; of 
Course, bearing half. •’ 

Since then, Reed says, the rate 
of loss has been declining, as io 
Canada, by improved operating 
efficiency and increased sales 
volume- In the first three months 
of this year Losses were £l,.4m. 
after interest, charges of £700,000. 

Now, with the cash from Smith, 
Reed believes it has an oppor- 
tunity “ substantially to 
strengthen Stanger’s financial 


structure.'’ The construction 
costs of the mill were largely 
met by loans which by last 
December amounted to approxi 
mately £25m. 

It is expected that Reed will 
use Smith's cash to pay back 
good part of these loans and so 
reduce the interest charges. 

At the current rate of loss 
this would still leave a sizeable 
pre-tax deficit and Reed would 
bear the whole loss, instead of 
sharing it, as at presenL with 
Smith. 

So far the partners have 
agreed only to the deal; and 
there are certain conditions 
attached which are expected to 
take some weeks to fulfil. 

Results — Page 17 


Goldsmith plan to launch 


‘seven newspapers’ 


BY MARGARET REID 


SIR JAMES GOLDSMITH, whose 
interest in moving into Beaver- 
brook (now Express) News- 
papers and The Observer came 
to nothing last year, plans 
sbortly to find a new outlet for 
his ambitions in this field 
through a direct venture in the 
British newspaper industry. 

He intends shortly to launch 
new papers — probably seven of 
them — in towns where only one 
potential rival publication now 
exists. 1 

The move, likely to cost Vin 
the low millions of pounds " will 
be a personnel investment by 
Sir James with a few friends 
through a new private British 
company. 

It will be unconnected with 
his quoted French-based master 
company Generate Occident ale, 
which has recently assumed full 
ownership of the big British 
food company Cavenham through 
a series of controversial take- 
over moves. 


Sir James, 45, a financier and 
industrialist who is frequently 
in the headlines, yesterday 
hinted that bis new British 
enterprise could well be the 
forerunner of a further incur- 
sion into the British newspaper 
business. 

"We are looking at the soft 
under-belly, those regional areas 
where there’s a monopoly," he 
said. "It may lead to some- 
thing more." 

Sir James' interest in tbe news- 
paper industry in France has 
just been further entrenched by 
tbe raising to a majority holding 
of the large stake G6n£rale Occi- 
dentals acquired last year in the 
1' Express magazine publishing 
group. 

Tbe papers to be started in 
Britain may be either mornings, 
evenings or weeklies, according 
to where Sir James considers a 
monopoly exists. 

His plan is that some copy 
should be centrally produced 


and much local matter added, 
on the model of many American 
newspaper chains. 

It is also intended that print 
ing should be through computer- 
ised typesetting of the kind re- 
cently adopted by the Inter 
national Herald Tribune. 

Tbe economics of this are in- 
tended to allow the new enter- 
prise to offer better salaries than 
those paid by the publications it 
will rival. 

“My own view is that there 
are going to be a lot more papers 
because the entrance fee is less 
as a result of the new techno- 
logy," Sir James said. 

It is also planned that man- 
agement and editorial staff will 
be offered 25 per cent of the 
shares in each of the individual 
companies to be set up to run 
the new papers. 

The other 75 per cent is to 
be owned by the central U.K. 
company which will control the 
whole new venture. 


Steel Board workers to resist 
closure of Redpath plant 


BY ROBIN REEVES, WELSH CORRESPONDENT 


TRADE UNIONS and workers at tion, the main union at the plant; has aroused a great deal or enn- 
the Treorchy plant of the British the Transport and General Wor- cern because the Rhondda 
Steel Corporation’s Redpath kers' Union; the Amalgamated Valley already suffers from very 
Dorman Long subsidiary have Union of Engineering Workers high unemployment, 
formally agreed to resist closure clerical section: the Electrical At last week-end’s Wales TUG 
of the works, with loss of 300 and Plumbing Trades Union; the annual conference a resolution 
jobs. They will explore the possi- Wales TUC; and the local action was agreed and called for union 
bility of running it as a workers’ committee. backing for a workers’ co-opera 

co-operative. The mee ting agreed that fail- should all else fail. 

