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FROM 
POLAND 

* t #’A«S LTD. Tel; (<?n-5« 5125/6 



. : .y iNo. 27,635 


Saturday August 12 1978 


Xjtff 


; 15 p 




WattStrefet 
U:K. Equities 
U.K. Gilts 

For our lalesL views and HM 5 • 

• rcpons write so R.K. Tiraberlakft 

1“ Han over Square, 

London VV1A1DLI. • 


1975 


X 


cofjnNHn-At 


ttu-lgc, HU ttfa AUSTRIA ' 5 efc . lip BELGIUM Fr. is. 

“TT^ ■ TTT - ‘ Kr 2 . 3 ; FRANCE Fr J.Q.- GERMANY 



NEWS SUMMARY 


DM- 2.o, riALT L m NETHERLANDS fi in. ufiRW&v * , B - i 

— — ” ! Mi """ "» "■ "-'w ^ am,. ... E1M 15p 




Graham Barton, former British 
Leyland executive. 'was jailed' 


FINANCIAL TIMES REPORTER 

[Peugeot-Citroen has not yet derided how it will organise Activities in the UK 


„ • equhtes ' iiew tip- *wcj, 

. against further profil-takbrn "7 seni or director of the French Peugeot if the French urnim »<>«»- t>>« v, r~ 

d FT ao^han. irdPT A sroup_ said yesterday, in Paris conhnl “ 8 F Mch sr0UD t00lc Government will 



NEB in 
‘trade 
secrets’ 
dispute 

By John Wyles 

NEW YORK, August 11 . 
INMOS, the microprocessor com- 
pany sponsored by Britain's 
National Enterprise Board, has 
run into a legal battle with the 
Dallas-based Mostek Corporation. 

Mostek is trying to stop five 
of its former key electronics 
engineers from passing on trade 



Dollar 
again to 
record lows 

BY PETER RlDDELt, ECONOMICS CORRESPONDENT 


obtain £ 15,000 from the Daily 
M&dl. ' 7 " 

_ Barton, 34 . was Tconvlcted on 
five charges. His Turkish-born 
wife; Fauna, WalS acquitted on all 
three charges she faded. 

After the triaj, Leylantf^now 
BL—said .further investigations, 
had revealed no evidence, of any 

contravention, of English Taw nor 

“ pf a World-Wide bribety-webi*'. 

BL said that to equate com- 
mission payments with bribery - 
was “ nonsedse.^ Page' 3 " ‘ - 

Polaris dial ^ -v: U 

Pickets outside^ the- CJytfeside • 

Polaris base were called ; off last 
mght-f'as.an act of good faith " 
following talks between^ Minis- ‘ 

tere and union leaders which coo ^ . 

produced a formula for ending Sr 0TCr tte last weeks. | 
the industrial civil Servants pay A*™* 1 "**® index ^ardMed 
disputtr. . Back Page ®-2 per cent foanewjM^ of 



criticisms that the outcome oXdifJussJins' Wtween I Se Thi* the Bt ‘, i, ^ h ««°Pany. 

■nment had been P/uiu^ jnrt WTWeen l The five include Dr. Paul 

Schroeder. who left Mostek m 


had been Pcugdofr and Chrysler 

^ded J w " .*•"*«* m ‘ « a,d ** his Sroup had no IS y^ter^y^ weknmed the prop? 
Chrvsfer down. • any tion of presenting the British S ^: S ‘- & ®‘f r °P ea n Commission 

rysler Plants in Britain., be with a fait accovmli £ R !f i \!£|,i Said a *‘hnugh they 


said no decision had been taken 
on this. 


a Jait accompli. 
"While the agreement 


had. still to see full details, a! 
was first sfeht their reaction was 


Peugeot would ' still be In- 0 & rit ?vsly subject to the approval “positive.” 
jereated in the deal with ^ .Government, such Tn- Madrid, the Industry Minia- 

Chrysler even if the UK opera- *&P r ° vaI «Htid only be asked for tiy said that Government aruSnt 
Uons were excluded. negotiations between the valwas not necessarv L 

Faced with growing- a ppr eh en- ^*[° 0 These talks Govenihient enuid sten in lat^r 

sion among the Chester ’work- n «essanly had to be kept secret, to pritfett jobs if tU 
force— particularly about • the Peugeot said that the French threatened hy rationaliSrinn 6 ^ 
ftiture or Chrysler UK’s' Linwood *J> 11 "ot‘ take full control of the Rrafceot Ld ^Ch??5 S T onei 2 f 
"in j Scotland— Mr. Eric Chrysler Europe until the begin- tions- io^pain. ^ nrys ‘ er °P er “- 

ln J^ zy SeC^tery. has nJ " J? 1081 - * At- the meeting with Mr Variny 

minted officials from the nine .Arrangements Had been made on - Monday unfon officiakwm 
unions concerned with the car S>ve the U.S. group an almost include Mr. «»" wl11 


arierSoAb ^ nexl Monday management Transport and General Worked 

afiernoon. and share of the earning or us Uniorf general secretarv aSrf 

-There was some conflict former European companies Terry TJuffv ore*:iripnVloir£ ^ r * 
herween yesterday's statements during the next two years. p ^' dent-elect of 


from Paris and Wbite!«jl“ While - Fr °m Januaiy‘ next Tear until Enmri^bg 3 workers Un, ° n 
Peucenr said that no decisibn ^he end of. 1 BS 0 . Peugeot and - workers. 


of 


it\\ 




had been taken. Departmenr of Chrysler would be associated they 'Wrd“bV' 7 ee kill v'Tn'formt 1 

call a tipncm"Peuseo ' orma ' 

- Econo- ancespn johs. 

. ■ the mique (GIE>. best described as “Hyffeel!n^isihatiffho« M 

heiwp^n nif r^ e aerMme m a fl . exjh,e corporate partnership «■—*-- ' ■ lf they C3n 

oftween the UK Government and or toini venture. H 


Mr,- Evans said last niaht that 

_ . 236 . 02 . Gold Ihaf'^Th^^F^ L" ^" d oh said ..wirhin what the French TaTra tSmonWuapot's^ P^ans^and^ssu?" 

Flight delays « to mo, a gain;;;r^f> SrU d t0 “S m f°an *** Gr01jpemenr <nat *™ r 8 p,ans ” d a<aur - 

Airports were bracing themselves. ® ie ' wee ^* V’.'— • obligations of 
for long delays over -the week- _ 7 iv" ■? between the U> 

t-nd as French, air traffic control- ® GILTS Hekl ma&Hy 7 «tead.v. «he Chrysler eroup." . Peugeot would have a 51 per tbTrv'Bi^'ipr °tV 

lers resumed their work to rule. - Government SeenriUe^^Iiidcx c Th 's »mphes. the Department cent stake and Chrysler the Shoi ^e ^rH. ' r- 
British Airways said-it was im» dropped 0.05 to 7L38i : -7 r -: ' su I a . aPStert - Chrysler’s under- remaining 49 per cent ■ ■ £ f le ' vard s at Linwood 

passible tq predict. the Jength. of - - • - ^kings to fceeii existing . plants Only after 15R0 would Gowned on Back Pa-e 

•delays but tr^vellere. should turn • GOLD rose S3* W^rttord ratlorv and u job securin- Chryslef-Europe be fully The rite and rise of 

up on tune and “have lots of d** of S2Ul f ^ ^opSf^thc P ^ S would be kept by ahsorbed by Pew-"* ' y ” - nse of Peugeot 

patience." P»gc ;3 . XX- . * W eek_ CmnpT 


teep-. Chrysler plants operating 
Peugrot will be a better bet 


April io become one of the 
three founding partners of 
Inmos. Since then, four other 
top engineers who have been 
working on Mustek's version of 
the 64 K RAM microcomputer 
memory have joined Inmos. 
created specifically to give 
Britain a foothold in the develop- 
ment of this advanced tech- 
nology. 

Mostek was yesterday granted 
a preliminary injunction by a 
U.S. district court -in Dallas 
“prohibiting the use of or 
dissemination,* directly _or in- 
directly, of any trade secrets, 
confidential or proprietary infor- 
mation by any of the ‘former 
employees." 

A hearing has been scheduled 
for August 21 ng Mostek's appli 
cation for permanent relief. The 
suit has been filed "against both 
the NEB and Inmos. 

. Mostek -said today that the com- 
pany had been advised that „ 
U.S. court had jurisdiction in the 
matter because, althnueh Inmos 
is not Incorporated in the U.S., 
it is doing business here. 


THE DOLLAR fell sharply again 
yesterday to complete a week of 
almost continuous decline against 
the world s leading currencies. 

The response or the main cen- 
tral banks apparently ■ remains 
calm with no indicationa of any 
significant market intervention 
ana no reports of . emergency 
meetings or action. 

rf J? 1 ^ U - S - currency fell yester- 
asainst the 
n l he w «« German 

£ 2 PV k .* n ? ‘he Dutch guilder, 
voii lts ,nwest ,eval f ° r three 
an?\,r S£ V npt ,he Fren Ph franc 
Ml.n ,trl W ° yMr! aSaiDSt the 
.The weakness of -the dollar 

arvss ZffUtSrss ^ ^ 

trade-weighted index rose 
yesterday to 62.60. 



Sper£ 

1-89 

r DOLLAR 

v afl^lnst 

A STERLING - 

1-92 


[V 


1978 



JUL 

AUG 


The fairly thin markets' in many 


There was also the familiar u 'j — * “* c . ,nc aonar nas 

i?Sy“ 3 L 0 i^SmDs'ly k 3 . 3 i SS 

/pfiMHii sspasss; 

S ,n o an ™ over |sa i nst the SwIm 'fine « 
There wa s nnthinc nartimiariT, s . wFr . LB 475 . These two curren- 
new to triceer vesterSay’s niove^ , h h ave atl . rat - led m °st =tren- 
ments. although President Car tJ ° n tb wee * i * ,n P art catching 
ter's problems in Congress wth J^paSe^ve" 11 * 1, of the 

his tax proposals further under- qf n ® ^ p 

mined the market's confidence in „,X. n< i? the , Bonn economic 
lhe Administration's handling 0 " Si? I ne ? r ? a a?o the 

the economy. 0‘ dollar has fallen by 9.6 per cent 

Tbe view of senior financial a * ainst ‘he Swiss franc, by 8.5 
trials in manv weLrn cSpi- Ft r rent the yen and by 

tals and of many bankers is that t t nt a P ains ‘ ‘he D-mark, 

‘he U.S. Government has shown ® terl,n S has almost kept up this 
insufficient siyns of successfullv P ace -.Hsing by nearly 4.5 per 
tackling the prohiems of resuf- ce HL ,n the P eriod - 
v**nt inflation, monetary growth The authorities in London have 


0.2 centres. 

None the less, the dollar has 


where the price of 
hy S 3 J to a new p— w. MJl! 
for a rise of S 9 j an ounce over 
the . past week. 


WfeJt. Cnmex 
trice dosed 0,70 up 


Page 12 


lent 


Crash crew dies 

4 i! L{°/' r *■ 1 # 'STERLING Was ^^fi'cents 

sassff - takMff “ G1 ^ SPWE 

ffex was 62.6 ( 624 ) 

lyiisslon. ^noni m 

- Rhod««fan;i^_ce^s^ ; 4 i^*rttek ; :^ t} ■*** ^ 

ffuemlla* killwt on Thu^ay -e-^YALL STftEBT a 
carried notebooks' which xhoweia 5:37 at 890.85 
they had - been amonfv.B»se re- - .. T- . . 

Mwocibie for the killfiig.Qf nloe' e iT^. BOUSE of iRcpcesent- 
MUrtr missionaries andL- four atise&approved a Siafcbn tax ciat 
children' nearly- two tnomh& ugo. Bill/ brushing asid#an Adraini- 
Pagc £■ - ^»tratioi>«Upported y.. alternative, 

, * ; : •: ...... S 18 .ttn tax' reltef package that 

\ re.n o r I S*S> i .v wouki .'-have iayq^ed the lower- 

Martial law was declared In Baek Fa^ 

Isfahan, . ."Iran’s mrin 1 . tourist _ 

centre, foltaring; tye • days /of GOM^UOPION of Phillips 
nuting. In JbhirwA further south. Petrote«j»*s-AU and gas liquids 
seven people were reported, shot tcnhmaf' o/ Teessi.de has been 
.dead hy troops outside turn furt^cr"deto.ved._ ; Construction is 
tposques; Page 2 • ' ^ three/jeafs behind Schedule and 

Threat to Daoer ' project believed toj 

. .. .. Jjavr.tqore than doubled to over 
F^durtion of the' Sudday p .Times ^ 308 &iif 
^ threatened (or the sectmif week mtfk^age 

rnnnlog by an ninjffieiaf ivertlmV Jit 

depute involvingmombdrsof the AT IONAL Stores, the 

Society of Graphical and Allied-^ 11 ‘aoBsti-jeS; High Street 
Trades in the piibll&hiDg rpom. - supermarket chain, has. decided 



and Japan % sign 



Injunction 


BtjOHNHOfFMANN 


PEKING,., 'August il. 


Unsure t hi ^ -j - ^®ps from , an but 


100 


aMWw,as aat«8iahwggi fe^ .» «• 

treaD: toWow after three featy been seen by Pelride treaty whi^ Tho - . 

and pCo c id ^-“'paSfic.^ had access ,o wn - 


The «reaiy will put. .Tapan" in foraa^'tSSita^the^ Japan infnrmRtion ' ah “ 11, th K'' prednets 
ttion tn assist i« China’s ambassador's ?SideS [ wSSfiH 


■It is not clear what the effect 
of the injunction is, or would be 
if made permanent, 

Mostek says that although it is 
not trying to prevent its former 
employees from working for any- 
body else. “w e are not going to 
allow our technology nr trade 
secrets to be expropriated for the 
nenefir nf a British venture or 
anv other ” 

Dr. Schroeder and his cnl- 
leagues, Mr. Ward Parkinson; Mr 
Den ms Wilson. Mr. David Wooten 
and Mr- Dnuglas Pittman, were 
?ay S Mostek involved in design 
mg new products; several of 
which are scheduled for produc- 
tion next year. 

The men 

proprietary design 


and energy conservation. 

A widespread view is.that until 
such ac'mn is taken, by Lhe U.S 
it is pointless to try to operate 

agpi«'-t markets. 

Count Otto Lambsdorff. West 
‘-erman Economics Minister, said 
vesteroa* central bank inter- 
vention could not solve the dol- 
lars problems. 

The relatively raltn response so 


Continued on Back Page 
-Editorial comment Page 12 


£ in New York 


- ! auk- u 

^ Prennue 


Spnr 
1 month ; 
? months ; 
12 monthi ; 


I *1.W«MIM0 
: O-AS-O-*** <it! 
l.SC*.L«2,1l5 1 

4.BO-4.60 itU < 4.804.60 ifi. 


few serious disagrec- 
One formal «=tep is said 


ssi'" wi's.as sssr 

power iui nauons. , ated HnCe ^ death ^ to 

^According to diplomats in man Mao. It may also offer the draftbv the ’ 

Peking. Mr. , Takeo Kukudu, ; the Japan a springboard info a poten- Emperor d! jlnan St ‘h/ 
*Wnese Prime Minister. :has tially large Chinese market as nSTre 4 £Sd'in? n 
*mfimed that the. .redly can Pe^g begins to open tbe Mm tewSS^fEr" 
eluded without either country, to greater trading Tavificaiion hv 
entry's altering us position on opportunities. g CaE which mik iS thf 

ami- Before Mr. Fu kud a ’s statement, afternoon. * in the 


a e 


controversial 


reportedly made to leaders 
the ruling Liberal 


„ DavW reports from 


hegemony " clause. 

Differences over 

stales that parlies m me .u,. * * •- -<■-.** a .marp wantin' 7 to 

“O' 11 '"- that conclusion „f 


the clause, pjjn^tbw &Ld er hlpn D ^^ Cr i at i Iw,cow: Tke Soviet news agency 
‘rues to the i? ecula ‘ T ass i^ued a sharp warning to 


tp: drop; Green Shield inteftST of lhe the Japanese leade? ST"^ ChSSTSi^ 

of itsfuation. has reooaterilv Hold «n insisting on some con ces- would “ h*** 4 *' i"-* 111 ? 




branches. 

William Hitl has aeeepifcFa 
part accumulator — - 

placed by Mr. Pair K^Ag&OI evi , WHlTE -ANI> BLV&colk. 

a pc', it worker; Heiatela 'the yrii service unions, represent’ „ „ 

money, for 3 £1 slaked: the-- ^ over-fm. workers, joined ft* «Sr^ n thQ mSl rh : ,niS Mr ir!? , i“ ns! 
weekend n> dry. the ‘“ De ‘n press for trade, ^ 

monster and unidenUfied flymg ^ion, representatki n for ihq SSfiS' JJ ” SJESS 
objects are proved to «£ (wiffi «”««* ret Page 3 /: P? 4 . Ule Problems, 

in a .vnari; and - a mi ShM i sECOiiin wnm..„ n nW »57 n / s insistence 

wi “ ^ 1^;^®“°^ da, 

nnr> 40 -nay. . ' :^pLff ; .ih ;"Betfist fnr U.S. ; 

Port nfrrair has.tifcethe first, been 

rori OT Calf .... J.^ : fumed- down. -Page 3 £ 

,TX Airwaji 

inckeved am Jjm been awarded the right 
i «ws?J tSfore ritev^coujl b6 ‘r een ^twldc and DallavwiCX ^ , 

i haarf to • bep0me - Fo « Wwth. Texas; hy the TIAVJD LA5CELLES 

a hazard to shipplpfi. . .. Aviation.. Author, ty. British Air#^: , 

Briefly ... ^r^vSg&^S 1 ?* 1,as be “ 

No. Z«l^ oro M-firS in tbe - SKBUL h« bounbt 


Wion. has repeatedly held up Ij"" ^ ^^e ponces- would “heatup the inr’ernaiiori 

W* °P the.lreati’ between .thff :|L° v n e s pei °' er nf ^ Jfinrted situation to the utmis " 

„ JSMHSS 

ccr r Sn malS P ° ,nTed 

to have H ur ??„ fc bad 'SL.-U.n which had reDea , e dlv demon- 

Asia. 

,the three Chinese and three -Tap~abese © aT y wins £ 36 m contract from 
was had met yesterday and Today China, Back Page 


and also possess the knowledge 
to produce commercially a R 4 K 
RAM and a computer oh a chip 

Afnstek has suffered a serious 
loss of its engineers to Inmos 
ft said today that use nf its trade 
secrets nr failure to find suitable 
replacements for its former 
employees “could have a 
materially adverse effect on tbe 
company." 

Employment at the lnmns 
Plant, just two miles awav from 
Mustek, is planned to grow to 
LOGO _ before microprocessing 
maniiracturiog « switched to 
Britain. 


Home loans boost 

BY jOHN BRENNAN, PROPERTY CORRESPONDENT 


f TnSS 7 "« “r 117 » their seeing,, 

receipts jumped from June s ends. 

18-month low of 4147m to E180m Competition for investment 
in July. And the societies feel ^sh is also likely to ease as 
that as higher interest rates are , e impact of new higher limits 
attracting new investors, there *® r National Savmgs Certificates 
will be no need for any further diminishes, 
increases in the mortgage rale .Mortgage loans are still run- 
jo meet their estimate of record 5. !n ® a ‘ record levels despite the 
home loans this year. Government restrictions. In July 

The societies expect to lend ^n W ,?i >C j etje r S v nt n f737rn af, d 
£85hn this year lo S00.000 lilh f ¥h? e r«i 713n1 ' Tbey 

borrowers. £1.8bn more than in. nfS? “ h ]2i h Government to 

1377. house purchase loans to 

Thpv hnn» >1. f 540 1,1 * month. Of the £737m 

that nexi month's lent m July, around £100m is 
« !1 *k show a f urtJler belie\’ed to have been advanced 
increase as the summer holiday for home improvements 
season, when investors tradi- 


Lex Back Page 


nals poinTed - out that j- — - -- ' v-muae was 
necessary legal pro«! o!,vfip , , e ?-nSf^ SS,y 3fiainsf ‘ he 
. id yet to becnmpleted SjJS, 1 l h ,^? n ’ ,T was China itself 
in Tokyo. But they confirmefi re P.eatedly dei 

that a drafting comminee of stra,ed 5Uch asprrations in ‘ 



bids $ 750 m for Mead 


NEW YORK August 11 . 


MENTAL 


Trent Rrid«A Tmt" • sttBUL has bought a bulk 

®S r nS5'.«»"4S ££ 

WeU’p reserved bodies ■ p( ’ eight bulk -carrier ownership fnr its* 
askimos found in. Northern RnrwLng - . coal productioifcf 
Grccniand date, back to toe 15th . business. Pace 3 
Century. V--' ' v -. 

Bprut Ruck, who . wrote 387 SfliMPAHlES : 

Foraicr C Burmtef^MlnlS 1 ^ • DUTeH BANKS ABN an 

Jailed for We tm^tsirSpSS risif^S?- fir« ha 

charges. -• ProfiLt rises Tor the first ha 

NATO has appointed US. .Vice- 

Admiral Karry Train as-Supreme - ■ . . 

Ained. Commander Atlantic. - t WKUKBIQUE Govemntehf 

Arntf iiian woman and tWo- sons has taken j»ver the administration 
Hi.igflft . rit-iri . .at ■_ U.S,".. Moscow - {!? So * ar •_ Bsta [ps - 
embassy after being refused an ■ ® ■ 

exit. yl?a by the Soviets. 


r - L r ? etr0 | eum Cor- 'preference shares plus a S 7 .S 0 over S6bm.it t s best known in 
lot* the U.S. oil company dividend. -The ! niter would be Britain for its participation n 
a stake in the -North Sea. c® 0 vertible info Occidental com- the development of North Sea oiL 


bid about STSOra for Mead. JgL sb * r *5 « j L t p "Sj> 0IT ! h ° f »*»re it has a 36.5 per cent share 
, tny,; an important paper- SS 2 L more tha " i° ‘he Piper and Clavmure fields 

"-wood products concern, in 525 S? ^ during an agreed and obtains Uo.ooo barrels a day' 

might prove ■ the largest" ^ Occidental fc the second US 

takeover; bid this year. .The offer also carried terms .oQ company- srith a large North 


Arbuthnot 

Eastern & International 

Fund 


Potential capital growth from expanding economies 


•XlAtthouiih the terms o> the bid 2 nd v Sr Un § pow ? ?^ ea inter « It use its earnings 

,'T^v complex. Occidental hoidere^ 8 ssaed 10 ^ ead s* 0 ** - ^. ere 10 its operations. 

1 Mead, of Dayton, Ohio, makes 


• . LONGTON: Transport tHold 4 
JWy of a miswog British-tourist ings) made fl.Tm (£l.3mi pre^j 
Mr. Alfred Burgew. of Trimble?, tax profit Jn the year tn March! 
wnfM.i- was faniMh tactile .*sea 3 L Turnover was f 2 Sni (£ 26 m>rj 
near Barcelona. .- .v’v . . Pajte 14 . 


V— — • or- 


T 


CHIEF PRICE CWMfiES YESTERBflir 


... 3RD m * m 12 . 
„ -tfi + 10 
.. 558 + 6 - 
..222 + 5 . 
.. f»l .+ 4 
.. 1M + 7 . 
STfi + !6; 


ed io be using its height- . 

'cash flaw. From North Sea Itji letter to Mead, Oeeiden- .paper, pulp,^ "imduieirr' << Turiiiture 

■oduetion to diversify out said n would welcome a and a few SSal ■ products 

Jww • ■ . mmm of. directors to -arrive sales la<! year were just ‘over 

refused to put a ? r a . satisfactory agreement Sl.tfbn. and-f»rnin2s were iusi 
JSiufrAn the bid." but calchlat tons * or the eombmatton of our two les^ than 3 l 0 Om- The comsanv 
Wall street analysts put it at companies.’’. was not anTbvious tefc^r 

3 *** BraOm. wnnh about $35 a Mead's immediate reactibn was target, having increased omfit 
against recent trading S 2 S. to say that the offer was not inability in the past three years! 


vJUttrlriental said it was offers ]} s shareholders' best inr-rests. However, its prospecrs have’been 

being studied, clouded by the "difficulties of the 


b}fc*to exchange each Mead com- it was 

®ert _share for 0.28 of its pro- Occidental Petroleum is about P a P 0r . and packagincl 

"TO!. p i us a ® 10 div1 ' thB lw e ,f ‘b largest u.S. oil com. Indu - ;,r ^ 

:^S£* * n<J 0 07 of ,ts convertible pany, with sales last year of jusi Background Page 17 


The Arbuthnot Eastern & 
International Fund invests in 
those countries whose economies 
arc already expan ding - 
principally the USA, Hong 
Kong and Japan - and where the 
economic strategy laid down by 
the IMF shows the best-growth 
potential. 


;Tlie object is sustained ' 
of capital^;; 


' Tbe cconosua of the world’s leading 
natrons ere sicadily recovering. Industrial 
production is rising, and inflation a 
coming under ararrul. 

The miiamv of the portfolio is 
invested in munanonaJ companies 
particularly those who null beiefi: from 
the rapidly expanding ftf East era and 
Middle Eastern economies. 


Spread of Portfolio 

Ai Anyng. lg76 

•• % 
33 
27 
10 
9 
S 
7 

1_ 

100 


USA 

Hongkong 

Japan 

Singapore 

Australia 

UK 

Cash 


f Prices- in penre untessiotherwUe 

^ ec ~ 

n . 

-sM 

Bronn fJ.) ............ :4W.+ 4 Bart Dnffomeia 995 

Gommuq Brothers ...-^43 f • Hohgkong Tin 210 

'-M;fir8.+ ISJoborg. Cons. ... £17? + 21 . 

.,."32 -345 + 5.:" 

.Selertkm-Trurt 454 + 2fl 

. . S3 + 4 - .Tasminax- 135 + 2? « 

A. s<$-+ 7 Weai Drlcfontein ,...£2s? + TV* 

Western Areas 2S3 + H 

"PALLS . 

jPaterson Zochoms .... V® — 2 - 


... news. 

;ltame" news — general 
. . —labour .. 

^Rns;-. 


CONTENTS OF TODAY’S iSSUE 

.... 2 Leader page j2 

“** 2 UK Companies 14,15 

.... 3 Mining ...;, s 

... 10 Inti. Companies 17 


Overseas markets 16 

Money and Exchanges 19 

Commodities--. j- 

UK <iorit market 20 


Detpitemorkcc flucnitiAiB, tbe fond 

tw pcrfwmcd ttopdonaHy wdJ. 


Id the year ended at Julv r<j7S. « has 
«wwn an increase of a I.i« - compared 
with a Retail Price Indez increase of onlv. 
7-7"f. and the Unhlwlte- lodes of 
I6.J'-.. and lhe World Inda ot"5.9 n n . 
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Socialists withhold support! Shah declares martial law in Iranian city 

JL JL . 'TiruRAV Anmst 1 

| BY ANDREW WHITLEY TEHRAN • AUgUSl l 

from Portuguese Premier 


Tehran; August il 


MARTIAL LAW was declared loyalty to the exiled religious Shah Abbas hotel on Wednesday, under control, and most of tho» 
and a curfew ordered today in leader. Ayatun&h' Khomeini and Large-scale rioting broke out trouhlemakere arrested. 

Isfahan. Iran's third largest city the conservative clergy. last night, apparently following Although troops Md tanss 

and its main tourist centre, after The Shah has been at pains P° llce att ®™ pts to kreak up a have tec ®J5£ * JH’SS/Shli te 
two days of'sertom rioting that to utagonise tho broad '■fjffi «*«“ • “ to? S «aS 

left many casoaltios. of the dorgy. while nankins £ 'KSSH-IS ^ Si "hS ^ 


BY JIMMY BURNS LISBON, August 11. _ _ 

THE SOCIALIST Party. Porto- right support for aoy new da Corta, are clearly findm? It le « caSoaltS." ' of' ttn Sfjffi? S, KS .Sat *' mJtid ^w “to S 

gal's leading Parliamentary Government formation is felt to difficult to accept as Prune Further south, in Shiraz, un- plain that he thought that. many p^ a ^ m j The' strikers -were declared and this indicates the 

party, today remained uncnm- be crucial to a successful solu- Minister a man openly linked to confirmed reports say seven of the troublemakers are com- ■ lhe feieagg q# strength of the Shah's resolve' to 

mitted to President Ramalho tion to the present political private business interests, and people were shot dead by troops munis ts under the guise of rel*- Taheri from Jail maintain law and order. 

Eanes's latest attempt at solving impasse. Initial reactions to Sr. already committed to rationalts- last night when inflamed crowds gious students or pnesis. Today's rioting apparently Shooting and violent clashes 

the country's continuing political da Costa's appointment indicate ing still further Portugal's emerged from two local mosques. Diplomats say the trouble in forced the military's hand. ' A. continued right up to the 

crisis. that a negative vote by the chaotic public sector. After a lull of nearly rwo Isfahan began ll days ago Fol- simultaneous announcement on announcement of . martial law 

Emerging from his first round Socialists could tip the balance judging by Dr. Soares’s words months, this new wave of unrest lowing the return from exile of radio and television -by the "this afternoon,- with an unknown j 

of talks with Portugal’s newly against him in any future tbis morning, the Socialists are began three weeks ago in the a well-known radical Mullah. District senior military com- number of wounded and dead. It { 

appointed Prime Minister. Sr motion of confidence still sticking resolutely to their north-eastern city of Mashad Foreign estabtishmments. in zander, Major General Reza is not clear yet what effect: 

obre da Costa, the p'?. ine ri nL a .. ■ strict interpretation of the Portu- before it spread across the this city full or American ser- ^aji. said he was taking over martial law has had. *1 



car 


foil! 

•« v/ 


Alfredo Nobre da Costa, the 
Socialist Party leader, Dr. Mario 


Following his first round of 


Socialist Party leader, Dr. Mario "ijf 1UU “ U . u ! guese constitution. This states country, wane appearing uj **«=iuc.. 

Soares, said that his party was contacts vnth the major political that a new Prime Minister should peter out in one urban centre, have been prominent targets. 


While appearing to vicemen or former servicemen, the civil administration. - So far martial taw has not been : 

in one urban centre, have been prominent targets. He did not say how long he declared in Shiraz. , a cosmo- 


Mr. Edmund Dell. Secretary «f 

State for Trade 


uiai uia paiij woo ^ “ _ _ _ uiai a new rruut; ivuuiaurt duuuiu — * . .7 " T- — * _ , ‘ ,v j . lllk : ft u 

not prepared to participate, in parties. £ r - aa Costa nas so far appointed with “due regard the contagion spread to another. In the most senous incident, a was taking over for. but- dlplo- poJilan and relaxed city which ] 
the President ially-backed Gov- 11161 w,th “J openly favourable being bad to election results.” fuelled by a combination of the mob estimated at some 500 mats presume martial law will has escaped the unrest relatively j 


the Presidentially-backed Gov- raTourauie being bad to election results.” fuelled oy a combination 01 me mob esnmatea at some ouu mats presume maruai law win nos esc a pea ujy * 

ernment though he did not state response °?I y ™ on S the Con_ The Socalists. having won radical Ullema, who owe their attempted to storm the famous continue until the situation is unscathed so far 

categorically that it would vote ° have 41 Portugal’s last general election : ! - 

aoninc* i* .r, v-.rUmnr.t seats in parliament. „r 


against it in Parliament. pv* n if a , k- me wilh 32 P er rent of the vote. 

Pressed on whether a refusal were e veiltualtylS Srf h, “I ' h ’’ *** necessarily im- 

to participate in the future ni a h. s iLiii Plies them. 


r nM PartiCip » ate in / ut ^e Right-wins Social Democrat plies thera ‘ 

Government meant that the Pany <psF). which has 73 seats Despite the new Prune 
Socialists would vote against It j n parliament, this would still Minister’s firm commitment to 
u Pa vuauienU Dr. Soares said i ea v e unresolved the attitude of forming a Government capable 
that this depended on the the Communist Party. of tackling the country's pressing 

policies adopted by the Govern- Sr. Alvaro CunhaL the economic problems, doubts now 
ment and. its Ministers, particu- Communist Party’s general remain as to whether he will be 
larly in its solution to funda- secretary, said tonight that bis able to count on the participation 
mental political problems." party would participate in the of the former Minister of 
Dr. Soares left open, for ex- Government only if it were Finance, Dr. Vito Constancio, 


Bid to ease 
PLO feud 
with Iraq 


Hua concerned over agriculture 


BY JOHN HOFFMANN PEKING, August 11. | 

MR. HUA KUO-FENG, China’s may have been a warning , to run enterprises. 

Premier, has hinted that he is rural collectives to contain their The Premier emphasised that 
uneasy about the country's enthusiasm for setting up com- great efforts should be made in 
ability to meet the production mune-based industries for their farmland construction to ensure 
targets set as part of its own sake. . .high and stable grain yields. 


By Ihsan Hflazi 

BEIRUT. August 11. 


Chinese 
look to 
Britain 
for trade 


ample, the possibility of Socl- formed around the four major himself a member oE the Socialist MEDIATION'S un'derwav to ease ambitions 10-year ’ development He said that industry should be' Cadres would have to encourage j 
alists participating in the future parties. Meanwhile, its first task Party. the tension between Iran and the plan- .He has. issued a series of developed in communes m long peasantsto work hard and show 


Government 

capacity. 


By David House go 

SIAN. 

CENTRAL CHINA, August 11. 


rhe future parties. Meanwhile, its first task Party. the tension between Iraq" and the ptan. He has issued a series of developed in communes as long peasants to wotk para and snow n . Nn nFrT .7 

individual should be to update the electoral Dr. Constancy's skill and Palestine Liberation Orcanisa- directives which appear to point as they did not compete wUn an example that wou ld au^ain AS MR. EDMUND DELL, .be 
law, he added. Jhh.iv f!*L estine UDerabon urganisa t0 hifi Mncern that Nina's rash large factories for raw materials, the peasants' enthusiasm... “No Trade Secretary, wind* up his 


The Socialists have 102 seats 


The Communists, who have 40 to^M^behta? th^rignfng ^ol ^a' delegation - represent me for“TndusSaTisation may” leave it was possible that the- produ^ work' will 
ats in Parliament, without as Portugal's agreement with the T^nnr-, P Varionai agriculture behind. tion of some industrial products depends o 


in Portugal's 2R2-seat Assembly, seats in Parliament, without as Portugal's agreement with the Lebanon’s left-wine National agriculture behind. ^on of some indurtnal products depend 

and their acceptance if not out- yet being outrightly against Sr. IMF in May! nfrwoment hac i.i« inded three The nation’s 10-yeay. plan, could be transferred to commune- orders. 


Movement has just ended three 


Rhodesia 6 mission raiders 9 shot 


days of talks in Baghdad where which has eight years to run. 
itraet President Ahmed Hassan requires outputs by 1985 of 60m 


al Baker. . 


tonnes of steel (now about 25m) 


An official of the pro-Iraq and JQOm tonnes of grain (now 
chapter of the Baath party here. about 260 m). 


Japan impoit boost urged 


Mr ' M»aa choth caw that a Addressing a national cun- -■ * 

i.'ndpnSav with F«ence on farmland capital con- THE ANNUAL White Paper of said. Earlier periods of yen j 0 g from China's ambitious plan 
Fatahthe main (zuerrilia eroup struct tan. Mr. Hua said it would Japan’s thA itc “' nnnmv t* 1 ** 


BY OUR OWN CORRESPONDENT SALISBURY. August 11. 

TWO OF the black nationalist House of Representatives have talks with the Patriotic Front. 


BY ROBERT WOOD 


il be done well that visit to China, a much elearei 
on coercion or giving picture has emerged of Peking's 
new foreign-trade policy and its 

attitude towards Britain. 

a J In the British view, the major 

iff’ICf’ lirOPfl gain from Mr. Dell’s visit has 
BAA §vu been that Qjg Chinese have now 

Tnirvn Aiimist ti flrmJ - v 0P cned the door to Britain 
TOK\ O. August II. inning major contracts result- 


„ n uo struettan. Mr. Hua said it would Japan’s Economic Planning appreciation had the .same effect, to modernise its economy. This 
wWch has rMentlvhepneneaoed '** e an arduous task to reach thdse Agency today called for greater it said. ^ j . change foUows a period ol-i.j- 

nicn as rece tiyoee s - I “The grain target 'in imports of manufactured 1 , and The White Paper noted that, innumerable complaints on the. i t l/ 1 

■ nnonivio. Af T -a no r> Tn riL:.... n lJ n n » t-Vin biah nrinae 1 


Kho . mas sacred 13 reconciled with Prime MinlstaV Ian Smith in a bloody confrontation with Sf-manSfacSrod ISSff Sd ‘S^STof "Spa? S SS atthe hgh priS 

British missionaries and children different Versions of amend- and other black leaders now the Iraqi regime. - _ . .IK 1 ” *f SS ^ wi^tn tWlstt* lflth P nt„rv in d 


I P l f- | 

j \ u it A 


Brltisn missionaries and children different Versions of an 
near Rhodesia’s eastern border mens passed last week 
u-itb Mozambique have been shnt Rhodesian sanctions in a 


on leaning towards negotiations, 
way The congressional compromise 


i !« tn he effort." he said, according to the more emphasis on services the West in the late 19tb century, 0 f British goods and of poor 

uuerriuas _ oeueveu «y vc v AU rhino Nomr Aoonnv nwirnnKna runnVr Tinm hnc rhannellpH ton ner- jniinarioc Timp and aeatn. 


n,nr«hlr4 J nfFa^h attacked Irani New China News Agency. “Of aimed at promoting people's Japan has channelled top per- deliveries. 

course, if we do our work welL welfart. aonnel. technology and funds to throughou 


V™. 'Ik. **.* c —**i=.*«r«.uii.a. kui»invuii3c i “j***' rT' rnn^- course, if we do our wotk wen. welfare. sonnet, tecnnoiogy anu iuuus to throughout the visit the Chinese ‘ J 

nfifitarv SSS2?t!d.v * kSKi nr^offnp speJdSvill be increased.” . _ The report said Japan had exporting industry. This was hav?Te turned to these points^ 


r - > * - pf 


military reported today. continue the current Anglo- the Rhodesian Government must Paris and Karachi, prompting 

The bodies of the two men — American initiative. show “its willingness to negoti- counter attacks against PLO 


The rurrent problem was that nearly completed domestic because exports were so vital to but at the moment they seem 


«5rf in hU A mc>r iC3n . Show “Its willingness to negoti- cminter ajiacKs aninn ™ lf tnjustry wa s to be developed macroeconomic adjustments to Japan, with its lack of raw ra adv to give British industry a 

worst outrage gainst whites of hp^ 1 15 r 'i ' ° an5fn ^ e P° rt s ate in goodjaith at an all-parties 1? i d more QQickly, it was essential to the post-oil crisis era. inducting materials. chance to prove it is now com- 

thp”ilx vrazSd 8 Rhadeslan 0 huS! *, alks , °, n conf erence before sanctions ' n A ESS th'- PT O develop agriculture quickly. The renovation of management int Japan sought " vertical division petitive— as the British Indus- 

the six > ear-old Rhodesian bush Rhodesia could take place late can be lifted— a condition which The violence against the PLU ■ . , * .mnst nav serious pomoratinn and rim. nf lahour." becomum a country iVi a iJ«K nn the mission have been 


war— were shown to a party of this month, following a soften- the House amendment had was carried out by the supporters 

foreign and local reporters at ing . of positions on the part of omitted. of Abu NidaL the Baghdad-based 

the military airbase near the the Patriotic Front guerrilla The State Department con- activist who broke away from 

eastern border town of Lmtali. leaders based outside the sidered the House version would Fatah a few years ago. The PLO 


E Es SSK =7.aS = sJS BCiF as. « W r: a .*s 


“ stWBT*aps stmt- "■» - SSm — — a ft 

and apoareStlv in hte* late%s • t 0 be provoked ipto reta.iat ion Mr Hu a*s speech appeared to definitely stabilised, because international balance of pay- . econ0m i c Minister and his 

was dS in the face Hisrom- * “Si'tinnhi MovemenL” m odify a general tnstruction econometric studies Indicated ments constramL But the c | e a r j v . s tated endorsement that 

pantonshot in the leas and chest t t ^ Ill 1 „I, h n e ri „ n i ’LfT-ttae Slven to agricultural workers that a higher yen rate actually economy should put new em- wanted a substantial 

lookeri' about IS ° ’ T T S» laf HrAHnGQI dlDIV^n comprising Mosl^o and g some years ago by the late Cbair- increased the trade surplus for phasis on such industries as e ^pa ns i 0n a f trade with Britain 

A notebook which the military vJ .O. Id UfOUUadl MlclV Cll groups w ^ch are allies of the Tse-tung. The premier up to nine months after it took housing, general .service Indus- immense weight. By the 

said °was found in the rucksack J guemllas here, has been especi- poinlfid Qm that Mao The . rising yen had been tries, and social overhead gjJJSng morning It was clear 

nf the older man contained a BY MICHAEL DONNE AEROSPACE CORRESPONDENT a - ^ concerned . P had said commanes should a contributing factor in . recent, services. *v a ^ won j had got round to 

handwitteo r aroount C ?n English MICHAEL °° NN *- AEROSPACE CORRESPONDENT inside Pa estin. an ranks develop agri culture. forestry, increases in Japan’s surpluses. The market mechanism had {JSsters and senior officials in 

of 0 tiw* 1 June *23 °sl a vi n^s ait he w brought on by the conflict he- anlmal husbandry, fisheries and it said. .already begun to produce this “ k - th t the leadership had 

Elim Pentecostal mission in th? McDONNEL DOUGLAS, the U-S- 282: a new all-freighter version tween Baghdad and the PLO side-occupaUons at the s.ame However, the higher yen would transformation, the report said. ^ t | d „ pw stance towards 
umhs e SfJSlStinT' ahml? 20 afrltaer manufacturer, has of the DC-10; and the new short- The conflict recpntTy took the tjrae He h ad also called-- on raise the ratio of manufactured hut “it has become difficult to Britain and Mr. Dell's party Eot 
° 1 u shelved plans to develop its to-medium range Advanced Tech- form of violent clashes between communes to run industries'. .products in Japan’s importa 'sufficiently meet these aee& benefit of it in their later 

mues soum or u miaii. proposed 230-seal DC-X-200 nology Medium Range (ATMR) Fatah on the one: band and in his speech to the conference from the low level of 20 per through iree market mech- ~l= a t!n n 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


Til? i5SL«i nil hi Mnvcment" modify a genera! instruction econometnc studies Indicated ments constramL But the c i e a r j v . s tated endorsement that 
and ^tafT-wtae 2 iven to agricultural workers that a higher yen rate actually • economy should put new em- China - wante d a substantial 

comprising Mosl^o ana leit ing some years ago bv the late Chair- increased the trade surplus for phasis on such industries as .__ a ^ sion af trgfle with Britain 

groups w ^ch are allies of the man MaQ TsfrtUD g The premier up to nine months after it took housing, general service rndus- ^ a ^ ies j rao , e iise weight. By the 

guerrillas here, bn been «Pra> pointed out that Chairman Mao effect The rising yen had been tries, and social overhead “jJJJJJJ morning it was clear 

ally concerned about repercus- faad sa - d communes should a contributing factor in recent services. *h at word had got round to 

sions inside Palestinian ranks deve | op agriculture, forestry, increases in Japan’s surpluses, The market mechanism had Minlsters and senior officials in 
brought on by the conflict he- anlmal husbandry, fisheries and it said. - : f. already begun to produce this “ k - th t the leadership had 

twppn RaphfiaH and ttlP FLO .u .u. T}f«..rA«.At* fhn hinhav won umhU troncfnrmnfinn tho PPnnrt K.tld » . 


Vumba mountains, about 20 
miles south of Umtali. 

In the rucksack was also a 
cassette tape of the mission's 
choir, it si id. 


proposed 230-seal DC-X-200 nology Medium Range (ATMR) Fatah on the one: hand and In his speech to the conference 


short-to-raedipm range jet air- transport, seating up to 180. pro-Iraqi groups which are mem- Mr Hua added a condition which cent in fistal- 1977, the report aniams." 
liner, because of the already These ventures alone will cost bers in the militant *' Rejection • ; ' 


extensive competition in that McDonnell Douglas many hun- Front ’’ on the other. 


In the Elira mission massacre sect j on 0 f' the future airliner dreds of millions, of dollars in Observers believe the improvp- 


Jofth over the next decade are ex- intensely interested in some tonn Yasir Arafat is not likely to end 

fs tae ^d dubs byS ^cfed to amount to several of international collaborative the feud between Fatah and Abu 

:tlrt “ u s by hundred aircraft, the market is arrangement wi^ the UK and NidaL 


nine British missionaries and 
four of their children, including 
a three-week-old baby, were 
hacked and bludgeoned to death 
with axes, logs and dubs by 20-24 
black raiders. 

The area is heavily infiltrated 
by guerrillas of Mr. Robert 
Mugabe's Zimbabwe African 
Nationalist Union. Mr. Mugabe 
denied responsibility for the 
killings. 


market. development cash, and for this ment in the atmosphere between 

While sales of 200-seater jets reason the company remains Iraq and the PLO under Mr. 


Holland stops development aid to Cuba 


BY CHARLES BATCHELOR 


' AMSTERDAM, August IL 


conversation. 

This does not mean. tha» 
Britain will get favoured treat 
ment if price or technology b 
not competitive- China’s request 
that Britain design, construct aru 
equip two new coal mines ir 
the north does not amount to the 
awarding of a contract — as yet 


w. r--— - j . uu 4.^>au« tppvene 

v. ;;;; rr " engined 707 and tbe .LOCKneea some ame roe pussioimjr u* wane me man uaa vuwbu iu con- iun or ±t uuuuuita ioi wm™ wienmuius »« mant which is not met from other V, , ,, ^ 

Nationalist Union. Mr. Mugabe Dash ^ V g rsion of three- international co-operation with tinue the struggle against Mr. Holland has a special aid pro- The five countries will together - __ rtthp P vi, tpnw> n t , _ ^ ! 0' 

denied responsibility for the enR j ne( j TriStar. v Western Europeon new aircraft Arafits' leadership. gramme because of its activities receive FI 66m ($31m) In special S0 Vf^ e3 , and , the ^stence of a steel w much impressed bytitf-.L u’ 

kll Ji ngs - „ . . . tho McDonnell Douglas does not programmes, with the possibility *1116 ceasefire in Betnrt has in Africa. Tunisia, Jamaica, Peru aid this year although Peru, political Md -social ^ structure British Steel Corporation. The j 

The army told reporters the j eel comn iercially of US Collaboration also con- been seriously violated after only and Colombia will he dropped which was granted FI 85m in which will allow the aid to really have been gtven good pound, 

two guerrillas were shot dead ens = b j p tQ snend i arge sums on sidered but with less direct nego- 24 hours. because the average income per 1977, was not given any more improve the lot of the poorest for hope that, with Davy Inter.-i,, j t 

yesterday in the tribal area just j„ __ win rintinn involved so far. While it was holdine in one head of oopulatian - is higher this year because of the backlog people. - national they will construct— ; ‘ {• j ; 


ii r Im 


developing an airliner that will tiation involved so far. 


While it was holding 


uth of Umtali. be'flehtinc for ordera* in a four- ~ One suggestion has been that Christian quarter, it broke down than the S55Q limit set by the of aid it had built up. If the The stopping of aid to Jamaica^ lead managers may be—one o 

The rest of the guemna erouf^ corn J’ re 4 contest. the ATMR could take the place in -another, according to state- Dutch Government Minister's plan is accepted by Peru and Colombia means that China’s new integrated stee 


! |*s j . 




said the army. . 11 Jf** trate ita^’cash resoiircHS ~on lts pean Joint European Transport peace, force and its adversaries, the draft budget drawn up by 1979. The halting of aid to Cuba appear on Holland’s list of special bargain hard on the terms, 

tney were sun m nnoacsia ana DC _ . DC , Q iet _ and «jeT) programme; for a series the Christian militias. the Dutch Minister for Develop- —it will receive FI 15m this year cases, with the exception of its it was clear that China is 


Instead, it intends to concen- of the currently proposed Euro- ments by the mainly Syrian Arab These moves are contained in Parliament aid will stop from no South American countries complexes. But the Chinese wil 


k,Zh JnXttAr air existing DC-9 and DC-10 jets, and (JET) programme; for a senes tbe Lbnsfian militias. • the Dutch Min 
craft «-ere to PuiSiL to develop three other types-a of small airliners searing between Fierce fighting broke out late raenf 1 Aid, Mr. 

SLSE!F a«i*u from •• Stretched” version of the DC-IO; 130 and 160 seats, below _the 200- last night In a south-eastern which will hep 


David Buchan adds from “ stretched” version of the DC-10; 130 and 160 seats, oeiow ro 
■Washington: The Senate and seating 363 against the present seater category of aircraft. 


suburb of Beirut 


x. Jan de Koning, — because of its involvement in former colony, Surinam, and its prepared to run a substantia 
presented to Parlia- Africa, has been under discussion last remaining overseas posses- trade deficit in the years aheat 


ment in September. A spokes- for some time. 


sion, the Netherlands Antilles. 


A British entrepreneur is trying to turn a wartime fortress in the sea into an independent state with a casino and hotel. 

‘Prince’ plans to float 




a new business empire 


BY GUY HAWTIN, FRANKFURT CORRESPONDENT 
IN THE SPRING and summer of Some nine months later be me : “1 

next year construction work Issued a unilateral declaration of ^ fSat ^t s'houto be in 

of°the cmmner n daT e developm?m Prfnre R^v 'of Sealand. as Mr. essence a European venture. The 
If SealSnd-^cSed to be the Bates styled himself, firmly group that will finance the first 
world’s smallest independent resisted all attempts to remove phase of 3 

5 ul Knnn him a nrf his subfeptiL He success, will be one of two German 


^ 


state Some £36.5m has been him and his subjects. He success- win be one or two oerraan 
.ha hmiHin, of fully stood or the British groups With whom I am negotiat- 


ed r-marked for the building of fully stood or the British groups with wnom i am negouax- 
a radio station, a casino, an hotel navy, outwitted attempts to haDD enc he is de- 

w i th conference facilities and starve him and his crew and .^J^th-tSaad w5l DM i« 
luxury apartments. fought. off numerous attempts to termined tnatseaiana wiunoti oe 

iuxur> apanmenu. board the tower from private turned into “a tittle Germany. 

The building work will no which he claims were Under the constitution, signed 

doubt be. closely monitored by at , east with the lacit on September 25. 1975. the 

the British Government— not aDpr ^ va] ^ t h e British Govern- national language is English and 

because it is contributing any _r enL the legal system is based on 

aid to this strictly capitalistic breakrhrnueh came British co““ on laW and the 

project, but because Sealand lies «« J f sSn vnchael British law of contract, 

a mere seven miles off the east L!*J 0 nffmeS While Mr. Bates is unwilling 

coast port of Harwich. Indeed, charged with Breanns ounces tQ speak on &e record about the 
until it declared independence TSA amount he has inveBted m Sea ‘ 



*'■ i+v^v ^ . -ii v.; 



l'-'' 'MMm- 




mr~ 


■ 

; - 


•.+$»? ¥t- 


J '.’-3^ 



in 1967. Sealand wa9 known as 


The helicopter deck of Sealand 


Roughs Tower " — one 


is iniruaers ucicimin«w tu uuou . . . nhvinn ,j v verv su b. 

* SL'it'SS AHte“o™OcmK -ta-tial running tal. hundred. 


-. ■^Prince” Roy Bates 


to pay for its capital imports— 
contrary to official statement 
over seeking a trade balance 
This emerges from the opennes 
with which ministers now talk o 
International borrowing as 1 
does from the magnitude o 
China’s development plan* 

There is no way, however, o 
quantifying just how large a sut 
plus would be acceptable. Th 
regime will be running again* 
the grain of past policy, and t 
certainly is determined to avoi- 
any possibility of default o 
repayments, as happened wit- 
Korea. i. \ • . 

In assessing priorities Tor cap: 
tal imports, the main emphasi 
seems to be on coal and powe , 
pTant — a response to the reccn.i’ 
bottleneck of energy shortages- 1 ;.,ji T’ 
and nn steel. But the Britis: \ ,m 

delegation had the strong irapre; 
sion that the Chinese were als 
putting much weight on bnyin 
new equipment to modernis 
existing industrial plants as th 
cheaper and faster way to expan> 
output. 

The determination of th 
Chinese to strike a hard bargai 
has emerged in the negotiation 
with Dowty Mining and Anderso 
Strathclyde, who have had sale 
missions in Peking for 10 week 
□nd 12 weeks, respectively. Th 
Chinese 'would seem to hav 
hoped that Mr. Dell would us 
his influence to soften the term; 

Thus, the Chinese have bee: 


Li! in mi 

u 


< ' 1 ;■ ; n, 

' n . ft# 


guard the Thames and the east Sealand bccaii^p it lies on t erri- thoroughly renovated and wired - . ' . resisted proposals to sell such struction at sea was. even cheaper anees," h& said, “in fact, we Mr. Dell leaves here to-norm 

coast’s estua'T watera. ,„5 Brirtih jJSlcSS.. Ft elertricltr. Three laree g™? thing as phoney ueivenity than bnllding on terra 6rma n^TUu provide subsidies for for Canton before 6 oin E T K 

THkp nlit “ Hak towers have « __ ar. oonpratnrs have been installed I ' u # * previous DUhUlCSh Hpm-ppc .nlfhmrnh nnfun ti 1 1 r . 9 Vial. l. I — ,1 Venn nn 


These Old “Hak towers “have ^ tben Roy . or M r! generators have been installed Previous degrees although potentia] because o>iu%h European "land projects' w? "regard 7s ‘pirticu- Kong onSunday “ ' 

been a thorn in the flesh to Bate e has assembled a consider- to provide the power and a big "*J5f r a k “ n profits were large- He printed costs, he says. larly worthy.” The taxation a ipm r™,— hi , 

successive British Governments ^ ^ Qdy of i nlern ational legal oW radar installation above tbe “JJJ c ^ er ‘ hc jEamiw and minted coins merely This first phase should go a policy .appears to be on? of en- Fo^f US.^ilcomha^?es S 3 °m 

since the 1960s JSSi opinion to back his claim that living quarters on the platform j L ctiain of .irnwben i t0 demonstrate that Seatand had i ons way t0 providing the cash lightened self-interest «?»—-■ - - com P an,es anf 

YitratPR saw them as convenient has hpp.n rut a wav to form a soops. ne a iso rooied into xoe an m tppnai nn^tai spnHpn unri .v... . ^ ^nmAtinn tn * 


seven uuk7o wu won kmui BTiiiinrts lTJVOJVPn in thp ripveioo- 13 " M1 - 01 “ ... , uviuiguj. nave <uau uwu mieresiea in an saia. inu«w. u ™ >ivl . v|Mn .namawM , 11( . tlU , : 

therefore, four miles outside „ent of Sealand could well in says- Indeed, on Inspection, he he „ ^ ‘ S serio^ about The development of his oiI s' 0 ™** P ort t0 - break the a hle fliat -a number of small cS52S “*w the U S . b us 

British territorial waters. British Uw be subjects to injunc- « right. s ealand’ s f!ftu?e ' do ro,f think I principality will entail the add- i^ oes of ? n , per ta ^ ers and . this countries may well find . it „u 1 Troert said any ^mlfiSn 

W 5L l h A ZSfi^VSJSSi tag 7a 'further pUtform^with *a SS 


pirates 


mxletly but one was made of acting. conaiaemuie. omw xaoo. ac uhj fnVjf?" Vp' Mid” .'7 h,7: *■'” r"7o'n^r pnuecxioo requirements to prince Itoy. especially it he «mld make n 

yterner stuff- Mr. Roy Bates, a This is a considerable source maintained a regular crew of a^e aS 2lS!?to*"iid 5F& C * e suaranteed, he said. ls abIe t0 offer inducements such Sis rannSr? 

ited former Major in of diaappointraent to Prince Roy three or fonr on the platform “25SStahSS™l One thing that is not planned a * ranital- investment in their C 


considerable. Since 1966, he has 2 ,0U !£k‘! Te 




highly-decorated former Major in of diaappointment to Pnnce Roy wree or roar on roe piano nn Mmfortahl e house and a Brttto One thing that is not planned as capital investment in their 

^ough^Tower^^?ided C bv P his British Sources for the’capitaTS) ha” been* 1 brouihMn as neces- 71131 15 ^ uite a sacrifice." apartments will be constructed. J s tbat Sealand should become a industry, as weU as a respectable 

KOUE S . . tm t i. »k. In utahllchinn ,l>. ..Jiklijttt Tha maw ctnirtiirp Will talrp thp tax haven. Cnrnoratlon tSX IS In hrutn nf rilRttnmil.shpd inlar. 


vrife Joan and a small crew— finance his projects. When I sary. in addition, there is the In establishing the credibility The new structure wUl take, tbe tax haven. Corporation tax is to body of distinguished inter- 4w^ l hS^ 1 tts*SSi«£%iSS B SiSa 

. * __ . _ . ... ■ . r l . i , . , ws i r- .... ,r_ n.. l:. . 1 . 1 . V- -1 j. ,.l. r ■ . ; AM.iUMhl i-iiniwta no lainon at xn nop nnpt 11 , V. rt. . - , i.J.1, .nnH.irt... tillr lrcirtrtl XM1.M fltr null, tv. ...im 


just 'before Christmas in 1966. visited Seatand recently, he told Royal Family— Mr. Bates, • his of his state, he deliberately form of octagonal concrete be levied at 30 per cent, while national legal supporters. 


Mir Ircisto) SttO.W (air mam prr inmnr 
Sw<mW <hu posiasc paid u New York. N.> 












i : • • t ."i . 

' 51 * * 1 "• "vl 
'-’L 


i< 

• ; ai!i 


5* i S' , «1 

<s *iQe 






and^4: Mme^C&turday - August .32 1978 

ioME NEWS 


HOME NEWS LABOUR NEWS 


■ ; ‘Slush fund’ forgery man Cgjg«» Unions in fight 
h ulk carrier jailed for two years for second to recruit forces 

A. "■ ^TR. BARTON, 34, The verdicts were delivered by police began investigating. Texas route bt ™ 

. #iuA««a | B z-L./- rorraer BL financial executive, the 11-sirong jury after a 24-hour MrS. Barton agreed it was she By Michael bonne. WHITE- AND blue-collar Civil ment of the armed farces and 

' ■ was yesterday found guilty at the retiremenL who,' Using false names collected * •* r . t Service unions. representing that “the existing industrial 

Old Bailey of forging a letter to v After discharging "Mrs. Barton, a 'hired typewriter ’ fDr her Acrospacc Corres P® ndent more than 750,000 workers, relations system in the Ministry 

... ***v-jr*r; ” i/ - * e eom P an y -purporting' to be lie judge told the jury he would husband anti visited Companies Civil Aviation Authority joined together for the first of Derence is fully capable of 

.'i .■ ■: S. V v "... from Lord Ryder, the former be prepared to aecept majority House to obtain photocopies oF ,ias awarde d British Caledonian time yesterday to press lheir accommodating any new union 

' BY fAN WAOrtBCAvcc curimiup ^M™«iu«U- National Enterprise Board chief, verdicts on th e charges outstand- pages of a company report bear- Airways the right to' fly between case to provide union represen- arrangements for the forces,'* 

; - - !** WARGRtAVK, SHIPPING CORRESPONDENT He wa s also found guilty' of jug against her husband. in* Lord Ryder’s signature- Gatwicfc and Dallas/Fort Worth ration for the armed forces. m what is seen as a reference 

cwwtt ■*- ■>;. i - forging a letter from the Bank of The couple were charged after It was these photocopies which l n An application for the The move bv ihe Civil' Service to the association, the letter says: 

frUnlZJzZLE!**? JfrBrsfr-njnve The. company, wouta not say England to BL, and of dis- the Daily Mail published a story the prosecution alleged were route b ? British Airways has unions is helieved to be in **w e dc. not see the need Tor 

inra. ownerscttp.: of ouik earners last--, night. bdW_ ■'■many bulk honestly obtaining £15,000 from accusing tbe car giant of having used: to make up the u Rvder be £P rejected. response to aspirations towards the intrusion of any trade union 

i arrie J B it -intends to add to its the Daily Mail newspaper. He a “slush fund" to pay bribes letter” forgery ‘ which appeared T** decision, announced forces' recruitment held bv the .not recognised as appropriate 

•Pp rc “ ase ' f ?r ^ eet e^retinyr. plans to in- was jailed for a total of -two overseas to gain contracts. to substantiate Barton's “slush yesterday, means that British white-collar Association of Scion- for Crown employment into this 

ff S'Si'*- four-year-old crease' th^ voltime pf'ffliel Is coal years. Mrs. Barton. 32, admitted in fund 7 -Claims. Caledonian will have two routes ,sfi c . Technical and Managerial area of potential trade union 

vT--v C * T ^ r ■ ® Btbuy Line, trading fromolm fQpft In -1077 to In all, he was found guilty on the witness box. that she bad But in the end it was Barton t0 Texas, it already flics to staffs. organisation.’" 

f w ' ai '“J rLifEfPHL . forc * d 15m -tons ; bj :;M6.wm:eall for a five counts: forging the- “Ryder Collected a hired typewriter for. who raced JudgmenL the Houston from. Galwick . Mr. Bill Kendall, secretary- Mr. Kendall said that some 

fi-aflL i 3EV ^« vessels as its substantial Jocpease." . letter;" uttering it with intent her husband, and also went at Judge said. Even if there had. Tb* autbor JJ y „ general of ih e staff side of the form of organisation for the 

T posit30n bas worsened. Now tha£.. the company has to defraud; forging the bank's bis request to Companies House been,, corruption at- BL. that awarding the pallas/Fort. Worth pj at fonal Whillcv Council which forces could not be- postponed 

Blb^y Line lost £4.9m pre-tax gained experience of operating letter; uttering that: and' dis- in the City of London to obtain could' not make Barton not route to British Caledonian it represenls neariV 6M«x> white indcfinitelv. The- industrial- and 

last year and IS talking to the its .existing: small fleet of Char- honestly obtaining the news^ photocopies of two pages of asutttyof forgery. took into account the UK Govern- ,, 0 )i ar c j vi j ser vants and Mr. non-industrial Civil Service 

Government about help . - in te red- bulk, carriers, iL-fe'llkely to paper’s money. - company report which bore Lord Mr. Barton, in his- -two-day ment s _ own spheres of in- pran^ Cntiam secretarv of the unions were uniquelv- equipped 

rescheduling its debts. Another seek to create: raVsiUiflar balance He was sentenced to 15 months Ryder’s signature. statement from the dock, said be nuence policy, whereby air- union sid#> of the ioint For forces' representation 

Bjbby oil . or bulk carrier, the between owned and-chartered on each or lb e first four charges But she said she thought her originally confessed to forging “ n ?®. ar ® given broad areas of r<Mjrc |i naf j n3 cnmniiTtee which Civil Service unions arc been 
li 5,000 deadweight ton Somerset- tonnage to that in Its nil-tanker and to two years on the last— all husband wanted tbem “for his the- letters to protect another activity in which, so far as pos- repre , enl , onn industrial civil to recruit in the forces Although 

shire (formerly - Australian business,; . Thai would, involve to run concurrently. work," and denied having any person- ■ . . * slhie. competition by UK airtines servants, haw »■( out ihcir views the impetus for this initiative 


‘Slush fund’ forgery man 
jailed for two years 

MR. GRAHAM BARTON, 34, The verdicts were delivered by police began investigating. I 
former BL financial executive, the 11-strong jury after a 24-hour Mr*. Barton agreed it was she 
was yesterday found guilty at the retiremenL who,' Using false names collected 

Old Bailey of forging, a letter to After discharxins "Mrs. Barton, a hired tvnewrilPr ’ fnr Vun» 


Caledonian 
wins fight 
for second 
Texas route 

By Michael Donne, 

Aerospace Correspondent 


BY fAH tfARGREAYES, SHIPPING CORRESPONDENT 


shire . (formerly - Australian business,; . That- would . involve to run concurrently. 
Bridge) was also sold last .week a '40-SD -division, between owned Judge Alan K 


work," and denied having any person- 


Bridge) was also sold last, week a." «K60 -division, between owned Judge Alan Krag-Hamition. part In forgery. This was why he would not go with each other is excluded. in a letter lft ^ rred Mu1lev did nDt stem direcilv from the 

for a reponed. f^.- 4m- to. New .and: chartered ships. QC, told Barton he could appre- She denied assisting her into the witness box to be cross- Had British Air^ 5 Defence SerrcrarV and Lord sfaagered 34 per cent pav rises 

York buyers. Tbe ; Bedfordshire will serve on', date wbat he felt when he dis- husband with the forgery, but exaanhed. He wanted to pro- given the Dafias/Fort Worth p Mrt , Lord Priw Seal awarded in April there is 

♦ Shell; is tbe Austrarw-BouthAffi^Eurbpe covered what he thought was admitted hiding the Dally Mail tecl ; rtbat person’s anonymity 1'™^ there w«iW >ve been The letter is ihe first result of resentment over- pay among 

the 12QJJ00 dwt ton.BedfordshiTe ; irade where most ofStteirs coal corruption at Leyiand. . money, in new £5 notes, In a and consequently could not tell immediate ^petition with JJ. ^S^VfiotoSialme et induslrial and' no^indusirial 
&bv y Ha H C /^ ad< ^ expansion is piannitiL VExplora- But the honourable way of fn end 's - laundry basket when the ; whole truth- Bmrnh &tetomn on the &£. civil sereants working alongside 

built by Hariand and. Wolff. Tfae tion and coal - .acquisition con- exposing it would hive been to ... ' SSIf kJ? ■« which hitherto have had only a forces staff. 

rl^ndan hrnker by Er ' G SOn ' ^ aC . tS , ?re ^ ^ l ^ e ^V 1 * 716 ' another job „ ¥ uToSiMlI mS dblant reisiioidV ’ The association met Mr. 

The ; nn nt 7 • A-fnc 1 11 ’ bi mg it to light through- his . T^T ■‘ririllllll Tin The authority also areued that lt ,hal *be two have a Mnlley to discuss recruitment 

Str^en^Scotlan^UbeSuse^ of^ Aei fovrfveiMirt «lnlM a !s ^ ^ DLt S UlQUiry . lOUIM HO ^ "cep. 


Striven, Scotland, because of the-: Inyotyement in «Kd mining is Barton’s willingness to expose . * ™ 

Sinni!?. ,n cowing on stream > : y ; . it to The Press for thousands of y , p ri ; i* 1 1 9 

^ SCreated *4? a W share pounds cast considerable doubt nFA^lPfl rhT rTTlfTlICn 

,?« problems. with the Bariow.-Raod.-.Croup in P n the sincerity of bis motives. . ’ A/ A. vALU vl ■ / 1 ifc l*t^P * lu TT 

Shell s move mto . owning dry art open-cast -mini, in the Trans- Tbe judge said: “ Your conduct ^ 

flSii nf nr- In Slfc* 1 ? v?31 ’ wUI have has been made worse in my view IN' A statement after the trial, 

3 by the fact that you alleged BL 1 (formerly British Ley land} 

a | ri>ns , ng in view of the . Shell. also has Safer# contracts those letters bad been given to said: 

S2? p -? ^^Dg to buy smatiert^ukqntie. of you by others in British Leyland, “In May 1977 the company 
ainbiuons m. coaL South AfncM coal. f^U^xporL thus casting a baseless suspicion firmly denied allegations m g 


have been in accordance with which hitherto have had only a forces staff. 

the Government’s policy. d, ? ant relationship. The association met Mr. 

The authority also argued that “ ,h oi ihe two have a Mnlley to discuss recruitment 

the service proposed by British c,ose and legitimate interest in but had only a lukewarm rccep- 
Caledonian would meet the developments in union recruit- lion, 
needs of the public better than 


kA|#Sfl 1 W the British AiiVays service, 

' because the latter would have 

given some priority on certain 
turns were earned- out cover- days to traffic lo and from 
ingmore than I'.m accounting Mexico City. Moreover. British 


ambitions in coaL 


Second Belfast R 

■ •• , “. ■ 

tanker iriectedlp 


on fellow employees. 


Barton's wife. Fatma, was bribery web by Leyland.' The 
acquitted by the jury of all three' matter has arisen again in the 


newspaper of a ‘worldwide tionr.of English law, nor of a 


transactions in the hooks of the Caledonian's costings were, in 
company. No evidence has the authority’s view, more 
beefl .-found of any contraven- convincing, 
tionr .of English law, nor of a A significant aspect of the 


Telephone delay worse 
on eve of peace talks 


BY NICK GARNETT, LABOUR STAFF 


charges against her._ 


She was unanimously found ended today. 


Barton forgery trial, which 


not guilty of forging the “Ryder 


While the trial was in pro- dal practice. 


VU »• ««AN STAmXV. t-ne^l nriUhta min. «d p? t U» 

to Jbrlhery is nonsense. Com- British Caledonian and British -secretary of the Post Office international centre in Glasgow. 

mfo$ions are normal commer- Airways to fly Concorde sub- Engineering Union, had pre- „*■“"? of tne unions 

i-i,i nrariifp sonicallv between Washington lirainary talks with management 1 - a - 0,KI members were taking 


number of further investlga- 


Ir’dSkW*' -hAia/v^AjI letter." uttering the letter know- gress the company was enable 

I Jll B 1 llT i r 1 irt TPIT. ing it to be forged and v/Kh to comment publicly, nor was 

Intent to defraud, and dis- It able to reply to allegations 
-' vi V-' honestly obtaining £15.000 from in court. BL would now like 

BY OUR BELFAST. CORRESPONDENT -. - >_ the Daily Mail by falsely repre- to make the following observa- 

THE SECOND of two 333 00<L Woodstock last mpfitticancelled of the “ Ryder letter^’ and P tbe 1 — It was the company itself 

tonne tankere by HarJand' the rontraci for the-Cbaslal Cnr-r Bank of England- Jetter were that Initiated the original 
and Wolff in Belfast For U.S. pus Christl on the ground that ! genuine. . * inquiries— -not tlie newspaper 

own era has, like the first, been it had not been detfmed by the Judge King-Ramilton directed or Mr. Barton, 
urned down. Both . ^bips, agreed date of- . June m * ^ condi- that Mrs. Barton be discharged 2— In the last 15 months a 

logeiner worth £56m-= and -.the- tion,.- required by f the contract, from the dock. - . number of further investlga- 

• largest vessels to be built .by- a -The company, in "av jffaterneni 

uK yard, are' lying idle because explaining its actiorL sam- : it was . 

the owners claim that they were, optimistic that the arbitration tb i ' a • . -• 

not comoleted in accordance with would find in its faypor.- KOrniPOTl A lPmAMTC< r 

ti ' 'Neither. W^:iorH.r- UdrOILdll AupOllS I 

, Hariand and Wolff said yester- land and Wolff hh& revealed what ■* . *- 

?« y the .f?® 0 ®-* Shipping hs-- alleged to be^ati'feuR with nAITlPC ITSQV 

Cornpahvya subsidiary oLCoastaT . the first tanker, and nplnforma- llUlIlCd 1114 Y 1 

S.aiTO Gas, of.. Houston. Texas, Hon has been forihcomhig on " TftvwTl 

has declined to take delivery of the second vesseL ” /. ->•--■ - V? U1 lU i I 

KaeSdU’ it C o°f SiflSSS^ An arbitration rititag on tbe 06 SOI U 

HarlMd arid Woir sSd the Coa5taJ Corpus . :^ ristf is BY MICHAEL DONNE, AEROSI 

dilute wtmlrt taken ra arSf; 1 «pected next month. %e-dispiiie By. John Brennan, M1T11K11C . . 

U-ation as laid down; in the con: SSeSoof^nvSlf sS'' ^ In? I Propcrty Correspondent SSSelvef ySSSy fo? an of he? 

.^a^tntionp^^ay *****$■■ 


S— The company endorsed and Dallas/Fort Wonh. 

the. Organisation for Economic “In British Airways case this negotiations begin on Monday on in £ sei, ° ,n S " ome nt 

Co-operation and. Development would have opened the door to the McCarthy proposals for n " ’ 

guidelines on international Braniff International's argument settling the engineers’ dispute. worst hit are-i n * CSt W3S 016 
trade, and clmirlv stales its for using Heathrow (instead of Difficulties in making inter- The Slock Exchange said ves- 

policy on political contribu- Gatvnck). and in British national telephone calls again terdav that it was Spin* well 

tioas and commission pay- Caledonian's case it -would meao worsened yesterday over the pre wit h ‘the Wackino bv en-ineers 

men*® ^ annual report for double - designation between vious day. with 3.600 of the Post 0 f its telephone Mem between 

1977.' pie necessary interna] Dallas/Fnrt Worth and office’s 1S.000 automatic and jobbers^ and TSkfr! The Wade- 
instructions have heen imple- Washtiigton." operator-connected circuits out inP iiihi^h line hun. niuMlsrf Fnr 


officials' yesterday before formal j? 3 .^ in ^ ot ' 3 ' one-day stoppages 
negotiations bar? in «n Mnndav on following the sending home of 


meated to ensure 4bat this 
poBcy is effective." 


Barbican 
homes may 
be sold 


Airports braced as 


operator-connected circuits out ing. which has been operated for 
Bra niff, unripr an ajrcorncnl of coromission. a week is pari of a sanctions 

with Bri ri ^ Airways, is plan mne xbe booking of International policy aimed at telephone circuits 
i 0 *. flv subsonicany ca jj s j, as t, een halted at two of on at least one end of which 

between Washington ami Dallas/ London's four international are private installations. 

Fort Worth, and may eventually » 

fly the aircraft on supersonically ~ 

lo destinations on Its network in TIT • 1 I 

Central and South America. j V UH10I1S D3CK IH6rg6r 


i SL j ° h "^ ennafK j BRITAIN'S airports were bracing baai. Most airlines are ex- ing 300 redundancies an Oldbury, unions" Daration "of’ -T' "ioTnf “ruV^ hn’ok 

| Property Correspondent themselves yesterday for another -periil to adopt tbe procedures West Midlands, company is to „ ew ' unfon , he p? 0 ved^ a major problem ° k 

i PR.OFQSALS, TO sell tije. 2,000 weekend of chaos as French air of rdfenj weekends and abandon take on 60' new workers. A' TnalramateV F ilm BrnadcasUn" Se result nfrhphS .hmmt 

‘flals and' maisonenes in- the traffic controllers -resumed' their ptibSied timeiables and release Accles and Pollock, part of um Pn with a total of 33 000 76 Der «>nt nf abs and 

inaOm Barbican development are i.work-to-rule. restnctiPs tbe fligWs*'as and- when they are Tube Investments, is spending Sembers wil I' represent about 5? KJ 55t Sf AmSJSJreS 

number of flights into their air- giv^n" slow ’ in French airspace. £3.500 on advertising vacancies slS » favSu? f ^ “ e “ bers ,D 


work-to-rule resumes Accies offers I Broadcasting Staff and the Indep^ident ^Telerision 03 ^ the 

il “V IVJUiUV>:7 i . x-/\ Association of Cinematograph, film industry. 

WOFK tO Oil Television and Allied Tech- The two unions have been on 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT Tiin vv un mtuc YnZ* nlcjan s have agreed in a ballot the verge Of a formal merger for 

11 TAIN’S airports were bracing bas* Most airlines are ex- ^^SS^mSSS. Stf a member ° f lhe «« a^S^rut b^ok 

wnseives yesterday for another pe5& to adopt the procedures West Midlands. Company is to The new * union th P SOm * 


BRITAIN’S airports were bracing ba: 
themselves yesterday for another pei 


An arbitratioTi 


the sister ship, the Coastal Cor-‘ work-to-rule 
pus Christi. ... \ night.; - 


« ifm.lM fnrt n T *Z A , '•'WV 16 /WIU JMIC 41 WV UIMIUUCU flic UVIfltU *U Itpv t s. w *■ L«F.UK« J 

e down Oats to t^ants on 99-year lea^s. that delays were minimal but, their airport^ on time, unless told I ® 


strike call over staff cuts 


• mra-ijws nn uie site di a hnure for manv fli^hLs psopriallv , — i * L, r^l- 3 «_ ckuuvujiw. iucj- die uiujjunjin. 

barbican tdyver on the City’s holiday^ charters desSS for 5° m a be j h ,' nKS F ore comfortable CjlVe S DOUSe refusing to co-operate with Stations were getting dirtier as 

CJ: I ' Raman wall, ■accounts for 4.000 of resom in Spain th?W?stern f ^ th management over wbat they staff refused to cover for col- 

K? ' ▼▼ the City's 7.500 permanent over- Mediterranean and North Africa a “ d, . t,on * 1 staff dp duty and extra Clive of India's former Mayfair claim are cuts being forced on leagues off sick or on holiday. 

r«v_ o a urau duu .Nurm rtrnca. c pa tino and raterinp fapilmps t is. t __ j t ■. 


v night population. The. 2,000 fiats 7, , “ seating and catering facilities. House, at 45 Berkeley Square. London Transport by 

and maisonnettes, which range in sa'd tt was unpossioie But beyond lhaL there is little which was sold for £jm earlier Greater London Council. 


BY CHRISTINE MOIR 


. • - ... / .. . . r night population. The. 2,000 fiats . , _ ' seaung ana catering t acuities. House, at 45 Berkeley Square. London Transport by the London Transport said it was 

.*■' •% ' j V and maisonnettes, which range in J? 1 *,,,' wa5 *WP° SS10 *® But beyond that, there is little ! which was sold for Ejm earlier Greater London Council. still recruiting Underground 

PQTKk'i^ralQT- ;Wkfl AAytl ft cost from £840 a year for. a "bed- P„J“ re casi just wnat would tliex can do. British Airways I this week by the Oxford Group Two meetings on Tuesday will siaff but was having to restrict 

Itt L 1 .. sitting room to £fl. 050 a year for °^ en t ? V{ BT V “f . ^ summed it up by saying: “Pas-land Moral Re-Armament to decide on calls from union overtime and rest-day working. 

-.mjV penthouse suites (which would "“** Jr? , rontroiiers sengers will nave to be patient.” property developers Arlington branches to step up action. The GLC wants, expenditure 

av rimKTiuc unm - - ...... : cost roughly £19.000 a year after J”* ' va J?7" s ln t ‘ iei , r .'^” 1< *! • Entertainment will be pro- r Securities, was bought by the Mr. Bob Kettle, secretary of the cut by £8m by tbe end of this 

bt wsmiNt nui^ . - -- . ; • .•• allowing fnr rates and service 5nu ™ ,, s . L- airspace VH jed at Liverpool Airport where i society from the Clive family in National Union of Railwaymen's year— without harming bus and 

THE GUINNESS G»/’M ^ Blue Line Cruisers, a co m V .^ g f y / a ^ Sd^^pM F S,S*%7 tribe'con 0 ' f council, which tube services. 

SSSSr'ff FraSS S'l ^/^e^^ew'nurchaces vd'lf - Although SwJTfcSTS h ^ ed n “ raber of uaentaln^nl^ing the JSS 

i'Jn r -lemiiStmoB scheme covers running costs, the The effect tv as to cause con- end. Officials have arranged a 

w*<!**rdav ,Cq ° V® 1 ? 0 !??*?? Ptanspur s fleet by up we j R ht of capital servicing fusion for airlines, making it disco and -cabaret. Six colour 

J . . ' ...... ^ a ic« +L, charges forces the City's almost impossible to schedule television sets have been in- 

A Guinness subsidiary, Upton- thinness also owns Barbican account E3-Jm a vear aircraft and crews on a normal stalled.. 

i s-js^^jssrss — = — - — — — 

v am>th e r_£60m. — _ Councils ‘should think 

po tribute to ^ UUHLllh SDOUia minK 

• third of Gtnnnesss leisure buss- *■ \/ oiVUit tu r* • , . * 

hi:ji is on Frances Canil du Midi, in holiday ehaJels and car avtim^ - fl§ ihting Scots oi axing means tests 

which operate under the muae of which it has more than l^p. -- •• 


PO tribute to 
fighting Scots 


t-.-s* three Scottish regiments 

*. T , which eelebate centenaries this 


Councils ‘should think 
of axing means tests’ 

BY OUR CON5UMER AFFAIRS CORRESPONDENT 





M&G has good claims to be heard, for 
tis American & General Trust has been 
one of the best performers in the gsfe A 


BY CHRISTOPHER PARKE5 


: v - - 4 " : . : ~: r . .i ^ t * a|, e featured on a new 'Post THE COST of phasing oTtt means- cost of administration and its 

T T.Hf riliirilrinr) fv*Awt vtnKiAO ! ^T ce f irlet ta r form which goes testing for local authority social pretention'; of people applying 

u J\ sfiiGiuGu xrom raDies ^5 in iSitfnd f^AuSs s i uch ^ ^ me he,ps f ° r ror 

...... . , StPnS 1 w e e“«rly. woold amount to As rthe Consumer Council' 

1 I •' • JT T 1 - ^!tt d rc thraunhmil VuK ' abo “ T 1 per on social esiimated thal n would nnly cost 

r»\r CnQm-PVPn tilUlllO :■ \ KJIreMi services - expenditure. tbe social services departments an-i 

UY 3lldl U'XrvU llU1/llk ? iation ,3 I Consumer Council ss.vs other 1 per cent on their bud ae is. 

w . ... ^T. . .V _ -.. Jr ^agoon Guards and the Ro.\al JP a discussion document pub- Mr. Ward said local authorities 

BY CHRISTOPHER .pAJtlCCS J ■ ^ ^ B«d on . ^SgtSSSS "' — 

OVERSEAS VISITORS to Britain ■* Officials are hopeful that &e landers, whose 200th anniversary l ecent S ons ! im ^L, • J 3oui,dl 

whu micht be* lempted tti try. to heavy fines being imposed— tijf TiUa this vear. ** ® e n' ina r on local authority means 

smuggle in .-uiim.-ils- in definancc raaximnui penalty is now : tests, suggests that many people I gy dPUHCll 

of rnbiVs ceintrobf were warned in- a "magistrate’s court and onkf . may be unwilling to claim for A ucpu^ll 

yesterday that tjwaoms men at year’s imprisnnmeni m tbi Air Allmli) \ ' somal scc«ntj’ bene«is to which . , . 

tilt* dockside i* only . the., fi rat Crown Couprt— are deterring: 3 they are entitl^l because or the IJltfirCSt CUt 

of the nbatadea lo be avoided, would-be smugglers. ' j . 1 ■ use of means tests. 

Thu British piiblin at !:nme is-... Britain has been free of nb}i& UFSl IGl A recent Department of Health FROM MONDAY the rate of 

an me as a second line of -.oRtside' quarantine since 192^- ' ' • and Social Security report esti- >ntcresr on new deposits accepted 


99 


! IB " TWOWAYS TO INVEST | 

Z To H4G GROUP LTD. THREE QUAYS. TOWER HILL. LONDON EC3R 6BQ. " 
■ TELEPHONE • OJ-626 4 5SS This section to be completed by aR applicants. | 


f the obstacle* la t*e avoided. wou«s>be 'smugglers. rr. £• j ; J 

Thu British piiblitr. at larpe is Brftain has been free of rabjutf ' IirSl JGl 
Mine as a second line of \6lltside ' quaiantine since I92S;f _ 


fell foul of ••.ui obscri’ant passer- the .second ease the affected routes. money— was balanced by the pc f cem. 

by. tvliu&c • lijyoff ■ ted police to animal was suffering from ■ : ■ 

scareit Uie Sounds' car. The rase v ‘dumb ,, ‘ rabies and offered Ifltie :. • ■ - , 

is rt'ceivitlv widespread publicity throat til Infection. ‘T* ■ - _ 

Horsemeat sates to France 

The M>rallcd “ rabies ‘aware- eanipaign. would not be* nsed.-Gua vv A- J. 

ness ' campaign." . relaunehed and poisoning were prcferahlei 

rpri* titty by the ^Unistry. Is sioee guniJttighl frighien away ... . • ' 

tiearly having an effeci- - lnlSTS ax many animals as were killed . T T \T vwrSI J ' L c\ 

io .Mi . tureaten UK. wiid nerds 

' ■ • . BY CHRISTOPHER PARKES / 


The U.S. stock market is cunenBy moie than 140 B f nerformecs in the a 

points, as measured by the Dow Jones Index, above ■ ' one °t tne ocsipc .H 

its three-year low readied on February 28th 1978. fl sector over the past three > ears. ^ ^ y 

Although American share prices could deefine again B Fl NANCiA\-TiW E5-.^^^^^_^ 

in the short term, they continue to offer outstanding: ' 

value, whether measured in terms at earnings, yield or T™ TWO WAYS TO IMVEST | 

a^ets, and the, therefore, seems lo be a good bme to ■ t„ ^ GROUP LTD. THREE QUAYS. TOWER HILL. LONDON EC JR 6BQ. 
stake m the wwid s dominant economy. "TELEPHONE • OJ-626 45SS This section to be completed by aR applicants. 

The W&6 American «» Gewiat fund is designed to ift- |ff^rirrr- " ' - • - — 

\eshn a wide rarjge al Amcrwn securrlies. wilh "l 02 >.«.'- •■• 

tong-lam growth .is the main objective Investmenl is 1 1 ‘AwaiAf.v. 
partiaUv thinugh tai-iftn-barh loan lactlities in otdei tote- B no<TADDi.ti <- 

■duce Ihe elteds oi the dollar premium The estinvied | p-J. b 1 

CrusscurreniyiellliiilMKimeunil^iil 55 .V at the buying _i 2—- 

pnee o| I5S 4pwl nn 9th August 1978. 1; " 

Unit Trusts are a long tarn investment and nol suitable ■ I ’ _ Y'-JTt T7 A m 

for money that you massed al short nolice. jlWsr-;.^ 9 °J AG 530313, jjj 

The puce ot umio and Ihe income tram them may ea « 

down as well as up. ■ BRTiT J'S 1 F om *^' e ^! s ?^ n !?,“*• ***** 

Prices and ymUs appear in the FT. daily. An initial I « I M H i IVII I, A A B wesimeot Irnmmtira El, MB}. Do not 

, i _ j ' iLf ,u . , -i , l_,_„ ■ send anv money, r® • n »i'- »<•' *■' ■.■"I you -.MiiAp .■■4inv hint niii^h 

thaigeot 3. n is mdaOed mlt»pnf.e. an annuaUhaiEC you onraiv i>“^ • .1 ,io nmi ^vnilujlpwiitluiliiw'.hiirHvl 

nt i'*.. plus VAT e deducted trom Ihe Fund s gross income. ( r7 j inA rni Ml j, ation tNrnMF.,n.^ 

Dmlfibutiims tor Ifvnme nmh a.r made nn ttth March f ,NVESI r E > . In «^lMULAMON INCOME units-_ 

and Stub September nei ut basic rate lac and are rein- | (tSclele it applicable or Arcumutaljon units 'mil be isr.nedl o! ihe MA6 • 
veJod tor ^iTcumufcilmn umlr, in maease the value nl ihe . American A General Fundfll the price ruling on rereiptolihis 
unite The r.e»idisinhu:mn date lut new investors writ be I appficaiioo. _ ;v 

URthktarrJl. !i , 7i»Yi'ur'.inbuyiirsellunitstmnnyl.>uciness b I tfectarc rn.,, I am nor ',^ni«-ni .H>ivir-"nr Un.iiyi hojrto.yi wii'ChannnJ l-ijnit; . 
cwy Cunlraris fm purchases or sales, will beOuctorseltlfr I. wislcnl **.!".■ r.,t.. *ii ; ,. 4 noi d nn<ui« qi l ,iin K ih..jn.r. 4i.mvnnm.rwoi in/ 

HWlI t 3 KVCffi-* ml-f li IpmmLSTOfJ I* p,TWbte 111 I defin4U^ |i*u MU'UidiUipi) irmiu^hid imai j 1 * 

.^.iiediied ae <^n,, ' Trustw^ .Lloyds Bank Limited The Fund ■ 

is s wider rang* sa:urify and is authorised by Ihe Sec- ff vcnaiiiii T . A1 

tcUry o( State tor Trade ■■^■■■■■■nnfeMBiaMOTiBBRBn' 

MfiG IS a memter ul the Unit Tiust Assui ialion. I . W J I 1 Complete this sedion H y bu wish 10 start a Life Assurance *■ 


|o<T *K*^T _j" 

. ~ ~ ~~ ~ 'i 

g rpQ5T.;^J - — A G 530313 / H 

fil H h ■ ■ J H “K a IlTtlli Complele Hus section to make a Capilat 
■ *1 1 1 1 M .y.iri A. ± M Iwesiment Immimura £1,000). Do not 
send any money. < a • *nr»*‘i "»lf *il' r .' ■■••ni i u ,nu -.i.iiifip .■■a.hv huA mni.li 
rcu owe arm ii>»- ■ -liiriwm Sitr iv.ui r enilf_dlp mil luiluw '.hi.iHv ) 


MAGisamemter ul the Unit Tiust Assutialion. | , W J LJ Complele this sedion il you wish to start a Uie Assurance *■ 

■ Liir.Tr-1 policy by paying monthly premiums (minimum £12 a month);.'" 

. TWO WAYS TO INVEST ! iWBHTOlNffST fc i each month in the M&G American. & 

■ 1 1 Genera! F^nd 

As an alternative, 'or in addition lo investing a capital ■ I enclose W cheque for the first monthly payment, made payable to ' 
sura, yon can start a Regular Investment Plan through | MSG Trust (Assurance) Limited. 

a life assurance policy with benefits finked lo the M&G' _ I iRwin\hml liwl Hi-'- paymMil ,..4ii, p'vvVviniMi ai,i | iMi in, r.«"i«nj «q{ .... 
American & General Fund tar as Me as 02 1 month. 1 ’"■? un . M ,u '™' "^"itonion -,i t.^a 



TWO WAYS TO INVEST 

As an aHemative, or in adifition lo investing a capital 


. . i I | rt _ * .tTRudeu show managers xa tne ine Frencn Ministry of norsexneat are tbreatening 

I ftlirt move to SlOD SGnOOl plall^ 7 Vnited States complain thai they Agriculture says importing British mountain and moorland 
: - ; . r if - I cannot ftnd enough wild horses borsemeai costs the country herds aorf increasing the price 

rtitv' Council has uhomare also Inha»»itants off&jto keep their ridere busy. about ,p5m_a year— the equiva- of ponies for riding. 

^5 . «tSf :5SS& SJnSft area.- f. Men who formerly, rounded up lent, of national eanmgs from Horses .nr* beine 


81% lo 94% (depending on your starting age) is in- ■ 

vested, excepl in the first two yean; when an additional ■ 
20 per cent is retained to meet setting-up expenses, I 
Qn,r r _"fl Plan, m* lebeialpiKicnl rales can bnne down * 
yuur net munlhly CuSl to only "16 70. hi must uases jp- | 
prerubly less ttun the monthly puirhnsc pf units on-your _ 
behalf by M£>G Trusl tAKuranc.e) Ltd RccuLu utveslment | 
ul this type mum thrf Hie inevitable IIucIimIkhic in ihe ■ 


| OCCUPAIION * EIKJH ± ' 

_ NAMtANOA0r*r,5« U-jUAl PiXIOfillo -Hum i4cimt-' nw,‘ (».■ maiirt 


tus ™ r*- v » 

. ■ Men 
Sty. strays 


n ^ nL ' a . • W ^iieaea AaV ibe Cnwity. strays fur rodeos have found a beef exports. ' ln " Bf it 

MaSKlnr^ii^CWwa/Sw-Owiia! .'acted. beyond \ its powfeyajmore profitable outlet in (he To encourage farmers to pro- a year. 
Ai3Rcnoaie.r umn.y wmk* .««* — Mhitat, a Euronpam m#nT trade. duce more horaes'for meat the — 


Horse? are being slaughtered 
in Britain a t tbe rale of 50.000 


tssr ** 

[.rbools. • • _ _v _ h. . cppk&.r«(i I Th«w ie nn fYiminr 


• tu!r! * nr '^thp * iritoreMS 6 SvnSittV arvd^Faynveat to onlsr .20 per- cent of. of Lincolnshire 1 * Branst^ Heme “There- ta a lotof ibis, sort of 

f^jewstimpticm. j -;- ' of Rest for Horses, UK sales of thing going -an,” the hom.e said. 


Tbe . remaihs of hmehered 
uses have been Toond in fields. 
“ in one rase, a little girl went 
see her pony i n a field and all 
at was left were: its four leas. 


yuui nei mummy utjiiu uiuy l io tv. hi musi ibises jp- g - ■ — — . . 

prfriably less ttun Ihe monthly pun-lnsc pi unttson-your _ . Aiftoudn rnsiuie HH Ru« holder Ito | 

twhaH by M&G Trusl lAssuratx.ejLlil ResuLu uiveslmtail | ., 1 -Pj-I'* tor Def«Mi-.n im,.» ii-ni^ni^cli « 

ut this type means lhat Hie inev, lable Ituclinbom m the f SSSS'T ”” V ' 8 

p/B . e oi unn j jivk you j posflivc anthmtiical advantage I ^ h^i llrill . ..p-jit , :^-ii 1 it>i .■^ji b» AMiiuh pit ** j -I 

IhfuuKii Pound Cost Avtiaging. because yuur premium is • hi**. .i.ut!iwhjs-6i»i.V"nmi!.fc n.-. .vfr<s.r 

u^d to huy mure unite when ihe p»l« .s Inward tower ■ SS£C | 

shea i? re high. Ymi aM get lire cover Ihrcughnui Hie I n>"«B«.^'nivN;«ar'-<»5J n j>cmLi u utt*:*ith«MjoiRnceoi«wBr!itfuUr “ 
period ol aJ feist 1 89 limes ynur munthty paymenl. il your * 1 g 

r ,, „i , , tVi- . ’ i_ ■ PWIlliR*’'rcm.M •awiaiJiipnnoeopyiamicMinKJiftfiiiiiliihispro- ■ 

tsffi ^1 eraty m yt ur unto sn dement of WtCovetGcifso > iw t-k'. f 1 mr «nc i-jt. iteuairctiiio . *"1 s 

pd.Mdid ini Higher ageo. up to ?5- ibu >uf nurnuilly cm- itia i mn ,'fin" n» j •u-.i-jnur? !»mi oi wuirj i ip om-TSt ar.j ninh« rfixrjhtn J 
titled to claim ta« i riel a! curtenl rales of £16-50 lor cwh I ■"* *** *™im-..ia ipc-w "" :«“« • 

liOQfMKl . 

H j-wu :psh in or stop -/our pavmenh dining The first a srcwiiuBr _ * 


tour vwro there is a penally, and Ihe uix authorities re- 
mure us lu raafcea daJaclwn. sc you should nol.uonvder 
the lor Iks wan live year.:,. 

fi-’iO Ge member ol the Lite Offices’ AssucMhon. 
Tn&BTieJe"oliviiijWet{i2Rioe«i4flUf* Repute*. tAunand 


|m«_ . 

RegiiiVefediti'EretandMftTlfc!K59 Reg 0lticea$,at»w» 


THE M&G GROUP 




Financial Times Saturday August 12 1S7S 


. \\K* 


-MOTORING 





The exciting march of the young lions 


‘S ^- 1 * 




Volkswagen’s diesel engined Gdlf hatchback: a deep, chuckling 
ttck_over and more than 50 -miles to the gallon. 


Tkirst free joys 


BY STUART MARSHALL 


AT RISK of being accused of 
degenerating from a diesel buff 
Into a diesel bore, I must clatter 
my compression -ignition hobby 
horse across this column once 
again. My excuse is the more 
than 3.000 miles of driving I 
have enjoyed this summer in 
two diesel powered cars — the 
Volkswagen Golf LD and the 
Peugeot 504GLD. 

In France, where I did most 
of my 1,200 miles in the 
Peugeot, the logic of diesel car 
ownership is overwhelming. The 
gasoil they bum costs 8Sp a 
gallon whereas four-star petrol 
is £1.46 and two-star £1.35. And 
1 got 41 miles per gallon out of 
the GLD compared with the 
petrol-engined 504GL’s average 
29 mpg. For a 30.000 miles a 
year motorist, that represents 
an annual saving of £867, which 
is considerably more than 
enrugh to offset the extra first 
cost of the diesel car. 

So it is small wonder, then, 
that the mutter of an idling 
diesel engine is to be heard in 
any French traffic jam. 

The economics are less 
favourable here. Our petrol is 
the cheapest in Europe and our 
DERV f gasoil) bears an addi- 
tional 5p rax. This absurd 
situation is a result of govern- 
ment expendiency last summer. 

They needed the Lib-Lab pact 
to survive but the Liberals 
wouldn't play unless the Chan- 
cellor lopped off the 5p addi- 
tional tax he had put on motor 


fuel in his previous Budget. He 
took it off petrol but left it on 
DERV. And that, in my humble 
view, is no help at all to the 
Government's costly advertising 
campaign to persuade motorists 
to save fuel. 

Driving with a gentle right 
foot, as the advertisements ask 
us to, is sensible and can save 
life as well as energy. But not 
the 30 per cent-plus saving that 
can be realised by going diesel. 

But I digress. Is a diesel 
car worthwhile here. It is diffi- 
cult to give a straightforward 
answer. Average pump prices 
for DERV and four-star petrol 
in the London area are 83p and 
74p a gallon respectively. At 
that rate a 504GLD would have 
to cover nearly 120,000 miles 
before it showed its owner a 
profit But DERV can be .had 
more cheaply than that' A 
garage on the corner of Ecdes- 
ton Street and Buckingham 
Palace Road sells it at 76p, 
which is less than it charges 
for four-star. A long Continental 
trip would transform the calcu- 
lations; and so migbt the next 
Budget. 


The Peugeot 504GLD is a 
traditional kind of diesel car, 
with an engine that is at its 
best when allowed to pull hard 
from fairly low revolutions— 
say from 30-35 mpg in top. It 
cruises quietly at 70 mph and 
will just exceed SO mph. Though 
on paper It has slow accelera- 
tion, it never felt outpaced in 
the cut and thrust of London 
traffic and put 45-50 miles Into 


the hour effortlessly on French 
minor reads. 

The Volkswagen Golf LD is 
an altogether different kind of 
diesel car. It has a “diesel- 
ised " version of the 1.5 litre 
petrol engine and. apart from 
its deep, chuckling tickover, is 
exactly like the 1,100 cc petrol 
Golf to drive. Acceleration 
from 0-60 mph takes a Fraction 
over 18 seconds, which is 
quicker than a Mini 1000, for 
example. It will cruise at 
85 mph, spins up to 60 mph in 
third gear and reveals its un- 
orthodoxy only when you pull 
into a filling station. 

Without any serious attempt 
at economy driving. 1 averaged 
53.2 mpg over 2,251 miles. My 
best was 57 mpg, which 
included a lot of traffic driving 
in London; and my worst | 
51 mpg on a mainly motorway 
run of nearly 300 miles. Durine 
the whole of my test the Gnlf; 
always started instantly each, 
morning after 20 seconds with 
the key in the nre-heatine 
position. It nevor faltered while 
warming up and used just one 
pint of nil. A friend* of minp 
who has an earlier type of 
Peueeot 504D estate with a 
smaller .engine than the GLD 
saloon tried the Golf LD and 
found it so lively he couldn’t 
believe it was diesel powered. 

At £3.543 the ftve-donr Golf 
LD hatchback is by far the 
cheapest diesel ear on the 
market Looking at it with total 
objectivity, I rate It the best 
car I have driven this year. 


THE DELIGHTFUL prnspcct of 
a final round battle between the 
two finest young golfers in 
Europe, Nick Faldo uf Welwyn 
Garden Cify and Seve 
Ballesteros of Spain, is almost 
certain to take place in Vork 
today at Fulford Golf Club in 
the £50,000 Benson and Hedges 
International Open. 

""One says practically certain 

because a strong international 

supporting cast may also rake a 
hand in tilings. And because 
the incredible Ballesteros has 
won the last two ; European 
tournaments, in Germany and 
Scandinavia, and is trying for 
the hat-trick last achieved in 
Europe by Peter Alliss 20 years 
ago, in Italy, Portugal and 
Spain, there will be consider- 
able pressure on tbe swash- 
buckling Spaniard apart from 
that which he places on himself 
by attacking without any regard 
for caution from first to last. 

■This makes the ensuing 
battle so exciting, because the 
two major British hopefuls in 
terms of youth, Faldo and Mark 
James, are such dour characters, 
as is the old stager. Neil Cnles. 
who is also by no means out of 
it yet. 

In the glorious sunshine that 
has thankfully' done a great 
job to help to dry out a vir- 
tually waterlogged course, Faldo 
snatched a one-stroke lead with 
a third round of 66, five under 
the altered par, tn total 204. 
nine under. At 205 are 
Ballesteros (65). James (70) 
and the South African. Tienie 
Blitz (68). Coles (67) is in a 
trio at 20T that also includes 
Ulsterman Eddie Polland (67) 


and the Australian, .Noel 
Ratcliff e (69). 

Because he is such a meteoric 
performer, one cannot com- 
pletely rule out Lee Trevino, 
despite his untidy round of 72, 
marred by a bad start and 
finish, who is at 208, alongside 
Christy O'Connor Jnr. (88). 
Howard Clark (67) and Dennis 
Durnian (68). all of whom are 
clustered at 20S. 

