Skip to main content

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

See other formats




f- 


FINANC3ALTIMES 


wr 

| No. 27,Mi Saturday August 19.1978 **i 5p I 

Meris Quart^rangefram aroujS49-50-£75. j ■ Vy WJV J 

t ■ 

CONTINENTAL 5EU}WG MUCBSt AUSTRIA Sth Bg ^ 5,UM Fr 25; bSNHARK Kr 3.5; FRANCE Fr 3.0; GERMANY DM 2.0; ITALY L 580; NETHERLANDS FI 2.0; NORWAY Kr 3-5; PORTUGAL Be 20: SPAIN Pta 40; SWB5EN Kr 305; SWITZERLAND fr 2.0; EIRE 15p 


Je fteviens^ 

The essence 
of feminine /j\ 
elegance . 





LES PARFUMS 


-WORTH 




M NEWS SUMMARY 



GENERAL 


Smith 

not 

opposed 
to talks 


Price inflation up 

BUSINESS ;; * 

Equities but rises likely 

ud 3.6: . . , . 

to remam slight 


up 3.6; 

Gilts 

drift 


Fed raises 
short-term 
interest rates 


Carter 
victory 
in energy 
talks 


BY JOHN WYLES 


NEW YORK, August IS. 8 * David Buctam 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


HIGHER SHORT-TERM interest its line on inflation earlier this OT JR5^ GT %^iHS! st IS - 
rates emerged today as the first month .had won back some of PR ESLDENT CARTER h: 


of the series 


continuing its lost credibility. 


scored a major breakthrough in 


Ifl f |K\ • EQUITIES undertime re 

■ I/i f llA LJ mained sound, and the Account,^ _ , . , 

ended with the FT Ordinary J ^ Tetail-pncG lDuGX Tli 
Rhodesian Prime Minister Mr. todex up 3.6 to 5122); making! ( January .1974 -- 100) . 

Ian Smith said that the tran- a ^se of 15.7 on the Account, j That ic tha cmollact mnn 

sitional Government is dis* ' ^- 7 ^ - hill i.um - I 

cussing an agenda with British ct I 1 


1 January 1974=100). V ft^US^di££t r 3ft! SS l JSS a S^. 82 gSKlSW" 16 " ' ro,:, aH cnn ‘ 

ris? a kg PrcdiCted (by ttllSS Stt££^d7l2 SK at the " The dentation of «« prices. 

July. 1977, toe fodeTrose by an The best Side to short-term between M and 15?er^S?t £ open market to raise its funds . Announcing the discount rate and the proposal for higher taxes 
and US. envoys for new settle- |\ r.ummummm «l J exceptionally low <U per Lit, trends is oomSfly the todex for SteW year idftStaipS of “P 81 from 8 10 aboilt 8i {“* ™K e 31ta2“ f ££ still badly Xkh. S/n-ral ar“ 

Although Mr. Smith adopted — \ 1 + I per cent ^o?d “ sT^r^nt in ft? IS h SSidlmTOfflfliSta tte of^ecent dT^rderiy^coIditiin'I Package, designed to get Amen. 

, “g ‘ U fck - I “JSjBK -SjuTS from S^peTceS S f ed ^ “ “aSeTwas^SI i» foreign exchan/. markets as SfflnSm^ on ! iTo 

W£i2”?«L plan n n I compared with a rise of 7.4 per previously. Although thit is we II Sueeiea. But there isiio Sr£ here 35 strengthening the well as the continuing serious JJJ e deficit and heln the ail n-- 

p S? e u |51D 1 »— V J cent in the previous month. That above the rate of 6.8 per cent in evidence yet. message to the foreign exchange domestic mflabonarv problem. dolJar-. P 

Rhodesia by saying he was not I y ■* ^ L. » is the lowest rate since earlv the period to mid-March the rrrj, _• A - .. . . markets that the U.S. authorities The White House said later 

opposed to the talks, -he stressed 1 2973, y trend P i s distorted by the annual is ti^iS wae^; haw ' *** ^ermined to attack inflation that it “fully understands” the Togetoer with todays a n- 

that no final decision on this had IT Pubiicatinn nr th P TOe _ bunching of certain increases n.rS£ t the dollar. reason for the action, adding nouncement by the federal 

yet been taken. TtL terdav hv V/ SSJSSSL^ notably for loeti^uthority mS Sb^S* **“ funds rate, which is the that the control of inflation wu ?«««• Board of a discount rale 

Earlier, key black leader in the i . J.iu ahKi Fmn^n™r n t th fnri D ^ ar S l n BDt ° f »"d rates in April. ^ ng charge on short-term inter-bank essential fora strong dollar and increase to ij per cent to take 

transitional Government Bishop [ ^aSSaSf”^ y** , now recently _ been loan^ ^ one ^ the economy's sustainable economic growth. e 5 eel on Monday, the news or 

Rluzorewa said that he was not 1 ■ I - • I | Govemm^ 0 Prorliotinn tl25^^*vere 7 iiS r i2SJ 11 ff 0r most unportant interest rates The discount rale has assumed ^ congressional breakthrough 

against the talks, , but questioned 1 *uc 1978 . Tr^ 0 ^? 051 ^ 11 X16QICIIOII yery l0w levels of a and was raised an eighth of a greater than normal symbolic on natural gas will help allay in- 

Anglo-American intentions. 5Q5L — ■——1 1 — -i- — i ^ a ^ er !L ey ’ m. * Je ^«^iwMPn, 0 Ki.h»n an »» Per cent on Wednesday when importance in recent weeks. creasing fears abroad about the 

■ , i 14 is 16 17 —. 18 Pnces Secretary, said the out- The figures suggest that the The -divergence between wages confidence in the dollar aoneared When the Board voted to makp dollar - 

Lusaka:— • • • i ll ■■ come accorded well with his pre- trend is rising slowly. Other a s d , pf£c ^ cannot go on indefi- ^ be collapsing PPC *“ the last increase in June 7i per But Sentor Henry Jackson. 

Mr, Robert Mugabe, joint Hong Kong, the Hang Seng £, May 1 f“ ontl1 evidence from the continued The dollar rose steadily in New cent, Mr. WiUiam Miller, the Fed S? 1 ™!** of A e Senale 

:.der Of the Rhodesian PatrtnHe index rase. 19 7I> tn 8WLT2. iu rate wou d remain about 8 per low level of rises notified to the expeefiag a nse in. the 12-month York on news that thediscnnnt chairman. was in the minm-ittr. Committee, today warned that 


AD6 1978 


.MUUMHMVU. 

^ftWOOK 


17;*“- T8 


leader of the Rhodesian Patriotic index rose 19.70 to -48032, its iSf. 8 P®^ S2Ll m }Ji ri - se * noti fied to the rirp^flat^TS^SSS York on news 11,81 11,6 discount chairman, was in the minority. 

Front, broke off talks with his highest sinee October 19Z3. cent for the rert of toe year, with Pnce Commission and the ' S?3i.Kl t SL2??ii , !!E rate m risiQ ff but trading was This raised the first questions Hw»k“3ES 

counterpart. Mr. Joshua Nkomo, ^ " “ ode ^ t l rat ? »f increase in ^ mte-or slightly above 10 per extremely thin, dealers said, about his readiness to continue 

to fly to Nigeria. The two • GILTS drifted downwards on Oppen- manufacturer^ output prices In- . Farther announcements were raising interest rates in a bid 

Eueirilla leaden bad*' startpd nnrert&intv nvpr thc^ *)fvd nf Opposition spokesman on dl cates tb at the outcome for 1978 level of expected today. None to shackle inflation 

• STERLING rose 30 points 1o 
rUITieS scare S1J430 and Its traefe-weighted 

An office block in London's average rose to 623 <62^). The 
May fair was evacuated and 33 dollar’s depreciation - widened 
people taken to hospital after slightly to 9.7 per cent 33-6). 
fumes spread through the bulld- 

ine. The 23 were later allowed * GOLD rose $2 to $220£ in 


home. ' London and in New York the 

_ _ . . _ . Conicx August settlement; price 

Mystery blast rose «lu to $2os.oa f r 

L.TS ,S?*STph rt & . WAIX STRE ET ywjp^rtlled 
airliner, killing one passenger °“ ““ertainty over Admlnistra- 
who was sucked out of the plane, Hon plans to aid the upuar, and 
and injuring four others. after rising 5.46 earlier |p the 

:• day^the Dow Jones index «ttied 

Doris Waiters ; • - hack to. 396.83. Tot it'.jak r " . 

Doris Waters -has died in ter® 1 *®*. 1 ' / ' . 


rate was rising but trading was This raised the first questions Shi l .h“foiiiwinB 
mrtremely thin, dealers said, about his readiness to continue SSSSriSSnl tSette? Est nfght 

SSfed “SS?" K “ a bid STSSfTS toted “oil feSS a 

prices and consumer affairs, said should not be too far from Mr. wage sememenis in nte coming materialised, however, and WaU Tbe * Ver Smt differential " «“««»" vote on the floor of 

** the message is now clearly that Hattersley’s prediction, given PV W£id makes forecasting street w£^ Sided aSSSt toe betwlen the dSSLit reto ld HI ?°S se and S /l al % , u 

the rate of inflation is rising the normal time lags in passing very, difficult But the nse in jjkely effectiveness of today’s the Fed funds rate durine th2 The House and rhe Senate have 

once again, and by early next on higher costs. Oonfinned on Back Page moves ^ m aonS h*. « aireHdy passed differing versions 

year it will be substantially That is slightly surprising in Editorial Comment, Page 12 Some economists think that tendiMW snfren 


Boussac to be absorbed 
by Agache-Willot | 


BY DAVID WHITE 


m ° ves - , ^ P«st month has been seen as of the gas deregulation Bill 

^me economists think that tending to soften the impact of which SrogreSfvlv removes 

b2n F ^? highe , r open mar * et ^ te 011 federa l P ri ce controls from an 

been seen abroad as softening the monetary aggregates. gs shipped across state lines 

over the next seven years. But 

rp PI j * -■ the Bill has been deadlocked for 

$ fluctuates sharply 

v tee called to reconcile these 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT differing versions. 

v _ A majority of committee 

THE DOLLAR Buctuated sharply touched DMI.96 before recover- members of etach House of 

yesterday in nervous conditions ing to DM1.991 n a t ihe European Congress has to sign the com- 
as foreign exchange markets close and DM 1.998 in New promise report before it can be 

awaited the series of promised York. ratified. iWth President Carter 

measures aimed at stabilising the Sterling fell back from an usin £ negotiating tactics 
U.S. currency. early peak of $1.9615 to a close reminiscent of the late President 

Overall, the dollar ended a of $1,943, and a later New York for hel P t0 improve the dollar, * 
taarks the end of one of week of almost unprecedented level of SL945 The trade- bare majority of conference 
* French business volatility at generally higher weighted index ciosed 0.1 higher committee members have now 

s to revolve around the rates than on Monday morning, in London at 62.3 signed the compromise. 


PARIS-, August 18. 


.» ... . ... . _ THF. BOUSSAC Group, the understood to have won the day gro^nar ks the end of one of 

uons watere ■" ■ to S9 6.33, .or 1 i ^v.^ie French textile empire three reasons. It involved a th .-W 4 , -5 ; French business volatility at generally higher weighted index"ciosed“ 01 higher 

Doris Waters lias died in hfer * 28 ‘ 1 ‘ / which has been under receiver smaller number of redundancies empires to revolve around the rates than on Monday morning, in London at 62.3. 

Sussex home.’ where . she lived » prmwiwi nvrr ivTiONS rt>n- ^ESSi ?‘ d not a ^ o°e man. ML though below the levels of a fort- Dealer said tredMig was rela- 

with her slsler Elsie— the other wii! 2tfiS? Sp,ndU * 8 Agach6 ' ft"* “J ^ S ^ P ° l I f J 0 « tfae Boussa ® had sought to keep the night ago. tfvely thin as market operators 

half of Ihe famous Gert and ^yeare^or^Sie 1 Egyptian tSS Willni: concern. jind save jobs. This was only possible because were holding back in view of 


tough below the levels of a fort- Dealers said "trading was rela- T! ? e W» deregulation dispute 
ight ago. tfvely thin as market operators has been bitterly fought, with the 

This was only possible because were holding back in view of Admuwstrauon insisting that 


Helicopter crash 


Daisv comedy duo. She was in *.7‘ W’L'I A long debate over the future high among Boussac s creditors, many of- Vhicb are in the of a sharp late rally after the th L * uncertainty and after the higher gas prices would encour- 

her late 70s ^ione service is likely fo go to a J 0 f ^ gorup. which has 11,500 Besides textiles, assets include depressed- "Vosges region in opening of the New YotIs market sharp movements of recent days. JS* 1)0111 conservation and 

U.S. consortium. Back Page r employees, took its most crucial the Christian Dior fashion label, eastern France. following the announcement of The extent of ihe fluctuations Congressman have argued that 


■ Mir crasn - , , turn today, when the Paris Com- unofficially valued at Fr 500m Of thc-LSOb jobs to eo 700 ■*** ****—*■■— **■ “« i»«. ** -j me .nw luol i«i . j p • • 

- • BNOC might, if necessary, he tyercial Tribunal finally opted (i50m). win he outright redundancies This was seen 35 a ste P * n the night’s New York r ale for the n n"mi 

'nuirntim North abolished .under a Conservative Apche-Willofs FFr 700m The Bonssac group’s accumu- 500 early .letiements, m? 600 riB ^ direction and not mere dollar against toe Swis franc was S*s infusS? ud^asftodudn" 
™SL ESESSU Government, the Tory spokesman U»m» bid. lated debts are put at FFrs 906m workers will be retrained. ^ ftS.! 5SLS5 ' , .’ Eher JS^ J St£ SSi at °S and 

Agarhe-Willot, also family-run, (£107m). of which . some The decision coincides with Earlier, during trading In the Tuesday morning’s low. while Louisiana at the esoenesc of the 
in rcccnl years one of Europe's FFrs 200m r£24xn) represents the announcement of French 10 Eor °pe, the dollar toe rate against rhe Deutsche consume J 

bissesl-selting textile and dis- advances from JL Boussac's per- Government measures aimed at had fallen further from the weak Mark was per cent above the ^ addition to deregulatin'- 


following the announcement of The extent of ihe fluctuations Conpvssman have argued that 
an increase in the discount rate, is shown by the fact that last .£? ■ e ?£ lor ?M on ;: , ra . an - v 


Homes at 
Merseyside. 


af1C t i erojvspraying' ^neucopror on energy has told oilmen in the Agarhe-Wfllot. also family-run, (£107m). of which . some The decision coincides with 

U. 5. Back Page . in rcccnl years one of Europe's FFrs 200m (£24xn) represents the announcement of French 

^ m 1. . . . bigsest-sclting textile and dis- advances from JL Boussac's per- Government measures aimed at 

naCK injuries. 9- .LHKtaLLn Shop Stewaras triblllion businesses with a emun Crtnnl fortune dhnut FVrc Iflfhn creatine - emnlnvment anit 


back injunes. • CHRYSLER shop stewards tribution businesses with a group sonal fortune. About FFrs IQOm creating employment and Hi 0510 ® levels in New York on week^s low. 

representing 23,000 UK workers turnover of around FFr 6bn (£I2m) is accounted for by stimulating the economy of the Thursday on disappointment with _______ 

Dispute Set Lieu have -demanded meaningful (HDCm). plans to cut 1.800 jobs suppliers’ credits, FrFs 400m Vosges region. the inconclusive result of Presi- 

Production of tomorrow's S^rontees” that all jobs will be j n the Boussac textile factories <£4Sm) by bank credils. and the The rival. Bidermaun bid deo1 Cartel Press conference. £ fa New Y 

Sundav Times should be normal. r e * a |S ed » toe Planned takeover and to pay off toe bulk of debts remainder by Government debts involved . participation by the _ The dollar touched a low of j 

following set 11 eluent of a dispute by Peugeot-Citroeu goes ah«|d. over a 15-year period. and arrears in social security Industrial Development Institute SwFr 1.60 yesterday morning I 

involving members of the Bac * . "• The decision, the most payments. fEDI) and a large loan from ^ efore , roimrertog to close at ; — 

Society of Graphical and Allied - W wmrpit hnUd*™ hnportant the Commercial Under the plan approved toe Goyeammentis Social and SwFr 1.6375 in London The rate Sfrt . fI 

Trades. Page 3 ^road^ave ^lScted h recoS TribunaI has had t0 make stoce today, the new owners are under- Economic Development Fund. later rose to SwFr 1.666 m New i month o. 

^ aoroaa have attracted reci »d the war. mav go to appeaL stood to envisage Damns off The Government iad earlier York. 

Balloon -Challenge S£^ift“S d rSt n s2iSS ■ Three da ^ s& ag0 * M Marcel fbont FFrs 200m o (£2torto an programme Similarly, the US. currency • 

Boussac, 89-year-old founder of initial one-year period of wl lLF h “.^ved State backing. 

The three Amen cans who com- at ^bome have encouraged British ^ came out in favour management Most of this .The Bocssac case has been 

pleted the firat balloon crossing unsti. ^ - of a. competitive offer by M. amount can be- financed from 5 ie ors *. g ffi or exercise in the 

of the Atlantic in Double Eagle ^ BRITISH BRTDGEBUILDEI& Maurice Bidermann, leading the proceeds of the recent sale Government^ ; new tough stance 

V 1 t? d m 30 Js to continue work on the JE67m ^«re in the French off-the-peg of -M. Boussac’s newspaper in- 


£ hi New York 

- 

Aur. IB 

! Prcriuoi 

Sprt 

JU-MES-MTs 

Sl.%50- 15700 

1 month 

0.«S-a39 .Us. 

: o.wojo.ik 

* m. 'Tilhi 

1JO L24 Jt« 


1? rnnnlh* 

4.EO*JOdl- 

1 *. 554.55 wt*i 


consumer. 

In addition to deregulating 
natural gas and putting taxes on 
oil (to bring U.S. oil prices up 
to the world level), the Carter 
Administration has also proposed 
measures to encourage home and 
industrial energy savings, to 
reform the regulations on' prices 
charge by power companies, and 
to encourage power companies 
and in industry to switch from 
oil and gas to burning coal. 


da>s by balloon. Page XI Sumter ' riotoW hurinW™ ' forest anFtos fiSZTSclS J?5 

... . eAW that the continued refusal of toe .The Boussac textile companies stable, bought for £5m by the °L™ 

Home sold hndw 9nfhAriiv m mooi nrn?n^ as well as M. Boussac’s personal Aea Khan last month. importanoe_on the_ labour scene. 


te rests and his famous racing roreiyea ciose 

ctahte hno"hf f nr esm Krr +>,S offiual attention because of its 


Home sola bridge authority to meet progress] as well as M. Boussac’s personal Aga Khan last month. h^uf 

A woman who returDed to her paymentswould cause difficu^ljoldings outside textiles, have TJe bulk of toe debt will be 

Knitinchnm council home, niter Bads Pare -.4teen under toe direct control of paid back without interest over ^ ITn ° n r -^employment m me 


Nottingham council home, .niter Barit Page . v necn unuer t 

raring for her dying mother for - - 

ux weeks, found that her. home- COMPANIES / tub Agachi 

ind contents had been sold by-.:- 

ihe corporation, who thought the • BRITISH LAND made a ... 
muse abandoned. second-half profit of £0.95m com^ i .. -TT 

^ . pared with a £1.57m loss Pro- - |— I' 
Charge dropped • viously, which has reduced faB- Xxl/J 


15 years. 


The Agache-Willot proposal is The transfer of the Boussac 


Background, Page 2 


rt Moscow court dropped pro* 
reedings against UB. correspon- - losS) * ^ 14 *** Lex 


year losses to £Lff7m (£3.97m1 


Honda to sell mowers in UK 


BY MICHAEL CASSELL 


^who^T^lfoced^ha^ sfolv ?r<via^ HONDA, which claims 70 per of toe first markets to be tackled mower makers who might be 

dered Soviet telev^ion. Page 2 SwS from^l? 45m of all motorcycle sales in and its five. 18-24-lnch machines accused ofvmJsstng a good com- 

Ou3 country, yesterday unveiled costing up to nearly £SO0 will be merciai opportunity, pointed out 
Briefly .. . Sw tS^ond P**^ 8 to become a major force with dealers soon. A £250,000 that it hadJnet with a similar 

Dn * toe UK rotary lawn mower television and newspaper cam- response from manufacturers in 

Two gunmen snatched a. hag ^ i o?« ma v h& “arkeL paign to promote the new range other countries and that, as yet. 

rontaining S2£00 from a S{? y 'v Tbe spread of the Japanese will be launched next month, none bad-taken up its offer to 

security guard ■ in Tottenham, rage - invasion from Britain’s roads to The British market for power supply en g i ne s. 

North London. • JOHNSON & FIRTH BROWN its back gardens will be well mowers is now dominated by UK In tbe meantime it will try to 

Research by scientists In London has made* £83m counter-bid for under way by next spring and manufacturers, though some use win a sftare-oFworld markets for 

ind Oxford' has shown that a Westou-Evaus in reply to a £6.7m toe company' hopes, in the next American and Italian engines in itself. The_new range Is claimed 

,-accine may eventually be offer from Birmingham & Mid wee years, to take a quarter of their machines. - to be much . quieter and safer 

. leveloped again st multiple land Counties Trust, Page 14 ' toe fSOm UK market for larger, Honda says it initially de- than anything that has gone 

friprosis T~- Powcrdriven rotary mowers, yeloped a petrol-driven mower before, thnngn gardeners are 

„ ’ .. , . ♦ VhKELOCK JIARDEN. toe Honda has developed a range engine from a racing engine unit assured itJwfll not provide toe 

Fourteen i honaaymaKcrs mtcapea Hong Kong trading and services of machines for world markets, and suggested to UK manufac- same typeof performance as the 
rom a blazing guest congomerate, reports an increase Domestic sales will be strictly turers that they might consider racing machines from which it 

:l, c island of Bute. in tne rtna nf 34^ per cent in net earnings <a limited in a country where land incorporating it in their own was bred.. - - 

jf Clyde. HK$S6ton (SISBm) for the year Is scarce and private gardens are product. The response, according The machines will be sold 

Two bombs destroyed six buses ended March 31. A net extra- apt a national pastime, but the to toe company, was less than through the company's 150 power 

jt the Newry, Co. Down depot, ordinary profit, of HKSl0.4m company has high hopes else- enthusiastic, so it decided to go product dealers in the UK, 

vi wr it -neonie were killed- ***■*■-' total group profits in where. abend and develop its own range alongside such items as culttva- 

mrf. thin to in lured in HK$96.6m. Fage 17 The UK— wilh its 13m private of equipment ‘ lors. generators and outboard 

“ . EX SHARE INTOMAWW •"*—*- '»“« “ “* • *» to . W 

Several people were hurl in Vigo, will include a leisure section 

Spain, when riot police fired from today. The 26 companifB* ^ . 

,nioke bombs to disperse .1200 making up the new section are CONTENTS OF TODAY’S ISSUE " 

striking dockers. listed on Page 14. • iv w .ii stw*# « 


Briefly « - . 


rwo Kuumeh snatched a hag 
rontaining £12,500 from a 
security guard • in Tottenham, 
North London. 





Potential capital givwtnfinmexpandmgeco^^ 


CONTENTS OF TODAY’S ISSUE 


The Arbudmot Eastern & 
Inariarional Fund invests in those 
countries wbese econo mi es arc 
already expanding— principally the 
USA, Hong Kong and Japan -and 

where the economic str ateg y laid 
down by the IMF shows the best 
growth-potential. 


Theobject is snstained 
firowtb of capital 


The economies of the world's lending 
nations are Eiesdily recovering. Industrial 

production is rising, and inflation is 
coming under control. 

The rew o rfay of the portfolio is 
invested in j niemanooal companies 
particularly those which will benefit from 
ihe rapidly expanding Far Eastern and 
Middle Eastern economies. 


Spread of Portfolio 

AsmtifliSthAagiKT 

’ o 

USA 3 

Hongkons 2 

Japan 1 

Singapore 

Australia 

UK 

Cash 


with hanks and other prafesional 
advkers in the Rir Eait. 

The Managers will he able to obtain 
the advice cf Arbathnot Latham' ; 
overseas offices and its associate banks 
in the Far Easr, Middle East and the 
USA.- 

This international erperien.-e 
nunimis« risks in an save Ament area 
which iv hazardous tor the iihviptncnccd 
investor. 

The price ot‘ ur.in and t lw income 
from than, may go Jow n 4t uvll a- un. 

Your investment t hould be regards. 


with a Retail Price Index in -T-ase of only * (,ur «-.vwaient i hould tv regard 

j.fa,wd the Unitholder Lulas of id.r'o 05 lo D52?™- _ . _ 

. i # u_TPt ij v j - , c J Ri«l prirr aHff for fMirra anJ 

asdtnc World, lDOCZ of <q t , Sinct 1 Iricrau bnal I imd (irinurf ettrreni erm* 


CHIEF PRICE CHARGES YESTERDAY 

. (Prices in pence unless otherwise Peter Pan Bakeries... 50 + 33 

Indicated) Reed IntoL 164 + 4 

Ricardo 2K5 + 7 

RISES Thorn .Electri, 400 + 12 

AGP Research ;. 134 + Iff - AVesiOfl-Evans 152 + 19 

Atlantic Assets ...... 112 + S Wholesale Fittings ... 19S + 1® 

fcambers Stores — . HR +-5 Yarrow 202 + 7 • 

Rimser En«ineerlng,.. Mt + *- BP. : SSJ* + 10 

Shelf Transport 577 -r 9_ 

Con. Gold Fids. Aunt. 1W + 


British Land .... 
Rrovii (J.) 

(R.) 

Danks Howerton 

Did tilers - 

Dotuy 

(li.imielil Secs. .. 
Hall i Matthew) 


451 + 6 

...... 4B3 + 0 

239 + 12 

... 82 +13 
201 + B 

250 +5 

290 + 17 

235 + * 


Overseas news 2 

-'Some news— general ....... 3 

— labour 3 

Arts and Collecting — . UVll 


Giving the computer house- 

- room 13 

Supersonic assault on toe 


-Northgatc Expin. 
Thless Holdings ■ 


40Q + 20 
277 + 7 


llonskong and ~ . 

Knwiuon Wharf ...620 + 55 
I/ondon Prov. Shop... 11S; + 5 _ 

Mqwlvm (J.) ■;-vl*:--SS 5 4*^ 
Norton and Wright,.. 206 >.36 


. FALLS M 

Ren ford Ccreie Mach 50 — “ 

Mriody Mills _ « 

Natl. Carbonising-...-* ® “ J*' 

Time .Products -r 192. " fi 

Wagon Finance 43 *. 

f Price at suspension. 


land record 


■ Aflpalntroccu 

BtWbc 

Chew 

CAlIecthis - 

CrMut 

Cra wwii Paste — 

Economic oianr 

EnceruteowBl Guide 

EurB-e^Ueos 

Ftance & Family ... 
FT-Actwrio Indices 


Leader page 12 

UK Companies 14-15 

Wining 5 

Inti. Companies 27 


FEATURES 

C wealth Games mementos 4 
Golf: Hogan’s legacy - 4 


Wa» Street 16 

Foreign Exchanges 19 

Farming, raw 'materials 17 
UK stock market 20 


World’s best batsman 4 

The great' unwashed 8 

It's quicker by balloon 11 


and the World Index erf* 5.9' . . Since 
the relaunch of this find on rath March 
1 97 5 the units ba«e increased ty 7^.2 , 
and the Unitholder Index t r 49^"a* 
The Managers believe thit the Fuad 
is well pbioed for amifarstisaiocd 
growth for the foreseeable future. 


^rovcii performance | ixptrienociJ. 

professional management 



Gnrtfeata ..... 

Goff 

Haw to SpcdiI It 

tamra 

Letters 

Le* 

Han of the VTtek .- 

Mstnrteg 

Wnmrty — : 

R acton 


SB Week's DMltoss 31-19 

Vrtwl s 

TV u Radte U> 

Bait Trusts .. 2X 

Weather 2J 

Week to ton. A WV 5 

Y«r Saviaas & lav. T 

OFFER FOR SALE . 
ArMIlMt Eastern ._ 1 

Matlwt Lbhh _. 7 

NlrG Racrary ... 1> 


Share Informal fop _ Z2-2J M |r C Rccrary ... 

For latest Shore Index 'phone 01-245 SG26 


Jrtilrgfnaui Aowrfca 29 

TaogetCpnuaoiltor 7 
STATEHEHT 

tlQta Ucfox, 25 

‘"•‘“alstatsmehts 

Caltf Flefti, Crp. _ a 

«. .W BO-SOU 15 

fcwe JUatSns Rjtac 2D 

Rates ... 39 

JffH. awls w 

uic. Fm— iiiMu ... » 


Dcspaggarbafltiaimiant.ihcgtind. _ 

has petfonned e x ar piiunaliy wefl. The fimdn znan^ed by Arbudreoc 

In the war ended let July 1978. it ha Seamtie^asabtad^tfAtijuthAn 

shown an increase of 3 1 . 5 ®^* compared Latham, trtnti has d«e ajturcHPQs 


l« Ike daily price lllnwru. 

ThcPwa^anr^TTiifcrclM ■vuV.« 

UB1> vJur > :ik b'.- m-r; iUs. j'- . 

wil h, ^ 1 

crrfaL±dizr»mJ bcrM<ifd„M^a 35 d. TL. 
pruc imji i il-n a it-j Mw i • ' I hr .-wnl 

ct urf l r . . . -VAT. U r^* it-pm, Jj: J . 

mLaitefuiiANKiiuldivnKL.-sitr: i;u. ‘rvl 
od: 5 , aitoitr.Afie«K;t'*(iHI»< . ii?.. i-j« 
6: pmiwtf u iIk. itce'Jv Tur^i,,. J1-; 
iUuitaL. < tuuiilut*<<'Ulixi. 

Pnnmt aitlbr mad: nlun >4 -tf 

tabnr at zrzn?: r! 5 j 151 .Tilt .11 Jui ■ 
nraoeej. Thr tted+rport »nd yfcU irr^' r ,n Il—I 
tr-rtns se»'W?cn. A cnjnrnr*j »irf 1 1 ., v j: trpj J 
to^ocnsal Bfw. Tim ofrr 11 nM cw, iptc_nlTO-- 
«* Thr R?t 1 >4tK'3> L-djniTnfcwrsillKiKiiTj Omt 
WSwdant Lii. hluntat : Artmware Swto.-> Lid, 

EdmtaKB. Mmtun « Be tlu Tisk Aooanon. 
‘PlamdSarteci. 


T V J ^f UI - ln ^. SCC,TnlK . 37 Q * ea Strect ' Bt+R iBY. Tclephooe: ai-736 52S1. 

CaatoiUMli’VcwteaiaaratllywmrfC 'nm I UwUt I nlnpb !Urt«UB ■.■imeuite h«i<< ' /.■.‘—'l -lh .Jv," 


xwnmr toihs Unnol Ka«dam.j 


. t°n°apaL.-jnu. itana a. Mi Mn-.XIin ai iv ^* ^»i B anwa. 


arbuthnchl^ 

EASTERN & INTERNATIONAL FUNn mm^u 




Record $ 3 bn insurance for Opposition 

n ... . , to Janata 

Brazilian nuclear scheme dispute 


BY DIANA SMITH 


A POOL of Brazilian insurance 
companies led by tbe Companhia 
Nacional de Seguros, has 
arranged coverage worth S3bn 
for the building and installation 
of Brazil's second and third nuc- 
lear power plants. This is the 
largest sum ever insured in Latin 
America. 


The plants are due to start up 
in 19S5. They are being built 
under the nuclear agreement 
signed by Brazil and West Ger- 
many, according to which Kroft- 
werk Union will equip the 

stations and Urenco will supply 

nuclear fuel. 


The coverage now arranged by 
Coiupanhia Nacional de Seguros, 
working in conjunction with the 
Allianz Insurance Company oF 
West Germany, does not include 
transport of nuclear fuel: this 
will be arranged separately. 

Under its 1975 agreement with 
West Germany. Brazil is firmly 
committed to two nuclear plants, 
with an option for a further six. 
The initial investment totals 
SlObn. 

The progress of Uir two 
German-equipped and Urenco- 


supplied stations (Brazil's first 
nuclear power plant, now in the 
building stages at Angra Dos Reis 
in the South, Is being equipped 
by Westinghouse) has been 
fraught with controversy. 

The Carter -administration, 
from the time it came to office, 
expressed serious reservations 
about Brazil's commitment to the 
purely peaceful use of nuclear 
matter and tried first stem then 
more subtle pressures to dis- 
courage the fulfilment of the 
agreement, especially since 
Brazil has not signed the nuclear 
Non-Proliferation Treaty. 

Brazil has stuck to its ground, 
however, maintaining that In its 


contracts with West Germany 
and with Urenco, it has adhered 


and with Urenco, it has adhered 
to all International Atomic 
Energy Agency safeguards. 

Furthermore, it has repeatedly 
voiced its full commitment to the 
peaceful use of nuclear energy 
and. indeed, to non-proliferation. 

As its argument for not sign- 
ing the Non-Proliferation Treaty, 
it maintains that, if it did so. it 
would be subject to the domina- 
tion of the rich and powerful 
“ nuclear nations ’- and barred 


from development of even peace- 
ful nuclear procedures. 

Brazil has . been equally 
adamant In its attiudes towards 
the attempts by- the Dutch Par- 
liament to introduce tighter safe- 
guards Into the Urenco agree- 
ment signed in January this year. 

In this, it has had the discreet 
support of the British and West 
German partners in Urenco. 
Diplomatic notes are being ex- 
changed by the four partners to 
the Urenco agreement— Brazil 
the United Kingdom, West Ger- 
many and Holland — in prepara- 
tion for a final text that will 
ensure supplies of enriched 
uranium for Angra nuclear 
stations two and three, with a 
safeguard system for future 
plutonium warehousing. 

The question of whether Brazil 
will ever build eight nuclear 
power stations — which would take 
nearly 40 years to achieve 
economic use, is becoming in- 
creasingly open, and there are 
growing signs that priorities are 
shifting to hydroelectric projects, 
making use of Brazil’s virtually 
unlimited and more .economic 
sources of this form of energy. 


NEW D ELHI, August 18. 


U.S. growth rate reaches 8% 


BY DAVID BOCHAN 


WASHINGTON, August IS. 


THE U.S. economy grew at an 
annual rate of S per cent in the 
second quarter of this year, 
faster than had been earlier 
reported. 

But the inflation rate over the 
same period has also been 
revised upwards, to 20.7 per 
cent, the Commerce Department 
said today. 

Real GNP growth for the 
second quarter had earlier been 
estimated at an annual rate of 
7.4 per cent. 

This had been considered a 
slight disappointment for the 
Administration, because a surge 
in economic activity in April- 
June had been thought almost 
inevitable after the 0.1 per cent 
decline in -GNP in the first- 
quarter. due to to the had winter 
and effects of the spring national 
coal strike. 

Commerce Department econo- 
mists today said annua] rates of 


growth of more than 4 per cent 
would have to be recorded in the 
third and fourth quarters of the 
year if the Administration’s 
forecast of 4 per cent growth 
for 1978 was to be met. 

Most private economists 
believe the Administration is 
over-optimistic in this forecast, 
though a growht rate of between 
S.5 and 4 per cent is generally 
considered necessary in the U.S. 
economy to prevent any increase 
in unemployment. 

In July, the unemployment 
rate rose to 2 per cent. 

Interest by those concerned 
about the recent precipitous fall 
in the dollar is likely to focus 
less on the upward revision of 
the second-quarter -GNP growth 
and more on the corresponding 
increase in the inflation 
estimate. 

Price rises in the second 
quarter were earlier put at 10 


per cent. 

President Carter, in his Press 
conference yesterday, put a high 
priority on curbing Inflation. 
u If we can top inflation out this 
year, this will send a good signal 
to the world monetary markets” 
he said. 

Nevertheless, most of his 
economic advisers have all but 
abandoned their eaorlier hope of 
holding inflation this year to 
within 7 to 7.2 per cent 

The Commerce Department 
also reported today a sizeable 
increase in corporate profits in 
the second quarter, of S26.9bn, 
to a seasonally-adjusted annual 
rate of S159.5bn. 

Nearly a quarter of this rise 
was simply a rebound from the 
poor performance in the first 
three months of this year. 

But the Department said the 
rise in profits was widespread 
throughout domestic industries. 


INFLUENTIAL-GROUPS with- 
in the ruling Janata Party 
today opposed a plan for 
former Home Minister Chares 
Singh to take, over as party 
president and threatened to 
wreck moves for- an end to the 
Indian Government crisis. 

Party officials aim said that 
important differences re ~ 
raained between Mr. Singh and 
Hr. Morarjl Desai, the Prime 
Minister. 

Mr. Singh’s refusal to 
retract his statement alleging 
high-level corruption within 
the Government was the main 
sticking point, they said. 

Mr. Desai was reported to be 
unwilling to accept the for- 
mula proposed yesterday to 
make Mr. Singh party chief 
until he withdrew the charge. 

The former Home Minister’s 
supporters have also backed 
Opposition demands for an 
enquiry into allegations of 
corruption against Mr. Des&l's 
son, KantL 

Mr. Desai met Mr. Singh, the 
former number two man in his 
Government, for JO minutes 
last night, but no further talks 
have so far been scheduled. 

The strongest opposition to 
the plan for Mr. -Singh to take 
over as party chief has come 
from Defence Minister Jag ji van 
Ram and other former mem- 
bers of the Congress Party 
who served at one time in Mrs. 
Indira Gandhi’s administration. 

The -'United News of India 
reported that Mr. Ram had 
told Mr. Desai through an 
emissary that the unity and 
solidarity of the Janata party 
would be badly affected under 
Mr. Singh’s leadership. 

He made dear that there 
would be a contest for tbe 
party presidency even if the 
Prime Minister supported Mr. 
Singh. 

Reuter 


Shah pledges 
to continue 
Iran reforms 


TEHRAN. August 18. 


GM raises 
car prices 


U.S. gas find ‘significant’ 


BY DAVID LASCELLES 


NEW YORK, August 18. 


By John Wyles 


NEW YORK. August IS. 
GENERAL MOTORS maintained 
its support for President Carter's 
anti-inflation programme today 
by announcing an average in- 
crease of just 3.9 per cent in the 
price of its 1979 pnssenccr cars, 
which go on sale at the end of 
next month. 

However. GM. Ford and 
Chrysler have already raised the 
cost of their 197S models by 2 per 
cent this year after a General 
increase of about 6 per cent, last 
autumn. Gil’s latest increase 
means that Its passenger models 
will be 6 per cent more costly 
than a year ago. before optional 
extras are taken into account. 

Mr. Thomas Murphy. GRI 
chairman, said today that the 
increase was the smallest by the 
company since 1974. 


FURTHER tests at the new U.S. 
gas find in the Atlantic Ocean off 
New Jersey have confirmed the 
presence of "significant gas 
reserves " there, the drilling 
group headed by Texaco reported 
today. This upgrades the find 
from the "very encouraging" 
rank given it when it was first 
announced last Monday. 

Tbe Texaco group made Its 
announcement after perforating 
the well wall at a new location 
last night. This produced a 
daily gas Sow of 9.4m cubic feet, 
some 20 per cent higher than the 
7.5ra cubic feet obtained from 
the first perforation. Tbe 
announcement said that this 
“confirms the presence of signi- 
ficant gas - reserves at this 
location." 

However, the group said 
further tests and exploratory 


drilling would -be necessary to 
ascertain whether a production 
platform is justified , to develop 
the discovery. ‘ 


The new perforation was made 
at d somewhat shallower depth 
than the first, below 13,000 feet 
against below 14,000 feet, and 
over a slightly larger interval, 
40 feet against 38 feet 

Although the increased gas 
flow was welcomed here today, 
analysts said it was still too early 
to . make definitive judgments 
about the prospects for the off- 
shore area, known as the Balti- 
more Canyon after a fault on tbe 
Continental Shelf. 

Texaco itself has said it would 
take up to a year to establish 
whether tbe find rates as com- 
mercial. and another seven to 
10 . years to achieve full 
production. 


THE SHAH of Iran has 
pledged that recent riots In 
which at least 15 people died 
will not affect hts programme 
to liberalise Iranian politics 
and launch a democratic 
system. 

The rioting would not stop 
the regime going ahead with 
completely free Parliamentary 
election dne next * June, ■ he 
said. 

The Shad flew back -to 
Tehran yesterday from a 
month-long holiday by\ the 
Caspian Sea amid continuing 
tension caused by the riots, 
which flared last wee kin more 
than a dozen towns. 

Rioters burned banks, 
cinemas and restaurants in 
several towns in what Govern- 
ment spokesmen have called- 
a conspiracy against the Shah’s 
regime fomented by Left-wing 
extremists and Moslem reli- 
gious fanatics. 

There have been no reports 
of irhse disturbances for three 
days, but the large city of 
Isfahan remains under martial 
-law and a night curfew, 
i m uosed a week ago. 
Renter 


France’s ‘Cotton King’ created a fortune embracing textiles, washing 
machines, banking, newspapers and racehorses 


THE BOUSSAC BUSINESS EMPIRE 


Building up a wealth of troubles 


BY DAVID WHITE IN PARIS 


BOUSSAC in French is aJmosi a 
common noun. It is a -tynnnym 
of wealth. “ Rich as Bmissac ’’ 
is the same as “Rich as Roth- 
schild." 

And then there is another 
level of connoatiuns behind the 
name. It conjures up images «»f 
self-made fortune, patriarchal 
attitudes, autocracy, top hats at 
Ascot or Longchamps. and a 
stubborn old man holding like 
crim death on to a disintegrating 

and badly-managed business 
empire. 

That has now all changed. M. 
Marcel Boussac's racehorses, 
which themselves earned him a 
fair-sized booty, were said the 
nther week to the Aga Khan. The 
S9-year-old "Cotton King," in 
the textile business for most of 
this century and a leading 
French manufacturer for a good 
part of it, is no longer even 
nominally in charge of his 
Fr 800m <SlS4m) a year busi- 
ness. But it is still far from 
clear how the saga of one of 
France's most trouble-ridden 
businesses will end. 

The Agachc-Willot Group, 
which yesterday won its bid 
in the Paris Commercial Tribunal 
to lake over tiic Boussac Group's 
assets (and its debts, which a 
year's sales would barely pay 
lor). ha3 still to draw up a full 
inventory of what it has bought. 

The fierce competition that 
built up in the past couple of 
weeks between the Fr 6bn a year 
Agache-Willot. now the biggest 
French textile group, and M. 
Maurice Blderraann, whose 
Fr 1.5bn ready-to-wear business 
lias also made top place in its 
field, shows that Boussac can 
still not be thought of as so 
much scran. 

The broken crown stil contains 
some valuable jewels. Tbe 
brightest of them is the Christian 


Dior fashion business, reckoned 
to be wroth 1'Fr SOOra. which M. 
Boussac started and hung on to. 
And the remains of M. Boussac's 
personal holdings of land and 
buildings are not lo be sneezed 
at — stud farms, commercial pro- 
perty in Paris. 10.000 acres of 
hunting land and more. 

One of the ironies is that the 
French family business tradition 
which M. Bmissac typified — as 
much as his contemporary M. 

Marcel Dassault, the aircraft 


BY DAVID WHITE 


PARIS, August IS. 


RIO DE JANEIRO,. August 18. compromise 


THE SOVIET UNION has had 
"technical” contacts with; the 
Fraaco-U.S: computer company 
CII - Honeywell - Boll following 
President Carter’s veto on a 
Sperry Univac machine due to 
be supplied to the Tass News 
Agency, a company official said 
here. 


Although ; the company, in 
-which Honeywell of -the UB. has 
a 47 per cent' stake, has not 
received a formal request from 
the Russians to make a bid, tbe 
possibility remains open for the 
French to compete with Inter- 
national Computers of the UK if 
Tass wishes an alternative 
supplier. 

The French company is the 
leading Western supplier of com- 
puters to the Soviet Union, ahead 
of IBM.- Moscow office has 
recently been in direct contact 
with Tass. 


U.S. participation in some of its 
computers, would be able, to 
supply a “ home-grown " machine 
which would avoid the problem 
of a direct U.S. Government ban. 

The French company waa 
among the original groups to 
tender for the Tass computer, 
and wanted to take tbe load -off 
the agency’s present IBM "com, 
pater during the 19S0 Moscow 
Olympics. 

The French. ..Govemmtinv 
requested by the U.S; Adminis- 
tration, to back the U.S. veto, 
has said that, as a general prin- 
ciple, supplies of civilian equip; 
ment could not be subordinated 
to political considerations. This 
is, is effect, a polite refutf&to. 
President Carter, wba"banned the’ 
Sperry Univac deal in protest 
against jail terms handed oubto 
Soviet dissidents. 

But a firm position by ihe 


CII- Honeywell -Bull, despite be taken until an 


French authorities is unlikely to 
be taken until an alternative 


dnier bas been placed. 

The Government did say, how- 
ever that there were technical 
■or security considerations that 
might provide valid objections to 
rdealf Security implications in 
Western contracts with the East 
Bloc are vetted by .the Inter- 
national body. Cocom. 

The question of security con- 
siderations appears however, to 
..^^ 0 o ^n5SSe. CII Honeywell- 
"Bur said the supplier of a com- 
puter would be m a position 
tESugb normal "housekeeping” 
operations, to monitor the uses 
a computer was pat to. 

• The French computer in ques- 
tion would be the Iris-SO, ^ ^_ ar ^ e 
model, in a series 
the state-controlled CU. befo™ 
Jte merger with HoneywelUJulK 
Although the computer uses some 
UB.-made components, the com- 
pany said it was as much an all 
EYench product as lCLs com- 
puters were ail-Brltish. 


This Is not the cas^ wlth the ‘ 
company's other large computers . 


in its Series 80 Tange.. ta which 1 ilV 
its “Level 64" models use U.S.- U 7 
msri* disc drives. Although tht i* 


made disc drives. Although the 
company plans ttf make the larger 
"Level 86" ib France, it 
currently Imports these from tbe 
UB. and the UK. - • 

Britain, West Germany and 
Japan have also been asked by 
the UB. not to fill the vacant 
order 

It is still not certain' whether 
Tass win seek to buy from a 
Western source, although time is 
running out iF the computer is 
to be delivered in time' for the 
Olympics- 

Industry sources here suggested 
that the Russians might have 
had other than purely commercial 
reasons for favouring. Sperry 
Univac — diversifying their 
sources and gaining, knowledge 
of as broad as possible a range 

of Western computer know-how. 


.. * \ 

Japanese economy recovering 


BY ROBERT WOOD 


TOKYO. August 18. 


HOUSING LOANS have risen 
sharply and business investment 
is recovering in Japan, accord- 
ing to two surveys published 
today.. 

The surveys are the latest in 
a series of reports indicating that 
the Japanese domestic economy 
is recovering from its recession 
under Government stimulus 
efforts. Domestic demand has 
been - depressed ever since the 
Government's tight money 
policies took effect - after the oii 
shock in 1974. 

According .to the Bank of 
Japan, private institutions ex- 
tended YL260bn (S6flbn) in 
housing loans during the- second 
quarter of this year, op 23.0 per 
cent compared with -the same 
quarter a year ago. The in- 
crease reflected reduced in- 
terest rates and increased avail- 
ability of co-financing arrange- 
ments with the Government’s 
Housing Finance Corporation. 
Government loans have , been 
made more available as. an 
economic stimulus- measure: 

Another reason- for the - in- 
crease in housing loans, however, 
is slack loan demand in the cor- 
porate sector. The banks have 
promoted housing and consumer 


loans much more than they 
usually do. New consumer loans 
Increased 28.6. per cent. - hr: the 
second quarter, according to. the 
bank, and that increase was. 
largely due to excess liquidity. 

The 23.6 Increase, in new bous- 
ing loans for the second quarter 
compared with a 15.3 per cent 
increase in the first quarter. . 

A survey by the Long-term 
Credit Bank of Japan indicated 
that the stagnation in corporate 
investment that has caused the 


bank's excess liquidity may have 
become less universal 


become less universal 

In a survey conducted in July 
the bank found that companies 
have been revising their invest- 
ment plans upwards. Tbe value 
of the investments they now plan 
in the current fiscal year Is 15.8 
per cent above last year’s leveL 
A survey the bank conducted in 
February indicated businessmen 
then planned investments worth 
10.2 per cent more than last year. 

Manufacturing industries still 
plan less investment this ybar 
than last, the survey indicated. 
But construction, cement, and 
machinery industries have 
revised their spending plans 
upward. The February survey 
found manufacturing companies 


planned 9.1 per cent less invest- 
ment this year than last, but the 
current survey indicated the 
■decline would be only 3.7 per 
cent. 

' Non-manufacturing industries, 

Ted by the electric power in- 
dustry- Plan W increase invest- 
ment bv 2S-S per cent, the July 
survey showed. The February 
survey bad indicated they would 
increase their investments by 
24J? per cent. 

Electric power companies, 
which have been "guided" by 
the Government to increase' their 
Investments this yenr to help 
end tbe recession, nlao to in- 
crease investments by per 
cent this year. Their investments 
•accounted for 43.4 per cent of 
the total investments planned 
by the 1-082 corporations sur- 
veyed and their planned invest 
ment ‘increase accounted for S3 
per cent the total increase 
planned by the corporations 
surveyed. _ . 

1 The Long-term Credit Bank 
attributed the planned invest - 1 
ment increases by the construc- 
tion. cement, and machinery in- 
dustries to Government public 
works, investments and planned 
purchases by power firms. 


Journalists’ 
case ends 
in Moscow 


iiriii-t 


i‘ 


W. German industry chief quits 


BY JONATHAN CARR 


BONN, August 18. 


DR. NIKOLAUS FASOLT. who 
was elected president of the 
Federation of German Industry 
(BDI) less than six months ago 
in succession, to Its murdered 
leader. • Dr. Banns -.Martin 
Schleyer, today announced he 
was resigning immediately. 

Dr. Fasolt’s action follows 
widespread public criticism after 
he was fined DM 58.500 In June 
by a Bonn court for tax evasion 
— a decision against which he 
appealed. It leaves the BDI (tbe 
West German equivalent of 
Britain’s CBI) once again looking 
for a leader. 

In his resignation statement 
released by the BDI headquarters 
in Cologne, Dr. Fasoit, aged 56, 
simply explained his action by 
saying that he wanted to devote 
himself entirely to his own 
business. He and bis wife have 
more than half the capital in 
Wessel-Werk, a Bonn ceramics 


company employing, with a sub- 
sidiary. about 1.600 people. 

Dr. Fasoit has been dogged 
by misfortune since his election 
to the BDI presidency on March 
6— partly because his awry con- 
cern was forced to lay off staff 
through the recession, /partly 
because of the tax decision 
against hhn. 

The Bonn court finei him on 
grounds that between 1 1971 and 
1975 be claimed tax' relief on 
sums which, the authorities later 
decided, did not qualify for it. 
The sums were to pay for ad- 
visory reports, described by a 
Bonn court spokesman as worth- 
less. ordered by. Dr. Fasoit from 
a consulting company in Liech- 
tenstein. 

Most of the money in fact 
went to support the activities of 
the Christian Democratic Union, 
the main West German opposi- 
tion party. 


Dr. Fasoit said at the time he 
felt he had done no wrong and 
stressed that the support of poli- 
■tical parties was absolutely'! 
legitimate an' dsensible. 

De was chosen BDI president 1 
only after a hard search follow- 
ing the killing of Dr. Schleyer 
by terrorists -last October. 

Several Industrialists in 
major West German concerns 
were approached for the post 
but ,for one reason or another, 
they declined. 

One of those previously men- 
tioned as a possible candidate i 
to succeed Dr. Schleyer was Dr, , 
Rolf Rodenstock, aged 61, head 1 
of a largo Munich-based optical* 
company. 

His name is now being raised 
again. A speedy decision is 
hoped for to reduce as far as 
possible the impact of tbe major 
upheavals which have afflicted 
the BDI over the last ten 
months. 


-v *. it- 




The family, from Roubaix, bear employees, for whom “M. 
the Belgian border, has earned Marcel " played a father-figure 
in that time, it is porbably fair to role, make of them? . In the 
say, more enemies than friends, depressed Vosges region of 
Their ruthless and sometimes un- Eastern France, where half of 
ortbodox approach in taking over them work, nobody is overjoyed, 
troubled companies, stripping Tbe largest French union, the 
assets and jobs on the way, has Communist-inspired Cobfbdera- 
earned them the nickname of tion Generales du Travail said 
"the Dalton brothers" — referring that choosing between Bider- 
fo a stubble-chinned family of* muon and Willot was like choos- 
bandits who feature In Lucky ing between cholera and the 
Luke, a popular comic-book plague. Under either plan, at 
series. least 1,000 of them would soon 

„„ be out of their jobs. 



By David Satter 

MOSCOW, August 18. 

A SOVIET judge has ended the 
slander proceedings against two 
UB. correspondents, .without 
gaining court-ordered retractions. 

He said that the libelous charac- 
ter of the correspondents’ articles 
bad been exposed and they had 
Indirectly admitted their guilt 
by a greeting to pay court cost' 
and fines rf 50 roubles (E3SJ50). 

Mr. Hal Piper, of the Balti- 
more Sun, • and Mr. Craig 
Whitney, of the New York Times, 
neither of whom attended today’s 
bearing, expressed satisfaction 
that the case, which began with 
an unprecedented civil suit 
brought against them by tbe 
Soviet State television, was over. 

I Mr. Whitney said that in tbe 
end a Soviet court hr-d failed to 
dictate to an American news- 
paper what it may yrint about 
the Soviet Union. 

Judge Lev Almazov, the pre- 
siding judge in the case, said that a 

due to the Press coverage given , „ . ; . . 

the case, including coverage In -.■>£" 7 V ; ? .» £ | 1 
the Baltimore Sun and the New Ml * **: l IV 
York Times, and because of the ’ - 

defendants’ agreement to pay 
fines and the court costs, a re- - « > . 
traction was unnecessary. '■'if i"'*' 1*511 

He nonetheless said . the 'll 't 12 * 1,1 
corresnondents’ behaviour in not 
attending court sessions showed 
“ a certain disrespect ” and he " 
would report this to the Foreign 
Ministry. 

Mr. Piper and Mr. Whitney 
were convicted of slander in 
their absence on Juk- IS fpr 
articles they write suggesting 
htat a nationally televised recan- 
tation by Mr. Zwiud Gamsak- 
hurdia, a Georgian dissident, may 
have been fabricated. Mr. 

Gamsakhurdla appeared at the 
court hearing and affirmed that 
tbe televised segment corre- 
sponded to what be had said. 

The two correspondents were, 
ordered at that time tc publish 
retractions in their papers or 
in the SoviPt Press and to divide 
courst costs of 1JJ2R9 roubles 
(£1,800). They refused to pub- 
lish retractions and were subse- 
quently fined 50 roubles each 
which they agreed to pay. 

Tbe conclusion of rhe case has 
been viewed with some satisfac- 
tion bv Western correspondents, 
who feared the outcome would 
be worse. 

But although the Npw York 
Times and Baltimore Sun did not 
oublUh retractions of the articles 
in question, the papers’ perhaps 
unavoidable agreement tn pay 
the fines has established a prece- 
dent for further slander suits 
aeainst Western correspondents - 
which need not always end with 
such comparative half measures. 


Wrangle 

delays 


^ ci 


Hua trip 


IN HIS HEYDAY: M. Boussac 
bad won the Derby 


They bought up the venerable 


pats his horse Galeador (ridden by W. It Johnstone) after it 
from Trince Simon and Double Eclipse at Epsom. 


Eton 



The Belle Jardiniere and Bon in g Comm UI Sst -Party the war ’ be scored his crucial 

Marche Store groups followed T.-Hiimanit* chntue I rani etmn in huvinp un a laree "stock 


M. BOUSSAC AT EPSOM: 
proud of his stable. 


manufacturer, still docs — has sur- 
vived the long-drawn-out collapse. 

The brothers Willot are on 
average some 40 years younger 
than M. Boussac. The 25 years 
that Bernard. Jean-Pierre, 
Antoine and Regis Willot (in 
descending order of seniority) 


have taken to build up their 
empire, pbt them, in Boussac 
terms. In the class ol nouveaux 
riches. 


and two vears aeo anotoer dis- LTHum 21111 te - shows six' card coup in buying up a large stock 
jina two years ago anorner aw pj aV ers around a labli. A of surplus aeroplane canvas. 

-^ccogidsable Maurice Sderinenn Neither the 1929 -crash ** the 
f ? fifth and four s* 0111 men in; dark Second World War stood in his 
now in distribution, about a fifth g] asses are making riva ij bids: way. In the late 1946s. he spread 
in textiles. “Two hundred redundancies." his wings, made a licence agree- 

Four years ago, legal proceed- “ Raise you 200," " Raise you ment with Bendix for washing 
ings were brought over the 300," and so on. A top-hatted, machines, went into banking, 
manner in which they bad bloodhound-featured . Marcel became a Press lord by buying 
acquired Bon Marche and Saint- 

Freres, another northern family ■ ■ — - — — ■■■■■ 

f?e QP broSere ^were^g^e^ finS The broken crown still contains some valuable 
a °LaEt U3 vSl ,i to°by C peugeot. jewels. The brightest of these is the ChrisHan 
^reminder Dior fashion business, which M. Boussac started 
hSi'^tma SfpS Md h ™g 0" to. The remains of M. Boussac’s 

U The Peugeot,, w.u, their rep- P eTSOnal Mdings of land and buildings are not 

tation for tight management,- and to be Sneezed at. 

Dassault are as strong as ever. 

even if the founders oi Citroen i — . — —————— 

(bankrupt), Renault (found _ • . . ...' . „ 

guilty of wartime collaboration) Boussac is saying "I throw In," LAurore, and built up Christian 
and Boussac (bankrupt) hare Eu * aT , least one union leader Dior. 

gone by the board. Post-war 8® v ? si S“ °f relief. M We. were b u $ a f ter 1950s, the 

examples are not lacking, either beginning to have our fill o f tbe spussac empire saw the syn 
Baron Bich, the yacht-owning soussacs. At least they’re not approaching the horizon. M. 
head of Bic, the throwaway pen tnere aQ y more. Boussac bad kept his investments 

and razor group, M. Maurice The Boussac legend goes back almost entirely in France and 
Bldermann. losing contender for to before tbe First World War, had stayed in cotton. But Third 
Bousac. and now, above all, the when the 20-year-old draper’s World cheap cotton imparts 
Willots. son left his home town of undermined his market. In 1967 

But what do . the 11,500 Chatcauroux to set up a shirt he had to sell the perfume side 


of Dior, to the Moet-Hennessy 
champagne and brandy group. 
By the beginning of 1970 the 


decline had set in irremediably. 

He put in his nephew. M. Jean- 
Claude . Boussac, - as managing 
director for life, to draw up a 
recovery plan. Last year the 
group lost some FFr 100m; in 
three years the workforce, once 
20,000, had dropped by 3,500. Io 
May this year, tltc Government 
rejected the latest recovery plan 
as “unworthy" of its financial 
hacking. It was the first test of 
a new .tough stance on. un viable 
businesses. In the same month, 
a three-month stay was granted 
on creditors’ claims, and then the 
21 companies in the textile group 
were put under direct control of 
the Commercial Tribunal - 

In June, M. Boussac offered 
dramatically, (o sell off his per- 
sonal holdings. The creditors 
reused because the holdings 
were already being used as 
collateral for loans. In July 
L’Aurore and Its profitable stater- 
paper, the horse-racing p ews 
sheet Pam-Turf, went to a group 
of industrialists and financiers 
for FFr 80m. The tribunal finally 
took the remaining holdings 
under its wing. The Boussac 
racing stable, the old man's pride 
built up after the First World 
War and once numbering 200 


horses, went to the Aga Khan for 
FFr 41m. 

The previous Saturday. M. 
Boussac bad been at Ascot, a sad, 
hunchbacked figure, to watch his 
horse. Acamas; which had won 
M. .Boussac’s eighth Prix du 
Jockey Club, in the King George 
VI Stakes. It came second. 


By Paul Lendvai 

BUCHAREST, August 18* 
DIFFERENCES OVER the text 
of a Press communiqne for issue 
at ithe end of Chinese-Romantan 
talks caused an unscheduled 
■three hour meeting .tills morn- 
ing between Chinese leader 
Chairman Hua Kuo-Feng nod 
Romanian President Nlcolac 
Ceausescu. 

The Press communique, 
released by Ube Romanian 
official news agency but hot 
signed by the two leaders 35 a- 
formal document reaffirmed the 

common fight against Hnperi® - 
lism, colonri-aiism and neo- 
colonialism as weir as against 
every form of domination. 


Significantly, however, 3d 
reference to the word “ hege- ■ /. 
monism *' was missing. This is • 
the code word used for Soviet \- t , 

foreign policy by the Chinese. 

rhe low key communique must , 
be regarded as a last minute 
Chinese concession to Romanian ., ' 
prudence. 

The unscheduled meeting 
meant that Chai rman flun 
arrived three hours late in 
rloesti on his visit to the 
Romanian oilfields and a factory 
producing drilling equipment 
The Press release tonight ex- 
pressed “ profound satisfaction - 
with the results of Chairman 
Hua s visit and reaffirmed the 
determination of the two. sides to 
work together and Jo promote 
mutual economic rtfrchaoloRlcal 
co-operation. t’ ' 

It was. however, a low key and 
definitely moderate document 
compared to -the usual Chinese 
Thus it Is more than 
probable that this mornina’s 
wrangling oyer the float, com* 
m unique wax caused by. Chinese 

Iaruruagef -: a mucl1 stron R er 


Tbe : list humiliation came 
when- the Commercial Tribunal 
decided In favour of the Willot 
bid— because of the Willots’ 
strong financial punch at the 
prospect nf its not costing any- 
thig. to the Government. M. 
Boussac bad favoured the Bider- 
mann offer as the most certain 
of bolding the group together. 

In, tbe Vosges, the Government 
is coming up with a plan to 
create substitute jobs for when 
the 1 extile - plants are pared 
down. "Textiles are not the best 
of business- these days: the 
Willot formula of success has 
been based in diversifying out 
of them'. 

The. brothers now seem almost 
as solid' as M. Boussac did when 
they started 25 years ago. One 
thing they lacked in the public 
eye, they may now stand to gain 
even'though their latest acquisi- 
tion is -10»ng money at the rate 
of FFr I5m a month: respect- 
ability. .Mr. Boussac knew all 
about It ' ’ 




Sewort s law pouue pau at N«r WMsTtiX 



tot. 


HOME NEWS 


plans £149 
New York fare 


BY PAUL TAYLOR 


airways Economic activity 

49 at all-time high 

far€ Br dav,d freud 

ECONOMIC ACTIVITY rose accounted for by an increase in first half of 197S was only 1.1 per 
steadily during the first half of industrial production. Most of cent higher than in the first and 
Excursion vonth 'and! -roue tbis year and reached its highest the remaining rise derived from second halves of 1077. That sug- 
l elusive tour fares are - to be &55 eased activity in distribu- sests ^mu,-h ^^consumeK' 


BRITISH AIRWAYS yesterday Excursion youth 'and- group year and reached its higbest tne remaimng rise derived from secononaiv^ or ib/ 7 . ;rnat sug- 
. announced proposed changes to inclusive tour fares are to be IC th A ett>nd T, qaa ^ r ‘ H^ eased actmt * » distribu- Rests 

its u inier fares between London remnvpri imH a nAur 14. to 45-dav The index of Gross Domestic tlon. extra jspcnuing power over the 

and New York. Two new low period esetfrsf an fare of £254 Pr ° du « (GDP) is provisionally On a longer-term comparison, period has gone on imports 

fares are planned- three dis?£ JSK il SSScei^ : ** mated at 1125 “ ApriWune activity in the first half of the TbeGDP figure published yes- 

pear and budget, standby and mn-oauceu- (at 1970 prices, seasonally year was 15 per cent up on the terday- is based on output data, 

increased from November "l. This single period winter ex- adjusted), according to the level of the previous six months particularly the index of indus- 

Cuncorde fares are ail to be curslon replaces the previous Central Statistical Office. That and 2 per cent higher than the trial production. 

The airline is seeking Civil 14/21-day and 22/45-day . excur- was 0.4 per cent above the level same period last year. There" are two other measures 

Aviation Authority and Civil s,on fares a t last wixrfefs 22/45- in the previous quarter, also a Since the beginning of last of GDP; based on expenditure 

Aeronautics Board' approval for dav excursion price; ' i \ new peak, when the index stood year, GDP seems to have grown and income data, which in the 

ihe winter The second new fare proposed * 12 - Tbe previous high was slightly faster than the rate at sbortterin ran differ quite signi- 


LABOUR NEWS 

Tenants^ j Rolls workers not - 
satisfied to defy courts 

on rents on Chile engines 

- d — • FINANCIAL TIMES REPORTER 

■U.lkJl' *■ ■ ROiiLS-RO Y CE workers in Scot- of ihe court order did not mean 

land yesterday agreed not to that lorry drivers, crane opera- 
* __ defy the court order obtained tors or dockers— ail members of 

by. the Chilean Air Force for re- the Transport and General 
I JJ III 1 1| |ri|!S Possession of its four jet engines Workers* Union, which deplored 

blacked by the unions for four the Pinochet regime in Chile — 
years. had to handle the engines. 

The 1,400 manual workers at “The order requires Rolls- 
the company's East Kilbride Royce to deliver up the engines. 


By John Brennan. 
Property Correspondent 


Tare sues up £3 to £87, and_the for visits of between 'sevep. and 
budget return fare is increased 60 days but roust be" booked at 
Hi( r> >y £J9 10 fj9S- least 21 days before departure. 


l ‘ ;| H ft 

■n \k 


Airline staff win 
stake in profits 


BY COLLEEN TOOMEY ■ ' . - 

•AS CARGO AIRLINES Export Achievement . Last year ||1C1T! 1 vTk 

employees are stxrn to receive it carried 50,000 tons of&fgo fur Lfl fl.ll.JLI. M.Jr / U 

their first payments under a esport - 

.unfit sharing t scheme The raMf iOijjB JJf B David Churchill Consumer 

The nrofit-lmked share plan profits to exceed £lm this finan- Affairs Corresnondent- " 

was announced in March and ctal year on revenues of £30m. A,ra,r5 uorrespontient 

yesterday LAS said that 149 an dh opes a further 88 employees SHOPLIFTING cases imported to 
.‘muloyees who had worked at wm be eligible to receive .shares the police last year rose by jufrt 
fAS for more than IS months at JS e en “ PfP®S?v t , x over 19 per cent, according to 

would be getting £70,000 or 5 per • employees will 'Qe;uu<c to jj 0 me office statistics yesterday. 

’em of the £802.000 pre-tax sell their shares after fire. years. . . - - J . ' 

M?r fi l -b31 f6r ** yCar ° ndin8 director^ AssociaSr Ihe Mention of 

IAS employs 361 people in months 'ago IAS had cimride red J^iS^cSSdcSTiwS tawra 
Britain. The unissued shares becoming a publicly-quoted com- ,hi ni® ttences ere Rnown 
offered to the workers are worth pany, but decided that it -would K „ _ 

£1 each and are allocated accord- be too restrictive. " . v- nl !"J ZJSSt * t£! &i»2 _ 

in ii to salary level. It was looking for. -Jts cash 

VAS Cargo Airlines, a privately- elsewhere and was . negotiating by only 7 - 3 P er 

company based at Gatwick. is with several pension "funds to c » Ju 1 ’. ' 
the largest indepndent all-cargo raise £Im. Further tail* would .f ot “ * e k statistics prob- 
airline in Britain. This year, it be held before the ehtTjof. the a ' J '- v substantially under esti- 
reevived the Queen’s Award for month. /. raat ®. l “ e S12e oI ^ problem for 

■- retailers. 

— : Trade sources estimate that 

. ,v- about £850m was lost from. shops 
a r>< • : la st year. To compensate for 

Companies warned . : aag 

over chemical -is «w-s ^«sas d jr zs 

VUVUUViU cer H . Smith, and Boots to 

co-ordinate moves to reduce shop- S-Sf™ f5??Sn ^ ™ b fi 
BY PAUL TAYLOR 7 lifting. ^er £22a,000 were lu> 

• ■ It acts as a clssrniE house for 

COMPANIES working with aery- potential risk,” and companies | exchange of- technical aids on Estate . agent* Knight Frank 

ion n rile, a chemical used in are being urged to, mmiaiise | theft prevention and as an edu- and Ratley said yesterday that 

manufacturing man-made fibres, exposure levels. . - . I national Dressure eroun with 

have twen told that the recoin- .Further research is beigfccan- schools and the Press. 

mended airborne safety limits ducted into the health na. .of ; -in particular, it was . • ’oed 


in the previous quarter, also a Since the beginning of last of GDP; based on expenditure ... - engine overhaul plant accepted How the Chileans get them out 

new peak, when the index stood year, GDP seems to have grown and income data, which in the n „ t nf thn> _ nrivate land- the view of their sh °P stewards, of the country' is up to them." 
at 112. The previous high was slightly faster than the rate at shortterin ran differ quite signi- n-swin ■ are unhaoov who have taken legal advice, that The court order was made at 

1II.3. in the third quarter of which industrial production ficantly. 1 - The output figure is th<1 rea t they ^ ey could not legally prevent Hamilton nine months ago. 

expanded. The latter is a main normally "regarded as the -most nrrnrdmp in a survev on Sh eriff ' s officers from ■ entering Mr. Peter Low, stewards’ enn- 

About three-quarters of the component in the CDP total. reliable; pointer to short-tenn ’ th i-nimr niihii^hed P 1ant and removing the venor. stressed that the workers 

Bam in the second quarter was The all-industry index for the trends?-;"'. . . 22S2SL hv nlnanment of engines. would not help with the removal. 

• uepa But the Chileans may still face This attitude is likely io nc 

■ ‘ ” ^ ThP rinflrt haspri nn a simole “ nion opposilion in trying to reinforced at a meting early next 

r ®F‘ SJ/iSSSS move the Avon units out of the week of the plant’s 1,100 white- 
f“77„ a telSS cm,,,tr y- Rol!s-Royce M expressed relict 

^nia'nartfn fn? Dip nf more ^ r - J a0ies Milne, general that the controverss- now seemed 
SJn 100 000 nrivawly tSted secretary of the Scottish TUC, at an end as Tar as the company 
homes ^ every y?™ There 22 ■« last “Sht that the terms was concerned. 

how around IBm privately- ; 

rented homes, just under 15 per 

cent of thehousing stock. ‘YA. T 1 j/\/\ -■ • w dlf* 

Nearly 400 laid off 

the rents they pay. The median A 1VIA11J * V, ' / 
rent in tenancies sampled was ^ 

On the litber hand, only 38 per 11^ T^X j SklTllfCS 

cent of landlords were happy _ -JLJL1 l.TTV. JL vJ U AAVv 
with rent-levels, and only 1^-per ? . r . . . 

cent of landlords with conitolleiJ ALMOST 140 mnn> workers were factorv followinc a strike bv 


cases 
up more 
than 19% 


Companies warned 
over chemical 



BY PAUL TAYLOR 


Sir Charles Clore has found a 


Offers over £225,000 were in- 
vited. 

Estate agent* Knight Frank 


mended airborne safety limits ducted into the health riS.. of; -Iq particular, it was" . • ’oed ■■ aaihaa 

iniyhl be inadequate. to protect acryonitrile in the U^/,. ,The. ‘In', particular, it works with .A 1 _1 _ A _ _ a OP nvteoJifmn 

employees from health, risks- health of workers exposed taribe Embassies, High Commissions. l\ H|OT*|Yl €| C | ^alTSIfT CAir«UltIOIl .!•' . . 

The formal warning is con- substance w being -monitored an d Tourist Boards to ensure a. AilAvi AA1.41.>3 AvflA OlillX j j. 

, a ■■ T “^ B r E °PP e £ nt 

m ^ are reassured " SS? 1 * 5 

,»ml baatj Lxecume jesierflaj. Wlit0 . At Monsanto’s Seal S aud& stores can be both misunderstood a* Patnck Goodbodywho was di»- 

The note lists values adopted plant. Teesside. there have been and act as a temptation to |^T| charged yesterday by Bow Stredt 

by the American Conference of labour disputes -aver the level of tourists, the assoeiaton ibelieves. wU. |/A V/V- AU AAvAlikl Court, London. 

Government Industrial Hygenists acrylonitrile in" the air. However, other retailers believe that Counsel for the Singapore 

and also contains details of 16 -the .• company maintains the mudi tougher laws are needed to financial times reportor ' authorities told the court that 

substances for which the Exccu- average level is only two parts give shopkeepers the right to w the Government had withdrawn 

live recommends lower, or per million. detain suspected shipllfters with- . its allegations against Mr. Good- 

differently measured, safely The new threshold limit value out making them liable for a civil SENIOR MEMBERS of manage- working in areas where h ley were bod y a °d would not offer evi- 

hniits. - list contains 51 substances which action in the case of a mistake, ment at the Atomic Weapons potentially exposed to high levels dence. Extradition proceedings 

Acrylonitrile, with a value of have either not had recom- civil liberty organisations. Research Establishment, Alder- of radiation had undergone began after the. Government’s 

:o parts per million of air. is mended values before, or which however, are opposed to this maston, met workers to re-assure “whole body” monitoring at Har- investigation into the activities 


FINANCIAL TIMES REPORTER 


cent of landlords with controlled ALMOST 140 more workers were factory following a strike by 
tenancies were satisfied with 0 jf ] 3S ( night from BL’s production workers. If the dis- 
their rents. Where landlords Bathgate truck and tractor fac- pule continues 1,000 more will 
and tenants privately agreed tory in Scotland as a week-long be laid off on Monday, 
rents, 52 per cent of landlords strike of 1,500 machine workers Other Leyland plants will soon 
were satisfied with the result, co n ti nU ed. be badly hit by the dispute 

and 28 per ment of landlords production is at a halt, because the Llanelli factory sup- 
with registered tenancies were although about L000 of the 4.500 plies a large proportion of radia- 
satisfied with ■ the income, they houriy-paid workers are still com- tors, healers, silencers and scat 
received. pleting assembled vehicles. frames for ail models. 

» * • - • The strikers have twice defied 

IVJOVHIg Oil an official' instruction from the . 

The Department asked land- Amalgamated Union of Engineer- Pprlnnc TJPJICP 
lords' if they expected there to ing Workers to return to work so " 

be more, or fewer private let- that negotiations can begin on EIGHT HUNDRED maintenance 
tings available in three, -time; their claim for bonus payments men at the PeTkins diesel engine 

39 per cent felt that htere would for operating new electronically- plant at Peterborough, who 

be fewer. 43 per cent expected controlled machine tools.- walked out a week ago in a 

no change, while 18 per cent ex- ’ A further 250 workers were grading dispute, voted yesterday 
pected an -increase in the wan- laid off at BL’s Llanelli radiator to return on Monday. 

ber of lettings.* " ' 

Company and non-resident 
landlords were the least opti- - 

Jsfcsi--- Sunday -Times makes 

'^SEStSsSSSSS peace with SOGAT ' 

°S££ moolh Us 2,000-acre t£i SeTwo“d prefS ^ CORRESPONDENT 

StypetGrange estate near Hun- [S aT . re ^ r % 0 “ f an c d °,“?d 1 ntbf>T PRODUCTION of tomorrow’s SOGAT members in the pub- 
gerfOrfl, Berks, was withdrawn Attttudes "<o Lettina in. to 7 ft Sunday Tijnes should- be normal Usbine room had been claiming 

at auriion as bidding failed to Bobbietoley SO $75 after settlement yesterday of a Sp* ,^ ca “ s ®: ^ said. 

reacMhc £4m reserve pnee. ..Jf?L ^ ^ dispute by members of the & r og? in f | nen b * h ™* i * W 

^lafpr man Society or Graphical and Allied The management said that the 

r'v,i. iJlulCi 111 all ... . -Trades which -{las- lost the com- settlement involved marginal 

a morc tfian 1,Im c °P |es alterations to working practices 

fYinr CTQf IT * * exiraaiuon »■ . - -5 lnce the • beginning of last and protected established over- 

Lfll v3vCUA ! v . month. _ _ time arrangements. 

\ mnvp nrnnnprl . Times Newspapers, which has Earlier yesterday, members of 

' : V given a warning that it will the National Union of Journalist* 

'■ . i THE SINGAPORE Government suspend all . publication from on The Times published the text 

| A*®! . has dropped its extradition pro- November unless it achieves of a letter they had sent to MPs 

L ceedings against the former -industrial relations reforms, saio giving a warning that a confron- 

Slater Walker executive Mr. the settlement cleared the way tation was developing which 
• - . Patrick Goodbody, who was dis- for discussions involving produc- would “ result in the closure of 

‘ charged yesterday by Bow Street tion of larger issues of the the paper for many weeks and 

Court, London. Sunday Times and installation of could conceivably lead to a per- 

f . Counsel for the Singapore new equipment manent shutdown." 

' authorities told the court that 


gerfonL Berks, was withdrawn 


Sunday Times makes 
peace with SOGAT 


at auction as bidding failed to 

reaehOhc £4m reserve price. lSoDOte Paley ‘ so - £4 75 ' 


Slater man .... 
extradition , 
move dropped 


the Government had withdrawn 
its allegations against Mr. Good- 


Tube talks on Monday 


BY PHILIP BASSETT, LABOUR STAFF 


iine nf the substances for which have had their values changed, because it woutd-give too much them of health and safety pre- well and' other establishments of Haw Par Brothers Inter- 

!ht? executive, recommends a The new values remain as trial power to the retailer. cautions yesterday. where the machinery was avail- national, in which Slater Walker LONDON TRANSPORT officials expenditure cuts and to 


(••wer limit. .. values for at least two years, after 

The concern over acrylonitrile which they are adopted only ff 
: -i!ltvw* animal experiments in there is no evidence to suggest 
he U.S. which suggest that the they are Inappropriate. 

?hciiiic.il may cause cancer in The. main list also contains 21 
tuntaus. new values adopted for the first 

The executive said that the time. ‘ 

;alui* " cannot be assumed . to - H&SE Guidance Note BH 
jive adequate prelection against 15/77. 30p. 


II Luxembourg monitoring of workers who have clJimed ; yesrerdav^ that “bun- [met out of public. funds. * ' costs other than the £$m cuts They also urged the with- 

it DoiIIa olnimc rorae into contact with radio- dr-?ds" 6 1 personnel had yet to t . - instructed -to- be -made by the drawai of the overtime cuts 

l\.d.Ul\9 ClalUla active materials are continuing be checked. •' ‘ Greater London . Council, which already introduced which have 

Ff _ ^ , at the atomic energy establish- Fir Edward Pochin a physician ; K2PP Pflllfllll V' ' ‘ ,,ave ,ed t0 tbe^ disruption of Jed to the reduction of manning 

1 hm llQfPnPrC ment at Harwell. an.i consultant, to the National i . . ’ Tube services. levels at some stations and the 

UJivuvu Aldermaston will not have its Radiological Protection Board. lnmuriPC Ilian The talkh were agreed at a proper negotiauoo of them with 

• RADIO LUXEMBOURG, which ; own £500.000 “whole body" mont- the Government’s radiation JJiau meeting yesterday between union representatives. 

claims " to be Britain’s only taring equipment until next year. Harwell, is expected to have his THE CommissiDn for Racial represeotatiyAS j>f the LoDdon ^ Conditions for travellers were 

r national commercial radio Mr. Ernie Brown, convener of independent inquiry into health Equality is to conduct formal Transport executive and the beter yesterday, with only two 

station, said yesterday that it had the Amalgamated .Union of and safety standards at Aider- investigatings into a Manchester national Union of Kailwaymen. stations closed just before the 

^ increased its listening audience Engineering Workers and a mem- maston ready in about two housing association, the milk Union officials urged the esecu- evening rush hour was due to 

bv 43 9 ner cent to 3 Bin listeners ber of A 1 derm a ston's health and months- ^ division of Unigate and the tive of ask Hr. Ralph Bennett, start though earlier in the a fter- 

a week and had Quadrupled its safety committee, - said: “This The Government ordered - the textiles division of Unigate and chairman of London Transport, noon two other stations were 

• advertising revenue since it afternoon members of- the man- investigation dfter.-the 12 eases textiles and hygience 'pro-' to- ask the 'GLC-to reduce the closed for short periods. 

•' 'beean its new programme format agement met conveners of the were discovered. ducts divisions of Smith and " — ■ 

' brtv-at several unions at Aldermaston Tests had indicated plutonium Nephew Associated Companies. 

md e+off in nortain arose nF tho i*n «..J : _i_ Tko nniti innufinne Kn'nn tTin - _ 


cautions yesterday- where the machinery was avail- 1 national, in which Slater Walker LONDON TRANSPORT officials expenditure cuts and to point out 

• So far, nine men and three able. I had a large stake between 1971 will meet representatives of that the present figure inevitably 

women working at Aldermaston The Ministry would not say i and 1974. workers in the Underground meant the closure of some Tube 

have been found to have plu- how many more people were still The court ordered that Mr. service on Monday to discuss stations because of inadequate 

Ionium traces and “whole body" awaiting monitoring. . Mr. Brown ' Good body's legal costs should be alternative ways of reducing manning levels. 


monitoring of workers who have claimed ^yesterday that “hun-lmet out of public funds. 

come into contact with radio- dreds" of- personnel had yet to I . 

— active materials are continuing be checked. ; Tb i*x 

3 at the atomic energy establish- Fir Edward Pochin. a physician - KECC CflUHIltV" 

OlTI listeners meat at Harwell. an«i consultant to the National I . . J 

,UIU wivuvid Aldermaston mil not have its Radiological Protection Board.! mailiriPC Tllan 

RADIO LUXEMBOURG, which : own £500.000 “whole body" monl- the Government’s radiation) **Hl UAA . 1 w piau 


-m . . claims to he Britain's only tonng equipment until next year. Harwell, is expected to have his THE CommissiDr 

I IB Horn lin COflOrOlA r national commercial radio Mr. Eniie Brown, convener of independent inquiry into health Equality is to ei 

VyUllalU ULIJ oCIJitl illv : station, said yesterday that ithad the Amalgamated Union of and safety standards at Aider- investigates into 

. - Increased its listening audience Engineering Workers and a mem- maston ready in about two housing associatli 
:»• -j ' by 43 9 per cent to 3.6m listeners her of Aldermaston s health and months. < ... division of Urng 

manaCTPfnPnr OfinrnSITIV . a week and had quadrupled iti; safety committee, - said: “This The Government ordered:- the textiles division^ 

llidilMKCUICUl LUlUUilllj • advertisinB revenue since it afternoon members of- the man- investigation jtfler.-the -12 eases textiles and 

V.' - began its new programme format agemept met conveners of the were diwovered. duels divisions • c 

BY IAN HARGREAVES, SHIPPING CORRESPONDENT ' • last year. several umons at Aldermaston Tests had indicated plutonium Nephew Associate 

'' Advertisin'* revenue this year and staff in certain areas of the levels up to twice as high as Th® ne w mqulr 

i,-:UNARD STEAMSHIP has Cuiiard has sought to reduce its gx-w fim according to establishment, which I cannot the limits recommended by the total number of 

ormed a separate ship manage- exposure in one of the most XL -^Hon ’ specify, and re-assured them International Commission of being carried out 

uent company in an effort to -depressed' sectors of the shipr' The fleures were given by the ab out health and safety precau- Radiological Protection whose mission to 14. 

•Mend the Trafalgar House sub- , ping industry. _ '^tammans in a booklet entitled ti™ 3 -"! „ « „ „ standards are accepted world- 

idiary’s management activities Canard . says tire disposal of , the UK. Earlier. Mr Brown and other wide. * . -r 

y non-Cunard ships. its bulk earner fleet does not- 1 conveners met management to — JLOQQOIl I! 

Cunard already has small necessarily ' imply permanent : discuss staffing levels. Mr. Brown po , . , , 


The new inquiries bring the 
tal number of investigations 


fumes oring me .-» .r - 1111 11 

awes Naval hold-up ended 


BY OUR LABOUR STAFF 


oanagement 
Nigerian ar 
umpanies, b 


ment contract 1 * for absence from this area of sklP-K y ^ p «i 
n and Gulf shipping ping.^ '..'But the new management hr JClIOIl DIBU 
ies, but is seeking growth company is clearly an attempt tof •_ > ^ • , 


| discuss staffing levels. Mr. Brown _ _ 

claimed after the meeting that +Af|| 0021 Hl2nf 
the establishment was 130 men v ■ r U1, 


uhipanies, but is seeking growth company is eleirty an attempt tof ■■ 5 , below strength in the trades /MlflfTSlrt 

n this low-capital area of ship- redeploy staff resources without {THE IRISH Republics state- areas. WUWflU 

. At - , - a I MMiul nnnrtanu »Ka ..iJ ,1... AM AOTWB ■ 


London’s new I DOCKYARD workers at Devon- recommendation for acceptance, 

. port naval base yesterday called is being studied by the 12 unions 
fro VP I nprmik tbeir industrial action over which make up the trade union 

udYCI pcillUlo a pay claim involving 183,000 side. 

THE Greater London Council industrial civil servants. All The Transport and General 
wil! start issuing new free travel Britain's big naval yards are now Workers' section at the Faslane 


owned shipping company, .the 


uni to offset recent reductions carrying tin* financial risk. owned shipping company, .the The Defence Ministry said that AN ORDER worth nearly fSmlpremits for pensioners, which free from action over the claim, naval base on the Clyde, where 

n its own bulk-carrier fleet The name of the new company: B ahd 1 Line, is considering a Dr. Frank Morgan, deputy direr- has been placed with Matthew I must bear the holders’ photo- The suspension of industrial work on tWD Polaris submarines 

Cunard-Brocklebank Bulkers will bo Ctinanf Shipping Seiv jetfoil service to link Belfast and tor of Aldermaston. had met staff Hall Ariecb by Uie National Coal graphs, from September 4. - action at Devonport is subject was blacked, yesterday sent in 
s selling the last of its six bulk vices and its "chairman will be Scotland or England. It has in the afternon to. discuss health Board for the detailed design. They will be available from all to the acceptance of a pay offer their acceptance of the offer, 

arriers. Mr, William. Slater, who is also approached the Northern Ireland and safety precantions, but the supply, erection £nd commission- London Post Offices and will he of consolidation oE £8.60 and a Bases at Chatham and Rosyth 

The fleet, none of which is chairman of Cunard-Brocklebank; Development Agency, which may management frequently had talks ing of a coal preparation plant valid until March 31, 1980. After 9 per cent increase. have also accepted, though 

wore than six years old, lias been the <argo ship side of Cunard be asked to provide capital to with the unions on the matter, for Houghton Main Colliery, near that they must be renewed The offer, which was presented Devonport has not yet made its 

old in the last few months as Steamship, . .. help to launch the service. I So far, more than SO oeonle Barnsley. _ annually. ’ by union negotiators without a final decision. 


Midlands jobs 
hit bv tea 
packing switch 

By Our Midland* Correspondent 

:A!)BUKY SCHWEPPES is 
>r*>sMuy ahead with cemtrovor-. 
,m! plans to transfer ite Typhon 
e» packing operations from 
Sirininqham : to Merseyside 
iithouiih the Department of 
industry has refused ip.pay ns 
.novul grants. - • ■ 

Thu move will cost 560 Jobs in 
Birimncham's depressed inner 
-itv area, 

the company said that it was 
nut surprised by" tire Depart- 
ment's decision. Whitehall 
iflicutis apparently took ihe view 
Hi.it. while the removal grant was 
an incentive io attract com- 
panies to areas of high <hmgi 
piuvmcuL CadburySchweppes 
would U»vi?" made the move 
reg,iniless * w 

Cailburv-Sehwqppes. oecausp it 
k invesriiig i» a specially aMIslctl 
will fctill recseiv» fiEWfhld 
Si, ni'. aid towards the ilnt cost 
s:.\ new packing injieMAw andj 
ancillary equipment to in-i 
M.iUcd- "at MoreiDU.'near »«%en- 
head. 


Clyde marina companies! foresee plain soling 


A RECENT rush or planning 
applications to build marinas 
and associated leisure fadH«- 
ties in the Clyde estuary has. 
confirmed the West of beat-- 
laud's reputation as the fastest ; 
growing -.yachting centre In 
Britain. - 

Boat- owners from England, 
parti culariy the Midlands, and 
from Scotland and elsewhere . 
In Europe are increasingly 
turning to the west coast as 
the last no crowded marine 
crotoing -area In Western 
Europe. '• 

Already mans* more than 
StOOfl boats of all shapes and 
sixes are .beithed around me 

450 square miles of the Clyde 
and Its sea lochs and more 
llton 3,000 extra marina spaces 
•ore • planned - within . the seat 
five years. . M v 

The Clyde has three csUJj 
Hxhed marinas, providing 1,000 
hertBs and reprcsenlingj* 
•total Investment of about wm. 
The first, opened seven yeais 
ago. -is the Ktp Marina at -. 

Inverklp or the Ciuxnuiguame.- 


coast near the resorts of 
Largs, MlUport and Rothesay. 
; Kip Marina belongs to Hr. 
Derek Holt, of Holt Leisure 
Parks, which operates _a large 
caravan park near by at 

- GoaroeK. It has 640 berths, all 
occupied has a permanent 
waiting list, and is adding 
between 60 and 80 berths each 
year. The maximum capacity 
•of the bay is likely -to be 1,000 
boats. 

Farther south, at -Troon, a 
partnership of round-the-world 
..yachtsman Robin Knox* 
Johnston’s marine consultancy 
■ and a local businessman In the 
past 20 months has begun 
: what win be a 700‘berth 

- marina. 

Port authority 
• The project, involving Invest- 
ment of £700^00. has 230 boats 
on its hooks and plans to 
'expand to 380 by next summer. 
' Finally, at Khu. on the north 
coast of the Clyde at (be 
entrance to the Gareloch* the 


Clyde port authority and a 
consortium including local 
yacht builders HcGruer and 
Co, is building a Elm. marina 
with spaee for np to 600 
berths. 

Last winter a storm severely 
damaged the project's unusual 
floating concrete breakwaters. 
Only 100 "berths are still fn 


use, against 200 last year, and 
development has been halted 
while a means Is found to 
anchor the breakwaters. 

Four further marinas - are 
bring mooted, which- might 
entail total investment of 
film. The grandest scheme, 
said to involve £9nu. Is for 
a L00Q-berth marina with a 
10-storey hotel 40 flats, shops 
and parking for 300 cars at 
Cardwell Bay by Gonroek. 

It is being proposed bj a 
company named Clyde Cenire 
Marina, which has yet to be* 
registered and whose plans are 


being promoted by Mr. Thomas 
Main, a retired Glasgow archi- 
tect. . 

3lr. Main, has refused to 
name his backers, rumoured 
to »e a group of Scottish busi- 
nessmen, and the project has 
attracted ’Strenuous opposition 
from local residents, who fear 
it will cut -off their last access 

By LEWIS THOMSON 

to the Clyde ia the area. The 
planning application Is to be 
decide d nex t month by inver- 
clyde District Council. 

Further down the eoast, 
Walkerston Investments, of 
Glasgow, b . planning a Elm 
marina with 300 berths and 3T 
luxury vHlas tm 3 stretch of 
coast naif a mile north of 
Largs. 

A similar plan by the same 
company abandoned lost 
year after., fierce opposition 
from residents, bat Mr. Edward 
McKenna, a director, is confi- 


dent that the objections will 
be overcome and work will 
start -this year. The project 
has outline planning permis- 
sion from Ctmnlnghame Dis- 
trict Council 

Hr. Bill Hackay, a well- 
known Clyde yachtsman, who 
formerly ran Kingston Yachts 
on the river, plans a 300* 


Those -associated- with estab- 
lished Qydd mar inas are 
confident abobi their own 
prospects and. the -area’s future 
as a sailing, centre. Hr. Roddy 
Coleman, a director of the 
Troon marina, ' said that the 
"West of. Scotland, with Us 
islands and Jochs, offered the 
best “-yachting . grounds in 
northern Europe. • 


berth marina at Craigendoran 
Pier, a mile npriver from Rho. 

Farther north again, at 
Aedfern, Mr. Colin Lindsay- 
MacDougali, landowner, yachts- 
man and laird of Lungs, is 
proposing an £8m holiday 
centre incorporating a 500- 
berth marina, lS-hole golf: 
coarse, 200-bedroom hotel and 
a conference centre. 

The project has outline plan- 
ning permission and is being 
backed fay a Liechtenstein 
company or leisure consultants: 
Total plan Sports International, 
also known as Topswin. 


JLeisure groups 

** Anyone living • in the 
middle of the country can 
either go sonth to the Solent 
where It ig becoming very 
crowded and race-orientated, 
. or come op to the Civile, which 
k the gateway to the Western 
Hlgblands and the Hebrides. 

“It; takes only five hours by 
motorway to come up from 
the Midlands to Troon, and 
could not be more convenient." 

A feature of the recent rush 
for marina developnient is (hat 
none of the big leisure groups 
such as Rank or Lyon inter- 
national has sought to estab- 


lish itsell" on the Clyde. 
Topspln is the only outside 
entrepreneur ...among ...the 
present group of promoters. 

The Troon and Kip marinas 
include flourishing boat sale 
organisations, handling second- 
hand and new vessels under 
distributorships that give addi- 
tional income. The average 
yearly rental for a berth ranges 
from £12 to £15 a foo. 

However, one businessman 
and yachtsman with detailed 
knowledge of the Clyde 
developments refleeted that 
after 10 years of uninterrupted 
growth the sailing boom in the 
West of Scotland might be 
levelling off. 

“ Prices of boats are now- 
reaching the level where I 
seriously question there will 
be the demand left to (til all 
these new berths,” he said. 
“There is a lot of room 'up 
here Tor expansion, but tf 
people du noi have the money 
thpn sonif* of thesr \ dilutes 
could come badly unstuck.” ... 



’4 


'.-Financial Times Sa^xd^Ax^ » *978-, 


MOTORING 



deprived of the 1975 U.S. Open length you're short of. Little 
title in a frankly dull 18-holes John, it’s courage, old lad," was 
play-off in the steamy heat of the kind of innocuous- r emar k 
Chicago with which they had ‘■taunted 

That Mahaffey was robbed of him. The tragedy of It all was 
victory in the. same, champion- that Mahaffey had left the, bar 
ship by rookie Jerry Pate's in tears, 
towering 5-Iron shot across the His comeback this now 

NEW YORK, August 18. 



. Little John „ , 

second shot with spectacular. 


Mahaffey’s seeond 


“ — * fram 


very edge of death after a. 
nearly fatal car accident, once ^ose even a 


nise his feats. 


The Honda Accord Four-door saloon 


Attention to 



BY STUART MARSHALL 


share of second husband, always a hard Worker, 
neany xvuu. u» ---- inevitable, not to return home until dark, 

again to rule the golf world, . ho w ore- And gradually the tireless, lu- 
te did dn the 1950s. Hollywood “*£*• jJ® dustry began to pay : off, 

was not exactly slow to recog- eaminj had Mahaffey arrived in. Pittsburgh 

ttn the sSfi^re brae with $41,764 to his credit; hav- 
- soared ^h 10 “J® j-snite the fact »ns made the 1 cut in 18 of lus 

tege oF Hogan’s, any coramen- '{Sul? had won tat once ■ - in 22 starts: The . fa * **«* ***** 
tati ng colleague bore, Ken $** “ gS ottiy one way to go finished third at Dora! had been 
Venturi staged poss&I-y the n y overshadowed completely by 

— Tom Weiskoprs magnificent 

head-to-head dual against Jack 
GOLF Nicklaus that for once finished 

. .. ■ ■ r - ■ with, the former victorious. 

ben WRIGHT - • • ■■ ■■ Mahaffey earned no mention for 

finishing five strokes behind the 

ssssmBSSSSSSSS loser. 

I have never known a more 
The message was abun- popular victory than was 


I most coui^eoas comeback from • * 
the open doorway , beckoning . 

! him to oblFvron, when he won ' 
the U.S. Open to 1864 in the., 
most dramatic circumstances, - • 
reeling from heat exhaustion 
and playing against doctor's 
orders in Washington — in the 


ajj? f were d Spectedofhm^aS to dandy clear that he had to add flfctfiaffey’s at Oakmnnt. partite- 

a heat of over 100 degrees. Now, more muscle to his 11 stone, larly to his play-off victims, Tom 

HONDA has gained such a high Ride quality is excellent, the more important than fuel fe ngth was becoming something credited his dramatically fan- 

quality reputation that it came handling almost in the Alfasud ec S."°“ 1> >_ _ ponle over six fe et iSm k bringkre of a si* joke 0D *te’tour t ■* he proved form to a grip changed 

almost as a relief to find a few C | ass and the five-speed manual J J* drivto'^nosition is ideal. T Si,, fS repeatedly pulled out long irons had made on the eve of the 

faults in the Accord four-door gearboK muc h nicer than the g£ you ** d woods for his second" shots. championship. In his constant 

saloon. It was rather like dis- ^ d Hondamatic transmis- will find in plenty of soc ailed comeback of «« iutos. whi3e ^ playillg partners de- search for those few extra sards 

covering tliat the worlds best- . ^ . Thr __ luxury cars: and the attention It could be argued that last b ated with their caddies he had strengthened his grip, 

dressed man had a tiny hole -in sion htted to the Accord three- pajd ^ detail quite remarka ble. week's Benson and Hedges whether to 

his sock. door I tested more than a There is an illuminated dia- winner, Lee Trevino, is a rival Natural^ 


gram to warn if any of the doors 
the boot lid has not been! 


use an '8-iron' or 9. Novi, he reverted to the neutral 
Naturally enough, Mahaffey left-hand with the thumb on top 
this department, and cer- overdid it. While his earnings of the shaft and, of course, the 


suffers A frora \yre "rurablTon Without wishing to rub salt JJ^miyTtatened *2fd tiny win- tai £ 7 ^ credentials we linpe* were almost halved in 1976 from sometimes-damping hook was 

coarsely textured surfaces and into BL Cars’ woilnds, the jj ov £ in y speedometer change caj? 1 *- . Having been «*"«**>* $141,000 to $77,000, the ^ ten- ^a^ely bam^ied^ ^ +h- 

exhaust h oo mat over 4.000 rpm. Honda’s five-speed transmission colour when servicing is due. The i’gj 1 * 111118 donitis, synovitis, or whatever 

. i • _ ...a .a. 4La ah 1Q7K a fantOCnf* nflKn Wllfl iuiri It vnolltr nn. 


There 



won the 
Classic at 


tujuui nucuKL.uu-- - . , ^ __ When Mahaffey 

wrnne raditTaerial retracts Into" the "off! 1976, a fantastic brush with o ne Tikes" to call it really, de- American Optical 

b side screen pillar; the halogen disaster that may or may not gtroyed him in 1977. Then he Pleasant Valley Country Clnb, 

1 '' fell off a ladder at home, broke Sutton. Massachusetts, last week, 

a thumb, and finished that awful it meant that three of the year’s 

year remarried but almost bank- four major championship 

rupt His earnings of $9,847 winners — Gary Player and 

e- gave him 150th place on the Nicklaus being the others — had 

thp British car's are noisv The At £3,830 the Accord four-door vino’s subsequent return to Wa money list, against 33rd in 1976, won the week following their 
B .rp v l cn matnhed rn jhe with manual transmission is former greatness is as magical. and sth in 1975. The former major triumphs, possibly a 

And another thing- the rear i k Htr7s- nTn'ine which cheaper than comparable imports as was his rise from obscurity, national collegiate champion unique occurrence. Axi6 it is not 

fo -"uard lamp Ts mourned so ^nl ^min^lv un to the^ 6 ooo ,ike the Aud > 80 , LS ‘ wh L ch , ^ By contrast. Mahaffey's story and psychology graduate of the without the bounds of possibility 
w that it cnnnnt Virnlve the 1 lS f4 097 ' aDd the Lancia ,? e * is in a superficial sense, almost University of Houston appeared that Mahaffey will this week 

£ ^ riz sr «" e zs xsssrss&iiSr- m » b, . ^ ^ -u-f 

driven up. than two-star. High gearing — £3,599. Perhaps the closest rival Texas is hardly the stun ot ment. 

That having been 
Accord must be reckoned 

formidably good example ot me uon to oe « mw as oa mv* Britain 1 until" early “in the new JJJJ“ 7oungster~*from Kerr- dian Open in Toronto. In trying Express Westchester Qassic 

vilie with the choirboy’s pink- to lighten Mahaffey’s lingering here, his eighth sub-par round 

*iMt’dn« come from Japan. It abl^SW ^^h^. K& 

seats four in considerable com- which give 75 mph and over Marina^Austm Allegro replace- appeared^- to te^ potter par t0 btrdie iS one short, lovely 


said the 3.000 rpm in fifth" gives nearly ttMhe Accord from a European scriptwriters nowadays, when I shall not easily forget the As mnnd^th^' 

<oned as a 22 mph— allows fuel consump- factory is the new five-speed permanence m that estate is evening I met Mahaffey^in our after an openui* 

Se of lhe lion to be as low as 35 mpg Renault 18. which is^uot due in much more remarkable. ^The hotel lift during Mflie ^1977 Cana- under par 68 in the Ameri^n 


90 raph respectively, and ‘due small — jainly^g at wmd hte-tpy Mf ip cheeks gjrtoi 

to be used. On. the motorway to make an appearance in 1982 mills. as Mah affey was — of lack of guts. it s not monm. 
quiet enough for — if BL Cars are spared that long 


fort: five at not too much of a 
pinch 

The boot is big and can be 70 mph is *“* as a volume producer, 

opened from inside the car (a uninterrupted enjoyment of the as ^° H ondamatic two-pedal 
lever by the side of the driver's VHF and medium-wave radio. transmissioili t h e AccoPd four- 
seat): there is a lockable glove The maximum -is just on door costs £4,070. It may be more 
box big enough to take a single 100 m.p. As the engine is doing relaxing j n traffic, but- in every 
lens reflex camera and useful well under 5.000 rpm this could 0 ther way T would expect the 
map nets behind each front be regarded as an • autobahn manual gearbox version to be a 
sea t. cruising rate if time-saving is nicer car. 


The best 
in the 
world 


■ m >M jy 

C* - 


was to hook a ball that was only 
fractionally short*Ho the boun- 
dary. It is' dtyhJfm whether 
anybody else wtfuM have even 
considered the shot, let alone 
executed it. ... • 

Vivian has an avia partiality 
for medium-paced seam bowl- 
ing. as he showed when he hit 
the unfortunate Pont for three 
successive fours with lofted 
drives off his front foot, all 
executed with the full face of 



VIVIAN BB2MW quite the baL 

simply, the most accomplished ne n tQ pom by . ^ 

and excitins batsman expedient of advancing down 

world today 1U inyone m* to- and stroking tha 

"<= bowler *° ,he 

they need only talkto t ^ se w ^ ^Richards’ century came out of 
We had the ““““ 159to^nlf 40 overs, although 
bowling against him, or to ha ^ carJy stagcs there was 
seen his masterly century in th ^ Jn ^ pUch f ot the bowlers 

Gillette sem ! l ‘jJ ! wedSsSSur'Stto a Qtl be did * lve ^ chance t0 
at'Taunton on Wednesday. This luckless Lever, 

match' of t his extensive 

competition 


season — the compemion has 
ever stage d- 

Before the start I predicted 
an Essex victory, unless 
Richards produced a major 
innings. The West Indian bats- 
man acquired his runs with such 
speed and in such profusion 


CRICKET 

TREVOR BAILEY 


will either find the ukmi 1 erfect foot work and the power 

eaables him t0 

that they should eventually be a Turner, an experienced 

only one taiUalism run short Wh C0uncy 

f * h p ■" L ultimate over seamer was brought back into 
last ball of the ulttmat * ^ attacJ j after a very impres- 

Somereet. who sive first spell, Richards moved 

led by Rose and will probably ^ ]eg ^ and 

win both the < h«e smashed him through the covers 
the John Plajer league have ^ ^ bacb ^ o0ti He repeated 
some above average su PPJJJ*jS ^ Trea tment two deliveries 

batsmen. mLlud ^ ,^°? b ,“ k u later, only this time it was off 
with a potential England look foot Qn neither 

o£ 

*“*"?■ : Cl , s np r*i a i ahout However in this joyful inn- 
x»-^ hat n-^ h>r?<9 P The answer^ ings. I shall treasure most the 

«T.o"nd tattJnTS A when _ Vivi,n E,« 

4 ,, n * nr hi? adonted for a sls wth a Mver ***** 
wunty in the Gillette semi-final, sent the ball far into . the crowd 

centun^when^there iT a ^discus- p^cularf strS typTftes the 
sion about some new start bais- remarkable ability of Wchards, 
™ somebody wiU say, “Ah. who has retained a spirit of fun 
but vnu should have seen and, ad venture and. unlike some 
Richards at Taunton in 1978." other outstanding players also 
Vivian arrived at the crease a love for the gaoic. He is not 
with the score two for one and just somebody you want in your 
the bowJer Philip exuding bean side because of his ability, but 
and life. His immediate reaction you want him for himself. 


..;T 


CHESS 

LEONARD BARDEN 


The opening moves were 1 
P-K4, P-K3; 2 P-Q4, P-Q4; 3 
N-Q2. N-KB3; 4 P-K5. KN-Q2: 5 


the Manhattan Chess Club in 
New York and a master at -a 
younger age than Bobby Fischer, 


B-Q3* P-QB4: 6 P-QB3, N-QB3; and Nigel Short 13. of England. 


OTOR CAR 



N-K2. PxP; 8 PxP. N-N3: 9 
P-QR3, P-OR4: 10 P-QN3, B-Q2; 

■ 11 0-0. B-K2; 12 B-.N2. 

HSH' Black's opening is a variation 
of the French Defence where he 
LONDON’S growing importance alms to fix the respective pawn 
as an international chess centre chains and then manoeuvre with 
has been demonstrated’- this bis minor pieces on the queen s 
summer bv the hosting of several side light squares, mainly QN4 
major events as well as a variety and QB5. The plan is slow, but 
of weekend tournaments. White must mobilise his - own 

The programme began with attack without delay— hence P-B4 
[the Sutton and Woolwich con- or N-KB3 is better than the 
i grasses, continued with the Passive move in the game 
Robert Silk Young Masters at 12 0-0; 13 -N-KB3. P-RS. 14 
the City of London Festival (to P-ON4. N-R2: 15 N-B3. O-Kl; 16 
he reviewed in a later article), Q-K2. R-Bl: 1< N-Q2. P-B4 . 
and goes on until next month’s j n guarding the light squares 
Aaronson weekend event at white has pulled pieces away 
Harrow. from the king’s side, where Black 

The annual Evening Standard hj B attack. 

' the Cunard Hotel 


POSITION No, 229 
BLACK(12men) 


n 


r~ 


s 

t. 

£ 

■. 

i 

% 




£ 

£ 





i 

£ 


/ 

£ 


p 





& 



& 


i 


• % i 







£1 

! 

k 


l 





& 

a 








& 



WHHE(12iMn) 

Torre v. Eman uel Lasker, 
Moscow, 1925. The Mexican 

Sra^l tte SJSSf taZ « P-B4. ins £ N4 ? Q.N3: gSSJStfa the^ most eye- 
P T S rlv lS oton 20 P-R3. 0-R3: 21 Q-B3, P-N4! catching combinations in chess 
1 231, bv ^eraSaster^S 22 NPxP. NPxP. history* this posiUon against 

SrtSSliOMl^ muSSTtoSc narL . White's^ open! ng_u_P_the game ^ great Laskey With White to 


Lq$zb& the car 



Lotus Elite. Eclat and Esprit at Charles Fpilett. 
We’ve the full range at our Hays Mews premises in 
Mayfair. We can arrange Test Drives and 
Demonstrations. Tell you about our unnvalled 
after-sales service. And the tacts about leasing. 
Discover the living legend of Lotus soon 
-af Charles Follett 

HANOPICKEDnUALFR 





Ch^neiMofors Ltd 


1976 (P) 33L« Auto. Low mileage. Usual full spec. £8,700. 
1975 (N) 2002 Auto. 1 owner. Low mileage £3350. 

3977 (R) 528 Manual. 1 owner. Many extras. £7.650. 

1974 (M) 30C5i Manual. I owner. Law mileage. Invest- 
ment at £6.750. 

WE LEASE NEW AND USED BMW’S 



continue" 

PROBLEM No. 229 
BLACK (1 nan) 


Merceaes-Esnz Deaierc 

CLOVER LEAF CARS 

2SOE,W123 
ARE HARD TO COME BY 

W* ru»r Hire® ot tneie 
hihl* CARS 
PRICE FROM £ 9 , 79 S 
Pleiie telephone lor details. 

Te’-r 71? Da-.idv’arAs 

OB’--V.’i0:?5r.l229- 


rORSCHE 

JtISC Sport Coupe 1978. 6 months 
old. 7.000 miles, silver with blade 
pinstripe interior, in as new con- 
dition, all extras £16,400 

PORSCHE 

Carrera III Sports Coup! 1977. 16 
months old. 16.000 imles. platinum 
with cork interior, all extras, on 
P7 tyres, totally on marked condi- 
tion £14.750 

VIEW NEWBURY 0U5272B3 


^ benefited his opponent who mo , e . how should play 
of Israel, won the £1,200 first now threatens R-M ch and R-Nb. nnnwi.inw \n 

prize in the National Bank of 23 K-Rl. R-KN1; 24 N-K2. 

Dubai Open, but both he and the R-N6 ! 25 NxR. QxP rh: 26 K-M, 
lMs had several difficult moments r-knI: 27 K-B2. RxN: 28 Q-Kl 
against voung British players.- (28 QxBP, RxB holds out longer!. 

A pleasing Feature of the R-N7 cb ! 29 Resigns. Fnr if 
tournament was the success of QxR. Q-K6 mate or 29 K-Kl, Q-K6 
lft-year-old Simon Knott, who ch mates. 

Dlays on a high board for the London’s next major event, the 
Stock Exchange and whose Lloyds Bank Masters, starts on 
father, a Hammersmith tyun- Thursday. August 24, at the 
clUor. is a senior partner in Cumberland Hotel. This, should 
Greene and Co. Knott sbfrea £ rst open competition in 

second prize, defeated Bntisb country where entrants have 

masters Botteriil and Whiteley, ^j e opportunity to score a grand- 
and was the only player to u*aw ma8 t er result: GMs Balinas 
with Kraidman. His win. -over ( p h ixip P i neS ). ciric - fYugo- 
Botterill. the then British epam- s i aV i a) Forintos (Hungary), 
pion, was one of the best of the Sham ko V i t ch (U.S.) and others 
congress. •• . m arc expected. 

S.TB tt knotr' Opening: French .{SSS2 Vladimirov. " &4 ” 1978). 

S-raST- 1 Ea ' ,k 0tDUba ‘ Joel BenU^ 14. S£igSS*S S.lnU.na r^e 12 












■* 

& 

■ 






























- 























COINS 

JAME5 MACKAY 


THE lith *■ Commonwealth 
Games which ended last week 
has found a,modest place in the 
numismatic cabinet with a silver 
dollar, struck by the Royal 
Canadian Mint The obverse 
features the Machiu profile of 
the Queen with the edge 
inscription confined to the 
words DOLLAR CANADA 
ELIZABETH II which are 
acceptable in both English and 
French. Tiny maple leaves flank 
the date ait the top of the 
design. 

The reverse is the work of the 
Toronto artist Raymond Taylor 
and shows the stylised maple 
leaf emblem of the Games in 
raised .relief in the centre, 
above a bilingual inscription. 
Radiating from the centre are 
ten' segments containing stylised 
"matchstick” representations of 
the jantateur sports freatured in 
the Games — athletics, badmin- 
ton. boxing, cycling, gymnastics. 



WHITE (3me*i) 

White mates iri four moves. 
The 'tournament also include, d ' fe "“ (by J - 


MAXI HL. 24.000 milt*. Tahiti 

blue, sunroof, cassette radio, new tv rev 
Tax December, £2.250 ono. Tel. 

VINTAGE S3*.' standard Bid 9. 19S0. 

fabric body. 1 owner. 32.000 mill 

Tax and MOT. Many spares. Has been 
renovated. Needs slight work to ftnUh- 
O Iters around £2.000 or exchange. Tel: 
Redd itch (Wares) 25E74. 


BRIDGE 

E. P. C. COTTER 



A NATIONWIDE VEHICLE SERVICE 
TO BUSINESS USERS 

IMMEDIATE DELIVERY OF MOST BRITISH AND IMPORTED 
CARS AND LIGHT COMMERCIAL VEHICLES. 
Tailored epneraers 1-3 years with and without maintenance, 
Your existing fleet purchased If required. 

Please write or tel; <0533 ) SM3I W. F. SttnMJP Ifei. Fl eet Hng r.) 
LATHAMS (LEICESTER) LTD.. 203 BEWSftAVE GATE. LEICESTER 
A member of the INCHCAPE Group of Companies 


THIS SPACE 
FOR SALE 

TWICE 

ONE ON 
SATURDAY’S 
MOTORING PAGE 

AGAIN IN 
MONDAY’S PAPER 

BOTH FOR 
JUST £126.00 

For details of other sizes 
contact Simon Hicks 
01-2485115 


with the nine of hearts, and With both sides vulnerable, 
overruffed with the ten. Now South dealt and bid one spade, 
West led the Knave of clubs — North replied with two no 

surely the Ace of spades is to be ai -jj East came in with 

^e’dedarer'waVquick’to’t^w «*- No> — ot his 

- advantage. seven-card suit. South rebid 

* Winning with the Ace, South three spades, and North raised 
r HAVE just returned’ from a drew three rounds of trumps, to four. 

month's visit to Australia, where and led a spade towards the WfiSt lpd thp club Q Ueen _ 
I took part in the national table. The. Queen won. and the 

championships which were held fall of East's Knave was most D«. rer tnantneevvo. oe - 

in Brisbane, and had a' most revealing. Dummy’s last dia- honour is likely to be in dummy 
enjoyable partnership with mond was led to East’s ten. on — the declarer played low from 
Keith McNeil of Adelaide- which the declarer threjv a the table, ruffed in hand, and 
I am sure you will find today's losing spade. East continued the trumps in three 

two hands from the pairs events with his fifth diamond, and the N q W h e led the diamond 

most instructive. Here fc the deetarw disenrde^his remoin- ^ ^ han(J ^ fincsged 
first: 


W. 
A 10 9 
J 10 7 
7 6 
J 9 


AST GALLERIES 


FIELQBOURNE GALLERIES, 63. Omm 
G rove. St. John's Woo^- . S§ fi c&OO. 
LANDSCAPES bv Roval AcadernlcUig. 
MARBLE Cantinas YOMA SASBURGH. 


FINE ART SOCIETY. *4S. Nm JBoMI 
W.l. 01-629 Site. SUMMER EXHI- 
BITION. 


CLUBS 


EVE. 1B9. Rcasnt Street. 734 0557. A la 
Carte er All-in Menu. Three Si»«rtj«ul*r 
Floor Show-. 10.45. 12.4S anO.I.fS and 
music of Joboavr Hawkcsivorth n Frlenos, 


N. 

♦ Q 5 3 
<? Q 2 
0 8 4 3 2 
+ 10 8 7 6 -- 
E.- 

6 4 24 J 

^ 5 4 3 - 
v A K Q 10 5 
4Q542 
S. 

+ K 8 7 
3 A K 9 8 8 
0 J 9 

* A K 3 

East dealt at a love score and 
i opened the bidding with one 
diamond. South doubled, ® nd 
West said one spade. After a 
pass from North, East rebid two 
clubs, which is hardly to be 
recommended, and South's bid 
of two hearts closed the auction. 

West led the seven of 
I diamonds, East cashed two top 
1 honours and led a thir,. ruffed 


mg spade- Now East was end- . . 

played, and had to lead away t fa e Queen on the table. 

from the club Queen and allow When this held. South had 
North to make the ten for the tricks— but where was the 

declarer's eighth trick. tenth to come from ? He decided 

Loser-on-loser plays are com* a j ow diamond, and 


long ago as 1891. Cooper's Pan- 
Britannic Gaines envisaged the 
participation of the United 
, „ . States and other English-speak- 

1 awn bowls, shooting, swuuinuig i n g countries, but with the 
the duvmg. weightlifting and revival of the 


wrestling. Several of these 


mon enough, but a double loser- 
an-loser play is more often 
found in double dummy prob- 
lems than at the Bridge table. 

The second example is even 
more intrigu ing: 

n! 

♦ 10 7 3 
OK94 
O A Q '8 5 
+ K 9 3 

E. 

♦ — 

•5 A 10 6 5 
2 0 J 4 

+ A J 10 7 6 5 
S. ' 

♦AKQ9652 
« J 7 2 
10 7 3 
4* — 


W. 
J 8 4 
Q 8 3 
K 9 6 
Q S 2 


was overjoyed to see the Knave 
appear on his right East would 
be endplayed, and forced to set 
up one of dummy's Kings. 

Unfortunately, he followed 
with the seven from his own 
hand. This failure to unblock 
with the ten gave a wide-awake 
West the opportunity to over- 
take with the King and lead 
another club, thus saving his 
partner from the endplay. 

•If the declarer does play his 
diamond ten under the Knave, 
this prevents West from over- 
taking with the King, because 
South, after ruffing the club 
return from West, can lead his 
seven of diamonds, finesse the 
eight nn the table, and make 
his contract 


Olympic ;Games 

... _ . _ , in IS91 it fizzled out Inter- 

motifs were used by Mr. Taylor Empire Championships formed 
m the design of -the Games part 0 f t] ie Coronation festivi- . 
sta J?P s - . ties in 1911 but nothing further 

The sports motifs are shown was done till after the First 
in intaglio, recessed into the World War 
coin, and this has enabled the The leading propagandist for 
?u 03 l al 4*? an i d . 1 i an to claim the Games in the 1920s was 
that flus : doU«; as the first to Richard Coombes, president, 
combine both inset and relief in 0 f the Australian Amateur 
the engraving. Intaglio has been Athletic Union, but - it was 
randy **h- M. M. Robertson, manager of 

mque. though it is by no means the Canadian field and track 
unkncfwm Many classical Greek team at the 1928 Olympics, who 
coins had incuse motifs, and the actually got the idea' off the 
most recent examples were the ground. At the Amsterdam 
American gold and !5 dollar Olympics he convened a meet- 

f 01 ^ ° f depicting the mg of athletes from the British - 

head of an Indian chief recessed Empire and a decision was I _ 
into the flan of the coin. These taken to hold the fitst British'}!,! 

n?It«.»ri 0illS w Sn Sed stora L of Empire Games two years hence «;/ 
protest, when they first in Hamilton. Ontario. The n i 
appeared, the^ principal objec- second and third Games were ' 

h dd at White City, London. L. 
gathered in the recessed areas and Sydney respectively in 1934 ,7J| 
?iriv e d®®i6h-_ The designer. Dr. and 1938. Thedourth Games * I 
" , !*? • . round Iy did not take place till 1950 who u ,, 

refuted this criticism by stating Auckland was the" venue, Subse-M 1 
that aduty gold coin was a con- que-nt Games were held in Van-://? j 
trametion an terms. couver (1954). North Wales i‘ If 

It has to be admitted that the (1958). and Perth, Western ' } 
use of: intaglio for circulating Australia (1962). 
coinage would be utterly Jamaica was host to the 
impractical. Its application in eighth Gaines in 1966 and a 
this, mstance is a tacit cupro-nickel crown was issued 
acknowledgement ■ that silver to mark the occasion. The 
dollars of the present size and obverse showed the Jamaican 
weight are not intended for coat of arras while the reverse 
- showed the chain emblem of 

T2us<toI4ar is struck in 500 the Games and the inscription 
fine silver and is available in “Vin British Empire and Com- 
Britain at ta^OO. The silver monwealth Games.*’ No coins 
dollar can also, be obtained with were struck in 1970 when Edin- 
the 1978 cptos from 1 to 50 burgh was the venue; but the 
cents at £13.50 and in a mckel tenth Games, held ,.in Christ- 
vei^on, with the ordinary circu- church in 1974, were" honoured 
Latinjg cote», a-t £5.50, The. coins by a dollar produced.: by New 
may.be' purchased from the new Zealand in eupro-nickel and 
issue department of Spink and proof silver. The reverse 
Son, King Street, St, James’s, showed renntiig -figures holding 
London SW1. banners beaxiqgK the stylised 

Though * n p mention is made NZ emblem of- the Games, while 
on the coin, it ^ incidentally the edge ^n^ription read “X 
marks the golden jubilee of the British Commonwealth Games. 1 * 
Games which had its origins in Westen^*Samoa also issued 
Canada. The- idea of holding a dollars nin silver and cupro- 
“ Pan-Britannic contest of our nickel,- versions and depicted 
social pursuits ” was first raised the natioiul coat' oC arms and 
by the: Rev. Astley Cooper as a boxer on obverse and reverse. 












_ .A, 



FinancIar_.!Eiiie^ Saturday August : 19 1978 


THE WEEK IN THE MARKETS 




recharging its batteries 


in turmoil 


C %: 






After a rise of nearly 60 merchant baoMfi? division, 
points in the FT Industrial which was formed about a year 
Ordinary Index over the pre- ago. 

sr< 3 stssissrss 

with no major bid activity of services , nf > in^tab tishine hi« 

sur-nss-sss HESSS^ 

Equity turnover ran at about clearing bank. 

previous* week!* 86611 *** ^ Compensation pBZZfe 
>f ■ . , . The formula -for .determining 

Nevertheless, the underlymg compensation" under tbe ship- 
trend was TCasonably after budding ^ aerospace nation- 
auc **. t.h s ^ ia fP , nse _ and atisation act remaimLas much of 
afnndav Ilfi anrt ra ^mnn»® UreS °r a mystery as ever following the 
statistics announcement thisT.week of 

the 'xpoctod range op Thui^day T 1 * 

failed to jolt market sentiment. ° ° D 

By the close dealers were fairly d 0verseas Freighters, 
confident of renewed ' demand So far the compensation to be 
in the new account, although paid — particularly, -in _':the case 
gilts remained inervous as hopes of Hawker which is to. get £60m 



(IN CONTRAST TO the turmoil indications that tbe Fed had 
i and frenzy in the Foreign raised the funds rate from 7 J 
Exchange Markets, the- stock per cent to 8 per eent. 
market this week has been a Undeclined to add funds to 
picture 1 of studied calm. The tbe market when the rate 
crisis ' afhcting the dollar has reached 8 per cent the . stock 
barely. furrowed tbe brow of the market, which has Boated 
New York Stock Exchange upwards recently partially out 
wMflh did succumb to a little of conviction that interest rates 
profit taking oq Monday and had peaked, chose to interprete 
Tuesday on news that the U.S. the Fed’s move as a positive 
currency was taking a beating response to the dollar’s prob- 
' • - Iems 


NEW YORK 

: JOHN WYVJES 


Tbe preliminary evidence Is 
that tbe market may not weather 
further interest rate rises so 
comfortably. The announcement 
of the rise In the discount rate 
helped the market to rise by 



But an interesting sidelight to a spring recovery for the 
u on institutional behaviour dollar, 
more than six points by early e ^ er scd this week in the form The corrolary of this might 
afternoon but when the Fed was ? _ a survey of mutual fund be that a rally which runs 


. amsiDuuu um «m«i me r«m was — - survey of mutual fund be that a rally which 

but t r e T s ~ gbl retreat in the Dow seen to be boosting the funds behaviour in the second quarter, against historical precedent in 
Jones --Industrial Average was rate up to 8J> per cent, the gain The period coincided with the the face of rising interest rates 
monrY polite expression of con- was rapidly wiped out. market recovery in April — the and uncertainty about the L J .S. 

cern than genuine anxiety. . a market recovery in advance ” buyers’ panic ” — * which currency may well have to 


fade Sr TSSr Si ta>h,5E —has been hishhr itourmanyin - . , Assurances from the White of a levelling off in interest -apparently failed to grip this depend on little foreign partiu- 

. : th e .citv had heen -exDectine f? in saJes volume at more to 565p. The market had an tici- House on Wednesday that Presi- rates is as rare as the Mona group of investors who sold pation and a determination on 

. ‘ ■ However with details of the 10 per cent by the end of pated something slightly better dent Carter was “ deeply con- Lisa’s smile, market historians W65m more stock than they pur- the part of the institutions in 


However with details of the uj me cuu m potcu sumeuamg sugnuy _ _ _ 

7 Invth’ davh hnvsfi neentiatinnTs dose : iecret the l97 ? and already, large retailers than that, but the drop in.be cemefi” and was seekiDg'policy tell us. and the only example I chased, according to Computer continue to discount" "the Vn- 

lsioyus flaw nurse S, ^,2^ ' ter “ ch ** Marks and Spencer are value of the US. dollar plus a recommendations from the have been able to find was in Directions Advisers of Silver favourable trends 

Mnmk.nt - usuxes ailllDLmCetl . Ml 13 r , ffl9|rin0 nntimieti/- nnicoc- Ufhont- in 17 .. m ........ Tmiim, r * L1_ _ Cnrino , 


Merchant banks welcomed a pr6vide no ^ ide t9 fa6l re pay- 

£to M? raSfe iSSE mentS , f0r the other cbmpanies 
years of pondering Lloyds Bank Explanations .of-j how the 
became 
clearers 


making optimistic noises; 


Earlier this week, two of M sales hindered performance, 
and S’s major suppliers A seasonal downturn in 


setback in European natural gas Treasury and the Federal war troubled 1942. Neverthe- Spring, Maryland. 


on inflation 



Reserve Board was sufficient to less, some analysts are prepared The picture is not complete, 
return investors to their to venture that tradition is of course, without parallel infor- Monday 

*’ J — " ■ - -- -- * "rusts and 

tends to 
that the 
fuelled by 


and monetary policy. 



Close 

Change 

Monday 

888.17 

-2.68 

Tuesday 

887.13 

-764 

Wednesday 

894.58 

-7.45 

Thursday 

900 12 

+ 5.54 

Friday 

896.83 

", «!•„ 


which the group had signalled 
when it let it be known that 
German buyers bad renegotiated 


of the other clearing banks to endin g February 28, .1974. pro- 

years^they 6 * have* entered 1 the 1116 top performing sectors German buyers had renegotial 

arena either by buying existing h^vv^thi^is arrived at ^not IN FOUR WEEKS FROM JULY 2© contracts cutting volumes p 
merchant banks or bfdeveto? K 18 a,nV ?";* t “ aot „ . % Change chased but extending ’ 

ing separate entities from T v. , • Contactings Construction + 17.4 contract life, 

scratch - ■ It becomes even more comph- Lt. Electronics, Radio TV 

Maltha* cated in a case tike Hawker Building Materials 

Neither approach has been where ^ operatiDns of ils Electrics 

° f vesTed subsidiaries Hawker Stores 
the clearers merchant banks — Dynajnits and Havti&v Aviation ®*"«* 

' —were financed partly by bor- A, ‘^ hare ,ndex 

rowings from the parent com- 
pany. Borrowings ... totalling 


the 



on a see-saw 


LONDON 

ONLOOKER 


THE WORST PERFORMERS 

almost £49m had already been t 

repaid by British^ Aerospace Ba nks + 1A 

ahead of the - compensation oils + 2.1 

terms. • . -L . Overseas Traders ’ + 2.1 

The high level Of jfcbt repay- Newspapers, Publishing - U 

ment had -led ; many Cily 

even those expensively pur- analysts to expect a much lower Cor h - orofils were a fiflh 
chased — have achieved spec- level of compensation. It re- Lh AT 


+129 . . STRONG NERVES have long advance in gold prices, however, 25 per cent — Esso will have interim by 1 toea to 5 tnca 

+13A ^ w K^ y cl S n i r 6 a n ^ been. Oil the list of qualifications and in the distributions ex- 25 per cent and Urangescllschaft (3.7p)- last vear’s total was 

^ 1 B i!,X e ? rQ r€1 iu?red by an investor in pected from the group’s gold 10 per cent— and it will over- g toe Because of the woak- 

Ar ? entina f market, and South African gold shares, parti- mines point to a more come the problem of finance. ’ TTC ... 

