Skip to main content

Full text of "Financial Times , 1978, UK, English"

See other formats




; • -V ' j&t? 


■ *:-■ * 


Qffsmnme. 



■ 7 : £ v ‘LES PARFUMS 



SERVING THE GAS INDUSTRIES 



No. 27,629 


Saturday August 5 1978 


**15p 




7073 



rOhmNCNm SELLING WCg; AUSTRIA MTU}- BB.GIIJM Fr 2S : DENMARK Kr 3.S; FRANCE Fc 3.0; GERMANY DM 2.0; ITALY L 5M; ' NETHERLANDS FI 7A; NORWAY Kr 3.5; PORTUGAL Ek 20j SPAIN Pt» 40} SWEDEN Kr 3.25; SWITZERLAND Fr 2.0? EIRE ISp 


>ite 



-VS SUMMARY 


GENERAL 


BUSINESS 





demo at 
embassy 



• EQUITIES hovered around 
the 500 mark, but tbe fall in 
the price of Allied .Breweries 


UVf 


Ml 


Growing anger over delays on 
cheap transatlantic flights led to 
a demonstration outside the 
U.S. Embassy in London, Where 
stranded travellers' banded m a . 
protest letter. . " 


<5QS 


The 40 protesters want the 
major airlines to -change their 
policies and - provide more; 
scheduled services. Many of the- 
passengers said they had -waited, 
almost a week for. Sights' from 
Heathrow and Gatwick. - 

The demonstration was' 
organised by -600 -people who 
have been- waiting In's.- car 'park ■' 
near the Pan' Am terminal at* 
Victoria. Page 3 - ■ 


Vance: pledge 
on Middle East 



Cyrus. Vance, U.S. Secretary of 
State, said before 1 '.' leaving 
Washington for the Middle East 
that peace talks had reached a 
critical stage and the HiL was 
willing to put forward fr^sh pro- 
posals to get them, moving again. 
Page 2 . 


on nyws of its offer for 

J. Lyons brought .the FT Indus- 
trial index 2.7 down to 4973. 

• GILTS made; towovement 
in shorts, while and 

longs dosed at oyeatight levels. 
The Government : , Securities 
index was 0.01: down at 70.96. 


Trawler arrest 


Bill Smith, the lone, sailor whose 
trip from Scotland became. a trail 
of mishaps, had an attest order 
put on his trawler at Great. Yar- 
mouth. A writ for damage has 


-• STERLING ^quietly 

-losing 63 poiiih j ^Si235. Its 
trade-weighted 'ititfet.AWts un- 
changed, and the ttimAfs depre- 
ciation narrowed itjw per cent 
(0.1K ' ■ 


been issued by the otwier. of a 


pleasure boat in the harbour. . 

‘Vet diplomats’ 


President Giscard -of-.- France 
ordered careful .vetting of 
diplomatic lists and a review, of 
diplomatic immunity. in the- wake 
of the spate of killmgs-ln Paris. 
Two Arabs .•sJThD. '"M®? 
officials of the Palestwi 1 Liorra- 
t ion Organisation 1 • hayes- toW 
French police' ibey were aCtffig- 
on the orders of Fajeninlan 
extremist leader Abu" NidaL 
Page 2 


• GOLD fell ?ii. tehv3201J in 
. London, and in fifforixork, the 
Comex August settlement price 
was $3.90 up at 


RAF jet crash ; 

Mrii'i:- Thick fDg was tampering the 
search for the two-man crew of. 
an RAF Phantom. which crashed 
' into the North Sea Wjnil^off 
Aberdeen. A helicopter ; reported' 
. - finding wreckage and-, an empty: 
; dinghy. ' 


Swap rejected 

_ Former Soviet diplomat- -Arkadr^ 
Shevchenko, now living , in - the 
U.S. has “ridiculed^ r'reports 
that he should be exchanged for-' 
.. I he jailed dissident- ABalOlJf- 
, callu, Shcharansky. A Soviet. plan to. 
I P- [ swap the dissident ftp three? 

spies held in the- West . t baa 
already been rejetted.; 7 . 


• WALL STREET 'doped L56 

itp at 9S8J3; a new-®sh for 
the yeari lu Hong.K&ig, A the 
Rang_Sc% index*** was 

its fKslwst . for R** yb%- and 
in Cahada, the Toronto; eom- 
pos&e Jndfex-clhsed , Aft;>ilp. - at 
1218.9, its highest- dose tMS 
year^;_;-.r : --'-.' 

-• EUROPEAN Vestment Bank 
is jafanig SlOOnrfor 12 years by 
the -first doilaEdfe-nominated bond 
issue-on the Japanese market. 

• NATIONALISED INDUSTRY 
chai^cietjnave protested to the 
ChknceUaft over the lack hf 
adtequa^e . guidelines . on 
.acppuqtancy 'procedure in . the 

sector. Back. Page 


•; POST OFFICE engineers say 
thfcy will' not be “stampeded" 
to the Post Office into accepting, 
a settlement of a 371 hour work- 
ing week recommended 
mediators. BackPage 


Subm ari noJalast 


A sailor died- andrAv®- 

were injured wfienrairex.. 

rocked, the French ^-submarine 
Marsouin during «•. test /run 4tfC 
Lorient. The cause pf .flre'hlast 
was not immediately known. - 


Beirut deaths: 


Two people died sih|4 16' were 
injured when -shells, hit ! -Juie. 
Moslem sector of ^eirut. .. .The 
worsening crisis is- now' becoming 
a war of attrition..- TSge,a_. .. . 


• BL CABS manual woi;kei£ 
could earn up to £15 a week 
extra . under a new incehOvb 
scheme outlined by company 
negotiators^ ‘Page 3 

• CIVIL SERVICE unions have 
been asked by their pay., 
negotiators to examine areas 
where industrial action cbuhl 
have greatest effect if the. Gdv- 
eminent- attempts to impose n-S 
-per- cent., limit on their pay rS® 
-instead nf a figure comparable 
with private industry- Pas*-3 


, . ;V ' 


Redundant jail . . 

The only prison In Liechtenstein 
< population -25,000) has run out 
of customers. ■ The last ma.n "was 
released three days -ago so the 
Jail is empty for the' Rest time In 
five years. ; 


• ROSS FOODS, a subsidiary nf 
imperial Group, Is to close 
main fish processing factory; in 
Hull, at a cost, of 320 jobs. Hun’s 
unemployment is already n early 
double the national avenast 
BackPage 


Briefly 


• OIL TANKER driver . ffiopr| 
stewards are to put in a w 
claim of 20 per cent on ha 
rates and 50: per cent on over- 
.tijne- rates: Page 3 


Pol Sec who chained 1 and hand- 
cuffed striking medical staff have 
been strongly rebuked by IndUs 
prune Minister. '■ . 

Yacht was dismasted in cofflslon 
with an oil tanker off , Cowes, 
isle of Wight. • 

Statue of Cecil Wibdes. Rh<> 
desia's founder, has been defaced 
in Sailslniry. 

West German woman was given 
seven years’ jail for' spying by an 
East German military court. 

Malcolm Fraser,' Australian 
Prime Minister, was. discharged 
without' penalty . after conviction 
for fishing in a Darwin wildlife 
sanctuary. - 


GOMPAHiES 




• PHOENIX: TIMBER’S second 
half loss left pretax profits- fSr 
the year to March 31 down- at 
flll.DOO against £3J35m. on sales 
■ o£ £33JS3m t£37J33m). Page M ; 

• SEAT. Spain's biggest Car pro: 
durer and Fiat of Italy, which 
■already has a 36 per cent stake 
in 7 "the Spanish . company,. ' are 
holding, discussions aimed ~ at 
closer links between the ztwo 
cwnpaoies^Baek Page - ,= ; 


• - 1 FREEHOLD of Windmill 
Ttaalre- in Soho. London,^ has 
"been sold to theatre impressarin 
Mr. .Paul Raymond. P age .14 


CHIEF PRICE CMH 6 ES 

RISES V. 


Aaronson Brqs. ..... .81 
Bassett 139 

Bel haven Brewery ...55 

Burton A _...-,14S 

Couch Cooper 83 

Grant Bro«. 107 

Heron Motor .-.i...... 14T 

Hm ood Winiams is? 
HK & Shanghai ...... 350 

Lyons (J.l ■ ,,...157 

M.L. Holdings ...... 160 

Man. Acency & Music . 92 
RncAl Bleetronlcs ... 279 
Simpson <S.) A ...... 1® 

Technology Inv,. — --1W 

U.D5, -HB 

United Scientific ... 835 

Victor Product' 

Yorkshire Ghetto.- ... 93 
Conzinc ... 266 


+. 6 
+■7. 
+ 3 
+ 4' 
+ 4 
+ S 
+12 
+ID* 
+ 8 
+ 40 . 

:+. 5.. 

..+ 3- 

+“T 
+ « 
+ 3 
+ 5. 
-417- 
7 ■ 
.+"4 
+12 


YESUIWAY 

.North. West Mining... 

Palabora ..it..... 

PancontinenTal 

• ' FALLS' 

Adams £ Gibbon ... 
Allied Breweries- - 

Audiotramc 

Brown & - Jackson .. 

Fisons - 

Hawker Siddeley .. 

Hoover A 

1C. Gas. 

Phoenix 'Rmber .. 


44 + 7.. 
4SD +20 
£15*+. * 


FilldBCton 
Scottish M 


. .. Metropolitan 

; -^Sterling Credit 

Thomson Org. — 
BP- 

-Shri ^ TYatspo rf ' ...... 

I Free.Stete Geduld ... 
Pnat Steyn - 


77-7 
S41-- S 
15 ~'2. 
1S5 +11 
365 -10' 
230 r- B 
373 -55 

36S.-JS.1 
163 .-r-:7 
577'— -13-" 
llff r 4 • 
32 - A 

267: +-8, 
S34 <r 
5S3 *~12 

mr:*. 

S84-—33 . 



BY RUPERT CORNWELL 


YESTERDAY'S dramatic culmin- 
ation of a ten-month police 
inquiry into allegations of a plot 
to kill Mr. Norman Scott is 
bound to have a considerable 
impact not only on the Liberals 
but also on the two other parties 
as they prepre for the General 
Election, which looks all but 
certain this autumn. . 

Mr. Jeremy Thorpe, past 
Liberal leader, before; appearing 
in Somerset magistrates’ court. 
Minehead, informed Mr. David 
Steel, the Liberal leader, and Mr. 
Alan Beith, the Liberal ;Chief 
Whip at Westminster, that 
charges were to be levelled. 

The threat to the Liberals is 
potentially the most serious. AfPs 
and party officials .were' des- 


perately hoping last night that 
after the immediate spate of 
headlines, public interest might 
subside and not too much harm 
done among voters at large. 

But they are openly fearful of 
the damage that might be 
indicted on the morale of vital 
party workers, many of whom 
know and have served Mr. 
Thorpe in the past 

The fact that charges have 
been brought does not techni- 
cally affect His status as MF, 
and it is understood that he will 
be fulfilling local engagements 
in his North Devon constituency 
this weekend. 

However; last night several of 
bis Parliamentary colleagues left 
little doubt of their view that in 


The court charge 


MR. JEREMY THORPE, the 
49-year-old former leader of 
the Liberal Party, was one of 
four men arrested yesterday 
and charged with conspiracy 
to murder Mr. Norman ScotL - 
With him. in the dock during 
a 21-mlnnte hearing at West 
Somerset magistrates court, 
Blinehead, were Mr. David 
Holmes, a former joint deputy, 
treasurer of the party. Hr. 


John Le Mesmier, a South 
Wales businessman, and Mr. 
George Deakin, another bnsl- 
-nessman. 

The formal charge, against 
them is that between October 
1, 1968, and November 1, 1977, 
the Tour conspired together 
and with others to murder Mr. 
Scott, a former male modeL 
They were each remanded on 
bail of £5,000 until September 
12. 


the' jfiiterests of the party, as it 
strnfflies to recapture lost 
ground before the election, it 
would be best if Mr. Thorpe 
announced his Intention, of not 
contesting the seat. 

Tonight he is doe to meet his 
local' Liberal executive, which 
has hitherto remained fiercely 
loyal, to discuss his future. He is 
then likely to be in touch with 
Mr. Beith. who is in contact with 
Mr. "Steel, before making any 
statenienL 

But. • the general expectation 
last night was that he would 
choose to step down; and a. deci- 
sion to do otherwise would cause 
ttmeh/dismay in Liberal ranks. 

Perhaps the most awkward 
side- effect for the Liberals is 
that -their former leader's second 
court- -appearance on September 
12, j . however brief, will coincide 
with the annual party conference 
at Southport. 

Mr.. Steel will be planning to 
use The conference as a launch- 
ing pad. for an October poll— and 
that .week could even see the 
announcement of the dissolution 
or '. Parliament should Mr. 
Grileghan choose to go to the 



Mr. Thorpe arriving at the 
court yesterday 


country on October 5, a widely 
‘ iped date. 


tip: 


‘For. the Prime Minister, the 
resurgence of the Scott affair 
could hardly have come at a 
worse time. For the general rule 


is that the better the Liberal 
performance, the better are 
Labour's chances in an election. 

Converse!};, anything which 
harms the Liberal's standing can 
be expected to work to the 
advantage of the Conservatives — 
whose prospects largely depend 
Continued on Baek Page 


Chrysler dispute ends 
but unrest threatens 


BY RAY PERMAN, SCOTTISH CORRESPONDENT 


CHRYSLER'S Linwood plant 
will .be back in production on 
Monday but could face further 
industrial : unrest -in the "near 
future Over " management 
attempts to end restrictive 
ractices. 

The -550 paint-shop workers 
cided yestwday' with only 30 
vities against, to accept a corn- 
premise agreement over the rest 
periods to be taken during 
exceptionally hot conditions: 

y called off the strike 
which halted production for 12 
days ibefore the start of the 
annual' holiday three weeks ago 
and leid to the loss of the prn- 
ductionvof 6.300 cars. 

1 Immediately after the vote, the 
company .began to make arrange- 
ments to. move 3,000 Sunbeam 
and. Avenger cars, which have 
been blacked by transport drivers 
in. a sympathy action and were 
trapped in the factory during 
the dispute. - 

As many as possible will be 
fdefivered to dealers today and 
tomorrow to try to get them onto 
the market to meet the early 
demand for T registration 
vehicles. 


But although the paint-shop 
issue appears to have been 
settled— *)p the basis of a for- 
mula agreed at talks in London 
on Tuesday— the- company could 
face further problems in trying 
to re-negotiate other agreements 
in the plant in order to improve 
productivity, which has been 
averaging only 75 per cent of 
targets. 

Mr. James Livingstone, Trans-' 
port Workers' Union ' convener, 
said he had asked for a meeting 
of shop stewards from all unions 
in the plant for Monday, morning 
to discuss a common response to 
any future management moves. 

“ The management have made 
it clear to our national officials 
and to the Government that there 
are a number of negotiated pro- 
cedures inside this plant. that it 
wants re-negotiated 

“If the company can justify 
why these agreements should be 
taken away, then I am sure the 
unions will iook upon them 
realistically. But, if they 


approach them in the same way 
the 


ey approached the paint-shop 
dispute, then they will be 
resisted." 


Livingstone agreed that 
the";.ipanagement had followed 
the- agreed procedure before try= 
Ing 4p ; . introduce the new hot 
cond^r-nt. arrangements, but be 
said there were further ad hoc 
meetings, with national union 
officials which- could have been 
used. .Chrysler said it had 
exhausted all procedural agree- 
ments. 

Under the new agreement, the 
Chrysler management has con- 
ceded that more men in. the paint 
shop should be entitled to auto- 
matic breaks in summer months 
when temperatures rise above a 
certain level, but has won from 
the unions co-operation on the 
choice of areas where the heat 
will be. measured. 

Mr. Livingstone claimed that 
productivity savings from the 
new agreement would be mini- 
mal, but the management dis- 
puted this. The company's 
original proposals would have 
resulted in an extra IDO cars a 
week being manufactured, it 
said, and the new agreement 
could lead to rignlficant produc- 
tivity improvements. 


IMF seat 
for Saudis 


By David Buchan 
WASHINGTON, August 4. 
THE LAST obstacle to a seat for 
Saudi Arabia, the International 
Monetary Ftnrtfs second biggest 
creditor, on the IMF board has 
beeD removed with U.S. approval 
for its expansion to 21 members. 

The formal creation of an extra 
seat for Saudi Arabia will take 
place at next month's fund 
annual meeting here. An S5 per 
cent majority of votes is needed 
to make the change. The U.S.. 
with a potential blocking vote of 
20 per cent, has made it clear 
to the fund that It will not cast 
its vote against Sandi entry. 

Saudi Arabia will then have its 
own executive director, for a 
period of two years, along with 
the five permanent board mem- 
bers that have the largest quotas. 
The U.S., the UK, France, West 
Germany and Japan. The other 
15 directors represent geographi- 
cal groupings of member 
countries. 

It bad been decided a year ago 
that Saudi Arabia should get its 
own seat, under a fund rule that 
gives individual representation 
to the two largest creditor 
countries, over the previous two 
years. 


Lyons agrees 


to £ 61 m 


Allied 



BY CHRISTINE MOIR 


AFTER A WHIRLWIND seven- 
day courtship. Allied Breworic*: 
has -won agreement from the ail- 
ing food gianL, J. Lyons and 
Company, for a £6Lm all-share 
bid. 

The surprise move, which came 
only two days after Allied's 
equally lightning sale or hi. 
£4fim worth of shares in Trust 
Houses Forte, sent Allied's price 
down BJp to S4ip and Lyons' up 
40p to 137p after a brief peak 
at 145p. 

The bid is entirely for shares 
— 11 of Allied’s for every six »f 
Lyons — and values Lyons at £(Hm 
(Z55p a share). Mr. Neil Salmon, 
chairman of Lyons, who is recnm 
mending the terms, said that " a 
cash alternative would have im- 
proved the offer very much. Hut 
the other side would not agree.” 
Allied already owns 4.9 per cent 
of the shares. 

Institutional investors yester- 
day also thought that a cash 
option would have been more 
acceptable, but in the main they 
reserved their attitude until the 
two companies explain in detail 
the industrial logic behind the 
merger. 

The general opinion was that 
Allied had “bitten off a lot” in 
taking on Lyons which, in spite 
of its clutch of household hrand- 
names in food — Tetley tea. Lyons 
Maid icecream and cakes— and 
its £S00in of sales, made profits 
of only £62 m last year. 

The £220m of debt which Lyons 
still carries in spite of selling 
in recent years its Wimpy bars, 
hotels, corner shops and tea 
plantations, was also a matter 
for concern in the City yesterday. 

.Mr. Salmon admitted that this 
was one of the factors behind 
his Board's agreement to the hid. 

“Although we were confident 
about our recovery, the rate of 
improvement could have been 
held up by financial restraints.” 
he said. “The financial assets 
which Allied will bring will 
enhance that recovery." 

Mr. Derrick Holden-Brown, 
deputy chairman of Allied, said; 
“ Clearly they have a lot of debt 
in their balance-sheet. They 
have some repayments ahead nf 
them. Having Allied behind 
them will make things easier, 
and they can plan to expand. 
They will not be in a straight 
jacket" 

So far as management is con- 
cerned, Lyons “will be the food 
division of Allied.” Mr. Salmon 
said, “ but we will be left to 
manage our business. They have 
not got people familiar with the 
food business." 

Both sides saw the merger as 
beneficial. Allied claims that a 
move into food would He a logi- 
cal development of their drinks 
empire, which takes in brand 
names such as Skol. Double Dia- 
mond, Teachers whisky. Harveys 
sherries and Britvjc soft drinks. 

A merger would “ provide 



Mr. Neil Salmun 
recommends the terms. 


opportunities? for enlluburalion. 
particularly overseas.” both com- 
panies claimed in their Joint 
statement. 

Mr. Salmon explained lhal 
L\i»n<! was relatively bigger than 
Allied overseas, and Allied had 
said that it was interested in the 
opportunities this created for 
Allied's products, particular^ in 
the Netherlands and the t'-S. 
where Lvuns owns the major 
Baskm-Robbins lee Cream group. 

Equally Allied's “ funtastie ex- 
port business ” could help Lyons 
with access to further overseas 
markets. 

The two companies detailed 
arguments for the merger will, 
however, await the offer docu- 
ment. This should be sent to 
shareholders by the end of the 
month, according to Allied s 
advisers. Samuel Montagu. 

Lyons in being advised by 
N. M. Rothschild and Morgan 
Grenfell. Their opinion that the 
offer is fair and reasonable was 
supported yesterday bv Mr. 
David Hopkinson from M & G 
Investment Management, which 
holds some 14 per cent of Lyons's 
shares. 

“Who is going to shed tears 
from the Lyons point of view ? ’’ 
he asked, "except those smal! 
investors who sold out nnlv last 
month when Lyons announced 
that it wnuld have to pass its 
final dividend." 

“We saw Lyons potential over 
a lhree-lo-four year period. 
Obviously Allied has. too." 
Editorial Comment. Page 12 
Problems for merger, Pago 13 


£ in New York 

— .Viifc. 4 


f *1 rx I- m« 


>l.?27ii-92r.S 

T in. null u.5tf.il.SO«li.. • 1 1 - 

■ m lli. 1 .2-- U9 ill- t.tel.iC.u- 
12 inmilli- ‘ 4.LV.4.e.iiii- S/to-y.T:- i«i - 


R. J. Reynolds bids $456 
for Del Monte canners 


BY DAVID LASCELLES 


NEW YORK, August 4. 


IN ONE of this year’s biggest 
takeover bids in the U.S., 
R. J. Reynolds, the diversified 
tobacco concern, has offered 
3456m to buy Del Monte, the 
country's largest fruit and 
vegetable canner. 

Hie bid comes at a time 
when the SlOOhn US. food 
industry is undergoing a 
shake-up with giants like 
: Beatrice- Foods and H. J- Heinz 
Involved in major takeovers. 

Reynolds' initiative takes the 
form of an offer of S38 per 
Del Monte share for up to 45 
per wait of the company's out- 
standing stock. The remainder 
wonld be exchanged for Rey- 
nolds shares. With pel 
Monte’s shares recently trading 
at $26-28. Reynolds is offering 
a. premium of about 40 per 
cent over the going rate. 

. Reynolds refused to com- 


ment on Its - hid today. The 
Del Monte management was 
understood to be considering 
a response at the company’s 
headquarters in San Francisco. 

Bat the general market re- 
action was one of surprise at 
the suddenness and size of the 
hid. 

Reynolds, which is based in 
'Winston-Salem, North Caro- 
lina, the headquarters of the 
U.S. cigarette industry, covers 
about one-third of the U.S. 
tobacco market, with such 
brands as Winston, Camel and 
Vantage. However, it has been 
engaged in a process of diversi- 
fication into transport, ofL food 
and drink, aluminium products 
and packaging, which between 
them now account for about 
a third of company earnings- 

The company had made no 
secret of its intention to expand 


further into the food industry. 

Reynolds’ earnings in 1977 
were 3423.5m on revenues of 
$6.4bu, and its net profits have 
risen by an average $30m a 
year since 1973. 

, About 7 per cent nf profits 
are earned from tobacco opera- 
tions outside the UJ5. 

Del Monte’s 1977 earnings 
were. $51m on revenues of 
SlASbn, but the company 
appears : to have reached ft 
plateau with no major ehange 
in its -finanriai picture for the 
last three years. 

As well -as being a major 

fruit and vegetable canner with 

an Int^natiozuilly known name, 
Del Monte prepares snack 
foods and " distributes fresh 
fruit, seafood, tomatoes and 
other foods. Its foreign business 
accounted for 27 per cent of 
sales last year. 


CONTENTS OF TODAYS ISSUE 


Overseas news ...« .J 

Home newsr-general ...... 3 

— labour ......... 3 

Arts and Collecting HMJ 


Leader page — 

UK Companies _ 
Mining ...... — 

IntL Companies 


.... — . 12 Overseas markets 16 

...... 1+15 Money jand Exchanges ...... 19 

...... 5 Commodities 17 

17 — UK Stock market 20 


FEATURES . „ 


Why gold is unlikely; ever 
. to go out of fashion ...... 12 


Middle East feuds come to 
Europe 


Problems for the “cakes 
and ale " merger :... 


13 


Wine, buyers become brand 
conscious 6 


Edinburgh's attractions out- 
side the festival — ........ 8 

Clothing to survive the suit- 
case : 8 

Karpov gpe$ ahead ...: — 11 



U 

Golf ■ 

4 

5fl Weak's Dealings 

. Bridge - — — 

11 

4 

Him to Spend It 

9 

Trawl ..... 

• - -Carran 


1Z 


- ■ Crossword Panic 

U 

vex 

2) 

13 

Man or the Utek — 

28 

B 11 ! 


10 

Motoring 

a 



15 

Onlooker 

5 

Base Rates — 


b 

. Property 

4 • 



30 

Racing 

m 


.Cirdmlo*. ........... ... 

11 

Shone Infonnotioa — 

22-& 

UK convertibles 


B-W - ANNUAL STATEMENTS 
* . feter Brotkerbsod ... 15 

10 Technology lav. To. 15 

5 . UNIT TRUSTS 

» . Scfctataser 1 

15 . CEJaftti* 7 

J Sudan a Pun. 24 

20 - Garun ere 5 

M' ' .Yaiwts IS 

W... _ -Arbothnot •• | 

W . {Comment vise io 


Far latest Share Index ’phone 01-246 ,8026 



UK. uncertainties, international 
opportunities 


Whilst the immediate p r ospects for the U.fC 
market remain uncertain, h makes good in vestment 

sense to ccnsideran internationally diversified 
portfolio, as other world markets can often rise 
strongly and offer better opportunities. 

A carefully selected and professionally managed 
fund such as ScWesiogerlntemational Growth, aimed 
at capital growth by selective investment on a 
wori d-wide basis, offers you a cost-effkaeni and simple 
way to invest in these opportunities. 

Currently th is means 51 .®£in America and 1 8 
in Japan, alongside smaller holdings in Australia, the 
U.K. and France. 


facilities, largely to avoid the risks of the dollar 
premium. Howeter. Schlesingers constantly monitor 
the dollar premium and intend to channel a greater 
proportion via thepremium when it is at Jim levels. 


Schlesingers 9 recommendation 


Schlesingers have a reputation as international 
investment managers and are in regular contact with 
brokers and advisers in New 1 orfc, Tokyo, and other 
major invest meni cent res, 1 

Currently Schlesingers recommend t hat at !eJ>t 
1 5 n u -25 or your portfolio should be in international 
equities with. an emphasis on the U.S.A. 


A creditable performance 

Since the beginningof 1974the unit price has risen 
123% compared with a rise of 14.8 in the Capital 
International World Index. Ibis year .the value of units 
in tbe fond has risea by 22.5° , compared with a rise of 
I4.7/a h> the World Index and 8J£%in U.S. equities 
(S & P 500) and a fall to the UJL market. Of course, 
tifis short term performance does not necessarily give a 
guide to fbtme results. You should regard an 
investment as long term. 

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


PllVIS-a unique service 


To im-est, fill in (he coupon belowand return it 
w ith your cheque for £500 or more. Investor* of 
£2.500 and over qualify Tor Schlesingers’ exclusive 
Personal Investment Management Service. 

The estimated gross yield on the current offer 
■price of 56.0p xd is 3. 1 6 


The dollar premium 


The SchiesmgertoteniationalGrowth Trust 
currently makes heavy use of back-to-back loan 


General Information 

Toinvcal.BM ilmceapoa prortiM and unlis win he allocated jt 
ihe pr n* nitlnfl on redi r*t ol vour cheq lit. A coniran noic will m wai t 
tii icium. The l bU Price und view arc pubtlubsd doily in leading 
ni-HMiancrs- ToScfl imilj, .imply tcluttl your crrUHcale appropriate IV 
cr.j-.rved on ibe luck. Parwem Jv normally made atmln 7 daw or our 
jtai i |ne me renounced ccnUkaic. Conmtelao orl !‘.’i vdU be r 
recocnlKd jpon L*. CW (« ! A n Initial dianre n f 5- . is included in Ibe 
Offer price. A Otars c ai an annua] raic of JW. mius VAT>o(vhe vjluo 
ui ibe f ion! l' dot uciotf from kiwi Income bicjnis JdininivtrjdTfl 
urn# TruKctt: Midland UankTrUM Company LliL AndUnn : 

Pe ji. MaruIcK. Miiehetl & Co. Manaccn: ScMcsJnccr Trust . 
MjiuctrtLid.. l&HimoierSquarc.lrcndoii.W.l. Registered m 
England No. wj$K55. Members u ibe lull Tran. Atmclafloe. Tins offer 
js noi * ralianic io res Idem* of ibe Republic ot Ireland, 


Schfesinpers-specialistsinlheniiina^enaen rof j>t j va te. ins t Ini 1 1 6ria l an d j> en si t> niu i ul ' 


To ; Schlcsingcr Trust Managers Ll 
140 South Street, Dorking, Surrey. 


Ltd. 


I wish to invest 

(minimum £500) 


I declare 1 hal T am not resident o m side the Scheduled Termor in. 
and that I -MM acaulnoK ihc unIL'. as a nnmmcc 01 any per-jm 
raided! ouividc ilic Territories, ftf icu arc unable ip nuke ifilv 
dv-d jmiion. 11 > lU'Uld be deleted and Uih arplkvii ton form vn»uU 
he lodged rlrrouch >our L'.K, hank, -.lock broker or snllcUnri 
Minor, cannot be reeislrred, but avouhIs designated mlh iheir 
imli.ils wilt he attuned. 


in the Schleainger International Growth Trust 
at the price ruling on receipt of my cheque. 


.Surname 


I would like further Infonrwtion,.indudmg j j 
details of Share Exchange. ( { 


j if. st names-—. 
Address- 


._ (BLOCK LinLRS I'USSL 1 
lln fulll 


1 Dote. 


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


Siena 1 lire ~ ~- r - — . .... ■ 

do the case of a joint application afl must sign! 


"FT5/sl 


Schlesinger Iniernationa! Growth Trust. 




■* 


• •*. v 








Financial Times Saturday August'S 1978 


OVERSEAS NEWS 



id 


Vance mission to restore I General Motors to pell out of Argentina 


U.S. truck 


BY JOHN WYLES 


NEW YORK, August 4- 


sales 


BY DAVID BUCHAN 


WASHINGTON, August 4. 


SECRETARY of State Cyrus 
Vance leaves for the Middle 
East lonighi to assess for himself 
the damage done to tbe eight- 
month old peace initiative by 
President Sadat’s refusal to talk 
to the Begin government until 
it commits itself firmly to terri- 
torial withdrawals. 

Mr. Vance told a congressional 
suh- committee that " if neces- 
sary. we will be prepared to put 

forward suggestions to bridge 
the gap and get negotiations 
hack on the track." But such 
suggestions will not include tbe 
idea of a Washington summit 
between Presidents Carter, Sadat 
and Prime Minister Begin, . as 
has been reported here. Given 
the personal animosity now 
between tbe Egyptian and Israeli 
leaders, a summit was " the 
worst thing that could happen.” 
one top administration official 
said to-day. 

Yet resumption of direct talks 
at a lower level is the main goal 
of the Vance mission, whose 


context has been radically 
changed by Mr. Sadat’s latest- 
move. Announced after last 
month’s mid-east talks in Eng- 
land. the Vance trip had been 
designed to coincide with a meet- 
ing between Egyptian and Israeli 
foreign and defence ministers in 

the Sinai. 

“ We will not be looking 

exclusively at one side to make 

the first concession," one official 
accompanying the Secretary of 
State said. Hr. Vance will make 
it dear in Jerusalem, the first 
slop in his five days trip, that 
Foreign Minister Moshe Dayan’s 
recent statement to the Knesset 
that the issue or sovereignty- 
over the West Bank could be 
discussed after a five-year period 
is a great improvement over Mr. 
Bogin's earlier hard-line posi- 
tion. but more concessions in 
this direction are absolutely 
vital. 

The Administration is aware 
of the extreme sensitivity of Pre- 
sident Sadat, who now feels that 


his position inside Egypt and in 
the Arab world*- threatened by 
continuing talks with Israel with 
no concrete result. While Mr. 
Vance will try to get the Egyptian 
President to modify his demand 
for an immediate Israeli com- 
mitment to eventual withdrawal 
from the West Bank and the 
Gaza Strip, the Administration is 
also uncomfortably aware that 
moderate Arab opinion is lining 
up behind President Sadat on 
this issue. 

Saudi Arabia, which Mr. Vance 
will not visit this time, has been 
urging Mr. Sadat not to under- 
mine his position any longer by 
continuing statement talks with 
IsraeL This has caused some 
disquiet in Congress, which feels 
that its approval recently to sell 
F-15 aircraft to the Saudis should 
encourage Riyadh to play a 
moderating role. But the Admin- 
istration concedes relnctantly 
that the advice the Saudis have 
beea giving President Sadat may 
be no more than realistic. ■ 


GENERAL MOTORS announced has been losing money in recent • Ford Motor company Aires? Argentina’s Labour Minis- 

today that it is ending 53 years years although tbe actual losses announced late yesterday that try doubled the monthly mini- 

of car . manufacturing iu have not been published- The it would build a S533m engine mum wage on Thursday to 60,000 

Argentina by closing two number ODe U.S. car manufae- plant in Ontario, Canada which .pesos (S75) and relaxed wage 

assembly plants employing 4,000 turer pointed out today that there has become a source of friction controls for all employees in pn- 

workers. are 10 other vehicle producers in between the U.S. and Canadian vate industry- 

A . „ , 4 Dn t tbe Argentine market which governments. Mr. Fred Bergsten, The increase, effective August 


booming; 


By John Wyics 

NEW YORK, Aqgugt £ 


- . .. . M the Argentine market which governments. Mr. Fred Bergsten, The increase, effective August U.S. AUTO SALES in 

- ^ carefully worded statement su g ers from relatively low Assistant ; Secretary, at the 1, was . the second, boost , of the recorded their fourth- 


-Ai ^ s volume GM produced 20,921 Treasury, was due to' have talks minimum wage this' year. It live monthly gain wwtfiejK 

that tbe decision owed nothing to p asj;ea g er in Arg en tina last in Ottawa today to - stress the affects relatively few workers, as period last > ear, reflecting th. 

government policies • and wa * vear compared with a 1970 peak U.S. annoyance at the govern- most already earn more than $75 continuing strength of consume 

taken after a thorough review of - f ^ ^ ment incentives the Canadians a month. The average monthly spending. r 

situation Tbe mo asseaMy planls t0 be bave offer ed Ford. wage for an industrial worker is Overall sales were about U 

Argentina, closed within 60 days are both These are reportedly worth $225. x . P e J 1381 July 

However, some of the countrys - n B Uenos Aires, area, GM- S6Sm and the Federal Canadian The military government has and the broad picture -ahd»s 


i. • , , iii iiic aucuus aura u«. via juolu auu - vuv, -I uiumiuu iuc iuiuuu/ o — - . — ; , ■ .7— autina 

a h^« m ?^n ac ^^ I ^« are i‘ f n0 ih^ says that it is taking steps to government Is putting up the used wage controls and a senes import deliveries continuing to 

mnves maintain a service organisation lion’s share of S48ra. Mr. Berg- of fiscal measures to reduce fall and the ale of domestically 

ramei, ! s ^ and to meet all its warranty sten said on Tuesday that he inflation from 566 per cent to produced trucks, many 

couotr/s auto ohligatioas Other GM subsi- hoped that his talks la Ottawa about 170 per cent a year sinre private use. booming. Truck 

8n 10 eSl diaries will continue to operate would “prevent the opening of it took power in March I9i6. deliveries by all four of u* 

meat and competition. including diesel engine and earth another front of international Workers have lost about 5Q per Detroit companies look act for 

General Motors sources iodi- moving equipment manufactur- subsidy competition.” cent of their purchasing power a record year with General 

cate that its Argentine subsidiary ing subsidiaries. . AP-DJ reports from Buenos since then. Motors reporting a percent 


Christians resist Lebanon troops 


Gold price 
increase 
assists 
S. Africa 


BY CHARLES BATCHELOR 


AMSTERDAM. August 4. 


BY OUR FOREIGN STAFF 


By Bernard Simon 
JOHANNESBURG, August 4- 


CHRISTIAN MILITIAS in South 
Lebanon . have vowed never 'to. 
allow Lola the area Government 
regulars sent to restore 
sovereignly, according to Israeli 
officials at i he border town of 
MeluNah. 

The commander of the militias. 
Major Saad Haddad, has ordered 
his men to stop shooting at the 
regular forces, although be had 
earlier said liis men would fight 
to prevent the 700-strong force 
from moving through Christian 
villages to lake up positions near 
the Israeli frontier. 


Meanwhile in Beirut, four 
shells struck a- west Beirut 
district yesterday and at least 
one person .was wounded, eye- 
witnesses reported. The Right- 
wing Falangist radio said that 
Syrian artillery shelled two 
districts of east Beirut and 
several people were killed or 
wounded. 

The radio had earlier said tbe 
fla re-up of violence in battered 
cast Beirut indicated that lengthy 
talks yesterday between the 
Lebanese President. Mr. Elias 
Sarkis and the Syrian Foreign 
Minister, Mr. Abdei-Halim 
Khaddam had failed. 


Major Haddad also had incon- 
clusive talks yesterday on a com- 
promise with Israeli and United 
Nations officials. They met at an 
Israeli military base. Major 
Haddad later asked his followers 
if they would agree to let the 
Lebanese regular force through 
their enclave. 

“No. we shall never let them 
through.” the militiamen, carry- 
ing assault rifles, shouted in 
reply. Reuter reported from 
Metuilah. 

South Lebanese Christians fear 
tbe Government regulars could 
be backed by Syria which would 
jeopardise their security. 


France tightens up on diplomats 


BY ROBERT MAUTHNER 


PARIS, August 4. 


FOLLOWING THE assassination 
yesterday of the Palestine 
Liberation Organisation repre- 
sentative in Paris, Mr. Ezzedine 
Kulak, and bis deputy, President 
Valery discard d’Eslaing today 
gave instructions that diplomatic 
lists should be carefully vetted 
in the future. 

The French President also 
ordered his Foreign Minister. 
M. Louis de Guiringaud. to 
review the whole problem of 
diplomatic immunity and 
. privilege in Lhe light of the 
.sliour-out at lhe Iraqi Embassy 
earlier this week during which a 
French police inspector was 
killed. 

Three Iraqi diplomats have 
been expelled by France after 
the French authorities had estab- 
lished i hat they had diplomatic 
immunity and that no legal 
action could therefore he taken 
against them in this country. 

It is understood ihai the 
French Government will, in 
future, require all diplomats 
who bring arms into the country 
in register them with the 
authorities. 


Steps will alsu be taken lo 


chock on the. credentials of 
embassy staff so that only 
“genuine" diplomatic envoys 
will be able to benefit from diplo- 
matic immunity. 

Meanwhile, the two Arab 
terrorists who were arrested 
after yesterday’s assassination of 
Mr. Kalak have told police that 
they were members oE the 
Palestinian Rejection Front and 
took their orders from Mr. Abu 
Nidal, the extremist Palestinian 
leader based in Baghdad. 

Mr. Abu Nidal was sentenced 
to death in his absence by the 
PLO in ‘ 19?C Jur . disobeying 
orders. Five weeks ago. the PLO 
asked Iraq to hand Mr. Abu 
Nidal over after accusing him of 
being responsible for the murder 
of its representatives in London 
and Kuwait earlier this year. 

The two gunmen have been 
identified by police as Mr. Halera 
Abdul Kadir aged 25. and Mr. 
Kayed Hassad, 21. both 
Jordanian nationals believed to 
be of Palestinian origin and who 
were officially registered as 
students, in Paris. 

The French secretary-general 
of the Franco-Arab solidarity 
association. H. Lucien Biitterlin, 
told French television today that 


Kadir had bad dinner with the 
murdered PLO deputy, Mr. I 
Adnan Ha aim ad earlier this 
week. 

The Arab ambassadors in Paris 
last night issued a gommunque 
severely condemning what they 
described as “ an odious crime " 
against the Palestine revolution 
and the Arab cause iu' general. 
The killings violated.' the 
sovereignty of the host country, 
they said. 

The new Iraqi ambassador to 
France. Mr. Nourri Ismael Al- 
Wayes arrived in Paris today 
from Baghdad amid unusually 
tight security precautions. He 
asked the police to dear the VIP 
lounge at the airport of all 
journalists after emphasising 
that he had nothing to say to the 
Press. 

• Reuter adds from Baghdad: 
The Iraqi Government has 
categorically denied any involve- 
ment in the killing of the head 
of the PLO office in Paris. The 
Iraqi news agency quoted an 
official spokesman as saying Iraq 
did not resort to such methods. 
He said the PLO leader. Mr. 
Yasir Arafat should be held 
responsible for recent attacks on 
Iraqi missions abroad. 


THE SURGE in the gold price 
bas removed several constraints 
on lhe recovery of the South 
African economy, according to 
a . report by the country’ 8 
second-largest hank. Standard 
Bank. 

Although many observers 
had expected the gradual up- 
swing in the economy since the 
beginning of tbe year to peter 
out during the second half of 
1978. the Bank says that gold’s 
contribution to export earnings 
“is freeing tbe country from 
some of the balance of pay- 
ments constraints which bave 
Impeded a continuing re- 
covery.” ' 

Each $10 increase in the gold 
price raises South : Africa's 
- export earnings by. roughly 
R200m a' year. Thus, it is 
estimated that an average price 
of $190 la 1978, will reuse gold 
earnings from R2£00m last 
year to around R3,700m. 

The Bank predicts that the 
consnmer-led recovery will 
continue for some time. 

“ Even without significant help 
Troth Government policies, a 
broadening number of sectors 
lias joined the move away 
from a recession climate.” tbe 
Bank says. - It adds- that “ con- 
fidence and great activity arc 
‘returning to the property 
sector, mining activity and 
mineral exports'are on the rise 
again and the direet mid In- 
direct effects of this year’s 
good maize crop are being 
felt.” 


ing subsidiaries. . AP-DJ reports from' Buenos since then- Motors reporting a 323 percent 

increase last month, Ford 17 Mr 

— — — cent. Chrysler 44.6 per cent and 

-w--w- -■-« i v 1 on * *■ American Motors 31 percent 

Holland checks Brazil’s A-plans jsgss&s 

... . . tional campaigns. GM pushed it* ' 

BY CHARLES BATCHELOR AMSTERDAM. August 4. j u j y sales up by &S per cot 

while Ford Managed only 2.7 pc r 

HOLLAND HAS asked its they were based- the Government to require Brazil «ent -Chrysler and .American 

Ambassador in Brasilia to in- The original report came from to give an explicit denial that it Motors on the other hand, bom 

vestigate a report that" Brazil the correspondent of the Socialist will develop nuclear weapons. struggling^ rar p routs, suffered 

plans to develop an atom bomb. VARA radio and television 'nre government first attempted an S.o and j.j per cent decline 

In June, the Dutch Government organisation. According to the to get its proposals through respectively, hales by domestic 
-secured parliamentary backing report the Brazilian Government Parliament in January but was producers as a group rase by 
for its plan to export enriched has ordered studies to be carried sent back to get tighter safe- 4.2 per cent, 
uranium to BraziL It met strong oat aimed at testing a bomb in guards from Brazil against the Although the toiaj volume of 
opposition because of fears that the early 19S0s. Tbe- Brazilian misuse of the plutonium which car sales last month, including 
the uranium could ultimately be Embassy in The Hague formally would be produced from the imports, was lower than in June 
used to produce nuclear weapons, denied the claims. uranium. Brazil indicated that it which in turn was lower than 

The Deputy Prime Minister. The report has reawakened the was prepared to agree either lo May. aggregate domestic anil 
Mr. Hans Wiegel, ann ounced the controversy in Holland surround- a permanent or an ad hoc system foreign deliveries this year an? 
inquiry after the weekly cabinet ing plans by the Dutch-West of storing tbe plutonium before I on course for 11.2-11.3 million 
meeting In The Hague.’ He said German-British Urenco consot- deliveries start in 1981. I units and may be a shade higher 

however, that the Dutch Govern- tium to export uranium only In a heated three-day debate'than 1977 which was the second 
meat has no indication wbatso- days after a copy of the letter at the end of June. Mr. Dries van best year. 

ever that Brazil has plans to of intent confirimng the deal was Agt, the Prime Minister, con- 

develop nuclear weapons. A sent to Parliament by the ceded that this did not fully Cliorr* ricn in 
Foreign Ministry spokesman said Economics Minister, Mr. Gijs van meet tbe wishes of Parliament kjllai flJ IIM- 111 
; that embassies would normally Aardenne. A Labour Party MP, but said it was tbe best the 
investigate reports of this kind Mr. Relus .ter Beek has filed a government could dlo. Parlia- inhlpcc rutf 
affecting the country in which series .of written questions asking meat finally accepted the BUI. juuitob * aiw 


r'f 


Sharp rise in 
jobless rate 


Italy presses for 5% growth 


BY PAUL BETTS 


ROME, August 4. 


By David Buchan 

WASHINGTON, August 4. 
.AFTER FALLING in June to the 
lowest level in almost tour year;, 
the U.S. unemployment rate last 
month rose sharply to 6.2 per 
cent compared- to 5.7 per cent a 
month earlier. 

The number of those with jobs 


ITALY'S MAIN political forces ' The Government's outline break in September- " 7 .. month earlier, 
have reached broad agreement economic - proposals were The Government is clearly The number of those with jobs 
on a new three-year economic approved late last night by the anxious to secure a final detailed went down by 400.000 last month, 
development plan aimed at giv- five political parties, .including agreement with the other pollti- and this more, than reversed the 
ing the country what the Govern- the Communists and the cal forces on its programme as improvement in June compared 
ment calls "stable growth.” Socialists, now supporting the soon as possible, especially since to May when the unemployment 
The target of the economic pro- minority Christian Democrat both the International Mone- rate was 6.1 per cent The latest 
gramme is a progressive increase Administration of Sig. Giulio tary Fund and the EEC figures are not welcome to the 
of the annual rate of growth to 5 Andreotti. apparently want to see the plan Administration which had been 

per cent by 19S0. a reduction of Specific aspects and details of take concrete shape and gain counting nq the improving era- 
inflation currently running at the three-year plan and the 1979 parliamentary approval before ployment trend as the one bright 
more than 12 per cent to single budget are to be discussed granting new standby facilities spot in an otherwise gloomy 


digits by the end of 1981. and immediately after the. summer to Italy, 
the creation of some 900.000 new ‘ 


jobs during the plan’s three-year 
period. 

However, even several Cabinet 
Ministers agree that the figure 
of 900.000 new jobs is extremely 


Russian sacked by ILO 


BY OUR OWN CORRESPONDENT 


QDtimistic wr mmiuuu auu s™»ui. 

To achieve the objectives of AT THE insistence of the Swis? In June another Soviet official * Counter attacking the Tax Cut 
the economic programme, the Government, the International at the ILO. Mr. Vladimir Bill recently passed by the House 

. * f _er* ’ . _ f _L a- I ..is— irt At • j . . »nH Maine Prtmmitlnn 


The Bank says that indica- 
tions point te'a further relaxa- 
tion of the Govern me in’s fiscal 
and monetary policies, follow- 
ing tax cats and a raising of 
the Bank’s credit ceilings 
earlier this year. 

Referring to widespread 
speculation that a cut In the 
Bank Rate and the banks’ 
overdraft rates is imminent 
Standard Bank says - that 
" there is now ample banking 
sector liquidity and strong 
downward pressure on interest 
rates which the authorities 
may not resist for much 
longer." 


Government intends to cut back Labour Organisation (ILO) this Bukreyev, suddenly returned to Ways and Means Committee, 
on the ever-expanding enlarged week sacked Mr. Gregory Moscow after it became known I Treasury Secretary Michael 
public sector deficit by reform- Miagkov. a Soviet employee ideo- that he also worked far the KGB. Blumcothal today said the 
in* among other things the pen- tified as a KGB officer. Bukreyev, who had not heen administration is lending its Tull 

sions system and the health ser- Mr. Miagkov. 51, married and fired, had a highly influential support lo lhe Conn3n-Flsber 
vi ce with two children, had been with position as director of ILO pub- amendment, proposed by two 

At the same time, the Govern- the ILO, a UN specialised locations, giving him control over liberal democratic congressmen, 
ment is seeking to contain in- agency, since 1968. He has re- the content and distribution of that would give greater tax 
creasing labour costs and hopes turned to the Soviet Union. all ILO literature, which Is aimed relief to all taxpayers earnings 
to reach agreement with the Switzerland has the right to in particular at the developing less than 850,000 a year and a 
trade unions on a ceiling in the request the UN and Its agencies countries. reduction in the relief on capital 


increase of real wages next year, to fire any person' suspected of Following the U.S. withdrawal I gains by S300m overall 


It also proposes to revise the cur- being a securi 


The administration has sharply 


matte wage Increase mechanisms, least 20 years that any such re- being used as an anti-Western version as favouring the wealthy. 

For its part, the labour move- quest was made and Switzerland instrument, well-placed ILO olfi- Mr, Blumenthal. however, 
ment appears reluctant at least is understood to be showing its cials expressed fears that the reiterated the need fora tax cut 
so far to agree to moderate wage annoyance over - Moscow’s in- Soviet Union would attempt to stimulus to the economy which 
claims or accept' changes in 'the creasing use of UN jobs as covers move its people, .or those of its he said would only grow by 354 
1 cost of living wage index system, for its espionage agents. allies, into the top jobs. per cent in the next year. 



Anthony McDermott investigates the background to the latest spate of inter-Arab violence 


Middle East feuds come to Europe 





Mr. Saddam Hussein, Iraqi 
Vice-President 


THE MURDER m Paris on 
Thursday nf tliu representative 
of the Palestine Liberation 
Organisation (PLO) auain shows 
how much lhe tensions and 
rivalries in the Middle East have 
been transferred abroad. In 
recent months there has been 
a spate of shoutings, -arenade- 
throwinu and assassinations in 
what van best be termed “ ulT- 
slmre " violence. In many cases, 
the thread of involvement seems 
to lead back to Iraq. Officials 
ten, i jo adopt a June of injured 
.mmccnei 1 and argue that the 
Iraqi Government or ntlier 
ureanisatmns on its soil are 
more plotted against than 
plotting. 

It would bu inaccurate to 
suggest that this kind uf 
violence outside the Middle East 
is a new phenomenon. It would 
he equally untrue to suggest* 

that Iraqis or Palestinians hold 
a monopoly of assassinations or 
terrorism. The Algerians after 
obtaining independence iu 1962, 
for example, continued to sort 
out their political differences in 
Europe through assassination. 
Jfossad. Israel’s secret service, 
has been ruthless and efficient 
(With tlie exception of the error 
in Ljiiehammer in July. 1973. 
when a group of five murdered 
an innocent Moroccan in pursuit 
of their extreme Palestinian 
opponents- 

In bread terms the visit «r 
President Sadat lo Jerusalem, 
where he broke every Arab 
taboo in going to Israel's capital 
add being seen to be negotiat- 


ing directly and openly with 
Israel’s leaders, exacerbated 
tensions already present in the 
area and- already stimulated by 
Lebanese civil war. The massive 
security for the Egyptian- 
Isracli talks in Leeds Castle 
last month indicated the con- 
cern that extremists would go 
In any lengths — as they did 
when they assasinated Mr. 
Yousuf Sebai, the editor of 
Cairo's al-Ahram newspaper in 
Nicosia — to "punish " those who 
tried to break the deadlock 
through direct negotiations. 


Iraq's peculiar internal and 
external policies provide inter- 
esting clues to what ma ylie 
behind the recent outbursts ot 
violence. It always has been 
an extremely difficult country 
to rule. Even now it remains 
for example, highly suspicious 
of Britain, because of its deep 
involvement in Iraq until King 
Feisal, the Crown Prince and 
General _Nuri el-Said, the Prime 
Minister, were killed in alcoup 
in 195S. led iiv Brigadier Abel- 
Karim Kasseni. 

As a result Iraq's rulers have 
tended to suspect that outside 
forces have been tampering 
with its internal affairs. Iraq 
also feels itself to be the victim 
nf the fact tht its borders are 
largely a colonial inheritance, 
not necessarily reflecting cthinc 
divisions in the country. A 
major problem has been tht of 
the Kurdish minority in the 
north, which spills over into 
Iran. Turkey and Syria. Regu- 
larly the central Government in 
Baghdad has put down Kurdish 
rebellions. The most recent was 
suppressed a Tier a surprise 
agreement was reached with 
Iran, which had been supplying 
ihe rebels, in March 1975. 

The problem ill-.- Kurds pre- 
sented to the < 1 1 MTU ment, which 
al (hough nominally a coalition 
since July 1973 is almost com- 
pleieiy dominated by the Ba'ath 
Socialist Party, was fundamental 


to its style of rule. For a dis- But as well as keeping control predictably put Iraq at odds services. assassinated in London at the 

proportionate amount of inde- within the hcountry, Iraq has with Egypt and Jordan, it The conflict between Fatah beginning of this year, and Mr. 

pendence — and even an elected Pursued opponents of the reserves special hostility for ^ ^ government is Yassin in Kuwait in June. Both, 
assemblv — was granted to one regime abroad. Thus Lieutenant- s yr j a which it has a made deeper through the pre- were reckoned to be moderates 

section 'of the community— in General Hardan Takriti, who Ba athist ideological schism sence in Ba Shdad of Abu Nidal. within the PLO, as was Mr. 

this case the Kurds; the wa s dismissed from the vice- dating back to 1966 This is In 1116 nom ** Suerre of Sabri al- Izzedin Kalak the PLO’s 

Ba’athists were concerned that presidency in October 1970, was sp j te of tbe fact that both Banna, who was formerly the murdered man in Paris. 

control in other areas might slip sunned down the following governments hold Ba'&thism to .^*0 representative. In The Iraqi Government Mr v . , PIft 

away. Thus since the coup of March in Kuwait Last month. be sacredf and both have similar 19/4 he was sentenced to death naturally says there is no proof “ Ya ^,-±^ at ’ PL0 

1968 which brought in President Mr. Abdel-Razzaq Nayef (briefly political apparatuses: regional “ y ^ atah for mtag to Kill Mr. that Abu Nidal or "certain Chairman 

Ahmed Hassan Bakr supported prime minister in 1968 and sen- t i. e . Syrian or Iraqi) and Arafat, and he heads, from the Iraqi apparatuses’* have been 

by his strongman. Mr. Saddam teuced to death in absentia in national (i.e. pan-Arab) party Iraq V ca * ? n ^“.J r ? up involved- in these operations. yr ^ Va Communists. 

Hussein, the Vice-President. 1971> was assassinated in commands and National Pro- composed o f th e Rejec- Blu last month in an interview Ba athist Government is not 

Iraq has had a measure of London. In February 1972, gressive Front coalitions. •' , ° n f ront _ ,°* apnpatnisers Wllh Newsweek, Mr. Saddam fulJ y at peace, raising the 
stability unknown for several there had been a previous — ho - hlitv wilh c vria h ,_ taken from Fatah. His followers Hussein, said that "certain fac- Possibility of strains with 

attempt on his life. in^L^the more DamascSs S r 0 ned °“ t , ^X! 0 ", 8 *ons of 'the Palestlnl^reSS; M °scow. In May, 21 members 

There have been attempts at . Within the Middle East,? Iraq became involved in the Lebanon June" organisation. 6 8 MCe ge L2 ur assistance y^thout cr Party 

coups — tbe most serious in July finds itself drawn in opposite and effectively increased its hold ’ an ^ interference in their aims ^sonted for setting up secret 

1973 led by Mr. , Nazim Kazzar, directions. On the Arab-I$raeli over the Palestine Liberation In the middle of last month, and policies or the way they’re .^ rmeci , torc ~: 

the security chief — but Presi- dispute it rejects totally! any Organisation (PLO). Further- the PLO Ceatral Council which c ? rr ' ed out The most we do is tlie 

dent Bakr and Mr. Saddam form of - a settlement iwith more the Iraqi government has acts as a liaision group between when we see that their ™ m “\ 

Hussein, are far more profes- IsraeL In the wars between the been in open conflict with the National Assembly and the P°kcles barm Iraq we tell them ““ e . ' 

sional than their predecessors Arabs and Israel, it has made Fatah, the PLO's largest organ- Executive Committee met in s° aQ d ask them to refrain from t * t 

3t staying in power. This has callilaiy contributions, bnt is isation which is headed by Mr. Damascus. One of its resolu- ex Ploiting opportunities that ,. al . 1 . erna . 

nnt hnun u/ithmif crime met inH haeimllv tnn far 3uau tA hp V a ccar Arafat Tn/laarl MMnflu tinne hr»«ii n reflect badly on ns ” external policies m relations 


not been without some cost and basically . loo Jar away to be Yasser Arafat. Indeed, recently tions denounced “the hostile re ^ ec * on us/ 


with Moscow are not in conflict. 


the country is controlled by an able to qualify fully as a Mr. Arafat went so far as to say stand of certain Iraqi And while Iraq is pulled in But it iH L Z Ih t irac 
intricate network of intelligence frontline ’’• state, even though publicly - that if he were apparatuses" and condemned one direction by its involvement a nd the Wi i rrnr 
services which have never shied its - policies are more extreme assassinated the culprit would "the outrageous assassinations with the Palestinians and the nnnncii JhJo - U ° fr* in (he 
away from using violence or than other ” frcmtliners.” ' probably be found in the ranks of Ali Nasser Yassin and Said Arab-Israell conflict, it is also Horn nf Afrh a" con icts m 

torture when necessary. If its policies towards Israel ot the . Iraqi intelligence HammamL” Mr. Hammami was deeply involved with the Gulf. According to U S intelligence 

SSll? SiSlSIt 5m* sources - Iraq has been supply- 



■ 9 certain breathing space through ing weapons to Eritrean rebels 

1 0 th £ an filing Soviet-backed Ethiopian 

'. m ■ f After years .of tension. Bnt they forces, and has also given 

- ^V r ^ ; S are acutely aware of the growing support to Somalia, which 
strength of Iran and its expelled Soviet military 
^ 0Se the U.S. advisers in November, 1977; 

(Iraq’s diplomatic relations were Drawing attention to Iraq’s 
' ^ broken with Washington after complex internal and external 

■ Arab-Israeli war). policies does not automatically 

: : ?: the . Gulf. Iraq has been imply that it is exclusively to 

advocating that there should be blame for “ offshore ’’ violence, 
agreement on freedom of naviga- But Iraq is significant in that 
tion and closer economic co- perhaps more than any other 
3SHHHR* operation. - It has mooted too Arab country; it is an example 
IlllBg gSg tii at the superpowers should re- of -a nation wracked by tensions 


mov e t hem s el ves from the which aim exist elsewhere in 
region. On the first issue both the Middle East The extreme 
. & -X *ran. Saudi Arabia and other policies of its leaders have 

>•■** Hlllf era Vinc/tnnt . 


Police help a wounded man after Thursday’s attack on the PLO’s Paris office. 


‘ : ” states are hesitant to press inevitably 4cd to the emercence 
f ? r .5 3os 5 r ^ a large number of enemies 

because of the fearof radical u f the regime who are increas- 

m R 0 ?!? terming TO. the gun outside 

it Is clear that the conservatives ^ Middle East to settle scores. 

Bag want to see a lessening of Soviet : 

influence, while Iraq wants 


America out 


liur Irclchn SiM.an tatr main per a»W“3- 
Second clan pfXUfie paid at Nc» York. N.V. 




llik ^ 


■!iT^ 


> ^ i 


economic picture. 

Nevertheless the Administra- 
tion is probably still nearer the 
mark in predicting that unem- 
ployment will be below 6 per 
cent by the end of the year than 
it has been with its other targets 
for inflation and growth. 


M a i 


V 





3 




Augusts 1978 


" ‘fiSf 
t'S 


!> rise it 

"* raie 


*! >\ 

i .* >■ 


*.■*••«* 


LABOUR NEWS 




pay COSt BNOC takes 25 % Housing Cash incentive 


jobs 


BY RAY D AFTER , ' ENERGY CORRESPONDENT. j \- 

THE SLOWER pace expected ■ development— -the eonstrue- 
in North Sen. aUdeVelapment tion anfl hwfofofl on of off. 


stake in BP 
emergency Vessel 


could cost Seotland 22,W)0-iob8 
over the next' ef^it years, 
according- to areiwrt'pahHshed 
yesterday/ -. v V T- 

The Department. of JEnergy 
estimates .that: some.. lOOjOQO 
jobs in fheUKire related to 
North Sea' oil and.' gas projects, 
with half of them in Scotland. 

Aberdeen ' University's 
department of- political 
economy consider that the 
Scottish jobs may- reach a peak' 


Shore eqdipjbifetft^-to produc- 
tion. TV 

’■ .The --report, the 

result ■' of;- ffVe»ye ar study 

commissi oned ~by the Scottish 
Office, highHkhtsvthe need to 
increase SefflttisBi- 'Involvement 
In offshore cq^rt- markets and 
to establisV“»wri stream " oil 
and gas 'proressing iiJdns fries, 
such as petrochemical plants. 

The' study: feaaris doubtfql 
a boot . the -roJeVof regional 


. BY IAN HARGREAVES, SHIPPING CORRESPONDENT 
should be made more open. •; v 

SSid > tlS‘yiaSt THE BimTSTTNational Oil Cor- mint of Energy that it does not 
nil poration will have a 25 per cent consider profitable North Sea oil 

WiSj^STtoim^SDefMnt of **** fa the £60m Nortb Sea WPantes as suitable subjects 

S emergency support vessel to- be for such aid. 

built for the corporation and ■■ Energy Ministers are thus left 


of 1.5m 
families 
below par 

Financial Times Reporter 


possible at BL 

BY ARTHUR SMITH. MIDLANDS CORRESPONDENT 

BL - CARS' 100,000 manual reduced volume. The risk is that 
workers could earn up .to an any programme of voluntary 
extra £15 a week under a new redundancies, which would have 
incentive scheme outlined in been necessary anyway, will bo 
negotiations with the trade linked in the minds of the 
unions yesterday. workers with the incentive 

Potential earnings are nearlv scheme, 
double the £8 a week offered The joint manugement/union 
under a productivity deal negotiating committee discussed 


V--. ouiii iur me cuipurauun ana Buniaicrs are uiua leu , „ „ _ , . unaer a proQueuvuy uuai iicruujuu^ raunmure uim.-lism.-u / 

larwiv^i^Uf^ W rw! British Petroleum, it was an- with the task of persuading BP MORE THAN 1.5m households rejected by the work force in a details nf the scheme in Coventry • 

nounced yesterday. to.- buy British without the lure still live m circumstances which p0Blal ban ot earlier this year, yesterday, and will resume talks \ 

«hVSS£«ta? V Mi?i?Si As reported In the Financial tf a grant to offset the cost MjnmpablB *Mr. Michael Edwardes. BL in two weeks. Hopes are hi=h 


A r ai. a njm-i-Hai. Aik as rePQrxea in me r loancia] vf ** s***"*. uuoci uic uuai — 77 - — - - — « jar. jvulujci i>uymu uvj, ^ ***-*■ 

, ™ X,y 40 Times earlier this' week, it has P^ 31 ^- dards, said Mr. Peter Shore, Sec- chairman, has emphasised that that broad agreement will, he 

Sl.iJ.itSf'niLrabM been decided to place the con- At 25 per cent, -the -BNOC ^tery *° r Eovironment, carly introduction of an reached. Another postal ballot 

tract with Scott Lithgow. the stake corresponds roughly to the th ® incentive scheme is * 4 crucial to may be necessary, bui the 

avpraS^acMbi^mift^rtMs^f Lower Clyde member of British mark-down BP might have ex- n ®J? nal survey P ablIshed tea me survival of ihe company/ - scheme could then he impie- 


uf 58,000 next year hut will ; . ‘ pofieymakin^Ia relation to 
fall to 36,000 by 1986, when these new developments, it 


the country, particularly the 


recommends that planning and 
predictions fW the North Sea 


. .*» • .i - ... . v • . • » ... 

Plant makers^ant 
to lijnift liaWlit^i 

BY OUR CONSUMER affairs correspondq*t«y 


North East, hiit. that there 
had been no relative move- 


tional local Industries. 


Beer output 
rises to 
4m barrels 


nected had the Shipbuilding . . „ . . . M .„ Ua The Leyland problem ‘remains rented very quickly. 

Intervention Fund been made The first provisional results 0De of poor production. Low out- Thu unions have cr 


• BNOC’s -desire for a stake in Intervention Fund been made _> n ® “ist provisional resuas 0De 0 f po or production. Low out- Thu unions have committed 
the vessel has emerged nnly awlhble. from the national dwelling and p U ^ j eve j s So j ar ^j S year have themselves to parity — the idea 

the emphasis of North Sea reeommendsiiat planning and iVnt by todL f recently and tt seems curions is clearly not a device the'houife 5 “22 Hampered the company's efforts of the same wage lor the >a»n* 

•"“*" y *« «*«-• *. ss.iijffaau' tedi - : Sf »*% fxsrsrj 

Field, in which the corporation ,etnergency support vessel orders. . ri supply of nous- njgritet insist that the same effort shuuU 

n j. . .has nb.stake. - • ;But Mr. Dickson. Mabon, the „ 1 liS creas /i l>y n f a f] y , Though manned to produce also be expended, and to that 

KpDf* /WliTVliT' . Energy Undersecretary, has fr® °f r of ho ^®® h ol(ls lack.- more ^aj, cars a y ear , the end require Tree access and 

A'ttI iluipUl Tntcrp^t . made it clear on many occasions vn^l C i.??2!!.^ State-owned concern at present acceptance of the findings of 

• . . . xaieresi - Qj at ^, e do "everythniH ties has fallen from ^.Rm to 1.4m, unlikely to achieve the industrial engineers, known as 

ncac Tfi But it will have a 25 per o»t>* 0 g lh,e k to Prevent such' orders s SgJJg to BS«» modest out P ut target of S19.000 “time and motion " men. 

lidC3 IU. share of the vessel's tone for ^ abro3d - aSd the n^mlS Of 1SS 63X5 set by Mr - Edwardes. Such a move, if pursued, would 

a i : f maintenance work in neighbour- n . ■■ ■- ■..■ Sto more than on? Management faces the difficult mark a real attack on the 

4m haiTPk ‘ ing fields in which it dow have PontOODS iSom hSTfall“ fSSnfSooOO ^to P™ blem tha t more than 7.000 vigorously defended " mutuality- 

T'lll UOiiCId an interest It also wants to gain Japanese shipyards claim to be reiSx) * ” f 0 220 ' 000 t0 jobs must b e shed before the —the power to detcrminr the 

BEER PRODUCTION in . June more experience in employing a able to build semi-submersible These results were based on fnd of the year just .to bring the panning and the pace of 

_ _ Amiinnv xx -V . . was 3^52,063 bulk barrels, up 2 Eh®J ^f 1 whicfa 13 still vessels of the BP type at not a sample of 90.000 addresses tabour force ml ° bne vnth lhe asst,nbl > lines - 

FACTORY MACHiNuutY should -The CBF-hfck • already made g,9 per cent compared with the relatively new. much more than half the British throughout Enelaod. More de - 

be excluded from any new legls- dear its view -.that ^new product game month last year. Total pro- . Another reason — of great price. tailed natiooal and regional 

lation aimed at making - mano- tiability l«islati<m In Britain duction for the first ax months “Sf* J° 011 companies :The BP-BNOC vessel will be results will be published later * *1 O 

faeuirers more liable ;for defee- is onnecesshry and could prove was ra .att jgg bulk “barrels, an ea: P e c t ed to order another dozen delivered in 1961. It will have this year. I 1 VI I wlt'fA CF511T 

tiye products, says' the Process costly for . ihdustiy-i But the increase of -42 per cent on the emereency support vessels for. twin pontoons with six vertical Mr. Shone said: “However, V>If II k-JV/A T ivV vJ U1I1 
Plant Association. Govemmeirt^saiff^tiife “week that nrpvtmiR vpur North Sea in the next few. columns suoportine accommoda- despite the proeresc made since 


Plant Association. Government sfliffjnus week that previous year. - ine won2 ? *- tue next : few. columns suoporting accommoda- despite the progress made since 

.Mr. Harry Hornsby,, tbe^ ‘-mo- increased*:^ ^..nreftret j^liahility The Brewers' Society said the ***** ~ “ tt * financial advan- tion for 220 people and work 1971. serious problems remain: 
ciation's director, -icomitfented. “would -Be-:aii .-fanportant and June ^ m^ir>ty affeeted of,. 01 ® de3 ^ for Bp - - ardhs. along with a saturation we estimate that a hard core of 

th at process plant manirfaMurers. widely ■welctraied' reform m the fa short meH of eood Normally, shipowners per- dfvmg complex, hospital, h el i- 1.5m households still live in 

were not in. a ^contractual law.” • \-jr : u ■ weather ati Se ^ beefaminB of ^the S , * d . e 2 t0 L . b W from expensive copter deck and fire-fighting circumstances which are un- 

relatlonship •• with' consumers. - ' 'Mr.TTonisby;;however, argues 1 2" British shipyards are com pen- equipment acceptable by today's standards.” 


Civil Service staff 
study action plans 


BY OUR LABOUR STAFF 


Mian k oiiu uui uano lwhuwws wuuiu uc a* ___ «■ 

or the general public" be said, the American-TfejwfeBS'- b^d^ upjjtoeto^ m anticip^ ear ] i e r this week. 

“Plant , users’ employees are - “This has ' w4^ed--‘ in out- tion of the, peak months of July I «..» m.. 

amply protected* 'byT existing rageoiis craimlt^aad some August ■ • 
legislation.” - - /r.- / insurance prettpm have been “Unfortunately, in mu* of 

Mr. Hornsby's comment, were increased 55-fpWa.because of toe counter the promise of better 

included in a submission: tot he them,” hy. 35^3 cost has weather has not been fulfilled 


PropeHers. toe craft will C ecftn J L nm pc CIVIL SERVICE unions have largest union, the Civil and 

v 3 ^ cont * £85m have full dynamic positioning in ■secuna □omes by ^eir pay negotiat- Public Services Association, arc 

°L :^,., C iLu WaS announced xadition to a four-point anchor- The survey also estimated that ing body to examine areas and not prepared ot settle within the 

,, . m* system capable of 83 days of at the end of 1977 there were establishments where industrial 5 per cent limit of Stage Four. 

ha? U maS^fS2^ t thp I SnS r: ’? d,irtllCe “ Beaufort sea snde 17^60.000 dwellings in England, action could have greatest effect Some union leaders see scope 

has maae it clear to the Depart- ». of w ju C h 840,000 were either if the Government attempts to for avoiding a direct clash in the 

— — vacant or second homes. The impose its 5 per cent pay rise flexibility clauses of the Govem- 

total number of households at limit instead of the findings oF mentis White Paper, Winning 

British Steel shnW priv,,e 

liability. . • • consinner.. »-• society added. JLll 1 llvJlI Ivvl 54^000 bouses. One union, the Society or similar to those made to the 

— ~ • - — ■ - — - . ■ : - ^ . •, The highest proportion of civil and Public Servants, bas police and firemen for a small 

— w _ __ - 4 . -m " -m \ m ■« " . households lacking exclusive mie Identified areas where industrial number or similar groups. 

l^iwrvl A Awrt v ' TTT WIIK T /^ITI TYIVAA nmnrci of basic a“«”ties is in London ac tion would be most effective in Others feel that their riiembers 

fl 1 VI l-' : * ’Pllf* 1 UrPrS ’^' ■■■”- 1 A i, tVIUS X^tUl IJITHP ncfl/lllly HI 3 ms • th^orto, west. In London, a confidential document which will not accept even' staged pav 

▼ M* , . ' n np f nfPiAA UVUIA/AV ] • ttos JS.said.to be mainly .because has been presented to the union's increases, but will want Full and 

^V--r v rUol UUiLc - • paling, and in the North executive. A decision on action immediate implementation or 

’ . j BY KEVIN DONE, CHEMICALS CORRESPONDENT West to _toe absence of amenities has not yet been taken. the pay research findings, due to 

mi -d 4 -I. Air '•* M4/vwwTi\W4vAvi nrinter orfler „ r . . . , „ , 50 cb as inside lavatories and hot All nine Civil Service unions, appear by mid-November. 

Q TTO If It'- .. 1 nTPr wPRI IH ll imm WIUW BRITISH STEEL (Chemicals) is amount of benzole available for water supplies. renrespniine mnn* than 500 000 rham-p* of a nnssible conflict 

..lUUSi. iTTs business systems division closing three benzole refineries -refining. At the end of 1977. about 55 non-indastrfal civil servants have with the civil servants already 

V- : -. . J ?JS e «£5 fUStSSS S««“ °[® e I 5 c i ssi 2 n ^ ^ e , P , ! -S te have °P erat - P er , cent of households in Eng- ag ied d u2derth?aJlpices of the bitter over their Stage Three pay 

FiNAMCUL times. reporter ■ ' ' worth £24m. from the Post Office steel industry and toe depresed ing at little more than 50 per land were owner occupiers. 30 ntU nn eid A nf thn National Whit- dnal havn heen increased bv the 

RNANCIAL TtMES.REPORTtR ^ . for teleprinters and state of petrochemicals markets, cent capacity. BSC benzole will per cent tenants of local S coS?^, on 1 mwnmme for alrrement made bv the natiomti 

GOVERNMENT . ' intervention, industry on and ftrtFTand hence associated equipment for use on The refineries are at Ravensr uow be switched from the three authorities or new town corpora- aC Hon in support of the *>0-30 per staff side 

with state control of fobnfc of amplify. the change^L the woric toe country’s telex network. The craig In Scotland, Port Clarence old refineries to the Stayeley tions. I per cent tenants of eent awards top unions feel toe The staff side has asked unions 

contract and train hift would be load rather toaR$^toem.” S? T ^ ssi S e ’ Sc^thorpe. Chemicals plant - at .Chestetoeld. housing aKoriations, and 14 per “artSd Sy Research uSt to prepSe for the Government's 

bad for civil engineering, says Denying .Labour ?ahims that the prime supplier of teleprinters No redundancies are expected . The corporation, has a 45_per cent private tenants. must recommend either preventin'* impleraenta- 

the Institution of &vil Engineers competitive- . tendings “is very to the Post Office. . from the closures, and staff win Rent stake, in. Stayeley, Chemi- Between 3971 and 1977 the clvM service unions as shown Son of thepav research findings 

in reaction to the LahourParty*s wasteful. 1 "J&fi. ingitaion says The contract covers the transi- probably be redeployed on other cals, which it ovens jointly, with number of properties owned by th stre ni?th of the pav motion or becomina directb - involved in 

policv dodtt toenr^-Bulidtog that the DWrtcq world- tion from the model 15 tele- plants. tlie. National Coal Board. (45 per private landlords fell at an Sh^ti^to the TUC £1 thJ Sav neStialion™ 

Britain’s FutuS. - ^ _ Wide iS. S^helmoMTrecssrul printer to -vod^BB. the ITT British Steel’s chemicals divi- cenj) and Continental Oil of the average rate of about 125.000 a 10 the TUC *>* the pay negotiations. 


civil epgme^ig 
attack mterveni|)ii 


British Steel shuts 
three benzole plants 

BY KEVIN DONE, CHEMICALS CORRESPONDENT 


FINANCIAL TO4ES.RB*ORTER 


• - 


Britain's Futurt,? -- C vridiin; 2 lU Jlic ^rnOfoHuccffSsful printer 'to ‘njoair- *3 d, toe ill , u ,.,- . — 7 . — _ — — — — D 

The instoqtion d^ribes i‘ the- economies. ' ... p5L D ?2 Ve !JiSw b ® ?°^P ,eted - sfo fi n is buiIdi °« a f20 ra , benzole U.&, (10 per cent). / year ' 

plan lo set up ' a -large public Tito cost of tendering- W fhe by the end ori«79.^ refinery at Port Clarence to .-Rhe European market for ben- This occurred at a similar rate 

procurement agenev- -to vorginise. contractor is avfractiiin qf^l per • Over toe year ending in Maj*. replace the old plants, bm it is gene ..has been depressed rnr in the late 1 960s. but. toe 

lhe letting of pubiiesector con- cent of tunjowsrf adds toe toe number of telex installations not expected to come on stream many, months, partly because of Department - of the Environment 

tracts as another level of bureau- Institution, a od jns not unusual m the UK increased T>y 105 per before May 1980. cheap imports from the U:S. of suggests that in- the latter period 

1 1 ..... . i L ‘ _ "r " : ' 1.^4 K>F>nt nVPr tho nrevious vear to r r>iA nl.nr, T, ,«i n - — han»na anJ i)ariu»liua rmHiirto ihir u/ac nifiinli- Hilo tn clnifi 


H ayward, Labour’s general $ecre- ’tender: , - .j • . 

tary. asks for assurance that •. -. In cntiAsing .toe whole ;cqn- 
“ nationalisatum and central „ stfiictioiwindustiy, the Labour] 
procurement .would not - proyide..Party vis showing “insufficient 
the politicians witty rncreased underamnding ” of how chnl 
opportunities for switching the ^enginieeriiig really works. ' i 


Tanker drivers want 
50% overtime rise 


fed mink 
decision 


. uvvm*wia tics, synthetic dyestuffs and cals diut down its ethylbenzene w 1 • , 

H4T/iT n ^ntA B - . ‘V IN A strongly-worded letter to pharmaceuticals. and styrene plants earlier this tlQ/'lT /'lfV 

MClniyre to conirol Jva.CUO <J ■•v : . Mr. Bruce MlUan. Secretary for BSC (Chemicals) has been year,- and Imperial Chemical Vsllj' 

. .. . ' - - •' * Scotland. Mr. Edward Eunson. running down the three small Industries is concerned abont 

THE BBC has now-' copfinped' radio 3,- Mr; Stephen Hearst, convener of Orkney.' Islands benzole refineries for some time, toe poor profitability of all its 

that the man who master-minded - tomes controller of the corpora- Council, has expressed concern because toe drastic cut In steel aromatics plants at its Teesside TIC) WP1* TDOVf^ 

the recent • mtich-eriticisTO tion's future policy control group, over a delay In issuing the re- production has reduced toe petrochemicals complex. Tf VI J.R1V/ V V 

changes in Radio .*,: ^Mr. Ian; Mr; ; McIntyre; -.has been .-ccin- suit of an inquiry into a proposed ; 

McIntyre, is to be : im>ved to.tha troiler of. Radio 4' for twojsrears. mink farm on Westray. . —I . • • - EXTENDEID powers for b 

job of controller. Radio '3. Ttye Same or the changes he ifilro- The council gave Mr. George A J cities over education and oth 

BBC has yet. tip/ fUi: - -;3?fr. duced, notably reorganisation of Drever, of Westray. planning /\|rf|IES ITlGGlISiy cflllS services announced by t] 

Macintvre’s Radio • / the morning Today programme, permission some time aso. but w ^ . Government - on Thursday we 


will have a capacity of 125,000 Chemicals’ 145,000 tonnes a year to local authorities. 

tonnes a year. benzene plant at Fawley, near by Mirir r aowftt i arour staff 

Benzole is by-product from Southampton, has been closed BY NICK GARNETT, LABOUR STAFF 

the corporation’s coke ovens and for nearly two years, and no date -y -§ -m vtv A CLAIM for rises of more than mitted. A settlement is due in 

is refined into benzene, a basic has been set to bring the plant I ohAIlf VI w ner cent on n »rHme rates wa^ November 

petrochemical with a wide range back into production. JUdUUUl iTXJ. 3 percent on overtime rates was «» 

of uses in products such as plas- At Grangemouth, BP Chemi- formulated, yesierday at a bas - c . 


McIntyre, is to be moved to-.lhe troiTer of. Radio 4" for two- years- mink farm on Westray. . . 
job of controller, BadTof'3; Ttye Some, of the changes he UittD- The council gave Mr. George 
BBC has yet . duced, notably reorganisation of Drever, of Westray. planning 

MacIntyre's Radio 4rjnb. v ; / the morning Today programme, .permission some time ago. but 
The - present '.':'eoafroll"erV" of have been, heavily criticised. after conservation interests ex- 
. . . ' v - — - — ; "> • . . pressed alarm that a mink might 


^ formulated, vesierday at a The drivers' present weekly 

tormuiatea yesieraay at a basjc ^ ^ but overtjrae is 

U«nlr national meeting of shop based on a rate of about £S9-50 . 

D3CK CIIV ■ stewards representing oil union negotiators say the last 

tanker drivers who severely tiis- settlement included a forward 

located petrol supplies earlier commitment to lift the overtime 

TYkATfA this year in a dispute over pay. rate to £75 at the end of this 

IIU TV Cl Mill V £ The claim, which has the back- year, but some of the oil com- 

* ing dF the Transport and General paoies imply that this would 

EXTENDED nowers for big Workers’ Union, incorporates a have to be conditional on pay 

cities over education and other 20 per cent “crease on the basic policy. . . 

h,, ° Pav for toe 10.000 drivers and a The new claim is for a basic 

- Goreroment " oh TbJrsdJ? w?re Wuedii in hours. OO and that tom should also be 

- wuyerumeui o u inuiisuay were ir . _ llt -iw 0 nrnriiir. lhe rate on which overtime is 


FINANCIAL TIMES REPORTER 


welcomed yesterday by Labour 


The claim is outside produc- toe rate on which overtime is 
tivity payments the drivers are calculated. Improvements in 


Tower lure^ 
3m visitors^ ; 

lDMISSIONS to Tfiiterft hu 


;lr v SS? Sd do . irreparable DISCUSSIONS . over possible backed by six officials. Herr Tbey-see toe move as having » P^otiale with at fringe benefits are also being 


■ADMISSIO NS.^to J^bPri^hqa^. about taxation, has been madam on* February 23. 

a letter to the Prime Minister by - “The time yen 


February 23. terial meeting in London. ment and the Foreign and Com- reorganisation introduced bv the 

The time you have taken to - This involved Mr. Eric Varley. mnn wealth Office. Conservatives in 1972. Cities 


hv o npr mhtTait vear * ieu*»- tu me ruuw - “TUe time you nave taxen xo iuia iuiuivcu ra*. But vuiKy, mimweaiui uoici;. Conservatives in 1972. Cities 

according ^to 9 Ehg^ Tfeffige Mti WiniamCIark, MP chhty^an give us your decision oh toe to- Industry Secretary, M^Joel le The meeting followed similar ^ as Bristol. Southampton. A amcnQPO WArtarC WQtlt 

Monitor. -Published- : 3&.. the. g* 4« co “ e qairy - says Mr. Eunson. "is m Theide. French Transport discussions in Paris and Bonn Derby. Hull. Leicester. Notting- AclOSPalt WUlKCl S W dill 

Fneiish Tourist BAartL .- •• J- Society. • The Commissioner ..far marked contrast to toe haste Minister, and Herr Martin on May 23 and July 20, when h an j t Plymouth, Portsmouth and ■* _ 

TheThwertjf.LobdohKh&acted ^ ^ wbich responded to the kroner. . Slate -Secretary hi the Mintaten discussed the prospects stoke-on-Trent can expect f A T AP/I ffriCU/lpt 

■, pnenrt?3ra naid. admissions, an accesrible than the Parlignieu- influence of pressure groups, an a West German Ministry of Econo- of Bntain s joining the European increases in powers over social lO IflcPl LOlfl DcSWllli 
■“ r . EoM^^pSrth tary.Commissioner. who cah^nW. imposed draft orders to prevent mic Affairs resnonsihle for Airbus Industrie consortium to S^ces.pSnnSg and roads UltVl U - ° TT , 7 

S in Sussex showed ao be approached through aq 34P, toe development from proceed- aerospace. help build the new B-I0 version Mr Bpyan Gouid. MP for STAFF UNIONS within British performance of the airfran 

increase of - 54- 4»er. cent ''V be says. . ing.” The French Minister was of the *300 Airbus. Southampton Test led delega- Aerospace are seeking an urgent sector of British Aerospace w 

4 " 1- • . • r - - - ■ ’ — . . - _ . mAAtlMH <in«l t DAermfilr 4Via ^nruznrf nn irrtnrmilfl P ltc niVSP 


air 


envoy 


BY LYNTON Md-AiN, INDUSTRIAL STAFF ' 

THERE WERE.angty ’scenes -out- at least she was assured.** * 
side tbe'Uj&.BmhWkr in Ltmdon Laker Right eventually, buvibe - 
vesterday as a group of stranded could he waiting, at a schedided 

irunSSJtS W- ***** terminal “ 

handed a protesl ietter to the - T$ie. protest jeame 3f a ®S. 
Kul GeoSl dewandiug more chartex airUne, given perm^n 
stand-by* wnd^budget Jgeate- on: by.the. Trade Departmenttef^ 

„r.hnHuied services- ' V. home'" passengers stwaaed 

SC MaW^of^%»^ had-th rough toe ladc of-MHa- 
waiti!d y altoost : a S for flights capacity, -flew .itr first bat^pof 

from Gatwlck and Heathrow' air- trayellers from Gatwi«.'.x|"-.- " 
S2S The W protesters called’. Trans International Antes, 
on Mr: Norman; Redden. . the one of thfr. world’s largest .ctyagfir 


Guiisu l- General, to put . pressure canters, was given ihe go^ad 
on large scheduled airlines :to on; Thursday- to use 


SraiSi but as travel out ot :naae jueparuneiii_asMeu.. r. 

Brita^eachea_aa.imptec«totted 


KofleiiSsT«*et. " jgugto.Iftar SW* to i 

Assured^ 

Stand-by seats irejeot avail- aji^raft at Gatwick. The.cost per 1 
able as a right ' scnOnUiKi eeat was. : understood td.Jte: the; 
services, < thiaf;.;.#WMbfl«ty. -.that for a stand-by; 
pends on • -At .the ticket ;oa a scheduled afriteeT ' 

moment there w little fipare.^. - Hm move: came af ter the Civil 
The demonstration yesterday Aviation' Authority bad - an- 
was organised by -Jbe fiOO' pass e o-' Qa uaced plans off Wedneaday to 
j«e w waiti ng .- in' underground ^ase - toe growing congestion at . 

car park near to? Pan Am ter* airports ia:. the south east. Air-- _ 

minalat Victoria, . - * •" . lines ware now free to use at Will 

Most- travellers ..would -prefer.;iheir cntlre quotas allocated -until ' 
to try their chances, ini. lnc^,PQQ-.:the- end of October, 



. Summer in Victoria. Voungsters cheerfully face a long wait for eheap flights. 


Mr Bryan Gouid. MP for STAFF UNIONS within British performance of the airframe 
Southampton Test led delesia- Aerospace are seeking an urgent sector of British Aerospace will • 
tions of Labour MPs to four meeting with Lord Beswtck, toe depe r, d on ri«pro v ing ’ ^ Present 
Cabinet Ministers to urge toe corporation’s chairman, over wage levels, or further major 
changes. He said- “These wbat the unions warn is a staff wastage will ensue and 
moves will be warmly welcomed severe shortage of skilled staff. future projects will “ban- 

by Labour supporters through- The corporation’s joint staff ^Son ^mfnSower ^nd lciin- 
out the country." unions committee, which repre- ,3 

Mrs. Shirley Williams, sents 30,000 people in 19 fac- t0 com D ,ale ,n world 

Education Secretary, apparently tones, says the success of the f . ri decline 

accepted that cities with a popu- industry is being jeopardised by committee would lead to 

lation of more than 200.000 its failure to rlcruit, train and Kf ^uborSination oF British 
would he suitable for more retain sufficient qualified staff in A e e ros S^ to Stoe? western raamS 
education powrs. But she technical and commercial areas. mrSlari v nThe U S 

SfMSTSL? ~ ,».*« • M* 'evcl "SSS," 25 "he 

Sth Bf mnn Xn of sub-contractint’. is fully only way forward is by a rapid 

ElArSTf NOrtifch Steetehed in coping, with, its rise in wages tn encourage staff 
HS5. Smhrid*e currem work load - retention and recruitment of the 

SvTdon a ndPe terbo rough. ^ “ We b «lteve that the future best personnel. 

Mr. Gould has a majority of 

only a few hundred in South- _ # s - - 

ss office *Er ; Polaris blacking backed 

majority of less than 2.000 in ^ 

Portsmouth and Dr. David Owen. BY PHILIP BASSETT. LABOUR STAFF 
Foreign Secretary has a ^ . . . , 

majority or just more than 2.000 DOCKYARD WORKERS at naval man of toe shop stewards 
in Plymouth. Mr. Ron Thomas bases ° n the Clyde voted jester- advisory committee, said after 
farmer Tribune chairman, has a tte® 1 to accept toe recoin menda- the meeting that a decision had 
slender majority iu Bristol. tion from their shop stewards not been taken to make the 

L to black work on toe Polaris action more effective beyond 

submarine Resolution in support blacking the submarine, although 
'XX non nrncc • - • of a pay clasm for 183,000 indus- shop stewards did have plans in 
-JJfVVv vivas trial civil servants. mind. Workers at the bases are 

_ , l « . . considering sit-ins against any 

“Tridt r -*!P« Meetings of 2,500 workers- at further lock-outs by the Navy. 

11 »U- OCa te* three Gydeside bases of ^ Resolution returned to the 

CAR FERRIES of the British Clyde after being relieved at sea 

and Irish lane are expected to - 2St overwhelmingly that all by Revenge. Mr. Fred Mulley, 
carry 33.000 passengers and vTJm, teat essential for j)e fence Secretary, ordered the 

6,200 cars across the Irish. Sea T® a L, reasons, should na v>’ • in last week to free (he 

and back .between yesterday and . DMWKM * Revenge from blacking by dock- 

next Tuesday in the busiest Mr. .Eddie MeLafferty, chair- yard workers. 

holiday week-end .of the season, 

the line said yesterday. 

holiday ^xT" the Republic, and Strikes end at two docks 

B and I traffic is up on last year's 


BY PHILIP BASSETT. LABOUR STAFF 


sfehder majority in Bristol. 

33,000 cross 
Irish Sea 


Strikes end at two docks 


mroni? annua for Laker Airways - Under' existing rules, 1 Ran Am, Thai - aviation authority’s order qaeues of .those, waiting for trollew to call off their work to figures. ' STRIKING maintenance men at Strikes by maintenance men 

Skv train tictete. outride Vfcw 'British Airways, TWA*. 'SI Al, would enable them, .to use all tickets. . ; . . rul=v w -Assoctetlqn of British All told there wilf be 30 sail- Southampton and King's Lynn v.- ho want Dar itv with registered 

mril statiSr^ach -day tois'S^TAlr and Air TndU' Vere.avanable space to ferry stand-by • British hoUdaymakers fiyws Trareg^ e nis : .-oaid yesterday, ings between Liverpool and docks have agreed to return to , panly registered 

ai? - r - -.allowed to offer a maximum total p&ssongers back to New York, south this weekend could still Some ^xtraft wt*re stiU oui of Dublin, and- Swansea and Cork, work on Monday toe British doCk w ° rk ers continue at Hull, 

ji (.title - a Ifryear^hLof^M seats each week at stantL But yesterday toe plan had made face delays. in spite of the deci- sequepceAndin the wrong place with the bulk of the traffic in Transport Docks’ Board said Goole, Grimsby. Immlngham. 
secretary frcfii Quchco, said tokt hy-rates. • -little difference .to. .the long sioa by French air traffic con- as a result of toe dispute, and out of the Mersey, yesterday. Swansea and Newport 




4 


Financial Times Saturday August .5 1978 


PROPERTY 



opportunities 





BY JOE RENN1SON 


SINCE WOMEN decided to aban- 
don their natural, nay, Heavenly 
decreed role as guardians of 
kinder, kirche and kuche and 
decided to compete in the world 
of imud and muscle, they do 
not seem to have had too good 
a go of things, particularly in 
the world of housing. Whether 
the poor dears are too dim to 
grasp the opportunities that 
have been given them or 
whether they have been stymied 
in their efforts to do so by 
adroit male manoeuvring will 
nu doubt be the subject of ever- 
lasting debate. (How a male- 
donunated Parliament ever 
came to give their collective 
wives so much ammunition for 
breakfast table naggings will 
remain one of Life's Great Mys- 
teries.) 

Anyway the law, ass though 
i; be. has decreed that women 
should be treated in the same 
way as men in all matters per- 
taining to the buying and sell- 
ing of property. And the law 
must be obeyed. But it is not: 
probably just as much uninten- 
tionally as otherwise in most 
cases. 

In defence of the women, I 
suggested in this column six 
months ago that they were get- 
ting a raw deal when it came to 
the allocation of mortgages by 
building society branch mana- 
gers. This was based on a 
comparison of the amounts 
loaned by the Abbey National 
Building Society to married 
couples-, single men and single 
women. There was a thousand 
pounds difference in the amount 
loaned between the first and the 
second, and the second and the 
third. 


The mere suggestion of this 
brought down upon my head the 
wrath of the Abbey’s rumbus- 
tious Antipodean Chief General 
Manager in a published Letter 
to the Editor. He suggested that 
1 was being mischievous (the 
very thought!). He suggested 
the reason was that women earn 
less than men in many occupa- 
tions and that men are probably 
better at looking at property 
from an investment angle. He 
did however give the game 
away by adding: -"Are men 
better able than ‘the weaker 
sex ’ to manage the upkeep of 
a residence larger than their 
needs? " Condescending, if 
nothing else. 


Now I admit that there was 
no firm evidence on which to 
base my surmise. Now, how- 
ever. the Equal Opportunities 
Commission have taken the Ud 
off the whole affair in a report 
which proves that in many 
instances women are discrimi- 
nated against in the allocation 
of mortgages. The Commission 
asked the Consumers' Associa- 
tion Survey Unit to investigate 
the attitude of building society 
managers to the request for 
joint mortgages where the 
income of the female partner 
was greater than that of the 
male. The summary of the 
main findings are listed at the 
end of this article. 


fight for their cause. The build- 
ing societies also came under, 
fire for not briefing their staff 
sufficiently on the. requirements 
of the law under the Sex 
Discrimination Act. 

Now that the EOC has shown 
that the law is definitely on 
the side of the females some 
startling scenarios could 
emerge, such as. Police con- 
stable enters building society 
manager’s office, clears throat, 
hitches up trousers, does the 
knees bend bit and declaims ; 

“ 'Elio, ’ello. 'ello, whot's all this 
about you not givin' Mrs. Jones 
the money like as how what she 
is due to. I hereby nick you 
under Section 29 of the Act of 
Sex Dissimulation or whatever." 
Manager is clapped in gyves and 
carted off to the local jug. 

Still, our congratulations to 
the ladies. They have brought 
one step closer the end of 
civilisation as we men have 
come to know and love it. 


MAIN CONCLUSIONS 


In presenting the report Lady 
Howe, Deputy Chairman of the 
EOC, pointed out that really it 
was the fault of the women 
concerned that allowed this 
kind of situation to happen. 
They should know their rights 
and the Commission would be 
only too happy to help them to 


1 — In 28 per cent of cases 
where the wife earned ' more 
than her husband, the building 
society branches visited refused 
to take her income as the main 
basis for calculating the mort- 
gage. 

2 — A refusal was more likely 
at branches of small building 
societies (36 per cent) than at 
branches of large building 
societies (21 per cent). 



The basic principle 

Wife's income in relation to mortgage assessment 
In calculating loan entitlement for a joint mortgage 
many Building Societies use a formula in which one 
partner's income is multiplied by a certain figure (or 
multiple) and then added to a proportion (or lower 
multiple) or the other partner's income: the sum total 
represents the mortgage advance which the Society is 
prepared to offer. On this basis the amount of the loan 
will, or course, he higher where the larger multiple Is 
applied to the higher of the two salaries. 

In order to comply with the Sex Discrimination Act, 
Building Societies which use any such formula must not 
as an in v arable rule, apply the higher multiple to the 
husband's income and the lower multiple to the wife's 
because this discriminates against a woman who earns 
more than her husband as compared with a man who 
earns more than his wife. 

Building Societies must ensure, therefore, that 
where a wife is the higher earner, there is no refusal or 
deliberate omission, on grounds of sec, to treat her salary 
as the main basis for calculating the amount of mortgage 
offered. 


3 — In a further 10 per cent 
of cases where the wife earned 
more than her husband, the 
building society branches 
agreed to take her salary as the 
main basis for calculating the 
mortgage only after being 
pressed to do so by the shopper. 

4 — The lowest mortgage loan 
offered to a couple with a 
higher-earning husband was 
£7.900. The lowest* mortgage 
offered to a couple with a 
higher-earning wife was £5,500. 

5 — The loan offers made to a 
couple were on average £500 
lower where the wife was the 
higher earner than where the 
husband was the higher earner. 

6— The average loan offered 
was approximately £11.500. How- 
ever. of all Loan offers of under 
£10.000, 70 per cent were made 
to couples where the wife was 
the higher earner. 

7— 36 per cent of all building 
society branches discriminated 
in some way against a couple 
with a higher-earning wife. 

8 — 43 per cent of all building 
society branches -did not^dis? 
criminate against a-couple-with 


It is almost a question .of two for the price of one with the 
above house. The London and Ramsbury offices of John 
German Ralph Pay are seeking offers around £75,000 for 
Kiimwell Lodge, an unusually interesting property two miles 
from Taunton. The property has two main facades— one 
built In the 17U) .century and the other in the 29th. The 
original house, now the garden side. Is believed to have been 
built around 1670, with a major addition, the front door 
elevation, added in about 1815. 

Set in beautiful gardens, with a grass orchard and 
paddock, the properly consists of about 7} acres in alt, includ- 
ing a modem bungalow, useful for staff or relatives. The 
main house has four reception rooms, five principal and two 
secondary bedrooms and four bathrooms, including two 
en suite. 

The area has benefited enormously, say the agents, by 
the extension of- the M5 which has diverted all the West 
Country Sow of traffic, and add that there -is a. tremendous 
shortage for this type of property. 


a higher-earning .wife. It 
seemed possible that, the 
remaining 21 per cent of 
branches would discriminate in 
certain circumstances.. 

9— Discrimination was more 
likely at branches of small 
building societies (44 per cent) 
than at branches of large build- 
ing societies (29 per cent). 

10— Of the large building 
societies, branches - of the 
Alliance. Bradford and Bingley. 
-Rqtaimxa Leeds Penijanent 
building; societies seemefQeast 
likely tv discriminate agfgmr a 


couple with . a higher-earning 
earning wife. 

11 — Of the large building 
societies, branches of the 
Cheltenham and Gloucester and 
the Woolwich Equitable build- 
ing societies seemed most likely 
to discriminate against a 
couple with a higher-earning 
wife. 

12— Of the- mortgage brokers 
who were asked, almost half 
advised shoppers that they 
would be unlikely to set a mort- 
gage based on the-income of a 
.higher-earning wife. 


WITH FOUR HOLES to play 
in his second round in the 60th 
U.S. PGA Championship here 
at Oakmont Country .Club, Tom 
Watson, the overnight leader, 
is struggling valiantly to main- 
tain his advantage. Starting at 
four under par, the stocky 
Watson was immediately in 
trouble as the mists rolled away 
when he dropped strokes to par 
at the first and third holes to 
lose bis advantage at that stage 
to second-placed Dave Stockton, 
three under par overnight 

But Watson h3S fought his 
way hack with birdies at the 
fifth and ninth holes to be out 
in level par 36. He dropped 
another stroke at the short par 
four llth but then made another 
birdie at the 14th to be back 
where he started at four under, 
two strokes clear of his nearest 
rival— with many hours of golE 
to come. 

At present. Johnny Miller, 
who won the U.S. Open here in 
1973, is two under par* At one 
under at various stages of their 
second rounds are Stockton, Bob 
Murphy, Tom Weiskopf and Tom 
purizer. The leader board shows 
four more players at present 
level with par. Jerry Pate, last 
week’s tour winner, Rod Fun- 
seth, Lee Trevino, and the 1973 
U.S amateur champion, Craig 
Stadier. 

Such an excellent leader 
board in terms of the great 
names of golf is to be expected 
on a course that is 6,989 yards 
long, par 71. and has housed 
more major championships by 
far than any other golf course 
on this vast continent It is a 
course that demands everything 
of a golfer — long, accurate 
driving, pin-pointed iron play, 
courageous putting and, above 
all. abundant patience- 
Of the five Open champion- 
ships staged here, there was 
only one shock winner — perhaps 
the greatest shock victor of all 
time in U.S. golf— the unknown 
Sam Parks in' 1935. The other 
four champions to win here 
were Tommy Armour. Ben 
Hogan. Jack Nicklaus and. most 
recently, . Miller. Bobby Jones 
won an amateur championship 
here in 1925, and lost in the 
final here on another occasion, 
while Steve Melnyk, who won 
the British Amateur In 3971, 
won its U.S. counterpart here 
two years previously. The pre- 
vious winners of the U.S. PGA 
championship here have been 
Gene . Sarazen. and Sam Snead 
in 1922 and 1951 respectively. 
It will be no surprise If the 
rumour that this great club will 
stage the 1983 U.S. Open comes 
through in time. . 


WHEN rain and had light com- 
bined finally to halt play last 
evening, 3 Lx players had failed 
tto complete their first round 
and were sent out soon after 
dawn this morning in front of 
the field which started its 
second round at 7.30 am. They 
were playing over a much dried 
out course with fair . weather 
forecast after morning mist. 

This left Tom Watson, making 
his best- ever start in either this 
championship or the U.S. Open, 
leading the field with a lonr- 
under-par 67 from Dave Stock- 
ton (68), twice the U.S. PGA 
champion. There were four 
players at 69, two of whom, 


GOLF 


BEN WRIGHT 
PITTSBURGH, AUGUST 4 


Ben Crenshaw and Dave Hill, 
compiled their score before the 
major rain delay caused by the 
thunderstorm that washed out 
play for 90 minutes. 

The other two, Johnny Miller, 
who won the U.S. Open heTe in 
1973 with a blistering final 
record round of 63. and Lee 
Trevino, both finished their 
rounds after the thunderstorm, 
and since Watson and Stockton 
also had the benefit of the 
softened greens it could be said 
in rather Irish manner that 
those who had the worst of the 
weather had the best of the day. 

But opinion was seriously 
divided about how much the 
rain affected a course that is 
known for the fierce pace and 
undulations of its greens, which 
are renowned the world over 
when dry as the fiercest on this 
continent, if not in the whole 
of golf. 

Watson, for instance, said that 
the speed was not altered in any 
way. Stockton, who is often said 
to survive 1 on the tour' on 
courage and a red-hot putter 
alone,' alleged that the greens 
were about one-third the speed 
before the rain that they were 
afterwards. Miller said: "On a 
scale of 1 to 100 they were 
about one notch slower," what- 
ever that means. 

Of a group of ten players, the 
only remaining ones under par, 
the most outstanding was the 
defending champion, Lanny 
Wadkins, who was totally un- 
fancied as he has been battling 
with his game for most of the 
season. 

There were six players at 71. 
eight more at 72. and then the 
lone Briton. Peter Oosterhuis, 
one of. 12 at 73 tied for 31st 
place.’ 


Of the notable failures. Garv 
Player could be said to be me 
in that he took 76 early in the 
day. But since the little South 
African took no less thafc f ou , 
putts on the first green f or , 
frightening two-over-pax 
and three-putted three 'more 
greens on the outward hail, j^s 
journey home in 35 sho&~ 
par— could be said to have been 
a notable statement of character 

. Jack Nicklaus was, in his'wii 
words, “ never with it " ss h© 
slumped to a 79 that win make- 
it nightly difficult for him ig 
make the cut this evening. n* 
bas only three times missed the 
cut in a major championship j, s 
a . professional; first as the 
defending champion in 1963 in 
the U.S. Open at Brookline; in 
1967 in the Masters Tourna- 
ment at Augusta, having w 0 n 
there in 1965 and 1966; and 
lastly in the 1968 U.S. PGA at 
Pecan Valley, . Sao Antonio. 
Texas. 

3 wrongly expressed the 
opinion yesterday that -Nicklaus 
bad never scored more than 79 
in a major championship 
before. Last night he reminded 
me of the 80 he scored in the 
1962 British Open won by 
Arnold Palmer at Troon, 
although on that occasion 
Nickcaus survived all four 
rounds in his first appearance 
in bur premier championship 
as a professional. 

Watson's putting, which has 
gone sour in recent weeks, has 
at last come back to him, 
enabling him to lay the found- 
ation of a splendid round. He 
made birdie four ar the long 
fourth hole of 561 -yards with 
an eight foot putt, holed from 
30 feet for another at the 
seventh, and made nothing of 
the par five ninth of 480 yards 
by extricating his ball from a 
greenside bunker just a yard 
from the hole- 


Before the rains came, he 
rolled in a 35-foot putt on the 
tenth gTeen for his fourth 
birdie and . a 12-foot putt for 
another at the next. 

When he hit a superb five-iron 
shot three feet from the hole at 
the 185-yard 13th. Watson was 
five under par. There was only 
one blemish on his card at the 
time. The eighth hole here is a 
255-yard par three, and Watson 
had taken four there, having 
been bunkered from the tee. 
Immediately after the resump- 
tion he took three putts from 
15 feet on the 14th green -.to 
drop his second and last stroke 
to par, and had to pilch out nf 
trouble at the 15th and save 
himself with an eight-foot putt 


PROPERTY 


ESTATES AND FARMS; INVESTMENTS: SHOOTING: 


COUNTRY PROPERTY* OVERSEAS PROPERTY: LAND: 


SMITHS GORE 


CHAPTERED ' SURVEYORS 


NORTHUMBERLAND 

EMBLETON STEADS FARM, LONGFRAMLINGTON 

An attractive Stock and Arahie Farm with extensive Modern 

facilities and good Modern 


Buildings. Silos. Stock Rearin_ 
Farmhouse. 

LOT 1 — Embleton Steads Farm. 


Farmhouse, and 385 acres. 

LOT 2 — Accommodation Land 63 acres (at present In winter 
wheal ». 


FOR SALE BY AUCTION (unless previously sold) at the 
Queen's Head Hotel, Morpeth, on Wednesday, fith September, 
1H7S. at 3 p.in. Viewing strictly hy appointment. 

SMITHS CORE, The Estate Office, Ley burn, Yorki- Q4M2 3109. 


LAKE DISTRICT Nr. COCKERMOUTH 

AN 1U.STUUK Kl'LLY MODERNISED FARMHOUSE IN 
IMMACULATE CONDITION 
'*• ■‘•'WE*' K»Oi.-u A H, itroi'tiL- room. - I'-.-ilhrmnn? 

].'? ACRES OF VALUABLE CRAZING LAND IN THE BEAUTIFUL 
VALLEY OF LORTON 

- u;:h f.li .rj.-t’ii! l!i. hi- mill j h.-^f-L-uiiu of .ip.jr.jx ini.il ./I 

tW vh« i \» 

Far Sale by Private Treaty 


W.»:vi 1 . 1 H.IJ.1 > .irlisl. iiii.ibri-i. Ti l a?. 1 * tf.v* 

- .. 1 "Pd..:i, ».,r!i-; . C-irttriilu- . PurliiutKia. Los bum. i.idUL-kt. 

.V u liUrV.'. I \i-n|u>rt. r.-iiTi>oruu^h. IVtuorth. HrMirthik*. 
U.tnniuii.-r. VorK. tttlinbuncti. Dumfries & 1'iH'babcr, 


PROPERTIES IN 
SOUTH CORNWAii 


Superb modem house, leduded sire 
Market town centre, > mile coast 
Fowey— Mevafiney. Sumptuous in- 
terior, hardwood panelling. Italian 
marble fireplace, etc. 24ft x 'I9ft 
lounge. 17ft x 15ft dining, dream 
kitchen, 2 principal beds plus studio 
bedroom, lavish bach. Hoated swim- 
ming poof, garage, carports. Unique 
property for this area- £49.090. 
Exceptional modem residence. Mag- 
nificcnc 1-acre site- of splendid 
gardens, water’s edge River Fowey. 
Drawing room, dining room, 1 beds, 
large entrance hall /potential 3rd bed- 
room. iff with stunning view* over 
river and N.T. land beyond. Usual 
offices, double garage, full C.H. Moor, 
ings freely available. P.p. far 
exrrcraely valuable building clot in 
grounds £60.000. Offers considered lor 
house <n j acre, so exclude budding 
plot. 


ARMSTRONGS 
ESTATE AGENTS 
Wellington House 
Par Lane, Par 
Tel: Par 4150 


Bell-ingram 


SCOTLAND 


GALASHIELS SELKIRKSHIRE 


A I fMmJfccMit Country Moose JH need 


of rnalr and 'restoration- In a lovely 
situation with vi e ws. over. n 


roHTBn banter 

countryside. 

Suitable tarli Wide range oi 
.Private. CommOrefal or Institutional 
„ ■ purpose*. 

11 Large Ground fflooe Roams 

12 Principal First Floor Roam: 

20 Lower Ground Floor Rooms 


Beautiful gardens and grounds 
extending In all to aoproulmaieiv 
10 acres. 


Edinburgh 33 miles Peebles 19 mile* 


Fur further oarticufars apolv 


7 WalWJStreot, Edinburgh EM3 7 JV 


Td: 031-225 321 


CSAVHjLSS 


ESSEX 639 ACRES 

(-.'oldies fer 5 miles. Chelmsford 24 miles 

A productive Commercial Arable Farm 

Fp.-dham Hall Farm. Colchester. Fine Sixteenth Century 
Farmhouse: Modem Secondary Farmhouse; 3 Cottages; 
Modern & Tradition jl Farm Buildings: Compact Block of 
Frudufim* Mainly Grade 2 Land totalling 639 ACRES. 
Fur Sjk- liy Auction as a whole With Vacant Possession on 
Thursday. I4th September 
Joint Auctioneers- 

MESSRS. S .WILLS. 136 Lundon Road. Chelmsford, Essex. 
Tel: 10245 ) 693 LI. 

MESSRS. KKNN WRIGHT GAKROO TURNER. 

Hfi. High Street. Colchester. EsaV\. Tel: (020til 46161. 
Solicitors- 

MESSRS. 11 .1. SMITH & CO.. Gordon House, 22 Ra>nu Road, 
Braintree. E:,syx. Tel: t037(5) 21311. 


SOUTHWOLD 


SUFFOLK 


6 Bed roomed Houle or 3/4 Bed. 
roomed House with separate 3 roomed 
fat or office, Instant conversion by 
closing a door- House of character 
with luxury kite hun/d incr. ipieioui 
hall, cloakroom. 2 reception rooms, 
and downstairs bedroom. Upstairs— 2 
bathrooms. 5 bedrooms and kitchen or 
flat alternative. Double gangs. $ acre 
garden. £40.000, 

Tef. 0S02 722231, evening! and 
Sunday or 723S7I daytime 


NR. NORWICH, NORFOLK 


F,iie Nco-Gothic Manor House iet in 
IS acres of superb gardens with i 
wealth of carved stone and timber- 
work. Five reception rooms. IS bed. 
rooms, usual domestic offices and 
cellars. Full central heating. Large 
stable block. Separate Lodge House 
with 3 bedrooms and " Elizabethan " 
cottage in the grounds. Lake, stream, 
tennis court. Ideal lor residential or 
commercial use. Full poniculort from 
Irelands, Chartered Surveyors, 2 Upper 
King Street- Norwich. Norfolk. Tel:. 
610271 (7 lines). 


Of Interest to Investors ana Others.. 


SOCK FARM. CHILTHORNC DOMER. 
_ NR. YEOVIL. SOMERSET 
Farm Residence m2 accept. Kiteh. 314 
Bedrooms. Bathroom). Useful Ranee 
Farmbuilalngt. 67’- acres Productive 
Pasture and Arable Land in Ring 
Fence. Maine Water and Electricity 
provided- Sublcct to Existing Tenancy. 
Annual Rental £1.0 >2 tone thousand 
and twelve pounds I per annum. 

Auction Friday Is: September at The 
Choughs Hebei. Yeovil— Auctioneers: 
R. a. Tavlor a. Sons. 22. Princes Street. 
YEOVIL fTel. 23474, *8). Sonwsefc- 


FOR SALE 

NEAR ROUEN 


18-ROOM CASTLE 

including 100 sq.m. drawing-room. 
Good condition— Beautiful 4 hectares 
estate with trout stream - 
Numerous outbuildings— Vacant 
Price; F pi. 2.100.000. 



5trte Agent: 

DIEZ S.A. 

100 rue Gl. Giraud 
76. ROUEN. FRANCE 
Tel. (35) 70.40.30. 


SOUTH DEVON 

TMURLE5TOME. on unspoilt 
picturesque coast 
Delightful freehold DETACHED 
FAMILY RESIDENCE standing in 2 
acres idyllic secluded grounds, few 
yards undy beach and IB-holc golf 
course.- sea views. 5 bedrooms f master 
suite with bathroom and dressing 
room), 2 other bathrooms, lounge, 
panelled (fining room and study, kit 
. chen. 2 garages, games room. 

TO AUCTION SEPTEMBER 20th 
. TORQUAY iuaiir. centre 
'Almost complete privacy with spec- 
tacular coastal views from freehold 
MATURE DETACHED HOUSE standing 
fn approx, f acre delightful gardens. 
Conservatory entrance, large hall, 
drawing room, dining roam, breakfast 
room, cloakroom, kitchen, 4 bedrooms, 
2 bathrooms. Double garage. 

TO AUCTION SEPTEMBER 28th , 
BETTE5WORTH5 
29/30 Fleet Street; Torquay 
TeL (0803) 28171 


JOHN B. WOOD 


KENT-SUSSEX BORDER 


Between Tonbridge Wells and Lambert) oral 


Loudon 43 miles. Coast 2S miles. 


A FINE WOODLAND INVESTMENT 


256 ACRES 

Mature Beech. Oak. Larch and Douglas. 195,000 H.FT. 
4 Acres Norway Spruce planted 1963. Chestnut Coppice 
Rotation. Considerable Areas for Replanting. 
Flexible Management. 

FREEHOLD FOR SALE. TRICE £200,000- 


23, Berkeley Square. London WlX 6AL 
Tel: 01-629 9030 <Ref. JWB) 



Residential 


Property 


^ (advertising) ^ 


Only £2.00 per line (minimum three lines) 
Return this coupon with details of your 
properly together with your cheque and. 
publication will take place next Saturday. 


CLASSIFIED ADVERTISE* ENT DEPARTMENT 
FINANCIAL TIMES 

' lO'CANXON STREET, LONDON EC4P 4BY 

' For further information contact Diane Steward 
Tel 01-^48,5284 


FRANCE 
COTE D’AZUR 


near 

C AGNES SUR MER 
DOMAINE DU JBAOU 
Small blocks of fiats in beauti- 
ful park with swimming pool 
— Tennis court — Bowling area 
— etc. . . . Studio-flats — -three- 
room flats— equipped kitchens 
. . . Some fiats already 
available. 

Information from: 

CEGI 

6, avenue des Phoctfens 
06300 Nice, France 
Tel: (93 ) 80.07.22 


ANTIBES 

Town centra. 150 yard* from bea:h in 
un»ll building designed by American 
architect for completion and 1979. 20 
aparemonu for sale freehold starting at 
£15.000 for studios with separate 
kitchens, all taxes and fees included. 
Valuabla discount for first buyers. 
Excellent for own residence and 
investment. Write: Architects Inter- 
nationeL AlWes F. Perraud, 06600 
Antibes,' France. 


cdrr^G'Tj'hl" TME^CWJMTRVrH^fS^? 
•hire. Hot ana cold water- own well, 
mains Electricity, toilet and sewaoc 
berna installed. Great potentiar fbr 
ojvjsioomjjH and beautiful views to the 

KINOXBOTV Vat 541 

KINGS GATE CASTLE. KENT. i«i-hr. strike 


ire* Howoon. PeowoU Bay.) Wmi-htted 
tea maisonnette. 2 tower bedrooms. 


SSSSj S£SW. ta Stt a nSR8873 

Blcwbum <02351 550550. 


VaV 


Whiteheads 


HORSHAM. WEST SUSSEX. 
VALUABLE ARABLE & 
STOCK FARM 


On the immediate outskirts of the 
town. ISO ACRES. Attractive Detached 
Cottage. 3 Beds.. 2 flee-. Kitchen. 
Bathroom. Outline Planning Consent 
for Firm House. Modern Farm Build- 
ings. Productive land in a ring fence 
Including two fishing lakes. Vacant 
Possesion: Freehold. For Sale by 
Auction of i whole (unless told pra. 
viously) at YE OLDE KING'S HEAD 
HOTEL. HORSHAM. WEST SUSSEX 
on. WEDNESDAY 20th SEPTEMBER, 
1978 at 3.00 p.m. 

Auctioneers; — 


Whitafwad, 35 High Street, 
,t, fimsex _ 


BllUngshurst, 


FREEHOLD . 
INDUSTRIAL 
INVESTMENT 


The Leigh Green Industrial Esuic, 
Te mentor. Kent. 

* Sinale-storcy— I7.TW so. fl. 

* Pre-fei to Unit Animation 

*■ Industrial Building Allowances 

* Forward coaunltmem reoulred w 
show initial yield of 9 C „. 

* £275.000 

* Of Iiultwt to family mists, invest- 
ment companies, etc. 

DEBEHHAM TEWS OH & CHINMOCKS 
Chartered Surveyors 
Bancroft House. 

Paternoster Sdnore. 

LONDON EG4P 4ET 
Tel: 0USfi 1520 (Ref. RN5) 


GUERNSEY — For sale l»v. private trtatv 

- one oi the mes: improulve and out- 
standingly luxuriously spoof met) prooer- 

' ties in the Island with snpwb panoramic 

• views overlooking me Islands of Sark. 

•* Kerin ana Jethou. The accommodation 

eatends to: Entrance lobby. Studv. 

' Recaption room. Dining room. Kitchen. 

• Loo»ac. Sun lounge. Heated indoor ! 
: swimming pool. Games room whit lull I 

- ilia Billiard table, table tennis and Bvm- , 
~ nisium eauipihent. Cloakroom. Maim 

bedroom wten m suite bathroom on 
..ground floor- On the first floor Master 1 
' bedroom with en suite Bathroom. Three i 
lumber double bedrooms. Second bath. ’ 
• room. 5 cm rate toilet. The property Is 
centrally heated throughout including the 
double oarage bv oil and Solar panels. 

- is doubla glaccd throughout and stands 
.- in grounas nl one acre on a unteueW 

secluded coastal sue. The sale price is 
. to inelode close fined cai-nct* throughout, 
fitted Venetian blinds and curtains. 

- EnflUirtes and afters write Boa T.4931. 
Financial Times. 10. Cannon Street, 
EC4P 4BY. 


FREEHOLD HOSTEL 
KENSINGTON 


Close Air Terminal and all facilities. 
60 roams — lotno capable of sub- 
division. Lifts. C.H. Garden with rear 
uxess. Exceltanr condition. PrtCfl 
includes good quality contents. 


ONLY £410,000 
RUCK & RUCK 


13 Old Brampton Raid, 5W7 3HZ 
Tel; tU-584- 3721 


FOR SALE 


25 YEARS 


Single super srore North-Eut, 
Tenc £45.000. Five year reviews, 
fully repairing lease. 

Write Box T4927 
Financial Times 
10 Cnnnon Street, EC4P 4BY 


Why the natives are 


growing restful 


CROSSED threads were the An instance of the past 
main outcome of the televised tendency is provided by the 
Nuts and Bolts of the Economy games traditionally played by 
discussion the other Sunday the inhabitants of West Sumatra 
about “ education for industry.” before the Dutch moved io 
Take for exam pm? the follow- £« re - The natives used to pass 


ing statement delivered before ,^ ie ^ r * e ' s V r ® f ^ cooperating to 
keep a ball for as long 


14 other eminences from 1 ' eep . K , a , f or a ? Ions ® s 

business, unions, public service lb i e fro ® b ° nnci " g 0D tbe 
and academia, by Mr. Jim Prior, - tbe cbap 

Conservative spokesman on gnisbe ^ m a ceremonial 

employment. Mr. Prior, who £ ce was lu * Ie . be banned 
evidently believes in “ voca- f rura ever ® nter,n * a S am - The “ 
tionai education ” between the ” t ! 1 ® s « tUer * t0 fP° u 

ages of 14 and 19 for the many 1Dfec «°2 , thc 4 nal,ves 

youngsters who “think with WJ ^ ihe urge to play to win. 
their hands ” declared: J* contrast, the graduate 

l-’ « TS b , aV f LV° b 1 ac «’ i constructing for themselves 
think, to the last century to find career pa ths that are free from 
the revulsion that there was unseemly competition, or at 
through the .first Industrial i east ^ pa^yi consequences 
Revolution against the practices thereof ■ M 

of industry at that time, and * same tender-minded 

therefore so many of our abler attitude naturally prevails in 
people m^edaw^ from indus- CivU Serv V s almost 
try and moved into the Civil exclusively graduate upper tiers. 
Service or the professions or which guide the nation’s 

SiWSS* P,re policies - As lhe Department of 

“pi,,?? 'ffffnv nf th® Tiinn. Industr y showed last year with 
0f l 5 e ? ine ' its Industry. Education and 
teenth century graduates— Management reocirt— which I 
Which is what Mr. Prior dearly arTLonTsh J m Jd some 
meant by abler people did people took seriously— when- 
ever mandarins wonder how to 


EDUCATION 


MICHAEL DIXON 


improve the running of the 
industrial outposts, they 
conclude without question that 
what industry needs is managers 
more like the mandarins- them- 
selves. So the model for the 
colonies becomes the Civil 
Service, with preferential 


not need to- work, of course. care e r progress for graduates, 
But of the rest, it does seem guaranteed salary increases, and 
true to say- that they went into security, 

the Civil Service, professions The result looks likely to be 
and colonies. I cannot see. bad, especially for the natives 
however, that they could to whom industry and com- 
be fairly described as having merce previously offered a 
■moved away from industry.’* chance of recovering from 
They surety, had no intention educational failure, 
of going anywhere near it in 


the first place. 

And while today 


By blocking their carepr 
ladders half way up with a 
industry barrier which can be passed 


shows significantly among , the only by being good at some- 
career destinations of new thing entirely . different-— 


graduates. I- doubt whether namely, passinj 
many of them are going into it examinations— the 


academic 
new cuio- 


ln the same spirit as did nine- nisers' urge to remove the pain 
teenth century aspirants to of competition from their own 
careers in industrial manage- working lives dearly threatens 
ment. Rather, in the current to remove motivation "from 
absence of Empire to go to, the everybody else’s. And I cannot 
graduate classes are now see how Lhis threat. - which 
colonising ’* the wealth- stems from selecting people for 
generating sector. __ responsible work primarily by 

Moreover, true to the type inappropriate academic c.-teria, 
their . Empire-building will be reduced by Mr. Prior’s 
predecessors, the prime urge of scheme to strengthen the 
the new industrial colonisers is colonisers' hold by providing a 
apparently to make It a land fit separate “ vocational educa- 
for the educated to live in. But don” from the age of 14 for 
there is another respect in the natives who “ think with 
which the ethos of the new their hands." 
settlers is diametrically opposed What, I wonder, does Mr, 
to that of their ancestors. Prior think with? 





\ 







L'V (li 

f 


' ** i^xigtist 5 1978 


o 




!• ■■j**- . 


K IN THE MARKETS 





near 



so far 


Hawevqr ( imintentioiiaUy -Allied lng.a.bKL He .tad- not realised spending allowable before PRT 
Breweries- Jias . done its- bit ihat Piran : W«... considered by is payable from 175 per' cent to 
lo keejv the, Financial - Times the Panel, to be . acting in con- 335 per cent. This gives the 
Industrial Ordinal^ Index below cert with otket -parties, mainly government an extra £ 2 bn over 
the 500 barrier;;:^By the. middle Messrs. Bob Tanner and Peter the next seven years and has 
of the week - the Index had less Whitfield.- the -effect of reducing annual 

than two points, to go -and it- piran still.. -does not accept company earnings by amounts 
seemed only a matter of time that -it was. acting in concert which are stiU a matter of con- 
v or ? “*e;magi«l figure was with Messrs ^Banner and Whit- siderable argument among the 
breached. But thea came .the .field althoogteit. quickly obeyed analysts, 
anncmacement that Allied had the Panel’s- order to sell back the -The oil stocks underper* 
sold its. mg^iv.estmsnt intrust.. shares,-'-&teug' a loss of formed the market during the 
Forte vrtddL . took the-, about £56,000 Sn-the process, week but the trend was rather 
institutions a nttle time to piran booldl have appealed erratic, reflecting a comblna- 

absorn. . . ag 3 ; na t the-' Paners ruling but tion of reflex reaction to Govem- 

jn doing so it! would have run ment intervention : and an 
the risk of facfcog a more daunt- initially over-pessimistic view by 
, speculators. By Thursday prices 


On Thursday the Index closed 
within a whisker of . 500 even 
though the' hopes of a cut in 
the Minimum Lending Rate 
were unfulfilled. Still . the 
interest in second line stocks 
pushed, the All-Share Index to 
a new all-time peak .and it 
seemed a foregone cohdosioa 
that the Ordinary index Would 
pass 500 on Friday. But' that . , 

was until Allied — a constituent order to i 
of the 30 share index— made its * or vrme 


LONDON 

1 • 1* . ‘ ’*4 

OHLOpm 

7 : ■ . J W 


bad recovered a little as analysis 
focused on the cash flow side of 
North Sea oil exploitation. 

But yesterday the prices 
turned down again, partly 
because of the weakness of the 



overall market . but mainly 

oust -a. full bid because of a further reappraisal rase of a tenth to £9.5ra may months. Yet Hoover, with 
..it coiild not of Profit prospects of individual look pedestrian but it is Weston static sales, claims maintained 
bid for J T.vons- -.Anoarorh* afford- £ N°rth Sea operators. Wood Pkaxmaeeutilcate, acquired a market share. Imports have 

index, exeliidim? Affied. actriaThr Meanwhile --(lonibeu .Group is McKenzie, for example, on couple of years ago, which has probably taken more of the 
inuex, exciucung AJneu, actually Hid Thursday felt that the ch 


Dassed thp ^no*m»^v*bnT>heni proceeding. . wSth-its bid for Thursday felt that the changes Jet the 'side down. The tradi- market, and sales through Elec- 
after orices drifteit lower on a Qrme, . its. chances slightly would cost BP at least 10p a tional retail outlets are showing trldty showrooms, with a sig- 
broad front. r .. . improved, by tbe-fpiest develop- share m earrungsMxt year. By a £im jump in profits to £3B5m. nificant propoxjion ' of Italian 

.{■' r'..: .1" ment /It- did loot^buy the Im Fnday the broking firai was Elsewhere Waring and Gfttow, imports under the “Electra" 
Pirafl no sarnt shares yducil JE^ra^^ad to sell indicating that 10p could be a vtfhach has a heavy commitment label, confirm this feeling — but 

Piran Vnfninn at a fcTKMik-dewu^iwice. .Maybe bit on the low side. Other firms t0 fanuture retting, managed it is still not the full answer. 

it. tias not mim PTVKT advan- were suggesting a art of as a ^ ^ /Hoover is doing poorly, and 

weakened “ ;® p - _ - rti|1 Bui this buoyancy is leaving this year will be lucky to reach 

- manufacturer Hoover out in the profits of £10oi pre-tax against 

coJd. Interim figures to June £l*2m. Perhaps there will be 

hm t? n f a ^ * how &&les unchanged at £95m some recovery driring . the 

Eight days ago the chairman Oil sharesw^mark^down by year few -majysts were taking “ d pre_ta ? pr 2f2. down t0 aiready the 

of Saint Piran, -Mr. -W.-.J. R. nervous tradacs l rafter. the Gov- mucb com f or t from the possi- £3 ^ m a Sainst £7.6/ m. fUtt ^S-- f0r u retai i ei Il 

Shaw, telexed instructions from eminent atmcruBced ^lans for b mty of a change of Govern- Tbe question that remains beyond the first half 

Bangkok to .two separate two major 'cfcfBges.tp its North me ^_ ^ op Sti 0 n stopped unanswered is how Hoover ^ JJ? 9 - So Hoover may find 
brokers telling . them each to Sea oil tax rate* <rd Wednesday. short Qf a denudation of the . eould “U® ? ut whea consumer itself bypassed by this con- 


construction group, was . effec- _ 

tively fined £56,000 this week - 
for what the -City, iCaksKJver 3>oaTloru - ’ 

Panel described as ^regrettable, 
lack of tare.’ 


ZZ spending is apparently so sumer revival and not really in 
strong. Destocking by retailers * strong position to face the 
is a factor, but by no means the next cyclical downturn, 
whole story. The industry "• 
figures for home manufacturers’ 


buy 500.000 shares ia Orme de- ; - . The prepb&d ; :>*hanges in- pi^g wbe n the matter 

velopments. Thisj purchase crease the Revenue raised in Parliament 

brought the total . stake owned Tax from 45,iper^cpnt to 60 per 

by Piran and other parties con- cent on January^!* fallow a pro- Consumer trends 
sidered to be actin&iiD concert- auction rate pfJmjly 500.000 . 

be vend the 30 per c^nt leyri -at tonnes a yearifiei«e becoming The consumer boom as cer- deliveries show automatic wash- THE TOP performing SECTORS 

which a bid is required under liable for tax'i^tead of the lm taiaJy evident in the figures ing machines up 26 per cent and in FOUR WEEKS FROM JULY 6 

the Take-over Code/. But -Mr. tonhes a. yearW&t present, and from two retailers this week, cleaners up 36 per cent in value 
Shaw had no intention' of mak- cut the perceive,, of capital Dixons Photographic’s profits terms during the first ^ ve insurance (Life) 


MARKET tHGHUGHTS OF 


jfC- 


U. K. INDICES 


•isKrJ- 


l -JHire Purchase 
Insurance (Composite) 

. Building Materials 
. Property 

Lfc- Electronics, Radio TV 
, . All-Share Index 


Change 
+1&5 
+ 1&0 
+14.7 
+14^ 
+T4J 
+13.9 
.+ 9.9 




THE WORST PERFORMERS 


The following table list* the changes la the FT 30-share!Jpdex and its constituents since the 1978 index low 
was recorded on March 2. The FT Gold NSnes index is gtio shown. 


-i ' . Chang* 
Price • since-. 
y'day.'. Mar 2 . 


1978 


Ind. Ord. Ind. - 497J1 .+63.8 


Allied Breweries 

«4J 

Hr 


5 '94'. •' 

78 ' 

BOC Int, 

•72* 

+ 

8 

- .79 

63 


Beecham 


Blue Grdc 


Boots 


70 0 _+TOS 7 0 5 S8 J 

“~272 +4 9 27 3 VU T 

; 22Z ; +38 231 : ' 184 


Change 
since 
Mar 2 


1978 

High Low 



Average 
week to 


Aug. 