If Faldo stole a little of 
Ballesteros's thunder at rhe 
finish by drawing one stroke 
ahead of him, it was the 
Spaniard who brought a huge 
crowd to a pitch of ecstasy with 
the total brilliance nf his play 
in the early afternoon.. 

The darkly handsome Spanish 
youngster appeared to be going 
nowhere except backwards when 
he took three putts on each of 
the first five greens to drop 
hack to level par after seven 
holes. 

He recalled later that he had 
been dismayed by the fierce 
pace of the quickly drying 
greens after the slow ones he 
had experienced in the two 
previous weeks. But suddenly 
Ballesteros got the range right 
with a 25 ft putt that rolled 
into the centre of the eighth 
hole for a birdie after the 
Spaniard had missed his first 
fairway of the day. 

As so often happens, this 
world-class player became 
inspired. He birdied the next 
hole and then had the temerity 
to come home in 30 shots, and 
so was eight under par for his 
last 11 holes — an extraordinary 
performance by any standards. 

Tbe enormous driving length 


of young Ballesteros is some- 
times matched by Faldo, but the 
ferocity of the Spaniard's hit- 
ting has to be seen , to be 
believed. 

For instance, Ballesteros 
lashed a one iron shot on to 
the green at the 486 yards, .par 
five ninth hole. 10 feet from the 
stick for his second birdie. 


GOLF 


BEN WRIGHT 


He made an eagle three poss- 
ible at the 501 yards Llth hole 
by hitting a three wood second 
shot from the right hand rough. 
265 yds 10 ft from the hole, am)' 
duly negotiated the putt. 

He almost drove the- green 
at the 325 yds 12th hole for 
tbe easiest of birdies, and made 
another at tbe 525 yds 13th 
from a greenside bunker which 
he found with a five iron. 
Ballesteros exploded 6 ft from 
the hole this time.. 

• The only really two - poor 
drives he hit throughout yielded 
him his last two birdies! Blit, 
that is so often the story, so 
marvellously dexterous is.' this 
young hero at extricating him-; 
self from, the worst possible 
trouble. 

At the 440 yds 15th hole; 
Ballesteros conjured an «gbt 
iron shot with a restricted- 
swing from under the trees in' 
whicb he had to take tbe. chib 
back inside the line and Very - 
steeply. He still managed toTcut 
up the ball and get it to JAnd 


softly only 10 ft from tbe hole. 

He was in ' wen wor>c 
trouble among the . trees at 
the next, so J»uoh so thar he 
could not stand upright. 
Ballesteros was forced to. go 
right down the shaft of his 
pitching wedge and give the 
ball a mere flick of his steel* 
strong wrists -to get it , U P and 
over a bunker 50 yards in front 
of Mm. with the flagstick placed 
a further IS yards beyond. This 
time the Spanish magician got 
®he bail 6 fe« from ihe hole 
for the last of his six birdies. 

* But this only tells "half the 
story, for on at least half a 
dozen other occasions, the 
magnificent youngster had titc 
■bail less than 20 feet from the 
hole for birdies. At the last, 
Bailesicrm disregarded the 
advice of his painstaking caddie, 
David Musgrave. a former 
draughtsman with Rolls-Royce. 

Ballesteros had 172 yards to 
go to the hole wiith his second 
shot at rhis '473-yard par four. 
Musgrave advised a seven iron. 
His .master decided on an easy 
six 'and laier admitted after 
leaving Ihe 21) feet putt short 
thar his caddie had made the 
correct choice. 

What is so impresave about 
Ballesteros’s game now is that 
'he is reaching himself to hit 
the ball f rani left to right, the 
orriy safe way when one is 
striking the ball with such 
violence. The Spaniard simply 
hati to banish the damaging 
hook from his repertoire if he 
was really to succeed in the 
best company, and today, a 


round he described as one «t 
the best of bis career, he made 
fewer mistakes in terms of 
missed fairways and greens 
than one can easily remember. 

Faldo had equal halves of 33, 
but his round was a mixture of 
brilliance and mistakes. He got 
away to a perfect start with a 
35- ft putt for a birdie at the 
first, but needed two chips at 
the second having booked his 
four iron left of the green. He 
was fortunate at the fourth fo 
get a free drop from the sheds 
after another wild hook bur 
, after an easy birdie at the short 
par four sixth hole hit a lovely 
two iron shot only a yard from 
the cup at the seventh for 
another fantastic birdie, 

Faldo had to be cuntent with 
a par at the ninth because his 
drive was so badly hooked he 
had to hack out sideways. 

He made his score in the first 
four holes after the turn, pitch- 
ing dead at the llth for a birdie, 
haling a 12 ft putt at the next 
for another, and making an 
eagle three at tbe 13th with a 
three-wood shor that travelled 
257 yards to come to rest 20 ft 
from the hole. 

Faldo dropped strokes at the 
next two holes because he 
became so "pumped up" — those 
are his own words — that he 
overshot both greens. But he 
made a birdie at the 17th. The 
draw sheet for today's play 
indicates rhar he will play head 
to head with Ballesteros for the 
first rime since their clash in 
Belgium last autumn which -re- 
sulted in victory for the 
Britisher. 


Karpov's 


corner 


frowns 


VICTOR KORCHNOI, after 
missing several chances to take 
the lead in the world chess 
championship and then going 
one down in the eighth game, 
staged a full recovery on Thurs- 
day. The Russian defector rook 
full advantage of an Anatoly 
Karpov blunder which lost rook 
for bishop, won the Htb game 
in 50 moves, and is now level 


at one-one in the series. 

Around the time that Karpov 
scored his win. ex-world 
champion Tal, writing in 
Pravda, attacked Korchnoi for 
his 44 incorrect and unsporting ” 
protests and claimed' that 
Karpov was steadily improving 
his play in the match. The 
three games in the past week, 
however, will have brought 
worried frowns to the Soviet 
camp. 

In all of them Karpov's 
approach has lacked confidence. 
His passive defence to tbe 
queen's Gambit in Game 9 
allowed Korchnoi strong 
pressure on the central lines, 
which the challenger mis- 
handled by his chronic weakness 
of becoming short of time. 


Karpov produced a brilliant 
knight sacrifice in the opening 
of Game 10, which Korchnoi 
took 43 minutes on his clock to 
decline — wisely, for acceptance 
would have allowed a winning 


WORLD CHESS 


LEONARD BARDEN 


attack. Karpov then obtained 
one of the classically favourable 
endgames with two bishops 
against bishop and knight, but 
spoiled it by rushing bis moves. 
Any of the post-war world 
champions from Botvinnik to 
Fischer would have won such an 
end game — but so. significantly, 


would a top-form - Karpov who 
has scored many points from 
.similar positions. - 

Karpov's losing blunder in 
Game 1 1 was si product nf 
mechanical thinking. When 
Korchnoi occupied an open 
.line. Karpov assumed that the 
intention was the normal plan 
-of doublin'.: rooks. Instead, 
Korchnoi brought his queen tn 
? the attack and Karpov's position 
collapsed. 

When Karpov went in front, 
the Soviet Press increased its 
coverage, even to the extent of 
showing a game in play with 
Karpov, board, men and clock 
in view and the picture trimmed 
to exclude Korchnoi. Korchnoi's 
ramp retaliated with some 
fierce language about his leav- 


ing the Soviet Union to 44 escape 
the handshakes of Karpov and 
his crew both sides have 
asked Thar the other delegation 
be frisked on entering the hall, 
and Korchnoi nnw wants draws 
offered via the referee instead 
of directly between the players. 

It seems that the pressure nf 
all this off-board controversy ! it 3 * ? 

and of the occasion itself are 1 * 
getting through to Karpov. His 
blundering Game 11 reflected 
the hammering he has taken 
in other games with the black 
pieces. Korchnoi has his own . 
problem — his prepared Ruy 
Lopez defence which served 
well in the early games is look- ■■■'- 
ing suspect But the challenger - • 
is back in the match, and the 
final result is now very open. 


s of 


RiOTOt CARS 


I r\\. 


You want to 
test drive and buy a 
new BMW near your 

office, because it’s 
convenient. 
That’s why there’s a 
new BMW Centre in 
Bishopsqate. 


Cheyne /Motors lid 


633 CSi January 78 (S). Manual, Reseda metallic silver- 
green, green leather, electric sunroof, tinted electric win- 
dows. Mahle alloy wheels, central locking, blue spot, 
stereo radio/stereo cassette plus auto electric aerial. Only 
6.000 miles. Immaculate. £14,575. 

Phone us for details of leasing the above and other fine 
used BMWs in stock. 

Delivery on new BMW* on application. 


Cheyne Motors Ltd 

201-203 Upper Richmond Road 
■Putney,, tendon SW15 
Telephone 01-788 4314 7 


NOW YOU CAN TEST-DRIVE ONE, BUY ONE, 
LEASE ONE, SELL ONE, EXPORT ONE, 
AND FINANCE ONE, ALL IN ONE CENTRE -IN 
THE HEART OF THE CITY OF LONDON. 


MGB ROADSTER 1967 

EkiIcdi condition. New MOT. New 
tyros, kingpins, shock-absorbers, rectnt 
brake overhaul and m-buited suspen- 
sion. Good hood, tonneau, radio, wire 
wheels. Present owner selling due to 
company car. 

£575 ojuo. 


Tel: 

01-248 4601 (office) 

01-237 6974 (evenings S weekends) 


P REGISTERED 
RENAULT 12TS SALOON 
ONLY 29.000 MILES' " 
IN EXCELLENT CONDITION 
ONE OWNER ■ - - 
£1,800 

For Further Details 

0403 76 441 


C 


entre 


220-226 Bishopsgate, London EC 2 M 4 JS. 

Near Liverpool St Station. Tel: 01-247 0940/5/6 

THE COOPER CAR COMFWNY UNITED. 


spedfE^toIklofhespeddists. 


Esperiancoourcaperianca. 


AJJI. Limited Falcon Works, 400 London Road. 
Haworth, Mjddtesex. Telephone: 01*580 1011 Tele* 281135. 


Also showroom at 12-16, Madrid Road. Gufcford, 
Surrey- Telephone: Guftflbrd (0483) 38448/9. 



are proud to announce their 
appointment as 

LOTUS MAIN DEALER 


CHIPSTEAD of KENSINGTON 
01*7-19 7387 
CHIPSTEAD OF 
HAMPTON COURT 


01-943 0971 


HAND BUILT CARS 



COLLECTOR’S CAR- Rcneult 4CV 1957. 
Sound but needs work. Phone Middle- 
inn-on-See <024 Hsi SJ2J. 


accelerate to 
Saturdays 
motoring page 



ITS FOR PEOPLE IN A HURRY - 
SO WHY WAIT? 


New cars, road tests, 
maintenance checks, 
by Stuart Marshall - every 
Saturday. 

Advertisement rate: 

£ 14.00 per single column centimetre. 


Contact Simon Hicks at the 
Financial Times, Bracken House, 

10 Cannon Street, London EC4P4BY 
Tel: 01-248 51 15 


EUROPE’S LEADING/SPECiALIST AUCTION CO. 


VICTORIA & CO 


PROUDLY ANNOUNCE THEIR NEXT BUCKINGHAM PALACE ROAD 


PUBLIC AUCTION 


ON SATURDAY 19th AUGUST AT 11 a.m. 


If you have a fine vintage or classic car allow us to show it to over 2,000 prospective pur- 
chasers and realise its full value. 


Hurry and consign today. We may still have a space for your car. 
Cars already consigned include: 


*' upu'urt 

looil res 


1936 V12 LAGONDA Saloon 
1927 ROLLS-ROYCE 20 h.p.- Tourer 

1947 ARMSTRONG SUDDELEY 
1956 JAGUAR XK140 Roadster 
1961 MORGAN +4 Coupe 

1956 ROLLS-ROYCE SHver Wraith 
Limousine 

1967 ASTON MARTIN DB6 Volant! 

1973 FERRARI DINO 246GT 
1964 BENTLEY Sill Continental 
1936 ALVIS Speed 25 Charles worth 

1957 BENTLEY Si S/Steel 

1964 ASTON MARTIN DB5 
1933 VAUXHALL 24 h.p. Tourer 
1938 ROLLS-ROYCE 25/30 by.Mulliner 

1948 DODGE 4Dr Sedan 

1965 BENTLEY Sill Continental 

1974 FERRARI Daytona 

1948 DELAHAYE 135M Drophead 
1965 TRIUMPH TR4A 


1947 M.G. T.C. Concours condition 
1958 JAGUAR XK150 Drophead 

1961 ALVIS TD21 Drophead 

1969 MERCEDES 280SL Roadster 
1965 SUNBEAM TIGER V8 

1963 AUSTIN HEALEY 3600 

1960 CADILLAC Coupe De Ville 

1962 ROLLS-ROYCE SCH 
1977- ASTON MARTIN DBS V8 
1957 AUSTIN HEALEY BM7 

1972 JAGUAR V12 “ E ” Roadster 
1 950 ALVIS TB14 Tourer 

1963- MERCEDES 220SE Drophead 

1973 JAGUAR V12 “ E ” 2 + 2 

1970 MARCOS 3 Litre 

1961 DAIMLER Dart 

1963 JAGUAR 3.8 “ E ” Type 

1964 AUSTIN HEALEY 3000 
197L ROLLS ROYCE S/Shadow 

1961 ASTON MARTIN DB4 

1962 ROLLS-ROYCE SCH Drophead 




PLUS OVER 200 FURTHER CARS EXPECTED 


Prospective bidders must register prior to the auction. and leave a refundable £100 deposit 
to obtain a bidder’s card. 


ENTRY TO THE AUCTION WILL BE BY 
CATALOGUE ONLY 
U.K. £4 OVERSEAS AIRMAIL £5 


FINANCIAL TIMES 


THE RRCTOF THE SUNDAYS 


PLEASE CONTACT US FOR FURTHER INFORMATION 

199 BUCKINGHAM PALACE ROAD, LONDON, S.W.1. 

Telephone: 01-730 9438 / 9 . Telex: 886838. 







* 










•s.'s 



Aiigust-i2 197S 




WEEK IN THE MARKETS 



Qwckly oveftJhe 500 hurdle 

of was maWag lonifl Krises that it th-ne 

ndtSOSL ■ divraifr out Of ««nd ’ de,etior * ,ed •» 


** and *c FT Indus, totacco? 

Ordinary - Indesr .\ras soon. 


quarter to 1QQ.3 per 


LONDI9N 

.ONLOOKER ' 


trough tfSlofthHiT^'E? N ® . due & in the S? M -° per > a* 

log passed. this mSfeuD £ although fL AIthou S h ^ 

day morning equities continued anxious to empha- * a blfi in »Provement on last 

to push ahead with instftutionS ?^ .? “ a ™swe of product year ; “ e “gns are that the U.S. 
demand dlaiaih'g'precious-littte P" 1 * 81 has very little room left 

stock. . . The, nricWnfy bahkinu H r ° ugh the purdrase of the i or improvement— there are no 
figures brougfot-a- brief check 65,6 per:c eht stake-fa Kothmans Aether rate increases in the 
on Tuesday^aftenHHto Many • • ' , .vV . Pipeline on the automobile 

J!f°“ DL GA’s picture looks 
bnghter at present, but some- 
0VBr 1 t J e next year profit- 
likely to start declin- 
es. The hopes are that the 
trough will be shallow this 
time found. Royal’s results 
^ould confirm this pattern. For 
dose. Some ^ - . l .- the market now. expects 
messure of profit taking was PaU MaH. . The Canadian Roth- ?5!l tax Profits ,of £I35m to 

inevitably following -a l& point raans owns a 50.1 jfe? cent stake , 140 J? for and around £90m 

gflU1 - in the first three days *** brewers-. -Carling- O'Keefe, for GA - 
™i n L bu i ¥ ^ e »d «f the . ^o has some; oil inter- But the , immediate dividend 
ha ‘MPP»nm«y been £*»■ . ... . Prospects from composites are 

aosoroed. ^ -the deal; satfsaes; the share- not e ®*ting in that under the 

holders, Rothmans 4 .poritrollina ne 2. 1:1,168 there : still' seems „ v . 

interest ini the Canadian opera- P?* mg to enable companies to shoul<I boost its free equity its .dealings i n d,... 

l^ve It ipcqss to a {{!LJ ates ab °ve the 10 per cent ratio . the other sale marks the tttnkigh direct links with 

‘ Babcock’s abortive bid d ^ a,e ^ s in overseas financial 

thp UK —-I" -~"~ r "r.- j«u . ui ani^inL.- inclusion . for Butterfield centres. Although these finirw 

trniHn® C °^ P t? ,y '? c<imies a C0T1 " the' latest accomkts would S&lcS- Uon ' included a lower seenmf^hnif 

troUing stake :in . Canada’s- have-boosted DD - . • . _ . l ’ ** *"*** of the bSte? * 


h S*v? Epectea interest hearing 
eligibl^iiablBties to fall where- 
as .| n *2 tfcer rase- by £«lm. 
^NeverAeless selling was only 
ranaU and buyers were. soon on 
the scene again, turning a 2 3 
El?* 1 * * the Index on 
imo a gain 
or 9.2 by the dose. Som~ 



Fortifying influences 
and dollar woes 


ON WEDNESDAY hats were 
thrown in the air when the Dow 
Jones industrial average burst 
through the 900 barrier which 
proved, however, to be more an 
electric fence. Investors re- 
coiled on contact and profit 
taking brought the average 
down from a mid-session gain 
of 11.08 to a modest 2.48 gain 
at the dose. But the brush with 
900 is said to be a fortifying in- 
fluence on investor psychology, 
giving substance to predictions 
that the strengthening commit- 
ment to equities will take the 
Dow to 930 by the end of the 
present quarter. 

This assumes that the current 
disregard for what the market 

While NatWesfs dedsion £lj5m— mainlv nn th„ k analysts term fundamentals will 

b ^^ B f | contlI,ue - ** ^nce this means should 
ars ' G dollar. 


Lighting up time 

with^'L'^^ 3130 ^ deal group which prodw^earnings 
SSS r ^S5?i? , P?? : w ^e«iby ^ year bf £lL^^Sclusion 
res a con- to the.' latest accoubts would 

^ Ca^da-: 15^p ( a SS"* *?* more tal S* «>eq- «« boardrooms are con- SmtthSs (Rm 

JSLJ ‘In the • • .. J ^ cta *W ease * pames grabbed the opportunity temple tang similar action, rovSd from? fiK “C"? I 

stock market. After Thursday's ■ C^ontvmvifiye w>»/rn to °®°ad minority sfat** u>hi»h -suggest that some ^ Am profit to | 

announcement of the details the' ^ A - A recover had served 

*». JrSSSLE’, 



to 


be beneficial 
Carter gave 


NEW YORK 

JOHN WYLES 


the the Ml money supply figure, 
which fluctuates wildly.” 

“is At this time " “ 


to offload minority stakes which -suggest that some finance direS a 
nad served their * ‘ 


year— 63 d. 


some 
side 
holds 
shares 
national 
voting 
86 

Rothmans. But he: tides not severe ^wiii ; 
intend to use his voting 'rights iusurance .on ; 
at - the' extraordinary . general bolder lines , 
meeting next month. ripples are appi 

So outside shareholders will scene that 
be able, tn concentrate oh the ^uother bout of 


1977-781 

10.4m p 

investors will continue To 

Natwestis 4 ?n£ rfSS whir^lnctih^nn. H “?._.^ arker conditibns were l***? * bemsn view abn " r 


£226m 


ST: £»s gjz&AStz 

sa«s t» jSsr& if sSBtgt 

retrieve the President’s standing though^ i Say J 

=£»-=« sji 

for interest rates, infla- f buT n .° one « arguing that has been nr eft u munh - — 




house- 


sustained Stock 


London jobbers got 
— . . — Market message very clear! v 

e first ™^. vaJ bas certainly given com- week after Smith 

'on the ®?f ,es “ e chance to- bale out announced a sound 

herald ™ * d ?“ nt Profit- Babcock of 1977-78 results. 


this THE TOP PERFORMING SECTORS SfS? i ° V ^ t0rS . have been net 

,N roUH FR* *52^ 


although there is ' i? r Representatives* do-ed deter 

some evidence to ■» « Busies TSf ^"ew^I " ln ^“ “ »«,d thetaee 


uwn neT astounding for on* nipV a «r ■ “* e ma «er nas been an 

stocks in double whicTthe ^esl- !“ P *°!! t “L?? y ^.° lo S i cal factor 


market highlights of the wsek 


profits increase to AnrShve Index 


X danvl -ThTipimiSSr'lMoudence of d ? D f* h«k«t criHcs^ ^iolV sly “ T ^ e ZZ/J\ „ 

ilSl^omestic investor, ."M ‘SS 

- — J - *-■ — ■- °f onvate investment in equities 

in the process, capital 


responds by stressing P rivate investment in equities 

SS. SSs WSS« “ d S expan- 


U.K. INDICES 



independent 

+R3 1 burns with indiSSon 7t'7ny SThiTon”,^ IS si “”- 

cJSSi are ;s?Sr 

T?r energy oolirv ID interest rates which have 


to*kprd._fndex 
Gold Mmet Index 

WfibyTa). 

JW*HqBBatq_WaAuim _ 
AHofBngiworA 
Burmah OB 


f) 


Goojd all-round demand 
Record bullion, price s. 
Rrrt-telf profits increase 
Strength of platjmim price 
.More bidders emer ge 
Speculative demand 


Average Aug. 
week to 11 

FI NANCIA L TIMES 
Govt. Secs. 


Mo*®** and Distributors 
Textiles 
Overseas Traders 
July SSWa Publishing 
2^ 081 : . 


+u|"!Rjfi!?-._ l S «»* to occurred tbis'y7ar,”“ said “toe 


Diamond explor ation ho nes 


1 Tate A Lyle 

_188_ 

+18 


Tehidy Mineral! 

67. 

- +32 - 

+-2n 

J 67 

Victor Product* . 

194 

_. . .+21X 3 

V 200 

*»'« * « ! Vtoton 

222 , 


22T 

\ ... 





Excdlent results 

rise Jo rough gem prices - 
hjelped by fairc hjld ve nture_ 
^ '* Excellent result s _ 

VProposed transfer of^domkile 
Allied 

.Helped bV CU.jhare sale 

Ahead. of Jfi0% sc rip on Sent. A 
Persistent demand 



CLOSING PRICES 

±nu s 'jsrjs&z ™ z & sa 

all Policies which single measuring 


Ojl raise their 
— 0 . 6 1 targets are 


is Friday 


885.48 

890.85 


—338 

+4.16 

+2.42 

-6.1S 

+537 


Kxed In terest 72M 
faflwt Ord. SI 13 
Gold Mines 197A 


steal the scene 


Defines mkd. tJffT- 


prt . 

I have 
[the 

22930 22335 1st 


330 P ersistent dg^ruand 

^ from Mintorp. 
investment jdehund_ 
. Investment demand 


UGH gold his continued 

.^-aas SSKM 

FT ACTUARIES 
Capital G ds. 23935 
Consumer 

M^inniS z ss s.^rr, leKTiiarff r s ssux 
££T-2S-2S:-2H SKSSVM JKLK ^~^„gam„v^ 


.*?2J3S. ™> ‘•“rttobly. Oe Beers’ Stock- particular, 

ded ,0 steal much of hT,'~,T u« ' vSIh^th™ M alighVmo^eS'ul 

stage feefc Si Aft ? Mn “»<*rtain?es «d ,™ 5^°"^ »«« ■* »• deveioptofSul 

• — |woeon3toI!Ir-.J? U !v 0f ae P® nenc e bas shown that when SnVr««v w, BiTJloration, whether this will be maintained 

nf l wS? 1 * 7 ^ 0,6 news a share price has had ^sttone *wrgo s Exploration, Bamboo remains to be seen At nli 

per^St 6 to 'STS ° f “ d to iSng SSS ^ ^ »» Tinto^Zinc’s 

p - • 10 toe prices htPhor p D .iv.o+ « — « — s — J , e 18 00 doubt that geo- mine in South Africa is hooin^ 

BI09il nnrwlifiuvM i. «u. u... g.. L.u. u o 

revenue in the current 


82 


_***> 24533 24133 ^ 5,*^ «*■. ■£*. ^deed. diiionds in fi«t-half ea^ngs to S 39m 

Fmwdai G^l7733^i7M6“i67j3 monJ ^ an b“f' For tho.e who have preferred irJ!S£ ST* ^ < f5:59m> .^ *>Wi totoe 

AIW h ar ? mai^wjiias De Been and other prSScersf to forset fiome of tte things tot S - am ® penod of 1977 «*»"» toe 

Red. Debs. 5736 5735 - 5734 . ^ heVe last month 

the CSO is also ending toe sur- 


•; rs? 


continues 


charges that it bas recently 
placed on prices ar the regular 
rales, or “sights” of which 
there are. ten a year. The sur- 
charges were designee" to put 
I ® top - tr bndue speculation in 
diamond market where 


MINING 

KENNETH MAR ST ON 
that went on in the ill-fated 


ttWM»in diamonds year’s total reached R19.l3m. 
In sufficient quaratity to make a Much depends, however, on the 
payable mining operation. No- “toe being able to keep in 
body knows. operation the troublesome 

All that can be said is that exogenous mills until new 
the small prospecting com- s heUs can be fitted during 
panics are eager to get into ™ e half of next year, 
the act just as they did In toe tin world. Mining Invest- 
toe previous nickel Corporation (formerly 


in 


earlier this year merchants had Poseidon nickel boom, it could I 7 ,sil ^ to the offshore mining Seiukwe) is offering two shares 
been holding on to diamonds be t0 ° eai F ly t0 take Profits in 1,00111 The* Sammy Collins f °r each one to Tehidy Minerals 

in the .unfinished form as a tbe njerr fiy'h u bbling Western ^ESered off back to the early not already owned. . At last 

^ rn v m.m hedge against currency UDcer- Au f r «lian diamond exploration ’ 960s - when the Ul-starfed night’s price of 34p for Mincorp 

##V ff/nif tainties mstead of passing them ru i h J O - t Marine Diaroomd Corporation Jhe offer is thus worth 68p for 

wwkJ l/l/lfr # mm.Wwwm/ jaiong the processing and mar- A difference between this and began dredging diamonds U p TeIll dy. Alternatively holders 

keting chain. toe nickel scramble is that a from the stormy waters off of ^ la tter can take a cash 

This rosolted in an artificial Ieadin 8 role is being taken by South West Africa’s Skeleton offer of W P per share. 

THE SOUTH AFRICAN atbcfc From this It follows that be surpassed Fven * • shortage and some polishers a ““Pany of good calibre, the Coast. Shares of KUUnghall Tin 

market continues to --enjoy * golds should prove undervaluSrou^reStiTCmstinitionTare SS,? 6 moto l ma “»*facturer. ® n , d pfc ^f« c !li ad tn P a ? “ black oj°J?| to f h !c group's Conrinc If, and it is a big -if," one of ha ^® been whirled up by 125p 
period of prosperi^ To mittp « «SSr S * . To W « up 2 Z* big ^P^ies succeeds in «»P lowing the pews the? 

fSSSL 00 T RDM 100 ““ the m,rke ' ** £?£?£ "r? »• -<^ r »£S !5 «*«•. »«• «. »!SsS! *» 

^POrtPPt •S'^I^SSS^'SfbSS.^’ CSO Prices. ?l p i“ ra .? 0D . ar ! as - »“ ^.“-P *9 ««l t» «<M •»«»»«» will 


come into 


the 


of today is that the gold share haTnbt v«- hnrS^ to-aSLjS 5 U,t ^ J s Seneraily though Seninties Rands, which 

and industrial indices Have kept ^ ^^hSher^oS^f^!? 10 ban £ rale by ?«* . quoted to Johannesburg, 

closely in step for the past year. a currSev^L 1 ^ cent from the present Jjyo hardened up to US74c, 

a correlation which has n^Ter here in piOTld “? toe basis Jtos still entails a discount of 

occurred before. “£2L J“ at _ e aoa j«SS r ' a furLher e®°er^ reduction 36 Per cent to the official Rand- 

. : ;Tp-.recap, 1^‘lfihii.4cdcn^rieV ^ r0I l 11 ^- -.?* r is that if .«*. .«rtq «lml 

sfiaro market, as measured by 
the Rand Dally Mafl <RD\n 
100 index, tbUcfaeiii ibreeiyear 
idw of 168 in April 1977, while 
toe gold shares todex^touched 
a> secondary low. bf . to May 
J97T, having been down to 110 
in September 1976 when the 
gold price fdl ro S10S. Both 


rates fall below those of' ' While Securities . Rands 
main overseas centres, trade balances in Johannesburg are 
CmiTU .- DI m m jv^-jMe-Jlrswftched from foreign ^^yely high at present, toe 
2>UUTIl .AJplClvA : f T!,f<,0me SDC sources, occasioning extent of foreign demand for 

. on the reserves. But com- ^ Beers, • gold shares and 

' RICHARD ROLFE Viaercial bankers in Johannes- min ing financials has absorbed 
• '■;«?* believe there is a leeway everything on offer. When the 

least 1 Per cent off local Securities Raod rate narrows, 
before t^* 5 happens on Jocal share prices tend to 
S16Q in early Jinuarv gold ■ weaken, but such is toe under- 

evrn by the end of March this **® a P«V- tot example.’ to tbeigSey indicators such as motor “fj* 0 ®** 1 ^ hat *°cai Prices 
y«? the MM10fl w^m% U » Ja PiP™ 6^ tbai it was «1<S bave improved and ^ ®°“ on "““S- 

*■***>* «» t»« BB ■S'.E* Pri^has buoyed £*, Sg*- gZFJF 
5iEnaned'by the buditet sparked Brapitelthts indication _«t; Phymentt euarwor and S totai, 


. . ^ ni uju 

s=^T=.— ou * - *aa 157 lMS 53 , - i,%ra r^^' £ » 

e A ’ “S 6 ‘ 2 L 5 -TS SSSdTZSZ ^TljSS Bt Z h ?ZZ ^- ,hesmns " 1 "-S 

diamonds has remained good. Gold, Selection^Trnst’s AS dollar d ^t2if riee S ™ WS as 1116 2««t? Jnit,eS - , ia . Mala ys»a. 
_« — - * — - - H aoIlar ltse If continues to Assets are mainly to the form 


Part of . the .latest CSO price Mining Ventures subsidiary has weakpn SoL . « , - — — 

increase reflects this factor, but tied up another agreemenTwith wSknL S ?S 5 tb J s Zl ? epos,ts wtii fina nce com- 

of greaier. importance, perhaps. Carr Boyd Minerals. Alkane a ” d ^ P a 

has been the fact that dMTnnTtfie Exnloratfnn /T<an^»,i> on. n°“ ar „ pi ? c . e °f the metal could by 


HiKBMieo uy.tne.ouogei sparaea j/ctspuc - uns mcucanuu mat-yjL - " *. currencv and on th*. hsdn 

off - renewed .interoat In Indus: Cumra bullion prices ™>r'Sf!^ a ." :oun '- “ prire on the basic stare 

tHals and the RDM IIKT moved prove'maihtaihable, gold shares.- • at . P r ^°t a constraint Aided by good »«iit« 
up To 238 tola week; while go^ds, bave -a -permanent problem Tex cuts forindi- ^ 

prompted by the -record dollar the rising trend of the costs oiSgJ**® aad a reduction of pre- generaI advance. **«««« -»Sf 

bullion price.- arovnow- -286- on esrtraction. 'Compared with endr^^ as ® 1 requirements for » — . -- ^ espte slack 


their index. 


3974, when the 


WusBW&S** 1 ' itatituUous have ‘vJSTS?? 


panies and will be distributed 

. the fact that diamond^ Exploration (Terrill then *!? ' 016 “ etaI ?? u,d by ^ of roluntary liquidation. 

f 1 2e. Pn ™ i9 doUars and toe Minerals and Crusader Oil. FortuStelJ G ? ntinued V& dividend re- 
rf»3 eDCy u bas dropped to Uoder toe latter deal AS ket ther/ ^ buJll0n . inar - paint has put paid to the 
toe eight months Mining will cany out the factor of a “® tai nioghopes°fConiwairstinproduc- 

bv C L t £e I S ^ S ^ pnoeil,CT * ase f x P |oration w °vk on 98 claims demand and industrial ing Geevor of paying a final 

i, 20 per «e»t against to the Kimberley district, giv- of slron/n?JL\i P u F u S d,vldend Qf 3.77p for- the year 
Sf A** -Japanese yen and ing the other partners a free SU ^ h ? ? e 5 March 31 ^ The' total 

Sr ^ abow 8 rid e “til toe hoped-for stage nuu? ^dii De9tSche - d]vide ° d for toe year is thus 

p f- r rfr ce ° t rf a gJ* ul toe peutuhe- where results obtained indicate' toree vea^io^ 8 ® 11 was " strirted to toe equivalent "bf 
Sncs. aad rreBch Belgian that a mining feasibility study For those whn i> t 5 -035p after adjusting for the 

* to return, AS Min what toe eha« r f. C * kn0W toro^for-one scrip issue. 

into effect .at ZT-J s c » 8 40 percent stake thinking theta/ 0 .^ lowers are Finally, Australia’s potential 

■3£^Sft£. n 51 *£Z2S wil1 ? ls ". "e the Bold ZJSSJTV! Z 


eontrib'uted- to the general SJS® 0ldj7 “^sar 

weak 


,■:!« iix piX. ^^todS' whfle T deritotoe ^ toe weak 

$200 level .for gold '^ould have W5,. Thp emWune ^^^^pUblic^rtor borrowms reouir^ ^ ondon P ri «» and base metals 
caused . unlimited eurtwria. but ^ ws oyer «l00 and ™ *** **®a left/behind, md 

even, after, to® advance of the ““5 of toe major mines ^^^eneraT - shortage - of P hiei^ Prospects for recovery in both 

lodes Is well helow-ks Awnst toe fm remrins toat for present 

m.»Mnre.ptak to be uuUt tained. t he gold %2'L m .Z U * ^ts : femes, life 


has been backed un hv xu s n “ ^ issues, like those 

m aSnuucemeuS S“' Brtw 

r*oresulta besin to flow through SjiimfS? r- Standard Bank 

vtaKbbu.. «« ««. **** _ .- .. - . .. _ J- 4 bj».the half w. r in .Time an it , e ? roen t 9 orporaclo n, which 

share buyers. In 3974.. the W L?® fDrthcomiIIS S^ther total more than R35m, 

shares -index ran bnhheatf « a. longterm basis. '^SSbS^SSSSJuSr toeir toll bf ins titu: 

the gold price as dealers, amici- Oil the industrial boards, thetao*. a nnniber Q# i„Humtrkl S.«SrH^? nid,!y ‘ r While rh e 
pated still higher gold : prices . underlying strength seems ^majors have raised profirs ud to nn? t ^! < I n5 oft 5 n to^lved 
and cvcMising dii^end tows present- to be greater than irija tWra from SeS^Sf S£ 52J2 ' » « toe 

from, gold shares. Today, goltf gold shares. The index is cloa^Amnhg; then have P been SSSf® 3 lOT ? 01 <Us P°® ab by 
shares are WllDwing the bulHon te a ^four-year high of 263 1 ^S5nan^Surihe ch emic^ SSf 8 ?. 11 !!!?* But 

price ^in toe knowledge toalM|^iB74» buttoe.breadadwno(^teaiiis^ toe jra^i of funds 

dividends will only improve If so' far this year, has left httl^toe paper and pSkS^oms £S[ 5iJ 0 ?Si tl,It n?UeSs 
»i.ta i- n* w mer.. iiuHVt t — a p^cKaging groups gold price collapses or the 

SP2£!rP*'* m mAa * 1 *«“*« reWni-US 

«»4 conqanies. such as. out the outiookj.is set to* 


Slsis ;?r iTsia « 

current demand from antici- troij for ASllm 
patorym^tag: f 0r the important Other big names on 
trade which Australian diamond trail 


raised some 


U.S. Christinas 


per cent (thus giving con- out-perfordT-' thMnf' hnmL”^ . for ongoing explore- 

> for Asiim Joote like b . uI,,on . and lI0T1 - ^ has been done via 

the iretd for TH”/, 'Z to'- - .ofM.W to,” 


A$3.77m 

. explora- 

iion. This has been done via 
a placing of 240,000 shares at 

accounts fov7to« W5S S^ri^i^LS' U^Wi^k S l.vE Al 

of retaii «l a to: total U.S. ta’s Broken HDl^pri^ 2,'d” ‘ had ^“ .tare's ta 

unorrer Coiuolidateci in issue plus 310,850 options. 

areRHMEOUMCg 


thy gold price is. at least main- doubt In -most fond managers*, 
tafoed. ~ • minds that tol* level will ifO' 


purchases amount to 50 per 
cent of retail sales there: total 
US. purchases amount to 50 
Pfr ront of all gem sales. If 
the hig her . prices result in a 
smaller offtake at the next sight 
it will not unduly worry toe 
CSO which ij probably wanting 
to rebuild ; its, stocks. ■ 

So, diamonds will now cost 
more than .ever— a point that 
should be borne in mmd when 
reinsuring, your Jewellery — and 
the half-year profits of De 
Beers whn* are due to be pub- 
lished nn ; August 23 are bound 
showing. 

5*552" ^ a rorther rise 
in toe share price to 500p from 
the current 4S2 d which «mi- 
P^es with only 285p early this 


225r 


2Mi- 


F.T.Gold | 
Mines index 


INDEX 


Gold Price 

LHT-HAMi Scale 



. INDEX 


1070=100 


CSO Rough 
Diamoi ' 
Prices 


1971*72 *73 *74 ^75 *7K *77 *70 


-V.- 


"W 







Financial Times Saturday August 12 I9.7S 


FINANCE AND THE FAMILY 


Possessory title to parking space 


BY OUR LEGAL STAFF 
In 1965 I rented a piece of land 
for use as a car park and 
storage - space, and pnt a 
fence round >t Shortly after I 
heard that the man from whom 
I rented it had died and since 
then have continued to nse it, 
paid no rent and have heard 
nothing about it from anybody. 
What do I do about applying 
for title to the land? 

You will. need to make an appli- 
cation for a possessory title to 
the land at the Land Registry. 
To support this you will require 
a statutory declaration made by 
you setting out the full particu- 
lars of: your occupation, your 
ceasing to pay rent, and the 
fencing and continuous user 
without any interruption. The 
basis of your claim is the appli- 
cation of the Limitation Act 
1939 to any claim which the 
true owner would have had once 
you ceased to pay rent Your 
possession must be adverse to 
the true owner, and there is 
much law on the meaning of 
adverse possession. If in doubt 
you should consult a solicitor. 


No legal responsibility am be 
accepted by tbe Financial Times 
for the answers given In these 
columns. All inquiries will be 
answered by post as soon as 
possible. 


the UK? What happens as 
regards my personal allowances 
for income tax? 

We take it that you are nnw 
deemed non-resident In the UK 
for tax purposes. In that case 
you could come for up to 6 
months without attracting tax, 
except on income' you draw 
from the UK You cannot both 
claim personal allowances and 
claim to be non-resident 


writing that you propose to do 
this on the ground that the 
work already done was done 
negligently and in a manner 
which diminishes your proper 
enjoyment of your rights of 
user of the common parts, you 
should be able to deduct the 
cost of freeing the windows. 


Work done 
negligently 


Bequest from 
abroad 


Tax for a 
non-resident 


I was born in England but have 
lived abroad for many years 
and am thinking of returning 
to England for a few months, 
during which time I propose to 
take temporary employment. 
Could you tell me whether 
I shall have to pay tax on my 
Income from abroad and from 


1 occupy an expensive leasehold 
flat on a long lease. The 
periodical outside .painting was 
recently done, for which I pay a 
proportion, and this work was 
to include repair of defective 
glazing on four panes. For more 
than two months now I have 
been waiting for some of the 
sashes to be .unstuck and the 
quality of the reglazing was 
appalling. I told the agents that 
unless I got the work done 
within two weeks, I would get 
a local builder to do it and 
deduct It from the £80 I shall 
owe on the work. Do you think 
I now can safely carry out my 
threat? 

We cannot advise you fully 
without knowing the terms of 
your lease. While it is possible 
that you may be entitled to get 
the necessary work done and 
set-off the cost against your awn 
rent or maintenance charge, it 
is not necessarily the case. If 
you inform the lessors in 


I note a reply (Return from 
abroad, July 8) that Bank of 
England permission would only 
be given in special 
circumstances for a British 
.citizen to keep earned overseas 
capital invested abroad. 

Wbat is tbc general rule If a 
British citizen is given or 
left capital Investments abroad? 
We assume that by capital in- 
vestments abroad, you mean 
investments in foreign currency 
securities. If this is the case, a 
UK resident owning such 
securities must deposit them 
with an authorised UK deposi- 
tary, whether they 'are physic- 
ally held in this country or 
abroad. Such securities if 
received as gifts or inheritance 
are not premium-worthy (except 
in certain circumstances where 
they were received before 
April 7, 1965). 


at the beginning of April. 1973, 
to take op permanent residence 
abroad bnt due to unforeseen 
circumstances we returned 
in July. 1976, and resumed 
permanent residence here- 
Co old you please teU me bow 
long after our return do we have 
to wait before eertaln 
Australian shares — held since 
1969 — become eligible Tor the 
investment premium in the 
event of a sale? 

Under current rules, foreign 
currency securities owned by 
returning emigrants cannot be 
sold with the benefit of the 
investment currency premium. 
However, exceptions may be 
made where the emigrant has 
returned to the UK within four 
years after he became non-, 
resident Permission may 
possibly be given for foreign 
currency securities bought with 
investment currency to he sold 
with the premium, though it is 
thought likely that considera- 
tion would be given only if the 
securities had been held with a 
UK authorised depositary. You 
should consult your bank- 


of a registered smallholding. 
There may be financial advan- 
tages such as moderate rental, 
but not by way of tax reliefs or 
concessions. 


No change 
to CTT 


Exemption 
from CTT 


Emigrants and 


premium 

My wife and I left England 


V A T for a part-timer 


I am a part-time guide at one 
of the National Trust properties 
and was astonished to be 
told recently that I was liable 
to pay VAT in addition to 
income tax on my earnings from 
this occupation. I have in 
faet been registered for VAT 
in respect of some other small 
business I have been 
carrying on. Is it correct 
that I should he? In any case 
as the National Trust is 
a charitable organisation I 
understand that it is not subject 
to VAT. Can yon tell me 
please what is the position? 
Everything seems to turn on 
the precise nature of your 
contract with the National 
Trust. You do not say whether 
your earnings have been 
assessed to income tax under 
schedule D or under schedule E. 
Broadly speaking (and this is 


an oversimplification). If you 
are a part-time employee of the 
National Trust, your wages are 
taxable under schedule E and 
are outside the scope of VAT; 
on the other hand, if you are 
a freelance (under a contract 
for services, as opposed to a 
contract of service), your fees 
are assessable under schedule 
D and are subject to VAT at 
the standard rate. 

No doubt the National Trust 
will be pleased to clarify the 
terms of your contract. You are 
wrong in assuming that charities 
are not subject to VAT. as the 
Trust will ruefully confirm. 

As a protective measure, you 
should claim income tax relief 
under section 33 of the Taxes 
Management ' Act 1970 in 
respect of your retrospective 
VAT liability. Broadly speaking 
(and again we are oversimplify- 


ing) the income tax assess- 
ments should be reduced by 
the 8/I08ths VAT charge, if 
the liability to VAT is eventu- 
ally confirmed: so the taxman 
will repay to you part of the 
vatmau's cut ! 


If your income as a guide is 
indeed vatable, the effect will 
be roughly as follows: — 


Payment inclusive 
of VAT 

less: VAT element 
(2/27ths) 


If 

vatable 


If 

DOt 


There is, I understand, an 
exemption of up to £5,090 free 
of capital transfer tax on the 
marriage of a sou or daughter. 
How near to the date of 
marriage must the gift be 
made? Would a written promise 
to give the amount at a future 
date, say, on the sale of a 
property, still be free? Do the 
other exemptions. from CTT 
apply In the year of the gift? 
There is no one-year, or other, 
time limit It is a question of 
fact in each case whether the 
gift is in consideration of mar- 
riage, so that a written state- 
ment of the kind you envisage 
would assist where the property 
is being placed on the market 
—but probably would not 
suffice if sale is only to be at 
some unspecified future date. 
Other exemptions will be avail- 
able in addition to the marriage 
consideration exemption. 


My mother and I have agreed 
that we would share the 
ownership of her residence, a 
property worth £35,000 at 
market price some six months 
ago. In order not to exceed 
the £25,000 C.T.T. free limit 
we did. upon advice, draw up a 
deed assigning 5/7ths of 
the (then) value to myself, 
and 2/5ths to my mother 
(£25,000 and £10,000). But it 
is evident In the climate of 
rising house values that the 
premises are now worth 
something in excess of £35,000 
and will probably continue 
to rise, raising my 5/7ths share 
to a value in excess of the 
£25,000 tax-free limit How can 
I regularise the position so 
that at no time will toy share . 
exceed the free limit? 

As the gift of 5/7ths of the 
property was made to you when 
the total value was £35,000 you 
should have no problem arising 
out of a subsequent increase in 
value. Provided that you can 
establish that, the value was no 
more than £35,000 at the date 
of the gift you will not be 
chargeable to Capital Transfer 
Tax on the gift 


Distress for 
rents 


to 


Chargeable 
income tax 9.26 10.00 

less: tax at say 
33 per cent . 3.06 3.30 


10.00 10.00 i * f 

Advantages of 
a smallholding 


0.74 — 


Net benefit to you ■ £6.20 £6.70 


My property is a registered 
smallholding. Does this classi- 
fication Imply any tax or other 
financial advantage? 

There are no* particular fiscal 
advantages in being the holder 

" ‘ .. .V .. . 


I own the ground rents on 
some small houses. The owners 
of one of them have failed to 
pay the rent charge for three 
years. As this charge is only 
£2J>0 per annum I am 
wondering is there any way in 
which I can enforce payment 
without incurring uneconomic 
expense ? 

You can distrain, that is, tak* 
and sell chattels on the re? 
payers property to the value o. 
the reilt which is in arrears. 
However the law of distress 
is complex and you would be 
wise not to seek to distrain 
without professional advice. 
You could, however, write to 
the owners of the land which is 
charged with the rents warning 
tiiem that you will levy a dis- 
tress if payment is not made; 
and that might encourage more 
prompt payment. 


European admissions 



• ft 


IN ANY policy providing cover European Accident Statement, 
against legal claims— whether under the heading “Agreed 
these arise out of the use of statement of facts on motor 
one’s car, out of the use of one’s vehicle accident** appear these 
boat, out of the occupation of words — “ docs not constitute an 
one's home, or howsoever— admission of liability but a 
insurers have a whole, lot of summary of identities and of 
rules telling you wbat you'mnst the facts which will speed up a 
or must not do if injury or settlement of claims.” 
damage occurs for which" you . Tb e form is designed for a 
might, not necessarily will, be ^ ve hicle accident, and is of 
held liable. _ . limited avail for multiple pile- 

The precise words used in ups. There are fourteen de- 
claims conditions vary, depend- ferent items, or groups of items, 
ins on one’s choice of insurer,- of information required, eight 
but if you have a look at your of whicii have to be completed 
motor policy you will find in ^ two main columns, one for 
the conditions such instructions oach vehicle and driver in- 
as “ no admission offer promise TOlved 
payment or indemnity shall be 


made or given by or on behalf 
of the policyholder without the 
written consent of the company” 
and “ every letter claim writ 
summons and process shall be 
notified or forwarded to the com- 
pany immediately on receipt” 
Such is the rigour of the low 
that if you fail to carry- out 


INSURANCE 

JOHN PHILIP 


.. — — — — * — There is a small space 

these instructions, so that approximately 31 inches by 2 
insurers are prejudiced in the inches for a plan of the accident 
handling of the claim, then they a i7 n point questionnaire 

can lawfully refuse to handle dealm-" with circumstances, 
it on your behalf. Not that this each driver to in#- 

happens except very very occa- clearly as possible in 

sjonatiy, but ** «£*■ » J”, ^ trases> whether for 
there and it is that sanction narked circu- 

that keeps us, policyholders all, examine he was parKed, ctreu 

on the straight and narrow fr. Jating rourri a roun . 
our dealings with our insurers overtaking, reversing, so n. 
after accidents. Setting out on a European 


If you arc a motorist well ' 

versed in policy conditions, and ' 
acutely conscious of your many UK motorists visiting 
obligations to insurers if you 


obligations io insurers u you _ ^ 

have an accident, it must come Europe may, if UH- 
as something of a surprise to' lucky find themselves 
receive among your motoring . ’ . « n _ 

holiday documents, when you Having IO HU up a 
are going on the Continent, a European 

formidable looking two-page r . 

form in a blue cover marked. otateiUeHL 
European Accident Statement _ 

On closer investigation you 


Accident 


will find that your insurers are motoring trip one must hope 
more than happy that you that one does not have to use 
should complete the form, the form at all, but like all 
almost in the heal of the other documents it is as well to 
moment after an accident, get read it carefully before leaving 
the other motorist to complete home, or if this Is hot possible 
his half, and both sign it, and a j. least on the cross-channel 
then each go your own way, f err y i SQ that one is reasonably 
eventually providing a copy, of wbat will have to be done, 
the form each to your own There is no sense in adding to 
insurers. the potential complications of 

For. you may say, if this is trying to grapple with a foreign 
not an admission, what is? . motorist, perhaps foreign police, 
For the purpose of policy all in an unaccustomed lan- 
considerations, quite dearly guage, hy not knowing one’s way 
there are admissions and admis- round this particular insurance 
sions — and at the top of the form, which French and other 


Continental police will expect 
you tn complete. 

While the European Accident 
Statement issued by British in- 
surers is primed in English, 
with no translations, it la a form 
of standard European design, 
an d most European motorists, be 
they French, German or other 
nationals .of the Common Mar- 
ket .countries, will have their 
own language version of the 
form in their vehicles ready for 
completion. It does not matter 
whether you complete your own 
form provided by your own i: 
surers, or the form that the 
other motorist supplies, pro- 
vided you both use the same 
form and attach your signatures 
to it, each keeping one copy. 

As I have said, the European 
Accident Statement is a two 
page document The second 
page is an exact replica of the 
first, while the first is printed 
on paper that requires no car* 
bon, but will reproduce clearly 
on the underneath copy any- 
thing written firmly with a 
ballpoint pen. 

The European Accident State- 
ment is not a complete substl^ 
tute for the normal report form' 
that British insurers require tu 
be filled iu after an accident 
So printed on the reverse side 
of the British edition of the EAS 
form is a further series o{ 
questions which - the British 
policyholder must answer, per- 
haps without consultation with 
and certainly without counter- 
signature by the other motorist 
.Once you get home you must 
send to insurers the counter- 
signed EAS form and the com- 
pleted British insurance, acci- 
dent report form. • . 

On the blue cover of the Euro- 
pean Accident Statement. there 
are certain instructions; and 
among these is one requiring 
the motorist “ immediately " to 
pass these documents to insurers 
on return home; there is a con- 
flict here between these words t 
and the words of the normal' 
claims notification condition in- 
most motor policies, which 
nowadays, following the State- 
ment of Insurance Practice, 
requires notification “ as soon 
as possible.” 

Nevertheless, if immediacy is 
not legally vital, getting informa- 
tion to insurers is still urgent, 
and wherever possible this 
should dearly be done on the 
first day one is back home. 





;{*!*** 


s w. 


TAXATION 


DAVID WAINMAN 


held on th,e employees’ behalf same £500 back again from the 
by the scheme’s trustees for a trustees as the subscription 
minimum of five years. There- price for the shares, 
after he can direct the trustees But it is the obfuscations of 
to sell, and to hand him the those nine finance act sections 

proceeds, but the tax rules are their accompanying sched- 

BMHOBBBHBBBMi designed to encourage him not uj e wb j C h fill the horizon and 

to do so for at least a further app€ar almost to extinguish the 
ATTRACTIVE AS it may sound ®y e years (except in the case of original, bright idea. For in- 
at first, the major recommenda- his d ®? th . r i f d .“ ndan .^ ret “J‘ stance, a supercomplexity has 
tion of Sir Tom Williams’ Select raen J through ill-heaitn, or ms been drafted to deal precisely 
Committee on Procedure might reaching statutory retirement and with rights issues, 

be thought a mixture of piety a Ec). ... Let us look. In the first year 

and nonsense, at least so far as The employee is permitted to 0 f a scheme, two employees 
tax legislation is concerned. acquire nts shares out of ms eacb squire 250 shares at an 
Sir Tom’s committee said that profit entitlement, witnout tax acquisition value of £2 per 
Finance bills and other proposed being payable on that entitle^ share. In the second year they 
legislation should be examined ment, up to a maximum value ot eacb acqu i re a further 200 
in depth by Public Bill £500 per annum. This tax relief shares, the price then being 
committees of Parliament, is 1 partially withdrawn if he sells ^ .50. Shortly thereafter, the 
Instead of reaching the statute his shares between the fifth ana company has a rights issue of 1 
book via the ritual of standing seventh years: he then pays tax ror5,ata price of £1.50— and we 
committee "debate." hi the year of sale on notional W| - H assuin e that the rights, nil 

Sir Tom went on to earnings equal to half the a re dealt in at 50p. 
recommend that his Bill Com- acquisition value of the shares q em nlovee Mr A. hands tn 
mittees. sitting in public, should he is selling. Between the 

right to examine seventh and tenth year, a sale ™ an teke uo hteftS 

Ministers and civil costs him tax on one-quarter of 


have the 

witnesses, ministers ana cm 1 msis wm *« «« » . . pntltlemtmt Tb p nthpr 

servants responsible for drawing the acquisition value, and after ® instructs the trustees to 

UP ihe legislation could be ,be end ofihe teoth year he can “Jj Start* 

called to explain their motives sell tax free. ..... t o take un the remainder of his 
and methods. So also could That was the original vision. * “P ^rnmnder of hw 

outside experts be summoned And it unquestionably called for * eachyeS 

(or requested) to contribute to constructive examination ™ re aiK 

the committee's deliberations, than adversary debate. Periods P y 


recorded and accounted for. 


Let us look at one recent and pMceutages needed coo- usposils need to be 

example uf perfect inexperience sideration- So also did the . “first-in first 

creeping into fiscal legislation .scheme's likely effects upon JJ, hasjs . Therefore the ^wo 
John Pardoe has a vision of worker participation and pro- emDlovee holdincs ~ 

employees wanting to own ductivity and its effects on ahown * in tabIe 
shares in their employing com- employing companies and their . ’ _ 

panics, and being given tax existing shareholders. i( /v] e new sh ares acquired as 

relief to enable them to acquire In any examination of these m “ st be . t “ B 

these shares. Unworricd by last two faceis, one needs to tr V stee * along with those snares 
other people’s debasement of understand that the shares can UJ'f ma , “ 

the phrase, he has called his either bq purchased by the ™ essrs A and B decide to 
idea "profit sharing,” and it scheme’s trustees from existing 1,1 at £4 each the shares 

appears under this banner in shareholders in the market, or tiiey . _ re sju:ded as 

Section 53-61 and Schedule 9 of can be specially created and Ilf* 111 ® acquired in year one, 
the Finance Act 1978. Issued by the company to those Iff ■ an ^ vf* * >eQa ^ 

If an employing company trustees. In this second case the ^dratem Tablettvo. 
establishes a profit sharing company finds itself paying out 
scheme, any employee can use £500 to an employee (for which D ? 1Qg h “® 
the amount of profit allocated to it gets a tax deduction but on , . . J 

him to acquire shares. The which he pays no tax) and f nrmiI in Mr & llu . +„ 

shares to be acquired must be then immediately receiving the £ Jf ? cqu £ ilion eo £ 

to what the law describes as the 


TABLE 1 





Mr. A 

Mr. B 


Shares 

Shares 


Year 1 Acquisition 

250 

£500 

250 

£500 

Sale of 37 rights ... 


— 


(19) 

Rights taken up 

50 

75 

13 

19 


300 

£575 

263 

£500 


s — £ 

' — — 



— 

Year 2 Acquisition 

200 

£500 

200 

£500 

Sale of 30 rights ... 


— 


115) 

Rights taken up 

40 

60 

10 

15 


240 

£560 

210 

£500 


= 

= s = : 

== 

= 

TABLE 2 





Mr. A 

Mr. B 

Proceeds (number of shares) 

(300) £L200 

(263) £1,052 

Acquisition value 

£575 


£500 


less proportion of amount 





paid in for rights 

75 


— 


“Locked In value” 

£500 


£500 


Tax on half thereof at 33 per 





cent 


82 


82 



£1.118 

£ 

970 


locked in value is perfection it- 
self. But neither his total cost 
nor that locked in value is the 
"cost" figure which he needs for 


is a normal "poor* calculation 
taking the proportion of total 
costs of all shares which sale 
proceeds of shares sold bears to 
the value of shares sold and 


gains cost is £630, and Mr. B's 
£556. 

The Finance Bill’s standing 
committee did not think that the 
locked in value formula was 
obscurantist, and it accepted 
without demur that capital 
gains tax must apply and apply 
differently. The comniitiee failed 
to question whether Messrs A 
and B (or their employer) must 
needs keep two set oF' records 
of the shares. It failed to chal- 
lenge the belief of those 
excessively civil servants who 
advise ministers that it is more 
important to avoid inequity than 
to write laws which might have 
some motivational effect. 


A I t • , - * 

Martyn Harris was a partner in a consultancy which was acquired 
by another company at the end of 1974. His shares after capital g^ins- 
tax yielded him a sum of £140,000. In 1977 at the age of 40 he and 1 his 
wife decided to retire to Spain to live as tax exiles. 


The one that got away 


IT MAY seem incredible but I 
smiled when I received my 
latest tax demand. It arrived 
six weeks after I had set out on 
the protracted period of exile to 
become “not resident and not 
ordinarily resident in the United 
Kingdom ." Part of a sentence 
couched by the Board of the 
Inland Revenue which is one of 
the main reasons why I am now 
living in Spain. 

It was inevitable the tax 
demand would arrive some time, 
but presumably because of my 
departure my tax inspector 
acted with unusual alacrity. 

We were, I suppose, unfor- 
tunate in that when we 
arrived we both went down with 
heavy colds. Spain suffered its 



cheques for what would hope- Having time on my hands I 
fully be my penultimate referred to the small print at 

ludicrously high tax assess- the end of the shares section 
ment and read those magic words, 

_ . , - ^ “ Tax free to non-residents on 

Total investments and liquid application" 
assets after the sale of-my house *T._ 

amounted to over £ira. This HI understood this correctly 
meant I could maintain a very « meant a portfolio consisting 
comfortable existance providing of selected Bntidi Funds would 
I was prepared to live away y 10 ^ a * t^ en . prevailing 
from the UK. Indeed I began interest rates an ongoing income 
to meet a number of people * £21.000 per annum on my 
when they visited London at that time. It took no 

periodically, who were living time at to realise this was 
extremely well on far less ? more adequate post tax 
capital. mcome 1U the UK 

„ .- When I returned to London 

« W \™ n0W fSFJlSiSZ 1 checked with my accountant 
new home on a golf course in and established my pipe 

the South of Spain. We drnded were not just 

to rent at first to get to know holiday euphoria but could 

the locality before buying a actually work. Once outside the 

h^s'late^lrrtn^an yoke of British tax Uws one 
have been ti^nslated into an net a comparable income 

outdoor existence. w ® have t(J one W3LS grossing 

breakfast and .lunch on the ter- by holdjng down a high inc0TU * 

*, but dinner indoors be- j ob ^ Effectively one 



cause of the mosquitoes. could be paid for working at 

- We seek the shade and are leisure rather than business, 
recognised as locals because we M accountant put it' another 
are .not as smUnmied as. the way by .. u ^ French 


“. - - ejfectipely one could be 
paid for icorking atrleisure" 


holidaymakers. There is., a M ^ on i s twed in Spain, the 


worst April and early-May 
weather for many years,, and 
the delivery of our furniture 
was running two weeks later 
than promised. We were slowly 
adjusting to a new life in .a 
hew country, struggling with 
the language and the customs, 
so were going through the anti- 
cipated misgivings— -had we 
done the right thing? 

I arrived back at our villa 
after a fruitless morning look- 
ing for an English speaking 
dentist returning with only a 
throbbing abscess and a bottle 
of antibiotics purchased over 
the counter from a local 
farmaeia. Four letters had 
arrived, two of which were 
from ray accountant dated 21st 
and 26th April. (The local post- 
man saves up letters untfl he 
feels he has enough to make the 
journey worthwhile.) They were 
for Schedule E and higher -tai 
payments for the year ended 
April 1977 amounting to over 
£11,000. They were the final 
adjusted . payments for a y®ar 

when l had paid somewhere in 
the region of 66 per cent of all 
income back to the Inland 
Revenue. . : " 

Suddenly the world took on 
new light. My ' abscess 
seemed to melt away — possibly 
the antibiotic was contributing 
but Tm sure it was really due 
to the pleasure of signing 


tTSSTiS S P? nish in ** UK the 

Sufficiently large to pick and British m France, then their 

choose ones friends as m any affairg rou i d ^ s0 arranged that 
society. no one would pay any tax at all.'’ 

Of course I still, have worries Needless to say it was not 
— about my golf swing and the quite as simple as that but at 
local price of instant coffee and least it sowed the seeds of 
scotch. I am concerned about considering a' move out of the 
the dripping lavatory in the UJC 
guest suite and the fact that j quicWy establisbed 


one of the mosquito nets on the 


one 


windows is torn. The worries financial routes both 

are just as demanding as those , 

T u q j -j-t. t a_. Viurlonrl UlQSpCIlttBIlt Of OTIC HHOtuCr. As 

I had when I was in England .. . . . , a 

K,r» tVlav 0 ,uknt t « hp,r d in** *0*7 “® both complicated. I do 


must progress along two 


wi-h 

Docket. them in one article, so I will 

P tvj „ ^ take the easier one first in that 

It had all started m the late rules are more "explicit. 
Summer of 1975, we took a T . . . . .. „ , _ 

holiday in the Costa del Sol. The . of 

business had been sold at the England regulations concerning 


end of 1974 in the depths of the 
recession. - It was therefore a 
welcome rest not only from the 
problems of running a re- 
organised company but also 
from coping with the rigours of 
day to day survival. A period 
when sales were of secondary 
importance to reasonably 
prompt payment by creditors to 
supplement a strained cash flow. 

I was sitting in the sunshine 
looking at a two day old copy 
of the Financial Times checking 
up on some investments I had 

tentatively made before depart- taking sterling abroad. As a 
ing. regular tourist and business 

My attention - was drawn to traveller Exchange Control 
what I now know is described regulations were a familiar part 
as the portculls sign (tt) behind of 

certain Government Stocks. However, these funds were 





0/ course, l still have 
worries ” 


insufficient to cater for any 
more than that for which they 
were devised. One would 
obviously require far more to 
settle in, prior to a flow of cash 
made Available from invest- 
ments. In order to export 
sterling without paying a dollar 
premium one must effectively 
be “retiring” to live abroad. 

The general guidelines, and 
I stress general, are: you must 
firstly sever all business and 
residedtiql connections in the 
UK. 'That is you must have no 
dire&OTSbips or employment, 
or maintain a home in the UK 
In order to underline the fact 
you are indeed burning your 
boats you are advised .to resign 
all ; clubs and either move all 
ynur possessions abroad or 
dispose of. them. 

When I started pflannang my 
departure, the Exchange Control 
Act 1947 likiEDted ifihe amount of 
funds- ianmediatedy. available to 
amy expatriate family unit was 
£5,000. However in she budget 
before test, or was at the one 
baCore <fcat (one tends to lose 
count these days), the Ghaj>- 
ceflor «Anavwledged inflatoon 
and. imped the allowance. So I 
benefited from the new sum 
a-vadtehfe.-fdr export without 
premium, £40,000 plus one’s 
normal holiday allowance. 

Any further currency I need 
to ' export for the time being is 
subject to the dollar premium 
wftftth effectively means a tax 
whuft. eah range up w 50 per 
cent or even higher depending 
upon the pramifcuig rate wihoch 
changes from day to day: 

In order A> -obtain peranissiaii 
I applied to the Bonk of 
England .through my own bank 
completing 8Wtx»tikm form LE. 
On tbds fomm one most declare 
one’s total assets and lading cash, 
stocks and shores, insurance 
policies property, personal 
belongings, trusts, annuities aid 
other assets. You aitea state ymi 
are wtendniS to remain abroad 
for. at least flbree years and 
have arranged for ali titles of 
assets remaining In tite UK to 
be held by an “Authorised 
Depository” to my case my 
bank.' 

Having., .d® 10 ® I was 

wibeh "my bank: man. 


agar telephoned me three week 
later to say my application wa 
approved. 

Thris allowed me from one da: 
after my departure to open ■ 
foreign bank account and trane 
fer up to £40,000 from -UK 
assets. . 

In fiact, as we had decided t> t 
reiit a home imiitiahly .in order t- ' 
find our feet ®n our new environ: • ’ 
meat we left most of the monq 
in tiie UK. 

I opened an external bam' . 
account with my branch i 
London. They v re experience 
in handling overseas account 
so it was simple to set up. 
had a new current account fot^ 
overseas drawings and ntair jjj 
taimed my existdsig inferns 


h N 


* ■■ : 


lGs ! succes 

?Pr; 



■ - . you are adcised to move 
oU your possessions abroad ** 


k is so arranged that tibes 
cuairemt aoraunte are matatatne 
at a level just above the min 
mum to avoid bank charges, bot 
i»M>ed up firom a depos 
account geared to suria my need 
M residual uninvested fund 
are pJaced on the money maria 
051 a seven-day- turn. 

As I am now in the eyes < 
ifce Bank of Em&liand a designet 
non-resident all. interest fret 
the money market and tiepoe 
account as paid gross into mV 
external current account tiw. 
suppWmentiing my initial allot ' ** 

once. 




AH my other assets at 
blocked and must ’remain th 
UK until a period of at left: 
■three years has elapsed when 
■wiH be given permission ? 
move any or ail of tt wherevc 
.1 wish providing I remain 
non-resident 

That j£ eoritzdrily any totentiioa 


m , 


s. 


r vj 5 l& 





7 




13 1978 


YOUR SAVINGS AND INVESTMENTS 




ANYONE! -INVESTING ..for: 
income ought to take . a. gcwad 
hard look at the table alongside^ 
What it shovys is the grassed up 
return that (assuming you are 
a basic-rate, taxpayer} ' you 
would have received on £l,000 
invested in various ways, in-each 
of the five' yews since the ban- 
ning of 1973. What ft also Shows 
is what. has 'h^pehfici;to the 
retail price >Jade?c_ 

Before we. s&t drawing any 
conclusions :lhW6 Vare certain 

INVESTMENTS 

ADRIENNE GLEESON 


caveats to be entered! .First of 
all, for buftdingscrcietiea I lttve 
used the figured jsqjJBliecr . by 
Nationwide. You Vrhltfit; have 
obtained a slightly higher return, 
by putting your money with- one 
of the smaller regional , societies, 
but the trend .would- ha ve been 
the same. In' -the ..second . place, 
there is no wayr-ahort of ' a 
great deal of research— of dis- 
covering what has; happened to 
the income pn. all-equities over 
that period- The nearest 1 can 
get to~ it is tbe^pdformapce of 


; the .30 shares ihvde Zoete and 
Ivan’s equity- lodei,; which is 
very similar in composition to 
our own 30-share lmJex.- 

However, since people don’t 
.tend to invest - to ; the com- 
ponents of an indey, but in 
individual shares, Eve taken a 
look at what •- happened to the 
income providedby-fiVe of them. 
As you' might' gaestCfiym a look 
at their peTforafflhce. : .they are 
representative, Sit: not typical 
--that is, they show the range of 
possibilities, Talker -than' the 
probabilities. - : '• 

The same eaveat ' applies to 
both the uiilt and investment 
trusts. In the case of the latter, 
for . _ example,- .! had’ to hunt 
jfairly hard ija .dig pot ? City, and 
International,-" one of the very 
few investments .on which yon 
might . have -relied; 'fix . income 
over the' past five;yems;.ahd not 
lost out ,in : die against 
inflation! Bxif I BatL to hunt 
a- great' deal; harder* to find 
English -and International. 
Income ' .oh -the .gregri^jority 
of investment tru’sts^^s' risen, 
over the past five yeaxs, by a 
minimum of 5ft .pen. Cent 

As far as. the unj^ trusts are 
condemed, I have hflly selected 
those with - income; as - their 
objective, ■ which ^Sve . been 


■ • . 

Annual Income; <£I produced on £1 ,000 Invested on January Z 1973 

(Grossed up for basic rate taxpayers) 

% Increase over 

1973 1974 1975 1976 1977 S years 

Present capital value 
of investment* 

Present 
yield* % 

investment 









BUILDING SOCIETIES 









Share Account JL 

9635 . 

113.65 

11030 

10530 

106.10 

'+ )0j0 

£1300 

10.0 

2 Year Term Shares : 

10000 _ 

117.40 

12630 

119.10 

11840 

+ 18.4 

£1300 

10.75 

SHARES 









Beecham 

2230 : 

254)0 

2730 

3030 

9030 

+3063 

£2J10 

3J9 


51.10 

5730 ^ 6330 

79.10 

87.10 

+ 704 

£1391 

63 

Dunlop — ... 

.45.10 • 

45.10 

49-50 

6230 

7140 

+ 603 

£677 

10.7 

.Marfas and 'Spencer ..... — 

2930 

3430 

. 3630 

40JJ0 

47 JO 

+ 593 

£1348 

33 

London Brick - .... 

3830 ; 

28.90 

42.10 

4530 

5030 

+ 323 

£823 

63 

DE ZOETE & BEYAN’S 









Equity Income Index 

1000 

1073 

115L4 

1253 

14M 

+ 414 



UNIT TRUSTS 

£. 








London Wall-Kgh hcome 

4030 ... 

54.00 

5230 

67.10 

79j40 

+ 973 

£1,138 

7.91 

. S & P High Return - - 

5030 

48-20 

57-30 

72-40 

8*30 

+ 7D4 

£1356 

8.09 

NatWest Income 

3830 

40-60 

4730 

54.00 

6230 

+ 61.0 

£1.048 

*39 

Unicom Extra Income .. 

6132 . 

68.94 

7*35 

8675 

90.78 

■ + 47.4 

£1,138 

739 

Hill Samuel High-Yield 

63A9 * 

6231 

6338- 

7691 

8637 

+■ .35J 

£1,148 

7JT7 

INVESTMENT TRUSTS * 









City and International ... 

29.90 ' 1 

36.60 

44.10 

5330 

6430 

+115.0 

£1,158 

53 

Globe 

2030 

22-00 

2530 

3330 

40.40 

+1003 

£1356 

53 

British Assets ' — — .. 

18^0 

19.50 

22.90 

2630 

3230 

+• 733 • 

£921 

43 

Angto-Scottish Investment . ...» 

2430 .- 

25-40 

29.70 

3330 

3630 

+ 463 

£771 

43 

English and International 

48.10 

44.00 

4530 

4530 

50.40 

+ 43 

£914 

5.9 

RETAIL PRICE INDEX? - 

893 

1003 

119.9 

1473 

1723 

+1123** 



, T 

• * Wednesday's prices t January 1974 = 100 ** January 1973 to January 1978 





going for at least five, years. 
This means that the extra high 
income trusts — those with port- 
folios composed of the shares of 
small companies, with the 
occasional admixture of fixed 
interest to boost the yield — have 


been excluded: most of those 
have been started up in the past 
three years. 

■ The conclusions to be drawn 
from the table are as follows. 
If you desperately need every 
last penny of income now y*»u 


will have to put your money 
into a building society or other 
form of fixed interest invest- 
ment (other form If you are a 
lower-rate -taxpayer). The in- 
come On equity investments — 
even on the new extra high 


income trusts— just doesn’t com- 
pare initially; and unless you 
happen to plump for something 
which not merely has 8 high 
initial - yield, but has a sharp 
increase in dividends to come, 
it isn't likely to within the first 


five years. If it's humanly pos- 
sible, however, you should make 
do on less now for the sake of 
-more later. It isn’t certain that 
inflation will continue. It isn’t 
certain that dividends will rise. 
And K isn’t certain that build- 


ing society rates will be re- 
duced. But all of them are 
likely. And consider: had you 
needed every last penny from 
your building society invest- 
ment at the start of 1973. where 
on earth would you be by now? 







Sporty spmso^ips fm life 



\ 

•3 


IF YOU stai haven’t heard of 
the name CornhiO, then! you 
must be one of .-the? snail 
minority which doe& not watch 
television, - is .hot interested In 
Test, match cricket, and does 
not read the sports pages 

After decades of remaining: 
aloof, insurance companies are 
now spending vmy impressive 
amounts ' att^xponsorehtp' 7 of r 
sporting activities or of 4he arts. 

The most important: [effect of 
sponsorship is an increase in 
name awareness. Yon .do not 
have to sit long Ja fTOnt of 
the television, watching- the test; 
match, before the nanto Qoniliill. 
is mentioned or appears on the ' 
screen. Indeed,- one reason why 
CornhiU decided to provide Him 
over five years in supporting 
test cricket, was to increase 
awareness of its name through 
guaranteed- TV coverage. 


One would, howfe^V: never For these considerations the 
imagine that the mightilPruden- giant composite Sun Alliance 
tial Group needed'teJl^eet its sponsors golf— spending £80,000 
name; Everyone ^ kiaW^bf ."the a year on the Ryder Gup and 
-:man from, the Pn^||g3ut in the European matchplay cham- 
addition to its roleT^md. lead- pionship. Sun Alliance is aim- 


ing industrial life 
its 10.000 -plus 
agents, the Pru has 
past few years been 
market: 

. Hence, the' decision to 
limited over cricket. 



with ing very much up-market, and 
oor an a national scale. 

In. contrast the comparative 
P" minnow MGM— Marine General 
r Mutual Life— being aware that 
it has not the resources to get 
<pnniK Supporting the World involved in sponsorship on a 
Gup cricket competition in 1975, national scale, aims to make its 
With the Prudently trophy and name known in certain areas to 
other .monetary : yards, proved the localv business community, 
to be a tremendys success. . L '.soxit . .siWLsors. local cricket 
- Sponsorships j/cao provide a tournaments, horse shows and 
useful hack-^rrirwhen it comes dating— including the angling 
’ brokers and championship on the Ouse, a»d. 
clients. A jJay oat at Lord's 'pier fishing in Worthing, 
can prw$hc/a lot of goodwill, ..".Guardian Royal Exchange 
and tlras/a more favourable for, its part is sup- 
climate ’ijf which to selL -.-porting athletics on a major 

scale, from international, to 
junior level — a role undertaken 



by the State in many countries. 
It has supported one inter- 
national meeting this year at 
Crystal Palace, and also 
athletic clubs competed for the 
knock-out GRE Gold Cup (men) 
and GRE Jubilee Cup (women). 
And now it has launched the 
GRE Sports Training -Film 
library — which provides train- 
ing films made - by topflight 
athletes. 

h- 

Norwich Union have for many 
years supported table tei 
and show jumping, and 
year Friends’ provident spon- 
sored the national Badminton 
championships. Policyholders 
and the owners of mutual life 
companies might well query 
whether their funds should be 
spent in this manner. How- 
ever, if companies wish to 
expand these days, then spon- 
sorship is a comparatively cheap 
method of helping the process 
along: 


bargains 

IT SEEMS that Grieveson Grant 
.is not .the only firm of stock- 
brokers to keep a running list of 
the ^ perks ” available to share- 
holders in various companies. 
Seymour Pierce and Co. does 
likewise; and what is more, they 
will not merely provide it to 
existing clients free of charge, 
-but to the public in general on 
payment of a 20p handling 
charge. 

Seymour Pierce rightly points 
oocNhat a concessionary scheme 
is never sufficient in itself as a 
reason for buying the shares. 
However much you save on your 
double glazing (12} pgr cent 
discount from Loudon and 
Northern, if you happen to 
have; SfeO of the ordinary or 
preference shares), on ' your 
transatlantic crossing (two 


tickets for the price of one on 
certain summer sailings of the 
QE2. if you happen to have been 
on the register at Trafalgar 
House by the middle of July), 
or on your furniture (discounts 
from Arenson, Eva Industries, 
Henderson Kenton, B. and JL 
Nathan and Maples), you could 
lose as much several times over 
if the shares just happen to 
move- in the wrong direction. 

Nevertheless, say the brokers, 
these concessions do something 
to help redress the balance in 
favour of the investor in 
ordinary shares, who has had 
something of a rough run over 
the past few years. Speculation 
that the existence of such con- 
cessions might help introduce 
new investors to the stock 
market looks like something of 
a pious hope, but the list is very 
useful for those who are con- 
verted to the .virtues of equity 
investment already. Seymour 
Pierce are at 10; Old Jewry, 
EC2R 8EA. 


Providing 
a nest egg 

ABE YOU looking for a savings 
media that will give you top 
relief on your outlay, leave 
your contributions Invested in a 
tax exempt fund, and provide 
benefits eventually that will not 
be subject to the investment 
income surcharge or to capital 
gains tax? Of course you are. 
But the Inland Revenue has 
declared war on tax avoidance 
schemes. 

. Nevertheless, such a scheme 
is available and, what is more, 
it is available with the blessing 
and encouragement . of the 
Government— -even this Labour 
Government It is the company 
pension arrangement Last week 
Scottish Equitable, brought out 
a 'new version of this arrange- 
ment aimed at those who want 
to top np their main pension 


provision, whether it comes 
from the State or their 
employer. 

Let us show how it works 
through an example. John 
Smith, aged 40, receives an 
annual bonus of £100 from his 
employer. John pays basic rate 
tax. so his net payment is £67. 
Being thrifty, he invests it in 
a building society. On current 
rates his nest egg, at 65, would 
be £3,600 

His twin brother. Bill Smith, 
receives the same bonus, but 
his employer invests it in 
in Scottish Equi tables Money 
Purchase Plan. The whole of 
the bonus goes into a tax free 
fund and on current yields Bill 
can expect a sum of £9,300 at 65. 

What are the snags? It is, 
after all, rare to get something 
for nothing in this world. Well, 
to start with, if John needs 
cash in a hurry, he can draw 
out his savings with the build- 
ing society. Bill cannot touch 
his money until he reaches 65, 


Choices 
to make 


.HOW DOES anyone face retire- 
IHfcent? With resentment at 
being thrown on the scrap-heap? 
With apprehension as to what 
.the future holds? Or with plea- 
sure at the start of the final 
eraof life, an era that might be 
the most rewarding of all? The 
ifcfast'is the right attitude But 
jwe would be exceptional people 
ff'vre did hot have some appre- 
hensions. ■ 

’Those closely connected with 
-tjjetirement counselling (that 
' ghastly modem expression) 
■Sfaphaslse that a happy and use- 
fid- retirement calls for plan- 
And planning means 
questions and seeking 
on on. a variety of 
Ips-— finance, housing, health, 
itres and so on. 





Thefcwes&^Cfc^ „ 

peat each Wednesday f e co f ra w nded shares to buypfusother firm 
BiTOtmentadvk» pn markei^secters and other areas and subjects 
-tfYttailR8»rtanc£ta^ . 

Each year me awmgeperiOTOWK»oflheNews Letter's rfiare 


RETIREMENT 

ERIC SHORT 


ftr«xampie,ft?N0w& 
■:K 


&3% on the FT rittex(fufl 


1977 recoownendatimafaB de 

pearing inthe News Letter on 

.£%figalRBta comparable 

Bswfil gtocfly be aupptfeq on request). 


spotfef»tedbylb9iC{tewaUtteir,i»rtbya*acHbingnowtoBrilains 

fe&tfi^fcwesirnent news tetter, now in its33rtiyaar of pubBcatioa 

you can nfiake sure tlmtyai do not miss tor, 

Peter Do^vvtodrwsttenttontottebuyin^^ 
at the endof 1974. when the FTmdex . was aroon^ 150 mark and 
taBcad thenof tt recovering to500and posaWjrfiQOonthe next buu 
market bdtewwS fintooffteahopportunltteshasanived and that 

equhjssnowprobriJtyDtferbettervakfflfornioneythananyother 

invosttaantassata Qriaa)or altsmativea^ • 



■ atocRUswaHJEASB). . ... 

. | MnUraAAa. 

■■MiHaa— 


cm - 20 


tswsssse^ss^^BSssa^ 4 ” 



ie Pre-Retirment Assoria- 
is a. body established, as 
^najne implies; to help people 
ire for retirement as well 
.help them once they have 
Its ofiidal magazine, 
.is published monthly, 
its articles cover all aspects 
-area, from wine making 
p|'‘- home to comprehensive 
{«?*ttmeht schemes of the kind, 
win maximise income, 
the years Choice has 
id. questions - from all 
of people seeking advice, 
>lt has now pot the answers 
i 'the- most common questions 
- -in - The Retirement 
PU&. • • ' : _ 

Tjje fife lws beeri writteo by 
C^tired journalist, Bill Loving, 
found it exninentiy read- 
^JkM^Jcompared with some of 
|rf|h ebooks published on the sub- 
3brtf: ; 3t is tame that some people 
fini the questions naive, 
answers self .evident 
tt fjr ?uch an exercise, the 
thars b*re to go for the 
w**t common denominator,' 
I^r J^irprisingly,- the largest 


1 ^ 



section on the file is concerned 
with finance. The way we treat 
the .elderly has been niggardly 
in the past, to say the least..! 
However, the growth in compre- 
hensive pension provision by 
employers now means that many 
people receive at retirement a 
lump sum in eash-which theyj 
do not know what to do with. 

The file contains a budget 
sheet assisting those who are 
wondering how they will 

manage financially once earned 
income stops, to analyse their 
expected spending . before and 
after retirement to see where 
economies can be made. 

In ways Like this, the main 
purpose of the brief is to help 
people , to help themselves. It 
does not supply ready-made 
solutions, though Choice finds 
that this is what people are look- 
ing for. .One major . change on 
retirement from working Is that 
you hove to make derisions for 
yourself. This can come very 
hard to those people — and they 
are the majority— who through- 
out .their working lives have 
been -told- what to-do, -or have 
had their derisions dictated by 
circumstances, if you are seek- 
ing guidance, these cotes are 
extremely useful. If you want 
to be told what to do. then you 
will be disappointed. 

Choice has found that more 
employers are providing advice 
on retirement to their 
employees and are finding these 
notes useful. The notes are 
regularly updated, as legislation 
and - circumstances change. 
The annual cost is £2£6, 
and -they, can be obtained from 
Choice ■TAogcpxne, ' Bedford 
Chambers, Covent Garden; Lon- 
don-’WC2E : 8HAi;. 



I 


nsurance Group 


i 


‘A year of veiy substantia] achievement” 



Results: 

Year ended 

Nine months ended 


31Marchl97S 

31 March 1977 


-FOOD'S 

TOGO’S 

■ Premium Income: 

•General 

7,885 

6,234 

life 

18,480 

10,064 

,1 

26^65 

16^98 

Policyholder Funds: 



General 

9,125 

8^95 

Life 

55,404 . 

45,240 


64,529 

53,835 

Shareholder Funds 



General 

3,285 

2,892 

Life 

1,143 

L001 


4,428 

3^95 

Change for the period 

535 

269 

Derived from: 

=** 

* i_ “ _ ■■ 

a) General Underwriting and Shareholder 

Investment Earnings, after tax 

393 

510 

b) Shareholder interest and amounts 

applied for the development of the 

Life Assurance Business 

142 

(241) 


535. 

269 


Eriiarf? fromlhedtaimaartUeranir 

GcnonubtafnessB written by Trident General and 
new Sfcbmnhaa by Trident Life wiiidiatea manages the file 
fnndof Trident General. 

TRIDENT GENERAL 

GrmpEcmiunis received were £34.886£90 in the 
twelve months period which ended 31 March 1978 (nine 
mo nfcmdod^l March 1977- £24. 458.000 J. Underwriting 
prornswetft£4S7^80andthccorapanycamed a profi t 
before Qf£UXUS40 (nJiie months emied 31 MarchJ977 

-S2&XW- ■- ■ ■ 

A ct^ncralprcnnnnijnaHne was £7^55.460 of which 
the com paqrv dspitai aid reserves represent 4J.7VD. in tha 
Cpht of our drapacmaltystrang tcmscrancc nroteaflia 
prosrattun^w ngani tteiatio bs vmy satiakaora 
nrcand.Act^Jcnl 

TViisattaonthgMin3yfa inu gnccdl>yUX.comrflgraal 
hn«oci5. those lines sudi as Compute^ 

Bumbcss tatwhiplion mid Macfafaety and Gonstractiop' 
nsfcs in which wc specialise. Net premftims at £dj51M5 ant 

an i na o V - t n at c reflection erf oar nmrica position, indicated 

fcypnna £23,148,7 j7.ln spiteof thecvuutsria 

difficult iW.ishicii md oiled heavy ^ wint« storms, the 
firemen": 5Irite_wni further signs of ovmsipadty inthe 
markuL v.oachjcrol a record imdcrwrinngprofit in this 
ataiuii! >AS353f*l!D. 

TbisCMa^eDi result was arnck altar soiling aside all 
resenu. on 4a strottM&t credible bails. 

Marine and Aetatwii 

.1 MWolCotywo has been transfcrredfrOm Profit 
and toss AcRnmi, which should be sufficient to lake care of 
Hie fbbi^ria of th ese dedining arcounts. The discontinued 
accQur^arenoyninningdouTi fast enough to amble as to 
fed : tssoitah^oinfitetti dial ao major probkras huvejct 
to jsru^ye. Cnmiu underwriting oveiy restricted and 
appears ujhepBjfia&te 

_ S urpfcressnj now emerging from ffce dosed Jrfc fund 

^~ rr ^f t x^ ai3a ^ ^ ut&fi:t0fthe ^ roc ^ H s relfl ^ n ^^ v ^ 10 

T! if pfsaent value of surpluses estimated to emn^c 
daring LhtJjmJfcungiHfe o£tte pot tf olio S%o£ course, very 

Kiidend 

The Kttcto onri3entCeBeral propose, hi dig 
qauis^MreQaa^ id puyingrt erf Pm same dividend as last 
5« s r. a i’ , ' fl, Sof*«ptttei toon the 25MJMXlfttlb paid 
aOn*^%UWttaiMirf£ia^ 


TRIDENT LIFE 

Trident life has completed its first four rears' planned 
development in a proflrsiuui lion almost exactly as originally 
forecast Expected release of matjim over the lile of 
Business already secured and surplus retained is the funds 
enable us to emparfc on a further period'of expansion with, 
confidence. We arc also able to commence the refund to 
sharcholdcrsofiinncyuivceted in the life enterprise^ and 
£100,000 has been released to Profit and Lou Account in 
this way: 

Trident Life increased its new business substantia Dy 
through all sales outlets and formost products, especially 
and pleasingly those which have been successful in the past 

Single premiums rose to £1X8 mBflon oi by 37%, Nny 
regiilar premium {ales rose DO £25 million or by 29%; white 
total single, new and renewal premiums rose to JQafimUfion 
or fay 58“b. As a result, total funds in our Life Assurance ■ 
Group rose during the yearfirom £46 miBion to £57 miffion. 

Durms the year also, we toofea first step into the 
pension field with our individual Pension Plan and Band. 
Our neci step will be the development of Executive Paufa} 
Hans bier this yeat 

\\c ofiera range of services which are efficient and 
tafe highly within the industry. In this we benefit greatly 
from dose liaison with <mr sister companies, Beaufort - 
Computer Seniees Limited, who specafise in eomputeri 1 
applkations in the insurance industp', Seh lesmger . 

In \-estmetrt .Management Sen ices Limited, Schfesingoe 
Trust Managers Limited and with HTrUnan Estates of 
Hanover Square Limited, who look after our property 
mimesis. 

These integrated arrangements assist us topva 


degrees system of up lodateaiKlIi&h quality --•■ 
conumuiicBtion with duab and advisers which uiwaieiy 

vnh* fj .inf[ much jn 

Investments 

purmgtheycarweaddedSvenew a iygrira en tMcto 

fficThdcPt M an agcd JEtotfoCo of favyfeLii&flt bonds, nalemg 
dtr/m ch Dices in aQ. Of these the outstanding sneemuna 
the Property Bond, up 28% on the year. 

BOARDS. MANAGEMENT, SIAEF 

ThoBoard was pleased to/nakeJmirwriknmtedstaaM- 

oppoinUpents within Trident Life. As from I April B78, 
Timothy LoriGan.B.CamnL,P.CA, Laurence Wartnirion, 
PJLLLAALBuLML and Charles Wodehrmaa h ecnm* 


A'rNtanl General Matngrrs tmd Marcus BcgKe-Ctendi, 
itCumm, KLi A heat me General Sales Manager. 

I have referred in the post to the high calibre of our 
Staff and the dedication rhey bring la their responsibilities; 
T<i all my collcaeuvs and Jdltiw director; I ofler sincere 
tluukv (ura year of very subsum tial achievement. 
THtFLTTJRE 

1 he clear lesson of 1S77/7S for the general business 
has been die value, not only to ourselves but to the marked 
of the trained spec in lirt underwriter and his ability to USC 
ini unci ion, imagination and floubdily in dealing ui th the 
pruMrnc of the professional broker; the first quarter af the 
prxs.cn I accounting period has run well. 

On the Ufc stdc, invesfinem Imbed sififileand reptlar 
premium produetshaveproved their acceptability and entry 
of several established conventional offices into the field 
con not fall to enlarge die total market for alL Wc ore veil 
placed to take advantage of this. Soles by Indent Life for the 
first three months of the year ara well up on las*, year and the 
power behind emr selling and marketing drive continues to 
increase. 

It b on the Icp-Ja live front that wc should be most 
watchful. New developments such as the Insurance Brokers 
fftegktrathm) Act B77, the formation o( Uie ptra-crfd 
British inM/rance Brokers' Association and nrwregulBtioos 
desiitncd to impk-ment co-ordinating requirements of the 
EEC though exrcllent in themsehw ana long overd ute, 
irwvitabh' embody concepts ami rigidities which are not 
universally applicable in practice. Great carvwiB be needed 
in adi’ustiny our duHcatc mark d media ni, n». life and 
acnerJiLtotlienciv ideas. No doubt there is mucb'to ig ip rovp 
in the British insurance bUunc&S, but it, Individuality-god 
flexibility huve been of goat sen-ice to our economy 
throw* many vlrissitailts. It would beashmncil, by 
inhibiting the next generation of risk takers through 
m-enmichreguiaihai, wo threw Iho bebyout with the huffi 
water. 

MD-Mortsi 

Chairman 

Copies Of the fun statement and the Report ant} 
Accounts muy beobtained from the Secretary; Trident 
General Insurance Company Limited, Trident House, 

Russell Street, Gloucester or the Secretary, Trident Li£6 
Assurance Company Limited, ReosJadc Housty 
Whitfield StxwtjGJouastet. 



**• 








8 


Financial Times Saturday,' August 12-197S 


r<> 


property/travel 


A case for homework 


BY JUNE FIELD 

WHY DO people change their 
minds about buying a property 
so near to exchange of con- 
tracts? It isn't always because 
something nasty has turned up 
in the searches, or that they 
cannot get the money to go 
ahead, it is more likely that 
they haven't done their home- 
work properly, and worked out 
just what the true cost of the 
outgoings (i.e., mortgage, rates, 
etc) is going to be. That, any- 
way, is what some agents are 
finding. 

Kushing out to sell your pro- 
perty too quickly without pro- 
perly considering how much it 
is going to cost you to buy an- 
other one, particularly in a 
rising market, is also the cause 
of vendors withdrawing a pro- 
perty at contract stage, claims 
Keith Rogers, residential pro- 
perty manager of Creasey and 
Jeffery on the Isle of Wight 
“We have always counselled that 
wherever possible an owner 
should either have provisionally 
agreed to purchase an alterna- 
tive property before his own is 
priced and marketed, or at least 


be confident that such -a pur- 
chase can be arranged.” 

Mr. Rogers also admits that he 
has found that many would-be 
purchasers don't do enough 
ho me work, in advance and that 
over 30 per cent of sales will 
not proceed as arranged with 
the initial applicant, M due 
mainly to ill-judged and over- 
eager enthusiasm." 

The property business is cur- 
rently flourishing on the island 
the Romans called Vectis, a 
Latinisation of the Celtic Ynps> 
Yr-Wyth. which eventually 
became the Saxon Weet or 
Wight 

The supply of -places on offer 
has increased — Creasey and 
Jeffrey told me that they are 
offered at least three properties 
a day for sale, with demand 
stimulated by applicants from 
outside who have benefitted 
from good prices received from 
the sale of their property on 
the mainland. Creasey and 
Jeffrey’s trading figures for the 
last year also reveal that island 
property prices are up — 
semi-detached bungalows are 
up 20 per cent to £13,000, 


estate bungalows up 13 per cent 
to £17,500 and individually 
designed bungalows are up 24 
per cent to £34,000. In the estate 
house marke there is a 25 per 
cent increase to £13.950, while 
modern “executive” homes now 
cost around £28,500, about a 
quarter more than last year. 

Crease/s send out 1,700 illus- 
trated brochures each month, 
to a mailing list which includes 
many overseas contacts, sur- 
prisingly, even, some from the 
Middle East. For a free copy 
write to Keith Rogers, Creasey 
and Jeffrey, 139 High Street, 
Newport, Isle of Wight 

On the current list is the Old 
Chapel and Bungalow on Kings 
Road, Bembridge. just above the 
harbour, originally a Wesleyan 
Methodist Chapel, which has 
been attractively converted to a 
tfaree-bedroom house with a two- 
bed annexe made out of the care- 
taker’s accommodation. Price 
£34,000. Locks green House, 
Porchfield, near Newport, was 
the old school house, although 
it looks more like a manor. 
There are four bedrooms, a 
guest suite, music room, and a 



Norton House, Phcley Hill, about a mile outside Yarmouth on the 
Isle of Wight, a 50-year-old property In 2-acres, with a magnificent 
outlook over thc'Yar Estuary to Aftori Down. The imposing 
looking house Ins 4 bedrooms and 2 bathrooms; £47,500 through 
Jackson and Jackson, The House On The Quay, Lymington, 
Hampshire. 





Westover House, early 19th century,, in 34 acres, at Calboume, West Wight, n for sale through Joint 
agents Savills, 20 Grosvenor Hill, Berkeley Square. London Wl, and Creasey and Jeffery, 139 High Sheet, 
Newport, who are looking for offers in the region of £200,000. Accommodation indudes 3 Jiving rooms, 
library, billiards room, 6 bedrooms, 4 bathrooms, sx. -flat, stables with 2 -cottages, lodge, swimming 
pool, lake and paddocks. Additionally available are three nearby farms' total ling about 404 acres. 


studio annexe, for £50.000. In 
the under £10,000 bracket are 
cottages for doing up. and a 
fairly basic end-of-terrace house 
in Arctic Road, Cnwes, two-up 
and two-down, can be bought for 
£5,500. 

Paul Jackson of Jackson and 
Jackson at Lymington, across 
the water in Hampshire, feels 
that property prices on the 
island have not increased at 
quite the same rate as on the 
mainland. "Which means that 
many houses still represent ex- 
tremely good value in the pre- 
sent market.” He is handling 
two character houses at Yar- 
mouth, capital of West Wight, 
ancient market town that is an 
arrival point for passenger and 
car ferries from Lymington 
(It's said that Tennyson, who 
Lived at Farringford House, now 
an hotel, near the western tip 
of the island, used this port, and 
that on a winter's evening in 
1889 he conceived the poem 
Crossing the Bar.) 

One bouse, CracknelJs, in 211- 
acres, built of white and red 
island stone, well-modernised to 
provide five bedrooms and two 
bathrooms plus a self-contained 
flatlet, is £65,000 .including a 
two-bed staff cottage. 

The other place is Gunley 
Mede, in four acres, a 40-year- 
old six-bedroom, three bathroom 
country house with splendid 
views over the harbour. Solent 
and Hampshire coast at £70,000. 
While about a mile outside 
Yarmouth, at. Freshwater, 
Jacksons are selling the four- 
bedroom, two bathroom Norton 
House, Pixley Hill, at £47,500. 
In two acres it has a magnificent 
outlook over the Yar Estuary to 
Alton Down. Full details of 
these and other L of W. proper- 
ties from Jackson and Jackson, 
The House On The Quay, 
Lymington. 

The first week in August is 
traditionally Cowes Week, when 


sailing enthusiasts pour into 
the town. A holiday village and 
hotel site which the agents con- 
sider could play an important 
part in relieving the shortage 
of accommodation for visiting 
yachtsmen and their families 
has recently been put on the 
market 

It goes with detailed planning 
consent for 91 holiday homes 
on seven and a half acres plus 
a 50 bedroom hotel on an 
adjoining five and a quarter 
acres, plus outline .consent for; 
-leisure use of about 110 acres 
of farm and woodland. Offers 
of about £150,000 for the whole 
are being sought by the joint 
agents, Humbert Landplan and 
Strutt and Parker — around 1 
£75,000 of the total is expected 
for the land reserved for the 
proposed holiday village. 

The site is a mile or so south 
of Cowes, approached over a 
gravel road from the A3020 
Co wes-Ne wport road. A front- 
age along a stretch of the 
Medina River gives direct 
access to the waterway, and the 
Harbour Commission has 
authorised the building of a 
jetty. 

Medham House, an unoccupied 
former country dub, on a 
corner of the hotel site is in 
need of restoration or demoli- 
tion, and a number of out- 
buildings, a swimming-pool and 
paddling pool also remain. The 
site is considered to be ideal 
for multi-ownership develop- 
ment, a concept which has been 
popular in America and parts 
of Europe for many years, and 
which the agents say is now 
beginning to catch on in the UK 
Further information from W. R. 
Hilary, Leisure Management 
Division, Strutt and Parker, 41, 
Milford Street, Salisbury; and 
N. E. Talbot-Ponsonby, Hum- 
berts Landplan, 6, Lincoln's Inn 
Fields. WC2. 


Coffee 

in 

Ohrid 

BY SYLVIE NICKELS* 


TWELVE years ago, I was sit- 
ting on a stone wall a dmiring 
the view in general, and one of 
Ohrid's numerous medieval, 
churches in particular, when a 
woman lent out of a first floor 
window and invited me up for. 
coffee (one of the first words I 
learn in any language); Her 
name proved to be Stojna and 
she worked in the local post 
office; there followed one of 
those curious episodes that 
could only happen in areas such 
as the remoter parts of the 
Balkans. 

The family, including -a. 
galaxy of their friends and rela- 
tives. adopted me completely 
for my two-day stay, our only 
common language being rudi- 
mentary French and grand ges- 
tures. Last autumn l was in 
Ohrid again, and Stojna 'was 
still working in the post office. 
“ Silva !” she greeted! me . en- 
thusiastically , and took me 
home to show me the photo- 
graphs I had sent her years ago. 

Ohrid is in Macedonia, one of 
Yugoslavia's six republics* and 
it sprawls above and around 
the north-eastern shore of a 
lake of the same name, one 
third of which lies -in Albania,. 

It is no longer as remote as it 
was. There are now several 
thousand tourist beds in hotels? 
(including some very smart 
ones a little out of town), camp 
sites and private houses. There 
are sports facilities, folk and 
cultural festivals throughout 
the summer, and organised ex- 
cursions into the surrounding 
countryside. 

On the fringes of the classical 
world, the area was then settled 
by the Slavs, intermittently 
conquered by the Bulgarians, 
briefly independent, subjugated 
by Byzantium, incorporated into 
a medieval Serbian empire, and 
finally dominated for half a. 
mi Lie mum by the Ottoman 
Turks until the bloody Balkan 
Wars of 1912-23. 

Thus for centuries, there was 
a shifting ebb and flow of 


Vow weekend £: Anti-fa 27.25. Betotam 
SL1S, France Ul, Italy 1,9s, Greece. 
*30. Spain 1&2S, Switzerland 3215B. 
US. 1.9975. “ Source: Thomas Cook. 








Si 


«/h * 

















Macedonian market 


K f 




PERTY 


ESTATES AND FARMS: INVESTMENTS: SHOOTING: 
COUNTRY PROPERTY: OVERSEAS PROPERTY: 



ESSEX 639 Acres 

Colchester 5 miles, Chelmsford 24 miles 
A PRODUCTIVE COMMERCIAL ARABLE FARM 
Ford ham Hall Farm, Colchester 

Fine Sixteenth Century Farmhouse; Modern Secondary 
Farmhouse; 3 Cottages; Modern and Traditional Farm 
Buildings; Compact Block of Productive Mainly Grade 2 
Land totalling 639 ACRES. 

For Sale by Auction as a whole With Vacant Possession on 
Thursday, 14th September. 

ktUX Auctioneers: — 

SAVILLS, 136 London Road. Chelmsford. Essex 
Tel: (0245 ) 69311 

FENN WRIGHT GARROD TURNER 
146 High Street, Colchester. Essex - Tel: (0206) 46161 

Solicitors: — 

H, J. SMITH & CO., Gordon House, 22 Rayne Road, • 
Braintree, Essex - Tel: (0376 ) 21311 


ROSS-SHIRE 118 Acres 

in remiss Airport 21 miles, Dingwall 14 miles 

A compact coastal estate with an outstanding mansion set 
high above the sea with magnificent views to the south 
and all contained within its own farmland. 

FOR SALE AS A WHOLE OR IN LOTS 

Loti KIXCURDIE HOUSE. 3 Reception Rooms. 3 Principal 
Bedroom Suites, 6 Further Bedrooms, and 3 Bath- 
rooms. Integral Stall Flat. 