+ 7J dUring ^ vreefc Uheni vayonrtor tbe current m terms of cash. Western ” . of „ t he U : S ‘ * 

+ i w4> ^ prices bave re&cted t0 ^ ear - Mining will have to find only Bougainville has made exchange 

ope ran oils -was 4 per cent up movements in bullion. Platinum is also very much a$ 2.1m for the venture. The S ams of K9.6m on the repay- 

Wpfin H Ua T7‘ ^ metal ^ between 011 ^ rising XT ^ 1 and .rest of its share of the financing of its loans in that 


■Q_/* ___ . l — I »WUU5 UCLWCrU _ a — — — — « * A VJl UX i LS JIIOIC U1 L1JC UllflilUllX 

Refine^ margins, parbcularLv Igg^ggaes of a record $2I6| per General Mining-Union Corpora- will be accounted for by its currency, 
ana Holland, ajK j a j ow ^ g2082 ^ OI1 group’s Impala Platinum allotment of a venture stake 


in Germany 
improved and chemicals 
markets started to recover from 
the slump experienced in 1977. 


-- — — - — _ -- - Whether there will be a 

before rebounding yesterday to “® reported a 33 per cent to the partners and by a pay- further gain in this respect 
$2JK». ! dV ?? ce r t0 ,u R44 ' lln , “ ment-in-advance arrangement during the current half-year 

r Although the gold market has 2^ oflts for -“?. yeu i . t0 June with the uranium customers, remains to be seen. But earn- 


In the ILS.. higher revenue at t *** ^ the mine has Tb^se will incTudTthe parteere from mine production 

c^1 «»« ZSLTSS+1* SS. MS SL 2L !=? »-o r*p?L ">* JSSm S uifii" vS d of“" 


“ S5E £55vi sStSSSSi EESSSHi ^ a: k 


rrs ts se . s :r:r: s 

2^ e ^a- WI « ST «•“■■■•* 10 1 ^ ^ “ , ' d0, “ r 

ST stflniw JS? .Srt^Srtbh^ i**vl S^ncfSu^on 

On the mendm Je ^io M e to 


_ . , , . _ i i > * i i n - iiii. u\ 

advisory servlw. L ow consumer spending and a ^E.^WhUe t0 athe 


[at one end and gold and gold 

.'X 

MINING 

KENNETH MARSTON 


has reduced tbe latest not profit spoken for. nf 

Finally, the Rio Tinto-Zinc in 


;old. 

mind 


It is worth bearing 
that Bougainville’s 


Imnala’s total dividend for the 8™“^® big BoD 8 aillvllI e copper- gold production amounted to 
past year comes out at 80 cents gold mine in Papua NeW Guinea 11 - 809 kilogrammes in the past 
against 70 cents for the previous “Jl S? o 0f JfByjjr. mMag the company 

12 months BuL here aaain the K24m (£l/ 8m) «Bainst K13.9m the Western worlds biggest 
s ’ a year ago and has raised its gold mine outside South Africa. 


This department will fill the glut of cheap importshave cum- was flatf many manufacturers 


currency translation adjustment 

only gap in its banking services, bmed to give a troubled few ^med^eir*attention'*oveVsea& is ignored ’ “rend quarter uuulB1 

says the bant, therehy pravid- years to most tKtile.cqmpM.vs an[! now ranfrit)u[e M bare figure L -g_gBM jwa .«g»|»(wg sitting together at tbe Bishopsgate Platinnm is to fully 


current year’s outlook is 
brighter. There is no market 
in the shares which are held 
directly and indirectly by other 
companies. In order to tidy up 
the situation the quoted 


MARKET HIGHLIGHTS OF THE WEEK 


U.K. INDICES 


ing a merchant banking fsciiity- fii-the UK- "Now, hdwew; there Important ©lire of total earn- below the previous year’s cot^ o« hopes ttf halt, to the SSriT 
“ ^ oi \ s light. at- the^nd ; pf.^e ^ u slerlin g ^noes to £5 doWftr ' s weakness lift the dollar Bishopsg^te will change its 

either establishing or buying a tunnel. Retail spending at the improve> it will be come more ^ end produce a correspond- name to Impala Platinum. Hold- 

separate house. end of June was higher than at d;fficu]t t0 ^ abroa(L quarter s £288m. Analysts are ^ ^ ^ g{>ld rad> ^ tags issue shares to the 

Lloyds is Reen -to emphasise any ume since the beginning of anticipating the third quarter ViCG . otber hoIders in prop0 rtion to 

the separation tif Mr. Horne’s 1975 and the Uulttifibre ** rfpflnlpe C hpl 1 to be sUsh “ y T ;ea J er but . w tb This.siuiatio<n looks lake last- their existing stakes in the big 

department from the clearing Arrangement which ^tricts aejmes aneu a strong final three »J>nThs ing in^lawnethiog is dwie^i South African mine. The owner- 

bank proper. He has been certain categories of textile The Royal Dutch/Shell Group expected, the result for the year cure ^ weaknefis ^ ^ dollar s hip of Impala Platinum Hold- 

appointed director of the inter- imports, is beginning to have an reporied net income of £390m is likely to be around £1.2bn ^ ^ ^ meantime sentiment ings wiU thus become: Union 

national arm nf the group, and effect now that the pipeline is forthe second quarter on Thurs- compared with last year’s h| , . . Corporation 49 per cent- UC 

will work closely with us clearing. .Estimates put ihe day and the share price fell 5p £1.3Sbn. . It ^ indlkely to ahee the basic^ Investments 12 per cent; 

ally firm undertone of gold, or Industrial Seleetions-National 
ihe continuing high level of Selections 10 per cent; and 
mine earamgs Canada’s Into 9 per cent. 

Latest news’ on the earnings n - E h xistil1 ? ^rehoWers of 

front comes with the resultsTf hSLSZ 

i Ho rvCnfAi*«i«ktn^ p . r.i £i- * ■ tiic same intprest as DCiore in 

. ? ld e c' e d f Impala mine, but it will be 
I a fri«* S ol< F J eIds of under the name of the new com- 

I Africa^ Profits for Lhe year to pany. Meanwhile, Bisbopsgate 
bare expanded to bas increased its final dividend 
K4u.yrq :(£23.#m) from R21.7m f b j- tbe year to June 30 to 3.2 
a year ago and the final divi- cents which makes a total of 
dead isrbeing raised to 85 cents 9.2 cents against 7.1 cents for 
l49p) to ■ make a year’s total 1976-77. 

pared with the Moving to Australia we come 
previous year’s 110 cents which to Western Mining which has 

announced this week that it is 
to take in Esso Exploration and 
The profits include an Production Australia lao off- 
advance- in • the surplus on shoot of the big Exxon group) 
sale 'of investments to and West Germany’s Urangescll- 
i from only Rim sehaft as partners in the 
last time. This is explained development of the Yeelirrie 
i are sales made to provide uranium deposit in Western 
.finance for new investment, pre- Australia. 

Tbe cost of the venture is put 
: A$321m t£190m). It will 



Price 

Y’day 

Change bn - 
. Week 

1978 
High 

1978 
Low . 


Average Aug. 

week to 18 

Aug. 

11 

Aug. 

4 

j Ind. Ord. Index. 

- SllflK 

- 1.9 

_5163_ 

433.4 

Pause after recent strength 

Gold Mines index 

186.1 

-16> 

206.6 

T30J~ 

Fluctuations m bullion price 

FINANCIAL TIMES 



Brown (John} 

493 

: +33, 

_495 

231 

. . Talk of bid from Hawker 

Govt. Secs. 70.99 

7U2 

_7033 

Chaddcsley Investments 

^ D i isl 1 | 

55 • 

, VU) . . 

- + 9 

XIO 

81 

me 

34 

t48 

Reorg./merger with Greycoat Est*. 

ijijrnimif pvnlAntiATi h dqm 

Fixed Interest 72414 

tndust. Ord. 511.4 
GoId_Mines ~I95i[ 

_724$4^ 

Ml F 

_7234 

VOnXlIK Hluuuw 

Howden (A.) 

JSi 

. . T 14* 

-11 



17B_ 

wrT 

' .Concern about US. earnings 

511-5 
197A~ 

4953 
_ 187.1 

invergordon Distillers 

. 145 

+12 • 

150 

«? 

- Bid specultaion 

Dealings mkd. 's,407~ 

6jB97~ 

5.118 

L etas (J.) “A” 

218 

+M - 

218 

121 

Planned property hive-off 


Lex Service 

88 

- 

944 

64f 

Proposed rights issue 

FT ACTUARIES 



More 6 Ter rail 

V 

- 7 

92| 

621 

v Roadside advertising ref. to M.C. 

Capital Gds. 24233 

23935 


Norton and Wright 

;20f 

+26 

206 

158 

Excellent resu(ts/fO0% scrip 

Consumer 
(Durable) ^220.79 



Petaling 

270 

+25 

270 

US; 

Far Eastern demand 

21738 

20935 

Saimbury (J,) 

225 

-18 

243 

161- 

Price competition fears 

Cons. (Non- 



Sunky (Bernard) 

267 

+ 11 

268 

no; 

Sale of property 

Durable) 22002 

22039 

214.04 

Ultramar 

250 

—11 

284 

112 

-■ Disappointment with int. profits 

jlmLGroop_»l A1 

23091“ 

22338 

UnSevcr 

580 

+24 

580 

476 v 

Good 2nd-quarter profits 

500-Share 25407* 

253.40" 

24533 

Vibroplant " 

196 

+.16 . 

_J96 

155- 

’"Sharply higher profits 

R nan da I Gp. 17637 

17733 

171 A6 

Vickers - 

194 • 

.+.8 " 

199 

l«; ; 

Nationalisation payment hopes 

AHhn 23428 

234A1 

22471 

Wades Stores “A" 

96 

+36 

99 

' 32 ; 

. Bid from Assoc Dairies 

Red. Debs. 57.49 

5736 

5735 

Wesion-Evans < 

- 152 

.. +19 

152 

79 -: 

Agreed bid from J.F.B. 





£ per tonne 


4m perpicol 



— [1BD0 


i2BOO* 


19001 


rt700l 


11600' 


115001 


2501 


EUROPEAN PRODUCERS' PRICE 

lV*/Va liomtb»nA|xin?.ina 
1 1 ' It -L.I, 'L ,J 


Mom 


h300l 


12001 


450 


400 


550 


300 


250 


is partnered by America’s uranium oxide and should reach 
elps Dqdge. the production stage towards 

These : realisations are thus the end of 1984. The deal is 
not aya|Jble.fpr distribution and designed to meet Australia’s 
so there has been a relatively requirement that overseas 

modest increase in the GFSA interests in the country’s 

final diyidend. The recent fresh uranium deposits be limited to 


The recent firmer trend in prices of copper, lead and zinc has been 
largely influenced by labour tension in die South American produc- 
ing industry,- notably Pern where there have been widespread 
strikes. At the same time, London Metal Exchange . stocks of 
copper — though still substantial — have been reduced to their lowest 
levels, since November, 1975, and those of lead have also fallen. 
Zinc stocks, bn the other hand, continue to rise. Tin remains 
strong in die. absence of further news regarding the proposed 
releases from the U.S. stockpile. 





IT IS SOMEWHAT IRONIC 
that in. a week in which 
the Australian Government 
delivered a ’. draconian budget, 
the share market should take 
off on one of its strongest bouts 
nf sustained buying for years. 
The budget loft few unscathed 
with higher direct and indirect 
taxes, a crackdown -on rax 
avoidance and carving • into 
welfare programmes, including 
the emasculation of the national 
health service, Medibank. 

All of this was done because 
of the Government’s pre- 
occupation with: the sire of -the 
budget deficit, ’Without the 
taxation measures the deficit 
would have been SA4.5bn. but 
the Government managed - -ta 
bring it (fi?wn to . $A2.8bu. .. It 
was obviously tbe message that 
investors, both local and.’. more 
particularly, overseas, wanted. 
By the close of' trading yester- 
day the Sydney All 'Ordinaries 
Index bad risen 13,63 points' for 
the week to 335-99, i -rise of: 
2.6 per cent. *■ 1 *■■■■ . 


^Orer the past 12 inootte the 
market had gradually been 
building up a head of steam. 
Between Jjme. 1977. and 0978 
the - All’ Ordinaries Index rose 
from 457 to 492 — or slightly less 
: than. .$ per cent. ^ j 

: The mood has been sustained 
Jn recent months by a marked 
-increase in -company takeover 
activity, and a return of speeu- 
la live interest in mitring 
exploration counters, '.par- 
ticularly diamond and; bU 
espiorafiOD stocks. The interest. 
. in- diamonds has been sparked 
by a discovery in the Kimberley 
Ranges of Western Australia; 
by a' consortium inchidixig- 
Conriric Riotinto of Australia, 
the local offshoot of t-TC mining 
house.;- Wo Tinto-Zinc. r The 
consortium has already found : 
commercial value diamond tn 
Kimberlite pipes and is putting 
in a pilot plant to test whether : 
If has .& commercial find os its ' 
lands. The lure of -diamonds' 
has sparked off a flurry of small 
hopefuls.- pegging out areas in 
the vicinity of the consortium’s . 
ilnd, somewhat reminiscent of 
the mining boom of tba early J 
seventies. . 

It is not' confined to small 
explorers however. America’s 
Am as and Australia’s largest 
company. Broken Hill Proprie- 
tary. are among those .Winch 
have joined the search ; for 

The • ' Sydney Metals and 


AUSTRALIA 

JAMES FORTH 


Minerals Index actually fell either raise interest rates to 
almost 8 per c^nt in 1977-78. attract funds or resort to the 
-from 2,376 -to 2,205. Since then printing press, and risk pushing 
it has run up strongly, and in the inflation rate up again, 
the past week put on 177.28 The harsh measures adopted 
points to 2,591.77. in tbe budget to achieve an 

The steady reduction in $A2£bn deficit should mean the 
official interest adroitly bandied Government can comfortably 
by the Government along with handle the funding and at the 
the continuing reduction of the same time continue to move in- 
inflation rate had also aided a terest rates down steadily. It 
stronger tone tn the industrial has certainly been interpreted 

- — that way by investors. The 

Government’s first loan for 1978- 
1979 closed on Monday and has 
reportedly been rushed by sub- 
scribers in the belief that rates 
will be shaved further in the 
next loan, due in November. 
Observers believe the loan will 
section in recent months. By attract as much as SA700m 
June it had become obvious that which would break the back of 
the government was having the funding programme, 
problems with its 1977-78 A solid subscription is likely 
budget, which was ballooning to bolster the market even 
because of a shortfall in revenue further. The enthusiasm aver 
estimates. In the event the the past week has spread to 
deficit came our at AS3.3bn or overseas investors, who pfesum- 
A? 1.1 bn more than the budget ably see the budget as a respon- 
estimete of AS2.2bn. sible package, and one which 

Moreover, the Government could have the desired result of 
faced a difficult task in prevent- bringing the inflation rale down 
ing the 1978-79 deficit from to around 5 per cent {it 
increasing to further dimes- currently about 8 per cent) by 
signs, which in turn threatened xnid-1979. 
to put a halt to the decline Is Sharebrokers report that 
interest rates, if not force them overseas buying interest picked 
to rise slightly. The Govern- up. immediately after the 
.mem largely funded, the 1977-78 budget, and - continued to im- 
deficit from the sale of its. prove as the week wore on. The 
Securities to the non-bank pub- interest is coming mainly from 
lie but if the deficit had swelled the United : Kingdom, United 
further it would have had to States and the Far East. 


Indications of a consumer boom 


The better second quarter corresponding quarter of last 
results announced this week by year.. Even ice-cream sales 
three of tbe |>utch international were higher despite the 
concerns: owe a great deal to atrocious summer. In North 
improved consumer demand. America too profits rose due 
The industrial activities of to improved figures from Lipton 
philips; Akzo and Unilever are Inc. The other side of the 
still disappointing though, and coin was the difficult trading 
in some areas were worse than conditions experienced by 
at this time last year. Are Unilever’s industrial operations 
this week’s figures the first signs in Europe. Results here were 
of an ; Upturn in consumer were below those in 1977. 
spending? : Afao ^ group. 

The results of these com- is perhaps less well known for 
panies indicate there are the its consumer products than for 
beginnings of an improvement 

but the world picture is patchy. 

Unilever started off the week 
with the announcement that 
second .quarter group pre-tax 
profits- were 35 per cent up com- 
pared with the first three 
months. Sales were up 7 per 
cent in “vaiue In the quarter 
compared -with the same 1977 


HOLLAND 

CHARLES BACHELOR 


4 PH ““ »= fibres operations. 

mcraue.iE volume. Detergents, health and body 

A laige part of this improve- care products and foodstuffs 
ment way due to higher volume accounted for one-fifth of the 
^ . Europe and better sales of the company's pbarma- 
margtns- for consumer goods, ceutieals. consumer products 
of margarine, and miscellaneous division in 
detergents and frozen products 1977 — or 6 per cent of total 
businesses were well up on the group sales . 


This division as a whole 
improved both in terms of 
profits and sales in tbe first 
half of the year. Operating 
profit rose 8 per cent at a time 
when the chemical products 
division is facing tough corn- 
petition and fibres, although 
recovering, are still only 
marginally profitable. 

Philips also benefited from 
an upturn in consumer spending 
on electrical goods. Volume 
sales rose overall by just over 
10 per cent in the first half, 
sufficient for the company to 
raise its cautious forecast of 7 
per cent growth in the year as 
a whole. 

The firmness of the Guilder 
against most other currencies 
reduced the sales rise in 
Guilder terms to 7 per cent. 
Sales In two divisions, home 
electronics for sound and vision 
and domestic appliances and 
personal care products, rose 
significantly more than the 
average. World Cup years 
usually provide an additional 
boost to TV manufacturers and 
1978 was no exception. Philips 
hopes to sell tm more sets this 
year than was first expected and 
this will not be at the expense 


of black-and-white TV sales. 

Tbe strongest upturn in sales 
was in Asia and Latin America. 
North American turnover was 
also well up but the weakness 
of the dollar depressed the 
Guilder figure. Mirroring the 
picture at Unilever, Philips in- 
dustrial supplies division fared 
badly. Sales were down on 
1977. 

Trading profit as a percentage 
of sales was about level with 
last year in most sectors in the 
.first-half. Again industrial sup- 
plies was a notable exception 
and profits were considerably 
lower. 

With the sharp decline of the 
dollar overshadowing the 
Amsterdam stock market' and 
given these three companies’ 
vulnerability to currency move- 
ments the impact of these 
figures on the share price was 
subdued. Unilever rose .to 
FI 121.90 yesterday from 
FI 118.90 at the end of the pre- 
vious week. Philips was FI 0.70 
higher at FI 26.30 while Akzo. 
which expects a traditionally 
poor third quarter, fell back 
after initial gains to FI 30.70 
from the previous Friday’s close 
of 31.60. 



. ilnanciai TSffifes J 



FINANCE AND THE FAMILY 



a U.S. citizen 


BV OUR LEGAL STAFF 


No legal retpentibnity can 

accepted by the Financial Timet 
for the Answers given in these 
columns. All inquiries "till he 

answered by. post as soon as 
possible. 


S shall shortly be marrying: a 
U.5. citizen, who proposes to 
retain her citizenship. Will 
she he entitled to keep her 
overseas eapital abroad, 
and also to hold a foreign 
hank account ? 

Your wife would become resi- 
dent of the UK tor exchange 
control purposes in the circum- 
stances you describe, but if she 
retains foreign nationality she 
will be able to apply for exemp- 
tion. This would absolve her 
from some of the normal 
obligations of a UK resident 
and could cover capital invest- 
ments abroad and keeping a 
foreign bank account Applica- 
tion should be made through 
her bank on the special form 
provided. 


ing to a survivor by reason of ownership. Can yon help ns with, 
a joint tenancy. However for the any advice? Does a Land 
purposes of fiscal liability the Registry certificate have any 
part of jointly owned property precedence over a dimension 
accruing by survivorship ie "I®"* 
included. 


Loss 


on a 
removal 


I have a recently built house, 
where, after the six month 
maintenance had been carried 
out, I reported to the builder 
the re-emergence of cracks in 
the inner walls. After one or 


is plan? 

The Land Registry plan is 
mapped with "general bound- 
aries” so that it cannot be 
relied on to supersede the pre- 
registration deeds. If these too 
are unclear it would be in the 
last resort necessary to seek 
the determination of the court 
Unfortunately there is no hard 
and fast rule to go on — 
although there is a tendency to 
find a fence or hedge to be a 
party fence or hedge where it 


statute— section 90 and 91A of 
the Housing Finance Act 1972- 
Unfortunately.the latter section 
is very obscurely worded and 
it is difficult to predict what 
meaning . the Courts will give 
to it However it- could be 
used &s a means of challenging 
the increase in insurance pre- 
miums. 


A discretionary 
trust 


two false starts, the builder now i S doubtful which of two . or 

more possible interpretations to 
apply. 


Solicitors fees 
for aii estate 


Having understood from your 
replies that joint properly 
accrues to the survivor and 
does not form part of a 
deceased's estate. I decided to 
put my £60,000) house in the 
joint names of myself and wife, 
so as to avoid excessive 
solicitors fees. I now 
understand that half the 
value of the house is in fact 
included in the estate, so that 
fees based on some £30.000 
would he added to the gross 
estate. IV hat do you suggest? 
Your executors can always 
negotiate with their solicitors 
fees not taased on the value of 
the estate: ««r el>e for this pur- 
pose to exclude property accru- 


proposes that we move ont 
while remedial work is done. 

Is the builder legally obliged to 
meet the cost of removal. -. „ 

alternative accommodation, etc? C stMUlSC Of 
We very much doubt whether ~ - 

the consequential loss on your flQ,t lUTlulOTuS 
removal could be claimed from*' 

the builder unless you can show Soinc time ago I bought a 
that he was in breach of con- purpose built fiat and we have 
tract, i.e. that there was a now been told that the 
defect in the building work landlords have changed. Mean- 
contracted for which arose time, it is proposed to make 
through the builder!s fault or substantial increases in 


neglect 


Ownership of 
a hedge 


insurance charges, also 
increases in maintenance. The 
other tenants in the block are 
equally affected and concerned. 
What action do yon suggest 
we could usefully take ? ■ 
Your best course at this stage 
A thorn and privet hedge would be to interest some tor 

divides my house from that of all) of the other flat-owners in 
my neighbour, and the question obtaining advice - from a 
arises as to whom 1 it belongs. solicitor (and sharing the cost). 
The Land Registry titles does You have rights to receive 

not make the matter clear, as information about, and also cer- 
-you can see. and neither set of tain rights to challenge, service 
deeds makes any mention of charge expenditure under 


I am resident-in the Isle of 
Man and have a daughter who 
though not eexQfieabte, is a 
difficult mental case. Could 
you tell me if there is any 
way of wording, my 'will so 
that I can leave a stun to be 
used for. her and her 
childrens’ benefit without 
giving her lights she can 
legally enforce? 

We cannot advise you as to 
Manx law. Under English law 
it would be possible to set up 
a trust under which your 
daughter is a 'discretionary 
object, i.e., she would not be 
entitled as a beneficiary to any 
interest in or under the trust 
fund or the trust; but she would 
be entitled to be considered by 
the trustees among other dis- 
cretionary objects In the exer- 
cise of their powers. If the 
p ewers are wide the trustees 
can apply money (income or 
capital) for your daughter’s 
benefit as and when they think 
proper, but are not obliged to 
do so. 


Profits on a policy 


Emigrating 
to Bermuda 


Acting on the advice of the 
Glasgow representative of a 
firm of insurance brokers, I 
took out a 10-ycar with profits 
endowment plan policy in 
connection with the purchase 
of my house which showed a 
total outlay of £ 16,189. less 
profits on the policy £9,067, 
making mi actual net cost or 
£7.122. Op the strength of this 
I bnnchl the house and then 
paid for further improvements. 
When I received the first bonus 
statement. I checked with the 
insurance company, who esti- 
mated the total profits on 
maturity to be approximately 
£5.000. Thus, 1 shall be £4,000 
profits short of the original 
figure, which i was counting 
on against retirement. Have l 
anF redress ?" 


The alleged misrepresentation 
regarding the profits on the 
policy was one made by the 
Insurance broker and not by the 
insurance company. This is clear 
from the statement attached to 
your letter. 


An independent insurance 
broker who acts in negotiation 
on insurance .between the 
assured and the insurance com- 
pany is prima facie, the agent 
of the assured and not the 
insurers. The fact that be is 
remunerated by commission on 
the premiums or indeed actively 
solicits business for the com- 
pany, does not make him their 
agent. 


Accordingly. -any remedy you 
may have lies against ’the 
brokers and not against the com- 


pany, and you would not be able 
to reduce the policy in a court 
or avoid your obligation to pay 
the premiums. However, an 
action of damages might lie 
against the firm of brokers. 
Certainly you would be entitled 
to sue them for the brokerage 
fees you have paid, if any. How- 
ever, as we understand you have 
sustained no loss by their negli- 
gent advice other than that 
The policy will still produce 
profits which will be reflected in 
the rate of premium— the house 
is still worth as much if not 
more than you paid for it— if 
you could prove that you had 
been forced to sell the house at 
a Joss as a result of the advice, 
then that might be a recoverable 
head of damage^btrt that is hot . 
the case. • 


I am single, aged 46 and baring 
sold the family farm, am 
thinking of going to live in 
Bermuda. What, please, is the 
position as regards taking the 
proceeds of the sale with me? 

If you go through tile emigra- 
tion procedure, as to which 
your bank would advise and go 
to Bermuda, you could take up 
to £40,000 with you at the 
normal rate of exchange. Any 
other funds would have to be 
obtained via the pranaum cur- 
rency market, toe - premium 
being now around 50 per cent, 
or you would have to wait for 
four years to transfer at the 
normal rate. It is sometimes 
possible to do better than this, 
as to which your b^nk Would 

' ■. / . \ 


advise. 


The hawks go for 
house contents 


Cost of insurang, on a new for old basis, a house valuejHM' £30,000 and 
contents worth £8,000 .> 

/Contents 


THE MAJOR composites, in 
reporting their half-yearly 
results, have all referred to the 
UK household account as a big 
loss maker. The experience 
appears to be general, and it 
aris-cs from the combination of 
a bad winter and continuing 
underinsurance. There isn't 
much the companies can do 
about the weather, but a diver- 
gency of views is developing 
among them on huw to deal 
with :he problem of under- 
insurance.. 

Tilt- hawks, among whom are 
suing big names in household 
insurance, have indicated that 
they intend to take a much 
tougher line with policyholders. 
The doves, . however, feel that 
persuasion continues in be the 
best policy.. 

The root of the problem is 
inflation which has sent the cost 
of replacing one's house and 
if* contents soaring. When 
someone effects or renews his 
hoiisehi Uler insurance, he puts 
a value on both the buildings 
and contents equal to the cost 
•if replacement in the event of 
a total loss- — assuming that he 
v. ishes to be fully compensated 
for his losses. Their value will 


rise because of inflation, quite 
apart from any increase because 
of acquisitions or improve- 
ments. 

But policyholders have not 
been increasing their sums 
Insured by a sufficiently large 
amount, with the result that 
premium income has not been 
increasing at a rate to match 
the increase in claim costs. 
Insurance companies have so far 
relied on two methods to over- 
come this problem. 

The first has been to exhort 
policyholders, at each renewal, 
to check whether their ' sums 
insured are adequate, and if 
nut. then to revalue as need be. 
The second has been to intro- 
duce index-linking of the sums 
insured, so that these will rise 
approximately in line with infla- 
tion. Most companies have 
reported a high level of response 
from policyholders, but this 
apparently- is not sufficient for 
some. 

These, the hawish companies, 
arc now proposing to make 
index linking compulsory, at 
least an new-for-old policies. 
Policyholders will still have the 
right lo refuse index-linked 



Buildings 

Highest London 

Home 


all areas 

arta 

counties 

Company 

£ 


£ 

Commercial Union 

37 JO 

44.50 

31.00 

Eagle Star 

3730 

44.00 

24JOO 

General Accident 

37J5Q 

.- 44.00 

24.00 

Legal & General 

3730 

/ 44 no 

2C00 

Norwich Union 

37.50 

/ 48 JO 

2440 

Royal 

37 JO 

, 44.00 

2440 

Sun Alliance 

37.50 

44.00 

3340 


contracts, but if they do then 
an underinsurance clause would 
be added to their policies. This 
would have the effect of cutting 
down the amount paid on a 
claim where the policyholder 
was underinsured. Among the 
companies giving warning of 
this drastic action have been 
.Norwich Union, Sun Alliance 
.and Prudential. 

This is a reasonable line to 
take, provided thd policyholders 
concerned understand what is 
happening and are given fair 
warning of the consequences. 
The companies claim that they 
do this, on their renewal 
notices, but the warning issued 
by the Pru, for one, looks to 
me to be very mild. 

Such action could well be 
misinterpreted by policyhold- 
ers, and produce considerable 
ill will, especially if claims are 
reduced at a time of serious 
disasters such as these wbich 
occurred in last January's 


stopfns.. The doves still feel 
that they should make at least 
one more attempt at persuasion 
before taking drastic action. 
Amongst the companies taking 
this line are Commercial Union. 
General Accident Eagle S.tarj 
Legal and General and Royal, 
Some are not satisfied that . cut- 
ting claims is worth the expense 
involved. 

The British Insurance .Asso- 
ciation ..has. sent a letter to 
members, asking them to dbedfc 
up on their claims handling-pro- 
cedures. To date the BI& re- 
ceives very few complaint? on 
this subject. ‘ 

Nevertheless, the insurance 
industry needs to rethink the 
whole subject. Meanwhile, it 
may weli pay policyholders to 
shop around for caver. The 
table shows some of the differ- 
ences that exist The high cost 
of contents cover in London 
arises from the higher risk of 
theft . : 


Advice for advisers on personal finance 


THK PROFESSIONAL Inves- 
tcr’s Manual-, put nut by 
financial advisors Stafford 
Robert & Partners, has just had 
odo «>f its periodic overhauls 
nr J is now available in its 
revised form: a hefty. fKIO-odd 
inu.-cicaf iages of opinion and 
iufnrmutiun. It is intended for 
use by solicitors, accountants, 
bankers, insurance brokers and 
the occasional private in- 
dividual. It is by no means 
light reading. And it is ex- 
tremely useful. 

In part the usefulness lies in 
the discussion pieces, though 
since the publishers have given 
their contributors their heads, 
tiie quality of these pieces tends 
to vary. There is, for instance. 
:i lively and contentious piece 
on the -tools of equity invest- 
ment from managing editor 
Robert Greenly; a piece of 
special pleading for the build- 
ing societies from Ray Chapman 
of Northern Rock {•‘The 
building society in The High 
Street measures the prosperity 
of the ordinary man. . . . Build- 
ing-societies . .-. would soon be 
in serious- trouble if they 
opened branches indiscrimin- 
ately'*): and a solid and useful 
piece on the techniques of gilfc 


edged investment from Tom 
Landry from stockbrokers 
McAnally, Montgomery. 

More useful still, however, is 
the wealth of information — 
basic, less basic and relatively 
sophisticated — which is in- 
cluded in each of the eight 
sections of which the manual is 
composed: and particularly the 
front section which contains the 
“temporary. . updates ” — inform- 
ation on' .the latest develop- 
ments affecting the field of 
personal finance and invest- 
ment. At the moment an up- 
date on tax levels following 
passage of the Finance Bill is 
in production. 

For all that the basic infor- 
mation is included, this is not 
really a work for those who are 
brand new to the fields (equi- 
ties, unit trusts and money: 
commodities; life assurance; 
fixed interest stocks; building 
societies and property invest- 
ment; pensions; and tax) which 
it covers: it is really too tech- 
nical. -Insofar as any conces- 
sions are made to the amateur, 
it is in the provision of a 
relatively skimpy bibliography. 
There is, however, an entertain- 
ing account at the start of most 
sections, .of the origin and his- 


tory of the industry which it 
covers; and from these you may 
glean such fascinating, though 
useless, snippets of information 
as the fact that the first com- 
pany to be granted by Royal 
Charter the rights previously 
pertaining to individuals, 
religious foundations, boroughs 
or merchant guilds was the 
Russia Company, in 1553; or the 
fact that it was not uncommon 
for early life assurance con- 
tracts to be effected on the lives 
of condemned criminals, 
purely for financial gain. 

The manual is not without its 
drawbacks. Notably, the hefty 
section on Estate Duty now 
looks completely out of date, 
for all that some of the provi- 
sions of the capital transfer tax 
legislation refer back to thte 
administration of the tax which 
it ha6 superseded. In fact the 
publishers say that this section 
is likely to be dropped'at the 
nest major update. While they 
are in the process of dropping 
it, it is to be hoped that they 
will expand the section on CTT, 
which at present contains, the 
bar essentials — on reliefs, for 
example, and exemptions— but 
very little else; no more than 
the barest mention, for 
example,. of the differing impact 


of the tax according to whether 
the transferor or the transferee 
is to pay it, and no discussion 
of the forms of assurance now 
available to mitigate its impact. 
Likewise the section on income 
tax doesn't attempt to explore 
the position of the '• self- 
employed — surely a major 
source of business, these- days, 
for most professional advisors; 
and while the impact of taxa- 
tian.on income arising abroad is 
considered, the application "of 
the foreign exchange conttol 
regulations is not 

These shortcomings really 
reflect the nature of Stafford 
Robert’s mainstream business 
as financial advisors, for they 
are very largely involved .in 
providing a service to senior 
executives. It adds immeasur- 
ably to tiie value of this m afmal - 
however, that it is completely 
disinterested: there is > no 
attempt to tout anyone's wares 
or services. It is worth every 
penny of the £18 (first year) 
and £9.50 (Subsequent years) 
which it costs. 


* Professional Investor's 
Manual: available, from Stafford 
Robert and Partners, Ltd* 354 
Fulham Road, London SV/10 
90R, 






“WHAT IS the point of my 
spending three or ‘ four times 
as much in premium for a 
so-called . permanent health 
contract, when I have a 
perfectly good annual disable- 
ment with a reliable company? ” 

This was the question that 
greeted me from - one of my 
fellow commuters, after the 
usual early morning pleasan- 
tries, as we climbed aboard the 
tram; he bad, it seemed, been 
one of the victims of a hard sell 
campaign during a round of golf 
over the weekend but bad 
claimed a week to consider. 

My friend's question can,- of 
course, be . very simply 
answered; there is considerable 
merit in having a policy which 
insurers must continue until the 
agreed terminal date, probably 
the policyholder's retirement 
date,- whatever his state of 
health, as distinct- from one 
which insurers may choose to 
renew from year to year only 
so long as the policyholder 
continues to enjoy average or 
above-average health. But 
premium has to be paid for the 
right to non-cancellabDJty, and 
the extra cost depends on the 
scope oF the cover actually 
purchased. 

Let us first have a look at the 
average annually renewable 
disablement policy. Insurers 
normally provide cover against 
total disablement due to 
accident, for a maximum of two 
years from the date of injury, 
against total disablement from 
illness for a maximum of one 
year. Though rates vary, for 
the average professional person 
or sedentary employee £1 a 
week benefit costs £1 a year of 
premium, virtually irrespective 
of age, though those who are 
50 or mare may pay a higher 
rate. This cost can be reduced 
if the policyholder decides to 


INSURANCE 

JOHN PHILIP . . 


accept a “waiting period-" of policyholder has become a per- 
one, two, four weeks or. more, son of below average health. 
This means that insurers,.donot^ insurers nw continue cover 
begin to pay until the waiting, oaly with a sizeable premium 
period has elapsed: this waiting jaa ding or perhaps with the 
period may be arranged as an. exclu si on of-' all. claims due to 
“excess” 'in : which ' .case tfie -particular disability, 
insurers 'make- no. payment for -' -3y‘ contrast the permanent 
disability sustained _ during tofe'.'T waUrt. pnliev is a long-term con- 
waiting period , or sometimes as- tiact^nd at the outset, is theory 
a “franchise” when insurers at least, both insurers and 
pay for all disability Including ■ policyholders contemplate the 
the - waiting . period, provided cover continuing for 20, 30 years 
that the -disability period lasts Wmore, just like a life assur- 
longer than the waiting. period, ance policy. ' 

V , As with the annual, contract 
' ■- -insurance is provided against 
total disablement from accident 
. aadirom illness: but there is no 
time limit to the number of 
Week^s or years' benefit that 
ftnsurers may have to pay— the 

'• •.’.only cut-off is the pre-arranged 

- ultimate terminal date of the 
-' insur ance, usually between ages 
' ■ , . ... v 60 and 65. If there is a claim in 

In most annual policies there; on ^ policy anniversary 

are of course a number of eaflu? ^ t * renewal date,” 
sions, mostliy relating to the :b&ause v ms is a continuing 
accident risk: some of these insurers must con- 
exdusions, say that of motor- tinue cover u the policyholder 
cycling, can be struck out on offers the premium, whatever 
payment of extra premium, but hts tiien ,-tate of health and how- 
not others— for example, para- ^ r his me dical outlook 
chitting. Moreover the pokey- Wp k» 
holder's occupation affects toe buying permanent 

accident risk and the glare oKv er the proposer has to 
hazardous his job the higher the what length of waiting 
premium he has to pay. period is tisitable for his j>ar- 

But the basic drawback- of ticular employment and fin- 
this kind of annual policy is actual circumstances; initially 
that insurers do not have to most insurers offer terms 
renew. So much so, that if the coupled with 13 or 26 week 
policyholder has a serious long- excesses, but exceptionally the 
term claim in being, on which' proposer may take a year's 
payments are being made when excess, or perhaps only an eight 
renewal comes round, insurers week or a four week’s excess, 
may quite firmly tell the policy- The length of the excess is 
bolder that they will only. . con- directly reflected In the cost of 
sider reinstating the insurance cover — the longer the excess the 
once the claim payments have - cheaper is the insurance, 
been completed and .dnee Premiums are age related, 
medical condition' has stabilized. This does not mean that pre- 
If stability then means the the mium increases each year as the 


In 1977 Martyn Harris and his wife retired to 
Spain to live as tax exiles. Last week he 
described his reasons for taking that step: this 
week he describes the outcome so far. 


Tax and the exile 


FOR AN expatriate, the laws in 
a new country may take a little 
while to learn. 

Not the simple laws, such as 
the one that says it is oMigatorio 
to wear seat' belts bn main high- 
ways. A glance at a road sign 
and the presence of armed 
motor cycle police; makes one 
conscious of that. “ rule very 
quickly. ' : 

- It is the type of -law of which- 
a citizen in his - homeland can 
Spend a' lifetime in blissful 
ignorance: for instance, that all 
aliens should register with the 
local police. To the exile this 
can become a problem. 

And take the situation pre- 
vailing for Spanish tax. If you 
maintain tourist status as the 
rules exist you are not liable. 
The law states that if you are 
resident for a period of more 
than six months in any tax year 
(the calendar year) you must 
declare your earnings — world- 
wide. 

Most countries appear to have 
a “ Catch 22 " law which allows 
them to tax any resident's world 
wide income. However, it is 
obviously difficult to administer. 

We live in a world of rumours 
of wealth tax income tax on 
tourists and other nasty ideas 
guaranteed to drive about 12 
per cent of Spain’s winter 
coastal community into another 
country. I suppose some of these 
will come with the advent of 
the new democracy and the 
Common Market, but at the 
moment the situation is still 


deliciously vague — unlike the 
regulations in the UK which can 
continue to bite long after 
departure. 

The intending exile should be 
aware that the arm of tax law 
is exceedingly long. . 

. Although' my application to 
the Bank of England for ex- 
patriate status had been rela- 
tively uncomplicated, this was 
hot;- nor is itetill, the case with 
the Inland Revenue. . / 

Although I have been away 
from the UK for some timfe, I 
am still unsure of my position. 

It was rather worrying to 
learn that a dose friend, an 
expatriate of 2i years’ standing, 
is— -due to technicalities— still 
paying full tax on all Unearned 
income produced in the UK. 

The first step in my pre- 
departure inquiries; was to read 
thoroughly a booklet available 
from the Inland Revenue or 
one's own accountant IR20. 
This gave me the broad guid- 
ance on whether or not I could 
achieve a tax Valhalla. 

Every individual contem- 
plating -such .a move will be 
faced with his . own specific 
problems, so he should take 
specialist advice. All -1 can do 
is recount my -experiences to 
date. 

Having made my decision to 
live abroad, I organised my 
affairs with a view to departing 
on March 31. This was not an 
arbitrarily selected date, but 
one suggested by my accountant- 

In order to establish a bona 





fide emigration', one should 
spend at .least- one -whole- tax - 
year, outside tire UK. It is not 
mandatory, Jiut it. can help to 
speed approval of one's non-UK 
tax states: \ 

“Don’t" leave it until the last 
moment” I was advised. “There 
are delays at ferries and air- 
ports — and of course strikes." 
In the event the advice was 
wise, because finalisation of the 
sale of my house took longer 
than anticipated, and we didn't 
leave until April 2 — with two 
days to spare. 

My accountant wrote to my 
local tax inspector six months 
before my departure, advising 
him of my move and applying 
for a grant of status as a non- 
resident To date he has had no 
reply; 

Before departure I completed 
and sent in tax form P85, which 
enables me to' claim an reliefs 
and payments of tax stemming 
from my exile. To" date ho 
answer. • - - .* • 

In -addition to this '-I then 
learnttbat Tmqst complete form 
A3 to apply for exemption from 
tax on all- equities and Govern- 
ment Stocks held. At last a 
reply. • ■ 


Making money and a golfers ' dr earn 


IF YOU’RE keen to keep fit, 
build a playground for your 
favourite sport, and earn a 
reasonable return on capital, 
you might consider following 
the energetic lead of Will and 
Sara Sutherland. 

The Sutherlands are an 
ambitious couple. They began 
by inheriting a large sum of 
money, and they’ve ended up 
choosing to inherit the earth — 
or at any rate some 120 rolling 
acres of it which, in a remark- 
able labour of love for the 
game, they are busy transform- 
ing from rich farming land into 
what in time will become - a 
testing 18-hole golf course. 

The challenge they present, 
you will appreciate, is strictly- 
not for the meek. Spending 
countless summer evenings and 
weekends over the last couple 
of years— for Will is a full-time 
principal at the Department of 
the Environment, while Sara 
looks after four children and 
runs her own wind-surfing 
school — the two Sutherlands 
have devoted immense energy 
to the project. Their only help 
has been one (invaluable) en- 
thusiastic labourer, who joined 
them last July.. 

They have shifted mountains 
of earth, planted hundreds of 
trees, sown acres of grass and 
—proving that greenkeepers can 
torn navvy — built for £150 a 
road which might otherwise 
have cost upwards of £40,000. 

First seeds of the golf idea 
were planted some 10 years ago 
when "Will, a young post- 
graduate at Newcastle Univer- 
sity, assumed responsibility for 
his father’s course. Between 
lectures on agricultural econo- 
mies, he spent his time turning 


the loss-making Dunstanbo rough 
links into a modestly profitable 
-enterprise. • 

Development of the wind-surf- 
ing school— out of a holiday 
home in a tiny Northumberland 
village — provided more com- 
mercial experience. 

Start-up costs on the golfing 
operation were, however, con- 
siderably higher. Funds became 
available when Will decided to 
liquidate his . stake in the 
family’s Northumberland farm. 

Mlllbrook -Golf- Course, near 
the village of Ampthill, Bed- 
fordshire. was bom in the sum- 
' mer of 1975. The canny Suther- 




STARTING UP 



.TIMOTHY DICKSON 


St. Andrew’s, vjnujrf | toe W« British Open Championship. 
Ampthill offers no challenge— yet. 


lands picked up the land for a 
mere £70,000, catching the 
vendor at a low point in 
the property market and 
(apparently) a low point in his 
fortunes. 

Total capital expenditure (in- 
cluding the land, but not the 
hours of sweat) is estimated to 
have been some £120,000 so far. 
The figure is expected to top 
£150,000 before the exercise is 
complete. 

The Sutherlands first began 
changing the landscape in Bed- 
fordshire in February, ig76, 
after six months thinking about 
the layout and consulting with 
the local- planners. 

■Their first job was to plant 
4,000 trees, and 34 green- 
fingered months later they 
bought- a bulldozer, and set to 
work on fairways and greens. 



Twelve fairways were sown in a few weeks ago. The new trees. 

the autumn of 1976 with the fairways and ^emf are i re^ 

test and .aU the greens com- all immature, but the Suther- 

Pleted, almost, exactly a year lands have put the natural 

later. latitat time most of the contours of the land, inclndS 

course . was fotovated and two ponds fn 

hamwed;.- a' task, undertaken So far 

mainly, by Sara while Will took has been fixed, 

control of .the bulldozing. ' 2^5“ Provisional 

Besides the rest of the land, fioo^No 2L ™ J?h a iegI -S 
the Sutherlands have so far Slewed LJ Z *5* W £ b * 
spent -about £10,000 on irriga- 

tion. some £30,000 on capital Ub & 

equipment like the bulldozer, raenWws iSSn.&iJVfr 

green cutters and"|ang mower. nDQ y 

£4,00 on -fencing off the course stricied to *>50 vl 

from seed-greedy rabbits, and JEST iij 

about £10,000 on ' general^ achieved anmnf ™ 9 ,,-thats 

running. c<»te and- transport. will 4' 

The., result of- all this effort £1Q.,000 a year for waee«? and 
is an 18-hole course, 40 mUes running costa, that leaves* an 
north of- London, surrounded annual pre-tax refiim of about 
by pinewoods. and overlooking JO per cent- -Not bad. ' vim 
the plains of Bedfordshire. Nine could argue, for doing What you 
holes (with temporary greens) 'enjoy, creating what, you have 
were 'opened. Just before dreameiTaEbny and Bitting on 
Christinas last y<w, and the land which- has already shot 
seconfl:nJma come into use only, in yg^ue. ^ 




-Jhf 


proposer gets older, but that- the 
age of the proposer at inception 
is taken into account in deter* 
mining the annual cost: so in 
This respect permanent health 
Insurance is similar to Hfe 
assurance. But the proposer's 
occupation is hot so material 
and many insurers reckon that 
with a 26 week excess occupai 
tion as an undcrwritiug:lactor 
Is virtually eliminated. 

To sum up. an annual disable- 
ment policy provides: fairly 
cheap short-term protection, 
usually from the first day of 
disability and certainly- 'after 
only a short lapse of time. It is 
not therefore an alternative'' to 
permanent health cover which 
provides more expensive long- 
term protection, hut usually 
only after a fair lapse of time. 

As most of us have only 
-limited resources to spend on 
disablement insurance, the 
temptation for many must be ta 
opt for annual renewable covers 
this may be right for - the- 
younger and robustly healthy 
citizen but second thoughts may 
often be better for the older 
person .who can, unfortunately, 
expect deteriorating health. 
Each prospective buyer must 
assess his own financial circum- 
stances and those of his depend- 
ents in the case of long-term 
incapacity and make his own 
decision on the merits of these 
different policies: but I suggest 
that the family man. does best 
to spend money on long-term 
incapacity and make his own 
decision bn the merits of these 
different policies: but I suggest 
that the family man does best 
to spend his money on. long-term 
protection — td r ensure, for 
example, that he can continue 
to meet his mortgage and other 
basic commitments if he is un- 
fortunate enough to be disabled 
for six months or more. 


L— • - 


nwNti 

flSEK SifS! 


Acknowledging my existence 
some-three-months-afteHeavuig 
the UK, toe Inspector of Foreign 
Dividends in Thames Ditton 
sent me a supplementary 
questionnaire, presumably relat- 
ing to Form A3. It was almost 
exactly the same as Form P85. 

Confused? So am I! 

As of the date of writing this 
article, I am still awaiting 
tangible evidence that ray move 
has not been in vain. I cer- 
tainly hope so, as I can now 
only return to the UK for 
limited periods; an average, of 
less than 90 days per annum 
over any four years. • 

What have I achieved if T 
prove to have been successful? 

Reasonably quick absolution 
from all taxes, on .selected 
government stocks. A withhold- 
ing tax only on- all equity 
investments. Freedom from 
capital- gains and capital' trans- 
fer tax: A relaxed life, in the 
stinshi n e improving '.my:; Jjolf 
and doing toe odd’ series- of 
articles -for the • Financial 
Times. ' - - h . . 

But then— I do n’t even'TdiQW 
yet whether Til be "taxetT'oa' 
toe fee for writing toem. ^ 



.-} . 
■jW 


-SJ;: 

< -'T-n- 






‘ >, 

\ ' 







■ Financial Tfee^Saturgay August" 1 ? 1978 


*%/», 


YOUR SAVINGS AND INVESTMENTS 


JjTifl 


; > ■». 


a 




A change 


^*SU K. 

\&\ m 

P&'i :A 



Atlantic 

Assets 

SHARE PRICE 


Keyselex 1 , 0 p ^|^ | Atlantic moving South 

COfliplClintS ^ “( ■ • UKE HUMAN BEINGS, most Rothchild Investment Trust of some £14m and rather more 

■* " r# companies pass through stages is one such: and Atlantic Assets, than a quarter of its assets in 

EARLIER THIS week Keyser 100 _ fA- — from the young and fractious it appears, is yet another. form. 

Ullmann’s Jersey-based sub- L' A# to the elderly and sedate. And Atlantic, which is part of the The bio 01Jpsrti0n nnw nt 

sidiaiy sent out formal docu : ' '! £ j&W like human beings, by the time Edinburgh-based Ivory and Sime course ^ JEt IS «um»nr 

mentation on the complex series 95 r 11141 tliey ^ ave reached that stable, has been exceedingly pIans * l0 do ^ p 

of proposals by which, one way • [•<. 8 latter phase it is aU but impos- busy over the past year or so, J oe ^ deei _:“ limiidate 

and another, its three Keyselex ■ ■ AHflfltic siblG to imasine them m younger selling off this and buying in some mature inwstrnem* siol 

sterlins feeder feeds wilt *, "V?™® and more energetic days. The that: but the deals that it n °S £ 

become pan of Joseph Sebag’s ASSetS - investment trust sector, as a announced yesterday are the OI1 * the W L -Tri ami? A«ets 

Jersey External Trust Share- > „, D shareprice whole, is now well past its three most dramatic of all. The com- it ^ e]f e aJ * AU Uc A ® 5615 

holders are being given a formal esp^z | score years and ten; and many pa ay is selling off the 54 per 

chance to turn the proposals JUL. AUG trusts would have qualified for cent stake whicb.lt controls. The probability is, however, 

down, but from the sound of "• ■. " a telegram from the queen, either directly or through its that a large part of that cash 

things that isn’t likely to As~tfce graph of Atlantic Assets* webe she disposed to mark the subsidiary Woodford Invest- will be reinvested south of the 

happen: Keyser UUmann -says share price (above) indicates, there corporate centuiy. So it -comes ments, in the Canadian mining (Canadian) border, thereby pro- 
open plan office, and every after- ■ . .. the general reaction has been have been stories goine round about as something of a shock to find finance house Yukon; and the viding rather more justification 

noon-a bevy of clerks would *»e - L “ fe Offices A«ociation, and the time when the premium is favourable. And Indeed, behind this company just recently!' Yes. amongst their ranks some trusts deal— with the Canadian natural for Atlantic’s reputation as a 

™ r® d ink, details of »*• As^iated.- scgrosn lAte paid. the proposals lies a sensible- telly's developments sent them still in a phase of rampant resources group Teck— will trust with a high exposure in 

those policies on which claims traces, have -spen^TWO years in There are some, differences enough decision to tidy up three by a further 80 to HZp. growth. leave the company with a profit the United States. 

had been settled that day, or discussmg the jutfems 1 modus in way ^ changeover trusts too smaU for comfort— " - - ' ' 

where the conditions had been operandi with the R^enue. affects industrial life business, too small for the comfort of the .... ^ ^ 

changed. The cost or ™®J'^ an £f 0Ver - w h ere premiums axe collected managers, who have had to nm ff f* /* W . f • ' Helen Whitfoni For 

The impression tfaat lingers ^ ^ frequently by agents calling at them on a fixed proportion of Aftf £888 CflSP fit tOllltV tlfYffltlMYP any non-Iawye™ brushes ui«h 

from (hose days is of the placid, eSnfSui' lt hac sir the policyholder’s home. Where shrinking net assets, but too LJ 8 8 81888 8JJ 8188888 V J 888 8888888 C the , aw Mill inev itablv be a 

orderly way in which people the ^dew^pflaent ^pro^ premium is small, up to £1 . - 1 dating business. Slmpllfi- 

went about their tasks. Life grammes -of the life companies or Kj ff g T cry . tA-lSS THREE WEEKS ago. Helen officials. She says that they wqre matter further and that it should cation of the procedure does 

assurance then was subject to b y ^ months, bfc^use staff, been Slit Wbattord wrote ra 4 fa» page on not unhelpful: it was simply be settled out of court. She not make the process easy and 

only a minimal amount of inter- ^m e efforts have been con- 5 be c ° mp “ 1RS ,“ n jn . c re l a5 e . «^ho^ esP T^^wio« eCl ih^f tbe-taolics to be adopted by the that they were not helpful, was, therefore, somewhat taken painless, but merely more 

ference froin ^Governments, centrated elsewhere- c Yet all ° f are on^'or two^rtte^ ^hout dwgninitled consumer: and either. She asked for the booklet aback when, after a few accessible for those with the 

Recently Tve had occasion to the life company : administra- ~ Uec1 ? ng 511111361 premiums, are e or two matters towards the end of her piece put out by the Lord Chancellor’s seconds of incomprehensible will to proceed. For instance. 


WHEN FIRST I started work 
nearly 25 years ago, in the life 
department of a major com- 
posite, the 41 quill pen and high 
stool ” era was still very evident, 
although uear . its , end.- The 
records of Hie policies were con- 
tained in largo Stiff . bound 
volumes, with the details hand- 
written in . beautiful copper 
plate. Those volumes, which 
seemed to weigh a ton, were 
kept hi the centre of a large, 
open plan office, and every after- 


Keyselex 

complaints 

EARLIER THIS week Keyser 
Ullmann’s Jersey-based sub- 
sidiary sent out formal 'docu: 
mentation on the complex series 
of proposals by which, one way 
and another, its three Keyselex 
sterling feeder funds will 
become part of Joseph Sebag’s 
Jersey External Trust Share- 
holders are being given a formal 
chance to turn the proposals 
down, but from the sound of 


Small case of faulty furniture 


Helen Whitford writes: For 
any non-lawyer, brushes with 
the law uill inevitably be a 
daunting business. Simplifi- 
cation of the procedure does 
not make the process easy and 


siauuusij p » theT yinr^av though it affects relatively -few sunpcmcaitaoo of procedure m who had wanted her case heard uv 

tion * over for the way, it absorbed smoej mray either do not Pay Qf - mvo] ^ ed \ ]zZ && county courts. These “P 00 11 anyway. She asked for in open for the sake of comparison with a full-scale 

Events this week have broueht {tarn. d ° n ° 1 that while holder of Keysilex remsrics^odticed a most i h !„? aun 0 ? n & f0n ?f possible publicity, settled for hearing Is still not a 

the question still more forcibly la5t thing that Rla. companies - __ Europe and Keyselex Inter- ansoisbed protest from one t0 be and w f s ^ I ^ n . 10 arbitration in the' court, at the fireside chaL Cases that are 

to mind, for the new method want now is a jiaikge back to The life assurance industry Mt ional will end up with an reader, who appears to have unders *an d that the officials beginning of May, instead. The difficult or that are defended, 
of getting tax relief on^ ^ life th » 5 SS £> V^,S S S^iinnpnino ic ^. aS * ma ff lve education 30 b on underlying portfolio not all that been one of the very few fciddvi- )l erG adm ^ lst6r the arbitration procedures, in them- ““ , aJwa J’ s .. be I ** 160 to a 

assurance premiums has now niiRSim hands ’ explaining^ the different from that which they foafe to attempted to 2 aS ?? 1 L bg f??‘ selves, came as something of a solicitor if the going gets too 

been published. Under the -SiiiS' co^ac? J' hangeo * 6r - a s Jf rt has have, at the moment— except posoue a small dSmtoroogh ^ 81 ^ shock: she sa y g that P rn * t ® u 5 h ’. and . lh ^ a f® u P t A* 

present, system, investors nay been . inade - L( J A ^ that their Swiss franc holdings tSKounty courts We call of December. ceedings were hardly directed 5fake 15 worth it. It should, 

their premiums gross to the life du f.® d “ A expJanat0Iy lead ® t will be heavily -diluted with h& Mrs Jotosom. This ds her Johnson is convinced at all, but that the registrar however, be remembered that 

companies, and claim their tax entlbed A n ^f. for dollars— the holders of Keyse- that the defendant’s solicitors asked, well into iunch time, for ,n most cases things are un- 

relief from the Inland Revenue. receiving yonr Life Assurance lex Japan will end up with some- ' . . . . had advised him to settle out a look at the photographs sub- llkeI v to get so far: in fart 

TTnrW tin* nronnspR Bvstem. Revenue. The Jieaefife will be Tax Relief.’ I found this thing completely different ' At 1 eDd la * year of court, but he determined to mitted in evidence. and an astonishingly small propor- 


Under the proposed system. iax , * Buei - , 1 tonna thing completely different _ 'ZJrZ* « court . but he determined to mit ted in evidence. and an astnmswngiy sman propor- 

policvhnlders will nay premiums -Sf Thp BxpI , anatl0n cIear * . c0nclse „ and There is only one course open Johnsc f octiered a tiiree- ^ th e action through, relying instantly gave judgment in her tlon of summonses reaeh the 

«.<• ■ • Will COmimsSiOD payinmiu. iUC m nhiri tormK aft tv/A nf mv ^ it MM SUlte fnwtl A Iotai rvrniu- _ imitrtc 


pniirynniaers win nay pmnmnus will rnmimuinn Mvment* Thp i iT ill ' .Y7 . uuc uuuiae - ; — ^ ^ wuvu uixvu&u, inswmiy gave judgment m ner 

netof tax to the life enmnanies'. Ce h a « in plain terms, as did of my to them if they want to stay suite tom a local torn- for his defence on a claim that favour. 

so that the question of whether JSSTso that colle ¥ u “ Jess r ***** 111 tte with the Japanese investment: tote mamafacUwer of high she bad continually changed the Great was ^ j ohnson ’ s 

or not thev nay tax becomes SvSuLr'bvHft techrucallties of- life assurance, and that is to vote with their repute. She paid a deposit of specifications of the furniture. re ljef until it became aooa 

irrelevant The life companies But tte Ieaflet for 1116 use feet by ******* ***"*■ But W>- just over htf the total In consequence Mrs. Johnson J“ ttatSeTerefact 

will recover the tax element of dSav— vOT^essentfal of tte member companies of in that case they would end up 'purchase price — and was told now found herself faced with ^ the defendant had been 
from the Revenue. 2X rea ^! Ca ^ ^ ^2**/ sudte would be the long rad complicated “g ™ pa^pbj no means 

Slated like this, i, sounds a the luTkcoo'm yon mnst app.y to yonr life STttTdnTSl SSS & "e was leaa.ly 

straightforward operation. Yet of units has to be.purehased at cotopany. . 0tb " W '" ** SS^SJ S SrtoteT ftTdSSTS !° 

- - - " - ■ - : • a&eady it was plain W tirings ontering and enacting further doX^nS second 

at I Polveamous . 


courts. 

In my previous article I was 
mainly dealing with cases 
where the amount involved 


FINANCIAL TIMES 

OVERSEAS SUBSCRIPTION RATES 

The FT can be sent by post to any address throughout 
the world. Subscribers may like to receive a dafty copy, 
or one or more issues each week, for any period Tip to 
one year. . . ' ^ ' 

Specimen costs in sending a daily copy are aS Tollows: 


Polygamous 

pensions 




less than £ 100 , where legal 
costs are generally not re- 
coverable even if you win. It 

rwemoer. woen rate sec one -«■«-— - — ' i TTYv enste is surraundeil hv leeal ' s for , s 06 * OTms that u ”“ 

ebaor and the sofa arrived, Mrs. ^ Photographs of the offend Sledygonk a^d red tape far scrapn, °7 s fc « nerat ®3 wUI 

JohfHuvn kmAw clip W . »ns Items of furniture. This ROMieaygonx raa rea tape tar. of| wlthll0 i d satisfaction. 

wss “bsta-H-liy completed far worse than .nytb.og which slmplv ieranse 

SSf JjLiS t 7? w YC When, in the middle of Feb- had g Qne befare - that the amount is too small 

SKS- h^* «ii * e parties attended Mrs. Johnson has now tn be worth a court action. 

* e vnw review. recovered her £200. plus some But that argument, of course. 

■r - 6 d ,_ d f --aSL?* iSSLJl Mrs - Johnson. in her £90 in costs: she has induced works both ways: and here 

hex local trading standvras inn^n^ had rather ex- the defendant to take his suit calling the bluff will often be 

<Mty?er to * e ™ aimfaCu pected the registrar to chew away by threatening to put it worthwhile as such operators 
' 2 ?V 0 CMHt ^ ae re * tlim 00 over the material so carefully on the local rubbish dump: and must— even if they ignore the 
&r. deposit. . assembled for his consideration, she accepts that justice has been original summons — either 

^ Now Mrs. Johnson may have and to pronounce forthwith that done. But as to justice being appear in court to defend 
:&en unlucky in her. court there was no cause to take the seen to be done. . . . their case or lose by default 


EUROPE (LETTER RATE) 

MIDDLE EAST (AIR MAIL) 

(Egypt, Iraq, Saudi Arabia, etc.) 

FAR EAST (AIR MAIL) : . . 

(Australia. Japan, etc.)'. - - . 

REST OF WORLD (AIR MAIL) 
(U-S-A^ Canada. South Africa, India, Si 
By surface mail throughout the world 


f 10098 per igmnm 
£151.47 p& jjpnum 

— - 

£209.61 p^c* annum 

£180fiVper annum 
ngapore. etc.) “ 

' £9L80 per annum' 


ORDER FORM 

To Sobscriprtafl Monas er. Financial Tfancs. 

Bracken House. 16. Cannon Street. London ECU* 4BV. 

Please ailelap -sntecrtpdon cost InvcOved In send ms copies (o me al Ikt 
address below: 

Please enter my sobscriptloa to a. daily. Issue for’.ooe year commeodns 


r enclose my remittance tor 


(BLOCK LETTERS PLEASE) 

Please make cbeouev ptry itole. to- Pttancial Times Ltd. 
Resistered Office: Bracken Boose. 10. Cannon Street. lamdon EOtP <BV- 
HegWered in Eutyutd-NB. 227560. ■ 


Caution! This off-beat warning M 

is given to pension scheme tras- “ T\ 

tees by the leading pension con- u fgj ffim&fig&ffll 

sultant. Metropolitan Pensions '■ * .pA <£f 

Association, in its latest review /r 

of employee benefits. ^ vsffl'X i 

Pension scheme trusteeship i ^ 

can be full of pitfalls, but one 7 hi j ’ 

would assume that those arising L — 
from polygamous marriages do ^ or*V», ■ 

not feature among them. After „ 

all. having twn nr more wives dWrt .* 1 " *> wdll- 

is illegal in the UK: so presum- 
ably having two or more widows 

is illegal, too. Only it isn’t The members of many 'a com- 
necessarily so, as MPA dis- pray pension scheme* should 
covered with one of its clients, they come from India, Pakistan 

Under what is known as pri- ° r Bangladesh, might well prove 
vate international law (or more *° ha X e ®5 least ^tbs. one 
appropriately, conflict of laws), ? e J\ e V 2 V* and another 

the UK wUI recognise foreign ® acK fcome * 
marriages if they are valid • On the death of a member, 
under the legal system of the the lump sum benefit is paid at 
country in question, and are not the discretion of the trustees 
objectionable to the UK system, (for tax reasons). So with two 
Such situations can arise with or more claimants the money 
people from the In dian sub- could divided, on,, the 

continent, where polygamous Sol 0 n w n _ principle. The prob- 


appear in court to defend 
their case or lose by default 


marriages are not uncommon. 


WISE 





■W& 

X>] 0 1 ¥1 



An investor with plenty of capital 
and nerve can prpbably make some 
very high short-term profits from 
time to time fay purchasing actual 
commodities such as ; copper or 
. coffee*.- ' 

But iS; five risk acceptable? . In any 
case the •; ’minimum' -Investment in 
'commodities is ; usfadly . beyond. 2 the 
resources' of private individuals. 
Target's recommendation - 
% trt the opinion of .the Managers 
the wisest way . 'far ^the jnajority of 
people to -invest :in commodities -. is 
through an authorised unit trust like 
Target Commodity Tund ..which buys 
the shares of companies iivhrch pro- 
duce, distribute and trade in commodi- 
ties and natural resources ail over the 
world. 


Prospects 

WeboUeve that the major commodi- 
ties will retain their real values over the 
years, thus offering long term protec- 
tion agahret-the persistent devaluation 
of indrvidjuai- currencies and general 
world infiation.- 
Perfonpance 

The success of this fund since it was 
formed pii 1st September 1975 bears 
out our ^ew ofthe prospects for your 
investmen^- the offer price of units 
having, risen by over 84% compared 
with tii.e>kP.|, increase of 41%. The 
Actuaries ' All-Share Index increased 
by oniy$5% over this same period. 

The price of units and the income 
from thenrean go down as we!! as up. 

You should regard your investment 
as long term. ■ - • • 


lem is in fact not unknown 
, with Anglo-Saxon . pension- 
schemes members where a legal 
wife and the man’s mistress are 
both claiming. With the 
widow’s pension, however, if is 
a much more difficult matter. 
Most scheme rules simply state 
that, on the death of a member, 
a widow's pension will be pay- 
able, and give the formula for 
calculating the amo unt. - -A 
common-law wife, or an ex-wife, 
has no claim to the widow's 
pension. Bat two widows could 
well claim their fuD rights. 


Solomon 




AS TO the' solution to the prob- . ‘“ ,T " ^ . 

lem, that isn’t readily apparent Four dividends a year 9 paid quarterly in March, June, 

—not if the scheme aims to Septeiaber and December. 

: being fair to aU claimants. MPA _ T . ... 

[suggests two alternatives. The ^ iTOven performance. Investors in accumulation units 
! first is to give the trustees dis- launched. June 1974 have seen their capital increase by 
cretion over the payment of 1 06 |J ^ more than doubling in four years* compared with 

^Ord^Sh^elnd^oEy^-dthcUmt 
given in payment of the lump riOlOfirindex of 58.9%. 

sum death But this Highly Successful. Fund already exceeds £12 million 

could produce difficulties in J~,iTJzIZZo • - _ 

respect of the contracting-out <wer.3poo investors. 

requirement of pension schemes. perilled to give as high an income as possible while 

In that a scheme may qualify maintafninp stability and minimis ing risk. Current 
Sdo^fl^on 1 hS “To Tl portfolio So% Equities and 40 ”;, Preference Shares, 
definitely, not discretionary. vfc Hi^i yield even more attractive because of continued 

The other solution is to pay a dividend constraints. 


ARBUTHNOT OFFER THE 
LAWSON HIGH YIELD FUND 


Group of unit trusts and Arbutbnot Securities Ltd have 
been appointed investment managers. 

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

Your investment should be regarded as long term. 

Fired price offer until 5pm Aueutt 35 th 1978 at 51 . op xd per unit for 
income units and 7 ;j:pxdper unit for accumulation units tor the doily 

prices IT lower X 

The Managers reserve the riefn to dose offer if unit values rise by mow ihaa 


-WWCATKW3 end chaquos *Hi ms Dm ctwmM •flare. THE MANAGERS nm. DIRECTORS: 

**"»■**«• »Ut CMVfttM wfll b« **nt ' Itw rtflW Io dm Ac offer befoie «M CM* A.P.W.SImm.T.D. F.tA.fChabioan) ; 

US*. brt ncw.faa - f.G.Sfcideoft.J.P.tGenmalMan^eOj 

YOU MAY SELL VtMJB UNff S «t yy thw. 2|X.Atw tMc> 0 moianaff«untarattte RUto.uwaAlooitPX.T.lX.DX,: 

« » (Htee not Rm Dim dm ceteoWed by. . w*Uia « dm iully B*e. tNCOMffa» T.CBnefeAF-CA.:R.i.E.CoKwNlr 

r ydU on c -Foymem wt «t bUc wa wflJ M dhtHbred ORTOh A-C.a.Chao«Ucj: E_B.G.Clow«.M.a.E.: 
tt* ««• wWto *ia dm 0< WWW oj Jnwnflacbymi.AnaM^clmERtRIJb. t,?.Hw*en.FJA.:J.«.Paasson.WJiw: 
T*I« |MC« of an«s tit Us vstoa ol die Feud plus KAX h- M.tG.ftioce.NLA*F.CA. 

•nddMvMdsmfliMHddWybittmNniofiBl dMMttdfrwn me awesmeomeof^ »•««, 

ness.. AN INITIAL CHARGE -of SK Is MANAGERS: 7*oa Tnz« mugei Tsfapheae: 01 -C007S33 

IndutM -to me Hie pirn of ww*. Tho . UrjM rA Meuuwt ot die Uidt. Tn* . ' 

Man own win per cMuntafan of i to . Aroo cfatb o) 

OFFER OF UNITS AT44^ EACH UNTIL 25ih AUGUST 1978 

CUttent estimated gross annual yirtd 3J0% 

TAM IT TRW MAKRBflRR UHlTUa, OffTXO, TARGET HOUSE. GATEHOUSE ROAD. AVLESSURY. BUCKS HP!* 3 at. 

I/We wBhfl 1 i In TarDEl Ccmnwftw Fund units jlWtE^ ggE roi tesitJcm ootst del ho Scheduled 

to Invest £ m +A.& mt omt- hmoBiiuin Tctnwn« * *mft»te ere not ecquirtnathe units as me 

: — -MHtMdmdCSOOihMlmclase nonun«l*l Ot*W6»onW!osid«]t outside thise lerntoriA. 


to Invest £ : I M 44A par umt- hmoaTiuin Temw™, 3 "** » *»Wie are not Bcquirtno. the units as me 

I : — i fnitiMho1dnMj£300iJind enclose nomtnealsl pe^cnltjrestdent outside these rerriDrHb. 

Undl } f|Hlher mtitw plane rcDwroi aflioemm In fotdiai unus. fDrtw /fnotnqakadj,. 

Stgearturcls; , _ ■ ; — — — — Date — — "•••*> tad addresses ztsyBar- ™ 

; . fLEUE Wttlf Ul-flthCE UTTBtS— THE CEBTIBCATE Htti K PffEnUKIlfMM THU FORM, ' ■ 

UmUi] In lull iUt.. Mn.. UImi . P I W/I I 


Mootefs? In loll (M^MiSv Mu tt 

Addras*. •' — — ’ ' • • ' 

PtMietet me swrAdetodeMTauten 5m Esctimiia Schanie : 


L»- 




LCMMECAAIt 


definitely, not discretionary. 

The other solution is to pay a 
pension, but pay it only to the 
widow of the first, marriage. 
This avoids contracting-out 
problems, but if is not fain and 
It could involve the trustees in 
a lot of work. It might be very 
difficult to ascertain, the validity 
of the first marriage, especially 
if the woman is living abroad. 
Bat the procedures would have 
to be undertaken in order to 
determine which of the 
claimants was the qualifying 
lady. 

How does the Department of 
Health and Social Security deal 

■ with .this situation, under the 
E State scheme? It deals witb 
I it brilliantly, outperforming 

■ Solomon. It pays the pension to 
* the widow of the first marriage, 
§ But where there is any problem 

it does not pay the benefit to 
either claimant — a simple, 
effective, and brutal solution. A 
company scheme could . not 
afford to be so heartless. 


151I1 jane, 35ifi September and 1 5 ih December. For ihnsc reci-lcrcd on Jltt January, 
30U1 April, 3151 July jrd ji st October respectively. Alter ihe elosc of this offer units 

may be purchased a"r xhc xvecklv i Fridav i dtralm^ djic. when unit*- can Also tx: sold 
ba«- Pa y m e nt will be nradc within 1 4 day' at our receipt of your ccniluiue duly 
renounced. The weckl" price zod jield appear in most Icadinc newspapers. A 
commission of ij ml! be paid to rea-emsed acems. This oiler is not open to 
residents of the Republic uf Ireland. . „ 

Trustees; Clydesdale Bonk Ltd. (Member of Midland Bunk Group). 
Manager: Arbuthnoi Securities Ltd. ■ Rcr. in Edinburgh 4&»94 • -S Ourlotte Square, 
Edinburgh. Members of the Unit Trust Association. 

. ‘Launched '?-!■ units issued ar reap - ad juskd to ^3.3P by i fori 

subdivision August ’"J. 


-This fond recently joined the established Arbuthnot »b 


■ To: Arbuthnot Securities Ltd., 37 Queeu Street, London EC 4 R iBY. Telephone : 01-236 5281 . 


nun uni RatMB>refciBiiiiBMAaftaNWi*w«<uiinaHMgj*, «i»vne.nr,efc.ia»To«»eAjir»ccrcisj5D< ► annxY muiAru.c r.r.L»TjoxiSi^c»i.ca 

CapIcdSnsiI.rWe«ishUiarestttesuaof£ (min I Monthly Savins Plan I 'Wc trish ro invest ihe stun r[ £ (mio £jej per month in th* 

L7S0) in the Arbuthnot LnwonHich Yield Fund and [ Arbuihmx Lanwn HiphYidd Fond and enclaves cheque payable tn Arbuthnot Securiuea Lld» 

«K«c* cheque payable to Arbuthnot Securitie* Lid, { the initial payment- A bankers order focmvi II besem iojimi by tbcmana^rsfollimingrecapiol 

SaroreEicbnuf e Scheme - tick box fur details Q | . this order. Tnb order is revocable at any tira-.- by one month's notice in vriiins- 

Ifyon wishte Mbmot the omnw— tick this boxtoraccumularioaimiu 

I /We declare ih« j axalvc are over 1 8 and not resident outside the scheduled territories nor am I/wcAcqtrirmfl the above mentioned securities as the nominccfs) of any_ _ 
perem^Mrcsidenr outside these territories. (U‘ you arc unable to make this declaration, it should be deleted and the form lodged through your Bank, Stockbroker or Solicitor 
in the United Kiocdom.) 


in the United Kingdom.) 
Stgna&eCs) 


Joint applicants, all must sign, Mr/Mrs; Miw- of Titles and Forenames. 
Addressles) 


ARBUTHNOT 

LAWSON HIGH YIELD FUND 


Established 1833 . 


I 

FTLH 19/8 








s 


Knancfel Times .Satartay August X9Tg 


LEISURE 



at sea 


BY PAUL MARTIN 



NEXT SUNDAY br tags us 
round to the climax <& the off- 
shore powerboat sc &son with 
the annua! extended "dash from 
Cowes to Torquay and back 
again. While toe average 
owner of a motor cruiser may 
have no ambitions in that 
direction, we are among the 
few European 'jjuntries where 
you do not n a certificate 
of competem to drive a 
powered craft* 

I was in t'je company of two 
regular enr rants in major off- 
shore eve jits but. although 
armed wi ft their competitors’ 
licences, ftey were not allowed 
to take r*it a conventional 10m 
French-i.vgistered cabin cruiser 
based a it a marina on the Cote 
d'Azur., 

Wh ; ie no one wants addi- 
tional legislation or the inevit- 
able bureaucratic interference 
— this view is also fully 
en dorsed by the Royal Yachting 
Association as the body which 
Ijoth governs racing and aims 
ill setting high standards of 
seamanship “ surely no one 
would contemplate driving a 
Porsche along the Ml or taking 
off in a light aircraft without 
previous instruction. 

So. before thinking about 
spending a few thousand pounds 
on a motor cruiser, it is surely 
plain commonsense to learn 
how to handle a craft. And 
that is just what 1 did a few 
weeks ago at The Churchill 
Motor Cruising School. 

The school is the brainchild 
nf "Henry Harris, an affhble 
ex-lieutenant RM, who once 
went to the rescue of a week- 
end sailor in difficulties a 1 sea. 
The courses, officially recog- 
nised by the RYA and covering 
their syllabus up to the 
National Motor Cruiser Certifi- 
cate. successfully combine the 
theoretical with the practical. 
Held both year-round at 
Lymington and In tin* South of 
France during tlie summer, 
numbers are severely restricted 
and virtually individual tuition 
is provided. In both cases you 
live on board and. once the 
serious and fairer concentrated 
desk work has been completed, 
you immediatfely put it into 
practice. 

By the end nf a week spent 
on hoard the sturdy and fully- 
equipped Grand Banks. Cara- 
dcv. you should not only have 
picked up the essential theo- 
retical knowledge but. taking it 
in turns to act as skipper, 
navigating officer and helms- 
man. have actually applied your, 
theoretical knowledge. 

After spending an hour or so 


Henry Harris, chief instructor at the Churchill Motor Cruiser School, 
gives pupils a lesson la navigation and course charting aboard one of 
the floating classrooms. 


going through the shape and 
colour coding of buoys and 
noting that, in order to ensure 
uniformity, the IAEA system is 
gradually being introduced, 
Caradev slipped away from her 
moorings ou a late July evening 
to steer a course through' the 
fairly congested channels 
around Lymington. 

A great deal is plain common- 
sense and the key word is safety- 
Advice is available on naviga- 
tioual aids and, as Caradev 
carries radar, you can use this 
to check your own chart read- 
ings and bearings. My fellow 
students were a husband and 
wife and two daughters who had 
spent some time cruising on the 
i nlan d waterways. Having 
decided to broaden their hori- 
zons and move out to. the open 
sea, they were all taking the 
course as the ladies were deter- 
mined not to be banished to 
the galley, a sensible precaution 
so that other hands can take 
over if the skipper is laid low. 

The complete course, costing 
around £200. is intensive, serious 
and extremely informative. Evr-n 
potterjig around in the lovely 
Solent area, everything cljfcks 
into pjace when you find that 
you ai?e just the distance from 
a heanland on the shore that 
you ought to be ! Yon have 
correctly assessed a ch'xrt read- 
ing or a bearing on a hand-held 
compass. The all-in cost elimi- 
nates hotel bills as ynu .sleep 
on board- and all trials, except 
dinner taken agfiore at a 
different point of call each 
evening, are included. 

Full details rff the gear you 
need are provided but do allow 
£5.75 tar the -purchase of the 
abso!uv?ly indispensable sea- 
man’s bibre,. Reed’s Nautical 
Almanac, issued annually.-;' 

This is. of course, doing it In- 
style. but if you believe in doing 
a little preliminary homework, a 


good number of educational 
authorities include Coastal 
Navigation in their syllabus for 
evening classes. I once did one 
in a somewhat interrupted 
fashion and a lot of it seemed 
double Dutch to me. Memories 
"of “ Cadbury’s Dairy Milk Very 
Tasty ” = Compass / Deviation / 
Magnetic/Variation /True came 
flooding back once on board and 
actually doing it. 

The RYA can provide details 
of where courses, leading up to 
the National Motor Cruising 
Certificate, are available 
throughout the UK 

Finally, and with Cowes- 
Torquay-Cnwes happening next 
weekend. Volvo Penta has com- 
bined with the RYA to run a 
series of one-day courses for 
woultVbe competitive powerboat 
enthusiasts." While several of 
these have already been held, 
th^ final .one-day course, in the 
Present series takes place at 
Woodland Lake, Tver Heath on 
Saturday. September 30. It starts 
at 9 a.m. and ends at 6 p-m. and, 
with lunch provided by the 
hosts. The London Motor Boat 
Racing Club, and costs £20. The 
scheme has proved very popular 
and there are plans to extend it 
next year. 

Even if your ambitions "do not 
run to powerboats, it is surely 
only prudent to acquire at least 
a basic knowledge of seaman- 
ship before setting out, with 
family or friends on board, in 
one of today’s sophisticated 
high-performance motor 

cruisers. 

ADDRESSES: Churchill Motor 
Cruising School, 71 Oxford 
Street, London W.l (01) 734 
2717. 

Royal Yachting Association 
(including Volvo Penta). Vic- 
toria Way, Woking. Surrey 
GU2I 1EG (048-62-5022). . 


So gn effort!, one of the magnificant fjords which twist into the Norwegian terrain h dotted with tiny 
fishing villages and hemmed by gigantic granite slopes. . .Above, Gudvangen, one of the tiny port 

settlements. . . ‘r . .. 

The midnight blues 


LEGEND HAS it that Norway 
was created from a mighty giant 
called Yme. Odin, the mighty 
god and his brothers killed him 
and from his flesh created the 
earth. His bones were used to 
make the mountains. His teeth 
and knuckles formed the rocks 
and boulders and his blood 
gushed out and made up the 
sea, lakes and rivers. Yme’s 
hair was used to make trees 
and grass and then, ids scull 
mounted high above the earth 
as the sky. The four corners 
were held up by four dwarves. 
Odin scattered Yme’s brains 
around that space as clouds. 

All 1 can say about this pagan 
“ Genesis ” having visited 
Norway is that Yme must have 
been extremely big-boned and 
that one of Norway’s great 
delights has been glossed over. 
The Midnight Sun. 

As I travelled north — first by 
plane over the thousands of tiny 
islands dotted along the coast- 
line the by ship through the 
fjords — the sun never once left 
the sky, spread like a soggy 
watercolour across the horizon. 

Beyond the Arctic Circle in 
the far north it is easy to 
undersand why the locals 
“forget” to go to bed at all 
during the summer. 

Honningsvaag is a tiny fish- 
ing village just 20 miles from 
the North Cape. The'Jittle port 
has a glut of fishing vessels 
which provides the. population a 
steady income. The sea is -also 


Your WwkwJ £: AAstria 27.25. Betgfum 
ALA France UJ.' Hair UK Cieece 
AM. Spain MLSO/SoHz. 303. U-S. 1M. 
Source.- Thames Code. 


the main bearer of food sup- 
plies for the 4,000 people there. 

Their town is small, the 
wooden shops are filled with the 
necessities of Arctic life — warm, 
basic clothing, fishing gear, 
paint shops, a supermarket 
with expensive wares, even by 
Norwegian standards. But the 
Honningsvaag folk are not so 
blithe as to totally ignore the 
steady trickle of tourists who 
pour from the ferries and 
cruisers. 

Above the village and beneath 
wooden homes of the Ho linings 
fences built to bold back 
winter avalanches, were the 
the craggy slope with its snow 


hardy- . wooden homes of the 
Honningsvaag folk. 

North of Honningsvaag there 
is little evidence of life except 
for a few reindeer. In tbs -harsh 
terrain a few Lapps still manage 
t oeke an existence from, the 
reindeer herds but modern 
times have snared most of them 
and few. no wlead a nomadic 
life. The biggest Lapp “ settle- 
ment ” oddly enough Is in Oslo 
in the south with 3.000 pepole, 
compared to the 1,700 left in 
the north. 

This strong and proud race 
sadly left me with only two 
impressions on my brief visit. 
One was an ageless Lapp. He 
was wearing his colourful 


national costume, tad few teeth 
and rarely smiled. He stood 
unwillingly in a shop at the 
North Cape selling “'memen- 
tos’! of the Land of Mid- 
night ;Sun. A hunter trapped- 
Th eonly other sighting qf Lapp 
life was a village in ike barren 
land not far from the Cape. 

. I was unable to visit the" people 
with their tents and sod houses 
because It had “ dosed,”. Accord- 
ing to the guide £t had been 
flooded out by sewerage. • 

- Of the North Cape J can tell 
you little. There was a howliivg 
wind which picked up even the 
most- calorlfle-looklng person 


, NORWAY 

Colleen to.omey 


thfeze and swept her along. It 
was cold and it was very misty. 
The car park was littered with 
“combie” vans and cars, 
inside people sat waiting— wait- 
ing; in tiie hope the znist would 
Boon lift so they could see the 
Midnight Sun from the roof of 
Europe. 

’ Further south is Bergen — one 
ef 7 "l?onvay , s main commercial 
centres. My first taste of Bergen 
did not deserve to be so satis- 
fying—but I fell in Jove with 
the aty nestled between seven 
mountains and facing the sea. 
It was an overcast day — pouring 
with’ rain to be more honest — 
in ddismal . My guide. Per, was 
t ill, and very Nordic-looking. 
He travels frequently from 
Bergen to Paris to buy cross- 
country skis and track shoes. 

Life in Bergen has changed, 
but not much. . Per and his 
fasnaiy now live in the suburbs 
m one of the many apartment 
blocks which are springing up 
m metropolitan Norway to ease 
the housing' shortage. 

We ‘dirve through ram-soaked 
streets — past the old section 
of Bergen with its -tany wooden 
homes, up to the newer area of 
■the city where. Per says, a 
“tare” two -bedroomed -home 
would cost at least £60,000. 
l^iece is no chance of has son- 


m-law ajwLdzugbtentaing aide 
to afford a home — not when k 
costs so much Just to- “lick 
over.” His lost food toftl for. five 
people -oame- to £300. for the 
month. 

■Bergen is a conoast WSfiwpm 
old and new. Five fires have 
soon to *h at Fxonn the 
medieaval quayside buildings 
where potters, sUvcflBfflfflts.flttd 
other craftsmen worts and sell 
their wares to the newest, and 
most talked about, Grieg BML 
Concrete and steed, «nch#- 
tecr said, would be the two 
ingredients in building the con- 
cent' hall. It took 15 years to 
complete hut 4he locate, qah* 
to point out that the great com- 
poser Grieg, iived Just oufeide 
Bergen, . reckon «t has keto 
worth waiting for. 

There is always something to 
do in Bergen, Per says. During 
the summer you need never 
sleep till exhaustion creeps up 
on you. .Hotel foyers were 
filled with wide-eyed youths who 
have discoed their way into the 
early hours. 

Bergen’s theatre has a profes- 
sional company with a varied 
repertoire — Ibsen’s “ Hedda " 
was playing while I was there 
-rand the restaurants await 
hungry souls with a tempting 
range of fish. Fresh, salmon, 
herring: cod with Aquavit, a 
potent Norwegian drink, and if 
you dare, try the national 
speciality, luteflsk. I confess 
the jelly-like consistency wasn’t 
exactly appealing and when I 
learnt it had been “ marinaded” 
in _ caustic soda for sevetal days 

I put my fork down. Still. 5m 

Norwegians seem rather fond 
of it. ' • • 

One of the nicest ways to 
string everything you have 
seen in this charming old city 
together is to take the funicular 
or cable car to the top of Mount 
Floien. It was one of the best 
decisions ‘ I made— winding lip 
the hill, brushing past colourful 
foliage to the top where Bergen 
sprawled below and the orange 
“ strip " split the sky and soa. 
Golden hues hugged the build- 
ings and it was edging towards 

II o’clock in the evening. 


Eating up the brambles 


FOB A LONG TIME one 6f my 
biggest garden worries has 
bwn brambles and the miscel- 
luneous scrub that grow under 
■shrubs and so close io the 
■boles of trees that it is d'fficult 
to remove th-.'in completely. 
This las tyear or so I have harf 
the additoinn! problem of a 
farm hedge ro neglected by a 
neighbour that it threatened to 
block my entrance drive. In 
searching fnr a solution to this 
second challenge I seem also 
to have discovered the perfect 
answer to the first. 

It is one of a Fairly new race 
of mechanical tools known as 
brush cullers. All those I have 
seen arc similar in appearance 
anil mode of operation. There 
j-« a central shaft with handles 


or handle grips, a tiny -petrol- 
engine at one end and a revolv- 
ing head at the other. This 
head will accept various tools 
suitable for cutting through 
anything from grass and soft 
weeds to quite sturdy saplings. 
At one extreme ls a device 
whir h dispenses two strands of 
very strong nylon which, when 
whirled around at something 
like 5.01)0 revs per minute, are 
stretched so taut by centrifugal 
force that they slash off all soft 
horbacoeou-s material and . will 
even cut through young rose 
suckers and other semi-woody 
growth. If the nylon encounters 
a really hard ohicct such as a 
wall, an iron post or a tree 
trunk, it wil fold back harm- 
lessly and according to some of 


the’ blurbs I have read it will 
’do-no harm if it hits the opera- 
tors* boot Having seen what 
it can do to rose suckers I am 
Taking no chances. 

However, it is, not the non- 
lethal nylon that is solving my 
hedge and bramble problems 
but two alternative metal heads 
one with eight shallow, curved 
tee tli, described as a slasher, 
the other a circular saw which 
will sever 4 to 5 cm diameter 


EDUCATIONAL 


HBXHT TO SPEAK FBEBCBT— i 

You can, through a unique 4-iveek programme on the RIVIERA 

COMPLETE ALL-DAY IMMERSION ONLY IN FRENCH: daili >. fl-17.un with 
* hi..,:* ..i -.t;i,.iI jiri'iip-- .\11J101Ku.1! Cla-Ai-,. L-TtiiiuaJu- LaP.. l" , Jr:in- s..3Aloa->. 

L*i:- tfn i.,s>.U. Ex. uniun. Lnl>;Liii in priran- jparWK'm. livid or family 
.n-.iinV'! i- or v,ii;r:-.r-.. ui:i-r;ti<-<j:jiv ,inU advjn'.-vJ All a---. 

Next Available coivm- Aunuti 2A. Septembe r 2B._ 1 Q «B. and all year. 

[XSTITVT DE FRANC AIS FTH19 

23 \\e. Gen. Leclere. liH-Yiilcfrjiiche-sur-Mci' - Tel: 193) 80.86.Cl 


TRAVEL 


FOUEIGN HOTELS 


le Touquot 


-* ★**■*■*■* **■*■**★*★**■£■ 
J TAKE time off in J 

* Dieppe, Boulogne J 

* 

* 

* TIME OFF LTD. * 

T 2a Chaster Close. Chaster St., J 

* London. S. W.l. 01 -235 8070 J 

¥*¥* *»»»**¥»* * ■¥¥¥* 

IRELAND CAR HOLIDAYS m CKH« JM 
country Mu>ei. G^pii; Times. C»«:fr 
CIoeo. London SWl X 7BQ. 01-23S ASI1. 


SWITZERLAND. AR05A. Hof* Valuna. 
T\ T42S2 Summrr m.j.jnLiln holiday A. 
Indoor and ooen-.vr -.ttimmmfl oool. 
J tv n rue courts. 


PERSONAL 



BUnATHS MACHINES & PfiflT3GlP!BE 

Send now tor • Latest CaLHo?uo 
HEW A»D U99 Office MACMHCS 
Omt DOM Hen wWOfStv i 



VftflTAR LENSES 

Camera!. Flath Gum. Enlircen and 
Photo Acceswries. Un-ivaHed i cocks. 

the bell priWL 1* Ui> world'! iargest 

loec'Jlitr. 

EURO K>TO CENTRE 

H'Sh koid. Cowley, 
Unbridsc. Mui-iy . 

We« Drayton 48J24. 


mmn CAMERAS 

and accessories. Unrivalled 
stocks, the best prices at the 
World’s largest specialist. 
EURO FOTO CENTRE 
High Road. Cowley. Uxbridge, 
MlddX. • West Drayton 46224 


CELLARM ASTER sect* Orinkins com* 
paniom !««■ Dl wine regior 4 . 

Aicoiraiinxyn aiwwunw toun tor him 
lent] In UK eonwwnv « i iwojmmj 
wine expgrt- .197*. Carte 

vim aleaw Alcohildayt Ltd- 

Suite 70171. ia._ St. L'jndan. 
W.C 2. TetaP»i* «”-«36 50^1- aTOL 
1007 HD. 


GARDENING 

ARTHUR HEU.YER 


saplings with one blow. Its 
efficiency is impressive if a 
trifle terr. lying and I have 
issued instructions that it is 
not to be used if there is a 
child or animal in sight 
Several makes of bush cutter 
are available and each maker 
offers several models differing 
in size of engine, safety devices 
and various other refinements. 
The one i have purchased is 
made by the Kaaz Machinery 
Company of .Japan and is 
marketed Li Britain as the Paice 
Setter after thet name of the 
concessionaires, Paice and Sons, 
Fel bridge. East Grinstead. I 
chose it r.ither than the Fuji, 
also from Japan or the Weed 
Eater from Texas iK;t -because I 
have proved it. to be better but 
because Paice and Soils are dose 
at hand. The particular model 
I have is the smallest in this 
range with a 22.5 cc engine and 
without a, safety brake which 
would instan’dy stop the 
revolving head if one released 
ones grip. % garden happens 
to be a very isolated one or I 
would res;ard the brake as 
essential. 

I find the machine very easy 
to, use foe horizontal cutting, for 
which ib. was' designed, a good 
deal a/ore tiring for vertical 
cutting for which it was nor 
designed but which It does very 
efficwntly. The engine, like 
nirap tiny two strokes, seems to 
rud equally well upside down or 
on its side as the right way up. 
A is also surprisingly quiet, 
much more so than any' of the 
chain saws I have or the very 
efficient but dreadfully noisy 
Turbair micro-sprayer which has 
solved my orchard spraying 
problems. 



Over the last few weeks Jaeger outlets will be .getting 'their new 
ranges for the Autumn. The jacket above left is in TOO per cent wool 
and costs £59. It comes in brown and ■ natural. The cotton cord 
trousers are available in various colours at £23, . 

Summer this year has been 50 awful that it .Is easy to, tum the 







The balance between -fee - 
weight of ihe engine at one-mid 
of the shaft and ihe cutting head 
at the other seems to have been 
nicely calculated so that the" . 
machine lies comfortably in -tiie 
hands and can be swung about > 
as easily as a scythe. Indeed r 
that is probably the best way to f 
thinft of it — as a highly efficient 
mechanical scythe with a ' 
cutting power at least ten times, 
that of any manual scythe. 

Because the shaft is quite 
long, the cutting head can 'be 
swung in under large shrubs 
though one must be pretty 
watchful what one is about, or 
the shrub can come crashing- /to 
the ' ground together -with 
the brambles. A simple harness 
is available to transfer ?-ihe 
weight from arms to back /but 
I find that this slightly hampers 
my freedom of movement .-and 
so I have stopped using it 
except for hedge cutting. V;> 

With the nylon head fitted 
the machine clears 'grass .. and • 
soft weeds effortlessly though 
if the growth is long and tangled . 
it is necessary to work in - 
swinging bites ” to avoid 
getting the whole head tangled 
up and bringing it to a stand- . 
still. Power is transmitted by. a THIS WEEK’S news that science case’ of -pigs) ':abd women (in 
centrifugal clutch which auti> fcas rediscovered that natural the ease of men) plays havoc 
matically disconnects bead human odours have a great deal with other relationships. Your 
from engine as the revs. ml. to do with sex appeal came just nearest and dearest might find 
The nylon enables work to be ^ ^ me ^f ter f our days afloat you irresistible . but the fellow 
carried right up to the tranks Jo smaJ1 boat j was about to with whom you^share an office 

U 2f es l nd the stout s,eDils ' 0 i re-enter civilisation in the same will curl up his .nose In horror, 
shrubs. One can even work clothe5 as j had left iL It is Apparently yo«;are giving him 

right up t walla and rocks which nice tQ know ^ ruSh a basic, jungle Challenge. Could 
can be a great convenience m hour x eventually en- it be,. tShreJoreV that we have 

some situations. countered on a last leg home to been .splaying -ourselves with 

The ends of the nylon strands central London were given *■ ^ after-shave:', in/ order to avoid 
gradually fray and wear down measure 0 f i ate summer excite- giving ^ffehpe to.our workmates, 
but there is a lot more nylon mp „ t - 

coiled up inside the head ready _ ... ' . 

to be drawn out after slacken- Researchers apparently have 
ins a nut. The tw 0 stands foun d th at what works for pigs 
should be as near as possible “ slj y ones are sprayed witii 
the same length, approximately °d° ur extracts from the opposite 
10 cm. The only difficulty I S^der to alert them to 
have experienced is that, when pleasures ahead— could work 

revolving at- speed it is for people. This would seem to - 

impossible to sec the nylon and b* nothing but had news for rather than to make ourselves 
one can only judge its cutting the deoderant and fragrance pleasing: lo our womenfolk ? ’ 
circle by the grass and weeds lo hby. If. after all, the only The. social, implications of 
which fall before it. I found it thing' that man has to 00 to these discoveries _ are consider- 
fairly easy to err at first but a [ rracf woman is to get a bit able.’ Clearly, for’ example, this 
soon acquired the necessary then lhe l i° n 1 the is the answer to one of the prob- 

technique. This part of the bush wal1 for Faberse and ShuKon. lems'that has plagued societies 
cutter equipment could be used Nn wonder Rugby players, ana the world over throughout 
in any garden hut the slasher yachtsmen, have such pulling history. The pnor have always 
and saw are not really suitable P^wer- No wonder all ski- Is been blamed for over-breeding, 
for confined spaces except flowed by apres sla. Obviously they couldn’t help it. 

under very strict supervision. But wait! There is a catch. No baths meant more odour) 
For large gardens and estates Science has also found that meant more appeal, meant more 
they could solve many problems, what attracts the sows (in the breeding. Free carbolic soap 



m 

: v j*. 1 *?Sv«F --^5 ?r » wt™ ■ 

» W. A 1 !.,- J.' *■?.-.)£.■ .» -.nCf.:. 

mind to things- autumnal. Warmth on . a budget can be found 
some British Home Stores branches this month In the farm of 1 
100 per-evnt cashmere topcoat (right).. It costs £99 and sho 
<0xh,rd ^ ■** 



FASHION 

ARTHUR SANDLES 


and hot water would haw trans- 
formed^' Victorian Britain, 
robbed the Industrial Revolu- 
tion of manpower supply, and 
siunted the growth of the 
Labour Party. 

The present passion for 
cleanliness, -and additional 

odours, obviously confuses 
society today -to the. extent that 
we do hot know who,' or what, 
to fancy. 

Perhaps we males began to 
got the message earlier than 
the scientists for, in recent 
years, there -has been a swing 
against powerful, commercial 
fragrances ia alter shaves and 
colognes that were popular in 
the sixties to. gentler stuff. 
Nuw an after' shave Ls some- 
thing .that lets the real you, 
through. The perfect made fra- 
grance today! It seems, is 
softer and sweeter than when 
the after shave boom really 
started 20 years ago, aud con- 
siderably longer lasting.. 

Latest in the line of new 
fragrance products is Devin, 
the most recent launch of Estee 
Lauder’s made fragrance side, 
Aramfa. Devin has less of the 
harshness of the pine and spicy 
odours that were so popular in 
the sixties (and still dominate 


the cheaper end of- the 
shave market) but has 're 
against the heavy swe 
that was beginning to cre< 
the top end of the mraki 
The range of male pel 
today is not quite as w 
that for females yet, fau 
rapidly approaching it. 
impossible to make recoi 
nations, except to say t 
fore buying. Perfume ret 
different ways on dli 
skins. When testing a cc 
walk round the store i 
minutes before finally de< 
Don’t be bullied by tha 
system of in-store fran 
that gives each manufa 
their own sales point. It 
classic example of shop; 
anlsing themselves to sul! 
administration rather th; 
helping the customer. 
'At the same time, r aft 
that scientific advice. It 
be helpful to get so ml f 
help. 

^ Remember, .however, tl 
the end ir you really wi 
be the lady kflter you. 
always envied xne an swe i 
not be an .expensive cu 
Perhar- all you have to 
borrow -Wur rival’s sweat 
-“■unwashed of course. 













MICKEY FINN was a barman 
who worked In. Chicago around 
the turn of the century. He £ 
used to lace his customers’ t 
drinks with a sedative so -.that 
they were then in no state to 
resist being robbed. ' Bat coc fr- 
uits — of that name or any other 
— have ‘ Jost their notoriety: in 
fact they are currenUy enjoying 

a revival 

Harry Harris, barman at the 
Park Lane Hotel for 47 years, £ 
■whose long reign has at last 
been officially recognised with f* 
the naming of his refurbished ^ 
bar as Harry’s Bar, confirms this £ 
view. 

Cocktails, he says, were very 
popular in the early 1930s but 
with the advent of war, the 
ingredients became- very scarce. 

A skilled barman could intro- 
duce substitutes— like using dry 
sherry - instead of vermouth — 
but it was the years of austerity 
when the population was lucky 
to find even beer that more 
than anything kicked the cock- 
tail habit. - 


taU habit. - jafc&ifc-v 

The Americans, of course, 
never gave up their dry martinis : 
and ' those American tourists These glasses -are delightful Company, 144 Sloahe Street, 

who find their way into Harry’s whether you’re drinking cock- London SW1 (p; and p is 66p 

bar are -still devotees of their tails, wine or frirftK&mmnery for one glass -audT.fl.76 for 6). 

traditional drink. (Harry’s dry thirstquenehers — .Mhere’s Heavy, square-based crystal 

martini consists of nine parts plenty of rim forr slices' of glass from Italy, 'Arnolfo di 

gin to one part vermouth — it is fruit mint leaves or whatever. Cambio, 6 inches tall it costs 

transformed into- a Gibson with From left to righif J Savoy £11.25 from Harvey Nichols of 

the addition of a cocktail goblet, 7 inches tail, £1.70 Knjghtsbrldge. The real 1920s- 

onion.) from the General Trading type cocktail glass from Ger- 

His British clientele also tend m m ^ m h ^ ^ m mm 

to be fairly traditional — they 

like Uieir Champagne Cocktails like using lemon squash' instead were- planning to' make a large 
and their Bucks Fizz.. But /the of real lemon jirice/7' ' ■ number of' drinks ■ it would 
younger customers — in their in fact this is .'.ono of the eliminate the problem of what 
twenties — seem to be more cardinal rules of cdektail mix- to do with all those surplus 
adventurous v although Harry jug ; if the recipe calJjCfor fruit yolks, but the real thing is 
wonders sometimes where they juice, it means the Jnissd thing, always preferable, 
find the money. And if it calls for lemon juice, Harry reckons that jl cocktail 

Harry prides himself on cut off a piece of sest^ squeeze shaker -is essential — but he says 
remembering his customers’ it over the glass, and drop it in. " a' blender would dp.” He con- 
individual likes and dislikes: he The tang will last longer than aiders ideal for the job. the 
adapts a mixture to suit For the .drink. Any cocktail that Boston sbaker-rhnt this dis- 
instance, he - reckons that a requires fruit . JnleSy should apepared during prohibition, 
woman's palate tends to appreci- always be shaken, .but% there The one he uses now is from 
ate a drink which is slightly is no fruit juice, tie Ingredients William Page of 91 Shaftesbury 
sweeter than a man’s. • should be stirred in- a -mixing Avenue. London Wl. Made from 

Sometimes a customer .will glass and . then poured/into the stainless steel, it costs £14B0 
ask for a recipe and then go glass from which; itywill he (including VAT and p+p); 
home and experiment Invar- drunk. The crushed-ite in the delivery takes two to three 
iably lie will complain Siat his mixing glass is strained .off by weeks. 

effort tasted nothing like using a Hawthorn strainer. Harry explained which-drinks 

Harry’s version. This may well When a drink call&$® white went with which glasses. Tall, 
be. Harry says, because “he has of egg It is possible' io use straight-sided glasses, which are 
done something unspeakable, powdered egg-white if you probably used for. lager, are 


Company, 144 Sloan e. Street, 
London SW1 (p;andp is 66p 
for one glass -antT £1.76 for 6). 
Heavy, sqnare^based crystal 
glass from Italy, -Arnolfo - di 
Cambio, 6 inches tali it costs 
£11.25 from Harvey Nichols of 
Kniglitsbrldge. The real 192 Os- 
type cocktail glass from Ger- 


- many by Gunther Lambert. 
This one costs £8.50 but there 

- is also a taller one £9.50 and 
a smaller narrower glass £S — 
all have black stems. From 
Homeworks. Dove Walk, Lon- 
don SW1. Finally, a graceful 
goblet, Oi Inches tall, called 
Antique, £2.35 from shops in 


fine for Pimras, and John 
ColKns or anything to which 
soda is added. The shorter 
squatter versions of those 
glasses, or the straight-sided 
wade goblets with short stems 
can be used for whisky sours, 
gin fizz, etc., and the triangular 
short glasses are ideal for 
sherry and short drinks, or for 
Clover Club, -Sidecar- and White 
Lady. 

However, if you’re planning a 
cocktail party, Harry strongly 
-advises that you hide your own 
glasses and hire more than 
enough for the number of 
people invited. But his most 
important tip is that you hire, 
the barman too. An experienced 
barman will save you money in 
the long run, Harry thinks. If 


the Jehn Lewis Partnership. 
The smaller sizes are wine, 
£2JtfK and sherry £1.85. If 
th&& is no John Lewis near 
yoty-write to Post Order De- 
partment, John Lewis, Ox- 
ford Street London Wl — p 
-and pfor a minimum order of 
six glasses is 85p. 


you tty mix cocktails for 
30 or. 40 people you will be 
making a lot of hard work for 
yourself- The barman, oh the 
other: hand, will ask you what 
sort of people you are inviting 
and ¥&i be able to plan the 
drinks in advance. He will also 
be able to judge bow the party 
is going and when people get to 
the' merry stage, he will cut 
down on the hard stuff and 
increase the fruit juice! Harry 
reckons that the saving on the 
consequent spirits bill would 
very-^dequately cover the bar- 
man's fee. 

The UK Bartenders’ Guild. 70 
Brevier Street, London W.l. 
(teL 01-437 2113) will put you 
in tquch with a suitable barman; 
the;- fee would depend on 
numbers, venue and the like 






!Jx£: 7 ii.'3hta* 



HeaTs took the opportunity at the opening 
of their new Buzz department to jump on the 
cocktail bandwagon and asked Jimmy 
JttcQoade from Annabel's to create a cele- 
bratory drink called — ** Bus Topped with 
fresh strawberries, it tasted delicious. This 
is how to make it: shake up- Z measure of 
vodka with a dash of Campari and pour over 
plenty of ice. Add the contents of a baby 
bottle (4 ozs) of Vostok and decorate with 
fruit. 

And Vostok, in case yon haven't come 
across it yet, is the first mixer to be intro- 
duced in Britain for about 25 years. Made 
by Canada Dry, it is intended to be added 
to vodka. It is, in itself, non-alcoholic, like 
all mixers, and for those who prefer non- 
alcoholic drinks, it adds a certain sparkle to 


red grapejuiec; or try pouring it over a large 
bowl of fresh fruit salad. Very pule trans- 
lucent pink in colour, it is lightly aromatic 
and tastes fruity; you can ask for it in puhs 
or buy it from supermarkets — Safcways now 
and Threshers from the end of August. 

Although the cherries in our photograph 
are real. Maraschino cherries (from "good 
quality grocers) make a big difference and 
those with the stalks still on make a drink 
look really professional. Opie's cocktail 
cherries complete with stalks are available 
from Jackson's of Piccadilly. London Wl. S-oz 
size, 83p (35p p&p), or 16-oz size, £1.49 
(£1-10 p&p). Equally delicious hut without 
stalks, they can be bought from branches 
of Safeways. 


but the minimum hourly fee is 

£ 8 . 

A good cocktail for F.T. 
readers, Harry suggests, is 
Clover Club, since it turns out 
pink! Mix 1J measures of gin 
with a dessertspoon of lemon 
juice, and 1 teaspoon of 


Grenadine. Add half the white 
of an egg and shake it all 
together. 

Experiment enough and you 
may give your name to a 
cocktail— but not. I hope, in the 
way that the Harvey Wall banger 
has became part of our 


language. Apparently the 
Californian surfer. Tom Harvey, 
had a Liking for a drink 
composed of orange juice, 
vodka and Galliano. After a 
day of surfing, he would nver- 
imbibe and walk into walls on 
his way home. 








■'PZSi' OSSW-W 


: ~_V • - ?’>■'. *4 . •. c-, ~ . ?«. 

v-.vAiM' 



W ^ ' ' 

vrm 














f . • V 


* a*- ?•..>. 






Pi 



HAVE YOU ever noticed in 
those extravagant productions 
of restoration mid Shake- 
spearian comedies which our 
two theatre companies do so 
well, the pretty shoes pebping 
from the hems of the period 
costumes? A friend of mine 
who worked for the National 
Theatre once let me in on the 
secret of what happens, to the 
shoes when the play has gone 
out of the repertory. X rushed 
hot-foot to (he shop where they 
were reputed Jo be sold only- 
lo find that thf* practice hjul 
been discontinued a few weeks 
earlier. 

The reason I .find iiihese his- 
torical shoes and boots . so 
attractive is that .the® seem to 
make, the feet look like an 
integral part of the- whole 


ensemble, rather than, as with 
so much modern footwear, 
ungainly appendages. And in 
turn, a good part of the reason 
for that, I think, lies in the 
design of the heeL For instance, 
look at picture number 1. This 
shows a lady’s figured silk shoe 
from around 1700. The Shape 
of the toe, of course* would 
make the shoe uncomfortable, 
but the (shoe) heel sits neatly 
Under the centre of the 
. (human) heel and provides sup- 
port where it is needed. 

This is not the case with the 
shoe in picture 2. The very 
straight heel is perched at the 
edge of the shoe thus causing 
the back to curve forward and 
in turn forcing the wearer’s 
centre of gravity off course.- 
Picture 3 seems to me to be 


eminently more wearable. _ It 
also demonstrates how fashion 
has gone full-circle, for, 
: although the heel and toe are 
nearly the same shape as those 
in picture . t, this bead-em- 
broidered glace kid shoe is 200 
years older. 

.. And here we are, bang up- 
.to-date (picture 4) with a sandal 
which Russell and Bromley un- 
■ romantically describes as having 
a lavatory pan heel— remarkably 
similar lo its historical predeces- 
sors Called Zebra, the sole and 
heel are wood, and the kid 
straps , come in metallic blue, 
red. green or pink (£17.99). I 
have it on good authority toe 
that this type of beeL under the 
name of the Louis heel, will be 
widely represented in the spring 
1979 collections. 


..In fact this summer’s shoe 
fashions really bear out the 
point that old fashions keep on 
coming back. Stilettos— unfor- 
tunately from the flooring point 
of view — are with us a gain, and 
dead flat shoes which were all 
the rage in my schooldays, are 
very much the in-thing now. It 
seems that while the younger 
fashion conscious are treading 
the pavements of Bond Street 
in their crepe-soled canvas 
flatties, the lower heels are 
proving popular with the slightly 
older generation and those plan- 
ning to walk a lot 
This ballerina pump (picture 
5) is a good example of this 
season's trend — absolutely flat 
and made of canvas it comes in. 
cream, red, yellow, pink, blue, 
black and white. (Boogy by 


Russell and Bromley, £13.99). 

Never one renowned for her 
deportment, I have avoided the 
very high, and the very low, 
heels like the plague. But I do 
think they can look very attrac- 
tive and bring greater meaning 
to the phrase "a well-turned 
ankle." - 

Shoe no. 2 fa by Meadow Shoes 
of Norwich. Shoes 1 and 3 are 
reproduced by permission of 
C. and Clark LfdL and can be 
seen, along icith. many other 
fascinating examples, at Clark’s 
Shoe Museum, at Street. 
Somerset. Admission is free, 
and the museum is open from 
May 1 ip October 30 from 10 am 
to 1 pm, 2 to 4.45 pm, Monday 
(except bank holidays) to 
Friday and, an Saturday 

mornings. 



lllfis 



A I : >: fHaS ! I 




1 ?*' /STS* 


A breath of fresh air 

IF YOU’RE a golf widow — and house, and the other four have courtyard are facilities f<»r 
I’m sorry to say that some of been built recently to a very members’ children. Membership 
my friends are — or if you long high standard. fees differ for children under 

for a breath of country air In the club house are two 7. under 12. and under IS, and 
without having to use your car restaurants — one serving an a arrangements for them also fall 
as a base, you may like to know la carte menu and the other a into those categories; a junior 
of the recently opened Foxhills quick service grillroom: there c | u b with a den. and a creche 
Golf and Country Club. is alijo a dining room which may with a qualified nanny who is 

Although it has two golf J* e ^ re .^ ^ 0r Private dinners. A on duty all day seven days a 
courses, it has plenty of other ^ ar ’ a lQ o n S e » snooker and pool week. 

facilities to tempt the non- ”°??; D , a 5^ e ®, d i Qe room are a 1 Because the club only opened 
player and it seems to me that on . officially in July, the rnanage- 

a year’s subscription would be Tat*! S rieht “ anxious that it should 

well worthwhile for the family jj * a th th . at 1 ‘ f?' be run to the members’ liking 

whfch likes to be sociable but eralsv temce iia^ vhkh and il is ho P ed that People wifi 

alone 'too t0 It h ks V a n^idea^nlarP « tretche s out into woodland. feel free *“ make suggestions, 
for mnthpre tn ml* rinrinS the Here wiI1 *** a practice area for There are obviously many 
w«fpk tar * tceing-off and the manager, different categories of fees, but 

nr Geoff Gearing, is starting a jog- as an example husband and wire 

squash or just to enjoy the club ging track to keep all his mem- membership (1 golfer) is £245 

mu -O u-,. ,4. bers fit I can scarcely think of per annum with an en-lrv fee of 

The Foxhills estate . covers a better place to jo?, as long as £190 for the Golf and Country 
40° acres of rolling heath and you don't try to keep up with Club; and £115 per annum, 

JU f= 0U S?h e i„ aie ^S rabbitS - =nti7 fee £60. for iueband and 

, 2S , “ ^5!? ^ mtflIow ^rick- walls of the wife for the Country Club only. 

J? tChen ? nten 1 nw ; So if you live within the 
Bagshot and ifaSS an houris "gj* 1 ^ Surrey / Berkshire/ Hampshire 
drive from London. The day I ^ ^ der ? a ° d arc , looIang for 

visited it was one of the very “ JS 3t y s0 . mewhere relax— or other- 

few beautiful ones we have had lh “ * L tb old es P aIl , er fT } ut wise — without constant super- 
summer the Mllow *«!? l° rm a -elconunB vision of the children. Foxhills 
stonework of the Manor House s ^ e ^ ered area - P°°* is ver ^’ could be - the place you're 
(now'the Ciuntir Club? looked cl ^5, the chan = inS r00 ^ Poking for. Contact the general 
very attractive gainst the blue S' > Gearin? ’ 

Sohcan^Ie fftoL'h a , h . ,, , f™W' /wad. 0,teraha W , 

approached along a twisting G«MP<yI arount] ^ cobbled Surrey (Tel. Ottershaw 2050). 

drive through woodland and tall 

•r Tattoo for now 

lished and are of roughly the THE Edinburgh Tattoo, that paperweight is very handsome, 
same length; the 1st. and 10th well known annual event, first In clear glass, the base is a 
hole of each course is -near the began as drill displays in deep, purplish blue with a 
clubhouse. There axe four play- Princes Street Gardens. They circle of flowers and a larger 
ing staff on the golf sideTieaded were so successful and popular one in the middle. On the 
by Bernard Hunt, the 1975 that 30 years ago it was decided surface of the ‘"slice” 3s a 
Ryder Cup captain: ■ and a to hold the displays on the piper in a kilt surrounded by 
separate clubhouse with its own Castle Esplanade to coincide the words Edinburgh Military 
restaurant, bar and changing with the Edinburgh Festival. Tattoo 1978. 
rooms. Casual visitors may also The Tattoo attracts 9.000 Made hy q. lki _ k class h 
play on these courses but they spectators many of whom come paperweight is availahlf ’fr^rn 
have to take then- turn. from overseas: as indeed do jS" 8 ! Fdtaburah or hi 

The other facilities include some of the participating Li? o?der frem The Tattoo 
six tennis courts; these are servicemen. OJH “ oSkhllm ciSSe 

described as being all-weather- This year the Tattoo started ^ ®«h EH^lOB ^ 

this means that if the players on August i? and a limited ° ° D t,M1 fnr * ^ . 

can stand the weather, the edition of 250 paperweights I I “ 

courts can too. has been issued in celebration. Lucia Van tier Post 

There are five squash courts: In the shape of a ball with a is on holiday 

one belonged to the manor slice taken off at an angle, the __ ^ — 












Who T 



Balanchine back in 


And who T urn is the Grand 
Duchess Anastasia, youngest 
daughter of Tsar Nicholas II of 
Russia. She makes no bones 
about it at this period, zbe earJy 
1920s. when she spent years in 
Berlin while as earnest police 
inspector ■ tried to establish her 
identity beyond question. On 
the other hand, she was not 
anxious that anyone should know. 
.Royce Ryton, a connoisseur of 
royal families, follows the story' 
in Uisi new play at the Arts 
Theatre. Cambridge, as far as it 
is possible to extend it on the 
shaky foundations that support 


THEATRE 


B. A. YOUNG 


if. HJs Anastasia meets ail the 
tests put upon her. but makes 
the vital mistake of telling her 
relations that the Tsar bad put 
vast sums of money in gold into 
the Bank of England for his chil- 
dren. So none of those relations 
will acknowledge her. for to do 
so would moan that they them* 
selves would never get their 
hands on it. 

The story is treated in rather 
a clinical way. the grcy-coloured 
set. designed by Tanya McCaliin. 
containing only a bed or a sofa 
and a couple or consulting-room 
tables, with all the characters 
except Anastasia and the inspec- 
tor taken by two players. Roger 
Hume and Judy Wilson. 
Anastasia is ployed by Belli Ellis 
without any physical alteration 
over the several years of the 
story, and wit hunt changing the 
loose grey hospital dress in 


which wo first see her. while! 
the inspector remains the samel 
suave gentlemanly policeman : 
drawn by Laurence Payne. 

Only at ihe end— and at the; 
start, whore a flash-forward sig-i 
nals the conclusion — does she 
alter. There she has become a| 
mature woman, married to somei 
8Zr. Man aft sn or other, and is 1 
prepared to give up the whole 
business. Vet even at this stage 
Mr. Ryton has an ace up his 
sleeve. All the evidence he has 
produced covers either the 
period after Anastasia's 
attempted suicide in Berlin, or 
the period before the massacre 
of the Tsar and his family 21 
Yekaterinburg. Now evidence 
has become available suggesting 
iliat there never was. such a 
massacre. 

“Was -here 7 n asks Ihe, 
inspector — not the' original in-! 
spector. but his son. who has; 
inherited interest in the | 
case, and i> *dll Mr. Pavne. 

Mrs. Monahan pauses for a 
very long time. Then * No." she: 
says. She has however something j 
to add. There was no massacre 
at "Yekateringbiirg. but there 
was indeed a massacre elsewhere , 
later on. "But if l told jou.” 
she says teasmgly. going out in 
Mr. Monahan, “.you would not 
believe — it.” 

believe it. You— would — not — 

This leave* us roughly in the 
position wc held at the start of 
the evening, before all this 
interest 5 ft? investigation was 
presented in us.- The difference 
is that the new inspector, not 
having to de:d with a patient in 
a State hospital but a woman 
of independent means, is content 
not to make -ny more inquiries.: 
All the same. 1 bet he's it riling, 
a book. 


THEATRES THIS WEEK 
& a □ AND NEXT 


THEATRE. STRATFORD: Lore’s 
Labour s Lost: A most eo joy able 
production from John Barton, 
with .Michael Hordern a match- 
less Armada Reviewed Monday. 
NEW END HAMPSTEAD: Altera. 
lions: Amusing play about West 
Indians integrating for better or 
worse into London society. 
Reviewed T 'uesda v /Wednesday. 
PICCADILLY: Vic me Cam?: Ten- 
nessee Williams back on form 
with episodic chunk of auto- 
biography set in pre-war New 
Orleans. Some strung per- 
formances hum Sylvia Miles. 
Karl Johnson and Richard Kane. 
Review ed Wednesday/Thursday. 
ARTS: DtitU; and Deril: First 
I s K production for Wedekind's 
version of Dance of Death with 
a beguiling Julio Peasgond catch- 
ing the eye. Reviewed Thursday. 
1CA; The Great Caper: Effective 
Ken Campbell sci fi nonsense 


about a man .-oeking the perfect 
woman. Reviewed Thursday/ 
Friday. 

SHAW: Enoluuii My Oirn: Peter 
Terson’s !aic-u work for the 
National Youth Theatre traces 
the life and death of a bny 
caught by th: National Front. 
Reviewed Friday. 

The Edinburgh Festival starts 
this week-end and theatrical in- 
terest moves to Scotland. On 
Monday and Thursday Edinburgh 
Festival P induct ions is intro- 
ducing The Tempest and A Mid- 
summer \ijj his Dream iwpec- 
lively at the Assembly Hall while 
the Malaya Bronnaya Company 
from Moscow, on its first visit p> 
the West, is putting on Tur- 
genev's A Mouth in ihe Country 
on Tuesday and Gogol's The 
Marriage on Wednesday at the 
Royal Lyceum Theatre. 

AT 


There exists a special relation- 
ship between George Balanchine 
and Copenhagen: as early as 1930 
he worked there for a season 
immediately following Diaghi- 
lev's death and the dissolution 
of the Ballet Russe— staging 
among other works and rather 
improbably. Scheherazade and 
The Legend of Joseph for the 
RovaJ Danish BaBeL lu the post- 
war years Balanchine ballets 
have featured iu the Danish 
repertory; his school and com- 
panv have made important use 
of Danish teachers; a Bournon- 
ville divertissement now appears 
in the New York City Ballet pro- 
grammes. and Danish male 
dancers — Peter Maritas, and lat- 
terly, Peter Sehaufuss— are 
luminaries of the company. 

So there is a feeling of right- 
ness in finding NYCB in Copen- 
hagen for a six-day engagement 
at the Concert Hall in Tivoti. Not 
an ideal location: too small a 
stage and too shallow an orches- 
tra pit; but the company dancing 
so superbly that they transcended 
any problems of stage and poor 
sight-lines. I watched three per- 
formances last week, braving the 
horrendous cost of living (and 
th soft ices and hard porn so 
well advertised in that enchant- 
ing citj'f to Bad the City Ballet 
repertory and dancers -as life- 
enhancing as ever. 

The major work in the first 
programme 1 saw was this year's 
namnurrmusiJi No. 2. Hindemith 
sparks a wonderful response 
from Balanchine, as we know 
from Four Temperaments, and 
the gritty academism of this 
latest score, its earnestness and 
its moments of bushed, poetic 
resonant**, are exactly matched 
in dances led by two women — 
Karin von Aroldlngen and Col- 
leen Neary. with partners and 
corps de ballet of eight boys 
Unis last something of a depar- 
ture for Balanchine). 

Von Arold ingen’s style seems 
central to the work. She is a 
dancer having an abrasive, 
almost Amazonian manner, 
“un feminine" in conventional 
ballet terms, sometimes aggres- 
sive and brusque. This is very 
much the quality of the ballet 
itself. Von Aroldingen and Neary 
appear like movement and its 
reflection, with caconic devices, 
echoes parallelisms that suggest 
dancing seen “out of sync" or 
played in a “follow my leader” 
sciMiene a more seceud apart. 

The quick, urgent thrust of the 
women’s dances is set against 
quirky writing for the male 
chrous. who curl and curve at 
moments in a linked chain of 
bodies, or exit with arms bent at 
elbows and fingers splayed (a 
device that recalls Balanchine’s 
Kilbies >.• In a duet in the second 
movement. von Aroldiugen 
dances as if hiding her face, and 
the image is unexpected, disquiet- 





Serenade 


jng; but Balanchine has found a 
potent response to Hin demith in 
this uncompromising dance man- 
ner with its absence of academic 
niceness and its nervous athletic 
pulse. Kammermtutfe is haunt- 
ing; so too is the amazing von 
Aroldingen. 

Sbe featured no less unforget- 
tably in Seneradc which has now 
acquired a much more intense 
ending. This was Balanchine's 
first ballet in America; it marked 
his implanting of the classic 
academic dance iu the suit of 
the New World — not for nothing 
do the girls place their feet in 
basic class-room positions as the 
ballet begins. In general its 
performance style has been cool, 
especially with companies— like 
the Royal Ballet— -who believe 
that Balanchine must be danced 
in a bland, milky and polite 
fashion. 

City Ballet give it with a full 
dynamic tone that avoids any 
sort of pussy-footing. Movement 
is bold, quick to accelerate, free 
In flight; and the surprise came 
with the final Elegy in which 
von Aroldiugen was cast as the 
girl left disconsolate, to whom 
appears the man led on by an 
angel figure (Colleen Neary), 
with the later appearance of the 
third ballerina (Kyra Nichols). 
Each of the women played this 
movement with hair loose and 
flowing and this indicated a 
loosening of emotional con- 
straints so that the final section 
spoke unabashedly of tragedy. 

The women looked very like 


TchelicheVs drawings of 
Toumanova in firrente, that 
mysterious surreal work which 
Balanchine made for Les Ballets 
1933: von Aroldingen's very 
musical dancing and her 
saturated manner in the closing 
moments of the ballet were 
exactly this stipulated by the 
Tchaikovsky score. Because the 
entire company interpretation is 
so brave id impetus, this darker 
ending is neither gratuitous nor 
wrong: rather is it as if we were 
seeing the correct finale after 
years of knowing only a 
bleached and imprecise version. 

Another revelation for me was 
the appearance of Merrill 


BALLET 

CLEMENT CRISP 


Ashley, a young dancer of 
superb gifts, who irradiated 
everything she danced. Very 
musical, with a speed of execu- 
tion that dazzles the eye. Ashley 
is tall, beautiful, and quite un- 
7 i»ustered by whatever difficul- 
ties are presented her by the 
choreography. She is why 
English girls can't dance 
Balanchine. 

In Square Dance, which enjoys 
showing how ballet is like social 
dance, Ashley sails along like a 
young Terpsichore, as lovely as 


you could wish, serene and vath' 
a. warm, sunny, presence. In the 
final prestissimo she fits in steps 
where almost any other dancer 
would gabble, and fudge and 
fake. In its clarity and speedy 
precision. Ashley's dancing 
typifies one of NYCB’s greatest 
virtues now — a style that is 
clean and devoid of affectation, 
and one content -to listen -to the 
music. 

There were moments, with a 
legion of beautiful girls 
extended in Balanchine's Ballo 
della Regina, when you might 
swear that these were young 
Kirov stars, so noble was the 
freedom and open-textured grace 
of their dancing. Batio ts new 
this year, and is Balanchine’s 
redlistation of the ballet mlsic 
from Verdi’s Dor Carlos. The 
original thematic idea of the 
quest for a perfect pearl is 
barely hinted at m some watery 
opening poses for the girls of 
the corps de ballet; they are 
joined by four female soloists 
and by Ashley, with Robert 
Weiss as her over-extended 
cavalier (the role cries out for 
Barishnikov). 

What follows is a chain of 
solos and entrees of ebullient 
freshness: they seem somehow 
to evoke the grandiose attitudes 
of 19th century opera ballets and 
the whole paraphernalia of trans- 
formations and crowds of super- 
numeraries, as if lo say “and 
here is where there are arches, 
and processions and hordes of 


music: Calcium is a i&jp worthy 
first choreographic essay. 

Peter Martins also appeared 
as dancer in several ballets, in. 
which his authority and the dls-'; 
creel magnificence of his -tech-- 
nique were wonderful to behold. 
He partnered the glorious 
Suzanne Farrell in Balanchine'.# 
Tzigane and in Robbins* In iff , 
Major (the Ravel two-hand con- 
certo) on which I reported from 
Paris a eouple of years ago. He 
also repoated his beautiful and 
poetic interpretation with the. 
eloquent Kay Mozzo in .Balan- 
chine’s Duo Concertant. a work 
■ 1 think of as a masterpiece of 
succinctness, a kitiku catching 
the very essence of Balanchine 
as creator and the ballerina as 
his Muse. 