4 


July 

28 


July 

21 


FINANCIAL TIMES 
Govt. Secs. 7IL83 


71L89 7061 


Office Equipment + 63 

Toys and Games + 6.1 

MUc. Financial +'4-3 

Overseas Traders + 3.5 

Oils + 3.0 

Newspapers, Publishing + 2.9 


In hope 



THERE "ARE several reasons 
wby for the uon-participant the 
New York stock market is more 
often than not one of the best 
shows in town. One of the most 
enjoyable is its wilful and 
repeated tendency to ignore 
expert opinion. These experts, 
it should be understood, are 
non-productive in Wall Street 
terms. They sell no stocks and 
neither do they go out on the 
road much rounding up new 
clients- They are paid very 
substantial salaries to analyse 
and explain the economic world 
■round them on the very correct largely, it seems, because it has vestors by his strong public line 
assumption that investors are captured the odour of falling on reducing inflation. It mailers 
looking for guidance about when interest rates. •• The market is not. >t yeems, that Mr. Sillier 
to commit tneir money and to telling that interest rates are is now beina criticised by Wall 
wpat not going to go any higher.” said Street economists for apparently 

Nevertheless, with some regu- a bemused Mr. Alan Lerner. softening his public line un Hi- 
larity the men who manage the senior economist at Banker's flalion, but rather his hopes «n 
billions of investment dollars in Trust. Mr. Lerner expeets interest rales coincide v.uii 

pension and trust funds, banks interest rates to go higher, so those nf investors because, 

and insurance companies appear do Merrill Lynch's economists more often than nut. genuine 
to sweep all of the learned and even Mr. Erich Heinemann stock market recoveries iradi- 

of Morgan Stanley (whose tiunaliy follow on the heels of 
collective house view is that an interest rate peak. Tin? 
interest rates are at Dr very' near second pusitiv? influence this 
their peak) has forecast further week has been tin* Treasury’s 
increases of up to 75 basis quarterly refinancing which has 
points. produced lower than expected 

Dr. Henry Kaufman or interest rates, which in turn. 

or to new green, and profitable, Salomon has just completed his h as helped raise prices and 

pastures. A gallop of sorts has usual exhaustive mid-year lower yields in the overall bum! 

most definitely got under way analysis of the outlook for the market. 

on the New York Stock credit markets and concluded N °w managers nf investment 

that ‘‘the current unpre- funds have careers to protect 
cedented mushrooming of credit and families to feed and these 
demands will continue over the interests lend lo be jeopardised 
12 months ended June 30, 1H79 ” if they are not somewhere m 


advice off the desks. Lake a 
herd of wild antelope, they raise 
their noses to the wind and 
respond to a primeval instinct 
which often sends one and all 
galloping in the same direction 
which may lead to a precipice 


Exchange this week for reasons 
which most expert opinion find 
definitely dubious. For the 


NEW YORK 

JOHN WYLES 


and that 
“ upward 


as a . consequence 


pressures 


upon 


interest rates will remain quite. 


the middle 
market rally, 
have been 


of a substantial 
These eenllemen 
exercising great 


strong and will last sometime prud * nt ' e ,lver . last IS 

into 1979 " months, eschewing stocks and 

_ , lo a significant extent bunds 

Two phenomena appear to an( j accumulating ever increas- 
»■ have persuaded many investors ins quantities nf cash, ir Mr. 

to turn a deaf ear to these Miller is hopeful and trea-ury 

four heavyweight views. One is the yields arc ceasing to soar, then 

hope of Mr. G. that is good enough for many 


This surge, in which .1 believe 
foreign buying is playing an 


second time in less than 
months the market has rallied, expressed 
establishing a new high this William Miller, chairman of the money managers to si art" In fee! 
year for the Dow Jones Indus- Federal Reserve Board, that in- nervous about missing a band- 
trial Average, a new record for teresi rates are near their peak wagon, 
daily trading volume and on and that credit conditions will 
Wednesday the largest daily be easier by next year. 

advance in prices for more than Mr Miller's influence on in- important part, raises the ques 
three and a half years. vestors first became apparent in tio-n of whether inflation has Tor 

Devoted readers will recall mid-Aprjl when it will be the time being ceased to plague 
that a fortnight ago this column, remembered the stock market investors, 
in faithfully reporting expert staged a major recovery of 
opinion, had retailed the view prices and trading volume, 
that the market would show no Such was its vigour that it was 
great advance nor decline in the labelled ” Miller’s market '* 
coming weeks. But, having because the Federal Reserve Wednesday 
sniffed the wind, the investment chairman was credited with 7 

herd has decided otherwise putting fresh heart into in- 


Thursday 

Friday 


Close 

Change 

86227 

-r S.9S 

860.71 

- 156 

883.49 

+22.78 

88657 

+ 358 

888.43 

+ 156 


Fixed Interest 7254 72.19 71.62 


- Ind mt. Ord. 4955 4 86^ 4735 

+■ Gold Mines 187.1 176.6 


«L. 


Dealings mkd. 5,118 5,169 


_1665 

4,451 


Bowater \V 

.. 

196; 

+26. 

'205. 

163 -J ' 

: LucJ^inds. 

324 

+84 

__326__ 

240 FT ACTUARIES 
— ZZ- Capital Gets. 22950 22355 

216.77 

BP 

Browii (!■)■■ 

• - 434: 

-+158'T . 4M 

: - 23V~ -- 

if 1 8, O. DfdY“ 

- 88 

“ 7 

. 118 

— Consumer 
(Durable) 

20955 20456 

19857 

Cadbury Seh. . 

sjT 

■ 9- 

. 59; 

48'..-' 

/ PFesseyr > \ 

99 

+ 9 : 

103 • 

- ^ Coro. (Non- 



Courtaulds 

-, Ox 


^Tt3I 

JJfk id 

*' Tate & Lyle-l \ 

170 

-27 

218 

764 Durable) 

27454 270.71 

20357 

Distillers ,v 


---■ +36^ 

• 200r 


■Tube Inv&i...-' ■ 

r"390 

+22 

396 

336 Ind. Group. 

22358 27851 

21259 

Durilop- 

- 73 


90? 


Turner &N.>. 

\ 790 

+10 

209 

166 500-Share 

24553 24153 

23552 

EMI 

-148“ 

• : .+ ■?/.' 

v'W. v*. nT: 

'• uds 

yio2 - 

+20 

102 

82 Financial Gp. 

17156 167J3 

164.98 

GEC 

J286 

4-49 ' 

iu 


Vickers . 

\l80 

+ 2 

199 

160 All-Share 

226.71 22258 

21755 

Glaxo.- • 


.-..+.75 

:.6l0 

~r s 

Gold Mines Ind. 

185.1 

+225 

1915 

1305 Red. Debs. 

5755 57.14 

56.95 




M 


• 

; 







Goldfift&e$ pause for breath 

as 



GOLD and gold-stare markets deterioration of the position Jn -gested payment is 30 cents a payment from Wlnkelhaak of 
have turned distinctly cooler Rhodesia, in particular, would against 25 cents a year ago 70 cents which would make a 
this week after, the-^' previous-' be . hound -to have a sharply when the subsequent final was year’s total. of 123 cents com- 
excitement. •’ :Adnuttec§y,-‘ the- adverse effect on share prices. 30. cents. But in view of the pared with 86 cents for 1976-77; 

bullion price jumped & a new " TUiia would -haoDen despite ^ ld-uranlum min& ’® excellent Bracken 22 cents to make 42 
j <lic r ■’wma ™ ppen June quarter profits other cents against 2o cents; Kinross 

oSnci X one JEStSE ?' looto * for a 30 centS t0 make 53 «* 

pohtical^ ^considerations^ ^ Payment of 40 cents. against 34 cents; and 12 cents 

rinsPTheda^at S202ZOv?the VM. stare pneej stand pa f^ al dividends expected to make 19 cents against only 

prices have , been - hpveri^ . ax _ art& However, there is a 
just over the 3200 level and The degree of risk in all investment 
market appears to be m .a period ^ Usually commensurate 

of consolidation. - ; ■ . i with the anticipated return;-: .. ;• ' r 

Not surprisingly, there has. jBiitif-the gold price does no? 
been profit-taking ; mgold^shares maintain its current. •- - 

after the recent strong advance^ ] eve]s . ^cQmbrnation of 'T»re- 

but it has been well absorbed - earnings- -and those . boasted AmaL of Nigeria (tin) ........ 

by the market, &od lnye$lOfs . oast quarter by. : the of N1 8«ia (cohnnbite) 


TIN OUTPUTS COMPARED 


the market hds 'setded . down 
ltave been taking : the- .oppor- . 
lunity to make- -their stare- . 
purchases, in the jmore Stable , 
conditions. . ' ’.7" - ; - 

They may be taking the right 
lino. But forecasting day-to-day 
movements in'. aDi .cOORBOdity. 
price, especially one. which has. 


MINING v - 

MAR5TOffc^ 


BisiehJ Jantar (colnmbite) 


Ex Lands Nigeria .... 

G revolt • 

Gold and Base (tin) 


Gopeng 

Idris ..... 

Kam anting .. 
Kent (FMS) 


a. jauiuoruy •; Q ■ *u«u* jn.cuda 

term, sold.-nriees coulcl easily splendid- - dividends Kuala Kampar 

if the-temto ina Ottober **<“ U »« Pen* - 

U.s: dollar should rally after Jnentega daB .to.be annMi M M M^_.n ; 

iis heavv fall . i - . ; , W tte ..P«tage- Free State and 

There is /an. old Stock Bvafldfir-Area- mmes. , .r-.y Petating 
Exchange adaie that goes hack VLatest estimates from stppk- Rahman 
to the “ Kaffir boom:’ days, and brokers Williams de Broe sng- 
maybe even furfterr which says-gest that Western Boidings |J; SS^Thailand 


bottom and gctS-out again at the to^ September 30 of as much'as Southern Malayan ... 

top. Those who make money aire 240 cents-, (142p) to- make a Sungci Beal 

the ones:Who. : are prepared, to jremrtr total ; of 430 cra^gtoirt'^Jg H^itavr" 

take a longer &xmMew of-«: 23Q cents last. time. President tSmo?; 

market trend and who. “are pre- Stcyn, they, -feel, could declare. * Figures include lowgi 
pared to leave; some potential' as much ta 80 cents against 10 are shown in metric tonnes of on concentrates, 
profit to the other man. ■■ rents- to make a total of no 

As far as gold Is concerned, cents. against only 20 ; cents ’for:* 
the underlying/strength of- the -1976-77.- ‘ - - 

industrial:- -.demand, % far' the Of .other likely finals, that' of ’ 

metal coupled; -with the .still gL . ■ Helena^ 1 b estimated-- at 

unresolved doubts.nbout paper, gs cents ^ ^to make a year's total 
currencies ‘in ^general' snggestff ^f jgs cents' against ,115 .cents;,." 
that, its price : has r a 'firm base • Free State . Gedold I90.oenta. to ■ 
and Is still in an overall rising^ ^ jnake 320 cents agalnat 240 ' 
lrend; despite'the posslbiUty 6f cents; Pres£dent Brand 95 cents, 
hiccups oh ihe way up. , "air' make 160 rents against >30 . 

South -African, - gold shares/ cents; and Welkom 35 ..cents 1 to-, 
look to be similarly plared, but make- 60 cents against; 35;pent$. • 
the main difference is- that ; Odd man out in tifie .OFS- 

they have- -to live with .a declarations will be Harmony 

potentialiy- - ; «xplw lve political which is -due to declare- an 
situation : Bud any- 'Tsevere Intejrim: In. this case ,tite sug- 





Total 

period 


June, 

May, 

to date 

previous 


1978 

1978 

(months) 

year 


tonnes tonnes 

tonnes 

tonnes 


171 

124 

419 

(3) 

524 


28 

26 

92 

(3) 

47 


167 

111 

1,563 

(12) 

1598 


158 , 

229 

1,794 

(12) 

4,132 


- 381 

340 

721 

(2> 

82 i 

.. 

25 

1 

199} 

(6) 

203} 


res 

9 

194 

(6) 

188 


1M1 

791 

749 

(6) 

$63} 


22 

24 

134 

(6) 

153 

‘ um 

103 

100 

301 

(3) 

277 

mm 

11 

H 

- 100 

(4) 

106 



1 

-1 

(4) 

2 


125J 

1394 

1547* 

(9) 

1597 


384 

18 

103} 

(#) 

361} 


87 

35. 

106 

<3> 

12$ 

, 4 


¥ - 

102} 

O) 

434} 

## 

19 

■r 

466 

<9) 

560 


fl 

S00J (IS) 

658} 


16 

23 

58 

<3> 

90 


22 

31 

53 

12) 

49 


228 

187 

2568 

(12) 

35*2 


f 

142 

1563 

(ID 

1.692 


H. 

9) 

. 78* 

(9) 

148} 


330 

130 

955 

(8) 

7401 


117 

89 

8771 (12) 

- 619 


28 

19 . 

64 

<3> 

68 


211 

219 

- 600 

<3> 

569 


9S 

81 

281 

(3) 

■267 


181 

251 

4CS 

(3) 

437 


165 

133 

1578 

(12) 

2478 


161 

147 

.456 

(3) 

401 

-* 

■ Y 

14 

87} 

(5) 

941 


42 

29 

437 

02) 

612 


177 

220 

1520 

<6) 

1572 

material, Not yet available. Outputs 





V.000 

8,000 

BOTO 

4,000 

TIN - 

Standard Grade * 

i 



— 


“ LODOOn. 

k 

1 

V 


t 

Pi 


r 

_ 




Price 

i 


rf 







w 


. 



. ■ : 


L 











J 



I J 


| 

















d 















n 




1 












7 

1 






Jr 

± 












1 



J 


J_LL1_ 



JOTS 1877 1378 





.a.now 


.lin-ittJiHimlSMtyidd iu Jih .lu^w! iijS. 


with prospects of growth in 
income and capital. 


- This offer of High Income 
Units by Gartmore gives you an 
opportunity to get 9% gross 
yield from an investment which 
is mainly in equities. 

What is more, it is managed 
by a professional team with a 
successful record in high-yield 
investments. 

The portfolio consists of 
shares in over 200 different 
companies, many paying above- 
average dividends, in which the 
dividend is not only reasonably 
secure, “but offers prospects of . 
growth in the future. Now that 
dividend limitation is to 
continue, there are advantages in 
investing in shares that have a 
high yield. 

A number of the holdings - 
are recovery situations where the 
shares are, we believe, under- 
valued and so have above-average 
potential for capital growth. 



Since the launch in March 
197 s tjie offer price of the Units 
has increased by 130.3% (as at 
4th' August 1978) compared 
with a nse in die FT Ordinary 
Share Index of 80,8%. 

In addition to this capital . 
performance, original unit 
holders have received a total 
gross income of £48.3 5 per £ 1 00 
invested at the Thistfs launch'. • 
‘ • Over 80% is invested in 
equities-with die remainder 
spread over preference shares, 
convertibles, cash and gilts. 
"These proportions may be 
altered as investment conditions 
change, but the Trust will 
always be mainly invested in 
equities. 


Our primary aim is to 
provide an above-average level of 
income, together with a measure 
of long-term capital growth. 

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

You should regard vour 
investment as a long-term one. 

Chosen by 
professional advisers. 

About two thirds of the 
money r invested in Gartmore 
unit trusts (now totalling £35 
million) has come not directly 
from the public, but through 
stockbrockers, banks, solicitors 
and other professional advisers. 


The reason for this is that^ > 
Gartmore s name is widely 
known and respected among one 
of the most exacting audiences in 
the world - the professionals of 
the City' of London. The parent 
company 7 manages no less than. 
£650 million of funds for 
investment trusts, insurance 
companies, private client 
accounts and pension funds. 

How to invest. 

You can invest from £200 
upwards. To apply, fill in the 
coupon below and send it to 
Gartmore Fund Managers with 
your cheque. Or consult vour 
professional adviser as soon as 
possible. 


L'lUb. arv available ai ihe daily quoted oiler pnre 
and yield publtnix-d in mom news 

Appbcttian&wiUbe acknuwks^ 

will be fanmrded by the M^nageri within six weckn if 
revdpt oj your chrijur 

Vou can sell youf units back lo us. at not less than 
»b«3 prim on any dealing dav, you mil - 


theminimum . % 

be sent a cheque nittan revert days of the Xlanauu? 
rccctvtnt: ynur renounced ccnibcsuc. 

TTk 'IVusl isOTTKthutcd and aihniniweml l«v a 
Trust Deed dated koth OorfxT. 1 1/73. 

Incomue-dKirinuirdtsi 15th March and 15+ 
ScptcntK-r. 1 'niMpu«huM.-d now wfllrecchL- tjxir 
firm distribution in .March 1973, Dsttibubuw 
dj e paid idler dcduiTMinf 
income tax at the basic 

rate. Income bo. can be « ... - -n.m • 

reefcraued from the ( ' T r ZY^S^ -f : 


lnkmd Reunueif you arcuiuriitl in do nii. 

A munaRemcnr charge of s" u »• ir»cHjih\l m the 
price of ihe unite. Out ot^ ihisihe Manamwill pay 
cisrinirnunid' iV',. hinuihurbeiiaucrir^'lhen- i-.an 
annua! duns; ntjhs. u f 1 ,, t . fplus VATtiCtlic taJiK-W 
the IuikJ which is dcvhirtcd Iruni mcomi-. and whid 1 is 
alrtadv allunvd for m the I'snnuied current piw yield. 

The Trustee c Midhnd Barit Trus Company I jJ. 
'n*.- Manacjm. of the Trust an: Cianmonr Fund 



MjrtaKvrs lad. 2 Sl Man- .Axe, laimktt liCj-A XU!’. 
Telephnntroi-’Ss 3531 |\Ict.iK.t nf die Vint 'J'turt 

.Vwi+tKlILl 

ItirvO'irv: D.B U. IXebHn lOutmunl. 

W. Campbell Allan C A. A AI. Aimiusc. .VJ K t "oilm? , 
h. Hte% cte.Ni Jiir. C.V. J.A. 1 hnmnin CA. 

ThLutfer is m.«t in-jiljlilc lit 
n=-Uem>oTihe Kepidilic 
nf Ireland. 


FID in the coupon and send itpow. T« Gartmore Fund Managers Ltd., * 
2SL Maiy Axe.Loock41EC3A.SBB, filad. .Vie I rj 7 djj. Nd*fU Bliw I. 

I/W e should T 3 ie to buy Gartmore Higtr' r—t I f vdu want tnaxitnum frcmii h eauiiwnatic 

Jacome Uwte to the vahiV n f \ Miu.f.2, m ] LJ ir-imumuniiil net inenme. 

.1.., ' . I [ Jryuti want lotaun ton you un nxthl: " 

_iatttwoBer price LJ a repubr h«h ntcmir uteh quarter. 

mling on the day you receK^ e this application.* I I If you wnuW Ifla- ditafls Ji our Share 
I/We enclose a remittance, payaMe lo E * ds,n ^ Sc ? iw - 

Gartmore Fund Managers Ltd. . * |J If you Uir aivcushng uirnhi<ldLT. 

•For yewr guidance the nffef price of Gartmtuv Hiyh Income Units 
on 4th .August 1078 was 63. ip xd. 

. I.Wc dt vtan: that I n mjvi- are not resident outside the ‘Scheduled Territories and dial I am/ncaivnot acquirii « 
UK units as the nommcrtsiol anypcmeK^ rwdentoutstde the Scheduled Twritririru. ( ifmu atr unable lo sign 
thn dedummirtihogld be dekrted and ywapphasion knfc,-d ihraiph un authored i-iroiiorj.i 

SURNAME (M R. MRS. MISS) . . 

FIRST NAME(S) IN FLTLL 

ADDRESS - 


SIGNATURES).. 




Fl'osflSHI 


v 





Financial Times Saturday August_-5;'197S 


FINANCE AND THE FAMILY 


V 


X 



tax and age allowance 


No legal responsibility can be \ 
accepted by the Financial Times j 
for the answers given in these; 


Faith and figures 


BY OUR LEGAL STAFF 


In your answer under Income 
Tax and age allowance (June 
17) you siated that the tax Free 
NSP* interest of £70 x 2 (to a 
joint account of husband and 
wife) doe*, not affect age allow- 
ance. However, as the interest 
is required to be entered in 
the tax return docs it enter in 
the calculation of investment 
income surcharge? 

No: section 414 uf rhe Taxes Act 
says that ” those sums shall be 
disregarded for all the purposes 
of (he tncnim* Tax AcLs. oilier 
than the furnishing of informa- 
tion/' 


Interest 
on legacy 


where an account is directed to 
be taken by a judgment of the 
court Otherwise the ordinary 
rule under the general law still 
applies namely that Interest is 
at 4 per cent and runs from the 
date of death if the -legacy is 
charged an realty but otherwise 
from the anniversary of the 
testator's death. 

Insurance monies are not a 
legacy. IF however the contract 
of insurance provides for pay- 
ment on death you would be 
able to recover interest under 
the Law Reform (Miscellaneous 
Provisions > Act 1934 if you sue 
fur payment of the monies, but 
nut if you recover them not 
through litigation 


of apportionment your land will 
be exonerated of payment save 
as to your own share of the 
rentcharge. 


fiat to object? Is there 
anything one can do apart from 
placing a caution at the Land 
Registry, so that nothing is 
done precipitately? The house 


columns. 

answered 

possible. 


M 

bf 


inquiries 
post as 


will 


*i 

05 | 


Extension 
of lease 


Under Interest on legacy 
(June 24) you stated that the 
rate or interest is 4 per cent 
from the rh.ie of death. I 
recently read that the rate of 
interest is now 5 per cent and 
that it starts to run from the 
end of the first year. What, 
please, is the position? In my 
recent role as executor I have 
found that insurance companies 
do not pay out any money until 
grant of probate has been 
obtained, Sues the 4 per cent 
apply to them? 

It i.> correct that order 44 Rule 
19 of i he Rolei; of the Supreme 
Court was amended with effect 
from January 1. 1973 ip set 
interest mi legacies at 5 per 
cent per annum beginning at 
the expiration iff 1 year after 
the legatin'* death. Huwever. 
that rule governs the position 


Collecting 
ground rents 


I refer to your reply under 
Collecting ground rents (July 
3). L have to pay a chief rent of 
£30 a year on some properties, 
only one of which I now own. 
Another owner is supposed to 
pay me £23.60 a year, after 
collecting from others. I have 
the utmost difficulty in getting 
this money out of him. Can I opt 
out and just pay my own 
share? 

You can only "opt out” as you 
suggest by persuading the 
owner of the rentcharge. i.e. the 
person to whom you pay fihe 
rent to enter into a legal, or 
formal, apportionment of the 
rentcharge with yourself and 
tiie other rent payers. If the 
rent owner enters onto a deed 


We bought a house oo a 37 
year lease iu 1949. It was 
divided into two flats one 
of which has now fallen 
vacant and we would like to 

buy the freehold, so that 
it could go to our daughter 
on her forthcoming marriage 
and If she eould occupy the 
vacant flat- However, due 
to the shortness of the un ex- 
pired portion of the lease, the 
landlord is not willing to 
selL What do yon suggest we 
do? 

If your daughter lives in the 
property as owner of it for over 
five years, she would . be 
entitled to an extension of the 
lease for a farther 50 years, 
but at a higher rent, on the 
determination of the original 
term of the lease. Alternatively 
she could purchase the free- 
hold alter the five years* quali- 
fying period. 


use if there is indeed such a 
use. You can indeed apply to 
the authority for a certificate of 
concerned was chosen about 12 established use under Section 94 
years ago by the Efe tenant of the Town - and • Country 

with full knowledge br the Planning Act 1971.. J There 

terms of the trust. would be an established use 

, .. ... _ if the use as a school was begun 

*ou should make-ywr position ^ j anU ary 1, 1964, Md 

had continued for four years. 


and views known to the trustees. 

They have a duty-7 tl>- hold an 
even hand between life tenant 

J imhD £ th»t would be the established 
knowing the precise terms of ^ 


Thus if the school use was from, 
say, 1959 to the fire in 1965, 


the trust Instrument we cannot 
advise fully, hut It is possible _ - . . 

that the life tenant cannot fSlluSlU.€TlCC 
require the trustees to purchase 

a different house without the -- . J i n ^ 
remainderman’s consent We CUUSCU Uy U TT€€ 
think that it would be appro- A s a result, possibly, of the 
pr!i pl *“ a ^on on the drougbt of 1976> excessive 

registered titie; and you could water uptake of a chestnut tree 
be liable m damages for doing is considered to be the cause 
so without grounds m law to 0 f subsidence to my garage by 
support the caution. J 6 ^ J 


A power ef 
attorney 


Tenant and 
remainderman 


What riihts has the 
remaindt rman with a vested 
reversion uy interest in a house, 
which the-, life teaant wishes to 
sell, and to replace by a small 


a local builder who specialises 
in such problems. Do yon 
consider X would succeed in a 
claim for damages against my 
neighbour, without litigation? 
What sort of evidence would 
be required? 

We see no reason why you 
should not suceed in a claim 
for damages, but ultimately the 
only way to enforce a claim is 
. , .. . . . . by litigation. When you say the 

A power of attorney which is ^ter uptake of the tree “is 
not expressed to be irrevocable considered " to be the cause of 
may be revoked by the death or subsidence, presumably the 
incapacity of the donor of the builder who considers this to 
power or by her revoking the be the case, can provide some 
power by deed or under hand, evidence, 
or even by word of mouth, pra- 


How may a power of attorney 
be revoked, Le. withdrawn 
after it had been given? 


vided notice 
donee. 


is given to the 


Tax resident abroad 


With reference to your piece 
some months aso about non- 
resident exemption from foreign 
dividends tax «»n payment, 1 
believe you said Hint such 
exemption rnnSri lie obtained by 
submitting iorui .M to the 
Inland Revenue- When I 
eventually obtained this form, I 
found it only deal! wirlt 
repayment of tax deducted. 

Is there not some farm which 
stops the lax from being 
deducted in the first place? 
Wltat do v iiu suggest I do? 
Presumably you are referring to 
the reply published on October 
13 last under the heading "Tax 
resident in Greece." 

The form* for claiming that 
future uver-toa dividends etc. he 
paid luthum deduct ion of UK 


tax (where the shares etc. are 
on a UK register) is A3. 

However, if it is your own 
bank which is deducting the 
UK tax (as distinct from the 
company’s UK paying agents), 
then-there is no prescribed form 
—a letter to the bank will suf- 
fice. You should draw the 
bank's attention to sub-section 
4 of section 159 of the Income 
and Corporation Taxes Act 
1970: 

”14) In the cases mentioned in 
subsections (2) and (3) above, 
no uuc shall be chargeable if it 
is proved, on a claim in that 
behalf made to the Board, that 
the person owning the stocks, 
funds, shares or securities and 
entitled to Uie dividends or pro- 
ceeds is not resident in the 


United Kingdom.” 

The bank will require details 
of periods spent in the UK in 
recent years, and of your plans 
for future visits to the UK, in 
order to establish that you are 
likely to remain not resident 
here (l'or tax purposes). In addi- 
tion. tney will probably ask for 
a formal indemnity against 
claims for UK tax which might 
arise if you were ultimately re- 
garded as resident here by the 
UK tax authorities- A collection 
charge is likely to be levied, to 
cover the necessaiy formalities 
fand the loss of poundage under 
paragraph 10: of schedule 5 to 
the - Taxes Act).-, and this is 
something which' you may wish 
to check with the bank in 
advance. 


Certificate 
use 


Registering 
a transfer 


of 


In your answer of December 14 
last under Useless Piece of 
Laud you state “ Moreover, it 
Is not at present apparent why 
you cannot build ... on 
(be land, as there must have 
been an established use.” 

We own a farm on which stood 
a country house, which, until 
in 1965 it was demolished 
following a fire, was for a few 
years being used as a school. 
What is your opinion oil 
established nse in this ease? 

We have been advised that the 
local council’s policy is to 
ignore it .. '* 


Our reply under the heading 
Registering a transfer (July 8) 
was not correct Under the 
terms of the Exchange Control 
Act 1947, a UK registrar may 
not register a transfer unless 
either it is lodged by a UK 
Authorised Depositary or is 
lodged with declarations as to 
residential status made by an 
Authorised Depositary* 

This is a basic rule to which 
the only relaxation is in respect 
of the winding up of estates of 
UK residents. In that case the 
executors or administrators may- 
lodge the transfers which may 
be accepted by the UK regis- 
trar provided that the bene- 
ficiary is a UK resident and the 
securities are quoted sterling 
securities. ' i 


THE BRITISH insurance question or by way of specific 
market. Doth companies' and declaration. 

Lloyds, enjoys a high repota- Home, motor, and other per- 
tion, so I must admit to being sonal policies are normally 
bothered when I hear or read annually renewable contracts — 
allegations of bad faith against so that either party can choose 
insurers, whether these be to go his own way at the end 
against individual companies or of the insurance year. Insurers’ 
syndicates, named or unnamed, widespread, but not universal, 
or against the market generally, practice is to issue a renewal 
My anxiety is increased when I invitation on each annual con- 
read the comments of colleague tract: this invitation implicitly 
Eric Short last Saturday. says on behalf of insurers “ we 
Eric, you wHI recall, was are prepared to give you 
discussing some aspects of another year’s cover ^ on toe 
domestic under-insurance and assumption that tnerlSK has nor 
had quite a lot to say on the changed materially, 
application of the principle of Although insurers and policy- 
average to claims by under- holders talk about renewal, the 
insured policyholders. Saying, renewal of any annual contract 
“ There are rumours - that ^ in jaw the effecting of a new 
certain insurance companies annual contract — and.it is only 
are using averaging even for t he convenience of the 
though there is no specific parties that the old documents 
clause in the policy,” he went 


insured index linked. . 

Insurers' legal action iaganj* 
tbe policyholder who fails in vl 
duty of disclosure wfaetW 
momr, household or whatever 
is to avoid the policy amj 
return the premium. la th« 
nature of things, nondisciasijra 
is usually discovered "nm, 
when a claim i s made ana T 
avoidance of the policy involves 
leaving the policyholder unpin, 
tected in his time of trouble. 
but .no insurer jealous of hia 
good name wishes to leave Ju® 
so unprotected unless the non 
disclosure is fraudulent. 


on to give his opinion that if 
indeed this is happening such 
action is to be thoroughly 
deplored. 

I am no better informed than 
he about what is happening bnt 
I do not share his view -that 
such action is to be deplored, 
because I firmly believe that 


INSURANCE 

JOHN PHILIP 


The planning authority is not 
entitled to ignore _ established 


New ways in the wine trade 


THE BULGARIANS were there, 
and so were the Turks, the 
Tunisians and 23 other wine- 
making countries. The Nitrate 
Corporation of Chile jostled 
with P & O for space, within 
hailing distance of Hie South- 
Y.'c:*lrm fins Board and 
Chri^ii-’.-. Hi alt there were over 
SO exhibitors at the first World 
Wine Fair ••■nsl Fcviiul. which 
h:-s jus I ei'iii|i!eied a highly 
successful 10-day run nr the 
UiriidiOM'ly - named Bristol 
Kxinhitinn Centre. Ionised in a 
couple of h md-euue — »!’ dilapi- 
d.neil — warelu iiM.-- winch could 
tin -.Mill n iur mMO refurbish inn. 
Ni-ver;iieie«. Hie *dto. near the 
ceiuve ui B.'isiul Inn still pro- 
%nliiic M»ni«* e\hihiioi> with a 
chance i*« *di n i* their wares hy 
the waUTs-uii*. i> potentially a 
perfect one. 

In f.:ei i lie only major 
sh-ioiUee- v. ere tin- mjjnriry rff 
Hie luc v. me companies owned 
In :!«■ hn-n-Ts. with the notable 
exception of l lane*. s anil the 
Hedges end Duller subsidiary of 
B.I-* Civil rue:!. -n, 

Tli*' v.iiic market wa- siinul- 
Isivvuffy » '•■bh<-:<-d by major 
:!ir:v:i-.-> m duty and by a sharp 
reduef'-n ::: the really dispus- 
a’lb- Mic.mii* r.v.ni-iMi' tn the 
middle Hr.-'Scs. Nevertheless, 
market i::s- bc-n cot ting 
mere .'« , jM , ;s;.s..iieil. and this is 


however, and the confidence 
throughout the trade is rein- 
Foreed by comparisons with 
other sectors of the drinks mar- 
ket. First, though from a very 
low base, expenditure on wine 
has outpaced that on beer or 
spirits throughout the post-war 
period. Second, the outlook for 
the competition looks decidedly 
unfavourable. Port and sherry 
are seen as declining markets, 
too tied to an elderly consumer 
profile for marketing comfort: 
and vermouth, which has out-. 


and the petillant Mateus Rose 
taken over by Hedges and 
Butler at the end of the 1960s, 
were classic “the boss is com- 
ing to dinner— a bottle of wine 
is as important as candles ” type 
of wine, providing an appear- 
ance of correctness with any 
type of meal. 

But the third, Hirondelle, in- 
vented by Bass Charrington, was 
the wine trade’s first proper 
brand in one important sense: 
its sales did not depend on the 
country from which its contents 


A major marketing war lies ahead as consumers 
show signs of increasing brand loyalty. The 
present low level of spending on table wine 
advertising may rise considerably 


WINE 

NICHOLAS FAITH 


one iff tin* fretor-i ■ Im.!i will 
c<indii.-i:i tV vcr> r.ipu! nmwrh 
o.\pi»vtoil in I he next five years. 

The fiirun”*. fnv.i regular cun- 
suw.T surveys ami from market 
researchers like Acumen- 
System ?■ which .'•pecialiSi? in 
wines And spirits, oil tend to 
agree. Whereas in 1970 only 
one in throe of the population 
had drunk light wines in the 
pas* s:x months, the figure last 

ye.ir was 40 per cent, and 
Harveys, for nue. expects the 
figure V' r:s-‘ to nearly ft) per 
ecu: by Mure crucially, 

the majority iff drinkers who 
din drii’k very often are 
drir.kinu mere frequently and 
{he increase v\ their numbers 
is concent ra! ml mi the crucial 
ihccsuFe very laraci Cl market. 
Ihe skilled classes. Harveys 


projects a 70 per cent increase 
;n censiimpib-'n in 445m bottles 


liy 1952. 

Even after such an increase 
.mr per capita consumption 
would still be com ton ably be- 
low ihal vf our EEC partners. 


paced table wine in the past 
seven years, is seen as limited 
to too narrow (though young 
and affluent) a segment of the 
consuming public to he able to 
continue its staggering rise to 
fame. 

The contrast between wine 
and vermouth, or indeed any 
other type of drink, is not con- 
fined to their market profiles. 
It continues into the marketing 
process. In the words of Nigel 
Croney of Courtenay Wines: 
”AU the important drinks mar- 
kets — whisky, vermouth, port, 
sherry, gin, etc. — are each domi- 
nated by a handful of brands 
which virtually control 80 per 
cent of the total market. In 
table wines the exact opposite 
is the case. The market is 
highly fragmented by brand: 
no brand has more than an 8 
per cent share and with the ex- 
ception of Mateus and certain 
German wines, few have re- 
ceived media support of a regu- 
lar and meaningful level over 
the past few years.” 

The contrast is indeed extra- 
ordinary: even a market as close 
to that of table wines as cham- 
pagne is dominated by one 
brand (Moet et Chandon, which 
has a third of the total). As 
Croney pointed out, £4m is 
spent on advertising in the 
£100m vermouth market against 
a mere £2m in a table wine mar- 
ket worth over £500m at retail 
prices. One brand of vermouth 
alone. Martini spent more by 
itself in advertising in 1977 
than the whole of the table 
wine business put together, so 
it is not surprising that there 
is very little awareness of 
brands compared with virtually 
any other consumer market 

The exceptions to the no- 
brand rules were few and sig- 
nificant. Two, the Blue Nun 
Licbfrau milch sold by Sichel’s, 


originated. At first conceived as 
a Moroccan wine, it then relied 
on supplies from Austria and 
the outlying portions of tbe old 
Austro - Hungarian empire 
(which took in such far-flung 
vinous outposts as Bulgaria) 
before settling firmly in Italy 
a few years ago. Hirondelle was 
also exceptional in being 
originally a red wine: and red 
wine, in the words of one of the 
wine trade’s many cynics, is not 
a mass market taste . . . it’s an 
acquired taste. 

But now the situation is 
changing completely, and a new 
era is opening in wine market- 
ing. There are numerous indica- 
tions that basic cheap wines, 
selling under, say, JE1.60, will 
be heavily promoted and that 
an even more furious battle will 
rage over the higher - priced 
brands. In the “ cheap, safe and 
reliable” market. Hiraodeile is 
stepping up its expenditure, 
while for the first time in some 
years, an appreciable amount of 
money is being spent by Allied 
Breweries in promoting its Don 
Cortez range of Spanish wines. 
It is only a few months since 
Allied’s subsidiary. Grants of 
St James’s, reorganised its wine 
sales force so that it had definite 
brand managers’ and the effects 
are now showing. 

The supermarkets are now 
increasingly going up-market 
In France the larger ones regu- 
larly sell classed growth da rets 
at prices up to £15 or £20 a 
bottle. At Bristol the display 
by the Carrefour hypermarket 
included some excellent (and 
inevitably expensive) single 
vineyard Burgundies. 

The willingness of the big 
buyers — often guided by 
Masters of Wine and other ex- 
perts— to look for better wines 
has encouraged the mass of 


small new wine merchants who 
have largely replaced the older 
generation who sold out in the 
1960s- The new men are pre- 
pared to scour the regions of 
France and Italy to look for 
new wines, and are encouraged 
by the big buyers. 

At a higher level of sales the 
market is more complicated. At 
one extreme you have the 
Pieroth group, a subsidiary of a 
German family firm which sells 
well over 100.000 cases of 
highly priced German wines 
through the simplest of direct 
sales methods, tastings in the 
buyer's home, and none of their 
wine sells at below £2.40. At 
tbe other you have Harveys 
launching its Number 1 claret, 
a brand deliberately designed 
to compete with Hedges and 
Butler's Mouton Cadet, the only 
claret brand to have made any 
mark. Tbe wine trade is still 
so unused to methods which are 
routine in more sophisticated 
markets that according 'fo 
Harveys’ UK sales director, Jeff 
Palmer, “the trade was terribly 
impressed we were spending 
£50.000 before selling a bottle.’* 
Harveys is fully aware that a 
similar wine, their No. 1 Club 
Claret, launched in the mid- 
1960s. was a flop; it was simply, 
it says, a decade or more before 
its time. 

Both Harveys' No. 1 and 
Mouton Cadet cost between 
£2.30 and £2.50, with Hedges 
and Butler filling the gap left 
by repeated price increases by 
introducing Le Berger Baron 
from the same stable as Mouton 
Cadet, Baron Philippe de 
Rothschild's La Bergerie vine 
marketing business. Judging by 
the response and the orders 
taken at Bristol, it may have 
judged the moment correctly. 

Because margins are so much 
better, the competition in the 
third of the market which buys 
wines priced at over £x.50 is 
not confined to the older brands 
or to the brewers, for the trade 
is growing increasingly more 
confident that consumers Will 
not feel too restricted by price. 
This has encouraged two highly 
significant newcomers, both 
major consumer groups spend- 
ing significant sums to establish 
ranges of wines with French 
names. 


far too many policyholders get are continued. The annual re- 
away with deliberate (rather issue of poliev documents, 
than inadvertent) under- which would otherwise be 
insurance at the expense of the required, would push up the 
few who arrange adequate annual cost of insurance by 
cover. I equally firmly believe several pounds per policy. At 
that far too often insurers, renewal then, the duty of dis- 
wbatever their reasons, fail to closure arises as it does at 
bring home to those policy- inception, 
holders the errors of their ways, - Since the publication of the 
by the best means possible— by non life statement of Insurance 
paying less than the amounts practice bv the companies and 
claimed, as is their lawful Uoyds - in ' the spring of last 
entitlement year, insurers have begun to 

Let us go back to insurance emphasise by warnings on re- 
fundamentals. Each one of us, newal notices or other renewal 
when buying cover, whether for documents that renewal is 
car. home, or person, must dis- invited on the terms indicated 
close all material facts. In but subject to tbe disclosure of 
property insurance, whether those material facts that have 
commercial or domestic, the changed since inception or last 
value of the property to be renewal, as the case may be. 
insured is almost without except In this context I wrote a 
tion a material fact. fortnight ago about the dis- 

This' value fixes insurers’ closure of newly incurred physi- 
financial limit of liability and cal disabilities to motor 
many control the amount they insurers at renewal. Just as 
reinsure for self protection: it you must tell insurers if you 
is the yardstick on which the have lost the sight of one eye 
appropriate rate of premium is between one motor renewal and 
charged; it is one of the nnder- the next, so you must tell them 
writing factors which insurers if you change the orthodox 
use In deciding the terms and slate or tiled rnnf to your home 
conditions they will apply. In for one of Norfolk reed thatch, 
the domestic field, the proposer So also you must tell insurers 
has to state the full value of if the value of your property 
his house or flat, or the con- has changed, even only by the 
tents, as the case may be — impact nf inflation, so long as 
either in answer to a positive you have not had the sum 


Accord mg to the drem* 
stances, therefore, and whether 
in the commercial or domestic 
sphere, it is open to insurers to 
say in the non-disclosing poi«y 
holder— “ Legally we can avoid 
the policy and in doing t» W e 
can turn down your claim,- bat 
we will cot take this drastic 
action. Provided you agree tilth 
us to put your insurance on a 
proper basis for the fHture-we 
will make you an ex gratia pay. 
znont. which will take account of 
the extent to which we hare 
been misinformed, and so get 
our cover and premium wrong.’ 1 

There is nothing unlawful and 
nothing deplorable about this 
approach, whether it is made in 
the light of undisclosed motor, 
mg convictions or in con- 
sequence of substantial under- 
statement of insured values oa 
“ ail risks ” or other domestic 
insurances. 


CommonSense suggests that in 
the case of property the reduc- 
tion in insurers payment ought 
to be calculated having regard 
to the relationship of tlie 
insured value to the full value 
— in other words as though a 
condition of average were to be 
applied. 

With the increasing momen- 
tum towards detailed har- 
monisation of insurance con- 
tract laws within the EEC it is 
possible' that during the next 
few years the 11 K) per cent 
rigour of British non-disclosure 
law will be modified in favour 
of some kind of proportional 
liability— the degree of non- 
disclosure having a direct hear- 
ing on (hat proportion. 

If this change does conic 
about, then an EEC directive, 
plus a British Act of Parliament 
may well endorse the legal 
correctness of action which 
currently major British insurers 
seem reluctant to take in deal- 
ing with under insurance on 
household claims. 



Here’s why you should invest now in the Arbuthnot 
North American and International Fund 


^ Much smaller j but no less successful \ 3 has 

• V been the Arbuthnot North American TJrrit 
Trust , doubling in size to million in the last 

feu ) weeks. It also proudly stands at the head of 
the one-year performance table 3 with arise of some 
12.5 p.c. in the 12 months to last Friday, which 
compares with a fall of %. 6 p.c. in the A A 
Dow Jones in the same period . ss 

David. Colima, Sunday Telegraph, April 30th, 1978 


Since the relaunch of this fund on 1st September T976 to 1st July 107* die 6md has 

the Dow Jones index over 


increased in value by xtf.S la, co mp ared 10 a £di at' 16.9% in the 
ibe seme period. 


What? s more, one or two of those funds 
® w whose portfolios contain a fair share of 
companies other than the leaders have in fact 
done remarkably well over the past few weeks - 
Most notably, Arbuthnot, whose North American 
and International still tops the one-year 
performance table, with again of 13.4 per cent 
even though around half of the portfolio (some 90 
per cent invested directly, into the U.S. pnarkets) 
is composed of 


smaller companies. 


Adrienne Gl coon. 

financial Times, May I3lh, 197S.I 


Reckitt and Colman, already 
highly successful with Veuve de 
Vernay, is promoting its Char- 
bonnier range of French -wines, 
and Cadbnry Schweppes owns 
Courtenay Wines, which is sell- 
ing a range of nines from all 
over France under the name of 
that most beloved of all wine 
propagandists, the late Andrd 
Simon. 


Now - Tbe Right Time to Invest - The US stock 
market is beginning to recover from a depressed level 
similar to that in the UK market three years ago. We believe 
the US market still has room, for considerable growth which 
is the aim of this fund. 

Arbuthnot - Tbe Right North American Fund - 
Over 90 % of the fund is currently invested in-US securities* 
much of it in smaller companies. Unlike tbe blue chip 
multinationals their growth is not held back by overseas 
interests operating in less favourable conditions or by falling 
exchange rates. However, we maintain an extremely flexible 
arritude and with any improvement in world trade we would 
increase the fund’s holding in the larger international 
trading companies., * 

Arbuthnot carry out much in-depth research and 
constant monitoring, as well as making regular visits to 
America, so as to pinpoint tbe areas and industries that 
show the greatest potential for growth. 


Investment of this fund is partially thro ugh ahack-to - 
back loan facility in order to minimise the effects of the 
dollar premium. 

Theprice of the units and the income from them may 
go down as well as up. 

Your investment should be regarded as long term. 

Fixed price offer for North American and 
International Fund (estimated current gross yield 
J r : „) until 5jpm August nth, 1978 at 36.jp (or the 
daily price if lower). 


The mnugere feServc the rinht to close offers if imicvaliiea rise byaiorc 
Uun t 

- App lfeati ooa wMjJc acknow\cdcKL ami tmir ttfiifioncs wiU be issue* wiihln 
day?. The offer pact ududeg oa mnari efcam ; of 5 The annum] charpe is 3 a .\ + VAT. 

j un S^ A 5* r or these offers units may 

oc purchase d a the . yeefciy Thursday) dealiaj? dare, when uruu can also be sold back. 

. . raymajrwtu oe autiettriuun .ta docm of the dealing dale and on Tecchn of vour . 

if I hhl-lfr ~l hl-Tn-i-HTrnrrrin nn.t in.fil ‘ 1 . 1 -- - - 


.. — « roiounwd. The wecfciy pnee and yield appear in non Iodine 

newspaper*. A cmnnmton of 1 . - „ snkl be paid w recognised aemn. Thi3 offer ii not 
opm jo residents of The Kesublir of Ireland. Trustees : The Royal Bonk of Scotland 

Urni^ ‘SSoSS" SeCantMSi JUd « CK**- “ EdinbarstMfidw). Member** U» 


r~ 
1 


To: Arbuthnot Securities Ltd., 37 Queen Street, London EC4K jBY. Telephone : 01-236 5281. 

I' Ve wish to invest thcwim or£ forin £40) per month in thfl 

««*?«* cheque payable t*. ArbuSEm 

SccnnUea Lcdas iht uuual l PWnenc. A bankere »rdcr furm will be sent ln you by the managers 
fallowing rec °P l * ^ order. This order is revocable zr any time by one Bunah'a ».<Urem«iriaB. 

I/VTe declare thatIanifare«eovBjg «d not resident utoideUic vAeduIcd teeriiorin nor am f-d-c jemdring ibe abort mentioned *<curaicj aa the uomiM&vi 

l ?,UU atC w ^ should l* ^ lodged through your 

§»gg»g& — Joint applicants, bQ must rign, Mr/Mrs ( Alias or Tides and Forename*. 

Full Nans'll - Addras'ea) 


Capital Sinn I/We wish to invest the sum oFT fmia 
£7$oi in the Arbuthnot North American and international 
Fund jo«j enclose » cheque payable to Arbuthnot Securing Ltd. 
Share Exchange Scheme- tick box for details 3 


-J 

I 
8 


. ARBUTHNOT 

IliMHHm NORTH AMERICAN AND INTERNATIONAL FUND 


FTHAS/Sj 


I 

1 

I 


n&i 


\ 





:• ~ j^sj,Samj^ajr August- b 1978 


YOUR SAVINGS AND INVESTMENTS 



ASSURANCE 


ERIC SHORT 


POLICYHOLDERS with Capital 
Annuities should this - week - 
have received a letter from the 
Policyholders’ Protection Board.' 
setling ont the^curreiit position 
and asking- ' foem- whar they 
want to do; The document it- •: 
self is not a: model of clarity,- ■ • 

hut effectively, policyholders state- of Capital-^Annmties, 
have two. cHoiceaT ‘ V; - policyholders apparently have 
They ean accept- a' r substitute make their -\dttfcision as to 


so 


will receive nothing until the 
liquidator makes his first 
distribution. If the experience 
of Nation Life is typical, then 
this is likely to take -years 
rather than weeks. 

Second, it is not possible to 
estimate the amount likely to 
be received. At the time of the 
application for winding up in 




policy in. Jreu_ OF. their Existing _which course hfjacdqn would be April. 1976, th directors put a 
contract wifo'Ctjpifal Apnpities. ^oost beneficial /entirely in the value of £439m on the assets, 
The new contract offered to dark - But 7 reaB^^ there, is not and estimated that there was a 
annuitants, will conOOue pay^ mach to deelde.^ ? deficit of- about £250,000. But 

meats scaied dbwh: to 90 per An n ui tant s 'aadJncorne bond the assets - comprise small 
cent, of the original level, holders hare Y been -receiving property units— mostly second- 
tiuaranteed . - income, - .-.bond Payments ; aT tifc 90 per cent ary and tertiary — and mort- 
holder s also fiaye their benefits IeveI from/ the Board’s interim gages held against security 
scaled down to" SO ‘per cent, scheme. the" substitute of property. Indeed, - many 
but certain surrender guaran- PoUcjr meansYthat- : these pay- properties hare been acquired 
tees have been put -oh - an mont^-wtU continue. The Board through repossession of mort- 
actuarial basis which -means .■ wiU.^ collect ,whatev»f 'proceeds gages. The figure quoted for 
that they might be cut by more aris ^ from -*h e /liquidation, and assets was not based on a pro- 
thanlO per cent ' ' • '■ - use the-ihony to offset the costs fessional valuation, and no 

p nT - . -/' • of- continuing- these payments figure is available 1 for- the last 

thic ^choose under -substitute ‘.policy. - If valuation. The special' manager 

^ there i s any^surjlus at the end has been doing a caretaker 

Canitai ^ of the day.tlieif any .surviving operation, and he is in no posi-- 

capita: Annuities. - policyholders would get a pay- tion even to make a'guess at the 

In the alternative; policy* merit- in addition-ta. their 80 per value of the assets." So the 
holders can retam lh£ir ; rights cent:- 7. z - : .. " probability of a full payout is 

as creditors, and; receive j what- -Anyone who is 7 tempted to smalt What evidence there is 
ever precede emerge from/the take pot ludfc_wfp 7 liquidation suggests you would do much 
liquidation. '. '£■' ■ should- consider 'following better to accept a substitute 

The letter does pot provide any points;,.; " First,^^ policy and make sure of your 

information on the.-financial cease and'thfr-'p^fey- holders money. 

- • v. • --v-vy • " __ • ~ 



-m 


scratch 


ITS ONE of the complaints of 
the men who look afte* the nuts 
and bolts of industry .that they 
don't very often end up funning 
it. ' Certainly ' . Y industrial '= 
chemists don’t Which is what 
makes something of an- ddflity 
of the industrial cleairirig busK'^^J 118 ® 
ness which Jack Harrison and found. * 

John Rowsell '»»> ~ rntming 'jg -seawee d ex trec^- 
Sandbach. Cheshire. > ."'-j - / enzymes 
The pair of them, now Joint o.u' W 

owners of a company whose . 

turnover, this yearislikelyto development, 
top £350,000, admit; that" they in the- hw! 



!- liquids, Fortunately (they’d already 
£ supplying made the . decision that it was 
toe brewers necessary . . -to . • start making 
the things, rather than simply mer- 



Laying it on the line 

HAVE YOU ever bad occasion wan? quite fast). It will, how- 
to consider the range' of pre- ever, provide those who know 
recorded services which the what /they are doing with a 
Post Office provides? If you useftfi insight into the latest 
happen to have young children, thinking of Crown’s investment 
then the answer is in all managers — and the latest valua- 
probability yes — alas, yes; after tion. of the funds. As for those 
all, the Post Office doesn't tell its "who are making their first ten- 
bedtime stories or spin its disc talive ‘steps into the investment 
of the day for nothing; Is it any field,' they might do worse than 
consolation to know that, from to listen in to the blow-by-blow 
now on, the little dears could- account oE the movements in 

the market which, we provide 
on 01-246 8026. 

If they want to take things 
further they will have the oppor- 
trinity, come its publication in 
Vk - October, to acquire a little inform 

matxon on a lot of companies 
... from the Hambro Guide to UK 
r “l listed companies. This is a 
skimpier, and very much 


apply themselves to acquiring 
investment know-how instead of 
indulging in these juvenile 
delights? 

Not that * such 
comes courtesy of the Post 
Office. It comes, instead, 
courtesy of the .Canadian 
assurance company 
which has installed an informa- 
tion service for the benefit of 


cheaper, version of Extel’s Com- 
.... . pony -Cards Service. It has been 

investors in its unit-linked designed by a company called 
fund and their professional ^vestment Evaluator (Hambros 

a +^ur°i^‘ A Kn-» r e ^? en ^°I 1 T 96 lauding its name), to provide 
at Woking 5033, and- what you - a bxfef run-down on the present 
get is a run down on the port- *,^5 o£ ^ companies 
folio of each of Crown Lifes vvfiose share prices are listed on 
fui ? ds : -our ; back pages: any company 
ttgetiier with details of the yield that wants the world told some- 
for those who hold the income whet-more can have it arranged 
un *ts- at the payment of a fee. You 

It has to be said that this could not base investment ded- 
new service will not do ail that sicris on the information given, 
much for those who have but the guide promises to pro- 
no investment expertise at all vide a useful and convenient 
(which being - the case, any way' of updating existing know- 
interest aroused in your off- ledge. The annual subscription 
spring might be expected to is- to. be set at £9. 


A hull in the East 

AT A TIME when stock same size as that of the U.S., reflected, a regrettable aberra- 
markets in both London and within the next twenty years, tion, and that the quality of in- 
New York are showing signs of As to the political risks inherent vestment in these markets has 
quickening life, it might seem in half-developed economies, he changed, 
a little perverse to ask investors didn't dismiss them out of .hand The acid lest of all this 
to apply their minds to the — but he did reckon that China's enthusiasm is of course how- 
merits of quite different new desire for Western tech- much Gartmore itself is putting 
exchanges on the far side of nology. Western consumer into Far Eastern markets. Its 
the' world. That, however, is goods, and the foreign exchange Far Eastern trust, being a 
what the £700m fund manage- with which to purchase them, specialist fund, is entirely 
ment group Gartmore was would check the disruptive 
doing; one day last week. Their forces, 
man in Hong Kong came to All of which is very well, but 
London to tell a select band of it doesn't alter the fact that, in 

purely financial terms, this part 
of the world has a reputation 
for - risk: the Hong Kong 

market, in particular, is gener- has a representation to compare 


City men that the Far East is 
potentially as important an area 
of investment as is the United 
States. 

He based his argument on the 
long term economic potential of 
the area — which, in turn, he 
traced in part to the develop- 
ment of China, and in part to 
the productivity and flexibility 
of labour forces in South East 
Asia as a whole. All things 


invested there. With the in- 
vestment trusts under Gart- 
more's management, however, 
the situation is rather different. 
Only London & Gartmore. with 
around one quarter of its port- 
folio invested in the Far East* 


ally regarded as something of 
a casino. Given the way that 
the Hang Seng index performed 
in 1972-74 — it quadrupled in 
little more than a. year, then 
fell by almost SO per cent — 
that's hardly surprising. Must 
investors accept that sort of 


with its holdings in the U.S. 

Why no more? Gartmore says 
there is something of an intel- 
lectual gap. which it has still 
to bridge with the managers of 
its other trusts. Hence last 
week’s initiation. But let us do 
due credit to the managers’ 
honesty. They also said they 


being equal, he said— ^and he. risk: can they look for that sort 
accepted that all things might of reward? -According to Gart- thought that, in the short term, 
well be less than equal — the more; no. They say that the the Dow Jones was likely to bo 
economy of Japan would be the rise and fall of the Hang Seng the more spectacular performer. 


A scheme for ‘names’ 

ONE OBLIGATION to being a week, a firm of Lloyd’s brokers, 
name at Lloyd’s is that you have Wigham Poland, launched its 
to put a large sum on deposit, °**® variation on this scheme. 

available for call by your syn- * e cumbersome title of 
,. P Z_ , . . Guarantee by Assurance and 

dicate. Such sums have to be investment for Names— GAIN 
readily marketable, so the f or short, 
acceptable types of asset tend .it is based on Wigham 
to be cash deposits, gilts and Poland's Gilt-Endowment Plan, 
such like. This money is not itself an ingenious scheme for 
likely to be called during a higher rate taxpayers, which 
member's lifetime; and he (or combines gilt investment and 
she) retains the income arising with -profit endowment assur- 
from it. The money acts as part ance in a back-to-back arrange- 
of the asset base necessary for ment .' A series of short-dated 
any insurance operation. low coupon gilts, redeemable in 

For bigher rate taxpayers, successive years, are bougbt. 
however, such a system is not The redemption values pay the 
usually “ tax efficient.” The sort annual premiums on a 10-year 
of tax-efficient schemes devised with-profits endowment issued 
by financial planners tend to by Clerical Medical and General 
lock capital too firmly away. So Life Assurance Society. Any 
last year the Committee of surplus- plus the tax relief on 
Lloyd's introduced a scheme premiums, provides a tax-free 
under which a guarantee from income. At the end of 10 years, 
an accepted bank became the maturity value of the policy 
acceptable as a deposit This becomes available. 


Under current conditions an 
investor aged 44 investing 
£ 20 . 000 — the usual size of 
deposit — would receive a t 3 X 
free income of £500 in years 
two to 10 , together with 
interest from the gilts. After 
10 years there would he a lax 
free sum of nearly £35.000 
available. 

On the strength of this, a 
guarantee is given by the lead- 
ing U.S. hunk Citibank, which 
provides an irrevocable letter 
of credit agreeing to pay the 
call on demand up tu the full 
amount. Should there be such 
a demand, the gills and the 
policy become the property of 
the bank. The charges for this 
guarantee are as follows: J per 
cent of the amount in year one, 
1 J per cent in years two tu five, 
and 1 per cent thereafter. The 
increase in income available 
under this scheme should more 
than offset the charges, and they 
are in any case normally fully 
allowable for tax relief. 


distil- chanting them.- But make what? 
fortunate The answer— luck again — was 
d very provided by a friend in contract 

Staff, and cleaning, who wanted to know 

were extremly ludcy wSii they very Utile in of plant why he had to pay for American 

came to set up in business on t®*' iiflttal-:ndsJteras done, products when the same could 
their own. Not tiia^ tije Tuck qmteliterally, to&4ostbto>. be made more cheaply at home, 
was of the obvious variety; John TOwy r -needed 7 
Rowsell left a family- business, space, and they, 
somewhat hastily, in the -after- in ..ia . relative’s 
math of a spectacular family Jater. es the, 
row; Jack . Harrison, a Triend tiie ground floor 
from their, days of- trading Bio- u scouting -hut. \ ■; 
chemistry at university-idgether, r They added /vara 
determined to go too'; ; anti the Products in the shape 
pair- of 4jberh decided- to'set up ho^-John" 3UMyseiT 
a company betwecn-.ihe’Friate. hare been tjtr- fi "' 
of one- WeeiT anft tiiq'Moitiday. w t$e, claxiTyihg 
the next, for lack of ^"ttitema- froih-seaweed^ 



ng 
at first 
:e, and 
ew, on 
local 




Harrison .and Rowsell took 
those . products into the labora- 
tory and proceeded to analyse 
them— a king-drawn out busi- 
ness: and before they had 
finished they knew they could 
themselves produce materials to 
do the job at a very much lower 

fd /price.. And that is how Mayvll 

.-jSxlracf. Chemicals. cdmes\to be in clean 
- ,ntr - : 

tbeyYptid 



igmaterials. 

The worst of - the -’owners’ 


tive.'.’ -Between y vlev^taLestkiy-' ftoblems now stem from the 
re spectrvely, widesprea d oojme^Vii^hing thea r -capd rt lt inade for takatlou of private companies, 
tions in the beerdgeYtnd i-cei* A' Hard ' stottfiieither of cheq? things stand, if they leave 
tain amount 'of family- money : tabfc.ahy money out of the busir they profits in the business they 
(lied up-rin shares), .andY J5 YneasHn,thoprst 15 taonths— -bttt wiliybe heavily taxed under the 
yearsjas a' chenust ih^o/beer ^,/bda Kbjiro pe. Which was jHSt . clos^ company provisions; 
business-w«^dwidfi 1 ‘‘'\rith-Stmxe'i^ r W^iJ<u:.to , wa^ the end'of they <ake them out as income 
savihgs ohf df doUatr growing competition They will be taxed more heavily 

They also ‘had nbidea-' whatthey fialhn^.pound knocked stili. ^Neither: Harrison nor 

were going to . • ;/-:^ v *tiK|f estabtisbeti marked -tor Rowsell has, as yet, much time 

So tbej^fiefr ^ ^ ^ Y. ; ,.for .Harold Lever and his moves 

A boon for 
self- 

employed 

•THE FINANCE ACT, 1978, 
which received the Royal assent 
on .Monday, " contained one 
'dause which will be to the 
advantage of the self-employed 
when they retire. It enables 
them to take the cash value of 
their • investment in self- 
employed - pension contracts 
with-one company, and to buy 
the pension from another. 
".Under a self-employed pen- 
sion plan, the life company 
effectively, invests contributions 
in a fund, and at the time of 
retirement uses the accumulated 
value to. buy an annuity. Un 
to now the investor bad to 
accept the annuity value offered 
By the . life company, and was 
effectively locked-in. .Now he 
<or she) can select from the 
best - annuity rates on the 
market - at the time of his 
retirement 

This clause has been com- 
pletely -overlooked in discus- 
sions on the Act, yet It repre- 
.sents a considerably better deal 
for. the consumer. To be fair, 
the previous ruling was imposed 
iiy legislation, rather than by a 
cartel' of the' life companies, 
although the Life Offices Asso- 
ciation has never sought to have 
the legislation changed. The 
impetus has come from the 
accountancy and legal, pro- 
fessional bodies.. 

-To -the self-«mployed. this 
will mean that they can choose 
their life company for its invest- 
ment expertise. Then, having 
had the benefit of this, they can 
choose again. for the. best pen- 
sion. For life companies, it will 
mean that they will have to 
yrafeh the market very carefully 
on pension rates, since they will 
no longer have a captive 
riarket And for brokers and 
-professional advisers, it means 
— potentially— an, opportunity 
for further commission, al- 
though there is ho commission 
agreement on this switch! The 
sting in the tail - is that brokers 
may be tempted to switch just 
to get the. extra commission— 
which Is a point' for. the British 
Insurance Brokers Association 
to watch.' 



rscommehdafionsisfarsuperiorto ofthernartcetgeneraBy, 

for example, the News Letter's -©TTrecomnwictations (as detaitedit : 

kt a corapt^eiraJre foBow^tat^ai^)eatk^ft)'ll»Nev« LeftteTOTP^ 

Julyl»showktgahavemofi gain of S4S , 5taBwstacomparabte- 
a3% on the FT mdex (fuff deteks wOlgiady besuppfied on request^'; :- 

' Younmyhaverifi^ ” 

spotlighted by thp tC News Letter, but by subscribing now to BrttaWh ,J 
‘-“S^fpvieemieffitiewaJeaefiT^ihJtSiBSniyearofpubflcatSotv 
i can make airs theft you .do not mbs thfeto in future. Its editor,'. . 

/Atteobontothe buying dpportun&iss avafedjfe ;; 



maritBt.'befievirae Bm&<ffhBShoppommiSe9 has arrived and that 
equities nowprbbaWy offerbetlw value for-mofisy than any other 
jnvaameotasa^s ormeJorafteTOtives. /• •. • , -. ' ~ ; 

.... UaetfteooupwWtow(f»siampremjir^ . 

adaaattikaMow to rec^va the weekty Jnf onnation and advice - 


n Un»i) 

C Cisco fora - 

rinHHinVMntWCaaOQW&OOtdWMa^^ . 

(BLOCK tETTStSPLEASE).-’ 


I 

|.UAfaWUi 

1 


1 

1 


Atfdn 


-Padcotfa. 


Wwuwtboj Depr.wvEsrww cmMCtExniL n 



Since ItsLaunchTheUKs 



ESTIMATED- 

CURRENT-GROSS 

YIELD 


FIXED PRICE OFFERCLOSES ON 11™ AUGUST 1978 


as ILK. markets, have already attracted funds worth 
over £9 million. This exceptional rate of growth has owed 
much to the considerable support Chieftain has received 
from stockbrokers and investment advisers. 

TTieTrusteeofChieftain High IncomeTrust is Midland 
Bank Trust Company The main duties of the Trustee are 
to hold the tide to the Trusts investments, and to check 
that all purchases made by the Trust are in accordance 
with theTrustdeecb to ensure that the income is distributed 
to the unitholders properly; and to approve advertising 
; and literature. 

- Tax Advantages 

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

The 1P7S Finance Bill proposes that unit trusts will 
pay tax on capital gains at the privileged rate of only l(£o. 

When you sell units it is proposed that you will receive 
a tax credit of 10% against Capital GainsTax.TheiVlanagers 
interpret this to mean that cm unit trusts you should have 
no tax to pay on prof its up to £3,000 on sales in any one 
year; and your maximum liability s limited to 20% of your 
. gam. On sales before 5th April 1979 the tax credit will be 
even higher if the proposals become law. 

Closing Date 

Until 1 1th August, units will be available at a fixed price 
of 45.3p each. Your application will not be acknowledged, 
but you will receive a certificate by 22nd September 1 978. 

Fill in the coupon, or talk to your financial adviser 
without delay. 


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

Since the launch of the Trust in September 1976, the 
offer price of units has increased by 51.2%. In the same 
period, the ET. Ordinary Stare Index has risen by 43.3%. 
During this time, the Trust -has out-performed all other 
UK. authorised high yielding unit trusts. ~ : 

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

We believe that, in the tong term, the potential for 
growth of both income and capital will give you a signifi- 
cantly better total return than a fixed interest investment 
such as a gilt-edged security ora fixed capital investment 
such as a bidding society 

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


monitor the progress of these companies very carefully— 
as theTrusts performance to date clearly shows. — 

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

Nevertheless share prices are still at historically low 
levels relative to company earnings. 

However, Chieftain’s managers believe that in the 
Jong term die wealth generated by North Sea oil will 
continue to play a considerable part in the recovery of the 
LLKs economy from what is still a very depressed level 
ofactivity. 

This should provide ample scope for improvements in ’ 
company profits and business confidence; and in turn this 
will allow further increases in the value of shares and of 
Chieftain High Income Units, and of the income- they 
provide. 


General Information 


WhyAUnitTrust? 


The problem associated with stocks and shares for 
the individual investor is, of course, that He rarely has 
enough capital to spread his risk, and sufficient infor- 
mation to choose with confldence-This is particularly true 
for those seeking ahigh income.- 

But the beauty of a unit trust is that through it you 
invest in a wide portfolio of statics and shares, which is 
managed for you by foD-time professionals. 


. Your financial adviser wfil be able to' answer any 
questions you may have about foe merits of unit trust 
investment. 


Share Exchange Scheme 

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

’ibuR Reassurance ~ 

Chieftain Trust Managers Ltd. was established in 
September 197d Its four tnists, dealing in overseas as well 


The offer will close if the underlying price of units 
should differ from the fixed price by more than 2£%. 
After 11th August 1978 units will be available at the daily 
. quoted price and yield published in most newspapers. 

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

There is an initial management chargeof 5% included 
in foe price of units.There is also an annual charge of ? 8% 
(plus VAT) which has been allowed for in the quoted yield. 

The Managers will pay the standard rates of commis- 
sion to recognised professional advisers, who are invited 
to ring 01-283 3933 for further details ofHigh Income and 
other Chieftain trusts. 

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

Distributions and a report on foe fund arc made 
Halfycarivon 31st May and 30th November Units bought 
■ now first qualify for distribution on 30th November 1978. 

This offer is not applicable to Eire. 

The Managers of’ the Trust are Chieftain Trust 
Managers Ltd., Chieftain House, 1 1 New Street, London 
EC2M 4TP.Telephone Q1-2S3 2632. 

' The Directors of Chieftain Trust Managers Ltd. are 
• R L ftjtts, MA (Chairman); R. J. D. Eats, MA, MBA; 
J. D. Gillett, BBc; L H. A Hazeel, ECLS; A. L E KTod. 




3TAIN 


TRUST MANAGERS LIMITED 


Investment Prospects 


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

In order to minimise risk, the portfoliois spread over 
abqut/100 ILK. companies.. Our investment managers 


Application Form - 

KB in rhe coupon and tend it now tor Chieftain "Trot Managers 
IjnaedChidtnBi Han* 1 1 New Street, London EC2M 4TP. 

l.Wfe uould like to buy Chfcfau High bonne Units to Ac 
value (4' L aN53pe9ch. . - 

(Nlininum initial boHingSSOt ~ " 

l-Vii- enclose a rerrittantx, payable to Chieftain Irnst 
Alaoaacrs Limited. 

Tidi but: _ 

I | If you wart maximum growth by automatic n>invstmci4 of 
actnxomc. 

| | If you want to know how to bqy Ghkfcn H& Income Uni* 

i on a regular monthly bass. 


. l-' , £e dcdarc dut I am wc arc over IS and not reskient oub+de 

the UK. or Scheduled Territories and that I am we are not 
acquiring the units as nantincds’J d any person!?} resident 
ouKakdte LLK. or^cheJuied Territories. (If you are unable toagn 
this declaration it should be deleted and your application lodged 
through authorised d^osUciry) 


SURNAMfMR MRS MBSL 
raSTNAMttfi^ISHJU 


■ADORfcS. 


SCKATVJP£i«- 


f!f then: arc joint applicants all must sign and attach names and 
addresses separately) (Regcl office as above- Rcg'd No. 740116) 


Vv 




8 


Vandal 'Times Saturday August 5S97S 


TRAVEL 


Festive 

capital 


BY PAUL MARTIN 


FASHION 





Vk^ *-.i 


IN JUST over a fortnight Scot- 
land's fair capital city will once 
again he in festive mood for the 
32nd Edinburgh International 
Festival starts. 

While this year’s festival, the 
last to be directed by Peter 
Diamand, will again include an 
extensive opera programme 
with a repeat of last year's 
brilliant production of Carmen, 
with Teresa Berganza in the 
title role and Claudio Abbado 
conducting the London Sym- 
phony Orchestra, and consider- 
able emphasis on the Russian 
theatre, it will be supplemented, 
as always, by the ever-expanding 
Fringe to the Festival. 

While Edinburgh tends to Trcror ;ruMpari « 

burst at the seams at festival The Sir Walter Scott Memorial 

lime. 1 was assured last month 

that the City Accommodation of microcosm of Scottish 
Bureau can still find room for history, along The Royal Mile, 
latecomers. A number of made up of Lawnmarket High 
residents open their houses to Street and canongate. and lead- 
visitors during the festival so, ing from the castle down to the 
while your temporary lodging pajace of Holyrood House 
may not be in a luxury hotel nor u you start at the there 
particularly central, it will ; s always the consolation that 
always be on a bus route. Edm- you then walk downhill 
burgh also has a distinct advon- towards the green open spaces 
tage in that it is an easy place D f the extensive Holyrood Park, 
in which to get your bearings, with its culminating point at 

Until my recent visit 1 had Arthur’s Seal, 
only passed through but what a Close to the castle I found a 
varied and lovely city it is. a visit to the Outlook Tower, with 
place where nearly every pros- its Camera Obscura, a fascinat- 
pect pleases and where the ing introduction to Edinburgh 
authorities have placed a pretty' with a well-informed corn- 
firm embargo on the horrid rash mentarv as the lens, reflecting 
of impersonal, pre-stressed, different areas of the city,’ re- 
high-rise monstrosities which volves to point out the dis- 
have desecrated the skyline of tinguishing features. The 
so many European capitals. Victorians were- wizards with the 

That skyline remains virtually magic lantern ! 
unchanged with the solid mass It would be virtually iznpos- 
of the castle and the great sibJe to list in detail all the 
esplanade, the setting for the museums along the Royal Mile 
spectacular Edinburgh Military but some excellent leaflets, sug- 
Tattoo, a I wavs a major feature 3 es, i n S places to visit, pubs and 
of the annual festival. Here. too. restaurants and walking tours, 
are the diminutive St. ? re available from the Informa- 


Morsarel's Chapel and the } ion offlce 11 ' ), ' l Waverley Bridge, 
simple but breath takingly *»* p ^. ul ^ 

."SKS* Bega,ia °° cento- bulldiS trensformeS 


permanent display. 


into a vivid literary museum de- 


- EdinbUr ^e re h y ™,° voted to the lives end works of 
m one although not geo- „ Scott and Hebert Louis 
graphically set apart as the Stevenson 
Cities of London and West- When> some 350 years ago, 
minster. There is certainly a decision to build the New 
great deal in see and do, a kind Towfl was takea for practical 

reasons— the gentry of the day 

vour dread E: Anu-ia Z7.7». Belgium wanted to move away from the 

“Si MU 'SlZeiSd G S cr "" d «' a™""-! 

u.s. 1.92S0. source: Thonu* cook. castle — that decision gave us 


some of the finest Georgian 
town-planning in Europe and 
on a pretty large scale. 

Under the original plan. 
George Street, linking St 
Andrews Square to Charlotte 
Square, was to replace Princes 
Street as the main thorough- 
fare. In the event that did not 
happen hut you can always 
escape the crowds jostling along 
Princes Street by crossing over 
to the nearby gardens behind 
the massive and somewhat over- 
ornate Scott Monument near to 
The Mound, an artificial hill 
formed when the excavations 
for the New Town were dumped 
there. 

Robert Adam, the 250th anoi- 
saiy .of whose birth is being 
celebrated this, year, was a 
mastermind when the building 
of the New Town started in 
1787 and, just as the Victorian 
Camera Obscura provides a 
guideline to Edinburgh as a 
whole, there Is an extremely 
effective audio-visual presenta- 
tion,' dealing with the building 
of the New Town, at the 
Georgian House in Charlotte 
Square, itself one of Adam’s 
masterpieces. 

After walking through the 
lovely series of squares and 
circuses, down Heriot Row to 
the sheer perfection of Moray 
Place— you must use. your feet 
in Edinburgh— you can always 
retrace your steps to Rose 
Street, originally built as a 
service road, and visit one of 
the many pubs and eating 
houses. 

Outside the city limits, you 
can go down to South Queeas- 
ferry and lunch at The Hawes 
Inn, with its impressive views 
of the old and new Forth 
Bridges, and go on to Hopetoun 
House, where the ■ “ Robert in 
Italy 1 - exhibition provides an 
insight to the influences that 
determined so much of the 
layout of the New Town. 

British Caledonian, official 
carriers to the Edinburgh 
Festival, who serve an excellent 
hot breakfast on the morning 
Gatwick-Edinburgh flights, do 
operate' year-round scheduled 
services. 

If you prefer, as I do. to visit 
cities once the crowds have 
dispersed, Edinburgh is. at any 
season,, a rewarding city, full 
of history, to which 1 would 
always return to explore at 
leisure and jn greater detaiL 

ADDRESSES: British Caledonian Air- 
ways, Gatwick Airaan. ttarfay. Surrey. 
City of Edinburgh Tourist Information and 
Accommodation Service, S Waverley 
Bridge. Edinburgh EHL Edinburgh Festi- 
val Society, 2X Market street. Edinburgh 
EHJ 1BW. Edinburgh Fringe Society, Box 
EP. 110 High Street, Edinburgh EHL IQS. 
Holidays in Scotland (Festival City 
Breaks). PO Box 5. Rye. East Sussex - 
TH» 7AR. Scottish Tourist Board. 23 ) 
Raveisua Terrace. Edinburgh EW 3EU 
(for details on Edinburgh and the rest 
of Scotland). 


The art of bouncing back 


BY LUCIA VAN DBR POST 


IF THERE'S one sunt test of the truly 
well-dressed man or woman it must be 
whether he or she travels weUL I 
never quite know how film stars 
manage to arrive at Heathrow looking 
pristine in white trouser suits. But 
whatever their .. solution the only 
practical one for most of us who have 
any amount of travelling to do is 
careful planning. 

Nobody likes .Rigging mounds of 
luggage and no matter how liberal you 
are prepared to be- with tips, there 
are not always porters 'around to be 
tipped.' Therefore a small selection of 
clothes, that inter-links and is wash- 
able, needs little or no ironlng and can 
look good In a- number of different 
situations, seems to -be the answer. 

If you've .managed to get these 
types of clothes together then yon 1 re 
obviously a good traveller. But if 


you’re starting from scratch here are 
a few suggestions. 

Silk sounds a very extravagant 
material hut I have found that it is a 
lot more robust than it sounds and 
that it is a marvellous fabrie for the 
travelling woman. Light, soft, easy to 
wear, perfect for day or evening, it 
usually washes easily (try, though, to 
iron it. when still damp) and seems to 
give warmth when it’s cold and to be 
eool when it’s hot. Featured here is 
a jacket made from a truly beautlfur 
silk tweed and lined in pure silk— nils . 
makes it incredibly light to wear, 
almost like gossamer. And because it 
is made of silk, it looks good worn 
with day clothes or for evening. 

Apart from silk, other fabrics which 
I have found travel well are silk jersey - 
(particularly good for evening clothes), 
combinations of cotton and artificial 


fibres (particularly good is cotton/ 
polyester), pnre wool if travelling, in 
winter; cotton jersey fe good, too (it 
creases when packed but the creases 
mainly fall out when yon hang it up) 
and the ubiquitous cheesecloth travels 
weB, too. 

The jacket below left we have had 
made up in a French navy blue and 
cream tweed from the range from the 
Scottish - firm, of CLaridge Mills of 
Selkirk, which sells at £14.50 a metre 
(907 cm -Wide), from Vogue pattern No. 
9661, price £1.75), sizes 6-16. A size 10 
jacket takes 2.60 metres. We lined the 
jacket . With pure silk, which gives it 
a little more body but it is still very 
light and ^oft to wear. 

The skirt Is made from cream silk 
noil, which is washable and costs £4.50 
a metre (112 era wide). The skirt Is 
made from a Butte rick pattern. (No. 
5389). designed by the Am erican Gil 


Aimbez. Price 90p, sizes 8-lfi. a st* 
10 skirt uses 2J20 metres of fabric. u 
von can’t find either of these patted*: 
locally write to: Vogue and. Botfeag 
Pattern Service, New Lane, Htvtm 
Hampshire- P09 2ND. They wiU send 
them by post for 10p extra per pattern/ 
.Both fabrics are sold by Liberty .4 
Regent Street and readers who 
interested in the silk tweed may ffife 
to go along and see the lovely, nu^ 
available. There are more than * 
dozen different colourways a&d 
patterns, ranging from creamy brig* 
through subtle heathery shades uri 
including the navy blue that we hay* 
used. 

wa« intk the outfit it a *Be Norn Jbg fiteefcg. 
E24.50 tram Libert* at Rcocnl Street. The wwtofi 
xxecHcni (s abo from Liber tv’s: Pcoasus rfc* 
brooch at slb-rr and arm Be. £16 ana a CIoanaM 
and rNdW»i mxUaee. ISO. 

Hair ba Paulo of Miehnclinhn. ■ 

Photograph bu Treror Hwnpftnet 
Drateiuo ba samtko. 





-.►v-vr^ww.' ■ -'♦■S’*- ■ 

'(8&w£k K -c~. 


r t . #7 "77 
e v 7 



'I-'-'' il 

l|S$$S33S\V| 

flUSIlsi 


,V*' 



EDUCATIONAL 


MOTOR CARS 



ROSEHILL INTERNATIONAL 
SCHOOL 

CH-9000 St. Gallen, Switzerland 

Well-established co-educational school. Cnllege nreparatnry 
programme with Advanced Placement. Official Test Centre 
fur American CEEB. Oxford GCE and Royal Society of 
Aris Examination Board. Commercial studies. Small 
classes. Holiday language courses July and August. 

Write for details to the Dean of Admissions 


TRAVEL 


J TAKE TIME OFF IN J 

* Dieppe, Boulogne J 

J Le Touquet J 

-R f.tJ.vidusl ttchAiys )(- 

* TIME OFF LTD. $ 

j? 2a Chaster Close. Chaster St.. ? 
^ London.S.W.1. 01-2358070 J 

IRELAND CAR HOLIDAYS in (allies and 
hdu.r> Gaelic Time. 2a Ctiriur 
CXW. Lonaon ^WIX 7BQ. 01-235 S511. 


HOLIDAY 

ACCOMMODATION 


MORAYSHIRE — SELF ■ CATERING 
LODGES Ou.i-t vwoodlanil '.cttlng. Own 

rniirg. F-erie- icrvieemejH j.ali. 

ewrti— . hpuie. Vac.inci.s Iram 2 Scat. 
C d :edi,;lion-. |,ani 1 Ost. AdpIv Ou 
L su’-ir. Tull«n LoCtci RalUvrt. Forres. 
Moravinire. T«l; OJOR2 3311. 

DEER STALKING— l "tiilct! VjtJiKICf. 27 
Aug.-cn- Sect. WtcH, £>r lon^rr. Central 
H-qnijnd. Hotel AicommoaaliOn or West 
Coji: leaa'- witr, i:ae. and heio oro- 

%-de-J. Apr>lv Malcr Neil RanMev A Co.. 
Farlr.er. Atiertr-int. Hcrtsmirt, Tel. 

AUcr-ela, SJJ SJi5. 


HOTELS 


r — HARROGATE— g, 

©IdBman iotcl 

BRIT AIR'S KMT DISTINGUISHED 
COHTERENCE HOTEL 
Conloience SKrer.vr „ , - 
Tel' HARROGATE 504(61 
15> Hanna I2tpk *Ja nan Sains 
Fleur, C B rian nca3M ■* 4 Fnaalc Haaois a 7S 
Baaqnat Dmtag 3M ★ BuSget OdolriMBX. 

3 Dattinnti + 11 a.n.lall f.ai. 
TELEX 57922 OLDSWAN HAROGAT 
eof Britain's PRESTIGE HOTELS 


FOREIGN HOTELS 


As a result of a large cancelled - 1 
fleet order, we have remaining: 
(unallocated at today’s date) the 
followingspecialised FORD vehicles 
available for immediate leasing:! 

Monthly 

Rata 

Roma n w i Hi tan trim and tobacco roof .... £i 64.90 

CorUna ZJ GL Manual Strjto Silver £146. BO 

Granada Z J GL Aatomatlc JuolWr Red . . . T[ £199M 

Granada Zj GL AotomaUc Saloon Slack £214^0 

Jn™ 11 W AotomaUc Ovster with chocolate trim £21540 

Cortina 2SQS S Strata vntn blade trim, tinted glass, black vinyl tool. 

_ _ tjmote control driver's door minor. Headlamp let wash system £148 ACT 

Cortina GMo 2.3 Estate Manoal White wltti black trim £169 JO 

Cortina Gnu 2.3 Estate Maooat Strata; black/ rear log lamps; rear seat 

l>cUs - £173.60 

Folly Inefnslve contracts tar two yean, 20.000 miles par aiumm. 

Phone Tony Reed. 

RELIANCE LEASING LIMITED *“«>• Weiiingboroggh. 

Norttaots. 0933/224186 ext. 41 


cz=i — i, 


PERSONAL 


CANON CAMERAS 

and aceesborws. Unrivalled 
.stuck*. :hc- best prices at Ihe 
World's largest specialist 

EURO FOTO CENTRE 
Hteh Road. Cowley. Uxbridge 
Middx. - West Drayion 4S224 


ViVITAR LENSES 

Ctnterat, flash Gum, Enlargers and 
Phdtd A:cnuriM. Unrivalled itocki. 
the bttt prices at tlic world's largatt 
Specialist, 

EURO FOTO CENTRE 

hi£h Road. Cowley, 

U«tr-dg.?. Middv. 

West Drayton 46124. 


ARBI AG N AC 

Extra Old — Gmnde Reserve 
LHLVALIER de gaubert 
B ox of 5 bottles £29.50 
carrying ami VAT Included 

Club Aatfre-Odlnet. 

Vn::s S i W. Croa; Lou Sl. 
LuSdni. S.E.I. HI-— , 


FOR SALE 

UNION STREET 
BROADMEAD 
SHOPPING CENTRE 
BRISTOL 
LEASEHOLD 
SHOP UNIT 
Ground floor 580 sq fe 
Long Lease 
Premium Required 

APpIfT 


| OsmomLTricks 

I andSon CTvY-terpOScrvewDrs | 


tfyouVeiookbig^somefh^ 

spedaI 5 iafl(fotlie speddisfs, ? 

E xperi cn caour aapearienca. 

AJF.WL Umftad Falcon Works, 400 Londcxi Road, 
bieworth, Midcfiesex. Telephone: 01-500 101 1 Tetex 261 13S. 

Ateoshowmxxnac 12-16, Madrid Road, GuWfwd, 

Sunay. Tetephore:Gtfldfard«)«»3844a/a 


accelerate to 
Saturdays 
motoring page 


LEASE jronr BMW while the 
opportunity still exists; compare 
our monthly rentals. For further 
detaHs upon request. 

If7t 633 CSI Ccupc Auto. 
.Polaris, air cond 9,000 mis. 

£14,950 or £397 mthly. 
1978 730 Auto. Polaris, blue 
velour, radio /stereo. S,QW mis. 

£12,650 or £3)1 rathiy. 
1978 320 Auto. Blade, delivery 
mi lease only. 

£6.950 or £184 mtHy. 
Mil 3.DLA. Met.. Anthracite, 
tints. 5,000 mis. 

£8,650 or £230 RrtUy. 
1978 728 Auto. Delivery mile- 
agt. Polaris silver. 

£11.950 or £317 mthly. 
1978 7131 Auto. Reseda green, 
alloy wheels, sunroof, tinted 
flsss. elec, windows, c/ locking. 
Delivery mileage. 

£15,650 or £385 mthly. 
1978 721 Auto. Black, dnred 
glass, «/(ocklng. Delivery mile- 
age only. 

£11,950 or £317 mtHy. 
1977 (5) 320. Fjord blue, suj- 
roof. 15.000 mis. 

£5.350 or £139 mthly. 

1976 525 Auto, Fjord blue, 
tinted glasi. 21,000 mis. 

£6,350 or £165 mthly- 

1977 3201. Topax, tinted glass. 
14.000 mis. 

£5.950 or £154 mthly. 
All mileages quoted are 
subsDntlated by serviee history. 
BMW APPOINTED 
MAIN AGENTS 
GUILDFORD ROAD 
PIRBRIGHT. SURREY 
We are open 7 days a week 
until 8 pm, 7 pm Sunday 
Brookwood (04B67 ) 4567 


Q The sketch above .shows a 
cotton jersey dress by Pepper- 
mint In striped or plain white, 
rust or khaki. £27.75 from 
Wardrobe. 19 New Bond Street 
and Chlltern Street, London 
WI; Harpers. Edgware; Ricky 
Beaconsfleld. Last Resort, Bath. A 


glamorous dress (centre) which 
ties in a simple but effective way. 
Made from rayon silk (which is 
very packable and creaseproof) or 
pure silk. It comes in black and 
other colours. £42 from Animal 
Rainbow, 192 Fulham Road, 
London SWlO. Wonderfully use- 


ful outfit (right) fn cream, fa he* 
or camel polyester jersey— (he 
creases just shake out. Bj 
Domtno-D, It costs £2&95 Rom 
Fenwicks of Bond Street (Mp 
p and p), Fenwicks of Newcastle 
and Peter Robinson, Oxford 
Circus, London WL 



Relaxed at high speed 


AIR-CONDITIONED 
OFFICE DEVELOPMENT 

iwith porklm: ra«.*»liii—s > 

25,000 M|. ft. 

CLOSE TO PARK LANE 
AVAILABLE EARLY 1980 

For Amber information jor<lr; 

Box T.-W 29 . KIluiii'iJl Time-,. 

10 . Cannon Strive EC 4 P 4 BY. 


TYPfWR/TERS 

&CALC(/WTORS| 


RulnurMninimii innniviiUuu. 
AaaBwMd«MNaGatahpKlaMb«wte! 

Ospiraczrastaifi UBgrimrnbb*. 

Oraanmiii iiiinnii imh rnap.un. 
nUBnBBIMl:- 


■BENNETT' TYPEWRITE RS UMJTH) ' 
TXT- 



AUTOSEARCH 

****CE015 - BENZ 430 SIX 1978. 
Metallic Milan brown wita cream h>uc 
intwlnr. Air condiCio.iIng. cruise con- 
trol. allovtrt whcch. tinted el<Ktric 
windows. 1 owner. 3 000 miles. Oners 
In excess of £20.000. 

PORSCHE CA RRERA 3 SPORTS COUPE 
1SIZ- ^ Meta UK Minerva bluo. with 
mock trim, electric sunroof. P7 tyres. 
Kecanfo seats, blue snot, radio 'cassette. 

hlstorv. SI 0.4 SO. 
PORSCHE TURBO 3.3 1978. 1.000 

miles only. Metallic Minerva blue, 
“"jiiloning and all other usual 

SrSia 5 l J'5F r ,i22 n '?*'• E29.7SO 
j^fflAR XJ-S 1978. Signal red with 
2HS 8 * e J l 12* r trim. Ir i^rrdltlonlno. 
PblllBi 3bQ rad 10 / cassette ulaver. 1 
f;S00 mll«. with lull docu- 
mented history, St 2.950. 

Conjart Exit Horsley 
■04««S> 2711.2793 


MOTOR CARS 


New cars, road tests, 
maintenance checks, 
by Stuart Marshall - every 
Saturday. 

Advertisement rate: 

£14.00 per single column centime^©. 

Contact Simon Hicks at the 
Financial Times, Bracken House, 

10 Cannon Street, London EC4P 4BY 
Tel: 01-2465115 


FINANCIAL TIMES 


THE FIRST OF THE SUNDAYS 


TURBO DEALER 

New models from stock plus 
the Turbo. Demonstrators 
available. Always 20 
guaranteed used models in 
stock. Advantageous 
leasing/finance facilities. 

JKKREEDeUTD 

78 MMttvmwauw^uRsy 

Woking 

J 04 8621 6530 ? + 6 S 663 


S3bf 1 ’■•Sfcates -Benz Dea 

Siflfl CLOVER LEAF CARS 

2B0E wn as 1977 Modle. Sahara 
yellow, bamboo cloth, Etooi E- 
wlnoovn. raflio. 16,500 miin 
C 10 . 79 S 

250 W123 1 977 (S). Meoium 
red. oarehmpfit eluBi. E-wimows 
wont, tinted crvba control, ranto. 
9JOO miles £8.995 

Te^phrjno !?a‘,W 
OCJiHAW<OC:56rts23- 


THE PLAN was to pick up the 
cars at Heathrow, drive to 
Dover, cross to Boulogne and 
make our way to Antwerp. It’s 
about 300 miles — just enough to 
get to know a pew car reason- 
ably well. We would fly back 
from Brussels next day. 

Alas, it all began to fall apart 
in traffic tortured Westerham, 
when the A25 jammed solid 
for 20 minutes. The next jam 
was on the A249, linking the 
M20 and M2. Cars, horse boxes 
and coaches trying to squeeze 
into an already crowded Kent 
County Show brought the dual 
carriageway to a standstill. 

■ Even so. after half an hour of 
sitting still and twiddling the 
radio, we made it to Dover with 
ten minutes to spare. Naturally, 
the 11.30 hovercraft didn't run. 
The 12.30 left late and lunch 
was two hours behind schedule. 

By 4 pm we were on oar way 
again, struggling north on the 
congested coast road to Calais 
and, hopefully, the Lille auto- 
route. Ghent and Antwerp. In 
Calais, it was the turn of the 
boats to use the swing bridge 
and stationary cars stretched 
glittering in the sun for. as far 
as the eye could see. Had some- 
one forgotten that July 14 was a 
public holiday in France? They 
had. i 


Over the border into Belgium 
and the roads cleared magi- 

oilTff A a 6k « nimr nnp am ■ 


couid be given its head. Plead- 
ing the motoring corre- 
spondent’s fifth amendment, I 
shall not incriminate myself by 
detailing the time it took to 
get to Antwerp on the lightly 
trafficked Belgian motorways. 
Suffice it to say that I am satis- 
fied the 635 CSi can sust ain a 
cruising speed of 120 mph on 
the autobahn in sufficient 
silence for the radio to be en- 
joyed and that I find BMW’s 
claim of a 140 mph maximum 
believable. 

As the type number sug- 


e : ' has to transmit, the clntcb is 

? MOTORING saloon's. ^ 

s The engine can hardly be 

0 STUART MARSHALL heard at 70 mph in ' fifth 

** because it is turning over at 

less than 3,000 rpm. At an 
indicated 100 mph it is still very 
t gests, the new car is a devd- quiet indeed and raises its voice 
r. opment of the 633 coupe, with only when -pushed In the gears 

1 a 3.5 litre engine instead of a c * os _ e to the recommended rev. 
a 3.3 litre. . The engine is a of 6,500 rpm. Wind noise 
e detuned version of the 3.5 unit ** “rer a problem. 

s previously used only for racing. The 635 CSi Is, I suppose, the 
B It develops more power (218 answer to those who have 

{ 833 CSi” at lower revolution^ complained that the latest 
5,200 Tpm compared with 5,500 Eeneraticm °* BMWs have gone 
rpm. BMW have taken the a Ut0e The 633, it is true, 

; opportunity- to raise the final does not have quite the 
drive gearing a little and instal taut muscularity as the 3.0 CSi 
their first. five-speed gearbox. that came before it; the 635, 
The result is a car that is however, does. It is as fast a 
even more relaxed at high 031 ■* anyone could reasonably 
cruising speeds than the 633. It with Quick though 

also gets from 0-60 mph slightly disciplined responses and 
quicker (7.3 against 7.8 haautiful manners. Small 
seconds) and does Just over 28 though subtle changes have been 
mng at a constant 68 mph. n,ad e to the suspension which is 
The gear ratios are fine but f littIe stiffer. though hardly 
the gearshift itself is rather a 1ess , shock absorbent than the 
let down. I found it imprecise, B33 s - A massive front-end 
so heavily spring loaded that spb,ler and a less conspicuous 
engaging first or reverse was one at rear are said to 
an effort and. with the lever too reduce aerodynamic uplift by 
far forward for a hand to drop 15 *** cent at very high speeds 
naturally upon it All this is improves directional 

so out of character with the ^hfhty and cornering power, 
normal high BMW standard Inside, the 685 CSi has leather 

that my car might not have upholstered seats that kept me 
been typical, though one of their in place during hard coroSiSr 
engineers did admit that a bit did not feel too firm and 

E refinemeht was “Portable during a long day’s 

oemg sought. driving. With some give and 

Gear shift apart the car is ta *® on the part of those up 
difficult to criticise. The the rear seats are not too 
suspension is .soft enough to cramped for adults. 

Side a B J^ Vel rid Vi e . 0ver P? or In Germany, the 635 CSi is on 
roads, firm -enough for very fast sale now for DM 50.000— say 
cornering with minimal roll and £13,000. As the right tend drive 
£ s , w SS lt .. ° f 633 CSi costs over £15,000 in 

Ml S5. elm XWX BritaJn ' the new ear can be ex- 
5* i t !?r ng pected t0 to £17,500-phis 
? effortless^ class when it arrives later in 
town driving is not twitchy and the year. It won’t be a bargain; 
& Dg B MW along a just a vety fast 4d S; 
winding road is pure joy. civilised car for ‘well-heeled 
Despite the 218 horsepower it motorists of sophisticated taste. 












9 




5 1978 


HOW, IX) SPEND IT 


by Lucia van der Post 


, n W| 1 
’ "1 is ** 
‘'.if .y** Jf 
■•« .-*£■ 
t* i S. E 

■?’ 

V 

•'k . w ‘ tL 

’V 1., ^ 

••■>. „s. 

••‘lit .. 

•«(».. "'Jj* 

!tjy. 


*\ 

*< 

.'■ 'L 


r-A 


‘V. - 


;.n 


n:,v„- 
, .• Vsi 
: • s j c 






The European Marketplace 


Spain 



// you re^^omg abroad ^is 'summer ^ou may 
perhaps Kfce to bring back vnthy&u. Home of the 
best of : the local merchandise. ■ As^ia&e. people 
travel Tnore often, barriers shrink anditjiecomes 
harder lorpMs&npethhiQ t that isn’t sold: in your 

are. big on.- fc^bbte-batbs and 
u . ‘ . flannel glove^whichare to face- 

_ _ tl : flannels wlmt~fhe;tetepban& is to 

mm ’’ ."V i-t ■ smoke^rignakl-liitoe Prisunic- 
THE quickest .way- to .cross the. type stores yoifebari save up .to 
Channel is ■ to .throw ... yourself the phardacfe- price, for 
-di* -traffic; ' Boulevard instance ■'•’ on ’■• cotton-wool or 

Haussroann^d.walk from the .(amazing whafr Woriting for the 
Fans, branch of ManiSonfbe j*r calls ’ one tp ; turn - one's mind 
one side to Monoprix on the tnVtamwms^- 7 'r .^ 

*!**■«&* s&s&SEj -z 

. same doesn’t gq Tor children s 
The French chain stores— with clothes—dSBcult itoHrad-in any 
the easily con fusableL. names of colours hot red, *fike and blue 
Monoprix. PrisuniC, Uniprlx— ■ but they’re "wel 1-cd/an d practical, 
are much less a standard .target They- stST make ■ffife.-tfSnk of how 
for the British visi t o r to aim for siUy-I-feltHn -.France: in English 
than the London' branches- of Schoolboyfs long shorts. 

Marks and Spencer^-gre for the., cbai „ ■ are the 

invading French. .-.But*; depend^ 0 brj 0ws places Jp dfiy. toys and 
° n - ? games, although th®e tend to be 
^ ^ or ’ ?£ey can be a^good.m^pg piastfcky and: shoddy than 
short cut to shopping m France. y0U - would find SrEriland. They 
Clothes. It’s noteaayiofihd stock toe.tftvtous l&efc of French 
a young Parisienue.' who. admits records, with some^disconnt on 
to buying any for herself .to. the prices. ... -. ..'.v/Av* . 
chain stores. But they .d& haye Food. Prisunic 

a hint of flair that their. English comes info it* jQwh—rdieap and a 
counterparts don't and fashions good selectionist yon might do 
make it onto thefT counters,- even better if yowale in hyper- 
especially at Monoprix, a lbt mericet'terrihJEy-Citoaf is lost in 
faster. ‘ '". 2 suburb white gyjfogf'to get out 

" Paris hasn't yet had a -rammer' J* * be 

worth displaying -its . 1S78 ' standard-bearer monster 
summer fashions, -birt^ you cau-^ores. 5™ 

gt-t a matching- loose skirt-and- ^®otrfedg^.JH|g?*2.' vi -®!? 
blouse set off the^rack.fpr.about c , an 

f 14, which -for ‘anything -trendy on sranexif^' buiH for 
in Paris, is- cheap. Baggy self-catcri ag.^a ^gat^f running 
sweaters come at £6-tolS hSafiy respect 

in one size- only. ‘ rt “- ema11 oh ' 


The, small shopjEQt^per:. tradition 
.... . % .at least , for brej^feaaat and fish. 

Apart from a f ew frbnt-df-shdp ThLngs to ■ tak^niftee, such as 
items- like these, tbere’^ not a canned! regip^f^^iecialities. 
lot to waste your time on -in the pates, condiment of course, 
clothes sections. Not," so my cheeses, caii alLte^ougbt at the 
sources say. the place- *to bny a biggest Prtsxroi^a^Qie others. 

dress, or trousers. or ; shoes. And In- the h_ . 

not for men’s clothes unless lo ^wallow yorfr^i 
you’ve had all. yours stolen. ‘at look our for* " 
the beach and have half an hour - Lastly 00 = ^ 
to catch a plane., . - - - wor tb hea^ng! 

But the women's 'underWear stores are the 
is said to be good value {T don't . well /stocked 
claim to have any first-hand enamel’ pots „ 
evidence), as are^ sachi things *s pans that^ would _ 

lacy nightdresses. The stores are covers, electrics! 

also as good as anywhere ^else ! camping stores'aixi^ts of small 
for messing-about clQthesr cheap ingenious kitchen^gadgets, the 
sports gear, . .canvas ; shoes, makers of which pefitely assume 
towels and T-shirts. !Yeu canJry yon know what thejf;are for. 
clothes on, jmd tflwfiWegceat main. chaSS>res can be 
advantage ot nOt beii^hofl)ered fouruJ S^Sdium^ized 

them b a ^ Q g U ?„ In tO^S'zJ^TC dotted 

S TOand Psris ’ fiercely 

the big department storey . with /e^-other. as 

.Chemists . goods. There s down-market . offshoots. ot rival 

usually a good choice, of. beauty . department ' stofesa PrusuTiic 
products, among: whichi;!^ . told belongs to- the -Ai&Friu temps 
Ricils eye make-up/ Bourjois Up- group, Unlprix to \louvelles 
sticks and/ creams pad (ip iTono- .Gaieties RetigtesjoiiiMcwourix 
prixl Boe^^ priJd^.ve/^ lotteries Lafayatt^ . ’ - \ * 
buys. . These are . oft eir . makes . A I 

thai are OQly on_saIe in tius Vmd , 

of siore. Other . brands sell ^ 1 ^ fono Pr ,x M 

through chemists at higher prices’. - Des: 

and with. indoying nrtd dubious . 
cl a ims that - they^e-; better for ■?****»*-. 
you. ■ . :r _ ■ -- -- ■- At .the endfof the day. the final 

The chain Fiores are also good^f 1 ^ That t* French chain stores 
for holiday supplies of the ^ ^ J^ ey c f a “ 
ordinary, non-medical things -you * P**jf**jft tn de ^ ve r r J®/,/ 00 ! ^ 
would nonaallv’ In England biiy-'^^swj 10 your hotel. 
at, the 'them#* sulfas roog-r * Dav|d 

paste and shampoo. -The F^mldh: • r * 


own high street. Nonetheless, if you knob? where 
to look, there are a few things worth looking out 
for — either because they’re cheaper, or better, or 
just different. I asked writers who live and work 
in the countries they cover to draw on their own 


experience of where to go and what to buy. . . .As far 
as possible I wanted them to cover the major chain- 
store groups hut where these don’t exist or aren't 
very good t hey've turned their attention to other 
ways and means of finding the good local bargain. 



cheaper 
and 
goods. 

dF; what is 
the. chain 
sections. 
-Tefal and 
frying- 
manhole- 
accessories. 


'reputation /for 
lie for. food 




•a>:What!B around, A Rowenta^ filter- 
matic coffee, machine making 12 
? cups. was recently selling for -£23. 
/Sraallef coffee .machines are less 
expensive. A waffle iron '& 9 K be 



A— One of a range of 12 
exceptionally pretty tea 
towels. All in Irish linen, 
and mostly in nice subtle 
colours.' ' They feature 
charming designs, on themes 
like weather lore, -house 
p lants, herbal teas and 
grandmother’s beauty aids. 
This one tells you how to 
dry flowers. - 99p from most 
branches of British : Home 
Stores at -the end of Angnst. 

B — It's nice to see the chain- 
stores - using more . real 
leather for 'handbags. ; This 
bucket-shaped bag (14 izus x 
11 ins) has a silky lining and 
one inside pocket In black, 
brown, navy or natural 
(leather. It costs £21 from 
'selected branches of British 
Home Stores. 

Cr-A very desirable sleeve- 
less pullover — just the job to 
pull an outfit together. In 
Shetland wool, • It comes in 
basic shades of grey or 
cream with a Fairisle pattern 
on the front and a plain 
back. Sizes 10-Id. -ft. costs 
£5.99 . from major branches 
of Harks and Spencer. -- 


While some of our foreign correspondents are offering 
advice to those of our readers techy enough to be heading 
for foreign parts, some of vs ipdl be left behind. For 
those who may be taking uieir Holidays at home or feeling 
in need of a chain-store buy beck home to cheer them- 
selves up, here is a group of same of the best things that 
tee could find at our own chtun-slores. Marks and Spencer, 
inevitably, do the traditional lines best — ire loved their 
new collection of corduroys and checks and Foirisles and 
soft, heathery coloured knitwear. Littleiroods have an 
exceptionally reasonably-priced collection of sportswear of 
all kinds— the actual equipment seems to me ideal for 
beginners but We clothing ig smart enough for any 
standard. British Homes Stores are marvellous (still) for 
lighting and for general household wares. 


D — Detail from a. new patch- 
work design in duvet covers 
which will start appearing 
In major branches of Marts 
and Spencer during August 
In polyester cotton, it comes 
in two colourways: blue and 
pink with a 'very little 
brown, on a cream back- 
ground. and different shades 
of green also on cream. 
£10.99 For a single, £13^9 
for a double, the matching 
pillowcases cost £1-65. In the 
same design are matching 
uniined curtains: in cotton 
satin: and a bedspread also 
in cotton satin. .... 


E— This striking jacket in 
100 per, cent cotton corduroy 
seems to me eminently suit- 
able for all oux chilly days. 
It . has the fashionable 
blouson look and would 
certainly smarten * up the 
jeans and .wellies brigade. 
In brown, rust or eamel. it 
has a detachable hood and 
toning checked “ wooly " 
lining- in the body. The 
sleeves are lined In a quitted 
fabric which won’t stick to 
sweater sleeves. Sizes 10-16, 
£22JiO- from major branches 
of Harks and Spencer. 


Jon WhecIfT 


F — Essentially a beginner’s 
tennis racquet that looks as 
if it would stand up to a 
fair amount of school- 
children's handling. .Made 
from aluminium alloy, it 
weighs just 12 ozs, and costs 
£3.99 from those branches of 
Littlewoods that have sports 
departments. 

G — Overshirt made from 
polyester which really does 
feel ■ like silk shantung. 
Gathered Into a soft yoke, 
the shirt is a good shape for 
wearing in or out of skirts 
and trousers. -’Available-- in 
cream, black or rust, and in 
sizes 10-18. It costs £7-99 
from major branches of 
British Home Stores. 

H — A suit hanging case in 
navy nylon which measures 
23 ins x 43 ins (open). It 
has two zipped pockets and 
two fired hangers. Barter 
large to be carried as cabin 
baggage, if you wanted to 
check it in it would be wise 
to buy a small padlock to 
cZ— together the two interior 
zip tags. £09 from major 
branches of Littlewoods. 


SPAIN HAS an undeserved 
reputation for being cheap, 
largely as a result of package 
tours, cheap booze and tobacco. 
The Spaniards themselves how- 
ever, who in the unlikely event 
of wanting to spend two weeks 
in Benidonn or Torremolinos 
would have to fork out nearly 
twice as much us the British, 
have never agreed that this is 
so since they live, work, spend, 
and watch prices rise in Spain 
all the year round. 

Clothing, for example, though 
well-made and generally attrac- 
tively designed, is expensive, and 
it ia unlikely that the package 
tour equivalent of the cross- 
Channel raid on Marks and 
Spencer will become a feature 
of Spanish life. But if you need 
to buy clothes, theq It is easiest 
and cheapest to shop in one of 
the major chain stores to he 

found in the main Spanish cities: 
“ El Corte Ingles "—which trans- 
lates as the “ English cut," (be 
prepared to come .across imita- 
tion. Scotch House and tweed 
jackets that would set you hack 
£60-£70) and ■ “ Galenas 

Preciados" (“Jorba Preciados” 
in Barcelona). 

A man's suit there would cost 
you around £70. a blouse and 
skirt between £35- £40, and a very 
ordinary shirt, from £B-£S. How- 
ever, these two department 
stores are useful in that they 
have virtually everything, and 
the item left at home in the last 
minute rush can be easily- 
located there. Furthermore, with 
an average of three sales 
(rebajas) a year, things like an 
additional shirt or blouse, a 
swimsuit or a pair of shorts or 
jeans, can often be bought at a 
reasonable price. 

What is worth buying in Spain 
are shoes, boots, and small 
leather goods like bags and belts. 
A well-styled, hand-made pair of 
men’s or women’s leather shoes 
can be bought for £15-£20, while 
a deerskin bag can cost from as 
little as £10. For these it is best 
to look through the shoe shops 
and avoid the large stores. There 
should be little problem finding 
them, since shops in general, but 
shoe shops in particular, tend to 
be clustered together — a sur- 
viving feature from Spain's 
early, and on present evidence 
only, urban planners, who handed 
over a street to each guild, he 
they cutlers, drapers, candle- or 
shoemakers. 


Another thing to look out for 
is the pottery. Spam has no 
especially well known ceramic 
producing area— Toledo, and the 
East coast from Tarragona tu 
Valencia are probably the :nn>t 
widely known abroad — hut does 
turn out attractive, well-made 
and cheap pottery, with a dis- 
tinctive regional character. A 
tea-set, for example, can be had 
from around £8-10, and a set 
of salad dishes from as iittlo 
as £7-8. Pottery is often fnund by 
the roadside— on the road lo 
L’Escaia on the Costa Brava, 
for example, or on the road 
south from Seville — or, par- 
ticularly ip Andalucia, in 
specialised shops. Failing that, 
the chain stores and most super- 
markets carry a standard range, 
but shops in tourist centres are 
to be avoided. 

Spain also has more than ils 
fair share of painters, par- 
ticularly a large number" of 

exiled Latin American artists. 
All the big cities, and must 
towns of any size, have a large 
number of exhibition salleries, 
which are worth a visit if you 
are looking for a cuuplc i*f 
moderately priced paintings to 
complete your sitting-rimm. Also, 
many villages have a local 
painter. If you happen to be 
in a village bar. and see a 
series of paintings that you like, 
then you uiay have struck gold. 

Fnodwise. if you are -elf- 
cuiering, then there is little nerd 
to bring anything. except 
perhaps your percolator (the 
coffee is cheap), and >ume lea 
(good tea is expensive — the milk 
is expensive and execrable, but 
there's nothing much you cart 
do ahnut that short of bringing 
your own cow). 

Rather than supermarkets, 
Spain goes in for mini-markets 
which are really just well- 
stocked shops. This is doubly 
true outside the cities. Canned 
fish and vegetables (such as 
artichokes and asparagus) are 
good buys, while the delicatessen 
to be found in most mini-markets 
is worth a visit. Not tu be 
missed there is the iuo - — itam- 
cured ham (jamon serrano), 
while Spanish pales and cheeses 
are very underrated. 

Useful standby items are a 
wide range of packet soups 
(Gallina blanca and masso are 
the best), jars of chick-peas, 
olives, etc., which go well with 
salads, and in fact, the normal 
range of instantly preparable 
foods to be found in English 
supermarkets. 

David Gardner 


Italy 


£lf and' £21)' and handbags Across the street from The 
(between £12 and £29) can , be Evzoo is Thalassinos which sells 
found . at . Sevastakis at 55 Flocati rugs in various colours at 
offers a wide varietv of o 0 od- Panepistimion Street, Gioni, in £5 a kilo. 

nri.Jrf r„rc Ppjdan i am h the arcade at 7 Voulis Street, has Pandoa at 19, Pandrossou 

sandals and day shoes at £5.65 to Street, sells a wide variety of 


going far afield. • * 

Castor Furs, at 30. Mitropoleos 
Street (off Constitution Square). 


# S$n a SS£ MKsSS atst %l e SS£ wide 'SJTJM 

£J!£* r a «r jb<n»S>Iii« and their prices for Greek goods ? “ e SSrt?d SS rte^^e Ev 


IF YOUR travels,^ -aumufer 

take you to or through We^Ger- citrus press for about A m A A 

many . £W. as welL Conversion, is/no (lrfiRCB 
recent weather. .Indert. despite protil em for German electrical VI VVVV 

<*“*' £2?* 2**Hnw -to jw*. gj Slid fcri-pwStaASS 

Mark it is possible, to return • .1 find' the- German shopjf are unlikely to find bargains at the from $300 (of pieces sewn , __ 

with more thair juitthe memory good for buying things for iABd- few chainstores there are. These to g et i,Br> to S2 000 (for whole ^-^^^worDen s .evening shoes ceramics made at its own factory 
of paying 75p f or ^^ratwurst' Accessories for tratafeete nSS’Sn! sk s n). Mink coats cost between at n0 - Wooden trays with decorated tile 

on the street .'W. are .good value-one of J5* «$?* ' m2SS S600 (from pieces) and 53.000 A beautiful and useful gift to bases begin at £2.60 and go up 

— . - - fouad in the according to size. Cbeeseboards 

annena glass ‘ n the some materials start from 
imported mostly from items. The Evzon at 28 £*. 

Iran, and South Pandrossou Street, off Monas- Alexander The Great, at 42. 
the low cost of tiraki Square, offers a set (a Pandrossou Street, specialises in 

The . mam ' fl.oonf ; of . Tnost .whether, or. not it has -a drew- bub of the city 1 are tounst traps, ci _o ,„ lt in a. silver-plated metal called weight. A hand-made brass tray 

department ' stores.^ have large bridge,rThese are availahl^feopx- good value for money can be _^ t me , v so ^ c _ in 0 , ^^ s ^ e es :_J“ d t filigran at £22. A medium-sized with hammered design costs £12. 

tables of special off ere (sonder- toy departments . in chateriores found ituthe area if one has the e^emelymcep^tery. desired ^ £g _ 

aacehot?)- from -T -shir ts, to bed end from toy shops. time to browse around. Furs, and hand-printed by Greek r many, u you are m a nurr> 

imicth socks, nulled » ■ r ~ ' • r „ it leather goods. Greek fabrics, pot- artisans, can be bought at Thg .same shop also specialises and need to -take something 

n^fr^h^huve^airf- it were 'the J.£ ra ^ tery and ceramics fhanSnade Tanagrea at 15, Mitropoleos in Greekcotton clothes made in Greek hack with you, buy a tin 

2^5/ ?hp yniv sales ' chubby . ch^ks and . ^« eant ^ hand-painted), Yannena Street. Beautiful table lamps designs from the Greek islands, (830 grams) of Minerva olive oil 

first day rf .tte VOT ■. . expr^sions oT most modeTOd^ gJL . Tags ' bra» Sd cost something betu-een £17 and and in knitwear. Machine- at £l r 40, or a tin (one kilo) of 

The gift centres in.- Gennm-but if you want a doll ym&x&ftd items 0 fj ve oil and fi 29 - Dessert sets (six small and embroidered blouses range- from golden Hymettus honey for £2 

department one - to caa ptey.^irt rartCT = honey are good value one big bowl — no two sets are £3 to . £7, dresses from £10~£15. from any foodstore. 

think that for m oney . It is posameAo And alike) cost £23. A warm knitted cardigan costs 

!•- .better,.vgilt. the selection in the dcpartjpent thetn at barg^n pr^es without Nice leather shoes (between £U-£15. ' 



believe baroque 


tables, -heayy - ^ewter^'^brtssy stores is particularly good,; ^/ell LOTm ai 
brass with curl^ques, love - with r ‘a ,'doll wbosei^es '' - • - 


Nico Michaelian 


vou dig anonnd- you infiy cotoe sparkled; she had high , cfceek- 
iip with- a .nostalgie puppe U bones and lovely hair auS: was 
doll with porcelain head, hands beautifully dressed. Effi<&at 
and feet) as I recentiyfaunff to Bertie- " 
Kauf hof for 2 inere. K._. /Madd • . . - ■ /amous Stieff ‘ stefled 

in the old fashioned toys. _seU at . a wide rapge^of 

long can prices; liny animals cost^g40; 

be found; both ui glft. a»^ ago loediicra-kteed are about iE^Sd 
iny departincnts'from ^to # i arc£ do ^ 18 in s talpqests 
In We Stuffed toys not rfiiflOy 

slocked With ^Stieff -are much less expire, - 

dolls; they are- more .difficult- to ^ or instance a. big lion cab he 
find in- Auguatw-ir. .. ' . -found forr between £5 aa<l£ie. 

AlK'j’oarVroimriv though, ^tbe - WAre V family of hatcoiVe- 
shelves are suettod^wrth.M^ torj^-Strisons from the V^J.S^ 
krues. Those, with pewter i) s .^g. from . - Bremen, 

atari- from from the City—but oiir 

g roups, badges Id put ou hls 

and m; the -hat. His Alpine hat from ‘Aiis-‘ 

same mugs tria boasts, a large coUeriiaxL' of 

£7 or. Jcs*-. { medals tiw, all over the place, 
lids , in MostlhiJi resorts In Gennany 

blue ^ ^a^bx^ and medals tt ttoae 

£3-£S, who walk -the forest traUs,. At 

And.. the lalge to just oyer «- these make! 

rs^on.blymw^ive sourtnla. 


mods: - Hand 

I - , w. ' UeUDBH '.wuin, »WJ wuiMme 
painted ^ .'qualitaets Wine .can he- found 

eachcan ^ 4 to DM B l£lron.»5). 


Stores hut jn- AMulier-Tkurgau from^adra is 
on a : wooden rack aro with a ^ nice winc: the wines 

timer-; are fust from the Bheingau. particularly 

nf . JSSa W whJre: SSSingR are dryer. Hock comes 

continbutg. S’ to : brown bottles. Moselle - in 

over.., herok i««»use in^r .^ar? lf . „„ are a f an of the 

cheaper as® come Sue Niin^type of winB.. .sueh 

van«y rf «i*es and pattortis- .r p^onk k available as table wine 

SaiatfAllectrleaJ 'i ?PP_h 3“*** - aX abrntt Sop a litre-. - ;j . 
ean he a to Gernuny r .. : : . /; :- ,.-. 

so it's. worth * walk through tbe-^ . Charlotte Hawtin 

Ifousowaresr department ^^ se»r r- - • - j-;- .- 



ave/i, 



Cook-ahead dishes, like the quickie dishes 1 wrote about recently, \ PEACH MELBA 

are ideal for holiday eating, and eve«Tthingrixrra.v suggested menus peaches should be in’ excellent of flesh. ' 

this month falls Into one or other rf these categories. - condition this month, widely Skinned, halved and stoned 

■ r— c..« - available and reasonably priced, peaches served raw (or lightly 

Sus^esled menus for August : • The : frwnone varieties are poaciied to vanilla syrup if 

Cucumber with herbs .. Tomatoes stuffed with walnuts, easiest to halve and stone ‘ slightly under-ripe) and coated 

Pork tonnato, salad of ’lettuce basil and cream cheese cleanly, and perfectly ripe fruit with a fresh raspberry puree 
hearts, French bread Grilled chicken with. herbs, rice skins" easily. If the pea chesty ou lightly sweetened with icing 

Barbados peaches - and spinach, salad. buy are slightly under-ripe, sugar, & Ia Melba, are a delect- 

, Peach Melba plunge -them 'whole Into" boiling ‘able treat It’s traditional to 

' - ' water for a few seconds : this serve this dish with icecream 

BAKBAiHJS PEACHES yriti loosen skins making them but I think this detracts from 


PORK TONNATO 


A completely cold meal on a be ready just when, you are easier to j>eel without wastage the exquisite fruit flavours, 
cold summer’s day can get a ready lor them. 

- :rsrr^SA.T -WHienBC chilly reception and, since the ti lea f 

a , tamto is 

- ■■ Lehensmittel (grocery section.: of 

about m- ry—;y; ' ; ffi. department stores), .where 
The , Rlf L,' c ^ ltI ^ n 5? CD Jin? you vnH find a. large display- of 
peasant style. ^1^-. _??SSr Gennan wines. Very drinkable 


.. . . _ . .. one of my unnecessary, but it is a good 

unreliable this year, it seems a shaijo^ baking " didi • and favourite summer dishes— but idea to trim away any fat and 
wise: precaution to- plan on sprinkle with a little fresh veal^s regrettably too expensive sinew and to tie each fillet with 
serving at least one hot course orange juice. ^ Cover and set to eat often so I have been a few pieces of string to keep 
at each meal. aside at this stage if preparing trying some substitutes, it in a neat bolster shape during 


Peaches are not often served in advance. ' Poached, Jikinned, boned and cooking, 

hot but I love them this way Just before cooking dust with sUyeired chicken is good with Colour the pork in butter, 
and the heady sceut and spicy soft brown sugar mixed with a this, delicious, tuna -and anchovy place on a bed of chopped and 
warmth of Barbados peaches is good -Savouring of ground mayonnaise sauce; pork fillet is browned vegetables, pour on 
fast proving popular with my cinnamon and doves, and top even better— the flavour is enough good stock or dry white 
friends: It’s a practical dish for with large flakes .'of unsalted excellent and the tiny neat wine to come halfway up the 
entertaining too. The fruit can butter (I allow a generous slices look most attractive. vegetables, cover and braise for 

be .prepared to advance; if you' tablespoon, of sugar and a good Y °u need .two or three pork about 1J hours at 325 deg. F, gas 

add the. toppings and put the half ounce of butter for each fillets to make up the 24 lb meat mart 3. When the meat is quite 
dish into the oven when you peach). ■ Bake, uncovered, at needed . iq save six-eight people cold, remove string, carve thinly 
lake, the main course into the 350. : deg. -F., gas mark 4, for os a. -main course.- r think and coat with sauce in the usual 

dining room, the peaches should about 25-30 minutes. larding pork with anchovies is way. 


THE MUCH longed-for summer 
has finally arrived in Italy, albeit 
very late this year. Until a 
couple of weeks ago sales were 
very poor in most shops, mainly 
because of the weather, but this 
is now good news -for those of 
you who may find yourselves in 
Italy in the next few weeks. 
Even though we are now at the 
beginning of August there is still 
a large and varied selection. 

The chain stores — La Rina- 
scenle. Stands, Upim and Coin 
are Italy's most important ones 
— and other shops which still 
have masses of their summer 
lines are in a big hurry and are 
offering remarkable bargains. 

To my mind Milan offers the 
best shopping. Via Montenapo- 
leone is one of the best streets 
in the world for haute couture, 
and excellence in all items 
(prices accordingly) including 
delicatessen .(salumeria) that is 
mind boggling even to those who 
are not gourmets. It is a richer 
city -than Rome since it relies 
economically on the industries 
of the .North of Jtaly while 
Rome- -depends mostly on tour- 
ism. Consequently the chain 
stores of Milan offer more choice 
— La Rinascente is the equiva- 
lent of Harrods. In Rome the 
differences between La Rina- 
scente and the other chain 
stores, . Standa, Upim and Coin 
still bolds but to a lesser degree. 

If you go into any of the 16 
Standa stores in Milan you will 
at once be assailed by the 
romantic look, which pervades 
the stores. There is a vast 
collection of Leghorns, the 
Florentine straw-hats. em- 
broidered and flowered and 
selling, for about 95p. Displayed 
with them are straw bags in 
several shapes, styles and prices 
(from £1.28 to £6.00). The bags 
are mainly very large and 
practical and can be used both 
as s ophisticated beach bags or 
extravagant shopping bags. 

Continuing with the romantic 
theme, Standa is selling gorgeous 
cheesecloth white blouses for 
about £6 and for your child, if 
you — and she— feel like coping 
with it, there is delicate linen, 
made into nicely embroidered 
tops for £3.85. 

Uplm’s- Milanese branches are 
a good source of inexpensive 
accessories. Narrow sunglasses, 
to the. Fifties- style, with black 

or mother-of-pearl frames for 

£1.30 nicely match cute multi- 
coloured sun visors for the same 
price. 

As a tribute to the revival of 
shells. Upiins* buyers have found 
and chosen the prettiest ones, 
made into necklaces that go. well 
with sandals made in natural 
coloured material and cord for 
an up-to-date enntrast ( shell 
necklaces :are 95p and sandals 
about £5.70). 

If you’re planning a seaside 
holiday- then the thing to look 
out for is, Upim's swimwear 
collection-— to -Italian styles and 
colours, costing from £5.00 they 
are outstanding value for money. 
A sweet idea for babies is the 
collection of delightful bathing 
suits in spongey material for 
£1.60. . - 

Fashion is nicely displayed at 
Coin .stores — the military look, 
to military colours, is the current 
rage. Goto has become immensely 
popular, especially among young 
women in their early ~30s. 
because it has a reputation for 
being bang up-to-date. The 
danger is that you’ll be tempted 
to spend a fortune there as 
bargains like 50s style blouses at 
£1-30, . American Graffiti-Style 
skirts ini .printed satin for £6.00 
and old neckties at 65p each, are 
hard to resist 

Coin stores have a special 


department for teenagers where 
military accessories are selling 
fast; cloth desert boots arc the 
best-seller at the moment at 
£5.40. Handy string-bags (for 
carrying off all those bargains) 
are only SOp and come in red, 
yellow, green or blue. 

The great novelty this summer 
in men's sportswear is the new 
Alfajtomeo line. This year, in 
fact, this world-renowned Italian 
car company nor only had good 
results in the Formula I World 
Championships (thanks also lo 
Brabham and Niki Laudd! but it 
has also sponsored a complete 
fashion line. 

In Coiu's me ns wear depart- 
ments the major items are sports 
hats (£2.90). umbrellas (£7.40), 
cardigans (£12.20) and water- 
proof cotton jackets (£14.80) all 
carrying a small four-lea red 
clover, the famous Alfa Romeo 
symbol. 

BARGAIN hunting is all part of 
being a tourist in Italy and be- 
cause the Italians are aware nf 
this they do their best to. make 
sure that there are all sorts oF 
goods available for every tourist 
and to fit every pocket. In Rome 
the rich tourist can be seen rush- 
ing in and out of Gucci's or 
Bellini's on the Via Condolti. The 
Via Coivtott) is in an area re- 
nowned for its expensive shops, 
although for every chic ti.e. ex- 
pensive) shop there is a mod- 
erately priced one as well. 

In the expensive shops the 
clothes, shoes, and household 
furnishings are delights to look 
at and tempting lo buy. 1 sup- 
pose if one has the money and 
doesn’t care about the price, 
almost anything one could find 
there would be of good value 
(never forget to ask Tor a dis- 
count — you’ll get one). 

However, the average tourist 
like you and me only looks long- 
ingly in the expensive shops to 
get ideas — strands of coral beads 
are now the rage, for instance — 
before moving on to the smaller 
neighbourhood boutiques where 
bargains can be found l always 
ask for a discount there loo) or 
on to the chain stores. 

La Rinascente is the best 
chainstore in Italy. Conse- 
quently it offers a wide selection 
of articles from all over the 
world as well as some of the 
best of what Italy has to offer, 
not only in clothes but in house- 
hold items as well. The clothes 
are trendy and chic and a cotton 
dress mass-produced will cost 
roughly £20 which l think is a 
bit expensive when a similar 
dress will cost roughly £1S in 
a neighbourhood boutique and 
will have the advantage of nut 1 
being so obviously mass- 
produced. 

Some examples of the goods 
available from Rinascente are: 
a man's pure cotton suit. £SB, 
pure cotton shirts from £5.50, 
leather handbags for men from 
£16. silk ties from £4. Ladies' 
umbrellas cost from £3. SO. 
leather shoes from £20: 
children's cotton dungarees cost 
£8 and embroidered cotton girl's 
dresses' cost £4. 

Standa. Upim and Coin arc not 
as trendy as Rinascente but with- 
out a doubt they offer super 
bargains far children and some- 
times in accessories for women. 
They all offer bargains for adults 
and children in simple pull- 
overs — about £2 for children, 
about £4_50-£a.75 for adults. 
Sandals and - bathing suits for 
children are very good buys; 
the sandals sell for around El .30 
and bathing suits will cost be- 
tween £1.30 to €4.50 depending 
on the size nf the child. 

Sandro Uberali 
in Milan and 
Elizabeth Goold 
in Romo 




10 


financial Times Saturday August 5 1978 


ARTS 


• - -v*- . 



et 



The small.. Provencal city ’of . Wlstipr.. gave his blessing to and filming was intpassible;- For able; with a- voiefr grown in size 
Carpentras lies drowsing between the proposal of a MiretLle opera, contractual reasons, the presence and range of colour, to deal 
the Foothills or Mont Ventoux and Gounod composed most of of cameras at the premiere was gracefully with a demanding 
and the Plateau de Vaucl use,' Carre’s libretto in "pure and therefore obligatory: by them, role, which begins in florid 
tranquil to wait about in. stimu- beautiful” Provence,- as he called and by what was now a still bravura and ends with the test- 
lating and rewarding to explore, it. Into the musical fabric he- vigorous petit mistral, the pro- ingly dramatic “Void la vaste 
Within its walls the long echo of wove strands of local colour — duction was considerably dis- plainer” The Italian tenor Aldo 
Provencal history seems to be the rhythms of the Jarandole and turbed. Cameramen scuttled Filistad, older than his looks to 
vaptured with greater clarity and the musette, touches of reedy across the front of the stage, bats judge from his Press handout 
fullness than in the more spec- piping in the orchestration, the and scarves were whipped off into was an appealing’ Vincent, with 
tacular and more beautiful great melodie prmeneale populatre. "0 the pit, and the television light- tone both smoky, and sweet, 
cities further to the south and Magali” as a recurring musical ing reduced all scenes to a single, honestly if not elegantly used. 


west. 
Many 


episode — with a delicacy of 

„,_v factors nhvsieal eeo- touel1 hardly equalled ; .or sur- 

Mth"tS5iS^5SSj^g 

to make toe city a good place bp COnsidered Pro „ nCai to th £ 

core in the way Bizet's 


for a summer festival. This year, 
at the 26th Festival Vais on-la 


PROVENCE 


MAX LOPPERT 


LVlrlesiennc Incidental Music 
must be. It is not similarly pene- 
trated with that sun-baked con- 
cision and clarity of gesture that 
characterises the mature art of 
the younger, greater French com- 
poser. The best things in the 
opera — tunes such as the shep- 
herd's son?- the heroine's 
“Heureux petit berger." Vincent’s 
Romainc-Carpemras. opera was cavatine, ” A nges du Paradis ” — 
added to the attractions, a are best Gounod, with the effect 
wooden amphitheatre being of a grearer sweetness in the 
erected in the courtyard of St. melody than the simple lie and 
Siffrein Cathedral for the pur- cut of the phrases would seem to 
pose. Gounod’s ilfirciilc, in a 3 How. The less good things, the 
production bv Jean-Claude religiosity and bombast of 
Auvray conducted by Roberto Mireille’s death, are also typical 
Benzi. marked the start of Gounod, though far less insisted 
Carpentras" outdoor operatic upon than In FausL 
activities. The opera, a simple tale of 

.1 / ircille is not an ’* important " young love and parental dis- 
opera. not a searching, profound, approval, .was not a success at 
or liTe-enhancing experience, Op6ra-Comique, where it was 
hut a minor work of much fresh- f| K t g j ve n, in 1864 MioJan- 
ness and charm, with a vein of Carvalho, the first Mireille, 
real lyric tenderness in its demanded. and won from 



Elena Obraztsova 


Mich&le Vilma (expert In Taven’s 
chanson), Ernest Blanc (still a 
powerful Ourrias), Marc Vento 
as MlrelHe’s • father, and 
Christine Barbara and 
veronique Dletschy in dugazon 
roles, filled out a well-chosen 
cast, in which the only in- 
adequacy was a weak voice for 
the beautiful shepherd’s song. 