Lot 2 STABLE BLOCK with Gardener’s Cottage. 

Lot3 CORSLET FARM extending to SO acres (subject to 
agricultural tenancy). 

Lot 4 VALUABLE SALMON NETTING RIGHTS. 

ZADt C. CHALMERS h CO.. Bank of Scotland BaHdtiu*. 103 Htsb Street. 
Forres, Jinny. IV3 s (US'S. Tel: (030921 3151. 

SAVILLS, London Office - Tef; 01-499 S644 


LET FARMS 

Would also consider Hill Farms 

Estate of from 5 to 50 
Let Farms 


Cheshire, Lancashire, Shropshire, Staffordshire,- 
Derbyshire or surrounding counties also in Wales 

Preferably from about 
10 to 200 acres 

2% COMMISSION PAID TO INTRODUCING 
AGENTS IF SALE IS EFFECTED 

Write Box T.4933. Financial Times. 10, Cannon Street. EC4P 4BY. 


PRIVATE ISLAND 

For Sale by Owner 

WEST COAST OF BRITISH COLUMBIA 

160 AGRES VIRGIN FOREST 

(approx.) 

SAND, SURF, SHELLFISH, SALMON 

Ruggedly Sophisticated Tum-of-the-Century Lodge 

UNLIMITED POTENTIAL 
FOR DEVELOPMENT 
OR USE AS 
EXCLUSIVE RETREAT 

PRICE: £2^00,000 

Write Box F.I042. Financial Timet, 10, Cannon Street, EC4P 4BY. 




- v^au . 

***»••.•• -tit’: 


Canary Islands 

Healthy, mild, subtrootcal climate. 
Eternal summer, clean Mr. ocean and 
rmatHbhi prices. Friendly, ftospitabla. 
paradise without snakes. Northernmost 
of the Islands Is La Palma, green, peace- 
ful. sate, plenty of water, bananas, 
grapes, pine forest and almost no 
touniti. 

In 5 an Isidro, La Palma, at an altitude 
of 2.200 ft. on a plain under cen- 
tenary chestnut trees a furnished house 
»eft) built 1975. of 1 .600 so. ft. set 
In 2.7 acres. - 2 large bedrooms, big 


living room, fireplace, altered swim- 
ming pool, 2 garages, lawn, Jorge 
garden and cultivated land. Price 
about DM 200.000. 

In firlovemo. La Palma at an aJtltwde 
ol 2.000 ft. on a plain a modern bouse 
of 3.000 m. ft. set In hail an acne. 
4 bedrooms, big sitting room, dining 
room, sauna, central healing, titered 
swimming pool. lawn, garden. 200 
roses, SOO ft. Bower-bed. separate 
guest house, water tank 40.000 gallons. 
Price about Swiss Fr 225.000. 

For -Information please writs tin 
Mr. Ksha. Bariovento. La Palma. 

Canary Islands 


? *** 



Bell-Ingram 


For Sale by Private Treaty as a Whole or in Two Lots. 

ANGUS/PERTHSHIRE 

' An excellent arable farm 
together with valuable woodlands 
LOT 1— Farmhouse, Cottage and Traditional Steading together 
with about 2Sfl Acres. 

LOT 2— Valuable Woodland block of about 122 Acres. 
Shooting and Fishing over whole property. All with 

Vacant Possession. 

Alyfh 4 miles Blairgowrie 8 mUes 

Further details: Farms Department, 7 Walker Street, 
Edinburgh EH3 7JY. Tel. No. 031-225 3271. 


$ If you wish to buy — sell — rent 


If you wish to buy — sell — rent or have 

REAL ESTATE 

managed in the 

PRINCIPALITY OF MONACO 

Write to: 

AG EDI 

•26 bis Bd. Princess Charlotte, Monte-Carlo 
Principality of Monaco 
Tel. (93 ) 50 66 00— Telex 479 417 MC 
Documentation sent free on request 


Instructed by the Liquidators 
WILSON & PARTNERS 
in conjunction with WALKER SINGLETON 
WILL SELL BY AUCTION 

Part worked Limestone Quarry 
Known as Cottingham Quarries • 

Extending to approximately 54 acres, close to Corby, Norttiants 
For Sale by Auction unless previously sold on Thursday 
14th September at 3.00 pm at the George Hotel, Kettering 

All enquiries to joint auctioneers 


Wilson & Partm 
Dalkeith Plan 
Kettering 
NMU BUT 
Tel: 0536 3*H 


Walk or Singleton 
18/20 Rawsoe Street 
Halifax 

West Yorkshire 
Ted: 0422 Mm 


NEW YORK STATE 

ONE HOUR DRIVE 
NEW YORK CITY 
400 Acre Estate including 150 
acre farm, 50 acre apple 
orchard. Fart of land com- 
mercially zoned. Large main 
residence and guest house, 
pool, caretaker’s cottage. 
Several barns and houses.' 
Magnificent opportunity for 
investor . . . 58,000,000 

Contact Berthe 4a Mlnkis 
212-8X2-5882 

Douglas EUbnan-GIUMns <r Ives Inc. 

575 Madison An., NY, NY 10022 


ANGLESEY 
North Wales 


Select building plot for safe. 

2 acres, with planning permission for 
one house only. On private .Estate. 
Elevated position with glorHwa v'e^'tof 
Mountains. Woodlands and Sea. Within 
easy reach of, shops and all sendees. 
II Interested apply In hret Instance to 
Staanou Kneala A Co- 
Chartered Accountants. 

Derby House. Athol Street. 
DOUGLAS. I.O.M. 


MOUNT STREET . Mayfair. Elegant Wadena 
period apartment tastefully furnished, 
drawing room, dining room. 3 beds- 


GOODWORTH CLATFORD 
ANDOVER, HAMPSHIRE 
Some 1.95 Acres 
BUILDING LAND 
with the bonefit of planning . 
permission for 15 UWtLLINGS 
(subject do conditions) which 
PEAH50N5 

will offer for tale by Public Aortion 
(unless previously told) 
on Wettaietdoy, <th September 1*71 
Fall details from Auctioneers 
PEARSONS 

17/21 London Street, Andover, Hants. 

Tel: (0264) 2287 


peoples trying to find a quiet 
corner to live while the affairs 
of big powers flowed around 
them. There are still substan- 
tial minorities of Turks, 
Albanians, Bulgarians, even per- 
haps a few descendants of the 
very ancient Vlachs; and, of 
course, the Slav Macedonians 
themselves, whose dress varies 
from village to village and 
whose old traditions die hard. 
The result is a colourful cul- 
tural mix reflected in music, 
art, costume, custom and cook- 
ing that all makes a good 
reasons for going to Macedonia. 
Ohrid’s crowded market pro- 
vide an excellent introduction to 
all this ethnic variety. 

Ocher good reasons for a visit 
are .the scenery, which combines 
the really rather tittle known 
mggedness of such mountains as 
Sarplanina with broad and 
fruitful vaHe&is like Chart of the 
Vardar; the cMmate, which 
ranges from quite torrid 
summers and balmy springs and 
autumns, graduating to subal- 
pine freshness in -Che mountains; 
and the Imstony with sis atten- 
dant sites, numbering among 
them some truly remarkable 
medieval monuments. 

At the height of the medieval 
Serbian empire, there ere sand 
to -have been over 100 churches 
in Ohrid, and the older districts, 
which are stacked up a hill, are 
stiil stuffed with tihetn, despite 
wars and the depredations of 
Turkish rule whan some were 
destroyed, others turned into 
mosques. St. Sophia, with its 


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lltb-14th century frescoes, an 
St. Clement (13tb-15th) ar 
among the showplaces; but 
found ' the ohureh-masqu 
remains of St. PantuHeiroon p aj 
tLculorly evocative, for here wa 
one of hxc world's early unives 
si-ties and from it ‘literacy an 
the Cyrillic alphabet want outt 
much of the rest of -the Sfa 
world. ' 

You really need a car for Bfci* 
extensive espioraituan in tWgpv' 
part <h£ the world. SvdaNamr^ 

30 km away and close by tlFt*.- 
AAbaman 'border, is' a -historic 
and idyllic spot. Lake Presp&j] 
about 500 feet higher up in t tfr* ‘ . .. 
mountains, as wuld and ’ 

and hard to imagine that it vsa^' f • 

once briefly the centre of -a lOty • ► 
century Macedonian eraplrU 
stretching from Serbia fe’ 
Albania and Bulgaria. ' ' i 

Skopje is the capital o 7 
Yugaslav Macedonia.- At th* f 

time it made world headline 
with the appalling earthquak 
which destroyed much of it ii 
1963, the papulation wa ' 
200,000; today it is half a milliot 
and it has been rebuilt into ; 
modem metropolis, except fo 
the old railway station whos* 
clock permanently marks thi 
time of the disaster at 5.17 am 
Since my first visit, some of thi 
older Turkish-era bazaars havi 
also been tastefully reorganise! 
into pedestrian areas, losini 
perhaps a little of their dis 
hevelled charm In the process 

AODRES5ES: Yugoslav National Towta 
Office. 143 Rggont Street. London Wl 
British Airways, West London Tenoto 
Cromwell Road, Loudon SWT. 


CBLLARM ASTER seeks drinking coir 
oanlons lor tour of wine region 
Alcohol Ida « announce tours tor win 
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wine export. For our 1378 Carte Or 
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ANTIBES 


Ttown centre 150 yards from beach In 
smell bonding designed by American 
architect for completion end 1979. 20 
apartments lor sale freehold starting at 
£15.000 lor studios wish separate 
kitchens, all taxes and fees kiciiwuif. 
Valuable discount tor first buyers. 
Excellent tor own residence and 
Investment. 

Write: Architects - International. Les 
Sac ms. AIMes F. Perraud. 06600 
Antibes. France. 


2 baths., stall flatlet. _ 58 year lease. 
£105 000. Unrass 602 5554. 

AVENUE HO.. ST. JOHN'S WOOD. N.W.B. 
Modern lux. FM. Prestige Wk.. 3 bed.. 
2 bath.. 2 1. rec.. new fitted kit.. 2n- 
terrace. lovely decor, garage. 123 yr. L-. 
porter. C.H. £169.100. 61-722 4093. 




mm 


ADVERTISING 


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



EDUCATIONAL . 

GO ALL THE WAY ^ ^ 

COME TO FRANCE AND DISCOVER 

“the Total Approach ” to French 
at the INSTITUTE DE FRANCAIS 

ON THE FRENCH RIVIERA * 

N«t available 4-week immersion course sans August 28. Seutemhee it mi 
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FOR SALE 

MUNICH -CITY — BUSINESS AND APARTMENT HOUSE 
2,800 Jq'ic (30,139 iq f*) commercial space, 1.200 so m (12 917 u fel 
resMeiitteJ, In bait traffic and business location. ^ " U2.917 iq 

Asking price: DM 4,700,000 

Plane address offers to: 

MG U ' 300, c/o CARL G ABLER WERBEGESELL5CHAFT MBH 
- Abholfach, D-8000-Munchen 1 


CLASSIFIED ADVERTISEMENT DEPARTMENT 
FINANCIAL TIMES 

lO'CANNON STREET, LONDON EC4P 4BY 

• • Tor fiirther Informatlaa contact Diane Steward 
- Td 01-348 5284 


CLASSIFIED ADVERTISEMENT RATES 


Commercial and Industrial Property . 4.50 140 

Residential Property 2.00 s!o 

Appointments 4.50 0 

Business &- investment Opportunities, 

Corporation Loans, Production Capacity, 

Businesses for Sale/Wanted 5.25 160 

Education, Motors. Contracts & Tenders, 

Personal, Gardening 4.25 130 

Hotels and Travel 2.75 lo'o 

Book Publishers . • — 7.0 

Premium positions availabTe 
(Minimum size 40 column, cms.) 

£L50 per single column cm. extra 
■ For further details write to: 

... Classified Advertisement Manager, 
Financial Times, 10, Cannon Street, EC4P 4BY. 


. per 

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column 

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cm. 

£ 

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;^^^;Safurd^- August^!? 197S ■ 

HOW TO SPEND IT 


by Christine Burton 



VISITORS TO ‘Woburn Abbey 
Tnay not Know teaCapart from 
uH : fts other atttections. it has 
stn -an^cajtre wi&fe inhibitions 
kre ; pfteh :pat om.Fuur "Ways — 
tire work of four women crafts- 
“men— is beings held in the 
-Snssell Room ;un@ August 31 
(admission free). The theme of 
the exhibiton is ^familiar 

and everyday object which each 
artist has then faifitpreted in 
her own ted^duafc'way- 
Jacqui Down® ,- and Jane 
Holmes are ; designers 

and Ghand' Tni^Cetr ^aad Diana 
WmfcSeld hrO painters. 


$0. - • — 'l 4 r„. •:■• 


il 



School holidays provide the ideal oppor- 
tunity -for family outings, although ful- 
filling ' the demands of parents and 
children isn't always easy. The secret 
of the successful ovting. it seems to me, 
lies in finding something to please every- 


body, whether eight or eighty. 

So if you’ve time fo spare these 
holidays, here are ideas for visits to 
places in different parts of the country, 
which I hope::v$l have something to 
offer. 



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rifteVT^-:- - " 4 •* 

-V . J^Sfe 


Museum of 
Childhood 

SUDBURY HALL was accepted 
by the Treasury as part-payment 
of death duties on the. estate 
of Lord Vernon in 1967: The 
National Trust now manages 
this 17th century £- shaped 
house with' interesting diapered 
brickwork, and. four years ago 
its curator,. John Hodgson, 
helped to shut - a museum 
of childhood in part of the 
house: The museum is. admin- 
istered jointly /by the National 
Trust, and Derbyshire- County 
Council. . - • 1 

The museum is situated in 13 
rooms* , each of which, concen- 
trates on a particular aspect of 
one’s younger 'years. There is 
a room containing children’s 
costumes, \ prams and dolls’ 
houses, a Victorian parlour 
where childtencan see early 
table and other sorte, of games 
and can play with modern 


copies, an Edwardian nursery, 
and a toy room with old- 
fashioned toys. An open chim- 
ney flue for children to climb 
is in the room concentrating 
on aspects of the Child at Work. 
But the largest area in the 
museum is given to an exhibi- 
tion called Beauty ' and the 
Beast . 


Jointly \ organised by the 
magazine Books For Your 
Children ' and the Derbyshire 
County Museum Service in 
association with the National 
Trust, the exhibition tells the 
fairy story of the Beauty and 
the Beast It is illustrated with 
larger-than-life pictures which 
are the work of the well-known 
artist Errol le Cain. A booklet 
u Fairy Tale Quest " encourages 
children to follow seven tasks 
when exploring the exhibitions 




Mafior Farm 
Museum 


MANOR FARM Museum, 
Cogges, is just off the A40 at 
■Witney- Early In the 1970s 
Manor Farm was offered ' to 
Oxfordshire County Counpii for 
a' relatively small sum on condi- 
tion that it was used as a 
museum. It had- been in the 
same family for many years. 

Oxfordshire County Connell, 
for their part, were delighted 
because not only did they have 
a collection • of domestic and 
agricultural equipment with 
nowhere to exhibit it, but the 
farm buildings are listed as 
being of architectural and 
historical interest The whale 
site, ~ consisting of the house, 
buildings and 13 acres of land. 


Wtaar mo 


•X *>J 

OXFORD 


is an ancient monument 

The house, which indudes a 
13th century hall house, has 
been renovated to make it safe 
and can be seen as it was. at 
the turn of the century.- Built 
of Cotswold stone, it is roofed 
with slates from the local 
Stonesfield quarry. . 

The farming seasons are 
illustrated with restored term 


It' is' '-Diana Winkfield who 
probably uses- morfr^in the way 
of everyday objectB, but the way 
she puts them together ih her 
paintings is most unusual. Old 
doUs {sec above)*- pwbos- of 
wajlfcwper, 'pieces, of iace and 
fadrjjround toys ajjpear — ■ not 
necessarily in their’-true-per-. 

spective or : sia6 relationship. 
One particularly.^ appealing 


pointing — they are all oils 
canvas-^-shows a- birdcage c 
pletely: filled with & cat’s h 
being attacked by two brillian 
coloured birds. : 

The prices of her pai 
range from £40£60. 

, Woburn Abbey is open s 
days a. week from 11.30 am 
5, pm; admission, is SOp 
adults : and 40p for children. 



for; ^instance, describe your 
favourite monster, or imagine a 
menu, for your very special 
feast; 

- They will be able to make 
their., own beauties, beasts or 
even- beauteous beasts in a 
special workshop — there will be 
on. display some of the work of 
visiting children. 

Because Beauty and the Beast 
is .cp-organised by Books for 
your Children, the booklet uses 
illustrations from various hooks 
wtajii it is obviously hoped will 
inspire children .to read further 
and* do their own research. 

The work of 10 prize-winning 
.illiisfirators will be- displayed 
ang^books and pictures will be 
on^de. 

' Sudbury Hall is five miles 
froni Uttoxeter and it and the 
museum is open on Wednesdays, 
Tbmsdays, Fridays, Saturdays, 
Sundays and Rank Holiday 
Mondays, from April to October 
from 1 pm to 5.30 pm. Admis- 
sion to Sudbury Hall is 80p for 
adults and 40p for children; 
admission to the museum is 


The .National Trust always has 
dcstaihle gifts in its shops. Here 
ate Am that are new to me. Top: 
from a range of four attractive tins, 
tfusdne is decorated to look like 
Ajfcfctbn Clergy House, a National 
Tnte|property in East Sussex. Each 
tin . tests £120 and contains Just 
over/fj lb of old-fashioned sweets 
— hicfeiding humbugs and bulls 
eyetgLeft: members from two 
hapfp^tuBilies. ■. All families in the 
pate practise country crafts. £125. 


• implements and equipment 
which Were ^sed for cultivating 
the land, spwing, harvesting 
and threshing There will be a 
lambing hut on wheels and a 
steam threshing drum. 

But .it, is not just a static 
display— staff from the Council's 
Museum Service will, among 
other things, be using the cream 
separators, churns and butter 
pats in the dairy, and threshing 
by hawt •• Every Sunday after- 
noon there are demonstra- 
tions of farm skills such as 
bridle-making and the smithing 
of gate 'hinges. Rare breeds of 
local sheep and pigs can also be' 
seen, as well as geese and 
chicken. • 

Coggte’ village itself is men- 
tioned in' the Domesday Book, 
and there are earthworks indi- 
cating the site of a twelfth- or 
thirteenth - century moated 
manor house; the remains of a 
small Priory are incorporated 
in the vifearage and the school 
is housed in an adapted 
mediaeval barn. 

Visitor* can follow a his- 
torical -- trail which leads 
around -rite farmyard, medieval 
site and ^village and returns 
through -"'fee. walled kitchen 
garden... 'Each point, of interest 
has an explanatory plaque. 

Refreshments, including 
bread and cakes baked in a 
brick cron, dated 1880, are 
available..' 

The museum Is open daily 
until September 3 from 11 am 
to 6 pm; admission is 40p and 
20p for pensioners and children. 
Car parking jj free. 


KILVERSTONE Wildlife Park 
specialises in things Latin 
American. For instance. Lord 
and Lady Fisher, who own snd 
run Kilverstone, have the only 
British stud of Falabella horses. 
Bred by the family of the same 
name in Argentina, these horses 
have been selectively reared 
until the strain became smaller 
and smaller. Legend, however, 
has it that the secret of minia- 
ture breeding in native Indian 
ponies was - discovered by an 
Indian Cacique chief. , 

Falabella horses, unlike other 
dwarf breeds that look stocky, 
are perfectly proportioned. They 
measure between 23 and 30 ins 
— the smallest in Britain, at 
Kilverstone, is 23 ins. Their life 
expectancy can be up to 50 
years, and mares can still breed 
at 40. 

Kilverstone, or Monks Hall as 
it was known for many years, 
was. built in 1620 and came into 
the possession of the Fisher 
family at the turn of the 
century.The grounds now house 
the various compounds for the 
animals. 

The walled garden, originally 
the kitchen gardens, contains 
such animals as coatis, racoons, 
tayras, agouti, viscacha — all 
firten South or Central 
America!- There is a special 
otter pen where several species 
of otter from throughout the 
Americas can be seen, including 
the Brazilian Giant Otter, which 
can' grow to six or eight feet. 
These o.tters are very playful 



Kilverstone 


and unlike British .otters, enjoy 
having an audience. 

One of the greenhouses for 
the gardens has been converted 
and extended into an aviary so 
that visitors can walk through 
to see the birds in their natural 
surroundings, plants, water- 
falls and rocks, create an 
environment as near normal as 
possible for the many species 
of birds, and Californian quail, 
marsh birds, and pygmy doves 
can be seen. 

Macaws and co nures are 
members of the parrot family. 
These birds are brilliantly 
coloured: there is the green- 
winged. the scarlet, and the blue 
and gold. Also to be seen are 
the Amazon parrots which are 
predominantly green and come 
from the tropica] areas of Latin 
America and the Caribbean. 

In the paddocks are more rare 


animals. Kilverstone is the only 
place in Britain where the 
Geoffrey's Cat and the Maned 
Wolf can be found. Geoffrey’s 
Cat is a small shy animal that 
comes from (be mountains 
which range from north of Pata- 
gonia to Bolivia and southern 
Brazil. 

The maned wolf is a very 
attractive animal— -it looks 
much like a fox but it is some- 
how daintier and stands on very 
tall legs. It is the fastest of the 
dog breed and comes from the 
sparsely wooded areas of Brazil, 
Paraguay and Argentina where, 
it is hunted because it kills 
domestic animals. Surprisingly 
it eats large quantities of 
bananas and only a small 
amount of meat 

Other appealing animals are 
bison with their great bulk, 
different varieties of monkey, 
penguins from the west coast of 
South America and the Falk- 
land Islands, flamingoes from 
Chile and the all-purpose llama. 
This beast of burden could 
hardly be omitted from a South 
American zoo — the traditional 
animal of the Peruvian Indians, 
they still make rugs and rope 
from its wool, sandals from the 
hide, food from the flesh, 
candles from tallow and even 
fuel from the droppings. 

Kilverstone Wildlife Park is 
on the All, one mile cast of 
Thetford. It is open every day 
from 10 am to 6 pm and admis- 
sion is SOp, for adults aud 40p 
for children. 





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Nottingham 

Castle 

Show 



TUCKTONIA, put of Tuckton 
Ltesuro . Bwflc, fe.v'e aiodei 
landscape village on- the grand 
scale. ' It oovcre- an area of 
nearer /our acres and is built 
oa the scale L24--4he modet of 
St Paul’s CStltedrir. Js therefore 
14 ft high ' , n» thtme of Tuck- 
tonia is the Bwt .of .Britain and 
more -than 208 models illustrate 
Britain’s heritage, ^na commeX' 
ctal achievertwntSL . - - 

A rtver, read and nil. rot* 
work runs throughout .the 
pnivithns good' -.positions. -tot 
models associated . tefth; them. 
For instance^ ori.-ibe river, aire 
bridges (Towwvftc «fld London 
Bridge, a. susp«ffiion bridge),: 
HMS Dtecorery;' *udv various 
barges and tngv 


. ‘T'wi Zrmi ; ^Jdtodilaifi Wall, is a man-made 

•-‘X where the Highland Games 

. , . . ' - r! r.. tee being enacted. . 

;!. ■_! - , ! - • ../. And to make sure that visitors 

inch gauge enjoy- the atmosphere to the 

represent? flaw eras in Tucktonia’s .control room 

development: - steam, includpfc beams appropriate sound 
two.4«wnotiyes from .t h ^ ‘-f^'^ffects to each section: thus 
xad. Padfic“ class; diesel are seagulls , squealing 

motives hauling BR passen^ .^ e j. ^ sgaade and port the 
and freight coaches; and r Crimes of Big Ben at West- 
Cfly trains which travel betira^^ipinster, jets taxiing arthe air- 
tfte model of Charing and bagpipe music at the 

Station and the container oepfiS /Highlan d Games, 
and dodcs. /- The trains Tucktonia is at Christchurch, 

routed by remote - ^“^^'near Bournemouth. The Tad:- 
through 2B points and crossing^ (qq Xeisure Park, has’ rides and 
- and past IS. signals. / ■ .^••. amnsements for chiWrea indud- 

The airport complex has racking pedalos on the miniature 
scanners, beacons and landtog-tete a gofcant track,, craay golf 
.lights six :wefl as. planes whic^'’ and-: pitch’n^mtt It is open 
taxi along runways by meaip jevery day of the week, from, 
of" monoreil .conveyors- cm -': ID am to dusk and admission 
bedded'iu the concrete. In faef is -70p; : However, for £1.85 a 
the semienee of all the moq^-visitor is admitted to Tucktonia, 
ment— of -planes, trams. shiSfc-gete a free copy of the guide- 
car^— is pre-programmed ap& book, and has unlimited-use of 
rim from the Tucktonia Contpa. r Dic, '.-amusements of the 
Robm whlch is hidden awar tte l^sure park. - 
the^site. j- ;= 

The levd of. the site is vari^ . . .... . . 

te that there is for insta .™^ ' Lada van der Post 
ridge of low- hills, one side^tf - „ ... 

which is. an escarpment . . monhoUdey 

Oieddar-typd gorge. - 




V: C‘ r y r j* 'r " ■ ' . 




NOTTINGHAM Castle Museum 
celebrates its centenary this 
summer with an exhibition 
depicting the history of the 
building. It was the Normans 
who constructed the first 
defences in . 1068' and in 1194 
Richard I conducted a seige 
against his brother John who 
bad encamped there. Seige 
engines were used at this time 
and the exhibition shows a 
model of one, a trebuchet, 
which was used for slinging 
dead horses, rocks and other 
types of ammunition over the 
castle walls. 

In' 1327, Edward HI entered 
the castle via a subterranean 
tunnel, and captured Roger 
Mortimer in flagrante delicio 
with Isabella, Edward ITs 
Queen. Mortimer was executed 
for plotting with Isabella and 
murdering' her husband. 

Nottingham Castle held a 
very strategic position during 
Richard HTs reign and it was 
from there that be departed to 
meet his death at the Battle of 
Bosworth Field in 1485. A pre- 
viously un exhibited 19tb 
Century portrait of Richard HI 
has been lent by a private owner 
in Dorset and will be shown at 
the museum. 


Lord and Lady Faber with some of their Falabella horses 


After these events the castle 
fell into decline and in the 
latter half of the seventeenth 
century the Duke of Newcastle 
built a mansion on the site. This 
was burnt out in 1831 during 
riots about the Reform BilL It 
remained a rained shell until 
1872 when it was rebuilt as a 
museum and opened to the 
public in 1878. 

Every stage of the castle's 
history is illustrated, especially 
by the building itself which has 
a 17th century exterior, and a 
nineteenth century interior: 
there are recently excavated 
traces of the old walls in the 
grounds. There is a large display 
of arms and armour — much of 
it scoured from the Tower of 
Loudon’s store rooms and the 
Victoria and Albert Museum has 
lent effigies of some of the 
people associated with the 
castle. 

But the Museum staff point 
out that it is not a static display 
— not least because groups of 
school children will be perform- 
ing aspects of local history in 
the castle grounds each after- 
noon. . 

The Nottingham Castle Show | 
is open every day until | 
September 3 from 10 am to 5.45 j 
pm. Admission is free, except ■ 
for Sundays aiid bank holidays i 
when it is 5p. / 



A trebuchet is a simple mechanical 
adaptation of the sling principle. 
In tilts drawing, a royal prisoner has 
been summarily executed by hang- 
ing him from one of the hooks to 
which ammunition was normally 
attached before hurting it over the 
battlements 



A different version of a trebuchet. The bucket-shaped container 
is the counterweight. Siege engines were built on the spot from 
whatever local material was available— boulders usually for the 
ammunition and wet day or sand or even lead from church roofs 
for the counterpoise. The very sight of the building of a trebuchet 
was frequently sufficient to bring a siege to its end— the defenders 
preferred surrender to the impending barrage. 
















investment 
in Paris. 


From studios to 5-room apartments 


AMRNERfl 5.R. 

development 

Sales and Information Office 
on the premises: Inxtiry apartments with 

Immobfliere IENA foMengthfeaWes 

79 quai Andre Citroen - 75015 PARIS - teL 575.30.63. 


Sc Paufs Cathedral — Tecktaptertyie 














10 


Financial times Saturday August 12 1078 


ARTS 


Visiting companies in New York 


This summer the New York 
dance season, instead of tapering 
off, has ended in a positive glut, 
with visiting companies keeping 
both the Metropolitan Opera 
House and the New York State 
Theater open until the end of 
July, long after the departure of 
American Ballet Theatre and the 
New York City Ballet— the latter 
to take up its annual summer 
residence upstate in Saratoga, 
where Baryshnikov made his 
debut with the company, dancing 
in Coppeiia and Balanchine's 
Stars and Stripes and Rubies 
(alt with Patricia McBrldel, as 
well as Robbins's Afternoon of a 
Faun (with AUegra Kent) and 
Other Dances (with McBride), 
which he bad danced before 
elsewhere. 

Nearly all the companies on 
view have presented dance as 
popular entertainment, with vary- 
ing degrees of success, com- 
mercial or artistic. Alicia 


BALLET 

DAVID VAUGHAN 


Alonso's Ballet Nacional de Cuba 
is not only popular, but populist, 
though she stops short of using 
ballet as an overt propaganda in- 
strument Her production of 
Giselle seems to be designed for 


TV RATINGS 
w/e August 6 


UK TOP 2D (homes viewing m) 

1 London Might Out (Thames) ... . 33.25 

2 Coronation Street (Wad.) (Gran.) 12.00, 

3 Coronation Street (Mon.) (Gran.) 1L70 

4 The Krypton Factor (Gran.) 11AS 

5 Crossroads (Frl.) CATV) 11.25 

0 Crossroads (Thors.) (ATV) 11.20 

7 Crossroads (Wed.) (ATV) 11.15 

1 Backs to the Land (Anglia) ..... 11.05 

V A Soft Touch (ATV) 11.00 

10 The Incredible Hulk (ITV) 10-90 

11 Don't Ask Me (Yorks.) 10.73 

11 Leave it to Charlie (Gran.)- .. 10.75 

13 Crossroads (Tues.) (ATV) 10.05 

U Midnight Lace (BBC) W.43 

IS Nino O'clock News (FrL) (BBC) 10.15 

It What's on Nest (Thames) 10.05 

17 Survival (Anglia) 10.00 

IB SeasMo Special (BBC) e_85 

» Nine O'clock News (Mon.) (BBC) 9.73 
19 Kojafc (BBC) 9.75 


an audience unfamiliar with the 
conventions of igth century 
ballet without violating those 
conventions. The mother's mime 
recitative of tbe legend of the 
Wilis. usually omitted. is 
restored, but fn make its import 
clear we ?ee the apparition of a 
Wili at the rear of the stage. 
The production is obviously very 
carefully thought out and 
achieves a real consistency of 
style in spite of the limited 
ability of some of the dancers. 

The Cubans* contemporary 
ballets are Jess convincing- Edipo 
Rey, for instance; tq a terrible 
tape score, and choreographed 
** collectively, after Jorge Le- 
febre.'' is like bad Bgjart. if the 
tautology may be forgiven. -It's 
impossible to follow the plot, 
even if you've read the synopsis 
—or Sophocles, for that matter. 
It’s hard to imagine what an 
untutored audience would make 
of the opening, in which the 
female corps de ballet is seen 
doing barre exercises at the rear, 
while the male corps is engaged 
in various macho antics down 
front. Alonso herself is some- 
thing of a THOiMCre saerd, extra- 
ordinarily well-preserved at the 
age OF 57 fat least), and still 
capable, after a couple of serious 
eye operations, of remarkable 
technical feats. Her Giselle is 
as powerful as ever, even if 
calculated down to the smallest 
detail. 

Ballet of any kind has only 
recently come back into favour 
in the People's Republic of China, 
of course, and the process of 
rehabilitation has not so far 
extended to standard works like 
Stnm Lake. To judge by an 
excerpt from Red Detachment of 
Women given by the Performing 
Arts Company of the People’s 
Republic of China, contemporary 
Chinese choreography consists 
mainly of big leaps, interspersed 
with oxbortatory poses and 
gestures. The dancers have 
enormous strength, but are not 
called upon to display such 
qualities as lyricism or legato 
phrasing. The other dance 
numbers in the programme were 
the kind of folk dances in which 
people wave ribbons' about or 
balance tea-cups on their heads- 


The main Interest 'lay in the 
excerpts from the Peking Opera, 
also now restored to official 
approval. These pieces are comic 
pantomimes, usually ending in a 
climactic explosion of dizzying 
acrobatics— multiple somersaults, 
back-dips, and butterfly leaps — 
yet the family relationship to 
other ritualistic- Eastern theatre 
forms is clear even to an ignorant 
Westerner. Otherwise the even- 
ing was fairly stupefying, what 
with warbling sopranos and 
tenors and a pianist who banged 
his way through Liszt's 6th 
Hungarian Rhapsody. 

The Martha Graham Dance 
Company might seem out of 
place among this kind of enter- 
tainment, yet it too seems to have 
been transformed into a pop 
company of sorts, with Liza 
Minnelli as guest narrator in 


Les Femntes veng&es 


In brick-red AlbL AIM Ta 


necessary for visiting ballet com- 1 

Cen ! M rti “ row*, the magnificent 13th ceil- 
bnng a superstar guest-artist. tur » catbedral-forixess still 
preferably Rudolf Nureyev. to d0! J ina fes , he skyline. The incur- 
ensure box-office success-*;’ 1 sion of later arrhiieclural styles 
the uranum programme li.-*ieo- a p !0 {j^se of our day has not 
him as a memoerpf company succee( j e( j j n destroying, as :n so 
“on leave.” Vmmmm... at. - -■- . — < — i - -= — 



Nureyev danced at| manv other great cathedral cities 
every performance of , the London j it ba ’ Si fooling of 3 city's care- 
Festival Ballet, a punishin?' fully composed centre, with 
schedule including eight Franco 1 cathedral, the arch iepiscop.il 
and Juliets, four Giselle*, and p a i 3 i s de la Berhie. and the bor- 
three performances of a mixed ! dering banks of the Tarn as dra- 
bill. The Sanguine Fan, Co user- • matic focus. In summer the court- 
i-afoire. Le Spectre de la rose. 1 yard of the palace houses a plat- 
and Scheherazade, la which 1 form and tiered wooden seating: 
Nureyev danced ail but the first- [ here are given most of the events 
named. His impeccable basic; of the Albi Festival of Music, 
schooling carried him .through ; now in its fifth year, and one 
Conservatoire, even tibouab his ; of the most interesting and 
fast footwork -is lookini’ very 1 adventurous in southern France, 
brittle these days. Hiis Spectre! The violinist-conductor Jean* 
and Golden Slave.- were mere Pierre ivallez is the artistic 

titan being an organic part of 


situation through the mo sic, 
that are the marks of 3 master. 

Les Femmes vengOes waS 
Philidor's last true Parisian 
success, before Ihe Liege- born 
Gftrtiy won the place of latest 
popular favourite, and before 
the senior composer withdrew 
to concentrate on his London 
chess ioum£ex and his ventures 
into serious opera. It was drawn, 
by Sedaine. from a La Fontaine 
conic.' Le rimois. In the opera, 
Rhe;m.' is of no significance what 
soever as a selling for. a -com- 


comeuppance. Mith the two 
men as unwilling and concealed 
audience. Biss pays vigorous 
court to each wife in turn. 
General confrontation and con- 
fusion revelation of male dupli- 
city; and final reconciliation in 
a six-part luadcrilte 1 . 

In an unassuming production 

by Michel Jarry. wi . Ul lhe 

tiona! (though- rather crudely 
painted) panelled wooden-frame 
sets ., of Jean Havignet. the 
musical riches of the piece were 
immediately evident— the neat- 


ALBI FESTIVAL 


MAX LOPPERT 


the movement. 

Toe Festival Ballet. with its 
fine production of Giselle and the 
spirited ensemble work of Romeo 
and Juliet (tins, and Frigerio'sj 
designs are the best parts of aj 

ballet lacking in choreographic j aspect of the festival, run with 
substance), made a strong 1 determination and ingenuity on 
impression and would certainly what is ev jd ent iv a small budget, 

Va urolrwvmo^ h o nl“ . Te liTa* . _■ «>-'n t ___ 


be welcomed back. .• It seems safe 
to say that the Berlin Opera 
Ballet would never ‘have been 
invited to the State Theater 
without Valery and Galina 
Panov, and -even with them 
looked pretty dismal, (bough 


is the opera. Wallez has master- 
minded a French; revival of ISth 
century French opera, specific- 
ally the rich and until recently 
almost forgotten world of opera- 
comujue. Past festivals have 
brought forward Dauvergae's La 


Rudolf Nureyev 


Eva Evdokimova gained quite a Coquette trompee, Mosigny’s Le 
following (she appeared to better Cadi dupe, the one-act Rameau 
advantage immediately after-! opera - dirertissement. • Zephyre. 
wards with the Festival). Panov’s ! as well as Cost and a Soldiers? 
choreography for Cinderella and Tale to broaden the list of attrac- 


Graham’s dreadfully cute and 
knowing The Owl and the Pussy- 
cat . There is one moment of 
genuine dance invention, the 
curvetting entrance of the male 
chorus as a school of dolphins. 
Even is the old works, as they 
are performed npw, the move-' 
meat seems to resolve itself into 
emptily emblematic posturing 
and manipulation of props and 
costumes. 

It has usually been considered 


The Rite of Spring was very thin 
indeed. It bas been a relief, at 
last to see some real choreo- 


graphy at the National Ballet of! clique en un acte et en vers 


tions. This year the important 
rediscovery was Philidor's Les 
Femmes vengies. the “ opera 


Canada, which wound up the 
season at the State Theater, giv- 
ing Ashton's La Fille mal gardee 
and The Dream, reminding those 
of us who could not get out to 
Los Angeles. Houston, or Chicago 
how much the Royal Ballet was 
missed in New York this 
summer. 


THEATRES THIS WEEK ... AND NEXT 


Fixurca compiled by Audits of Great 
BrtiaJn for rhe Joint industrial Committee 
(or Television Advertising Research 
iJICTARt. 


US TOP IQ (Nielsen ratings) 


1 One Dag at a Time (comedy) CBS 22.2 

2 Three's Company (comedy) ABC 22.1 

3 Alice (comedy) CBS . . 20.8 

4 Charlie's Angels (drama) ABC ... 2iLQ 

5 Siarsicy and Hutch (drama) ABC 20.1 

9 Lavcrnc and Shirley (comedy) 

ABC 19.9 

7 MASH (comedy) CBS 

8 Carter Country (comedy) ABC .. 19.4 

9 Baraaby Jones (drama) CBS 19.0 

10 Qnincy (drama) NBC 19.0 


A Nielsen rating is not a numerical 
totaL 


REGENT — The Great American 
Backstage Musical. Delightful 
90-minute send-up of the world 
of the American film musicals 
of the 1940s. with some first-class 
songs. Reviewed Wednesday/ 
Thursday. 

COTTESLOE — The Passion. 
Revival of the National’s 
“promenade” production of the 
Passions plays from the York 
Mystery cycle. Lots of standing 
room and some seats. Not to be 
missed. Reviewed Thursday/ 
Friday. 


OLIVIER — The Woman. Edward 
Bond invents new stories for 
familiar characters from Greek 
tragedy in a play of outward 
graodeur but rather simplistic 
moral attitude. Reviewed Friday 
final editions. 


STRATFORD ■ UPON - AVON — 
Love's Labour's Lost. New pro- 
duction opened last night To 
be reviewed Monday. 


Monday, at the New End. Hamp- 


stead. Alterations, a new play 
by West Indian writer Michael 
Abbensetts. Tuesday. Tennessee 
Williams’s Victix Cam * comes 
into the Piccadilly from the 
Nottingham Rep. Wednesday, 
another fantasy at the I.C.A., 
The Great Caper. The National 
Youth Theatre begins its summer 
season on Thursday with a new 
piece by Peter Terson at the 
Shaw. England. Mg Oim. And 
on Friday, Prospect's production 
of Chekhov's Ivanov opens at 
the Old Vic. 


of 1775. 

The Philfdor revival continues, 
with ever greater reward. After 
the recent London productions 
of Blaise le sauetier, Le Jar- 
dinier et son seigneur, and, most 
notably, last year’s Tom Jones at 
the French Institute, this, viva- 
cious little farce, a trifle lifted 
to a higher level by its music, 
helps to add detail to the picture 
of one of the most significant of 
18th century French composers. 
Until a few years ago, Philidor’s 
name surfaced mostly, if at all, 
as chess master and author of a 
famous treatise on the game. 
Now one can recognise that 
with Monsigny, he was the 
musician who consolidated 
the newly fashionable form, 
French - out - of ■ Italian, that 
was the opdra cominue of the 
1860s and 70s. All four operas 
have been heard to share a 
thoroughness of compositional 
technique, an easy Hifency. of 
melody, and. a gift of advancing 



■Midtftle Pena 


plicated . comic plot, efin- ness • in the handling of form 
sidered .daringly forward, at (beginning with a spacious fully 
the time. (The opera ms: worked C major overture), the 
banned in Toulouse, for show- rhythmic and tonal variety 
ing irreverence towards ..the achieved within a restricted 
magistrate.) Mine. Riss is being framework (assiduous alternu- 
courted by her neighbours, the tfon of duple and triple metre, 
magistrate and M. Lek, simuV- of simple and compound time, 
taneously. Forewarning her for dramatic effect). the 
painter husb an d, she draws thfc- clear, luminous orchestration, 
two wives into a scheme to bring *Philidor and Monsigny had the 
about their humiliation and address,” said Burney, “to 


betray the Trench Into a love Cor 
Italian melody, or at least a 
melody resembling that of the 
burlctta operas then in circula- 
tion.” 

In all 14 numbers, rising 
deftly out of the spoken 
dialogue, the melody is fresh 
and grateful. Among the several 
airs for the leading players. 
Mme Risfr and her husband 
(played in Paris by CZoiml. 
leading light tenor of the day), 
at least one is instantly memor- 
able, with a tunc that stays and 
stays— her mirror air,. “U n. pen t 
coup d'oeil au miroir,” his drink- 
ing sang, “Dieu des amunts." 
For the Magistrate's wife, there 
is a high-lying, very fiend F 
major number, elaborate ana 
parodistic with a foretaste of 
Fiorlligi’s " Come scoplm, , The 
concerted pieces, particularly 
the penultimate sextet and the 
vaudeville ore remarkable for 
their busy, finely contrasted 
counterpointing of contradictory 
sentiments. . . , 

Parallels with Cori kept 
coming to mind, and were 
helpful in keeping the pleasures 
of Ihe evening in perspective. 
Philidor was no Mozart. He had 
not the genius for transforming 

and universallsing a genre. 
Instead, he brought to it a 
distinction and a sureness of 
craft still greatly rewarding to 
encounter. Watlez’s appreciation 
of the finesse of melodic and 
instrumental ■ detail was the 
prime asset of the performance; 
his tempt were Just, and the 
playing of the Ensemble Instru- 
mental de France was golden. 
The singers were all accom- 
plished. all capable of handling 
the acciaccature and the 
mordents, the shakes and the 
turns that the vocal line 
demands: Leonard PCzrino 

(remembered from .Tom Jonesf 
and Micbble Pena, a darkly 
attractive soukrette, as the 
central couple; Michel Hamel as 
M. le President and Anne-Marie 
Rodde (sparkling in the bravura 
aria) as his wife; Jean-Phllippe 
Laffont, an ebullient buffo bass- 
baritone, and Jocelyne Chamonin 
as the Leks. - 

With larger resources of time 
and money, time might profit- 
able been devoted to polishing 
aspects of style in the acting, 
which tended to the bouncy. The 
paucity of programme informa- 
tion needs rectifying; there was 
also an air of friendly haphazard- 
ness in the seating scheme and 
in the much delayed start. The 
evening was not helped by a 
lone and tedious introductory 
lecture, illustrated by live 
musical examples, on " Rousseau 
inusicien.” by Pierre Petit; the 
opera was quite sufficient, on its 
own. for an evening’s entertain- 
ment A festival with such solid 
musical foundations needs now 
an application of surface profes- 
sionalism. 


TV/ Radio 


Northern Ireland Nows and Sport. 
11.45 pm News and Weather for 
Northern Ireland. 


t Indicates programme in 
black and white. 


BBC 2 


BBC 1 


7.40 

ts.oo 


7.15 am Open University (Ultra 
High Frequency only). 9.00 Rag- 
time. 9.15 Scooby Don. 9.35 Why 
Don’t You . . . ? 10.00 Rockface. 
1 10.25 Charlie Chaplin in " Police.” 
+10.55 Laurel 3t>d Hardy in 
*• Another Fine Mess." 11.93 
Weather. 11.25 Cricket: Second 
Test. The Cornhill Insurance Test 
Series — England v New Zealand. 
1.50 pm Grandstand: The Com- 
monwealth Gomes (1.35. 2.40. 
3.10. 3 40, 4J30) : Racing from 
Newbury tl.55.2J25. 2.55. 3.25); 
Cricket: Second Test (2.10. 
2.40. 3.10. 3.40) England v New 
Zealand: Motor Cycling 14.15) 
The John Player British 
Grand Prix; 5.05 Final Score. 

5.15 Emu’s Broadcasting Com- 
pany (EBC 1). 

5.40 News. 

5.30 Senrt Regional News. 

5.55 Wonder Woman. 

6.40 Saturday Nignt at the 
Movies: ” Kim," starring 
Errol Flynn. 

11.30 Sra«ide Special from St. 
Main. Brittany. 

9.20 News. 

9.30 The Commonwealth Games. 

10.13 Sailor. 

12.15 Sinner Burrou* Sings- 
ballads, songs, operetta and 
grand opera. 

All regiorc a- P.BC 1 except at 
the following limes: 

Wales — 8.50-9.15 am Hobhv 
Ilnr«c. 11.15 pm Eisteddfod TS 
fThe vln-i> of the Festival 1. 11.50 
News and Weal her for Wales. 

Scotland— 11.45 pm News and 
Weather Tor Scotland. 

Northern Ireland — 5.50-5.55 pm 


4J0 


4.50 

6.40 

7.10 

7.15 

730 


t9.40 


am Open University, 
pm Saturday Cinema: “A 
Stitch in Time," starring 
Norman Wisdom. 

Cricket: Second Test— 
England v New Zealand 
The Funeral of Pope Paul 
Network. 

Afagoo on 2. 

News and Sport 
Live from the Proms 
(simultaneous with Radio 
3 stereni Janacek, Dvorak, 
including 8J0 Czech music 
discussion. 

Double Bill: 
starring James 
and James 


11.(0 

11J5 


Monster 
- Them ' ” 

Whitmore 

Arness. 

News on 2. 

Cricket: Second Test high- 
lights. 

tl 1.45 Monster Double Bill: “The 
Incredible Shrinking Man.” 
starring Gram Williams. 

LONDON 

8.50 am The Saturday Banana 
with Bill Oddic. part l. 8.55 
Sesame Street. 9.45 The Saturday 
Banana, part 2. 10.15 The 

Monkecs. 10.45 The Saturday 
Banana, part 3. 11.30 The 

Fantastic Four. 

12.00 World of Sport: 12.05 pm 
Inrprnation.iJ S ports Special 
(1) U.S. Swimming and Diving 
Champ ion'' hi ns: Fnolbali — FA 
Charity Shield between Not- 
tingham Fnrt-si and Ipswich 
Town: Boxing— Middleweight 
Championship of the World 
from Buenos Aires, between 
Hugo Corm (Argentina) and 
Ronnte Harris (U.S.); Golf — 
Henson and Hedges Inter- 
national Open: 1.15 News from 


ITN; 120 The FTV Six— V20. 

2.00 and 2.30 from Wolver- 
hampton; 1.45, 2.15 and 2.45 
from Ripon; 2.55 Interna rional 
Sports Special f2) Golf— . 
Benson and Hedges Inter- 
national Open from Fulford, 
Yorkshire; 4.50 Results Ser- 
vice. 

5-03 News from ITN. 

5.15 Cartoon Time. 

520 Laverne and Shirley. 

6.00 Doctor on the Go. 

620 The Life and Times of 
Grizzly Adams. 

720 Mr. and Mrs. 

8.00 3—2—1. 

9.00 The Little Big Show. 

9.45 News from ITN. 

10.00 FA Charity Shield high- 
lights. 

11.00 Revolver. 

11.4S The Entertainers: Tony 
Monopoly. 

I2J5 am Close — A Victorian 
painting with music by 
Chopin. 

AU TBA regions as Ixindon 
except at the following limes: 


4NGL/A 

9.00 am Ondorya World of Cap" a In 
Mima. 920 The Next Week Show. UJJ 
The Woody W no - 1 rusher Show. 5J3 pm 
Kapay Dots, too The Rdf Harris Show. 
7 JO (iamhlr. LL45 *r the End of the Day. 


ATV 

9.09 am The Shape of Thincs. 9Jo 
Sesame Surei. 10-33 ATV Saturday More- 
Ina Picture Shov. “ The Pirates Of 
Tripoli." 1L45 The Super Serial SJL5 pm 
Thr Life and Times ol Grizzly Ailums. 
MS Mr. and Mrs. MS Father Dear 
Father 7J5- 3-2.1. *25 Scorpion Tales. 
9.15 Soap. 1X00 Law Centre. 1220 
Revolver. 

BORDER 

LL30 am The Beachcombers. SJ0 pip 
H appy Days. 6JH Ur. and Mrs. L30 The 
Bionic Woman. 7 JO Oh No It’S Solum 
FrmKilL 

CHANNEL 

ii.es am Puffin’s PU< Dec. 5J0 pm 
Harpy Days. 0-03 Backs 10 the Land. 
7 JO Father Dear Father. ■ 2LD0 Law 


Centre. 1220 The Electric Theatre Sbhw: 
Bryan Forbes. 

GRAMPIAN - 

920 am Talking Bikes. 9.35 Scene on 
Saturday includimt Birthday C.reerlnSB and 
Cuir Car. 10-05 The Whne Stone. IDJO- 
Captain Scarlet and the My si crons. IX 00 
Space 1999 . 5 JO pm Happy Days, i-69 

Mr. and Mrs. 7 JO Backs . to the Land. 
1040 Streets of San Francisco. IX® 
■Reflections. 

GRANADA • 

925 am Sesame Street. 10.UT Breakers. 
U-® Saturday SdaltiJce: - Pirates ••( 
Trtpoir." SJ0 pm Happy Days. -LOO Mr. 
and Mrs. 6JS Backs to the Land. 1M 
The Bionic Woman. 1X45 Gibbs vUle. 

HTV 

425 am Old House. New Home. 1025 
Batman, n JO Beachcombers. 5J9 pm 
Cuckoo Walu. hJ» Happy Days. 7 JO 
DeSanloa. 

rtTV CYMRU/WALES— AS HTV General 
Service except: 1025 am-ixae Eisteddfod 
GenedUethoJ. 1978. 525-LU pm Eisteddfod 
Gencdlaelhol. MTS. 6. 33 -b JO ston A Stan. 

SCOTTISH 

920 am rafting Bik-:*. 9J5 Scan the 
Leprechaun. JUS Advent ores in Rainbow 
Country. 530 pm Phyllis. 4.00 The- Cuckoo 
Walu. M .83 Rafferty. 1125 Late Cadi. 

SOUTHERN 

11 J0 am Solo One. 1X55 RedOnal 
Weather Forecast. 5.25 pm Lisste. AOO 
Happy Days. 1X46 Soubu-ru News. 1X50 
Havoc. 

TYNE TEES ’ 

9 00 am Lucan. 92S The Paper Lad* 
ID. PS Saturday UornJna Film “The Ghost 
and Mrs. Chicken." 4-flO pm Hr. and Mrs. 
5-30 The Hmmc Woman 7 Jo Backs to 
the Land. 1X30 Within These Walls. 1X00 
Epilogue. 

ULSTER 

1020 am Tarzan. U4M Sesame Street. 
520 pm Hjpp.v Days. 6.00 i_m.No, Its 
Soiwyn ProcKiti. 928 Sooru RosdUs, 

WESTWARD 

925 am Talk in*: Pikes. 10.15 Survival. 
19.40 Look and See. mo cus Honey bun's 
Clrthday*. 1X35 Cartuon Tunc.. 1X45 
Play Sale. 520 pm Hjm,v Days. 6.00 
Racks to eh,'. Land. 7 JO Katber Deer 
Father. 1X00 The Lau C>.ntre< 1200 
The Electric Theatre Shmv: bryao Forties. 
1220 am Faith lor L«e. 

YORKSHIRE 

928 am Talk mg Bikes. 182% Extra- 


ordinary.. 1X30 Ran. ioc.Rna. 5J0 pm 
Happy Days. ,6X0 Mr. and Mrs. 6J0 
The Bionic Woman. ■ 7 J8 -Backs to die 
Land. 1X45 The Bob . iVewhart Show. 

(s) Stereophonic brsadcasx 
J Medium Wave. 

RADIO I 

5-00 am As Radio 2. 1.06 Ed Stewart iS> 
with Junior Choice, mclodiru SJ2 Cross- 
Channel Motor inp information. 1BXQ 
Adrian jusre. 1243 PuuJ GambaccUiL 
X3I pm Rock On tSl. 2JB Alan Freeman 
LSi. 5J1 Robbie Vincent with soul and 
disco music «Si. 6J0 In Concert tSi. 
7JGX02 am As Radio 2. 


. VHF— 4XWX8 an. .Ootm University. &00- 
wlfti- MW: 1XB‘ EfBc N’orttoern Symphony 
Orchestra <Si 1X0 pm News. US Heritage. 
X20 Chopin piano reel rat iSi. 2.X Man of 
Action: Bnan Redhead chooses records 
■ S'. 3-35 Music of the Masters (Si. 5X0 Jazz 
Record Request* fS». 5.45 Haydn Ttio. 
part l tSt: 6JQ imerval Rradflu:. 6-40 
With MW lor Haydn Trio, part a. 


RADIO 4 

434m. 330m, 28Sm and VHP 


6-33 am News 6JZ Parmlng Today. LSI 
Yours Faithfully. £55 Weather: programme 
news. 7X0 News. 728 On Yonr Farm. 7.40 
n a rviv\ -t 1 nnn™ v-TTP’ TaJ as~a Pa pen. 7X5 Yours FalrhfBlly. 720 
RADIO 2 and \ Ur it's a Byrgain IS Weather: programme 

news. 8X0 News. 820 Sport on 4. 9.80 


5X0 am News Summary. 5X2 Tom 
Edwards with The Early Show iSr. 
Including 8X3 Racing Bulletin. 8X6 As 
Radio l. 10.02 Commonwealth Ganus 
Spons D.-vfc. 1020 Tony Brandon tS>. 
12X2 pin Two's Best ts>. 1X2 Oltbeal with 
Braden < Si. X30-S25 Sport on 3: Comtnon- 
weallh Games Special i.IJO, 2X0. 3X5. 
5 .U 1 ; ttvmok-y Special tX30, 2X3, 225, 
3X0. 3X5, 326. 4X8i: FA Chancy SbieW: 
NotiinXiam Ferusc v. Ipswich: Cricket: 
S-.-ceOti Test tX30, ZOO, 2JS. J.OS. 325. 
4J3, 5XUi. EnAiand v. New Zealand: 
Kacim: irom Newbury <120. 225, 155, 
325 ■ ulus results front other meennss. with 
dandled uieck at 5X0 1 ; news ol 80 U. 
minor eycUug. 6.83 CrnsvClianncJ Motor- 
nu$ lnlorniatton. 04 European Fop Jury. 
txJ Ttie mipxeswouiiiu. 720 Spans Desk. 
723 Radio ! Top Tunes 1 S 1 . 825 Michael 
BiiK’lh on the accordion <S). 820 The 
Tony Evans Orchestra in Band Parade 1 S 1 . 
9 .X 1 s'jiurday Nignt with Die BBC Radio 
• irchcsira «Si: 1X82 Edmonton 79 tnih 
Terry iVoiiao. 2X0X02 am News 
Summitry. 


New*. 9.85 -tnfematlonsl Asstenment. 9.38 
Tasking Law. 925 News Stand. 10.15 Dailr 
Service. 10J0 Pick of the Week. 1X20 
Time for Verge. 1123 Science Now. KM 
News- 12X2 om Away From It AD. 12X7 
The News -.Quiz 1 S 1 . 1225 Weather: pro- 
lira mme news. X00 News 125 Brltum an 
Britain tSV 2X0 Boolwhoir. 2 JB Thlny- 
Mtnute Theatre. 3.00 News. 3X5 Does He 
Take Sugar' 326 Music nf (be Masters 
<as Radio 3). 5.08 Kaleidoscope Encore. 
5.38 A Little Nte.hl Exposure 1 S 1 . 525 
Weather: programme newx. 6X0 News. 645 
Desert Island Discs. 620 With Great 
Pleasure. 720 These You. Hire Lorefl ISi. 
823 SatQrday-nVxht ThenTc. 92B Weather 
18X0 News. 1025 A Word in Ednevays 
U.00 Ushtcn Our Dnrkno-*. 11.15 News 
1123 The Uhforgctlables (Si. 


CHESS SOLUTIONS 
Solution lo Position No. 228 
Yes, White played 1 RxBP, 
PB3 (expecting 2 BxQBP, Q-QB4 
winning rook or bishop); 2 R-B4! 
fso that if PxB; 3 RxNP cb, 
RxR; 4 QxP ch. K-Nl; 5 Q-F3 
mate) NkB; 3 BPxN. PxP; 4 
QxQP, QxQ; 5 PxQ with a- won 
ending. 

Solution to Problem No. 228 
I Q-R4 (threat 2 QxP). PxP: 2 
Q-Q4. or if KxP; 2 QxR (N3), or 
if R-K3: 2 Q-B4, or if R(B3)xP: 


WEEKEND CHOICE 


RADIO 3 464m, Stereo & VHF 

725 am Weather. 1X0 News. 8X5 
Aubade iSi. 9X0 News. 9.BS Stereo 
Release »S». -18J0 Two Memorablo 
Partnerships:- Fra Win and Kraus. 11 25 
Cricket: Second Test— Enaland v. New 
Zealand including 125 pm News. X40 
Cricket cimic and aao Lunchtime score- 
board. 6X0 Haydn Trio (St. 720 Proms 75 
tSi i simultaneously whh BBC-2 television t 
pan 1: Janacck. Dvorak. S JO . Czech 
music i discussion i. 828 Proms, part 2: 
Janacek. 9X0 The Market Economy. 10X0 
Veronica MeSwinvy piano redial (Si. ttxo 
tine Who Listened to the Stones. 1825 
Sounds imcresuns rat.’ 1X43 Nows. 
1X50-1X55 Tool shi's Schubert Sons on 
record 110271. 



Staim: ITV Sunday 


SATURDAY: London Weekend 
Television's summer-peak time 
slumber is interrupted, tonight 
by the Little Big Sbow (ITV, 
'9.00), a UK version of an 
Australian idea. la an August 
which is littered with seaside 
banalities and tired whiz-quizzes 
this comedy compilation stands 
talL Apparently a pilot (trade 
talk for “if you like it we’ll 
make more”) this one deserves 
attention. To see it you’ll have 
to miss the last -40 minutes of 
The Proms, live on BBC 2 with 
stereo' sound on Radio Three 
(7.30). Apologies to Revolver 
for mistiming last week's 
choice. This week the late 
evening - ATV show will pro- 
bably be as bad as ever^io 
presentation but still the prime 
source of new pop’ music 


material on tv, even withou 1 
train robber Biggs. 

SUNDAY: Just to prove agair 
that it is not inactive LW1 
opens its new documentary 
series on Stalin, the Red Tsar 
at a pre-lunch 12.30. Fasclnat 
ing for its archive film materia: 
and for the sheer power of tin 
subject, the programme i: 
marred by. an oddly naive anc 
clumsy commentary which ha: 
a strong line in pre-packagec 
historial judgments. Worth i 
view, even if the later part; 
may be superior to the firs 
with its contrived and over 
fussy first five minutes. Gentle 
evening relief comes in ih« 
form of J. M. Barrie’s Wha 
Every Woman Knows (BBC 1 
8.05). Watch for Hanna) 
Gordon. 

A. S. 


ENTERTASNMENT 

GUIDE 


CC— These th»tr« accent certain credit 
card* by telephone or at the Box Offlco. 


OPERA a BALLET 


COLISEUM, -_rf.it '.Jr.J OI-.'JO S2S6- 

RESerya'.ionS 01-330 3161. 

ENGLISH NATIONAL OPERA 
Tontant & FH. ne»l Ji 7.30 new mjduc- 
tian O! THE LONSUL reoUecs 

tcneiulcd pert, o- Cvmenl. For lurtner 

ec.pils nnfl 31-210 S=SO. Wed. « 7.30. 
Lj doneme. Ttiur .,t 7.30. The Magic 
F;uLC. 1 1]4 tulconr iCnU from 

10.00 On (Mr ot peri. 


AL FESTIVAL HALL. 9Z8 3191. 

il Aufi. 19. E»s 7.30. Mat. Sac 5. 
IREAT STARS OF WORLD BALLET 
GALA BALLET SEASON 
4TEYN. GIELGUD. MAKAROVA. 
R1SHITO. SEYMOUR znd BUJONES. 
FERIE5. KELLY. NAGY. SHIMIZU 
and CORPS DE BALLET. 


THEATRES 

ADELPHI TMEAlKiL. Cl. 01-836 7611- 
LAST T C n WEEKS. MUST END OCT. 14. 
ErBS, 7.30- Mats. Thurs. 3.0. Sat. A.O. 
IRENE IRENE IRENE 

"HE BEST MUSICAL 
Of 1976. 1977 and 1978! 

IRENE IRENE IRENE 

-LONDON'S BEST NIGHT OUT." 
Sunday People- _ 

CREDIT CARO BOOKINGS B36 7611. 


AMBASSADORS. CC. 01-836 1171. 
NlghUy at B.OO. Mallnco* Tuci. 2.4S 
saturojy-. at 5 and B. 

PATRICK CARGILL ana TONY ANHALT 
in SLEUTH 

The Wo. lo-r .lupus Thriller 


by ANTHONY SHAFFER 
■■ Seeing the 


_ . Ola» again la In tael an 

utter and lots! toy. 1 Punch. Seat prices 
£2.00 and £4X0 pinner and Top-price 
Seat 1 . 7 . SO. 


APOLLO. 01-437 2663. Evoiwngs 0.00. 
Mali, Thurs. 3 oc Sat. S.iW and B.uu. 
DONALD SINDEN 

"ACTor of Ike yeir." Evening standard. 
'■ ‘5. SUkERB.- N-o.W. 

SHUT YOUR EYES AND 
THINK OF ENGLAND 
“ WiCKcdlv iLnnf." Times. 


ARTS THEATRE. OT-839 213 2. 

TOM STOPPARD S 
DIRTY LINEN 

" Hilarious »■-•« ll.‘ Sunday Timos. 

Monday to Thurseav B.TO. Friday and 
Saturday 4t 7 00 and 9.1s. 


CRITERION. 930 3216. CC. B36 1071-2. 
e«95. S Sab. 5.30. a 30. Thurs. 3-0. 


LESLIE PHILLIPS 
In SIX OF ONE 
a half a dozen laughs a minute 


SECOND HILARIOUS YEAR 
■■ VERY FUNNY." Sun. Tel. 


ilatinees ww. a sat. 3.00. 
A CHORUS LINE 

" A rare, devastating. JorOut. astonishing 

stunner." 5. Timas. 3rd GREAT YEAR. 


DUCHESS. 036 8243. Man. to Thurs. 
Etcnlnes B.OO FrL. Sab 6.15 and 9.00. 
OH! CALCUTTA! 

■■ The nudity is stunning. • Dally Tel. 
9lh Sensational Year. 


ASTORIA THEATRE. CC Chartno Cross 
fcd. 01-734 4291. Man. -Thurs. 8 pm. 
Fn. Slid Sat- 6.00 and S.45. {Buffet 
food atmiabie ). 

ELVIS 

■■ infectious, apnea,. i.g. loot stamping and 
he art -thumping . OtMcrvcr. Seats £2.00- 

£6.00. Half-hour ueiore show best a»ail- 

onle scats £3.00. Man. -Thurs. ana Frl. 

G Pn> perf. only. 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 


ALHERY. 636 3670. Credit card trfcgi. 
036 1071-5 from 8.30 ani. Party rate* 
Mon.. Tires.. Wed. and Fri. 7.4S pm. j 
Thurs. and Sat 4 50 and 8.00. I 
A THOUSAND JIMCS WELCOME IS 
LIONEL DARTS 

OLIVER ! 

MIRACULOUS M'JSiLAL." Fin. Times. 


CAMBRIDGE. CC. B3G B056. Mon. to 
Thun. 0.00. Friday Saturday 5.45 and 
_ a 30. 

IPl TOMBI 

Cacitfng Blaci ai -ijn Musical 
■■ Paskt-d with sa.ioiv.' Div Mirror 
Scat o <u £2.00 £5.00. 

THIRD GREAT YEAR 
Dinner and lon-ericc seats £8.75 Incl. 


DUKE OF YORK'S. 01-836 51 22. 

Evenings 8.00. Mats. Wed.. Set, 3 , 00 . 
Limited Season. Must end August 2B. 
JOHN GIELGUD 
In Julia MttehullS 
HALF-LIFE 

A NATIONAL TnEAlRE PRODUCTION 
" Brilliantly mi tty ... no one should 
mm It." Harold HoDSOn IDramal. Instant 
■•redlt card rc>arvanon&. Dinner and Too- 
- price seats £7. 00 . 


HER MAJESTY'S. CC 01-930 G606. 
Evenings a. 00. . Mats. Woo saL 3.00. 
JAMES CARL JONES 


PAUL ROBESON 

■■ Magnificent." D. Eap. " Spellbinding 
Hieatre.” 0. Mali.. “Make it.» must." 
Evening Standard. - Limited 


KING'S ROAD THEATRE. 352 74BB. 
Mon. to Tnur 9.00. Fri.. sat «.30. 9J0. 
THE ROCKY HORROR SHOW 
DON'T DREAM IT. SEE IT1 


LONDON PALLADIUM. or -457 7373. 
LAST 2 WEEKS. ENDS AUS 19. 
Mon.. Tues.. Tnur*. ana Fr). at 6. 
Wed. ana Sal. 6 10 and 0.50. 

THE TWO RONNIES 
in a spectacular Comedy Rovne- 


LONOON- PALLADIUM. 01-437 7373. 
Septcmher 4. For one rfeeK only. 
MAX BYGRAVCS 
••un Special Gue -,1 scar 
IOEY HE ATHERTON 


FORTUNE. S3B 2238. Ert. 6.00. Tnurs 3. 
Saturdar 5.00 and 8.00. 

Muriel Pa„lo«r as MISS MARPLE In 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


GARRICK THEATRE. CC 01 -836 4601. 
E*n 0 15. Wed 3.0. Sat. 520 0.30. 
TIMOTHY WEST. GEMMA JONES 
MICHAEL KITCHEN 
■n HAROLD PINTER'S 
THE HOMECOMING 
BRILLIANT— -A TAUT AND EXCEL- 
LENTLY ACTED PRODUCTION." D. Tel. 
" AN INEXHAUSTIBLY RICH WORK." 
Guardn ” NCT TO BE MISSED. Tim«. 


LONDON PALLADIUM. a 1-437 7371. 

scp.emtier 25tn. For on, wee* Oniv 
LENA MARTELL 


LYRIC THEATRE. 01-437 :(,*$. In. 8.0. 
Mai. Thun. 3.0. Sal. S.fi and 8-30. 

PLOWRIGHT F MNLAY 

FILUMENA 

hr Eduaruo Oc <-4ippp. 

Directed nr FRANCO ZEFFIftflLL) 

■' TOTAL TRIUMPH " E>. New*. “ AN 
EVENT TO TREASURE. □ Mir. “ MAY 
IT FILL THE LYRIC FOR A HUHORED 
YEARS '■ Sunga, TifflfiF- 




"CONSIDER YOURSELF LUCKY TO B£ . 
ABLE TO SEE IT AGAIN." Bail, Mirror. 


ALBWVCH. 936 6404 Into E3fi 5332. 
Fullv *-r conditioned 
ROYAL SHAKESPEARE COMPANY 
Today 2.00 and 720 Mon. 7.30. 
5te*e Gooch > THE WOMAN PIRATES 
AND BONMEY AND MARY READ 
‘‘More !un tnousnl-erDvos'n'j and 
e^rH^ela^lon-^«^Y |^ ’• | t" an an*!""ifl «»e 
on ine We*t End s;a<ir " Time Out 
VV,|i Sirindfieroi THE DANCE OF 
DEATH tneiil t*crf Tnur 1 BSC alio 
at THE WAREHOUSE lice U r dcr W J 


CHICHESTER. 0743 81312 

twir at 2 . OP Aug. 1 6 jt 7.00- 

THE ASPCRN PAPERS 
Tonigni. An*. 14 A 15 at 7.80 
LOOK AFTER LULU 


GLOBE THEATRE 01-43Y 1592. 

F*es 8.15 Wco 3.0 Sar. 60 8 40. 

PAUL EDDINGTON. JULIA McKEN2l£ 
BENJAMIN WHITROW in 
ALAN AYCKSCURN’S New Comedy 
TEN TIMES TABLE 

" This. ikuA' ee the haopiesi laugnier. 
maker in Lodaon " D. Tgl. "An irrn'lbU, 
e»en-ne '■ Sunday Timet. 


MAYFAIR. 629 3036. Air r 0 nO. Ert. B. 
Sat 520 and 820. Wed Mat. 3.00. 
WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS'S 
UNDER MILK WOOD 


ALMOST FREE .405 «■**■« L*,«1cht.et« 
ONE OFF by Bob Wilton. Turn. -Sat 

1.7s p”. Sum 3X and SO nm. No 
Shew?, an Monday 


ALMOST FREE. 465 6224 Evenings Kurt 
VonnrtuR" PLAYER PIANO Ov jamm 
Saunders. Tucs.-^H- 8.® P m - N * •bows 


COMEDY. r 01-930 2578. 

E,Oi. Mon -Fn. 890 Sal S QO and 0 30 
Mj;. Thun ' DC 
EDWARD WOODWARD 
BAIIB/RL JElfORO >n 
THE DARK HORSE 
Kirn jTAE . 03PH1NG and 
PETER WOODWARD 

A crac-.Un Ni> Pgv bv 
AaSprn*ly Anne Sl«OP 
" A Tudor fioai no: lei be missed. 
Damned VOOC ino^uis. S. Tinrtc* “PAtnilv 

ciuei UirtmetiA . anvanu ol anv age 

K liKclr to S Tel. ' A laugh 4 

m, flute. D Jel On do rtu nines nrilltantlv 
Seized tnr 6 «<mn Woodi-ard ana a fint 

rat* (Ml IP VJ1 M.iv. rv»rr?rnrlv effec- 
tive produrtinn Ev Neni - Americans 

. . . will To«e it." Gdn. 


GREENWICH THEATRE. 01-858 7755 
WILLIAM DOUGLAS HOME'S 
Neucsr nijy 
THE EDITOR REGRETS 
E»e«u-g s BO. Sari. 5 are 3 


HAYMARKET. ?3D 9832. E»14. 8.00 

Wed. 2 30 Sa\ 4 30 and 3 00 
PAUL 5CO c l ELD 
HARRY ANDREWS 
ELEANOR .REVOR 

BRON PEACOCK 

and IF CNF HANOI in 
a Family 

A 'new slay ev RONALD HARWOOD. 

Directed b# CASPER WRCDE. 

■■ An adm-raele dlau. ronesi well con- 
ceited proper ncA-a nui Irr-hi- arm 
filtingly writ ie». r-chly M!is>vinO Paul 
Scofield at his ties:." B. Larin. 5. Times. 


MERMAID. 248 76S6 Restaurant 

248 2835 Evenings 7.30 and 9,i3. 
EVERT GOOD ROY 
OCSERVEd FAVOUR • 

A pla* tor actors ana srcneE:ra'h« TOM 
STOPPARD A ANDRE PREVIN Scats *X 
E3 and £2. "NO ONE WHO LOVES 
inf LNGUaH LANGUAGE AND THE 
HIGHEST COMIC ART CAN POSSIBLY 
MISS THE PLAY." S Times “ At last 
a meaningful ’and brilliant and' KriOU! 
political plav. * Clive Barnes NT Fort- 
Run exendeci id v-niemDcr 30. 


OLD VIC. 928 7616. 

. PROSPECT ■ AT THE OLD. VIC 
June- Sept season 

THE LADY'S NOT FOR BURNING .. 
Derek Jacobi ” easy and virile authority* 
Standara. Eilfien Atkins ‘rlvettme 
physical iulditY." Financial Times. “A 
gem - or a performance from Hobart 
Eddiscn . .. . Michael Denison. John 
savioant and Brenda Bruce . scoop UP 
Ihe laughs." Guardian. 

Today 2.30 A 7.30. 

Derek Jacobi in ivanov — C hekhov's 
first comedy, previews tram August 1 6ui 
it mi ti nee prices. 


OPEN AIR. Regent's Part. Tel. 4fiG 2431. 
A MIDSUMMER NIGHTS DREAM 
Today 2.30 A 7.45. Tire. 7.4S. 
with RULA LEN5KA. IAN TALBOT. 
ELIZABETH ESTENSEN DAVID WESTON 


Shaw's MAN OF DESTINY AND DARK 
SONNETS. Moil. 3.00. 


LADY OF THE 


Mat. Wed. 2.30. Esmond Knight 


AG1NCOURT. Lunchtime Mo». 
Fri. l.is 


PALACE. CC. 01-4J7 6634. 

Mon. -Thurs. S O Fri. 4 Sal 6 A a 40. 

JESUS CHRIST SUPERSTAR 
Ov Tim fifee and Andrew Llard-Webber. 


PHOENIX. 01-836 2294. Evenings at 8.15. 
Friday and Saturday 6.00 and 0.40 
" TrV BROOKE TAYLOR. GRAEME 
GARDEN make us lauflti." D. Ma:l. 

THE UNVARNISHED TRUTH 
The Hit Conedv Sr Royce RYTON. 
LAUGH WHt l THOUGHT I WOUuD 


HAVE DIED." Sunday Times. ■■ SHEER 
' IT." Ev, StandanL _ GLORIOUS 


DEUGH . . . 

CONTINUOUS LAUGHTER." Times. 


QUEENS. CC 01-734 1166. Prcrs 
■rom Wed. Eves, 8,0. Mb 5.0 and 8.30 
Opens August 23rd at 7.0. 
GEORGE CHAKIRI5. ROY-DOTRICE. 
JAMES VILLIERX RICHARD- VERNON 
In THE PASSION OF DtUkCULA 


RAYMOND REVUEBAft. CC. 01-734 1593 
At 7 nm. 9 pm. 11 Pin: Ooens Suns. 

paul Raymond presents 

THE FESTIVAL OF EROTICA 
Fully itr-condlMoneo ■ 

21St SENSATIONAL YEAR 


REGENT (0X1 Clrc Tube). 07-637 '9B62 3 
THE GREAT AMERICAN 
BACKSTAGE MUSICAL 
Eves. 8.30. Thurs. and SaL 7.0 and 9.0 
AN EPIC FOR SIX PERFORMERS 
CREDIT CARD BOOKINGS 
01-637 9062/3. 


ROYAL COURT. 01-730 17<S. Air Can A 
Evgs B. Sac at 8.0. ECLIPSE by Lelan 
J action with - Ann Bell. Peter Bawlrs. 
James CossJnj. Leonard Fenion and 
PAUL ROGERS. " Refreshingly unliyhion- 
ablc and eonsplcuouslv intelligent." M. 
aininaion. Gon. 


ROYALTY. Credit 'Cards Ql^OS 8004. 
Mor.dav-Thu radar Evenings 8.00. Fria*, 
8.30 and s.45 Saturdays 5.00 and a. 00 
Londan critics vote 8 i1.lv DANIELS in 
BUBBLING BROWN SUGAR 
Best Musical Ol 1S77. 

Tel. Bookings accepted. Major credit cards 
Restaurant Reservation; 01-405 2418. 


SADLER'S WELLS THEATRE. Rosebery 
Ave.. EC1. 33? 1672. Until Sept. 2. 
Eves. 7 59. Mat. Sats. 2.30. 
MARCEL KARCEAU 
*• Magic . This supreme mime or our 
time." Evening News. 


PICCADILLY from 8.30 am. 437 4506. , 
credit Cards «3fi »C71-J Mon -mar. 0. , 
Fri. & Sal. 54 8.15 <Tbm. ISth at 7.) 
SYLVIA MILES twice OSCAR nominee 
and SHEILA GlSh 

"... SPECTACULAR PERFORMANCES 
FROM EVERY MEMBER OF THE COM- 
PANY.' C'lant.a" A new play be 
| TENNESSEE WILLIAMS 

VIEUX CARRE 

iTh* Old Quarter " o! New Orleans) 
j *' For those who oonghc m roc continued 
I sower gi this -flew* writer . shewing 
, el hti marveiioDs comic gilt." Times. 


SAVOY THEATRE. 01-836 SUBS. 

Credit cards 754 4772 Tom Conn , n 
WHOSE LIFE IS IT ANYWAY T 
with JANE ASHER 

" A MOMENTOUS PLAY. I URGE YOU 
TO SEE IT." Guardian. 

Ert. at 8.0 Frl. and Sat. 5.45 ami a. as. 


! PRINCE EDWARD. CC. (Formerly Caslno.l 
01-437 6077. Pertormancw .this week; 


i Evgs, 8X- Mat. _Thw._3.0_ .Sat. ^0^8.40 I 


NATIONAL THEA1RE. 9 2B 22 S 2 

OLIVIER i open stage) Tedzy 2.49 A 
7.30. Mon. 7.30 THE CHERRY ORCHARD 
Bv Chehnov trans. 3r mlciuli Frayn. 
LYTTELTON 'praKenium ingel. TPdav 


3 4 7.4S PLENTY new pla* ev David 
ire. Mon.-7.45 .Bedroom FartC. ' - 


Ha re, 

COTTESLOE (Small ouoltnnufnl: Pram 
Season: E*ol. 8 ■unw aepi.' 21 THE 

PASSION." 

Many ei-riicnt clic.ii> sen!-, all 3 rneairec 
day ol pirvl. Car park Rc-imrant 929 
I tings. 928 30S2. 


2033. Credit card 


NOTE CHANGE OF -SAT. 

From September 2- Sari. 3.00'aitd B.OO. 
CVITA 

dv Tim Rite and Andrew Lloyd Webber. 
Directed by Harold Prince 


SHAFTESBURY. CC. 01-863 €595 

Stialtcsaurv Ave. '.High Noloorn end). 
FANTASTIC 
GOD6PELL 

"BURSTING WITH ENJOYMENT." D.T 
■Prltna E2 W ES. Best seats CJ.SO i-.hour 
belore shew at Box o<hre. Eic-mt 2nd 
Perl Frl and Sat. Mon -Thor. 8.15. Frl. 
and Sal. 5.50 and 8 30. Irani, to Dyke 
Ol TOrks August 29 


PRINCE OF WALES. CC. 01-030 898 r. 
Evenings B.O. Saturdays S'JO and 9.45. 


TH^ HILARIOUS. 


BROADWAY COMEDY MUSICAL 
1 LOVE MY -WIFE 
Starring ROBIN ASKWITH 
0>re<"4 bv GENE SAKS 
CREDIT CARD BOOKINGS. 530 M4t. 


STRAND. 01-635 2660. Earning* 8.00 
Mat. Thurs SOD. Sat 5.30 ano S IQ 
NO SEX PLEASE — 

WE'RE BRITISH 

the world-s Greatest 

LAUGHTER MAKER 
GOOD SEATS hd.Oa.fl.OO. 

ST. MARTIN'S. CC. 01-836 U4y 
B.OO. Mallneet Tues. 2 45. Sats. 5 4 8. 
AGATHA CHRISTIE’S 
THE MOUSETRAP 
WORLD'S LONGEST -EVER RUN 
26lll YEAR 


TALK OP THE TOWN. CC. 01-734 S031- 
8.00. Dining. Dancing (Bars open 7.1 S). 

. 9.30 Suou»r Revua. 

' RAZZLE DAZZLE 

-nd at 1 1 pm. 

‘wSSf" «S ZA 2443 PP ' ^r n oJffl 

aTo“1x fi o l r , a^o 1 ' 0 1 i M cS NTK ■ CAJ - a - ia - 

THEATRE UPSTAIRS. 730 2554. 

.Rehearsed Readme 

BUKHARIN by ANDY MtSMITH 
.TcnT. at 7.30 pm 

hJU V’SK, 5 ®- .'IS: 

V w„. A 5, roB - Children hfill-prtcr 

Dlsnoy i HERBIE GOE5 TO 
Pro ¥- '-50. 3.40. 
5' IX) ,f S p m L * te “«* EMMANUELLE 

.IFKSk. rra !i , j 

i^Sh^p ' x ^? L a“’ a R™ AIN SAW 

31 ^ 2 r * D * RK STA" t A) . 

PUvtJ&if'xr" ,xj - a - 40 ' 

txs hC 6^n ST i,'Xt , - , ? C 'U>. M Progg. 1-20. 

’■ 4S> 6 ' 10 ' 0.39. Late chow It flm. 

VAUDEVILLE. 836 9980. CC. Ert. 0.0. 
Mat Tues. 2.45. Sat. 3.0 and 8.0. 

Dinah SHERIDAN. Dulrle GRAY 

A MURDER IS ANNOUNCED 

The tw west whodunit by Agatha Christie 
"Rorenter Agatha Christie with another 
whodunnit Wt. Agatha Christie Is stint- 
ing tae West End yet again with anonmr 
ol her flriri^hlv Ingcnlui murder 
mysierirs, Fellr Barker. Evening News. 

AIR-CONDITIONED THEATRE. 

VICTORIA PALACE. 

01-829 4735IG. 01,834 1317. 

. STRATFORD JOHNS. 

. SHEILA u J N COCK 

ANNIE 

Evgs. 7.30. Mats. Wed. and Sat. 2 as 

Film at 2. 5.4 S and a. 20. Suns. 4 and 7 

WAREHOUSE. Dgnmar . Theatre. C Overt 
Garden- 830 8908. Royal 5hakespeare 
Company. . Ton'I 3.00. Pete OrtHT* A 
AND -R. " Drama tlrally highly charged 
. Pete Atkin's pi mo glaring la as 
enjgyab*" « dialogue." Times, ah 

seats *1 -80. Adv. ukos. A'awvth. 
Student standby Cl. 

L ^ | CE5TER SO. THEATRE. 01-930 5252. 
■EgSr* “wr Moore. Rirhard 

?!? E , '**). 5eg progs. Wks 1.00. 
Fri Q, a^ L, Su ?' 1 h 30 shows 

U^-nXIhoSS! 81 ' *"*' ,nd Sun E "'- 

WHITEHALL. _ . OJ -9S& 6692-7765. 

Evgs. 030. Frl. and SaL 6 45 and 9.0. 
Paul Raymond prcsrina the Sensational 
Set Revue or the Century 
. . DEEP THROAT 

Sth GREAT MONTH . 

01-930 373012771 
MIDNIGHT EXPRESS iX). Son. progs. 
Dly., doors open 2 . 0 , 5.0. 8 0, Late 

srj& saafc.“ opcn - 1 15 p ' ti 

WINDMILL THEATRE. CC. 01-437 6312. 
Twice Nightly 8.00 and 10.00. 
Sunday* €.00 and 8 00. 

PAUL. RAYMOND presents 

RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN FRA 

" Takes to unprecedented limits what Is 
Dcrmmltile our stag-- Evng. News. 

3rd GREAT YEAR. 

OP8QW. Lalmter Square. 01-030 6111. 

THE PINK PANTHER (A) ! 
seo. Progs. Dly. Dears open 1 . 45 , 4 . 313 . 

' -5- Lara shows Thurs.. Fri.. Sat, Poors 
25?* J!' 1S Dm ' AU seats bbtUg. at tno 
Bo* s Olhee or Or p«L e*c«ni Thurs. 

V/YNDHAM-S. 01-836 3028. Credit Card 
Bffgs. 835 1071 Iron 8.30 a.m. Mon - 
Thur. 8-0. Frl and .Sai. 5.1 S and 8.30, 

' .ENORMOUSLY RICH 

VERY FUNNY. ' Evcntno News 

Mare O’Malle, '* smash-hn comedy 
' ONCE A CATHOLIC 
" SunremB comedy on sea and religion," 
Dill, Tel.vjrauh. 

•' MAKES YOU SHAKE WITH 
LAUGHTER." Guardian. 

OOWf*. Marble Arth. W2. 725 2011 2 

SV2?,fr* C S. U,,TeRS 0t THE THIRD 

f JH® S*oai Dly Daorc open 

IDS. 4.1 S. 7.45. Late show Frl. and S.it. 
Doors onsn 11.15 o.in. All seats bkgie 

PB'NCE CHARLES. Lek. Sg. Oi -437 B 1 a i . 
“EL BROOKS. HIGH ANXIETY (A). 
■Sen- Rerl'.. Div. line 5un 1 2 45, 6.1 S 

9 00 late Show Fr, and Sat, 1 1 jv 
seats Bookaaic. Lira Bar. ’ 

CINEMAS - 

ABC 1 * * SHAFTESBURY AV£. 836 8861 
S-o Pert*.' ALL SEATS BOOKABLE 

1. 2001 : A SPACE. ODYSSEY 'Ul 70mm 
Hn Wff- 6 Su". 2.25 7.SS Late snow 
Tonight '11-05. 

2: lllE ONE AND ONLY in). . 

wi A Sun. 2.00, 5.1 5. 0. IS. LUO mow 

Tonight 11-13. 

STUDIO 1. Ortord Circus. 01-437 3300. 
Jill Clavburgh. Alan Bates In Paul 
Mazur,*,-* AN UNMARRIED vyOM AN 

i&"SST-iV£ 8 33 L,ta 


r ^2 



11 







" Tiines. Saturday ..August . -12 1979 

LEISURE 





ITl 


the 



.. 7 Among. she expwted Homers, I 
HutChinsons, Heiirys, Laverys.J 
and MacGeorgeafrwm the early; 
eezrt^.aohwoi,.^ two 

pawtangs of exceptional attrac- 
tion: Sanderson, ^Weils' “The 
Edinburgh Acaderas 1 ” shows a 
' Bife-ctass an a .&£&& room with 
- young am on ' stiff . cottars 
studiously ' paiatiJBg a lady 
nSbdei who sits anrie 4n front 
of 'a red 


Thousands of European holidaymakers’ wiU spend this weekend sitting at 
airports waiting for flights to the beachesrof the Mediterranean. MICHAEL, 
DONNE reports on the arguments behind the delays. 

Travel ’ s long weekend 

[WITH THE crowds' of weary “flight information centres” of pilot would hazard his aircraft 
■JoJm MacDotnaid ijfcften’s full- Passengers growing again in Athts-Mons (for Paris and Nor- and passengers, especially in 
TOT -r»anTOTTnMAf , '. «.«,™-r 5w©& portrak'ef Inzzselff and airport lounges throughout them France). Bordeaux, Brest bad weather, by flying without 
'5SE5 W* wife Jhas th^iook of a Western Europe and the UK. (including part of the Bay of constant surveillance by. and 
ifir? cvoTe kxm&y wfcwnsical 88 8 ^ult of the resumption Biscay) and Aix-en-Provence information from, the cpq- 

SargeoT^ - this week-end of the French air (for Marseilles, Corsica and part tellers who are essential to safe 

snorter as times -^»nie harder - traffic controller’s work-to-rule, of the Western Mediterranean), navigation in the crowded air* 

?n?hflhSe 1*25? '“SSi?!?- ^ “Mtaes, tour organisers they handle upwards of 5,000 lanes’. of Western Europe. 

Sothebys. fflOMsayerj, Mve taken Monday, Saihebys "afea busy and airport authorities are be- flights a day, including all whar hanm>nc A „ lt n 
to holding busmeu’s ^holiday down at toe.Twn Sod Country ginning to count the cost of French domestic air traffic as i fSi,? 1 
MtoMjMttiw the most Mcgxamg Fes&wd atv&e Royal what has become the most ex- well as interna Uonal flights to SitTrwh!!! 1 ° n f 
prestigious of ^-mem the great Stowgroand -rMtontafitii, pensive industrial dispute' to hit and from France and those SEKS h * n nslaBt 
and glamorous Scottish sale at oesx Gowemtiy. ThBjEyeot runs international civil aviation. passing over without landing. 

Glen eagles note!. ^Nrq’Tgiwuit tfoe ■ • i ftTW i is 



Terra A'irfe 


Libra ry mainly dates only 'from 
tbe eighteenth century and the 
time of Alexander Brodie (1687- : 

1754), Lord Lyon King of, Arms. ' 

This Brodie’s grandfather was, 
ill-advisedJy, a staunch , Pres-, 
byterian, so that his property, . 
papers and library .were burned 
and looted by Montrose. Further - 
sections of- the Brodie Library MG“C” GT copfed abd^ super- 
will appear in the London sale- toy - of 197^ efcabtricaJJy 
room in the autumn.. ' . driven haAf- of a 


telex communication with their craft fly far out over the Bay 
counterparts in other countries, of Biscay before turning East 
Paris pass between each other a con- to Spain near Bilbao, thus avoid- 
stant stream of traffic— a series ing French airspace. 

... ‘ ****** conveyor-belts of But. for some 200 miles or 

the work-to-rule in many differ- airports together handle 270,000 flights along the dearly-defined so, or about half an hour’s jet 
ent countries, there is- little aircraft movements _a year, or “airways” which are marked by time, aircraft are out of touch 
doubt that it already runs to over 700 a day. 



A case of costs 


It is not much help to those 
who arc stuck waiting for 
flights to the son today to 


hundred lots, with the Jnnova- totalling £23:000: 

tion of a special sale of Scgjtfisb sothebyV contribution, is a doubt that it already runs to over 700 a day. These four navigational beacons, and which withthe" UK* con'&oners"en tTr eTy" ' know that there tenot eon ugh 

^ SP®cm 4 safe’ of ^ Ve*epan^ yhitage several millions of. poirads. as a French flight information re- are . watched over by radars unless they have high-freqnencv money In the four operating 

• «F'n 7r tv f* 1 ™® and Special Interest Vehid-es, result of the disruption of nor- gions ” together cover the whole monitored by the controllers. It radio, and there are fears for kitty to give them 

«?' «« ' rTsK borae-draima veWcjtes.^and a mal air transport schedules over of French airspace, effectively only iifieds the controllers in their safety, especially as they 

T-K , ™V,’ it , 00 , v* 1 ** 1822 toy pedal oar.-tb a 1070 foar weekends already, with the blocking a vast amount of one sector to go-slow, or strike', are crossing busy East-West air 

possibility that ft could be ex- traffic moving between the for the conveyor belts to come routes. Thus, only aircraft with 

tended beyond next Wednesday, countries of the Western t., a halt The French controllers high-frequency radio are being 

when tbe current wotk-to-rale Mediterranean and Northern have been telling their counter- allowed to use the Spanish 

period ends, if the controllers Europe, as well as much traffic paxtsvin other countries, hour Track, and. this is only a small 

get no satisfaction from the moving between East and Wee- by hour. Just how many flights number of total flights — most of 

the French Government tern Europe. . they r _*re prepared to accept on the short-range holiday charter 

The baas of the dispute is The controllers can effectively each-conveyor belt— and it has flights, who are most affected 
that the 2,500 French control- paralyse the system because .varied widely. by the dispute, do not have it 

lers want shorter working under international law no Out of the UK, for example, .While the effects have been 
hours, higher pay and -better foreign aircraft can enter alonffthe main "airway” across felt mostly by flights between 

conditions of service, such as another country's airspace with- the Channel, it has jumped up the UK -and Northern Europe 

■ . ^ . . -. t : ■... T . improved computer facilities out its approval — to do so would and. Sown between a low of and Western Mediterranean 

Solhebys always manage to 1929 Blower . can t |, at . e g Se jj, e jjyrdBjj DQ incur the risk of being regarded three. and a maximum of 16. countries (Spain. Portugal, 

find a sporran or ; two for their be driven by one -'adult ^or individual controllers and, they as hostile — and it is the con- Taie Civil Aviation Authority North Africa), as well as to and 

claim, improve safety standards trailers who decide whether to bas^tiied to ease the strain by from French destinations, the 
as traffic volumes right- admit an aircraft or not More- introducing what it calls the .effects have also been felt much 

Between them, at the four over, if they deny access, no “Spanish Track." whereby air- further afield. 


COLLECTING 

JANET MARSH 


now established: Gleneagles two : (undoubtedly 
session of Scottish silver and chSdreri; L- •; 
paintings; and as.- a non-angler . Even if you areiiiiot.-i coliec- 
I am always startled by lots In vehicles ’stiH ; Save an 
the sale of .Fishing. Tackle and interest as 1 vivid reflections of 
Sporting Guns suclr.as number, social history. 1926 Alvis 
202; “A quantity of Priests con- TE 12/50 Toiasec^dir 1932 
sisting of four Trout Priests and Rjftey GamecoCk^ Twb^eater 
five Salmon Priests - ■" 'afports both seem he waiting 
The climax of Gleaneagles is for Jeeves Do ‘ ibte v ^e . wheed 

»npraltv tho niHnriK iunrt tKiis 


any large- 

scale assistance. 

Although many, tour opera- 
tors are offering day trips, 
food and hotel accommodation 
to customers who are delayed 
by tbe present dispute, the 
provision of this sort of 
compensation oir any exten- 
sive scale by the industry as 
a whole would send it into 
bankruptcy. It Is a rare tour 
operator who runs on a profit/ 
sales ratio about, 10 per cent 
and £20 (which might be tbe 
norm) quickly ' disappears 
when operators have to pay 
for coaches which wait at 
airports for passengers who 
never come, and extra night's 


accommodation for returning 
customers. 

All the rules seem to Indi- 
cate that the customer has 
no redress if he Is delayed, 
even if that delay runs into 
days rather than hours. 

Such has been the Burry 
over this summer's delays, 
however, that, there arc mores 
within the travel industry to 
do something about it. At the 
moment there is an Air Travel 
Reserve Fund stuffed with 
money which can. only be 
released if tour operators go 
into liquidation. Some opera- 
tors think (hat this cash could 
he used to help tourists in- 
convenienced by factors other 
than a collapse. 

Pressure for some sort of 
Insurance scheme, for travel- 
lers is also likely to rise. 

ARTHUR SANDLES 


A riot 

generally the pictures, and this ^dwtoWooxte^^Moml I «/* 
year it is a particularly strong <3^ ddstsaotions are dcar-1 f/| 
selection, illustrating both , the ^ ^ The I J 

lilies 


... , ~ , cut m car owaMsftfip. Tbe 

Victorian dwmmy of 14/40 Tonreir; expteins 

roroanca and the still hnd^- catotosuenote; twi^Smed 
appreciated school of turiMf-the ^ -dasses^ 

ssnsiS’S '£!£«££* aw* 

mountains 


and 
feature 


largdy; 


which attracts; thas 


food and moisture. It grows frost-proof place in winter. It Shafer confusion sometimes seem to suffer tittfe permanent in all but the mildest places 
for me in all kinds of places, will survive a few' degrees of occurs with the Jersey Lilies, harm. should be grown in a green- 

some rich and moist, some dry frost but there are hardier These are all derived from one Hippeastxums, moat of which house from October to March, 

and poor. Seedlings appear kinds, most notably Agapanthus species, Amaryllis belladonna, really are decidedly. Deader and In April I think it, and other 

freely— sometimes in unwanted campanulatus which has smaller ginha there ds no other, yet I in need of greenhouse cullava- greenhouse kinds, are better in 

places from which it is difficult flowers and flower heads but is sametknes hear American seLec- (ion, are always marketed by an unheated frame as a cool 

to dislodge them, so firmly are nevertheless an attractive plant tfon ^ referred to as Dutch' producers as amaryllis, period then seems to prepare 

they anchored. for the mixed border. The late “hybrids." fa f»ct (this is This as yet am.tiber cause for them for flowering in the 

The common African Lily has Louis Palmer spent many years am yy^r rtgjnra i-iy variable plant confusion, because botanists au t umn - 

suffered from a superfluity of byhfii^ing and selecting and one which produces its large separated them into two genera The really hardy kind is 

botanical names, so many that some of tffe freely. some time iast century and the Nerine bowdenii and since this 

. - It as not difltoiit to raise the name Hippeastruin has never also .has the largest flowers it 

Jersey Lily from seed and it is been in common use' for is the obvious one to plant out- 

oddwm that some of the seed- amaiyttis in Britain during my doors. The one drawback is that 

tings wibea little different, kfetimo. the colour is always rose pink, 

peaihops without any of the Crinums do hybrides among ® gorgeously scintillating hue 

what® which is present in the themselves and the best kind lr at , 3 . 4P ga . r “ e 9 raag °' _ 

common form or with softer for garden planting is such a £ cer,tiy r >ctobe .^. but ! . r wou J d 

pink colouring, to some, too. hybrid named Crinum powellii. nice to have other colours to 
the petals will be broader and It has large trumpet-shaped J?, f!J^ ll aS f 1 

more flowers, usually soft pink— but ?T e . has succeeded m crossmg 


I can never- remember which is best of his productions are now 
the current favourite without sold* 1 , either as Headbourne 

AS I LOOK down from my looking it up. When I was ■ : 1 ; 

precise I window the garden is blue with young it was Agapanthus 


GARDENING 

" ARTHUR HELLYER 


though an exceptional item^is tewawfoical afflcasmeut: -has a African Lilies. There are umbeUatus, which reminded me 
Landseer’s vigorous oil sketch ®P eci ® 1 fatenest asif*55je 'Blue enough white ones among them Jt earned its flowers in 
of John Crerar.; the Duke of Key-Note ^ppeal ttr ”. t0 liven things up but those Sl2^f r n ^i*jL ve ^ b ^ ai,d 

Atholl’s veteran keeper, painted Delivered new m juae I92S it that pass for pink have handsome ones. too. 
in 1824. Depicted as a grim* « sorrice titt; : it8je early disappeared, overrun by more Then it became A African us 

stocky, beady-eyed little man, 1950s. when ttie vffistoer wbo vigorous kinds, maybe. I do which seemed reasonable since ^ tnumoet flowers more o, — , T . L j 

Crerar seems to have been a owned it coinwited.4t Into a not greatly regret them for the it is tbe favourite African Idly. Hybrids, if they are seedlings, cnii^h: fonmS Otnp auie whir^ the colour is variable, occasion- Nen . ne bowdenn with any other 
handy all-round servant; as* well pock-up for hay and; swedes. African Lily has never learned But the fashionable name now or under varietal names such as can purchased occasion- ally pure white and sometimes a ? pe ^ l , es . of . nenne . ? et J £ 6311 
as a gifted deer stalker, -he was ' Retired in 1961. and: add for to do more than blush, and that appears to be A. praecox. mean- Dorothy Palmer, deep blue, and SlT deeper rose-pink. The bulbs are ha f dijr be . ““Possible, bereuse 

an accomplished musician and £3. it was located Mafellct very modestly. Anyway there mg early, which is ^puzzling mupot, a sb 0Tt aT)d compact SLSLvrTrt huge and need a spade bole to ot ? er cross among them- 

composer. cohdition by Sothebys,^ 1977. is already adequate pink from since it flowers after midsum- vari ek if they are increased a scaree contain them. Even then the wlves and Nenne bowdenn has 

‘ the crinums and soon the whole mer and some botanists use the by 'division. aim expensive om likelv to nrotrude a few actually been crossed with 

garden will glow with the much name for another species which r jJSp,, winder whether j€Tscy X * t1 ^ which does not seem to Amaryllis belladonna to produce 



• ■ :>k. 

> ' 

■%' f-\ ' 

" 

&. 



mt 

■ 

■ ?•/: 

. ;J I . 

- • ' ‘ • -X. 

r.‘ :> 

^ * 1 


A pair ftf.oMdBCR vrawla raountwl eandelabia. 
To bt told an September 7th. 


FORTHCOMING SALES 
RETFORD SALEROOMS 

WEDNESDAY 16th AUGUST 

Georgian and later fuiitltur* and worto^ of art, good longcase and. 
bracket dodext^an Austrian wabwt bureau bookcase. 

. THURSDAY 17th AUGUST ' 

Georgian and Wer’ sijwr; Sheffield »id other plate. Jewellery and- 
bijouterie. 

THURSDAY 31st AUGUST 
Good. gold coins, medals, stamps and medafilons. 

WEDNESDAY ftth SEPTEMBER 
VktoHan and later furniture and work* of art. 

THURSDAY 7th SEPTEMBER • •_ 

European pottery, porcelain and glass, including > Vienna cabaret 
painted With classic# scenes; a pair of Meissen ormolu mounted. 
' candelabra. 

Cocdcgues 65p each by port fopp//cotidrw to be prepaid/ 

HENRY SPENCER AND SONS LIMITED, 

- ». THE SQUWE, ftEIfOkb. NOTTINGHAMSHIRE 
TSATHON6 (#777) T»7*r. 