The restrictions of The stage: 
must account for the fact that 
Jfi'j Symphony in C and the Stra- 
vinsky Symphony in Three Mure 
meats were below their lustrous 
best in performance. The Balah- 
chine/CIinka Vnlse Fanlawie 
looked rather thin, though Kay 
Mezzo was fine in it. but for this 
— as for too many works— The 
awfulness of NYC B costuming 
must take a lot of blame. 1. 
know of no major company where 
dress is such u disaster area. Per- 
haps, because the choreograph? 
and dancers arc almost self- 
Biris— only we don't need to go sufficient, the artifice ofi good 
Into anv of that old stuff” clothing to enhance the dancers 
Ashlev is u marvel in ail this; is an act of supererogation, hut 
tireless in speed and ease, and it is surely as easy to. dress 
with point? that seem positively dancers well a *. ■ t P t s F r, A, , ^ e ^ ,® n 

<*“ “ ™ de sys*: r A! i s!siS!.'i{?3 

upon them. dancers appear in outfits dam* 

It was fiLUng that Copenhagen ag jng to their physique: the fine- 
should see choreography by its boned Mazzo looks portly in Valse 
native son. Peter Martins. His Fantaisie; Helgi Thomasson wore 
Calcium Light Night is his first something designed for Quasi- 
work fur the City Ballet modo to go to a ball as Little’ 
repertory, and I thought it an Lord Fauntlerny in Chnihorsfrii 
impressive debut Set to some pas de deux; the girls in Sum- 
faux-naif orchestral pieces by phony in C wear tutus like mtlet 
Charles Ives, one of which gives frills; in other bullets dancers 
the ballet its title, it is made for look like some desperate gym- 
two dancers: the admirable nastic team, or frogmen, or mad 
Daniel Duell and Heather Watts, peasants. 

It is no conventional duet. The On a hapier note T record that 
stage is a brightly lit arena in NYCB's newest recruit. Mikhail 
which Duel! first performs four Barishniknv, was also in Copen- 
solos which contain eccentric h a g en . apeparing in Donee* nt n 
steps, and quick leaps, and even Gathering and So mi tine I saw 
offer an odd transposition of a him on iy } n other Dances in 
gorl's solo into the terms of male which he partnered the marvel- 
technique. lous Patricia McBride. Though 

Heather Watts then has three not as rirh in emotional or physi- 
taxing variations wherein flex- cal nuance as in the Makafova/ 
ings of a foot convey the dif- Barishmkov performances in 
ferences between being on and London last summer, the piece 
off poini. The two are then was still thrilling: Barishmkov 
united for the last two numbers, , u ! ua * celestial self: 

though “united” is far from McBride (who was also hnper- 
what thev seem as Duel! tries to cable in the Oiattetrafcii pas tie 
manipulate Watts, and she in dfix and seems the incarnation 
turn makes use of him. The of the music) was radianly good, 
piece looks like a reductio ad And now we must wait until 
absurdam of male and female early September, 1979. when 
attitudes in dancing. What is City Bullet comes to Covent Gar- 
most impressive is the way in den. At its present peak of excel- 
which Martins has sited his lence NYCB is a marvel— a Lon- 
dances so surely within thedon season is long overdue. 





BBC I 

t Indicates programme 
in black and white 

FOR Saturday August 19 1978 — 
7.15-8.34 am Open University 
Ilmira High Frequency only). 9.00 
Ragtime. 9.15 Scooby Doo. 9.35 
Why Don't You . . .? 10.00 Rock- 
face. 10 .25 ** Flipper," starring 
Chuck Connors, tlt.55 Charlie 
Chaplin in “T he Rink." 1228 pm 
Weather. 

12.30 Grandstand; Football Focus 
(1133): Eventing (UK), 2.05. 
2.35. 3.10) The Midland Bank 
Horse Trials: Racing from 
Kcmpion Park (1.50. 2.2b. 
2.50). Athletic (3.10) The 
.Sunsilk Women's AAA Chani- 
I nrvn-.li ip: World Show .lump- 
ing Champion ships |3.1U> Tile 
Te.un Championship: -t.-U) 
Kina! Sen re. 

530 Emu's Broadcasting C 0111 - 
p.»n> iECC-1'. 

5.15 New 

555 Spori Regional News. 

6.00 tt under Woman. 

6.45 Saturday Vighl at I lie 
Wn*.ios: “Submarine X-l.” 
Marring .lames (Jann. 

8.13 Se.iMdi* Special from Si. 
Malo. -a a rung Sacha Dislul. 

9.05 Kuj.ik. 

9.55 Ni‘« 

10.05 Mitch nf the Day. 

11.1)3 S.nh-r 

11,35 The IK Show. 

All Regain* as P.BC-1 except nl 

the following limes: 

Wales — S.50-9.15 am Hobby- 
Horse. 12.(5 am News and 
Weather for Wales. 

Scotland — 1. 35-3-21) pm Score- 
board 5.55-6.U Scon- board. 10.05 

’ KNTERTAHNtfENT , 

GUEBE ; 

CC — TIil-.c tr'Cjirii arcoat certain credit I 

cards b> Iricrhon.- or .i| tnc £01 Gltiic. | 

OPERA & BALLET j 

coliseum. ;/«*■! i-'-d* ai-rjo srsa. 

^.f.ri,-.J J1-J3S !IH I 

ENGLISH NATIONAL OPERA 

.1 I'.,, n.: .■• ? :0 Ln Sotmne. 

Ti.c ■•<»! 7 00 Seven Deadly Suk ] 

Ci^ni-i Scn.if'i' W -*o A Fri ne»t si 1 

r TO n’»r cl THE CONSUL j 

• in i r'.nlv.:Tv ■.-■K.vi.-.rsl Rii e’ Carmr-I. ; 
For •vrlhi -1 j r.nu 01-240 53SO 
134 aa.i-i ..-Ms. Iron. 10.00 on' 

n-.V C‘ D* 1 '!' 

ROYAL FESIIVAL HALL. 922 3191 j 

L*'.1 Tmo P^rK TodSr II ; i 7.30. 
r.FcAT ST. -S OF WORi P BALLET > 
GALA BALLET SEASON J 
FONTEYN. *itlLGUO. MAKAOVA. 
MOR5HITO SEYMOUP And jEFFCBIeS. < 
KELLI .VAPTlfwS. NAGY SHIMI2U I 
_ pr-el C nt PS OE BALLET. \ 

ROYAL FESTIVAL HALL. OSfi 3151 [ 
fr?m Me*da> nr>! unlil StHombtf B I 
LONDON FF5TIVAL BALLET 
E»i 7 30 Wjf. 5,1 r 3. Man. nefct to | 
5tPt. c SWAN LAKE. SeoL 4 Co S 
Mi»<?d Bill TicLAH LI to £5-50. 

I 

THEATRES j 

ADELPHI THEATRE. CC. 01-836 ~611 | 
LAST NINE WEEKS MUST END OCT 1). I 
El as- 7 TO. Mai, TS.irS 3 0 Sal. 4.0 I 
IRENE IRENE IRENE 

THC rESI MUSICAL I 

Dl 19Tb. 1977 Jfid 1970 I 

IRENE IRENE IRENE 

" LONDON S REST NIGHT OUT." | 

jjjnJ.ii P:<ieit 

C*FDir CARO COOKINGS 036 761). J 

ALBERT. B3«? 38TB Cffclil card C«.« j 
8 36 1071-3 I'orn J.;0 am. P.n-t> ralir. 
Man Tur-, VV.-.1 sn.4 Fri 7.45 am 1 
Thur-. And Sat J 30 and B.00. ■ 

A THOUSAND TIMFS WELCOME IS 
LIONEL BART’S 
OLIVER 

-MIRACULOUS MUSICAL.’ Fin Times. I 
••CONSIDER YOURSELF LUCKY TO EE. 
ABLE TO SEE IT AGAIN.” Daily Mirror, j 

ALDWYCH. fl3b 6404. ln»o. 836 SS32. 

Fjlir .ii r tardi'.lsiu'd ! 

ROYAL SHAKESPEARE COMPANY in j 
reserto*!*. Tod»» 2.00 jnd 7.30 
Stnndr.-ro’i THE DANCE OF DEATH 
Much to emov" □ Taleflraun 
•* EoirrAK ol 4 wondoi lul aiijcc 01 work ’’ 
■nip Times Y)ilh. CORIOLANUS iMen.i 
<1P»C Gaoeh’S THE WOMEN-PIRATES 
ANN BONNET AND MART REAP C3S 
Ann i ” AS you UKI JT ’’ Now BeoHlnQ. i 
Op«k 5 Sen: B5C also at THE WARE- i 
HOUSE (see unner w.» j 

i-RTS THEATKEj STO PR„&- a3 *^ TM ' 
DIRTY LINEN _ 

-HiMiiAuf . . . iw Ii Sundav Times- 
Monoav M Wu rsftjv 0 . 30 fnOa, and 
Safurda/ at ..00 and 9.15. 


Sportscenc. 1UJS5-11.05 rvIcCslmans. 
12.15 am News ai.J Weather for 
Sco I land. 

Northern Irefcm!— 5.10-530 pm 
Scoreboard. 5.55-J.rti Northern 
Ireland News. 12.15 :im Xaws and 
Weather for Northern Ireland. 

BBC 2 

7.J0 ant- 3.-J5 pm Open 
University. 

3.00 Saturday Cinema 

•' Bandldo,*’ >larrirs Robert 
Mitchum. 

7 JO News and Spurt. 

7.45 Network. 

8.15 "The German Lesson" by 
Siegfried Lon.- Hirst o[ two 
parts). 

tlO.O Monster tieuifle Bill: 

“Voodoo 1-land.'* slarrinjt 
Baris KarlciT. 1 
11.15 News on 2. 

1120 Monster Double Bill: 

*■ Phantom ■■( ihe Bue 
MnruuC.” •tarring Karl 

Maiden. 


L01N120N 

S.50 am The .‘••mirday Banana 
i»ilh Bill Oddiv. i.irt 1. 8^5 
Sesame Street. 9 -3 Thu Saturday 
Banana, pari 2. Itt.iS The Moiikees. 
10.45 The Saluda.- Banana, part 3. 
11.30 Space lD'J!'. 

12J15 Headline kic'-jJIiw national 
and internal-. nil headline 
.sports new.-, ■h. 1 - athletic* — 
llie Ivo van D.iiumc Memorial 
from Brussel-.: {.15 Neus; l^» 
The 1TV. & ••• i n— ! JU. 2.00. 2.3 n 
and -VW fruin NntJia^hnm; 
1.45, 2.15 am': 2. J5 from Ttipon: 
3.10 Interi- ’iiin.i: Sports 
Special — W:*; -r K. P. 

British Ma- ' from Thnrjie 
Park: 3.50 il-iMinic Round- 
up; 4.fl0 WiL'silinsi: 4.50 
Bcstilis Son 5 --:-. 

5.03 News. 

5.15 Cartoon i'.ii’c. 

TKaATRSS 

AMDF.SSAOORS. 9I-83I> 1171. 

Niqhllv .11 BOO i I.r.ir..—. Tiiii. 2 45. ! 

SaturdA'. i :, H <I 8 
PATRICK CS.RCIL' .--i TONY ANHALT 
■ n ^ L 1 ' J 7 M 

Thn Wo’l I I TBi’i'Icl 

bv ANrKS.VY 3IIAFFER 
’’ Sixinn tin? nl-.- ■ s r n ia-:t .in 

urtr jna tore I ‘o- Pjntn S-;j: bho- 
LZ 00 and £4 A.' r n -*- - jna ^cp-pi'icu 
W-i‘ -7 sc, 

APOLLO. 0K37 V.”,. Evonins; 3 f}0 

Mj:i . ' '• : : CO and S.00. 

DOH. LJ SINCEN 

• A>:lor cl lb... ; -I i.i'imw Standard 

" IS SUPTPL M a. W. 

SHUT YGL ’■ ; V T3 .“.NO 
THINK C.” IMGLAND 
th*?** I- T lltn-4. 

ASTORIA IHfcAjr:. CC Cnarn! 5 Cro:c. 
RodB 31-734 Mon Th-n;. P cm 

Fn. and f - V* .r^ g 4S (BuUcI 

fOO«< .!■ f-i’hfe « 

SLVis 

' Inlccliou^, i ■•■j .ci'jI jnd 

hodrl-thurTplng.' C*. £2 0 0* 

£6.00. HaN-heor • o... !-c-,t w\- 

□blc Wop -Tnurs and Fri. 

6 P-*l c-.rr, orTv 
BEST MUSK.-L THE 7 tAR 

EVENING S7 RC1 AWARD 

cambri'oOe .CC wbo sCsb "morT“io I 

Tfiuri. 3.00. Fri .. b s .43 and B.30 
l?l 7ENISI 

ElCilMf El"" 1 4--i-,n Myi.r.il 

'■ Pacicnd wi»i Diii\ Mirror. 

Sear :: 1C-E5 5C. 

THIRD u-« -.r t E,\R 
Dinner and iob . ,,..iu ^375 Incl 

CHICHESTER. . 

Today at 2 . 0 a ■'•■• -.ig -j at 7.00 

LOOK rwrer. LULU 
Tannhl and a- .n 7 .O 0 . 

TH EASFtiii: PAPERS 

COMEDY. . „ .. ei-03s"S57S. i 

Evy;. Mon.-Frl. 3_Tj 5 CO and 3. SO ■ 

Mat. i 1 -..,,.. ■ ,:c 
EDWARD VrOOCYa ARO 
BARBA..-, 12 .TCRC Ml 
THE KORre 

tit Bp’cmar., inn. Siiion 
’’ (ndleii) wmil- •./.i -rt.iinmt-i' .inyv nc 1 
or an» afle is lik.-i. tc . , n|ov. ■ ’j Id. | 
’Damned ba** 7 ■•'.-in" 5a" Tina*. , 
■■ Aificrualp JJI.lj7.r- ,t. Cdn A lanah 1 
a minus'? P " 09-origm l < i^ D-.I- 1 
liantlv selrcU r. ’.*s:.iai.. «;t «. mo't | 

attracilii.’ and tain, r>g r.»:nl<iq ■ £-N. 
CRITERION, pi »i z.-:s. CC *33'-. 1 0.'l - J."' 
E.gs- B O. S ». Tiiur-, 3.0 I 

NOW IK }•* ^--oun YEAF 
LS3L a PHILLIPS 
in .■'* C r ONI 

A HALF-A-DCICN hiLARIOL’S YEAPS 
" Su... T«l 

' DRURY - LANE- 0 1 -SS* - 1 3 ic 8 ~Mon io 
Sat. d.OO- MRfntwr and Sat. 3 00. 

A CHCRUi LINE 

*’ A rare. 06*41 ^11 ’i-.. lAvOui. ■‘•ttOnilh.n^ 
Stunne r.” S un T.mr.. 3^3 GREAT YEAR 

DUCHESS- 83“ /-M3. Manf ir Tfiurs' 
EcdHn« 8 n.oo 

“ ^ n “ a rt W Ma "- j 


5.30 Laverne and Shirley. 

6.00 Doctor on the Go. 

6.30 The Life and Times of 
Grizzly Adams. 

7.30 Mr. and Mrs. 

»-00 3—2—1. 

9.00 "The Virgin Soldiers,” 
starring Lynn Redgrave, 
part 1- 

10.00 News. 

10.15 “ The Virgin Soldiers,” part 

2. 

11.00 Revolver. 

11.45 The Entertainers: Peter 
Skeilem. 

12.15 am Close — A painting hy 
Canaletto and music by 
Vivaldi. 

All -IBA Regions as London 
except. at the following times: 

ANGLIA 

9-00 an Undersea World of Captain 
%v-aiu. 9-20 The Next Wcefc Show. 1130 
Tara a. 53B Pm Hbppv Days. UO The 
Rolf Harris ShoR-. 730 CamhtL. IL0Q 
Rcwohur. HAS At The End Of The Day. 

A TV 

9P5 an Firming Today. 930 Sesame- 
930 am Sesame Si met. 10.30 The ATV 
Saiurdar MornJns Pkiin Shone- “ The 
Kirk'.--, Pirate. ’’ 1Z1S pm The Super- 
Senai. MysUTly Island. 5JS The Llle and 
lines ul cnnlr Adams. 635 Mr. and Mr*. 
6-45 Ha (her IX-ar Father. 735 3-2. l. B3& 
S-Uiirda* rin..-ma: "Tlic Great Banfc 
Ruhbery." sumrs Ciini Walker and Kuo 
Nerak. 1035 Soap. 10-45 The Law Centre, 
1135 Revolver. 

BORDER 

1A30 am Tarzan. 530 pm Happy Days. 
6.09 Mr and Mrs. 630 Btonic Woman. 
T.M Oh No It'S Sclunx Froggitt- ‘ 

CHANNEL 

1238 pm Fuftin's Plan ice. 530 Happy 
Dies 6JM Qack-4 to the Land. 730 Father 
Dear Father. lS-OO Law Centre. 1ZJ)0 The 
Ekilnc Theatre Show. 

GRAMPIAN 

935 am Scene on Saturday tnchtding 
Birthday Greotinss and Ctur Car. HUB 
Th.-- w&iii- Stotv.-. 1030 Sesame Street. 
1130 Space I9W. 530 pin Happy Days. 
Ata Mr. and Mrs. 730 Backs to the Loml. 
u RoR'.-ct luib. 


GRANADA YORKSHIRE 

VJEVAiT/vz-rr* v 930 am This Spormi Land. 93S 

930 am Sesame Street. ^2S Breakers. 

11035 Saturday Matinee. Google Wlthen *-J®_^*** Ha J^* y 

in “DcyII on Horseback.'' 530 pin Ha ppy SSrfc , {?' r i^ JS® Km 

Days. 630 Mr. and MrL.«38 Backrto the J® **^5"*; J* 

Th, Buwic 2f' Kl *!SS’ M ?5“,i*5SS^S 

rrr .1 Only Kllf Their Masitrs" .'continocdl. 

HIV 1135 The Bob New hart Show. 

935 am Old Howe. Hew Home. 1035 

Batman. 1130 Beachcombers. 1230 Laasie. RADIO 1 2 -) tin 


530 pm Cuckoo Waltt. MB pm Happy . . , 

Days. 730 Definition. «*> JZ? 0 * 

HTV— Cymru/Wales— As HTV General _ I Medium wave 

Service except} — 530-600 pm Sum a Sian. SMt am. As Radio 2. 8-06 Ed 8tewart 

. — with Junior Choice ts), includlnp 832 

SCOTTISH Cross-Channel Motoring Information. 10.00 

935 any See " the Leprechaun. Adrian Juste. 12JM Paul Gambacchn. 131 

The Bionic .Woman. 535 pm Golf: Scottish ^'hiiOJI Alan Freeman Js). in 
Professions) Coif Championship. -Ml Koftt)| c Vincent with win ana tesco 
Phyllis. 5135 Late Can. 1138 Cotf: mwic *«•. 630 Tn Concert »>. 738282 am 
Scottish Professional Golf Assodalloo -** Radio — 

Championship (hfBhhsbts). RADIO 2 and YHF 

«nTTTRFRN 1300m and VHP 


Scottish Professional Golf Association 
Championship < highlights). 


THEATRES 

,'OUKE OF YORK’S. 01-836 5122. 

I E .cm mss S oo. Mats. Wed.. Sac. 3. 00. 

: Limited Season. Must end August K. 

I JOHN GIELGUD 

in Julia Mitchell'S 
I HALF-LIFE 

| A NATIONAL THEATRE PRODUCTION 
I ’ Brilliantly witty ... no one should 
m,i s »C.” Harold Hohscn {Drama;, lostanr 
; credit card reservations. Dinner and 
' Too-nocc scats £7.04. 

! FORTUNE. G3G 2258. Evs. 0.0. Thurs. 3. 
i Saturday 5.00 and B.00 

[ Mur*.;.’ Fallow as MISS MARPLE In 

MURDER AT THE VICARAGE 
• FOURTH GREAT YEAR | 

1 GARRICK THEATRE- CC. 01-836 4601. 

' Eves. a. IS. Wed. 3.0. Sat. S.30. 8.30. 
TIMOTHY WEST. GEMMA JONES, 
MICHAEL KITCHEN 
m HAROLD PINTER'S 
i THE HOMECOMING 

■’ HBlLLIANT A TAUT AND EXCEL- I 
I LENTLY ACTED PRODUCTION." D. Td. ! 
| 'AN INEXHAU5TIBLY RICH WORK." 
j Guardian. • not to be MISSED." Tunes 

j GLOBE THEATRE. 01-437 1592. 

: fvvs. 8.15. Wed. 3.D. Sat. 6.0. 8.40. 
PAUL EDDINGTON. JULIA McKENZIE. 
BENJAMIN WHIT ROW In 
ALAN AYCKBOURN'S New Comedr 
TEN TIMES TABLE 

" Tun must oo the haosiesc laughter 
miLur in London." D. ToL ''An irrenist- 
I ah!v rnlovaelc evening." Sunday Times. 

1 GREENWICH THEATRE. O1-05B 775S. 
i WILLIAM DOUGLAS HOME'S 

Newest plav 
THE EDITOR REGRETS 
Evenings 0.0. Saturdays 5 and 8. 

I HAYMARKE.T. 930 9832. Evas. B.00. 
Wednesday 2.30. Saturday 4.30 & 8.00. 
Paul scofield 
harry Andrews 

ELEANOP BRON. TREVOR PEACOCK 
and IRENE HANDL in 
A FAMILY 

| A new Dla* by RONALD HARWOOD 
I ?‘ f, -> : S!9 *7 CASPER WREDE 

■ An admirable play, basest, wen con 
J'-ifed. nraoer*y worked out. freshly and 

I fi" l ."8 , r. wri ?«". r.Chlr MMlylno. Paul 
I Scottie-d at his pest." B. Levin. S. Timw. 

i H-R^ MAJESTY’S. CC. , 01.930 6606. 

, P'-»bs trein Aug. 22 ».0. Sats. 3 n wj (i.g 
TOth Ain, 7.0 ,uS 9.0. Thu-3. Sal. 3 
I "INSTANT ENCHANTMENT." Qtaerv^r. 
THE MATCHMAKER 
A comedy b» Thornton Wilder. 'It goes 

■ Jawi with a deserved roar of delight." 

I O. Tel. Far a limited season until (XL 14. 

! HER MAJESTY'S. CC. 01-930 6606. 

Eveninu C.g. Matinees sats. 3.0. 

JAMES EARL JONES H 
. PAUL ROBESON 

"Mann, Men*." □. £j< 3 - "Spellblndlnq 
Tnr>tre.” □. Mail. "Make it a rami." 
t- Std. Last «Nk. 

LONDON PALLADIUM. CC. 01.437 2055 
Cavt 2 D«ris. lan.ght u GIO and B-SO. 
THE TWO RONNIES 
In a Spectacular Comedy Revue 


SOUTHERN 1-S»m and VHP . 

11 m » T.mi »Jt R«4nd>l S-W a« Wvwt Summary. 5 JBX Toro 

Bdirards n« The Early Sbmr n>. 
itsa nSST inOudln* 833 Raclcs Bulletin. 136 As 
D«ye. U-95 SooihLra News. a^^—Radio 1. 10.B2 Tony. Brandon. Is j. 1232 pm 

TVNF TFP^ Two’s Best is). UC Offbeat with Braden 

in. 13BS35 Sport On 2: Football U'amie 
930 am Lacan. 930 The Paper Lads. Special (U8. 23S, 3.05. 335, 3.45, 335J: 
ItaCtappertOMd S^claL 1830 Sttnfiajr s^i^TcW ZOO. 335. iS. 538) 
Mornto* Film: Dwnfc NMl. World ChammonshjjB: AihleOcs CL30. 

^ T^d“«a w S35, S30) Women's AAA 

Wouiam • Uaxto to Uw Lanfi. 93B chamolonshlpst Crlckci 030, 230. 235, 
t P aly K iB Thrir.Maatcts. wnl°^ 335. JJ5, 535) Now Zealand y Worresicr- 

J ames Gstmt ^d Ka Lbencr Bow (P*^ shire, plus news of afi other matches: 
ti. W35 ThejMJnty Kill Tholr Harters B adns from Kempion Part 030. 235. 

*'• r .3^f? no W1UlJJ1 Tl,c ‘ se 2^, 335), plus results from other mmA- 

1200 am Epilogue. ima with a classified efiet* at 430): 

Tif CTpn news of World Show Jumploc and CfcUiis 

V * t -.* v . Championships: National Bowls Cham- 

am Saturday Morning -Movie; pionshlne. 5.00 Sports Tleport: Classified 
■' Cheaper by Ihe Dozen," Clifioa Webb. Football cherts ai 539 and 5.®: motor 
Myrua lujy and I Jeanne Crain. U30 spon at 530. 6.IB Cross-Channel Motorins 
Sesame Street. &3S pm Happy Days. 430 Information. 639 Europe 78 wuh Nordrln* 
Mr. 8 ad Mrs. 730 Oh No It’s Sefwyn Roundabout. 732 The impressionists. 738 
’- 00 Foam nr PUro: “ They Only sports Desk. 733 Radio 2 Top Tunes (s'. 
MB Their Masters. starring James 130 An E^c-nirw in Vienna, concert, part 
Garner. Peter Lawford and Jane Allyson. l r si . B30 Talk by Irtne Pradar. 938 
1035 Feature Film: "They Only Kill Concert, part 2. 1032 Saturday Nlchr with 
Their Masters” ipart 2i. 11.00 Sports the BBC Rad>n Orchestra t»\. 11.02 Sports 
Results. Desk. 1135 Roy Moore with The Late 

Show (si. including 1230 News. 230. 
WESTWARD • — 232 am News Summary. 

1835 aai Survival 1630 Look and See. n . rara~| 1 jrj m stereo & \ r HTT 
1130 GUS Boncybun g Birthdays. 1135 KAUIU 3 sn«reo at i un 

Code “ R." 5J0 pm Happy Days. 630 464m. stereo and VHF 

Barts to the Land. 730 Father Dear T735 am Weather. 830 News. 635 
Father. 1130 Law Centro. 1230 The Anbade (H. 9.00 News. 935 Stereo 

Electric Theatre Show. 1230 am Faith Release (si. 930 Jessye Norman song 
For Life. - ream, part 1 is*. 1035 Interval Reading. 

THEATRES THEATRES 

KING’S ROAD 1HEA1RE. 352 743B. __ . 

Mon. to Tnurs. 9 0. Fri Sat 7 xfl qjq PALACE. CC. 01-437 6B3A. 

T>IE ROCKY HORROn W»W Mon.-TTiur*. 8.0 FrL and Sat. 6 and 8.40 

OOnTdREAM IT SEeHT ^ _ JESUS CHRIST SUPERSTAR 

■ I L.JJ C G — -. 1 . . ■ ■■■■;■ bv Tim Rice and Andrew Unvd-Wetiber. 

LONDON PALLADIUM. 01-437 737X PHOENIX. 01-826 2294. Evenings at B.1 5. 
SomefTiotr 4. oa!*. Mats. Wed. 3.0. saturoavs B.oo and 8.40 

B YGRAVES "TIM BROOKE TAYLOR. GRAEME 

"AWn Safficfiy Mall. 

,,0 2SSJlbSr A, ^^bno < UiS 7 -S 73, - LA^V^THObG^ ?^OULD 

LW* MARTELL “ HAVE DIED.” Sunday Tim®. ” SHEER 

— — ■ -^aktell - delight." Eire. Standard, - glorious 

LYRIC THEATRE. 01-437 3686. EW. 8.00. CONTINUOUS LAUGHTER." Tiroes. 

Mat. THui-4. ».oo. Sat. s.on and 8.30. — — — 

JOAN FRANK PRINCE EDWARD. CC. fFormcrlv Casino.) | 

PLOWRIGHT FINLAY 01-437 B877. Performances this we-L 

. f'LUwENA Evot. 8.0. Mat. Thur. 3.0. Sat 3.0. 8 40. 

_ lr _bY EdUWdo de Ffitepo note CHANGE OF SATURDAY PER-S, 

.nSSi^TviliJmf.^? Z EFFIR ELLL From Seotember 2- Sats. 3.00 and 8.00. 
“'TOTAL TRIUMPH. " tl. Nwfc-'. AN EVITA 

WWW, T ?u« R ,^lir l ^An 0 * M ^ , r^wD ^ Ti!n Rltc art Ant3rcw Llovd-Webber. j 
,T . WL L THE LYRIC FOR A HUNDRED Directed bv Harold Prinee. 

YEARS." Sunday Times. j 

MAYFAIR. 629 3036. An- cond. tn. S-0. PRINCE OF WALES. CC. 01-930 B6B1 j 
Sat. S.Sn and 8.30. Wed. Mat. 3.00. Evenings 8.0. Saturdays 5 3C and 8.45. 
WELSH NATIONAL THEATRE CO. JH6 HILARIOUS 


1DJ0 Redial, parr 2. 1135 Bournemouth 
Synrphorty Orchestra, pan 1 IS«. U-O In 
Short tlalhi. 1130 Bournemouth SO. wire 
2 isi. 130 pm News. 135 Heritage. Z.20 
Haydn and Smetana • chamber trfuslc 
concert (si. 230 Woman of Actlou: 
Catherine Cookson chooses records is). 
535 Marie of the Hasten -fsi. 530 Jazz 
Record Requests 5JB Gerhard and 
BarroK piano recital isi, 630 The 
Classical Guitar. 7.38 Proms TH Viennese 
Night, pan 1: Schubert. Mozart isi. 
830 Personal view by Philip Reynolds. 
8-50 Proms TS. part S: Soppe. Lc-h&r. 
Strauss ISK .930- Pa slum aX and -Music 
italV by Christopher Barnes). 1035 Julian 
Bream plays Villa-Lobos ts*. 1835 Sounds 
Interesting isi. 13-45 News. 11 . 5 0- 11 B 
Tomchfs Schubert Sow; tsi. 

Radio 3 VHF only -638-8.00 am Open 
. University. 

RADIO 4 

434m. 330m, 285m find VHF 
630 am News. 632 Fanntne Today. 
630 Yours faithfully. 635 Weather: pro- 
gramme oep-s. 730- News. 730 On Your 
Farm 730 Today's Papers. -735 Yours 
FmiUifnlly. 730 It’s a Barcam. 735 


Weather; pnumtuue news. 130 News. 
830 Sport on ■!. 8.45 Today's Papers. 830 
Tour de Farm? ,930 Now. 9i8S lhlcr- 
. national Assicnmem. 9 JO Tati; log Law. 
935 News Stand 1035 Dally Service. 1830 
Pick of the Wei*. H_20 Time for Vet**. 
1130 Science NOIV. 1230 News. 1232 pm 
Away From It All. 1237 The News Quia 
Hi. tig Weather: programme news. 130 
News. 135 As Others Sec Us (Si. 230 
Bookshelf. 230 Thirty-minute Theatre. 330 
Sows. 335 Does He Take Sugar? 335 
Music of the Masters iAS Radio 3i. 530 
Kf-lridascope Encore. 530 A LUUe Night 
Exposure is). 535 Weather: programme 
news. 630 News. 635 Desert Island Discs. 
630 With Great Pleasure. 730 These You 
Have Loved ts). 830 Satuiday-NidU 
Theatre. 938 Weather. 1030 News. 1035 
A Word lu Edgeways. 1130 Lighten Our 
Hartnesa. 1135 News. 1X33 TTie 
Unforgetrables fs). 

London Broadcasting 

261m and 97.3 VHF 
5J» am As Radio 2. 732 Good Fishing. 
830 News; Weather, traffic, shopping, 
sports news. 835 The London Gardener. 
8.30 David Kremer with Saturday Some. 


1130 The Robbie Vincm Saturday Show. 
23B pm Bob Poovll with London country. 
430 Marjorie Eilbow with close Up. 5.00 
Kail. 630-Closc: As Radio 2. 

CHESS SOLUTIONS 
Solution to Position No. 229 
1B-B6! QxQ; S R.vP ch. K-Ki; 
3 RxP dis ch. K-Nl: 4 K-N7 ch. 
K-Rl; 5 RxB dis ch. K-Nl; 6 R-N7 
ch. K-R1 l 7R-N5 dis ch. K-R2; 
8 RxQ, K-N3; 9 R-K3, KxB; 10 
RxP ch with an easy endgame 
win. 

Solution to Problem No. 229 
1 Q-KN8. If 1 . . . 3K-QS; 

2 P-QS(Q) ch, K-B4 (K-B6: 

3 Q-R2); 3 Q-N3 and mate next 
move. If 1 . . HOT; 2 P-QS(Q) 
ch, K-B8; 3 Q-N2. If 1 . . . K-B6; 
2 P-OS(O). K-K5 (I\-B5; 3 CMJ4 
cb); 3 Q*N4 ch. Other black king 
moves lead to similar mates. 


WEEKEND CHOICE 


SATURDAY: A minimal cult is 
building up around the Monkecs, 
America’s homogenously sealed 
answer to the Beatles in the 
innocent ’sixties, so a look in 
at 10.15 on LWE this morning 
could give you a useful conver- 
sation point and will certainly 
provide a contrast to Revolver, 
AT V’s late-night explosion of 
nasty pop. This week of noie 
there is the beautifully belli- 
gerent Blondie and the slightly 
less beautiful aggression of Jan 
Drury. Best of the BBC sport 
should come from our lady 
atheletes in the Sunsilk Womans 
AAA Championship, and there 
could be thrills with Royal spills 


as Princess Anne competes in 
ihe Midland Bank Horse Trials 
(which Is the commercial 
channel?) If you feel threatened 
by objects bom bard i ng the 
screen during the BBC 2 horror 
movie around midnight it is 
because Phantom of the Rue 
Morgue was made in 3-D. 1 
expect you’ve lost your smoked 
glasses, too. 

SUNDAY: Quite rightly the BBC 
is not letting us forget that the 
Soviet invasion of Czechoslovakia 
took place a decade ago today 
and Czechoslovakia— the Spring 
and ihe Fall traces the tragic 
events. More anti-Russian truths 
in Stalin — the Red Tsar on LWE 
at 12.30. On a happier note there 


WELSH NATIONAL THEATRE CO. 
DYLAN THOMAS’S 

UNDER MILK WOOO 

MERMAID. 248 7856. RWOJirwf 

248 2835. Eiwiflm 7.30 a«f 93 s - 
EYERY Goon BOY 
DESERVES FAVOUR 
A Flay for actors and orchnm W TOM 
STOPPARD and ANDRE PREVIN. 

THE ENGLISH LANGUAGE AND THE 
HIGHEST COMIC ART CAN POSSET 
MISS THE PLAY,” 5. Times. “ At 
a meaningful and bnlllani and aerloii* 
oal lllcal play." Cli»e Barnes. NY von. 
Run extended to September 3d 
NATIONAL THEATRE. M! K 5 ? 

OLIVIER i<roen stage): Today WS A 
7.30. Mon 730 MACBETH. . 

; LYTTELTON iproscfffllum sagtfl^TMay 
3 A 7.4 S PLENTY new play hr Oatld 

Ka ro. Moo 7.45 Plunder. 

CQTTESLOB (small audiMridme Prom. 
Season. Ergs B (until Scot 2) THE P**- 

Many’ excellent choap seats all 3 the"*™* 
diy ol eon- Car part. Restaurant 
928 2033. Credit card hkgs. 928 3052. 

OLD VIC. 928 761 6-’ PROSPECT AT THE 
OLD VIC.- Derak, Jacobi in IVANOV 
Chekhov* comedy mlih Cli*c Arm™* 11 - 
Brenda BruCc. Michael Denison, Louise 
, Purnell. John Sari dent. Jane Wvmirt- 

toaar ai 7.30. _ _ 

OPEN AIR. Reran’* Part. Tel. 466 2431. 
A MIDSUMMER NIGHT’S DREAM. TOdaV 
2.30 and 7-45 with HULA LENSKA. IAN 
TALBOT. ELIZABETH eSTENSEN. DAVID 
, WESTON. All-Star Music - Hall -Gala 

Tomorrow 8.00. 

\ PICCADILLY «rtn» 8-30 am. 437 4S0fi. 
Credit cards 036 1077-2. MfWr.-TTTor. B. . 
fri. and Sat. S and 8.15. 1 

"Brilliant.” D. Tel- 
SYLV1A MILES 
vieux Carre 

"... WORKS LIKE MAGIC." Fin, Times, 
"TENNESSEE WILLIAMS’ 

... O'VINE INSPIRATION 
AUDACITY OF HIS HUMOUR 
HYPNOTIC EFFECT.” Dill" Mall. 


THEATRES 

PALACE. CC. 01-437 G8Z4. 

Mon.-Thurs. 8.0 FrL and Sat. 6 and 8.40 
JESUS CHRIST SUPERSTAR 
bv Tim Rice and Andrew Unvd-Wetaber. 
PHOENIX. 01-826 2294. Ertnlngs at 8.15 
Mat*. Wed. 3.0. Saturdays S.og and 8.40 
"TIM BROOKE TAYLOR. GRAEME 
THE UNVARNISHED TRUTH 
GARDEN make us laugh. Daily Mail. 

The Hit Comedy bv Rovco Ryton. 

“ LAUGH. WHY I THOUGHT 1 -WOULD 
HAVE DIED." Sunday Times. ” SHEER 
DELIGHT." Eve. Standard. "GLORIOUS 
CONTINUOUS LAUGHTER." Times. 

PRINCE EDWARD. CC. (Formerly Casino.] 
01-437 8877. Performances tills «rc«*fc: 
EegS. 8.0. Mat. Thur. 3.0. &at. 3.0. 8 40. 
NOTE CHANGE OF SATURDAY PERFS, 
From Seotember 2- Sats. 3.00 and 8.00. 
EVITA 

by Tim Rice ard Andrew Lloyd-Webber. 
Directed bv Harold Prince. 

PRINCE OF WALES. CC 01-950 86B1. 
Evenings 8.0. Saturdays 5 3G and 8.45. 
THE HILARIOUS 

BROADWAY rOMEDY MUSICAL 
1 LOVE MY WIFE 
Starring ROBIN ASKWITH 
Directed bv GENE SAKS 
CREDIT CARO BOOKINGS 930 0046. 

QUEEN'S. CC. 01-734 1166. 

P review's Ergs. 8.0. SaK. S.O and 8.30. 
Opens August 2Srd at 7.0. 

GEORGE CHAKIRIS 

ROY DOTRICE 

_ _ JAMES VIUJER5 

RICHARD VERNON In 

THE PASSION OF DRACULA 

RAYMOND REVUEBAR. CC 01-734 1693 
At 7 pm 9 om H pm. Open Suns. 
PAUL RAYMOND OreeenB 
THE FESTIVAL OF EROTICA 
Fully air-conditioned. 

31*1 ymutionJl year. 

REGENT lOutom Circus). 637 986Z-J. 
Ergs. 8.30. Mats. Fn. and Sat. 6.00. 
TAKE THE FAMILY TO 
THE GREAT AMERICAN 
BACKSTAGE MUSICAL 
- *A litlln ,ewel.” F. Tlir«s. 

"Smart swell show ’’ D. EeOresS. 

"Sa enloyable " S. Yimes. 

1 ’Lyrics have mere elec* nee 
than iho«* lor [X|TA 
music mete b»™ 

than tint far ANNE." — S. Tricgrauh. 
C redit Card boaiti'rg; — Scats from £2, 

ROYAL COURT. 01-730 17J5. Air Cond. 
Eros. 8. Sats. 8.30 ECLIPSE by Lcl<*h 
Jackson w.th Ann Bell. Peter Bowles. 
James Cosiins. Leonard Fenian and 
PAUL ROGERS. "Relreshm^ly unlash, en- 
able and consricuoully intelligent.” 

M- Billing ton. Guardian. 
SADLER’S WELLS THEATRE. Rwwbcrv 
Arc.. EC1, 01-837 1672. Until Sea. a. j 
MARCEL MARCEAU 
*Tnu Great Art.st Should not &e J 
misted." Owerver. \ 


THEATRES i THEATRES 

ROYALTY. Credit Cards. 01-405 8044. ( WAREHOUSE. Oonmar Theatre. Covent 
Mondarjhorj^y prongs | Garden.. 8^6808 Royal Shakespeare 

London critics vote BILLY DANIELS in Company. Ton t 8 00 Peter Flannery » 


Londan critics vote BILLY DANIELS in 
BUBBLING BROWN SUGAR 
Best Murtcal oi 1977 
Tel. Bookgs. accepted. Malcr credit cards. 
Restaurant Reservations 01-405 2418. 

SAVOY THEATRE. 01-M6 888. I 

Credit cards 234 4772. Tom Cortin in I 
WHOSE LIFE IS IT ANYWAY? 

with JAtlE ASHER _ 1 

"A MOMENTOUS PLAY. I URGE YOU I 
TO SEE IT." Guardian. 

Ergs, at B O. Fri. and Sat. 5.4S and 8.45. j 

SHAFTESBURY: CC 01-836 6595 l 

Shaftesbury Ave. 'High Hclborn com ■ 
FANTASTIC 
GODSPELL 

" BURSTING WITH ENJOYMENT." D T. 1 
Prices L2 to £5. Best seats £2. 5CH>.hou' 
before show at Boa DDK?. Eacept 2nd 1 
perf. Sat. Mon. -Thur. B.1S. Fri. and Sat., 
530 and 8.30. Trans, to Duke ol York’s , 
August 29. i 

SHAW. 01 -3B8 1394. National Youth 
Theatre In a new olay hv Peter Ter son 
ENGLAND MY OWN, Eros. 7.30. 

STRAND, 01-836,2660. Evening 8.00 ! 
Mac. Thun. 3.0. Saturdays 5.30 a 8.30. 

NO SEX PLEASE 

WE'RE BRITISH 
THE WORLD'S GREATEST 
LAUGHTER MAKER 
GOOD SEATS I4.S0-SI.50. 

ST -MARTIN'S. CC. 01-836 1443. Evs. 
0.00. Matinee* Tues. 2 45. Sals. S 3. g, 
AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLD'S L0NGE4T-EVER RUN 

26lh YEAR | 

TALK OP THE TOWN. CC. 734 SOSV ! 
Air Conditioned. From 8 Dining. Dancing i 
9.30: SUPER REVUE ' 

RA2ZLE DAZZLE 
At 1 1 : 

LAS REALES DEL PARAGUAY 


SAVAGE AMUSEMENT. " Brilliant pUy- 
writing debut." f. Tlmei. AI seeb £1.80. 
Adv. bless. Adwych. Student StandOr £1. 

WHITEHALL. 01-930 6692-77BS. 

Evas. 830. Fri. and Sat. 6.45 and 9,00. 
Paul Raymond presents the Sensational 
. -Sex Revue of the Century. 

DEEP THROAT 
-6U» GREAT MONTH. 

WINDMILL THEATRE. CC. 01-437 6312. 
Twice NiBhtIv 6.00 and 8.00. 
Sundays 6.00 and 8.00. 

PAUL RAYMOND Presents 
RIP OFF 

THE EROTIC EXPERIENCE OF THE 
MODERN ERA 

" Takes to unprecedented limits what Is 
perntASiUe on our stage." Evo. News, 
3rd GREAT YEAR. 

WY MB HAM’S. 01 -836 3028. Credit Card 
Bkgs. 836 1071 from 8.30 pm. Mon.. 
Thur. 8.0. Fri. and Sac. s.is and 8.30. 
■'ENORMOUSLY RICH. 

VERV FUNNY." Evening News. 

Mary ©’Miller's «iush-f|(c comedy 
ONCE A CATHOLIC 

" Suupeme comedy on sex and religion." 
Dillr Telegraph. 

» MAKES you shake with 
LAUGHTER.” Guardian. 


THEATRE UP5T 
Rehearsed Roidi 
DAVID MOW AT. 


UPSTAIRS. 730 2554. 

Holding . THE GUISE by 
WAT. Ton’t at 7300m. 


VAUDEVILLE. B36 9988. CC. Evy. B n 
Mat. Tues. 2.4 S. Sat. S.O and 8.0. 
Dinah SHERIDAN. Dufe'e GRAY 
A MURDER IS ANNOUNCED j 

The newest whodunit By Agatna Christ!* 1 
"Rc-cnlcr Agatha Lhristlc with another 
whodunit hit. Agatha Christie is stalk- 
ing the West End ret again with anotner 
Ol her hendishlv ingenious murder 
mysteries." Fell* Barker. Esenins News 
AIR -CONDITIONED THEATRE , 
OCT 2 — An Evening with Oavo Alien, j 

VICTORIA PALACE- * ' ~ i 

01-628 4735-8. 01-834 1317 
STRATFORD JOHNS 
SHEILA HANCOCK 
ANNIE 

Evenings 7.30. Mats. Wed. & Sat 2.45 I 


CINEMAS 

ABC .1 A 3 SHAFTESBURY AVE. B3B 
8861. Sop. Port*- ALL SEATS BKBLE. 
I! 2001: A SPACE ODYSSEY (Ul 70 mm 
film Wk. B Son. 2.25. 7.55. Late shew 
Tonight 11-05- 

2:. THE ONE AND ONLY (Ai. Wk. 4 
Sun. ZOO. 5-15. 6.15. Late show tonight 
1 1 is (Last 5 flaysi. 

CAMDEN PLAZA (oop. Camden Town 
Tube i 405 2443 Max Ophuls' greatest 
Mm LOLA MONTES (AI. 2.10. 4.20. 
6 30. 8.50. 11. 00- 

CLASSIC 1. 2. 2, 4. Orfora street <om. I 
Tottenham Court Rd Tuhei 636 0310. 1 
U and A prog. Children half price. 

I. wait DHWs HERBIE GOES TO, 
MONTE CARLO (Ul. Progs. 1.30. 3.40.' 
5. 55 . 6 . 05 . Law Shew EMMANUELLE 2 j 
ifcj 11 Ph>- 


must be end-of-season excitement 
in the BBC 2 cricket when John 
Player League juint leaders 
Somerset take on Middlesex, and 
the clashing film on BBC 1— The 
Man Who Came lo Dinner is a 
sparkling 1941 comedy with 
Bette Davis. Play of the week- 
end should be End of Seasoq, 
Granada's offering at 9.30 on ITV. 
It traces the fortunes of a family 
of actors at the close of their 
seaside stint. Oh yes, there is 
soccer and soccer and — Match- of 
the Day kicks off for ever on 
BBC 1 at 10.5 on Saturday night 
and The Big Hafch, ITVs 
more leisurely answer, on Sun- 
day afternoon. 

CINEMAS 

AND the BEAST (Ul^ 2 AS. 
^ ®‘®5 HUGO THE HIPPO (UJ. 1.15 

I.' 35 talc ab *» w TEXAS CHAIN. 
*AW MASSACRE fX-GLQ 1 1 pqi. 

?'o^ 0 l n y« C *L n J!I teT '‘ DARK STAR lAi. 
2.05. 535. 9.00. ZARDOX (X). 3.40. 
r 0 ~- tate 10 SO om. 

WALT * ,U '’ Pr «"’ , ’ 20 ' 

3^45. S.1Q a.35 . Late sf>«w 1 1 pm. 

CUIOON, Cunon Strew. W.l. 499 3? 37. 

LAST WEEK’S DERSU 
“““ <Uj ' n 70 mn» (English suh-tltltp). 
" Mactbbh hV AK,RA KUROS4W4 
WORie ” £ ^fJ ECC ' T|I,W5 "MASTER* 
e.. 0h i erw " MASTERPIECE - e. 
Newi. film a.o. S.4S . B 20. Sun. 4*7. 

'T5ZPl m " t,am rMtATR£ ^30 5252) 
5™ Burton. Roger Moore. R , chard 
r.. V KrUB,:T m THE WILD 
S4P' PT091. Wks. 1 Bo. 4.30. 

' 5?’ 3 h J °- 7,4S ’ Late shows Fm. 
h^Ld £ V’ 45 P>n - "WY be 

FrtVnri » 1 n Wnco ,ar B -' 10 '"“O’ Mn.- 

profls - «n4 Sun. E.I. 

Ute nigh t show*. 

ODEON. Havnurket. 01-930 2738*2771. 
STS? « MCSS 1*1- Sen 8 prog* 

* °° 5 -°°- ,tM au 

°SS5S^?S? T,R SWARrosn 61 1« 

REVENGE OF THE PINK PANTHER (Ai- 
y *e P T 0,,S Dtv - Doors open 1 .45. 4 30. 

^ t J_ sho ** Th brs.. Fr!.. Sat Door* 

2?" nm' 1S Vm ' A " ***** bkbl * »* **" 

M,s. wnc * or bv P “ f wew Th,,^, ■ 

MARBLE ARCH.WUL ^3 
TH RD KlND^!! ^ C04 > WTE, » » ™ S 

I-uIT , „1 MD ,A '' .V** 5 -DlT- Door* 

a^rJ;®L^ ,S 7 *$- Lo* FrL 
bkbie ° aan 000,1 P"*- "All seals 

PRINCE CHARLES. C«f.r&a. 437 8101. 
MEL -BROOKS 

_ «rSH ANXIETY (A I 

Seo. Perfs. mv; -Tin cl. Sun.) J.dfi. 6.1 S. 

M md i * c ,! ' 45 ’ 

Bhhie. Lic’d , Bfc r , 

STUDIO *}‘ birfcrti Circus. 437 3300. 
JWI CtevOurgh. Alan Bales 
ill in Paul Mazurstcv’i 
P^ N . UNMARRIED WOMAN (X) 

Sa»Voko ' - ’ B * 05, ’ •■ wa b ow .’ 

-• * .il i 




tlvle. 

,; icS 










* ' r'. . " . 


Financial Times .Saturday August 19. 1978 


11 



It’s 



by 


balloon 


BY JUNE FIELD 


BALLOOJfraSTS HAVE. aJwa^s 
been intrepid characters. After 
the Montgolfier launch, in 1783, 
the big qlames included Charles 
Greenfi who died in 1870 at an 
an danced age. He is credited ?/■'. 
with 526 ascents, one of: the K-T 
most edrious. being recorded on. 
July 29t 1828. from the Eagle 
Tavern , t City Riad, on the back 
of a favourite pony. “Under- 
neath the balloon was a plat- 
form (in place of car), contain- 
ing places for the pony’s feet, 
and some straps went loosely 
under this body, to prevent his 
lying down or moving about. 
Everything passed off satis- 
factorily, the balloon descend- 
ing safely at Beckenham; the 
pony showed no alarm, but 
qjiietly ate some - beans -which 
its rider supplied it in the air.'* 
Janies Tjtler (1754-1804). is 



Who needs the money : 






BY JOE RENNiSON 


WANDERING around Cadogan a developer who hung on to it' not only the house itself but a 


Square the other day, f was wondering how 


market small mews house across a con- 


modreir dress, seeking funds for it into. fiats but then out of pride uit. Obviously the mews can 
her church but then she ex- boldness, craziness or betting on be used as guest house or as 
plained that she needed the the market or whatever decided accommodation for servants, 
coins for a parking meter It is t0 ^^° re !t as a sms 1 * This latter alternative would 

that sort of area. The narkme ocenjappn house. particularly attract the Arabs 

ll V CW V ? r ' l#- v «t. Crossing the who I understand, prefer to 

meter in SW whatever plays threshold is like going into an have tbehir servants living well 

a great role in people's lives; enormous cavern of peace from apart from the rest of the 
most inhabitants wouldn’t the hurly-burly of the London family accommodation, 
dream of travelling by foot and streets. Jt seems to go on and . Englishman— if there i* 
are perpetually harassed by the °“. an * in h °£f ontal,y such a creature these days who ^ * 

problem of getting their usually “5i 10,0 “ ^ can afford this price — no doubt ^ 

small but fast cars on to a ! to get some photc, 

graphs. -of the interior of the ursem J eed Jqj . a whisfcy and 


meter. 

It is not an area I particularly housed, but since there 
like- ' 

(not 
looked 


l ?., n0 soda. In all. it would make an 


•mainly because of women furniture it proved a fruitless enormously iuxurious and 
counting the one who task; However, apart from the ? 0 S e hom^ ^ e £L is 
a mint. For the lack of furniture, everything L_ h th 3riri ' 
™°i t . P . a . r .",^ y J ” e ? rsiU '' s ". rve ? there. » that the proa- Jifl n “ do ,o SO m£ 


and have loud voices and tend pective purchaser only has to wh0 doesn't np£d*°r>.A I 

to force one into a corner dur- buy a few tables and chairs and who doesn 1 need the 

i n a ranuorc-tinn A.. «nn« in All MWIUrjr. 






Balloon Post: 1903 


1 Life^B oat Saturday 


card, sold in a Phillips sale. 


actuary the first person credited \jj 
as rising into the. air from 
British ground. -ascending from 
the Comely Gardens, Edinburgh, 
on August 27, 1784; in a fire 
hall non of his' own construction, aviation meeting in ' Britain in £7.50 post free from 46 Gals- 
desccnding on the road ' to the late summer of 1810, p’eins- worth Road, Kingston, Surrey. 
Restalrig about 1 mile away. He’ takingly researched ' oyer two Tony and Valmai Holt's Till the 
“went up without any furnace, years from philatelic .history - . Boy s Come Home — The Picture 
heing seated in an ordinary the postcards used and local Posicards Of The First World 
basket fnr carrying earthen- records. Contemporary .reports War (Macdonald- and. Janes 
ware.” A fascinating account stated that around 100,000 post- £7.95), effectively documents 
of his life is given in Sir James cards were sold at tbe/ineeting, the period- 
Fergusson's Balloon. TytlCr al thou gh no cards were actually 
(Faber and Faber 1972). 


mg conversation. can move in immediately. Al! 

The reason for being in the rooms have been decorated The extensive accommoda- 
Cadogan Square was the search and there are curtains and car- tion of the main house pro- 
for marble halls. August is a pets and light fittings. These vides: A vast hall with galleried 
great time for looking at marble are «f;«*cellent quality and the staircase; a first floor drawing 
halls. It seems to me looking effect'^ particularly on the roo mand dining room; a study; 
back over a particularly bleak entrance hall of a carpet speci- a fine library where the 
and quiet August lhat*I have ally made to resemble marble original panelling remains; 
seen more marble halls than I tiling is very effective. cinema; sauna; communications 

have had hot dinners. One standard of restoration rooni with telex; strong room; 

would have thought that and decoration throughout is of master bedroom of country 
Cadogan Square would be an ‘extremely high quality. I house proportions with bath- 
absolutely littered with marbJg have tally one caveat in that it roe™ an <l dressing room en 
halls, but I could find not a might 'be just a litle bit too suit e ; a further five principal 
one. Not to put loo fine a point "dean" for a house of this bedrooms, each with bathroom 
on it. I was lost vintage. During its time as an suite; also a nursery and 

The trouble is the original office fortunately none of the nursery kitchenette: a staff suite 
developers and/or ihe local P last ®? mouldings, wodwork or of two rooms and bathroom: a 
authority numbered the place fireplaces wer damaged (apart la r se fuIIy pipped kitchen: 
in such a perverse manner that from fenders on some of wine store boiler room and 
a stranger could hardly find his the fireplaces which have been laundry: fully automatic passen- 
way about Outwardly there is “^Ched perfectly). But the ser lift: individual heating 
little to encourage one to pursue basic feel of the house is that controfs throughout the house. 



,vdb» r*“ 


mjm. 

* -**••/' vT^J 1 " —• 


Facade of number 36 Cadogan Square. It is on .seven floors 
For those of you who are counting, no — the artist has not 
missed one out. The small tap floor is at the back overlooking 
the mews and cannot be seen from this angle. 


The first fund-raising Lifeboat 
Saturday Balloon Post took 
place in September 1902, when 
some 4.000 postcards were 
dropped from the clouds by a 


Christopher Radleys The 
Embroidered Silk Postcard in- 
cludes First World War 
embroidered cards, £1.20 from 
197 The Lintons, Linton Road, 
Barking. Essex. Michael Rouse's 
Cambridgeshire in Early Post- 


excellence the square being a ! l sh 001(1 he m0! ; e ornate than Clabon Mews is one of the 


What’s in a 
thingummy 


ffown. . 

The monograph, in a' limited 
edition of 600, won ah award 
at the 1976 Venice International 
Aero philatelic Exhibition and 
another at the Berlin exhibition 

Mr Gaudron and a Hr. F. A. the following year, ahtUone at cards is a delightfully nostalgic 
Barton, the flight taking place the Centenary of U-S- Airmails, insight into the history of the 
nt the" Old Trafford Botanical Chicago. £2.25 post fare from district between 1900 and 1914 
Gardens Manchester. The Dtateld Malcolm, 42^; Garry (£1.95 post free from The 
second flight was organised for Drive, Paisley, Renfrewshire, Oleander Press. 17 Stansgate 
August 29, 1903 before which Scotland. (The Postcard Col- Avenue, Cambridge), and 
purchasers of the card were liters is 80p a.copy, or British Exhibitions and Their 

commanded to deliver it or send £ T toT an annuaI subscafiption. Postcards Fart J. 1900-1914, 
for Balloon Post, Manchester Post tree, from the •edtafcDfcvil gives exhibition postmarks and 

and SaWiwd^UIeboat. Saturday. .Peariman^ 36 Asmung.:~Htll, publishers as well as their 

Fund 28, John Dalton Street, £ ® noon « N^Vin TErrotirer~values (£2.25 post free from 
Manchester. equally useful journal is A. J- A. D. Brooks, c/o Barclays Bank, 

_ . .. _ .. , _ Butland’s The Poaicurd-'Cot- E.ist JBoldon, Tyne and Wear), 

Bin the summer that year i ec ( 0r * s Guide and- Nerrs. 37p far 
would appear to have been as one CO p yi £1.50 for four issues 

from 32 Merton Avenue, Upper 
Stratton. Swindon, Wilts. The 
current issue illustrates a card 
of Britain’s first military airship 
“Nulli Secundus.” which made 
its first flight in October. 1907, 
from Farnborough via Si. Paul's. 

Cathedralto Crystal Palace with 


uncertain as this one. because 
a sudden gust of wind swept 
the balloon into a branch- of a 
tree, causing it to split its side. 

Nothing daunted, Mr, 
Gaudrnn dropped the cards on 
lhr following Saturday at a 
military fete held in : the 


grounds of Alexander Palace, an army lorry following with 
" Flown ” balloon cards are engineers! 
fairly rare, and a few months Lanark cards arc ilsted atari 
ago one in Stanley Gibbons’ average price of £12 in J. H; D; 
postal history department at smith’s equally indispensable 
Ihetr shop in the Strand; WC2, jpjj Catalogue of Picture Post 
with a French postmark, was cards, with its 3,000 categories, 
sold for £400. Last year two post free from 30 Shirley 
made £400 and £200 respectively Avenue, Coulsdon, Surrey, while 
in one of Phillips' antiquarian .aircraft cards in the 1937*45 
book sales. ■' range are nearer the 50p mark 

Postcards of the pioneer 'New reference books on post- 
British aviation era,. 1903-14, cards abound — Sally B. Carvers 
form a strong ..collecting The American oPstcard Guide 
category cliams Donald Malcolm To Tuck, an invaluable guide to 
in an issue of the admirable British collectors as most of the 
Postcard Collectors Gncettc, in- sots listed (aviation, animals 
dispensable aid to the serious art noureau, children, houses 
dcltiologist (from the Greek .etc.)* were also sold on i the 
ifchion, a small card, and tofltw, British market, is available by 
science or knowledge). In some post for £5.25 from \ale, 21 
cases Mr. Malcolm has traced Tranquil Vale, Blackhcath, SE3* 
the original photographs taken. Harry Payne, Mihlarii Artist 
during the pioneer years, and. 1858-1*27. %vritten and published 
has produced a scholarly mond^ 'In a limited edition of 400. by 
graph The Scottish Inter- Michael Cane, is a highly prn- 
iintional viriarim* Meefinff, fessionalTrecord of the pioneer 
Lanark, an: account of the. first of the military Christmas card, 


ART GALLERIES 


ASH BARN. Summer exhibition Ot *»“*■ 

inoi »nO ScuWtun IMU Stuteturt in 

Ctrdto). osen to-b. • Sunom ■ 2-8. 
CknoO Mondays. . Winchester Road, 
Stroud. PeternoM.- Hants. Tols Petors- 
fccld 5662- 


ME ART, SS.Sactwiiie tUW.I . 

»2SO. - ANTHONV CROSS— 
1S2B-78, and M Ixcd Summer 


BLOND FINE ART, SS. 

01-437 l“" " " 

Etch I nut 1 

Show Including - worm 


bv ChorlattB 


ArdiBBiw. Mm well Blond. ^ 


nerd. Manwrct Front. Eric Gill, 

nernard Memnckv. John N*Mt. Chrjtto- 

owr wood, Malcolm Drummond. Moil. 

Fri. IO-S. Salt. 10-1. 




W 2. 


10-S 


Selection if 'ORIAN ARTISrs! 
Sat. IO-1. 01.733- BATS. 


ROY MILES. 6. D 


Duke S»rc«, , W. Janac'*. , 

KAN PAINTINGS AND 1 

Monday to Friday 10-S, 


SLOANS STRtXT GALLERIES. 158. SIOliW 
si- w i- : Modern namtinos. tcuioniro 


and BrapUKa by intcrcstl»B lntcr»wtKuwl 
ariMU. Wi - 


— .Fine ram* o» nrKca. Toes.-Frf. 
10.00-5.00. Sat. 10.00- t-.H. 


OMCLL GALLCRtCS. Fine British -and 
French MODERN DRAWINGS and 
Modern Brit oh MARITIME PICTURES. 
42. Albemarle Street Piccadilly. W.l. 


FINE STAMPS 


AN ALTERNATIVE 
INVESTMENT 


Fully denriptiw brochure 
. . * write to> — 


U. FINE STAMP 
INVESTMENT SERVICE 
<F.T.) 

. . 9 Chriitmas Seeps 
BRISTOL BS1 5BS 
Telephone: 0272 20442 


EXHIBITIONS 


R-WJL 


OAtinnlS, 2d, Conduit SI.. W.l. 

RV»S Art Oua and Society oi Mlnlabiriua 
EMI'MIOA. Daily TO-S. SyW. 9.30.12JO 
until Auoust 29- 


CLASSIFIED ADVERTISEMENT RATES 


Commercial and Industrial Property 
Residential Property 
Appointments 

Business & Investment Opportunities; 
Corporation Loans, Production Capacity, 
Businesses for Sale/W&nted 
Education, Motors; Contracts & Tenders, 


line 

£ 

4.50 

2.00 

4.50 


staple ■ 
column 
cni,- . 
£ \ 
14.00 
8J)0 
14.00- 


5.25 


16JHk. 


Personal, TMrdcntng 
Travel 


4J25 

2.75 


Hotels and Triw. 

Book publishers. — 

'Premium portions available 
(Mbtimnm size 49 column cms.) 

£>uS4T per single coin mu em. extra 
For further details write to: 

. Classified Advertisement Manager. 
Financial Times, Iff^Cannon Street, KC4P 


13.00 

10.00 
TJJO 


4BY. 


pretentious red brick rectangle jj. to the Victorians and {JJ. t J ie Yf e ^ They wil lall be wanting one purchasers that a Jacuzzi is a 

full of psuedo-Dutch archi- Edward ia ns after al work on the End. It is being entirely rebuilt SO on. In fact, if you have not type of pleasure or therapy bath 

tecturai detail so praised by so Principle of if it doesn’t move Jo I ,r0VI “* a separate luxurious a j r eady got one consider your- with hot water jets. Those of 

many for so little reason. How- decorate it). That is not to say " 1 ® n ^ geafa ® fi 0l jse. se if a 50^ ] eper . if your best us with the more lurid iraagina- 

ever, it is a posh address. thatjyhat has been done is not Here again, great emphasis has friends call and ask could they tions can think of many pasi- 

■Vnvwav I eventually found l ° a ^°| l ' tcly . 8X ^ UI f slte taste * 1I I p i a ^ °° , qua J lty ‘ Mr ’ come and use your jacuzzi, it is times. In this instance, the 

the Place’ I was looking for sunp ^ thought that some wall- Robin Anderson has been com- useless pointing them vaguely jacuzzi is part of the swimming 

which ^ SdVren' shortTv the f“ p 5'- w,lh ^age «ises and a missioned to cairy out the in th e direction of the loo. Read pool. A Mid-Eastern client, how- 

waicn enuja oe vep snoruy ine f e %(rflligree bits and pieces here interior design which m this 0 n and learn ever needed nn eimlanaiinn 

last pn vale house in the square: might have helped case will be bright and modern ° n “ ,earn - Se taxun flaMs on firound 

or should that be the first one or t*o of the rooms. rather than traditional. The ^ unusual flat in Charles d j 0 . ® . . 

private house in the square But, shock and horror, no accommodation will consist of Street, Mayfair, is currently h j^ 0 , . .. 

after such a long t.me of flat maiWe haIls . However, the an ^shaped reception room T bem S off8r8 ? (by at least six Jevel^ Z™ Zeftrilly ^ located! 

painters who must have J>een (designed as a drawing room, L° nd ° n agents)— complete with Th ere are 4 bedrooms 4 bath- 

exceBent craftsmen have done study and dining room); three sauna, solarium, swimming pool rQms recept j on an j dinin» 

Number 36 used to be the a ntfrvellous job in giving the bedrooms with two bathrooms; and J acuzzl * room ' with ^ ews over tbe poo f 

Korean Embassy and of course p'tiVwa on the impressive stair- a fully equipped kitchen. Lock- “There can’t be many Bate in £385.000 is asked for the 52 
was partitioned off and spin up case-Ttnd a couple of the walls up garage Tor three to four cars. London witW their own jacuzzi” year lease. Chestertons, 75 
to make it a workable office. It a marbte.effect. The agents are Knight Frank say Chestertons; who have been Grosvenor Street, Wl, are one 

was bought a few years ago by So whoywfll buy? There is and Rutiey. busy explaining to prospective of the many agents. 


or 


dwelling 
mansions ? 


m once 


PROPERTY 


ESTATES AND FARMS: 
COUNTRY PROPERTY: 


INVESTMENTS: SHOOTING: 
OVERSEAS PROPERTY: 


RENTON FINLAYSON 


BIGHOUSE ESTATE 
MELVICH. SUTHERLAND 


32,500 acres 

100 SALMON 10 STAGS. 


per annum on 
HALL.4DALE ROD 
FISHINGS 

VALUABLE 
COMMERCIAL NET 
FISHING 
STATIONS 


20 HINDS, and 
S4 BRACE GROUSE 


3,000 acre STOCK 
REARING FARM 
IN HAND ■ 



RENTON FINLAYSON. Chartered Surcey<yrs 

tvr loriSer umirulnr^ picawe op rdy tu Binuir EHt/n-: i.ilhra 


ABURFELDY 
Esiai<’S nmee 
Ahr-rlflrlv 
Pi-rili shir<* 
ilfcS tty ~£SA 


PON AN BRIDGE 
Ksiaira rjHK.; 
Bmur Bfdsc 
SmbiTlaoil 
<lftS SH 3iA 


PITLOCHRY 
B 4 !lk HnilM 
U Vholl Road 
Piilnchry 
iPTMi 23 L 1 


PERTH 

V> naroau Plaw 
, ' Perth 
lOfibi 25IM 



living room, Areolae*, filtered nvim- 
ming pool. 2 oarages. U»n, large 
Barden and cultivated land. Price 
about DM 2DO.DOO. 

In Barlovento. La Palma at an altitude 
ol 2.000 It. on a plain. ■ modern house 
ol 3.000 50. It. SM In hall an acre. 
4 bedrooms, big sitting room, dining 
room, sauna, central heating, filtered 
swimming pool, lawn, garden. 200 
roses. 500 tt. flower-bed. separate 
aujwt house, water tank 40.000 gallons. 
Price about Swiss Fr 225.000. 


For 1 simulation please write to; 
Mr. Kuha, Barlovento. La Palma. 
Canary Ulands. 


Canary Islands 




Healthy, mild. . subtropical climate. 
Eternal summer. Clean air. ocean and 
reasonable prices. Friendly, hospitable, 
paradise without snakes. Northernmost 
ol ihe islands is La Palma, green, 
pcacefol. sale. plenty ol water, 
bananas, grapes, nine forest and 
almost no tourists. 


In Sin Is'dro, La Palma, at an altitude 
of 2.200 It- on a plain under cen- 

tenary chestnut trees a lurnsned house 
Hem built 1975. ol 1.600 so. it. set 

In 2.7 acres. 2 large bedrooms, big 



EATON PLACE 

s.w.i. 


75 YEAR LEASE FOR SALE 


FULLY FURNISHED 
LUXURY FLATS 


PRODUCING OVER £30,000 p.a. 
NET 

PRICE £400,000 
to include contents 
Write Box T.4934, 
Financial Times. 

10, Cannon Street, EC4P 4BY. 


(Cote d’Azur) 
above TAHITI PLAGE 

LARGE VELLA 

with outbuildings 


FOR SALE 


Property situated in the middle of a 40,000 sq.m, pork, with 
maritime pines, valuable plants, flowers and statues; tennis 
and helicopter grounds. 

Terraces and stepped stairs leading to the pari; where the vast 
swimming-pool lies in the midst of shimmering green. 

The villa comprises 10 bedrooms, each with bathroom, 6 
reception rooms, dining room, projection -ruom. 

-Telephone in every room. . 

The park, the swimming-pool and (he large drive (a 500-melre 
access to the villa) that arc all lit up in the evening create 
,a fantastic ninht scenery (hat carries nn the stupendous 
panorama enhanced by the glorious sun of the Cute d Azur. 
Furnished with period rumitnre. objels d’art, statues. 

Can be sold empty or fully furaishetL 

Price: US$ 2,800,000 inclusive of furniture; 
US$ 2,200,000 -empty. 

Immediate viewing arranaemenis are possible. 

Write to Box F.1045, Financial Times, 10, Cannon Street, 
EC4P 4BY. 


FAVERSHAM, KENT 


S Period property »or-rox. 300 

,wrs ow. . Ranoiog in w acre guraen 
and wiu- wM||b ol mpdsm oeams 
4 waif timbers,. 21 «. lounge. 18 ft. 

b ! n . J1 ! n o rm„ study foou> with 

inslonootaj; 4 beds . kit., bathrm.. 
W.C. utility rm. C H. Summertrausc, 

5? d- u ESb5. ot lr Fra 2. k Wood 4 Co - 

34. wetting Street. Canterbury. cTel. 
66*61). 


Strutts Parker# 


LONDON ■ EDIN8UHCH - CANTERBURY ■ CHELMSFORD CHESHIRE GRANTHAM 
HARROGATE - IPSWICH • LEWES' SALISBURY ■ SOUTHENO 


SOUTH WEST SCOTLAND 

Newton Stewart 17 miJef. Stranner 30 mile «. Ayr 60 miles 
CRAIG FARM, WHITHORN, WIGTOWNSHIRE 
604 ACRES 

A Good Stock end Mixed Arable Farm in a note Stockbr e eding district. 
Attractive Haute — 3 deception and 3 Bedrooms. Bathroom, double 
Glazed throughout. Main Water and Electricity. Traditional Steading. 
Modern Covered Cacde Court. Hays tied with drying sysirm. 
THRfcE LUI rAGfci 1 2 LET! 

FOR SALE BY PRIVATE TREATY 
Edinburgh Officer 26 Walker Street. EH3 7HR. Tel. 031-226 7431. 


London Office - 13 Hill Street v.i- SDL Tel: 01 -629 723 2 


FRANCE 
COTE D’AZUR 


near 

CAGNES SUR MER 
DOMAINF, DU BAOU 

Small blocks of Hals in beauti- 
ful park with swimming pool 
— Tennis court — Bowling area 
— etc. . . . Studio-flats — three- 
room Upts — equipped kitchens 
. . . Sunte flats already 
available. 

Information from: 

CEGI 

6. avenue des Phoccens 
06300 Nice, France 
Tel; (93) S0.07.22 


E SAVILLS 3 


THE REMAINING PORTIONS OF THE 
THORNRURY CASTLE ESTATE 
ABOUT 740 ACRES 

M3islr cemonsuu: I man tod lartiis. and aixamniudailon. land, woodlands and 
nonages wruducinB an annual rent o[ agprosimaieir CIO.OM 
26 lots fwm J-5 awes to IN ams- 
.. Auction oo 2SUi Stpiombor 167S. unless sold previously 

Joint Agents: 

SAVILLS 

Cheviot House. Castle Street. Salisbury - Tel: (Q722) 20432 
, . HOWES WILLIAMS ALONZO DAWES 

Hartley Home, Chipping Sodbury, Bristol - Tel: (0454; 313395 


WORCESTERSHIRE- HEREFORDSHIRE BORDER 
' The Commercial, Arable and Stock Farm 

HILLWOOD FARM, Nr, Tenbury Wells 

Attractive six-bedrooined farmhouse- Modem farm buildings 
with extensive wintering yards and com storage. Two modem 
cottages and thre derelict cottages. The land is a mixture of 
arable add permanent pasture with 75 acres of woodlands. 

IN ALL 393 ACRES 

Freehold and for sale with vacant possession. 

Auction 27th September. ■ 

Joiol 5oir Asems.- 

JOHH CLECC & CO., Tbr Burr. Clmrdi Snret. Cbffilum Suris. TrL mas «ni 


and 


KNIGHT FRANK & RUTLEV, 2fl Hanorif SniK. London W.l. T. L sjri 


■FINN-- 


18 CATTLE MARKET. SANDWICH. KENT 

TeL (03M8) 2H7/3505 

ind at Fortwadi. Camartwry b Smuigbaume 


EAST KENT 

ARABLE & STOCK FARM 

(4 miles Canterbury) 

199 ACRES (in two lots) 

‘ FOR SALE BY PRIVATE TREATY 


CARMARTHEN BAY VILLAGE 


FOR SALE 


& »i«a* oil Beach view with all comMitmoK. sleep 6. Car ipaee. Licensed club. 
. •“““d iwunming pool. Offers inviwd- Apply .to: 

*4rs.\R. E. Harding, Prunb, Waltham St- Lawrence • 

. . Near Reading, Berkshire RGTO OHY 
Tel: Shuriock Row (073 581) 317 


MIDHURST 


WEST SUSSEX 


Freehold Residential investment wuh 
pan Vacant T’ws&.* S lun Lm l- An 
anracnri- rcstdcirr in hv< llais uvo 
vacant i. Lot S: Ootarti-d iivo-b».-d.. 
coil axe-siy li? propeny 'vum-inlr leu. 


Auction 13tb September 
G. KNIGHT & SON 

West Sired, Mldhur.il. Sussi-x. 
Hidhurst ;«6 : * 


WEST KINGSTON 


WEST SUSSEX 


A fine marine residence or holiday 
home /income tj-ncr, on e*clu*i»e 
private estate with direct aceeu to the 
fornhore. 5 beds.. 3 baths. (2 on 
suite!. Spacious hall, cloakroom, fine 
lounge, dining room. Sun lounge with 
bar. Excellent kitchen and utility 
room. Conservatory. Gu c-h. and 
maim. Double garage. Enclosed 
gardens with bathing room. Freehold 
for sale. 

Apply Rowland Gorringe end Co., 
tewei Office, 4-01. 


BRIGHTON SEAFRONT penthouse Pled ■ 
a Iot re. company gat. iterate, writing, j 
porterage, appro*, £S50 p.a. Iimnae. 
£15.950. 0273 773404. 


MAYFAlh, W.l. Attractive newly furn- 
hhefl and decorated flat. Large recep- 
tion. lulUtlining, two beds- modern 
kitchen and bath. Rent £150-00 per 
week. John d. Wood. 23. Berkeley 
Square. London Wix 6AL- 01-629 
9050 (Ref. PHBBI. 


BRIGHTON. 1974 town house lor sale, 
near station and shops. Good invest- 
ment. Write Box T.4935. Financial 
Times. 10. Cannon Street. EC4P 4BV. 


FREEHOLD PROPERTY on Kent Coast , 
for sale. Ground floor let to branch | 
ol leading clearance Pink- Unuirs i 
sell -contained vacant Hat lor Dusinpss 
or orhrate use. esd.doo o.b.o- Please 
Telephone 01-450 3672. 


LA PALMA, Canaries. Delightiul fully . 
lumlshed farm house .converted by • 
tnterclw aeoprator. a reception. 3 bed- 1 
rm*.. 2 hathrms.. a nt.. 4 patio. All 
majw Plus private water supply 
panoramic views, mountains. sea. Attrac- 
«*« »?n. Price £22.500 ***'• 

( So men* i ) 73820. or 
write Mrs, j. Smartt, Banesto. Santa 
de la Palma. Canary Islands. 

Spain, 


LUXURY 2 BEDROOMED SMd«» at hat • 
Jt MfyUter? Green. E6S P.w. TCI. 


PROPERTY 


ESTATES & FARMS; 
INVESTMENTS, 
FISHING, 

OVERSEAS TROPERTY 


Saturday and Wednesday 

£8.00 

per Ktagic column centiraelre 
£ 2.00 

per line (3 lines minimum) 
For further details telephone 

DLINE STEWARD 

01-248 5284 

















Financial Tines Saturday Attgjet 19 1978 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET. LONDON EC4P 4BY 
Telegrams: Finantimo. London PS 4. Telex: 886341/2, 883897 
Telephone: 01-248 8000 

Saturday August 19 1978 

Dollar and the 
deep blue sea 


Why we’ll soon be giving 
computer house-room 


BY MAX WILKINSON 


M ost people would 
probably say that they 
do not want a computer 
in their living room, even if it 
were given to them. They would 
not know what to do with it 
Nevertheless, several multi- 
national companies are now in- 
vesting large sums on the 
assumption that home com- 
puters will soon become an 
accepted consumer item along- 
side the television, hi-fi, home 
movies and the other electronic 
companions of out leisure. 

The new living-room com- 
puters will not be toys for grown 
ups, nor on the other hand, will 
they be mainly aimed at 
enthusiasts with soldering irons 
and complicated instruction 
manuals. They will be powerful, 
complete systems of a type 
which universities were proud 
to own 10 years ago at a cost of 
£50.000 to £100.000. 

By the time they appear in the * 
shops, probably in three years’ 
time, home computers will have 
shrunk to the size of a portable 
television set with a small key- 
board attached. The price of a 
medium-powered system will be The living-room computer; potential uses range from le 

about the same as that of a 

colour television. By the end experimenting with new com- ness types of application, 
of the next decade, it is likely ponents and programs. Programmed television games 

that the price will have fallen The technological stage is, are already being sold by com- 
to a level where many children however, being set for the panies like Fairchild, the U.S. 
will expect to be given home marketing of a powerful new semi-conductor maker, for use 
computers for Christmas. , product at a price which most with a specialised micro-corn- 
This startling reduction in people could afford if they puter unit which is connected 
price, which will result from wanted it So the intriguing to a television set These micro- 
improved semi-conductor, tech- questions still remain: will they computer units are much more 
nology, raises in even more want it? What possible use versatile than the cheaper units, 
acute form the question: “ What could we all have for a living which are limited to about half 
use could they possibly be?” room computer with power a dozen different games. 

The marke ting men tend to enough to .solve problems of The micro-computqr based 


THERE IS A centuries-old and 
endless comic routine which 
goes an these general lines: 
"Your house has burned down." 
•• That’s bad." “ But your paint- 
ings were saved." Thai’s good." 
"Except for the Rembrandt." 

“ That's bad." “ but that was 

over-insured." “That’s good." 
" Except that you forgot to post 
the premium. . . “ That's 

bad.” "... which is due in to- 
morrow. . . .” And so on. usque 
ad nauseam 

Investors may recently have 
been feeling that they are 
trapped in a similar scene. The 
pound is up. but so are prices! 
Special deposits have been 
released, but the corset has been 
extended. Exports are growing, 
but imports are growing much 
faster. Output is rising, but 
profits look flat. It is, as so 
often in August, a good time 
to be on holiday. 

Pressures 

Making sense of this confused 
scene does not unfortunately 
lead to any very firm conclu- 
sions. The central feature 
remains what it has been for 
some weeks — the state of the 
dollar. The sharp recovery in 
mid-week was a reminder that 
the dollar is now very competi- 
tively valued indeed in real 
terms: but its subsequent weak- 
ness witnesses the market pres- 
sures still ready to depress the 
rate in the absence of any new 
policy moves in Washington. 

The underlying siluation in 
the U.S. is probably improving 
quite strongly. Output is begin- 
ning to near the limits of 
capacity in some industries, 
which will reduce the tempta- 
tion to continue with the fiscal 
and monetary excesses which 
have led to the collapse of the 
dollar. There are signs that 
energy is now being more 
economically used, and the 
wave of inward investment will 
in due course offer domestic sub- 
stitutes for manufactured im- 
ports. The current account is 
likely to improve sharply when 
tighter money and inward in- 
vestment are working together. 

For the time being, however, 
the dollar is suffering some of 
the strains which so depressed 
sterling in 1976. 

For the UK. dollar weakness 
ought to imply strong financial 
markets and falling interest 
rates: but for the moment at 
least there is too much un- 
certainty to allow this happy 
result to emerge. The un- 
expected strength of bank loan 
demand has put the authorities 
in something of a quandary: 
fearing that the money supply 
may tend to grow well above 
the official target range, the 
Bank of England has resisted 
the fall in market interest rates 
in setting its own minimum 
lending rate, and has extended 
the " corset " restriction on the 


growth of bank deposits for a 
full year. All this looks as 
bearish as the dollar situation 
looks bullish, and the markets 
have simply drifted uneasily. 

The markets are right to be 
cautious: the outlook for wages, 
profits and growth are all far 
too uncertain to justify a firm 
bull position. On the other 
hand curr ent worries about 
prices, the balance of payments 
and the money supply are 
probably overdone. 

The August price index, so 
far from representing a return 
of high inflation rates, shows 
a surprisingly low year-on-year 
rise compared with wage costs; 
but the trade figures, which 
show consumer and manufac- 
tured imports growing nearly 
three times as fast as domestic 
demand, help to explain this 
gap. Our market is more and 
more open to import competi- 
tion with every year that passes, 
and competitive pressures force 
UK manufacturers either to 
absorb part of the rise in wage 
costs t which is in any case over- 
stated i n the June earnings 
figures due to a bunching of 
back-payments) or to justify 
them through real increases in 
productivity. Output is still 
lagging well behind the 
recovery in home demand, but 
when it does get going — and 
the rise both in bank lending 
and in stock levels seem to 
promise further growth — the 
cyclical recovery in productivity 
could be quite sharp. 

Immovable 

The fear of a long, constrict- 
ing monetary squeeze remains, 
for the authorities have 
certainly shown determination 
in this week's measures: but 
although the Bank of England 
makes quite a convincing 
immovable object, the evidence 
that credit demand is an 
irresistible force destined to 
collide with it is much less 
convincing. There are at least 
three reasons why credit 
demand may have been abnorm- 
ally high in recent months. 
First, the extreme tight- 
ness in the money market drove 
rates for interbank credit to 
the point where •• round trip- 
ping "—borrowing on overdraft 
to re-Iend in the money market 
— was profitable, and some no 
doubt escaped the vigilance of 
the banks. Second, there has 
been a build-up of stocks which 
has caused an unexpected bump 
both in - the import and the 
borrowing figures, but such a 
trend has its limits. Third, the 
pick-up in house sales must 
have required bridging finance. 
There is a good chance that 
future strains on monetary 
policy will be much less: and 
with margins under pressure, 
that suggests attention to gilts 
as much as to equities. 


..m 



The living-room computer: potential uses range from le 



anting the date-processing trade to suggesting recipes. 


answer by analogy; they recall astronomical complexity? units, costing about £120, are 

that few people foresaw that the really the embryonic form of 

I hand-held calculator would Tiicf I lira a complete home computer 

l create for itself a universal u because they could, in theory, 

need. And then they say, both fHpCCL be P^Srammed f° r game 

colour television and stereo- for almost any task, 

phonic recording were con- The answer beginning to The third category of use will 
sidered to be too expensive for emerge from the U.S. is that be for household accounting, 
a man market and not really people will buy the same com- calculations of mortgage repay- 
necessary in the early years of puter for a wide variety of meats, the filing of income-tax 
their development. motives. Some will buy them details and even, it has been 

But probably a more powerful for fun. because as the elec- suggested, the organisation of 
argument for the spread of tronics becomes more compti- a housewife’s deep freezer and 
personal computers is that it is cated, programming can be recipe suggestions, 
already happening, mainly in made easier and more enjoyable. Although it is unlikely that 
the U.S., where more than 1,000 (This is because the computer many housewives will want to 
retail computer, stores cater for itself can be made to do some spend long periods at a com- 
a market expected to reach 0 f the routine drudgerv of pro- puter keyboard as part of their 
$40m this year and rise rapidly gramraing). Therefore some daily routine, it is probable that 
to about S3 80m by 1980. adults and many teenagers are home computers will find a sub- 

Even in the UK. where prices already using mienveoannuters stantial niche amongst very 
are higher and general aware- f or pure recreation Vbey small businessmen and sbop- 
n ess of computers is less enjoy the chaltenge of program- keepers for general filing, 
advanced, the first stirrings of a j u5t ■*- otvJU eQj(> y okv- accounting and stock ControL 
new market can be seen. Com- ^ 7 Chibs and voluntary organisa- 

modore business machines is tions will be able to afford them 

now selling 25 to 30 of its PET Parents will probably buy for similar tasks, and profes- 
machines a day; The PET, cost- home computers for high school sionals such as doctors could 
ing about £700. is the first com- children taking courses in the well find in them a simple and 
plete computer system aimed at sub J?ct Just as they now buy convenient method of record- 
the ordinary consumer, about musical .instruments or pro- keeping. 

10,000 have been sold so far, gramraable calculators. The potential is therefore 

including 3,000 in Europe. How- However, the wider public vety large if only the manufac- 
eyer, ITT is following quickly will probably be interested not turers can make the program 
with a rather more powerful so much in how the programs simple enough for ordinary 
Apple computer which can be work as in what they can do. people to understand, 
connected to a domestic colour The capabilities appear to be Indeed, programing or “soft- 
television set. Several other splitting into three categories: ware" is now increasingly 
manufacturers offer computers pre-programmed games, pre- recognised as being equally 
for as little as £200. but most of programmed educational courses important to tbe design of the 
this equipment is only suitable (such as elementary maths or actual machines in the future 
for hobbyists who enjoy accounting) and general busi- marketing struggle. Texas 


Instruments, for example, is 
believed to have more than 
200 programmers working in 
great secrecy at its plant in 
Lubbock. Texas, preparing pro-, 
grams for the launch of its 
home computer. 

Tbe rapid emergence of per- 
sonal computing can be esti- 
mated from the fact that no 
fever than nine magazines have 
now been established to cover 
the subject inducting one, 
Personal • Computer World, 
which is published in the UK 

Clearly, at £700 to more than 
£1,000. a living room computer 
is still too expensive to appeal 
to more than a limited range of. 
consumers. Indeed, between. 70 
per cent and 80 per cent . of 
Commodare’s PETs have been 
bought by small business, 
schools or universities. 

Even the private person who 
can think of an obvious use for 
a computer may not be able to 
afford one at current prices* 

However, many observers 
believe that a price war will; 
soon break out when, as hap- 
pened with calculators. large 
semi-conductor - manufacturers , 
moire’, into the market with : 
prices and products geaffed 
single-mi ndedly to mass produc- 
tion. Texas Instruments, which 
had such a decisive influence on 
the prices of digital patches 
and calculators, is now' invest- 
ing heavily in the development 
of a personal computer. It will 
no doubt be followed by other 
manufacturers, including the 
Japanese. 

Texas Instruments will almost 
certainly follow its • previous 
form by aiming at a rapid build- 
up of sales to the general con- 
sumer through high street 
stores, rather than -concentrat- 
ing only on specialist shops. 

This next generation of per- 
sonal computer will be based, 
like its immediate predecessors, 
on a powerful micro-processor 


or “ computer on a postage 
stamp." 

These micro-processors, which 
now cost only a few dollars 
each, include a complete central 
•processor (the part of a com- 
puter which actually does the 
calculations) plus a substantial 
amount of memory, all on a 
quarter inch square of silicon 
wafer called a “ chip." 

Knowledgeable enthusiasts 
can already buy these chips to 
make up their own computers 
for perhaps $100 to $200 in the 
U.S. However the key to a con- 
sumer market is in the design 
of the associated equipment and 
programs which, will enable 
tbe chip to do something useful 
or amusing. 

•’ The PET achieves this in a 
stylish design including a tape 
recorder for storing programs 
or data, a keyboard, and a tele- 
vision-type screen for viewing 
the results. It also has sockets 
which enable it to be connected 
to laboratory or other equip- 
ment which it may be asked to 
control. It can play games, per- 
form complicated scientific cal- 
culations and be used for pro- 
grammed learning. . >' 


Limited 


use 

However, the -use of a PET 
or similar computer is limited 
by the fact that it relies on a 
cassette tape recorder for ex- 
ternal memory. Tape recorded 
data can only be fed into the 
machine sequentially at a rela- 
tively slow rate. This means that 
the computer cannot pick and 
choose from different parts of 
the stored information. A tape 
is good for a step-by-step educa- 
tional programme, but not very 
good for processing household 
or business accounts which may 
need to be re-assembled rapidly 
in different sequences. 


For this reason* the . -next 
generation of small computers 
will almost certainty be fitted 
with mini-discs, which look 
rather like gramophone records. 
The difference is that, the com- 
puter can move fin a. few 
thousandths of a second to any 
track on the disc to .pick out 
the stored: information or to re- 
record new data at that pah of 
the file. 

’ At presents, the. smallest 
disks can hold the eofcdvalent of 
about 16,000 words, or about 
eight leader-page articles from 
the Financial Timesj With a 
suitable indexing system, any 
one of those words could be 
flashed onto the computer’s 
screen almost instantaneously. 

At the moment sfcch-.units are 
relatively expensive at about 
£250. but prices are contionally 
falling under the influence of 
technical advance and mass pro- 
duction. 

The other expensive item 
needed for a flexible consumer 
package is a . printer which 
would enable the comgmter to 
type letters or other documents. 
Whereas disk units will soon 
be standard on all the. better 
machines, printers will probably 
remain as optional extras at a 
cost of a few hundred^ poiiads 
for the small shopkeeper or 
business user. 

Because of the high post apd 
complexity of programming, 
only relatively large companies 
are likely to be able ho eater 
the home computer market in 
which the launch cos$ of a 
single product could be over 
82m. It is also likely that th» 
UK will continue to be 
dependent on - . technology 
imported from the U-S^ since 
that is where the. large 
fe. • 

However, the Post -Office's 
Prestel service could hava.jm 
important influence on-tnafia 
computing In both countries. 
The system allows a modified 
television set to ,be connected 
by telephone network to :-a 
central Post Office computer 
which can supply fnfonnathm 
from thousands of electronically 
stored “ pages.” 

The Prestel idea is creating 
a great deal of interest in the 
U.S. (although it has not been 
officially adopted by any tele- 
phone authority) because It 
would allow small computers, 
including home computers, lo 
plug in to larger machines via 
the telephone service. The 
central computers could also 
store a library of programs 
which would give tremendous 
extra power to any living room 
computer capable of being con- 
nected up to it 

The possibilities which can 
already be envisaged are there- 
fore very wide. But as the price 
falls nearer to an acceptable 
level for consumers, many 
ingenious and unexpected 
applications are certain to be 
discovered. 

Analysists- predict a world 
market of 2.7m units repre- 
senting perhaps £lbn by 208L 
So the stakes are very high. . 


■2*5 IS 


Letters to the Editor 

Production finally accepted by British Air- 

r * uuuL iivn ways for dispatch the following 

From .Mr. E. Stanford day. 1 have Just telephoned to 

Sir. — Something about the make ateoliiteJy sure that it will 
table of figures ion page 2) of definitely be on the flight, only 
August 11. suggested that they to ..^ e to ^ no cargo at all 
>huuld be grouped in a different 6° T? V iat Particular flight 
way. i.e. under countries. I did iL a*™ ^ 

this and the result is as follows: J 1 ., dnvers stn ke. Is 

Com- tins a record; 

Passenger uicreial ** «* going into 

ears vehicles the import business. 

I'K 1.320.431 375.6H5 P. H. H. Verstage. 

Ki am c ... 3 .078.992 377JHW Doughty Street, WCI. 

W. Gorin any 3.6S5.710 270.336 

Italy 1,401.825 143.44 f 

Hardly a day passes without “*,**„. .. _ . . 

there being a strike in some Emm the Public Relations 
part or our ear industry, but Manager, Che/ and Brewer. 
from the publicity which the Sir. — Arising from Mr. JL 
industry gets, one assumes that Charlish's letter (Cut-price 
i! is our major production effort Christmas post for cards — 
e:iLh year. If that is so. why do August H). may I suggest a 
we la a far behind the other compromise, should tbe Post 
countries, when even Italy pro- Office not feel able to go tbe 
duces more cars, and West Ger- whole hog on his proposal, 
many produces more commercial A number of worthy charities 
vehicles, which are supposed to produce their own cards for 
bo our substitute production. Christmas and derive valuable 
Is it not time that we gave income from their sale. If the 
more prominence to the indus- Post Office was to issue a special 

tries which are actually loading “charity stamp" of. say. 5p 
l he world, and which pay their denomination — purchased by the 
way in the world? charities from the GPO at cost 


Edward Stanford. 


for sale with their cards to the 


Yt:ir SfoHchiini. Freiusliniu Road, general public on 


tfolrcudeit Ln/me. 
Kent T.M7 4 l\J. 


strictly 


“one card, one stamp" basis — 
surely it would win itself great 
good will and at the same time 
do a great service to the 
Industry charities involved, by eucourag- 

, . *\ . n . . ing people to buy charity cards 

f-roin the Managing Director . rather than others. 

a S n ™ had S 1 l a STr?f” k " n ' 

f n n R3K1S -■ 

part to be rushed out to him by 

air. We rang the manufac- O 'ytUuSiV 

turer. who was unable to supply •'L . 

it because the factory was on From oar. tt. Jippm 

holiday. Last week the factory Slr.—In the article by James 

re-opened and the parts Bartholomew (August 16) con- 

manager came back lo us with a cerning Lord Grade’s pay rise of 

query which necessitated our 253 per cent, reference is made 

contacting our customer in the to Mr. F. V. Waller, chairman oF 

Seychelles. The telephone ser- Adwgst, having received 

vice between the UK and the £122.269 last year. 

Seychelles was of course out of This simply is not true and 
action on account of the GPO while his entitlement was 
telephone engineers' dispute, so £122,269 (of which he is worth 
it took three days to get a reply every penny as the record of the 
to the query. company shows!, the amount pay- 

Eventually we obtained the able to Mr. Waller of £49.500 
part and rushed it down to Heath- is equivalent to take home pay- 
row late on Friday evening to of £14,645. 
catch the Saturday flight, only So just now little Lord Grade 
to discover that British Airways and the chairmen of Shell, BP 
was not accepting any more cargo and ICI actually received is any- 
until the following week because body's guess but the miracle is 
of the backlog caused by a that we stil lhave a few such 
labour dispute. brilliant men who are prepared 

On August 15 the piece was to stay here in spite oe the 


thoroughly iniquitous system of 
the present incentive-killing 
Government. 

R. K. Tippin. 

7. Lakeside. Darlington. 

Complacency 

From Mrs. E. Davidson 

Sir, — Perhaps William Bree, 
(August 4) deputy director of 
the British Institute of Manage- 
ment is drawing the wrong con- 
clusions from bis membership 
figures and the Tact that there 
are ooly 704 women members of 
B1H could perhaps be due to tbe 
fact that the other 57.500 mem- 
bers contain a large proportion 
of the male chauvinists that 
women have to contend with, as 
they share the hazards of 
managerial life, as secretaries 
and try in vain to obtain career 
structures, which will take them 
out of secretarial work. 

If BIM is unconvinced, it could 
note the thousands of women, 
who. for instance, belong to the 
UK Federation of Business and 
Professional Women. 

(Mrs.) E. ML Davidson, 

7, Hathern Close, 

Sunnyhill, Derby. 

Management 

From Miss .4. Games. 

Sir.— Miss Houghton and Mr. 
Head lam (August 9) have out- 
lined well the double problem 
which faces some woman, like 
myself, who wish to pursue a 
career in . engineering manage- 
ment. 

Not only are we faced with, 
albeit “ unintentional,” discrimin- 
ation due to die-hard attitudes In 
the higher echelons of manage- 
ment, but also the apparent 
reluctance of school heads to 
encourage women to pursue 
opportunities for apprenticeships 
to the engineering trades. 

While, however. I would agree 
entirely that hard experience is 
of the essence In engineering. 

I would point out that in some 
universities considerable efforts 
are being made to improve 
standards by a more “ practical " 
approach to engineering and 
management. 

The course which I now attend 
is a combined course in these 
disciplines, the bias being on 
engineering, and was designed 
by a board of studies comprised 
of representatives from several 
well-known engineering manu- 
facturers. It is continuously 


assessed on project work and 
culminates in a project (count- 
ing for one-third i of the Honours 
Degree) carried out in conjunc- 
tion with a local industry on a 
real-life problem. 

Surety we also have ;the 
advantage at university of tbe 
all-round education and mind- 
broadening experience? - 

Still 1 must agree that such 
essentials as workshop practice 
courses are only offered by 
external bodies such as tbe 
Armed Forces, which are run 
during the summer vacations 
and are not generally well pub- 
licised. (Having attended one 
such course I can safely say 
that the women handle the drill, 
lathe and hammer just as 
efficiently as the men!) 

So many people are outwardly 
very encouraged to see women 
coining Into these fields but there 
are those who remain sceptical 
of our managerial potential. One 
comment recently published in 
your management column was 
that women were considered hard 
workers but lacking in global 
vision, but surely those -who 
believe this are themselves 
lacking vision by making such 
over-generalities? Just tike men, 
we do not all act and think 
similarly. 

it must be such “lack of 
vision " by management that has 
caused the present stagnation of 
our manufacturing industry! 
Angela M. Games (Miss! 
Uoder-graduate University of 
Liverpool 

55 Broomcood Gardens, 
Brentwood, Essex. 


perhaps be chicken feed when 
compared with costs faced by 
tbe credit industry and ulti- 
further sections are introduced. 

The " truth in lending " areas 
are prime examples of long, 
involved and. in some cases, 
virtually incomprehensible regu- 
lations which, while conceived 
with good intent, have been born 
with such complication that 
death at birtb would have been 
a happier conclusion. Mr. Lewis's 
reference to the “true interest 
rate” is a simplification of tbe 
draft regulations as is bis sug- 
gested method of dealing with 
dishonest traders. Also, tbe 
inclusion of compulsory and 
ancillary charges is fact for 
certain types of credit advances. 

History has shown that some 
statutory control over credit 
grantors and associated business 
is very necessary. With the 
Consumer Credit Act, however, 
the politicians have taken a 
sledge-hammer of mammoth pro- 
portions to crack a nut. Unfortu- 
nately, it will be the credit 
industry and the public who will 
have to pay to pick up the 
pieces. 

M. P. Titchener. 

11. L odurick, Shoeburyness, 
Essex. 


Trading 


Bureaucracy 


From Mr. M. Titchener 

Sir,— Your correspondent Mr. 
D. Lewis (August 14), is highly 
critical of the licensing arrange- 
ments within the Consumer 
Credit Act. I consider that he 
should feel himself fortunate 
that up till now the licensing 
regulations appear to be his 
initial involve ment with this 
ponderous and overweight 
example of Pari ’amentary and 

departmental bureaucracy. 

The Act passed through 'Parlia- 
ment over Four years ago but 
still remains a long way from 
total enactment, with talk 
already of amending legislation. 
The licensing regulations are, 
compared with many to come, 
relativel ysimpie and painless. 
The cost of a licence may 


From the Director, Public 
Relations. Post Office 

Sir,— Mr. Kramers (August 11) 
writes that because of Post Office 
policies fewer firms, particularly 
smaller companies, are trading 
by mail order and the volume of 
parcel post is declining. This 
is not so. Mail order continues 
to grow faster than other sectors 
of the retail trade and I am 
happy to say that the volume of 
Royal Mail parcels has shown 
significant growth over the past 
year and I have every confidence 
that the upward trend will con- 
tinue. 

Mr. Kramers suggests that the 
“decline” may be attributed to 
the absence of cheap rates for 
printed material posted in bulk— 
particularly direct mail advertis- 
ing- No so. The Past Office offer 
a range of facilities to help small 
— or large — firms trade by post. 
Rebates of postage are possible 
for bulk postings of as tittle as 
4,250 items. Advantageous con- 
tract arrangements for Royal 
Mail parcel distribution are avail- 
able for firms posting as few as 
50 parcels per week. Freepost or 
business reply services encour- 


age response to advertising, and. 
to help in budgeting, tbe recently 
introduced direct mail deposit 
scheme offers advertisers for- 
ward price protection. 

Peter H. Young, 

Central Headquarter s, 

23. Howland Street, WIj 

Delays 

From Mr. P. Heuhtt. 

Sir,— Mr. R. Stiebel (Aug ll> 
does well to draw attention to the 
growing power of Post Office 
engineering staff and postal 
delays. 

The nonsense of the first and 
second class mailing systems and 
the general inefficiency of over- 
seas postal services (why does 
surface-mail to U.S.A. take three 
months?), clearly show that some- 
thing sinister is afoot- Soon in 
order to achieve quick results, 
in business correspondence. It 
will be necessary to telephone or 
telex a message at ever increas- 
ing cost. And then, with the 
engineering staff holding tbe 
reins, we will soon be driven to 
the devil. 

Presumably, samples, etc., in 
packages, will be air-freighted 
via forwarding agents, possibly 
quite quickly but at what cost? 

The Post Office is out of date, 
monolithic and inefficient: why 
not let private industry compete 
on fair terms, services could only 
get better. 

P. J. Hewitt 
7. Abbotsford lodge, 

Eastbury Ave., 

Northwood, Middx. 

Diesel 

From Mr. A. Barton. 

Sir, — I refer to M. L. Sharpies’ 
interesting letter (August 10). As 
he says, and as the University 
of Salford has suggested, one of 
the most constructive areas for 
conservation is in running more 
economical cars. Germany among 
other countries in Europe 
charges less for diesel fuel. The 
result is that one-third of 
Mercedes sold have economical 
diesel engines. 

Our Ministers talk about the 
need for economy, but they see 
that diesel fuel costs about I 5 p 
a gallon more than petrol. i s it 
too much to ask them to put 
their tax where their mouths are? 
A. E. M. Barton. 

23. Cliff Court Drzue. 

Frenchay, Bristol. 


WE’RE RICH! 

JOIN US! 


WjMtfirfd and Bob Tanner , starting 
with £75 each — have made millions in shares 
(Clubman s Club, Orme Developments, etc.). 

We are now joining forces with Peter Wei ham 
(Formerly Assistant City Editor and Questor of The 
Daily Telegraph) to produce The Equity Research 

Associates NEWSLETTER, a fortnightly private 

investment newsletter. 

Equity Research Associates will seek undervalued 
shares— and tell you when to buy and self. They will 
g«ve positive adv.ee on bids and new issues and 
keep a keen eye on shareholders' rights. Its 
distinguished list of contributors will include 
acknowledged experts on all aspects of investment. 

''ml* reC ®T * he issue < s ept 4th - 
1 FREE by completing the coupon (below). 

For details of FREE TRIAL OFFER, 
write or telephone now : 

To Equity Research Associates 
' Wardrobe Chambers 
146a Queen Victoria Street 

London EC4V5HD 

Pleasesend me details of the 

FREE TRIAL OFFER of the NEWSLETTER 


Name 


CAPITALS PLEASE 


Address 


or phone : Q1 -248 701 2 








* 





Financial Times.- Saturday August, 1-9/1978* 

• l»--i< ■- /L ; ‘ . - 





the land 



1 0 


BY JOHN GRIFFITHS 


THE LAND speed record 
is a measure of man's 
ussault on two of nature's 
most essential mysteries : 
siieed and time. But those 
who have actually 
attempted the record 
have a deeper feeling — 
z'ery difficult to express — 
of what it means to go 

faster than any man on 
earth. When you climb 
info tile cocftpit* you’re 
every man in the 
world * ... 

Those 1 words, melodramatic 
but providing a pointer to the 
fascination the land speed 
record holds for the men who 
go after it, are those of Gary 
GabeLicb,* a Californian. He 
is weU qualified to utter them: 
seven years ago he ~ fired the 
58,000 brake horsepower liquid 
fuel rocket powering Blue 
Flame and streaked across the 
Bonneville salt fiats to the 
current world land speed record 
of 622.40? mph. 

Americans have held the 
speed record since 1963. But 
now a British team,- led by a 
32-year-old Londoner, Richard 
Noble, with an unlikely career 
background of marketing rather 
than mechanics, is rapidly 
advancing plans to bring the 
record back to the UK. 

The measured mile is littered 
with the wreckage of ill- 
conceived. under-engineered or 
simply unlucky projects, with 
disappointed hopes and dis- 
illusioned sponsors. Thus the 
odds against Noble, whose work- 
ing life is Spent as overseas 
manager for GKN Mills' Build- 
ing Services’ Far East African 
and Co me con operations, looked 
extremely long when, unquali- 
fied but “determined to have a 
go at the LSR since the year 
dot.” he first launched Project 
Thrust nearly three years ago. 


His target was to achieve S50 
mph and the first -supersonic 
record. 

Having harnessed. the support 
of British Aerospace, British 
Airways, TI Reynolds. Brit^h 
Timken and a number of other 
UK companies. Noble is finding 
the odds, though- still long, 
shortening quickly. ~ 

Prepared for the scepticism 
of companies "currently inun- 
dated by sponsorship -.requests 
for a welter of activities, Noble 
decided it was a waste of time 
trying to pick up a -huge cor- 
porate cheque and working on- 
wards from there. 

Instead, a three-phase project 
was devised: uiree: eats; would 
be built, each faster ‘than the 
last. The project would cul- 
minate in an attack on the S50 
mph mark by Thrust.' HI in 
1982. As the project took shape, 
so Noble would tike ^specific 
proposals to potential^sponsor.s 
for technical help and com- 
ponents as much as lot cash. 

The approach has ‘ worked, 
despite the disaster which over- 
took Thrust I wheu- Jtie car, 
powered by a. 3, 600. lbs thrust 
Rolls-Royce Derwept . engine 
from a Meteor' > fighter 
demolished itself in a 140 mph 
triple roll during a demonstra- 
tion run at RAF Fairford in 
March, 1977. A ..wheel bearing 
had failed. Noble,' wftjj escaped 
unhurt, recalls rueftiDy that 
-we sold it for £200 to' a . scrap- 
yard on the way homt’* 

Next week, T. L Refolds in- 
tends to start huilding Thrust 
H’s 27 ft long. Hon frame con- 
taining 750 ft of tubSOg^at the 
company’s plant te/'Binning- 
ham; British Aerospace has 
recently completed wind-tunnel 
testing of Thrust H and. provi- 
sional results indicated a drag 
coefficient of 0.34— better than 
hoped — and a potential speed 
some 30 mph higher/than the 
600 mph design tturget/ 


Thrust n was conceived- 
primarily as both a research 
and a publicity vehicle to pre i 
pare the ground for the £1.5m 
supersonic car. It must be the 
only 600 mph car with a 
passenger seat for someone 
really interested, such as a test 
engineer. But as a result of the 
wind tunnel, tests the team may 
now use this car to take a crack 
at Gabelich’s record next year. 
However, Noble's main target 
will remain to be first through 
the sound barrier with Thrust 
1U. 

The engine originally in- 


wheels themselves. The wheels 
would be turning at 12,000 
revolutions per minute at the 
850 mph target speed. . . . 

The wheels are being built 
by Wolfrace, one of the larger 
UK alloy road wheel manu- 
facturers. Aircraft tyres will be 
used for lower-speed demonstra- 
tion . runs, but Barry Tracey. 
Wolfrace’s enthusiastic manag- 
ing director, has undertaken to 
build special wheels, probably 
with magnesium centres but 
with titanium rims instead of 
tyres, for higher speeds and 
the attempt to -go supersonic. 


HOW THRUST II SHOULD PERFORM 


Speed 

100 

300 

500 

fiOOt 


Acceleration 

. Drag 

Secs, from 

Distance 

(graritie) 

<0 «) 

stdg. start 

(miles) 

US 

434 ' 

2 S 

0JJ4 

1.45 

2,789 

8.19 

036 

0.8A 

7,330 

16.00 

1J5 

05 

10,424 

23.00 

15 


* Using Rolls-Royce Avon 21001 of 15.000 lbs thrust, 
t Figures subject to variable shock wave effects. 


tended to power Thrust II, a 
Rolls-Royce Avon 21001 engine 
of 15,000 lbs thrust from an 
RAF Lightning fighter — pro- 
vided by the RAF “at a reason- 
able price" after Noble had 
given a lecture to senior officers 
on the project — may be re- 
placed by a 301 series Avon 
boosted to give 25 per cent more 
power. 

British Timken is carrying 
out research and development 
on, and will provide, the wheel 
bearings. The fate of Thrust I 
shows how important they are. 
The aerodynamics are designed 
for strong downthrust — cars 
becoming airborne have killed 
more than one would-be record 
holder — and the bearings must 
be able to cope with -extremely 
high loadings: from' the car's 
laden weight of four tons, mag- 
nified by the downthrust: with 
the pounding .to be expected 
from an uneven surface: and 
with the high speed of the 


The array of problems 
remaining before Thrust II 
turns a wheel is formidable; but 
the small team with which 
Noble surrounded himself after 
Thrust n had crashed appears 
well equipped to tackle them. 
Following the Fairford disaster. 
Noble sought out Ken Norris, 
designer of Donald Campbell's 
Bluebird, for ideas and advice. 
At the time Noble’s kitty con- 
tained a little over £300. Some 
of it went on putting out a 
series of press releases which 
declared baldly; “Wanted: 650 
mph car designer.” 

“ I was deluged fay what 
seemed like every engineer in 
the country,” Noble says. 
Finally, he and Norris chose as 
chief designer John Ackroyd, 
42. Ackroyd, who started work- 
ing life as a design draughtsman 
for English Racing Automobiles 
(ERA), went on to become suc- 
cessively ■ senior design 
draughtsman for Britten- 


^orman, 1 working on hovercraft; 
art engineer with Cornier on the 
A300 ■_ 'Airbus, and structural 
designer to Audi on the Audi 
550' project. By 1976 Ackroyd 
was managing director of the 
Enfield Automotive Company, 
makers of the Enfield electric 
car, moving to Messerschmitt 
in Germany when the current 
impasse, in battery technology 
finally killed the project. 

Ackroyd returned to his Isle 
of "Wight home to take over the 
project.*? May this year.. The 
specification of Thrust n has 
evolved since then, incorporat- 
ing-a;-.cpntinuing series of modi- 
fications -producing what is now 
essentially the final design: a 
twin-finned projectile with 
driver ' and any passenger sit- 
ting fra -either side of the engine 
and' "possessing a power-to- 
weigbt ratio greater than a 
RAF.T-hantom. 

Options are being kept open 
an the supersonic car. If the 
team* decides on another jet car, 
the'^b&ioe is likely to be a 
Roti^J&byee Spey of 20.0001b 
thrust and the car would be 
larger yet than Thrust XI. The 
other 1 option is to follow the 
Gabelich route and use a racket 
— the , Bristol - Siddeley Stentor 
rocket that powered Blue Steel 
is a likely candidate. A rocket 
has ithe advantage of allowing 
a nawpw fuselage. ” but the 
proBfem is its instability of 
function.” Noble says, recalling 
how 413 e once blew the tail off 
America’s experimental X-15 
aireraft- 

WiMI-e Ackroyd hammered out 
the design. Noble spent nearly 
as Hftich time hammering on 
sponsors' doors. “Initially, we 
got plenty of ‘yes. we are very 
interested, but . . letters,” 
Nobel, recalls. He responded 
by, phoning chairmen direct, 
and the bail began rolling. The 
Daily- Express offered a stand 
at tost year's Motorfair. GKN, 



mmm 
&&&?£*; * 
s.v*. . " r - • . 


Chief designer John Ackroyd (left) and driver and project leader Richard Noble examine 
a mock-up of the Thrust II in British Aerospace's wind tunnel at Filton. 


British .Airways, British Timken 
and others took advertising 
space. “ We had 35.000 visitors, 
Thames TV filmed us for the 
‘Drive-in’ programme and 
threw in some cash as well.” 
The stand also provided a 
launch pad for a supporters' 
cl-ub now over 1.000 strong and 
which includes two air 
commodores. 

How much cash is involved 
in the Thrust II pan of the 
project is hard to say. with so 
much sponsors* help bein.g 
received in kind. But Noble 
puts the total value of the car 
when completed at close to 
£250,000. Though the budget 
for the car itself is balancing. 


Noble admits that a consider- 
able amount of money is yet to 
be found for andlleries and 
operating after completion. 

When, or perhaps if. Thrust 
HI gets under way — for Noble 
is aware that the risks entailed 
in a mishap at 600 mph are 
not small — it is likely to be 
breaking entirely new ground 
in the critical 750 mph area of 
the sound barrier. British 
Aerospace's trans-sonic wind- 
tunnel at Filton will be used to 
assess the effects of the shock- 
wave build up through the 
harrier, but as Noble admits. 
“ we’ll never really know until 
we're doing it for real." 

When Noble finally straps 
himself into the car in earnest. 


and unless he is beaten to the 
punch by several cars nmv heme 
prepared in the lie hill 

be endeavouring in fornk t>*r 
i he 62nd time a record fir-r .-et 
officially in ISAS mi a C.oiju-yaril 
str*'U-h of road ihrungh Ac here* 
park, near Si. < icrniain. north 
or Paris. Then, the Cuinii- 
Gaston de Chassclnup-Lauhat 
urged his elect ric-\1 riven 

.launtaud along the route in 
record a- living kilometre speed 
of 39.245 miles per hour. If is 
time oF 57 seconds was a second 
slower than the cycling record 
of the lime . . . 

'Foreword to Lend N/u’a/ 
Record, by Cyril Fust u inn;.. 
Osprey Publication*. 



No news is 
bad news 


Nutliing makes news I ike a 
newspaper strike. The only 
trouble is, it blacks out the 
news as well, and after ten days 
without the New York Times, 
The Daily News and The Post, 
New York, that most news- 
conscious of cities, is straining 
every nerve to light the 
darkness. 

With nearly 100 radio and 
over a dozen TV stations, many 
of them blaring 24 hours a day, 
the problem, might not seem 
acute. But if this strike has 
proved anything, it is that the 
air waves are no substitute for 
newsprint No one is making 
more money out of the strike 
than the strike-free newspapers 
and the uihors of the little news 
sheets that have popped up all 
over town. 

The leading paper still in 
business, the august Wall Street 
Journal has' seen Its 60,000* 
circulation in the New York 
area shoot up to over 100,000: 
oven so its hard to get a copy. 
The News World, founded two 
years ago by the Rev. Moon's - 
Uni Ruction Church, has done 
even better. It normal print 
run of 51.000 is up to 300,000, 
[more staff have been taken on,. 

I ucluding strike-bound workers 
from the Times. News and Post," 

I and extra features like a large 
colour comic section added. 

Elsewhere, _ Wall . i Street, 
brokerage houses have put out 
broadsheets of economic news, 
and for anyone who speaks 
Polish. Spanish, Serbo-Croat or 
Ukrainian, the ethnic Press 
offers a rich mine of informs, 
lion. There has even been 
founded a completely new news- 
paper. using staff laid off 
because of the strike. Hie City 
News was launched last Thurs- 
day as a 24-page tabloid.' It will 
appear seven days a week until 
the strike is over. 

The thirst for news — or 
simply something to do on the 
train into work — has also 
brought a bonanza, to- out-of- 
town newspapers. Suddenly, 
everyone is reading the 
Philadelphia Inquirer, The 
Washington Post and The 
Boston Globe. Remote com- 
munity newspapers like the Fort 
Chester Daily Item, have also 
cast their nets beyond local 
affairs to splash, on the world 
economic crisis, or the' latest on 
Chrisiinia Onassis.' 

Normally, August would bo a 
good month for a- strike: 
thousands of people are away on 
holiday, and the silly season is 
at its height. But this time 
round, fresh news is breaking 
daily- The dollar crisis, the 
largest takeover bid of the year, 
the first big gas find off the U.S. 
atlantic coast, and worst of all, 
the Yankees are on tour at the 
uihcr cod "of the country, in 
California. . — , 

The oOfr consolation js .that 
with an average copy of the 
New York Times weighing, the 
best pan uf a pound, the 
struggle to wort; has been some 
what eased. -Even so. like old 
friends, the pape rggfer e sorely 
missed. When . Waco sum- 
moned a news conference earlier 
this week to announce Its 
Atlantic gas .find— possibly the 
biggest energy story of the year 


Off the streets: but good news for some of the rivals. 


—it opened the proceedings by 
apologising to the strike-bound 
dailies for fafling to get the 
news out before they vanished 
from the streets. ** Believe me, 
we tried." _a spokesman said, 
“but it just couldn’t be done." 

Mission 

impossible 


This autumn two select groups 
of Britain’s top executives Will 
travel in opposite directions but 
with a common mission 
shrouded in secrecy which 
could save their companies 
hundreds of millions of puunds. 
One group will travel across 
the Atlantic to New York aboard 
Cunard’s flagship the QE2: the 
other will fly out to a luxury 
hotel on Iran's Caspian Sea 
coast. 

Their mission is to learn how 
to come to terms with the 
fastest-growing Industrial crime 
in the West — computer frauds. 

As major _ companies move 
■into' their "second or third 
generation of even more 
sophisticated data processing 
equipment, so the opportuni- 
ties for the less scrupulous 
people with specialist know? 
ledge have increased enor- 
mously. Technology, in fact, 
has developed too fast for 
adequate security measures .io. 
be built in. 

-In addition, there ate- 
corapuler-related problems of' 
poor record keeping, legal- 
liability. unnecessarily high 
costs, -and assets that are lost; 
destroyed, • or compromised/ 
‘•Computer fraud is on the; 
increase - and vast sums of 
money are being lost by cqm : 
ponies in this country and. 
throughout tb eWorld because it 
is one of the most difficult 
crimes to detect," says Peter 
Heims, a security consultant' 
who is organising the QE2 
cruise in law September to tell 
executives how to beat the 
computer . crook. “ Computer 
fraud makes the great train 
robbery look like peanuts and 
can make a company bankrupt," 
he adds. 

SRI International, the top 
UjS. think-tank formerly known 
as. the Stanford Research 
^Institute, argues that business 
losses involving computers are 
10 times more costly than any 
other loses. It bases this con^ 
elusion on an etxcnsive study of 
1,500 companies, the results of 
-which will be revealed in Iran 
in October at a special inter- 
national seminar. It can be 
reliably said that losses un- 
covered run into billions of 
dollars, but the true size of the 
problem may never be known if 
the computer crook can stay one 
jump ahead of the security 
experts. . . _/. 

The organisers of both confer- 


ences are aware that they do not 
want m give away any security 
secrets to the very person that 
is seeking to deprive a company 
of its assets. Thus discreet 
vetting of companies and per- 
sonnel is to be expected. 

Security on Peter Heims’s 
£700. seven-day QE2 cruise will, 
in any case, be helped by the 
surrounding expanse of ocean. 
Mr. Heims plans to give the 
executives on the seminar- — 
about 100 are expected to make 
the trip — practical demonstra- 
tions on a mini-computer taken 
along especially and, if possible, 
make use of the QE*2's own 
ship's computer. 

SRI's decision to hold their 
conference in Iran — costing 
about £250 plus expenses — 
seems likely to be less of a 
junket. But it hnpes not only 
to use its extensive research 
facilities to show executives 
how security can be tightened 
by a closer link-up of internal 
audit techniques with data pro- 
cessing systems, hut also to 
persuade the Arab industrial- 
ists of the need for greater 
computer security'. 

While computer sales to the 
"Middle East are the fast-growing 
sector of the * international 
computer hardware market, 
computer security is believed to 
.be even worse than among 
-many UK and (J.S. companies, 
r. As Jong as this lack of 
-security continues, however, 
there will be two winners. 
Apart from the computer crook, 
the consultants, such as SRI and 
Peter Heins, who are able to 
offer adi'ice on detection and 
.prevention are themselves 
•jikely to rival computer fraud 
for fast growth in the area of 
conferences and techniques. The 
only losers will entinue to be 
the companies unfortunate 
enough to depend on computers 
for runnin gtheir business. 

Mid-East 

marinas 

FISHING, PEARLING, and long 
trading voyages in ocean-going 
dhows under sail, have all con- 
tributed to the pressivc reputa- 
tion of the Arabs of the Gulf 
ns sailors and navigators. 

-* But until lately they have 
shown little interest in going to 
sea for the fun of the thing. The 
few yachts in the Gulf have 
tended to be owned and sailed 
by Europeans. 

. Times are changing according 
to . Nick Hopkinson, the editor 
of Internationa] Boat Industry, 
who has just toured the Gulf 
states making a study of the 
market future for recreational 
boating. Although it will be a 
long time before the Gulfs blue 
waters are as busy as the Solent 
on an August Sunday yachting 
Is now. a booming activity there 


supported by Arabs and Euro- Club:tiear the Holiday Inn. It 
peans alike. is not yet equipped with pon- 

Sailing can be difficult in Ihe toons but when it is completed 
Gulf because of fickle winds — or a local surge in the sales of 
lack of wind. So offshore yachts mdtor cruisers is expected. Mr. 
are few and far between. Most Fred^ Pittera. an American 
"string and stick" enthusiasts living in Sharjah, is keen to 
are finding their fun with arrange a boat show, 
dinghy racing. But the power- ^ pleasure boat market in 
boat market is apparently limit- to ^ready actiiS 

10 support 10 boat 
J55J t c ?" lb tn MPhtT^i and cbandlerv dealers. After 
22?. ^ f KuWait Abu Dhabi is reckoned 

several hundred tonnes. to..*fe the most active market 

European yachtsmen search- for pleasure bo5ts in the Gulf, 
ing for a berth in over-crowded Th^.- new boat dealers have 
harbours and marinas will envy established showrooms there 
the Kuwaitis. They have a vir- this. year". ' 
tually continuous season and _ ■ \ . . . , 

the government is also trying to . ■ unexpected hazard 

encourage people to take their JP **■ %*** W w * ters of the 
holidays within the country by Gulf off the .Arab states appears 
installing new facilities for tn ** winning agrouni One 
pleasure boating. Five new P roud °'F ner of a new 50-footer 
marinas have been built and r ® n 0U £P* water at speed on 
are being managed by Touristic *^ e ya , ? voy . age - , 

Enterprises, a government- P rom Ptly had her Tepl&ced by 
owned agency. Designed .by a an identical model ! 

Canadian company and buUt by 
Yugoslavs these marinas have 
been opened over the last year 
a ndare each capable of berth- . . , 

ing more than 250 boats. tlGKGt 

More than 10 '<J°0 aspiring jiore THAN 150 people from 
sailors have already taken out W e> bridge (stockbrokers all?) 

J!* , * Cl ?* S have said they would be in- 

attached to each manna. So far. teresIed - in flyi ’ g ^ Greenwich, 

however, only a proper- Ct(Qnecti <mt early in October 

tion of them actually have for a free ^ , 

boats. The mannas are ex- T 

peered to fill up over the next -term Laverack, 3», owner of 
two to three years ns yachts Berkleys restaurant in Wey- 
are purchased. The Australians bridge, is opening a new branch 
have been quick to spot this * n Greenwich, and has opened 
potential market and are hold- •* of people willing to be at 
ing a boat show exclusively for 1iie opening night. He said: 
Australian boat builders at the “ Anybody • who has lunch in 
Hilton Marina, Kuwait next ^'bridge and flies out at an 
February- anticipated 1 cost for the flight of 

The wealthiest residents, in- £120 he offered a free din- 
cluding members of the ruling n v f . The official trip will be 
family and principal ministers, Thursday to Tuesday.” 
already own some impressive Why XSreenwhich ? It is a 
motor yachts which are berthed commuter area from New York 
in pravie yacht harbours along and many people who live there 
the Kuwait coastline. Some of are from London, And Wey- 
the yachts are from British, bridge is full of Americans — 
American, and Italian yards. A so. says Laverack, there is a 
few owners prefer to remain dialogue going on all the lime, 
faithful to the traditional dhow The traitresses and other staff 
converted at considerable ex- in buth countries will be 
pense into cruising yachts. offered the chance of working 

Kuwait must currently offer in Ulfc oth « country after they 
one of the best concentrated have proved themselves in their 
markets in the world for luxury country' or origin. Laverack. a 
yachts. One new znarina is Bachelor of Medicine turned 
being planned to contain 100 resiauranteur, said that Green* 
berths for yachts of up to 110- wichc was primarily a residen- 
feet overall length. tiaJ t"«n. only 2S miles from 

Bahrain, cosmopolitan by the New lork. City on the main 
standards of the Golf, a! read v Penn Central Railway line and 
has a fleet of more than 2,000 people fed up with the plastic 
power boats. There are plans Vn V °f* ™ in ., be wliin S 
afoot for a new marina which 10 E ?.°? e “ S mi ^ es t0 taste 

the Government will assist by f°« » nd 2° od 

contributing to land reclamation c es at S5 fl bottle, 

work. Like Kuwait the provi- He has four certain cuslo- 

sion of “ parking space ” for es- merjl ^ or p 1 * new restaurant, 
pensive power boats is expected Two American ladies dining in 
to be followed by a sale boom Meybridge saw pictures of the 
among local administrators and Ante n can establishment and 
businessmen. pointing Ip the building next 

Hopkinson noted after his 0ur ,J usb:inds 

tour of the Gulf ports "There n - ■ _ . . . 

can be no doubt that a luxury . The^npu? ® 01 i nds 

motor yacht is becoming an * te , he Picfcwi^pia 

es^en aal jwssession of the top Greenwich Avenue. The lower 
Sphere of successful men floor> however, will be in the 
throughout tee Gulf stales. sty]e 0 f a French cellar bar 

tf*? deepwater Dubai vrlili wine as' the predominant 
creek which has been a prime -heme, although other drinks 
trading harbour for the Gulf w jH be available. The res- 
for many centuries, modem Durant has its own kitchens 
motor cruisers now rub and mom for 10,000 bottles of 
shoulders jrith the big dhows wine, many of which have been 
which still make regular voy. specially imported from France, 
ages to, India and Pakistan California won't like that. 
with passengers and cargo. Bui the area remains stead- 
Here again marina plans are lastly American With such dis- 
in the air. It seems likely thar tricis as Cos Cob. Mianns, 
a marina will be built in. the Chiekahomlny, Belle Haven, 
creek. Sharjah, a member of Rock Ridge and Round HiU. 
the United Arab Emirates like What sort of people are going 
Dubai, has a marina basin to fly to America for a free 
dredged out at the Marbella dinner, I wondered. *-■ Many of 


our customers are in the air- 
line business and can get 90 
per cent Of their air fares. Many 
are American businessmen sta- 
tioned tn Weybridge who go 
home from time to time and 
some are undoubtedly stock- 
brokers. It will almost seem 
like home." 

More than 130 have said they 
would be interested but how 
many will actually go in 
October when the trip is 
scheduled to coincide with the 
opening? That’s another matter. 
But realising how rich Wey- 
bridge, Surrey, is, it could well 
be more. 

Contributors: 

David Lascelles, 

Roy Hodson, 

Mark Stone 
and David Churchill 


Economic Diary 

SUNDAY — Department for 
National Savinas’ monthly pro- 


gress repori t July). Sir Keith 
Joseph. M.P. at Young Conserva- 
tives rally to commemorate 10 th 
anniversary of Czechoslovakian 
invasion, Trafalgar Square. 

London. 

MONDAY — Mrs.' Margaret 

Thatcher. Conservative Party 

Leader, tours marginal constitu- 
encies in North Kent Measures in 
force for 28 per cent cutback in 
Irish Sea herring fishing. First 
American. Fl-ll fighter bomber 
arrives for launch of £lm main- 
tenance deal; British Aerospace. 
Filton. Bristol. .New .session of 
United Nations Conference on 
Law of the eSa opens. New York. 
Turnover of the motor trades 
(second quarter ). Confederation 
of British Indusi r>' monthly- 
trends (August). Trades Union 
Conference finance and general 
purposes committee meets. Con- 
gress House. London. 

TUESDAY — August provisional 


figures for unemployment and 
unfilled vacancies. 