The decision to fight to keep ing a change of heart by Red- • ***■ J Iarry , . 'J? ra . ns ' 

the plant in the Rhondda Valley, path Dorman Long, or a takeover Pp rt . aQd General Workers Union 
open follows a meeting with the of the plant by another company, dlst rict secretary for Falmouth 
Wales TUC, which on initial they should aim to establish the met Leslie Huckfield, Pariia- 
investigation thinks the steel plant as a workers’ co-operative, roeot ary Under-Secretary at the 

Sfl%n C °r<5,iSf S “ton The !!* cti ° n £ ” ?“<* SffifpnSpSE 

of some £600 000. P a *. Ve w U i r ^. be sought ^ rom for keeping open two Cornish tin 

* tbe Welsh Development Agency, mines threatened with closure. 

Redpath Dorman Long said the regional equivalent of the The owners of Wheal Jane and 

earlier this month that the National Enterprise Board. the Mount Sellington mine near 
factory was to close because of Welsh TUC officials are to visit Truro announced earlier this 
heavy financial losses stemming the plant for discussions again week that the mines would be 
rrorn the depressed state of the early next month. They have closed .with loss of 743 jobs, 

construction industry. already written to Redpath's The Department said Mr. Huck- 

The precise method of rescue management asking for a meeting field would study thr- union's 
was left open during discussions and for the opportunity to proposals, some of which involved 
attended by representatives of examine tbe plant’s books. an operation to maintain water 
the Boilermakers’ Amalgama- Redpath's threatened closure pumping at the mines. 


Continued from Page 1 


U.S. prime rates rise 


earlier this week. Mr. Miller In the past week, the Bank of in the market to show a fall of 
indicated that he did not want to England has undertaken sub- some S3bn. from the previous 
see too fierce a tightening of stantial support operations for total of S20J2bn. A substantial 
credit over the longer term. sterling in both the spot and the part of the decline will he 
Michael Blanden writes: The forward markets. This interven- accounted for by official debt re- 
rise in U.S. interest rates will tion has succeeded in bolding up payments of SlJ25bn.. but there 
increase the upward pressure on the rate, but will be reflected in will still be an underlying fall of 
tbe level of short-term Interest a sharp decline in tbe UJS.'s some $1.75 bn. resulting in pari 
rates in the UJG and could bring official reserves for April from the support for sterling, 

further strain on the value of the The reserve figures due to be This reflected not only the 
pound In the exchange markets, published next week are expected intervention in hte past few days. 

but also the undisguised support 




UJv. TO-DAY -Wales, N,W„ Cent. Northern 

CLOUDY, some rain in north, England, Lakes, Isle or Man 
sunny intervals in south. Cloudy, rain in places. Max. 

London. SJEL, Coni. S.. S.W., 10C-12C (50F-S4F). 

Channel Ll, E. Anglia, Midlands _ , • „ , , 

Sunny, showers, rain later. Scotland, N. Ireland. Orkney and 
Max. 12C-13C (54F-55F). _ Shetland 

East, NJ2. JEnf w d Showers, sunny intervals. 

Cloudy, some rain, coastal fog. Rather cold- Max. 9C (48F). 
Max. 10C (50F). 


BUSINESS CENTRES 


Y’day 
Mid-day 
*0 *F 
Anutrdm. F 11 52 
Aibens F 53 72 
Bahrain S 27 SO 
Barcelona S IS 64 
Beirut V 21 70 
Belfast P S 40 


Belgrade 

Berlin 

Blnogbm. 

Bristol 

Brussels 

Budapest 

Cairo 

Cardin 

Chicago 

Cologne 

Copnhagn. c 

Dublin F 

Edinburgh R 

Frankfurt F 


R 14 37 
S 12 54 
C 10 SB 
9 48 
13 55 
17 63 
34 M 
S 40 
10 49 
13 55 
5 41 
D -48 
7 45 
13 53 


approach to business. 