A day later, the wind had died 
down for the first opera of this 
year’s Orange Festival. Elena 
Obraztsova. Domingo. Barenboim 
conducting h£s Orchestra de 
Paris, a DG recording in the 
offing — this was a luxury-product 
Samson et Dalila, and also, inter- 
mittently. a disappointing one. 

The abiding disappointment is 
always Saint-Sagos’ opera itself, 
with its few good numbers set 
amidst a welter of carefully com- 
posed tedium. (What a thorough- 
going academician the god 
Dagon must be, that he demands 
celebration, by Delilah and tbe 
High Priest in tidy two-part 
canons !) But the spectacle, 
organised by Carlo Maestrini in 
designs by Fiorella - Mari an i. 
settled - for some striking 
tableaux interspersed with a mis- 


Taormina 



melodic invention, and a luck Gounod major revisions recita- monotonous midday glare. There cellany of grand opera cliche, 

nf artifice that readily endears tives instead of spoken dialogue were signs, particularly in the Tbe ballet, by Felix Blaska, was 
it- to the listener. There are a shortened thrqe-act form outbreaks of symbol itis that seem comic in its awfuJness. 
obvious reasons for giving it in instead oF the original five, a Domingo was not in best voice. 


Provence The work is set in happy end instead of a sad (after < hits business with a blind Tbe was clear, but held 


and around Arles— the Crau. the the stabbing of her lover Vincent P«* sant ’ the manifestation oj ., 

church of Saintes-Mariss-de-la- by tbe jealous Ourrias. Mireille Figures of Doom in Chi mas’ and a “J 

xipr nnd th<» Vnl H’F.n for at Mireille s death scene, and so so tnnilingiy it 


never able to flood out as 


Her, and the Val d’Enfcr at Les walks' barc-he~aded‘ ‘through "the Mtreille's death scene, and so J® NiSSem^s 

Baux are some of its settings. Crau to pray at the Saintes- ° nI - that even without the bur-. {SfLJteed finSw moSSe 

tin 1954 the Aix Festival Maries, and dies there of sun- *«» of wind and camera this was immSi^Tand 

it stroke!. In neither form is the “W n ° t have been an ideally Ihe 

ed work a wieldv dramatic eat i tv. natural or simple staging. Hubert “““MW 'L.™* 1 .1“,* 


mounted the work in situ, us 

were, in a theatre constructed work a wfeldy dramatic entity. 

amidst the rocks of the Val The original- to which most 20th Monloup > . . . * , torinpnwtnme ttPonrns 

d'Enfer. where in the opera the century revivals. ’ including suggested that he had spent long tor me nrat nme. Keroras 

‘ - High with- hours in the Musion Arlaten at Bf&L* 


costumes 


bardiy Russian mezzo-soprano ra the 
flesb for the first time. Records 


IN mens, uin ciiu.j v-arpeuiras. return ttnougn Wltn- . r. th*“ piano” 

Frederic Mistral's out spoken dialogue), prolongs £ rles - SP^ng the details right— ‘" e h ;‘ ft n 
Hm fl/ireio (1859). Mireiile's torments beyond the lf mone y w * s sboru why lash it 


the depth, the lustre 
Printemps qui 
was a glorious 


rmrdien Ourrias meets his end.) Carpentras. return (though 
It is based on 

famous long poem iUircio (1859). Mireiile's torments beyond u<» -- ;■ -- mimmonno 

written in Provencal, and the limits of dramatic interest while °“ t on such cumbersome, un- am „i P9m n * so fttv throatwrinn 
work responsible above all others in three-act form, with a happy Peasant-looking rocks-on- trolley and smooth 

for the 19th-century renaissance end. there is a central lack of « those of the Grau settings? sensualr^ and sm^th Ime. But 
of the language after centuries substance and edtitrast 'in 'the A “ d 'Whydepnve-Gurr.as-of his 2 a awJSSi S 
nf decline and decadence. (For plot After the fim .ct. one ■ ESmSS?*' muffl’d £££”£ 

the non-naUve. struggling, in wonders why the work is not Vet it was. despite all this, an 0 f faltering rhvthmlc sense. She 
French translation, with its 12 more often given, why it has evening of great pleasure, for D i av ed the Dart as a : Bita Hav- 
ing cun (ns of flat diction, pious failed to disniace the stfll-endur- the provision of which the worth siren with touches of 
sentiment, and lifeless character- ing Faust . why the ENO plan to musical side of the performance Dietrich filtered through Bolshov 
isation (leeringly relieved by tbe cive Romtn ef Juliette in a must take most of the credit, tradition. The principal rewards 
siore of Provencal lore and future season. By the end. regret- Benzi conducted the Choirs and nf [h* evening were the sight of 
legend discursively introduced fully, and for all the passing the Mew Philharmonic Orchestra the Roman arena itself' under 
into the poem, there comes to musical deliehts. such questions 0 f Radio France with* the sort of starlight and orchestral playin'* 
mind a very loose parallel with nave been answered. tactful mastery that unassum- D f extreme refinement and grace. 

Manzoni’s Prnniessi sjjosi. an- The first Carpentras perform- ingly solved every hazard out- if Barenboim is not yet a fullv- 
olher 19th-century work of great ance was given under difficult door opera can offer. Daniftle fledged opera -conductor— his 
nationalist import, today more conditions. The dress rehearsal Parirers. a soprano familial 1 at command of dramatic tempos is 
notable for historical signifi- was to have been recorded for Glyndebourne, took the title role not always absolutely acute— be 
cance than for continuous live- television: but the poet’s name- —too fine-featured and “urban” fo well on the way to becoming 
hness.) sake wind, the mistral, was up. in looks and manner, but welF one. 


A favourite pastime of British 
film critics, when sequestered in 
London for a long stretch of 
domestic filmgoing, is to Invent 
the perfect imaginary film 
festival. Locations vary from 
Hawaii to the Greek islands to 
the Swiss Alps, but two -criteria 
are constant • and essential: 
exotic surroundings 1 and a 
humane, digestible schedule of 
good films. 

Little did any of ns know that 
this pipedreamer’s . Utopia 
already existed. The Taormina 
Film Festival has been going for 
23 years, but for only nine of 
those has it been competitive, 
and this is the first year that 
British critics have been invited 
as a group. Taormina itself, 
perched on tbe east coast of 
Sicily, is one of the great beauty 
spots of the world. 

Mount Etna casts a stern, - 
admonishing eye - on the 
sybaritic delights below, and 
occasionally rumbles in dis- 
approval. But though last year 
it actually erupted at the 
beginning, or the festival, this 

year it haa shown clemency. The . 

from America, although its more colour as bright and foursquare 
experimental form may daunt as children’s bricks : a splash of 
^ potential distributors. The film gold as peasant women sit in the 

?riS. 0 ^.ihStftaS in j5 t, Jn CQSl a mere S 35 - 000 t0 make and noon-day street gossiping, a 

th* vJSiJP shovfs s courageous disregard for splash of red as two sunburned 
22SL. ,fTSL £?„ tSSS; movie orthodoxy. At the same workers sift carrots in a giant 

time 11 has a visceral immediacy trough. The central tale of a 
lacking in nearly all its Competi- young man who saves money to 
SSf tion rivals. Jos fs day in the life leave the village and emigrate 

to France is told almost entirely 



Joan Greenwood and Kenneth Williams in Britain’s entry “The 
Hound of the BasfarvHles ■ 


long overtaken Venice as the 
main Italian festival and is 
unsurpassed as a place to meet 
film-makers and fellow 
journalists. 

Among the movies, the big- 
gest popular hit was an 
Australian film, Phillip Noyce's 
Netosjront. This fictionalised 
account of the rise and fall of 


CINEMA 


NIGEL ANDREWS 


in voice-over while the timeless, 
cyclical images of farming life 
continue on the screen. The 
film begins by irritating the 
spectator with its slowness, and 
ends by holding him in hypnotic 
thrall. 

The reverse is true of this 
year's Grand Prize winner 72 


collaborator? He lfiectx and" 
talks to various former Sriotfc 
of bis father — including '3 ^ 
-of old ladies whose house ho 
stayed in at. the end of the war-* 
and the story teasingly makes os 
wonder whether his search wfll 
end in enlightenment or deeper 
mystification. But there is some- 
thing fatally academic about the 
film. It is based on a play and 
has that musty, second-hand look, 
that often clings -to stage adap- 
tations: and while the three 6ld : 
ladies have a certain dotty 
charisma, in the nostalgia-aM- 
old-lace tradition of Hungarian - 
cinema, the rest of the characters . 
seem to be moving dimly about 
in search of a motive and a 
personality. 

Elsewhere in the competition/ 
movies had an odd habit of 
coming in pairs. One evening 
there was a brace of films about 
abortion: on another there were 
two political thrillers (one of the 
Losey's Les Routes du Sad, 
which I wrote about from Paris): 
on a third there was a double- 
bill of .films about prison life. 
Of the last pair, the Japanese 
film Third, directed by Yoichi 
Higashi, made a strong Impres- 
sion. It is the jigsaw-structured 
story of a boy's attempts to 
adjust -to the reality, -of a long 
sentence for murder, his' life in' 
a juvenile prison being intercut 
with flashbacks from the days 
of casual delinquency that led 
to his crime. 


rte newsreel. industry in post- of a mean Los Angeles hustler £ % Sapolilbie Kino if 

war Australasia was a success at (Bob Gaudino) is a cautionary wStes) maSEin lSy‘ to the 

her? an 3 ? becomes “to Ule W ^ self-detractive- JSgf keman SrecS? WerS? 

JE .ii ™ of American opportunism. Schroeter. As a styUst. 


Cannes 
one 

«Sf’SS52«i 0 ° Pen ftC « main character-hero or Schroeter’s speciality is a florid 
London Film Festival. villa in, according to tasrt®— theatrical ism verging on. and 

In focusing on newsreels, moves reptile-like through a land sometoes topplmg over* into, 

easy-prey gullibility sucking high camp. No surprise, there- 
movie-makmg in which “p^pid dry hu victims and bis own fore, that his style Is instantly 
camerawork was often wedded to .humanity alike. The film is a t home in the land of Federico 
resoundingly platitudinous com- packed with bold visual meta- Fellini Indeed Schroeter’s 
mentarr- and the triumph of the phors— when a gun is fired, the chronicle of low-class tife in post- 
film is that it captures both whole screen explodes into war Naples given a patina of 
extremes. The heroism is there white: when the hustler changes political comment by “chapter 
in scenes oF on-the-spot report- his “act” for different clients, headings” that recount the pro- 
age in burning forests or at the screen chameleon— like gress of Communism in Italy at 
political nots (and in the story changes its colours— and it is a the time is like an episode from 
of one young cameraman who is nervy, intelligent. exciting Rossellini's Pnisa that has caught 
swept to his death while filming advance on Jost's last film Angel a dose of Fellini elephantiasis: 
in a flooded town), and the City. scarlet-dressed prostitutes and 

banality is there— satirically— in shown outside the Competition primping homosexuals abound. 

tfle Ji onst i nt ? ea fi-° ffice stress was Ahmed El Maanouni’s Alyam and there is a general air of 
on tying the visual material, to Alyam. European audiences need exuberance-at-a 1 1-costs, 
fulsome editorial smtentiae. to slow their pulse rate to watch l still liked it more than this 
Shot partly In colour, partly in this Moroccan film, which unfolds year’s Special Jury Prize winner, 
black-and-white, and effectively at a contemplative snail's pace. Leaato. Directed by Istvan GaaL 
deploying real newsreel footage But patience is rewarded. The this Hungarian chamber-film 
or the period, rlewsjront is well semi-documentary story of a tells of a young man’s quest to 
acted, wittily written and peasant village living an discover tbe truth about his now- 
de serves a widespread success, arduous, sun-baked life off the dead father. Was he a hero In 
So does Jon Jost’s Chameleon land is built up with blocks of tbe war. or was he a traitor and 


Britain was represented out- 
side the Competition by 
Jabbencocky and Jubilee, both 
already seen in Loudon, inside by 
77ie Hound of die BasherviUes. A 
programming collision made me 
miss the first half-hour of this all- 
star Sherlock Holmes spoof, 
directed by Paul Morrissey (of 
Andy Warhol fame) and starring 
Peter Cook, Dudley Moore and 
every British comedian you can- 
think of in the next 30 seconds, 
but the final hour is good value. 


Conan Doyle would spin in bis 
grave . — indeed probably is doing 
— at the idea of a Jewish Sherlock 
Holmes (Cook) with a smother- 
loving mother (Moore) who pur- 
sues him from case to case, and 
calls him “Sheri" and his friend 
“Watty." Not to mention such 
embellishments as Joan Green- 
wood playing exorcist-style 
demoness, complete with roiling 
head . and basso laughter, or 
Denholm Elliott us a rural dog- 
fancier whose incontinent ’ 
chihuaha sprays passers-by with 
an unceasing golden jet The 
influence of the Carry On series.* 
of which Morrissey is aa avowed, 
admirer, is dear upon the film. 
But if burlesque is the highest 
form of flattery, this is one of the 
livelier movie tributes that Conan 
Doyle and the famous Baker 
Street sleuth have received. 



HHSfe 


t Indicates programmes In 
black and while 


Northern: Ireland — 5-55-G-OO pm 
Northern -Ireland News and Sport. 
12.10 am News and Weather for 
Northern Ireland. 


of. 


BBC-2. 


BBC 1 


7.13-S.30 am Open University 
(Ultra High Frequency only). 9.0 
Rautime. 9.15 Scooby Doo. 9J5 
Why Don't You . . .? 10.00 Rock- 
face. t 10.25 Charlie Chaplin in 
"Triple Trouble.” 10.53 Weather. 
10.55 Golf: Colgate European 
LPGA Championship. 

12.30 pm Grandstand: The Nlth 

Commonwealth Games (12.35, 
1.55. 2 55). Golf 1 12.35. 2.55) 
Coleualc European LPGA 
Championship: Racing from 
lLiyd tick Park il.40, 2.10, 

2.40V: Show Jumping (2.25, 
2.531 The Lambert and Butler 
Masters; 3.in Final Score in- 
cluding racing results and 
cricket scoreboard. 

5.20 Emu's Kroadcuslin” Com- 
pany (R 1 KM 1 

5.43 News 

5.55 Sport Regional Neus. 

6.00 Wonder Woman 

6.43 Saturday \izht at the 
Vim 1 os: - Rio I'onchos ” 
slarrin-; Kn-hurd Boone. 

S,3Q Sca-adc Special from Tor- 

bay 

9—0 Kejak 
10.10 News 
10.20 Sailor 

10.30 Tile Expert 

11.40 Sunn Kurrou* sines bal- 
lad.-. soncs. operetta and 
j-r.uid oper.i 

Ail R>. aions an llBC-1 except at 
the fuilouiiK limci: — 

Wales— 4i.50-9.15 am Hubby 
Horse. 12.10 am News anil 
Weather fur Wales. 

Smlland — J2JO am News and 
Weather for Scotland. 


7.40 am-2.45 pm Open University 

3.00 Saturday Cinema: "Thun- 
der in the Sun” starring 
.Susan Hayward 

7.13 News; sport 
7.30 Network 

8.00 Rhythm on 2 Special with 
the Royal Scots Dragoon 
Guards 

&30 Discrimination: A report on 
racial discrimination in em- 
ployment 

10.00 Golf highlights 
1 10.50 Monster double b*!!: 

Zombie” starring 
Lugosi ... 

11.35 News on;*' 

12.00 Monster double bill: 


•White 

Bela 


6.00 Doctor on the Go •• 

" 6.M The Life and?- 'Times 

Grizzly Adams 
7.30 Mr. and Mrs.. . 

. 8.00 2— 2 — 1 

9.00 “ Reflections of Murder ” 
starring Tuesday Weld, part 
1 (film made specially for 
television) 

10.00 News 

10.15 " Reflections 

part 2 

11.00 Look Here: 

Cbannel 

11.45 Revolver 
12.30 am Close— a 
Turner and 
Vaughan Williams 
All IB A Regions as London 
except at the following times: — 


GRANADA 

- V.JO aTirf. SSsaHw Street. 1A25 Breakers. 


Cross-Channel Moiortn* Information. 
10-00 Adrian Juste. 12.00 Paul 
GamtoaccmL UX Rock On IS*. 2J0 Alan 


u.55 Saturday Matinee: "Seven Wars “ ■•»%»**%:** 

From Sandown." with Audie Murphy. ^ - iri R ?£! e T , L V < ^°*. ^ 

Un u n.-w ■wni and dleco ma«c. &J0 In Concen (S). 


of Murder." 


The Fourth 


painting 

music 


by 

by 


ANGLIA 


WO P m. Mr. W> d -Mrs.-, &3D Backs to die TvLim - ^ 

Land. 1 .00 the ‘Bionic WoJhan. UJJ0 /- 3O ' ZJ12 RadJo -• 

Revolver. UM Gihtevtne. 'RADIO 2 I^OOm and VHF 

« J V - SAD aunt. News Summary. 5.02 Tom 

005 a-m. Old Rooie. New Home. 1045 Edwards with The Earl v Show (Si. 
Batman. 1L30 _ Beachcombers. 12X0 Including M3 Raring Bulletin. Mb As 
Lassie.- "S^HT. pan. QdcSmo - Wata. MO .Radio 1. UJJJ2 Commonwealth Games 
llanov* Days. 7 JO Definluon Sparta Desk. UUO Tony Brandon <5i. 

HTV Cymru/Wales— As HTV General 1202 p.m. Two's Best (S'. 1JJ2 Offbeat 
Service except— 5J0A.00 p.m. Sion a with Braden (Si. 130-5.55 Sport on 2: 
Sian. Commonwealth Games Special (1.30. 2.00, 

cpOTn^H ! - 35 - 3 -°° ,; Riiritia from Redcar (1.30. 

... , . V _ .. 2.10. 3.45. 3.45 with a ciasstfled check at 

5J0 a-m. Talking BUrofi. *J5 Sean the 5 , 401 ; show Jomping U.30. S-20. 2.53. 
Leprvrhnnn IMS The Bionic VVeman JJ5 > The Lamben and Batter Masters; 
5J9 p m, PtiyDLs. MO The Cuckoo Waltz. Cricket nin 1 y 55 3 s 5 00 lam 
1U0 Revolver. IMS Late Call. , N« ZeS' L « 

- SOUTHERN otter 8 antes; Motor Cycltng (1.30. 2^! 

11-30 PM. Taron. 12J5 p.m. Region] The John Player Grand Prts: 

r forecast 5J0 Lassie. UO Mr. ' :'P Gross Channel Motoring Information. 

AM Pop Over Europe. 7JE Bes 


House 


of Wax’ 
Price 


.Starring- Vincent 


tomm 


8^0 am The Saturday Banana 
with Bill Oddie, part 1. 8.55 

Sesame Street. 9.45 The Saturday 
Banana, part 2. 10.15 The 

Monkces. 10^45 The Saturday 
Banana, part 3. 11.30 S|)ace 1999. 
12.30 pm World of Spurt: 12.35 
International Sports Special 
tl) Motor Cycling— Finnish 
Grand Prix from lmalra, Fin- 
land, plus Banger Destruction 
Derby from Ipswich and the 
Australian Pools Check; 1.15 
News: 1310 The I TV Seven — 
1.30. 2.00, 2.30 and 3.00 from 
Newmarket; 1.43. 2.13 and 2.50 
from Redcar; 3. to Inter- 
national Sports Special (2) 
Speedway from Leicester. 4.00 
Wrestling; 4.55 Results service 
5.05 News 
3.13 Cartoon Time 
5.20 Happy Days 


MO a.m. Undersea World or Captain 
Nemo- 5JO Ttw Next VTeok Stunt. 
UU30 Tarzan. ADO pjn The ■ Rolf 
Harris » Show. 7 JO uatnMt. 1U0 
Revolver. 11A5 At The End of du 

ATV 

r 9JK a.m. The ShaPi' of Things. 5J0 
Sesame Street. UJO Tbo ATV Saturday 
Morning Picture Show ULflO Ttnmdcrtlrd 
6. 1205 p.m. The Super Serial Mystery 
1 bland. ' 5JL5 The Life and Tunes of 
Grizzly Adams. U5 Mr.. .\nd Mrs- A.® 
Father Dear Father. 7J5 2-2-L 845 

Saturday . Cinema: " When Eight Beils 
Toll." starring Koben Morley and Jack 
Hawkins. BUS Soap. UM5 Thu Law 
Centre. 


BORDER 


UJO a.m. Tarzan. A00 p-m. Mr. and 
Mrs. 6JQ Bionic Woman. 7J0 Oh No! 
It's Svlwyn Froggitt. 


CHANNEL 


12-18 P.m. Channel Lunehtlmc News 
and Wlia"-. nn Whete A 13 B.icks la the 
Land. 7 JO Father Dear Father. ULOO 
Law C'Hlre. lion Thu Elucmc Theatre 
Show: Dusun Hoffman. 


GRAMPIAN 

9J0 a.m. Talking 9JS Scene on 

Saturday tnctoduu Birthday Greetings 
and Cuir Car. 10 JK Thu White Stone. 
10 JO Si-same Street. 6.00 pan. Mr. and 
Mrs. 7J0 Backs 10 the Land. 11215 
Revolver. U-4S ReSect lonj. 


weather forecast. 5J0 Lassie. UO Mr. 

and Mrs. 4 30 Happy Day*. 7JJ0 Tho -g" eii PS?- g 

Life and TLdicr of Grizzly Adams. UM Entertains. 7 JO S porta Desk. 

Revolver. 11. as Sootbeni News. XL50 ^ **S, T ™“ *** i ohn 

Raw - Korean on the harp (SV KJO The Tony 

T r VTV7cr TCEC Evans Orchestra In Band Parade iS). 

1 a INC Itta 9 JO Saturday Night with the BBC Radio 

9.05 a.m. Lucan. 9-50 The Paper Orchestra (Si. U.OZ Edmonion 73 with 
Lads. HUS Clapperboard Special. 1045 Terry Wogan. 2JXKL02 a.m. News 

Satuntay.Motalng. Rlhn V Three Gnus Por-fftmunair. 

Tevas. n 530 pJm. Lavrine- and Shirley." - 0 . x vm 

uo Mr. and Mrs. 4J0 The B(omc R4DIO 3 wm. Stereo & VHF 

Woman. 7J0 Backs to tbe Land. 1UDB . CTS5 a.m. Weather. UO News. «J05 

Within These Walls. UM Epilogue. . Attbade (Si. 9 00 News. 9JS Stereo 
III STFR Rdcare IS). 10.00 Unknown Schumann? 

-w a fMr. .“Sf sa^srsasTta 

Against the Deart UJA Sesame Street, pjn. Concert, part 2. UBO News, us 
f: 0 ®, Sf* Oh Nol It's Sejwyn FroggHz. Heritage. UO Haydn and Brahms 

UL12 Sports Res ults. 1LO0 Revolver. Chamber music concert (Si. 130 Man of 

WESTWARD S setter chooses records 

9J5 a-m. Talking Bikes. 1IU5 SurvivaL 
10A0 Look and Sec. 1U0 Gtis Roneybunl ^ uSklS 

Birthdays. 1L35 Code "R-" 4.00 pm. SS Moslc of %J Be,l# 5 l i 

Back's to the Land. 7J0 Father Dear Pnmus Ti nart 

Father. U.00 Law Centro. 12J» The {sT^-OS POTomI^S tar^PhSS 
Tltoatre Show. 12J0 a-m. Faith Reynolds. 8JS Prenu 78 part 2: Berlioz 
For LUe - JSL 9J0 The Market Earaomv. lfl.m 

YOKK.SH IKh Dvorak Chamber mnslc IS). 10 JO The 

9 JO a-m. Talking Bikes. 1015 Extra- Contra In August Gaik by Beth Chattot. 
ordinary. UJO Code R. 4J0 p.m. Mr. M-g Sounds Interesting (Si. Jl-« News, 
and Mrs. 4J0 The Bionic Woman. 7 JO U-50-U-55 Toolcht's Schnbcrt Song (SI. 
Backs to tbe Land. UJ» Revolver ILttf „ RADIO 3 VHF ONLY— 4JMMMI0 a-m. 
The Bob Ncwhart Show. ■ Open University. 

RADIO 1 M7u RADIO 4 

(S) Stereophonic broadcast 434m, 330m, 285m and VHF 

5.00 a-m. As Radio 2. (MM Ed Stewart 4J0 am News. 6J2 Fanning Today, 
with Junior Choice tSt. including B32 4JD Yours Faithfully. (uB Weather: pro- 


gramme news. 7J» News. 7-10 On Tonr 
Farm. 7.40 Today's Papers, 7A5 Yours 
Faithfully. 7 JO It's a ' Bargain. 7J5 
weather; progr amm e news. ADO News. 
*H» Sport On 4. txa News. MS tirter- 
national Asmgnmont. 9 JO The Week in 
Westminster. 9J5 News Stand. 1045 
Daily Service. M3Q Pick or (he Week. 
UJO Time for Verse. 1130 Science Now. 
12-00 News. 12.02 pan. Away from it all 
1 2-27 T he News ijuft (S». 1255 Weather; 
programme news. LOS News. 145 The 
Black and White "VUnstrel Story IS). LOO 
Bookshelf. 2 jd Thirty-Minute Theatre. 
3J0 News. 3JS Does He Take Sugar? 
3-35 MikIc or the Masters tAs Radio 3*. 
5-00 Kaleidoscope Encore. 5J0 A IJtUe 
Night Exposure (SI. 5J5 Weather; pro- 
gramme news. MO News. 4-15 Desert 
Island Discs. 6J0 With Great Pleasure 
is). 130 These Yon Have' Loved (Si. 
BJ0 Saturday- Night Theatre (S> 9JB 
Weather. 10JO News. UU5 A Word In 
Edgeways. 1LOO Lighten Our Darkness. 
1145 News. 1LB The UnforgettaWea (Si. 


BBC Radio London 

• 206m and 94 J VHF 


52» a-m. AS Radio 3. 7JZ Good 
pishing aoo . Neva: weather, traffic, 
shopping, sports news. 845 The London 
Gardener. 830 David Kroner with 
Sarucday Scene. 1L» The Robbie Vincent 
Saturday Show. LOO p.m. Bob Powel with 
London Country. 4J0 Marjorie Blibow 
with Close Up. 530 Culdel ne. UO-CioM: 
As Radio L 


London Broadcasting 

261m and 97.3 VHF 


530 a m. Morning Music. 4.oo AM 
wci-kenri news, reviews. (I'aturcs. snorts. 
10.QQ JeUyhone. UN p.m. Saturday Sport. 
oJM After Six. 430 Hugh and Yon with 
Hugh Williams. 730 Ceet Mala— music. 
Information, interviews In HtodusTanl. 
VOO Saturday Music. 930 Nighlline. UP 
a-m. Night Extra. 


CHESS SOLUTIONS 
Solution to Position No. 227 
No. Black thought he couUi, 
and played 1 ..B.vP: 2 B-QN5! 
R-B6: 3 QxB, BxB: 4 <H}4. r 
Resigns. The double threat is 
5 QxR and 5 Q-QS ch winning 
the bishop; 


Solution to Problem No. 227 
1 NxQBP (threats 2 NxB and 
2 N-Q3). The traps for solvers 
are 1 N-B6? BsR or X NxNP? 
R-N6 or 1 N-N3? BxN or 1 N-B27 
P-B5 or 1 N-Q2? P-N5 or 1 NxQP? 
B-K3. 



WEEKEND CHOICE 


SATURDAY. In the four hours 
and ten minutes between news- 
casts tonight BBC 1 has three 
hours and twenty minutes of 
American material, a deliberate 
gesture for all' the tourists in 
the UK at the moment perhaps. 
ITV has two hours. You can 
catch swimibing, cycling and 
weightlifting finals on Common- 
weath Games coverage (BBC X 
early afternoon). Discrimination 
(BBC 2, 830) is a long look at 
prejuidee and practice in the 
employment of minority groups. 

SUNDAY. Again much the 


Foster: Sunday medal T 


more promising of the two 
weekend days. Brendan Foster 
could collect the first British 
Edmonton Games medal in a 
BBC 1 satellite programme 
which starts at 11-40 p.m. A bit 
of knob fiddling here in order 
to catch The Rezillos, a rising 
rock group several heads above 
the competition and on ATVs 
awful Revolver, which some 
areas have scheduled for 11.45. 
Good music, bad show. Festival 
of Festivals, a new series, takes 
us to the Eisteddfod live from 
Cardiff, with Geraint Evans 
<aiO BBC 2). A.& 


ENTERTAINMENT 

GUIDE 


CC — T-ipi* IhNlrr accept cerijm . credit 
C»y idCDhonc- or al il>c Bo, Omcc. 


OPERA & BALLET 


i258. 


COLISEUM. Civgl; Or.Is 01-740 
BncrMlion' 01-016 llfcl 
. ENGLISH NATIONAL OPERA 
To" QM WM A Fr. net *1 T.SO- Thr 
Mif.c FIlIp Tup. A Thur nc,r at 7.30 
La Bonmnc 1 1 04 u.ilconv '-past available 
«.-om icon on as* e< orrt 
IMPORTANT NOTICE New producHon 
e' . Menetsr* Th P ConLiil replace? 
«:icdJied I'prlc c' Carmen. For further 
r.PIa'N ring (>1-240 iJSO. Now bOOhliiB 
•jr Sep! 


ALBERT. 836 3878. Credit cjrfl bkos. 
836 1071-3 Trom 830 am. Party rale-, 
Mon.. Tucs.. Wed. ana Fn. 7.45 pm. 
7huri. and Sat. 4 1 30 .ind a 00. 

A THOUSAND TIMES WELCOME IS 
LIONEL BARTS 
OLIVER 

- MIRACULOUS MUSICAL." Fin Times. 
With ROY HUOO and JOAN TURNER. 
"CONSIDER YOURSELF LUCY TO BE 
ABLE TO SEE IT AGAIN." Daily Mirror. 


ALMOST FREE. 485 6224. Etching Kurt 
Vgnncduit * ■■ Flavor 1 PUno " b> James 
Saunavn. TM«i--SaT. O.Q pm. No 
shatri Mondays. 


GLYNDEBOURNE FESTIVAL OPERA. 
W.:n fhe London Ptn.'lurmonic Orche-lra. 
Last Pnrts Tonight & Mon. at 5.30: 
Cod tan lulls. Tumor, ji S.SO: The 
Rake's Pro*rrV»l PoiSlhle returns only 
Bo> OS£' Giyndc bourne Lewes. East 
Suisct .2273 S124T 1 >. N 0. The curuin 
lor Cost will rise at S 20 share There 
is no posaibiHtt ot admittance tor late- 
comers. 


AMBASSADORS. CC. 01-836 >17 1. 
Niahtlv at 8 00. Matinees Tun. 2.45. 

Saturdays at 5 and 8. 

PATRICK CARGILL and TONY ANHOLT 
In SLEUTH 

The W 01 Id-Famous thriller 

by ANTHONY SHAFFER 
■' Seeing the Btay asa.n is ,n lact an 
utter and total 10 V Puncn Scat prices 
£.2.00 and £4.40. Dinner and Top-price 
Scat £7.50. 


ROYAL FESTIVAL NALL. 923 3191. 
Mon. unt>i Auo 19. Etst. ..30. Mat. 

GREAT STARS OF*' VVORLD BALLET IN 
GALA SEASON 
D.ineinn .11 everv Brtl 
MARGOT FONTEYN. MAIN A GIELGUD. 
NATALIA MAKAROVA. YOKO MORQ. 
SNITO GALINA PANOV. ,, LYNN 
SEYMOUR ana FERNANDO BUJONE5. 
STEPHEN JEFFERIES ION ATMAN 
KELLY IVAN NAGY VALERY PANOV. 
1ETSUTARO SHIMIZU. CORPS OE 
BALLET. 

Decays hen Sox Office. 


APOLLO, qt -437 26G3. Evcnlnoi 8.00, 
| Mali. Thurs. 3.00. Sal. 5.00 and 8.00. 

1 DONALD SINDEN 

■■Actor of the year.' - Evehinq Standard. 
" IS SUPERB.' N.o.W 
SHUT YOUR EYES AND 
THINK OF ENGLAND 
" Wickedly hmn»." Times. 


THEATRES 


>HI THEATRE. CC. 01-030 7B] I 
? 30 -Mats. Thur*. 3.0 and Sat. 4.0 
IENE IRENE , IRENE 

- THE BEST MUSICAL 
. el 19'6. 1ST' and 19 7a 
tSNC IRENE 'JUtNE 

LONDON'S BEST NIGHT OUT. ' 
Sundat Pcooiu. 

□ IT CARO BOOKINGS 836 7611. 


ST FREE. '405 6224. Lunchtimes 
- oR " bv Boh Wilson. Tucc.-Sat. 
pm Sons- 5-0 4«i4 5 0 Pm. No 
Shows bn Monday. 


(CH. E36 6434. 'Into. M6 5332. 
Fuiw 11 conditioned 


runt >a • 1 LwiitFiiwiira 

f AL SHAKESPEARE COMPANY 

ce« 2 00 i 


'■ndbeio * the dance of death 

■=<*•, as j wdndrrful piece 
r,mn. With: Slett Gooch s THE 
IN pirates ANN BONNEY and 
' READ inert pert to Avo 1 - RSv. 
t THE WAREHOUSE >S« under W» 
: she P-c:aiill* Theatre i" hnal 2 
Peter Nichols' privates ON 
PARADE 


ARTS THEATRE. Ot-036 2,3Z - 

TOM STOPPARD'S 
dirty linen 

'■ Hilarious . . . sew It. ■ Sunday Times. 
Monday to ThuKfaY 8,30. Friday and 
Saturday at 7.00. and 9.15. 


ASTORIA THEATRE. CC. Chjrino Cross 
Rd. ttt-?14 4191. Mon.-Thun. B p.m. 
Frl. and Sat. g.00 and 0.45. (Buffet 
food aralliblc.J 1 " 

ELVIS 

"inlecriovs. appeal mo. loot lUmnlng and 
HMrt-ttiumpIns," Otrteryer. Seals £2.00- 
Id 00. Hall-heur before show a«ail- 
dble scats £ 5 . 00 . Mon.-Thurs. and Fn. 
G p hi, nert only. 

BEST MUSICAL OF THE YEAR 
EVENING STANDARO AWARD 


CAMBRIDGE. CC. 836 6056. Men. to 
Thur. B.OO. Frida*. S-turday 5.45 and 
0.50 

I PI TOMB! 

Eicttfno Black African Musical 
” Packed with yartoty." Dly. Mirror. 


Seat Price* £2 00-E5 00. 
” ED GREAT YEAR 


THIRt . 

Dinner and lop-pnc* s-mi £b. 7S Ind. 


CHICHESTER.. 0243 8^12: 

Today at 2 00. Aug. a at 7.C0. 

_ LOOK AFTER LULU 
Tonight. Aug. 7. 9 at 7.00. 

THE ASPERN PAPERh 


CRITERION. 93C 32 16. CC. B3G 1071-3 
emu. a. Sats. sjo no. niMr»v 3 . 00 ' 
NOW IN ITS SECOND YEAR 
LESLIE PHILLIP? " 

' in SIX OF ONE 

A HALF D02EN LAUGHS A MINUTE 
SECOND HILARIOUS YEAR 
VERY FUNNY." Sun. TeL 


COMEDY- 01-930 2578. 

E«9*. Mon.-Frl. 3.00. Sal. 5.00 and 8-30. 
Mat. Thur. 3.00. 

EDWARD WOODWARD 
BARBARA JCFFORD in 
THE DARK HORSE 
with STACY O0RNING and 
PETER WOODWARD . 

A cracking New Play by Rosemary Anne 
Sisson. 

*■ A merry evening- a laugh a minute. 
D. Tel. " Romance In soadn. Casting is 
very strong " F.T •■ Opportunity brilltaetlr 
selien by Edward Woodmra and a first- 
class cist In Val May's extremely ebettivc 
production A most attractive and enter- 
taining evening." Ev, News. " Americans 
wilt io*c -t . . . can't fail to be enter- 
tained " Gdn. 


DRURY LANE. 01-836 3108. Mon. U 
Sat. 8 00. Matinees. Weq._„* S^t. 3.00. 


A CHORUS LINE 
devastating, layout, astonishing 
S. Times. 3rd GREAT YEAR. 


GLOBE THEATRE. ,01-437 1592. 

Eves. 8.15. Wad. 3.0. Sat. 6.0. B.40, 
PAUL EDDINGTON. JULIA McKENZll 
BENJAMIN WHITROW in 
ALAN AYCKBOURN'S Now Comedy 
- TEN TIMES TABLE 
••This must be the ha poles t laughter- 
. maker In London." D.Tel. "An irrcsktiblY 
enjoyable evening." Sunday Times. 


DUCHESS. 836 8243. Mon. to Thun. 
Evenings 8.00. Frl.. S4t. 6.15 and 9.00. 
OH! CALCUTTA.’ 

•■ The nudity is stunning. ■ Daily Tol- 
9th Sensational Year. 


DUKE OF YORK'S. 01-836 5122- 

EvenlMM 8.00. ■ Mat*. Wed.. Sat. 3-DO- 
Limited Season. Must end August 26 
JOHN GIELGUD 
In Julia Mitchell's 
HALF-LFFE 

A NATIONAL THEATRE PRODUCTION 
'• Brilliantly witty ... no one fbould' 
miss it." Harold Hobson (Dramai. Instant 
credit card reservations. Dinner and TOO- 
erice seats £7.00. 


FORTUNE. B3G 2239. Ere. 8.00, Thurs. 3. 
Sat. 5.00 and B.OO. 

Murid pnvlow OS MISS MARPLE HI 
AGATHA CHRISTIE’S 
MURDER AT THE VICARAGE 

fourth Great year 


GARRICK THEATRE. CC. 01.836 4601. 
Eves. 8.15. -Wed. 3.0. Sat. S.SO 8.50. 
TIMOTHY WEST. GEMMA JONES. 
MICHAEL KITCHEN 
ft HAROLD PINTER'S 
THE HOMECOMING 

" BRIL'- 1 ANT — A TAUT AND EXCEL- 
LENTLY ACTED PRODUCTION." Q Tel. 
"AN INEXHAUSTIBLY ftioa WORK." 
Gdn. -' NOT TO EE MISSEO.” Times. 


GREENWICH THEATRE. 01-858 7795. 
WILLIAM DOUGLAS HOME'S 
Newest plav 

„ THE EDITOR REGRETS 
Evenings a. 0. San. 5 and 8. 


HER MAJESTY'S- CC 01-930 6606. 
Ercelnja 8.00. Mats. Wed . Sal 3.00. 
JAMES EARL JONES 


PAUL ROBESON 

" Magnificent." D. Eap. " Soeiuunding 
theati-e-" D Mail. Make it « mint." 
EveniiM Standard Limited Seaton. 
KING'S ROAD THEATRE- 332 7488. 
Mon. W Thur. 9.0. Frl.. Sat 7 30 9.30. 
THE ROCKY HORROR SHOW 
DON'T DREAM IT. SEE IT! 


Wed. ' 2.20- Saturday 4 -30 and sioo.' 

PAUL SCOFIELD 
HARRY ANDREWS 
ELEANOR TREVOR 

- HRON PEACOCK 

and IRENE HANDL m 
A FAMILY _ 

A new play by RONALD HARWOOD 
Directed bv CASPER wreoe 
"A n admirable play, honest, well cmf? 
c rived, properly worked eat. freihly and 
httmglv written, richly satrifvinij. Paul 
Scofield at his best." B. Levin. S. Times. 


LONDON PALLADIUM. CC. 01-437 7378. 
NOW UNTIL AUGUST 19. 

Mon.. Tars,. Thurs. and Frl. at B. 
Wed. and Sat. 6.10 and B.50. 

THE TWO RONNIES 
in a Spectacular Comedy Revue. 

. Book now on hot tine 01-437 2055. 


LONDON PALLADIUM. 01-437 7373. 
September 4. For one week only, 
MAX 8YGRAYES 
with Special Guest Scar 


with special Guest seal 
JOEY HEATHERTQN 


LONDON PALLADIUM. 01-437 7373. 
September 25th. For one Week Only. 
LENA MARTI LL 


LYRIC THEATRL 01-457 3686. Ev». a. 

Mat. Thurs. 3.0. Sat. 9.0 and 8.30. 

JOAN FRANK 

PLOWRIGHT FINLAY 

_ FILUMENA 
bv Eduardo de Filiono. 


1 TOTAL re T(r ? ' - F - - C ° ZEFFIRELLI. 


TRIUMPH." Er. News. “AN 
EVENT TO, TREASURE." D. Mir. ■■ MAY 
IT PILL THE LYRIC POR A- HUNDRED 
YEARS." Sunday Times. 


MERMAID, 2 48 7656. Restaurant 248 
2BSS. EvenlW 7.30 and 0,1 s. 

EVERY GOOD BOV 
DESERVES FAVOUR 
A play (or SCMirt and f>rrhe«rra bv TOM 
STOPPRRD * ANDRE PREVIN. Seat* ft. 
f S and ft. '■ NO ONE WHO LOVER 
THE ENGLISH LANGUAGE A~D THE, 
HIGHEST COMIC ART TAN POSSIBLY+' 
MISS THIS PLAY " S. Times. "At ijrt] 
a meamngfur and brilliant and serinus 
political Diav." cilue Harne*. NY Post. 
Run extended to Sept. 30. 


NATin-MuL THEATRE. 982 2342 

OUVIFR (Open l-aoe): Thn't A Mae!! 
7-30 i low price nrevt.t THE Woman 
njwoijy Br Edward Bond. 

LYTTELTON IprOvcenliiRi staoel: Toda* 
3 tk ,7.45. Mon. 7.4S BEDROOM FARCE 
by AU n. Ayckbourn. 

COTTESLOE 'small auditorium': Prnm 
season from Tues.: THE PASSION. Many 
excellent cnean seats all 3 thoatra 5ay 
of pert. Car park. Feiuurant 928 2033L 
Credit card bkgs. 928 3052. 


MAYFAIR. 829 303 E. Air cond. Evs. B 
Sat. V ID and 8.30. Wot). Mat- 3.00. 
WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS'S 
UNDER MILK WOOD 


EddJson 
Today 2J0 


, OU> V FROSPECT AT THE OLD ' 1?IC 7616 

TWVLFTH, ^ IKS" Atkina " a 
• superb Viola." Time*. Robert " ' 

Jfc*7 3Q 1 * Fe * le, '' Guardt *h- 
THE ‘LADY'S NOT FOR BURNING. Derek 
-Jacobi 'easy A virile autnorttv.' Standard. 
RlNcii Mktns "rl vetting physical Buldhy." 
FJnancM. Times.. "A gem of a performance 
from Robert Eddlson . . . Michael Deni- 
son. John SavWent & Brenda Bruce scoop 
up the laughs." Guardian. Returns Aug 




Jicobi Is IVANOV, previews from 

August IBth. 


. IR. Regent’s Park. Taf. 4B6 2441 
MIDSUMMER NIGHTS DREAM 
Tonight & Mon. 7 as 
wltn RULA' LENSKA. IAN TALBOT. 
ELIZABETH E5TEN5EN. DAVID WESTON. 
Shaw's MAN OF D45TI NY A DARK 
LADY OF THE SONNETS. Mat Today 
2.30. Tues- 7.45. 


PALACE. CC i Ot -437 6834. 

Mon.-Thurs. 8.0. Frl. and Sac. 6 and B.40 
JESUS CHRIST SUPERSTAR 
by Tim Rice and Andrew Uoyd-Wehbcr. 


PHOENIX. 01-836 2294. Evenings at 8.15 
Friday and Saturday 6.00 and IA0. 
"TIM BROOKE TAYLOR. GRAEME 
GARDEN make us laugh." 0- Mall. 
THE UNVARNISHED TRUTH 
The Hit Comedy by royce BYTOn. 
"LAUGH. WHY. I THOUGHT I WOULD 
HAVE DIED.'’ Sunday Times. "SHEER 
DELIGHT." Er. Standard. “GLORIOUS 
CONTINUOUS LAUGHTER." Tlmfo 


PICCADILLY. 4 S 7 4 SOS. Credit Card bkgs. 
836 1071 - 3 . 8.30 aan. - 8.30 a.m. 

Last 2 perfs.: Tod by 4.S0 6 8.00. 
RevaJ Shake* peace Comnany in 
THE OUTRAGEOUS ADULT COMEDY 
by Peter Nichols _ 
PRIVATES ON PARADE 
BEST COMEDY OF THE YEAR 
Ev. Std. Award and SWET Award 


PICCADILLY from 8.30 am 437 4506. 
Credit care* 836 1071 .'3. Mon-Thur 8. 
Frl A sar s & 8-15. Special season from 
Wednesday lAug 15 at 71 
SYLVIA MILES 
SHEILA GISM 

. SPECTACULAR PERFORMANCES 
•FROM EVERY MEMBER OF THE COM- 
PANT," Gdn. A new play bv TENNESSEE 
WILLIAMS 
VIHIX CARRE 

(The “Old Quarter" of New Orleans! 
“For those who delight in the continued 
power of tins great writer . . . showing 
off his marvellous comic gift." Tms. 


PRINCE EDWARD CC. (formerly Cssinai. 
01-437 6977, Performances This Week 
Evsv- BJJ. Mat. Thur. 3.0. Sar. 3-0. 9.40, 
NOTE CHANGE OF SAT ■ PEWS. 
From Sent. 2, ^5jtr 3.00 and 8-00 

By Tim Bice and Andrew Liard Webber. 
Directed by Harold Pilnoe. 


PRINCE OF WALES. CC. 01-930 8681. 
Evenings S.o. Saturdays 5 so and 8.45. 
THE HILARIOUS 
■ ROADWAY COMEDY MUSICAL 
I LOVE MY WIFE 
starring ROBIN ASK WITH 


CREDIT CARD 


Directed br GENE SAKS 

BOOKINGS 920 0046. 


QUEEN'S THEATRE. CC. 01-734 1166. 
Evenings 0 00. Sat. 3.00 and 0-30 
- ANTHONY QUAYLE 

FAITH BROOK. MICHAEL ALDRIDGE 
and RACHEL KEMPSON 
in ALAN BENNETTS 

THE OLD COUNTRY 

_ BEST PLAY OF THE YEAR 
Plays and Players London Critics Award 
D ! r S9S d A V - CLIFFORD WILLIAMS 
LAST WEEK. MUST ENO SAT. 


l-cem-s. cc _ 01-734 1166. Preys, 
from August 16. ChKns August 23. 

ROY DQTRICE GEORGE CHAICI "' S 

RICHARD VERNON I. ' JAM£S V ' LUERS 
THE PASSION OF DRACULA 


RAYMOND REVUEHAK CC. 01-734 1593 
At 7 pjjj. 9 n.m. If o.m. Oeens Suns. 
PAUL RAYMOND presents 
THE FESTIVAL OF EROTICA 
_ Fully alr-COnffttloned. 

2tSl SENSATIONAL YEAR. 


REGENT- CC. (Osfd. Clrc Tube). 01-637 
AMERICAN BACK. 
STAGE MUSICAL Eves. 0.30 pan. Thurs. 
and Sat. 7 p.m and 9 p.m. 


ROYAL COURT. 730 1745. Air Cond. 
£3>' 8 i s 5 1- ? 4 t BJ0- World premiere 
ps L* Sy hf 9 *! J« k »ii with Ann 
Boll. P«ar Bowte. James Coulitt. 
Leonard Fenton and PAUL ROGERS. 


ROYALTY. Credit Cards 01-405 8004. 
Menday-Thuredar Ewnlwas 8.00. Frfdav 
S.SO and BAS. Saturday* 3.00 and 8.00. 
London critics vote BILLY Daniels in 
BUBBLING BROWN SUGAR 
Best Musical o) 1977. 

Bdafamgs osewted. Malor credit cards. 


SPOLER'S WELLS THEATRE. Rosebery 
Aw £-C-l- 837 1872. Unt.l Aug. 26. 
EVBL 7 jo, Mata. sat. 2.30. ^ ’ 

MARCEL MARCEAU 


“Magic . . . This supreme mime of our 
Time." Evening News. 


SAVOY THEATRE. 01-836 8000. 

Ci . Cards 734 4772. Tom Conti in 
WHOSE LIFE IS IT LNYVf ATT 
with JANE ASHER 

“A MOMENTOUS PLAY 1 URGE YOU 
IQ SEE IT.” Gdn. . 

Eras. M 8.00. Frl. & Sat. 5.45 & 8 45. 


S L a *‘ N 2; 01-836-2660. Evening! 8.00. 
Mat. Thurs. 3-00. Sat. 5.30 and 8-30. 
NO SEX PLEASE — 

_ WETI1 BRITISH 
THE WORLD'S GREATEST 
_ LAUGHTER MAKER 
GOOD SEATS g4.00-CI.oo. 


ST^ MARTIN-Sw.CC. »3B 1443. Ere. 0.00. 
Matinees Tuns. 2.45. Saturdays S and 8. 
AGATHA CHRISTIE'S 
THE . MOUSETRAP 
WORLD'S LONGEST -EVER RUN 
Sfith YEAR 


TALK op THE TOWN. CC. 734 MSI. 
8.00 Dlnrng Dancing (Bars open 7.1SJ. 


~9-3(T^Up ar Revue 


DAZZLB 

and at 11 pm 
LOS REALES PEL' PARAGUAY 


THEATRE UPSTAIRS. 


... Last "pert, toixgnt 7.M 

IRISH EYESAH 


730 265*. 


. — AND ENGLISH TSARS 
by Nigel Baldwin. 


VAUDEVILLE. 836 9988~CC. Ere. alj<L 
M4L Tuea, 2,45. ML 5 and 8. 

Dinah SHERIDAN. Guide- GRAY 
_ a MURoems Announced 
T ne newest whodunnit bY Agatha Christie- 
Re-enter Agatha ‘Chrlctla with another 
JT^P^unnit hit. Agauia Cnrluie Js staik- 
In° the Wret EjS^ee again wltti another 
21. her ..htsodWiRr . Ingeniout murder 
" ,VME r i ,‘2' ^*1* Evening Mew*, 

AIR- CONDITION ED THEATRE^ 


CINEMAS 


IK ' Bt 2. SHAFTESBURY AVE. 836 
•«61 - SeP. Perl*. ALL SEATS -BK8LE. 
1! 2001: A SPACE ODYSSEY lUJ. 70mm 
Him. Wit. & - Son.: 2 Js. 7-55. Late 
show Tonight 11. OS. 
jkTME SWARM lA). Wfc. A Sun.; 2.00; 
5:15.8.15. Late shew Tonight 11. IS. 


CAMDEN PLAZA (OOP. Camden Town 
I 1 ^ 1 - * os 2443. Tavlanl'a ALLONSAN- 
JAN jVAAj (By tlre director of PADRE 
PADRONE,! 2 JO. A45. S.SO. 9-00. 
llsLSv FINAL WEEK. MUST END ' 9 
AUG. 


VICTORIA PALACE. 

828 4715-6. .834 1317 

STRATFORD JOHNS .. 

SHEILA HANCOCK 1 
_ ANNIE 

EV93, 7 JO. Mats.. .Wed, apd sat, 2 ^ 5 . 


Warehouse. Doemar Theatre. Covent 
Garden B36 8808. Royal Shakespeare 
VjTIhi'iV' Ton'r 8.00 David Edgar's THE 

n ii LI, X. 0F "t»imihi6 

um J? The - All 

stredhv ,- £?' Adv. UVbs Aldwych. Student 


WH I TEH ALU Ol'-Tib 6692-7763. 

Eros. 8 30. Frl. and Sat . BAS and 9.00. 
Flul Raymond presanc tn« Smutlgnal 
Sea Rerue of- the Century • 

DEEP THROAT 
6Ul GREAT YEAR 


SHAFTESBURY- CC 01-836 6S9E. 
ShaftMburv A-e. (High Hofbom endt 
FANTASTIC 

GOOSPELL 

"BURSTING WITH ENJOYMENT." D. Tel 
Pr.ee* £2 to £$. Belt seaw £2.50 ij-nr. 
before, show at Bbc 0»i«e. Lx cep t 2 ng 
Pert FrL 4 Sat. Mon. .Thun. a. 15 . Fn. 
and SaL 5-30 and 8.30. 


WINDMILL THEATRE. CC- Ol-437 6312- 
Twlce Nightly 8.00 and 10.00. 
Sundays 6.00 and B.OO. 

PAUL RAY wow.- present* 

the erotic experience of the 

, MODERN ERA, 

“"preeadeafed limits whit fe 
periihiiible on our stave. Evs. News. 
3rd GREAT YEAR 


e VASSIC T, 2, 3. 4. Oxford Street idPP- 
Tpttmum Court Rd. Tube*. 636 0310. 
V Children haM-price. 

i*°NTf CARLO tUJ. Prog*. 1.30. 3.40. 
!LS5. 8.05. Late show EMMANUELLE 3 

11 fi.tn. 

“SMI McClure WARLORDS OF 
<A J' Procr - 1-10- 3-30- 5.5S. 
■sStJjJO TEXAS CHAIN SAW 

oc-glci 1 1 p.ip. • 

S-.jnE LAST: WALTZ on. Progs. 1J0, 

?a“to to & P 7^^ ^ ^S,■. 4 ■ ,0 ■ S - 25 ' a:5S ' 


w J' 498 37S7 - 

fr?"' CfhdiHoned.l DCRSU UZALA. 
Lri J" 70 1 mm (Enansh sub-tltlesi. A 
¥{pr*S V - A, y£. A k “ROSAWA " MASTER 
PIECE. Times. MAS TER WORK." 

9nSf r i?''- ‘ '“ACTERPIECE." Evg. News. 
4 0 IN 70 - 5-4,5 aW1 B ' a0 ‘ Sunda >’* rt 


L R'dS^ El tuf^ , n AR D THE ATRE. 930 S2&2 
R°Oer Moore. Richard 
r*l^? Krtfoir Ip THE WILD 

fAAl SfR BTORl Wka 1.00. 4 JO, 
file'll Ji 3 «I° rI 4 . S ' ttl IhChvS Frl. 1 . 

^n 5 ** 13 m . av “ boolfWJ In 
2?M2 e *ci. 0f » a 'J° Mon.-Frl. aad all 
ofoos. Sal. 8, Sun. Excf. late n 10 ht -shows. 


°2S5i,Jf , S| S I£R SOUARB. 930 6111 

5S fI SSS.“U7 ME « p, * IK Panther iai. 

1^5 l 2S3 fc J2S r - a°?2 rS r 6BW ‘” , «' 

4J0. Eve. prog. 7.4S. 


Uw.night shire -thurs. -lit; dmi wni 
All seats bkble. at. the Box 


1 1.1S MIL -II. M 

onice or by pest. 


' i9 '™ d HAM , 5 . 0 1-836 MW. Credit' Card 
rts* $25. 197 1-3 -from 8 JO am. Mon- 
Thur. 8.00. Frl. and Sat S. 15 and 8 JO. 
ENORMOUSLY RICH 
yery FUNNY.” Evening News. 
Mary O'Malley's smash-hit comaer 
M e ONciTa CATHOLIC . 

Supreme comedy on sex and religion.'* 


-maJ 


IAKE WITH. 


*JarS*F Jwft V RI{ET '- 9M ■2738-2771 . 
Jaap Fonda. Vanessa Hednraw Vn a Fred 
gnmmunn film JUUa («».- Seo. progs. 
St y?. "? *»■> 3. as. 8.45. Feature 

ataanjge 6 -i”- •■1° - 


Alt 


«S8S “AMLEARCH. WJ.72S soil 2 
ENTOUNtERSj of the third 
loSPjMJf 0 »v. Oflore open 

U10W Fri. & Sat. 
Doors open 11.15 pm. AU seats bkbfe. 


PRINCE CHARLES, Le<C So. 43 7 8181. 
MEL BROOKS 

» 8 15. 




\ 



Oils 


mi : 


'r 

v' 




tlllpp 


AS THAIS' distln^ufshed ■ bibJio^ ■ date-line- fo wprty ‘about. As 
phile Jobfr Carter reminded us, ‘ Mrt Quay le, :-. fcnak ; ' collector 
“it is notorious that the detec-' extritordi naive insists, whatever 
tive stoiyistbe favonrite read- authors one ss^sare a matter ' 
ing of statesman, of dons in our - of personal choice^** shaped bv 
older universities, and in fact the books -readied "the writers- 
all that, is mist ioteRecaial in with • whatn.--j..'tteB - collector, 
our reading public.'., ; . ! . ‘ becomes ac^.ajited:;*- . . 

The. ieriousj collecting: , of . Followers various detee- 
detective fiirst -edidims ■ started tive writers:" of; ^he past have 
in the 1930,’s, . pioneered by' 80* ' together^. toVtorm cliibs to 
Chicago . journalist and 1 antic, disseminate: ■::tj!seir'\ ; knowledge 
Vincent Starrett {born . 1S86),- and gain riibr&* There are some 
and Ellery Queen.- pseud enym 2tk societies of 
of two • "Brooklyn cousins, Sherlock : Ha&^s'vSti ;; America, 

Frederic- Darinay : and Manfred, including r^the-^ Bjj&eiv -Street 
Lee, both btirnlh 1905. Queen's Irreg^arsf^^ab^:5cahdalous 
Quorum, a history of ’ the detec-. Bohemians, For de- 

Tive-crrm e short story, has ]ong : tbH^.Vhf_ .Holm es L. ^ .. , 

been a definitive work. Society: of Jipndon: L :founded in 

Holidays are an appropriate 1 l95i T .wriJe' witli 5*. Manor 
time to search around small Gose/VTatin^ 
booksellers and' markets -.for annual membership' is £5. 
unrecognised treasures, having:’ A.** "useful - sGonaii Doyle 
also done your Tiomework, with BibliogrdpkTf .was published and I 
. 1 - i r ^complied last year by" bookseller r 

— — ; — ~ . ,w;~ -Gaby - Goldsch eider ;(£3 from 

~ : ' ’ AnJiquarian"Bool^-.29, Temple ! 

| . f-Ai* | A ' .RoadJ Windsor, It lists Edgar Wallace directing one of his films- -at British Lion Film 

1/wLULw l lllU . . 11,358 items jncllldilig some Studios, 1930/31. From the Edgar Wallace Archives. 

friMT- rri-in ' Holm'esiana, :aikaowI edging 

JUNE HELD- -. - Robert Burt, de' V&al’s mara- . ' ' , u _ , 

• ■ "" .. ti.» w ; Worid fiibffohttiphu ' of °* the Prodigious output there aristocratic amateur sleuth 

Sherlock Holrhesd #d*)r : Watson is 140/15 31,(3 Adley’s The British Lord Peler Wimsey. The 
, -fNew York GraphiC ‘Society. Bibliography oi Edgar Wallace society's chairman, R. L. Clarke, 

Eric Ouayle’s • ' - inestim able 1374) TSfrfijeh "-■ ^^Bits^Over 6.000 f Baker I960). Wallace wrote told - me that they are particu- 

Coftecior’s Booklet- Detective items’ in-' 50 linguiges. John his autobiography.. People, larly concerned with collecting 
Fiction (Studio yist* 1972 K Murray -^bave "just- "published a fHodder 1926), and I have the all Miss Sayers' letters which 
And. if you tr^ -h- down, British editidii'T«A-irhe : 'Sh«ricich 1939 Book dub edition of she produced in vast quantities, 
the out-of-print S34pag& Who " Holmes TUHStnUed^OmnUms, an Mar saret Lane's Edgar Wallace “They comprise a substantial 
Done It? An Encyclopedia Guidel-: interesting facsijp3e edition of — A Biography which details the part of her genius and until 
lo Detect ire Myatergund -Stw-'.all ttip Shp.rtprtr-Tfttffapc stories, tangled web that his finances these are copied they are at risk. 
pense Fiction Ordeah ' Ar.jjiustrated by "SMfiey~ Paget. as were in he died in 1932 We should like to hear from any- 

Hagen (Bowker j&69), - 'which they -originally appeared In The at the age of 5® : “The Machine body who has any of her letters 
lists 20.000 works' p^Ushed" in 5frand' magaridd^'-the 1890s Br . eaks Down” is. the appro- — copies will do. Just so long 
the Bnglisti'v language. frbm -ju^. ig(X)s. - priate heading of the final as her words can be retained 

1841-1976. .with an, index to ' The Edgar" ^Slbtte Society, chapter. Details of the society for posterity.” Details of the 
heroes, villi a ns and -sleuths. A organised -.by “Vhiar daughter (membership £1,25 to the end society for sae from Roslyn : 
more ■'modest and. /-recent Penelope, "herael^ia siirort story of lhe year), plus leaflet on House, Witham, Essex. Member- 
reference is Melvyn-- fames’ writer, was begun in. 1969 to “Evenings with Penelope ship fee £1.50. The only pub- 
Best Detective Fiction '.(Clive provide : infarinst^ i on the Wailac c at the Edgar -Wallace ijshed biography is the one by 
Biugley 1975), a eompact -guide prolific writer i who: was the Pub -” sa® to ber at 4 Janet Httchman, Such a Strange 
beginning with’ -^philosopher author of 173 bodhs. 'thinslated Bradraore Road, Oxford- Lady, and a new bibliography is 

William Godwin .0.756- 1836). into 1 28 language*:- with., sales The Dorothy L. Sayers his- 4n Annofofed Guide to the 

whose propagandist ^ novel, topping • 50m; --T^sjv.?®7 : short torical and literary society, was IVorfcs of Dorotfai L. . Sayers by 

Adventures of 'Caleb Vitliomi, stories;23." pJjiy6.-‘^-: i sketches, started in 1976 to promote the Harm cm /Burger (Garland PutM 
also contained a classic mystery; and uncounted ajffiwlRi -. Films study of the life and works of lishlng Inc.'), which can be 
to the cdntemporaiyBick Fran- made froro.iii^ biofcs total 165 — the novelist, theologian and ordered through the society, 
cis. champion jo<key who tursiet} he - even original Dante scholar (1893-1957). Specialist dealers in detective 

to crime writing When l he-Tetired ; . script ; for l6ug.'. 3tbng — and whose early, career included fiction include Christopher 
from racing in tbe^i95dfi.. His research has reyeiktail. that in working for. an advertising Lowden, 22, Sumatra Rnad, West 
first effort Dead Ce^f je<»ivii^ one year, oiit of sfji^fJLfour non- agency writing copy for Hampstead. NW10. 'and David 
immediate acdaim^^Jxf7 : ' fiction books hot^btlaJEngland, Colman's Mustard Club cam- Fullerton. Mayes Farm. Mayes 
This is the. chaml"of\ this one was by Edgar iValiace. pa ign. before she moved on to Lane, Sandon, Essex— sae for 

collecting category; ^ ho To find your wayastpunti some create the highly successful lists. 


I 


Ideal conditions for strawberries 


JUNE HELD. 


ANYONE CAN grow straw- 
berries but to grow them well 
one needs to know a little about 
their peculiarities. Of ait fruit 
crops the strawberry is the most 
short lived, not because the 
plants themselves lack peren- 
nialrty but because they quite 
rapidly lose their ability to 
produce top quality fruits. 
Retain a strawberry bed for five 
or six years and it is likely to 
be a solid mass of leaves, one 
plant scarcely distinguishable 
from . another and the fruits so 
small as to be scarcely worth 
picking- Even jf the runners 
which rnnt and grow into new 
plants, and so produce over- 
.croyding. are religiously re- 
moved so that the original 
plants can still be identified, 
they are likely to be tough 
crowned and unproductive. 

- The very finest strawberries, 
those mouth watering monsters 
that are displayed so enticingly 
at exhibitions, are produced on 
young plants which is one 
reason why strawberries make 
sad) : excellent pot plants. If 
gcml rooted runners can be 
obtained now and potted indi- 
vidually in 125 mm pots iu good 
rich soil it is as near certain 
as anyth ins horticultural can be 
that next May-June you will be 
picking some very fine straw- 
berries. There may not be a 
great many or them for the 
yield of young plants is not 
great, but they will certainly 
be good. 

Because strawberries are at 
their best when young and can, 
if one has the time, be renewed 
annually they also fit well into 
the growing-bag technique. This 
is' the modem system of culti- 
vating plants in long, rather 
naxirow plastic bags, like double- 
bed ’bolsters. filled with a rich 
peat-based growing mixture. The 
bags; are laid flat, end to end 
if /there is space for that ,and 


ARTHUR HELLYER 


WORLD CHESS 

LEONARD. BARREN ... 


ANATOLY KARPOV. fiasjit last 
broken the deadlock" an>5 . the 
record draw series iff his; world 
chess championship . match 
against Viktor Korchnoi the 
Soviet defector. - - Karpov, .won 
game eight of the .series, in 28" 
moves ’ on Thursday '/and now. 
leads 1—^1. • /■■* 

This briHianl /win was 
KarpovV first convincing game 
of the match and showed 1 "his 
ability to exploit the slightest 
error. ' Korchnoi’s 'risky open-- 


ing .play weakened ^defences. 

_ And the champion -^ a 
cbmbined r |dece jdti^'culmraat- 
ing -:'in n rdokr/|s£nd^ queen 
sacrifice^ /to’ .force r ^ter 
Korchnoi only has: Aiinself to 
: .Blatne Tor "being/behlfe^I'n the 
match. '.He had; .4 .material 
advanrsge"in the seventh game, 
a strong attack in ths-Jhird,- an ^ 
etemeptary. wrn 

and ‘spoiled -thdm all." The. 
champio.nship..'rfes to ; the first, 
player. ;to. win i?x games, draws, 
not' counting jSo that in theory 
there is a .'Wns way to go: but 
tbe overedlrirnprcssinn is that- 
Karpov isAvarming up. . 

// = nVheh>5\or(*hn'oi came to Hie 
hoard yfor /the' eighth game,., 
rKarpw snubbed him by ref us-; 


ing the traditional handshake. 
A Soviet statement said this 
was because of Korchnoi's 
drawn-out protest over a 
Russian doctor seated in the 
audience .100 feet from the. 
board and’ allegedly trying long- 
distance hypnosis. 

Can Korchnoi get back into 
\the match?. H looks unlikely, 
although the play so far 
resembles the 1974 scries 
hotweon the same opponents. 
Taen Korchnoi . often had 
Karoo v under pressure but lust 
important points by loose play 
and unsound openings. Korchnoi 
was physically the stronger 
four years' agn and was catch- 
ing up at the end when Karpuv 
tired.. This time Soviet officials 


are taking no chances of a 
repeat and Karpov’s regime 
includes daily tennis and n 
specially prepared diet 
Two episodes have shown 
why world championship chess, 
is both ' absorbing and difficult 
to all Involved with the match.. 
In the, fifth . game, Korchnoi- 1 
and his British grandmaster! 
seconds analysed for many i 
hours but completely missed 
the point of Karpov’s sealed 
move into N-R2. In game seven, 
all the commentators predicted 
Korchnoi would resign at 
adjournment, but both camps 
then discovered a totally un- 
expected resource. It was so 
strong that Karpov at - once 
offered a draw. 


winners 


ACCORDING to Nietzsche, 
."-The belly is the main reason 
why. man does not mistake him- 
self, for a god." All is not lost. 
However, for though many 
Canadians are groaning -under 

• : / : -i , » 


STAMPS 

JAMES MACKAY 


a heavy burden, the Common- 
wealth Games which opened 
yesterday in Edmonton will 
encourage them to become fit 
Canada is an appropriate venue 


are slit open along the upper year crop, need to be planted 
side so that plants can be grown early, in August rather than 
in them. Since the strawberries during September or Octuber. 
will occupy tbe bags for no This almost certainly means 
more than 12 months at most going to a specialist nursery 
and can be fed intensively, they in the first place,, as garden 
can be planted quite close, centres are unlikely to have 

certainly much closer than supplies so early, but once 

pundits usually advise, with a started it is quite feasible to go 
spacing of about 15 ems about on propagating one’s own plants 
optimal. at an y rate fur several years. 

For generations strawberries Tllis is contrary to what the 

have been grown in soil-filled experts usually advise stnee 

barrels with some plants on top ^ey are always worrying a bout 
and lots of others established the build-up of virus infections, 
in boles cut about 8 ems in but the dangers are less under 

garden conditions than in the 
field. This is because virus is 
1 carried from plant to plant by 

greenflies which are-difficult to 
- GARDENING control where strawberries are 

growing in large fields but are 
ARTHUR HELLYER . relatively easy to eliminate in 

• • • the garden. Large-scale mono- 

^ culture always brings its own 

special, and often acute, pest 
and disease problems and in 
diameter in the barrel side.- In this respect the small garden 
a few months the barrel is owner often has an advantage 
almost completely covered in over the fanner and market 
strawberry leaves and makes an grower, 
attractive ornament for a patio . . 

or terrace. Adaptations of this Strawberries love nen soil 
idea are special terra cotta ai ^ d it is almost impossible tu 
strawberry urns or multiple overfeed them. I like to use 
planters and the plastic tower plenty of humus in the prepara- 
pots which can be purchased tion of the strawberry beds and 
from some strawberry nurseries am fortunate to have access to 
and garden centres. Tower pots almost inexhaustible quantities 
are so clean and take up so of old mushroom compust which 
little space laterally that they suits strawberries well. I 
make good decorative features supplement this with a com- 
for rooms, but if gbod crops are pound fertiliser applied im- 
to be produced the plants mediately before planting plus 
should do most of their growing a further application in spring 
outdoors and only be brought to "keep plants growing, This 
inside for the last few weeks can be still further supplemen- 
when they are actually flower- ted by liquid feeding either 
ing and fruiting. Even then they tb rough Che soil or direct to 
will need plenty of light, near the lraves Swne of lhe musl 
a large window for preference inten slve commercial straw- 
though flot necessarily in direct ^ cultlvstiun * done un ter 
sunshine. g j ass j n j ong troughs or 

Strawberries, especially when vertical plastic lubes filled with 
treated as an annual or two- some very porous rooting 


was released yesterday and 
followed the same pattern as 
the pre-publicity pair. Two 14c 
stamps side by side feature the 
new Commonwealth Stadium in 
Edmonton and the sport of 
running. The pair of se-lenant 
30c stamps depict the Alberta 
legislature building in 
Edmonton against a stylised 
background of the foothills of 
the Rockies, and the sport of 
lawn bowling. 

The -choice of bowls is a 
curious one. but highlights one 
of the sports which appear in 
the Commonwealth Games and 
not in the Olympic programme. 
This medieval pastime fell into 
disrepute in the 17th century 
due to the exeesice drinking 
and gambling which accom- 
panied it. It was resurrected by 
the Scots in the 19th century 
and this perhaps accounts for 
its similarity to curling. Indeed, 
the resemblance is so strong 
that it is hard to explain why 
Canadians devote themselves to 



for the Hth Games, since the 
idea of such a sporting event 
first took root there exactly half 
a century ago and the 1st 
Games, in 1930. were held in 
Hamilton, Ontario in 1930. 

Pre-publicity .. stamps . seem 
almost mandatory for interna- 
tional sporting events nowadays 
and Canada issued 14c and 30c 
stamps last March for this 
purpose. Designed by Stuart 
Ash and lithographed by 
Ashlon-Putter Ltd, they featured 
the Games emblem, a stylised 
Union Jack superimposed on a 
maple leaf, and two badminton 
players in the inalch-stick genre 
popularised by the late L. S. 
Lowry. 

A further set of four stamps 


I medium kept constantly nnust 
i with nutrient solution. It is a 
. form of hydroponic culture 
• which seems to suit the straw- 
■ berry admirably, supplying if 
i with all the moisture and plant 
1 food It requires without any 
‘ danger that the "soil" will 
' become over-compacted or the 
> crowns of lhe plants will be 
so wet that they decay. 

That, in a nutshell, sums up 
the ideal conditions tor good 
strawberry growth and produc- 
. lion — e porous and rich soil 
which never becomes dry and 
yet is never waterlogged. Sun- 
shine helps to ripen the fruits 
but growth is most luxuriant in 
semi-shade. Outdoors it is diffi- 
cult to satisfy both require- 
ments. but when strawberries 
are grown under glas^ une can 
, vary the lighi intensity much 
more readily with discreet 
shading when ii scents desir- 
able. But even pot plants are 
happiest for the first few 
months nut of doors. They can 
stand in any nnt-tuu-scorchinc 
place, ideally where there is 
dappled shade from deciduous 
trees. What is of even greater 
importance they must never he 
allowed tu become really dry. 
They love moisture, which is 
why the hydroponic system 
suits them so well. I have 
never tried them in leva and 
water fed with a slow relea>c 
resin-based fertiliser (the 
method now known as hydrn- 
cuJiure) nor have I heard this 
recommended for them, yet I 
fancy it would suit strawberries 
well. 

It is important tu grow good 
varieties and to start with 
healthy plants. There arc two 
major types to choose from, 
summer fruiting which bear all 
their fruits in June and early 
July and perpetual or remon- 
tant which fruit more nr less 
continuously from July to 
October. 


the one while largely ignoring 
the other. The appearance of 
bowls on a stamp may encourage 
more Canadians to lake up this 
activity. 

Relatively few other Common- 
wealth countries are participat- 
ing in the philatelic side of the 
Games. The Isle of Man issued 
a 7p stamp on June 10 showing 
a swimmer, cyclist and walker. 
This was part of a series of four 
stamps with a North American 
theme — a single for the jubilee 
of the. North American. . Manx. . 
Society, and a pair honouring., 
James Ward, the Manx pioneer -■ 
of Three Rivers, Canada. 

Kenya released- four stamps 
on July 15. designed by a local 
artist and printed in multi- 
colour photogravure hy 
Fournier of Spain. Two stamps 
show boxing and javelin- 
throwing, while the other two 
portray President Konyatta 
greeting the’ 1968 Olympic 
Games team and admiring the 
champion boxing trophy. 



BRIDGE 

E. P. C COTTER 


the best play for South is to 
lead his remaining spade, just 
in case West has Jed from the 
King. When East takes 
dummy’s Queen, the club Ace is 
now certainly with , West, and 
the contract will be made by 


CHESS 

LEONARD BARDEN 


P-B4, B-B3 and an eventual king’s 
ride pawn advance: but here 
White becomes overextended and 
Black's 15th strikes back hard in 
the centre. 

10 . . . N-QR4; 11 P-B5, B-B5; 
12 R-KN5, R-Bl; 13 B-Q3, P-N4; 
14 Q-Q2, P-N5; 15 N-K2, P-Q4! 
16 P-K5, N-K5: 17 BxN, PxB; IS 


several years. Grieveson Gram's 


There are two ^srabpls^, of; and ^ifffoofe or Btf Crook (bbth fashionable kind of dissenting one she fills with dignity, 

thought about ^pape&adts dp' -at «5p>; colleague William- conformism within American Unlike the Maid she was very 

holiday. One is that; j» 6 w at last - weaver who does the crimes / society and our own. Basically clolhes-conscious: it is a heart- . . , . . . 1U f -nu, IHMW, A I OAI1, r\D, 1 -1 

is the chance- to get through re &uia r lv on the FT Books Dane are 2° od bourgeois like you warming touch that before the TODAY’S HANDS are from the P Th^nS hVnH THE ANNUAL British champion- KR-Q1. N-B3: 19 Q-K3. Q-N3; 20 

some massive classicJike -Anna , y?w t , hp and L but they refuse to be hearing she went out and bought Far East rhamninnehme i n »hp The next hand shows that the ship starts at Ayr on Monday QxP. NxP: 21 N-N3. B-QR3; 

Karenina (tn-both Penguin * ^ Pushed around whether by the a Balmain dress in which sbe ^ £?\l ! WeSt pl&yer WJ * 8 rea] th,nker: ^Srai^^^rffpi^^Gram-s BxP ' R ' B5; 23 N ‘ Q4 ' 

Pan at £1.50) otvThe.Mwor of: ^ . hol .% „.. investigative , journalist, the testified. Hell, she was not going , and ne,ther South n0 support ^ndude? over £1 000 fo? White is a pawn 

casterbridge (M a cmiRan . 75p) J^^ w » studio head or the senate com- to appear before the committee Ea * 1 sbone - N th? winner, and means thSt tbe kn j§ ht .*? P mn ^ d a 

which one has been jneaiung w ^r* 3111 * . Ineren r mittee- They embody a 4iny looking a mess. I\e smile but — 

read again ever si nctr seeing -it 5“° - Jf 40 * J UI 5t e! B j' api l sr ^ n ? triumph for wry, civilised per- The smile is wiped when we 

done on television. . XheiOtheT is hand do 1 hna.tna sona i ; integrity : ' against the hear what the mere fact of 

to take a selection ot: less^ . dgi. atmosphere conducive tOvi tam. almighty , ' absurdist, _cateh-22 having appeared before the com- 
manding, : disposable, Glbl >on or Musii..-j orces that threaten to' pounce, mittee did to her materially, 

titles which will suit. any mood, v .*• D* 1 *; is to get to. Know an d wreck the lives of any one professionally and emotionally. 


support 'includes over £1-000 for “■ “ P ’ h ? c Ut ,± 

the winner, and means that tbe P“r e .J 

rewards are appropriate to the v V , .“® ra Q I e 3 lon S'nmge -uijck 
quality of the competition for the wh ‘ ch B r ki- «b.N 5 KSS^ 

hSUhTMoT Champi ° nSh,P Q.R4.’ NW: 26 NxN (Tf 26 PxN. 
oegan in i»U4. ^ RvR BxP ch; 2 S K-Nl. 

Among the favourites are BxR ch) j^q. 27 NxR B . KBa . 
Jonathan Mestel. who won og ByB QxB: ,9 Resigns. While 
witii a record score in 1976 with wi .]j j ose , at | eas! nne queen's 
Miles a Iona way behind, me sjde pawn , 0 B j ve Black an easy- 
defending champion BotteriH. ma i e ria] win. 


from rain-induced gloom to -sun- . . 
inspired joic de tffrrc, rFor th? 
latter try William WT^Varner's; u 
Beautiful SiQtmmerj (Penguin • 
11.50) which ! won' V 'PulHtzer 
Prize last year,- ^n-.account of 
waterman, crabs -and. the Chesa- 
peake Bay; Timer- magazine - -j 
thought- it, “worthy.- of space 


of us any time. The Hollywood and to her great friend, Dashiell w 
hearings. first focussed thp-atten- Hammett who comes intermit- ♦.! 8 7-62 


PAPERBACKS 

ANTONY -CURTIS 


tion of the 'world on this sitna- tently Into the story-, 
tion and they have now become, Martha GeHhorn never, so far 
like an earlier era.in. the.West, as x know had t0 restif> . But *AJ5872 
one of tlie gobdies-and-baddies . throughout her career as a 
myths of America. - If is these , wr jt er which lw? been a long 
- heanngsThat provided the plot honourable one. she has had 
for, Woody Allens last hut one a knack nf being around 'wherp 


N 

* A Q 5 
<5 8 7 3 \ 

C J 9 8 5 
*KQ4 
. - . E 

♦ K 10 3 
‘ ^ ‘■- ■10 5 

• K Q 10 7 3 2 
+ 10 6 


N 

♦ A972 
v‘K7 

AQ7 4 

* K 7 4 


W 

+ K IU 6 3 
" A Q 10 S 

* A J 10 3 2 


E 

+ J8 

f .‘- J 6 4 3 
C J 5 3 2 
+ 865 


inougni- n, rworujy..- 01 space ■ - ™r wooay -fvuens iasr nui one a knaqk of being around where 

alongside- ..Bacfcfel^-r , Carson % seme 'contemporary of a certain: a 2riV are ,^ ie 1 snb J ect the action was, particularly if 
classic Edge, o/_the- T geo. >,jobtoriety or renown who- his' “ 1&S - -Heilman s latest- auto- the action involved war. She is 

If it "should rain' , fl fhrfller aroused in me earlier a curi°sity ^ iogra P „ a surviving veteran of the 

may take- youMbmigfits. off. the'. «til! • unsatisfied. Three DMerba^Xartefflibi 30 ^ 3 Spanish Civi J Wa £. ( ^ e r as 

hotel-lounge and the forecast; appear in- paperback tins nwntji paperback jQuartet £1. 50). once manned to Hemingway) 


S 

I; -+94 

. <5AKQJ62 
.'J A 6 4 
+ 53 


S 

+ Q54 
tf-9 5 2 
K 10 9 S 6 
+ Q9 


taiifaon 


and the young international 

masters Beilin. Speclman. POSITION No. 227 

Taulbut and Webb. 

Nigel Short, the world's best BLAGUCIUmeflJ 

13-year-old. will also be taking 
part: 1 doubt if be will equal 
Meeting's feat of winning the 

+ 5 3 " L-i-= 1 championship of Brazil at 13, but 

With East-West vulnerable J e . f could wel1 finish il J h lhe ei Lm 

If it. should Tain- 'a- thriller aroused in me earlier a curiosity vwjuuiv, ajmj a 4j Urvi ving veteran of the wp«rf ri* a it West dealt and bid one club. amon S e 

mav takey«i?tS.u^6tsofffS ^tillunsatisfied. Three p^le b am ej now a Spanish Civil War (she was ''^ n ? eaJt East ‘ a " d North doubled. ' Many p T^oueharecord 44 com pet l- 

hotel-lounse and tl4 forecast a PP« a r in. paperback this nwntti paperback 1 Quartet £1. 50). oni . e marr ied to Hemingway) .^ and pa^ed. North bid one playere would bid one no trump tors w fj, pl ” in the British 

for instance “D^imrad Bataev’s who come liito this category, Here with all Miss Heilman’s and saw service in the Second diamond, and South said one on the North cards, but the Championship, the limitation to 

The Enemy \ spy job'^ ^AYaiiable 5 ^PP® 11 ^ be, Amea c an : ,ldlli|m gift for vivid recall is wbat it World War in Europe. She hearLi West now bid one no douW e cannot be condemned, this number has caused some un- 

from Fontana -at 85t» Bui if Hellihan. Marthi Gellhorn aiRT was like in 1952 .to be summoned wrote on-therppot dispatches of trump, the .unusual no trump After EaBt ^ ad passed- South fortunate omissions. The former 

you'rcbored trith oi^ittHifl the -Woody Alleri;_The first and- to appear, before, the House these ware but she is also an showing * b] aC fc two-suiter at bjd one trump ' which is not B - Fley. the promising 

KUB^ ^and waxit^ ^ a^assital^ho* ^ have 'recently acquired, in Committee and to have to imaginative writer with^ a strong least 5-5 and more probably 6-5. H! e res P° nse 1 WOuld have ^^Pb^rson twice Scmthern 

- gkii^roimntti^-'' •'enamaus- poplar follewiM testify whether she or other „ a rra.tiv.e .gin. ' .The. Honied and rolting h” pam« to dlQsen * North enwuraged with tfmnpion at age : 20 and 

SrouiS^fSSS whichVmight jeem out of J people. former colleagues, Peace brings together her Zn choose Seller ofh^bla^ no lrum P s ’ and SouUl went s^oogeri plSyere R JohS? 1 
have^nveni^^^p^dvProwrtiofl^ their talent^ ston« in which she shows- the suns- ETast/duly bid two spades, Bclvavsky v Platonov K, ev 

up as Penguiris,;SweH*W tpw' The -both' represent a. higtey‘ tA fls effects of war bui ^outh went straight to four The bidding was certainly out. All three would probably 1973. c'arf Black (to 'move) 

■ . I.": . _ .T P i? u * S u he U - pon ^ na ! n UJd!Vld u al sur- hearts. optimistic, but at least the right have held their own in the cham- 5afe iv plav to win * pawn bv 

~~ v -r ~ . . ' , ■ .J:J describes the agony of'whethcr vTvors. Settings range from a When West led the six n f hand was declarer in the no pionship finals. 1 .BxQNP? The answer depends 

Av?r OALXERfES • " PINF ‘ mint 1 ?h SCr Th Dn t 0f P ^ is aflHr spades, tile declarer could plav trum P conlraci. If North In the Lloyds Bank and Aaron- on a concealed lacucal point 

1 mm /j ....i ..v.'rr.f-lflffc went, then tbe drafting and re- the Jiberation . to post-war dummy’s "Ace Ouecn or fiv/ p,avs ,he hand, a club from son events the organisers accept which one of the players (boih 

RARN. xtmwBtf Eminem at p»mt • f ., l : ■— r -.' drafting with her lawyer or a Grimsby where a Polish hero -rhf re is wmiihinn ,« kL East leaves the declarer in poor 8,1 applieants of international of them grantlniastcri) over- 

" rStSt - . vln/iVr V give evidence about herself for friends in the fishing industry. r Hlt i f„.,uA 8rei “v •« c better, and also provide scholar- %t 

»eid i«M. as lone as required but not These hiehlv readable *nd hrii. ^ J* e .' Ace ' and almost As it was. with South as ships for promising juniors from PR08LEM No. 227 


WHITE(IOmen) 

Belyavsky v. Platono 


ASM BARM; SOTTVBW CxMSmon 0/ Mint 
niOt and Scn.Tjrunr. Ajwo uunotit re ia 
O* frton.) OtMra 10-6: 5»<waw _2-6. 
vioiwn MMMt* WnKh«*«r ..&©*» - 
strona. renrsniar Matas. . TM.: Baton- 
*>eld J«W. 




AM ALTERNATIVE 
INVESTMENT 

FaUy dtKfiptlue Iwthf* .. 

' write to:— '• '• 

u. a. FINE STAMP :.. 
INVESTMENT SERVICE. r 
7'fFT.) 

v .■/..■> 'CKnstmas Steps’- j -“ 

x ;■ BRISTOL BS1 SBS-..- 
" Telephone: 0272 20442 



CLUBS? • 

RXMOMTWN. ^ Antktaie Cm*HU« Fuwj- 

...tn™. :. Col tea ion ot tSth iiJMB 

- «B*ar* ‘ . ccratnK*. ; wywW- 

»V«. 189. KeSMVI U«»«r 734 0SS7. A (4 
Carte or Ait-m MMka.'- 7»r« SoetUtowr 
rioer Shorn to as, -12-43 end ) 45 •ntl 
mauc tu Jor-vrr, miwitonoom A 

SHQrth Murker, - - Ho«J, - Mjtrwth:- 
;. SmbSIm. -S th-lStH Aoa- (1-0 wo. every 
, air) -anil mrct Mgrmcto Ac Ssauaw- 

.«ww, .hffyai Craiyjjun to. uw Kinp 
« - Smmw -- , - - - 


A more flexible approach 

card that South chose, and East with his fourth-bes) dub, the overdue if- Grieveson Grant's 

won with- the King. Now the contract will be made with two important sponsorship is to be 

return .of the diamond King clubs, five diamonds, a heart British ®vf ctlve i n advanein s 

would fiave put paid to the and a spade. But the opening un fortunate] v Tonv Miles 

TV DATIMrC ‘ declarer’s chances, but East leader came to the condusion Britain’s No^ “ will not be at Ayr! 

■ V. KA I INbd rather Unimaginatively led back that the opponents were not He is participating at MontiUa 

w /_ R..| v rhe fP-Mfie ten. With the trumps afraid of a club lead, so .he Spain, against Boris Spassky and 

W/C.JUiy dU .... breaking and the Ace, of dubs looked round For another point other leading grand masters. 

with West, South managed to of attack, and decided that the This week's game is a recent 
n ja n i il i - . . make ten tricks. - right suit to lead was hearts. JUlea win over one of the world's 

Hie tr*rtcsj ii »» u d«'( Iw The,safiat line is surely to Purth®™ 0 ™- he led the Queen. be Ji- p ,!®-T e ^' _ _ , 

a LBndao wigbr ou (niim) . u. ja k Hjacitpoui bo Rants (Granj sjm n lav th<» Rnad* Ana at rmat nna Dummy's King won. East drop- _ White. B. Larsen t Denmark i. 

3 CoTOMtioo %eei (MM.I (Crenj. vi’3 Fisnres ™ mpum br -Mk> nf crra: P ,a . J rf ®P ade Ace « One T Black: A. J; Miles (England j. 

4 Crossroads (Wed.) <*TV> .... 11.15 Btlialn r.ir Uh- Juia« Industrial CamniRtrc and OraW trumps, and as the “1® SIX, and five diamonds Openine- c,*JH»n npfprti*“ 

'arasr*?' “r >,.» tScSr- « rds »• tSL, u» •» »“«*■ y« threw 

A Cmvunls (Thurs.) (ATV) . . .. 11.0U UA Top Ten (Nedsoi raiinss) trSCL -.V-Thifi guards against the tW0 C ^ U * >S ' two SP3 d ®S, and a 1978), 

12« i a& ?££?> ^ Pi P osstMHl ? west is void 0 .r . heart - „ The opening moves were 1 

« owMrff {tiwj if TV) mss y Thrns Ctnuiv (cmnody) ABC., it* dianwnds — - a possibility that Now the declarer got off play P-H P-QB4: 2 N-KB3. P-Q3; 3 

its isss?gruat&3f-«eia S# X , !L?“ M “« ^ **« »“I> « wrt. WM m up hi, 5 

12 crassroods. (Fri.) (atv> . . . iM8 s ao in urt Family (comedy) cas . ;q p ana t+w should not have failed Ace, and continued with the ten « * *i \ ■" Jr 

u ruur Doty TOMB Twice (York*) law 7 Laveme & SMrt<jy Cctmedy) ABC :afl to envisage. After all U7«tt harf fnr hie nartripr tn nvortnta W- 8 K-Rl, N-B3: 9 N-N3, 

i4 Buck* » ii» taud (AooUa) . s.B * saiiicit (dnunu) cvs. ... i».c nnnnSSf *. vSfil “if . u , J 130 for . ftls panner to overtake and BmKS: J 0 p#B4 

m Three Two one <Y«rn*.? . ■> 9-> v iwe bmi (dnuam abc w.: announced a probable holding make another trick in the suit. un>it<, -.J—l 

U Hosier 'ef (lie islands (BBC) . _ y Ki IS Clwlw’v Awwb (tfi-anu) ABC 19? of elCVCn hlark nurrlc a sre ™S tO DC trying for 


PROBLEM No. 227 
BUCK flOmefl) 





WHITE (ITmen) 

White mates In two moves. 


but (here are several near misses 


trumps 2-2, the contract 


Then a spade return defeated an iZrovedforaofKaroov's which httVe ,n bc avo,ded - 


l system 10 B-KN5 followed by 


Solution Page 10 




12 


Financial Times Saturday August; 5 1978 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: FinaniLmo, London PS4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 









Saturday August 5 197S 






of fashion 






THE PAST WEEK has been a removed. The Government has count 
iiood one for equities. The FT come out with a 5 per cent pay regim 
Actuaries All Share Index lias norm, which was at the lowest West 
risen above its earlier 1972 end of the band of expectations. The 
peaks to reach in the course of Yet if one wanted to, it would that 


« It r /y-fr a S IN a tempestuous mar- accounted for 401 tonnes and a interest representing 911 tonnes on this occasion it is far higher 

H ft if /\ riage, gold and the world further 241 tonnes came from in 1977. than usual. 

Wl -ft. ft? XjLlive in an uneasy relation- official sales which include those It seems more likely that the Going back over the longer 
ship which often threatens to of government agencies, central present purely speculative M Sod before gold prices took 

break up but never quite reaches banks and IMF disposals. demand is about 20 per cent of off the market has easily 

the point Those who dislike the where did this gold go? Net total demand. It is also pointed absorbed the re°ular sales of. 
metal regard it as a barbarous private purchases for investment out that overall investment bo m auctioned by the Inter- 
relic. often obtained by dubious accounted for 220 tonnes while interest as a proportion of total national Monetary Fond, the 
means and largely mined in the remaining 1,387 tonnes supplies shows a progressive nroceeds of which go to a’ trust 
. The Government has countries whose political came under the heading of decline from 67 per cent in 1974 f und f 0r t ^ e developing nations, 
t with a 5 per cent pay regimes are frowned upon in the “fabrication.” The two major to 57 per cent last year. The The auctions began In 1976, 
bicb was at the lowest West items under that heading, which question remains about how w h en a nervous gold price 

le band of expectations. They consider it outrageous includes the offtake for ex- jnuch gold might find its way dropped to not far short of $100 

one wanted to, it would that over the centuries gold dusively industrial purposes back on to the market in the ^ ounce at one timi» and are 
ible to draw up an should have retained a monetary such as dentistry and elec- event of a change in sentiment designed to sell some 25m 
mpressive list of pessi- standing and trust that today ironies, were jewellery 979 brought about by, say, a sus- oaaees over a four-year period. 



nns 







ji.V . 




been confined to London. The down at least in domestic spend- paper currencies which include tonnes. 


Dow .Jones Industrial Average ing is likely as prices catch the U.S. dollar, no less. And Here we enter the gri 
also reached a new high for the up with earnings and as the because in times of economic 
year, although it is still substan- growth of the real money supply and political uncertainty men 
tially below the 1976 peak. declines. The trade balance is turn to gold — as the French did 

In many other centres, rang- disappointing in view of the before their election in the ny KENNETH 
ins from Canada and Australia contribution now coming from spring of this year — a firm 1 n 

to Hong Kong. Singapore and tbe North Sea oil and the low bullion price is associated with — 

South Africa, equity indices level of business activity. Tbe possible ill-tidings. 

reached a 1978 high. The world very strength of sterling is it seems that the world has 0 f investment content 


Nobody knows, but expert- bas aIs0 acce . pted si ? e ®f ,le 
mp « tw i-JlL sales from countries including 


Here we enter the grey area ence is that most holders of gold 

has been undismayed by the re- 


BY KENNETH MARSTON, Mining Editor 


The jewellery, apart from the “lu- 


cent U.S. Treasury offerings 
which were designed to provide 
a measure of stability for the 
dollar from a country whose 
stated policy has been in favour 
of tbe demonetisation of gold. 


gSo|Sugp4y&Penianc> jorG. 

SUPPLY DEMAND 


Net official sales 


Afine production 


Nat private purchases 
Official emus 
Fabrications J 11 


index prepared by Capital Inter- likely to depress profits in ex- yet to find an alternative to gold smaller figure for coins will vestment " buyers in the Middle Meanwhile, domestic U.S. rnvevt- 
national not only achieved a porting and import-competing which will be as acceptable In have been almost entirely made and Far East, do not easily oart ment 111 S° ld real v 

new peak for the year, but is companies. both the monetary and un of Krugerrands. These, with it, and the same fcf time started to take hold last year, 

not all that far below the pre- If there is any specific factor industrial senses. At the w b ich have been finding an in- of diamonds. What can be ex- manifested in trading m 

nous peak of early 1973. which has turned the balance in moment price of the metal creased demand in the U.S., peered to returato the maritet *** fu ?? s “? 111 the 

At first sight there ts a con- the UK stocK ^ k ® t . % is is rising on both counts. The absorb ed 26 per cent of South is the small proportion. of gold demand for Krugerrands, 

trast beween what the Stock probably the expectation of a main impetus comes, of course. Afrjcan gold production in the held in the form of coins mid 

Exchanges have been doing and fall ,n ™}* S m , fr « m the decline in the value of finaJ quart er of last year. Thus bars: such sales reflect profit- 

r'°.r f0r rea r USin , e , SS ! ??i I ST ed a P nH rf the US : doIlar or ' P erha P s * lt the bulk of coin offtake can be taking or. at times of drifting OffepHinD 

activity. The recovery from the sterling and the gilt-edged might be fairer to say the rp<*arded as Investment prices an imnatienep with UUSCH1II& 

bottom of the 1975 world reces- markets suggests that MLR may decl ; ne in world ooinion of the re T « *“ . impatience with an 

sion i« now nearing the end of soon begin to come down from us Administration's perfor- . When Jt comes to jewellery, divid£?d* neither in- faCtOF 

us third year, and on cyclical the 10 per cent level to which mance however, who .s to say which te ^ lvtClUl 

grounds a downturn would be it was hoisted on June S. It is Even so the present demand 1S prominent in a purchasers Meanwhile, the market con- what of the short-term sudpIv 

expected. This need not mean true that New York interest S n °’_L,® bv m,nd: m . vestmen j an ex P res ; ***»* all the gold 

an actual fall in output, but rates could well go higher, given speculativc^uyin- as it was to «<>«? of increased affluence and that is offered. In Germany .for offStoS Sm c“ 

nii-itt be what some economists the continued decline in the fpecuianvc nuyin* as it was in deslfe £ 0r adornment For this example, a shortage of one kilo- u £- Treasury offerings wm con 

3 a "growtiVrecesMonT'to MStia^Se'i Z "toe sSatire 1978 il T* “°T e goIdbais h * 8 developed S * SSJ^toSSi f£m 

„.i , . i_. . t! c n n iUr* wnen tne speculative micipadm” to add together m the oast few weeks and nwr further offerings will come rrom 


Offsetting 

factor 

What of the short-term supply 
Ltlook? This year the IMF and 
S. Treasury offerings will con- 


other words output would rise U.S. inflation rale. On the other content w^‘ estimated^t oer be m j sieadin f t0 add t0 * ether in the past fqw weeks, and over 6 ^LSw? 

below its trend rate and unem- hand the relation between U.S con f pnt wa* esumatea at eu per the fj cures f or fabneation m the past three months buying Portugal and possibly tne 

ploymem anc. unused ea'S .»d‘ W merest «« is SnSSrSS SSflSS both whire aud black workers crisis could have a dispro- 

incrcase again. much less rigid than it used to bolstered by an underiy Z dude °j! d P niI 5 a th actorS dScrwt and the rising price of power portionate impact on the price. 

^ JSS ^O^todu^ial demand Wbteh Son^p Sses Tn orZ i! SSS todhriS Sg?JS supplies. Ove B r the past four At over S200 per ounce we 

Generalisation parity. The unLOvered differ- exi;eeds the i evel of new i y . . total investment completion of the harvest but and monetary agencies which years the cost per tonne nf ore are now in uncharted waters 

There is. of course, nothing of I Se? Western P rod ««ion. “ investment completion of the harvest, but xe Sc7 thf net total of mped by the South African and the future course of the 

. 1 . . r..._ varied over a range-of 12 per : — wm mines has increased by more m-inp nernipv. 


ployment and unused capacity 
increase again. 


Generalisation parity. The uncovered differ- 

„ . r a ... ential on Treasury bill rates has 

There is of course nothing vari d ov . gr a range .of 12 per 
divinely ordained about the four cent in ^ past conple of years 
or five j ear postwai ejele. which p moment at least the mpriftKYcIv 

U.S. monetaiy outlook is more -^1 Oil Sty 

i roiri hienlv vari-able expcricot'c. r ii«ht fnt* n/aii ■ , 

short 

isis. ’! t T-:\zrz w 

measures agreed at the Summit bem Sd^fs responsible tor some 27 per 

would, even on conventional ovl? 50 Je/ rent of non-Communist world 

theories, make only a modest ^ ‘ *1, ^72 if the roSnarSon production, said in its recent 

impact on the level of world out- down on 19«2 ti the comparison annU al report that if official 

put. But this might itself be 1 4 n S? r d O »alifiretions^plv to sales . such as the International 
reassuring, as it reduces the . J 1 y 1 Monetary Fund auctions, were 

prospect of another inilationaiy ind “J* * n fr to be discontinued. “ the market 

wave, followed by a grinding p of^out She Londo^S"! 25 “ "• J!* 01 * short of 

vo ru rast 6 be L weerf t h o^very ra p Id !i iSSittonto M^'w'hS many Industrial 

lorurust oeiwcen tne virj rapiu nrofit v. are adjusted for inflation users of S»ld were priced out 

rSSSM the market This time the 

middle of Lhi^ear on the b^is I* -till on most computations a U S dSs In 

Of the rise in real incomes, and flood deal lower than hve years !" „ Jfi.Sfe «;„Jh 

the very moderate expansion ago. The yield on long dated J®™* st ™« f r7n° rhp 
reported by businessmen them- Government securities is still » Swiss j 

selves. There are so far few substantially below that on 2!« t! if hi P ,n7 

second quarter indicators on equities if modest allowance is ‘ nfSSwlJ 

which a fum opinion can be made for toe growth of divi- indeed, the price of «old in these 
based. But if in fact the UK dends within the oflScial guide- currencies js still lower than it 
economy has avoided a sharp lines. wasinlSio. 

and unsustainable mid -year The equity market has risen The overall demand-supply 
spurt, the prospects for. "con- from the alarmingly depressed position has been recently 
tinuing growth may be that levels of tbe mid-1970s which examined by Christopher Glynn 
much better. could be justified only by some in Gold 1978, published by 

It is, or course, always pos- catastrophe theory. Its present London’s Consolidated Gold 
sible to find bullish pointers if level presupposes that economic Fields. Total world supplies of 
one is looking for them. There growth will continue at a gold to tbe free market last 
has been a slight easement of mode&t rate with no attempt to year are put at 1.607 tonnes, 
dividend controls, although the regain the ground lost since Of this, South Africa produced 
main distortions have not been 1973. This is realistic. 700 : tonnes, Soviet supplies 


In 1974 many industrial 
users of gold were priced out 


Monthly Averages 
20D |S per Pne ounce 



and monetary agencies which years the cost per tonne of ore are now in uncharted waters 
would reduce the net total of milled by the South African and- the future course of the 

official offerings to between 200 mines has increased by more gold price remains as perplex- 

to tines and 250 tonnes. 111811 100 P er cent-“there was ing as ever. Is the strength of 

a -21 per cent rise last year— tfc e industrial demand likely to 

As ever, the size of s»oviei ^ ^ escalation continues. be maintained ? Taking into 
supplies can only be _ guessed. account inflation over thi» nast 


Lowest for 
16 years 


DOLLAR 


6001 s. Franc per fine amice 


SWISS FRANC 


1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 


as ever, me size ui ou.*o«. ^ ^ esca i a tion continues. be maintained ? Taking into 

553*“ • *«*»“* inflation over the past 

Production tensing, it m , c - decade if may be argued that 

rently believed to be about JLOWeSt IOr ‘ as a commodity gold is not 
400 tonnes a year and ecMome over-priced. Admittedly, other 

Ao . 16 years • commodities such as the base 

S ii thS.rSS J metals show a smaller net gain 

tratimi wfth the West At the 58016 time proflRCtivily over.the period, 
and it may be assumed that *“• been declines and in 19*7 Bnt it will also be argued that 
sales will continue to be regu- 4116 Re P nblic ’ s total fl oId out P ut they have tumbled heavily from 
ESd ‘to ^a^ ^er wte toe lowest for !6 ye^ IJis toe peaks reached in recent 

avoid rocking the boat. ^ ar Sonai Afrjcan , outpot b8S ®«d that as a result nf 

been, recovering and with the the world economic recession 
The degree to which higher starting up of new mining ven- they are now too low: few 
gold prices will .stimulate pro- tures— currently in the develop- copper mines, for example, are 
duction. in the West is small , menj stage— gold production doing much better than break 
bearing in mind the fact that eonld increase by a further even at the current price for 
mining costs have also risen, modest amount But while the the metal and a doubling in the 
Even at $200 per ounce gold industry is now enjoying latter would be needed to 
is barely economic for most pro- buoyant earnings it will need justify the opening up nf new 
ducers outside South Africa, sustained increases in the gold properties at today's high costs. 
The latter’s mines have much price over the longer term to On this basis it seems that 
lower than average coste-the maintain its margins over the gold star?ds a gaod chance of 
current level for the industry remorseless nse in costs. maintaining its current levels, 
is a little over $100 per ounce Overall, gold supplies to tbe It may well go higher although 
—while many of them en 30 J an are thought likely to run any further sharp rise could 
important by-product revenue at between 1,450 tonnes and damage tbe industrial demand 
firom uranium and all oenaw j,g50 tonnes annually for the as the producers know only too 
fully from the nigh u.s. price next few years, a forecast that well. Like most other "enm- 
because the ex«mange value of suggests a modest fall. Thus if modifies, the metal is bound to 
t*eS°uth African rand is uea fabrication demand were main- have its ups and downs, but 
to the dollar. talned, the margin of gold until we reach that perfect age 

But South African production available for investment, or when paper currencies can 
costs have risen dramatically speculative demand, would command a universal trust, gold 
in recent years, notably in narrow and buying stimulated is unlikely really to go out of 
regard to the wage bills for by any economic or political fashion. 


Letters to the Editor 


even so major a national invest- Any cowboy element has been land, having a present value of , Mnvffrasrp? of s** 81 **- Whatever tbe sbare- 

L/ULStlunus meni should be. . banned long since due to the c. £750,000. Under both contracts S^* 5 holders’ interest tbe_ company 

From die Secretary. Every recent survey of busi- industry joining with govern- the lessee pays rental for tbe use From Mr. W. Murphy loses nothing by issuing scrips. 

Movement for London ness opinion in Greater London meat in tightening up standards oF the appropriate asset. Is it -Sir,— I refer to the letter from On the contrary, those companies 

Sir — On July 19 1976 vou nub- has demonstrated that the lock and regulations. Furthermore, being suggested that he should Mr. R. Bronks (July 20) but why, who have unsubscribed shares Jn 
livhmi in excellent leader oace oF a ° Dod r °ad network is directly we simply do not have many capitalise both tbe tractors and oh why, can it not be understood their books would probably find 

•iriiele entitled - Strategy for detrimental both to industrial dissatisfied customers as the the land? The most material item, that there is no such thing as tax their share prices rising if they 

... . u « rp !.inri " in which vou out- efficiency and to potential invest- article contends: the more in this example, is obviously the relief on mortgage interest and, are able to have their authorised 
■ i n|] i thp various measures under nient. ' research is done on this subject, land: to capitalise it will present therefore, no subsidy? capital fully subscribed through 

consideration to renovate the 0ne cjn onl * hope that in the more those outside the in- a grossly misleading balance A man with a salary of £5.000 scrips. 

industrial base «if East London’s Jul >" 1980 >° 11 w111 not be able dustry are surprised to find that sheet and yet to capitalise the who pays mortgage interest of It is only right to put on 

_ ..... . . tiiihiich snnthpr nrlir-ln -ihmit ii.A mninritv urhn hmra or. tr»ctnr« ;<nd nnt ihp land onnaom, VI IVM hac each iwmaintTie and a record that thetA nn» rnmnaniAR 


leader Sir Re° Goodwin as sav- havc been realised. the discreet manner in which the owners capitalising their own to. tax on £5,000 and would only own interests. 

s n „ fK-It 4 ‘ the social consequences Andrew Warren. job' is normally carried auL assets, leaving the lessee to have been so liable fiatfi he not Sunti K. Ghosh, 

could be quite disastrous If 3®. Manchester Square, Wl. Any cav ity wall insulation is indicate his commitments by way paid mortgage interest The com- 2 i t Waodfield Road. 

rebuilding does not start soon." — only as good as the operator on of a note to the accounts. mon detect in-our thinking is to peterborxjuflh. 

You will forgive therefore, a site and the company training W. G. Wade. assume the effect of not paying 

certain feeling of deja vu creep- Profits him aod backing his work. The £o«Uo» _Hoitse. Barmby Road, interest and adhering to that 

,n" over one when reading your *lOJ**‘* foam industry has learnt to be Pockhngton. York. -assumption when, in fact, 

leader oage article of July 31. From Mrs. E. Wittenberg professional over toe years. ,in ^ re ? t * " 

1975. entitled "The battle to Sir.— I agree entirely with Mr. On the other hand, polystyrene _ . _ .fSZ^nni.ifnr. »Mrrfth?' f ' ro,n Mr - 

turn the tide for London's East Banchero (and I hope he would beads have only been used for Pensions ■’ SLwfi morteL einterest as Sir — Accountability skilt -ind 

ss j if 1 s.’ss s, ttr£L,sf ^ 1 gsSSSVi« 

'wF™ UTS °" ey ' bUt ri "*° .ret XJuU'anSeS mij , ority° < "of a “™'rSfon“ Tr- 27)^hd Mr. SbTfSS^irStaSS^S 

sr'jxzij: srsa isxjftj? % ® 

“key” for London? Given that decimals; as metrication becomes know foam can last for toe life- *" 6 f could have pay-as-you-go f£f *532 ofrf the ^Sterest wlli iS^Ssiration o^onSSmii 
Inca I and central Government mor e widespread. time of toe building and we do P 60S j 00 schemes because these ‘ mL/v aJd wIll suffer eSIin^r^ professional 

ar v For once uqreed. and aeknow- In my letter (July 19H blamed not feel laboratory tests to be 6 p“* d be underwritten by the on it an d it is a matter of Every person fnot ins* a 

te.i:*’ thai new surface transport neither pupils nor teachers: I similarly conclusive. **"•■ that is. us. I certainly did JffndSfmnM to toe Govern- aaSS ^offleST^ ^in a rancnrihle 

inf-astrucuire 's vitel lo the related a- recent experience and Cavity walls were built to kpep 3?riSblMuite P ^ie h ^Vn^ S -, WaS ®ent— be ^id-fio where position concerned wito P design! 

nm - might have honed i ha i posed the question of how toe „ ut the cold and damp. They JnH S the subsidy? operation- and maintenance of 

v ' h •! ve "been °soni e seni b!a n ee ! ,re ? cnt sad * late of affaire could t \ n this efficiently with cavity SliJ id£™ ' Remembw the story °f the wife process plants should by law. be 

- r .-n h nc ® be niiproved. fnam. Whereas bead manufac- ^ . . . , K L^P^ a ^ s who asks her husband «r a fur a chartered engineer, or its equal 

,,: r: a ftntv nnsuive muves seem E ' V ' lttenbcrs ' turers appear to think some ° t j , t ‘ es should ^ at W hi c h he refuses: she then in other technical professions. 

, 1 f. Jt n ,n, \rn n^ thP r ■ 3 \ Fta : a ^ ^ movement of cold air in the 8 BoS S?i ta 2 lL „ taaacl - suggests buying a new carpet The public could then be assured 

r 7 ■ IJ / hl h* 1 : ,ii rr ?nv rate mish ^ hl<rcfl Rot i A : , „ cavity is an advantage. Neither fnr re J ucins ♦t 1 ^^ e f ^ Jg ’? s . ,0 o ns .with the money which he has that such responsibilities were 

iiione. Al ’ uh 'j* “ * ■ j _|* . islevorOi. Middlesex we nor 0lJr draught-free cus- tl __ Den ainns infl w" saved by not buying her a fur being carried by persons who at 

:" r 5 i , K h : , “ l C'.n™f„i «™» have heard thla argument m«e JoKaek m thi Saving taa Tn mortgage the very leaat had a apeeified and 

!i f * b( L * H , ....AhgrtS whhin TfS before! a nureiv fund J interest is toe same story, dlf- approved professional experience i 

115 Inflation E.C. Hodgson. . 2. tereutiy clothed. and had achieved a level of 


only as good as the operator on of a note to the accounts, 
site" and the company training W. G. Wade, 
him and backing his work. The “ ou “? re House, Barmby Road, 
foam industry has learnt to be Pockhngton. York. 

professional over toe years. 

On toe other band, polystyrene n . 


mon detect in-our thinking is, to Peterborough 
assume toe effect of not paying 

interest and adhering to that 

assumption when in fact. ^ 

.interest has been paid. i/iaiwiera 

. Government and the majority „ v _ 

of toe population regard toe From Mr - v ■ «obmson 
■ deduction of mortgage interest as Sir, — Accountability, skill and 
; ah allowance given by toe legis- toe chartered engineer (Mr. 


responsible 


of ■mtmn (Mrs.) E. Wittenberg. 

Ttio only positive moves srem 3 Fuiracre, 
in have emne from the GLC an<rch Road. 
alone, whu-h i- ui any rate push- / s i elrort f li Middlesex 
ino ahead with the re-aiiunmeni 
nf"* tbe A13 between Canning 


Tuwii and Limehoiise within its * ■ . S. e, p r ^ nd _ son 

Vl, Eft n whaf of ^hifSoniment's ^ nSU ^ att0n 178-202, CL Portland Street. Wl. 

But *baj of xht; uoivmmeais FfQm ^ ^airman, 

between the Eart Cross R^ute /nMiIati0n 

? n fJ5%hi 1 fflr h iS r ttS r, iUr SiG-Fu?toer to Michael Cas- Assets 

f (nvesrtmpnt 5^^ and S^EngincS ^ 


■ s °ro P^sten subject to 'S? Miroto 
inflation whereas a pay-as-yo U -fio " n f pny : _ . 

scheme gives an uncertain but (>^OodsRoad, 
inflation-proof pension. I JjOMRhbofxmeh, Leica. 
believe that all companies •• ■ — — — 

including nationalised industries’ •’«* *- 
should be left to arrange their pCHp 


approved professional experience 
and had achieved a level of 
academic knowledge acceptable 
to their professional peers. 

In addition, and as important, 
the public would know that as 
chartered engineers, such per 
sons subscribe to a code of 
ethics in exercising their pro- 


'onni rrreri invpctmpnt f Building ana uivu nngineenng , em nlovees nen«sion fi in raerciBing meir pru- 

tllL ‘ 1 n/nnnvJrttTfl page, July 31), we are not aware Grmdlays Humberclyde tion SdtlTt hose enm low LS?, 13 ' From Mr. S. Ghosh fessionai judgment, 

pro^ranimc. as an o ert a of {' hal Jhere is a debate on which Sir.— We are intimately con- a |i p7nsinnB ”are part^f"h5ff Sir. —Would you permit me to pis has been a live subject of 

faith in dficMands. it anymin. hPBf insniarinn mpthnrt mr rerned with the present con- ar T_. pa '[ t of !t >tal Wr s r. lin »^nte a fJu!v debate for some time in the 


. %hA mmrifible ntiblic in- aDle 01 tne proven metnoas. ifiew wing in wuurew uaiuiu.iy p j e tely unjustified — but toe cnairman aavrsea mat nuuur 

,h ’ l .ipli h tn th/main line being at a realistic price. It ts with that of the Equipment P The* Government should rnn he did not see that the share- ton) tbe public does not seem to 

nr'i'hesp schema (let alone the the chosen method of installers Leasing Association. cent rate on the basic cause ofihj holders would gain from it jrasptbe^iTit In mimmiSinB 

ivtevipl side roads!) will now he representing 90 per cent of toe Present indications are that the problem, inflation. Successive -The dividend gain may not be n^ p ?L 

tte Mv?d l for at l«wl two years, industry: it has a 20-year history accounting standards comm i tree Governments have caused the fa mediate (it could be if 

important of all. the new in tois country during which is likely to recommend capitaiisa- inflation that makes funded fioremment were persuaded) < ^ , 0 r SSS F e ' i, 

river irossto’ in East London- time much useful research and tion by the lessee and 1 there- schemes inadequate-toe remedy burthere is a prospect in toe 

lurch- toe cornerstone of any development bas taken place; fore pose the following question, w to eliminate inflation. nSt to & run. Isn't there? Besides, h A at^torouehluJ^s dama * e or 

n-twork— is still the subject and It is recommended by the A farmer leases two tractors, take over the pension business, -the invertore who may not desire ° ea “ “™ aei1 lUness ’ 
ii,« between County Department of Environment and having an original cost/value of John Rutherford, hold a particular share for a v - ^? 111 “ son ; 

• ...I "nT rii- Government on the- Department of Energy in ( say) £12,000. He also leases 200 J4. Great Stuart Street, hjng time would have a legiti- la. The Crest, . 

. e.V.'nfi-ii re^Doasib'tiity toelr "Save-lf - campaign. . hectares of prime a gneu Rural Edinburgh. ' mate eain from toe extra number Surbiton, Sunreu. 


between County Department Of Environment and having an original cost/value of John Rutherford, 
i ' ‘iV rTr d- Government on the- Department of Energy in ( say) £12,000. He also leases 2(W 24. Great Stuart Street, 
i-Vc 5iiu«cial responsibility toelr " Save-lt**' campaign. . hectares of prime agricultural Edinburgh. ' 


VUG'S 





Our Tempus Accounts 
are exceptional. 

You get an extra .25% interest just for 
agreeing to leave your money with us for 
three months and then giving three months" 
notice of any withdrawal. So your savings 
now earn a profitable 6.95 % interest - 
worth 1037 % if you pay tax at 33 %. 

Tempus Accounts are an ideal way of 
earning more interest without co mmi tting 
yourself a long way ahead. 

Ask about them at your local Leicester 
Building-Society branch. 

It’s just one more reason for choosing « 
the Leicester. ... 


mate gain from toe extra number Surbiton, Surrey. 


Bufcfing Society 

Join the Leicester Investors. 




i 









- F inanefe^ times 'Saturday : August .5- .1978 


.... 13 



merger 



BY KENNETH GOODING f Industrial Correspondent 


attractive ; about bigger When ibe balance sheet 
offawot AHi^ toe about Lyons is that it has more than was being town up. 

half its busiDess outside; the -To make matters worse, the 
f ' d?T -?T'r I)oub3e kel , tot British wines. - sherry UK collapse of the UK property 

a ?^P?^8tyle-ln;fM- naiii.TOe The Netherlands contains mark* made it diffiSilt fS 


* m mH r t ihuis ^fcufiio . . r . — ; ■ — ~ ^cuicutuius coaiams marsei «raue it ouonuL ior 

f «^ in tereste are tt>Bttolled by Ly 0ns - major overseas opera- Lyons to S eU off surplus proper- 

r ¥ iicnt to’ oulrWrf rtf ' ? ons to Eur °P e - It has the ties associated with the transfer 

i l A ^ trlg& jiostillty. I o sof t drinks -Allied : owns i the Homburg pig meat process- of its baking and meat opera- 

^ iientL'dTjS-mSS-jtf^rn^ IK? 16 ing ““Pany there, the tions from the obsolete factory 

iVnnthS of ^ese products casr : -be bought Beckers snacks (meat balls premises at Cadby Hall, in West 

« *** Victoria Wlne^Jicenoes. an d sausages) cm and SSST JSoS 

gumption the ‘Mofe^Were’ Thr^’ itiirChaSeS ?i aus L and Bussink brands o£ and Northampton respectively, 
'iiavinp tn “ISfJl AkUCC 1*111 luaaca biscuits. This helped push borrowings up 

■dtine. But^they were & the past has Q Jj} se ™ he ™ in - 1 *®®* CT ? n **"£*£ - h - P 

- ^ Lreme. diffiamy- to^lhd^Sw made -three^pUB^rases.; The' owns Reybler m France. This Lyons had a rights issue of 
' ; S§Mhins positive-' to sav ib favour Teacher whisky ,grbup,-‘ -whose company “akes picnic products shares in au aitempt to get a 
either Highland Qeefim ls::thfi‘bacond- “md hams and salami, more reasonable balance be- 

^^»ions of r tJsdSSrftr\Ained ?r W^Ufay'-tetoaSljbV fetitaln, Jo Italy there is Sapori, a Siena- tween the load of debt and 
\he industrial loric.-; ' the Embassy : BoteTsX^n eern, Jased cake company and in shareholders’ funds. But the 

Perhaps thfi moS ' imhnrtBnt which nwiSed .'45 v >hbtelVahd Ireland Lyons is brand leader continued decline of sterling 

^isaoinr made by 'one brScer SSr GbJdwefl, - a- small Ispeciality m Packaged cakes and has 60 necessitated -further action. 
GftD'^other, was that the deal raisS drinks 1 business . ^th^rnducts P e ^ cent of the tea market Some substantial sales were 
V °»Q.s'orrymg cjnesUons-Sut^^ similar to Babycham '-vhich had . Other Lyons’ food operations made. Lyons sold nearly all iis 
Allied views its futine. “tides' jiirt spread ifa operirtfiagl from are scattered around in hotels m the UK and Ireland, 
t see no rtSi nr S^i^SS -the: UK to the ILS. ; * Australia, South - Africa, The Wimpy beefburger franctus- 

~^a Vi growth in thT Briti^^faks v Allied had no: problems in Rhodesia and Zambian. ing operation in the- UK. built 

narket from now ori>” it vfak explaining just why 4hase- deals . And it has a reasonable foot- «P by Lyons from 1955, along 
r ""~ asked. ' fitted logically into JtsTeatisting hold in the U.S., where it has with Golden Egg and Bake’N' 

I. Allied is alreadv : "Britain's operations. At first the its biggest overseas- business, Take, was sold. And in the 
v "aiggest drinks business, so it same cannot be said' abbot J. through DCA Food Industries, U& the Tetley tea and coffee, 
i'--: ;;an by no means bedbriSbed as Lyons. Here Is some..pyerlap which produces doughnut mixes business was disposed of. 
LJlr<typicaL It is the product of a 111 soft drinks — Lyons.asprob- and the macbmery to go with- . . . 

Passive merfier in 1981 wiien a bly the biggest mwumJfecturer them as well as other Catering Kuril An 

; ' ? diree * “»*? 1^.'" -*&&? lor £>**■ There is also the BisJda- UCDI DUTucD 

‘-^r. together. Their names’" remain OTpernKffkets—and lo. rater- Robbins ice-cream, chain which Various changes were made 

; - bn the pub signs todays although ing: it has 27- LQhdbn- Steak uas started to move outside the to the structure of the debt 

i; a be average drinker might not Houses, in London, and-lhe -South states and into Canada, Japan, burden at the same time as all 

il know the name .-. - Allied Hast tbe *i? e ?^ la: couritr ^ es 33 we ^ this was going on. But Lyons 

i! • -Breweries, they certaihly- Bat Lyons ■ is' algo' { Rritaio ’s as the UK B tiU faced an uphill struggle. 

“H Recognise Inde COope in thfe "b i S«® st cake maker, taking in Ironically, it was Lyons’ jlr. Neil Salmon said yesterday 

• upouth East, Ansells ic.the wel1 asrLyonsbrands. determination in the eariy. 1970s the Board, was confident the 

i ands and Tetley Walker further It has 15 per cent.ojf Imfepadket to improve its internatonaJ company could recover by Its 

: .o the North " of ^-^Snglahd. fea “aiket via; .Tetieff 1 and postion as a food manufacturer own efforts. “But the rate of 

f ,3e l ween them they havtaroioid Lyons’ teas. It is -one: of. the by way of acquisitions and to progress and the opportunities 

I - : r,4i>0 pubs. ? '/.•>•; \ i - - country’s , top /cream reduce its dependence on the foregone because of our lack of 

^T"-. The beer T biisiness. ’is com-, producers, along yrif&WaSIsL. UK economy which, brought it financial strength persuaded us 
!ilcmented by a wine and ^spirit . those really'-'fa-.wrtii beer, major problems. _ . that the rigbt decision was to 

**— ' ii vision which includes Harveys,, wines and spirits?.- Because of exchange control get. the financial strength of 
he Bristol Cream sherry . Derrick HoJSen-JBinwn, regulations, Lyons .had- to -Allied behind us. ao that our 
-nncern, Babycham. the Urimts Allied’s , deputy ;;;'.t$fiurman, finance these purchases, mainly recovery would be more rapid 

if sl James’s table wines as insisted, yesterday:' that" 4 * it is by borrowing foreign cur- and the ' opportunities not be 

veil as Nicolas French wines, not such a big ste®^-*Expansiun rencies. In 1976, when the value missed. 1 ’ 

: Sansovino Italian-’^-wuie^ into food had beeavimb of of sterling dropped steadily^ So it is Allied, the big finan- 

joldener Oktober German wihes Allied’s targets for some time, compared with -other currencies, cial - brother, which appeals tu 

"■ind Don Cortez Spanish' wines. ;■ However, what AJoed -finds the overseas debts looked even Lyons. 


FX I 3 TDEX 


J.LTOHS 

ANMMLUGIS ALOVS 
Share Price 


50 1 ALLIED ' 
. BBEWERIES 

jMMU rkhs a LOTS 
Sbfg Price (aQ»t«n 


As far as Allied is concerned, 
the ^ Lyons’ operations abroad 
would enable it more or less to 
double . its business outside 
Britain. And, another plus point, 
both Lyons' and Allied’s major 
European operations are in the 
Netherlands. 

Allied invaded Holland as 
far .bick as 1968 when the 
Oraiijeboom Brewery . was 
acquired, followed shortly after- 
wards by the purchase of the 
Breda. Brewery. The cost was 
around £1 6m. Today the two 
have been merged into Skol 
Brouwerijen which operates 
four breweries with a total 
capacity of 1.53m barrels 
(440.64ia pints) — roughly one 
quarter of Allied’s UK pro- 
duction^ - 

The group's products are on 


75 1976 1977 1978 . gf 

sale in around 8,000 out of a 
total of 15,000 outlets in Hol- 
land, and AJlied controls over a 
fifth of the Dutch beer market. 
In fact, it is the second-largest 
brewery there after Heineken, 
a long way ahead with a 60 per 
cent market share. Allied also 
has a 13 per cent share of the 
Dutch soft drinks market and 
a slightly smaller share of the 
wines and spirits business in 
Holland. 

Allied was thus one of the 
first of the UK brewing com- 
panies to develop direct over- 
seas interests, perhaps because 
it did not have to deal with 
so much rationalisation m 
Britain as other major brewers. 
Today, with the exception of 
Guinness, Allied earns pro- 
portionately more than any of 


its competitors from interests 
outside the UK 

The problem it faces ju 
Britain is that it is so bis 
already that any serious attempt 
to enlarge its drinks operations 
by way or a significant acquisi- 
tion would certainly be' halted 
in its tracks by the Monopolies 
Commission. 

But many argue that Allied 
could squeeze a lot more in the 
way of performance out of its 
existing businesses. 

Take the beer division, for 
example. Its problems were out- 
lined in a recent Price Commis- 
sion report which in most other 
respects was reasonably compli- 
mentary. The Commission sug- 
gested that the beer division s 
size, coupled with the widely 
scattered nature or its opera- 
tions. “has brought difficulties 
often associated with longer 
lines of communication, some- 
times inadequately motivated 
local management and a loss of 
identification by the work force 
with the objectives of the com- 
pany. 

“ In particular the separation 
of production and distribution 
on the one hand and sales on 
the other, and the creation of 
large sales companies, have 
caused difficulties in com- 
munication and internal 
relationships. In turn this has 
had adverse effects on customer 
service." 

It must be assumed that this 
is Allied’s own assessment of 
the situation because the Com- 
mission did not have enough 
time to dig out that kind of 
sensitive information without 
help. 

Allied’s answer, which comes 
into effect in September, has 
been to reorganise the beer 
division into 11 separate com- 
panies, each becoming account- 
able profit centres. The 
reorganisation produced a major 


casualty and Dr. Bernard 
Kilkenuy. formerly head «[ the 
beer division, quil because 
differences of opinion could not 
be resolved. 


Keg beer 


The changes are designed to 
halt [he slide in Allied a share 
of the beer market, a slide 
caused partly because sales nf 
Double Diamond, the key hecr 
which was formerlj the ^ronpV 
best-selling beer brand, have 
dropped steeply — some say bi- 
as much as 20 per cent 

If all goes tu plan. Hie 
reorganisation should shim- 
some benefits in year one hut ii 
will take around three years in 
make a major inipaci on Hu? 
group's performance. Allied 
obviously feel* thui Hu? same 
kind of decentralised appro-.u-h 
to management can be em- 
ployed wilh Lyon*. "They will 
become the food division ««f 
Allied and will be left In cet 
on with it.” said Mr. jlultlen- 
Brown. 

However, there is nu doubt 
that many City observers would 
prefer Allied to stick in tin- 
businesses it knows. Memories 
came flooding back of the time. 
10 years ago, when Allied 
announced a merger — poten- 
tially the biege-d of all in Hie 
UK — with Unilever. The Ciiv 
did nut like that idea nim.li 
either. The proposed deal was 
referred to the Munopnlus 
Commission, and during the en- 
forced waiting period lilts 
involved, the companies decided 
not to go ahead after all even 
though the Commission gave 
them the all-clear. 

There is. it must he sup- 
posed, some possibility that lilts 
little bit of history might be 
repealed if Ihe bid Tor Lyons 
is, in turn, referred for Mono- 
polies investigation. 


Weekend 


drrided betWEea tb^^ of 
-New' .- York, Londbnii .^aris, 
Mtfaaco and Athens.?: ^ 3 nVi 971 
v Shd infuriated her .father by 
marrying a California, real estate 
man, Joseph Bolkei Whb was 27 
years her senior. ' H. Uv'::> 
Within' eight months: sfte -was 
divorced from Hr. Better; and 
• . when the death ,ofiiep;hrol±ier 
nil , - was foUowed>y her:fa&«r fa! 3 - 

ftil . ing serious ill she-was.^ivea, 

« , - ' . in 1674 , ; a . crash combin' the 

bfCCK - ; ’ . -. affairs or the Onissl& organis- 

, . _ „ • t • „ _ allot?. According- to *fr;'G^ 6 rge 

Moore,-fonner chairman#® the 
j* the Queen of England Is First National City Banfc^She 
responsibie, said ; a .. jsenior . was present at practical^ 

Onosstj, Group ' executive: 'In. meetfaA'I had .With hdr father . 
New \ork. poG-pootng the more after heir brother dledJ She was 
alarmist news stories of -the uncannily able to '/ementber 
■leek. Whatever they miy feel everything berrfathdf had told 
arivately about Christina her; almost as if sh/ had a com- 
inassis marriage on Tuesday putef te her bfain/programmed 


■ i v T; - V-^Av- 


b r ' ' '' # " 




o the former Russian shipping by ArL” ■' jf. 
ifik'iaj, Sergei Radzov,' . the . It te'hard tojtell 



TO-DAY— Ur. Merlyn Rees. Home 
Secretary, speaks at Breightmet, 
Bolton. Ur. Michael Cocks, Par- 
liamentary Secretary to the 
Treasury and Chief Whip, 
addresses meeting at Sldmouth, 
Devon. 

SUNDAY— Mr. James Callaghan. 
Prime Minister, addresses Royal 
National Eisteddfod. Cardiff. 
MONDAY-— Smalt Business Bureau 
statement on tax payers rights 
charter. Talks on industrial civil 
ken-ants’ pay claim resume with 
Civil Service Department. Whole- 
sale .price index (July— provi- 
sional). Hire purchase and other, 
instalment credit business (June). 


Economic Diary 

Housing starts and completions i 
(June). House renovations— < 
works completed (2nd quarter). I 
Slum clearance (2nd quarter). : 
Retail sales (June— final). 

TUESDAY— Unions representing , 
several hundred maintenance . 
workers on strike at UK docks 
meet British Transport Docks 1 
Board. French air traffic con- I 
trailers to discuss grievances with , 
M. Joel le Theule. Transport . 
Minister. London clearing banks' 
monthly statement (mid-July). . 
UK banks’ eligible liabilities, re- . 
serve asssets. reserve ratios and ! 
special deposits./ mid- July). ’ 

WEDNESDAY— Trades Union : 
Congress economic committee I 


meets. Congress House. London. 
Central Government financial 
transactions (including borrowing 
requirement) (July). 

THURSDAY — Finished steel con- 
sumption and stock changes t2nd 
quarter provisional). Provisional 
figures of vehicle production 
(July). 