"in assocmtion wrm sothebt* 


| richer and more varied pinks does flower early. It is just one “hybrid""^ really the correct ”" uvu worry them so Ions as the situa- a Mwraanng oi-genenc nyor 

af the Jersey Lilies followed by more example of the folly of tena t o apply to these varieties. smw ™ tear noses well tj(m ig sunny aBd noi tQQ frQSty named Amarine tubergeniana. 
tbe acintillntinE rose of Nerine Gardeners pretend ins to be „ exposed aoove ground an the r- r n„ on.- +i.»» ....4, 


bulbs, large ones which like to 


a fascinating bi-generic hybrid 


pretending to 


& most of^wb'k*h seem to have ■ f 5076 . fa Ul ? in spring. In Britain I usually 

warmest. r surmiest place a vail - 


The flowers of this wonder 


tbe scintillating rose of Nerine gardeners .... „ 

bowdenii,* cousin of the botanists. Far better stick to yery c io«^ lenity to Asapan- r sunndest pk“ avau r see crinums . growing in rather are trumpet-shaped and deep 

Guernsey. Lily. the names that everyone knows t jj ns cainpamriatus. All the August- ^ p \ aceB but in South Africa rose, intermediate in size be- 

De spite their names these are and ^. e ? ve . t . !50Ia H is ? 10 ® et roecies ,seem to have" a consider- September but the leaves do not j b aV e always found them grow- tween the amaryllis and nerine 

all South African plants and not Wlt ” their own business. able inbuilt van ability, as the *PPP*r uintiu late wimter. Even i n g wild near, or even actually parents and are carried in small 
one of them Is a true lily. The This big African Lily is a «eedlinss in my own garden t*® 1 . 63,11 be . a 13511 111 wr in, water. ■ ' clusters on stout stems 40 to 

African Lily does not even have little tender and so it is usually amply illustrate, and I have yet British eftmate and the Guernsey Lily as a popular 50cms high. I grow it but have 
bulbs though it does make a grown in containers which can to see proof that the species of young leaves often get damaged name should really apply only not yet dared to try it outdoors 

great mass of fleshy white roots be stood outdoors in summer aqananthus can be interbred to by frost However they usually to one species, Nerine sar- until I have a few spares as it 

whicb must store quite a lot of and brought into any fairly produce genuine hybrids. recover quite well and the bulbs niensis- This is fairly tender and is both scarce and expensive. 


BRIDGE 


EP.C COTTER 


HANDS today are taken 
from last year’s World Cham- 
pionship. We start with a grand; 
slain: 


two spades, six hearts,, and 
three clubs, which meant that 
he could not hold three 
diamonds. . So he played 
diamond towards the table 
knowing when West followed 
suit with a low card, that 
dummy’s King must drop the 
Queen from East. 

The next deal is less 
sensational, but worthy of 
study: 


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EXHIBITIONS 


‘ ^vtibiUon. OaJtv tO-S. Saw- * 
tmtii Autnt 39. 


CLUBS 


Cert* of All-W Menu- Three 

Siw-a. tq-es. »**»!* '{LSt 

rkmIc of la"«w Hawiw»*o>*-** 4 


' North dealt at game to Nbrth- 
Sdttih and opened tbe bidding 
with one dub, not Precision but 
[Schenken, announcing - 27-plus 
ilots. East came in with a 
mptive bid of three spades. 
South jumped straight to six 
na tramps. and the opener, who 
full value and more for bis 
opening bid, pushed on to 
seven no trumps. 

“"'West led tbe spade eight, 
South won, and led a diamond 
to. dummy’s Ace. When became 
jo’ hand via tbe heart Queen, 
i&st discarded a spade, and the- 
declarer started to count. He 
WUld place East with seven 

spades on his pre-emptive bid, 
and.-' he was unlikely. South 
thought, to hold five clubs. 
Therefore he must hold two 
diamonds. So, instead of 
finessing the diamond ten, 

South played dummy’s King, 
dropping the Queen, and 

ttnkitig the' slam. ' 

- South's reasoning was fair, 
his tedinique was not up 
to- expert standards, and 

certainly did not euual the skill 
hf the declarer in another match 
(the . hands were duplicated 
throughout the field) who was 
.ing ft) the same contract. 
-This, declarer won the spade 
lead-Tritb bis King, returned the 
diamond Knave to. the Ace on 
-tbe-'table. and cashed dummy’s 
two 'dubs. . He then came to 
lift. with a heart to bis Queen, 
ni cashed two more clubs , and 
the -Ace of spades. At this stage 
it was proved that West, had 


- West dealt at game to East- 
West and ' bid one diamond, 
North overcalled with two 
clubs. East passed, and South 
said two spades. North raised 
to three spades, and South bid 
the game. 

West cashed the heart Ace, 
and switched to the diamond 
Queen, which was taken by the 
Ace. The declarer led a dub 
to tbe King. ' returned to hand 
with a spade to the King, led 
another dub to tbe Ace. and 
ruffed a club. He cashed tbe 
spade Queen, intending to pick 
up the trumps with the spade 
Ace and make eleven tricks. 
Unfortunately, the. trumps broke 
4-1, and tbe contract' failed by 
two tricks. ' 

In another match. East made 
a sputnik double oyer North's 
two chibs and West bid three 
hearts over South's. two spades. 
This caused South, again in a 
contract of four spades, to play 
on crossruff lines. 

He ducked the lead of the 
diamond Queen, won the next 
diamond, and led a -third, on 
which dummy threw a heart. 
West led a spade, won by 
dummy's nine, and declarer 
played three rounds of clubs, 
ruffing the third. 

A heart was now won by East, 
who returned a trump to the 
ten. A club from the table 
forced East tii ruff. South 
overruifed, and a spade to 
dUmra/s Ace picked up East’s 
remaining trump, and the rest 
of the tricks belonged to tbe 
dwW t, 


: NxN Ch; 16 BxN, KR-Q1; 17 

Q-N37 

-0UF5S Under pressure White makes 

. another error whicb practically 

LEONARD BARDEN loses by force. Bis best chance 

is 17 N-K4. B-B3; IS Q-Kl, BxN 
19 BxN. KBxB: 20 BxB. BxP 
- 21 RxR. RxR: 22 BxP ch or 22 
, Q-Nl regaining tbe temporarily 
THE EVBNTLAL outcome of saenficed pawn, though Black 
the match m Baguio City may or rela)ns winning chances with hrs 
may not make Viktor Korchnoi 2 -i queen's side pawn majority, 
world champion, but it will cer- j7 p.\5- is X-K4 NxN- 19 
lainiy confirm bis status as one BxB ' ^ ^ Q ^p ch ; 2 \ 

of tne most; interesting invitees k-R 1. R-QBll 
to future international tourna- The classical rank theme: if 
mo ™ professionalised, fading on ch 33 BxN? Q-B 8 
Club chess on the continent is u, a t e 
organised in larger and stronger *2 Q-Ql, RxR: 23 QxR. B-B3! 
units loan in Britain and is 24 BxP? 

113 i re Pnftfsoottefised. Losing a piece, but if 24 

*.t ea ?i^. t ^S I - S J ,ere Q-QN1. N-Q7: 25 Q-Ql. BxB ch; 

Athenaeupi. Islington. Brighton 26 pxBJ>-KR3! fDUowed by NxP. 
and Manchester are not Tf 04 O-Ol OxR rh» nr if °4 

» p -“ 

d Sp ““' NrfTb r? fSS bj 


Backing conus from wealthy in- 
dividuals like Egon Evertz whose 
imported grandmasters enabled 
Solingen of .West Germany to tie 
with the Russian champions in 
the inaugural European inter- 
dub final: - from corporate 
bodies stressing their links with 
city such as Scbeweppes of 
Madrid or .VoJmac of Rotterdam: 
or from tourist centres such as 
Biel in Switaerland whose events 
h3ve included, the 1976 inter- 
zonal and, an - annual chess, 
festival- - 

Since K<fttfinoi defected to the 
West in 1876. bis name bas been 
associated with three clubs in as 
many countries. More recently 
Korchnoi has. settled in Switzer- 
land and has appeared far the 
Biel Chess.. Club both In the 
European club championship and 
in the Swiss national competi- 
tion. 

Korchnoi^ last warm-up game 
before the. Karpov match was 
this attractive win from the 
Swiss club championship 
White: W. Hug (Zurich). 
Black: V. Korchnoi (Biel). 
Opening: Catalan. 

The opening moves were 1 N- 
KBS: 2 P-KN3. P-Q4; 3B-N2. 
P-QB4: 4-0-0.- N-QB3; 5 P-B4, 
PxP: 6 7 QxBP. R-Bl; 

E N-B3. 

Cutting qff the queen’s retreat 
A more promising formation is 
8 Q-B2 followed by P-Q3 and 
QN-Q2B4, keeping Blai 
queen f .side under restrainl. 


POSITION NO. 228 


- 

< 

_ 



Pi 

H 




1 


- 

i 

k 

i 


1 


i 




2 


* 







*A 

h 

‘-'v 


ar 

B 







& 


1 

« 

A* 


HI 

& 




A i 








__ 


PROBLEM NO. 228 
BLACK( 5 men) 



m 





* 


V 





f 


. v 




I 


‘ F 

r 


§ 





a ; 



i 


i 



t 

p 

■■■ 1 


2 


s 

k 

.1 

23 

i* 

i 



•p '• 




o 

5 







s 


to 


WHITE* 5 men) 

Panno v. Malbran. Buenos 
Black’s Aires 19T8. Black has iust 
^»i*uinl. played N(R4)-B3. offering White 
S, . .N-BJ; 9 P-Q4, P-QN4: dak- ihe chance to reply 1 RxBP. Is 
ihc^lnltiAtive. for now 10 it safe to take the pawn? 

PROBLEM NO. 228 
White males in two moves. 


“p iur now 

Nx-p. N-QR4 con a piece while 
10 Qx^-Pi/PtP' forces 11 N-QIV; 

10 Q-Q3.P4PJ (theobvions P-B5; 

11 Q-B2 gives White play in the against any defence (by C. W. 

^ ^ Sheppard. American Chess 

.VK4; 12^Q1, Q.N3; 13 B-N5. Bulletin 1951). 

B-K2; 14 O-Oj 15 N-E3, Solutions Page 10 


FISHING 

JOHN CHERRINGTON 


I don't agree with this and 
believe there must be another 
cause whicb could well be due 
to the 1976 drought which not 
only dropped tbe water level 
considerably but destroyed a 
lot of the weed growth as well. 
Readers of this column last 

NEARLY A quarter '■{ a century year wjlL remember that I 

aco I used to fish the Kennel on ™ rk , ed 00 i he almost canal- 
^ : . like state of many of the 

the Hungerford town water. slretches . x am ( . e V, am thar 

This a relic of medieval times lhe loss (lf lhe wped destroyed 

ensured some good trout fishing jhe environment in which the 

where any food lived in certain nymphs live during their time 

streets of the town, this right in the river. 

still exists. To eke out the fish- it stands to reason that the 

ing and to provide finance for fertile eggs dropped in the 

some stocking the fishery also water during the fly’s brief 

took in outside members and 5 P e ^ ln , l ^ e , a > r during court- 

ctiii no*.* sh, P and mating quite literally 

sun aoes. feI] Qn bgd ^ many 

A feature of- the fishing in places there was none of the 

those edays was that the season usual weed grovrth. This must 

started slowly, then at the end have reduced feed supplies and 

oF May there was a tremendous Sf> ft 16 numbers able to develop 

hatch of mayfly, which still “ ta,ch ° ut this 

■ ' summer. 

These creatures have a cycle 
of two or three years in the 


again. 


“ ' months. 

How long this state of affairs 
This spasmodic type nf nsn- w -|j persist is of course impos- 

J* nin Tint snna«l lnn« .inri .ili . T 


* . , *vi uluo 

a ? es was -inat there is a naten to v-.-hat used io be called 
nf fly of some sort nearly even- nonna j. j hope though that it 
day of the year. And where I does nn j follow the pattern that 
fish at any rate almnft on hatch h a5 caused the mayfly to dis- 
of mayfiy, to put the trout down appear almost completely. I am 


for several weeks. 


hopeful though that the return 


The loss ol the mayfly hap- n f abundant weed this year will 
pened some 20 r years a§o when eventually restore tbe situation, 
a particularly long spell of hard To return to the Rennet, 
winds probably blew them off There the pattern of summer 
the Trver --whed hatching to fishing has been altered. The 
perish elsewhere! They wore same tremendous mayfly batch 
not really missed because the still occurs. But sport is quite 
river had a pretty good pattern good throughout the summer 
of fly which seemed to hatch du e to the steady introduction 
steadily through the summer. of stew-fed fish. These have no 
But this year in July, and memory of tbe mayfly, and 
now in the early days of August f° me to the river eager, accord- 
there bas been a chance. There ing to a friend who fishes there, 
has been very little flv at all. lo whatever shows. The 
On many days none in daylight, Test is well stocked as well hut 
and a very spasmodic hatch in the fact that there is a good 
the evening. This the ex-pens stock of weed and its attendant 
put down to the cruel weather crustacean and other trout feed, 
and low temperature of waters. m c a ns that the trout don't need 
which has not only stopped the <0 Put their heads up to snatch 
fish from rising, bin stopped occasional fly. 

I* 16 nymphs rising from the bed it has been most disappoint- 


as well. 


mg. 








n 


BRACKEN HOUSE, CANNON STREET. LONDON EC4P4BY 
Telegrams: nnaatimo, London PS4. Telex: 886341/2- $83897 
Telephone: Ot-248 8000 


Saturday August 12 1978 



FOR NEARLY two decades the 
performance of the dollar has 
been paradoxical. While its use 
as the major international cur- 
rency for reserve holdings and 
as a vehicle currency fi>r inter- 
national loans has increased, its 
value against other currencies 
has been under downward pres- 
sure; recently the world's finan- 
cial markets have been experi- 
encing a new phase of dollar 
weakness. 

Part of the weakness of the 
dollar simply reflects the 
strength of the yen. The trade- 
weighted average of the 
Japanese currency, after rising 
by about 10 per cent between 
the Smithsonian Agreement of 
1971 and the middle of 1977 
has shot up rapidly to a level 
more than 50 per cent above 
the Smithsonian level. 


Policy decisions 


The dollar has fallen against 
other currencies too, however. 
One effect of this has been to 
exaggerate the strength of 
sterling. The pound. is at about 
the same level against the 
dollar that it reached at its high 
point early this year after the 
unplugging of the exchange 
rate by the authorities. 
Sterling’s trade-weighted index 
is however still about 6 per 
cent down from l-he 1978 peak, 
and about ihe same as n was at 
the time of the IMF agreement 
of December. 1978. This may 
still be slightly on the high side 
for those policy-makers . who 
want exchange rates to reflect 
manufacturing costs and on the 
low side for those who want 
to use it as an anti-inflationary 
weapon. 

With a British election loom- 
ing. policy decisions are much 
more likely to be taken on the 
dollar than on sterling, the 
present slide of the U.S. 
currency has come in two phases 
— one in the autumn of 1977 and 
then the second this summer 
since the beginning of June. In 
terms of the Bank of England’s 
weighted index the dollar has 
fallen by about 13 per cent in 
a year — an unorecedented 
amount since floating began. 

It has to be said as a matter 
of realism that, if the slide con- 
tinues nt rhis rate, some pretty 
substantial action i«; likely by 
the American authorities either 
alone or in concert with other 
governments. It is against the 
nature of central bankers and 
government economic managers 
to sit back inactive in the face 
of sharp market mnvemonts. It 
is ea«v to forget that the 
dramatic Nixon package came 
almost exactly seven years ago 
after similar pminsration^ of 
unconcern about U S overseas 
payments: and the package cort- 
ta-ned not nu.-rclv the floating 


dollar, but in " addition an 
aggressive trade surcharge. 

It is. however, one thing to 
warn of the possibility of inter- 
vention. and quite another to 
welcome n nr consider it neces- 
sary. In fact the main threat 
to world trade is not the falling 
dollar, but so-called policies to 
deal with it. In a longer term 
context, the surprising feature 
of the dollar exchange rate is 
not the recent fall, but how late 
that was in coming. Despite 
the oil crisis the dollar 
weathered the mid-1970s ex- 
tremely well, and by the middle 
of 1977 was only very slightly 
down on the Smithsonian parity 
of nearly six years earlier. 

A policy of allowing the dollar 
to move with market forces has 
sometimes been labelled in the 
U.S. “ benign neglect.” a phrase 
which has come in for excessive 
abuse. Correctly interpreted it 
does not mean U.S! indifference 
to the international value nf the 
dollar, but simply non-interven- 
tion in the exchange market— 
or more realistically only modest 
intervention of a smoother type. 

Even then, however, the 
international value of the dollar 
is still important fnr the U S 
authorities as a domestic infla- 
tionary indicator. The externa) 
and infernal value of the dnllar 
are much more, clnsely con 
nected than most U.S. economic 
forecasters suppose — a fact 
which would be demonstrated 
unmistakably if the OPEC 
countries move from dollar 
pricing to pricing in terms of a 
currency bosket 


Oil imports 


The fashionable view nf the 
fall in the dollar is that it is due 
to U.S. energy imports. Even on 
the current account, however 
about half the deficit appears 
to be due to non-oil imports 
More fundamentally, the mm nf 
the falling dollar is probahly 
to be found in an over- 
expansionary -‘U.S. mon eta im- 
policy. It- is no accident that 
the latest hoot of dollar weak 
nesses coincide with signs that 
the new Federal Reserve 
President. Mr. VVifliam Miller, 
is reluctant to make monetary 
policy the spearhead of the 
thrust against inflation. 

Meanwhile, ii is a myth to 
suppose that a European move- 
tary arrarigemem would stop 
EEC currencies rising against 
the dollar. This would only 
happen if the Germans de- 
liberately inflated more rapidly 
to keep in Step with their part- 
ners. Exchange rate changes 
reflect underlying differences in 
economic policies and condi- 
tions. Like all policies they 
convey information which is not 
always popular. But that is an 
argument for paying attention 
to them not for suppressing 
them. 


Financial Times Saturday August 12 1978 

IW.W* 



A problem of rationalisation: from left to right - Peugeot’s 104: Chrysler UK’s Sunbeam, Chrysler France’s Horizon, Chrysler UK’s Avenger, Peugeot s 305, Chrysler 

Alpine (France and UK) and Citroen's GS. Itfatra-Simca Rancho (far right) has a niche of its own 


F IVE YEARS ago, when 
Jean-Pau! Parayre sat in 
a French Government 
office, a whizz-kid technocrat in 
his mid-30s with a special brief 
to look at the motor industry, 
the Peugeot company was very 
much number two. 

. It was well-run, well- 
equipped and bad . a reputation 
for solid engineering; but, it 
also seemed, it was conserva- 
tive. 'paterrtalistic and,. -stuck 
out at Sochaux, near the Swiss 
border, vaguely provincial. 

Now, only four years since 
he jumped the fence between 
Government and private indus- 
try. and barely a year since 
taking over as head of the 
group, the 41-year-old M. 
Parayre has leap-frogged hie 
way to the leadership of what 
is potentially Europe’s biggest 
car concern. 

If Peugeot-Citroen is success- 
ful in' its bid to take over 
Chrysler Corporation’s Euro- 
pean interests, the seal will be 
finally set on the emergence of 
France as the most vigorously 
expansive nation in the Euro- 
pean motor industry. Since 
1970 the German industry has 
effectively marked time/ while 
Italian and UK production has 
declined. But France has 'gone 
from strength to strength; first 
under the guidance of Renault, 
the biggest State-owned com- 
pany in Europe, and now under 
the pressure of an equally 
strong thrust emanating from 
the Peugeot factories. 

This dramatic upsurge derives 
from the De Gaulle era, when 
the motor industry's role in 
providing an engine for growth 
was clearly identified. Signifi- 
cantly. the General also set 
himself against the burgeoning 
American influence in the 
region. It was during bis time 
in office that Renault was first 
given access to the public purse 
to finance its expansion, a move 
which sheltered it to some 
extent against competitive pres-' 
sum. Only Simca fell into 
American , hands, and the 
French industry managed to 
maintain its highly individual- 
istic identity, with its idosyn- 
cratic styling ideas and some- 
what unconventional engineer- 
ing. 

Peugeot has progressed 
steadily in this climate, taking 
a great step forward with the 
Citroen takeover, and now de- 
veloping a much more inter- 
national approach. The com- 
pany has clearly been edging 
away from its provincial base 
for the last ten years, but more 
recently the pace of develop- 
ment has accelerated. It took 
part in lengthy discussions with 
American Motors before the 
U.S. company finally decided lo 
accept Renault as a partner in 
America, and has been busily 
looking at deale in the develop- 
ing world — one of these, in 
Tran, involving Chrysler UK as 
well. 

The concept of the present 
deal with Chrysler is essentially 
to turn Peugeot-Citroen into a 
pan-European manufacturing 
force. "As soon as the American 
Motors plan fell through, I 
knew they would go for some- 
thing bigger.” is how one motor 
industry executive put it 
yesrerday. 

The deal would give Peugeot 



rise 






By DAVID WHITE in Paris and TERRY DODSWORTH in London 


the potential to 'develop in 
several ways, although none of 
these has been spelled out very 
clearly, so far. ' First, given 
skilful management, it should 
be able to rationalise produc- 
tion facilities, creating greater 
standardisation of parts and 
therefore more economic pro- 
duction. 

Secondly, it would allow' the 
company to move strongly into 
the commercial vehicle ’ field. 
Up to now, Peugeot has been 
involved only in tight car- 
derived vans and specialised 
small vehicles for the French 


and broad international out- 
look. Bat before his arrival, 
the company was run by two 
managing directors who in their 
own way put their stamp on 
the company and pulled it away 

from the- limited outlook which 
it is often accused of having. 

The Peugeot family helped in 
this process, allowing ex-ru rives 
to emerge from the ranks while 
they themselves continued to 
give their financial backing and 
encouragement. For example, 
K. Maurice Jordan, the first of 
these two executives, had joined 
the company as an engineer in 



M. JEAN-PA UL PARAYRE 
. . . leadership leapfrog 



managerial independence while of new blood into management 
retaining financial. control, and is likely to bring the group still 
rhe solution worked. closer together. Tighter links 

Dry and discreet, M. Parayre with Renault, with whom 
joined Peugeot just as the Peugeot has a technical co- 
merger with Citroen was being operation agreement dating 
launched. In his Government back over ten years, might fol- 
fu net ion. he had been nomin- low in the effort to strengthen 
ated to the board of ReiuiulL the French foothold in the 
In Peugeot, his arrival and that world car market, 
of a £ll5m state loan to help 'The agreement announced 
cement the marriage with yesterday turned out to be one 
Citroen are not considered a 0 f France’s best-kept secrets, 
total co-incidence. -Ironically, ft was Peugeot whom 

His appointment to Peugeot- Chrysler had first approached, 
Citroen’s top post in the middle y ears back in its search for a 
of last year also bore political French partner, before its pur- 

- chase of Simca in 1963. Peugeot 
raised Its nose. 

The take-over would give 
' Chrysler a 15 per cent stake, the 
second largest, in the new 
muring e-«-fvois. provided for by 
an increase in capital to FFr 
794m. The Peugeot family, 
.which directly and indirectly 
■ has some 48 per cent of the 
current Peugeot-Citroen -com 


market -But under the deal it 
will inherit Chrysler*s extensive 
European truck interests, cover- 
ing heavy vehicles in its Spanish 
plants, and a medium-weight 
range in the UK The -Peugeot- 
Citroen group is very much 
exposed on this side of the 
Industry in France, where 
Renault is now putting together 
a new joint company by merg- 
ing the interests of Saviem gnd 
Berliet . - 

Thirdly, for a company which 
is clearly anxious to get into 
the North American market, the 
deal would open, up the possi- 
bility of using Chrysler's dealer 
network. — 

The question the European 
industry is now asking is 
whether Peugeot has the 
management strength to exploit 
these opportunities. Is it moving 
too far beyond its traditional 
strengths into a world arena 
where the competitive pressures 
will be much tougher? 

Peugeot’s argument is that it 
bas been preparing the ground 
For expansion for several years. 
M. Parayre has emerged at the 
top of the company in a period 
when it needs political talents 


the 1920s and bad gradually 
worked his way up to emerge 
as managing director in the 
1950s- He was the key figure m 
pushing through the policy 
which took the company away 
from virtually a one model 
line-up to ’ its present range, 
which is designed to give the 
company... coverage of most 
sectors of the European market. 
“That was a difficult decision at 
the time," a former Peugeot 
executive recalled yesterday, 
“because we were making the 
203 model and selling every 
one we ciuld make. There was 
a strong temptation not to 
bother to move on." 

To follow M. Jordan, the 
family appointed M. Francois 
Gautier, who became the archi- 
tect of the merger with' Citroen. 
This again was a brave move, 
and one which Peugeot hesi- 
tated about for a long time, 
because it meant taking, on 
heavy losses at a time when 
oil crisis - induced gloom 
abounded about the future of 
the motor industry in general. 
Gautier, however, put together 
a new structure which allowed 
Citroen a great deal of 


bine, would hold about 42 per 
cent. The Michel in tyre 
empire. which once con- 
trolled Citroen, would have 
between 6 and 7 per cent, the 
rest being distributed among 
minor shareholders including 
the Caissc dcs 1 Depftts. 

Thus, looming behind the 
earnest, youthful features of M. 
Parayre. the Protestant hier- 
archy nf the Peugeots is any- 
thing hut extinct The 11-man 
supervisory board includes 
three Peugeots — Roland, the 
president: Bertrand and 


overtones, in the run-up to an! Antoine. Pierre is one nf the 
election which threatened to managing triumvirate, having 
put the company on a list of played, ir is said, a key role 
concerns to be nationalised, in the Chrysler deal. 

Shortly before the election, m Peugeot has managed to 
March this year, when that keep dear of much of the labour 
threat disappeared, be made trouble that has plagued other 
the politic move of saying that European motor companies. Its 
the ■ Government's loan, strike record is better than 
seen by the Left as a present Renault’s, although Renault 
to the Peugeot family, would workers .are better paid; 
be paid back ahead of Renault being anchored in more 
schedule. populous regions, strongly poli- 

The new central management tii-ised and with a big immi- 
that has been built up since grant 'percentage in its labour 
the merger has strengthened f force. Peugeot is happier in its 
Peugeot's own financial position provincial, stronghold. Sochau.v 
and Citroen has been pulled out is as much a company town as 
of the mire. Automobiles Volkswagen’s Wolfsburg. 
Citroen showed an increase ol The paternalistic tradition 
over 20 per cent in its net now covers all the group's 
profits last year. The group's 184.000 employees. Housing 
consolidated accounts pro- and social activities are well 
duced earnings of about £145m looked after. Workers have 
on sales of £4.3bo, and profits company shares, as they do at 
are expected to be much higher Renault,- and receive holiday 
this year. ‘ credits and early- retirement 

The banns of marriage for facilities, if they* clock in regu- 
Peugeot and Citroen declared larly. "The characteristic of 
that the two companies would Peugeot which makes it differ- 
keep their separate identities, ent is that in spite of its growth 
They have, to some extent, but and size it has remained a 
the Peugeot stamp has come oui family business.” £*ys an execu- 
more distinctly and the influx live. “This is not only in terms 


of ownership, but also in terms 
of camaraderie and friendship 
among the people who work 
there.” 

The other side of the com 
is that Peugeot Had a reputation 
for worker surveillance. Other 
unionists claim the company 
pays its labour leaders, and 
Peugeot-Cttioen is the strong- 
hold of one of Europe's most 
Ring-wing unions,, the CSL, 
whose record or industrial 
action seems to consist m beat- 
ing up Reds. 

Another reason given for 
Peugcot‘5 resilience as a com- 
pany is. the sheer doggedness 
of the family, which put ns 
Fortunes at stake when the 
company bankers. Banque 
Oustric. folded in 1930, and to 
some extent again when they 
took on the risk of Citroen. 

Apart from its famous 
bicycle business, started before 
cars in the last cen tury. Peugeot 
has invested heavily in develop- 
ing diesel engines for cars, has 
interests in steel, plastics, and 
consumer finance, and a slake 
in the Mntobecane moped busi- 
ness. It also still makes robust 
motor cars, and gained a feather 
in its cap from President 
Giscard d'Estaing. when its up- 
market 604 saloon replaced the 
fleet of Citroen DS cars 
favoured by De Gaulle. 

But Peugeot has been left 
with a wide range of products 
in France which is now going 
to be made even wider with 
the absorption of Chrysler’s 
range. It is difficult to see how 
it can continue without some 
rationalisation, particularly in 
the middle sector ot the market 
where there are a number of 
overlapping models. 

This will undoubtedly pose a 
higger management challenge 
than the absorption of Citroen, 
and it will also have to face up 
to the problems of running com- 
panies in Britain attd Spain, 
with very different tradition?; 
and rather more difficult work- 
forces. 

The successive mergers have 
come in an atmosphere of 
general recognition in the. motor; 
industry that co-operation is a 
necessary part of surviving in 
the main stream alongside the 
big U.S- and Japanese . pro- 
ducers. In ,1 968. Citroen entered 
a courtship with Fiat, 
abandoned after five barren 
years. Renault is discussing col- 
laboration with British Lcyland, 
makes motors with Peugeot, has 
signed one agreement with 
American Motors and another, 
on components, with Bendix. 

The Peugeot group has now 
shaken off the chrysalis of its 
conservative reputation. M. 
Parayre *s presence is as sym- 
bolic of this as anything: a man 
who had nothing to do with 
Peugeot, except a Department 
of Industry job and an interest 
in cycling; a product of the 
Polytechnique, a species noted 
for quick and rigorous thinking, 
as much as for its elitism. 

The present Government has 
not hidden its delight at the 
agreement M. Parayre signed 
with Chrysler in London. Above 
all, Simca. which De Gaulle 
reluctantly let go to the Ameri- 
cans as the only means of 
rescuing it. has come home and 
France's motor business is all 
its own. 


Letters to the Editor 


tiivnl 
since 
vu*:i--v 
li mi- 
ll f re 


Accounting 

From Professor f* Mutlficltrm 
Sir. — AccnrdiiiM In .I'Uiii Liu;, rt 
(August 5. Rjcl- Pace* the chair- 
men nf the ualiun.illM'il indii-- 
tru-M " are ihuiiulit to feel that 
the a-vnuniing prufcssiun ha* 
been tun >|r»w in producing an 
accept abb- i •rrtaiul.i “ for infla- 
non ac’uupun j. tin I m Tact 
i he accuiini-r.i: proiv.-siun pro- 
i formula bacK in 1973 
ufu-n rhe value of 
ha- halved). Two 
•»f ihe corporal o se«*- 
,i;<iideuis in a uue.-nuni- 
i.ijri- -v!ii uni hv ihv Saudi lands 
'.••mm i> too UvMiehi 'In- sy-lein 
iv>fisij;ii purchasing power 
iccnunnnc. preferable m any 
uhor method of inflation 
icvounnng. 

So the question arises: accupl- 
ibie to ivnumV If Ihe accounting 
iTuic.-sion and must unou^h 
tdnuUedly noi all) larger com- 
bines preferred CIT, why 
usn't 11 hyen in use for some 
•ears nmv? The answer is: 
government interference The 
Cun.-ertamv) Government >d 
ip an unnece-sary commit toe. 
;ave it badly -worded 'orm> nf 
•etcrence, hus-ed the niciiihrr- 
.hip n.'hin CPP. and (l d ire >aj • 
i in led Ibal H did nnt want CPP 
,0 he recommended. 

A year j’o the member* of 
he English Institute voted 
rgainsi the imposition of any 
wmpulsory system “f current 
;u$i accounting. The technical 
lirector of ihe Instilulc of 
Chartered A mum la rj is in 
England and Wales stated at 
hai meeting. "There is agree- 
nent on the need for account io 
ic taken of the effect uf irtila- 
inn. The Council agrees with 
hose who cji CCA it -elf is mil 
: system of accounting for in- 
iatton" Thr,i rather under- 
pins* the S.mditanris Report, 
ihtc'n regarded CCA a* "a fully 
■nmnrchcnMvc meihod nf 
cco'urtmg for inflation." In 
act. no ntlv>»r system of inil.i- 
ton aceti’inting a pari from CPP 
i,is ever, been ;i reput'd. 

Sandilands. Morsel it. and 
lydp all proposed *y«u»ms of 
u rrent co<t ;n'c**un?in^. \\ bar 

pil v they alt fait to provide 
.hit is wan led— a system m- 
lation accounting Luckily a 
,mri system is .oil! available, as 
- \\^ 5 ‘ before the Government 


interfered. All we now need is 
for the Government to withdraw 
Us puhtical objir nuns lo CPP. 
D R Myddellon. 

Crunfield School of Management, 
C'rau/ield. Bedford. 


Mortgages 


noise when the case Is opened. 

If the British telecommunica- 
tions industry cannot free itself 
from Post Office obstinacy, it 
could at lease enter the antique 
market proper. 

Roy Jenkins. 

27. St. George's Road, 
Cheltenham. Glos. 


other parts of ,the economy. 

i have no intention of drawing 
any lessons, but the parallels 
are rather striking. 

G. A. Wilkinson, 

Rue des Metaux. t. 

1040 Bruxelles, Belgium. 


From Mr. H. fin iris 

5>ir, — One cun only assume 
that while writing t August 5) his 
letter on uiorlg.-g.,- interest. Mr. 
Murphy had hi- tongue so far 
in his cheek iu be almost, 
choking himself. 

If the man \mh the F5.0U0 
-alary had sp-.-nt Hl.lHHi on 
repainting the inside of his 
house, or gome on a Mediter- 
ranean cruise, all hough he would 
have had only C4.000 ca<h 
remaining, he would still have 
heen taxed on his full £5.000 
income. 

It is precisely because the 
Government allows mortgage 
interest, and mortgage interest 
tor similar) alone, to be 
deducted as a charge against tax- 
able income, thai “Tax relief on 
mortgage interest " dnes exist. 
Whether this i? equitable is 
nnoiher manor 
H. G W Harris 
v. '. listen Court. Xnnrujndale, 

Ticjckill-on-Sen. 


Canning 


Dogs 


From the Assistant Director 
t External Relations I. F ood 
Manufacturers’ FiHteraiwn Inc. 

Sir. — We have read a lot re- 
cently about botlulism arising 
from canned fond, including 
5latemejit5 lo the effect that the 
la^t outhreak in the UK was in 
1955. . What 1 should like to make 
clear — and what could not ' be 
inferred from anything written 
on the matter during the past 
week or so — is that there is nht 
one case on record of botulism 
ever arising from a canned food 
product manufactured in Britain. 
J- M Rose. 

fi. Catherine Street tt T C2. 


Ant hues 


From Mr. R. Jeultins 

Sir. — If the ?nrf-u*er market 
for tclecoromuni*-ations equip- 
ment was thrown open to private 
enterprise, the British industry 
would have an opportunity to 
show Its full technological poten- 
tial However, are they noi now 
missing a marvellous marketing 
opportunity? ' 

Ail over tbe world, people are 
collecting reproductions of 
simple Victorian technology. Vir- 
tually all of ihe equipment manu- 
factured to- the Pnc i Office specifi- 
cation comes clearly in this 
category. 

Overseas visitors are fascinated 
that we tolerate telephones which 
need two hand* to dial them 
because the re; urn spring was 
designed fo r an instrument of 
over twice the weight. They 
believe at 6 rat that an English 
teles machine is an antique in a 
plastic showcase. They are quite 
•surprised wh-n it marts to 
operatr and staggered by the 


Stockpiles 

From Mr. G. Wilkinson 

Sir, — 1 was most interested to 
read your article (July 31) about 
the difficulties faced by the 
management of Alfred Herbert, 
the machine tool manufacturers, 
since the policies followed and 
the contradictory requirements 

of social, financial and economic 
policy are in many respects simi- 
lar to those faced by the Euro- 
pean Commission in its manage- 
ment or the Community dairy 
policy. 

in both cases, output is being 
priced at a level that is not con- 
sistent with the balancing of 
supply and demand. In both 
cases current policy, evidently 
dictated by current levels of un- 
employment and by welfare con- 
cerns. does not permit the 
normal free market con- 
sequences to take place. As a 
result, large stockpiles have been 
built up. financed by the public 
authority. Finally, in both cases, 
efforts are being made to reduce 
the cost oF the stockpile and to 
reduce liquidity problems (this 
latter is -more severe for Alfred 
Tlerhert than for the dairy 
policy, hv subsidised sales to 


From the Executive Director 
Royal Society for the Prevention 
oj Cruelty to AnirnuL 1 : ' 

Sir. — 1 was interested to read 
tMeo and Matters. August 4> 
that Maurice Macmillan MP has 
declared his support nf proposals 
for a substantial increase in the 
dog licence fee. a rurorm which 
is included in the recommenda- 
tions. of tbe Department of the 
Environment in its report of the 
working party on dogs. 

Tfie RSPCA bas long been con- 
cerned. about the problem of 
stray animals and we also eo°' 
slder a dog warden service, the 
cost of which would be assisted 
by the revenue from .the 
increased licence fee, to be 
fundamental to an efficient 
system of control. ft is our 
earnest hope that aetiob„'Wi!1 
soon be taken to implement the 
working party's recommenda- 
tions — the increasing threat . of 
rabies emphasises the urgency 
nf the problem. 

R. J. Hopkins, 

Causeicau. 

Horsham, 

Sussex. 


Pensions 


From Mr K. Lfnjord 
Sir— May I please comment on 
the article by Eric Short headed 
"The search for ways of pre- 
serving the financial power of 
your pension" (July 26), 

It is reasonable and normal 
practice for a pension scheme, to 
provide a deferred (paid-up) 
pension payable at normal retire- 
ment age to “an early leaver” 
(Occupational Pensions Board 
terminology) calculating such 
deferred pension as thuugb the 
member had in effect at the date 
of leaving, to take up other 
-employment or on redundancy or 
whatever, reached the normal 
retirement age of the scheme 
concerned. 


Bearing In mind that trustees 
of a pension scheme should not 
treat any class of members, or 
ex members, on .a more generous 
basis than any other class l fail 
to see how the deferred pensiun 
-of an early leaver can' properly 
be • increased by a greater per- 
centage than pensions iu pay- 
ment from tbe same scheme are 
increased in any relevant period. 

If is an unfortunate fact 
usually because of the extremely 
high costs involved that the 
majority of persons receiving 
occupational scheme pensions 
from the private sector dn not 
have such pensions increased 
in line with employed earners' 
increases in earnm&s or retail 
prices index movements. 

There is no case, L submit, 
for any special revaluation of 
an early leaver's deferred pen- 
sion until retirement age. Good 
practice, or legislation as hope- 
fully a last resort. shouTd merely 
dictate that when pensions in 
.payment from a scheme are in- 
creased by 5 per cent for 
example the deferred pension 
entitlements from the same 
scheme are similarly increased 
by 5 per cent. 

May I be permitted to enra- 
piiment Mr. Short on, his sensible 
comment an the open endedness 
of any commitment to increase 
a paid-up pension in line with 
national average earnings. May 
I also say l consider Hie equity 
of increasing even the guaran- 
teed minimum pension (GMP)- 
of an early leaver from a con- 
tracted out scheme even by 84- 
per cent dubious also when pen- 
siuns in payment from the same 
scheme are not similarly 
increased. 


My ideal policy would be one 
that allowed me to agree an 
excess — e.g_ no claim under U0 
on contents or £50 oo the house 
— to be covered in full for replace- 
ment or repair costs above those 
levels Up to a specified figure, and 
then to bear the balance of any 
loss myself. 

This would obviate the com- 
panies’ “heads I win. tails you 
lose ’ system, whereby they say 
" if you under-nisure we will 
apply average; if you over- 
insure we will not pay the full 
amount bul wilt nevertheless 
keep your premiums; and we will 
□ot agree in advance what value 
you should be insuring for any- 
way” 

E. J. Thatcher. 

202, High Street 
Rickmansworth. Herts. 


Churches 


K J. Linfnrd. 

u Sloneyridae." Colemans Lane, 
Danbury, Essex. 


Insurance 


F rom Mr. E. Thatcher 
Sir. — Your Insurance Corres- 
pondent refers {July 31) once 
again to the problems of 
insurance companies in relation 
to average and index-linking on 
household policies. May 1 suggest 
that these arise partly because 
the companies do not provide 
what the customers want, both 
as regards contents and build- 
ings. 


From the Under-Secretary, 
Church Commissioner* 

Sir. — The Church Commis- 
sioners cannot allow Mr. hrasno» 
misleading reference i Angus) t»> 
to rhe' redundant church of All 
Saints. Eniusmure Garden^, logo 
uneurrecled. Terms, have, in 
fact, been agreed by the Dnn-e- 
of London llhcy. and nm {h** 
Commissioners are ihe respon- 
sible body in this matter) nnrl 
the Russian Orthndox authurmi*., 
for the sale of the church io us 
congregation, and there hax 
never been any intention of 
" developing ” the church nor uF 
converting it into a bingo hall. 

Likewise, the reference to the 
church of St. John, Reading 
(Men and Matters. August 7j 
ignores the important fact that 
the scheme to demolish rhe 
church became law as long ago 
as 1973. There were no objec 
tions to the scheme which had 
the concurrence of the inde- 
pendent Advi-mry Board for 
Redundant Churches. Now that 
the new church to replace Si. 
John's is ready, the old church 
will be demolished in accordance 
with the long standing approved 
scheme. 

1 'would add rhat the pastoral 
circumstances of the two caspc 
are entirely different r>nrt cannoi 
he compared in any way. 

J. E. Shelley. 

1. Millbank, SWL 




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I HAVE .'■ is -'lay; -- time 7 ..' shot . 
almost ev€iy typQ q£ British- 
game both ' lux -and - feathered. 
But I hare never yet shot a' 
and now i v.eiy ibuch 
dpubtr.if. I gpcr . sfoii. : 1 ; g fos, ' 
because over ' -recept years -I 
have-estjerienoed an increases- 
revulsion la kUUSg- ahy wkirtF 
Wooded areaiate,: ecceejtt-'for 
food or to- protect- qroj&f. Afid 
because I ..n?;J$oiger tihofit *k 
wctl 35 I used ■ I- also fiear- 
tbat tod awaiy. State ttpuld get' 
away wobodedr - :.■■> > '■■ > • . ’ •• 

But tite'jna&^T^ssoh: I . have 
not become a rouse ; shpt is 
that qiate . stingd? t was born 
in t^-^wab^v^iied.'y'Itt my 
younger" days; 'dve'n -until the 
outbreak the Second World, 
War, grouse shooting was in 
the main the preserve of the 
landowmng dasses in Scotiaod. 
and the North of England, and 

the very rich who coaid afford 
to Tent their moors. The.cikied 
youth of these forttuupte d^ses 
not only ,-had : -^ie;rpaine^ta] 
nw»rs to sjiooi aja, ; tjbey had the 
benefit of ins®ructiwi fcn, couBtiry. : 
sporta by : a wttoie -host of 
devoted retainers. ?■. , 





“TURM 

. -3UI /DrflMTM W*!* »«1 


Hardened 


The proper handling of .gons 
and rods is best learned 1 at ah 
early age, and these skills 7 are 
hard to acquire J-once the 
znusdfes have finally hardened. 
When I started farming, rabbits 
were a ptegue and had to be 
kept down. ..-Truant'- farmers 
could shoot them by ri^t aad 
J became very adept at shoot- 
ing them on the ground , .1 
also, whea l tiidu^t po. one 
was lookiog, knocked .-off- : the 
odd pheasant and ; .part: 
ridge wbjch wore . supposed; to 
be reserved for the landlord: 
But I always shot below: hedge 


level. 'EvMtiw^yX tov owned 

some land, and could, .legally 
shoot a flying bird, tyfijfeut a 
twinge of oonscierioel Bui by 
then I.had lost the?nWHity to 
dewfop. a proper swjog,:»4 so 
never became a gaijd 'aad cer- 
tain shot. 

'.-•In '■any. case, - for. ad^-arable 
farmer ' the ' openin^jif the 
grouse, season tdthtfjpie; 12 th, 
always falls iif the fiddle of 
when my harVest>-4ftotild be 
ready : to cut' .BRm£/ could I 
absent' myself from ; tfimax 
of the farming yegr^ ; Mdien the 
Whole success orifapowt ol 12 
months* w o rk could dep end on 
the xlght dedsioh at~the right 
time? ;? . : , ^rvTif 7 “. : 

But I hive been -groo^e-shool- 
.ing- For several, yeam -r- used 
to" go winter /shootfrig. a* the 
phrase Is, on a frienri’s^ooi in 
Scotland. Here the grouse were 
walked up with dog&irift by the 
.time I 'was able tti-gfet - 1 there, 
to mid-October or.'w^er, the 
grouse were few, smif uone got 
up in range of my-;^Un, ; being 
very wild indeed! up. 


■ iKBimwl tollNAHHIl* - 

although still common in some 
parts, particularly early in the 
season, is not considered. ' the 
best of shooting. The birds are 
usually flying away from the 
guns and the young. ones are 
quite e&*y to get Close '-xo.* 

It is also very exhausting. The 
heather is often high and 
usually soaking wet. U you have 
spent several hours tramping 
through it, you earn what you 
manage to shoot. The moor 1 
used to shoot over had snipe, 
woodcock and a few pheasants 
and blue hares, so .failure to 
shoot a grouse was not the end 
of the world. 

Walking up 

Until the middle. of the last 
century, walking Jip grouse was 
the usual method.’'. But then, 
according to my sources, the in- 
creasing numbers of - sportsmen 
made the birds- so wild that' it 
became the practice to drive, 
them over the guns. : 

The earliest " mention - of 
driving comes from a quotation 


by a -Duke of Rutland from his 
game book, as follows: 
“September 'll, 1849. .On this 
day the birds were unmanage- 
able, and at three o'clock we 
took station by a wall and 
.killed a* few birds out of packs 
.which were driven past” From 
this beginning stemmed the 
system of butts, in which the 
' guns are concealed and over 
which -the birds are driven. For 
some reason unexplained the 
birds were '.wilder on the 
English .moots, and the prac- 
tice of driving began on the 
Derbyshire and Yorkshire 
moots and gradually , spread 
into Scotland. 

, Driven grouse do not. I am 
told, provide easy shooting. The 
birds fly close to the ground 
and very fast. They have to be 
shot either in from of or 
behind the butt Should the 
sportsman swing- round with 
the bird he is quite likely to 
pepper, the gun in the next 
butt: casualties are quite 
common. No experienced shot 
should allow himself to do this, 
but I have seen dangerous 
shooting even with pheasants, 
■which in general fly higher and 
rut quite so fast. 

When grouse driving became 
almost universal, critics were 
quick to predict the rapid ex : 
traction of stocks. In fact the 
reverse became the case, The 
-populations improved along 
with the bags. This is best ex- 
plained by the fact that when 
the gens ' are walking up. the 
older birds are much more wary 
than the young and get away 
fast, leaving the young to be 
slaughtered. But in driving, 
the old birds are probably 
leading the packs and are the 
first to fall victim. - The higher 
proportion of young birds left 
provides better breeding stocks. 

Driving has a&o made' it 


natch Easier for the 'middle- 
aged and elderly to prolong 
their enjoyment of the' sport 
irresperfave of the need for the 
physical- fitness necessary in 
walking’; up. They used to 
rbajcb'S* butts on ponies, now 
they ore. even more comfortably 
delivered by Land Rover. 

Renting a grouse moor is 
very expensive. Because' there 
is no similar sport In the world 
toe - competition is fierce, among 
not-otdSf the British who have 
made tlfeir pile but the rich 
of miuqy countries as well. 
Europeans, 'Americans and now 
the ATabs are. trying to buy 
theni&llfes ■ a gun in a good 
shoot... ' .'So moorland owners 
have aJhllers’ market and can 
ask ahabst any money they like. 

FeWJmdividuals can stand the 
cost Of- renting a moor them- 
selves: Most buy their shooting 
6 y tod; week or the day. A 
day's shooting on a typical moor 
could. ;<$st- the sportsman £200 



Ugopus Scdticus ... 

. . , the Red Grouse is claimed moors of Wales, Northern 
to be the only indigenous ‘England and Scotland. Unlike 


perhaps. Land Rovers. Some 
individuals do take a moor for 
the season,, but then try to 
get some of the money back by 
subletting either individual 
guns or perjods of a week or 
more. 

For the more energetic,. rent- 
ing a walking-up moor would 
cost between £10 and £12 per 
brace, and the tenant would 
have to provide- everything him- 
self, except a keeper to oversee 
the shoot and give advice. The 
purchase of a moor at present 


BY JOHN CHERRINGTON, 
Agriculture Correspondent 


early fix- the season when there' 
should .- be plenty of birds 
around. For this sum he would 
share with up to half a dozen 
other guns in the killing of 
around .100 brace. But the bag 
is completely a matter of 
channel 7 dependent not only on 
the skiU/of the guns but on the 
breeding and rearing season. 

Remft-are generally calculated 
on the?average bag over the 
previoife three years and . this 
year a . typical cost would be 
between £15 and £17 a brace. 
This wOhld be for a driven moor 
and toe landlord would provide 
tbe be&ers, keepers and even. 


would cost roughly £350 to £400 
a brace shot 

A good moor is difficult to 
define. One yielding 1,000 brace 
in a season "would be better than 
average. But the size of a moor 
providing that yield might lie 
anywhere between 7,000 and 
15,000 acres, with varying 
degrees of difficulty in obtaining 
the bag. According to Savills, 
one of the principal agents for 
moor sales and lettings, there 
have been only a handful of 
outright sales of moors in the. 
past .five years. 

For those prepared to pay the 
letting charges, there are 


British bird, and is the only 
one of the lagopus Family 
which frequents (be sub-arctic 
regions of the continents that 
does not turn white with the 
approach of winter. 

It feeds exclusively on 
heather, and is found on the 

considerable overheads. Travel- 
ling to and staying in. Scotland 
is far from cheap. Anyone who 
wants the best equipment can 
pay £15,000 or mnre for a pair 
of Purdey guns, although a good 
-shot can make do with some- 
thing very much cheaper; it’s 
the mar behind the gun who 
really counts. Tips to keepers, 
paying a loader, protective 
clothing and cartridges soon 
empty the pockets. On this basis 
a week with four days’ shooting 
would not leave any change out 
of £1,000. 

But toe lettings are far from 
being all profit. Local authority 
rates payable on Scottish moors 
are very heavy, and are based 
on the bag, although this does 
not appear to restrain any ten- 
dency the landlord might have 
to exaggerate iL The rates in 
Scotland are charged whether 
or not the moor is let. In 
England they are charged only 
if it is let — an injustice, accord- 
ing to the Scots. 

Apart from rates, mainten- 
ance of a grouse moor is not 
particularly heavy. The main 
job of the keeper Is to keep 
predators down, a frequent 
cause of conflict with environ- 
mentalists, and to control the 
heather, by burning, a highly 
skilled operation. 

The sheep ticks which have . 
affected the grouse on a number 
of moors this season might have 
severely reduced the population, i 


the pheasant .or partridge ft 
breeds in (he wild, and is 
difficult to rear in captivity. 
With its high speed of flight 
and general difficulty of 
approach the grouse is one of 
the most prized game birds in 
the world. 

but until the season starts no 
one cau be sure how serious tt»e 
problem is. although Savills 
suggests that in some areas it 
has hit stocks hard. Bad weather 
might also have killed the chicks 
or reduced feed supplies- But 
this is a risk that the sportsmen 
themselves must take — the 
moors are let months before 
the season opens. Unlike 
pheasants and partridges, 
grouse have not yet been reared 
artificially to be driven over the 
butts. 

Early weeks 

-Although the season lasts 
from August 12 to December 6. 
the best of it could well be over 
by mid-September. So the cost 
of the early weeks is pitched 
high in consequence. For their 
different reasons, both landlords 
and tenants want the maximum 
bags, and here is the oppor- 
tunity for the young and 
impecunious. It is a well known 
fact that the rich elderly are 
not very good shots, especially 
if they have not been born to 
it. So the young and 
impecunious are sometimes 
invited to take part as long as 
they are really good shots. 

But I would warn any so 
intending that the competition 
is fierce and success is usually 
to those who have the accident 
of birth to help them. 


fiEjl 

-A 





Wrec&S*zu&.j 


Golden : 
opportunity 


Some 390 years ago, . legend 
would have it, a gaJJeou of toe 
Spanish Armada limped into the 
fishing harbour of Tobefmoiy 
on the Isle of Mull foiv shelter 
and repairs, having itakeh-.-a 
pounding 'from the -sea and 
wiinfe around the nqrth^bf Scot- 
land. Therer- . COf v' ^ome 
unexplained reason, -she ex- 
ploded and sank. >.• ^ ' .' 

Since then generations of 
bounty hunters have attempted 
—largely tmsuecessfUlTy*-to' re-_ 
cover, the ship’s treasure. The 
latest and most ambitious sal- 
vage attempt could . :well be. 
made this winter., 

Not that there is any certainty 
of burled riches. Indeed;, -the 
identification of ; the ship is 
hazy;, commonly-, called the 
Tobermory Galleon the;- vessel 
has been variously named -in' 
sketchy historical - references; as 


. o,. r-rr# 




MULL 


- I .W fitMT. jfeout mr-finqrr .ttaw<d4..brr $lm* 1 

;»»br(fcr Uu*e tuuJt i> iLf jkoc Uj * i tuUcr 

y fcpot WWuM V uwtrr.a burke at 

) -i MJ w^Wr/T | >*v MW pjfHT « J L*ttui <rtiivl»l*f Out «j» tbe 

[ ■' TIjNMJ* Hut n/r uuiy llurfct etuUhHn M uili on Umiof tte *<**4 iliif. 

' ilnl tfc ■trIU it tji) \dfiicr.y wtl oj .tbo inniMiv.. T-.tauul J Crmot or 


. puhlcm fi bM 

.-tuobnvi&u'Cna 


j|M .U* $aotr , bui. bon^L lul uuX'at Jell Jhr 

i\ Jtiuf iu ijf S^*uuS : {L b MuU. " . 

'hujwlic wrber AuToImU A/^iiUr, 


be was able to complete his seeking shade under his apple 
objectives; last year he was un- tree.' . 
able to raise any money- at all. We' searched— but in vain — 

Now, he says, he is sitting on a for ^JPfiew What a Scorcher!” 
three-legged stool in Fathom- headlines in toe Daily Mirror. 
Line for the company, through But still that nagging feeling 
its offshore contracts, could that there might just be snme- 
provide men, equipment and thing in the rumour persisted, 
money. * The ; :Gnrnish Times was 

And there is unlikely to be running scare stories abont 
any shortages of projects i'£ the holiday takings never having 
commercial - venture is success- been:,. go low; hoteliers were 
fuL Commander Grattan esti- frantically phoning the local 
mates that there are no fewer tourist aboard to see whethei 
than 2.25m- wrecks^-ranging they: vised any right to make 
from rowing boats to battle peopte-pay for toe aeconunoda- 
ships— lying in UK waters tidn th^y had bonked and were 
alone. “They contain enough resetting? mid-term, 
treasure to pay off the national Thei&we started to phanta- 
debtr he said - with obvious sise—tive hours in the car and 
delight before being restrained w e enufe- be home, basking In 
once - again by bis business the sunshine in our own back] 
colleagues. ga rd e/Tbr\fi nat i ng luxuriously: 

. on our backslin the town's out- 

• .. door pnoj.. 

, But thank\ goodness we 

Hilfiu3V resisted all tenipiation lo pack 

. * up and ernne hd^ie. The charms 

M |S p« of Cornwall, especially Pnr* 

UlllCrd .. j, 33c> where we danced in the 

There's . an. oH, Andy Gepp. ^e«s twice weekly In the 


and going to and from the site 
by night Beach designed too 
an amazingly ornate waiting 
room in the- store basement 
terminus, complete with grand 
piano, a fountain, paintings and 
a fish tank. Oddest of all, 
motive power was provided by 
h steam engine which blew a 
single subway car along the 
tunnel one way and sucked it 
back for the return trip. Beach 
finally opened bis subway to the 
public in 1870,' to the chagrin 
of the City Hal] bosses who had 
been completely outflanked, not 
to say unpaid. 

The line was a pioneer, but 
its popularity dwindled as the 
novelty wore off. and Beach's 
subway was eventually closed. ■ 


Construction of more conven- 
tional' subways started in 1904 
when work began on the Inter- 
borough Rapid Transit. 

Beach's present-day successors 
have had huge problems of their 
own, if of rather different kinds. 
But they show encouraging 
signs of overcoming them. Most 
significant of all. after passenger 
carryings slumped 20 per cent 
over 10 years, the first few 
months of this year saw the 
first increase in patronage in a 
very long time. 


ECONOMIC DIARY 

MONDAY— Balance or payments 
current account and overseas 
trade figurei (July), index of in- 
dustrial production (June— prov.). 
Retail sales (July— prov.l. 
WEDNESDAY— Basic rates of 
wages and normal weekly hours 
(July). Monthly index of average 
earnings (June). 

THURSDAY— London dollar and 
sterling certificates of deposit 
(mid-July). UK banks' assets 
and liabilities and the money 


Contributors: 

Ray Dafter, 

• Tony Moreton 
and Nick Qwen. 


mortgage survey 5 per cent 
■cample survey results (2nd 
quarter). 

FRIDAY— Retail prices index 
(July i. Construction new orders 
(June). Preliminary estimate of 
gross domestic product based on 
output data (2nd quarter). 


cartoon where ' he and Flo. 
muffled up to the ears in'.rain- 


rumbusiinus playing of -.the 
Floral Daqce by the Bodihin 


coat and scarf, are staring ana ^reward Bands over- 
jH malevolently out to sea 'watch- rame nur t 111 ? ai the cruel trick 

- - i ; ing the rain pour down. He'd the elements play annually on 

paid for the deckchair for. toe English-, We slayed and for 

• • .. afternoon So she was going to nur P®tos We enjoyed one whole 

wider Grattan's rediscovery of have to sit in it, Andy was da >’ n . f sVhtoine — one glorious 


the San Floreme. file Florencia;' Gperetioris. The, idea is that mander Grattan's rediscovery of have to sit in it, Andy was n ' »»hsntne— one g/onous 
the FfOTvnce u/ Spotoc.-'and toa-P** 0 ® 5 from this, venture wiJJ ; ?be galleon, the roof of telling Flo, It is this wholly da ? when toe clothes came off 
Florrnciow ■ „ bep; .used to • finance treasure\^inpbell clan’s Inverary Castle admirable determination to and rh* biknu went on. -We 

One of " the early iireasure ^sa&ins-; Was badly burned. enjoy onself despite the weather even . had to put Calamine 


<hv*w» qnrhnre mi n«t *nd eatwm enormous^ ^. amounts ot precious^ me cian— -was granted a ay u.iwu««i a 

bolls But He’raised toe h‘op«s metais under the sea. Conse- .per cent stake in the wreck in permanent haze of cloud, and . 

ri ail who followed a1 tois as^irii for raising an army to rain that we don’t give a damn lfnfjdrgrr(|(||t|l 

reiwitins that ' he a venture although T fight for Charles 1 in Ireland. h0w W *J we get, how cold we UlSHei g* UUflll 


nnmrite «uncMtinE ' tSe was admit I Jike the idea of stretch- 4Fbe remaining l per cent share are or how funny we look This 

“Ihiriv iniliions of Gash arm across a few £t£B rests with the monarchy to P Ja - v on (he beach.. |flQV8 19601 

. » - -centtirios -and- recovering lOST-.ltodeh means thafff this winter's And who knuws. When toe - 


board." -- K; - • .;^ .--centurics 'an(i recovering losr-r 

So Commander .John GratMitk,:^ - treasures.^ . 
the mmicrn«d ay t counterpart if 

Archibald MiUar. who hopas to. ^ ' ?) 

lead this winter's operatipu, is j 
equally convinced . there- is •- 


Treasure to' he fomid^.'TIrere^ia cpifctlM^e 
n fortune on hoard," - com* ; * 


men ted only to be reprimanded put it thus: “Rather than Tobemore 

hv nne of hie colleacues Hi the . ■ j .... . ..ji.r.-.S: •• louennory 


by one of being a paiid gf ireaautv ^ eKer ®:$ory. ■ 

. venture. . company . .-director. / Ui 1J f« at ,-»] r -T l i,Mi n p out our hat __ 


cdhsfantiy Tiolding but our haffj| 


f h means that if this winter's Ana wno Kn °ws. wnen toe 

apt is successful the Queen P^le pimples fade we The popular image of toe New 

receive her portion of the rma y CTen *** the beginning of York subway system— as indeed 
^EBoceeds. - a ran. it is of .the 1 whole of .. thai | 

■ sSHrst however Fathom-Line From the cliff-top overlooking struggling city— is of unheliev- j 
W to conclude a salvage con- Trebarwlth Strand.— a truly able grime, .physical danger-j 
with the present Duke of beaotiful spot in .North Corn- and on air of decay dramatised 
and to evaluate the waU — ^ we began -to panic over by the splurges of graffiti adorn- 
.T fom t- of research work into Th e- whereabouts of our children ing the trains inside and out. 

K Toberraorv Galleon's “Supposedly making a castie on But that- is not the rompiPte 
looennary . the .beach below. . picture. Thiahks to federal aid 

inmander Grattan intends ’'Vere ours those liLthe rock of over Slb»,;new subwai 1 train!- 


are being built. 


utma “"un " desivm*d to fa ces? Hard to tell when every rather more_ than the present 
k„ ius-i,' , child on the beach Is dressed somewhaf modest Jubilee Line I 


forlunw better : to set tip an offshore /M#jp ment ioclnding a water- ThrowiD g sand in one another’s km of newline ar e being buili. 

have wmmiBrion^ . lQ ^jj-y \ rion “nun" dtsivnpd rn fa ces? Hard to tell when every rather more_ than the present 
assessment , of gtit -prpapifC 1 ^.. 0ttr ©ij.reiated work being i„ erS nr -...j child on the beach is dressed somewhaf q»dest Jubilee Line 

j.aid Mr. King. - - ^ exciting than u-casure ^T ?lfiy s uch “r, ir)ment w in wellingtons and a blue cagopl construction . programme of 

The commute ^ •• CommMdSr GraSS ~ with ** ^°° d op ^ oM London Transport. 

th .® Plannod^ ^ sal Ivagc ‘ r< ^- However, ^Fathom-Line a salvaBe attemot on a oranfi& ***** anoraks r rhe y or b Transil 

u-iif certainly Have to Gmnf(& usually denoted foreign visitors, AntowitjOwhich hu b2S 

. ■ - - ' :■■■ - ssandably rearing w eo- Apast-,.-,^ ... ° JSLSf IS: J? ways had a most peculiar begin- 

ti - ---r - • . commander. tif-ihree Royal Navy ning _ In ^e fate TseOs. Inc 

Mum - clearance : diving teams and or «a| Seter P ^nd hn2’ ^ « Alfred E1 ySeach. who had won 

H i .. r . m navy’s; deep diving ship^fQBrai fte 5 ^ a gold medal at toe Cmtal 

.. , .snsasse 


Mippurtcr. 


company 


FM'hM Commander Gratun -TS K'hSMlS? ’ ^ ^ 

atSy to oi* ::l«8te. :vltti Ieoh's pflbp deck under fo*Jfr&mvwy has an exclusive f ^ ^rt^ere m beautiful Cora- ^^dons, . 
pleasure; to co ri>^' ceifleatedVm'Ucl- and rerevewt^a^contraet with toe New tn^gin E round The ir nubie waa that City Hall 

mcreiat ventures with -TreMure -for the :12th Duke qf Args n— gealwid Government aitoough u R ^ was dummated in those days by 


but the salvage^ cSmnanderGranan ^ he WesL ®he nht of ? e country Beach i clSd he woulS 

. With tlitv^ukin^i.yBraoORbperat'ipU heipedtoadd Jtar n vd from “bitter «cp«ri- rather not .pay, so, fantastic 



and undferwaww ,--®agineerto& ; enguah j 


coming 



Target’s new Fund invests primarily in stocks considered to be 
in “Special Situations”. The aim of the Fund will be to provide capital 
growth, with rising income an important but secondary consideration. 


What is a “Special Situation" ? 

The term is usually applied by 
investment managers to a share which 
they believe is affected temporarily by 
special factors, or has potential not 
adequately reflected in the current 
market price. Examples include : 

-f Recovery situations 
—■ Bid situations 

■tt' Market situations (i.e. where the 
share price is temporarily depressed 
by a large sale) 

-H- Asset situations (i.e. where the 
asset value is far in excess of the 
market 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 fn to£1 0m. 
~k shares with a dividend not less than 
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-Manaaement 
Target and its investment managers. 
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 othei 
"Special Situation" stocks. The invest- 
ment managers will also encourage 
regional stockbrokers to contribute 
their specialised local knowledge in 
selecting suitable investments. 

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 capital. The wide spread of 
investments in the Fund will help, to 
reduce these risks. 

Your investment should be regarded 
as long term. 

Income 

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%. Automatic reinvestment 
of income facilities are available. 

. You should bear in mind that the 
..price of units and the income from them 
.can go down as well as up. 


The Fund, totmartv Covne Giowih Fund, 
was iKOftS'Jtuiad with the approval of 
uftMishim on 13th Juno. 1 9JB. 
APPLICATIONS jik> ehequM will not bo 
acknowledged but certificates will tie sent 
within 42 days of the dose <M die otter. 
YOU MAY SELL YOUR UWITS ai any ww 
at a price not less nun that uladaiad by 
Department oi Trade rrgidBtlons. Payment 
will be made Wit ton 10 days of rocatca of 
the MtiMiACdd certificate. Tho orlco ol imfts 
and uie yield an Quoted daily in the National 
Prase. AN INRIAL CHARGE .of S% li 


Included in the sale price ol units The 
MaoageD will pay copwnusjon of tiS to 
qufltfM agents. THE MANAGERS rewnro 
the t^ht to dose the offer beiore me nate 
stated If ins offer price vanes by More than 
2i%. After tb« <*na ofihe offer units will bo 
available at the dally price. INCOME lew 
u* at basic me will be gtsutbuird on 31 si 
March ana 30th Sepumta, units bought 
now win quality tor the payment on 31st 
March. 1874 An tnrttil trial qc of i“t 
of the value ot Me Fung plus V.A.T. <s 
deducted from die gross income pi the Fund. 


MANAGERS: Target Trust Managers 
Limited IA Member of tfie Unit Trust 
Association) 

DIRECTORS : 

A P. W. Simon. T.P, F.CA fChahman) ; 

I. G Sampson. J.p. (General Manager) ;■ 

Rl Hon. Lord Alnort, P.C..TD.D1.; 

T. C. a rooks. F.CA. ; R. I. E. Carswell : 

A.C. B, Chancellor; E. B. G. Clowes. MJI.E.; 
E. P. Hatchett F.lJt.;J.H.PattlsB>n.MA.: 
M. E. G. Ptinco, MA. F.CA. 

Telephone .01 -G00 7533 


OFFER OF UNITS AT 22 - 4 pXD EACH UNTIL 18 th AUGUST 1878 

Currant estimated gross annual yield 4,!f % 

*TA|Wrr TRUST MANAGERS LIMITED, OBPT T.O^ TARQErToUSt GATEHOUSE ROAD, AYLESBURY. BUCKLE pJTjS^ 

l/We wish i InTircet Special Situations fund VWe declare ;fia: I arTrweare not resident outside IhoScheduIed 

to im.oii | £ unrts ai 2 2Ao ™ orr unit (minimum Terriloriev anil I am/we are not acquiring the units as the 


initial holding C3UOI and enclose nominet-isl ol an* pe«nftl resident outside these territories. 
a cheque made payable to large! Trust Managers Uil This offer is not available i to residents of Ute Republic of Ireland. 

Thiseffrr closed on the' TBth August 1078 
Until further notice ptoue reinvest sJl rncome Hi timber units, fOilrit H not required! 

SiguiewU) _ s -„ zr--—- Jmt apciKa-ns must atiach names and aaAestts sestmtsv- 

PLEASE WRITE IN BLOCK LETTERS— THE CEBDftcftTE WIU BE PflEPAEEO FRObl THIS FORM. 

Nansatsr hi full |M>., Mrs.. Mci) ' FT *Z/8 

Address 

Pieam let mo tone details of Tawefs Monthly Income Scheme Q Snew CMhenge Scneme C:_ManmiySa<nnga Scheme 

negswed in EnoJinil Nn &mian a: t. 9 9reanrt 


a cheque made payable to Target Trust Managers Ud 


MBtePf. _ 

T2/8| 


L... 


■Total funis untH-t rrh.rnnqann.nt in Km r,-jrqet Group €1 ?. 0.000,000 







14 


Financial Times , Saturday August 192S . 


COMPANY NEWS 


BIDS AND DEALS 


Mozambique now running Sena Sugar 


THE Mozambique government Delays in commissioning the pre-tax profits of £14,777 includ- At the end of June, over half 
has taken over the administration mill were initially the result of tog exceptional items of £29.720. the portfolio {5L2 per cent) was 

held in gilts with a further 32 


Belhaven repays 
Allied loan 


of Sena Sugar Estates, the technical problems which Sena 
financially troubled British com- says have now been resolved, but 
pany with sugar plantations and a shortage of skilled staff is said 
mills in the Sofa la and Zambesi to have extended the hold-up. The 
provinces of Mozambique. ■ company says the Maputo govero- 
The more comes against a ment will not allow sufficient 
background of criticism of the expairiate staff to work in the 
company's management in the country and repatriate salaries. 
Mozambican press and broadcast Nor are the skilled personnel 
media, but is not seen in London available in Mozambique, where 
as amounting to nationalisation, criticism has emphasised the 


Gaskell 


ner nnt in n t ha- "a ; rt iin»ti The projected merger of Alhed share* 
and convermSs. flXCd «=’"’^^“l® rewerjes and J ' L * ons adn . Preferancertiartholders, accoun- 


improves 

midterm 


smumtori -oca * has prompted the Belhaven ting for 9151 per cent .of that 

inoTan^imm of Th 1 i h npr BTevrr y Croup TO safeguard its class, ’ have also actepi«L 

cem raere Acceptances have now passed -the’ 

f®” 1 - ithugs account™ Yesterday, ir announced that it 90 per cent limits required far 
fund_ neariy ” PCr 66111 ° f 1110 b3ch a ^ oan froin offcrs to bo unconditional. 


Allied secured against an option However, for the offers to 
Mr. Walker points out that the lover 5 per cent of Belhaven's become lully unconditional 
managers have continued to (shares. The loan, which was for Department of Trade -clearance 


Th e company’s property and company to train FOR THE firet half of 1978 , am0U I 1 H.. !4j. ear5, 115(1 0nJjr rua f ° r ° ne Com^Sies iaS? foTlSf* 


assets have not been Laken over, technical staff in Its 58 years in Gaskell and Co. 
but the administrative committee ihe announced higher turnover and 

appointed on Thursday by the Complaints have also 


tBacnn) long-dated gilts ytelding around Jear. _ . - _ . , Companies Act 1974) for HaiFa 

iUFS ! d 1? per cent, aha he hitthtahts » '■ ?”rdnn Cm., Betomml ov.-ncn* 1? n( theWnrid Krtne 


DIVIDENDS ANNOUNCED 



Cabtefonn 
Carrington lov. 


• ■ 

Date 

Goire- Total 

Total 

Current 

of 

spondlng 2 . for 

lost 

- payment 

jayment 

■div. year 

year 

3-OSt 

Oet.3 

0.12 83 

032 

2jS 



S.Q7- . Z£& 

2.07 

toL 2.77 

Oct, 2 

3.4S — 

&2G 

2.73 


. 2.44 S83 

3.44 

InL 0BS 

• Oct. 2 

■ - 0B8 — 

2.1 


Longton Transport 
Western Selection 
Dividends shown pence per share net except where otherwise slated. 
♦ Equivalent after allowing for scrip issue- t On capital 
{increased by rights and/or acquisition Issues. 


Bishopsgate Property 
loss deepens to £151,361 


Iso been TmciSd mterim the rompou^Teffm JrS ^ CmmI Insurance Cttmpany. 

Department of Industry ‘ and directed , ^allegedly djenmma- make, and 



operating normally. Seiia Sugar improvement of nearly £47,000 at tions to the property 

Estates produced 48 per cent of ll ^ch is iwciy to affect up to 100 ncs um«iu ua _ 

Mozambiaue’s mijtar output and expatriate employees and their 
was by far the biggest of the famines, 
country's private sugar companies. 


employing some 12.000 workers. 
Apart from Sena, the industry 
includes several Portuguese com- 
panies. a Tate and Lyle subsidiary 
and abandoned plantations taken 
over by the state. Sugar accounts 
for 27 per cent of Mozambique's 
agricultural exports. 

In the four years since Portu- 
guese rule ended in Mozambique. 


Record 
£0.73m at 
Cafeleform 


£385.783; would be made on 

For the whole of 1977 turnover basis, 
came to £S -54-in and profits were 
£648.000. 

Hail Year 
1578 1977 

£ i 

Turnover 4909. MS 4.074.U5 

Trading surplus 427.201 378jw 

Depredation _ . 51-419 39.702 

Proa before lax 385,783 SUM 

Taxation . - 200.000 1TB M0 

Net 


By paying back the Loan Bel- are shown to have disposed 5 

selective hav - en had can ceded Allied's 75.000 and 85.000 shares respee- 


tptian. " We did not think H right lively on August 3. 
I that a competitor should have such 


up 


Longton 
Transport 

■r profit 185.783 162.884 j J 

The interim dividend is stepped flllWTiniTtl 
3 from 2.48p to 2.77p net per 20p UU TT UiUill 


, ?sS «e. w ,- Unigate expands 


Mr. Currie also said he v-as glad TT C pVi/incn 
that the company had recovered U*0* LJUct/jC 


Sena's fortunes have declined INCLUDING EXCHANGE losses &hare ! 1977 15041 was 3 - 7S P 
because of the depressed sugar up from £5281 to £20,371, taxable - 

market and the failure to com- profit of Cableform Group more rv . . . . « • 

mission a new mill at Marromeu, than doubled from £339.336 to a SlirKrflTmfll FISP 
one of Us rwo factories. record £721.300 in the March 31, Aaov- . 

The fi.OOO-tonnes-a^iay mill was 1978 year. At half-time profit was fraw dim 

due to start operating in raid- up from £99.000 to £370,000. till 3*111 

1970. replacing an old mill of As forecast at the time of its T •• • 

4.000-tonne capacity which was one-for-10 rights issue, a final of I ,|tp flPTl^IftTlQ 
allowed to run down. No sugar S.B8p has taken the dividend total F vu ‘ 5,vu ‘ 5 


o the point where it was able to * . 

make such moves. Even after the HITAFPQTQ 
repayment, cash balances still 

stood at £im. Unigate is developing its cheese 

He stressed that the cancella- Interests in the United Sates 
Hon of the option would in no way through the purchase of an im- 
affect the close trading links that portant customer, the Gardenia 
PROFITS BEFORE tax of Longton Belhaven has with Allied. Cheese Company of California. 

Transport (Holdings) at £1.15m „ No financial. details are yet avaQ- 

for the year ended March 31, LESLIE & GODWIN able but the deal is unlikely to 
1978. fell short of the £1.33ra A PPUPT ATVUF9 make a significant impact, on 

achieved in the previous year. , . Unigate's substantial cash re- 

Turnover amounted to £27 ^7 m The £25m bid by 05. insurance sources. 

compared with £25J)lm. broker Frank B. Han for Lloyd's The purchase is being made 

When reporting first half broker Leslie and Godwin con- through Unigate's wholly owned 

profits. £27.000 higher at £628,000, tinues apace. After announcing subsidiary, the Frigo Cheese Gar- 

the directors said that due mainly earlier this week -that share- poration which is based in TVis- 


was harvested last year as a from 0.321 Gp net to 3.3p per 5p THE Sun Life Managed Pension industrial relations problems holders representing 86 per cem consin. The Gardenia purchase 

»■— *””> vnrrtiTtr,* of Fand had grown to nearly £o0m having an adverse effect on third of the ordinary — ’ — * ■*— - - 

over the first five years Of opera- nuarler. nrofits it was. finlikelv airpniwi ir« cash 



to raise its borrowing limits 10.6Ip (3.75|i) jier share, 
three \n the past two vears. 

The ~ ' 

main 
pan 

arrived in London earlier this 
week for talks with other creditors ______ , __ _ 

gave Sena the news of the move TV/liiTOr'fi TlrBoIrC 
in Maputo on Thursday night. It I'llllvlll A/UCnd 
Is unclear whether the decision 

stems from the outcome of these WC11 HK163U Id 

It is understood that the bank 
has made a number of proposals 

to the Export Credit Guarantee Turnover of the Milford Docks 


offer, 


first half 


Pullman makes cash offer 
for Greens of Kensington 


Hall existing five deposit of Frigo 
bad Cheese and provide the group 
So with a strategic bass on the west 

. Leslie coast of the U.S. 

his chairman's report for the six shown at 15.9p (17.1 p) and the 
months to June 30. 1978. final dividend is 2.7458p making a 

The unit price ou June 29. 1973 total of 3.8458p against 3.44357p 
was lOOp and it had rose to 208.7p previously. 

by the end of the period under Freehold and long leasehold 
review. Its market value stood properties have been revalued 
at £4B.lm but has since passed 'J 1 * surplus of £2.9<m has 
through the £50m mark. S, '™ or » onua m ^ annual 

The fund is managed by Sun Year Year Garment and textile manofac- not form part of the £800,009 

Life Pensions Management, a 1577-75 19T6-7? rurer R. and J. Pullman is to buy profit target. The total initial, pay- 

Denartment which are still the Company’ rose ’sharply from ™ ember of the Sun Life Assur- Greens of Kensington in a cash ment of £150,000- now, and 

subject of negotiation. The ECGD £612.659 to £1 -28m in the first half ance Society, to provide invest- w mS purchase worth a minimum of £100,000 later will therefore be 

provided a £3m guaranteed buyer of 1978 and profits were £173.620 raent management to pension TaJ , 17>Tn *5,434 £250.000. However, depending on more than covered by net assets. 

credit for the Marromeu mill pro- against £21.454. including excep- funds on a unitised basis. The Net profit .. LKTSTr !.078fiia Greens’ level of profitability over jj r Green and Mr A. Green 

lect for which Antony Gihhs and tional items of £42,532 compared fund U a mixture of equities, pro- ExtraonMnarv ««n ... 2S.uo - the next few years the offer gjiraetDrs nf Greens wiil rfen 10- 

Snns is lead bankers. The con- with £19.357 periy and fixed interest with all **•?!? could be worth a maximum of vear < erv ice contracts vrith 

tractor Is Mirrlee* Watson, a sub- Tax charge this time is £86.365. decisions on the mix being Lbe mS ISOO.OOo. pShnan? 

sidiary of Tate and Lyle. Last year, the group reported responsibility of the company. - After waivers. ” The first payment of £250.090 is 

to be made in two parts: £150.000 
cash on completion of the 
acquisition and £100.000 12 months 
later. Further payments will be 
made over a four-year period 

from mo to l»S3 according to 90 per cent of the capital nf 

THE OUTCOME for the current £21fi9ra (£16.6m) largely reflect- gress in the current year. net profit was £40.000 (£43.000) <he level of taxable profits of J. B. Eastwood and has declared 

year at Associated Leisure is ing the performance of the The turnover of Associated Extraordinary credits of £41.000 Greens over that period. These its offer unconditional as regards 

expected to be good. Lord Jesse], amusement machine division. Leisure Sales was a record and (£6.000) were transferred to re- parents vrill be settled by acceptances. However, a decision 

the chairman, says in his annual where the benefits of closer the company's profit improved serves. separate issues by Pullman of 8- Is stiU awaited as to whether or 

statement. co-ordination of subsidiaries were substantially over the previous Earnings per 50p share are ^5 cen * unsecured loan notes not the bid will be referred to the 

He reports that the directors realised. year notwithstanding lively com- shown at 2.7p (3.4p revised) and redeemable m each case five years Monopolies Commission .therefore 

are well pleased with the group's A curPerit ^ 5tate ment vhows petition. the dividend is up from 2.07p to the da i e of bee “ eXtended un,n 

trading performance m all sec- taxable profit reduced to £2.9 Itn. The directors are encouraged 2J77p neL 
rn*Hat«f ^ business for this year adjustments of £656.000 for with the reception given to 
Memterv iro iu depreciatioo. £199.000 for cost of A«wooiated Leisure Games' models ET Cfinep 

diKcSra1md. cSd.Mhfe fff- eelK.h'reet by scaring of £26S.mo. and cap^c .Urn role in ,hc _f 1 OOare 


Associated Leisure strikes confident note 


IMPERIAL HAS 90% 
OF EASTWOOD 

7 


In thP S‘ln A dlvidooal analysis or group division to grow in importance T»f 

^ hnli'^v turnover and profits shows fin In tiiture years. Lord Jessel ad d-s. I nTOriTiatlOTl . 
!L™ L„i 0t 5i! V**!2r2L rooorsy. amu-emervi machines The eriter.tainmems division 


fihrai^ 6 «rat?rar m a -, r ^raa. Pr lH^raI 3f ^, i ora £18.080 (£14.471 > and £2^46 had another, good year despite As from next Saturday, a nesv 
Into r croup 0 o«- ne reh i p " Ce ” (£1.901): leisure centres and poor summer weather and the section headed Leisure will be 


subsequent settlements Is £550.000 The total number of ordinary 
which could bring the total con- shares of Eastwood io respect of 
^deration of Greens to ISOO.OOO. which acceptances have so fair 
But this- maximum figure will only been received is 17,218359. Since' 
be paid if the pre-tax profits or July 18 the date the offer was 
Greens for the period from April first announced^ and prior, to Jhe 
I. 1979. ro March 31. 19S3, reach despatch of the offer document 
£800.000 or more. on July 21. Imperial purchased a 

If Greens’ taxable profits do nor total of 4,455.000 ordinary shares 



declared 
diversified 
firmly 

amusement muemne ausmess. ana 'T'"‘ . _ , , , , „ r rinp-mas TVieatwc and tv >«v . -•=■»< iu«uuaij ai. uio. »«e sun* tu wumu upuMiis im»e ueeii 

they add substance and balance Lord J«sel reports that in the J"” : . Drea # ? 1 - wijh^he bulk of the S! £qfi i 000 ' and neI ^ isets were panted under the J. B. Eastwood 

to the company." Lord Jesse! amusement machine revlor the !, a " d n xuER uHha 1 * from atisreUaneous fndStSdt w N'ei asset* exclude lease- 1S7S share option scheme have 

explains con nued jfrowth m and the high f the Wight Holiday ^ M^ceUaneous JndustnaJs. hold f ree hoJd revaluations agreed to release their options in 

The directors are continuing an QU»hty of the inventory of sited Ceeire and Oil renovating and 1 ^ l inients ot rue new whJch produecd an excess of consideration of a cash payment 
active search for similar, attrac- machine®, the careful atte-ntion ? be lalest machine in sec "°„.- “S™ * xssnriataA aW.000 over the book values. Pre- of 108p per share under option, 

live businesses, he adds. paid to individual requirements, groups amusement arcades, b 3nd waiiarpArn^d PIS? 15 for , the £ ear t0 »I® rch Th e®e arrangements are condi- 

The cost of acquisitions during the appHoation of the new micro- Trust a Black and RdHintnn 5- 1979 ' are forecast by Green tional on Imperial’s offer becom- 

the year amounted to some £2.5m. processor technology and. most r , QrrmrTfnn Boosry and Hawkes Coral direc,ors t0 be £12S.«>0 but doing fully unconditional. 

T Um f 0 } w - -|-ra 

susf &SSS ° Z Inv - ahe ad Weston-Evans asks for 

£ 1.25m (£359.000 increase). The recent stimulus provided From turnover of £504,000 com- LWT A, Management Agency 


Not tangible awets per share by the increase In the legally pared with £492,000 previously, and Music. Nationwide Leisure, chorfi CllCnGtlCIAYt 
iw stand ar 3 o.Sp— double the permissible payouts on amuse- taxable profit of Carrington In- Norton and Wright. Photax (Lon- C MlMicliMUIl 

vel of five years ago. meat with prizes machines gives vestments advanced £25.000 to don). Pleasurama. Rediffuslon TV . * 


now 

level 


As reported on July 13. croup the directors good ground for £83.000 In the March 31 1978 Pref.. Scottish TV A frldeift TV 
pre-tax profits jumped 57 per confidence that this part of the year. A. Ulster TV A. Webb (Joseph) 

cent to £3.49m. on turnover of business will make further pro- After tax of £43.000 (£10.000) Westward TV, and Zettcrs. 


Results due next week 


Further developments at Weston- has sold 289,730 Chaddesley 
Evans Group. . the .engineering shares for Mr. Llpton and Mr 
company which is contesting a Wilson at 44(p. They yesterday 
bid from two of its directors, bought for associates 16,730 
resulted in the Board having the Chaddesley at 44] p. 
shares suspended. 


THE PRE-TAX deficit of Bishops- interests in Australia also made 
gate Property and General Invest- it prudent for the directors to 
meats for 1977 was £151,361 value them at a much lower 
compared with a £54.341 loss in figure than oris In a) cost. - 
the • proceeding 18 months- 


Midway dip 
at Western 


Revenue for the. period was 
£BS?,89S (£l-2lm) while interest 
and- management expenses 
totalled £771,189 (£J-2IU!> before 
associate losses £18,070 (£61,569). 

■; The net revenue deficit came 

tax a £redi?^of Selection 

charge) and extraordinary losses . 

of £3 0im (£407,220), offset by Before tax of £48,000 compared 
transfers to the capital reserve of with £53,000 last time, profit of 
£235m (£44,106). Western Selection and Develop. 

Net asset value at balance date meat Co. fell from £117.000 to 
was I3p U6p) per £i share, and £100,000 ’in the March 31, 1975, 
directors say the strength of the half year. ...... 

Deutschemark in the early part of The interim dividend is un- 
1878 before the March and May changed at 0S75P- Last year a 
loan repayments and continuing l-225p final was paid on total tax- . 


revenue deficits have eroded the able profit of £319.232- 
company’s asset value to an The profit for the half-year 



estimated £3« 0*000 or 4-5p a share was lower due largely to a reduced . 
«s at June 30. 1D7S- let's! of profit realised on g)w of 


lll(M« 


Again no dividend is to be paid, investments of £19,000 (£29,000), . t f fl f i ‘ £ ' 
Dividends were last paid in 1974 directors say. £ i * - ^ * 

When profits were £1.45m before The Board anticipates the profit ; “ i * 


tax. The total payout was 3Jlp from this source will he better in 
net per share. the second half although it is 

Directors say net asset value unlikely that last year's level will 
declined during the year by be reached, 
approximately £300,000. The profitability of Durahibe 

Although some investments and Wire improved during the 
were sold during the year at first six months. The forward 
prices in excess of their written order book is good but because of 
down values, the directors found the impact of an unexpectedly 
it necessary nf Hie year end to large wage award In May. it is 
xeduce the value of certain re- unlikely that the full year's earn- 
main ing interests. iocs trill meet the Board’s original 

The interest in the German expectations, 
associated companies was rc- British Patent Glazing also has 
valued to reflect the sale of the a sond forward order position. It 
Stuttgart property which had Is expected that the small loss 
already been agreed, although whirh-arn«e in the first hnlf will 
not completed, at the year end. be converted into a positive con- 
information which became trlbutiuo for the full year, they 
available regarding the company's say. 


UNIT TRUSTS 


Specialised funds for 
alert investors 


This week’s unit trust t-7e rings there Is some exposure to the 
are for the enthusiasts. That is to Australian market, loo. A spread 
say. they are, ail of them (includ- like that means that movement 
ing Target’s Special Situations) in any one market will bo 
specialised funds: and they’re not diluted: but of course, if most 
really suitable for the investor of them go together— and the 
who wants to put his (or her) eastern markets havo a tendency 
money away and forget ;.bout it. to do just that — then the effects 
If things go right, investors in will be dramatic. The minimum 
these trusts will make a lot of investment accepted in this fund 
money: but they’ll need to stay in is £750 (or £40 a month), 
touch and he prepared, at some Arirathnol is offering, to the 
-uijnt. ro take-their profits. It s a alternative, units to its Coin- 
necessary concomitant of running nmdity Shore Fund, a persistently 
a specialised trust, that the gco d performer which, the 
managers just can t afford to go managers says, provides investors 
too liquid if their market shows with away of combating fofla- 
.signs of turning against them: so tion. Investment itr into the 
the Investor has to make that shares of companies trading in 
decision (or himself. or dealing with commodities: and 

a- a'ii _ r at the moment that means, inter 

fnnH« r ^'3- » 15 per CCpt CXpOSUrC tO 

nrAhohit =?? rrailiw -f! oil com Pahies. 15 per cent to 

er t 1 ” thOSC ‘ n *'"■ 14 Per 0601 t0 inter ' — 

nationaI traders, and 12 per cent 
,0 Rold The minimum invest- 

^ tho n™ iJim SS menl acce P tcd ls £750 (or £40 per L’.' J '. i 

:overy In the Dow Jones since month) 

he start of this year. American _ V. _ . , 

share prices might be due for __ ra r®*r3 Special Sltuattans 
• mething of a setback in the 15 m ® re .general In effect, 

short term: over the longer term, though not in intention— the 
however, they reckon that they F umaRers ar « looking for shares 
represent “ outstanding value. ** If ?L I Ji?f l ? panIe ? 4 . w **“ recovery 
you want unadulterated exposure or other capacity for a 




to that value M and G wiU provide hasn't 

. — - — long been going in Its revamped 


it for a minimum of £1,000 (or £40 X j”". In ,rs revampea 

a month) form ’ for the moment the 

„ manager's performance must be 

It however, you would rather taken on trust. However, they've 
have your American exposure in forecast that the yield— now some 
a modified form, you might 4 per cent— will be up to 7 per 
consider Arbuthnot Eastern and cent within IS months, which 
International Fund instead. This means that this fund stands to be 
cent ' nv - estad in lhe mosl attractive of the week’s 
the U.S.. 27 Per cent Jn Hong offerings to those fn search of 
Kong, and almost 20 per cent income. The minimum invest- 
elsewhere in the Pacific basin: ment accepted is eS 


TRAFALGAR BUYS 
PLANT HIRE 

Trafalgar House has purchased 
Pelner Aliscott, a small lo&s- 
company. 


in foods where the price war left and Midlands Counties Trust, the „ . 

. - This company its mark. But improved volume p r^ate compa ny o wned by Mr. by ^? mer A-C. 

in European industrial does not appear to have much should reverse this and analysts Cecil McBride and Mr Graham °f V '£ est Germany. The undts- 

5, suggesting that overall scope of Increasing its dividends are expecting profits of between Fereuson Lacev ‘ closed purchase price is said to be 

by more tban 10 P er cenL £12-5m and £14m, compared with BirrainUam would norm all v be at a “k^anUa! discount to _ assets 


Comben chief on benefits 
for Orme holders 


7f the proposed £10m offer by of Orme. “We consider, how- 


£125m and £14m, compared with Birmingham would normally be f 1 suDstanuat discount *o asset*, the Comben Group for house- ever, that vou should nnt ** * 

H'ZSW r^uirauVer 8* .Utin. SS’S’SS, 1 tS. ’Sf SUSS " “ ott&ft, %RJ 


A statement explaining the 
move. is not now expected until 

me main foal urc nn next Analysts arc not very optimis- life company half-yearly reports, improving level of volume sales, tlrolf "to? 'siuroension 1 'orire^f 
week's company results list is tie about Unilevers second quar- but at this stage these are largely In the first quarter, gross margins 1330 compares with the tabled 

the first half profits announce- ter results. The first quarter academic since profits depend were down sUghUy, particularly offer of 1244 d from Birmingham Pel , n ? r A,ls < rotlt ' .? 

ment from the Ro>vi Dnlch Shell (profits down a tenth) has been very much on the actuary’s end- in foods where the Drice war left uuhTil rmmt» Tv.«rT «i» making plant hire 
Group due out on Thursday and followed by continuing flat con- year valuation. 

Unilever on Monday. The insur- di tions *- ** 

ante composites continue their markets 
season, with interims expected recovery 

from Royal Insurance, while off. Demand for such products as 

similar results are due from margarine has been disappoint- Tube Investments Is posing a ^ concentrating on expan ruJes^Ta nosMts offer d^rument or ^ our ?**** are believed n fU ^racceed O rme"s"*sfaare iTo Ider s aT deprived 

Tube Investments. F. W. Wool- mg and the state of the Nigerian b 1 1° fa problem for analysts bigher marginclothing interests to ^harehoWera onMonS^S have aPProoehed the Om mark. „o,iM be Aiyfogwlth^ a ”mpm Sur^ recalv ‘!?= 

worth. Nottingham Manufoctur- economy is caus.ng some concern, attempting to forecast next ar f d cutting costs. Proflts could davs ^StTretSnnoiSred rS Peiner Altocott will trade to con- which has a poor profit^Swd SSdon " Mr - 

Ing and Corah. However, the meat business is Wednesday’s interim result. At be 23 high as £60m for Senear of^its offer SSr I junction with Trafalgar's Delta- and— relatively nSrraw S iS,? 15 Shareholders. 

The Royal Dutch Shell Group bouncing back afu-r a period of the annual meeting the company (£45.5201). iVnke ™ an ^n r°Rsre) a vs Me r^ha m P*® 01 ^realisation, which is part -rnmhfcaj spread This is ^he dren aJsi J. reveaI 8 

reports its second quarter figures slack demand and the oil milling indicated that results for the full adri£^ s t?d oP ** A K* at Plan * HLre ™b- Sndurion Mr. ' ~ - dTOp m Comben s net hnm ' wl "“ c 

on Thursday and. with uninspir- side Is bencfilin» from better year would be aheadof the Jfoaim J, a T**** 1 spending ^k. »rminKnani s adraera sam ^ deal ^ t0 ive con<au 

ing results already in from Shell prices. Overall, lhe forecasts for earned in 1977 The range of J* ala ° show “P ’ n JSlSimnwh? h2ri bank^?ntil Traf^gar the larger range or fohSfanwil lener to Orme share- Inhr *C '■< 

L-anada and Shell Oil analysts the first six months range from forecasts for 1978 is between textile rector where, many ‘ ^ “wer cranes and hoists for hire hoMers! “ ^ they were fUn. 

are forecasting a profit before £245m to £2/im compared with £60ra and £65m but there is dis- companies have emerged from ® f^"l ce to the UK. and probably Europe holdCT *' . , A pro forma balance *h* n t 

FAS 8 adjustment of £305m. This a figure of around £290m (ad- agreement about how this will ?* ,00 ^ n S rather But Ifshareholderstake upthe show's that ahsorblngOrmew^oW 

is marginally ahead M the fiist justed to end l'j77 exchange be spread over the year. In J* ^ cr * d - Next week se^ first- fifK . r- shara and cash mixture they gwe Comben net^ assets of £i4?m 

quarter’s figure of £2S6m but rates). 1977 the contributions from each ^ a fT0 ? Nottingham S. 0 ™ ^ AE EXTENDS BID would be getting an investment including £4^m of ^ooritrilT 

down on last year's second The half-yearly results from Sialf year were roughly equal ^“^ctonng Company and FOR FLUID RTVE ,n Comben which has an 1 exten- Borrowings would toral° nim 

quarter of £S30m. The resulis Royal Insurance, due on Thur^ and. on this basis, most analysts wtuch have^Marks IN AN intereSnz ^^lav of geographical spread, and excluding a £L25m loa/ 13 

from the chemical operations as day are expected to show a simi- are going for a figure of £30m and Spenceras a principal eam^aoSio \^ciatS En^- proyeTKTOnageraent which over comben’s parent wSremv 

well as a slight improvement in lar pattern to those given this to £325ra For the six months to customer. Since March, M and S £ Inadequate m finaMal te^s gam^an«up, AsoaatM Engi the last, three years has achieved company. 

European moraine almuld Pave week by. .be other major VS. June 30. 1975.. But other, have 22=25- -*5H« ‘■“SC? “MT &££*££ SSf&WteiSSwd Sr oSSe’fcSjbei^' " 



to 


helped the performance in the orientated composites Commer- pointed to problems in the tube * n including textiles. 


latest period. But refinery utUi- cia] Union and General Accident, divisions due to a strike at one and this is bound to be reflected ]J3°* driv * for The terms are 162p In cash and 

sation is still not particularly namely a strong recovery to the of the major sites and also to ™ tti e Profits of its supptiecs. *: oa ™ that they intended their days from August 22 to August five Comben shares For every six 


high and this is having a dampen- second quarter to offset the very the drop in volume and prices companies have also poshed 10 ^ mer ®ly. an invest- 25, 


ing effect on profit growth. As poor first quarter results arising in some of the more profitable their overseas sales although tbej^inL 


Earlier this week Thomas Till- 


SHARE STAKES 
Vinten Group— Mr. 


shares of Orme. Mackirdy snid ,I ^niin r ' B h J ' 


well there is a seasonal down- from severe weather in both the areas, like aluminium. These F™ n ® er P°und will not have ( or l* 8 *P a ^ 1 i nR s^^unced that it wmiild close and dividend forecast for the nine 20JM0 on Auaut* R*" ® ro '™ ^ 

*•" ’ - lead some analysts to helped. Last year Nottingham «W only wants al per its offer at noon on August 22 month- froriod. endine Decern- „„ 



turn in gas sales in the second U.S. and UK. Operations in the factors 

quarier. Reported earnings will U.S. are likely to remain firm 

again be distorted by the effects and any fall in underwriting pro- 
of FAS 8 (the U.S. accounting fits from a figure of E10m in the 

standard on translation of foreign first half of la-u year will come months, 

currency). The estimates of the from adverse UK. experience. 


suggest a figure around 227m for Manufacturings first-half profits cent of Weston-Eyans and any but that it had agreement from her 31. 1978. Taxahle profits are Morris — Reports ( ! 

the first half with perhaps a amounted to £4.54m and Corah's surplus - shares «i l be placed, the Takeover Panel to renew the expected to be in - Jhe order of sales by directors: Mr. \ 

further £33m in the second six to ■ £1 - 43m - • - • Such a move would, of course, bid should AE fail to secure con- PI. 35m. compared with FI. 3m for C>648 ordinary shares 


impact "of FAS 8 vary from a However, continued strong growth Given that consumer spending Nephew (Tuesday). Philips Lamps 


— - Reports 
retors: Mr. 

Other results to note are first j non -accepting shareholders trol. At the time TiUins’s share th- "‘foir year ending March 31* 2 „- 2 ^ “A" ordinary shares, 

half results from Smith and I locked into a permanent mmorrty. offer was marginally more valu- 1978. The forecast assumes that.^J^ 21,570 ordinary 


1 1\ 


U 


I) 


positive FlOflm io a positive in investment Income should re- Parted to pick up in the second Holdings (Wednesday), Transport \%r f* TlirTXi 

h in pre-tax proiits advancing quarter. F. \V. vVnolwortb's first- Development Group (Thuroday) vv * 1 n 


£130m. This would cite a not suit ... 

income figure of between 1405m to £7Dm from laat year’s £65.6m. J 12 " 


results, due out 


and £4o5m. 


Britannic Assurance opens the Wednesday, should reflect 


. . (Thursday), 

on and Lex Service Group (Tburs- 
an day). 


Frith Foils offer for W. G. 


able than the AE share offer — there will be on mortgage famine and ®=*.878 “ A 1 ordinary. 

both were abve AE's cash offer or ar, d that the winter weather does Chloride Group Mr P r 

80p a share. not create undue buildinc Aspinall, director, sold 


20,000 


Cnmpanr 


■ at 


FINAL DIVIDENDS 

Nttsj tmvstmvn< Trust 

t jlpdomao Trust Co. 

I'joJtjI anti National Trust 
Palo Blccuir tnUTnailnru] 

Oinks Coui-rton 

Ewan New Nonficrn . . . 

Cariord t.tlivy toausinos ... 

A. J Cvlfvr 

Cold Fields of StfUth Africa .. 

Crcsltajn tnvesnrrnt Trust 

Melody Mitts 

Louis Newntark ... 

Norton and Wright Croup 

Pifco Holdings 

Pres* Tnois 

Regional Proper! im 

Pel lance Ktntuear <»mup 

Slirlmg Kolnitu Croup 

Vihroptant Hides. 

Joseph WYhb and ( 'o. . 

Wiggins Construction 

INTERIM DIVIDENDS 

MbrUtu Wilson 

furrow Hepburn cimoo 

Fntooaic AasOMnc-- Co 

ftnriah Aluminium Co 

Corah 

rre.imland Electrical Anolt a ore* 
Evade IWMIbbs 


Annottnce- 

ni«>ni 

duo 


Dinucnd ipj* 

Last year Tht* year 
ItiL Final Int. 