CeneTa 

F 

14 

S7 

"'bran 

S 

21 

7J 

Glasnotr 

ri 

7 

43 

Tel Aviv 

F 

21 

Tn 

Hu-lsinH 

Sn 

2 

36 

Tokyo 

C 

22 

72 

H. Kona 

P 

si 

75 

Toronto 

S 

IS 

as 

Jo'hurc 

S 

26 

77 

Vienna 

C 

13 

S9 

Lisbon 

R 

XS 

94 

Warsaw 

C 

13 

S3 

London 

R 

9 

48 Zurich 

r 

15 

as 

Luxcmbrc- c 

U 

531 





•. • Y’dpy 

Mid-day 
°C *P 

Madrid C 15 SO 
Manchstr. F 10 50 
Melbourne R 10 50 * 

MTHan F 17 83 

Montreal 3 14 56 

Moscdw C 3 37 
Munich C 10 SO 
Newcastle C 7 45 
New Yort! C H 67 
Oslo S 0 48 
Parts C 14 ST 
Perth S SI 74 S"52L 
Prague C 13 54 "“SKfS 
Reykjavik C I « 


• The long-range forecast for 
May says it is likely to be 
cool and often cloudy, but 
with some warmer sunnier 
days. Temperatures below 
average. Rainfall near average. 


HOLIDAY RESORTS 


Banteau 

R0D,e F g 5 STS 

. ,, Duhnjvmr 
t\ Fare 

I? S S. Dren ^ 


Slugnoore 5 
Rtorichiilri C 
St rasing. C 
■Sydney 


*nnflw«irk 


rd sa 

Mid-day 
•C *F 
18 81 
30 88 
17 83 
9 48 

14 57 
9 48 

30 88 
17 81 

17 83 

18 « 
16 61 
M 68 

18 54 
* 4:. 

15 39 
S 41 

19 68 


Y’day 
Mid-day 
■C "F 

Jewry C 9 46 
Las Pirns, n 20 88 
Locarno F 18 61 


Majorca 

Malaga 

Malta 

Nairobi 

Naples 

Nice 

oporto 

Rhodes 

Salzburg 

Taugftr 

Tens rife 

Tunis 

Val ntia 

Venice 


F 19 66 
C 71 70 
F 24 75 
F 2! 70 
F 16 81 
C 16 M 
CM Si 
F 20 fit 
C II 52 
C 39 66 
P 18 64 
F 20 68 
r, a. n 
P 16 61 


So— Snow. 


which the Bank provided at tbe 
end of March, just after the 
month's reserve figures were 
struck, in a clear signal that the 
U.K. authorities felt that the 
decline in the rate hud gone far 
enough. . 

Yesterday, the Bank was again 
thought to have given some sup- 
port for the pound, but markets 
were fairly quiet ahead of the 
long week-end. Sterling ended 
with a loss of 85 points on the 
day at SI .8245, while its trade- 
weighted index against a basket 
of currencies was unchanged at 
61.4. 

This left the rate against the 
dollar down by only 15 points 
compared with a week earlier. 
But the Bank provided heavy sup- 
port during the week, and sterl- 
ing’s value against the dollar 
reached a low point of SI.8145 on 
Wednesday. 

The uncertainty in the 
exchange markets has been 
mirrored in the money markets, 
where there has been continued 
speculation on the possibilty of a 
further increase in the Bank of 
England’s minimum lending rate 
following the one-point rise in 
the Budget to 74 per cent. 

Yesterday ihe rate remained at 
7i per cent., but the average rate 
on Treasury bills at the weekly 
tender, at 6.9988 per cent., was 
only just below the 7 per cent. 
level which would trigger an 
increase in MLR, 


BP near 
majority 
interest 
in Soldo 


By Ray Dafter, 

Energy Correspondent 


Rising income 


In 1977 So bio’s net income 
was np 32 per cent at SlSlm. 
(£97m.). largely as a result of 
new supplies from Alaska. 
Sohio has. a 53 per cent, 
interest in Prudfioe Bay oil as 
well as a 33.3 per cent, stake 
in the $8bn. pipeline. BP holds 
a further 15.8 per cent, interest 
in the pipeline. 