FRIDAY — Department of Trade 
“Trade ind industry” publication 
will include comprehensive notice 
to importers on EEC surveillance 
licensing arrangements Tor iron 
and steel products. Usable steel 
production (July). Building 
Societies' receipts and loans 
(July). 


whether, as 


Christina signs: a question of floating assets. 


.’brave .(^aiyiBfeeineut would .^presents an attempt toby competitors such as ! the has been beaten into the second 

m it ^J )eheve » reverse a long-term trend building societies. Customers growth and is sprouting. Its 

K«H SSe ^» 0n *i. >£.' ^ -ever been any- towards a reduction in the avail- could be justified in asking, disposal provides a problem 

^, h , ,ch *fn Jdes Qmssis ^hlhg: m«ethan a .figurehead, ability of banking services, though, who will end up paying because jt is now completely 

has c *£«».: "**** Press she was credited Saturday morning opening, once the mrtnr cost valueless and the land^ll be 

mis er Soviet influence are ;with a/’number: of important generaL was ended in 1969, and < 

fended, not- least say 0nasris?4ecisibfts but the drily one which since then bank staff unions aft. *■:_ 01 next crop. 

, i fiici a Is because the 28-yelr-phl^Onasfis executives lh'.Kew York have Remained strongly opposed fllXCr Lll6 A field ^ Deas has 

•oung iady is not the . dofaihitot. twiBracknowIedge^as the hiring to its general restoration. - - t - : been, ruined except for animal 

managerial figure . that- ^ of-Mr- Louis Ajoderson from !'. For a time after that, the 06iU£B feed. Instead of ripening a large 

ather was. ‘‘She hai do Esa^ri .Corporation to rumsanks continued to maintain _ ® proportion of the pods are 

niliience except In a .Sbit? bf^ -Olympic V‘ Maritime, which fate' evening opening, outside Tb e . heavy rains of the past splitting and the peas are 

•unsultative capacity.’’ srid.ono managea most' -of- the group’s the normal 9.30 to 3^0 hours, week have don * much 'fflore sprouting. Only a prolonged 

•secuftve whose knowleidge of shipping operations out of- <»n at least one day a week damage t0 th « slowly ripening heatwave wiH prevent them be- 
, I ie Onassis business dates back. Monaco. * ’ throughout the then 8.U00- ^in crops in southern England coining a total loss. 

-nore than 50 years- • ;•/ . • -.. Daring the period of 18 strong branch network. In than first reports bad indicated. 

Nevertheless, Christina's.' months to two years after her. 1979. however, the banks Th*s is because the continuing g-pju 

merest in the business -has father’s death, Qnassis’ former . received the results of a special h unud cool weather has com- Dawn 

lot apparently been ^ totally colleagues did nothing te- survey prepared by Urwick Orr. P nun <ted the physical damage. 

•xtinguLshed by her Russian destroy the impression that this' ' This showed, among other *f°* ate o thunderstorm fol- f||>n 

•ooianrp for ray converaation.'at troublki and beleaguered youDg points, that evening hours jf^ ecJ b F "f* weather has *■ 

he company’s New Ynrfc head-’.ladr was in charge. One story-. -attracted an unexpectedly high “ tUe oyefRL effect but after Now lhat Air Canad _ h 
piaricrs on Fifth Avenue-.Was that was gossiped around. fayel of business . in many. n ®£ r saturation for the week started a direct flight to Saska- 
nterrupted by a ten-minute call shipping , circles iii Athens was branches, mostly from private straw become* rotten, diseases toon Saskatchewan Britons 
rom Moscow. I was told that that" in October 2976 she had; individuals, in spite of the fact r,ot iounalure gram have anotlier worr y’ on their 

liis was more or less ia daily ovemded her advisers and -that a high proportion of J** 11 s P rout before it is fit to hands— skunks ! i 

■vent and that.-.- although -insisted bn. putting five bulk customers had not been made n *™ L .. .. . _ a ] ea fl et has been 

•Christina wants to lead her carriers on a three year charter aware • of- the facilities being . The situation on alarge farm - headed “ Ready 

mn life and be happy, because to Sovfracbt, the Soviet shipping bffered. » Hampshire itiustrates just ^ skiraks, headed. R^dy. 

he is a woman" she had hy no agency-' .She believed that an : On. the strength of that repon jJjV.*?** 5j?? t ene 5 *, mce JS has reached the .niunacle 
neans cut herself off. firom the already, bad -shipping market^ lie. banks decided to cut the scent development P Two gfands 

nen who run the shipping was going to become worse. She. number of -branches which w A 1 near the base of the tail nro 

TOL.P 01 a day-to-day. basia. : V Sd. wSSretwnddiLer'' duoa a thick, oiiy fluid, yellow 


AN OFFER FROM M&G 

RECOVERY 

FUND 


were. I-t-d*. goa ««* bexey ir prefere tu rettea, from any 
il women aoauvwe t^unpanys . . iV ._ * t -r. : v..a tbs arrafn is stained and there .danger, growltefl. hissing and 


vas given both before -and aftex. 


Onassis-was consumej^y : the;- a^^ent with a man who wa-^^doption by the banks of cash a a8°- =, , . when a stank humps its back 

■haracterlsticaliy Gr^- to^e aSwibed to me as “Like all Spensers and credit cards. The ^ heat „ whl . ch »■ lo °^ **d tuni^fato a U-shaped posi 

0 pass on a substan^ii^-;. RuMi ^ Si sen5 jtive and moody^ irnwlng sophistication of the *l olt ® J we1 . 1 J 1 ® 5 J b ®®° *»*«» tion sr. that both the head and 

amre to his son,. Alexander. - -^fcachi^s being installed outside kn0cked ahout and the colour tail face the enemy. If you 

Although relations ■‘“'between • - .the branches means that in most has chan sed from a healthy ignore this final warning, then, 

ather and son were often; difl^ . . - urban areas at least lhe ,firpen J° a °f shades ... The stream of fluid ejected 

■ult and Alexander Timsressiiigiy - ‘“'customer can get access to the indicative of different femgus from the glands disperses into 

vsented lis financial dependence A ^l nr « : basic facility or drawing money infectious- It is as yet impos- a fi EC mist, which can reach as 

«i his father, Aristotle doted OlUBFo ■ ont “ 0 f. his account outside slWe 10 as ^“ s J QSt ^ow much far as 20 ft. The skunk’s aim 

»i) him and was grief stricken The new pinsh by the banks, normal hours. beep done but the Ls only accurate for about 10 ft, 

vhen the young man ^^ ^1^- Wiculariy Barclaj’s, to extend V-.vThe Commission, though, was badly fattened, crops could be though, the Jeaflet points out on 
n a plane crash ia January th^r opening hours, could , be , obviously sceptical about the very senmisly affected. In the the wind, the smell can carry 
M72. T, ' SexpS operation. The' ectenrS which these arrange. &r up a raile - 

Christina’s life had jnnt been experimental .. opening of '-a- stents provided a real altema- SJr JJ? 5 ™ Says the 3eaflet: “ A »L\ture 

:asy and by the thnfr of her further • nine -branches as live, .and about the arguments of -vinegar and detergent is a 

trother’s death she Ji«? already, bureaux de change on Satmv presented by the banks that J? simple and effective treatment: 

1 Splayed the impulsiveness and days planned ib^ Barclays, there was little demand for. an ill 5J!™, ? jLrr ; JJf veterinarians recommend a bath 

inprediciabiUty whichmay hayeexamp]e,-wai involve the pay^ extension of hours. “We be- Darmea in tomato juice. The best pos- 

aken her to the Moscow. we4- '. znent .-of - substantial “rtra^ jieve,**. its report said, “that the . ■ sible solution is to circum- 

ling ibis week. .V' ' , , salaries. for shift>ork. customer, should be able to navigate the. problem and avoid 

She was barn inNOwYorfcin The agreement which- the obtain the services he needs * W L2L ,, 5[|« ™L,vi skunks wherever possible. 
Jcceraber 1950 from Onassis's batik reached for Saturday- from, his bank at mutually con- °f’“ g . i Erwf Especially keep clear of tame 

mum with Tina Lsvjums whom opening. At : Its' Brent eroSs yenient rimes." ond the Comnns- ^ skunks— they, in fart, may be 

it* subsequently dtvoree^. and branch, an. exceptional situation jion urged that tbe-banJu should « “J ’ VlwJSS rabld ‘ 

vho wont on to marry t^Mw- where fuir banking services vriB- seek ways of achieving greater 22* I ^SE£ hSSETta - ^ 

iu is of Blandford.i iud. then be ' available^ required special ffcsdbiUty. winch is already happening in 

hiassis’s arch - rival ; Staves .negotiatiani And if the bank- Just how .far the .recent crow that were damaged some. Contributors: 

viarehos. Both she and Alton-; goes, ahead with’ its ideas out; developments can be seen as a weew ago. xms results in very . ■ . •' 

ior are said to havefoundthel^jised recently -for more flexlbte. r rfisponse to. that argument is uneven ripe ning and a very poor John WylGS, 

ives after the^ divorce dificult 'weekday. hours at up to , 20 unclear. - It is more ' probable sample. - Mi^hapi 

„ U ( l0 have nurtured the-hope branriifr It-te likely to have to- that they represent an attempt Tbe remainder of a crop of MlCtiaei fSlanaen, 

h al their parents would Vfr meet considerable extra costs, w overcome the increasing jregrass for seed of which half John Chemneton 

narrv. But her Jtfe was notably . iThis.-is- the iprice which_-Win_Jnroads which have been made had^been toreested is now a «-• ' - ® 

W [jesA and her ^e^&ge yearH' be ' paid- fur ' a move which on the basic banking -business dead lass. The raatawung seed anti clone. 


Widdy aedaimed by financial journalists and invest- 
ment advisers, MSG'S Recovery Fund, designed to 
produce capital growth, ended 1977 as Britain’s best- 
performing unit trust It las a policy ot buying the 
shares of companies tha I have fallen upon hard times. 
Many ot these companies recover; and ftrough a pro- 
cess ot careful selection M&G has been able to bring 
high rewards over the years to Recovery Fund inves- 
tors. An investment o( £1,000 ai the line of ihe Fund's 
launch m May 1959 had, at the offered price of 9lk6p 
on fad August 1978, grown to £7,248 including rein- 
vested income. During this period the F.t Industrial 
Ordinary Index, which does not indude reinvested 
income, has gone up by 18-6%.The estimated current 
gross yield lor Income units is 4-44%. . 

Unit Trusts are a long-term investment and not suit- 
able tor money that you may need at short notice. . 

The price o! units and the income from (hern may go 
down as well as up. 

Prices and yields appear in ihe FT. daily. An initial 
charge of 3±% is induded in the price, an annual 
charge of plus VAT is deducted from the Fund's 
grossincome. Distributions for Income units are made 
on 20th February and 20th August net of basic rate lax 
and are reinvested for Accumulation units to increase 
the value of the units. The next distribution date for 
new investors will be 20th February 1979. You can buy 
or sell units on any business day. Contracts for pur- 
chases or sales mil be due lor settlement 2oi 3 weeks 
later. 11% commission is payable ioaccredhed agents 
Trustee: Barclays Bank Trust Company Limited. The 


ST the top of the table, as our Unit Tn»i of ihe 
MR year, is M&G Recovery dmu excess 

The lop performing unit }n« “J® 77 ** MfiG M 
Recovery which jumped by 1 15.9 l£ r i , 77 

“^“^^OWAYSTO INVEST 

To. M&G GROUP LTD. THREE QUAYS. TOWER HILI . LONDON Ef)R 6EQ 
1 TELEPHONE 01-626 a 588 This section lo be completed by all applicants. 


mjli nw*:--- 1 «'• 


l «IW no • HPWI'/i l 




Sectelaiy ai State ior Trade. 

M&G is a member of ihe Unit Trust Association. 

TWO WAYS TO INVEST 

As an alternative, or in adifitior to investing a capital 
sum. you can start a Regufar Investment Plan through 
a fife assurance policy with benefits faked to the MAG 
Recovery Fund for as tittle as 02 a month. 81% to 94% 
(depending on your starting age) is Invested, except in 
the first two years when an adc&tiortal 20 per cent is 
retained to med setting-up expenses. 

On a £20 Plan, tax relief at present rates can bring 
down your net monthly cost to only £1670. in most 
cases appreciably less than (he monthly purchase of 
units on your behalf by M&G Trust (Assurance) Ltd. 
Regular im/esiment ot this type means that the inevi- 


l i sur nai iY 

ifiUH ADDflESS. 


1 1 POSTCODE - 90-i RF 5308 IB ^ 

^ WJt Ti | J .WJfiTlTlB Comptele ttis section to make a Capital 
I ■ H 1 1 ■ I l x ‘ tlA InvestncntiiruiBnnjmEl.OOO). Donot 
send any monn. f A ca nted rule r.-jr ue a>n: lu you staimp racDv iii..-. mu;ii 
| you or# jnd the artllawnl (Lie Tour eortilKali? xfll loilm-i shcrtiv i 

PLEASE INVEST ! C l in ACCUMULATION INCOME units 

' (delete as applicable or Accumulalmn units will be issued) or (he M&G 
| Recovery Fund al the price ruling on receipt of this application 

. I dedare that I am rurf nsufent <. Ilk 1 Urnt-d hinyxlum. Uw Ch.-nn.- 1 1 J.m.' .. 

like lilpoIMantiiGibrflftat ,iril I om n*A v^aicnn- IK’ unlli ,>r |fK- n.n:>i»jv o: .-n, 
ptisan resteaiouisiik' Dm? Vird«KSi HI -,tu ^re umtAe 5v> nUr ft ■ 

I dedaraliun you ..livuM .'PPlV Ihiourt .i bjnV.»ii r .lt-ckbl:'Vl-f l 


I niTTtl Complete this section H you wish to start a tile Aisurance _ 
“ L*J [f.Trl Policy by paying monthly premiums trmrimum £12 a month). B 

I I wish TO INVEST fc I each month in the M&G Recovery F end g 
1 1 enctosemy cheque lor the first monthly payment, made payable lo m 


table fluctuations in the priced units gives you a posi- 
tive arithmetical advantage through Pound Cost Aver- 
aging. because your premium is used to buy more units 
when the price is lowaraf fewer when ii is high-You also 
get Irfecover throughout the period of al least 180 times 
your monthly payment if your age at entry is 54 or 
under, an element of rife cover is also provided for 
higher ages, up to 75.You are normally entitled to claim 
tax retier at current rales ot £16‘-50 for each £100 paid. 

If you cash in or stop your payments during the First 
four years there is a penally, and the lax aulhonhes 
require us lomakea deduction, so you should not con- 
sider the Plan for less than five years. 

M&G is a member of the tile Offices' Association. 

Hie otter e not available Ij resident el the HermbEc of IreUnd. 


■ l understand UvU me payment s only provanjiul and Ito We cornp-w, siH <m: 

■ assume risk unM luiml nelrticalrin ol accmLmce la;, been sr-ued. 

I DATE 

- OCCUPATION _. or birth 

“ NAME AND ADDRESS Of USUAL D0C1 OR (!o r.hcun retetena; ihj,- tic arJci 

I Art- vuu en w r.tirir. MSG Pl.w r.. : V. 

■ Hywi wmot sign P-rl I l- 1 iw UocUnlupn hdoa sWrtc if nsl svn Par i| — 

■ DednaHui PMI 1 1 -i, ’lAV Wen. .: .* H-. I -. .. t : • 

■ fl iicc. Liar I h.r. , ■>'''• ■■ " rl Vn* !i. 1 ! J- v , . 

■ IWmnSvc- . .. -u;:i ’• *- •! '■ Uu'rol %j.- - ■■ j' ..- • v -. 

_ OiUSWMf I'l ■■■■■■’■•' . *«1 W •; r ■„ a:, l- : j: . UW Ic l : «•. , . •- i <• .• 

I iresl'd ti:.' siisn.j-n. .. a ■'£ .--.v.'l L .• e-.-- .•■ r-' 

m ffliamssilltf.'.Kaifli. Inl'vU*- 1 <:j Ti^'2 ..ir.h ‘ •■;■■■■ 

■ :ne AbKaKV v> f» .& ■■ it .. 'u -■ c r v :r . ■ : v_- •• 

■ inhatN.iurn uesr.:- i t-iuvioo.. .. t~i, tv' 

- . (Villi ni..' u‘.'ivl .' r -i itcJ; r.- r>> n -• • : 

| De-: *li>r 1..,- !U- tv • , ! rlh. . W—i! WaW o«s .in ITJJ Ii.'l ; \ V . * 

■ n<% !•&>««. .1 --. <n> - ■•lift.. S-w.'. *. -r i , ., ,, :U,mh - .s -: • 

■ SIGNATURE 

| DATE ' 

PSBOteredm England Nc luASSi? Re?. ET.cpj* a Wve 


THE M&G GROUP 






p • 


14 


COMPANY NEWS+COMMENT 


V 


. . ; 4.*. ■ 

• . . v r .V/.r.i 

• v. •>* •& *••/'- ':';AX' 

* * * *.» . • * * • •' . '•* , • *^* f 


Financial Times Saturday August; 5 T97&v £ 

Second half loss at 


-V; 


France leaves Audiotronic £1.3m in thered 


Phoenix Timber 


* 


; : - * «J. 

; .• ,1 * 


: ; <• 


i A 


.,-. l- 

\ -i ♦> 


* M 


K 


A £1 3H.M LOSS js reported hy 
Auiliutnmfc Holdings, the Lasky.s 
hi-li -ind audio equipment group, 
for the >!l weeks In March 4. 

In the precedin': 52 weeks a pre- 
tax profit of Was reported. 

The exceptional loss from the 
discontinued 1-iisk.v*, France Opera- 


DIVIDENDS ANNOUNCED 


Current 
payment 

Adams and Gibbon ...int 1.75J 

ti..n exceeded (he directors- .Tune Properties inL 

foveas of not more than £L*n j. ri|isb American Trusl 
by i'<»;i(-lung £!.<ni. w hile the profit ^ l^iwc int. 


of the continuin': group was well i/i 
dnwn Tmin £l.2flni lo £0 42m. '<■ p e 


Pearson ...I int. 

There wax a lax credit of i'hoenix Timber 

1247.000 (£«77.oti0 charge) .and Sclilcsingcr Am. sec. int. 

there were extraordinary profits Walsh urn's 

of £2(>”.f)(H) (CM.MMI dehill. Last Scull Mi Enilcd ini. 


0.2 

1.17 

0.73 

1.332 

2. SI 

3? 

2^0 

4.23S 

2.3R 

O.lia 


Date Corro- 
of spondint 
payment drv 
Sept. 22 


Oct. 2 
Oct 4 
Oct. 2 
Oct. 6 
Oct. 9 


0.S8 

3.23 

1.16 

O.G.i 

o.ss 

2M 


Total 

for 

year 


0.2 


4.31 


Aug. 30 
SepL 29 


1.R4 
4.25 
2 11 
0.52* 


4J2U 

723 

4.03 


Total 

last 

vear 

425 

325 

3.5 

1 .1 m 

3.0 
3.S6 
fi.Sl 

3.84 

725 

3.01 
l.h'ti* 


the French venture soaked up 
about £U.7m of group stocks and 
this meant that home demand, dal 
at> it was, Could not be satisfied. 
All this leaves the company look- 
ing rather fragile sod badly > n 
need of a big jump in volume 
soles. At the moment the upturn 
in consumer spending is "Ob' 
filtering through slowly, so a full 
recovery is still a long way off. 
Like the toy companies, much will 
depend on the run-up to Christ- 
mas, when around 30 per cent of 
profits are earned, but to fill in 
the summer trough the company 
has moved into calculators and 
photographic equipment. At lop. 


Vi-ar ihiTL' were minority iiitercsTK Dividends .shown pence per share net except where otherwise slated, the capitalisation is £I.75m. 
nf II14.IWU. Sales were CHi.S.lm « Equivalent after ail 


... . allowing for scrip issue. 7 On capital 

C£:;n.ni7m>. with the H.ilTm nlrn- increased by rights and. or acquisition issues. + Increased to reduce 
over of l.:i>k\s France excluded. disparity. S Gross throughout. 1 1ncreased in connection with offer 
The attributable ln<« came out to hoy minorities of Pearson Longman, 
at £770.t»iH) com pa red with :i . — 

i'47ii.ntn) iirolil. and the loss per 


top .share i» show n at ,s.Hn against ... ... . , .. 

earnin-'e of 4 4o fundamental businesses tn the or current liabilities Including a 

\ dividend of »"n is to he oairi EK and Holland remain sound fl23m provision relating to 

:o rm ?n t u, .;. sl’iu 'ind ^rn after writing off the debts Lukys France This includes the 

JlreiS* hu!" waived ^rights to from Laskys France. £l.7 m exceptional loss less 

payments on ih-ir 3.10m shares. He says ihat had not Lhe £1.5m eontirTufn - ° Vudiotrontex ™ rou 

Last year a 3.25, i dividend was rescue been negotiated before " pro forma Satemenr reflect- profits from £507.484 to £591.081 is 
paid news or rumours of events in . <? rn . ma . ' re . ! — hv Watsham’5 ,h< ' 


Watsham’s 
improves 
to £0.59m 


An improvement In 




A LOSS in the second half by «lue sale* accelerating t0 \.‘ 
limber Company per cent in the second half. 

si the group ts talking only?* 
ms of a “ temporary -snthiwS 

dL'lHnnt h«l...rr>X 


the Phoenix limber Company 
left- nre-tas profits down from sc 

HASm to“ 1U.W0 for the year terms 

ended M^rch ii- ™7S. Sales were There are no evident pahaaSEL. 
kwer at t&«i» against iSTJOm. strains although stocks dtSS 
After lav of £25.000 (£242.000) slight increase on the prev^ 

* 1 * L -kAiin iPfir unit InTnl 


expected m pnv n final of 22KWP- stand on a p/c of 5B.5 and S 
Tha Rnnrd expresses the view nn uncovered 4.1 per cent, a rai^; 


• '■* i i?w i f ~i _ r.— ■ - . The Bonrd expresses - - - — % — ; - - — — — ■ — « mub# 

■ that the trading setback is only which is supported by bet 

temporary. The. loss of X4t».WW of 343p per share. » 


Adams & 

Gibbon 

downturn 


due to the — - . 

in the building industry and to 
the competition for available 
business which reduced both 
sales and margins. 

Selling prices and stock vnlun 
were further adversely affeejed 
by the recovery in the Nterlmc 
exchange rate and the necessary pre-TAX prufits of Adams aw 
provisions have been made cibbon. garage proprietor aw 
against stockholdings at the year- niofor dealer, fell Tor the j, 
end. , months to May 31. ' 1878 fra* 

In the first quarter of the ^b^ooo to £233.000 on turnover £ 
current year, the group s external £io.3!m against £S.04m. ^ 

sales have increased by 10 per tbe fu jj 1975.77 y Par 
cent compared with the c P r ™^‘ from £052,524 to £559.048. 
ponding period^ last year, limwr Prospects for new car sales (nr 


down 


>c:ir to make a forecast . they say. Seizor, are. with their associates. 

A circular detailing the issue .subscribing Tor 2.5m of the pre- 
" r ! \ -jm of *2 per cent cumulative (erred shares. .Mr. Rose is now the 
narii>'ip:iiing rcd.-i-mablt* prof- »roii|>‘s chairman, 
ri'-m-f s'liireo in the rescue deal ,, ,, ... 

r.'itov mg the heavy French - Mr ‘ ^ , P-.. fl,e einruiar , h ,. 


Mr. Alexander Gourvitch, chairman of The Phoojiix Timber ^^"2 P ri « s . s, 2°''^ n ^wJs rhe i ec ® nd half appear to be (ah? 
Company . . . profits down from fU5» to £111.000 are to^ronubiliry. ^ 

With subslnnttaj reserves, the vehicle performance ihp 

group's accounts for 19*. -d< vv ill sroup should finish the full year 

show funds 0 / 343p_ per ortinao they reeli with a satisfactory W 
“hare (.Mon m M«il. wenj ifier of ' rofitabilil _ v . s 


only a temporary setback. 


allowing 

dividend. 


for the 


dividend is 22775p raising lhe total 
* comment from 3.H0fi9p to 4.0275p. the 

■ comment mnximum permined. 

The combination of low UK |f f(ve t0 do s0 he dl ,. ectors 
demand for hi-fi «qmn and intenrf , n pay hi!lher dividends in 
lhe disastrous investment in 

that 

wholesale companies .... . .. . experience lor .'iiiuiuiruinv. ine . ... .... ,..w . , _ iniercsi cic .. 

Mr f; W Smith the rnrnter :,hK,d " f ,hc P er,ori last profit Trom on-snina .tpcraHnns to £22 m compared with £3 73m. WITH pre-tax profits ahead 30 per the p/e of nearly 10 and yield or Pron , ^ 

... ... ... .urn in, mt lurnicr ,. w v. u.. «- J., um d frnm £1 2 nm to £ft.42m Attributable profit is cattUm cent to a peak £7 OS .000 for the 4 per cent is high enough .for T „ 


Insses. has been wnf to share- Mll . cs in ,,ie . UK rel ‘ ,il « nd Frame has been a 


lii.t.lers 


painful thc ruture - 

exrwnencc for Audiotronic. Thc Turnover for the year amounted 


ML reaches peak £0.7m 
with further rise likely 


increased Mr Gordon Adams, chan-matt 
tsrr-;s • -nr 6-7? Mid »n March jhat the current «w 


External sal.-' 
T ratlins orofn 
Dcprecialion 
tninroM eir 


Kn» 

.a.scr 

1.TU3 


ehairiiiuii. says La«b>s France has ;,, though he points nut that slumped 


nrmeii to financial di-aster thc P crifld lns ‘ umv " as d<: ' and the £i: 7m French loss has had against £126m after an extra- iear en ded March 31. 1978. the present, 

for thc companv and an error of fi rc,ShClJ - anU an >’ comparison was , 0 be covered by u placing of ordinary credit last lime of £l.o»m. directors or M.L. Holdings say cur- 

jifi -mcm bv «h'c Board likely m be flattering. £l.5m in new capital. Thc loss, in and minorities. rent year orders are considerably 

He says thai in simple terms An unaudited balance sheet in- fact, was around ID2m more than The group makes and supplies ahead of last year and the out- 

\11dintron1c lost a substantial eluded with the circular shows firsf forecast because additional specialised products in the eiec- jqqJj j S most encouraging, 

pioport ion nf shareholders - Tunds net current liabilities of £125.000 stock had been despatched before tries 1, optical and pharmaceutical renortin 0 a 71 per cent 

nn thc operation.- although the (£371.000 assets) with the £0.15m the decision to withdraw. In total industries. jump to £27B.743 - 'in the first six 

months, the board was confident 
that the year’s, results would show 
a satisfactory improvement over 
the previous year. 

Earnings per 25p share are 

MR. LAI 'It IE MARSH’S Inter- helped the shares to firm Ip to Revenue approval being obtained profits and has further developed 
iMirnpcnn Property Holdings has 33, 1. also included a promise to it will allow cash options under its its business volume. Its overseas 
-•■id t lii. 1 freehold of London's shareholders that iheir 19n-7H existing and new contracts. This sub-idiaries In Jersey and the 
Windmill Theatre as part of a accounts would be published cash option will represent the roll Man have continued lo expand 
pi«.|n-rty disposal programme that some months earlier than last cash equivalent of the full ‘7 nd there has been an encourair 
has vu i gjoup borrowings over year and certainly before J he end pension benefits without any tie- increase in bnth deposit 
ibe past year by £llni tu £l2m. nf this year. ductinn of any amount by way of current account business- 

Answering the perennial ques- penalty. ' £250 0(H). 

t;on about the delay .11 the publi- .,. k „ , c „ i a ,war in . £1(16.0(10 t£97 


Intereuropean sales cut debt to £12] 


Gartmore Far 
Eastern best 
performer 

By Adrienne Gleeson 


Net orofii 
Rxirera-riuurv it.-bit 

,Minorili-.-« 

' Ailnbuiiibli- . — 
Prc r dlndi'mt 
Ord I nan- dividends 
Ovbn* mialnod . - 
t Surplus. 


l.«47 

1U 

25 

Sfi 

.7 


pkw had started only modestly. AntL 
37.1"'! he now- says, although new ear 
a.T.w K || es f or (jie latter part of the 
first half were very buoyant, to* 
zjm sluggish used car market coo- 
l*t ditinns during the ear Her montln 
J.td7 limited overall earnings 
. ment. from this sector of grow 
1 44h operations. 

3 Commercial vehicle sales hart- 
up not. ns yet. matched up lo last 
u.na year's profitability level, he add* 
partly due to supply problems. Bat 
steps have been taken to rectify 
_ . j k.. the situation, and anticlinfed 

_ Results reported b> timber com- benefits here are hoped to shor 
panies recently have hardly been lhrou „ h in t hc latter half, 
sparkling. And PhMnrx Timber's Wr Adams says thc service and 

" f " L«' V f»nr Uf d slmlh" parts o ne ration mad c a solid eon- 

S I he Vvorst of the bunch. Irihulinn In m-nRl -illhniinh 


1 

12s 

4S 


comment 


The company is a leader in 

Mr \l ir<h , Txo1a7n U S ,,I 'lhT°af!e. : ^keling self-employed pension 
Mr Sl.ir-n ixpiatns in.u uriei comracts and i nlen ds to intro- 


investor. by an endorsement to 


The Windmill freehold is he- 
lined 10 have been sold In .Mr. 

P:iul Raymond's 1 heat rim! and 
nublir.hing group, which hold's a 
long leasehold on the building. 

The sale produced part of the 
12m raised by Imereiironcau from As publication of the accounts is 
sales of British properties since its now moving closer to the year- coiuracis. 

laii published acvuunis tn lhe end. he feels that it would be an 
end of July 1977 And in a prc- unreasonable expense to take on 
view of its 1H77-7X accounts lhe additional headquarters staff just 
group reported yesterday that to bring together audited sub- 
rtexpile a £lm a year expenditure sidiary accounts a few weeks 
nn ihi* development of its Classic earlier 
cinema chain, the UK sales, other 



1. Dividends absorb August, with 17 out of the top and Phnrnix have had a fight on 
r-ri* 1 . • iiuo.unu 1 ui 7.0001 and £I.45m 20 places their hands retaining market 

lighter margins foward - . The best performer of all has s m h ^, SSSJ°V& ?*£' *"*' " 

decentralisation of lhe coup's ^"rThT, facflil v‘ w'lMeh 1 ' Mi* Aviation Co., at White been Garlmores ‘ 

management the headquarters Greater Ftexibiiitv for %e 51 fill 

staff ,s reduced to just two people. '**?*£? .rS'L l ™ ^ IIU Wblb 


Far Eastern market share quite sharply. The f n r ™ n™ie 
overall drop of 8 per cent in value Pn^tax profit . , 


iwr-a nit- 77 

t ■ t 
ID.3I2.BH 9.043. SU) 
54S «• 37&.Ha 

l!3.B0n 
2354M 
i.’j.flOd 
118.000 


tutu 


sales agreed but not vet cont- 
1 deled ami the £‘.»m raised Trom 
French property >alcs rcoorted 
l«i-»T year, will have reduced lhe 
grin ip’s overall debt hv Oelnber 
ilu«i year 1.1 £l2m. and will have 
cut -lion Term burn"- mgs from 
IPTTs 114m to just £3m. 
«:<>mnu-miiig mi Hu- group' 1 ' 


Crystalate 
sees over 


Commercial 
Bank of 
Wales ahead 


Waltham, hod a considerably in- TrusL with a gain of ever Ul per 

creased level of activity during the cent. The units in three other OreTthe^vJo o™«' 

1 , r» Y year, the directors say. To enable funds invested in Far Eastern m rhe fa U-u m^P PivL-rew- rfn-weruts .. 2.830 

chpck R I,nwp the company to meet its research markets. henefiUng from their 2Srtltn«- P SlS? a ^58 Ser rS»? I fIS »SS r 23«^ , V2f 0,, * to ’ S-35 

and development contractual re- strength, have risen In value by swrtnn.. with a &.k per cent [all undisirtbunxi . «-S.o 


IHJOO 
I21JM 
1JB t 
15.13 
102.09 


' An increase in pre-tax profit 10 ' “ • 

from £278.nno 10 £4IO.nnO in the Unseasonable . 
six months to June 30. lf»W is -*s a disappointing 


Turnover 'of Robert H. Lowe buirements an additional office is <> v e r 50 per cent 
and Company, clothing manufac- being opened in Bristol. M.L. Engi- Gartmore attributes the out- 
lurer, rose 2fi per cent to £2J81m neerrng Co. at Slough have also performance of its fund, in parti- 
but as a result or tighter margins benefited Trom this increased level cular, to the fact that a large 
and increased operating costs pre- of activity. part of its imrtfolio is invested 

tax profits' for the 2G weeks to The Crown Foundry To exnects through the Hong Kong market 
April 28. 1S78, fell Trom £233.865 commission the iron castin" Mar >agers or the fund-which was 
•* . *•. vacuum mm at -|S? nc? ,E s,ar,od Ie<5S than two years aco— 

weather as well in Northampton during t h ' R ISf, 18 JJ {jj 1 ^e* 'offer P «one 
lerfortnanee summer, .while ML Refrigerarion * ,a ' of the area W,U offer * e ? pe 


Scottish Metropolitan 
Property £17m surplus 


BY JOHN BRENNAN, PROPERTY CORRESPONDENT 


£522,000 


repnried % bv ihic* Oimniereia! Rank * n certain sectors of the retail and Air Conditioning has been re- 
iif Wales Opera ling nrofn was up ,rf, t Ie has afiecied sales in the organised to concentrate on com- 
from £ 1.05m to £L17m while s™ 0 ™* . h * ,r »?, date, with the 


for consistent long-term growth. Scottish Metropolitan Pro- in tbe property share sector. 


Also fealurinc among fhe perly's shares have been edging The group 


Thc directors ..f Crystalate mienwi charges fell from r»_77m Jj® 1 ,fi?5 k f a f , t rc ..J'; her now 


merci.il and industrial refriscra- stroncer of the year's performers up in recent weeks in anticipa- property sales in 
linn and air conditioning equip- so hr lave been some of the linn of the portfolio revaluation up-grading progran 
mnnt ML CnmnonenU continueri commodity funds, benefiting in promised at the lime of the half- in KSO.OOfi. and It 


reports further 
its portfolio 
programme brinains 
has spent a 



4V per cent higher, should double its turnover Tor the * notable upturn in the number 
ihe current financial current year a* a result of the °f approaches the bank has 


the shares ap higher to Uffln. But over 40 trusts underperformed ° n . a fully diluted basis the 
Pre-tax profits included lower Aircraft equipment for defence the FT Industrial Ordinary Index, revaluation raises net assets per 


j car Thc group's fivi-ycar-nW aroms.tirfn^ ot (Jsbnr ne us will as receivSd from potential customers. ''. me 1341 ' v ^ k : accounting for over half and more than f hundred under- share from 88p to just over 112p. 

rt-m.-.l agree men i w.ih Mecca. (;3ndnle Ekciron,^ although the draw down of funds «*"E® red ,' vith , 11 °- 24 ?- ®? d of continues to show steady performed the All-Share Index. The group’s properties, held in 

which ha- been paying £5<;n.flU0 ,l Flrst4i3lf * nre-tax"" Drofits of continues lo he at a comparativplv _® qu . in ' l h .® al . £ ' l3 -? m o n a Septem- 

Dividend 

small electronic component opera- 

Brickhouse 


, . - - . First-half pre-tax profits of . 

.rear for ihe ti<c of Irncr- Crystalate lo March 31. 1S17S. rose low rale. • . 

I'lirnpi-an s hing.i hulls, camp up (mm £1!I2.UOO to E157.IM1II nn turn- There are. however, firm mdica- 


Midway rise 
at British 
American Trust 


for ret lew at the beginning nf 


over 


ahead from I2.u2in. lo t ,on > f hat industrial investment is 
\ugiisi. Inier. nrmtean's rail for £;{47m Earnings per .iii share improving which should help in 
a higher mil is iiuquamiiied. Rut <ir p s hi>wn al I44p il.l'jp) after making further progress in the 
■' la\ Ilf £122,000 I £S!l.lHHi’»r ' 


Mr. M.ir-h «lm-s mile that 
ri'Siilual hin- 2 'i micrcMs held hv 
i. 'ic groirji uui'iflc ihe .Mccc.-i 
.i.'i'i-meni .ire over 50 ner n-nt 
n'.i'ir !»:■•» I i la hie ihan when ih»- 
Mei'ra H-itt w.i» agreed in 1!*73 
fin- rent »••■' lew i- now to be 


Equitable Life 
Assurance 


second half. For the future Sir 
Julian say* that the unlisted group 
is well set for another record year. 
Last year pre-tax profit was 
£048.(100 and a £130.000 dividend 
was i mid. 


other buoyant division was «he 
small electronic component opera- 
tion selling imported goods from 
the U.S. and Sweden. 

The aircraft side 


ber 1973 valuation and at cost, 

have been revalued by Bernard • „ • 

Thorpe and Partnefs on an open » ViM “St.lX.I'Hi 

market Oasis m at ^ebruaiy 16. earnings of British American a^L- 
properly invest- General Trust advanced - fwtnE 


Although' 




ment market has cooled since £403.943 to £434.787 in the JOBfr; 

trrii>»s lfiro <(.. ■’ ’ rr.* 




per 25p share are. 
~7p (0.82p> and the 
dividend is up from fl.65p. 

Last year a lp 
rent » paid on a full, year 

eartv rovenue of £844^55. 

Atiy The net a<set value is shown 








i tiI. ut mu in group profits in Hie jirovisinn fnr self-cmplovcd 3 row mg impact. better than Iasi year, so being open up new horizons for thc Wilkinson Match— Treasury has reviews fall due in the 

current rear. i»c n-.it in policies i-ve page 7i bv Eortliright Finance hns again around £ 1.05m, against £0.Sm last foundry division which to date eon tinned that the - ‘ ' 

Hv- aci-uuiils pi m leu. whicli announcing that subjeci t.i Inland made a significant contribution to lime. has been based on piano frames. 6221. 823 p Tor year 

This year Profits could reach 1978. forecast in February. ■-uuccruna nt rent reversinne ««««- - ;■; . — - 

between £800,000 and £1H)0.00.1 but be paid. that is now gen ere Ungm tores? “2* C ° D ' 


Results due next week 


the final of lOSOs it is one or the major „ i, n ,-«V w - 1 w 2 , “ „ ,s 
lo March 31. beneficiaries ’of the projected , f®^ p * and 

rebruarv, mav '•concertina" nf renl releS? "SL 1 


Guninii-rrial I'nion ami Gnu-ral 
Accidf-ni pru\ iik- ih>' Him hull'll 
.if interim ri-ulls from Hit- m-ur- 
:i!u'c m-xt werb Kir-.l 

h.ih pi mil*' .ir«- ul -v* i -\ pccii'il 
fnun AutniwiitiM* I’riMtui'is. tjir- 
riitgli'ii Viii-lla ami (,'(» nwrrl. 
viliik 1.1-lrsiM-t »- illic In announce 
fuil-ivar ri— nils 

AH i> well Iln , *c day- fnr those 
iurtipn-iii-* hi-:inlv mvntv«-cl in 
i lie t S and this should he enn- 
ui mcr] rips wi-i-k when Ciiiiiiucr- 
t-ial liiinn ri-pnti mi Monday, 
uni! GciuTiii Ai'fldcn? on U’plm«- 
d.i.r. Tin- undi-rw riling cyck- in 
iliui cnuiiiry i* mii u simtic 
u pi. jH I i rend anil mice again 
crtnip.inios in flic I S an- w riling 
in-iirjiui- in i-niiiliium-. ul prnfif- 
.ftulily Thc r.-'idis >i. far icjii.i ti-il 
l.y I. - S iviiip u'i'-s for iliv half- 
j.-.ir are much iiclU-r Ilian 
r\ p.-ri t-tl . 

Mils is jiM as well for Ft: and 
<: \. hi'rau-c their t'K liu-im-s^. 

normally protii.iide. has been 
experiencing he.ivv lo-.v,»> m 
hnusphold and mniur hu.-incss 
this year The problems, of under- 
insurance arc* nul being nr ermine 
in the furnier aceoum while 
while inoiur business is suffering 
an increased numher uf claims. 
However, invert ment income re- 


main > buoyant and thc market 
expect < tn.1 In have first half pre- 
lax profils- of ahnui ffrflni and 
ri\ uf about 134m rleypin- over- 
all undent riling Inssew nf £4in 
and I'Om rC-spertm-li. 

Tliere is quite a range of fore- 
casts for AimuiiMltre Produrls. 
I lie vehicle and aircraft equip- 
ment manufacturer, where result*, 
for ihe six ni.mlli> i» llie end or 
June are due on Tuesday. At 
the lop end of the range sonic 
liriikers arc going for between 
I7.5iii-£Sni pre-tax while at the 
lower end one analyst is going 
fnr FK 8m. Fur Hu* cnmpar.ildc 
liei'ioil AulnniiiMvc turned -ml 
in sable profils of £ii:!m There 
may have been some softness in 
demand fnr Aiiioninii-.e s replace- 
ment iirmluet*. wlm.-li account 
for around a Hurd of sale 


The effects of higher consumer 
spending arc only slowly working 
through to the textile industry. 
So Carrington VI vella's first fi.tif 
profits, due out on Wednesday, 
may not provide much excitement. 
While ihere are no rc-organisa- 
tion cost.* this year — (hey 
amounted to £2m in t!)77— 
analysts generally sec a flat first 
half with the favourable effects 
of the multi-fibre nareemcnl and 
higher wage packets making a 
more marked impact on the 
second six months. For the first 
half their forecasts range from 
Di-im to a horn SSm f£7l»mi and 
for the year between i ] 7.5m and 
Il.Sm. compared with rirt.Sni Iasi 
time This j* based on an overall 
3 per cent relume for the vear 
combined with a few price 
increases. 


Glynwed has been 


slumped 67 per cent last year), 
where as yet there is little sign 
of recovery Trading has been 
mixed on the steel and buDdtng 
side tint some siuck profits from 
stockholding and another strong 
performance from copper ; tubes 
are expected. Full year forecasts 
range from £I4.7-£l(jni but. more 
interest will centre on the poorly 
covered dividend. 

Estimates or Lei reset's full 
year pre-tax profit, due on .Wed- 
nesday. are .neatly emu pod in the 
£7.S-£7.5m range f£fi.32m>. : This 
fellow* the company's recent fore- 
cast of profits " in excess of 
£7m “ In ihe forma! ."Offer 
document fur RamlHll. .That 
acouisirirm. nf course, will noi be 
included this lime hut gghcral 
demand fnr the croup's products 
seems to be buoyant. Let nine I's 
going cover products and toys are grnu- 





Looking for consistent performers 


v'-.' 


rd 


rcilect ing ik-.i»ckmg l.y drsirihu- trough a rough natch l.itcly Tip ‘i 1 --?. *‘ el1 V hlle rhc contract with 


inis. There are al»^ re-ervalinn-* 


nillellc has apparently been 


about ihe eihn Dial currency pre-tax profits succ essful. Meanw hile there is 

movements will h.ne had nn of (Ifi.liiii Trom li'cdnea- .stiij mileage lo be had from dry 

cxpuri margin*, (filierwise the day's interim results. The sale nf transfers and thc full potential 
original equipment market is still CishninreV. sheet steel side, which of lhe overseas agencies is af la*t 
weak For tlic_ year forecasts lost in tt» . , . has recently beginning to he realised, 

range between iT-».am and £ lfl.7m. fallen through although the com*- Other results to note are in- 
compared with I'Lt.r.m pre-tax. pany ha» already said the division lerims from Rentokil Group., J- 

n “ mnrlnd " firs! half n! '-*— -“ J l ' c " ! **- 


AS EVERY unitholder knows — 
you can't avoid knowing it, 
because the trust managers, 
beneath the w-atclifui eye of the 
Unif Trust Association, make 
such a point of telling you — the 
price or units may go down as 
well as up. Past . performance 
isn't much of a guide to future 
potential — certainly not when it 
comes to the highly specialised 
trusts wilh portfolios of .shares 
which swing in and out of Invest- 
ment fashion That said, however, 
there arc .some trusl* which come 
up with a consistently »ulid per- 
formance, year after year: and 
ihat indicates good management, 
or good fortune In their markets, 
or— occasionally— both. . 


The second half will lie .supported made 

profit. 


If Mil) 


FI UAL DIVIDENDS 

MU', k-—. .if A' 

-,\ 11. 1M--H mil Stfi's ‘Tlpwmt 

l-i i-lj f- n.-il r.irhiinismu 

ijji.i.i! d. ii I iii, Tni« 

• ii lit ip: -nwi s/i.-ii • • 

Wii.iJia roil: - li'l' 1 J *" n, ‘ 

r. mil Pixrtii -n-'l HWa«. 
t'.-n-lll il- • Irani* 

I .nn) r..«. M"Ul Min*** • • 

i>.:dii,M» iT'O'.ny i"n 

■ iri-uii . - 

!• -iT!i:-- fiul-linus 

H.iial'rn Trusi 

II, mu M liter liiWUP 

11.-, jcit Shiil!. rin« e Htflilinas 

Huai- lluliim-i" 

Omjii.n TraiiMWiri •llblax.i 
Ti-r.iHi! Kd»,aiinn:il *-*i 

* -it wrii.ii. r<r.inn «:«M Fxpbiraiwn 

<!•«. -I md i{ut>in*ict - - 

K.-MJ >msn Frn-i .md s*"ix 

.*■ ii: idi iiniiii-* iiim <im.-ni Cu 


by tun 
Franco. 

recent aequisinons iii 

Vnniiiinrr- 

Hi'M. ml -p 

l • 

ni> nt 

l..i->i \ 

■ -ir Tim v«ir 

•lili' 

Int. 

Kmal 

Inr 

Tliund.iy 

I.l 

ii ;.i» 

i i 

Thuiulnv 

k'n; 

1 

11 X 

Thiir>*i,i>' 

ii :u; 

A M,t- 

Xi! 

M-MIiIhv 

\i: 

Nil 

Xil 


•i 1 VI 


ll .'.12 V 

Tll.-S'l.lV 

ii 

1 

1 

Tluiralay 

ii *•;■. 

W2 

1 

Tlh-Ml-JV 

■1 .Vi 

i ir: 

n :t 

.1 1-Jlll1.1V 


Nil 

XU 

Tliurs.lay 

— 

:: 4-.MV 


Tn.-»lav 

II 

i n.i 

11.7= 

W.-i|ii.suj> 

! 'Ti - 

.1 0-W 

2 15 

Mun-Uv 

ll *, 

l.l? 

U.H5 

Tnnr*i3> 

I. .119 

I.rl 


Mol III 11 

ii 

il 7s 

V‘iJ 

"■■■ilfi.-xrl.V 

ii »;.i 

2 73V.1 

115-5 

H riii i« 

i 

2 11.37 

l.l 

ThiirwliV 

! j 

2 rtltili 

i 

Thursday 


J.912;: 

?>:ir.H 

.Mai ula v 

tS 

lu 


Tih.-* - 'ln.* 

l.-»* M»1 

••• "aiiiwj 

1 -»1L5 

Thun«l^y 

II a 

«■& 

D.G 


a ■' modest " first half.' Rihby and Sons. Seeurirnr. 
Elsewhere the biggest Security Services and L'ltrarnar. 

and a final from Smith Bros. 


Company 


Smiir. U'hiiminh .. . 

W-i-jun Indumr.-al Hoirtincs 


INTERIM DIVIDENDS 

AjriiiMin Rpis 

Aii ms veunm-s 

\li<* md Wilioro 

Aiimnw' -o S fimir 'Hldas ' 

Aiimiiiii' Prodosu 

fjrrinvmn \ n t -ii3 .... 

“• t'urkt ami *,'n. 

ComtiKTi tat I'niit'* Viguranre Co. 

pjv:* s jufj M- h j!(p - - . 

DMikh* Hvri Cn 

«k-n>-ra l Av-.-id-iii Fire and tale 

liknus-d 

M.p.iniilr Ins.-sim.-nr Tnisi 

Mount Cb^rlotts investment* . . 

R-nrnUtl t;r«io 

Xt-curwor lirmip 

Seviu-iiv Sm iws 
VuS'-lsTruisbu:: Metal H«W:ncs 
tt-nurd Wardlv and Co 


Announce- 

Dividend rp 

,* 

mi-ni 

Last year This year 

due 

Ini. 

Final 

Inu 

.... hrlrlav 

Nil 

Nil 

Nil 

Monday 

?..i 

4 ..17V 

— 

... . Tbuntdav 

n r.i 

I.3n3*' 


Tui-sdav 

U.22j 

9.145149 


... WVdr.-Mjv 

Otta 

1-1 


Thanda)- 

H495V 

n W5 


.. .. Tinsday 

1 

1 11429 


Wiflni-sda) 

0..WI5 

l SOjllS 


•Thur>«ia> 

II 514 

fl fiilHI 


.... Mtind.iv 

ZM 

5iM 


Tui-sd.iV 

U 41Kfi 

II X7.U 


. .... Thursday 

fl.-lfil 

0 4in; 


.. W. dm -nlay 

■\ 75 

4 41.1 


.. _ WVdnvmtay 

2.41 

•i T.i 


Tuxwla' 

(1.15 

U.9 


w\-dnv*t*y 

Nil 

ti.1919 


. . Tu^td.iv 

ii 

0.9*1 


Thursday 

0 J9K5 

II 97HS 


. . Thurvliy 

ii bnr 

I..12I7 


. . . H edm-wlav 

i.strs! 

;.7ti>:o) 


Wi-flm-srtay 

fl.s 

1.77 



Such consistency cannot be 
claimed by most of the Far 
Eastern trusts which have 
dominated the performance tables 
m recent months and which, as 
ladt week's figures from the 
magazine Planned Savings in- 
dicated. continue to do so: no 
fewer than eight of the top ten 
performers over the first seven 
months of this year have been 
trusts invested in the inscrutable 
Easl. Of those, however, only 
three can boast a performance 
with real consistency to recom- 
mend it: and all or them were 
launched ■vubscnucni to the great 
Hong Kong crash of 1974. 

According to the managers or 
this year's from runner. G-.irimoro 
Far Eastern— whoso shares have 
risen by otcr Ul per cent in ihe 
fir>f seven months— all this is set 
to change tsee page seven): bur 
in the meantime it's the (rusts 
thar invert In the shares or 
special situations in the United 


Kingdom that tend to hold the 
palm. 

There are two of them on offer 
this week. M and G's Recovery 
Fund is snmething of a doyenne 
in its claw: a stunningly consis- 
tent performer whose policy of 
investing in the <hores of com- 
panies which arc basically sound 
but temporarily in the doldrums 
fort unitholders with their money 
dniihli.'ri Iasi year. This year rhev 
haven't had as much lo rejoice 
over — and 11 and G is somew-tiDi 
behind the times in repeating 
plaudits from iho rurn of lhe 
year. Thc plaudiLs are still due. 
but they are of a different nature 
now the Recovery Fund is not 
this year's best performer, or any- 
thing like, bur ils managers have 
kept the unit price moving ahead, 
and by respectably more than the 
indices, at a time when conditions 
have been rough for a fond of 
this variety. Thai is the real te<ff 
of quality. For those who want to 
participate, the minimum lump 
sum investment now is £1.000: or 
you can go in through the life- 
assurance linked savings scheme 
(strictly for the longer-term 
holder) af a minimum of £12 a 
month 

Target’s Special Situations Fund 
is operating in much the same 
end of the marker— looking to 
pick up on the cheap shares in 
those companies which are for 
temporary reasons out of favour 
—but in its present form it hasn't 
been going long enough to pro- 
duce any evidence o( consistency 
or mherwiso. .So this one is a bit 
rtf a gamble on what sounds like 
a sensible investment policy, 
though the mist does have* nvo 
advantage* as against those 


offered by M and G's version of 
thc same.. In the first place, you 
can put In as little as £300: and 
in the second, while the yield on 
the units is at the moment only 
just over 4 per cent the managers 
are reckoning to pull it up to over 
7 per cont tfor those Inventing 
now-) within Ihe next IS mnnths. 

Srricrly speaking the high in- 
come fund-* do not compare with 
'hose investing In snecial situa- 
Huns, sinn* there Is one additional 
fortor for the m»o.-i-*ors ro bring 
into rhelr invps-im«*nr nnliev. In 
m.'inv cases, however, the two are 

likely to find themselves tn the 
nvirket fnr much Hi* kind of 
shares. And an it hnnnpns Gart- 
more's Htab Income Fund, also on 
nffrr this' week, has proved 
(though a little lower in the 
tables) to 'be a nerformer quite as 
ronristenr as M and G’s Recovery 
Fund: and its managers have hit 
this year,, exactly the same nrob-" 
k'rns i n keenina un iheir record 
Of ranital growl h. However, with 
a 12 B per cent increase over the 
seven months fas against tittle 

pxi* r hair of !ha» in The All Share 
index, in the period to Aucusi I 
ni 'W wh : eh. Panned Ssrin^ rahlaq 

are comriHcdl. existing unit- 
holders do not have cause to 
ffrnmhle. 

As for new. unitholders, it is the 
p sirmatcd 9 her ce.ni per annum 
cross vield- that They should he 
roncentratina iinnn— that and fhv 
tart that over fiff her cent of the 
horfolin Is inverted in eouiries.-qn 
'hai the distributions are likelv 
to rise, year by year. The mini- 
mum investment is £200. 

Chieftain's managers have gone 
in for the fixed price offer, now 
going out of fashion elsewhere, tn 


presenting their High Inc*me 
Trust this week. As it happens 
tnis means, that those Investors 
who decide to lake advantage of 
i r— before next Friday— are likely 
to do welt: the fund 'has a hand- 
some holding oT J. Lyons' shares, 
and the price nf rhe units will 
benefit from the Allied offer. 
‘ hicrtain s fund offers more than 
«noi of fiarrniore — D.15 per cent 

sod sincp the equity content is 
almost 93 per cent, the distribu- 
tions from the r U nd should rise 
"TT* . taxicr too. However. 
>. filer lam's record of capital 
growth Is loss consistent— ^ though 

n has put up m c best perform- 
once amongst the hfch yielding 
i“ n P s °" er the two years since 

its launch. 

Meanwhile, for those who are 
more Interested in capital perfor- 
mance than either consistency nr 
income— that is. for those who 
not merely can bur will move their 
Holdings as seems to rhem appro- 
p r 1 a t e — there are two more 
specialised funds on offer this 
week. The first of them is 
Arbntbnot North American— an 
oner neatly timed for the latest 
nse in the New York larkeL 
w-hich is not reflected in the 21-3 
per cent n a ijj. so F ar this year 
which the Planned Savings’ figures 
Show The second is Sehlesinger's 
International Growth Fund — 
another sei to- benefit from: en- 
thusiasm on Wall Sire'eu since ■»* 
per m?nt of the portfolio is in- 
vested in North .America: but -set. 
too. to benefit from the rise in 
the Japanese market to which 
Schlesinger's managers, like 

Others, are. -looking forwart’: 

almost 2o per cent of the portfolio 
is there.. 


TV > 








c 




■1 





■:o)v - 

ttss 


\ Juries Saturday August s 1978 


at bids wifits 

J*-E,,Nas 


res rise on 
details 


Advance 
by Glasgow 
Stockholders 



After expenses end interest of 
£116,002 against £110.726 pre-tax 
revenue of Glasgow Stockholders 


ot Mft-over bids and mergers 


■ " - i •' : ■••" • Value &£■?£: iWto . Value . 

* “Ctnnpany” ""bid per’STaFR'et before"' of bid 

bid for share** price** bid tint ’si 1 "' 


share** price** bid t Lm's)** 

Prices la peace unless oUicrwHc indicated. 


/.Fin A 
Aec'i'ee 
Bidder dale 


Shares of £ & Nash Securities Schema wiD be despatched not by a trust or which he is 

avn nenn M iun< . hum iIum O.. 1 ...^ r- * , V uxto , 7. U1 »u«Ji IS 


■ have nsen 82 pgr ..cent since the later than September^ 1978. 
announcement of a /scheme of ^ 

arrtineeraent by which' the com- •.„ 


pony i S selling a; Subsidiary to . Vonfnna' falrAC 
Black and Edsington, according to V afllODH ■ luJicS 
the document sent to shareholders . | , 

stake in , ■ 

the sale of John Foster - 


should 


551 SJf 

*Ss.' 

■25d 

4S-; V 

9£*3 ’ 

CumbtiriGrp. ’ 



26ljk 

-’194 ' 

1 UJ1.C5 S. Pcufonii " 

*■— 

30* . 

45 

44 

0.23 

51r. A, >irt I), B. 
Ttiompsuii 
liulu*lrui 

' — 

200* 

200 

170 

ft 7S 

Ktjtifly 

— 

95* 

9S 

77 

4.«3 

Sundvik 


as* 

69 

00 

2.76 

Sfjruvsl Inv. 

i.v ' 

124 J* 

130 

110 

6.71 

U'liutn >V jlidlai 
Cuuniii-h M. 

id 


toraSri atTSS ‘ **? •««* to' be a ««£ «£ (MW « 

is to cjrwt vautona Group^the Manchester- of a charity in 1073. leht'to 142p (l2Sp) per share, 

to the shareholders ixf Nash. .The based household fabric -company, 4— 404 shar« 1 p I P 

consideratiro .coasts ol shaie in is broadeS“t?Sse witt;a intS?£ “SHMUf *SS2S : • 

® anc * Edgipgton. v . . strategic stake in -another, textile shares «hm<M 


and Edgington. , * . strategic stake In .another/ textile share? sMd n t te to 

1 - s w 4 *wa i™. ^ J 7 . . T 

bon ^rZep,r£t a ^Tj: sJfSHS b y Tei 

1 warns Nash to own, JO ner cent.worsteP^soitiSs-r.^nd . other non.SficSSmJ Mr. Nf. J. ?! 

- * a of Black and .EdESaitoJi£ ; equity, fabrics, at S8p - each; . costing shares^S Tetalemlt . k 

"lUril T*% th M t £™ a C s Pf Nash, Mr. £l«,43S. Fostorstares last night seSSd *«tto 

F. Nash, m his exclamatory closed- £p higher at- 4Qp. : ; valuing «ran swe* is«w» nit profits and . 

1 Slatmnent - ?---•* r - -SKr^fSLSrfST r=«~iV - .. .. , - • ^hn» A r^ a « 


revenue of Glasgow Stockholders ; The long and often acrimonious dispute* between Allied ' r '» «**“* UBic *^ 0Ou ’ rwi4<! »"*«•«« t- .. ' 

S Trust advanced from £2« f 4Si to Breweries -and Tnist Houses Forte. has finely been resolved fcyOnrie Cerate.' “ ■ 55i|a sa 'Ss/ i '48 ■; v &S3 CumbtiitGrp. ' ,— 

SS9.SOO for the first half of 197& the sale by Allied of a II its THTshares 'fot^ £38.37m. Nearly a IgEftgfF 1 "* =S« " 5?® ’ V? r ~ 

ggtCT&JS* atod *“» »f «1» issued shares in TOP, one of the world's major '»'* w '« 3 " te 44 - 

by a trust or which he is a As known, the interim dividend hotel -and catering groups, was sold to institutions for around. St. Kitts (London) . Indutirijl 

beneficiary should have been is increased to ip (0.85p) net per £57m within two hours on Thursday morning; by stockbrokers J**!52* 5-2* s2° -- 7 .Tc 

included. • 25p. share absorbing £110,880 Cazenove and Co., the total boosted because Sir Charles tone' T?££?Grafn : ’ 9 “ " b-Ddv * - 1 s 

acoui«s/i noinbowfide 1 holding, (OA24S) — last year’s final was tpokthe opportunity to sell some of his own holding at the same Printers 63* 83 53 2.76 Stoniest Inv. i.v s 

5^?2SS ^ took £105.129 (£*#5) and ^ 130 110 ^ 

earnings available ; came out at below the then current market price. Allied s agreed bid for * All cash offer. 1 Cash alternative. + Partial bid. For ciioiial 
u i 6 ^ cent ^^nn. £176^1 (£l4S^fi)_^ter prefer- J- I^ns ^ covered elsewhere in this issue. . not already held. U Combined market capitalisation. /Dak- on which 

unsecured Loan Stock 1985-90 enee dividends of £7^>0 fsame). Era Ring Mill, a 70-per-cent-owned subsidiary of Largs, is scheme is expected to become operative. ** Based on Auciisi IP7S. 
sn omu no t have been Included as Net assets are shown as £i5.73ra offering^lSjp for each 15p share in the unlisted Wood Street MflL tt At suspeosion. U Estimated. §§ Shares and cash. : r based on 
Sf SS ?„ 6 a J^ la,laB ^ SSS^ff. R “i^. a snmu shareholder to W. «L Au^. 4. m 

* — W4shar es of a non -beneficial ^ P •' P Frith has negotiated an offer from Frith Foils that is 16*p per — — -- 

interest in convertible preference , ■ •.. '• share:bigher than the bid which the independent director and his pnri ||U||M ADV BPSULTQ 

shares should .not have ' been CvOfm cfjirt adviser James Finlay had previously recommended. Corinthian. rm,MinnvwRi j 

m M? Ro'uSft- interert lo the I T *rf which. 2 per eeht of Frith, her now withdrewo its ohjectione Pre-tor profit Eemlnss- Dmdmde- 

comnanv T h V T PP9 IPTYIlt . to the deal which it set out in a letter to shareholders and will be Company Year to ■ C£000> per share 1 1>> p.-r sm< n i p ) 

OrdUiary ?sare S nMoffiffim J acceptiiig the new 86jp hid in respect of its own stake. Theoffer — I ... ~ . . —.rn- .' 


_ _ —r** w; pv* bcm. s 

Unsecured Loan Stock 1985-90 enee dividends of £7^50 (same), 
should not have been Included as Net assets are shown; as £t5.73n 


Good start 
by Tecalemit 


PRELIMINARY RESULTS 


Company 


Pre-tax profit Eaminys 6 Dividends* 


statement. - / r-;- * > 
Rfr. Nash -writes, ' “For 


K imrt iuji Hunnu | — . , 

turnover - exceeded 1 80 P®r eent level: 


the company 'at XS.TSm. 


those of the jtame period last year The 1 City Take^\-er Panel has censured. St-Pira® for regret gijsTm w.,,, 

n . Nasn_writts, "‘For J. . F.. : snokesmaa' for ' Vantona said HDGG ■ p npnucmsr orders continoed-'lo. be table lack of care ” in its purchase of lm shares in Orme Develop- 5™?%? §K 

K«t° fffe? A? JSSiSBi fSrth^^2i«l=FSS«iSS SPSSJSPIffi?^ ■ ments. The acquisition .'took- the total stake of Piran. together Staff 

sutaStarta ffa hwantkdpatedl-^, . ™ SCOTLAND ... with' parties which the Panel had deemed to be “acting in Meow Phot®, 

approximately id per cenfto^ck natiSli* 0 ^^ 0 ” Gro,l ^ emte ? v 3.64S2p ttf^S^4olufts d &6»ffip concer^’. beyond the .30 per cent level at which a bid would 
and Edgington would/have S'SlS of Aff a ; Si\ 0 ? (S2i7Sp P normal&.be required.^ be^ade. The Takeover Panel has not SShSBSS&v 

™=« ed «L coaiple ?^ I re 7 e 7^L? tf -lSuum S har^/in ^ J/^Spton, tSh baSd ^nonJilov^n broiS Treasury consent had - been insisted on a bid in this instance because it believes that the Hales Propps. 

Sw^reST 11 aSS24°t SOB* and Webb. (HoWDttgsH;nianur Collins HaldenSdCoS theon1> ^Pfed fn.^ rtUxi ofrhe rights triggering of Rule 34 was inadvertent, but St. Piran was forced James (J.)* 

IZ of -military: tuufonns come is saccessf^H^gRobtoson Z to of lm in tbe market at per share, 5Sp 

aSd fflSUSaffS!fe&B55 Which ***** ^SS^o/fSw? ** per than they cost !™i£?c?ed 

company. should hold sudi a stake „3? e S»e 2rSi Q • * m^Ti^itona'c CoUjns Haldens own capital In a tidying-up operation. Consolidated Plantations is finally Unfrech 


ywropany-snouKl noiamnai a SiaKfi eoa* £4«Sy400. ' lifts - : VfflltOna’S o xu m -uujr wig-up operauon, v-uuau. 

sn. its share capitai.” . v- stake in that company.tb 8-91 per Collins Halden, a private com- -_ r - _ T buying out the minority shareholder 

Nash is also undertaking not vent. - Yantona also -Announced pa " y * J ‘ s _ ba fed in Edinburgh, a V 3H 1)1*11 0’h I ,li P which last year rejected its bid term: 

to -increase -its hoHin^ztf .Black that if was tn btfitafts .’ with Scotland where the msur- * “ UU1 u &“ offer, based on the original terms, i 

and Edgington equity “beyond Compton over the. shares.* did oroKw g activities of Hogg AcciiranPA since holders of over 90 per cent of 

7 per cent. And yet; Mr. J. F.; not. already own. - Robmson are not, strongly, repre- /VoMil dllLt ; irrovnnhlv gmaJ*!) 

Nash himself wid obtain a -6.9T»r Vantona ibo *ss an approm- sented. So the ■ group mews the -A hew investment contract * v i r 

cent in - Black and Edgington mate- 27 per cent stake in "Selmrs ™ OVt j as an important step in designed to provide maximum _ Boildin con tractor Y. J. Lovell 
through the Operation-, of- thp International,-, which > manufac- developing its broking network tn investment combined with maxi- Chemical Industries the purchase of 


per share less than they cost sterling credit 

In a-tidying-up operation. Consolidated Plantations is finally Unfrech 


investment 


-• scheme and will be inrited to tuces . dress, furnishing -and . up- bcotiand. ■ . *. 

i-joln Hie board. ' ' " . . . r . hedstery fabrics .ana 'cuittlna," 

■ i Nash has been able to dvert :■ : • - - . „ 

- come possible tax hurdles. Share- 1 Ar'liTTtHfFe ' NEWMAN TONKS - 

holders who receive shares -of- 1 BENTAJLLA AUfy ima — FPOIVA 
. Black and Edgington- as ^ "a. result CHATHAM STORE /; _ A 

of the transaction wfll not be - BentaQs has - the ^ in ,_res_ponse to the offe 


of the transaction wOT not be - BentaOs has - purt3nrirt«L-'. the , . res . ponse t0 ffie offer on Investment plan and the Flexible 
. deemed to have made, a disposal capital of Edward Bxtes^a depart- “enaif of Newman-Tonks for the Investment Plan and has been 
for capital galnh- tax- purposes.. Qjent stdre tr ading - "-in. -Chatham. n <*- already owned of specifically designed to provide a 


Vanbru gh T/ife which last year rejected its bid terms. Consolidated Plantation!’ 

. ^ offer, based on the original terms, is sure of complete success 

Assurance • SSd^SvoSbrJc^pS “ nt of 1116 outstandins stock have interim statements 

deienS W nSSS ' Bo ^ ldin 2 contractor Y. J. Lovell is negotiating with Imperial ” ila , r . ve 

inve^neat combined 6 vrithmaxT- Chemical ^Industries the purchase of Farrow Group, an ICI sub- ' Company to 

mum flexibility- has been launched sidiary. If successful, tbe acquisition of Farrow would increase “ — ' — — 

by Vanbrugh Life Assurance, the Lovell’s current turnover by 50 per cent to around £90 m. 

SentS k Ssur^S? dl Tife tji » Re ^ international is seUing pulp and paper interests in §>ra?£Sre J Sulla 
SSSr LrStoent p£S Bntish Columbia for $60m f£27.3m) to privately owned Canadian East Lancs. Paper June3( 
replaces the present Maximum Forest Products in a further move to put its Canadian operation Greencoat Props. Dec. 31 


Year to 

(£000) 

per share I |«l 

per share 

fP> 

5 <ar. 31 

13441 , 

( 10 , 729 ) 

11.4 

tl’.I l 

2 .72 

.2.: 

l.ilij 

^lar. 3 L 

. 255 

11 . 005 ) 

;:.r 

( 12.61 

2.683 

(2.- 

114 1 

Alar. 31 

44 

( 9 ) 

OJt 

• n.iiik. 

M! 

(>.. 

I 

Mar. 31 . 

L21U 

lft.11 ) 

24.5 

C 12.71 

7 .Ji 3 

1 ■*.. ■ 

7 1 

Mar. 31 

769 

IffiSl 

12.5 

1 1 .‘ 5 . 4 » 

5. 92 

1 7 '.j 

721 

Apr. 30 " 

- 3 M* 

( 248 ) 

S .3 

(S".I 

::.ti 77 

(2.1 

25 1 

.Mar. 81 

301 

(2121 

4.0 

1 :: 5 1 

i ::r.i 

i I : 

1 > 

Apr. 30 

L 940 

f 1 . 430 ) 

22.4 

( 1 7 . 3 1 

6.-2 


.» 1 

Apr. 29 

9.519 

( 8 . 733 ) 

22 4 

( 21 . 4 1 

2 4 IS 

, 2.! 


Mar. SI 

2,970 

( 2 . 31 UI) 

jT.s 

is r 1 

ii 

1 8.1 

23 ) 

Mar. 31 

30 

(1991 

11.6 

1:1.5 1 

2 .i 

1 4.1 

, 

.May 31 

306 

12321 

."i .7 

l 4 .UI 

2 >:s 

i 2 . 

41 ) 

-Mar. 31 

278 

MS 2 ) 

7.2 

i 4 r.» 

2 4 ‘is 

( -j - 

14 * 

Mar. 31 

3437 

( 2 B 16 ) 

9.3 

1S.1M 

2 74 .) 

| 2 - 

:«!i) 

Mar. 31 

629 

l 545 i 


r I 9 .ru 

8.1 


1 

Mar. 31 

3 , 45 ] 

( 3 . 159 ) 


1 1 ( 1 7 1 


; 1.1 


Mar. SI 

. 327 . 

( 287 ) 

4.4 

■ :t 7 > 

1.4:12 

< 17 . 

S 3 ) 

! 1 

June 3 

3,111 

( 2 . 1 H 21 

u. 1 

1 7 .:: 1 

4.1138 

c; 1 

Mar. 31 

3.600 

( 2 . 759 ) 

17.2 

(HU r 

3 r.v.i 

,;j ; 

14 ) 

.May 5 

332 

( 151 1 

3 .S 

(4 4 • 

\.l 

(\f 

h 


^ '’ n ,. r esponse to the offer on Investment plan and the Flexible back on a sound footing. 

behalf of Newman-Tonks for the Investment Plan and has been * v~ . - . pV--.. - . =r . — ; 

capita] not- already owned of specifically desired to provide a -rWnanv w “ 

Econa acceptances .have been more tax effirient iuvestoent for - - C &52?? y SlSiK SjSK A< Sl l ,£ l 

received hi rpwn nf soofijan* -bid tor share** price** bid (£ms)** Bidder date 


Moreover ^leadhaf : Counsel- has 1 Kent foe £238560^-4113,796 in s-cona acceptances .-.have • been more tax effirient investment for • t^? ar 

advised that the Black and Edging- ca&h and £124,764 by the issue- of ^ cenred . ^ respect of 3^06^06 regular savers. 

ton shares will not constitute- a 319.908 ordinary units ih Berilalls' ?^,' share ^- Together with toe The investor can select the An .Ti»ht A- wn«i« 
distribution -withm section 233 of at 3&P eacir for wideb^t quotation loO.OOO acquired on July 4 this preminm paymg term for any AJbrwhti u iLs°n 
the Income and Corporation Taxes wiE be sought ’ represents 983 per cent of toe period between 10 and 30 years. Comefc””* 

5SL*"*. Bent»ito has •S&S&5L&! aSSLT’S^^SJSS^JS HALSi^S! rf^SSJTHs &-*»■»«<«« 


• shares. Together with the The investor can select the ' 

IbO.OOO acquired on July 4 .this oremiom paying term for any /^ ri ff..urr« Us °° 
represents 9&3 per cent of the period between 10 and 30 years. t ' ornercrou 


Prices la pence unless otherwise Indicated. 



Half-year 

Pre-tax prollt 

llji, riy.i 

)iY .»!•*' 

Ui-« 

Company 

10 - 

i £000 ) 

per sh 

:re rji 


Canning (W.) * 

June 30 

717 

(751 » 

J.K7i 

(I • 


City Offices 

June 30 

oa.i 

(523i 

II. Vi 

id.7’ 

1 

Coral Leisure 

June 30 

TARO 

(T.7AO 





East Lancs. Paper 

June 30 

70S 

(k:i>) 

1 .Hi! 1 


2i 

Greencoat Props. 

Dec. 31 

7 

(12) 

.VI 

1 Ml 


Hoover 

June 30 

3.S23 

(7.1)75) 

."MSI 


t 

ReedlntLt 

June 80 

21.500 

(20.500 1 


♦ 1 


Sharpe 1W.N.) 

June 30 

1,290 

Iil74) 

1.MM5 

1 1.4- 

7i> 

SmaBshaw (R.) 

-Mar. 31 

130 

1 Klfi) 

Nil 



Tace 

Mar. 31 

207 

(272) 

0 7> 



Vantona 

June 30 

3,345 

(3j.»i-:) 

1 .!i!n; 

1 1 .T> 

7) 

Westingboase 

Mar. 31 

2.50ft 

(2.570) 

U.927 

I ll.v' 

1 

Witter IT.) 

May 31 

637 

(4431 

P.67 

( n.6< 

1 

(Figures in 

parentheses are 

for corresponding period.) 



shares will not be taxed as aform lease; of the aHj ortring' 'premies t^ e yefore become unconditional the investor has a choice of pMdnctc 

of income either.- . : from J.fiainsbory so'toatithe ’ two 8810 acceptances. options including taking tax-free Custo magic 

The redemption of the. prefer- buildings can be combined to pro- The Secretary of State for cash 5UTn - having tax-free income Eastwood (J. B.) 

.> m 1 . .. 1,1 • _t._- - • - ■. — 3 n „ nr mntinmn® fhr Minfrart tn a ■ 


prior to the announcement of the • The Bern alls rto 


dy has by Newman to toe Monopolies ! ,va *' a ^ e 


scheme. ' stotvis at Kingston,' Eabjat,. Worth- Commission. 

The directors are proposing to-, inu. Bracknell . and iTunbrldge The offer will remain open for 
redeem them because the scheme iWirils. .. acceptances until further notice 

will reduce the net asset value • V *. •*’? ' but the cash alternative has 

of the company. The tWforma ri ' clo * ed * 

balance sheet shows .net assets ROTHSCHILD. 

reduced from £3.6m to £1 Ail ' Qn‘ August 2 Mr. Ja«Qb Roth- npp llvnnQTRlFC 

*r-'C scfiQd acqnired a bene fl eiai interest uu^iKliii 

MITPHCI T rnrrc . U» -5S.300 shares in Rothschild BPB Industries announces that 
ivil 1 Lnr.LL LUIX3'' Investment Trust at 208p. The resolutions approving the pro- 
The Scheme of Arrangement -for company, has also beetrnjHified by P°sal to reduce the toare capital 


Flnldxive Eng. 


Commission The minimum premiums. £30 Frith (W. G.) 

The offer wfil remain open for P^ r “onth or £300 a year If pay- HemhaD (W.l 
acceptances until further notice “ enta . are annually.' The Leslie SrGodwm 

but the alternative has PJan ,s avallable-to uivestors up Loud.-* Liverpool 


to the age of 70. 


Schlesinger 

American 

Schlesinger American 


Trust 
Lyons (!•) 
Mitchell Colts 
Transport 


115 04 Tennern westmphoase Alar. 31 >.aini U'.jidi n.i'jr 1 u.v; 1 

LB2 iSua&ng Witter IT.) May 31 K7, 1443) 0.67 «'W.» 

Equipment — (Figures In parentheses are for corresponding nt rioj.i 

. ... -..Dividends shown -me* except; where otherwise sin?cd. .■ 

’7.07; -Bewafer 1 *Adjusttsd for any ip^rv^iingvsqrip issue, t Firsiquarter. 1. Loss. 

1.10 ‘ Mooloyalnvs. — .' 

31.53 Cargill — 

4.06 Ne^m.-Tohks 4/S Offers for sale, placings and introductions 

o.ra Assocd. Eng. — »r. 

5.84 Thos. Tilling — Northampton Borough Council: £5m variable rate redeemable 

2^5 Frith Foils — stock 1983 at £99* per cent. 

0o0 Bovbourno — 

24.51 FrankB. Hall 7/8 

Aschheim Secs. & . . 

a Rights Issue 

1.29 ^Group 1 0008 — WearweU: 27-for-100 at 25p. 


the acquisition by MiLehdl Colts Mr. Rothschild that. m anpect or by cancelling the 5.6 per cent meats. Jersey-based concern, is HFADI AM STMS 

Group of the 23 percent minority certain trusts and charitoES trusts cumulative preference shares of paying - a secondhiterim (tividen? nC/U/UtlW Otntp 

in Mitchell Cotts Transportharing. in which h* has beuefidal and & each for a cash consideration & u eu 0 f a fina l payment, of Headlam Sims and Coggins 
been approved hy. the . minority non-beneficial' interwts; toetotor- of 95p per share were passed at 4i5p to keep the total unchanged announces that the rights issue of 
holders and sanctioned -by the mation -provided -. fen ^idusion a separate meeting and at an f 0r the April 30, 1978, year at mm nr Hi«™ .wp* tn 
lliRh Court, became effective In ’tofi .admial c'repbiJxyM- in- EGhL Ap^cation w ill be made 725 p gross per ip p^tiripating 333^38, new ord nary shares to 

yesterday. advertently repdrtod incorrettly as to toe High Court for approval redeemable preference share. e x i sti n g shareholders has been 

SSSS&ii& 2 &*>SZ 

1 I ' £115.014 (£40^62). behalf of entitled shareholders. 


ilun 

plus 


became 


High Court, 
yesterday. 



\\ risi 


THE"TE€IHNOLOGir V - > 
INVESTMENT TO 

Financial Statement Far,- Year To‘ M&j 31st 

. ■ -1978' ■ -.■jftrr 1976 

■Revenue before Tax ' £^3.792 £37.103 ' £536.930 . 

Earned per OrdUiaTy sltare ‘ ’’". ; 2D4p Sf 2J6p *I.7lp 

Dividend per Ordinary ‘ share v 2.60p /- 225p *1.75p 

Cost of dividend ... _ ; t ^12^3^X432 ,92 1„ .£329.899 f 
Net Asset Vaiue. per share . ’;. -"' :14j:^‘ ■ 324p .. 112p . 

- Value of InvegtipjehtB £^,801329 ' 

UK 60.3% - North Arnica 3li% - Others 8.5% 
r :! : tiLJWnage^; • 
l^^V^^^F^TR^^TSE^ U3ITTED 
* 5,034.030-^" Shht^WCT^ converted into Ordinary Shares ; 
3iid.reeei?e0 tho Cteh dividend. 


If you have £5 ,000 bf_m ore to investfor a fixed 
period of S months ortonger^tej ephone our 
Treasury. Depar&rierit-.on 01-623 4111 or '• 
0,1-623 6744for u p-to^e-ro i rvute competitive 
interest rates. fi^erest is paid-withpMt 
deduction of tax at source: - 


T North Central 

/■■'i .. v';~ - J .. 

-;Bagtfc9rtL ; - r - •?. 

Treasury Depi^ 31 LorobordSL.London EC3V 9BD. Telex: 884935. 


EUMPEAliOPTIONSEXCHANGE 


. PB'i. 
FiSLfiO' 

. iris | 

-660 

■ .860. . 

670 
TSa.60 
P57.30 
. Wtf 


Ol-c ; -l. .- - • . Jan. 1 - '■ 
Vnl.. .f; . Vol. [■ laai ; 

10 I s.«o.*'!i 
m r.ueo -4- 20 9.30 

IQ. f. JJtt 1 '. 6 ' 4«J 

. 6- i: 14' -. ■ .14 

II V 


a - - 

— /-T- •*-!■ 1 

■ .7 




[AM I 


- i _■ i. f— 'pa 1.30 

3.30 •• - ;g0 ! 3^3 1 ■■ 

4£0 >-■' F76.60 

.14 "fc- SvSifl 

'■ 1 * '' 1 ,564*4 

i** i 

3.60- ••:> ■ .. 

830 ■ e -3 


6460 
6360 
E 144.90 

f;»o 

Fl61.au 

PI7ff 

FW1.4& 

Pi40.50 


tail 


Ti;' '■». t'-.; litiJffir -. 0 

f , LiiJ ' 1 : ; I .Hn,d H 

• a '4. -4.ab ’• a. a N . tz.bo] ;| »sult of 


ASSOCIATES DEALS 

:J. '^Henxy Schroder Wagg and 
Company bought 50,000 Bowater 
at l9Sp and 5.000 at I98p on be- 
half of associates. 

Earn shaw, Haes and Sons, 
brokers to Combrn Group, on 
July 28, sold 5,000 Orme Develop- 
ments at 57Jp on behalf of an 
associate. 

. Shepphirds and Chase sold 
3J)00 Albright and Wilson for an 
associate at ISSp and 2,000 for 
an associate at the same price. 

SHAKE STAKES 

'..Newman Industries: Company 
how has an interest in 891249 
Wbod and Sons- (Holdings) shares 
{2228 per cent). 

r." James Austin Steel Holdings: 
Trua m ia nn n Steel Group owns 
.332.000 shares (about ' 11.73 ' -per 
1 «enl). 

•■ CCP North Sea Associates: Ciuff. 
OH has acquired a further 17428 
Shores. Ciuff Oil Limited together 
with an associate are now inter- 
ested in a total of 115,481 shares 
(12.4 per cent). 

-- J- Hepworto and Son: Mr. J. T. 
Kowlay, director, has ceased to 
have a beneficial interest in 10,8U 
shares.-. Mr. R. E. Chadwick, 
©rector, has ceased to have an 
interest in 13,141 shares. 

", Hickson and Welch (Holdings): 
Prudential Assurance Co has sold 
25,000 shares. Holding now 
LW2,747 shares {6.94 per cent). 
..Parambe: Mr. F. G. Hammond 
disposed of his interest of 5.58 per 
tout . in company’s shares on 
August. 2. 

• Kartey: Mr. E. C. Cook, director, 
has disposed of 25,600 beneficial!? 
held shares. 

- Blue Bird Confectionery Hold- 
Ings: Mr. E. S. Nassar, director, 
sold 50,000 shares at 78p. 

: Samaehsm Eton - S e r ri ce : -Mr 
XL- A. . W. -Samuelson, director, 
itransf erred . on . July 26 40,000 
shares free *f value to-’ilr. R. D. 
’Black aiid Mr.'S. -'B, Sam nelson in 
took capacity of trustees of a 
rettlement made by Mr. N. A. W. 
samadJson on 'behalf of his son; 

Mk-.-Xi. A. W. SamueJson,- and 

^Biers. 

”• Aberthaw .and Bristol Channel 
Portland Cement Co: Colguy Hold- 
ings has made further purchases 
of -shares and total owned is now 
513,436 shares (1341 per cent) 
registered in various nominees' 
names. 

Romney Trust: Commercial 
Onion- -Assurance Co sold on 
August 1 230.000 shares leaving 
interest at LS25.000 shares (6.59 
per cent). 

Wellman Engineering Corpora- 
tion': Mr. J. James, of Tower Court, 
Ascot, Berks, with family trusts 
tod other Investments, over which 
he has control, now holds 565.000 
Shares- (slightly more than 5 per 


.JfWi 'j.vAli-t Tr l'. - •< 

PfOO.SO i . 6 -I :1M ' * .|M 

F2L9.5& [ 1: J' -OSO 26 },TL-70 . .J- . — . J - j 

■{■■■ -rrr'. b ^ 


Far.60 ; • 0.80-i 38 

\ TiaoJ-. 


1.70 i 

: . 73.S5Jle— 

. _ F134.AO 


bji . FI JO , Si ' ' ' 0^0 . ' — ! . >• . 

« B ' -two r-r -.1 

r.VU ’ -‘•TiSO » -6-;i5.W;-l; t -.A - : — - . ' :F12Q,2 ° 

?. fm- Iz- i'-' '/?■£ : * ■ * 

AHA .-.-.ifOO.L - !' -r/J. a... J- - 5¥ “- ; 

w. - -aVk- ■' ' P = . .VXuv.'- -'—.'1 ' Ffit. I ’ 

84 ■ . rr * " j “ j . “ V; 


. Hewden Stuart Plant: As a 
result of bonus' Issue on July 14, 
Mr. Jamieson increasto his hold- 
ing- by 290£20 shares to 1.743,121 
aharpg . On August 2 he disposed 
of 60.000 shares reducing holding 
to 1,88*421 shares. 

■ . Associated Biscuit Manufac- 
turers: Mr. W. A. P almer . Mr. B- J. 
Palmer and Lord Palmer, trustees 
of R. R R. Palmer Will Trust, 
have disposed of 14,520 shares. 

General Electric Co: Sir 
Itonneth Bond, director, sold 
■8,000 shares at 280p on August 2. 

Low and Bonar Groan: Mr. D. H. 
-Da TVafford and Mr. H. C. Bowron, 
directors, and another, acting as 
executors, on July 2S sold 8,000 
I shares- for £13,520. and £10.406 
convertible unsecured loan stock 
[ for 410,920. . 


SPECTACULAR EXCLUSSVE SHARE TIP JN 

FLEET STREET LETTER 

WAS BOURNE & HOLLINGSWORTH 
UP 276%! 

As long ago as March 1977, Rest Street Letter readers were told - 
emphatically to buy Bourne & Hollingsworth at 76 p. Despite several 
upward flurries and poor profits, they were told again and again 
to hang on for the 250 p per share assets. Now the- bid is in, B & H 
are 21 Op, and F5L advises taking part of the profit.' 

Other typical fleet Street Letter winners are Leyland Paint ac 2<fp 
—now 80p; J. & L. Randall at 45p— uken over at 120p: Zenith 
Carburettor at 45p — now 99p; and P. C. Henderson at 38p— now 
81 p. 

The Fleer Street Letter— published fortnightly; — has a unique' 
reputation for forecasting how political and economic developments 
will affect the Stock Exchange. 

FSL b Britain's oldest confidential newsletter, with 40 years of 
successful forecasting. FSL stays in business 'while others fold _ 
because FSL’s advice has so often been correct. What is more. 
FSL gives outspoken “sell** tips which turn -your paper profits 
into real money. \ "••••*• 

' Send for a free copy — without obligation, of course— and «tudy 
FSL’s record for yourself. 

To: FLEET STREET LETTER, 89 Reet Street. London EC4Y 1JH. 

| Name ...... 

Please send me a free copy of FSL. without obligation. FT.Z 

Turnover reduced but 
profit exceeds forecast 

i''-x . PdWsfcomthe Statement by the 
^ ■' " ! Chairman, Mr. W. Gardner 
. ■ Tumoverfortheyearwas£l0,733,079lower 
than 1976/7 by £2.822.447; due to very difficult 
trading conditions and fierceoverse as cxjrn petition. 

m Profit Of £763,585 C1976. 7: £1,388,067) was 
£33.000 ahead of the forecast made at interim 
stage. 

■ Recommended final dividend 4.5375p. 

Together with the interim dividend of 1.8l5p paid 
on 23rd May 1978, this represents an increased 
distribution of 10%. 

■ Demand for the company 's main products has 

. been reasonable, but the availability of medium to 
long term credit for international trade must be 
Improved. Wa are receiving very few enquiries for 
new equipment at home. •' . 

■ There are somesigns of a revivalln demand 
for synthetic fibres machinery. Bulk transportation 

. of Liquefied Natural & Petroleum Gas (LNG&LPG) 
is fikely to increase. We are doing our bestto be 
• readyto take ourshare of the opportunities to 
supply ancillary equipmentfor the nextgeneration 
. of gas carrying ships. 

■ Ordeiscontinueto show an upward; ?f 
uneven , trend.The order book has mfcroved, 
although it remains belowthe high leveisachieved 
inpastyears. 

7WV Peter Brotherhood 

V^v Limited 

- Manufacturers of PrecisioriMachinery 

7 ho Annual General Meeting win be held a: 12 noon an3 1st August 1978, 
in tfra CBf Buiitfmg, 21 ToUiifl SfrsafSWf. 

Copies o# the full Report and Accounts are availabhjrom the Secretary; 

Peter Brotherhood LiAtited, Lincoln Road, Peterborough PEA SAB. 


Target’s new Fund invest s- primarily in stocks considered to be 
in “Special Srtuations”.The aim of the Fund will be to provide capital 
growth, with rising income an important but secondary consideration. 


What is a "Special Situation" ? Your invest 

The term is usually- applied by ■ Target rec 
investment managers to a share which the above 
they believe is affected temporarily by, potential rev 
special factors, .or has potential not ., this Fund is 
adequately reflected in the current ;• your capita 
market price. Examples include: ‘ investments. 

■3f Recovery situations . reduce these 

■Sf Bid situations Your inve 

•Sf Market situations (i.e. where the as long term, 
share price is temporarily depressed 
by a large sale) . j \ ,1 -Jnconje, ! ; 

•Sf Asset situations (i.e. where’ the ’ 'Asa result 
asset value is far in excess of thei> ,• orirtfriiffr-thfl 


Your investment 

■ Target recommends that because of 
the above average risks but greater 
potential rewards of special situations, 
•this Fund is suitable for only a part of 
your capita). The wide spread of 
investments. ] n the Fund will help to 
red u ce these risks. 

Your investment should be regarded 
as long term. 


marker capitalisation). 

Selection of Situations 

In addition to the general examples 
given. Target believes there are likely to 
be particular opportunities at present of 
finding special situations amongst : 

■sf smaller public companies - with a 
market capitalisation of£1 m to£1 0m. 
* shares with a dividend not'Je^ 
twice covered by latest earnings. 
"Special Situations" will not 
necessarily be confined to ' U.K. 
investments although the overseas 
content is unlikely to exceed 20%. 

Investment Mpnaaement 


As a result of the reorganisation of the 
: portfolio the yield is anticipated to rise 


to. 7.%, over .the next year to eighteen 
months, a level which for higher rate 
and basic rate taxpayers will assist in 
maintaining a worthwhile investment 
return. The estimated gross annual yield 
is currently 4 i%. Automatic reinvestment 
of income facilities are available. 

% You should bear,. in mind that the. 

.J pnce.of u n i t s 'ah d th&fncofrie frortiihe'm v 
can go down as well as up. 

Monthly Income'Payments 
If. you have £2,000 or more to invest. 
Target can offer a well balanced port-' 
folio of 6 unit trusts yielding an average 


Target and its investment managers,. gross income of approximately 8% p.a. 


Dawnay, Day & Co., Ltd are both part 
of a merchant banking group -which 
participates directly in the management 
of industrial and commercial companies 
and has long experience of investment 
in smaller public companies and other 
"Special Situation" stocks. The invest- 
ment managers will also encourage 
regional stockbrokers to contribute 
their specialised local knowledge in 
selecting suitable investments. 


which will provide an income payment 
every month. For further details, tick the 
box in the form below. 

Share Exchange Scheme 

Target offers a 1 convenient and cost 
efficient scheme whereby quoted shares 
which you hold may be exchanged 
advantageously for unirs in Target 
Special Situations Fund. Details on 
requesr. 


T( w Fund, formerly Coyne Growth. Fund, fnchidsd Iq the ule price of until. The MANAGERS: Target Trust Mnnagt* 

was reconstituted wnfl the approval of Marupert -will pay oonmtto&n ot 1^C to Lrmrtod I A Memocr of the Unit TftUt 

unlUiorders on 1 9rh June, 1978. qualified aflonts. THE MAN AG ERS isurra Association) 

APPLICATIONS and cheques will not be lire right W-doee the offe* bafoie me <wm n ,oermRS- 

actnow leaped hot certtf kales will be sent stated II the offer pika varies bv wore then oews^n T_n FCA rchaitmenV 

Whhin at ftave nf ,iu> rir» rjt ,h. nB_ 01 * ^nh. a. r. w.aimon. i or., r.i.A. lunanmani , 


will be made wtthln 10 Days o! receipt Ot now will qualify for me poyrwn! on 30lh rpHairt^F ut-J H ftiitown ml" 
the renounced certfBcsio. The Price of unto September. 1 97 a. An annuer chain* of JX „ . V ^ llat0n - ' 

end rfto yield ere quoad dally in the National of me value of the Fum plus V_A,T. is t*u.*''ince.tvi ; A.r.L>». 

' Press. AN INITIAL CHANGE of .5K is daduciad from tbe gross Income cl mo FwwL Teiephona;D1-G007533 

OFFER OF UNITS AT ZUp EACH UNTIL 11th AUGUST 197S 

Current estimated gross annual yield 4.3 1 


TARGET TRUST 11 AKA G ERS LIMITED, DEPT T.O., TARGET HOUSE, GATEHOUSE ROAD. AYLESBURY. BUCKS HWJ JEb. 

I/We wish In Target Special SilualiomFund • . I/Wadeclare rltol I anv’weare r»t resident outside the Schecuied 

toinvea £ units at ZlApperu nit Imm'imum Twritoriec and I wn/we **e not acquiring the units as V.ie 

■ ■ initial balding £300] and enclosa inririneefsl of pny.P** son l*f resident outside their itrriionc. 

a cheque made payable loTvaot Trust Managorp Ltd. This offer is not available to recidentsof the Republic o! Ireland. 

- Thisoffer closes on the i.l Ih August. 1378. 

Untd furtltw itpficB please reinvest all income in further units. fDe/cie &noi redwired/. ' . 

SiSiahnets) — _ _ ^- Date_ — . — Joint tnpneon.'S msr sign and jtljc/i names jnd addresses separUe/,-. 

FUASE WHITE IN BLOCK ICTTEItS— THE TXIRIFICATE HILL B£ PREPMIB W0M THIS F0flhL 

Namefc) in full (Mr, Mrs, Mas) T s /» 

Addresa 


I l/Wewisli r” 
toinvest j £ 

B ochec 

| Untdlu 

| SigiiM«e(s}^ 

I Name rc) in full 
Address 

^Ptese Id me lt 


Phase Id me lave details of Target's MomMy income Scfaeme □ Stare Evetanoe Scheme Q Monthly Savings Scheme Q 
_ HagBletedln Engfand No. 847546 j: 9 BieamiBuiiaim^. London tC4A 1EU. 








T ‘ 


16 


-pijiaricial TiEties Saturday 


WORLD STOCK 


Modest fresh gain on Wall St. 


INVESTMENT DOLLAR 

PREMIUM 

32.60 to £|— HH{"„ (lOG’A). 

Effective S1J9Z35— 5lJ% (531%) 

AFTER SHAKING off some early 
morning easiness. Wall Street 
took its recent advance a stage 
further yesterday before partially 
reacting to finish just moderately 
firmer on the day. 

Trading volume was a heavy 
37.97m shares, although well 
below the previous day's- record- 
breaking turnover figure which, 
due to NYSE computer problems, 
was upward revised to 8fi.37m 
shares from the previously re- 
ported 

The Dow Jones Industrial 
Average touched extremes of 
895.79 and 879.33 before ending 
a net 1.56 higher at SSS.43 for a 
weeks advance of 32.14. The 
NYSE All Common Index 
finished 22 cents firmer at s 58.34 
for a rise on the week 0 f S2.16 


FRIDAY'S ACTIVE STOCKS 


Chance 

Sluvfci. Closing on 


RaoV Am.-rii.i . . . 

lrJri.~i 

l.t'4*.iWHI 

pneu 

day 
+ 11 

T.'Uio 


-’j{ 

+ : 

r.>t 

419.IHV 

ill 

— J 

R'V.. JIB . . . 

-Irig.^lH) 

7.1! 

-.1 

Marshall Wld . 

:(iai.600 

HI 


Si'jrs Roehui'k 

Ml OHO 


- • 

I'lrrur 

.**• .'niu 

W* 

— • 

riilkorp . . . 

292.9110 


* 2 

F'nuranl 

jrr.Mw 

ji: 

■* i 

Nail. Si»nnrndilr 

- l .'>7.min 

2t>; 

r « 


gains led lasses by'S6$ to 667*81 
the dose... ' • • 

Analysts said the stock market 

continued lo digest its heavy 
gains of Wednesday and early 
Thursday. The* added that profit- 
taking was well contained and 
noted that the money market and 
the bond market showed little 
negative reaction to the report 
after Thursday's dose of a size- 
able rise in the U.S. 'money supply 
in the latest reporting week. 

In the economic news, the 
Labour Department reported that 
unemployment last month rose to 
6 j 2 per cent from 5.7 per cent in 
June, but the White Rouse stated 
that the rise was not a sign that 
the economy is weakening. 

Analysis remained optimistic 
about the near-term outlook for 
interest rates and inflation, but 
said much of the buying pressure 
was exhausted by Thursday's 
record turnover. 

International Business Machines 
continued lo provide strong mar- 
ker leadership, adding S3 at 
S2k$J. Petroleum issues were also 
strong — Texaco rose \ to y25j and 
Gulf i to 824} in active trading. 

Del Monte jumped. 5} to S37j — 
R.. J. Reynolds ha*. offered, to buy 
Del Monte for 833 a share. Rey- 
nolds slipped | to S5SJ ex divi- 
dend. 

Boeing rose S3 more to 8731 — 
in recent weeks it has received 


aircraft orders totalling nearly 
S2hn. 

THJE AMERICAN SE Market 
Value Index strengthened 0.67 
more to 157.93 for a week's 
advance of 3.78. Volume 4J)Sm 
shares (6.53m). 

Resorts International "A" lost 
4} to S?Bi despite reporting a 25 
per cent jump in July net win- 
nings at its Atlantic City casino 
from the June level. 

CANADA— The advancing trend 
continued in active dealing, the 
Toronto Composite Index gaining 
4Qto a fresh 1978 high of 1^13.3. 
Oils and Gas rose 9.6 to l5>8LQ, 
Golds 6.1 to 1,568.7, Metals and 
Minerals 6.4 to 1,038.3. Papers 1-25 
to 130.60 and Banks 0.82 to 287.91. 

AUSTRALIA — Markets were 

predominantly firmer following a 
buoyant afternoon session, which 
brokers attributed to a rush to 
place orders ahead of the long 
holiday weekend and uncertainty 
about the effect on communica- 
tions next week of the Telecom 
dispute. 

Industrial leader BHP advanced 
12 cents to AS 7.92. Among Coals. 
Utah jumped 13 cents to AS 4.28. 
reversing the rectui decline trig- 
gered by Government opposition 
to its wage agreement with miners. 

HONG KONG — Market resumed 
its rise, with Property shares 
leading the way, spurred on by 
yesterday’s land auction where a 
central site was sold at a record 


to 


to 


price of HK313.726 3r square foot 
The Hang Seng index rose S-S2 
to 600.75, its highest level for 
almost live years. 

Cbeoug Kong rose 30 cents 
HKS1I, as did Hong Kong Land 
HKS10.90," while Swire properties 
gained 12.5 cents to HKS3.S0 and 
Ocean Land 10 cents to HKS2.175. 

Hong Kong Bank advanced 50 
cents to HK320.70 ahead of the 
interim results. 

TOKYO — Market was in firm 
fettle, helped by the U.S. dollar's 
recovery in Tokyo and Wall Street 
influences. The Nfcftei-Dow Jones 
Average gained' 19.89 to 5.578.6L 
Volume 260m shares (250m). 

However, Petroleums g ave 
ground after their -rise on the 
dollar's recent weakness, while 
some Constructions, Textiles and 
Electric Power issues were lower 
on profit-taking. 


PARIS— After the recent marked 
rise. Bourse prices turned easier 
yesterday, adversely affected by 
a weakening of the French franc 
and the raising of the Cali Money 
rate from 7k to 7J per cent. 

Apart Cram mainly higher 
Metals and Oils, declines pre 
dominated in all sectors. Notably 
lower were CCF. Radar, Peugeot 
Citroen, Foliet, Michelfn, Pot-lain 
Hachette. Qnb Mediter, Roussel 
Udaf. Lyonoalse des Eaux, Air 
Liquide and Satat-Gobuin, but 
Schneider, AJspI, Ericsson, Denain 
Esso and BP gained' ground. 


Indices 

NEW YORK —DOW JONES 


M.Y.S.E. ALL COMMON 


Bum and Falls 

I Auk. * | Auk 3 


Aiik- A *iu A uk- A uu. -lulx 

+ U I M' 


Win 


tiilr 

•J£ 


i ih.« o'lupiUUn 


Hissl* I U.vr | Uljfli I !<■« 


Aug. i Aug 

AnK-"; Auk. - 



4 -31 

. i ! 

Hitfti 

!<«■(« 

50-54 68.12 

57.82 bv-ttl. 

68J4 

1 **- 6 / 


Itrniev trail cl.. — 

liUCB_ 

Va'W. 

L'm.-Iiauged 

Ne« Huehs 

.\ftr Lem's. I 


\ll£. 2 


1.932 i LS»45 1.922 
t68 i 1.00s 1.285 


667 

39/ 


629 322 

at 3 315 

397 282 

a : S 


In.iii.irul . B38.4J 666.67 666.49 a6D.7l 469.!/- 956.2* ; <42.12 ' 1061. TO 1 41.22 

• , ike.-ii, rlliLIaij *;7'42» 

* L.M /A 1 _ _ I 


MONTREAL 


Wi’wBW 65.26 38.14 87.5? A7.80, 8T.TS 87.69' 


u.ao ' 50.76 ! — 

' 1 | '■ ] 

Iroiufcri... 248.63 248.73 S46.W 241.48 241.14 2J3.il' 249 83 J la-.dl | 27S.B3 | IS.28 

.4'-- ; ,l*.li tl.MiW, : fc.i +L* 

108.13 107.85 107.24 I0S.r< 106.66 106.46 I lu.dd .102.84 • 163.32! 10.58 

, »!■ i i2tf.ii :>ajaM,i2t(4 42i 

1 ntnillV Tim. ' 1 1 

w‘‘t 37.970 66.170 47.470 S4.6 10 JJ.8» 33.S7U -- j — ■ _ j _ 


Aug. ! Ang [ Aim, ! Aug. 
4 I a 1 l i I 


1973 


Hue)* 


Industrial 108.65 136.10 ld&.dG* lai.Aij 1-BEO ««) I. IbS.ab iltvfci 
1. iHiiiiinni ■ 208.42 205.89 £03.70 201.6b) 208.43 4 Et j 1 70.62 OU Ii 


TORONTO t. 'mi ■*.‘H ir, 121 J 12 14.3 1206.4 , I I65A 1218.3 >4 Jj) j -66.2 -JO I' 


' +ui-i ■ • 1 1 iii It a i'Iihiu: 

«• in.iii A nail- 

l i# 



lni^ .lit . j icl'l \ 

•Ib-i s 

Aui.v -’1 

Jitit 1 + ' iY.h, Hgn 0|ipn.\.> 

a.47 

3.62 

3.56 

3.01 


STAKDAKD AND POORS 




'•ig. . .'u« 

4 3 

Aug. lug, 

2 1 

July ; July 

-.1 : ir 

191? ‘*rini>e Fi«m'pilw'n 

Mini' ; 

j Hli'll ! laiiv 

; lo.lunnai- 114.95 1 14.51 1 li.sB 11 l.fil 

> f umposne 105.92 105.51 102.92. 100.59 

111. +8 1 tu.bl 

loo.ba' roo.oc] 

114.95 | 
«,£ | 
105.92 
.4'¥. ; 

•b.3St i U4.W A. fist 

lii'A) II 

86-MI ‘ 1 25.85 ■ 4.40 

iti'Ji !• 1 1, LNwPl; ■ 1 <6*321 


i -'ug 2 

' July 2B ' 

■fiilv W ; 1’ear Rc.n«pi'n»v.i 

Ind. dir. yield S. 

4.76 

4.93 

4.98 

! 4.52 

Ind. I*.R Kan., 

9.78 

9.40 : 

9.30 

i 10.00 

I.ufi (■■•*. Ift.n.i iiM 

8.45 

8.66 

t)64 

! 7.67 


JOHANNESBURG 

ti.i'd 

In.lu-rriKi 


26 1.2 264-8 | 287.4 
4?6.4 255.7 265.2 


267.4 1 1.8) 
236.0 -3«i 


' 183.0 i‘30.4i 
194.-. la 3, 


Awl. 

4 


Pre- 

uni 


Uie 

Hurl' 


wi- 

bin 


Auk. ■ rrc 

4 ; Tk<n 


mi. w 

h*~i. : i,-<* 


Au4LrsLim* 1 MB 66 
Belgium • U > +3 53 
Denmarki”) 
France itv It A 
Germany*: :> M3 
Holland >W 3 0 


boom Iiil 104.13 I lUajf* I 


Hong Lode «u 7 b 
Ilatv US' 00.12 


Japan in itl.U 
Smganors 3* 9 6 


515.00 
98. Ur 

sa.a- 

7A5 

606.5 

84.8 

592.43 

63.44 

420.64 

3m^2 


318. ' 5 
.4.-, 
k-1.1 


98 iA 
1 4/o ■ . 

1f>J3 

1 Ansi 

■IM 
Utl 7) ; 
:i.O ' 


60075 

«4 e< . 


,1a, 7) 

<».* 1 ! 

it- • . 
3*9 76 
|4. 1 ' 


Ml.li 
■ I a> 
W..43 
124 £4 
-s.yO 
Ib.i) 
»/.c 
ia,2) 

Itv. 4 

til A 

HX) 

■fcS.44 
■ U/ij 
0C.4O 
(lU,iJ 
3bHJ04 
«,1W» 

1*4-1 * 


:*/> 

ll.il 


Sweden tr< 408.08 I 404 Jl 408.18 MC.7- 
1 |4.o ' ii.il 


Swn er:'di/ 1 -88.6 j 289.4 > 3au. * . A*/! 

itr • 


inn aim jdK, latca ikii i,-t 
W ’-terv’ NYSH All Unminuu - 
SUMlirnr ann *Wr — |t inn Inruir 
Ahu—i uho rtx> tar namrn Wen hi Via 
1 Eiauiini. nannt 1 to ijHiuxiri.. 

1 4<* iMuamaik **- Uiihnea or* -m d 
fnr H Tranaimn - w irmnam 

| hrldu' SI* fl'Il'O -- Ownna-rn - 
1/1/T4 *1 Pare* n*ntrv l«(l ti I'jimm r 
DHHK liec.. !0a3 -. AltUKUOaai nalualnr 

18*0 Ot Hans senx Ham «77<A4 gy Kano 
C*»umerciab/ Iraliaas i/l/TJ. a rn*y 
gew SF 4/I/SH *. sn-aiu. rimer <Mh 
rClnsud. n Martna SE 9»nvn. rSrm* 
•win* Inrtn-rna 1 I/1/B8 ' > «wt« Rant 1 

|-n',mrs'«nn .. IliunilihU 


F.T. CROSSWORD PUZZLE No. 3.737 


A prize of £5 n;iil be given to each of the senders of the first 
three correct solutions opened. Solutions must be received b« 
ne-rt Thursday marked Crossword in the top left-hand comer of 
ihe ouelopf. mid nddre.-wed lo the Financial Times. 10. Cannon 
Street. London. hlC-tP 4BY. Winners and solution will be given 
nrjrt Saturday. 


.Vante 

Address 



11 


18 

*J0 


ifi 


28 

29 


ACROSS 

Spra> i -d ciniiiM-'l with 
m.ik-riai t“. 4» 
i.Viiiiii.imk-r'5 island i n i 
Briton with fruity ibvmir t5) 
On.* drink in |,ut life into 
another (ti. .'<» 

Third inU'rnatinnal company 
taking on null*’ juniur 
hi7>pit.il doctur |9) 

A larjc number deserted 
Split (S> 

Trouble on foot **n bus in 
breakdown 1 7 » 

Knock out llic returnin'’ mad- 
man (Ji 

Key Mudy nf river Hi 
Emu ire builder whu paid Ihe 
hril »71 

A fro Idler the French con- 
sider .ithJelic (5 1 
Protected from fold and 
rompiesely under control 
i7. 2i 

I'lnfrcty mieslnrn spare 
allot led to restjiiram tn. 41 
1; is very warm in the river, 
just picture it Cot 
Tease iciri of the urcheslia 
gently 

Deferentially if you don't 

nund my saying so (4. 7t 


4 Wander from point t ,f excava- 
tion lu sappers on board (7» 

H Pub in Galeshead's turn to 
bat (7j 

fi Score and supply noble with 
bed and board l4. 5) 

7 Persuaded company to give a 
vote to newsman ifii 

8 Cover woman with funny hat 
161 

14 Eccentric member of benefit 
society <P> 

16 Pleased that quite a number 

is joyful (Si 

17 Restarts at Twickenham, then 
withdraws (5. '•!) 

19 This year's wine found in the 
Isle of Wight (7 1 

20 He pretends to oiic old Bob 

a striking part oi piano (7 * 

21 Old car suitable for reporter 

ifii 

22 Quick place fur vicar tfil 

23 Instrument* in Highland 
puffers (5> 

Solution to Pu7/lc No. 3.736 

e ren/ig w 


DOWN 

1 Ynunsstcrs on ihe scout for 
beastly inter 14, 4i 

2 Cat has youth leader to look 
after in the opinion of 
speaker (2. 2. 4» 

3 Material with fish attached 
<51 


arare 
nfflE 

s -® 
ciaa 
m 

!E 



_ HB0i 
B-.e: D 
nnnnra 
OB ffl 

cansB 

S- 


SOLUTION AND WINNERS OF 
PUZZLE No. 3.731 
Following arc the winners of 
Iasi Saturday's prize puzzle: 

Mr. H. V. Owen. Clianclon- 
bttrj'. Manor Drive. Cuckficld. 
We*. i Sussex RH17 5BT. 

Mrs. 31. Speer. 33 Beech tla Id 
Avenue. Birmingham B44 VD.I. 

Miss E. Williams, 23 Co ton 
House. Adrian Way, Long Rn.id. 
Cambridge. 





anaHHEBSS'i beiibh 


EERHE ^BBESEHB!5©B 



RACING 


BY DOMINIC WIGAN 


Smackover can win 
William Hill Cup 


THERE WAS no semblance of a 
fluke about Smackoveris recent 
Goodwood success over Philo- 
danies and l shall be both sur- 
prised and disappointed if the 
Newmarket colt does not capture 
this afternoon's William Hill 
Gold Cup. 

A year ago another Newmarket 
colt, the four-year-old Aliante, 
defied 9 stone 2 ib in this event 
and on the face of things the 
year-younger Smackover carry- 


NEWMARKET 

2.00— Milton Rowe-** 

&3D — Lorelene 

3.00 — Come Play With Me 

4.00 — GorsKy- 

4.30 — Victorian Pageant 

REDCAR 
1.45 — Dior Queen 
2.15— Gnos 

2.50 — Smackover** 

3J0 — Come Here 

3.50 — Sack burn 
4.20— Riel la 

4.50 — Hedingham Lad 
LINGFIELD 

3.00 — Valuer 

3.30 — Arapahos 

4.0ft — Screen Goddess 

4.30 — Rue ka way 

3.00 — Justin Thyme 


ing 10 lb less, appears to have 
no more formidable a task. 

The comfortable winner of a 
19-runner maiden event at New. 
bury where he was not hard 
pressed to beat Smartset a shade 
more comfortably than the half- 
length margin might suggest. 
Smackover again won a little 
cleverly when outpacing Philo- 
dantes at Goodwood. 

U. as appears to be tbe case, 
lan Walker's charge is still im- 
proving. the S Ib penalty incur- 
red ai the Sussex course should 
not prevent him gaining his most 
important success to date. 

1 take him for a clear-cut 
victory over the course and 
distance winner. Tweed hill, who 


impressed ail who saw him when 
winning the Yorks Trainers^ 
Trophy here last month. 

Twelve months ago - Reg 
Hoilinsheads accomplished 
protege. Michael Wighani, had 
an enjoyable ride when bringing 
home the favourite. Clintwood, 
to land the six-furlong Bass Rose- 
bowl and it could well be that 
Gnos is up to doing tbe trick for 
him this time. 

The powerfuliy-made Song 
colt showed that a return to win- 
ning form is imminent when 
failing by inches to peg back 
Coded Scrap in the Honvleigh 
Handicap over this course and 
distance a few days ago. 

Lester Piggott, who returned 
to the fray a day earlier than 
anticipated yesterday following a 
break, has 'secured some likely 
looking mounts at Lingfield. 
Valour Arapahos. Buick and 
Justin Thyme could all win for 
the nine-times champion who got 
off the mark almost exactly 26 
years ago when bringing The 
Chase home at Haydock. 

Paul Cole usually does well 
when he sends runners to- New- 
market and 1 am hopeful that 
Milton Rowe, a rangy daughter 
of Sweet Revenge, can add to his 
tally there with a win in the 
B and L Soft Lens Stakes. 

Later in the afternoon Gorsky, 
who showed speed for a long way 
in Ascot’s Granville Stakes, can 
achieve his first win at attractive 
odds in the King’s Gap Stakes. 


Creating jobs 


MR. BOB CHILDS, previously 
Industrial Development Officer 
for mid-Glamorgan, has taken 
up the post of Industrial 
Promotions Officer for Cumbria 
to attract new industry 1 , and 
encourage the expansion, of 
existing companies. 


■ l.MQ 


SPAIN • 

.Visum a 

.Warn] 

Rjjiim Rslh.irt 
Ran, a .Miami. 1 
. Mk*> C*-niral . . 

hdRi/tj Exterior 

Rj ni.ni fli-iteral 
ifriiL-t* tfranaCj n Mini 
MarH.-0 Hlspano 
B jiit-o lid. Cji. * i. D irt i 
. Ind Mediliwnncp .. 

BantM Popular 

Banco Santander i55«i 
Banco CTqutto 

Riuicd Vlicaya 

Banco Zaragonno 

Banfcunion 

Bantu Andnlucia 

Bahcotk Wik-ox ........ 

CIC 

Dnsarips ......... 

Inmobatiir 

I Araconcsas 

Fsnanola Zim* 

Expl. Bio Tinio 

Focm ll.otwt 

•FMtosa iijjao* 

Hal. Prinnados . . .. 
Gmpa Vc-lazoDcz 


IW0-1 


P,r ivm. 

123 
316 
■ 247 

327 
235 
282 
i 1S2 
238 
i 175 
206 
2SS 
381 
253 
251 
287 
154 
205 

a 

12 

282 

79 

53 

162 

89.75 

65.75 
78.TS 
78 

165 


- l 

- 3 


- 3 

- 2 


+ 2 
- 3 


Illiirola 

IhKivlucro 

niaira 

Pap»*l**ras Rcunidas 
Pctrolihcr 

FMirOluOfr 

Sjmo Panalora . ■ . 

Smac- 

SoKL-axa 

Tvktonica 

Tnrras Bostcnch 

Tubaccx 

Union Elcc 


W.T5 + 1 

IS -l 

US -b 

68 -1.75 

122 

291 — 5 

50 ' — 

4T — 

120 - 

83.50 — 

44 

44.75 + BJS 

72 +1 


- 4 

- 4 

- 3 

- 4 


BRAZIL 


- 2 


- 8 
+ * 
.+ 2 


+ 0.75 
- OJS 


Aua. « [ 

tfriut* 

i-'ni* 

+- | Crau- 

i — jUiv. 

TC 

or 

V 

Aivoua Ol* 1 

1- 5 

; + 0..5 J.X2 

12.68 

Hancido Brazil... 1 

1.66 

; + j.' 5 .17 

*13 

Uhiilii Iran PN ...J 

1. 2 


8.05 

Be n» Mlnmrav'P* 

140 

:+ '. «i -Jl: 

71 

IfiRi< Amer. OP..! 

3 55 

1+0.12: 

63 

I'etru re- HP ] 

£.50 

- J |E J.l£ 

3.71 

Plro !..._ j 

1— 

1 1.1+ 

i t 

jinun Ini, OP... 1 

5 

i + O.l , 

- 63 

Cun' PE ..1 

5.70 

! I0.25i 

(4. 3 

\ »•* lit- Iii,-,- |*r, 

. 3 

+n. j. 

• M 


— - -- — Volume: 63.0m. 

Source: Rio d* Janeiro SE. 


NOTES ; Overseas prices exclude S premium. Belgian dlnOt-ndE are aTer 
vmhhoMtnA tax. 

^ DMjft de"otn unli.-frb niherwise stated. 18 Ptas.oOO donum, pdios^ oOcncto? 
mail'd. 4i Kr.itrti dcapm, unlt-sa otherwise slated. O Krs.300 denoro. unless 
othiTwisc suied. t Yen JO dtnutn unless otherwise- staled. 3 Pnm at tunc o- 
bU3,pensior. a t-ioritis. b ScDlHinsa. - Cents, d Dividend after PHndmg nplils 
umt or wra hate <’ Per share. » Francs, p Cross div, 'i. h Assumed dividend 
after wnp and or r«hfs issue, b After local taxes, m "i rax Tree, n Francs. 
liiLludma L'miae dtv. p Xom o Share spin. s Div. and yii'Jct exclude* special 
parment. I tudicat-.-d div. u L'tw (final rradms. i- Minomjf holders only u aferBer 
pendlii.!, ■ Ash- d. ’ Bwl : Trad-d. - seller ? Assumed, tr Ex nijju, *d Ex 
dividend, sc Ex scrip issue, sa Ex all. a Inienm since increased. 


NEW YORK 


SM»W 


A 115. 
4 


Auj*. 


Uiftntt Lain 

Aildrcsw>t;rx|iU . . 
AermL U:ei Ca= 

Air Pn»lu*d9 

AK’an.llumiaiuin 

.Vkut_ • 

Allex- Ludlum . ■ 
Alltsrfaeny Fritter 
Allied Cimruul. 

Allied .4URi> 

,Uli» Cbxlmere.... 

Ail AS. 

Amerada Bess...- 
.liner. Airlines... 
Amer. tlruuli... 

Amer.BraHkan.l 

Amer. Can- 

Amer. Cyanamld 
Amer. DtK. Tel J 
Amer. Eleet.Fow| 
Amer. Hx press — . 

A ner. Borne Prod 
Auer. Afedrnd _ 
Amor, ilotore 
Amer. Nax. GbbJ 
Amer. StapdanL.1 
Amer. stores.. 
Amer. TeL A Tel j 

.Unetek j 

A3IF 1 

AMP 

Ampex 

Ani'bur Uu-liinx- 
Anbeuserkuscb.. 

lnii'.uBUrl 

AJS.A. 

tainet* Uii. .... 



\shlau-l ui[ 

Ml. L'k-ii field..... 
Aiil*i Uata Pm.... 

A VC 

Arm, 

Aina Prolucta... 
Balt. Qa, Elei-i .. 

Bank .Vjncnca 

Banker- Tr. .\.Y. 

Bsrter Oil 

Baxter Travenwr. 

Bratrure K«oil 

bwiwiDiciensoii 
Bell i HimeJI^ .. 

Be ad 1 i 

Beri^u-d iAnte-U' 
Bethlehem steel, 
block i Pecker.. 

Boeing 

Boive Caacmle.. . 

Bun leu 

IJorX Waruer..^..- 

Branlff Jm 

Uranian *A" 

Bristol M.rers^... 
Brit. Pet. .AUK... 

Li rock-way Glass.. 

Brunswick ! 

Uihjiu- line. 

Buiuca Walcli 

Bkirilngum Xthn.1 

Uurrrnjjfb.^ J 

Camphell Buu (h ...' 
Canadian Raadc. 1 
A anal KaadolpLi-! 

'Jamatiun ' 

Ua 1 Tier ± Oenersli 
L'aner Hawley. ... 
«.'atettdllarTtaetB 

OK ■' 

L'elaueBC Corv-n.-.i 
Cuatral A S.W_..I 

l «2liiu 1 a* I 

LeaiuAlRiill... 

L tmrf' Monhansn' 
UieniK»J Bk. NY 
GlMnetirgll Pond J 
Clieuate Byaieiu..] 
Aluia|>o Undue-. | 

L'luyiler. j 

ouwnina........ 

Uinu. Uilocraa... 

Citicorp 

cities 6ervK-e 

City Isie-tini:.. 
Cleretaal Cliffy.. 

l oca Cula.. 

I* iigate Palm. 

Uolllns Aik man..' 


89 

275s 

421s 

3139 

31*a 

467a 

IBJb 

18 o« 

3SJ» 

Z57 S 

363. 

38>b 

2812 

I73a 

5014 

STSfi 

43 

51*6 

3412 

24 
397a 
51*2 
303s 

S»2 

433. 

5342 

3H; 

6JA4 

39U 
1912 
36ia 
163a 
30<s 
2712 
43 >4 
26<a 
16*& 
153* 
375g 

507 a 

36 
1159 
29 »a 
60Ss 
u7ie 

2712 

37 

25 >2 ; 
48 
257 3 
385, 
215s i 
40 ig ' 

4'4 

255s : 
206a 
73 >4 
31 

27Tg : 
3SUs ; 
167a j 
14ia 
5638 1 
16 ' 
331s I 
171c 1 
193s 1 
9 

413« • 
8*78 j 
46is [ 
IBas 1 
113s ; 
315g j 
12 U 

19If> , 
62 [„ ■ 
62 U > 

42i a : 

lb7 8 ' 


Uolumma Cias — I 


Coluini.ua 


L'uin.lDil'tuitAin. 
Coin 1 10 M Ion Bnii J 
Lomtiusdon Uq...l 
Cm'w'rli Kditoni 
C'm'W'tb Oil Held 
Cumin. -2atemie n 
Cimipmerseiwue' 
v.*,Hin Laic In-... J 

Cuumi-. 

C**u. Ldi-oo .\ .V.j 

cudhu Putd- I 

*jhi*ii Aar. 

•J.in-11 mer ISiwer 
L'liDlinriuc Ulp. 
CinutoenuU -On.. ' 
Coni mental Tele 

Ci*ntru> Usln. i 

cueper Indus .• 


447 t 

4312 

41 

2570 

5010 

651a 

HU 

450 

34 

261a 
48 Ig 
L63a 
623a 
453a 
203 4 I 
115 4 1 

873# | 
21 >4 

18t 8 
421* j 
14l a 
kBi* 

453* 
15S, 
411 a 1 
•Bias 
k3>* 
2612. 
dots 
B4I* 
303a 
Is6 •* 
16 
40i« 
647, 


5aig 

27 

41)2 

3138 

3l*a 

46jj 

165a 
185a 
563s 
asji 
363* 
361* 
273* 
177 fl 
SOT. 
667s 
425a 
SlU 
34>* 
M‘a 
4Q&S 
SOTg 
29?a 
058 
43I S 
61 
553a 
615s 
35is 
1938 
374* 
161g 
3012 
263* 
33 is 
254* 
161* 
153a 
371* 
S0A* 
36 >s 
1138 
29U 
597a 
■27 hi 
261* 
36* 
254* 
4788 
26l 3 
3812 
2188 
40 
4 

2612 

205a 

70U 

3o; b 

277a 

321* 

167 B 

143a 

564g 

16 

331* 

1738 

19 

640 

413* 

8273 

353a 

ia>* 

114* 
3140 
. 12*8 
1670 
62 i g 
6li s 
425s 
17 
205a 
43 ; 8 
33 
404* 
26 
301* 
a6i* 
llu 
44, 
341* 
26 
48 
ibia 
6<ii 
4413 
204* 
113, 

271 8 

221a 

1670 

43 l a 

147 fl 

28 

455 a 

157a 

40 la 

214a 

234a 

26 

3c la 

24l 2 

30 

»64a 

15*a ' 

39sa 

65 


Stack 


I Aug. ! Aug. 

I « ' j 5 


Caning Glens— -! 

CPCInt'm'ilonxi 1 

Cmne j 

Creeken Nac. .... 
C rutriLZellerbeeU 
L umniuu Engine) 
Curtiss Wnflhl..., 

Dana— 

Dan Industries.., 

Deere- 

Dei Monte J 

Deltona ; 

Denrsply lnrer_.| 
Detmt Sdlson -| 
Dimotund shanirki 
DiL-tapboik- - 


6H* 

4950 

2BJa 

28ia 

364* 

aai* 

167 S 

30 

47 

3370 

3740 

12li 

2310 

J.6 


Digits. E^uLp. — | 


Dime}’ (waJtl. 
Dover Corpn — .. 
Dow Chemical — \ 

Drnra 

Dresser—. _...! 

Dupont — ' 

Smgtt Plcher 1 

Ebm Airlines— .! 
Eastman Kudsk-J 
Eaton -.1 


161* 

641a 

4419 

46 

2680 

285* 

44ia 

12610 

23 

14>* 

653e 

396a 


. 61>a 
1 491a 
i 391* 

' 283, 
3770 

j 39 
! 1610 
1 261a 
471* 
,33'a 

• 3180 
I 1270 
. .23U 
; -i6 . 

' 26 U 
17l a 
64 
44 
46 . 
26** 
20 V, 
45*0 
1241* 
23 
14 Bb 
63*a 
39*8 


B.G.A O I 

El Paso Nu. G*s| 

Kltra— ..... 

Eaierson Eie^irte! 

hmer\Alrrr"l«di 

EmSert ' 

KJI.f 

Enj;ellianl.^ 1 

Kaiuarfc. 

Ethyl 

Exxon 

Fairchild Cauierai 
FeL Dept, tit, lies! 
Firestone Tire.... 
Fst. Am. Bos ton. 1 
Flex I Van 

FllnUote , 

Florida Power....< 
Fluor. • 


30 
17ia 
54 1 s 
3B»a 
26*3 
4410. 
3 

ESI* 

29 

22*4 | 

4630 J 

oS 

38 ; 

135a | 
29** 1 
23 1 

307 g 1 

53 i 

367ft t 


2910 

171t 

3378 

38 (4 

27 

443* 


251 g 
£6*4 
225g 

47?a 
3410 
38 if 
105s 
2BT0 
221 * 
305a 
32*« 
367a 


F.M.C 

Furl Mcctir... ...... 

Foremost kick— ’ 

Foxbura 

Franklin Mint... 
Freepnrt. Utneret' 

Frneltaui 

Faque lnds_ ! 


241* 
477a 
22ig 
38 i s 
SU 
283a 
5138 
113* 


243* 

,48«* 

223* 

38>b 

9*8 

28*0 

313ft 

113, 


G-A.F ; 

Gannett [ 

Gen. Amer. Int,..| 

G JV.T.A 

Gen. Cable. J 

Gen. Iljcumcs... 

Gen. Eleetnes 

Gen. Foudo— j 

General Mills | 

General Moron,.. .1 
Gen. Pub. dil-.. 1 

Gen. 6i*pial { 

Gen. TeL Elen.... I 

Gen-T.vre- I 

uenmeo j 

Geurgia rtetfle...' 
Geliy Oil... 


15 
485ft 
107 a 
315ft 
19 
66 
65ifl 
34 
331* 
641s 
IBi* 
33is 
303| 
283s 
5 i a 
30*g 
n5 


14ig 

48U 

1078 

311* 

181* 

869* 

35*8 

341 b 

333, 

641b 

19 

3230 

301s 

28i0 

57a 

305a 

a4l0 


Gillette. 

Gandnidi B. F.,— 
GnudyearTire.....| 

Guukl 

Grace W. K. 

IrruAumi Hm-leei 
Grt. Nurth Lmi.4 

Greyh-xiud 

Dull A: Wenlern... 

Gull On-.. ...J 

Hall burton 

31 lump 

Harn Mrui^ger .... 

Harris Uorui 

Heim H. J 

H cubic in I 


30 | 

217g j 
IBIr 
32U j 
27U 
7l a 
265a 
14 
143* 
24*4 
67** 
37> s 
ISlg 
64 

418a 

277a 


30; 

2210 

18 

3180 

27 

7>* 

26T 8 

13*4 

141ft 

237 a 

666a 

3a>a 

161g 

64 

41 

281* 


Stock 


t'-Aug. : Auj. 
• 4 | 3 


Johns Umiville- 
Joillinui Jolmson 
Job own Cunt nil. 
.loylUntllai-tui-V. 

K. Mar CVrp 

Kajser Alutnlni’m: 
Kwierlnduati-iee. 

Kalati titetl. 

Kcidumrttl! !!!!-!, 

Ketr McGee > 

Kidde Waller-.,. 
Klnhcsfy Clerk-; 
Koppere-.— ....: 

Kraft i 

KmjtOrCo,...-....; 

1 Uen*w0.v Tnuu.,1 

Leri btmuso ...... | 

UbbyOw. Pbad.4 


32 

65 


51*8 

84 b 4 


Sum 


27 la 2’ 4 * 

38 3770 


, 29 
j 35i S 


29 

35 . _ 

Ha , 2»* 

255o 1 2576 

12*8 

aa?a asu 

46 I 46** 

36ia 

466a 

22lft 

481 S 
A97s 
37 
371g 
261s 


56 

46** 

22>a 

48 

56 

55^1 

561b 

27 


(Ely) 

LittflO iRdust — , 
LuckbMdAlra-’ft, 
Lone Star InducJ 
Long Island UdJ 
Louisiana L*6d-J 

Lubdcol..— 

Locks' Hionx... J 
L’lte Wnsrst'w-n. 

MaeMlibn 

Maoy B.H 

Mtu. Haomer,- 

Mapeo 

Marat boa Oil-.- 
Marine Mid land 
Marshal I Field... 


IS 

ft- 
2210 
laia 
221 * 
461* 
17 lg 
9*8 
101 * 
441* 

37 ift 
341* 
477 a 

1 

247 8 I 


357a 

515a 

25ift 

327a 

221 * 

1938 

23 

44H 

1710 

913 

107a 

431ft 

374 

545* 

475ft 

163ft 

2270 


Hay Dept.iftonw 

MCA- 

UcDenudt- ; 

Mi-Dunneli Douu. 
Mi-Gnir HilU-TI 

Uemnrex • 

Merck 1 

Merrill Lyi«± ;• 

Mesa Prindenm.i 

MUM...— 

Minn Mine A'MEa: 

MiJni com : 

Mmuarnu. 

UorK**> J. P. 1 

Motorola.. ,| 

Muniby Oil ■ 

.Vahwru. 1 

Xalco ChemicalsJ 
Aationai tiui .....j 

Mai. Uhtniera.-.[ 
>al. Service lunj 
.Vaiunuu Steel....; 

XatiKnas 

ACE - 

A'cptuuelmp....... 

Xen Eng mud EL] 


•- 1 


B63* 
5470 
2a 
387, 
B47 B 
607* 
634 1 
214 

314 ; 

59*8 < 
614 1 
66 j 

65 
504 
697a 
407 fi : 
233* , 
313, ! 
IS** i 


25 >8 

53*2 

24a* 

394 

2530 

504 

64 

2150 

514 

59^0 

603* 

*>4 4 

554 

493* 

515* 

40 

234 

314 

1970 


Me* England Tel 

am Mi 


Msgsra^lnbank' 
A'la^ua Share..... 
M. U lnrtuurm. 
iVoriolU: Western. 
North Nat-Ga*.J 
.Mbn. States Pwrj 
Xthweat.Auiineol 
Mthneel Bancorp) 
Nurlutl Sihkiq....| 
Ovodenrai Petroll 
0*1 Ivy Mather. J 

Ohio Ed iron. 