WEDNESDAY — British Ait ways 
engineers' 2 -i hour sirike due lu 
beein. Lucas toolroom workers 
begin series or selective slnke-. 
Meeting of Tl : C general council. 
Congress House. London. N-w 
vehicle registrations ( July i. Mr. 
John Silkin. Minister of Agricul- 
ture. to fly over fishin-j fleet. 

THURSDAY— -TVC steel com- 
mit tec to hear union plans for 
Bil.ston steelworks. Car and ivin- 
rooreial vehicle production i July 
— final) . Bricks and cement pro- 
duction (July. Capital •■xpi.-n'.ii- 
rure by the manufacturing, dis- 
tributive and service imluMrtvs 
t. second quarter — prmiskmah. 
Manufacturers' and distributers 
stocks (second quarter— pro- 
visional). British Association for 
the Advancement of Science staie- 
ment on plans Tor annual meeting 
(Bath University September -i-Si. 
FRIDAY — Sales and orders in the 
engineering indnsirie- iMayl. 


Widely acclaimed by financial journalists and invest- 
ment advisers, MiG’s Recovery Fund, designed to 
produce capital growth, ended 1977 as Britain's best- 
performing unit trust. It has a policy of buying the 
shares of companies that have fallen upon hard limes. 
Many of these companies recover, and through a pro- 
cess of careful selection MAG has been able to bring 
high rewards over the years to Recovery Fund inves- 
tors. An investment of £1,000 at the time of the Fund's 
launch in May 1969 had, at the offered price of 954p 
on 16th August 1978, grown to £7,672 inducting rein- 
vested income. During this period the F.T. industrial 
Ordinary Index, which does not include reinvested 
income, has gone up by 22 4%. The estimated cunenl 
gross yield for income units is 415%. 

■Uni! Trusts are a long-term inveslmenf and noi suit- 
able lor money that you may need at short notice. 

T he price of units and the income from them nuy go 
down as well as up. 

Prices and yields appear in ihe F.T: daily An initial 
charge of 3i% is included in the price, an annual 
charge of t% plus VAT is deducted from Ihe Fund s 
gr uss income. Distributions for Income units ate made 
cm TOth February and 20th August net ol basic rate tax 
and are reinvested for Accumulation units io increase 
the value of the units. The nwt ditlnbulion dale lor 
new investors will be 20th February 1975. You can buy 
or cell units qn any business day. Contracts lor pur- 
chases or safes will be due for settlement 2 or 3 weeks 
later. Is % commission is payableto accredited agenls. 
Trustee - Barclays Bank Trust Company Limited. The 
Fund is a wider range security and is authorised by the 
Secretary of State lor Trade 

W6G is a member of the Unit Trust Association. 

TWO WAYS TO INVEST 

As an alternative, or in addition to investing a capital 
sum. you can start a Regular Investment Plan through 
a fife assurance policy with benefits linked lo the M&G 
Recovery Fund for as fittte as £12 a month. 31% to 94% 
[depending on ydor starting age) is invested, except in 
the first two years when an additional 20 per cert is 
retained to meet setting-up expenses. 

On a C?Q Plan, lax relief at present rales can bring 
, down your net monthly cost to only C16 70. m most 
cases appreciably less than the monthly purchase of 
units on your behalf by M&G Trust (Assurance) Ltd, 
Regular investment ol this lype means that the inevi- 
table iiuduaijons in the price of units gives you a posi- 
tive arithmetical advantage through Pound Cost Aver- 
aging, because yourpiemiumis usedtobuy more units 
when the price is low and fewer when it is high You also 
get l Recover throughout the period of af feast 18Q times 
your monthly payment, it your age ai entry is 54 or 
under; an element oi fife cover is also provided for 
higher ages, up to 75 You are normally entitled lo claim 
Jjji relief at current rales of £!6’50 for each £.100 paid. 

If you cash in or slop your payments during the first 
tom years there is a penalty, and the lax authorities 
require us to make a deduction, so you should not con- 
sider the Plan for less than five years. 

MSG is a member of Ihe Life Offces’AKociation. . 

r.l.s -Iter b flot.iwikibtelo lAtufeidf of Ihe Peoutltc ol Ireland. 


s* s- M&G's Recovery Fund is something of a 

in its class: a stunningly consisient perfonner... 

FtNANCIALTIMES -• * ^ 

The lop performing unit trust oMSTT was M&G 
Reco^ which 

. ttovSystosgwest 

ZTn- MSG CRO'.I? at* THREE QUAY' TOWER HU! L0ND0:; EC i? -.RQ 

■TELEPHONE >! -Cfi Ag Th is section to be completed by all applicants 

I. , i-i 7 TuC” 

■ • ,i i» v- *.* 

| (SURNAME 

| .'.'K A*PP- ' ■■ 


I; PtATCOI': 

I 




rf sjosra 


■“-) | 'J 1 1 J , W J t.T. r .'fl Complete this serton io make a Capital 
1 1 *f I [ i M .r.T... li J Investment (rnimmum £1.000). Do not 

. send any money >ii crnraci n,-.r.- : ..-ii h> v-u -.Mtir.-c s-.Ji 
| Vtuoweanrt’. ^ •.•■UHwsil'We i •.«« terUiCo'.-r.WW.-.- . p rti. « 

| PLEASE IHVEST[I 


] in ACCUMULATION INCOME arils 

Idelete as applicable or Accumulation units all be ics jea) the M&G 

| Recovery Fund ?! the pw.e ruling on receipt ot thiS 2 ccli:afu:n. 

I I declare (Imi . . t •' u:- •ic :r>e 1 uku' ?...• , -i. n if :•*•! ■ i .:. 

the rile ■> i :‘>oi.i.te: .mn i *r> n.-.' ... ?u.::n,- ’h-. .n.i i* ■ ■ - .•[ .- 

pr.-.nn ips’:, T- IP- ’• Tvi i . i.-m 
| nst to ration.- -. cl'jp.'j n;.LV.*i »•: • 

I . * ill- 


1 f el iWJf.1 Complete this wclion it you wish lo Hart a Life Assurance , 
m 4 74 Poi«y by paying monlhly premiums mararnirn (12 a month!. £ 

I WSH TO INVEST »E~ ' j eacn month ;rs ihe M&G Rec-y.w Furid. 


I 


| \ enclose my cheque tor the firsl monthly payment, made payable lo 

I M&G Trust (Assurance) Limited. 

l understand n.-.men; s nrfv D'nireir.nal >-.d - n.»! !li-’ i roi 

( assume itsii t-reii SuiRUrJiddicativncI occepran;e i*j*, wn n. i.. i. 

_ L'AT£ 

|OtxumnoN _ __ or s^m 


NAME AND ACC^i^ c '- c W^AL DOCTOR /.hem refc’enc? ir« be mice) 


I 

» -... 

I' slCNATfhF 


Are you vn 


H TOucarmcl vsa ! rf i« Oectefaricn Wn*. .'nn 
Oert»rj|«Bl>«li • 1 “ 

h uni -jl § " * lt ' h . ■ ' ■ 

r ^ t Ariii '] '.V,..'-"’-— 


| DATE 


tteCiiterM in >> -• i *'■*)&: fits'. Cr*i;i??s ibo.e 



THEM&GGROOP 





14 


-Financial Times Saturday August Iff" I07S 



DIVIDENDS ANNOUNCED 


BIDS AND DEALS 


current 


Pye turns in depressing 
£5.Sm for first half 


WITH pre-tax profits of Pye of 
Cambridge down from 17.43m to 
£.1.1 lm In the first half of 1978 
Lord Thorncycroft, the chairman 
«tnys results for the second six 
months .should show improvement 
bui it is unlikuiv that the 1978 
results will match those of last 
year 

Met profit Tor the first half 
atinbuiable to ihe parent, Pye 
Holdings, de ci cased from 3.29m 
lo £2 37m. 

The interim dividend is main- 
tained at l-22.ip per 23p share, 
absorbing £602,(100. Last year’s 
total was 3 5fiS4p from record pre- 
tax profits of £16.Qtim. 

The first half results do not in- 
clude the extraordinary' loss of 
rim arising from the sale of 
Ekco Plastics. 

Excluding estimated costs of 
ChUO.dOi) for reorganising the 
Pye Uni cam and Pye Ether activi- 
ties, which have been charged 
against trading profit, the results 
of ihe insirumenlaiioj) and elec- 
tronic sector were belter than in 
Ihe 1077 first half, says Lord 
Thorneycroft. 

The amount required to be 
transferred in stock replacement 
reserve for the half year from the 
group net profit of £2.49 m 
(£3.51 mi is estimated to be £tm 

liunn.otio). 

The group's ultimate holding 
company is M.V. Philips of 
Holland. 


studio equipment and Bepi in 
Scotland wos having quality 
control problems with its printed 
circuit boards. In addition, the TV 
businesses in New Zealand were 
hit by the economic problems in 
that country coupled with stiff 
competition from Japan. Com 
petition is an increasing problem 
over most of Pyc’s product range 
where, in sortie cases, the company 
has been slow to adopt new 
processes. Where the company has 
developed a new product — the 
Teletext Adaptor for tne proposed 
viewdata service on TV — the 
market has been slow to develop. 

Overall the outlook is not 
encouraging for the short term 
and Pye may only achieve £l2m 
for the year, against £16m last 
time. At that level the prospective 
p.-e is around S while the yield 
(on a maintained dividend) js just 
over 6 per cent, covered three 
times. This compares with a 
sector average oE 10 and 3.8 per 
cent respectively. 


Earnings per share are shown 
at 14.02 p 1 11. tip) and fully diluted 
as 9.17p t757p). 

The group's interests are in 
vegetable processing and sauce 
and condiment manufacture. 


Benford Concrete ...... .int. lM»7 Oct. 2 (1.53 — 1S*“J 

John Brown ..2nd 'Int 4,84 Oct. 6 4.71 S54 S.7I 

Gold Fields of Sth. Africa 855 Oct. 4 50 135 - 110 

Hatie woods ...3rd int. 1.3 Sept. 26 nil 3 nU 

Investment Go. ........ 1-W Oct. 20 1.94 3 2./ 

Pifco 2.13 OCl. 20 1.91 3 2.7 

Pye Inti 1.23 Oct. 13 1-23 — 3 .at 

F. S. JRatefiffe 4JZ5 — 3.7 5-2.* 4.^ 

Stirling Knitting 0.4 OcL 13 0.35 0./a 0.. 

Ward Holdings ant 0-99 Oct. 6 0.99 — 2.S4 

Dividends shown pence per share net except where otherwise stated. 

•Equivalent after allowing for scrip issue. rOn capital 
increased by rights and/ of acquisition Issues. J Supplementary 
dividend of 0.0 1851 p for 197.' Included. 5 South African cents 
throughout. 


JFB steps in with £8.3in 

offer for Weston-Evans 


BY ANDREW TAYLOR 


Advance at 

Stirling 

Knitting 


Second half profit 
at British Land 


Hazlewoods 
up £16,000 
-pays 3p 


FOLLOWING A £56.000 rise to 
£197,000 at half time, taxable 
profit of Stilting Knitting Croup 
advanced from £254,370 to 
£180,379 in the March 31, 1978. 
year. Turnover was £o.45m 
against £4.73m last time. 

Alter tax of £191,775 (£120,009 
net profit came out at £188.604 
(£134,361). Retained profit 
emerged at £77.977. compared with 
a £63.601 deficit previously, after 
£89.627 t £178.362) of the premium 
on the acquisition of a subsidiary 
was written off. 

Earnings per 20p share are 
shown at 6.74p (43p) before the 
write off. and the final dividend 
of 0.4p takes the total for the 
year from Q.7p to 0.75p. 


Pye at Cambridge 
Turnover 
Trulinc nrotii* 
l.n.i'i :niiT.-sl 
R.ifrfc iltfr-n-41. ell 1 . 
ProlU before lax . ... 
Tax 

V I profit 

Minor'll.** 

I'Ti fi-r^niv dividend .. 
Ar.riliui.ihli’ ordinary 
Pyi- Uvlriiiuzi loss 
Aiirih Pjv Hulrtinos 


* Iiicludini: investment Ineoma. 


o comment 


l’ye has turned in a depressing sc! 
of first half results. Profits have 
slipped by almost a third and the 
share price drop pc dby 9p to SSp 
While the reorganisation of 
Uiiicam and Ether cost £0.Sm. TYT 
suffered from a sharp drop in 
demand for outside broadcast and 


WITH TURNOVER up from £3.58m 
to £4.39m pre-tax profit ol 
Hazlewoods (Proprietary) rose 
£16,000 to £401,000 in the March 
31, 1978 year. 

197T-7S T197U-77 

am am 

Turnover — • 4.3*i 3.aSti 

pre-UK pr»nt 401 3BS 

Tat .. ® *3 

Nvi profit nss am 

Extraordinary debits .. ""j 9 

Available ®i -1®l 

Horam.-rt 3*^ Ml 

• Restated tnlluu-iiiR ED 19. * Relates lo 
oui-or-eoiirt settlement of a claim auainst 
I be rnmnuiiy. 

In line with its forecast it is 
paying a 1.3p net per 20p share 
third interim for a total of 3p. 
No dividends were paid last year. 

The result is subject lo tax of 
£9.000 (£75.000) and there was an 
extraordinary debit of £15,000 
(£9,000) comprising an out of 
court settlement of a claims 
against the company. 


Pifco picks 
up and 
tops f 1.4m 


A SECOND half profit of £0.95m 
compared with a £L57m loss pre- 
viously has reduced "the annual 
pre-tax loss to March 31, 1978 of 
British Land Company from 
£3. 97m to 11.07m. 

The result came on a surplus 
of £1 3.98m (£I4u28ral before 
interest charges of £15 05m 
I £ 1 8.25m). After tax relief of 
£1.4m against £2.7m previously 
the revenue surplus attributable 
'to members came out at £333.000 
compared with a £L33on deficit 
last time. In 1976-77 there were 
minority interests of £39.000. 

The surplus per 25p share is 
shown at 0.6p (3p deficit). 

Directors say an open market 
valuation of the properties hold 
at balance date produced an 
aggregate of £189.Sm. This indi- 
cates net assets of £62m, a equi- 
valent to 97p per share. 

See Lex 


in the company's ordinary shares 

by means of share options. 

The scheme was introduced last 
year to employees in the UK and 
France and was extended this year 
to Australia, Belgium. Canada. 
Holland. Italy and .West Germany. 
Employees of all levels with a 
minimum of five years' service are 
eligible to join the scheme, they 
add. 


Progress 
for Ward 
Holdings 


WITH PROFITS in the second half 
ahead from £879,400 to £941.700. 
Pirco Holdings more than made 
up its £10,500 first half shortfall 
to leave taxable profit up from 
£I.37m to £1.4Lm in the April 30. 
1978 year. 

After tax of £699,800 (£710.0001. 
net profit advanced from £660.900 
to £714,900. Retained profit came 
out at £564.900 (£526.900). and 
earnings per share a 20p share are 
shown at 14.3p (13.24p). 

The final dividend of 2. Lip takes 
the total for the year from 2.699p 
to 3p net. 


Rowntree 

employees 

oversubscribe 


Directors of Rowntree Mackin- 
tosh report that applications from 
employees in eight countries fox 
options to purchase shares in the 
company totalled more than t» ice 
the value of the -shares on offer. 
The applications amounted to 
£4.5m for shares worth just over 
£2m. 

Some 3,000 employees — almost a 
quarter of those eligible to join 
the scheme — now have an interest 


FOR THE half year ended April 
30, 1978 property developer Ward 
Holdings has shown some 
improvement, and chairman Mr. 
D. J. Ward is optimistic that the 
trend can be maintained. 

Turnover in the period was up 
from £2.03m to 13.46m, of which 
house sales accounted for £3.L2m 
i£l.7Sm), and profits before tax 
came to £328.000, compared with 
a loss of £37,000 in the- correspond- 
ing period and with a profit or 
£361000 for the second half of 
1976-77. 

Tax charge this time is £31,000 
(nil. 

The interim dividend is held at 
0.99p net per lOp share, and 
waivers have been received on 
2.57m shares. Last year's total 
was 1.65p. 

Of the company’s capital. 63 per 
cent is controlled by the directors 
and their families. 


THE STRUGGLE for control of 
Weston-Evans, the Lancashire 
based engineering concent, took 
on a new xrisr yesterday with' the- 
emergence of an £&3m counter 
bid, in shares and cash, from'; 
Johnson and Firth Brown, the 
Sheffield steel group. 

This compares with the all cash 
offer from Birmingham and Mid- 
land Counties Trust which values 
Weston at £6.7m. 

BMCT, a private company 
owned by Mr. Graham Ferguson- 
Lacey and Mr. Cecil -McBride, 
already controls a 42 per cent 
stake in Weston.- Its intention is 
to increase this to 51 per cent — 
a hallmark of many of the deals - 
Involving Mr. Lacey and Mr, 
McBride — and place any ex cess - 
shares m the market. •- • • • 

Mr. Lacey said yesterday that 
at first glance the JFB offer 
appeared inadequate. “Even IE; 
we were to accept, we would net- 
want to retain shares m JFB. - It- 
does not fit in with investment 
criteria." he said. 

JFB is offering 23 of its shares - 
for every 20 Weston shares. In' 
addition shareholders will get 7Sp. 
cash for each Weston ordinary, if 
the deal is accepted in full BMCT 
will have a near 2 per cent stake- 
in the Sheffield steel group. 

The Weston board — other than . 
Mr. Lacey, Mr. McBride and limit 
associate Mr. Garner — are sup- 
porting the JFB bid valued at loop' 
a share, and has already rejected - 
BMCT’s offer of 124 Jp a share. The : 
board is backed by the company's 


financial advisors Barclays Mer- 
chant Bank. Layard Bookers is 

■ ’Tspokesman tor JFB, KhicMM 
year was involved in an abortiv e 
takeover bid for rival Sheffield 
steel concern Dunrord and Elliott. 
Said that Weston would expand 
the group’s engineering interests 
winch currently , contribute 
around only 15 per cent of profits. 

Of particular interest is \\ csfon s 
US.: packaging operations. Last 
.year "Weston’s U.S. subsidiaries 
generated more than 72 per cent 
of group pre-tax profits totalling 
:£L7m. JFB already has Interests 
in manufacturing machinery for 
the packaging industry. , 

■ However JFB says that as a steel 
-company it may have to seek per- 
mission from the Commission of 
the European Communities before 
sending out an offer document. 

Meanwhile Weston shares 
-climbed I9p yesterday to 152p 
after having been suspended at 
133 p. ' jfb remained unchanged, 
rat fifip. 


Samuel will -accept the AE offer in 
due course and A£ will, therefore, 
have a better chance of ob»lning 
the 90 per cent acceptance *>f its 
offer which it needs in order lo .be 
able to compulsorily buy the rest. 


Over 53% of 
Bonser accept 
Kaye’s bid 


AE has 8.6% 
of Fluidrive 


Hill Samuel, merchant banker 
'to Associated Engineering, yester- 
day acquired 3S5.000 Fluidrive 
share, taking the AE camp’s total 
to 590,000 shares, or S.6 per cent 
of the capital. . . 

The bulk of Ihe stake is held by 
Hill Samuel rather than A. E. Hill 


The privately owned 1 Kaye 
Org anisa tion, which runs the 
Lansing Bagnall forklift truck 
concern, last Hnght emerged ns 
the bidder for Bonser Engineering 
u ilh a cash offer valuing the com- 
pany at £2.6m. 

Kaye has already agreed to 
acquire a 43 per cent stake m the 
company which manufactures 
forklift trucks and mechanical 
handling equipment— from the 
Bonser family trusts at a cost' of 
£l.lm. Shareholders representing 
a further 10.8 per cent stake hove 
also Indicated they will accept the 
Kaye bid of 43p a share. - 

Earlier yesterday Bonser shares 
were suspended at 36p after an 
Sp rise. Ahead of the suspension 
a spokesman for the company had 
said that Bonser's net asset value, 
including deferred tax. , was worth 
76p a share— valuing the company 
at around £4!tn. 


Atlantic Assets selling major 
Canadian investment 


Ricardo rights to raise £lm— 
big dividend increase 


Benford Concrete down 
to £1.6m midway 


SOME £1M is being raised by 
Ricardo and Co„ Engineers (1927) 
ihe research and consulting 
group, through a l-for-4 rights 
issue at 209)». 

In the market yesterday, the 
shares were exchanged at 256 p. 

Planned capita] spending (nr 
the year to June, 1979. is £I.4m 
and will be financed by the rights 
issue, retained earnings and, if 
necessary, bank borrowings. 

Explaining the rights Issue, the 
directors say u is necessary to 
continue with the group's sub- 
stantial capital expenditure pro- 
gramme. This currently involves 
providing new design and experi- 
mental facilities al Shoreham 
and rebuilding manufacturing 
premises in Manchester for its 
wholly-owned subsidiary'. G. 
Olssnns. 

At the same time the company 
h.is forecast pre-tax profits for the 
.'Car tn end -tune this year of not 
less than £935.01)0. an increase of 
about 4*> per cent. And share 
holders are being promised a 139 
per cent dividend boost for the 
.'ear in end June 1979. 

Thu issue has been underwrit- 
li-n by J. Henry Schroder Wagg 
and will he .subject (n (he passing, 
a; an ECSM on September 4. of a 
ruMilulion tn increase the autho- 
rised capital from £633.375 to 
I'l.liu 

Commenting on the current 
.'ear. ihe Board says it remains 
confident about the continued 
growth of the business, though 
it is too caily to make firm pre- 
dict ions. 

r«r ihe year just ended the ex- 
pected results reflect a substantial 
increase m the consulting, design, 
development and resarch work 
varied out by ihe company. 

In addition Cussuns has been 
successful in manufacturing and 
'••Unis a diverse range of technical 
.uwl educational equipment in the 
•niern.iiion.il market, particularly 
in the Middle East. 


For the year ended June 30 the 
Board is recommending a final 
dividend of l.7685p per share 
making a total of 2.9185p. 

For 1978-79 the directors are 
expecting to recommend a total 
dividend iff 7p net per share on 
the increased capital. 


• comment 

Ricard'os past profits growth has 
been sl«>.dy. rather than dramatic, 
though the company's forecast 
t virtualy an announcement) is 
highly encouraging and the cur- 
rent year is going well. Cash for 
the latest expansion was badly 
neded and medium term loan 


facilities had been discussed prior 
to the rights— total borrowings, 
however, amount to an overdraft 
of £10.000. The group consists 
oF the main consulting parent 
(clients include most or .the 
world’s major motor companies) 
and a manufacturing susbidiary 
Cussons. The latter (40 per cent 
of sales t bs picked up lucrative 
business in the Middle East with 
its sophisticated educational 
equipment. The research side, 
meanwhile, is closely involved with 
energy . saving developments, an 
area which will certainly expand. 
The rights is at a reasonable dis- 
count to the market price (22 per 
cent) and on forecast earnings 
the ex-rights P E it just over 8 
while the current yield of 1.7 per 
cem rises lo 4.3 per cent ex rights. 


heading together with many 
others drawn mainly from Mis- 
cellaneous Industrials. 

The Leisure section will com- 
prise: 

Anglia TV A. Associated 
Leisure, Barr and Wallace Arnold 
Trust A. Black and Edgington. 
Boosey and Hawkes. Coral Leisure. 
Gnome Photographic, Grampian 
TV A, Green Group. HTV N/V. 
Highgate Optical, Horizon Mid- 
lands, Howard and Wyndham. 

LWT A, Management Agency 
and Music. Nationwide Leisure, 
Norton and \V right Photax (Lon- 
don), Pleasure ma. Rediffusion TV 
Pref. Scottish TV A. Trident TV' A. 
Ulsler TV A. Webb (Joseph), 
Westward TV, Zetters. 


PROFITS before tax of Benford 
Concrete Machinery were down 
from £2.02m to £L6lm in the first 
six months of 1978 from turnovet 
of £l0.1Sm. compared with £9.5m. 
The profit last year totalled £3.84 m 
on turnover of £18.4m. 

Alter tax . of £835.000 (£J.05m) 
earnings per lOp^share are shown 
at 3.4722p against 4.3?41p. The 
interim dividend is raised from 


doubled from ...6Sj9S to £141,056 
in the April 30. 1978. half year. 

Earnings per 25p share are 
shown at 7.51p (3-77p). 

Directors say they anticipate the 
full year's results will show con- 
siderable improvement. SSAP 9 
has been applied and comparative 
figures have been adjusted. 


an equivalent 0.528p to 0.6 7 p and 
following the tax change Iheip is 
a supplementary dividend vof 
0.0 195 Ip for 1977. ' \ 

For the current year the man- 
mum permitted total is 2.0278/1, 
which would leave an anticipated 
L357Sp lo be paid- next May, the 
directors say. The total last year 
was equal to 1.83541 including the 
supplemntary dividend. 


W. E. Norton’s 

trading 

objective 


Delyn loss 
in first 
six months 


Discounting 
trims BP 

t 

Canada so far 


FT Share 
Service 


From today, a new Leisure sec- 
tion is included inthc IT Share 
Information Service. 


The Ci nomas, Theatres and TV 
section has been deleted, and all 
the constituent companies have 
been placed under the new group 


The seasonal nature of the 
business of Delyn, packaging pro- 
duct maker, is again shown in the 
half-year results with losses of 
£113.000 for the 24 weeks to 
March 19, 1978. against a deficit of 
£142,000 in the same period last 
year. 

Turnover amounted to £1.72m 
compared with £I.35m. Last year, 
pre-tax profits were £3,805 from 
turnover of £3.6fim. 

The directors say the group is 
trading profiitably in the current 
half-year. The forecast upturn 
in the national economy has not 
yet occurred although the manu- 
facturing operation has been in 
readiness and is able to respond. 

In July 1977, the acquisition of 
of Lonsdale Packaging was 
announced and integration into 
the existing operation has been 
successfully completed, the 
directors say. 


Consolidated net income of 
BP Canada fell from C323.4m to 
C918.5ZD in the June 30, 1978, half 
year. The profit represents earn- 
ings of 88 cents per common 
share compared with $ 1.11 last 
time. 

Directors say the reduction is 
mainly the result of reduced 
margins on sales of refined pro- 
ducts owing lo exceptionally 
heavy price discounting during 
the period. Earnings from natural 
gas sales and crude oil product 
tion were marginally higher than 
last year, with lower volumes 
offset by higher prices. 

Turnover was $403. 9ni i$366.Sm) 
and tax was $2m lower at $15J)m. 


Miller Rayner 
doubled 


From sales well ahead from 
£1.35m to £2.1Sm net profit of 
Miller Rayner and Haysnn, indus- 
trial clothing maker, more than 


Results due next week 


A PiiINTEIt l«» l railing conditions 
in Hie rut. -ti ling and ijuilrting sec- 
n>r> emerge from r»»m- 

pjiiiu- reporting results in the 
coming week. Interims are ex- 
pected from Stores group House 
of Fraser while prelims arc due 

from supermarket specialist 
Asiocialcd Dairies. London Brick 
and Blue Circle Industries arc 
both reporting interims while hail 
time figures (ront Ueean Trans 
pori .nid Trading are expected to 
provide further evidence ol 
depressed ennditiuns in the 
shipping industry. Ollier results 
to note are first quarter figures 
from Wedgwood mi Tuesday and 
interim from Leu Refrigeration on 
Thursday. 

Analysts .ire in surprisingly 
firm agreement about Associated 
Dairies' final liyures. due on 
Wednesday, with must estimates 
grouped around £27ni 
After an encouraging first iialf. 
profit growth is (bought to have 
slipped in the seeniui six months 
largely due in a slowdown in 
price inflation m food* which' has 
clipped margins. The price war. 
meanwhile, may have limited 
volume growth nnd while Ihe first 


two months of ihe year preceded 
this competition, the second half 
has suffered from Tull exposure. 
Meanwhile. ASDA’s new stores 
svill provide mui/lt of the increase 
but even here the impact of extra 
llourspucc has been less 
immediate than before. 

First-half profits of House of 
Fraser are always a small part of 
the total anti brokers' forecasts 

are around £7nt-LSm (Li.limi. The 
first quarter Marled well but the 
48 per cent profits growl h already 
reported include a fair bit ot 
recovery putcnLial. Better over- 
all sales growth is expected from 
the first half but, given the 
savings and staff economies intro- 
duced in Die second quarter 

year, the margin improvement 
this time may nut be very signtli 
cant. Meanwilhc. the provincial 
stores have made most of the 
running since the tourist boom 
ran out of steam. This picture is 
likely to continue if the consumer 
boom and retail spending trend* 
are maintained— provisional esti- 
mates Tor the full year range 
between £40ni-£45m (£34. 7m;. 

No one is in much doubt that 
Ocean’s interim profits, due on 
Tuesday, will make grim reading. 


Estimates ranee from £6m-£7m 
iCfi.lmi but more interest centres 
on dividend prospects and trading 
outlook in the second half. In this 
respect guidance on the West 
African routes port congestion 
will be keenly awaited. Mean- 
while the recent news that the 
Nigerians have cut back British 
shipping companies' freight 
increase from 25 per cent to 15 
per cenr will further hurt 
margins. This year sees the first 
full period with a lower stake in 
(XX. The current feeling is that 
the dividend will be held. 

Latest results from London 
Brick, due on Wednesday, are ex- 
pected to show pre-tax profits of 
between £fl.ara and £7.1ni. com- 
pared with £3.tiin. for the six- 
month period ending June 30. 
What may have limited growth 
at London Brick is the timing of 
price increases in relation to its 
wage awards. London Brick's most 
recent price increase was on June 
1. of 9.5 per cent. The previous 
price increase had taken effect in 
August 19m. Between those dates 
London Brick settled a wage claim 
in May which was backdated to 
January'- The group has also been 
carrying a high level of stock to 


meet the upturn in housebuilding 
activity. So four months of in- 
creased costs without any ottset. 
from a price increase could have 
braked the overall advance. 


To at least double turnover and 
profitability within the next three 
years, as compared with 1977-7S 
figures is the "simple objective" 
or the directors of W. E. Norton 
(Holdings), says Mr. Walter 
Norton, the chairman, in his 
annual statement. 

He adds that this will be based 
upon obtaining a greater share of 
the UK market for machine tools 
and small tools, and by expan- 
sion in the U.S. where an associate 
has been formed. Discussions are 
taking place with some of the 
larger producers of machine 
tools, which the group has 
represented in the UK for many 
years, with the object of obtaining 
sole representation for their pro- 
ducts m the U.S. 

"In addition, we are consider- 
ing the introduction of services 
complementary to machine tool 
distribution which could he an 
additional source of revenue and 
profit," Mr. Norton states. 

As reported on July 13, group 
pre-tax profits rose some 43 per 
cent to a record £647,547, on turn- 
over of 110m (£7.33m). A one- 
for-five rights, issue at 35p per 
share was announced and an 11- 
forlO scrip proposed. 

The chairman says profits 
"reached the gratifying level of 
37 per cent on capital employed. 

Group trading profit for the 
first quarter of the current year 
was appreciably in advance ot 
the same period last year and Mr. 
Norton is confident that the 
current year will be the group's 
most successful 

“Future prospects are most 
encouraging," be adds, with the 
group overall receiving inquiries 
and orders to a far higher value 
than hitherto, while the present 
order book is at a peak level. 

Meeting, Royal Automobile 
Club. SW. September 19, noon. 


Atlantic Assets, one of the three 
investment trusts run by Edin- 
burgh-based managers Ivory and 
Sime. is to sett its major Canadian 
investments, Yukon Consolidated 
Gold and Woodford Investments. 
In a complicated series of deals, 
control of Yukon— which now- 
rest s with Atlantic Assets through 
its own 22 per cent stake and 
through the 32 per cent stake 
held by its 78.6 per cent owned 
subsidiary Woodford— will pass to 
the Canadian natural resburces 
company Teck Corporation. 

Atlantic Assets is to buy back 
from Teck, Woodford's 6 per cent 
stake in Shared Medical Systems 
Corporation, for a total of C$7m. 
This apart, the deal will leave 
Atlantic Assets with C$23m in 
cash, and a 6 per cent stake in 
Teck itself, which is worth 
approximately C$3 m. 

Behind Teck's decision to buy 
lies a desire to expand its natural 
resources business by the. pur- 
chase of a mining finance bouse.' 
Behind Atlantic Assets’ decision - 
to sell ells a desire to Canadianise 
Yukon, one way or another. An 
order that the company mlght/be 
free to use the C$20m whiqn it 
realised on the sale of its ptake 
in Crows Nest Industries, earlier 
this year, - without falling foul of 
the Canadian Foreign Investment 


Review Act. This Act imposes 
severe limiiations on the freedom 
of action of companies controlled 
from outside the country. 

Atlantic will realise profits of 
some £I4ni on the deals, all of 
which are interdependent and 
subject to the approval of the 
relevant regulatory bodies in the 
UK and Canada. They add some 
12p a share to the I42p a share 
net asset value which Atlantic 
Assets has just announced: and 
in consequence the company's 
shares improved by Sp yesterday 
to 112 p. 

A spokesman Tor Atlantic said 
yesterday that the company had 
no immediate plans for deploy- 
ing the cash released by the 
deals, bui that it would almost 
certainly be reinvested abroad, 
and probably tn a substantial 
degree within the United States, 
rather than Canada. Until it is 
so deployed, it will be held on 
deposit. 


ASTUEY & PEARCE 

MERGING. U.S. 

MONEY BROKING 

Agreement ha s \been reached 
in principle for Astley nod Pearce 
to merge its U.S. money broking 
business with Daniel E. Noonan, 


one of the top tiro foreicr 
exchange brokers in New York, 
Each holding company .will have 
a slake in the combined operation. 

The main strength of Noonan 
is on the foreign exchange side 
whereas Astley and Peart* h 
more orineted towards currency 
deposit broking. A and P would 
like particularly to beef up tis 
foreign exchange broking at the 
moment, because* under recent 
agreements in New York there 
will be room for expansion in 
that area. 

For the first time New \ork 
brokers are to be allowed to 
arrange deals between New York 
bunks and foreign principals from 
September 1. ... 

A and P. one of the leading 
international brokers, will be able 
to offer Noonan in return one of 
the most extensive networks of 
officios all over the world. British 
based brokers have developed 
these overseas offices more than 
anyone eilse. A and P be currently 
trying lo be ihe first to start 
operations in Japan. 

The growth, both actual and 
anticipated, in New York ha.v Jed 
several UJv- brokers to increase 
their presence there. In June. M. 
W. Marshall completed a merger 
with Lasscr Brothers. 


Joint stake by NEB and ICFC 


The National Enterprise Board 
and Industrial and Commercial 
Finance Corporation are jointly 
investing in BTB (Engineering), 
manufacturers of specialised 
three-wheeled vehicles marketed 
under th e na me Ant 

The NEB and ICFC have 
subscribed for 60,000 redeem- 
able cumulative participating 
preference shares of £1 at par. 
The preference shares carry the 
right to subscribe for 5,000 £1 
preferred ordinary shares at par 
which will give the NEB and ICFC 
25 per cent (12.5 per cent each) 
of the enlarged ordinary share 
cap it a). Mr.- Robin Bendall, the 
managing director, and the. two 
other full-time directors presently 
hold all the existing issued 
ordinary shares. 

Over the past Jour years BTB 
has developed and marketed a 
range of specialised bodies for 
municipal and other uses which 
are predominantly used in refuse 
collection and waste disposal and 
have been mounted on a three- 
wheel four-cylinder engine 
chassis. More than 50 per cent 
of the present output is exported. 

BTB's new manufacturing unit 
at Blackburn, " which could 
eventually employ about 50 
people, has been established in a 
factory made available by Black- 
burn Corporation. Additionally, 
the venture is receiving support 
from the Department of Industry 
in the form of an interest relief 
grant. 


trical wholesaler with five 
branches in England and Scotland. 
Sales for the year' to July SI. 1977, 
were £4.9m and profits before tax 
were £414,000. The company will 
fit into Tilling’s existing electrical 
wholesale, operations which are 
managed through the Newey and 
Eyre subsidiary. 


hill insurance now hold 827.500 
ordinary shares (12.07 per cent). 

Amalgamated Stores — Mr. L. 
Phillips disposed of 750,000 shares 
to Administrator Trust of 
Liechtenstein on August 7, and 
now holds 1,398,963 shares. 


STEWART 

WRIGHTSON 

Stewart Wrightson. the inter- 
national insurance broker, is to 
enter the Brazilian insurance 
market in partnership with Banco 
Bozano, Simon&en de Investimento 
S.A. one of the country's leading 
investroeht/commercial banks. 

A new joint company has been 
formed — Bozano Siraonsen Corre- 
lora de Seguros (in association 
with Stewart Wrightson) — which 
is based in Rio de Janeiro, with a 
branch office in Sao Paulo. If will 
handle all classes of insurance 
and reinsurance business; and 
consolidate Stewart Wrightson's 
South American operations. 


RIT HAS 17% OF 
GODFREY DAVIS 

In just over a month Rothschild 
Investment Trust has increased 
its interest in Godfrey Davis, the 
car hire and rental group, from 
9 J , per cent to over 17 per cent 
Rothschild said la&r month , that 
its holding would not form the 
basis of a bid. 


ARTECH PLASTICS 

Ariech Plastics Engineers, 
Camber ley, manufacturer of glass 
reinforced cladding panels and 
special mouldings for the build- 
ing industry, has been acquired 
by the Arab owned Omega Hold 
ing Company. 


Half-time results from Blue Circle 
Industries, formerly Associated 

Portland Cement Manufacturers, 
due out on Thursday are ex- 
pected to be in the region of 
£ 2 lm-£ 28 ra pre-tax. compared with 
£ 22 .3m. The lower estimates allow 
for a number of problems wbicb 

have befallen the group in the 
first half. Other than the usual 
seasonal difficulties — contractors 
and builders reduce orders for 
ceemnt when the weather. is bad 
— Blue Circle Tell foul of the 
Price Commission earlier this 
year. The Commission ruled that 
Blue Circle’s application for a id 
per cent price rise— due on March 
l — should only be raised by 4.77 
per cem. The remainder of the 
original application was only given 
the go-ahead with effect from June 
L This, and weak demand (sales 
for the first quarter were down 
7] per cem on the comparable 
period) with perhaps some toss of 
market share in the UK means 
that first-half figures are unlikely 
to sparkle. 


Investment Co. 
profit increase 


TILLING’S £2M 
PURCHASE 
Thomas Tilling has acquired 
the capital ’of Electrical Conduits 
(Holdings), a private company 

based in Walsall, for £2m cash. 
Electrical Conduits is an elec- 


SHARE STAKES 

Corn Exchange — Industrial 
Equity and its associated com- 
panies now hold a total of 6164*00 
ordinary shares. (22.16 per cent.). 

Jove Investment Trust — London 
Trust -has sold 171,043 capita) 
shares and no wholds lm (7 06 
per cent). River Plate and General 
Investment Trust has sold 250,040 
income shares and now holds- 
527,163V % F. Rawlence's family 
has purchased 324,790 capital 
shares. now holds. l.lSra ( 8.33 
per cent);' 

Alva .Investment Trust — Corn- 

hill Insurance now holds 160,000 
ordinary shares (10 per cent). 

Ails'i Investment Trust — Corn- 


NO PROBE 

The proposed merger between 
BP Oil and Robert McBride (Mid- 
cuelon) is not to be referred to 
the Monopolies and Mergers Com- 
mission. 


ASSOC D. TOOLING. 

Associated Tooling Industries 
has completed the stOe ot the 
freehold factory complex at 1'riug, 
for £180,000 cash. 


For the year ended March 3L 
1978. the Investment Company 
reports profits before rax ahead 
from £321,101 to £330531. follow- 
ing the rise from £156.689 to 
£160,165 in the first six months. 

In their interim report, the 
directors said the improvement In 
the first -half results should con- 
tinue into the second half. 

Earnings per 25p share are 
shown to be 3.05p against 2.63p 
and a single i.063p final is recom- 
mended compared with the 0552p 
final last year. 


ASSOCIATES DEALS. 

Montagu, Loehl Stanley “haw 
bought, on behalf of. associates of 
mining investment cdrpordtioh 
25.000 Tebidy Minerals At fiflp, t 
J- Henry Schroder Wagg lias 
bought 100,000 Imperial Group .at 
on behall of associates, -.-' y 


UNIT TSUSTS 


Favourite returns unchanged 



1077-78 

t 

1976-77 

£ 

Profit before tax 

ru.Ki 

021 .*01 

Tax 

irt.aw 

133.078 

Minority credit 

3,229 

•2 28a 

iproffi reafcs. invest ... 

13.823 

3,«2 

Exiraord. debit 

•Debit- 

16*92 

11,469 

(Profits, less, losses, iranaterml 10 I 
capital reserve. ! 


CouiDany 


FINAL DIVIDENDS 

.V-r*in.nttH»l * I'aiK-ral ln«truiw«-nti 
Da in*.*' 

AiMiD A i itillOK' . . • 
E:«iish and 'H'-rson* Imesicm-ms 

Mv-Ka> fremtihv 

M- ai Trade Swpplh-r* 

IVlni-isum Inv.xinuni Tnwt .. ... 

s.,.T»ti<h imvororni Tni«» 

S> vchhI Aluanc** Tm*l .. . 

W a ills 

Th-niv-s PIvuwvJ M inufarliirrrs 

VM.tr ('roducis •Walist-ntti 


Announce- 

rm-nt 

Dirldrnd ipi" 

Company 


due 

Thursday 

lm 

Final 

2.2SAH 

Jnl. 

Rfur Circle Industries 

Brocks Group of Companies 


Wi-rinrsday 

■ 1 . 4.1 

11.2244 

IU5 

Clay « Richard. 



a. 147 

o.m» 

0.164 

Kile Forue 


Tiwuday 

Nil 

Nil 

n .35 

House cU Fraser 


TtfesJay 

0.7 

0.7 

tf.FSI/7 

-loftnsoo C.rouo Cleaners . . 


Tuesday 

3.11 

4.96 

3.3 

LHC Relnaeranon 


Thursday 

• W2 

1.04 

(I.JU 

London Brie* 


Thursday 

6.3 

i.ra 

1.1 

• icoan Traospon and Trading 



1.03 

4.0 


Turner .W. and E_. 


w.-dnesday 

in 


1.0 



Thursday 

n.fts3 

1 13 

n. 7.1 

INTERIM FIGURES 


Wednesday 

1.191 

1.S.W 

IJ9 

nifibs jnd Dundy 



Aunounce- 

mvni 

dui- 

Thursday 

Tweday 

Wednesday 

Tfiursday 

Thursday 

WednnedMr 

Thursday 

Wi'dru-sdaj 

Tuesday 

Tuesday 


Dividend ipi* 

Lai rear This year 
Ini. Final l«. 
2.SS 6. -1523 

1.4 —004 

1.04 1 43112 

8.155 1.4JU 

1.68904 3.0776 

2.023* 


THOMSON 

ORGANISATION 


0.3MD3 1.83S IT 

1.2572 1.1602 


INTERIM DIVIDENDS 

I’ln-rt in«.ul3ti'rs 

\rtl.-n. jn Tnr-I 

k\, . r.harh*' 

1 iaidsn -md N«*k»s «H«W»»03*' 


Tliiindny 

Tuesday 

Monday 

Monday 


Lovell <G. F.) — . 

Wedgwood - 

Wolf El>-tfnc Tnola Boldines 


Friday 
Friday 
Tu exdart 
Tuesday 


-Dividends shown m*i neon- m*r share and adjusipd for any intervening 
Scnu nsue. • Second uiK-run. , First Quarter. 


The Thomson Organisation 
yesterday gained the necessary 
shareholders approval for its com- 
plex scheme of arrangement 
under which the group will 
became the wholly owned sub- 
sidiary of a new Canadian holding 
company. 

The group said. that subject to 
the approval of the Court the 
scheme will become effective on 
September 19. 


That old favourite with in- 
vestors. the Lawson High Yield 
Trust, reappears on the scene this 
week under Us new management 
Arbutbnot Securities. The man- 
agers have the sense not to alter 
a well tried formula in respect 
of the investment strategy. This 
remains splitting (he assets 
between fixed-interest preference 
and high yielding equities. The 
preference element provides a 
high yield and stability of income, 
while equities provide growth 
prospects. The split— 40 per cent 
preference. 60 per cent equities— 
represents a good Compromise for 
investors seeking both the highest 
income possible and maxim urn 
growth prospects. Dividends are 
paid four times a year, but the 
minimum outlay is now £750. 

On another lack altogether 
Arbuthnot is offering Ihe Arbuth- 
not Eastern and International 
Food — a portfolio where East and 
West do meet The managers are 
offering investors a chance in ex- 
pand ihe geographical coverage of 


their Investments by Investing 
overseas in countries whose 
economies are already expanding. 
The Portfolio has 38 per cent in 
the U.S.. 27 per cent in Hong 
Kong, 10 per rent in Japan and 
smaller amounts in other markets, 
including the UK. The managers 
will change the proportions as 
conditions demand to maximise 
growth. Minimum outlay is again 
£750. 

Schlesslngcr Trust Managers 
also return to the U5, scene 
this week with the offer of the 
Schlcstogcr American Growth 
Trust. This a>ms at holding the 
leading U.S. “blue chips" and is 
solely for investors seeking capital . 
growth. The yield is only 1.93 
per cent gross the fund has out- 
performed the Dow Jones Indus- 
trial Average and the managers 
aim to avoid the risks of the 
dollar premium, wherever pos- 
sible, .. ... . . ....... 

Target Trusts Managers feel 
that long term protection against 


the erosion of values by inflation 
can be obtained by investing in 
commodities, or at least in those 
companies that trade tn commndi- 
t>es. The fund on offer is The 
Commodity Fund, and its 
performance since inception .three 
Y ear ? ago— -double that uf the 
Retail Price Index bears out (he 
managers Contention. The yield is 
3.3 per oent, so the fund ip for 

To Preserve the 
value of their capital., 

Finally. M and G is_ offering 
£ e ?T s lop t*erfbfther‘ : .the 

M & G Recovery Fund; Nq V bn? 

investment theory "'vSould have 
investors completely eschewing 
such a fund this year oa~the 
grounds that it. is bound to be a 
loser. But this fund has . outper- 
formed tlio 'market this year and 
its consistency . of above average 
growth is" an important feature, 
investees can- put down a; lump 
at least iajQOO or- make 
roqgiar ray tigs through a linked 
^ assurance plan of at leastXI2 
per month. 







!- U S'* 


l0l!2= 5 


fir tv w 

i 


Sy'v Vv, j-;. v 

SO? ' V--" 


J 


•XT 1 t 


' 1 — 

_ ' ’ ft, 






A 







Financial Times Saturday August. 19 1978 


1 


SUMMARY OF THE WEEK’S COMPANY NEWS 


'(Take-over bids and mergers Company 

Assocfaijcd^balries has launched a £5 .6m take^ver hid for — ^ f ° r 

t furnishing 'retailers. Wades Departmental Stores, in a move which comereroft 
\icft some City analysts questioning the logic behind the deal. 

■ That Asda should decide to use-some of its healthy cash balance 
to go on the take-over trial is no surprise, but the 'Choice of Custom agfe 
Wade has left many close observers slightly puzzled. .The bid. jj |;{ 

however, is assured of success as Asda has already, acquired a FI aid rive Rag. 

55 per cent interest in the ordinary shares and 33 Jl per cent SSffjEl 


Value of Price Value 

bid per -Market before of bid 
• share** price** bid (£nTg)*+ Bidder 

Price* ht pmc oiI a* rtStniti I od tailed. 


Final 

AcCfce 

date 


Company 


interest in the non-voting A shares. The offer comprises 102 ip HensbaiTfW.) 
in cash for each ordinary and 98p for each of the nan-voting a & Godwin 

shares. . 


shares Lyons (J.) 

snares. OrmeDevpts. 

■ Sir Ian Lowson and connected overseas trusts have agreed to PjSe(w!l? nia * 
sell 68,000 acres in Tennessee and Kentucky plus mineral and ' » 

lumber rights to their U.S. neighbours, J* M. Huber Corporation. Sl. Kitts(Londoa) 
The land and rights are the sole assets of American Association Tefafdp Minerals 
which since the .early . 1960’s, has been controlled' by Lowson 
, family interests. AA's board has recommended acceptance of Fridant Group 
Huber's 56.53 a share cash offer (approximately 330p a;- share) 
and states that Sir Ian, two other directors, certain, overseas 
• trusts and Mr. M. C. C. Arm it age (who controls 6^ per c$nt of the Wades Dept. Strs. 
shares) have already given irrevocable undertakings to accept the Wades !>ept-Strs. 
offer. . - Non-voting “A^ 


65* 1 

65 

56 

1.62 

Armstrong 
Equipment — 

103* 

104 

64 

7.07 

Bowater — 

21* 

J7 

19i 

2.10 

Mooloya Lavs. — 

182* 

14a 

90 

31.53 

Cargill — 

160* 

145 

12S 

3822 

Imperial Grp. 25/8 

92i 

86 

8 Z 

(L34 

AssoedLEng. 25/8 

83 

86 

55 

5.71 

Thos-Tfllfng 22/8 i 

86)* 

m 

89 

0.45 

Frith Foils — 

20* 

20 

X8 

0.50 

Bovbourne — 

125* 

223 

116 

2L51 

Frank B.Bafi 21/8 

154 

131 

97 

60.52 

Allied Brews. — 

56l§ 

52} 

48 

10.00 

Combes Grp. — 

27a 8 § 

264 

194 

113.36 S. Pearson — 

30* 

45 

44 

0.23 

Mr. & Mrs. D. B. 
Thompson — 
Industrial 

200* 

200 

170 

0.78 

: Equity — ' 

70 

87 

57tf 

2.06 

Mining IntL 

Cpn. — 

63* 

70 

55 

2.76 

Starwestlnv. 29/8. 

1241* 

133?t 

110 

8.71 

B*ham & Midland 
Counties TsL — 

10B4* 

98 

6S 

2.11 

Assoc. Dairies — 
Assoc. Dairies — 

98* 

96. 

60 

3.56 



Smith Whitworth .w ar .31 
UDT June 30 

Vlhropiast , Mar. 31 
Webb (Joseph ) Mar. 31 
Wiggins ConstdR. Mar. 31 
Worthington 1 A J.) Mar.3l 


Mar.31 1ft (34) 
June 30 17,000 (12^00) 
Mar. 31 2.610 (1,850) 
Mar. 31 511 (455) 

Mar. 31 435 (374) 

•Mar. 31 297 (312) 


INTERIM STATEMENTS 


— Company 


Half-year 

to 


Pre-tax profit 
(£ 000 ) 


Arcolectrfc Apr. 30 287 (117) 0.1S4 (0.184) 

Brit Aluminium June 30 12,626 (13.906) 20.0 (15.0) 

Cwth-L- -- , June 30 1,710. (1.403) 0.9 (Q.S) 

Dreamland Elec. June 30 254 (21>L 0.45 (0.4» 

Dufay Bttnmastie June 30 375 (308 ) 0.6J (0.583) 

EvodeHMgs. Apr.l 311 (094) 0.3fi3 (0.357) 

HallamSIelgh Mar. 31 . . 95 ( 70 ) 0.87f (026) 

Lambert Howartlr JuneJ7 ■ J41 (102) i.o (0.9) 

Lex Service Cp. June 30 8,370 (5£30> IBS (L3S6) 

Manchester Ship June 30 1300 (1,220) 6.637; (6.5)' 

New Equipment Apr. 30 87 (46) 0.335 10.SS) 

Notts. Manufctrg. June 30 4,976 (4.537) 1.0 (0J12) 

Olives Paper -lane 30 " ■ 149 tl37» 1.2 (L.0J 

Royal W<«esler June 24 936 (5S3) 3.4 (2.178) 

Smith* Nephew June 17 9,280 (7.400) 0.935 (0.813) 

Stanley (AG.) July 1 748 (504) 2.0 (1.B7) 

Transport Derpt. June 30 30,850 (8.959) 1.25 (1.125) 

Tuberinvs. June 30 31,400 (27.300) 10.075 (9.829) 

Unaevor - June SO 296,400 (2S82M) — (— j 

Wdbse. & Hixson June 30 320 Hal) 1.159 (1.159) 

Wooiworth (F.W) July 31 12,555 (10.925) 1225 1 1.225) 

York Trailer June 30 S61 (1.140) 1.196 (1.071) 

■■(Figures in parentheses are for corresponding period) 
-.Dividends shown net except where otherwise stated 

* Adjusted for any intervening scrip issue, t As dividend 
restraint' has not been lifted, directors say forecast additional 0.34p 
f or -3975-77 cannot be paid, t Includes special dividend due to 
change [ m tax rate. $ 16 months, fl Treasury consent has been 
obtained to pay a 2.7p final dividend. L Loss. 

Offers for sale, placings and introductions 

Strathclyde Regional Council: £25m £993 per cent variable rate | 
Stock 19S3 

Rights Issues 

Cnbb and Son: One-for-four at ll8p. 

Lex Service Group: One-for-five at 77p. 


— Lex Service Gp. June 30 
Manchester Ship June 30 
New Equipmcn t Apr. 30 
Notts. Manufctrg. June 30 
Olives Paper ‘ .1 one 30 

Royal Worcester June 24 
Smith & Nephew June 17 
Stanley. (A^C.) July l 
Transport Devpt. June 30 
TnbesJnvB. June 30 

Unilever - June 30 

Wdbse. ARixson June 30 
Wootworth (F.W) July 31 
York Trailer June 30 


Company 


Year to 
Feb. 28 


the U.S. Royal Worcester is paying. £2.8m in cash for August 18/1978. 

Carborundum’s 45 per cent stake in Royal Worcester Spode. 

A bid may well be in the offing for the Belfast-based Peter PRELIMINARY RESULTS 
Pan Bakeries following the announcement of bid talksi- but the 

proposed merger between Moorside Trust and London and SL pre *. L 

Lawrence Investment has now been abandoned because of the pany x ear to (. 

uncertainty caused by the company's long-running altercation, with Assoc. Tooting Feb. 28 ■ 10S 

,h. Inland Revenue. "* V tt:S IS 

The first casualty in the High Street price war emerged last Gowert0n Apr' 39 
week when Barker and Dobson, which owns the Oakeshotts super- Garford-LOley Mar! 31 407 

market chain, announced that it was pulling out of -th#'. grocery Geiferj A. & J.) Mar. SI 675 

business. Oakeshotts, which has some 40 licensed supermarkets 

in London and the South-East, has found its profit margins under Nairn (S.) Group Mar! 31 50 

severe pressure because of the cut-priee policy adopted, by the Newmark (Louis) Apr. i 2,100 
larger supermarket groups. ... *•.. Sf? rto 5, & Ml 

r\\ Press Tools Apr.30 250 

Imperial Group has sold its 33.5 per cent stake in Btmzl Pulp w!‘ to 

and Paper through the market to institutional investors. Kmtwr. Apr.|» as 


* All cash offer, f Cash alternative, t Partial bid. § For capital 
The 200-year-old Spode fine china business is to revert to not already held, J Combined market capitalisation. || Date on which 
M British ownership JBSr a 12. year lit* STaJL+m* 


June 24 
June 17 
July 1 
June 30 
June 30 
June SO 
J une 30 


Pre-tax profit 
(£000) 


Feb. 28 • 109 (73) 

Apr.30 L8S0 (1,780) 
Apr.SO 8,4305 (2,1*6) 
Mar. 31 1.004 (940) 


Earnings* Dividends* ’ 
per share (p) per share (p) 

2.7 (1J) 2.558 (22S9) 


Apr. 30 
Mar. 31 
Alar. SI 
June 30 
Mar. 31 


2,100 (1,840) 


Apr. 30 826 

Apr.30 1*290 


2.7 (1J) 2558 (22S9) 

3.7 ; (5.5) 0JS85 (0.792) 
14.6$ (10.0) 3.669 (2.45) 
263 (23.7) 2.636 (2.359) 

0.5 (22) 1.0 (1.5) 

2.9 • (2.6) 0.S (0.715) 

5.2 (4.8) 2.854 ( 2.556) 

3.1 (3.7) -029 (nil) 

13.6 (143) 3.243 (2.904) 
0.d (02) nil (nil) 

33.0 (28A> 6.721 (6.022) 

16.4 (10.4) 4229 (3.787) 

6.0 (4.3) 1.711 (1.532) 

3-2 (0.2) 1.1 (0.65) 

122 [US) SSI (2.875) 

15.4 (15.5) 1.S32 (1.64) 


niajV 


APPOINTMENTS 


BllS* 


Hanrahan heads ICI Ireland 


Mr. John M. Hanrahan has been 
appointed chairman and managing 
director of ICI IRELAND in 
Dublin. He was formerly manag- 
ing director o f Hone will Atlas, 
a subsidiary of Imperial Chemical 
Industries in Carshaiton. Mr. 
Hanrahan joined ICI Pharma- 
ceuticals Division in 1966 and 
after working in the European 
Deportment was appointed 
managing director of ICTs 

g harmaceuticals subsidiary in 
elguim in 1974. He became 
managing director of Henoywill 
Alias bl 1076. 

* 

ALAN JACKSON (UNDER- 
WRIT1NG AGENCIES) has been 
approved as a managing agent 
at Lloyd's. The directors are 
Mr. A. F. Jackson (chairman). 
Mr. R. Belloc Lowndes (manag- 
ing), Mr. R. J. Eastoe. Mr. T. G. 
Green. Mr. N. C Hayden and Mr. 
A. Shone. . 

* ■ - ■ 

Mr. G. W. Watson, on promotion 
to Under Secretary, has been 
appointed director of the 
CENTRAL COMPUTER AGENCY 
from .Sentember 4 in succession 
In Mr. W. K. Atkinson, who is 
moving to the Department of 
Inrtu.-iry to head that. Depart- 
ment's computer service and 
cVcirenifs division 


Mr. Leslie Elliot hag been 
appointed a director of V.Luxfer 
(UK), a subsidiary ofV ALCAN 
ALUMINIUM (UK). Mr. "B. B. C. 
Rerap has become- marketing 
director, finished products 
division of Alcan Booth Industries, 
and Mr. Stan Johnston is now 
personnel director' ot that 
division. W - . 


1TEL INTERNATIONAL has 
made the foHowtng .European 
executive appointments .at its 
London headquarters: JHr._ David 
R. Addison, vke-presidriit of 
marketing and operations with 
responsibility for the UK. 
Scandinavia. The Netherlands and 
Israel: Mr. Nino Getont vice- 
president of system marketing 
and support; and Mr. Derinld H. 
Schumann, vice-president; -field 
engineering Europe. Thepresent 
concern is Itei Corporation. 

* "*5-V 

The following appoin&nents 
have been made , by the 
SOLARTRON ELECTRIC GROUP- 
Mr. Gil Williams, in addition to 
his responsibilities as general 
manager for the newly restruc- 
tured Solartron Systems Group, 
has become overall man.iger for 
the Fa mbo rough establishment 
At the Systems Group 31 r. David 
Carter is now general manager,. 


I ! ; 

• -iflf 2. 

S ■■ 


- MANY SATISFIED READERS OF 

FLEET STREET LETTER ; 

HOLD BOURNE & HOLLINGSWORTH ‘ 
UP OVER 300% ! 

In March 1977, Fleet Street Letter readers were told emphatically 
to buy Bourne & Hollingsworth at 76p.~ Despite several upward.- 
flurries and poor profits, they were told again and again to hang 
on for the 250p per share assets. Now Morgan Grenfell announce . 
several effective bid approaches. To .the. joy of FSL fans, it is a 
classic auction situation, and & & H have’ leape to 266p. FSL advises, 
taking part profits when they reach 3QQp. 

Other typical Fleet Street Letter .winners are Leyland Paint at 24p ' 
— now 80p; j. A L. Randall at 45p— taken over at I20p; Zenith; 
Carburetter at 45p —.now 99p; p. C. Henderson at 3Bp — now 84p/ 
The Fleet Street Letter — published- - fortnightly — has a unique.' 
reputation for forecasting bow political and economic developments 
will affect the Stock Exchange.'. 

FSL is Britain's oldest confidential newsletter, with 40 years erf 
successful forecasting. FSL stays 'in business while others fold 
because FSL’s advice has so often been correct. What is more, 
FSL rives outspoken "sell” tips which'. tuns your paper profits 
into real money. 

Send for a free copy— -without obligation, of course — and study. 
FSL’s record for yourself. 

_ m — mm m 'em w mm w* bb » — mm — ; 

To: FLEET STREET LETTER, SQ Fleet Street. London EC4Y IJH.'" 


industrial systems; Hr. Peter 
OrraLston, general manager, 
Simfire; and Mr. Richard Slatter. 
general manager, Radar Systems. 

* 

Mr. Bryan Hope has become 
managing director of WINE 
FAIRS AND PROMOTIONS, pro- 
prietors of theannual World Wine 
Fair, at Bristol. The company 
is jointly owned by the City of 
Bristol, Bristol Hotelier^ Associa- 
tion and IPC Business Press, 
of which Mr. Hope is a director. 
Mr. Martin Morgan has been 
appointed secretary of the pro- 
motions company. 

+ 

Mr. H. Seeley, chief general 
manager of the CO-OPERATIVE 
INSURANCE SOCIETY, retires on 
February 19, 1979. He wfH he 
succeeded as chief • general 
manager by Mr. A. Duval, at 
present general manager and 
actuary. At the same time fur. 
A. Cochrane w-ftl become deputy 
chief general manager and 
secretary with continued resoon- 
sibility for the society's invest- 
ments. Mr. P. D. Johnson will 
be genera) manager and actuarv 
(non- li(e) and Mr. A- D. Sneddon 
general manager and actuary 
(life). 

* 

Mr. Freddie Bircher, managing 
director of Alcan Ekco, has been 
elected chairman of the 
ALUMINIUM FOIL CONTAINER 
MANUFACTURERS’ ASSOCIA- 
TION in succession to Mr. Don 
Holloway, general manager and 
secretary of William Garfield. Mr. 


Keith Walker, genera] manager 
of the foil and paper products 
division, Bowater Consumer 
Packaging, becomes chairman of 
the association's publicity com- 
mittee. 

Mr. Nick Evans has been 
appointed group sales director 
of ALLTRANSPORT INTER- 
NATIONAL GROUP. He was 
formerly chief executive of All- 
transport’s travel drvision.- 
*• 

Mr. J. P. Parker has been 
appointed a director of FINE 
ART DEVELOPMENTS. He is 
president of Regal Stationery 
Company and vice president of 
Canadian Corporate Management 
Company of Ontario, Canada. 

* 

Mr. J. T. H. Connolly, main 
Board director of the WILLIAM 
PICKLES GROUP, has been 
appointed managing director of 
J. W. Brooks and Sons (Maccles- 
field) and of Ms ca seta. He 
succeeds Mr. P. J. Brooks, who 
has retired. 

it 

Mr. Mike Summers has been 
appointed managing director of 
EUC TRUCKS. He was previously 
managing director of Taylor 
Woodrow Plant. 

* 

Mrs. Betty Guyatt has been 
appointed manager of the Kenlop 
Branch of MIDLAND BANK suc- 
ceeding Mr. J. W. Mercer, who has 
retired. She was previously assis- 
tant manager at the bank's 
London Road, Twickenham, 
branch. 


&SONSLTDL 

Edratfc fhm the Annua! Report and Chairman's Statement for the year ended 
2fih March 197H. 

Results ' 1978 1977 

£'000 SHOO 

• Crop Turnover 16^70 13.639 

Prefit before Taxation 1,021 458 

Taxation 568 217 

Bfvidends paid and proposed* 115’ 104 

[■ . Prafit retaiped 340 137 

• •Tk lororte tfwfcnfc wiM Mtffc ta S211I 

These results include share of profits for the 52 weeks ended 31st December 
IjSjl from Schwartz Spices Ltd 50% of which is owned by your company. 

Maximum Dividend 

’> ;Ymr Directors are recommending a find dividend of fLD% the marimuB 
'. permitted, making the total for the year lOlKL 

‘ -Operations and Developments 

!,.Tte year under review has not heen without difficulties, pstticutafy with repan! 
v to the continuing pressure on margins, which is m fine with other companies 
, engaged in food manufacturing. On the brokerage side of the business we 
-.5 Iwe added a new product to our range. The contribution from our Associated 
enquiry, Schwartz Spices Ltd. has shown a very satisfactory increase over 
1 Jot ygar. The Danish subsidiary continued to trade in unfavourable 
ri rcurote nces and the decision was taken last year to terminate its 
cperatitiDj. 

Prospects 

1 referred in my statement last year to the exceptional rise in the price of 
coffee. This haa now declined to substantially lower levels. Although there 
aresffl uncertainties in forecasting, your Directors are reasonably confident 
that the current year's results will be satisfactory. 

frf twin af Bcftmt ca k sttssd fnm Ik Setter 

R. Patercan & Sons lid.. 77 Charlotte Street, Glasgow G1 H)J. 



PHILIPS’ LAMPS HOLDING 

(N.V. Gemeenschappeltjk Bezitvan Aandeelen Philips' Gloeilampenfabrieken) 

Half-Yearly Statement to 30th June 1978 

This report combines the consolidated data of N.V. Philips’ Gioeiiampenfabrieken and those of the United States Philips Trust. 

Amounts In millions of guilders . 1978 1£ 


Address .. 


Please send me a free copy fif FSL. .without obligation. 




If von pay higlier rale 
t.4 \ ; h r> new Bowl 
r .m help you ipcietfse . 
\ijui investment' - 

(i i.-.jnie significantly. 
UomptesofTheivei- _ 
wlitis Waicanbe 
iH.1 sieved am 
; hc-\\ri the table.—-. 
Ami ,i( H)e end of the 
*.■ v-vjr perinti your ■ 
i-.f ' imcn; is 
r- ifdinfull.-. 

g w/rjf '/eeu'. T i it* f e 

j-. liT'i :»ssiruncD 


The Bond is also 
■ideal for basic taie . 

taxpayers. For 
example: an 
investment of 
CT.OOOuhe 

minimum) cbuld 
provide a total reiurrt 
of E90p.a. 
(equivalent to 
I3,43«dp.a. gross). 
"for a leaflet 

explaining the Bond 

■in full, post the _ 

coupon (no stamp 

required). 


LIMITED OFFER-MAY BE CLOSED AT ANY TIME. 
To*D^t. M.S.. Target Ufe Assurtn^Co^S .. 

F REEPOST. 7. 9 Breams Buildings; London EC4B 4EH 

Please let me have deiails^oi your5 -Year Income Bond; ■ 

Wjnmw Wh Ural „ „ — ■ 

. ■ 


Date of 

?.r.'“-'.'ir-«Taraa -■ 


ZZ I 

— I 

FTH/IJI 


Sales 

.Costs 

Trading profit 

Interest paid less interest received 
.. . Balance of other income and charges 

. Profit before fax 
Tax on profit 

l ‘ * ’ 

Profit after tax 

Share in net profit of'non-consol idated companies 
“ Minority interests 

Net profit 

! Trading profit as a percentage of sales 
■ Profit after tax as a percentage of sales 
Net profit as a percentage of shareholders* equity interest 
Net profit per ordinary share (in guilders) 

- . do. on the basis of accounting principles customarily followed 
; .!; . . in the U.S.A. ($1 =F2.23) 


At end of June 

: : Stocks (as a percentage of sales m the last 12 months) 
Average credit period for trade debtors {in months) 

Liquid assets 

'TotaTliabilities as a percentage of totat capita! employed 
Number of employees 

(comparative number at 1 January 1978: 384,400) 

• Of which in the Netherlands 

: . (comparative number at 1 January 1978: 84,900) 

• Safes 

.Sales in the second quarter increased by 10%, over the 
period from January to June the increase was 7% (in 
; T977: 2% and 1% In' relation to the corresponding periods 
' ;oH976). 

Profit 

Trading profit 'amounted to 6.8% of sales In the second 
quarter and 6-3% in- the period from January to June 
(1977: 6.8% and 7.2%). 

Net profit was 6.7% of shareholders' equity interest In the 
second -quarter and- 57% in the period from Januaiy to 
June (1977: 5.3% and 5.7%). 

In calculating profit and capital employed, allowance has 
1 been made for an estimated proportion of those provisions 


8>006 15,221 

—7,461 —14,258 


■ L- 545 

963 

— 147 

—298 

3 —45 

t «• 

—64 

353 

601 

— i5s 

—270 

■ . 195 

331 

17 

25 

—31 

—45 


2nd quarter Jan. to Jur 

7,277 

14,290 

—6,785 

—13,264 

492 

1,026 

—154 

—300 

—39 

—61 

299 

645 

—14a 

—303 

159 

342 

2 

5 

—23 

—50 


‘1-18(50.53) 2-Q6(S0.92) |o.90fS0.40) 1.92(50.86) 


1978 

1977 

30.5 

33.2 

2.5 

2.5 

1,593 

1,474 

61.7 

62.3 

384,200 

388,200 

83,600 

86,100 


which, as anticipated, will have to be made at the end of 
the financial year. 

Profit per ordinary share in 1978 and 1977 has been 
calculated^™ the basis of the number of ordinary shares 
as at 30 June 1978 and 31 December 1977. 

Assuming conversion of all outstanding convertible 
debentures the profit per ordinary share in the January- 
June period of 1978 calculated on the basis of accounting 
principles' customarily followed in the U.SJL. would be 
6% lower, 

N.V. Philips* Gioeiiampenfabrieken 
THE BOARD OF MANAGEMENT 

Eindhoven, 16 August 1978 . 


PHILIPS 


MIKING NEWS- 


Pre-tax profit- ' .Earnings* Dividends* 
Year to (£009) ■ ■ "per Share (p) per share /p) 


0.283 (Nil) 
Nil (Nil) 
10.626 (9.515) 
0.5SS ( 0.482 f 
1.649 (1.542). 
0.7S6 (0.704) 


Interim dividends* 
per share (p) 


. BY KENNETH MAR5TON, MINING EDITOR 


THE Rio Tinto-Zinp group’s 72.6 
per cent-owned Confine Rlotinto 
of Australia has withdraw™ its 
application to the New South 
Wales Government for approval 
to increase its holdings in Coal 
and Allied Industries (CAIL) 
from 13.S per cent to 50 per cent. 
Following discussions the Govern- 
ment has accepted the company's 
decision, it is slated. 

CRA says that it is still Veen 
to increase its investment in the 
New South Wales coal- industry 
and during the recent discussions 
the State Government indicated 
that it would be prepared to con- 
sider other proposals from the 
company at an appropriate time. 

Australia’s Howard Smith group 

and CRA announced a joint bid 

lor.CAIL in July last year, but 
the Government blocked CRA's 
element of the bid. largely on the 
grounds that RTZ’s holding in 
CRA made it a foreign company. 
In May this year Howard Smith 
withdrew from the joint bid and 
lifted its holding in CAlL from 
44.9 per cent to 50 per cent 
through purchases in the share- 
market. 

Meanwhile, the Aslan Wall 


Street Journal reports that two 
Japanese steel companies. Xippou 
Steel and Kawasaki Steel, are 
negotiating with Australia's 
Thiess Holdings over the possible 
purchase of a 30 per cent equity 
slake in the South Ulackwater 
coking coal mine in Central 
Queensland. 

South Blackwater is one of the 
country's biggest cnal mines and 
is currently involved in a ASTOm 
(£41m) expansion programme 
which is designed to raise annual 
capacity id 2m tonnes. If the lalks 
succeed this wil be the first diluci 
purchase by Japanese com-crns uf 
equity in an Australian coal 
venture. 

UMAL HALF-YEAR 

A half-year net protit of AASjtJm 
(£4.Sbm) compared with AST.^im .i 
year ago is reported by Utah 
Mining Australia. The interim 
dividend is raised by 2 cents to S 
cents. The company derives its 
income from a 10> per cent stake 
in the U.S. -con trolled Utah 
Development Corporation which is 
Australia's major coal producer. 
UMAL shares were -UMp yesterday. 


Ratcliffe Industries rises 
to over £200,000 


PROFITS of F. S. Ratcliffe Indus- 
tries increased from £176.163 to 
£201,531 in the year ended April 
30, 1978, before lax of £105,533 
against £84.884. 

Earnings per 25p share show a 
rise from 10.22p to 12.0?p and the 
final dividend is 4d25p making a 
total of 5.25p compared with 4.7p 
last year. 

Properties with a bok value of 
£78333 have been valued at 
£195.000. The Rochdale-based 
group trades as a precision spring 
maker and painting contractor. 

Catalin ahead 
in first half 

FYo tn sales of £3.89m. against 
£3.06m, profits of Catalin in- 
creased £5.000 to £107.000 in the 
first half of 1978. Net attribut- 
able profit was £51,000 compared 
with £40.000. 

. For. 1977, the group, maker of 
industrial resins and resin treated 
papers, reported pre-tax profits 
of £213.000. 

Mr. A. J. Perryman, the chair- 


man. says that in his aim (in 1 state- 
ment he expected u belter > ear 
from the combined Cai.tlin/ 
Resin films business and this is 
proving to be the ease with fur- 
ther improvements anticipated 
before the end of the year. 

The Resinfilras results, included, 
are for the period from February 
13 to July I, 1U7S. the profit 
before tax being £41.n0U. Cash 
flow for the two companies has 
proved adequate for their reauire- 
nients. 

The Eoard decided ta set up (he 
W T ix company as an independent 
organisation at the end of last 
year and expected initial difficul- 
ties as a consequence. These 
difficulties have been somewhat 
more severe than expected an' 
will continue for the remainder 
of the year. The Board will keep 
the matter under close scrutiny. 

HAMPTON GOLD 

. Treasury permission has heen 
received for Hampton Gold Mining 
Areas to pay a dividend of 3 5p 
for the year ending March 31, 1979. 


GOLD FIELD GROUP 

GOLD FIELDS OF SOLTH AFRICA UNITED 

( Incorporated in the Republic of South Africa) 

Preliminary Announcement of Results 

The audited consolidated profit for the year ended 30 June 
1978 is as follows: 


Year 
ended 
30 June 
197S 
(RWlfi) 
37.446 


Year 

ended 
30 June 
1977 
r n ooo j 
30.756 





Income from investments 
Surplus on realisation of invest- 
ments 

Net income from fees, interest, 

etc. 


Sundry expenditure: 

Interest paid 

Drilling and prospecting 
expenses 

Additional contribution to 
Pension Fund 
Amounts written off 
Amount written off Goodwill 


Profit before taxation 

Less: 

Taxation 

Minority shareholders’ interest 


Profit attributable to GFSA 
members 

Dividends declared 1 
Interim 50c (50c) 

Final B5c (60c) 


Profit retained 


Earnings per share — cents 
Times dividend covered 
Net assets (as valued i per share 
— cents 


These results are published in advance of the annual 
report which will be circulated to members on or about -6 
September 1978. 

There are three- main reasons for the substantial increase 
in net profit Firstly, as a result of the higher pnld price 
pertaining throughout the year, the dividends received from 
investments in gold mining equities improved. Secondly, in 
order to finance new investments certain other investments 
were realised thereby providing a substantial surplus. Thirdly, 
the amounts written off were substantially lower than in the 
previous year. 

Hie Surplus arising from the realisation of investments 
by the company itself amounting to R5.316.000 t33 cents per 
share) is not available for distribution and will be transferred 
to the Divestment Reserve. 

* DECLARATION OF FINAL DIVIDEND 
Dividend No. 59 of 85 cents per share in respect of the year 
ended 30 June 1978 has been declared in South African 
currency, payable to members registered at the close of 
business on 1 September J978. 

Warrants will be posted on or about 3 October I STS. 

Standard conditions relating to the payment of dividends 
are obtainable at the share transfer offices and the London 
Office of the company. 

Requests for payment of the dividend in South African 
currency by members on the United Kingdom register must 
be received by the company on or before 1 September 197S in 
accordance with the amovementioned conditions. 

The register of members will be closed from 2 September 
to 8 September 1078, inclusive. 

London Office: 

49 Moorgate. 

London EC2R 8BQ. 

United Kingdom Registrar: 

Oose Registrars Limited. 

803 High Road, By order of the Board 

Leyton, C. E. WENNER 

London EI0 7AA. London Secretary 

18 August 1378 






Iff 



financial Tunes Saturday ? 




■^^'.^•^>•7 4 v£ 3 |> 

/* I *',•'•• • 5 ’ - v • '** 


WORLD STOCK MARK! is 



Wall St. uncertain: off 3.29 


INVESTMENT DOLLAR - 
PREMIUM 

$2.60 to £1 — 90?% (9S=%) 
Effective SU430— 4»i"o W\%) 


known, many investors may have partly due to end month opera- Mine. White Industries put on 32 
positions for .the weekend. tions. cents to ASMS. . 

Later investors showed renewed GERMANY — Generally finner . Banks con&mied -firm, with ANi5 
concern about how high interest in relatively active trading and nsing 10 cento to AI3.40 and Wales 
rates would have to rise to defend on selective demand by Ixutitu? 8 «nts to A«.i4. . 

the dollar. tional an Foreign investors. Selected Mines made furtner 

LTVSETTLED CONDITIONS nre- ■ Texaco topped the active list, SWITZE R LAND *— Lower in ad ^ nteatAll^ fnllnwb^F 

v^l edn n Wa 11 s St ree L 1 veste rd add.ns SI at 525 J - its Baltimore moderate turnover with Export U 

MM % *’t£5&r a SXf OWJ" w • priente? “SSK 

Administration plans to aid the se ™ nci 70 n ' ^nocsihlp* roLRxatinn HONG KONG — Market con- 

dollar and some . further lighten- Exxon picked up Si to 84ij — S A i JfC!L| , ^2SS5L tinued to rise, with interest again 

inn. it obtained U.S. approval to i drill of ban o n sate of Swiss i securities centred on Properties. Most 

_ to IS.Q00 feet m its Baltimore to non-residents had little interest cans From "local investors 

■M 1 c er „ a ? olher l ^ 46 t Canyon well. influence on markets. and overseas valors. 

* Jl * {JJS wl S Jl d SSS National Airlines advanced $1J AMSTERDAM — Mixed, with TOKYO-Sltghtly higher in 
LWzl ■!« ~ , JSfS to SP on sharps Set fourth Dutch Internationals weaker. limited trading, led b^Export- 

for a net loss of 3.«9 and reducing ~ 4 earnings The Civil Aero- Hoogovens lost FLL30 to 36.8 on Orientated issues; although initial 
.U S«n w«k to *» He Inter- itiScond quarter loa, Mi ® P™* by_ta 8 UqTld.tionS. 


, ,, X r j . nrjntir*; Hoard said Texas Inter- iui anvuu ijiuugi urea. i~ ,v “ 

N\ SE All Common Index, at n J tionaI Airl i nes could proceed **** firm- ^KSSLil!? 1 (2 ^UA areS ’ 


£59.06. shed 15 cento on the day ----- , *. 

but was still up 33 cents on the with purchases ofNationalsstock 
week. Losses led gains by 765- but would risk divestitiine later. 


State Loans firmed. 
BRUSSELS— Mostly higher in 


Vehicles 


Electricals, 

Cameras rase. 

Some Foods; Pharmaceuticals 


to-723. which the trading volume THE .AMERICAN SE Market uaomg. and speculatives fen on liquid* 

dropped 10.62m shares to -34.65m Value Index at a record 164.53, _ * .ifJL siocks, ana tions f 0 Uowlng Increased margin 

was up 0.43 on the day and 3.22 £SWi..S*r T J™. *5223? requirements for Toyo Jozo of 
week. Volume 52am while- Dutch, U.S. and French yjgj at Y587, and Toyama Chenu- 


NVith the Administration's plans . 

lo aid the dollar still largely un- the 


(6 Bonn shares. 


FRIDAY'S ACTIVE STOCKS 


CANADA— Prices continued to trading. 


lower. 

MILAN — Higher 


in routine 


T'Ml*l 

SbKks 

irjd>.-i1 

H-J1.IRNI 

Cl'ivint 
pr tup 

2.7’. 

■in 
dav 
+ ; 

CM. Kr.ind., -A ■ 

:wh.>uo 

-.*»■ 

+i 

Curlinaiun lnrt. ... 

■W.OiHi 

in: 

— • 

M-w’iiu 

jiu.-iim 

is: 

-i} 

fi'-ri-r Cniiip ... . 

jm.tuo 

is: 


Ar.m Pr-KJuuis ... 

2 L!.SW 1 

IiU 

— 1 

IMreii tdlMin 

".xs.siin 

]»•: 

+ 4 

I'liaiiipiim lull 

:jj.noo 

-■T I 

— 

Micl>]|>- S. Ul ill lie-- 

ill , . , i.«i 

17 

— 

anuihb . . . 

■is mw 


4 ^ 


gain ground in moderately active 
Chan*.- trading yesterday, with the 
Toronto Composite Index rising 
2.4 lo 123K.4. 


Financials recovered losses of 
past few days. 

Bonds narrowly mixed. 


cal. up Y1 to YSOO. 

Public Works, Machines and 
Electric Powers also felt on 
profit-taking. 

JOHANNESBURG— Gold shares 
tended softer, after initial firm- 


■rho rnl.l ghare index rallied AUSTRALIA— Coals and Banks ness. Losses in heavier priced 
The (..old Mia re maex ramea Jed markets higher, with strong shares _ran*|ed “j??® “PATl* but 


n 1611.5. Metals and 


Minerals 

onA at snares. 


and Utilities 0.18 to 189.28. 


in moderate 


overseas demand for Resources Mining Financials quiet 

steady at day s higher levels. 

Among Coals, Thiess rose 15 Platinums basically steady. Tins 
cents to AS3.15 following news two generally little changed, 
ued to Japanese steel firms are seeking Industrials steady in quiet 
trading a stake in its South Blackwater dealings. 


Indices 


H.Y.S.E. flT.i.rainriroN 


NEW YORK -DOW JONES 


’ I I 

Auk. ' Ana - 1 Auk. i Am*. 
IS | 17 | IB | 15 


IU7d 


Bins and Falla 

i Aug 18 ) Ang- IT i.lns- 16 


Hi*L 


Aim;. 

IS 


Aim . 1 Ana- Ana. , Ana. : Aus. 

17 to '. l& 1 U I 11 


|»iuce CoDipiiMt'n 


59.06 59.211 58.95| 58.48! 59.21 
I i | I 17/6) 


48.8/ 

<6rJi 


HikIi | Ljm | Hujh I Low 


l»un inided [ l.BSl 

Klaeo.... ..—I 723 

ftlld 765 

Unchanged ....... .| 393 

Rishi — 

Xew Uiwi I — - 


1,900 1.9W 

1,020 ■ 998 
S8S 63| 
355 ! 384 


NEW YORK 


Stork 


! A i f 


ft 


Ibhuttlftta... : 37% 

Adriiexnznub 30% 
Aetna Life A 'tea 44lg 

Ur Proriuu 2fl-a 

tlamAlumlrduni, 311a 

.Urea. ' 40 

A I leg. Lurilum .... 19 1 a 
Allegheny Pinrw 18 1 a 
.VI Ued Chemical. 38 

Allied stores. 

A 111 * Chaimerc u . 

.uLix : 

Amende Heu ; 

A met' Airlines— 

Amer. Brandi 
Amer. Braadcui.1 
Ajmt. Can— , 

Amer.- Cysnannd 
Amer. DlaU TeL. 

Amer. EIect.Pcni 
Amer. Exprew— 

Amer. Home Prod 
Amer. Medical ... 

Amer. Motors 
Amer. Sst. GteJ 
Amer. Standard .-J 
Amer. Storea— 
Amec.Tel.ATeM 
Auietck 

AMP 

A UP 

Am 


384 
3Ua 
443* ■ 
30lg 
3X58, 
481a' 
19 
18 >8 
37 ig 
27S* 
36ia 
407* 
29 lz 

17 >* 
51% 
62 U 
427a 
32% 
35 tz 


! i i | i 

Indutirwl ... 896.83 900.1! B94.SB 897.18 d88.17 aflO.BB 900.12 742.12 | 1051.701 4I.W 

■ l>.i- - i2Bf& -illiL/73i (2i7«52) 

B'me B’ii.I**' 98.85 98.90 SB.8I. 88.98' 58.95 ; B8.9o u.So : sb./i | — 

’ : ; n l. i iLLn | 

Tran«r">7....i 251.07 251.80 250.69. Z4/.9 1, 247.7B 247.57 251.90 ; 19- Jl ; /79.M 

■ lift) . i 8 ili n7rtln?Si 


KOinCBEAL 


! Aug. Alin. ( Aug. Aug. 

I 13 17 16 15 


13.95 


Indus trial 
IVwihined 


201.94.' 201.73' 200.26 198.87 
20832] 209.53 208.GE 207 JP I 


liilitiP. 106.66 106.87 106.77 106.73' 108.87] ID7.27 lid -i* ' 102.84 I IM.« ■ 10.58 

ij/Ii ■ 's£i/2t l(20/4/l^i i2i <4 fl2> 

Tm-llng r.ji. 


1 9.7/52) TORONTO CompoitK 1238.4 I23B.B 1254.6 1224^ 

Id M ■ _ _ 1 I 


1318 


AnpM...... 

Andbor Booking 
.Anbemer Btudi. 

Vrmco Steel _.-J 

AJs-A. | 

.\mhera OIL 

AMtc - 

Ashland Oil ' 

AtL UlebHeM 

\u to Data Pm.... 

A.VC 

Area ...... 

A lira. Products. ■■ 

Bair. Gan Lied... 

Bank AnMtiea.-.. 

Banker* Tr. X.I. 

Barher Oil .... 

Baxter Travenor. 49 ig 

Beatrice Food 26- 

Beuioa Dickenson 39 U 

Belli Hosell. — • 21U 

BtniU. — 425* 

Beaeud Cons -B'' 5 

Urililehera atee!. 241* 

Blank A Dedcer.J 20 L, 20 

BoelnK 69 Ts i 71 

Botc&Cateade—- .. SHa 313* 

Boiden 391* 

Borg Warner-.... 33M 

Ummff Int 15% 

Braacan. -A' I&I 4 

Bristol Myers 1 355* 


27 ! S 
36la 
40 Sn . 

2SI4 
161* ] 

511 Z 
621* , 

42% { 

3Zlr 

36% 

23% 239* 

383* - 39U 
3H& ; 31% 
887* [ 29% 
6 i 6 
43% « 435* 
521* J 531* 
361* : 37 
61% 61% 
37% 374 

18% | 19 
38 1 381* 
17i« j 17% 
30% 31 

275* j 271* 
317* 32% 

257* ! 357* 
185* . 18% 
13% 165* 

385* ' 38 
625* 52!g 

34% 34% 

12% 121* 
32k! , -334* 
603* 607*. 

27 , 26% 

28% 28% 
37% 57i« 

27 265* 

49% 
25% 
391* 
21 % 
42% 
5’ 
241* 


High 


i/>lV 


221.84 1 ISB 1 

209-92.(1^81 r 


1238.4 (IB-Bi 




54.650 45.270 56.140 29.75Q' 52.520: 55.550 — ; — 


JOHANNESBURG 

Gold 
lndu* trial 


254.8 Z57.4 , 264.5 . 285.6 


265.6 i 265.5 [ 265.4 1 260.1 


'87.4 <i#i 
263.6 (lc,Sj 


Ib/.HO (If -/ 
•-I70A2 (JO/ll 


188 J (Ak> » 


185 -C iJO.4) 
lad.s l l3-o) 


U&m» liulca cliAUCPit irt-ni Au^u-t 3A 


tail. iliv. yield % 


Aug. 11 Auk. 4 


.Inly 93 ■ tTear Hgoapiprasi 


Ane 

13 


Pre- ■ 197B 

viihu 1 High 


6.26 


b.Z5 


B.47 


5.13 


STANDARD AND POORS 


1978 'Since Cnmpilat’n 


A 'IK. . 

1? . 

A Ilk!. > 
17 1 

a un. ' Am;, i 

to ' 16 i 

L4 11 

| Hisili : 

Law i High | 

I/ra. 

I Inriutl iihI- 115.85 

TConipnsur 104.73 

116.28 

ios.ob! 

1 15.82 114.87 

1 

104.65 103.85 

l 

114.93 114.34 118.29 
i il7;ii 
105.97, 105.96- 106. OS 

i , ill*' i 

95.52 ! 134.64 | 
lh.il Jillilriil 
66.40 1 126 Jb 1 
1 6.<3) l ,ill/lAi3)j 

5.52 

i30ibf32l 

4-40 

| il,t"S2 




Ann. 16 

! Aug. H 1 

\>w - 


| l'rar «e>' m+qirns.i 

lad dre. field ^ 


, 4.70 1 

1 4.70 1 

4.7b 


| 4.54 

lif 1. !*,b Han*. 


9.99 

1 8.M7 | 

9.7B 


9.95 

Dviu 1 ■>««'. BihiiI vwM 

8.54 ! 

i 8.52 | 

U.4S 


7.68 


Atwiraliarti twb.99 S35.T5 &36.B9 

i U3/dj 

— Belgium <L> 97.G8 97.K j 101.16 
. . <6(61 

Denmark (*•: 66^6 , 98.51: 98^5 
- ! (14/81 

France im 74.4 1 75.2 78 Jb 

(3.«1 


1978 

Low 


1978 | 1978 
High j Ljw 


Wl 101-65 



Brit. Pet. ADBL..I 171* 
Bmckway GtankJ 341* 

Brunswick 171* 

Buiynu. Kne--...' 19>* i 19 
Bn loiw Wati-lj — 1 87* j 87* 

BurUagionNtlm^ .43 
BurrtMigh _. 8 IS* 
Campbell Soup-... 3BS« 
L'ansdmn Pacific." 20 ' 

Lanai Kaudnlpb— { 11 ' 

Lsmatiotl all* 

CamerA Geoesa* 

Carts' Hawley — 

Caterpl liar Tracts 
t'Bs.-.- 1 


Celarrae Corpn-.i 
t jj-WT..! 


W 401 £Z 


441.19 Spain 
(1*5) 

90.43 Sweden „ 

«5/6i ! 

94.00 Switzerl'df" 387.8 

16/2) ! 

47.8 

(3/2) Indices and base dates fall base values 
759.4 1M except NYSE AD Common — 50 


Gennnnyttll' B1L1 j 813J . 819.9 

‘ &lth (17/6) Siandards and Poors — 18 and Toramo 
Holland (*7) 86-6 i 86.5 tf/.0 • 76.0 30t) — LOOO, ibe last named based on i!75i. 


Central ft 

Certalnteert 

Cemna Aircraft-. 

l l h«» Mmliirwn 1 

Chemical Bk.NT 
Ub eae bi gfa Pond 
ClieMle System. 
C'Uuano Bridge.. 
Chrysler.— ...... 

Ctnexams_.... 


Cine. JLUarxDB j 


Hi 


Italy 
Japan 
Singapore 


85.79 64J0 65.79 1 30.40 ]i Belgian SE 31/12/63. •’ Copenhagen SE 

■ . . 18/.-1 |10/i) V l<73. t) Paris fionne 196L tt Commerz- 
lai 41EJ99 41E.23 4£5BL J64:M bank Dec.. 1953. 41 Amsterdam Industrial 
t- -I (4,10) 1970. S( Hang Seng Bank 31/7/64. jjil Banca 
Commeroak: I tail ana 2 /i/72, a Tokyo 

New SE 4/1/68. b Straits Times 1986. 
c Closed, d Madrid SE '80/12/77. c Slock- 
holm Industrial 1/1/58. / Swiss Bank 

Corporation., a Unavailable. 


396.02 596.19 396.19 , H6i_0 

(0 ‘ iI7):i i «»1) 


Cltfcwrp 
Citaev Service — ; 49% 
City Inveadnfi- 
Cleveland Cliffo-' 

Ceja Cola: — 

Cnlgab) Palm 

Collin* A Unman ..I 
Jaiumoa 6 *> 
wulunibia Pwi — 


F.T. CROSSWORD PUZZLE No. 3,749 

A prize oj £5 trill be given lo each of Ohs senders of the first 
three correct solution* ofxmerf. Solutions must be received by 
next. Thursday, marked Crossword in the top left-hand comer of 
ilitt-envelape. and addressed to'the Financial Tunes. 10. Cannon 
Street. Londtot. EC4P 4BY. Winners and solution will be given 
nett Saturday. 


•Y iime . 
Address 



LUCA CUMANI, who has done However, -she has been work- 
so well width high-class fillies in ing in encouraging style in 
the last two or three seasons, recent weeks after a good break 
seems to have found the right and will probably prove difficult 
winning opportunity for the con- to peg back if allowed by Paul 
sistent Spring in Deepsea in to- Cook to stride out from the 
day's £10.000 added Twickenham start 

ft Kemptoo. A second likely winner for 

The Captain s Gig three-year- j^e young Italian trainer is 

Funny Spring, ridden by Franca 

Vittadini in the opener. 


ACROSS 

I What doctors don't like- lo bo 
primed US. 3> 

& South American doctor takes 
a dance (5) 

9 Tremulous like a bird (5) 

1(1 Add detail to that which is 
complicated (9) 

11 Showing clemency for old 
airline carle! (10) 


5 Cloth to be used with soft- 
soap 7 17} 

G Work strenuously on timber 
from the south (41 

7 Intended putting flesh round 
pole (5) 

8 Burnable cas from E.E.C. 
neatly arranged (9) 

13 Gardener's fmit that sticks 
in the throat (5, 5) 


12 Remain to give support (4) . R h r b * Draver /g\ 

14 Polish com changed for his- JJ a “' JUt p / ayer 

tone Italian stream (7t 16 Alteration to notice about 

13 Tale dug out for central men met round the north 

London hill (7) (9) 

17 Do the housework and make 18 Get ready for train (71 
large profits (5, 2) 19 Present in moving water (7) 

19 Arrive embracing favourite 21 Company with a way at the 
to contend for a prize (7) seaside (51 

2(1 Add spirit lo airman going ^ Dptecle( j srn^ll numbers go- 
to the east (41 in n t0 cdilnr (51 

22 Toli/rale plot .. » turbulent M 1)aslinE wl[h 0ll 


assembly (4, 61 

25 Return 10 cover with slabs, 
then sperk and vanish 19) 

26 Be urgent in entreaty to news- 
papers (5i 

27 Drink with a learner and 

sunt up i51 

28 Beuecd fur a free excursion 
to the Orient in the end i9) 


U) 


Solution to Puzzle No. 3.748 


n 


DOWN 

1 Slick with notes on lines and 
in spaces (51 

2 Concerning fable that is cap- 
able of being made good (91 

3 Have sufficient power on 
.downward journey to be 

glowing (10) 

4 Vicar with article in oven 
exceeded the time limit (6) 


n 
B 
□ 
E 

mrm 
a □ 
nn 
a n 
HME 

□ n 

□HE 

a n 

EBE 


SOLUTION AND WINNERS OF 
PUZZLE NO. 3,743 


Following are the winners of 
last Saturday's prize puzzle: 


Mrs. A. H. Over. 8 Garner 
Close, Nortbill, Bissleswade, 
Beds. 

Miss E. D. P.vc, ofi Waterloo 
Road. Ipswich iPL 4EA. 

Mr L. Wilkes, Hyerolt. 20 
Burrow Hill. Plymstock, 
pj^month, Devon. 




RACING 


BY DOMINIC WIGAN 


Cumani may have 
Kempton double 


\ 


KEMPTON 

2.00 — Funny Spring 
2L30 — Phiiodantes 
3JD0— Spring in Deepsea* 
3J0 — Winter Wind*** 

4.00 — Lueent 
4^10 — Ringgit 


NOTTINGHAM 

2.00— Gypsy Castle 

3.00 — Penny Blessing 
3.30— Fool 'Em 


KIFON 
2.45— Mofida** 
3.15 — Braemore 


Later, a run of Newmarket 
success could well be continued 
by Ringgit in the centenary 
Nursery Stakes. Lester Piggott, 
who partners Ringgit for his 
brother-in-law. Robert Armstrong, 
also looks set to win on the 
Windsor Castle Stakes dis- 
appointment, Winter Wind, 
earlier an Impressive scorer from 
Blue Refrain here. 

Mafida has 9 st 6 lb— a tremen- 
dous weight for a filly to carry 
to success in such a highly com- 
petitive sprint as Ripon's Great 
St. Wilfrid Handicap— but she is 
such a tough battier that I be- 
lieve she may be up to it 

.. . . . . ~ The Barry Hills filly bought 

old, who has put up some not- not long ago by Mr. Robert 
able performances since spread- gaoggter wil relish the easy 
easing her opposition in Ascot’s sur( ace stal prevailing on the 
1,000 Gumneas trial at New- y or i^bj re track and can win at 
&L7E the chief expense of Joo George. 

d a „2 at “Li2 to whom she concedes 5 lb. 

the Child Stakes and when , , . ..... , . .... 

second at Deauville a few days „ Lootang ahead to tomorrow's 

ago— looks a cut above the other G £9“P 1 l a J D j* a !^* 

eight in the race. which sees Sandera Lad. Shack 

However, if there is to be a £g* 1 9EES > 
turn-up here with Cum an 's filly the locals, I believe that It could 
Shawine Se effects of a P*y anyone wanting an interest 
stremmus campaign, Glinting wiU “ take a chance with the Pol- 
probably be the cause. borougn coil. 

Michael Stoute’s one-time Young Generation won in the 
principal Classic hope among his style of a ; top-class two-year-old 
Beeehurst fillies has disappointed in the making at Goodwood- last 
badly since finishing a close third mnoth and I am sure that we 
behind Seraphima and Amaranda have not yet seen the best of 
in the Ladbroke Nell Gwyn him. . 

Stakes. 


SPAIN * 


Percent 

123 

301 

247 

304 

Z78 

27V 

158 

242 

177 

200 


AUBU51 18 

Asland 

Bunco Bilbao 

Banco Allaruico 1 1.0001 

Banco Centra) 

Banco Exterior 

Banco General 

Banco Granada fl.OOfl) 

Banco Hl&nano 

Banco ind. Cat. il.ooo; 

B. Ini. MrfUeiTCQCO 

Banco Popular ms 

Banco Santander (250) 354 

Banco untniiD (LOW) . 2sa 

Banco Vlscaj-a 244 

Banco Zaragozano — Z75 • 

Bankualon 153 

Banus AndaJucta 203 - 

Babcock Wilcox ......... 29 

CIC « 

Drandos 290 

Imn nballlf 7Q 

E. L Arasonesas 53J0 

Espanola Ztoc Va 

EXpL RlO TMO 84.75 

Fecsa U.000) 44 

Fenosa ll.OMf 49 

Gal. PrcciadOS 78 

Grape Velazquez («0>. 145 


+ l 
- 2 


+ 2 
- 1 
- ? 
- 6 
+ 4 
- 2 
- 3 
+ * 


llldrols - 

IMS 

+ 035 

Tbrrducro 

04 

+ 1 

Olarra 

un 

- 2 

Paofteras Reumdaa ... 

a 

- 4 

Peirolibcr 

U 9 

— 

Petroleos 

200 

- 030 

Samo Papalc+a 

50 


Solace 

45 

— 

ha$ettso 

m 

- 5 

Terras Hosteneh 

90 

__ 

Tubacex — 


+ 9.75 




BRAZIL 


+ 3 

- 050 


- XJS 



Pnce 

+ u» ICru/ 

TIT. 

A nit- 18 

lnv 

— |div- 

fr 

« 


0.99 


12.12 

Harm do BrarlL. . 

1.93 

+0.08 . .16 

3^9 

Bunco loro Pil — 

1.36 

+ 0.01 J.O'i 

371 0 

B^iap llinelnOP 

L23 

-D.M ....ft 

6 .S 0 

Lofts Amer. OP- 

3.48 

+ 0 . 0 sj . -4L 

S-74 

PetnMiru PP 

3.48 

+ u.iB| J.ls 

3.63 

Pirelli 

1.51 

+ u. HJ.le 

10.59 

ootuaCmz OP... 

3.68 

+ 0 JH! .a 2 | 

B .20 

Unlp HK. 

5.70 


438 

ValP lUo lincePH 

1.30 

+0.04! .fa 

13.34 


Turnover Cr.U3.6m. Volume 304m. 
Source: Rio do Janeiro SE. 


HOTES: Overseas prices exclude t premium. Belgian di ml ends are otter 
Klton owing tax. . _ 

4 DStSO denom, unless otherwise stated. W Ptag^OO denom- unless otherwise 
staicn. 4 . Kr .100 denom. unless otherwise stated. 4 > Frs .800 denom. unless 
otherwise - staled. 1 Yen SO denom. unless otherwise stated. S Price at tune of 
suspension, a Florins, b Schillings- e Cents. / Dividend otter pendiux rights 
aad-'or scrip issue, e Per share. ) Francs, p Gross div. %. h Aasurced dividend 
otter Sen? and' or rights issue, ft After tool taxes, m % tax free. n Francs. 
Includflta t-'nllae dlv. p Mom. o Share split, a Div. and yield exclude special 
payment, t indicated dlv. vUnofltelaJ trading, r Minority holders only, y Merger 
pending- " Asked, t Bid. 3 Traded, t Seller. : Assumed, xr Hr r iaM» xd Ex 
dividend, xc Ex scrip Issue. -xaEx olL a Interim since increased. 


B9% 

d27* 

181* 

15i* 

363, 


17 

34% 

17 


43 

85% 

36 

19% 

ILU 

31 

181, 

191, 

641* 

623* 

44% 

16% 

81% 


12 % 

19i* 

601* 

63% 

44% 

16% 

88% , 

45 ! 45% 

04% • 344, 
417, , 

26% 

891, | 

565* . 

12 % 

43* , 

36% | 

87% ' 


17 

68 % 

45% 

20 % 

12 % 

o7% 

iOJ* 


uom.InaCaotAin! 19% 

Comi uation hng.; 4C% 
Joinl<ustioa Kq— i 16% 
iTm'w’tb Edmn Z7i, 
C'mV’UiOtiRelj 9% 

Joann, sietellae. 1 46% 
(1ouiputer3cieacci 16% ; 15% 
Utmu Lne la«._.! 41 : 40% 


42 

26% 

SO 

55% 

12 % 

4% 

35% 

27% 

49% 

17% 

63 

45% 

803, 

12 

275* 

80% 

19% 

41 

15% 

271* 

8% 

45% 


Ummc- 

Con. Kdi»u X.Y 

Uoctsol Foods. 

Uuaeol XauGaa. 


Consumer Power 34 1 24- 

Com incut pi Grp. 32% 321*. 


84 • 5*47* 

23% ; 2a% 
85lz7 25% 
37% 38- 


Ltontineutal Oil J 89% . hfl% 
Continental TeW 157* , 15% 
Jon triu Dnta.„...j 40% 

Cooper Indus 62% i 53%g 


Stock 


1 Aujt. 
18 


Canrrog QUrv — 64 
CPClnt'm'tionai' 61 


Crafl»...._ — - 33% 

Crccken Xu..... 1 MU 
Oronu Zrtiertuchi 37% 
Cummin* Engine] 39% 
Cartur* Wnjrtit-. '177a 


Auk. 

17 


63 

51% 

38% 

30 

37V 

38% 

17% 


Vans.. 31% I 31% 

Dan Industrie*-] 

lleert- 

Del Home 

Deltona — 

Deta^Xy Inter, 

Detroit fid boo -I 


Ufain>Mid${>*nirfe{ 28 


DucsphoiK 
Dieila J&iuip— 
Uioney (WalO.— 
Dover Corpn— 
Daw Chemical-. 
DmTtu | 
Dresser. 


Dopant..— — .. 

kssie Pti-bnr. 

Kant Airfinea 131* 

Kastman Kodak -j o64* 
Baton. 


471, .- 47% 
&5 34% 

37% ) 36% 
15% | 12 % 
23 ! 22 

16 %,.; . 16% 


18% 

60% 

46% 

47% 

27% 

27% 

42% 

128% 

23 


59% 


t 26 
18% 
50% 
46% 
47% 
27% 
28 
43%- 
128% 
23% 
136* 
fa6% 
391* 


Kroner Go., MIHw 
UeaaewnjiTnmsJ 
Lori Strauss J 

LUbbyOw.FtHdZJ 


K. G. £ G ; 

W Pmo Mt. Gdi 

filtza 


Emenun IttecLnd 38% 


BmetyAlrF^tobi 
EmLert....— ....... 

KALI 


fiuKBlt«ni., 


5Ui 

18% 

35% 


671* 

44 

3 

25% 
29% 
22 1* 
47% 
36% 


Estuarit,.. „...] 

Etliyl 

Earn , 

FurdilM Camnal 
Pert. Dept, store*; o7% 
t'lraun Tire— 13 
FsL. Xau UosIoiih 31 
Flexi Vu..„;...| 

Funilarte.„ :.. 38 

(‘‘Innda ftju-er_..| al% 
Fluor 40 


31% 

173, 

34% 

49% 

27% 

44% 

27* 

25% 

29% 

2e% 

47% 

56 

3B- 

12 % 

31% 

25% 

36% 

41% 

49% 


F.il.C. _i 25% I 23% 

Fold Motor. 1 45% J 454, 

Korenni Uvl— I 23 

fox two I 384* 

Pnntaia Mini.... 9% 

Freepan- Mioewii 28% 

Kruebeul \ 31% 

Fai|ua lud*. j - 13 


23% 

39% 

9% 

28 

31% 

12% 


G.AT ! 15% I 147* 


Gannett— j .47 

Gen. Amer. I uu..! 107* 

G.A.T.A. 1 31% 

Gen. Cable.....— i 48% 

Gen. Dynamics I 80% 

Cm. Ihcixnca— .1 bb% 


Geo. Foods— ! 34% 

lienml 33% 

General Motor*— 63% 
Gen. Pub. lliL..- 18% 

l.wi. --ugn»l I 31% 

Gen. Tel. filed — ! 30% 
ben. Tyre— ..— ..i 287, 

i»ene*>> 6t, 

Ueor*;ia Paeitv ..J • 31% 

SeUjr Ou 1 a 6 


47% 

1C% 

31% 

im* 

80 

b7 

34% 

43% 

637* 

18% 

411* 

307* 

fcB% 

5% 

32% 

no 


Gillette.'. — .i 307, ' 

Guodncb H. F ! alb, : 


Goodyear Tl re — I 18% 

Gould — 32% 

Grace W. It. J 27 

UrtAtian PkcTeu 7% 
Gru > orib- Iron. J 257* 
Greyhound.— 137* 
Gull ft Western— I 
(juit uu 


Haiibunoa.^ 1 08 % 


H,nn. 1 

HamUcuia wr 


Harris Conn...... 

H.J— 


Helm U, 
HeuWein 


16% 

24% 


48% 

17% 

68 % 

42% 

a7% 


304* 

21 % 

181* 

52% 

27% 

7% 

8ST* 

13% 

157, 

24% 

68 % 

57% 

17% 

68 % 

43% 

27% 


Hewie ftcUnJ... 

Holiday Inns 

Homeacalte... ■ 

Honeywell 

Hoover..— 

HosfuCarp. Ajnerj 
Houston XaL.Gs 
HunLtPb-1) CLm| 
Hutton (2.P.)— ..[ 
I.C. Iwlimriex... 

IX A , 

Ingmoii Hand— 

Inland steal- 

lm>uco - 


86% 

221 * 

567* 

72% 

12 % 

42 

B6% 

14% 

22 % 

31% 

47% 

60% 

39% 

14% 


85% 

22 % 

57 

717* 

1Z 

42% 

26% 

14% 

227, 

31% 

47 

61% 

39% 

14% 


IBM - 

laLLFiavoim— 4 
IntL Harvester., 
lath MtnACheml 
Inti. Muliltoodsj 

Inti. Papm 1 ..— .... 

LfQ-«i— - 

luriu Remitter..... 

luL TeL ft Tel— 

Iowa Beef 

IG InieraaltoaaJ 
Jim Walter- 


295.5 

26% 

40 

40% 

19% 

16% 

4644 

37% 

137, 

32% 

597, 

12 % 

33% 


295.35 

267* 

38% 

40% 

19% 

16% 

464, 

38% 

136, 

32% 

59% 

12 % 

33% 


Stock 


John* 31 m rife.. 
■lobuwnJotasffls 
JdbnsM Control. 
JqyMaBaEHfttrj; 

K. Mar.eord,-— 

Kaiser .tiii mlnTm 
Kotow Induairiei 
Kntocr st«eL.-^J 

Kay hmihJ 

Ketmetoa— c— j 
Karr aiuGeeL—J 
KWile Walter— ' 
Kimberly OleitJ 


Jfoppeok.... 


UHy~ (Hill 
Littaa lndn*— 
I/3ckhwdAtrcr'K . 
Lcne Star IntHtK 
Land Inland Ltd. 

r^iriatonaTom,- . 

Cubctool - 

LuolmStota^.-, 
L'ke TVogstNnn 
MurM'llan — ' 

UaearJf. H : 

MtCs. HauQVflx-Li ' 

■Mqpco . 

Uantbon Ou.— . 
Marine Midland. 
Marshall Ftefefc. J ' 


351* 


U*^Per*,5tareij 

ItoDenoatT — ll 

M-.-Uoaneli DodS 
■M -Grata Bill;-., 
lleroores. hi 

Merck ~. v \ 

Merritt Lyoriii.r - 
Tint Fettntond J. 
MUM-.:. n 


Minn Mina * 4t%> 

Mobil Corp. — L- 

Meuasnto— — i 
Morgan J . P.._— .j 
Mato rets.— 
Murphy OIL — 
NoIOko— . ——it 
Xalco CbemteatoJ 
Xatianal Uui— ' . 1 - 


Xnt. DuUIlerf— L 
NaU Setvm lod. 

National Steel 

Xotomos — 

MJU- 


Neptune Imp—... 
New England HlJ 


Near KngtxadTe) 
allabawfc 


Nngaia 
iVluaus 

.V. £_ luduntne>! 
NortoiaJt W nternj 
North. Nat. Gov... 
Ntbn.» tales PWb 
Mb tv eat Airtinev 
Nthwest Uaneorf, 
Nmtou oitnun — .1 
Occidental I’etrutl 
Uguvy Mather... 
Ohio fidlaon.'.— . 
Ohn 


OveiMsu Ships... 
Owens Cuming.. 
Owens f iiurfs. . 
t-Ocinc Gas — . 


Pontic Lighting 1 


Pan Pwr. ft Ltg J 


Pan AmWc 
Parker HanntflnJ 
Peabody Intu 
Pen. Pw. * L— 
Peony J. L— .; 

P pnn mll _J 

Peoples Drag— J 
Peoples Gas_. 
Pepalco— —i 


Perkin Ifiliner. —f 

Pet * 

Pftrer. S 

Plwipa Lk>tge 


4*b i uut eights Kie.| 


Philip i 

Phillips Petro'ui.! 

Pitoburv —I 

Pitney 'Donnes—. 

PiUsKXL. 

Ple«ey LW ADK' 


PutaiOKl —| 

Potoxnec Biec 
FPU Industries^ 
Procter Gamble; 
Pubaerve Hiect. 
PnHnmn„.— nsu... 

Parex— — 

Quaker OmUi 
Rapid Am 
UaytheotL. 

hCjl - 

Republic sufeeL>. 
Hewnalntl— ... 


53 I 
lot, ; 

IS* 

25% ; 
:4f -r- 
19% 1 
26% < 
lo% | 
54% : 
33 

29% ; 

87% l 


_ ‘ JUlg.- 

• Store . 18 


Bevloo— 

lieynoUa MototoJ 

t'evnoWu K J. ^.1 - 

Rich son MerrelL 

Budt«eDjuter M j 



Wool worth, — 807* 

Wr -r-f -: ri 


| Zapata,. 



,oiid ( 




Itdini Ji Baaiu... j 


Zwtth te2jfe^.v! 


Uoynl Dutch .1 

RTK -i — j 

Uuss Logs — J 

Uvdet 6 y*»m— 
bafeaiy Stores. . j 
St. Joe MtaeniW 
6L ReaU Vsper-1 
ttoataPnlnds— J 
tiuil Invest — .4 
damn lnds...— ., 
dchlttx Rrevring. 
dchlumberger 

SC3L 


L r .SJ.Tr*oa43.1Wrt 195 [194$ 
t,-dTn»a%&S*3 t81%] tS 2 % 
UJS-BoS^OUlfct 7.87*1^.175 


bcoti f^P cr -j 


dcavilUiK.. 
dcundet Duo,Cafl 


CANADA 


! AUitrii Paper— . ! IS - 
A^nAlumlmunii 35% 

I «u 


BangofMcntrM J®** 

Bazik JiOvadrtVJa! 88% 
fcak JtoownwL.; 


z« ' 

35% 

«■' 

23% 

82% 

4.08 

59% 

39% 


dea CtMtauw— . 
seoenun 
searie (G JJ.I...~ 
Sean Roebuck— . 
ShiDCO — — — 
Shell 0U_— — . 
Shell TnuwporVA 

Signal — - 1 

SlgnodeCorp — — 1 1 
dlni|rficlty Pa*wJ- 

dlngcr... 

SiniUi Knuc ; 

wilttmi....— ..! 

southdown...— 

Smtheni Uui.b* 1 - 
Mitt hem Co. 

Sihu. Not. Her.... 
Southern FMh! 
SautbemUAtlnay 


UPConsda .... j 

Jtaaaooa MtolNIMl 
Uebwo'...— 
Calory Power. 
(Jan 1 Sow Mines. 
Canada Cemwn J 
Canada SVf InnJ 

Can.lmy.Bk Con 
Ikimls h)dUSt„ 
Uaii.FaeUk>- — 

Can. Pacific lnv 
Can. dupftr Oil.., 
Car Hoc (VKeefa.- 
Cu%ar AohcuoM 


18 

17% 

t 6 .SO 

15% 

Lit, 

12 % 

29% 

Sd 

23 

1:41* 

66% 

4.85 

to 


18 . 
17% 
f&50 
40 
15% 
-10% 
*U% 
29% 

<5*i* 

ZS^fl 

24 

-ar 

lii% 


» Hit bland.... > 

s'w't Baiishazes .1 
aperry Hutch— 
■>ieiij‘ Rand ~.- 
Sqlill). . — ........ — I 

SUuKtoitl Btandb; 
-KI.OilCaiilonlM' 
;cd. Oil.] ad tails . 1 
Mil. Oil Obm— 
smutt Cbemicab 
sterllug Drug — 
studehoker— —I 

sun Co j 

sumistranii .— .1 . 

Syntex 1 

teduitcoior— — 1 

Tekcroola — : 

feted vw..— ; 

I'clex s 

L'cneco. .....■' 


UueitAin..— ...-..! 

Corn men 

tkma. Botouuat— ■ 
Com uu ter (»»»-.. 1 
Cro«fcaK«MUn»‘ l 

Orituiiu. ... 

Daca Devel. 1 

IK-nmon Mine*.... 

Dorn Mmek... .....] 

Dome Potroteum! 
Doraxmon Bridae 
Domtar— 
Dupont — 


k9%- : <9% 
30% j 30% 
oO | 50 
18% ■ 19% 
C% | . e% 
12% : 121* 

101 g - r 10% 

79 1 77%. 


961* : 

65% 

h? 

21% 

144* 

29% 


90% 

65% 

25% 

ai% 

144* 

29% 


Foni Motor Con..! 88 1 81% 


lesuro Pwroteum'. 

Texaco -j 

ftfSitagnll..— 

1 'exan luusieru.... 1 

I'exas liut'm ! 

t'esas Oil Si Uas.^ 
fexa, L n lilies.. „| 

lime* In*. 

1 lines Mirror.....) 

luukeu 

Tiaiie. ' 

l nuumcRra. .....) 

IroiiKo— ■ 

Iran, Colon-...— 
inui.trsy Inlr'u.' 
linns llnrul Air. 

Traveler*. — -. 1 

in Coutineotai 


104* 
257* 1 
20 % ; 
4Hz | 
88% 
273* 
21% 
50 

054* 

537* 
42 
181* 
221 * 
56% 
28% 
26% 
38% I 
ZO ! 


a east or — 

O (outYeTa snifcJ 
Gult OU Canada 
HawtcrSId-Can. 
Uurtmcer.....—— 1 
Home Oil 

HodaoaBay Mng 

Hudson Bay....— 1 
Hudson Oil ft Uaa 

lJi.C «... 

Imasco— — 

Imperial Oil,.—, 
loco 


38% ) 32% 
155* | U% 
30% 30% 

as, j .0 

42% 42% 

45% ! 43% 
20%. j 20% 
25% | 83% 
48% 461* 

194* 19% 

37% I 37% 
81% • 81 
18% 1 18% 


!..'nr H i’J 


TK1V | 

3 Jth Ceutury Fosi 

U.A.L. ....... 

CAKCO 

toil 

Unilever. 

luilerer JiV 

Union Bancorp— ) 
Union Carbide-—! 
Union Commerce! 
Uni oil Oil Cant— 
Uniuo Pact Be. j 


[ratal. - — ; 

Inland Nai.Uo*., 
lut'lwvPipe Line: 
Kaiser Resource*! 
[ouri Piu. I'ikUmI 
Lonhw Cum. "Pj 
Mem ill'll H ktert i.| 
Miiwiev Fegirton. 

McIntyre 

Moore Cnrt>n 

MuuntalUbtnieKs 
>iimuaia Mines... 
.Noioeu Kiicrjfv - | 
Mhn. Telecom ...j 
.VomacOU A Ua»| 
Uakwoort Pnri'mj 
PSeWcCoppw M-i 


linlroya) .' 

Liuiud Brood*...-; 
lis Bancnrpu....... 

L'S (i>'p»UD1» j 

la 5 hue., 


t S Steei.... 1 

U3 lechuoiORtord 
l-V indiMrie*-..; 
V irguiUL Elect—,.) 

Walgreen. — ... 

H Hitier-Commo..' 
Warner- L«rul>eru 
Waste- Maa'menl 
Welto-Pantt* 

Western Bancorp! 

Western 

Western tlnicni...; 
WeAingh'ue Kieci 

Wwvaco— 

Weyerhaeuser^-. 
W%irlpmi..— — 
WlAteCrai. Ind... 

William Co- 

Wwconatn Elect- 


7% 
l2ir 
32% 
387, 
Se8 
27% 
BUS* 
81% 
1B% 
28% 
54% 
30% 
31 
52% 
41% 
ATI a 
20% 
H43* 


PocittcPecraicumj 
! PAd. Can. Pet'm-k 
I Puino-— — 1 
Peophi* llept. ttJ 
Ptaw Con. ft Oil! 
Power DevwopnHi 
Pun or Corpora t*n | 

Price..— —J 

i ijnebec MtuRedn) 

itaoKerOii....— .| 
Heed bteahoose-J 
Km Atgam 
Koyai iik.of Can.; 
Minat Tuur. 


30% 
30% 
K3% 
22% 
21% 
28% 1 


' sveptre K'soutrvsi 
densnuua— ..j 

ethell Canada I 

Shenrltt G-Mtaea! 
Mebenav).C. 1 
aHnipsoa— 

Meet ot Canada- 
Meop fioefc Iron- 
rowii.il Canada... 

roronto lto,n^k.t 
Cm Da Can Pi peLn) 
Turns Mount Upi 

rrizaL- 

U ntan-tima 
Utd.diseoe Mtnfls . 
Walker Ulnua — 
Weal Const Tiara 
Women Geo. 



V i.v 


i:*. :! : r ■. a» : 

Js i 5v -« * i - A-V r 


f B ML t AsKnd. tTroaod. 
I New Mock. 


■ 9 ? *• 

* 2 1 * wi 

iitl: >:■ 4 * U 


GERMANY • 


Auii. 18 


Price 

Dm. 


+ or I Dlv. 


W. 


UBG 77.0, + 0.6 

AHiaaz Veratch.-[ 489 ‘+7 

BMW- 228.01+ 2.B 

BASF...- 134.81+8-8 

Bayer...... 137.31+3.8 

Bayer. Hypo — ... 288 t— 2 
Ha.ver.Verslnabk.l 331 +1 

(11 taint. Ned. wTtrj 148 j + 8 

Ccoirapn+wnli 230^—0^ 

Coat Gum ml 79.S+0.1 

Daimler Bena—. 320.8+2JJ 

llp ffliwi — . — 264.21 +0.2 

Demaa- 167.0+0.2 

Deutsche Bank-.. 301JaH-iAo 
Dresriner Bank—I 241.3+0-2 
Uyckerboll Zemt.| 202.3+8.8 


IU 

38-0S| 

18.76 

18.7ft 

28.12] 

18 


26Jifl 


UapBft Unyd ......! 

Uarpener 

Hoeehat 

ttoesch 

Horten— 

Kali und Saiz— .. 

Koreiairt ...... 

Kiuthur 

Kiovkner DMIOO] 
KHU —4 

Ba?--- 

Unumbraii 100 —. 

Ijl tflwn— MS— 


118.6 IW.04 

334 aI6J2 


MAR.. - 

UanneBmann— ..J 

Metallgen — 

Muncbener Uack 

-N eckennann 

PreuKme DM 100 
Kbeln We»t_Klec 
deberini*-......... 

luunena— .— ... 
iui Zueker— 

ttiyrsenAjG | 

Vorta ..— . 

vBBA 

k'emu- AWesf Bft 

Vwlwwaw 


132.3+1^ 
49.0+0.7 
165^-0.5 
148.8 +2.8 
334 —1 

244.5 — 0.5 
96.0' — 1.5 

179.0 +0.3 

100.0 +0.9 
259-8. + 0.3 

1,690 - 

109.0. + 0.7 
209.5. + 6.6 
175.8'+ 1.7 
248.0:-O.G 
680 

160.5 + 1.0 

132.8+0.8 
179-5—1.2 
264.5) + 1.5 
293 +1 

250 | 

123.9. + 0-9 

186 • , 

134.2' + 1.0 
292 [-2 
248.5+2.5 


Id./b 

4 

9.63 

14JM' 


3.3 

6-2 

7.0 

6.8 

4.8 

2.7 


1L5 


dd.44] 3.6 


18.72] 


18-TBl 


25 

26 
9^6| 

12 

17.181 

10 

18 


25 

2U.I2 

16 

Z83ti| 
17. lb 
14 
12 
18 
28 


3.8 


6.2 


4.8 

7.3 

4.3 

2^3 

4.9 
2.0 
1.6 


7.0 

5.3 

8.7 

6.3 

6.9 

3.8 

4.4 

3.1 

8.1 


BRUSSELS/LUXEMBOURG 


Aug. 18 


Arbert — 

Betert "B” 1 

C.H.K. Cement _ 

Cockenlt 

EfiKh. 

KleetrotwJI 

Pabrlque Nat 


Pnce 

Pr*. 


2.400 
2.195 I— 30 
1,186 1 — 14 
458 


2,270 

6.790 


12.795 
U.B. luao-Bni ,2.300 

Genert., 


.J 1,322 


+ ar 


+ 10 
+20 
+ 46 

M 


— 15 


UBL (Brux L) — ! 1.S20 
Hotx+en ; 2.390 

[ alarum —[1.750 

find tel ban K . .—..[7.050 i + 20 
to Kq>a>e Beige, J3.710 !+ 10 

ttin linirtlna— 2.890 [+45 

PetmUna. -3.750 1-40 

>v Gen Banque-(3.045 j— 5 
vx-Iien Beurujnpd.045 1+20 

— 13.370 +5 

0 'tny IZ.425 (—10 

1 rseLiort kiwi — - 

lCB. 

On Jlm.lLIPI— 

Vieille Montagnel 1.605 


i2.cl5 (-20 
920 
756 


1—12 

420 


Dlv. 

Fn. 

Net 


Yid. 

% 


116 

100 


177 
(430 
170 
ISO 
86 
164J 
170 
142 
<!9u 
i«S23l 
S2Jb\ 
174 
BOS 
14u 
Id 18 
ABlUt 
17u 


SO 


7.8 

6.1 

6.5 

10J 

7.1 

8J2 

4.1 

5.7 

2.7 

4.6 
70 
6* 
0.6 

8.6 

6.4 


6.6 


SWITZERLAND 


Ane. IB 


al uminium — 
BBC ‘A’ 


Ctha Getey 1 r. iOOj 1 /JG 0 -30 

Dol Part CertJ 760 —20 


DO. Keg 

Credit SuSae — 
BtoODomn . 
Ptaebar (Gasge).! 


BoSmanPt GertaJ68,73Q (—5001 


Price 

Pro. 


1.195 

l_600 


563 
12,235 
1,840 
60 O' 


+ or 


+ 3 
-10 
-30 
-20 


Div, 

% 


8 

10 

.22 

22 

22 

16 

10 

6 

11001 


Tld. 

% 


Do. (smaJI)- 16,726' |— 20CS110 


lw. loamifn. 1 — 

Interiood B 3.B0Q — 25 

Jemnli iFY. lOth-l 1.580 !— 10 
.\est>e IFV. IDO).... '3.429 '-40 


Da. Ken. 12.175 

kaukt 


UeHikaiik.(FJSiO)j2.725 j — 135| 
Wrelli »IP(F. 100)1 289 —3 
wmkv (PrJaO)...,3.600 1—50 
Da. Part Certs.. 

Schindler CtFlEX, . 

>ulzer (Jl iKrlOCJ)^ "335 
in-isMlr(F^bO)...; 
s trios Bnk iF- 100 ) 

dnias (Kei (PiSOIl .. , • 

Unkm Bank... ^-.[3, 176 ( — 15 

Zurich Ira..'..-, 


410 !-8 
287 1 

i—2 

835 -—8 
, 380 !— 5 
4,928 (+60 


11,576 -50 


20 

21 

k iEJ 
is./ 
IS 
is 

2b 

26 

12 

14 

10 

10 

40 

20 

44 


3.3 
3JS 
2.1 

2.9 

5^ 

3.6 

2.7 
4JS 
1-6 

L 6 

2.6 

1.4 

2.8 

3.9 
1.4 
5^ 
Lb 
3.2 

4.1 

4.2 
4.2 
2.6 
2.0 
3.1 
LB 


PARIS 


Aug. IB 


Kente <% — 

Afnque Oopart’e-! 
Air Liqukie 


Aqaitauw—.. 
B1C — .. 


nice 

Fra. 


742.01 

435 

350 

549 

485 

829 

515 

L.738 

376J 

,1,060 

381 

4U 


— 0-4 


H.8 Jl. Geivais— ' 
Cnrrefnur— 

C.GJB. 

CJ.T.AkmUd 1 

Cte Bfutcalre.-, 
ClabUedlter_.-, 

Credit Com. FFce} 120^| 
Creusat Loire-— 
Dumee...— ....— . 

Fr. Petroies 

Gen.Occirtentale- 

I metal 

Jacques Bore). 

Laiarge 
L'Oreal. 

Legraisd — .... 

liaisons F&enls-I 
Mwfaelin “B” 

Meet Hennessey . 
Moulinex. — — 

%riln. 

Pechinev— — - 
PBrnod-kicard. ... 
4Atroen-| 


-28 
-1 
1-9- 
,5 

i— 7 
-11 
— 1 7 
—1.0 


Peugeot 
Pocteln. — 


Barilo TecbnJque. 
Uedoute ... 

Khooo Pouteoo _.| 

Jt. Gotodn —| 

->fida ito»Hliri«n.... 

ana........— 

iMemeesniqne— . 


Cbonuon Bnuxtt J 23 L5i 


t'sioor. — ....... 


84 

673 

136.91 

209.5) 

62.6 

150.q 

206.0) 

720 

L760 

575 

L326 

923 

162. 

179.51 

sa.sj 
282 
480. 
205J| 
439 
57D 
IOOJ 
156.0! 
1.700 
29 2 J 
782 


+19 

-1.1 

1-0.5 


23.D 


Dlv. [fid. 