Company 


...- . THwrisy 

t.fi 

2.50039 

t.6 

Monday 

0.5 

t.l 

OS 

. . . Thursday 

l 

3 

IS 

. ._ . Tu.fday 


1.228 

1.438 

Thuroday 

a : 

T.fi.*i9U8 0.7 

Wednewlay 

— 

l.a 



. . . Wcdnptfday 

o.ir; 

0.54 

0.175 

Thursday 

LIS 

1 43£0 

1.2 

Kriday 

11 71 VII 

2R now 

19^612 

- Tuosdaf 

n.swn 

1 17772 

071339 

. . . W'dtK'cday 

— 

Z.M 4 


"3iM«Lny 

7 

4 . 1 «3 

S.o 

Thursday 

1.17^3 

2.GI3 

1 311 

ITKJ.1V 

0 »« 

1.U37 

0JU 

.. . . ThfMlaf 

0 -173 

n.tJIJ 

0.86 

WVUttfSOeiy 

— 

firth 

O.a 

.. . Tttrsrtay 

lih« 

1 '•Tjib'l 

1.4 

Fnrt.iv 

u.V. 

n S3 

0.3a 

. . . Motirtay 

3 jf.i 

5 04 

3 90 

. w.dn. MJay 

il K.'i 

n mis 

0.1.113 

TucmIjv 

. orn 

9StH« 

0.77 

ThuraUV 

; 

2 All 


. . Wedin.-vljy 

1.175 





1 

* im 



15 

i'ii 


. Thursday 


l «15« 


.. .. tv.iHinMaj 

O'. 

l.Tii 


Thurodu* 

0.715 

1.5S9 



Lambert How art ti Group 
Lex Service Group 


Moorsldc Trust 

Needlers 

Nottingham Manufacmrlng Co. 

Olives Paper Mill Co. 

Pre Hnldhtes 

Rea Brothers 


Royal Worcester - 

Shell TYansporr and Trading - - 

Smith and Nephew Associated Cos. 

A. C Stanley Holdings 

Twer Oats and national Milling Co. 
Transport Development Group .. ., 

Ttihe Investments 

Unilever 

Uni.v, Croup . .. 

W>rd Hnldlngv 

Wood house and ftivsnn rHldas.t 

F. w. Wnolworth and Co .... 


Announce- 

Dividend fp»* 

ment 

Last year . TtHa year 

Cue 

InL 

Final Im. 

— Thursday 

1 

1.S5 

— Thursday 



- 1 

— Tuesday 

09 

237 

Thursday 

1.388 

2.078 


8.5- 

9.01H 

Wednesday. 

1,25 

la 

— Thursday 

_ 

1J 

— Tuesday 

0.912 

2.3JI875 

— Wednesday 

1 

1^5 

_.. Friday 

1.223 

7 .3434 .. 

— Thursday 

0.723 

0A778 .' 

Thursday 

moo 

FI5.75 

Thursday 

B.512 

9.936 

Monday 

2.178 

4.2108 

Thursday 

9.822 

0S22 

.... Tuesday 

8.781 

1.6188 

..... Wedwaday 

2.3 

3-32728 

.. .. Wednesday 

9.35QU 12.26101 

.... Thursday 

1 (25 

2.06225 ' 

... Wednesday 

9.829 

11.124 

... Monday 

4.68 

784 

Monday 

1.670 

2.6517 - 

— . Friday 

0.89 

l.Aj 

Thursday 

1-15903 

l.loSOS 

.... Wednesday 

L223 

2.95 


_ . 4 . . _ . . ^ . . -Tilltog’s closure announcement Problems. - , , “^dinary shares at 126 jp 

Fnth and J^o. has^been _ acrepted was des \gn ed to keep it in the At *** enrt ° r th “ > ear a final Au fiu« 9- 

(475 
with 
446.5; 

bTSS * “ ,C for the ?™f7 0nth Period. This Srarcs - 

tchtdv MTTVm? A I c • is equivalent to an annual 2.o«7p ^^ alt 7 aIr - J- Carl Ross, 

ltnlUX MII^LKAl!) per share net which ts an increase Premdeot, has sold 20,000 

The Board of Tehidy Minerals SANDVIK/ SPOON FR approsimately so per cent ordinar y shares at 70.5p. 
studying with 



Is 


^ . - 5 *s financial to response to Sandvft’s offer nrer ^ ^ ar « Sotheh y Parke Beraet Greop- 

ge P S Ont ; tha for Spooner Industries, accept- c ? d f d M»ch 31. 1078. TTie size Board report following sales by 
°®? r £ om tovtotiaratand antes have . been received in the i ncreas e is allowable under directors on August 7; ordinary 


s™ i? to shareholders respect of S.477,024 ordinary *** Treasary ‘ s recover y ™Ies. J. L. Morton LS00. 

sao uy ' shares of Spooner. With shares ConuwntinR on the discussions shares— Mr. 


CHADDESLEY INVS. 


... w-s uiovuniuna — non “L M,W — F- C. 

purchased. Sandrik now owns 93 With Orme and its prmcinal share- T,r so ?, s ™.000. Mr. G. D. 
per cent of the issued, capital. holders. Mr. Peter Whitfield and „*^ elJy " *U)Q0.' . Mr. J. L. 

* . . .. . The Office of Fair Trad In- has Mr. Bob Tanner, Mr. Roydon said 45 °- .Mr. P. M. H. Pollen 

on August 8 it was announced announced- that the acquisition that they were Informed of the -n ^ ord ' Westmorland 

roTLaJS °T t0 .“"“Win will not be referred to the terms of the offer on July 21. , S iT *■«* Turner 2 ,«M). 

| Chaddesley Investments open Monopolies and Mergers Com- “On July we were advised , r ;, P v* J * $*- Spire 5.625 and Mr. 

mission. rhai they alone bad sold sharps L,nelJ 59.000. 


company status, arrangements mission. 


^ AI1 n , ec ^ ssar y exchange comrol eqtovajent to apprcximately-'^ Marley—Mr. J. E. Aishor. 

^ ^ ra? n ^J° r p£L ir ? plcmcm;i,mn ^ of ^ 0nae C3 P' ta! 10 has acquired i&S 

Mr. Stuatt Llpton Hr. Geoffrey of the offer have been received Saint Pi ran for 55p a share.*' ordinary shares for his benefirin! 
Wilson and Associates holdings of from the_Bank of England and n.wnmees of Piran wpr? interest and. 15.000 <h,rM uio 


'at Companv has changed yeir-eml IO April 3ft. Flcuras nhow IBTfl final olaa Srtt 
turn iaii> runs far U»n.tg •*— “ 1 — — -* ■ - — - 


Just over 70 per cent to under os Sverige RDrsbsnk. En » hod and Thra, o«mn«s„^f were »SS!SJSt.V» *<«• hr lus 


c ,v ninu jv. riiiura sna™ 1 Hnaj pun nm i nn* font Thit riicmsea! ni. ~ Ttin n#ar „ _ _ . ■ , . , elected -W the Orme Board and non "benclicial interesL 

- (MDwW«miB pari on so stwros WHICH w« a %S,^eftiw| per , ce '7 t- 11,15 dis P°saJ look place The offer has accordingly l» en aT ttie ^mc time Plran atatM Smoke Bnn^ M. , r- 

rnnsnlidarcd tmu 3dp aha res. ret CHanutn* la Dwaanbw 31 year-end. to I yesterday. declared Unconditional, but will that it had no intention of snakin' 1 Cr»H HilSJli IJcb , g--Hr L. G. 

released aro tor months w j«no W. Aw "? mJ j Rowe and Pitman, Hurst-Brown remain open. JfyiK ollShotVr^ ^ 


V 










vFband^L. Times Saturday . August 12 1978“ 


? 1 *-«, 

1 >2r*t: f 

nV-‘ 

' * > ! ? 


U ^A\ A 

■ is.lt 


*■• for 


OF THE WEEK’S COMPANY NEWS 


Take-over bids and mergers / 

Mining Investment Corporation (Mlncoip), formerly Selukwe 
Mining and Investment,' is making an offer for all of the ordinary 
c ®P? ta ^ of Tehidy Minerals not already, owned. "The'offer Is two 
ordinary shares of Mincorp for each'TeMdy ordinary : which values 
the outstanding capital at £I.-5Sm. Mincorp holds around 23 per 
cenl J , v- TeW< * y ’ -® 1 ®* is a backing cash alternative offer of Mp 
per Tehidy share if the hid becomes unconditional.- 

Thomas Tilling, whose share exchange offer was dismissed by 
FI a id rive, the Industrial transmission' group, will, consider renew- 
ing its .offer if the!- suitor favoured 5y FluidriVe-— -Associated 
Engineering-Trails' to gain : control when its bid closes on 
August 22 : 

The biff .by. an. unnamed suitor of 33p per share for Bellral 
Bar, the sleeT fabricators, valuing the company *t£ 793 .Q 0 O. has 
oeen rehuffed>y the company's directors backed bgr'a substantial 
shareholder; The ; company's net asset value has recently been 
estimated at around 55p per share. ' . , : . 

George Bassett has acquired lor £$m, a 75 per cent stake in 
Adam. Imports, importers and distributors of TV. games. On tnp 
of the Initial consideration, Bassett has agreed lo pay a further 
Mp -for-eyeiy pound of pre-tax profit. above £500,600 earned by 
Adam in 1$78. This is the third acquisition, by Bassett in the 
Toys and Games industry in the last 12 months.. ■ ■ . 

A number of interested parties - have expressed an interest 
in Bourne and Hollingsworth since the company first announced 
takeover approaches last month.. Bourne 7 states that. It may be 
some weeks before any further 'announcement cap- be usefully 
made. - • 

Frank B. Hall, the U.S. insurance broker which made a con- 
troversial £25m bid for Lloyd's broker . Leslie and Godwin, nas 
received approval’ for the bid froin the Office of Fair Trading and 


the Bank of England. The Department of Trade's consent is still 
awaited. 

In concluding a deal worth £3.58m with timber groap Travis 
and Arnold, Ellis and Etrerard* has disposed of all of its building- 
related interests. Travis sees the' acquisition as an addition to its 
investment programme and hopes profits would represent some 
4 per cent of sales within two years. 


Value of Price Value 

Company. bid per Market before of bid 
bid for share** price** bid (£m‘s>** 


Bidder 


Final i 
Acc’t'ce’ 
date 


- Value-of Price Value Final 

K- I ?« any bid per. Market before of bid AccTce 

old for share** price** bid (fax's)** Bidder date 

Weslcn-Evans 124i« 132 -.110 6.71 Midland 

Counties Tst — 

•All cash offer, tCash alternative, t Partial bid. §For capital 
not "already held. 1] Combined market capitalisation. UDate on which 
scheme is expected to become operative. •* Based od 1Q/S/7S. 
At suspension. Estimated. §S Shares and cash. Based on 

ilfo/to. 


INTERIM STATEMENTS 


Prices In pence unless 
Albright & Wilson 195$* 190 

Cornercroft 65* 05} 

Cross ley Building 

Products .105* • 104 -• 

Customagic - 21* 16 

Eastwood (J. BA 132*' 145- 

Eastwood (J. B.) 160* 146 

Pluldrive Eng. 90 85 

Fluldrfve Eng. 87 i, 85 

Frith CW.G.) S8i* - 861 

Henshail (W.) 20* 20 . 

Leslie & Godwin 125* 123 

Lyons fJ.) 1571 130 

Orme Devpts. - 55J58 S3* 

Pearson Longman 276S3 26S - 

Pyke (W.J.) 30* 45 


St. Kitts (London y 
Sugar 

Spooner Lads. 
Tehidy Minerals 
Tridaut Group 
Printers 


ottarwlnt indiHlad. 

123 115.04 Tenneco — 

58 1.62 Armstrong 

, Equipment ' — 


- PRELIMINARY RESULTS 


ai* 

16 

. lfli 

132* 

145 ■ 

so' 

160* 

145 

125 

9Q 

85 

82 

87*. 

85 

55 

S8(* - 

86} 

69 

20* 

20 . 

IS 

125* 

123 

116 

157} 

130 

97 

551S5 

53* 

48 

27655 

26S 

194 

30* 

45 

44 

200* 

200 

170 

05* 

03 

77 

88 

67 

57tt 

63* 

'68 

53 


7.07 Bowater — 
1.10 Moolrtya invs — 
31.53 CarglD . — 

38.22 imperial Grp. 21/S 
6.18 Asmed. Eng. 22/B 
6.02 Thos. Tilling — 
0.45 Frith Foils — 
0.50 Bovhourne — > 
24.51 Frank B. Rail 7/8 
61.96 Allied Brews. — . 
035 Com ben Grp. — 
313-77 S- Pearson — 
0.23 Mr. k Mrs. D. B. 

Thompson — . 
0.7S Industrial 

Equity — 

4.flS Sandvik 11/8 
2.1)0 Mining Inv. Cpn. — 

2.76 Slarwest tnv, 15/8 


r- Company • 

Abbey 

AGB Research 
AUenOV.G.) 

Bedb Brothers 
British Benrol 
Bromsgrore Out hr. 
Clifford i Snell 
Cook (William) 
Cowan de Grant 
Da rid Dixon 
BaBHe 
Heron Motor 
Howard Shu tlrag. 

Lep Group 
LeTtaset 

Midland EducalnL 
Muar River 
Priest (B.i 
S r*«lth Bros. 

Wagon industrial 
Wholesale Fillings 


Pre-tax profit 
Year to (£000) 


Apr. 30 
Apr. 30 
Mar. 31 
June 30 
Mar. 31 
Mar. 31 
Mar. 31 
Mar. 31 
Apr. 30 
Apr. 1 
Apr. 2» 
Mar. 31 
Apr. 30 
Dec. 31 
Apr. 30 
Mar 31 
Mar. 3 1 
Mar. 31 
Apr. 28 
Mar. 31 
Apr. 28 . 


. (1,018) 
tl.010) 
(627) 
(7581. 
(1.410)- 
050) 
030) 
(244) 

U,8ia) 

(124) 

1735) 

( 2 , 020 ) 

(443) 

(4.070) 

(6,640) 

(3261 

(798) 

(1.003) 

(824) 

(2,677) 

(1,280) 


Earnings,* ' Dividends* 
per share (p) per share (p) 

7.8 (3.3) 2.168 (1J> 

■- 8.7 (6.5) 3.4 (2.058) 

12.7 (13.4) 2 .825 (2.557) 

6.4 (5.1) 2L366 (2.119) 

4.1 <7.1 ) 0.597 (1.195) 

4 J5 (4.0) 242 (1.99) 

1.9 (L4) . 0.635 (0.568) 

10.3 ( 4.6 ) 2.095 ( 1 . 55 > 

15.9 (17.3) 2-308 (1.723) 

2342 <445 ) 3.714 (24)72) 

19.0 (15.0) 0.52 ( 5.834) 

17.7 (10.S) 3.02 (3.170) 

6J3 (7.2) 1.73.(1.55) 

37.5 (35.9) 3.45 (3.09) 

16.7 <I4.3> 5.395 (2.827) 

13.6 II 1.0 1 4.708 (4*51) 

1.6 (1.4) 0.483 (0.433) 

15.4 (25.5) 54)41 (4.385) 

6.6 (6.5) 4.966 (4.445) 

13.9 (14.1) 7.679 16.879) 
23 j ( J7.0) 5.SS6 (5*71 i 



Tlalf^eaT 

Pre-tax profit 

Interim dividends* 

Company 

to 

(£0001 

per share ip) 

Aaronson Bros. 

Mar. .11 

1,650 

(1,570) 

1.0 

(O.fil) 

Agios Secs. 

June 30 

SO 

f 140 • 

0225 

( (1.225) 

Ault & Wibore 

Juno 30 

1.310 

(l.OdOi 

0.72 

1 0.65 ) 

AuEomtd. Security May 31 

• 351' 

nr.oi 

Ofiti 

1 0.4115 1 

Automotive Prods. June ’i3 

7.41U 


0,75 

I U.li’i ) 

Bihliy (J.) 

July l 

3.720 

(2.701) 


(2.5) 

Carrington \n efla June 30 

4.840 

(7.536) 

0 669 

(o.5l*:»i 

Carron 

June 3n 

4215 

c*sn> 

1.542 

( 1.342 1 

Clarke (T.) 

June .10 

27K 

i225i 

0.4.-55 

|0J!).)> 

Commercial Union 

i Juno 30 

84,200 

(38,2001 

2.SWV3 

(2.5tV4> 

Davies & Metcalf 

June SO 

249 

(2031 

0J2-I6 

(02523) 

Dlnkie Heel 

June 30 

142 

(102) 

0.14 

(0.121) 

Ford (SI.) 

June 5 

554 

1 445 1 

1.1 

(U.PS4 ) 

General Accident 

June 30 

38.100 

(29^00) 

4.125 


Glvnwed 

July t 

8.459 

(6.12UI 

2.45 

1*2.45) 

Rentokil 

June 30 

5.050 

(4.010) 

0.72 

(0.63) 

Securieor 

Mar. 31 

2.418 

11.077 ) 

0.8 

(02197) 

Squirrel Horn 

dune 30 

3S3 

(221 ) 


(0.625) 

Ultramar 

June 30 

18.140 

(7.908 1 


i — > 

Wardie (B.) 

June 11 

561 

(530) 

0.35 

Ki.5) 


Cawoods ahead after # '"““ , "™ ENTS 

first three months Management changes; at Dunlop Sports 


insure? in parenuieses are lor correspnndmg period. 
Dividends shown net except where otherwise stated. 
•Adjusted (or any intervening scrip issue. 

— r~ M , 

Rights issues 

Aaronson Bros.: Two-for-seven at 66 p. 


Scrip Issues 

W. G. Allen: One-for-nine. 

AGB Research.: One-for-thrcc. 

Leisure Caravan Parks: One-for-three. 


Hawker insulation unit 


Pnmded the recent signs that valuable contribution - this year 
the building industry is s/owly “ but we shall -probably have to 
emerging from the 1 recession of wait until 1981 "for (he- antic lo a ted 
recent years develop into a sus- satisfactory return oh' our Invest - 
tained recovery trend. and there ment in LSMO, M says the chair- 
are adequate supplies ' of good man. v.'.-. 

JKgto 5? * Capital extendi fore authorised 

dimmer then m* outstanding ar the year end 

cl-aiSnaVo? SriSS^tSSt ^ISt d S 
expects the company to produce (.nri nMhB 

satisfactory t v>gn 1 spatti thi* fl ulnonsed sidcb IJic end or tho 
year ^ results agam this year ^ aulh orijatioi» include 

In' hi* annual «r»iomnnf h« “afnly coat -handlitttu- quarry,, 
reports that in the first quarter of co *} cre, ’ e p,an { 

the current year both tuSver “T* 1 . «* u jpmeot, ^huDdUigs gnd 
and profits -show an' advance on ® olor vehicles. ' 
the corresponding period last The cash balance'-at- March 3). 

, 3978, -was £4.lSm-.lpwer. at S.72m 

For the year to March SL 1978, due mainly to the record capiraJ 
as reported on July 28. pre-tax expenditure, higher tax 'payments 
profits rose 10.6 per-cent to.£7.76m on the previous -apd earifer years 
on turnover 12 per cent higher at profits and the increase in stocks 
.. . , ... . . and debtors plus , the reduction 

Mr. nlnks describes the result m creditors. -Nat current assets 
as especially noteworthy, in view rose by £0 43nt to- SMfifim. 
of the reduced Interest received ^ Ko _,- ___ 

m the second half of the year °r, a current cost pre-tax 
due to lower interest rates and a 

record capital expenditure pro- depredation adjustmeptpf £i.09m 
gramme. The imrease In profit fJ?? cost sales adjustment, 
before net interest received was .. ? 

17.7 percent 

- Thanks lo the Opposite effects rrtliwTt T117TC ■ 
which bad weather bad upon the- tUuiUD LIJCIj 
two main divisions in the group' ri . UT . ’.. . 

the Interference iri working by rljNAL . ‘ l.-' 
the very wet winter in building., 

road works and civil engineering' Following .the : redaction in 
was offset by a better demand for ACT. the recommended final divi- 
fuel than was anticipated In, the dena payable in October by Courts 
second half, (Furnishers) has be«i raised (o 

Capital expenditure^ during the l.980iSp on the Ordftfflxy and “A" 
year amounted to a reeOrd £a.79ra. Ordinary. 

This included* £A2m being ti» . 

cost of the new ship- MV* Pine* : j ' J^L : ' 

wood and the increase in the LESNEY IN UiS; ’ 

- cnmpany’5. holding in London ami'* - •' : ■'■*£■ ■ * 

Scottish Marine • Oil neither of Lesncy Products ionOuhces 
which contributed to profit last that its U.S. Kubsidjary, Lesncy 
year and this mainly accounted Products Corporation, has com- 
lor a small reduction in return pleted the acquisition of substan- 
on capital employed. . tially all of the operating assets 

The Pinewood should make a of AMT CorporaBon of the UJS. 


EUROPEAN OPTIONS EXCHANGE 


DUNLOP SPORTS COMPANY LLOYD'S REGISTER'S offshore management services, a newly- 
is to operate under a- new man- services group. He succeeds Mr. created position, 
agemenr structure from -Sepiera- T. A. Lam plough who has * 

ber 1. Four business managers resigned to take up an appoint- _/ 

are appointed — Mr. Julian Cox ment with Oceanecring lnlema- , '«» , n 2- l ??3 a ,ff e T ent 

responsible for racket ■ sports tionaL structure of BRABi LESLIE have 

(tennis, squash, table tennis, * b ^ 1 J I n n° U r n ?f ?d by “ T C 

badminton and rackeibali) Mr, Colin ijwn>n>»n ha«s £r R rr id u *? w,n R death of 

S2S?en B t ro r?d in .^S;^ f mt ^ °^JSSSST £3 H - Atk,nson - cWef es “ u - 

Austin Selby who -wiU continue . Ka^GLAS?' 1 ' He sJcce^ds™' *“* 3 hn C , ( ) h ®f ,d,er - B » 
and* iIO pia!rapq r r >f lines, -SSTtf 

S&v8S£ Sb^JSS mS: SS 0,n i dlrwror 6 m , an | Rin « . director of 

ager — exports. A further appoint- Si a ] oroiS “ 5 f A ^!l °'. eilcl6 Braby : ' s now m . an T 

ment will be announced shortly P™KCt s agh® director of the mechanical 

ro cover the footwear ar ■ doth- „ 0 * . . .engroeerinE division of the group 

ins divisions— with a special re- - Bo “ has h®® 11 and Mr. S. G. Ttaennissen is dlree- 

sponsibility for new projects. SKIPS!®* Ji^ c!or .? W|,and seneral manager of Auto 

Mr. Selby. remains responsible P iesels » r *»*sr. w r. J. R. Hill has 

Tor the company’s UK sales force overal l responsibility for the UK been/ appointed group financial 
excluding the specialist golf re- °J ,e *j a 5 on - . He „ has J al 5° *P e , en director and is succeeded as group 
nreintaVwwKin becomes fteff X °J*% & S?? ddrf accountant by Mr. J. A. 

intcerai part or the golf division. , based m Frankfurt, Chnbb- 

Marketing requirements of the ° ermany ’ . „ Mr- s - J - B - Louden and Mr. IL 

five new divisions will be met- * Pukhigton, main Board directors, 

by a marketing services depart- Mr. R. J. Burge has been have taken over rp^ion-ibilitv 
| mem. under Mr. Richard Braddon, appointed a director of the for certain regions of. the mechan- 
and management and accounting aviation division of ANTONY leal engineering divisions. Mr. 
will be the responsibility .of Mr. GIBBS SAGE, the Lloyd's insur- G..H. Leslie, main Board director. 

I Rov Sherwin,- commercial man- ance broking house which was 'rill con'mtie to be in charge of 
ager. recently appointed consultant to the «*vil engineering division in 

+ . British Aerospace. Scotland. 

Ro"^d / rf I LSraETH SnSnSg , ^ 00,1,1 ®j l,,B V ha8 beCOm ? Ra - V Carroll has been 

2“ 6 .f Sy tSL-. ,! SS immS™ nStol?" Ea/haclt^^wher^^he ^ 

So McKechnie (GmbH) based In Germany, and general manager from 1974. 

uroup. Mr. Jack Nuiland, joint manag- . * 

.. o - » a . *“S director of Reveli (GB). » *. n. A. Larkin has been 

Mr. C. A. Bainbridge has been * r— ■ . " ■ ■ 

appointed senior principal Mr. Derek Newman Has been j. 
surreyor in charge of the ocean appointed to the Board of RACAL * -■ 
engineering department of GROUP SER'/ICES as director of 


appointed managing director of 
SAFAN BV. He was previously 
sales and marketing director of 
Butler and Machine Tool Com- 
pany. 

* 

. INTERM ED, Thomas Tiliinc's 
international group or health- 
care companies, has appointed, 
two divisional managing . direc- 
tors. Mr. Helmuth. Ingvorsen 
becomes responsible for Inter- 
Med’s clinical laboratory activities 
and Mr. Ron Walton for hospital 
equipment. 

★ 

Mr. I. G. Higgins has been 
appointed to the Board of the 
BRYAN DONKIN COMPANY as 
director of personnel and indus- 
trial ' relations. The company is 
a member of the Uopkinsons 
Holdings group. 

* 

Mr. G. C. Cnllan Is to become 
deputy director of the BRITISH 
RUBBER MANUFACTURERS' 
Association from October. He 
moves to BRMA from the Foreign 
Offire. which he joined In 1949. 

Mr. Eric G- S met hurst, sales 
director of Goodyear Tyre . and 
Rubber Company (GB), has been 
elected president of the TYRE 
MANUFACTURERS CONFER- 
ENCE and chairman of the Tyre 
Executive Committee of the 
BRMA following the retirement 
of Mr. J. T. S. Williamson. 

★ 

Mr. Robert Orr has been 
appointed to the Board of FRANK 
PARKER AND CO, a member of 
the Thos. W. Ward group. 


BRUSH SWITCHGEAR, a 
Hawker Siddeley company, has 
formed an Insulation Products 
Division with Mr. J. Brii^i Frod- 
sham as divisional manager. He 
has been succeeded as export 
sales manager nf the company by 
Mr. Robert Wiffcn, who was pre- 
viously assistant export sales 
manaser responsible for the 
Middle and Far East. 


Mr. Mike Seward has been 
appointed managing director and 
Mr. Stewart Watt, commercial 
manager, of SPARROWS CON- 
TRACT SERVICES. 


Mr. T. Cyril Greaves has been 
appointed works director of the 
WEDNESBURY TUBE COMPANY 
to take over (ro; i Mr. J. Imrie 
who will be retiring later ibis 
year. 

★ 

As foreshadowed in the recent 
Offer for Sale, Mr. J. A. Bearman 
has been appointed a nan-execu- 
tive director of ERNEST JONES 
(JEWELLERS). 

★ 

The following senior appoint- 
ments have been made at the 
MINISTRY OF DEFENCE: Dr. 
W. Stewart becomes Deputy Con- 
troller of Aircraft H s former 
position has been upgraded as 
he will be taking on an enlarged 
span of responsibility as part of 
a reorganisation in which the 
posts of DVS (Air Systems) and 
Vice Controller Aircraft have 
been discontinued- Mr. C. C. 
Fielding is to be deputy control- 


ler R & D Establishments and 

Research A and Chief Scientist 
(Royal Navy) from October 1 in 
succession lo Mr. R. tv. f.xthaii. 
who is taking up a NATO appoint- 
ment. 


The Minister of .Slate, Cr-ll 
Service Department. has 
appointed Mr. Brian Nicholson, 
joint managing director of The 
Observer to be a member of the 
independent ADVISORY COMMIT- 
TEE ON ADVERTISING, following 
the retirement from the Commit- 
tee at Sir Denis Hamilton. 


SINGAPORE STOCK EXCHANGE 


Aii". 31 S J Aug. 11 [ S 


Industrials 1 

IkiVtk 

hi him ml Co. 
J&iilMtiiilBllll 
tiunMi. ... ... 

Hum 

Kwixfr ■'«>'<• 

Harr Pnr 

I In me tn<i....r 

J Helical 

Mrtljt.v Urc-w. 
MjiIbV LViiil., 

Mel.Ux Mrifi- 
HV-LliinJJL 
1‘nn hlectrk'- 
K-itnnxin 

Ki>il<nn*n • 

Hull ' 

.-in.e Dmty. 
Colil JSlnrnjse' 
■SirHltvSfHBfini 
^VrniiaXtino: 
(19761 Lo!.:..., 


iStnihnTnui’c! 

O. 6b ;Tituoe Puli. : 
2.04 ; Ucrbad! 
2.65 C. UnipDi^iri 

— t. u»* B Uk...j 
<.06 Weer-TU'* • 

P. Oal 1Wtnr» 

1.70 I'hcmlMl 

1.36 '0,111,1 Jnclin. 

[Rubbers 
Uam Lmlanr 
3-14UI Umilp EmaU 1 


5.S2 iKempii!> 

9.75 
C.OcaJ 
£.76 Tins 

iAumth). Am.] 

3.16 lK-rjiinifu I 

Kninjwr | 

2,71 kni-lmi 

2,58 JVmk-l 

t'cialiDj: Tin.i 
7.20 .eU|wun*Cp.. 
'T.'iuiknhlliir.l 


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SPECTACULAR EXCLUSIVE SHARE TIP IN 

FLEET STREET LETTER 

WAS BOURNE & HOLLINGSWORTH 
UP OVER 300%! 

In March 1977, Fleet Street Letter readers 'were jold emphatically 
to buy Bourne & Hollingsworth at 76p. Despite' several upward 
Hurries and poor profits, they -were told again and again to hang 
on for the 250p per share assets. Now the bid is in. B & H are 
246p. Other higher bids are likely, but FSL advises cashing at least 
part of the profit. 

Other typical Fleet Street Letter winners are Ley land Paint at 24p 
— now 80p: j. & L. Randall at 4Sp— taken over at )20p; Zenith 
Carburettor at 45p — now 97p: P. C. Henderson at 38p — now Sip. 

The Fleet Street Letter — published fortnightly — has a unique 
reputation for forecasting how political and economic developments 
will affect the^cock Exchange. . 

FSL is 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. Whac is more. 
T5L gives outspoken “ sell * tips which turn your paper profits 
into real money, . 

Send for a free copy— without obligation, of course — and study 
; FSL's record for yourself. 

To: FLEET STREET LETTER, SO Fleet Street, London EC4Y JJH. 
Name - 

Address - — 

. Please send me a free copy of FSL without obligation. FT.Y 









& Sons Limited 


CONTINUED IMPROVEMENT IN PERFORMANCE 


Hfehfigbtsfroratfce Report -Tv 

♦ Increased trading surplus for the Company with . - 
gain* in Paper & Converted Products and Edible 
Oils Divisions more than offsetting some decreases V 
in the Agricultural Divisions. 

♦ Reduced interest charge reflecting a very favour -; £ 

able cash flow, j .; 

♦ Much improved results in associated companies ta 

medical, paper and agricultural [sectors. Of: 

♦ interim dividend increased' by O-Sp .10 -’P 
share and an additional special interim of 0 -OM 2 p : \ 
per tiiare will be paid reflecting The A.C.T. adjust^’ 

. ment fori 9,77- : • . r y* 

♦ Given ho unforeseen setback* ihc Company expects- 

pre-tax. profits for 19/8 to .be of the order df-y 

£ 7 ±mHlbn. . V- 

♦ Recent amendment ■ to statutory restraints on di vfc - 
deeds should enable a higher overall distribution in'- 
rcspcct of 1978" than would have been the case under : 
the former regulations.. 


j, Btbby & Sons Umittd. Rkhn^ House, 1 Rmuford Place, Uv^pool L39QQ 


%y Interim Report for the 26 weeks ended 1st July 1978 


$ates 

•Trading surplus 
Profit before tax 
Profit after tax 
but before 
extraordinary items 
Net dividends paid, 
Spence per share 


79,715 

3,811 

3.719 


as restated 
85,611 
3.545 
2.7S0 


1977 

£000 Change 

stated % 

5.611 -6*9 

3.545 +7-5 

2,790 +33-3 


2,789 


+43-0 


Whether you believe the economic 
forecasters or not there seems little 
doubt that inflation will remain with us 
and possibly increase. 

To give your capital a degree of 
protection you need an investment that 
combats, even beats, the inflation rate 
whilst at the same time giving a large 
measure of protection against falling 
v.odd currencies. 

Impossible ? The track record of the 
Arbntfanot Commodity Share Fund 
speate for itself. 




The historic record of the Fund 
justifies its aim - consistenr growth. 

Over the last seven years the growth of 
-55%* matches inflation '"See chart). 
Over the past three years it has beaten 
tb-.‘ inflation rate handsomely - Fund 
increase ioo. 6 “«,' . Retail Price Index 
increase 46 . 6 ", ,.AH Share Index increase 

The fund has been one ot the top 
performing commodity funds every 
year since its launch - h 3 vc your 
bliareholdings and other investments 
marched this growth ? sj-.inr. 


The Performance 

% Increase over 7 years 10 1st July 1978 


The Portfolio 

Spread of Shares as at 3rd August1973 


|25Di Retail Price Index 


Arbutbnor ~ 
Commadny 
Share Fund 


Oil 

Tea 

International 

Traders 

Gold 

Rubber 

Tin 


15 Mining Finance 
15 Tobacco 
Food 

14 Misc. Commod. 
12 Miscellaneous 
TO Cash 
7 


Irive^in€oiiiHiodif^Shar(^ 

lux i^Utcutial Growth Mi 


Commodities are essential to the 
growth in world trade and the fund is 
invested in companies dealing with 
cocoa, coffee, copper,.gold, oil, uranium, 
platinum, rubber, tea, tin and tobacco. 




The commodity markets are 
notoriously volatile, and dangerous to the 
inexperienced investor but professional 
management by the Arbuthnot team and 
investment in shares of commodity com- 
panies ensures that risks are minimised 
while retaining the growth advantages. 


The price of the units and the income 

fpjm them may go down os well as> up. 

Your investment should be 
regarded as longterm. 

Fned price offer oniil «pm . Utah i°~* 

at S- Sp per unit for Income unlu, und 97 - 3 P per 
ucil for accurauloiion unit, lor lit daily price;. IT 
lower). Estimated current rrros'. yield 4.9’.. .. 

l’hfi Matupere rncr.i tin- risht to cU'i oiler jf 
unit values n .e by rai-rc than r ' ' . 

.-.pplic.ninn'. will Seackni'tvled-cJ. and unit 
C,rtlliCJIe 5 »al be witliin ?S djys. The oiTer 
pnM includh** an iniu j 1 d wr.-e ■ 0" 5 ' .. "JTie .inrn\.'l 
chaipeis;"- - VAT. Hjiiiu:I» Ji-(rirui.,inMiei ol 
haiiemetaj’ jN mjdc»n ljih luaeaiiJ 1 fJ: December 
Hr ihwc rcsi*ter<.d joth Apr.! irjjiinuciohcr 
repceiRvly. Ar.'er ;he ikwi: ui i!ir- oner 'mi:*; mu be 
purdia^eil ai 'hewecbl'- paiii dai-. when 

umii on a! o he <old hack. I J .tj men: will k made 
mi bin la Cj;.": of eur rtiein 'I )• ur ccrnruaic duty 
icn-'junKd. The weeli lv pn;e and y isle appear in — .cftl 
i- idinR Rcropopi-n. A .ununiiM.o of 1 , will l*c 
:u-d ip reci'^ni'Ki jc-uii. Thu offer L-. r.ct open 10 
itsidtfus i>t The Kcpubkt of lieiand. 

T ruMCO> . fne Kepi Emit "f S-.nlarid Lid, 
MaiiaRcn: Arl'Uihm-i Secundn l.tf iP.ec. in 
tiviushur^h 25 Chariot ic Square, Ediqboiph, 

.Mvolna: vl'iht Unit Tru'i AiuCiilion. 


34)612 2-5593 


To: Arbuihnor Securities Ltd., 37 Queen Street, London EC4R. iBY. Telephone: 01-236 52S1. 

: •’a« r.t,-.- 'TL-'ir*' .f ; .,,"u '>f . . r-is.**- -vpr- ,.w.. •• . •.*. - -.*. i ■ iv ii 

C '.phai Sum litre wish :o iavc* 1 ihe sum of £ nin Monthly Suvinc Plan I/Wc wish to favc-t tht '■■mis of £ ■ rain £io; per month in the 

'so; ta the Arbu:h=c: CoizmoJi:}' Shjr.’ Fund and en«*l.* va Arbuthnot Commodity Share Fund and rnili-ic ; tiiuiue tuyiibk* f •• Arbutfcno: Sccuntin Ltd 

,fccquep*y5hlef.i Arbu;hnotS»:ciauitfS Ltd. a the initial pavmcnt. A. bankers ordtr w j •? J by the surauKr* tollaenns tempt 

S*:ate Kxrhnane Scheme - ii;K hoi f. r det id- Z 01 til:-- orde:. Thii order ia tei'oaWe at pn» :i:»- by one nwnihh ni-ucc :n v, ririn-. 

If ytm wish to rcfavoA the income — t:ekihi!> hie for ijaumuijUiiu inniit “• 

( ’•vedtrlareitiat lam ireovtc iPar.dt:o:r- - ->idcn: ouv-nJcthc i tiieauledicrfiione''m’ram (.weaequiriwpthe'.i'. - '' ntenuuned 'e.nTie >. if., uuspineeV- of ar.y 
rcsiilem out- tic tJivsc >tTTto:u„. • U ; ,-u a:c usuble to .Tukc this dccLraUon, U should be deleted and -he fnini I id-cd i!in-usii .• >>ur Eanl, Slv.i.b:>v.er or 
j> • irttw Ln tfce Uniied Kin^ii- tr... 

3 ■ -- naoa^s t . 1 oint appbsaitu, ill ia«u iiKn, M- .-y , r . M_-» ,r T idci and Pmen -mei . 


mm 


.hoquegsyahleT.i ArbuthnotSeainUes Ltd. __ 

S-iare Btfhiinite Scheme - Nm {•. r 3 




l-dNimefsi 


Addrean'caj 


COMMODITY SHARE FUND 


Established 1 S 33 . 





:r-. 


Financial Times Saturday August 12 197S 






NEW YORK 


Aus. ! AuqiI) 

II ! 10 I 


Aug. ' Ac*. 

rr 12 


st«* [*W 


.1 Au*. 1 A* 
Stone ! 11 ■ U 


INVESTMENT DOLLAR that Citibank held its prime rale The AMERICAN HE market .-hares, im-JUding Vehicle-'. eased } 

PmEihIuAI at n per cent despite forecasts of Value Index was un 1.03 io 161.30 fallowin'? n>new n ri y en apprecia- M tuviumin.uu 

$2.60 to £1—105}% (I07i%) 3 Possible rise soon in the rate making a rise of 3.37 on the week, non against the dollar - u..e - 

Effective 81.9640— 55’% (532%) The Fed continued to follow a Volume eased to 4.73ra i4.l>2m)- SWITZERLAND — Prices fell >1!''-; Ln, * ; i ul ''- 
, u , ' , , steady credit policy course despite shares. . - after Initial aairis due to profit- i 

MODERATELA HIGHER levels a recent expansion of the Money Houston Oil and Minerals, the taking and dollar's weakness. \ Ui ^ siarjf^ 
were recorded on Wall Street Supply. volume leader, rose $$ to 323} Leading Einks irregular. !\ih» cbaimen!' 

fi e i t h^ , r"i,i n n £ to l k Mar , ket .T* 10 . dollar continued its sharp although it reported slightly Insurances generally steady- .\Ma5L~* 


$2.60 10 £1—105}% (1071%) 
Effective S1J9640— 55’% (55 J 


\bbu Lnri. SS- : 

vi--ir>»*«wrravl'. . . 5£S-; 

Aetna Lne i t'Kk 4S:< 
A i! Pn*fw:» . .. Z9ij 
M tuAiumm.uu; St-, 

Al* .4s . 46:; 

Allty. Laiiiui'i ... 1V-: 

Ailtshrai' IWr IBQ 
Allli.'l CnnucaJ. 35 ia 
Allied Sum • 26b 


• Comm* Gian-.... 60b 60b J olios Manvilb.. 521* 

j C'PCLot'ca'ricsiai: Mia I Mb Johnson Jotuum 873. 

! Crane ' 30H ! 29 Tg Johnson Oaqitwl. £8i# 


[Croeken Nat. • B9S* ; Mb I JpyXannhgwJ 

I it.ll.ihph' XU. 1 Xfiln *1 SS;' 


JCjwnZetleitncb, 363] j 36b K- Mar Corp.__ 28 1 g 
, Vuninun* Ho* UK-; 33on 3SJ# KafaerAl innmi 'm 35 
jC writs*. Wright../ 16*a I 163# KalHrlndustria 8 


tevlwa — • — • 

Kevnnbla llMate-l 

HejnwM* li. J. ~ : 
tueh’ton llwreli.' 
llwlrari'll Inter.. ■ 
Knhm .£ Haas — ! 


• -! Aw*. I Avr. 

Stock j 11 ! lu 


Won* north 1 30 U 

Wjrtjr„ -...: •»!* 

Vi-r rrr 1 6li* 

ZapMi^..... I 183# 

ZmlUi khito.. ...‘ lQss 
lUS.Trra*«* 1*0; t93 


Dana. 26* - W, jgL*-— 

Dartladictne... 49* j W, Kwhc^ZZ.;. 

iUWTe_. Mia v Mia KerrMrflan it * 

iDelAIoue • «»J | 37 355. 

jlfamife liter.... ! ** T * ajs# 


finished slightly off the best after slide in Europe, leading to some lower second quarter earnings. Domestic Bonds slightly higher, Amerada He,*.... 
struggling against profit-taking, profit-taking pressure. Prime Motor Inns climbed S2 to Foreign Bondi firmed. Amer. amim*. 


Detroit ftliron J 16 U 163# lEST^ "4 “4? 

llrsmni/lahsmrk 25 24Tn I Kf“r».r 1 .31*8 


• F . • ; - . > Mitre iUyvv>3 iiuui vumu«u mx vw ’ " — p tr i en: 

The Dow .Tones Industrial One analyst said the early after- il4 and Bow valley Indnstrips -Dollar stoclw -weaker. Dutdi | gij 

Average finished 5.37 up at 890.85 n00n ral1 - ' vas fi P arked by 3 to $331. Internationals barely steady. AR1(fr , t«n... 437jj i 431# 

for a net rise of 2.42 on the week Texaco, up SI to $25$, statement , , . Germans eased. Amer. cvwmu 32 1 3j», 

white the NYSE All r*mmnn' that it hopes »o test within a week . .CANADA— Prices also dosed MILAN— Steadier i n quiet Amec. Dint. Tri.. 36i# 34J< 


llmEundshiunrii 25 24T# h'm^TvT ii? 9 

ssa&ds ! £££*=:'& 


FRIDAY’S ACTIVE STOCKS 




Ch.in; 


Slot fe? 

Cinema 

un 


rr.id.-d 

pnce 

d.ijr 

Sony 


>< 



Tv*a«.o ... 

. -TH.IIM 

Jo* 


M.-Jd 

. .. 4.i2.2IM 

.r.i 

— 5, 

l-TV 

.... -llO.Slii 

12) 

— „ 

HnuJ.uik . 

.. rrn.jmi 

.21: 


Ti-lcx 

. . niiiMOK) 

;• 


«'hrj's!'-r 

. . "in.-joo 

Id 

— ■ 

Me Oran- Hill . . 

. ;i2.ono 

2 if 

— % t 

Fliysion-- Tire 

.. Snfl.S«A 

u: 

— } m 

f-ars Rih'buck 

. 7411.1110 

213 



rose SIJ in S”A, Del Wehh $t tn 


Buuscli and Lnmb 


SZaj, statement , , j uermans eased. Amer. cmiuu 32 1 3iii 

While the NYSE Ail Common that it hopes »o test within a week ' CANADA— Prices also closed MILAN —Steadier j n quiet Amer. dl*. to.. : 36i# 34i 4 

Index at S38 53 "ained 19 cents its exploration well in the higher in active trading yesterday trading. Renewed buying interest ■, Wfa 

on% day and aOT in? on filtlnSi Canyon, oflshor e New when the Toronto ^mposite in StoteVonxn^ stocks SSlS^S. IWt [ B? 

the week. Advances led declines Jersey. p 3 '? j lectured. • An«r. Medial... 2S3# 2S3e 

bv 863- 1 o-614. while the tradin'* Mead moved up 85 1 to 833i The Gold bhare Index rose 14.6 • Financials. Insurances and a me*. 5- s 6 t 3 

volume dropped 6.2Sra shares to after news that Occidental Petro- 1° 1616.6. Oil and Gas 12J to Banks firmer. 43ig ■ 435^ 

So. 55m. leiim had proposed a merger of 1591-0. Banks 0.62 .io 2S7.65 and Bonds narrowly mixed in quiet <\nwr. 52.j agsz 

.... theivo. • Utilities 024 to 18A80-- But Metals trading- . . If’ I liS 

Slj to S3i 1 and Minerals shed 2.2 lo 1030.6 AUSTRALIA — Uraniums J_nd Anic1e t aet. ; a5i* 

ly im-olvcd in and Papers eased 0.43 to 131.92. Diamonds centre of activity with * MF ._ • 19,3 ] 1951 

■hi k «Bihr IAC lost S’ to SlOi on lower Queensland Mines rising vents vaij*_ 59 ! 38k 

b5f* p «!WSr it 1 '“cemt'w sp’rl's'SS’I! -fe i= 7 ., i ms 

on Si w isasars 4 = ssss^ is i m 

*■ Comineo nicked un Si to S2Sf 2&> : following reports NabJrlek gvij I 271; 

Si: to $20i on and Noranda idded S 3 a t S34 project may get gtHtfae-d on AfunmOii 17:j 1 27ij 

rth quarter net ^wLf^n^rMforinarl uranium production hcrora A-nn-.. 16 157# 

’harmaceulicats * sed th ■ P nces for lead Ranger partners because of dead- A-iiiwui On 35># 36: e 

iel Wehh $1 to dnd Z nC ' , lock on royalties between pari- ijm* 5^..... 5i: s 51 t £ 

ii?«iir2 TOKYO— Prices row slightly ners and Northern Land Council, tv,- '" 

S3- lo S53' ln m ° d * rale r « din f ,e1 ^ ^ CER3IANY - Slightly' firmer - IL 

1 Chemicals and other* low-priced with currency-related purchases a vw i*roaucr,...‘ eo^ - ei 


“ " ■ *»■ rnminrn nicked un S* to S2Bt £0i> - ,ouuw,,,i 5 reporrs \.S..| 

T-d, ,d, .nce d si ; S2 n; nn „£%£££ added S! it S341- RSSL *2*°* 


sharply hi-hcr fourth'quarter' net uranium production herora ,v*w. 16 

earning*. Lee Pharmaceulicals 7 in ' d ' ? a ? ger P artnBr ? because of dead- 0,1 35i* 


DiffUn ikjlil?. — 1 49 } 48 . LevTstSi^l xilf 

DtonryiViUii.-.j 46U I 46a# Lttoy^FoSj IliS 
Dover Corpn. — ' 47 I 471# .863# 

Dot- Cteaial...; 26Sfl I 26U LttgrtCnwp.^ ant 

Dravo — 1 281* i 283# LUJv (KU» Rot! 

Dre-er Lfi? ! SS 

a5TrSs:r:: :i iEl;| 1 IL, SStsZSS 

K«*t Airfines 1 131# 127# low Irtuid Iid’ mi! 

Ex.l^uKbdxk-1 66i a 64^ SSJ!: SS 

fcaiOD- 39k! 1 3Bls LubrtaoL Slj 

K-C.iO I 29 • 29 1 S IT* 

J Bl Paso NW. La*| 173# . 173# ItacJlilSj^^j - v? 

Klira 533# 1 33 3# Uaey K. H - ™ 4x5. 

Eniet«an Elwctm.-; 381# j 383# jm«. Hrhow""’ aqS 

Cmen-AMVinbi, 28 U 88*4 m3 

Eiul«rt...., 43U . 4312 vUnttmi m!"_ an 50 

K-U-l 5 , Z7 0 JUrwTMwIwdj 1W. 

HI: ! lo’4 ““"“-J 

a.! SS SgJ!S5a'85 

I taircfalkl Catienil 56 j# , 551# HeDcrmoes~.:.;,.| pBHp 


Komi Patch • 

2TB — ; 

Km J>*sii.....~..J 
Hrrtcr Siyrlroi....! 
Oafrony Moirs...; 
5i. Joe MlnnxlsJ 
St. Urcu naper...! 
iMnta PpIuiIh—j 
S inul Inrr«.„.„„ 
dmun lads. «. u . 
dcfaliteBreiring. 

Sehln mberccr. 

dUJI-..— 

dcotc hper— 

sfcnril Mre 

deuddev DiuhlNi’ 


I ’d Tmwi I’gTbiStl Wllj 
n,s.*.i«yiiiaij*.a5i 


SOU i 193, 
•*U | lit 
51i* ; 61U 

tea# ia>« 

iQ&j 1 IB', 
?fi ! t95 
911# I 181U 
B5i I 6.7&t 


A ili* 


CANADA 


AMtlta I’upcr : 149# 

AAlk-U JiaKlB 4 6‘a 

AHMiAIuMlniiiin 359# 

aiklwa dieei f kar 3 

„,.... ^...1 41 
Bank oi Mootmli 23 1 * 
Bulk .VnnUrnUii 22Ui 
Shu RcwRimn..! 4. 2d 
Boll Telephone —J 58## 
Bow Valley Ind.J 37 


and zinc. 


lock on royalties between pari- 1-' 11 - itij*5d*i..... si:* 


Fed. Dept. Jure 381# 371, SIcUuDnell Doiku Ms# 

1 1 rest. me Tire.... 1 12 jg | 1Z3, | HcC r»w HiU.^2 23rS 
j N«|. Uosioj.. 31i# l 32*, |UcinareK 547# 


mu OntRlner ] 

SORtrtJini 1 

amrle 

doua Koebuek ; 

ahJJCO 1 

Shell Oil -.! 

ShellTwiwrnrt...- 
digital ; 

SlpWiif'.OIti 

diin|iiioity Pat... | 

alnerr, - — i 

Srrillt Kline ' 

d.aitnm 

Siiiitlnli'Vn 

Southern L'-«L Kd J 

Soul hero l.i ■ 

Sibil. >nt. 
southern lUnftc.i 
doiitliomKatlna}, 


Hlt'amUn 

Utlini 

UaJaiiry Power...) 
U»nUV«i Mines...; 
(Unada tVntont..; 

MV Lau. 
(«n.tni[i.8k0pni | 
1'BHa.ln liflunt .... 

Can. Pncilir 

Can. Pm-ltie Im.i 

Can. Si|v, 

V C'Kwle.-i 
I'usur AdcrttnJ 


Bally Mannfaetaring improved issue.';, despire lack or freah from abroad being dampened by nuu Oa» Khw'.’! 27 <« 27s# 
-<-7« Slj to S41;-. Memorex Sti to S54j. stimuli. Volume 320m (270m) profit-taking and position-covering {*“»* Emeries. .. 27i* • 27s# 
* * and Plantronics S3i to S23J. shares.- - operations. • - J: ' 1 " ft S? 1 ® 


iuim i iHituvif" wv# iw 8 « « w #. auaifi-x,- _ ujiciouvius- JktWftll 5 ?fi 

McIntyre Mines declined Slj to Pharmaceuticals and Electricals Motors firmed strongly. Major aan« Tiarenw' 49 
$22; — it is omitting its quarterly lost ground. Foods bought selec- Banks, Chemicals and -Elec meals tam Fnau...' 2sa, 
i dividend. tively. but >ome Export-Orientated steady, Stores mind Becumliickeiuon 39 


Fuwi V#n • 20U j K5 llmi....,.,.. - J 51 . 

Kllnikote^. 30 ig i 50S# Merrill Lynch 1 21 1* 

flnntbi Power 41<# ! 32 U Men P«n>*£uniJ 3£u 

F1m.it — 393# i 38B# MGM 4£u 

safer-' SSti s& issffl-a. 


Pent Motor. , 461# i 461# j 

FomnoaMck — : 22*g 2ZI# | i 


indices 


W.Y.S.E. 


, COMMON 


BecunDickcmon 39 
Bell k HewelL>..‘ 22 

BfndLi ! 413, 

UenioKb Coos'll' _ 4a# 


Fomnosc Mck j 22 

Fpibor-t | 39 

Franklin Mint,. ,; 9 


Morgan J. p_ 
Motorola-- 


| 3<<lllblBD>l ! 

J'n'i hfliuhiim 
»|*rry Hutch. _..j 

a(enj- Haul 

dr^ulb. 

duukiatd flranrtr, 
tiirt-OilC aVilrinia ( 
duL Oil Indouia., 
did. Oil Ohio ; 


Murphy OIL. 


! Freepost Mineral! 281# ! 27T# I Xabioco., 


Ull UUIO.M.1 

dt»ii if ObemtcaM 
dtertlnj; Dnie_J 


NEW YORK -DOW JOSES 


Ana. : Ana. ■ Auk- ■ Ana. I ■ 

II ■ 10 | i* I t Hii*h [ T<-.w 


An#. Ana. Ana, Au<*. An s. 
I-.' 9 > 7 4 


a AlOiX <.AI«|llbll'D 

L«w i Hub ; b>n 


&B.53: 68.54 Sff.7 


6B.4fl 68.75 

! I3I&I 


K“E Us 


KSfici-d as i as ® J 


I<«ues trailed < 1.882 { U39B 

Kiws - 1 883 620 

Falla - ; 614 } 893 

L'nrhanacii _! 406 i 3BS 

Sen Hlah' ; — ! 16.1 


MONTREAL 


Boeing • 72 

Boice Cascade 313# 

llondee 29 la 

Burg Warner 1 31 

BtaniS lut - 16 

Uraacan *A’ 141; . . 

UnaUii Jl^en....; 361# ! 361# 


; 14^a 143, Net DtocUlen. H 22ij, 

Gannett 47B# 463, Koirfce Ind. 17 

Gen. Araer. Ini-... 107# 10i# National S t—l 233# 

G-AJ.A .J 303# 303# j\ B conia» 43ln 

Gen. Cable IB 181a NCR. -• 63s# 

GouDynamica..., 843# 83 .Neptune imp 4 807# 

Gen. Klectrwa— . ot><s 93 s , N’ew Kneland KL1 227# 

Gen-Fixiia 34*# 341# New Hnirland Tfe£ . 54L 


duriine Dmir I 

SCodebaXcr . — — j 

Sim In 

Sun,laUaul.__ ( 

Syniex ~i 

lechniculor ) 

TrL-tman j 

Teledyne. ! 

Telex J 

l’enctv. , 


i.'ln* Unlit. t 

I'lMMIKn ; 

t>mr. H*thiwt...j 
nner IIm.... 
ComAa kCBOuncsl 
I'lMaiM............' 

lAunt lh-vrl^ 

Denuan Mlnes^.r 

Horn Alines ' 

Donia Frlrnli'UiHj 
finciunruDriiixi-i , 

linmiar I 

1 hi [Vni t 

Falcon 'K* .Vli'kei) 
Ford Motor Can . .j 


Int.i-tnr.l ... 880.85 885.38 891.65 88?. 2 1 685.05 886.45' 891.65 7*2.12 ; 1061.70 . 41.22 

.*/. • i«;2i (ll,l/73»!t£,i(52» 

U'luefri.Vv aa.55. 88.85 88.86. SB. £8; 85.55. 88.25 Tfl.4s 85.15 ! — 1 — 


A"3. j Aar. ' Aus. ! Ana. 

11 ! 1-T | f ! s 8 


T run- port.... 1 247.57 246.48 249.90 243.61 248.76 248.85. 24S.90 
! 1 >‘A4i 

I. miller ■ 107.27 107.41 107.48 107.36' 1IJ8.0S108.1S 110.9a 


Imtiiilrtal 

i.'inuhineii 


1& ^SSahSS* TORONTO L'oni,.'i-it' 


199.83 198.671 200.25 139.651 200J5 iSmA 
207 JO 20B-87j 207 207,17; 207.38(9191 


162.90 il- 21 
170.62 ii 


Tra.lmc rw*. > ; 

I 55.560 39.830 46.060 34.340. 56. 550. 37.970'. 


(22121 jrSHpjSi .25 4;42i JOHANNESBURG 
l { Gobi 


1223.3 1219.8 1221 - * 1220 & 1223 J (11/9) 


Brit. Pel. ADH... 1 167# ; I653 
hmekway Glaa&.. 343# 341, 

Brunawiek.^^....; 1713 ; 16s# 
Buej-rua Krie.„... 193# 1 195# 

Bulom VVaicdj [ 84# j 85, 

BurUngTcn.NUu].: 431, 1 427# 
Burrooib— ■ 82 t B15a 


Gen.rixtla 34'# ; 34>a Sew Bnj'ttuHl Tte£ . 341, 

General .Mills 1 32U I 317# Aujua ilobaat 147# 

General Moteri... 1 654 I 65i# Slacaia Shart-, 12 

Gen. Pah. L tlLl.J 18A, ■ 183, j, InJu^trie*^, 807# 

Gen. aigmJ 307# | 31 SorlolUWeeEera 841# 

CtetuTeL Elect — > 314 ; 311, North Nat.Ga»_. 56 

GeruTyre ■ 275# 27n# N rim. State* Pwr 265# 

Genesco- — ! 67# 65# .Vtbwwt Airfctnc* . B2 t# 

Georgia Pacific...! 315# 311# NUwreet Bancora 267# 

Getty OiL. 36 1# 343, Norton S(tnon_ IS## 

OcridentaiPeanl ’ 8U, 

Gillette 1 303# 295, Orilvy Mathers 271, 

Goodrich B. F 5 klV, 21fi# DhJoBdlfion 185# 

Good rear Tire — 1 175# 18 Qua. : I61, 

Grald 32 7g 325, - 

Grace W. R-*-—-; B? 3 * 2 2 1 * Omaeaa Shipa_J 243# 

r2 w vii?i P r irea i 94 9S7 O 1 ™ 0 * ComfEw-J 33 i a 

Grt. North Imn.^ 2b 2S7# Owens IHneSH-j 22io 


I 271.3 286.9 I 266.6 286.7 
| 261.6 | 260.8 j 258.8 257.3 


* Maria ni InJi-x dian^ed irum Auruti Z'i 


In<l. *ilv. vield % 


July 2a \ July ii ‘ (Vear apo approx) 


I Aim. i Pro- .1378 1 1079 
! 11 vlous Hijdi | Irivr 


AuBtraliarti S3SLM ; K2.0* 629.36 mi. 19 Spain 

1 . ) I 1 Lai 


1 ■ | 1 BiUTQp jgfa 82 1 B15a 

l223J|ll/8) RUitf.l 1 CanipheUSoup._.l 361# I 367s 

' L'anadiao Pacific.) 191# ' 187# 

(.'anal Nando Inti J 115* I X15* 

'"r? 1 ?.* Carnation ; 315# 1 311# 

2E1.fi illfB) TS4.9 ibii Carrier A Genera.! 121# | 121, 

. Carter Hatr ley.. _ | 193# • 181# 

Cuerpi liar Tract: 1 61i# | 611# 

I An-. | Pro- r 1979 1 l?73 CBa } 6112 621# 

I 11 I rtm Hieh !/.«■ UJane* Corpn- 435, , 43s# 

— I — - — U— 1 — Central k8.IT—( 165# { I61# 

(<ff — . ! 103.46 1 U0.li/ , £7.86 CerUlnleed. 2CU, 203# 


An*. | Pro- 1 ■ 197? 1 1P73 

11 [ Wfjas } Tin'll If ,vr 


Belginm Ci 97.98 , 97JM 1 101-16 1 90.43 Sweden (ej 1 403^8 ! 40L08 408.06 ; Sir .74 Cha»e Manhattan) 35 I 347a 
_> 1 ft/Si , f23/Eu ; ! (4f8i I 1S I1 Chemhai Blc. \vi 49U ; 42ia 

Denmark 1"-. 98.87 8S.74 94.0l Switzorl’dr 233J 1293.4 sSl-^, Li'J.O Cbewtagb Pbni 26 tS I 257? 


<9 ib> i (17/Ji I Ce*«na Aircraft... I 48 


193# ; i9t# 

6H# 611# 

6112 I 621# 
435, j 435# 
165# ( 16># 
201, 203# 


Geoesoj- — ! 6 f 8 8s# XthweetAirl 

Georgia Pacific-.! 315# 31># Nliiweet Ban 

Getty OiL.>.>....j 35 lg 345, Norton Shno 


345, Norton Shnon is## 

OcridentaJPOKtU ' SU« 

295, Ihrilvy Mathi-r... 871, 

216# Ohio Edison 183# 

18 OUn 1:.. I6i r 


*“4 * Omaeaa Ships_J 243# 

° wena Coming- «l a 

Owens lUnris_!.. 22i# 


Greyhound • 133, 137# I Pw^fie Gas ^ “1 241. 

Gnll 3i Western—) 16 16 . 1 Pariito IJAtin* J lflta 


rnun FOI roteuni- 

resaro .-.j 

Tc»«?^ult... — • 

Texas Essrem.,..| 

'i'fuo 1 List' ni , 

Tc-ws Oil £ G».., 
Tcras 1-fiUtiea.^.: 
rimes In*. 

Tiiiien Alinor. .... 
riraken-— ~. 
Ttanc— — ...< 
Transmerica.— 
TnuiaQD..M — 

Irana Union 

Tnui-trav Intr'n. 
Trans Work! Air. 
Travefer#—. 
l'ri CoatiaenUi - 


GcnaJar.,.. | 

liiatitYrt'crkiilbM 
Gull Oil Catlwla.', 
Hawker Shi. Co u .i 
H ol linger.— .... ; 
Hiaia* Oil -A' — 
Umhini Bay Sing 

Uiiilani Day 

HmlKouOil* GaV 

1-4.C. 

Intajvn 

Imiiiriil Oil .; 

turn 1 


STANDARD AND POORS 


'; Aim. Aug. , An-. Auc- Aus;. i Aim. 
II '10 . i : 8 " 7 1 4 


i JSrace CVimpilar'n | | ni« | (6/2» I | I Wfi, ’■ >$<*) On^ie'dynem" 30iS j 30 “ 

i Franco mi '^-9 l ibis A7 .h — ciuwmo Brid«e w &4»" i 545, 

Lut , High Lo«i l ■ ( t3'«) I (i,r» fWllces and base dates (an base values i hn^ler... ifliS iaii 

— German VI W B13.0 £17.7 '819.9 '7 m., 100 except NYSE AD Common -60 iWrara 47a 43, 

B6.S2I 184.64 '• 8.62 ! • (27/7) l i 17 ,6) Siandards and Poors — 10 and Tomtilo Cine. MUacnioZ 37l» I 37i, 

(fi/ii !ill, , l>7i).li0.-''iZi Holland <{$)' Efi.8 6h_2 : t7.Q : 7A.0 509—1.000. (he lust named based on 197a > I'itbxim 9 A li i 27t. 

86.rO! 136.86 j 4-40 ! • (9/nt , i*,,i + Excluding bonds. 1400 Industrials ijir£riem«. “ agsL I 4au 

lo/ii i(llil/65ij Hong Roag- 624. i2 614^8 624.2S 5 h 8.44 # 400 Indusirtau. 40 Utilities. 40 Fitunce City lnvtetinn” 17^ 17Ja 

(*<) , . Ill/Cl ■ (lo.lf and 20 TransDort. T Sydney All i.irduwry. cieretand CHOs.J 62U ! 63U 

— Italy <lj). — t b i.iO . Mi,| oo.*o /I Belgian SE J1/12/S3. ** Copenhagen SF cocaCola 45T« I 45sr 


uuu A Western— | lb *o PrciiIo UK litinc 19ta 

Gud Oil 1 241# 34 paw PmGttS 221# 

Uammrton 1 676# b7 pSSlTi&Sfc 77 , 


; In.luitn-i.-. 114.39 114.57- 115.68. 115.081 114.46 114.36; 115.68 
| ! ' '9-- 1 

«Coni|«.ilc 105.96 108-66 104.50 104.01 105.55 105.92 104.50 

• i : , «S* if. 


! rtI/8) 
Franco <ltt 76.9 76.3 I 76A 
I ■ I 

German v<tti 813.0 £17.7 ‘818.9 


Cbesetngfa Pond. 25'# J 257# 
CliesRle 6ynem_i 301# j 30 
Bridge—] 54ij | 545, 
Chrysler I 101# 1 121# 


Harms Mining— .j 371; 38 


I Pan Am Wo 
I Parfaer Han 


HaralsonLeger. 153, ibi# Peabody Inti 271, 

5*™,^°*?“- I ®g]8 Pen-Pw.ftL^. Bis# 

Heinz H. J • 42Sa 417# Panne J. n. AQr. 


Heinz H. J : 425# 417# peony J. 

Ueoblein [ 265# I 265, Pennaoii. 


86.52 I 184.64 ' 8.52 ! 

(fi/Si :i 11/1 /7i) .(io.-i 'i2i Holland <{$)' Efi.a 
86.eO ! 195.86 i 4-40 • 



; Auk- 9 ; 

•\||M \! 

• July y- 

/ t‘enrnso (a|ipnix.i 

Japan ia) 4lS^6 

J15JK 

364.ua 

' 1 114,7} 1 (4il0| 

InH •l , v. v relit “ 

' 4.70 

4.76 

4.93 

| 4.49 

Siaeapor^ 329.14 
rit 

35S.K 

.5*9 .14 t asj.o 

tllid • 0M\ 

l:i.i. I'/E llnlli ■ 

( 9.97 j 

9.78 

9.4u 

' 10.06 




Lm- I i.ii. Ut-nil • n»lil 

1 8.32 

8.46 

i 8.6b 

1 7.70 





211, I 21lg 
Ills I 115# 


(io>7) 1 (4/10) mai. W Hang Sen# Bank 3177.-84. I'li Canca . ,r^ * 1 

^9.Ui26£u Cunimerciale flail ana 2/I/7S. nT'>kro Cnmnuua (,ar — . 281# | 28l# 

»ll, el- (Will New SE 4/t-W. b Straits ■ Tlrnw. IWW. CulumU* Piet....- 213, | 21i# 

— r Closed, d Madrid SE 30/12/7T. eSmck- t<nn.lm4JarrfAiii 185* j 18T, 

holm Industrial i/l/SS. I Swiss Bank Comou»tioo Kuga 41i# 1 421, 


Corporation, ti Unavailable. 


Combustion B|_. 153# ! 15>; 

I I 1. L’J (Ml ! on 


F.T. CROSSWORD PUZZLE No. 3,743 

A prize of £5 io ill be given io each of the senders of the first 
three correct solutions opened. Solutions must be received bu 
next Thursday, marked Crossword in the top left-hand corner of 
the envelope, and addressed to die Financial T imes. (0. Cannon 
Street. London. EC4P 4BY. Winners and solution trill be given 
next Saturday. 


RACING 


BY DOMINIC WIGAN 


Name . 
Address 


Damp raises hopes 
for Diisrfennline 


Cm'w'tb Ed a on 28 i £8 
C'm'w'thOll Kel.' 21# 21# 

Coranu fiatediteu 45 I 45 
Computet fiaenre 153* ) 157 b 
U> nn Lue Ino.^... 41 [413# 

Comae. 23 i 23 

Con. E.d«m N.i; 2al# 23S# 

Cunaol Fw»G ; 261# 861# 

Consol Nat. Gas..' 38 i 375, 
Uuusumcr Power 245# { 241, 
Comubifitei Grp ■ 305, | 31 
Continental «»I.J 277# 273 b 

Cuntinentai Tele, 16 16 


Bewle ftckardL-J 897# I 691# “ 

Uoibliiy inn* 207# 20 t„ » 

Homestake aBi# 38), ^P® 00 - -■! .««• 

Honejnetl 717# 701# ■ 

Hooter 121, 121, Perkin Klamt. „. |67 S - 

HoapAlorp. Amer 437#' 44 Pet — - 64 ?b 

Houston Nac.Ua> i 27 271# — 38 J# 

BontiPli^lCmn 14s# 14 5*5? fSI® 

Httttcm (EJ'.N™. 20i# 197# PhibKlwpWaHle. 181, 

l.C. Industnea—j 305, 293, Philip Mraria.-- 73 

IN A 457# 453, Phillips Peiro-m. 325, 

InirersoU Band- 621, 62 Pllaboiy-.:*;^ 44i# 

Inland Steel 391, 393, Pltofly Howw _ 8&i# 

lnrih» 1 16 | 15 


TRW 

MthCe u tt ny Fox 

GJLL 

UAXCO 

UU1 

L-'nilerer 

Unilever SV.„. 
Union Bancorp... 
Union Carbide.... 
Cukm Commerre 
Union Oil Calif... 
Union fkcUic I 


Itttlnl i 

(nlami Nau Gaa-j 
lut'p. v PipuLiiu | 
KnbH*r ktnairiwl 
faiuti I'm. Cotf.-i 
JriMsw Com. *bM 
IIlih ill'll UIiWhII^ 
lluaeey Kc£u*a<n.! 

Mclntyn*...... S 

Moon- C'or|iii i 

Uou nntnSlMrKn 

N'onuiila JJiuen I 

Nrtrcrn KlH , Jg>'...[ 
N't bn. TcImMti _.j 
Nurraic Ulli 1 ia»' 
tnurHimi Prtrl'tnl 
Pacific Copper 31. J 


lnsl het. | 16 

IB 51 I 289 


IBM | 289 2875# 

InU. Flavours 263, 265# PalawltL~.-^_. 54 1# 

IntL HarvKsier 587# 59 'a Pototuec Rlec__ 136 b 

I nid. Min A Chan 407# 407# PPG Industries 281 g 

IntL Multifold a. • 196s 197 a Proctor Gamble. 891# 

Inal lei# 16s# Pub fierce Blent. Z31* 

ItrtL Paper_ 451, 44 - Pullman 451; 

IPG ... 381# 38 Pure*.- 173s 

Inr. Jfocdfler.. 121# 126# Quaker Gets .. — 251; 

IacTcL*TeL- 33 33fo HapW American, 15«e 

lnvenc.„ 1 1 Kaythenn. — 865, 

Iowa Beef— ...... 381, 38Sg HCA-- 315# 

I U International; 121# 12fla BepoMlc Steel— 257#. 

Jim Wefter—l • 33 32 1# B eau rt a Int i 873, 


Control Ihita. ! 40 Sa 


Cooper Indus — „i 641# J S45g 


IPG ... 381# 38 Pure*... — . 

lot. ifectifier— | 121# 12&# Quaker Gats 


I Inc TeL * TeL—l 33 


I'nlniya] M ..l 

United Branda....! 

Ufi Bancorp. J 

L'fi G>-peam.....„.f 

L'fi fiboe 

Ub Steel — 

Ufi Teehnologioe. 

ITV lodustrin 

VirgtniaKIect—. 

Walgreen 

Warner-Commn.. 

Waropr-Gunbm. 

Waste-Man'raenil 

Well*.ParRO_.._. 
West™ Bancorp 
Western A'. Aim 
Western Union... 
Wcsxingb're Eiecj 

V''wroco ! 

Weyerbaeueer— 
Wblrlpo.>l—— 
White Con. lad— 

WU]tamCo 

WtawMin Kkct.. 


PaciflePcirpleuni* 
Pan. Cun. Pcl rp-j 

Patino — .1 j 

Peoples Drpc. S_| 
Place Can. A Uti.i 
I’lKnllrrcliipnill. 
Power Corporafn) 

Pnre I 

Quebec fit utgwHii 

■tangcr fil J 

If ml . si qd house. 4 

KK* Afouiu .| 

IfoiaiBli. ■•< Canj 
tluyaJ Trust... -...! 


seep! re K'sniirccal 

Daigl*nr<_._.,....l 

filicll Canada [ 

fiberrilt G Jlipea 
blebenaO. G. . 

filmpstm 

steel ot Cannia- 
fiteep ibvk Iron.. 
Tesaro Canada... 
Toronto Dum.Bk. 

TtanaCanPlpeLo 
Tnm Mount Opr 

Truec 

Union Dm 
U tAfiisooe UitUM 
Walker Hiram. „ 
West Coast Tram 
Weston Gen. 


fBkL CAfikHL I7WM. 
IHmv node. 



THE PAST two weeks of almost Price-trained' Ridan colt, who GERMANY ♦ 

contiauous rain, which might deadheated with Fool's Male, 

spell the wettest August on behind Town and Country in the Aug. 11 

record for many parts of Britain, John Smith’s Magnet Cup at York 

will see Dunfermline in her before going one better at aeg 


I AUSTRALIA 


[ TOKYO 1 


Price |+or Dtv. Tld. 
Dm- | — * X 


at I AEG - 76^-0 .8 — — HentefiAj... — 

.t;l Ailumz Veniob...! 476.5HL5 <31.8 3.3 AfiiqueOcddl 


element at Newbury today. - Lingfield on Friday, should boost I ftiwH ?J_!^ mWaSuwia 6B 


Here the royal ■filly, on whom his Ebor chances with a clear- bnsfT". .-.7..’— 134.4 + ole (ie,7t 

I thought Willie Carson rode a cut victory over Fool’s Prayer, to Bayer. x36.7j+o.7 |ian 

far From judicious race in going whom be concedes 7 lb. SK'vJSSmi*' Hi 0+1 5 Ha 

,ftar Cm Rngl lirhneo rlrior Alan 1 I — Hal W.VcreiUshfc. IO 


Anattaine 

arc 


after Sea Boat, whose rider. Alan' Although he- justified some ciuinL.Nei.wro 155" 

. hefty bets at the first time of cominerzinnk 23L9I+0.9; 


NEWBURY 

2.00— rDisc reel* 

2.30 — Dunfermline 

3.00 — Effulgence 
3-MI — Pearl esc eat*** 

4.00 — September Day 

4.30 — illarzuok 


'Uivutg, ai njiui UUW "CCM IW.|„,|,_ U— , ! i9fl|ij.nii Ml 

when running just too strongly ■ 253.5!+ 1.5 J 17 

for Serge Li far. Henry Cecil’s ucmng — ; i66.0-a.5j i4 


7.0 AnaHume 

6B BlG 

4J Boaygnea — 

2.7 H-3.N.Gerraia— 

— Cnrrefoar — 

1U C.G.K. — 


I sKiJiUTizl^ SSS" 


4-2 i Cnsdit Com. ! 


Brigadier Gerard COIL R. R. Iteut^he bfiuk IM . 302.5sri-0.3 |28.12| 4.6 Creawfc Loire™. J 86Ji — 0.3 [ — | — Blrw UmhI fnri 
rh«no L L -|uw*1nerHick....; 242J + L3 !28.l3 5.7 Ouma.« 1 715 _ ^14. 33.751 4 '? I Ununmrlli— (W 


Price 

Pral 

+ « 

Div. 

Fra. 

«■ 

* 

743^ 

+ L8 

41# 

0.6 

440 

+2 

81. K 

4.B 

338 

+ 10 

1U 

6.0 

559 

-8 

2&J& 

4.7 

509 

-6 

13.36 

2.7 

894 

+ 10 

42 

4.7 

537 

+9 

465 

7.5 

1,738 

+ 13 

75 

4.3 

386 J 

+2.5 

31.6 

8.2 

1,007 

-4 

76^0 

7.2 

405 

—1 

12 

3.0 

4228 

+ 1 

11-26 

2.7 

122.9 

+ L9 

12 

10.0 

86 .S 

-?* 

— 

— 


Ampol Petroleum. 



Ab*dc. Con. Indoatzies | 


tO.66 Arahi GIm/i..— I 518 

tOU37 C-non j 436 

T2.17 -HUI5 Casio 805 

71.40 -0.01 Chinan ! 390 

TO. 88 +0J1 k>ni Nippon Print I 540 

rl.33 Fuji Phot» 603 

tL27 1+042 Hitachi 233 

tLG7 Handn Motora.— ! 510 

Sl.10 l HouMPood 11^00 


A udlmco—^ 

AureUliO Gn 

Bamboo Creek Gold — 


RIPON 
2.15 — -Viscount** 

2.45— Speedy Tack 

3.45 — Sfiaah 


Cbesne did not strike me as a %*\ir « U 145. 

colt With true classic potential. auteltminutiH 211.5,+ a.Q l la 1 24* Geu-OocalentaleJ, 210 

This aFternoon it may well be Liuni : i2aiM +0.7114.M1 5.9 im«*i 'mj 

that Serge Lifar's stablemate, UniT*ner..' j 338.0 +6.6 MS.72; 4.7 JwqueaBorel 153. 

Lake City, and the recent Chester J “H tS-f j la i a ! 2*f 

winner. Pearlesceni, wtU have i5?:a*oJ;9.63 io Vrt 

his measure in the Washington Kni. uu,t i 148 :+i (I4.04I4.7 un/rons Pbenix.. 690 

Singer Stakes. The last named |“n-wm - 339 ;+2 3.5 — lmj 

may come out on top at artrac- 157.1 

t3Ve Odds. KHD 181.8.+2J8 IlS.fS 5.2 -185.! 


Imi+f- iSa'i SSStSSSzz^ 

210 t+3 .1 8JB| 3.9 BrokajHiUPropriwwy.... 


70.88 Ul 
rl.33 . 

7L27 1+1 
tL67 , . 
71-10 l ., 
11.45 U 
10.48 +| 
70.60 -< 
TO. 28 
11.26 | - 
tl-47 
7LBO U 


wmrerood ii^oo 

+0.06 V' Itoh 1 260 

+0.03 ICo-*'okado <1.670 


-oia6 ! 690 

{.-A-L-..—-;.. 8.710 

Jvansai Elect P*r. 1.200 

Emuotflu ' 320 


14 .2.H 

12 1.4 

35 Lfl 
20 2.6 
18 1.7 

15 L5 
18 2.6 
IB L8 
38 1.5 
IB B.3 
30 0.9 

13 0.9 


-4-02 kubota...^, 2Bl < + l I IQ, 2.7 

7S km<vr«nimle ...,3,800 L.....J 33 0.5 
IJH -}j*muihit» Ind...| 709 —6 20 1.4 

LIS Mltoublrbi HankJ 279 . jq l.a 

LB2 JjJtBubahi Beaty) 124 !— 1 I 12 4.8 

Cotp.,1 468 j— 2 | 13 1.4 

LU Mitsui a Co™:._.; 314 1—1 I 14 2.2 

— Miw«tw»hl &84 _6 \ go l a 

— Nippon Dcnro. — : 1,390 I— 10 15 0.5 

JB Nippon Shlnpan.,1 710 j— 33 12 O.B 


!?'22 Kvreo<)e»mfo“:3.800 L, 


+ «*? ®-^| B -6 BHfioutb„» - 11.25 HUB I Mamuibita Iiyt...] 709 —6 

+ 5™ ,.“7,1 no CorltoH United Brewery.... 11.85 +0.0& I Mitaublrbi Bonk J 279 ' 

mo -nil" 2 }S"2 ?' S CbKtfl) — 13.35 +flJ)S j MftMibishi Heavy) 124 i— J 

Vvnii + ln «*7G ^ o'? Gocfcbnra Craiem.-, tl-30 — .. 1 Mltwibi*||j Corn..! 453 j_a 

- + ?°3 -8.W Mitsui * Co_*D 314 l—l 

x Conn. Goldfield* Aost '* - ‘ 

I f Contain® |pl) 


nve odds. khd iej.8.+23li8.re 5.2 £*?»*■ 

— At Ripon, where Speedy Tack Krupp. 100.0 +0^ — — frwBiyj 

Bond, set a kilting early pace in nraflt^hip^un wl rh ™' V u-i^i SeWtis it 7.1 
the King George VI. might well .P™®****^ run with a wtn in the u/iiann _.i no.sl + i^ 9 jaJ 43 


3.4 WS '"I i?'2i 


_ 157.5 +5.4 3 1.9 

.. - 186.9 +3.4 1S.B& 10.7 


Obtain Australia 1 


Mfi a**" 111 — 

/■O. V Marvolmfg K 


+23 *a l 


return to Winning form in the S- od i an l ™ Fir lf nce man ; i97.a;-Lo: ia f 3.o 

Geoffrey Freer Stakes. Viscount may be responsible for ibumj+raann...... i>6.3 +1.3 |l7.ia 4B oSSfliStaSd 


Dimfermlino who hid nrp. «* <■***'“ “H “* oiuiruurr VOOKa --ruiiiKn.... 

uunierntime wno nad pre- G , n reams Plate The four- Muneh«n*rKuck. 
viouslv run a fine race over a dis- „ t011 [ Nrofcenuan.n...:.. 

tance short of her best when year '°‘“' action last year, Breuw+j# l»m 1100. 

chasing home the under-rated a . US ®I U . as a Jttmn Meaufaiec. 

Mon tcon tour in Royal Ascot’s and 15 fasl returning to Jjj- 

LI->rriivifL-o CtiL-ac iv thnuaht tn tUat 10011. y.„.w 


a turn up in the Smirnoff Vodka Meun Ktt 351 J+6 10 .2.0 j <***1,,.. 

Great Dreams Plate. The four- M“"vhenerHuck. sao 18 fl.6 ao«ri«w>i.J 


ACIUIbS 

Keop .ilicnng n”«ii lu lion i" 

sinkc wiih lint Ii tap* 
1 4. ■'). ii. 4 1 

Scuundrfi will) country accent 
lie h*<a iicd ia) 

Wavinc iyric.il over Oickney 
female like ihts in key ik» 
One uf >ervjce> ran away 
when disposed of by ltd . . . 

t7« 

. . . round a fiutldim; < 7 1 
Approaches mean Sects leader 
|5> 

Total material used in road 
making (9) 

Like .» duck to he changing 
a bed too few (3-6 • 

Swiss capital __ lakes on 

talented black «5i 

Work ins daii highwayman 

(7» 

Encouraged 10 lie fashionable 
and •muled i7* 

< *!»-5ac!e .■ ■ l he liack kept 
church m»ina *9* 

Clear >k\ in UViherhy id) 

A ihievinu vmlinisi could 
save every penny (5, 3. 6) 


t» Brave Democrat leader joins 
relative to .1 rm.iller extern 
i9t 

7 Alternative number one upset 
slurs 15). 

S Dishonour of French class (7» 
u Rehearsal of hm mg race (3. 3) 

15 Ceremonial steps m seemingly 
endless tuonih >4. 5) 

17 Piety said to rub shoulders 
with freedom from dirt i9t 

IS Strange path E»»h Ls taking to 
get job of running orderly- 
house (9) 

19 Adore dispute coming up on 1 
board t7> 

21 Close Yorkshire flower last 
(fit 

23 Article repealed about Pole in 

Scotland (5) j 

24 Dress fabric from Northern 1 
Ireland with no French con- 
nection (5) 

2»J Jump over nor (5) 

Solution lo Pii/./h* N«. 3.742 


+ 7 30 5.9 

«mv I — 7 90 j 8.2 1 Ijia Em ” 

|gS== 

satis sjs aasaa=a== 

787 1 + 5 26 Jj 3.2 J^e*(D»vkU 

0443^ + 2.9 Ifl.ta 6.2 teniranlOUM. 

M.ver Mm peri urn... ............ 

N'em 

j-t ~ — N IcbolM Intoroocional 

fee + or Dij. lid. North Broken H’diajpit60 c 
” - 

TO II it siSttEEE 

.T? * ^ k.2 SmifKbgtV utninjy 


7 g G*a. Property Tnuc..— ., 

alz 9™^ 


t2la3 !+Bii 1 ^bioeato. — 


iienro..-: 1,390 (— 10 15 0.5 

Alppon fihtnpan.. 710 [—28 12 O.B 

{HwanMotora— 741 -6 16 1.1 

™ a * e Si: 1,670 -20 48 1.6 

^pyo’E tectrtc — 238 —3 12 2.5 

^ekimn Pre&vb_ 890 — 3Q 1.7 


Neckenuan.n...:.. 137.5!— 3.0 — — T "~i 

PreuwAB L'M 100. 136.0[+2.5 — — reteneranialMr' 

Kbeia WM.8IK. 181.5:...;..-. 26 6.9 

Mon tcon lour in Royal Ascot’s aBU 15 Iasi ^‘unung w ^ gyjSj iel i.l Hi teua: 

Hardwicke Stakes, is thought to inat to rm - +1.1 zuuker 249. o 1 — 0.5 26B6 5.3 

be back to the outstanding’ Form _ • !i ll "** a . A ' G JSS'2* - S'S STOCKHOLM 

that saw her accounting for the grojjph N() 400 SSJo3 S 1 1 “ “ 

subsequent Arc winner. Alleged, ***■ ****v.*.» i’u. tvv Ver«iv.±w«i Bi. 293 J-......I 18 3.1 Aug. li 

strictly on merit in the St. Leger. £ TlPWSaCTAntc TSTZ^T. 

If so. she clearly has a fine IVI Ul Tf BRUSSELS /LUXEMBOURG A l ^i^I^ 1 ^ r60} 

chance of reversing the King THE MULTIPLE retailers, NSS ; 

George VI and Queen Elizabeth Newsagents. * has opened its Auc. il ! Pnce +w Fra m Biiiwud 

Diamond Stakes running with 400th branch at Newark. Notts. Fm. — nw % »»«« 

He dc Bourbon, who woiild in a shopping area close to the 73 L - OR 1 s — tSurooraT 1 

almost certainly prefer faster Market Square. ffi* -irZliJajoo +50 lie 6.8 Eiros'inx'B^Krfa 

ground condmons. Ten years ago the group was c.b.r. ueroeat_.fi.ieo +4 100 8.6 Kric»oa*B’(Kt50( 

The - Findon three -year-old. trading from 120 branches. u«*erili 1 440 -4 — — “B" 

Effulgence, has been the one they employing 900 people with net ;; -~ , 7v-!|'270 ------ ^ 7.8 FmgtMra— 

have all been after in the Tote profits of £225,000. Today with tas li5o els 

Ebor market in the past two days 400 branches the number, of n.n. lono-Bm_. . 2.3^0 _jiso 6.4 M«rab<m 1 

and there will be many anxiously employees stands- at 3.500. — ^252 *-3- MoOcbbnma»!] 

awaiting the outcome of the with half-year profits recently h!£*J||;“.»""aS i+5 '' ito a.9 MWarfeH 

ATS Trophy. Here the Ryan announced of £l.93m. • . imer.™i 1.765 1+5 142 8.0 

7.000 ;...-......iathJ 4.1 EandHtlk *B' KrtO 

c«*iM « Htrlrola n.ra - G. iforaw Beiue.J5.710 *10 jrf!85 S.i Urtdeholm. _.....] 


zae.d+oi 
787 1 + 5 


BRUSSELS/LUXEMBOURG 


AGA AWKtJjOI... 211: 
Alt* UvaUfKcW) 149 

ASHA (Ki-JjO) 85 

AtUunOopcoCEieS 138 


I Dt+I ntuusUopcoCKiea 

1 Price + or Fre-iTld. Blllmxi 1 

Fro. — Net [ % 


24.01+0.3 — i — 


Ul brnModo 1,120 -10 

LK SHE-ss-r ^S 30 “ 1Q 

.... Marine 238 +1 

LO 1 JjfcWaChemied. 408 —10 

.... TUK -12.100 -60 

•••; Teijin — He +2 

LJH Tokyo Manoo..^ 466 


—« 12 2.5 

—— 30 1.7 

-10 20 0.9 

—10 40 1.3 

+ 1 11 2.3 

—10 13 1,9 

—60 30 0.7 


rt-18 [-11.01 1 FokyoBlertPowr' 1,120 


L01 1 fukyo fianyo_._ 


10-30 +0.02 I Toray_ 


IJirroBhibBCoirp I 133 —2 


+ 2 I 10 4.2 

11 1.1 

8 3.6 

-S-- 13 1-8 
-2 10 3.6 


Price |+ or) 


I«SS !S ?i 843 1-1 I 20 

t0.86 rSioi source Milfto SecurtuSTr^^ 

11.38 l+o.Dl VIENNA 


10 3.8 
'20 1.2 


tl.90 

10.16 

t0.49 +VJJ4 


ifee I + or I UivJl'UL 


ArivU 12.396 

Ueken "B" ! 2,200 


— s — — 

+ 60 115 B.t 

+4 100 8.E 

*4 — — 


— C^ellalom— .[ 

5.8 kieGS’inx'B’IKxBq 
8.6 £rieraaa'B’(Ki50| 

— 8aw)te«B n ) 

Fogmra 

5*5 Granges (fre^ [ 




fc= “ a 


Crriiit*n*aut_.»J 

D.D1 Penwaw. ' 

oeIcct-«_ ' 

0.02 Sem peril 

OJU »»5T lMImler— J 
«. _ Veit Mqgn«H...j 


342 — 
27B __ 

626 

90 

218 — 
230 +2 


10 2.9 
9.< 3.3 
38 7.7 


8* I 3.8 
10 4.5 


SPAIN V 


DOWN 

2 -hunt support for table of the 
French doctor (3- -■ 4J 

a Revolutionary tn change direc- 
tion f 5 V 

■4 Trouble at hank concern inn 
conscription i n * 

3 Beheading bos* is a bloontcr 
io» 


B5!I»H!3^BBEgEaEEJ 

B s -v0 

GBSCIQBLJjBHaEaaQ 

□ a -h a a 

HBBraEsraa^sGscinE 
a ta >B. m 

H00S LBdBgQfflQ 

a.- @ a 

-r v^sgonsga gaaB 
a a e B- o 
aBanga-BSaBanEB 
E3 b a a m 

HaoaEQaS^.,HHHS0H 


A^Mnd 122 

liumn Bilbao 303 

ll.irKii Ailanhco il.OOOl 237 

Han co Cuniral - 312 

Kancii Estp/mr .. .. 378 

Mam a G^rwral .. .. 2W 

Bani-o Granada il.WW) ISO 

[fonca lliaiuna ZM 

lljnro lint C.U. »1 ndOl 17S 
H. frrt. Itelliorraneu... 203 

Ham.ii Popular 24* 

Kan.'/i Kam a ruler i?30l 3U 

iWincii Uruuilo 1 I.iumh .. 250 

Banco Vt7rf3ya 24S 

Manro XaraEozano 278 

Mankiinian ISO 


Htrlrola 71.75 

fiwmiwro — 05 

O'arre 110 

Patipl-ra* ReuBlflas ...... &7 

Pprrnllbcr 120 

P/-irol«K 20130 

Sniacv 45 

Sarno Papel«ra 5030 

Sownsa 129 

T?1pfnnica 85.25 

Torrai UosKnch 94 

Tubace+ ... 95 

Unura Elec. 71 


79.75 - 

85 — 

no — 2 

67 -1 . 

120 - 2 

201-50 4- 1 

45 — 1 

5030 + BJO 

12a +8 


Ln Ho.i-itie Bei«eJ5.71Q -10 Jdi85 fi.< UitdehoMn J 61 

Hun H*>l<linK 18.810 52.56/ 2.7 Volvo (Kr. SO) , 8; 

reU-.Biui 3.800 1+20 174 I 4.B 

?>* Gen Uanqut..‘3,095 •- j 6.6 rnMU UArtM x 

lien Uri:n«iie;a.020 + 20 Mu 6.1 COPENHAGEN* 

ufiua [3,260 ‘—20 215 I b.6 

-wira., ;a.460 i+a abioi 8.6 11 I JI,: 

Iravtirai Klri't 12.630 +30 170 0.9 Aug. U . K»i 


302 + 5 9.6 

104 —1 4 

62.6 — 

366 +4 16 

116 8 

67 — 

268 -7 3.7C 

74-5+0.5 4.5 
167 +2 8 

73.H +0.5 6 

60 +1 y- 

81.5 +2.5 6 


9.6 ] 3.2 
4 3.9 


Wootw orth a- J 

AMSTERDAM 


JOHANNESBURG 

MINES 


16 4.3 
» 7J3 


rr«e +or Dlv. YW. AobXo African Corpro .. ^TTo 
Flo. — S X Charter CmunlMaied 3 7d 

io7-iipLi BJJ 

*iiSS «i 7-9 

Z? ro + i;S 6 - 7 PiaHnu^~;::n tra 

9L0-0ia 26 5.7 SL Helena 

127 +4 82* 6^ SouthvaaJ ™ 

71Ji + 0.5 26 7.3 GoW PleWs SA ...^ J= S| 

278 [—2 27.9 2.0 Oalon Camera tion “ 3 'S 

135.6 + 0.5 37J 5.6 De Beere Deferred ' r'en 

68.0. 94j 5.1 Blyroormtalcht 0 « 

37.4i. J 20 5.3 £*« Rand Tty. 7 M 


— — Ahold {FUSI) . 

3.7612.1 Akzo fFlZO)- 


107 —1 i2E 
3L6 +0.4 - 


IJOO) 367.6+2.6 23J 


-WW.I' 18.460 + a 

Im tiroi KM 12,630 +30 

IL'B r 9J6 

L 11 M1n.1l/Uh I 754 -16 I 50 I 6.6 

VteiUe MutuaKn« 1,600 +50 1 — 1 — 


Price I + 01 
Kroner — 


Dlv. 1 fid'. 

* I % 


SWITZERLAND ® 


I’rii.c ■{- ■.r'ltnir 1 <•( 
■l-ru* — ,uir. % 


Price | + or)D1v.r 

ft*. “ MS 


AodeUbaoken 

1. Utam B«Qk-_ . 
but Ariano Uo— 
Fl a^ ^^ i k en ... 


.SOLUTION AND WINNERS 
OF PI-Z7.LE No. 3.737 


inoflBBsrasoao^raBa 


Fiiliiiwittc arc flic winncri of 
last Saturday^ prize puzzle: 


.Mr. -J. R- L.iinc. " Aiihn!^. 
knowe.” Hunlly Road. iMcIrosc, 
Roxburshfihirc. 


Mr. V,’. Pryde. IS .Manor 
Place. Slatncs. Middie.scx. 


Mvsf E- Wakeiield, 69 Avenue 
Road, Wejtcliff-on-Sea, Essex. 


Hi-'Rl '--.Cl cfl . 

HnnsD.;"-gnsisiBSas 
mmnnnwsm&mmuK 

a E y.m- h 

. ■■SSSnMSBHHSE 

E30ll!SS:'-'C5BSBH0EJBia 

SSnaaG05BB>?QS0HE 

m m ; ra :-E 

eaig-nnoB SBBBaraa 


Huniri Anrlalucia 

IIjDl-ucV Wilcox 

Clt- 

Ora Hadn't 

Inmorijnit 

K. I. XRiconna, 

Kssaniilf Sinu 

K,pl Rin Tlnto 

i-’ecsa 1 ............... 

Hi.finfs f i.nnni 

Gal Precmtfoj 

tinton Vela«i»M i4W)i 


.... 203 

.... 29 

.... 82 

289 

__ 70 

53 

102 

.... 89 

.... U 

... 70 

77 

no 1 Its 


AO»lM Ul’ 

Banin .H. JJra.ri!...' 
ilnncu lian PN ...t 
toiiti MlnpJniiir 
Li'jat A nier. Ul\. 

Peinairi-, PP 

Piftflll 

Smira L'n« UP,-' 

I • n,|> l'K 

Vein till, I hire IT; 


— __ Aluminium _ — j 1,250 I — 16 

S'25 °*fS JH 7 OBC'A' 1 1.830 {+10 

M? L'il^GelpyKr. 1001 1.100 !_45 

Hn lln - l”«Cwt! 805 [-36 | 

1.30 0.t3 j.ot 8.15 | h . 1. , gga t 10 

la? “2*S 5 ' Crodil Snime =2.250 ,\Z ! 

-0-21,J.l3S.81 E| wu ,.nu [1.876 1-5 


— GJrth'oH^K 

_ _ _ | N'ort N'niiri.... 

,8 u|uitaNbrik^ 
[5 5-t I Prirattiuik 


2.0 1 Provicgrirok -— 


140+1, 11 

W* +l« 12 

1641# 1 — 51# 12 

1581# — 13 

3791# _ 12 

801# +1# — 

12S 12 

273 —l# 12 

198 +1 12 

106 +5 — 

133 - 

1401, xi 


S’Z aoph-Berenwn — 417 12 


22 3.9 Supctfttt-.. 
16 3.6 upa ™~ 
10 2.7 


8 I 4.8 AMEV (FL10) 83.8 j SO 

6 I 6.8 Amrahanfc IFI-2D; 78.61+1 

y — I — Hi jenkort — . 9L0 1 — 0 

6 [ 7.4 BokaWerttUlF.kJl 127 j+4 

Huh no Tetaerode 7Ui+0, 

Klwvier V <Pl^) 278 [-2 

hlnnlaJt-V JJrarer 135.61 + 0 

f- YiX KurCoraTrttFI.lol 68.0- 

► . ' GlsteUirocedeaFJ. 37.4L... 

0 Hu'netten (PL2G). 103.6I_,._ 

Ronsavena (P UOf 37. & — O, 

1 7.8 Hiinier D.(FI.NO) 26. 2' +0 

2 9.5 ILL.M. (PLHXJ).... 7B2d-4 

2 7.3 lot. Mailer <120). 49.3^0 

3 9.7 Nuntar OPOW— 35.«+0, 

2 5.2 Nttt-N«Un*tnJO) 104.61 — O, 

- - -NedGredBt(FLBD 05.S+0. 

2 8.6 NedMMBkpnhCQt 1*W-6|+L 

2 3.9 Oc*(PL8$ | J 63.01+0. 


103.61 !!..( 14 !i3j Pree State Ceduia 


37.&-OJ3 

28.2J+0.2 

7B9d-4 


12 4.6 
8 6.3 


ai'SI+S’l 12s lin We5f DWeftHUeln 
oilS^o'a ll Western Holdings “ - 


_ Prcstdeot Brand 

a R fresidfflu Stem ” 

SHIAnMhi 


Sttlfantcta 
Welkom . 


104.6 -0.3 48 4 6 

0S-S+0.6 21 7.6 




2"? ff ^55"9 + 2"® 55 ^ Anglo- Amcr. Iajunriai" -'** in m 

6.1 p K em_ 32.1+0.1 23 7^ Barlow Rand 4*7 

— » sa Omneraw 145 +1 — — CNA Investments 

M Hakhmd [FL20)U. ■ 3&.8 —0.2 — — Carle Finance ...... 


J'“ p| M . hlfr ,Qeor»ttij 655 -S 5 I 3.8 A|J 

2.70 — O.DJ| .ailg-fl HnnnwnPt l^Rh.i 71.250 t-I.Z&oillODj 1.6 MILAN 


Ii|> it; 3.70 :0.25j4.38 

T I f i!! ’’J."- L33 . - 0.D2 .it' IJ-53 
Turnover Cr.UK.1m1. Vodime’RJtn 
Source: Rio d»* .lanL-iro se. 


111.. isiTMlIi -7.025 [ + 25 1110 I u 

liiiorfinkl B — '3,923 { 20 2.5 Anz- 

Jvinull (Ft. WGi._;V.333 i + 10 21 1.4 

! Nert.li* 1 Fr. IflOi.... 13.480 n8S.5j 2.5 ANIO,„,„ 


Dir. lid. 

«"J % 


9.0 HakhmdfFLSQ): 

7.9 Philip* (PL10)_ 

3.9 kjnfichVeriPUl 
5.3 Uabeoo (FL&3}„. 

Ifolinca (FI .CO).. 

1 Honono (FU60).. 
HojuIOntdifFlJ 
[ tilavnubuij™ 


0.1. Keg 2.220 1—10 1,85.7; 3.9 Bamozi 

)rcill.i«nk<l\2S0i.8.660 (+40 1 15 1.4 Fiat 


ISO. 1 7.9 

IfiOj 9.6; 


fitevrofirp (PLfiO) 128 
Tokyo pieHjda.® 145 
Ln never fFL2ft_ 118. 
v ikiturRea.(dtfil) 4L 

'Trotl.CtrJyjIA 387 


” aouro.. mo uh ., -nL . ira se. NertleiFr. J00i..J3.48O ; n85.5| 2.6 AJTIO,„ U& -6 — J— Vi| c i njr lfo e .(dlXl) 4L4. 

— 0.^ Keg 2.220 I— 10 M5.7[ 3.9 Boatojri— 608.5 +3.9 — — ^^ tl.CtrJypiA 387 ’+2 

NOTES; Overseas nnces exclude s premnrm. Belgian dividends are after , )vrilk , 'nh.«F-250] 1 2.660 (+40 1 15 , 1.4 Fiat... — L909 |+43 180(7.9 • 

ttltnnuIdHuc tax. F’ren* sl^F-lOOr: I------ IS j 5.2 DaPrir 1.565 + 28 180 9.5 ^LO 

* DM5u denooi. unless othermse stated, p PusjOT denom- unless otherwise »«nil<v iFr^Kfl~.3.760 —30 . 26 1.7 FUuider +8.7S — ; — | Alee o> 

Siaiert AKr.lun denom. unless otheransa stated. « Pis.99* denom. ontem fits ^10 ' 12 ■ ft'i £5555?*’'“’”' m 4 * 7 Ao «- U Kn * at - 

othiTWisv staten. 8 Yen Sn deuum. unless otherwise stated. 2 Price at rtaie o> scinmUcrCt rlCk'’ 293 1 + 10 ■ *“ 7-} Ibihilder' — 304.7&+9JDJ — j— — — 

'iik pension, o Florins. hAfiiiUinea. rCeou. a Dlviflerai after pen/tlotr rUfilts -'u»« r U(FrjO)).: 345 « 4.1 3 | ; l 1 2® + }®| U™i 3. 6 UemeoBwit 99 ....^, 

and/or sen p Issue, r Per share. 1 Franca. 0 Grass dlv. %. h Assumed dlvkfond ?*UMiatf j B42 -j-a. [10 Mdimriiron 161.5° + 1.7S| __ __ Htrrejpuutl...' — 81 +1 

jttei main andrur nghla Issue, h After weal taxes, m % tax 17+*. n Francs, j^f* 1 B ° b f ’ rI > LP6§ ,+ 2 : — 1 — Orediumnic 113 i 

indD/titiA Umlac dlv- a Norn. Q Share split, s OIt. and vield exclude speCtdJ dviBi) (Re/ (FrfiaJi'4.925 (•;— —■ J9 f"? PJreJjj S Go— L&3S —8 | 130 7.9 h‘o*m»« — 290 j + 10 

psyment, r Indies led dlv. u UnofSoai mtlinz. 0 Uinortfv notnera on |o « Merger tnion Bank..-...3.2D0_ ,-10 | 20 3.1 FiraUi sj*. STB.Oai [+2.5 SO 9.1 h'roditkajndn 109 

MMittfi. •A*lc»d, vBKI. ? Traded- i Seller. ■ Asstmrrl. tr Rx rwla>, Xd Ex Zurich to* ill.435' + aB s 44 1.9 Snta Vliooea— .... &49h)+OJ6| | _ XoniitHvilrofirflO] 203 1 


ofr-S— 0.2 — — Currie Finance n«| 

85.6 —0.2 17 I 6,5 Ds Beers Industrial ... tii m 

79.6 —0.3 — 1 — Kdgara Consolidated Inv" 

175 —I A26H 7.3 Edctara Stores ' M 

139.0 — 0.5 — } — EvorReady SA “ — #5 

1 22. 6[— 0.1 d.9 3.8 Federalc VoOcstMlagalnffi 2 .'u 3 

130-flU.i^ Aj.76 (L2 Groatemrans Stores ieo 

248J +0.8 20 8.4 Gnardlan Assurance (sa> 2.49 

128 1+1 27W 4^ fWens I.Bfi 

145 Ul «LiS 0.5 T---“ - — 2.10 

118.a'-0.& MA] 7Ji Sf e S r '*» H«*» » l.» 