Tbe two companies have 
already taken steps to forge 
closer links in Ihe U.S. At 
the end of last year, BP 
Alaska was merged Into Sohio, 
and the staff transferred to 
Sohio Petroleum Company. 
This move enabled Sohio to 
assume the former BP Alaska 
function of operator for the 
wesiern part of the Prudhoe 
Bay Field. 

It was also announced yes- 
terday that Mr Rohort Adam, 
a managing director of BP, 
bad been elected to tbe Board 
of Sohio in place of Air. 
Christopher King, president or 
BP North America. Mr. Adam 
was a Sohio director from 1972 
to 1976. and has been a BP 
managing director since 1975. 

Steps are also being taken 
to widen the membership of 
the BP Board, a move which 
could eventually lead to the 
appointment of a director from 
Sohio. On Thursday, share- 
holders will be asked to 
change BP’s articles of associa- 
tion to reflect the company's 
growing international image. 


Continued from Page 1 

Powell 


THE LEX COLUMN 



nervous 



BRITISH PETROLEUM expects 
to gain a controlling Interest 
in Standard Oil of Ohio 
(Sohio), its U.S. affiliate, in 
the next six weeks. 

Rising output through the 
Trans-Alaska pipeline means 
that BP’s stock interest in 
Sohio will reach 513 per rent, 
in June. Mr. Alton White ho use- 
chairman and chief executive 
of Sohio, told shareholders that 
BP’s majority interest would 
be reached If present produc- 
tion of more than UL3m. 
barrels a day of oil was sus- 
tained. 

BP first took a minority 
interest in Sohio in January, 
1970. Under the agreement, the 
stake Is due to rise to about 54 
per cent as the throughput of 
crude from Prudhoe Bay the 
North Slope oil field in Alaska, 
reaches 1 -2m. barrels a day — 
well above the present produc- 
tion rate In the whole of the 
U.K. sector of (he North Sea. 

The 1.2m. b/dL- through put Is 
expected to be reached later 
this year. Sohio's entitlement 
will then be 600,000 b/d. 

Air. Whitehouse said lie 
expected the relationship 
resulting from BP’s ownership 
arrangement woald be a “ com- 
fortable " one which would 
prove to be an asset to Sohio. 
He predicted that the U.S. 
group would report “substan- 
tially " higher earnings for this 
year with production and sales 
oT Alaskan crude a dominant 
factor. 


For the second week r unnin g 
the equity and gilt-edged mar- 
I kets have bee n moving in oppo- 
site directions. The equity' 
market has recovered to its pre- 
Budget level while the IT 
Government Securities index 
has fallen by 3£ per cent, in 
the last three weeks. 

Initially it was the Budget 
arithmetic that upset gilts, and 
although the fixed interest mar- 
ket recovered its poise a couple 
of weeks ago to the extent that 
the Government Broker was 
temporarily able to sell stock, 
since then sentiment has been 
again upset by the weakness of 
sterling and question marks 
over short-term interest rates. 
Minimum Lending Rate was un- 
changed yesterday, but the 
money market- remains highly 
nervous. The gap between 
Treasury bill rates and the re- 
turn on top quality bank bills 
Is unusually wide, and the 
latest rise in New York money 
rates — -U.S. bank prime rates are 
going up again-^-conld put pres- 
sure on rates on this side of the 
Atlantic. 


than last 


year the brewera 

Ind« fell 2.1 to 465.7 

not clobbered by the Budget, ad 
; - once feared, and in face tfes 

there no room for optimism- emphasis - on boosting the 


but at least the problems seems spending powei- of the lower! 
? %lJS?'** a ** within .p^d was pIvdabI y marginal^ 
s Quth Africa. . beneficial to them. ? 