Oita - 


217g 

164 

345a 

403* 

62*8 

21 

2278 | 

-335a J 
.16 | 
113* ; 
21 , 
247b ! 
3630 
274 
357ft 
254 
19Sft 
213ft 

541* 

167 8 1 

16 4 ) 


Z23g 

164 

3470 

414 

a ia* 
214 

223* 
333* 
15 
1 Jig 
2U~0 

243a 

564 

274 

36 

24*a 

191* 

2158 

54 

19 

la.'a 


Reirie Packard... I 

Holiday tno* .! 

Homeetakc | 

Hunoj-weii 

Rooter 

HosiKCurp. Anierl 
Hmi^toii A'at.Ga>| 
HunuPb_A)Chm! 
Hurton lG.P.1— . 
-C. Industries.,. 

A A- 

ItuierroU Hand... 

1 11b od steel . 

Inailco. _.| 


t9i« 

20*8 

364 

70s* 

123* 

4270 

263b 

123* 

1930 

303b 

443* 

625fl 

3b*g 

J43* 


694 

2QTft 

o77 B 

694 

1 24 

42 

hS50 

Usa 

184 

293b 

444 

624 

084 

147b 


IBM 

int-L Flavour* i 

lutL Handler.. , 
lull. Min A Che ml 
IntL Multtfovt*-) 

lius» 

lull. Paper 

ll-G 

tui. K*-tirier 

Int.Tei.ATel... 

Invem 

iuVraBeel 

IL Interostiunaij 
Jim Walter. j 


288.5 

^63* 

39 

a94 

263* 

17 

46 

373a 

13 . 

327 B ! 

38 

12 

324 


286.5 

hb4 

39*8 
39 
20 t b 
lfai* 
464 
37 
134 
324 
1 

384 


334 


Overseas Ships.. J 
Otreus Curniug-j 
Omen* Itinois— . 
IV-ift.- Gas — 
Pacific lighting. 


Pan Part. tLlgJ 
idAW 


Pan Am WunLV 
P&rkec H annifi n 

Peabodr Inti | 

l*en. Pw.JtL...., 

Penny J. C 

Pc unroll . 

People* Drug-.. 
Peoples 0*8 ...... 

Pepalca- 


265a 

3430 

234 

244 

194* 

224 

64 

28 

2b7 s 

2130 

39*8 

29 

12 

c64b 

o34 


254 
345a 
23 
2^1* 
194 
2170 
c 4 
29 
27 

2 i 30 

40i s 

4670 

12 

06 

3330 


Perkin Rimer. ...i 

Pet- - 

purer ;. 

Pbeipe Deign 


Philadelphia Ei&l 

Mar 


Philip Morris.. 
PbiUtpa Petro'm. 

Pllsbury 

Piluey Bowes 

PlHeton. , 

Ptewey Ltd A UK) 


267 B 

643g 

o67ft 

k4i g 

161 * 

76 

o3i0 

444 

275ft 

25*0 

184 


27i- 

344 

367ft 

24 

184 

7330 

333ft 

441* 

274 

2*i ig 

18l s 


Uevlon — •. 

KeynoMs Metals., 
KernoW* U. J. — • 
Kieb'aan Metre)!.! 
Koukwell iaier... 
Hnhml Hafts 


277ft 
36 

351b ; 364 


.'u«. 

3 

Stuck 


54* 

WculBTjrth.....!:.!* 

aofti, 

AS* 

Wyly 

4ti. 

50a* 

Xerox.. .-. 

61?. 

27r 8 

Zapata...^: 

IB 

36* 

Zucnth bxdio.. .. 

17 


Itnyal Dutch 

KTE. ; 

Kom Loss 

Ityder System....; 
Ealdtay Stores.... 
St, JueSlinerahJ 
Sk. ffests Aqwr— 
Santa re Inda—..) 

Snul Invest.. 

Saxon Inrts. 
dchHtiBrewins-j 
cV-blumberxer — 

HCM 

Ecret Pm»er 

swell Mrg 

Scudder. 


614 - 
144 
114 i 
27 V ; 
.444 ; 
24 t 
■3IS* i 
334 
7Jb 
65a 
144 
93 
2lia 
:t4 
244 

*4 


614 

I4ig 

114 
27Sfl 
454 
233* 
311* 
334 
7 H 
64 

WVfl 

91)0 

913ft 

173a 

24 

• 84 


Sea Container I 

fieegnm 


aearhj (G Jl,l.„— 

Scan. BtiCbuuk J 

6EDC0.—- -»~- 

a hell Oil 

Sbel [Transport.. 

aignal 

SignodeCom. ( 

simplicity 


fiingw- 

amith KllUe f 

-■Sintran- • 

douthrtunii ....—■ 
si ml liern Cal. El. 

3Miibern Go I 

athn. Not. Ke»...- 
southern Rreilk-.l 
Southern Kail ft i 


30*3 

36 

134 

264 

394 

33*4 , 

434 ! 

51*8 ; 

364 

144 

I 

933* 1 
o4 ■ 
44 

2nJft l 
lb 
35*0 
314 
544 I 


31 

264 

154 

26 

40 

33>s 

45 

S3 
3B4 
135ft 
194 
931* 
3 4 
3376 
265ft 
16 
35*, 
314 
644 


southland. ....( 

S’n’t Baniharec-; 

Sperry Hutch j 

.->l«eny Hand ! 

Stjuih. 

EtamJani Btanuh 
btil.OilCaluornia, 
shI. Oil Indiana, 
std. Oil Ohio.... . 
StautT Chemical'^ 
sterling Drug .... 

dnuieteiker— 

ftiiu Co '. 

frundstnurd.- 

styntex 

fcchnieolor— 

L’ekinmix ! 

Wriviw i 

telex- J 

fro «v I 


303* 

*7 

22 

46*ft 

35lg 

BB4 

41* 

SOia 

35*a 

45 

16*0 

66*0 

43* 

64 

343* 

141* 

45 

1125* 

5*6 

32 


: 304 
27 
22 

> 465* 
• 354 
! 384 

1 415, 
I 50* 
| 344 

46 

! I6*ft 
1 6W, 
434 
634 
344 
134 
454 
, 112 

1 3 r< 


tesoro PeOnleum: 

Texaco I 

Tesaagnlf. ! 

Texas KaMern. ...1 
lexos itnt'm ■' 


Texas UII Jt Gaa-I 
I'exaa L'rihties-. . 


rimes I no — [ 

limes Mirror 

I7mken 

Trane 1 

TranaiAviua. - 1 
Its QKXX.... 

I ran*. Union. 1 

I mu-way lotr'n . 
Pram MurHl AlrJ 

Travetes. I 

in Cofltinemai 


lki« : -10* 
25*0 i 244 
21 I 214 
37* ] 38 
921* 914 

264 I 265* 
214 224 

50lj 48*0 

*.2* 334 


505* 

421* 

17T| 

19t b 

364 

27* 


SO 

424 

18 

IBS* 

364 

274 


28>g 1 27* 
394 387 b 

lit 7ft ( ZU*4 


TBW 1 

SUthCeuttiry Fux ! 

D-A.Ei.-. 

CAHCO ' 

UGl - - 

L>nl lever „..! 

Coiietcr AV-.../ 
Union hancorp-.i 
Union Camtde....' 
Cnlon Commerce- 
CnhanUil Caiii...' 
L'niua Pkcific__.J 


41 j 414 
3e* 1 aB 
401* [ 40* 
244 444 


Shift 

4t** 

64* 

245* 

404 

81* 

491* 

49T S 


2u4 

42 

65* 

244 

40* 

8* 

494 

494 


Potarei'i— 
tVrunicu Ehw—. 
PPU I OituBtricv. J 
Practic Gamixe., 
Pub serve Elect, 

Puiinina 

Huiev 

Quaker U*f» j 

Hapi'i Atnencan.l 

Ua'ytbevo- 

MCA 

Republic- hi eel.... I 
Rerorts Inti 1 


5270 
lpi= 
27 7 9 
905 $ 
244 
,'-'424 
l?i* 
25i, 
13* 
564 
30'* 
26* 
79* 


5 14 
1-* 
2bi a 
90** 
.^44 
42* 
1*4 
25 . 
131* 
.66 
29 >8 
264 
84 


L'nlccyai.,-, j 

Called Brands-.. 

L'fr llnoeorjv. 

C« Gypaum I 

Urj Shtv 1 

l.'s 6teei ....... 

CS Ibolinomcier. 
L'V ItaloKiHra-- 

Vlisinra Elect 

Walcreeu — 

Wantw-C*jniinn..! 
IFaniet'UmihertJ 
n'sKte-Uan'menij 
" ei ir- Fatnn.. — [ 
Weviera BamMrp] 
Western X. Amer; 
'l otero Cnfcm... 
WeKtineh’te Ekx-1 


74 
114 , 
304 
303, 
264 
£9* 
50* 
22 * 
lc4 

384 
504 
3078 , 

3Q 14 ! 
42* ( 
s4 1 
18 ; 
244 I 


74 

11 * 

30i* 

304 

264 

29* 

50* 

20s* 

104 

284 

497a 

304 

^*4 

304 

42 

o3 

IB 

244 


Weetfteo 

We^eriMMuer— i 

Mlilripiu — 

While Coo. Iud...i 

William Co 

Wlscmmu Elect..; 


284 

SO 

221* 

214 

203* 

28* 


284 

304 

23*- 

21 * 

205* 

284 



l MTira**!®!)*)! tao* ; 

L.5. 9Qriay Wlla, 

CANADA 


AWrtwrhper...-j 

Auftled Msu4......i 

AtcaBAiumiahao: 
Alumna Sited,..-! 

Atratet J 

Uaah of Uuatieal] 
Bank Nina Scutia! 
Bask JBeadhi 
Bell Tetcpboo*...! 
Boir Valley 


■ teJ’J 
164 

tS k 

'4.60 

. 69 .-' 

33 


. 11 .- 




Bl^Canad* ; 

Brascan 

Brtaoo ■nu, w ,-J 
Calfijuy Wmw.j 
Cain tow Ml net- 
Lsuada CewePl 
Uaaada NW Inn, 


Can. Imp. Hk Cun 

Canada Indn»...>- 


Caa. Farithi—— . 
Can. Paaiw lav] 


Buiirr Op...: 

«.h f 


Car K os O'JCcri'e.4 
CftMiar AabMtoa^' 


H* 

MU, 

14.® 

40 

164- 

lb* 

13- 

2B4 

215* 

214 

22 

66 

3.00 

10 


^nt, 

ftLOil 

30 

i-ttfc 

ii 1 


sa 

-*» 


CludUun— 1 

Commra .j 

Linn. BathiireE-..| 
Cmiaumer Ua*....! 
C< neka Hmwkk 

C-mum. I 

Daun UrveP . 

Demean MihefL-j 
Draw Mines.. ..... 
Hume Petrol eum 
15 miintua Hrvljfe 

[loniDir... J- 

Dupont ; 

FalconVe Xirkd;. 
Ford Motor C«n-J 


B64 

26* 

304 

IP 

lt U 

IDG 

769, 

9U* 

664 

844 

aiu 

14* 

281 , 

734 


!£• 

2m* 

sT 
. »* 
61, 
12i* 
UU. 

,»14 

MS, 

211, 

U\ 

..tT 


Gensrar....... ;.i 

GiantYei'n-i.nitB* 
Cult Uii Ck nails. 
HawborbM.Can. 

HoiliRKCr — . 

Hume Uii -A'_- 
Hudson Bay Mug 
Hudson Bay-..-. 
Hudson Oil A (jax 

t.A.U J. 

Imasco 

Imperial Oil 

loco 


?1* ; 311, 
I? 5 * 14 


30 

24 

45 




43 


lau-t 
2hk* | aai 

SS '£ 

i? T * I gf 


»4 ! a 1 


Indal I 

Inland Nat. GasJ 
Imp r Pipe Une, 
Kaiser Kmouroen 
Uuii Fin. CuibJ 
Loblnw- Com. 'B'J 
McmiH'u WoediJ 
Massey FeguauuJ 
McIntyre -....J 

Uoviru Curpn 

UoumaiiuiiaieKsi 
\uremia UineK.. 
Xureen BncfU}.. 
iVthn. Tetecum ... 
Numac UII & Gar 
(Jaku-gud Petri ;rn 

nufifle UopPCrtf. 


IVtcificPrtroieain 
Pan. Can. PeCnv - 

Patino . 

Peupte* L*pL.E- 
Piftoe Oao. 

Placer DereKspnK 
Power CorporaFn 

Price 

Quebec orurgeon 

Hanger Oil 

Heed >tenhouae.. 

Umj .ViKom 

Rjtsi Uk. ol Can. 
Keys 1 Tnist. 


is 


Seepoe R‘ snurren 
Beanams— . 

3 bell Canada...... 

dberritt G. Mines 
ibebens O. G. 

filnipsan 

ibml m Canada- . 
-Steep Uouk Iron.. 
Texarn Canada... 
I'umnto l»o ra.Bk. 

rmuCanPlpeLo - 
Trans Mount Opr 

LViret; 

LoiOD l»aa ...—...I 
licduniscfie Mines. 
VVsikrr Hiraai—' 
H-ert Coast Tnmsl 
Weston Geo. I 


vbm. ifutema. » fmM. 
• New wne* 


v 


\. f 

• * 




GERMANT ♦ 


Aug. < 


Price | + or I DIv.iYId 

Dm. I - i % I % 


AEG I 76.8+0 J 

A ‘liaus VeHch...> 476 I— S 


BM\V_ ;a 2 i.5ir,— 0.5 

UA->F. -I 141. Cl— 0.7 

Bayer- I 135.0.— 0.5 

Bayei-Hypu- 286 :+l 

Bayer- Veremsi'k.! 324.3+1.0 
CilwIuLNel-wfl-l 141 {—11 

iVunnieiiiaiak ; 228.3. — 1.3 

Coni 0 uni mi 1 79.01 + 0.6 

Unimler Benz I 5 lb 1—2 

L4Kii«e 266 -3 

Uenum I 161 |— 1 

Deiitrche Bank— ,i 305.0, — 0.3 
Uttsliitr Bank—., 258. 1. — 1.8 
Uyekerlnuf Zerut.j 198 > — 6 

Gutehotlnmw;. I Bkftl.SI + 0.3 

Hapau l.i./vd | 120.0a)' 

Havener. j 017 !+l 

Hoerhst { 150.0.-0^ 


141.2 J 4.4 
38. Ot! 6.2 
18.76 7.2 
W.Thj 6.9 
iSa.lSj 4.9 
16 1 3.8 


Uuewh- 
Hiirleii 


48.0-0-6 
149.6 +0.5 



Kali unit Bali — 

146.6 

11454 4.8 

Kareuult 

.333.0 

23.44! 3.6 

Kaullim 

240 

-2 

>18.72 3.9 

Kiu kncr DM100.: flo.S 4 OJ 

1 

1 - 

KH !».... 


s.o 





Umie 

2b5.0 — 0.9 

: 25 

i 4.7 

G.neulirau ICO... 

L4o0 

25 

1 8.6 

laiibaura 

109JQ — 0.5 

: 9.36,' 4.3 

1I.VN 





Mamie* irnmn..... 

171.8—0.2 

'17.1b. 5.1 

'liaali^e 

239.7-0.2 

. 10 

I O 

'Illlli.-llrliw Kuek 

1 5t» 



■ 15 

! 1.6 

xevkeiiiuiii.ii 

198.0 —0.5 

| _ 

— 

1 1‘reu -Mtf DJI 100- 1 183.1— 1.4 

— 


K/iein 'Vet. Klre-j 176.3 +0.1 

i 25 

! 7.1 


if69 

-17 

,2k. 12l S.2 

Siemens 

SHjS 

:+i 

; 16 

1 a.7 

Hal /tiL+er 

B49 

—5 

20.56 a..- 



1-1-7 







* fc‘BA 

128-0+0.5 

12 

4.7 

' erera- e« Bk 

291 

1-1 

IB 1 3.0 

IIIJI U.iiMM 

mSEESB® 

1 26 




. — _ - - — 



1 nix 

— 

Aug. 4 

Pnce 

+ or 

Fre. 

yw. 


Fre. 




E^yyimnippmjppf 

HEU 

—40 



Beken. “H* 1 

2.12 1 

+ IO 

>116 


C.B.B. Cement — 

1,198 

+ 6H 

LOO 

as 

Cwheriil 

°62 

-16 




EMBe!.„ . 

3.300 

+ lu 

177 

7.7 











i.B. Innu-Bm-.... 

2.3V0 


ISO 

6.5 


l.iSO 

+ ±2 

86 

6.1 


1.-50 

+ 10 

164; 

10.G 

HoNiketi 

Z.4-0 

+ 55 

I/O 

6.9 

Kre.liHlH.uk 

6.9311 



• 

Lh Kin Rif Helve.. 

3,<5J 

+ 30 

■rddS 

J. • 

i'«« Um-iiiut, !^.*8 

+ .0 

82.M 

2.7 

r'etndtiui 

5.-. 3 

—2 

174 

4.5 


3,1 aO 

+ 10- 

dUa 

6.6 


2.-39 



6.B 

"him S.Zi 0 

—3 j 

21b 

o.c 

■V ''«! 

4.490 


Aid lu 

B.4 

Inirtinn Fjie-*! >2.^90 

+ ij 

170 

6.5 

I'CB 

526 

+ 6 



HFUTunlPK^ml 

7b0 i-26 

50 

6.6 

kicllie M nmtasne. 1.57 j 

+20 _ 



SWITZERLAND ® 





Price 

+ or 

DIv.iYId. i 

AU8. A 

Fra. 



% 


1,220 

—8 

8 

3.3 

HBL -A' 

1.626 

— 16 

10 

3.0 

CihaGetay Fr.tOO<l,L30 

-lb 

22 

2.1 

■ '-T^-TYT 1 

775 

-15 

22 

B-b 


577 

-6 

22 

J.b 

Creilit Suisse 

2.169 


16 

3.6 

Elect rmnin i 

1.565 

-10 

10 

2.', 

Fireiwr iGenraei. 

roS 

+ 5 

5 

3.7 

UuniiMDpI Certa.168 0 ,0 

—1800 

1100 

1.5 

Lin, tqmajh 16.61 

— 1-10 

110 

1.6 

Interftul B 

3.3,25 

+23 

20 

2b 

Jruuili iFr. 100)... 

L.485 

+ 3S 

21 

L4 

NurtieiFr, 100).... 3.420 


« J&.fl 

2.£> 

Du. Iln 3AS40 

— 0 

<u&7 

3.5 

dpi in 


15 

ljU 

Pirelli JilPiF.lOOi 

2c6 


la 


nutloi tFr jatli.. '3.776 ' 

+ 33 

26 1 

1.7 

Do. Part Certs..' 

4i3 

ad 

26 

3.1 

H"1IFTT7tW 1* 1 U Ul 

296 

-10 

12 

4.1 


34D 

-a 

-14i 

+.1 


fc32 

—6 

1 * ■£ 


PARIS 


Aug. 4 


Price 

Pre. 


>40.1 


Beni* 4» 1 

Alnque Uucul'fej 43b 

Air LlqUhle 4a 

Aquitaine. — _..J h72 

HIC .1 ala 

douyoruer -..., 892 

d.^.X.Gerraih.... i3s. 

.Carrefour 1 1,7 6 

CjG.B I 388. 

C.l.T. Alustel UhB 

C10 BoiKsure. I ' 385 

Club SI etl uer ! 4lcta 

Credit (.torn. Fried 124. 
Creusot Loire.— J p9.0 

Duma,. — i 767 

Fr. Pei roles 1*7 

Gea.OwmentJile^ 198.0 

I more . 67.1 1 

Jauque, Borel 1 loS.B 

Lalarge 20>.b 

L’Utftal...— 1 747* 

I^greod L723 

Mauon, Ptienix.,1 590 
Mlehelio ”B" — . 

Must Hennessey. 

Mini lines. 

Parlies. 

P«uUine> j 

Pertvxi. Uiuan). .... 
Peuueut-Glinien.J 
hrJiia — 1 


38 J . 
1»7.8| 
181.5, 

408. 
483.8^ 

B,0Ai) 

KadK< techuUiuea 4£»i 

Kerim I 584 

Ifbone IVnileni- ...I lUd.S 

t~ <>>a«kii 

•bis Uuesluaui. .... 

■suer 

leiemeranhiue... 

I honiM.ei Brandi 
Lsinoi...- 


'“I 


294.5| 

80:- 

236.8 

23.1 


+■ or. Div.A'UI, 


- Fra. I % 


+3.1 1 Ab;! 0.6 
-li 121.161 4 8 
-8.8 I I8J1! a.o 
+0 laa^s; 4.6 
-8 ! is.-5| a.-# 
1-7 i 42 | 4., 
405| 7.5 
76 : 4.3 
, 31A 8.1 
7b4rt! 7.0 
5.1 
k.7 
9.7 


—11 
[-27 
— 6.6 
! — 5 . 
+ 1 


. . _ 12 

-16 Ul.26 
— S.o I 12 
+0.5 - 1 

+ 8 36.15 4.4 

+ 3 In. luj 9.6 
+ U9] BJZb; 4.s 
-1.1, 3.7 8.5 
—2.6 1 ^ : — 

—2.2 16.77' 8.1 
1 16.s7. 2.2 
1-25 136.76' 2.1 

— , 59.4 6.6 

l.aSGj — 28 :5«.65 2A 
“ —10 i 12.6, 2:i 

+ 0.51 4 • 1.8 
- 1.6 ls.-i6 I1.U 
-0.1. 7.6 B.G 
-6.5 1 7.b 8.4 
—4.2 17.a 3.C 
—7.2 - I - 

-5 30 6.0 

+ n r 40 a.l 

9 a.t 

ItO.tt— oJ5 1466. 9.3 

l.-iiBj.- 39 2.1 

, + 1.5.28-5 B.7 
-3 fz6J> 4.« 
—3. * :18.16 6.4 
1.3 , — I — 


AUSTRALIA 


Ann. 4 


A list- S 


]+« 


STOCKHOLM 


Aug. 


Price 

Krone 


+ or 


■«« uv Bub (F.lOOl 1 ibS 
1 m 1 Itai (Fr260) 4.800 

ni>>n think 3.i 80 

Zunrii Ins 11.400 


a. SO 
-5 
+ 50 


10 

40 

20 

44 


2.7 

2.1 

3.3 

1.9 


AGA AmhrJ*Jj_.| 
Alta LaraJhKrtiOll 
A3EA iKr.bO) „._J 
.Ula^Coucol Kr2b{ 

UlUrrud 

Before J 

Canto— ) 

(.'dlllKM.. — ..[ 

Eieei'iux'B'tKrhOi 
Ht-icsaoa •E’i KrbOl 

B+iene “H - ' -.1 

Fagereta. '. 

Uranuee rfreei 

rian<t teauanhen...: 

SI arm 1 oil ' 

Slu Oeb D*nn ■ to. j 

in ink A.H | 

-K.K. Kr -....; 
kaifi Knrkiun,.- 
1S1111IM11. 'B' KiW 

L'rirMi.Hni ; 

1+vsiKr, aOi 



Dir.;n.L 
Kr. * 


8.6 


2.5 
. 3.2 

3 5.8 
6 1 4.S 

4 5.6 
y4 3- 

Z>.7S £ 9 
10 | 4.0 
6.3 I 4.2 
I 3 I 4.4 
1 9.6 J 5.4 
.' 4 4.8 


16 

8 


4.4 


6.« 


3.7a 
4.3 
8 
5. 
w - 
6 


5.7 

4.1 

6.5 


\CMlLt2b cental, 

Aerow Australia 

\MATILS1 

Ampul KxploratUai 

\m|ul Petroleum 

Iwa Mlnemla 

Ahmkl Pulp Paper SI....... 

A mnc. Cnn. Industries U-65 

\u<d. Founds! km Invest—.. tl>05 

A. .N.I +1.45 

\ih1imeo I to. 58 

\uat OU A Gas...— | tO.61 

He rnhou Creek Gold- I tD.26 

Bine Metal Ind I tl^b 

B. aiga in ville Cupper J +L48 

Bracnbles Industriee — } tl-80 

Broken HUUPrnprietary..... \1J92 

BH sooth L, 

Carlton Colled Brewery....! 

CbH (Si).*— ' 

Cuctltwro Cemenr.- 

CV.le*. iG. J.l_ u...._.l 

CVeie. Gobtfielda Air»l 

C«n 1 Bitter rsli 

I teixine Ulntlnto — 

Ciwialn Australia. 

Uuol‘t> Bobber til) 

KfjCOK. 

Wrter-ftiohb 

K.2. I tirl ini fee 

Gen. Property Trust . .. 

Hameraley 

Huatber., 

• Cl Auftxalta 


{+0J1 


1+0.62 


l+iot 


0.01 


TOKYO t 


+0.U2 


Inter Cop+er 

* ludusines. 


Jertnirnre 

Jnnee 1 Da « idt 

Lrnnenl UII 

Metals Exploration - 

HIM HutdllW — 

M\w Emporium 

New*....— 

N b.-boias liiteruBihmal 
Nunn Broken H ‘d inns (tCV- 

Oakbridgr-..— 

Ull desrch 

Utter Exploration — — 

Phceer Concrete...—.. 

UeofciitA Colman. 

H. V. Slehtb — .... 

NulblaCO mining * 



apatgoi KxpLrratinn — 


rv 

Waltons— 

Westerns Mining (SO cental 
Wi ml worths. 


AMSTERDAM 


Au«. * 

•PricM 

Yen 

+J* 

Dnrjm 
* 1 1 

Arabi Glare... 

319 


14 

22 

C-iUjun 

446 

+ 4 

12 

U 

Canto 

684 

-1 

26 

IS 

Chinan........ 

08O 

+ 6 ■ 

151 

K-fa 

Dal Nippon Print 

651 

+3 

III 

1.6 

Fuh Photo— 

620 

+ 8 

15 

IA 

Hitachi 

236 

-1 

12 

2,6 

HcnuJa Motor*™- 

639 

+ 1 

18 

VI 

House Food — 

1.210 

+ 20 

36 

L4 





2.4 


1,450 


30 

10 

■laces— .i. 

667 

+ 7 

13 

LO 

J-AJl 

2.700 

-50 



Kama! Elect Pw. 

1.230 

U10 

10 

'Ll 

Komatsu 

321 

+2 

18 

2JH 


Si... .717 _ 

ink. 280 1+2 
avyj 126 


126 -2 


35 10.4 


KywcvOrannc ..'3,890 +10 

kUtsusbrta Ind.. 

Mitsubishi Hank 
Mitsubishi Hean. 

MMsublsh] Corp_| 460 •— 

Mitsui A Co. 313 1-7 

Mitaukoshi ; 580 +4 ' 

-Nippon Denso..... 1 1,460 }+70 
Nippon Bhlnpan-.; 725 + 43 

.Nissan Motors.... 1 760 +8 

Pioneer — 1.630 1—10 

San™ 'Electric-.. 1 237 3 
bckisoi Pretab.... 900 i + 12 
'hlseirin. ; 1.1S0 | + 40 

=fcuy [1.660 l+lO.-Tv,*- 

faisbo Manner. J 240 1+4 I 11 I 23 
raberia ChetuicalJ 429 1 + 12 ! 1611.7 

‘UK [2,140 ; + 30 ; 30-0.7 

I'eijln... 


201 1.4 
10 US 
12 J 46 
13\1> 

14 1 U 
20 1 1.7 

15 as 
12 ! 0.8 

16 | LX 
.48 1 LS 
12 ; 1LS 
SO i L7 
20, 06 
40 1 1J 



, 1 is 

*— 1 

10 

4 .1 


490 

; + 3 

11 

LI 

r' 

1,180 

—10 

0 

SA 


b&O 


u 

i.« 


143 

+ 1. 

10 

SA 


134 


ID 

S.1 


863 

+ 3 

20 

lJ 


-0.04 

+0J11 

Aug. 4 

Price 

% 


Div 

% 

2M. 

£ 

-S-01 

Creditarutah 

MSS 


10 

2.9 


SetoHa..— 

demirtrit 

629 

07 

-1* 
-4 . 

38 

7.6 


Steyr Daimler;... 

2»0 

— 1 

8* 

SA 

— 


225 

+ 1 

10 

4.4 


+0.04 

1-0-01 


Aim 4 


‘'Price ft-ur.-ftv.iFJd. 
F, “- 1 “ ! S I a 


COPENHAGEN + 


Ai|S. * 


Pins? ;+nr, Dir. 1 Vfcl. 
Kroner 1 — . J, % 


. Vndel shall ken...:., 

Danske Bank ! 

East Asiatic L'o.,.1 
K iuaiut«iiUen _....■ 


Par. Psplr I 

Han del thank ..... 
G.N'th’c 

.Void k'abei- [ 

Oiietaurik .... 


Pn rathe nk .1 

k I 


fmiDdanl. 
CMph.Beronsen — | 
supertos^M— -...J 


1391 2 ; , 

1271, 

1651s -J, | 
1471*: + 1, | 
578 : — Ha i 
79W-* 

lhal=! 

271 ! I 

199 '+1 
92*1 + 21* 
li3 j + i, 

141 I 

414 +1 
194 1+4 


11 1 7.9 

12 : 9.5 

12 | 7.1c 

13 ! 9.7 
U > 5.2 


12 8.5 

12 4.0 
12 l 6.1 


- I 0.0 

11 | 7.9 

12 j 2-9 

12 I 6.2 


MILAN 


Aug. 4 


i+orr Div. Y‘,r. 

Lire — [ Lire * 


AN 1C 

Uastuai 

Fiat 1 

Do-Pnr _.| 

Itaiueineat 

Itaisirier...-. j 

UealkHanua 

llaarnlisMi 


Vh.jHi pFiJJji 108.6 +u.4 i38 I 5.2 

Mi an 'FliSOi 31.0— ’ 

lIU'rniBnktFl JOOii 466.0+0.3 
\MKV iFl.IOr.....!: 84.0: — u.S 
76.6 +.'.4 
92.e -0.4 
LZa.a +0.7 
70.7-0 J 
28d.O ♦ ji 
154.7-0.4 

60.0 

46.21. 

103-61-0.4 
37 .»-aA 
85.4-0.4 
136ffi — 2 

■4b.tf 

34.2 

104.V-O.& 

54-6|„ 

194.^ — 0.3 

169 
30 
14o 

37 

25.61— j-A { 17 

81 A!— Uij — 


\mr.sank rP.l-20*. 

A a 1 ' , ljelik ,, rt 

- * H»toi%Vual SWF.tOV 
ri'iltriu leiunvdt 
+-lsericr V IF\J1 1 
En niH.N.V. Bearer, 
K*ii CmTstiFUth 
i-Mal Bn asadesFI .; 

He'uekcn 
Huoain-ens fPLjsO)' 
Huuter D. iFIJOOji 
K.L.M. iFl.lOOl....- 
lilt. Mailer. 

Nnarden <P1.10>.,.i 
N'*«r-NediiiB(FtJW 
XertCred BlriFUH 
Ned Mid BkfPf^Ojj 

i^Jce iFi^ft 

Ulfftm ......... 

X'an Umnurai— , 
Pubueit rFi-£^_. 
Philip. iFi-lOk-J 
Km Beh Yen Fl.iOQ) 
Kob«u iFiJOi — 
Kolinca |FL50> 
Karen to fPlja)t_„ 
KuvalDutchiTI^ 
•lavenbuiy—.^.-i 
StMTmGrp tf L33i, 
I11K5 rt 

L'nilcrertF ^0l«. 
Vlkiae Kexhti£i). 
We»t '.L'tr.Ryphk 


OSLO 


Pinem A to.. ... 

Pirelli Sps 

Saw ViBi~nsn... 


I 110.0— l.n j - ; - 
j 494 '-9 I — ; _ 
ll.t.06 ;-0 | lou; U.d 
[1. 14 M 8 , loJ 9,9 
138.00 - -. 

! 12 9 10: -90 bQO 4.7 
j 291 -16 . - - 

| 34.1 10- 1 1.207 3.6 J Bernen Ham.- 

1 1- ®! ’■ ' ~ , Kt'mqmani 

— ^ — . — ! Creiiituank 

1.662 -7 130. B.n ■ Ka-nro, 

1 t74«a— is • bo 9.1 ' 

825 -3 ; — , - 


•♦.3)— 0.4 

9 -1 

0.6+U.l 

4.1 

7.W + 0.1 


a4A 7.8 
50 1 6.0 
24.5 a.c 
26 | 5.7 

26 j 7.4 
zi s i.a 
47^1 5.6 
94.5;. 5.1 
20 . 6.6 
14 15.5 

12 1 4.7 

a s.i 

19 7.0 
18-S, 5.9 
48 j 4.6 

21 7.7 

22 I 5.7 
36 

23 


VIENNA 


176.6—0.5 !a 2&H 
14u.il,— O.i I _ 
122.9— U. 2 *9.5 
133.8 — 1.0 |63.nj 
. £4&2 +0.i;| 2^ 
129.3 +0.5 1 27 
141.5 +0.3 fSO.Boj 
120^ — 1.4:42.0 
41.0— 0.4 
387 : + 4 ! 33 ' 


4.5 

7.6 


6.6 

7.2 


5.8 

8.0 

8.1 

4^ 

.5 

7.1 

1.2 

4.1 


Aria- t 


TWSre I + or . Div:,Tld. 
j Kroner J — . % 5 


99 

,4 

114 

B08 

110 


•+ 1 
'+4 
is 1 


9 I 5.1 


14.09 
- ZJS 
740 
7.45 
10 94 
L7S 
1700 
10.00 
25.73 
0.23 
7.10 

3.95 

77.00 

3LB0 

1S.B0 

15.88 

340 

190 

«.« 


-W 

-*03 

-01S 

-aw 

+0JL 


-IM 


JOHANNESBURG 

Aosust 4 Rand +or- 

Anzlo American Cortm. 1M -0.08 

Charter Consolidated ISO 

Ba« Driefooteln 

Elstmrg 

Harmony ' 

Kinroas 

Kloof I" 

Rustenbnrg Ptatmom 

St. Hek'oa ...• 

Sonth Vaal 

cold Fii-kts sa 

Union Corporation 

D»- Beers Deferred 

Btyvoonutzichi 

East Rand Pry. . ..*! ” ' 

Free State Geditld 

President Brand ... . 

President Steyn ‘ 

SUlfontetn 

nreBtom 

wc» Driefometo 

Western Holdings sg.so 

Western Deep ... tf.tt 

INDUSTRIALS 

ABCr 3»y 

Ansto-Atner. Industrial ... 10.30 

Barlow Rand 8.13 

CNA Investments ....... 

Currie Finance • .. 

De 'Beers Industrial S12J14 

Ednrs Consolldaaed lar. rf.w 

Edgars Shires t*9-50 

Bwr Heady SA .. .. 115 
Podcrale Volksbe leggings. l.OS 
GKktermans Stores . .. .2.40 

Cngrdian Assuranca tSAj 

HuJetts 

LTA 


-ft* 

-A* 

-i.M 

-WB 

-05i 

-038 

-*2» 

-ta 

-u 

-«J0 


-BJM 

-0J2 

+010 


+0i 8! 


— 0 . 8 ! 

+0-65 


LB7 

f.OO 


+0.01 


wejjnhy osi +ow 


NedBank 
OK Cauars .. 
Premier Killing 


5.7S 

7.40 

8-10 


II | 8.8 

80 a.s 
ii' 10.0 


Kre.iitka-ren ! 110 +1 **. >>w.w 

•'•»t^kHviiroKi+G 20S.2B. +4.76- IB 4.7 
atorabrami— — i 88-0r-2.d. 7 jlO . 6 


Preioria Cement - iso 

rinjtea Holdings 1255 

Rembnuidj Croup 3Jfl 

Retco — 0.« 

SAPPt 3.48 

c. C..Smlur Sugar +* ii 

SA Breweries 1.47 

SccDrtties Rand US.S0.7li 
(Oiseoant of 37^%) 


-*» 

tB.K 

-0JI 

+0.01 

+0.D3 

-0.M 

+0.81 


r I 























A **t h 






-Ffiioaciti' Times Saturday August 5 1978 


iPl '*&■■? * •". '->;■ £ •■,■"»-■' v -'*?.- . ‘ ‘ 

*■ *jT' .r«ei’Mrty *"4rW'*, : •■'•.+.*■ •-• - j ■» • 






* ••• •• -.-.PATHS; Augusl t 

• SAClLORf : -the . major French . 
steel maker which. Is the mala I 
operating* a&fijQt ihe Marine- 
WewJei group,- reports ; margin- 
. Ally higher firs t half sales of 
FFrs 4.48tn,' compared to 
FFrs -4.161H5- h* the opening sis 
months of 1977./ :- 
•• The co5npany,.«t^ /2.60sn tons 
■of steel in the- first . half- bf ttiir 
"-. year, up -from" £58m- a ; year 
before. Steel production over the. 
first six months stood at 3.25m 
tons compared- to 3i21m. : 

Sales of Le -SKtteriel- Telp- 
phonlque (LJffnj'. the tetecom- 
in urn cations ' equipment subsid- 
iary of ThomsoB^randt Group, 
■were FFrs 834m *Fdr* last half 
1078, an lnerease-.tj£ 9.4 per cent 
on a comparable-basis. LMT said; 
. u expected- overall L97S sales to. 
show a greater rate of increase. 
Orders received during thd- first 
su: months totalled FFrs L029bn 
compared to FFris : 933m. --. - 

Makers of precision instrn- 
■ meats. Precision J . Mecaaique 
Labinal, reports.', consolidated 
sales of FFrs . UO-Jhn agains t 
FFrs 346.4m. The" parent com- 
pany alone produced FFrs 250m 
compared to FFxs 239^na. •- 
. Moulinex, makers- of . small 
household electrical equipment, 
managed to W - consolidated 
sales to FFrs 941.7m from 
FFrs 774.7m. .' 

Agencies " 

New EOE senes 

The European Optftna Etebange 
(EOE). will introduce -a new 
series for Eastman. - -Kodak. 
Boeing and JBM' ;\from .'-next' 
Monday following recent price 
movements, on thd TVew .York 
Stock Exchange, -reports Renter 
from Amsterdam. • . ; The new 
series for Eastman Kodak, will be 
October, January . 3 k* ' April 
with exercise prices'. Of 570, for 
Boeing it will be November and 
F ebraary with ' striking, prices of 
$70 . and for IBM ' October, 
January and April with exercise 
prices of $300. - . " - 


t and Bendix in 
joint venture 


Kong latnd 
sale 


ASL nears profit zone 
after sharp cut in losses 


BY ROBERT MAUTHNER 


-RENAULT, thie . nationalised Toshiba, but these schemes Bendix, for its part, hopes PI, j £ . of “* e most 

French. motor_ <pmpany, and finally came to nothing. In May that the agreement will enable it Somo tn ft- ,£ V .tL re 

Bendix of the U;S? have agreed Renault announced that it .was In to compete more effectively in S tL« ®5 veI °P ni ' 
to rfeate a . Joint subsidiary in project talks with: Bendix - • Europe with its main rivals, such Kon 2 h .?j 

France for the development and advantage for Renault of as Bosch of West Germany. 1° ^ 

J ^ IUC Unking up with Bendix is that which recently signed a technical S? squa^mSf 6 

systems for motor. care. ■ the American company, gives its co-operation with Peugeot- Vn^K-ine^I'n 

TfaC 2GTGd7tl£ZlL- WjUCh 15 Still FrAnrh nnrtnAr o fivit in Hnnr HifTAPn and WftfAfflla. whiph in, _ . . . 


PARIS, August 4. By John Brennan BY JAMES FORTH 

Rindiv Fnr itc nart hnn« fN-ONE of the most expensive AFTER THREE years in the red. Early last year, the Australian equity art 

at The amement will enableif k n <L M,es cv6r recorded, a Associated Securities Ltd. (ASL). snmp, Ansett Transport Indus- AS43fi.0un 
ai me agreement will enaoie » <o rod r» j , ... ,, - n- oc noimut .-.r aci -.rt<»- r 


SYDNEY. Atteu.ri 4. 


crjunii. , d. inu mtcroil rf 
' wu> brought to 


losses from A$l6.6m to only finance concerns badly affected in favourjbb 


- 7 . -,- lrfT1Tr z — • ■. — - ■* -* - — r- "“* —. DC Prot*rtips Corooration sion I0r P 0SS1Dle tuiure losses accounting tor associated com- the consumer areas <if hire r.ur- 

n factory, empmynrg some 500 faetunng some.: integrated disappointed that a genuine Although ir • hAiiAVPd that through diminution in the value parties where income had pro- chase mid perenna! kun tinJnci.- 

peopres'-* y Circuits. : French solution could not be -j«vineni Tor lb f til* Will he oC assets, and a AS3.25m allow- viously been received lhrou«h where uri->.- rec-Mvjtilc- me'-.-j-cv' 

: Renault . haS 'been: looking for It is understood, however, found. srraneed on a HefprriiT aDC ® for u^real'sed foreign dividends. from ,\s SPm 1.1 .\.< iaL'nt 

several .months for. partner in that, during an initial period, the- But the state-owned Renault ov “ ^ f exchange losses. In the latest The amount of profit ennile- The insurance .thisum ji.-o 

the electrordc "components field, joint subsidiary will depend company would hardly have gone ‘.u e nLufi,,, rnnQPd year - 1)361-6 b ave been no pro- men! thus brouaht into the de\el«jpcd will and I 'fled 

Its original plan wia.to associate almost entirely on supplies from ahead with its plan to link up. pvehr nwc t von within vis3ons for further losses apart accounts was ASlJlTm, of which premium mci.mi- from AS -iTm m 

itself with « company- specials- the main international producers with Bendix, unless it had ^1? Knnp’c her-fi^ nrrmortA.' frore th6 setting aside of AS660.000 represented equity in A 87 .4m for thy year. Vri.pcrty 

Ing -" iir die prodnctiOD of of electronic components, in- received some indication from 'iJLf which i« AS875.000 for unrealised foreign prior years' profits. Real estate sales totalled .ASltj.Tin. i.»n--e 

integrated drenits. 7 sn<* as Texas eluding the French Thomson the French authorities that the ,.«rienpins 1 exchange losses. joint venture companies are not again, no dunk-rut uiii 

Mdlorol,. or group. agreement would uot bo blocked. SKSdS 

".t: booms. 


joint venture companies are not again, no dmik-nd uiil !••• 


ProiSts slowdown at Aker 


BY FAY GJESTSt- 


OSLO. August 4. 


NORWAY’S Aker ^shipbuilding last year, on sales of NK S74m will depend on the outcome of 
group Increased profits in the f$163.4m). Liquidity is described negotiations with the Norwegian 
first-four months of this year but as “ in part very good.” with a Guarantee Institute for Ships and 
e .ritrtnhiiini i„ satisfactory return, on capital Drilling Vessels. 


EIB $ 80 m 
issue in 
Japan 

By. Mary Campbell 


Intensive competition hits Aquitaine plans 
Philip Morris Australia offer for 

BY OUR OWN CORRESPONDENT SYDNEY, August 4. 1 Universal Gas 


SYDNEY, August 4. 


PHILIP MORRIS (AUSTRALIA), experienced an unprecedented ■ 

the listed tobacco and wine level of competitive activity au-u-. 4 . 

making offshoot of the U.S. during the year, with price TJ1E KREXCH-CuMRul.LED 
group, suffered its first profit cutting and heavy promotional Aiimijine C<niip:in> of *".i:>.i,li 


a y ?*tf 3 &» U r t d^f fact lhat Wff ships^ ordered by steel deck for Statfjord B. the offering. The Xr 820m wffi pavouf risi from 45 cente w e0 5F etl *S e lr a d ‘"S environment , acceptance by oiher .’.iic 
Cormorant A andjrempdnll- one of Reksten companies second platform on the Statfjord bT 'sold ' on' identical terms 50 ceni ^ sSe ablorbinc ^ wne su i>sidianes both h(lIdl . rs 

'’ n « 10 bad to be disposed of at a loss to field. Aker’s competitors for this through Credit Suisle White Asil JSm It is wvtred by S- f u ™ ed m 5f a ? ed , ™ e The offer will b,- made ,„n 

position in pif2io0 Sea. a 5uyer jn PaDaina owing t0 th e order are the Kvaerner group Weld, in the- European market ines Sf 97 6 cen^^hare Si tota , m ^ rket 10 1978 showed a | ,h - ^ , « er b " n- 

• Pre-tax profits' - for the four original buyer’s difficulties in and a Norwegtan-Dutch partner- Tj-h, u . M j fh „ « , f ron) 1107 cents in the nrevious sn J a ^ improvement- on the; diiuma! on 4 ppr 01 . 1 I b.. «...inmh.in 

months, at NK ;2^n :(S4.67m). financing them. The actual size ship including a shipyard in vea™ * “ pre ous relatively low level of 19it hut , regulatory aulhor»iio<. iiuludnu.' 

| were NK 7m iij)r compared with of the eventual loss on the ships Haugesutid, West Norway. ?: j^ 5 „ H y n- u . .. . «, trading conditions at all levels j ih«* Fnn-ign Invcsum-ni Rwu-w 

; . * be _i. 1 ? uec lT..^ n ir e Japanese The directors said that the of the industry continued to be I 4 

| ; '. — — — rr -— h .. market. Nikko Securities has Australian cigarette industry highly competitive. I c- 

l_j .• . . . . • .. _ • _ been working on the idea fori An Anmiaine sprikc.Mnan said 


The First Viking 
Commodity Trusts 


Commodify 0FFEB 3M 
Trust Bfl>32.3 

Double OFFER80.0 

Option Trust BID 75.0 


Ml 


Surprise rise at Eastern Asia Navigation 


BY RON RICHARDSON 


HONG -KONG, August 4. 


. . t ; •- \ • 

Comrgo Jrtf S SanaraL' 
MaaaBement'Cs ltd: 

S St SBOrge's otreet 
Douflituisle bif Mm 
T el: 05244882 . 


it ivJ- 


GROUP Asia year to March 31- • ‘ -of Japan publicly guaranteed vSfrs^t is^to wi’th y°, NE ST ^f Indus)ries Jnc.and Also, the companies will M ^.' r| ■ s 

Navigation.' Company;, the main The company, which has more Japan Line's charter obligation institutional investors in Japan -^k'arge SA of France have enter into a Joint venture lo n . 0lf mr - in 

publicly Rsted -arin o4 Sir -Yue- than 40 per cent by lonnage of to the World-Wide group and 'will be quoted in Luxem- agreed in principle to combine construct a new 700.000 metric developed and prospective ml 

fvbng: Pao’s World-Wide Shipping its 79 vessels on charter to ailing recently; bourg rather t hair in Tokyo- their Brazilian cement opera- ton cement plant in Contagalo. and sas lands in Alberta. -Us 


about six months but whether 
it presages a flood of such issues 
will ^not be known until the 
response to this one has crystal- 
lised,. both Jrom the Japanese 


Lafarge in Brazilian cement deal 

• • ‘ GREENWICH, August 4. 


Agency. 

| An Aquitaine spokesman said 
l there were some l.flm Universal 
Gas shares outstanding, with 
three directors nf the company 
holding about 27 per eeni of the 
slock. 

Universal holds interest-* in 


-s=p s »^ “^ss; z:l 

: WARpGATf co«jW$>nr : There had been rumours lhat the vessels. the MoF plavs the same role as Clmento Portland Cimento Brazilian government. The stock last traded at .>1050. 

riMD k:h . '' problems of the Japanese in- A final dividend of 30 cents will tbe'U.S. Securities and Exchange Portland Pains and Ciment- Agencies Reuter. 

■ dustiy would spill over to the be paid,' up 4 cents from the pre- Commission and vesterday’s invest Df Brazil will be ex- ? 

.. at 31 k jirf*. i978-.;^iflJ5.;£io.82 Hong Kong owners of Japanese- vious year, making a total of 40 filing- of the registration state- changed for a 54 per cent in- 

■" WCF MANAGBfcs tjHfTED operated tankers, with Tenegotia- cents again-'t cents ment is similar to a filing with terest in Lone Star’s wholly LG. Index Limited 01-351 3466. Three month Copper 743 -2-749.3 

.. p.O.'iex-W- tion of the charter contracts to Last month, World-Wide Inter- the SEC. nwnprt rnmnanhia N aeinnal rie 29 Lamont Road. London. SW 10 OHS. 

-■ : ■*> Helier. ■ relieve the Japanese companies national, the. other major listed The S20m European placement i™ %t»r 1 Tax-free tradine on commoditv futures 

-0534 3059)^’:.'... of some of jheir - short-term arm of the Pao Group, reported is -being run "itr tandem" to pro"- Cimento- Portiand. Star ■ g ‘ 

M«a 4«ito.'3P* A H ii.- i97« liabyities- Yet this has not a 15 per cent higher profit of vide a benchmark Tor the issue Wl!1 retain 46 P er cent * n 2. The commodity fntores market for Ihe smaUer imestur 

■ ■■ ^ • occurred and th? Industeial Bank HKS54.57m. in Japan. expanded company. “ 


• i WAROGATf COrtftftpTTf l 

■ J : - . • 

31k i^ ? ;'jV7«;^| : ili»/il0.«2 

■ • WCF MANAGERS : tjMfTED 

:. .. ^ P.O. ’Bwt-W 

.. . -Sc. Helicr, Jwwji-.. • 

■ 0534 .. 

Next -4«a IlDX '_3 Ik; Auju^ I til 


LG. Index Limited 01-351 3466. Three month Copper 743.2-749.3 
29 Lamont Road. London. S1V10 OHS. 

1. Tax-free trading on commodity futures. 

2. The commodity fntores market for the smaller inicsiur 


ij •• f, • 


COMMODITIES/Review of the week 

Stockpile sales delay lifts tin 


MARKET REPORTS 

BASE METALS 

COPPER— M««a<i erratically an- the 
London Mcial Exchange as llouidatloB 
vird trtih corertng and lnflnential During 
benrcua £735 and £740. before the urwe 


KO^if-XOBC— Crtlori "TiitBres. Prirrc Barley: Sew. 7B.J 5-0.95, Nov. SJ.15-S1.75. XyOOI PITTiIRFC 

paired abool 330 points over Hie wi-rt Jan. w.iA-Sl.Rli. March no traded. May WA-i rl luntj 

lo more acuvc trading. Yesterday's etose _SS JO-SB.SO. Sale.^: 148 |ois. LONDON— The markci u-as dull and 

■ v.m* per jiauad ' : Oca. unquoted,. Oec. .. IMPORTED — Wheat: CWRS No. 1. 131 (eatvele-ss. Bache reporu-I. 

58 38-59.40. r . 'Marc h wiquoted, ■ May '-per eenf. August £81 JO, Tilbury. U S. « Pence per fcili.i 

uimuoied. July imqnoied.'weck's htab-lom-:. pailt Nonhem Spring No. 2. 14 per cent, ;■ j — — — 

Dec. jn.BfcSgjn. Turnover: 231 Ipls i7ji. Aug £76.75. Sepl- £*7-00. Oci. £W.25. Ajrnniluui liberty «+ .m, U .-Iii.-k- 

iranslnpraem East Coast sellers. U.S. Grea*y«.«i t-o-r | - U.^k- 

CIl VLD Hard Winter ordinary. Australian. Arsen- — • . 

31*-'” HIV line. Soviet and EEC grades unquoted la* nJa a 1 

Silver whs fisod 3 Dp an ounce lntur Make: U.S. 'French. Ansuat £69.06. il^^her Z«jM6.0 , — 


I.U.S . iVlar l<.(Vts? 7 s.- 


SILVER 


BY OUR COMMODITIES STAFF : 

NEWS THAT .U.S. stockpile Bills 
pending in the. Senate had beep 
deferred indefinitely brought- a 
rise in lin prices and an eatiyv 
fall. ' Jo copper on- thie • 

Metnl Exchange yesterday.' 

However, copper prices . rallied 
later on confimmtion thai Peru- 
viaa miners were going on strike 
and on rumonro— later denied— 
that an 1 earthquake -had . ■ Sdt 
Chilean copper mines. "v 
Last night the GeberfilServK*/) 
Administration said that- it 
would appoint a n advisory- com- 
mittee to review ■ the.: stockpile 
disposal programme.':* !■ ' .• . 

This came afTer Mr. Qaiy Hart^ 
chairman of the Senate stockpile 
sub-committee. saM:ti»t;4te.-.was - 
deferring floor actfah . oa- Jher ' : 



H D J FMAMJ JA 
It 


4 »st of lower prices." one dealer 
: said. 

' There was something of a 
recovery on Wednesday follow- 
; jng reports that a Slbri coffee 
market support- fund bad been 
put forward -at' International 
Coffee Organisation • talks ih 
London. The stories were denied 
.the following day. though. . 

Oo the week, second position 
coffee lost £123 a tonne to end 1 
-at £1,133. 

-■ World sugar futures rallied 
-during the week. The London 
daily price for raws was set' at 
:HE89 aitonne yesterday — £4 higher 
than a week ago. 

V The gradual upward- moye- 
Ament was - unhampered by 
-reports of cheap sales to Egypt 


moved io S74S. following Comes, do fnr spoi delivery In ihe Lmxlon bullrrm Sep(. £99..'fi. transhiDmem East Coast Man-b - 243 . <- 47 J ' 

rumours of damage la ChOean mines and tuarfcci vwierdar ai 285Jo. U.S. cent **■[[* rs. South African WWie Sept- OcL M .. ’ 2*4 o.nj» i ' 

on the Peruvian nritoe. The price slipped equivalents of Hie fiiinn levels were: spM 139 . 0 a. GUxrow Souib African Yellow liiiV.'" 

to close on ihe Kerb « £7405. Net Bam Si2.0c. down SJc: ihretsmonth SC.Sc. Sobl-Oci. 159.00. Claswnr. sellers. ivudwr J^n : 

on the week was £3.5. Ttmoier: 15JM diirni 33c: slx-rnmnli 573.ac. doim 4.3c: Barley. Sorghum. Oats: Unqooted. i o ' 1 


.and 13-month aUSJc, dBwn 4Jc- The ininal ....; IHPaBT .™, ec ami 

npcntd Bl *B5-2S8p t»50-S51{ci and cUrscd EEC °*L LY . ^ 6 ? RT . LE y* ES Jn ^ 

s.m. + or- u.m. t+or 285 -;Sfi’p (SaaSlic*. premiums cn ( -ctive lodar In order cuiTent 

[ . Official ; — i Unofficial J : i ; levy plus Scpi.. Oct. and Nov. premiums 

— i — - i, iwnh previous in brackets! all in units 


Rallies in 
coffee, sugar 
and copper 


, - v,r '_ ni *. Official : — i Unofficial J — ; ; ; : Jo\t plus Scpi . Oct. and Nov premiums SaleS: Wn (usine! lois of 1.SW ftilos. N| ,. V , |H , , 

' i L ,w ' ,h P r ' rTWC1 * *n brackets! all m units SYDNEY GREASY-iln .irdcr buyer. LU ' rKh - Au '- ul 4 

£ i f j u . £ si L* r.is j Bullion -f tf, u - u • h - j+w of account Per tonne: Common wheat— seller, business, sale*). Mioran Contract: Cm-'l-EE RAULIKD .ii the . ly v on 

Wirflhars • i I* 1 ' J.HsIob- — • clcwo ■— yj79. rest nU tsatneV. Santm wheat — Oci. 345.0, 34&S. 2: Dk. 35*5, iMutresaise Jjadv r*u>int. Hncbe tenon, .1. 

Cult. 717.M.B-5.23 727-8 'r2J tn,v i P r ’*" lB a I i ! JJ4.2B. lUII. 0.15. nil » 1 24.29. rest fill »: 35j. 1.' 055.0455.9.- 42; aiarch 360.3. .Tiil-S, -Pn-cipus twuls Imish.-J Ki.-ady on i.'um. 

$ iiiiviiIm. 737.5-0—6 I 747Jj^ -+2 5 '• i Byt— SI. 14. rest oil (same': Barley— 232.6-3505, 14: M*jr568.5. 364 5, $iC0-:U<50. misnion ! Ilimse .shi.n-.nv.TUr-. ,i> ihe 

Seui’m’nt' 718.5 —5 : - „... . „ ■ ___ „ 79-7*. rest nil (same): Oats-fflUR: rest .5: Jglr 3W5. 370.0-:f70.u. 11: Ocl. doHar-v-pifccrW lunh.-r a-pp-T ralli. .1 

Cathodas- : • • ei«*t 285.9^ —2 | 287.2'. *0.15 n ii i«s.*s. rest nil): Mai re (other than Vt\2. STiSt.’ '373.6.^73 5. 16: Dev. 37SS. ad'-r reruns of a P. rutun vm, Ut Mmr- 

liji. 714-B" — 5.6 - 7SJd +345 ? "H.riili'-, 293 ,— 1.3 29d.55| -0.10 hybrid (or seed i 49 >—7li.(r2, re si nil 1 75.35. 374,5. 37SO-3ifear 14. Total tales: KS lajfL down. Sunar mutvii alu-jil mi Oomnus- 

<ru>jnib " 734-^ -6 ' 743.5-5 -1 ftwnili^.- 3C0.Ip -2.3, - .J 0.I6. 0.16. nil): Millet— 65.72. rev nil ■■ NEW ZEAtJ^KO-- CRDSSBBEDs— tndi s^on . Uouvt. .huvum and industrial nn.;.- 

Sect I 'nj a ni 715 5-B 1 11 mt.iii 1^^516 -2 J * — itamc*: Crain 'sorghum*— 74.27, rosi nil and feafiseless, Sacfco rpponptf. . DpC. “aifrcr riT**in?» uf j -iuwer 

V.$.Smi j- - ..... 63-66 ' ZZ LME-Tnmover 92 U32i lots of 10.000 's»mv'- Also for floors: Wheat or mixed IS1.0. IffiA umraded: March 1544. l$5.0 ««JWus 

• . ’■■■ . — - . Minu-s. Minins: Tbiw months 29S. 3.2- vrtteat tmd rye — 12S.07 il25.0ii: Rye — untraded: May 185.0, 1S7.0. uturari-'d: July Cocoa — J5; 35 •>151231." TV ,• 

A ms tea mated Metal Tradinc reported 3.4 5.4.34. 3.8. 34. 3.7. 3.6. Kerbs: 124.35 (124 35). 1S7.O-1S9.0. 130.0. 2: Dec. ifO.n. 102.0. on- H7.9otMs.43,. Mar.i, i«.9u. aTo'v J41.3-»! 


X j X j 1 : . £ 

Wiraban, ■ _ -J- ; 

L%al«... — i 7l7.WV5-5.25. .727-8 '+25 
S rnmniw. 737.M-6 I 747^3-8 +2.6 

Settl’iirm. 718.5 — 5 ; — 

Cathodal . _ J - - 


A ros tea mated Metal Tradinc reported + 4 - * 4 . -^ 53 « 37 u Kerbs 

tars mad^S T Dl clrtad^ Thn-'<-‘ months 2 «j,' 4.3.' 42:.' 4 4. Kerb* 

m 115 ' Thr ' - monUl * 2»4-5. 4.3. 4.2. 4.4. Kerbs 

tnree tnnnuis «34. 34 j. Kerbs: Wlrebars 1 %. mouhs 294.1 94 93 6 

three months 1729. 39 j. 30. M.3. Cathodes ' 3 ^ ' 

cash m«. ADvruoon: Wire bars three . 

cnoiuhs £743. 45 j. 46. 47. 474. 4S- 47.3. 47. CUV-UA 

47.5, - 49. Krrbs: Wirebars ihree mronhs „ . • . . . 

f749. 4S.3. 4S. 474. 47, 46.5. 46. . . I ?^2' na,Jy ^ J? to C0W,J ' 


RUBBER 


traded: Pee. IS9.D. 191.0. umraded. Total July iiaij.i, Srpi. r.T.fti.’ Pi*. T 4 77," 
Mice:- 2 . tfiU! lots. Sal. «: rtU |ok. 

■ ' t* , ’ ■ ’ ' Coffee—: 'C" i.'unirji.i in-m. 12J.W-I-! ml 

MFAT/VFfJFTABI FS ,Jlw '- n3.=u .n; iu>._-i. 

IULn M • T *-' v **- 1 May 1U3.W,-. Jiiiv i.tn .Vi- 1 (K M. & |>i. 1117.011. 


111 /wi «v wvm . . . .. • ^,-jupuiLs 01 cueap aaics 

proposed stockpile BiEs- iijdefl- for the first time for China. There was even a cut 

nitcly because of intense . lobby.- dsapite earuer re^iris yjg | eve j of export subsidy 

mg. : - T - : ■■;■/'■■■. 3T.toat rbeavy ^sbipmems fixed at the EEC’s weekly tender. 

Although there was tiucer-‘.L aiin ^* e buying were imminent;- Gloomy prognostications from 
tainty about bow long, the -stock- _ However, the market turnen.^ Sueres et Dentees, the Paris 
pile bills incorporating sales .of round quickly on an annooncet sugar house, also had little 
surplus tin. would be delayed, ment that a strike had hit the impact on the firmer market tone, 
lin prices jumped in. London. ,po smelter-, and Toquela mine December sugar gamed’ £4.15 a 
Cash tin gained ‘£155 to £6,657.5 in Pern. . -tonne on the week, closing last 

a tonne— £1323 up on the week. Cash wirebards closed £2*5 -to night a t £93.425. 

Reports of some buying . by bn the day, and £4 higher on- The British Sugar Corporation 
U.S. steel nulls, and the- prospect the week, at £727.5 a tonne,;- -.reported yesterday that the beet 
of more to come, brought cover- Coffee prices rose ' sharply in crop was growing well, although 
ing of previous sales -as. weB as the week. The - increase was it was too early to forecast yields, 
fresh buying interest _ r ... . «icouraged by' caffs from- The cron.' however, was. past-lbe 

Copper fell in early, trading,- St*. Arturo Gomez JaramiUo,' atage when disease could affect 
influenced by the stockpile: news ^ president- of the Colombian- although some sunshine would 
and the U.S. international Trade -Coffee Federation, for a system be needed. 

Commission's finding, that . ini- of quotas to regulate exportsT^ j. Beet tests io France showed 
ports were injurious to. tfio... As the market ;digested this that : the sugar content waa r not 
domestic copper ihdnstry..; - news.- ‘‘however, - prices ‘ feH-np to the. level at this tiipe last 
Aiding the downward . ‘tr.faid rapidly. " As no action is llkdy’.year. Roots were lighter at 230 
was a forecast that LME ware- to be taken, for. some tiine^-flw .grammes on average compared 
house stocks would -ris£ this- wefek £]oota demand amounts to a fore^with 257 grammes last year. 


Tin— Oahtcd ground m active Tradinc . . 
as forward metal moved op from M.450 *■ L "- 1 A 

to £6433 on bedee-boyine acainst rtraical ; 

business. Commission Bouse buyina aod Au.ot.nurt; 

bear covering. It 'closed an the Kerb at fT* 11 

18430. Tlw tnarfeet was moved by the 

Congressional delay of slock pile tin re- -'I 1 "' 1 ' 

leases. Net gain 00 the week was f*".' •• - — > 
I3B7.5. Turnover: 1,778 tonnes. 


Price; eased marginally 
lions. ClU and Duffus re 
Veswniay'R- •+ 
l‘LK.'i )A . • Close .' ■ 


tVt-Uer , &4I-W4S' 55. 76-56. W, 55.50-5540 


up TS 4 per crut. rver*uc MI.SO l ..Couanr-'Xo. 2- U,i hi 4Vrt| r 3j> m-Uji, 


• a. to. ■ [4- ur itm. If tor 
TIN ; O HI "in I | — • L : nfdlt-« ; — 

Sajrii 'tirade S' £ £ * K 

UiSi I 6625-30 +99 6650 65 +155 


praduce: Onuses— 5. Afncan: 


Sale-. 2,123 (24381 Iota of 10 loones. Sales: 143 i2P5> lots of 15 tonnes and Laic 4.06-3.10: Brazilian ivras 4.36-7, .30. j r , lh 7ft 
Intern aiJsaa] Co cm Organ Ssatkon cu.S. 2 t20> of 3 lotmes. TanveHtas— BrazJ 0 an 57 S.Ss-7. so I luiv 


Aticusi 2£.‘4l'. "•■1. 22S.7H. r*i-i 


ceni, pbv pound)— Dally price Aug. 3: Physical closing prices >buverK, w«tc: Lorn 


Kalian: 160'120's inw crop 3.00- 


Btandardl 

t'SHb..— ...I 6623-50 +95 66SO-6S !+155 
S tiionflis., 6495 500+52.5 6530-6 +117 

Scirieiu't v b650 :+98: — 

AnluE..! i 3-1715 — lO ._ — 

\ev Yrirk. — — 


-z---- 151. IS ■ 150421. lndlcalor prices Aon. 4: spot 52.75p 1 53.25,: Scpi. «.73p «56>. 5 76: Spanla: Trays 148-2.M. lart-- tLard— Chicaan l>-«>s.- 22.7^ ■- ny 

1 ton 13 - d!,v l«e.64 1 J43.07)i 22-day Ort. 5Hp (5045,. 4-20-j.o«: S.. Africans: 4.20-4.00. C rape Fro i 1 Prim.- sn-ani 24 27 ira.I.-d •24.35 o'.VxU. 

. + B : - aver JZC 1*4.37 (144.W I. -S. Afrtian: 27/72 34U4>. .laffa: 40 c tMa'UC-Si-nl. 21S!-2I*‘ ,r«i-. P--V 

Btaniianl 4.30: Argentine: ,\oby Red *2 sc 3.»- 22«-226i ,2271,. .MaMt .May 

1 m nniV f^tTrfwi gS5Q-6S ; r 155 rn pprr Cf|V ARFAN MFAT S-M. Marnh Seedk-sa 4fl « 4 2»: Califor • ** -»“te W!. *ci» 

5“???*.H! ! 6 i?A2 0 ^ + ^o 5 : 6530 ^ r n7 . CUrrtb aUlAotAn mEAL c j an: Man* Seodire* m 4-0 . m im ^Piatinom-O, I ^.- MH i-rs.-,.nii .Shi.*..,, 

ROBUST as traded in a £28 range today futures close 20p Higher 10 28p tower Apples— French: Coidt-n D<-luions 20-lb j a n. 2r*..7tK.'B-.7y 1Cri5.nu .. Apnl J73..*«- 

in quiet TO actions. Drexel Btzrnbam re- ner tonne, after a very oulct and feature- M's 4.56-4. BO. 72-8 4.30-4.7)'. Iialian: per 273.4H. July 27~Ji0.277.ifl. u.-i vm .a- 

ported. An. etpully weary performance Irtt -day. Reuter reported. I’ 8-SO. Golden Pcliciom 2>1 n, Jan 2‘ .',iiri| ssm in. 


Morning: Standard ca^h £6.600, 18. 20. in NW York gave London traders no : 

three tnnstbs £6.488. 75. 70. SO. S5. 96. 95. incenir-'c "aid ifie market closed tin- 

£0300. Kerta: Standard Lhree months chacy.-d to slightly bjgber on the day. _. 

rajoo. .Uteroopn: Sundanf casH £6,678. Marki’i cataloo-was stfll principally due 

lhree 'months 8*513, 20. 58. 23. 38. 33. 10 dnubts 'over- producer strategy. .. 


1 Yemen lay +'«' 
1 I'kwe ' — 


Biisiihks 

Ifiine 


Kfirbs: ' 'Sta ndartf " three’ monibs £5^38. 23. — 


j Ytslcrday'* 


Invert otine 

..104.20- 12-0- + 1.10 04.00 

..MCb-BO-iaO +0.15i lOjetwri-W 


r> Rome Beauty D.M, Gulden Uelicioiti 2>| *«. Jan 2.‘ ’.7o4>». , in. April L>i ]■, 
0 1 8-0.22: Tasmanian: Smrnur Pippins 200-4). SjI-«: :«r»i fcm. 

9.40-iO.on. Democrat 11.00: 5 . Alncan: • silvcr-Augusi fliS.r.i .747.70.. Sent. 
G ranny Smltfl 9.0MJ8: New ar,.^ ,551 no*. Oel Sh..7o. Due. 5&:.MI. 

crop Golifcn DeHeious 0 ls-0.23: : Vrenrii: 3m y t:ML MuFt +, ^ 5 y, l/lir 



LEAQ— Vdry’ steady as forward metal ZT7Z ~ ~ \ i>W,e ' 

moved up front £521 u £529 helped by ■ ■ *- peciopnc . | 

improved, wnunrctit and the narrowly ,. . ; , 1W , . Inf) « , QK ,n, 

nf lie contango. Pntfti-taklng dlpDrt tbe } J®® 25‘5i J f|5 

rise and liw ctose m Uu- Kert was EK. Jilted +M.0. 1132 IK* 

Wai pdjn m fh#i ftppt wmq ft] l TlXTB- W70 1075 —(IS. 5, 1080 1054 

taer- 4J73 ltaMS. ^ ^ Marcl, 1030 1035 -01-0. 1040 10 lb 

_ . . ,oon ^._ - . Jla.t 1 1005 1020 + 09-Sj 1000-970 

‘ * -8.ru. +nr! t,.nt. -4- or Jul\ 893 1010 + 12.0' 980-964 

-LEAD 1 Oflk-tei : — . I'aofficfit’ ; — ^epie:»i«r-.> 940 1010 — i 

ki t. ■ "sale- _ ySi «2.asi' loi< rn 5 (maeZ. 

; 321-5-2 -r2.rs, S22-3 +1.7S ICO mdkuar prices for Au«. 3 (U.S. 

atmmtnr-, 328.5-7 +2 ; a27 .5 +.B2S cem> per aourtd): Cp lorn Ola Q Mild 
s«tt ini ni) -322 +2.73. - : Arabii J-t 168.00 nra.Ki: onwashctl 


tuKf'EE !. '+« Uu-intm UeiTiiibtr.-. 1 110.9 >11.0 +0.06 11.0 -lu.90 


Kdraij ai1.83-12J5 +0.15, 12.03 

A |»r.i '112.00-14.5—0.50; - 


EaglMi pvuduce: potatfH-s— per 25- kg 
1 , 60 - 2 -M. Lettuce; per 12 '■ Ml. Cos n.w. 


Seyabcans— Miumt bl>-aUu uC; .. s, nt 
**111 • Nut-. iie;-i»ir. ,ijn. cm- 


LONDON DAILY PRICE (raw Btigart >»■»* _ Bread ««*»“ per lb 

09.00 1 samc> a loniu.- df for alloimeiH. I * u 5 Be . r 8* an* — (*' r lb SUvfc 0..0- 

WWU- sugar daily price was toed ai Ma. GndUd 0JBA1L Pcas-por _!b 
£ 100-30 (£101 08 ) 0 . 08 - 0 . 09 . Cherries— per to KlJik OjO. 

Scattered sctl-ai^icsi orders at tpe While 0.«. Beatrew-ner 2«-lb OOM.M 
open me found few takers and losses of Carrels— per 2Mb DJB-iao. Capsicums— 


Julv ifip.wUiiB.iri, 


aiNfXKfuber Influx bv ute «?!«> .^^edjbe ^hteb^af tteto,. 

zinc— H igher, umoewsa by me pet- 3 ; tkec. m. 00 . I 23 .so-l 22 . 00 . ^uJBlr 1 1 1 

^ 3: F cb. 117.00, T24JO. untraded: Apnl Pref. i'eoietday ► Previous f Hunueu 

^ U5 WI - 123Jtt - Mradcd: Judo 113.00. tiwi.inJ Clow (.lose | Hone 

1 .’JL 14 * vsm.jbmo: Anmt 112 . 00 . 128 . 00 . u.vm. '■ 

week wag £7 -25. Turn ove r: J RIMb^ an traded. Safes: 14 ( 11 ) lens of 17.250 - — ‘ ! 

I s.id. |+ nr' |lui. -, *+or liflos ___ Epertnnne 

SSINC I Offlcmi I — L-rndDciai, _ . l ” " " ! O l l SI.W-h1.75i 80^5 90.65. - 2.0 J 90^5 

— 7 . . G RAINS - : » ftiS 9230-9135; -s.bO Si 75 

Cadi... :.j3l3.M.S + 2.7S 315-6i :+4Jtt LONDON FUTURES (CAFTA1 The' iJojft »wSm£!lJB' 

5 oimaA_| 323.75-4 +2.62. 525-6 ;+4^S market upa ed unchanged. Aril report*. Aug,. lNA QjSlOi w Pfi SftlW.Tfi 

a-mreuZl 314.6 ;^3- . - • Wheat renattad fairly firm throughnui the. 

l J nu.WeBi. — . — ...• 29.81 ...... day to * r*e*Pi»aWe two-way trade to *llu lD-1IX0ilO9 40-U9.75! 

• - : - tto-v un-rtatuwj to 1Ba 1<wcr . barley saw - _ 

_ MornH ig- . . three months £24. 23J. yen luNf boring fntercsi and. in fairly Salas:- 2-046 ii 260 ) lens or 58 tonnes.. ' 

Kerbi " •w'tHte £324. 2L3. ATrenmnu: oun tradlna rondibimh dosed 30o-15p Talc and Lyle ex-refincry pnee for UC7W JONES 

** “»» S^'S^' 2 S’E«"£ is? 

.££ »"«*' • ' ■ ST-ley LJ 1 

■ tKqL ->Mtertrm 4rnr -Yenewtarv + nr '«* n ’»te*al Sugar Aareemcat «U.S. 

r’ft'nrrvv M ull <&* ■ — ^-kZT' , *lS cenrs per jwtod ft* and Stowed Caribbean 

COTTON ’■ _ — -J t-U+ a j — pom. Prices for AHA. 3: Daily 6.78 

LIVERPO OL CO TTON— Soar and sWp- « ilrl'S '^OK^IHt^r *hjtnrftr l ''prjnrt 

aaiMmlcd to .« tnns, bringing ' ' SO^O ti'^n AAin*" 1 « to » points on the wee* iti 

the total for the week to SSj tons against *"■ u 2 .un fe'|2 I'chi trading. .Ycvrerday'a dose (cent* per 

’2.™J5K?^ Ber “ ,0 “ SJ? 3 of |n -0“ P"gnd»:.SepL unuooted. OeL WWjK 

iu variant. American- type dbalrtiea were J?-*... "y^ . 89.60 —0.50 j sn . 7.65-7,45. March 7J8-7.6S. May 7 . 50 - 


FINANC1AL TIMES 

Aug. • } Ana. 3’)Ut>ml, b-F| Ytir "■-» 
g 36 . 6 81 a 35 . 23 l.. 25flJ?l | 242- 77_ 

(Bmk Oofly J. 1852-1001 

- REDTEffS 


WINNIPEG. August 4. tTRye — Ort. 
bid \89.Sfti. Nnv. W{M assort ,«n 
nom i. Dvr. iTW. Mav yj.Pti a<J:vd. 

ftoais— 0 . 1 . n.4i» bid 1 71. M hid.. D.-r. 
Ti.so aefed 1 71 GO bid >. llarih TO 7n isb-,1. 
May 7i)7il ashed. 

pBariey— on. 71 no 1 ^ 74 ) bid. ' Die 
72 JO asked •72..W askidr. March 72.jri 
bw. May 72.30. 

S§Fla»«d— On. iKi sn 1 j.t 1 . 7 n hid,. 


1 1 "Ulkut Ci’li'DC i-i: 


1422.8 U42S.»^T452i I 1506.2 
(p**: Sept ember IS.' 1921 = too. 


grauuialcd basis while sugar was C 54 .So 


InternallMil Sugar Asrecmeat tU.S. 
cents per potted fob and stowed Caribbean 
pom. Prices for ABA. 3 : Daily 6-78 
16 - 51 ’: i+oay average 8.34 t«, 3 l>. 

HONG KONG— Sngar futures Prices 
gained 40 to 50 points on the week m 
lucbi trading. Ycmprday's ritme (e«us per 


Spt* v..:i 5 a. 4 & 38 *li.B 6 56 ' 67 ' SO . 78 
Puhirre -345.62j41.BB-' 4160 55.6 S 
■ '. AVeragfr'i'9ti;506= 1 pa ■ 

MOODY’S 

" ~~ I Aug. vy^.-ST.yniTVS'i 

lloodr.’i [4 , 3 , . » K i *icu 


f "Wheat — SCiVRS |:>5 per ii-m.- protein 
conii-nt cir SI. LauTvnL'i- jeJ.Tn «in2.:a>. 

Alt fpm« Per iwiintJ nc-u.iri.’hniKv 
unl’-Ms othi’nrisv siaiid. J is p, r trnv 
ounv« — 100 nunc.- luls. ■ Chiiagu Ifmcc 
*s per ion ihv — Dvpi. of ak. prices' pro- 
viotis day. Prime sreain fuh. XV biia: 
lank ears. * O-ms to-r 35 lb bushel ,-x. 
ivan-hous’-. .i.friw bushel luis. Cs p,-r 
rrov (inner, fur 3fl 117 unit *. (. f (ij.g p t . r 
rein par 1 iv di-lltenri W 1 ij’.-nis i*-r 
troy oudw «->• a rehouse 1 New p •* 
contra cl In at a short ion fnr hub- loi.c 
nf IPO shun ions drl.wrd • (oh esrj 
Chivapo. Tnledn. Sr. I.ouis and Alton. 
' * Cents Per 90 lb busltvl in slnro 
t) Cents per 24 lb bushel Cents per 


t UMWMiJ-' Nominal- p Madagaaewi 


. .rtiTj-ft 
*=«. '"' Hi'. 


iu raioas Amencan-typc dteBtna me rrVM. 89.60 -0.50 J.i. T-di-t.^r Marrt 7^-7.^: May ^ — -- * l J «r -4 lb bushri Oms oer 

SmH— uS&SSSS £ ss#L^. s^S 


x ■ 








IS 


UK anaesthetists! 
go for higher 
pay in Europe 


FINANCIAL TIMES REPORTER 


BRITISH FUNDS (699) 

Jbpe Anns. 20U® 

2-'<k Anns. 21 (51)7) 

Ok. British Transport stk. 1978-M 64 h 

Jt ’t* '« ,’M >4 

2 '.-P< Con*, ilk. 20 b® T»® 

4oc Cods. Lit. 30,® ) u ® l ( l|t 
J ! :K Conversion Ln. 3560 ’in *, Ai tn | 
S« Ewhequer Ln. 1976-79 99.39 99. » I 
l-J'ioc Exchequer Ln. 1996 1071:0 Vi ’» 
Six Exchequer »tk. 1 981 B6-27.‘6oth»j *u 
_ i» 17/64*11* k. J( I 

Jpe Exchequer sck. 1983 81 it \ <■» *? hh 
lOoc Exchequer sU. 1983 95 'Ia® Hi; ‘a Jla 
B'jot Exchequer sck. 1363 91- j_«® “it •« 
9U0C Exchequer stk. 1982 93 b® 29 64th* 

[gialK 1982 A 33-2i:64lhs4 b« ■» &6> 
9]^x Exchequer nk. 1981 96 q L> u 
lope Exchequer stk. 1983 9S'i»® >*i >s »<» 
IOmpc Exchequer it*. 1993 BS'is J« 

10 ;PC Exchequer stk. 1997 SSbt® "h 
12pc Exchequer stk. 1996 98^ 

I2pc Exchequer stk. 1999-2002 (Ih. or 
L96pc. 813 pd.) 15'u. 

12pc Exchequer stk. 2013-17 96 ‘x® “n 
l^iipc Exchequer stk. 1992 9B*,&» L )»» 

1 2 '1 pc ‘Exchequer stk- 1994 99'in® b »» 

*4 U 


This week’s SE dealings 


Financial Times -Saturday -Aligutf 5-1978;/ 

H*nc C89rotT^>».._q»i ist 


j Monday* July 31 r « g« 

I Friday, July 28 : — s * 517 


INCREASING N LUMBERS of community medicine, said that 
anacsUietisU aru seeking posts He attributed the shortage to 

in Lhc EEC where .they can earn the higher salaries available in Exchequer sck. issi io4>«s » H « 

up to three tames as much as the EEC. the U.S. and Australia. |££ Exchequer «k. igao to**® -i«o 
Iii Britain. by September they would have to F^ns Ln. 1978-80 94b« b 

Tho Department of Health and Cut the numbers of operations lp?Vuii*n5 ,9 Ln. , ''i9gf 7 63 1 i.* 7 5A S^zh- 
SociuI Security said that the by up tc . 200 » week unless the j* s f „■»*„„ Ln . Taas . 37 B0J .* „ „ „ 
- iional shortage had arisen four_ anaesthetist* were found, so * 

3bnc Funamg stk. 1999-2004 iReo.l 36 * 
5 >:pc Funamg stk. 1982-B4 83 - b.: ' “ 

>« l« 3 lit. 

6/ipc Treasury Ln. 1995-98 63b® 

7 Upc Treasury Ln. 19S5-BB 82 U; •» 11* 
7'*pc Treasury Ln. 2012-16 65*1*0 U® <i® 


Friday, August 4 r; 5,673 I Wednesday, August 2 *•«••••.• 4.754 

Thursday, August 3 4 1 5.746 I Tuesday, August I 4,374 

tub' list below ream, ell mttn las'* markings and also the latest raarklnss dor bis tha iwwfc of *W snare not dealt, la >«*tantey. Tbo teW » *» dte Ungnh l w d 
dM dace <ia pareufwsH). 

The number of dsalhte marked m each sealoa fcrfbws the name of the , casts, «d «* m auut, th enter*. bo regarded ns • a& Hto.SFXZS.** 
sec lion. Unless oiherwbedeoSSdrtiares are S tally paid and stock 088 hMt twfaw h» k®M .dona. Bargains are redOjdyd tettt 

paML Stock exchange securities art quoted In nos ads and fractions #F mauds | . Ukwp M 2J5 p Jn-entr. JudteUi transactiens can be tatliida d W p>9 fom^-lna 

or in pence and Fractions ol jranec. 

The. list .-help* gives the orreet at “hleb bargains dene by members •* 

Tbe Suck Exchange have -teen recorded bi The Suefc Excbam Pa lly 
omclal List. Members are net rtllaed te maifc barsafes. except la special 


day’s OUleUi Ur. He Iffdlcatioq u available as u irhstber a bantam lepmsewu 
a sate er purchase by member, *f the inbUc Marhmgf a re ne t nossariv 
In onto' of exeCHtm, and only nt barsatn In any one Mcwfty at any ana 
price Is recanted. 


ioreli Hydro A.S.* .tfjKftaoi ~ d ~ - . 

ts? jar 

IS, 

tnnnern Enatreertne <2&al umA ' 

»:■ 9 JO lit. .B^SprPf. 

. fld'« (liBJ. SpcLn-. 71J; 

J Uorthorn Foods '2 *p> . 101® i ? .7 p- 
fay 125 pi TOO 1 U 81 . ft^SKLe. 120 ■ ■■ -U*» 
Norton Wrtght 11 Opl 17M ■' ■ 

Norton IW. 8.) IHKKP.7 l3n) s»v. 

Norvit Securities «10n) 19® ii-a, - 

rwre*! noirt asm. 9S 

NBttinBhaai Brick «sooJ 290 (s-av 
Nonlngiuni MamlsctorKia him 
N wrtMn Precede tioo) 63 1%.!^ A 


1 Garcaini u Special .Prices^ a Barpawis done uiih or beroora con- me mbers. diBarsains done previous day. # Bargains done wJUt members or a fecogntesd Smck 
Exchanw. <li Bargains deae for delayed delivery or " no DanaK-tn." SA— SAratraflan: 3B— SBabamUn; JC— *CanaOt“— ««*•.-- « — ai - ^ rsmetean : Ml*- 

SMaLvan; iMm iiirrtrm - $nz— ^ Z eala n d^ JS— ssiflfiaoorc: suS—flUnKcd Sutcx SWl— S^veat Inol a iL 

Brown Shtelw HMpc. 22S® 12181 _ | BUckWMd HoMe i26ol 65® ; l® 4l : s SilDuehlll W^./'W-MOJIiW 


deipile the fact that 4 per cent 
more qua I i lied anaesthetists be 


"To put somebody to sleep 
_ does not entail linguistic ability,' 

tMiue available in Britain every ^ L * sa consultants found 

ve . ir ii worthwhile to go to the Con- 

' The shortage, also caused by tinent for a few wecka 31 a tin,e Tr - waunr Ln ‘ W4. 

th*.* increasing uiieb of anacihesia 
in modern medicine was more 
acuio in rural districts. 


, . . , , . , . . 8 J«qc Treuurv Ln. 1987-90 B1 ; «® H 

Under the doctors latest pay •* ■■« |j i»t "n. u 
award, anaesthetists, in common 8 ,'j“ }*£" Ln - ' SB °- S2 * iL '» 9 * u « 

With Other consultants, earn 3 >:pc Treasury Ln. 1984_-B6 BB»i»0 9>m1® 

between i'9.528 and JE12.084. But a*Dc 6 iro*iuX Ln 9 '*99V7s^« >« j. 


The Department was comment- ^ey could ^arn up 10 three limes 9|K Treasury Ln. 1994 82 t t,« ■. h l i; 

. pn . u «5 ue « b { r 5 e ^ leve - as much abroad; Dr. Briggs said. ^ T «& L &.. 1 TS?!oW : V* " u 
Jam! Area Health Authority to Cleveland’s formal request for ,2Dt 7 r e»*“ r T ibbj 102 %® ** 

bon-uw speeb lists friMii the army t h e short-tenn use of specialists li^'CS 
liospnal at Catterick. The auth- from the Duchess or Kent's *5^ T,MM1 
oniy has been trying, without military hospital at Catterick is J 2 ^pc Treasury Ln.- 199 s 1041*0 j«® q»® 
i«wn. to fill four vacancies in now being considered by the 
u> mm hoNpua-U. Defence Ministry. Army doctors 

Dr. Pcier Briggs. Cleveland already treat civilians in the 
health authority *s specialist in hospital. 


Scots MP wants £lbn 
oil money for Assembly 

IF THE i> resent Parliament sur- who campaigned for an Assembly 
lives min the autumn, a Scots with economic and financial 
MP will try to win a share of the powers, 
newly increased oil taxes for the 


a up - 1 


Scottish Assembly. 

Mr Jim SiMars. Scottish Labour 

MP fr»r South .Ayrshire, sard yes- 

tenia y that he would introduce 
a Private Member's Bill which Industrials 
would divert Ilbn of the £4.4bn [J," 1 ’J" ,j 
extra oil revenue to the ui!.r 

Assembly. 

“The present Assembly Bill has 

tvm provision f«tr an altucalvmv of 

•ol money, and is bereft nf Humo inii"" 

industrial powers." he said. iin.-in*i*-. 

“Th«jM* are serious deflcicncies», ?!")"' l,n ‘ w - 
and will prevent the Assembly Mxtey ti-mi. 
being fully effeelive in tackling ; , j’V - '"Jr 
Scottish problems.- 


SINGAPORE STOCK EXCHANGE 


Aul;- 4 


u® 

13 Lac Treasury Ln. 1997 106 ■*« 4 •.« 
I ,» 5>. 4-» 8 

13V>ac Treasury Ln. 1993 VVOI*a 109 LC 

9® L -inA >l 

.4 :oc Treasury Ln. 1994 ni'ip.e ■« 
iS-<ac Treasury Ln. 1996 1 20%* ijo V 
<• ■"« 

15 :»c Treasury Ln. 1998 124 l i® 17: 
2 >*pc Treasury stk. (Reg-) an or after 
1- 4175 20>'„ 

3 pc Treasury SIX. 1979 95 ,< !a® b ? i* 

3 pc Treasury Stk. 1982 SSLtD -n® L 
3 pc Treasury stk. 1962 BSL9 HO ■; *t ^i* 
3 -pc Treasury Stk. 1977-80 IReg.l 93"i» 
4 

3:-pc Treasury sik. 1 979-81 (flea.) 90*i 
90 i- >h -'» 

5ac Treasury stk. 1966-69 (Reg J 68>i»® 

>4 B 7"» BL ■ m 

S ;BC Treasury stk. 2008-12 (Reg.) 47<i 
6% 

8LPC Treasury stk. 1982 92*i» >i 
9 Upc Treasury stk. 1982 92-itO V® Li 
1|A V If M 

9>-PC Treasury Stk. 19B0 99>i*« L >ic 
9 Udc Treasury Stk. 1981 97 "m® L® 11 it. 
i. »* 

I a pc Treasury stk. 1992 85 "sO 6~u*: L 
6 ■ 1st I- 

I 0 : :pc Treasury stk. 1979 100"» "« 
10'iN Treasury stk. 1999 HB ■ •» 

II.-PC Treasury stk. 1979 101-^ 

11-;oC Treasury stk. 1981 101 "it® -isa 

I I upc_ Treasury stk. 1991 97*0 ■* “r* 

1 2 pc Treasury stk. 1995 97‘nS H t- "i* '* 
13 pc Treasury stk. 1990 105 ,® 5tw 

>■« L 


, .’Z- . is sun? iasj,« un, OtvergorSoii DisttHers iHidos.1 WSat 

7™““" i,k - 1982 10=^® Lffl J-lMartjnrid Brewery 284 (2«1 
“ '* ' Mars ton Thompsons E*ersnmi ' i25pi 790 

Scottish Newcastle j20pi 67>-t« B 7 B‘t. 


Din Klm-irli: 

front, Mr. Mui*ihhhi l*i.' 
n his Bill 


On the indusl rl:«l 
Silbru will alicinpt 

to romnve all Westminster amTJ itart.i" 
conirni and inducnc? from the t ■•m.?-i«i*sv 
S cnJiich Development Asencv. *tu»it*Mwm 

' , , , c-lmlLh riini-,- 

The next three years should -ta7*i E.m 

not be wa<ted years for those 


,Sl re i l«Tnu1 ’p| 6.75 
ii.Ni Time* Pul,. . 

I.Wl ' Horlut.l] i.Ht 
6 Jl". KnjiiM-ffryj 1-64 
•!,. Uv’n Uk . • j.W 

IWnino • 



i. p.y .'Clieiiiirel 4.S4 

l.-« W'tliiu J«.-Lk.: IJ6 

.Bobbers 

6.150 | Until LtnUtbKi l.’M 

; J.MiiBli Until 1 > Kntair 4.7* 

?.» !Keni las I 3.X0 

ii. oa r 

a.’.k.lq). J I g^i., (3,81 

:.V1 ilim I Northern Ireland 6'tnc Exchequer stk. 

J.OL' .Atvtl ret. Am 4 I 1979-80 92 I* 131-7) 

C.»» Uerjiinlxi ic.OJal 3 "* «rt*"’plion stk. 1986-96 

CORPORATIONS (34) 

FREE OF STAMP DUTY 


Gibbs la.) Htaos. 


44® 4 (3/U 


Glllctt Bros. 235* 

Gnnaiavs Htdfls. 'JSpl-izg 
Guinness Peat (Z5P) 245® SOL 50 45 
Hambrre Shares i15p) 160 ® ao> s 60 
Hill Samuel I25p) 94* 4? SipcLn. 67 ; 

Hongkong Shanghai iSHK2^m 3399 
54 2 5 SO 

Kevser Ullmann. HJdos. (2^,> 486 7 


BPue 8> Crrcte" Iqdmrtri^ZTJ® 571® 73* 2 

Blundell. Penncwlatc Hides. (25s) 74® G 
• 3181 

Boardman «K. O.) Intnl. <5 p) 1 S : 2 <3, '8) 
Bod yea re Intel. i23p) 66 _ _ 

Bolton Textile Mill lSd: lOi.-O (3.-81 
Bond Street Fabrics IIObi 33i» _ _ 
Booker McConnell <5 On l 282 1 afl_3 
Booth rinccmatlonal 
Boots <25p> 223 1 
68 


Kinq shanson i20n> SB 

Klctnwort Benson Lonsdale f2Gpl 102 
Lhovds 2580 62 60 SB 7 S. 7 ^1-n. 

aa« I.® >318) 

Mercury i25pj 122® 20 • 

Midland 353® 3 49t 50 2 49 6. lOUpcLn. , , - - 

B7ij. 7 -ocLn 80 h ■ Bourn© Hcll iraswcrw i25pi 2050 7 5 2 J 

MlUter iatCl 1 , Bp-, a ter CM, IS* 5 8 4 6. 7 pcCuv. 

National Commercial Bank f25pi 71 2 - a A? j 2 - 8 *. . .. 

7QI. 2 & I TOC PI 43I-* ■ Bowaier* Newfoundland 4:yicM. 3DW 

National Bank Australasia is All 217® 1 Bjy«Uiorpe Hldos. 'IQpi 59 8 60. 7®e 

National Westminster 267:4 s® a 71 67 ! Um.lij. 54. 

3. warrants 90 2 7«Pf. 57-:* (3,8. ; Braby A. [ 25 P 1 


Ossie Intnl. (5s) ISl 
O uport (25P) 70® 2> lOpetn. 11« 11 

Chirapipe *25rt 143* 40® 1 am 

Dutton -For shaw Gm. (Z5p) 50‘i 

^N.-vtS. 

<25p) 65® 5 (3 83 

E— F 


vwe «&ftas | & 

E/LaiS^ Paper Gre. (25*) 56® 7»i ■ 

I! Midland Allied Preo A C2So) 99 
(2<81. New A tlMl *0 
Eastern PrOOiKC >Wly.1 •»») J 

Eaitwood 'J- B.l (Soj_l4S® a® 


BLpcLn. 96 
ROi Bros . (25p] 48® . 


57® 

Royal" Bank' Canada (IC2i SUS29L® E23*!, [ Braharn Millar GrP. tlOgl 41 
Schraders 415. 6 1.PCL^ 72.M# 1318. SSSSlr'^HS' MoS? 1*V ‘ 3 ' B ‘ 

13‘rPC Breedon Cloud Hill Lime (25 Pi 707® 
I Brcmner t25Dl 570 (3'8i 


Smith. St Aubyn (25m 80 T3iB.. 

Standard Chartered 402:® 4001 5. 

Ln. 104: 

Toronto- Dominion (SCI) 1 4 7 f* 

Union discount 316(218) 

BREWERIES (340) 

Allied (25p) 91 > 1 * 1® 85 01] 7 5‘. *■- 

6 8 4 7:. 5'iPCPf. 45l> (2)81. 7>:PCPl- 

bli* (1 iBi. S-tpCDb. 75L (2/8). 5-:Ot 

DP. 7 Bl, (2:BJ. 6qpCDD. T9M-B9 70>«. 
7 tipcDb, 71 (1/81. 5-ijpcLn. 43<> 7-,PC 
Ln. 66 

Ba« Charrington (25pil70o 68 9 7 
70 ij. . 3uPCOb- 1977-79 95>:. Do- 
1987-92 (S>>. BLpCDh. 1977-79 99L 
(31. ‘7). DO. 1987-92730. dijpcLn. 44^ 
7LocLn. 66J, 

8elhaven (25p) 52 >t® 2® 4Bii# 50® 8 

7 3 5 6 

Bell (Arthur) Sons i50pi 251;® 5 4 7 
ooddmatans Brew*. (48pl 10G 
Border Brew*. i290) 80 Z 
Brown iMatzhcw. (Z5p) ltd 17 
Buimer (H. P.< (25P1 133 
Burtonwood (25pl 157 (3Bi 
C>tv or London DM. (25p) 65 
Clark (Matthew) (ZSpi 14Z® 

Courage BpcZndDb. 68L k (3 B) 

Oeircnisn U A.) (25o) 188 (1,8) 


Brent Cheres. Intnl. (TOpl 197 
Brent Walker >3a> 64 iZ : 8) 

Brickhouae Dudley <10oi 51® 

Bridgend Prcoesses CSpi 8 (2<8i. New (5p) 

7 s Up ll.'BI 

Brldon >25pi 100® H;® 2 1 >; 

Bridport -Guild nr (Hides. ■ <20p> 36 

British Aluminium E75 H'S) 
Brirfdi-Amerlcan Tobacco 7pcUn*ec.Lii. 

75^a 

■flush America Tobacco Imr. lOS-pcUns. 

5 9 ^rV3 r ^- Ln - 160i * » 
Bnitsk Benzol Caro. HOpl 21 : : (1.8) 
Bntlth Car Auction Grp. <10p) 431, 4 (218} 
British Dredging iZ5p) 31^ 

■|T i Dfd^tZSp) 114ij® 13 Id BgcPf. 

British Enkalon i25p< 14® 

■n»sh Home Stores i.25pi 199® 7 IQ 70 
2“ U S 198 202. 7(4PcMt-Db. 64? 

■sssssjrsR { n p> 51 ,j 

Ssr ,2Srt a 

British shoe Con. 6t-pc3rdPf. 51 H (3'8>. 

/ DCLn. 64 |j 


O 201 ,e ?99 , “B... , ?0§ fM'rt _200 s ® J99 ! Br.tJN, ' steam Specialties Grp. <20ov 94 
dl (I'S). 71.PCLD. 644|® >3. 10 . 5 pCLn. j British Sugar Can. ream 127 & 5 

■renal! Whitley .25o, 125® d® 3 4. SrfSn T2? ft p?J S rW ri Om xf 3 ' 8 ’ 


Greene King (25ul 300 29S 


nnttains (25oi 25® (3.8i' 


Guinness (Arthur) (25p) 1650 7 4 5. 7-"« | Rrxxlrhonse (25o* 69 


ocUns.Ln. 571. ICJpCUns-LiL - 78 
Hardys Hansons I2SP) 175 
Highland Distilleries t2Do)-i43® 


118 


9pC Treasury Cny. stk. 1980 99'i* 

9 k 

3"PC War Loan 31 Sffl 'lb ^ -la 'ia 
British Electncny 3> : pcGtd.slk. 1976-79 
96NO "la )• 


6 , apclStMtg.DtL 70 b. 
69 13 Bl 


7 l*PC1SIMfB- D8- 


jj.-- . , .4UpcGld.Hk. 1974-79 5out h Alrlcan (RO.Ml 821;®. •7ocCnv.PI- 

Bnpsh Gas 3ocGld.Uk. 1990-95 45-*»® •*!«» I ToMemaKe^CoSbOicI 6ecDb. 58® 

.. ‘Sw’. c u j,- e,«, I. m Tomatm Distillers <2501 1)6 

*K2bM. ^r”%” y ^G E td^tk Bd 1-977- a o i « SB> 1M - 7, *« Db - 68 

Witney Mann and Truman Hldgs. S-UocDb. 


o.)0 jk'mii[pr 

^ui'lisl 

. kiwer P«axk. 

2.U3 ' Petal ini; Tiii.i ^-40 
•1UptVNWC|h.| 1..UU 
i VongknliHnr.r — 


APPOINTMENTS 


Group executive 
posts at BICC 


London County SPC BO'^I. S'tPC 1977-81 
B5U >x l3!8i. Do. 1982-84 79U il(8>. 
Do- 1985-87 69*4® li 70 i3,8i. 6pc 
96'. (3.8l. E-UX 68'.-® 9U (3.81 
Coro London 3id>cDb. 42U (3.Bi. 6';pc 

B5<< I3.-B1. 7>:pc 9Upc 95. 9>;pc 

97'; |3'B|. 1 3 Upc 107U (I.Bi 

Greater London B-'iec 6*U. 7 '»oc 90:«® 

3r8i. 9L-PC 93 (1:8). 12':PC T982 

lOShk Do. 1983 I02U. 13UPC 104Ui® 
I3'8l 

Ayr 6t-pc 97<is (3'81 

Barnet T'.PC 86 1317)- I2bpc (Fy.pd.i 
100'; (3;8k Do. Ilss. at £9Spc £50 pd.) 
52 'a® 318) 

Bath IUipc 97U (1-8> 

Birmingham 7 -Upc 88. 9UPC 96 
Birmingham Dls. Cnd. 12 'me 102': (2(8). 
1 3PC 104 

BoodC 7 , IPC 97 U® 13 8i 
Camden 12k:PC (Iss. at £99Upc £i0pc pd.) 
1.1 b 

Cardiff 7 PC 85 U 

Croydon 6-'4PC 86 
Dunbarton B liPC 99“i» (1)8) 


28 < 2 )a> 

Webster iSamuell and Sons' 7oc.Ln. SB 
Whitbread A i25p) lOlij Z'j 2 IDO'.- 1. 
5 <:pcPL 4600. 6pcPf. 49 1118). 7pcP'. 
57 'i 131/7). 5 'j pc DO. 8S 131(7). 6>40 cD 0. 
72 tj I1|B). 7', PC Db. 68 7'j (31/71. 7 UPC 
Ln. 1986-91 66 (218). 7UpcLn. 1995-99 
60 U. 10'iPCLn. 81'] '3/8). ItpcLn. 156 


Mr. D. H. Booth and Mr. P. H. replaced Mr. H. E. Shaw as manas-| E^nb'uVi'h' gaV 

Million have been appointed in M director of .ieavons Engineer- 1 Giawowaupc 92/4 

•issisismt maniicmsr director ins. Mr. Rin^rose and Mr. Shaw] Greenwun S 6 l -Sl^ 9? 3l*64tns r7) 

MU. (-abies. Mr. Boolh con- are retirinn. 
tin ues ns executive director, * 

Present. Jind Mr. Walton relin- Mr. R. G. Bees ton has 


Greenwich 11'aac (Fy.pd.' 9B(i (3/6». Do. 

• Iss. at £99pc £50oc od.i 49V 
Hertfordshire S'.pc 91 'i- S'jpc 804. 
6 Upc 7 b® 


6oc 89*4 U 


UPC 994 


- . % ""m .-is. »• vmuii icnir ifir, • iv_ ii. DFesKon nas ocon ° ,hw 

,i!vp,M, |lon ?jiSw appointed nmnamny director qf j KensiiMWcm ^hKsea°Jnoyai Borough 1 11 Uoe 

unUeru.ke'iiraieajc planninn tasks SJJJSny^jfoh? Bran n ’ PlSics CS^SSS^sW &HZSL 6o< 

iil.in Tr VVo^Kr - ‘f I!’ m!ln ' M^esteVWloc 20U (317. 

I'hillips. Mr. Woolley and Mr. K. S. * a-ddicsei r 

W itrsdvil imiv lhc Board nf BICC s !r Jan r o-,, h „__ N |rS s, i'l^ 

i n'le^i nVirvr'mc^irecfor a bjinintcd manaqinp director of s^TJfiKSs" 

Kl: 'RBfMffi-'SUiiSSB HUU ' ARD "OTAVATOB com- JLJi'fc 


and v ill be res|ion.sibic for Tel- 
cuii. of wiiiclJ he becomes chair- 
man. 111 addition to his existing 
respoiiiibililieN. 

* 

Mr. Bill Murphy lias been ap- 
pn.HU'cl by SHELL UK E.\PLO!L\- 
Ti< i.\ AND PRODUCTION to the 
:iev» puii of general manager, 
iMrihern operations, and has been 
S' weeded as technical manager by 
.Mr. A rile Winn. Mr. tJcorge 
Hughes has become manager, 
nuance, and Mr. Dali Fraser. 

111 . 11 : a C i.t. :ul iti iniflra Hun. report- 
■nt: ;«• Mr .Murphy. The clianqei 
f-lbivv the appointnieiii of Mr. 

Maicolin Ford as depulv manat: 1 11 ^ 
r. live 1 or ni Shell Esprn 111 aridi- 
t:c-n 10 his position as di reel or of 
!iO"liirrii opera lions. Until an 
fc ii;iiT.ilinns manager is appomied 
!!ie TiiIIon Opera I ions Centre. 

M. - Murphy Mill imld that post in 

:•• general manager. 

★ 

Mr. IIii”ti It RnlTe has become 
111 . 01 . ■ j mi-- .hreelur of the plastics 

i:iB.\-r;Ei«v flas- 

TU’S \ND ADDITIVES V.OMFANY. 

>:e • nen ods Dr. Is. W. Humphri-is 

. 1 ., ii.i- Ih'i' 11 .ippuinlcd inana^in^ PAJMV and Mr. John Austin con- 
eire iiir Jcsmu.ne of the coin- linues as chairman. The parent 
- 1 . ny . concern is Howard .Machinery. 

* * 


. -i ddlcso. 5UPC 92 13 .. 
NewCaille-upon-Tvne 3;oc 23'j i2'8l. 

9V.BC 1978-80 95'. (31.7) 
Northumberland 7nc 93 '• 

(Metroaolltan Boraugni 1 1 Uuc 

:PC B4> : * 2':0 S'l (3/8> 

. (MetroDOlltan 



I2')BC M.p.i 98 '3 i3T'7> 
£50. ‘ ‘ 


Mr. Ian Beil 


Ba rough) 

£99bC £50 oda 50 :j 1 ,a,-B ,,5S - ** 

l mra^!jras h « un^uii 

Dd.i 5 

Southend-onSea Con 9'inc 71 (3 8 ) 
SoulHvivk Can. 6 U 0 C 77Vu 9'.uc 95*4 
■ 2.81. 11 line 100 '; 

Stockoart » Metroaolltan Borough! 12 Upc 
_ 104';» rj'Bi 

Sunderland (Borough) 12 'jpc 1020 
Surrey County Eoc 92'; (3 8 ) 

Swanwa Cpn. i3':oc) 23). 

Tjmwfdo 'Metropolitan! Boraughi IOUpc 

SoQ 

T y, ne w '* r ,fSV ntv 12 pc ir.o.l 98':®. l2oe 
‘IM. at £9B-'uK. £50 pd.' 49J.® thB h 
-1 f.S'0! 

Wea Bromwich Can. 5 Upc 95"it® (3/81 
SHORT DATED BONDS 
FREE OF STAMP DUTY 
8 ;;pc 8 di. t6.-9.78i 99-51I64U& 

7 «pcBd. fl 3 9178' 99»i* 11.-878! 
a>:pcBd. >7-3 79i 99 ' 1 10 (3'BI 
SUbcBd. >14 3 79' 99U 
a'lOrlW. (11/4 79> 9B>*if, >l.'878> 
llpcfld. Ill 4 79i 101-947 101-952 

, 10I-H69 101-952 13 8 ! 

|9':0rMd *23 579' 99"i» 

9 UecBd. (27.6 791 99 "j; 

| 9 UocBds '3B79i 100'e 

PUBLIC BOARDS (14) 

FREE OF STAMP DUTY 
lAgr.cirl More. Coro SscDb. 76ij »31 i7i. 
S'jPtDb. 52 *3 8'. _6UPCDb. 57-j U S'. 
6-.ptDb 66 :. TUucDb. 85® 6. Q'.ocDb. 
87 13 81.' 9 ';kD&. 92 131)7'. 9'ipeDb. 

|F,n. fndstv 13ocUns.Ln i19B1i 102'«. 
IJpcUns-Ln. H983' 109® i3'8i 
M etro- Wu- Bd 3 PC '63-2003' 38'j 
| Stains He* 3ucGuid. Db. 22 

COMMONWEALTH GOVTS. (7) 

REGISTERED ANO INSCRIBED STOCKS 
Australia I Commonwealth ol) S';oC 1975- 
'978 1 0O -O .3(31. 5 :pc Stk. 1976- 

1979 96‘, 5 ;pc Stk. 19S1-B2 B4U®. 

1 ^ 81 . 6 sc 5:k. 1977-80 91 U. 7oc Stk. 

Eui Africa Hjph_ Commission iRailvways 



i Mr. J. J. L l nrierwnnd have 
lii-iiiiiH" .i^-i’-l.'iil ilireelm-'i. Mr. 


. .... . . I N vasal and Got stk. 1978-81 88'.- il/BJ 

Mr. K. i\. .Mt inner has become | south Australian 3 pc sik 75 u® '. 


J. Vi. J-.auSe. Mr. J'. Ilasliiins. :.!r. depulv managing director of squtnent Rhodes/an 2 :oc stk. as « 2 ' 8 ). 

V. J. J. Slu« and Mr. 1C. C \\ msins RELIAMIE SVSTEM.S. Mr. fwi 

s,anl *>' Ra >- Midland, reqional s?"'"/ 
o. f i-ANH I AV NE^ iMARINEl. mnnaccr. lias been appointed a 

director. 

★ 

AM) 


oc Sik. 19B7-92 72N. 6oC Stk. 1978- 
I9BI 73 *t.8l 

Africa iReoubllc oil 9':oc Stk. 93 


Mr. Peter Welr-Khoden lias been 
nil led .T.-.-i-Tan] general itiana- 


HAVWARD 


WOOSTER 


-y : ' tJ V‘ 1 - r-T u Y ^ I'iVo’i'v bad joined lhc Joseph Carivvri^hl 


•j,e TSB TRUST OoMPW'V in 
An>li!» er. He w.is previously with 
ii.unbru Life. 

* 

Mr. Charles K. Lowe has n?- 
■i linetl «i«. nunnuni'j director of 
1] .1 H El Nil COMPANY for heallh 
bui remains a director. 


FOREIGN STOCKS (I) 

COUPONS PAYABLE IN LONDON 
Bulgarian 7’: Stabilisation Ln. 10 
Chinese 4i;DcGold Bdi. (Eng. ISS-i 21 12 81 
Soe Hukuang Rlys. S.F. Gold Ln. 1911 
London. Paris. New York 23 'r 11 8i 
Danish 3';nc >1901) 3B >3'«l. 3'sOC 
19091 38 (3'8) 

Greek GlK5tabillsn. Refugee Stlg.Bds. 1928 
£55 


wroup und the new Hayward 
Ru.ird comprises Mr. A. A. 

(.'rnrkcrp (choirman). Mr. p. 

Be we 1 1 (manacini; direelnr). Mr. I 50 

A. C. Allen. Mr. K. .Mould and T b's^miTi ° 7 :Be 8 ' ‘ ' 3 ' 7 ' 
Mr. K. A. Sharp. 

★ 


HI81 

Whitbread Inv. 6'ilxOb. 59b (3/81 
Wolverhampton and Dudley Breweries 
i25p) 209® (3/8) 

Young and Co's Brewery A f50ni 157 
8 13117). Non-Vts. (SOp) 122 (31/7). 9 pc 
M. 9SV: 4 1218) 

CANALS AND DOCKS <2) 

Bristol Channel Ship Repairers nOni 5U 
Manchester Ship Canal 228. 5pcPf. 39-;® 
<3/B) 

Mersey Docks Harbour Co. Comb. Umts 
25® 

Milford Docks 69 13117) 

COMMERCIAL (3J43) 

A— B 

A.A.H. (2Sp) 109* 12 

A.B. mecuunlc rrods. 130 t2.B) 

Ai> liiturnati. 9 pcla 70 *ia 
AuE Kcscartft nuoi 1U9 11 8 
A-e.V. l5Up) 24b® (b/B.. 5-C5PCPI. 56 
i4,b) 

AaiBunsgn Bros. OOP) 74ia® 7 S 
Auuey tJap) 34 U/0) 

Aoercom invs. (Ru.aOl IDS® 

ADdrbueu Mtiutructipn i2bpi 31 

Abet thaw dnstol ch. laapi . ISO \2iB). 

/'jpCPi. 5o l3/b> ' „ ,, „ 

Aowoud MaCn luols J5pi I3's (3i8> 
ACrpn. (kbp) 123 (3 UJ. Do, N-V A 
.45pi Sib* 4'j* 5 7 U. BpCL/M.Ln. SO't 
(a o). dDcHlr.Cny.Uns.Ln. Fbi; 6 
Auanis Giboon i25p> 78 80 
Adoa Iniernatl. ,10p) 49':® 9 
Aavance Launorles uupi ^6* 

Aawni . Group. USpi 27.**. 7. .10'jPttd. 

Ainut Inds. (20pi 52's® (3.81 
Airttaw Streamlines IBpcPr. 93'.- (3 8) 
AlDnght Wilson (25p> IdB. 5pcPI. 65 
Alcan Aluminium (n.p.v.J 24's;« 

Alcan Aluminium (U.K.i 161 2 
Alexanders Hlpgs. t5p) 20k® 

Alginate Inds. i25p> 29 2 t1<B) 

Alma Packaging (TOpi 9S« 7 
Alletione Sons <10oi 234; 3 
Allen (Edgar i Balfour <25p) 47. SPCPf. 
35 (318/ 

Allied Colloids Gp. ilOp) BIO 10 1 L 
Allied Insulators (Z5pl 74® 3 4 
Allied- Leather Ino. SocPf. 36 bU (318) 
Allied Plant Gp. tlOpi I5u (3.8) 

Allied Potymer Gp. lOpcLn. 96 (3/8) 
Allied Retailers CiOpj 86® New Ord- Cl Dpi 
91® 4. 9-4PcPf. 93® 

Allied Suppliers 6pcLn. 64®. 6 -',dcl<l 51 
Allledr Textile Companies (25p) 16D'r 
Alpine Hlpgs. I5p] 76': 7 S': 

Amalgamated Hid. 7pcPf. 44i-. lo.SpcPf. 

2nd 91 (2iB). 6/ocDb. 56 (Z,'Bl 
Amalgamated Metal Carp. 340 
Amalgamated Power Ena. (2bpi 146 12*8) 
Amatil (sAI J 195 (3/01 
Amber Day Hldgs. (IDp) 43 >i 
Amber Industrial HfoBV (lopj 269 (3/8) 
Anoerson. Strathclyde (25p) 80':® 79® bo 
8 9 8b. 7.pcLn. 64i.-a, (3,'Bl 
Anglia Television Gp. (25pi Bb® 

Anglo- American Asphalt L25pi 52 
Anglo-Swiss H'dgs. CZSpi 35 tl o) 
Appleyard Go. of Com. r25p) loo (281 
Aauascuium and Associated Cos. (5p) 
SO'rt 2 (3 Si. A Ord. (Sdi 50 5u: 49 'a. 
7>:pcPf. 67® 6>x® 

Arlington Motor Hldgs. (Z5pi 139 8 
Armltage Shanks Gp. i2Sp) 72'; (3/Bi 
Armstrong Equipment CIOPJ 62 j® M ]h 
1 'a. BljpcPf. 41 t1>8) 

ASh. Lacy (25p) 12b (1.8) 

Ashbourne Invst. S'jpcLn. 68 >• 

Asprey 6';pcPt. 48 (1 81 

Biscuit Mitlrs. (20c) 78 (JO (318). 
6PCDb- 81 (3/8). ID'iPCLn, 79 <1/6) 
Assoc. Book Publishers 120 oi 233 -(3/8) 
Assoc. British Eng. .*i2ijn a 1 . (3/8) 

Assoc. British Foods (5pl 72® I® 1. 

« ; K!- n 7.:«fn.‘ 3 20S ' ,a,Ctn ' (SOOJ “* 

ASSOC. Damn (25p) 250® 5 48 51 
ASSOC. Electrical Inds. 6pcDb. si* 

Assoc. Eng. (2Spi 111';* n* 

Assoc. Fisheries I25p) 48® 4i ; 

Assoc. Leisure (5p) 59 
*9®% l y e j s, “ ,wr * GrB ■ t35B l 1860.5® 
Assoc. Paper 
116 (2/8) 

Assoc. TV Corn. A (2So) 1250 5 *. 
Astra Ind.' Group (10P> 24'.® 4 ® .h 
Audlotromc Hldgs. (IOdI 16 15 
Ault, witrarg Group C25ol 18® 8 (3‘BV 
Aurora Hldgs. t25p1 93t® 8 <3/B> 

Austin (F.) (Leyton) tlOo! 10'.- 
Apiomated Sec. (Hldgs.) mOd) 101 ® 
Automotive Prods. (2Sp.i 87'j (f{9). 


1 <*!E. OOP/ 699 

B 5* en 2 Hm Prop UA2l 70S® 129 2® 30 

Bronx Eng. (iopl 29 
Brook Street Bureau tlOpi 750 69 V,® 
Hroote Bond Lieble 125p) SO 49 1 . 5 'jpc 
S'aPCLA 40 39ij (31/Vl 7DC 
Ln. 54®. 7)ipcLn SBba 
Brook. Tool (25p< 39 : New <25p> 37® 

Brotherhood ( Peter' (50n) 132 
Brawn Jackson (20 p< 192® 

Brawn Taw* asai 114 
Brown Bourn (25pl 53' r® 

Brawn Bros. ' 10 o, 241.® 

Brown 'John) 426® 8 ‘32 4 1. SltPcLn 

Bruno mo Restricted (25 pi 62 i1/8) 

Bryant I25 pi 47® 50; 50 

Bulgln (A. F.i A (5PI 26® i u ® (3/8) 

Bullovgti CZOnl 175 

Buimer Lomb (20p> 64® i- 

Bund Pulp 17 Cm 104® 4 (3’8) 

Burto Dean 1250) 770 7 
Bui Bess Prods A (25pi 45 (3 '8) 

Burndene Invests. C5pl 17 l6l, (2/8) 

8‘iPCLn. 60t® (3 81 

Burnett Hallamshlrc (25p) 202 (2,81. A 
•25p» 202 I2JS) 

Burns Anderson (10pi 40® 

Burrell <5pl 12)|«® (X,6i 
Burroughs. Machines 5>:pcLn. 103>;® 41 -® 

Burton (SOpl 154® 5® 8. A (50 d) 144®. 

7 5 8 aUncUl. 71 (3/81 

Butljn's 6tncDb 68 (3/81. SpcDb. 661, 

Butterfield Harvey (25DI 79U 

C— D 

CG5B flop) 25 (2/BI 
CH Industrials HOP) 34 ' 

Cable! arm <5pj B5 7 

C ? , a. S t?ra i B) U5P ' 37 - S ® 8 7 ^ 

Caird (Dundee) <25p) IS® i3/B) 

Cakebread, Robey Cl Dpi 60 3 (3/8). A 
11 Col 39>i 9 

Camiord Engg. (.IQpi 66: 2 
Cam rex iHIdgs.) (2 Dpi 69 H/8) 

Canning iw.i 66® 50 5 

Cantors i20p* 32®. ANon-Vtg. (2Dp) 32® 

Care Industries C5p) 130. 7J«pcDb. 

70' is "it li 8) 

Caplan Profile Group '10« Jltij 

Capocr-Nelll ilopi 83':® 3 

Caravans Intnl. COp) 77';® 7® 6 (3/8) 

Carelo Engg. Grp- '2Sp. '72 K ' 

Caricss Capet Leonard iIOp) 3s (3/8) 

Carlton Industries (25p) 216 

Caraets Intnl. i58pi 59 ' a i3I8i. Bi.pcLn, 

Carrington Vlvdla giSp) 36 '^D 7:, 7 B' s . 


52'S (118) 
<31/71 


IndS. JZ5DI 60® 9 'dxLo. 


n'/.s.in-:. bui rein runs :i uirccmr. ,, .. o ...... 

, Ir J.Jm M.rr, ^ d,n,' .^id 'uwnoVi *- 


7 Hoc 

Shell interwat. Finance NV B'hk 96 <3l:7l 

CORPORATION STOCKS 
FOREIGN 

City o<) 4 ‘soe Bds. 1913 


.Ichn V. CtniiK-11. jk'jiutv duirman. hwidTifitV ‘"aiSc'ffh. ‘Is ‘ 

like nri'f new ri'-qionstbi lilies and N i"r,K ri,n y* i£fc Rl,r - Co - ,tca » rf to C.P.l 

Ll_ »T IVI.J.... I... . c - ... - - - 


Mr. Driun VVtirihhiuiiiii has been 
.-7Mip:n!eil ciiniptiny secroiary 10 
;lK- K. H. COLE «ISl»l ! P. 


UK RAILWAYS (5) 

Canadian PacUic iSCS! 14‘m;^ "i 


Mr. II. Windsor lui.s become Jicn- lonrang and Quebec Rtr. aocDb 40: (3 8 


erui ttwinaser 
brunch. 


of the London 


Mr. R. ». CriMih mill Mr. I. H. L. » r r t McFad/nan 

Nt-vinn havH bwer ‘ appointed director „f p'harma- 

INDUSTRIES. resfareh 


Toronto Grey and Bruce RIV. 290 >3.8» 

FOREIGN RAILWAYS «> 

Anto/agasM .iChiIr_ Rl£. 24 13 Bi 


I Chilian ' Northern Ryl £ 0 . 
93 


5DCls< MUl.Db. 


in the 

.. , . „ division of MAY AND BAKER? 

Mr. i>. A. Kerr has bvun ap- + ” * >Dn * 

-,n .■•.ci4i.nu L-enerni nian- 


, BANKS (230) 

- _Iop- I Alrtran Dev. Bl« 254 
pha rniaceu fical 1 A,B ! emene B|r - Nederland iFiiooj 129-1 
Allen Harvey Ross 34 h® i,o. 4pcP> 0. 208 
Arbuthnol Latham Hldgs. 153® i3i6i 
Allied Irish Bks. r25pi 208. fObcLn. 164® 



aiu; 

:r..trke;iim in:*natfer. 

★ 

Mr. D. R. Ravhnuld and Mr. * I REMBR.-\N*DT Group of South 

j. C Wmidward have.. .been . h:i ^ bec " Africa will offer to buy the 


nicnf munu^er. re-yjionvibic to Mr. | 
B.irhor. 

* 


Rembrandt purchases 


29. 


:in pointed (jireviurs of M1M02Y apixunled depmy chairman of rJf.Z 

L ABOR \TOB1ES. JAMES HALSTEAD (HOLD- C T S 0u t de G ™ U P 

*“ JNGSi. and Intercontinental Brewenes, 

has been * it does not already own for 60 

Hoard oT Mr. Geoffrey Hcywood has been cents a share. The purpose of 
PF.NTuS ENGINEERING GROUP appointed a pari-iinje member of the offer is to rationalise the 
.■•nd has succeeded Mr. T. S. the NATIONAL BUS COMP.\.\Y companies’ 


Mr. T.nb Gib-un 
aPimmU-ci in the 


RinsriKe as manauins director of from September 1 1373 until f 
heavens Con trading. .Mr. Brian December 31 lfS3. He is depary [„ nae J^ 
f’lsuk-y jtiuicd the Board or chairman of the Mersey Docks | I ' em v ,rai ? a F 
Pcntui Engineering Group and has and Harbour Company. 


liquor interests 
Ihe control of the 
Group. Reuter 
reports from Stellenbosch. 


gucPf. 95 ( 2 / 8 ) 

Ayxna Group (Spi 42 L® U 
A y«TS (25 b> 175® 

Avan Rubber 218® 20 19 
Ayrton SiiHidcr* 7< : pcPf. 42 IJBj 

B A.T, Industries (25p) 3250 20‘.® 2-4 
S 6. Of. l25t» 2U4® 4:0 2 S ): J 1 
6BA Group (250) 59 (2.81 
BICC -50») 124® 3 6 7 4. 6','ocDb. T7h 
iI B). 7pcDb. 70 (2/8) 

BL <S0o> 20 
BLMC 6KUns.Ln. 3G. Bpc do. 48 m® (1-8). 
7'*DC Urn. Ln. 56® 31® S‘i Si T 
BOC IMnl. |25P) 73® 4 2'; 3 2. 2JRX 
2ndPf. 51 (ItS). ll'a* Tonuoa Db. 

BPB “in dusts. i50p) 247® B 5. T^paUlK. 
Ln- 150 i58) 

8 5-0. Inul (lOn) 41U 2>; i« 2 
BSR (lOp) 990 

«TR -25pl 329® 30 2 5 Us 
Babcock Wilcox (25p) 141 39 40. BflC 
Db- 81 j: (1/8) _ . 

Bailey it. H.) B flop) 6'» (2 8i 
Burd (William) 175® 5 B 
BMW Pnrfcinf Hldgs. (50pi lig® |r«'i7 
16 15. SUocDb. 77 (3 Bi. 6';pc[)b. Ml; 
Bambergers (25u) S3 ^ . . 

Bamoers Stares (lOpl 96 
BamfordS -20p) 34® 4 (3.6) 

Ban* Bridge i5gi 2>« <2^> 

Banra Cons. Intfosu. (20g) 62. sptTr.' 

*4© 

Barker Dobson (10p> I4ij© iaij 

Barlow Rand ifto.10) 22B70I 37 
Barr lA.G.l C2Sp) 42* 7 (3 flj 

B .25n. W ?2 l f : t2 8/ n0,d ^ A 
Bamn Dovnopment (1 On) TH® 

Barrow Heoburn (2So) 30 1 -n 
I ZncUns.Ln. 761; <3.B) 

Barton ( 2 5 ro) -m - • 

BaiMtf (Geo.) Hldgs. (25o) 136 .jm 
B ath Portland i25b) 79® 81® En-va 2. 
821/075 of Yorkshire tlOp) 65® . - 

Beattie i James) A Ord. (2Sp) 12 a ivu 
Beaufort! Grp. (10 p) 47 13/8) 

Beww iC. H.T rHIdqs.) (TOo; S 41 , ,i,A! - 
Beckman lA.) tlOplVj (3/B) * 

a ngn w up 

Siffn ■272 !4 C3 ' W ' a,;P?Ln - 7 '® ® 

Bcechwood Construction (Hldgs . 1 no D ) 271 - 
8 el am Grp. HOD) 71® 2 w 

S 4 !. 1 .■"!! s,mc . l25 »> 9 ii/bi 

Bella lr cosmetics (lOp) IBii isi*-, 

Benfort Catraro Machinery “ilopf Vs “2 
Ben" Brathors (2So> 75 11/B] 31 

Ben tails tlOp) 371.-0 ‘ 

Senffma Industrie i25b) 24 ifnti 
Beret Gro. i25o) 159 60 2 
Bortstero rs. and W) <25p> 153 ® tTi i 

BenKoros i25m 64 ,2 81 - 

Berwick Tlmao (25ol 63 2 :- 

BretObell «2Sp) 166® 7 8. 5pcPf. 35 O J* 

Wiftdn MB1,3 ,5W aDM * □" bS 

Blbtiv ij.) and Song 246 
Bifurcated Engineering (7 So) 49 ® 
ginam u.) nop) 430 J.3/8) 

B/rmfd Qua least (25p) 61 
Birmingham Mint <25 p) 86® 

BIPODS Stores a Nen-Vip. , asB) lZB 

Black^and Edgfngron i50n) 118® 15 1z .lj 

Black Arrow Grp. (50nl 39 <2/B) 

Black (Peicrl Hldgs- (25 b) 154 
Blackman and Conrad (2 Op) 751 


6’jDtPf. 48>! (2 II. 

castings nopi 43 12/8) 

Catalin i25d) 42 (l.'Bi 
Ottle's (Hldgs. 1 nop) 4Qi a ® 

C JUS ton ,Sir Sons l25pi 17 131/7) 

< g^wHwuf wn ir#2i 

Mnnan Industries '5 pi 32 > 3 
Celtic Haven f5p) 15 (3/8 1 
Cement- Road«on« Hldgs. i2Spi 93 « (3(8i, 
93 ,s ! a h BucDb. 71 

fiJ2J ra ! 5D** n " ood f5p ^ 68 7i. 

central Manufacturing Trading Grp- (10nJ 

Centreway (50p) 257. llocPf. 105® 
Chamberlain Grp- "25pl 48 
Chamberlain Phipps llOoi 43 ■; 
Chamberlain Hill USpl 60 (I 8) 

Change Wares nopi 23 ti. l2ocPTd. tlOpi 

U 1 } 

Channel Tunnel Invests. tSgi 53 <1iB) 
Chemnno 4.9pePf. 35 f3/8) 

Chloride Grp. i25P) 122t 1 2 3 20 19W. 
-J’-jPeDh-. 67';® l,® iSlD 
Christies Intnl. tlOpi 121 20 
C hrllt le Tyler flOpi 81® BO 2 1 (311) 
Chrysler United Kingdom 5*:DCDb. 87 L® 
Cjnbb {20p) 137 8. BljpcPf. 50 131/7 1 
Church i25di 163 7J . 

City Hotels Gro. (20o) 130® 2 
Clark -Clement Hldgs.) <25oi 74 3 tZ’B) 
SJ; r kc Nlckol's C (jambs r2Sp} 65 1 II 81 
C ay (Richard) C25oi 77 
C arton ■ Hldgs . 1 iSOoi 73 <TF8i 
CliRord (Charles) Inds. 107 ;3.-8) 

S'" bV* * °*’ rie * A N&n - V - (2So> *7 

C ?0 llle Chen,lc4 * Frobucts 12 Sol 70 >a® 69 

C gales Bros. A Ngn.V. rJSpi 76 
coats Patous 1250) 7HjO 701.® 1 . - 
.mbBS.) I2SP) 89 (2,81 
Collett Dickenson Pearce Intnl. CiOm 68 

• 3*01 

Collins .WHIjamt 'Hldgs.) (2501 121. . 

'Non.Y., ;2S»I 127 sT SocDb. 53 (1)8i 
Colmore Inr. 135m 35 (1/Bl 
Comben Grp. (iopl 35 


‘ Z - 8J - JuSfLjJ ® 990 65(8) 

.. 146® - 

Edbro I HI £!??■', «5R> W>«® 

IS. USD) 52W 4. 

SspssS x n& v-o® 37® 

EH^tt^B.) I2S«_ «4»2 64 

eIi'IoS , &r , 0 U^°Fet° ,r *»« r ««B h 9PcUnsec.Ln. 

li^ck^SIr'fs 5 ?.' 1 9 8. Nov. (5W 181, 
lira (Wlm^Sdon. J25PI .205 (2«». 7iaPC 

teSHwi’iliSwi a so' 177 

fnaion ^fittlcs^iZS Pl 45® (3)8) 

Energy Services Electronics llOPl 17® L® 

English Overt*** Invests. (IQPI 29® L® 

E%?sh China Oavs (25p) 7Bijt« BO 78>i 

Engjten Electric B Hpcph. 761» C3!«l. 91*g- 
Db. 71 U®. 7ocDb. 70J;® 

Epicure Hldps. iSpi 15 T6 ^ 

ITiSuSSi TrJde 9 TranspaTT (12 ‘HD 138 
EurMtan Ferries (250) 139® 81, B 40. 

EuraSherm^MitHnaW. JJ ®p* 175 6 4 
Eva Industries J25 p> JO lb 
Evered Hldgs. *25 p' IB QiBi 
Erode Hldgs. 120PI 40® 13/8) 

ExraPI tar 'jewylierv i5p)‘l79 (3f8L 11 Jflc 

|kkumk%ommm reopi ' 38 (S/Bi 
Expanded Metal 70 (3/8) 

F.M.C. (ZSP> 66® . 

F P A. construction Group a5B_ 171? 
Falrbairn Lawson i25n) 67,6'i 7*; 6 - 
Fa In: lough Construction Groan (25p) 70t® 
lj;j| 

Fairdale TcKtlles «5 p) 2S (317). A Non- 
Vtg. i So 3 22® 

Falrview Ests nop) 118 H 16 (2/8L 
13.85oc1KMt.Ob. 99 I2'81 
Farm Feed Hldgs. <25p) 55 (3,8) 

Farmer (5. W.) Groan (25o) 129 (2,'B) 
Farnell Electronics (20p) 330 
Feoerated Land and Building Q5p) 45® 
3 ',® 51 . pi. 