4L4. — 9O20] 1.1 2.7S 

387 1+2 33 i 4 1 2? Bssars — .... 7.yo 

Premier MHUns 6.M 

Pretoria Cement 

lCW 1 ivc r Pnkea Holdinss t.;^ 


85.6UOJ 17 
79.5UOJ _ 
175 Ul A2SI 
139.tr — 0.5 — 

1 22.6|—0.i Al 
130.9Uu »i.n 
248J+0.8 20 
128 +1 , l 27e 
145 Pi btLifl 


*T7 Rctco 

9-1 SAPPf 


dividend, xc ex acriji umte. M Ex a£U a Interna since increased. 


•'oreuiyiiroAiBuj «/a — * 1 iss , 0.7 
at invOrand 100 1+5 ] -7 | 7.0 


11 as ci G o im,th Suf;ar 4*3 

an ! Io Bretrorifli 1.30 + 

11 Jin'? 0au ^ “**• M«S- ll.io + 

-7 I 70 Securities Rand U.S^O.75 
— {Discoont of 34,78%) 




2.~" \ . 






I'* I 
28J, 
14Tp 
6 i a 
'34 
6te 
261, 
2.70 ] 
r47 ! 
2Qb*: 
17 ' 
• ' 9*s i 
3l4*e i 
; 11 ^' 
8 . 
551. 
12 \ 
“19S«* 


;!j|4 : "*• 

K:- 

■ .»k. i i ttU ; i v 


"i(, <- 



4 



CA 


U 2 


.• a 
es 




INTERNATIONAL :FI-NANC1A(, AM) COMPANY NEWS 


IT 





and Amro increase 



nse 


BY CHARLES - BATCHEUDR - 

TWO of the largest Dutch battles, 
Atgemene Bank Nederland and 
Amsterdam - Rotterdam ■■■ Bank 
today announced higher interim 
dividends after a favourable first 
half. . ■ 

Both reported a. rise of about 
one-fifth m net profit- over the 
firet half of 1377; although ABN's 
rate of balance-sheet growth was 
less than At Amro, The two 
banks, which rank first and third 
respectively 1 to the Dutch bank- 
ing league,- are both optimistic 
about prospects for the rest of 
the year. 

ABN plans to raise its interim 
divldendlo Pi 12 per share from 
Fl 11.50. Shareholders may opt', 
for cash or FT 5. -in cash and 
Fl 2.50 nominal of ordinary 
shares. - • 

Consolidated:, net profit rose 
21.9 per . cent- -to - FJ 120.8m 
(?56m) . from Pi. 99.1m. ' This- 
follows provisions of Fl.fi7.5m 
for general" ' c ontingencies 
(Fl 57Jm In ri977>. and after 


deducting Fl ;Ilft.4m .for tax 
<Fi 101.7m). AB2S also gave 
details of the perfonuance of its 
fully-owned merchant banking 
subsidiary. Bank Mfees en Hope, 
although- its . exults, are consoli- 
dated in ABN’s accounts, Net 
profit fell sll^itty at Meeg en 
Hope, to Fl l&lm from Fl 16.5m. 
- ABN’s balance sheet total rose 
S.8 per cent to Fl <&lbn ($32.1brj) 
at June 30 from Fl 63.Bbn at the 
end of 19i7.cln view- of develop- 
ments ih^-tiie first' half of the 
year -ABN expects. the results for 
.1978 as a wholeto" he ^favourable. 

. Amrtr = interim -dividend is 
going up to- Ft'2.40 from Fl 2.20 
per sharei": The -payout will be 
in cash or FL 120 to cash and 
Fl 0.50 . in . shares. ■ u. . . 

Amro’s- consolidated net profit 
rose 18' per -cent ;to :Fl 104.4m 
from FI 88v4m. '-Ineome rose 115 
per cent to Fl£55t4in <F1 854.7m ) 
while costs rose- ; ;3hore slowly: at 
Fl !7035ni .foey-' were; 8.7 per 
cent higher. . Gross- -profit was 


AMSTERDAM, August 11. 

therefore 21.5 per cent or 
Fl 44.6m higher at Fl 251.6m. 
Provisions for general risks rose 
to Fl 72.5m from Fl 57.5m while' 
the tax charge rose to Fl 74.7m 
from Fl 61.1m. 

The balance sheet total ex 
panded by 20.9 per cent— more 
than double the rate of increase 
at ABN — to Fl 63Bbru • Provided 
interest rate margins can be 
maintained Amro expects profits 
for the year as a whole to rise 
at a similar rate as last year. 

15.3 i 


per 


when the increase was 
cent 

The bank’s lending activities as 
well as Eurocurrency business 
contributed in. practically equal 
measure to the increase in 
balance sheet totaL- Credit 
granted rose by 252 per cent on 
an annual basis. 

The increase in toe volume of 
medium-term deposits means 
Amro expects to be able to meet 
credit demand in the coming 
months without difficulty. 


By ANTHONY ItpWLEY 

TEXTILE . AIXZANCE, a 
vertically-integrated combine 
here owned by Japanese and 
Hong Kong- Interests, suffered a 
consolidated trading loss of 
HK$42J.m (UJS.$9m) In the year 
to March 31. - - - 

The- latest loss, compares with 
an adjusted deficit of HK$32Am 
in the previous, financial -year. 
The combine haa been making 
heavy losses for several years. 

-The concern- was aimed at 
providing , a model of " the 
efficiency which ' vertical integra- 
tion can bring, to the tc&Le 
industry, and brought together 
spinning and weaving, dyeing 
add finishing and -garment pro- 


The First Viking 
Commodity Trusts 


Commodity OFFER 34>9*d 
Trast BID 32.2 


Double OFFER 
OptHUhTrust 


¥ 


79.0 

74.0 


Cojmmd rty & Eenoral 
ManaowoeDtCo Ltd 
8 St George's Street 
DocbJbs hrle of Man 
THsNMjlHi 


ductioo operations inHong Kong. 
The group also has operations in 
Malaysia and Thailand. 

Textile Alliance* major share- 
holder is Tora^ : Industries, of 
Japan, with 49 pec cent of the 
equity, and -The " other share- 
holders are G. Jtoh and Co., of 
Japan, as well the Hong Kong 
groups, Jardine,- .Mjatheson and 
Co. and Lees Investment Corpora- 
tion: v-4:T-' - : 

Toray. led.-a ■ restore operation 
for the concern :abbu£twa years 
ago, - and. installed VJiKr. Kohei 
Sakamoto as - the. J company’s 
executive director. However, the 
concern has confined to lose 
money, and Mi*. Sakamoto said 
recently that the downturn to the 
world textile- marker* was ham- 
pering recovery, -Tibs group has 
been hit in particular by clothing 
export reductions Yby toe U.S. 
and' Europe and; is .seeking to 
diversify its markets tp Australia, 
the Middle East Uttd elsewhere. 

Textile Alliance. Sfl5ft,fc>day that 
it had' continued to face difficult 
trading conditibqsin.'the world- 
wide textile markets daring most 
of : 1977-78, . but some improve- 
ments were reconled ih-the final 


HONG KQNG, August U. 

quarter of the year. The group 
was “continuing to rationalise its 
activities, improve -efficiency and 
upgrade the. quality, of its pro- 
ducts.” Last year it had “signi- 
ficantly” reduced its indebted- 
ness through a HK$29m cash 
injection from Toray Industries 
and through selli ng i nvestments 
and assets worth HK$52m. 


WAROGATE GOM^OOnr FOND 
K 3Iic July, «0.8* 

WCF MAMAGOjS UNITED 
e.o. Bo*,7j _ - . 

St Heifer. Jeney D5>< 2DS5I/3 
Neuc <tealiag 31*t A&wc. 1979 
•„ „ ■ 


Demand boosts 
HK Telephone 

By Ron Richardson. •; 

HbNG KONG, August 1L 
HONG KONG Telephone' Com- 
pany, which holds a monopoly on 
the Colony’s' internal telephone 
service, increased its profit by 
16.4 per cent to HK$88.2m 
(Sl9m) in the first half of 1978. 
This was a slight reduction from 
the 20 per cent growth recorded 
in the 12. months to last 
December. ? 

The main reason for the con- 
tinued growth is the rapid rise 
in the demand for telephone ser- 
vices, which .saw a further net 
gain of 44,000 in the number of 
subscriber telephones in the first 
six months of this year. The 
total number of subscribers ex- 
ceeded lm during the period. 

The interim dividend has been 
held steady at 50 cents on capital 
increased in April by a one-for- 
10 scrip issue. 


Idaho court 
ruling may 
simplify 
takeovers 

By Our Own Correspondent 

NEW YORK, August 1L 
AMERICAN companies making 
takeover bids could find toe 
legal obstacle course greatly 
amplified by an Appeals Court 
ruling yesterday. 

The fifth circuit Court of 
Appeals in New Orleans 
declared era constitutional a law 
in the State of Idaho which was 
designed to help companies 
defend themselves against. hos- 
tile takeovers. 

The law had a prenotiJS cation 
requirement which often led to 
lengthy hearings, and -pro- 
duced delays which either 
undermined the value of the 
takeover bid or allowed the 
company being bid for to find 
another partner to rescue It. - 
The Appeals Coart's ruling 
was based on the finding that 
the Idaho law pre-empted the 
Federal Williams Act of 1968 
which is designed to balance 
the interests of both the initia- 
tors and objects of takeover 
bids. The court also said that 
Idaho’s law conflicted with 
Congress’s right to regulate 
interstate commerce. 

The significance of the ruling 
lies in toe fact that 31 other 
states. have laws like Idaho’s, 
and these will how presumably 
be ruled unconstitutional too. 
Furthermore, Wall Street 
analysts expect the eourfs 
derision to produce a rush of 
takeover bids as companies 
hurry to take advantage of the 
more favourable legal climate, 
nntil— that is— the Federal 
Trade Commission produces Its 
own roles on prenotifieatlon on 
September 5. 


THE BID FOR MEAD 


Diversification in full spate 


BY DAVID' LASCELLEB IN NEW YORK 


Del Monte 
sees anti-trust 
issues in bid 

By Our Own Correspondent 
NEW YORK, August 1L 
DEL MONTE, the San Fran- 
cisco-based fruit and vegetable 
canner which last week 
received a 5456m offer from 
R- J. Reynolds, the diversified 
tobacco concern, said today 
that its counsel had advised it 
that toe merger raises “sub- 
stantial . anti-trust Issues." 

Del Monte also disclosed that 
toe Federal Trade Commission 
had asked for information 
about the company’s food and 
transportation . business. 

Reynolds said it would 
extend the deadline for Its 
offer by a week to August 22, 
and. suggested lawyers for the 
two; companies- meet to thrash 
out ahy problems. 


OCCIDENTAL Petroleum's 
$750m bid for Mead Corporation, 
too- paper and wood products 
company, came as a surprise to 
the New York markets today, 
partly because of its size, partly 
because Occidental has a lot on 
its plate without taking on a 
merger of this dimension. 

However, the pattern of toe 
bid-that of a large oil company 
flvakm gap ambitious move into 
ah. unrelated natural resources 
field— -is not without recent 
precedent, and it could be just 
one of a series. 

- The obvious reaction to Oxy*$ 
moye, coming as it does in the 
wafce of its recent abortive bid 
for .control of Husky Oil, the 
largest Canadian oil concern, is 
that this is to be the alternative 
Insofar as Oxy clearly feels it 
has. the resources to manage a 
bid of this size, this is probably 
true; But in every other respect 
today’s initiative is very 
different. 

Mead Corporation, based in 

Dayton, Ohio, is a major force 
in; the paper, packaging a.nd 
wood products field with sales 
last year of over SlJ8bn. The 
company owns or controls nearly 
one and a half million acres of 
TJ.S- timber I and, and far from 
befog a lacklustre performer, its 
profits have risen steadily in. 
recent years, reaching nearly 
5100m in 1977. 

Mead would clearly be a major 
Asset for Oxy if its bid conies 
off,- but it would not necessarily 
be an easy company to manage. 


The paper field is currently 
extremely competitive, while toe 
packaging industry is going 
through a weak phase, with 
prices for many products 
dropping, 

Nevertheless, if one wanted a 
rationale for Osy*s move, one 
need look no further than the 
recent hid by Texas Eastern for 
Olinkraft, another paper and 
wood products company. 

Texas Eastern, primarily a 
natural gas producing and trans- 
mission company, is similar to 
Oxy in having a significant stake 
in North Sea oil, and therefore 
enjoying the benefit of 
heightened cash flow as those 
resources begin to reach the 
shore- 

Last month, Texas Eastern 
paid $460m for Oiinkraft. which 
bad only come into being four 
years ago as a spin-off from 
Olin Corp, the chemical concern, 
explaining that as an energy 
company it had an interest in 
diversifying into a non-wasting 
asset More than that forest 
products could even be classed 
as a self-reproducing asset which 
would give the company a 
broader base for long-term 
development 

Similar considerations must 
lie at the back of Oxy’a mind, 
given that the company’s 
interests are still heavily 
energy-related. Its only signific- 
ant diversification is into 
chemicals, and most of these are 
based on petrochemicals and 
their derivatives. Although Oxy 


has recently begun to step up 
its coal operations, giving it a 
broader energy base, it was 
logical that the company might 
want to move into a completely 
new field. 

The start-up of North Sea pro- 
duction, where 0 X 30 * main stake 
Is in the Piper' Fie'd, has 
improved the company's cash 
throughput, and this situation is 
expected to continue for at least 
another year as production from 
its fields there increases. So 
this is clearly a good moment to 
go out and buy. 

However, the objection to this 
reasoning is that occidental has 
several major projects under 
way, and it could be stretching 
its resources to undertake an 
acquisition of this size just now. 

These projects include the 
development of coal, oil shale, 
and the large fertiliser deal with 
tbe Soviet Union wbicb is only 
just getting under way. 

The company also has a costly 
investment in its long-delayed 
uncompleted refinery at Canvey 
Island, in the -UK. where it 
recently wrote down its invest- 
ment from 8110m to 820m, citing 
uncertainty over refinery profit- 
ability and unexpected escalation 
of construction costs. Further 
drags on earnings include its 
chemical operations, which have 
suffered from the weakness of 
the world chemical market and 
have begun to turn to reduced 
net income. 

- Partly due to all -these factors 
— though partly, too. to changes 


Record first-half result 
at Straits Steamship 


COMMCUSITIES/itevieifif^^^ of" the week 

Peru troubles lift metals 


BY H. F. LEE 

GROUP PRE-TAX profit for the 
half-year to June at Straits 
Steamship, the Far Bast subsi- 
diary of Ocean Transport and 
Trading of the UK, rose by a 
record 41 per cent to S$5.5m 
(812m). 

Straits attributed the strong 
performance to increased earn- 
ings . from property sales and 
higher profit contribution from 
associated companies, particu- 
larly those in the oilfield supply 
sector and the William Jacks 
group. 

However, there were continu- 
ing losses at the Ben an<T Co. 
subsidiary and lower earnings 
from shipping activities. 

Group sales which ‘do not in- 
clude those of tbe associated 
companies, increased by 11.6. per 
cent .to SS7fi.6m ($33. 6m) as a 
result mainly of sales in its 
major property development to 
Singapore, the Bukit Tim ah 
Paisa, 

•y ★ -* * 

AFTER THREE YEARS of 

Hr T " t — : — : 


SINGAPORE, August 11. 

sluggish growth, Bata Malaysia 
Berhad has reported an Improved 
set of results for the first-half-of 
this year, with pre-tax profits 
rising by 15 per cent to 2.25m 
ringgits (U-S.Slm), writes Wong 
Sulong from Kuala Lumpur. 

SaJes rose by 6.7 per cent to 
26m ringgits (U.S5 L2m). 

The company said that busi- 
ness conditions in Malaysia bad 
improved, although at a slower 
rate than expected, and the com- 
pany felt that it should rely on 
expanded sales rather than price 
increases to sustain its profit 
level. 

Overseas sales were unchanged 
at 3.3m ringgits, and the com- 
pany attributed this to the pro- 
tectionist policies of some 
countries. 

Plans are being finalised to 
open a second shoe factory in 
Serein ban to relieve the con- 
gestion of its factory In Klang. 

Bata is paying a 6 per cent 
interim dividend on its expanded 
paid-up capital of 15m ringgits. 


Cost control helps Protea 
to further recovery 


BY RICHARD ROLFE 

PROTEA HOLDINGS. the 
chemicals, electrical goods and 
engineering group which was the 
subject of an unwanted bid last 
year from Abercom, has reported 
a rise in turnover from Rl67m 
to R176m fU.S.$202.3m) and a 
sharp improvement in pre-tax 
profits from RllJn to R14.1m 
fU.SAlB^lm) for the year to 
June 30. With the tax charge 
down 2 per cent net profit is 
ahead from R6.5m to R8.3m and 
earnings per share have risen 
from 22 cents to 28 cents. Tbe 
dividend has been raised 1 cent 
to 14 cents and toe shares, a 
strong market recently, and one 
of the few to have more than 
doubled since their 1977 low. are 
now 143 cents to yield 9-8 per 
cent 

Pre-tax profits are still below 


JOHANNESBURG. August 11. 

tbe level of the years ending 
June 30. 1974 and 1975. hut 
recovery from the 1977 low point 
has been impressive. Protea has 
eliminated much marginal turn- 
over fdown from the peak of 
Rl95m in 1976). and toe latest 
recovery has been led by the 
chemicals division and aided by 
cutting losses on the electrical 
side. 

The Board said that the overall 
improvement owes little to better 
business conditions which con- 
tinued at depressed levels virtu- 
ally throughout the year. "The 
improvement came from toe con- 
tra] of operating costs as well as 
reduced lossmakers.. The group’s 
financial structure has been 
modified, with Increased 
emphasis on long and medium 
term finance. 


L G. Index Limited 01-351 3466 One month Gold 212.0-213.3 

29 Lamont Road, London SW10 OHS. 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for die smaller investor. 




W LEAD 

lornou 

CASK METAL 


BY OUR COMMODITIES STAf* 

LONDON METAL . Exchange 
prices moved -generally- higher 
this week encouraged by. tire - 
unsettled situation 'to the min- 
ing industries ol some Latin 
American countries The -worst 
problems are in Peru where , a 
strike, which threatens to spread, 
has already caused a partial force 
mnjeure on exports of copper,: - 
lead and zinc. ^ ,;? £ 

The Peruvian ^Government ' 
ordered the miners back to work 
dh Thursday but this .move seems 
merely to have heightened the 
uncertainty surrounding' .the 
situation. Chilean miners are also 
pressing for substantial pay rises 
and metal traders Sire worried 

that similar prohJesps . cpuM 

develop there. - :.!*/■;. . - r- tion was “a matter of commercial 

But the market’s response was cash metal £4 to £326.5 a tonije.' secrecy:” This has Jed ma 
fairly muted with cash. coppex Earlier the cash price had slipped traders to believe that such 
wirebars ending the week £9 to £320.75 a tonne r ~" 



November position advancing to 
.£1,259 a tonne before ending the 
week £73 higher at £L206 
tonne. Tbis modest upsurge 
-began with a £50 rise on Tuesday 
Uwhen buying was encouraged by 
talk that producers were making 
supporting purchases. 

News that Mexico . had 
reopened export registrations, 
which were suspended two weeks 
ago, at 130 cents a R>, abont 
15 cents above the market price, 
.provided a further boost. 

Speculation on whether major 
producers were considering toe 
formation of a price stabilisation 
fund — which they denied, last 
week— was re-opened when Sr. 
-TCamillo Calazans said the ques- 


after all. 


ivii cviia — «, — following fund was, 

hichcr at £736.5 a tonne after reports that the strike at Amaxh. planned, 
slipping to £722 on Tuesday. The Boss, Missouri, 'plant was at Ufc. World sugar prices also rose 
price rise was interrupted -oh to settlement - . following the publication of cus- 

Thureday when it was aanounced it was confirmed on Tbuteday* pointing eari> -beet teste Dy 
that the U.S.. to temfttionaT Trade that the strike had Indeed -fceeu $everal EEC cou nines. Increased 

Commission was urging Presi- M ttled but there, was little am* demand from tne- 

dent Carter to -curb, copper itn- * e t reaction. • . V«. ^ North Africa provided 

ports to protect domestic .pro- The £6.25 rlse^n the cash "rtat -further encouragement 
ducers’ markets. - - / . - price to £322 a tonne was also rise which lifted xhe London 

The TTC is seeking' an Import partlv due to toe Peruvian foo* .daily price by £5 to £94 a tonne, 
limit of 30n,fi00 tonhes a year to nwjoire hut the major teeter' Reports of Chinese and 
run for five years. Which com- here was a general rise in Eura- Russian buying sparked a sharp 
pares with actual -imports of pean producer prices from SwJQ fittrnr in the natural rubber 
387,000 tonnes last! year.- But to $625 a tonne. . - . market and toe RSS No. 1 spot 

the downward effect, on prices’ The tin market had a yery-;pnce reached 55JZ5p a kilo 
was quickly reversed in Mew of quiet week and' cash standard before slipping to 55p, up 2-25 on 
traders' concern over the Peru- metal ended &2£ higher at the week, yesterday, 

Vlan situation. " :: - *: £6,670. a tome; - w After a featureless week on 

The Peru ininexs* strike was Coffee provided the bnehttst -.tt* cocoa futures market the 
also the major factor behind the feature to a generally duu srfLJSfarember position closed yeste£- 
rise In lead -prices- wfiich lifted commodities market with the day at £L804 a tonne, up £3L25. 


1 ■ I 

US. 

™ i 

Official 


WEEKLY PRICE CHANGES 


• -V . 




Metals . 

Aluminium...—^. 

Fw „ 

AmiHfc'nr 

Frw Hutu.0e.lfS 

SS^Wlfo DMm.. 
J mth» Dn. Do.—. 
Cuh OuhtKko,..—. 
S month Dn. ~.~— 
nridHWt*.-™-,.,,. 

1 month! f 


USMbM 

- Allies 
SSttUfMO. 


.«"■■■■ — ; 

rintrtunit'Or 
Prw Hirket p*f« 

fjnlck'ilw 

i numua per '»+.®A 


U Met 
•’prlrt* 

per tonne 
unite* 
■Uteri 


«* 

ic«ck 


Y mi 
*ff» 


-1978 

High .l.'iow. 


£2.160 


sifiix 


crotb 

£332 -,+7.76 

£750 W.Tfi 
. ^SU-J36+8-^ 
css&fi -i+an 
£330.75 jtfh 

".i — 

. U&OB 

aB.ia 

wiriao i ~ ■ 

+ L2 


sate 
52. W5 


[fi»£js£.7<n-76a ftra 1 

Lens 


ma.75 

£3*2.75 

£714 

etst '. , 

*M4 Xtb\ 
£S2L 6 
£527,75 
£3,106 

£87-fl32^! 

£87.85 


£738.73 jcSEA- 73 
C77&5 £8083 
£793* 1 £814.75 

JSU.I2S;31PJi.I25 

£384.761 BSOJSt 


£566^8 asXgft 


-USfiBB 

*1,715 


i+lM. 

J nvthto*....— — -j , 

tiimwh lnd>- n J #154/6^1 *** 
U’JlMtti fi5.0Sf6.l-} f 
Zitw cuh .....m—w 

Ptn4 iw«n~. 

Gnh» • 

. Jtati+vBEC 

Hw» fnnuw ..... 

Htuo.,.,. — — — , 

■|Y*nch.<u3Ydk**i 

tArntrloaM £1M 


CS22 


tS\M {-AID 
+UK 


aan.- 

£LJiD i-HB 
CLSaa- { £96.* 

Siw-no 1*1315 .*122^ 


27ttXp 
KR.16S 
£ 

*tTfe6 


£314 
£JEtf5 
*700 - 


™ ’ 
C73.*- 


£87. 


£B,9iT>. 

CS.787.S] £5,71.7.6 

, .61305 

£339.3 jCZiJ^b 


£M9J> 


£87.75 


££7.75' 

*a» 


£7005 


doe.75 1 £6^a 


'■M Jkfwt 
. ... . P rtaw 
:.-:-'4PCr tram 

, unlpm 
I'SattA 



Am. wbitef^. . . . 
Kmr.MOli <33 
Spices 

cinr« - 

Pemw. wh 

BUefe - 

Oils 

Uoemnrtfrti 
Qnwmiluut 5* 

UnMcri. Crude.. 

Fkln Slalaywt 


See66«.„, 

CopmlPW* 1 - 
Sor*U*n» | 




turn 

rte^ao 

-SL66D 



98M& i+&S6 


f— 


r 6 

te 


U-15-0 


Iw 

•ff* 

19 

78 

High 

Low 

SSSK2& 

OU 

£83£ 

. t 

£9 Lb 

£91 

£87.15 

£105 

£81 £& 

£4.650 

£5,000] 

C4.600 

SL8C© 

83.3a 

BS.g0 

*2.286 

63.460 

SLGS0 

8685 

8728 

6532.6 

£542 

■ £753 

*567 

m 

£Z£5 

£256 

*.• 

sen 

6493 

8355 

$485 

*57Z5 

6338 

8613 

8234 


Pomnujdltw* 
Cocoa Sliipmm^.] 
yi* aw* |t u— gi a.. 
(joTTecFui urn* aept. 


GMiik I ijtle*— ;-_J ' 72.1c 
I Dcb. Ci>n*iu4.«MbL -4B40 
j,rtpUABW <hpdef- M70 
Kaftbcr kilo— 

Sbsi 2 L :r— .1629 m 
Sostmt ' £94 

Tepwe* 


Woolt®^ 8 ** 


£U04 

*1.306 


1 

Ui7£5j 

I+aus ; 

+ 73.0) 

i+o.ri 

+2£6 
1-3D 


Lp kilo 


+U 

-5j 


£3JU 

njBBta 

£a.l£6 

sejte. 

£770 

64S3 

JiF 

£90b 

'6660 

£109 

£190 


,££.158. 

|m«4 

72.76c. 
£760 
*490 
S8.75p 
£190 
*565 
. £ 11 * 
£120 . 
lflOn 
98p 


, £1.611 
.. JX1.43&& 

6LS6c. 
£806 
*437 
4Mp 
£177 
SW7 j 
£81 . 
£172 
127 p 

rap 


MARKET REPORTS 

BASE METALS 

COPPER— GdMtf further sn«M on the 
t o nrtnn Metal Exchaflse. jbbIbSs reflecting 
forocasn of a ten of arcus* UNO tosses 

in wwehODEo stocks over tbe past week. 

Forwmrfl metal opeoefl at tiSS and H!tc4 WKbanaed, 
to ■ day's blab of £757 before eastea 
back to clow? at f75« on Urn late kerb. 

Torture er: 9jff$ tonnes. 


srs! as,- a*. X7. HX 4J, 4£. M. fU. 
Xert>«T Thrw months 383.9. Afternoea: 
Three taatla Wi. 4.T. 94. 4.1. Kfcrtis: 
Three zaonth? JK U, 94, KU. 


BUBBER 


COCOA 


PrtcM remaloed In a very narrow range 
ihrouriiimt. tbe day d a ring near to 
report* GUI and Duff ns. 


COPPEB 


1 a.m. r+ort 
I Official ! — ' 


£ £ 
SSSWM.U 

3 months. 754.5-5 ; 

iaal’m-cti 758 +2 

CathodfisJ ! 

SST: -7B1-2 —m; 


P-«a-, jt+or 
liDoOdal — 


736-7 

754-A 


i month. J 750-1 
Senl'm'ni; 738 
L'^j. 5ml .> 


731-5 
I+.75! 749-51 


- ' J 6586 


£ 
+ 4 


J+6.25 

-♦4.75 


COCOA 

Xettarday-i 

Close 

*ToT 

UumiM 

Done 

No. 3 Cowrit. 
Sept 

1818.0- 20.0 

— 5_2S 

IBE M- 12.0 

Dae — ___ 

1908.096.9 

+ iLo 
— 2.7B 
—2.0 

It 08. H 790 

May — 

T748.ILUM) 






Sept fl71J.0-14.ft 

Dc: --h«5.M6.0 

+S.7B' — 

—0.6 XU2.M7.6 


(+9.S). GJL— Pigs <C.3p per kgj.w. 
f+l-il. Eodatef and Wales— Cattle num- 
/SLlC(m.Y easier opeoliis on the bw* M peg eaa. average price «.Wp 
London physical market. Inactive tbroogh* ^ ,WI ® 

oot the day, dosing Quiet. Lewis and Peat M l.6p <+IJ); Pies down 10.4 per rent, 
reported a Malaysian aodown price of average prteo BLSn t+lii. Scotland— 
238 1235) I eetua a kilo i buyer. SepU. Cattle nro>ber*-Jip IB. 9 j»r cent, average 

price 88.B3P (— 0i27i: Sheep down OJ per 
cent, averase 130 .Rp 1-0.61. 

CO VENT GARDEN — 1 Prices In rierliOR 
per nadcaae .except where otherwise 

Rated.) Imported produce: Orange*— 

South African: Valencia Late 4-00-5.10 
Tamhor 57/79 5.09-530: Brazilian: Peraa 
UragnayaQ-. S0A44 S.OM.sO 


Xo. I 
B.SJ. 


Sept 

Oct 

Oct- Ifc-c 


Ywr'nlay 
Cluae 


5B.5B-5B, 

b6.00B8.7l 

67.06-87. 


.76 b6.i 

1A Lfl i 


Previmis 
GUa 


Buainem 

done 


Jan -iter 6BJ>-69. 


On- Dec; tfl.26^4.3W M.45-W. 


80-6B.I 

58^5-68.701 68.4^58.40 4.4W.00: 

b7.4v-57.60j 67>0 3B.9o CaU/omlan: Valencia Late 72.i8S 5.0M.60 
6s.2W9.aH 63.50-68 80 TanfMrinef— Brasilian: 53/33 3 50-3,60 
50.96-61.00 6V2S-BQ.GS Lemon*— Italian: TODAiOt new cron 5.80- 
62.63-62.70. 68.00-t2.40 5^0: Spanla: Trays 1 S0-2.40. larce boxes 


COFFEE 


COFFJ9 


TIN— Slightly firmer In Une wUb tbe rise 
to the Penary: Mice and foUowtn: fore- 
casts ol a fall to warehOBse stocks. 

Forward standard metal opened ar J&580 
and touched 10.573 before reactlas to 
£6,550 ovrtnk to trade hedge seQ tag. To 
Ute aliernoon merchant coverteK asalosi 
V.S. physical demand pushed tbe price 
up to Xfl^no at which point bear aoverteuc 
increased tt to £8,839. However, profit* 
taking on the late kerb pared the price c 
to £8.000 at tbe close. TOrnoteK. 2,110 

January— _ 
Starch .. 

liar 

July— — 
Septemhor_j 


Soles: --LM1- 12.893 > lots Of 19 tonnes. 

IntenutiMal Cecon Orpasissfioii fU.S 
cents per : pooodv— Dally price Ant 10 Spot 53p 1 S&Skj; SepL se.75p isamel: 
134.91 (UK30I. indicator prices Aug. 11: Oct 57p (same). 

15-day average HS80 U49J8); 22-day 
average 14SA2 (148.71). 


64.86-84.80 4.80-536: South .4frirao: 4JM.09; 

88.48-ra.M Uruguayan: . 887188 5.00-3.60. Grapefruit— 
Apr-Jnel B7.7M7.7S 68.M-B8J&' i-7.8S-87.70 South African: 27/72 34MJ9: Jaffa: 40s 
I h I 4-08: Aigemlne: Bnbr Red 48/50 4 80-5.00 

Sales: 391 (499) lots of 15 S3 and 

8 (Mi lots of 5 tonnes. _ I*?- " 3.w. 56 sno, Rnny 

Physical closing prices ibuyerei were: Red 48 5 oe; Unignsyan: Marsh Seedless 


Jen- Iter 68.8046.68! 68.60-68. 


SOYABEAN MEAL 


.Yertenlay [ + or 
I Chet 1 — 


pfestentey'i 

Close 


f£ per tonne 


Grade 

Cafti ‘ 

i months. 
rfctUem't. 
Standard 

C*>b 

i months. 
StUleia't . 
HtrntiE— 
New Toric.l 


r- or pan. 

— jUnoffichO 


J+tW- 


, £ f £ 1 £ 

6555-40 -22 Jtt 6665-75 <4-85 
6670-80 25 ; 6605-10 ~ 

6640 1—25 


Business 

llnne 


+ * 


1 286-1 20 1 : — 24.0 

1X05-1207— 77^! 
1145-1149— IS. 5 
1083-1100-16.01 
1085- 1066—7.6 
1025-1039— 
1000-1035 -7.6 


Baflneu 

Dane 


August — 

October. 
______ Deeemtier .... 

1S50T2S8 

*259 ’?" J^tZZZ 


1200-1 14& 
1143 1090 
11UO-1B7B 
1065-104? 


40/64 SJ»: Jamaican: 27/64 3.404.68. 
Apples— French: Golden Delicious 20 lb 
64s 4.70. 72s 4B9. 40 tb 9.00: Tasmanian: 
Stunner Pippins 9.40-9.M: SOTIh African: 
Cranny Smith ft JO: w. Anstralia: Granny 
Smith 9.40-9 BO; Italian: Per pound Rome 
Beamy 0.16. Golden Delirious 0.15-0. 1R: 
Spanish: New crop j.is-OJE: French: 
Cardinal 1.09. Pears— French: Cay 01 IS ID 
box 3 70: per pound Italian: Cuyoi 0.15- 
0.17. WllJIaras 0^2: Spanish: Williams 
ftffO-OJH; French: Williams 0 .17. Peaches 

.50- 


J 

563540 )-Z2i' 6665-75 |+» 
6&55-60U 15 : 6&90-5 i+55 
6640 j 
5*1745 i 1 


- fZZ Sales: sja (1AM) lots erf 5 tonnes. 


£p*rn«nne | 

1U 8.5 3 -04.0 — 6.26. P4.03 .. „ ^ 

109 OUM — 1-SO 108.24-07.80 U Way* i2.40-2.SO: French: 

108.10-08.5 —0.86' li0.5i-08.60 3 - 00: UTeek: 1.6041.90. Crapes— Per pound 

110 5 J M.»— 2.10,' 110.70-10.00 £j T ’ ri ' w; Cardinal 0_30. Sultana 0.25. 

Tiu.su. iu.y i.iu, 1 iu./u-(u.iw 030i DJ2 A1paraM o.« : 

Spanish: Cardinal 0.25: Kalian: Vlrniette 
0X0. Pin ms — Spanish: 5 kilos Santa Rosa 
2.08-3.40: CaUforolan : 33 lb Santa Rosa 
S.BO-n.OO: Queen Amir il.W: Italian: Per 
pound Burbanks Bjg-o.20. Stanley 0.20; 
Rumanian: Anna Spain 0.23-024. Apricots 
— Hungarian: 2.00. Bananas — Jarnaican: 
Per pound 0.15. Avocados— Kenyan: 


111.00-12.2—0.60 
1 1 2.0 J- 14.0. — MB-* 


Aug ust — 111 5J3. 18.0 — 8.0 0; — 

Sales: 88 ill A) lots ol 1M tonnes. 


SUGAR 


LEA D M oved abend reflecting tbe trend 
In copper. Forward metal traded within 
narrow hmtts throagboth the day. opening 
around U2S antf unditBS £332 before 
dosliui ax £330. Vareboose nocks are 

expected to show a modest d ecl ine over — 

the week in wbicb forward metal haa WHEAT 
edged up around a Turnover: -4J00 m 
tonnes. M'ntbl 


- - ----- . LONDON DAILY PRICE I raw sugar) Pucrte 1W4S 4J0: South African: Foerte 

ARABICAS— Aug. 191.QO. Best unaided. ®i.oO I £33.00) a tonne rii for toouaenl' l- 50 ’ ^°ry Coast: 4 so. Cauricuraa— 
Sales S Ml of 17.250 kUoa. shipment. White sugar rf«iiy price waa 7>ntch: Per 5 kOoa 5^0: trail on: 1.30-7.80. 

fixed at £104.00 (£108.00). Cherries — Washington; Per pound 0.08. 

■ Alier operuna around ovwnlrfit level*. Onion e—Suaniatr. SJ».i "0: Maltese: l.M. 

ffRATN^ prices eased somewhat during the mom- Tomnipes—Dutcb: 1.79: naernsey: i IJ9. 

UlUUiTD lng on currency factors. Later, when Helens— Spanish: Yellow 

New York failed to match up to London UB-2.79, • Waier-Metens — Spanish: 

levels, losses of around ISO points quickly Greek: -ffw.00: Italian: 2. B0-3. 60. 


LONDON ■ FUTURES (CAFTA>— The 
market opened ZSp tower on wheat and 
bsrler and. eased slightly on merchant 
selling tbs to the (air weather condi- 
tions to dose jop to 45p lower on wheat 
and barley, Actl reports. 


occurred, reports C Czarnikow. 


LBAD 


i*— i. 


S months 
detx'm'as 
1U. SpotJ 


a.m. 1+ “J 

Official 


rf or 


.. — , p Jm ' . . — . 

• r — jCnnBWal) — 


+ or 


£ 

S24-.5 

323-9 

3245 


.Nor. 

Jen. 

Usr. 


J £ 1 £ ■ : £ 

33V. 33 { 


35.56 

87JS 

90.65 

95^3 


— 0.40 
-0.40 

-o.xo; 

h-O.tej 


BARLEY 


Sugar 




Fref. 

Teaterday’s; 

PrerlpUB 

Bnnm-n 

CoRnn. 

Conn. 

Cloee 1 

Close 

| Done 


79.05 

81.65 

84.35 
86.75 

89.35 


Qrt.„ 
Dec...., 
i-0.« iterch . 
■—0.40 lUy_! 
— 0.40 Aog__ 

-0.4Q Get | 

(-0-40 


English Produce: Pol a iocs — Per 25 kilos 
1.00-1 50 Lettuce— Per I- 0.S0. Cob 0^0. 
Webbs 0X0. Rbdbarb— Per poond. outdoor 
0 06. Cucumbers— Per rray IS-Wa 0.90-1. ”0. 
Mushrooms — Per pound 8 40-0.60. APPli 
—Per I>o and Grenadier 0.05-0.09. Lord 
Derby 0.10. George Care 0.14. Brantley 
0.16. Tomatoes - P e t 12 & English 1.50. 
cabbag es Pe r crate 0.80-7. 00. Celery— 


tYerterday'd + or £ per umue 

cloee | — QeL — I £4.BB-t«.7b; j6.WW18.JBj tWfl-;4J5 per head 0.08-9.12, Cuullltowers— Per 12 
6fi.70-b6.7h | 80.0ff--8.10 iB.2n-96.10 Lincoln L 50-2. 06. Broad Beans— Per 

101.10-01.76 102.85-B23U 103. 26 -6te 6 pound 0.07-0.98. Runner Beans— Per pound 
1 es. 40-02.60 iP4Jff-ie6j» I06JNMI6.0S stick 0.2MJO, Ground 0.15-0.19. Peas— 
TOB.rO B8.60 HB.Oo-IjBJjO 10064 GJD Per poond B .06-0.08. Beetroot— Per 28 lb 
1 10.06-10 3b 111^6-112.0 117.76-11X5 O.BffO^O. Carrsts— Per 26 )h 0.80-1.00. 

18.86- 14 JM 116-40. 1I8.0J — Capsicums — Per pouod 0.I6-9-2S. Coar- 

Buflnesa dene: Wheat-Sept. 8S.1M5JB. Sklw:'3.U3 ARIi'ln tff 86 wnBaT" 0-07-9-»-_ 

* (ov. BSjff«7ja Jan, 9fl.T8-&0^5 March Ta,e k“d Lyte ez-reffneiy price for S. 8 * . 1.00- 1-80. Sw«f»— Per Sj lb 090 

93^0-W lB, May 95^8555 Sales: 163. basis while sugar was 1284X5 P r 

ZIKC— Marsteafiy hlpfcer mriug to the Bartey-SeptTTViQ- 79.9a. No«. 81.7ML5B. '"«e> » »n«e for home trade and L ^ ,oos BJS - Hivcr B - ls - Czars B15 - 


firmness of copper and lead. Prices were “■«*’ 8WM8.75. May Sj^ABroement-U 8 

bdd steady by ibe trend la other — - 5ale r 98. im ernaOMai sub» A0mne»-47.8. 

cuupied wfifi news cwatacotafl iMPORTED-whea; rWRS No. Ow t « arts n?r pound fob aM stowed (Wbku 
raised Its European producer price to ** «■* £90 J 8 Tntmry. US. Dark W wic«1tor Angust 16: Dafly 7JB (7J1). 

S«25. The com ansa narrowed to around Nortbtni Soring No. Two H pen cent average 8.61 (S^8». 

a fdDoirtag heavy busruwtas by one Aqr. 'Bew. £7730. On, toLSO trau- — , . 

trader. Gate h ibe. week was around shipment Bast coast sellers. \Vf)QI FlJTlJRES 

£5 while nuriv ire expected to show a Ma> “ : OA/Freuch Aug. EUJ8.00. Sept. TT 1 

fatriy steablt increase. Tmsuver: -7059 tit>i-M. East Coast S. LOKDOli— The market, was duQ and 

tonnes. Africa white SpfU'Oe. £57.00 Class ow featureless, Bache reports. 

sellers. S. Africa Yellow SeptJOct. 07.00 

*■«. rt- or p.Tu. :t+or Gtissow teBgis. 

Offietel ! — I UsofSdall — Barter, 'Sarshum, Oatt— All unnoted. 

— H GCA —Lota uop ex-farm spot prices: 


INDICES 


ZINC 


S’ment^., 

Pnn.'KcxJ 


£ 

aw 

529-30 


l 


S 


29-30 -.75 *30-^5 ri-L27 week begturtag Aligns 14 M expected to 

322 -*3b ] - remain mriunged. ! 

— ] ! 29J1 I EEC DAILY ’ IMPORT LEVIES and Sg j 


1W oer ofeuL prcmiiuns, vim previous in brackets, all 

STT.VFR Ja . “di* 5 9* JooDiat per wune: Commoa 

OltilLA wheat— rest nD (same): omn 

Silver was fixed L5Sp m ounce hfshar wtw^— 049, 9.49, ufi /same) Ryei 
for spot deUvery is the London buSkm ■~ 83 - 7 * n “1 (tame): Burtay— 8L39. 

market it Bfcsp, OS. cea eoutealcnB *r ^* ne *s Oa»— 70.14, zest nil 
of the firing levels were: spot SOU cents, fsa “ e i , 1 Sff* ^ Blher hybrid Fuf 
up ISA cents: tbreeauoub 572.4 mu, up w*^"*^ 4 **; rest an 17734, rest nil': 


Australian 

Brewiy Wriol 

lroterdyV-f or 
Close | — 

Basinesa 

Done 

October ..... 
December _. 

Z5SJM2.0 

244.0-47.0 


“ - 

May 

245.0-47.0 


— 

Ociutw 

December _ 

248.B43.B 

Z48J-52J 

— 

— 


Sales: Nil (off) tola of 1£80 kg. 


SYDNEY CREASY (In order buyer, 
seller, business, sates). Micron Contract— 
Oct. 347.2-347.5. 347JM474, 20: Dee. 355.5- 

— - . — , — — . — - . 356.0 . 2S .5-555.1, 18: March 380.MSL5. 

14.6 cams: sfiMnomb BL1 ctats, up U* all (same); MH(ei~«^0. 3n.53n.lt. 10: May 38Lfr5«A S8Lft-984.il. 

cernr. and one-year 886.7 eesu. up 14.4 *** Grain rarshum— 73^5, K jniy 388^368.0. 388.0589.0, S: Oct 

ceora. The metal opened at 2SL&2S5.7p o U - law l- Mow tevlet: Wheat or 3n337Z5, J5TA-S72J. 6: Dee. 37L5-376.8. 
ISMW cnasi and ctaed at 287dff72p ®2! l l."hS5 a rye— OfloB (same): Rya gns37*x 5. Total saiem SB. 

1594^51 cents). “^ T97 (Pern* per kUot 

HEW ZEALAND CROSSBREDS: Qase 
(All un traded): Dec. 1 83.0- 1850. March 
184.6-136.0, May 185.0-187.8. July 187.0- 
368.5, Oct. 190.0-lftLQ. Dec. 1HL0-19L9. 
UVERP OOL co TTOH: Spot and ship- Sates: «uL 
mem sates amnmn ad ta 303 to nnes, bring. 


STLVSfi 

{** 

troy os. 


i ntoathiM 
Bnuntha*. 


'W H-W-it.- COTTON 

prtctaC ].| . j 

2SS.6p Uab! 2S7.2p +SA6 ^ ^ w«* toHuF isma 

293. Bp |+4jr2MJ5p , T 3J i-igiX""* 5?"“ P - w * 


282p bite Q83kil0p&67pki> (l j 12 modtrel — 


FINANCIAL TIMES 


Aug- 11 ■ Ails- iO l&bmLh sg'ij Ymr agu 

239.77; 2i8.67f 238.03 | 
(Base: -Jnly 1, 1*83= 

241^7 

-100/ 

XurTlf 

REUTER'S 


Aug.. lOjfini 1 1 1 1 iiji | 

7«t agn 

J456.7 

1437. 0j 1443.1 1 

1402.3 


(Base: awtembor'lsTlWl-lWi 
DOW JONES 


Dow 

Sonee 


Au;- I.Auc. 
n - ! id 


Ui'iith 

ai;r> 


Tear 

Wjn 


apot. u . 352.4^269.00^50.52 359.56 
Putureal-iS LgdlaSQJIOi - 40.iSi4 38.8S 

(Average 'mcmh'0= ioo) 
MOODY’S 


MnoAy’a 


An*. | Aim. jSlioilhJYeni 
'll lb «*o w 


-»pu> t>jg imtv| B2fT89 16.6 9 '3.78^4 
(Decembtf 3i7iffSl=ioot'‘ 


iOBWftti : -Snmt6aL 


■gam fortawouag In central and West prices 


CRIHEBY PISH— Supply saod, demand 
fiend. Prices at shim 6K k- < unprocessed i 
per state: Shrtf cm Et yv!4.1®. codlings 

MEAT/VEGETABLES SMWBLa&JS?aS 

MEAT COMMISSION— Aww» fautorit rial® MJ5X5.09, medium f4.DM4.79, best 
at rrmseDUdn *■ — " - 


jl” 18 ;” ° bur tbe can tar" MUdte Attnat U; C.B^-Caitle SBAftTrer Sa” Sff 

B*. Monitor. Cakb SftJ, «na ToasOsa Eastern uuaBtte* wag lain. t+2Jl>, UX-Suseu 14L» per Xg.taLfi.tLw. £349, medlma ruT' JfEl n.6M2fiO. 


U.S. Markets 


Gold sets 
new highs 
as $ falls 

NEW YORK, Angus 11. 
PRECIOUS METALS dosed higher with 
gold establishing new contract and historic 
highs on aggressive Commission House 
buying and short-covering following 
further declines in ihe U.S. dollar. Copper 
rallied on Commission Bouse chartist 
buying as veil as trade hedge biting un 
expcciauons of a 20.000 mb decrease In 
LME warehouse siorks. Bache reports. 

Cocoa— S l-bi. 1ST 33 <136.901. Dec. 133.10 
(ISS.Oot. March 148.90. May 143.88. Jfly 
1*120. SeDL 140.76. Dec. 133.00. Sales: 
960. Caffe#— C " contract: Sept. 129.60- 
131 JO 4130.90. Dec. 123.23 <124.001, March 

113.00- 140.00, May 1O9.DP-I12.D0. JUlF 

107.00- 109.00. Sept. 10fi.00-109.00, Dec. 

iw.w-ioe.75. Salem 1.105. 

Couoer — Aug. 85.50 (64.76*. . Sept. 65.60 
(63. JO). Oer. 68.30, Dec. 67.43. Jan. 67.95, 
March E8.00. May 09.85. Jahf 70.80. SepL 
7L80, Dec. 73.20, Jau. 73.60. March 74.60, 
May 75.60. Sales: 7,800. 

Cotton— No. !: Oct. 62A5-62JB0 (SI 7ll» 
Dec. ftA.ftS44.7a (63A21. March 86^0-66.63. 
May 67.30. July fiSSO. OCL 85.43-65. 50, 
Dt-c. 63.88-85 90. Sates: 8.030. 

'Gold— Aug. 210.49 (209.70). Sept. 2U.40 
(210.70). Oct. 212.70, Dee. 216.00, Feb. 
219.30, April 222.70, June 776.20. Aug. 

229.79. Om. 233.20. Dec. 236.70. Feb. 240.10, 
April 24-1.79. June 247J0. Sales: 23,400. 

tLard — Chfcaso loose 22.75 1 samel. KY 
prune SI earn 21 J5 traded tsame i. 

tMalze — Sept 2135413) <2J9». Dec. 21PJ- 
219 12251. March 2271-227, May 233-2321. 
July 216-235}, SepL 2361. 

SPlaUnum— OcL 274.10-275.00 (272.701. 

Jan. 278.30-277.00 (273 70 1. April 279.3ff- 

279.70. July 282.9ff-982.20. OcL 2S5 f»- 241^0. 
Jan. 289.20-289.40, April 292.80-293.00. 
Sales: 1.626. 

tlSJhmr— Aug. 560.40 (533.00). Sept. 562.90 
(553.701. Oct. 556.90. Dee. S7S.W, Jan. 

578.80, March 3S7.20, Slay 595.70, July 
604.50. Sept. 619.40. Dec. 837.M, Jan. 
631. 60, March 641.00, May 650.50. Sales: 
9.0M. Randy and Harman spot 555.90 
(548.80). 

Soyabeans— Aug. 625 1 620)1. Sept. 61S« 
H7 reiOi. Nov. 608-609. Jan. 613-613), 
March 6234-624). May 629, July 632), Aug. 
631. 

Soyabean Off— Auc. 24.70-24.75 (23.73); 
SepL 23 75-23.35 1 22.921. OcL 232!0, Dee. 
22.70-a.75. Jan. 22.70, March 32.63, May 
22.65. July 22.S5-KW, AWL 22.80. 

USeyahoan Heal— auk. 158.3M59 00 
(159.601, SepL 159.90-159.80 (16DJ0), OcL 
lEff.3ft-ie4.G0, Dec. 162.30-162 TO, Jan. 

165.70. March 1G6.50-167.M, May 166.70- 

les.oo. July iro.oo. 

Sugar — No, 11: Sept. 7A5-736 (7^S>. 
OcL 7 44-7.48 <7.«i. Jan. 7.70-7.78. March 
7.97-7.96. Mar 9.1341. 10. July 8.72-AS3, 
Sept. 9 50. Ocl 8-55-8 jfi, Jan. unquoted. 
Sales- 5.130. 

Tin— 6SS-606 notzL (590-398 tKKn.h 
“WhcMr-Sepr. 31 94 -319 131^1, Dec. 

JH:-3I5 (3091. March 31 1 1-312. May 3881, 
July 3SM8). SepL 303 umn. 

WINNIPEG. Aug. 11. ttRm — OcL M.80 
bid <9150 bid < . Nor. 89.70 nmn. 189.70 bid). 
Dec. 93.S0 bid, Mar 94.50 bid, July 90.00. 

tttlaL'— Oct- 71.30 bid <71.001, Dec. 7L50 
<71.80 asked'.. March 70.70 bid. May 7d-5« 
bid. Jnly 71.59 nom. 

JSBartey— Oct. 70.90 bid (71.10), Dec. 
7LM hid <7100 aritcdi. March 71 .So aSked, 
May 71.90, July 79-00 twin. 

gFl Mw ad Q cl 239.70 bid (336JS0L 
Nor. 242.40 bid (22S.W bid), Dec. 2*2.00 
bid. May 247.50 hid. July 346.00. 

irwheat— SCWRS 13.3 per cent protein 
content cU St. Lawrence 163 JS U63 t3i. 

All cents per pound ei-wa rehouse 
unless otheru'lic slated, “te per tray 
nonce— 100 ounce lots, t Chicago loose 
Ss ncr 100 lbs— Dept, of An. prices ore- 
rjoua day. Prime steam fob. XY bulk 
rank cars. 2 Cents oer 38 lb bushel ex- 
warebouae, 5.060 bushel tots. 2 5s per 
iwy ounce for SO or units of 99.9 per 
rent puniy delivered NY. 2 Cents per 
troy ounce ex-vrarehoiue. <! Stew ■■ B " 
contract in 56 a sbon ton for bulk 1ms 
of 100 short tens delivered f.O-b. can 
Chicago. Toledo, sl Louts and Alton. 
“Cents, per 69 lb bushel in store* 
+t Cents per 34 lb bushel, it Cents oer 
48 lb busbel ex-warehouse. 9S Cents per 
56 lb bushel ex-warehouse, 2,000 bushel 
Jots. K SC per tonne. 


> 


In accountiag methods, Oxy 
reported a S6Sm loss in toe 
second quarter ol this year, and 
sales for rhe firsf half of toe 
year were down to S2.$4bn from 
S3bn a year earlier. 

As of the end of last year, 
Oxj-’s total debt had reached 
Sl.lbn. exactly half of which was 
due for repayment within toe 
□ext five years. 

However, Oxy has frequently 
proved to be an unpredictable 
company. Its chairman, Pr. 
Armanfi Hammer, just SO years 
old, still runs it with toe zest 
that has earned him the tag of 
“ one man flying multi-national." 
A lough, ambitious personality, 
he has~5eldom let obstacles stand 
in the ;vay of his advance. 

Perhaps one of toe oldest 

hands at the oil business, he may 
have come to the view that ex- 
pansion in energy has become 
loo complicated and possibly, in 
the long run. counter-productive. 
Politically, oil is not the best in- 
dustry to be involved in, either 
here or abroad. 

Apart from OPEC, U.S. com- 
panies have to grapple with in- 
creasing Federal regulation, and 
uncertainties as rhe Energy Bill 
makes its tortuous way through 
Congress. 

It is also difficult to acquire 
another energy concern with- 
out running foul of the anti- 
trust laws, if indeed there were 
any energy companies of the size 
and' character available to suit 
Dr. Hammer's appetite. 








IS 


BRITISH FUNDS (645) 

2!«pc Anns. 2Uto 17. 8) 

Sp« Bm. Transport bSM 4« 5'* 4-'* 
_4>»li 

Si;pC Cons. Kk 2 lto® 

4 DC Cons. Ln. 32 ■; 

LoavcrtiaA ur.. 36i«® to to 6 
3K Excncauer Ln. 99 <9 


. HinmenmitK 39 

HtrtlartfSh"'* *} , *f*_£TX *10. BL Stone 

_ 1 00 to <B 3 ‘- _ 6 *gc 75 -U 19 B> 

S HuntiPfidOfl Bljpc 91 V. (7.8 1 

I Kensington ano 1 1 -upe 101 

; Lanarkshire 5 -J»b 97-,. 6«c 90 V rtUBI 
Liverpool (Cirri 1 3pc 10 2to (7/81. 

| Liverpool COT- p'spj 27 i9;8i. S-'ioc 99v,k 
! (7/8). 9‘idc 96-; tlO/Bj *■ 


Financial Times Saturday August 12 197S 



BtoCK fexcheouer «i; 9 Wi " 


100 991i. 


.3 '» 


9 tope Encnpquer «k. 1982 A 93*«i 
9':PC exchequer itx. 9&to i*n 7 6 >>i« 
10pc Exchequer slk. 9a ir S i i, 4 L- b 
lu-<PC bxCCequcr Mk. 67 1« 


10:;DC Exchequer Mk. 87® Jg® m« 
!?PC Exchequer «k. 199ij gf'towO I* 


45 11081 

Seuttwis-on-Sei Coin. I2:.pc 1D3«c* h® 
Southwark COT. 11 '.DC 101 i9-’8l 
Stirling C.C. 7‘iK 971*® 1 . 

Surderland Core. StoPC 87 : : rlO’81. Da. 

(River Wear Com.) 3 PC 23 (7lBJ 
Surrey Coonw “K 91.. 

Tyne and Wear C C. 12pc /Fv.Pd.) BBto 

(9,8) 

Walsall Corp. 6 **PC 974 C10IBI 

. , „ . .Wandsworth 1 ' tone 99 63-64® 7 00 (lOiSi 

12toK Exchequer stk. I0tf*s® J*;® i* j* I Warwickshire C-C. I2tonc 102 ( 8 /Bi 
12 'tpc Exchequer sOc. KM-to® ^>a0 1 West Bromwich Corn. Stine 9 Su u (7/8) 
4V«*ths '-*® i SHORT DATED BONDS 


12bC Exchequer Sth.l 999-2~^02 ~ 9frj jutil li 


_ , 1 1 33. £S6BC 

ipc Pd-J S*j: (10 Bi 
1 .Inc Exchequer stk. 2Q1S-17 97 -V 
12 UPC Exchequer Mk. 99-; to» ■. 


This week’s £E dealings 


Friday, August 11 ... 
Thursday, August 10 


6,064 j Wednesday, August 9 
6,717 i Tuesday, August 6 - 


6321 

6,511 


I Monday, August -7 
] Friday, August 4 


4,970 

5^73 


The lln b el ow records all yesterday’* ntarirings and aba the Utect markings dur ins lbc week of any slurs as dub in sward ay. The tenor caa be 
the due (In parent he s e s). " 


Jeha son- Richards (»- and R) TOe* (2SM 

JSM A.) Shiwnu* (ZSP) 1*1® jAo« 
Jof>« (Edward! . (Contractor*) OOP) »<i 

Joan (Ernest) (Jewejlurj) Nm llW IW* 
)««* Stroud (Holdings) ( 2 Sn) 89. lOpe 

Jorttia n° (Vohm»») (lOn) 44 '.-® 


K Shoes (2501 76 (1BI8) 

KMkfeasoo tl Op) 31® „ 

Kaluy Industries (25p> 11^, rp Bl 



5I;DC Funding stk. Si's .‘a 41 ,; 

Stone Treasury Ln. 64 to® i B i« jo! 

7 ■< pc Treasury Ln. 1985*88 82 -VO 


to H 


7 too^ Treasury Ln. 20I2-1S 65>»* T la ® w 

8 dc Treasury Ln. 70> J* 3. 

L3ipe Treasury Ln. 82 V 1* 4 V 2'i« 2 
B^pc Treasury Ln. 19B0-62 9J u it® Umj 

8i?dc Treasury Ln. 1934-B6 B9to Vto 
3 'ids Treasury Ln. 75 to# 

9pc Treasury Ln. 1994 82>m 1 a Z I. 
9 DC Treasury Ln. 1992-96 78S 'i 
9i : pe Treasury Ln. 8iV® V i, s B 
12 dc Treasury Ln. 102 V® '■ bm 3 )u 

j'-ia, i>ia 3'g 

iz:jpc Treasury Ln. 102 >i 2 l i 2:? 
12>,PC Treasury Ln. 1S92 103V® ilia 
( -gC Treasury Ln. 1995 105V® i, v 

13 ',pe Treasury Ln. 1977 1 QSJ^S 6® b9 
! n S'- Ii. 6 

13', pc Treasury Ln. Ill's® 

14i ; pc Treasury L". 11 2. 1 , 

15Vpc Treasury Ln. 121 "it® H® "uA® 

Treasury Ln. laS-V® 18-V:® 


3 DC Treasury Stk. (la) 2S*s« 4l z . 

is 6 U VI 


1979 95 s® B's 'w *it Slim 




Do. 1982 95Sis 'i»i, S'Sjii. 3'zPCSck^ 
34 1. >il Dq. 1979*81 90 VO 


1977-80 94 i 9 »i^ Do 
7 t„: 0 V Ij -’is. Soestlc. 68 'i« V k 
4, -*. S'rpcStk. 471} \ V. B'jpcStfc. 
92 is® 3 i 6 >l U. 9'ancStk. 93 V® 2S ij 
V is 9',-pcStk. 99 V. 9 » 4 DCStk. 

97'.® VO is® »i» V '}. lOpcStk. 

O 6 '’io® l;® 7'.® 6 * I’lo. 1 0 'qpcStk. 
1979 TOO'.'uO V Do. 1999 89V- 1 1 i-pc 
Stk. 1979 101V® "rs® V® "is U|t. Do. 
1981 101 "is Si-64tna. il-'sDcstk. 

9&V® 'a ''is 'is. IZpcStk. 98»>: V U. 
13pcStk. 106' : O VO V 14pc 108 VO 
I 'u;® "is V. SDcCnv.Sik. 99® V® V 

Variable Treasury Stk. B.9458pc 95V (9'8i 
3 .-PC War Ln. 31 « “is V 
Br.tlsb Electricity 3':pc5tk- 95V ’is- 4 Use 
Stk. 96U 6 

Brln»n Gas 3pcStk. 46V V 
- Northern Ireland 6'.-oc Exchequer Stk. 90 
(7'Bi- 7pc Excneoucr Stk. 77'; (Bi8i. 
3 sc RedcmptJan Stk- 45'ieffl 

CORPORATIONS (44) 

FREE OF STAMP DUTY 
London Caunlv 3 DC 23V®. 5 dc 81®. S: z dc 
1977-81 860 S‘» 5'aiC 19B2-8A 

SOU. 5>:pc 19BS-87 70 U. 6 pc 96>is 
6. 6 'jPC 69 i9 0i 

Coran. Of London 6 '-DC 1980-82 B4v. 

■ 9 a>. 9-:pc 1984-85 95 i7’Bi. 9 -DC 

>976-80 93'i® 1 10 8 '. T3Udc 1081; i7 8 ' 
Grcactr London 6 'ioc 65':® 3 >10 Bi. 
7'jpc 90 -V 9UDC 96';. 9>tPC 93V 

HO S'. 121-pc 1982 102> (B: 8 i IS'-qc 
_ 1983 1 02 •« 1 1 0 S'. 13UDC 10S <8 Bi 
Barnet 12UDC ((.a' 100V® >4 
Birmingham Cpa. 3i^K24U (7 >Bi. 7 line 

Bflij®. Bdc 9! w 

Birmingham Dlst. Cncl. 12'ioc 102 V <7>B>. 

13oc 104 i9 8i 
Baoile 7 vdc 97U® MO.Bi 
Brighton 6 ';d< 971’»:® 

Buckinghamshire 95<: (7 B) 


FREE OF STAMP DUTY 


reisi. 


8>pc Bds. Refl- •6(9i7B) 9gt* w (7181 
EUoe RM , '(18f1^r78 , j M 3 ?, (7/8) 

isssaSSiaraa 

7',qc bos. Refl- SJji 'B 
8 I.DC Bds. Rc«- (1114/791 99V (9(8) 

11 dc Bds. a« ‘1114/79) 101-947 101- 
952 101-869 1 01 HI 101-9S5 (10/8) 

8 -:dc Bds. Rea- MB 4 7B) »•„ (8 8 ) 
9 DC Bds Rea 12514/79) 99" la 
B-'ioc Bds. Reg- 9#-is 
abK Boj. R«9- 'J 6/SI79) 99U W 
9’jdc set. Rea iOOtB/8) 

10i.DC BUS. Re®- (IS 6 79) 1001» 

9'.dc Bds Reg- >00 rBI8l 
lOVne Bds. Reg «11/7/79i lOO’ia <7.’B» 

10 pc Bds. Reg.. (25/71791 lOOU 48/Bi 
9<«pe Bds. Reg 100 >h® j k 


PUBLIC BOARDS (21) 
FREE OF STAMP DUTY 


Agricultural Mere Cpn. 4i : pcOb- 1977-B2) 

78';®^ SjpcOlL _1 980-85 76 (818). 


6 UpcDb. 57 >: (7 8 ). S^iDCDd. 63 1 ; 
• 10 Bi. TVccDtL 1981-84 85 (7.’BI. 7 -' 4 PC 
Do. 199 1-33 , DV® 110.8). 9 >;PCDh. 

1931-81 92V. 9-iocDb. B7»i. 14Upc 
Db. 1101;® 

Dover Harbour Brd. 44wC2ndDb. 52® 500 
>10 BI 

Finance far Induitry 14pcLn. 109V V 
>9 Bi 

Mefrop. Water ,0fj 3ge B 27V®. S'; 


BBij. East Lend. SpcDb. 24'- (7 b? 
Gd. Junction 3pcDb. 24 (7 8 ). New 
River SpcDb. 24 (7 8 ). Southwark Vaux. 
3pcpb. 24 '7.8). Staines Res. SdcDD 25 
(7, S i 

Northern Ireland Electricity Sendee 64PC 

ol Ij (7 Q‘J 

Part at London Authy. Jijpc 20 


COMMOWFEALTH GOVTS. (18) 

REGISTERED AND INSCRIBED STOCKS 
Australia rcomm.) SVpcReg.Stk. 1975-78 
101 's IB B' SVocStk. 1976-79 97® U 
V Si^cReg 1977-BO 94. siwReg. 
1981-82 8S 3. 6peReg 1977-80 91 % 
6MRM. 1981-83 80V 7DCRei 1979-81 
Ca*? i0/8i 

East Africa High Comm. SizpcStk. 69 V 
Jamaica 6ncStk- 79V (9/81 6U0C 91 *« 

New Zealand 5'.K 1978-82 82 V (8/81. 

Tl;prStk 1933-88 62 V (10'BI 
Northern Rhodesia 6pcStk 1978-81 89 
(1081 

Nyasaiand EbcStk. BS 110/81 
South Australian 3pclns 25V®. 

Southern Rhodesia 2>:pcStk 48 50 (B'Bi 
3 Pc 52 (8'5>. 3hscStk. 1880-65 40®. 
4'^ecStk 1977-82 62ijj V;. 4'-ucStit. 
1987-82 45 *8’ 81. 6pcStk 197^79 
Bl V; G DCS Ik. 1978-81 80':; Vt 


Tha number of dealings marked In each seetten follows uw name Q f the 
section. UnlcH gtbcrwbe dcanced shares are £1 fully paM and stock flfl fully 
paid. Stock Exchange seewfefes are quoted in pounds and fractions •* „oands 
nr in pence and rrOetbas of pence. 

The list Mow gives Ux prices at which bargains done by rngnthOT of 
The Slack Exchange Im frees recorded in The Stack Exekasfie Dally 
Official Ust. Members arc not ebRgsd to mark bassalas, except Ui spedal 


kS^Jw'i A V^S oirt" (VrT^TOsT 

Mes, and the nctcanaflb tbenfnra. bo regarded at a complete record of j SiSSe-Ze^SDi SSS%; 10W ** ‘ <W> 


Pert in-Ehner 101® 


tig: 


pnuins' Lamas Hide. CFilO' 094* <9 ®i 
Ph.Uips Meats (HldBF.1 l25P> 1® irV) 
Phoenix Kroner i25pi 108 (9:01 
Phots* (LOm/Oni «5») 34 (0,0) 

Pbdna ^wnuanu non) 15 (7.8), Dq, a 

- '(2 Op) 100® tltt-O). Op. a 


lUm, 
iMi 


MotBr Grou?_i?5D)_78 rffl (10 8) | F^ai^eon OI^M^ 14® 6.15 17 14 


Prim al ^*^ 5 ? te |R*o dooe- BarwUns are reawded taTuio j WhU HoidinesJ^O®! 134 ®’ V fi 7 ' 3 ’ 

~*T-m t ^rvres n and txhiwoi NoWinss 


List op la 2J5 P-m. only, but later trsnacUnns cu bo Included la the FtUawioc - - 

day's QBIo-i Ust- No Mkttina s anaUakle as te wbetfaor . bwsato (Tvm 

a sate nr onrehas* by m g mbnre of tha public. Markings are rat atwiarity 
in order nf execntlan. tod only one bargain ip «ay one neurits nuvau 
price fc recorded- 


: Bancuns at Speriel Prices. A Bargains done viib «t between mm -members. ■/* Banudns done prevtoos day. 9 Pargaiaa done with members of a recozBaed sm** 
Excbaiuo. + Banains done for delayed delivery or "no bnytss-ln " SA— ^Australian; SB— SBalusuaa: SC— SCtiudua: $BK— iBoog Rons; SJ— Umnsan: eir>Z 
aaitayan; SMB-iUodcan', SJ(2— fKew Zealand; sS-SSInzabore: acs-sunUod Stales; swi-avi'est BaUan. 


CURRENCY BONDS 
STERLING FOREIGN 

Citicorp Overseas S5bO H® 


Alqlne Hldgs. (5n) 78H 9 
ffgg g-Sott p rl«Hts : (iQp) 1550 


Amalgamated Met*! Con. 335 9 

sjisran* viverseas uuo n® -j *» l AmK^ ,r E 5 y d HI^»f r i?n S ?®;.^® i,> 153® 

F 'W« /or JnduKnr 914DC 93 ( 8 . 8 ). 1 Opc |^S5r Sten-SaniflHi 4 ®.. 

Flnwclcrfng^ Mratschappll 91 (9/8, J ttS&SJ***#'** B» S)5® 2 

Gesietner Hlda. 941*® 


Carr (Jomd (Do mas Jen (Z5p) 49 
: Camnflion Vlvclia (25p) 39 9 40. 6(jK 
1 . Pi. 45c (7 0) 

Carroa Hlqgvt «5o» 67 S 
I Carrs M:ltus Iul I25p , 54 (10.9) 

. Carter Penguin Grp> SucPf. 30 


Fine An Development*. (So) 599 -so 
Fbuas Holdings (50p) 107 (718) 

F « ,a r (James) (zsp) 115® 18®. New 
Ort-SUt. C25») 115® 17. New OrtSh. 

Maritime) (2Sp> 119® lM« 

17 ® 


Rowntrae Mackintosh 91 * 4 ® 20 J »® ' 1 ® 
Sears International 94Jg® 7*® 

Total Oil Marine 91 'a® *j 
Whitbread U 4 U IB B) 


‘relSSS?V? n S 5 ¥ 1 Ca«'«* Soperroods Now On}. UOoi 790 9 1 


UK RAILWAYS 


Anglia 

Anglo 

stoj 


7# (kf 

gntev Pactugliw (Sp) 21 (7181 


rector 49s (10 8) 
Cattle's (Hlpgs-) (10p‘ 4j> 


FM® JS1« 75® 6® 80 3- g.knrt a 4Bi, 


Fitch Lovell (20PI 64h® 3 4 . 6>ucFt 
(Cum.) 47. 7UacLn. 1 992-2007 


Canadian Paclfte (SC5) 14UiaS J * (1018). 
4 pc Ob. 3Z>« <10 81 


1 -.-Jlnntoo Molar 

| Anniuge Shanks 

SO *j 


' (HJdgs .1 no pi ^ _ _ 

S^S^4ft-!8SBG«Bife» , fes; fjI JSk-is& «i»s, 


(10(8) 

Fibril _ . __ 

Fkwito Casters and 'Wheels. (25 p) 


FOREIGN RAILWAYS (2) 


Antofagasta (Chilli Bolivia 24 i?/8i 
K oka no- Namangan -4 >hkShs. by Russian 
UOrt. 119441 23 

Troitxk 4i;pc8dv. (Russian Govt.) (19441 
16 


A^T^ r00 ®, Swj’PRtent (1001 64 r. a 4 


(9 8) 

Flight RetuBlUna 
( 10 . 8 ) 


(Hkigs.) /23 d) )94 


BANKS (248) 


Alexanders Dtecaunl 271® 67 1 IO. 8 ) 
Allen Harvey Rgu 320® 


's^VfitSk ■2^ aw 790 

Am^ated Book Publishers ( 20 p> 238 7 

Asetgletnd British Enfllnrarino 7 dcPI. 80 

*&53£P £S l 5 h (5 di 78® 7. 

r7“Si ^ 7UjxDb. S6 

. i^-.zloT^ODf^' ?a l ii, {a ' ,, ‘ 7,:BeU '- 

'l!5Sl.i rl ?70 U (Vk» aMO 17 11 W ®- *%?$“** °* ,rieS 258® 70 60 

Arauttmot Latham Hldgs. 1600. 6pcLn. Associated Electrical Inda BpcDn S2UO J. 
Australia N. Zeriano Bkg. Ore. tA5 1, (T0.»-l 

1134 3 31 4* AssoaSS uksi™ C9o) 03h « ! 

1 , " 1 *' Associated Newspapers Cm. (25o< 190 

5® 2 so aFaiTeu^S. 47 «f 1710 ” 

Bk. KjiV 'Lon, Reg J (AS 21 '575 (10.8) I Associated^ Papon ^?nSs. (25ai ci iio'fl) 
Barclays Bk. 3S7J® 69® 8® 57® 6S® B I 9l;»cL^ 118 (9 8* CZ5fl> 6 ,10 «' 


2y2® 90® Bo. Hew 
aeu i7.bj. New (AS 
Bk- lcu mi- Le-israel 14 (B/B) 
dk. Ireland 420® 10 12 
bk. Montreal 'Ca 2) 16i* (918) 


: Fluor ive Engineering {20 pi 84 1 > 

, j Fobro (50 b) 620. lOncCny.Pi 


t7. ai 

Fames i tohn) Keto (3p) 29 Biz®. N 
Vtg. (5p) 27 't® (10 0) 

Industry Invest- C25p) 58 


231 


I25pi 75 :® 4* ! UnsAn. 73 k®. IPpcUasJjn. 75 <9 Bi 
Cawoiw I DOS. Hides. I25 d) 32 (B.8» 

C a woods Hldgs. (25o> 150 « 

CtlHBia Inns. (5ai 32 
Cement- Road stone Hlogs. (25p) 103® 

Cemral ana Sheerwooo .Sn) 36 -s. h 

5 - 'Opfpi. SS’^S 6; 

11™ "* Ttaa,aa -*- mi 

Cent reway (5dp) 262 19, S) ! F ?£?2 , ! car 

ClianritoETlaln Cm. i2So> 46.-® (10 81 ( (8 8) 

Clumbertaln Phioos COp: 46 nt-Bi I F ? rd - C *£ ltat CP"' SpcOiv.Gtrl. 

Cnamoeriln and Hill (2Spi 6SO ilD.'Bi > Ln - 1 9*1 -87 Ba »9 B> 

Change Wares (10 d) 23 -yBL IZocPtd- (Martin) (top) 35 
OOP) 24 . 44DCPTO. Ford Motor CO. Sits 0( Com. Stk. »usa> 

Cnapmab (Balhanri (50o> B5 3 (8 B> { 36-'* 00 8) 

(5if> nd C,<ire. (25 pi 127® 9 8 7. 7 Formlnster (10a) 160 

6Sli (9‘B) t Forte Holdings G.loeDb. 1983-88 


bb 6d 551 9 bl 2. New 36g® 5b® b2 3b Associated Sprayers (TOoi st 
6. BUbtun. 72V® V® 'i® 3 2'r Associated TelmSfon Cam 1 

An. imp. Bk. Cm me- iCS 2) 19 V 33® 8 torP- 


(25p) 127® 


67 



Cmml. Bk. Australia 4pcPI. (AS 20) £5<a 
.71 a) 

Cmml. Bkg. Sydney (A3 1) 165 (8)8) 


Giqos ( Antony Hldgs. <2Sp> 
Gillen Bros. Dteoourrt 230 (10 8' 


Camden itohdon Boranghi_ _12J;PC rrss. at 


£10 Od.t 11 -i»« (10 8i 

Card'll 7 pc 83 j i ID'BI 
Croydon 6 ‘iDC 86H >8 8' 

Edmburflh 6>:pc 93 i.« 

G'a«oW 9'jpc 921 '8 - 8» 
niduccstershlre 92'; 

Grampian Regional Cncl. 10 J.dc 98:- (7'«> 
Greenwich Cpn. 99:- >7 bi 
G roenwlrn .London Borouahi 1 ) 'ipe <f o I 
JHH® > a 6L<: 1 i-'*pc — 

£50 Pd. I 49'- >8 0* 


-Uoc llss. at 99 dc 


COMMONWEALTH CORPS. (1) 

S- Africa 9':PC 951*® 

FOREIGN STOCKS (47) 

COUPONS PAYABLE IN LONOON 
Chinese SpcGoloBds. 1 925 16 (Bi8i. Do. 
■ German lss.1 17 GO’S). Do. Drawn 17 
'8 8). 5ucRl*.Ln. 1913 £17 (9.-S) 
Babcock Nederland B.V. 7 PC Bds. 1231. 3 

Beecham Fin. B.V. BbpcBds. IIS'* -■* 141. 
Boots B'ipcBdt. fOO k u Jj i, i 
Burmah OH 5‘ : pc8ds. 104 ': 

I.C.I Intel. Flnjnce BkDCBds. 93S L 4 

Ij q i- 

IfKhcace 'Bermuda) S'.pcBriS. 110 
National Coal Board 8SncBds 95 (8/8) 
Rand Selection G'.-ocLn. CUS123 '9IB) 
Rank Oraanisatlen d'.pcLn. 57 - iIOIB) 
Thorn Inf. Finance B.V. 7pcBds. 102'. 
3 't >» 4 ' 4 -■» f A* 


Grindlavc Hldgs. (25D) 131® 5 6 4H 4 
Guinness Peat Grp. (ZSb, 253® 3 SO 
Hambros (2 Spi 183® S. 7pcLn. 69 ij® 


Hill. Samuel Grp. (25p> 101® SB. Warrants Avon Rubber 223 
* Ord- £4 b 


Ord. «2Spi 96® 
aSTiS (Leyton) ?§? XV, 

(23o] 

&%Z‘frs P ' S fBS 5 * 6 ^ 6 


(25d> 88® 7 6 110/8). 


Id suMCribe tor 

Hongkong and Shanghai Banking Corp. 

(SHK2.50) 3S2 , .. 

Jescscl. Toynbee (ZSP) 68® (10/8 


Ayrshire Metal Products' (25 di 45 rgts) 


Joseph (Leopold) Hidgs. 210_ 


iavser Ullmann Hldgs. (25 p> 49® 
7 uscDb. 65(* (S/8> 

King. 5hsxSPn (20p) 61 (7.'B' 


9. 


*29 (230, S3 2<l M 3; ® 

ila « 5 3% *046 I . 


30 3 
0 IJ® 


BRA Group (25p> 60 
BLCCJSOPI 1291,® 3t® 5® 


l S E f k ™ .'jLriTL*”* 


OB « ,# 7 5 9. ■g“Ba , MSr 75., 5 . 9 dc Tonnage 


IQLocLn. 89® 9 7'rpeLn. 84® i-® 


Minster. Assets i2Sp) 61 ® 1 tip 81 


Banking Grp. (25p< 

77® It® B 1-. tlpcW. 84 
Nat. Back Australasia (Land. Reg.) CSA1 
230® 30 no 8 


National C^mmems 


DO. 861*® 

BPB I Into OOP) 258 S 5 60 (10 8). 


| B «P»*jUra4JL. 162® 


7- 1 * 


M Hldgs. A (23oi 35 (10®) 
— TL (10 PI 441.-® 4 h! 


B5G into.. .. 
Uns.Ln. 103 


4i] ra ai 


12!y»cCny 


Nat. Westminster 281® 5 2 3. wrnts. 104. 1 8 SR (10p) 1040 4 3 6 


7orPf. 57. 9ocSub.Unsec.Ln. 79© 

Royal Sink Canada <SC2i 231* (10‘8> 
Schroderi 430® 12® 

Slme Darby London Pfd. (IOp) 233 (71B> 
Smith Sf. Aubvn (Hldqs.l (25oi 85 
5t^rdard Chartered 420® 5® 18!® Z3i 5 
20 20 7 32. 15':Undec.Ln 105® St 
Tcron Co- Dominion (ISCIf 14'i> iBlBt 
Unicn Discount London 345 
W-lls Faraa ifUSSl 26 /lO'B) 

W/ntrusl COpl 70® 


10'iPcDb 82'] 


BTR asgj 340® 350 a. 

and Wilcox (25p* 146h® 7 6 5. 
4pcP1. 30>i 

Bai ev (Ben) llOpi 12h (B/B) 

Bailey ;c H.i <10 pi 6' t no.fii 
Baird rwilliaml 184® t 2 
Baker Pcrk'ns H'da*. (50p) 118® 17 
8 fl'5 r | Mou * elM,w Stores (Leeds) (lOpi 44® 


BREWERIES (204) 



Sandy takes down her boss’s dictation 
accurately, then types it out from her braille 
shorthand. Good speeds, good page layout 
Sandy says there's nothing special about 
that- and she’s right The fact that she’s blind 
makes very little difference to her efficiency. 

Sandy got her job on ability. And her 
ability won her promotion to personal secretary 
in an important Post Office department That’s 
the point The RNIB trained Sandy at its 
Commercial College, and any firm that 
employs a qualified blind person will benefit 
from the demanding and professional training 
that we at the RNIB provide. 

if you happen to be an employer; think it 
over. We’ll be pleased to hearfrom you. 

Over and above that the RNIB needs 
your help, through legacies and donations, to 
enable us to train others like Sandy. 


RNIB 


ROYAL NATIONAL INSTITUTE 
FOR THE BUND 

224 GREAT PORTLAND STREET LONDON WIN 6AA 


Under toe Finance Act 1975, bequests to charities up lo a total of 
£100.000 are exemol bom Capita) Transfer "Ew. 
Registered m accordance with toe National Assistance Act >948. 


<Z5pi 854. 6 h Si. 

4 UpcDb. 73*2 n 0:8) 


4l«pcDb. 

7>:flCDb. 


SUDCLn. 371; |10 8'. 6<*pc 


Alike 
88',. 

6 7. lb £ 

Ln. 44S© 

Amalg. D, Stilled Prods. HOpt 34® 

Bass ctiarrtngion 425P) 170 69. 3V,pcDb 
951*. BLpcDb. 74 1? >10 81. 74tPCLn. 
67'* 110. S). 

Bdharen Brew*, aspi 540 1 

8*11 " 


8 « marrows CZ5 p> SB 
B ambers Stores (lOpi 99® 103 
Bamtords (20 d> 39® I10.'8i 
Bank Brkfqe Gru. (5pi 2(* 110'Bl 
Bjrgei (25a) 32'i 1 8'BI 
Barker Dobson «I0 di 14k >a it. 

Uns.Ln. B7 (7 8' 

Barlow Rand rflO.IOj 255® 60. 

■ro.ioi suss.oo :a e< 

Barr Wallace Arnold Tst. C25oi 126 (10 8i. 

A (Non.V.i (2Sai 125® 5 (10 81 
Barrxtt Develaoments COP) 117® 


12PC 


Pld. 


kll (Artouri iSOp) 2710 5® 6 84. 5>]pc Barrow Henburn Grp. (25p) 30® 30. New 
W. 43 «10 8). 7 UPCDb- 89 110 Bl t2Spi 120'; 1 20 HO Bl 

oddington Brews. '25 dJ 106 (10'Bi Barton r25ui 68® 


Bnd ding ten . ... 

Scrdcr Brews. (Wrexnam) i2Spi 84 
Brovcn (Matthew <25tn 12Z <10'B1 


Buckley's Brewy^ (2 SB) 


Bnlmur iH. P.l 9'ipcM. 

Cltv of London Brewv. Did. (25a) 66 
Clark iMartnewi JcxPI 64 •10.8) 
Courage SooOb. Bl'i <6 Bk 10'iPCLn 

84)j no ai 

Davenport*' Brawy. USPI 85 
Devenish U- A.l aSp) 191 
DjstMlers_f50pi_ 203O__198S . 9®_ 9 


, „ . Hldgs. (25of 150® 7® B 

I aalh Portland Grp. !2 £d) 80 
Bat levs of Yorkshire (lOpi 66 (9 Bi. I0«c 
Pf. 101 '] (8 at 

Bavw a ktiengeseiischaft (DMSOi 54 11 O 181 
, BiyciLS (Cnar'esi riOPi 25 (7'B' 

Beatson Clark (2Sp> 197 »/8) 
i Beam* (James' A Resto. Voting) (2SPI 
, 134® 1 30. 6 oc PI. S3 
Beauford HOP' SO® f10/8) 


200 1991; 8*i 201 5';PCLn. 


(10'Bi 7 'ipcLiT 65J*® 61*® 7L« UtL 
I. 87'.® 


lO.SxLn. 87 1*® 

Gr renal I WhRley (25 p) 


New Ord. (25p) 


127® 31 *1 2 4. 
0 DcCum.PI. 91 


! Bearer 'C h.j (Hldgs.) uopt 60® 
Beckman (A.l (lOp) 77® 

Beech am Grp. (25p) 718tO '16® 
15 101 13 14 10. 6l4Pd.it 




Greene King Sons (2Sp) 300® 300 2 Beeehwood Construction (Hldos-J nop] 28® 
San ( 25 p) 1B4 7J»pc Grp d Op) 73® 2® 1®. 


Guinness (Arthur) 


Uns.Ln. 2001. Si's HO/H) 

^ 78 (10/8) 


H Ig k land Dis lllrries 
Hasans Brewery (250 


149® 9 7 


Betg rare L25pl 33® 

Bellair Cosmetics rlOpl 18 (10 81 

f.qsons Bre wery (250 78 (10/8) ' 5 cr1 . aix t -P n ' (SUS5) 33 ■« 110.8) 

nv;raordon DmJUers (Holdings) (25p) * "(fo ^) COnCIW Machinery -» 1 Op) 51® 

Mrriuian-GlwrWwM (25p) 335 (10lB) Sf2l a *-ilL dt h , -5 0 ?i If. 
iardanald Martin Distilleries A (SOo) 5®2S.iS?inS 5Bi - 0 ni 
470 (10IB). 5 ': pe Red.Cum -Af. (19791 


97>; i. (10/8) 

Mansftcld Brewery 293 90 
Martson Thompson Evershed 
Norland CO. 518 (10/8) 

Scotrish ^ Newcastle Brew. (20n) 71®_2<i® 


Berec Grp. USP< 165® 8® (10 8 


[250 79 


SeriSiord IS. W.l <25p! 158 
darwlck Tlmpo (2Sp) 64 2 


m 


J«» Mar OOP) 6* S Tp-Bt 


*r 2 T'j 1 3. 5>tocCum.Pf 45«3. 7i*nf I apcLn. 99 
IsIMtp.Db.Stt* 1989-94 69>« (10181 a,bor U.) ! 


Besfobell asp* 1._ ._ 
rayan (D,. F.i (Hldgs.) (Spl 201 i (6/8). 


Slupion* (James) Sons 4pclrTd.tstMtq.Dto. 
-It 29 


Bihor U-) Sons 259 B 

(Africa) (2Spi 15 (8(8) 


3lrd 


Stk. 29 10/8) ._... _ 

South African Brew. (ROJO) B7's2® : i® Birmingham Mint 


5 Pci st Cum Pf. (£10) 


Thwaites (Daniel) 

3 BO 45 (1010) 

Tomatln Olsti Iters (2SP) 120 
Vaux i25p) 123® 6® 6 
Watner Mann Truman Hldgs. 6 UpcDb. 

84 'j llO/BJ. 7pcDb. 64', (7/8) 
Whitbread A 1250 102® V; 2 

*:,pc 2 ndPf. 33. 6pcPf. 49 i8>'8). 4i*oc 
Dm. 77. S’-pcDb. 64'; 1 10/8). 7ocOb. 
67'i i7/8). 7 LrtJCLo. 1986-91 — 

7 LipeLn. 1995-99 60'*. 1 

Whitbread Investment (ZSp) __ 
Walverhamptan Dudley i25p) 212 13 
Yuang (SOpI 16B (10/81- 9ocPf. 95 <10/8) 


BlrriMd Qualcast 64J-t 3';. 

(25PI.87® 


7>-pdJL 63 

60 


no 8) 


B '& p &V" t 2£ Spi 161 ‘ 7 a ’- A Non - 


Bladt Edgingran (50pj T14 17 ilOTD 

i50pi_ 35t® 


I Black Arrow Grp is 
» Hldgs. 


I Black f Peter) H/dg 
kman Conrad < 


Blackman uwtrad UOp) 
3. Blackwaotf Hedge IZSpi 


New Ord 
113 (7 8) 


. »25pi 160 (10:8) 

( 20 p) 101 - 

«Sp! 69'; O flVj® t, B. 
25p> 21 h 20>] 20. 9ncLa. 


11 67i; i9«). Blackwood Morton. Sons (Hlags./ (25P) 25 
llpeLn. 158 Bngdmi NoataS (Hldgs-i «250i 2M (9 fl) 
92., , , WjnjMed CoafecUonefY^ Hld^s. (2505 78 


'tWtt New Ord. a5p) 76 

I EMS, zar * ei> 5 

B6( 92 87 91 1 S. St.Bc2ndDb. 


CANALS & DOCKS (2) 

Bristol Channel Ship Repairers (lop) 6 “h ... 

Man?h«tw .Ship. 237 JjlPM 1 .!* 


5® n 9^93 

rjuemej Brov7 risp) soTaaT 491,9 
BlundeH-Permoaiazc Hldgs. i25p| 79 
Boardman (k. 0 .) IntnT. (SD) lilt. . 

Pf- 3o; 


£hr.>t e I mm. * 10 o 1 iss:^ 4 S fib S 
Chrjstm-Tvicr (lOp) B4 
Christy Bros. C25p) 54® 

Chrysler Corpn. (USS6.25) USSIlf* 

United Kmgdom SizpcDb 

Chubb Son ( 20 p) 139® 9. bi&cPt, 50 
<8 6} 

CJuircn (25p> 1750 
City Hotels ( 20 pi 136® 

! Clarke. NicJcons Coombs (25oi 71 2 
Clarice <T.) (1 Op) 26>t® 7 6 .'*s 7£ 

Carton ISOp) 20 t 3 ( 10 , 8 l 
CllSord Snell (So; 23® (10.S) 

Clifford (Charles) Industries 1030 
.10181 

Clifford’* Dairies A (25 p) 51 
Coalite Chemical Products (2Sp> 740 20 

Comes g r ottier * A i2Sp) 761- 
Coats Patous (25 p 1 74® irifr S® »:tO *■: 
31] 4 3. 4l<pcLn. 35>i O S'. 6 ‘jpc 
Uns.Ln. 520 2 ; (10 31. 7i:pcUnsXo. 
631*9 

Cole iR. H.) ( 2 Sp) 151® 

Collett. Dtokenson. Pearce leternsticnai 
tlOp) 67 (6 8 ) 

Collins (William) Son* (Hldgs.) ( 2 Sp) 134: 
Colmore Investments (25ol 73 i® 10 Bi 
Combined Engush Stores I12 rp; 119 23 
Comet Radiovision Services (Spl 148® 51 
CompAir USD) 96(2® 90 3® 6 
Compton IJ.) Sons Webb (HIOSSU UOp) 
471; HOB n 

Conti nuaus Stationery (lOpi 33 (8/81 
Cook iwmj Son* fShemold) 12 Do) 41® 
Cooper 1 Fred k.) iHa/dlngi) HOdi 23 (10,81 

Cooper iTtdustnes IlOo) 2D>* 

Cope Allman IntnJ. i5p) 67 8 . 7H JJCLn. 

Cope* Sportswear (ex -COD' (Sp» 43 (1018) 
Corah i29pl *14 24 0 0 / 8 ) 

Coral Leisure ( 10 p) 105'jO 6 S 44 4 4 7 
Cory (Ha race) (5p* 28 (IO /81 
Cosalt iZ5d> 714® 

Costaln (Richard I i25pl 212® 10 

Country Gentfemen's Assocn. 9 iBIB) 
Countryside Properties l5o) 47 *9)8) 
CoortauklS < 2 Spl 110 t® 19® Z 1 IB 10 
22 2 D. 6 pc 2 ndPf 451®. 7pcDb. 71?*® 
70i® 2H 7'apeDb G 6 *r (9/8). 64peLn. 
55® U® ( 10 /BI. 7'aPCLn. 1994-96 
61 '*<9. 7)*PCLn. SB4 4 >1018) 

Cpurntev Pope rHidcs-i >20 pi 60® 'a® 

• ID’S) 

Coons (furnlshersi Non-VtgJL (25P) 123 
2 no/a> 

Cowan de Groat (lOp) 70 
Cowle (T.) (5 pi 479 :- 
Crellon Hldgs ( 10 pt 17. IZpcPftL (IO 01 
19 110/8) 

Cresr Nicholson oobi 8a; 4 : 9 
Crada Intnl. (tool 57® S’l 
Crooner /James) i25ol 75 (8/8) 

Crasbv Snrinq Interiors IOpcP/. 97 (10/8) 
Crouch iDrrek) '20pt 1DD <9'81 
Crouch Group <25p) G9 'SI 8' 

Crown House f25a> 574. 74oePT. «■«: 
Crown ZeJiarimch HJS36 1 * '8 8) 

Crvsfalate 'Hld9S.' (5 d) 36'?® 8^ 40 •? 
Cullen's 5tores (lOpi 127. ANoo-Vtg 
(2Do) 122 •‘.10 8) , „ 

Cutter Guard Bridge HldBS. asp) 2* 
Currys (25a) 215® 14 IS 16 
Custa magic MamifactnrlDB (IBpl la (8/0) 


664® 


Fmvard Technology industries (50p) )42 


Foreco Minsep (25 p) 181® 2'-® go 
Foster Brothers Clothing (25c) 14740 


Foster (John) Son (25p) 41® 404®. 41]PC 
PI. 52$ 


Fotoergul Harvey (25p) 101 (818) 

Francis Ind. >25p) 74® S. SocLn.' 65 

Francis Parker (topi 17® 4 17 


57 .10,8) 
Franklin Mint 


74PCUI. 


Corporation^ S - (7^D 


Fraemans (London 5W9> (25pl 
7pcDb. 62-'» 17, •Bl 

Freucn Kier Hldgs. i25pi 3)9 4 O 4 
French (Thomas 1 ilOp) Sfi i9 B) 


io. 


G — H 


GEI Inter. (20 p) 98. lOpcLn. 107 ( 8 / 8 ) 
G.R. iHktas.i i2Spi 119. New ord. (25ot 
122 19. lO'rPCFt. 2 nd 97'- 
Galhlord Brindley iSpi 63 (TO , *81 
Garfcrd-Lillev Ind. (5ei 15 a ta .81 
Garnar Scotbtair i25bi 101 <0-ai 
G art on Engineering >100) 8 a ffl' 8 ) 

Goskell and Co. ( 20 oj 122 
Gores (Frank G.< l25pi 48': |9B) 


Geer* Gross (lOpi 45 I* 


General Electric. (2 Spi_304® 6» 4 9 1 
97&-S 


10 12 11 5 13 4; 7 3. 6PCin. 1 

86 •) Bl. 6pcLn. 1975-84 75®. » Loctc 
63 (TQ.8I. 7'iBCLn. 64'.; (1Q 8L Float 
Ram Uns. Caa. Notes 196B 994 6h 
General Eng. (RaocUrteJ I10B» 14»; 
Geaetner Hldgs. A Ord. C25P> 
lOpcLn. 116® 1*9 (ID. 8) 

Gibbons Dudlev lZSpj 91 
Gibbons -Stardev) lnter._i_25ni_202® 198 


«4 19, '81 
168® 7 


Gibbs and Dandv (lOpi 36 (8/8). N.V. A 


ora LtQpl 52 (B.Bl 
i25pl 97 


Dale Electric International cl Op) J7B 
Danis hBacoo A 110 (7/8). Si:PcRed.M 
(1999) 49® 

□anks Go wert on (25o) 67 (9'B) 
Dartmouth Investments (Sp) 234® 

34 4. New (5p) 24® 1 - 4 
Davies Newman Holdings (25oi 135 ( 818 ) 
Davis (Godfrey) (2Sp) 994 (9 W 
Daw lntergatoinal (2 Sp> 275® 6 8 9 
Dawson International C25D) 1434- 
N-Vfg. (25 B) 143 a 
D e La Rue (25a) 458® 2 5 3 
De^^Vere Hotels and Restaurants (25oi 


Debenhams (25p> 924® 3 1 24 2. 

SNocZndOb. 1979-B3 814 (8 8). 7l*or 


2ndDb. 1991-96 63 U (7'6) Eboctn. 
1986-91 624® no® 7‘aOCLn. 2002- 
2007 554®. 7t!PcUi 2302-07 58® 

lIOCUi. 1993-98 1074® 


Decca (25 p) 4B5e> 90 (10 8). A (Z5 p? 
4J*6» 7® 5 90 82 . 25PCFf. (25pl 43' 


7kpcDb. 


(8 8) 

Orison OOP) 270 

Delta Metal (25^1 77® 7 4. 

1985-00 71 no’B) 

Denbvware i2Ed) 100 
Orn*sply qpcLn. 1991-96 554® 

Deritenrt Stomping (SQn) 150 (B B> 

□es (hitter Brothers (Ho/dnlgsl (2Sp) 145 
DnwH'rst fl. J.) (Holdings) flop) 76® B 
9.75m. 92 (9 8) 

DmriimjsT Partner A N-Vtg. (ton) 15® 
Dewhurst Deni (20p) 17 (981 
OMJ* . •JWS) (Drop Forgings) 

Ofc . cl 

Dlrtinson Robinson Group (2 Sp) 

7® 3 4 7. 7 laPCLn. 1986-91 


(250) 


134® 

EB4® 


<1*. . 5 6 PC 


I?4bcItetof 8, ” , ij 4D (7/8»I Z 64pc0eto. '954 a 

(7:81 Booker McConnell fSQo) 294® 2 4 

Mersey Docks Harbour Umec.Ln. 25® 7. SJS'Tu Ha **M (25o) 180 11 0/8) 

5 h/x-Deb 77 10/8;. 3%PCDeb. 194 (7l8l foot (K« r v) Son* (50t>»144 
Milford Docks 34PC Db. 274 (9/8) B 2? 1 1 h 2S< L ) „ . 224 ® 8 S 19 26 3 2 4 20. 

Twin. 68* 

_ Eorirwit* iHkomat) Sons tSOp*) 39 hO GO 

COMMERCIAL (3,693) 1 |«^tpo rwiwam) uonO_ > i 0 pi17®_5 


A— B 


AfiS"* ^ucts Cm. (25o) 1 * 0 [ 8 Br"iSl*"TO.‘ , «S 

1 1 Qlu» l * - 12 Sp) 62® 


Bourne Hollingsworth i25o) 247 5 50 42 

Sowater Cpn. 214® 6® 5 7 6 6j 8 9. 

aijpcrit. *44»®. 7on.n. 914® 
Bowthorpe mm ogs. Uboi 65 ;® 5® ig 


AGB BMfarch"? ooftt? *i*B*i 71 1 18,81 dranam Millar Grp. iIOpi 43 2 (9/8) 
* p km ' i iu an « ico Oraitnwalte 7'xpcPI. 524;® 

t50w 2520. 1 OJ*pcLn. 169 b ram mall iC. D.) l25p) 934® 


w-, ,ii?“ «'• »• « - '■ issr Sg» T " t iT “ m 

sesss. f ,=&*» liTsiS ils- «», =;?.* 

Aberihaw and flrlvtol Channel s'* 1 ?* - 

Cement (25o> 153 (io'8i 


Port - Bihckfiouse Dudley (IOp) S3® 4® _ 

jSSTW^ Nnn- a 0 A (25p| too® ^^1 ^ <SW ,l1 ^ ‘ 10 «‘ Nsw 
.1® 99. 0PCPfly.Cny.Uia.Ln 78® B ‘ r T^ 0 iufn) 103® 

Adams and Gibbon >25P) 77® (1018) v on., ». 