Meanwhile, Reed Paper in . ’ 

Canada reports first quarter So brewery profits could riM 
losses pf £2J2m. down fiori ^ -IP-15 per cent this year anjb 
£4. 5m. in tbe. preceding three somewhat faster in 1979. 'Thi#j 


Nationalisation 

To-day,, on the first an: 
ary of the nationalisation 



Reed Int 


months! Losses are .being should .underpin, the r- 
further reduced in the second which is currently y4-^ 
quarter, and although this bus>- slightly more than- the 
ness is- still a long way from average, 
home, Reed now sounds rather 
mare confident than it did a 
few months ago. But the key 
date for the share price is 
May 31. when Reed Interna- 
tional js expected to announce British aerospace industry, 
its 1977-78 figures — and its deci- still far from clear when 
sion bn the final dividend.- ' parties which lost part 6f tbe.'3 

business as. a result of. the 

Xhfi brBWGrS craft and Shipbuil din g Indi^.-i; 

.. . • , . • , . - ■ :- tries Act 1977 can exp ect*fo V= ; -W 

After last July’s Price Com- fully compensated. So far 
mission report on beer - prices Government has only made 
and ' 1 

not 

come of the latest investigation n0 ( ygj geem to have started - t 
into Allied Breweries, the coun- ^ of ^ 
try's second largest brewer, in - 


SIon r y=pon ua user pmea Government has only made 
margins, the brewers were interim payment per compa.- 
looking forward to the out- ra31 |j round-table negotiations' : ^ 
ie of the latest investigation • nn » vp.t ««v»m tn han« ' \ '-K 


Having been unsuccessful in 
plans to sell off its main South 
African interests earlier this 
| year. Reed International is now 
switching to a different tack. 
C. G. Smith, its 50 per cent 
1 partner in tbe loss-making pulp 
and paper mill at Stanger, ,in 
Natal, is writing off its loan of 
over £7m. to Stanger. Smith is 
also paying Reed £I0m. cash 
as the price for pulling out of 
the business. 

Stanger is financed almost 
entirely by debt— about £25to. 
of external loans and around' 
'£14nL shared equally by the two 
partners. Reed will presumably; 
i put its £10hl cash receipts baric 
into Stanger, which together 
with the write-down of. the loan 
will make a big difference to 
finance costs at a time when the 
operating performance of the 
plant is also improving. As a 
result, Reed expects that 
Stanger will be in the black by 
the year-end. Its partner’s 
anxiety to get out suggests 


But dfMUKSinnc should’ 



• enmreut acajiintants,. ' Whinn ey_ 

it w«* being used u a test Uuiriy, have competed ttelr ,i 
it seems most unlikely that the^ shidrek - At thi« l - 

reconstituted. Price Commission however^Smvery likel^Sat 

for .some time. Allied bas.been ^sorted to in a number of 


given., approval for the price 



prices any 
Christmas. 


unnsunas. Virtually all of tb& i iln _s • *3 

major brewers have now given ^ 

similar sort ol commitment.- ? 


Thorny croft 


Although the volontarydreeze 


Assuming this statutory «- 

on prices could put sdme pref ^ f ^ % 

sure on margins, on balance 

brewery shares are- Gkely ^ ^ J ataost ceitoMy be 
benefit from the removal^ the before fiMl agreementjs 
.political doud that has : been reached m ail the ca^s. In the .. 
hovering over them for the past naeanome there is the likely 
year and a half. ■ In addition, added complication of a genefvV 


beer ■ production is- : more ejection. So the .companies; 
buoyant than might have bean should keep up the pressure far 
expected. So far this year it is further interim payments, how- 
around five per cent, higher and «yer inadequate these nri.y. 
provided the summer is better seem., '1 .*.,■■ 


i 


AN OFFER FROM M&G 


AMERICA 




indirect taxes or reductions in] 
public spending. 

Mr. Powell appeared to suggest 
that the Chancellor would win 
his support i! he could demon- 
strate in the debate that the 
public sector borrowing require- 
ment could not bear the weight 
of additional tax remissions. 