Fro. I 


4% 
21.16 
18.8 
BBJ&! 
13. Jb 
42 
40Jj) 
75 
313| 
7U0 
12 
11.26; 
12 


33 Jb 6.0 
14.10 10.8 
8ja! 3.9 


0.6 

4.8 

s.o 

4.8 

2.9 

5.1 

7.7 

4.3 

8.4 

6.6 

3.2 

2.7 

10.0 


I — 2.4 J 5.7; 9.1 


—u.s tin./?: 8.1 
|—5 llb.r/i 2.2 
-22 33.76 2.1 
|—13 dS.r; 6.9 
-15 idi.bb B.4 

-12 j ia.b, 2.4 

1.8 3 : 2.0 

1.6 ls-i5,11.I 
7.6. 8.5 
7.th 2.7 
17.V& 3.6 


!— U 


1-12.0 
-5.2 — 
I— 11 SO 
• 30 

61—2.7 
!-2J 
i -1 
+ 0J 


i— 7.5 

-0.1 


39 


6.1 

5.3 

9.0 


1431ft 9.3 


2.2 


26 Jt 8.7 
262 5.3 
16.1ft 6.6 


STOCKHOLM 


Auu. 18 


AliA A< .{Ki.aU>.- 
Aita IftvsB(KroO)! 

A-KA (KrjO) 

Atla»CotMo(Iu2fi| 

billerud ... 

Baton 

Uarric v .-. . 


UejiQi«u- 
Utoct' Inx'B'iKrbOj 
Bna*ra'lf{Ki«j) 
Bsaette "B' 

Pkgsnta 

Granges (tteea — 


|j ranges (tree) — 
Handtoshanken...! 
Uoiabou—.— 
MoOcta Dora rto.., 

Sand vl If A.B 

j.W.F. *B’ Ktk.. 
jbaial EuakildaJ 
Crouirtlb 'IT k'rtfj 
Ifrtdebolm. 

Volvo (fir. Mb.... 


trice 

Krone 


ZlOtcj 
loO , 
9O.0j+0J9 


+3 


!37 
65.5 

115 1—1 
199 
233 
148 
147 
298 
104 
64.51 
375 
125 
66 
258 
77.5) 
173 


l—l 

1—1 


1-1.5 

+4 


83 


+ 1 
1-2 
+ 1 D 
+ 1 


74.0-0.5 


Dlv. 1 Y 1.1 


Kr. 


cub 

5 

6 
6 
4 


5.75] 

10 

6J 

6 

9.6 

4 


3.75i 

4j5 

8 

5 


62.0....,....: v - 


+ 1 


2.6 

3.5 

9.6 

4.4 

6.2 

3.5 
2J9 
4.3 
4.3 
4.3 


4.2 

6^ 


2J2 

5.8 
4.6 

6.8 


AUSTRALIA 


Aub. IB 


1+ V 


Ausl.S — 



j •Price* 1 + or j 

Dlv^TkW 

Aug. IE 

1 Yen j - .| 

%\% 


ACiMLpibcenla) 

.Via>'W AnstmBa — 

A 11 ATI LSI 

Ampol ilxplonulrui ... 

Ampul Fefaotoum - 

Assoc. Mlnerato _] 

Assoc. Pulp Phper Si-™.. 
Assoc. Coo. Indaobrhn-.... 
Aitoi-Pbondation To vest — 

A udlmoa 

Aim Ull & (iu._ — 

Bamboo Creek Gold 

Blue tfetartnd-:..._.~ .... 

Buugainvf I te Copper.. ....... 

Brani Wes Indnstrlea,^ ! 

Broken Hill PrpjirtetauT— -| 

C«*l I on United Breirerv-.-j 

tojlt fSlj-^ — 

Ua-fahum Cement i 

Dilw rG. J I 

Con*. GoldfieHaAust. j 

Comainer (SI)...—.— — ...1 

■Jonzinc Ktotlnto.;— 

Ci. mam Australia. 

Dunlop Etu&ber (Si)...—..., 

HbCUK. 

Bl-leivamlth. 

K.Z. Icxtustries. 

Uoi. Property Trust 1 

Uomeraley — — 

Hooker 


1C I Australia — 

I n terOopper _J 

Jennings industries—. I 

Jones Uhsvldj...—... 

LenourdOll—. 

Metals Kxpiorarion 
Mill Hbri 
My or Bm 


A iclK-to* -I n ternat toaaJ 

^orlh Broken H'dlnea (S0c|l 
Css brtdae— . . — 
'.'u Search—..—.—... 

'JUer Kxulonrlon..— 

Phiueei CuDcnit...— 

Ueukln ft Coiftran — 

tl. C. Uielah— . 
southland Utn' 

’IftTROS 
Inotil (81 
Waltons.. 

Westerns -Mining (W) cento)] 

Wool worths^. 


10.69 
10.86 
12.10 
11-55 
10.86 
11.30 

11.30 

11.70 
11.12 
11.50 
to. 50 
*0.60 

10.30 
*L.as 
1L67 
11.62 
18.18 
11.28 
tl.83 
1330 

11.35 
tZ.12 
t3.55 
12.55 
*3.36 
tl.76 
11-41 
10.88 

12.35 
-13.18 
11.68 
12.60 
10^2 
12.18 
tl-15 
11.17 
11.17 
1DJ28 
Jd.30 
t2.48 
11.67 
t2.45 
10.88 
11.44 
11.113 

10.1b 

10.60 

11.60 

t2-85 

tO. 80 

10.34 

*0.46 

11-88 

10.88 

11.69 

tl-69 


i+a.oe 

+03)5 


-9-02 


+0j02 

+0.02 


,-o.as 

1-0.04 


1 — .. 

i+U. 1,6 


1-0.08 


HO. 01 

r+lLIO 

I 

1 + 0.02 
:+ .ih 
1+0.05 
+J.U4 


I— ILOI 


1+906 

1.01 


\-ojm 


'-a-ire 

H0.05 

W104 

Mos 


(+0.81 


wun 

H4.06 


-9.05 


(+CL0 


!+®,®S 


+ 0.01 

+0JH 


AMSTERDAM 


Aug. 18. 


Wcai + or Dlv. YU. 
1 ~ % % 


7.2 


COPENHAGEN * 


Age. IB 


.UHietobuifcBD — ; 

Danone Bonk 

(tost Asiatic Go.. 
PimnsNuiken — I 
B*y 


Handelnhanh . 


G.S'tb'n HJfijffl 265%: 


Jlorii Kobe!— J 


UUefotortk , 


Prtrxtoonk J 

Pnnruubnnk_ 
ao^h-Bereneen 
duperfoo 


Price + or | Div. iVu. 
Kmner — % I % 


140%! 

126%' 

163% — % 
138% 


381 

83% 

128 


— 3 


195 


212 


1M i s , 

3 139% 
413% 
189 


1% 

-1% 

+6% 


tl% 


7.9 

9^ 

7.4 

9.7 

3.2 


MILAN 


Aor. IB 


AMU. 


Bartoqi 

Plot.- — ....—. ... 
Do.Pnv.. 
fiorider- 


Irotownent ....... 

I t*diuder..; 

UednrismeB...— . 
Alontedtooa ...... 

Olivetti Priv.,„ M 

pireiji ft Co. 

Pirelli ops. 

Bala Vtscoss 


Price 

Lire 


+ « 


120 i + lO 
53BJi + S0.5 
1.993 + 33 
1.636 +10 
X58 1+4 
13.110!+ 2 QOi 
330 

54,750'+ 1.4&K 1.2001 3.4 
165.50 +5.75) - ( _ 
1.175 +15 


Div.-Vrl. 

Lire! t 


Itkl] 7.6 

lddl 9^2 

bOo] 4.5 


1,854 

907 

860 


+ 18 
+ 56 
+9 


ISC 


7.8 

8.9 


Ahoid (FI.OT 

ALw. <P\33> - . 

A tesniBn WF1JKMI 

AMBV(£U0)., 

X mrobanlr fFl JO) 
Buenltod.—— 
ihtkn West nriFJO) 
Uulinn Tetlenlde 
BiMjvier V (FJA-) 
hnuia.N.V.Bearei 
Km CranTsuFI-lO 
b toral BrooKtatfl • 

He'neeed.lPiJSW. 
U mwr.vcn* (PL81)! 
Huntor D.(PU00)i 
K.LM.(FIJ00).... 
Int. Mutter ( 12 QJ 
\saidesa (FI.10)... 
^auNedlBsOPl.lOt) 
NodCredDlUFliff 
ttedMid BklPliOH 

Uue 1. 

v/jem— 
v »n Umi 
PA thoed(P)^O) 
Philip* iPkir 
BjnacbVet(PI.I 
Kdbeco (FI 
Hull DOT (f 
Horen to (FI, . 
ItoyalDutdfiFr. 
‘•lavenbuiSm.x 
•SievtnGrpIi 
fahyo Phc-Hirie-4 
LnilcveriFJfii... 
Vikiii*! UehAtt£li 
riVt'.L'fr.HypMi 


111.5! 


369W 
05.0] 
80. lid' 


+CL5 


30.7^a3 


91.0— U6 
127.3, + vj 
vi . 6 +0.5 
286 J— 0.3 
136 1 + 3 

ee.oa. 

39.41+ 0.9 
103JI+U.7 
36A)— 1.3 
25.9i — 0.1 


+ 3.d|A236( 7.7 
+0.3 
+ 1.3 


90 

A2dft 

26 


nG 


27 ft 2.0 
: tt7.a a.Q 


6.0 


SJB 

5.6 

6.8 


8dft 6.4 


7.3 


94.B 5.3 


5.1 

!3.5 


161.^— 4.0 


t »2 

34*1' 

107.31+0.8 
69.0M).a 
204.6)+4.5 
1G5.5| + 1.0 
33.d+0.4 
146.&f-UJ 
50JM+1.S 
26J5— 0.1 
-82D+13 
177.0+0.3 
141.5+0.7 

123J 

ur.ii— 1.7 
256 1+3 

129.0' 

143.0 ... 

121.9.-0.8 
41.0-0.4 
393.5 


4.6 

5.2 

7.2 


ia^3.7 


4.4 

7.1 

0.4 


36 , 4.T 
83 


17 


A2K| 


1*9-3 

42j*j 

■33| 


?;5 


6.4 


7.2 


3.8 
8.1 

7.8 

4JJ 

0.6 

7.0 
1^ 

4.1 


OSLO 


Ailfh'IL 


Betuen Bonk— — 
Bunecxaxd— 

Creri lUsrofc-..-.- 
Kosmm 

Kiwhckareen— ~. 
Noruk HydioKroDi 
dtorehnad —.. 


•so. 


Prve 


Ksnei 


• 98. 1-1 
86.0)+ 1.0 
110.5' + 0.5 
' 892.5 + 2.6 
107J&-1.7S' 
213.S-0.5 


XL 
20 
11 
12 

1Q0.0!—.! 7 


9.2 


9.1 
6.9 
ia3 
4.6 

7.1 


TOKYO T 


Avihi Glass—— 

Vnnoa 

Casio 

Cblnou 

Dxl Nippon Prim 
Foil Ptanto.— 

Httacbl 

Honda llotorm 

House Ebod— . 

U. Itnh — 

Ito-Tolatdo 

Jtces.___„ 
JJLI 


480 
546 
535 
231 
617 
1,200 
,241 
1.660 
, 686 . 
2.750 


Kanssi Klect. pw j 1,2 10 


Kyoto- 
Alatsushita I nil., 
llnsubiahi Bank 
Mltsubtsbl H 


lie..., 
I nil... I 
%nkJ 
leavy 1 , 


UttMikoshi 569 


- - -<•-<■■■ ■ (n 

Pwnear 

aanynlilectwc... 

aekleul Prefab— 

*biwado_ 

Bony 

Calsho Uarine.. 
lajceda Chemical 


893 

1,150 

1.560 

233 

403 


rOK [2,130 


lelUn. 


lohyo Marine—. 
lokyoSleclPottT 

Lakyo tfanyn 

ioray...— .......... 

loohibaCorp. 

loyots Uotw..... 


116 


1,120 

322 


848 


+ 23 

12 

US 

+ 35 

25 

1.6 

+ 15 

20 

2.1 

+ 3 

18 

1.7 

+ 25 

16 

1.4 

+ 3 

12 

TSJi 

+ 1 

18 

L7 



35 

w- 

-6 

18 

2A 


30 

0.8 

+ 15 

13 

on 

+ 10 


me 


10 

42 

.-1 

18 

2.8 



18 

2.7 

+ 80 

35 

Oh 

1+13 

20 

U* 

~1 

10 

L» 

1-1 

12 

4.8 


13 

1.4 

,+4 

14 

H.2 

-4 

SO 

U5 

+ 20 

19 

an 

1-9 

re 

.OJC 

1-9 ' 

16 

l.i 

1 + 2 

48 

w 

+ 1 

12 

2.9 

+ 3 

30- 

1.7 

+ 20 

£0 

0-9 

+ 10 

4(1 

1.3 


11 

8.4 

— i 

15 

-U 

+ 40 

30 

0-7 

|3 

10 

4 J 

11 

LI 

[-20 

8. 

3.6 

-1 

10 

3.6 

1 + 1 

10 

8.7 

1+15 

20 

■1_8 


Source Nikfco Securities, - Tokyo 

VIENNA 


Aim. 18 

Pnoe 
% . 

+ m 

toiv. 

* 

JTij. ~ 

' * 

CrslitaoKtaii 

242 

275 

626 

89 

218 

230 


10 

fix 

38 

■ 8 « 
10 

3L9"' : 

S.3 

7.7 

1.8 - 
4 A .. 

Mlata. 

Semperlt— 

■stay* Daimler 

Veit Ma*tne*rt — 

+ 1 ' 
-1 
+ 1 


JOHANNESBURG 

. '' 'MINES ’’ 

Aaenst U Smd +M- ■ 

Anglo American Corpn. _. *,« +*j* 

pgJMetottteln ■ 

2.13 .-QM 

■ BJ7 

10.63 
1B.SQ 
-e.BB" 

26.30 

5^0 

7.63 

8.10 

*33 M 
tlfi.OO 


Kinross 

Kloof 

hi. Helena 

South VbbI 

Cota FicUs 

Unl« Corporation 
De Becre Deferred , 

JUrvooraltzlcht 

Free Stoic Gednld , 

Brand TUMW . 

- 'S3 

WeDtom rf? 

West Dijefontein J.\Z'Z 43JQ 

Western HMdtags ivu 

INDUSTRIALS 

ASCI ■— „ 

AnrtoJUtor. ttrtwmi""'! jam 

Barlow Slid 

CWA IttVgstmcma 'ZZ tL8B 
Ovrie Ptaance ittw 


-0.40 


- •'%! pps Aro 


■ +B.U 
+6.03 
.T-0.0J 
-4.53 
,+LSS 
-ojs 

+4IS 

-2J0 

-AS3 


— 6.0 

—0J5 

-446. 


De Bmm XMnrtiiid". 123 

IS ^ =5 

tw.oo 


Ever Ready SA 

Federal* Von a *ei e g a i n £“ 

Greaiemana Stores 

Gjtortifta Aeshrajm (SAj 

. NedBank 1.. 

pOK Bazaars 

^wnior Mining"",'.— 
Pretoria Cement .... 
Proien HokUsgs 
5*06 Mines Proocrifcs “jr 
Rembrandt croup 
Reteo . 

SAPPI ."..™ T^T 

C. C. Smith Sugar M111 „| 

Sa Breweries 

Tiscr Oat* and Not Ufllg. 


■+•.10 

-0.W 

tftSi 


-LM 

+0.03 


"+0.0# 

+0A3 

-0-03 


C.0* 

IM 

2.75 

. 3.30. 

239 

"1TB' 

7M‘ 

035 
0.43- 
1.00 
ZM 
3.60 - . 

.(US': +401 

ai-Ba “ ' 

us' +o;m 

-4» 

c*» -o;ai 

10.90 -+M0 


+0.M 

+041 


Securities Raxnl UJSJSeiTS 

(Discount of 33.91%) 


v 








second quarter 


BY CHARLES BATCHELOR 


AMSTERDAM. August IS. 


:STEL, the Dutch-German steel of capacity, partly due to aj 
roup, announced an improve- number of incidental orders. The 
lent for the second quarter of result of the rolled steel products 
07S but said there .are too many activities improved slightly* 
ncertnintics to say whether this The trading result was favour- 


New UK 
series 
shelved 
by EOE 

By Our Own Correspondent 
AMSTERDAM. August IS. 


HONG KONG COMPANIES 


Wheelock Mar 
boosts earnings 


BY ANTHONY ROWLEY 


HONG KONG. August 18. 



capacity, partly due to a I By Our Own Correspondent WHEELOCK WARDEN, the trad- development Admiralty Centre 
tmber of incidental orders. The ^ mg and services conglomerate, itself is built over the 

sulf of the rolled steel products AMSTERDAM August IS. announced after-tax earnings of MTR’s station. The 

ti vi ties improved slightly* Amsterdam. August is. ( u.S^lS.3m) for the project is scheduled for comple- 

The trading result was favour- THE European Options Exchange year ended March 31. an increase tion by the end of 1980. 
ily in Hue rued by cost-cutting (EOE i has decided not to intro- of 34 pereenL • *. * •* 

easures and by the low cost or i duce the next series of the three In addition, net extraordinary Th _ f p_ s . . , . . 

..... /- _r nrnfiTi: imotintfirt in vrKSinim i fie Asia. one or tne 


■ill continue in the current ably influenced by cost-cutting (EOE i has decided not to intro- of 34 per cent, 
iree months. It reported a measures and by the low cost or i duce the next series of the three In addition, net extraordinary 

■uding profit Of FI 54.1m. some raw materials. Greater use British stocks listed because or profits amounted to Hh.S10.4ni. gJJ 1 “J-one of roe 

for the three months to of rapacity and cost savings also , lack of interest. The August makmg total profits for the year ° 3 nn0 S i ; n cedafirs > i h^lT^rofitof 
unc 30. the first quarter lo show contributed to the better steel -^ncs or British Petroleum. ICl alt S5?L ab,e t0 r7ie § rOU P Of iSc fTT^i 
profit since the third period processing result. - - a °d General Electric expire to- HKSM.fira HKSi&5n».-lDho3.9mt after i« 

f 1976. It made a trading loss The performance' . of the trad- 1 da - v and would, normally be A fi P?l dividend of 9.5 cents a 


snow contriouted to tne heller sieei ut omisn j-eiroieutu. iw ufroiRGm-fUSaa Qmi after t»v 

mod processing result. - aQ d General Electric expire to- HKS96.6ra. XSiSSnn ami 

f 1976. It made a trading loss The performance' of the trad- 1 day and would normally be A final dividend of 9.5 cents a Ueprepution and transfers to 

““ second is? 8s^'^ , «3Sr d *'■"*"***■* ^^srssrsrfjr^s -arasa-.* w? * 

A, a. pr^la* U Xj. 1 Tbe EOE has edckled however ^ i“teZ‘ 

;dueed its Joss to FI 15.4m from *f! ,es ' n W es t Germany- The ; io temporarily suspend the mtro- cenls ^ figures. ' The profit for the whole 

1 126^m. The company has.nol ! SSE* ?. * n f w SUM ^accordance with group ac- of lest year was HK$30 8m. 


i razm. The company has not D , a new senes w u*|*- Iq acC ordaiice with group ac- of last year was HKS30-8m. 

reduced net profit figures since P T0V *U RS“-^ ,# MSS£;jaS8-“T2? S'U'T.S: . 7?e n* evident over the'fim 


Solos rose 3 ocr cent In the Vl ^ i- n. nSSS the company's capital reserve is from Bank of East Asia this year 

«£.*«?.£ &&jg*£*sgzss. 

' Bsh * e ' * * ts&'&sr'-**-** 

J? ElSSlK S S£T&!%sSjS 3 Rang Seog Ban^ whieh^s owned 
* r ‘ o-o-o* 1 - duction rose to 5.19m tonnes in don which has attracted most of iust under UKSlhn msS-mmi bv Honfikons and Shanghai 


such as Hongkong and Sbainghai 
Banking Group. 

★ ★ * 


i w mn ,pei reDtnigner cent tn 1977. Crude steel pro- rival options exchange in Lon- complex in the Colony, realised Hang Seng Bank, which is owned 

I . " Dn ‘ • . . , duel ion rose to 5.19m tonnes in don which has attracted most of just under HKSlbo (U.S.5212m) by Hongkong and Shanghai 

The improvement came mainly the first half from 4.53m last j the interest of British brokers when space was offered this Banking, announced a con- 

i The steel and steel processing year. Rolled steel production was and to difficulties in getting the week. solidated profit, of HK$97.9m 

iviston*. The upturn in the steel also higher at 4.37m tonnes com- prices of the underlying stocks. Cheung Kong Holdings, a (USS20Ah) for the first half, 
jierauuns came rroui higher use pared with 3.96ra. local property developer which Reuter reports. 

• . owns the complex jointly with No ■comparison was available 

- the Mass Transit Railway Cor- with the same period of last year, 

p • • t- i* w i poration, did not disclose the During the whole of 1977, the 

Swissair nnwnriirn Italian bank *** at which it 50 id me omce bank earned hkmub. 

k-y Ti *v3iC>Ca.JlJL ijvVij UU m lllUIll, space, but property market Hang Seng is paying an interim 

viiPinn ir sources believe it to be around dividend of 90 cents, compared 

ZURICH, August lo- recovery HKSL200«*| fton average. with’ HKS1 a year ago, od capital 

W1SSA1R said this year's net enced by the lowering -of Swiss-; This compares with HK1.100 a raised by a two-for-five scrip 

r«mi will not match the hich Franc tariffs hv between '4 Der ! R» Qur Pimnnai staff sf l ft for Ihe Chater Slatioo office issue. 


Italian bank 


recovery 

W1SSA1R said this year’s net enced by the lowering -of Swiss-; 

riitil will not match the high Franc tariffs by between^ per' By Our Financial Staff 
377 level of SwFr 51.9m. thus cent and 17 per cent from- May 

unfiiming its earlier pessimism, l. ."! A SHARP recovery in earnings 

Earnings have been affected by U Jt n^r cent ,s . r - ep0 "i t o d th * ln i er ’ 

worsening of the exchange rule J ? ^ i 1 ™, 6 r0ie national Bank for the year ended 

"nditions. and first hJS SKtal bank expects to 

•ns below the level of the same b - nn ; 7 - 7 per ceI l 1 t * extend this improved pattern of 
criod of tear vear* the eonpaov ta P ac,t> “ s | 00 schedule^. flisn is trading into the current 12 
aid but cave no figures ' rose 10 56 5 P er cent frwn 54 - d months, writes our financial staff. 

' . , ■ ! per cent in the previous year. Last year profits before tax and 

Swissair saad traffic income income in the 'first six Io an provisions rose from £0.59m 

mee February has been belnw ™al income m firat x JQ £106m (S2 . 12 m> while Used 

be ycar-a-gu level, also ^u- gSrtfuS'ftiJ SwFrtX Ki Profits ^ emerged _at Jim, com- 

1 the nrevious vear -the cortroanv P^rcd to a loss of £S.8ni. The 

s»fd P in its ronSt bank is controlled equally by 

sam in its hrst-haif repon. , he Baoco di N apoli. Banco di 

Total costs before depreciation Sicilia. Istituto Bancario San 


Drought hits Highlands & 
Lowlands in first hall 


BY WONG SULONG 


KUALA LUMPUR, August 18. 


ie. First \iking 
-ommodityTrustsI 


Cammodity OFFER 35.8xd 
Trust BID 34 


Double OFFER 79 


Option Trust BID 74 


Commodity & General 


Management Co Lid 


S Si George's Street 


were un cb auged at SwFrl .CCbn P^in di Torino and Monte del ^ ? d , 

;; d G »\7?erS r TsJ 3S8L by PaSthi d> Si€Da - harvest/" and ISerallf iSwer SSAffift SnS" ^ 

w ... .. • . prices. . An htiertm dividend of 20 per 

ihe company said it win make Pre-tax profits were 16.79m refit .(equivalent to 10 cents gross 

every effort to limit the decline • ringqitts, compared with 23.49m or 6 cents net per share) is 

in income an dto control costs j Lindmger payments ringgins during the first half of declarei 

and it believes that results for; ® r J w last year . : - 

1978 will be satisfactory vwben .The Lindinger Organisation. The company, which has a good - ' 

measured against longeMerui > which owns a fleet of small tramp balance of crops, said that all its Singapore bank growth 

t „ r(? “ ds - ■ freighters and a group of trading produce— rubber, palm oil. palm “T* ®_.. - 

Reuler i .-oninanies. ?airt it has ciisnpnded i kernals. conra and cocoa — were ™ E Development Bank of 


Lindinger Organisation. 



W^RDCATt COmiHOflfTT FUtiD 
it 3 lit Jnly. I97B. £10.39, £?0;g2 
WCF MANAGERS LIMITED 
P O. Box 73 

St. Heller, Jrrtcy 0534 20591/3 
Next deilmc 3lxr Aejuit, 197B 


freighters and a group of trading produce— rubber, palm oil. palm "1° . 

i companies, said it has suspended kernals. copra and cocoa— were Development Rank or 

payment. Hilary' Barnes writes down mainly because of the Singapore registered a record 
from Copenhagen. This step was drought growth of 59 per cent for the 

| taken after partners in the ship-j Palm oil Tell from 24.243 tonnes half-year ended June 1973 with 
nine: interests protested at the • to 20.353 tonnes, rubber from . at S»4.66m 

»harc they were being offered of|S.07m kilos to 6.5Sm kilos, palm (USSllJmm) against 5Sla.53m in 
the 830m price for the sale of 10 1 kernels from 5.173 tonnes to 3.982 the first half of 19»7. 
tramp Freighters to the Hongkong j lonnes. and cocoa from 305 Pre»&x profit at the bank jtself 
Ocean Tramp Company this tonnes to 295 lonnes. also increased by 59 per cent to 

month. .Although ' rubber fetched SS20«m. 


NORTH ABSERECAN NEWS 


Penn 
Central 
bankruptcy 
to end 

PENN CENTRAL Transportation 
Company said it .vill emerge 
from bankruptcy on October 24 
under the terms of an order 
issued bv the U.S. district court 
in Philadelphia, wnfch has been 
overseeing its reorganisation. 

' The company said the court 
authorised the fhnnaUta of a 
reorganised company to be 
known as Perm Central Corpora- 
tion and the transfer of manage- 
ment 'from three court appointed 
trustees to a new board 
Penn Central filed for bank- 
ruptcy on June 21. 1970. aod on 
April 1. 1976. it transferred sub- 
stantially all of its Railroad 
operations to Consolidated Rail 
Corporation. 

Penn Centra? said Judge John 
P. Fnllam reserved jurisdiction 
on matters relating to the re- 
organisation plan, approved by 
the court this March, and 
directed that any party appealing 
against it would have the same 
rights after the release from 
bankruptcy. 

The company said a limited 
group of creditors r-halienged 
the proposed distribution of cash 
and securities assigned to them, 
under the plan and their views 
arc scheduled to be beord bv the 
U.S. Court of Appeals before 
October 24 Reuter 


Domtar plans 

DOMTAR the pulp and paper, 
building materials and chemi- 
cals group controlled by Argus 
Corporation of Toronto, plans to 
amalgamate all its Canadian 
operating subsidiaries. Robert 
Gibbons writes from Montreal. 
Oxford • Development. a 
major real estate developer, 
earned SSl.lm in the first quar- 
ter of 1978 or 9 cents a share, 
against C$745,000 or 5 cents, ex- 
cluding special items. Revenues 
were SS2Sm (S13m), including 
the recently-acquired Y and R 
Properties of Toronto. 

Trans Mountain Pipe Line, 
which operates the Edmonton- 
Vancouver oil pipeline, earned 
$C2.4m, or 32 cents a share in 
the first half against CS2.7m or 
36 cents, a year earlier. Re- 
venues were SS14m against 
C$l4m. The tariff rate increase 
did not generate sufficient extra 
revenues to offset lower through- 
put and amortisation needs. 
Reed Stenhouse. the insurance 
group, earned C$llm. or 77 cents 
a share, in the nine months 
ended June 30 against CS9.9m 
or 66 cents. Commissions and 
fees brought in-SS110m against 
CS91m._ .The company is buying 
the brokerage firm of Cornish 
and Gary. Palo Alto. California. 



rejects 


BY DAVtD LASCELLES 

MEAD CORP. the forestry and 
wood products company, today 
rejected the $75Um takeover bid 
announced last week by Occiden- 
tal petroleum as “ not in the best 
interests of Mead's shareholders.” 

The company also said that the 
Justice Department was investi- 
gating tbe anti-trust implications 
of Occidental’s bid. which is one 
of the largest ever seen in the 
U.S. 

However, this response looked 
like little more than a symbolic 


NEW YORK. August IS. 

gesture is a skirmish that is 
likely to last some time. In its 
original offer. Occidental was at 
pains to propose further meet- 
ings with Mead in order to arrive 
at a mutually satisfactory 
agreement.” 

Furthermore. Occidental's offer, 
worth some S35 a share, repre- 
sented a premium of only 25 per 
cent, which many analysts 
believe leaves considerable room 
for improvement. 


FTC will not delay offer 


BY JOHN WYLES 

THE Federal Trade Commission 
has agreed not to delay comple- 
tion of the tender offer by the 
Cave rib ara subsidiary. Grand 
Union Co. for Colonial Stores, 
the Georgia-based grocery chain. 

The FTC's agreement was 
conditional on Grand Union 
holding Colonial's assets in a 
separate subsidiary corporation 
so as to assure the Government 


NEW YORK. August IS. 

agency of the continued viable 
existence of Colonial as a 
separate entity until the FTC 
has completed its investigation of 
the acquisition. The merger 
would create the eighth largest 
supermarket chain in the U.S- 
and the FTC is know n to be con- 
cerned about its anti-competitive 
implications. 


EUROPEAN OPTIONS EXCHANGE 



LG. Index Limited 01-351 3466. November Coffee 1404-1419. 

29 Lamont Road, London SW10 OHS. 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor. 


SrifIMODITSES/Review of the week 

Brazil frosts boost coffee 


BY OUR COMMODITIES STAFF 

HE BRAZILIAN coffee crop this 
r-k suffered its worst blow 
>ncn »hi. 1975 frost disaster. 

Fiii lowing a severe frost which 
•.•van .weekend, tbe authori- 

ps arr c- lima ting ihe damage at 
n in -!m bags tort kilos each i 
i rnrtcf. hut some pessimists 
link lise veld weather could 
•nr v . i pi ti out the equivalent 
f i'.tu 1.* rif The 197S-79 crop. 

,\ w - ni The fro.-l boosted 
fiiiitiis marker prices by 
i ii .in iliictday, bin They snh- 

• i.mit in the week, as local 

u-iitiVil id minimise tbe 

I'll. '#' 

Mr.:| l.t-mlnn t RidCIS WCTf ImI 
viicn: ikai mi more than 
t.f iv-fToi- had been In-it 
nl a u .irninv hy Sr. Camillo . 

• i.i .m« ihnr the damage might 


MARKET REPORTS silver 

ITinilltL 8 IlLI UltlU Wheal or mixed wheat and rye ftaur- 

„ _ I j . ' I27.ai >V17.3Zi; Rye flow— 12V.06 028.061. 

RA^F MFTAI ^ silver ! Boiiiou ! +w. ulk. +•«■ 

StltlALS blu- - cl«e I- RTIBBFR 

COPPER— Slightly Rrmer in fairly rn'v i*z- pricing ! IU.UULH 

'-ubdu-id iTidioa un the London Metal . LOWER onenmc nn the London physics 

Exchange. .Uler openln* tcher at £7S«. I market Errauc Uimacboui the itay 

rrfleciini -ihe- strensilv o( oxernlgl# US. -.1.4 282.7 p —0.0 282(1 1+1.8 cioxinc toleL Lewis and Peat repnnet 

nijrti.'ii. fi-rvard melal fell away to £7T 9 5nmnih«.. 2B9.5(. —0.4. 288.S9p +1.45 a Malaysian godown price of -343 <2441 

b:- the early afternoon fnl!n«-trs ibe Riii un ilis_ 297.2:. tO.I 6 — «n« 'buyer. Sepi.i. 

sirer.^:H of -teriing and forecast* of a 1: m»nilis 313n —0.6 — ' . — — 


SILVER 

i Balltoij ! + or 

L.M.K. +>k 


ftxhi- — | 

clove | — 

fn .y iuo 

pricing j 



iGS.fd. resi ml): Grain sorghum— 75 7S, 
rest mi liS.TS. rest mil. Flour levies: 

Wheal or mixed wheat aod rye rioin^ 

127.52 • 127-32); Rye flow— 126.06 1US.O61. 

+ -" RUBBER 

LOWER onening nn the London physical 

market. Erratic ihrtmctwui the day. 

+ 1.8 cioxine aoleL Lewis and Peat ropnned 


U.S. n/lsrkets 


0.15 — 

-0.6 — 


wn» 'buyer. Sepi.i. 



To)] un Ibc wtsk of £4. Turnover: *.700 
lonnei. 

L‘OI*l*fc.k" * a.n:." - + "pTu:. bfuf 

t'ili-..j>! — Viioitlslel — 


il LME— Turnover 142 i24U lots of 10.000 X... I ; XcmenUyV; Preili.ua 

czs. Morning: -Three raorthE 100-3. 90.2. , *t.+n- 1 L'liie I'Ktc 

*»' 90 3, M V«J. J.S. 9.7. 9.8. 90. Kerbs: ' 

* Three mom ha SS9R. 9.7. 9.6. Afternoon: . j 

Three. months 2^.5 Wf. SJ. 8.2. 8 5. 57.50-57.60 57.B5-5S.0lJ 57.75-57.50 

... R.7. ?.a. 5 6. Kerbs' Three month* 2tS ik.i I &d.55-3-:.45 58.B5-5a.75l 58.40 

hit ».7. $ OcU Pec. 58.7o-59.05 59.50-53.35; 59 00- 58.50 


MEAT/ VEGETA BLLS 

COVERT GARDEN— * Pmw lu sterling 

per packacc ‘■accpi where siar*-di: 

Imported Produce — Oranges — South NEW \ URK. Aiwuil IS. 

African: Vnleurto Laic . 4.004 J«: Coma-Sept. 151.00 -ljs.w.. IX-c. 147.73 

Brazilian: \- Laic-s i-ahiornidn: « ». March 244 00 Mar 141 lnlw 

3SSJT h 'mSfcSES? 

Italian: 100 Os new crup 5.00: Spanu: ' 

Trays 1 .80-2. 40. large hosts f -’0-5.50: Coffee— c " Cnmraci: Sepi. IK .50 
South African: 8.00-4^0. Grapofrull — 1 144., si. Dec. 138.50 i]32.5u>, .March 128.79 
South African: 27/72 3.30-4.75; Jaffa: 40s bid. Slav 124.00 bid. Julv U3.00 bid. Sepi. 
4.00: Argentine r Ruhr Red in 3.50-4.80. I22J3 bid. Dee. 119.3s bid. Said: 975 bus. 


p-i>:. t+or »-7. S ^7.8. . 

COCOA 


2^I5p higher on the week at 
57.25p a kilo, despite fallins 
0.75p yesterday. 

Copper prices moved erratic 
ally on ihe London Metal 
Exchange this week. It was 
announced that Zaire would lift x £• x £ ‘ T«imhrv ^+«r Biu-ine^ 

from October the 50 per cent wwtbars •• o»o»% - ti<we ! - u<m+ 

cutback in copper deliveries il?!,::?. 75^5 i 

imposed in July following the M+]i'u;'ni 73a -.5 — ... _ who- 15.0 •— 20 j isss.o 07.a 

invusion of Gie Shaba province. Cathode* iv uot.B05.o 1 4.0 in 14.01 795 

It is claimed that production jin,'.niiL. 745 . 56 - 1 “ 7441s sis - 1.75 'j‘^ r ‘ , ”“rj!re 7 a 8 d‘o ^wo l/i/.'oli'o 

at the Kolwexi mines is now ^.uru.-m 729.5 tU - .i. ; -,'.iiil Wsajui.o i-u.s wff.e-»!o 

above ihe level in May before L.h. » b.». — • b5-66 .... 1715 . 0 ^ 0,0 •— aj 1725 . 0 -ie.o 

the invasion However, the T.-aiui; -Lpirod u* . 1996 . 81700 — 17.5 i7tis.o-i6 96 

failure to end ihe strike by . 

-Peruvian copper workers « . 39 49 . 5 . a soi -.i-'-S ‘.tK.SSftadiSSf U 

Drought a wanting of cutbacks bA wrer m».!a td-*. hrrt; l.V;jy .If raee IK.73 tI52.28i. 23-d.n- 

•in shipments of blister, and «' 5 h 

probably catltode. copper. >hrtc n-.ontbs ns:. 32 . 313 . sj. 313 . &• CUrrtt 


Harsh Sociftesa 5*/72 '1.50-3 80: Call- 


Copper— Aug. 84.45 '84.45 Srpt. 64.55 


J+n-llmr 1 0.99-8 1.00 61.85-61.50: 8l.2D bn.80 
Ai'pJut. £2.50 52.85 S5.KJ-oi.l0. K.OO-t! 50 
Jr- "Cl -1 1 54.4i-S4.6i> 04.55 64.65^ 64.60 64.60 
Oct- JH*. 65.90 68.20 56.69-66.40 t6.70-W.00 
Jan- Mar, 67.7917.75 bS.00-6f.10' b7.704i7.5Q 
A | ,r- J 'ir or. li-fr. 2J Stf.35-6S.45 89.30-65 00 

Snips' 297 ''622i Jots »T f3 uwnw and 
11 <105* lots of 5 tonnes. 

Physical c1»«]uk prJc^v ihuvers 1 u-ere: 
Spot SI23p 1 58.0 r, Sepi. 5S5p > 58.75,; 
Oct. 55 ' jp 159 Oi. 

SOYABEAN MEAL 


i-.F o ci-raihln 45.5 49. 49 3. >J CaLhOd'.'j. IhrP? UlOThS 

■ Earlier forecasts of a sizeable ^ kwu- wircbars. raite raaauis nre 
moon, which is traditionally fall in warehouse stocks were y. j. si.5. 31. 50.5. so. ».s. 


!.► lay .11- rave 132.73 'I52.2S«; 23-d.if 
»aiP’ '.jO.W 1130.17). 

COFFEE 


1, ... •» r lrt , hn*ic U<-1C ‘““Mil. wuivil ib ii uuiuvnu mi i lu maicnuuo*. 

, ; . 1 , ..i?. -p «r„U iissoicuted with frost in Brazil, later discounted, and cash wire- 

e and the next period of danger is bars closed last night £3 down 
H OIL Via! later reports indital- prrd,c1eti durin S mid-Sepicmber. on ihe week at £733.5 a tonne. 


TIN — Stvety changed With bacF.- 

h-artla; .-'H amr.-a; 1,1 tsprtla- a*«.-j i.,--. 


; Tcucrriai V 

' l .W 
31 liur inane 


-f-.ir IbifiU"*- 

— 1 '"JW 



; 1 ■ i-n iny -(- ..r i 

■ ' 'h».; — | 

|s+l» 

A 1 



* lr r.s'fi .. 

...; 115.53- 16.5 ■* 4.2li 

16.50- 14.00 1 

it- -rin's' 

...; 1 17. JO 17.a-rl.S5 

17.50- 15.00 

I'rl-rnai <• 

.... 117. Ju- 18.5.* 1.05 

18.40- 16.5U 



__ 

J"ile 

. ' 113.50-21.0'+ 1.55 



Aiu*ii-I.... 

...jl 18.00-23.0 t 0.75. 

— 



• 1 

— 


W O.T^7: i,alJ M : Por pound Rome S ^ s: 5 aw '»»• 

Beauty K18. Golden Delicious 0.18: South CnUtw— No. 2: Oct. C.70 HG.90). Dec. 
African: Granny Smith to no. Pears— 64.60-84.71 i63j> 0). March 56.b0-ti6.6ji. May 

Frenrh' Guym 28 lbs i>n^ 3 60: Per 57.70 bid. July 6S.55-6S.70. Oct. 65.60-65.80. 

pnnnrt Italian: O'I*0l 0 15-0 IS William Dca 65.^-68.15. Sales' 4.030 bales. 

0.?0: Fmich- Willtamt 28 tbs 4 80. 275.70. *GoW— Ana. 208.00 <206.90'. Sent. 

Peaches — Italian- 'If frays 2. 40-?. fill: 2ilS j0 ' 207 40'. Oct. 209.7a Dl-c. 212.70. 

Frenrh: 1.50.1.70. Grapes— Per pound Ffib. 215.70. April 218.80. June 222.10. 

Cvprwi: Cardinal 0JO Suliana 0.20. Ana. 225^0. Oct. S16.DU. Dec. 232.40, Feb. 

Thompson o+s R«xakf n .IS. Alphonse 2S3.M. April 239.40. June 542.90. Sales- 

0 so: lialLin- Vieneiu- i in Plums— Halt- 21.000 lots. 

foml&n ?8 Ihit Castli-m^n p<*r poiinri w ■ ... . . , ... 

n GO: Italian Fvr pqu>«i Stanley 0 20. 1 " ) ' e no L J rai,a ? lc 

Giant Prunes- Itallaar P-r pound n 16 Dr ' me ;6 ' , » Irad « 1 

Bananas— Jamaican: p« r pound 015 traoxfli. 

Avwa.iOS— Kwan: Fur nr 1J?4<s 4 20 tHalzn— Sepi. '223!-2?3 1 220 1 . Dec. 2271- 
440 South ACr'can: Fu-n.- 4 ?n-t in 505 <26'. March U5-2J61. May 2412-24' 
Capsicums— Dutch' Per S Pilns 2 ?«: July 245. s+pi 246. 

Irallan- t.sn. Dniuns— si>a«i«n. ? Ra3 ;o. ..... 

Biiirt- 2.im. Tomatoes— ^Kcrnsey- ? »0: * p .!? ,, 12!? K 7 0,rt . 'P'tS Jan. 

J'-rsrV' 1.5W. Melons— Fnan.xli- Yellow July 2 .d. 5«. 

S14 ?ea?w Water-Melons— Crr-'li: 200 Jet. 2<< bO Jan. 281.40. Aprff 2S».00. Salts: 
English Produce — Pci aloes — Fer 23 - 10 1: '- 


Sah-s. 71 iBl i lots of toil tonnes. 


SUGAR 


2 1. aili-'i al* and pnu-s finished duwn £1.75 nn the week. price to R825 a tonne. _ 1V ■ , ,+ ‘ ,r .. i-3!-. ,+ ,! 

i-'.uvi. on a strode note. World sugar prices eased back Tin prices were generally tin i-cv-.*) 

t hr \;'7 '."liiber Pnsilfon. which marginally following reports of higher, but lost, ground yester- Hieh Grade £ - £ i £ 

■i'i'cil below 11.300 n tonne in higher beet wcighis and yields day on forecasts of a rise in ware- lZji 6810 - 20 -S7J 6760-70 —73 

1. 1 iv. -ok. gained £74.5 yesterday "in the West German and bouse stocks. Standard grade 5 . ™ MJ| 6 i52’| 3 “f? 673Dj4Q ^ rj 

end the week £205.5 up at Swedish crops. The London daily cash tin closed £95 up on the “ 

■ *115 a temne — the highest sugar price ended the week £3 .week at £8,756 a tonne, after fall- 68 10-20 -57.5 6760-70 -rs 

yet tincc the end cl June. lower at £SH a tonne. ing by £75 yesterday* mor-is*. 67«o_5o -*La 67Z0-8 —40 

'fiio Brazilian wen I her office Continuing consumer buying' However, the Penang marker iso "» - 

■•'Mpcd its frost warning yester- interest, particularly in China, moved up strongly with the \>» - 

■ Brti the danger is not led lo n further rise in natural Straits tin price gaining SM80 -rr ~r — “T: TT 


* • LONDON DAILY PRICE . - raw «URan 

— - -— . . If!. "it if&J.fli*' j iptiiiv iir lor .■Uuimi-tii 

SaJ- » ' v® *3JS0i lota of 3 to-tu,*. ^UiDm^nt. tttch.- sii^jr daily price was 
ARABICAS— An uuuQor.-d Sales Ml! liSi-d 31 fl-M.IN i>M7li-t. 

■ ' Is Of- 17.250 Kilos Kcpvris >jf j i.-nJ.-r :n Peru tor 

ICO Indicator prices for auu. iv 'U.S. sons. IV!*.. Vjrtti »li:pm<:nl. produced an 
»c..ts per _ DWitid): Colomhiau M»lrt tuQe and prlaxs nuicVly 'l 1 '^ lined 

Arabic.'" JWjJ Isamsi; unwasberf i,- u:> -, 3 j flu [.owa from kerb levels. 
Arai>l~3* 143 00 »Itti 00 >: other mild L„i.r lunh+r lvSSiS were r.-cord'-d bin 


GRAINS 


‘trrtwjtor ftfft SM..3D. March 61L.60.' Maj '024.W1] 'siles.' 
0 *>1 Lord licrhy fi.SB. rt v nra>' Cire It 10. i" 300 lots 
0.12. Rram'-j n.71-0.14. Pis-wry 0 IS- ' . _ „„ 

n 2 n Tom^ioes — Per li tb'. Cnjllih 1^ Soyabeans— ,\ua. ujil-657 <6SUi. Sept. 

2 2». Cabbages — P -t era:- 'ISO. Celery— Nn». 62MB7. .Un. 6*4-64.1. 

Pit h-ad n.ni-0.10. Caulinjwprs— FVr 12 March 6501-65! Mav 634 July 657. Aus. 
Lincoln J 00-1 30. Bread Seans— Per 

ppiiTid 0 d". Runner Beans— P>-r "muni Soyabean Oil \uj. 28 3 ill 7"i 

g«K* P.I^ D lf. araunri «,n,..ni0 Peas- Se.-,. 23.!0-23.li5 -24«t2l. oci. 24.30-24 2a' 
K.5"*. 11 '-. flee t ron—P'-r ibi D ,. r 23.65-2.1 vi. Jin 2^.40-2330. March 
n un-O.Tn. Carrots— Per :* II. . 0 .'M "0 .-.•.:i0-22 23. May 23.20. July 22.95. Aum 
C apsicums — Per pound n ’’O Cour- -i <ts 
gcHes— Per pound O.OS-O.IO Onions— P.-r 

n.iu 1 on 1 wt. Sureties— r- lh? n >it Soyabean Meal — Ann J6P20-IE9.30 

Turnips— P.'r 2f lh^ Min. Plums— Per 'to*.*® 1 Sept |R9 211-160 30 -unitH. Oct. 
umuid L.iMnn-: u.f'S. Riven u >«. i>ars l ,;| J 4<>-i6P ;o. nr,-. iti fl0-l7it.30. Jan 

n.r>< r "i'ain+ 0 o?. 171 i " Man-h 173 50-l77..»li. May 174.50- 

MEAT COMMISSION— A-r I. r.VffQ. k TW Jnlv 3T5 -^ ,73 - n 1^-50-176 00. 

prl at r. pr. scntjiivc markers on Sunar— No. IP Sepi. o s-L.t Kl T.01'. 

AII'JIIM ^ TOO’u P-r ks-l.iv I n.'i- fi .91-6.92 <7 fl'l Jan. 7 3 -t M: inch 7. SO. 

. - -..'12 •: UK— Sherp "f perl May 7.67 July 7 si. Ser>: Sf0-4.ni. Oct. 

bv.e*;t.d « w ■ — tl.-TS: CB P'>- i! n P p^r S.in-S 12. Jan. S 20-S 31 Sale' 5.630. 


■ V Bill flip danger is nut led lo n further rise in natural Straits tin price gaining SM: 
uirelv i»:»st — this week's frost rubber values and the No. I to SMl.830 a picul as a result 
• tuculpi with a crcsccniao-full- KSS spot physical price clusetf decline in supplies available. 


WEEKLY PRICE CHANGES 

UCUli "pi i Hlftli . ijult I ' 


Th.. opened 30p lower on whuai 

and bir'--y- In ’rood- voUim-.- utvai »-alu-*s 
eased t»-> ■ “lY-aBErwatvi! stilus: to trad*- 


picul as a result of I ,i.r!“ r, mon:hs S: ”77? rt ‘« ea ^. 


£ '|+r I'.niie 

".T 91.15-61.20 42.ls-b2.25 95.7J-SD.M 


ifiAil. 20. r. -'-TriiSSr b t ?rin r ^?-'n, l^w-- t5.23 S5.3D. >4. 15s4. & 6 SS./s i2.bU l'';’ 1 ' l '° P [ ,«•■ ^ * I WINNIPEG AU-IUV 17. ttl 

5»- 50- 49. ' h - r^,‘lin P U-n-.. 9b.la.93.2- 9s.2a-99.6u 1CD.7B -s/.6J P Up ^ wr>: , v -'-5® bid \ 94 W d -k 

me monte W0.S5 tiB.ii.l0l. 44-01. bUlttt .2a Wli.O pr " l,Mp ‘ - r ' ■ u-ui... Pec. 01.40 a-kort Mav 94J 


.1.111- nu nn<-rv on i,.o p r i.f. pn* * | WINNIPEG AU4"V 17. ttRyo— Oct. 
i!Bp i SlH-ep up *i' prr «*rr v.-jd '31.60 bid- N >v 94 N» d -k«f iBS.SO 

■!<-. i.np »- i 7r. n"ii4.'. Pec. 01.40 a-b-vl Mav 9A.M asked. 

July ‘M.S0 nnm. 

* +tOats — rici n Id .77 .Tin. Dec. 72.00 

a-k-.-d >75. so s'ki-d* 31ar.-h 71.20. May 
GRIMSBY FISH— Supply fair, demand j 71-W b :d. July 71 30 a^'i+l 


LEAD— Un changed p*. bahiiKi. F.nrjrh WHE * 7 . . BARLEY ^ r-!li , ui.-ij basis iriiu.- stuar i«s- £2ii4.sG 

in tut liSCKd artioad U6 an! easef £ad: i+-t«:«naj' w + .. r Vm>- ln-.'» »r , .^? lr - v 1 tonn,- l«r kah Iraou Jiut 

to 123: ws^t to o7'ifi:-tofc:r.2 bH-Te -U nt., ; — — --i-I "■# iU2iyi. lor .cp-.n. 

nviveriru to i23i nt ej.^K-a:ma- »l Imcmnl.nncl Sugar Agreement: U.S. 

I tinner f;ll to b-jr«!i<JSP COf*S. ID ‘hr j. • da-Jg' -0.70 77.7S - 0.4S > r ,cib lnrt stnuvd Conhl-an 


r good. Krai'S dl ship's sid.. ■ •i , iBrus'-»v.-1 • 


a Barley — O ct. 70. 3C bid ■ K (HI bid Dec. 


i.-unuii". - . L *-'j L's!- 1 . £'C-:si 

-. tin: vet s I.wj.i-. .+U..J SUV: *3 *, l.OTc 

: :t. LC’.£i'._ J21.dC- - , il'.l'.-' CS.iGb 

1- »:s»Lit 1 I' >3.« 13 

n:tC7 ' , 

v«i'.i !Ur> ! -o.it j tff'l.'- ■ tJJfj 

1' • |!.*.« . -4.U . Dn-J.r. 'L' lt.t; 

:. Irll. t. t~, -j.3 ’ 4>ci'. ' 

■i* -,,i I ■ I '.. iitt —O.i 1 ; 

>*!0 jll'-s* 7o i SUr.ljT SiN.ti 


£l.X> . Ul.s2a 
v2.47» . S2,t» 


jjF.f.' • XM2 

OrtJ.r. ■ t'k.t' J.VJ4.IS 

i>'cv I'/iis : Urf’a 

Lr.T*.;.» CJ!lvs C-ll.iO 


Wheal , ■ 

>... 1 li,.l ~i'ruu*.J S90JI 

Am- llnitl 

Umier— i __ 
Kiu:.MilIiuii'tie»-erurt 134Ji + ‘.i 
Spices _ 

l.'U‘V« .. ■■ — iy.'L S5,9li» • — 

white. - Sit'rO — 

UlA.-k ! SI.6S0 ■ — 


dlti-n«#uii th.- pn:e narrmvly. 

idtfjns u? to cIcm- ct the iert a: ri'JS 5, Jan. 
frr a wf.' r*>- rf anrjnd £6. Tam- 'Ur. 
.act: O.Ttfj :iictk-s. ' li.) 

..... a.-*-." -V ->r -■.t. + or Bu! 

l.hAD .— : rt--.-!ll:u! — So '-- 


sS'ST ~°- K ’ S0.-J5 '— 0.« 

trfx ~°- SD - -o-fo 

91.50 -0.7(H 65.65 -0.50 


r*»rt pr 1 , --s fur aucu#:' 17. Dally 7.1.4 
■ l.iday -vcr.i,.v '7.97 id-SCi. 

HONG KONG SUGAR FUTUP.ES- 


siili-s ' !jr^.-i £4 50, ijn J.unj' £4.00.! 


Gv3:.a» ai) , Ka 14.5 ' Cf-4.13 




«1 j; 4,. _ I Al.nSil b.'.U . SUia 

Lll^.P . - L'tf< il'.'J, . f>. 

Xli‘ S> -1^5 I Ks.i.S X140.1 1*96.4 

*. ! Hlvjy >143.9 .. 912£i‘ 
ir.' i|i ; o.V : ksy.iJi' . 2KI.'|3 ( . iA.p 

• ft 311 “ 1 I IVvdt' : Jiri.sejr :s*.!*n 

L...5. j -S'' : • l>.*x. L'a.Kai 

.i’ ,* ! v iV-.iJ-;.?' Ca.717.. 

' 4 -r '.6 • ; 

>!■". J| » .s >.l ' >».-4..-:l < !■■ » -i S l.sC.g 
C : l.i ' -Am j -X^'l-y. Ei.W/d fiif-i.'ir 
Lwi./.’ , :Lii,\ ii. So.-.in iiii.V? 

S'T.' - - I STlA? . ' bUnl 


Oils . • 

I'm-, 1*1-70 

1 

S4ji> 

• S7E3 


GiihIIJ'IUI'I 7^, ' JOftti 

. - — 

£i*+7 

I tflM 


l.llivrxvl- Crii'lt r C£S 

■-t.O ' 


! s#e 

£2H 

l^iiiii M«I«>4U £67A 

+l£-i ; 

H jc 

! 5640 

S49o 

SeeJ p 1 - 


SotjJ 

54:5 


>..iaUu". '-I t ?IK 

'■rS.7a 

»3oa 


$254 


i3 , !!jHl'* Jy M. US3S5. Tout sak'V W 7 90-7® 

. “ « :«*£».&. ui. :A n sst - 

,-fyys 5 i.umlhs- 332.5-5 -3.5 336.5-7 M,y WJM7 -S3- Total sales' S3 

Si-bu 528,5 „r« ' — ■‘ , HCCA-L«am«t es-fano stxn nrwes. WOO! 

f«d. •£*-**2 Divan 

, .‘Joisisa: Ttrcrratinats CM. 34. s. 22. barioy-Norfuiic f7:^u. 

::y. 32.;. a. SS.S. S2. su. Kerb: Cash L ‘2f' : I ^ W r i "Poned. 

Uiriv tcunihs £334. 34. j. Afternoon: . L _ K aHBount lor the 


.'Jorains: Three- at milts £336. 34. S3. 32. 
::y. 32.;. a. SI.S. 32. 313. Kerb: Cuh 
I7--J. thru mvnUto £334. 34.5. Aficrnoon: 


.#■*». w*i, U.V.IM4 **#1. *n.*. .-UICIIIUV'I. . __i_ . - — - IV, .ov — 

TTiri'c Uioclii SJi. 34.3. 37. Kerb: TarCc Vs ust 21 is esoeriHl tu Avirainn iVcmcph 'b-f- .+ 

rwr ... In.-r. js.- .D J2SJ. ■->,«. 4 «,».!! Clnsw — 


monrlb *337, 36. 


ui'.Tc j5<v in 372S7. 

JWFOBTE^-WbML- CWRS No 1. 134 
percent MOL mjSO. 'Tllbuv. U.S. Dark 


Jut 7 90-7 92 Week's High- L ot* : I'd. 
7.54-8.90. March 8.U4-7.53 July &.39-8.15. 
Tumovur: 46 lots (54'. 

WOOL FUTURES 

LONDON— Dull and Featureless. B.ichc 
report ed. 

1 Pence per ktloi 

Au* li'aiuiii tViStwiu'i-i- 1+ ‘"HiMi’e- 


!••••.• [ - , -4" - -I---' • 

LTI.i* 


£iO.J& 

w^wivvi'. . . : 

, \nirrnv>'l'- £•*! !*.. — < 

' : 

t;iW.75 £ 



i 01 her 

: Coaif&odiU&s 

j >l.i[-'.M"lfc... J1L133 --37-3 J£.44J , L'2.1:i L‘I^-11 

■ ri» L'ti'i Jie" • £1 A fiLL ' a - 1.7y 

C 1.611.9 42.SJB JBJdlcu KLfitt 

1 t'.-iiii* 11 ln. r» . . 34,1,1 .t 3.0 W.&-. 74.li-. 6l.£a. 

i C-S^MUI ' 47640 : — J7lS*'i i'.OU iSCti 

ji,u- 1-1 » uw I'tsuiv. r-wi • + 21.0 ssn • mi 

» KuMoT Uto 57.fc>,, .,^1 tJ), 0t.l3|. 

| >iu,i I'cxrl 41it J . - i!19J 17 17 7 

■ m-» >■■*<: I* ' ! — ' JCoa 

files'" il'*" Kl — iili+i Cl!4 1731 

ii.iu.st >o.i f;i«e | — £\tv , rlto £i'<2 

Un ii|U*i"'> ' HI**— U#p - IS011 I5fi* 9-7 1* 

■ i.uini L ■ I- ■ .... Win . 100|# ii.ji ' fvbp 

W e4* VV Mf. Zihy kilt* — 5 Ztij. Lilt. .Zukilwp A: t 


' NjhuouL B MaJawsWi 


runram u; it*l traced with S5i Bd CM i7V2S. uct. Cas#. Nov. ao.00. trausW ■ Do-mher ...74D. 0-44.0 -2.50 — 

with seminiru 1 . aided bv forecasts of a mem Eaa [ Coast. iun-!i: j2«1.!MB.u S.50 — 

faff n wn+WK •'j'Ktx Ai «» close Kalao: S..’>Teiicb Aoe.-Scoi M 9 ia Ms - —.744.3-4 /.0 -0.60 — 

on the !«;*■ ; k'rb lV price m. otxwed »Ki. El»«n «0. nunsJnpmrni East CoaSL Julv 2A5.U.MLD > — 

ATOaW £&.S. a fall on the week or S Afnuu Whftp Scpi.-Qc: £SSj0 OhjJxt .. ..^.O-bS.O — 

around O. Turnover: J.»D tonoev uIa«-'ow. » Afncan Yellow Sipt -Od liLH-miier ,..t243.o-b2Jl ‘ — 

A M r ^.r 4;»IPI. C!l»»Jfc j 

z:\t ; I.WS-»I — 1'i.mhsM. — EC IF4PO KT LEVIES— EOcclive fur Sa!. < Kll mil* lots of 1300 kilns. 

* £ Ufc - .' 3 gy “Teal levy plus Sew.. SYDNEY GREASY— 1 In order tracer 

JC £ Oe:. uno aranfftitsA tprtvttts in viler basim-ss. sales'— Mtcrau Caairaet: 

-2.25 518^9.5 —1-5 brarteis^ In untai of avcuunt per (Art. 347 5 .34hJ. aaimh-dV Dec. 356 B. 

5 njuuiln_ 325.5-6-2 326.SG.3 -6 twor. .•*«»»-« K . raft ml 337 0. 356.5-356 1: March 562. S. 363 J tuis. 

Vi,«nt. .; 316.5 -2 - uUi; Durum wheat- j;:0. 4' M .y W5.0. 367.0, 35.33 5. 5: 

I'nm.nr*; - 29.31 _... P 1 - 4 ', . nl i' * ® '»L24* ml- ml. July T70 0. 170 7. 370 5^70.5. I: Oct. .173 5. 

a* - S in! ^t^-5 OT T°« a f 1 sai«"-24 3 toil: 377e - 

v" 1 yFSl i! il' I™ ‘71-74. rest ntlc NEW ZEALAND CROSSBREDS — Dm; 

H **■’“■ -• Kerh - S^uT‘fAiirtr T Sl ” - <71 - r * J reEf all's f^IO-WO. 52.0. 2: March 182. WO a. rwt 

rhtA mu-j. J&5 0 h8r * ,w ,Br «BdiBS>— utrradet?: Mar 134.0-55 0: Jnlv I&5.0PS 0: 

avr furari. 1 *b previous 75J9. rc -I "J rest mM: BnMm Od. 1S7*»4; Dec. 1S7.0«.0. Toial 
o®ewl daw- tlil per DivuL —AH oil Ail ft Millet— £! ^7. rest nil sales: 2. 


Sail In. f l.fiV-tJ 40. 


SNOICES 

FINANCIAL TIMES 

'■i-’* 18 lu 17 1 ■ -i ’ 

2-47.00 246.71 23a!aO liS.94 
’ «E«w: July 1, iK2= :Mr 

REUTERS 

lii.-. 181 tin;. I7.JI.-ui, «... • Yvir 

1440.3! 144 1.7 1417.3 J»aiT 

{Base: SewoTTiher 16 lKH=tS6' 

DOW JONES 

' l, “ v [ ■" i" u mi : 'i'i 

■ • 565.25366 +3 5^ TVi 7"-7 

6 6 3 . 7 B: 01338O1£*5.5E 

lArrr^i- 1924-'J5-'jr,^ ■ iuj ■ 

MOODY'S 


*55 5 929 J 91 7 4 = : 

'Dccnmber 3ft’ 19*1 r i*'-> ■ 


‘ Wheal— SC lY RS 13.5 per cent prmcla 


romcni elf St. Lawrence 166.S7-' 165.13 1 
All cl-ais pi-r pound vx-warebonsi- 
111,1.-55 oibora'Isc staled. * ss per iroy 
lWi ounce lots. r Chtcaco loov 
per 100 lbs— Dept, of Ai. prices prn- 
‘■ions day. Pnmc steam fob. NT butlr 
rank cars. 7 Cents ncr 5fl 1b bushel n- 
■"arehnnw. S.ODO bushel lots. SSs per 
trey ounce for 50 oz units of 90.0 per 
[ .. rnt purity delivered TTY. : Cut is per 

! !ror ounee cr-ware house || Sew “ B “ 

Lomrac* In 6s a short ton for bulk lots 
1 ef lib short 10ns delivered f.o.b. cars 
! rhicacn. Toledo. St. Louis and Alton. 

1 - Gems per 09 lb bushel In atnrc, 

1 t Cents per 34 lb bushel 4; Cents per 
4? Jb bushel oc warehouse, f: Cents per 
[36 lb bushel ex-w are house. 1,000 bushel 
1 lots. " SC per tonne. 


! LIVERPOOL COTTON— Spot and tfjjp- 
j mem sales amounted to 262 tonnes, bnna- 
] :nj Ibe toial for the week 10 1.092 tonnes. 

,h .' h:sbest vrcckly flsure lor nearly three 
, wombs, cottipared with 6>s tonni-i to the 
j previous vcek. F. V. Tattcraalls reported. 
I Fa:r iradine continued with Increased off- 
ifOe m Souih .American and African 
■ iriali’jcs Russian and Turkish styles 
I moved or quietly. 

j HONG KONG COTTON FUTURES— 

*"ra.s sained about ien points on the 
wi . V m modest trading. Close teems 
l p-r nnundi- OcL unquoted-unowned. Dec. 

-"1 f.) r 'i.l<l, March UDqUolfd-unauoled. May 
! n+.nuor.’fl-'jnuuoied. July unqootcd- 
; ;ir.'.00!crt. Week's hiph-low- Dec. SL05- 
*» Turnover: 67 tou> ib+j. 















trtB& 


' I i\ 


18 

BRITISH FUNDS (766) 


Financial Times 


Spc British Transport i‘Jc. 1 979*88 64 ij 

*11 *4 -ID IB 

S'.'K Com. ilk. 210 20 "la .4 * I 
■toe Cons. Ln. sz'*9 “ ‘ 


-»« bens. bn, ic. is 

3 : :BC Comci-MCn Ui- »'>• 

5k Exchequer Ln. 1976*70 99.54 39.58 
99.56 99.57 

1 3 i«k Exchequer Ln. 1396 loaft® 60 M 
3K Exchequer stk. 1981 86-17.64ttts 
27-64thsI 1 9,'MUil? >< *JS ft;; 

Sot Exchequer stk. 1903 61iij»o U|* Ai 

•a UK Excheguer vL 1981 94% 07:81 
84K Euhcuuer Ln. 1983 31 la % -in ft* 
9Uw _Exth4Qucr stk. 1 962 9J'i*® 2"j:® 


c Exchequer stk. 1982 33 'mO 
. 2-5S.S4tftS s 2 i (ii# • 

*Upc Exchequer uk. 1982 A 92-63 64tns 

S'j; P16BI 

9 :pc Exchequer stk. 1981 QiHs u 
• Opt Exchequer stk. 1983 95b® 4<'M U 
lOUne exchequer stk. >1995 86 VO % % ft 
lOLpe Exchequer stk. 1997 B6VA u ia 
12PC Exchequer stk. 1998 99 UO -*«» ft* 

12« Exchequer stk. 1099-2002 try. PdJ 
96i mo 5 -a 

12oc Exchequer stk. 1993*2002 Has, at 
£S6PC. £16 pd.i 15ft;® <ir M7 9l 
12 pc Exchequer stk. 2013-17 36V4> ft U 
U % 

12**06 Exchequer stk. 1992 g9>s« :•» 8% 

'** *4 "m I; 

12-tPe Exchequer stk. 1994 99 .%* ■* *, 

1 2-'»pc Exchequer stk. >981 103 '*• (ft* 

1 3pc Exchequer stk. 1380 104 fa® 3®is® 

4 ft® 

SUuc Funding Ln. 1978*80 93VO V 4% 
4 1 1 a 

a UPC Funding Ln. 1937-91 67V A» V 
6oc Funding Ln. 1993 62*40 V fa 
6'snc Funding Ln. 1985-87 80 % ft 1 . 
3 ; :K Funding slk. 1999-2004 (fteg.i 46V 


*1®. F ul ^ n 9 *«■ ,^162-64 B3-ft® V 
"«* V fa *t4 ft V 3 ft 


B-U« Treasury Ln. 1995 . 9 a UVO % 

7 UK Treasury La. 1885-88 Sift* % 2 VS 


1 - b 


7 toe rrwuwry Ln. 20.12-13 65%» 4V 
6PG Treasury Liu .2902-08 70ft 

8 toe Treasury Liu 1987-90 61 VO V V 

Sr i.V Treasury Uu 1980-82 93%?* ft® ««» 

'fat IS 'in k l| I) 4 Ji 


S':K Treasury Ln. 1964-86 89* 81 9 
B'fa 9ft 8 ft 

8 LBc Treasury La. 1987 75%* 5 
9 pc Treasury Ln, 1394 »iu 3 i« ri M * 
Bbc Treasury Ln. 1992-96 7®U® 7UO 
Vi ft 


9'tac Treasury Ln. 1399 81-UO iu* 1 80V 
ifa ft '■ 


12 pc Treasury Ln. 1983 102%* 2 («* 


•in 


12‘;PC Treasury L® IMS T01 J. fa. 


l2ftoc Treasury Ln. I9as 103ft* 

"9 3 

12 J.BC Treasury lb. 1995 194 ‘-’■i** 

13'*pc Treaiery Ln, 1997 i 03 ft >, 

13 .'i pc Treasury Ln. 1993 110V* 1-1 ft® 

14fjpc Treasury La. 1994 1041.9 12 
15UPC Treasury Ln. 1995 121 V* %* ft 
IS-.pC Treasury Ln. 1998 125V* a* 18{ 


2 ; : ,¥- J T SSJf r X«- !,t i u « ^KJ- 

11+75 21* 20 % % 

Spc Treasury stk. 25V* 

3 pc. Treasury *». 1979 35«r r at % % 

47.64 rhs *iu (fa 

3pc Treasury stk. 1982 86 V?* 4 V 5 
4U|» Sft ‘i*? - *18 fa 

3 -.K Treasury rffc 197J-J1 ff«J 90 V* 
89 1 90'lt 8SU U 11,8 901 * Si; fa S|8 
3K Treuunr Sik. 1386-89 fReg.) 6S't* 
h h 5'li 8 &>*: Bt 8V 


This week's SE dealings 



Frafay, August 18 — * 5^79 Wednesday, August 16 

Thursday, August 17 — ...» A&fl Tuesday, August 15 — 


5,444 

5,097 


Monday,’ August 14 

Friday, August lT - — . — . 


wu: 

.■ *fi*4 


The list below recunb all yasterwur's maHUnss asd ehwtts latest «W*ta*s durtai the week aT any stare «wt dealt h yesterday. The latter cu be dMosuUM B* 
the date (in pereatheses). 


The number of dealing? marked Hr each ceedM HUmut the name of the 
section. Unless Mherwlse denotad stares nre EL Intly paid ud stock EXOO rally 
paid, suck Exchange cc cur (lies are quetad In pomnls ad fracdsns of pound* 
or In pence and fractions *» paiKe. 

The list below stves the prices at which bargains dm* by members of 
The Stodr Exchange havo been re co rde d In Tbe Stock Exchange UaJly 
MEcM List- Members are not obliged to mark bargains, except in special 


cases, tad Ob fist sanaott. thereto*, be. regarded as * cemtan* record ap 
prices at wfcicfi badness tas been dine. Bargetas are remdad h the Official 
Ust ap te 245 jutt. ouiy, tact later trans act ions can be included la the (Mewkw 
dayV Official List, No MkatfH Is available as to whether a baraabt repruentE 
* sale or pnretasa fay members of the public. Markings are net necessarily 
In order of execution, and. only tae bargain la ray sue secarity *t wp -mm 
price b recontaL 


T Bargains at Special Prices. A Bargains flow wiUt « hritren non-members. * Bargains «ta» prestos dap. iBancallis JS?*' 

Exchange- AB+rgalus done far delayed delivery or "on baung-ia." SAHIAwtrallw: SB-^gahamto; 3G— SOn ad ian: »HK— EHon* Kon. *J— tfamakan; .SRH— 
jUalayan; gMo— dldeyfgn: *IV&-ITew Zealand; SS— JStnjuiDore; yus— St alled Safes; gWT — SWest radian. 


Construction 
orders stay 
quite buoyant 


BY MICHAEL CASSELL, BUILDING CORRESPONDENT 


NEW CONSTRUCTION orders private housing contracts, at con- 
maintained their reasonably stant prices, showed a 5 per cent 
buoyant pattern in June, accord- increase over the previous quar- 
ing to figures from the Depart- ter's and were 20 per cent up on 
ment of the Environment Aprii-June last year. 

a Coiitractors won work valued. Public works new orders 
in current price terms, at JESOlm received by contractors in the 
against £752m in May. second quarter of -this year were 

On- a constant price basis, total down 12 per cent on the pre- 
new construction orders in the vious quarter and 6 per cent 
second quarter of the year were lower than a year before, 
running 4 per cent lower than in Private industrial orders 
the first three months,' yet they between April and the end of 
show a 6 per cent improvement June were also down, showing a 
in the same period last year.' 3 per cent decline from the level 
New contracts in the public achieved in the preceding quar- 
housing sector in June reached ter and a 6 per cent drop as 
£113ra. a repeat of the previous against the year before, 
month’s figure, while the value of The Department’s provisional 
private-sector housing work rose estimates suggest that the con- 
to £2 15m. from £185m in May. stand price value of commercial 
During the second quarter as building orders fell by 11 per 
a whole, public housing orders cent during the second quarter 
were S per cent up on those of when compared with the pre- 
the preceding thre months but vious three months, although it 
showed no change from those of was 22 per cent up on the 
the same period a year before, figures of the same period last 
At the same time, the value of year. 


Court delays Rolls 
conversion project 


ROLLS-ROYCE MOTORS was Christopher Humberstone and 
granted a temporary High Court Chris Humberstone Design, of 
injunction yesterday banning Woking, Surrey, 
two companies from selling con- The judge said that Mr. 
verted Silver Shadows, renamed Humberstone had been reported 
the Panache. It was alleged that in the press as saying that used 
that would infringe Rolls-Royce Silver Shadows were to be eon- 
copyright and trade mark. verted -an dsold under the name 
Mr. Justice Browne-Wilkinsnn Panache for up to £50,000 each, 
said that he was not stopping the They would still cany the distinc- 
companies carrying out the con- tive Rolls-Royce radiator gnlle 
versions, but, until full trial of and winged lady figure, 
the dispute, he was banning them The companies now said that 
from putting the Panache on the was not true. Their only intention 
market. was to convert Silver Shadows 

The injunction was against Mr. for existing owners. 

Peter Zanelli, of Bollards Way, The judge said he would 
Shirley Hill, Surrey, and his com- assume at this stage of the 
pany, Carrozzerie Zanelli, of dispute that the scheme was 
Biilericay. Essex; an dagainst Mr. limited to converting for e xi sti n g 
owners, something to which 


TV Top 20 


UK TOP (tames viewing m) 


Rolls-Royce could not object 
Mr. Humberstone bad written 
to Rolls-Royce, asking for per- 
mission for the project but had 


1 London Night out (Ttanm) 13.83 been refused. The judge said only 

2 P SJST 13.73 one car, belonging to Mr Zanellt 

3 Coronation Street (Monj (Gran) 12.23 was being converted. 

4 Coronation Street (Wed) (Gran) 11.83 


5 What’s On Next? (Thame?) ...... 11.58 

6 Crossroads (Wed) (ATV) 1L40 

7 House In Nightmare Park CITY) 11.30 

8 Crossroads (Tues) (ATV) 1L10 

9 Nine O'clock News (Mon) (BBC) 10-75 

10 The Krynton Factor (Gran) 10.70 

10 321 (Yorks) 10.78 

12 Crossroads (Thurs) (ATV) 10.60 

13 Man Who Haunted Hlmoeir (BBC) 10.S5 

14 Don't Ask Me (Yorks) 10.38 


SINGAPORE STOCK EXCHANGE 


U CmmomriUi. Games (Toes) (BBC) 10 . 2 D 


18 Survival (AngHa) 

18 Seaside Special CATV) 
20 Soft Touch (ATV) 


10.00 

10.00 

9.90 


far Tek-vislun Advi-nJsln& Rcsc 

iJICTARi. 

U j. TOP 1 0 ( Nielsen ratings) 


3 Alice (comedy) CBS 

4 MASH (comedy) CBS 

5 Fantasy Island (drama) ABC . 

6 Colombo (drama) NBC 

7 Baroahy Jams (drama) CBS . 

■ Love Boat (comedy) ABC 

9 Lou Grant (drama) CBS 

10 Carter Country (comedy) ABC 


21.0 

20.9 

20.9 

19.7 

19J 

19.2 

19.1 

19.1 


looL 


Aug. 18 

S 

Aug. 18 

5 

XndiuSriaJs 


1 

Stmitrfr&rt'n 

6 J» 

Hovlv,. 

6.K7 

Tlmra Pnb, 


Bouj*tf*d Co. 

2.14 

Berbar 

5^0 

BawtmdBbd, 

3.25 

l r . Bn^/neets 

1.72 

Dunlop 

4.44 

U. Ov'a Uk... 

5.84 

Frsiier Nmvci 

6.75 

Cructori 

6.16x1 

Rev Par 

1.78 

Chemical .... 

tb.O 

Hume lad.— 

2 . 1 b 

Wuim Jacks. 

1-58 

1 achcape 

2 Id 



Malay Brew. 

6.4b 

Uatu LStitanc 

2.15 

Malay OentcJ 



Ditnlp Brtate 

4.14 

Met. JDx Sing 
Hv'oCMn Jla 

J3.2S 


4.14 

1 SJ) 


Kan SlDdrle 

aiffiw) 



Hntilnmn Co. 

3.62 



Uoibnian.....] 

6 J& 

Austral. Am. 

— 1 

rihell— 

3.12 

ifarjunlai 

8.55 td 

Simp Darby. 
Cold utoraae 

dtraltnS Leun 

3.64 


t3Jb 

•Asa 

Kucbai 


2 . 6 b 

Lower Perak. 

tSL65x) 

airralta Timor 


Petal lug Tin. 

77.60 

11576) Led—— 

7.60 

■supremcOp- 

. -24 


ToaokahHar. 



INVESTORS! 


67% GAIN 


Here’s how it’s done I 


The following table is a comprehensive, non-selective fist of the 
results oF recent “sell” recommendations made on the high flier's 
share fist, just one of the many valuable features included in each 
month's Private Investor’s Letter; 

HIGH FLIERS 1 SHARE UST: PAST PROFITS TAKEN* 


Share 

Fox's Biscuits 

% Capital gain 
4- 95% 

L. Upton & Co. 

+ 32% 

London & Overseas- Freighters 

-r 29% 

Parker Timber 

+ 79% 

H. B rammer & Co. 

•+ 25% 

Grindlays Bank 

+237% 

William Boulton Group 

+ 22% 

Pork Farms 

+ 92% 

Necpsend 

+ 26% 

Taibex 

+ 19% 

Average capital gain* on profits taken 

+ 67% . 


* Dealing costs are excluded, as are -dividends etc. accruing. 

Sued on this performance. The Private Investors Letter is 


indisputably worth many antes ies modest annual subscription for 
its share recommendations alone. In fact it is far more than a list 


of share tips; it is a comprehensive, succinct, reliable guide for 
the serious (and would-be serious) private- investor. 


For details of a FREE TRIAL offer, write or telephone now. | 


■ To: The Private Investor's Utter, Dept. IPR, I 

* 13. Golden Square, Loudon W.l. . ® 

| Pfrasc send me by return pose detail* of the FR“ TRIAL offer far Th* Priveee I 


Investor's Letter. 


I 

| Name 

1 

| Address 


Capital* Pleue 


I 


Or phone 01.597 7337 (24*ho«r anwrering service) 





5ty>c Treasury stk. 2008*12 (Res.) 47*«* 

Ijilpc* Treesorv stk. 1*82 gt*i* “» 

9'yic Treasury sou 1863 92’u* T« 33 
*i3»c Treasury Stk- 1980 SBAO H it 
9tac Treasury stk. 1901 96**0 »t*a> U» 
IQoc Treasury «L 199fl 
1 9C Treasury stk. 1979 100 ^ 1*0 U l6 

itrw Treasury stk. 1999 M 84. 417.81 
•Wipe Treasury stk- 1979 101 »k* -'a 
liiiyic Treasury stk. 1981 IOTiO l i» 
Mime Treasury stk. 1991 96* 7A 8 'i 
7 Ik4 

1 2 pc Treasury stk. 1999 971M) *1 "*» 

13k Treasury stk. 1990 10&W i w* k 

5A Tm 

14uc Treasury stk. 1982 108* %* 7 M x* 

uu j* 

9pc Treasury Cnv. stk. 1980 90s* 

fltj Ui* 4* 1 b 

Spc War Ln. 31*is >» > "ta 7 wt >i* *» 
British Electricity 31-peGMHStfc. 1976-79 
9SU» J* 4imcGuUtk- 1974-79 

95—ij H 1>I« N 

British Ges ipeGtd.nk. 1 990-95 4S?s B'l 6 
EVTNL. SANK (— ) 

FREE OF STAMP DUTY 


!K Redemption stk. 1986-96 44J* 
CORPORATIONS (40) 

FREE OF STAMP DUTY 
London Cnty. 3PC 2Z± KltlOK Spc BtJii 
au. 9*ioe 197/-61 ttoiai® u 7L (1>r«). 
L#u. l*n»4-64 BO'a- Oo. 1946-07 70u. 
bpc Ero'a (16«;. &kpc 69 SL 
Con. ot London SUnc 94>a i16.<d>. 6 >uk 
os i1«0J. 9 UPC 95 i1»8). 9 > 2 »c uo 
ilSJHJ 

Gtr. London 6 Upc 65. 7Unc 90 u (15.«). 
9>}K 94 (la.til- 12 ljpc 1902 1U2V 
li.-PC 1983 102* 

Ayr ui!» cncL 6 -:RC 97U 116.8) 

Barnet 12nc <f«.) V907 itw < 2 (168?. 


Do. (Iss. at £MPC. £50 PCI.) 54 U HS.'n) 
ii 7,«8? 


Bam icrtv ot) nunc 99 

Birmlngnain ?>Uuc imsUO B 8 U -n7U8? 


Birmingham DACnel. 1 3pc 1U3U I17.UI) 


9pc 95U 


Brighton 6 <aK 97 -U [16 
Buckinetiamsmre Cnty. Cnel. 

(16 8 ) 

Burnley -Borough on ISpe 10S‘jO 
Camden 6 ';pc 9B"j; 45-64ttis 45-64 ths 

CIS.) 

Camden (London Boro.) 12'aw ties- at 
L93UPC £10 Pd.J 10 s , 

Coral* 7 DC (Pi 
Dug lev g' 2 K 93 -168) ■ „ 

Grampian Regional end. IOUpc MU B 

.16.-81 

Greenwich Cpn. 6 LM 99 43-64ths« tic H 
Greenwich iLondon Bora.) 11 UPC 9BUQ U 
HamovUra Cnty- Cud. 9uoc 9d~n (15B) 
Kensington Chelsea 11.4375PC 101 115181 
Liverpool 9UK 96'i 5'* 

Mldfllesex S-jdc 92mp 
Newcastle-upon-Tyne 9Upc 90 U (17/8) 
Northumberland 7 k 94 t16i8) 

St- Helens 1 T '.pc idOU* 99U <17)8? 


Wetacv Meim - and-Trumen HWBt. 4 Upc 
D b. 51»: 6 ucDfa, *S 8 (s ClB'B)- JpeDh. 
6 M- lOfaKDb. ■ 831]*- 8 KLn- 66 
WhBbread A QSp) j,yr ; g 8 '?■ 7PCFL 


'7EUO. 

a. 73i-0. 7PcM». 
». -79 114.-8) 


B4 
B7 

7Upckn. 


57 lj. A 

(14 81. 

<14,81 9Ul 
1995-99 
Lit. 82 Ij 

Dudley 

Y taiS (flop, 170*. 90CP1. 

94* 4 


?? 9KLn- 74*. lO'iWt 

*a (16:8); £Upd- D - 42* <17-81. 
n. ISS (17M) 


Breweries 


CANALS AND DOCKS (2) 

Bristol Channel smb non) 6U <17'8) 
Manchester Ship xSui 250 <1S;S). 5nc 

PT. 40>z. Sl4KOb. U|15.n 
Mersey t>a*-Tlteriij2> Combined Units 
2|;i £ 7 **e 281s 30 (17,81. S-'iPCDh. 


Brit. Elect. Tract, teem. 570 (1718). Dfd. Cffit, and GeKUWfl (HldflfJ (Srt ' ZDU* 
OSrt 112* 14 12 11 13. 6 KPL »>. 


farbjJ ) Enkalan <25o) IS (1318) 

British Home stores (Z 8 o) 208 9 10 ft 

British 7 Motair 4 SpimB t25p) SI t17fS). 


SncPf. 571ns 
British 


British 




iisa&'cgp&isssrk 


i« con. BisPCSrdW. SUs. 

Uns-Ln. 6 31-0 (17/8) 

British Sugar cpo. tswt isi ___ 
British Syphon Incft.. tMri 62* r 0718) 


7*rfC 

7pc 


British Ter "Prod*. (10O1J64® H7I8) 
British Vtadlno latte. f10p> S0»i 1 (1618) 


British 


COMMERCIAL (3^48) 
r A— B 


AwA.H. GdcPT. 45h Ll4t8> 

AG* Research q Dp] 130 3 28 
A-P-V. Htos. UOpi 242L 3.l5ocPf. 32L 

2. lOLpan. 1691 
A.V.P. Prooertiea 7UpcDb. 66 H3/ 7 
Asronson Bros. CIOpI 7S * Slj 3 


Abbey (25p) 41. 04/81 

es« m iis8> 


Sand well 13pc IO 3 I 4 O 
South Tynetidi 


Do. (Iss. at 


Do. 


de 12 Upc 99Ja. 

£99k £50 pd.) 50-wh ■■ 
SODthend-on-See 12 k 98>s (16/ Si. 

(ISS. at t9aUoc £45 pd-i 44>i 
Sou t herb-on- Sea Core. 5 UK 98 
Southwark 6Vnc 78ij. IIUpc lOOU (ISIBi 
S trathclyde B.9125K 99'r ’(• 'is 
Sunderland 12UK 102U (15,8) 

Sunderland Cora. S< 2 Pc 87 U* C17.'B» 
Surrey 6 k 93-^ (16,81 
Tyne Wear IZpc 98%« h. 

Walsall d-tac 97 J»* 

Warwickshire I2 »-p« 103 (1418) 

SNORT DATED BONDS 
FREE OF STAMP DUTY 
64k Bds. Reg. F11,10.'7B> 99' 7 ra 
B'l PC BUS. Reg. (13 12.781 
64xpc Bos. Reg. (17 1 79) 9&<>i» 05,8) 
7‘UK Bds. Reg. (21. '3 1 79> 99»i» 

7-Spc Bds. Reg. a*. 3 79i 990 


7'ipt Bds. Reg. (4/479) 9^h» (16)8) . 


9UPC Bds. Reg. (*i5'79) 99 114 8) 
9>;PC Bds. Reg. ns S. 79) 9 9»i® (IBB) 
gi-.x Bds. Reg. (23 5 791 99 L ‘i« (16.8) 
lObK Bds. Reg- (13,6:79) 100J| r)4(B) 
IOIik Bds- Reg. I47>79) 100 >4 
1 0 r*pc Bds. Reg. (11 :7f79J I 00 r w HfiiB) 
9VPC Bds. Reg. (22*79) lOO'n* 07/8) 
1 1 i.-pcBds. (1118/03) 100 (17/81 


PUBLIC BOARDS (13) 

Agricurtaral Mori. 3tjpcDb. 97 <1B|8). 

71tKDb. 1981-84 B1V 9'ipcDb. 92>4 
Finance far Industry 14peLn. 109’* 
Metropolitan Water Board 3ec A 29 IIS- at 
Part of London Authy. 3 pc A 21 (1718). 
6>:K 34* 

COMMONWEALTH GOVTS. (8) 

REGISTERED AND INSCRIBED STOCKS 
Australia (Cmmwtth.) 6'tK 101% (17/81. 
&Pc 1977-80 91 V &PC 1981-83 80% 
♦17. 8i« 7 k 88i:. 20-yr 5%pcBds. 

11)5185) 82': (13TII 
Kenya 5 k 77% i16;8» 

New Zealand 3i»e 73)«*. 4pc98ij t17W). 
Stipe 84 (17/81. 7 UK 87 (17f8l. 7 *sk 
82 <1 


COMMONWEALTH CORPS. (— ) 


auttarn Rhodesia 2'zPC 9U 
1987-92 43 H4i8i. 6pc 


6 - ^ 


6-79 

FOREIGN STOCKS I—) 

COUPONS PAYABLE IN LONDON 
Chinese SDcGIdLn. 1912 15 <17«i. 

Treasury Notes (Vickers. Ln.i 19191 18 

Japan 4i>cStig.Ln. 1910 406 <16 Bi 
Russian SpcLn. 1986 'With Baring Bros, 
ticket) 7 (16 81 

FOREIGN CORPS. (— ) 

Ba brack Nederland 7pcScb. 1992 123% 

BootS*6UpcBdS.'l993 100 % U % % % 1 

(17*41 

Thorn Int. Finance 7pcBds. 102% 3 % 5« 
4 U % <: % (17.8) 

UK RAILWAYS (I) 

Canadian Pacific OC 51 14«ie (16/8'. 7%pc 
PftL A (SClOi £7 (16/81. 4pcPf- 36%*. 
4BcDb. 32%« (17)81 

FOREIGN RAILWAYS (1) 

Antofagasta iChHI) BoRvla *4 UfiBL 
Arnwatr-Touapse Rly. 4i»c £7 (17141) 
Kahetlan 4 'ik £8 (T6/B) 
Kpfcind-NaiwnMii 4‘iPt.ai 
Russian South Eastern 4i«»C £7% 417/6) 
Troltrit 4%pc £19 Q16/8) 

BANKS (187) 

Alexanders Discount 6pcM. 93*n7/8) 
Algemere Bank Nederiand NV 51)5166 

Allied Irish Banks (250) 215* 9 
BANKS AND DISCOUNT, COMPANIES 
Arbuthnat Latham Nidus. 162 (16)81 
Australia and New Zealand Banking Group 
SAII 303® 3 tO 298. New OA1 1 295 
Bank of Ireland 41 0 

Bank of New South Wales (London 


Register) f*A2» 597 
Bank or Scotland (Gover 


irnor and Co.) 282t 

BarcUys Bank 3BO* 570 1J« 2 5 1? 50 
48 7 7? 53 1 9. New 355* 2 3. 8%gc 
UnsecXji. 71 'ti# At >: 

Canadian Imperial Bank Of Commerce 

(SC21 19» 

Cater Ryder 273 

aive Discount Hides. (2 Op) SH;* 1* 80*. 
9%pcPf- 82 'it 

Commercial Bank of Australia Lon. RepJ 

215 (18/81 

Deutsche Bank (DM50) SUS 155 i 06181 
Gerrand and National Discount (25n) IBB 
Glbhs (Antony) Hldps (25n) 46 €17)8) 
Grind lays Hldps. (25p) 136* 6 7 
Guinness Peat Group (25p) 247 B 3 5 


Abbey Panels 

Abei com I rw. (RojlO) ■ 1 12* 

Aberdeen Construction Grp. (25 p> 98* 5® 
7't 8% 

Aberthaw. 'Bristol Channel Port. .Cement 
(25m 155 1-ISjBi 

Acrow A (Z5p> 105* 3 4 5. BpCLn. 1992- 
2002 62 M7/8L -BpcUnsLn. 79 (17/81 
Adxml. Gibbon (256) 79 i14'Si 
A dda Internatlonei flop, 47 _ _ 

Advance Laundries <10pi 26*. SpcPf. BO 
Adwast Grp- (25 pi 272t® (17 i8i. SpcLn- 
59 CT5/8'. SpcUt.. 1 57® 

Aerilnte- Elrano Teoranta lO'axflh. BBte 

Aeronautical. Gen. .Instruments 4<&cPI. 

71® _ 

African Lakes Con. 290 315 
Alrbx fr-ri, (20p) 55Ja 6 7':- Wnrttts. to 
Sub. for orcL 9 (16/Bi. 76pcLn. 63 
(1 6/8) 

Airflow Streamlines f2Spi 47 6 (17/8). 

New asm 45 117181. IOpcPI. 95 
Akco Ifl20i EIQ'ta 
Albright. Wilson. (25 p) 1B» _ 

Albright. Wilson (Z5pi 189*. 8pcDb. 72 

(16/8) J 

Alcan Aluminium tU.K.r 157® 

Alexanders Hi das. (5m 19® 


Algnate Ind. (25pl 295 >14 E) 
_ ' Gra. (lOpi 97 


Aide Packaging 

Ailebone tIOpi 25 (18)8) __ _ 

Alee ffidgari Ballour i25oi 49:® •»-* 52 3 
Allen (W. GO Sons (Tipton j (25 pi 55 
Allied Colloids Grain* IIOpj BO 

Allied Insulator* (25» 71 Hf.8* 

Allied Beta Hers (I Op) 9€i 8. 9-UncPt. 

90? Z<1 

Allied Suppliers SpcLn. 6*:? «14)8). 6HbC 
Ln. 51': (15/8) 

Allied Textile >25n) 163 (14lB> 

Alpine Holdings (5p) 7BH® 6 J: 

Alpine Soft Drinks (10p> 13®* 6* ... 
Ameiagmated industrials 7 pcP». 44^ 
(14/8) 1 0.6DC2ndPf, 92 (16/8) 

Amalgamated Metal Cora. 338®- Sapc 
P f. S3i4> 

Amalgamated Power Engineering 

,56 * - ,10P> 46® 6 S«s 


(25p) 


xszsr SnKFawjr „ 2 

Anderson. StrithcWde t2SP' 82® l. ^ 2- 

Angfia Td ml sl'nn 4 Grasp 8 NV A (25p> 90 
Anglo-American Asphalt i25p> 53 2. 4 pc 
Pf 2®*- 

AogjjHTransyaal -Industries (R0.501 137 
SSm G, °S?d' 2S Ss3S?r«l rsp. 52 

BS yS/B’lB) 

Arm I tape Shanks Oreop (2Spi 7B® 
Armstrong Eaulpment (lOP' 63 t 2*» 

AuodaMd ( ^nilt^4fgs. UOo) 76®. Sor 

Assorted* Book B1 «ibnsl»ers (20pl 250* 


7oePf. 4i 


Associated British Bmlneerg 

Associated British Foods (5pi 74 5 BbPC 
D^1981-BB 75 (14/8). 7l*pcLn. 1987- 

^S^ato >l D»irlS (25P) 248® 7® 2 7. 

tasodattd'Eteetrinl Inds. GpcDb. 1978-83 
*14k 63d«D1). 1*66-91 66U «416» 

Associated Engineering (25 p 1 125ii 5. 
Ord (Wt^. (or dlirL from (1/10/78)1 

Associate Hsheries (2SP) 44®. TLkUrs. 

AesociaMd Insure fSt>T BS. 7i;pcUns.Lo 

Associated Newspapers (25pl 193 4 1 
Associated Paper indurtrles ,25») 61 
( 16 / 8 ). S'yxUnsOjr. 120 - 1 6,BT 
Associated Sprayers Cl Op) 52 _ 

Associated TrtnMnn (25w 122* ' 8 7 

Tssociated Tooling (23 P) 37 (16/BI 
Astra Industrial (10 p)-25':* • . 

Attweod Garages (25P) 30 (TJ/8) 

Audio tronlc Hldgs. (10pi 18 19 U7.8> 
Ault Wiborg C25 p)‘39'::® 9 »» ' 

Aurora HldoA »2*h> 96 4 7 
Austin (F.l (Leyton) 11 Op) 11 • 

Austin -/James) sue) Hldgs. (25p) 105 

Automata! Security (Hldgs.) (10P) 10 A 
AutOTrttiy^Productii (25p> 75':® te. 9 pcPt. 

05 

A vans (Sp) 48-V la 9U BU 
Avervs (Z5P) 186 . 


BAT Industrie* Q5p) 320ta JU gfn 
(SBp 1 293/* SO 88* 9® 90* B 2 891 


93 

BBA 


Group 

Bicc.rscCS 


114.18). 

BLtlaiy 19 


r25p) 64 
12V* 1 20. 
7KOb. 79 9. 


SL-ocantfPf. 44 
7MOCOU. 67® 


S7i. 6-lecLn.- 77 415"8). 
(17)8). aocLn. 49t- 7Uoc 


BLMC ,6ocLn 37 
7'aPCLn. 50* “ 

BOC International (25o) 70ta 1<h 70h 
70 1«s* 1. 3.5pc2n <jft. 389 O.to). ^ 
BPB IlMUltrles (SOp) 257 5 5. lOtpxDB 
SSL 6 0 7,18). 7\ocLn. 1370 . 


Boi^^KC2Spr®B>i ^ 

BrSSd TiH) Propoet*ry »A2) 740* 

Bronx Engns. Hldgs. 

Brook Street Bureau of Mayfair CHM 86 
5 >at 6>a~ 


Brooke Bond Uet>lg (2SAV.50a 3: 
S .Uncob, 75V 


Ln.' S 's5t <I7.il. 1 

Broota' Tool Earn, 47 *** 

BroUierhoad tPereri <50p> 131 «4i8> 
Brawn Tawso f25p) 126® 

Brown Boverl Kent Q5o' S4« 4 

Brown Bros. Cpn. tIOpi 26® 6 

Brown Uabat 49 2ZO 9atO 29 SO 20 08 

Brow? (N.i 8 Imste (20o). 36 (15TH 


_ 1 SO 

, (16T8I. 7PCUMBC. 

Typed ggefci.n. 61® 


Robbins 058) 96 (11/8) " 

Etewtck- Hooper Op) 18* 18 (17/81. ■ 
Dva iWImbMon) QSv) 197 (Hlfc 
Em hart C or po r ation £34V (U>® 
Empire Stores (Bradford) C25p> TBS 
Erarav (8p) 10 


Emsler (Jo bn) 4<ipcPf, BOV .1 
Plastics Q5p> .47 


Enalon . . ... 

■bk d'trMrvi 

isssa aSd'gsssJi&f'g 1 


Engiteh Electrfe _5^P CD1). IS 
6upc0b. 72. 7pcbb. 70V 
Epicure HId^«P) i»_20 


and Transport £l2ta) 


Iroinjng^ Gtuun Restricted Vtg. Ord. (25 b) 


Bruntons (Mosselbnrta) <25o> 107 'CfSfll 
Bryant Hldgs. (Z5 p) S3® 3 2>i 1 
Bukin (A. F.) (5oi 31 (1GB) 

Bui lough (20p) 173 __ 

B ulmer Lumb (HldgS-l (200) 67 OSJSI 
Bun 1 uJ Palp Paper C25pj 105® 

Burro Dean 125p) 79 _ 

Burgess Froau m (Htdmb> A (25p) 48® 


Burndene Invests. <5p) 18 (15.BV 
HaUamshire Hldgs. (23W 


Barnett 

(25p) 203 (17/8) 


203. A 


Burns .AJjgersoo ri^Qp) 45 (1718) 


Burrell „. . . 

Burreoahs Machines SbndJnsec.Ln. 13B 
<17 Bl_ Stap dUraMClJ- 1 06 (1 7.8) 
lurton Grouo (50a) 1S6®. A ISOpI 154® 




c— o . 

csusa.sy 46 ( 17/81 


CBS fnc. 

CM, Indu 

Ubieterm _ 

OHh’WS (SOP) 107 ns/lb lODCPf. BBO 8 


als OOoi 32JPP J 1 - 2 ^ 




76b 


(17.B) 

OSp> 18 <14:B1 

il 00 ’ A1 f 17,-8) 
caoilord Eng. uoo) 71 ij® 1 ij 
Canmrl (20p) 189 <17i8). B <20x0 118 


CI7.BJ 

SSSRWttBW 20 

asTiffi^a igs? 1 a7, “ 

Can 1 " .Prirtle Grp. mop) 110 (18/®) 


Capper -Nctn <1 Op) e&b 
Capseals C5a) .47 
Cararaus HUnl. < 2 Op) 79 ‘r® 

Carela tag. Gro. ^23o) V4 «14)€D 
Carlton Inds. (25p> 233 <178) lOocPf. 

75 (T5/8). 9ljpcL,ru J 76 ' ( 1418) ^ 

Car I ms Cape! Leonard (10p) 33 2 V 
Caoiets Intm. <50p) 601*. 8 Uncut. 53 
Carr (John) (Doncaster) CZ So) 63 -18/8) 

^■SrvJ SW * B 117 83 

4f2pcDb. 51 ij; CT 7.-BJ 
Ci-Ton. (HtdgsJ C25p) S3® (17.-8) 

Ca rs M lljlng Inds. czsp) 55 <15M) 
Ctrita? Supertoods New < 2 Op) 77 il 7 ;ai 
Cartwright CRJ (Hldgs.) ( 10 M 66 * 

% 3 WW») HOP) 48 ai#83 
Castings t -1 Do 461*0 
Catalla Q5 d) 42 * 

Cattle's (Hlagsj DOp) 47 Bte 


Cavenham WntcIstPf.' 45 

. VOKlStPf. 98b 9. BlocLn. 74 


49 (14.B). 

nsxa 


Cawdaw Ind. HldgA.(Z5p) 2^.^ 


8k 


Ceiestfan lnds. i5p) 31 h 
Celtic Haven (5 p) 14® 

Cement-Roadstaae Hldgs. (25 tO 99. 

Db. 70 (j H7.-B) 

Central Sheerwood (5n) 3&W 5«* 6. N< 
l So) 35® 117,®). lOocPf. Mb* 7 
Central Mfg. TTrfg. Grp. (10o) 331?® b 
Central Wagon . 7 LocLa. 99'«a (1718) 
Centreway (SOp) 280®. llocPf. 99® 
Chamberlain Gra. (25o) 50® 4® 
Ctomoeriain P/fi** OOP) 46® 8 
Change Wares MOp) 23. IZacPfd. Cl Op) 
22b® W® ri7/8> 

Channel Tunnel Hws. <5o) 60® (17/8) 
Chapman KBalham) (SOp) 80 (ISM) 
Charrlngton Ind. Kldgc. 101®d.i». S3 
Chloride Gra. (25p) 1250 6® 6 7 8. 7 toe 
Db. 70!* (16/81 
Christies Intnl. ClOp) 123 
Chrlstie-TVler (lOo) 84 t17.'(D 


Christy Bros. (25o) 56 
Chrysler U.K. S'zpcOh. 


. 67 (16/8) 

Chubb Son >-200) 1301® 3 4 5 


Church raspi 173 (16/BI 
C1tv Hotels (20p) 133. Cl I 


._ (16/8) __ 

Clarke (Ctonrent Hldgs.) (Uot 7S 
Clarke. Nicfcolls Coombs (25 p) 72 (19/8) 
Clerfce n - .) (10pi 27 (14/8) 

Clay (Rlchand) (25P) 83 

Clayton, son (Hldgs.) (S0O) 30 (15,-8) 

niffarii seen (so) as aw8) 

CUflonTs Dairies A r25o) 51® 1 11718) 
C'p*er Croft Slate (25P) 20 1 18,8) 

Coalite Chem ical Products (25h) 700 1 
Coates Brothers (23oi 77 (14.8). 


'2501 77 8 H6.8) 
Coats Patoni (25o) 1 


B.S.G. International HOP) 41b® 2L® Ai® 
lIV U 2 .1 *5- ZbpcLn. 104* 3b* X 


- « b 2 1 _1 ZbPCL... 

8SR (IOd) f 03® 4 2 1 
°TR lip) 324 2 
Babcock Wilcox (25 p) 

BaKey re. K.i noo) 6i> 

Baird (Winiam) i7Bi]® 80 
Baker Perkins rsop) 115® 14* 


140* 39 8 41 


Bakers Household Stores -1 Dp) 44 (17.8) 
' 11K8) 


taldwki (H. J.) iim 7 
■mm C25p) 59 
Birnbers Stores il v u) 115 
Bank Bridge Gra. i5o> 2 (17iM) 
Banks 1 Sidney) ,r25o) 74 riSHu 
on. Industries 


82 


Banco Con. Industries (20o) 
Barge* gSo) 32',® »17/fl) 
Banter Dobson 14 ® Is® 13U 1 *. 


88. 


Barlow Rand (Rp.TO) 251 
Bam (A.^^cZJgi 83 


5® 6 7 


Hambros Shs (25p) 180 7 C17/B) 
Grp. C2Sp) 97® 9* 

” anghai Banking 


6* 7 6 
Gtp. 


Hill. Samuel 

Hongkong and Sha. _ 

(SHK2.S0) 3C2® SB 61 
Keyser Ullmann Hldgs. (25o) 46® 7 
King and ShaxGon (2 Dp) 59 
Klo-n-rart Benson Lonsdale <2 So) lOI 
Lloyds Bank 272* 2t J 70 68 9 75. 
7>:ocLo. 92 

Mercury Securities (25p) 124® 4 3 3 
Midland Bank 365:® 2 60 58 7 5 4. 
lOpcLn. 88 >4 (16:8). 7'jOCLn. 82',® 
2® I'j 2'i 3 

Minster Assets 1 2 So) 630 2 
Morgan <J. P.» (SUS2.M) 39L-® 

Natl. Com. Bkg. Grp. (2Spi 77>a 7 8. S'sk 
P t. 43 (14.-8 


National. Westminster _Bk._27__83_70 69 8 


72. 4. Warrants IQi®. 7pePl 
d'dicLn 97. SpcLn. 79's* 


Pf 37 8 7* t,. 


Royal Bk. Canada (SC2J 23 (15/8! 
Schraders 422« 


, 2 ® 5 

Seccombe Marshall and Campion 225® 


51 me Darby London Pfd. nop) 230 (14/8) 
' St. Aobyn 9'jocZncWf. 94 (|7lB) 


Smith 

standard Chartered Bk. 427t« 32® 24£ B 
30. 13'iPCLn. 5 

Toronto-Domlnlon Bk. OCIi 131* (15/S) 
Union Discount London 325* 30® 

Win trust (2 Op) 69® (17/8' 


BREWERIES (185) 


Allied Breweries (Mo) 84410 4® 'i 3 
Ii I) 4 2'i. 4ljpcRed.Db.Stk. 1975-80 
88 Ji (17/8). 4 (jpcR«J -Db-Stk. 1979-84 

7*b (T7/8)^2KRed.Db6tk 1979-84 
7SU (14/8). BncRed.DU.5tk. 1979-84 

77 U (14'8). 7ocRed.Db3tk. 1982-87 

73': (14/8) 

Amalgamated Distilled Products (10pl 35 
(16/8) 

Bass Charrlngton f23o) 168® ( I Ii 1 
StoeOh-Stk. 1987-92 46L® (1718). 8toc 
Db^tfc. 1987-92 74 (16,-8). 4'tocLn. 
1992-07 451, (15(8) 

Bass Oiarrington Brewe r s 7toctJi. 1992- 
1«7 64 

Bolhavvn Brewery Grouo (250) 52 3 
Bell (Arthur) Son (SOp) 284 3 
Boddlngtons Brew. (25p) 106 (15/8) 
Barter Brew. (Wraxbam) (25p) 89 (18/8) 
Buck ley's Brewy (250) 49 (14/8) 

Bulmer (H.O) Holdings tZ5p) 135® 
Burton wood Brewery (Forsham) (25p) 
IBS (9IB) 

City of [London i Brewery invest Trust Dw. 

Slk. (25o) 66 (14/8) 

Cfa^lMattow) Sans (Holdings) (23 g) 
142® (17/8) 

Coarepe 4tocDb. 1975-BO 89), (28/0). 

28044)9 SO'; 80 Pid-M»H( 

Toc^ndDb. 1987-92 66U. 6toeUns.U 

IBM 83 S ? ,s n7«r- 10tl0eUftS * Ln - 

Stk, 1896 33*,. 4pcPcrp, CDh. 2BW 
Davenports Brewery (Hldgs.) (25e) 86® 


□evenlsh U. A.) (25o) IBS' (14(B) 
Distillers {SOp) 197 4 G S ft] B. 5 'jk 
C ons Uns.Ln. 4Hi. 7 L,PCUnS.Ln. 1963- 

sTaB* 5 ! 1 ! 7?8) ^ T0 - 5DrtJn5 - U,> 1MS - 
Grecnall Wb itiev (25p) 1 S2 ( 17 - B>. m New 
(Mp) 154. A (So) (17t6l. Bpcpf. 


Greene King (Z5p) 298 (17.8) 

1A.J (250) 162® 2 1 4 5® fi. 


Guinness f, 

TJipcLn. 60® 

Highland Dfst. (20 b) 1504 1 2 
Hfawns Brew. (25p) 80 
Im/Kgordon DIat (HldsaJ (23p) 
4 7 S ij 6 


148® 


Irist DbL Grew UGo) ,166® 
Brebw. 2B3 (15;8) 


Manseld 

Maratnn T hompson Everttad (25p) 78® 7 
Russel'S Gravesend 6 k P f. 47U (14 B) 
Scottish Newcastle (20p) STi’* B® 70® 
69® 5*7® 6‘: 6 7 I.i. s'^peht. 45]i 
7P0W. 


South African (ROJO) 87 (17,8). 

(R1) 42J; t17 81 
Tatnidn Dkit (25p) 127® 30® ZB® 9 7. 

*1*691 2* (14/81. Da. 
1980-85 6B'i (14/S). 10LKOD. 
Jaw 


SSfe’S'iMaV. 6 

Barton Sons -25p) 68 
Bassett feGeu) (Jsn) 1420 4 Sb 
Bath Portland Q5DI 771 

B ?§3 r a?«) aihlre 0001 w ’ 

Beales (John) Ctoo) 77 il4MD 
BMtKHi. Clerk (^p| igg (15ND . 

Baattie (James) a (25p) nr 
t ry <Hldgs-> ( 10 p> 81 
Beckman ( A.).n opl 76 times 
°? C TnS n -, G r :> V 0 r 2Sol 708® 4® 41 5 « 
7 TOO 2.3 1. BocLn. 80 (1718). 6 <um 


«**P«Lii. 72 "aSBlT SncLn. 


qouxtructlon (Hldga.i OOp) 28 


OB&cldreSh^rzspI 33 0 3/81 


Betgrnt „ 

Bril Canada (CJ7Si 39ht® C1W® 
gfnunse Cr*. (2»o) 70 (14*8) 

Bentord Concrete Machines 531 a 

Ben tail's 71 Op] 38 
Bentinu Kids. iZSpi 26 ( 19 «> 

Berec Group C25o) 161 


iartefofd_fS. Wj ,<2Sw 162* 2 
(25pi 62 


Berwick Thnpo r . 

Best and May nop) 65® 4 
BestPbeU I25p) 166 H7f8) ’ 


oramucH uaoi ibtj 11718) . 

Besarood (IS®) 140 IT SB) - 

2®** Br 2fc , i 0p3 63 115*81 

M, ww amat 


urar-i ««• 

Blllam :l Oni 43® 

Bird Wriai C25M IS (1718) 

BlrroJd Qua least ta Sp) 62w BOhsO I* 


h®.ii 80ii 

Birmingham Mint i25p) 89 7 92 C17, 


SiPnhWbam Pali** 90 (15/8) 


Bdglngton <5 Opt 112 . 
Black Art opr Group (SOai 388 


Hack tPeten Hld^. r25gi lM*i2W« 

on nod- 

17 16 


Blackett Hutton 

Blackwood Hodge (25o 


sw viiKfss' ! Bw 


Morton Sees (NhlBS.) (2 SdI 

Btefliwri Noalcec (Hldgs.) C£5p) 270® 

n 7soi 

Bluohirt Confectionery Hldgs. (25pi 77 

nh® 

BhM Circle lnds. 293 2 90. 9pcDt». 744, 

5 (1718). IDtocDfa. M (17/S). SLK 

Lfl. 44 

Bluemel Bros- '25p* 71 
B I undeH -Permooiaze Hldgs. (25 p» 81® 
Boardman (K. O.t Hqni. isii-lt,. 
Bodycoie Inti. C2Sei 73 4 JIMB) 


BOdycote inf. C25el 73 4 !1S« 

Bglfan Textile Mill (Spi Kre*> 

Bond 5t- Fabrics flop/ 330 
Boner Eng. (20p) 27® 30 y Eft 28 
Booker McConnell ison) 283 2„ M , 

Boosey & Hawkes (25o) 178 " <18/81 
Booth (Int. Hld«j asp) 62 (1G/B) 

Booth (John) <2Sp) 31 ■ . ' 

Boots (Z5p) 224;® 18® 22.20 19 18 23 
181 24. 6k Ln. 80V 7ftl* 

Bortiiwtck (Thomas)' i50p) 60 (17/8) 
Boulton (Wllllami 0 Go.) (lOpJ ITUO IGL 
Bourne A Ho/ll nos worth OSnJ^flS 60; 2 
Bowater Cura. 195® 5 4 2. SftK W- 45 
rrs 8i. 7 k Ln. 90 
Bowthorae Hldgs. (Idol 64 . 

Braby Leslie (IDp) 92 (16/Bk 


73 2ft. 4l.pcURJ.Ln 

36 (17-B). 61»pcUns.Ln. 534 0518). 
7ftKUns-Ln. 62>- (17 B) 

Cob: (R. H.) <2SP) 119® 

Collet*. Dickenson. Pearce Int. tiOn) 76® 

Collins* William) Sons 'HWol f25p) 136® 
Comben 7bpeUns.Ln. 66 (1 58) 

Combined English Stones (12lxpt 1160 17 
Comet Radlovtelon (5p) 146® 4 
ComAIr (25 p) 96ft. aftpcDb B7ft J14/8J 
Compton U-J Sons Wehh (HMtal iiOoS 44 
Concentric OOP) 40® 1 (17/81 
Cooper (F.) IKMOS.) (10P) 22® 07/8) 
Cooper Industs. (10P) 21 ft® ZU® 1 ft 
Cooe Allman Intnl. C9 p) 87. 7ftpcLn. 79® 

Cope Sportawrear (5 p) 49 50 (16/8). M 
(5PI 43 (14(8) 

Copy dux (1 Op) 32 _ 

Corah (2Spi 41ft 2 ft 1 
100 1 ft 

Coral leisure Go. (10 p) 100® 99*0 lost® 
Cot (H > SftpcPf. 40 (14/8) 

Cosail (25oi 72 3 ft 

Costal n «R.l (25p> 220® 18 19 27 20 4 
Courts ulds (25p) 115® IB 17 19 1« 16, 
7pcDb. 72® ft. SftpcLn. 47ft (17/8), 
SftPCLn. 61 ft), 7 UpcLn. 55ft. 7ftK 

Ln. 59ft (14)8) 

Courtney Pope (Hides-) (20p) 62 

Courts iTumShonn Non- vtg. A (25p> 119® 

Cowan de Groot (I0p> 8W 

cSdle/printing llrfpJ 17ft A® « 518) 
Cray Electronics dOP) 26 (16/8) 


Cretion HI das. (10P) 18®. (17/81 
Crest Nicholson 


(tool 87ft® 

Crada intnl. (10 d> 54'*® 5 4ft 5ft, lOftK 


Lr.75*^(17/8l 


crorite Op. <25pl 42 (17/B) 

Cropper (JO I25P) 60 
Crosby House Go. 153 
Crosby Spring Inbwiors lOKPf. 97 

Crouch ID.l (20p> 68® 

Crouch Gn- i25bi 680 
crown- House (25pi SB __ _ , 

Cry estate (Hidos.i CSP»3fi 5j* fltit to 
Cullen'S Storra <20o> 123 (15/6), A Non- 

cSter^Gtart* bridge HldOS. .(25W 23 ft® 

Currys (25« 218* 1 (17JB 

Custo magic Mnfg. t10p> 19’* 04/8) 


New (Sp) 


Dale Elec. InterntL (1 OP) 171 
Danish Baron A„ 111 10 04/8) 
Dartmouth Inv. '5pl 24 'j® ft. 

Daries < M«tCl'lfa A, OOpi 28 117/Bi 
Davies Newman Hfd» C25p> 124* 

Davis (Godfrey] I25p' 9®ft® 9 
Davy I nterirt}. (25pi 283® 80® 1 
Dawson InterntL 12 Sp) 14Sft® 8 
De La Rue (25 p) 45S® 2 5 So 
De Vcrn Hotels Restaurants i2Sp) 170 

□ebenhams (25p) 89:® 92 1. 7ft9c2nd 
Db. 64ft 116'BL 6ftKUn6Cd;LlL 63® 
2ia. 7ftncUraofJ4L ? pctJ , n ^: 
Ln. 60ft C16/S). 11 Klinsed.Ln. 105ft 

Dexa & ’25p) 493. A <2Sp) 477i 80 78 

Oefwn OOP) 26 (16/81 

Dlta Metal (Z5p) ' 76®. 7ftpcDb. 71®. 

IDftKDb. 88ft (17/BI 
Dectsply 9 PCU incdXn. 86 (17/ B) 

Derltend Stamping (500) 155 (14/ B' 
Dcsoutter Bros. (Hldgs.) (2SP1 142 I1SW 
Dewhirst (I. J.) (Hwas.1 (10pi 73 C17/8) 
Dewhurst Dent GOP) 16® 

Diamond Stylus (100)' 23 OSI8> ^ 
DKklnsoh Robinson Group G5») 129® 8® 
9. IpcUnsaOn. 677 

Dinkle Heel (501 13® (17181 

Diploma Inv. I25p) 1SB® 5*0 7 
Dixon (Sarid) Son Hldfll. OSp) 87 _ 
Dixons Photographic Cl Op) 14S® 4 3 40 
2 ft 


Doknn Park India. «10 p) 116® 13ftd 

- -- — — (1618 


14’a 13ft 13 14. SftncDb. 7Bft 


Dorada Hfdg’ _(23pl 79ft (17j?\ 


Douglas (R. M.l Hldgs. (25P> Ido® 
Dowdlng any Mill* rspi 27ft® a 7 ft; 
□ownlearae Hldgs. dOP) 33 1ft (1418) 
Downing (G. H.) (SOo) 21 1® 


Downs ^nrgicaMlO^l.47® Bft* 80 9 ft 9 


Dowry Group (SOpl 253 4 
Drake and Scull Hldgs. r25nJ 32 ft 
Dreamland Electrical Appliances 11 Op) 34® 
DutRlie (Spl 24 (17/8) 

Ductile Steels ' OSp) 113® 14® 

Dufay Bitumastic GOp) 36 

Dun bee-Combe*- Marx (10p) 154 a 817/8) 

Dund0nlan-'20p) 50 (15IBI 

BuSuf? 1 tAti nopWnwBi 651 


DuntoP Hlihj^ CSOp) 75® 2:0 S J.ft, 7 8 

ft 6ft "* * "" " ** 


ft Oft 84 19. SftpePf. 44ft 4. 6J*ccDb 
EE ft®. _ SKUnseC-Ln. 64ft (1 518) 


Dunlop Textiles BftpcPf. 44: G7/8) 

) 21ft* ■ *1 1 

ft® ft i-iYJbi. iQpcUnsK. 


Duole Intnl. (3n) 21*2* 1 

Ouport CZSpl 72', - ‘ 


Ln. 115 G4JB) 

DuraplK IntnL 425p> 153® 6 


DuttM.Forshaw * 48 ft 


Dwek Grouo GOp) 12 ft. 

Dykes U.l7HldOS->M25pJ SS U5/B1 
Dvson U. and J.) Nonets. A CZ5p) 82ft. 
7ftpcUnSK.Ln. 99 1 17/8) ; ° ^ 


Bradjr j,ndita. .A. Ord. OSu) ST G7/B) 


Braid Go. (Sp) 37ft 
Bralth waite 122 (14/8) 

Branall (C.D.) <25 pr 32t 
Brammcr (H.) C2Qpi 198® 5 B 
Braswav OOpi 37 (17/8) _ 

Brant Chemicals Int. n Dpi 203® 2 


Brent Walker (5pi E6ft (ISO 

'1Toy HOP) 53ft® ft 


New 


BricUwuse DudL. 

Bridgend Prut cm (Spj toft* * r *- 
Ora. (So* 10 I) sm , ,„,„ v 

Brldon t2Spi 1Q7P®. 8 k Db. 8* (15/67- 
lOftpC Db. 81ft (15181 

BflO port KJunOry (HMgs.l (ZOP) Wa 
Bright (John) U5P) 30 


Brj gray Gp._'5p) 9'n® i,a rij^) 


Bristol Evening post (25p) 

Bristol Stadium i5a< 12 nd/a) 

Bristol Aluminium 715 G61B'. 0°* GBOd 
90p) 435 (16/8) 

Britten American Totureo lav. 78 L (14 8). 

lOftK Ln. 83ft® (17 Si 
Brltto Senaoi Carhonteing nopi 23 f1|»« 


British Car Auctlp n G rou d < " ri ^47^11 6JB) 


British Drodoing (2 Sbj so. 
Ln. 83 0418) W X 


E-F 

EMI (50P> 148® 5® 440 7 6 4 5, Soc 
UnsccXn. SB:* 9ft®. TtoUnMcdn, 59 
8 ft n 518). SftKUmecLn. 1981951 . 1 
ERF JHIdBS.) «5 p> 124 S CISfB). 8 K 
UnseeJ-n. 230 (15/Bi 
Esriy^CJ and Marriott (Wltneyi ClOo) 28 

East Lancashire Paper Group dtat og® 

%. M A dl SSpW.i9!S5 l A ‘ ^5B, 
S8SS^ , s: ,, g; l t VgS ,l ?-i^ 0p ' 890 
tfssr&U'* sons 

Edworks 11936) A (R0.10) 83 (1S/81 
Cher industrial (SOp) 245ta 


Eimef rsp) 15ft (17/si 
- nopi i'~ 


Eieco Hides, nop) ii7 
Elecbrlroi and industrial Securities (25 m 
55 * 5 

Electrocomponents GOp) 545 
B !Ek?50? 2 ££*"**« Wcctreluk) B 
Electronic Machine a S p! 23ft (IS 8) 


Electronic Rental* Qip. Gte) 143 2 
Elliott (BJ (25o) 136® 5 
Elltott Group of Pet e rborough OOp) 16 
GS/BI. SpcLn. 97 9?15/8) 


Esoeranta 

146* 9 

i|S5r- rSE. 

Ewotherai intnl. nop) M2 4 
Era ladtatrie* (25pr 102® 

Erarcd Hldgs. G£p) 16'j® 

Erode Hides. (20pl 26® 

i 3 ®^® 7ft 8 ft. -:N«w 
GOp) 38ft (16/8) 

Exulibur Jewellery 11 JKPL T05ft G&CB) 
Exchann* Trlroraoh CM Id hi J QSn) 117 
Eccutax Clothes (20p) 35 (l*f*J *' 

Epanded Metal < 2 Sp) 76ft 9 8 - 




FMC (2Spl 69 

FPA Construction Gra. CUM IB 
Fairbaim Lawson (Z5p) 70ft ■ 

Fairctough Construction- Grp. (25PK75. ': 

ralrnaie Textiles A N-Vtn. tspj za ( 

Faimew Ests. GOpi'118 GSM).. 

IstMtiDb. 99ft 16/8) 

Farm Feed Mkhn (25M 82® •• ■ 

Faracll Elearenlca OOpi 347 6 ,-- r 

Fashion and Gen. Invest tap) 135 (13/B) 
Feo Inti. A OOP) 2S IIWST- >: 
Federattg Land ud Bldgs. CUM 49 ft 
(15/Bi . - 

Foeon non). 33 2 

F*nner LL * H.) (Hldgs.) I25p) 170*M .3ri 
Ferry Pickering Grp. GOp) 41& <15ri0 ' 


Fertieman (BJ How W lJjiW 


Mdelltv Red 10 OOpi 78 G6. 

Fite Forge (29p> 53 117/Bi 
Fine Art Dents. (Sp) 58ft® 9ft 6ft. 7ftpc 

Ftay 7, UameU tf t25pi 115® 17**14, 

(Z5p| ltd. New . (SMfbrtfi Maritime 
(2ani 116® (17/8) 4 teclim. A3® 

I17|8» ■ 

Fisher (Albert) Grp. (5p) 12ft M/S) 

FI sons 380® 75® 834® 75 8 85. -6ftpc 
2nd DO- 66ft® 17/B) “ 

Fitch Lovell i20pt 64* 5ftt* 3 ft 2.'7JLpc 
Ln. 56*2 

Fitzwliton" (25p) 45ft GS/81 


Haxallo_ Castors and .Whee ls ^ piM (16/B) 


Flight Refuemng iH>dgs.i 


rluidrlve Eng. (20o) B9A,« 90® 90 

(50») 63 ()7;Bi. TOocPf. 23) U5/8) 


Foden 

Fogarty IE.) (25pi 1640 4. TO'jocPf. 101 

(14|0) 

Folku^Uofin) Hefo (5p) 2Bft®. N-Ytg Cbt> 

Footwear Industry Invests U5pt- 57 (,14/20 
Ford (Martini (lop) 34® 

Ford Motor Shs. SUS2I 35ft* G7/8V - - ■ 

Forte um and Mason 790 (12/8) 

Fonrard Technology IndL (SOp) 137* 41 

Fasera Mlnseu (25p) 177 
Foster Bros. Clothing <25p) 142* 2 
Faster (John) (25pl 41 (16(B) 


Fotnerglli and Harvey (25 pi 10Z-GW8) 
Francis >G. R.i ClOp) 41 (19/8)- ■ J 

Francis Inds. (25 pj 75* . ..' | 


Francis Parker GOp) 18® 19® 2* 
Freemans (28p) 370 80 G6/8)'~ ■ ~ 


French Kta- (29p) 39ft® .U^ g 


Fried! arm Boggart (25p) 1 07ft»» Br* 

G— H 


GEI Inti (20pi 940 

G R (Hides) 12 SM 125 tlSlO). -7 OftpcPf 
99£® i,;® 


Gallllord Brindley C5pt 63* 

Garford-Llllev (Sp) 1 6ft 16 (1718) 

Carton (IQpi 87® (1718) ... ■ . - i 


Gaskell (2 Op) 125 (1518) 
Gates (Frank G.) (2So) 48 
Geers Gross GGpj 45 G4/8) 


Golfer (A, J.) (ZOp 42 Gfi^) 

General Electric UUS250) SUS 56 ft® 
SU556t 


General Elertrlc Ord. (2Sn) SOfita 9 8 6 
7 10 JJ 5 St. 7 UpcLn. 64 (iWl. 74 k 
L n 64ft 5 Floating Rate 99® ft® 8ft 
9 ft 9 ft 

General Engineering GOp) 13ft GS/BJ 
Gnerai Motors Dep. Rfcdctj 2ZSI® 
Gestetner U5p> 16B GB/aT a (25n) 165 
A. Ord. Cart. (2Sp) 164 C14IB). IOkLo. 
1 74Q 1154) 

Gibbons Dudley (2Sp> 86® 7 

Gibbons (Stanley) OSp) 199 

Gibbs Dandy hop) 36S (17V8). NV A 




.‘cbs Lends- Fraser 73 

(Meres (25p) 93® 


an Duffits OSp) 154® 5® 6® 7® 5' 
GlltSBUr (10p) 66 (17/8) 
a ass Metal (lOol 86 (14/8) ■ 

— )l 2,“" ' ‘ 


Glaxo GSOpi laij. 7ftocLn. 33 
Glaxo CSOp) 610* 11»® 14® 20 48 16 
13 IS 17. 7ftKLn 12B-7ft * 

Gieeson cm J.) (IOd) 45 « 1 

Gltnsop (W. JO 03 p) 58® / 

GTynwqd OSp) 119ft® 20ft® ia® 19 19ft 
19ft- lOftpctins.Ln. 85 7 C17/B) 
Goldberg (A.) Sons (25P) 73V 
Gaktm fCh.J Foocsrd Son C25p) 57* 
Gomme Hldgs. OSp) 73 ~ 


Goodman_ Bros., stneknun (5p)_ 1 2ft rtM) 


Gorton Gotch Hldgs. Ota) 78® 


Gorton (1_) Group GOp) 3s 

m 


Gough Bras. (20p) 60 (17/S 
Gough Cooper (20p) 80 „ 
Grampian Hldgs.. U5j» 62 H6I8) 


GrampMn_TeIevlslon_A CIO^ 39® 


Granada Group A V2Sn) — 

Grand Metropolitan <50p) 114ft® ft»® 13ft 
14 16 14ft 15. Warrant to sub. 7'1 
I1S/B). SpcPf. 40 39U l17/8>i. 6>/gcW- 
50 491a 11 TUB). 7ftKPf, 

8'ipcUns.Ln. 94® 1)7/8). 


. 6'.ptPI, 

83 (1717). 
lOKUits.Ln. 


(^™/ SemjpoIit»a Hotels (ScoHanal) 5 k 
(E ast) 7ftPcDb. 61ft 1 


_Pf. 3S H6/8) 


Grant (James 
(17/8) 

Grattan Warehooses (25p) 135 7 
Great Universal Stor^ Oap) 316. A 
05p) 312® 10 91 13 12 14. .Mweyns. 
Ln. 46ft (17/8). 8ftpcUns.Ln. 66ft® 

Greaw^nans Stores flMJW 751 11718). 

SpcPf. (R2) 38 (14/8) 

GreniBeldM liletts hop) 50 <17|B> 
Grippwrods Hldgs. ITOP) 48 9 1 50 G6/8) 


Group Lotus C ar .(t op) 44® _H7(B1 
Guest Keen NettlefoWs 


. 281® 2 5 4 3. 

SWAVlCJ 61.KGW. 
Db. 87irrl4/fl). lOftpcGtd.Db. 86 H7/B) 


HAT ClOp) 41® J-Oft 

fol 


7-UdcLiu 


HTV (25p) 129 (16/ . 

Habit PreclsJfw Engineering (5pl 31ft® 

Hadro 'cJ/riir CtSp) 119®. SftpcPI. 36 

Haggra fiOpi ) OS , , , 

Hall Englnearlng (50p> 113 14. 