FMOex 1 1 OP' 33 

Fenner (J- H.) i Hldgs. (25p) 1541 2 >; 

3 4 

Ferguson Indust. Hldos i25o) 12B (1/8) 
Ferranti 3.85oc3rdPt. 41 1, i 2 » 

Ferry Pickering Grot, a (iopl 79 U 
Fertleman (B.i Sons nopi 25® 

File Forge i25p) 82 >< L 2 8 ' 

Findlay (Andrew R.) Group (25p) 50>s 
48', 

Fine Art DypU. i5p) 60 U 
Finlay ijaniBS) (50o) 355 i38> 

Firth iG. M.i 'Metals) iiOpi 32 
F Iso ns 374® 68 70 2 . 6 iapc 2 ndDb. 65J« 
ii.-o) 5 -apcunsec.Ln. 45 < 2 /a) # 

Fitch Lovell 20 p) 619 ISO 3® 2 ig 1 
/■aPCUnsec.Ln. S4-'< 

Flexello Castors Wheels 59 

Flight Refuelling i Hldgs.) (25p) 192 

Fluidrtve Engg- i 20 p) 83'- 3 » 8 ) 

Fodenj (50pi 63. IDpcPf 235® C3/B) 
Folkei fjohn) Hero CSp) 30 IS/ 8 J. Non- 
Vtg. (Sdi 20 ® 7i, 

Fora intni. Cap. Cpn- BpcLn. go®. 7hac 
Ln. 100 'a 

Forminster 11 On) 149 (3/8) 

Fortnum Mason 7559 30: (3 IBi 
Forward Technology Industs. t50p> 137 
Faseco Mlnseg rzspj 1 BV® 

Fo«er Bros.. Clothing i 2 Spi 144® 5 
Foster (John) Son i 2 bn) 39 
Fothergill Harvey (25n) 102 G/ 8 ) 

France (G. R.) Gro. IlOp) 40 1 1 1 fl) 

Franc s Inds. l25p) 75 3 
Francis Parker ( 10 a) 1S',«. 7 i-pcLn 57 ® 
F 7T T ' a 7k:Db ni 62' * W ‘ 9J « 2 *P»3 167® JS 
French icier Hldgs* (25pi 36 
FDPdiand Doggart Grp. as p) 


IQflcTf 


I One 


11,-83 


100 3 


G— H 


GEI Inter. (20p) 97 
G.R. 'Hidsrs.i laOP) 600® 

Galllfond Brindley l5p) bO®‘U® 
Gates (Frank G.) (2Sp) tgi.n /j g 
Geller tA. and J.) nSa) 374 iliB 


Combined Engish Stores iljijp) 115. 7b 
BCPI. 54 (1/81. 9'7PCUns.La. 72 (1/61 
Comet Radiovlsion Services (5a) 137® 41 
3 40 

CcmnAIr >25D, 56® 5 1 ,® 

C 3 s” 7 * 6 ,J 5' 50 "* Webb (Hldgs J cZOp] 

Concentric IlOp) 40 1 . 

Cooper Inds. (10g> 19-', 20', (3/81 
Cope Allman Int. (So) 65i : ® 7 b 5t. 

TijpcLn. 7fl® 9® 5 
Cope Sportswear (5p) 44 (2,8) 

Copydcx MOg) 31 (2.8) 

Coran (25 d) 411® 39 1 , 40), 

Coral Leisure Group (TOpl 961;® g S': 
7 a 


'“J* «Sp| bb:® 7. New Ord. (So) 64® 

l>WOI 

costain (Richard! (25 p> 204® 8. 5'a»P1. 
41 1;® 

Countryside Praos. (So) 47:, 

CoulraulcJs (25o) 120iQ 4 2 3 2S. 

7pcOo. 7 Or® 4® 4J 4 5. 7 ',pcOb. 69b. 

46 - B'lPcLn 55':. 7 UpcLn. EOM 
: (S/81. 7 'iPcLn. 62® (3(8) 

Courtney. Pam (Hldos.) (20oj 59® 

Courts (Furnishers) (25o) 123 22 (3:8). 

Non V Ord. (2SP) 121 
Cowan de Groot (IOp) 73® b: (3/8) 
Court e (T.i (5p) 46 
Cradley Printing (lOn) IB® (3/8) 
Crr'fohjHldas. fiOo) 17® UntPf. (IOp) 

Crest Nicholson IlOp) 86 
Croda _Food Ingredients Grouo BpePf. 5 S': 

Croda lnt. (IOp) 541; 6 
Cromte Group r25o) 42t* (3/8) 

Cropper (James) (2Sp) 75:® 

Crasbv House Group 1590 8 
Crown House (25p) 56':® 

Ovstaiate (Hldgs ) (5p) 35® 7 
Cullen'S Stores A. (ZOp) 119® 20 17 
Culter Guard Bridge Hldgs. (2Spl 22® 
30 

Cummins Fngme ILPcLn. 99® 100 
Currys (25u) 208 7 

Dele Electric (IOp) 169® 9 (3 Bl 
Dirimoulh Invest. (5oi 19'i. New t5PI 
21 (3 . 8 1 

Davies Metcalfe A <10 p) 28 -,2-B) 

Dawes Newman Hldos. <25p) 127 8 (1/8) 
Dav.s 1 Godfrey) (25P) 97*,® 8 
Davy International rZSD) 277® Be G 
Dawson International (25oj 143 'j* 4 3 
1 1-. A (25p) 140 
De fleers (R2i 620: 

De La Rue (2Sp) 425 1 20. 3'iocPf. 27 

De Vere Hotels Restaurants (2Sp) 167 5 
Debenhams (2Sp) 97® 8 6 7 6';. 7I.PC 
2nd DO. 62 V -'*0 (3.8). * 1 DCUps.Ln. 

1D6 

DeCra (55 p) 452 <3,'S). A (25a) 4409 5 B. 

GpcUns-Ln. 71JL 

Delta Maul «25P' 75® 4® 5'i 7>.pc 

Db. 70 >a (5 B) 

□erbyware i25o) I00>!0 1 
Dentend Stamping (50nl 148 So 
Desoutter Brothers (Hldgs) I25p) 145 
(2 81. 5-25 BCPf 53':® :3'B) 

DewhlrM (I. J.) (Hld9i.) (IOp) 73 
Dowhurst Partner '.IOp) 17i, (31/7). A 
J10M -14!; (31/71 
Dewhum Dent 12t)p1 17>: »3i:7) 

Dickinson Robinson (25P1 130M 30® 3® 

T . 7 l , ocUns.Ln. 600 

Dinkio Heel ESP) 10 (l, '8] 

Diploma Invest. (25C 1970 9 200 
Dixon .David' Son Hldgs. i25pl 77 (3.0! 
Dixons Photographic ‘IOP) 1450 3® 3 4 

Dior (Sol 58 
Dobson Park ilOpl 110': 9 
DoradS Hldgs. t25oi 79® 

Douglas 'Robert m.) Hldgs. i25ol 94 
Doulton Eng. Hldgs. BiaPcDb. 62 (1.-8) 
Oowding Mills (5p) 27', C2.'S) 

Down/ebrae Hldgs. ilOp) 33® 

Downs Surgical rlOp) *7':i '3-fl) 

Dovny Grp. (SOP) 230® 1. 7pcLn. 240 
Drake Scull Hldgs. tZ5ai 29® o ra/o) 
Dreamland dee. Anns, mop) 33® 4 (3/8) 
Dutxller (5p) 19 .-® 20® 

Dunilc Steels /25o) 1130 
I Dufay Bltumastlc '10Pl 33 
17 I Dunbee-Combcx-Mar* MOp) 154® 6 fj.Bj 
J Dundonlan LZOpi 50® 1 Z 


General Electric j2Spl'2a3® , 4® 5 2 3 4 6 

riSSSUf D c u . dl ii r { a ^ Dj aa ® J 3 '®) 

G bbons 'Stanley) Inter. [25pj 181® 

G n op) a 3t * 0aU0 V Hop) 36. A.Non.V. 

SlR r ^-r T iv.S.?. rt 4?l' ^pca w .ss; (3/a) 


New 


r . f 5pri5«?8 1 C,P ' «'« 

Gtltspur HOP) 61 

am. 

CTaxo HIdgs. 150D) S9b® 5® 8 6 600 595. 
12S''®_3 i. 


7 IipcLti. ^ -i 

riSSSS J.fjKontSar.i nqpi 40 

Glpfiaoo iW. and J.) I25 p) 65 (2/ 8i 

l2Sp .' U® 71,-6 i2 7. 

68>J a/aT - ■ Mt 6 «*U««x«! 
Photographic Prod*. tlOrt 45 
Goldberg LA.I Son* (25pi 73 
< 52 ,I (31J7» ’ <25P> 70 CW8, ■ 5 ■ 4 « :P, 

,? r ? S 'cA lOC ? < X n,n ^P> I' <3(73 
Goodwin i (fL) Sons (Engrs., ftn-j J 5 
Gough Bros. l2Dpl 520 4 
Gough Cooper <2upl 7B® 83 

GraJTs5{J ,1 r™‘ W i- s ® pm 

Grant Bros. (75pl 95 &‘8) ^ 

n&MrJp BT 3 S I ‘ 

/5Su^ijl'. e ai® 0 4 S asi457 fi- 

Guest Keen NetUefold* tUK) 10'apcOeb. 
Gunn lOlapcLn. 86 (1,8) 

HAJ Group (IOp > 40'<O 

Haden Carrier l25pi 1011.0 ta/ai 
Hogges .John) (IOP) 106 n.8) 

'SOP> 110 GBI. E!,PC 

K lfbT- & .io^^soW if: 14 U,B5 

Halm® HOP) 85>iO 8® 8 N 

Industries '5o> 13 (2/8 1 
Hanger Investments (IOp) 4B 
Haraon Tst. (25o> 140®. BiyieLn. 84 
^* rty iFurns.I \25o> 32,>i. a tup) aji. 
Hargreaves Gp. ' 20 pj 58* * 

Mari- s 5 ha Won Go. i25p) 50 » a 49 
IPhlllD) IHIdgs.) i20pi ®4)T® 
Harrison Sons fRSo) 66'. O/BJ 
Harrison ,t. c.i <25pi 108® II (3/ai 

H ir? a v ,os,i ‘ 4d h ,sm - ® | !p c|> *- 

Hartwells Gp. (25p) IDi® 13 81 
Hawker Slddrtey Gp. (25p) 236 4 2 
Hawley Goodail Gp. iSp) iqi* 

"SIS} 0 " 1 >P ' mi,d WJ Lcs,,e ,SOoi 63 

Hawtln (5 pi 11 1.® 120 
HariewootH (Proprietary) 1 2 Op) 73 
^“tem »m* Coggins L5o) 561,. New 

ISP) 56IJ 

Hoine (H. J.l 5 'jpcDb. 781, (2/8) 

Helene of London 11 Op) 24 ■, t. 4 
Helical Bar I25P) 39 (2,8) 
Henderson-Kencon U0o> d2B 2. lOpcPf. 
103 

Hcnekey's 7pcPf. 49 

Henlvs (20p, 125 4> b New (20P> 123 A 
. 12/81 

Honrlques lArtnur) (IOp) 19 (3.8) 

Henshall tw.i lAddlesxone) (IOp) 19h 
tl lot 

Hensher (Furniture Trades) A N-Vlg. CIOpi 
22 ® i3ja) 

Henworth Ceramic Hlqqs. (2 5o) 93'^P 2 1 . 
Hepworth U-) (10PI 71® 70®. ibPCBPf. 

as® 

Herbert tAltredl 7UpcDbS. 62 U 
Herman Smith ilOm 10 
Heron Motor Gro. i 2 Spi 131 (31/7). lope 
. Ln. 2100 

Hesuir I25DI 104® 31c 2 
HewdeiL5Luart Plant (IOp) 64':® 5'i 5. 
.New hop) 6a® 

Heywood Williams Grp. (SOpl 132 
Hiding PentKDSl >50 pi 105 
Hkkson and Welch IHIqqs.) (50pi. 207 B 
B'cpcLn. 65 l2/8) 

Hleld Bros. (5PI 13':® 13 fj fll 
Hj|« and Hill (25ni 861® 7® 6. 


LU Inter. Coro. <SJJSUZ5l »«3*® 

Ibstock j on men iW , '.H, 4 . 

nnnpworefa Morris 12 Op) 32 CS.'flL 0°- * 

. I j( 

89 * flt 96 901 2 ! 4 W 7 .. SkH. 
42 H® flispeLn. 46 J3-Bk 7UpcLn. 

Mha 4,9. !• -'j U fi 7 ja 7 ._ BpcLn. 
Bfl^S >4 1* 9 M fl. 10 -LPCLb-' flBla fti 1 
iimi WstgriBj IROJW) -123 ««• 
ImiMirliT I25u 1 B3>: 4i« >34.. 4pCUl. 
M (Sifil. S- k 4WUa« 7^^ t 31 7'- fi.SpcUi. 

53^8). tSElr. sp aim. iosbc 

Ln. sswo 4*4 I,. BpcLn. 75# B’j.B * 

'f^nTnd^ .10.1 27 (MS «-78 
(ngigm I Harold' <10n> *7 i2B> 

Initial icrricro i25p) 92 U 90-US 90i. Soc 

Internationa/' Business Martin** Core 

/nbwnatloru^ Standard SispcLn. 7® 
InienHtiOMJ Stores 7wLn. 60 l ;» OfW 
international Timber Corb-_)2Sp) 140 2. 
- TOpcLn. iUSSICO) T48 (**» ' 

Inveresk Grp. (50a) 65 ■: 6 

JA Hides- 1 ppc PL 9S’I l2»fl) , 

Jackson ij. HTB.) i5p) 31 

ids o.-®) 

James [John) 1250) 49<; 51 . 

James (Mauricci i20p) iS-’-r® VS 'a 
Lfr. 75 (3 fll 
Jenaen Princess Street 98 131-7) 

Jentlque Hldos- f25o) 27 

j enupd non) 40 i3;8i 
taiiw Firth r25a) 66®. 11,05pcPf. 136 

(3iB). 11 PCLn. 76':: 71. Bl, (3fl) 

j ojinaon Grp. Cleaners (25P) 83 4': (3>B) 
ohnron Matthey 480® 60 S3. . SocPf, 
39® W), 5',-PCOb. 59 "h n «). 

7l«pcDb. 63 'a 131 7! 

Johnson- Rich arris rZ5p) 98 '< 

Jones (A. A.) Shipman (25p) 146® 7 
(3'B) 

Jones CErnesti New (IOp) 144® 5® G® 

Jones Stroud (25P) 87 (3lfl) 

JourcUn (Thas.j ilOp) 43 2 (2/8) 

K Shoes (25pi 70® Us 3 4 3i,i 5t 5 6 
Kalamazoo (10 p> 311; 2':: O/fl) 

Kalsey Inds. (25p) 98® 103 4 3* 5S 
100 

Kennedy Smale dOo) 44 (l®) 

Kennind Motor (25 Pi 77 t, 5*. 5'ipePf. 

59 (278). BpcLn. 99 
Kcnt^M. P.) (IOp) 41 40 
Kershaw (A.i Sons i5pi 91i® - 
K Imp her BpcLn. 62 (lifli - 
Kitchen (Roftt. Taylor) (Ktol 7B 
Knott Mill (IOp) 14® 

Kode interna tl. C25p> 138® 8 
Kraft Prod ns. (IOp) ,2 (3.'8> 

Kw Ik-Fit (10O1 51 2>: Us 
Kurile Save Discount (IOp) 84® 

l — ai 

L.CP. Hldgs. (25p> 91*- Do. New (f.p.) 

(2bpj ft lip. Do. New i25p< 17®pm IJ8> 
L.K. mol. invs. u5D) 3B+® Jiat® 

LRl Inccrnatl. 1 1 up) ob® 4u® 39', 9 
twr A N-V (26P) 14b l2/8i 
LaaoroxX) (lOpj 167® 06* 06 5 8 7. 
Wts. b5® & b 

Ladies pride outerwear (20P* GO 1 (3/8) 
Laing . (Jobiu Son (43p) 202. A (2Sp) 
189 

Lain, (25pi 93 1; 2. 8 PCLn. 101® 

Late £iiioc (zap* SO 
Lancaster (D. MJ (Sp) 4',® (3fB) 

Latte (Percy) Gro. HOP) bo (41/7) 

Laparte Industries 'HiaosJ (50p) 115* 16 
Laznam (jamesj 140 i2 )B» - 
Laurence Scott (2Sp) 107® 7 5t 
Lawrence iWaltcr) <2Sp> 92® (3/8) 

Lead Industries Gro. ibup) 146 U/8). 7pc 
Pt. 52 il/B) 

Leaden lush' Hldgs.) iIOp). 24® h ( 3 / 8 ) 

Lb Bos <Ed warn i 1 1 >:pclr. 90 (1/8)- 
Letait IS.) (Fatal) nopi 46 


«Bt 

O. K. Ba»»r» (R0 50) 405 «1/s' ; 
ocean Wilson* iHldflsJ. i20pi aa . 
OcgVOT^.Ort GrlfSeri yihiBce 

oScc Electronic Machines (Sc) iv*_T 
OitPK 120 pi 97 UiQJ ' 1T ^ : 

Oliver <GJ I Footwear) a i25o) *> 

Olwre Paper Mill OOol “* -V 
Qrme Devetowowts (too) s?® j, 

Orenuooe lovests. tRO.lT’j jy - OM 7^ 
Owen Owen t ZSpi 97 100 *k(2*L. 

Ok ley PrtnOna i2Sb) BJi ; ® oRp ^ ?«B* 

P. fri.A. iHIdreJ l25p) 460 6 tSn, 

Pant® (P.» clow 27 >t® 

raraer nngti m laow 118® 

Packer. T I mtaf 1250) 107® ISA) • • Ij . 
Paraiand leatlle iHidgv/ a «ra-i ^ 

B tcraon |R.) dap) aim fStBT^ - V. 
cefsoa zochonte nooi its 
ilOp) 177 (2/8) * nm ^ ft 

Pauls Whites !4b*) 124® t -*-» .-ui-.-- 
|43p) 124 (U») *tre 

&& <»*r 

Wir asp> 

Peerage Wr mi nBham dOo) &7 


Perk In- timer 4pcLn. 9&I; (2i8L 

Perry (Harold) Motors '.uu. I-I4b ic . 
Potbow Wags. dOW -118 14 rtaiT-W 
(IOP) .117 O/W- IOkH 99® 

Peters Stores (lOn) 52®' 3 
Philips Finance sutu. 3Hg« 
pmiipr Lamps Htaos. cfL iu) oaeg am ' 
Phfliiw ^Patert* (Mlcrgs.1 OSoi 18 }”^ 

Phocn.x limber 050) 164 7 3 S S ■ . 

Pi fro Hldgs. A t20p) 92 -<3-8) 
Plildn^tOn Bros. 588® 900 85® | ^ 

Pitney Bowes S'rdcLn. 74-V® 5® 

Ptastie Cons, (.ion) 34® 'to g t 
Pfeasurama (5p) bj 4 ; (3«w 
Pteasov .tSOa) 97',® 9 Sim v ... 

T'.oCDb- 61'iffl -* ■% 

Polly Peck (HIBOS-) (IOP) 8!,® 

Poivmark fntol. nog) 53 b. -■ 

Portals Hldgs. (25 a) 228 

Power Cnadburn (ZOp). ^705 (1.9) 

Portsmouth Sunderland Nows, ojp] 

Pwvair i25p] 9® (3/8) ' 

Powell Dowry n ( 60 S 190® 90.’ 4hMt 

Pnrtchr 1 A) freri J SUM (25p) 77 02IB> ' ' r ;. 
Press iWm.) (So) 26® $0 5. tacin-au 
(3/BI 

mac 10.5pcPf. 100'j r . '7 

PreOJoc Group (25p) 1 C 8 
Prwtwich Parker (25p> 32® (3-8) 

Priest (Ben.) Sons r23P> 87 (2 8 ) 
Primrose rndl. Hldgs. (RO.IO) 72® 
Pritchard Servian (Sp! 363, 

Proprietors Hav's Wharf 141 2 
Provincial Laundries (501 11 C2J8) 
Pullman <R. J.i (5n) 93 
Pve Hldos. I25pl sso 6 ® 5;® ■ 

Pyfce ON. JJ (10b) 43 .(KB). 

Q — R — S 

Queens Moat Houses (Sol 41 >: 

Quick (H. JJ (10pi 43 (2iBJ. 

95 (2.-8! 






Lebus (Harris) (2 So) 


22 


Leo (Art nor) and Sons (I2bpj 
Lee Cooper Grp. (25p) 126 3u. New l25p) 
123 tl/8) 

Leech (William) (Builders) (ZOp) 85® <3/B).. 
New (ZQpi 17 

Leigh Interests iSp) 1709. 1. New (5pj 172 
(218) 

Leisure Caravan Parks (IOp) 139® 

Lednons Gro. MOp) S3 (2/8) 

Lep Grp. HOp) 2359 
Lesney Products <Sp) 76® 

Leeraset Intni. nop) 143 1 
Lmx t5p) 9 'jO >3IB). New (5p) 9® 

Lewis (John) Partnersliip SocPf. 39h 

Lewis's Inv. Tst. 6'M2iittDb. 651, 

Lex Service Grp. i25p) 860 >:« 9 8 i; 9H. 
Second Senes Warrants to sub. 30i> (2/8) 
Ley lend Paint and Wallpaper (25 p) Bl 
(3/B). BpcLn. 88 fl/B) 

Ll berry New Non- Vtg. <2 5b) 162 
Udon (Hid so.) M Op) 201, 

Li (lethal I (The) Company OOP) 31® 3® 
Lilley IF. J. C.) 1 25c) 70 1 (3/8) 

Kilgour Gni. (IOp) 55® 6. IOdc 


Uncroft 

Ln. S41a 1 118) 

U rad us tries (25p) 14® 

Unfood Hldgs. i2Sp> 155 7. New (25b) 
153 6 4 (3/8). 12ncLn. Ill 1 Q 1 j l 3/8) 
Unread i2Sp) 36®. BpcLn. 530 
Liverpool Daily Pest and Echo (The) (50&) 
13)9 30 1 

Uoyfl (lr. H.l Hldgs. I25p) 70® 1 ( MR) 
Lacker rThamas) (Hldgs.) CSp) 20>, 1. A 
CSp) 18 ' 4 ® '» V| 19: 

Lockwoods Foods (25a) 702 (1/8) ■ 
Loradta^MItOano inds- (25P) 93',. S'.-pcLn. 

London. Northern Group (25P) 31 S® 3® 


R.C.F. Hldgs. (25p) 380 
R.F.D. Hldgs. (top) 74 3 
Racxl Electronics (25pi 268® 74*.s8'|. 

Radley Fashion (25n) 50 ( 2 / 8 ) 

Rainc Eng-g LIOpi 131 , C21B) 

Rskusen (IOp) Ifih® 

RoirUr Textiles j 8 p) 9 (2/8) • ' - 

Randalls (25 pi 71 

Rank OrganbaHan (250) 255® 7g va 
5>7® 8 ® 6 i;® 8 i;o 62® 59 5; 41 £S 
5^': 7 6 8 . SlpcPI. SO (2-8). lOkac 
Ln; 8 OI 4 

Ranks Hevh MeDoimll (25p) S7>. 7 £h. 
60 c API. 451. iwLiL 1976-81 
6. Do. 1985-88 62;® 3* (38). Otoe 
Ln. 69i4l* 70 . . 

Ransomo Hoffmann Pollard (2Spi 561, ft. 

BpcLn. B 2 b (3,8) 7 

Ransomes Sims Jefferies 162 
Ra Inert Uewdlersi flop) 70 -• • 

Ra^beck fiOpi 96® 5'-,® 4t, 6 7. Warrant 


__ ( 1 18 ) 

Readmit Intnl. (Sp) 42. 

11 /fl 


5'4PCLb. 71l| 


Ready Mixed Concrete (25p) 135® 8® 6® 
2t® 9 8 40 37 

Reckitt Colraan (50o1 497® S 8 SpcPf. 

Redfiarn National Glass (25 p> 305® 2999 

300 

Redlffuslan (25p) 91 2 Hi (3/8 1. 4pcPf 
• uni 

Redland <25 d 1 165®. 6 5 3t 7 7 Upc. 


Db. 621?® Ai® (3/81 
Redman Hcenan (loi 


01 59® 60 1 , 


Reed l Austin) "A (25pi 100 
Recn Executive (Sp) 73 (218) 

Reed Intnl 1561?® 71® 4BJO 52 1 48! 9 
60 4. GccDbu 77 Ortl. 7LpcDb. 1990- 
1995 641, (1/8). 7>3>cUns.Lii; 540 
lOpcLn 69: 71 

Read Publishing 41'PcUl. 20 1® 9pcLn. 

Reed (Wiliam) Sons (2Sp) «3f 
Reliance Knitwear (20p) 44 (1/8J 
Reliant Motor (5 p) lot* CUBl 

Rentpkti'rmpi 62® K® 2 (3/81 

rSww l (25p1 149® (3(8) 

gssfftfiiraai,- „„ M 

Rlchanw Walllngton Inds CIOpi Bt 
Richards (IOp) 32® 2 .... . .i. 

Rich arris (LelcMteri (2* 


Tft- 2 


L 1 8S°90 Pr0v,n01 * 11 Croup (SOp) 

London Brick (25pl 74 3>-. l'4pCLn. 136® 
Long. Hambly flop) 43b: 

Longlon Trampart Hldgs. (S5pl 6* 
Lanrtio (2 Sp 1 57 fle Wl 7>i B. BpcLn. 

Lonsdale Universal (25pj 87 

Lovell (Y.) (Hides.) (25p) 90 

Low. Bonar Group (50p) 175 (3/8). 

1 2 i;DcLn, (llip) 106 (3(8) 

Low [WmJ (20t>) 108 9 
Lucas Inds. 325® 2® 4® 1® 3 : 27 3 
6: 7t 2- 74»peLn. 74 (1/8/ 

Lyon. Lyon (Z5p) 84 (2/8) 

Lvons (J.i 140 7 4 6: 5 3 9 5 6 2. 
6ocLn. 47 (lifli. aUpcLn. 65b. 7UptLn. 
849 

MFI Furniture Centres (IOp) IIS® 13 
M.K. Electric Hides. (25p) 203® 2 
M.L. Hldgs. J25n) 149 
M.Y. Dart (10p> 669 4b® • 

Macanle (London) 7bpcLn. 52 (5/8) 
Macarthys Pharmaceuticals UDp) 102. 
.5'ipcPf. 50® 

McCaw Stevenson. Orr SpcPf. 14 
McCorquodalr 2800 78. BbPCLn. 64b 

Macfariane Group ( Clansman) (25P) 73 
Mackey (Hugfi) (25p) A*H 5 
McKee hnie Bros.. (25 p.1_.89 <^/8) 


Macklnnon, Scotland (25n) 


( 2 / 8 ) 


Mackintosh (John). Sons 4bPcPf. 34 
(3ir7). 6-**ncpf; 53® (3/81 
Mac Ld Ian (P_ W.) (20p) 24 (3/81 
Macpherson (Donald) Group C25n) 73b 
Maqnet. Southerns (asm 213 TO 
Maic+B (J.. J.) Paper Mills (25 d) 83 
(3181 

Ma Minton- Denny C2Spl 53b- 4.2pcPf. 44 
Management Aqrocy. Musir (IDp) 91 2 
Manchester Garages (IOp) 33b 
Manders CHMgs.l (25n) 95 f3l8) 
Manganese Bronxe Hldos. (25 pi 80 
Mann Eaerton BocUns-Ln. 62 12 8) 

Maple -Hldgs-) dOp) zi« 1 u 2 2:. tObPe 
Ln. 701. 

Miopin Webb 42 b (3;8» 

Marchwiqi (25p) 144 1 (3 8). 9pcPf. 91 
Marks Soetaer (25p) 164® 5 4 & 7 5b Bi. 

7pcPt. 591?. lOpcPf. 85b (2(8) 

Martey «25o) 86® 6 5 

Marling Industries tlOpi 271, il.'BT 

Marshal CXvandlsh (IOp) 50b' 

Marshall fThomasl (25pl 48b® (3 8). A 
f25p) 45b 7 fl/B) 

Marshall's Universal USp) 170 

Martin (Albert) Hldgs. \20p) 101 1 , tl-Bl 

Mart In -Block I25pl 54 

Martin Tha Newsagent (25 a I 235® 

Martonalr International (20p) 189 90 

Matthews (Bernard) (25b) 168 4 

Mav Has sail (23 Bl 67 M.'B) 

Maynards -T25 bI 124 (3'B) 

Mnars Bros. Hidos. (25 d) 160 IS* 
Meugltt Hldgs. '-&?» 21* (3 1' 

Mcggltt Hldgs. <5pl 21® (3/8) 

Mefodv MDls i25oi 82 (3fBi 
Melville Dundas Whitson i25n) 43 fl'8) 
Mcntmore Msnuf. iSpi 16 i3/8i 
Meiurles Ul (25 pI 170.- SpcPf. 38® 13/8) 

Metal Box 353® “ _ — - 

10'ipcLn. 844. 

Meui Box Ovmscos 3^G75ocRd.Pf. 48 (3>«l 
Metal Closdras Grp. J25P) 10S 8 (2/Si 
Metal rax ,5o) 48® 7® 7 i3. - 8i 
Mettoy (25P> 85b;® 7 
Meyer (MU G5pl 92 J, b 
Midland Ind*- (Sbl 40® -I U® i3/8, 

Miller iT) (lOpl 40q f2/fli 
Miller (S) Hk»S. (IOp) 16 lZf8i 
Ml/bury i250> 45® (3/B). New <25pl 47 
Mining Suppllas IiOpi 05.7 6 l1,‘8l 
Mitchell Cotts Grp- (25p) 41b. l3pcUns. 

Ln. 96b® b® (3/8) 

Mitchell Somers HOpl 64* Z (3/8) 
Miaconcrete t25pl 73® 6® 

Molms i25p> 135. iSIB) 


BpcLn, 


and Smith t25ai 81® 00 
Hill iChariesi of Bristol TI4 ci /Bi 
Hillards IiOpi 213 11 -fl* 

Hinton (Amos) OOP) 91® 89® (3/8) 

Hirst and Ma/lliuon < 2 Dp) 30 29 1 I/ 8 ) 
Hoec/Ut Fin* net TOPCLn. 118® 13 / 3 ) 
Hoffnuno (S.) i25pi 95 
Hollis Bros, and ESA i25pi 68 iZ S3 
Holt Uoyd inti, (lorn isao a 1 ; 7 
Home Charm (10o> 179 

M 8°5 ef 3 f 7 5W 275 7 " A ta5rt ZM ° 79 
HoaKlnsans Hldgs. (SDp) 10B® 11 
Honron Midlands (Spi 107 
MosVinc Horton (20pl 154 
House_ Fraser i25p> 157® 8 ® 60 56 8 9 
7. BbocLn, 64 b '3/81 
House Lerose i25n' B 2 
Hoveringftam (2501 81 
Howard Wyndham aOo) 27 u do. a 

Howard Machinery (25p) S9 
Howard Shuttering HOpi 27® ,3/8) 

?T43)b. T ‘ , 6T s a-l! n,kK 0501 ” a ’- 

Hcwdcn (25pl 76b (3/8 J 
Hudson's Bar npy 15-'. C2'S) 

Humph Dos f25pi 13l< (1>8> 

Hunt MOKTOP l5Pi 25'*® 

Hunting Associated Industries t25ot 250® 
2® 420 52 4 
Hunt Id gh IiOpi 132 1 
Hyman (50< 45b 

1 — J — K 

1CL 362® 40 564 
IQC 1200) 115® W8l 
IMI i»5p) 62® 1 b 60b 60. 7l«pcLn. 


Monk fAl (25p> 84 
Monsanto SbiJcGta.Ln 48: O' 31. 5 pc 

Stlg.-SGM.U1. 123 I3r8i 
Mention iKnltt. Mills) < 2 Sp) 6 fft (3.8) 
Monument Sees^flOp) 7 
More O' Ferrafl (IOp) 77 1 J/ 8 ). New ilOp) 

Morgan Crucible i25pi 120® 

Morgan Edward* ( lOn 1 64 7 0.8) 
Morrison iW"U Slfpormarkots (IOp) 959 
.90 

Moss Bros. I20PI.125 
Mass Engineering Grp. I25p) 66 C2.8) 
Moss .'Robert) . CIOpi 30 « 1 .'B) 

Mother care illpi 1609 4 4: 

Mount Chariotto Inv. ilDol 19', 

Mowlem (jpluil *2Spi 125® 6® 

Muirheod (2Spi 178®. 

Mvson Grp. »0nJ 889-7® 8 ® 9 


85b 


■N—Q—P 

NCR Cora. US59J* (ifll 
NCR Id. 4pdSUg3ir.Cfl£Gtd.Ln. 

\2 Bi. abpCLil. 654t 6b (31/7) 
N^I^NewsagenB nap) 114 (t/bu 9pcPf. 

National Carton/stitg fTOpi 42® 39 41 
Neeotend i2SP). 4S» b®_9 B* : 9bt 
Negrejo 2>onra i25pi 90® 1 SO 
Neil Spencer Hides, nop) 120 19 
Ndll Uamesi HMOS. (25 pi 1 g5 - 

Newarthiii isi cs:a) 

Newfaoid Ht.-fTOT Hldgs. (25 oj so. 
Newman Indi Offf) (Bb® 

Newman-Tonks i25pi 60 ® 60 f3<8> 

S**s international (25 p> 270® 5 fS'S) 
Nldlcis (J. N.l fVfmtOi i2Sp) 200 
Noreros •Zspi-'97 l a® 100® 100. 7boe 
Un* Ln. 80b® b re/gi. I4pcu*j, Bfii^ 


. &p) 78® (318* 

RJeMjriteonv Westgorth (SOp) 59b®. 8 . 

sa, , & , ugr. , c , !?...»7... um’ 

Rnlkpwro 'Grp.' i2BpT 1411^8 40 
RoJls-Royce] QSpi IDS 'a* * 5 3-': 9b 
Rounrr Hldgs. 125PI 40 12.81. A 1258) 

Rosgl® iSp) 17 'flt IS) 

Rotaflex (Gt. Britain) tlDfli 48 
Rotapfim 12 Op) 41 
Rothmans int. a ri2>?Bi 59 
Rotorie POP) 140® rf 8) . . _ 

Rowntree ^Mackintosh 1 SOp) 409® 8 L 
GpclstPf. 46. 7<:pc5rdP1- 57® 

Rcwton Hotels f25P) 151® 

•Royal Worcester i25dj 16T 
Raved Grp. (2Sp) 37 
RuberoU (25p) 40 

Rugby Portland Cement USol 33® U® 

4 J a 31’. GncLn. 50b W 1® (3'B) 

Ruston Hornsby 6ocDB. 92b (3 <31 
Ruston Hornsby SpcDb. 68 1 ,: CM) 

Ryan (LJ (5p) 14 13b 

SOT Grp- asp) 165® 4® 6 
5*4tctrt SMtcbl flop) 158: 'ui (3,6) 

Saga Houoeys raop) 1 51 
5ft)iutiary (J.< (25 p) 22419 8® 5 4 
SarnuH (MJ A (25 b) 325 
Samudsoti Film (20pl 93 „ 

Sendemon HSeo. G.I ntSoi 60 CUtO 

“ ■ 

Schneiders (5.) GpcPf. 41 (31J7) 

Scotros L2Sp) 78® fi*8) 

Scott Robertson a 5 d) 50 (3/8) 

SrotHsh Universal Invs. I25p) 113 
Scottish Eng! ish European Trebles (20p> 
_61b (31/7' 

ScoMish Heritsbte Tst. &5p) 43. New 
I25 d) 43 13.-8) 

Scottish Teievte'on Non-Vts A (iopl 82M 

Seert Hldgs. (25p) 41®. 2b 2. New i25p« 

2 - 7pcAPf. 53 (2/81. 7UDC 

Ln. 59 u.bi 

Securleor Grp. asm 120 a 20. sure, asm . 

i 7 - ANon.vtg. USp) 120 
Sekers Intnl. HOp) 35 -- 

SeUiKourt I5P) 26 J,. gi.pcLn. 75b <3JB\ . 

n OP)' 2 6 '«® b. 9.6PT 

Serek flip) b” 71 ? 

5j»akespe;re OJ iSpi 29',. 30 (3117) 

Sharna Ware (ZOg) J 12 (31(71 
Sbarae Hsh«- .JSp) 41 13 W . 

Shirne fW N.l (25 p, 214# 10 
Shaw Carocta nop) 46 50 
Shaw iPrancisi ezo p» 27 * 3 ® (3/Bi 
Sheepbridoe Engineering i2Sp. 72b® 1 ^ 
s “Sjhel® Refresiiment Houses C25g) 83® 
JJ/CW 

Sherman rsamueii 11 Op) 13b 

fS0 °l 95 4 aim - 7 '»«* 

ee. 7" i 3I f7| 

Slebe Gorman Hldgs. C5p) 185 6 C3I8) 

2 P"**!" «10p> 63 l3/B) 

s, 'g , Woht Hldgs. (IQpi 87. New (IQo) 

WJ Vjl'fi 

Silhouette (London) i 20 p) 47 
S hrerthornr Grp. "Op) 18 <2/81 

HS“ 05*^9 "" aSat 2X9 S ® ” 

6 “> B Group C25n) 93®. 4bpcPr. 35b® 

Skate hlry f25pi 123 2 

SllnMby fH. C.) 125pt 30 O'W 

linSf i Jolin -. c - > Tldmas >25Pl 30 I3JS1 •- 

geisha,'* (R-i (Knitwear) *10p) 37 |3/B) 

SHJf.? «•' (Contractors) <10pi 43 

Smith Nephew Assocd. nap) 75M ab® 

, J®. 5 4 1 ^ 5ijx?cPf. 30b (31/7) 

S ;U Hides.) - 2 Op) 10 s (31.7) . 
Smith Wallis (25 p) £5 (ZlB) 

(SOp) 168 9 6. 6 
SUoclInsAn. 34bt®. 
Indupts. (Sop) 179. 7bpcUnsJa<- 

'J/IlJ 

i3i!?»lJj ,e ? arSon jL ,2Ss) 202® 200*- 197 
S S 6 Ci 7 *Sf 8 ) JW Stauonery Society CM 

Somporte* Hides. i25p) 81 H.8) 
fS!5? rT P «? rk * (25p) 308 S 3 

C 3 J 8 ) Constructions *4lldgs.) (5p) 6irf . 

Southerns- Evans BocDb. 74 J. 5 < 31/73 
Sparrow (G.W.) f20pj gg (l,8J ' 

Spear Jackson Intnl. (ZSpi 124 OSBi 
ptl 1, 'J-W.I <25pf 205® 3® 

g» r fc Metal industs. i20p) 30 
e5S c * r S? ars ’Hldgs.) (5p) 15b 
r^T 9 ?. la5o, 43 ,z '« 
reiB) <35sl 11 M,a a ‘ 7Ul>c0t1 ' 71W# ■ 

ta5 * J 1M I3JI7) 

* 8 aJSSS: 7,J * - #,fc 

Wr b 9 Hl f^, ™ . 

S (1op) l, 5” ,> l1^* Bl " tlo,, 11 ^ **** 

Stanley (A.G.) Hldgs. (5p) 1 33® 
f^HHte Engineering i20p) S2 <3/0) 

Q | yoym 'JOP) 170 4 

S B& v 6 JITSR, 2M fi - ri»MM. 

StMd Simpson A (2Sp) 40 (? 8] 

247 

l&SSS. 0 fSU 97 - w* 1 *- ,MB 

S Wm )l ' d “* tr,cs 29 M. inPf. 3® 

S^Otaeph. and Sons <23n> 

S tW 7 ) A N“"-Vtg. (25P) 28b 

Stonotillt Hldgs. (2sp) 108 


FINANCE FOR INDUSTRY TERM DEPOSITS 
Deposits of £1,000-£25,000 accepted for fixed terms of 3-10 
years. Interest paid gross, half-yearly. Bates for deposits 
received, riot later than 1L8.78. 

Terms (years) 3 A 5 6 7 8 9 10 

Interest %. 10 J 11 UJ UJ ijj jbi 12 J 

Rates for larger amounts on request Deposits to and further 
information from The Chief Cashier. Finance for industry 
Limited, Bl Waterloo Road. London SE1 SXP (01-028 7822, 
En. 177). Cheques payable to “Bank of England; a/c FFI. M 
FFI is the holding company for rCFC and FCL 



19 


i 










‘-v 


1978 

" ~itt’aiTs' 


.i 


IV. NW 


pp»:jga? , 3tw«i> 

rraw.TTW New 

S MV® hMlfcr - *"»V rt88 ® »*». 7‘jpct". 

ISSU^^SS^^ w OTI * 

■ ‘t— p-v • 

TtoilOB) Z-yi-iejJ 40KPfH, 27 
92*?Z?a?' 1**1 *- lUiBdU. 

wiSc wsr-mrieue 

ora SbS. 

tSISp^k 1519 SOO-1 4 

Tesco Stare* iHIdpsJ^D) *a*si9 51 SO 

■l i*j 

ftwisas... .__ 

Tnomwfl Qrakahatfea K. .. . 

«»>. 7 S^c^*5Tl 

iSRwarjaB-as?^.. 

B® 70, SgcUnaec.Ln, WJtt (3l8) 

Thuroar Bardot flop) 189 17'j 
TOburv Contracting TQrp. 2fla . 

aop»'i34 6t s* 5 * 

tgwi §» bp* ■ ni * 

(?BI ® Sl4 r31l7> - ;wUNK.tn..HW 

SEW-Wla* 'W <“ •. 

T sa ,P 9 Kw *» , w Mlllbourn (Minos.) aos» 

TralMaar Hauso f20p) 1»h® 7 B fiV 
9'.-atUnsec.Lfl. 71 # 70 ; 

T«2SS£ rto A^SP- l S us, > e 5'jA s «««■ 
T q* n £??2L.^* Tnt ^P rD - o5»« 77* a 
-V'lPeuiiucXn, 72k 

tI^v 12 W 156® e: 

tass*-™* 


mJ 


413 


Triroyilie fiooi 

TrtavbJoa A Non-vts. 539 i® 4 


3 ‘ **.fSST& fflBNgi*** 


sSf; , 1 s /¥hP° „ w *5fBJ. I04aduu«. 

t§5* 

Tunnel Hldu. (5Dp> jam ' 

JSStMi life 88 9 S1 *°- '*•*" 

Turner gurz — — 


t“ra»L.i5p» ton 
Turriff Con. rzso) 7 * • 
Tvnck t W. aToopi : 


HUpcOb. 87b. 


(IOpj ZA 

UOSJJSBl 98® rt s V s 
SbocUns-Ln. 47 ,aj) 

USMc"? £r 2 laUoM ’ 12301 157® -'. 

U.U. Textile* MOo) 5 * 

UAgW.e |2Sp, 641^ 5 6 li! Etin rllmi ti , 

S7 9 (6s| “ ; f3/8). 6liPc lJpsVL^l||t 
U»i|»ilr?25»l SSP' iw> aM ua i, a c 
« 34 5. SWOB. 72®. %£££ 

46 <3-6>. 7>iPeUnsXn. BTl*® 1 i® 1 . 2 

Unilever (F1TJD 25% (1 81 - . 

u siu ( rsr«™' ai '* -tt***- -tijpcm. 

Hs h 1& c * ? wf; , 

W S53BJS»“ 

United Carriers (TOpi 9d -- •-- 
United CICt Merchants (\0n) '64- 

asit's sss^^pViti 1 3,r * 

United |clentMc HMflS. (ISM 317® 389 

United Spring Steel (lOp) 26 <31f7J . 
United Wire i25p) 56. SbcM32 (51 r?t 
Unochroroe International ClOp) 13 L3117J 
Upton (E.) Sons A (25 pi 32.(228)' 
Ushcr-Walkor -flop) 71 ® \31Sh 

Valor <25P) 52® 3® 1 1«« «-®- 3 2 
Vantona Grp. (SopT 126 ® 5*^6 te. 

V«li* Stone Grp. tIOpJ M <31 B) 

V t c . ker 5.. 8 °- 1 , 78 SpewT fTta Free) 
54 'ini. SpcLn. au 
Victoria Carpet Kldta. (25PI 15® CUB> 
Vlncm (fOBi t9® 20 


Vinten Grp. <20p) 172 3 
t. I2SP7 35 
tvai 


Viscose Devpt. i25pr- 35 O/ 0 J 
Vita-Tex i20pi 48 (t'fli 
V oaaer (23pj 194® i; fit 6 


W- — Y — Z ’ ; 

PrrtSp* jsss 1, 01,1,1 71 70 ,,,8 » 

*i"Gl (2Spi 110® . r ■- .. . 

WMdliMtpn ijohnl aSol 223 .. ... 

Wades Departmental Store* N-Vtp. a X20p> 

Wadbant Striker HOpt «4® 3 - ' 

Walker and Homer (Sol 121*0 13 (3/B) 
Walker (jamesi N.Vta. (25p> 96® 

Walker (Tfimnasi <5 pi' 12® • - 

Ward and Goidstone (2spJ 94® U2) .- 
Warp iTOos. W.) Q5p) - -o i.prru. 

|D'J® 80.2 IKMs 79 (3»ai r >(tP«ia*7B® 

Ward While Grp. Q5pj 94 
Wardle iBemardi 1100129 ®. 2^* i z (3/8J 
Waring and Gil low iHIrKs.) (Z5p> 126 b 7 
W*tne Wrlsitt and Royrlawt 10pi 59 4 

V 33'b® J 0, ' ,MV5 n0D) 37, *» Bis. a nopi 
Wuertord Qa$* (Soi.SS 

vssasrJShamr ^ J -** - 

Watvon Philip iiopt 56 3 . . 

Watts Blake Beame 12 Sdi 1259-4® 1 
wearra Grwip ilOw 28 >j® - • . 

Wearwell ISpi 31 . .... -r . 

Wellco HtBdlno* Tsp) 23* X: ■': 

Corporation OEM 

West Bromwich Son no HOpi- 29 <2f8r 
Wostbrlck Products C25 di SD«-.. • ;.. 
Western Board Mflis (10« 74®.’ . ' 


'SS'Hm?* tGew »Cl 'Enpineertngi tsopl 

WMtgey.iB. S. and W.i C25p> ZB i5/m 
Wrf«insh£tj . (wiutami MHoiangsi ft 

Wntworth Clectnc (Hoidisni issi 2io 21 , 
(Hettrn asp iztoi 337 5 HiB. 1 
Temp 6*pdMDtv IBBi-BS 75 * 


f I2ljtl| 


ji ltthflt aspi 460 13 81 

T£*„ ttsn. 


IBncLn. 
rj) . <25p) 98® 9 

WiWmvHiStai Group (2 Dm 29 (1 -fi. 
Wmi atru-OoftPl CardlB (2 to) 49 1 1 . 0 > 
mn)Ms (WJ Sens (Hides.) i25p) 23 
(25p) 6 $; (318) 


ton Lite AMDranco 5oc. <Spi 113 ® IX 
Wlms Faber *2Sp) 278 81 77 

INVESTMENT TRUSTS (244) 

Aberdeen Tst. i2$bi 15Di® 49 


^SS-iSSi’-S 


41,-pCDb. 


.Bros. L20oi ss^iSW:' 6 > 2 «l. n 


.. 12/6) 

WDaotv Wjlton Eng. flDp) .53® «*® 2 
WMUey (Georeei l25d) 85*® a® 8 7 
32A( 

Wtmi tods. (20(0 42® .S* I5TJJ „ 
Prods. (10s) 32 (3/01 


W*r* Ptastlc . 
WleMian -iM^ , 
Witter rrhoms*) 


PI. 70 0*8) 

Woluiev-Hujihu 'gSo* 220 18 , 
Wornhyrell Foundry fpg. (ippl 21 (J1,7) 

Wood Sons aitdn.}-(5p)-46 a am 

w g»4 (Arthur) Son (LOKPOrt) (So) 48® 

Wood Hall Tat ■ttBBTSaVj' 

Wood. 15. W3 Grp. 120(9} 37® 

WoptKiead Uooas) asp)- 93®. SbDcLn. 

70 v n/8* ■ 

Woodnowe RhcsOD OildBS.) 30 (2.-81 
V^OotworUi (F. W.) a5p) 966 5i® 7 i 2 6«i 

Wortnalds Walker Atlclasap OSd) ioi x 

(3f«). SpcLn. 60 BIB.-.,. 

Yarrow C50p) 27B - ' 

York Tigacr Hides. « 0 o> 57.9. lOccPt. 

' VU • 

Y^sWre Ctiemk®!*- Q5P)i W*; _ w 
. f25p) 5 cm (3187. SsePf.,44 79- 12>ape 

Ycrkstaira 9 Ftaw WwStot S*tw®*4 rtOp> 

57® .. --r ■ 

Yesehal'CmB 1 (rthmaJ <35*0 . 43® 

Zemei carburetter a (R*o.i <S0o) 95 aiB) 

Zrtttn Grp. tap) '. 54 ' tin) ;• 

ELECTMC&'POWER 

Calcutta Electric Supply TS CIS)- 6pcPT. 

SA'i iiUJ ' . •. --•.•■ 

Nigerian MecjrlcitY Supply *7 30 41 m 

; FINANCIAL -TRUSTS (37) 
Akipya Smith era (25o 225® 
Anglo-Attlmr Bn. l7'iW -1 T l3/6) . 
Aneto-C en Onenfal Inn. rtik.- Six>ManthDb. 
bavidib}.- — •" 

Armour Tst. HOP) ICNa. IIHaPCUi- 630 
ParnraJlap Agrl. (AS TJJ501 vj?0® - 
BET Qnialbus- Services. 5*PC2fuH>t. 41 b 

Bttboasgate Prbn-'Gen, fnv*. 74 »j 
Boustod OOP) S7U - - V .. 

Bridgewater Fats- ISOpJ 300- 1'UJB 
Britannia- Arrow Hldus. 15«i 

IB 16: Wmt* 2. 6bocpir.M C2th> 
Ojarterhome- -Grp. i25p). (6 5 • 
Com^ashle fKianclere oe- So fa rfFr 100) 


fcSIi (3i8>. 
cowikMsii Hldgs. 

Mall Gen. 

.- Qp) 353.. 5ocPf 
OalgMv 271® : 

Dawes (G. R 
□awnatr Day 
Ln. 67 _ 

Edinburph Geo. tnvs. (1. 
Electra l nr. 7K. C25p» 1- 
Xriinm How |oyfc.«25p) 


n op) ‘ 26 ■ •' 

Tst. (S^^3524_<3iB). 


'21 va»» 

(3/8) 


t« 3® 2. aJmcDb^BO^ <31|7) 

giSSU’SR, 'It* ^ , ^ 

FiritriS. IB. Cpp.oop) 2>1 (i-ai. 

9bPCLn- 1992-9 7 17* ®-- < 

Goode Dnmnt Murray.. <5 p) 22b 
3.5PCW. ifiopi 18 . 

Gresbatn Inv. jst. i25p) 66b .6 , - 
Gresham Tst- ape!®.- 63V-b iSl/W 
Grimsbawe HWo*. IZOaJ 28 (341) 

Hampton I5d) 11U ■) ■ - • - _ 

locbcape 373® 68*® 6 1 ® 75® 70 5 a 
68. IZbpcLo. 96V -CilB) ■; ^ 

Ind.. Commercial Finance -Com eJancDb 
78* CV8). 7OC05-- 6S* ’ » 8)^ tOlPO-a. 
84 CUB) - .. ’ 

SS& VSfc? OOP) .Mil 7- * 7 1 8 

London. Assoc., lityst- Tnqt .IICP] : Bua 

Lanoon. European Groutt^-ClOP) 28 8 

tS»8). lObpcLn. 67'i® L3JB> •<• 

London Scottish Finance - Corp. Iipm 380 
(378) 

M G Group (Hldgs.) .'(Spv:i£2®. a®„ ' 
Manson Finance Trust .IZOaJ 51® 1' (318) 
Martin (R. P.) (Sal 45X2/S.' /’ 

MU Is. Alien int. (50») ip^.Cem.f*. (50 d) 

MTOroad a> M«rcsntU» RidbiL. tlOP) 12 

N.M.C. limu. niw aj*V' f - 

KSSSt I— 

St^^'ri 8 AssoM?10pVl2W^*Wg ’* 

Shne Derby HldOS. .1 Op} . 309® T* 

Smith Bros <25p) 58 i2A}' . ■ • ' ‘ 

SSlI^Si , ’ i 33 5 s U.'3Si- ™«0 

52 <3/8) -i.- .... ■ 

United Dominions-' Trust O 3 a 0 T 9 « 41 1 ;® 
40 1 -' •■■: -■ ,h ■ - 

Wagon . Finance (25 p) 42/ i . - = - ; 

West of .England Trust 050)57® *® . 
Westrex Setaetton OOn) 26. fTJBL 

Imperial Conth^nral Gas J75» .2 S 70 

“ \ INSURANCE <i5fT 
Bowrlng (C T.l i25p) 1 18b® -1B& IB 
iIrIa 111® lOoctb. .458 -£3)81 
Ertannlc Assurance iSrt iBdTtt 
Commercial -(/nine OSu): 155®. fit® 

58 9 8-7 • 5PCFI. 3i fWto-i • 

EiB’e Star Insurance Oba) 158® 7 
EcrleslMttcal Insurance 105 4 JVUH' 


AJJm'ioe ’ jn"v“’ (25n) > tol« tZ,,,J 
Atnance Tst. i25p) 240® 7 4 . 

AN? liw .Tlt- I25p) 145 <3 81 
^brose Imr. Tsi. (25pi 54';. Cap. C5pj 

African Tst. 12 5p) 50® 50. B 1 250) 

A S*9>®- e ?“ n SeCt " COr °' QSrt l08 ® 

A agio- jritgr rational in*. Tst QSot 44 ® >M) 
A^h^J ,t L ,n, i raSpi 49 13‘81 

|Ste , ?nu , . n ’f«:% 5 S? D i3V S0O, 411 

A io?o i, si a, n"8) re ”««■ ■«. T«- 

Attit J?- J 2 591 1D 7® ‘l® Vz 

Alias Electric and Gen. T-st 15501 sf 

5?w ^ *"***" t « 


7) 


125 p) 45 

8 Ti* h d/Sf 1 ' 1 * Sccs - * na 6m - Tst f £o > 
8 ^ h “«*. Gp^‘w- Tst. 6'ip^Ob. 


British . 

f 3CA " P * 


no aii7> 

^Bnt>sh Inv.- T il rtcai 172 a 


.SO 


5pi 90 , 
st. (25p) 133 (2T8). 


_93b Mifl) 

- (Z5pl 124 30 (3181. Abac 


§SE&*Td 1 , >, , L s . rt -??. 

Capital Mationai 
l2Spl 127 '2/8} 

‘toSjS.tlTS-- TsL SPCDi. (250) 120. 
Cartlpt Inw.'Tst 
Ln 101 h 

Island* Inter. Inv T«t. Cap. S70 

»"’ , *,«P) 73b® 21; • . 

’24°" ' ,n,f Ts *- lnc ' t25rt 29b. Cao. 

r,t!f F a wl 0n <"*- (25 p) 85b . 

nSL* tBl - T . 4t l 2 5»> 101 SpcPt. SB >.® 
i.'"'***- Ts4 - ,5 ®*> 64 (1.3) 
CUfton inrosts - 10 p) 7 t*- 

r«r d '‘ Sd f l 5 '25P) 80 

Cn!S?r^« S ? cu . r,,,lre ™ I25PJ SS2- (3’BJ. 
£?!SJvntai indust. Tst. (2 Sp) 2 J 2 ® 
H?6® JaCan ,nve * i ' Tst - *50o) .195® 
Crossfriars Tsr < 2 Spi 01b % « 3 / 0 > 

“ S * ,, TP® . 69® 

^-firws'.w 140 

« v ?l n CorKd. (25p) 159. 4bacDb. 

e J- 7bPCLn.12B® (3-m 
Sz*£2t 5 r Easmm <2SP) 43b® -b • 

ssr^ Sr'sy**" ^ 7b »- sho 

p^S^k 01 ^ 0 " **S»> (31 d) 

Inv. Tst. 241 . 

■ 9 gfl - (2S0< 84® ' (3’Bl 
i-SSiH! Intorntl. (25p> 92 CS\;7) 

EnBllsh ScuttIM C25p) 79 b ( 1 .TJ) 

Eou tv Consort 1 i£"dS. (SdpMO . 
J'SSTW. »SOp) 218® C3.-B1 
C25pl 91 ™ -. 

F^st Scottish Amer. I25d) 110. SpcLn. 

First Union Gen. IRQ ;si 40 
Forelan Colonial (25pj t^6® A*- 

cap. asp) 68 tT; 7pcPf. 691;® 

S-J. *2?" BBpi 1 73® 59 1 1 ® 
n; 8 i”* d ' t2Sft> AbeeLo. )69': 

General investors Trustees ( 2 Sp> 112b® 
General Scottish (25p) 97® 8 (318) 

* t .°j£ hol{lgrs (A5ori06b nwr 
^wTbi 2Sb * 107 ® 5 ‘ Warrants 'S iO 

ySc&'tmAF 9 * SbPda,;i04b. 

Group 125m 67 

G M*8 , l la * (2SD ' 86t ‘® **••' SocPf. 39 
<2 SbI IDT II » 8 )’ 

Hill iFlijlip* (2501 183 (3 >8) 4<>pcOb 
M Y*b® (3 81 - 4 ljpcLn 1 06 > >2/8l * 

Hume A (25p> 68 b® 9b (3%) ~ 

Industrial General i25oT S7A. 3l«ocDb. 

Trust (ZSp> 82 ®' w « r TW>» 
“inve nt i ng In Success*' ( 2 Sol 156b «31|7» 
iwsrinent Trust Coro. SocDb 99b it 

Inl-Kfors Capital r25p) 92 
Jardme Japan (25oi 162 b 4 ( 2 / 8 ) 

Jersey External 166 13117) 

Jersey General 249® SO 
love Investment foe. 'tdoi 45 >2'B|. New 
income dopi 4Sk Ou. Capital C 2 ai 6 

‘ 2 ' 8 ). NwT c aital ( 2 pi SSTSki. 

Keystone (SOp) 144); 

L»k# V\*m raSpi too (3/8). 4 pc La .120 

Uw Debenture (25p) 117 

Lede nvestmeu Trust Inome I20p) 37® 

L'^Vaiionet Investment Trust (SSai 35b 6 

London Gartmore Investment Trust i50p> 
00 ' 

ont>.. 

New «2So> S 8 b' 



■ 18 

Westward TMpvliim.C N-VtB- HOW 25 .' 
WhatMngs (2581 41 12101 - . 

Whessoc (25oi 750 4 - 

w noway Watson (Holdings) .(Sp) 17b 

i2;Bi , .... 

White Child Beney (25«) .879 -' 


SSS.TcS.'WS. ar« 23 = 3. 

jM*.' 7b0CLn. 64 (Is®.- 7 VkU). 63 u 

Guar San Royal - Exchanges' QSp) 244 4D 
2 3.. 7pcPf 6714. -7 pcLp. 63H (2 8) 
Hambro LHe i25pJ 360® 53® S® 5 « 

■Hv'vtli «r. E.) QOr>) 290 3 • - .*...-■ 

Hngn Robinson (23p) 207® IT '•' 
lowden. 1 Alexander) (1 On) 37W : 1 70 
lS*St.’ -Maw t IBM 167®- 9 ’tt'Tp <3*8i 
Lrool .Gooeral Assurance Soc.-tw, 172® 

Louden Manchester Assurance <f5o9? 144&J 
iMdoft ^United Invests.- / 20 o> igtT:. .— '.’ I 
Matthews WrWrtsou Kldta. rfno) 182 

(2®> - '. - X r ' ; . 

Ml net Hides. .OOP) 2140/12 13- 
Mono ICbrtstopheD Gp. OOpi 62® 60 s 
Fun Aeewauce (Bel 2M® 5® 6® 3 2 
Phdefllx Assurance <2Sn3 r 261® 9® 3: 8 
Provident. Life Assn, ay London A (RegJ 
1258) 133 (58V V(Noo-MI9.) /Reoj 

TIB) - - •■- •«= 

Aenradce/tSp) I62ir® 6 6t * 

ReTto^e- Assurance &*> 144® 

Royal. Insurance -(250) 395® 880 92 5 
•SO 1® 3 

Scotasfc IHe Aasnce. 7bocLn. 57 U (l/8l. 
Sedgwick ForbfHidgs. noo) 455 

se Hldgs. (25o) 107® 6® 6 7 B 


L ^w 0n .2^S D ?b ,nV * S1 ' TrUW U5 “' S *' 
London Lomond Invest Trust »25p| 81 b 
London Provincial a rust (2£pi 124 
London Strathclyde Trust *25oj 4 5b <2‘8l 
London investment Trust >Spi 3b® b 
London Merchant Securities i2Spi 101b® 
,1*1. Capital Shs. i25»» 101 »3r8i 
London Prudential Invest Trust (2 5o» 7S 

M rO^ 

‘■^.^focSS: av iis - n - ,rsn - 

M 5 h0 f^ <S % 7^1, TrUSt Ca0lr *' 


Mercantile Investment Trust <2Soi 45 b 

' bcDOj 1883 81 80 


J», SpcPf. 
13171 


61 b. 4bncE 


wv«wwaid London Inn 
60® *77^6i;PcLn. 72b n 


18) 


Hdland Trust (75 01 (3'8l 

Trust <2 Sal 56® 5».n 

Investment Trust HOpi 

Trust (25pi IDS 1 I 181 

Trust income Sh*. iJSo 


•tflR IZZ?™* 

Montagu Boston 
62® 3 b®, 4 
Moorslde Tn 

Nuw Throom 


Tor mv- Tst. Inc- (25n) 75? (5:8). Cap, 

iZSpi. 1 ids lZiBi- 

Tribune inv. Tit. (25ni 77 &b 
Tripiewtst Ine. >50 di 64 b 
Trust Union > 2 &p) 110 '2I8> 

Trustees Cjm. *25o»- T48b® 9® 

Utd Srlilsn Sees. Tst. (25pi 140® 2 4Db 
United Stairs Deb. Con. (25p> 103b 
,,S?rUr>Sf- In 103«, (31,7) 

United States TsL invesL Fund ISUS 1 

bl 3p fl a 8 > 

1 Resources Tst (250) 97 i3is> 

* 70 * Coa * r ' T «M S Inv, Tst (topi 

WinterbBttoffi Tst. t 2 Sp) 212 
Vre," ^5***-. 't 501 102b® 2 . B QSPI 
100 .98. 4PcQb. 70b ■» HI 7) 

3 roman inv. T«. i25o» )B3® 

*te watTjBts 

UNIT TRUSTS (6) 

hi and- c Amcriran Gen. Fund lnc. Units 
551;. Aicum Units 55b (51 7i 
M^jnd o. Div.- Fund lnc. Units T29b0 

G " Yleftj Luc. Ufiits 88 92.3 

177 * 5 ® & Gen ' T ®*' FunS lnc " Unit 

SfiJS-fr -aafiftifiRB: ffl jftb 

, S-8, u " ,ts Bfl - B W8> - 
MINES 

Australian ( 12 ) 

MIM Dt S?n^* , ?p , !c n S c ^ e ?U 5 * ,) 7 36 2 
f "JM Hldgs. 'AS OJO) 198a 

22 Si. G B ,, ^. a Go, 88 e*« 'AS q. 35 ) is (i/ 8 ) 

North Broken mu Hldgs. ias O.soi 127 
north Kaigurli (AS OJO) iSb© 

Western Mng Con. (AI 0 .SO) 14 1® 8 

MisceUaneons (64) 

Beralt Tin WeJtram i25pl 51® 

Charier Cnnsd. IReg.J ttSp) 148 St. Do. 
'or) ii5a) 148® 

CohmL Gold Fields (25p) 191® 5® 90 
^ 3. 7JipcLn. 62 b I3i8). SbPCLn. 71b 

El Orp 1 7 Op) 57b 
Geevor Tin (25pl 127 
Gcoeng . ConSd. i25el 290 tl/ 8 ) 
Kamurrilng Tin Drdg. < 8 erhad) IMS 0.50) 
72® |3<S1 

Malayan Tin Drag. iBertiad/ (MS 1) 
400® 

Ncrthgate Explrn. 'CS 1 ) 570 rl/BI 
R'o T.ato-ziitc Can. (Reg i (25pi 234® 
1b® I 30 2 29 9; 36 3 4 2Bt Do. 
iBr.l I25D) 256 13 fll. Actum. OnL '25pl 
229. 6 bacLn. 64 (31l7i 
Saint Piran r25p) 55® 3® 3 
Selection Trust >25 pi 440® 35® 40 34 2 
SI! verm Ine* 48 (31f7i 

South entry < 10 o< 50 <3/6) 

Southern Malayan Tin Drag. Berind 'iMill 
300 I . * 6 ) 

5 ungel Beu Malaysia ISMal) 197 il/8) 
Tenidv Minerals tIOpt 48 r3/8) 

Tronoh Malays^ Berhad iSMan 225 

Rhodesian (6) 

Globe Mieon'ix Gold <12bo) 61® 

M.T.O. 'Mangulai l25pi 40 131 17> 

Minerals Resources Con. OSBDI.dOi 188 6 
Nchange CarrtcL Copper SbpcPI. (R2) 30 
48*4 ’2 It '2> 

Pbeortix Mining Finance CSoi 16 rt/ 8 ) 
Tanganyika cons i50b> 170 b 69 
Wank ip Coll-ery I50p) 3d 6 <y >31/7) 

Zambia Cooper Invs. isBDO 24) 13 

Soath African . (58) 

Mrtcan^anu European Inv.' BpcPt. (R200) 

Anglo-American Cool Coro. CKO. SO I 635 
Aoalo American Coro, ot S. Africa iRO.IO) 
330® 4';® 6 7 

Anglo American Gold Inv. /R 1 ) 1845 
Blshopsgate _Punnum. >R0.10)_93® 4®_5® 


Mining IRQ.. 


0970 


Mining (R11 USS4^5 


ue-*i*ra.-i Gold 
USM.30® 

Sractrcn Mines iR0.90> USS1.15® 1.151 
Buflcl'./onteln Gold Mining |RT) p 1010® 
Coneolioaied Murchison iRD.ID) 230 
Deelkraal Gold Mining <R0.20> o97 

US*1 .34 (3 19} 

Doomtontem Gold 
< 2 / 8 / 

Durtur Roodepoort Deeo iRt) d 385 
East Daggo font oin Mine <R1) 34 
East Drie'ontern Gold Mining iRI) 785® 

ussio.io io.io: 

East Rand Cons. iIOp) 20 b® 

East Rand Gold and UroiHmii <R 0.501 
USS5.02O 

Elsburg Gold Mining iRI) 0125® 

Free State Gedula Mines (R0J01 a1926i® 
10 i3/8i 
Free State S 
£1.08 >1>R) 


Harmony Gold Mining IR0.50) 429 
Karretieest<o«re>n Gala Mnlng CR1 » SI 

Johannesburg Cons. Inv. «R2) £13b tSIBt 
Kinross Mines IRI' 0418® SUS5.25 (318) 
Klocl Gold Mining IRI." p604 
L»sHn GMd Mines iROAS) IUSO.77® 0J7 
0.79 0,76 

li ha non Gold Mining IRD &95 
Loralne Gold Mines «R1 » 120 18 
Lvdenburo Plarnum iR0.12b> 072® 
Messina IPO.SO) 68® 

M-dcPe Witwstersrand (RO-25) 19B 
President Brand Gold Mining <R0.50) 
'US13L« ' " “ 

bres dent 
p91S:« 

Rand London Corporation (R0.15) 53 (H8i 
Mines Properties fRI) Pl35t® (3'Bi 
Ests. Wltwatenrlnd «R2) 


BriMlweil CF.M5.) Rubber Estates ( 10 a) 
^SSSriijai ,KI » n ®' Rubber Estate (i 6 ai 
Hs, 5 - 1 *»««* nopi 42 mat 

Plantations (IDO) 6 Sb 
_ --41 [*nj |4 to Subscribe 37 5 U ° 

Investment Holdings IIObi 

H i? 7 © , r 3 !fli LOMantf * 8ert,ad '5MalL5Di 
jm Rubber Plantations OOdi 108 (VB) 
^ U i3'6? ****** Berhad ttMal 


London 
70 


natra Plantations noe) 162® 


2 : — ■ — ; 

S Currency , Money and 

GoJ 

•1 \1 

ai 

rkbtl 


Stevn Gold Mining (RO^Oi 


Rand 

Randfsmrin 
1US48U® 

Rustenburg Platinum (KO.IOi 94® 6® 6 61 
«l hfvn rngiv'i iHlif 940a (318) 
Sen trust Beoerk 'RO.IOi 220 
lOulhvBel Hi on* RO.SO) US$7 20® 
‘tUtonteln Cold 1R0.50I USU.05® 

Union Coro. 1 RO 6 D 2920® 1 tZ 8 ) 

-i< 4 i n-'-t f» IT 207n '1 81 
Vaal Reel* (R0.50) USS 20 >-«i«O 
-e teisar-il Grid R 1 > 245® 12 8 ) 

West Drip* ant el n Gold IRt) £23.90 


Throgmorton 

19® iJiDi Cap. Ln „ - 
Warrants to Purchase &1 


"U Ln. 


! 8E 

Nippon Fund Sterling tlOpl 420 (1/8) ' 
Worth Atlantic i25ol 98)i 131/71. 7bPTLn. 
112 h (2/8) , ' 

Northern American i25pi 112'j. SocLn. 
98b 

Northern Securities /25o> 118b (31/7) 

OH Associated i25p) 57® b 
Ovtwfch I25t» S7b (37 n) 

Penttaod (2 So) 134i; 5 
Raeburn <25 d) 138 


1218). 

ifLsi 


LOCAL AUTHORITY BOND TABLE 


Authority -.i; 

( telephone : number-in: 
parentheses) / 


Vs.-'AaiwM 

groHii Interest Minimum Life of 
interest payable ’ - sum bond 


Bamsley Metro. 

Knowsley (051 548 8555) ..... 
Poole (02023 5151) 

Poole (02013 5151) 

Ked bridge (01478 3020} -.... 
Thurrock (0375 5122) 
Thurrock (0375 5128) i*.«„ 


11 
1U 
-: io* 
m 
m 
n 
IQi 


i-year -. 
i-year 
■fyear . 
i-year 
.fyear. 
j-year 
i-year 


' £ 
250 
1000 
500 
500 
• 200 
300 
"300 


Year '■ 
5-7 
5*7 •' 
5 
o-r 
5-7. ' 
4 •; 
3 i. 


ghts and Issues Capita) '25 b) 34® 
River and Mercantile /25 p) 188 b 
RalsecQ iN.V.) iRr.) IFI.5D) 61b 12 
Sub-Shs. (Reg. Nat. Prov. Sank) 

RoJteco *«N.V.J Sub- Shs. -Reg. Nat. Prov. 
-Bank) iFJ-S) 486 3 'I IB> 

Romney (25p) 103® 

RoMOIa mood Capital i25p) 76 (218) 
Rothschild iSOd) 218b® 17 15: 19 18b. 
. SJpcPf. 43 Jl/w. 3.5pcPI. ■ 361*0 Ja® 
7® • L® 7. 6>;pcLn. 125® 

5L Andrew (2 Sd) 131 Mb . 


Sm^and . Prosper capital _raoa) 63 4 


;fr‘ American 'SOp) 98 
Scottish Contlneoui i25p) 77b* 

Scottish' Mercantile (25p) 104 (31(7). A 
1250) 1011218) . 

SroltSsh cities <25P) 163®. A (25 b) 164* 
Scottish • Eas*w« «25 p) IB, *2/8 
Scottish invest. Tst. (25 p) 115 b® <7.14 
(Scottish Mortgage and Tst. (25m 126® 
Scottish National Tst. I25pl .164®. . 6pcP*. 
, 47b- (1/8) ' _ ■ . • ■ 

Scottish Northern Invest. Tst «25o> 116® 

Scottish Ontario Invest. (25P> 78 b 
Scottish Utd. Investors (2Sa) 88b® 9 
Scottish Western invest. C2 Sp) 1 09® B 7i; 
Tr 8 12501 101 5 

Second Alliance TsL <2Sn) 212 (3i8i. 4>*ac 
PI . 37 (1 'Si 

Second GL Northern Invest. Tst. (2Sp) 87 
Secs. Tst. m Scotland '2SPI 207 (318) 


Siam Invest. ISOoi 1_40 

Sphere 


Invest- Tst. (2 Spi 122 (3-8 • 

. terilng Ttt I2SPI 18B 
(-Stork holders Invest. Tst. i*5o) 108 9 
T veh n oloqy invest Ta. <25 pi T08 
Throgmorton Secured Growth Tct. t25oJ 
24® (3 8 > Cas.Ln. 104® I3.B> 

merw« Tst. ( 2 Sp» 77b. BbpcUusec. 
121 b® .■ 


BUILDING SOCIETY RATES 


. Deposit Share Sub’pn 

:• -V; ‘ Accats.; Shares 

Abbey National • '"&43% 6.70% •. 735% 

-Ajd tO-Thrift 7.00% ’ '750%' 

Alliance ..... . ' A45% $.70% -755% 

Anglia Hastings & Tbaoet... 1 - 8.45% 6.70% 755% 

Birmingham Incorp. ,.U...... . 6.45% 6.70% / 755% 

Bradford and Bkigley '.. . 6.45% &70% 755% 

Bridgwater - 6.45%. 6.70% .&50% 

Bristol and West . - 6.45%. 0.70 % 755% 

Bristol "Economic B.45% . 6.70% 755% 

Bri tarmia — . . 6.45%. v 6.70% . 7 55% 

Burnley ‘ A45% A70% 755% 

Cardiff. ’ A45% 755% 855% 

Catholic ..650% 650% ;;750% 

Chelsea -1 *.45% A70% 755% 

Cheltenham & Gloucester ... 6.45% 6.70% ' 7.95% 

Citizens Regency.. ^ 6A5% .7.05% -.853% 
City of London . .''.6.70% : ^75p% ; ' .755% 

Coventry Economic 6.45% 6.70% 755% 

Coventry ProVidatt . ....... • 6.45% . 6.70% ' : 8J0% 

Derbyshire - 6A5% ..1*70% *50% 

Gateway 6.45% . &70% \ 755% 

Guardian 6.45% . 655% . 750% 

Halifax l.*-45% ' 6,78% .*755% 

Heart of England ..... 645% : 6.70% 7.95% 

Hearts of Oak & Enfield- ... 6.45% ■ 655% - 5,45% 

Hendon 8,70% 750% — 

Huddersfield & Bnujlford. ... 645% 670% 7.95% 

Leamington Spa 6,55% ,.650% 856% 

Leeds Permanent , .. - .. ....... 6.45% 6,70%; Y55% 

Leicester A45% . 6.70% •: 7.95% 

Liverpool — — . ' 645% ■ r 6-70% &15% 

London Goldhawk^..- . 6.45% t 655% . .550% 

Melton Mowbray *55% , 680%- ,755% 

ttldfihfrCS ' aisA.;'- 6.45%; 8.70%' 755% 

Momtnston — _ 735%.. 7jso%- p : — : 

National Counties /. — — — .6.70% 7JM%~‘ 8.00% 

Nationwide . .. — ' ' 6.45% - ,6.70% ■ 7J5% 

Newcastle Permanent 6.45% . 6.70% S,W% 

New Cross . 7^5% --7.50% . — 

Northern Rack , 6.45% ■ 6.70% 755% 

Norwich 6.45% - ; 670% 820% 

Paisley 5-25% -,550% 6.75% 

Peck ham Mutual 1.. -6.75%’ . 7JS3% r~ 

Porunan 6.45% 6.70%' 7 -W% 

Principality ^Uild& "Society .8.45%-- 6.70%.- 7.95% 
Progressive .8.70% . 8B5% : 7.95% 

Property Owners . — 6^5%' ;7^0% 8.45% 

!>rovlnfial .. v:ft«%. A70% . 7^5% 

Skip ton -*45%: • ; 870% . 7J5% 

.Sussex Mutual •■>■• . 8.45% ,7.00% . 6.75% 

Town and. Country — 845%^. -:670% +10,00% 

Woolwich 1 .6,6% ‘ • 170% 7.85% 


" *Tenrr Shares ' 
T-70%;>jrs, 7Jtp% 2 yrs. 

7.70% g ym, 7JW% 2 yrs^ 6^5% 1 yr. 
7.70% « yrs.. 7^0% 2 yrs^ 635% 1 yr. 
7.70% * yrs., 7.20% 2 yrs^ 6i«% 1 yr. 
7.70% 3 yrs^ 7^0% 2 yrs.. min. 1200 ' 
7.90% ai'yris.. 7.45% 2 yrs. 

6.95% 3 months’ notice 

7.70%'i« yrs n 750% 2 yrs., min. £500 

7.70%g3yrx, 7JJ0% 2 yrs. 

— effective from September 1,1878 . 
7.45% min. £500 6 months’ notice 
7.70% tyrs^ 7120% 2 yrs. (I5OO-JE15.OO0) 
&S0%- 5 : ^rsL, min. £5,000 
' 7^2% & yts^ increment share — min. £500 

7.70% S jra. miA, 7.20% 3 mths.’ notice 
7 J95%;-& yrx, 6.95% 2 yrs. 

,ip tO 7.2% 3 months' notice 

7.70% 3 j»s 4 7.20% Syrs.. minJ500^£35.000 
7.65%- S months’ notice, £1.000 min. 
7.70% .3 yrSn 7^0% 2 yrs. 

7.70% B-yra, 720% 3 months' notice 
SJM% 4-yrs^.7J5%.3 yrs.. 7.70% 2 yrs. 
7.70%. '.£ months 
7.70% 3 yrs, 7,20% 2 yrs. 

7.55% 2 yrs., 855% 1 yr. 

7.70% 3 yrs, 7.20% 2 yrs^ min. £1.000 
7.70% 7^0% 2 yrs* 655% 6 mths. 

7S}% i yr^ 7.30% 2 yrs., min. £1,000 

7.55% 2'yrs^ min. £2,000 

7.70% 3 yrs., 720% 2 yrs., min. £250 

7.45% 8 months, min. £M )00 
7.70% 3-4 yrs^ 720% 2 yis, min. £500 
a00%; 3 yrs, 7,70% 2 yrs. 

7.70% S yrs^ 750% 2 yrs, min. £100 
7.70% 3 yrs., 7.45% 2 yrs., min. £500 
4L50% : -3 yrs, fi.00% 2 yrs., min. £500 

7.70% 3yrs^,7.45% 5-yriy., 6.05% 3 mths. 
720% 2 -yrs, minimum £500 
7^5% Ssnx,7.70%2yrs..7.45%3n)thxnoL 
7^s% _3 mths. not, 5.70% to limited cos. 
7.70% 3-1 yrs., 7^0% 2 yre. 
7J0%'3yrs^7^0%2yrs.,635% 3nuhs.no t. 
803% 3 yis, 7.75% 2 yrs^ 7.50% l yr. 
7J0% 3 yrs., 7.20% 2 yrs. + 3Iax. £250 
726% 2 yrs.; 7 "0% 3 yrs. 


normally variahle 'ixrfine with changes i-ih. ordinary/ share rates. 


GcUp 'Pi 1 USD 62® 
W-stvrn D — 3 L**«ls 'Ra> US 112 V ta H®' 
Western Hlitgs. IRO.SO) £21 J 5® UST27b 

•<’ 'I.i-r.' CTr— i«ti usi'Oh m.ss: 

Zandoan G-'d RT USS3.24® f3’8) 

. West African (1) . 

Amalaan^*efl Tin Mutes. Nigeria (Hldgs.) 

(10d) 23® '3*85 
3 Is.chl Tin CIOd' S 

Diamond (27) 

Gold Bw M*tai M-nes (1Zi*p> 9 (1'8 
Do Beers Cons. Mines Did. 'RO.OSi 401® 
2» 19“® «C0® 393:® 400 393 8 : 9. 
(Br.) (R0.051 490 A 'XBt. BpcPI. (R1J 

36 ' '. 

OIL (183) 

Attack Petroleum ' 20 pi 879 92 
Briiisb-Ba'neO' Petroleum SvrxflcatP (IOb) 
154 Cl . ‘8 

British Petroleum 8351® 46*« 6 ® 38® 
30: 44 37 2 401 6 38 6 40 34 30. BaC 
Istpf. 68 . 9oc2ndP/. 75b. SpeCnvJ». 
89 •,* h 

Bvrnun 0-1 65® CIO 8 7 6 7b 8 b. 71 « 

DC PI. 50® 47 b I3'8i. 7bBCUns.Ln. 644a 
I? BbD-:Uns.Ln. 5 7'/® 

Century Ol's Grp. lOai 60 ft| 8 > 
cnarter/iail i5oi 27® 5_6 „ 

Esso PelroJ-i'm 5'lPCIStDti. 81U (J1/7) 
Hunting Petroleum Service* New I25ai 
86 ® 7 6 

KCA Intel. i25p> 30^:® 29 7b. 

London Srottlsb Marine OH 125 p* 149 B. 
Oil Production :10a. 370®. 14PCUnt, 
Ln. 98 b 1051 98 N IS‘S> 

Occidental Petroleum (S USD JO) 1*b 
'3T7l 

OH Exoteretlon iHidgE.) (TOP) ZTA® 18® 

PnntUer Cons. OUSelos' (So* 18*® 17b 
16 ; 17V 17 

Nederluodsrlte Petroleum Maatvbjooll 48 
Shell Transoort Trading (25 pi 56S® 2® 80 
7 4 2 57 S c 5 5Z 63 S51 3 61 54 60S. 
Ord. ifir i (25 p> 5B3® 73 62® 60 7® 
5b1SlP1 47b i1/B>. 7oc2ndpt 60® lb® 
5 Ic?uj Romana iBrillStll SocCum. IZ5ai 21 ® 
Texacn tell. Fte. Coron O-bacLi). 56<r® 
Trlrmlvol r25“l 17 B 70: 6 fl 7 
Ultramar i25p> 264® 7® 8 5 2 . 7pcP 
153b 

PROPERTY (159) 

Alliance Proaertv Hldgs. 73 (3 81 
Allied London ilOo) 56b '31 71 
AHnatt London l25o) 217 (1 El 
Amalgamated Stores (5ei 8 :® 9 
Aae* Properties IObi 252 (2'8) 255® 
Aquis Securities (5o) 21 
Argvle IZptDb. 84 b® b 
Avenue Close ( 200 ) 72 
Bank Commercial H'das. < 10 o) 2 A (3/8) 
hnvumont Property 12^3) 91 (3I3» 

Aellway Hlrtos (25o) 64 b 
••nrkelev Hambro /25Pi 1290 9 30 
Bllton 'Percvi 135 p) 181 
“rarilorrl (5o) 270 
British Land (25o1 39 40* 39b .•«*. 15uc 
DO 110 11 . i2ocUns.Ln. 148 
■trtvran Estate (250) 113 
'VcHtil Counties (2SP) 57* 6 7® b 8 
Capital. Cnti-^ Pri-n. Int 7b 2 

r'HrrlrtQtDn >500) 98®. _ ■ 

Central Olst. Pratt. 6uatUn54ja. 79 C2i81 
Centrovlrral Estates ZZOPJ 75:0 E (3'8). 
Can. -JOB) 721® (3181. UnS-LB. 51® 
*3 '81 

rr-estertlrld (25 p) 340® 

Chown HttMlM tSa’ 13b 
-Hurri-HuTv fe»T«* « 2 Sol 310 
Cltv'OtSces (25pi 59 (3 0 ) 

ComDra Hldgs. i 20 oi 112® 
ramrol Secs H 0 t» 36* 3 b 
Country New Town Props. < 10 ol 24 H 18' 
Cenntv dst. Props. (IOd* 97® 5® 7 9 
100 i3-8i 

a,n)«n Hides. (25P< 104®-* lOO 3 5 
□orrinoten lev. » 10 ni 5» 3h 
Eng Potv Coro. >50»i 37b 7 8 b 8 8 . 
fiboeLn. 83®. IJtXl-A 84® S 13/8) 
Estates Agency Hldns <25o> 46 (31 <7) 
states Gen. Inv. i2Qdi 2 Qi^B 
Evans Leeds i2Spi 100 
Five Oaki I mrv. iJ5oi 5 II ‘81 
Gt Portland Estates (SOB) 316® 18 (3'8) 

sroen (R| Praos, I ISPI 389.8 , 

Htmmtrajn Pptv. Inv. Trst. A (2Sp> 599® 

Haste mere Estates n 0 d> 256 
I mry P»W. Hides. (25DI 330 OlBi . 
Imereuropean Potr- Hldgs. UOpi 35 B 4 

*: 51 ,; 

Kenning* Estates 5'iacW. 39 (3!8> 
Lanaanvete Efl (>0a1 < (I S) 

Land Investors i 2 So) 43iiS 2 '; (35) 

Land Ski. Invest Tst. i50b) 236 8 7 5. 
60 clstMt.DK BS<93 58 ( 1 - 81 . Bboc 
Uncec Ln. 71 Mb 5vp<Un*-e.LP. 188 
(318) 6iiDrtJBsec.Lo. 156. lOpeUnsec. 
Ln. ISO! 

Law Land <2 Dp) 47- 7oc1UMt.DB. 83 
London Prov. Shoo Centres (Hldgs.) MOd) 

London County ' Freehold Leasehold Praos. 
7STMt.D0. 65® 

Longgn Shop Prop. Tst C5a) 71 (2.0). 

EHDcUnsetLn. 84 - 

Lyrtgn Hldgg. (2C=t 133 

<26g) 138 7 6. OocUosec Ln. 6lbO 
(3'Bi. SocUnsesxn. 106 
MCKav Secs. OOP) 240 (T BJ 
MldAnrst White H«dfls flOo) 41 (1/8) 
Moon tv lew Ests. (So) 56b® 8b fSB) 
SS!£ U ?*’ S* Cr »u> 1250) 129 30 
Nmv London Prop*. 3(agc1 iatt.DK 71 

'2/BJ 

Peachev Proa. Can. C25pi 81 b® 

P 57rS-B R *^!^7 3 , i r S5 st Coa ' f2SB) 
l0s ^ 

p gR«rtv Security Invst- -Trust (SOp) 170 

Raglan Property Truer (Spi Ste® U 
Resallan Prep*. (JSoi 10 (3/8) 
ttttonilPiM,. A (25 b) 70b 
Regis Property Kteoi 8bpeU. 59® 
St M Cate» loo s .CcMcoe. Camarldge 7BCD8 

Samuel Props. (25p> 90 b 

scrttljh Metropolitan Property (20al 116 

««end Citr Prop*. (lOo) 36"*t® 7o 
Hough Estates 12501 i24® a 2 
SloeJe Commciofi. Invst. Trust (25p> 276®. 
SboeLn 252 il 8) 

Sr-i*-y (Bernard) irobt. Truer (25p> 240t® 

SB® 

TO* 0 -, Cl hr Prow. flap) 13 12V 

H«Ln. 91®- 1 (S.'fiS 
T 64*°r3 a^ STV Es * 5r '* W5pJ ,18> YbscDa. 
UK Property (25pl 31 (3/8) 

■Jn/ted Real Property Trust t35oi 275® 
wsrnfonf Invats. 1200) 290® 90 (3/8) 
we» f Joseph) (5 b,* J8 

Winston tsrates (25=1 38 lj b 

RUBBER (23) 
APDta-lixSaneslan Coreoratians I25p» 93® 
Bertam Consolidated Rusher nopi 122 


(3181 . 
on Sums 

Malakgg 'Berhad i*M»t 1 74 (3/Bi 
Mpar Rlw Rubber (lOpi 431 -. (3/8) 
Plantation Holdings (10n> 76 7 

SHIPPING (41) 

Anglo Nordic 92'; isirn ' 

Brtt. Commonwiiaftn Shipping (SOg) 2870 
Cfienmoo BroUien i50pi 115 is.®)' 
Furmat WlUtv 252® 1® 6 3 49 7 
Greig Shipping i£fl 
Hunting Gibson 110 (2,81 
Jacobs (John IJ 1200 ) 22 3 Q 8 ) 

London, overseas Freighters aspi 29® 8 
Lyle Shlopteg r25nl 109 (31/7) 

Ocean Tronsaan < 230 ) iq®i. 71 . g 

Oriental Steam SoePi. 37. D*a 

S ' MKDb ’ 89,5 

62 5 

Runc/ma/t (Walter) /25o) 70® 

TEA (2) 

Assam Frontier Hlogs. 302 tZJB) - 
116® *318) 

5 ® 8) 

rihgim? Kfda». 2 T 0 ' 1 /B) 

e Sim a0fl) 801 *- 5ocPt. 43 

■j5rrte J HWgs. 345® *3»B) 

ft' 8 ,',™ 

Warren - Hldgs. i2s d / 21«* 

WATERWORKS (8) 

4.9o< : 45 (3 d i. 3.85PCPI. 7B\ 
4.02SdcP1. 68 b. 7 PC DO. 86 b 

Ea st , *°gj^J,<-2PcPf. 1982-83 74 '31I7L 
7PC PT-. 19 83 (£10 Pd.) 1 Q^irC# !bt® 

East Stttwj 4JncP(. 62., ^ 

Esse* M25KPI. 1986.88 6 Z'i (18) 

FonMTOfte^DUt 4.90CPl"72 lli 1 1 

M 19B7e i ‘ SBtP 35 FZ'S). 4.2pcPf. 1085- 
MldjOd teern 4 jprPf. 19844)6 67® (3/8) 
Netvrarite *.0Z5ocPt. 74 (3'8). tJccW. 

91® «SW) SocDb. 34® (3(8) 

N orth 5w rrev 4.9SgcPt. 82 (318) 
Portsmouth Water Co. 33'-® 

Rlckmanswortti SUpeDb. 74 (3*8) 

SPECIAL LIST 

Bosineffi done in secnrideB quoted 
in the Monthly Supplement. 

AUGUST 4 
(Nil) 

AUGUST 3 (Nfl) 
AUGUST 2 (Nil) 
AUGUST 1 (Nil) 

- JULY 31 (NO) 

RULE 163 (1) (e) 

Bargains marked in securities 
which are quoted or listed on an 
overseas Stock Exchange. 

. AUGUST 4 

AmpOl Pets- 81 

Atherton Antimony 81® 90 

Austral**) Dev. 55® 

®Mtr«iian on Gas ss® 6 4 
Bougainville Copper 134® 3 7 5 
Bridge Oil New 4® u. Ord. 86 ® 3 

M ««• 

90 81 


Comlne (be Tint® 262 
Cork inv. 11® 

E2 teds. 260 

Eastman Kodak USS 66b 

Flnaldar 10 

Futurity OH 20® 

Gold Mines KaJgoorlle 58 
Komestake Mines £29:® 

Hong. Kong K owl con Wharf 500 2 


Hong Kona Land 1S3I® 6 b 7<: B 9 90 | Tai Claeuna 34 


New Zealand Forest Proas. 165®. 
pi. sot® 

Oak hr luge Secs. 169 
Olympus Petes. 161; 

Oner 6*ol in. 420 
frko Wd Usenet JOS6.75 
toieast 28 ® 

Southern Pacific Pron. 12 

wan Brews. 1440 


S8b 

Hutchison Whampoa 112 101* _ - 

Jardinc Matheson 278 SQij 2 USS35lb1 
g27« 

Magnet Mnul Jth 
Metal Ex. 290 

Missouri Pac. Con. USS 55’::® l*Mi 
Neaoank 1 50® 

New MeUI 30 

Ntnrn. Mng. 109:® Is 17 13 : 

North Flinders 17 
North West Mng. 44 b 
Oi vintage Secs. 173® 70 Z 
Ocean Resources 25 
Oilmirt 37® 

Oil Search 13b® 

Qrwr L>. 4th. 5* 

Pae. Cooper 62® 70 68 7 
Pancontteentai ST5® 

Phillips PeB. £?5 b® 

Potomac Elec. Power 500 
ftlo AJgom £231* 

5taofler CM*n. £344.® 

Swire Pae. A 158 b® 60 b 1 b 
Swire Props- ‘63 
Target Set*. (ISO 20 
Tsunlnax 85® 

Wstklns Johnson filSW . 

Wheelocfe Marten A 56b b 
Woods! de Pets 79 b:® 81 
Wool worth Auot. 144 
Yukon Cana- 1830 

AUGUST 3 

Am pal Pets. 77i«® 

Anglo United 185 
Ansett Transport 139 
Area Invest. 143 
Australian Oil and Gas 53 
Bank of. Adelaide 151® 

Baiymin 50 

Bougainville Copper 133 

Bridge Oil New «b 

Brlnth Con trotted Ollftrlds 12® 

Carpenter (W. R.) 101® 

Central Paetkc Mines 600 9 
Cheung Kona 174 
Commumcalion SrtetHie £35 b 
cons. Coldfiridt Australia Z8S® 

Containers 223® 

Coniine Rio Tmto 244® 

Data General SU567** 

Digital Eaummeni SUSS 31 * 

□ unlop Australia 119 
Exxon Coron £35%® 

Gold Mines 0 / Kalgoonie 61 
Gould Corpn. £23/* 

Holiday Inns Br. HJ520Hi 
Hong Kong 176b: B® 

Hudson's BJV Oil and Cons £31 i 
Imperial Oil A £13»w 
jardine Mattieson 273® 3 
Jennings (A. V.) 105® 

New Metal «>* 

Northern Mining 1040 
Oil Search 13 
PactSc Copper BO 
Pa ncootinenral £lSb® i4/« 

Petto Wall send 524 
Santa Fe Int. SUS2SU® 

Sears Roebuck £2Q-'i 
Strmts -Trading 185 
Swire PacMe A 155 
Swire Props. 62 b® 

Texas instruments £7D 
Third Canadian and General Inv. £10® 
Tooth Co. 174 
Tonka Coron. S35 
TriContlnenMl £1«I 
tan Mins. 11b® 

Westheid Mms. 109 
Wfteriock Marten A 56 
Woodsido Pets 77 8 9 
Wool worth »F. «M Cons E15-"* 

AUGUST 2 

Australian Guarantee 1 32 
bp Canada (mi'n 
Berluntai Tin 270 
Central Pacific Minerals 600 
Cotes iG. J.) 191® 

Conr nc Rio Tteio US3.29® 

Daimler Bena £123: 

Eltra Corpn. SUS3®% 

Futdrllv Oil 21® 

Gooovear Tire £14® 

Great Lakes Chem £52 «® 

Hong K0»g Ung SUS2.30® P177® 
Hutchison Whampoa SUSI.JOb:® oT07b® 
Knlhn Malaysia 53® 
lend Lease Corpn. 245 


Da. Ord. 90 


Tara Eapl .SDO: 

Tokio Pacific &eauoani 33s* 

AUGUST 1 

Atrikanuer Leases 312 
Aquito Eagle 4 301® 

Amerada Hess lto 
A m aoi pc| S . 77 ,. 7 
Boeing CO. £49 
Bridge Oil New fa® 4 ... 

Carr Bsvd M.ne/als 27® 

Coniine Rio Tlnio 250® 49 
Dbonnt US» 115i-:® 

Gold Mines Kalgaariic uSt 0.82 

ssssm:. ciw - 1"** 

Natal Coal Ex. id® 
power Cpn. Canada £ 11 ® 

Swan Brews. 146 
whim Creek so® 

Willamette U55 30‘rt» 

JULY 31 

American Toleo. Teieph. uss 60bi® £J 6 !s 
Anhruser Batch £)9b: 

Australian Dev. 50® 

Australian on Gas St 

BHP 7 DC Do. I960 £73 

Bank Hldg Cgn. I 10 

Courtauids Intel. Fa 9)*c: 1678-83 £90b 

I AC £13Ut® 

Kuihn Malmla 53b 

Northern Mng. 116® is 
Oakbriuge Secs. 163: 

Otter. Ea. 40 
Panang Cons. 67 
5ab'iu IMS. 52 
Selangor Coconuts 107® 

5thro. Par. Props. 12 
Unidev 47® 


6 i< 0 e'i Eldridge Pope A 192 
| GraiMtM Group 107 
- iGRA Prog. Tsi. is lab T3«* 

Guest Keen NeRieiaia* :UK* 6 brt GTp 
Db. £78 

Grennsn Trust 11 gcSub.Uns.Ln. £57 2 
Hsaro H3lel Eiifboumr 11 S 4 

Ir-sh Press 200 Ifao 

! Ii'riev G is Six A Cum Pi 54 :- 

[ K el lock 30 7 6 1 TpcRed Cum Pf. J2 

; 30 79 Cw. Ir— Q. Sua. Var. Rate Uns. 
j Ln. iisi series) 3S a 3 
Lg Rictief. siorei 500. SDCPf. 32 * 

) ' Man* Pvtrlm jo 

Mining Invesi Corpn. 35 

NiVeirwlsc Losurc- Qi; 7 , 

. Oioham Brouerv 69 
I Oldham E sidles i;g 

PMPA JS , 

1 Pi-iroleum Rovjuies cl Ireland 213 J 

] watmeuflhs 5ocCum.ls(Pl. 17. fascCiim. 

I 2ndReo.Pi. 17 

I ■ AUGUST 2 

1 AM England Lawn Tennis Ground L5CDos: 

1 £2 HDD 

Aston Villa FC LIB 

Cambridge Instrument 1:; 

C-nar 16 o Sorlted Cnv Pt 77 2 
Grendon Trust 1 1pcSub.UnS.Ln. £57 56 
Kdiniwn Invests. lAusiialioi ilo la 
Kcliorl; Hldgs. 40 jB'i 9 7 5b * line 
Red. Cum Pi. i£ii 1993-98 93. Var. Rate f 
Uns.Ln. 1st 5or. 36 5': 5 4 I 2 Var. 
Rato Uns.Ln. 2nd Scr. 35b 3b 3 2b 
1 30 

Morrell (Ageli S.25oc(Nei)BCum.Pf. 160 
Nonon Villiers Triumnn 4 
Ormprod fjohni 15. 7i-pcCum.Pf 25 
Ouvah Highftelds 50 

Ouensiand Mines 250 46 , 

Twlnlotk 19'j \ 

Wadworth lODtCtm.Pf. 95 b 5. ICac , 

New Cum. PI 971* 7 I 

'JVretabiv A 62 

Yelvcrtgn Invests 0.005 0.0052 


AUGUST l 
Arsenal FC £160 55 
Aston Villa FC £100 90 
. Bj, rough'. Ijes.i no 

[Cars Mining |ndu;lnr & 7: : pcUns.Lr. 2001- 

RL'LES 163 (2) (3) Cnannel^Moie/s ano Prons 22 1 

Applications Rtanted for spwlfie | sV al* SS 

ba^ains in secnriiies not listed j g 8 ,t k «r , W d ,r , 2 nli«.WsMi.v 6 r. U -s.L. 1 

' 2nd Series l p 4 27 

NMfi Computers 170 


on any Stock Exchange. 
AUGUST 4 


All England Lawn Tcnn.s Ground LSODos, 
1981-55 -£324 nd-l £2950 
Buenos Avres Larroze Tramways SPcSKg. 

UlMlg.Db. £30PC 
Cjmbr.di 3 e Insjrumrnt I' 

Celtic Basin O'l E/ptbrailoit 50'* 

eijh-mjce ?6 4 

Clairmacr New 4b 3 2 

Chrde Petroleum 126 6 4 

Eteri OBe Pope A 190 

Estatewavs Builder! JocCum.Pr. 22 

GRA Prop. Tst. IS 1 * 15 14-‘* 

Heavltree Brewery A 430 
Home Brewery 279'- 9 
Home Brewery S 282 1 1 . 

Irish Press 22010 

iTiVh Press 220 TO 

Kaecra In,. US* 0-70 

Kellock HUMS. 37 6 5 4 3 2 

HHInrt ^Hldgs. Tl PCftd.Cum.P 1 . 1993-98 

KeHorti Hldttk Var.RateUns.Ln. list sers.) 

Keliorlc HldBs. Var PateUn&.Ln. (2nd sen.) 

33 2 H; 1 30 
•* D.rh-s S'ores 500 49S 
Ma»* Pr'rolei'm 20 1 , 

Urwm Tst. 16 •» *. 

M'"lnp In* Cun. 34 
simw Crmonters 179 
Slew Cr-irr Na*,.ral Bi»«r.urres 12 1 1 ■: 
*»«,**« 5»as A.W-', P“c 25 
Norton Vin/ers Triumph Ji- 
Rmwprv 70 

Oueens 51. Warehnusn ■ Hides 1 2 
t*vlo **»r*tt Shoes 7prCum.PI. 46 
Tea Con. 9 

Trebor Gro. 10 76per',dCum.P*. 100 
tM Un«i“d Ringnern sipcCum Pt. 61 
V.lrmo r\|| 125 3 1 
Wadvorth 10 -r 6 w 8 .- 1 .Ff. 94 

AUGUST S 

Aran Energy 124 

Bor dm TV A Non-Vtg. On). 20 

Cedar. 15b 

Celtic Basin 011 50 

Clairmace Ora 24. New Ord. 3 

Clyde Petroleum 125 

Dollar Land 17 


JULY 21 

GRA Prop, TM. IS 1 JJ, .; U 

Grampian Tv Z3 

Mining |n». Con. 36 
Morton iGcenaei 3.5ncCum.Pi 30 
New Court Natural Resources 12 ll't 
Rangers FC 800 

Tw.nlock 12DCLlnsLn. 1976-99 £74 
Whitley Bay Entertainments 108 6 

RULE 163 (3) 

Bargain* marked Tor approved 
companies engaged solely in 
mineral csploraliou. 
AUGUST* 3 

CCP Norm Sea Assonaies £H 10'. '• '» 
Cos and OH Acr.>aee 105 
Stebrns OH and G.i-. 1 U.K .1 40S 4 29' 6 
4 2 90 38 6 5 4 0 

AUGUST 3 

CCP North Sea LI O'- !• », 

CluH Oil 425 

Siebc-ns iU-K.i 414 10 B 

AUGUST 1 

CCP Nairn Sad LiO'i 1 , 

Siebens 1 UK 1 41". 16 12 U 10 

JULY 31 

CCP Norm sea Associat"* LiO'i 10 
Slebens Oil arid G.is >UK.1 41b 4 2 10 
f, 

Gas and O" Acreaae no S 5 4>; 

JULY 29 

CCP Norm Sea Assoc lares £10'. 10 9'« 
>. ■« '; •* 9 
dull Oil 475 25 400 
Gas as Oil Acreage 107 
Sietkcns IU-K.i 41 B 16 14 1* 10 
12 10 

* fill ia.nN«Mrij Uir .Slcrlr L’Minnoe 

CiW/MiJi 



UK MONEY MARKET 


EXCHANGES AND GOLD 


Fall in bill rate 


Bank of England Mlnlmnm 
Landing Rate 10 per emit 
(since June 8, 1978) 


Activity in yesterday’s foreign the market, it finished at 

exchange market was at a gen- Y1P0.025 from YlSS.O previously. 

' eraliy low level ahead of the Using Morgan Guaranty's ealeu la- 

weekend and most currencies re- tion at noon in New York, the 

. . . . mained subdued- Early trading dollar’s trade weighted average 

by buying a small amount of Trea- saw the dollar looking slightly depreciation narrowed to 9.0 per 

sury bills. Discount houses were softer but it may have been hpld cent against 9.1 per cent. 

“PvttJN .P er , cenl f0 I a HKTe. Certainly the Bundesbank sterling traded quietly and 


The Treasury bill rate fell by intervened at the fixing to the opened at SI. 9300- 1.9.1 JO With the 

0.1400 per cent at yesterday’s ™ t ^ 1 S^® d ( £?! weei1 9i ^ cent tone of some Slfim but there was dollar looking weaker at times 

tender to 85646 per cent and the and 10 * P® r cenL no real pressure on the U.S. during the dav. however the 

minimum accepted bid was The market was faced with a currency. pound only managed to reach 

"Wtfssrvsas aff’ssjss ass 

> tendered and aUotted Banks also brought forward run OT.SL'S.SI JSbf. Rifle SE and the ‘‘Bank of 

•d bids of £754.0O5m and down balances. On the other England’s calculation of iti trade 

« jsts-sa ssl ^jsL!Lrts^ 

siderably to finish at SwFr (.7173 throughout at b2.4. 
compared with SwFr ,1.7055. on Gold last Si} an ounce to close 

MfJttiteSSSrtSSsirtjSnot ’ D S? ,n d k mar, ?v fi ? ver ' te 5 " n te?, y i aSinS'lh /' "%&*<•.'£ ;; t ”S ,;adiS™ eraUy quiet 

ana ine autnoruies gave assistance night loans opened around 19} per mag mark 3 \ DM 2.0340 from 


attracted bids of £754.905m and down balances. On the other 

all bills - 

Next 'week £30 Om will be on offer excess of Government disbnrse- 
replacfa^ maturities of £500m. • ments over revenue transfers to 
Day-^a-day credit was in slightly Ike Exchequer. 


THE POUND SPOT 


(Bank 
tell 
/ * 


I'-S. 6 

i W iinn i 

OuiMei 
Belgian Pi 
iMnlvh K 
UM«lk 
Kort. Khl 

Spxn- Pf»- 

Lira 

Niven. Ki 

F>ench F . 

steertubH'i 

Yen 

Aostrn scJij 

SwiSr Kl. 


7) 411. 

r 

t 
5 
18 
8 
Ulg 
7 

8) 2, 
W»i 
8 1 * 

i- 


cent and rose to 10} • per cent DM 2.0320’ previously, 
before, easing to 9J-10 per cent. The yen was sIj?htTy weaker in 

Rates in the table below are dollar terms and with little in the 
nominal in some cases. way of fresh factors to influence 


OTHER MARKETS 


Close 


1.9315 
(Z. 1870-2.1955 
4.22-4.2$ 
61-55- E1JG 
10.83-10.69 

B7JSO-87-90 
1148.75-147.40 
1.618-1,826 
18-26-10-51 
tJMJi 
8.61-8.68 
92-568 
i- 28. 10-28 JO 
5J275-5.31 


1J258-IJ240 
[2.1870 2.1880 
4.25-4.24 
6l.BO-61.7D 


Au«. 4 


Areentin» Hew 

Australia Uoiiu—- 
18.65^-10.64^ yin mail UsauIpi— 

5 -91-5.92 farezii Cnueim 

.5’® - ?yL Greece UrmcIimS.... 
iwJD-14B.w Honk Kum; HoMai. 

1,618-1.818 IrsnKlsl 

10J5-1ILS8 kiittvit Dinar (KU 
3.43^-8.44^ Luxerahnnn> From: 1 
8.6l4-fl.f2 Mnaysls Dollar™. 

665-58B* NuwZtwIsml UollBi 
28.10-28-20 Sbii.1i Arslwi Hiy*. 
5J9i-5J0i 


1’ 

.\iKi* Hale* 



Menuui 


Luca- 

Luca- Auiu. 

MLUQCC 


u, ■ ,<nu4 


Alts-* 

Cenificaie 

Imertani 

AulltlKItV 

lies''! I** 

Hwt 

IV/miam 

mirLtiL 

frea«ir» 

1 .'/■■- 

U -lepivlr' 


leiv^'L- 

K 11 * 

UrpNtr 


■ci*rot 

um- ® 

OttnlUtM..,., 

- 

93 vlOis 

_ 



— 

10Se 

9>4-10i{ 


i Ja\- nolu*., 
f .lav- ri 

“ 



97b-10 

— 

— 

10J6 

- . 


1 tav» o«ioe— 

— 

10-10lg 

97 8 - 10 

— 

10 - 

- 

912-078 

' 

OnenKjiUi- — . 

94J95« 

94: Bf: 

97g 

1014 

luu 

10i 4 

&)« 

87g-Bh: 

i'vro miiatb*.L 

HS 4 93a 

9re-9K' 


9 J e 

iu3e 

— 

9U 

8f,u8i{ 

®.’.-9Ib 

three month.; 

9SS-91. 

?-Xr 

fli. 

9»s 

104* 

10 

SM* 

Six mtiri'h* — 

Bfi blj 

?is-97 fl 

97S 

B7a 

Hie 

— 



.Vine dm ' nth*.. 


- 

91* 

10 Ig 

— 


-W 

One rear— — . 


97 d -10 

10 lg 

958 

106s 


' 

— 

fwo 


— 

106b-103 4 

— 

— 


— 

— 


Belgian rat* Is for convertible francs. 

Financial franc 83.20-63.3$. 


LONDON MONEY RATES 


1.656- 1.560 I 808.94-S11.03l\u,Lria I 

1.6650-1.6730, 0-0656-0.8698; «*im inn 

7.9920-8.0000 4.1500^.15301 1 ten mark 

34.93-35.93 18.1A18.68 |Freocc.„ 

69.95 l-71.699i 36.37-37^6 Uenimv I 

8.99 9.01 • 4.6680-4. 67O0iluuv.... 

133-139 1 69.14-72.26 Japan I 

0.5180.528 ! 0.2684-0.273&j\e(hej’kuMt. | 

61.60-61.70 I 52.02 32.08 |KoniBr 1 

4.4625-4.4750 , 2.3200-2.3228e.-rtiiCTi J 

13255-1.8335' 0.94590.9510 >i«in .1 

6.51-6.61 j 3.38-3.44 iSwil/urlanl I 

Sliniai*<re I). ..lar- .14.3465-4.3580 • 2. 8575-2. 2 686 U nil art faiat«c- 1.921; -1.931$ 

Smiifa African HbivK 1.6697- 1-6869. 0.8681-0.8770; Viigretarw .! S6's-38i; 

i Bate raven (or Arcenuna ts (tee rate. 


273< -283* 
63-64 

10.60 10.73 
8.40-8.50 
3.B5-3.B5 
1600-1625 
362 372 
4.20-4.30 
10.25 10.35 
82 89 
1441- -193 
3.25-3.35 


lili” -*■ ( 
Sank 
ltlli* ® 


[Vnvlnt te 
! uni-® 


9V9:.'. 

9s 0 

y.r. 


101.1 

lOla 

ioi, 

10-S) 


MONEY RATES 


NEW YORK 

9 

Fed Funds 

7.875 


7.22 

GERMANY. 




3.4 

One month 

Three mnnihs -- — 

3.7 

3.8 

Six months 

FRANCE 

4J 




7.12S 




7J7S 


7A12S 

JAPAN 


3.5 

CiiU IUnci<n'1llfnna|i 

43 

4.75 


CURRENCY RATES 

Special European 
August 4 Drawing Unit of 

Rights Account 


bssttB* raw* lor prune paper. Buytan rales (or four- month batik bins 89 1* per coni; four-month trade bills Krt per com. 

Approximaia selling rates (or one-mooth Treasury bills Bf.8U)6 per ceou nro-month SiSte-Rz/jj per com; and ihree-mon 
9} per can. Appradmate selling rue for one-monih bank bills 9t-9Hi6 Per cam: and nvcMBonth w-8»m per cent: and ihre 
month 9fi6-0| per cent One-rooBlfi trade bills 18 per cent; two-montb 18 per wot and also ibree-roomh 10 per cent. 

Finance Hwsa Base Rates (pobttBhed by (be Finance Houses Assadaiiont; 10! per cent from Angnaf i, 197R Clearing b» 

aosh Rates (tor mail sums at seven days' notice )• 62-7 per corn. Ocarina Bank Base Rales lor ipniUny 20 per cei 

Treasury Bins: Average tender rates of discount 8-9646 per cent. 

EURO-CURRENCY INTEREST RATES* 



0354U0 

126276 


L'.S. dollar 

1-27436 

Cjuadjan dollar . . 

IJI3652 

1-44897 

Aut/naa S'JiilUOB ... 

18.4616 

18.6277 

tc-lRian Iraoc 

40JW57 

40.7668 

r>ir.Lsh krom- 

6.990M 

7J5263 

Deutsche Mark 

236151 

?.WI) 

Guilder . . . 

2.77176 

2.797F7 

Fnnub franc 

533 Ml 

5-58253 

Lara 

1062.61 

107i21 

1 ' - n ..... 

238.030 

240.2M 

Xon*«- 2 ian krone 

6.73556 

6.79446 

Pecta 

96-27B1 

973331 

Swedish krona 

536777 

5.70404 

Swiss Iraoc 

23S427 

2.16960 


auc-l . ' 

E 

Canadian 

Dollar 

0J8. Dollar 

Dutch Goildei 

Stm Freni- 

IV. German 

Mart 

ISbon irroi.,_. 
7 ri»v- codec. 

llOTHh 1— . 

Three ni'7BLb — 
4>tt mc nUlf — . — . 

Una v«r. — a.. 

lOSe-lOSg 
io ss 105a 
105a-ll 
lOlc-1078 
10y-il,’ u - 
12-2138 

8-9 

8-9 

sia^ij 

Big 87a 
B70-VU 
BiflSis 

75 4 -b 

73a d. 

83a 85 b 
tna 83e 

0'2 8i* 

- 8?e-9I* 

5 - 514 

6- 6 1 4 

3lp 5 I 4 

vm ' 

6Js-6|-L‘ 

[■r-l; >iis 
PW-U 
l t 5 b 

lilS 

27 B -3I 8 

2 T 8 -ai 8 

0 I 4 d3B 

33b OJ» 

«.l ®l4 


Kremrti Kninr i ilalnn Lira 


Arlan F ■ Japiorri.' Yen 


7ia-77 8 

8-12 



7Sa-7'8 

12l(-13l 4 1 



8 ’ 4 -n* 

1212-1312 | 



9> a -93e 

13 =* -iii* 



9'i-9i- 

.13-14 



10 In 105a 1 

14-16 1 




Thr (ofiowiBB nominal rates were quoted (or London dollar certificates of deposit One month 7.95-8.05 per conr: three months 8.10-SJJO c*>r ram: sir momhs 8.55 -r S3 
per com: °°Q year 9.70-620 per can. 

LoDg-tena Ettrodollar deposits: two yean P-9J per cent; three years 93is-95j6 per cent: four years 9J41 per ««; Bve years 9 Su-B7k oo 1 wm nominal dosint: 
raus. " • 

Shotwem rates art call lor Berlins. U.S. dOBars and Canadian dollars: two days' nonce for cmldm and Swiss lren«. Asian rales arc clasins rates Id Singapore. 


UJL CONVERTIBLE STOCKS 4/8/78 


Satlstict provided by 
date STREAM International 


Name and description 

Size 

(£m.) 


Terms* 

Con- | 
version 
dates 

Flat 

yield 

RprT 


Income 

Cheap (4-) 
Dear (-)0 

yield 

Current 

Ranget 

Equ.§ 

Conv.f 


Current 

Alcan Aluminium $pe Cv. 89-94 

9.05 

148.00 

100.0 

76-80 

6J 

3.7 








Associated Paper 9} pc Cv. 85-90 

W» 

115150 

200.0 

76-79 

8.3 

68 

— 5.7 

-10 to 

2 

3J 

4.5 

— 05 

+ 52 

Bank of Ireland JOpc Cv. 91-96 

&22 

185.00 

47.6 

77-79 

5.5 

25 

- 3.6 

- 8 to 

1 

1L0 

9.6 

- 0.7 

+ 2.9 


7.71 

147.00 


80-97 

8^ 

7.9 

11.6 

12 to 

27 

0.0 

93.7 

712 

+592 

English Property 6jpc Cv. 98-93 

8.07 

84.00 

234.0 

76-79 

7J3 

32 

- 4.3 

-11 to 

n 


32 

- 5.9 

- 1.7 


15^1 



76-84 

14.5 


32 S 

24 to 

82 


492 

32.6 

-202 

Hanson Thist .6}pc Cv. 88-93 

4.51 

83.00 

57.1 

76-80 

8.1 

8.8 

3.0 

1 10 

12 

S3 

9.1 ' 

02 

- 2.1 

Hewden-Stnart 7pe Cv. 1995 

0.07 . 

240.00 

56L5 

75-79 

29 


-34.1 

— 84 io 

-a 

92 

32 

- 1.6 

+32.5 


5 jO 

174.00 

125.0 

78-87 

oS 

Qwb 

12 

— 7.3 

13.2 

7 to 

16 

37.0 

53.6 


+ 7.0 

- 2.4 

To 2 er. Kemsley 8pc Of. 1981 
Wilkinson Natch 10 pe Cv. 83-98 

753 

11.10 

94.00 153^ 

90.00 40.0 

74-79 

76-8S 

' 8.7 

11J2 

11.0 

11.4 

3.6 

30.3 

4 to 

30 to 

15 

40 

72 

322 

7.6 

373 

0.3 

8.6 

- 3.2 

— 13,7 



i 







































20 


'Financial Times' Satiirday Aj^uslf 5 1978 



STOCK EXCHANGE REPOR’I 


Alli ed Breweries thwarts attempt to break 500 and 
30-share index closes 2.7 down at 497.2 


Account Dealing Dates 
Option 

*Flrst Declare- Last Account 
Dealings tions Dealings Day 
July 24 Aug. 3 Aug. 4 Aug. 15 
Aug. 7 Aug. 17 Aug. 18 Aug. 30 
Aug. 21 Aug. 31 Sep. 1 Sep. 12 

* ■' New lime M Heatings nuor take place 
From 9-30 a.m. two basinets days eorlicr- 

Frusirated by the recent un- 
successful attempts to pierce the 
psychological 500-barrier — an 
immediate foil in Allied Breweries 
shares following its surprise 
agreed share exchange offer -for 
J. Lyons prevented the best 
chance yet — equity markets 
eventually eased on small end- 
account sates and lack of fresh 
buying interest. 

Given a retention of .Allied 
Breweries' overnight level instead 
of an early fall, the F.T. Industrial 
Ordinary share index would have 
moved through 500. In the event, 
the first calculation was lower at 
491E0 and .subsequent counts of 
this measure of l he market trend 
Mere generally easier, although 
the final result was fractionally 
above the lowest at 497.2 with 
Allied accounting fnr about half 
of the net loss nf 2.7. 

Disappointed by the teasing 
performance of the index over 
the Inst ihrec days, which has 
seen both the broader-based FT- 
Actuaries .Vll-Share and Industrial 
group indices reach their highest 
since compilation, buyers decided 
In defer commitments until the 
now Account on Monday. Never- 
theless. situation and specularive 
counters claimed a fair amount of 
attention which enabled rises to 
retain their advantage over falls 
in all FT-quoled industrials by 
fi-tn-4. 

The linn’s share of the dav’s 
Irade went in Allied Breweries 
which tumbled to S3p. rcHecling 
holders’ dissatisfaction lvifh the 
proposed hid. before ending a 
net S lower at S4!p: at this level. 
1 he offer values J. Lyons at 155n. 
The latter rose sharply to 145p 
prior to closing 40 up on balance 
at I37p. 

Encouraged by the sliehtlv 
lower interest rate on this week's 
Treasury hill offering, short-dated 
British Funds managed further 
modest improvements during rhe 
course nf a day’s business which 
saw the Government broker 
withdraw his selling price nf 93.lt 
for sunnlies nf the near-shnrt inn 
F.xchequer 10 per cent 19S3: he 
was not hid a higher price hut 
would prehahly be a seller at 951. 
"Medium and longer maturities 
also hardened initially, but later 
returned to overnight levels. 

Early demand to obtain invest- 
ment currency for the purpose of 
buying l\S. securities took rhe 
premium higher to 10R per cent 
In the face of reneueri arbitrage 
offerings, however, demand began 
in fade and the rate reacted to 
close a net 2J points lower at 
!»«; per cent. Yesterday's SE 
conversion factor was 0.5578 
ill 155281. 

Yesterday saw a further con- 
traction of business in Traded 


Options. A modest 350 contracts 
were completed by the close, the 
lowest total since July 7. Land 
Securities recorded about a third 
of the total and its October ISO 
and 200 series both rose 3, to 62 p 
and 23p, respectively. GEC 
followed with los trades done. 


HK and Shanghai up 

Helped by publicity given to a 
broker's circular, Hong Kong and 
Shanghai rose to a 1978 peak of 
356p before dosing 8 higher on 
balance at 350p. Elsewhere in a 
quiet banking sector, the major 
clearer*: continued to drift lower 
on lack of support- NalWest 
receded 5 to 2fi5p and Midland 
gave up 3 to 350p- Discounts, 
however, closed higher in places. 
Cater Ryder added 10 at 275p and 
Alexanders improved 5 to 255p. 
Sterling Credit at 32p lost 4 of 
the recent good rise on the higher 
profits and proposed 50 per cent 
scrip-isNue; the shares retain a 
gain of 3 on the week. 

Insurances ended the week on 
a quietly iirm note. Willis Faber, 
2S0p, and Stenhou.se, I09p, 
improved 6 and 3 respectively. 

Leading Building issues held 
close to overnight levels in a 
reasonable trade. Secondary issues 
provided contrasting movements, 
usually on news Items. The 
sharply lower - than- expected 
annual profits left Phoenix Timber 
7 cheaper at I63p, while Press 
comment unsettled recently firm 
Brown and Jackson which shed 11 
to 185p. but still held a gain on 
ihe week of 32. Property-owning 
building concerns made notable 
progress, also on a Press recom- 
mendation. Gough Cooper, S3p, 
and William Whitting bam, 37p, 
put on 4 and 3 respectively. Else- 
where. renewed enthusiasm for 
the annual results attracted 
buyers lo Heywood Williams 
which firmed 10 to 137p. while 
small demand in thin markets 
left Rurt Boulton 5 to the good 
at 175p and Cairon 3 up at 37p. 

With stock increasingly avail- 
able. small offerings left ICI and 
Fisons down 5 at 3S9p and 10 at 
365p respectively. Increased 
interim profits prompted an 
Improvement of 2j to 3Sp in 
Crystalatc, while an investment 
recconimendation left Yorkshire 
Chemical 4 dearer at 98p and the 
new nil paid shares 4} to the 
good at 10 jp premium. 

J. Lyons feature 

J. Lyons claimed the limelight 
In Foods, jumping to 145p in 
active trading on the share- 
exchange offer fnjii Allied 
Breweries before settling at 137p 
for a net gain of 40. or a discount 
of around IS on Allied's offer 
terms. Allied, a firm market of 
late on the I4S.4m disposal of its 
Trust Houses Forte shareholding, 
succumbed to heavy selling and 
closed S off at 84ip after 
S3p. Bel haven Brewery- in 
which J. Lyons holds a 23.1 per 


2 from Associated Fisheries at 45p 
and 4 from Bluebird Confectionery 
at 73p. 

City, at 133 p, gave up 5 of the 
previous day's gain of 12 in an 
Otherwise little-changed Hotels. 

United Scientific revived with a 
jump of 17 to 335p in a thin 
market. Elsewhere in Electricals, 
Best and May, at 60p, regained 3 
of the previous day's fall of 5 
which followed the results. Sony 
reflected currency influences with 
a rise of 40 to 6B0p, while invest- 
ment demand raised Kacal Elec- 
tron irs 7 to 279p and Decca A 10 
to 450 p. -Gains of 4 were seen in 
Bowthorpc. 63p, and Pressac, lOOp, 
while Dnbiller edged forward 1> 


awaiting news of the bid talks. 
Bourne and Hollingsworth edged 
forward 3 to 2B8p, while further 
buying on bid hopes lifted Grant 
Bros. 9 to 107p. .Dull recently fol- 
lowing the disclosure of heavy 
losses in its French operations, 
Audiotronic gave up 2 more to a 
1978 low of 15p in reaction to the 
reduced dividend 'Payment and 
annual loss. K added 3 to Tap 
among Shoes. 


Motor Distributors again per- Bros. 3 harder at 116p. and 
formed well, closing with another Hunting Gibson 6 better at 114p. 
len g th y list of gains following a Textiles were -easier for choice, 
good business generated by David Dixon were offer at 
reports of a high level of new TBp down 4 while Courtaulds, 
caf sales. Heron Motor stood out a °£, 
at 147p, up 12, on buying in anti- s ^ T . 2 fi J!£ iece ’ Tobacco? 
cipation of next Thursday’s pre- flu 1 **!? potation* maria 

£»£« S n^h^defeS “°dest K ffilLoS 


Aaronson better 


Miscellaneous Industrial leaders 
succumbed to light end-account 
profit-taking. Firm lately an buy- 
ing ahead of the shares going ex 


Adams and Gibbon, however, fen £ p * d mp 

7 to 77p on disappointment with respectively- 



1974 


1975 


1976 


1977 


1978 


cent shareholding, moved up 3 to 
i. Bassett 


35p in sympathy. Geo. 
gwinetl 7 to 139 as hid hopes 
revived, but small selling clipped 


to 21 ip. Among the leaders, GEC 
closed 4 better at 2Stip. 

Apart from John Brown, which 
improved 4 more to a 1978 peak 
of 434p. Engineering leaders met 
light end-account profit-taking 
and closed easier. Hawker dipped 
S to 230o and GKN relinquished 
2 to 2S5p, after 283p. Secondary 
issues continued to claim a fair 
amount of attention with fresh 
rises of 6 and 7 respectively in 
Simon. 260p. and Victor Products. 
173p. Davy International added 4 
at 2S0p as did Howard Machinery, 
to 29p, while Davies and Metcalfe 
A gained 3 to 2Sp. . ML were 
marked up 5 late to 160p in 
response to the higher annual; 
earnings and Glywed edged 
forward 2 to 107p ahead of next 
Wednesday’s interim figures. 
Further consideration of the 
reduced first-half profits prompted 
a reaction of 21 to 26p In Tace. 

The last day of the Account In 
Stores was mainly notable for a 
flurry of buying in UDS which 
moved steadUy forward to close 
the day 5 to the good at lf»2p. 
Speculative buying on peristing 
bid hopes helped Burton ordi- 
nary improve 4 more to 160p 
and the A gain a similar 
amount to 148p, after 149p. 
Marks and Spencer, however, 
softened a penny to 165p. Still 


the 100 per cent scrip issue, 
PUkin&tou reacted 13 tn 577p. 
while Unilever relinquished 4 to 
534 p and Glaxo 3 to 595p. Rank, 
however, helped by Wall Street 
influences, improved 3 to 259p. 
Elsewhere, buying ahead of next 
Thursday's first-half figures 
brought about a rise of 6 to Sip 
in Aaronson Bros, and revived 
demand in a thin market helped 
S. Simpson A secure a similar 
improvement at 108p. Up 6 the 
previous day on news of the bid 
approach from Vantona, Compton 
Sons and Webb added 3 more to 
47p awaiting fresh news of the 
discussions. Mams improved 3 
more to 92p after further specu- 
lative buying fuelled by bid hopes 
to take the gain on the week to 
15. Whi tec raft firmed 3 to 206p 
with the help of Press comment 
and Watsfaams advanced 4 lo 25tip 
in response to the results. Kelsey 
Industries became popular and 
put on 5 to 103p while, still 
reflecting an investment recom- 
mendation. Negretti and Zambra 
added 4 more to 91p. Hoover A. 
however, lost 15 to 275p in 
reaction to adverse comment on 
the disappointing .second-quarter 
profits and I.C. Gas receded 12 
more to 3CSp on further con- 
sideration of the chairman's 
profits warning. 


interim figures. Elsewhere. Jonas Anctraliam fimiPr 
Wood head edged forward 2 to 94p AUSiraUdUS IUTIUCr 
following Press comment. Trading actively. Australians 

Consideration of the effects of were the main feature <rf the 
higher North Sea oil taxes left mining markets. Following a late 
Thomson S cheaper at 267p after rally in Sydney o vern ight, prices 
265p while, initially a couple of gained ground in response to UK 
pence higher on the settlement of buying. 

the Sun newspaper dispute. News Among Uraniums, Pan contra en- 
InteraaUonaJ reacted and closed tal moved t higher to £15} while 
unchanged on balance at 272p. Peko-WalLsend gained 10 to 53Sp. 
Awaiting the imminent capital Conzinc Riotinto continued to 
reorganisation plans, W. N. draw strength from its leadership 
Sharpe eased 2 to 210p for a rise of the Ashton diamond venture 
of 20 on the week. with a rise of 12 to 206p, while 

Properties retained a firm one of its smaller partners, 
undertone. Smaller-priced leading Northern Mining, hardened 6 to 
issues to make further progress in- 114p. Haoma Gold and North West 
eluded English Property, 38jp, and Mining, involved in another dia- 
British Land, 40Jp, both of which mond exploration venture, were 
firmed a penny. News that Inter- respectively 3 higher at 5®p and 
european had reduced the size of 7 higher at 44p. 
its borrowings from £23m to £12m By contrast. South African 
prompted a penny improvement to Golds were dull. There was little 
35p, after 36p, but news of a re- business and falls were common 
valuation of properly investment through the list following a down- 
assets left Scottish Metropolitan 4 turn in New York overnight The 
cheaper at HOp. Domestic market decline in sterling prices was 
influences lifted Hong Kong Land accentuated by the fati in the 
to ISfip and Swire Properties 2 investment dollar premium. Hie 
to 65p. Gold Mines Index was 2.7 lower 

rv-, , „ at 185.1, but still 1.7 up on the 

Oils dull week. 

Oils ended the account on a dull The martot lacked the stimulus 
note on small offerings stemming of sharp movements in the bullion 
from the Government's decision Price, which eventually closed 
to increase the rate of Petroleum 31-25 lower at 32012 to, leaving 
Revenue Tax from 45 per cent to it little changed on the week. 
60 per cent. Stock was readily Among the heavUy-priced issues, 
absorbed at lower levels, however. FS Geduld closed J lower at £18}, 
British Petroleum. S34p, and Shell and West Dries. i down at £34. 
553 p, closed at the day’s lowest President Steyn lost 33 to 884p 
with falls of 8 and 12 respectively, and Western Deep 23 to 923p. 
while Oil Exploration, 20fip, shed G. There was some demand for 
Tricentrol closed 6 cheaper on Platinums in the light of the high 
balance at 170p after 166p, and metal price. In a good trade, 
Siebens UJv. ended unchanged on Bishopsgate were 1 harder at 96p, 
the day at S90p after 38Sp. the Rustenburg also gained 1 to 97p 
latter still with a fall of 22 on the and Ly den burg rose 3 to 7Sp. 
week. South African Financials tended 

Following the recent brisk to drift, with prices helped down 
trading, activity in Investment by the lower premium. Anglo 
Trusts became quieter and American last 6 to 623p, UC 
interest more selective. Jersey Investments gave up some of 
External Preferred were raised 9 their gains of early in the week 
to 183p, while Tefdmology. lOSp. with a fall of 4 to 260p and 
and Jardine Securities. 147p, put De Beers also softened 4, to 396 p. 
on 5 apiece. Cariiol Investment Business was fiat among 

rose 4 to 134p for a two-day gain London Financials, influenced by 
of 9. In Financials, Haw Par rose the lower gold price, the fall. 
3 to Glp in belated response to among industrial equities and the 
the announcement that the com- end of the account There were 
pany has sold the majority of its fails of up to 4, leaving Rio Tbito- 
16.5 per cent interest in a Hong Zinc at 230p, Consolidated Gold 
Kong property development Fields at I92p, Selection Trust at 
concern. 436p and Charter at 146p. 