Adams and Gibbon i25P) 77® (10/8) 
Adda Inti. (lOpi 520 1 4 
Advance Laundries tlOo) 264 (10(8) 

Ad wert Grp. i25p) 278 dd'Bl 
African Lake* Corp. 305® (10/8) 

Alrilx lids. (20ni 54 Wrts sub. Ord. 
” ‘ ~ ' 74PCLP. 62 (1 018 


B rid port-Gun dry (Hldgs.) (20p> 364 (10/8) 
Bright Uoho) Grp. (25p) 3145 
Hrlgrev Grp- '5p) 84 (10:8/ 

Brtt. AhmUnlvm 720® «10,8). bpcPI. 4S® 

iTOB) 

Brit.. Am. Tobacco SpcPt. 4a >8/8). 6pc 


9 ( TO/ 8 1 7>'PCLn. 62 (IDI 81 Brit.- Am. Tobacco, SpcPt. 40 ia'B). 6 pc 

Airflow Streamlines New t25p» 464 (818). 0 : rre22i n 'in5® Viw?. nib® 

1 OpcPT. 954 4 <10181 Bril. Am. Tobacco In vs. lOpcLn. 814® 


Albion (20d> 20 17/8' 

Alh'lght and Wilson i25P> 189 
Alcan Aluminium CUJC.) 162® 4® 


■a®. 104pcLn. 83® 3 I*. 9'iPCLn. 1814® 
LO 1 

. Brit. Benzol Carbonising (tool 234 

Alexanders Hldgs. (Sp* 194 (7/Bl BritlsB Car Aocrlon <IOp) 474® 7 

Alginate Inds. (25pi 29S (7rfli British Oredglng i25p) 32 i7lS) „ 

Alida Packaging Grp. (TOdi 99 (9’8) BritlsB Electric Traction BpcPId. 574®. 

Allcbone and Son* UOoi 23'-® 4® Defd. »25P) 116®. 17. &DCPf. 59® 

All-n (Edgar) Balfour (25o) 48 7 A (9/8) British Enkilon lZ5p}_ 131- 14 (fl/8) . 

Allen (W. G-> sons (TiDtonj r2SP) 56 Brlclsb Home stores i25 pi 210® 130 14 

Alll-d Conoids Group (10m 82 12 1 11 II. 34PCDb. $91, 18/81. 

Allied InsuJSiors (2501 72 (8 0' 64pcDb. 63 19/8) 

S no ?i If." British Mohair Spinners >25pi S2 1 

.'IS!! Polymer Group lOpcUnsec-Ln. 95 Brillsb Northrop (SQpj 84 < 1O/0> 


9 8) 


Atoe^Reiaitevs (IOpi 98 oo.-8>. 9Vpc|Sm|sh s£^ tr ^q=^f 0> - — 


7petn. SS 


Atoe^VuppUera jBbcUmpc.Ia 64.- (8/8). I B ,^5 87^7,8“^ 93! ,1 ® /8 '- Ntw 


Stone U nsec Ln. 51 (IQ.Bi 
An lea Textile Cos. i25pi 165® 


British lngjJ ,8 iiop) 132: L: 3 5 2 



Highlghtsfrom the 1978 
Interim Report:- 


* Second quarters trading 
showed marked improvement 


^Pre-tax profits £561 a 000.No 
part of £587 3 000 stock profits 
arising from acquisition of 
Armoride stocks included in this 
half but significant portion will 
be available for year end results. 


over first quarter and this 
continued into second half cf year 

tax charge wifl be 
significantly reduced at year end 
under EDI9. 


^Interim Dividend increased by 
10% -well covered Board 



looking for highest ever declared 
profits at year end. 


TheRgnanj TCmile Groep-nanufiiatgEBg ofPVC rftttfand film: ri ny f rrxu M 




Copies of the 197S Interim KqwTCT be obBiBCd Son TteScadH^ 

Bomsd^inlte nod ComiMayLiiutod, S2 King Street, Kamsfisd, aKdme,WA166EP. 


IOP) ) 

British Syphon <20D) 62 ita/dj 
Britnh Tar II Dp) 85 'a «10'8j. New tlOp) 
654 110/8) 


British Vending (IOp) 33® 
British Vita I2SP) 99 8 


Brittains (23 p) 27 (10/8) 
BrockhoiK- (25o) 


Brocks 


88'-® 9 8- : HOIS) 

Graup I10B) 70 (9-BI 

Broken Hill Prop. _ISA2» 74o:® 7001® 
40® 36t SUS r30 0735 
Bromsgrove Casting (Sp) 32® S9 
Bronx EOB. Holdings (IOdj 29® 

Brook Street Bureau- Mayfair ilQp)-77® 
Brooke Bond Lieoig i25ni Si si JO 1 
iL,S0t Stilrtpb. 75 ■* 1 la-0). 7ccLn. 
_55'; 17 ’8). 7>,otLp. M'4 
Brooke Tool Ena (Holdings' now C25p> 
49. 72pcLn. 140: a: (JO 8. 
Brothwhood (P.l (5Qp\ 13C® j, 

Brown Jackson (2()pj 188® 

Brawn Tavne t25p> 126 5 


DinJrte Hee) (5 b) 13 
□ kfloira Investments (25pi 200®. 
Ln 199D-95 77 ’jO 


104PC 


n*v2S. 1 So. uHlng. (25a) 96® 7® 

Sto«w Photographic (IOp) 1474® 8® 9 


Dobson Park Industries HOo) 1164 
Douglas i Robert m.) Hldgs. I25pl 96® 
Dowdjng Mill* ( Sa i 271,®**- 
Downing (G- K.J ISOp) 245 (9<8l 
Downs Surgical (10 d) 464 


D 7°S:„, G 2 r S 0 5 B ^^ B ‘ 24S * 50 2 49 51 


Drake Skull Hldgs. (25p> 301.:® 4*20 1 4® 


D (8 4 B) Ia,,tl E, * cu,c *' ApulUnces UOp) 35 


□ub'iier (Spi 24 
DuctHe SteeH (2 SpJ 114? 
Dufay Bltumastic (10 


IOpi 3E 


16® 

9 110(8) 


160 ® 2 ® go 


Duncan rwalteri Goodricke 457 13 8 
Dundonian i 20 di 52 (10 8) 

Dunhlll (Alfred) dOol 38Q 
D S" , 6 » H'dBs. (SDp) 73® 2® 2i® 3 2 
•Vi.*: Sl<i»cPf. 44:® S'-ocDb. 95»i* “la 

OuN/Vmn 6 ,^??^ SaCLn ' “ 

°i U §^Ln ,2 ?? , 3 f,^. fl, 2 ' •«"- ««■ 

Dura pipe InrnJ. (25p) 14 s 


Dutton-Forshow Group QSo' 51 «x 

R'E? G t*^ u P..i T0B, 11 oo f' 

Dykes U.) (Hldgs.) (2Sp> 36® 
D 2S. n J.)j T25B) 640. M 


83® Girt® J.® 
Dyson IR. A.l 
<25p) 30 C7.Bi 


MV A C25p) 


A aSp) 36 <7.8X 0 


E— F 


E.C. Cases Cl Op) IS 
EMI (50pi 151® 


Ml (5Dpi 151® 3 1 2 i; 4 6. 

7J4pcLn - *”* < 8 ' 8 '- 


8.R.F. (Hld»sJ_l25_P> 129 


) Marriott (Witngyl (IOPI 


Eariy (Oia 
29® 0']® 

ri5 Lancashire Paper (2 Sp) 59® 

East M'd land Allied Press (25p) 620. New 
A (2 Spi 82 

Extern Proa. (Hldgs.) (SQpi 

Eastwood CJ. SJ^CS') 145 (10/8) 

Edbro 1 Hldgs.) tZSpl ZOB '8(8) 

Edworiu A (RO.IOi 77 (0'8J ' 


98 100 


f'blef (5p) IS'j HO'fli 
Hldgs (IOpi ' 


<2Sp) 


Brawn Bros. Corn. 
_Bi^>cLn. 65 (8.8/ 
Brown. g.J ? 4S4 _8. 64 _ 


BP] 26® 5*( 6. 


Brownlee I25p) 64': 1 B 8 ) 

BrunnJng. Gro. <25p) 76 
vot. 125 pi 70 


l25 P1 70 ” ra8 ' Re9t 

2 ‘ 

Sullaugh CDd) 174® 7 S (tfliB) 

Bulmer Lumb Holdlnn (20 oi 69® 7 I 
Bunxi Pulp l25p) 109 In 

. Burco Own (25p) 81 (B/B> 0 

j Prods. A Non V. (25 0 ) 43 7 I* 

1 Burnett Hallamshira Holdings I25P) 201 

4 IIO.'B' A <2SPI 203® 


J 


deco Hldgs IIOpi 474® 8 
Electrical and Industrial Securitli 
57 flO'fl) 

Electrocamponents (IOp) 5300 3 
Electronic Rentals Group IIOpi 1404® 2 
110. B) 

Elliott (B.l (25o) 13B (10'B). GhoeDto. 
661*0 noit] 

Elliott Group ol Peterborough (IDs) 16 

18 81 . 9pcLo. 60® 

El s and E retard (25p) 950 2 
Ellis and Goldstaln (Hldtfs.) i5oi 29 tc® 

30® 294 9 4 30 
Eicon and Robbins (25pi 97 rtO'Bi 
Elswl-k -Hooper (Sp) 19 (10/B) New Ord. 
(5o) 194 HOB) 

Empire Stores f Brad lord I r25p) 180 
Emray (Sp) 10J* (lO'B) 

Energy Scrvlcos and Electronics (IOp) 191* 

19 18>. 194 20 184 

England ij.E.1 lYfelltngtoni (5el 28 (7 8> 
Enollsh and Overseas Investments (TOdi 

English Card ClothlifR (25 b) 864 (10 8) 
English China Clara asp) 83® 24 1 


Gieves Group 

GUI and Du this Go (25o) 162® 1® 59®. 
Gillette Ca. Common 23 (7/81 
Gittopnr HOo> 67 - 8 7 
Glass and Metal >Hldas. UOp) B6® 
Glass. Glover Group (Sot 244 
Glaxo Gfl. 7-jpcLn. \50 di 33® ilO/B) 
Glaxo HldBS. (5DP1 6130 17® IB:® 13 
IS 17 10 12 13. 74PCLII. 128'j 
Gives on iM. J.i (Contractors) (IOp) 43 
GJos&oo (W. j.) i2Sp) 63 „ 

Oynwed i 2 Sp> 120 ® 4 . 10 
(ID'S). 6 fcLC- 70 ( 8 / 8 ) 

Gnome- Photographic ProdS- HOP) SB® 

• 10 . 8 ) 

Goldberg iA.) Sons »25p) 7f 
Gjnwe Hldgs. <2 So) 74 6 (9:8) 


85 


Goodman Bros. 5lockman (SP) 12 4 (B/B) 
Gordon iLuril Grp. (IOP) 27 8 


Gough Bros. L20o) 59 
Gough Cooper t20p) 83 
Grampian Hldgs. '25n> 61 3 2 
Grampian TV N.-vrg. A 1 IOP) 36 


Granada Grp. A (2Sn> 117® 154 IS 
Grand Met. (SOP) 1 22® 1 6':®_1»»; 


._>] I 84 

20 4 18 19. Wrnts. 84 ( 10 ( 8 ). SnC 
Pf. 23'.*®. R';pcLn. 94 (10 8 ). lOncLHu 

Grant f jinleif * 1 East.) 74pcfsito. 504 4 

Grattan Warehouses <25p) 131 2 
GUS (25pl 324 (10(81. A *25nl 3211® 
17 ® • *0 20 17 20: 4 18 22 19. 5VK 
Ln. 37 1®. ILpAn. 6 b t® 

Grpenbank Ind. Hide*. (IOp) 50 
Greenfield Milletts HOP) 53 1104). 10PC 

Greer^ ! Eranomtser G^^Sp) 68 nM) 
Griuoerrods HOP' « 5 (10/8) 

Gre. Lotus Car i10p> **,2 ,8) 

G-ovebell Grp. iSn) 31 ( 8 / 8 ) 

Giartfian Manchester Evening News 4®c 

r^.a^r >1? TJerttefold* 2B4® 3® 3 4 5 .7. 

aSrtBr' T&s^wOS 


H& J NV~diii 133 r® tot® 

i&nfflw'fl. "«>. 

7)*prU«sec.L«. 86 r/ m 
H’ll 1 Matthew I (25o) -i* 

Hal lam Sleigh „S*^ t0 1 n ei <T,,rt 33 * 
Hxllite Hides. ( 50 n) 161 
Halms (IOp) 47® New HOP) 46 
H^lrtcid <James) (HldgsJ UOp) 244 


•4.-1DSO" IU“<h (Sp). 12 Ai® 


Hanger Hit. HOP) 47'-® 

Vi-iivr Cp". ' VAITT’ 6 ) *4® 

Hanson Tst. i25p) 146® 6ttp 5 7 4. 64PC 

Unsec.Ln. 82'- (B'E) 

Hardv Co- (Fun»l«her*1 (25n) 40 (1018) 




la® 60® 


5. 


Bpc 


Hargreaves 
sqit 9 (10 R) 

Harri* SheWon OWM* 

Hams (Philip IHIcknJ 120P) 96® 40 2 6 
Harrison IT. C) l2S0l 1 13 (10 8) 
Harrison* Crosfleld £51*. B'-neM. 804 
Ha rtl» Machinery I"*n1. *2SJ) 19 *1 
Hartley In dust. TSt- ( 2 Qu) 23® (10 to 
Hartwells Group USD) 104 (918). New 
>253) 104® 

Hawker Slddelev Grope i25p) 246® 1® 
40 2 4 6 

Hawkins and Tlpson (2 So) 78 (9'8) 
Hawley Good all Group (6p) 104 
Hawthorn iR. WJ Leslie (50p< 66 3 5 
ittl 

wawt.n >So) 13 174 

Hav (N.) (IOpi 54 00/8) 

HflCUm. Sims Cogg'ns (5p) 5B® 

Heal Son Hldgs. 17 

H-lene o» London HOP) 234. New 12pe 
Pf. 208 (8/8) 

H-llral 9ar I25 d) 34 5 (10.8) . 

Henderson <P. CJ Grouo (IOp) 90® (*® 
Nox-Vto. (IOpi 85: 

Henderson -Ken ton IQpcPf. 104® 3 10/Bi 
Hwilvs 20o) 133 

Heuvrorth Ceramic Hldgs. (25PI 96® 7'j® 
5® 100 «i 09 84 94 no 8) 

Heoworih (J.) Son (10 b) 73® 3 24 2 
Heron Motor (25n> 146® 4® 

HtslU '.asp) 109® 6® 

Hewden-Stuirt Plant (IOp) 66 S4 
New (IOpi 66 <7 a) 

Hevwood Williams (50 p> 144 5 '818). 

Cnv-Ln. 204® 

Hickson Welch (HldBS.) (SDp) 2120 1140 
130 13 16® 15® 15 
Hteld Bros. (5p) I2to (818) 

Higgs Hill (2 So) 90® 90. BpcUns.Ln. 

809 79 Cl 0 8) 

Hlglunls (25p) 494 00181 
Highoate Job (50pi 46 17/8) 

Highland Electronic (20o) 47 
HH1 Smith (23 b) 79 80 (10/8) 

HUI (Charles) Bristol 114J® .10’8) 
Hillard* riOn) 211® 14 (10/8) „ 

Hilton* Footwear !20o) 107 tl0i8) 

Hirst Malllnson (20o) 32 
Hoachst Akttengesselschett Certs. Warburg 
(DM3) £3 (BIB) . 

Hocchst Finance tODCUns.Ln 1184 
Hoffnpna (SJ (25o) 9 6® 54. l2ocUns.Ln. 

Holden 1 Arthur 1 Sort* (2Spi BOO 2 5 

Hollas (5p) S7 19.81 

Holla flro* E3.A. OSp) « (10,81 

Halt Lloyd International (TOP) ’60 59 

Home Charm ‘1 Ool 194® (10,81 

Home Countie* Newspaper* (2SP> 85 

Horn’S* (250) 45 IM) 

Hoover (250) 280® 80. A (25P) 280® 

Hook7n*ons Hide*. (30p) 116 (10/8) 

Horizon Midlands tSP) 107® 84© 8 
House Of Pra»cr i25P> 187® 0t® 4® 6 70 
68 7. 4 4PCPf. 33. 7 4PcPf. S3 4. 

6PCLP. 491* I8IB1. flUpcLn. 634 11018) 
House of Lerese <2 Sp) 64 
Hoveringham Restricted Voting (25n) 86® 
Howard V/yndham (?Qnl 28*- <818). A 
(20o) 29® 8 4. ISpcLn. 101 (918) 
Howard Machinery '23 p) 27 1 - B 
Howard Shottwlro iHIdosJ (10 b) 30 
Howard Tenens l25o) 354 6 54 

Howden (25 p) 73® 6 S 

Howse IJ.) Socpf. 34 18 / 8 ) 

Hudson's Bay n.p.v. 1 0N« 4 
Hughe* Tool <SUS1> VJS404 
Humphries Hldg*. .75*1 14 (7/8) 

Hornier 'Hldgs.) «25 d) 153 

Hunt Mosrrao (Middleton) i5p) 27® 

Hun ting Associated <25p) 300® 291® 9® 
BO 3 6 

Huntteloh tlOp) 135 (8/8) 

Hurst iC.l '250) 88® 

Hyman iL and J.) >So) 4B 


PUeo Hk 
(ZQp) t 

m%Sr_ 

Pitmen New lOocPf. 99 4 100)70 

piturd^rp?*(2Sflt 55® 60 (10 8' 

Ptastlc Canatnwnans (IOpi 36 S', i&s) 
Ptntaa'i (SrarhorouBh) (25*1 00 J9 8i 

.. . MeesuraPM i5p» 64® 

(loo) Sfs® 1 _ ! PiMSov (SOW 10Z® 44 * 2' -.a S 4 m 5 . 

iCwilt save Discount Group <1Dp> 88® 90 ■ 74pcDn. 624 ® (10.81 


UQ.-B) 


. Plwu (10o> 9t> 

■ Poctuns i2Sp) 159 (7 8> 

Potty Peck fHMs&J (IOp) 0® (lO'Bi 
I Polymer* intcrnar. (IOpi 537 S'- S 4 
New C23p) j Pomts^HjdOs. (25D) 238 2 (9.0L 8pft.ii. 

LRC Intern atb 1 nut Cl Op) 390 84 8 t* 94- Jwter Ctadtwrn 120»> 1ST. 


L — M 

LULP. Hold ! 091 C25R) 93®- 


1990-05 83®. 


l-W^’SfiidlnS) A N-'VI0- (2SP) 139® 


UArke Graup (IOp) 170® 9® 82 80 
- 79 81 . warrants to subscribe for Ord- 
95® 6 (10 8). BPsLn. 1990-92 66 

Q10-B). BocLn. 1990-92 attached » 


rOrd-i l20p) BO CIUU 
Ide Outerwear 110s) 60 


__ 110 . 8 ) 

Lares (John) Son (258) 209® SJ. DnfiL 

LMni*GreU9 0 (25pf 954® 5 4»>. 64 pcD0. 

1981-86 72 18/8'. SbcLb. 1588-93 


i^vr^spi 

.ambert Howarth 


so 1 no.-Bi . 

Group t20p) 44 


Lib® 

Lantern 
( 0 / 8 ) ■ 

Limit Indus (HldoaJ 125 : 

.-Db. 64 U ,7 Si 
Lttbam (James) 13. <7iB> 
Laurence Scott 106 7 (ID’S) 
Lawrence (Walter) (25P) 999 
Unrtex 12591 69 , c , 

Um Indus. Go. (SOP) 161 
Leadorflush iHIHUvl (IOpi 24 5«, 


6 B 7. 8 pc 


(7/Bl 


BB 9 


Leboff |S-1 CF obeli riOs) 51's® (10/8) 
Lttous (Harris) iZ5a) 484 
Lee Refrigeration (25 pi i7< 

Lee Cooper Group uSp) 131 
Leech aWI Miami (Builders' t20p> 

18/8). New do) (IOp) 91 
Lees (John J.) UOoi 46® (10 8) 

Leigh Interests i5p). 168® 71 
Leisure Caravan Parks 'IOpi 139.9 
Lennong Gp. «iOp) 35® 

tSn^“ prorti!’ (50? BB® 9® 91 B9 B 90. 

1 39. New (SP) 110 10a*4 129 11A. 
4 11 

Lewis (Jphnt 7pcPf. 51 (8,B> 

Lex Service Go. O5o) 93'.- 3. Seem Set. 

Ms. to sub for 1 Ord. 34*«S 5. 

Lev land Paint Wallpaper* (2So) BO’i® 

Lm^i^Voundries Eno- (25 P) 6340 4® 

Lte£S New (25p) 167^(7/8). Non-V 

(ex Cap.) (25 p) 165 (10/8). New Non-V 
(25W 160 (7/B). S^PCPt. 99 (818) 
LUfcn (Hldgs.) (IOpi 21® 4 
Utley (F. J- Cl L250) 77 
Llncroic Kligour Go. (10 q) 54 5 (B/B) 
Unduy Williams l25p) 53 (8 8> 
Undustrlcs (25P> 145. 6i*pc£>b. 66 (9/8) 

Unfood HldOS. 1250) 163® 1. New (25p) 
148. 12ocUnscd.Ln. Ill’iB TZO 12 
111- 

Unread <2 Sp' 36 

LNereoo^DillyVoK Echo (Thel (SOpi 133 

(8?3) 


PU^nguth. Sunderland NmMMn (25p) 
Powell Ootryn (SOni 209® 7C 

S?S./ f .i^ h ^7“ r g" £ T6 7M 


Press CWmJ cSp) 33 4® 7'.-® 8 
Presiac Hldgs. dOa) 106 5 <10'8) 
Prcsttflp Grp. 1 25oi 16B® 'j® 


Prertwich Porker >Z5p) 38® 

Pretoria Portland Cement fS25 192 4 

Print (Beniamin} Sons (Hldgs.) <250) 95 
rtfrQI 


Primrose tnd. Hldgs. .flHMOI.rfi^rio 3) 


Prince Wates Hate« (25ol 57 rf* \ 
Pritchard sc ri ces Grp. rap' 38® 
Props. Hay's Whari 145 to 7 0 11 D B) 
Ptitlmaa (R. JJ iSdi 99 
pye mobs. (2 So) 96® » 


Q — R — S 


QWMh* Moat Hums (So) 424 2 (7<0) 

Ih&m" 0 * 44 * 17 n * 


RCF MMts. C23p) 40 (9‘0> 

RfO Grp. (TOP) 74 
Racal Elect, izaai 295 e 2 900 298 
Radio Rentals (HMesj ‘ ‘ 

itUiB) 


fiHPCUv. 524 


Rome Eng. Infft. (1Qp> 124 (9 8) 
Rakusen Gra. tlOp) 16 


Lfovd’(F. H.i Hldg*. (25D> 75® 

Locker (Thomas) iHutgs.) (5nt 21® 2 
(10'Bi. A I5P' 194® . 

Lockwood* Foods 1 i 5P> 11 6 __ 

London Midland industrials |25»' 101 99. 
SltPCUnsec.Ln. 64 HO 8). 94pcUnaec. 

London Northern Group (2Spl 34® 3® 44 

London Provincial Paster Group (SOal 193 

tfiSi 

London Brick (25p) 774 7. idpcUraec. 
Ln. 143 <10 8> 


Rjmjr Textiles <5n) 9.'*® 

Raadstls Grn. (2Spi 71 

Rank Once, i25p) 271® 49 4l® 1 651 6 
70. 6UocPf. 40 <8 8). SucJndPf. 624 
iB'tU. stoctn. 40 (BBt. IDtopcLn. BZ® 


lb 1 : 

Ranks Hoy Is McDouqalt 
6D4 1 60. 6 dc APT. 469. 
i»bl. 8 iPCLn. 71 6! 


2 n.sa u 


Hensome iWm.) Son ( I Oo) 2250 St npO) 
60® 59. 


i25p) 


Long Hambly I IOp) 43 (10)8) 

Transport Hldgs. (25ni 64® 


■BK 


Lonrho (2So) 580 61>.-« 2 6D SB'* 614. 
BpcUnsec-Ln. 62 (108). Do. 198I-B6 


65®- jlO^Si 


, - Universal (25P) 840 (10/8) 

Lookers I25n> 62 

U*ve« »Y. J.' «HldB*.* <2Spl 92 (10‘ Bl 
Lgw Sonar Group 'S0P> 177® 7. 6pc2na 
Pt. 39 'a 19 8) 

Low (Wm.) Co. (20 di 107 
Luca* industries 226® It® 191® 20t® 7 

Sn^L 5 n 5 125 71rf,CU,, ‘ eC - Ln - 7,, =- 
Lytea S.i <20ni 63® <10 Bl 
Lyon Lyon iZSoi BS 4 <8-81 

.Ln. 


Lroro ij:« 131 30 29 SLpcUp 
64to). 7UPCUn*ecLq. 90 <ft8) 


MFI furniture Centres tlOp) 114 ® is® 

M.K. Electric Hldg*. (25p> 2179 15 
M,L. Hiugs. (25o> 155 ( 10 B|) 

M.Y. Dan 1 IO 01 67" 

tthy* Pharmaceuticals ( 20 p) 104 

McCorquoda/e 2950 2 ® 
jj#*v IHuahl <25ol 44 (7/81 
MCKcchnie Bros. >25pi 100 . IQpcUnsoc. 


M «dj l1a n 4"pc1stMU3bs. 27® nb.81 

"VssbsliS! rsw,^ q5b ‘ 76 v9,ai - 


Mranet Southerm i25pi 2 ID® 
Mafllnson-Denny <25p> S6H® 
2nd PI. i2 5di 106® ( 10 'Bi 


54- 16. BDC 


M f ^^ rne ' r,t Agency Music (IOpi 94 3 5 


hjanch ester Garages (IOp) 35" 

Manners (Z5o) 93 rio*0) 

Majigaresc iBraw (25 D | 78" 8 

Mann Eaerton 8acLn 60" fB'8) 

Jjwle Cl Op' 23 4 2" 2. TO"dcLii MtA 
Marchwiet i25pi 157® 6 1I> L 

*"«» SrtenoH- (25pi 87® i,® 6 B 7 

47^8 8 >‘ Th ° m,S ' t2So> 47 ,a Bl - A (25m 


J° 4: S 


54PCPT. 


(9/SI 


Martin-Black (250)“ 56,]® 
n 394® US®* *52®. 8 . pc 

fJWoNir intnl. i 20 pi i9(|® 

P-if ST*, 829 * 

1680 7 fl 


Ranssmc Hoffmann Pofilurd 
SpcLn. S3'. <B3) 

Ransomes suns Jefferies 165 flora) 
Ratcliff iF. s.) Ind*. (25P1 Jo ram 
Ratnera Uewweiers) ciopi 72 iio.a) 
Raybeck (lOpi 102®. Wrnts. 7 01® 
Readicut international -Spi 43**0 4 1 24 
Ready Mixed Concrete (25ni 141 5 2. 
8'rrcLliuAo. TOO® 

Reckltt Col man (SOo) 520 17 IB IS 15 14. 

SpcPf, 404 110 Bl 
Record Rtegway (2 Sp) 76 (BS) 

Redlrarn Natloiul Glass (25P> 297 (10 8) 
Red'tfuHon (25p ' 94® 4 
RedUruNon Television 66 <9 8< 

Red land (25p) 1679 5 7 6 50t 
Redman Keenan International HOD) 59'<® 
604® 60 

Reed (Austin) (25o> 100 *7 S). A (25P) 
101 (tO'Si 

Peed Executive <5o» 75 (9 8' 

Reed International 159:® 60 2. 5ocPf. 
33. 7 LpCDb, 87-92 6B (7.81. 7L.PcDb 
90-93 644 (7 81 74IKUlU.Ui. S5 

fi 81 55®. lOpcUns.Ln. 72® 70»b 
iHfi, Publish mu Hldg*. 64PrOb. 70 .4 
(7i8). 4UpcUns.Lti. 314® 301®. 

Uns. Ln. GO:® 

Reed (William) Sons (25 p» 05 ta.fli 
Reliant Motor <5p) II® 1QI* 

Relyon P.O.W.S. (25 pi 81 (7.8) 

RenOW 138® 74® 60 
Reniokil .TOp) 66" 

Berwick (Z5p) 43® 

Burner 153 B »J 
Reverie* Chemicals (25oi 70 
Rcimoir (2Sp) 66'; 

Ricardo Engineers IT927) (25PI 255 


9*. 


319 24® 3 f 


Richards Walling too ilOot 
24 

Ricnards 1 001 22 '. 

Richardsons Wcstgarih (SOe' 61 '• 

R'ley IE. J.i Hlogs. ;iop) 409 
Rix (5p) 6 ‘j® 7 

Roberts. Adlard (25o> 103 (78) 

RMOrtloa Foods 1400 40. 10i;PCDb. B0b 

Robinson rThomas' Son (25pi 78® 
Rackware Group i2Sp> 1410 20 40 
Ro>Is-RoyCe Motors (25nt 104 2»*t 5 
B 45 n 4 r :- ” ‘ 2SB ' 45 «»»■ A tfSpj 

Rosgi'l 'HIdgs. .Sri 17 1&81 
Rota ft ex 1 G 8 : (10b* 46 (10 81 
Rotaorint i20di 45® 7® 5 (TDfto 
Rothman* ^Intnl. B HIijpi 62 ij® ^ 4 ® 

R S 0 r 94 i. , ®°i ^ Ncv * «■ 54bC 

Rod t* Cdpr Kegan Paul (2Spl 1B2® 
Rowan fladen i2Sp> 291- 
Rowntree Mackmtoui isoni 413® iso 
7 T 1 13. 7pc2ndPf S3 19 3). 

Rowton Hotels i2Sn) 166 ® 

Royal Worcester (25 p) 163® 2 CTO 1 8 ) 
Bovco Group ttSo) 3SI-® 7 54 
Rubcrald i2Sdi 42 

Rugby Portland Cement «2Sp> 07® 8 to 
7 I*. 6 pcLn. 50:® 

Ryan a.) iSp) 14 IS 


S “ ft?* <^S,,, 16S ® 9 t10 ' 8,> ® ,<BC 


6sao-5canta UOp) 

Saatchl Saatchl (IOpi 173)-® 44 ® 
satuh Timber hop) 39 ' 

Saga Holidays < 20 o) 1S3 t7iSl 
Salisbury U.J (ZSpi 239® 79 40 37 
43. 7l*PCistDb. 67 17, Si 
Sale Tllnev t 2 So) 2900 
Samuel IH.) «25p) 192 11 ML A (25 d1 

Sanderson Kayser (250) 68 
Sanderson Murray Elder ISOp) 08 
Sandhurst Marketing (IOp) 33 (10 81 
5anger ij. E.) ilOpt 33 18 Si- 
1 Group ( 2 Sp) 81® 

Gordon ij.) Group (IOpi 23 4® 4 


Sanger* 

samTie 


Savoy Hoteto A.ii.OM 74 Ji.Sl 


hMP ■ Group (25o) 1050 6 4 5 
Scotcroi 1250) 77® 

Scott Rf ■ 


Jl U5 oj 82® 

Mears_Broi. ( 2 Soi 1 9 
1 Soai “ 


« '” 8 > ,=5b> 83 * noa ' 
Mejiiiu (Sol 7 _C7i8) 

349 (1 0/81 

Melville. Duodas and Whitson (25p) 44 ® 

asssTir ssjwri “ 

moib, b “ 

,,0! l DC Le. 861- 1 To/8 1 

Metray (25s) TO® 69 *1 n. 9 . 

J2Si* r i*t 0,rai5 l* L.) <2 So) 93 *. 2 
MW and Educational (50P) 102 
indfc 1 S 0 ) 42® norm 

Miller iStsnnyi Hldq*. non' 15’ (10/8) 
M *? 1 *-— -Supplie s (IOp) 85 (9/81 '■ 
krirtheO Com Gra. (25p» 46® 5 


ISpcLn. 


M' trbnW . Somers tl Off) 64'-® 

Mlvroncr-te /Hldgs.t f25 P} 73 ® 2 

3T^B/to' ,alWfS M Br,st0< *50) 

Mole (M.l Son (20o) 28 (10/8) 

Mm l n* «75p) 140Hp 40® 

Mo-k rA.l (25 d) 88 ® 

Monsanto Co. Shs. Com. 5tk. £42 (8/3) 
M^-rato StriSOq.lDohar Cnv.Gtd.Ln. 122 
r B/o) 

Monument Securities Cl Dp) B 
More O ’Ferrari (Idol 86 MO/to 
Morqan Crucible i25oi 122 ® 1 ® 2 
Mnrq-n Edumnds IlOp) 55 
Man-all (Abet) (2Sf»i 451* 5 (B.’Bl 

Wakey Wal! Papers a Non-vtg 
. **501 7)il la® 

Mijrrlson (Wrn ) Supermarket* (t 0o> 95 
Mess Rro*. tfopi 130 
Moss Engrg. Gro. <26p' BE (9 8) 
Mmhereare noo) 176 2 
Mount Charlotte 1"vs. HOD) 21 

«^d U [f g n o’> 7aB 0> ,30fl> 3 nora, 

Myddlmrm Motets (SOP) 2T3 »«) 

Mvson Gro. (10n) 6 B (10 8 ) 


Scott Robertson .25pl 43'; (10/01 
Scottish Universal Invests. I25P> 119 18 
Scottish Heritable Trnst C25p) 45® )|,®. 
_ New <2Sp' 45 ® -S«® 

Scattldi Television Non-Vtg. A rlOo) 64:® 
6 ® 6 


Sears Engs 8 '*£cDb 72 >• to <0'8i 


t5p) 43 J j® 30 3 2'* 4 . 


3 1 30 2 'V® to® 3 1 - ' 2 u; 
70CAP*. 53 (7<Bi. 7'apcLn. 59to 18 /S) 


NewANon-VtB. 


Sccuricor >25 di 135 19 8). 

(25pl 137 

Security Seratces <Sh« ,(25pi 133 no:®. 

Vtg°*i2S?) i'II^/V) 4 N «ANbb. 

Selin court <5pi 28® 8 7i- to Bto . 

■Mw Enniwerliig (IOp) 26<-« 6. 9.6pc 

LT1 70 I 7 /BI 

Seirk G5pi 88 >>® 90® 

Shakesocare (Joscphi (5pi 

_rf. 4*> <7/61 

Sharaa Ware <20u) 114® do/8)' 


30 >8/8). 7 pc 


: ; Tpn rv: rv 
1 n j r . : ? £ 


Sharpe Fisher (25pl 459 

- . N ). HldOS. <2 So) 150® s ( 10,01 


Sharpe (W. 

Sbaw Carnets OOp) 55'-® 4 2 3 
ShecDbrldge Engineering »2spi 73 to® 4 to® 

S ?9/af ,d Refre,F,,n *" 1 Howes <25pi 60 
5heerman (Samuel) IlOp) 14« a ( 8 / 8 ) 
isop* 94 ® no.'Bi. 

Cof 2?a” HJtfjis. C25p) 1 904 
Stems sen Hunter UOoi 64 6 < 8/81 
SUentraght Hldgs. iIOd* 87® s® 

S 41fli U Vfo^R? fld0nl f20p) 48 A ( 20 p 1 


7'jpc 


■ N-O P 

NSS Nawsapefrts (10o) 118 (10/B) 


Jh U.__P0 Scol <25^ 125® 


Nathan rB. I.) (25p) 5S 
National^ Carbtmtclng fiOo) 43 40 


td&g > <250> 37_ (9/8) 


Needl 


NeeosendQSD) 45ii (9'BI 

Neorett 1 Zambra (2 Spl 95 ® 4 ® nos) 

Nell Spencer Hldg*. (lop) 125 6 <70/ 


cz'fp) 1 08® 

P) 14to. (7'8j 


Neill (James) .Kli 

New Equipment ( 

Newarthlli IbBs® 

Newbold Barton HldOS. (2Sp) S2 
Newman C2Sp> 93 90 to 
Newmait-Tofdcs C25p) 60® 2®. 

I25p) 52 
Newmark . 

News Intal. 


JIp/Bi 


LH -*.®™ 1 ? 1 (25P) 203® ( 


Nichols a. N.j (V/mto: 

Norcrp* (25p> 1041* 5 3 to. 

(So) 38 (10 8 ) 


loriSfc Capital. Grp. 
Norm and Electrical I 


Hldq*. (20p> 45' 018) 
(7,B) 


I — f — K 


Norsk Hydra AS CNKRSO) ZS . 

North Out -P.l (IOp) 26 dO 8 ) 

Northern Engineering industries (25p) 116 


7 to pc 


lorthern Engineering Industries (25p) 116 
SJf75pcPf. 53® (10/8). 8^25 pc Pt. 

Northrin^eodS (25p) 105 47 6 7. 

Db. 69 to "(918). 6.25pcLn. 1 25 4t 
Norton wnuht ftOp) 183 2 (9/8) 

Norton Simon OUSli is to (lots) 

Norton (5P),44. Da. New (Fy.pdJ 45® 
Nonrtc SeeurttHM (IOp) 19 (7/B) 

Narwest Holst C25o) 96 ( 7/81 
Nottingham Manufacturing (25pi 133 5 
6 ':PCLn. 96 (BIH) 

Nova Knit < 20 P) 43 1018) 

Nurdln Peacock (IOp) 9z 90 
Nil- Swift Industrie* (5pi 26 (9/Bl 


«K Baxrarr IRUMI 4500 50 
Ocean Wiltons (20 p) 86 ® 8 7 (10/BI 
Oce-Van Dar ©rlnten Finance 9pc IQ 51 -® 


English Electric StopcDb. 78to (B/B). 60 c 
Db. 77 Sto 9 <8 B>.-6toPcDb. 72 (8'8i 


Bums Anderson'^ Op) 4s ia - 81 
Burrell (Spi 11 to 11 ,a a) 
Burroughs Machines StopcLn, 103 


«/ 8 ) 


Burton Gre. 050ol 166® 41. A Non V 

>?o. 8 i. ••Ipct ^ro)S. SUb 

aasiid 6 '® 1 - 10 ^ 


rrey (is^aEfr 6® so 70*1 


C-D 


WiSSfe ffti )^ 505 49 ’* (a ' 8> 


CH . Indl. (10D) 32 to 
Cableferm Grp. CSp) 85® 1 - non) 

68(10.81. 9pcLn. 77® * 


Caffyns (SOp) 104 (10/B). 

(10 8 ) 


lOocPt. 980 


Caird (Dundee) 12 bp* 18 <9.8, . 

CJkebread Robey A <T0p) 41 (io/S) 
Cajnfprd Engineering (lop) 73® sS 
Campari >200} 132® 3 4 tlO'S) B Ortf. 

( 20 oi 118® 22 ( 10 / 8 ) 01 ' 3 

Cam rex (Hldgs.' (20 b) 63'*® 1 , 4 
Canning .'W.i ( 2 S« 66 ® 50 
Canton A Non V. (20p) 37 


Cape Inds. (25p) 150 (7/8) 

Capper* Neill (IOpi Db 
Caoseais ( 5 m 47® 1-9 
Caravans Intnl. (zopi 80 79 -lo.-fl) 
C»te« Capri and Leonard (10p» SB 4 s 

Carlton IM*. (25pl 219 18 'g gi 
Carpets intnl. (.SOpi 60 to 59:. tl\ai 


77 6*i 9 (8 $>.'6 tope .. 

Epicure Hotdqs. (5o) 17 to 18 
ErKta CZ5p) 101 (10/8) 

Emcdibi Trade, and Transport (1Z';P1 
140 

Eucalyptus RdIP Mills (2Sp) 62 <9 '81 
European Forties <25p) 135® 3i^» 4 5 to 
Sto 5 . 

Eurattrtm international (IOpi 180 1 
Eva Industries (25pl 103 (8>8t 
Evered Hldtt*. ,<2Sp) 17 <B «> 

Evedc Hldgs. (20pi 40C® 

Ewer < George) iIOpi 45 
Excallbur Jewellerrv (5W 180 (10 ; 8i. 
lirapcfff. IQS (B.'Sl 

Exchange Telegraph (Hldg*-) <25n) IT? 

( 10 : 8 ) 

Execute* Clothes (20n) 37 6 J8'8) „ 
Expanded Metal (25pi 76 to 7 Sto 5 
Express Dairy Property 6toPtDb. 780 
( 10 ' 8 ) 


FMC (Z5p) '66® 5. 5.45DCK. 53 __ 

FPA Construction Group (25p) 2Qto 
Falrbairn Lawson (25p) 67 to 
Fa Ire lough Construction Group (Z5p) 73 
5 

Fairdate Textiles (Sp) 26<i- A Non-VtO- 
(SP) 24 to® 5 (10/8) 

Falrvlew Estates (IOp) 1210 (10/8). 

13.85k IstDt). Stk. 2000103 9Bto to 
(718) 

Farneil Electronics (20p) 327 6 34 
Fashion General Invest. (5pJ 130 (10/8) 
( 10 / 8 ) 

Feb imeni. A nopi 28>* rio/st 
Federated Land Building Co (25 b) 49 
Feedex (IOp) 34® 

Fenner (J. H.f(Ho(dlngs) (IS a) 16Q 


FerguMu fndunrlnl Haiti inns (2 Sp> 120 1 


0 / 8 ) 


Ferry Plekorlng Group (lop) 82 (7/8) 
Fentemin (B.) Sons (IOp) Z0 (9/B) 
Fidelity Radio (IOp) 81® (lO'B) 

Findlay (Andrew RO Graup (25p) 47 
(10/B) 


■CL 386 4 

I.D.C. (ZOp) 114 18 / 8 ) _ 

IMI <25 pl 64 to 3 to- 7topcLn. 1986-91 
63 to. 7l*neLn. 1988-93 65 4-* (718). 
BpcLtl. Tito® VIOiB) 

IU International UUS1.2S1 p940 (8103 
Ibnock Johnson (25 p) 185 i9/8) 
Illingworth Morris >20p) 33®. A (ZOp) 
31 IIOIB) 

Imasco A 23TU ( 8 »). 8 pcPT. 2S0: 
Impgrial Chemical S97t« 41® 3 ® 9t-® 
8 9 7 400 1 39S 4 3 6 4001 3971 
6 : 4t 402 5toKLn. 42to (818). SliKLn 
45t®. 7'*ocLo. 66 tot® 7 to® 6 ® 7 7* tot. 
SpcLn. 70to® 69® 9 70 to. lOLpeLn. 
87to® 

Imperial Group (25p) 87to 9 81 - 6 to 7 8 . 
BneLn. 88 '*® (10/81. StoKLit. 75'; 
(7/8). 6.9KUI. 53J- 7rapcLfl. 59 to 

IIOIB). 1Q-5ncLn, 86* Sto. BpCLn. 
7B® 6'3* 6 

(nqan Inds. (IOp) 28 (B/B) 

Initial Servient a Spi 86 S (10/81 
Inter-City In*. (20 pi 1 1 to (B/81 
International Business Mach. Cpa (SUS 5) 
233':® 4: MO /81 
International Paint (25P> 75 (7(8) 
International Stores EtoncUnseeXn. 52 to t® 
International Tela. Telegraph (54JS11 26 

fnternatlaiiai Timber Cpn. (2Sp) 144'i® 
, 5® Sto. lOncUnsec.Ln. 148 (7/8) 

Imreresk (50pi 68 to flt 70. 4apc2ndPI 
(25 0 ) 9 to Ifiifli 


Oifro? Electronic Machines (25 d) 120 
0 ?rex (ZOBI- 103 -A (1 0/81. 7toDcOb. 69<- 

Ormo Developments (IOp) 52® 2. 9pcLfl. 

Ovenstone (P*. 010.171-) 22)- (918) 

Own Owan 05 p) 112. BpeLn. 101® 

Ovley. Printing C25p> 63 00 / 8 ). 14dcDo. 

i7iB) 


Parker KnO (25 p) 119 (9(8) Do. A NV 
119 


Parker Timber' C5PI 114 12 10/81 
Parerson Zecbonis Cl Dpi IBS (7/81. 


NV IBS® 

Pauls Whites OSp) 129. 

_ 6 ® 9 

Peak lev. OOp) 8 
Pearson 


Do. A 


DO. New 128® 


5 to (10/B) 

1 (25b) 2 


Praraoii CSJ^SSp' 2 * 7 ®" 3 * 4 . jotoncLit 


26 60 8 ® 7® 7 


IftO® 

Peerage or BlrmlnBham (IOp) 68 
Pegier-Hatteralev 7 ocla 80 


Pent tend Inds. (IOp) 24® (10;B) 
Pontes (10 b) 9b OD.BJ 


41® tIO'B) 

Croup MOp) 73 iio 8) 
Simon Enplneerino '2Sp> 27 a 6 
Simcjson <S.i <25 d> 112. A (25pi 112 


Sirdar <2sp) 75 3 


6 35: 3 * r 0 4 D ”:® ^SB, 9 8 *'arep». 

Sketrhley 125c' 12Z';® 3® 2'- 

ft 1 'knitwear I <iopi' 33® 
^'j® Vto ,Contr »Ctors) * IOpi 47 > 2 ® 7 ® 

^®. M te. , *« i w«' ,,ort 7510 6 '-' 


Smith (W. H.) 


rB /81 

son <tfldgs.) 


A raan) 


jlS® E ° 2. B (lop) 32 is 91 

Sfii^rln^ 13 5J S- 11 tor 

T 7 in 01 ”’. 7 ^ ocLn - 9S ‘:- BocLn. 

gSWWfW! sw # sv* 

Somk; I25p> 2 S ( 10 / 0 ) ^ 0o, 61 



topeDb. 

109 


N.IMM; 


rtO/Q) 

!SS8V ^I&4r" Ss^nvi 7 * 

Sound- Dltfuslon 150 ) 42 37 * 9 

Slhra. Cons. (Hldgs.) <5u) Bto 8 
^^Ln.'^^.-af 0 "’ ta0 ° 1 ’02 
g- 'son* g, 

no^i ark Metat OM aob 
Sneneor Gear* 'Hldgs.) (So) ibi. 

Swrer (George) i25p> 43 17 ^1 
wIT 54 ^ TpcOb. 79 to l« 

Jrirar-Sarco Eng. (23 n) 184 ® 

Spong id Op) 36® 

Soooner Inds. L25n) 92'- (9 8' 

Soolb Cnn. rtJSn U5S 34V .7: B) 
Squirrel Horn (TZ'.^j) 38 (&'b) * 
SJaflex Intnl. (2Sp) 7® B 7 l 
Stan Furniture mpos. €23p) 125 ® 

Stakls (Reo.' (TOp) 35 

Stanley (A. Gj Hldgs. (Spl 1 37'; 

115® 

?Utu* Discount <1 Qp) 104 

"Gfro'zT - 300 4 2 * 5,, 7,:BeLn - i9ss - 

etead Simpson a C25o) 4 ® 6 
S’** 4 BfCS. Hldgs. (ZSp) 252 lO'B) 
Steetley (2_Sn) 205. 7nc£^ 119 ,10-8) 

ittl"SS*lnrtr*'rsl l iS 5 yw?®^%® 00,31 
sterling Inds. (2toD> 2 ®i] < 0.81 

Mewart Plastics (zsp* 168® *v® 

m! rl l } C i Kb .‘.? I ." b *?»■ {2 °P» 32'- (3«1 
Stocktake HLfqs. ( 250 ) 67 (9/8) 

crSUiK ffipW-l* Non-V. (25p< 36® 5to 

S'O'-eh'U Ktdgs. aso' 111 12 to ( 0 .B. 
S^me-Piatt Inns. (2Sn> 127 ® 6® 8® 30® 


J’othert ana Pitt 22S 
Streeters Ol GortalrnluB (IOpi 21 

2JlSL F J5 ,MSr »hwba> <2Sp» 70 

Rltey Drummond (25 d) 3D 
towl* HMD. OOP) 161]® 

Jfvlo Soups (25oi 66 

s Wcid?(5g IW no °’ ’ 3 ‘* < 9 «* 

SSSVSrabiW 29# " ow 

s Vto n 7,,J m81 - M « 
5"*n Hunter Grn. 139® 8 
Vfttdlt* (25o) )4S tIO.Bl 
Symonds Engtoeering i5p> 19® ciO'Bf 


T— U— V 


TaCE. (IOp) 22 ® ii, (io;*). 

(IOp) 270 (1018) * '• 


40PCPM. 


Taibex Gro. .(Spl 20 

169® 3® 4® 4 5 2. SljpcPf; 


Tarmac <50p) 

56 'j (0/81 

T 2 t V nd cL'!!?«J®iS 81* fi® 6 ® s: 9 B 7 


Tate of Leeds (25pi 73 (818) 


raw or Leeds ( 2 Spi 73 (818) 
Tavflnoc Rutledge (20p) 77 (1t>-B> 
Tayfor Woedrew |2Sp> 417 ” 


Tcbbht Grp. f i Opr 10 ® 


T SSS"?aW Bto ?i3 ®- ° rd - ^ * v - M '* 


JB Holdings (IOp) 63 to 2 to ( 8 / 8 ) 


|CEG (25^25 (7;8i 


icvt (William 1 i25pi 27 flO'B) 
ackson CJ. and H. B.) '5pi 32® ■> 
jumes fjonn) Gyp. <Z5p) SO-'* 1 50to 
James iMauricei Inds. i~2Qpi 14 >• 


,*r* s (J.) Son* (25 p) 1?2 (BlBl 
jenUoue Holdings (2501 29'i no;B) 
Jerome IS.' Sen* (Hldg*-) (25pi S3 

J L&Ln Flrt 9D te, ,2SB> 660 3 - 

Group Cleaners <2Spi 104( : ® 1 . 

J |S7JS n ^ a ^ s TtoPcDeh 


FINANCE FOR INDUSTRY TERM DEPOSITS 


Deposits of fl.OOW25.000 accepted for fixed terms of 3-10 
years. Ingres* paid gros^ haU-yearly. Rates for deposits 
received j»t later than 1A78. 


Ternas-(years) 3 
Interest % 10J 


4 

11 . 


5 

Hi 


6 

Hi 


7 

113 


8 
1 2 


9 

13 


10 

12 * 


Rates for larger, mowntton request. Deposits to and further 
information fwm The Chief Cashier. Finance for Industry 
Limited, 91 Waterloo Road. London SE1 8XP (01-928 7S2‘’ 
Bit 177). Cheques payable to “Bank of England, a/c FFp 

FFI is the holding company for ICFC and FCL 




YiMtfc* SS 








; JHpa^^/35nies ^tur^ay Angnst i2‘ l97S 



nort te^^nweji. 



296 ffo/fl) 
-tWt® i+j* _ 

>7 wa#P , ' w ' **>-3»SS2t*a5*. 

®D®ssuwftm» 

Tomkins CF ' 

Tomkinsons __ 


■J«* Factory cecm. 19 iift/S) 
<£• H.» i S r) 224** rtOfft. • ^ 

nJfejSS* «*»;»• z .nftw 


(Koldtog*) 


Wju exii( j; oof a) 

% saF*« 

. t Ek*m g«* > isttj now. 7« 

J !?? 9 «2 610(B). 5peatt^^43 (10M) 

tnuS! 1 N *.- t I 0e> 75 -fl Qf« ■ "- ■■ 

JMJ2J Ptwn. iBSrt. 70 wo) . 

j£T*I t 'S?JS? £■ «*»*■> S7* v* 
3®3oa so « a.*oo-n. op** -wS 

gpnfm in MibMribe Tor ore) 25 u n«i 
i<25be1itMM.Dah. U nani 


LWHil.M J«*. «wfqVl« 99 (10(01. 

I'MPCrf. IBUl''. 1 ' .' ^ 

-tWHUam «MOni GwdW'lgSpI 91 - 

JHfiiMWJ Son* CM'SUm 3 «#o» 
WWa (George) Son* «%»> S3 ««i 
VWW-firMdw ©5p> lg*J« B: 6 7. 

VwSwa^Br^Vapf^aS .B*s«.n. 61 4. 

't2SaV144 »/8) 

Wtty&n^WfSoo eng^og^s^ 7 ^ 

Wn nw rn*'' “■ “ 

VAtW 1 frunwi ._ 

Wort Electric -Too!* . . 

WOtoeUyJtaghK 050) 

Wood-Sana (Sm-52-sp „ 

Wmwttd^r"- 

WtohwSf WttPi-l % 3 »i» 


aof«j . 

3 *WTS»-WW 8 10 8 14 

T iS* pi^bT ®“* M n0ie) * ' W"**-' 

S-StbS? ■!*»■■ 
WJK'aS?/ 


4 2 5 'y6r«i.I 7Jj 


►.4 7 « now 

» 340 3 
■■ ,Wt 

£ss gw.jg".**’ :•; 

■OlWw TiMiign MM.'VwnnM 08 ton 

U SJ? » 

u £&?*^J2? rt * 2l *gi nw*. - Ol mec* ; . 

■gwrsbw 7 tE^22U2 B, « 

».*»“£* «¥§&£* <10sBX ***•»£. «*• 
Un Hewer, fNVi (FJ.12I «V93SV<tom 
untan eoc Pt. -ta tamr - 

H’uis s u *»*■• «*« « «wi 

Untted goera”** (HUraA tM) 23 calm 
Untied H e yim pers tJSpl -37Q no , Bl 

united ^ scientific HMm : (2s«T3<7« 

U l ,M n 0 .l 7 rtnfl StaalGrp. OOP) 300 29 30 
United Wfre-Gro." fZSo) «S® 8KM> ‘ ' 

Unoehromc totm. (loo) 130 riom 

Veter ( 250 V BOO 4 O S .'.-. ■ 

Vemon 1200) 13010. VXO- 4-BpoPf. Ml* 

TJsvsfa ®' « 5 *• *«* 

v Jg"f Ptoducti (WeRiMKO C260V- 1900 MO 


380 1 


" W-i-T — ! z ■ - : 

g»^r; 3 ^w - 8 .. ■ 

Wwan Hides. l25p) 1*3* 52 
Wi ker (AJ Cltte) IS na/a) 

s» 

a&w* SDwnM ’ »*"*• 

JJJ* Jgf 12 1111 n«a> 

WnlHt Kesnten (TOd) 210 OO/B) 

Ward GoltWone <25p> 92o • - • ' • . 

Ward Hide*. nOo) 40 
Weid (T. yf j OMlou m. 111mI 4 
7»*8CLn. 73 ij O0/8> 


w*& , - ,e,8,: 



205 

Warrltipton t2Spl 60 . 

Waterford Glass (So) 5« 7 
Watmouph* (2Sp) 92 (I0W) 

W 11 (shams aSpl 270 ‘ 

Watson PhKte nopj 53#. ' 

Watson flOdl 75 ( 10 / 8 ) 

w»2^SJ!Sr , - a 

wivfnuy tifneron 
Wearra (inn 29 

Wearwefl <5p) 34s, 00(81 '■■•■ 

**“ ‘l-SSW 5«r, 


iojWMi now 

tiowi' ' a '••"■”■ 


lassjlopy It 1 
^ftw w aa rt B9 r gpn^W(jq8. <2s*j 


W(Hr (2 Sat 1M 4h 
VJtikn (3oV " 


wed WwodK r 


Western Motor 


{W%5sf*^s - ijgrrfe: 

,/twiui. m - •• - 


West on -Era ns OOo) T32 (Ml) - 
Westward TV c NV rtOo> 28 <10)81 . 
Wenem Bras QSp) 850 ■ j_ 

Wh«[f MB furnisher* nOa* 20 UDI» ^ 
WJteWw-s RMteuranti (1 Opj X70-(l0fB> 
VWmoe 25n) 7B* X 7WDb. 

VlMte Ciilld Veoer.(2Si0t BSta ODfA 

Whjtecrott (25a> 1050 e* * • 

m — 

«fe s :n , 3So aort ™ M -n 

WiWIns Co natron (TOM U 00/8) . . 



££*.«»» 267* 


YaHnMr* ^cttcndeBls" art* TfflP: l>?8l 


57W.- 


TOocPf. 980 

jaGoT - io ii8°lO - - ,^ r ._ 

Y iSfe Wfe Jtn * w 0 ,, « , 8Z ** M 37H 

Yooohal Oupets pasc8 « W 

Zenltfa Cera w etter • A. «sj"©Ort 100 
065) ■'■.■.■•■ 

Zetaars «S*4 53 - 

. ELECTRIC* POWER 
• FINANCIAL TITUSTS <77) 

AMreydj SmWter* {2501-299^80 

JUjOWKCbnUnental in*. Rn. TUte Ded. OBJ, 

Armour Tit, 0*W lO>i 1 BtM > 

Australian AartedmaJ £SAOiSO> 1TB (%8) 
BhbopsootTKofi. Snenl W ^8fe> 
Boustead -noei ss <a*j j- - 
BrftanoU Arrow «Ws*i:-C2Sp»7l€n, *17. 

SOI. ciOrtf- f ■;■ 2-- •- 

Djloety 289 6 4. 4 . 85 PcPt -Sa 
Davmy Day GrP. ta5»icil*7 • _ _ 
fidtebureb Industrial Hkdu. fl 2 W 1 »*a 
dowi - -: 

£Wrtr«. lw. 1 st. — 

GnMne Koae ln».- 

FJrat National Finance Corn, ftooi 2 VO 
-2i. Werraats 4«75-83. Wt-rtO«i. »i*pc 
Subord.Uns.Ul. 20* UO 1 -JOA flOWI 
Goode Du 1 lent Worray Qy.'fiW 24 
Gneahem (250) 70 h 
GH nnluwe HldfL «QP> 23 
Hampton (tel 1 OI 4 . Octejia. ax (Ban 
Incbcabe 382® 2 78 kTt 7. d'tPCPr 
75 <* <10/81. IStaMlMBl* 92® (IOTP 
Ind- Comm, S^PCDb. BOH, .1 Ttape _* Ob 
1989-92 BSh (TIBI; TgfPqjKfr- 1991 -94 
6Ti, H <BfM.' 9oe AriBff' 7Sb. B>oe 
UnsAn. 71 . i tOWaeUfc- 

IMernatlonat - 1 nrest. : Tru«,723 (W8) 
Investment (25p> -IT p/tfei-. - - -./ ■ 

Uoyds Scottish C 2 Op) 102 ._' ' v 

leaDon AMOdatM 

London- .Enrooean rtopl 29-.TC10B) 

London Scottish (10fi . 42 (Ml 


94 >2 


M.G. (HW05.) 


Mail ion' Flnance^|20P) 54 


*i36 noon 


-Martin CH- P J (Sol- 48 
MHIs. A Hen . Internet] _ 
1978-79 101® 04M8J 
HMC- <12<*»> "■ 

Para rn be 
Pertt-PtaL 
Prorkleot 


SOP) . 198. Wrt. 
tsWL 19B4 73* 


.VwSm^9%^ 

^»b*' (1018) 

Smith Bros- GTSp) 68 .Ujk 7T- 
SterHno. Credit Grofln ttOp)=27 (WfO , 
United Conn. CotparaiioaF-.LMes U ml tee 
ConuShx. of no par ealao- jfldBrf14W8> 
United DoortnteiM Tnat GSoTAOWi 51® 

Wase» Finiwe Cm j wpjW P7 (iu*1 
West of Enpland Trust (25(9-85® 

Wwwi Selection -Dwactoomear COP) 27 

VaS cotto nop) ao .'\ ■ il-iA.,' 
CAS<fy J y . 

'TSSS 1 

INSURANCE . ■ 

«?. ift T 8«af-^-wrt 

Era'll Star C2SB) 15BA 61 .68 6 
Ccdeslaatteal In*. IOpcPL 104*1 


( 10 ( 8 ) 



2® 98® 


npW. 

iewil and, Gi 


m. 


fl/S) 
*?« 


P> 142 


... teunatt 4ocpr. 

London unified Invest 
Matthews WrtgHson 

UI^RUOoaOfi) 217 
Monn (CTaOpi 62 111 
Prart <5p) -264® >2® 60 
Phoenix .O SPI274® 2 
Provident. Utc London A (Red 

110,-8). B ®«SJ (33b) 132 

f»«3aiinal /So) 189® 8® .7 .78 4(9181 9 

i MW ' 398* 8 46i'jfej(%0: 
'ortes HUn. tlOo mTbp Jff - 

. .. iKi - mao*, aso) no * - r “r “ ■ 

Son AttiM** London 58S® 94®.M> 

sssvsS^* 

INVESTMENT. 

Aberdeen Tu. G3n> 11 
Apia tor. Tec. <25tf 

pi. 39 «»>. 



(250) 


BocOO. 

48® 7 9. 4oc- 
-, 32 (8(8). Spc 
32 «(8i . ■ . 


SocDtx 


She- (50p) 21 It ( 10 / 8 ) 

ysFZtir&‘ t ap - 59 oow - ^ 

Anwrtean Tsc. l2Sol il 1^6 2. B 8 M 
a 1 ®'®*- SPCPI- M* <«)/fl) 

2?gJ® ^WC; Sea. OSp# 112«i 
«0W> ,mL ,n>1 Tsu A * wt stu - OS"* wo 
^asiftssr*,^ TBt - a*« Si.-sow 
AiTtaown Inv. 1st. i2Sp) 140® nOJB). . 

^fioS'SS TtSS** 0 RMK ^' ,,w 

gWtfaaSsggMHL, 

Aumaivati Intt. 1 st, cSooiiOJ®’ 
sSfiS* J"*- T »t. <25pl 6 SI 5 5 
B 67b 7 ^ Stockholders Tsu ( 10(0 

f merto S 1 G*}- Tat. asn) 45 * 1 ® 
Tm. *250) 86 5- 4«Db. 

befaB? 1 ** Se “' c **‘ T “* ' 5d> 

* CM- M*. Ik Deid. i25si 
*? 2 £h *»« T«. q»p) 17fi 6 . 

- Trt * ( i ° PJ 166b 9 
r «'W. , 4«Dft. 90H 1 MIS) 

Wtts. SS^So/a 1 ,™” » 731 » * i8> * 
Caledonian Trust C25p) 931 , (lfl.l) 

e 535 f«g^ ftpffiTlnwa. tSS (25 e) 
caoixai ina Notional Trust oSp; 141 ® 

& m’ -oS! 

df^Qh. 7 *? *"**■«£» -OSp) 86® 
J**.- **»cl.n- 98 : 

C & 8 ."? 30 C r}-l 0 T g' -'*■ a ? w 31 (,0, * , 

C S^a a a? 8 ) FtoneJa " l w c * tHI ** t (25p) ' 88*1 
^ 8 )*”“ Iff <26 D> 114 

C gi« H * ow lovonment Trust. (B4te> 89® 

Cimon investniMrts (lOrt 7 19:«) 
c *Td“ 4 a>c laiestment ( 2 Sp) 91 1 , 2 i, 
410/81. 8 (25 P) 86 (10/8). 4),P<&. 37*1 
(TiB) 

Colonial Securities Truet C 2 Sp) 260 ( 10 / 8 ) 
Common Market Trw« < 1 p| 131; (7 8 » 

2?5®*14 nCTB) ,Bd0Strta ‘'. Trwt GIStO 
Continental Union Trust 05 oj 129 ( 10 - 8 | 
■if B " n | D»“tn>ejjt Trent lsodj 
«^ 8 ? 7 ‘ WrW ' *° .Orda M% .*!• 

D ®f®h IWestment Truet Cap. ( 10 p> 4 h 
o^mrdon and General ' Trust 5pcPf. 41 
Drayton Commercial Invest.' ( 2 SW 144 


64<pcLa._ TOdt 110(8) 

X. OSp) 164 
rn Tn. { 

Clayton Prernfer unrest. 

!S>p ) 7 S-(«8V. . Cap. 240 
London C2Sp> 72'a 4. 


a 

Drayton Co old. Tit. OSp) 

°t»itgn Far Eastern Tn. OSp) 43® ». 

irayton Prernfer Unrest Tst- (25p> 214® 
14. S^PCPf SB — 

Doaivett Income t 
3fT0/Bi 
Dundee and 
non) 

^ 56®^* S Amertc * a Aaoets Tst (2Su) 
Edinburgh lowst. Tet. DhL 246® («Xn) 
E L4Ctrk and Gen. Invest OSp) 85 *» (9/8). 
9p€Db 7S 

English and Inti. Ttt. 7 dCU)._114 (10(BI 
e 7®15JL New York Tst i25p) 86b®. 

4ocDh. 96 r, tg|H) - 

Enalish and Scottish Investors (2SoV 83 HP 
:/»>ISA Ntm. Invest Did. ( 2 Sp) 51*. 

Equity Contort Invest Tst T24 3 H (1 0/8) 
External Invest Tst. 175® 

F- and C. Euramna (29P> 51 f7(8) 

Family Invest. Tst (25« 96- €7/8) 

First Scottlpi American Tst USp) 110® 9 
SocLn. lOOt 1 IOI 8 ) . 

First Union Aon. Unrest ..Tst (ROOB) 54 
(9/8) • ■ 

Ftra Invest lOHocDb. 84H (8/8) 

Foreign and Colonial Invest Tst (2Sp> 
191® 2* Sfii, 9 

Fond Invest. Income (ISM 3 8 * 1 - Cap. (25pv 


S’j'JS? 


Invest Tst. g3p) 176 


General and Coonnorcfst Invest Tst <25a> 
157.(10(01 

Gen Con*d- Invest Tst (25o) 95® 5 
General Funds invest. Tst- C25n> 1834 2 
Cnv-Ord. HOpj 137 (7I£0 
General Investors Trustees (25 p) 118 ® 17 
General Scottish Tit (250-B8H (&« 
Glasgow stockholders’ Tst <25p) it 3® 
Glendevor ■ Invest Tit £25 p) 109. Wrnts. 
to tub. 12 *. 

Glenmurray Invest Tst (25n) 84H (8.B) 
Globe Invest Tst (2SP> TSIH® 30® 1 , 
30' 1 30>*. SHPCUassGlji. 108®. 6Use 
Unsec. Ln. 149 . 

Govett European Tst f25p> 67U 6 h (8/8) 
Great Northern Invest Tst (25p) 112* 
_)2 101, 11 

Grcwdrlar invest I25p> 96 19/8} 

Group Investors - (25 b) 700 - 68H Opts, 
.to sub. 10U nil (10(B) 

Guardian Invest Tst (25 b) BBH 
Hambros Invest. Tst 12 So) 108 
Hill (Philip) Invest. Tst (2Sp) 203® 3 
Han» Hide*. A CZ5p) 90 h. S C25p) 87 h 

Industrial and Gen. Tst G5o) 6 0h« 59*. 

te^T^G^ % % 

Investors Crattal T*t. CZSp! 34 2 
nD ^ ,71 - c0b ' 6 

J °r« Invest Tst New (lop) *7® 7t 4 
.. Cap. 12 o) 7 . New tap. (2n) 7 

*"**«■ CM®) 145>, (991 
J-ake View Invest Tst QS®) 105® 

in ** 5x - Tst - Q5 ») 4M 
Law Oebefitura Cpo. ate). 114 nors) 

L 8T te (7/af rtmor * ,n *“ tnwnt I^w-ISOB) 
Londoa Holyrood Trust C2Sn) 126® ( 1015 ) 
L gg , ? B .Jj»«°g_ Trust (25p) 61 S' 

(25p) f ^, D i 8 I 25 **) SaTlHew B 
ondoo Lomond Invest Tr us C2Sp) SS 

Lon don - Montr ose Invest Trust USp) 20B 
(ondon Provincial Trust G5ol I 27 ® 
uXd£S St- fcawret ipe (Sp) 14 (TbS 

lSSSS r Trul1 - Z 23 ") *7=)?® 

Fonoon inyeshnent Trra, £5p) jv i, < 10-81 

L IS to ?t M cSmS e£ u 'J£2:, «•» ”20 

T 30 * 29 ®’ Daal Trust Caplt 

Jte."8i) G 2^ aWl DU " Tru,f 
MemanW e In vestment Truvt ( 2 ^p) 464j® 


ht*. 


Capital 9 ^®!? 7 O tte) 


LOCAL AUTHORITY ?o/d TABLE 


Antboritr : : . 
{telephone ntnzL&cr £» 
parentfc«s«s> - :• 


Knowslcy (051 548 6555)".....'!... 
Poole (020W M81) 

Poolo f 02013 
Rcdbrld.ee (0i>478 3020) 
Thurrock (0375 5132) 

Thurrock (0375 5122) >.>.... ^ 


Animal 

grosB ^ interest Minimum Life of 


faterest^payabl© 

*•■ nun 

bond • 


. . £ 

Year 

; . iir- v fcrcnr 

. 250 

5-7 -- 

JXt. l-year 

.xsm 

5-7 ' 

.4-year- 

- 500 

■ a 

•1H i-year 

■ 500 

0-7 • 

i'll* +year 

200 

5-7 

lU .i-year. 

300 

4 • 

t Wf i-year-. 

. SOO 

3 > 


Mj^KWrttan Trust 37L 7 (8<B) 
M!gy* > . - Tr » t a C5 p) 83 l, <®tw 

. Tr ”* QEo) 57lto 6., 
^wreoKm. inveament Trust nop) 

**»®ioja Investment 12®cLn. 1986-88 84; 


tPwu and Br.> oust) p®so 

rt ?T_ Tr, *« G5 p) 20*4 Can. 
•' rtOGL Warrants to Pur- 

**• »• 28 *s® •* 9 - 

^&r« : !? W 2 G TO5) 

a>°r^) 7Wwv ^ ^ lB,r,t - Tnarasoi 

S2SV lihOiweitient • 79 80 do IB) 

grnrn. su. T»t i25oi 127 i, taita- 
jOWvrtcb Inv. (25pl 81® 

WSa) 1361,® «®’8t 

^5S^ t jS5ta fM# » ’««- 

Wsht 

SSa.13® MM? 7 N «- p ^- 8 k-) <ffls 

■S^oJT* £!^OJ51W8). _Wt». to 5ifb. 
■Jf; 0*4. rap. br Cans. 18 (every ao 
rap. 1 Warrant) SO (0)8). Sut-Sshs 
;*« 4W/B* Ot NatProvBIO (FI 6) 


4‘jpcJ/nscdXn. 


snef G5p> 104*. 


Inv. (50p) 220’ 3 20. 3JP«W.I*fcJ«“r *“». COp, 245 ®. 

» AT-? .; 


19 


4pdDt>. 


HirttiseJiiia inv. 

.38*,. 3-fi 

UnsM-Ln. 

noa; --•■• 

St : Andrew (25n) 133® 10/8). 

8*1,1 

Save ud Prosper tinted inv. lac-Shs. 1M 

(T*Jl Cbp^hs. (I Op) fib 

Scourtb American (Wpi I0U; 2 : l 
!»MHi4.h Mr. (25PI 102 (7/BI 
Scott isn ernes \2So; ifib; U0/8). a (»p> 
Wj i7-8j 

SCBtt/sn LasteraMnv. <25o> 159® 8 (1018) 

4';PFr. 37 (K SI 

Sotiikh ■ EuragaB Inv. Clpi 42 ’ 

Scottish Investment Trust (25 p) 113b 14 
110-8). 5PCPP.DO. SS>i F10/6) 

Scottish Mortgage Trust I25p) 127)*® 
(10)6) 

Scatto.li National Trust G5P) 168 ® 7 6 
•- (10‘fc). 6pcPf. 47* (10.0) 

Stottn®. Northern -invattment - Trust B5 p> 
1*4 110(8) 

Scottish Ontario investment G5p) 79* 
B*= 01A«). New G5*» 80 79 £7/8) 
Scottish United Investors GSpi 90 (1061 
bCOltrsh Western investment 12 Sp) IWh 
(10.6). 8 i25p> 106 OO-'Bi 

S«Biid Alliance Trust (25 a) 214 15 00 8) 
second Great Northern invest. Trust (2501 
WW (10 8/ 

Securities Tnm of Scotland i25p) 212 
ySZ'^x 33 tlttW. • 7aeOb. 

.1 965-93 66 1 SF 6 ) 

SMres iiwescments «50p) 14 3 ® 8 f-ig a) 
Investment Trust (lOp) 

S ?fSa) ^ mtsarmt T V»» 

Sianhooe General invest ,«Sol 111 nc/7i 
SMrfhiB Trust (25p) 192 (7.8) 
^loSS* - ” ’ "****■ 7nm L25 p) 110® 

T«*nohsnr' Inve s tment Trust ( 2 Sp) lOTh 

(lCro) 

T«"»Pje »ar investment Trust C23 p) 104 

nojfli 

7 ?r*7S t no^ ,,r “ GrowW ’ Tro5t c ~- 

TwroBmar tpn Tst (25o)_Bi® •, *< 2 

1 81 (9/8). Do. 


Q5p> 127 »I 


Tor^lnv. Ttt TnfMrejMp 


(is?) aoi- ci 0(8} 

5M. . (50PI 65*?. 


(25^114 13 (9-8J 

Trfplevatf Incom- 
^Cao. She. 169® 8 - 
T g«e« Cora. C25p) 153® ij® 3. ZpcDb. 

Tvorslde inv. Tst. (Z5P) 125 4 h 
.. B ™1*D Ses^Trt. C25PI 14SI 3 ® 4 

s^fn m* D * b ' Corp ’ t2Spi 106 7 - 

Viking Resources Ttt. /2Spi 96 7 
W I irter bottom Tst. (25pi 215 (9/8) 

^ 8 u3p) w 
V no man Inv. Tst. (2SPV187 5 
(B(B) h ' r *. LancaiJ,lr * Lnv. Ttt C25 p) 31 », 

Young Companies inv. Tst. II >■ k (817). 
^Warrants to Subscribe lor OnL 15b 

UNIT TRUSTS (5) 

■WB? f 5 ^SJS , ) n 50 - 2 °- Accnra ‘ 

1lo/8) C D ^ v,tf#l * d I 1 *®"** 134.1® 135 

a Ektra Yield Income 95.7 (10/8) 

“- iS’^s.Far Eastern Income 65 .8/8) 
19/8)“* G G,oeTal Trast Income 194 
*4- and G. High Income Fund 114.69 

110 1 15-0 

M. and CS. Japan Income 17B.5 15)5) 

M. and G. Midland Income 190.7 iB/B) 

M. and Gl Recovery Income 90.7® 

MINES 

Australian (3) 

Ha mot on Gold Mng. Areas €5 p> 134® 

MIM H-dgi. (SA0-50I 213 (2 %: I 
N ®rth Brecon HHl HUgs. (3A0-50) 129 30 
(88) _ 

ParWiga Mng. EraloraHon fSp) 27 
W astern Mndog 'SA0.50I 144 

SHsceBaneons (80) 

Aver »«am Tin Dredg. Malavata Berhod 
'IMJ 1 1 ^75 

Bet-afe Tip Wolfram (25P) 5Gh (1M 
Burma M/fias (17>voi 1S>* (lO.Bi 
Charter Conad. (25 p> 152® 5® 3 4 6. 
(Br ) GSot 156 _ 

Consolidated Gold Fields (25p< 195® 200 
199 20) 2 19S 

El Oro Mng. ExolOrariDJi f10p> 63 
Maiaran Tin Dredging Bertijd (SMli 400 

a'ta^llnto-ZInc Cun. (Beg.) f2So) 243® 
39® Bt® 41 40 2 39 43 37 5. (Br.) 

C2Se» 247. Accumulating (25p) 238. 
3Tu5pcACuntP(. 39 (fi{8) 

Safnt ’Iran (25e) 59® 

Selection Trust GSn) 4440 52 50 46 8 
SINermlnes (2*,p) 48 
Sooth -rotty (10P) 55 
Soniheni Malayan Tin Dredging Berhad 
'5M1 ) 305 6 (9/8) • 

Tehldv Minerals (1 On) 64 5 3 7 (10/8) 
Tronoh Mines Malaysia Berbad (SMaL 1) 
235 (10/8) 

Rhodesian (5) 

Botswana RST (Pu 2) 21 (8/8) 

Falcon MIMS (2S0) 175 8 7 (9/8) 

Globe PhMirtx Gold Mining (12>u» 80® 1* 
(10/8) 

MTD (Marwula) (25p) 44 (10/8) 

■Mineral, and Resources Cpn. (SBD 1 40) 
169 (9/8) 

Roan Consolidated Mines B (K4) 75® 
GO/8) 

Tanganyika Concestlons (SOu) 180® 1 2 
Wankle Colliery C50P) 37 (IOiB) 

Zambia Coooar lnvvM. (S8DQ.Z4) *Gi> 
7U h 17 A (1018) 

South African (75) 
Anglo-American - Coal Cpo. (R0.SO) 645® 

5 no; si 

u>igo American Cpn. S-A. iR0.10> 360 58 
Argio American Gold Invett (91) £201, 

iiuiosgato Plat. (R0.10) 103® (10.81 
Blyvoorultzjcbl CROESI 373 llOb> 

Bracken (R03Oi 102I-® 1UI (10/81 
BuBellfomein (R1> 1US13.5D_ (8-8l 
Consd. Murc/ilton (R0.10) 270® 110/81 
□oomtontein (R1) 399® (10.81 
Durban (toodepoort Deep (Rl* £4.10 (10)8) 
East Drlefontefn SU51 0.800 10-90® 860 p® 
■55 93 83 75 SUS11G0 (10'81 
East Rand C«nsd- IIOpi 206-ilO'in 
East Rand Gold Uramant (RO.50) 

110)81 


Cap. GOp) 


51. 

PeatteY Prop 


HBrt 4ib® 
32® 3D. 7pcn. 
•ISp) SB's® 7*. 6b 


SSGS 


East Rand Prop. (R1t.S5V$ (10/8) 
(RD.20J 


■ndarand 


“Sate ~ 5180 11 3 ’ a ‘ 


Loralne 1*1) S US 1-54 no.’S) 
1*121*) 75 (10 •Bl 
' (ROJO) 


250 I9.-8) 

_ . . .. no’s*. .- ... 

Derat. invest. Con. (ROJO) 10# 

FriwTstt to GedMd jRQ-501 SUS24b <10/81 
General Mknlng IR2) tBX* (S B) 

CMd^ Fletds South Africa (RO-25) 14-B7 

Goto Fields Property (R0J2y 859 (1U6) 
Graotvlm IR0.25I 124 (8/8) 

Harmony (RO 50) 441 p 5 110:3) 

t no e fB^ Ttmrttm tR15 £,Sh 50X20 ^ 

i?s!sr?ss ?4n‘*z's & ,7b *”» 

M S^%SkA 0 ^&t.- 

L tmS?' ^R1, p * 43 * 5 “ 38 * u sr-»s 

drain* .. 

Lvdenburu (RO _ __ 

(Trarnvaal) ( RO JO) 5US1.28 J® 

imv^Central Wlbnratarsrand (ROJO) 1*5® 

New . Wttwateraftand 

President Brand fRO-50) SUSlAb 00)8) 
President Stern (ROJO) SUS12%® 

Maud Mines Prop. (Rl) 140® (]0>'B) 
RaM^etoia Ests. (R 2 j susson® jut 

Rustem burs HldQS. (R0.10) 103® b« 4 8 
S 1-34 1, I65p (10 8) 

St. Heteoa (Rl) £10^5 (918) 

Senirus* Beperk (ro.io) 227 p (iq/b> 
South African Land Ezpleratlao CRQ35) 

JUSO-7P© •• 

Sofrtbvaal Hldgs. (R(L50) SUS7y«5 570p 
StlllDfltem (R6.50) (338 
U.C. Inv. (Rl) 275 • 

^eSSfe 1 ?*? 0 ^ "** 

Wclkom IR0-5O) 354© (10/8) . 

West Drlefonte/tl (Rl; E2ShO lUSU/*: 


rs ***'*'* 

Prep. See. Im. isop> i67 

waging .Props. (25?i 10 nortj 
wattJRf* Props. < 25 g, 7 6 « ' ' 

ROSb- Tpmpkms Gp..<25p> 127 (a -no/6) 
Umuel Prow. ,; 5d1 gf /,# / . 

j ramra -Jjfirog Prnp. 1205 ) 107 6 
Sf“W* c ,T 2. PfOB *- flOo) 43® 2i,® 1b 
SJoagh E stalrs iJSpi 123 * 4 x 
S'M* CPn*. nr, Tst <25pi 270® 69 »0 68 
Sunlev. iBcrnardi Inv. G5p> 261® 56 
T l 2 b%^’ y Pr6 ”' ,10w ’ 3 * ^ 12J.13 

(*Sp» 71 70 2 110 / 8 ) 
Uto. Rfiigoom Pr/in. I25BV 24 5 4 b 
.utd. .ReW Prop. Tst (25PJ 277 (10/B) 

SiSrLd Ei u,. MI ??SL 52501 *48 J 1 (M> 

Wrt* goseph) ispv' 

?5S^«s.^ s ^ i |'"« )( » ,s 00,81 

RUBBER (17) 

S~£s J 1 .’ frssjs %>$?“' 
gliS.'ffis'i’, 0 " «• 

HNNSOBS Malaysian (10 b) 121® 2® 

fSM * ° SQ> 134 no® 

MUM River noe) 48 [1 WJ) 

Harbafomh loop) 26b 
PURtaden Hldgs. ropi 74 b ntHD 
Wiwtew Rubber tthlU T J 73®"*”° 
SWWl Rubber (I On i 7 q mau 

Swigal HrUn rlOoi 78 . 

’ • ‘ a SHIPPING (5J) . ■ 

C | t? 001 339® 8 

zssssf&xrtigftij *} c,<j ' 6 ’ 

“ d 5001 “5rt 170 

r UfUfetti WJUiy 269;^ 70tft 67 a 

lSSSSi '/Li 2001 35 «. 5i 

.. Oversea, Frelahteiu a So) 

Non ' V ' C25d ' 1Z2 °- 6 *»p« 

(teead Transport and Trading ( 25 p) 116 

'ssav frm&ns* «ram Nairteatlon 
! |§- »«*- 93 *. **• 3 , 

Reardon Smite Une (SOp) 70 (B/BJ.- Do. 
A No*-V. (SOo * 36 no/fi 

T rS&^ < S , 0:S hl K' nB 50,0 «- °°- 

. TEA AND COFFEE 

Assam-Dooars Hldgs. 244 (9(6) 

Aram 'Frontier Tea m m». 509® C4<vit\ 
Ptd. 2M HO Si 309® (.10/8). 

Assam 116 !7 G, 

' B pFSs t <25> H ' dB *' 133 f* 01 - 

CamsBh’Hiv. (Iqqi 297 18® z 

ME!2S I iiI d ? s : 2,5 f* 93 

r,0 °' 3tn> n0fa ‘ 

La®rfe,P(aiita[ion Hldgs. 344®' 6® noa) 
McLaod Russel 2J S 3(9«) “* (,WW 

MorwTa Hldgs 36S f9 8» 

Novara™ Tea Hldgs- lEOm 2*6 (Ml . 
Rpma/Tra Hldgs. 310 300 (9®* 

S rng Hr Hldgs. tlOo) 28 (6.8L - 6 IzocNor- 
ONhgtt. 80 rwai. 10peCnvJ»rf. fSOp) 

W^W* ^.nteriona Hldgs. GSp) 214 16 

’"KPSob^a?'™ 166 l** 3 -' 6 ®* 
/. 'WATERWORKS (4) . 

4.SSPC umhr 6bpO PI. 

821a S (916* 

£. AdWW-Wtr. 7 pc PI. 1983 98b <8(8) 

Ewx Water 3.5of Umly. 5 pc) Cons-Ord. 
32. 3-1 5 oc >fmly. 41 ; pO Pf. .78 <9 8). 

FI. 60b 19(8». 

(10/8). 10«,o 

•9pc Umly. 7 pci Mas. 


SSpC Rmlv- Soc ._ _ _ 
rtmbr 60 c ) Pt. 67), (10/8).' 10i,ocDb.~~BO 

S '20b^a^ ,re WU ' 2 ' 1pe Wn,,r ' lpe5 P1 ‘ 


SPECIAL LIST 

Bnstaes done in securities quoted 
.- in tii® Monthly Supplement. 

AUGUST 11 (Nil) 

AUGUST 10 (2) 

Triple* Foundries Gra. SboePi. pSST 

AUGUST 9 12) 

■CFTOlo thOlneWmB Grow 5.9S4KCMA.R. 

AUGUST 8 (NU) 

AUGUST 7 <2> 

Lyon and Lyon 5'zpcPt. 34b® 

RULE 163 (1) (e) 

Bar-ain^ marked in seenrities 
which are quoted Or listed o n an 
overseas Stock Exchange. 

AUGUST 11 

Ampol Pets. 61b® 2® 

AitRlo Utd. 206® 

A ton US* 61J-X® 

Bougainville Capper 138 

Setose Oil New 4® 3b. DO. Ovd. 64® 

Co mine -Rip nnte 278 

Date Gen. £52 IS 

tCSC. SSyoc 1992 U5S 94 b® 

E. African Bra«v 06® 

Haoma Gold Mfne* 52 
Hair® Bsnkcora USS 30 b 
IMA.IQpc 1908 USS 94*9 
Jar dine Moeheson 299 
Kudm Malaysia 56® 6 
Lend Lease Cpn. 271® 

Magnet Metal 23® 

MM. Lyell 27 
New Metal 4 b® b 
North Hinders 20® 

Oil Scarce 14*. 

Drier Ex. 43i.-« 5 8 
Pac. Copper 66 
Panccntlnental £15.55® 

r ertawe Con. USS 36® 

A. Marine 120s® 

Selangor Coconuts 119 
fWDO 44 

Swire Pac. A 159 b® 9® 

Svnte* £27 b® 

Total Pet. USt 1 2li|» 

Trans Canada Pipeline £121«® 

Weslom Ouron 21 
Wheelock Marden A 59 

AUGUST 10 

Algoma Steel £1 5b* • 

American TeC and Tel. £494*3 
Ampol Ex. 136® 

AflisM PotS. 81 ■ 

Anglo Utd- 205 10 
Athenon Antimony 90® 

Bayer AG SocCnv. 7 978-60 £36 
Clba Gc-.gr OpcCttv. £904*®. 

£90b® 1® 

Coles <G. J.) 203 
Echlln Mlg. £28 * 3 ® 

Gold Minas Kalgoorlle SS® 

Hudson’s Bay CM Gas £32 b:®^^ 


7kPcCnv. 


16b 


Huuhfcon Whampoa 113b. 

Imp. Oil A £144* 

Kuala Sldlcn 75 
Lora / Cpn. £2 3b 
MacAndrnws Forties tl&b® 

Oaktirldge Secs. 175 
Pefco Walisend 552 
RCUX f7(jfi 
Sc udder Duo vest 700® 

Siemens USS 149%® ' 
stirrn Pac. Props- 12% % . 

Tal Cheung 37® bo 7 
Tokyo Elec. Power 500 
Trl Continental £1S4> 

Unltover NV IF] 20) USS 55.70 
Woods Ido Pets. 81 80 

AUGUSTS 

American Tel. and TeL £49 U® 

Aramlnt £47 
Aetna Lite. £34® 

Australian Founder) on 101 
Australian Qd and Gas 59® 

BP Canada £11% 

Beaver Expitn- 9® 

BougalnvWle Copper 138® 7 SUS1.7rt% 
Pi 38 

Cement Lafarge £3 7b® 

Court* ulds SWpcBond 1089 SUSSOte® %• 

E1B 3 VpcBoftd 1988 5US98%®. »%ptiBA 
1992 4US9JMh 5* 

Haoma Gold Mines 57® B® 

Holiday Inns £17b» 

Hong Kong Land SUS2.469 Pd 94® 


f fgW M B«» .Mining and Smetang £12%0 Quran SL Werehovse midgsj 3% 
— . - . .. ■ Sell on Hotels 7PCPI. 50 

Stylo Bar rat( Shoes. 7pcCwn.P1. 4® 


KTSl’fnZir.rZia® ZOO 


Kollm Malaysia 

mfarvi 

Zgp a.“5S'Tf — - 

Pdierald Com. £4?'^® - 

Protea Holdmgs SO® i»® 
ft Oreo to 311557 (« 

S.A. Manganett 335 ® 

Studdm Duowrtt 705® 

USSSiffi.] - 

«??* 4 * nM 50014 
Waltons 78® 

AUGUST S 

Argo lnv. laeo 
Austral ait Oil Gas so 2 
Baacn Peis. 49 
Boeing L5c.be 
Cessna £36 ■■ 

Cheung Kora US* 2.55 
Conxmc Rio T ircLo, zoo 

Canada WO® 

Dcme Mmci LSs 82 > 4 ® 

DuH Devs. 69; 

Lav* Met Mirarals 15® . - 
Exxon Cpn. £ 37 ), v 
Gold Minos Kaigoorl,. USS 0.76® 0.77b® 
Hu«Mto® Whampoa 1 14 % IS 
l AC £l3b 

Kerr Addison Mines 950 
kulmt Malaysia 56 
Mapco USS 35% b 
Nicholas I Mill. 76 
Otter E*p]rn. 4318 
PtrPftna £92:® 

Revlon USS 5Sh;® 

Safeway Stores £34% US® 43% 
sinm. Pac. Props. 12 %® 

Swrfc Proos. 681 , 

Tal Chcun 9 36® 

Thless Hipgs. 2 SO® 

Woo I worth (F. W.i £15%1 

AUGUST 7 
Anseft Transport 140 

Argote Minn 23 
Bzrrrfaoa Creek 37® 

Basic Resources 310 
Basin Oil QDil 1 D^H> - 
Blue Metal 110 
Bpral 24® 

Gen. Orlerrwl 370 , 

Hawker Sflflwey Canado-340 
Haw Par 62 1 
Hitachi Metals 166® 

Kitchener Mng. 7b 
McIntyre Porcupine Minor £184*. 

Myers Emporium 151 
Playboy Ertt. USS ZT b® 

SceotTtt Resources US* 6.90 
Stelrn 46<v 
Target Fets. 20 
West rail an . Sands 1 1 
WVwcloOt Maritime B T 
Zenith Radio £72%;® 

RULE 163 (2) (a) 

Applications granted tor specific 
bargains in securities not listed 
on any Stock Exchange. 

AUGUST II 


Ga$ Light Z1S 

* 18 TS 


All England Lawn Tennrt Ground £S00bi. 

1981-85 I £324 Pd.) £3000 
Aran Ere*vt 120 
Anon villa FC £18.50 
Camlm*» Instrument 1% ' 

Cedar Hlng«. 10 7 
Cedar Kltss. 5pcRd.Cw*.P>. S4 
Central Eouipmeni B 375 
Channel Hotels and Props. 22 b 2 
Clalrmace 22 

Cteirmace New itiii pt£> lb 1 
Clahvnare New <(. on. 1 20 1 
Clyde Petroleum 128 
Cosait 7i,ncCum.Pf. 41 39- 
Delosweite Hlogv 26 
IregUs Gas Light L 
-a* Prop. Tst. 16b 
Gale f George) £100 
Gen. Ceylon (Hldgs-) 6 
Hydro Hotel Eastbourne 115 4 
Island Garagn 1 1 bpcCnv.Uns.Ln. £105 
Keilock Hldot. 39 8 6 5 
Ken ocK Hldgs. iiprRd.PT- 1993-98 82 
Keilock Hldgs. Cnv.lrrd.Var.Ln. On sers.) 

Keflock Hldgs. Cnv.lrrdJiub.VarAn. C2nd 
sers.) 33 2D 
Kenmare on Lxpirn. 3a 
Manx Pet. 10 

Mining Investment Con. M ’ 

Nationwide Leisure B 
North Set Assets 862 b 
Norton Villlers Triumph 5 4a, 

Oldham Brewery 68 
Portsmouth Harbour and ferrv 125 


3M U.K, 4.3DCPI. 64 
Umtcd Friendly ins. 73 2 _ 

United Friendly ins. B 73 2 
W4*»orto 4pcMto.Db. 1903 CWb 

AUGUST 10 

Caledonian onshore 10% 10 


Industries TbocUnsJjN 


Carrs- Milling 
2001-05 40 
Cedar Hides. 1 0 

Chestcrtidd Brewery 4pclrrdJ38. £71 1 

Clalrnuce 21 20 

Dollar Lana tttogs. 7 8 

ctdrioge Pope A 195 

Home Brew ltv 255 

lri*n Pmi 210 

Isle ol Man Asscd. lovs. 7pcRd.PT. S3 
Javelin Ea:rtlv Tst. IAS 0-501 ISO 78 
Jennings Bras. 73 

Jersey New waterworks 3Pc3rd.Cun.Pf. 
95 

Keilock Hlcns. Var.ut. I2«d vers.) *1 

Le Riches Stores 490 

NhSW Computers 178 

Pmpa insurance 35 

Vanmn mini. Secs. Incihs. BS 

Vanning mtnl. Secs Ciip.GrcwrfhSliS. 43 

WcetehU A N.-vtg. 62 

West Lancashire Water Board 5pcDb. £21 

Wvnnstay Propert ey 340 

Zambia Sugar tngwee 50) 1 

AUGUST 9 
Adnamt S 456 
Arsenal F.C. £150 
BlrnWrtBham F.C. £8 

Blythe Green Jourdaln t UpcConv.P1. 150 
Eldrldgc Pope A 797 
G.R.A. Property Tst. 16 15b IS 
Gibson (William) iz 1® 

Home Brewery 285 
Lifeguard Assur 29 
Oldham Estate, 131 29 

Southern Newspapers 25r5 3 

Tea Coron 9 
Urogat* Invesimeats 85 
wadwonh 300 

WfiimooghS 6pc2hdRM.Pt. 19 
AUGUST 8 

Blackpool FC LB 
Camnrldae instrument 1b 1 b 
Ecclesiastical Insurance 4KPf. 245 
GTA Property Trust 76 ISb I- 
Gronnott Truss lIpcLn. 1976-81 £60 

£59 

Home Brewery J79b 9 

Man* and Overseas Inv. Tst. A 14 

NMW Computers 179 8 

Ok) ham Brewery 7D 

Oldham Estates 130 

Queen St. Warehouse (Hldgs.) 3b 

Sutton Harbour SbncRd- £19 

Twlnlock 20b 

Wadworth lOorPt. 97 b 

AUGUST 7 

Bur-rough rjamc*) 1 1 1 
Carr's Milling Industrie* 

2001-05 £35 
Sheffield United FC £250 
Viking 122 

RULE 163 (3) 
Bargains marked for approved 
companies eoKagcd solely In 
mineral exploration. 

AUGUST 10 

Gas and Oil Acreage 103 
Slebcnl Oil and Gas 4/.K.1 394 

AUGUST 9 

Stobens Oil and Gas iU.K.) 404 400 398 
394 

AUGUST 8 

CCP North sea Associates £11 
Slefcen* tU.K.I 404 2 

AUGUST 7 

C.C.P. North Sea £1 0 L 

Gas and Oil Acreage 105 

Siebens (U.K.) 400 400 2 398 8 4 390 

AUGUST 4 
CCP Norm sea Associates £10% %' 

Gas and Oil Acreage 100 99 
5«bens Oil and Gas (U.K.) 399 4 2 0 
86 6b 6 

(Dv vermiukm nf the Stock Erchrtnoa 
Comc-fli 


7 bpeUesAn. 


f.urrcticv .Money and GoJd Markets 


UKL 4W0NEY MARKET 


Fall in biD rate 


EXCHANGES AND GOLD 

Conditions lir " yesterday's $1.9635-1.9645. a rise of 1.1 cent 
foreign exchange market were »nd its best level since March 
fairly active with the dollar con- ^ opened at $1.9550-1.9560 


of England Hfnimtnn 
Lending Rate 10. per cent 
’ ' /.(since June 8, 1978) 


tinuing to decline against most 


and at one point touched $1.9650- 
1.9660. Using Bank of England 


to one or. two houses for repay- currencies. Against the Swiss the notmd's tmde ikawvhaS 

ment cm Monday. The help was franc it slumped to SwPr 1.6475 fn^e7^?e fo K 6 from K 4 ha^ 

SuS b ^hp2es en0 'llS« after a record lowof Svjr i 8440 jng stood at 62.7 at noon and 

Hie. Treasury bill rate feU by Keen SJ^fr cent and gf^r Thursday's 62.6 in early dealings. 

taS’to AsSiBpefceSfa^Se 32^ TTm^maSte 1 ' was Va«d ^ 9 e ™? n »ark gained , Gold rose in the bullion mar- 


mmmu pTt accepted bid was £97.78 ^ifh „ c i at tne dollars expense to xei on dollar weaHmess and after 

corned with J3776* Se pns Kftef.4 DM after DM 1A630 and opening at S209J-2101 an ounce. 

' ■ - - - - - Treasury bills and a modest , prev j 0U | dose of DM 1 . 9760 . the metal leapt to $211^-212 be- 

was nothing new to affect fore dosing at S210J-2U*, a rise 
confidence re- of $3J and its best dosing level 
ever. Over the past week gold 


0*0-501 SUS1.75 


13 % 


& 


viousi^veek. Bids at that level in the note dnruJation 

Th^afaSf the reMleby^the 

OOra bills tendered and aulhhritiM -tn- ihp market nf ^ 1 . douar amt 
attracted bids of £584.7Sra moderate amSum^ of TflS bo^ghl mained at * low leveL . 

bills offered were allotted- VT *n 0 til ? , ^ Using Morgan Guaranty figures has 05611 some ^ an ouace - 

£3D0m will be on^ ^ offer -t- Interbank market over- at norm fn lYew- York the dol- 
replpctt^ maturities of ISaOm. njght Ioails opened ^ 9J ^j pej- lar's trade' weighted average de- ■■ ■* ■ 

^. D 5' t ^? f Cr ^ it T W * S 4 i11 sUgMl5 «*« ««d rose on the shortage to Potation widened to a record 
short suB)ly:p the London money gj-gj p<. r cent an d touched 99-9Z 10 - 3 cent fr o m fO- 1 Per cent 
market ■ yeiterday and the pg r cent at oon point before eas- ° n Thursday. The yen was also 
authoritiBs gave assistance by j n g back to 9-9 J per cent How- firmer at Y18555 up from Y186£0. 
lending a small amolmt at MLR ever dosing balances were taken Sterling remained strong and 


GOLD 


THE POUND SPOT 


Dey'« 

Spread 




Ctone 


at around 11 per cent and above in the absence of any interven- 
in places. tion by the authorities, rose to 

OTHER MARKETS 


Aug. 11 


Arsenti ns 

Australia Dollar. — 
m^fti-TO-BG® 1'mian.i Mi«ftka n . 

Cruielm..— . 

v5l'to'i 7 ;^n Giwet Dracbma — 
3^7-50- U741 HniU Koni Do*btr. 

lr "° H ** 1 — . , 

TH-MOJS Kirtvkit Dmar(KD) 

LuiEmhnoa; Pranc 
Miihvim Dollar. — 
Mew dfenliwl Dol 
Saolt Arabia Biya*^ 
Sinai preo Dollar ...' 
Sritl h African Band 



BUILDING SOCBETm RATES 


Abbey. National 

Aid to Thrift 

Alliance 

Anglia Hastings & Thanet^ 

Bradford and. Blngley 

Bridgwater 

Brjstq) and West-...i.V>>.<4' 

Bristol Economic 
Britannia 

Burnley ... — ... — ^....w 8A5%. _ A70%. 

Cardiff { 6.45% . ' 7^6 

Catholic 

Chelsea ■ ......... 

Cheltenham A Gloucester ... 

Cinsens Regency — ,v 

City of London 


Deposit : .Share- . Sub'pn 
-Bate .; Accnts. Shares 
M5% «.TO%,7J»5% 

■7JR>% — 

d.70% . 7AS% 
A70%: . 7.93% 
6.79% r 7^5% 
A70%. 

£70% 

6.79%: 

6.70% 


?,€ 


7.00% 

«A*% 

6.45% 

6A5% 

6.43%. 

A45% 

&«% 

W5% 


7.70* 


Coventry. Ecmoniic 
Coventry ProvidentJ^'.—. 

Derbyshire 


Gateway ^...«.... - 
Guardian 

Halifax . 

Heart el England 
Hearts'- of Oak .ft SrfUM L 
Hendon ; 

Huddersfield & Bradford ... 
Leamington Spa 
Leeds Permanent 
Leicester 
Liverpool 

London Goshawk viAMBHH 

Meiion Mowbray 
3B4shlrcs 
. Morning ton 


<U»% 

6.45% 

GA5% 

*«% 

6.70% 

6.45% 

«.«% 

6-45% 

M5% 

8A5% 

6-46% 

6r«% 

6.45% 

645% 


650% 

6.70% 

6-70%- 

7.05% 

7,M%^ 

A70% 

&70% 

P-70 56 

*70% 


6-50% 

7A5% 

7^5% 

7.95% 

.7,95% 

A25% 

7.50% 

7*5% 

73S% 

8J£% 

7415% 

7.95% 

S.70% 

7^20% 

7A5% 


... ♦Term Shares 
7.70% .. SjiBf -7^0%. 2 JTS. 

“ ..-aA-; • ;• 

’ '™ 67 -750% 2 yrsL, 6.95% 1 yr. 


7.70% tofrox. 720% 2 yrt, 6A5% 1 yr. 
770% 1^,720% 2 yrs„ min. £200 
7A0% S^a, 7.45% 2 yrs. 

'«S% 

7.70% 

7.70% 



835% 

6.70% -7^5% 

6.70% .. : 7.95% 
6J5% .:8,45% 

7-M% 


'CL70% 


■iiMiimiti 


iMfiMlBlIllM. 


J «.5B%.V8B0% 
6.45% .’6.70.% 
'8.45% S.70% 


6.45% 

645% 

655% 

A45% 


8.70%- 


755% 

8i«% 

7^5% 

?A5% 

8.15% 

*30% 


. S80%- ?.95% 
tt70%;;. 7i5% 


7.45% 
7.70%- 

&30% j 
7.92%. 
7.70%, 

7^5% 

7.70%. 
7.65% 
7.70% 
7.70% 
S.2'0% , 
7.70% 
7.70% 
7.55% 
7.70% 
7.70% 

7.80%-tfa 

_ ’<i- 

7.55% 
7.70% 




notice 
, 7^0% 2 yrs., min. £500 
720% 2 yrs. 

from September -1. 1978 
£$660 6. months' notice 

7-20% 2 yrs.' (X500-CL5/100) 
min. £5,000 

increment sharo—min. £500 

mijL, 720 % 3 m tbs,* nofilee 

6J5% 2 yrs. 