HaUarnsTetgh CMSon ( 10 p) S7(18lB> 
Hatma GOp) 45.„ Do. New -46 (1SI8T 
Halstead (10 p) 25 (17/81 
Hamllborne (12to) 30 05/81 
Hamoson Industries (Sp) 12ft* (17/8). 
BKLn. 51 (14/8) 

Hanger In*. G tat 47ft (J 7/8i 
Hanson Trust (2tal 140® 39 40. BftpcLn. 
85 (16/81 * 

Hardy Ota) 42®. Do. A 36ft® V. 

ss^^a&°&S?5s®-*fi7i.. 




HP *** t,7iw . 

5t ff Bw5r«S.^S' c,,in a py? 1 

nrertsk t50P» SJO 
*>e «M 



4««».l?S!a., 1 S9* r V-* 4 a5,w 





1 .® 991 HB — 
Johnson M*«tay 


johnwn-Rlcharite <H. *3 QSo > 102 CHW 
JmoiA. A.I ShlBitan (25w 143KO. 7oc 
pfTrispI 10 (1S-«l _ ' • 

janes <€.) (Contractors) GOp) 9® . ■ 

jonra v£ J Oewellcrs) blew CIOdi 145® 3® 

j^ira Stroud IHWftsJ Ota i » 


jU5STflW«S<.«8r 

Br|; ‘ 

S-fITiVv^ WtMStt) Htdga. (W 53 
Kwik ^ Saw Discount Gp. OOp) 66® 


L-M 


Ur Hldgs, t25n) 95® 4* 2ft* 4ij®. New 

7 

lidbrokt Cfl- rtO*) 79r Waraotl 

Lad/w Fride Outarwew OOP* 60ft t’ 7 *®. 1 

W Gp! ataVil 3 - ' 

Like ElUot G5JJ gjft 2|M ' 

1 linhfrt Howartfi Go. 


twittaT 1 rgp) 100 

Lawtex iZSpi 67 (1S8I 


(1A)BL ITftpC 

>30 owaj 


Leboff 9 CL' 

LebOS (Harris) C2Sp) _4 7 '1SJ8I 
Lta R refrlg eratjon >29m7M» 4 

^ 5^S£S- r ‘oJSS 

“■a*® 8 *- * 


ft ft 12ft 


Lcrth' rwm.i (BPiioersi hop) 93 0418) 
Lew* intereste C5 
LelBh Mills (23P) 

Leisure Caravan 

LMiS™ Group fi DPI S4 OK8I 
Lw Gr oup C lOpliJQ&OTp) 

Leva* C5P) 1 1 ?]* - Jjf ' 

M :* M 

Lllleshall tiop) 330 C17J) 

Llncrof t F 'K Ai our Grow '1pP> g|ft 

SocpM - 

.40® (17--8). Sptfl. 36*1 7/8 » 

•"iSI® 1 ! H -Sf HS i2wLn! I’lVft " 

t&Voata ^Sta, 147* 5® 

Liovd «F. H.) Hides. i25n) 78):* 7® 
Locker < Thorns*) (Hldw.) (ta) 21ft <14,1 
A Non- Vtg. (So) left - 

LgelnMofi Foods (25p) 117 (16,8) 
Londonand Midland Industrials gi.-ocLn. 

Lo redan and Northern Grp. (2 Sp) 33 4 

Lorn) on and Provincial Poster Grp. (50p) 

London Brick <2ta) 77 9 6. 14pcLn. 143® 


1250' 


Long*' a rid’ ’ HamtSy' il Opi 42 (15 l> 
Longton Trans nort Hldgs. (2ta> 68 7 


Lonrho (25p) 59W M 6 ) 59 61ft 60 

sot. SocLn. 1981-86 62 f® 2 

Lonsdale Universal C2ta) 86 (1Si'8> 
Lookers (25o) GO 

Lovell lYTjJ (Hldgs.) <25 p) 90* 

Low and Bonar Gra. (50n) 164. 12ftKLn. 
1 10 iis 8) 

Lucas Industries 323 20 i 20. 7ftpcLn. 
71 (14.-8). SftpcLn. 126ft 04/8) 

Lyon and Lyon <25p )85ft 
Lyons U-) 133t® 29 30 1 28. fipcDb. 71 
(14.-8). 6 pcLd. 51 (16-8). BftpcLn. 64ft 
(17 8) 


MFI Ftirnltare Ccntrra 16 


MK Electric Hides. 05p) 223® S 
ML Hldgs. C25 p> 172® 50 70 5 S 
MY Dart flop) 68* 6 
Macanle (London) (10 W 28ft 07/8) 
Maurthys Pharmaceutical* I20 p) 103® 
McBride (Robert] (Middle »nl (100) 186 7 


McBride (Robert) 

McGaw Stevenson and Orr SncPf. 14® 

McCorquodale 2981®, __ 

Maeijriane Gra. (CUnsraan) Ota) 69 

Maticay (Hugh) f*5p> *5 048) 


Mackay (Hugnj '»w *» 


Maflihaon-Denny (25P) 64 ft. 16 

MarwSenu«rt 8, Agi?ncy and .Mule OOP) 90 


Manchester Garages (1 Op) 36 USI8) 
Menders (HW*s.) (25p) 97® 
Manganese Broin Hldfis.OSp) 77 ft ( 


Maui Egerton j^cPt BZ 


Mann Ege 
Maple 1 HI 1 


Eaerton toct/nsccLn." £ _ 

***25 OOD -- Z2 ® 1 2 - 1 


Cl 6/8) 


(14/8'. 


9DCPf 


Marthwkjl ' j25pi 1S8 7 
93<i® 2ft® 3 
Marta Spencer i25p) 89t* 7ftS® 7 W H 

Mari km l)0nl 3 27ftt ft; 

Marshall Cavendish (10p) 51® ft 
Marshall (Thomas) (Laxlevi C25p) 46 06/8) 


A Non-vto. (25pi 47 114/8) 

Marshalls (Halifax* <25p; fa 

Marshall's ‘.Universal (25p) II 






(Alberti Hides. 


128 

177®. . 
OOP) 102 


1ft 


. ... in-Biadr a5n) 54 5 B 0418) 

Martin The Newsagent <25 p) 244® 6* 
Martonalr Intnl. (20p) 202® 1 (1718) 
Maraev Ferguson Hldgs. 7 ftncUnsecLn. 66 


BWKWLW" 9 116181 


Maynards [25ji^ 143 _{1 7/8) 


IMMn Bras HWga. C2'Snj~20ft* 20 
Meat Trade Supplies (25 p<- di® 
Medmlnstar (1 Opl 24 <1 E/8) " 

Meggitt Hldga. (5p/ 21® 

Metiiits (So) 4i> (16(8) 

MHH Ota) 103 ffl 6-8) 

Melville Dundax Whttson (25p) 42® 
Mtatmore Mia. So) 16ft (17:8> 

2 & t R82i 

*»?7' h M4S ; )* ,1P ’ ea5nl 1,0 *■ 8f* 

Mahtira x *tijfas,j (Sp) 50® ri 7 /a) 

Martov 12 Sp) 67 

Meyer ^Montague) (25n) 93 ® 

Midland Educational (SOp) 102 tlT/ei 
Midland huff- (5 b) 45® ij 


Ml Mar V J- (Textflra) '10p)*44 (14M) 
tappa. — - 


13oct-l>. 


Harris (20 m 92* 3® . 
Harrison (2Spi 69 


__ 117/8) 

Hamson (T. C) Ota) 112® 
Harrison* Crasfleld 
H artel Machinery (ZSp) 20 0418) 
KartwaUs f25pi 102 ■ 

KiMfeer SWdcley <25p) 240® 2 
7ftpcOb. 69 

Hadklns Tlpson (25p) 76 


Hawley" Goodail (5o) .10 0 5/8) 
— 1 (1518) 


Hawthorn Baker (2ta) 60 
Hawthorn Leslie (SOp) 70. 
(1718) 

Hawtin (Spi 13® 12ft® ft ft 


SpcPf. 42i:C 


Hav. (1 Oof 58ft C14£8^ 


Hazlewoods (20p( 

Heal SpcPf. 36® 

Hdcnr London Cl Op) 23 ft® ft I, (17/8) 
Helical Bar CZSm 35 
Heodenon A NV (Idol 84 05/8) 
Henderson-Kenton C20p) 65 (16/8). 10 k 

Pf. 102 2t 


Hen lys *2 On) 131 'a® 
Hepwortii Ceramic HH 


W9?-.t2ta) 95ft 6ft 
Hanworth rxj Sen OOP) 72* 40 5®. 


7peAPt. 


Herman Smith (10p)_1.0. (1* 8) 
Heron Motor Grp... 


Uns.Ln. 200 


«p) 128. 


IOdcCov. 


Hostalr LtdT ^0^106 9 


Hewden-Stuart Plant (10p)^65^t 5 


Hewitt 04 Son (ta) 23. 

Harwood williams 


Hick l no . _ 
Hickson Wi 


IndusO. (10 b) 30® 


Grp. tSOB) 1 44® 

._ (50p) 1 M (158) 

(Hides.) (SOp) 212)0 10® 

iSSpi tacGiw.Uns.Ln. 

S?Bh (1 Gtoforth Perk 45S® 60* (17/8) 
Highams iCtai 49 ft 114*8} 

Hlghgau- Job Grp. (SOp) 54 
HiahMtD Optical 
■17.-H) 

weniana Electronics Gra. bzodi *&ft 9 

«7/» __ • 

Hill Smith 1 25 pi 77 ■ 

Hill (ChasJ Bristol 115 (15 6) 

Hillards (1 Pp> 212® v 
Hiltons Footwear (SOp) 106 1 1 7,-oj 
Hinton (Amos) Sons HOn) 93® 1 
Hirst Mallnson {20 p] 33 (15SI 
Hocroft Trust 7iu>cUnsJ-n. 56ft 7 (14/8} 
Hooch st Wrts sub. Shs. £471, (17/8} 
Hoeehst Finance lOpeGtd.UnsJLn. 1171, 
HofhKing (S.} i25p) 95® 1 (171*}. 12 k 
Cnu.lim.Ln. 114 (148) 

Holden (Arthur/ Sons (2ta) 76 9 (isrfl) 
Hollas Grp. OSp} 62® 4® M7HU 
Holliday (l. B.) (Hides.) * hoc PI. 27ft 
07JG> 

Hall Lloyd Internl. (10p3 165® B 7 
Home Charm H Ob! 200® 

Homfray (25p) 46 (14/8) 

Hoover r25P) 273t« 2 . A u25o) 278® 5 
HOBkiMQM Hides. (5 Op) 115® <17381 
Horizon Midlands CEp) 103ft fi?*) 
Horae Bras. 7ftpcUns.Ln. 60 (17.W 
House of Fraser l2So) 564® 4 5 . BftncLn. 
.65® 9 

Hdiiio of Lcrose (ZSp) 63*j® 3 (17/Bl 




Howard Wvndtam P> r20nl 36CT. 

,27ft- . 18 k L n. 101 ft (15/8) 


A C20p> 


nowire Machinery < 23 pi 28 1 ,® 
Howa.rd Tencns Servh — 


Hnwdeu GfSJp-(«pi‘^ SI (2Srt 37ta 


Hudson's Bay (n.p.vj 13 ft 

* “ '. CR1) 109 (T71B) 


Huiett's cpn. 


- - - ( ^ 7n|) 


Humphries Hides. USoV ISS 
NuBja (25P> 155 07181 
Hunt MKron (Spi 3E« 7 
Hunting AssoCd. Inds. fiSm 292 ® 30 a 4 
Hunt) -Hon Group ( 10 n) ISS r ic,'n) 
Hhi^r rcfarlet) f2Sp) 85 (14 8) ' 

Hyman « j.) (5 d) 48ft (17f8) 


1— J — K 

ICL 377;® 7® B. SV-gcDb. 7Hi. 

»*P;C. 120 (14/81 St ‘ 9Un - 70 H 
IIJj 5 t2So ' 3* ft 3 1ft 4 . SftpcLn. 
Ig ggefc Jol wswi (25p) 190 
"iS"® 1 , Mom * A N - v 301 *- BftpcPf. 


Mining tapps. (lOP) 86 6 
Mitchell Cotts Gra. (ZSp) 44ft. 

101 (16/8) 

M Itched tamers FI Op) GOft (ISIS) 
MhranoTtt Wldss.) (25P) 71 70 (14/8) 
Mol* TMJ Son (ZOp) 29 <14181 
Moll ns (25P) 147 9 8 (16/8) 

Monk SAJ 05 p) 91 'i« 2® 

Monsanto SocLn. 123 ri7/8 
Montfort (Knitting Mills) (2 So) 67 (171-8) 
Moore ■O’Femill (lOn) 80® 

Morgan Crucible 125a) 125 6 4 (17'ED 
Morrail (Abel) (25u) 45 (17181 
Morris Blskey Wall Papers (25o) 73®. 
A- NV "(25 d) 72® 70 ■ 

Morriro" ri« ) Supermarkets (lOo) 93 

ha 116/B). 

Moss Pros. (2001 135 (17)8) 

Moss Engineering Groun (2 Sp) 88 f17IB) 
Mothercare OOp) 164 5 
Mopmt Charirtte InvosL (1 Oni 20* ft® 
19S ZO'i 20 

MovHev nqp»_15l| (17/8) 

Mowten (J.) f25m 135 
UuIrhMff <25p) 193 2 1 
Mnddleton Hotels <50t» 245 
Mvaon Group hop) 6BQ> ft® 4ft® 31® 


*'5.'>Mw 13 
<ZSM SMftCTrnj.' t) 


Ctar.ta. 


itae Cby^.t 


ppflxartd iraU jWL 
PltM «t W «r If 

tafara aw« . 


g uStoTHKioa. rifLIDi PM** 
taSramton) (2ta).37*-tmn. 


pwifps noMKV. 

HHM I 
btrim ps 

SfciM 

HIM ngton *70- 6101*201 5. 18 
Pttnev Bowes SftK uo. 76 ( 10 / 8 ) 
PHrard Gp. (2!5(«> 38 (14/8), 9** » 

pgitfe CMsm*tipreJl«ja^Ma 

wSton-s 

Measununa (SP) *• OTBU- 
Htaiy IMP) 98 9 it W. 


PiwdOpiipl 


O&i S5 <i7W. 




***;•■■ 

Q— R^S 

93 ft® (17«> 


i«to 


8.C.P. H&ntJggrlif*, ,u . . 


«t6aft 


s b m 


"• k Phju 0 ^ Ln ‘ 80 - 


9ixto 


Ranks Hovte Idrtjowgl asw^STft 4.71 

70 


Rjnsom* ? Ho®ram_Pol)art (25p) 6l-ftg 


6**3 n 

Ramomra SI 





roi 


it Inter. C8p) 44ft M7M)_ •. 


Readk 
dandy 
RKk/tC _ 

Pf 40(- 

Redfearn National Gian aSm-ZM X* 
RedHruslon J25pJ «l*® 

Red land (2ta) 164®T® 4.3-_j 
Redman Heenan Inter. flOo) 59 
Reed 12 Sp) 100 (14/8). Dov 
(ISIS) 


A 1# 


Road Inter. 152* 46* 91* I &) 41 

sS. 


S'tflCPf. 38ft. 6\KDtr. 6* 

Ln, 36 tlS/B), 7ftpcLtu 58® 6. IOsWU 
72ft lft 15 

Reed PubltihlM) BftprtRj. _72y 04 m 
AftpcLn. 30. SocLn. 55 : 63ft 
Reed (WJ (2ta) 85 ' • . 

Reliance Knitwear QOBt S0- 
RriUnt Motor (SO) IO (17/9). . 

Renew 136 S 

RentokJI (IOdj 71 _ 

Ranwick (20ol 46®._ 4.tacPf; .3% .(1411 


Revertex Cham leafs Q5 pi 


Rexmore (25pt.65 , 
RlcardO (25s 


„_5p> 255* 815 ST 7® - 

Richards WalHngtoq Inds. a Op) BT. 7i« 
Ln. 86 

Rlenmraz OOP) 23ft (IGOT 
Ricnarasons Wcstgarth (Sop) 63*. 6«dLr 
83 (16(81 

Rlx^taJ^ft® 7.1* 6% TJdKDte lJ 
'(16/6)' ‘ - 
Roberts Adtard (2tal 102 
Robertson Foods (25p) 123 - 

Robinson Bras- 107* 8 417/8} .. 
Robinson (TJ (25p) 82* 3® - " 

Rockware Group (26M )46>> 7 A/ 

Rolls-Royce Motors Hldgs..' Ota)- t02p* 
I 2 tft IW>; 2ft ... • 

Ropner NidPS. i25pl 43ft 11718*. A <25i 
44'* (15.-8)' 

Rom ill Hllde.s (Sp) 16ft® 

Rotaprint (2Qo) 44 n«6) ... .. . 

Rothmans Intemti. B (lZftpl 64H* * - 
Rotorfc ilOp) 63 5 (T5.-8V. BftpcTf. B< 
Rowan Boden i2Sp) 31 (17/6) - 
R owl man Constcns- Gp. (10p> 28'* (14/6 
New dOpi 2Qft 1I4/6I 


Rewmreo Mackhnau ,(5te> 4066.12 ? f 
BKlstPT. 47. 7pC2ntfPf. 53 116/8} . 
Rawtan Natela (zta) 183 rtS/B) " 


Royal Worcester (2501*165 
Rovco Op. (250) 34ft 
Ruber old Qta) 42ft® 2 
Rugby Portland Cement (25a) 86ft* 
8 6'- SncltoscdJjt. si 071*)”^^ 
Russell [Alaxanderi (lop) 64 
Ryao fL.) Hldgs. fSp) 15 ft 14ft 


S tad, u stores 25pcP*d, 02 ftp) 17- 
DocUwolA) 
7 ' 


.05 « 169o 70, 


5G8 

1730 07/81 
Saarchi Saatdil ( 10 p\ 175 * 
Sabah Timber HOP) 6 ft 


Salnt-Gobain-Ponl-A-Mousson 




23 

SUS38 11 S/Bi 

181 t17!m ' N *" J 
Sandcmao (Geo. CJ Sens (25a> SS C17/4 
Sanderson Kaytw <25p) 67 
^IT/B* 0 " Mur " v i Elder (Hldps.) SOW) J- 
Sanger O. 6.1 (10m 33* 

S'Wf! Go. (2ta) 77: 

SayUle Gordon OJ Gp 


114,8) G®. Cl Op) 23ft 

Savoy Hotel A ClOp) 71 (I7/8> 

Scan* Group i25p) 104® 

Schf»idgre_ JC.I . Son SKPf. 43.(16,5) 


Scoter os (23pi 75 ii5:a» 

S2Ji.?°5 ertso ? ' 2 ta> 47 (1608) . . 

Scottish Ago. lids. 317® (17/8) 

Scottish Universal fays. / 25 p> )jc*' 1 -' 
Scottish tag Mi Euro. Textiles 6»fti . . , , , 

Scottish Heritable Tat. l2ta) 40®. IMij'-iui 
i25p) 43® 2 ft® (17M)^^ 

Scottish Reap services 4 BocistDh. 60 9M 


THC 


„ 1 €> 8 ). 7pcistDb. 75 naaM 
Scottish. TV N.-«ts 4 IKk^W: 3 4 


ish TV N.-«t94k C1C 




Smuts 

40 ft. New l25P) i 
53CT4IW. 7US3.0. 39 

emt ^ 


SrllnSmt^S l? V^sSraeLn. 75ft® -. 
Sekera intnL rtOp) 39 ® 

Senior Eng. Grp. OlQn) 26ft* ft - ' 

Snrk ritn' nnSi o '*' • ■ . 


Strok »5p) 88® 9 
Sera) co llpcDb. - 
Shakespeare lojseph) (5o) 32 ft 
Shame Ware UOp) 115 05 
Sharpe iFsber USo! 45 nfiffit 
Shaw Carpets non) 56 


Shaw tF rands) 


13ft 16 


Sheepbridge Eng. 
ffiermeii (SamueL 
Sldlaw Inds. i50p) 93 
Sfetae Gorman Hfags. rata) 109® 92® - 
Hemwen Huntarnop)^® 

S entofght Hldps. (lop) B4* 50 O^ 




ilrtS? S&W **»\* w r** nw •: 


rt. 


ISTc £* ” TH * 


N— O — P 


NCR 40Cln. 92 1ft <1 7/8) 
ft (T5/BI 


SftpcLn. GSft 


9pe 


Pf. 89 _ 

Nathan «. 1.1 (25o> 53 
Nstional Carbonising OOP) 38® 9® 

Needlers _f25b> 40 3®. 

Nenrett Yambra <25p) 85 4 6 . SncPf. 
36 (14/8). New 9 k Pf. 21 ® 20 1 
79 pm 

NeH Spencer Holdings OOP) 125 (17/8) 
Nrffl '.(J 3 Holdings fZSp) 105® 

Nelson- David (ta) 8I : £ ft 
NewartWU 1 64® | v>i BijncPr. 62 ft (14/8) 
Neuman- Jims, usso 87® & - . 
NreRRSn-Tonka (2501 61* • 

New m w H r (L.) rZSpl 213 <1 7181 
News Int nl. «2 SP) 273 Cl 7/8). 7KlstPf. 
17V4 (1718) 

MlrhoH (J. N.) rvimroi (25o) 215 - 
Notctos (25p) 101, 7'iixin. Blip 
Norfolk. Capttaj Group^^sp^ 41^® 


Harrington (H3_ Son (5p» 14 (17/81 

BSSVMffWi " W81 
Adunfaw/L 6.2sk 


No^iwriB^CrpHO (lOol 190. 5 71 1 3 
Norton ,(W. 4.1 011093.) (5pi 45 . New 




7 ocUnscc. 


orric SccV (IOd) 18 (1418) 

NorWrt Holst 050) 96 (1518). 

NottintfSam Brick (50p> 310 ns.W 

N s®r«v 1271 8,j * 

Nurrfln Peacock Ota) 93* 1* SO® 2, 89 

M " 




6.K. : 




protronTc M fcc h Inca (2Sp) 1 I 9 (1S/8) 

drat Group (2 Op) 102® 

Orme 06*1 5i*t. 9ncU(iSecTMLn, 

CMey Printing Group OSp) 60 ft® 1ft 


per Grinten Finance StxOJnsec. 


pjf^ . JHI<fe».) aspv 4Q (17/8) 
Panto (7.1 pttai 274 
_ ' ' 117 (1616) 


. J7.) fl Oni 274 

Parker Knbtl A (25 p> 




S5S? ICoijtractKS) OOP) M 
Smith Nephew Axsta. -ClOp 77® ' 

BpcLA. 143tl17tav 




8ft 7ft 


ssr Klr £ ¥i p ^* 7 ? 5 n4 « ... 
TMT 8S. IHWSJ 


«. <10*1*1 (16/8) 

Smith Industries (50p) 1M 6. 1 
(16/8». 7-sOCuisjS: B ITS 
2"I“T« fJeWeraon) (IS pi 20 1 ft ■ . . 

S" M Vteo osa Cm. Hnibras (two®) Jffc' 

Sound Diffusion SP) 4S<1® 7 . 

Souttern Constructions (HWpsJ (5W W - 

Sroraow CG. W.) Son, (20n> .7000. ^ - 

taarrow Hardwick 42 (ISIS) - 

W- J Sons C25pi 319®. 
taeedweli Gear Case (2Sn) 27 * . 

SncfKCT Cteff Mctg *1® 


ft < 


S tl7m Gear ‘ 

ta llcra (25p) 341.® 4Um 4t® h.4{Si * 

Stafltx Inc. (25p) 70 ua 

SWkfe uuo.n bnf. OOWS5 6 

/iwrert* \a^ w®- tiTW-,- 

gatus Discount nop) 160J 
Stawfay I cxi, 300)0 70 1 ■ ■ - 

SMU Simpson A (25p) 45 6 (16/ffl 
brothers Hldgs. (25® aA (17/85 
S vTb*(i£« W 20 *® t17&LTWl».ta ' 
ItSSnfi ‘Alexander) rlw T»« 




Stewart Plasties (25 df 

sSSrtSJ 8 SKIT® S?' 1ft *1 ' 

s tocWa fag Hldgs, (25 di 66 - - ' ' 

122? Uoaeph) (Hlgus-I (250) 135* 
ImmIh a (2Spl 36 (J7/8V - 

si* re. ft ; 

taottitrt. Pitt 227 (1518) 

Streeters of Godtfmfitg iTObJ 23 

6, W 

J 1 DtH 17(14/8} 

Stylo Shoos <25 d» S5 (I7fm 

s SW£ OHdnn.1 «0p),1£i* ft 

J*r* now i 2 wd b n7/o 

Soitivie Clothes (2 Op) tR* 0 • 

(low S3 1*2 (17/8) 

50 wine. Soeakstan (25p) g® (flKS) 


Sutw Electrical’ (5p) ig I, a 07ffi) ^ 
s JS". H “"tw Gra, .148 50 46 9.-7ft»* B> . 


93 ft 

§w*n (John) 235 rt&if® 
Svmmdt Eng. fsm 20 


T-u—v. ; 

I«» nop) 241* (14/8) . - • 

Taibex Gra. (5w 10® 18 19 (17(85 - 

1^93^- ?JWS5 10 » «*» ,1W 

Tarmac (SOpr 168®st®8 n-n . 


‘FINANCE FOR INDUSTRY TERM DEPOSITS 

Deposfly of £L,QQQ-£25,QQ0 accepted for -fixed- term* of 3-10 
years. Interest paid gross, I^-yearly. RaW-^? i5S«Sts 
received not later than lS/ 78. ^ Kaiei- for depossts 

Terms (years) 3 4 


5 8 7 il ' 8 ‘>9 ip 

Int^«t..% . 10i 11. llj n*. lyj is -: is;' iai .' 

.Rates for larger amounts on request .Deposits to anfffnrOier ; 

waSriop t f£ r industry ;• 
-Waterloo Road, London SEl 573 s (Ql-928 7822, 

^ -^L 1 5SE?* payable l ° “ Bank of England,- a/cTH? 

TTBT ic fha hriillllU) h. T/m/. . "ft. "f T- * 


TiTL is the .Holding company .for ICFC and FCL . 1 




Financial Times Saturday August 19 1978 


Thermal Synd 
ThQmwn T 

5.UKM. £30 . iift 7,6i. ‘ 21 JpcPf. 
OT. SJl S NPrtHh ^i. 

Thomson T-une Caravans . US pi 


55 


W»._ Lyte '1020 SO 77 8 4}. A-'iBCPh. 
T*w» .-4. .7&D», epjL 

• W‘ «t< us®' ea. .... . 

Tavrncr Ruttedoo HOpi 7* K - . .■‘il? ; 

Taylpr Woodrow i2Sp> h*v?S #B 6 
Tabbllt Grp. ilopi fl',, £!|2 • Jf . 

Tttatemtl <2Sp> lSSO^^^W. (2SW 

' Trtctuuon (in) A\. 

Tclfohooc Rent4l5 ir taSD5 S4B' 5 
Tmmes (lie. Iqm&ii: 7tfjr50 (1MV ' 
Tr«o Simn •MWno'Wt.lBtHi SD 1 
..pi 99 '15'B< 
H.U5W 2SMS -S .4 

Sr* 

il-J.'B 1 1 1 

tnorn Eimrjeil. IndS- '2Sp) 387® 8«i V* 
90.M 92 90-*i ‘ o.. SrCCik.URSJJI. 1070 

Tnurgar Btirdcx (TOpi 17® 

Tllllnp fTHqmiO.tJOp) 1SZL® 4i£* 2 5 4. 
4.5SKPI. 49j* i.l5l8'. S JSDCrl. SS>!0. 
B-;PeU^.Ln. VS i16/8) 

Tlm« Furnrjhlno (Props.) 4'^eDb. 91 U 
5/6) 

Tioume Group 1 1 HoeUne.Lrr. BZ'»: 2 ! 
117(B) 

TamkllU iF. Ml ISP) 2*1:0 20 <17/B> 
TomUiBoni Car pots (2Sp) 60 U 1 (1518) 
Too 13(1 (25D) 50':® 47 50- 491.-. SpcPi. 

*0 (1418). ?>/DcUPS-Uv 650 4t 
Tonies iiop) 48 ofi/n 
Tone T25p) 66';® 

Torer Krimlcy Miifboum (Hldn.) (20P) 
57 Q DS'SI. GpcClw.Uns.Llt.. 99 H7/8J 
Tnfilur House .200) 1SS® 40)0 39 1 : 
S'; 0 7';. 7ccllns.Dt>. 49>:. S'lPCUnS- 
Ln. 73':. 10'tKUib.Ln. 75>1 
Tr J niuiront pi per rS5p) 670 
Transport Devpt, GnWP (ZSp) 85 I 1 * 

Tran wood Group ISp) 4 C15JB) 

Trjdant Group Printers <23p) 73 (14(B) 
Tridont Television A HOP) SB'i 7 
Tne'us i25pi 860 

Triplex Foundries GrPOP <Z5p) 101 IT 5(8) 
Trust Houses Forte i25p> 329 32 1 30. 
Option Warrants 2410. 6.2SpcDb. 66 
(16(8). lO.SMDb. AS (16(8). ' S.lpcUns. 
Ln. 73 (16(B) 

Tube Inns. 4164 -ISO 18 ISt 20 2. 

6 '.-pcCnv.Una.Ln. 95'; 

Tunnel Hldgs. B (50P) 296 
Turner News II 1930 7 8 51 5 6 4, 1 1‘jpc 

Uu.U. 92-1,1 1.-: (17(B) 

Turner Cureon i5n) 11'4 <16/8). IBpc 
CnviUrrs.Ln. 103 i14.'B) 

Turriff Cpn. i25p> 76 <14/81 
Tvsons 1 Contractors) i10o> 28 
T M5(Bj' W ' > SO ” S Turn * r ' 25o > 50 48 ** 
.Track (W. A.) nop) 24 04(8) 

UBM Go. iZSpi 750 «': 3'; 

UDS Gp. *2Spi 9819 9 100 2. 7>*>cDb. 

,71 <144)*. 5<UKti>. 47'*. 7‘jpcLn. 5* 
UkO Ininl, I25p' 1S1 4 
US. Rubber Uni Royal Hides. Warantt 
1530. BpcLn. 91 1; (15/8) 

UU Textiles HOpi S': 

Ulster TV Neiuvtg- A >.2501 66 <:i6i6> 
Unltern Industs. i2Sp> 106 5 
Unifies Hldgs. n Op) 50 
Unioate OSe' 6X4 M 1<4 IF* 6 I. 
6'lPCLn. 1991.96 57) <l7f8i. fi'rpeLn. 
67*; 06(8 1 

Unilever <25pi 57010 5 21 2 4 B 7 3. 
SpcZndPl. 641 .O- SVpeDb. 72 t (14,-9). 

7 ‘vpcLn. 614^10 <;A M ‘g 
Unilever iNVl tUSSTJv 

Union lotnl. BpcPf, *2>t (16(8). 7poP(. 
521; (16,-8) 

Up<on Steel (S. Africa) IflQJO) 251=0 
Unltcch (10o.t TS20 

um. Biscuits* (HldBs.) »25p! 910 20 2. 

-SpcDb- 670. 5'iPcLn. 40 (IS 8) 

Utd. Carriers <10p> 96* 7->: 

Utd. City Merchants +10PJ 67’iO 8 6 
Uid. Enplnecnns. KnduSts. CIQpi 59o (17*8) 
Uld. Gas IndusuL (25 PJ 620 
Utd- Guarantee (Hldos-i (5 pi 22h 
Utd. Newstutnart «25p) 372 i17)8> 

Utd. SdenctiAc Hldps. (2Spi 347: 8 
Utd. Spring Steel Gn. HOpi 30': 

Uld. Wire Gp. (2So> 700 
Undcnreme Intnl. cl Op' 131; (17.Bi 
LK«nn ■£.■ (2Spi 36. A Non-Ttg. (25pl 

Ut'Co Hides. (Rli 710 

gAgbBbghghgh mfw* mlwy mfyrypapawypp 

Valor (2Spl 55 4t 1 
Vdntana «20pi 1290 (17.8) 

Vibroplant (2Spl 195 07/8' 

VK kers 1920 2 4 3 1.90J 5 pc (Tax 

Free PI 551: 

Victor Prods. (25pl 195 (17/8) 

Viners (ICOm zl d7)8' 

Vinten Group (20 q( 212 13 131 


Wbfcrhwte&i «Wn>.) /»](«$.) (12W 77 
■ i«rtn.- spcL-n. sa nscai 
Whitworth Etc-rtrtc (HidflF.) <5p) * 

W botes ate pittlntn (20oi 1«„ - 
WiBial' (Henry) Son DS») 2Z1 7 
wraylm Conttrua OOP) 36)' 4ij (le.-8i 
Wilkes Umai Ofio' BO 071(6) 

WUkhis Mitchell. r253' .4^0 
W<ffciiuon Mnteti 17010 6 8. IOpODi. 
»';• 4* 5'; \1T.'8) 

wuitanu James r&tBHwers) tZSP) 94:o. 

9.5PCPT 190 

WIK tarns Hudson Group B'lpeLn. 60 7 i 1 
Wills •Georgo and 5on*- (HW9*/ i25di 
, 54 (IS 8) 

Wliniet-Brceden (HfdosJ <25 p) 70. 6 'a* 
□b. 70to 


Wilson Bros. (20o) 44» 3u 
Wilson (Connolly) Hldai, i£5p) 140, 
WJInn Walcan Engineering 'HOpi 47® 
Wimpcr (George 1 i25pi 97* 7 8 J ) 
Winn Industries ( 2 Opt Si's- 
Wro^nnd Plastic Products- Clop) 360 

Witten iThomasi i25pl S2's 1'; 3 (14 81 
Woll Electric Tools (Htd»J (2Sp) 103 

ii7,'BI 

Weisdey-Hughes (25o) Z15* (T4'8). 6 pc 
Pf. S9 8 ); (16 8 ) 

WoWeitholme Bronze POwdurs (25p) 228 

Wood Hall Trust (25o> 97 (17,8/ 

Wood (S.W.) Grp- 1204 38 ■ 

Woodhead (Jonas) end Sons' (25p) 100 

11 9>0I 

w«bU»um and Rixson (H«g*i rl2»: W 

j(J 1 * 2 ..... 

Woohjvorth (F W.I C 2 Sp». 701iO 1 * 70'j 
Wormaids. Walker and Atkinson 125PJ 12 

Wrlgjiton (F.» and Son* (Assoc. Com- 
panies) ftOpi 350 

Wyatt (Woodrow) Hldgs. (5p) .13 M 6 bi 

Xero* Corporation tUSSl) 4?ijO 

Twro*. (SOP) 2950 GW 

v “ 1 k ^Tra Her? Hldgs. (H)pl 534) 4. 10pc 

Yorkshire Chemlcais C25p) 99 (17 8 ) 
Yovaiui Carpets (Hldgs.) (29 p) 42'; 

Zsottb Carburetter a 'BrJ (50p/.'97O 
Zetters Grp. «5pj 52':* . 

ELECTRIC LIGHT f— •) 

Brasun a 11 : s ri7/B) 

Nigerian Eloctncity 2200 (17IB) 

FINANCIAL TRUSTS (96) 

AnglO-Aftluui Finance (7‘.*p) 12 417/8) 
Armour Trust riOp) 9': HSjB) - 
Australian Agrlolftvral u^tO-SO] 1130 
'fsTa> 0mn MS S^Tlos BMCkedFT, 411.- 

Blshopsgato Prop. Gen. lavs. 50 
Boustead ClOp) 56 1 ; . 

Britannia Arrow HldBS. I23p) “16»«® 16: 

WarrarU to sub. JV.«5/BJ 
rRllfiy Cpn - t*HZ)) 140 , • 
C ri^*? n, 0 SS r Gro ‘ lp 8 S 4: 2- B':pc 

uns.m. D 6 *r 

Sin °* APdroeen Land 4pcPf. 30 (17/B) 

£t£ nC, * rt: * *“• tHFtOO) 
Corinthian Hldgs. tlOp) 27 • ■ ' • 
D 5 J,v .« M . #il Qpn- Tit. <50pf 355 (16/8). 

A iSOp) 3550 7*. SpcPi. 1 20 •- 

□alfiety 2980 305® 7 5 5 4 - - 

Wnborgh^ Gen.-inifs. ( 10 p> 22 . PI 618/ 


H«tBSTMENT raUSTS (3*7) 

Aberdeen ln»a. (25 p< 59 41&B.) 

Aberdeen Trust (2$p) 1510 2. 4pcPf. 32* 

Al)sa (25pi 1180 <17.8 ■ 

Alliance U5 p) its M4 ; bi 
A ‘ !l ;"ce T'KK (25p) 2451:4 60 50 
? 4Upel*f- 331; (16.8J. 3i;peDb 
tic la] 

Altlrund cap. (SOp) 209 8 (17/8) 

Si. Cap. (25 pi 


l 'it 


Elder Smith 

(15/B> • .. , 

Ele wa, In v. T*t. i25p) 1250 *• 

HoKan^tche Beiegflings TW. Certs. (Iw u 
. R T.V Assurance) /Br.) 19(* H5/BJ 

House inva. - ShscCnv.UnStLn. 54 

I ■ 9ly J 

Ex-Lands HOp) 14hO (17/8) 


(SA1) 217 


by 


Exploration I5p) 26 

tL TST tlOp) 17(13^) 


Vlta-Tex (2 Op) 540 50 1)7/81 
vosper |2Spi 2050 5 4 (17i8J 

\V— Y— Z 

••) r- Ribbons (lOp) 600 8 117/B) 

W G.l. (25Pt 123 (17)8). ApcPi. 42 
Waddington (John) i25p) 232 29 
WMes Departmental tZOp* 98. a «20p) 

Wadham Stringer (lOp) 490 
Wspon Industrial C25p) 156 
Waldorf Stationery 28 
Walker Homer tapi 14u 
walker u O.i USpi 99 
Walker Uamcs) Goldsmith (25p) 100. NV 
■25p> 97 
Walker Sons 83 

Walker (The mas) (5 pi 12 (17/81 
Ward Goidstonc (25pi 92 1 
Ward Hldgs (lOpi 40 
Ward CThos. (25P) 77i;0 *J: 3«; (17(B) 
llupcLn. 61 (i. 7 'rocLn. 7d'i 1 

Warn White i25p> 950 3':. 1D';pcPt. 

205 BOCLn 98 <15^1 
Warele (Bernard) tlOp) Z6'^b 7 !« 6>a 7U 

Waring GW low (25p) 126 
Warije^ Wnght Rowland ClOp) 550 7 

Warier Holidays tlOp) 330. A HOpi 34 

Warner-Lambert (SUSD JUS29'1 l»J 

Waterford G'ass (5pi 5^ ns/ai 

Watmouphs : Hides. i (250) 9* <14t8) 

Watsnjmi '25pi 27S 

Watson Philip (lOpt SZ 

Walls Blake Bearnc ! 2 So) 12S (16v‘8i 

Wrarwe l '5pJ 31 

Weosiers Publications t5pj 60 

Wed gw pod «25oi 133. New i2Sp| 130 

Weeks Ati Delates (lOaj 30'; f15rBi 

Weir Group IZSol 152 '• 1-; 

Wellto Hldgs. -54) 27 '» V 
WcHman Engineering CZSn) S2« 

Wes' Brcmwicn Spring ,10Pi 33 *2:. (14,TM 
Westbr-ck Products *25d) 57 
Western Board Mills HOP) 790 *17/81 
WHjHMBhOus* Brake Signal '23pl SDij 9 

Wi iiiand 6 AV*raJt <25ol' S5'jO 61.-0 Oi; 

Weslmiiater Ccuntry Properties i2Sp> IS 

Weston Evans Group 15 I 1 . 

Westward TV C non-Vtg. HOpi 26 

WHairngs (25pl 420 

Whatman Reeve Angel (23p) 265' 

Wn frier’s R »-;!ai,r«i:* nap) 413 ,16'8j 
w^H-'ioe :25o' 72® 3 
Whruay, _W»^on tHIdgs.) nop) 17-j IS 

Whii^croit U5P1 

WhKeneuse (George) 

While: -TimethYi 82 (1718). OVocLn. 

S3®. ■ a ecLn. 69 


Finance Indus.- .... .. 

First National Finance Cpn. (lOp) 2>;Q 
Warrants to sub. O'; (14/8). - BtrocUns. 
kn. 2 1 ij. 9hPcCnv.Uns.Ln.34® (17/8) 
t*o«lc Durrant Murray GroaD (5p) 240 

Gresiwm In*. Tsfc, >250) 673^ 0 
Grimsbawe Hldn. (20pi 300 (17/8) 
Hampton Tst l5p) TOJ« (14/8). 4pc5ec. 
_ Ln. 940 

nchcape 3690 9 72 70 68 • . 

ind Com An. Corp 6'^pcDb .'79. (15.B) 

' Mt9b) A Dt> - 6S '* (16u8>. l.liicLn. 97 

Intnl. Invest. Trust Jersey 228' <1 ATI) 
Kwahu MOpl 24 fl»6i 
Lloyds Scottish (20 pJ 101 TOO 
London Assoc. In*. Tst. tlOpjS-’a* (17‘8) 
London^ European tlOp) 300 •.rllTzPCtn 

M and G 'Group <5p> 132® •* •' 

Manson Finance Tst (2QBi S1«r49 
Martin (R. p 1 igp) 47 (14!B> . 

Mills Allen Intnl. (50o) 1770r. Red.Pt. 

(SOfl) 721 (1710) . 

NMC Invests. (72 i;p) 18 (<.(14/8;. 
Provident Financial <25 p);iH - 
St. George Assets <10p) 131* 1 ’ 

Shm Mod. Fin. SpcDb. 70<d# . :* 

Sijno Darby Hldgs. D Ob) 120.' tOpcLn. 
230 ()7,'31 

Smith Bros. >25p) M 
Sterling Guarantee Tst. 7<2pcLA./73 014)8) 
Stock Exchange £4-25Red*AJuw.;(ftes.) 52 
1176). 7ljpcDb. 62':® . • 

Unlsec Grp. 'ROJO) 73 (ISO) 

UDT (2S3) 47® S>:« 6 5 7 6«i S'j 6':: 
Wagon Fin. Cpn. (25o> *4 - '■ 

W. England Tst. [2Sol 56 h® 7^'. 

Western Selection Dev. UOpl 73 (1 3 1 8) 
Yorkgreen liws. iIOp) IS'; (1,58) 

. GAS (4) ,y ■ 

hnperril Continental Gas 3179 4 . 6octn. 
173 S. 70CLK. 162 (17(81 • - \ . 

INSURANCE (148) . 

Bowr.tm ec. T.» (25®) 1140 130.11 13'; 


103.- 4-lpcPI. 39'; 
"Engineering 1 fSOol 


13 12 

Brentnall Beard iVIdgs.' (ICp) '49 
Britannic Assurance «pi 173;®780« 80 
Commercial Union Aseorance ; <Z5pi 157® 
3® 2 6 4 3 5 

Eagle Star insurance CZSp) TSS® 7 5 3 

Eguity Law LMe tSp> 184® 4- 
General Accident Fire L4e OSM 232® 5 
30. 7(ipcLil. 64 '16 0) 

Gyardian . Royal EsChanw BWpi 235 2 
13 . 7pcM. 6 ^mP. 7PCLic 63® 4 - 
Hambro L.le i2Sm 373® 

Heart -C. E.i (20m 280’ . 

Hogg Rohm von Group <2Sp) 212® 14 11 
Hawotti 'Alexander) Group tTOpj - 155 ® 6. 

Nsw nOoi 154® - 

Legal General (5P> 174® .30 2 3 
Leslie Godwin OOpi 123® 

London Manctmtcr (Sdi 140 32- v ' 
London United Inv, (20b) 184 (1 jtm 
Matthews Wrlgnton (20p) 1900 SB . 
Mint* -(Z Op) 2051 kt 0 (17/3) 

Moran (20 pi 60 116)81 
Pearl (5 pi 255® 9 8 . 

PhOv.-MS (25p) 7660 4 6 2. Db-.B NV 
(Reg. 1 134 (16, >8' 

Prudential (So) 1620 2 59 61 60 
Refuge <5 pi .147® ( 17(8) . 

Royal (25o) 388® 95® 90 88 7 Bit 85 
Sedgwick Forbes MOP) 462® SB 56 8 
| South British TSN2V 242 
■ Sir pho use (25p< 108® 7® 5 
Sun Alliance London 580 73 5 6 66*. 

6 'zpcLn. 72": (16 B) 

Sun L'ie (5pi 1090 
Trading Indemnlw (23p) 1E0® 

Willis Faber I25pl 2800 78 3 5 


LOCAL AUTHORITY BOND TABLE 


Authority 

f leJepJ/iTWL’ numfrer in 

IHiTt’ntUeseK ) 

Bamsluy Metro. (0228 203232) 

Koowsley (Dal 54S 6555) 

Poole (021113 5151) 

Poole (02033 .5151) 

RedbridRe (0M7S 5020) 

Thurrock (0375 5122) 

Thurrock (0375 5122) ; 


Annual 

STOSS 


Interest Minimum Life of 


inlrresf 

payable 

sum 

bond . 

% 


£ 

Year 

11 

5-year 

250 

5-7 

1IJ 

i-year 

1.000 

5-7 - 

10S 

*-year 

500 

5 

«» 

5-year 

500 

6-7 . • 

ill 

3 -year 

200 

5-7 

H 

4-year 

300 

4 

10} 

J-year 

300 

3, . 


A 79 B Il 7 , 8 i *■ tii5BI 59 <1Sl 
A^rfean Trust !Z5pi 50»j (17 8 ). B 
IZSpj 49 l; (17 8 ) 

9 1 0 AmeriCan Sros - (Z5 d) 109® 11® 

A s3 l M6ln t * h <35P> 529 GfcpcDb. 

^hdown^iZSBj 1390 8 9 40 (17/8). *)<pc 

zf?k B ? 5D ' 102h * 9 .« 10 - 

Atlas Electric ( 2 Spl 67"«® b® V >z 
Bankers' i25p> 65® 5 
Berry Trurt I25p) 71® 1 
Buhopsgate Trust f 2 Spi 1920 
Border Southern flOpi 66 '.<® 

Bridgewater (lOpi 7U (15,8) 

British American Genl. t2Soi *4 (17 81 
Hrittsh Assets I 2 £p> 83. 4'rocPf. 36®. 
SplAPI. 38 (17.-8). 4pcDb. 68 . 5PCLIL 
-150 (16-Bi 

British Empire Secs. (Epi 12<«® 12 ' 
British Inal. font. Did. (25P) 112 ®. BbPC 
Ln. 1 12 (1*18) 

British in*. Trust (25o) 175® 7® 6 7 
Brunner (25o) 109 OS Bi 
dry court Invt. (SOp) 81 (ISlSr 
Caledonian Trust (25p> 91 'i® 90'sO 89 
Canadian and Foreign tZ5p) 121>: (17/8) 
Capital and National i2Sd) 1380 
Capital Gearing f25p) ZOCO. 6pCLn. 98 
Carllol Invest. f 2Soi 13®%® 29® 9 8 
Cedsr Invest. GLSot 72 
Channel Islands inter. Inc. 160 (15JB1. 
COD. &2a 06,-8) 

Charter Trust Agency (ZSg) 6i=» 4 C1S1B). 

5pd>T. 40 f17(8). *i-pcLn 96!' (14)6) 
Cirv and. cm). Income (25p> 29 1® ' 
cap. 110 s® 

city and Foreign (25p) 87 
City and International i25pl 110 
. Claverhome Invest. (SOp) 67 
Ctvdosdiie Invest. liSp) 0 ®i ; ® 8. 

! tZSOl 871; II51B> 

Continental and Industrial i25p) 2111;® 
Continental Union (2Spl 126 t)7(B> 
Crescent Jaoan Warrants 95; 

CnnsirUrs Trust (ISO) 82 (14lB> 
Cumulus Invest r2£p> 29 •< (15(8> 

Danac InvasL Capital HOpi Aij V 
Debenture Com. (25pi 70b* 70 
Delta Invest (SB) 1 160 iffiJB) 

Derby Trust Income 226 !1S|8> Capital 
1 50a) 159 (15/8) 

Dominion Genera] (25p1 206 
Drayton Commercial (2Sgi 141® 
6 'jpcLp. 108 
Drayton Consolidated 4t;pcDb 75*85 6B'a 
(14*B). 7'SMrUnBJ.n. 130 
Drayton Far Eastern T25P) 43 H 
Drayton Premier <25p) 210. S.SoePt. 3Bb 
MSB) 

Dual vest (50p) 64. Cap. 23Z 300 
Dundeed London (25P) 71.'; iTO'W 
Edinburgh American (ZSp) 1329 3* Bpc 
C nv.Ln. 25B (17/8) • ■ 

Edinburgh Invest Dfd. 2480 5® 6 
Electric General (2Sei » (lE.'Q) 

English Internarlonal T25pt 950 80 
English New York (ZSp) 84®. A'lPCUiU- 
Ln. 118® (17/8) 

Enplish Scottish (25p) B2 (17/8). B (25p) 
78 U6.8) 

Eoutl Consort 127 (15/8). DM. (50p) 
154 ris/B> 

Estate Duties (25p) SB :17;8' 
r .:emai investment 173® (17/6) 

First Scottish American (Z£d) 107 8 (17.'8), 
SpcUns.Ln. lOO (16/8) 

Foreign Colonial (2Sp) 187* 9b 8 ')• 7pc 
Um.Ln. 63 (14/6) 

Pundinrest (ZSP) 38';. Cap. (Up) 66® 

G.T. Japan 8'rixUns.La. 140b® .(17/8) 
General Commercial (25p) 1^5 (17iTI) 
General Consolidated l25p) 93 'a • 

Genl. Fits. Inv. (2Sp> 181 
Genl. Investor* Trustees. (ZSp) 114'j 
Genl. StkhMra. Inr. nziap) 124 r)7 18 ) 
Glasgow Stkhldrt'. I25P) 1 < 1 B '1 (74/8i 
Glendevon Inv. i25pi lQ7<a9 613 .' Wts. 
to sub. tor OrtL 13 iza« i z 1 I 6 .B). 

• 1 5p) 104. 1 0-GpcOt. 84-1) (14'Bi 

G|enmorra» Inv. I25p) 82 '.-ft. B (25p> 

Globe Inv. i25P> 129 8. S>®cUMOl.Ln. 

107 117/81 ... 

Govett European i2Sp) 66t (14/6) 

Grange (25pi 82 cl*.'81 

Gt. Nnhm. Inv. (2 Sp< IIOH 11 (17/8) 
Grenfrlar Inv. 2(5p) 99 1 .I 6 .B) 

Group Inv. <25 p> 70 (t4/B>. OpLtb Sub. 

(or Ord. 10U 114/8) 

Guardian inv. C25pi 880. 4< 2 PcPf. 36 
‘ 1 6r7 5Y 

Hambroi inv. (Z5pi 107 
Hill (Philip) inv. I25P) 198 7. SLiPcPf. 
41 114/8' 

Hume Hldgs. A (25 pi 91 b® 

Industrial Genl. (25p) 58 u 7 8 
intern tl- Inv. (25p» 82 (15/8>. WtS. to 
sob. for Ord. 371® 8*® 99 
|n resting In Success EaulHes i25p) 168 6 
Investors Cap. Tst. (25p) 91 'Lib H 
Jardine Japan In*. (25o» 172® 

Jersey Einenui 188 f16/8i 
Jrr»y Genl. Inv- 258 (16, '8> 

ln»- Inc. HOP) 4fii;® 7 6 'j. New 
£a i1 , 0b .' 4 ?*i ,7; S?- C*R- Op) 7® L® 
ii7?8' U ** * 8 ‘ Ne " C **‘ i2b ’ 6 ’ 3 * 
Keystone Inv. (50p) 146 (17/B) 

Kielnwort Benson Inv. 4pcDb. 64>* (15/8) 
View inv. <25pi 103 2H 
H , U I D <*. Con. (25p) 115 (14/8) 

Leda Inc. ( 200 ) Mb® 

Le Vailonnt i25d) 34 1 ; (16/B) 

London Gartmore iSOp) 80 

°iSS" »™ 

London Lomond i 2 Sp) 83 
London Lomond ZSd) 83 
London Prov, t25p| 126 (-17/8) 

Lndon Strathclyde (25p) 47 

London In*. T«- «o) *i-« 

Lormoo Mevniant Sm. 'lSp) 119. Cap.sns. 

>2Sp) T1'75 1«'i U7(8) 

London Prudential Q5 p) 86 |/ 1 ««) 

London Tst. Dfd. <2501 114. NcwDtd. 

l2Sp) 118 17 (15 8 ). 60 c Ln. 129 0518) 

M and G Dual Inc.Shs. (lOp) 207. CaP-Sns. 

• 1 Op) 124 l; 

M and G Second Dual Cap-Shs. (4p) 24 1 ; 

*1 8 fl) 

Meldrum (250) 45 |15.*8) 

Mercantile C25P) 44 L® 5. Jt.pcDb. 80 
Merchants i2&p’ 81® b 2': (17 81 
Metropolitan 3>-PCDb. 66 .. (15 8 ) 

Men** i2Sp» 55 (1718) 

Montag Boston <10o) 62 !j «15'8) 

Moolova 65 1)4-8) . . 

m sonate lit**. (Mpl 96 nS/ 8 ) 

Mnorslde f25p) 109';* '17'Bi 
New Tm-ogmorton .-? 1 -• 

C*ro.Ln. 144:® 2. Wrnts. 28*; ( 16 / 8 ) 

New Ypric Ganmoje 1250) 39® 

Nineteen TWenri" Eight (2Sp) 80 l)6'B). 
New i2Spi 32,(14)8) 

Nerih Atlantic Sect. Cpn i25oi 104* 3 
Northern American -T**- *7®*'’ ,115' 

PI. 4P (15'Bi. EpcUn«*< Ln. 100* I17-a> 

OH'^nS'' S«. '?2S*pi ’I? '17/81 

Raesiri? l'rv P n5Pi 137'i 4t;pcUn»ec Ln. 

99 flS'Bl , „ 

Reabrook ln». i2Sp' 42 'IS-BI 

Riahts Issues Inc. <2 Spi 31®. Cap. '25 p' 

R fro? Mercantile (2 50) 190® 

River Mate (Sen. Did. (2 So) 161® 
Robr-ro iRollerdamsh) iFI.S' &35 
Kollnco (Fl.EOi Si'. «U565.60 tl*'?*. Do. 
Wrnts. sub., 100 (16 8'. Cpns.NolB 50 

Romne'v Tst (TSm 102*: US'BI. 4\nx 
Untec-Ln. 99 1 17'Ei 

Rolhtshlid I50pi 215. 3.5ocPt. «50p1 SB'; 
6';pclJns,^.Ln. 126 
St Andrews *250) 133 ' T7IBi 
Sate Prosper Cap. 'lOpi 65'; 

ScotlHh Pmerican ISDer 93® *r 
Scottish M.rcanrile A Non-vlg. (25o> 104. 
7'jocPf. 58® 7'*® 

Scottish Cities i25et 1 5E H6'B» 

Scottish Eastern (25M 155® 4i;ocPI 37 bO 
(17'8) 

heerrish. European i25o' *1 ns/Br 
Scottish Inv. T*t- i25pi 113';® lib 
12. 3.B5PC 44 <16 6). 4.55PC A 52 

(16,81 

Scottish Mortgage 6 Tst. i25pi 126® 5»s 6 
7. 4';pc 34. S'aDC 40'; 1 I 6 / 8 ) 

Scottish Nat. Tst- t25PI 165 <17181 
Scottish Northern Inv. Tst. (25p) 117';® 

Scottish Ontario Inv. i25d) 75 's® 6 (17« 
Scottish United Investors 1250* 88® 7'w 
’a 8 


-Scottish Western Inv. (25PI lost;® 9 11 
10 9i*. 4 '.-pc 33® S® (17:&>. 6 pc Ob. 

61 << i; (16iS> 

Second Alliance T*|. (2Sp« 213 (17/B). 

3<lPC Db. 641; (]5,‘B) 

Second Great Nrtrn. inv. Tst (25p) 99b® 

90. B Ord.(25p) 94 (16/8) 

Securities Tst. of Scotland (ZBo) z)4®. 
4'aPc 34U-7J (17 81 ' 

Shires inv. isopi- 148 r>4i8) 

Sphere in*. Tst. 'Z5pi 124® 3>a 
Sterling Tsi. (2Sp) 196 >16:0) 

Stockbrokers inv. Tsc. <25oi I0B 
Technologv Inv. Tst. iZ50> 107': 7 (14/87 
Temple Bar Inv. Tst. (25p) 1 04 il 5JB). 
*.2pc 46 -17 SJ 

Throgmorton Sec. Grtli. Tit. Cap. Ln. 10S 
(17/6 1 

Throamorten TiL (2Spl 83® 2 ';. SbocLn. 
130': 

Tor Inr. Tit. Capital ( 2 Spl 113 II7'81 
Trans-Oceame T*t. I25pj 1899 (17.8’ 
Tribune ■ inv. Tst. • i25p/ 60'; i17.6j 
T riple vast income (£0 p> 05'; 4 (16 8 ). 

Caoitel 162 117/81 

Trustee) Corporation ( 2 So) 152':. 4'yie 
Pi. 36 117/81. 3peDb. 61 ■; H7 8I. 
T"nc*idc Inv. Tst. (25p/ 1i5': 

United British Securities Tat. <35p) 143';® 

United Stale* Deb Coro. (25p) 106b® 
SO 6';. 3.B5PCPT. 42 .14.01. 4';pc2ndDb. 
32 IM S) 

Viking Resources Tst. f25pi 94 
West Coast and Texas Reg. Inv. Tst. (100) 
76'j H7 0) 

Winter bottom Tst. I25pi 218 

W)tan In*. (£5pi 101';® 100';. 3.4pcPT. 

35 (16 81 . BpcDb. 66 115.81 
Yeoman Inv. Tst. '25pi 186 ■; 

Yorkshire and Lancashire In*. Tst. (25D) 
34<s 

Young Companies Inv. Tst. 87b®. 

Warrants to Sub. 17 (14.-8) 

UNIT TRUSTS <9) 

M and G American Inc. 57.8 
M and G Australasian Inc. 61 7 
M and G Compound 117® (l7.B> 

M aiM G Conversion .74 9 (l4!Si 
M and G Dividend Inc 136® 30 1; 

M and G Extra Yield Inc 95-8 (17/6) 

M and G Far Eastern Inc. 60.25 
M and G General Inc, 194® 

M and G High Income Inc 115.1 nsmt 
M and G Japan Inc. 182.1 (14/8) Atctun. 
177 n*»'Bl 

M and G Maonum Ate um 291 B® (17/8) 
M and G Recovery Inc B7b© 91 7 

MINES 

Australian (6) 

Hampton Gold Mining (Sol 131 (17/B) 
MJM H Id nos- HAD. SO i 221 (15.-8) 

North Broken HID HI OBC iSAO.SOi 127 
Paringa Mining. Exploration (So) 25b® 5 
Western Mining Con. CSAOJOi 150® *7 
6* 

Miscellaneous (82) 


S»«m/ri <25t>] 96 

Scsttth M«L (20p) 1 06® 

Second Cltv MOp) 41 1 .® 

Slousdt E*ts. f25p) 123 , lOpcLn. 174 >14><Sl 
Stock Conversion Inv. (25m 26 E 1 (16 81 
SunitV jBeiWd) 1250) 255® £ 9 
T 0 *'’ 13,|; ® U 13 b 14. 

iacLn. 84 -'15 ib». lapcLn, go 
Town Cenlrff S«s «25p] 7 

Tra fiord Pkr'tSH. TEo) 132® so s 

UK Property 24 0 j 

Utd. z 55® M (17.8) 

Warner E»l- Hld^s. iz;d) 149 
Wa-niord ' 20 p» 317 ® 

WeB5 (JOiWtl '5 d) 1 7 1 . 

WeiMI-nstyr roop. Grp. i2opi IB 

Winston Latt. U5oi rpi- itA-W 

RURP-Etl (34) 

Angle- Indonesian OSn. 35® 

CanwHdaied PHnuuons tlOpx 47® 

• WaMnt: loii® loo * . 

DunICP 6ocpl - HOpi 44 (17 El 

Guthrie, 358® B S 

Harrison* Malavcun Ens. „iod» IZ7b# 80 
Highlands Lowlands Bcrhad 'IMaO.SOi 
133® 2b® 

Hpiyrood rRubbcr i4>; i|5,-bi . . 

InchJCrtmeU Kaiang Rubber flOpi 125 ® 
'17/8/ L „ 

Jltra Rubber P/antaiioni HOp) 10 S 
Kuala Lumpur Kcpong Beriiad ISMaD 84 
«*.«) 

London Sumatra Rlaniations HOpi i«0" 
L 0 , S , i-.. <1DDI 65 <1 BIBj 

MalakoR Berhad JMal, 81 
Muir River Ruboer «10ot 49 (1&.TH 
Plantation -HW9». HOpi 74® 4 3 
Singapore ran Rubber Ens. (5o< 93 HSjtS) 
Sagomana Gp- flap, ibb <14/8j 
S imgd Gri*n Robber Esi. ilOpi 87 <15.81 


19 


Berah Tin. Wolfram C25 di 56 
Burma Mines f1?boi 12'; 

Charter Consolidated 'Reg./ (25w 157. 

6 9t. (0r.i 1 2 Sol 157 
Consoltfntcd Gold Fields (25P> 1905® 3 
5 6t 4 1 4T. SliPCLn. 73 2h '4 M6|8) 
El Ora Mmlngti, Exploration . HOP/ 62 
f T4|8 i 

Geevor Tin Mines CZ5 p> 135® 

Gopeng Consoildaled i25p) 3150 
IdrM Hydraulic Tin MOp< 07 i1*;8> 
Malayan Tin Dredging iSMIi 465® *1718) 
Malavslam Tin iSpi 38 flSjBi 
N orthoale Exploration SCIi 390 04IBi 
Petallng Tin Berhad (SMali 260 ( 16,-8/ 
Rto Tfnto-Zinc Cpn. (25p> 244 5 SI. 
Ord. (Br.) (Z5p) 250 49. Accum. <25o) 
243 2 (17 S). Option Wrnts, 20 (16.8J. 
tVpcLn. 65® 

Sainr Plran C2Sp> 63 Ji. 1 
Selection Tst. <25p) 472 68 6 * 
Silvermlnes (Zbp) 4Bh 9t 9 
South Crofty (lop) 62 1 59 (17;B) 
Southern Kinta Consd. (SM0J50 240 4 

Southern Malayan (SMI) SU54.38® (17 81 
Tehidy Minerals (top) 67 07.8) 

Rhodesian (5) 

Globe Phoentv tl2»;p) 65 

Minerals Resources 1&6D1.40) SUSZ.SI'x 

__15San Cpn. (16*p) IBh (15.8) 

Roan Consd. B fK4) 65: _ 

Tankanylka Concerns. (SOp) 182® 80 
Wankle ColUerr (50p) 36 (16.8) 

Zambia Capper Inv. C5BD0^4> 16 

South Afri can (82) 
Anglo-Amncan Coal iRO.50) 700 '16.8) 
Anglo-American Coro. ,R0.10> 356® 4 
Anglo American Gold (R1J £20.25® 
SUS27 26(2 (17 6' 

Bishm»gcte Platinum (R0.10) 106 
Blwdorunitliiicht Gold (R0.25) 5U54.72 
363 p H7 8) 

Bracken Mixes (RO.93) 93 
Buffelriontfrin-Go/d (Rl> 10.40 16.8/ 
417.-B) 

Comol .dated Murchison iRO.IO' 260® 
Deelkraal Gold iROlO) SUS1.1B '17,-»l 
Daornlantein Gold 'frt) 360® 75 
Durban Raadepoort Deep (R1> 410® 
M7-.5) 

East Daggalontein Mines 1 R1 '■ «US0.29l 
East Orieienietn Gold >R1< 8130 (6 4 
m Rand Con. <10 d) 20 >;S 'z '17 8) 

Jan Rar.d Gold 'RO-501 393 
Elandsrand Geld (R0.20J 250 (14*8) 

Elsburg Gold lR1> 123 

Free Strte Grdu'd rflO.S) 'US25: 

Free State Saalelaas Gold Util SUS1.30 
171) . 

General wining Finance iR2» £19: 117-8) 
Gold Fields Saurt Afrl-j iRQ.25' £15 '4 
Grpotvlel Pros. Mines iR3 2Si 107 
Harmony Gold Mining >R0.S0'< U.S.15.45 
443o 515'3i 

Harrebeesrisnteln G:ld /RD U.S.S1B(4® 

7*7-41 

Johannesburg Comd. (R2- £l5‘;t® ■* i; 
Khh-M* Mines !R1 i U-5.S3.40® 400p® 

KtoTf Gold -R1> 6150 20® U-S.S7.900 
Leslie GaW (RQ.65/ 61'.- -17181 
Ut»r-m C:W (R1< 5750 930 
Loral ne Gold :«1i 119'-t 10: 

Lvder-barg Pbifmum (RO.IZi-; 72 4 
Marleva'e Co-*sd. 'R-3 25' 73 
Mrssma Transvaal' Development (R0.50) 
93 n6-8l 

Middle Wirwatersrand ■Western Areas) 
5R0.2S; 225® 70 '17'B 
President Anns G;ld 'RD .501 £10!» 
L'.S.S 1 4 13 1 

Pro I den: Sievn Gbld [R0.53! UJ-S12-10® 

ttazd Mines Props. R1) 1400 30: 
Raadlonieii Esm. Gobi U6."5r. 

senbL-rg Pistiam H'dgs. *R0 105 955 

. I 

St Helena (R1) £9.630 
Sent rust Desert tRO.10' 2201 
South Alrican Land tx. 'R0.35) 80 
Stillonteln (R0.50) 29BO 
U.C Invests. JRT 2660 
Union Corn tR06’4 312 16 
Uniscl 234 WSZ 90 
Vaal Reefs (90 50 <US2D‘«0 
Center5ocs: /R1 237: '17 B 
Welkcir. (PO 501 SUS4.601 „ _ . 

West Drie*ry!ein IRl : £26.35 <17 8) 
Western A-eas (R1» 214 
Western Deco Levels 1 F12 1 8.75 *17 8) 
Weselro Holdings (R0.50> SUS301* 
Wlnke'naak (Ri; 790: „ 

Wilwatersrar.d IR0.25' 56 
Zantfoan (Rl> 2S3 - : 

IVesf African ( — ) 

Amal. T,-< Mines Nigeria -Hides.' -,10o 


SHIPPING 

Brit. Commonweal :h shiotUng (SOot 266® 

Caledonia Invest. '25ot 259 ii 6 ' 8 ) 
Common -Bros. '50 b I ;js 6 40 (1S1B) 

Pumess. Withy 249^ 9 ; 51* 

Craig Sh taping 125 na/gi. A NV 117 

Hunting ’25 (14/8». 

Isle pr Man Sieam Packet 153 (14/81 
Loiidcm CMtrwas Freighter (25pi 321.® 

Lyle SModlna A NV ( 2 Spl 124 (16/8) 
Manchester Liners Sijpcpr. 39); 

Ocean Transport Trading !25pi 117 
Peninsular Oriental Steam Navigation 
Dfd. 88®J*4l 90'/;* 89 7 I; B '2t 
Resndm^SpiIih Line A NV i50p> 34i|« 

Runeiman (W.i i25p» 76 (17/8) 
Southampton. Isle of Wight and South 
of England Royal Mail Steam) (SOp) 164 
114/8) 


Assam F ronti er Tea 303 
CamelR* .Invest JiOO 290 
Dfianurf HUBS- 205 DEB' 

Plantations Invest, ft On) Sgij 


TEA (3) 

AsMldJJOCars 245 iT4-ai 
Acum Frontier Tea 309 

Lawrie Plantation 343 (17 8) 

McLeod Russel 21 -B:. TocLn 535 (17181 
Moran- T(M Hldgs. 3 S 5 (15-8) 

Sbrota H/dgi. < 1 Obi 2F-i« <17.'B) - 
War ran PJontanoni i25nj 2170 16 07-0) 
Weslern Doo»rs Tea tbs 
W illiamson Tea 171 ■ 15.61 

~ TRAMWAYS f— ) 

Anglo- Argent 'ne Trams 4oc3rdOb. 801 

WATERWORKS (61 

Bristol Waterworks i5pcCons.PI. 34 H 
ne.-SJ. .4. 02 SBC Pi. 68 ■ 1 6, '81. JpcCons. 
Db. Z7 

Cambridge Water 3.5ocCons.Ord. 3Z'< 
'14101 - 

Colne Valiev 4 55ocPf. 71 (14‘8> 

EastT AngShn Water 3.5ocCOn«.Ord. 33 
E»st SfflT*™. Water B 4.9oc 451 ri7’8i. 

3 - Sd ?L? S v J 1 ?!?'- 4.J0CPI. 62 (168) 
Essn W«er 3.50cCans. 32 :.- rl7l'"i. 9oc 
PV. 1981* 101>-O .* 4 ®. 9ocPr. 1<9B2 99 
• 171®)- lOpcFf. 1979 183 CIT/av. 

Db. 1992-94 78 ri5/ri 
Sunderland S. Shields lOpCDb. 77 


2 99 J 
Mow 


West Kernel 2 bpc (| M . at £90J»oc £25 pd.^ij 
North -'SUrrev 7ec 62:® 

Portsmouth 4.55 k pt. 76 (16'6t 

, SPECIAL LIST 

Business done in securities quoted]] 
in.' the Monthly SupplemenL 

_ AUGUST 18 (Nil) 

' AUGUST 17 (Nil) 


AUGUST 16 (Nil) 

Lake Elliot 60 c Pi. psi 
Stewart Wight B370® 

AUGUST 16 (NQ) 

- : AUGUST 14 (Nil) 

RULE 163 (1) <e) 

Bargains marked in securities 
which are quoted or listed 'on an 
overseas Stock Exchange, 

AUGUST IS 

AtrtfeaMer Leases USS 4.120 
Allstate Ex. 14 ® 

Amp&i Ex. USJ 1.69® 

Ampul PCU. 78® 

Asscd. Minerals 120® 20 
Atlas cop. USS 13 St® 

Bk. NSW (AufiL Reg.) S9S 
Basic Resources 265 
Boeing usn n:® 

Bougainville' Coooer 136 
Bow Valiev EJSbo 
Bridge Dll New 2b® 

Brown Forman A £25-H 
Cheung Kong USS 3-26® 

Clba Geigy 7^pcCiw. £91® I,. BbpcCnv. 

£90>2® V®. SWfr too ISr.i USS 505^) 
COtzlnC Rio Unto 301® 596® 302 236 

Florida Gas USS H: 

Ga)d Mines TCalgooriie 67 

HIMIM Go/ if 6&J; 7Z 

H0»S Kong -Land 209b 

Huiett Con. EbncPt. 40 

HutcMson Wtsampaa 114:;. 7'bPcPf. 1Gb® 

jan*iiH- inthtwn 302® 294S 

Kulhn Mataivsta 56 b 

LUiev <EIU uss 5=iart> 

Marathon Oil USS 4Bb 
Metal Ex- 25'; 

Mvera Eirwiim 147® 

New Metal Mines 5 1 
Oil Search 14 1 - 
Poc. Co beer 60® 2® 

Pan Am. World Airways USS 84® 

Parirar Drilling U5S 67 bS 
Peko Wa/isend 548® 

Pemcor US1 M® 

Satinor ■ 11 

Mutter Duo-rest USS 8.65 8.66 
'poargos 46s® 

Straits Trdg. 2050 

W ire Procs. U5S 0.95b® 

Cheung 39 

Taiping Cons. Bemad 69® 

Transwov Intgl. Con. USS 28b® 

Trl CoirUnental £ 12 ; 

Twenlieth Century Fox USS 33 Mo 
Volkswagen USS 1291® 
wiieetack Maraen A 60 
wncelocfc Maritime B 8 
wpods/de Pets. 79® 

AUGUST 17 

Abbott Labs. USS 
Ampol.Pets. 76 
Atrglo.Lltd. 186i 
Australian Guarantee 136 
Bk. ‘ NSW CAust. Reg.) 598 
Beach Pets. 56 b® 

Blue Metal Inds. 1120 
Bougainville Copper 137® 7 8 
Bridge Olt 8® 7 ® 

Cosmopolitan Props. 34 '« 

East Asia Navigation 90 
Endeavour Resources ZS® 

Exxon Con. USS 43 \ 

Harms Gold 53® BO® 

Hong Kong Kowloon Wharf 

USS 7.291 

|/Hang Kong Land 205'; 6 
Hutchison Whampoa 11 B: 16 1 - 
13 

Interwest 13 

Jardine aMtbeson 300 1 
Kiillm Malaysa 56';® 

Matheson liw. Cm. £116=: 
iMerck £45 
'Metal Ex. 24® 

Nationals Nederland USS 49'i 
New World Dev. 45 
Oakbridge Sees. 171 50: 

Olt Search 1 4 >; 

Pa ncomi rental £14.50; 14.64: 

SHK Prooi. 180 2 

Selcast 30® 

Southland Mug- 28 
Stelox 4 a ri 

Swire Pac. A 1 66’: 7 r. 6 
Swire Preps. 72 *1 3 
Toklo Pac. Seaboard £38'; 

Wab Kwong Props. 25U - 


15 1v 


Cons. Goldhew* Australia 3t>5 -Si 

Conzhic Rio Tlnto 296 

Cork Inv. 9 

GuH 011 £1 0't 

Nop* Street Fund £29 

Luck heed USJ w s i® 

Mpgaet MeUb 23 
M30II Cpn. 8 i;a:Db. gJSS 
Ocean Rtsaurca 24 
Oner Ex. 50 
Pac. Copper sc 1 
Peko Wall send 548® 

Petrocaro Ex. 14® 

Pctrofma £93 US) 121 

Rennies Cbns. 71 

Sthrn. Pac. Props, ll/i 

Target Rets. 18 ® 17 

Unilever NV rFi 20) US 57'« U £43^; 

Western Queen 26 

AUGUST 15- 

American Tel and Tel £4B'r 
Australian Devs. SO 
BH Souln 118 
BOW Valley £2E* 

Cheung Kong USJ 2.64 2.86® 0236 

Eastman Kotuk 

Gold Mines Kaigooriie E9® 

Hasma Gold 62 
Nome Oii 4 £24 r, 

Hudson's Bay Mno. Smtlg. £13'l|« 
intnl. Mng. Cpn, NL Z® 

Long reach Oil 20 
Mdntvre Mines £15 
New Metal Mines 4i« 

Nicholas Intnl. 76® 

Northern Mng. 114 

Omega OII 1 1 

Phillip Worm USS 73 -;® 

Reef Ol/ 12® * 

Sc fieri no USJ 136® 

Straits Trdg. 200 

T*i Cheung 37 V- 
Tasmtntnc 125® 

Western Queen 22® 6 
Wfceelock Mardrn A 
wnreluck Mardimc B 7-V® 

Whim Crack 420 
Woodslde Pets. ®1 

AUGUST 14 

Anamint £47-> 4 

Associated Manganesr £17‘- 

AustraUin Olt and Gas DO® 

Beckman InsirMnent CV a 

Colby Mines 64 . ,. 

Coles (G, J.1 196® 

Chemical New York SUS4 1 x® 

Crane Co. £23*>4 
Eftra Corun. Com £26'e 
Hilton Hotels SUSSS:® 

Holidav Inns 4U521® _ . 

iCI Australia 197® _ . . 

Lend Lease Coron. 2780 
Lower Perah Tin 83® I- 

Mkhelln 5US320 

Minnesota Mining and Mig, £471;® 

Myers Fmoorium 152® 

Offshore Oil 5/i® 

Peugeot JUSHSi- 
nol.nco 6 :;pcCumJ*l. £14 ■ 

Sabina Inds. 63 u 4 - , - 

Searle «G. p.t Sl/>14'-® - 

Texas Instruments 5US07ia: 

United Transport Overseas 4981 2';1 
WesrteW Minerals 1-13 

RULE 163 (2) (a) 


ClPirmace New If, pd.) 24 2 

Cl »oe Pei. IS 4 

Dollar Lana rilpgs. 20 Ifi-'a 17 

FliOui Spires 31 29:- 

Fullci Smith and Turner A 320 

GRA Proo. Tst. IB'a T6 15>; 

Gibbs Mew A 452 
Hvnro Hsiel at. t bourne 114 
Jer«et Elec. A bo 
Jersey dec. 3-: bcCuiti.PT. Z5 
Jersey (us 4:;oe2ndDl«- 1978-82 £57 
Jtrraay Gas SKAR. 30 
Jersey Milk Market.ng Board SpcIstMtg. 
DOS. 1974-fli, £60 

Jersey New \lfate. 3';ocCunt.2ndPr. 10 S 
Jerse. New 3.‘j>eCum.3rclPt. 114 

jersey New Water. EgcCum.Pi. iso 
Jrracy New Water. fi'jocM^.Db. 1978-8® 

Jcrsev New Water. 12i;p<M:g.Db. 19B5-8T 
£97 

KeHack Hldgs- 4® 3 ; 76 

KnMoek Hicgs. Civ.6ub.VJr.Ui. (1st sera.l 

Keiiock Hlaas. Cnv.5ub.Var.Lr. i:nj sera4 

34 3 1 

Mining Inv. Con. 35 1 - 5 4'. 

Nationwide- Leisure 3 

Norton V, liters Triumph 4 3‘- 

NMW Computers 1 as 

Queen St. Warehouse < Hldgs.) X* 

PMPA Insurance 3 5 

3M UK 4.5ocPI. 52-\ 1 

Petroleum Royalties cl Ireland ZD® 

Star Offshore Services 132 25 

AUGUST 16 

Adnsms A 185 

All England Lawn Tennis Ground £5MH*t 
(£324 B-3-J £2350 
Arsenal FC £160 
Bo?lh fA'fredl ZOO 
Cedar Hhiei. ic 
Darling Fund ins 1 ) 16:- 55 
Qolosweiu Hldas. 23 
Eastbourne aWtcrwarks 905 
Ei them Hldgs. 40 
Galalu Ceylon Tea Ests. 1 < t 
Gale -Gcw Re) £120 
Grampian Television 35 
Grendon Tst. llocLn. £61 60 

Home Brewcrv 2 68 71; 

Hydro Hotel Enmooume ii£ 

Kennurc Oil E<P'rn. 33 
Oldham Brewery 75 

AUGUST IS 

All Engrand Lawn Tennis Ground £.30D*>s. 

19B1-85 £2000 
BortOn Hill Group 176 

Ecclesiastical Insurance 4ncCum.Pl. 200 
40 

Flexineh C.t Pipe •Hldgs.' 150 1 

Vumore OH E-o'rn. 35 A 

Parker iTrrdcrlck) 126 

Queen «. Warehouse lHldos .1 3 i 3 11 

Twin leek 19 ; 

Wad worth tonfpr 95 
Wapworth IDgcNewPt. 97L T 

AUGUST 14 

DolosMc-lia Z4 

Drilling Tools North Sea B Ord. (£1 ' 400 
Mid Southern Water 4ocPerp.Dc*. £27 
Southsca Clarence Esolanaae Pier Ord. 1550. 
CncPi. 30 

United Fr.endlv Insur. 74:* 74 
Wmabu 'A', 


Applications granted ftw speeafic! Wc ' 1 L,,nw - Wa,,:r 5 pcDs. £25 


bargains in securities not listed 
on any Slock Exchange. 


£17 


AUGUST 16 

Afrikander Leases 320 
AaihtoJne USS 1 31 
BougainwHe Cooper 140 1 
Carr Bovd Minerals 38 
Central Pac. Mins. 650® 
Chemical New York £31=» 


AUGUST 18 

Aston villa FC £5 ,1 vote) 

British Ural.te 9 
Cambridge instrument 1 "» 

Cedar Hldas. 20 

Clroe Pei. 127 

E'drldoe Pope A 203 2 0 

GAA Prep. Tit. t6>: ■< 6 

Gib OS Mew A 457 

Grendon Trust itpcLn. £58 

Jennings Bros. B'.ocCurnlPi. 45 

jerurv Gas 4i<pc2naObs. £65 

Keiiock HldBS. 37 £ 

Keifock Hldgs. 1 lpcRd.C 1 un.PI. 81 7B 
Keiiock Hldgs. Crv.var.Uns.Ln. '1st sers.1 
34 

Keiiock Hldgs. Cnv.Var. U psJ.il C2nd sertJ 
54 2 

Mining Inv. Con. 35i- 5 
Nationwide Leisure 9 .9 8 
North Sea Assets 800 
Queen Si. Warehouse rrudos.) 2-ta 
Star Dflsiiore Services 125 3 

AUGUST 17 

Ann Street Brewery SOD 
Aran Energy IIS 
Aston VHIa FC £18.50 T5.00 
flritidh UralRe 8 
Castletown Brewery ZDS 
Channel Hotels and Props. 25 4 20 
ClVf-mace 23 


RULE 163 <3) 
Bargains marked For upuTovpd 
companies engaged suleJy in 
mineral exploration. 


AUGUST 17 


Cluff 011 400 
Siebens Oil and 
368 


Gas (U.K.) 573-; 378 


AUGUST 16 

s,.;bcns OK and Gas tU.k.) 3B3 376 

570 S6£ 360 356 

AUGUST 15 

CCP North Sea Associates £r. 1 
as anc< D-l Acrcaoe 100 
Siebens Oil and Gas (U.K.) 390 

AUGUST 14 

CCP Nortu Sea Associates Ci 1 
Siebcns OH and Gas (U.K.i 33 fi 94 

AUGUST U 

Gas and OH Acreage 100 
Siebens 388 90 

'Bn pemusskm "I i/ir 3ip,.’fe jr^rhcuM 

ClIUL-t-li r 



UK MONEY MARKET 

Bill rate steady 


Bank of England Minimum 
Lending Rate 10 per cent 
"(since Jane 8, 1978) 

The- Treasury bill rate fell by 


a moderate amount of Treasury 
bills to the discount houses. 

Banks brought forward surplus 
balances. 


EXCHANGES AND BULLION 


The dollar lost ground in early widened slightly to 9.7 per cent 
tratoiR in the foreign exchange from 96 per cent 

iSTuS Sterling probably received som. 

administration would produce fp p ?Lp l of Ene ! cr1 ^ 

some concrete measures to support ti q«m hur fil °uf D h d inw 
its currency. The increase in the buL feU to a low 


es. andaibstantiaJ Govern^ New York 7J S cos^flt 

OMfii oer cent to^M2 nerM-nr meal dtsbursemeats outweighed cent from 7( per cent may well be ™, .T r Viinnu.,, 



to a&opt 53 per cent 
billsdnered and allotted attracted 
bids; of 1732.2m. and all bills 
offered, were allotted. Neict week 
£580ra*will be on offer, replacing 
a simSer number of maturities. 

Day-to-day credit was in good 


SwFr 1.6450, and closing to 
SwFr 16375, compared with 
SwPr LB500 previously. 

"onS^bm wf w “ “e dollar improved. 

^ DJW 19910 at the dose, only 
•- c ^ nt - - - slightly firmer than the previous 


and repayment of the money lent 
to the market on Thursday. 
Discount houses paid up to 9-9 i 


and in early tradim 
Gold rose S2 to S210-210J. but 
ground from its opening 


lost 


waj-iu-wij v-icvul un suuu .. sugnuy nrmer ina 

sunply 1m, the London money I ^ r 1 „ HI 1 D e L 0Ver ' dose of DM 1.9925. 

market ' dnd the autfidrrtics to “* opened, at- 9-Bi per w « • .. -****■ 


market • ind the autTiorrtics . n -. 7 , - • . 

obrorbod Ihv aoidw by Him M 


THE POUND SPOT 

"Km : 

A 1 . 4 . Id raWf' i'er’s 

1 % ; si.i' 4 -i 


8-8] per cen.t. 


The dollar's 
depreciation, as 
Morgan Guaranty 


trade-weighted flSAi 

calculated by 

of New York, — 


•1tJ4. IE 1 A CL. 17 


OTHER MARKETS 




BUILDING SOCIETY RATES 


Abbey National ..... 

Aid to Thrift ........ 

Alliance — 

Anglia Hastings & Thanet... 

Bradford and BiDgicy 

Bridgwater' — ' 

Bristol and West 

Bristol Economic 

Britannia 

Burnley . 


Deposit 

Rate 

6.45% 

7.4M>«5 

6.43% 

6.43?i 

6.45% 

6.45% 

6.43% 

0.45% 

-6.45% 

6.45% 


Cardiff 6.45% 


Catholic 

Chelsea ; 

Cheltenham A Gloucester 

Citizens Regency 

City or London 

Coventry Economic ' — , — : 

Coventry Provident i 

Derbyshire .' 

Gateway 

Guardian : 

Halifax 

Heart of England 

Hearts of Oak & Enfield ... 

Hendon 

Huddersfield &- Bradford '... . 

Leamington Spa .... 

Leeds Permanent 

Leicester 

Liverpool 

London Gold hawk 

Melton Mowbray 

Midshlres 

Mornington : 

National CounLies ..... 

Nation wide 

Newcastle Permanent 

New Cross 

Northern Rock 

Norwich 

Paistey 

rcrkhnoi MtUiial ....... 

Portmarr 

rrinelpnttty Build?. Socidj’ 

l’TUKrtSHW 

IVopcrtjj.Owncrii 

Provincial.ij.. • 

Skipton 

Sussex muiu.tJ •- 

Town and County * 


Woolwich 


....................... 


B.00% 

6.45% 

6.43% 

6.45% 

6.70% 

6.45% 

6.45% 

6.45% 

6.45% 

6.45% 

6.45% 

6.45% 

6.45% 

0.70% 

6.45% 

.6^5% 

B. 45% 
15.45% 
fi.45?o 
6.45% 
6j5% 
6.45% 
7^5% 
6-70% 
6.43% 

C. 45% 
7^5% 
6.45% 
6.45% 
6.45% 
6.75% 
6.45% 
6.43% 

. G.70% 
6.45% 
6:45% 
6.45% 
K.45%‘ 
.8.45*5 
6.43% 


Share 

Accnts. 

6.H)% 

7^0% 

6.70% 

6.70% 

6.70% 

6.70% 

6.70% 

6.70% 

6.70% 

6.70% 

7.25% 

G£0% 

6.70% 

6.70% 

7.65% 

7.00% 

6.70% 

6.70% 

6.70% 

.6.70%. 

6.93% 

6.70% 

6.70% 

BJ>3% 

. 7,20% 
'6.70% 
650% 
C.70% 
0.70% 
€.70% 
6 MS% 
r,M% 
6.70% 
-7.90% 
7.00% 
6.70% 
6.70% 
r.50% 
6.70% 
€.70% 
iLTO% 
7.25% 
6.70% 
6.70% 
695% 
". 20 % 
6.70% 
6.70% 

r. 00 % 


Sub'pn 

Shares 

7.95% 

7.95% 

7.95% 

7.95% 

S.50% 

7.95% 

7.95% 

7.95% 

7.95% 

S.25% 

7.50% 

7.93% 

7.95% 

8.25% 

7.95% 

TJ)3% 

8.70% 

7.20% 

7J95% 

750% 

7.95% 

7.95% 

S.43% 

7.93% 

9^6% 

7.93% 

7.95% 

8J5°h 

S.20% 

TJ5*& 

7.93% 

6 . 00 % 

7.95%. 

8 . 00 % 

7-93% 

SJ0% 

720% 

7.95% 

7.fla% 

7.95% 

S.43% 

7.95% 

7,93% 

8.75% 


G.70% +10.00 >7, 

6.70% 7.95% 


’Term Shares 
7.70% 3 JT8., 7220% 2 its. 

7.70% 3 yrs., 7^0% 2 yrs^ 695% 1 yr. 
7.70% 34 yrs.. 7.20% 2 yrs:, 6.95% 1 yr. 
7.70% 3 yrs., 7^0% 2 jts., min. £200 
7.90% Z\ yre, 7.43% 2 yrs. 

6.95%. 3 months' notice 

7.70% 3-yrs.. 7.20% 2 yrs., min. £500 

7.70% S yrs„ 7^0% 2 yrs. 

— effective from September 1. 197S 
7.45% min. £500 g months.' notice 
7.70% 3 yriL, 7.20% 2 JTS. (£500-£I3.000> 
S.30% S yrsL, min. £5^)00 

7.92% 8 yrs^ increment share — min. £500 
7.70% 3 yrs. miru, 7 J0% 3 mths.' notice 
7.95% . 3 yrs., 6.95% 2 yrs. 

— . dp to 7J20% 3 months' notice 
7.70%i3yrs., 7^0% 2yrs., mlnXaOO-£lj,OO0 
7.65% 3. months' notice, £1.000 min. 
7.70% S -yrs., 7-20% 2 yrs. 

7.70% 3 yrs., 7.20% 3 months' notice 
3-20% 4 yrs., 7.95% 3 yrs n 7.70% 2 >ts. 
7.70% 6 months 
7.70% ■ .3 yrs., 7.20% 2 yrs. 

7.53% 2 yrs., 8.25% 1 yr. 

7-70% 3 jts., 7.20% 2 JTS.. min. £1.000 
7-70% 3 yrs., 7^0% 3 yrs., 6.95% 6 mths. 
7.80%. 3 yrs., 7J0% 2 yrs., min. XIJDUO 

7.55%. 2 yrs^-min. £2.000 

7.70% 8 yrs.. 7:20% 2 yrs.. min. £250 

7.45% 3 months, min. £1,000 
7.70% 3-4 yrs., 750% 2 yrs., min. £500 
S.00% 3 yrs., 7.70% 2 yrs. 

7.70% 3 yrs., 7J*0% 2 yrs,, min. 1100 
7.70% '8 yix, 7.45% 2 yrs.. mm. £500 
7.70% -S yrs., 720% 2 yrs-, min. 1500 

7.70% '3 yrs.. 7.45% i-yriy- 8.95% 3 mths. 
7.70% 3-1 yrs^ 7^0% 2 yrs., min. £500 
7.95% 3yrs., 7.70%2yrs., '/JaftSmths-noi. 
7.65% 3 mths, not., 5.70% to limited cos. 
7.70% 34 yrs., 7.20% 2 yrs. 

7.70% 3yts.,750%3>Tis.,6.05%3raths.noi. 
S.05% 3 yrs., 7.75% 2 yrs.. 7.50% 1 yr. 
7.70% 3 yin, 7^0% 2 yrs. +AIax. £250 
"■20% 2 ynL. 7.70% 3 yrs. 


Ml. -res Nigeria 
__ . »1 
Bisicbi Tin 'Do- £•; >1S 8< 
Gok! ar.- Baic M«al Mires 
07.8) 


Diamond i!9) 


• l.vi^jsy I. 

• 1 2 uu io Ok'..-. i 1 £ 

I'- •Uri- 

J I'-.r!. K-v. 

Z’rlll. I*r=. 


I TSa.I.'JBn-IJfilO 

i HUHM.in 3 2.2D80 2.2550 2.2105-2.2125 

i.rui.ii-r i -4» 2 : 1 

I 6 | 60.48-51.53 BO.7D-sO.B5 

1 8 10.53-10.71 • 1DJ3-10.F5 

J-S I I.B4-3.BS S.Xil.iTi 

1 18 ■ 57. 20-88. 4(T. ?7.50-S7.7y 

8 1 144.28- 146.00 - U4.3C-l-i<.5D 


Anc. Ic 


i 1 

N-if lane? 


Arglo.A-ncrtiJn IrvtsT TK. .PJ.EO) 27. ’ I. if i'-tlSg, 1.509- 1.6L7 > 1.S1CL1.5I2 

6ncW. rzi £|3 : 1 1 " — — 

Do 8<?e.-l CorisZ M.res <0crPf. 

11 ,16'S- o:o. Res.. iRO.r 
5 13 8 4. 8: 3 RO.OSj 559 


OIL (1901 

Attack Petroleum ‘ZOpi 92 


. IFV4W - • ■ I. 'f i 1 ' I. /U0- l.«al ■ l.ilWi.VK. 

i: «■:. K.. 7 • 10.10-10-20 | III. 10-70. 12 
Job. 4-4 Z ■ F -''" 1 Fl - [ .*■’ 8.J7n-M5 j S SS-9.40 
ill J 6 - I rf- - c:.x: KrJ Blj: 6.SS a .61 ! LiJ-ijS 

I Y«i . 31g ! 382-369 ' 565 -S6t.: 

i ^cb! fl 1 !' SL7.3J-28 00 , 

MS Cl |MV 1 - s'-- \ m \ S.14r5.2&; E-17,-5 -]d; 


LONDON MONEY RATES 


n^tc^pbrmaUy variable in Jine with changes In ordinary share rates. 


\i.-i-.i Sob 1 ! 

. . . ISC) 

Britlihs.Bc,rneo Petroleum sv n d-cate 110 b- 

)62 i:7.a : — •»— I : - • • 

Sni'sh Penaiejm ce-e:o Bio 7® 76 z 68 . Ecl-'on rale is for comwrtibl? rrancs. 
64 70 w: 5: 74 66 5 3 72 z: S3: 70i. I Kilii IK. ul -franc CJ.10-62.:n. 

Burl siPf 69. SocZndPi. 75';. 6pcDfi. 

9in, ■ . i 

Burma I, Dll 72: 0 5 4 3'; 3 6 EpcIstPf. 

42>;. BacZttPf. 42 5 B>. TUpcK. 5: '; 

.58';. SpcP*. 5 St. 7‘iBCLn. 64i ; J. .17 8i. 

6:^>cLn. S2: : «14'ei. 8>pcLn. SB:® ‘z 
9 (r 

Century Oils Gn> *10 d - - 80 594 
ChanerhaM (5 pi :sw 6 
Com pas me Franra'ise Des Petrol e» B 
■FF501 26 

Esso PetraJeam 5'»:1stDb SI V 6 dc1 ■ 

91 U II 4 '8 ■ 

HuntirH) Petroleum Service* New CZSp 

KCA IntJ. i25p) 2 Bo 1; 8 9'? 

London and Scottish Marine Oil QSp) 141. ji 

Oil Production (lOpi 330. 14pcLn. 991* ' ' 

1 17/B ■ 

Oi( tvploral ofi 'HldgsA '1®t» 197® 

Premier Cots. Oiffietas iFM ltd b k 
Roval Do:ch fF/20) 'U561N 
Shall Transport Trading (25o> S6EO 5 if 3 
2 8 70 69:® 7 1 4 73. 5:;PcP«. 47 

(1581. TocFf. 62® 117/8) 

S tea ua Romans 'Brrtisu :2So; ifl >14 8) 

Texaco lh'_ 57 M3 8) 

TrUentrol f25B' 170 

Ultramar [25p; 243® 7 6 3S 8 9. 7pc 
PM 144 


A'"e'i'ixi« IV'* 1.594-1,598 , 820.5B-822.44 Aurtrui._ 

Australia PoUur — L66 5-1.6355 0. 665 1- 0.859 1 Hr-Hunn 

1-icU.c.l HartU.™! 7.93)2-? .94); ' 4.033B-*.Da90 l'ennwrb 

Jfrajil Lrtiaciro 35.95 36.95 18.492-lfl.D07 Fnmue..._ 

iTirxi-v Urai'.iuui.... 70.9*M).7SL67fc36.51U-37.4G6 JJ c.-uuinc. • 

H.iD^K.ni Hollar.: 9.13-9.17 . 1.7100-4.7J60 ll»lv_.. : 

134-140 ! 68-966-72.05 ,-Ih^d / 

0.E27 D.537 1 0.27124).Z763 VnUrrlanil I 

60.70-60.85 [ 31.25 31.28 ;.V->nrav 10.13-1D.23 

4.42-t.*17 | 2^720-2.2770 Purtiiginl I 82-89 

1.6340-1.64101 0.9447.0.9474--?p«In>..;:. ' 144: : -148 

6.45-6.55 | 3.32-3-37 ,'FJlwhn.l ' 5.10-3.20 

2J2225-2JZ45 I nilH SUU« : 1.9300-1.9925 


Iran Kiwi 

Kti trail Dinar i(in. 
Lirtritil*.ii'i/ FniiH- 

I'.InluV-in Dolinr 

Zealnail D-jUar 
Sju,I1 Araf.ia J/i-.-uJ 

sniu uAfru®// Rand 


27.30-28.30 

61li-62i r 

10-60-10.75 

8.358.45 

3.&0-3.SCI 

15BD-1610 

362-372 

4.13-4.25 


4.32-4.57 

1.6892- 1.7 152 D.8693 0.88271, i'r*laiin • 37.0a40.00 


G<"*l L'l/llicp m 6m- ; I 

,’tinoe, 1 ; 

Crc** .S/'.DIiO; 5:08-2108# 

• i,»eiiins ;>2 • L-: 12 /, S3 iOi-n 1 3 

Mm-nin” Tiunc ^Cl2.7a ,5210.45 

L-105.6i8i 

Alltroivm fir. Inc.,.. 1 21 1.75 

•£ 106.se 6, 

Ooni Cm ns ■ 

■i> >n im;v 

Krouerran.* .eZlfi-i/S, <214,1-216^1 

Liu-: r.-: i-iiiii ini) 

New -■'(•» cteyr"*..... t5S^-S0. j.‘57.-5S.' 

£ 50 . 51 , 1 

UhJ sovensipn'.. ^SSi-SIj 

'.TftKtl-'n: ii .i 

inrrnwii.-iiH „ / 

Iirui>,;:*Tt,l 


Aew vv.- 


*-£■107.592, 

,.-2D9.DC' 

> £107.100! 


J-ilSi-iJil 
758-: 60; 


verei.UN 


Rate given for Argentina Is Tree rale. * 


Ln.; 0(ivef*ij;n-.., 


#■!.' Kb.-ler. 


■s:-i7: 2iaj 

i>:i4i-C164 

LU,ir..i 

; i-1iU.- ll?i> 

i-aSi-dd.; 

59£ 

: £36 31. 


'j5ii-t.i; 

[^38-60-; 


: isn; 3U: 

■-3C7-0 )0 

'r5u5-:08 

- 160 - Ki 

i- 163- IBB 

-112-117 

114-1 19 


Any. 18 - 
l-lc 

bieriin/j 
Cerri Urate, 
« depcwii t 

Huertuk 

Local 

Audio nxy 
• Ib/oriln 

Local Aulh. 
ncKrtiatile 
toad* 

Finance , 
Plcune 
Dei«»Ttr 

Company 

Deiotit* 

Discount 

market 

deposit 

Treasary 
jb'Uaib - 

Elijifi/e I 
Kink 
Bill; ® 

Ul.-rn,jllt— ~. 


3-9 U 

— 

_ 

— 

9 

7'2-9U- 

• 


i . Lm v -. nuttOEw 



9-9l a 

— 

— 

— 

— 

— 

— 

j t ilny- • r 

^ 

- 

— 

— 


9 1 S 

— 

— 

— 

!7 ,|»y* ir -ric*.. 

- — 

0*2-913 

9*8 

— 

9is 


0if 9 

— 

— 

i iiisv m-.nili 

■ ®A 

SrVa/-. 

9L, 

?7 3 -101a 

9*4 

9k 

0)8-9 

a ’j-e* 

9; ,-fl'l 

1 w.. m ,nih»_. 

*A-9H« 




9-'j 


V 

a^e-afi 

9-. .-914 

rbr« m-urths. 

03a 

9)4-938 

93fl 

91* 036 

?I S 

94 4 

9 

BiS-aw- 

-Sin 

.-is n.’.ntbi.,.. 

03a 

9ia-9ie 


91, 

10 


— 


S.-i-SU 

Nine n:-,n(hs_ 

i»l2 

tiif -tii 


93a s J 4 

lf'g 

. 

— 

— 



U !l Mr m.rnimm. 


9 ic 


&6a 9v» 

10'4 

— 

— 


— 

1 Ii {' \ 



101*105? 

— 


— 

— 

— 

— 


unis® 


- CURJSENCV MOVEMENTS 


9i a 

91b 

9-9 

103ff 


August 18 


Eank of Morgan 
England Gnaraily 
Index changes "a 


Storting ... 

U.S. dollar 

CuiaJian doliir 
AtCZruui seh^ling 
B.-)eiun rriinu ... 
Danuta krone 


Lora' ain&arltjr and floanre houses seven days' no rice, others wren days fixed. • Longer-term local auitaoniy tnoncase Di-oachu Mark 
■ r ctn.iiaUy three seers 1J-11! Per ten!: four years US per cenr: five years E per cem. >|>£a£k hm ra’i-.< in inMr jre frail’ 

PR0PEiRT\" (170) | owns rites fergnioe pap-T. Buying rales for four-monita hank bins P3?z per ceni: roar-monih iride bills J 01 nor cen:. t.luiid.r 

i .•.:,-rcn)maie se-Dinc rates for on-.-munib iTensury bills JC£-;;pir c- ni: and rwo monlli 8)Sit per cem; and Omr-mnnih >rene!) franc . 

i; Approximate st-UaiK rale lor o:ic-mooih banf: bills 9ii 5 -9’. per-cent: rwonmonih 9)i a -91 pj>r ff:. a/id lhroe- J-ir.i 

■'rat;.::i ^ ."-J-N per cent. O^c-ipou'Ji u^jd-.- b;'J, s; per c fc al: nro-monii K uer ci-ni: and also LhrpL -mootta 9/ per «:mu 


+ 19 J 

+ 12J 

- 3.7 
+36.1 
+ 93J 
+173 

- 3.7 
—46.9 
-1-52.8 

tzsi-d on ira-Jt i,visr.:.'il • hjnevs from 
Tr.-*-;hlnLTijn a-rcitncr,- December. 1971 
■ Bank a.* Eugiaml Lodcx=lfiDi. 


6Z23 
83.77 
S2-M 
Ml. 03 
110.79 
113 J9 
1H. 73 
23: ii 
line? 
1M36 
53.34 
154.35 


— 4L2 
- 9.7 


EURO-CURRENCY INTEREST RATES^ 


’ I? ; 

S(v-7::iC 

| Canadian 
J',J!ar 

C.-S. l/.-IIar | 

Duicli CuiMi-r 

Strira Fraur 

"W. Qerinao 3 
: Mart ; 

. " i 

"Prtni’Jj Knm»: 1 

llalinn Lira ^ 

Aimn fi 

1 Juranete Yen ^ 

r-rtH.-.L. 

.. 9 1 - 3-10 

(3-9 

IB 

S-5li 

J 4 '! 

: 

.. 7-8 7Sb ' 

9-12 ! 

_ 

i lfc-3*i 

, ,.ii-. ■ nrtlre 

lCi's-Jl 

e-9 

8 - '4 

Slfl-538 

»4 »g 7'.. 

-fii 9si . r 

77 8 ei g 

lw- J5 j 

7 , -Br-. i 

1 -l«17 E 

Mf-ii" 

. ilSs-H.-.g j 

Sri'S’"' I 

s:+a^ 

Si B 6'a 

)4-3g 

- 3iB-3sa. 

634-9 • 

1ZIs-131 2 

t? 8'B 1 

i Us-lH : 

Tlire- n>"nlha._ 

:iJe-U4s , 

Sfi 9 . 

8^'r * a 

bis-64* 

1* H 


9+ 9:-2 

13't i4»; 


17b2»4 : 

-is m.-ntlia 

U3g USB | 


bJaS'fl 

eii-e* 

a k 

5t>e3ig. 

9/e-loig 

1414 :514 ! 


2.1,1-:.. 

Oue v.i: - J— - J 

Ills- 3 17* | 

9ls9/c J 

9-yi* 

612-634 

1-1 Iff 

SH* 

lOri-lO is 

lhii-isis ( 

8); 87? , 

2J t 2t 3 


Allied London Properties UOo/ S9 : : 

Alina: London Propcrlcs (25p< £31® 2 

Amalgamated Stores '5 pi 9a® , - — -- — .. — — _ - - - - , - - . „ 

Apex Properties H5si 23S il5 B) [ Finance’ Hons* -Ease* Rates 'published b) 1 un: Finance House* .\ssociauom ID.' p<?r coni from Aiipur 1. i97y. Clearing ETuT 

Amri* Sfcvr r:\ei i Dcnoi'i f/or small unis a/ sever, days - r.oucc* 0-7 per uodt. Clearing Bonk Base' Ratos lor -lemb.is iw'pcrt-. 

A?ttMe^oi^y TruK - “‘pei^ B sa®.i Treasury Average under rait-i d distuwu S.&f*o: per ocm. 

7 '>pcLn. 480 

Avenue Dose fZOo) 78 (14 8/ 

melon Property Gra. E'^cDb- 7D'<o. 

7 J*pcLn. SI 

Buumoot Pronerciet fZSol 86. SncLn. 62 

nsm 

Brilway Hldgs. (25p> 63^, g b?i 
B erkeley Hamaro Prooerty '25 oi 125 
Bilton l Percy/ 'Z5pi 185 S 
Braotord Property Tst. (ZSp; 268 (17 81 
British Land (ZSo I 40';® 1 =;0 2® St, 

3« 3 IfipcOb. 110-'( H7 8>. 12oc 
Ln. 1550 £9 

Brlxton Estate CZSo) 110 9 H5 8) 

Capital and Counties Property (25 p/ S6(i® 

9L,® ■: g'bpcct 73 (16'iS) 

Can-mcton Inv. lSDpi TOO 
Central and Dill. Prop. EpcDta. SB': I 

Ilf ®'- f , l‘*! cDt> k \ B'bPeLn. 7B j TO'- loUowtns Domna) raics were Quoted lor London dollar certificates of deposit: One month 8JW-S.IB per cent: three monffts S CILF.30 per ceot: six months 8.58 -SjSW 

CrMroiinci5l^"E^iiK licta. 89 - S* 1 ppr « n,; °°* S.7WLS0 per rent. 

Capital (20p) 74 tl6 8i. Ln. 51 "<14 ii t Ljnfi-lenn -Eurodollar deposits: rw& years 8l5f£-9'w per cent; three yean 9 'is-9)i<i per cent: fnur rears 9ii6-9Si« per cenr. firs sears 9S»-97is per cent no minal 
Chaddeslev Inv, !25cl £5D £ , r.iosirB ro tes. - 

Cheeterficid propgroca '25p/ 343 115 8i j Shori-unn rates are call Inr Siprlms. US. dollars and Canadian dollars: n»o dars" notice foraoUdere and Smss francs. Aslaa rules are clostns rates m Slagapore. 

tnewn S gteU rliiCS ijpi I3i* U i ■ 

Ouirohburv Estates '25m 310 115 8) ... ... — — ■ - 

■’ S '»'|UJ2. CONVERTIBLE STOCKS IS/8/Z8 

Corn Dcekange HOW 17Z 
Country No* Town Props. UOo) 24 H6.'8)( 

Court* Diet. Praps- HOp? 101 
CraiBUff Com or red Secs. S'/ccDb. 630 
Oaeinn Hldgs. (25a) US'; 11 
Doras Estctes epcUm.Ln. S3:® ’"(O. 

Dorringten Inv. <1001 570 7 f17.B) 

English Prop. CD". iSDRI 39 >s 8'; 9. £>;K 
Cnv.Uns Ln. SfiC 80t 7 5! 117.8), 12pf 
Cnv.UiW-Ln. E3Z iTT-a) 

Estates Gen. Kirs. >Z0o) 20 (16 0 
Estates Prop. Iflw. r2Spj 103 . 7'CJtUns. 

Ln, 63'; 

Evans pi Leeds (25 p) 1023 
Five Oaks Invs. C2Sal 5‘J3 «17I8) 

Gl airfield Sea. <25p) 282 
■Great Portland Ests i5Dp) 307 4 n7,fl) 

G»wn IR.1 Props. flOa) 37 u 


Statistics provided bf 

Join STREAM International 


Okkni Preps. fSa) 7 134*81 

Guildhall Pros. i2Soi 79 US'S) 


A TSM B28® 300. 


Imry Prep Hlffes. (2fio1 358® 
Intcreorescan Proa Hloos. flOol 36 
Land ln>rasrt*r» 'ZSp' 41 u rla-g] 
lam* 5»r« |nv. Trust (SOB) 58’^. 

194B-93 SB /. 8 -or.n *1®. S'-ee'.n. 

IFF*) 6 B'jBtLn. 154® (17 01. IDoeLn. 
14Bt 

Law Land ’20 <j- 4S - *® Gntln. RB (17 4i 


Ltint'en Shao (25m 7tpi 
Lvrton Hides. >'20p> 131 (16.81 
MERC (250/ 1400 39® 7 5 43. BocLil 
62:;5C 3 {17 Satin. 1070 
MnUxirst wtiiu dOo: S9o 9 
MdtktPw l A. J.) {25 P | 128® a z2 U7:B 
Ntrtton iZSo) 42 
Pe.,rn«-v (2 So. 85 

Prspc/ty Parthcrahips New (25 a i 160 


Name and description 

Sire 

OrO 

Current 

price 

Tenns* 

Con- 

version 

dates 

Slat 

yield 


Premiumf 

Income 

Cheap(4-> 

Dear(-)^ 

yield 

Current 

Bangef 

Egu.§ 

Conv.fl 

Di£ES?| 

Current 

Associated ,-Paper 9»pc Cv. S5-90 


1.40 

120.50 

200.0 

7S-79 

7.9 

6.0 

- 0.4 

-10 to 

2 

5.1 

4.5 

— 0.5 

1 - 0.1 

Bank of Ireland lOpc Cv. 91-96 

&22 

190.00 

47.G 

77-79 

5.4 

2 Jt 

- 2.7 

— 8 to 

~1 

1J.0 

9.6 

“ 0.7 

+ 2.0 

British Lapd ISpc Cv. 2002 


r.Ti 

156.00 

333J 

80-97 

7.9 

7Jt 

12, S 

15 to 

27 

0.0 

94U 

08.0 

-5-55.3 

Ensliih Property fijpc Cv. 9S-03 

8.07 

S7.00 

mo ' 

76-79 

7:6 • 

75 

- 7.1 

-U to 

-2 

8.4 

32 

“ 5.6 

+ 1.4 

EnclLsh Property 12pc Cv. 00-05 

15-31 

86.00 

150.0 . 

76-84 

14.6 

14.6 

43.3 

24 to 

59" 

3L0 

49.4 

30.7 

-12.6 

Hanron Trust 6Jpc Cv. 8S-93 


4j1 

S5.U0 

57J 

76-80 

7.6 

8L2 

4.8 

- 0 to 

12 

8.4 

5.9 

- 3.0 

- 7.S 

Hc-v den-Sbart 7pc Cv. 1995 

0.07 340.00 

564.5 

75-79 

Oil 

6.1 

— 5.7 

-12 to 

fl 

432 

42.8 

- 0.3 

+- 5.4 

i Pen tos lapc'Cv. 1985 


1.03 

154.00 

166.7 

78-B2 

9^ 

51 

— 5.7 

-12 to 

~2 

43^ 

42.8 

- 0.3 

' 4- 5.4 

Siouzh Estates lOpc Cv. 87-90 


5.50 

172.00 

125.0 

78-87 

5J 

L# 

. 1L0 

. . 7 lo 

10 

r.Tj 

a£.S . 

10JS 

- 0.2 

Tozcr. Kfixnsiey gpc Cv. lflfil 


7-33 

96.00 

153J 

74-79 

8.5 

10.4 

7.6 

4 to 

14 

7.3 

7.6 

0.3 

- 7.3 

1 Wilkinson Match iqdc Cv. 83-98 

11.10 

95.00 

40.0 

76-83 

10.7 

10^ 

34.9 

24 to 

40 

29.0 

37.7 

12.4 

-22.C 


Of honrenlble aoeit Is convertible. tTb* iratra o»i of iincunn.-m in consvnibK* i-imwil as prr wnt or toe 
^■ r - convertible sioriL l ThrtiiVTiranti. rarwe. of ordinary shares m;</ which HUO nominal ol tDcreriiblc sioU: ii eonvcnibh* 

S1U0 nominal of convertible or tbi- final 
trill per aanunj. '■ incomi.* on LIUD of 
renvmJfck- kss income ol ibt underlying emmy 
stressed as per Cvnt of the value of 


V 



'ft j 



I 


Financial T5^ &turdayl^Ugnst M 1S78- . 



British Funds dull but equities end the Account on 
a firm note— Share index up 3.6 at 512.9 


financial times stock INJMCES 


l See.”-”! OT.73I 70-Bp, 7J.0flj ll.ifl 

T 7M1 TM* 72JS9] 7MS 
Phcedlnterw — I -noxi-SlO.o! 61 U 


Account Dealing Dates 
Option 

•First Declara- Last Account 
Dealings tionfl Dealings Day 
Aug. 7 Ang. 17 Aug. 18 Aug. 30 
Aug. 21 Aug. 31 Sep. 1 Sep- 12 
Sep. 4 Sep. 14 Sep. 15 Sep. 26 

• ■■ New time " dealing* raw *■** p !? ce 
From 9-30 a-m. two bail ness dura earner 

Quiet conditions persisted in 
stock markets yesterday. Never- 
theless, the underlying tone in the 
equity sectors remained basically 
sound and the Account ended on 
a firm note. 

In contrast, the downward drift 
in British Funds continued, senti- 
ment being clouded by uncertainty 
over the future level of-ahort-term 
interest rates following [be money 
supply figures and President 

Carter's moves to help the ailing 

dollar. Although selling pressure 
was not heavy, short-dated stocks 
quickly responded to further offer- 
ings before rallying to dose only 
off on the day after showing 
losses ranging to ft. Althiugh riot 
a helpful factor, the rise in the 
annual rate of inflation was 
exacted and bad no impact on 
the longer maturities where prices 
simply drifted to close l lower. 
The Government Securities index 
eased 0.16 more to T0.73 for a fall 
of 0.53 on the week. 

Once again, persistent small 
public selling and profit-taking in 
lending equities was easily 
absorbed and. after a dull start, 
prices gradually made progress 
with final quotations rinsing 
higher on balance. The FT SO- 
share index, uo 3.6. regained most 
of the ground Inst over the four 
previous trading dnvs tn close at 
512.fi for a rise of 15.7 on the. 
Account. 

Bid situations and companies 
making trading statements pro- 
vided the main source of Interest 
in secondary issues. Overall, the 
trend was gain mixed, but falls 
were in a maforitv over rises hv 
5-3 in FT-mmted Industrials. The 
si* nkenin c-off in activity over the 
week was reflected in average 
dailv bargains of 5.407 romnared 
with the previous week’s 6.097. 

A good two- wav business de- 
veloped in the investment cur- 
rency marekt with thff premium 
initially siipning to a low of fi8 
per cent on institutional selling: 
however, a late demand for invest- 
ment in U.S. and Far Eastern 
securities left the rate close to 
the day’s best at 99} per cent for 
a nninl rise on balance. 

Only 43-1 contracts were com- 
pleted in Traded Options yester- 
djy making It the quietest week 
since [he beginning of July. Land 
Securities provided 110 of the 
modest total with the October 240 
series accounting for 70. 


NatWest, which ended a penny 
off at 27fip. after 272 p. HougKong 
and Shanghai eased the turn to 
35Sp; the preliminary results are 
due neat Tuesday. jNarrow mixed 
price movements were the order 
of the day in Insurances: Son 
Alliance added 6 at 5S2p and Pru- 
dential hardened 2 to IMp. sen- 
timent in the latter being helped 
by the disclosure that the group 
is considering entering the 
Japanese insurance market 
Raving eased to 195p initially 
following the chairman's com- 
ments about pressure on margins, 

. Distillers moved up late with the 
other equity leaders and closed 6 
to the good at 201p. Although 


thin trading. Motbercare relin- 
quished 2 more to 164p and House 
of Fraser softened a penny to 
166p: the latter’s interim results 
-are due next Thusday. Elsewhere. 
Bombers were wanted at ll5p, up 
5. and Bourne and Hollingsworth 
edged forward 2 to 265p on hopes 
tbat the new Account will bring 
further news of the bid discus- 
sions. Time Products Improved a 
penny initially but reacted to 
close 6 down on the day at 192p. 

Racal Electronics continued 
firmly, rising 14 to 32Sp for a two- 
day Improvement of 22p. Thorn 
Electrical rose 12 to a 1978 peak 
of 40p on investment demand, 
while Wholesale Fittings re- 


altered. at 66p Reflecting the 
strong second-half recovery, 
Danlcs Gowerton rose 13 to 82p 
and F. S. Ratdiffe -improved 3 to 
73p in response to the higher pro- 
fits. Matthew Han added 4 to 
235p on news of- {be £Sm NCB 
contract. Yarrow rose 7 to S02p. 

up 52 on the week, on continuing 
hopes of early compensation pay- 
ment news. 


AGB. Research' good 

Still reflecting bid hopes, the 
Belfast-based Peter Pan Bakeries 
rose 12 further to 50 p for a rise 
on the week of 20 Other Foods 
drifted gently -lower. Among 


initial response to news of the 
proposed dividend-boosting £lm 
rights issue, .ZUcardo rallied 
strongly on renewed investment 
support and closed 7 higher at 
263p. 

Norton and Wright featured the 
Leisure sector rising 15 for a two- 
day jump of SI to 2B8p on Thurs- 
day’s announcement of sharply 
higher profits and 200 per rent 
scrip issue. Barr and Wallace 
Arnold Trust A met profit-taking 
following a recent Press-inspired 
rise and shed 4 to I30p. Television 
shares improved following Press 
comment on Increased advertising 
revenue. LWT A stood out. 


adding 5 to 147p. 

Motors and Distributors spent 
a quiet session. Dowty improved 5 
to a 1978 peak of 256p on hopes 
of lucrative mining orders from 


F.T.- Actuaries All-Share Index 


China, while publicity given to a 
broker’s circular helped Dunlop to 


F.T.- Actuaries All-Share Index [)k 

Adfnsted for Inflation j: y'\ 


r v rr 


SHARE PRICE MOVEMENTS 
IN REAL TERMS 


~°t9« T9S3 wii ms -raw s«7 uw no rnmi im ws m* m vn vm wa 


ending on a firm note. Breweries 
closed with little change. 

Contracting and Construction 
issues carried the previous day’s 
gains a stage further. Richard 
Coslain responded to an invest- 
ment recommendation and 
advanced 12 to 230p. John Laing 
A put on 3 more to 21 Sp for a 
gain of 14 on the week on the 
plans to hive off its property 
interests into a separate company. 
Ward Holdings added a penny to 
42p on the >harply higher interim 
profits, but Benford Concrete 
Machinery shed 3 to 50p on the 
lower half-year returns. Still 
reflecting the annual results, 
Vibropiant hardened a couple of 
pence more to 196p, a gain of 16 
on the week. 


Wagon Finance dull 

In a lethargic banking sector, 
Wagon Finance declined 4 to 43p 
on small end-Account offerings, 
while Compaqni* Baneaire lost 4| 
points to £r.9|. Home Banks closed 
quietly firm with the exception of 


Bambers up 

ICl fluctuated narrowly in a 
subdued trade and colsed un- 
changed on balance at 402p, while 
Fisons found early support and 
firmed 7 to 382p. Catalin added a 
penny to 43p on the increased 
intermi profits. 

Store leaders drifted lower in 


sponded to Press comment with 
a rise of 10 to 198p in a restricted 
market. Pye Holdings on the other 
hand, fell 9 to 88p on the sub- 
stantially reduced first-half profits. 

The last day of the Account 
provided Engineerings with a few 
features. Early speculative buying 
on persisting rumours tbat Haw- 
ker will soon launch a bid helped 
John Brown to touch 495p before 
a reaction to 48Sp by the 3.30 pm 
house close: however, a new-time 
demand for the Account starting 
on Monday took the close to a 
net 6 up for a rise of 33 on the 
week to 493 p. 

After an early speculative spurt 
of 8 to 36p on take-over sugges- 
tions. dealings in Bo user were sus- 
pended at the company's request 
pending the outcome of discus- 
sions taking place with an un- 
named concern. Suspended just 
over a week ago at 133p pending 
an announcement, dealings in 
Weston-Evqns resumed yesterday 
at 150p folJownig terms of the 
agreed bid from Johnson Firth 
Brown and the dose was slightly 
higher at 152p; JJVB. were un- 


Iiotels and Caterers, Warner Holi- 
days A moved up 4 to 38p in 
belated response to Press com- 
ment 


broker’s circular helped Dunlop to 
harden a penny to 7Sp. Associated 
Engineering rose 3 to X26p, -but 
AVomotlve Products remained on 
offer and eased I£ more to 76}. 
Garages closed with frequent 
losses on small selling and lack 
of support Henlys reacted 3 to 
I32p, while Heron Motor, I30p, 
and Tate of Leeds, B8p, lost 4 
apiece. 

Newspapers passed a lack-lustre 
session in which the onl notable 
movement was that of Thomson 
which eased 5 to 255p on adverse 
Press comment Elsewhere, fur- 
ther consideration of the annual 
results left Melody Hills 5 
cheaper at 97p. 

Properties held fairly colse to 
overnight levels, although selected 
issues closed with reasonable 
gains. British Land put on 4 to 
451 p on the reduced annual loss 
and property revaluation, while 
the 12 per cent Convertible rose 
3 points to £167. In a thin market, 
Glanfield Securities put on 17 to 
290p, white speculative interest 
left London Provincial Shop 5 to 
the good at 115p. Buyers again 
came in for rafford Park Estates 
which added 3 more to 135p, up 
15 on the week. 


firm note following a light trade. 
Furness Withy recovered 4 at 
232 p, but P. and O. Deferred 
dosed a . penny easier at S8p and; 
British and Commonwealth 2 
cheaper at 285p. Elsewhere, Hong 
Kong and Kowloon Wharf rose 
SI to 620p in the wake of Far 
Eastern interest Mersey Dock 
Units were also active and If 
better at 3Ifp. 

Among Textiles, . Cor®!; 
hardened a - penny,, to 41 |p on, 
further consideration ■ of the : 
interim report Levex were active 
and 2 harder at 14p. while other 
firms spots Included Shaw 
Carpets, 3 better at 55p, andStrfk 
Viscosa, 64 up at 84*p. 

Highlands were notably weak 
in Rubbers at X2Sp, down 5, f<3r 
lowing the interim figures. KnaU 
Lumpur Kepong gave up % at Sfip, 
Teas were notable for an improve- 
ment of 7 to a 1678 peak of 226p 
in Lonnva on small buying in a 
thin market 


Banilng^rWStr 0 ^ 15 * M • 15 ‘ 72 i 15 ^ 

e.S» e.4» 8J6, UJ WJI 

Dealrajr .BMl«l 5,«TOt 4.W7j 5,646! 6.087; M t 

. I ■ I naciE * T1.W 6!»I 


. innuu^ — _ 

Bquity Mimiwer £m ... . — ' 79, 
"iBqutty bMgm” — 14.6 


7U» 7lA»f- 70.50 
78.80 7^09? WM" 
SlS^LflW.W-r 487.7 

goe.ej aos.oj,.m^ 
5J wj. O- 3 ^ , 

1S.8S1 zitvn.za.e6: 
8,57 . *371 ' 

5.618 B.OM] OMl . 


B.6»- 78Alj 
,669 17,674 


6,007; 6.618' . 

71.88- 69.1*: -08-7^- 76.81- 
21.34T 17.698 1 ' 85.034^80.417 

gjgj;.- 1 SBU SfflLEL - • ■ . - 


' u an SOLD/ li nn SOt.C. Noon SDW- t S®* 5MA. -• j,.- - . - 

; WS. s om OU “v. 

. LcteH Into BM* WO** 

• Bared o& St per cwt.corpOf^tiM Ux* *!•? ^5* < «« jiau 
8 Bails m cSrSe” FWi fitt. Z«t ** <**■ * ^ 

^nl/a/SS. SB Acttvtw JntT‘D«c »«. 

highs AND tows S.E- ACTiyiTV : 


1973 

ipiac« Cmnpltottw) j 

HiRh 

low 

. 

Low - 


lfi4J)'r 148.1 


, ^ C6/I|76l | io7iirtiSr 207.6 ! 1J4.0 - 

81JJ7 70.75 : 150.4 aa« i SpertiWive-^ - 

***** l0 ^ till) lb JQ jiS8ilI«7> .Wl.7» 188,4 -* 144 ' 7 

Onl 616ia 433.4 j 649.8 49.4^ X53.7 ! MSA 

0#B) I2iil |ti*.fl/77> IndorfiSl- 1SB.2 j SOa.8 

M.nm. 206.6 130.3 ! 43.6 M.0 j _66.6 

j (14j8) - (5/1) [ GBb6iJ3i:(26jHW7J} 1 * 183-1 1 X84.S 


Poor week in Golds 


Early small setfjftg of the 
miscellaneous Industrial leaders 
was easily accommodated and 
prices later tended to pick up 
towards^ and after, the House 
close. Reed International made a 
late improvement of 4 to 154p on 
the announcement that terms 
have been agreed with Barlow 
Rand for the merger of their 
South African subsidiaries. Still 
reflecting the coming 100 per cent 
scrip issue, due on September 4, 
PiJkington rose 7 afresh to 623p. 
Unilever added B to 5S0p with 
sentiment still helped by Mon- 
day’s good second-quarter profits. 
Glaxo closed 7 better at 622 p, after 
613p. and Bo water edged forward 
2 to 198p, after 104P- Elsewhere, 
Press comment drew buyers' 
attention to AGB Research which 
rose 18 to a 1978 peak of 134p 
and improvements of 5 and 7 
respectively were seen in Lindsay 
Williams, 60p, and Highgate and 
Job, 54p. After easing to 24fip in 


Oils firm late 

Subdued for most of the session 
by end Account influences, British 
Petroleum found support in late 
dealings and firmed 10 to 8S6p. 
Similarly, Shell improved 9 to 
577p. Dull of late on the inetrim 
results. Ultramar added a couple 
of pence to 2S0p. but Slehens 
(UK) gave up 4 for a fall of 24 
on the week at 364p, after Sofip. 

Atlantic Assets, a thin market, 
figured prominently in Invest- 
ment Trusts, rising 8 to a 1978 
peak of 112p on the announce- 
ment that agreement has been 
reached on the sale of the com- 
pany's major Canadian invest- 
ments. Small buying in a 
restricted market left Channel 
Islands Capital 20 higher at 630 p. 
Argo Investments reflected 
currency influences with a fall of 
6- to 152p. In Financials, stock- 
jobbers Akroyd and Smi there 
eased 5 to 225p. 

Shippings ended the week on a 


President Carter's statement on 
the dollar failed to inspire much 
confidence in the currency which 
fell further and prompted- a $g 
rally in the bullion price - to, 
S210.375 per ounce. . ' . 

In turn, South African Golds 
moved ahead smartly at the out- 
set. but the higher levels 
attracted rpofit-takmg and; with 
the added burden of a lowesrin- 
vestmexxt premium for most- of 
the day, they turned easier again 
to close showing modest losses 
overall. 

A furter LS fall in the Gold 
Mines index to 186.1 extended the 
loss on the week to 16.9. 

Heaveyweights fell by up to. }. 
as in Free State Geduld, £19f, 
while Hartebeest declined i to £14 
and President Brand i to £tOi- 

Among lower-priced issues, 
Doomfonteln were notably weak, 
down 39 to 323p, but Stilfontetn 
edged up 5 to 305p and Ventere- 
post 3 to 241p_ 

Financials generally eased hi 
line with Golds: Gold Fields . of 
Sooth Africa lost } to £15 in front 
of the increased final dividend 
and sharply higber profits. / 

In Platinums, Blshopsgate ' re- 
covered 3 to loop . but were still 
6 off on the week following the 
proposed reorganisation and 
name change to Impala Platinum 
Holdings. 

The lower premium affected 
Australians but prices still 
showed good gains over the week 
refiecting a favourable response 
to Tuesday’s Federal budget, ; 

Conzmc Riotlnto. unchanged at 
300p, closed 18 better on the 
week on continuing demand, ex- 
ploration hopes, - while Hanxna 
Golds, although a penny cheaper 
yesterday, - .registered - an 
improvement of 11 over the 
longer period for. the same reason. 