A small scrappy business left Coppers were steady with 
Shipping prices little changed. Palabora rising 20 to 480p on 
Furness Withy were notably weak Cape buying, while there was 
at 248p. down 5, but small buying modest demand from the Far 
in restricted markets left Common East for Tins, 


financial times stock indices 


A«s i 


Aug. : Aug.' 


i 


-AU*. 


70.961 


Oovemmeut — j 

Fixed Interta* i ra - 73 j 

1 497.Zi 


Industrial Ord’tiuuy-.-. 

Gold Mine*. —J 

OnL' Dir. Yield.- j 


JwBings.Y’WatfulWl' 


16.34: 


185. li 
5.87! 
16.£9[ 

P/H Ratio (nem*tl. — ! B20j 
Draitago marked. j « 7a j 

Bqaltytnroi*v«£nj...| — 

Smity bargains to tel 


70.97 
78.65! 
49ff.9j 
lS7JBj 
5.54 
16.2 ij 
&24j 


70.84' 

72.551 

495.3; 


70,6lj 

72.3® 


7Z2atno jy. 


187.6! 


196.5 489.4} 

LBl.fi! JS3.31 183.4 «u| 
6.3® 0.45| SAL *,.! 

f-saj is. 



s.oast 


106.04l203.Bai 96.46j 68. llj 10L7L, ^ 
i®'59 5 i 18,669* 1 7.782) 



ID am 4SSA. U am 487 J. Noon 48T.4. 1 pm 07.1 
c pm -WET-. S pm 496.8. 

Latest Index H-M* K26- 

- Based on 52 per ceffl corooraiton tax. twn=B,BL 
Baris iflo Cv)vt. Sees- U 10/20. Fixed loL ICS. IntL OttL. 1/7.08, 
Mines 12/9/55. HE AOWt? JiUs-Dcc, 1942. 


highs and lows 


S.E- ACTIVITY . 


1878 

|»oce Compilation 

l ' 


High | 

Law | High J Lnv 

j .r- 



Govt.Secs...i 78.88 
I Will 

Fixed IbL...: 81.37 
; iS/i« 


tod. Ord j 499.9 

! i3 Si 


CoMMiDM.I 191-6 

.. - j CliSI 


68.79 
16/6) 
70.73 
{6 /ft 
433.4 

ft* 

130.3 

it’ll) 


! 127.4 i 49.18 
1 (9/1 /3ft : (3/1.7S) 
180.4 80.63 

|iUUillr47ij ii L76l 
649.2 49.4 


, 649.2 4U.4 , r; riiJiiiuBrf 

; (Sb.-f-wi j ] 

1 442.3 ; 43.8 • $i«i'UUulTO...' 

■ f22.-i)i , r5):'a!iIO.’7lJ I Tirtxh J 


aur-Kdgert.J. 150.fi 

' liulmtnra.-.j 2l0.fi 
1 Sj>OiilllltlVr...| 46.7 

ITuUIr... ,-129 J 

. HutAv-mcr 

15&9 

282.1 
47^ 
1165 


208.0 . 
198,0'- 

-48.1 

130*. 


i J2** 

t 


.46.9. 

lltfc 


R1SES AND FALLS 


■rhWi Fuad* - 

Carpal. Dam. and Foretan Bonds 

Industrials — 

Financial and Property 

Oils 

PUiMtkm* 

Mines 

Uncut Issues 


Totals 


Yesterday 

On thew 

- tin 

Down Sam* 

Op 

Down 

a 

2 

55 

Z2S 

32 

... ' 11 

— 

53 

50 

■S' 

.... 407 

260 

871 

ue 

' LOT 

.... 164 

66 

283 

vm 

an 

4 

13 

12 

47 

: 47 

11 

3 

17 

. 34 

17 

42 

41 

St 

265 

284 

9 

5 

28 

60 

IX 

.... 679 

m 

"W56 

*532 

"wm“ 


IB: 


* 

1M 


IS 1 


LONDON TRADED OPTIONS 


| UeMier 

January 

April 

. ' 

Option 

IlK'n'InV 

Ckwirifi 

offer 

Vol. 

Ckirina 

nffer 

Vol. 

! Cloning! 

1 offer ! Vri. 

Eqaltj . 

HP 


107 

- 

129 


s — 

• 

833p 

BP 


61 


90 



ns 

— 

- 

BP 

830 

36 

2 

61 

— 

86 

— 

„ s. 

BP 

900 

19 

10 

40 

— 

; 62 

— 

•f ' ' 


140 



25 


: 28ig 

— 

i68p : : 


1G0 

8 

16 

14 Lg 


1 18 

— 



160 

38 

— 

41 


1 43 

3 

191p 

CoiulGoM 

1BO 

LO 


L4 

6 


— 



200 

7U 

15 

14l 2 


1 IB 

2 



100 

25 


&6I2 

- 

— 

— 

UWp 


no 

16is 


18'3 

2 

1 22 

■— 



120 

9«« 


121; 

1 

i 16'a. 

— 



130 

4»a 


8 


i lUa 

— 


GEC 

220 

66 

9 

72 


, — 

— 

28Bp 

a bo 

240 

£8 

- 

55 


i 62 


u 

GBC 

260 

30 

23 

39 

— 

; w 



GEC 

280 

1612 

69 

26 

3 

1 45 

4 



100 

lflta 

- 

15 

— 

i £ ® 

— 

117p 


110 

11 

— 

1512 

— 

'? ,s 




120 

6 

2 

91= 

- ■ 

1 13 



ICI 

330 

69 


70 

1 

i 73 

— 

589 p 

ICI 

360 1 

18 

22 

41 

10 

1 51 

— 


ICI 

390 | 

17 


28 

— 

1 33 

— 


let 

420 

6 

11 

1412 

— 

i 211a 1 

4 



180 

62 

10 

65 

1 

67 n 

— 

337p 



43 

32 

46 

. 1 

1 1° 

20 




23>g 

23 

29 

7 

; 35 

— 


land Sen.. 


8 

18 

17 

2 

r 211- 

— 

165p 

Marki A sSp. 

IiSO 1 

49 


50 

— 

• 64 

— 


140 J 

30 


38 

— 

1 37 

— 



leO ; 

13 


17ta 


23- 

• — 



180 , 

5 


Bis 

— 

121J 

— 


Uhell 

80U • 

74 


83 

— 

r 87 


B33p 

Shell 

630 

32 

12 

47 

— 

; 55 

— 


■Shell 

600 : 

11 


23 

1 

: 31 

— 


Tvtalo 


| 274 

1 


43 

i 

33 




ACTIVE STOCKS 

YESTERDAY— 


Dennmina- 

No. 

of 

Closinc 

Chanpe 

197S 

1973 

Stock 

tinn 

marks 

price (p) 

on day 

hitth 

low 

Shell Tran>port... 

23p 

14 

338 

-12 

58l» 

4M 

ICI 

II 

U 

yai 

— 5 

SDfi 

828 

BP 

It 

11 

S.14 

- S 

«!)6 

?20 

Lions i-I.l 

I! 

Ji> 

137 

4 40 

143 

72 

.Mlicd Breweries 

LMp 

fl 

S4V 

-- 8 

34 

7S 

Hh'C 

25 » 

fl 

2M 

4 4 

280 

233 

RTK 

2.1 p 

fl 

2:)fl 

- 2 

i'14 

J M 

Grand .Mel 

Slip 

s 

117 

- 4 

US 

S7 

Outline Corp. ... 

It 

s 

275 


373 

211 

Beech a in 

■Jin 

7 

7IH) 

- ;i 

7113 

383 

Hist filers 

Slip 

7 

lflfl 

- 1 

200 

103 


25p 

7 


+ .1 

i.» 

47 

CK\ 

fl 

li 

2S5 

_ ■> 

2S7 

248 

Marks Spencer 

- r 'P 

li 

1«3 

- l 

107 

133 

Bank Ore 

-■'>P 

(i 

259 

+ 3 

26S 

22S 


The chore It'll of active flacks is based i»n flit? number nf bargains 
irtlcil iicMcnlitu :n I he (Jllicsnl f.wi aitrl under Jtulc ib'3( 1) (C/ unci 
Tf/ii-oditctti (i‘-duy in .Slncfc Lxelianyc dealings. 


ON THE WEEK— 


Stock 

ICI 

.Nil ill Tronspor l .. 

ISP 

In riie. 1 pi’ 

AUii'il R re h cries 
DATs Ut fil. . . 
R.trri:i>-t B:nik 

Hi't'il hit l 

Ri't.-eh:tm 

KT3E 

liotiller'i .. .. 

t;Ei: 

F:itrmah t } il . .. 

GKN 

Thomson Org. ... 


Dcnnniina- 
turn 
. .. LI 
-»l> 

LI 
£1 
L’.lli 
-■»|i 
i’l 
II 

-"'li 

r*up 

2.1p 

Li 

11 
-■‘>P 


\«. 

uf 

Closing 

Chance 

IfiTS 

1978 

marks 

prire cp> 

on week 

huh 

low 

71 

3S!) 

- 2 


328 

(Hi 


- V 

.''Mi 

484 

112 

S34 

_ -N) 

S'lli 

720 

43 

Ml 3 

+ a 

443 

330 

42 

S4I 

- 3 

1)4 

78 

42 

2S7 

+ 3 

2tlli 

227 

42 

34(1 

_ ■» 

35S 

296 

41 

132 

4- 3 

15:1 

102 

40 

TIM) 

+ 13 

“1 13 

3S3 

411 

2311 

4 3 

234 

104 

;!!■ 

tfrti 

+ 2 

20(1 

1H3 

Ufl 

2S« 

4 7 

2M 

233 

3S 

07 

- 1 

73 

42 

37 

2S3 

4 3 

2S7 

24S_ 

37 

267 

— 15 

293 

155 


BASE LENDING RATES 

A. B N. Bank 10 "o Haiubros Bunk 10 

Allied Irish Bank" Ltd. Ill ■Hill Samuel #10 % 

A 111 erica n Express Bk. 10 '7, C. Hoarc & Co ^10 % 

Amro Bank 10 ,r „ Julian S. Hodge 11 ^ 

A 1* Bank Lid 10 Hongkong & Shanghai 10 % 

Henrv AnUtat'lier 10 «:■, industrial Bk. of Scot. 10 u ,'i 

Rjncn do Bilbiin 10 ‘Ti Keyscr UHmann 10 

Bank of Credit & Cmee. 10 *7. Knowsley & Co. Lid ... 12 *7, 

Dank ut C\prus 10 ,r n Lloyds Bank 10 % 

Bank i»r N.S.W 10 ,r n London Mercantile ... 10 % 

Sample Beige Ltd. ... 10 ‘fc Edward Man son & Ln. ll‘<$ 

B. inrjne du Rhone 101% Midland Bank 10 'Jfi 

Barelajs Bank 10 "J, ■Samuel Moniagu 10 % 

Barnett Christie Ltd.... 11 ■ Mot^an Grenfell 10 % 

Brcmur Holdings Ltd. II °& National Wesuumster 10 % 

Bnt. Bunk or Mid. East 10 % Norwich General Trust 10 % 

1 Brown Shipley 10 °T» P. S. Kelson 5: Co. ... 10 ^ 

Canada Pcnn’t. Trust 10 % RoBS ™" st * r — 10 % 

Capitol C & C Fin. Ltd. 10 % Koyal Bk. Canada Trust 10 % 

Cay 2 it Lid 10 Schlesinger Limited ... 10 % 

Cedar Holdings 101% S. Schwab ..... .. 11*% 

i Charterhouse Japhel... JO % Security Trust Co. Ltd. 11 % 

Chun lurlonn 10 % Shen ley Trust ... 11 % 

C. E. i ’nates U % Standard Chartered ... 10 % 

Consolidated Credits... 10 % Trade Dev. Bank io % 

Cu-uperuiive Bank v 10 % Trustee Savings Bank 10 % 

Corinthian Securities 10 ^ Twentieth Century Bk. J 1 °Ti 

Crcuit Lyonnais 10 '-'it United Bank of Kuwait 10 % 

The Cyprus Popular Bk 10 l 7. Whiteaway Laidlaw ... lOJTi 

Duncan Lawrie 10 % Williams Sr Glyns ... JO % 

Eagil Trust 10 % Yorkshire Bank 10 cr, 

English Transeom. .. II 'T, ■ Mviuh.-p* a* Uw .Uivphiw Hnum 

Nut- Fin. Corpn. 1J h d , Wilu 

First Nat. bees. Ltd. ... 12 «•„ 71; . * 

> Anton v Cibh.s 10 f T» t "day tlpposin on mh,|. ,, r uu.noo 

i;r«-hj«^ uajrmv... 10 <V, - STAS. Z :i "" 

<ir;ndiiiys Bank iiu u ; i. a n di-uaan* out £i.m» tt.. 

I Cuinne.vs Mahon 1U t Demand 


NEW HIGHS AND LOWS FOR 1978 


Tlic following securities Quoted in tHe 
Share Information Service yesterday 
attained new Highs nad Lows lor 1978. 


NEW HIGHS (240) 


COM*WEALTH A AFRICAN LOANS ID 
LOANS tit 
AMERICANS ITI 
CANADIANS (51 
BANKS IS) 

BEERS 111 
BUILDINGS 1121 
CHEMICALS Ml 
DRAPERY A STORES (13) 
ELECTRICALS (121 
ENGINEERING (22) 

FOODS (3) 
INDUSTRIALS 138) 
INSURANCE (4) 

MOTORS (41 
PAPER A PRINTING (21 


PROPERTY (6) 
SHOES (2 1 
TEXTILES (SI 
TRUSTS I82i 
RUBBER5 (2). 
TEAS 111 
MINES (8) 


NEW LOWS (7) 

BRITISH FUNDS (1) 
Ti-eo*. S'.-oc '08-12 

STORES (1) 

Audiotronic 

INDUSTRIALS |2) 
Hoover A Wilson Walton 

PAPER (ll 
Transparent Paper 

TEXTILES (ll 

Ingram (H.) 

TRUSTS (1 > 

Dotos wells 


OPTIONS 


DEALING DATES were mills and Alien. Premier 

First Last Last Fur Consolidated Oil, English Pro- 

Deal- Deal- Deeiara- Settle- perty. CharterhaiL Burmah Oil. 
ings ings lion ment Thomson Organisation, Parific 

Aug. 7 Aug. 14 Oct. 26 Nov. 7 Copper, ICL BP, Lex Service, 

Aug. 15 Aug. 29 Not\ 9 Nov. 21 Queen’s Moat Houses. French 

Ang. 30 Sep. 11 Nov. 23 Dec. 5 Kier, UDT and John Laing A, 

For rate indications see end of while doubles were arranged in 

Share Information Service British Land, Britannia Arrow 
Stocks favoured for the call and English Property. 


RECENT ISSUES 


EQUITIES 


l*«LV 

lit 


lift* 




— High Lin 


T-r 7 + nt . I a l HZ 

4“ j — 1 £ j, SWj- 


c*£js 
— t — 


/a 

. 1-1*. 

aO-t 

93 

Hf 

Untiuall | 

93 +2 

: (4.a 

55 

(.I*. 

31,8 

1 Zt j 

'(1 

artier* aiiii-m**!,. 

76 1 

. -V3.41 

€* 

t.V. 

— 

1^1 

4 

Einrwy 

10 

— 

iob 

(.1*. 

5.7 

II^ 

IK 

bur"i Iwriu 

174 -a 

■'2.64 

8b 

K.P. 

gap 

"I ; 

to 

Hum in., Cfir.vnlmi 

88 

■ • 4.65. 

115 

r.r. 

8,9, 

[4* 

136 

.Innes iJewTnrt!0|«|M4 1 

. : t'5.5 


7.3; 5.0 
4.9 6.7 




2 Jfl6.6 

ao,6^ 

5.Ti«.S 


FIXED INTEREST STOCKS 


i Is IBTb I 



p5 ! High | I«iw | 




• * F.l\ 

• • . r.v. 
L*9B cao 
C99.4 K.l'. 
caoi* f.p. 

E10U E10 

• K.l’. 


1.-9 i 
Ib. d I 
42.9 


HXJ. 

C100 


r.i 


;96 


K.l 

K.l*. 

K.K 

r.p. 

K.l 1 . 


UOlj'. 

Haisr 
62U1 

- ; -«h« 

- iw ' 
15 12 lllg; 

/.■O 9flJs" 
1&.8 U*-, 


25 9 
16 8 
15.12 


IGoU. 


lOc-i. 

*»■ 


■ « 

. F C 

— j 

B*r 


K.l*. 

9 8 j 

4 *-i 

£100 

K.l*. 

, 

39.*. 

■ • 

F.r. 

1,9 : 

Will. 

2991; 

i -i*. 

' 

lm> ! 

eaaij 145 

nO'lC 

uii 

C99^; 

f.i*. 

, — 

«Ta 

cauj. 

L43 

. 15 9 

5M. 

* * 

F.I*. 

— 

9fip 


i»4|. Atrtbiu airromllneB tP% Prf 

Dli-: V WPlaiirr- l*rei 

'darnel U:j Ue.1. 19K7- - 

99 birroinri'* n ' llptt- Itt-Kt- 

Cam- lea Var. Kate Met. 1933 - 

lots' Uo. lii* Hr.L lftft 

98 * tin l A nun-* Wau-i l« !(•.•!. t*rpl. IVdA 

I .li bwleud'ai ln-.iifllr>-l0gKol2iwlL'i»mH»t-i, 

99 Jq l.hnl-urvh V»r. Kil»- t#i 

9als luirvnrw UjW Del. 

MSv'Htivkirwu Kiuinn ID? Ok>i. IV-I 

ytitJwirn )*rl»UA-s 10% Cu'-l. I'rel 

-i, )ln»- on n-i j%. Prei 

S. .»t-»lK->U !'.•(, I*PIH> Ull> . I O'. L«l. T-^-'or, 

M.-n- • I'";' 

9H.“ V..rttiftn.,.t.'.i Vat. Half I.VI. 1933 

j)(, IVIta.n IU“ l*rvl 

•h*U. eli».i» Vat. K>l« K«iI. I 

46 . -v . hi lien* Mow** 

OHia Wetwl-u.ml' lunrinv 

.We- 1 kt-nl Water t9|, Del-. I9»r 

94| Y.mni; A Cn. Bremen' 9% Prel 


Itaj+iJi 


9S|i4l 
, 84H 

S2»«l ..... 
SOI*! -... 

too 1 
11 

98 
104. 

99bgj 

104i? 

98pi -... 

9l«r|i! 

ba j . .. 

96H 

99*! ... 
lOlWtt 
99I-. ... • 
44S|! ..... 

99 r 8 - .. 
24i»' . .. 

Mi* : 



“ RIGHTS " 

OFFERS 



H 

LjUvsI 

Kenuo, . . 19HJ j 

f ' 1 1 Hiicn , Low j 

Slock 

Uk»)n^ 

Price 

1 Pi 



SA2./6 >: 

5 ' F.t*. 


16 6 
2 b. 7 


ia.tr a4i.ni' <spm 


lb-b 91;! 


m 

F.I*. 

18f7 

18;8j 

io 

it 

K.l*. 

26,7. 

la*. 

21 

i4i: 

F.P. 

ZO ’» 

16*| 

lr.Ig 

66 

F.I*. 

2:8. 

1/9 

57 

ioa 

h.l*. 

1«<7 

4*! 

!• 

72 

F.P. 

4.8. 

1/9 

92 

70 

> 

10(8 

31-9, 

lb|mi 

33 

F.P. 

Ore 

Lb! 

•ten? 

94 

>il 

— 

— 

Him: 

30 

F.I*. 

U8". 

o-9' 

72 

no 

.Si> 

X4.a: 

0:9, 

35 

100 

Ail 

— 

— • 

IBfmi 

84 

Mi 

- 

— ' 



e:*j Brulaeihl Pmwuw- _..j 

illj.'Hrrxjfce Ttwi tnu ] 

l;in'Uanm.uilh Inn j 

16lfi hi hvu-h.H.i — ! 

4o Ideibiiaa] lav. A Uosuin-* ! 

■it'lleiii.iY — 

S6 ’L.L'.r.... ; - ; 

niKii.Un.-li rWni.i. ; 

4.7 A.iiiim iW. E.I _ 

lOlim'Prmvrty Honnemhipp 

l«i iii.'IiiIi >|«-nhriiuii_ ! 

U4pn. Itvuvnui — 

19pm \V!IILtiiiNlJ'n> , '-tL3.S5,L' CiiiUriHi 
Y.'ii'liin- 1 lieillt.il 1, 


33)1011+ * 
Big 

38 
19 Is 
16 L 
57 


-llj 


123 — ... 

92 

17ian’-l 
46 r 1 
lSum 1 +.2 
72 ;.+8 
35pni. .»•>• 
19t>m 
IQ's'. + 4*8 


HEiiunuarniii dale iis<ui1> l«f< Iki i'll m-aiiii# nw 'U -isinp inn\ , rntufW- 
ill' pmsutrinr rsiiiini*'. o AfMinKd rtivirterm and vieirt. u Knrwasi im.inWI' 
roviii biMii **P iKTtMis vimi'i eariiiiBja. v IIivkIkwI hW) view Ouseii m. pmoiMCiiu 
.|ffii.iai kk'iiiuIiV •••* iS.’i u (.nnb 1 >*ii»iir^s icsnmwi I ii’.wa- 

t.ii •■H.vomiin ni >naiwi nni now -'.nltimr tni divnwnn nr mntlnir -tmu »nr revinrtm 
Oindonds. ? Plating pneo in public, pi Penn? unli-BS ataonmu indli-aird. ' issued 

ipiiBhi. .1 iH-r-n 111 lwpji*r» if ii.ii.miv • _-.*'••• •• . ,v.-r 

0 t iv aj nt cjOTMli-urmn. M Minimum tendur once (C Keii.ironnuid. riNavri 
n ccmiHWUon wuh rcorEamsation mrnjei nr lane-over llfl Imroductnin, “| igaupn 
in former Preteiww** hqltti'ni. ■ AJhmiwm Virnra tor fuUj/.oalm. • Pnmsmon) 
or (unlr-oald altauncni tellers, a- With warnius. 


FT-ACTUARIES SHARE INDICES 


These indices are the doint compUation of the Financial Times, the Institute of Actuaries and the Faculty of Actuaries 


EQUITY 

GROUPS 

and 

SUB-SECTIONS 


Figures la paremlwaei ibow 
number of Marta per section. 


48 


SI 


39 


CAPITAL GOODS 1 1701 

Building Materials (271 ,_| 

C iwtractmg.Coastruetion (37) 

Electricals 1 14) 


Engineering Contractors 1 14t. 

Mechanical EngmeeringtTa. 

Jtaali and Seul f omuglCL -4 
CONSUMER GOODS 

IDLIRABLEH52) 

U. Electronics, Radio TV tla). 

Household Goods H2l 

Motor and Distributors®;- 

CONSUMER GOODS 

1NON-DUHABLE1 (176) | 

Breweries i!4) 


Wines and Spiritaift-. 
EntertainmenL Catering (17L 

Food Manulactnri ng(21) 

Food Retailing il5) | 

Newspapers. Publishing! I3l. 

Packaging and Paper (i5;>. 

Stores (40 1 


Textiles i25). 


Tobaccos 1 3} 

Toys andG ames 16) _ 


OTHER GROUPS (88) 

Chemicals 1 19) 

Phanmcendcal Products (7). 

Office Equipment (6) | 

Shipping CIO) 


Miscdlancous (56) 


INDUSTRIAL GROUP 1495) 


Oils (5). 


588 SHARE INDEX. 


FINANCIAL GROUPOM) _ 

Banka 6) 

Discount Houses (10). 

Hire Purchase (5t 


Insurance ( Life) C10> | 

Insurance ( Composite) (7L. 

Insurance Brokers (10). 

Merchant Banks (14) _ 
Property 1 31) 


Miscellaneous i7L 


Inrestment Trusts (50) . 

Mining finance (4i 

Overseas Traders (1B)- 


99 ALLSHARE [NDEX(C73I. 


Fri., Aug. 4, 1978 


Index 

No. 


23L53 

211.94 

369.64 

494.91 

343.87 

184.99' 

173^6 


211.88 

255.71 

18333 

130.11 


214.96 

234.61 

280.98 

265.03 

20582 

225.81 
397.42 
14455 

201.81 


180.09 

25586 

114.12 
20982 

293.13 
27380 
13632 
42158 
225-19 


224.68 


48087 


24636 


173.02 

18630 

21739 

157.71 

14956 

136.00 

366.17 

8181 

256.42 

10931 


Z3738 

204.90 

318.60 


227.79 


Day's 

CbNfe 


+0.1 

-83 

-0.4 

+1-2 

+0'.6 

-05 

-03 


+05 

+0.9 

-13 

+03 


—03 

-34 

-0.4 

+83 

+0.4 

+8.4 

-18 

+03 

+83 

-0.7 

+0.7 

+0.1 

-03 

-1.0 

-03 

+08 

-03 

+84 


-0.1 


-15 


-03 


—18 

+13 

-05 

+13 

+0.1 

+0.6 


+03 

-03 


+83 

—13 

-8.1 


-03 


Eat. 

Karans 

Ylckft 

(Max.) 

Corpi 


16.40 

16.33 

18.91 

13.85 

17.45 

17.72 

1633 


1630 

14.55 

16.17 

19.12 


1535 

1480 

1533 

14.84 
1836 
13.46 

10.14 
1&00 
10.67 
1839 
2L51 
19.89 
1538 

16.85 
10.59 
1757 

17.15 
16.08 


1559 


1535 


1556 


2532 

1252 


1386 


378 

23.12 


2.93 

16.82 

17.11 


G: 
Div. 
Yield % 
(ACT 
■131%) 


531 

535 

4.02 
3.74 

6.02 
5.82 
ai3 


4.95 

3.99 

638 

6.19 


559 

580 

535 

6.55 

538 

457 

3.15 

734 

4.47 

7.69 

734 

5.59 

554 

5.97 

3.75 

5.57 

736 

5.89 


5.46 


4.11 


537 


555 

639 

7.96 

533 

6.09 

637 

439 

5.98 

392 

7.64 


4.33 

6.63 

783 


Est 

P/E 

Ratio 

(Net) 

Carp. 

TnC% 


8.44 

&68 

7.69 

1033 

7.63 

756 

839 


855 

9.61 

851 

739 


8.91 

9J0 

9.96 

9.86 

7.20 

1031 

14.08 

730 

13.79 

7.06 
5.48 
680 
8.51 

8.06 
11-75 

6.73 

739 

837 


8.67 


7.06 


8.40. 


5.97 


11.81 


3X14 


70.70 

5.60 


34.16 

734 

7.27 


533 - 


Thurs.| 

Ang. 

3 


Index 

No. 


23134 

21239 


371J5 

488.88 

341.66 

18601 

174.11 


21081 

253.46 

185.80 

12959 


215.33 

240.41 

282.16 

264-47 

20589 

225.02 

40455 

144.44 

201.62 

18132 

253.17 

11480 

209.78 

29617 

273.84 

13525 

42255 

22437 


22488 


48832 


24730 


173.01 

18881 

21480 

15854 

147.76 

135.80 

36381 

81.77 

255J3 

109.47 


236.96 

10625 

318.99 


228.34 


Wed. 

Ang. 

2 


Index 

No. 


229.20 

210.47 

363.05 

482.89 

33931 

18524 

172.96 


20881 

250.76 

185.87 

12839 


213.82 

24034 

278.43 

26334 

20383 

224.79 

39637 

14181 

19988 

180.74 

25257 

11230 


20856 

293.98 

Z72.19 

13581 

42255 

22385 


22320 


485.69 


24534 


17280 

38881 

21088 

15854 

1463Z 

13458 

359.76 

8153 

25428 

10930 


234.04 

105.47 

318.46 


226.72 


Tims. 

Aug 


Index 

No. 


22830 

209.16 

358.67 

483.07 

33651 

183.96 

172.74 


208.10 

24982 

184.71 

128.77 


213.96 

23618 

277.71 
26430 
202JI 
22238 

410.72 
14138 
20187 
18L72 
255.15 
112.68 
20784 
29436 
270.99 
134.33 
420.76 
22152 


222.7b 


493.75 


24550 


17130 

18780 

21054 

15586 

14551 

133.86 

35536 

8033 

25258 


109.09 


23038 

10684 

320.69 

22655 


Man. 

July 

31 


Index 

No. 


225.80 

207.33 

35536 

478.48 

33L95- 

182.04 

170.78 


20734 

247.88 

18431 

128.13 


21215 


23254 

27537 

26280 

200.90 

220.98 

407.28 

13931 

199.79 

17935 

25331 

110.60 

20620 

29216 

26834 

133.71 

41951 

219.44 


22088 


48837 


24334 


16835 

18635 

209.93 

15586 

14237 

12950 

35255 


80.43 

24679 

108.93 


227.47 

104.87 

317.93 


22437 


Year 

ago 

Unun.1 


Index 

No. 


Highs and Lows Index 


1978 


High 


Low 


19152 

162.78 

2642 

39267 

284.82 

16680 

15432 


179.92 

21270 

160.96 

113.26 


179.40 

187.91 

21355 

2ZL77 

18101 

18950 

31267 

123.09 

164.14 

16181 

22238 

104.71 
187.44 
26083 

080 

112 35 

497.71 
18684 


190.99 


51291 


217.04 


14330 

158.01 
265.40 
14033 
10855’ 
12881 

317.02 
6855 

19786 

90.98 


17550 

95.46 

27830 


197.13 


23153 14.® 

21229 (3/8) 


37L15 

494.91 

34387 

18601 

17431 


(3/8) 
14 !8> 
(4/8) 
(3.® 
13/® 


211.88 14® 

255J1 (4/8) 


185.87 (2/8) 

130.11 (4® 


21533 

24157 

28236 

269.17 

205.82 

225.81 

417.65 

144.55 

20181 

19L90 

26138 

114.12 

209.78 

29617 

273.84 

13931 

48381 

22539 


(3® 
(8/5) 
(3/8) 
16/1) 
.(418) 
«/B) 
126 17) 
(4/8) 
(4/8) 
02-5) 
(18/S) 
l4,® 
(3/8) 
(3/8) 
(3/8) 
(25/5) 
(6/1) 
(4/8) 


22458 (3/8) 


504.88 (12/71 


24730 (3 18) 


178.96 

20436 

22833 

17055 

15139 

143.46 

36617 

8532 

25642 

110.87 


23738 

10684 

32672 


(Wl) 
(23/1) 
14/1) 
02(1 ) 
(fin) 
(61) 
(4/B) 
(61) 
(4/8) 
(9/1) 
14/8) 
0 / 8 ) 
125/7) 


22834 (3/8) 


188.9S <2/3 > 
16630 (3/3) 


28935 (63 1 
404.47 (23) 


270.95 1 63) 
149.87 (23) 


15432 (27/2) 


17353 733) 

20951 (3/3) 

16054 (63) 

104.68 (23) 


179.46 

204.04 

229.85 
219.62 
17537 
17653 
269.59 
119.11 
16537 

160.85 
21458 
93.79 
173.08 
23669 
22641 
117.48 
39609 
17647 


(23) 
(27/2) 
(2/3) 
(23) 
(27/2) 
(33) 
1 2/3 1 
05/2) 
(23) 
(23; 
05/2) 
(27/2) 
(33) 
(23) 
(33) 
(33) 
(6/7) 
33) 


18602 (23) 


417.98 (23) 


205.42 (23) 


15355 

17158 

185.20 

13652 

124.97 

11623 

30L20 

7LOO 

210.03 

99.61 


07,7) 

(27/2) 

03/4) 

07/4) 

07/4) 

(7,7; 

(6/2) 

(27/2) 

04/4) 

127/2) 


17648 

85.39 

26256 


(6/3) 

(63/ 

(23) 


191J5 (23i 


Since 

Compilation 

High I Low 


23153 

233.84 

38933 

494.91 

343.87 

187.45 

177.41 


(4/878) 

(2/578 

09/5/72) 

(4/838) 

(4/8/781 

04/977) 

(27/472) 


227.78 (21/4/72) 
26L72 (8-10,77; 
26312 (4/572) 
17059 (15/1/68 


22608 06/872) 
28L87 (2B.il/72) 
282J6 (3/878) 
329.99 02/1272) 

21453 mwim 

244.41 (27.O0.i77) 
417.65 (26778) 
14455 (4/878) 
20439 (16/8/72) 

235.72 (1771/67) 
339.16 (2/872) 

135.72 06070) 
213.70 (14/9.77) 
29617 (3/178) 
273.84 (3/878) 
24606 0/9/72) 
539.68 (18/577) 
25853 (2/572) 


224.88 (3/8/78) 


54350 (15/977) 


Z463Z 04/977) 


24141 (21/472) 

28832 (20772) 

29303 (2/572) 

433.74 (4/572) 

194.46 OS/372) 

16L72 (6/10/77) 

37153 (15/977) 

27857 0/5/72) 

357.40 (90173) 

303.18 Q8/57Z) 


245.79 (25/472) 

175.90 (28/4/69) 
32672 


(25778) 


22634 (3/878) 


50.71 (13/1274) 
4627 (1112741 
7148 (2.12/74) 

84.71 GSHIOi 
6439 (2775) 
45.43 (6/175) 
49.65 (6/175) 


3639 16175) ’ 
42.85 03/1274) 
63.92 (17/1274) 
19.91 (67/75) 


61.41 037274) 
69.47 (13/1270 
78.88 03/3274) 
54.83 (9,1/75) 
59.67 01-1274) 
54.25 (11/1274) 
55.08 (6/175) 
43.46 (60/75) 
52.63 (6075) 
62.66 010274) 
9454 (13/6/63 
20.92 (60/75) 
5663 (6/3/751 
7120 01274) 
(228.41 01% '781 
4554 (2/175) 
90 JO (29/6/62) 
6059 f 67/75) 


59.01 (1302/74). 


8753 (29/5/62) 


63.49 (13/1274) 


55.88 (1302/74) 
62A4 02/12741 
8L40 (10/127G 
38.83 (13/1274/ 

44.88 (20/75) 
43.96 03/1274) 
65J6 06027*) 
3121 (7(175) 
56.01 (2 
3359 0702741 



71.63 (13.0274) 

6651 /30/974) 
9757 (6/175L . 


i?nj| 


61.92 (13,1274) 


FIXED INTEREST PRICE INDICES 


British Government 



Under5years- 
5-15 years.. - 


Over 15 years — 
Irredeemables. 
All stock&_-^- 


105 JO 
115-23 

12L50 

12853 

113.69 


Day's 

change 

% 


+0J4 

+ 0.01 

+ 0.01 


+0.06 


xd adj. 
T»4ay 


057 

0.06 


xd adj. 

1978 
to date 


555 

7.04 

858 

754 

659 



FIXED INTEREST 
YIELDS 

Br. Govt At. Gross Red. 

Fri. 

Aug. 

. 4 

Thurs. 

Aug. 

3 

Year 

ago 

(approx.) 

1078 • 

Blebs Low* 

1 

Low 3 yeans.—. . . 

8.63 

8.61 

777 

9.05 ( 6 / 6 ) 

755 (3fl) 


Coupons 15 years. 

10.83 

1082 

13-15 

U-32 (5/6) 

912 QPi 



1155 

1154 

1L92 

1196 fS/61 

974 (3/D 

4 

Medium 5 years 

1 LZ 0 

2120 

10.00 


930 Oil) 
10J8 (3/1) 

S 

Coupons 15 years....*..™ 

12.03 

2 Z 01 

1200 

1253 (5/6) 

6 _ 


12.09 

12.09 

1248 

1265 ( 6 / 6 i 

1034 (3Al 

7 


1130 

1132 

1035 

11 % (3(7) 

9.67 (3/1) 

8 


122 H 

1250 

1315 

1351 (5/6) ' 

1L13 03:1) 

9 


12.78 

12.76 

1375 

13.43 (5/6) 

1126 (30) 

m 


1155 

1154 



980 (3,1) 


1 Fri. Aug- 4 1 [ _ i ; i , • 

1 1 iTtuir. iM'td.jTan.) Mud. 1 Fri. l Tliur. Wed 

I Iinlex ; Yield I .Vim. ! ,v„-. , Aug. July , July Jut, I July 
r- Nv. i % I 3 ! 2 I I I 31 ; 28 I Ti I * 


Tear t 

•i h 


1979 


SlnLV 

Cuni(HlaUuu 


Highs 


Lins 


30-yr. Red. Deb. & Loans 05). 
ilnveetment Trust J’rala. (la) 

17 kknuL and Indl. Prefs. (20) 


,57.54 ttlS4 57J8 57.22 ,B/JI |B7_2a 57 J2 57.17 « 17 

51.51 113.49 151.51 51.80 ,51.80 51.80 ,51.80 5I.RQ l| ffl 

.70.00 13.04 170.04 70.23 '70.18 |70.I2 70.00 70.08 70 01 


.53.07. j 63.67 (33fl» ■ 86-37 i4/7i 
BOS) ; S171illH) ! HO'77 i£0/Ti 
.08.68 70.00 (11, ii I 69.60 ibXh 


Hlglw 


!/m;» 


Section Or Group 

Base Data 

Base value 

Section or Group 

Base Date 

PfrannnccnlRnl Products 

30/12/77 

24- n 

Industrial Group 

31/12/70 

Other Groups 

31/12/74 

63.75 

Mlittllaaitia FiRudsI 

31/12/70 

Overfa&f Traders 

31/12/70 

itxu» 

Food Manafacturing 

29/12/67 

Engineering Contractor* 

31/12 /TX 

153 M 

Food Retailing 

29/12/67 

Mechanical Engineering 

31/12/71 

153J4 

losuranu Brokers 

29/12/67 

Wines and Spiritt 

16/1/70 

144.76 

Mining Finance 

29/32/67 

Tan and Gamas 

1 Ofilco Equipment 

16. a to 

16/1 /TO 

135.72 

12L 20 

Alt OUinr 

10/4/62 


Base Value 
USJfl 
12U6 
mu 

mu 

sfc*r 

ZOOM 

U0J» 


113.4J l2a/lQ/tjoi 1 37.01 |5." Ij it) 
114.41 (13.<ayS»; [ 34.46 (#; 12/ iri 
114.96 (7/10/95) -47,67 16 ,'LibJ 


iricW. A fist or Die c o nfto lnm m is 
avallahte from tha PaUbtrars. The Finmctal Thms. 
Brackeii Haase, Cannon Street. Leaden. COL arise 
22a. A remtalitly record of groua nad 
tadfee*, dividend jrtaMS nad onrnlngo Rum 
?“ b 4n*rttrijr htahe and low* of l>» 
I™ 1 ***■ *• “htalnmhte from. FT Business En te r p rioe*. 
U. Bolt Court. London, ECS, at U0 per cosy. 


11 































































































'inarrcial Times Saturday August 5 1978 






/ 




fit 

;> 

,;w,. 



, PROPERTY 
BONDS 


Ahl>r>- Life Assurance .Co. Ltd. 

^t>ir.rtid!Thr.inLEft. ni-ataBlu 
f nmiv Fund 

Kq Jill -\. i 

J’rvwrt. hi 

Apr. . -Z. . 

Friiuivi- Fund 
Cuuix-rfiMi Min<1 
UM'.nw FumS. 

T*'n- fropeny 

T'c-x-, 

P'-ns. Sfriirii' 
ffn'. M3n.-itx.il . .. . 
r»-n- Kniuti- _ 

9M*n.p Id >it 4_. 

OMnn IX s,-r 4 

ij-Frt sc- 4_ 

O.'niiv F>1 Sx-r 4 
»Vn:i. x Tl{ 


37 5 

32 3 

395 

34.X 


148 6 

1565 


159 7 

1629 


VIA 

969 


13L5 

1385 


1222 

128. 7 


174 8 

U4ft 


87.0 

91.6 


137 a 

1*4 7 


1802 

1897 


164.9 

373ft 


1273 

13*0 


1350 

1432 


359 

57 6 


1123 

1103 

188 .2 
116.2 

“***■ 


General Portfolio Life Ins. C, Ud.V NT l Pensions Management Ltd 

60 Bartholomew ui .Waft ham Cro>-.i. w.xaisrri 4R..r».-exhurohSi .KOfitH!! tu-tM-COn] 

■MaajiBcd Fund . — flSfi 1 162 61 .1 - 

PrjrtK .Itiriki ]. .V«.t dealinc St nL 1. 


Portfolio Fund .1 138 1 J .... I — 

Portfolio Cap i ol_. \422 44.4] „_„J 

Gresham Life Ask. Sue. Ltd. 

2 Prince of Woles Hit. B'moulh OBtt 7tr:s55 


G.L.Ca#h Fund.-, 
" Cl. Enuhr Fund . 
— C L.Oill Fond. 

G.l. Inll. Fund .... 


972 

1210 

UJD 

121 a 


New Zealand Ins. Co. (U.K.l LliLV 

Man land Hnu+c. .Sxiulhi-ndhS; Ills 07H2K»55| 


CL Ppty Fund ... p71 
Growth & Sec. Life Ass.. Soc. Ltd.? 


Kiwi Key Ini' Plan. 
Small Co'sFd. . .. 
Tochnoloc? Fd - 
Extra Inc Fd ...... 

.American Fd 
FnrEon Fd 


— Weir Hauls. Bray-on-Thamc*. Berts, ‘ ,,u Frf . 

— — -- ton. Deposit Fd -. 


102 1 
1042 
1085 
% 2 
113 3 
USB 


Fie* i ble Finance.. £1.098 
Lain than k Sw 5431 

l-anribankScs Acc 1162 i 

( _ G. fc S. Super Fd... £7.9« 

rri.-.- r.i ,\ UtL L YjJiuuIon nurmally Tuesday. Guardian Royal Exch*Dge 


.098 - 

131 - 

UU .. . _ 

«i - 


'1019 

[97 0 


1*6 5 


J09 7 


1142 

+1 1 

1IM 1 

+0 > 

1194 

+0* 

1187 

+1 1 

2091 


1021 



Albany Life Assurance Co. Ltd. 

31 '»U BiirlirelonSl.W.L 


el i cut* i-rt \,v .. 
Wl’-xM Ini Arc 
M '-i|.-> Fd Ay 
*ln*l Mlin Kll Arm 
#f r..L. Fd A.-c . _ 
4M rlrlm Arc. 
F'-.n.fy P.'o.Fd_\cr 
ric-dl K:ii "Are .. 
• • n* it. .fi Pen Act 
ll'il 'In rnhUlt'c . 
IVn Acc . 

M n 


192 2 
I486 
114 9 
109 9 
4093 
IN) 2 
2280 
178.4 
4301 
1169 
124.1 


2022 

14BH 

IZOtd 

115.71 

115.H 

177B 

187H 

136.9 

12J.0| 
130.6] 
217 5 


01-437 . r «S3 


I.U Fcn-Uc. )206 7 

AML V Life Assurance LuLV 

Alma tiro. Alien Rd .Romaic. Fk-iiudcMlOl. 

AV.i:v V. M na“*<l .. 

rtoifir 

A M IT.* Money Fd ... 

AMI i;ijuiivFd. 

/.VF.v F| .(ii Ini. _ 

A MI'V Proa. Fd 
AMKVMrl Pen FH 
A Mi: I M^,1 Ti-a. p 
F.cilplan . . 


Hoyal Exchange. E.U j. 

Properly Bond* .(176.9 . 1X4 ■ f — 

Hambro Life Assurance Limited V 

7 Old Part Lann. London, Wl O1-40BM31 

Fivrd im.Dcp. 

Equity .. 

Property 

Managed i - ap....^._ 

Managed Acc ........ 

Ovareea* 

.Gill Rdced 

Anwrirao Acc._.~. 
iPen.F.I J'ep.Cap_ . 

Pen F 1-Drp.Arc... 

Pm. Prop Cap. 

Pen. Prop. Arc 


__ Norwich I n ion insurance Group* 

PO Box 4. Norwich N ft 1 .TNG. 090 222D0! 

Managed Fund. - 
Eqully Fund. _ 


{11-2837107 Proceny Fund .. . 

Fused InL Fund ._ 
Dep&silFund. . .. 
♦Xor. Cnit July 15., 


L7.9 2293 

*04 

355.9 374 fc 

-1 3 

130 5 • 137.1 

15*8 162 « 

+0.1 

1062 U1.7 


2058 



442.7 

; i:oj 

4053 

U62 

92.7 
976 
967 
97 4 

MS 


150.4) 

UU 

ml 

1224 

97.7 

102 E 
1019 
102 6 
102.0 


Arrow Life Assurance 

30 I 'bridge Roed. w 


1'en.Mnn.Arc. 

Fen Gilt Edjt. Cap . 
JVn.GUtEdK.Acc., 

Pen. Bl>. Cip. 1 

Pm. B S Are 

Pen. DA F. Cap. 

Pen DA F. Acc 

Hearts of Oak Benefit Society 


123* 1325 

1857 1*5 

IMA 1725 
1*53 153.0 


1797 1897 

1265 1330 

1254 132i 

U1A' 106.6 


12*2 1358 


295 7 2 - ■ 

265.9 279.1 

mi 2223 


271* 2X72 

122.0 12*5 

129.0 1352 

124* Ul* 


1425 15031 


1025 


•18*3 



120.9: . .. | - 

»s| ::::::| ~ 


Abbey Veit Tst.. Mgrs. ILL |a> 

72 fui. ■ .aieh«u<c llrt . •.i1i-,bur< njpC r«JM 1 
'hlinj i 'ipirol . 

Ahtwry tnrnRK . 

Ahbc> Iny.Tu. Fd . 

Xhhcyi^n T:t . , 

Allied Hambro Group* (a) ir) 

llamhrn I!.? .llutton. ftri>nrwni«i. E.-^ejc 
ill nsa CR^l or Krcrilu.'3.id iorr7.i 211-UO 

Balanc'd Fund* 


Gartuore Fund Managers * lattei Pelican Units Admin. Ltd. tgHsi 


2. SI Mary \««- 


■.'ilnwruMiil-i . 
Brilii.liTf4.iAw i. 
i ‘MlWltodUy <liar*: . 
Lain lit- nmr- T«t 
..•■FarEort.Trurt 
Hash Inc^rn'T-c 
Inronic KuiiM 

III- Xi-cm Irv 


,32 i 

5fii 

,11-98 

|2C6 

Mb 

UK 

34 47 


■>! 2KI :i.Vl SI F--unl.«inJ : I n« li«- l.-r 


lull Eacml'l K«1 ... |094 


ii lntl.T-.-i iAi-i 


125 9 


3*7 

-IM 0 01 

. 633« 

■ nd 

3 03 

1815 


295 

26.5 

-01 

8 67 

41 9 

+o5^ 

066 

63 6-1 

-0*3 

H 93 

813-1 

- It ?\ 

(H 

15 Mu 


2 93 

97 6 

-OT 

5 6Z 

386 

-0 5| 

105 


_-3>: vri'. 

: « w 


Allied 1-4 -. . .. 

Brl: Inds. Fund. . 
:nn & inr. 


69 3 
UQ 
391 


Elect. It In d. Dr'. 05.4 


751 
110 1 . 
123.7 


Phoeaix Assurance Co. Ltd. 

«-fi Kmc William St. LC4P4iIR Ol-flMflKflf 

Weal: h Ass I114.B 120. 1 

Eb.r Ph An ..r fis 

EbrPhXq.t |76.6 

Prop. Equity St Life Ass. Co.* 

1 10. Crawford Streei. W1H LAS. 01-48608571 Anderson Unit Trust Managers Ltd. 


Allied I'nnitt.l ... 
liamuroFund 
ihunbroAcc Fd.....| 
Income Fnndt 
Hash Vlelrl Kd .. .177 0 

Hiyh I dodiik [b8 S 

Ut.Eq Ln-: jaofl. 

InumMienal Fundi 

)nlrmaiinnal_ 201 

Parifie Fund «8 6 

Sees utAinencB.. 57 9 

U.S .v Exempio (90 Jl 

Speeiaiict Fundi 
Smaller Co .'v Fd. _ ,|3B 6 
2nd Sinlr . L'tisFd 
HccoverySii*.. . 

Mrt Min.&G dlv.. , 
i.tvorseii Lumincr.|60.2 
Eipi.Smlr.i.'oc.. 6BJ5.7 


47 7 
912 
<25 



K-li-vnl'n.l- |88 6 45 2| 

Perpetual Unit Trust Mngmi.* ta> 

«S H.irl ■<! ! l.-nl«- .• oti T lia airy maimaw 

nil .. |4Zi 45 7] .. . ; 330 

Piccadilly Unit Trust until 
Amony laiihc I 'nil Tru-it Manaewis lid. 
i:. Frvil.-rn 1.5 i'luiv. - ’Id Ji-ari. LiVfl SUP. 
HI ‘Ml 4li; 

F-'n- Ini i.im- ..._ 129 9 

Small Fit Ic* 

i'jihi.iI Kii nd i*7.5 

la: i.rn- 6Av-«ll [49 6 


1'rn.ilv Fund 
.Vi limit r. Fund . 
3X> I iii.laiit 1 Funn 
Far Ej i Fit 
.imcru an Fund 


J63 

634 

b 1 » 
28 $ 
26 5 


32 2,r, -C 1! 
45 bf 
511 

5ia«u -0 3| 
34 15 , 

6E 2] -0 1 
65 9- -Obi 
30 7.ai -r v 
28 5] -0 : 


9 70 
4 70 
3«* 

2f* 
4 10 
273 
3 01 
1 10 
’ W 



1.92 Grievesou Managcmeut Co. Lid. 


MfireshamSi . K* HI* 21 • 


64 « 
24S.ll 


R. SUL Prop. B.1 . _ 

_ Ho. Equity Bd. 

_ FIca Money R4 

H Property Growth Amur. Co. Ltd.* 


164 6 

752 

1505 


Barrington Aue 2 
i Ac-rum Cnilf. 

Hum H Yd. Auv a , 
lAi-vum. I'niL-i. _ 

Elide** Am- i.. 

i Art ubl Uni'-' 1 ..-, 
limrhrfr Aun i_ 
lArriim. linitvi 
Iji L Brslx \us : 
i iri'um. L'nii ■ 1 

OK9i Guardian Royal 


1215 3 
236 4 
1B2Q 
209 2 
215 S 
2235 
1028 
10b 7 
710 
74 7 


_ I 1 SI Kenchun-h St. E.^M 6 A. A 

— j Anrtenan V T 152.6 56 5) ) 4.00 Rayal EuhaiiL- bUI'JDN. 

‘ Ansbacher Unit Mgmt. Co. Ltd. .-k-Cumumiit*! 1*55 


275 bit 
247*1 
190* 
2191 
225 9 
233 9 
1073 
1114 
74 7 
78 0 


<il-a«44.T3 
4 74 
4 74 
772 
7.72 
2 31 

, 3 J1 

t6 7 Z 66 
-7.0 2 66 
412 


if- ! Ml; K-LOp L'nt.. 
Sol. lit IM Si l'nt. 
Pnn M»-d Fd. Kq . . 
Pin Mrd Kd - F J... 


01 -749 Bill 

I 

- 


82 9 . 87.; 

98 8 1041 

1ZSS X29L 
1152 118.7) .. .4 — 

Hare lays Life Assur. Co. Ltd. 

71-2 Tlf-mJ.-rd Rd .El 0 1-534 5S44 


Property Fund 
I’rupcrly FundiAi 
Adricutiuril Fund 
Acne. Fund 1 A. . - 
Abbey Nat. Fund 
Abbey Nal.Fd. ;.A, 

15-17 Tavistock Place. WCIH BSM 01-387 5020 hli SSlf S! Fd." Ai 

HeatUoIOak [36.6 3B71... | — Equity Fuod.. - . 

Hill Samuel Life Assur. ■ Ltd* • 5SnS'W "' 
NLATwt.. AddacombeSd-,Croy. 01-8R84355 Mon^- Fund! A.'f- ..! 


1 eon Hou«c.CrO} dnn.CRSi ILU 
104.9 
1832 
7692 
762 5 
155« 
155.2 
695 


' I Noble Si .EC2V7JA 


S?Ln liil.mr.diV . 
Equity " 

luil-nlced. 

Properl.' . 

Ptanuced 

Moiih- 

Min.FenrAoruin 
Do lutml. . 

Gilt FrdcPeaiAcv 

IW-. liiliihl .. 

Money I’ojis Aec. - 
t*rt Initial 


127.6 
121.8 
1112 
'105 D 
[113.0 
99.1 
100.9 

9i 

94 1 
1010 
975 


1344 
128J 
U7 1 
110.6 
119.0 
104 4 

1063 
103.4 
1012 

995 

1064 
102.7 


+05| 

+4U 


+ 0 .« 
+0 1 ] 


4 Properly Units..— 
Property SenesA . 

Managed I niu 

Managed Series A.. 

M unwed Series C- 

Money Units 

Moor? Series A...— 

Fiaeq InL Ser.A 

Pns. MaaaeedCap.. 

Pns Man u eid Act. 

Pns. C'lwd. Cap— 

Pns. CTced. Ate , 

Pent Equity Cap 

Pens Equity Ace 

Pns Fxilnt.Cap _.j9^1 


‘Current unit value AuEUSt"7. 
Beehive Life Assur. Co. Ud.V 
71. Lombard St EC3. 

Flk Hv»r«e July 1| 127 67 

Canada Life Assurance Co. 
r-fi Micb Sl. F oners Bar. Herts. P.Bar 51122 
EqiVTlhFd Auc 1-1 62.2 / ..I — 

Rilml.Kvd.luTyfi..) 173 \ J _ 

Canncn Assurance LtdV 

l.«il>mpie U'y.. Wcmblev HAB0NB 01-M28870 
(07 95 — l+O.IW 

tl0.10 

0199 12. 69) » 0 06] 

03.0 ' 1459) , 

10340 14.li|4fl.0^ 

lil7 niS ... 

187 —I +1 
£12.82 , ... , 

^l, 1 - 640 ' ^ 

X 

973 
901 
1012 
109.1 
,1025 
99 5 
90 4 
395 
1280 



Pns. Pud-In t-A cc__ 

Pens. Prop Cap , 

Pens. Prop. Aec— [96.6 

Imperial Life Ass. Co. of Canada 

ni^trttnm Imperial House. Guildford. 71255 

Grt-Fd Aug.4 1750 

.u^.4 — J7tJ.l 


— Actuarial Fund - 


Gill-cdecd Fund 
Glli-Edjjed Fd i.A. 
ORchrc Aanuiiv. 
Olmmcd Ann'l> 
Prop. Grmnh Pens! 
All WTiher Ac. L'u. 
VA1I Weather Cap. . 
Ulnv Fd. I n... . 

Pcnslnn Fd. I'b — 

''niv. Pen* Fd.. .. 
Co® Pus. Cap. I'L 
Man. Pens. Fd .. 
Man. Pens Cap. Ul| 
Prop. Penj. Fd . .. 
Prop-Pen* Cap I’l-i 
B d». Soc. Pen L L 
Bldg. Soc. Cap. L l- 


..Mbnchh Fund. |170 0 

- Arbutbnot Securities Ltd. iaKc) 

:37 Queen St. London E<~4R1BV 01-Z385SBI 


692 
183 0 
1520 
1412 
140.4 
US 9 
£123.9 
123 9 
1857 
1475 

hu Ic Anaaillet Ltd. 
1354 14251 

116 9 133 3 

142 2 
1314 
1490 

133 7 
148 7 
1362 
1482 

134 1 
1325 
1212 


' Fju-n Income F'd 

i llieh Inv. Fund 

ifeAccani. Unite. . 

_ !HUj% WdrwfUu 

; PnrterEBce KuoiL 

.i.-Yccum Unite 

| Capital Fund _ 

i •.'cmmodiiy Fund — 

i Acruirt UntL«i — 

1 1 10*. W'drurl 1/ i _. 

_ ! Fin a Prop Fd 

[Giant* Fund 

! i 'rruin l : mt«i. 

' tirowtii Fund 


tlOB-3 

415 

580 

S55 

M2 

375 

204 

IBB 2 
53.7 
1B.0 
(39 8 
M60 

5*4. 


_ I 


Accum Umtsi _l44Q 


j Smaller Co 
i Eastern Ic rml. Fd.. 

! ifi"S W'dm.1 .Uls 

Foreign Fd. 


2B5 
Z72 
215 

. . . 842 

— N. A mer. & I nt. Fd. 34.2 


5U Gibbs (Anlonyi Vnit T«u. ,>Irf. LkL 
530 .7 Frederick's 1'lai-e. i il.t J«y,rr. e, 'jkbIU*. 

01-788 41 It 

i3 ’ a.i! Iiirom'.-— M2 9 459! | 8J0 

in- tii Growthfi |J4 5 4zs,sl .... j 4 60 

iu'-A.G. Far Ea.f [+52 I7o g | OJO 

rb'jlinu ‘Joes. tj'Aud. 

Govett-fJebuiV 

.ci'iidr July 38 ii«7 151*1 Practical Invest, to. Lid.V ivhci 

tw.Accuin 1'n‘i 1172 8 182 0| I 1.79 44 Bl.'o.n-nuiv 4q Wi-[.V2K.\ U.' SfiV.: 

Nevl 'l-.-aliiu: 'lay Abi;i.‘t II ITarlie.il \ul. 2- 1162 b- ITT 5| - 1 4 0! 

A., urn I ’Gif. 1230 0 243 9; [ 4 01 

Provincial Life Inv. Co. Ltd-V 

:a. Bnhii|Hta''.Ki'z u : 24 T asci 

ITi.liHr I'niU 190 6 97 0; -0T| 2 90 

ilichlnrumr .. ..]UB2 126 6] -0 4; 6 9e 

Prudl. Portfolio MnRrs. Lui.V laNhuo 

Ilolbvm Hars. EC IN 2NI 1 01 .4uf.JrS2 

Pnidvniiul 1132 5 140 5| -0 5; 4.24 

tiuilter Management Co. Ud.V 
4 12 Till 1 S:L. EtHunlgp. F.i ”N J HP UJ-wm-IITT .- 

Ej I'nit Mers lid WU J.lnmt I Ien Kd J1MD UISJ . . j 5N '' 

i.«.v Ji^aiii 'J uMr '* n,lnr " mt lift* 130 4«|.... j sob 
9B9| 1 4 25 Reliance Unit Mgrs. Ltd.V 

mum m:8. Henderson Ad mi BstniLioDV (8MCHRJ 

U0 0| .. . 1 9.02 Prgmi«- L^T^- 1 "' 111 -. 5 Rai'lcich H*w«d- Hullon. T .A.-.-V Lt55 487!»0zl 5 47 

Brenwtiod.Ks^x. U277-217Z18 seWnnleT In- [444 *7 5i-0 2! 5 47 

4961-021 323 Ridgefield Management Ltd. 

50JI -oi 
36 a 


■Mexander fund 

K ru»- Nuire ■4i.ynil.. l i.- c> 

Alevaiide--Fijr.il ( f — ..{ — 

_ \i-l .vu-t i.ilni- \u... t ". 

Arbuibnot Securiiiet 1C.1.1 Litnlied 

l’>« F-i l>u vt i|oluT..I-r OfWTZtTT 

1 i>p. T*l '.Vr*? » 1218 0 122 0| I 4.10 

tlv.iliny iLlc Aui-u.t T. 

vluv't T--I 1*8 1001 : 22.00 

Nr-.t «l— ln.J 

.1 iln'J T»' "'I' 1 1 1 2 □ U7 0|^„.| 245 


Kwivlcv Mngt.. .Irrvi Ltd. 


h«n-*-i' 

I»-'iiF.,- 


i 


•- i..» . . 
>- 1 ,«.6 
- :!4 .n 
• Tl-I 
‘Ifi 
1 


King & 


Ni’il 'Uii 


Aupi.- 


Ausiraiiao Kelevlion Fund NT’ 

Vj: m-i ■■■q.inunili^. . .. in- q Y.iunii 6 
< lull.ua.l- 1 17. K'-.H -Jl tiiinpi- 

ISSlMiur^ | 51 VI 54 | ...| — 

\rl I'd Vain. J U J. a). 

Bank of America International S.A. 

V* IL.iilt-..iril Rm.l ia:vi-nii,ii:irg ti I’. 
Widin-.f-i Inninu- [V -211 "J u:ig-l771 761 
l*ri. e- :il Viigwi a. Ni-aI ,.ul> .lay aukiim U 
Fit Hnk. v( Iniln 6 S \mi-rica Lad. m.t 
A le 'bnrli.-r F.i. 


lull l«. 
1 ira ... 


Mur. 


19 .’1 

SUS b- lit y.i 


Klein wort Rriison limited 

■-H. F.-ui-nun F »i j-.i .< 

Euni.'i-t |.|. r 1 1 ;j- 

■ lu< 1 !■« !t— i 


KH + .ir! 


1164] -*0 8] 10 90 
9 26 


44 7^ -05| 
62 4d t0 7, 


60 0 
26 Oh 
40 48 
22.0 
660 
995 
57.8 
19.4 

42 9a 
50 4a 
394a 
47 4n 
310 
29.3 
SO 
909 
365 


.OB] 


+ 0 4 

:S? 


-0 7- 


IX Knott* 

i.'yp. (Jrtrvtlll Tin-. . . 146.6 
Cap LirowUi Ai ■-. |47 2 

Incunw J*A.s»ei.' . . | 34.6 

Fund* 


Banque Bruxelles Uimhrrt 
2 Ku«- IH* Is Ri<on,T H IWm lirupwlv 
Kent.1 Kurd I.K 11.914 1'7J/ +1J 7 69 

Barclays Vntcorn lm. iCb. Is.i Ltd. 
'hunncCrei'--. Si lli-lier. Jr« .- ni'Wn%l 

i-rws- . |-17 0 <9 iwS - 0 4| >2 00 

l mdpllur7ni«. . Jl-llrt L'SI . [ 390' 

Unii-inJTrii-i . jp'-ldM :nig . .. ) BOO 
•Sul.ji-. I lv Ire -j ml -+ irhhi.ldlnc lava-* 

Barclays l-nieorn lm. ti. u. Man I Ud. 

I TJie.-nn:.Si . ru-urla- I •• vl letN +R-+1 I Ju'd* 


M' -.■[•.hi ' un-l 
S h '. > 1,1,111 i- 
.-.iiii'-i hi— 11 in... 
•I Hal—- -.-I- -I'M. 

■M. i.: - 1. 


1 ii 

i>;j 

!■■■ I-.- 


621! 
Si c. 

^ ! 

1 'k i 


:o 
r: jo 


i 13 


I Ir: 


C :■> 
u "2 


16 , 

20:0 


Utiytls Elk. if.!. 1 ; rj 

1;... i]..i.,. r j,., 

i.i"; 1 l .1 •• .'.7 : 

'•n: '• -lm.. 


M^rs. 


Nigh 


Hi^Mni+me. -|62 5 


92b 

12ib5 CatrtQtUa In.-. _‘|S* 5 
12.65 Srclcr Foods 
— Kinanclal h iTLT._. |26 8 

5 06 tiili NoL Rev 1293 

inlmulhmaJ 

52® Cshot [92 3 

Z?Z International .. . 1 

Wld.Wide Aur.7 ...|785 
Overseas Fund* 

252 
4 05 
1J4 
134 
IN 
1 00 


668x4 +03) 

616] +0il 
3L2 kJ t°:. 2 [ 

9831+0 81 
40 a -oa 
84 J +23^ 


333 38-4U. KennedvSI .Mau.'l.yii+e ••!! 2ifi VC 7 

552 Imluelield lm IT . [1010 109 01 -5 0! 260 

Kiriceheld ln.-nmc |94 0 101 D| -4 o' 4 31 

Rothschild Abset Management igi 

T2 WI i;alrhiu»eRi1 .Avleiburv IT3Jr.. r -WI 


768 

854 


Aurtralian. . . _. 

392 

4191 

+ 3 4 

European ... 

Far East ... . 

«4 


+ 0 1 

79 Q 

845u 

+ 05 

North Amrr . . 

13 S 


+ 0 b 

N Am Gra.4xiE -1 

131 6 



UaboCAiaarJxm -*.. 

579 

60.9 

+ 09 


4 02 
1 81 

255 

2.54 

4.2b 

736 
455 
390 
I 31 


11+0 71 3 00 

! i 247 

iOi-0 7) 6 47 


N ■ Equuv Fund 178 7 190 1] 

Kn« Mk-r-T+l 11*8 122 

N i ' Inr nine Fund 155 1 165 _ 

NC Inll I d .In. <97 8 IDS le) • I Ol 
7. 1- Inil Kd . vrr i98 7 105 0 +0 7 146 

N C Smllr <>> RU1( 172 2] - 0 5| 4 66 

Rothschild & Lowndes Mgmt. tat 


l i-.irurn Au-4 Rvl 
IK. Vc+r Mm - 

I in i.m farifi" 

I K> Inti Irtiiofni- . 

rn I .-I Ma:iT-4 
IVj. Mun*MuiuuI— 


luternaiinnal 3;cmai S.. 1 — 


55 2 

348 

67 1 
39 5 
462 

269 


394a +?3| 
374 +0? 
72 8 ... 

47 5 - 
*9 7s +D.i 
29 0 


1 M 

160 

8 20 
880 
1.40 


■■■ V-. i?. .. 

I -T'tJu * V*, :..l b.^o 


tveu-i'i. Eiempl. IC323 
Prices un July 17 “ 


130 D! 365 
ArVI dcjlim: Aut!. 15. 


228 Rowan l'nii TruHt Mngt. Lid. Vial 


HI 


ibiBrtrisli Truvi 


Provincial Life Assurance Co. Ltd. 


1 , UIU-D «Ut4 

1 4 ■ Pens. Fd. Aug. 4 , 

Unit Lf 


M unwed Fund ... .(977 

Fined InL Fd 97.1 

Secure Cap. Fd. 965 

Equity Fund (993 





222. BisfaopsgMe. E Ci 


Archway Unit Tst, Mgs. Ltd.V (aMci 
317. High Helbnru.WriVTNL. 01-B3I *«S. 

Arch**y Fund .. — (86 9 9 2 4J | 5.73 iji'intl friut . . 

Prices at August 3 Sett <ub. day Aucilst 1U. igilwllarTru-a . 

Barclays Unicorn Ud. (aMKWci j* h ! FfSa^iT™'^ i 

Unicom Ho. 252 Rom lend Rd.E7. ■■ I -.534 5544 ib)lnrnmeTru-i .. 


Hill Samnel Unit Tst. Mgrs.T la> 

45 BeerhSl.LilPilA- DI£M 8 


V'llv linn- Hj i.- . K' in«lmrv .iq.. li’C. 


Prov. Manured Fd. 
Pitu-. Cash Fd.. . 
Gilt Fund 20 .... 
Property Fund . 
Equifj-Fund. ... 
Fxd InL Fund 


01-2478533 Imirom America ..]36 5 


E-i J 1 1' 1 nil 
J’-vipi-m : 'nuy .. . 

Fqinii bimd E-.e+i. 

Pn.p Fonil E-cr _ 

T.hI hd Kvcr-Urot. 

Iicpi-A'.i Bund 
Kqj-ly VrrunL . . 

Krojivny Irruiu. . 

Mnjil Vi-euni 

Cnd K.quitv 

2nd Fri'Certy. 

2nd Slxnaci-ii. ...... 

2nd 

rfnl-'-lH . . . 

2nd F.ij Pi-ns Arc . 

IndPrp IS-d.- Vcc . , 

2tuJ vigd Pen* Arc: 

2nd Per Pen' Arc 
iml 'ill! Pm* Vet 
l.A-KSIF .... 

L1KSIK2 ...... 

Oirrenl value August 3. 

Capita! Life AasuranceV 

v'nn'Um House Chnpel Ash Wtou 000228511 

Ki-i Ii.iihi Fd .... 10098 I I — 

pdrenukcrJnt Fd | 101 07 1 _....| — 

Charterhouse Magna Gp.V 
16 ■ lioqui.-rs Sq.. Uxbridge LTB8 1NE 52181 
•.‘hrlhsc Edcr-cy ... 
i hrth-e Money.. . . 

••hriibv Munaged. 

OIOI1-+- Ei|liiI> . . 

M.1KH.-I Did ^rv .. 

>1 ikisi ManuucC. . 

City of Westminster Assur. Ct»- Ltd. 
■Rir.i-M.-jrf House. C Whitehorse Road, 


10*71+0.1 
1U3] . . 
105 6j +0.1 
1CZ9I 

45 J?l 

1073] -0 tk 
ii5.il . ; 

loeil+iul 

105 K 

95.R 

42 0] . . . 

36 el 


L2| 

Portfolio 

+01 
+6 5| 

Irish Life Assurance Cft Ltd. 

11. Fmcbury Squire. BC2. 01 

BlueChp. Auk. 4 [80.1 . 84 31 +2 

Managed Fund 236.6 2*9 8 I +2. 

ExrmpL Man. Pd... 1087 
PropTSlod. Aug 1... 188.9 

Prop. Mod-GLh |m.7 

King] & Shaxson Ltd. 

K2.ComhiII.EC3. 0I-IB35433 

Band Fd. Exempt.. 110552 , 106551+0.101 — 

Next dealing dale August. 16. 

Gnrt.5ec.Bd. |£t9.40 12«8( I — 

Langham Life Assurance Co. Ltd. 

Langham Hi. Ilolmbrook nr. NW4. 01-3035211 Ro>-al . Insurance Group 
Langham "A‘ FI»q...| 622_ | — New Hail Place. Liverpool. 




J1184 
flOSJ 
117.6 
96J 
,1048 

_ .196.3 

Prndential Pensions LimiledV So.'^neraTUriZl. 

ICS3 Holborn Bars. ET1N ENH. 01-4050252 Uo. Growlii Arr. — 1*30 

5 OT EquiL Fd. July IB...|£25 06 258*1. ...I — C-o. IneemeTH. _ _|»94 

_ Fxd-inL July IB. ...kl9 02 19.2W — 

_ Prop F.JuJylB [£2607 2688) J — 

- Reliance Mutual 


Do.AuP.Aer.. — 

Do. Aust. Inc. 

Do. Capital— 

Do EaemntT« . . 
Do. Extra income .. 
Du. Financial 


08B2 22271 


•Do Prf A'ns.Tti 
Pncc* at July 31 

Ho. Recovery 

• Do. Trustee Fund , 
Do WIdwideTsi _ 


Rial Iu.FdJnc. 



ibl Sectinn Tnw . 
{•{J i bi High Yield Tii _ 
Intel.V (ai|gi 


159 7 
39 6 
84 a 
'31.3 

i 78 

gss 

30.6 


17091 

42 4J+0 8 
90 7) +X4| 

33 5 


104 6 
29.8 
588 
328 


+ 01 
-0 7 


+0.21 


.\mrrii un Auil-1 . 

170 0 

“3 0 



17b 0 

USD 


High .xiic -1 

55 4 


+ 1 a 


78 8 

>21 

+ 20 



87 2b 


-Arrum Unite- _ 

102.3 

107 T] 



516 
281 
266 
458 

4 55 Royal Tst. Can. Fd. Mgrs. Lid. 
508 


ul+04 I n« 
097 
4 02 


Ri5hnpsgale Commodity Ser. 1-td. 

»..> 42 ru.ucl.i-. I .. M 0024 2391 1 

VRM.Ii" ‘Julv 3. IF -58 79 MBOl .... I 

i VNHIli I'-JJlt ;i. tl D37 1 I00] .. . [ -- 

nil ST’Muiyn It2 400 2 MU I ZOb 

•.incinally isxurd xl -»:*i jnd ••ll.OO. 

Bridge Management Ltd. 

I-i’i K+k r*«. • :rjn,| < jibhii. (,'avman lr. 

Juli .91 ( VIS °J4 | . ...| — 

Un -<w. Ili.nc 

Nippon Fd Auc 2 ll'il': 2BT4 I 0 79 

K>-Mixk M-ln 

Britannia Tsl Mngmt. rCl) Ud. 


K & (i t ilMgri 
Tll'iV" I.* .al- T* +1 * 


l-l m-: I'.>k4 M- 

. V. -nr. 1 nr ■ '.v'O 7CS» 

Samuel >1 on until l^ln. .1^1 1 


nl.- n 


MT'if? lv.l> 

117 J.- . . I. 
1 IT Ir .. • 


I- 


i.: 


1. -I! 


An Math >1 . SI I lelirr. J.-r- 


U2M: 


. ui Mprlinx benMululrd Kdx. 
7+4 Klniwxh Idm-m 
; 34 i Infnl K.l 
J 77 I Jcru-v Knvro 1-4 
3 73 I nii-l STsi ,<i L 

* llieh Ini Silc T*J 


!i n 3J 

.Murrji. Jiilm-iimi- ilnt. ii!nv*r: 

mi n -iv-i .-.i.i . . • • 

-II.--I— -.; i i i 'Ms-:' 


era 15. Christopher Street FCi 
7 76 Intel. liw.FVind . |91 6 98.4] . | 

*76 Key Fund Managers Lid. tallgt 

5W * «4.MilVJiUEC2VaJF: 

Key Energy In Kd 
Key Equlrv L • k-n 
eKev Exemr* Kd 


Key Fixed lm. Fd 
Key Small Cn‘« Fd 


803 

85 4 

-0 3 

705 

74 4d 

+05 

1510 

160 6i4 


835 

88 

♦o'? 

Ul 6 

644 


103 8 

110 4 

+02 


Tunbridge Wells. Beat 

Rel. Prop. Bdn. 1 198.9 | | — Do Accum. |7bl 

Rothschild Asset Management Raring Brothers & Co. Ltd.V tallxl 

M-SuHhins Lane, l^ndmL EC* 01-«»«58 m LeuricnhallSl.. E.CJ. U1-5882W0 

N.C. Prop j. ...|U75 125 0f ... [ — StmuonTrt .. ..1184 4 ‘ 192 21 . .. I 4 17 

Next Sun. day September 29. Do.Atcum. I2Z8.6 238-2] . ...j 417 

Next xub. day Aucuat is. 


195 Kieinwort Benson Unit Managers? lurrea+mg !«■ 


M. Jerim-n Mreet, > W I. Ul 4520 RL22 

iM iMpuat Fd _ 1705 74*; .. I 3 SO 

Inriime F’d. . _ |71 2 75.1] .. .1 750 

Prices at July 31. Vcxt deal i dr Aug. ID. 
01247T243 Save Sc Prosper Group 

4 50 4. Great Sl. Heltux. Ijmrinn EC3P 3EP 
ea-73 sjuern Sl . Edinburgh EII2 4N.V 

•1141067070. Iwilintx in "I .-iM MOW or 0.11-220 ~«M 
3 03 Save Sc Prosper Securities LtdLV 
ijl I ate made nil Fund) 

7 81 Capilal (38 9 

12 05 ITU . _... .128 3 

5 63 Unit, t .run-! h |73.4 


?S5 

38 «J *t 

;u 

fS b 

96 9 - 

} 1 00 

140 0 

1514 -fl 

7 1 50 

CJ3 

250 -0 

13 1 00 

984 

TL02 . 

11 SO 


*1 81 —0 2) 2 96 

30 4UOJ 3 71 
78 9| +L0[ 184 


ril. UrnL-hUITh Sl .6. 
K B UnilFd In.- .. 

«•:« 

M2 


4-K.B IlnllFri Ac . . 

LIZ B 


K.B. Fd. lnx.T-l-. 

553 


K R FdJn.Ti-L v-r 

553 


KBSmlnTu'-xl-'dln. 

485 

505 

KB Sm Co* F.I 

U5 


Hush Yld. Fd In. 

50.0 


II I SZ3 avx) HichAi+ld 


nr Fiimt 
..[56.0 


602| [ 6 88 


WUp^SH Man W =1 = Shirid Fd - » M# “ ^--1 - •.Blrhnpxgu.e.ECi 

Legal & Genera] (Unit Assur.) Ltd. s * vc * Pnwper Group? Bcwe pr.-Aug i.]W8.i 

Kiugsttood. Tadnonh. *■ CtSLHeleo^. Ladn. EC3P SEP. 01-554 
Burch if oath 63458 Bal )nv Fd. 


Kiagxwaod KnuM, 
Surrey KTZO fitlU. 


36 6 40.61 


79 4 310] 


394 414 


35ft 37ft 


133.6 



1506 



F-iji-i'j Funu... 
F^rmlj 


ir.iwI.idi'KOlJA. 

«"■! Fn>n Fund... 160 5 
Mnuaci-d F nnrt . 171 7 

" ‘ kl 
121.2 

p9°7 

1171 

I” 

‘■yniti Uap J5 ?!o 
'•■ n. Iximlx Arr .159 2 


•'+rml+r>il F und 
St fine-. Fund 
■ Iih l uwJ ._ . 
f I I, Fund 
J-icni V:ici1.( jp 
r--n-. Kngd Vcr 
IV;.. v u n<+ i. ap 
|vn . \J.inyv Aec 
f. 

P, 


01-OR4P664. 
1- - 


12751 

1733 
123 z| 
128.3 
*911 
510) 
68M 
62 3] 


i-iifi'nilt rlc+ed I« new immnacnL 
ft r. limit- mis j WLO | . [ 


Ciuh Initial _.. 

Do Arc urn ... ___ 

Equity Intlial .... 

Do. Arcum. 

Fixed Initial... 

Do. Aecuin. 

IntL Initia] 

Do Accum. 

Managed Initial. 

Do Accum. 

Property Initial 

Do.Acrum.. _. .... 

Legal ft General (t-nlt PcneliwX) 
.(97.B 
. 98.9 
IZiZ 
1275 
I13J 
UU 
1235 
1258 



11333 
156.3 

,1241 

Deposit Fdt... [123.9 

Unrap Tens.Fd.T ...12087 
EquIiyrcntFiL..- f 


Property Kd. •__. .. 
Gill Fd 


May 

„ Prop Pen ilF4‘_!!]_S27!7 
• - • m.9 

995 


Exempt Cash InlL. 

Do. Accum 

Exempt Eqty. Iciit... 

. Do. Accnsn. ... 

Exempt Fixed ImtJ 
Do. Accum.. ......... . 

Exempt Mng d. loit 

Do. Arcum. . 

Exempt Prop lmL.|V75 

Da Accum —.[989 , , 

Legal & General Prop. FU Mgrs. Ud MSJy3A&“": 



Gilt Pem< Fd., 

Depot J’ena.Fdr.... , 

•Prices on August L 
t Weekly dealings. 

Schroder Life GroupV 
Emcrpnae Rouse. Portsmouth. 

Equity July 18 

Equllj 2 August 1. . 

Equih-3 August 1.- 

Fixed Idl Aug. 1 

Fixed InL 3 Aug. 1. 

InL UL Aug. I 

K&S GUI Aug. 1U432! 

K ft Sc. Aug I.I ^?Q2ie 
WngdRlx Aug. 1„. 

Managed Aug. 1.. 


051 227 4422 Rishopsgate Progressive Mgmt. Co.V 

ui58affi*a 

...... 280.41 .. I 3.71 

, Acc. I'te.-Auc 1.. .ft24 1 238 H I 3 71 

B'gsutl dt July 25 _ [176 9 18&2jri . ... [ 2 66 

■ lAccum-i July 2S. ]l%J 208 at . . [ 2.66 

Next xub. day -August 8. ■■Aueuxt IS. 

Bridge Fuad ManagersVtaKci 

King William -Sl .EC4R&.XR U1-R234B51 


+ 3.4 


141.11 +0.9) — 

165.4 

1305 +0.1 
1305 
219.7 

205.5 +0.4 
240.4 

99 9 +81] 
1041 


American ftiJeng:.. 

Inenmc' 

Capital Inc i 

Da. Acc t . 


2M B 

teS9 237.91 

[1380 
1482 
135.1 


Exemplt- . — 

IniernU. Inc.* 

Do.Acc.t 

070627733 DeaJ,n C 'Tuea. !Wed. tThura. 


126.7 

52.6 

39.0 

43.1 
1410 
176 
19.4 


M2 

572 

415. 

150 Odj 
18 A 
206 


+ I.5[ 


134 

626 

296 

296 

332 

332 


High 

L* 

The 

LftU-Inc Fd. ...11*2 9 147 4) 
LOCIntlft'Jcn F.1 llOl 2 ]|>44[ 

Lawson Secs. Lid. ViaKci 

37. Queen \ m i +in-inr, KU4R 1 BY 
ftRaur. Malen.iU u 
AfArrum L'mt',... 

•Growth Fund .. . 

•i Accum. Uim*r 
mill and WarrjnL 
; American KM _ 

p Arcum I'nitM 

•■High Yield .. ... 

— lAffumlnlLi, .. 

DcaL IMi'.i -Tues- ft Wed. flliiirr, 


522 
522 
4 62 
4 62 

658 


High IncMiie Funds 

Hich Return 1675 

lni-umr. ]45 0 

I K. l-undb 

UK Equity. -.(*54 

lirrnrH Fundaui 


723«5 +02| 
483] +0 l| 


B CO 
34J 


iVId Fd A.-i- | 50 0 |.. | _ Europe — -. 191 5 

C Wail Trust Management Ud.V [JJ^ ? 

Slock Erhangc. tms IH1* 01 588 av».i ZZ'.ZZZ' 


48 >4 1 4.91 


3 13 
0 69 
117 


[398 42 9 

+ 02J 

44 7 482 

+ 02 

57 4 61 9 


63 2 682 


38 9 42 0x4 


24 7 266 


25 7 27 7 


*4 8 48 B* 


6* 2 68 7 



. - Serlar Fund* 

• - I JJi « ommndily Ul 6 

•• -I i-75 Enrrcv P2.9 

Fiiuim-ial Kern _ . (76 9 

HI Dtrsil Blgh-MlalmBin Funds 

6JS Select Internal.. .. |2723 
6 35 Select I ncxirae _ . |55 8 

2^ Scot bits Securities Ltd.V 

183 KciUhiLx .140 6 436a# +0 4 

050 Sc«>ield.. - —. 527 56 W *0.1 

058 Scot»h*re* 1593 63.7) sO.2 

7167 Sn» Ei.Oih-9 . 246 2 257 91. 

1167 Scot Ex.Yld.-* |l63 1 170« ... 

Fn. 


mi 

87 7) +0.31 
783 -0 1 
82.61 +1.0| 


364 

174 

2B4 

211 

713 


372 
724 
452 
2 13 
753 


I .S Dollar iM-noaunaii-d F d- 
I'lui-I STsi - . ISI >5 51 SIM-OIH -- 

int High in T-i Ns* it si dj ]-0 o:| 4 os 
Value Auc H. Next ii.-j|in|- Aiit. 7 
Brown Shipley Tst. t o. Ijersrv I Ud. 
PH IW»i 5KLSt llellcr J,-r n. UNW 74777 
M+ rime Biind T.l |tl« 12 1027] . 1 1175 

Butterfield Management Co. Ud. 

F •• Rux lWI Ilmnilliin. Bcrmud.1. 

Butltev Equity . 12 30 2 38].... [ 176 

Huttre".-. Inropir |l 97 2 04| 1 7 »8 

ITirrx II July 17 Ni-» I -ul-. day Augu-4 It). 

Capital International-S.A. 

.77 rue Nulre ILmv-. I ji r-Minim-y 

UBpiIal ini Fund ] 31 >17.81 | 1 — 

Charterhouse Japhri 
I ralernu.-ler Hun . K' 

Adirnpa . 

Aitnrrtui 
F'onriak _ 

Fnndi-- .. . . 


N W. 

Nelli 

li.cn. -! ib-m: :.i •.:•!. • n 

\\ iu:, i; .• s by 

PliiH-.-m Intern.". i :n:i4.! 

»• |;.i. — 'i i-. i. t-. r.. . 
Ii.i.-r I-..U - l i • -ir >■> 


Ll" .1 

U<1. 


Our-. I KitDii liiicniii:. 
I* • ■ n- i‘~ i ll.: . r b- . 


i I + li !*.-! 


I"ri> 


MU3010 

31 7lri 


l'H4820 

»7Su 


HU3111 

S7k 

-0 ril 

I-M21N 

23 BOn 


V M 30 

JM 


If. -09*1 

«« 

+0 bf. 


,10° 2 


lli«pann . . 

Clive investments ijerseyi Lid. 
pi' lic-x.-U1.Kt HrliCr Jx-r ey IKHJ7.MI 


"1 lie i lil: Fd if I -.110 
.Inc Gill Fd Jex i |l0 


30511 
10 27/ 


Ud. 


1J. Queen vi«oriaSuEC4N4TP 01-2488878 Properly Aug. 3. _ 

F<L « iPL. JH- 1 - Bsgitth 

Life Assur. Co. of Penusyh-ania Mnlv'cpB Au^?'. 

3J+42 Nt» Bond Si . W170RQ. 014US8395 MnPn.AccB Aug. 1 . 

Lloyds Bit. Unit Tst. iHngrs. Ud. Prop Pen Cap B . 

. 7l.UunbardSL.EC3. ■ M-a&lSRS KriinrJL A .Sf^ B , 

City o( Wcsumnster Assur. Soc. Ud. Exempt 11912 

Lloyds Life Assurance ■ 

20. Clifton M, EC2A 4MX 
11.2*724 


0!-(M U0A4 

Fir-i _ 11236 

•T C*-11i l IHL-. 54 7 


v«7i» 4 ■»».» Muncy I'm. Uap. B . 

187.» .. - i 762 Monry pen Af ^ B , 


W=d - 

( I'omicn-iJl Union Group 


134.5 

147.9 

187.9 
118.0 
157.4 
1550 
1217 
1328 
204 8 
244.1 
968 
975 
960 
968 
96.0 
967 
966 


25.28.-27. 


Britannia Trust Management (a) fg) Pif.Juiyi 
3 London Wall Buildings, London Wall. I Accum Unri 


— London EC2M SQL 


— Commodity — 

— • Domestic 

— Exempt. — ..._ 

— Extra Income - 

— Far Earn . ., 

— Financial Seo 

— .Hold ft Genera 

— . Growth 

— Inr ft Growth . 

— InflUroHth. . 

— ImestTxtShar 

— Mineral*- — 

— N'aL Hotline 


Profwxional 

Property Share* 


ii - l.-n • i. Unil+r.liafl. EC3. 

WV.il.l i 411( 3 158.06 5QS8M+I31I +U1 
i-.- ' nnuiix Vl*. | 1862 n-8ftl — 

fonfr deration Life insurance Co. 

F • i .-lir.rx-r- Ijne. WIT A IMF. 0I2J20282 


Bit litb July 31.. .. 
MpU'A Pit Aug 3 

-irlx iv °p« 5'A Eql Aug 3. 
-x.^xx* DpL5r,V3Jan AugJ 


Dpt 5' AT) pi Aog3 .[VOZ 


1252 
1387. 
[157 5 

153ft 


. 968M0M| — 
131 J . 

1*60 . 

165 B 
1617 
128 7] . 


*ver--eas.4. - 

Scottish Widows' Group 
PORmWa. Edinburgh EH183BU. 0314558000 Umv Energy. . — 



1763 

821 

+ 0.41 

_ 

563 

60.6 

-01 

- 

590 

821 

633x4 

M3 

+0J 

+0J 


403 

434 

+2 8 

s. 

121.9 

128 4 

m.. 

39* 

42 9x9 

+0 5 


233 

251 

+0 2 

mmm 

679 

731 

+0? 


105A 

3331 

-2 6 

„ 

89.7 

9LJ 

-01 


76.7 

683 

82-5 

733 

+0 5 
-0.4 


513 

55.2d 

+0J 


432 

465 

-oa 


860 

925 

+ 03 


37.6 

405 

-01 

- 

32.4 
5388 
14 6 

349 

555.5b! 

15.7 

+03 
+ 1.0 

... 

48.8 




33.4 

360 

+03 

. 

33.8 

36.4a 

-Oil 


. . - .... "Pnce* ai July ^6 NeAt xtili. day August 9 

Price* July Legal & General Tyndall FundV SchJesiuger Trust Mngrs. Ud. (a) izi 
18. Ca ayn ge Rr,ad. BnxtoL tC7232241 J40. South Si reel. Darting. Ul3t«iW44l 

"• Kt 1 533 Am. ExempL ... — 

. - F 1 ® . — Am.Groa-th. 

V“b. day Aug. 10. Exempt Hiph Yld 

486 Leonine Administration Lid. Exempt mm. Ldn 

3 70 z Duke SL. London VV1M6JP. OI-W0.S991 fe^L n n,I a 

LTODisl. 177 3 IU.2|-0Z| 4 87 

677 Lloyds Bk. Unit Tst. Mngrs. Lld.V (ai t*l Umt* 

Markel leaders.. 

0.423I3W ^ Trok”: 

9^6 r-nipertyKtiarct.- 


01 ^38 0478 -0479 


VA 


254 

379 

700 

214 

S 21 
.79 
765 
4J3 


Registrar' » Dep! . Gnnng-by-Bea. 
Worthing. Went Sux-ei. 


Firrt (Balm- d . . 

[52 8 

567 


Do (Acciun i 

72.6 

780 


Second iCap . — . 

563 

605 

+0 3 

Do. (Acciun. ■ _. 

70 8 . 

761 

+ 05 

Third ilncnmf , _ 

87.0 

935 


Do. i Accxun. ,. . . 

1391 

1280 


Fourth lExInr •-.. . 

619 

665 

+02 

lm.iAcnun i 

70S 

75*] 

+0 3) 


24 0 

25% 

+ 01 

2 67 

30 J 

32 6 

+u -- 

2 05 

27 0 

28 x 

-0 2 

a os 

271 

285 


*n 

29 B 

32 0b 

-0 7 

933 

WO 

43.0 

+ 0 4 

9 47 

U4 

32.? 

+04 


52.4 

56 3a 

+ 0 3 

306 

283 

30 4 

+0 2 

389 

306 

32.9 


444 

29.5 

317 

+0 2 



229 

2«6 


1210 

M3 

304 

+01 

2 01 

303 

326 

+ 0* 

2 27 

234 

252 

+ 01 

4.65 

206 

222 

♦oil 

4 65 


J 3 ® Special Fit. Tut 
SJ7 UK. 'irlh A.-. 

|*7 f K. t.ith Hirt 

5 65 J. Henry Schroder Wagg Sc Co. Ud-V 


7.59 

759 


Im.Ply.Scne* I 

lav Plj SeriexZ. 
Inv rash Aug « 
ExL-LAcc Aug 2.. 
Exl'rlncAuK 2 


11108 
104 6 

0441 
140.4 
272 9 


no a +z 4i 

110 1 +2 b 
103 3 +01, 
1505+53^ 
1*6.« +L4( 
272 91 


nn>"v v '»ihI 

¥x!:.n,i>:cxl K-jiid. 
61*11- F und 
1 Mini Fen Mngd 


i .|i»jn Mncil Fen 
Fixed lm Ten 

I'n-Mlv r+n^ixm .. 
)‘r<-|N-i-t> F.-tr-iOn 


|1JI 6 160.2] 

1777 1865] 

3754 

172 6 76 2j 


I Mr.nl Pk. 72ft 76.2) 

784 8 


1997 

224.8 

1394 


London Iiuieiiinity&Gnl. Ins. Co. Ltd. Mgrt Pen July zb 
18-20. Tlw Forbuty. Ren ding 5IG.MI _ Solar Life Assurance Limited 


The British Life Office LltLV (a) 
Reliance Hie .Tunbridge Well*. RL08K 22271 

HI. Bnimh life . [52 6 55.6[ | S S3 

Rl. Balanced* [49.7 532] .„. 354 

BLDmdcnd- [438 . 46^ . I 892 

•price* Augucl Z Next dealing August 8. 


i nrnr.i II Insurance Co. Ltd. 


ig 15. .[126 0 — 

Apve. aim. IS— .152 5 — 

uly20 _| 173.0 IE 


IE2J 


3- ■-'uruh.ll ECZ 
» ,-xji F'cb Aug 
• au, 

xii.o'hlslJu 

frrdit * Uotmnerce Insurance 

j'.'.* ({.•g.-iii *1 . London W1R 5Kt 01-4387081 

UJ.I MnrdF-d... ..1122.0 132.0] 1 - 

Crown Life Asnu ranee Co. UdLV 


MiHKT Manager.— [35.2 37 9| +0J ~ 

KJd. Flexible... _ 5l3 33 0 *0 3 - „ 

Fixed InleresL ...[34 4 36 1| [ — Solar Uaiugcdb 

The London ft Manchester As*. Gp.V 

i-.-i.j.n-x. x». 03B2521SS SWarFxd. InL S . 

Solar CashS 

- Solar Inll R 

Solar Managed P. 
Solar Property P. 
Solar Equity P .. 


InxJ “ 1IF12 Ely Place London EC.1N8TT. 012422805 Brown Shipley ft Co. LULV 


Winriadc Park, Exnec. 
Cap Growth Fund. ' 
♦Flex Exempt Fd , 
ftExempI Prop. Fd.1 
OExpL Tnv. TM. Fd] 
Flexible Fund. ... 


014285410 Inv Trurt Fund... 


232.7 

1357 

909 

m 

3447 

835 


Equity 

Faralb-TMO" 

Fami ly 814ft- ....... 


i'ii-v-i LGc 11^ . WnhintGL'Cl IJCW 04882 5038 Gill Rond*— .. . 


Muni; d F und Acc 
-l • -l inrm 
SUhtilM ini' 
r .,u.:x '.'1 .we . . 

K.tniii I'll lid m . 

■ '■..nil; l-'il ■ 11 xl . 
l-riii-eni Fit An- 

lT.-1+Tii K-.l Incm 

I'd Inil 

Jr. ‘'■.I K'r ! Ail- . 
In. 1:1 F,( Ini-ri 
I r,\ T.l F.I I '-.it 
Fi «*■! Ii:l 1-1 *r>* 
y M l Ix.i Kil Inert . 
inier'1 Fd .4 xc 
I net I Kd isi'-ni . . 
Vn'iCX F'-l 
M.inc- I'll Ir.rm . . 
i*-vi K-i ln.-|>i 
1 reixiKn lux.*.\'. 


P05 5 
1104.5 
,UM 2 

U012 

100.7 
96 8 
968 
960 
1106 
130 6 
,109 8 

fci 

1J84 
118 4 
«6 3 
963 
106 6 
1SS 3 


1091 
186 5 *0 3 
106 5 +D?} 
105 4+0 7 
101.1 *0.1^ 
iou +ar 

101 B *01; 
11b- 4 t 0 y 
1164 +0J. 
1155 

1032 -0 3| 
31132 +03 
3246 +0 4 
124.6 + 04, 
1013 
1013 

111.1 -0.3 


676 


975 


57B 

1253 

■5.71 

875 
■ 26 


Iniernaini Bond 
Managed Bd*'* 

Property Bd” . 

Ex Yield Fd Bd 
Rreox-cry Fd. Bd." (65 0 
American Fit Bd *.p4 7 
Japan Fd. Bd* - .K79 


1B U4, 


Property Fund 

Gt<LDepo«il Fd 

M ft G Groupf 

Three Quays. Tower Rill ET3R 8BQ 0I-O® 458B 

118ft 246 

145.0 
167.4 

195.1 
11073 
11W.4 
1455 

w 


Solar Fxd.lm. P.. 

Solar Cash P 

Solar inU P 


2374 
117 7 
180.1 
1232 
1065 
1072 


+0JI 


-01 

+0.1^ 


OI-enOBNBO 

2*2.71 | 455 

302.5] . — J 455 


152 *| 


212 8 
113.9 

H 

Ul 


+el 


+0 5, 
+ 3 2 


American.. 

(Air am Unltei 

Australa-xtan ... 

1 Aci-Jm L'niUi 

Uommndily 

(Arcum. L'niUi- .. 
Compound Growth. 
Cwners-Mii Growthi 

Con-.erjirn Inc. 

Dnulcnd 

1 Ax rum l'niun. 

European. .. ... 

1 Accum UnlUj. 

Extra Vie(<J 

lAccum Unitai 

FarEaxix-rn ._ 

• Accum I'mtsi... 

Fund id lm-. Tils ... 

(Arcum L'uitai 

General 

1 Accum L'niUi 

High Inr-ime 

■ Acrubi Units*.... 

Jopan Inr-jine 

_ 1 Ax-rum Units; 

— ; Canada Life Unit Tst. Mngrs. LULV SLacroim 

Sun Alliance Linked Life Ins. L UL m«i- u» nvixnibr p «irxn"» 1. Arcum .1 nitxi — 


69 Lloyd’s Life Unit Tst. Mngrs. Ltd. i.Aroum-.I!*^ *".l 
4 45 W-60. • iaiehnuM- Rd Aylcabuiy. 02S6MMI JESSE l '” 

4M - |lb5J, 17,J I 1 JW lieiralASaR.™ 

413 M & G GroupV (yNCMZI ite.-um Unite! 

Z43 Three Qua+V Tower Hill. Ei.DR 8BQ n|636 4S88 Europe July 27. 
See aha Stock F-xcbdoyc IicalinijX 


11309 

U21 

171.4 
117 4 

100.4 
[UQI 
1305 
[1118 
171.0 
1178 
1002 
100.8 


137.8] 

mn 
in 5! 

123 6) 

1067 _ 

107.11 + 1 9) 


+0J 


+19^ 


— Mngn .Founder* CL. EC2 

— BS Unite July 31.. ..[225 8 

— Do. ICC.) July 31 . |281.4 

Oceanic Tnwta <■> (, 

Financial — 

General... — 

Growth Accum... ... 

_ Crowib Income — 

_ .Hi^h Income 

index 

’ Overseas — . 

Performance . _ — 


Sun Alliance Fund Mangrai. Ltd. 

Sun Alliance Houxe. Horsham (M03M14I 55211? b",i«-'i“ “ 
ajxFd Ini July IZ jaM.9 . . 159.41 f - ; E*mpL July 1 


3951 

20.9 ..... 
sa.s 
402 
332 
245 

Kj3+02| 


ii 


*oif 


+ 0 . 1 ] 


*52 
526 
5.01 
5 01 
940 
355 
4Z1 
304 
426 
604 
950 


— ZnLBn.Aug.l 


114.16 ] 


— Sun Alliance House. H unban 


SJI High 5l . Fullers Bur, Herts. P. Bar 31 122 j,,diaSd 


M03 04141 Can-ReulhaL 


M Fluid 

nlrrwlFd 
Property Fund.. 
Imrrnalional Fd. 
DcpoiitFund ... . 
Managed Fund .. 


(1278 
1066 
110 3 
1128 
972 
U35 


1346 +0.81 — 
112 3 -0 .3 _ 

116 7 — 

118.1 +13 — 
102 4 - 

1395 +0i — 


-1 Sl^-0i| 416 ' R ^cr. L 'T r ’..:.. 

4+1 ”n d ?"bS 'Accum Uni'lal 

47 3 -0.1) 750 


.09.8 

Do. Gen Arcum.... 491 

Do Inc Dim 34 4 

Do Inr. .Aivum. .(44 9 

Capel iJames) Mngt. UiLV ^**“3 Cl “?!!“ 

■ WO Hid Broad Sl . Ex TN VBxj Dl-Ugom 1 Accum Umtm 


Prices on •Auc 2. **Aug 3 •— Aug. 4. 
Merchant Investors Assurance 
2TO, High SL. Lex» Hse.. Cruj-don. 


-7 Sun Life of Canada iX'.K.) Ltd. 


Crusader Insuranre Co. Ltd. 

A , i,x ul. • IlmiM- TmxcrPI.. EU3. OldWATOl 

■ ;-n I'riip July 4. [7a 9 804[ . . .| — 

l.au'Ic Star inbur/ Midland Ass. 

I Tlir.-ndnxf.- xlleftl .Krs. 0151*1212 

Kiiflc M|.I I. mix [54 2 . 5ftfl+01| 681 

f ouily ft Law Life Ass. Soc. L ULV 
Anii'r^h.mi Rond, High Wycumbe 0404 IOJ77 


I i|iirl> Vi! 

p-iipiTQ Kd 

KnidlnUTC-lK . 

(,:.i ivpi'MiKd - 

Bli-.ixJKd 


1190 

[1071 

Iu2 5 9 



Property 155 4 *12 

Property Pens — 16Z 8 + 1 i — 

Equitj- 60.3 +0 J — . 

Equity Pena 1735 * +1.7 — 

Mono Market- .. 142 8 +0* — 

Money Mkt-Px-nx... 18*6 *0 6 — 

Deposit--, 1294 -Ox — 

Dcposil Pen*. 1412 +0 2 — 

Manneed. 107 5 *0 5 — 

Managed Peas. 148.3 +13 — 

Inll. Equity 113 4 +53 — 

Inti. Managed 189.3 +J.7| — 

NEL Pensions LUL 
MIIIot Court Dort big, Surrey. . 5011 

Melee EQ Cap — [82.3 B66| 

Nrlw Eq Accum. _ 119.8 126 1 

Nelex Monox- Cap . 62 6 658 

hides Mon Acc. 66.7 70 2 

Nelex Cih Inr Cap. 50.0 52 6, 

TCclextilh Inc Acc. SL3 54 0 
Nrt Mxit Fd. Cap. . <8 0 505| 

Acl Mad. Fd Acc.... [« 8 51 3^ 

New Sub. day August 25. , 

Fur Wen Court Fropcrtj see nnder 
KathuchtM Asset Manascrocm 


1 3. 4, Corks pur Sl. SWI V 5BH 
„ Maple LT. Grth ... ,| 207 0 

Ol-fflBBin Maple U Man gd . .1 134 7 


-j Ul 

: 1 Nor 


93 ^ I 5.01 

B7.7| .. ! 7 42 

dealing August IC. 


53* 
552 
57. 5 
50 5 

it, 1 

1136 
70 0 
691 
1253 ' 
237 5 
5Z9 
541 
890 
119. Z 

f 7 

! 
1/8 3 
B774 

178 9 
169 4 
J170 9 
[2251 
p41 
1798 
H977 
,.. ..(84 1 

P»8 

1832 
Z783 
172 7 
ni3 


57 4 dl + 1 a 


588 
61 2 
623 
853b 
932 
1233 
74 6 
736 
1334 
252 9 
56 6b 
57.9 
948 
1261 
64.6 
70S 
71ft 
875 
1935 b 
301 0 
1132 
1905 
180.4 
182.0 
240.94 
3040 
191 5 
317.1 
89 6b 
92.4 
1988 
302.0 
183.9 
2314 


Maple LL Eqtv. 
PersnJ PnTfd J 


129 5 
2081 


Target Life Assurance Co. Lid. 
Target House. G alehouse Rd.. Aylt+huiy. 
Bucks. Axlcvbuiy i(CS6i5B41 

Man. Fund Inr. 

Man Fund Arc 

Prop. Fd Inr 

Prop Fd Acc. 

■ Prop. Fd Inx . . 

Fixed ini. Fd Inc, 

Dep. Fd Arc Inc . )955 
Rri Plan Ac. Pen 
ReU TlanC ap Pen 
. neLPlau Mon-Arc... 

RetPlaaUan.Cap . 

.Gin Pen. Acc — . 

Gill Pm Cap — 


Capua! _ . - - - 
Inrnmr ■ -. 

01 pan 5400 Pneex on Aucurt 

I ~ Carliol Unit Fd. Mgrs. LltLV (aHci 
— Miiburn H'-u+C. Sca-rastle-upon-Tyne 21105 

— • '.-arn.il [69 9 72 4J 

Do. Accum. Unus . |83 6 86 3] 


Ibl. High Yield . .. |*28 4SJ| 
"■ Ite. [53 3 


(97 7 

102.9 


120 a 

127.21 


IMS 

U4.6 


mo 

.. . 

508 0 

_ 


101.1 

955 

106 51 
3005 


783 

844 

-0 3 

647 

70 3J 

-0.: 

1291 

1359 


U8J 

12*5 


1310 

137J 


1233 ■ 

129 B 



Ito Acvunt Unit* . 1531 55 61 . 

Next dealinc dale dale July 38 . 

I Charities Official InvesL FdV 
, 77 lA-ndnn Wall.ECSN I DR. 0J-388IRI3 

InnimvJulytO [134 17 — 1 [ 6.66 

Arx-um-Julj 18 [256 61 — |. . ] — 

OUcaulh. Onb' mailable In Reg. CharlLes. 
Charterhouse JapheiV 
\ l.Pniemo«er Ro* EL‘4. 01-24B3B69 


Sperlalix+d Fonda 

Tru+iri- ..{156.0 164 61 

IAcxt. 11 nllxl 1 3027 _319ft| 

Chan imnd .Aug 1 ._ 

tug I 

i.Wto ''niisi 

Pcnx E- Jub3l_. 

30 ManuLife Managemeni Ud. 

Bill 


383 


lDB.7d 
|150 5 152Bd 

189.8 192.71 

144 0 151 W 


;s? 

it 
+ 22 
-0J 
*0 3 
+05 
+08 
+0 5 
+0 5 
+0 8 
+0 9 

+09 

+ 1 3 

:i8 
+18 
+ 1.8 
+ 24 
+3 0 
+0.3 
+ 0 3 
+ 1 « 
+ 141 
+05 
+ 08 

- 5 . 2 , 

:i« I 


120 Uheapxidc. EC2 

*110 1 
1331 
1*3 4 
2873 
88.1 
iiao 
316 
34.9 
1697 

Kpei-Ex Augurt 1 [264 6 
Reroxcrx Auc I 


lAcrum Units, 

■Penfcl'harFill} IB 


1993 


114.0| 
137 « .. 
200 Adi _ 
297 7] .. 
91 7d .. 
1143 .. 
33 fJ .. 
„37D .. 
174 9 J .. 

272.71 .. 

205.44 


01-240 34.14 

240 
2.40 
6.79 
6 79 
353 
3 53 
2 41 
2 41 
444 
371 
466 


1.57 
157 

3 JJ -For la* exempt funds only 

405 Scottish Equitable Fnd. Mgrs. Ud.V 
4 -Jjj 2HSL A nitrcnxSq. Edinburgh mi-SKOItlt 
ijs Income I "mis. . [514 5471...] 507 

7S5 Accum. Unite .._|58.6 624] . ... | 5.07 

JjJ Dealing nay Wednesday. 

758 Scbag Unit Tsi. Managers Ltd.V <ai 
J 7 * mKnxSll.BrUbry. Hma.E.U. 4 0 1 CTW .KNM 
807 ScbegCapiUlKd ..|M4 371|+0.1[ 375 

ggy Sohac Income Fd |U1 33.7) +62) 8,03 

2 25 Security Selection Ltd. 

05 ,s -)fl. I.mroln xlnn Field*. WCS. 01401 S058-S 
4 J5 I.,nx-I ihh Tst A*-c ... |253 2701.. [ 219 

532 t-mliilhTfl Inr.. |220 235| .. . I 219 

Stewart Unit Tst. Managers Ltd. (ai 

814 *5.UharI«leSq..Edinhurgh. 031 OS 3271 

riiram Amrnran Fund 

Standard Unite . |68 9 734] ] 1J2 

Arcum. Unite [74 J 

Withdrawal Unite |55 1 
•riiow+n Brillxh Uplul Fund 

Standard _ .11405 15ZIM | 4 13 

Arxum. Units. - |l6L0 1742 ) 

Dealing »Fri “Wed 


Kirhniontl I.ife ,V>x 

4.! Ml .. I -.ll.il lx 

+. -• -riii--.il.- : Tri. I 'Ur's + 

01 -441 .THW him-ini ,i; J| ~8 2 
433 i«i in i* i li:r s 

4 58 I M l 

5 07 |ii> I m -I’ 11J lx. 1 
504 

UmliM-hild .Y 

279 1 •i.v.m.-a m 

• •I l-'a ri Ju!- -it 
lm- I'd in,* 1 

1100 «i i* Slii' •» t il l|x *1 
1100 Mill’" I > i- ■ 

«■> Mr • .inii-i. • 

-l+i.x- ..ixltil- 

'|-n< -x un I ul; . 


1.1 xl. 


m :• 
; n- v] 
1-'*-: 
1:5 J: 
IK5 2' 


I" .fi 


I leal 1 nx; 1..- 

37 KM III M -.1 lli-li.T J- 

1 S HoIlar-dcamninaiPd KunCv 


Dl- l*>.l lm |575 

lri-i-rii.il I.--: 7 73 

K.rl-+ ix-n.-t 4c 90 

Ni.nh ’.meritin-r 13 8* 

'1.1 OO 


Cornhiil Ins. (Guernsey 
P.O. faux 1S7. M I ’tier I tut. iiw-rnwy 

Ini nl. Man hit 1169.0 1B4.0| [ — 

Delta Group 

P.ii Kxix will lias. an. huh+mai. 

Delia lm Aug 4 . ]S1 95 20S]+011{ — 

Deu tocher Invesiment-Tnist 

rt>"-ll!ich JdS5 Hii‘te-rr.ix.<- (J. 10 bOtei K rankfun. 

• 'nucentra .. -IlnaZIlU 2X4O[-O.I01 - 
InL Kenlcnf»nrt+ . .|l'KU W 78JI| . . [ — 

Dreyfus Intercontinental Inv. Fd. 

P*.A Box NS7I3. Nax-.au. Haham.i'.. 

NW.Aucur+l. IFSMtt 15 S9] | 

Emson ft Dudley Tst.MgUney.lftd. 

I* 11. Box 73 . ml Hclicr. Jersey nSK 3>Tfll 

E D I.C.T . . ..[125 2 133 1] I 3.00 

Eurobond Holdings N.V. 

Handel., kade 2* Vl'ill+mxlod Furaran 
l+adon Agenla- Inlet. IS (‘hriatoplwr SL. EU2. W Filed" •: . 

Tri. 01-247 7243. Telfi: 7814408. , l*n*«- "T Jul> 3 

NAY per "hare Auguq 4 Sl'S3i4« 

F. ft C. Mgmt. Ltd. Inv. Advisers 

12 lamrcm-e pnuulne.x- 11:11. Ei - 4Ri.»!*. A. 

UI-4C3 468u 

'enufrl. July 19 | SIS559 \ J _ 

Fidelity Mgmt. ft Res. iBda.) Ltd; 

Dm H.ix 670. Hamilton Bermuda. 

Fidelity Am A+* -| SUM7B4 | 

‘ ‘ ily Int Fund..] SUs2*39 I+L081 — 
lly Par Fd . .J SUS50 B9 _ 

ilyWrldKrf. | SUM6 72 |-00?| - 

Fidelity Mgmt. Research ijerseyi Iftd. 

Water Inc lln- Don SL.Sl llelicr. Jersey. 

0.VK 27561 


set llHIDiirni-nl «r I.» 

.*■1 * t 1 ■ I a I : -I • • .IV Ji-* • 

1 2b 

3 ,’S 

4 VT 

5 ’’ 


151 4 
K: ii 
llf-5 0 
|i*:r 

.526 01 


36U J* 

iso r: 

1 .1. ..1.1 . 

.1. ..ii • 


;7«t 
3C3 
’ 21 


Ro>sl Tru-.t itTi t‘ii. Mgi. U;l. 
pi. I.«> i-“ .-1 1 1 11 - . j. - . . .• 

KT In: l F.I 1*1: * Ji 1: s* 

K.T Ini I -i ' • K .C ! a 2 K! 

ii till- 1 •* 1* x 1 'll-..: \xi4 IS. 

Sa\e* & Prosper international 

id..:L3*'D: 


S5 : ! 

*0 72 

*:r 

16 36 [ 


.*w|.r..--; [14 99 

SirrlinN^cnnminaird Fumlx 

• Ti.miiH 1 a|>ir.ilv |S*5 * 258 41 

• 'huim.-l 1-l.iiiiixA <150 6 158 6 dl 

i , iini»««l |123 2 129 71 

TV Di-in* ll . | 100 0 


120 N -0?l 


753 


243 

a r? ■ 


0 25 
52 


*•* XU.-J-L , 
itliPiN 


►-Ide 

Fide 

Fide 


:u I 

•' -,U|-k4 “ 

• Iniliiil itlixr. lx I- 

Schlesiagcr intematiunal Mngt. Ltd. 

41 I.TM.4I. M .M Melix-r, Jt-r-O W.riTTJiM. 
•SAIL... _ . . JS9 94| - :| 771 

i"i. - . . 054 os- -e 0.9 455 

:iiikj - |re 23 ol - o i> n 9» 

Inll Frt .Terxrx 
inliil J-* 

•K 


L 1ml Frt .Terxi-x 118 '.73' '-I*. 799 

InlulF.; LxialiK T.l 54 12 15' -V 'Or' - 

__ •Far2.k4 Fund .100 I05| . , 2 56 

"Ncrt Mih xl..} Ij.vii ?. 


Schroder Lift* Ciroup 

F.nlx-rpri-j. I i,.u--x-. iT.rt: mi.uth. 


07ti 32T33 


tDi+roaiianat Fund. 


Seriex A .Inlnl 
Scncx B i ftariftei. 
Sene- 0 l Am.Aixi 


T 432 
C 9 54 
£18 99 


+0.711 — 


171 

1.71 

357 

357 

6.73 

673 

*36 

4-36 

4.79 


73 4j I 1J 

79S 1 - 

58 *1 — I - 


4.13 


j- 74 Sue Alliance Fund Mngt. Ud. 

*17 Fun Allx+nx-e Hxe .HorxhaOL 1140304141 

Exp Eg.T-j. Jl>; I3f£2140 4i3 


619 


VThc Family Fd ..]104 0 


1101 


358 


b 19 Target Tst. Mngrs. Ltd.V taiigl 
10 90 3 ».(.reshjm.st.EC 2 


Z-S Targei Cnmmndiry 
is* Targpi Fmanrinl . 

Targx-i Equity 

TargrtEx. Auc 2 .. 
Sl Way. Stcx cnage. 0438 56 101 - 

..-I 55 2 “ 3 « +”1 3n TfiSonaSh"^ 

Mayflower Management Co. Ltd. Target tru 

14 Ifl'.-x- -tun&t. I E>2?V7AL'. OI-OOOBuflS Rr, ” v ■ 

Inrom. ag.l [U0 B 116 61 ...[ 817 +- — 

H^nrr.'I Aue. 1 _ 75 J[ | 5.64 Trt dTc _Z"' 

Mercury Fund Managers Ud. Teiipref 


30. 1 .r<- -...m SL . EI22P 2EB. 
Merc 


Transintenudiona] Life Ins. Co. Ud. 
3 Bream Bldgs. EC4INV. 

Tulip lnv«t. Fd — 


FINANCIALTIMES 

OVEMUt SUBSCRIPTION RATES 

T!v_- FI* can he sent by post to liny address throushuut 
Tin* u'nrid. Subscribers may like to receive a daily copy. 
mi* «»n»; mv more issues each week, for any period up to 
/»si e year. 

Specimen costs in sending a daily copy are as follows: 
El BiJ PE (LETTER RATE) £ 100 . 9 S per annum 


.Mil IDLE EAST (.AIR MAIL) 
i Envoi. Iraq. Saudi Arabia, etc.) 

!•* \R EAST (AIR MAIL) 

( Au&! ra I to. Japan, eic.) 


£151.47 per annum 


£J 0$;61 per annum 


KKST OK WORLD (AIR SLAlL) £iS0.54 per annum 

1 i.'.S.A.. Ounada. Sout h Africa. India. Singapore, etc.) 

Hv surface mail througho ut the world £91.30 per annum 

ORDER FORM 

Tj sulia.: ripMun Manager. Financial Times. 

i .r.n+.-ii Huu6l. 30. Cannon Sirvi'l. London EC4P 4BV. 

1’ii jM jdvnH TutihcriDLion cost tiDolred In sending copies m mo *i uw 
.. l-lr-.-Th Ux-lflW 

j.jxji.k fuic: mj snbscripihio (0 ■ dally Issue lor one year comuiencins . 


x’l:. i'sif u iy ri-m.ii4DM tor 


(BLOCK LETTERS PLEASE) 


PI*-jx<’ roar.* cheque poyuluc in Finanrul Times Lid. 
BrFL'.icD.-'i Oittct: Brjx.h-.-n House. 10. Cannon Sitl-ci. London EC4P *B* 

IxL-K.hlxJ'i.d 111 EluJand Ko. £2iSW 


Tulip Maned. Fd. . 

Min Bona Fd 

Man. Pm. Fd. Cap. . 
Man Pcn. Fd. Arc. 
Maned Inx- Fd Inil - 


[143* . 15L4 


114 2 120 2 


118 1 124.3 

iMi 

123.4 127 1 


129.0 135 7 


978 - 102* 


97.9 103 0 



C J Intern ail 

Accum. Unite 

CJ. Income 

C J Euro Fin 

Accum. Unite 

Fd. Inx Tw .. 
OI-KK4H97] Accxun. Unlta . . 



191 
L91 
757 
412 
4 13 


Ar • 


n Aug.2— 
Aug. 2 


3fcr. Ir: 4ue 2... M>7 7 


Acc 


JuiiSr™ 


Midland Bank Group 


Trident Life Assurance Co. LtiLV 
Rcusladc House. Clouet-iter 045236541 


Maiwcod 

out Mgd 

gropeny .. .. 

Equity. 'American ... 
l-.K. Equity Funxl 

High Yield ... 

Gilt Edged 

Money . 

Iiurmalirmal .. 

Fiscal 

Growl h Cap 

Gnouqh Acc 

Peru Mngd Cap . 
Rena, tlngd Acc .. 
Pena Gld DcpUnp 
Pms.Grd.Dep 4.*c 
Pena Ppiy t »p . 
Pena Pit. Ate . - 

Tndl Bond 

TntLG 1 Bmxl.. 


125.1 

147.6 

1585 

909 

112.0 

m 

U»9 

124.0 

1282 

mi 

tei 

114 7 
199 


7 - 


132 51 
15M 
159 Z 

.96 j +0.7, 
1387) -0.4 
147 5 
1291 
1301 

112 « +0J| 
134.4) 
131? 

135 8 
122 2 
127 7 
109 n 

mi 
1215^ 

126 9 


■Caoh ialuc lor 1100 premium. 
Tyndall A* su ranee] Pension sV 


0272 3221 ll 


3^»Aue.3._. 

EquItyAug 3 
Bond Aug 3 .. . 

Pro pery Aus 3 

gsgffiiiifc.*- 

O'seaslnr Aug 3 . 

MaPnJ-W.Aug 1. 

Do. Fquitj- Aue I 
Do Bond Aug I . 

Do. Prop Aug. 1 

Vanbrugh Life Assurance 

t* i—i3 Maddnx Si.. Lin W1R9LA. 
Manaced Fd . ...(1504 

EquIriFd. ...[244 2 

Intol. Fund.- 


126.2 


in 8 

... . 

167 6 


1056 


1282 


148 0 


815 


1742 


271B 

... 

1880 ' 


870 

# ara.. 


FteWinlwvL F.ti- IS? 


Property Fd 
Com Fund 


1193 


1584 -01, 
257.1 +0J 
11 * 1 - 1 -? 
174 7 — 1.9| 
1581 +0J 

125 6] 


01-09 «3| 

J 


Vanhrngh Pensions Limited 

41-U Maddux SI. Lain Win 9L\ dl-4004K9i 

Manaocd _ [1M2. JK, 

JiwSv 108.8 I14 6| - 

Flxodlmerc-u . . ||2 * 

Ptopcro - - ... .1977 102. 

Gnnraaieed see 'Ins. Base Rales' table. 
Welfare Insurance Co. Ud.V 
Bltu<lade Pjrh. EvWt-r RTSSWISS] 

Moncymafeer Fd.- | 106* J , I - . 

For xjther (unds. plca-'c refer m The Lnuxwn Si 
.Man duller Group. 

Windsor Life Assur. Ca LUL 
Royal Albert Use., Sheet SL Windsor 881*1 


Life Inx. Plans.... .. 

FutDrrAsad.Gflnal. 

FuiureA*sd GtPb< 

RcI.a^H. i'en? 

PlCOLlDl.GrOIVUl-. 


21.00 
44 00 

C25.98 

105.7 1113 


-ioq — 
-1KH — 
-flJi 
e2.4i 


124 b 
293 
35.0 
37 0 
313 
298 

[34 J 37 . 

Pnces August Z Next dealing Augurt 9. 

Chieftain Trust Managers Ud.V»aKg« 

11 New St FC2SI-ITP 01-2832B32 nn ixT-um 

American. *j'24ft 2651 -& 51 154 CiwF. 

High In route..: G.l 45 3| . [ 9 15' Do accum.—.. 

International T« .. >:J6 4 28 4HE+0 4] 2 97 UaplLa'. 

Basic Be^ree. Tci.|27J 29.^+0l| 420 Do A- xcm 

Confederation Funds MgL Ud.V la) 

SO Chancery Lane. WC2.A 1HE 012420282 Inicnini'+nal 

Growth Fund [44.2 46.4] | 4.0B 

Cosmopolitan Fund Managers. tv- A.-rum..! 

3a Pont Street. London SW1X9EJ. 01-2S5852S. £5“!^ V^f7 pt * — 

Cosmopohi.ah PU.I18.4 19.8! j 4 64 . “ ' - - 

DoJncvmeFd, — _ [50.(1 — ] . .. I 1130 


|1G6 

hsao 


730 
2298 
274 2 


720 
777 
239 4 
285 6 


Dealing v CC9Q .MM I 
3 47 
4J3 
5.99 
624 
62* 
300 
434 
lftl 
1 61 
319 
420 
7 75 
1188 
431 

4M Target Tst. Mgrs. (Scotland) (akbl 
j-JJ l». Alhol '"rc+reni. EAin.3. 011 23980212 
300 


01-600 <55.1 Tgl Special Site 


[39 4 

42 4 

+0 


64.4 

69 9 

-0 

7 

1&2 

41.1 



2201 

2281 



2*9 0 

3098 



11*9 

1227 

+0 

1 

29 7 

3191 

— 


286 

30 B 

+ 0 

7 

3IZ 

335 

+0 

6 

352 

37.8 

+ 0 

2 

1616 

1701a 



31J 

33.6 

+0 

3 

132 

14 7a 



19.9 

21 40] 




First Viking Commodity Trusts . 

8.M 1 leiirgc'j St . Dougla> I .« M 

M2* 4682 Ldn. AcU. fiunl.-ir 4 O. . Uxl 

.*13. Call Mall. Loixdun SWI7UH VMOuTMT l . J " 


CFquIl* 

SK^iutlc 
IFnri lnr«-ri-.i 
Sl'ixtel liilx-rinl 
£M» ir-nf— >1 . . . 
3Man.<i*('l 


ilia-. 
135 5 
HI 0 
!:»o 
|i. : i 7 
i:oo 


125 81 
!•!-? ! 
150 0 
111 ’ 
1*01 
127 6 


J. Henry - Sc-h.-odrr Wagg ft Co. L:d. 


Frt. Vik t m Tit. 
Krt.Vk.Dbl Op.Trt 


- fi 2 * 

. hso 


ll*pS Aut .1 
Trr.ul.jr J.iii.-:-j. 
A i.xO ril Julxlli 
li-.rlin.- Fix.l 
Jttp+n K'l. Jul; S. 


il >12 40 j-Ml 
41 1 121 27 [.. 

V.1«C ’"V 

Ca? 


2 03 < 


10.Aiholi*re«rciu.EAin.3. 

Target Amer Ela riel 29.9 

425 Target Thistle Ml 9 

4J8 Exin. Inrorue Fd ..{60ft 

Trades Union L'nit TSL ManagersV 

336 l'nii Trust Managers LltLV <a> ion wood siroeL £■ 2. oi-emeon 

Coil !*.w---xl. House. Silver Sired. Head TUUTJuly3 — |K 55 4] ... I 530 

TH.WfllMR Transatlantic and Gen. Secs. Co.V 


73 S 
847 
99 
4LB 
305 
333 


79 0| +0.6I 


910 
41.6 
447 
32 6a 
356 
57 4 b 
67 0 
544 
57 9 
692 
73 4 
112.0 
112 0 


:S 

+0 5 
+o«H 
+0 7] 


Crescent Unit TsL Mgrs. Ltd. laHg) 


4MeIHIleCre* .EiHnburehS. 

Crra Amer. Fd [27 J 29J 

Crrs lmrrnai'1 .. 62 4 66 4 

Cres, High Dirt.. 44 8 *8! 

Ure«. Reien-ei 413 44 3a 

Ure« Tokyo [25 0 26 ( 


Pri- c- al July 31. Next dealing 
Minster Fund Managers Ltd. 
Min? lx-- -lae . Arthur Sl. EC4. 


5.12 
532 
291 
291 
307 
3 07 
635 
635 
217 
2 17 
7 89 


91 -58 Nun- London R<! 


789 
569 
569 
AUgual 3L 


031 2264831 M,n..rc.- *u(>fl4 

1:53 

1+0.3 859 

! -0.3 


5J6 

538 



[781 

S3 1*1 



mi 


■ ■■■ 

Barb Emu. July 26. 

B90 

916 



Sl 5 




100 9 

106 1 


Culemo August 

1347 



1624 

1718 

+ 4 5 

i.'umhld. AucuK2„. 

535 

57 0 


(Ac-rtm 1/hlL*. 

585 

624 

.. .. 


562 

591 


1 Ax-rum L-niL*. . _ 

722 

7b t 



328 

55.5 


(Arcum. L'nitM....... 

MJJ 

63J 


Van liiuli \ur 1 . 

522 

55 0 



!*4 1 


. ... 

Van'HyAuc !. 

»15 

75 3 

...... 

\ ang Tec A'afi. 2— 

456 

«ss 

...... 


173 

44 8 


WukT tut! 

629 

75 3 

6b 7c 
800 


IVxckDi \uuu-.t* 

>9 6 

72 9 


!k- .\cruiri 

>9./ 

8ji| 

+2.1 


Discretionary Unit Fund Managers 

S2. blumflcld St.. E.72.M 7M_ UI-C38448S 

Dwr Income 11756 U74(+92| 4.85 

E. F. Winchester Fund Mup. Ltd. 
nld Jewrj, ET2 

i irom Wincherler. . 117.1 18 6 ril .1 521 
Gt Winch er 0'aeax|192 20 9j . J 426 

Emson A Dudley TsL MngmnL 
20. Arlington Sl.SW ! 

Em.+on Dudley T*4 ]665 713] 

Equitts Secs. Ud. (a) ig) 

41 Biahop«yr.:e.Ex.T! fti-588 -JBS1 

Procmrtvx- — .1711 750|+03; 3 80 

Equity * Law t'n. Tr. M.V (axb)lcMsi 

AmerrtianHd., High Wycombe 04M 33377 

EauityftLaxx- J70B 73 6] +0.1J 3 87 

Framiiugion Unit Mgt. Ltd. ta) 

5-7. Ireland Yard. EVIB&LilL rj>.;48 6B71 


2 00 Eiemf-t J ulj-si . . . IM lllj] 

MLA r ; ull Trust MgrmnL Lid. 

423 ‘'M wuc-n Street, SWI HAJC. ijl.mn7233, 

1.95 MI+M- lr ......1442 465]..,. -I 3 87 

Mutual Unit Trust ManagersV (artgi Tyndall Managers Ud.V 
15 i’..pii-all Ai-e.,EU2R 7BL'. 111-008481(3 id. Canjniic R.uid ftnflol. 

M'+Iua. >ee Plu», ...[52 0 55J[ +0.61 6.27 

Mute. 1 l"c Til pi 6 763 -0 7 7 88 

Muiwi |;1 « Chip W50 48 51-0 5 651 

U1-B06218T S*"^'"***™ 6i5Uo4 830 

i r+. National and Commercial 


Uhrim+lnro 024f. 5 16S1 
511 
511 
4.75 
462 
4.62 
550 

5 50 
6B2 
68? 
446 
446 
321 
3 21 

3 20 
330 
804 
6 . 1 * 

6 14 
4.75 

4 75 
797 
7.97 


tni iBtf-mcJulyM — [157 4 
ant. UD. , \r.-u-:. • nil*. .. C15 4 

u 1-499 7.55: fjpl Ji.IvM [130 B 

[ 3 80 .V. ui.. n.b,. .. [160 2 

widen t i 

i»»..EC3l 

?.-K? 

ii«.. ,129 7 


1632] 4759 

2234) .. 5759 

135 W . 3*0 

. . - 166 2| 3*0 

National Provident Inv. Mngrs. Ud.V 
-chureh Si.. EU3P3HH 01-023 4M0 


4.10 

420 

235 

235 


i: r I C'hfliTsl 
.Accum l nlu 
,\P1 1 • -i», Trurt. ..*4+ , 

S.\ccis r - L !»««'■■ _ _ 

■■Pro — "h July 27. \c.l dealing \uCurt Jl 
Tti. c r,n July 26 Neu dealing AUKUM It. 

National WestminoerViat 

161 -■s.-JpMdq, EtvV ALL'. 00W 


Amrrtcaii - 

Capital T«. 

Income Ttt 

InL CrowTfc Fd. . . 
Do. Arcum 


^§L6 
112.6 
120 6 
124 4 


139-8^ 
119 2 
1Z8>; 
132 2r 


123 

347 

646 

2.16 

216 


Uibii.'i tec urn. 

Ecralm . 

FlDUSl • - 

xlrvuth I"‘ . 

In wit. 


693 

686 

164 

915 

182 


Friends' Pravdt. Unit Tr. Hgrs.V 

Plxham End. luirlunc 
Friends Pro. Ui* ]*5 3 
Do Arcum. ... ,58$ 

G.T. Unit Managers UiLV 
to. Finsbury Cirrus BlDI TDD 

CT Cap loc [9BJ 

Do \rc (1095 

UT Inr Fd, Un . jl71 8 
ITT US *>>n ....11504 
liT.]ap)R6li«n.. 13*1* 

*Gt. Pens Z* J=d_ .139 2 
LT InH Fund _ 141 2 
"1. FourYO'Fd. .. (56 4 

G. ft A. Trust (ai igi 

3. Rayleigh Bd. Bron'uuod 
G.lx.L ^93 


7*.S| 

73.7 
39 Id -0? 


983m 
41W 
76 1 
69 51 


+ 0.1 

pan I nj.Fd. . FtLS 76ll+0l| 566 .hTSBricncral 

Urj-.-r-'l F0|d-....|60 7 69 51 -111 2J> (BiDo.Atcura 

«MMU SEL Trust Managers Ltd.V laBgt 
«8 4[ ... ; j 97 Mrli.T. • cun. Di.riunc Surrxr MU TSB Scniu.+h 

«-5i i 3.97 _ . 163 7 67 01 -Oil 42B ih-TK- \x-i-um 

>r! -l.-c llign ln( . |52 9 53q-0 2l 817 

For Court Fund Managers Ltd. 