7^0% 3 months' notice 
730% Syrs., xn!m£500'£l9 > 000 
tbs* notice. £1,000 min. 
720% 2 yrs.. 

720% 3 months’ notice 
725% 2 yrs, 7,70% 2 yrs. 
ilhs 

hr ? 'M% 2 yrs, . . 

A25% \ yr, 

7-20% 2 yri. min. £1.000 
720% 2 yrs, 6.95% 6 mths. 
7 20% 2 ynL, min. £1,000 


722% . 720%;, — 


aoo% 

725% 

8 . 00 % 


National Counties ' 7/aMWNM* 6.70% . 7 : 00 % 

Nationwide .:...... 6-45% 670% 

Newcastle Permanent . — ~~ 645% 6.70% 

Now Cross .772%' 

Northem Rock; 6-43% R70% - 7-05% 

Norwich ...... — . — ..J.—..... . - 6A5% . ;A,70% ■ ' 8JJ0% 

Palslpy ,„h I ....hh}«»i.«.'k. . . 6.45%. 6.75%.. 7J30% 

ret- kb am Mutual a 7J5%: ■ — 

Fort man — 6i45% . 6-70% - 7J}»% 

Principality Buffil* Solely . M3%: 0.70% 7 . 95 % 

ProgceJ‘Shi ! ® ’ — 6.70% 655% ,*25% 

property OwowS:: 6ri5% , 7 20% .. -8.45% 

Provincial r-, -645% -ff.70% • *.95% 

SktptOn : K4S% 6.70% 795% 

Sussex Mmu’a) ■ 645% “ t.«% - 8.75% 

Town and Country ■e8*U«l«U* ■. ; A«% .6.70%+«U»% 

Woolwich- ‘- 1 *. *.**••*-. A45% - 6.70% -(A5% 


^ min. £2, 000 

750% 2 yrs-r min. £250 

7.45% 5»enth^ inin. fl.QOO 
7.70% f&ra^72Q% 2 yrSn min. £500 
8.00%;>^ 750% 4 yrs. 


7.70% S%s^ 720% 2 yrs^ mid. £100 
7.70% 33^x; 7.45% 2 yrs., min. £500 
7.70% r p^7J80% 2 jut, min.-£500 

7.70% . iWi TA5%>yrly-> 6^3% 3 mths. 
7^0% Z j&^- Btlnlmtm i £200 
7A5% a5n^t7.o%2yrs, 7.45%3mthsmoL 
7.65% 3m|hA-noC-5.70% id timited cos. 
7.70% 720% 2 yrs. 

7.70% ^i,7aa%2yri, 6.95% 3mthsjiat_ 
S.05% -5?T5.,T7S% 2 yrs.. 7J0% 1 yr. 
7.70% ^pri^ U0% 2 yrs. +M3X. 2250 
7i0% .7.70 % Syrs. 


". « Rttes : xionnaSly In ira yitii changes fa 

• ■ '• -V -' T .' ' I V "Sj} J, ' 


rates. 


;rat Rand Cento. (Rl) 135 
Western Area* (Ri> 224 


Western Deep 


R2) SUS111*® 


Wtokelbaak (Rl) 850P OjTT" 

ssssrari-ar ?R0JSJ8 ° t9m 

West African 

^HOrt)" - B *“ t Mct * 1 «a«jo) »* 1 10 
Jantar (12*,p) 8 ClOk*) 

Diamond (46) 
Angio-Amtrlon (RO-50) £48 
De Seen Consd. <topc (Rea.) (R5) ciu 
DM. (R«.) (0.05) 4470 IS® 5® 8 S. 
48 S3 1 405 1 8. (8rO S«0®“ 4 BO 

OIL (202) 

Attack Pet. czod) 92® 
firttlte Pet. 850S 8 SS 2 4 60 Ml 6. 
_8e<a »dFf,. 7Sitt. GocDb. 90 «0-B) 

WToS l v &^WA^rV , 5S 

piarterhall «3 d) Z7 Oo/B) 

E ^£ et -^^2£ T 51S‘- J. »frae 

InDh. B2\XO 35® 

Hunting Pet- New 425t» 94® S 3 
KCA Into), I25p> 29 

London ScottHti Marine 08 (2M IW® 
H E Oil Prod. Site. OOP) 370 
OIO'J). IdpcLa. - 100 It 
OO Exploration Cl Do) 206 
Premier Ceos. OOfieUf 

)K# 'i A 80 78 

■•> iis?i sas 

' 7pc2odPf. 
«*Pgsns4Mr. 57 

1 Hi 


AQ(t. U : 
U7c 

-ttexltoa 
OwUftcate 
of rteporft*. 

Inlertwxik 

Lx«c*. 

Authority 

•1epo*it* 

U)Cft> Aatn. 
liegnCiihif 
h«i+ 

Vtnutoe . 
Boom 

Deposit* 

ttnapuiv 

O*o>*-rtt 

Di.tetat. 

market 

IppCXtl 

Zranoiy 
Bill* 9 

ULtgtate 

Bank 
B1H» * 

FinoIWla 

BHH® 

Ovenus;hu~_ 

' __ 

9-11 

wra. 

" 



IO 

83*- 10 

— 

_ 



i usyi nc-uea.. 

— 

— 

91* 

— 

— 

— 

— 

— 

— 





— • 


— 

— 

10 

■ 

— - 

— 


} a*l-> nottoa- 

. — 


9*fi 

— 

10 

— 

94-94 

— 



.ra. 

One month — 

Bit 

0-+-9A 

9«« 

10 

10 

97 B 

9t P 94 

9B-8T8 

94 

104 

Pwo monthat. 

»A-9te 

93®.9is 


8*6 9®8 

10 


9 1+91* 

B1HH6 

93e-9H 

104 

Three mont4&_ 

. V>4 

9* 

97g 

94-91* 

10 

94 

9 

bb-biI 

9 A 9*8 

10 

Six monUm — . 

• fil* 

Bte-aty 

95a-9«a 

87 B 

10 

— 

■ 


84 

104 

Xute mc«itb*.. 

. 93a 

e 32-956 

— 

94-9X* 

10 

— 

■ 

— 


ra— 

One 

»*-9lg 

9BB-9S* 

91b-10 


104 

— 



— 

rate 



Two rear- — _ 


— 

l0Sg-103| 


— 


— 

— 

— 

— 



pep». 781 

PROPERTY (159) ’ 
hwbs. s'zpcon. 


73 


Properties (1DP) 59 
Properties <25 p) 226 4 


AUlanoi 
(9«l 

AUled London 
Aihatt L o nd on 
ffl 8 ) . 

Airal«»nxted Stores i3o> - 1014 ® 

Apex Properties HOp) 240 
A pm Is Secvrftln C5 d> 20>iO 
Af#y(® SetwrhJes UwJto. 84*]®. S (10.'81 
Avenoo Ctoie (20W 77' " 

Braatoant Propert i es <25r> SS 6 . 8 otto. 

61* 

Bertwav ' Hldgs. I25e) 88 * 7% 8*2 
Berkeley Hambro Fwo iny ( 2 S®) 127® 

(10-8) 

Billon (Percy) 05w )Mfl 5h (10 8). 

Actum. Sks. (2 Spf 187 (7.8) 

Bradlerd Pr o perty Tran On 287® 

Brttisn Land (25 p) 40 Ij® 40® 39*s 

40 1 39 ij 40ij >o. ISotDb. 1)1. 12sc 
Lit. 154 

Brtetoo EsBto (250) -112® 11 _ 

Capital and Counties Property (2Sp) COO 
59*3® 9 8 ‘j. MddA TXt. • 

Carrlngtott I n ve slin e nis (9oai ^Si® (ID Hi 
Centro* IncUT Estates <20» 77 <7 81. Uoa. 

Lit, 48* *(•> « 4 • - - - 

cnaddaalav • >nvect«Mt» «5j» ((ESS 

CHy Otfkes OSpt S9*: _ 

Conner) N*v* T craft (lOpi 25b® 

County District MOO) 1=2® (10.® 

Daeiait HlOgf. »2Sp) 110 
dares EsSc MOo) 16H® 

Oernnaton MOo) 59*?® (lOl® 
eooiish Pty. Cpo. *5Cto> 40 © 1 * 391 - 9? 

40 'i, EiipcUnsesAn. 85® il (10.8). 12 k 
(I nert ,1 tv. 8*0 

Estates Pty Inv. t25M IOI CTi'Bi. 7VK 
UosecLn. BI (8:8t 

«Se ,, OF*s : ^2S^ S t , l8 6^ ,J ® 10 

«v7at Prttlrnd Estj.- fSOft) 517® 18® fi'r PectOS 15pc CV IS8S 
^rrao fR.) (Itei 37 MO , 81 i — ' 

rira^haro,, s«. 7 «a>cu«Mci«. . 59 -tOj sj 0U eh Estates Wpc Cv 87*90 

MAmncnag Pty. a (Z5h» 612® IS IS 


Belgian rate Is for convertible franc*. 
Financial franc. KL55-SC75. 

LONDON MONEY RATES 


fi 

S 


£ 

Now Rates 

1.690-1.694 

809.57 8 1 1.61 


87.SOHBJO 
6812-631* 
10.50- J0.63 

1.C&70 1.6980 

O.aeO 1-0.86 10 


3.0160 8 0300 

4.0865 4.0886 


36.53^6.63 

It 09 lb 59 


8.37-647 

69.938 71.646 

35 60-36 48 


3 cO-3^0 

9.24-9.27 

4.7080-4.7100 



Ia5-l41 

6B.7S-71.79 



0.527-0.937 
60.90 61.00 

0.8t83-0.2V34 
31 02 31.04 

U etberbuod. ^^... 

4.13-4.83 

4.«aj 4 . 60 ) 
1.&415 I.r485 

2.3950-4^950 

0.K589-O-9416 

rtraviumi 

)|*m. 

B2-89 

144-1471* 

6.66 6.66 
4.r8fi4.40t 
1.6935 1.7193 

a.:4 >.39 
2.2385-2.2405 
0.tK>22-0.t)7S5 

■iwitterlenri. 

^nrt»l Stetoa—. .. 
fimvavliL.-.,.,.... 

3.23 3.33 
1.9275 1.9376 
37 37.40 


Hate given lor ArgeuUna U tree rat*. 



Au«. 11 

A UR. 10 

Gold Bullion (a fine 
(to noe) 





Clo«e. 

ssio^n* 

S 2071-208 

Uppn/Tic _. 

S209J-21O& 

520BJ-20B4 

Uormnc fixing^—.. 

S29S.B5 

E2E5.B6 

(£108.868) 

(£»■ 6.754) 

Afternoon fixing—. 

SE1I.1- 

S 2 D 8 A 0 

l£107i58) 

(£116816) 

Gold Coins._ .... 


(iome-tioally 



Krnterrand 

5Z17-S19 

81135-118* 


i£11 1-118) 

±■100*1104) 

■Nwr soTfliripnaa*. ■ 

S6B3-60J 

?r 84-BO* 

£3W-5U) 

tt‘io.511 

Old riovtrpigTui.^ — 

Sb8J-60? 

[ 8884 - 804 ) 

(£304-3 Ji) 

U2D-5I) 

Gold Coin. 

' internationally 

Krugerrand _— 

3217-318 - 

8Z15+21E4 


4.111 112 ) 

r£T03 4 -IIO 4 ) 

Kew tiovweUptB 

Si 8 60 

FB 84 . 8 B 4 

Old BovereUKna ... 

lSDi.1) 

'£30-51) 

CBB-B1 

S584-B04 


L’-O-OI) 

[£i0-81j 

SSD Kauian.—^. 

50 1-308 - 

5283-2(4 

SlU iZM-ylfm 

1 so w 

3 146- 150 

5& -Sag'® — 

sn 1-114 

81064-169* 


~ . CURRENCY MOVEMENTS 


Bank of Morgan 

August a England Guaranty 

index changes % 


Local a aU m ri iy ' and finance bonnes seven day* notice others seven days fixed. * tonsei 

rate nomlnaBy three years 111 ger cent: four rears 11 Mil per cem: five years 113 per rent. 

boy tag me* fttr prime paper. Buying rales lor /onrmorrtb bank bills 81 per ceoc (our-monUi trade MQs ioi per cenL 


Appio rtg n ae arfifay rates for one*B>o(Rb Treasury bins 8{-8z&s: per cent; and two-men th 81*56 per cent; and three-month French franc - 

SDjf-827?; Per cem. Approximate selling rate for one-month bank bills H per cem: two-month Bi-BSjfi pay cent: and three- Lira 

month 92/6 -SI Per cent - Cne- month trade Pda IS per cent; tvro-ntoDlh 10 per cent: and also three-monih' u per cent. Yen 


Flnaitcs Bmm Base Rate* (published by the Finance Booses Association) 10} per cem from August 1. 1H78. oaring Bank 
Deposit Rates (fin- «m»n rants at seven days' notice) Bb7 per com. Clearing Bank Ban Rates «br lending 10 per cem. 
Treasury BlHk; Average tender rates of dBamnt 8JB26 per cenL 






8X19 
82.U 
14U9 
1UM 
n4 m 
14X44 

-lflj 

-14.6 

+1X4 

Canadian dollar 

Austrian schilling _ 

Danish kroner 

Deutsche Mark 

+ AS 
+3(u* 



+1« 






Yen 

158.85 

+55.0 


Based on trade weighted changes from 
Washington agreement December, 1971 
iBank m England Index=i00i. 


EURO-CURRENCY INTEREST RATES 


Ang. 11 ' 

SUrling 

Gsnailian 

Dollar 

U.8. Dollar 

Dutch GntMcr 

Bwlafi PlMC 

W. German 
Mark 

Prencb franc 

Itainn Lira 

Aslan S 

Jvpanwe Yen 

iStaort term-—: 
7 •ta.vi' norine. 

Slonth 

Three month.-. 
Six moath'^ra 
One (car...— - 1 

13-15 

l£i*-13>*‘ 

llV)2)g 

llBf«l S 4 

Ute-jis* 

lla* 

8-9 

8-9 

■ asfi-ai* 

8*8-87* 

914+51 

9*«* 

7S* -» 

78, -a 
aia8*« 

81V «ft 

218 

. *«4 33< 

Stlfi 
5*6l< 
6t2-6S ( 
65 4 -7 

-14.I4 

Ig' 1 * 

»a-S8 

W'l 

lis-l 1 * 

2 to -2 to 

sra- 

iSi® . 

SH-Mr ■ : 

7l»7U 

7L( 71* 
B-Sto 

as 

9ae 9te 
. 97fl-10 

8 12 

12 *3 

12)8 13i* 
13<2-14I« 
l3Vl<td4 
11)4 -1514 

7rt-SA 

6I4-BJB 

esa-51* • 

iir-2** 

|A i» 

2)8 218 
ItfSSd 


Hie following- nominal rates were onoced for London dollar certtfieaies of deposit: One month 7.95-8J5 per cent: three months 805-8.25 per cent; Six months 8.50-8.W 
per curt; raa.mr S.S5^.75 per ccax. - 

Lons-lcxa Eurodollar deposits: rwo years Wt per cent; three years W-Bi per cent; four years 9M| per cent: five years 9!-9j per cent nominal dosing retew. 
Shorn enn jams are call for St cling. UA dollars and Canadian dollars: two dws" notice tar RolMm-and Swiss francs Asian rate* are dosing rates tn Singapore. 


U&. CONVERTIBLE STOCKS 11/8/78 


5tad*tio pitrrided by 
data STREAM Internationa/ 



Size 

Current 


Con- 

version 

1 

Flat 

Bed.' 

and description 

(Du.) 

price 

Terms* 

dates 

yield 

yield 


Prminxnf 

Income 

[Current 

Kanget 

^Equ.§jConv,f 

Diff.f? 


Cheapf+) 


Current 


Awociated Paper 9Jpc Cv 85-90 


1.40 127.50 200.0 76-79 


7J5 


42 


0,4 -10 to 2 5.1 4.5 - 0.5 - 0-9 


Bank o£ Ireland lOpe Cv ’91-96 


8.22 191.00 


47.6 


7-79 


5.3 


2.1-- — 3.4 - 8 to 1 11.0 9.0 - 0.7 + 2.6 


British Land 12 pc Cv 2002 
English Property OJpc Cv 98-03 


7.71 156.00 333 3 80-97 


73 


7J& ■ 15.8 13 to 27 ' 0.0 93-9 69.6 +54.0 


8.07 86.00 234.0 76-79 


8.0 -n .4 -11 to 3 8.4 32 — 5.4 + 6.1 


English Property 12pc Cv 00-05 


1521 86.00 150.0 76^4 


1+5 


Hanlon Trust Bfpc Cv S8-93 


+51 85.00 57 J. 76-80 


7.6 


14.6 ; 
82 


.382 


24 to 81 302 49.3 .29.5- . - 8.6 


L9 - 0 to 12 8.3 52 - 23 - 42 


Hew den -Stuart 7pc Cv 1995 


0.07 340.00 564.5 75-79 


2.1 


- 7.3 -34 to -7 92 32 - 1.6 . + 5.7 


LOS 157.00 166.7 7&«2 


9.7 


5.7 . - 5.8 -12 to 36 432 42-7 - 0.3 


+ 5.5 


(astoirera . E*te.- (tool 25 S 
imry Frr Htara. t25ai 347® 
(•’••-rciiropean Pty. Hlpgs. (Ill 


0s>> S7h & 


■ltd In*, nfint *2W nBVj 



esflpi 2 is '7 b: a a. 

™ ”*%. H£ 


London 




Censre* (HafategC 
Prop, Ttt OSrtf. 73®. 5 ! soe 
W. firevn. S2*x. SocLn. 


520 172.00 125.0 78-S7 


5J 


L4 


11.0 


7 to 16 37.1 53.7 


10.7 


- 02 


Tozer. Kcinsley Spe Cv 1981 


7.33 93.00 1532 7+73 


82 


'Wakii^on Malch lOpc Cv 83-98 


ILS -: 0 7 


1 to- 15 72 7.6 


02 


- 0.4 


11.10 93.00 40.0 76-83 


102 


11.0 


1 SnmbtrofdrtiiiaiT shares tain which £196 nominal of convertible noefe is convertible. 


25.0 


24 to 40 28.9 S7.6 11.7 -132 


£ s£j SSsTSL-aS-SfS^jrSS 5Sa ZSSViSSffATi SAft 

acrerson o 

* n — • ■■ - imit-h am njpmiHT «* ®4H*v ■■ is yrr isui pu ■aiaaimi 214 

ccBiTeriimc- urame a «mmed nmfl conversion. and present valued s 12 per centjper BOatnu. 


S^ji&FttrS' S.ra£Ta£SSH 


“5 * mtb mr S5S^ on? tiorssr MSiS’Si WSSFSsj 

HEfe-iygs emffly. + te U tadi ration of retethra Cbeapoett - is an tadlcaijM of rolatlra deJmST . tart ™° ewre»ed 


Q jGcntne of :he_coQvcrtible loss tacame oi the underlFUK equity 
” “* ' ' ' as per cent of the vah» of 




STOCK I.\( II VV.i: REPORT 


Financial Times Saturday August 12 197S 


Equities withstand a further bout of profit-taking 

Index up 17.6 on week at 514.8— Golds at new peak for year 


Account Dealing Dates Options yesterday, GEC contri- 

OpUon huted 330 or Just over 60 per 

•First Declare- Lost Account cent Interest was enlivened by 
Dealings tions Dealings Day publication of the annual report 
Julv 24 Ant 3 Aue 4 Ana. IS 1116 company’s planned joint 
Vjj 7 a™ i 1- is a”®" Sh micro-electromcs venture with 

4!n *5 42r?J Fairchild of the XJS. Prices of 
**>* October 280 and 300 series 

From 9-30 a-m. two business days earlier. rose ,JL a P iece and 19 iP 

respectively. 

EQUITY STOCK markets held up _ 

well in the Cace of a fresh round NatweSl farm 

of profit-taking yesterday. • Lead- _ = . . , 

ing Industrials were opened lower JJh* the 3 

m expectations of further setting, ® nd ® d , JJJJFJL 

but the lower levels encourage! 

renewed selective support from S' criii reL^,. 

the institutions and a loss of 0.7 oTh? S 4 Jr 

fnpzmsri i n ?2 a f i! Si^iSISg I? 

a.m. was turned into a rise of 2.4 union for an estimated £283m. 
by 11 a.m. Thereafter, profit- NatWest hardened 2 for a two- 
takers gradually took command day improvement of 11 and one 
and the index drifted back to 0 f 23 on the week at 288p; 
close only 0.8 itigher on the day C.U. closed unaltered at 158p. 
at 514.8, but still recorded a rise Lloyds put on 2, to 2S0p, and 
of 17.6 on tiie week and one of Midland edged forward a penny 
53.2 over the past five weeks. to 366p. after S68p. 

Trading activity slackened con- A small demand ahead of next 
siderably and dealers were find- Thursday's interim results helped 
ing it harder to place the larger Royals improve 4 to 4Q0p. Else- 
lines of stock which came on where in Insurances, General 
offer, particularly in the latter Accident which reported excel- 
part of the day. Nevertheless Ient first-half figures on Wednes- 
the basic underlying tone da y* fi™^ ? similar amount to 
remained firm 233 P. while bun Alliance rose 7 

_ , to 586p. 

secondary issues also passed a nK Ra7 „ aro t 

quieter session compared with 

the recent active conditions, but y flnn ^ outl1 African 

there was still a useful overall lndustriaJs - 
trade and official markings Arthur Cell featured Breweries 
remained over the 6.000 mark, “d Distillers with a jump of 16 
Some further useful gains were to 286p helped by comment on 
recorded, but. for the first time company s growth prospects; 
over the week, falls were In a similarly Greenall Whitley gained 
slight 6 — 5 majority over rises in £ ISop. Elsewhere, Gough 
fT-quoted Industrials. The FT- B ™ th , cr f 4 - mt>re 1° 0 K : P 

Actuaries Index. however. ^ Gordo “ “proved 3 to 
hardened 0.2 per cent to a new Z7p ' 

peak of 236.02. Building descriptions displayed 

of Br !!i? ’sE&viir+s V*a£1m*'tS?JS« 

° f * ,fe - E ? sl ? r conditions In 2 1 on u- week at 293p on fur- 
money markete soon dispelled ther small buying. Barabergers 
U ^ndency in the improved 5 to Bl)p on the chair- 
shorls, but final quotations still man’s annual remarks. A sizeable 
showed minor losses on balance, put-through prompted a rise of 7 
Interest in the longer maturities to 8Sp in H. C Henderson A, and 
remained at a fairly low ebb. William Leech added a couple of 
Prices drifted off by i before pence to 90p on yield concidera- 
recovenng to close without altera- tions. Travis and Arnold eased 4 
tion on the day. The Govern- to 154p in belated response to the 
ment Securities Index eased 0.05 news that the company had 
to 71 -28. acquired the building division of 

The continued advance in the Ellis and Everard while Beywood 
bullion price which closed $3.50 y* ,u, ams eased 3 t0 14 ®P f ° llow ' 
hicher at a record of sm 195 ner the recent advance on hopes 

ou nctT gave fTh^peV^'ScSS °! r 5 il f“ bstantiaI ta 

shares and the Gold mines index 0 

rose 4.5 to 203.0 for a gain of Li a moderate two-way business, 
17.5 on the week. ICI added a couple of pence to 

_ , , 400p and Fisons a penny to 37Sp. 

After opening lower on Humours of an extraordinary 
sterlings strength against the general meeting to he held in 
doUar. the premium eased the latter half of next week lifted 
{S2SL 1 *.. per cent in the Crystallite 1* to 3Sp, after 40p. 
investment currency market while buyers were further 
before rallying late on some attracted t0 Laporte which firmed 
, Foll f wu ’S a 2 to I27p on yield considerations, 
small trade the rate closed at In contrast, Hickson Welch 
105J per cent, down l j on balance. became an unsettled market on 
7?L^ nVerS1 ° n faCt ° r WaS 0,845 ' the industrial dispute at its Castie- 
(U.643U). ford cbenn'cil subsidiary and shed 

Of the modest total of 530 5 to 212p. Scottish Agricultural 
contracts completed in Traded Industries also cheapened 5. to 


22(H); the interim results are due 
at the end of the mouth. 

Boome up 

Persistent speculative buying 
in anticipation of early news of 
the bid discussions helped Bourne 
and Hollingsworth feature Stores 
with a fresh jump of 23 to 265p 
and take its rise on the week to 
57; the shares have now risen 
117 since news of the hid ap- 
proaches was first disclosed on 
July 25. Bid hopes also helped 
Grant Bros, add 10 to U5n, while 
Midland Educational revived with 
a rise of i at lOOp. Of the quiter, 
but firm leaders. Combined Eng- 
lish put on 3 to 122p and Gussies 
A rose 4 to 322 p. 

A broker's recommendation 


on balance, but 21 up on the week, 
at I94p. Butterfield Harvey gave 
up 3 more to 81p on fading bid 
hopes now that Babcock and 
Wilcox has sold its. near 20 per 
cent stake to various institutions. 
Currently in receipt of a cash bid 
of 124Jp per share from Birming- 
ham and Midland Counties Trust. 
Westou-Evans were standing a 
penny harder at I33p before being 
suspended after-hours at the com- 
pany's request pending an 
announcement 

Business in Foods slackened, 
but the tone remained firm. 
Associated Dairies and Barrow 
M ill ing both improved 3 to 26 Op 
and 70p respectively. J- B. 
Eastwood added 3 to 14Sp: news 
that Imperial's IGOp cash offer 


F.T. nvTDUSTBXAJj 
ORDINARY INDEX 


1974 


1 ) 1 1 lift 1 1 1 1 It) I ff 

1975 1976 


1977 


attracted buyers to Racal Elec- 
tronics which rose 7 to a 1978 
peak of 304 p. Elsewhere in Elec- 
tricals, GEC improved 3 more 
to 309p, after Slip following the 
annual report and further con- 
sideration of Thursday’s announce- 
ment that the group’s joint 
micro-electronics venture with 
Fairchild of America may start 
by the end of 19' j- Thorn im- 
proved 4 to 398p but Plessey 
softened 2 to 102p. 

With the exception of GKN, 
which softened 2 to 2S4p, Engi- 
neering leaders closed firm. After 
moving between extremes of 462p 
and 454p. John Brown ended a 
net 4 dearer at 460p, while 
Hawker and Vickers both finished 
2 better at 244p and 186p 
respectively. Elsewhere, higher 
interim earnings helped Gaskell 
(Bacup), to rise 8 to l23p. while 
Averys hardened 2 to 186p with 
the help of Press comment Haden 
Carrier added 4 more at 11 5p and 
similar improvements were re- 
corded in Amalgamated Power. 
Infip, A Cohen. 165p, and Wolf 
Electric, lOOn. Victor Products en- 
countered fresh investment sup- 
port and touched 200p before 
reacting to finish a penny easier 


had been accepted by 88 per cent 
of the shares subject to the offer 
made little impact Awaiting 
developments regarding the £fi0ra 
bid by Allied Breweries. J. Lyons 
held steady at 130p, but because 
of institutional concern about 
lack of prior consultation, lost 7 
on the week. 

PiUungton good 

Demand for PiUungton ahead 
of the 100 per cent scrip issue 
on September 4 continued and 
prompted a fresh rise of 13 to a 
1978 peak of 620p for a gain on 
the week of 43. Buying ahead of 
Monday's second-quarter figures 
left Unilever up 6 at ToG. after 
5ti0p, while Boots hardened 2 to 
223p as did Turner and Newati, 
to 200p. Beech am touched 720p 
before reacting on profit-taking to 
close 2 easier on balance at 710p 
and Glaxo cheapened 4 to 6i0p 
after 618p. Elsewhere, renewed 
investment support on further 
consideration of the group's pro- 
fit potential lifted Ricardo 12 to 
260p, while buying in a thin 
market prompted a jump of 10 
to 4€p in Spong. The proposed 
£6m modernisation and expansion 
plans announced by Wedgwood 


left the shares 2 higher at 13Sp 
and W. Ribbons hardened the' 
same amount to 63p in response 
to Press comment. Yinten gained 
5 more to 222p, after 22?p. on con- 
tinued investment buying; the 
shares have advanced 51 on the 
week. 

Price changes of note in the 
Motor section were confined to 
Component issues In which 
Lucas, at 32Sp, picked np the 
previous day’s loss of 6. WOmot 
Breeden became prominent at 
69}p, up 4, as did Jonas Woodhead 

'at 10Gp, a gain of 7. 

Newspapers and kindred trades 
passed a quiet session and price 
movements rarely exceeded a 
couple or pence. 

In a quieter session than of 
late, leading Properties held dose 
to overnight levels. The occasional 
secondary issue met profit-tatting. 
County and District, lOlp, Brfcrton 
Estate. 11 lp, and Great Portland, 
3l2p, all shed a couple of pence 
while, in a thin market, McKay 
Securities gave back 5 at 250p. 
A. and J- Mncklow and Peachey 
both eased 2 to 130p and 86p 
respectively, while Bernard 
Sunley, recently firm on the 
property revaluation and annual 
results, cheapened a similar 
amount to 256p but still held a 
gam of 20 on the week. Buyers 
remained interested in Inter- 
european. which hardened 1J to 
38|p. Church boxy Estates. 5 to the 
good at S20p, and Clarke NichoHs, 
2 better at 7lp. 

BP firm late 

Steady at S62p for most of the 
session. British Petroleum gained 
16 to 876 n following a higher 
opening on Wall Street and held 
a rise of 42 on the week. Shell 
remained quiet and edged for- 
ward a couple of pence to 578p, 
but Burmah attracted further 
speculative support in late deal- 
ings and firmed 2 more to 76p. 
Despite the good interim profits, 
Ultramar encountered funher 
profit-taking and closed 9 down 
at 261 p for a fall of 16 since the 
announcement. 

The sole noteworthy movement 
in Overseas Traders -was the fall 
of 5 more, to 180p, in Paterson 
Zorhonls, 

Milford Docks featured Ship- 
ping descriptions with a jump of 
8 to 82p on the much improved 
interim figures. Lyle firmed 4 to 
122p and. in a thin market. Com- 
mon Bros, were prominent at 
142 p. up 12. 

Price movements in Investment 
Trusts were generally limited to 
a couple of pence with falls in 
the majority. Among the firm 
spots, Stanhope and General 
gained 5 to lilp, while English 
and Scottish hardened 2 to S6p. 
Among Financials. Robert Kitchen 
Taylor stood out again with a 
rise of 6 far a two-day gain of 10 
to a 1978 peak of 95p. London 
Merchant Securities gained 
another 6 to 110p, 

A. DunhflL a thin market. gained 
13 to 378p in Tobaccos. Still on 
the £44m Canadian deal. Roth- 
mans put on 2 more for a two- 


day rise of 5 to a 197S peak of 65p. 

OK Bazaars rose 35 to 4-60p In 
generally firm South African 
Industrials. 

Golds buoyant 

The fresh $3.50 surge in the 
bullion price to a record dosing 
level of $211 J25 per ounce, a gabs 
on the week of $9.79. caused a 
further spate of buying 'interest 
in South African Golds which, 
with the exception of Thursday, 
have moved raheod strongly each 
day this week. 

The Gold Mines index advanced 
4J), bringing the rise on the week 
to 17.9 at 203.0, its highest level 
since February 16. 1976. 

Share prices were marked up 
at the outset and generally 
traded quietly throughout the 
morning. In the afternoon, how- 
ever, a steep decline in the 
already weak dollar -saw 
aggressive buying of Golds from 
U.S. sources, with Continental 
demand in the late trade 
accelerating the upward move- 
ments. 

In common with the trend 
earlier in the week, most of the 
American buying was directed 
towards the high-quality issues 
such as West Driefonteiu, which 
ended £1J higher at £233, Rand- 
fonteln, £11 firmer at £411, and 
Vaal Reefs. £3 to the good at £17*. 

East Driefontein rose 37 to 
905p, while lower-priced, stocks to 
register good improvements 
included Western Areas which 
rose 14 to 233p and Elsburg 8 .up 
at 144p. - 

The buoyancy of the gold share 
market induced heavy buying of 
South African Finaneials. De 
Beers were outstanding and put 
on 6 more to 452p. after a 1978 
high of 454p, with sentiment con- 
tinuing to reflect Tuesday's SO per 
cent increase in the CSO 'selling 
prices of rough gem diamonds. 
Anglo American Investment Trust, 
which holds a substantial stake 
in De Beers, advanced another 3 
to a high of £47}, up £5} on the 

“Johnnies” jumped £2* to £17} 
on vague rumours of a pending 
reorganisation of the compafiy; 
Johnnies has a considerable hold- 
ing in R usten burg, the shares of 
which have moved ahead, strongly 
over the week to close at a 1978 
high of 107p reflecting the sharp 
gain in the free market platinum 
price. 

Tina were firm all week owing 
to a good Far Eastern demand. 
Klllinghall were unaltered yester- 
day at 625p but remained 135 
up on the week following the 
proposed transfer of domicile to 
Malaysia. 

Tehidy Minerals, 87p, were also 
undisturbed yesterday, but the 
shares registered an improvement 
of 30 on the week following the 
takeover bid from Mincorp. 

Australians performed well 
throughout the week with 
diamond exploration issues par- 
ticularly in demand. CRA; 
although 2 easier yesterday, 
showed a 16 rise over the week 


FINANCIAL times stock indices 

— i Plf | *;?■ i ¥'T a t f V- ! x .“*i ii jr 


71.84-; 1X ' Q2 7aB6 TO ' 1 ° 

?T, m , 72.89; luq ai2 72.78 72.73) «9.7« 

Om niv Ylrfd 0.26 5.2* 0.34- 6,3» 0 34 5J7 6.16 

ls - 8 3 15:98 IB ' 91 “-a 

8.371 a.36 8.40* e-aal bja! a ; 20i bj» 


OoM lllnw. ao3 - 

OnL Dir. Ylrfd 6-2 

Bmntnp».>"ld!afullK , )l lfl - a 
.P/E rbuo rnrfirn-w ®.- 3 
Dealiogt nmrkcd»~— 6 - M 
Bqotnr tjvnmrer< 2 ®-, — 
Eonlty btvrRfcm* t«al J — 


8.37 a.36| 8 

6h64l 8.717- 6.S 
_ 188.47: 148 

— 28,369 28.4 


19 am 51 U. U am 519.4. Noon H&8. I P® MS.4. 

2 pm 513A 3 pm 5M& 
iMtmtt In4« M-M4 WJ*. 

• Based on 52 per cent comoratum tax. tNU-bas- 
Basis 100 CoriT Secs. 15/UW8. Fhcd IW. U28. lnd. Old- lrt/M. CoM 
Mill JT jwmi*. SB Activity juis*Dec. i«B. 


HIGHS AND LOWS 


S.E ACTIVITY 


19TO 

Since Cnmpifauiun 

Hiph 


High | taw 


" i3/Ii (W6> 

Fixed InU.. 81.27 70.73 

(9(U 

led. OnL 616.2 433.4 

0/8) (2 & 

Gold Mlnea- MS.O 130.3 

(1U8J (&/1) 


(B/U3S) 1 i3.'LTO> 


1W7)I (3/K/T6) 


1 (14/3/77)] (28/6/40) 


i Icntuacrtm — ] 
\ Spu-utatim.^; 
i Tid&ta 

Av-ruRii 
■ Glh-Edgal^. 
JpdiHUnMa^.l 
SpeeillBUYa..! 


(S2m/75)J(26.-10;71> ! T.itob ; 


All£- At 

11 v 


158.9 143.8 

285.0 268.3 
68.1 ( 68.1 

158.0 ] 153.9 

160.3 | iaaj 
231.5 1 237.8 
64.8 58.2 

138.8 137j0 


RISES AND FALLS 


BrWsii Fomto 

Corpus. Dom. and novels 

Industrials 

Financial and Prop. 

Oils — 

Plantations 

Mines 

docent Issues — — 

Totals 


Yesterday 

Up Down Same 

7 7 64 

4 3 57 

303 va an 

71 uo au 
6 12 17 

4 2 2S 

82 11 35 

5 1 41 

482 581 U71 


On the week 

up dan Sana 
164 » ' 1M 

a u 28 
1645 LB4* Adn 
LOU SIS LU6 
53 38 92 

3i n m 
365 86 m 

48 IT 373 
o/BZ xm 6,ma 


LONDON TRADED OPTIONS 



Ihs'ix-iw L'loolnp 
Ojotim . prii-e offer Vol. 


BP 

BP 

BP 

BP 

Com. t'nlonj 

Ui>m. I iiii'iu 

Com. Union 
L'-hiih fii'l'i 

Cimj.l'i'til 

CWiMloM 

ConrlHiil.lr 

Coiirtmililc 

Courtnlllil- 

I’-mninliL- 

OKC 

OBL' 

(i KC 
OKC 
ttBC 
OKC 

Umii'l Mol. 

Omlid 3 lel. 

timml Met. 

ICI 

ICI 

ICI 

ICI 

[an>l 

Land m**. 
Lomi Soi>. 
I/imi Sn r. 
Marks X S|-. 
Mark- .t S|u 
Markn .k --i'. 
Marks X 
■'hell 
•bell 
-hell 
Tot- 1 ' 


dooinp Cli^Uif 

nffor VnL offer Vol. 


I 85 i 
67 

52 I 

40 I 

24 • 

26 

191- 

14 

76 

52 

331- 

30 is 

67 
LO 
34 
21 
32 
23 
i5ia 

9 

105 

68 
40 


ACTIVE STOCKS 
YESTERDAY- 

NO. 

Denornina- of Closing Change 197S 

Stock tion marks price (p) on day high 

ICI £1 14 400 + 2 400 

GEC 25p 11 309 + 3 311 

Marks & Spencer 

‘ New ’ 25p 11 88 — 90 

Pilkington £1 10 B20 +13 620 

BATS DeflL 25p 8 296 - 2 302 

Boots 25p S 223 + 2 231 

BP £1 8 876 +16 896 

De Beers I>efd.... R0.05 8 452 + 6 454 

Shell Transport.. 25p 8 576 + 2 586 

Barclays Bank ... £1 7 360 368 

Beecham 23p 7 710 — 2 720 

Distillers 50p 7 199 — 201 

The above list oj active stocks is based on the number of 
recorded yesterdau in the Official List and wider Rule 163(1) 
reproduced to-dap in Stock Exchange dealings. 

ON THE WEEK- 

no. 

Denornina- of Closing Change 1978 

Stock tion marks price (p) on week high 

ICI £1 82 400 +11 400 

Shell Transport... 2Sp 60 576 + 23 586 

Barclays Bank ... £1 58 360 +20 368 

BATS Drid 25p 49 296 + 9 302 

Beecham 23p 47 710 +10 720 

De Beers Defd. ... R0.05 47 452 + 87 454 

GEC 25p 47 309 +23 311 

BP £1 46 S76 + 42 896 

Marks & Spencer 25p 46 SS + 5} 90 

Pilkingion £1 4a 620 +43 6-0 

Distillers 50p f3 109 j01 

Midland Bank ... £1 « 366 +16 390 

Grand Mel 50p 42 119 + 2 121 


NEW HIGHS AND LOWS FOR 1978 


67£ 

422 

227 

1S4 

720 

285 

484 

296 

583 

163 

boTpains 
(e) and 


Change 
on week 
+11 
+23 
+20 
+ 9 
+10 
+87 
+23 
+42 
+ 5} 
+43 


OPTIONS 

DEALING DATES Barratt Developments. Dunlop, 

First Last Last For M. P. Kent, Royco, Tneentrol, 

Deal- Deal- Declare- Settle- Ultramar, Oil Exploration, 

lngs incs tion ment Premier Consolidated, J. Lyons, 

Aug. 7 Aug. 14 Oct- 26 Nov. 7 Burton “ A,” New Throgmorton 

Aug. 15 Aug. 29 Nov. 9 Nov. 21 Warrants and City of London 

Aug. 30 Sep. 11 Nov- 23 Dec. 5 Brewery. Puts were arranged in 

For rate indications see end of Staflex International and J. Lyons, 

Share Information Service while double options were transr 
Monev was given for the call acted in Feedex, Lesney, Oil 
of Gill and Duffus, Hartle Mac hi- Exploration, Burton Warrante. 
nerv, Maple. Feedex. English H. P. Bulmer, Audiotronic, 

Property. Lesney, GUS “A." Barratt Developments and J. 
XJDT, British Land, Burmah Oil, Lyons. 


BASE LENDING RATES 


A.B.N. Bank 10 % 

Allied Irish Banks Ltd. 10 
American Express Bk. 10 % 

Amro Bank 10 

A P Bank Ltd 10 % 

Hemy Ansbacher 10 "J 

Banco de Bilbao 10 % 

Bank of Credit & Cmce. 10 % 

Bank of Cyprus 10 % 

Bank of N.S.W 10 % 

Banque Beige Ltd. ... 10 °o 

Banque du Rhone 10 J % 

Barclays Bank 10 % 

Barnett Christie Ltd.... 11 “o 
Bremar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 % 
I Brown Shipley 10 % 

Canada Perm’!- Trust 10 °o 
Capitol C & C Fin. Ltd. 10 

Cayzcr Ltd 10 

Cedar Holdings 10$% 

l Charterhouse JapheL.. 10 % 

Choulartons 10 % 

C. E. Coates 10 % 

Consolidated Credits... 10 % 
Co-operative Bank .,....*10 % 
Corinthian Securities 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bk 10 °h 

Duncan Lawrie 10 % 

Eagil Trust 10 “o 

English Transcont. ... 11 % 
First Nat. Fin. Corpn. 13 % 
first Nat. Secs. Ltd. ... 12 % 

I Antony Gibbs 10 % 

Greyhound Guaranty... 10 % 
Grindlays Bank ......... tlO 9o 

I Guinness Mahon 10 % 

■ Hambros Bank 10 % 


J Hill Samuel 510 % 

C. Hoare & Co flO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot. 10 % 

Keyser Ullmann 10 %_ 

Knowsley & Co. Ltd.... 12 % 

Lloyds Bank 10 

London Mercantile ... 10 
Edward Manson & Co. 11$% 
Midland Bank 10 % 

■ Samuel Montagu 10 % 

■ Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson & Co. ... 10 % 

Rossminster 10 % 

Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 % 

E. S. Schwab 11$% 

Security Trust Co. Ltd. 11 % 

Sbenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank 10 % 

Trustee Savings Bank 10 % 
Twentieth Century Bfc 11 % 
United Bank of Kuwait 10 % 
Whiteaway Laidlaw ... 101% 
Williams & Glyn's ... 10 % 
Yorkshire Bank 10 % 

■ Mumbere ot the Accepting Boases 
CammUtvo- 

* 7-day deposits T"/ 0 , T-month dcnoslts 

nci 

f V-day deposits on sutns of £u,0N 
and under ej':.. up to as.iua n« 
and over B5.Mil sjt-i. 

* can deposits over elodo 7%. 

{ Demand deposits 7j%. 


Trie KIKnvIiHi secnrltles quoted in trie 
Share Inrormatton Service vesterriav 
attained new HigK and Lows tar 1978. 

NEW HIGHS (219) 

FOREIGN BONDS <1| 
AMERICANS (SI 
CANADIANS (11 
BANKS (21 
BEERS (6} 

BUILDINGS (101 
CHEMICALS (S) 

CINEMAS (11 
DRAPERY & STORES (76) 
ELECTRICALS (TOI 
ENGINEERING 121) 

POODS (Si 
HOTELS (2) 

INDUSTRIALS rSE) 
INSURANCE 121 


MOTORS (2> 
NEWSPAPERS (1) 
PAPEP » PRINTING fl) 
PROPERTY (6) 
SHIPPING 121 
SHOES (11 

SOUTH AFRICANS (S) 
TEXTILES (6) 
TOBACCOS HI 
TRUSTS 1331 
OILS (21 
MINES (401 

NEW LOWS (3) 

AMERICANS (1l 

Gen. Elect. 

FOODS (II 
Taverner RutMw 
, _ INDUSTRIALS (1) 

RTD Group 


FT-ACTUARIES SHARE INDICES 

These indices are the joint canpUatiim of the Financial Hines, the Institute of Actuaries and the Faculty of Actuaries 


EQUITY 

GROUPS 

and 


FrL, Aug. H 1978 


RECENT ISSUES 


J 15.69 
A 15j62 
3 18-00 
52&19 +0-1 13.17 
35300 —0.4 16.99 
19327 +0O 16.93 
17824 -0J 1581 

22030 +02 15.72 
268J1 +0.9 13.85 
IBBM +03 15.72 
13330 +02 18.78 

22233 +03 14d64 
23931 — 1431 
28434 .+0.6 15-04 




Toes. Hon. 

An*. An*. | ago 
8 7 


Udd% |Wd%| Ratio Index Index Index Index 
(Hxxji CACTI (Net) No. No. Na Ito. No. 

Carpi I *S9Q I 




Since 

Co mpil a tion 
High - I Low 


8-80 2027 
9.05 1 220.77 
38732 
525.65 
35156 



222.03 (10/8) 
38125 am 
52609 am 
35456 00® 
19327 £U® 
37958 (9/8) 


18895 (2/3) 

16630 (3/3) 

28935 (6/3) 

40447 (2/3) 

270.95 (6/3) 



50.71 (13/12/74) 

4427(11/12/74) 

7148 (2/12/74) * 
8471 (25/6/62) . 
6439 (2/1/75) 


21846 21816 21729 
26619 26506 26336 |261i6]2ZL24 
18807 18552 18555118450 U&87 
13225 133.06 13252 13L74 J H5.49 


14937 (2/3) 19327(12/8/78) 45.43 (6/1/75) ' ' 

35422 (27/2) 17958 (9/8/7® 4955 (6/3/75) 

37353 (3/3) 227.78 (21/4/72) 3839 (6/1/75) , ' 

20901 (3/3) 26871 01/8/78) 4285 03/12/74) 

16054 (6/3) 26322 (4/5/72) 63.92 (17/12/74) a 

10468 (2/3) 17059 05/1/69) 19.91 16/1/75) 


525 
.15.02 5.43 
16.66 5.94 
1037 3.68 
1702 5.43 
7.01 
5.71 


399.97 

149.98 
210.90 
185.40 
26056 
120.06 
215J7 
30151 
28038 
14050 

434.70(43357 
23358 23226 


23418 

41755 

15132 

210.90 

19L90 

am 

(W7) 

am 

m 

am 


1ZL96 

am 

215.81 

am 

30L51 

(9/® 

2B0.38 


14232 

Fii-'J 

483.01 

(Wl) 


178.73 +0O 
19908 +03 
2228? -05 
166.92 -lO 
15401 — 0 j 4 
137.96 +05 
37227 +0j4 
8508 -L4 
258.44 -OO 
113JB —0.9 
-45 
+22 

+02 

99 1 AIJrWIABgIMMX(E7^-| 23602 | +02 


r. r»i IF1 C77F1 1 F 'Tq 4iC?. ' l , Vhl O 




22658 (16/8/72) 
28127 (28/11/72) 
28454(11/8/78) 
329.99 02/12/72) 
215.08 01/8/78) 
244.41 (27/10/77) 
41755 (26/7/7® 
15102 00/8/7® 
210.90 (9/8/7® 

235.72 07/1/67) 
33906 fflB/72) 

335.72 060/7® 
zi55i amm 
30151 (9/8/7® 
28038 (9/8/7® 
24656 0/9/72) 
53958 08/5/77) 
258.83 (2/5/72) 



257 424 
15.93 628 
16.71 6.92 


506 


— 17854 
639 19851 

— 223.03 
1230 168.73 

15457 
.13701 
1133 37051 
* 86.42 
25&61 
11479 


3S 243.92 
54 10834 
.44 323.41 


17939 

15758 
22254 
168.73 

15759 
14036 
36756 

85.43 84. 
259.89 258. 
10951 109, 
24153 241 
109.41 107, 
320.91 319. 


04758 
15851 
19254 
15L43 143.93 
153.98 11414 
137J3 12056 
33251 
70J4 
203.79 
9808 


33605 

9463 

276J9 



63.41 03/12/74) -■ 
69.47 03/12/74) i . 
7858 0302/7® 
5453 (9/3/75) . 
5957(11/12/7® ' 
5425 03/12/74) - : 
5558 (6/1/75) 
43.46 (6/1/75) * 

5253 (6/2/75) : 

6256 (12/12/7® 
9434 (23/6/6® 
20.92 (6/1/75) • ; 
5863 (6/1/75) 
7120 0/12/7® ■ 

22841 0/30® 
45J4 (2/2/75) 
9050 (29/6/62) , 

6009 (6/7/75) 
59.01 (13/12/7® . 




01/4/72) 

(20/7/72) 

(2/5/72) 

1 T4/5/72) 
05/3/72) 
1(6/10/77) 
02/8/7® 
0/5/72) 
(901/73) 



3129 07/12/7® 



riXKl) INTEREST PRICE INDICES 


“RIGHTS” OFFERS 


FIXED INTEREST ; 
YIELDS 

Br. Govt Av. Gross Bifid. 


Thors. Year 
Aug. ago 
10 (approxJ 



1 Low 5 years.——- 864 863 7J5 

British Government donee To-day ’'uSP' ? Coupons 15 years—-- 2872 10JO 1106 


•-11 to date 3 

— — ■■ - i - 4 Medium 

1 Under 5 years 10552 +058 825 654 5 Co^p^ 

2- 5-15 years 21650 - - 7 54 « 

3 Over 15 years 22256 - - 867 l 

8 Coopoos 

'4 Irred eem a b les 229JL8 — — 724 g 

5 AU stocks 113.97 40.03 0J1 721 lioj Irredcto 


7 m « a 

857 7 High 5 

8 Coupons is 


- ™ _!] a 

011 721 10 1 Irredeemable 


25 ysars 3143 1LB 1154 

5 jean— ^-J ll-32 I 3130 ML12 

15 H94 2L93 

35 years- 22-97 1196 1235 

5 years.—! 1L28 1126 2036 

15 y«aisJ^ 12.43 32.41 QJi 

25 years a«" 1867 H22 

I 3L1 11C ire 


955 (6/6) 
2132 (5/6) 

1896 (W) 

1L91 (4/7) 
12J3 (5/6) 
2255 (6/6) 
1196 (5/7) 
2351 m 
23.43 (5/6) 
1225 (28/6) 


6192 03/32/7® 


755 (3/1) 

9-u m 

9-74 0/1) 
930 (3/1) 
1028 (3/1) 
1834 (3/1) 

M7 ®1) 
2113 (3/1) 
H26 (30) 
950 0/1) 


KeoBDciiitKm date usuaUy last dap i« dealing true oj sump dues, o Kuvra 
baaed on onuoectu estimate, d Assumed dlvUtend and mid. « Poracaal dindend: 
cover based on prerfoua pearfs earainns. w Dividend and mid bwaa on jjroMetfm 
or otbei official wtttnatw (or \«9. oQrora. i Rtsum as&onted. ; Cover allows 
cm cramndDn o> stuuns nor now ramdng for divide no or ranking onto far restricted 
UJVHleDda. 9 Placin' prim to public, m Pence unless otberwise indicated. 1 issued 
t» tender. S DRernd to Holders of ordinary stares as a ” rlghia," ■* Issued 
Of w of caphalisdUan. tv uinUonm lander once, as Rolntradnced. « tisned in 
enruwcHon with reOnKudssrtloo merger or take-over, HU I n trod u ction. ■“] Issued 
in farmer preference nalrferc. ■ Allaboeiir lettera (or fUIls-oaldi. • Provtswaai 
or pvtlp-paU allotment letters. * Willi warrants. 


is 30-yr. Bed. Deb. ft Loans (lfi) . 

16 Jlnvosnneat Trust Profs. (15) . 

17 ComL stud Indl. Profs. (20) 

Section or Groan Ban Date 
Pharmaceutical P r o duct s 30/12/77 

Other Groups JUiffl 

Oversew Trndm ■ 31/12/74 

EnghweHiig Contractor* SUUfD, 

Mechanical Engluoerlns 31/12/71 

Whies and Spirits 16/1/70 

Toys and Games 16H/1D 

Office Eontomoni 16/1/70 


j Pri- A uk. U „ |_ i ! ■ i 

• ■— Tbnr. |Wcd.|TihM. I Men.! Fri. Tlinr tfed. 

67JW |tlLS6|57J» jS7-44 IS7JE ®7^0 (57,34 57 28 137.22” 

-I 81-67 U.4S 5157 *61.68 2si.w .*1.6$ Sj fit 2, gj 80 I 

-j ?n.47 111- 38 !70.ia .70.18 1/0.19 : 70.04 7050 7 Q 04 .78 S 


03^7 (Eotli 
57.71 01/1) 
78.80 (ll/ll 


Base Valin Section or Group 

2U.7T Industrial Croup 

63,75 Mittllunm Financial 
18050 Food M mufact arina 

1SSM Pood Retailing 

13354 insurance Broken 

140.76 Mining FtaaMCc 

135-72 All Other 

12BJB tRedomptloq hUd. 


Base Goto . 
31/12/70 
31/12/18 ‘ 
29/U/67 
29/12/67 
29/12/67 - 
29/12/67 •. ■ 
16 / 0/62 
a list or- UH 


Bam value 

12SJED 

moo 
11US 
11409 
• 9657 

- moo 


im Stacd . 

" * Coni|»tl«fon 

* Wg ■ ? Lnre 

nil! i SS’SZ SSSi 113.48 ( 23 :IQ/h 5 | t 37.01 ( 5 / 1 . 7 M 
lid 114 . 41 ( 1 * 18 / 63 ) 1 34.95 (Cl 12 / 34 ) 

11 / ll - 89 . 50 ( 2017 ) 114.96 ( 7 / 10 / 63 ) *' 47.67 t 8 /li 7 S) - 

* uba *»***' The Ffanacll Times. 
Street, Leaden, ECU, price 
n 22 ”’ J 4 ft *™tn»'itir raeoni of gmp ad 
dtoWond yields and oarn^BS ttooreo 

SfWbr Wrfa anStoaToftS 

m from ft Bnstoess Emarerfsw. 

**■ *J** ,f*” *; Leaden. EC4 at E40 per copy. 

^ ■ CH ^ II . C . ES - * U> riant and nrUs«e 

tap boon replneod he Lriah tweresa (OwntealSr 






































































































































22 



Managers of 
Commerdaj Property 



BEHTSH FUNDS 


» t, 

DM91 3 


* 1378 

£3h Lm 


Stork 


- or| TWd 

- InL I Bed. 


94% 


& 

9? 

97% 

IMS 

Wj 

102*3 

a 5i' 

iSUffi 


106*4 

SX 

£% 

EH 

¥ 

■sg. 

j£?a 


*6% 

3OT% 

Si 

w 

11 *% 

10C1{- 


“Shorts" (Lives up to Five Tears) 

.^15k*.5tcTMS*S 


161,L[Treaany HtecTOg— 
TnnraiT jpcTSit 


9 3% [Electric 74-73 _ 

{Treasury !5>’pe7K(_ 


lO^isreklCWpclsa;? 


99$ 

9«% jaeetnc'SJjpp’re-W 

2$ ^easajyKsKW— 
92% riK5arr3a*=77-20_ 
93% FtanSi^PtfeTMOli: 
103 is E^beWUpc isos; 
99]i Treasury !l>dKl£EU$. 
W4 ire^aiySselSiML. 
95% TreasTnjSifKlSSl#- 
91% Ereh.S>*pcUHl. 

M>* l^ch-PiTC 13B1 . 


E5%fedi.3pcl381 

' fTftas. variable ®{j- 


fiMSaSn 


105% [Treason* 14pwi 

94% [Treat Vaunto 
89% _ . 

9J%fexii.J%pcJ£3aA 


rascfc.85,pelSC3. 
E’cL fee ‘83- 


iiWjiTreTFsry l?pc 1SK58 _ 
85% |trex i aiy!?<iic'3. 



U 

R 

IS 


& 


HHJ; 

751* 

iin, 

96% 

■uT 


93 

E% 

86% 

rr-, 

79*3 

«5« 

6-:ie 

101*8 

i 

99? 

fi& 

97% 


ne^/ffjrrc <a-_| Wal 

Ene to Fntsea Years 


40fi 

8.42 

6.62 

7.7B 

9.53 
712 
953 

9.53 
6.34 

8.69 

28.69 
10.33 
792 
1C.B7 
1052 
10.83 
824 
10-24 
10.99 
1C.M 
7.94 
1109 
11H 

1L3S 

1UB 

1157 

11 3fl 

791 

1124 

1130 


JTMUOnclSBo, 
Ftacdiasabpc'S&Bm.. 
Tr^'-uiysSpc f425Ji. 
Fuai-cpS'aicf&ertt- 
fria®ay7Se3»ati., 
iTraa^on Cpc 11® — 
h^nn-5cc'25«_ 
Treamrj i3p*lS«t_ 
hwwisy 

ITreajtnrilipc l£31 

{AicdiagSSeraH*. 
Trearuiy EbjcTBt- 
Treaiijryiflpcias — 
Each. Lftpc TE_. — 


SHARE INFORMATION SERVICE 


Financial "Times' Saturday August 12 lBW 

■ FOODjGBOCEBIK-C^. 


BONDS & RAILS— Cont. 



Stock 


fifflig.'aiAss-—. 

festal ffdK '830a 

ttriBBUT^BC-gl^ 


Mi Sax 1930— 
SmSKisoi — 
jTnia6^UM— 


Pri« 

£ 


55 

66 


417 

71 

140 


DM91 

■97 


US. $ & DM prices exclude inv. S premium 



AMERICANS 


fab Law 


S* 

ofllj 

3? 

32 

33% 

19% 


14 

9 

Wt 

9 

ir 

221, 

1? 

25 

18% 

9 

s 

«& 

22 % 

26% 

40 

?§• 

19% 


119% 

72 s : 


E9% 
,1C5» 
• 52% 
95 

*114%, 
Wt | 
'131fc| 
117% 
50 

ns% 

m 

ea% 

•72i* 

115% 


9e% 

15% 

47% 

60% 

55% 

75% 

97% 


95% frrnn? ir%pc 1 C.'i_ 

60% nirtinc&TCBtt 


m 


97% [EkS. llisc U&4 _ 

irre^rur.'^a'SJii- 


76% , . , 

93 flr-awr: iitoCSS.-.- - 

43%{G:!i3W3W5 

82% Esrti.I««K!tS5 


114%toasuiyl3 


15 


EffiSSt 


S235iS_. 

lOl'-ifExchM-jcj l^ttK t-iji. 
42*ji h“teiiot.3?r ISI47L_| 
1M% TreasKyiaipcWt; — 
£5 EitheqiKrlli’PcISflT. 
74% TrrajryapclSTrit- 
69 ?re.T5ui»€%pc , X , -CiK4. 

33% Eich. i27c -£7! 

77% rreATJTPjciKSftt- 
83*4 Treascry 10&5C IS9S_ 
r ■&&:i3p6*_ 


37% 

37% 

35% 

23% 

.9 


r:di'.:vi?<Ekt9pG>-. 

377* r. inrii.-« t "t’k: ■JVAi 

67>2 

47 71*2^7 5*:kW*JSS. 

621; IrBasureltipc'iS-l^;. 

931; Zsch.^pc'&‘l7 

Uadaied 


3*5% 

K 

15% 

15% 


Cmsds-^t. 


a: Lwn ";pdi 

cWBl 


MtiW.Oljp.' 

iT7easi:ry^)rOS/iJ2 


[CcnsolsSlic-. 

rSfcpe. 


Treascyt 


83 



52% 

.54% 


t 


1 SZl; lEpcSav-fTT-SE 

• CORPORATION LOANS 

V 


94 

991' 

’& 

29% 

i 

. 70 
7S 
26% 
«•% 

Sk 


f|%i 

oS% 

100 % 

103% 

R 

R 

9 

Ms 

7tt: 

6.^4 

fcS 


p 1 ra'ham9%pr i58I.. 
lEnstolT^TWL-- 
[CJ*CI2i2pe“ 
DaiaiAc:; 
Ksseasfcp 

perts.5* 4 w i io«;- ._. 
(larenwol 3-'ipC TS-iS .. 

Dn.Sj>eIrrea„ — 
[Lotj-CiiTp. 


Lcn. Ctrp.^jre'Wia- 

LC.C Gpc Tfi-fS 

PoS:Pc7r« 

StfgrVR 

DouSTpc-ftvST 

Pa6%pcTE-80 
Rc-apcffiA'- 


MidiiSc* L33n_ 


CJ -% BSbkcmUc 5>rtc Tin. 

V.US80._ 


ICO-vjWarrif!! 121/* 


102 % 
102% v' 

& 

■ “7% 

■M 




sou 

70 

6= 

ZP-.'i 

= 2 % 

96l 2 

102 % 


-% 


-% 


9A7 
a 51 

12.17 

!2i6 

5.57 

5.71 

5.B1 

19.46 

!133S 

w 

639 

6x5 

7.95 

9.f6 

12.70 

5.^3 

%J5“ 


1103 

10.53 

1155, 

11731 

11« 

1624 

U£9 

11361 


1114 

9J& 

10.91 

10.C3 

nos 

1172 


1021 

1113. 

1114 


ccsssoiOAua & miwt mm 


101 % 

03*4 

”% 

961; 

S7% 

55% 

70 

9u 


82% 

£% 

92 

81% 


Acct5l3Xr7S-78 

Do.5%jv77^3 

Do.5§'C^!® 

Ki4pcW“ 


D0.6NTW0- 


,Ri>.7l;pcTDS3 
fSh. Am« Bltfc 75*81- 


|SH HiwL^^C 6670.. 


1P1% 

M 

F5 

5S5 g 

*sr 

95*4 

S3 


DafifcTMi 

LOANS 

Pobije Sean 1 and Ini 


6.61 

4ca 

IS 

1031 


932 

1163 

1178 

M 

1099 

1Z47 


Mi; 

9C% 

33% 

bj 

OS; 


Ml; 

83% 

23 

107 

57 


197%|T01 
1W jlC-2 
1141.. I if 

‘ I If:: 


nil’ 


131'j 

nu 

71 1? 
81% 


•jpk 

621; 

62 


63 


Acnc.3R.5ac-SWD— 

61 


8.27 

Alcan HU-nc «»‘J4 — 

S3 



MeL’Wr Jirc'ET 

zr.vi 


ic.w 

L- = S.:’.2^‘iS2 

150 


6.09 

Do.wiUwuiT'arr.w^i . 

Fisasi 


+% 

10.05 

Fr7I>M?ol 



1262 

Cc V'tcT3 — 

106 



Pc S'Pf-RS. .. — - 

ii‘1% 



ICFC#« Deb. ttC . 

r>c. -bi-c-i 

aid 

+% 

6.9 

79 

8.05 

O’ -(Kj-: UnOrt-TS . 




r-» lit-? t'a* (-1 TJ — 

431 ; 


U.'A* 

ftai:.,r.*'.‘nLr "<ri .. 

%% 


122w 

[to. Ti.pr AMk 7. MIL 

63J< 


U <3 

fV TVncAPh Hi-r-i 

62%ni 


lie 

IV*Sinc*A , '7i-« 

AiAVclalC-W 

73'-rtl 

Tla! 

... 

1221 

1250 


1142 

i3.ce 

1137 


1140 


1154 

13.13' 

1199 

1120 

1143 

1190 

1130 

LUC 

1190 

1190 

13X0 

1300 


F0EES6N SOPJDS & RAILS 


I?TS 

H1.-JJ Imr 


Fcrrr 


40 

413 


17 

'8 

350 


Vti'-ra'vrtiiv'r - 

rt» 5r •‘Vcf 

'Tj0f?n Mrred 

|tknj'ri V- : jitjjc. 
»9wA7w 't. --. 

V5-_ 

!Po*rc *5i’.ed ■'*.- 


Dice 

£ 


tor BH.O 
- Gr 


24 

40 

53 
4il 

54 
51 
43 


m. 

Vield 


E3.19 


(6.60 

f5H9 

WAS 


. AUFSKCmi.ar^ 
22 AmuSl- 
S% American 
31 Aner.Mec 

Asarco 



32% Cater^aiH 

17% Chase EmtaSHS- 
13% ChesafcmairiiSI— 
T(Sp CtoyOer 


Suck 


ASA. 


f a&OTpSt 

cstriOT.SLZS ._ 
DaCm.Pd.3Sl_ 
CoigaieP.Sl 

29 ColtIiids.Sl 

•3S*p Coot [Iliirois SI0 — 
17 Coat Oil 55 

20% CrownZeU.J5 

20% CoUer- Hammer 55. 
22 Baton Op. 2D5D 
17%[Eaaait 

28% IEewbB— 

670p Firestone Ttre a 

11% First ChicaE 
20% Fluor Corp. 

26% Ford Kotor 
16% GATX 

44% Oen-HedSPj 

15% QlletteSI 

28 Honeywell JL50 

lisp HuenoEx. 


P7i 


34 Ra«enoll 
TSSnlfatf 

705ppr.„ 

18 pMrALPi—-. 
20 B8mlH,( -i OSS73. 
26%PfoifamJ?)lJSS15 
Norton Stew Inc. Jl| 
OwautflL 53. 13- 
Oats US55. 


12 
13% 

14% 

1*2 

16% tBeO- N.V. Corp. $5- 
31 ReW dg 

16 , HfcMaiL-HtrlL31% 

255p Saul(B.FjJl 

IBiJ SheflOilSl. 

11% SmgerfSlOt 


CaiffSLa.Stt91-KJ 
Weson>PLHSJO.lft_f 

Texaco J625 

.raieiiie. 

865pTransamencaJl 

21% fed. Tech. 5DS5__ 

17% feS. Steel Si 

U% [Woolwwttr. 53% — 

XaraxComSl 

Kwoks Inc. 10c 

>, [Zapata Crap. 25c — 

■SJS. list Frendam 54%% flma 
Conversion factor t 


21 % 


+>2 


+iy 


S6 


a 

-5 


-% 


Hr. 


Gross 

Cm 

Sir 

■ 

E% 


SL75 


51.40 


30c 


40c 



Me 


95c 



SU» 


$ 1.00 


40c 


70c 




— 


— 

94c 

§06 

- 

5L00 

“ 

$2 

— . 

SLOO 



gii 

— 

SL40 



SL90 



6SL4C 

— 

12.25 



$2.34 


5320 



5110 



51.20 



£L2D 



3320 

— 

5220 

“ 

SUM 



$220 


5068 



52152 



53.00 



25c 


90c 

— 

7te 

- 

£116 



SL04 


15c 

— 

SLOO 



88 c 


90c 

— 

sin 

~ 

80c 

— 




£200 

“ 

$150 

_ 

SW 


5200 



5160 

il40 

— 

52 CO 




— 


-7 - I -I - 


(bund on USIL&38 per n 

0jS457 (66438) 


. CANARIANS 


BtHontrealSB 

Kl Nova Scot 

Bell Canada £5— 

Bow Valley# 

BrasamH 


CtainnBk.J2 

CmPad&$5 

Do.4pcDeb.DG0- 

GolfOiICanJI 

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FINANCIAL TIMES 


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Telex 440225 Tet (2021 347 8870 


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ELECTRICAL AND RADIO 


LAABedronic^ 

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CALS, PLASTICS 


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F.-ic farther delaili pVav? contact; 
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Tel: ess «:^r> 


AlbrighiTiImu 

Alp.iuitPliwk . 

_ . . Ahda Peek l0o._ 
61 Ail'd Cdi aid lOp 
'* .AncborCbffli ._ 
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Bleeder NMkes 
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CarizsCafei U)p„ 

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Copies QbUiunbla £r«n r.ew-^ects nnd beoksiall*: wiriri^fd- or on regular subucriptlon from 
Sut*srrlp:‘on Cepartmcnt. F.nancial Times. Loudon 


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24 


Cruising means 




FINANGALTEVLES 


Saturday August 12 1978 


[Strathspey 1 

Mi 100% Hjgjtod Malt' Whisky M 
%$)j “Ibgaidii E Suas Sjjtef 

TJrMisneachdT 



- -'V 


MEN OF THE WEEK 


Blow for Carter on 


Right 

on 

target 


tax relief plan 


BY DAVID BUCHAN 


WASHINGTON, August 11. 


Polaris 
base 
pickets 
pulled out 


By Philip Bassett, Labour Staff 


BY MICHAEL THOMPSON-NOEL 


PRESIDENT CARTER has been security tax increases due next • A cut in capital gain* tax by ! 
dealt a major blow by the House January. . Sl.Shn. including the indexing of- 

of Representatives which last The overall size of the House capital assets to eliminate tax' 
night ?ave overwhelming tax cut Bill — though at S16.3bn on inflation gains and a once-only j 
approval tn * MB.abn tax cut Bill a couple of billion dollars less concession to homeowners to 

and brushed aside an A dministra- than that supported by the Ad- avoid tax on up to $100,000 on i pickets ABOUND the Faslane 
tion-supported alternative $IR.l bn ministration— is not in dispute, the sale of a house. i Polaris submarine base on the 

tax relief pacxage that would The Administration has in any The Carter Administration ; clvde were withdrawn last night 
have favoured the lower income case been steadily scaling down clearly made tactical blunders in j as’ an act of ■>ood faith pendin° 
earners. its proposals from the original its tax strategy. I a meeting oiT Monday * 

Some Administration officials S24.5bn as inflation has grown One was to assume that taxi Industrial civil servants will 

down. They m a v* co me a* cropper predicted today, that the Presi- worse. ... reforms, such as banning the I then consider the peace offer 

at the polls. But for now these dent would now have to carry At ,ss y e is the composition of deduction for tax purposes of { advanced fast night after 
enfants terriblcs of the British nut his earlier threat to veto the the package. To cheers and business lunches, curbs on real j Ministers and trade union 
advertising industry are scoring Bill which discards virtually all applause from some members, estate depreciation and on, leaders agreed on a formula to 
so many percentage points on the of Mr. Carter's original tax re- the House turned down by -25 benefits for exporters and multi- i end the dispute that has led to 

Form proposals, because it gives votes <91 of them Democrats) national companies, would be|a strike at the base 
too much relief to wealthy to_ 193 a last-minute counter- popular Id a Congressionjl elec-j All told.- 1S3.000 industrial 


THE Saatchl brothers— Charles. 
35. Maurice. 32 — are winning the 
general election campaign hands 


swmsomeier of political enm 
nient that you would be excused 

if you thoucht they were running I holders of capital gains, 
for president. 

\ou need no reminding. I now passes, is expected to make 


Snalchi and Saatchi Garland- 


advertising agency hired by the maximum rate on canital n ain « 
Conservative Partv to sell its SmSSSm S per win below 
wares and talk tn the people The £ ^7 cent ?at e £p roved by 
Tories are spending at least u } 

F2nt on their Genoral Election tne House ' 


attack by the Administration that tion year. J viv*I servants are involved 

The q*o»re to whieh th* Rm wou,d have reduced the amount Mr. A! UN man, chairman of The formula adds lOp to the 

of capital gains relief by S300m the House Ways and Mean* Com-' Government’s offer, it is to be 
less than in the House Bill and mirtee. who steered the Bill | put to union 'members without 

any recommendation. Although 

tax cuts to poorer taxpayers. meet the often forgotten needs 
The Tax Bill now provides for: of the middle-income taxpayer, 
individual tax cuts of $10.4bn Another mistake was for the 
next year, with less than a Administration to have left its 
quarter of that going to those counter-attack far too late. Only 


Compton is the British-owned lGn™.%reEb”?]wrlng the d,recled more of the ind * vidual trough. sa L d >t ^as designed to 


run in. They seek power, and But. of course, a Presidential earning under $20,000 a year. after the House Ways and Means} 
Ihe pursuit of that power has ve, ° would also remove the tax • Business tax cuts of $4bn. with Committee had thrown out all 
been entrusted to professionals, cut stimulus that Adraintstra- a lowering or top corporation tax of the President's reforms did the 
In chonsinc Saat chi's, the tion economists believe Is still rate from 48 to 46 per cent and Administration belatedly try to 
Tories went straight for the most needed, to offset the effect of a a more generous investment tax muster support behind a compro- 
successful and (he hardest adver- weakening growth rate and social credit. niise. 

tising shop in town. 


Labour fury 


Results are already coming in 
Advertising is a deadly competi- 
tive-business. It attempts to 
enthuse, excite and inForm. 
Above all. it must purchase 
^Mention, so that rhe success of 
the Tory campaign to date — two 
Television parly politicals and 
one High Street poster — can best 
he judged by the fury of 
La hour's reaction. 

Mr. Denis Healey has now | 
entered the lists. On Wednesday 
he slammed the ** rent-a-fake! 
politics " of the campaign to date | 
and thnu’ght it unsurprising that 
Saatchl and Saatchi. specialists! 


New delays hit Teesside 
project as costs double 


BY KEVIN DONE, CHEMICALS CORRESPONDENT 



COMPLETION of Phillips 
Petroleum's major oil and gas 
liquids terminal on Teesside 
has been further delayed. Con- 
struction Ls three years behind 
schedule and the cost of the 
project is understood to have 
more than doubled to over 
£3fl0m. 

The natural gas liquids pro- 
cessing units arc unlikely to 
he completed before the 
second quarter of 1979, 
Phillips said yesterday. 

The Phillips site is one of 
several large construction 
projects in Ihe UK. involving 
the invcslmcnl of many 
hundreds nf million* of 
pounds, which have suffered 
severe delays. Several of these 
projects, which include power 
sintlons. steel works and 
Chemical plants, arp con- 
centrated on Teesside. but 
sites in other parts of the UK 
have also been badly affected. 


Phillips said that the delay 
on the gas liquids units had 
been paused by several factors. 

Some of the equipment for 
handling cold hydrocarbons 
that bad been supplied lo the 
site did not meet specifica- 
tions, it said. There had also 
been unforeseeable rhanges in 
design. and p re-fabricated 
piping that had been welded 
away from Seal Sands was not 
up to standard and had had 
to be modified on the site. 

These problems have been 
exacerbated by labour diffi- 
culties. Delays had been added 
to. said Phillips, by lower than 
expected productivity' and re- 
current industrial action on 
Teesside. 

The Government is anxious 
about the mounting delays of 
major construction prolects 
and is concerned that foreign 
companies might he deterred 
from investing in the UK. 


Phillips has run into prob- 
lems with its Norwegian custo- 
mers over the supply of the 
natural gas liquids, such as 
ethane and propane. 

Deliveries were supposed to 
begin lo Norway's first petro- 
chemicals complex at Bamhle 
last year. Part of tbe deal 
covering the whole Eknfisk 
development in the Norwegian 
sector of the North Sea was 
that Norway would get back 
some of the natural gas liquids 
at below market price. 

For the moment the Nor- 
wegian companies. Norsk 
Hydro, Sfatoll and Saga Petr©- 
kjemi. are having to operate 
the plants on feedstocks pur- 
chased elsewhere at world 
market prices. 

Phillips has recently rrached 
an oul-of-eouri settlement with 
its customers agreeing to pay 
compensation to meel some of 
the cost of the mnimling delays. 


g*. 

IhA 

Brut hers Maurice (left) and I 
Charles Saatchi: making Maggie | 
brand leader 


China awards £36m chemicals 
plant order to Davy Powergas 


BY KEYIN DONE. CHEMICALS CORRESPONDENT 

dcoduram" 11 "'* he^iibbed* them* DAVY POWERGAS. the process Mr. Edmund Dell, the Trade bidding to build similar oxo- 
had been chosen in “cleanse ami plant contractor, has won the Secretary. Negotiations have alcohols plants ' in Hungary, 

sweeten the image of extremism UK's first substantial chemical been m progress for about 12 Poland. Yugoslavia and Korea, 

and division" created by Mrs Plant order from China. The months. Meanwhile, after Chinese in- 

Marcaret Thatcher. contract to build two pelro- As trade links grow between q U ir.ies, Humphreys and Glasgow 

Jokes about deodorants are chemicals intermediate plants is China and the UK, the National 0 f the ijr has submitted plans 

sometimes funny. Labour’s re- worth about £3t»m. Coal Board has been asked to t 0 Peking for a fertiliser plant 

Davy IS bidding for further design, construct and equip two . 

work in China, mainly in com- large coal mines at Tatung, and 


action to dale has helped focu 
attention on ihe first salvo of 


i s?uc . The Tori >s are raisins. So petition with West’ German Davy and the British Steel Cor- p on fj_ u _j f rom Pacrp i 
been well engineering companies. poration are understood to have k,onunuea irom rage 1 


far their monev has 
spent 

Ai_ the eye of the -dorm are 
ihe S.iatrhi brothers. Charles m 
ihe creative force, shadowy and | 
ri i rly- headed, spinninc off image* 


Its successful bid is for build- 


hopes oF winning a £!bn contract 

ing n.-0 60 . 000 -lonnes-a-year oxa- ” f , C j!™' s 10 chief 

.iMknk Finn i riotaiu nf integrated steel plants. 


Final details of 
the contract have yet to be 
and^^rMtmr^ei'a pHw'LSE **»!«'• b ? 1 much nf the plant 
«:trd«ni. supplier ihe business «>uipmenr is likely to 

dm e; quid and courteous and ordered in the uiv __ 

although *till only 32. known The plants convert basic petro- west German company, BASF, tiveness 
reverentially ai ihe Ritz “Mr chemicals, for instance ethylene was the chief losing rival For the This is 


Davy is also bidding to build 
a 100.000-lonnes-a-ycar methanol 

, plant in China. The main com- been fairly relaxed about the 
be petition for ibis contract is from implications of the appreciation 
Lurgj of West Germany. Another *p r the medium-term competi- 

‘ of British industry. 

because the trade- 

Maurice.'' and propylene, inio intermediate oxo-a!cnhol$ plants! • ' weighted index has rijen by 

From virtually nowhere eishr chemicals for u<v in products But West German companies only 0.8 per cent in the period 
year* ago ihev have driven such as solvents and plasticisers, have won several other contracts 3nd is still below the peak levels 
Saatehi and Saatchi Garland- One unit will hi* built at in the present round of plant of recent months. British 
Common inio nn-itinn as ihe Taching. where China is assembl- ordering as the Chinese seek a exchange rate policy seems to be 
fourth lnrae*i :irlvprii«mj .igeni-v ing a large petrochemicals com- rapid build-up of their chemicals mainly concerned with ensuring 
in Britain, so that they are now plex. The location of ihe second industry. that this index remains at 

hreaihing down the neck* of the has yet to he disclosed. The Davy plans will use a roughly its current level, 

throe Amortran-nivnofi leaders- News of the Davy order closely process developed jointly by David Buchan adds from Waxh- 

Ma<jus. J. Ya Iter. Thompson and follows the visit 10 Peking by a Davy Powergas. Union Carbide ington: Talks between Mr. 

MeCann-Erick--on UK trade defecation headed hy and -Johnson Mart hev. Davy is M )C hael Blumenthal U $ Treas- 

Overall. the S.mtchj group ha* 


become the second biggest adver- 
tising group in Britain. H is pub 
liclv quoted. Half-year results to 
June 30 showed a turnover or 
1-4. 6m fur a pre-lux profit of 
£755.000 c £571.0001. 


Weather 


UK TODAY 
DRY in E. at first: nin spreading 


S-W. England, S. Wales 

„ Rain, heavy in places. Max. 

Spectacular business growth f rom w. to mosi areas. 19C or 20C (66F to R8F). 

over the past year has been London S.E. and E. England. N. Wales. 1. of Man. SAY. Scot- 
fueled h»- new business assign £. Anglia land, Glasgow. Argyll. N.YV. 

ments from :< roster nf hluci'hip D rv a t first, sunny spells; rain Scotland 

‘J. 1 on - 1 :'. n l ’ ! ! B V ■ l : ni, r r1 later. Max- 22' : i72F). Rain. Max. 17C to 19C (63F to 

” * *" ^ ’ ’ ’ Central S. England, Midlands, fifiF). 

N,W. England. Lakes, flent. N. 
England, Cent. Highlands 
Dry at first, rain later. Max. 
19C (fiOFt. 

Aberdeen. Moray Firth, N-W. 
Scotland, Orkney, Shetland 
Dry. Sunny intervals. Max. 


Biscuits. BT. (British Ley land) 
Allied Breweries. Rnwniree 
Mackintosh und Cadbury 
Si-hweppes. 

It^ work — garlanded hy award 
and sanctified by results — Ls part 
nf the national consciousness 


Max. 


Channel isles 
Dry at first, rain later. 

IRC to 21C <66F lo 7«F|. 

N.E. England, Borders, 
burgh. Dundee 

f — n,..i« ■ , . . . Drv. sunny interval's. Max. IOC 

from Dunlop s dia-inpcaring L r 2n ' c (e6F esFi. 


Edin- 


world to the Health Education 
Council's pregnant buy-friend, 
from Schweppes' twice twice the 
flavour flavour to P . . . P 
Pick up a Penguin. 


BUSINESS CENTRES 


Driving force 

The best clue to the driving! 
force of the Saatrim ranie in 
their last annual report “lnj 


Ui’xnrtrra 
Amffntm 
llnhruin 
RarirlonJ 
n>-inii 
H-llafl 
rii-i»rM Jo 
Ib-rllu 


Th 


Y'OBJj 
jnidda> J 
-C -H 

23 v' MadnJ 

l*> 'I ■' u.Ii- -sir 

36 VTi 'li-ibiTumt; 

24 75 Mi-xicn C 
30 si, II. Un 

I* fi“ Mmilri.jl 
2 721 .IIiiv.mw 


18C to 19C (81F to 88F). 

N. Ireland 

Rain at firsu dry later. 

I9C F66FL 
Outlook: Mostly dry and warm 


Ydjy 
midday 

*C 't _ 

s & « in S., changeable in N. 

S IS bfl 


Max. 


a in 
s 22 
S is 
s si 
C n 


HOLIDAY RESORTS 


analysing the company < future I HimuiKhio F 


Y’rtav 
niidda^ 
’C "A 


Vdav 
midday 
•C "F 


prospects." said Ihe report, "we 
think u increasingly important 
for u* to adopr the same disci- 
print?-! we recommend tn our|c*iro 

clients for their brands—- to br 1 
.sharp in the definition of our 


RriMoi 

Brnssrls 

BwtdPOST 

P. AUvs 


Chlcaco 


long-term objectives, frank abourl p U bun 


nesses, snd clear about our posi- 
tion in the market." 


l-raidelnn 

i;-*ni>va 

lUasaov 


That is how they are selling HL-isinti 


ihe Tones. You mnv nut like the 
Tories. You ntay detest th-? mes- 
-agn But then the choice of 
brand is yours. 


H. Knng 

.lo’tiurs 

Lisbon 

London 

Luscmbnt 


V 

19 

IM >.i'l.i_ksUv {J 

19 

its 

liaccm 

F 

2:: 

7:^ j^r<i?r 

S 

t< 

ftl 

ti 

;n 

RS .Vi".. Vurti C 

il 

Tli 

Riarnry 

S 

.j 

ft La>. Phns 

S 

23 

« 1 

c 

IS 

si nirn c 

IS 

Eli 

n H-knoni 

F 

-U 

W Luca mo 

F 

22 

72 

V 

J! 

72 Paris p 

jii 

S3 

f.l 

Eordeaui 

S 

22 

72 Luxor 

S 

41 

m 

s 

13 

i'l P.-rih p 

17 

IS 

fViuloanc 

F 

17 

63 M .(ion-a 

c 

2S 

sa 

s 

M 

M Pramiii r; 

61 

Casablnca 

S 

24 

i.-* Vl.1l.1ca 

s 

23 

n 

s 

19 

&*■ K«;vlt|av||e r 

l.» 

a. 

as 

Tapi- Tn. 

C 

17 

S3 Malta 

s 

57 

si 


M 

6 n Kin dc J-q S 

y; 

nixhrovnik 

F 

ii 

11 Nairobi 

s 

21 

70 

c 

IS 

6ii Rnini' C 



Faro 

K 

24 

1 j Xaples 

c 

24 

73 

r 

lli 

M SinsHDorr C 

30 

SR 

Florence 

C 

21 

70 Xicp 

F 

23 

71! 

c 

lj 

.in Shnihnlm t- 

20 

Ki 

Funchal 

.9 

2.1 

tS noorro 

s 

20. 

BA 

c 

17 

M Sirastiunt C 

IS 

A4 

(iibralrar 

5 

23 

?7 Saiztiurc 

Th 

17 

IM 

F 

19 

w hr<iiii-r s 

14 

37 

Guernsey 

S 

17 

saj Tana It- r 

SL" Tr rw-nlfe 

s 

29 

s; 

c 

IN 

M. Ti tir.in s 

.ni 

3S 

Innsbruck 

c 

IS 

s 

21 

70 

K 

15 

S4 . Tl-I ,\l jv s 
M Tokyo f. 

29 

84 

Internes* 

c 

14 

371 "*unu 

F- 

25S 

» 

C 

29 


91 

Is ni Man 

s 

1* 

W Valencia 

C 

2ii 


s 

F 

22 

72 Tnrnnti) s 

ci VionriN R 

in 

W 

Istanbul 

s 

27 

su Venice 

5 

24 

73 j 

F 

C 

is 

13 

sk Warsaw C- 
av Zurich F 

;n 

17 

IM 

6i 

F— Pair. S-~Sunny C— Cloudy. 

Tb — Thunder. 

R- 

-P4ln. 


ury Secretary, and Mr. Michiya 
Matsukawa, a senior .Japanese 
Finance Ministry official, ended 
last night without any agreement 
to activate the $2hn U.S ^Japanese 
“ swap ** arrangement which 
Japan feels would help stabilise 
the dollar-yen rate. 

A brief statement said both 
sides would continue ” the cur- 
rent policy of intervening in 


union leaders expect industrial 
action over the claim to be cailed 
off. the formula might be 
rejected by any of the 12 unions 
concerned. 

Ministers agree that the 
formula is within the Govern- 
ment's 10 per cent Phase Three 
guidelines. It consolidates the £fi 
Phase One allowance and £2.60 
of the Phase Two allowance into 
bagic rates and gives a 9 per 
cent additional increase. 

Craft and supervisory allow- 
ances. payable when craftsmen 
or supervisory staff take on work 
not normally done by their 
grades, will be raised under the 
formula by 50 per cenL 

Some pay anomalies will be 
corrected and some 30,000 low- 
paid workers will get between 
£1 and £1.50 from a new produc- 
tivity bonus under the special 
efficiency scheme. 

Negotiations for the 1979 
settlement, will be based on 
study nf comparable pay and 
conditions outside the Civil Ser- 
vice and means of implementing 
the findings. The negotiations 
will also discuss altering the 
industrial July 1 wage settlement 
to align with the whitecollar 
settlement date of April 1 and 
prevent the former from failing 
hehind general settlement levels 
by heing last in the wage queue. 

Union leaders place great 
importance on the final two 
elements of the formula. The 
consolidation and nine per cent 
rise will increase the basic rate 
of the lowest grade, covering 
some 23.460 workers, from £32.50 
to £44.80 The crart rate will be 
£56.25 and the top rate £58 55. on 
an increase of £1.25 a band. 

A statement from ihe trade 
union side- of tbe joint co- 
ordinating committee, which re- 
pre>ents the industrial civil 
servants, said the final offer 
represenreri the most that could 
be achieved by negotiation. 

Mr Pete i Adams, chairman of 
Ihe joint enmmitlee. said affbr 
the day-long talks. which 
included a meeting with Lord 
Peart. Lord Privy Seal, that the 
trade union side was always dis- 
appointed when it did not get a 
belter deal. 

Union learierc have set a dead- 
line of August 31 Tor the 
responses front the 12 unions. 


THE LEX COLUMN 

Where the cash 


-•r<r 






2 ^7^" 


-A. -- » . 


is 


coming from 




•; a i 


What a month the Stock Ex- 
change is having. August is 
supposed to be a sleepy time 
in the City, but the activity in 
the past couple of weeks has 
been something for the record 
books. The daily level of equity 
turnover has surged to wen 
over £I00m. far in excess of 
anything seen this year.' and : m 
the first leg of the new account 
the FT 30 Share Index has. 
bounced up by’ another 17.6 
points. . . 

The most interesting question 
is about where all the money is 
coming from. Very recently, 
there have, been signs of re- 
newed interest by the small 
investor, but this is unlikely to 
make much of a dent in the 
steady pattern of disinvestment 
in equities which has charac- 


at the beginning of July. . -Not , J 


rv 


IrtrfpY rose 0 8 tO 514.8 surprisingly. Lyons has been the ■ 
■loaex rose u .o w rup performing constituent of . 



the All-Share Index, with a rise •jf'j j 5 
nf three-fifi lis. Pressing.. ub^! 1 l* 


Pressing, 'up-^l 

behind cumes Hunting j 
Associated which has never - 
looked biiek since it sold off its a 
energy interests to a grateful ;v| 
public, and a host of 
groups of varjins quality like:* 
Burton. Sears nr Hardy and Co; 

Share prices are responriing 
strongly tn company news— . 
Hambros and Glynwed have : 
been among the fastest movers^, 
this week — and some heavily', 
battered shares like Tate and 
I .vie or Burthwick have also ' 
been doing well. When the . 
market has the bit between -its. . 
teeth, anything goes. 


i n 


, , . . ■ luck the building societies 

Ihe*** La^earX'sS dTrt ne^Sj B ® Min e SOCietieS 

investor sold nearly £26n of ^ ave b ln k dump giUs t0 st ay Good news Ior 
equities and in the first quarter fhp rnr< ; e t. ment and most homeownere: 

of this year was selling stock'-' ‘ there is no need to worry about 

at the rate of over £2GGm per Unit Trusts mortgage rates in the next few 

month. ' Is the public participating in months. The building societies': 

Meanwhile the big investing tlus upsurge 7 The unit mists net receipts for July amount tn 
institutions started the year, certainly think so. Far from fiSOm, which apart from June 
with historically low levels of the usual seasonal slump, they is the lowest monthly figure (or . 
liquidity. In 1977 the cash flow are having a bumper August, the la^t year. But these figures 
of the pension funds and insur- AU the leading groups confirm contain the basis of a marked 
ance companies had amounted this, with M and G talking of recovery in the rale nf inflows 
to a record £6.6bn. yet after sales up tn July levels and during the coming months. _ : 
putting £3 3bn into gilts. £2.0hn others saying that August so far One reason is that "July's 
into equities and £0.9bn into looks like the second best figures would have been sicnifi- 

prnperty they had to dip into month of the year. But while canfly higher bin for an in* 

their cash reserves to make the current recovery has un- crease in the limit on holdings 
ends meet and fulfil their other doubredly attracted lots of new of the 14th issue of National 
commitments. This squeeze on money to trusts' income funds. Savings Certificates, which took 
their liquidity ratios was one nf there' remains considerable in- effect on July 1. The impact of 
the principal reasons why the terest in Wall Street and Far this change, which tended to 
gilt edged market proved such Eastern funds. One group with suck the funds of higher rate 
damp squib in the opening unit sales averaging £350.000 tax payers out of the societies, 
months of the year. a week so far this month had should be less marked from now 

By the end of the first £125.000 each for its U.S. and on. In addition, the recent 

quarter, however, institutional mainly Far East funds, and decline in interest rales goner- 

liquidity was beginning to look £100.000 for its income fund. ally has marie the societies a 
far healthier. Institutional cash - On the investment side, the much more attractive home for 
flow was running at £2bh in the trust managers — collectively savers than they were a month 
first three months f24 per cent regarded as the weathervane of ago. At the beginning of July, 
up on 1977) and although they institutional attitudes— seem to the grossed up building society 
continued lo pump money into be bullish in general. View's deposit rate was only fraction- 
equities and gilts, the institu- range from M and G. which ally higher than that on local 
tions had increased their short talks optimistically of the Index authority three months deposits 
term assets from £2.7bn to makiug -fiOG at least, tn Save and — whichis probahly the best m- 
£3.1bn by the end of March. Prosper. \wh ere the manage- riicalor of competing rates. 

Liquidity probably did not ment is distinctly cautious and Now. a gap of over half a joint 
change much in the second not particularly excited by has opened up between the two. 
quarter and the institutions future prospects. Most groups On that basis, the societies 
should be- fairly comfortably are agreed that good oppnrtu- should have no problems about 
placed at. the moment, nities are be«*nming more financing their projected £S‘bn 
Assuming a monthly inflow of difficult to find, and there seems or lending this year. Thev may 
£670m. the institutions should to be no favourite sector. not ve[ be in a position to re- 
able both to meet the p , build their liquidity, which has 

Government’s borrowing needs renonudflce laoies been run down sharply in re- 

and pm more vmo equities than Just about every sector of the ce nt months. But the prospect 
they did last year. market has shared in the rally, of rising net receipts plus over 

The building societies and the Tables produced by Datastream £400m a month from rep ay- 
banks may be net sellers of show some spectacular gains meats of principal and credited 
gilts, which could sap the insti- since the FT 30-Share Index interest add up to a comfori- 
tut ions’ liquidity. ’ But with shifted up from its base of 452 able feeling of stability. 


T--' 


International cuts 
Green Shield outlets 


BY DAVID CHURCHILL* CONSUMER AFFAIRS CORRESPONDENT 


INTERNATIONAL STORES, tbe committed to trading stamps 
BAT Industries High Street Green Shield, however, still has 
supermarket chain, has decided some 15,000 retail outlets giving 
to drop Green Shield trading stamps although this. has now 
stamps from all but 100 of its 684 dropped by-about 6 per cent over 
branches. the past month. 

The decision represents a International plans to keep 
bitter blow to Green Shield and stamps in about 100 of its stores 
comes just over a year after when they are dropped from the 
Tesco axed trading stamps from nest on September 9. It says it 
its 700 stores and sparked off the « keeping these franchises 
present High Street price war. because of their close location to 
International, took up many of Argos discount stores, 
the stamp franchises given up by Green Shield stamps are 
Tesco hut has found over the past redeemable at Argos stores and 
vear that consumers appear lo International believes that in 
prefer price cuts to trading areas where Argos is strong 
stamps. It had already reduced because of its low prices for eon- 
the number of stores giving sumer durable goods, stamps 
stamps to 507. still attract shoppers • 

Green Shield last night reacted But the decision to keep some 
bitterly to International's deci- stamp franchises also suggests 
sion. “There will be no victors that international is not corn- 
in this High Street prices shoot- pletely sure of its marketing 
out, merely a succession of strategy in the fiereely-competi- 
victims. who will bear their scars tive food and groceries market, 
for a long time.” said Mr. Torn Although International’s market 
McAuliffe. Green Shield's chief share has risen by a quarter tn 
executive.- 3.7 per cent, this is 1 still some 

International's move, which way below Tesco’s 43 per cent 


i will save it about £6m a year, increase in market share which 
exchange markets to counter, dis- j means that no major national is now running at about 12 per 
orderly conditions." supermarket chain is now totally cent. 


Continued from Page 1 


Peugeot undecided on UK 


have called a meeting of senior Talks will start In earnest next The NEB is likely to develop 
shop stewards from all the com- week between senior Government this argument if it decides to put 
pany's UK plants whieh will officials and executives of a detailed case to tbe Govern- 
probably take place at the end Peugeot. Several departments ment. 

of next week. will be represented; Some Ministers believe that as 

The International Metal- Ministers are unlikely to take the Government has been sup- 
workers Federation is also eon- any decision until the Cabinet porting Chrysler with State funds 
vening a meeting of union meets early next' month. to make it a viable concern, it 

officials . representing Chrysler One issue which will be con wou, d he. iriogical to object in 
workers in France, the UK and stdered bv Mr Varlev and his Principle to a merger that could 

Spam on August 30. Cabinet colleagues will be the bring about this viability. 

Senior British union officials impact that the new company • International stock markets 
believe that the Government is w ° ui d have an BL. formerly welcomed the proposed deal and 
in no position to block the take- British Leyland. in London the Chrysler' price 

over, but warn that unions will There is a feeling in some rose to 995p yesterday, 
react very seriously tn a failure parts of Whitehall, fostered by On the Paris Bourse Peugeot 
by Peugeot Lo give assurances on the National Enterprise Board, shares were Frs. 23 up at Frs 506 

jobs. that the national interest would And on Wall Street, the Chrysler 

'There are a lot or fears in not be best served by allowing a price, which rose St* to SI21 
the industry," said Mr. Grenville relatively weak competitor to BL after the news on ThursdaV 
Hawley, the Transport Workers’ to develop into a major European edged up another 25 cenLs in 
national automotive secretary, car producer. early dealings yesterday to $12i. 


%EA. 

Payable 
Quarterly. 
Plus Capital 
Growth 
Prospects. 

E-(iiiUU<d!7i*,i*.imngVh:U. 

COSMOPOLITAN INCOME FUND 

• Initial offer at 50p closes 18th August, 197S. 

50% Equities. 50% Preference Shares 
Here is your opportu nitv to get a high income with quarterly 
payment* plus the- long-term prospect of capital growth. 

Cosmopolitan Ini-muc hind i*. a mwmut im-i irun.ij.vd hv 
Co6ifiiopoliLin Fund \tinjtwr%Limifed.ivhk-|i is lonirolk-.l fc>, I.>cf h 
Sanders and Farmers, who oiFsrorlv provide a i i illv c> mipix-l icn-n c 
investment advisory vervue on fund* in nu>s < it L’Om. 

High Initial Yield The FuhjVe>nmar<.-J j.-roe. sramne vi,;|J i* [1.5:, 
oerKnHedlroni a b.ilaiued pnrTicifo eomhimre: hieli \ ieIJinc i qnim - u irh 
prciereni-c shares. Thj> bleiul I ms Keen vatctulh planned io pr.-vi.J, n.v 
onir d|ehijDk.T income uoullv dMivuted wirh n-.ej mten.-r I,. h MC 


1. 


alsothc potential l.«r...ipiral Krowih inherent ui the equnv c..num or flu. 


. - .iii r V iHuin i.« 'nil-in or mis 

pnrrtJfcbKvHtKvrfHhedwnbnteJ qumtertv nnj t \ K llr . t r . ullll . nr ,„|| ^ 
m NnvcnJx-r Imwror. teminJeJ that tlie j-ricc unit-, and 
the income troni riicm mav go aernn «•> well ,1, up. 


Ail Inwxiiviuiii unit trusts -hoiilJ K- n.-_%v.ied a< lon"-Kn„. 
IiivwfNoM^You xn.ii hiiv unirs .ir diei'pcinn^- nHerpn>’enf ‘xV ur.r 
ini_A<WUW. W7^ilnMnininiuminvc-tnto.iu iNl.SOv’.Simrii nil in U10" 


JSdi Aiyu w. W 7 S. ilwiiinimum invc-tna.iu iNl.SOk’.Simrii nil 
application mim bdrm and send it m wirh v. .. ir teque. iMvahle in 
Cownopolir.m Fund M-n. W rs Ltd. )i H irapp| ha iiui will k- a ,Ln. .« k-.W 

andVonrcemlic-.ire will tv lonv.nvied herk- Reewrjrswirlim S ■, l 

AJrct flu: ln.mil nAovuiub. will k>old at the wevkh ralbaii-m r'nJc aiU 
yield qjMorcJ in rf.H? Iznuhn.il priv. ' 

^Genera 1 Information r« V njenwviiU be made on the last w.vljn- Am 
W NrimoKr. rebnurv . M.W and Airjust. “ * 

Younuv -ell \011r11111r- at am r.nw. >impf-. «;«n vonr oirtih.-ir.- on ik- 

l^'afECw; The oiler five the ini rial ckr-c of - " Thev i- m 

jnnu..] nwrcwmieiit fee ol V\x l.-r\'ATj. Lomini^niqot Ik a u Vll K-LiJ 
torect^u-ed Jsew>. 

■Bru^tcv" Midland Bank Tni>rCi>nirani L'd. 

VfinMiem:.GoMiK>|K<liun Fund Man.ipcr>lrd. Memkroi i!,.- 1 ,„ P 
Tnist Assrvution. 


(XJSMOPMJTM INCOME FGNR 


h,,lJ ^ , -? n! W s Ltd.. 5.1 Pour SiTi.vr, 


Ljjndon SW IXWEI. I Rendered in England. Keci- rtred oti?- .. 
56 Cqdull A\ enne, London EC2. Reg. no. 0^,7 5 


I-H'e wbirm im o^-r C . 


CcbmopoHruitliKMiiK Unit Tru»t. 
Name (K-irAlftAlns. 

Address 


-iminimuni 


l-Vedcv’lare ihui l am ue are nor ttsdenr i^iisidu iheS;hed<iloJ 
Territprie' and that 1 am we are riot acquiring Hie umr» on behall Vunv 
other petsonf" 1 our >1. le rhe-e Tumroric-. 

■ill vou 3 ie unahie m nuke ihrs divlararinri ir'should he deleted and » our 
invest inenr mude through a'L’Kbanl. stftdbnAer or solicuor.i 

Signauirc(>) - 


. r».nc . 


• - . „ . _ .. , . ' Joint appiicanrs miw -ign separately. 

^ This offer w not a'Hi table to roidcnts. of the Kepohlie of lo-Lmd. 


I 

1 

I 

I 

s 

1 

I 

I 

I 

* 


Resist* red ai ihe PMi Office. J>nm«S hy St. CUmn»‘s Press lor and 
hy ihe fmaBdalTune* Ltd.. Bracken House. Cannon &rcoLU»nlon ! EOip^IbY 

8 The Fmincwi Tunes Lid.. 1 S 71