The Government majority in 
the Commons could be guaran- 
teed only if the Ulster Unionists 
voted in the Government lobby. 

Their .abstention would still 
leave the opposition parties in 
a majority of one, though some 
doubts remain whether two 
other Northern Ireland MFs. the 
Rev. Ian Paisley (Antrim North) 
and Mr. John Dunlop (Mid 
Ulster), will be present for the 
vote. 

On top of their proposals for 
redactions in direct taxation, the 
Conservatives tabled amend- 
ments yesterday to reduce the 
stamp duty on house purchases. 

The move, which would free 
conveyances un'der £20.000 of 
any charge, would bring the total 
cost of all the party's Budget 
amendments to £515m. this year. 
According tn Treasury costings 
this would represent some 
ESIOim. in a Full year. 

Under the proposal, stamp 
duty on a £21.000 house would 
be lOp for every £100. instead of 
the present £1 rafe. The charge 
on a £25,000 house would be 50p 
per £100, instead of £1,50; and 
on a £30.000 house the rate would 
be halved to £1 per £100. 

Tbe Conservatives also intend 
to press the case for indexing 
capital gains tax and for changes 
in tbe conditions for interest 
payments on overpaid tax. 

An amendment has been 
tabled in addition to proride for 
step by step delay of tbe date 
for payment of duty on whisky 
out of bond. 

9 NEARLY 60 Tory MP$ havel 
signed a Commons motion call- 1 
ing on the Prime Minister to set : 
up an independent inquiry into] 
his charges that there have been ; 

mischief making " leaks from I 
the Ministry oF Defence. 

The motion points our that, if] 
the allegations are true, the 
Official Secrets Act will have] 
been breached. 


MM AMERICAN & GENERAL FUND 

The M&G American & General Fund is de- 
signed 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 the dollar premium. 
The estimated grass current yield for Income 
- units is T03% at the buying price of 507p on 
26th April, 1978. 

Unit Trusts are a longierm investment and not suit- 
able for money that you may need at short notice. 

The pnee of units and the income from them may go 
down as well as up. 

Prices and yields appear in the FT. daily. An initial 
charge of 31% is included in the price; an annual 
charge ol plus VAT is deducted from the Funds 
gross income. Distributions for Income units are 
made on 201h September and 20fh March net of basic 
rate tax and are reinvested for Accumulation units to 
increase the value of the units. The next distribution 
date for new investors will be 20th September, I978.Ybu 
can buy or sell units on any business day. Contracts 
for purchases or sales will be due For settlement 2 or 3 
weeks later. commission is payable to accredited 

agents. Trustee; Lloyds Bank Limited. The Fund is a 
wider-range security and is authorised tv the Secretary 
ofSIaleforTrade. 

M&G is a member of the Unionist Association. 

TWO WAYS TO INVEST 
As an alternative, or in addition to investing a 
capital sum, you can start a Regular Monthly 
Saving Plan through a life assurance policy 
for as lrttte as £12 a month. You are normally 
entitled to claim tax relief at current rates of 
£17 for each £100 pad. 

On a C20 Plan, fax relief at present rales an bring 
down your net monthly cost to only £16'60. with which 
you buy units usually worth considerably more. Reg- 
ular investment ol this type also means that you' can 
take advantage of the inevitable fluctuations in Hie 
price of units through Pound Cost Averaging, which 
gives you a positive arilhmeticarad vantage, because 
your regular investment buys more units when the 
price is low and fewer when it is high. \bu also get fife 


_an American fund jstteplace tobe i! 
you weSm see really 


DAILY "TELEGRAPH 7.178 


The big potential gro wth sector ren»ms 


tHeAoKricanrnarket^ DAY;r|MEg 1S178 


4 


■ . . WAYS TO INVEST | 

iTo: M&G GROUP LTD, THREE QUAYS.T0WER HILL LONDON EC3 6BQ. - 
| TELEPHONE: Ql-626 4 588.Tfus section to be completed by a&appficanls. : | 

I JoJ.-.MMC ■ ' 


SURNAME 

pa ^Aoofftss; 


(POSTCODE 


Complete this section to nraKe*CJpte/ 

- Inve stmen t (ram mom QPOO). Co Wt- 

send any money. (A L nnii jcrrwre nffl be sent to voa itetme exactly Ham much 
yuu am and Ihe sdtk-menl. date, few rertihcate *dl tofta* sHorty}! . . 