Tins enjoyed a good week fol- 
lowing sustained Far . Eastern 
buying. , / 

/ 


RISES AND FALLS 


Yesterday On the week 

Up Dflin -Sam* '• 

BriUsb Rirals — - I ^ j£ » 14 3D 

IS™™**”' ' • 23B 3T» S. JLOT Ug «3S; 

- *1 » w ^ 

OHc - . i7 • 32 ■ 2S W 

EEt * « » a ” m 

371 M7 MM ISA 3J«. M9S 


371 U7 MM 


LONDON TRADED OPTIONS 


BP ! 

UP i 

UP 

bp ; 

lx. ni. I'Dionl 
Cora. Lut-tn! 

Com. 1‘uionl 
Curb- Cfoiii I 


Uon.liulH I 
CoutWithlR | 
Caiman hi* ! 

Cminnuht- j 


t 


Ks’n-lM 

Closlni- 

VoL 

price 

offer 

750 

141 

io- 

800 

94- 

IO 

850 

60 

— 

900 

50 

1 

140 

19 


160 

7 

65 

180 

i«e 


160 

58 

— 

180 

18 

5 

200 

8 

— 


Ckwliu-- 
uller i VoL 


Uloahuj 


offer VoL 


160 | — 
I2Q I — 
85 I — 
68 I — 


| CrairtaoM-. 

c; ec 

■ □ K(J 
U EC 

: ukc 

OBC 

OHO 

I (iroii'l Up*. 
Omni! WM. 
Uraml Ue>. 
IOT 
ICl 
1CI 

ICl . 

LunH 
buiri 
I^n>l 
. IaQ'I 
MuriiPi 
Marti* 4 ^p. 
Marti* * -p- 
Marks i. Sp. 
>lie'i 
<hetl 

-'he" . I 

T«rr'» ^ _ | 


I 21 ! — 

“ = 

39 - - 

23 | 46 

13 L| ] 1 

i-212 — 

15 ie - 

91s 

Bit - 
98 2 

80 

62 2 

l.6 — 

32 - 

17 - 

22>? 8 

15ie — 

9 - 

76 15 

48 - 

26 lg — 

163s — 

59 — 


140 I — 
108 — 
BO — 
26 — 
15 10 

4 = 

i 28 r — 
l 17 I — 


19*3 I — 
131s - 

91a I- 


83 ' ! 
66 
52. 
j 40 
24 
23 
17 is 
lEUe 
76 
51 

1 


ACTIVE STOCKS 

YESTERDAY— 

No. 


NEW HIGHS AND LOWS F0R1978 


The following securities euoteO in the 
'■re Information Service ve«t«V«* 


Share Information Service ve"t«Vav 
attained new Highs and Lows lor 1978. 


slock 

B° £1 

1C! £1 

Bai^iays Bank ... £1 
Shc-li Transport ... *Jnp 

Bre: 1 :::- 25p 

Briti-h Land 2op 

30p 

. — 2-Ip 

Marks & Spencer 2.1 p 

Boots 25p 

Brown tJ.) £1 

Lows 5p 

NatWest II 

Thorn Elect 25p 

Unilever 25p 


or 

Closing 

Chanjre 

1978 

1978 

marks price (p) 

on day 

high 

low 

14 

8S6 

+ 10 

806 

720 

JS 

402 

— 

402 

328 

10 

3.14 

+ I 

308 

.206 

in 

577 

+ 9 

5SII 

484 

s 

707 

- .1 . 

720 

583 

s 

45J 

+ 4 

43 i 

23 

8 

7S 

+ 1 

90 

71 

s 

312 

+ 4 

312 

233 

8 

SS 

. — 

90 

G7* 

7 

224 

+ 2 

231 

184 

7 

403 

+ 6 

405 

231 

7 

14 

+ 2 

14 

7 

7 

276 

- 1 

298 

250 

7 

400 

+ 12 

400 

SOS 

7 

5S0 

+ 8 

580 

476 


NEW HIGHS (95) 


„ LOANS HI 

U.S.M.C. 9 dc 1962 
„ . CANADIANS (2) 

Bow Valiev Place Ca* 

„ BEERS (21 

MacaJian-Gieniivct woiv'ton Dudiev 
BUILDINGS (131 

Cafcebrcad Rohev A Richards Walilngton 


The alnire list oj urfirc stacks is >tnsrd on the number of barga inn: 
recorded yestenlny in the Official List and under Ride 163(1) (e) and 
nr/'roa uteri to-dny in Stock Exchange dealings. 


ON THE WEEK— 

No. 

Dcnomina- of 


Stock tinn 

ICl £1 

BP £1. 

Shell Transport ... 25p 
De Beers Dfd. ... R0.05 
Berriivs Bank ... £1 

o-r* SfJ. 25 p 

GEC 25 p 

Marks & Spencer 25 p 

Burmah Oil £1 

Distlllere 50 p 

Rank Ont 25p 

Beecham 23 p 

Grand Alef. SOp 

NatWest £1 

Unilever .... 25p 


or 

Closinc 

Change 

1978. 

1978 

marks 

price (p) 

on week 

high 

]nu 

69 

402 

+ 2 

402 

328 

59 

886 

+ 10 

895 

720 

38 

577 

+ 1 

5SS 

484 

52 

442 

-10 

454 

285 

49 

354 

- 6 

368 

296 

45 

295 

- 1 

302 

227 

44 

312 

+ 3 

312 

233 

41 

SS 

— 

90 

67J 

3D 

76 

— 

77 

42 

38 

201 

+ 2 

201 

163 

38 

258 

-10 

274 

226 

37 

707 

- 3 

720 

583 

37 

117 

- 2 

121 

87 

37 

276 

-12 

29S 

250 

37 

5S0 

+ 24 

580 

476 


Costain (R.) Taylor Woodrow 

□owning (G. H.) Ward Hldgs. 

Francis Parker WwttHlck Prods. 

Laing (Joitn> A Wigglnc Constr. 

Latham (J.i Wloipev (Gco.l 

< Marshalls (Halifax' 

CHEMICALS (1) 

i Wardle (B.J 

I STORES (6i 

Bambers Hepworth (J.) 

Currys Midland Educational 

Ellis A GoMRcIn Smiih fW. H.i A 

ELECTRICALS l7> 

ElKtrocamoonents Racal Fiectronlcs 

Famell Electronics Them Elect. 

GEC Wholesale Fittings 

M.K. Electronics 

ENGINEERING (111 
, Bonser Eng. Fluidrive 

Bromsgroye Castings M.L. Holdings 

Brown & Tiwm Northern Eng. 

Cartwright (R.) Tube Ines. 

Dunks Gowerton Weston- Evans 

Der * te " d INDUSTRIALS (151 _ 

AGB Research On* Finance C*. 

Assocd. Tele* Is. A Ptlklngtsm 

Bifurcated Eng. Pritchard Services 

□owns Surgical Svieonc 


Dura pipe Unlflex 

Holt Llovd Inti. Unilever 

Hunting Assoc. Uttf. Carriers 
N.C.R. 4pc '9S-9B 

LEISURE a* _ 

LWTA Norton a Wright 

MOTORS M) 

Plaxtont Oowtv 

Assoc. Eng. Kwil-Fit 

NEWSPAPERS <1* • 

Bristol Post _ 

PROPERTY (9i 

British Land _ HK Land 
Com Exchange Land, ft Pravl. Shop 

Daeian Swire Properties 

Estates Prop. I nr. Tra fiord Park 

Glanheld Secs. 

SHIPBUILDERS (1) 

Y " rr0W SHIPPING (21 

Meraev Docks Units Millard Docks 

SHOES (2 1 

Ncwbold & Burton Turner iW. A 6.1 
TEXTILES (4l 
Snla Viscosa Levcv 

Do. Prlv. Stoddard A 

TRUSTS (9) 

Atlantic Assets Throgmrtn. S^fKCn. 

Channel Is. Cad. U.S. & Genl. Trust 

CroMfrfar* Dalgerv 

G. T. Japan St George 

Investing In Soccess^ (1| 

LUmAr * MINES (21 

Kamuntlng Yukon Cons. 


FT-ACTUARIES SHARE INDICES 


These indices are the joint compilation of the Financial Times, the. Institute of Actuaries and the Faculty ef Actuaries 


EQUITY 

GROUPS 

and 


_ . . , Thors. Wed. Tiles. Mon. Year 

Fn, Aug. 18, 1978 u «j 1 


Highs and Lows Index 


a ““ EsL Gross EsL 

SUB-SECTIONS Index Day's Yirtfc. Yidd *v Ratio Index Index Index Index Index 
• No. Oai» i Max.) (ACT (Net) Ko. No. No. No. No 

Fifun-i in pnrcnUieses diow ^ RSH Corp. _ . 

Dumber p< sucks per wtna Tat f®** 


Since 

CompUaHoo 
High I Law 


NEW LOWS <2) 

BRITISH FUNDS (1) 
Exchar. 12pc '99-02 

Lawrie Plantations 


RECENT ISSUES 


EQUITIES 


[H +-j" ^ 1 1|| j? 


OPTIONS 


DEALING DATES 
First Last Last For 

Deal- Deal- Declara- Kettle- 

Ings ings tion ment 

Aug. 15 Aug. 29 Nov. 9 Nov. 21 
Aug. 30 Sep. II Nov. 23 Dec. 5 
Sep. 12 Sep. 25 Dec- 7 Dec. 19 
For rate indications see end of 
Share In/onmxtion Seruicc 
Stocks favoured for the call 
were Premier Consolidated Oil. 
Rio Tinto-Ziuc. Thomson 


Organisation. Bryant, Grand 
Metropolitan. Rothmans. English 
Property. Regional Properties A. 
Town and C-ity. Flatten Carrier. 
Compton Sons and Webb. Andio- 
tronlc. Bath and Portland, Fitch 
Lovell, Levex. Ultramar. UDT. 
Westland; Lonrfao, Savoy Hotel 
A and Wilson Walton. A put 
was done in Lonrho, while 
doubles were arranged in 
Bonn ah Oil, Kenning and 
Lonrho. 


r.r. sib cl 
r.r. - L»J 
I'.l*. 6.7 

K.H. 24* 94 

F.P. | 8 « I6S 


uirt'ur' fuinTlnnl - .— 76 — 1 'mJ.JI 3.1 4.7 6.7 

liiuny ZOIg — - — ' — 

f.iin^liumi — . 188 ‘<2.64 1 

Hum Ilia Keir.^vrilw. 90 — 2 4.66 JH 7.BI 6.3 

Junes (K.l iJew'lrvllO|i 144 —2 65,5 3.1 6.7 12-6 


FIXED INTEREST STOCKS 



BASE LENDING RATES 


A.B.N. Bank 10 % 

Allied Irish Banks Ltd. 10 % 
American Express Bk. 10 

Amro Bank 10 

A P Bank Ltd IQ % 

Henry Anshacher 10 % 

Banco de Bilbao 10 “n 

Bank of Credit & Ciuce. 10 % 

Bank or Cyprus 10 % 

Bank of N.S.W 10 % 

Basque Beige Ltd. ... 10 % 

Banque du Rhone 104% 

Barclays Bank 10 

Barnett Christie Ltd.... 11 % 
Bremar Holdings Ltd. 11 % 
Brit. Bank of Mid. East 10 % 

l Brown Shipley 10 % 

Canada Perm’t. Trust 10 % 
Capitol 'C&C Fin. Ltd. 10 % 

Cayzer Ltd 10 % 

Cedar Holdings 10}% 

[Charterhouse Japhet... 10 % 

Choulartons 10 % 

C. E. Coates 10 % 

Consolidated Credits... 10 % 
Co-operative Bank ... 3 10 % 
Corinthian Securities 10 % 

Credit Lyonnais 10 % 

The Cyprus Popular Bfe 10 % 
Duncan Lawrie 10 % 


I Hill Samuc] §10 % 

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 % 

Loudon Mercantile ... 10 % 
Edward Manson & Cq. U}% 

Midland Bank 10 % 

[Samuel Montagu 10 % 

[Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich Genera] Trust 10 % 
P. S. Ref son & Co. ... 10 % 

Rossmlnster io % 

Royal Bk. Canada Trust 10 % 
Schleslnser Limited ... 10 % 

E. S- Schwab 1H% 

Security Trust Co. Ltd. ll'<5, 

Shenley Trust 11 % 

Standard Chartered. — 10 % 

Trade pev. Bank io % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait IQ 
Whiteawsy Laidlaw ... 10}^ 
Williams & Glyn’s ... 10 % 
Yorkshire Bank 10 % 


JS9.4I K.I-, 
« « e.p. 
M9i* r.r. 
moo leio 
- « i P.P. 


£ pj j High | Lrwt j 

,l», | _ *»i 4 i [ttmum^uxai Vnr Hale Bi-Bh 

.r. I 8/9 H8I-I 90 CWfi-n- 104 PrW — 


WO VWAJU-* IV* « ...... 

^I'Unulm Vat. Kaif Red. 

luifl Uo. 

A Ofitrai * sheenrood 10% Prel ... 

SB oprine Ijuerfor 10% Pnd....... 

HB Ka I Aiiu'.h W«iw it Ke ■- Hrel- Lw»'. 


llOOu ! F.r. [ 

- - j F.r. J13/9 ) 
■ « j F.r. .16(9 l 
L'99-'i] - i 

jo io; 

iagailF-p. - / 

LMM4a: t.I*. — I 

[Las is a ! 


I M B* l AlKi,..n W«lw It tte ■- Prel. LwB.%.. 

[ Vu’w h 1-. Uol*. 

i «UiU. K. Holding? IQA% Prf n 

; I-"*, U«n». tin.. Ut. ■>«" 

ISjVXecretti and Zambra 9{ Cnv Pref 

] ^^‘Ai-iIIwiii^iiii Vm. Kan Hun. liftvi. 

! 9Blg t> Pitman 10J Coin. Pref 

[ 9b ’UiHiirk'Ha ^uin r«rt - 

.ui.l ..lUwk. DLJ a ITif int 111 fSiin Dwn 


99k — 

am* .— 

..... zoo — 

— ii* ■— 
..... '■#7 ■ — 
....J'DB 
W 

M5* -U 

— 

r-4.‘t»J I 

I K>p|— l 

— 


W UU 1 MIN «|gv— » - aw — 

itolg mihoby Parke ftamet »i Otun. Prci ... 
n^ eiefLou Vm. Itali- Kt* 1 . IdtA . 


•io id ■ in*-«in -w 1/^ II*- 1 . WM 

99 1 B [dtratheljfda Var. Babe 19S3...._ 

iu3g!WHii..t.wiittli lai-aUiu into 

in h*?m Walrr lL-% 1M>. i«V 


«b 

99 

i#yi* 

44 is 

991g 

..... MS’* 
W9 


1 CAPITAL GOODS fllffl}— 

2 Building IdatezialsiZJ)- 

3 Conmcting.ConsUTiction(27) 

4 Electricals tI4} 

5 Engineering Contractor [lfl - 

6 Mechanical Engmeeriugra . 
8 aetobaudMetalForaBBsOft— 

CONSUMER GOODS 

11 (DURABLE) (52) 

12 U ELednaics, RadoTV U5). 

13 Household Goods (12) — 

14 Motors and Distri batons C5)_ 
CONSUMER GOODS 

21 (NON-D USABLE) (1751 

22 Breweries (14) 

23 Wines and Spirits 

24 Etatertsunnait, Catering (171, 

25 Food Manufacturing (21) 

26 Food Retailing (15) 

32 Newspapers, PnbfisttingC13)_ 

33 Packaging and Paper 05) ~ 

34 Stores (40). 

35 Textiles (23) 

36 Tobaccos (3) — : 

37 Tqys and Games (6) 

41 OTHER GROUPS (88) 

42 Chemicals (IS) 

43 Pfurmacpntical Products (7)- 

44 Office Equipment (0) 

45 Shipping (10) 

46 MiecelIaaaeons(56) . 

40 INDUSTRIAL GROUP (4g) 

M Oils(S) 

sa SWSHAREjNDEX 

61 FINANCIAL GBOUPU W) _ 

ffl Bankstfi) 

63 Discoont Houses (10) 

54 Hire Purchase (5) — - 

05 Insurance (Life) (10) 

66 Inearance (Composite (7).- 

67 In Burance Brokers (1D)_ 

68 Merchant Banks 04) ....... 

89 Property (31) 

70 MtscellaneoBfl(7) 

71 Investmait Trusts (50) 

SI Mining Finance (4) 

91_ Overseag Traders (l^^.. 

90 ALLSHARE INDpWTOl 


5.0fl 8.73 
5.07 8.97 
3.67 8.42 
3.49 10^2 
5.85 7.86 
5.60 7.88 
7.95 838 


0878/78} 

(2W72) 

awm 

iirnm 

i (10/8/78) 
(16/8/78) 
1 (9/8/78) 


50.H (S/12/74) 
4427 (12/22OT) 
71.48 (2/12/74) 
84.71 

6439 (20/75) 
45.43. (6/1/75) 
49.65 (6/175) 


+12 15.75 
+1.9 03.59 
-02 15.85 
+0.2 19.35 


4.75 8.84 ZL9J7 21895 219.83 220.92 190.44 

3.73 10^9 26870 26631 267.75 Z70JK 174A4 

6.04 868 187.47 188.69 189.07 18808 17415 

6.17 71.7 13L89 S230 13321 13322 11636 


227.78 (21/4/72) 3839 (fi/1/75) 

273.78 (18/8/78) 42fl5 (Sfl2/7<7 

26322 (4/5/72) 63.92 07/12/74) 

17059 05/1/69) 19.91 (WI75) 


5.48 9.08 

5.99 928 

4.99 10.07 

6.43 9.81 
512 750 

4.62 1022 
321 13.84 
723 7.41 
452 14^2 
7.60 729 
726 556 
553 650 
5.47 863 
5.W 85.7 
3.66 12.06 

5.62 6.67 
7.17 7.28 
5.8? a36 
552 826 
3.91 7.44 
5.12 862 
5.50 — 
6.01 625 
803 — 
4.95 32.47 
6.07 - — 

6.40 — 

4.44 10183 
526 — 
290 70J7 

7.40 5.79 

452 34.25 
6.25 7.62 
6.88 7.50 
5.20 — 


226.08 (36/9/72) 
28327 (2801/72) 
28750 08/8/78) 
329.99 02/32/72) 
21625 04/8/78) 

244.41 (27/10/77) 

417.65 (26/7/78) 
151.12 00/978) 

210.90 (9/8/78) 

235.72 (37/3/67) 
33916 (2/8/72) 

55.72 (16/3/70) 
235.81 00/8/78) 
30151 (9/8/78) 
23058 (9/8/78) 
246.06 (W72) 
539.68 08/5/77) 
25883 (2/5/72) 
23256 01/8/78) 
54350 H5/9/77) 

255.66 nuarm 

241.41 01/4/721 
28832(20/7/72) 
29313 (2/5/72) 
433J4 (4/5/72) 
194.46 (15/3/72) 
16172 (6/10/77) 
37217 01/8/78) 
27857 (1/5/72) 
357.40 milTSi 
303.18 QSISfm 
245.79 (25/4/72) 

175.90 (28/4/69) 
32672 (2S/7/78) 
236.02 (IU8/78) 


6L41 0302/74) 
69.47 03/12/74) 

78.88 03/12/74) 
54 R3 (9/L75). 
59.67 03/12/74) 
54.25 01/12/74) 
5558 (6/1/75) 
43.46 (61/75) 
5263 (6/305). 
62.66 01/12/74) 
9454 (13/662) " 

20.92 (61/75). 
5863 (60/75) 
7L2& a02O4) 

22841 (3/3/78) 
4514 (2/1/75) 
9050 (29/6/62) 
6019 (67/75) , 

59.01 03/12/74)1 
87,23 QMMfl 
63.49 03/32(74) 

55.88 03/12/74) 
.62,44 Q2/12/74) 
81.40 0002/74) 
3883 (002/74) 
4458 (2/1/75) 
43.96 0302/74) 
65.86 (16/12/74) 
3151 (70/75) 

56.01 (20/4/65) 
3359 (17/12/74) 
7163 03,1204) 
6611 00/9/74) 
9717 (6/1/75) ; 

61.92 0302/741 


FIXED INTEREST PRICE INDICES 


FIXED INTEREST 
YIELDS 

Br. Govt. Av, Grass Red' 


“ RIGHTS” OFFERS 


British Government : 


hiue! g_ 
Price! 


I Latwl ■ 
i Ueniinc. ■ 1978 

Date 1 

I 6 . B ..HiKblLow 


Ckeing + Q* 
Price — 

' .01 


320 ( NU 
SO | Nil 


— I — ' 33 S3 flaokof UuotreaJ. ;33 

30(8|84rtl £i,ioi 17um Ulav-kwayd 17pm— 2 

18/7 Z8/8 46 311* UruoLaTool Knit, ■ <48 ...... 

3/8[ 1|9 69 46 OtailLiBl blmv It L/oggidi. g, 

10/8)21/9 Ua 78 L«ulnWnu). — 93 +1 

3/Bl 1/9 49! f 46 Nvrtun (W. K.) 48 — * 

21/dl 4/19 17pm 10 lira Property Partner; hips... 17pm, ..... 

£8)7 8/9 7£ 66 3uhilUIc dpwikman 6ti .«■ 

14/8) 8/B| lad U4 r«s»l«nit™— 163 —8 

SS/S 22/9 20pm | lOnmlWilliiuaaff J 'm'vlfci.P^etCTC'inHfl hr SOpm 
18/8) Z8/9; S7pm] 90 tl'oriwhira Cbcmicala. .] 97 +2 


30 [P.P. 
110 [P.P. 
100 1 Nil 
04 ’F.P. 


Over 15 years 
Irredeemables.. 
All stoebi 


Fri. 

■ Day's 

change 

% 

xd ad). 
To-day 

xd ad). 

vm 
to date 

104.89 

+0.04 


639 

11536 

-034 

— 

7.04 

12155 

-038 

— 


128.48 

~ 

— 

734 

11335 

-0.14 

— 

735 


1 Low 

2 Coupons 


15 yearv?-*- 
25 yearsJ — 


4 Medium 

5 Coupons 


t5 years^^-~ 
25 years — — 


7 Hlfih 

I ? Coupons 15 years. 

M 25 yeanu^^ 

715 jlO Irredeemables 


Fri. 

Thura, 

Year 

AU£- 

Aug. 

ago 

.. 18 

17 

(appraxj 

' 172 

8.70 

6.93 

1036 

10.80 

10.94 

1137 

1133 

H76 

1148 

1146 

10.05 

: 12.06 

12.01 

1138 

■ 22.08 

1202 

1231 

- 1150 

1147 

MJ21 

1255 

1249 

13.06 

42.77 

1271 

1337 

1157 

1136 

1171 


( 6 / 6 ) 
U32 (5/6). 
1L96.1S/6) 

1L91 (4/7) 
1253 (5/6) 
12-65 (6r6). 
U.96 (5/7) 
13.01 (5/6) 
*3.41 f&6) 

K.15 (28/ 6) 


*05 am 
9.12 (3/1) 
9.74 Q/1) 

U® 0/1) 
1018. 0A) 
101* (3/1) 

967 0/1) 

H u am 
1U6 an) 

950 (3/1) 


| Vrt. Au y. 18 


t Indcex | Yield 
No- 1 % 


Cattil Trust 10 % RMemben or ihc Accepting Emses 


15 (30-yr. Red. Deb. & Loam (16) 
15 ffinvestmeat Trnst Frris. (16) 
17 < Comi. and Tnd). Frets. (20) 


..1 67.74 |jlS.fl5(57.ei I67J8 [E 
..I 61.73 13.47 161.78 51.67 fe 
. i 76.16 16.02 I705E I705B 171 


ITiur.l Wert. iTnea.; Mon. j Fri. xhur. WetrSTOM-- 


S( at* 

Couapibrttoa. 


1758 IE7J5 |67.30 6750 
11.67 fclAI 61.67 61.67 
rOJ»B 170.49 70.47 70.47 


57^6 (57-24 
SI-67 51.89 
70.18 70.13, 


68.67 ( 83 / 1 ) 
57i7l (l(/tt 
7850 tinn 


8657(4. 

as i.aas8iaaiiagi^i Ba 


Fpglisb Transcont. ... 11 % CommiBoc. 

First Nut. Fin. Corps. 13 % t 7-day deposits r;, r^nontb deposits 
First Nat- Secs. Ltd. ... 12 % T)*- 

I Antony Gibbs 10 ^ t ?^iay deports on sums of no.ooo 

Greyhound Guaranly... 10 °f, ?? r . ,a C5 - M0 

M +in tr. and over ti-.Bao Si r ^. 


Grind la vs Bank 410 % ovcr 

i Guinness MahoD- 10 % * call d«*ui« over 11.000 r.i. 

1 Hambros Bank 10 % t Demand deposit* 


KeniuKiafnin dare usujuiy bat day far dealing free of uTamp dun. p-FHores 
baaed <«■ pruspeerus eofimaie. <j absiwhw tnwrwtifi am naui. „ Merecaai drvutem 
kuni baerd an Pfevums war's eanunus. r Dimdeno and mala paged g D pnwecfns 
« other oOciai esmoaies tor 1979 u Gross. 1 t'tenn* aMiraiod. 1 Cover aUowv 
km Lwiwramn nf shares tup now ranksu far fflvtdenn or ranKmg ania for ra stri cow 
dividends. * Platan, orlo to nuVdc. p; Pence unless otherurtse indieaied. 1 1ssued 
av tender. e Offered ro haldura Of arrilnafy shares as a “ rtahrs. 1 * *“ Issued 
nv was of opitBliranan *f Minimum fender once SI Reirnmancad n Issued in 
connection will reorttantsatioa meffter or (ake-ovfer. DH tntroductinn. "Ttreued 
io loraiar nreference holder*. ■ Allotment 1 errors (or nilly-gaid). m pnivisMul 
or »aniy-pald nUotmaar Mtare. * With warrants- . 


Section or Gram 
Pharmaceutical Products 
Other Grams 
Overseas Traders 
Eastaeartag Contractors 
Mechanical Englncerlmi 
Wines and Splrtts 
Toys and Games 
Office Equipment 
Industrial Gram 


Base Date 

Base Vame 

30/12/tt 

2U-n 

31/12/74 

63.75 

31/12/74 

mum 

swam 

15394 

31/12/71 

1516a 

160/70 

144.76 

16/1/70 

135.72 

16/1/70 

uun 

31A2/70 

tig go 


Section or Gram 
MicaplaoMuc Financial 
Food ManufaoulBS 
Food Retailhra 
lasurance Brokers 
Mining Finance 
AB Other 


1 Ml (5/1/75) 


Saga DM 

JL02/79 

nrutsT 
29/12/WV- 
29/12 /a.. 

29/32/67 

10/4/62 


BMVam 

• tu* * 
na.13 
UU3 
MAT 


_t Redemotion yield, a llat ef : MM-ca Mtiwnty Is 
wmlahln Iran the Pnhlfshag. The- Ftnaadal TTmcs, 


>: W 






4 






Financial Times Saturday 'August 19 1978 







AUTHORISED UNIT TRUSTS 




■» 

ADS 


137.3 -Oil 


bbey Unit TsOifgrs. L& is) 
lSQ.CU#houtj^mur!l<Mbuiy.- HMSMt 
hSw rapbol saa‘ ’• 37s 1 417 

IAk) I ncome Old MM .... 

bbcvlov Tm.FdL to; - - 423-0.: 
hhej-iidiLTrt J44 0 31.1a; -a; 

Hied HoabrD^rwp^ (a) <fi)- 
amtmillac . Uuttim.'BmitwnDd. Em*K. 

■588 SHI or Brentwood (OSMt+imSb 
ibicnl Funds' 

Uteri lrt — 169.4 70 1st -15) 

ill. Intte Fund 67 6 723 -03] 

rih.li lac. ... S? 42 5 — 0 2} 

kvt it tad. Dn 344 30.1 — 0 U 

- tlied Capital 771 82 7 -OH 

anhraPunri . ... IIZ.2 1201 -031 
ambroftcc.Fd.... 128.2 
iromr Funds 

Uh Yield FoL. 

leb lnreme.^. .. : 

.Tl Eq.litc. 

rtmxtaut Ponds 
itenuaional 

acific Fund 

w* Of America.-. 

■K.A. Exempt* 
scelalut FBndS 
mailer Co.'s Fd ... 39.C 
Kid5mlr.CofiFA.Hj0 

■ nainyOlK. 96.8 

X.HlB.ACdti'-. W.S 
ier»c»s Earn I lies 61.4 
ipL Stair. Co'i..(0t3.1 

.uderson Unit Trust Managers Ltd. 

18 FrachurcO St. EC3M 6AA 6S3B331 

nderson U.T. |562 *0 4| | 3.90 

.nsbacber Unit Mgmt. Co. Ltd. 

Noble SL. EC2V7JA. ' 01-6238370. 

irJlnnLhfrFtual.pjSJ) J05JM .. ] MS 

.rbuthnot Securities Ltd. UKe) 


Frhmlington Unit Mgfc' lUdrlB) Minster Fund Managers. Ltd. Provincial Lilt luv*. Co. Ltd.? Sate & fnw* Continued 

^.Ireland Yard. EC4B SDH. RinslcrHffe.. Arthur Si. tUA. 01-6231050 r2Z,BistiapBcaie.E.Ci 01-247 053S' Scotbitf SeCW 11 ^' Lid. V 


America!] :.IS56 


Capital Tat.., 

Income -Tel [ 

Inr. Growth Fri. - 
Do. Accum. 



m — -^1 it^niiiiiuroui 

iiS Minuicr Augusi7..|17.5 
fJS Exempt July 31 |97J 


627 

207 


mJj “i 


538 

538 


233 SMbiu.V 
6.B9 Scotjdeld — 


Prolific Units Ml . 99S-D3| 

Ki*hlaww»fe*j— P2L2- 129.8 -M ... „ 

-S« ,ls,,a *5“r^-* IS-. 0 . 

J ** JJJ-J Unil Trnst MRnnnt Ltd. . y niL Portfolio Mngrs. Ltd.? faXbKc) tx 
Friends Pravdt. Vnit-Tr. Mgrs.? f»|ii Queen Strea. swill BIG. 01-8307333. HolbontB3rs.ECL\-2\H — 


1411 
53 7 


i 57. 


Target Tst. Mgrs. (Scotland} (akbl 

13 Athol Crescent, Edln. 3. 031-2388821 

Tatret Amer.Bacle|M6 3|9j -0-lj 159 

M.9d-0^ 


549 

994 


40 9j _....) 3.68 



030SSO5S MLa Units.. (465 

387 

3R7 Mutual Unit Trust Managers? (aHg) 
15. Copdiall Arfc.EC2R 7BU. 01-8004003 
01-8280131 Mutual Sec. F1ux_ IB 2 57 0] -QV 6J4 

340 Mutual Ine.Trt..._mj 7a8-0.ll 609 
3.40 Mutual B!ue Chip.. M7-1 SO.Buj ... . 632 

7 J0 Mutual High YIoT—l&S.B 683! -0.2 796 
2-20 

|® National and Commercial 


Prudential 


. [135.0 


L10 3t. fit. Andrew Square. Edinburgh 031-560015! OBDorttmiW FA — 
7^0 Income Au'g.'O [165 B 172.M .._.J 539 ScldTide T4 A^l'i_ 


Pixhftnj End, Durkin c. 

Friend* Prov. ISli. H6J 495( .- 
Do. Accum _.. ,_|S9 9 - 691 

GJ: Unit Managers Ltd.? 

Id. Finsbury Clreua EC2M 7DD - 

GT.Cap lnc_, HJ9.7 ' 9541 . 

DuuAcr. „ 1086 1155 1 

C.T.Iae.FU l!#..... 175.1 " ■ 3062 ., , 

C.T UJS &Gen — . 152.6 H43 -u-J 
G T. Japan A Gen— 349.1 367.4 ,_..J 
♦ffl.’Pem.Ex Fil — 141.7 IMJa .-H 

S.T.Int'L Fund. 1597 1M.7 

G.T. Four YdnFrt. .57.6 61J — . — 

G. & A. TTust (a Mg) ' 7 ' . '. apt. Auto. ; . 

5. Rayleigh Rd., Brentwood - "• • (07771227300 'Accum. tnloi 

C.U.. (35 0 37.4f-8J) *43 

Gartmore Fund Managers p <aKg) National Pnwident luv. Mngn. Ltd.? 

R Gractichnrcli 5URC3P3HH 0I4B2342Q0 Hidgefleld Int DT 1104 0 lA 

001 ti P.i GUi.Ud.TSt.. 485 5Ltt I 3» RltlreOeld Income.^960 103 

2.90 <Ar c um.lInlUJ-._..M4 tf3 J S.W , 

- 2iS NFI O'soos. Trust _ 129.7 137.3J _ J 2J5 

• S rAcmm. IniUI—.. 130.3 146.4l-.-4 235 

059 on July - . Nest dealing August 31. 

g U 'Pnces on August 0. Nan dealing August 22. 

5'88 

2 81 National Westminster?! a) ' 

a« i 81 ' Cheapride. EC2V UBD. OI-80B 8008. 

i lln t Mm. Jill 


44Jrt .... 

57 7 -Oi 
65 5 -0J 
® 27* 4 ... 

. — 179 3.... — 

OMO&B222 ■Pric« at August a *»« si,h. ja, Au^ 33. Trades union Unit Tst. Managers? 
141*3 -o.5( 4 w sehJestagfr Trust Mngrs. Ltd. (a) w M " 11 


6 97"'- Target Thistle... . 

4.40 RKtralocUM? FA-_|6Q.4 
2.00 1 

7J0 


M0. SoudrStrMt- Durkins. 


. 2. 5L U ary A»e. EC3 A SB P. 


323 

(0.4 

1740 

253 


■a a^i 

jS?a-L6 

65j3-0J 
0359-03 

■Ilf! 

Gibbs t Antony) Unit TsL Mgs. Lid. 

3. Frederick's P]„CJM Jewry. ECS.-- 0'W»84m c^S^'fnv 

«>IA.G. Income* |45i ' 


(■lAnwrican Tst 
British TA (Aer.l — 
CotsBindUy Share _■ 

Extra I nwimc Tja. _ , 

re)U» Bast. TnuL..j41.4 
High Inc-jncTsL- .1613. 

Income k’unri 

In*. ACCTldrv 

Int!. Exempt Fd. 


tzilntL Ttt. tAcc.) — p73 


777 

14.90 

W.1 


539 

315 

315. 


Quitter Management Co. Lid? *m. EMmrt.^ 

TheSU ExthWlgC. EC2N 1HP. 01-0004177 Aft}. Growth.. -^ 

QUMtrAatGun. FkL .1114.0 110H I 4.77 E x«np« mEb-YTO 

Quadrant Income _|l323 13671 | 7.72 EjtOTCtMfcWr*- 

- Income Pist-- i— 

Reliance Unit Mgrs. Ltd.? jinc.ii«bWdi^'L—. 

ReUanceBne_Tunbndjlc WelK^KL 080222271 

. -^0. if 

5efcforde T. Inr (45.0 49.0| -OJ| 

Property Sham - 

Ridgefield M ana g eme nt Ltd. LiTt^rS - Acajnpa 7 

0B1236K31 KK-GrOCDUt 1204 


4W HsHinljndera.-. 
5-36 •NOyieU'.j^-- 
5J6 ffifcGlttXwtt-. 

i> Shares- 


[24.5 

304 

rfi 

77 4 

30 9W 

«99 

310 

531 

2B7 

312 
29.8 
23 0 
286 
30 B 


>03001 BdMl 


55-41 5 JO 


250 

33.1 

?91 


-rO 1 


♦ 0.3 US® 


- 0.1 


288-0 3 

5 73d 
30.9 
33 0 
320 
24 7 
30 

i! 


254' 


706 

4.04 

0.95 

*31 


Transatlantic and Gen. Secs. Ca? 

91 -SB Nr* London Rd- Chelmrfonl 021551051 


Barbican Auc. 17 .[795 
(Accum. L'nit- • 12? 4 

+01J- 3 04 SSMiffi’W 

3 86 lAccuro. Vniiai — 1041 
4.12 Calcmu AucuftlS. 1371 

— 0 U ' 1 Accum U nils! 165 5 

12.09 Cumbld August 10 55 7 
+0J 1-97 .Accum. Units) 61.0 

-*-0-lJ 224 uleri Auifiut 13 578 - 

4 82 1 Ai-cum. I'nlLfii _ _ 74 3 

4.82 Marlboro Aug. li_. 56 3 

lAminLUmbi- .648 


I 2J5 • . lArcum. Uul’i- -|64B 

._..J 9J3 J. Henry Schroder Wagg & Co. Ltd.? Van. Gw16.Aug.15 mi 


100. CheapsitiO. EC 2 


'-aplull Accum.) 

Extra Inr... 
Financial 


luA.G.-DrawtfaTt_M)7.' 43. 

UUA.C. Far East*- h253 273 

Dealing Toes. ttw« 

r. Queen Sl London BOtR 1BT - 01-2305381 Gantt (JriinW 
xtra.lhcomeW-.jm l 11*5 -«f '• 

097 R'Ur. August 11 — I155J 163. 

097 Dot Accunv Unit ... [186.7 . 196. 

123D - •• Next dealing day Augu 

Grieveson Management Ca Ltd. 

59 Gresham St. EC2P2DS. 

Karrtn RtoaAu c IB - [222 2 
(Accum. Units). ._ M3 9 
BtngJTYd Aug. IT. 1917 

lAttnra. llnitsl 220.4 

Endear. Aug. IS 2245 

t Accum. Units) 232.4 

Grnchsir. Aug. I8~ 104 1 


— <-l JM income i ! 

nan P®rtj9»«»Inv.Fd.__! 
aT-* °- 4tl Dnliersal FtLcd)-.- 


69.7 

695 

367 


I 


74 91 — 0J 
747 -05 
39.4a ~0J 
90 4a -03 
415 -0.3 

78.C -05 

685 ..... 


424 

7.49 

5J9 

4.04 

6.17 

580 

2JA 


Rothschild Asset Management (gj ' ■ 

72-00, GatebouBeRd.. Ay lesburj-- 02905941 InconwAugusiS.. 

N. C. Equity Fund.. iflflOJ 1925 -0.4| 317 CArcum. ORUK-V 
N.C. Engy.Res.Tn. 115.9. 1232 —5.3 2.45 OentralAa*i0.. ■ ■ 

N.C. Income Fund.. 1575 1675-0.7 6 74 lAccura. 
sue. Inti FdL fine. 90S . X052a -a 3 1J9 Europe, 

N.C. JnU.Fri.fAce.i999- .1063 -03 139 r Accum 

d 165.0 1754 -0.1 4A9 -Pon&CV 

EX. Augu* 1|?M 6 
Aug.1.. 


N.C. fiiwllr COJ-B Ft 


114 5 

1385 

202.3 

3005 

90S 

113 4 

330 


yra ptoS 


198 0 


110.61 
143 5 

209.64 

S13J .... 
995M ..... 
1103 .... 
J51 
907 

174.9H 

2wt« :_:l 


m unuu lACCUin. I'ltilSJ. 672 

OI-2jU)3W van'Hjr Aug. IS 755 

Vang. Tee AMS 10 .460 
I Accum L'nils i 40.6 


259 
2 39 
659 


fS Wick-rAug ]7 [M.6 

i Accum L'nlui ..... 


4.43 

343 

Z28 

22S 

4.44- 

371 

4.67 


Wick D< August 18. |7L6 
Dei. Accum . Ico *47 


04.641 

1315 

9Li 

007 

1093 

104.4 -1 % 
174 3 - 2J| 
• 59 5 .... 
652 

615 

78 9 

591a .... 

60 0 

57.6 

705 

795 

495 

51.2 

685a .... 

025 

75 B -*fl 7| 
-S3 755 


s.; 

s.: 

4 

456 

456 

5.:: 

555 

671 

671 

4.05 

4.05 

2.69 

2.69 

107 

307 

773 

5 

5.92 

*. ' " 

4 _ . 

77S 


Tyndall Managers Ltd.? 

16 CanyngeRnad. BrisioL 
[1064 
194.6 


Income Aug 10 

■ Accum Units i_.... 


irt Inc. Fund 142 8 
: Accum UnltsU— 595 
UjN Wdnri-Dtxj 57.2 
reference Fund— 3*.4 
Accum Units). 37.9 

. apltal Fund 2L.7 

fcniDotli ty Fond . - 62.9 

Acetun. Units) 90.4 

10*4 WdrwI. UJ 55 8 

'iruJtProp-Fd 195 

.touts Fond 405 

Accum Unita) 47.3 

Growth Fund . 369 

Accum. Units) 445 

moll cr Co's F<L 295 

Astern & Int). Fd. 29.9 
9*w W’drad.UtSJi— 235 

'□reign Fd. 979 

J. Aroer. &Xat.Fd M 5 



NEL Trnst Managers Ltd.? (aHg) 

**| lion Court. Dorking. Sttnej. > "5811 

?-S NelstaT 1655 6S.6J -0JJ 4J9 

-jrE7‘ ■*-" t*cl5tar High Inc.— p4 0 56fl +05( 7.93 


Rothschild & Lowndes MgjnL (a) “^ r -''For tax exempt fuodTonty 

SLSxri (bins Lone. Ldn.EC4. 01-0264380 ^ ...... 

New Cl Exempt 1037.0 145.? I 417 Scottish'Biiulable Fad. Mgrs. LtiLV Capital Aua. 16 — U66 

Prices on Aug. 1& Next dealing SepL 15. . asst Andrew* So . Ed inhurch 031-5509101 " 

Incotnol'nits— . — 152.0 sx* > -as Exempt Am**" 


(Accum. Unita) 1061 

Un-ABnls. Ang. 16. m2 
I Accum. Unite) .177.0 


I 484 Aon 16 — 

Rowan Unit Trust Mngt Ltd. Via) AcmnTlii^^-fe i Ka;:::| 4.84 InL Earn. Aug ISL m* 

City Gate Use_ FJosburr Sq., EX2. 01-0001000 
Amcrne>itAug.l7_t735 76J 
Securities Aug. 15- 1860 195J 

Norwich Union. Insurance Group (M gS£" l t*S{S; 1B — bos - 

-^.^dH-0p04433 P.O.Box 4. Nanricfa.NRlJNG. 060322200 Merlin Aug 16 05.7 98.0* 

■“ _ . 1055 11L 


-^3- 




10&3 
1123 
■ 765 
805 


'•21 


4-45 Group Tst. FtL- 

fl.fl 

7.06 


.(370.4 3M.9| — U{ 435 f Accum Unite), 


1152 
163 6 


2992 

100 4 

124.4 

7400 

177.2 



Lichway Unit Tst Mgs. Lid.?' (age) 

■ 1 L U J!!!iI o l^« 1 , V7NI “™« 0, ‘ 8: i 1 ?S: Henderson AdminstnOn? W<cMg) 
■ hieoat August rpNext Eub?day Aiigua'lt Bn^wocL eSuSl 1 " 5 
lore lays Unicorn Ltd. laKgWc) IJC. Funds 
"oicoru Ho. 252 Romford Rd-"E7. 01-&34554A Cap- O rowth Inc..;_. 

rdrorn America 137.1 39.' 

-..Hi. AukL Acc [81. J 07 

.1)0. Aunt Inc MI 69 


Pearl Trust Managers Ltd. (aHgMxl 
770 253 High Holborn, WC1V7EB 01 -405 SMI 

2-2 Fowl Growth FtL_B4. 9 268 J 451 

?-E Accum Units 295 3LS I 451 

235 Pearllne. J4.4 37M ..Jj 638 

I ® Pesri UnitTsL 37.9 40 8.... J 472 

a.03 (Accum. Unite) |«5 52.8 1 672 

Guardian Royal Ex. CnlMIttn. Ltd. 

Royal Exchange. EC3P3DN. .. .01-6388011 Pelican Units Admin. Ltd. (gMx> 

(ogMjkuudlilllTst— [964 993S| -02( 4.19 81 Fountain St. Manchester 

Pelican Units [9L7 


Rojal Tst. Can. Fd. Mgrs. Ltd. ^ - 

54. Jermyn Street S.W.). 01 -€288252 y^ cSSlM.- 

CaplulFd '-1-174.7 ' 783) | 350 

Income Fd. -^35 773| -4 750 


Prices at Aug 15. Next dealing Ang 3L 


Accum Unitei-..— 

I 55 S***»g Unit -Tst. Managers Lid.* in) tAccuml*lJi?i»»““." 1 

716 POBo* SILBcMbry. Hse.. E.C 4. 01-3305000 4“*- ,B - 

:3 is sasassft:Br ns 

J S« - — - .Leaden Wall Gimp 

. Security 'Selection Ltd. gS«Jg*C« — j» J 

15-10, Llnedn’slnn Fi elds, WC2. 01831 (BOOB Esira Inc. GrawtiCI 40.1 

3 278 — -4 219 Do. Accum. 467 

0 2351 .....1 259 Financial PFlty 16 6 

Do. Accum 20.6 

031-226 3271 Special Site. [34 3 


Uli 

2044 

143.6 ..„. 

2020 

121-0 

17U ..... 

282 4 

3142 

105.6 

1301 

1564 

1862 

1792 


027232241 
7.62 
7 
4.1 
430 
• 750 
7.5D 
454 
454 
10.00 
15" 
5.L _ 
5.06 
830 


'Vo. Capital .. ..' 70.4 

*o. Exempt Tit »» 

. Extra income .. 295 

To. Financial 65T 

To. 500 78.6 

To. General 340 

hx Growth A cc__ 433 
To. InrameTd. — . 91.4 
Do Prt.A'DK. T«L..p<t3J 
Prices si July 3L Next euh 

To.RKovcn ,.[462 49. 

7a Trustee FUnd...llZL9 131. 

.TaWldwidoTfiL S3. 9 

AfWJn.Fd.lne ML> 70 

Do. Accum— 177.0 01 




. ,, Cap Growth Acc. 

liRtaueg Assets—. 

] 60 . High Income Ftuxl 

aiS High Income .... 

588 - Cabot Extra Rk.^ 

77* 'Seda- Funds 
4.68 . Financial 6 ITD— J27.1 


011 6 NaL Res 

Tllt ff I W lfftMlI 

Cabot 

International , 

.WldWIde AugSL. J 

Drentai Funds 

AudraJIan 139.7 

European (44 0 47.71 — J 

Far East! 9LM ; j4H 


3.96 Extra Income, 

2.43 Small Co's Fd. — 

Capital Fund 

2.63 InL Eras. A Ameto- 
166 Private Fund 


- North Amer (44 2 

435. NAmGrtAug UL..Q353 
CaboLAnwrJSmCo. 1613 


243 


Technology] 
FJxr East Fa. 


BOO 

33.0a 





45.7 

m 

1M . 1M 

495 

54.4 


364 

40 .te? 





60.6 



29.4 

j2Jta 

+05 

263 

28.7 



Unlv. Growtb [73 7 

I acieaslng lactans Fond 

Hlgb-TteM (575 

High Incaxne Fonda 

High Ret urn 168.9 

Income 

I X Fonda 

UK Equity _|467 - 

Overseas Ptmflstel 

Europe I9L0 

Japan-. — : hc67 

UJZ. BLl 


+0.1 


Save & Prosper Group 
6 Crest St Helena, London EC3P SEP 
O01-23856BS G8-T3 Queen SL. Edinburgh EH2 AN'X 

985| j 4,74 Dealings to; 01-554 B809 or 031-228 7351 

Save it Prosper -Securities Ltd.? 

02T7-ZI" aa Perpetual Unit Trust Magmt.? (a) iateraaiinal Funds 

' 48 HartSL. Henley on Thames 040128808 Capital [394 4251 1 

|g P - petualGp.Gth MS v . 47.71 .—-l 3.00 !, T . U .-. 

5,71 PieeadiUy Unit Trust (agb) 

745 Antony GEMw Unit Trust Manager* Ltd. 

020 3. Frederick's Place, Old Jewty. EC2R 8HD. 

01-580 4111 

930 
4.70 
4.40 
240 
4J0 
300 
310 
1.00 
L50 


2.89 

370 

2.01 


45. ChffilotteS* . Edin burgh, 
isuaait American Fund 
Standard Units — (70 7 75 

Accum. Unite [762 81. 

WithdrsiwiPTnlte ..[36 4 60. 

•Stewart Britisb Capitel Ftrad 

Standards-^ -1145 0 - 157.01 J 

Accum. Haiti-. . Ilf* I 180 8 [ 

"... Dealing TFri. *W«L 


9221 H)Jl .. 
967 -0 H .S.i 
431 

505 ... 1 
177 -O.ll 
223 -O.lJ 

725 -0.3 

363 +0^ 

367 +03 


5.66 


921 
921 
436 
4.06 
7.45 
191 
4,' ’ 




4.00 

4.00 


TSB Unit Trusts |yl 

Oban try Way, Andover. Hants. 0264 02188 
Dealings In 02W 03432-3 


Stu Alliance Fund MagL Ltd. 

Son Alliance Hse . Horfham 0403 Rt HI 

47 7^ dl-3 &5? Target Tst. Mngrs. Ltd.? (aj(g| 


47.7B0 -0.2} B5i 
SOZat-OJI 4.77 


i-b (TSB General WO 

ibiDo Accum.,—.. 613 
ibl TSB Income-.. 629 

■ hi Do. Accum 65.6 

TSB Scottish 915 

ibi Do. Accum 973 


Ulster Bank? (a) 
Wari ng Street, Beirut. 




67. 


& 


-05^ 


69.8) -0.31 


Jl 


330 

331 
730 
7.00 
236 
236 


St, Gresham SL. ECJ. 

Target Cmrenodity '«2.5 
Target Financial Mi 


Dealings: 0290 5041 iblUlau*G«owih....J39.1 


023235231 
42.74 | 4.92 


3.04 


Sector Funds 

Commodity -.HU 

Energy -{74.1 

Financial Secs ...[773 


>^'OI-0S88OJ_1 


Baring Brothers A Co. Ud.? (aKx) ltBit rit Mmt rat 

«. LradeithaU SL, E.C.3. ' 01-9682830 5*“ TsL 

StratitniTd, 11933 202.01 J 412 

Do. Accum. 12402 2503 ,:._j 4.12 

Next sub. day August 3L 

Blshopsgate Progressive MgxnL Co.? 

O.Blshopscata E.C2. 01-988000 


BgalpPr.**Ang.l5_ 1972 
Acc U te -Aug. 13 . 234.9 
B'gatclnt Ang8... - 106.4 . 

lAccnnw Aug 0 2068 SB . . 

Next sub. day 'August 22. —August 30. 

Bridge Fund MnnagereVfBMc) 

King William St. ECNR9A8 


339 

339 

218 

210 


American A Gen-t- 


Capilol Inc.T 

Do. Acc T 

Exemptt 


274 

56.2 

... 0.0 

-. 455 
150.0 


Iniernti. Inc.t M2 


lie. Acct . 


120.0 


20.t 
61.1 
435 

360%i 

153 .. ... 

215 ...... 


49 Beech SL. EC2P 2LX 

i bl British Trust [U2.4 

ig' Inf I Trust 403 

lei Dollar Trust 664 

i O' Capitol Trust .. 313 
(bl Financial Trust 90A 
ibllncomr Trust..- 285 
(b) Security Trust-. 55.7 
tb)High Y»eJcITsL-Pl_5 • 

Intel.? (aKg) 

16 Christopher Street. E.C2. . 31-34772431 

Intel. Inr. Fund |93.7 -1005) 635 

01-023 1 » l Key Fund Mutagen Ltd (aKg) 

25. Milk SL. EC2V 8IE. .020007010. 

Bey Energy In-FR-182.1 . *Z>Q-0.4} 372 
Xcy Equity A Gen... pi 7 774-6N 4.49 

Olit-v Exempt Fd. —USl 1 * 1795) 543 

KeyliKOinbFund...ll4.1 89Jt-Kn 7.72 

Key Fixed InL Fd-£l-5 11.86 


166 Practical invest. Col Ltd.? (yXO 

J I'm 44. Bloomsbury Sq,WClA2RA 01-023 8883 aigb-Hbrimam Funds 
Practical Aug 10._|17g3 ™ f( j Select IWenML |2771 



130 

536 

in 

231 

526 

3.12 


3 12 - Key Small Co'yFd„pim.O 


550 


Dealing Tues. twrt^hura Prices Angus KWMrort Benson Unit Managers? 


Britannia Trust Management (a) (g) 

3 London Wall Bnildiniu, Loidon Wall. 


London EC2U SQL 

Assets - 178.1 

capital Arc K7.9 

Comm 6 lnd .—....-1612 
Co nun oduy- 
Dotnestic — 

Exempt— 


SO. FVuchnrrh St, EC 3. 
K3. Unit Fd. Inc. -.190.4 
■MLB. UnitFd Ac [U4-4 


01-0380478)0479 K.B. Film.. TUI -K22 


n\i 

i 1 * 


t . 


Extra Income.— 

vlnimcisI SSc'-.” Mi 
Gold 6 General— .. 10 
Growth., . . — , — 17.4 
lor 6 Growth — -. 77.9 

InCI Growth 70 8 

Imcd Tst. Sham... 51 T 

Mloerais. - — 437 

Nat lUgh lac — .. V 5 
New Issue. . — 385 

North American 320 

iTafcssional . .... 5577 
Property Share* ..14 9 

Shield . - 465 

M at lit Change— - >35 
Vitlr Energy .|39.1 

The British Ufa Office Ltd.? (a) 
Reliance Hoc- Tunbridge Wells. KL 00822271 
BLBntWi Life-... 153.9 57 « -051 558 

Ht. Balanced* -151-5 555} J 6« 

Bi.niiidcnd- pS.S «5| J 690 

•Prices August B. Newt dealing August 16 



FiLIn-TflLAcr _}623 - 
_lmirCo'sFdlnc..to9 4 
. .SmCos FcLAct.149.* 
ChYU.Fd.Inc-1 OT.O 



gb Yld.Fd.Acc.. | 508 > — 

L 4c C Unit Trust Mana^epient Ltd.*] 
The Stock Echangc, EC2N lBP. '«-588 2»»f 

iff fil&MrRM IS 

Lawson Sees. Ltd. ?(a)(c) 

S7. Queen's Ki. Londoa gC4R IHV. ' ftfcSB 5*ll 


At Raw Ratetfalt.... 81 F ' MBT-MTSl 

lb Accum Unite) — 465 502 +0.tf 

•Growth Fund M6 6S.4 ^3 

*l Accum l'nils)-. 660 72.1 .._J 

TtGilt and Warrant. 40 7 . 43.4 ...3 

.lAnuTicnn Fd. — _ 267 -.'281 ..-J 

a Accum UM its) ^ 278 .29.5 -1 

•■High Yield 473 . 51 Bn -I.Sf 

••tAccum. Unite) . .. 633 7>2at -1.0| 


6M 

607 

.257 

2-57 

135 

HS 

sa 

■Fri. 


3124) 


Brown Shipley St Ca Ltd.? 

Mngrs.. Founders CL. EC2 
JHS HniUAng. 15—.B33.6 
Uajcr.i Aug I5B90.6 
Oremkr Tnuti (a) _ 

Financial- — . 367 

iLeecral 199 

Growth Accum.. — 49.0* 

Growth Income....- 59.0 

Hlfjh Income — 

Index. . — _ 

Oversea* — 

Crrlormun)- 

RecorcfT.— f 

ExmpL AugOM Id-.) 


Deal *Mon. *Tuen tlWcd. jThura. 

Legal & General Tyndall Fund? 

16 Canyngc Road, Bristol. 0C7SSBH] 

DiA Ang. 10... [632 66 Bj .{ .430 

(Accum Units) — .[79.4 M.M .—.J . 

Next sab; day Sept. is. 

Leonine Administration Ltd. 

Z Duke SL. London WIM 6IP. Ol-48S50Bd 


oiAipoBsp LSSA«tSzr::.|«7.r : 


fflrd 


4.74 

450 


sw-j 4^ Lloyds Bk. Unit TsL Mngrs. Ltd.? (a) 


1.9 



Registraris Dept. Goring-by-Sea. 
WnrthlngWest Sussex. 


1 Barclays Life Assnr. Co. Ltd. 


FtrariBabKdJ B4.0 5&Q -05) 

696 r*o lAWUffi)...., 743 79* -0.4 

4.% Second (Cap.) 573 621 .. .. 

9.37 Do (ACCUml 72.7 78-1 .. .. 

334- Third Ouwmej - 384 95.0 -04 

418 Do. tAccum 1 1209 130 0 -0.6 

3.03 Fourth I Stlnc.i h£6 60 3 -02 

419 Do. (Accum) J7L4 773, -fl3 

4§ ' 


Lloyd's Life Unit Tst Mngrs. Ltd. 

■3-80, Gw oJmuse Rd. Aylribur>- {E908MH 

I 3.76 


280 Romford RtL.E.7. 

Barelayboadx* 129.0 

Emily 1252 

Gut-edged 110 9 

Property — — io55 

Managed 1146 

Money--. 993 

guroisAcnn.. 1035 
Do Initial 1001 


405 

455 

'204 

*234 

5 S 

537 

737 

757 


See also Stock. Exchange _I)caJrn^K. ^ ^ 


Canada Ufe Call Tst Mngrs. Ltd.?, .EwityAcctan. ._ |164.8 178 7] 

2-6 High Si. Puriora Bor. Hens. . P.Bar5iU2 W St G Group? (yMcM2» 

('an Gen Dirt. ... 140 7 42M-0.il 4.2B Throe qaaix. Toner Hill. EL1R 0BQ. 016B8 45M 

iHtiicn Arcnm-.._fM2 52* -0JJ 420 

Do. Inc Dirt —134.6 3651 -OJj 7.43. American -.[$4 9 

Du. Inr. Accum 1455 47 71 -O.lJ 7.C tAcritm Unite] (561 

_ , . , — — ' A immim w tea 9 

Capet l James) Mngt Ltd,? . lArrumUnitei go 7 

IT»ee» on Aagtul 10. Next dealing Sept. 6 Lonroraton GiwtiH7Z z 


rmcnim Inn — . 69 0 

Carliol Unit Fd. Btgrs. Ud# (a«c) . SBjjgl giai M 4 

M Ilham Iliniac.NewcasUc-upon-Tnio 21105 European * S2 4 

Cariiol -.-[733 ...... j 3.W (Accum I'nilo... . (336 


Do. trrgra Unite- [800 


167. Extra Yield 


Ml 


IHi. High Yield. .[440 07.3^ .J771.-iAccum.Uuitei-._lm3 


7.71' FarEMem [M2 

'Accum. Unite) — -I7L4 
ATindof Inc.TMb.. [69 1 


Do Accum I'nlin . [55.7 58. 

Nest Ming drin.AuguU S) 

Charities Official Invest. Fd? i Accum f nitei ; - . la) 3 

TT LuskJLwi Wall, BC2N IDB. . 01-3881815 General 10.0 

jKEjSa-'Bffl r Iri i“ 

4V tooth. Only available in Reg: CHariticA *L^enmUniWi-__ ZMJ 
Charterhouse Japhet? " tAccum UnHsiZH 1733 

l.Palcronrtn-Rtwr.RCH. 01^483990 


CJ ItdcrnaiT- 
Anun I'ntte- 




t'J. Income ,...,..SI 
t'J Euro Fin_-i.-lat0 

ArciHB. l'nils. 132.8 35 , 

t'J. Fd. Itro. Trt . ..„.fSia 3S.7[ 

Acetua. Unite .—.|S5.7 sq .. . . .. 

Prices August IE. Next dealing August S3. 

Chieftain Trust Managers LteLffaKg) Specialised Brads 

HNnvSLfXSM'ITP - 01 -2832832 Troslen gU.0 

American k>C43 0661 i4)3] 133 


197 

397. 

7A5 

-4J&. 

4.06 

365 

3«. 


i Accum. Units)- 

Midland- 

(Accum Unite). 


i Accum Vnlnt— .... 902 

Second Gen. -. 108 0 

(Accum, Unilsi— .. 2866 
Special.. ..-. .-1768 
tAccum. Units) [2249 


■US} 

425 

MS 

.235 


SB7.d 

60 0 -rO.d LS6 
6J7o -OJl 
641 — 0.3) 

0720 -0M 
95 2 -O iJ 
1266 .... . 

76 9 *0.4' 

74. 3n -OH 
1373 -03 
260.7 -OH 
561 -0.il 
574 -0.H 
97 2 -0^ 

129 9 -0 3 
69.4 *0.7 
760 *0 7 
736 *D.U 
90.0 *03 


I29L6 

i 


1166 -O.H 
1961 -D| 
1032 -O.H 
1B4.8 -08] 

246 Jn +0J 
310.6 -DJ| 
1903 ... ... 

- 320J -0.1 
931x1+02 
961 +02 
204S "-02 
31L0 *02 

18634 *03 
239.5 +0.1 


7J8 

730 

JR 

IB2 

-fsq 

sr 

43T 

4JJ 

5-45 ] 

|! 

1 

635 

655 

■uol 

4370 

AS7 

BSi 

A99 


TAccum. L'nlu) OU3 


Htab Income — , 

In IcronUtmal T« —k 
Basic Mnarce. TaU! 


^Mrihund Ang. 15 


309 6* 


168.81 

326 9 


.604 
! 604. 
Mm 
233 
7JO 

sat 


3051% im -TtSsaseawsiBB --i 

aim rw.uEs.Ang 14.. pSLS 159* 

Confederation Funds Mjt .Ud.? fd . -MaaoLife MattaRenmit Ltd. 

30 Cbancity Land WCLV 1 HE , oi-TUIBK! SL UKwrcs Waj'.&dTnaae. . M3frMK0| 

Growth Fund _ _.... [45 J 48.11 1 3.91 Growth Uulte. ., [561 54.# -08| 3JD 

Cosmopolite. Fund Managers. ; Mjjrflww Management Ca Ltd: 

3b Pont Street. London SWIX OKI. . 01=235 8025. . ILlBGrmhlnn SL.EG2V TAU . Ol-«0 

Co.tnnpoln.Glh Fd.RBS J «* tnewne- Aug IS - JU4 

Do.tncnmcM |480 no) -LOt 1127 General Aa£ 13.— .1741 

A'reseent L'nU Tst. Mjcrs. Ltd. Mtgj ; j£L*ger* Ltd. 

4HclVilIeCrK EdlnhuighS. (131-2264101 3o.GnaihamSi,EL*2P2EB. ai-OOS 


nlrtijg 



Here Gen Aug, IQ 
Arc. NU.Aug. 16—. 

Mere, lot, Aug m 

Art.ln ,4 up . W— 


2066 

2710 

723 


22 1.9 
2883 
770 
631 
2394 
2856 


■Cm A tim. I'd H0 5 

Crcs. latcnuuT M 0 
I’m High Dial . . « 6 

1'm.RtwiWT. .- 410 

Ctwv. T okyo., JM4 — +» *[ * »» MereEsUul5'27L- 

Discretion ary Unit Fund Managers. 

Si, Blmdield SL. EC2U TA L ' 01-084*5 MMtod BmL Group 

Dm Inromc . ... ... (182.0 195 8| -7.6J -467- Walt Trt« Managers Ltd.? 

K. F. Winchester. Fnnd JHngt. Lid. ^SSSltito Slml 

nld Jewir.GCE O!-0M21ff7-CdnuM)d)t}'liSea.f7S4 

iift'ii Wioctacsre.. J17.1 l|6d J 521 Uo^Apcnm . j870 


r.iWibcn'ct- 

KntMW St Dudley. Tst- Magvnt Ltd. capiiaT 1 ^" 
M.ArlinjmaiSL.S.WJ. 01^5873SX Do Akuiu. 

J-ITWW1 DudlryTA. 169.9 7521 —4 3-* 

Equltas Sees. ltd. (a) (g) - lwcrnsuonni 

41 BtshnpSjiMC. EC2 OI-MBESSl. 

Progroatrc 171-2 751|-frj) 379 nT,™* 



iTotnreairc 1 fu /sa| -ojj J n Dn Arecm S~4 

Equity & Law Un. Tr. VLf (aNb«c)(r) Hg} 

AnwrcluunRd.Hish WycomlwL OtW 33077 -Prices' *[ )Wjj.»nt ridding AaguaSL 
EquUyALaw — [7L8 756] 1 586 


t.-l 074278643) 
8121 -0.M. 430 
436 -0.4 4.00 
42 0 '269 

317 -0.1 |m 
35 7 +0J - -204 
59.1b -®3 612 
690 -S3 '6J2 
54 J +02 ZD7 
57.9 t«3 
HU -0J 7.S 
74.5 -0J 7.71 
112.0 ..... 339 

112« 539 


^ CUVE INVESTMENTS UMITED 
1 Royal. Exchange Ave.. London, ECSV 3LU. Tol : 01-283 1101 
Index Guide «w at AttgUBt Z5C 197B (Buc 208 at 14.1.77) 

Clive Fixed Interest Capital..;..'. — J32.07 

Fixed Interest Income 11465 


CORAL INDEX: Close S 13-518 


IN^t&lANCE BASE KATES 

TPropertj* 1Q1 .*^ 

tVaubrnffh Gyjlrarft#d.i.M....... — — 8.87% 


cr Tnuiruncn and Property Bwd Tnblc. 

i n- . — *r*r 


Accum Unite 2406 


3.90 Select Income __ |56.9 60.0) -0J 


336 id 

030 ADo AcoUnlte. . 
UX Target cut Fund - 
TarEeiGrowtb 

1M Do HdmSSiii. 

“ fflafea-. 

2.04 

694 TgLSpertHtSite... 


139 2 
2272 
3065 

w 

1? 

35 6 

166.3 

31.7 

132 

20.0 


44 6 +01 
70 1 -0J 
422 -0.4 
2354 .... 
3193 ... 
1222 .. . 
31.6a -0.1 
3134 +0.2, 
34.6 +0.1 
303 +0.1i 
17534 ..... 
34.1 -0J4 
14.BB 
22.4 b 


3 JO 
423 
5.82 
604 
604 
500 
4.44 
L84 
1*4 
327 
408* 
758 
1329 
4.12 


Unit Trust Account & HgmL Ltd. 
King Wllliun SL EC4R OAR 
Frl an Hte. Fund— [163.0 17 
WieJorGrth. Fnd.—|325 
Do. Accum 36.4 


Wirier Growth Fund 
Ring William Sl EC4R OAR 

Income Unite (32.3 

Arcum, Unite..— _ >36.4 


01-093 48S1 

3431 | 3.95 

39.9] ._... 3,95 


Abbey Life Auni—ee Co. Ltd. Crown Life Assurance Co. Ltd.? Lloydfe Life Assurance 
1-3 SL Paul's Churchyard, BC4. 01-2489111 Crown Lite Hse. Woking. GUZ1 lXW O4862S033 20, CUBon SI . EtZlA 4MX 

Equity Fund 095 “ ' “ ' 

Equity Acc 04.1 


4X6] 

359 

1573 

164.4 

100.4 
1385 
1295 
1352 
1453 

39.7 

1185 

1165 


Property Fd 150.0 

Properly Acc 1563. 

Selective Fund— - 953 
Convertible Fund- 1315 

Vkteney Fund 1225 

VPrep. Fd. Ser. 4 128.4 

MfaiLFd.Ser.4 1365 

VEquityFU.Ser *_ 37.7 
VConr Fd.Ser.4— 1125 

V*0nejrFd.Ser.4_li»5 , — =r. -=3— — s— 

Prices at Aug. la. Valuation nornuiUy Tuesday. rjxadl0LFd.^c. . |W2 


MnnCd FumtAcc—0075 
Manjt'd Fd lacin. _ 1075 

Mang'd Fd. I rut 106.4 

Equity Fd. Arc. 1023 

Equity Fd. Incm 1023 

Equity FtLlnit 1015 

Property Fd. Acc— 97.4 
Property Pd.] ucm. 97.4 

Property Fd.3ah 96.7 

Inv.TsL Fd. Acc 1113 

lnv.TsLFd.lMBL- H13 
Idv.Tsl Fd. Init 110.4 


Albany life Assurance Co. Ltd. 

31. Old Burlington SU W.l. 0143 

VEquliy Fd. 


loterl.Fd.Acc_—.. 


VInU JlinJFiLAcHi 
VPropuFdAcci. — 
VM'plc lav. Arc 
Equity PcnFd Acc. 
Fixed XPctlAcc — 
GliLMon. Pen .Act.. 
Inti Mn PnFdAcc _ 
nvpPctAcc.. -. . 
Wple Inv.Pe 


AMEV life Aunrance Ltd.? 
Almn Hie. Alma Hd-RelgBie Reig: 
AMEV Managed _ 

AME\ Mud. '8'— . 

AMEV Money Fd.- 
AMEV Equity Fd . 



2104 




fWJ 

149 0 


__ 

■Ttra 

121 n 


__ 

tjia 

1211 




115.0 


__ 


103.6 

, 


w IR 

2500 

...... 

_ 

pao.o 

109.4 


__ 

i-'Tra 

137J 


__ 

123.5 

130.0 




1306 

2243 


— 


InteFL Fd.Inrtn.„„[ll9 7 


DuL Pd. Incm. -x.. 1069 
Own Bn. Inv.-A-. 1553 


11331 

113l1| 


112 * -01 


107.4 

107.4 




119.7 


ioxt! 

117 jJ 
117 T 

103-1 

1S5 

125* 

10li| 

mi3 

1125 


-oq 

-o.f 


zU 


+0.U 


-0.4 

-0.4 

+05 

+05 


-0.J 


B1L rah. July 31. . 
636 OptB'A’BipAuKlC . 
— OpLSA'BqLAuglO. 

Opt5'AT3qLAuplO 

5.93 OpclTAlianAuglO. 
OpUATpLAuCIO 


136724 

1254 

140.9 

1560 

155.0 

1222 


96* 

1320 

148.4 

167 2 

163.2 

120.7 


.Schroder Life Group? 
Enterprise House, Portsmouth. 
Equity Aug. 15 


0705 27733 


Equity 2 Aug. 15._.. 

Equity 3 Aug. IS 

Fixed InL Aug. IS... 
FlxedlnL3AuE.il) . 

. Int CL Aug 15 

Yaz Londiai Indemnity & Gnl. Ins. Co. Lid. j^ s ^ il ^^ 5 15 “;“ 

— 1 8- BkTbqftirb ur). Reading £6351)- Mncd.Rlx. Aug lSl 

— MonerMaBaKcr ...136.1 305] *01] — Managed Aug IS... 

5.47 M.nQhexifale . . . 32 1 33W+0U — Monej-.AuglS 

— FixedirotiesL |345 344f-DI| — Money 3 Aug IS — 

1194 The London & Manchester Ass. Gp.? RSKrtySAugis: 

— Winstmde Park. Exeter. 0392-52153 BSfti Cp8 Aug. 15. 


— Crusader Insurance Co. Ltd. 



675 

855 


Tav.TriirFinid .... | 

Vincula House. Tower PL. EC3. 01-6208031 

Glh.Prop.Aug6._Q2! ' 815] I - M * g3jL, P V t 

Eagle Star Insnr/Midland Ass. • Threc^hnois. Timer RU1.EC3R 6BQ Oi-oW 4588 


243.4 

+2V 

1413 

+0.7 


+0 4 
-0 2 

1223 

+ 1 1 

1547 

+ 1E 

044 

+0.1 

3003 

♦4>J 


l.ThrcadnccdleSuECS. 
Ejgl't'Mid. L'nils— [55 7 


01-5881212 JMri. . 
578] J 554 Coni". 

Equity & Low Life Ass. 5e& Ltd? Faanfrj 
Amershan Road, HiKh Wycombe 


Equity Fd.— 


an. 7. 


AKEVMed 
AMEV Me< 
Flexiplan. 


00. ra 

d Pen fd 


13455 

1535 


IrerU 

1UJ 



113 3 



124.1 


i rriT^H 

97.1 


976 



96.7 

101.4 


67 4 

1021 


MR 

102.0 




[ 245.7 

* 

Z335 

■ 17 


1275 

■?lt 


139.7 

147.1 


1504 

157.9 


1393 

1465 



143.7 

1463 


121.5 

1271 


1373 

1445 

Hll „ 

1510 

158.9 



1002 

113.9 


1104 

1245 


1576 

166.1 



1553 

163.4 

...» 

122.1 



1333 

■UP 


!St 

2195 

2619 


17.7 

102.9 

• real. 

98 8 

103.9 


% 1 



17.0 

■UK 


}£» J2 

1013 


97.1 

1023 


|995 

104.9 



2510 


124.9] 

1573 


Arrow Life Assurance 

30. Uxbridge Road. W 12 
SeUlk.Fd.Cp.UnL.BB.9 87.7 

SeLBtkKdBLl'nu-mi 1044 

Pen. Mud. Fd. Eq „[1327 136 8 

Peu-Mtd-Fd— FX..JU69 1226 


. . 107 J 

Fixed Interest F,_ [1095 
■Rd Peposli Fd. - . [99.0 
Mixed Fd ...11138 

General Portfolio Life Ins. C. UdV 

BOBarthnlanurwCL. Walshani Cross. WXI1071 

Twlolio Fund I 1361, } I - 

Portfolio Capita) ._.|«2 044] ._...[ ~ 

G restrain Life Ass. Soe. Ltd. 

2 Prince of Wales Rd., B'moinh. 0202 7B7655 Propt-rty Fens 


113* 

11731 
1564 -03 
U7 4 . 

91 71 

g 71 91 
7 3 M)3 

9 2 6331 

Prices un "Aag IS "Aug 17. —Ang 16 

Merchant layeslors Assmrancr? 


-J-0I 


BSPnAceBAug. IS- 
MnPnCpBAug IS . 
MnPu Ac cB Aug 15. 

SSSiaSSStf: 

Prop. Pen, Cap B— . 
Prop IVo. Acc B... 
Money Pen. rap; B . 
Money Pen. Acc. B , 
Gvcraeasf- |995 


Scottish Widows’ ^ Group ' 

Pt' Bo* 002, Edinburgh EHIB5BU. 031-6050000 


Inv.Ptj- Series 

Ine.Ply Series 2. ... 
Tot. Cash Aug IB .., 
ExLlAcc Aue.2 

ExUtlnc.Aug 2 

Mgd. Pen Aug IT— 


1122 

B .O 

i 

3 


1 )3 2 
116.6 
103.9 


28U| 






-1^ 


Solar Life Assurance limited 

10.' 12 Ely Place London ECJN6TT 012422005 


01-7409111 GI- Cash Fund-- 197 4 
I G J- Equilv' Fund — (114., 

— I Z OUOrtlAnd (11« : 

+72 

+3.9] — 


<!.L I ml. Fund [130 


G3- Ppty. Fund 


973 


Growth & Sec. life Ass. 9 


01-5343944 Flexible Finance — | 

mil -021 


Gilt Ede Pena. Acr. ..[97.9 

Do.liFSid — 194.9 

Money Pena Are —11013 
Do. Initial ... yn 1 

•Current anil value August 16 


116JG -0.S 

1103 ...n 

120.7 -ojH 
100.6 
1005 
105.4 
1031 
99.9 

106.7 
1029 


OJ15B 

Land hank Sees.. ... t S431 _ 
Land bank Set Acc DUL2 119 
G *S Snpe.-Fd._f E7-9IO 



Equity 
Equity Pens. 

Mone> Market— 
Money MM Pew.- 
Depotii . — ... 

Deposit Peng; 

Uoufti-cd.. 


Weir Bonk. Braynn-Thamcs. Berks. 062BM284 Mnnagcd Peng 


SL.Frnydon. 

01 -s 

155 i 

+01 

163.0 

+ 0.1 

620 

-0 2 

170.6 

-04 

142 6 

-05 

3844 

-0.7 

129.6 

+ D.1 

1417 

+02 

1095 

-02 

1424 

-03 

1143 

+02 

309 9 

— 


I 


Guardian Royal Exchange 
Royal Exchange . 602 


Inti. Equity 
Inti ManjBCtL.- 

N'EL Pensions Ltd. 

Mi lion Court; Dorking, du my. 


SdarMaiumcd S_.. 
Solur Property S_. 

Solar Equity S 

Solar Fxd.lnLS 

Snlan'aahS 

Solar Inti S . .. .... 
nolar Managed P.„. 
Snlar Property P_... 
Solar Equity P _ ... 
Solar Fxd.loL P 
Solar Cub P_— 
Solar InU.P 


132.6 
0126 

074.0 
0173 
100 7 
104 9 
1321 
1123 

173.6 

1117.0 
.tlOO.5 

1104.9 


139 +0.1 

1166 
1032 -04| 
123 5 -0.3| 
107.0 +01 
1115 +17| 
1391 
1183 
1B2J -04 
1232 -D2[ 
1065 -fOJi 
1115 1-1.7] 


NcJexEq Cap.: 

012837107 NejCNEu Accum. 


S01I 


Beehive Life Assnr. Co. Ltd.? 
T). Lombard St .EC3. OH 

Bit Horse Ang I ..( 13200 | 


Canada Life Assurance Ca 
8-0 Higb SL. Putters Bar. I Jens. P Bar 51122 Pw» FTop. Are .. 

EqtyGUvFd Aug 1 — I M2 j .1 

Betmt Fed. Aug T. j 1338 I — | 


Hambro Life Assurance limited? 
7 Old Park Lane. London. WI 

Fixed Ini Dep 

Equity — . 

Property 

Managed Cap 

Managed Acr 

thwseas. 

B3I288 Gill Edged. 

[ — American Ace - .. 

Pen_F 1 .Dep.Cap 

Pen FI Dep Ace. — 

Pen Prop lap . 


Cannon Assurance Ltd.? 

1, Olympic Wy- Wembley HA90NB 01-902 B870 
Equity Units — 

Property Unite 
Equity Bofld>Ei 

Prop. BondlExe 

BaL BdTExeWL’nlL 


PetL GiUEdg- Cap- 
Pen. Hilt Edg ACC.. 



2nd 

2nd DepuPenxiAcc 
.2nd Gilt Pen s' Acr 

]L*ESJF 

LltESLF S ..._ 


0030 

— 

+003 


— 


0222 

u.9: 

+0.02 

03.42 

14 21 


0355 
112 0 

14 34 
1185 


191 



+1 

turn 



1 1561 

+1 

UOJ 

1061 

+02 

1053 

UK 


100 9 

3061 

+0.1 

975 

in* y 


914 

96) 


1035 

3091 

+02 

1093 

115.3 


1038 

109.B 

+01 

99.9 

1057 


917 

973 



100 

43.8 


205 

303 


value Aucurt 

7. 


1260 

132.7 


1910 

ZffLl 


164.6 

1735 


i«4 

1563 


103.7 

1934 


1292 

1360 


126.0 

132.7 


1062 

mx 

re... 

1052 

1101 

_ 

(5j0i 

1506 

re... 

(a»i 

2172 


267.0 

TtO 1 


2169 

220 4 

■ re... 

Z80.7 

2955 


1235 

1KL4 


3311 

138 ft 

...... 

2243 

1114, 


1425 

1503 


1025 " 


104J - 



Nelex M'jnejrCa; 

Nele< Mon. A . 

Nelei »'.th 1 nr Cap- [SO 0 


Nel 51xd FA Ace... 

Noix Sub. 


U2J 06 61 

1235 1295] -0 J 

|62A 65* 

70 a 
52 U 
54* 

, 50 ^ 

J48B 5U| 

day AuguM 

NPI Penalmia' Management Lid. 

4&Gr3crehimhSL.EC3P2HH OI-6Z34200 
Jlanacevl Fund .—.(156 J 1626] - I _ 

Price:- Augasi ] Next dealing SepL 1. 
New Zealand Ins.- Co. OJJL) Ltd.* 
Maitland ! iffiue. Sonthend SS I 2Jb IG02 02955 
Kiwi Ke;' In*. Plan. 

Small Cu -PA^ ' 

Tre-hnulniiT Fd_5 

Estr.i In: . KA 

American 

Far Eafi KA - 

Gill Edtni Fd.-. [1062 

Con Deposit IH, 

Norwich Union Insnnnce GronpV 
PGBu'.i N'onrieh NR1 3.NC. 060322300 


Sun Alliance Fund Mangml. Ltd. 
Sun Alliance House. Horsham. 040364141 

Esp.Fd.lnL Aug ».. (£1562 162. B] I — 

InLBn Aug. 15 1 £1531 | J — 

Snn Alliance Linked Life Ins. Ltd. 

Sun Allianre Home. Hnrsbam D403 04141 


Fi iced Inierna Fd. ... 

Property Fund 

International Fd. . 
Deposit Fund 


Sun Life of Canada Ili.K.) Lid. 

S.3.-4, Cock; pur Sl, SW1Y 5BH 01-830 MOO 

Maple U.Grth I Z1LB 

Maple Lf Maned. , 138 J 

MtpIrU ^Iji . . ,| 1365 


1299 

1365 

-05 

1067 

112* 

-0.7 

U0.9 

1163 


1127 

110.7 

-05 

975 

102.7 


114 0 

1Z0.0I 

-O' 6 


- - PersnL Pn. 


212J 


-Capital Life Assurance? 

Conl i lo n Howe, Cbnpal Aah Wion 00022651 

KeylnveaLFA. ] 10*27 I 1 - 

Ncnutnlni.Fd..| U6.06 | — .] — 



Wealth Ajs. 


Charterhouse Magna Gp.V 
IB. Cheque rtSq^UxbridgtiL’BS INE 5S18I 

Ctethse Energy 09 5 415} -- 

Ctartiue. 51 racy... - 29 4 31 S .... . 

Xbrthaa. Managed- 406 - 42* — 

Chrtbae. Equity .... 375 395] «... 

Magna Bid. Soc. — 133 6 

Maana ManagrO — 150 6 

CUp-ef Westminster Assnr. Co. Ltd. at 

Riqgatead House. S. Whitehorse Road. Eicmu. Fd *gnj 

”■ ‘ Aug. l .hsM 


Peg D A F. Pap. .. 

Pen. D.A.F. Arr 

Hearts of Oak Benefit Society 

15-!7.Tayislork Place. WCJH8SSI 0I-3S75U20 Manased Fmd_u_ 
Ileartsoi Irak [366 387] ..... ] - 

Hill Sarnnel Life Assnr. Ltd.? Fi-edim Fond pisaLn 

NLA Twr.. Add.jcon.be Rd, Crqy. 01-084 43S5 

^Property Voile — 0575 164-5 1 _ *No" L n.I Auglfi. 

FTDperrr Seriej A _(U33 

Managed L'nils (1753 

Managed Senes A_]U35 
Managed Senes C..QD3.4 

Money Unite 4 

Money Sen es A_ _ [961 
Fixed InL Ser. A — i93i 
Pnn. Managed Gap. 11425 
Pns. Managed Act. (1515 

Pna. GTced. Cup p6C 

Pns.<Ji«d Acc — 1U24 
Pens. Equity Cap — [U2 .4 
Pens Equity Arr. -IM3-3 
Pol Fid. Int Cap - .J953 
Pits Vxa 1m. Are . ..gb* 

Pros. Prop Cap [95 8 

Pens. Prop-ta 1965 

Imperial Life Ass. Co. of Canada 
Imperial House. naihltwrd. 

Gn-Fd. AUg I8...„]76.a 
PensJd. Aug 18 — ]7L3 

L'ntt Linked Portfolio 
Managed Fund — 198 4 103 tj -0 — 

Fried Int.Fd. W74 102* -02] — 

Secure Cap. Fd. :(9* 7 MLS +0 J] — 

Equity Fund |SL2 1044] - Ll[ _ 

Irish Life Asionnee Co. Ltd. 

1 1 . Fiiubury Square. ET2. 


1505 

15531 


1053 

110.0 


1106 

116.4 


99.1 

1043 


UA2 

1202 


nao 

1242 

+0.4 

1042 

1095 

: +o i 

973 

1024 

+01 


Target Life Assnrance Co. Ltd.'. 
Target House. GaLebouse Rd., AylNbnry. 
Bucks. Aylesbury (02901 5841 


019.7 

231_2 

-Dfa 

9632 

3823 

-1.0 

1307 

1375 


1543 

162.1 

-05 

1064 

1120 


2233 



Mag Fund lne_ 

Mao Flind Are 

Prop Fd Ine 

Prop. Fd Are. 

Prop. Fd Inr — . — . 

Fixed InL Fd Inc 
Dep. Fd Acc. Inc. - 
Ref Plan Ac. Pen. - 
Ret PlarH.'ap.Pen 
Kcl.PlanMiin.Arr 
Bel PtanMan Cap (latilMt 

Gill Pen Art 1 131.4 

Gill I’en.Cap. [123 5 


W0 9 104 

p22 126 

1109 7 115 

140.0 
1095 
JJ0L7 

R£s 152 65| -0 * 

|65.0 70J -0^ 

131.7 1367 



I - 


Phoenix Assurance Co. Ltd. 

4-5. Kin^ wuiiaai'St, EC4P 4HR. oi -6260676 Tranfiin tcrnat io n al Life Ins. Ca. Ltd. 


129.01 I — 

005! I - 


— 2 Bream Bldgs.. EC41NV. 


Prop. Equity ft. Life Ass. Co.? 

119 Craaterd Street WIH2A&. 01-WS0B5' 
R Silk Pr-ip. Bd.^_l 1046 I . I — 

Do_Equ:l> Bd^^. B0 0 I +D2] — 

FlenMi'iicyBd- — ] 152.D 1+0.5] — 

Property Growth Assnr. Co. Ltd.? 


Tulip Invent. Fd 

Tulip Mangd. Fd 


1522 

0205 


Man Bond Fd ._ 1252 
„ Man Peg Fd. Cap.. 1294 
Man. Pen. Fd. Arc.. 1377 


— Mangdlm Fd Inti- 


Mncd.Inv.Fd A re (103.7 


103 3 


OlrtO50 4S7 
160JI ... 

1272 ..... 

331.7 

1362 

1449 

1067 

109.1 


Trident Life Assurance Co. Ltd.? 


_ Leon Hnute.GIfOyiloii, CHS 11.1! UI-6B606W Renslode House. Gloucerter 


tEoydan CROZJ a 
W e* Prop FuniL-.ffiDJ 
MiniartFund l 


010049084. prop 

6361 

100 7! 

66 5] .- 
77.71 
12751 
664 
173* 

120.1[ 


1717 

Enity Fuad 632 

Fanuland Fund 739' 

Haney Food 1212 

PULA Fund. 169.7 

Pens. MnedUap. _ 117.1 

Praa.MBgd Are 1 2 X 7 

Prim. Hooey Cap., «6 7 J9J 

Pens. Money Acc. ... 48 5 5LB 

Ran*, Equite’Cap..- 59J 624! 

nras.EqoKy.4ec .. M7 6*.0| 

Fnnd currently closed to new investment. 
Palana Unite 1 2915 i 

City of Westminster Assnr. Soe. Lid. 
IWItphMM 01-004 9H4 
Fine Untts 11236 1297J.>..| -- 


Pro peri: Fmtd„_ 
Propenj FirndfAi. 
AgncuIinriU Fund. 
Auric. Kiindteju-— . 
71235 Abbey Nut. Rand-. 
035] -0 71 _ AbbeyN-LFJltAj; 
7751-05 — Ini estment Fund. — 
— IimrrtJUenrFkUA). 

Equity Fund^__ 
Equity Fund (A i . 
Money f'i-nd»,_, 
Mone? l-uadfS. 

Actuarial F nttd. . 

Ujll-rtceJ Ftcad. 

U I -028 8233 Gill EdqrdFd<Aj_ 

® Re tire AnmOty; 

Watnu- \MPtJP 


470 


Prop. C 

All W':r*r At ms 
VAN WcJihprCto 
trim l-d 

Fenrion l-d. Uts.^„ 
014235433 Gone Hi nl. Fd.„_ 
309 4M-C225 — Uni. Pn« Cap Ut| 
Man Pen-, ea. 


Prop. Mod. Gta [198.7 

King & Shaxson Ltd. 

93.rorabsli.Ers 

H^inH Frt psuwwpe I1IWH 

Neu deal tea date Aiueust le 

Langham Life Assurance Co. Ltd. prop . 

LanebaBiHs.UblmbraokDr.NW4. 01303521l )4np PrnvCgp.ULjL 
Loagham A' Flao. .(tfi.l 60 ff 

vPro u Band [1430 1512 

WispiSPi Man Fd|76J 085| 


Man. Hen-. C^. yt| 


■ _ Bdw bo-.- P«l Utl 
_ BJ<i2 Lop.t’t. 


384 9 
1632 
- 7692 
7625 
. . 3554 
■-1512 , 
7115 
•7152 

104.9 

183.9 
1415 
1407 

115.9 
. 1244 

3244 
105.7 
1475 


-0 bi 
-0 61 
*o3 

*ff.3 


GrowOi' VV Btea l ii A AanoHIu Ud. 
0354 ]42Jf 

0269 135.3 

1422 


1314 

1490 

1337. 

1487 
1362 
148 2 
134.1 
1325 
1212 


Managed 

Old. MKd.._ 

Property 

Squi ry lAmert ra n 
L'K Equity Fund .. 

HiRh Yield. 

GlR EdRtii 

Money 


[1288 

3493 

g°o J - 

1173 
1426 
(123.4 
0235 
(1102 
130.Z 
1205 
1132 0 

S 4 
6 
9 


136.4] 

158.1 . 

1592 
97.4 +0* — 
124 0 *0^ — 
1515 . 

130.7 . 

1304 

116.7 4-0.11 
1379 . 

136.0 -. 

140.6 . 

1222 . 

127.7 . 

109.0 . 

1135 . 

1215 . 

1269 . 

392 . 


- provincial Life Assurance Co. Ltd. 


Legs ! & General [Unit Assur .) Ltd . szl Bishopssse . E.cM 
Kloowood Route. Kragswood. Tadwwth. 


ImrrnaUDJial .... 

Fiscal 

Growth Cap 

Growth Arc.^. ... 

Pent. Mn£d. Cap 

Peng Mntid.Acc — 

Pear. Gld.Dep.Cap 

Pens Gld Dep. .Arc. 107 5 
Pens. Pply. Cap. — 114 7 
Pens. Ply. Arc_ ... ._ 119 9 
Trdl. Bond . ...37 2 

z 'Tnil. U.I. Bond |99.1 

‘Cast, value lor E10Q premium. 

— Tyndail Aurora nce/Fenstons? 

IE. Canynfie Roaii. Bristol. (07 

” 3-Way Aug 17. — 

Equity Auc 17. 

Bond Auc )7 . ... 

Property Aog 17. . 

Deposit .\uy. IT 

S-wnj-Prn July 2<) 

G'seaslnv. Aug. 17 


ftopenty VnHt p4-7 

Commercial Union Group 
Sc tfdetCi.T. Undetsftaft. Ed, 
VtAOAcUtAug.19! 68.02 
Da Annuity Ul» | 18 76 


Sorecy KT206EU _ 

Cash initial ttl 

Do. Ac cun [980 

Equity Initial [045 

Do. Arena. (133 0 

Fixed lozul. Ip7 7 

Do-Aeesm 020.4 

Inti. Initial fU02 

Do. Arran. till 1 

01-2837300 Managed IrnliaJ IJ23.B 

I rtL oq — Do Aretnu. ]1367 

_,n • Property Innral p9 9 

* Do Aeeuto. 0025 


Confederation life Imrarnnee Co. BxemMCashiniL 

hanerry Lanr. WC2.\ 1HE 01-2430082 Do. Arcum. 

RjqnltyFund. 

VMan a ged Fund _ 

VPIPFuml 

Ftewl.Pra.Un«iL.. 

SUBiAMastLPn.- 
GroupMRCd. Pea- * 

KtoefftaLPen. _ - . 

Equity Pension . 

Properly Pension.. 

ConthUi Insti ranee Co. Ltd, 

Jaa.-CorahULE.LA 01-626 HU 

[CBp.Fab.Aut 13_[HiO 

SsdMite 


Bu^hlleat! 

103 a _ 
236.* -071 
140.11 -5 71 
122* -12 
326 jj -Lt 
1161 +0^ 

'130.* -0.71 
133.4] —0.2, 
10Sd . . i 
, 107.7] *0.^ 

Lend it C wt r il (trait Praduij Ltd. 


1653 , 173.6 


177.7 1065 


- >W0' . 


72 6 761 


72 6 762 


187.6 


-201.4 


2305 

■ te... 

1403 ' 



. - . iW 9 

Exempt Eqty.HiK. <1252 

Do Ac+um [1275 

EoMipl Fiwd IimI 5J3 
Do Arcum. . '115 4 

EwnpillacA loit.n23 5 

Da Arcum ..._|1S0 

Exempt Prop. ten. :97.0 
PaArcm 78 9 


Pro, Uuno£|bd Fd..]12U 
53496 Pro'. .''»*<• 1052 

RiU Fund 20- m i 

Property F^ffil 963 - 

Equill rlind US 1 

Fid In: Fund 963 


012478533 Mn PnJ-W AUC- 1 


127.91 
110 0 .... 
124.4 -l.d< - 
1014 

115 9 +0^ 
1U5 


Do FquHy.Mjt L. 

Do. Bond A lie l 

Do. Prop Auc. I. 


1278 


1782 

...... 

1683 


105.7 


1286 


140 0 


06.7 


174.2 

Ml|i . 

2710 

HMM 

100 0 


87.0 



Vanbrugh Life Assurance 

- 41-43 Maddnx SL, Ldn. WIR 9LA. 

Uanacrt Kd. (1520 

. 0) -4059222 EquilyFd._ 24B0 

28521 I — Intnl. Fund-. -...109.6 

MU ' I ~ Fixed J moral Fd™. 168 7 
2710] '"..'J — Proprny Kd — QS-? 


Cash Fund. 


HIM 



iu«anu 

ilEj = 


Lesri A- GikcraTPrap. Fd. Mgrs. Ltd *JSR 

i:.«oeraVirtonaf4.EC4S4TP okwswth rV.-^u* * 

UfCPrp Fd Attt. 4 >967 ltUK - ... [ - - . J! 

. Nnt.sute day. 'Sept. l. 


Prudential Feajipas Limiled* 

Holborn B*Rr,-BCl N2NH. 

Equii. Fd ‘‘tii0.1d_|£27.10 
Fftd. lot- ivf.165.kl9 40 

Prop F*1 tut IS |£26J6 

Reliance Mutual 

EnSTES*' i .“f i'“bmgi. Li„iw 

Rothschild Asset Management 

si h»1UilntlJ9S«.LnniIoa.BC4 015264356 Lot'iU™. ! ! 

N W.PWP— ~-~._.|1175 . 7 79M i — - 

\v tt Sa fe, Ouj September 29. 

Royal Insurance Group . 

New Hall Place. Urer pool- U5t 2S7 *422 

Ruy.il ShidiPl QaS.S nt Qj | 


01-4804023 
160 lj -0-3 — 
2611 -1* — 
115.4 +0.7) - 
177.1 -0.9( 

130 .9 . 

125.9 . 


41-13 Maddux 5L. Ldn WIR9LA 015094023 
Unnaced. . (100.7 I»O|-0, 


Fixer! Inlervei 
Property .H 


GuunnlMd tee 'Int. Hat* Rale*' nbJe. 


- . Bf-.ga 

i-.swrri - — ; Sot _nj l 

life Assnr. Co. of Fmssrlvanfa KK - 1398 

3S42 Vc™ Bond SL. WIT 0HQ. MI^IOOS ^fin-n^dL™ “ 7 M77 -01 

LMNtPVmte. 5990 1*4®=. . v*n<Fti-iZ; no! ml ^ 1 

Uo>d6 Bk. irnit TsL Mneral Lid. . W* 

120. St-London W1K3!K 414397081 71. Lflnibajrd SL. Eta. . 41533 I2BB - . -fatal m Vimu L 

13234 1— Eteaiid 3C12 1S75J ( 762 - ; r ' --TKoeUy d'ealiob*. 


pedll‘4 Commerce Insurance 
120. Kf£Tm sc.LanUonU 
C&CMnfid-'Fd (1225 


Welfare Insurance Co. Ltd.? 

.Wmaladc Fart. Exeter 0392-92153 

aSPiii-wM Moneymaker Fd . .] 1159 -H —0 8| - 

Far other lundn. please reler to The London It 
Manchester Group. 


Windsor Life Assnr. Co. Ltd: . 

Royal Albert Hac.. Sheet Sl. Windsor 


001-14 


— I+lclm.riiiro .... 

692 

72.1 


— KiHurvAr&ii.GUioi 

2LD0 


— KutureA’.sd Gthfbi. 

44 00 . 


HeL AsSd. IV its. . . 

£25.90 


Flex. lat.Urovlh _ 

[ms 7 

11131 

— 


OFFSHORE AND 
OVERSEAS 


Alexander Fond 

37. rue Noire Dame. LaixembuurfL 

.Vic sander Fniut-. I 1L'S754 | r .j f — 

' Net un value Auc. is. 

Arbuihuof Securities iC.I.) limited 

r O. Bn s 204. St. Heller Jersey. 1*3473177 

I'jp Tst ijerwvi . (119 0 123 0( . ...| 4. 86 

Next dra I me date A u suit 30. 

GovT Sere. TO |100 i«j 12.00 

Next dealing dale AucnaL 9k - 
Eaxt fclutl.TtUCI i.|125 0 . . ,( 2.B4 

Nett dealing dale Aususi 17. 

Australian Selection Fond NV 

Market Opponunlum. r a livh Vuunc * 
Cmthwalte, 127, Kent Sl Sniaev 

USSI Share*.. | SUS1 56 | | — 

Net AzmtL \iilu« Auijun ID. 

Bank of America International SJL 

39 Boulevard Royal. Lutemlrauru G.D. 


Mnql.. Jersey Ltd. 

P» Ro-i 96. SL Ik-iiiT JtTiei .iKnc. 01500 TOTO) 


7 uriMrl _ 

KonJtcL-i 

Krin-ld Int I 

Keiirli'i Europe . 
Ja[iali<)lli Fund _ 
Key »eli'i Japan ... 
Cent AmtMjii... 


?rsl366 
falU45 
17 57 
0 90 
JI'«39J4 
05 67 
£135 67 


law 

446 .... 
J1W 

17 Dll-0.241 
r0M 


270" 


371' 


£lng Sc Shaxson MgrS. 


1> hs-inir t'r.iv SI fl>.|i>>r Jersey iUU4i7TT4I 
Valley Hse. m ivicr I'lirt. kirmy. ilMHIi 24TM 
IThninaiMreet ImiucIsf. I.'.'.M ii)K 4>4SMI 
GlIH'unJiJrrun (£912 9 15] ... [ 1200 

ililiTni'lil ii M ■ llB3 1 105 7ra 12.00 

Gill Knd. Guernsey |i9.52 9.54j-0Jl| U.00 

lull. Govt. Sen. Tsi 

Firvi-Sterilni; . (C17 45 1C2W-0 21M — 

6 irsl Inti. .. 15104 99 186 Oj J — : 


Klein wort Benson Limited 


Wldliwntt Inrume. lSlSUlR HJMfO.9* 750 20. Fenchur. hSL. »7l 
Prices at Aoswl 1.. Next <.ub. da August 23. Eurimrsi Lui t 


Basque Bruxelles Lambert 
2. Rue De la Recenre h low Bruaaela 
Renta Fund LF (1.904 1.963] +3( 775 

Barclays Unicorn int. (Ch. Is.) Ltd. 


Guernsey Ini- .. 

Du Ai-vuel 
KM Fur Sait Fd .. 
KHInll Fund . . 
KB Japan Fund . 
K P. Gwlli Fd 
Siunci Ueraiud:i .. 
'1’Tnfoiub.iDM' 


1113 


M« 681 


ns o4 6 


41 'M3 08 


SI <1239 


SL'K3694 

_ 

Sl '61238 


SL'K521 


193 0 20 M 


un jj^-hini; j^ents o 


ui-s+tamo 

314 
411 
4 U 
153 
186 
064 
0.72 
173 
637 


. rhannn CYoas. SL Hrller.Jrey. 03S473741 T I...J. di. ,r i . i ter Were 
Overseas Income ^|47 1 49.6*|'-0J| 12 01 XJO -' fls <r - , -‘ VJT ” grs - 

UnMoUarTTOBI H>Slin I2S] I 3 70- P<» R"X I95.M. Ili-liiT Jervey i*M27S(U 

Uni bond Tnirt .. ..|SUSHU7 mS] _... | 8.00 Lloyds Tsi U'wa> |62 6. _659| 065. 


Subject lo fee and mihholdlns taxes 


Nt-il (Inline dale SepL IS 


Barclays Unicorn Ink 11. 0.BfanlUd. Lloyds International MemnL JLA. 


I'Thomas sl. DoukIrs. i.o m. 


L’nlrorn AnaL Em. 


Du. ADSL Min... J37.0 


Do.Crtr.PaclUc 

LK>.3nU. Inramr... 

Do. I. of Mao Tst . — [4a 1 
Do. Manx Mutual-. (27 5 


1ST 4 




7 Rue du Rhone. 
l.lojrdslnL Grovnh )>F33I5I 
Lloyds InL Income [MTBiD 


150 


Bov 179. 121 
M2U 


Geneva 11 

1 160 

I 650 


800 

80 

1.40 


Bishopsgale Commodity Ser. Ud. 
r.O Hoc 42. Douclu. I.u M. 0034-231 

armac *july 3 jRisaa 

CANRHO — ABB-7. a. 047 
COLINT ' *AUE- 7 — p2 432 _ 

Urlcliully laued at no 

[BridRC Management Ltd. 

P.O. Box 508. Grand Cayman. Cayman 
NTtMehi July3l — - 1 115.934 | 

G P.O. Box 100. Hone Konc 
NIpponFVLAUg.lO-tnJSafl 2LB4 


M & G Group 

Three l/ujyx 7>M«r llill tJ'JH HKQ Ol/Cfi 4M8 
Allanlic Auu IS tr-317 
AuM Ex Aur 16.. n.S23t 
irfddEvArcAur Id P ’51134 
Maml. ... . 139 6 

•Accum L'nitei 1975 



93 19 
13.19 


Samuel Montaen Ldn. Aids. 

114 Hid Urnatl Sl . R.I* 2 DI 588S464 

Apollo Fd. Auc 16 SFQB 46 501-7 5« 4 00 
- ' KKSUB IIW^O.9* 0 09 

U’sU2S 1 1M 1 93 

£544 ' 59R T 03* 071 

1191 1253 .. .. - 


114 ■ >ld UriinilSt . Ri' 1 
,, Apollo Fd. Auc 16 SU 
»*»,'*■ Japlert Aur Ifl.. .. Hhl 

■ 1 — 1 IT Grp. Auc !J .Jilt, 

, 1 17 Jersey Auc i*. .[£5 1 

— .( 0.70 iiTJvrayUs Auc-2 |U1 


Britannia Tsk Mngmk iCI) Ud. Murray. Johnstone I Ini'. Adviser) 

30 Bath Sl. SL Helier. Jersey. 0534 73114 


SUdlBf Penan Ipated Fdi. 

Growth Invest ... — (36 7 

Intnl. Fd. - — 95.4 

JereepEnercyTn.. 140 9 
Uitlviil.0TU.SU:.-. £2.60 
Hin b lnLStie-Tat — fi# 4 
U5L Dollar Deuaml uxted Fda. 
UnreU.^TU. ^eOJOJ 



KB. Hope St .ill uvouk.i.' 

'Hope St Kd .. | SI S40 8S 
'Hinny Fund. . . j Si.'slS IS 
•N X\ AUKUM IS. 


mi 221 rial 


) 


InLHish IolTsL 
Value AufBit 18. Next dealins Aubuhi 21. 


Brawn Shipley Tit. Co. (Jerseyl Ltd. 
P.O. Box 383 . Sl Helier. Jersey. 0S34 74777. 
Slertinc Bond Fd. _ (£10 J4 10J>) i 13.70 

Bnlterfield Management Co. Ltd. 

P.O Box 103, Hamilton, Bermuda. 

Buttress Equity — pus 45 
BuUr-exa Income _.|HJSLH 
Prices at Aueurt 7. Nut sab. day SepL 11. 

Capital International SJL 
37 rue Notre-Dame. Luxembourg. 

Capital InL Fund __ | SUS1920 J J — 


Charterhouse Japhet 

1. Paternoster Row. EC4. 

Adiropa. IDIOU0 

Adiverba 1PU4UI 


300 
100 
150 
100 

u ao Negit S.A. 

Ida Boulevard Royal. IjixemKourc - 
NAVA usual 4 | 3US1153 | ] — 1 

Negit Ltd. ' 

Bunk of Hvnnuda Rides. Haiuilton. Brmda. 
NAV \U0.4 .— _|£622 — | | — 


9.00 


J 

Phoenix International 

Wi Box 77. SL Peter Port, Guernsey. i 

Inter- Do! far Fund |$2 44 2 63| [■ — { 


Im] 7J9 Quest Fund MngmnL Uerseyi Lid. 


063427441 


Pfi. Fox 194. SI. Helier. Jersey. 

Queal SUg_Fxd. InL ( Cl I . ...I - 

Quest Inti. Secs.. ) Sl'SX . . — 

Quest Inti Kd | ' Sl'Sl I .. . | -■ 

Price al Ausuxi 16. Next dealing Aucurt 23. 

Richmond Life Asc. Ltd. 


01-2483099 48 - ' uhc ‘ l Siren. £>->usl as. LU.M 0024 23914 


rtethi |mouo 

Fondiu mmi 

Emperor Fund R’SSIT 

liiapano... (HfS4DS 


5L9H+020I 
SUE +02* 
3321 +02* 
* xoe +0.10] 
327 ... 
42JJ _. 


400 

452 

500 

5.64 

287 


ix (The silver TTurt. 
Rjchmonrt Be-ndOT 
rvn.nallnum Bd. 
Du. Gold Bd ... 
Do. Em. 97 1/2 Bd . 


11074 
[1794 
1290 
113 2 
176 0 



Clive Investments (Jerseyl Ltd. 
P.O.Box320.Sl Heller. Jersey. 053437361. 


Rothschild Asset Management iC.I.r 

P.U.Bo\ 58. Sl Julians GL Guernsey 048126X11 


Cli ve Gilt FtLiG. 1.1.(9 04 
CHveGUtFd.UsjM.f9M 


9.88x4 | 1100 

9JM U.00 


150.0 

151.4 


Cornhlll las. (Guernsey) Ltd. 

P.O. Box 157. Sk Pater Pork Guernsey 
Intel. Man. Fd-. — IIM.0 mi H 1 

Delta Group 

P.O Box 3012. Nassau. Bahamas. 

Delta luv. An*.15... (SL'S2J5 2J* 

Deutscher Investment-Trust - 
PosUarh 2005 Biebersaue 8-100000 Frankfurt. 

Cppcentra 

InLRenienfo 

Dreyfus Intercontinental lav. Fd. 
P.O. Box N3T12, Nassau, Bahamas. 

NAV Au0iut 17 IAISU22 UHI . — | 

Emson & Dudley TpLMgtJroy.Ltd. 


1) t'£q.Fr July3l 
Of Int Fd. A-Jf. 1 . ... 

• •Clnil.FdT -^136 
« • C SraCoFd.H>3 1 - [154 0 
U C. t'ominrtdiiy . 
Ot.DlrCuindiy.i-. 


(1427 

S2715 


6L6 .. .. 

264 

160.4 

730 

L44 . ... 

122 

1631 .... 

301 

1511 

425 

28 JM 

0.69 


tPnres un August 7. Neu deallnc Ancust 21. 

Royal Trust (Cl) Fd- Mgt. Ltd. 

P.O Box 194. Royal TfL Hae^ Jersey. 0S34 27441 
•_ RTlnfl.Kd .. WIS9M 105*. | 3.00 

RT.lnfl.Usy.iKd.fe 1 02l ... I 321 

Prices at Aur. 15. .Next dealins Auc. 22. 




S2|:Sig| _ 


Save fr Prosper International 

Dcolins in: 

37 Broad St. SL Helier. Jersey 053420901 

l'-S- DolUr-denomlnxlrd Fands 


Dir Fxd Im-i. .954 
tnlernal Gr.-» .. - Bll 

FarEasiem-t 49 M 

Niwth Amcncan’t . 4 05 
Sepro—J .. 15 61 


9.901 

i?a 


727 


PO.B^.SkR.Der Jm*, OSM205P! 2M .,, _ 0 « 


E. DJ.C.T. P3U 1382] ..„..(. 300 

Eurobond Holdlngi N.V. 

Handelskade 24. Willemstad, ''urarao 
kaadaa Axenls: laid. 15 Ckrirtapfeer SL. ECt 
Tel. SI-841 no. Telex: 0II44M. 

NAV per chare Aufusi 18 JUS2D50. 

F. * C. Mgmt. Ltd. Jnv. Advisers 
I 2. Laurence PbuntneyHill. EC4H DBA. 

01-823 4660 

CenLFd.Auc.0 1 SUS6.09 | | — 

Fidelity Mpnt. St Kes. (Bda.1 Ltd. 
P.O. Bax 870. Hamilton. Bermuda. 

Fidelity An. Are— I SUS29.74 
Fidelity Ini. Fund.. SUS2556 
Fidelity Pae.Fd — | 5US9601 
Fidelity Wild Fd ->.| SUS17J4 |-90i| — 

Fidelity Mgmt. Research (Jersey 1 Ltd. 

Waterloo llaa., Don Bk, Sk Helier. Jersey. 

0534 27961 

Series A anoti.) — I £457 .(♦02d — 
Series BvPaclRc) — I £1008 ] ... . ] — 
Series D (AouUa.)| £2052 I f — 

First Viking Commodity Trusts 
EL SL George's St- Douglas. I.o M 
0624 4682. Ldn. Aftls. Dunbar A Co . lad . 

53. Pali ltal L London SWX75J I! 


Channel Ida rxtee - 
Cowunod. *••*... _ 

ISl Deposit 

Sl Fl«ed*"t . 
'Prices un Aug 
tltutuil nlfi 


154.0 162d -0.7 
120 1 334.9) +3.5^ 

100.0 

1151 mol . 

, 15 "AUG. 16 "'Auc. 17. 
r er. {Weekly Deallncs. 


230 

*79 


025. 

1145 


Schlesinger International Mngt. Ltd. 
41. ka Moite Sk.Si. Helier. Jersej-. 0534 73388. 


S All 

94 

89ol 

-1 

015 

«iill Fd _ 

131 

231 

-02 

4.55 


120 

126 


292 

Inml > d.Lxmbrr. ... 

511.90 

1251 

riiii: 


"FarEasI Fund 

101 

106 


233 


'Nell sub, day August 23. 


070927733' 


Schroder Lire Group 
Enterprise Houw. Portsmouth. 
laiernatloBal Fuad* 

tEquity IU1 b 129* 

SEquily 1410 109.9 

tFixrt InierwL. .. 3403 1492 

S Fixed interest. — 106 0 1127 

(Managed 1335 1420 

J Managed 3232 131.4 


J. Henry Schroder Wagg & Co. Ltd.' 


FsLVIk.Cm.TsL 04. e 
Frt Vk.DDLOp.TM. (740 




iijijj-. I’han.SAufi 17 
01-9807057 TraEtlearJiilyai... 


310 

180 


Fleming Japan Fond S.A_ - 
37. rue Notre- Dame. Luxembourg 
Flemlnf Aueu*il5| SUS60.55 | | — 

Free World Fund Ltd. 

Rullerfleld Bids.. Hamlliaiu Bermuda. 

NaV July 31 J $1152 90 79 I ] — 

G.T. Management Ltd. 

Park Hse . 16 PI ns bury Clivus, London EC2_ 
Tei 014128 8131. TLX: 8881 H0 
UsndoD Aunts for 


Asiun Fd Auk 8 
narime Fnd 
Japan Fd. Auu. (0. . 


- 1 

01 -a 

SUS1247 

+008 

SUS133.01 


srsaos a« 


SAZ 95 207 


STS803 863 



263 

4.90 

0.46 


Anrhor 'B' Lints — 
Anchor Gilt Edee._ 

Anchor InL Fd 

Anchor In Jsy.Trt. 
Berry Pac Fd.. 
Berry Pac Strip 

~i.T. Aria Fd. 

:.T. Asia StrrHns- 

T. Bond Fund 

T. Dollar Fd. 

.T.PUrilieFU 


iwiLu. 

»M0 341^ 

)7OT| •" 
SUS13 94 
SUR7 70 
$16 05 


U1 
9 00 -004 
531 
324 +0 4 


-DOW 


-001 
-0 l«l 


195 

1205 

1.95 

241 

0.75 

080 

133 

131 

5J1 

064 

0.96 


Sentry Assurance International Ltd. 
Pti. Box 326. HamiltuD S. Bermuda 
Sianaxed Fund ... RVSlBt 20Z0| ( — 

Singer Sc Friedlander LAs. Agents 
2D.CannonM-.KX4. 1)1-2.09946 

Detefnndi. 1UM26J1 7770|+D2I| 614 

Tokyo Tst. Aus. I .. I SVS39.50 1 _... I 1.57 

Stronghold Management Limited 
PO. Box 3 IS.Sl Helier. Jersey 0534-71400 

Commod 1 1\ Trust. . 188.65 93J2| | — 

Snrinvest Uerseyi Ltd. lx) 

Queens llse. Don Rd Kl Helier, Jsy. 053427340 
American lnd Trt (£852 8641+01 

Copper Trust . . hllJ4 3161 -0( 

Jap. Indus Til . . (UL99 1236|-QJ 


Gartmore Invest Ltd. Ldn. Agts. 
SI Mary Asa, London, EC3 


TSB Unit Trust Managers (CJ.) Ltd. 
Bagatelle Rd .SI. Saviour Jersey. 0534 734P4, 
1)1 2833531 Jersej Fund (500 53 Sttl .. .( 448 

fT iiMaiM'i Fund HngL iFxr ten Lid. Guernsey F'und (50.0 535iq I 4 48 

1500 Hutchison Use. W Harrmirl Hd H.Konc Pnces un Aueurt. 16. Next sub day Aucusl 21 
HK&PUc. U.T*L....mra« 4 2Ud-02t5l 290 

i«R&£Ssrsr^rajS “Sj :: j SS T * k y® *«*ne Holdings n.v. 

Inti. Bond Fund — RBUQ MBq-Uiij 5.70 Intinus Manaocnieni to. N.V.. CuraciUL j 
Gartmore Invest men t tthjtL Lid. NAV per share Aur. M SUS7D03 

PO Box 32. DodglaMolt/ 0G24 23B1I 

r t5SSfSiSl:{?&Si 706d| I *S3 ^- ciRc « u **- <*»*>*«> n.v. 

Manae?meni Co V (Vacuo. 


Hambro Pacific Fund Mgmt. Ltd. 
2110. Connaught Centre. Hone Kune 
FnrEast AnB-j7_.gBifl Ut4 .....J — 
Japan Fund pOSvOi 4 40-0. I* — 

Bambrw Bank (Gncrhaeyi LtiL/ 
Hambros Fd. Mgrs. (C.M Ltd. 


NAV per share AuK. J4 5GS5I03 

Tyndall Group 

P.O. Box 1256 Hamilton 5. Brrmada. 2-2766 


i 


n Bov 86. Gucrntey 


■ ivervens Aur. 16 |SL'4L36 

■ Area pi. L'nilsi .. P.T196 

3-WaylnL July 20 . . liiatt 

0481 28521 3Ne*Si..fH.He(ire,Jer*e> 1 


I'.L Fund 

Intel. Bond 
Ink Equity 
InL Sve*. ‘A’ 5U 
Int. Svxa. -B' SUSj 




M4 


164 4 ... 
11184 . ., 
12 74 
109 
L20 


370 

050 

L50 

050 

150 


Prices on Anoust IS Next -drolmr aucum 23. 

Henderson Baring Fond Mgrs. Ltd. 
605. Gammon House.' Hone K-n,: 

Japan Fd AUE- .[Sl'Sl 41 SXN I — 

Bari be He ml Bond Fd. Autf l« St'S 10-199. 
■Exclusive «l any prelim- rhar*:e». 

Hill-Samnel & Co. (Guernsey) Ltd. 

t*Pebvre 5k. Pater Port Guernsey. C.l. 
Guernsey Tn. [UZ4 J73 f| -Ofr) 340 

Hill Samuel Overseas Fnnd S..^. 

37. Rue Notre- Dame. Luxembourg 

5WJOO. 3177] -0 121 - 

IntcnuUonal Pacific luv. Mngt. Ltd. 
I1» Box RXT7, 36. Pin KL Sidney. Aura. 
Javeltn Equity XsL |SA2J7 ' 22*.. I — 

E.T. Managers (Jersfti Ltd. 

PU Bn 104. Roj-al T»l -Hsc . ’lrntvU334 27441 
Jeney Extra! TH..PJ60 197* .1 - 
.Aa ai July 3). Next sub ■(»>' Aucua 31. 

Jardine Fleming & Co. Ltd. 

40th Floor. UoanauBht Onuc. Hum: K«nr 


6.00' 

600 


„ 0534 87331/3 

TiiFNI.Aue.i 7 .[£035 4.00a 608 

< Accum Sharcsi . 0335 1435 .... 6 00 

Ajnenctin'Aug IT 95 5 102 0 2 00 

lAcrumahares’ . 95 5 102 0 ... 200 

Jersey Fd AUC 16. 214 0 2270 - ... 691 

l\'nn.J Are I'ls i. . 303.B 3222 .... 6.91 

(•ill Fund Aug Id li.l 109 id U05 

■ Accum Shu res’ 14L4 - 144* 11 05 

vkun Houht. Donjln, I sic of Man. 0824 3411 L 
Manaurt Vu K IT .11354 142 6| -r5.«l — 

l td. Intnl. MngmnL (C.l.i Ltd. 

14 Mulcnsler Kind. Sr Holier Jersey 
l I B Fund IPTOOta UIWI | 810 


United States Tst. IntL Adv. Co. 
14, Rue Aldnnser, l-uiemhours 
I K. TsL Ini Fhd....( S11.48 (rDJKj I 

Net asset Aucust 17. 


I.B7 


Jardine Erin T«t._ 
Jardine J'ni.Pd.' . 
■Jnrd I he S E A. 
Jardine Fie m.lnt . 
inti Pac.Socirtnr.l. 
Do. i.Aveuffi.) _ __ 


HXS33195 
HK5507 81 
US$1002 
TIK511 40 
HKJ33 45 
. HKJU j9 


NAV J ate 3l. ‘Equivalcci L 
Next sub. Aucusl IS". 


230 

090 

170 


S. G. Warburg & Co. Ltd. 

.tU.Gmnao; Street E17 01^X14535 

•'on* Bd Auc 17 | SL'K9 03 1-Qt_, 

Ensinr Anc.17... . SVM0.87 riJOfl — 

Hr SI 5Kd July 3i . j SI S753 
MercEbdFd Auc 16 (WSUI 23 16 Jq 

Warburg invest. Mngt. Jrsy. Ltd. 

l.l'hariiKfrKs Si Helier Jiy. i.l QT>M 13741 
CUF Lid JuIvtiT. (SL'Sltat DJB 

VSTTUrt July 97 . C1330 33.551 

UvlalsTsL AUE 17 02 22 12571-0: 

TUTAukuSM. . U7DJ0 ' UM 

TMT Ud. A uk 1 1 ]O140 13** 

World Wide Growth Management? 

30a. Eoulevard Ruin). Luiembours: 
Worldwide Glh Kd| SI S16 90 |v006( — 


NOTES 


I premium esi-ept Where indicated 4. and are In pence unless otherwise 
J2?.555?„ Y, * Wl1 ’ 'shown in latf roluma; allow lor all huyiag expenses a uflered pnre* 
tTKiune Ml expends, b Today'* prices. r lirio based on -ilier price, d Ejliraaied. e Todv'i 
opentni; price, b tHstrihutinri Free ot l' K. taxes p IVnodie premium insurance plana s Kindle 
inso ranee j Oflered pnre include* a': expense* except sK+ni'e commission. 
Jif _7l •* ne * i Deludes All expends if boueht ihroucb manacera * Previous daj's price, 
oi lpx oo realised mpitnl ealn.‘ unless tndtruirt hy * « tiuemse* wvsi. t Suapcndcd. 
- - 4 Yield tieiure Jersey lux. 1 £u-suUlmt>iun. ' 





22 


Financial Times -Satu^saS^ugu^ 1& 1978 



FT SHARE INFORMATION SERVICE 


BONDS & RAILS— Cont. 


iek 

litjh I (>« j 


Start 

Prire 

£ 

+ nr 

Dii. ri 
lirow 

RhL 

16M 

Run; 7U V< . . 

55 


4b 

506 

Ireland &„>&.■ 8 WSJ 
Ireland ” jk 8|4R 

66 

83% 

+%" 

7 b 

12 70 
1234 

l*l-« 

79b« 

+%. 

9% 

1258 

Iapnn4p-- [U As«-. 

410 


— 



Hr.% 8 W 8 

71 


6 

10 65 

i'efu.v- 4 .:<Di- 

140 


i 

21 J 

Sji.l bi.-p, 19811 

75p 


6 *' 

8.67 

TunntlpclMl 

TtirtnW.pc 1981 

S94b 



952 

DM91 


6 b 

8.80 

L nii.ii.iy 3>;pt . — 

97 


3b 

360 


■‘Shorts" (Lives up to Five Years) 


US. S St DM price* exrlude inv. 5 premium 


lOafa 


M3*.-. 

4>: 

V' 

1 - 0 % 

:o6% 

°r? 

201 ‘j 
o- ■ 

100*4 

sr 

«».. 

ir; 

oo > 
65"' 
Ufa 

°fcV 

loin, 

.*)Jj 
°b'.i 
Sf% 
] 14>J 
lOO'a 

15.. 

so-; 

So- 

t-r- 

~C<. 

115% 

10t»b 

: si- 

11;% 

■V- 

•113 


110 '-; 

"n _ 

120*4 

i:s 7 j 

114*. 

30 -. 

T0*U 

S’" 
" Q 5 * 
114"; 
901- 
1 ?!'.• 
U-i 
SO 

215% 

°3 a 

f£% 

72*4 

125" 

RO- 

O0!-' 

0t.*4 

tm. 
42- 

so-; 

s»- 

lb- 

tn. 


37 •• 

Mi, 

:s* ; 

M"- 

24 


“ff- 

r-. -. -K-Tk" 

9T- 


502 

8 59 

101 1 

7:tu>jn H-t“. Tpt; ... 

. ... 

101 Aid 
95% 


11 39 

8 42 

"J-. 

- ^ 

3.13 

700 

Qr.,. 

Elwin* 4 %ik'74-2 1 .. . 

96 

h !, 

4 43 

8 09 

QQ". 

Tn-.fir. '»> i-?^. 

looii 

^ : 

10 42 

998 

■>4% 

tilvi'n- -p Tii.79 . 

951 .' 


3 67 

7*5 

%r 

T:,-i*;r. fh' l'.»C . . 

99-id 


909 

9 7b 
10 19 

97 - 

Tr-.-a'ii.^ ? :[- H't; 

98“ 


961 

Qi-.. 

Tiv.i-iin.»' m . 

94 


3 72 

; 0 / 


hiifliiuu "-'jii- iwati 

94 


5 54 

8 33 

10'.* 

Km t--;i:-r Mu I-tHI^ 

104 


12 49 

10 86 

OO-.' 

Tr--jur 11 •;(»• 

101 .A 


338 

10 94 


< 1 97P-H : 

90 


3 89 

8 00 


Tfji:ri 'A,i« SWli; 

97 


10 05 

1L08 

Ql". 

F. . h n\u- !■*:: . - .. 

941; 


877 

10 70 

94% 

Fv.h " r*l 

96:*, 


988 

1104 

85'j 

F.'. h >• "Ml 



348 

8 27 


95 V. 


981 

1012 

!(*?’- 

K -h ;i‘-4|vl!«i:: ... 

103^; 


1??7 

11 25 

• 


93,% 


909 

1079 

87“ 

Tn-j-un Jp- 

85 


393 

801 

I0n% 

Tn- i-LP. 14y- .„ 

107 ",q| 


12 97 

1127 

y 4' 1 

1 1 '-'s - 1 anflldi' 

94 Vi 


9 93 

111 3 

S9-; 

1 r< ,-:r- Sbc Kl. .. 

91-1 

_ - 

901 

10 9b 

91 - 

F't h o-.|v.- ;'Cv'J .... 

93rt 


999 

11.46 

**1 * - 

h-.-.i :*’ii-v i:«a ^ . 

93 


999 

1146 

39 :; 

Fv.li K 4 i» 'Sri . _ 

91 : % 

- • 

9 61 

1138 


I-- !..:»■ :t: 

B3%id 

XL. 

46/ 

48“ 

1W' 

F'-.i-ijp ur- imtt;: 

1021-ri 

— ^ 

1175 

1147 

89% 

to-i ijr. SI. 

91 ii 


10 06 

1143 


T9» 

llijjh Low 


AMERICANS 

£ | <■!•*« |C%T | Ill's 


Sort 


K..|i m-> ik::» 

■Ull'l * r*>'|n* 

Tr-i-cr 

Futuiili n .-pc -$>K7“ 
70 ‘- Tr.-.i-nr. 7 ,[»• 

Tr.in.|-r:::p. 78JB... 
Tn.-iun .i|n ftt-HP 
Tr^j-un-l.iji. loOittr... 

Tir.i’inv^iUTS'C! _ 
iTTv'j-urt ] ! ,|- IWI . 

I iir.'iitu- "‘ ji- 'C ■*!“ 
fin. iun IT 4 1* HX 

Itai-ur- top- iSst. . 

*:» ii w 


30 4 

8 o-; 


1(1 

77 

07 

t>? 

og 

£4 

0 / 


94- : 

83*4 

88 "; 

80% 

817, 

64* 

b&'-S 

106 

81*; 

97*4 

67b 

103 

86 %iU 

93 -4 -e 


-% 


V- 

bO'j 

1041; 

i io"v 

97 4 
7hlj 
11 
4?'; 

R2 4 
98'; 
76- 
1141.. 
101 '- 
42'< 
100 "; 
S> 
74 % 
60 

118*4 
9 V; 

83% 

14*4 

>4% 

6(5; 

4? 

62 *' 

•31; 

30*5 

’r. 

l+U 

t°4 


Over Fifteen Years 


|T r i-.aw*irt '-'-p, T“ 
I'unil;ri.*fir- iWS 
Tnaiir. :r>%|.. iWtt; 
7r>-.i-'jr 14*. p** S*4i± - 
En-h 

[Tr.-j-un:<|.- fur..- 
fTp-a-':r f* . . 

I- VI* 

[Tr- t-'ir I’l iP*- M“ 
TP'.i-ur 'ip» X Pt>~ 

Trv i-i|- <*!^ 

h'v i h**ih»t wi“ 
Ki'l.'.Tp: ..ii :(* .sa,/*, 

T’l-.i -ir I t'jiF- K“ 

,F'ifi*-9U*Tlir*.p* IW7 
Tri j-ur :i;pi WCi; 

|Tr- rl,p. 9>wr. 

Tr-j. I'lj.. :«1“ . 

K- . l.>. [•+« .... 

Tn 1. |<*»^ 

,7'rvL". Ilf; IWO.. 

Inn:!: i»i- SP'H - 
nr-M-un :ip 'iCAft . 
ur. 

Trv.L-'jr 7 jjn "12 TCJ 

Ev h L>- 13- !7 ... 

Undated 

• 4ik- 

WjrLi'j.i.* i'i r - .. 
in '*1 M: .... 

iTi.m-ui:- "!« W Ml 

i up ill* > . . .„ 
frt*j.ur. - ;V . 


101'- 

62*;«] 

110b 

112>d 

99*..^ 

81’; 

97*i 

46b 

86% 

104-b 

77*.ul 

12H 3 

108 

45 

105b 
86* ;>a 
75*. nl 
63b 

124*4 
98”; 
80"; 
88 V 
14*4 
36*4 

70b 
47*» «tl 
65 
97 V 

32*. 