426 

751 

523 

484 

626 

566 

281 


Inx'iuncAuc 2 

102 4 

107 6 


-Accum. 1 niL>> 

187.4 

196.J 


.'apiial Nus 2 _ 

1304 

1371 


-Arcum. U ml* • 

183 b 



Eli-aipi Auit J .. 

110 8 

116 4a 

.. . 


157.2 

165+ 


InL Earn Auc 2 . 

2578 

270! 


1 Arcum l min 

287 0 

301 1 


(Tel Aur 2 . 

100 0 

1051 


• Accum LniL*. 

12 j a 

134.1 



Nx-pl fci. ap 1UB 2 

143 6 

1501 


■ Ax-cunt l nil*. 

170 8 

179 ( 


ix-ri In.-. Auk- 2 .. .. 
Loadoii Hall r.rasp 

1630 

1712! 



Capital (in.vrth 

S36 

89 4a 

-DJ 

[in Arruni . . 

17 6 

915 

-0.J 

F.Mra In. i.rouih 

388 

41 7 

+0Ji 


15 2 

485 

-ft 1 

Financial Pr'rlj. 

16 4 

17fta 

-01 

J«u Arcum 

JO J 

217 

+0 1 

Hii;HInc Priority. . 

W 6 

703 

-0 5 

lnlvttiutiAnki — 

33* 

36.1 

-0 5 

special Sii«. 

336 

359 

-0.: 


0U723&MI 
7 90 
790 
4.29 
429 

7 75 
7.75 
4 87 
4 8? 
840 

8 *0 
525 
525 
9.04 


6.00 
600 
945 
945 
508 
508 
769 
287 
4 87 


TSB Unit Trusls lyl 
2l.Uhami> Way AnrioiHf HanL*. 


02S4£2I8a 


HeallflCt IP 0284 83432-3 


3* Ortf ... | 3 00 
BO 0[ [ 130 

Fleming Japan Fund S.A. 

37, rue Noire Dame. l.<i«cmN<urg 

Firming Aueu-l ) -| SI : S54A0 | { — 

Free World Fund Ud. 

Butterfield Itldg, Hanulinn. P+Tmxixia 
NAVJui}3l | SUM90 79 |. ...| — 

G.T. Management Ud. 

Parle Hie . 18 Finsbury Circ-ir. London Li.'Z. 

Tri. UI+CS H1JI. TLX: StUliAl 
IfTidon tgcate Mr 
Anchor -B" Unite. 

\nch.>r.:il( Edge.. 

\nxhor lm. FU 

\nrhtxrln J+x. T'l 
Bcrrx-l’icFd _ .. 

Kerr} PnrSirlc ... 
i: r tlia Fd . . 

r;T. \Ma sterling . 

■ : T Bn nil Funo - ... 

■ : T 16-illar Frt..„. 

(JT Pa- ilirFd .._ 

Gartmore Invest. Ud. Ido. Agts. 

2. SI Msuj Axe. Utmlun LiTI UI W3S3I 

I Tin more Fond Hap. iFar Faan iJd. 
l£*Q HulchLvon Hue. in lldr.-i.url Flit It K«nc 
HK* 75.r-.tr.Trt.. [5HKJ5I5 JOJri-ai35( 210 

N American “iS3 ™ I ISO Tok.vo Pacific Holding.- N.V, 

loti Bond Fund fSl'rtU 145 )J655rt*~3°0l 5 70 lminn.-- M -n.,, .-an -.1 • *. V > -xr 

Kinrarr lamuonu Man. IjiL TIAV |cr +»+rc Jul. .*i i: 

r-._. bex.e. Doaftl**. InM. u4LM=nil 

• Tnnmore Inil Loc |*23 an | ID 40 Tokyo Pai-ific Ulna 

i .’an mure mil Drth|66J 706irf I 3 00 Intxmi' Mjn...-a.».i > •.. 

Hambro Pacific Fund Mgmi. Lid. 

2X111. Uoanaughl t'enlrc. II«ng Kung 

Kjr K+.+I August L..BHK14JB KW ) — 

Japan Fund - .pi'iiBJK RJai+DcJ] — 

Hambroa (Guernsey i Ltd./ 

Hambro Fund Mgre. (t'.I.i Lid. 
r< i Rax BS. ■ iuerntej .(W1.98BI 


i'o.I 


I3US1H1 

3«d 


200 

1982 

4 88 

♦ OO: 

12 85 

H.-S4 93 

5& 


2 01 

297 

317 

+ 1* 

246 

JUS52 41 


0M 

315 00 

329 68 


090 

B 0x9 99 

10 52 


142 

L15 45 

lb.58 


120 


-003 

5 41 

5US7 65 


0 65 

JL':,15 nl 

-0 22] 

0 97 


.a **— j 

I 

2 53 
S00 
0-19 

SeniO' Assurance inicrnaiinr.al LtiL 

T* .1 |in\ ;iar r lu r.i. ii., - x v+-.— nu-ia 

Managed Fund . )*.l : : 3'J 1 1.101 ■ I — 

Singer ft Friedlander I-dn. Agents 
2ii • Sl . B-. T •>! -4F nsiiS 

IcljcTM Auc : ] Sl S39 50 I. .157 

Sxruoghold Managemeni f-itnixod 

I*.* Bi.xSir. >1 ll.-li.-r ;.- r x- »N.*. TlidO 

Uomm.-lily T ru I |68 L5 *3 32! .. .. ! — 

SnrifiTesl ijerseyi l td. x:;> 

IH«!i'll-f l+>n !irt Si llgli.-r i .- jV-i 277-13 
Amcn--..n ln-1 T t (*S hi 6 78; - 1 .*> — 

. '-.pi-x-rTru-i [ill 10 27 3br -n i — 

j.u< ii.dc-.i .i ir3:sx ir 7:1-0 :« — 

TSB Unit Trust Managers i<M ■ UiL 

Hiix.iicllx- K.l Si ten i-.ur.J-.r ~i ■.*■+; 

Jen*- Fund ,43.S 51 0.if I J 71 

1 lU+rrx.'-x-y I- xi ml 5 51 C..I ! 4 TL 

!*Tiif> ..n AUUU.: - "••xt .-.ul. lu.-jx-; W. 


Scaboardi N.V. 


l+*r .i...rc July j: 5; 


Tyndall Group 

Pxi Box l!M ll-.mil, i 
ii-.cr+x-J' \ii.‘ 2 |ll 
■ ^. . urt ' ml ■ |V. 77 

3 tV.ix | nl Jul. ,'i ]!l -2 m 


-12 


U.l Fund 
Intnl Bond Jl’S 
Ini Fquily JL*S 
Ini .Sx-g. -.V JtS 
Ini Sve'. -B- JUS 


150.4 
006 83 
0164 
|104 
L 16 


1602 

llCU-] 

1 0T| 
120 


370 

850 

230 

8 50 

■ 50 


2N+* >1- -S l-c| 
T.'FSI \u+ i 

. .- h ., rx - - 

lm-ri"-.>r Xu. 

, Xr. I.|f» xll.l+x - 

Jer-i-i KC S.-.; I 
< ■...’«« -.r M. 
i.lll huiul.xin* - 
i li-runi Mi. rx.-\- 


+r jcr^-. 

U765 
.‘12 55 


Bermuda. S TTSn 
1^ 1 6 00 

s£! I 6M 

niai “VI 3 


\202t, 

:eb» 

:or b 
Imo : 

Vtrlote Hoii+c. IHiucIas lxl+ of Man. 062 I 241 IX. 
>l.xnut»-<1 Jt-lx Jn JJ302 13’ I! J — 


21-t el 
303 2] 
not 
i*rsr 


5 00 
I b JO 
2 P0 

:pj 

733 
7 73 
i ID 85 
! 13 35 


Pnxcx an July ‘JO’ Nx-xi dcal;nk Au»-x:-a L" 

Henderson Baring Fund Mgrs. Ud. 

^>5 iljmmon ll«lu>e. Hoag Kune 
J.inanFri auc 2.. IB.B2UI TLtfl I — 

Baring Mend Bend Fd An.: -i JUKInJES. 

-F.xcluxur nl any r-rrlia. .-l. iri.-x-' 

Hill -Samuel ft Co. (Guernsey i Ltd. 

H L.>K(t.vre Bt.. Peter Port ..u-rri— ». Cl 
■ iu+rn*ey TM. ..|159 7 170 9| | 3.4fl 

Hill Samuel Overseas Fund S.A. 

37. flue Mi.tie Dame. Luii-idIouv 

(ji saai a H| -0 05[ — -“ ri :, v " • J -'* : -: - 

International Pacific Int. Mngt. Ltd. S. G. Warburg & t o. Ltd. 

in H.-X KZI7. 5d. Il«r Sr. S+.in'-x Ai.-r 3” (Ire*. hum *>ir.+-l K> X - hi ft 

Ja-.etinkquiiyTA [S.L2 J£ ' 2Ib|-tO»( _ i un*. Fd. Ncg 3 .| it *.9 79 - C *.'?■: ... 

J.E.T. Managers ijerseyi Ud. !5?a *p * . jf-S 

IHI Ho* ]«H. Royal Tm Mm- ix-r-t>'«H 27441 Mer.-KIriF.I Au+C ill .-10 17 10 . ;0Ja9! 

J«-r-+-y Exlrnt. T«i 1 16b 0 ’ 97 01 


Uld. Intni. 'linpmnl. (f.I.p Lid. 
l-i ".liil'u-j.-r »r.-. i ,1- Ii— r *x 

I’ I B Fund ill IMS jr! 91! .. 1 

United Plates Tst. 1ml. Adv. Co. 
14 Ti up- »liiriii 1 :«.T. L-u ••.in*"nr«, 
lt.T5Llfr.In.! I ill. 23 i | 


Si3 


0 59 


■ + -l'.o 


A- +1 July .«! Neal >ub «iux Auturt 31. 
Jardine Fleming ft Co. Iftd. 

4«h H.«ir, .‘"nnaughl <>nir.-, U-iC K»nr 


Jardim- Krtn.TR . 
J jrdinc J’pn Fd ■ . 
Jaritme-s K a. . . 
Jardin+ Firm InL 
Inll Pa* .--ifiJ.llRr. 

. In-un . 

MA\ Julr 14 


J!IK293 94 
5HM6216 
SPS17 22 
JllhlO 55 
S1IK1Z 97 
SIICU09 
Equi. .il.-i.r $1 .--TSiW. 


Nest »uh Jul- ai. 


Warburg invest. Mngi. Jrsy. Ltd. ‘ 
I * tm-m. X- ll.-li.-c .1 x ./j 0-047371! 

'•mfij.i Ju-.-ffl i:r’ i — 

1 "MT I M Juno 29 ]tI2 77 13 30! 

ISO V«..|. Mi Ji.l-2*. -I) 59 12 13] 

0W TMT.H1I- U >!' -’.*55 '.crt 
IM TMTU-J 'uKH jaOJb 17 631 ! - 

— World Wide GroKih Mo n* eeutent^ 

Ii-;. B4.ln..rX lii.y.ii 1 u' emte-ur. 

U',.rlatfi4c Cih F«| S' +lb : •. t'.O- j — 


1 — 
I “ 


NOTES 


TTIrex dn nnr irJwIr J premiur.. x-x- -T-I XX hx-rr- indi.--.lo-L + -.n.I Jf,- ll te-° r# * uixlo x ■•ih.-ra,'i'+ 
inrtlcblvd Ylcldt s. ighmxh ir. ls--X .-i.iumn, .illnu (nr -.11 huyinj x." TH-n s <-(tn-.-rt prire- 
mdude all expenses, fa Tn-xljx > ;.r.« n r Yn-I.l I. ix. il --r. ..-for d L-u-njitii a T.- 1!...'\ 
opi-mng pnro 6 Distnhullon (-+•.- »t f K. W*?:. p FcrvrUic p;x.-miumiii iirj:.t(-|-lun- x. -vr.cl'- 

prc.-nium inqirance. > ng e rx.-! j-ne.- inx-ludx-. uti i-vf+.-n-u-x .-v.-o|.- ;.|-.-n- • 

y_ Offered pnre inctudex :.ll ,-vj,on-u« it t+.u.*hr llirv<i!i:l qi.uie.u~- : f.-x-t ie-j- i!j» • ;.ri----. 
Met ..I la* i.r rcaUsed .-jpii.l caiiu- unlv.-.- iniiiiaio-i f*.> 9 " • -u-.-rr.--.. cru- • y : ; u.-r+.-:idoJ. 


lici.’, TH’i»ri' iMsPJ \ 3 


K- ■ illulv./ 



* *d -o? * '« % ‘ASSt'lEBSieBi 

jap >on»icu union Insurance Group |b) 

7 40 F*. 1v -J. Korairb, NRl 3N'i. MHA3Z Wat 

ira .lr..u..Trt Fd_ | M2 4 J«5]-1*H *91 

+ oo Peat 1 ' Trust Managers Ltd. (a)iRKzi 
130 ga» ’< .ah Hribcrn. ai -iu?f» 



02323-1231 
42 tig +0 !| 4 99 


7.20 rverl i. r..«rth LM „ 

Xx+uir. Vnita.. 

rear I inc — .. 
1 10=77 ET5O0 p.-i.-I I - iTri.. . . 

M 6] —4 4A4 lAvcuio- 1 n.-tu — 


[240 

286 

333 

370 

47A 


lllAWiH-x! 

+n 1 

5 15 


515 

*0 ') 

6 95 

-0 * 

4 7* 

+0 4 

4 76 


472 

60.7 

i62 1 

64.7 

ws 

94.9 

Ulster BanhV (ai 

Waring ■ilreeL Mell.vi 
ih.lTrter.ir»Hth (392 

Unit Trust Account ft MgmL Ud. 

hinc William Sl KC4F3AR 014Q3 4H&I 

Friar* t l*e run. I. 1152 0 161 Otfj .. .. I 4 66 

«Teler rtnli. Fnd... 31.1 32W 4 ll 

l«. 'x.-x-um [36 0 37.9( - — I 4-11 

Wieler Growth Fund 
K.nc William Sl El ‘411 P.4R 
(ncine Unite. IJ1.L 
AccxUn. Utuli IUU _.]36.0 


OI-KS J9SI 
32 8] . ..[ * 11 
M.9[ | 4X1 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Am*.. Loudon EC-'JV MLU. T*?l.: ni-i’S.*i 1101 . 
Index Guide as ai lMh Jui». W7* tUas? i«mi at 14.I.T7 1 

f.live Fixed init*ro>t i'.:ij't!jl IMI.fiO 

Clive Fixed Inien-.-.! Imdhu* 117.-TJ 


CORAL INDEX: i.lnsr 4VT-5U2 


INSURANCE BASE RATES 

t Projieriy Urii.vx:i 

t Vanhru^h flu: j ran feed 

1 .\iJ,Jr+>f, -hi*-- (■ ’I'..!- r lli-iir.iu. ■- .mil i-.-iH.rl* | ..-.r* f 








EDITORIAL OFFICES 

ArnMi-nlum: P.'\ l*ox 12P6, Aniftcrdaro-C. Manrhcxter Quoin’s House Queen Street. 

T.-Ux 12171 Tel 24H SSS Telex W68I3 Tel. 061-634 3381 

< |itr-*rn<;h:ini limrcr Ilm]w>, i;«-nrj:e Rnait Mox.-..» Sadrnn-Samntechnaya 12-24. Apt. 15. 

It lex .IWII Tel. U21-IS4 0323 Telex T&00 Tel 234 3748 

F.-ni. 1T«» Ji.iu 11 104 Heu:rt~jJ!ee 2- 10. Neu York 75 Rockefeller Plaid. X.Y. 10018. 

Tt i* x HI 1181342 Tel 21W«3» Telex 6KT30 Tel *212' 541 482S 

T m 3!‘ line Muejili- l'nri- 06 Rue till Senlier. 75002. 

rt-!«-x 200 Tel 5I2PH37 Telex 220044 Tel 238.57 43 

fa.ru I'M Hex 2IHU. Hi<> do Janeiro: Avwnda Pres. V areas 418-10. 

Tel UlKMIl Tel 233 4848 

rjhliii 3 Fit-’william Square. Home- Via della Mercede 55. 

Telex :-ll4 Tel 785321 Telex 61032 Tel. STB 3314 

Fifwhurrh 37 Gi-nryc Sired. Stockholm: v’-o Svenska DajtbLadct, Kulimbsva 

1 elvx 72484 Tel U31-226 4120 Telex 17TO3 Tel; 50 S3 88 

Fr.tnkiiip liu $»'hM.-n!ai;rr 13. Tehran: PO Bos 11-1879 

Telex 4 ltCG3 Tel. 5.W3H Telex 212834 Tel: 682698 

Jor.innexloin: P'l Box 2128 T«kxo- ah Floor. Nihon Kcinti Shimbmz 

Telex 3-K257 Tel: K38-754S * Building, m Otemaehi. Chijeda-lni. 

Li-fter: 1'raca da Alecna 58- ID. Lisbon 2. Tele* J 27104 Tel: 341 3920 

Telex ISKM Tel 362 508 Voshincton- 2nd Floor. 1325 E. Stmt. 


ADVERTISEMENT OFFICES 

Ji.rmi-iuhanv rii-nrei* House, ilenrcc Road. Manrhocer Queen's House. Qneen Street. 

Telex .TlfltWl Tel 021-454 0822 Telex 6MR13 Tel: 081-834 9381 

fl'liiiinirch. 37 Qxxtme Klrx-vT." New York: 75 Rockefeller Plata.. X.Y. 10019 

T - lex 72-484 Tel. OJI 226 4139 Telex 238409 Tel: ( 213i 489 8300 

Fr .Iiionr I in Xjehxeiilaucr 13. Faris 36 Rue du Sentior. 75001 

Ti-.’i-x l«2tli Tel. 554887 Teles 220044 Tel 230.8601 

Lx'.l lVrmaiiohi Hou The Head row. Tokyo- Kasahara Rinldinft 1-8- 10 Vchilumlj, 

Tel «Ma 4S4f*S Cltiyoda-ku. Telex J 27104 Tel. 29a 4050 

Overseas advertisement representatives in 
Contra! and South America. Africa. Hie Middle East. Asia and the Far East 

For further detatK plco.se contact: 

Overseas Advert i 50 men t Department. 

Financial Times. Bracken House, 10. Cannon Street. London EC4P 4BY 


SUBSCRIPTIONS 

Curies obtainable from new«iMefil« »ed bookstalls worldwide or on regular mbrtripUta from 
Subscription Department. Financial Times. London 




































































































































































































It 


30 


Buses Safcarday A«gast 5-197B 
INBUSTRIAI5— Continued INSURANCE 

' lu iLt4-awsaw(jrLi 
a 


PROPERTY— Contimied 


23 



mmcUDua.SDp 
[Press rwnusp— 
— lranp_: 
Sn-Sp 




HI 

RF.a Group )0p 

HTDGnjjjH 

Radius! lg 

Randalls 

RankOrgM 

mbEsT 

iRedfenrnG tea- 
jHerftaS^H 

iRelyooPBWS— 

(KenownhitYSal 



Bautin 
Hbs- 

Hepmdr Cnnc. I 

HesUir:- J 

|H«mnOi5p — : 

RVopc-iapw 

HncSriiiZi 

ffirvntafs»c 20 pl 

HoHetffAJvZj 

RotlisBro*..;; I 

BoilLMUH IVjll 

Korn 

|BosWi«iK»S 
HtnrantTcmraaj 
Hunting Assoc. | 

Buotj&ehH 

HSchHbmH^ 
Ifhtustritsflg 

I 

ItoiQmtGaifl 

hs£& 

|®aes(WnUuJ 

pMsIHUmyed 

uamioeM. SlH 

potato 6 BarwsJ 
UoJmsaaClnri — 
MiasonMthy.tl 
warfanlDiOp. 

JKS^Inds.^ 

i&a?eds'Sff-Kte 

Kerslaw{A.15pJ 

lHre*E3eBW£J 

jpXP.Hteb~IZ| 

ttJiIn£LIn*tJ 

[LfLC. lot life 


LeBasEtf;. __ 
Lefejff Fahel lOp 
[<ebus Harris..-.. 

LetmaetMJp 

jaa*-. 
fessas-i 

I ' “-*—.1007 
BE — 
•nL 
■50p 
to— 
Top_ 
fo 

i 

LSripSulfll 
Martian Ind. lOp 
frfoBdiafi L 1 ®. V?_l 

|jjjPaEfrc3 


W<mD(AtoeO_ 

|M<KS(RobU 10p- 

Myson GpU( 

Nash 0. FJ l 
Nathan fB.4 
NaL tibia 
NJ&B.4KB 

Nationwide 

NegrahfcZMitaaJ 
NoIJtSp'i . 

StarMUBP*^ 

Noreros __J 

Norton fe Writ tOpJ 
*' — ‘■'MS.lOp. 

IOceFimnceCr_J 
(Office 4 Eject... 

[ 0 £rex 20 p — . 

lO*eiist«K l 2 *ac_ 
PJLA.(HrtdiBB)J 
IParter Kw5tA’~ 

l?auisJf Witter. 
]PecTO«ei' 
'Featfcmd L_, _ 

iDamttuwBi 

[FBUocon 13jp~- 
Phillips Ratejds . 

H»tai(too>-— _ 
iFboto-UeSDp— 

“ B Sr 

Ja 


E&V?.- 

|Rnbpj«ag^. 

Royal Vi ores — . 

bouEsjOO-l 
ISateJStee? 
ISaMtesHadatj 
ISflngersGrp. 
ScapaGnmp — 
SchfenbM “ 
JScotawu, 

\sdx Heritable- 

SemHMp, 
(SeniricorGp. — 
iDa'A'S-vI— 
(SeanivSerncesJ 

raa-SN-V-JJ 

tonaVareSSp 
Isiebo Goman-. 


IsilvWwroeWp- 

{Saaptnol&rA.- 


1 Snails iinkSOp. 
fea^Lwap " 

' uwtawjafr. 

arq.m 

_.j&.pwis 

£*JV%CbvIA 

Kate* for 

Stag Fund tore— 

Soetky-. 

SeJux (tanl RKS 
Sterling bdiiiepJ 
qivltob. • 7 

qtnnohHI Mlltfl ... 


■HKSpeafc^-l 


ret font 
i&swal . 

Th. Tunes Va5p. 
rhirdUlelnr-. 
TsHinfiT. “ 



tandfoW. 

Transport Dev— 
‘ftanwodGp.Sp 
ItenerfeNne.LL 

Tarwr Cm. Sri 
ITKOIml ' 
Utrftonhitefiqj 
UwBcyMp — ■ ■— 
lM*rer_^~. 

£ 20*2 UnlN.TTFl.CL,.. 

■■ esmw 

B. Guarantee 5fi.< 

UnodmuBe— a. 

32 Palm. 

vuwrcajt — -j 
vanenGmX 
VRMwl 
KodenCLh 
WitorRnffi.: 
WatarfanlSp . 
gatahan's -^-4 
«0ln9&K.UMU 
Wedgmwl.-. 

Wffiu. Boast 
Wsttw.' " 

WTuefc-* 



*ksrtfy 
wiliesU-t- 

, „ , SfmpwMb*rit 
) 2 S 6 «01h1tt3rtch£l. 

n .1 TOpc Cur 

WHiaiaaiJt—- , 

3'SSRS^ 



WaScttsaSp 


f -2 


\+h 


J-FS 


+z 


+2 


+1 


Ik 


+2 




192 


280 




+» 


+2 


+2 


3.05 

t5.02 

»3J5 


4M 

aw 

2.76 

flL02 


3.95 

HP. 

5160 

t26.M 


5.4 


I — 


tUS 




tOS6 


tlUJ 

0.73 

JJL 

tO.7? 

law 


t. fiS 


<«wi 
75 

h3.80 

3:76 


13.60 


+5 






: .M9L6t 


- 1 . 


7t7 fl.1 
5J142 
— . - 5.4 78 
3-lilOj 14JJ| 

I S 7J 5.0 
110 — . 

II ( \ J ' 1 

10J 4 

6.8 314 
B3| 9 2 

a .jlflJS 
4.8 25.5 
8.9 7.4 
U 9.7 
27 821] 

bl 14.1| 
4.1 


'A 


iM: 


M 


0^292 

82(132 


Stork 

BtnrriM iCT'. 
SmtaUl Bd 10p_ 

' grtr3imw5p___ 
CsffiSilnrfAjaSL- 
Coooi 

EaeleSUr 

1 tiKULKWi nr 
Equity!- Lau-Sp 
G« Awid^nt .. 
Guardian Hm-?!.. | 
Uambre Life 
HeaifiiCF >ajp,J 
Hopjt Robinam .. 
8 o«lEiii.\.nrip.. 

. Legal &G«iap.. 
* Ler.&Grhrn 10p 
] 120 - Um. 6 Uan.Sp.... 
1132' Ludsal'Eiud^ 
junberwr Mp. 
Start Hldgf.aip. 
BanmClltisl3Dp„ 
Ptarlap. 

Ptaaia — . , 

- Pnmdent"A’ , __ 

t Dn-BT. , 

: PrafenUaLSp 

®5p — 


Price 


+ or| m? 


' SnnMiaacetl... 

6.0)114 } 91 Sea Life 6 p 

1 964 m •. WshoMar.EDH 
175 .4155 Trade Iadeamily 






£17>,m5«laaSa30_ 
TRIHsPaber_ 


Srt 


+1 J299 
L30 


-1 


+2 


-1 


932 

|Q5L® 

1 


679 
822 
1032 
2030 
4.90 
626 
17.31 
586 
M434 
t 6 J 8 
h3.83 
0 33 
33B 
3.67 
1278 
10.51 
029 
029 
6.75 
822 
16.70 
9.74 
tt.ll 
20.46. 
13.47 
eQ 10 %| 

fel 


Or 


a-» 

8.0 

3.8 
7.3 

5.9 


2.4) 


P/E 


7.71 340 


aid 


fr.ri 

5 hi 

si] 

6 3; 

B.5 
2.5 
45 
63 

5.0 
55 
67 

$ 

5.8f 
9.B 
9.7) 

61 

II 

S.7i 

*4 

oi; 

73 

3.1 

4.9(32.7 


U 

* 

93 

U5! 

iiT« 

8 .W 

D.r 

671 


34 

82 


.UL 

*««-■» 

9D tz 


MOTORS, AIRCRAFT TRADES 


3M 7 .6 6 J>| 

55 6 l| 

67 5.4 [ 

5.6 *• 

.9flX;3 fljfl r - 

3.9 2Z8E1S 

4.9 73 A . 
■ZO 60 

5.7 S3 

- - 
37f 85 .4J1 
* 9.6 60 

93 S3 

56 08 

02 3.7 

03 5.7 
96 4.9 
5.0 "50 ; 

109 ®-4 
66 6 

33 lls 
2-6 - ■ 

96 246fc 
5L4 76f „ 
46 56L» 
J 92 i#. 
dio .6 loir 


23 


_ , 



255 

45 

+10 

Q34C 

L7 

7.5 

U 


__ 




104k 

-k 

31524 

2.4| 

7.5 

£13*2 


Q 12 % 


3-2) 


* Motors and Cycles 

20 gLSOp. 

!i£ • Gta.mCnits., 

37 U*aBCarlOp._ 

5t BeHialSltr 5p_ 

{,3‘z Eotlv 8 (?«eJKrs_ 

[762 VolioKrtfl. 

; r •Commercial Vehicles 

: ..teir.tHMcB.)— 

i- FodeaaCStor 

I PaikfnteB&lOp 

h PtetOBt 

fFoiklnikrlOp. 

. Components 


ua 


2 46 

13.1 301 

63xd 

, lM „ 

3.40 

* 81 

8 


*05 

2.5 • * 

90 


th3% 

3.3 

58 


d2.17 

53 86 


34 


13«* 

a im 


Mfflp! 



46-- AWwfftnete — { 

■30'* inflow Stream.. I 

flW “ 

.52". AntnD»tjve._ 

56 - Pluwnri Bros. ._ I 
J.ZK* BrdmBrna.lOpL 

,l£14‘ DanaCtap. 

Jl52 ■ Do*ly5‘ 

71 Dmkn 
96 n#ti . 

81? Hrmn-Simih ]0p. 

; it &*FItliMgsMp_ 

’1240 JCncat. fonts, £ 1 — 

31k toraGwopUta. 

95 . Tumerltlz ; 

55 - KhnrtBreeden. 

86 . S»oodhe»d«a~. 

87-P*mWrA’50p 

. Garages and Distribntors 

ftaimsGiMjon 


5? 


d2.hft 

38 

74 

46ffi 


h? 46 

41 

81 

,62k 

~ l r 

+787 

3.1 

44 

112 

+>2 

15.24 

3.1 

70 

S3 

hL38 

80 

71 

70 


3.73 

26 

74 

£22^ 

24® 

:5 s 

LL08 

Qtl24c 

4.54 

li 

3.7 

44 

6.6 

3.1 

?fl 

73 


5.38 

2.3 

310 

191 

+i 

2.89 

44 

71 

m 


075 

1(1 

36 

51k 


hi) RS 

33 

74 

324 

+834 

43 

3.5 

53 


tl.NJ 

4(1 

4.5 

IAS 


4 05 

97 

4.2 

63 

a 

313 

3J 

74 

94 

386 

4.4 

63 

99 


4.47 

2.4 

6.7 


102 

326 


4.8 


3 ‘fSSHk 

tlio ^mtonXHO'. 

34k BSGInLlOp 

35>> BraW GronpSp.. 
4ft- Blit Car AncJOp 
19 WLSA-iCpL.. 

84 Ca^wSB-p.. 
29U Grimorelns. 

35 Cwfe(Tj5p — 
. 74 . BsMiGoalrer— 

39- Forehaw 

49 WwlF.GJ 

29, BeMLawr.. 

71 (HMJfTlav*. lOp. 

tT.Cj- 



(Us Service Grp., 



(W «dh™.Stt.lQp. 


+1 

+2 

+1 

+2 

+12 


+3 


4.42 

M634 

7.87 

116 

tl.40 

t 2.01 

tL44 

&50 

d2.44 

itdl.73 

336 

4.64 

2.85 

L57 

127 

d0.47 

d4.18 

(6.80 

tB.71 

T328 

sr 1 


ip 

+i 


m 


605 

L57 

ttZl 

332 

tzso 

609 

052 


ii , 75 

10.07, 

.164 

233 

2L23 


3.2) 87 64 
24.7 
9.4 83 

8.8 52 
76 4.0 
53 5.7 
7 0 93 
83 8.0 
B .6 7.6 

UJ 4 
60 3 9 
5.0 

86 63 
S3 (4.0i 

4.8 


if 

la 

*81 


U 

2.4 

621 


73 

4.9 

2X9 

2.6 

84 


63156 
1.4# 53 


7.0 


Si 5*7 
33143 
f4.8 
103 * 
5.9 52 
83 7.0 
5i 55 
55 32 
10.7 66 
68 3.8 
189 


NEWSPAPERS, PUBLISHERS 

|ilsoriNei«-__] 

IAw.-BookP.aHt. I 


M . 

35 * 152 
J u- 35 *; 

a? ft:* 

4.fl 63 S5 

4m- 

'U^aS ' 

fSW- 

JP.W 

LO —JHB- 
5L8 42 58k 

86 56 AT 1 
81 S3 
)103 (92) ■■■ 
69 26 
M 322; 

64 


Shi 

» « 1 : 
4.713-8 S 
33 76 S 
33 73 S 
43 73 g 

W ?•? I 

l 135. 
a 4.6J 17 fZ 
IVL2 66 ™ 
96 60 3 ?S 

67 9.4 g ' 
,43 84 , 

, 63 86 

Hl9b 


.to.. 


JlfilrMaaM-aip. 

(B Mid. Allied -A' 


Pyramid 10p__^ 
RouUedeeAKP; 
Sharpe iHTf] . 
rhorason 

DtdNewran 

WehsterePnb 


187 

+i 

5.90 3.9 

4.7] 

233 

- 2 . 

4.08 73 

2 Jj 

53 


2.91 2.4 

82 

70 

-2 

241 8 

S .1 

117 


(14.97 3.1 

63 

122 

+2 

6 iZ 2.1 

80 

128 

-2 

4 75 2.! 

5J> 


-2 

4.75 2.5 

5i 

35® 

+i 

33.10 1.4 

5.5 

58 

-i 

h2J0 33 

5.4 

80 


K266 9 

5.11 

-85 


4.57 2.1 

811 

152 


+660 26 

85 

:,m 

-i 

7J7 2.4 

84 

51 

-,. tl 

4.43 L 6 

12.5 

27Z 


♦9.03 s.a 

5.(1 

260 

+i 

46.08 4.1 

3.5 

41 


d2.49 23 

9.1 

180 


4.1 1 8 

33 

Z 1 D 

—2 

td3.4C 5.1 

84 

267 

-8 

2.00 25 

LI 

35* - 


14.19 33 

60 

57 


136 3.4 

3.6 

r-« 

+>2 

L42 3$ 

4.9| 


14) 63^ 

, 33 43,33 

m 

6 .! 7 if#* 
«ao 

« « 2 .It 

■HW'S 

UJff 

22 32.9. “ 


H ting— I 

ist 

ianJI„ 
KffllOpj 
timer wiard—^j 

'Defenflp -) 

|DRG- 


jEariXanrs-Ppr^ 

iFeSf^SuC 


PAPER, PRINTING 
ADVERTISING 


4.41 


|+k R93] 

3.98 , 
6237 
332 
1.02 




FlnlasHoWingt 110 
Geer* Gross lOp; 45 
EarrwoaiSocu: 

IPG 10 o*. i 

64 ' hnffwlGmSOp^ 

B L4T Poster Mp I 
HrConiuadjtafl— 
Mdody JliUs__i 
- MDlS A Allen 90^] 
HmeO-Fwr.lOp 

V 1 BSHb 

' Oxley PnirtCnt.! 
Saatt±ift5aatoK4 
Smith (Drii' 

SnmrfltUe 

TMnspairatPpt 
Tiidani^wqu- 

Psbw Jjdkajta. 

. „ ff art Group Sftu 
|lS 6 VaddlngtDdtfJU 
72k *■““« 

11 SjattW 




1+2 

NwaM 
228 
2.52 , 
7439 
2.70 
7.45 
5.01 , 
+334 
332 
223 , 
IU1[ 
191 


+1 


7.7\ 84 
8 il 94 


WB 

High Lo« 


39 
41 
43 
238 
£lBfi 
£158 
£152 
51 
237 
1D3 
71 
138 
237 
30 
. 50 
235 

S% 

128 

46 

S3k 

347 

*123 

315 

169 

ft 

87 
77 
125 
9b 
US 
•43 
129 
£174 
278 
240 
. 71 
70 
17 
117 
24 
282 
148 
292 
20 
19 
38 


PM 

321; 

34 

190 

£145 

£125 

£125 

37 

'173 

77 

55 

104 

105 
14 
36 

145 

IV- 

103 
45 
, 6 * 
1280 
61 
,280 

8 

74 

59 

89 

72 

97 

32k 

100 

£140 

216 

170 

ft 1 

& 

£40 

fll9 

M 

lb 

30 


Stock 

E irny Property __ 
ntervsnipeaaUp 

eror-T laves 

Land Invca 

SOr*... 

lV 1 _ 3 i 5 wr.n-.JE, 

IK W'iCunv 9j 
'Law Land 3q, __ 
LendLea>i-Vlr 
Urn Prni' Shji tup 
ba Ship Prop 
Lratan Ildar. Wp 

[MEP*: 

llarlerFtfUili 
Mctri-mev 10 p~ 
McKa>SKJ.Wp. 
HjdfcumU'S.lJj,, 
Mwmnew5p..._ 
Bncktow!. 6 &J.i 

Nohon 

Peather 

frepUldc Alnv. 
Prtp. Pan. -hip _ 
Prop. & Rev. ‘A‘. 
Prup SctlnrSlpJ 
RapUn Prop. 5p„ 
llejjallan __ 
Reelonal Prop— 

Do.’ 4' _ — _ 
Rnik 6 Tompkinjj 
-Santuri Props... . 
‘5u4.Mnrop.20p 
.SecoddCilriOp; 

(Sluiah EsU 

Df.limonT.-90 
Slock Conreren_ 
iSanlffiBjlny... 
5wire Properties 
Town Centre. 
Q-own&CltylOp, 
(TranonlPart— 
UX Property .. 
L : td Real Prop.. 
Warper Estate— . 
Wandwdlnr.MpJ 

~i<~m Uosi 5p 

WnnnflerP 20 p 
Winaon Eas 


Price 

340 

35 

41 

43 

238 

£187 

£157 

£151 

47 

255 

203 

70 

132 

137 

26 

38 
235 

40k 

57 

128 

46 

83k 

314 

lD5xr 

312 

167 

SU 

11 

78 

70 

125 

90 

110 

39 
123 
£173 
273 
238 

65 

69 

13d 

117 

21k 

272 

141 

290 

16k 

IS 

371; 


|+ orj biv 


+1 


+2 

-i-' 


+1 


Diet 
M 62 

*o:i 
162 
th0.68! 
S.40 
Q5's' , 
MMJi 

1.02 

was*. 

ft.EC 

T305 

Z.S 

11.75 

4- 

7-2.03 

11.43 

134 

th2^5 

203 

(2.03 

664 

(2.5 

524 

Tl.91 


1 TW 
Clr Grt 


R102 


W21 

a .97 

n.76 

230 

Q10%| 

203 

4.01 


83 
0.01 
T3 71 
0.33 
525 
12.70 
7.D6 
bd0.49| 

L29 


* 

b4 3j 

69 

18 

04 

12 

28 

16 


15j 

2.7] 

0.ri 

lj 

111 

6 

141 

d 

ij 

a 


I 

3.4 

i 

3 1 
1.2, 

I 

BO 

0.9| 


33 


. *4 

b|31 , 
4719 


27 
6.7 

28 
o.a 
11 

1 

2:5 


5.1 


INV. TRUSTS— Continued 


ns 

2122i 


22.9(308 

54.91 ■” 
29.1! 


MB 

m^i Low 
32' 


FINANCE, LAND— Continued 


175 
166 
104 
82 

. 73 
1530(256 


166 

48 

an 

* 


42 

32.1 

39.1 


90 
87 
94 
302 
7)320 


39 7| 

m 


,677. 

fi! 

M125 , 
'49.6 
118 
29.7 


* 

♦ , 
69 2 

£ 

\r 


134.1 

133.1 , 
14.0| 

202 


SHIPBUILDERS, REPAIRERS 



jllmhorn L adp. 
Swan Hauler £1. 

JVwper 

|Yidnw30p— — 


64 

138 

196 

270 


-5 


696 

(5.0 

T4.68 


7.5] 115 
3 .« 7. 

2 .a 9.0 


SHIPPING 


8)136 

130 

121 

134 
73k 

150 

575 

64 
30k 

129 

B7 

113 

72 

88 

12 

08k 

6(257 

212 

128 

199 

82 

30 

45' 

4 

70 

228 

164 

206 

142 

159 

4Sh 

213 

65 
230 

70 

135 
241 
123 

85. 

96 

85 

83 

118 

152 

220 

91 


305 

252 

[BriL & Com 50p. 

289 


940 

39 

49 

81 

94 

70 

m 

112 


116 

+3 

590 


76 


111 

76k 

165 

n? 

Fisher iJl 

165 


2.55 

77 

74 

91 

185 

13« 

348 

706 

Furness WithyCl 

248 

-5 

8 79 

4.C 

5 0 

62 

51. 


15/ 

104 

fltndincGihsan.. 

114 

+6 

517 


68 


39 

35k 

41k 

31k 

Jacobs (J. Li20p_ 

31k 


dl 88 

7.7 

9.0 

IE 

69 

49 

39 

25 

\ab O’Sea* Frtn- 

28k 









175 

,«■. 

145 

107 

LjleShipfrtac — 

111 

+2 

4.97 

0.5 

66 

500 

151 

120 

255 

TOO 

Man. Linen Mp- 

220 


5.18 

23 

3.5 

161 

93 


26k 

12k 

Mersey Dk Bails 

25 A, 





LI 

177 

125 

85 

66 

Jliifonl Docks £1. 

72 


7.77 

4 

5 6 


13* 


13* 

104 

Ocean Transport 
P.feO. Refill-. 

107 


8 37 

76 

117 

(3 81 

113 

88 

US 

83L 

88 


664 

1* 

113 

i5J> 

Wk 


140 

60 

leanhHiSm.50p 

62 


*164 

34 

* 

64 

122 . 

S 1 

46 

Mi 

Da'ASOp 

3U. 

+k 

*1 64 

34 

* 

35 

112 . 


115 . 

68 

Rimcimaa (W.l _ 

69 

828 

21 

17.9| 

82 

106k 

103 

.71 

68 


SHOES AND LEATHER 


B" 

67 

104 

57 

100 

75 

42 

51H; 

50 

56 

41 

70 

64 

35 

94 

32k 


f 

56 

93 

3D 

64 

47 

36. 

38 

40 


AtlebmelOpi- 

BoathOntnli 

Footwear lavs. .. 
iGarnaTScMblair 
(Readho Si«s5p. 

HilumtSOp 

K Shoes- 

Lambert Hth.lflp. 
NpirBoliUBnn'B . 

lOlrveriGi'.V 

461« IPittaniGrp - _ 


33 

54 

41 

1EP. 

ft 


Stead 4SimA'. 
Strong A Fisher - 
SirloSBoes — 
TunttrWfrKlOp . 

Ward White— 

WearrelOp 


23 

-k 

202 

53 


4.46 

56 

-1 

+<13.95 

98 


457 

57 

+2 

11.73 

100 


4 97 

75 

+i' 

+130 

41 


322 

50k 


2.84 

50 

ii" 

190 

S3 


281 

41 


2J6 

61 

+i 

t4_30 

61 


375 

35 

Mlll 

bllS 

94 


»4.02 

29»i 

a 

tL33 


2.0 6 61^94) 
3.4 12.6| 33 
2.4 103; 


. M 

7.01 4.7 
4.7 


4.1 

7.S 45 
2.» 7.4 &9 
5.3 4.6 52 
23 11. 7 
3J 8 4 
2 7[ 5.7 
42^ 7.9 
L71 7.9 
2.4^105 
3 i] 4.4 
5.0 
6.4 
69 


53 

5.9 

9.9 

u 

1L0 

8.0 

4.8 

83 


116 

610 

130 

821; 

97 

145 

125 

450 

102 

1B0 

83k 

600 

71 


B0 

[420 

83 

28 

62 

95 

87 

1288 

35 

H30 

. 58 
|445 
55 


SOUTH AFRICANS 

Abercwn R030_ 

Anglo.4ntla.R] 

.Vng.Tr’sInd 50c 

Ed works 10c 

taddFlds.P.2:< 

|Gr1nmsAa0c'_ 

Hvd«u'sCpo.Rl. 

OK Bazaars 50c . 

Primrose lOcia . 

Eet Tnirtcm 'V5St 
S-4. Bre*r Me . 

JteerOaURl 

lUrusee 


107 

590 

130 

+1 

+10 

*Q29c 

Q53c 

020c 

1.7 
2 A 
8 

* 

64 

9? 

80 


06c 

9 

4.6 

85 


Qflr 

17 

5.6 

130 


w 

0.6 

4 

93 


4> 


410 

-io 

Q5flc 

14 

64 

73 



o.c 

* 

180 


40 

9.3 

82k 

+ik 

8nS 

9 

an 

600 

Q52c 

3.4 

5.7 

67 

+i 


12 

9.fl 


TEXTILES 


Allied Textile... 
Atkins Rros ... 
BealwtJ >3ip ... 
Beckman A. IQp 
Btarkvrood Meat 
Bond Sl Fab. 10p 
BrighlUehn: — 

%TFnk C JZZ P - 

BnLEnkaion. 
BriL Mohair 
BohwrLiab SJp_ 
Caird ■ Dundee i_ 


Coots Patous. 

. Corah 

JCoonauMr 

Do. 7*» Dehffi 7 
Cromher'J.i — 
iDanKmlnlL — 
Da*A' 


lichams 

Bolbs&rpSp_. 


[Dhon i Dmidi — 
tolyiCiilLiari 
poster 1 John) 
BajymsiJ.llOp-. 
iHkkingFsLMp 
HleldBros-np— . 
Hi ' 

■ n 

Uamfrji 

orptortbU-ajp. 
Do ‘A-ajp — 
IngramiRiHIp- 
ImonwiHIdgai. 
Leeds Peers- — 

LeJthMilU 

Lever 5p 

Litter... . — 
Lyles iS iSOp .. 
MackayHueh. . 
Mac tairaon Scot* 
Martin 1 Ajaop... 
MiDeriF.'llip— • 

Moodort 

NmuManU ..... 
NmaJereevSDp- 
ParUand'A-.. - 
PirkWWiACe 
Do. 'A' W >0p.. 
[R-K.T.IOp. . _ 
iRadJej Fashions 


162 

52 

75 
74 

25 
33 
30J; 

,r- 

5 

15 

6 

31wl 

71 
40 

122 

£741; 

35 

142xd 

141xd 

76 
28 
40 

107 

107 

13k 

49 

72 
45 
32 
31 

26 
49 
65 
19 

9 

45 

62 

43 

46k 

102 

43 

68 

130 

43 

77 
15 
11 
92 
52 


+1 


+k 


-1 


-2 


-1 


-Vi 

+1 


-1 


wi ns. 

2.92 


SS 

2.64 

2.46 


Z.76 

3.16 

1.67 
2.13 
246 
331 
1-88 

7.67 


$sr* 


d\ 

3.78 

3.78 

7242 

201 

hols 

7.31 

0.76 

3.06 

4.61 

d3.17 

15D 

150 

L31 

h2 82 

hi 53 

dl07 

0 T 1 
457 
«133S 
3.67 
3 76 
3 47 
334 
329 
B056 
d323 
OJO 
0.70 
♦4 76, 
tcROQl 


iSnj 


181 


3.7 

3.9 

26 

33 

3*4 


10JJ 

za 

Zffl 

20 .S 


15 


For Heed iWmi see Ririnpron Reed 
priiamtKnilSp "* ' ' "* 

Richards lOp ... 


72119.91 


65 

•93 „ 

"Bife 


3141? 


iU 


!* 


PROPERTY 


RmneuuReed. 
S5£T2Dp— 
Sco« Rnbertmn. 
Sckerelnt 10t»- 
Shiw Carpets 19p 
Shiloh Spinners. 
Sidtawlfi&SQp.' 

Sirdar 

SmaQ&Tidmas. 
Sn.VisconJJ30- 
DaPnv.uaiO- 
SpencertGeo.J — 

Stoddard -A’ 

SonudBdeyOr'dJ 
Tero-Consalaic.-' 
... TisrrdJrsv. lOp. 
46 Tccokliuou— _ 

44 k lootal 

31k Tora-VSO.. 

27 . TraSord Carpets 
48 Tn rod He Vip — 
41 VTts-TaSOp — 
34 VDrts.FineW.20p. 
31 [Yoa^hal— 


44 

23 

84 

62 

31 2 

94 

70 

30 
73k 
43k 
42 

31 

30 
61 

31 
56 
47 
60 
27 
72 
50 
38 


120 ) 


70 

58 

32 

, U 

ns 

5.6 

42 


H 


sfl42> 

♦ 
45 
52 


t 


ill* 


AS 

10.7) 

9 S 

(loi 

ai 

, « 
10.0 

10 -lf 

7.3] 

75 

If 

8.3 


iiw 


0.«1L4 


10 a 


35 

3.7 

12.0 

67 

5.8 
60 

i, 

54 

+ 

155i 

+ 

* 

$ 

49 

73 

65 


94 

14.9 

61 

43 

84 

85 
7.0 
t 


6 2 33 
6910.4 
94 7.6 
7.7 56 
115 43 


+2 


-1 

+1 


+2 


+1 


2.93 

tl.05 

d4.49 

fdl.67 

278 

153 

254 

1.66 

611 

|td226 

24)3 


250 

tL34 

152. 

167 

1.02 

3.U 

2.76 

ST 1 

♦1.86 

355 

L85 

2.08 


2.910.0 4.0 
Iffl 85 7.4 
25) 80 57 
4.0 3.4 
82 5.6 
60 « 
7i 4 
8.015 0 
9.7 10.7 
61 4.1 
10J 9.2 


acr 

76>a 

129 

68 

80- 

112 

94 

67 

67 

B7 

105 

195 

91- 

89 

ns . 

57k 

82k 

1*1- 

?0k 


ilS 

189 

250 

51 

51 

,U3 . 

27 

37 


140 

132 

79 

66 

56 

214 

58-', 

56 

75 
llW 

90 
■102 
1100 

87 

44 

. 56 
(124 

(455 

46 

2b 

76 

ft 

a 

B- 

.ft 

212 

liM 

has 

hi 

24 

38k 

J 

040 

fl72 

106 

123 

27 

155 

60 

163 

55 

,B6k 

194 

961; 

60 

74 

63 

58 

91 
102 
tiro 

1 ? 


Sock 

BriL trap fere 5p 
Bm l.id &uen 

EnUnv<>» 

Broad-iujic JMp- 
Rnimerl.i5r.__ 
BtJvoaaSllp __ 
^LBFJas . ... 
nlidomalm . 
kluiunmn T 51 . 

“3* HlL Hud 1 l(‘u 

.rflm' 

un l Ffircun. 
'Capital & Nat. _ 
ivi B". 

.ardmni Din 

|Carlivl [p-. 

(edarlnr 

‘Jian I L for -l 
Do. Lap. . . 
Charter Trart 
'i'll)* Com lnc._ 

Do Cap .£!• 

C II) 4 fur lm .. 
t’ilyi |ijimtjYI_ 

City of Oxlnrd 

Clavcrhouse 5ft>, 
LfiltmlnvfJOp- 
cijd«daielnvM- 

Ho “B" 

JCoIonial Secs Wd. 
jContinem'IAlml, 

(ConlincEiHfoionJ 
Cr«nlJapaa S0p_. 

Crosslnan 

K'umalnslnr 

DsnaeantjiSOp) 
DaiCap)10p_ 
rtefeenrare Coru. 

Der^TsllntEl 
Da('ap.50p— 
Doannion AGea. 
Drarira Camel-. 

Da Cone 

Da Far Eastern 

, Du. Premier 

Dual lest lot 5«p 
Da Capital £1 _ 
Dundee fcbw._. 
Edinburgh Am. Tn. 
Edm.lnv.Df £1 . 
EDeelri Inr. Ti _ 

,Ei«v It Gen. 

EntL JmenwiL. 
,Eog 4 N V Trnst-l 
Eng.AScuf. lat_ 
EquiieCons'iCl- 

I Do (JeTd 5(h) 

Equity Inc Sap— 

Mate follies 

F tCEnrmrust 
IFaanly ln«-.T#L- 
FiretScw. Am— 
fForeJgn *Crl_ 
F.U.GJT.410J5). 
Fundi nvesi Inc.. 
Do. Cap. 


ft 

97 

S 

90 

s 

48 

691; 

.78 

tl6D 

69 

6B 

5®; 

(too 


421, 

651; 

h07 


G.T. Japan 

Geo bComm cL. 
Gen. Cnnsnldld. . 
General Fnnd3_ 
DaConrlOp... 

Gen. Imwtore 

Gen. Scottish 

Hien-Sthldis l2kP 
KlascowSChldre.. 
Glendemm lnr_ 

Do.-B- 

|Glemnumy for.. 
Do -B OnL ... .. 

Globe Inv 

hJoictt Europe 

[Grunge Trust ._ 
;Gl Xerth'n for— 
Greenfriarlnv . 
Gresham for...— 
Group Investors . 
Guardian Inr.TsL. 

Harahrta 

Hill 1 Philip] 

Hume Hldi-.V_ 

Dft-B H 

IcofnndiSi— 
Da «l, 


■Jft 

1228 
Ok 

44 

38 
87k 

20 
■3 

95 
401; 
16 
h 59?; 

% 

- « 

■46:^ -3* 

T 

79 
16^ 
70 

40 
33 
62. 

41 
50 
25 


,6 

pg 

S 

83 

205 

124 

83 


Tjra » 

ag 75 BO 

its ft 

3^- ?95 
2^3231 lb S 2 

14.61 1» 

91 

64 


m 


,«g 

ItSm' 
1 *1:6.1) 
IioSqui 


3^205 
2M 6.7 

.IS 



sS 


9* 83 
OJ $ 

83 iO K , B 
02 .— |118 
85 

11 h 

¥. ai 

i r 

13 95&9S 


S 


[ADULmk*^] 
(Allnan La adm- 
jaripatontot 
Aprs PTOPSlOfi. 
LlquiS'Secs.ff- 
ureourCTse! 
[Beaumont Pn 

BeaienC 

BerketorHanbek. 

BiftoniPctvyL-. 

BtadlortProa^ 

griLAnzaaiip™ 

ton l^cCnv.SOBL. 

BrurtoaElBBt— 

krjp.ACbtatietL. 

RSBfe 

h«roimwl%, 

^gfct 1 


£103 £60 
JUKI £78 


S 


s. 



U'ntryNcwT. 

lew ft ml 

[DorringtanHta- 

[Ens.PrtW^Ois^. 

DofikpeChr.^ 

DalipcCav— 

Est. Prop. Inr_ 

■ filKj 

■udSOp. 

rera‘A , v 

HK L am LH gL 


hX88 

437 

3.55 
069 
165 
M3 .87 
td4 0« 
12.91 
3.27 
627 

MI. 


110 


OiA 23) 18B&.8 


+1 

+i" 


+1 


+1 


1-2 


4.70 

a92 

L99 

0.84 

2.03- 

0.66 

10.80 

3.05 

051 

3J4 

253 , 

m 

0.46 

102 

7103 

HL32 

8.69 
4.43 , 
. tdlJfl 


2.4) 4.8113.0 

# 3. W 4> 


L«10.3 


- 6-3-J 

295! 


|P)3l 

«3- 


2,£Ji297. 


3JHrMA 


2ff4 
4.9(22-9 
18.6 
iftlt 
1305 

IBM) 

a: 


52.8, 
7 4 17.6] 
15 27.9 
20 214 
68 ( 166 ' 

185 

31.9 
10.1 

1^645 
4.0 '29 6 
2.025.7 
24 


TOBACCOS 


273 296 
373 

W.71 3 ® 
9.9: K 


BAT In*. 

Da Defd 

DrahiUt.A iWp. 

1 Imperial — _ 

RaUunaiuiUkpL.. 
SmBsaHn Vk - 


325 

+3 

11321 

f33j 

63 

287 

+2 

■ — , 



355 

+2 

885 

53 

37 

84 

+ l 2 

373 

12 

10 5 

**k 

-5 

207 

qi.5 

5.3 

62 

-1 

2.83 

2.9^ 

68) 


9.3 ai 

64 55 
7.6 * 
41 55 
5.0 * 
101 IL2 
85 5.9 
L9 55.0 

59 $.9 
30.6 * 
73 

73 


TRUSTS, FINANCE, LAND 
Investment Trusts 


.Aberdeen Im . 
Aberdeen Tna(. 

Ailsafov. 

AHitutcelav—i— 
ADIaneeTrttSL, 
ABMundlne-SOpL 1 
Da Capital 50p., 
[Ambrose lac. tor. _ 
Da Cap 


[ .An’ftn can Tran. 
American TAT 
Anglo Am Sett- 
Anglo-lniDit— 
Da Asset Ste_ 
AnglaSeaL lnv._ 
Archiiwd» lot. 
DaCap50p — 
ArgoInv.iiAJi- 

Ashdmrnliir. 

Adams BaB.lOp 
Atlantic Ansels ^ 

> AUta Elect. 

AosL&laLiSOp 1 . 
Baates'lar..— _ 

« BrniTrad.^.-.. 
BuhqisutaFnip.| 
IraS&pgateTS- 

1 Bmtor&Stbi-IDp, 
1 BimilFuwiCrtl 
BrarilSjnr.Cm- 
BromarTM __ 
Bndgewnter—™ 

! Bnt-AmiGrtL. 
Bntisti Assets— 


53 
152 
116 
112 
244 
UB 
202 

54 

69 
501; 
49 

110 

«k 

144 

49 

70 
40 

146 

138 

63k 

V 

102 

63a 

72 

71; 

186 

swa 


24rt 

7 

45 

•Pa 



2.39 

+1 

#5 13 


+4.18 

+1 

3.05 

+2 

121 

+2 

8A3 

+2 

(1.43 


437 

+aT 

L37 


3.05 

+i 

32 5 


+163 

+2k 


tt 

<JU%I 

+410 


0.51 

-2k 

041 


193 


12.74 


2J» 

— 

rt.88 

t1 

(1634 


15? 


IfSiitt 

IR , al 

W 1 



-1 

lib 


LO 67(220 
11 5.0K7.7 
11 5.4 264 
ID 41(365 
10 


lono.T 
11(129 


ill 44 


unu 


ioj 

ii 

ioj 

• 

1~0) 

26; 


4.4531 

IB.7 


41 

10.9 


111 

I&6 

fa 

13.4 


5.0)300 


135 

,201 

n 

320 

361 

245 

799 


m 

4.y 41 
37:265 
95] * 

i7]SO 

4.6(366 


IU3 
. 55 
1204 
123 
89 
24 
70 
45 
451, 
80k 
56 
68 
44 

91 

108 

835 

21k 

134 
22 
42 

78 
101 
113 
125 

61 

59 

135 
75 
28 

139 

41 
3b 

189 

159 

£6>k 

63S 

£50 

500 

1105 

59 
b 

,217 

77 
133 

97! 

79 
181 
156 

42 
,115 
1271; 
165 
116k 

79 
88k 

108t; 

106 

213k 

97 

96 

209 

460 

140 

80 
il23 
165 

68 

122 

ISSk 

108 

108 

104 
26 

105 

78 
£125 

79 
1115 
184 

78 

feb 

159 

1113 

150 

121 

60 
140 

21 

104k 

198 

900 

99k 

84 

320 

212 

102 

99 

183 

31 

ft 


Price 

12 

108 

174 

166 

104 

82 

73 

253 

90 

87 

94 

302 

120 

136 

130 

121 

134 

73k 

150 

573 

64 

30k 

119 

86k 

113 

72 


85 

255 

211 

128 

197 

81 

26 

43kd 

4 

70* 

228* 

148 

206 

142 

159 

43 

213 

63k 

230 

69 

131 

241 

223 

85 

96 

I? 2 

83 

nsxd 

152x1 

220 

91 

ft 
111 
185 
50 
38k 
67i 2 
175 
151 
93 at 
177U 
138 
113 
971; 
122 
112 
1061; 
103 
m 
76 
123 
66>; 


InduunaliGen. 

Internal lav 

fov.inSaccea — 
Investor? 1 Cap— 
JatdiDeJapan — , 
Iodine Set BESLI 
JereeyErt.Pf.lp 
lereej:Gen.Q — 
Jon Holdings— 
Jore Inr. InclOp 

DaCapZp - 

5«stonelnv.50p_ 
Lake Vie* for.— 
LaiK.feLan.Inr. 
Law Debenture. . 
UraidSiIj.Ratlp 1 
Ledalnv.lnt20p 

ZKxCnpSp 

UValkmetlur., 
Lra.AHanlic.-.. 
Lon.4Gart.50p-, 
Lndn.4HolKood- 
Lm.feLennnz.- 
Um.iLiv.lOp — 
LcafeLamond.. 
Lro-fe Montrose. 

iLua-fePrw 

LoaProdeoiial 
Lon.fcS'elyde— 
Lon.TstDfd._- 
Lmriandfnv — 
S6G Dualist 5® 

-Da Cap J0p__ 
Do. id Dual Ik. Up 

Da Cap 4p - 

nUn.4Jletrop for. 
HehlnnnLn..._. 
Mercantile In v_ 
[Merchants Ta- 
panis invest — . 
Moot, Boston IDp 
Do. Wim.£l — 
For Mooloya 
[Mnoigatelnv — 
JMooreideTnia- 
(Xegil !LA.SL'S] , 
piewThroji. for- 

Da Cap U 

, Da New Win*- 
K.T.tGflrtmore. 
JlBB Invest 
(Nth. .Allan lie Sec 
jNthn. .American. 
(NwlheroSecs _ 
Ml-W lov- 

Sa tar. 50p| 
p*rovind«l Cllles 

jReabrookiov]” 
f%bisftlss.i.'ap 
[River fe Mere 
IRIvbt Plate Def. 
iBobeMiBriFISO 
1 DaSnbJSb'sFla 
RoUneoWreo., 
Do SohSh'iFB-l 
RmanqrTnu* .. 
Rcsedimond Inc. 

Da Cap , 

Rothschild In. sOp. 
Safeguard Ind... 
St Andre* Ts... 
6ot.Aa.lnv 50p- 
Scot 4 Com. for > 
Seat Cili w.V._ 

Scot Eaa. for 

Sect European- 

Scottish lm 

Scot. Mart 4 T»t. 
Ss-Bt-Xailonal. _ 
Scut Northern „ 

Scot Ontario 

Scot. L'ld. lnv... 
Scot. Wertern _ 
ScoLWem.-B 1 .-, 
So. Affiance TsL_l 
Sec. Great Xlhn.. 
De. u W_ 


-4 


+1 

+lk| 


+2 


+1 

+3 

t» 

+J 2 

-i 

-I'd 


+z 


+2 


-1 


+1 


MO 

ua 

58 

'150 

90, 

[145- 

76 

80 

81k 

ft 

64 
£105 
71 
95 

*42 

?6 

59k 

111 

91- 

130 

94 

53 

106k 

18 

Wi 

163 

600 

74 

591j 

778 

171 

69k 

65 
148 
26. 

5 

69 


jSdertBakfir.SrSLj 

|5m^Lrea)p_ 

Stanhope G«n 

JwsIby.J 

(Teclmologr 

PjemrinDar— 
twoe. Gnrwth_ 

Do.5ip.El 

Jnu fiuiin p 

Do.3tj%Uan— 
ror.InvesLfnc... 

Da lip 

rnmi. Oceanic— 
Tribune forest^. 

Trittovotttac/Op - 
Do. Capital £].. 

Irani Unnm 

TniaeesCorp.- 
I'hMidelm 

Lpdrurnlnr. 

L td. BriL Secs.— 
(Vld. Capitals — 
PSDrt .Corp - - 

C&feGesaralTst 

LSTnatFimdJL, 

viriEgKesoniresJ 

VCafeTesaslOp] 

Ww 5 sslnv.il- 

■jfltaiioUBa— 


rnloolsr. 

1 Da-r 

Yeoman 

frortscALaoes™ 

porkgreenlOp— 

lnrngCo'ilovXL 


111 
94 
67 
67 
87 
105 
195 
91 
89 
59* 

775 
57k 
82 
161 

JS 

147 
183 
25® 

51 
46 

5* 

145 
iOW; 

lS 

’ft 

27 
36 
71 
80 
m 

59 
25 

205 
124 
83 
46k 
113 

55 
204 
120 

84k 

70 
45x1 

S’ 4 
80 

56 
64 
38 

see Finance land 
+1 


+2 


3 


+1 


+k 


372 

0J1 

5J5 

>6244, 

T13.63 

7.87 
457 
4 .77 
0.91 
680 
4JB 

+2J3 
112 
685 
5.08 
157 
3.86 
t3.0 
2.49 
687 
5.69 
blO.OSl 
hi 85 
0.86 
3.91 
2.89 
tl83 


1.44 

tlX3 

5.91 

t3.Bl 

4.77 

4.06 

J.40 

2J 

+2.44 

f!69 

1.73 

5.08 

1.83 

1113 

T3.93 

147 

PL85 

tl.74 

174 

3.B1 

802 

f3.77 


Q20c 

Q9.49 

£78 

2.66 

2.94 

+167 

0.86 

tQ47c 

QU O I 
(£2.08 
3J5 

609 

144 

183 

+4.57 

174 

tia 

d!52 

h'170 

IS 

ft 

2J9 

,an 

Mzh 

5J4 


188 

127 

164 

162 

0.89 


11 

09 

16 

12 

1.2 

11 

11 

Lffi 

11 

14 

10 
1.1 

11 

10 

1.0 

i? 

11 

13 

101 

ID 

10 

12 
10 

22 

11 

12 

1.0 

12 

ioj 

u 

Ioj 

12 

l.ll 

11 

l.Ci 

lffi 

1 J 


A 


u 

10 

11 

11 

1J [ 

11 

11 

10 
F 2 

Lfli 

10 

10 

1.0 

13 

11 
1.0 
Li, 
10 
LO 
10 
1.1 
1.0 


32* 


io.aj 


332 


52 263 

8.919.61 

17 252; 
4.9 263, 
4.5 28.8 

32 42.6 

4.8 29.4 

9.8 152 

60 28 
13 85 
4.2 342 
62 22.8 

2 8 464 
60 23.6 
5 4 312 
4 3 33 
8.7 17.0 

53 25 .: 

6619.8 
3.0 44J 
15 481 
6223 
3.9 375 

3 J 48 
6511 

9.4 15. 

0.9) al 
5.B 24.6 
61225 
4.0372 

5.4 242 
5 2 28.6 
29 4> 

33 412 

2.4 516 


478 


5.9 222 
4.1 25. 
4.0 34.0 
5.3 261 
23 52.6 

4.1 18.4 

3.9 39 8 

4.7 30 8 

5.4 273 

6124.7 
62195 

12 
12 
4.6 30. 

4.6 275 

2.7 515 
2.6 ’ 
0.6 _ 

3.8 252 

52 173 
61 23.9 
115120 

63 217 
3.639.6 
65 221 
61 233 


13.6 


6.4(229 
0.6154.7 
4.4343 
4435.7 
36(326 


32.2 

38.1 

365 

,28.9 

1333 

264 

23.7 

17.9 

* 


23.4 

295 

302 

334 

59.® 


91 at 
108 
830 

& 

ft 

78 

101 

m 

58rd 

59 

135 

68 

28 

139 

36 

35 

189 

159 

£63 

630 

£50 

500 

105 *d 
|4k 
7b 

217 rf 
77 
133 

79t3 

164 
15b 

411; 
114 L; 
1271; 

165 
116 

781; 

88k 

308 

106 


+1 


+1 


+k 


96 

209 

435 

140 

80 

123 

161 

1&5 

I08xd 


104 
24k 

105 
78 

£125 


79 
124 
184 
78d 
64k 
159 
113 
150 «d 
121 
58 

lodri 

21 

10412 

198 

850 

98 

79 

318 

212 

102 

99tt 

183 

31 

16 

86 


=Jf 

-k 

ri 

+ik| 

+10 

+2 


+1 


+25 


+k 


i+l 


64^2 

Qlle 

156 


0.41, 

h2.96 

274 

269 

350 

213 

155 

4J1 

284 

150 

T3.76 

♦108 

012 

8.25 

t634 

& 


269 

424 

711 
3 65 
14.57 
12.64 
122 
ai2 

t457 
152 
+260 
3 35 
+350 
3.41 
h20B 
hl .62 
223 

+576 

203 

619 

|25c 

59 

152 

335 

1933 

3.11 

T538 

t239 

264 

h4.82 

L91 

4.45 


JZ 
0.50 
5.08 
HJZ 
4.46 

3.45 
4.92 
3.91 
tl27 
451 
0.95 
3 57 
T603 
Q10C 
112 
0.76 
10.97 
+4.67 
233 
0D7 
7-70 _ 
gJ52 


|3.71 


101 


3.W 67(223 


O.rt 15 U7I 
lfl 5.7 261 
4.1)343 

3.a 
4 $ 

M 
3.91 
4.5; 

6.21 

45 


641 


D.D 


123119 


65 


224 


1521 


,38.7 

% 

329 

1221 

, * 

331 

30.6 


10| 4.4 335 

. 36 
1.01 93161 
28 433 
41345 
9.4 19.1 


12 

tt 

10 

II 

* , 

11 

III 

101 

1.0 

11 

a 

U1 

10 

10 

10 

10 

10 


3.5 363 
116 13.1 

43 240 

7.1 20.4 
53 30.9 
4.0 37.6 
23 49.1 

7.4 1R5 

4.4 366 
55 243 

3.4 403 
3.9 39 3 

3.2 431 

4.4 343 
4.0 367 
27 55.0 
51j522 

4.0(365 
3.ll * 


213 


60)233 

5.W193 

5.019.2 


4.4 » 

43 333 
33 533 
3.6 _ 
7.0 201 

1L713.9 

67173 
f7.fl 

9.612.9 
0.7 

41 34.9 
.25 45.1 
103 14.7 

lb 313 

44 4> 
4.9283 
33 30.7 
48 « 
68 232 
52 28.7 

4.5 29.5 
0.7 
17 735 
14 721 
5.2 265 
33 453 
3.4 427 

M8fl 
66 226 


Kf 

.Act 

FH 

Pit Gris PS 

! 1STS 
| ETifeh Low 

Stock 

Price 

+ oH Div 
- ! Set 

irid 

rirjGrii 

PE 

+061 

12 

7.E 

17 

11 

7k 


11 

-1 



_ 


345 

11 

4.4 

28. 

61 

7? 

Haw Par. 6 5: - 

61 

+3 


_ 




4 92 

11 

4 

36 

220 

147 

fo: It. r »:J.v. *; 

220 


^095 

22 

1.8280 

553 

1( 

4.1 

32 

20 

16 

fo'«muo:C.v_. 

18 


31 

79 

57 

+i.6U 

1] 

5.3 

lb. 

' 120 

80 

KabnalS 

120 


•war 

9 

u 


e2 51 

li 

41 

2b 

38 

?S 

riKelt.vkl(lp - 

38 




2(1 


+1 93 

12 

41 

30. 

% 

25 

rtlm <\?r :it 

36 



h0.5 


?i 


856 

12 

51 

24 

80 

3d 

SflAsTr'+rlfta 

77 


1.03 

19 fi 

20 

33 

+1.62 

il! 

2.i 

51. 

! 74 

IS 

Kwhti IC»r . 

22 


167 

11 

11.4 

10 4 

— 

— 

— 

— 

l<i:« 

I?.; 

Un.vrri(.. 1 - i>»f 

17 


y.’ 

05 

2.7 

rci 

3 55 

11 

57 

25. 

30 

n 

I..T Euro urp . 

2£ 


0?J 

47 

.7 

106 

2 03 

4.1 

11 

£ 

> 103 

73 

Lor. Morchari 

102 


♦1.27 

82 

1 7 1 

148 

365 

12 

4 5 

28 

127 

104 

V iG.HiflW 5p 

124 

-5 


31 

4.2 

9n 

4 06 

l.( 

85 

34 

74 

38 

Ms;Mtefor* ID? 

64 


064 

2.4 

16 

37 3 

— ■ 

— 

— 

— 

74 

44 

Mirtin RJ* £r> 

60 


*?."8 

1.1 

* 

76 

+396 

1.1 

4« 

29 

£.12- 

970 

Mass Hit feRlfy 

Oik 


ysi.it 

— 

65 


341 

1] 

4- 

30 

1 71 

4? 

Moniwa.ii' 

66 

-2 

— 

— 

— 



12 54 

1] 

52 

26 

20 

14 

NJI f inn 12- p 

18*0 


1.45 

♦ 

12.0 

* 

Wb.(i 

1.4 

iO.l 

' 

«oo 

200 

?.rop«ris;j iDp 

390 


— 


— 


— 

— 

— 

— 

14 

9 : - 

farambelOp. — 

12k 


— 

— 

— 


+2.1S 

11 

5J 

27 

?3 

?tk 


33 


+1.02 

36 

46 

73 

185 

11 

9.: 

16 

237 

167 

Fcar»S’5-&Sic:. 

237 

-rl 

691 

35 

44 

99 

— 

— 

— 

— 

£74 

£4V, 

ftwaila'.FrrSC. 

£74 



— 

40 


— 





— 

12 

10 

?l George lOp . . 

12 


0.49 

1C 

61 

747 

+4-13 

11 

55 

25. 

131 

90 

SfOLftSIerc.'A'- 

IM 

■rl 

107 

17 

45 

20.0 

3.35 

1.C 

6‘ 

21 

f.Sl 

£48 


£51 


Q4.25 

— 

8.3 


3.86 

li 

65 

23. 

1 67 

51 

SmithBriK. . 

62 


(4.98 

2.1 

IZO 

66 





-p_ 

— 

"12^i 

7k 

?lfm Par. HKSfec 

12k 

£« 

__ 





59 

+1.70 

IX 

2.1 

48. 

f.57 

f77k 

S««Fid.SFV». 

£52 

+i 

an 

— 

5.4 


roro 

_ 


mm 

£10i- 

900 

rraiMrt.TK.fo 

fJiMr 


li 

* 

l 

877 

17 

4‘ 

27. 

28 

74 

tVrtn.SeleK.aip. 
K>st of England. 

27 


223 

12 

118 

111 

650 

l.C 

4.6 

31. 

57 

36t’ 

67 


tl.40 

3.7 

3.1 

m 

J.5a 

IX 

4.1 

33. 

87 

68 

ViiteCattoiOp— 

78 

— 

L41 

3.B[ 

5.0 

9.1 


OILS 


96 

164 

896 

76i; 

73 

£62 At 

Silk 

63 

30 

£26k 

450 

144 

26 

3b 

190 

,QW. 

'415 

26 

1306 

19 

'£13^ 

£4$ 

620 

586 

69 

444 

|£64 

186 

276 

161 

190 

190 

80 


66 

(134 

[720 

65 

42 

£51 

750 

49 

21 

,124 

(350 

314 

9k 

24 

|«T 

"B 

178 

df 

455 

1484 

57 

226 

£55 

130 

182 

120 

86 

86 

57 



92 

-2 




_ 


BniBornealOp. 

160 

-4 

684 

15 

b< 

15.3 

SnLFaroJ'RLi! 

834 

■J 

22.4.< 

4? 

4.C 

90 

-Do* 9 . Pin . 

66 


5.6"b 

blfM 

JJ 5 



9nrmah{l __ . 

67 



— 

— 

■ — 



DoSkLnJl.*- 

£5« 


Q8k«o 

— 

elifr 

— 

rtaTS'ASeail. 

£1Wi 


' 

— 





60 


2.67 

31 

66 

ss 

CfasnerbaliSp . 

25J; 

-1 

— 

— 


655 

CieFr rrtrola B. 

£24 


QUlfr 

IS 

7.J 

105 

riClinfOilci — 

408 

-17 




— 



T+flyde Petrol I! 

128 

+2 

102 

86 

1.2 

12.2 

EndeaiaurSOc.. 

24 

+k 

— 

— 


— 

KCA 

29 


01 

153 

0.5 

132 

LAS IT 0. .... 

148 

-2 

— 

— 

— 

— 


£.48k 


Ql4“t 

— 

1-14 S 



uisaotip*' lop. 

375 


— 

— 


— 

Mugnrt M«sls tat 

22 

+2 

— 

— 

— 

— 

CHlEtpi lOp 

206 

-6 

2J4 

3.0 

16 

29.2 

Premier Cuns. 5f 

17 


— 

— 

— 

— 

RaneerOrl.. .. 

fU'i 


— 


— 




lk 


. 

— 





Rrl Duteh FL20.. 

F48t> 



24 

54 

8.2 


535 

*15 




— 



Shell Trans. Hpz 

553 

-12 

1504 

43 

4 1 

5.7 

Do.-p.Pf.EI 

61 

--1- 

4 9». 


12 6 


trSiebeas-l.t'fl. 

390 


— 

— 

— 


Texaco 4 V. Cnr 

fW 

fi 

Q4V# 



fSb 


Tricen tool. 

170 

-6 

134 

5.8 

1.2 

155 

ntruiur, _ . 

264 

-1 






B8 

Da7pcCnv.£l — 
WeeksXar. lOrs. 

« 

-1 

7° a 

24 5 

b 6 


rte.Ptd0rt.Mc^ 

170 


Q15V 



5 3 



WoodsideASO:.- 

79 

-i 


— 

— 

— 


OVERSEAS TRADERS 


305 

lib 

152 

73 

60 

390 

155 

£66 

550 

97 

445 

30 

19 

78 

49 

275 

107 

235 

,225 

54 

91; 

114 

245 

60 

|£94 

73 

72 


[224 

60 

% 

45 

,25k 

250 

95 

£49 

325 

66 

[350 

21 

9 

55 

40k 

[220 

6B 

170 

>165 

27 

4l 2 

44 

175 

40 
|£B7 

41 
41 


African Lakes 

Awl Apia 50r._ 
Beridmd'S.&Wi. 
BotttmdTbF'Wp 
Boastead-.IOpi . 
FinforiJas.iis?;! 
teUliDuffus — 
Ut.Nthn.E10.—. 
'H'ris'ns Cnw £1. 

HrtfmuigiS > 

Inrhcnpeil— 

jKksWm.. 

Jamaica Sugar— 

Lcnrfao — 

IfitrbeH Cutis 

Nigerian Elec. £1 

lOceu'Wlas.SOp 

Pfll'siTLZocil I0p_ 

, -o.-A , S\lBp- 

angerlJ£i] 

ena Sugar 50p_ 

Sime Darby lOri 

I LrtlBrns.— 

ncerKenaa 

DaSpcCnv.t 

Li.CityMere.il 

DalOpcLo.1 


305 

115 

152 

60 

58 
353 
155 
£66 
5*2 

97 

373 

26 

13k 

59 
42 

233 

59 

183 

1TB 

33 

&* 

245 

59 

£ S 

64 


+2 


-13 

+3" 


+3 


U357 

Q3.5c 


+h4.1<» 4.61 4.2} 5.7 


6.29 

152 

05 0 

h4.43 

Q12*s, 

f22.1lj 

4.32 

1523 

20.67 

665 

3.45 

13.40 

192 

67.82 

f7.BE 

*£ 3 
hi .78 
660 
3.15 

uesbi 

0.4 


19.01 

11 


111 

* , 
103 


15 Bi83 
3 M 9 

, 6 4 : 
32j 4J 9.6 
2.4] 19) 22,8 
64( 99 
88 
9.0 
4.2 


24 6 fa] 




63| — 


H 

8 

2.9 

73 

73 

13 

7.3 

4.4 
2.7 
180 
Il.D 
312 


181 
1.9148.9 


6.2 


16.8 ilOi 
123(5.8) 
89 
4.9 8.0 
64 3.2 
6fc 3.1 
4 5.9 

23 273 

4.0 83 

8.0 |53I 
18.5 
18 7.8 

fie 


RUBBERS AND SISALS 


M78 | 

High Lew ; 


101 

127 

17 

62 

305 

49 

47 

12k 

375 

121 

135 

84 

59k 

170 

53 

54 
ei 
82 


250 

385 

123 

»k 

350 

245 

420 

271 2 

249 

183 


Stork 

[Angfo-lndones’n— 
BertamCcms. 10p_ 
BirriiAfricn.i— — 

jBrodwall lOp 

pasthefleldlOp., 
Chersonese l 
Coos. Plants li 
(Grand Central 

(Guthrie £1_ 

WiWKHh.Es.MpJ 
'Highlands JI50c.- 
RualaKepongMSl. 

JttKnlimiBOc 

UahLSamstnilOp.. 
EalakoffUSl 


75 
65 
1U 2 
31 
165 
26 
23k 
81; 
lilt 
65 
56k 
41k 
29 
69 
36 , 

30k [Moat River 10p . 


175 

280 

1104 

20k 

¥£ 

370 

22 

181 

138 


PUSlKMoHM|‘..14p 

SungdErianlOp— 


Mce 

95 id 
120 
16 
56 
247 
43 
45 
10 
373 
121 
131 
81 
54); 
370 
76 


72 


+ m 

Wr. 


- 

Net 

Cn 


2.79 

471 


355 

15 


173 

ID 

+2 

s2.B4 

1(1 


hl.48 

1.2 


X 

12 

♦ 

-2 

1523 

1.6 

+1 

♦t4.(J6 


+2 

0708c 


+4 


15 

+1 

QllSp 

08 

+5 

♦406 

11 

+2 

WJ15c 

19 

+k 

h0.44 

31 

+2 ' 

Si 

2.0 

1.9 


rw 

Gris 

4.4 

4. 


IOJ 

8.3 
6. 
5.0 

3.4 
3 

4.6 

3 

4 
I 
4 

32 


TEAS 

India and Bangladesh 


Assam Dcoaretl „ 

.Assam Fron tier il_ 

Assam Ims. £1 

Empire Plants! Op. 
jLavrie Plants £ I 

[McLeod Russel £1 . 

Moran £1 

l^nglo Hldgs. lflp_ 

(Warren Plants. — 
WiHianuonEl 


245 

307 

317 

30i a 

350 

225 

370 

Z7l 2 

217 

IK 



49.65 


U6.58 


722 


♦2.01 


bJi .. 

-2 

tl3.70 


15.31 

+k 

fKl IS 

-1 

14.B9 

— 

9J4 


5.9| 59 
4.9 
37| 


9.1 

62 

9.8 

10 .: 

7.8 


Sri Lanka 


210 |123 (LnnuvatL 


-| 203 | — j 538 | 15] 4J 


Africa 


610 

185 


390 iBfoabrell. 
130 (Rd ~ 


foo Estates. 


610 

180 


1 1320 


I *4 


10.9 


MINES 

CENTRAL RAND 


404 

416 

£38?4 

178 


93 

37 

403 

152 

440 

62 

105 

ft 

865 

63 


445 

£ltt 

105 

332 

829 

270 

153 

Q4k 

643 

644 
578 
322 
OM 
289 
£2«< 
241 
954 
258 


140 [Durban Deep R! 

244 East Band Prp. HI. 
£29k Randfonl'DEsLK. 
78k West Rand HI 


393 -5 


- [ 

385 -9 



- 

£38 -k 

tQISOc 

2sl 

137 +3 

1Q13c 

6?| 


EASTERN RAND 


571, 


88 

+liS 

t025c 

15 

18 

East Dugs*! R ! 

„36k 

*> 


12 

235 

EJLG-0. ROiO 

397 

-5 

FQSIk? 



76 

GrootvIeiSOc-.^- 

121 

+J 

1Q19C 

1C 

271 

KtnTOSsRl 

416 

-14 

tOJ4<- 

15 

.35 

Lesbe85c._ 

62 

+2 

t&3c 

1.7 

62 

Manevale flOifi — 

72 

+1 

1+J46C 

10 

37 

S. African Ld. Sac _ 

I? 2 

+Ui 



31 


sz 

Q25c 

1Q86c 

OA 

517 

Wrakelhaak BO 

805 

-13 

1.7 

|31 

riLNtaeiac — 

55 





49 

2.4 

51.8 


FAR WEST RAND 


288 


338 

-5 



764 

BuSels- 

£1Q1. 



9 

71k 

DeeJkral ROJO — 

102 

-1 



214 


326 

-5 

Q50c 

1*378c 


589 

EadDrieRl 

795 

-13 

17 

163 

□anriscsiiiiGIdMc- 

259 

-5 



9? 


130 

-1 

1Q645C 

10 

B90 

SartebecstRl — 

£141. 

-i. 

0?Wr 

9 

408 

□oof Gold Rl 

613 

-10 

Q40c 

8 

432 

LOnncnBl 

597 

-14 

vm*. 

8 

419 

Soothvaal50c_^_ 

558 

—6 

Id 

206 

StiUon!Bui30c 

308 

-7 

t&7n 

23 

ill 

VaalReefoSOc 

£U 


jqiiiwt 

13 

123 

VaterapoaRl 

247 


* 

£16k 

ff.DrieRl 

£24 



8 

152 

Western Areas Rl. 

204 

-1 


71 

689 

Western Deep R2„ 

923 

-21 

7.8 

163 

Zandpsa RT„ t „ L . 

240 

-4 

Kryj 

* 


O.F.S. 


100 

£19?* 

121 

432 

134 

£10?4 

974 

212 

351 

£22k 


75 

£11 k 

59 

(279 

66 

750 

[582 

703 

144 

[190 

£13k 


Free 5 tale Dev. 50r 
|FJJftduld5fc.._ 
FS StuipfoasRl- 
[Harmony Me — _ 

LnralitoRl 

Pres. BrandnOc — 
iPres Sicro 50c — 

1st- Helena R1 

VnLwl 

WeHuanaOc— 

WJ1 si dings 50c — 


100 


QUe 

+J 

£181* 

— ■'4 

IQMOe 

2.7 

100 k 





416 


47 

119 

oou 

-i 

-, 4 


05 

26 

884 

-33 

tQ 20 c 

99 

962 

-8 

l$15c 

25 

204 

-3 



338 

£21 >4 

-l 

+qT5c 

t028Dc 

19 

1.5 


287 

64 


[13.7 

ll97 

Tb 

64 

3.9 

10.6 

4.1 
105 

2.2 
4J 
4.4 
63 
UU 
38 
55 


FINANCE 


64 


24J 


Finance, Land, etc. 


1242 

12 

48 

25 

18 

150 

68 

£13 

288 

46 

32 
20 
59 
48 

15k 

28 

180 

19 

24 

33 

34 


1208 ' 

26k 

14ie 

14 

1103- 

56 


|Aknvd5ndU»re 

flffilanmaAnbr. 




1221 

27k 

24 
D 
50 
39 
12 
a 

ilM 

16 

9i. 

17 

25 


Igfiaisdl lSkp. 

|Ex Lands I0p.„.„ 
LartBrattnA) S«. 
|!*knfeGen.to) . 

paneefeindift. 
Famw im*st 

CriiasW* 20 p_ 

Wtffihl Trust— 


228 

10 

48 

16k 

18ff 

148 

66 

£13 

273 

43 

24 

33 

58 

40 

28 , 
128 
17 
23 
.25 
27 . 


+1 


17.0 


ws 


.13.94 

TL02 


dl.00 
175 
12 
0 30 
5.01 
102 


1166 


5.61 


4J 


[313] 2.4 
2J| 
61 


2.6| 

65 

11^ 

2-3 

5.a( 

9.5 


9.21 


223 
7J 
1231 
9 . 
(891; 
84 

9 , 

, 89 
|10.9{ 
♦ 
9.0: 
20.9 

7.9! 


3.9 


640 

540 

£19 

880 

151 

204 

25 

G7* 

£24* 

£14* 

198 

36 

196. 

142 

£11* 

58 
444 
225 

59 
£15 
264 
300 
65 


1424 

[246 

,£14* 

(621 

(139 

1163 

|£14 

AT 

138 

22 

[126 

. 93 
i860 
50 
375 
[161 
29 
£31 
182 
238 
40 


Ang.Am.CQal50c_ 
AngloAmetlOc— 
Aug. Am. Gold Rl „ 
Ang-VgalSDe.— 
CluutarCow.^ _ 
Ci-'B-GoH FfeWa— 
East Rmrd Coalite 

Gen.lfuinsBJ I 

Gddnrt&I.V2Se_| 

Jo%9i^Cau.R2_ 
Middle Wit25c. 


M1omm$BDL«_ 
Neu-WH50c^H 


Wuio>TFk3__ 
JRsnd London 15c— I 
(Selerttan Tr usts— . | 
| Sen trust Wc.1 


ua Invest RJ 

jpnionCorpp&ZSe. 

[VP£els2kc 



DIAMOND AND PLATINUM 


£42 

96 

412 

£1U> 

74 


|£30 

[si 

925 

54 

70 


.Anclo-.Amfm.50c_, 
HiwopsfistfPH 3te_] 
De Beers DL5c.„ 
Da4fljicPLR5__ 
LydraterelSjc..-. 
Rtre.H 3 r.lPC-..— 


£42 

96 
396 
£11 

73 

97 


QbOOc 

17.1c 


200c 

1.7c 

!2kc. 


1.1 85 
1.0 4 4 
33 7 9 
Ml 10.9 
10 t 

M i 



Planning and 
Compensation 

Knight Frank &Rutlev 


1STB 

Sigh Low 

210 
24 
80 
175 
90 
41 
16k 


15 
136 
125 
8 3) 
266 
72 
60 
140 
40 

143 

16k 

44 

ITS 

70 

C15U 

40 

300 

Iffl 

70 


30 

400 

bO 

300 

145 

10 

300 

170 

Q3 

11 

77 

510 

415 

73 

62 

235 

bl 

61 

220 

330 

22B 

7B 

100 

100 

233 


MINES— Continued 
CENTRAL AFRICAN 

»IT. 


Steet 


Price — 


155 

FaldW Rh .VV' 

165 


We I 1 3 

15 

Rhnii n< r>rp l(7jp 

16 


52 

Ri-aia'uns K4 ... 

70 

-J 


122 

ran;jii>ikj.i9n._ 

170 


U10 j} IT 

78 

Div.Prt-r.SOp 

S7 


<J9°JJ63 

32 

4 anku-t'ol Rh I.. 

35 


lOJkH 14 

10 

Zanu'priJSUilJ _ 

13 | .. 

- 1- 



AUSTI 

tAL U 

N 

10 

Am«Sr. . 

14 


64 

R«i*aBV\!ie'ft+,ie^ 

156 

,t 1 

63 

Elii'iiiiliiSV 

118 

-7 

150 

Cmiral rarilir . 

600 


148 

I'nr.^iK- Riof:cle>V 

266 

-12 

45 

G M. Kjicoorlii-il. . 

60 

-1 

IS 

Hjonuii'old \ L. . 

53 

-3 

81 

Rampm Arvj 

134 

r! 

10 

MeialsEx.Sft:. 

29k 


125 

MnVHMts 50; _ 

2B8 

-8 

10 

Mount fo ell Sir 

29 


2k 

WamiLil Ilk-. 

4k 

— *4 

79 

Xon.h f> H.II5ik-_ 

127 

-4 

•*3 

N'lh.Kalirurii . 

16 


li 

Mh.VtV-i Mining- 

44 

- 7 

117 

LiskhriijtfeS.tl 

176 

-4 

30 

Pai'iiiei'i-irtii'r.. . 

70 

-6 

750 

I'uiuunl i Jar . 

. £15 U 


12 

I'jrincj Mi-Evap.. 

27to 


310 

Pcfro- W'.il K-ivI .x\ . 

538 

-io 

50 

frWtfiuTT-. Pamir.. 

235 

-10 

84 

IVi-Kin Mitmtefitfc 

147 

-b 

35 

tVhmK'fivL20c .. 

45 

. ... ! 


[ ry id 
Ir+r'hre 

25 9 

5.3 

5 4 
83 
1SJ 


- ! - 1 _ 


ti8i* 1 

1 14 | : ' 7 

gicr 

a? 

f5 5a J 

. i . • 
20! 4J 

i 

•jo,- 1 

y ‘i 7 

vSc 

i _ _ 

1 51 7 9 

•Qlle 

191 79 


I ioj ir 


1 ”1 ’ 


?5 

Am.il Vi'eria ... 

23 



240 

\w-r lln.ixii SX1 1 . . 

365 

-5 


45 

Berali r:u 

53 

-1 

3 81 

200 

MtTjunDi :v.l 

280i* 


unite 

lil 

ii(’-. i>r . . _ 

330 


5 07 

Bk 

Gulr1& ?a-e l"..|i . 

9k 


- 

22ft 

ijnpeJic* inL' . _ 

290 


1525 

130 

Hwictcnc 

170 




;« 

lilrLIPe 

88 vd 

-3 

;::o 

9 

Jantarl” >p _ . 

9 



6R 

KamunimcSllfl 5u 

76 


Jwljfr 

450 

KiUinchall .. _ 

490 


U12S 

280 


405 

*5 

tU95c 

40 

APahani: .... 

70 

■r 2 

tVJ'v 

50 

[Ytiikjlen I0p .. 

58 


6 60 

165 

F’rialincSMI . ... 

230 



49 

Saini Piran . . 

54 


47 

South rwllv liip 

51 


4 19 

140 

SuuthnimaSVil.'iO 

210 


l(.'~ 6- 

230 

SUmiljlajanLMI 

305 



134 

Suitfci Be-aSM! 

205 


U65l- 

55 

Supreme' orp SMI 

78 


I'UlOi- 

85 

ranjonc 15p 

88>d 


660 

74 

ruiiikohHrfer.SMI 

92 


afit F: 

148 

TronohSai- - 

223 

a 

-Q88i: 


NS 


I bjlbn 
0 9 ; 

4 41115 

ei 
09 ! : ? 


3.0! 

0 

8 , 

0. E 
0 51 
1.3[ 

sa 

19 

V s 

o"sj 

3 6 

1. W. 


J l 

2 f 5 
: d 

170 
£0 
5 a 
12 3 
£0 
o ■> 
68 
: k 
11.2 

85 


COPPER 

100 | 70 [McsrituROoU. — | 90 1-*1 ]iQ30c| 19| }. 


MISCELLANEOUS 


61 

17 

300 

465 

234 

90 

£12 

47 

180 


35 

la? 

245 

164 

30 

750 

« 

D20 


Eatjmin . 

Burma . M me, l?-> p. 
[Cons Jlurvh. lDe„ 
North gale lit 

ijj^j _ 

Sabina indS CS1 „ 
Turn Evpla SI , 
Tebutv lliwnl'S lOp J 
YuionCoJuiC51_ 


53 

13 

230 

390 

230 

55 

882 

47 

Z76 


tQJOc 

964 


135 

Q7c 


63 


4.3 

19 


NOTES 


Unless otherwise Indicated, prices and net dividends are in 
peace and denaal Bottom on- 2Sp. Estimated pricetoarnbu*. 
rnln and Barer* ore baked aa latest annual reports and account* 
land, where poulMr. are apdoted an hatr-jrarly rienm. p/Es are’ 
ralmtoted oa the basis at net distil button: bracketed Kluni 
indicate 10 per cent, er more dUTetmer If calculated a “nil'* 
dlaribalioiiL Carer* are based en -nmtimum- distribution. 
VieW* are based on middle priere. are cress, adjusted to ACT of 
34 per renL and allow for ralae of declared distributions and 
rights. Securities with denominations other than sterUug are 
Hooted inclusive of the Investment dollar premium. 

Sterling denominated sec unties which include investment 
dollar premium. 

•■Tap" Slock . 

Highs and Lou* marked thus have been adjusted to allow, 
for rights issues for •.■ash. 

Interim sinrp increased or resumed 
1 Interim since reduced, passed or deferred. 
tt Tan-free to n on- rert denis oa applieatioa. 

9 Figures or report availed, 
tr 1'nliUcd *eeuriiy. 

Price at tic*.- at suspension. . 

Indicated diridrad alter pending scrip and or rights issue:, 
cover relates 10 previous dividends nr forecasts. 

Merger bid or rrorganisaUoa in pregre&s. 

.%« romparable. 

, . Sum* inuirim: reduced final and/or reduced earning* 
16| 9.8 judical ed. 

6.4 |f Forecast dividend; cover on earnings updated by latest 
interim statement 

J Cover allow* for conversion of shares not now ran ting fop 
tli vi deads or ranking only fur restricted dividend. 

Cover docs not allow lor shares uhich may also rank for 
dividend at a future date. Xo P E rsuio usually provided. 
Esdudroc a final dirjdcnd declaratiun. 

Regional price. 

U No par value. 

a Ta* Tree, b Figures bated on prospectus nr other official 
estimate, c Cents, d Dividend role paid or payalito on part 
' capital; cover based on dindend on full rapilal. 
Redumption yield, f Flat yield, g Assumed dividend and. 
[yield, h Assumed dividend and vielrt oiler scrip issue, 
j Payment fnxn capital sources, k Kenja. m Interim higher 
than previous total, b Righto is»ue pending «r Earnings 
based on preliminary figure* » Dividend nnd >icht exclude a. 
pocial payment, t Indicated duidend. ewer relates 10 
previous dividend. PE ratio baseJ on Ijiisi annual 
eanungc. n Fnrrrast dividend rmrr based on prriiousyear-it 
earnings, v Tax tree up 10 30p in Lhe £. w Yield allows for 
cunvnryrlauw y Dividend and iiehl based on merger ii-im ' 
Dividend and yield Include a special pavnwm riwerdimnot 
:pp]y to spcrlaJ payment. A Net dividend and yield. It 
rtiferenee dividend parsed or defrrred -f" I'anadiun. E Ismio 
price. F Dividend andviefd haa-d >m prus-|iecius nr oilier 
official estimate* tor ISttSUW G Avmmrd dividend nnd yield 
after pendiog scrip and or nghtMsHur. H nivjdond nnd vietrt _ 
based on prospectus nr uther ufflci.il i-ktimalfs Inr" 
IBT8-7B E Figure- based on prw-I'eriiis or oiher official 
e-aiznoie>> for 197fl M Dividend and yield h.vwd on [irospeetun 
w nlher offinal cumuli", for ISTU N 1*0 idi-ml and yield 
l',iMd on prospeeiuh or other offn-ml e-linuue. inr l!JTU P 
Figures based on prospectus or olfai-r of (1 vial e&Hriates f><r 
IB7B-79 Q Cross. T Figure*, aisunwif. 7. Dividend iirt.il lo 
dale. H Yield hosed on as-nmpiii.n Trc.u.up fill Kale slu>« 
ururhanged unlit malurity of idiN'L. 

Abbreviations Ulov div idmd: u ex scrip issue; ir et righto; a ox 
aJL tJ c\ capital dinmbuiien. 


" Recent Issues *’ and ■■ Rights " Page 20 


This service is available lo every Company dealt In on 
Stock Exchanges through out the United Kingdom (or a 
fee of £480 per annum for each security 


REGIONAL MARKETS 


_ rclecHon or Lon den quotations of share* 

previously listed only in regional markets Price* of Irish 
issue*, most of which are not officially listed In London; 
are as quoted on the Irish exchange. . . 

Sheff Rpfrshmt. [ 62uJ( I 


Albany lnv. SOp 
.Ash Spinning F . 

Berta m. 

Edg'nlr. Esl.SOp 
Clover Croft — 
Craig* Rose £J 
Dvson IR. A. I A 

Ellis & McHdv. 

Evered. ....... 

Fife Ferae — 
Finlay Psfi.Sp. 
GraigShip £1.. 
HiCsonsHrew.J 
O.M.Slm £l.„| 
Holt <Jo5‘25p... 
> din. Goldsmith, 
Pearce 'C H.i._. 

Peel Mill* 

Sheffield Bnck 


24 


44 



21 



310 

... 

26 


500 

+20 

38 



61 

.. .. 

161; 


52 


22 

-i 

120 

+5 

77 


155 


263 


« 

+4 

185 


20 

. ... 

45 

-1 


SindaD(Wm.i_..l 203 


Conv. {Pi "80 82 
Alliance (1 as... 

Arnolt. 

Carroll >PJ i - . 

A'londalkin 

Concrete Prod?.. 

Heil on .Hiifos • 

Ins.t. urp 

Irish Hope!*.... 

Jaroli 

Sunbeam 

T1I.U. 

L nidttre — - ■ 


£93 

+k 

66 


354 


105 



102 

^.*1 

135 

-5 

51 

*1 

160 


130 

.. ... 

67 

. M. 

33 


215 

-5 

95 



OPTIONS 
3-month Call Rates 


Indwrtrtkte 

A. Brew i 

.P. Cement _ 
_.S.R.- — . , 

Babcock _| 

Barclays Bank- 

Beeehxm 

Boots Drug — 
Bowaters._.._ 

j_A.T._j 

British Oxygen 
BrownlJ.'.—.- 
Burton ‘A 1 «... . 

fadburyE 

ourtaulcLs — 
Defaenbams. 

Distil lore ........ 

Dunlop-- 

EartlcStar..-. 
F.M.I ■ ■ 
Gen. Accident 
Gen. Electric. 

Glaxo 

rsnd Met 

L\S A' 

Guardian — .. 
_.K_N. . . 
Hawker Svidd..| 
HuisV o! F»a*er 


I C I 

'“Imps'" 

I.C.C. 

Invcresb 

KCA — 

Ladbroke. ... 
Legal 9 Gen 
Lex Servlet- 
Lloyds Bank-. 

-Lofo” ■ 

London Brick- 
Lonrno ... 

Lueaslads..- 


-itanw" 

Mrfcs. & Spncr 
Midland Bonk 

N.E.l - 

Sar. Wed. Bank- 
Do Warrants 

P&ODfd 

PleMcj- ... 

R.H.M 

RailkDrs.'A'. 
Reed Inini ... 
Spillers.„_ 

TeMO 

Thorn — . 

Tru-st i louses 


Tube tncest. J 

I'm lever.. 

Utd. Drapery-1 

Vickers 

Wool worths.. 

Properly 

BriL Land , 

Cap Counties. 
E.F. 


Mines 

harterf'oasJ 22 

Cons. Gold ,.[ 14 

RioT.Zinc.__[ 16 


Inlrcuropcan 
Land Socs. ... 

ME PC 

Peachey | 

Samael Prop* . 
TowTtiCiD"— , 

Oils 



Irondun St^x-k* Exchange Report pige 






PainsWesscx 


Firework 


FINANCIALUMES 



Saturday August 5 1978 


4* lASi' S&SO* -.AN* OCCASION' W WltRt- 


Hampton & Son 1 


01-236 7831 


MAN OF THE WEEK 


Taking a 
risk in 
Belfast 

BY DAVID FREUD 


SIX YEARS AGO Mr. John 
DcLoreun was promoted to take 
over the North American car and 
truck operations of General 
Motors, the biggest manufacturer 
in the world. He was 4S and his 
salary totalled $550,000 u year. 
Many people believed he was 
destined to become the com- 
pany's president. 

Then, barely seven months 
later, he resigned. He says now 
that the reason was to build his 
” dream cur." a sports car that 
tumid combine social responsi- 
bility with speed and glamour. 
On Thursday he announced that 
that car. the DeLorean DMC-12, 
would he built in Belfast with 
the help of about £45m from the 
British Government. 

In 1973 the reasons for his 
departure from GM seemed con- 
siderably less clear-cut. At the 
time he said he planned to 
become a Cadillac dealer some- 
where and in fact he wound up 
as a consultant for two years 
advising such clients as Sears 
Roebuck and W. R. Grace. 

While his progress at GM had 
been rapid he had an indivi- 
dualistic approach both in life- 
style and in his attitude to cars 
that led to many frustrations in 
the company. Perhaps the defeat 
that rankled most occurred in 
1970 when he was overruled in 
his battle to launch a range of 
small cars. 

Fortune, ihe U.S. business 
magazine, said after his resigna- 


Post Office accepts Hull hit 

McCarthy proposals b > Ross 

BY NICK GARNETT AND JOHN LJLOYD fftCtOfy 

IE POST OFFICE yesterday At the same time, some This would include staggered 

cepted “as a basis for settle- business operations were further starts and finishes to the work- -m 

?nt '' the McCarthy recom- disrupted yesterday when 160 ing day, a four-day week for 

jndalions for solving the postal engineers at international switch- some engineers and more flexible ■ I ■ I ■ fr* 

ameers’ disnute which is ine centres in London, which working around meal and rest 


THE LEX COLUMN 


. . .: t 


THE POST 'OFFICE yesterday 
accepred “as a basis for settle- 
ment " the McCarthy recom- 
mendations for solving the postal 
engineers’ dispute which is 
seriously disrupting some of the 
country's business operations. 

The recommendations, .which 
involve a= : " reduction .in two 
stages in the, engineers’ working 
week from 40 to 37j hours in 
return for increased flexibility 
are now being studied by the 
Post Office 'Engineering Union. 

Some of ' the conditions 
attached to the reduction in 
working hours, however, are 
almost certain to provoke con- 
siderable opposition from sec- 
tions of the engineers. 

Inconvenience 

Sir William Barlow, the Post 
Office chairman, has written to 
Mr. Brian Stanley, the union's 
general secretary, pleading with 
him to call off the 10-month 
dispute. 

Sir William said yesterday 
that the dispute was causing 
“immense damage” to businesses 
and “personal inconvenience” to 
the public. 


At the same time, some 
business operations were further 
disrupted yesterday when 180 
engineers at international switch- 
ing centres in London, which 
relay telephone calls abroad, 
were sent home for Imposing 
sanctions. .. 

About 2.600 telephone 
engineers in parts of North Lon- 
don stopped work after a 
colleague was sent home for 
carrying out sanctions and almost 
all the capital’s postal engineers 
followed suit 

The Continental Illinois Bank, 
whose new premises have been 
blacked by the union said, the 
dispute had cost it at least 
£60,000. 

The recommendations are- 
based on reducing the engineers’ 
working week at no cost to the 
to the Post Office, and' are there- 
fore within Government pay 
policy. 

To cover the cost of the first 
stage and part of the second 
stage of the reduction, the 
report of Lord McCarthy, the 
industrial relations expert 
brought in by the Government to 
study tbe dispute, recommends 
more flexible working. 


This would include staggered 
starts and finishes to the work- 
ing day. a four-day week for 
some engineers and more flexible 
working around meal and rest 
breaks. 

The union, however, which is 
claiming a 35-hour week, is likely 
to be further worried about a 
“ clawback:” provision within 
the recommendations. 

This would offset any costs for 
the Post Office, above the nil 
target, which accrued from the 
scheme against- payments made 
to the engineers under existing 
productivity arrangements. 

Rotas 

Costs involved 'in' the second 
stage of the reduction not 
covered by increased flexibility 
would be met by new produc- 
tivity arrangements linked to 
changed rotas and tbe working 
of new equipment. 

Foreign exchanges and 
currency deposit brokers have 
already warned that the dispute 
could have serious long-term 
effects on ‘ London’s position 
within currency exchange 
markets. 


have to 


Overtime dispute may cut 
Sunday Times print run 


BY PHILIP BASSETT, LABOUR STAFF 


/V 



THE SUNDAY TIMES could 
lose at least 20 per cent of its 
print tomorrow if members of 
the Society of Graphical and 
Allied Trades in the publishing 
room take their proposed dis- 
ruptive action concerning over- 
time rates. 

The Newspaper Publishers’ 
Association said yesterday that 
tbe dispute, which involves 
about 400 workers including 
van drivers and guards as well 
as publishing room employees 
who are pressing a claim for 
new Saturday night shift and 
overtime rales, was likely to 
mean the loss of at least 300.000 
copies from a print run of more 
lion 1.5ui. 

An agreement reached on 
July 21 between the union’s 
ihapel (office branch) and the 
management, with the associa- 
■iun acting as mediator, pro- 
vided a formula for dealing 
with disputes pending In-house 


discussions to cover the period 
leading up to a full settlement 

For two weeks, the chapel 
would run a system of working 
two hours for payment of three 
hours’ overtime to allow as 
agreement to be concluded. 

New rate claim 

If agreement was not reached, 
then the chapel would work two 
hours for two hours’ overtime 
pay. The first period was due 
to run out this weekend, and the 
association said yesterday that 
tbe chapel, backed by the 
London central branch of - the 
union, had decided not to comply 
with the formula, but to take dis- 
ruptive action to-night The 
action will include refusing to 
work normal overtime. 

Saturday night shift rates for 
members of the society in the 
publishing room, who receive 
and sort the papers from the 
presses, tie and label them and 


send them off, range from £35.44 
for a 64-page paper to £37.64 for 
a 72-page paper. The chapel has 
been claiming a new rate of £45. 

Mr. Bill Keyes, general secre- 
tary of the society, has written 
to tbe union’s London central 
branch pointing out that joint 
agreements, particularly those 
dealing, with disputes, should be 
honoured. The association said 
yesterday that it hoped branch 
and chapel officials would re 
consider their positions. 

More than 500.000 copies of 
the Sunday Times were lost last 
month because of action taken 
by‘ the publishing robm chapel. 
The dispute underlines . the 
letter sent to all Times News- 
oaoer employees by Mr. M. J. 
Hussey, chief executive, which 
said r hat publication would be 
suspended if disputes continued 
and agreement aimed at protect- 
ing the future of the company 
and its staff was not reached. 


By David Churchill, 

Consumer Affairs Correspondent 

A FURTHER sharp blow to 
the fishing Industry in Hull 
came yesterday when Boss 
Foods, the Imperial Group 
subsidiary, announced the 
closure if its main fish pro- 
cessing factory in HulL 

The closure means the loss 
oF 320 jobs in an area where 
the decline in the UK fishing 
industry - has already had 
severe effects. Unemployment 
In the Hull area is running at 
10.2 per cent, compared with 
the national adult average of 
5.7 per cent. 

Ail Ross Food’s fish process- 
ing will now be carried out 
at Grimsby, with the remaining 
Hnll factory concentrating on 
meat-hased products. 

Ross Food’s decision was 
criticised last night by Hr. 
John Silkin, Agriculture 
minister; who described it as 
a “ drastic step.” Hr. Silkin 
was annoyed that the company 
had taken the decision without 
consulting him or Ministry 
officials. He hoped that the 
statutory consultations with 
the onions would help alleviate 
the effects of the closure. 

Herring catch 

The reason given by the 
company for the closure was 
the substantia] reduction in 
the amount of herring landed 
In the UK after the Govern- 
ment’s virtual ban on herring 
fishing off West Scotland. 

Ross Foods said yesterday 
that a rise in the costs of 
imported herring made Its 
Hnll processing plant 
uneconomic. The Scottish 
herring fishing ban had been 
urged on the Government by 
marine biologists, fishermen, 
and herring buyers in order 
to replenish fish stocks. The 
move was taken unilaterally 
by Britain because agreement 
could not be reached with 
other EEC countries on the 
ban. • 

The General and Municipal 
Workers Union in Hull, to 
which most of the workers 
belong, said last night that an 
action committee was being set 
up to fight the closure. About 
30 workers are likely to be 
offered alternative jobs with 
the company. 


1973 ‘74 ’75 *76 ’77 ’78 


John DeLorean 

Sou-conformist Inc style 

lion: “DeLorean may well have 
Mirumed he was going ro» further 
up the corpora ic ladder and 
decided to get out before his 
□mini inns were formally re- 
liuiTod.” 

Ills non-con for nu.-J life-style 
must hate raised a few eyebrows 
at GM. His friends come from 
Ihe world of sports stars and 
film making and he has married 
three tunes, on ihc past two 
ueeaMiins lo actress-models in 
their twenties. His present wife, 
friMina Ferrari*, whom he 
'named just after leaving GM, 
is currently a dor nine the cover 
of Hamers magazine. He says 
slu- i- the must bi’auliful woman 
j:i the world. "This is my firs! 
rnjrm.v." he explain", "the 
other two were just mistakes." 

lie is nut Ihe kind nf man to 
or. -lend that launching a new 
U.S. spurts car is a straight- 
forward business operation. The 
last U.S. sports car was launched 
25 } ears ago. the Corvette. And 
ihe lj-l person to launch a 
successful U.S. car company was 
Walter Chrysler, in 193-1. 

The prospectus filed with the 
Securities and Exchange Com- 
mission staled: “ Only investors 
who can afford a total loss of the 
minimum investment of $25,000 
should apply." On Thursday in 
Belfast the message was a little 
mure hnpcful. “ I probably have 
a blurred view or us potential, 
but reports that this is a high- 
r;*k venture are exae aerated," he 
said 

Whatever the risk, there is nni 
doubt that iT a new specialist 
spurts car can ho launched on 
the U.S. market then Mr.i 
DeLorean i« as well placed in, 
succeed as anyuno. He has wide 
experience in Ihe U.S. motor 
industry, having worked for 
Chrysler and Packard as well asi 
GM. which he joined in 1956. His 
background is engineering — he 
has an MA in the subject — 
although he is also experienced 
in marketing, and earned 
another R1A in business udminis- ! 
trail on at nigbtschool. 

The new car has so far cost' 
?14m to develop. It was designed' 
in Italy and applies aerospace j 

technology in its stainless steel 
on plastic Construction. Mr. 
DeLorean has put S4ni of his 
own intu the project. 11 It may 
not be a lot but it happens to be 
just about all I possess.” 

Outwardly he seems littie con- 
cerned at the obvious risks 
attached lo manufacturing in 
Northern Ireland. “A certain 
iiiiKiunr of sectarianism and 
violence is part of our lives. 
There are terrorists wherever 
von look in thu world nowadays 
imd it doesn't seem to he worse 
in Northern Ireland than any-j 
where else.” ' 


MOVE TO RESTRUCTURE SPAIN’S MOTOR INDUSTRY 

SEAT may merge with Fiat 


In a couple of years’ 

Allied Breweries’ bid for J- Index fell 2.7 to 497 2 

Lyons could look like a very; 

smart move. But it raises a 

number of major questions for • ' 

the immediate future, and the •' flop. MMC1 

City’s snap reaction was an. 

almost universal thumbs down. TUC UUflDi n IMUTY 
Allied's shares, which bad been ' ■ i4o|-J nt ■■UULD HuJtA- 
buoyed up earlier in Ihe week ^International Share Pr tees 
by tbe sale of the Trust Houses [Ue - i 

Forte investment, fell-a-ftill Bp 120 — r* 
to 84|p yesterday. 1 r | 1 _ f 

The case for the bid, - which =. u\ . rirny 

is to be made entirely in shares,' . 100 1 \ i An " * 

is that in return for a modest. I |f ■ 

increase in its equity (14 per ^ _ V4J 1 

cent). Allied get6 a very wide . ■ If 

spread of new interests includ- so- W 

ing a number of strong brand y p 

names in the food manafactur- I • 

ing industry. The bid stands to , .70* r ...‘r- 1 ~ J v 7a 

have tittle immediate impact on 1973 74 75 -76 77 78 j 

Allied’s earnings per share, 

which could work out at a little decided that the overall game 
over 8p fully taxed in the year f s not WO rth the candle, 
ending next month. But the . p or jts part. Allied does not 
trend in Lyons’ profits does at seenr 10 have much spare 
last appear to be improving. ^management capacity. The Price 
Allied will be able to refinance -Commission earlier this year 
Lyons’ highly stretched balance drew attention to a number of 
sheet and could perhaps also problems within Allied which 
be a bit tougher with trade jj ad jj een enhanced by “the 
creditors. So there is at least W j d ely scattered nature of its 
the possibility of a significant operations.” and the brewery 
increase in Lyons’ minuscule division is currently engaged in 
profit margins— last year, sales a ma j 0r reorganisation. It 
of £780m produced profits of that Lyons is going to be 
just £6.2m before tax and ^ a separate division 
minorities within Allied, and . one key 

The bid values Lyons at question that . has . to be 
£64m, which is not much higher answere d is how its manage- 
tban its tangible net worth after ment ^ going to perform better 
stripping out goodwill of no less ^thin Allied than it did as 
than £69m. What makes such ^ independent 
a price possible is, of course, the Ly^ shareholders will 
mountain of borrowings which ^ happy t0 

Lyons J >ri ?8 But take the money and run, even 

although Allied s borrowings as ^ h ^ bid ^ not worth 
a proportion of its equity much more ^ ^ 

{adjusted far the Trust Houses issues ^ ^ past six 

sale) could rise from roughly Lyons appeared to be 

36 to 73 per cent after swaUow- y on toe reC overy road, but the 
mg Lyons, that figure takes in ^ t0 dependent financial 

stability, was still going to be 
a significant undervaluation. , . 

And as well as its debt Lyons . B ~ w . d A i, i ed ‘ S shareholders 
also has tax losses of £ 1 . 0 . ^ need more convincin g. 

So why is the City dubious? Their approval for the takeover 
The answer is that Lyons is a j s uot necessary, since Allied 
complicated international^ busi- a i ready has sufficient unissued 
ness, wrth a number of funda- equity. But the bidder is 
mental problems in areas where plainly gQing t0 have ^ moum 

AJLed appears to have very a ma j or pn bUc relations exer- 
httle experience. In response cise in order to achieve its 
to its financial pressures, Lyons objectives, 
has already sold off some of Its 
best bits— notably the hotels, at WnrM marlrpfc 
knock-down prices— and it can raarKets 

have few hidden goodies left in * week it has been for 

its portfolio. A number of U.S. the worid’s stock markets. Here 
companies are believed to have m London the FT All-Share 
been attracted by the Baskin- Index hdt an all-time high and 
Robbins ice cream business, across .the Atlantic the New 
which is the .jewel in Lyons’ York Stock Exchange's corn- 
crown, but appear to have puter was so overworked that 


BY ROBERT GRAHAM 

DISCUSSIONS have begun on 
how to link SEAT. Spain's biggest 
car producer, more closely witb 
FiaL which already holds a 36 
per cent stake in the company. 

Fiat has undertaken to provide 
by September detailed proposals 
centred on either complete in- 
tegration of SEAT into Fiat or a 
substantial increase in its exist- 
ing equity via purchase of the 
34.6 per cent held by Spain’s 
slate holding company, INI. 

These discussions are part of 
a more general move since the 
appointment of Sr. Jose Miguel 
ric la Rica three months ago as 
president of INI lo rationalise 
the structure of tbe automotive 
sector. 

Talks have also been initiated 
with Daimler-Benz on closer 
links with the light vehicle pro- 
ducer Mervosa. and with 
Berliet-Saviem, Iveco and 
Chrysler on closer integration 
with ENASA, tbe leading Spanish 
medium and heavy vehicle 
producer. 

These matters arc liable to 
provoke a major controversy 
here among the Socialist, and 
Communist parties because they 


represent a move . towards 
“ private ” multi-nationals, but 
according to Sr. de' la Rica this 
is the sole means of ensuring 
the long-term health of the 
Spanish automotive sector and 
of guaranteeing jobs. ' 

Losses 

SEAT is Spain's largest indus- 
trial employer, with 32,000 on 
its payroll and' some '250,000 
families directly or indirectly 
dependent upon it Until now 
the Spanish government has 
always insisted, for nationalistic 
and strategic reasons, on Spanish 
control of SEAT. 

In recent weeks both Sig. 
Giovanni Agnelli. Fiat president, 
and Sig. Nicola Tuffarelll head 
of Fiat's automotive division, 
have held talks with Sr. de la 
Rica and SEAT executives. 

Flat, long conscious of the un- 
satisfactory nature of its SEAT 
stake and the continual problems 
of competition for third-country 
exports, has shown a keen 
interest in the idea of closer 
integration. Ten days ago Sr. 
Tuffarelli wrote to Sr. de la Rica 


undertaking to draft proposals 
for discussion in September. 

SEAT, with a turnover last 
year of Pts83bn {£565m), has 
seen its market share halved to 
30 j>er cent inside six years; and 
this year faces losses of over 
Pts2bn <£14m) through depres- 
sed demand and a switch in 
customer preference away from 
its increasingly unattractive 
models. 

It is entirely dependent np on 
Fiat for its technology and on 
agreements with the latter, for 
exports, which account for 4Q per 
cent of tbe 353,000 total SEAT 
production. 

With the prospect of Spanish 
entry into the EEC and tbe lower- 
ing of high protectionist tariffs 
wbich have until now cushioned 
SEAT, motor Industry sources 
say the company has only ‘ two 
options in Its present losing 
battle against competition from 
the other producers in Spain — 
Chrysler, Renault, Citroen and 
Ford. 

Either tbe Spanish Govern- 
ment takes over SEAT and it 
provides its own technology- and 


MADRID, August 4. 

finds its own markets, or Fiat 
integrates the operation, cut- 
ting drastically the number of 
models already produced. 

Tbe first option is considered 
commercially unrealistic, leaving 
the second as the only viable 
direction in which to proceed, 
even though it means forgoing 
any form of Spanish control of 
the automotive sector, the single 
most important area of indus- 
trial activity .in Spain. 

Paul Betts reports from Rome: 
While Fiat is interested in 
increasing its participation in 
SEAT ana acquiring a controlling 
interest, it said in Turin that a 
deal hinged not only on financial 
aspects but especially on import- 
ant political decisions on the 
part of the Spanish authorities. 

The Turin group is In particu- 
lar, waiting to see whether Spain 
■will modify legislation now pre- 
venting foreign groups from 
bolding more than a 50 per cent 
stake in a Spanish company. 

“ Clearly we would not be 
interested in merely increasing 
our stake in SEAT from about 
38 per cent to 48 per cent,” Fiat 


i lit rather erabarrassiijgJyTa^ 
down during its busiest 
ever. After a recount Thursday 
trading volume on the NYSE 
came out at 66.4m shares 
more than three times the d&fy 
average this time last year -Ffce. 
where around the worfd oust 
of the major stock market * an 
nudging new peaks: v - . 

Capital International's >> 01 ^ 
index rose by 7 per cent 
July, that might not 'sound a 
lot, but in terms of stock aariat 
capitalisation it adds up .to eg 
extra $lOObn or so. Tbe 
index is now only 7 per 
off its al-tiame ingh — s&ag 
in early 1973. Qf course, . 
decline in the dollar has inftated. 
the rise. Even so the recentup- 
ward move in most world stock 
markets monks a. sdgndfraaf 
break out 

The question is whether .til 
■this activity - arouml the wotig 
reflects a fundamental change 
In sentiment or just a tedm«L ; 
readjustment. There are pieaty ’ 
of special reasons to wqdaiii 
away individual moves, bat itti 
not easy to find a common 
thread. As Wall Street is- f« 
and away the bi^est stock mar- 
ket in the world - it obviously 
has ‘a very big - influence on 
.peripheral stock markets. — ' 

In its case, it seems as if the 
catalyst for -Its . latest upward 
surge 4s the suggestion tint U.S. 
interest rates have peaked out, 
or are very dose' to doing so. 
N. everyone agrees watii this,, 
since Ihe U.S. inflation cate bio 
been rising and tbs week’s 
money supply figures showed 
that the Fed nzigrt sttH be 
tempted to tighten credit 
further. Meanwhile the sharp 
rise in the latest U.S. un- 
employment figures could in- 
dicate that the economy may be 
slowing down faster than ex- 
pected. 

Although the immediate pros- 
pects may not seem particoiatiy 
encouraging for . equities the 
bull’s argument is that equities 
have trailed far behind the rate 
of inflation and are basically 
undervalued. Since 1973, U.S. 
retail prices have risen by 
nearly 50 per cent and in 'the;- 
UK, they have, more tfiin 
doubled. At its peak the Hong 
Kong stock market was selling 
on 55 times earnings and WaE 
Street was selling on nearly 20- 
times earnings.. - Today the 
multiples are 14 and 9 respee*. 
lively. Bnt, of course, this case: 
could have been made at any - 
time over tiie past couple of 
years. ' 


Weather 


UK TODAY 

BRIGHT intervals, showers. 

London, E. Anglia, SJE. and 
Cent. S. England, Midlands 

Sunny intervals, showers de- 
veloping. Max. 22C (72F). 

E., N.W, Cent NJ3. England, 
Lakes, L of Han, S.W. Scotland. 
N. Ireland 

Outbreaks of rain. Max. 17C 
(63F). 

Channel Is^ S.W. England, Wales 
Cloudy. Scattered showers. 
Max. 18C (64F-). 

N_ N.W. and E. Scotland 
Mainly dry, rather cloudy. 
Max. 17C (63F). 

Outlook: Cloudy with some 
showers. 

- BUSINESS CENTRES 



Accounts standard plea to Healey 


BY jOHN LLOYD 

NATIONALISED INDUSTRY 
rhatrmcn bavc written to Mr. 
Denis Healey, the Chancellor, 
protesting at tbe lack nf adequate 
uuidelines on accountancy pro- 
cedure in the public sector. 

The chairmen are angry that 
they have bad to bear the brunt 
of criticism over tbe supplemen- 
tary depredation provisions a 
number of the industries have 
made for the first time in their 
accounts for the past financial 
year. 

The accounts, published in the 
past few weeks, reveal a wide 
variety of accounting practice, 
and many nf the net profit 
fisures are calculated on a dif- 
ferent basis from previous years. 

The chairmen say the pro- 
cedures should not be criticised 
on these grounds while they 
wait for an,. as reed standard fnr 
inflation accounting in the Public 
sector. They are thought to 
feel that the accounting profes- 
sion has been too slow in pro- 
ducing an acceptable formula. 

The Price Code of 1976 sug- 
gested that companies should 
enhance their depreciation by 
40 per cent as an interim 
measure. The Government White 


Paper on Nationalised Industries, 
published in March, says' that 
inflation accounting will be intro- 
duced when a standard is agreed. 

Earlier this week, Mr. Douglas 
Morpeth, chairman of the Infla- 
tion Accounting Steering 'Group, 
which has tbe task of producing 
a formula, said tbat the group 
would deal with tho special 
problems of the nationalised 
industries. Mr. Morpeth’s - pro- 
posals are due to be published 
next spring. 

Tbe nationalised -Industries' 
ways of dealing with inflation 
accounting ranges from that of 
the Post Office, which has made 
provisions for supplemental^ 
depreciation to compensate for 
inAation for over 30 years, to the 
National Coal Board, which 
rejects any move towards supple- 
mentary’ depredation. 

Meanwhile, the Post Office is 
discussing with Touche Ross and 
Coopers and Ly brand, its 
accountants, how it can become 
exempt from the reservation the 
accountants make on one part 
of its procedure. 

This ‘ concerns introducing 
fixed asset accounting procedures 
to quantify tbe assets of more 


than £6bn owned by the Post registers 
Office, roost of them In the'4ele- that sue 
communications business. if their 

According to the accountants, dropped 
only £2.5bn worth of assets are The I 
adequately described, leaving a suitab 
£3£bn w.qrth inadequately so tbat 
accounted for. sively w 

The issue between the 'two factory 
sides is on the need for asset five yeai 

Continued from Page 1 

Thorpe accused 


registers^ The accountants insist 
that such registers are needed 
if their reservation -is to be 
dropped. - 

The Post Office believes that 
a suitable system can be agreed 
so that the assets are progres- 
sively accounted for m a satis- 
factory manner over the next 
five years. 


Amsdm. 

Athens 

Bahrain 

Barcelona 

Beirut 

Rvlfaar 

Belcrade 

Berlin 

Brraqhm. 

Briaiol 

Brussels 

Budapest 

B Aires 

Cairo 

Cardiff 

Chicago 

Co I OR 00 

CopahasTi. 

Dublin 

Edinburgh 

Frankfurt 

Geneva 

Glassow 

Helsinki 

H-’Kona 

JoTjotk 

Lisbon 

London 


Y‘dW 
mld-dav 
•C "F 
C IS SI 
S 37 81 
S 87 M 
S 2S 71 
S 3 C 
C 14 67 
C 53 M 
F S3 73 
C 17 43 
F 19 86 
C IS M 
s a j; 
c « a 

S M 83 
C 17 63 
S 51 70 
C 50 68 
R 14 61 
C 16 61 
C 17 63 
C 22 71 
F M 75 
D H 57 
C 59 a 
C 35 93 
S IS w 
S 23 73 
C 19 68 


Luxerab’s 

Madrid 

Mancbesrr. 

Melbourne 

Milan 

Montreal 

Moscow 

Munich 

Newcastle 

New York 

Oslo 

Paris 

Perth . 

pRunu* 

Reykjavik 

Rio de J-o 

Rome 

Singapore 

Stockholm 

Srrasbnj- 

Sydney 

Tel Aviv 

Tokyo 

Toronto 

Vienna 

Warsaw 

Zurich 


Vday 
mid-day 
*C “F 
C 17 63 
S 31 SS 
C 15 59 
S 13 54 
S 59 79 
S 17 63 
S 27 81 
F 20 68 
C 18 41 
C 23 77 
F IS 44 
C 16 44 
R 17 43 
C 24 73 
C 11 32 
S 28 JM 
S 32 90 
3 31 SS 
T 22 72 
C 23 73 
S 16 61 
S iS 82 
C 38 SS 
C 10 66 

c SS S! 
P 26 7B 
C 28 89 


the 

future with 

£ 30.000 


Making your capital provide you with! a high 
tax paid income, whilst achieving m aximum 
capital growth, should be the aim of all 
investors. 

But unless your capital is efficiently managed 
you may not be adrieving this. •• 

Joseph Sanders Sc Partners provide an expert 
and personal advisory service overfunds in 
excess of £20.000,000. 

. Beardless of your age or tax position we 
-believe we' can. improve your financial 
prospects. 

Gar advisory services are impa rtial and 
readily available. 

If you have £10,000 or more lo invest and 
would like further details on how we can lielp 
-you, complete and post the- coupon below, 
without obligation. TO/M): ' 



off 

V 1 * 


t 

^ t- 

j ? •*: ■ 


HOLIDAY RESORTS 


on winning back voters lost to 
Mr. Thorpe’s party in 1974. — 

Inded, yesterday’s events will 
do nothing to reduce the Tories’ 
hopes of securing the 6 per cent 
swing needed to capture North 
Devon which Mr. Thorpe held 
with a sharply reduced majority 
of 6.721 in October 1974. 

Liberal strategists are .also 
worried about a possible over- 
spill into its two other West 
Country strongholds of North 
.Cornwall, . held by Mr. John 
Par doe with a majority of 3.3856,- 
and Truro, won at the last elec- 


tion by Mr. David Penhaligon by 
-just 464 votes: 

Mr. Thorpe, who gained his 
seat from tbe Conservatives in 
1959. was elected Liberal leader 
In 1967. Under him the party 
fought two highly successful 
General Elections in 1974. when 
it won almost a fifth of the 
popular vote. 

On May 10. 1976. Mr. Thorpe 
resigned as leader of the party, 
speaking of “a campaign of 
denigration which has endured 
for aver three months,” and a 
“Sustained 'witch-hunt by sec- 
tions of the Press.” 


Ajaccio 

Alston 

Biarritz 

Blackpool 

Bordeaux 

BoukJKne 

CassMnca. 

Capo Town 

Corfu 

Dubrovnik 

Faro 

Florence 

Funchal 

Gibraltar 

Guernsey 

ionsbrucfc 

I ore mess 

Isle of Man 


Y’day 

mtd-du 

°C °F - 

S 27 81 iKaUbal 
5 35 95 Jerscp 
C 21 70 Lag Pirns. 
C 14 57 Locarno 
F 21 70 Majorca 
F 16 61 MaLuu 
F 23 73 Malta 
C. 16 «l Nairobi 
S 31 8S Naples 
C -26 7B Xfcc 
S 23 TXOpono 
S 58 Kl Rhodes 
S 33 73|SaIabuni 
S 3D SB | Tangier 
F 14 61 Tunis . 

R M SS Valencia 
C 16 61 Venice 
C 14 37 


V'day 
mid-day 
•■•C *F 
S 23 73 
S 17 63 
S 24 73 
S M 79 
S 31 K8 
S 29 M 
S SI S3 
C IB 86 
C 31 SS 
S 27 SI 
F W B4 
S 29 84 
R 18 64 
S 30 63 
S 33 81 
S 28 S3 
C 21 70 


THE INVESTMENT ADVISERS 


8 3a PONT STREET, LONDON S W1X 9EJ. TEL; (01)235 8S25 9| 
XGdaKsd In EnttamUadaVo, 1007821. (|; 


lay fel. no:. 


Available Capital. 


I 


S— Sunny. F— Fair. C— Cloudy. R— Rain. 
U — Drizzle. T— Thunder. 


: : 11 “ ' » ■' ' ■ 

Kt-aim-ired at W® 0«re. Printed by a. Clcmcni's Press for and POM**? j? 
by Ihe Financial Times Ltd.. Bracken House. Cannon Street. London. E«P . J 


moon street. Loouoa. 

Q Hie Financial Times Ud>i I*® 


i