EITHER £1000 


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Ivofi AG 53CM38 f a 


PLEASE INVEST | £ in ACTOMULAHON/iNCOME “"te 

(delete as appficaUe or Accumulation units. wffl he issued) of the - 
M&G American & General Fund atthe price riding on roapt of wis 

I dKtaraifcrt I am rot resided n?rf 

■the Isle of Man or &NalBr,afld I rwf rf? » w norrence « any 

-.on i outeWe Uws*' famtows-XU ^ 

deifr ration yoe sfcww app(y ttrweft a taeMTitticttriwTj 


HATE 


Compietetttre section a jrtw *risFr to mate a Regular 
. Moi4Mx^»d<«(H«nlnnim£12ainonth - 


l 


i*wiCl3SSS£ia 


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^ MSfi American* General Fund - 
first monthly payment, made payable to , 


i endosejpf f«que 
M&G TriRtWSurancei tinned. ; 

I under stadtfW this mwisuinDVand that the rninpinyiftf MV 

| dssun«nsrU9 w,Drr 'Wl lto«PCu«mo!^iVldritclw-: hrefiiMiKd ' 


DATF 
OF BIRTH 


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" JWJKAHH AP0BES5 Op USUAL' DOCTOR Boirtomridef enMnuylKinate) 


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cover pf at least 180 times your monthly payment 


AreywaneuaingMgiG'Han^iohiec’^es/tte M 

■ 1 1 ( ww caiwtfS^ Pari I of Ita Declaration bdwddrte it and II. m 
_ ooivMiba PART 1 1 OerUJrVut to the besi uf mjf bsTief. I am m good IwaJfoand h g 


I freetrandisease.ltufl haw pot tad any serious Hinas or major operaUw. It«l f 
do BOtensaifl in anv haratdowisoOrtsiw'puriuhy.Outt do n« enpge B 

eicent a$s w'-wmie cissefujeron i&ognrsed routes^raJ tint no pwposUyd B 


I e *ceotas4»r**-wvinB paumBrcm 
eV.MBpe? 5 Sr f hi declaration made by meln'torinecfiwt wWi 


throughout the period if your age at -entry r- V1 
under. An dement of life cover is also provided for 
higher ages, up to 75. 

If you cash in or stopyour payments chinnsihe firsf 
four years there is a penalty, and the-tift authorities 
require us to mate a deduction, so ywrshouW not con- 
sider the Plan for Jess than five years. 81% to 94% 

(depending on your starting age) is invested, except in 
the first two years when an adtftionaf 2D per cent ra 
retained to fried setting-up expenses. 

M&G is a member of the Life Offices' Association. . - ■■• - - — — — ; 

This otter a midvailafaielDiesidenbof (he RepaUcoriraliind. . J Jt^steradvi Engfaio tip J0te3». fee QflKaaaalyw- 


■ • HiwieePHiarafwwranonmaoeDyinemtnnnenKW* 

lWpn>BaiMrth4flbettetH^orihecantr4,lt)«ii*cenine«itt1WGTni!rt , 
* L ,d - * nfl thil* *xmi tiiw cwtomMt.fMnKil pohey. I «e*8 to 

| pfowdftinvliirrtier mir^wltofl llw ra*nwny may mniira. 

I jp^wwwn ol tne policy Is mBdUe on lequealj 


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DME 





THE M&G GROUP 


Rcsistomi at iho Past Office- Printed by SL Ctomemip ;FEose"far «nl jntdrtimt •> 
by tb®. FSnafflcMi Tunes Ud,. Bracken- H«s4. Cannon Stiver, Lusaton, BCtP : “ 

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