25 
20 b 

20 >4 


-h 


10 68 
665 
9.67 
829 
956 
4 69 
7 53 
12 42 

10 31 
12.19 

B 80 
12 50 
1161 
12.39 

12 49 
9 59 
1279 
12 90 
12.54 

11 39 

12 42 
664 

1195 

12 58 
11 52 

13 09 

12 69 
684 

[12.69 

1214 

11.61 

10.99 

13 07 
12 54 

1189 
12 22 
1231 

9 62 

1190 
1160 
12 01 
12 53 

1244 
11 39 
1011 
1257 
12 24 
1264 


21 ’« 
;Wb 

I 32% 
|5Q* e 
! 24b 
IS'*, 
29 i. 
19*4 
33b 
23b 
12b 
14 

“P 

425. 

49*, 

«■ 

11 

' 221 b 
14 
25 
18*4 


2Sh 

y>u 

II 64 ( 47*? 

9 68 1 32b 

10 81126b 
10 32; 40 
U 02 


84b 

10 09 
12 21 

11 36 

12 31 

10 85 
12 38 
1211 
12 42 

12 43 

11 21 
12 £b 
12.66 
12 55 

11 94 

12 48 


!2' 4 
19b 
32*» 

& 

56*5 
J 7 '« 

t32 

52*4 
7l 7 f 
998P 
28*4 

411; 

17 iP 

._ .. If* 

9 58 i "o^ 

12 60^ 
i! 6 b?|>!-* 


1184 
12 87 
12 58 
1218 
12 39 
12 58 
10.91 
12.11 
1187 
12 11 
12 52 


INTERNATIONAL BANK 

88 | 82b l-V M., ► -JC — I 84*4 [ |15 94 | 

CORPORATION LOANS 


985 


OR’, 

43% 

Ri'T. h.im'tjp- T98! 

95b 


9 69 

94b 

S3% 

90 


B.61 

10 / 

100 % 

Cir si ... _ 

102 % 


121 b 

11 .’ 

100 ‘., 

H. J 2 ' ; p. 1 M . . 

102 % 


12.12 

«7% 

90*' 

i:i,,.a !« 4 p- ate. 

92% 


9 97 

«4 

<HT, 

Urn V,r. -put' 

92 


5.71 


“r- 


99ii 


581 

in:**. 

not. 

Il»9',p. ThlAl 

95b 


10.48 


25a 


27 


13 J9 


°I 

I.-n < ->rp C'ii>- TtfA'i 

94b 


1016 



l.i > Mi.O. 11 . .. . 

96%d 


623 

o;i. 

Wt. 

Ik, 'I.;,- 77 JII 

86 . 1 l 


6 40 

A".* 



801; 


6 87 



in-:-.;- "'-JC 

701; 


7 91 

"3 



69 


98S 



In. ■{,- ji\t: ... . 

23%«o 


12 76 

no, 

ICo j 

“1 

0 Ifl 
100 '* 

M’.i.i* “«i«. :s»' 

•..•ur.i rii-^liv TSfln 

V. in* n ; J-;' : '!bi 

92%<n 

9bi'rt 

102 *; 

.... 

S 66 

958 

1219 


11 M 
1152 
1155 
11.88 
1145 
10 29 
13 25 
1141 

1108 
990 
10 97 
10 04 
10 97 
1175 

1028 

1119 

1113 


COMMONWEALTH & AFRICAN LOANS 


27b 
M 
97 Sp 

m 

40 
14', 
41*5 
24* > 
17“ 

44*. 

975p 

14.' 


13b 
60' 2 
22 
21 V 
11 

W 

•13 

625p 

857n 

4171 

30b 

28b 

32*4 

177. 

765p 

13b 

733p 

14 x 

U>4 

29 

15b 

17 
20b 
201, 
22 
17'* 
28U 
670p 

11*4 

207« 

26*, 

16*, 

42*4 

15b 

28 

750p 

171 

34 

735p 

705p 

18 
20 
26V 
12 
13b 
14*, 
15*. 
16*4 
11 

% 

15 
22*, 
18b 

18b 
131 
50 5n 

l P* 

865p 

21b 

17*4 

mi 

38 5p 
10*1 


AFA 

AMF.f.Coni "87... 
Xru'SI.. „ 
.VmcricjnEiprw. 
\iiiw. Hedic.Int- 

isanolm 

iRakfl-IpIn! i.'nrp SI 
Bani&ilrp.SrtSj — 

BpndiM'nrp S» 

RetliSleelw. -. 
Rrnwn : 1 -or.rlB 
Pnuwn« l:» Virpn i 
BurruU'K»< nrp. Si 

j'M'.C.S- 

katerpilbni 

Ii '/use .Whin J 125- 
i'l»*bniui'hjl — 

Chij^ferS®, 

ICiiu-urpS4 

l ilvlni SI25 

Do Cm Prf US1- 
irolcaie-RSl. .— 

{(."all lnd-> SI - 

kooL IlliwufSlU _ 

ani i kl S3. 

frown »ll S5 

’uHer-HammerS.'. 
EawnCrp SO.iO — 

Esuurl . 

|E^\nnil 

Fiiedone Tire II — 

Kirs! iThirai'n 

Fluor 1 'orp.SS, 

Fnrd.Vo<rirS2 

ii.vrx. . 

(Tea. ElMifcfb 

(iiilcfleSI 

HunesvellSl an — 

Huilon EF. 

.IB ML ora S5 

lntorujll-RS2 

Int Sii'cn'-tiiv SI 
1 1" imc-m.niQnul!l 
KaL^r M S*-, . _ 
ManL Han 1ST » 
,Mup.Mn<ll'iL.SS13 
Nnrtufi smi'-r.ln. Si 
[im^nvUI S3 iS .. 
Quaker'iylsI’SS.'.. 
KHiam-bSHS .. 
Rep N V 1'iirp V 1 - 
RttMiunlSa . .. _ 
Rlrhibii Wrrllilb 
SauliP. K'SI ... 
Shell <*if SI .„ .... 
SiaueriSim 
SpprrvRanrl SuJiO_ 

TRWfnc.SI'4 

pennei-o.. . 

U. lfiM.fl.»k.9!9n 
TfsoroP USSH.ISI.J 

Twfc-rtieri 

mnirlnr 

nraii^iKnraSl... 
L'ld.Twh Sl"S5__ 
L'i.Sleel SI ... 
|tfMitwnnh»53b.~ 

X«i>,i"nip SI 

Xiimrslm*. Ub- 

Zapjfai.'orp IS . . 


19b 

60>; 

31d 

30 

S' 

26nl 

18 

32b 

18-bH 

lib 

13x1 

65b 

47*4 

39b 

WiJ 

24% 

20»* 

%9jd 

15*4X1 
- 30 *4 a 
24*> 

22 %tS 
28% d 
42b 
3^d 

36%3 

979p 

19 

30% 

34*.ad 

24d 

43% 

17*4*1 
225*1 
W 'id 

i9 J , 
960p 
27 id 
29*4 
39 

15bd 

18d 

20*, 

265j<d 

29b 

15 id 
22% 

494p 

TP 

31*s«d 
23*4*1 
150 
80Bp 
19b «d 
37*4 
14*4*1 

W' 

16 
47*: 

715p 

13% 


+ '4 

-25 

— *4 

-v" 

:S 

-1 

-38 

— l, 

i 

-i. 


80- 

5'. 

S1.75 

51. 40 
30c 
40c 
Mi- 
90r 

S228 

51 00 
4|h.- 
70i- 

S1.00 

52.40 

52 50 
$180 
S220 

94c 

SI 00 
$106 
$100 
$2 
5100 
$210 
$1 32 
$1.40 
3190 
4 SI 40 
5225 
$1.84 

53 20 
$1.10 
SI. 10 
$1.20 
S3 20 
S2.50 
$2.20 
$1.60 
$220 
30 68 
S1L52! 
$3.00 

25i- 
95r 
SlbO 
$208 
$220 
76c 
$1 16 
$104 
15.; 
$100 
88c 
90c 

$280 

80c 

5212 

51 80 

52 00 
10b 

sToo 

£0b 

80c 

£2.00 

SLdO 

$240 

S200 

7*'c 

s30c 


19m 

llieh L«v 

74 
114 

297 
54 

134 
•390 
£92 
£95b 
64b 
235 
81 

298 
1445 
255 

92. 

[433 
50% 

356 
48 

125% 

72 


46 

£74 

8 

111 

43 

14 

114 

36 

20b 

48b 


BANKS & HP— Continued 

ft*k I Mo |*_i ;! 


DU 

;Nn 


ru 

Cit UF- 


56 

Kin;lSha'.20p. 

59 

-3 

344 

“0 

Kieimrorr E L . 

101 

-2 


747 

IJurdv£l. . . 

274 

+2 


42 

Mantra Fin. top 

53 

-1- 

«3.12 

105 

Merc utv Sees,. . 

126 


379 

310 

Midland £i. ... 

367 ul 

+2 

*14-97 

07%®. 

m 

I*> r-; 4 -.K64l - 

f83 

+1 

f«7*i> 

rWtW’.BMS. 

fB8 

-I, 

{jIQ)>, 

66 

Vimler.brfl-. .. 

63 


360 

177 

\jt RJLAUM.SA1. 

230 


Ql'm-v. 

66 

.Mai Com. Crp .. 

78 

-1 

+2^7 

750 

Nat tt w.£l 

276d 

-1 

+1166 

350 

Srhrodert.£l . . 

420 


11.72 

190 

Ser'-orabelPLI. 

220 


1324 

70 

SmilhSt. -‘lUh _ 

80 


5.09 

378 

$8% 

Stand'll ilian tl. 
Trade Dei SIM. 

428 

$9% 

-5 

19.64 

Q55e 

6*6.05 

290 

I.ni«ra IJiscSl... 

330 

-5 

1? 

L'DT 

46 

-1 


£15% 

Wells FarsoM- 

£24\ 

-% 

S1.10 

60 

Winiruflarip— 

Hire Pi 

69 

ireha 

e. 

3.08 

«C.‘ 

31*' 

I'anJe'r fflda- Hip 

46 

d2.23 

£15 

'icB'rreKr.IW- 

£69*. 

-4*; 


8 

iTe-iitDaialOp- 

8st 


35 


101 

-1 

HOI- 

30 

Ixri.Sroi hiLliip 

41 


819 

8 

Mt»irja:e.Jefr Pip 

12 

-1 


85 

fttti Fiiunufl! . 

112 


4 94. 

73 

Strip Credit li»p 

33 


144 

10*7 

Sturlailldut-lOp 

16 

M 

38 

Uacnn Finam-e. 

43 

-4 

h2J» 


8 7' 

4 8] $0| 

9 1 


4 3 


2111f93, 

2i y^j) 


4 5j — 




uu 

4 2 
“21 
9.5 
6 31 
6 0 
7.5; 

t9| 


P,T. 


57 


72 

186 

64 

5.7 


2 0| 


23| 7J. 


103 


10 7 
62 
217 
10 0 
9 

45 


BEERS, WINES AND SPIRITS 




5.2 

94 

78 

Allied Brm .. 

85 

+1 

14J9 

21 

77 


2b 

46 


lira! tffito l>« . 

74 a 


0.76 

1 1 

1? 

— 

3.8 

171 

137 

BasiChar'sion... 

16/ 

+? 

t4.91 

11 

4.4 

— 

4.7 

796 

19b- 

Bel! trihurVip. 

286 

-7 

L4B5 

35 

2S 

— 

3.2 

bh 

37 

RelhamBreiroii 

52 

-1 




— 

3.5 

in 

92 

Btridinjons 

106 


hZ65 

25 

3 7 

— 

27 

86 

6b 

Border Brew% . . 

84 


355 

21 

0 3 

— 

3.1 

174 

100 

Brown (Marthen. 

122 


t3.98 

24 

49 

— 

33 

51 

40 

BueWev'j Brew._ 

49 


187- 

75 

5b 

— 

17 

157 

114*; 

BolmenH.P.r 

134 



6 70 

2 1 

7 t 

— 

37 

171 

14(1 

Bunoowwd 

173 


3 45 

♦ 

10 

— 

4.1 

68 

55 

rirv Ura. Def 

66 id 


779 

*3 

6 J 

— 

4.4 

157 

114 

Clark 1 Matthew 1 . 

144 


15.29 

55 

— 

5.7 

701 

i6i 

DLitilleroSOp 

laudoniLifOp-. 

201 


73 

3.C 

55 

— 

2.4 

71 

18 

27 




__ 

— 

20 

63 

4J 

'Joueh Bros.3Jp. 

57 

-6 

784 

14 

74 

— 

4.7 

136 

91 

1 trenail Whitlev 

133 


t?66 

41 

ill 

— 

52 

302 

213 

Treene Kjb^ 

300 


7.77 

21 

17 

— 

2.6 

191 

15? 

Luinnes.’*— . ... 

164 

+1 

+7.13 

24 

65 

— 

33 

158 

177 

Hi <;h I'd Dirt top 

152 

-1 

794 

75 

79 

— 

2.0 

150 

8? 

Invereordon .. 

145 

-1 

7 76 

3.1 

7 1 

— 

2.0 

167 

109 

Irish Distillers 

167 


+3.55 

♦ 

0“ 

— 

2.6 

360 

770 

Maiallan. 1 lien 

360 

+ 10 

4 69 

71 

1 “ 

— 

3.3 

570 

160 

Morlan<J£!_ 

520 


1764 

76 


— 

O.b 

70 

50 

Randeoun 

60 


714 

7 0 

SB 

— 

5.1) 

72 

62 

Sc«li.Vew3)p. 

67 


346 

22 

77 

— 

3.01131 

“5 

Tomalui 

127 

-7 

105 

76 

i 6 

— 

3.5 1229 

94 

Vaujr, — 

122 

+1 

t4-08 

74 

50 



2 8 (103 

82b 

lYhn bread ‘A. - 

99*; 


4(H] 

79 

cl) 

— 

251219- 

185 

tVoli Lwrilei 

219 

+2 

15R? 

in 

4.0 

— 

3 3 '185 
2.6 ' 

129 

Yount Brew 'A' SOp 

168 


353 

35 

29 


10.4 
415 
10 3 
172 

148 

11.9 

13.1 

103 

-81; 

4 

^4 

9.0 
154 
88 

US 
14 b 

8.4 
211 

13.4 
6 

259 

15.7 

99 

7.0 
15.7 
125 
66 
12 9 
150 


r 7 ; BUILDING INDUSTRY, TIMBER 


2.9 , 
20. . 

Tb* 97 
« 164 

l|i 17 
15. v 


AND ROADS 


i6.7 


.263 

l 34 

I 15 

i 61 
,128 

J 

57 

I 82 
2°6 


5.2 

20 

2.8 

26 

3.8 

4.4 

2.1 

0.5:* 

12 


81 

108 


Conversion factor 0.6690 r 0.6660 1 


CANADIANS 


S.E. list Premium 491/7 (based on CSSI.9490 per £l 41 

19b 
. 66 b 
. 58 
204 
3.31190 
29 1 « 
49|26 

°- 2 ' £ 
471 68 

3 5I10J 
3.0 ‘38 


■lo% 

16% 

S 

■H). 

BS 

217 

W 
16'. 
3Jb 
11', 
151. , 
850p 

10 >1 
28'; 
38p 

i 

14% 

12b 


10b 

SS 

12 

825p 

14 

955p 

30*: 

16% 

315p 

16/, 

US 


Bk Montreal $1..-. 
Bt NmaSnii 
Bell Canada $2i 

Brnr Valiev IL 

Bra>ranll ._ — 
-an Imp RA t — 
|i.‘an Pai-ifti- $'• . . 

[10 Ip: Hell ClUU 
|*iui£«nii'jn n ... 
Hawker Mil <jd. |. 
IhllmecrVi. ... 
. Iloit-on >Bav|| ._ 
247, [HmlR.iilir 


11% 

945p 

585p 

a 

2551 


Impmal'iilll 

Ini \ai.*la»Sl 

Waw> Fere II — 
Pa. oi. FVIS1__ 

Plare-iasSI 

Ri* Mt'i.ni- .. 
R'W.il Bk-'ari S2 
Seaerami'u i'SI- 
'Tor U.m. Bfc. Sl_. 


880ii|Tmn..i an Pipe 


15'.;* 

147d 

39% 

26b 

11% 

n A1 

33“ 

20% id 

565p 

28'ifdi 

P 

13% 

765prf 

f, 

1 % 

g'.‘ 

i3l; 

Ub 


+b 

-10 


A 

-15 


sii2 

96.; 

$42 

1»JC 

Sl.lO 
$1 44 
97c 

4° b 

$114 

40c 

$206 

69c 

S1.60 

86.4c 

80c 

80c 

916c 

$108 

SIM 

42c 

80c 

103.- 


121 

2.6 

3.3 

3.4 
2.0 


1230 

48 

|104 

103 

73 


S.E. I.isi Premium 49b e > ibased on $22191 per £l 

BANKS AND HIRE PURCHASE 


'"1, 

44.. 

Vi -r -• 1- TVS 

101 ,; 


554 

9.83; 

“=% 

9',- 

“;*i. ... 

94 


589 

10 79i 



to- •> mm: 

85 


661 

1135 

44 .. 


*. '_4p. V74. 

98S 


641 

10 61 


0-1 

1 %■ rip Tu-i^l . . 

93-a«d 


640 

10 52 

s;* 

si ., 

i*. ^.pv- x;&; 

82% 


9 20 

11.08 

Or- , 

91 

Mh Vr..«7-:iH 73 SI 

95% 


10 22 

12.15 

:b 

50 

Ml: l!h.»l ii‘Oi 

54 

A 

— 



9b 

7S 

I'm "Jr. TR ol 

81 

+1 

— 

— 


LOANS 

Public Board and IntL 


w- 

401. 

3?b 

’.AJ 

•5% 

UPS 

no 


M. 


AS'. 

S0i 

.'S 

'■O' 

67 

1*1 1 

n*: 

. 0 :' 


W 'u..- 4V1B. 
VI, .rim p 7SUM . 
Mr! W:r :»p t. 

! ' >! 1 Lip :!«C . 

I . tv :i li> mji \f..rr.»ii ■ 


61 

83': 

28m 

154 

91b 


L'l i ■ :i. 

|L. |dp 

I A- 
I. 

;... 

i'i il» ; 




Financial 

103 
106 
109 

aoi-.d 


!::v 


•' iM. 

1 m;u 

'll. 1 1 . v. 

- 1 

[ j|k ! -i I 11 

,|. \u.‘. 

.In , I'll '* 

. \ ‘ii -t; 

plj. : r - 


79 

93b 

931 . 

%b 

65b 

62 , . l <d 

73b'd 

71*:.d 



8 27 


12 98 


10 66 

*3 

5 93 


10 06 


12.62 


1384 

-\ A 

13 10 

6 83 


808 


1133 
11 “2 


1244 

1139 


1165 

1224 


12 23 


1144 


41B 

□89 

21 

170 

598 


1340,315 

12 40|230 
1278 


11.52 
310 
12 19 
1140 
1140 
1190 


84 

■230 

•£19 

1£20 

30 

i£24 

46 


12 90 « l > 
1290' 3 ‘* 
1300' 
U.90 


FOREIGN BONDS & RAILS 


<-n 

3;- 


IKK 


I*riiv | - or 

Hit '7 

h Ion 

Hu L 

c j - 

(■ru-.- 


..... 

24 



!■>. ".n. I'n 

-W 



i vj: 

. Ii, 

98 


! 

• • rr .ti "i :i . i ]-■ 

411 

4*; 



54 

3*; 

i 

■ • — ■ '• 

51 

6 

J :n 

1 Hi...! 

43 

4 


RnL 

Yield 


1310 

1660 
IS 88 
14.65 


1 

12 b 
196 
. 50 
255 
29 
1137 
■260 
:217 
100 
600 
■360 
69 
■215 
1 52 


J7H 

Iaw 

Stock 

Price 


Hit- 

Net 

ru 

Cw Cr’i 

IS4 

I'.ZSA! 

300 

+3" 

iQlfc 


34 

210 


263 

14.55 


82 

£%i. 

ItoemerwFl 100 

£1301; 

+1 


25 

425 

2b9 

AI)**nI)arv«-£l . 

315 


— 

92 

ISO 

Allied ln>h..._ 

210 

-4 

761 

— 

54 

150 

VriiuthnMl.El.. 

158 


lOii 



9.7 

El*% 

Bark Amur. Sl/ria. 

£21% 

-fa 

®23 



2 5 

115 


402 

-8 


b / 

£137 

|m lnpeCiinv. 

£187 

-2 

guKi 

— 

15-4 

15 

Rk l/.-unu l£l .. . 

15 


gi6% 

— 

32> 

ib(J 

KtU'umi'lKl£l 

ISOid 

.... 

7.4/ 

U 

f.i 

380 

Bk NSW.SA2... 

595 

-3 

tome 

— 

j 1 

755 

Hank S*utland£l 

280 

-5 

1105 

3.6 

5.5 

f.T-’i 

rtjiikerv \ Y $10 

£2&% 

354aJ 

-% 

OSI.Utl 

— 

5.4 

2 % 


+ 1 

113.28 

5.7 

56 

7H0 

BnmSn'pie; £1 . 

228 


9.41 

— 

6 2 

232 

I'jier Ruler £1 _ 

273 

+J 

hi/ 11 

— 

44 

b7 

1 Ire DifM J'p 
' »ni 1 \us 'll!'. 

80 


4.85 

— 

44 

171 

220 

-4 

giw 

♦ 

4.6 

1.12% 

• '.■m'.-l-l 111 ) IUX . 

£18 

- 'c 

plff 5 ® 

— 

2 6 

£15 

•'li.-n.Hbk.KrlW 

£19% 

+ % 

gi2°J 

— 

5.4 

li: 

1 nnnihian liip . 
'■red Eran*e FT.i 

27 

-l 

0 71 

71 

S.S 

Uia 

£22 

-% 

g98/“ : 

— 

2.4 



IB 


— 

— 

— 

CS9 

s-H-lirPonillH^ 

E117*; 

-2 

giB'o 

— 

2.C 

H 

■' i" Ftnanve .. 

70 

-3 

2 03 

26 

4 J 

1* 

Fir J \jl W|' . 

2% 


— 

— 

— 

K 

I*. V.nv TSSi. 

'd 


— 

— 

■ 


1 r.i'er \n- Hip . 

10 % 



— 

— 

lit 

rtv-rrard'-'alnL. . 

188 

+2 

8.29 

— 

6b 

*7 

iiii.ro - \ . . _ 

48 

.. .. 

2 21 



6.9 

1“5 

i,ll«[Brn; £1.. 

227>i) 


15.41 



10.1 

H 

i.urde DiMn'Sp 

25 


013 

— 

Oh 

% 


136 

-I 


71 

31 

IB? 

iuinnestiVal— 

246 


+1015 


b.2 

ISi 

Ibml-rrv. . . _ 

184 


9 76 


79 

hi 

Hill Samuel — 

97 

-1 

4.9/ 

_ 

7 7 


rm VVarranN - 

425 

+37 

— 





2U3 

Hi.piShluSL.'O. 

358 

-1 

h054r 



l 9 

52 

Ji-.j-ITi'n-nlwt' . 

58 

-2 

Ii3 32 


85 

loO 

J.+ epbiLiviCI 

210 


S 74 

— 

62 

J • 

Krtscrl. Ilmann. 

47 

-1 

0.67 

— 

21 


3.4 

22 


34 


FINANCIAL TIMES 

BRACK EX HOCSE. 10. CANXO.V STREET. LOXDOX EC4P -IBT 
Telex: Editorial 85(0-11/2. 883897. Advertisements: 885033. Telegrams: FinanLimo. London PSA 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London. Birmingham, 

Liverpool and Manchester. Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Anvliulrn I - ** Ki>\ I 2 J«. .kniMcrdam-C. 

T. Iv. IL'lTl Tel LMH 5.13 
F ,nn:rjLli.ii-, ■.•••■ri.v It.iu',-, (I.-r-rse R.'avt. 
Tv lv\ liuni'.i I’.-l (rj].4.V| IRC2 

Kit.:, l-i i- - .h.m- II I'M II. live 2 10. 

: v;.-\ ::'W.W: Tvi jirtop 
tin, “}l Cur ll.iv.lfi> 

Tfi..-* s.rim 1 1 1 

I'.'ip- f .... JMU 

T, I. 

e !■ 1 1 -w.i11i-.iii S'|II.1-C. 

WI4 T. l TJLI^I 


1 

f..|ia:-urv 6 .17 


reel 
11 II JJri 4 120 


Tele. '-4W Tel 
Ktirv^nirl In' S.n h'l-nljvvr Ifl. 

t.. aiittsi t.-i .is.iTnn 

J*.li :.-i iiohuri! I’i' K..\ - J 12 S 
Tclw •■viC.W 7 Ti-i .VA754.1 

I'l.i.-.i il.i .llicp.l 58-11*. Lichen 2. 
IL'.IU T.-I »c :.w 
K- I* a •! Maiin* 3. 

41 


I I-'-...; 

T.-I. 

.M.tIt, 

T.-I. 


.M.ni.-i,c-vtiT' Queen's House. Queen Street. 

Tv!.-*, 66681 J Tvl. 061434 9381 
M.Ki-nu. Swvl^vu-Samut.'chnaya 12 24, Apt. 15 . 

T— le\ 7900 Tel. 200 2748 
N-w Yi.rk- 75 Bucki-feller Plaia. N.Y. 10019. 

Ivlev IWIPH Tel. i212i 541 4623 
I'-irir 3ij [fur rlu Scmier. 75002. 

T«-I.-\ 23*044 Tel. 2385743 
Ri>. Jiinv-lm Avenid* Pres. VatKU 418-10. 

T«*I- 'ila 4848 

VI, della Merrede 35. 
r.rlrv 61032 Tel 678 .1314 

1*' •"■V h.ilm - 1 nSicnska Dacbladet. Raalambsvacen 7 
I '-lev 178*3 Tel: 50 80 88 
T. kran- Pit Bns 11-1879 
T-.-lo-, 213930 Tel. 8R2«« 

T'Aio Blh Floor. Nihon Koizai Sliitnbun 
Huildinc. 1-9-3 Olemachi. Cbijrada-ku. 

Teli-x J U7I04 Tel. 341 3930 
Ma'hincian- 2nd Floor. 1325 E. Stretl. 

'■'.9 . VV.-c.hinmofl DO. 20004 
Telex 44*1340 lei: 12021 347 8676 


24 fig 

2.9 >248 

SiW. 
4.9: 99 
_ 103 
16 36 

I : 79 
2.2 •» 
31 » 
Z3, 49 
00 35 

«' i?' ; 

40b 
66 *: 
■ 32 
' 49 
68 
. 86 
; 4U : 
41 

#J j s 

“ 92 
86 
84 
33 
120 
ri9o 
|145 
65b 
_ 30 
5 5|197 
_ 123 
_ 1 134 

_ ' 17 

a , 45 
_ I £39% 
_ C18 
4 7 :148 
_ 104 
!-42 
81 
79 
79 
92 
, 59 
[212 

57 
105 

_ 160 
48> q 3 
1:129 
_ | 81 
_ ! 31 
4B 

44 
561; 
18 
75 
39 

103 
1140 
[185 
,108 
306 

58 
114 
175 

163 
'145 
169 
90 

! 10 « 
112 
33 

41 
43 
89 

in 

39 

45 
55 

9 
38 
168 
442 
298 

164 
306 

S' 

196 

42 
58 

125 
58 
116 
4b 
45 
37 
145 
99 


ADVERTISEMENT OFFICES 


Ftrini.nilijir lii-in:.- Huu-e. 1 n-orci- fi^'.iiL 
1 J.M«.1u Tel lKll-454 iW_’^ 

F*!- n bun: 11 LIT iM.-rci- Mr.-i'i. 

Tvl.-. 7l'«Q r-1. rtil -iti 4U9 
t- rank In I :n '>:i/!i».'iil.ie«*r l.l 


I i-I 
l.i c.J 

t, ; 


3lAn.-he-.iL-r QupenV FTou-e. Queen Street. 
Telex 668813 Tel: 061.834 3081 

Vnrfc. 7.i Rockefeller Plain. N.Y. i00i9 
Telex -J3840H Tot; iSISi 489 RMO 
Pari' ;m r ui . ,|,| SeRlier. 73fH«. 

•v IK.TO Tel 3A4IW7 Tel-* ^20044 Tel. 236 8601 

I'.-rm •neiil ii.-u-'e The T»*k>o- Kn<nhara Kuil-lme. 1-6-10 IVhik-'.nHA. 

OiKtt * W. i-bivoda-hu. Telex J 37104 Tel 2P5 41150 

••verjeaf adcprlisement rvprc'eniatires m 
CVnlroE ami Sun in Ami-ric.i Africa, the Mirhlio East. Asia and the Far East. 

Fur furtlier «lv*iall'. pti-ar-v mniari 
iivi-rscas Advert *s*?nivn I Departinent. 

F 10 . 1 nei. 1 l Tiisuvi. Brackun House. 10. >.'ammn SLroet . J.nndon EC4P 4BY 


S INSCRIPTIONS 

1 4 i'M.iiii.il*l- 


fri'iii iii-nsifiiih ami h*infc«i.ilK unrhlu-ide *<t *>n r-’gulflr fuh*criplirn Iram 
'.iil-''-TS|>li-.n Jleporinienl r in.iuei.il I’lm'-. l^nrton 



81 

138 

13 

59 
203 

31 

10 

44 

98 
20 b 
15 
47 

60 

64 
[220 

61 

75 

21 

24 

48b 

3b 

153 

170 

22 

20 

40 

40 

1157 

31 
62 
80 

65 
84 

|200 

53 

69 

68 

13 

60 

19 

19 

34 
21 
lib 

40 
26 

*• 

S' 

69 
30 
21 
59 

41 

£220 

64 

72 

b 6 

55 

22 

IS 

108 

41*. 

22 

162 

90 

79 

10 

51 

£18% 

'1 

no 

88 

70 
57 
61 
bl 
74 . 

37 
170 
42b 

84 

109b 

73 
88 
57 
13 

38 
73 

52 

35 
79 

108 

138 

79 
1210 

40 

97 

138 

82 

107 

116 

70 

94 

80 

20 
29b 
30 

66 
135 
31b 

30b 

40 

6 

20 

L2J 

85- 

129 

325 

64 

24 

155 

32 
35 

95 
30 
5b 
40 
28 
22 

99 
63 


Aberdeen tuna. 
.Ahertiuo I’em. . 
Allied Plant lOp. 
.\m 112 fle Slinks. 
BPBb3s 90 d..„ 
BajEendse Brk. . 
Ka:le> Ben lup_. 

Bamlierters 

EarrauDe-:. lOp- 
Ri>»ctnr,iod lOp 

Bcniri ‘2fa> 

HenlnrdVl I 0 p_. 

Bv«Rn^3ip 

Blockli.n-i3hi^_ 
RlueCirdeil... 
Hlondeil Perm- 
brccrion Lime .. 
Bni Pred;<ms.. 
Brran Jkm. 3ip| 

Rniwnlw- 

Bryani Hlrt«> 

Rumeiidc H. 

Bun BouLian£]_ 
Ri+ey'.V Km. 
[Cal ader'.’-U. i'lp. 

rarT'Julini 

'arron 

.eiwmRnadSiMit 
IComben Op lOp. 

|OnuinR._ 

.'uunlpside.ip- 
frwloRM;.„ 
k’rjuehil) iS>p_ 

Crouch 1 'ir.iup._ 
TMisbi Rrrfu. If. 
D'wiunsU H Sip 

EienalOp 

F3lis& Eierard- 

Enlh. 

F.i'.V I'nn-sTn.... 
FairebwcJii'wis. 
Feb.Inlt.Ulp. 

Dn VUlp. _ 
F*\ Ijnd & Bid 
PaloR-Jiihn'tOp 
Franii>Fkrl0p 
P>jnr««iR':iip. 
French Kier.... 
■allifurri Br 5p . 
fiihhsKdr A I rip 
i'.ie«frHiiUJ >lup. 
UlnssnpWir.l . 
'/th fpopcrLSp . 
II AT.«irp. 10p_ 

Heliral Bar 

Henr1'«n *.V I0p.. 
HewrlenSt 10 p.. 

, tw.Tpc'.'om.. .. 
Heywti Wm -Wp. 
LtiscsfcHilL. .. 

Hoveruisham 

Do Res. Vis 
UmrarriShnilOp 

I D.C.2l)r 

rhsiock.tnhnsen.. 
IiULTimlier 
J B Hiddtncs lOp . 

I CEO 

JjmviJ 1 

JenninisV-VJ-in 
Intuuofl-RH-hanL 
looes Eilwd lOp 
KenliMP.'- lOp _ 
LifarceS LFlflU 
laina'lohm^.V 
LiihamiJ >fl - 

,-iftTCOWitt' ■ . 
I^whiffm'Ulp 

l/fi-Laml Pami 

IjllerFJi 

london Rnrk. — 

LmcIliT J- 

'M>-\eiifiirnup .. 
ILisnct JrSlhn? . 
Mallinvin-Dennj 
VarideroiUldm... 

Marchwiel 

Maries - — 

MarshallfiHtxi- 
Mai fr Havel l._ 
MeanBrns- ._ 
MelnlleD 4W.. 
M ever iMnnL l.<. 

Mdhuiy. 

.Miller- Slam !**p. 
Misconcreie. 

Mnd Enfaneers- 

M-mkiV 

MiwkmiJ' 

iXewanhillll — 
Voru-estHnJsf.... 
Noll. Brick flOp.. 
OrmeDeis. I 0 p_ 
ParkerTimlieT.. 
llioenivTirabw. 

Pochias 

RJLi_ 


Redtond 

R'ch'ds. Wall lOp 
Rohcrfs Adlard... 
Rohan ij roup. — 
Rotthawm Wp 6 _ 
Ri^roiiroup. 

Rubenod 

Rusbi-P.CenwTii 

NiSCrfruip 

SitahTimi« lip 

Sharpe & Fisher. 
Smanunnp— 
Southern ilia .ip 
Streeters I Op 

jT.irmacSop - .. 

Tnvlor Woodrow 
Tilbury Cl: £l» 
Tflrnr 4 Arnold.. 
Tunnel Bjilp 
UBUHroup. .. 
VeclUvSInOL-Ull 
Vihrr.pl ant . _ 

Word Bids Hip. 

Warnnrtnn 

Walts Hl.ikc _. 
Weyhn-k Prods. 
Wcocni Pro.-- 

M 1 nLllKi 2 ip..„ 
'•Vhu'shmtitip. 
WjEUinsi'on inp 
Wil-jooi'onrwlly. 
WimpoviirtMi 


97 
155 

16b 

77 

257 

34 
13 
61 

117 

28 

19 

50 

63 
81 

294 

80 

106 

30 

186 

66 

52 

203 

180 

42 

23 

48 

64 
100 

35 
230 

47 

104 

103 
69 

101 

248 

94 

92 

102 

19 

76 
27 
25 

49 

29 
19b 
40 
40 
62 
32 

44 
60 
81 

S’ 

86 

66 

£312 

145 

89 

86 

84 

30 
120 
190 
144 

64 

173 

3 1 
10 
40 

£36% 

218 

148 

98 

92 
79 

77 
77 
91 id 

38 

205*1 

**b 

98 
154 

84 

129 

77 

20 

43 

93 
47 
16 
71 

37 
93 

135 

163 

% 

306 

52b 

110 

160 

163 

143 

16**1 

89 

104 
86 
33tc 
35 

. 43 
87 

171*1 

39 

45 
47 

7b 

24 
167 
442*1 
293 
148 
296 

74b 

38 
196 

42 
58 

125 

58 

83 

43 
37 
37 

141 

99 


-2 


+b 


+1 


-2 


+12 


bZ07 

h234 

bdL 2 Jj 

♦4.19 

4.1X1 

& 
t4.02 
5.03 
5.57 
0.51 
113.55 
dl.79 
dl 79 
233 


- 1 " 


-1 


-1 


-3 


d359 

L78 

3.12 
185 
1-187 
3.92 
536 
0204 
i2 03 
443 
hlJW 

X 

350 

211 

211 

dL74 

09.12 
623 
7H 
hL08 

flP 

ft 

t2.09 

?n : 1 

.17 73 

b.60 
Hb 74 
37b 
254 
3.28 

3.95 

907 
2 83 
258 
15.08 
d? 53 
593 
3.11 
il78 
274 
4 74 
h244 
.1076 
3.24 
2.74 
3-56 
660 
04.91 
4 65 
1 11.72 
♦42.66| 
5.52 
4.33 
t«14.68 
566 
425 
d4.57 
439 
254 
dh062 
L52 
229 
3L3.96 
1-5.33 
L65 
lll.9? 
td203 

172 

9.95 
7 72 
20 34 
d3.B7 
11.14 
437 
1L5D 
10 69 
■ 1268 
313 
h2.84 
152 
1529 
261 
101 
166 
d2.54 
0.69 


3.9| 


4.68 
6.86 
0.72 
437 
7 7* 

237 , 
id055l 
3.28 
1818 
183 
UJ76 
tl 85 , 
tdl.73j 
3.88 
9.48 
1293 
5.35 . 

102 
2.30 
+229 
H289 
dlOJ.5 
1.67 
L34 
rdh092l 7J 
VA? - *' 
h3.00 


39 6t4 
2.5 b 5[ 
1.1 8 7 
4.7 4 5i 


14| 97 
60 


44 

b38 

40 

ii 

1.7 

20 

21 

22 

11.0 

26 

23 

28 


1.1 

B 

124 

29 

05 

3J 

25 

5.4 


16 

32 

28 

25 

35 

i 

89511 

3.0 

5.8 

4.1 
4.1 

07 

3.8 
23 

ns 

L9f 

♦ 

Jl 

la 

35 

68 

22 

i.a 

20 

37 

4J 

37 

39 


i! 
* . 
081 
04 
2.0 
2.41 

ti 

1.9) 
1 71 
5.71 
2 « 
7 n 
35 
39 
0 « 
3 51 
* , 

H 
* , 
23 

3.2 

aJ 

if 

39 


if 

* 

LOj 

LO) 

38 

3.2 

0.7j 

3t 

43| 

* , 
101 
151 


7 7' 


10.41 


53 

5.7 

<62i 

150 
5 B 
104 
13 3 

97 

52 
11 2 

6~1 

98 

54 
92 
66 
115 

160 
136 

104 

53 
67 

1L1 
62 
74 
-16 0' 
'9 7i 
10.1 

7.7 
153' 
306' 
8.0 
10 0 
60 
♦ 

6.7 

12.8 
9.9 
89 
84 
78 
9.4 

1523 

7.1 
7.0 

7.2 
7.0 

6.8 
60 

11.1 
v. 7 - 6 

7 . 7 P 4 J 


8.7 

45 

9.9 

L5 

33 

60 

5.E 

6.0 

4 

7 ^ 
65 
64 
32 
40 
70 
bb 
10.7 
7.1 


13.4 

66 

75 

8.6 

6.4 

9.9 

?:? 


25| 

f2J 

I 


5.4 

'(771 

43 

^ 0-2 


78 

10.1 

10.9 

71 

49 

6.4 

65 


6.6 

7.8 

3.9 

4.9 
45 
71 
6.0 
A' 


26) 
7.7 , 

m; 

571 

7.5 

3 

7.6 

4LU 

431 

7.| 

3- i 

65} 

7.51 

4- 3 

6.4^ 

6.4 


3410 
22 8.9 
55 Z 6 
2 510.4 


3-4) 


CHEMICALS, PLASTICS-Cont. 


1978 
inch I, 


3W 

251. 

223 

5J4 

£125 

402 

49 

82 

127 

02 

106 

24D 

71 

71 

225 

163 

IB 

27 

228 

103 


325 
15% 
156 
[376 
£ 112 -- 
328 ‘ 
J lb 
62 
91 

W ! 

140 

*8 

55 

190 

lira 

frb 

162 

73*, 


lhacic 


Price I — 


F.wr.-C 382 J 4.7 

KaifTeod J i‘*n i 25ijl — 
liW^-.-ltb.Vj.l 230 j..-.. 
Kwtba’.DMr- ~l 515 t-B 
I*-. F:-'..‘:.'r;La_ 

|mu''hem.£i 

[«u 

Idl Pi.rt 


515 
017bl 
402 ' 
42b 
82 

Upa-ltlni-.'.ipJ IB 
INnrstiUL-ft'-T 

it*p 

Rcrtokh lOp — 

Re-.er.es 


Srot..\;.!r.d, £1. 
|Sterar:PU.4ics» 
7ra:aMT-‘a cij-l 
ffinHe Ber. lOp 
IWolnrahoinie^. 
Vrrlvf Chens — 


Olb 

102 

240x4 

71 

70 

220 

264 

28 

27 

228 

100 


-1 


Dn 

Net 

13 04 
10 32 
;thl 51 
Qi 2 '. 

SRI 

2.55 
232 
687 
Q12S, 
41.40 
3.14 
1L63 
li3 39 
1218 
1d2.S5[ 
069 
+129 
7.94 
14.84 


|nd| 

nrloa'sJPT 
76 


30 

37 

77 

1.0 

Ts 

«77 

il 


5 1 , 

1^.160 
2 5j 61 
4 0)52.6 
fS 7 

iii - 1 


a 2 


IS 31 
6 H 2.1 


89110 


66 


_ , 92 
20 ) « 


14 3 
79 
79 
10.4 
8.9 
60 
83 
113 


DRAPERY AND STORES 


99 

49 
54 

46 

116 

134 

39 

19: ; 

15*; 

12*2 

59 
22B 

58 

168 

156 

38 

50 
196 
122 
49 
15 
124 
218 
23 
110 
77 
176 
30 
186 
38 

S' 

60 
35 

165 

147 

380 

42 

76 

12 

1146 

(326 

1 

41 

38 
24% 

[212 

86 

23 

74 

1201 

171 
66 
21 
63 

132 

172 

I 3&7 

60 

119 

23 
90 

258 

178 

20 

102 

&! 

112 

26 

45 

52 

69 

9% 

76 

1105 

44U 

102 

20 

39 
17% 
18 
185 

28*; 

Mb 

184 

|140 

182 

19 

, M 
206 
106- 

4 

104 

101 

13 

129 

34 

24 
76 
73 


53 
33 
33 
33 
15 
13b 

31b 

84 

25 

13 
12 
10 
47 
173 

30 
103 
99 
28 
56 

150 

73 

28 

SU 

0-5 

tlb2 

14 
84 
401; 
127 

17 

136 

15b 

15 
15 
40b 

. 22 b 
120 
81 
244 

32 
62 
10 

1109 

|26o 

256 

31 

26 
24 
15 

155 

42 

17 

54 
100 
120 

51 

10 

35% 

76b 

119 

239. 

51 

54 

13 

67b 

220 

1131 

8 

77 

146 

90b 

68 

20 

25b 

33 

a 


Ml 

4.9 7.1 
7.6 

ti 

Zh 
T8 


8.8 

51 

9.0 
♦ 

71 

US 

5.2 

9.1 
8.6 
82 

< 6 . 2 i 

4.9 

72 
6.0 

14.3* 


?0 

12.4 

7.2 

illi 

3 62 
l7 lU 
80 
81 

lo 

113 
8.0 
4 A 

47 

48 
5.9 

IlS 

52 

82 

, * 
}<7.8> 
8 .B 
123 
87 

9.8 

9.9 

8.9 
84 
4.8 
8.7 
5.b 


4.2 

79 
1105 

58 

63 

80 
115-1 

87 

ifl 


8 2)19.4 


117 


3flWS 

95W03 


CHEMICALS, PLASTICS 


ZUh 

190 

300 

99 

90 

79 

£57 

275 

■204 

3 

■66 

41 

49 

£95 

£99 

£98b 

7° 

79 

78 


600 

1K7JI 

Ol 

-V 




«6 

Alhnsbl Wtl*i«l- 

190 


♦4.6ft 

1.3 

1.7 

253 

Alain.iwlndt.__ 

296 


ri 14.17 

2 j 

7.1 

B4 

xlida Pack iup_. 

98 


64? 

2.1 

9..fl 

bl 

l)l'd Colloid 10p 

82 


172 


1.1 

60 

Anchorilieni. - 

74 


ri4 ?? 

24 

B5 

£40*; 

Barer AC rrtlj». 

£52 

-2 

#& 

14 

75 

122 

Blatden Noakrt 

270 


13 

6.7 

114 

Brent Cheini lup 

204 


M3 17 

6{ 

23 

I a 

Brit-Bcniul l<1p . 

23 


On 

<5 

4 C 

45 

Bril Tar Prd !up 

65 


1211 

26 

4{ 

10h 

Biirre!) ip . 



U 9? 

0? 

1.77 

21 

'.ariC"'-.lpfl Ml'- 

34 

+1 

0 93 

31 

4.1 

41 

C.nalin . . . 

43 

+1 

290 

IS 

101 

£89 

i."ilM‘i'0'7 5 i*'f n 

£91 


07% 


1ft 1 

£891’ 

Dolrioi nifit 94 

£91 


CfR\ 


191 

£B9b 

DnflU’rt'nrAlSLl 

£91- 

-% 

08*4*0 

♦ 

19.4 

b4 

* iiilile • liem — 

71 

-1 

?fl? 

47 

59 

59 

1 .otetRp.N — 

78 


?V, 

1* 

45 

57 

l-(. VNV 

77 


23b 

in 

46 

19*’ 

( i-r>-'H*-r.> e .’p 

26 


0.6& 

SI 

1,9 

43*; 

- f -la Ini I«i|. . - 

55 


222 

11 

hO 

36 

' R'+alaV ’p - 

361,' 

-2 

Mt.67 

54 

2.8 

42 

3d 

EimI-iU Jlj'tll-; 
farm leeil 

45 

60 


■Tk 

0.67 

1 0 
4- 

1S.2 

U 


10.6 

83 

6.1 

57 

23.2 

116 


141 


62 

30 

64 

i 

9 

138 

73 
121 

13 

22 

105 

S2 

24 

108 

32 

b4 

b2 

4b 

74 
16 
19 
bl 
Dl 


Allied Ren:! iOp 

Amber D« '-<5? - 

Aqaaicnram jp._ 

Do ‘.Yap — 

\udidCTnic 19p. 
Baker's Sti# !0p 

Beattie. J A’ 

Benti!l--IDa.__ 

U^rai’ 

Boar, Iran K'J.ip 
BalumTnL5p_ 

Brenner. 

BnLHqmebWs 
BmaU'N Sip — 
But nn Urn a<)p. 
Dn ■.V>AMJp~ 
"jniur* A 2 | ip_ 
ICasker-S . l>)p __ 

Church 

C-imbi Eel LT;p 
CnpeSpniUip. . 
•'iMT.eil Dre-san. 
OU715 A 

anv 

[r.'usto»n»:ii- i0p_ 

Debcnhams 

DwhinalOp 

Dixncs Ph-Jto 1 i)p 
E lh‘4'K>id apJ. 

Empire .Itare 

Exeancx3»p — 
FairdaJeTexL.^) 

Do . .V3p 

Fine An Bets 3p 
F-wdiMtin-iup, 
FonnurterlOp.. 
FosierBnw — 
Freemans lion 
'>lien.U.'2Gp» 
WdbereA — 
rtvdnun Br.ip. 

trw tan Ware. 

ll'niiersU 

Do.-A'*md.. . 
[1 he. MiHen-lup. 

Hard-. iFurm 

Lhi -A Nl 

Helene Lon. I0p. 
Do I tor Cal . Prf. 
HencehocE3)p J 
Henriq'jui A Dip.) 
Hepwrtth.J -IflpJ 
Home Charm lOp 
Hraseof Frascr> 
House oi Lerose, 
Knou Mill H»p _ 
ladies FhdeUOp 

Lee Cooper 

Liberty^ _ _ . 
&9 Non l'l' 
Linrrolf K. I0p^ 
UF1 Furniture IOp. 

Maple lOp ... 

Mart* 4 Spencer 

Martin News 

Menhes l • 

Michael 1 J: OTp.^ 
Vid-Educa: Alp 
Mutbervare lOp.. 
NSS News I0p— 
|(i*eniis«en — > 
Paradise' B>!0p, 
PanjoniWL'. . 
Deters Stores lOp 
l%n« Peck I0p_ 
Preedpr Alfred!.. 
RamarTejit.jp _ 
Rainers lOp . 
iRarbeckinp 
Rejdicut5p — 
Reed Austin -,V- 
RirlimlDiS'lOp.. 

RoMinfip 

{S6CSror«l5jp 
Do.lSVPl.l^p 
Samuel 'H.'V — 
Selinroun Sp — , 
'Sherman. Si !0p. 
Smith W a V'kup 
Stanley \ii.3p. 
<taiu«DiwLl'ip. 
stinta? I0p._ 

Sumneton 

mmc Prods, lup, 
'nis«;rr.up_ 
1'ps.miE. 

VanlimaJOp 

Wades •■.vaip.- 
Walker 'la*. 1 — 

Do NLV 

Walk- Wp.— . 
Wurinp&Oillud-. 
Weanvelisp — 
Wharf Mill I0p?. 
WilknsnWartiUu 
Wool won h 


97 

46 

5Z 

51 

18*1 

44 

125 

128 

39 

18 

15b 

10% 

59 

209 
37 

167m 
155 m 
37 
48 
180 
118 
48 

14 

117 
218 

16 

92x1 

74 
144 

30 

184 

37 

25 

241; 

60 
35 

158 

144 

375 

42 

75 
12 

137 

318 

314 

48*2 

39m 

37 m 

If 

85 

20 

74 

201 

166 

64 

15 
60*1 

128 

170 

162 

56m 

118 
21b 
88xc 

246 

178 

15 

102 

164 

114 

112 

20 

9 

77 

9% 

67 

101 

iff' 

W 

277; 

171; 

183m 

28*2 

14 

184 

139 

178 

lBid 

29 

192 

101 

35 

129*1 

% 

103 

97 

210 
128*1 

32b 

21 

76 
70 


-1 


-1 


;J'd 

-1 

+b 

+1 

+i' 

"i' 


-2 


-1 


t-.d2.94 
idl 98| 
155 

I. 55 
dO 2 
hdoss: 
hUS 
236 
120 

099 

063 

3.S8 

636 

231 

152 

152 

12.07 

s218 

3*2 

329 

hOJ.8 

355 

4.61 
*- 

5.38 

hl34 

2.43 

193 

4.89 

US 
118 
186 
th205 
4.34 
189 
6.03 
2.87 
4.17 
hO 76 
564 
8J7 
837 

II. 78 
02- 
02 
0 68 

12°, 
247 
dl83 
t2J3 
d3 67 
4A4 
d3 98 

|thl96| 

1*189 

1*2.93 

W.93 

3.54 

hld2.01| 

hZ15 

16.70 

h2J9 

473 

296 

t2.15 

2.89 

025 ^ 
tdl.02| 

2.89 
h021 
0.43 
338 

1.61 

2.90 
$119 


29] 4« 36 
38 64 


+2 


-6 


+b 


-iy 


h50B 

1.24 

223 
lliS.94 
td4 12] 
d0.96 
152 
1.71 
5.18 
128 
15^3, 
♦1204 
c236 
c236 
«i4 06 
3.59 

1.44 

d519 

424 


1,7)10 5 
L4 


15 

4.4 

73 

3.7 
94 

42 

41 

Fo 

12 

Zb 

1.7 
37 
2.6 
14) 
♦ 

a 

* 

14 

33 

23 

Oil 

q 35 


6.4 
20 7 
S.fflj 
07 

« 

29 

2.1 

99 

63 

63 

39 

29 

23 

45 

72 




2.9 

46 

62 

H 

22 

U1 

15 

0B 

51 

3.8 

4.5 

45 

55 


4.5)10.9 


1^ 


20 8.7 
17 12.1 
4.6133 


9.6 


8.8)152 
14 9 
16.9 


181 
5.6 
73 
9 5 
0.328.2 
124.6 


72 
116 

87 
7.9 

il.7 

14.6 
57 
57 
5.6 

126 
121 
* 

137 

13.7 

■ ^ 
8.3)128 


4.6 

3.2 

87 

27 

25 

9.6 
40 

To 

7.2 

4.6 
9.0) 
4.1 
3.0 
24 

10.6 


4.0 124 
4.0122 
5.5 i5 9* 
0B 


0.8 

43 

87 

43 

13.7 


4.7)14.9 


4 -% 

6S 

Tffl 

35 

B.O] 

7.8j 

lA 

9 7, 

3? 
3 6] 
29^ 
4.3 

102 

10 2j 

9 3 


63 

111 


8.7 


37 


62 


49 

10.7 


55 


6.7 

153 


13.7 

122 

76 

259 

7.0 

47 

9.4 

8.9 

31 


25)203 
2100 


3.6 
4.1 

i 

2 -S 

n gl 
39J 

3 if 

3:|i2'3) 

1 . a ♦ 
si 93 

4 3& 8.6 
fl'253j 


17 7 
6.9 
106 
♦ 

« 

161 

95 

11.1 

33.7 

151 


111 

16 

ill 

9.9 

16.8 


70 

116. 

205 

59 

125 

8.2 

7.7 

70 

« 

♦ 

6.4 

1L9 


ELECTRICAL AND RADIO 


130 

76 

34. 

110 

KS 

175 
67 
6b 

76 

29 
87 

1150 

13D 

150 

27 

21 

IH 

176 
515 
500 

26 

16*; 

30 
36 
23b 
190 
□06*; 
1547 

27 

143 

20% 

353 

85 

145 
312 

49 
90 

146 
125 

80 

23® 

-202 

93 

215 

50 
£102 
125 
£58*; 
£10 
112 
109 
105 
105 
114 
328 

*7 

55 

295 

740 

50 

41 

39 

154 

400 

7b 

158 

351 

105 

•28b 

60 

23 

198 

276 


85 

57 

25 

42 

99 

36 

135 

49 

48*; 

65 

20 

59b 

[128 

94 

99 

17 

15 

8'4 

128 

390 

'380 

141; 

10b 

20 

19 

14b 

130 

l£92 

1318 

17 

|106 

10b 

186 

68 

47 

233 

21 

83 
77 
*8 
64 

137 

156 

671; 

158 

, 39 
l£b9 
73 ^ 

£52b 

710 

84 

84 

87 
59b 

85 
196 

8b 

44 

1253 

456 

33 

33 

33 

111 

1308 

52 

88 
260 

83 

20*; 

42 

14 

1122 

146 


5 5 
6.9 

5.6 
96. 

112 
253 
134 
104 
280 
164 
65 
58 
158 
S2 
43 
131 
8% 
38 

... 27% 

94{100 


\B. Electronic.. 
Allied lusuiakra 
kodioFureliMOp 
Ann' ted Sec. lOp 
BICCSOp 


BSRIOp 

Berec 

Rrc&Ma? n:ip_ 
Bmrthorpe 10p_ 
Brocks 10p — 
Bultfin'A Sp, 
ICahleforniop — , 
.'ampjwllDbwd. 
■hlr)iide(i'rp.._ 
omnR.SM*.4p_ 
.■niyEHrocr '.Op 
(TellMilOp. . 
f<> 15,-iiiai "S-Ri 
Imle Elect I0p._ 
riecca. ... 

DiX'.V 

rxsrritron lOp — 
Dcwhurx-A lOp 
DiMrtin;S:M.5p, 
Dreamland 10p_ 

thihilier.ip 

EMlSnp 

DuBi^tronr.Bi 
Elecl'cmnps lOp. 
Electronic Mach. 
Bee. Rental, lOp 
Ener^SemlOp J 
Famell Elcc.3lp 
Fidel itr Rad 10p 
Forward TedL SOp 

lit. EC 

HiRhland H.aip, 
)innesSUoud — 
KndeinL., 
Laurence Sent ^ 

L« Heine 

M.K. Electric 

Miurnead 

Newman Inds 

Xewnurt Lxffli? . 
Ni-rmand EL20p. 
r^ridnElmerlpcJ 
Pet how Hlds lOp 
Philips Fiil 5%?« 
Philip: ip. F1n_ 
Pifcu Hides. 3 ^j.. 
Uo.'.Vaip- 

Plesseyafip., 
Pressac iup_ 

Ke Hides 


Ratal Elett ncs_ 

ReiliHuston. 

RrealleitiA lop 
SchalcsifiHi. 

'Son> Co. I'M... 
Siunri Diflsn.5p. 
[TrtefusionSp 

Dn:-V N.V.ip 

[Tele. Rentals — . 
mwni Elwr. _ 
hTh'rpeFW lOp, 

iPHi-chlup 

ltd Scientific- 

Ward&L«Id 

WcIlcuHldi 5p.. 

Wodjoenouse 

Wliitwonh EI.5p 
WhlomleFI" 2Hp. 
WiglaU'lL. 


326 

70 
29 

104 

121 

104 

162 

67 

64 

71 
28 
81 

132 

127 

147 

26 

17 

19 

170 

495 

485 

24 

W> 

35 

23 

147 

£97 

547 

23 

143 

197, 

353 

79 

140 

312x1 

49 

88 

137 

104 m 

75 
230 
192 

86 

210 

48 

£102 

125 

£54*; 

935 

102 

100 

100 

103 

88 

328 

93 

48 

278 

635 

48 

40 

39 

146 

400 

76 
154 
348 

92 m 
28 
5<hd 
22 
198 
250 


-1 


-1 


-1 


-10 


+1 

-2 

-9 

+14 


-1 

+12 


-1 


♦ID 

-2 


535 

4.19 

d2L13 

1134 

7.16 

4.84 
434 
3.09 
164 
3.45 
L33 

33 

2.44 

5 22 „ 
IfiriZJS) 
♦Sl-47 

izsi 

275 

110.86 

11086 

074 

10.84 
1L10 
thL29| 
♦101 
938 

N 


5.08 
03 

6.70 

521 

H6.80 

4.07 

dl.09 

4.74 

4.77 

5.03 

(12.63 

59 

15.08 
508 
676 
287 

Q4% 

hd*3S 

301 

3.01 

5.49 
t!74 
3.62 
3.94 
4.86 
116 
16.90, 

1119 

tL19 

5.93 

1162 

11.49 
4 05 
M60* 
454 
LU5 
tilb 
0.67 
5.92 
NH13.70 


2.H 7.0 
4-3 


d 

♦ 

10.1 

17 

4 6 _ , 

23 851 7.5 

15 197 


32) 4.6)10 0 


171 8.1, 


1 

4> 


4 6) 

3 § 

3.S 

tl 

144] 

4 

To! 

♦ 

fl 

43 

6 3 
1« 
30j 
1J 

H 

3 H 
3.H 
zq 

3 fl 
53) 

4 

8 0 
* , 


6.11111 

8Jt(5.41 


110 

L9 


8.8) 9.8 
6.7 


4 . 0 ) 7.4 


3.S\ 

73jl&4 
711119. 
63 

33 - 
6i)ll.9 
24)135 


33)14.6 


6.1 

56 

65 

95 

18.9 

14 


53 

2M 
9.ffl 
7.4 
20) 

33 
83) 

3.0] 5.2| 7.4 

5-01 


42 

026) 


■ts 


f. 

149 


111 

11.6 

6.5 

123 

80 

* 


(87) 

15.9 

14.7 

10.8 
18.7 
HI 
25.1 

4 


721 
5.2 

3.S 7.1 


3.9(143 
8.8* 3.4 


f4.0j — 

53 
cm 

4.61 

ail 

M 

4.0 
6i| 

2.8 
70 

5.1 

9.1 
0.9 
3.8 
4.4 

4 5 

6.1 

4.4 
29 
4.0 

7 4| 

61 

5.5 

4.5 

4.6 
8.4 


10.9 

4 

*. 
(7.61 
10 8 
55 
131 

125 
6.7 

13.1 
4 
62 

t6.9i 

i67 

126 
90 
97 
4 

14.1 
4 
6.4 
61 
92 
,4 

U5* 


ENGINEERING 
MACHINE TOOLS 


80 


115 
187 
147 
-. 9b 
5.4 ! 12 ! 
89 ' 


8.8 

6.9 

66 

98 

103 

4 


45 

64 

68 

5S 

21 

70*2 


1D5 

180 

104 

68 

225 

148 

46 

37 

108 

46 

32 

111 

,5b 

25 

18b 

79 

92 

142 • 

107 

4*4 

87 

32 

42b 

38 
43 
16 
59 
58 


A' EMzfhllKfJ J 
A_P.Y.50p_- . 
Anmw 


Dn.'.-V 

Adwcst Croup. .- 
Mesa AJumianmL.1 

AlleniE' Balfour 

Allen W>; 

AmiL Power — 
Andai S'elyde_ 
.uiulfrSwiiS — - 
Ash * Liry. — . 
.Us-RriliO* Ji'jp 
,\ss «■ TooIiiK-. 
koralnd'I li)p.. 
Aurora I lids. 

V.cits — — 

iad*cuckiW._.. 

Bailey iC. II *. _ 
Biker IVrk. tOp. 
pjnrfnrrisSb - - 
ffanroi'iin; 'Up. 
Barton fcSun- — 
ReaufuTd IDp.— 
Bct.ifliD.F '.‘-p 


107 

247 

134 

104 
276 

155 
52 
56 

156 
82 

36 
131 

7 

37 
25b 
97 

105 
186 
141 

6b 

115 

36 

64 

68 

50 

20wt 

61b 

88 


-1 


+2 


3.43 

580 

155 

235 

FjOIS 

1005 

4.40 

284 

536 

287 

d673 
B- 
259 
115 
536 
595 
5.90 
533 
0.21 
4.37 
1.79 
HZ 19 
1*2.76 
(13 39 
(1135 
t-J.53 
4.93 


2.91 4 .8] 11.1 
4.4j 93 

2-fl * 
3.7 ‘ 
5.5 ... 
2.fl 9.9) 53 


2.3 




116 I5.7i 

7.8 : , 

J.4 53 4j: 
2.8 53 l7.9lj 

Ta] 7J1 83| 

110.9 * 

6.7 
8.2 

8.8 
4.7 

5.6 

5.3 

5.7 

7.4 
51 
6.1 

1 10 l! 

101 
lttllOl 


a.4. 


ISTS 

Hith Low 


ENGINEERING— Continued 

[+ m) ni 
Wee l - | V 


101 

*70 

36 
19 

42 
150 

37 

55 
9b 
io4 

95 

71 
35 

38 

49 
160 
128 
495 

175 
52 

87 

72 

88 
75 
65 
48 
75 

56 
82 

114 

165 

3041; 

45 

41 

23 

22 

72 

43 
65 

£109 

82 

■25 

28 

282 

34 
78 
43 

164 

144 

35 
32 

134 

731; 

208 

138 

93 

107 

80 

132 

12 

40 

89 

t 

99 

92 
20* 
12S 
|£21 

52 

84 

[290 

35 

120 

116 

236 

[162 

13% 

, 25 
[252 
82 
1115 

35 
84 

30 
65*; 

32 
80 
69 

87 
'149 

96 
63 
65 
24*; 
69 
38 
771; 
21*; 
19*2 
99 

ns 

jlBl 

203 

101 

23b 

50 
49 
89 

69 
, 33 
1147 

74 
49 
109 
, 71 
118 
491 

176 
119 
72 

96 

£89b 

40 

16b 

66*; 

165 

80 

91 

88 
,60b 
|138 

80 

65 

83 

68 

68 

29b 

97b 

40 

&b 

82 

280 

99 

15 

136 

38 

19*2 

"5 

129 

102 

31 

93 
160 

70 

‘8- 

S 

81 

25 

60 

30 

68 

199 

200 
122 

131 
155 
128 

81 

60 

40 

36 
133 

54 

33 
52 

152 

97 
IB 

132 
25 
*99 
105 
220 

22 

48 

34 


58 

44 
21 
15 
31 

123 

31 

32 
4% 

74 
68 
53b 
30 

25 
21 
98 
82 

1231 

100 

30 
58*; 
50 
53 

63 
48 

26 

35 

36 
61 
81 

[140 

88 

38 

24 

12b 

75 

45 

31 

|£83 

b6 

5 

12 

1209 

18 

671; 

32 
150 
114 

30 

15*2 

110 

61 

126 

89 

75 

87 
55 

1116 

6 

20 

52 
20 
55 
65 
82 
12 
95b 

*3 

64 
[248 

21b 

88 
81 

167 

1115 

9b 

26 

166 

23 

53 

24 

55 
23 
491 2 

59 
65b 
106 
67% 

47 

48 
21 

57 

29 
64 
14'; 
13b 
74*; 
88 
73 

134 

84 

Ub 

30 
35 

54 

52 
23 
98 

64 
39 
84 

56 
84 
29 

148 

101 

58 
70 

£8U; 

35 

W 

1125 

58 

57 
73 
49b 

53 
62 
44 

60 

t 

t 

27*2 

65 
|198 

69b 
_ 8 
(110 
29 
15 
122 
48 
64 
214 
96 
37 
23 
75 
,105 

55 
710 


Suck 

[B'liaraPsMrt 'Dp 
HlaKwri Hodpe 
RurverEnflaip 
Boulton Wm HSa. 
BrahamMill Kip. 
Rroillnraite£l_ 
Rrasnuyiop-. 
B'fwuse Du-i 10p 
Bnstnl CTunuel . 
Bnii'.h Northrop 
Rnt Stem 3Jp-. 
BrorthoUR’ 

Brom'sCwjSpf'. 
Bron\Eat; lOp-, 

BMnkcTooi 

BrotheriTfi P. 5(ip— j 

Brown 4 Taa ve_ 

BnwnJohn£l_ 

Eulimifii20p— 

Bur^ss Prod.™ 

BuUwfwidH'.r- 

Caatford£am.iOi 

Capper-Neti] H 

CarLloEnfi.-. 

fjnmjhi E Hip 

Castine 

rhemnnsSp 

iTinnyBros 

Clayton 5nit50p. 
aiflord'ChlEft. 

CoheniAi20p 

CaaipAir- 

Concentric lflp.J 

c»*WSM.3S*J 
Cooper iFrilop.. 
Cooper Imfc iop 
CornerrrnitSDp.. 
CronitrGrmip-_ 
Crown Hove _ 
CummiruTB-iH— 
DanksCrfmenan 
Dflnm'ihlnv.5p. 
lTH-i k Met'A’lOp 

Darvlut - 

Del swi 10p.. __ 

Delta Metal 

Dennis JIL 10p_ 
Den tend 50p — 

Desoutler 

DowniebraelOp 
Droke&Senll-. 
DurtileSteels— 
import— . 
BmrotHldss) — 

lEHioUtB.) - 

Enp. Card doth - 
(Eva Industrie* 
Expanded Metal 

Farmer (S.W.1 

FiiuiderLireaflPi 

Firth iGM'JOp 

FlmdnreSOp 

FolkesHfoD,T5p 

FratKislnds 

f.Q lunL 20p — 
(larumEng. lOp- 


jfieiLE^HadJOp 


;ranfiesK!00 — 
Irecnbank lOp. 

CreensEcoo. 

ICJULB , 

Hahtt Precuma 5p] 
■laden Carrier— 
HaJIEn°.50p. 

Hall Matthew 
HaHite50p__ 

Hampson— 

Hartle Mathy. __ 

[Hawker Sii 

HiHhSaith 
Hopkivoru-iOp. 
Howard Mach?._ 
Howden Group- 
[Hum Mumopap 

lackMiJiHR ap. 
Jenks£CaUeII_ 
Johnson 4 Firth- 
lone^ Group lOp. 
Junes Shipman 

Lu rd Group 

Lake t ELI iot 

Lane ■ Derry’ I ftp. 
Lee [Arthur 1 12%. 
Leys Foundries- 

Linread 

UoydtF.H.i 

Locker 1 Ti 5p 

, Da'.VSp 

[London & MhOU 
ILL Holdings 
Mangan Bronze- 
lMartoiuir20p_ 
MrKechoKBroi 

[Me^USp 

,‘MetalnreSp 

Ml nine Sup. lOp. 

MoieiMiaSp 

Atoll V 
MossEns'c — — 
NeepsetxL— _ 
Neill (Jari Hdsts.. 
NewnumTonks.- 
XorthemEns,- 
NurtoniW.E.i5p,; 
:PejrlerH»n'*lejU 
PorterChad20p 

PrattiP — _ 

PrieniBenU — 
Frocwll'4pd*-98 
R.C F. HoWinus . 
Raine Eng's 10p_ 

R.ILP. 

RnsomesSiin.il 
Ratdifleinds — 
Ratcliffs (OBI— 
R«MiJRi(teway. 
RduraffnanlOp 

RenofdO 

Richards of I«ic. , 
Rich’»Wea.50p„ 
RohitBonniiosf 

RotorklOp 1 

Sandenonlvayxer. 
Sari De G.(l Op 
Senior EngfglOp 
Sercfc 


Khakesp'reJ.Sp-, 

JSbaw Fionas 2Dp_ 
‘Sheepbridge — 
iSiman Eng’S — ■ 

(6X1 Group 

^mlthiffnitijp- 
Spearit Jackson. 
|SpencerClk.2Dp. 
]SpeuferGear'5pJ 

Spirav^Sarro 

Spoons Inds — 

StartriteSOp 

JStoteleylnd* £1. 

[Stooe Platt 

S+keslHenryi— 

Thre lOp— 

JTayfor Pall Birr. „ 

[Tex.Abras.JOp.- 
[Tbyssen DmlO._ 
17 (TomldnsFlLSp. 
Triptex Fdries _ 
)Tnbe Invests £1_ 
TnniU. 


60 ... 

20*; ftoaekiWAllOp 
|Utd.Enc'glOp — 
Uld. Spring 10p_ 
’Utd. wire Group. 

Vickers U 

Victor Products _ 
W.GJ . .. ... 
Wadkin50p— 
WasUKi indasCPl. 
Walker [C 4 W. 

WardtT.W.i 

WaroeWnEWlOp-; 
Wr*jckEnfi.31p 
Weeks Assoc. JOp 

Weir Group 

Wellman tag'n- 
[W.BnmSpv lup.J 

Westland— 

West'n-EraisSflp— 1 

Whessoe 

ffheway Wtsi 10p J 
WhitehcmseaOp- 
WUhmstWK— . 
W1ms4Jame3 — 
WolfEled-Tods 
Wolsl’v Hniihes- 
WbWtti^.llJp 
Wood 1 S.WJ 30a. 
Wh’seRba* USbp 


91 

67W 

36# 

17** 

41 

1254 

.3?. 

53 

•6 

86 

95c 

69 

35 

30 
48 

131 
128 
493 
174 
47 

S’ 

86 

75 

65 

45 

75 
544 

78 

.102*2 

165 

96 

41b 

40 

23 

21b 

65 

43 

58 

£99 

BZ 

24b 

27 

2824 

27 

76 
43 

164 

147 

33 

115 

71 

2084 

136 

93 

102 

79 

132 
11 
324 
89 

g 1 ' 

95 

87 

14 

119 

£11 

50 

69 

286 

32 

119 

115 

235 

162 

i sr 

242 

774 

115 

28 
83 
26b 
64 

31 


66 

73 

147 

93 
51 

58 

23 
68 
37 
77b 

S 

97 
170 

203 

■s 

s 

854 

60 

29 
147 

67 

V 

59 
118 

45 

176 

111 

714 

91 

£85*; 

40 

12*; 

62*; 

165 

73 

84 

78 

60*; 

137 

80 

65 

82 

61* 

68 

24 

27 

S’ 

28 
71 

272 

98 
14 

126 

30 
19 

178 

94 
113 
302 
120 

98 

**(« 

153 

60 
982 

V 

422 

75 

24 

57 

30 

68 

194 

194 

122 

128 

155 

127 

75 

55 

38b 

30 

132 

§?> 

37 
152 

71 

Wy, 

23 

981; 

104 

215 

22 

38 
31b 


3 


-1 

+1 

+6 

-1 

-ib| 


+3 


-fa 

+13 

+i‘ 

♦4 

+1 

-1 


-1 


-1 


-b 


+1 


i-i 


-1 


-4 


PlV 

Vt 

tS.nS 
1227 
,1.4# 
Ithl 11 
162 
•1 13 
rtO S3 
237 
hO 26 
60S 
H4.75 
+3 67 
2.21 

I. 59 
12 $2 

6.45 
488 
884 
16.25 
+237 
Z.58 
1336 

2.14 

3.05 
h3.70 
HL83 

II. 31 
2.81 

4.46 

5 .6 

If 

tl.02 
089 
♦t4 71 

If 

ti? 

1 1.27 
IhO b7 
11 11 
dl 53 
5.10 
t2.86 
10.12 
560 
d232 
71.02 
+5 16 
4.56 

6 35 

5.41 
303 
4 87 
3.74 
dS.15 

25 

♦13 37 
(11.39 

3.42 

4 21 

5 79 
0 33 
8.20 

(IhTzi 

4.30 
1580 
d2 03 
7.91 
4.50 
7.1° 

6.55 
d0.77 

1.83 

4.14 
<ilZ2 

5.14 
±2-23 
05 
10.71 
334 
[triO 921 
hi IS 

m° 

5.46 
h271 
3 56 
3.33 
1147 
14.57 
1,2.54 
5.39 
0.B8 
0.88 

4. 83 

4.31 
1.41 

15.42 
1502 
1041 
hi 05 
tdlOl. 
125 
tlS9 
0 42 

7 2b 
422 
3.24 
M6.48 
(4.11 
609 
H1.69 
7.81 
535 
14.88 
5J6 , 

12.76^ 
0.88 
3.90 
867 
5.Z7- 
tL93 
1502 

ar 

a 

dhm! 

4.45 

(1148 

L19 

rr 

431 

7.89 

4J4 

028 

d9.52 

dZ.43 

h055 

b434 

♦Z68 

J3.53 

9.14 
3^6 
3^5 
127 

4.55 
t5.56 
3-07 

ST 1 

4.70 

12127 


VId, 

Cvt Vf,) Pf® 


+1 

+19 

+b 


+2 


21| 96 
351 


28) 6.7, 


0 9) 6.6] ’ It 6 

3.4 


32110.6 

2JI “* 


251 

4> 

51 

3.61 

97 

50 

4.4 

47 

24 

6.7 
4.3 
24 

3.1 

6.1 
30 
39 

4.8 
30 
34) 
4> , 
3 0[ 

* , 

ill 

* 

is 

?S) 


5.9 
5-, . 

2.3^ 7-1 


7 a 9.1 
8.0|(5.$ 

ii 


57 

2.7 

5.4 

7.5 

4.6 
73 
3.71 
6.1 

8.5 
6.0 

2.6 

7.8 

8.5 

1.0 

57 

88 

80 

b.b 

63 

9.7 
83 
87 
38 

4.9 

77 

3.7 

5.9 

8.6 
10.0 


22M 


92 

5.9 

10.5 

I? 

0.6 


14.3 

4.8 

8 

t5.1* 


81 


101 

?.4 

5.0 
7.2 
33 

6.0 
(631 

4.4 

5.7 

73 

8J 

93 

■SO 1 

4.r 

77 

4.; 

8 

37 


148 

19 


5.7 


!i3S4i 

8.8 
&9 

6.4 

7.4 
|U6 

5.4 
6.1 

, 48 
4.d 6.4 


2.5 
3.| 

33] 

P 

5.1J 

3 ! 5 S| 7.5 


6-1 


?7 
3.0 
40 
31 
28 

14 105] 


4.9 4.9 
7.1 4 6 
7.0 102 


11.7 

5.6 

7.6 
63 

6.6 
99 
3.5 


4.9 
43 
6.2 
5.4 
♦ 

10.4 

129 
73 
, 7.9 
«.S{19.4 
161 
63 


4.6 

6.2 

9.2 

125 


2.6U0.2 

3.9 


ii 

4.0) 

78 

4.4 
1 1 

108 

78 

5.5 

4.4 

10.4 

8.4 

9.6] 

821 

10.4, 

62 

6.9 

7.7 

3.8 
38 
4.0 

7.8 


2.7(103 
93 
6.4 


2.2i 

4JU 

22 

7.4 

9.« 

10W 

93 


2.4|10.4 

"U 

si 


31 

32 

4 -l - 

13 10.3 
* 92 

- nji 

1410 3 
3.910.6 
2.0 9.4 
19 7.8 

1 11.4 
7 35 
23 9.6 
5.8 4.6 
1310.4 
4.4 72 
17 10.6 
3.4 fc2 

B u 

1.9 9 2 


* 

<6 

58 

10.9 

74 

?0 

68 

63 


6 ^ 
23^ 'O 
LW14J1 
ifl 93 

P 

is 11 - 3 

3.S 43 


2^103) 
23 7 . 7 , 
4.q 2 . 4 J 
ig 72 
3.7] 6.« 
* 7 . 6 ) 
4.IM 7.2 

21] 8 3 

3.9 731 

4.3 63^ 
3 .7) 6 . 0 I 
2JA 6.« 

5m 4.6) 


0JU7.lT 

08 ]ll.a 


9.8 

♦ 

♦ 

11.6 


6.6 

17 &: 
♦ 

9.8 

73 

6.6 

8.4 
l55i 

6 

8.0 

1721 

105 

40 

63 

9.5 
103 

7.1 

88 

7.3 
* 

« 

30 

11.4 

7.4 


.5.2 

65i 

♦ 

10.9 
78 
8.2 
53 

47 

7.7 
41 

(83 

4.8 
8.6 

h 

8.7 
82 

8.5 

6.6 

6.7 

9.6 
73 

83 

G28’ 
73 
10.1 
136 

9.9 
73 
6.2 

5.4 

84 

43 

5.9 

:J.9 

* 

4.9 
55 

44 
60 

9.7 
63 

6.4 
7.0 

16.0 

78 

4.8 

53 

1:2 

|20.4 

35 

57 

7.6 

. 57 
JllLil 


7.0) * 


1.8)10.8 


82 

302 

39.7* 


4.5! 

* , 
10.71 
82 
*79, 
3.9 
i4.1>i 
7.9] 
7 0[ 
S3 

+ , 
89) 

16 1 


161 

94 

77 
273 

71 

48b 

78 
15% 
85 

95 
157 

73 
7b 

264 

200 

170 

84 

139 

33 

52 

61 

55 

60 

52 

128 

126 

125 

160 

14*; 

35 

78 

14 

74 
2b 
58 
77*; 
252 

42 

£40% 

117*, 

41 

17b 

118 

38 


FOOD, GROCERIES, ETC. 


M2 

70 

53 

1205 

39 

2Bb 

72 
11 
66 
64 
119 
48 

, 56 b 

182 

|150 

115 

57% 

104 

25 

43 
48 

41 

42 
33 

73 
70 

104*; 

82 

% 

66 

8% 

57 

22 

44 
56 

1165 

59 

L28i a 
70 
27 
128 
ion 
20 


AlpineSnfi D lOp.. 
A«.bL«cuil20p_ 
AH.BriL Fds.. Ip 

v* Dairies 

A»v Fishenev. _ 
AiunaGroubap.. 
BunksiSKlnet O 
BarteriUJta- 

BjrriA.i;.' 

Barron Milling- 

BixseHiGeoi 

Balley> YmIc lOp 

BeiamiOp 

BiM)t-'-Jl£l 

Bishop's Stores- 
1 Da-A-K.'Vn— 
Bluebird 
BriLSuearnOp— 
RricVend'clOp- 

BrookeBond 

Cadbury Seb'ps- 
CarfiMiOine— . 
nilford Dairies. 

Do.*A"KiV 

Cullens 20p 

Dn ,, A r 3lp.._ 
Daniih Ben.*.V£l 
E^sIwmdlJBKip-- 
Edtr iiiLui.r ™ I 
lEnplandiJ.Eipp 1 

FSIC. ... 

Fisheri V'Sro 

Filth Lweliaip. 
■-lasi'Tloverip... 
^Idr« Fotiuri 
ilwIevr'-fsP^Op. 
irilLnb lOp....... 

Hinl-ui-.V' I'lp.. 
KraftSl.V* __ 
KuihSarelOp _ 
l^flm*n-it'.p hid 

linffyid in.lt- — 

Uwhwori.- 
lanelliL'-Ffl 


161 

78 

76 

247 

44 

V 

13b 

82 

70 

144 
69 
68 

254 

165 

127 
78 

130 

30 

51 

58 

55 

60 

51 

128 

126 

111 

145 
10 
27 
67 
13 
63<d 
25 
57 
69 

712a 

92 

E35b 

86 

34 

162 

118 

36 


-i 

5* 

-1 

+1 


th2J8 

'flP 


-3 


-1 


-2 


-1 


d6.70 

324 

h079 

ffl 

td3.66 


3.70 
till-47 

16.70 
d263 
d263 
h207 
th4.82) 
052 
12.80 
3 .W. 

at 7 

194 

4J9 

4J9 

6.74 

♦3.44 

1 44 

4JA 

0.65 

4.11 

1125 

ri2.73 

30 

4.94 

2.91 


dl.70 
t4 53 
3.75 


221 

36 

40 

19.4 

35 

h 


4J 4.0 
1719.1 
4 I 60) 


1.4 

h 

33 
* 


3.2 
4.0 
14 
11 
4.0 
5.5 
16 
8 2 
7.9 
72 
4.8 


45 5.7 
M 5.1 
10 5 2\. 

+1 15 

ii?.a 


2_a 8,mw 


4.7 


111 

C5.li 

7.9 
16J 

4J2 

♦ 

6.0 

361 

92 

4.9 
* 

« 

85 

4.8 
117 

4.0 

6.9 
4D 
72 
42 
(8.2) 
4.0 

6.7 

5.7 
30.4 

29.9 

4.7 
♦ 

215 

61 

142! 

* 

6.9 

631 

♦ 

11 

gi) 


6.4! 


IW* 

High 1AW 


126 

545 

169 

91 

63 

97 

,107 

1109 

?B 

4$ 

20 

62 

1152 

414 

[243 

83 

35 

43 

[182 

08 

115 

54*2 

68 

72 

67 


52*3 

E9 

68 

138 

176 

20 

121 

96 

215 

21 

270 

44 

28 

56 

43*3 

170 

87 

43 

18 

237 

39 

415 


FOOD, GROCERIES— Cont. 

1 j* or| Mv ] ]VH| 

j.Jnrrj - J .VI JnrjGrsJCR 
itfl 


93 

72 . 
120 
75 
22 
55 
77 
70 
21 
30 
14 

45 b 
120 
345 
lbl 
54 
25fa 
34 
140 
164 
74 
38 
47 
70 
51 


Stork 


Lou- Wtn-Jdp. • 
*tl — - 

Matthew. H 1 - - 
tli-a* Troth! Sup 
yrerju EiK Hip 
'Mwn.* mVS 1 Uhi 

Xnrthem Kivd. . 

XdriSinl'k.Wp- 
Pan!tnl' ; lop —• 
p-.briWl ■ lih’ 
RakaveuGrpltl 
RH-M — ■ 
Rrfjeiiyui 1 owl 1 
Rnfttilpv M.Sfp. 
S.iiibhuiyiJ. 1 .-- 
Svifflpiirtfx- 
Snilfcrv — 

Vin:re1 !l'n !2-.s» ■ 

Stuv't- Juvepr. 1 
TateJUdcil - 
Tarener Rut. -th’ 
Tetfiiap — • — 
'CitiiSlw - - - 

I'mteri Rt*nni 
Wawrn Phlp. U*P 


129 

167 

80 

54 
92 

104 

90 

28 

45 

16b 

58 

134 

406 

225 

73d 

35 

40 

160 

182 

76 

90 

55 


HOTELS AND CATERERS 


5.58. 

24 7 1, 


02 

3.4 S3 

+«17.37 

12 13* 

h%76 

7 5 12 

f * s.i 

■35 5 S 

.1197 

51, 31 

l.so 

9 33 

♦tWn? 

0.4 21 

+134 

bis 8(4 

5.81,. 

21 65 

tlUft 

52 4 SI 

rib 11 

-3 2\ 41 

177 

+ Af 

137 

2l\ - Bt 

f! 56 

3b 60 

3 57 

6^ V,* 

+1? 34 

17 H.1 

<15.9fl 

15116 

1 bn 

31 4.4 

3.49 

q?.4 Hi 

h7 7l 

32 4.s 

+247 

29) 67 


63 

5 4 
94 

ltTa 

97 

96 

•h 

\7M 


92 

4 

83 

70 

67 

6.9 


1101 

7.7 


3^b 

£11*2 

3$ 

73% 

[148 

10 

87 

75 

155 

15 

180 

25 

18 

25% 

21‘; 

[138 

58 

20 

& 

22 

225 


AdrhrinL !(lp - 
BiWlrJtFr.100- 
BmH Walker^J. 
tltvHrtelsaip- 
tDeVewHoteib- 

Euieure ip 

ItihadMet-aOp— 
RorsaaifATILtS 
LadhrokelDp — 
MtdoriewWp 
b^rddletuuSOp.. 
l\nrfnlkCap.Tp- 
North (M. F-ilOp.- 
,PrinreolW,ile>- 
SQucen's Ihua Jfi . 
K.wnn Hutris- 
!Sai«y ■* \“ 10p — 
Stabs. RtrotlOp- 
[SmcRnn IuL^l. 
(Travtli. Porte. „ 
Samcf IW'.'-V i'Jp- 
Wbeelcr'slPp.. 


48 

EZ7 

66 

131 

168 

19*2 

117 

96 

180 

20 

250 

40 

23 

54 

39 

162 

71 

35«l 

17% 

230 

38 

415 d 


068 

WI£« 

127 
h32Z 
(14.7: 
NO 34 
1431 

ft^Dfl 

7. LI 
050 
K6.7 
106! 
h046 
.. no 85 

..4 rtO.34 

636 
hi 04 
0.70 
'♦11 25i 
1&33 
1 _W 

4.i; 


5.$} 71 



* J 53 

4 7] 1S-18I1 


INDUSTRIALS (Miseel.) 


122 

*134 

83 

42 
57 
79b 
345 

67 
71 

54 
131 
13% 
226 

64 
118 

79 

MO 

182 

38 
*260 
52 

83 

08% 

203 

1720 

19 

28b 

62 

63 

172 
% 

55 

46 

41 
1165 

74 

36 
2% 
161 
231 
,£27 
?12 

48 
74 

1157 

, 12b 
[120 

39 

65 
60 

S 

% 

[750 

85 

40 

J 59 

ft09 

81 

18*; 

44 

I 

A 7 

136 

113 

% 

£40 

B54 

37 
60 

37 

P!81 

56 

49 

47 
23*; 

, W 
U26 
(146 

, 78 
[132 

50 

£28% 

40 

68 
33 
74 

70 
78 

H9i 

m 90 

H70 

18*; 

CL40 

R63 

I 101 

£87*; 

25 

, Ufa 

[203 

•119 

84 

£38*4 

49 
39 

1162 

55 

22b 

U55 

13 

381; 

68 

66 
18 

109 

1275 

161; 

48 

57 

23 
98 
*21 
05*3 
14* 

33 
84 

1163 

141l,i 

43 
38*« 
118 

71 

34 

in 

130 

38 

50 

51 
48 
61 

168 

183 

104 

860 

70 

108 

127 

M3 

91 

200 

104 

69 

B6 

622 

341; 

B6 

63 

119 

32 

54 

42 
38 
47 
31 

104 

154 

£89 

61 

95 

61 

76b 

t 

164 

99b 

112 * 

24 
65 

117 
38 
82 
73 

lb9 ' 
390 

173 
37*2 
307 
136 

118 

&S* 

388 

398 

30 


92 

t 

43 
36 

268 

48 

34 

g 

i s 

45 
95 
63 

183 
145 

25 
[180 

27 
62 

C32 

152 

1583 

12fa 

23*; 

54 

46 
141 

79 

45 

S 2 

125 

58 

28 
127 
;125 

184 

nis 

363 

79 

48 

no 

9ft 

29 
56 
45 
21» 
52 

.S* 

l3 § 

28* 2 

39b 

101 

59 
13b 
32 

26 
99 
90 

g 

108 

62 

66 

,146 

107 

30 
50 

, 18 
180 

44 
36 

17 

18 
65 
70 

Ml 

58 

1103 

25 


A-Yft - - - 
Af.BKerfW.-h . 
AKrtMn Brov Ulpl 

Abbey-Ltd. 

.\irtlxIraK2Pp_ 
ypuellidys-aja 
ABal.UetaliED . 
Aflf. Am Asphalt 
AreiBoniAiWp- 
%». Sprayers inp J 
.\vsocTele-\- 
.totin Filey Mllp 
Aran Rubber £t_ 
RBAfiroup 

BJET Defd 

iUXUntni.- 

BTfL 

'Ramd.-WniiEJ — 

-BareeCll*. - 

|Rarlo«Rd RIOr. 
Rarrmr Hepburn 
Bath 6 hir.laiKL. 
Raster TTaicuoi 
iBeotsoniluriv . 
Beti-ham . ... 
BelloirCoi 10p. 
Bentinu — 
RerisJurris- - .- 
Beran-kTirnpo- 
Be^uheU — ■- 

HddleHldi|v~ 

BilurcatedEnC - 
BillamiJ.H Op .. 
Stock Amm 
BtarktPUlldM.- 
BodioRr lnt'1 — 
BocndM'Vinnv 
Booker Mv«'. Sup 
Bontiltomyi50p 

B*M4 

Borc-W.l'SHSlI 
Bowaterfl.. 

Brabi [eslieiop 
Rradylnds."A 
iBramnenllvjip . 

BnilKtulPnx ap. 
Rnrfon - 
BridpnruJlSp-. 
RR4 E.3 — .. _ 
Brit tine' T. ISbo— S 
BnL Steel i'i'hsI. 
Rnr Syrfroo3Jp. 

Brit ub Vila 

Brittains. 

iB. H.Pl\>p.SV2 _ 
Brook Sl Er. JOp. 
Brooks WaLMp 
Bnmitltov Vnl 
Bnintons'Mussi.. 
BnrcoDean-..- 
Rurndeneap..., 
Burns Ands'DlOpJ 
C.H.lwris.lOp_ 
C.raipan20p_ 

IhmrexlSto. - 
JCanninfiiW) — 
k'apeladurinM. 
h apian Prof. lOp. 
ICararanFlnLlMp 
Karl’.Mi link — 
k'anoods 


33 

53 

27 
40*; 
55 
58 
140 

b4 

125 

1% 

230 

68 

[£80 

16 

6 

128 

67 

63 

£241; 

30 

27*; 

122 

42 
12 
93 

23 

54 

49 
12 
80 

220 

12h 

39*2 

36 
15 
69 
17 

£18% 

11 

20*; 

72 

122 

99 

34 
20*2 
90 
53 
7B 

87 

24 

25 

37 
39 

48 
53 

12B 

, 81 
[485 

61 

85 

65*; 

149 

53 

160 

80 

46 

58 
515 

17 

65 

50 
84 

17 
37 

18 

19 

24 
17 
81 

& 

51 

65 

43 

66 
7% 
34 

120 

72*| 

93b 

20 
45 
92 

28 
61 

59 

1191; 

1272 

122 

25 
183 

82 

49 ' 
22% 

JUfa 

[206 

308 


111 

134 

74 

40 

57 

77 

345 

53d 

7® 

54 

. ul 
4 10b 
218 
63 
112 
72 
328 
380 
32 
254 
29 
7B 

£37% 
193 
707 
W 
25 
60 
63 ni 
170 
% 

55 
42 
44hd 

162 nt 
74 

36 
284 
142 
224 
£25*; 
198 

93 
57 m 
157 
10 
IDS 

37 

56 
53 


Ceiesrion Ind Sp 
Central Mfp. Mp. 
Crtu.She-’retl jp . 
CemrewarSIp .. 

1 ham hen aim «p 
klMinhlanrh lOp. 
TChany? Wares lup 
Dni’ni Cum limp. 
‘hn-Uie-T lUp. 
Christies. InL 10p 
I’huhbajp — 
Clarke luemenl' 

MetRH 1 

CmputWelihaOp. 
£201; Cbntl.r.rp 

^ out Sialiiwy IOjl 
I' ope.-UIiiUDap. 

jCoprdcs lUp 

hTosall 

jrimrtnyPope20p_] 
h'osran d«Qt 10p_‘ 

|CreaniJ.l50p 1 

lCrest MvboilOp. 
[Crosby Rouse £1. 
il'rosby Spr'u lOp. 
[Dariest N’wmn. 

:De La Rue 

Denhyware 

|P»pl>-#reC»TK-iil 
Diamond SLvlOp 
DinkwHecInp.. 
Diploma 1m 1 : .. 
Doosna Park lOp. 
Dora Hld|:s (Up 
DmvrCorp L'SSI J 
!&ran* Sur;(! IDj'j 
Dalai Bitum. top 
IHinheeCom. lup 
Dumlonian 3ip - 

(raplcInLap 

Dora pipe 

Dftek'Irnup lOp. 

IVkesiJ.i 

DrwniJ.iJ • 

Do.W 

|EJ1 Cases lOp ... 
lEastorn Prod T)p- 
|Qlwrlnds.5t>pL 

ElhieISp 

Eleco lOp 

Elert.[nd.S«_- 
EmoaPYra.lQp- 
□sontRohbutv 
ElswiekH"pcr5p 
ErahartCorp SL 
EmpressSciv.IDp. 
Enu-iOieCs lOp 
Eni China flays 
Esperoma I2%p_ 
[Eure Ferries... . 
'Erode Hides. Sip 
EwerGeowlOp 

Ertel 

FairbairnLanyunJ 

Feeder Ito 

FenneriJ. Ill 

Fercnsnnlnd. 

FenJeman _ 

'Findlay t-VR 1 

1 First Castle iOp- 

FrtTftillon 

FlejelloC.tW.. 

]FoEartytE.i 

Flweco Minsep„ 
iFutherelllHartei, 
'fTanklin Minui_. 
,Prenrh Thus, lop 
FriedlamUict — 
•i.RtHds<i. . 

KiesJctner-.Y 

ftiiliheru Dudley. 

ihbwisiSi 

lettsiinuip 

(■iltspur l«p . -. 

iil»r>*H«aJIO|i- 
■ 'daynaiip .... 
(toMnuimlliinn 
ttonuncHlrit. ... 
IrampianlWits 
Jan, ufa ‘.v.- ... 
'nmrtwea'p.- 

If^pperTod*. Jilp 
'GrorebellOji ;,|i 
iHalLmSIeifh lup 

Halma Hip 

lLaimlbvmei3.«n, 
'HunimcvCptor 
Haiw-n Trust 
D»8%pei'nri98s| 
flan^vne:3h). 
HarnsiPh.iShj^ 
Harris ft SheWim.. 
iHartmsftTipjnn. 
Hamin5|k-.,.^ 

[Hay iNornnni W 
[Hay's Wharf £l_ 
HepnurthCrroc. 
HcSolr 


;jto«,1U(JJ5p 

fteinotefttobaOp 
tGIl iOus.j£i 

HirtMal'woajp... 
'Hulrieni.Ai.Zr... 
iHuUL-RnK^.^,,.. 
ihrilUmdlni lun. 
Rooter V... 
Hrtjkinsi HJS>p" 
;llowanJTenena. 
IlUlUIlt^.Vcn' 

Kimtlekh % . ' 
Ilhiu.'liWtanpniM. 
RymaniL4j.::ip 
,1 c Indn.irie»;: 

Imp iVhii tia-Ci- 

liwlHadi Kip... 


V 

99 

27 

725 

85 


108 

81 

37 

44 

S’ 

*61 

66a! 

136 

111 

80 

237 

350xd 

31 

59 

35b «d 
28l«d 
50*; 

23d 

8 
123 
133 d 

78 
120 

45 
£25 

3 

33 

73- 

62 

69 

191 

88 

155 
16 

127 

453 

UMfcd 

£86<; 

23 

12b 

197 

llQxd 

84 

£36 

49 
36 

156 

50 
21 

155 

13 

33 

68 id 

64 (d 

15 
99 

255 

15b 

48 

55*; 

16 
96 
18b 

£331; 

79 

147 
133*2 

36 
37xc 

115 
71 

34 
171 
120 

26 

45 

37 

46 
61 

168 

17$ 

102 

700 

69 
108 
127n; 
164 

87 

199 

92 

65 
86 

622 

17 

73 

63 

119nl 

32 

54 

33 

38 
46 ir 
30 
87 

141 

£85 

60 
94 

55 
76 
13 

56 

148 
96 

107 

22 

54 

116 
32b 

80 

66 
169 
280 
160 

37id 
307 
i36 , 


+18 


-1 


+ 1 


+2 


-1 


Si 


-l- 


— 1 


-% 


-1 


-10 

+1 

+2 

-2 

+1 

-i 

+7 

-3 

♦1 

+ 3' 


618 
3 45 
43 5 

HP 

252 

16.05 
27 

Ml 97| 

665 

+0.56 

9 41 

2 42 
♦527 
+3 18 
h8 53 
942 

tQ23c 

03 
13 35 
«re.5c 
5.24 
1876 

1 74 

+249 

3.04 

4 66 
rib 77 
305 
319 

1 83 
646 

2 76 
1132 
7 43 
il4j?. 

rib.oo 

OSL83 

485 

5U 

35 

426 

623 

U13 

272 

1.32 

3 05 
hLSl 
152 , 

,S* 

|l t223 

7.11 
13.78 
1103 
tl 47 
i03 
1186 

402~ 

13 

8J5 

4.86 

1469 

5.55 

383 

♦0.76 

43.05 

1.12 
1226 
2.80 
217 
1041 

11.6 

15 
5.19 

377 

♦190 

$220 

256 

13 50 
227 

ftt 

232 

18.58 

+5.41 

£9.41 

066 

7.41 

BP. 

riS‘ 

|th0.26| 

3.50 

b406 

rl4.71 

w 

*hl.43i 

5.66 

21b 

10 60 

4 24 
0 20 

3.63 

3.63 

4.42 
8.12 
1.15 
ML7B 
304 
025 
t3.18 
tl.00 
52.0 
d02 
ZO 36 
13.97 
t5.16 

2.84 
hl.16 
hi 37 
550 
M5 08 

1.40 

16 BO 
6.09 
041 
193 
2.01 
ri*354 
12.80 
li259 
4 65 
630 

Q3lk: 

42.84 
518 
h4 75 

14 01 

2 57 

3 35 
454 
244 
308 
til) 43 
0 SB 

3 07 

4 05 
fl.97 

2.40 
1.02 
10.26 
hO 67 
W)85 
trtftiv 
16 39 
Q6i?’. 

3 27 

4 34 
3.01 
4 05 

3 05 

1502 

♦335 

1699 

1.05 

2.54 

7.37 

11*3 

>13.62 

456 , 

7.1 1' 1 

5*' 

1 91 


•Ifl 


4> 

40) 

* 


mi 


a 


29^ 


8.61 4 


3 K 

8-*l 


4.2) 


a mi 


2« 7 0) 


4> 

,63) 

<P 

« 

18 0 

. 8 -b 
(4152 
'7.9* 

j; -ft 
80 
74 
32 
6.3 
81 
50 


3.l« 71* 


34)10 5 


h.cj 


4 4J 3J| 

6.4 


10 4 
3 01 7 2) 


LSI 


1.3HU5 


35' 


19)113] 


43 
4 3 

19) 

4 

21 

34 

35 

16 

42 
• 

4> 

3» 

UZ\ 

20 

12! 

231 

331 

15 

3 2 

4 9^ 
27 . 

: 

2 3 
34 
3.4 

43 

33 

IS 

♦ 

34) 


14)10.61 


3-fl 


14)10.3)10 2 
44 


33 

46 

09 

44) 

4> 

124) 

i 

* 

iii 

ii 
i! 

9.0I 

* 

41 

a 

zs 

21 

4T 

3.7 


+t-j'?59 


2 34 

U20< 

1193 

W 52 

+7 53 

■49.96 

iL91 


22 

3.0 
5.3 
47 
h28 
21 
24 
31 

23 

24 

23 

17 

35 

96 

27| 

18 

43 

P 

H 

471 

4 7 

191 

J0| 

4.7 

it 

92 

4.1 
2.5] 

m.2 

I 


21 

35 ? 

2.4, 


■2« 
2 » 
121 
1 91 
9 zl 
7 0[ 
* 

17 J 
5*4 

U 


Ii 


6-1 

56 
47 
44 
528 

51 
138 

5S 
5J 
66 
'79. 
112 

52 
72 
•» 

♦ 

68 
47 

, 84 

98tl422 

4^15.9 


9S. 


78^ 


3bi 

7.4) 

6d 

9g 

4-1 

■ 6 
£6 
7.51 
43 

7.4 

is 

ft 

j! 

9 it) 
4b| 
9 3 1 
+ 1| 


90 

39 
« 

108 

103 

6.9 

4> 

* 

40 
3.5. 
56 

405 
17 2 
80 
65 
100 
62 
6.6 
64 
46 
59 


Sf 

91 

ik 

35 

> H 
37 

5.0] 

t>V 

6 

7 0 

8 71, 
4 0j 

p 0) 
4 J 
4 71 
63 
-14 


7.3 


flO.7 

27 

H 

1 7 

68J'1L3 
6.0132 

5 6 63 

6 5 »4i 
85 


at 


6.7 


4.a 5.9 


11.0 


5.5U1.0 




5.M 73 
8.lJ 52 
3 Of 
25) - 


J.7i 


7 5)103 
5.3 75 


3yt64» 
5.8 
63 


71 l 

10.71 
6 J 
6.0 
7.6) 

6u4| 

81 

SO 

64 

23 

39 

«j 

22 

62 

4.J 

« 

44 


6W 


4 2 
4W 
6 Bj 
r7d 
81 
6« 
S2) 

8.S 


to 
10 3] 

s| 


7.7[ 


ii 

•W 

29 

93 

10.0 

73 

42 

104 

4> 

55 

60 


❖ 

111 
78 
10 5 
6.0 
94 

104 

56 


83 
*> 
63 
7.9 

53 
18 5 

84 
4- 


1^0 

115 

90 

♦ 


94 

70 


1.9 


* . 


91 


108 


103 

i6.4i 

7.2 
U 2 

7.0 

84 

103 

62 

6.4 

115 

S3 

5.3 

78 

49 

44 

45 


Z5UB3 
61 


♦ 

60 

125 

124 

161 

UO 

63 


4o]12i 
104 
82 


S.1 

n 

7 ! 
n\ 

B. 71*46} 


49 
53 
68 

95 

96 
88 
4.9 
13.2 
87 

14 7 
81 
(431 

50 
90 


♦ 

123 

93 


4 9)25 D 


85 


15)11 3 


3 

14 5 

Vs 

87 

91 


+1 WSc 1.4 3 6 

-2S _ _ 1 I 

-6 QlDc 22 21* 

-Z 13.5? 20 To 
-1 <J9c 27 ? 5 


-2 Q8c 1-id 39 


-3 TQllc 1.9 4.0 

-tf QISc 4.0 ?7 
Q3c * i 


TINS 

Ana! Nijeri.i — 2 

AcurlUbinSMl ~ 42 

ReraJtTin 5 

BerjantaiSMl 3C 

i*cvor_ 14 

■joM&Bm IJIji . 1 

(■ypcncCoiu. 31 

HnjicJ'Wi" 23 

Mm Hip ‘ 8 

Jjnuir 1:131 

Kanuimins SMOoO. 9 

MlliuMI 62 

MJlai DradpllcSU! . 47 

■IPahanu 7 

^□■ikaJen liip 6 

PtoflUgSMl 27 

SjiniPiran 6 


23 -1 

420 

57 -3 

300 

340ti +5 
10>4 ”•* 

310 

210 


625 

470 

77 -1 


Smith Cruft; lft». 
Souih Kintny.fi' ju 
St tin Malayan SMI. 
Sun:iri B*si SMI 
Supreme t'orp SMI 

Tan»ni:I5ij - 

Tiflifcih Ur hr. SMI 
InmuhSMl _ 


65 

270 

62 

61 +2 

245 

340 

240 

80 

90 

90 

265 



COPPER 

iMessinaM*! | M |-I |tQ30cJ 19( J 

MISCELLANEOUS 

Baiymin 52 — —I — 

Puma Mines lT-»p. 13 — — — 

ivnOlurch. loc — 255 tQ30c 2.6 i 

NonhsaleCSl 400 +20 — - - 

R.TZ 244 -1 9.5 2.8 53 

Sabum ltxk r$] __ 64+2 — — — 

Tara&ptn.S! 862 -28 - - — I 

Feindi Mineral- Wp. 67 6135 * 3D 

VuImhoosCSI- 185 +5 . Q7c 19 1.8. 


Ulwruriw Indicated. prim and art dindeiMb in In 
fence and denominations are 25p. £ Kintal rd frirWorninKi 
ratios and rorm are based on lantunnl lepsiUitriMnanu 
and. where possible, are updated nn half-year) r figure*. p/Esare 
calculated on the basis of net distrlbumu; bracketed figure* 
indicate JO per rent, nr more difference If alralaird on “nil", 
distribution i.orers are bowl an *nuximupr dinribuiiou. 
o 1 Yields are based on middle prices, are Ems. adjusted to ACT of 
Hfiftr rent- and allow (or value •( declared distributions and 
rights- Securities with dcnn m l n at ions other than sterling are 
J-* quoted inclusive of the investment dollar premium. 

3.2 4 Sterling denominated securities which include investment 
dollar premium. 

• “Tap” Suk-L 

• Hie hi and Lows merited thus have been adjusted te allow 
tor rictus issues for cash. 

t Interim since increased or resumed 
; Irnenm sinve reduced, passed or deferred. 

X Tax-free to non-residents on application. 

0 Figures, or report awaited. 

t» rnhsned r-ecuritr- 

• Price nl limp of joipension. 

4 Indicated dividend after pending scrip and/or rights issue: 
cover relates to previous dividends or forecasts. 

• Merger lud or reorganisation in progress, 
a Not comparable. 

+ Same interim: reduced filial and/or reduced earnings 
Indicated. 

f Forecast dividend: cover on comings updated by latest 
- interim matemeiii. 

; lover allows for conversion of shares not now ranking for 
dividends or ranking only for resinned dividend, 
t 1 01 or does not allow for shares which may also rank for 
dividend at a future dale. No P.E ratio usually provided. 

» Excluding a final dividend declaration. 

Regional price. . 

II No par value 

a Tax Iree. b Figures bO'Cd on prospectus I>r other Official 
estimate e Cents, d Dividend rale paid ur payable 00 part* 
of capital; rover based on dividend on full capital, 
r Redemption yield, f Flat yield. % Assumed dividend and 
yield, b Assumed di virl.-nij and tri-ld alter scrip tvur. 
j Foymcnt from capital sources. It Kenya, b Interim higher 
llisn previous total, n Richls u»uc pending q Earnings 
hayed on preliminary figures s Dn tdend and yield exclude a 
special payment. 1 Indicated dividend: cover relates 10 
pre‘’i‘ Us dividend. P R ratio based on laiost a.-tnnal 
earning', n Forecast dividend cover lioscd i>n preiiou; years 
rjrnmg'. v Tax tree cp 10 30p in (he I. » Yield allows for 
..-urrency rlaua*. y Dividend and yi.-ld basednn mcigvriemw. 

1 Lmldend and yield include a special payment; Caver does oat 
apply 10 special payment. A Ncl dividend and yield. B 
Preference dividend passed nr deferred, f Canadian. E Issue 
price. F Dividend an d y ield haM-d «n prospectus or other- 
••ffieiat estimates for 1979-ffi. r, Assumed dividend and yield 
utter pending scrip und'or ngtii* issue >1 Dividend and yield* 
based «*u prospectus or other official estimates for 
nrr.-TU. R Figures based on prospectus or other mficial 
'-siimnic-s for 1978. M Dindend and yield hased on prospectus 
i.r r-thcr official ninuilct for tor*. N Dividend and yield 
based on protpeciua or other offirinl esrimain for 1979 P 
Ficutvx bused on pro-portus «-r Oltii-T sHicol mvmales for 
1778-79. <4 ilross T Figures assumed. 7. Dividend foul to 
date. ’A Yield based on assumption Treasury BUI Rale stays 
unchanged unlit maturity of stuck. 

Abbreviations: nder dividend: gci scrip issue: rex rights; n«x 
all; if r\ capital disiri bull-in. 


Recent Issues ’* and Rights ” Page 


This service is available to every Company dealt in on 
Stock Exchanges throughout the United Kingdom for a 
fee of £400 per annum for each security 


REGIONAL MARKETS 

The following if u selection of London quotations of shores 
pre-.iously listed only in regional markets Prices of Irish 
i.-'iie'. mopt of which arc not officially listed in London, 
are as quoted on I be Irish exchange. 


A fhjny I nv . 20p 
-\:-h Spinning ... 

Lenam. . 

Kdg’wir S<t 50p 
1‘lnvcr I'rull _ ... 
•'raig i Ko.ietl 
[ij-.-on .It A i A. 
Kilt: £ McHdy.. 
Evered - .. — . 

Fife Force 

to rtnJ jy f*kg. Sp ■■ 
2? -iraivlSh.p.Ll. 

Hig‘-on-; Brew 1 -. 
— 1 "M S-im Ei. . 
TJ ll»>li i.frv. -nSp . 
3.* ■. i tin. fioldtiniih 
Z ! v:irit-n ‘ Hi,, 
li V*W:!Mi1U . . . 
7.2 Siii-lftild Brick 


Shcff. Rcfrshmt . I 62 
SindalJiWm.i... 105 


Conv 9 , i'8n , 82. 

Alliance tins 

Arnntt 

r.'irrulM’J.*. .. 

i.'londalkin 

t'ancrcic Pbidb.. 
HeUKTuUldiii.) 

In* t-'nrp 

Irirh Ri-pcs 

Jacob . 

Sunbeam .... — 

TM4 

Unidjre...— — 


OPTIONS 
3-month Call Rates 


Indnclrtals 
A. Brew 

A. p.(.*emcnt_ 

B. b.R. 

itHlwock. 

Barclays Rank. 

Keecham 

H-xiis Dnig^. 

Hnvraters~—... 

R.AT„ 

Rrin-h ■!' vj,‘en 
Brown U ' .... 

Burton "A - 

f-jidhurys...... 

r.uur-nJld; . . 
rx-i^nhams. . 

Premiers 

1 Ill'll Up - ... 

Emile Sl-.r.. . 
EM I 

u-n .ti' ideni 
i.u:i Electric.. 

• .!.»■.» 

(Jrinil Mw - 

i,l S -A 

■ .u.ir-ban . 

. ; K *5 

H.iwi:crSidd„ 
llui-cui rrafer 


,icr. 

6tj ■■fnips" 

IB J.CJL 

9 Jnverestt — — . 

n KCA 

25 Lad broke 

35 Legal* Cert. _ 

15 Lex Service .— 

16 Lloyds Bank ... 

24 "Lofs" 

6 London Bnck. 

20 Innrho 

12 Ijicax Inds. _ 

5 Lyons i J. i 

ID ■■Mums’ .... 

8 Mrki. & Kpncr 
15 Midland Bank 

7 N.El 

11 Nal.RnL5a.-il.. 
14 Do Warrants 

17 P*i.»Dfd ... . 

la Fle-tse> 

40 R.H.M . . 

9 Rank fly g. ■.%*.. 

20 Reed Intnl 

18 Mullers 

22 Tom:.. .... 

20 Thorn 

12 Trust Ilduses. 


20 Tube Invest — 

6 Unilever 

20 I'td OrapeiT. 

8 Vickers- 

3 V»oulwortha,^ 
17 ^ 

14 Properly 

L Bril. Land — 
^ Ca^. Counties. 

| Inireuropcun 
L Land Sec* — 
25 MErC. 

=® Pcachcv.,., ... 

£. Samuel Props . 
« Town irCItj .— 

g Oils 

10 Bnf Pi+micum _ 

S Burmah Oil. 

a FhancrbaH — 

5 Shell 

U l ltremar 

j 2 Mines 

5_ Charter Cons .) 
22 Cone. Gold 

15 Rio T. Qnc — ( 


A selection of Options traded Is" given on the 
London Stock Exchange Report papa 






































































































































































































Lifting the 
veil on the 
Orient 

BY JOHN HOFFMANN 


THE VISIT to Europe by China's 
Premier :ind Communist Party 
Chairman. Hua Kuo-feng. vividly 
emphasises the extraordinary 
changes that have taken place 
since he took over the country's 
leadership almost two and a-half 
years ago. 

His unprecedented inter- 
national tour, which will take 
him from Romania to Yugoslavia 
and Iran, virtually ends three 
decades oT isolationism during 
which China wrestled privately 
with the problems of Mao Tse- 
tung's grand design for a 
uniquely socialist and self-suffi- 
cient nation. 

While that struggle laid a 
strong ideological base and estab- 
lished the aspirations of China's 
300m people, its success was 
Hawed by Mao's excessive 
idealism. which sometimes 
caused the revolution to so into 
reverse. 

Kua Kuo-feny's task in filling 
not only Chairman Mao's shoes, 
hut also those of the revered 
premier Chou En-Lai. at a time 
when Chinn was still sagging 
from the effects of the cultural 
revolution and the radicalism of 
the Gang nf Four, seemed then 
10 be beyond the normal capabi- 
lities of a mortal. But Mr. Hua. 
whose emergence from obscurity 
still puzzles' analysts, brought to 
ihe leadership a foresight 
sircnglh and pragmatism which 
have already broken down some 
of the barriers to China’s rapid 
development. 

His current tour reflects 
China's determination to be 
recognised as more than simply 
u distant presence. The Chinese 


on Anglo-U.S. plan 


BY OUR OWN CORRESPONDENT 


MR. IAN" SMITH, the Rhodesian 
Prime Minister, said today that 
the bi-rad a I transitional Govern- 
ment is discussing an agenda 
with British and U.S. envoys for 
new settlement talks with 
externally based guerrilla 
leaders. 

However, although Mr. Smith 

adopted his most flexible stance 
yet towards the Anglo-American 
plan for all-party peace talks on 
Rhodesia, he emphasised that he 
and the three blacks in the tran- 
sitional Government have made 
no final decision. 

" Wo are not opposed to a 
conference." Mr. Smith told 
reporters after opening a fund- 
raising fete fox his white 
minority - backed Rhodesian 
Front party in the southern city 
of Bulawayo. 

However, his party wanted to 
be satisfied that it would not be 
destructive and leave the coun- 
try worse off than before. 

Jeremiah Cbirau declared 
yesterday that most of Rhodesia's 
6.8m blacks and 260.000 whites 
wanted an all-party conference. 

Bishop Abel Muzorewa. the 
key black leader in the transi- 
tional Government, earlier today 
asserted that he was not against 
ail-party talks but questioned 


British and American intentions. 

The bishop, widely believed to 
command most popular black 
support, accused Britain and 
America of trying to impose the 
Patriotic Front guerilla alliance 
of Joshua Nkoino and Robert 
Mugabe on Rhodesia. 

In Bulawayo tonight Mr- Smith 
said, the Salisbury leaders were 
in constant contact with the 
British and U.S. envoys. Mr. John 
Graham and Mr. Stephen Low. 

The Western powers., have 
ignored Salisbury's please for 
recognition and a lifting of 
12-yea r-old trade sanctions on 
the ground that Mr. Nkomo and 
Mr. Mugabe reject th-. eintemal 
agreement. 

The guerrilla leaders are 
meanwhile stepping up the six- 
year war and show every sign 
of effectively sabotaging the 
transitional government’s plans 
for universal-suffrage elections 
in December. 

Michael Holman adds from 
Lusaka: Mr. Mugabe unexpec- 
tedly broke off talks today with 
Mr. Nkomo to fly to Nigeria. The 
two guerrilla leaders had begun 
what was expected to be an ex- 
tended meeting to discuss their 
terms for an. all-puarty confer- 


SALiSBURY, August IS. 

ence chaired by Dr. David Owen, 
the British Foreign Secretary. 

Mr. Mugabe was accompanied 
on the flight to Lagos by Mr. 
Josiah Tongogara, the Defence 
Secretary of the Zimbabwe 
African National Union iZANU) 
wing of the PF. ZANU officials 
said he was expected to return 
to Lusaka tomorrow to resume 
the talks, which would probably 
go on until Sunday. 

The sudden move followed a 
day of activity clearly related to 
the possibility of a new Rhodesia 
conference, as well as the con- 
duct of the w ar. 

The joint leaders of the PF 
first met Zambian President 
Kenneth Kaunda at State House 
in Lusaka. Informed sources 
suggest that Mr. Kaundu’s in- 
volvement follows an unpubli- 
cised meeting with Mr. Mugabe 
in Khartoum daring the recent 
summit of the Organisation of 
African Unity (OAU). 

In contrast to Mr. Mugabe’s 
public quarrel with Dr. Kaunda 
last October, when he voiced 
suspicions about the purpose of 
Mr. Smith's trip to Lusaka the 
previous month, the two men 
got on well, and reached basic 
agreement on PF strategy- 


Chrysler jobs pledge 
sought by unions 


BY ARTHUR SMITH, MIDLANDS CORRESPONDENT 





r'"- 


SHOP STEWARDS representing 
Chrysler’s 23,000 workers in the 
UK are demanding “meaning- 
ful guarantees “ that all jobs will 
he retained if the planned take- 
over by Peugeot-Cltroen is 
allowed to go ahead. 

Amid fears that UK jobs might 
be at risk in any rationalisation 
of the proposed new grouping, 
stewards from all the Chrysler 
plants held an emergency meet- 
ing In Coventry yesterday. 

They passed a resolution con- 
demning Chrysler Corporation 
for not informing- the workers or 
consulting the Government about 
the proposed merger. 

Mr. John Carty, convener at 
the Linwood plant. Scotland, 
which is regarded as the most 
vulnerable, said the view came 


across very strongly that 
members did not care who owned 
the company so long as jobs were 
maintained. 

“Nobody is saying the take- 
over is a good thing. Changes 
are going to take place. We are 
obviously apprehensive about 
what those changes will be, and 
we want to get out of it what 
we can for the workforce.” 

The stewards are demanding 
that, before any deal is con- 
cluded, the workforce should be 
consulted fully at all stages of 
negotiations with company and 
Government 

A meeting is being sought as 
quickly as possible with Peugeot 
to seek details of what it 
proposes. 

The stewards insist that the 


draft planning - agreement 
endorsed in June by manage- 
ment. unions and Department of 
Industry officials should be 
honoured in full. Final signing 
of the agreement was postponed 
because of a series of disputes 
in UK plants. 

Tbe plan envisaged a higher 
share of the UK car market, in- 
creaed investment, and tbe 
creation of nearly 3,000 new 
jobs over the next three years. 
Central tothe plan was the intro- 
duction next year of a new 
medium-range car at the Ryton 
plant, Coventry. 

Stewards are insisting that 
the management-union working 
party which drew up the agree- 
ment should be. recalled to con- 
sider tbe new situation. 






Ztna Kuo-feng 

Cullirntma friendship iciih 

enemies of Snriel erpan- 
rionism 

.government has worked assidu- 
ously in the pasf twu years to 
develup its lmommional rela- 
tions. has established diplomatic 
link*, with muni third world 
cuuniries. and is now preparing 
the ground for relations with 
more influential. developed 
nations l.r-s than u week ago 
China signed a peace and friend- 
ship treaty with Japan, and 
normalisation of relations with 
the United States is likely w<ciiio 
time next year. 

The drive behind Mr. Hua’s 
decision t'» do his own inter- 
national hand-shaking is ourtly 
«>con«imic: he js the man who set 
China's a mbit mus development 
goals at this year's fifth national 
people's congress. If those goals 
are tn be achieved China must 
cement its ties with the wealthy 
nations which will provide Ihe 
needed materials and technolo- 
gies. 

The drive is also political. In 
bringing China our of the 
shadows into the brightly-lit 
arena of international political 
dealings, Mr. Hua has acknow- 
ledccd that his country needs 
help fat least moral support! 
to underpin its security against 
the threat of conflict with “ the 
other communism " — the Soviet 
Union and client socialist states 
which ring Chinese territory. 

lie is believed to be about 5S. 
fr known to have a wife* and 
daughter in Peking and j-penl 
must nf his career as a provin- 
cial administrator. 

Mr. Hua was a devout student 
nf Maoist ideology, even though 
much of that has been modified 
under his leadership. During 
the wars with the Japanese and 
the the Kuominiung in the early 
1940s he was appointed a mili- 
tary commissar in northern 
China and was credited with 
many acts of soldierly gallantry 

3Ir. Hua's first move towards 
the hierarchy of the central 

government was in 1971 when he 
was drafted to help investigate 
the unsuccessful roup attempt by 
Lin Piao. the former Defence 
Minister who died in an aircraft 
crash while attempting to flee 
from China after failing to seize 
power. In 1975. still a relatively 
ohscure official. Mr. Hua was 
appointed minister of public 
security, a position which he held 
during' the final phase of the 
Gang of Four regime. 

His surprising election as 
China's Head nf State was widelv 
viewed ns a compromise which 
would ui least temporarily 
satisfv all factions in the leader- 
ship. ' Mr. Hua has shown since 
that he has the stuff nr fpader- 
«iiip iu him and appears to be 
.■seated firmly un the Chinese 
throne. 


U.S. set to win Egypt’s 
$20bn telephone deal 


BY JOHN LLOYD 

THE BIGGEST telecommunica- 
i u'ons contract in the world — to 
modernise and extend the 
Egyptian telephone service over 
the next 20 years at a cost of 
S20bn — seems certain to go to a 
consortium of U.S. companies. 

The consortium, composed of 
ihp AT and T manufacturing 
subsidiary of Western Electric. 
Continental Telephone Corpora- 
tion and General Telephone and 
Electronics Corporation, has 
submitted a proposal worth 
about S3bn <£1.6hn) to the 
Egyptian Government for the 
first stage of the development, 
which will last until 1984. 

The proposal is to include the 
establishment of a plant manu- 
facturing electronic exchanges 
under licence from Western and 
GTE. in Cairo. The first phase 
of the contract is thought to be 
aimed largely at upgrading and 
modernising the Cairo telephone 
system. 

■There has Wen considerable 


uncertainty among telecom- 
munications companies world- 
wide on the nature of the deal. 
It appears that the Egyptian 
Government has been undecided 
on whether or not to put. the 
contract oat to international 
tender. However, a spokesman 
for one of the U.S. companies in 
the consortium said yesterday 
that he believed it would not 
now go out to tender. 

Secret terms 

Details of the financing of the 
project are similarly shrouded in 
secrecy, though it is believed 
that the Saudi Government may 
advance loans to cover some nf 
the initial cosL 

The U.S. consortium’s specifi- 
cation is based on a report drawn 
up by one of its members. Con- 
tinental. which recommended an 
immediate injection of S3bu 
worth of equipment into the 
Egyptian system. 


Tbe first five-year stage would 
increase the number of lines in 
Egypt from the present 370,000 
to about lm by 1984. Over the 
next 20 years the report recom- 
mends an expansion to between 
4m and 5m lines (between 6m 
and 7m telephones). 

European and Japanese com- 
panies have shown considerable 
interest in the proposal, but have 
been unable to discover the 
terms under which they might 
take part They have taken_tbe 
view that it is not worth while 
going to tbe expense of drawing 
up a bid while it appeared that 
the U.S. companies remained in 
tbe omst favoured position. 

L. M. Ericsson, the Swedish 
telecommunications manufac- 
turer which has supplied much 
of the equipment in the present 
Egyptian system, said that it 
would not become involved .until 
the Egyptian Government clari- 
fied the position. 


Humber 
bridge 
builders 
to seek 
arbitration 


By Ian Hargreaves, Transport 

Correspondent 

BRITISH BRIDGEBUILDERS 
is to continue work on .the 
£61m Humber Bridge, but said 
last night that the continued 
! refusal of the bridge authority 
to meet progress payments 
would cause “ difficulties ” in 
executing the con tract. 

The company’s statement 
came after its failure to win 
a High Court injunction to 
force the Board’s consultant 
engineer. Freeman. Fox and 
Partners, to certificate work 
completed and thereby 
authorise payments, believed to 
total £800,000. 

British Bridgebuilders, a con 
sortium involving British Steel, 
Clarke-Chapman and Cleveland 
Bridge and Engineering; says 
the matter will he referred to 
immediate arbitration. It did 
not clarify what form of 
arbitration. 

The decision to seek arbitra- 
tion, it said, meant that “the 
company must do everything 
in its power to execute the 
contract,'* but that “non 
reimbursement of expenditure 
incurred will cause significant 
difficulties in attaining that 
objective.” 

The consortium would not 
comment directly on the dis- 
closure in yesterday’s Finan- 
cial Times that a possibility it 
has raised with the bridge 
authority is liquidating British 
Bridgebuilders and abandon- 
ing the project. 

Snch a liquidation is tech- 
nically possible, since British 
Bridgebuilders, in spite of the 
large assets of the consortium 
members, is a limited company 
with eapilal of only £300. That 
possibility was- discussed at the 
last meeting of the bridge 
board. 

Last night’s statement made 
clear that British Bridge- 
builders is contesting the low 
productivity figures on which 
Freeman Fox is basing Its re- 
fusal to certificate work. The 
rate of production used by the 
engineer had been arbitrarily 
established. It said. 

The company said that Free- 
man Fox’s behaviour was 
inconsistent with the cost- 
rcimbusible type of contract on 
which the bridge was being 
built and “at complete variance 
with the intentions of all the 
parties when the contract was 
negotiated and signed.” 

The bridge, the cost of 
which has risen from an 'In- 
tended £19rn. is expected to 
open next year, almost three 
years late. 


in 


It is now just over ten weeks 
since Minimum Lending Rate, 
was raised to its present level 
of 10 per cent, but there is 
still absolutely no sign of the 
cutback in the rate which was 
widely expected to come at an 
early stage. So confident were 
the discount houses, 'for 
example, of a relapse in interest 
rates that they piled heavily 
into short-dated gilts in June, 
buying over £300m worth in : 
June. That proved an expensive 
mistake. 

The next commonly held 
theory was that the fall in MLR. 
though delayed, would still 
come during August Well, 
there are still two Thursdays 
to come this month on which 
the authorities could make ' a 
move, but the Implication of 
this ' week’s money supply 
figures — showing further rapid 
growth in bank lending — is that 
the Bank of England really has 
very little scope for an early 
change. 

Of course. Minimum Lending 
Rate is of no great practical 
relevance, being ho longer 
directly linked to any partclular 
rate in the markets. And its 
recent stability has been decep- 
tive in that money market short 
term rates are generally a little 
lower than when the Govern- 
ment produced its financial 
package — incorporating the 
“ corset " and 10 per cent MLR 
—back on June R Certainly 
rates have been easing back in 
recent weeks, following periods 
of extreme tightness in the 
money markets during June and 
July. The Bank of England’s 
readiness to ease the strain by 
releasing special deposits has 
been the main factor here. 

There are three ways of look- 
in gat the problem of where 
money rates go from here. The 
first is to look at the domestic 
monetary situation, where the 
authorities are on course but are 
looking anxiously at the clouds 
on the horizon. After three 
months of the financial year the 
growth of the money supply is 
comfortably, within the target 
range but sterling bank leading 


Index rose 3.6 to 512.9 


has been rising much faster 
than expected. It is hard to see 
how the authorities can relax 
until there are signs that loan 
demand is tailing off. - 

* Secondly, there Is the interna- 
tional dimension. Sterling has 
!been quite firm recently, and 
there have been modest inflows 
of foreign currency which 
would appear to leave scope for 
a fall in sterling interest rates. 
On the other hand, U.S. interest 

' rates are still rising — yesterday 
the U.S. Federal Reserve an- 
nounced a rise in its discount 
rate from 7.25 to 7.75 per cent. 
So long as the dollar remains 
"weak U.S. and UK rates can 
-move independently. But if 
.effective steps are taken to 
stabilise the dollar, transatlantic 
yield relationships could 
suddenly become important 
again. * There is certainly no 
great downward pressure on UK 
rates through the foreign 
exchange markets. 

Thirdly, there are the dome- 
stic political influences on 
interest rates. It was a blow to 
the Government to have to 
swallow such a large rise In 
Tates between April and June, 
leading to a rise in the mort- 
gage rate which is adding may- 
be a quarter of a percentage 
point to the cost of living index 
this summer. How nicest would 
be to get rates easing down, 
again, given that the General 
Election campaign could be 
getting under way within a 
month. But there is no prospect 
of -reversing that mortage rate 
rise before October, whatever 
happens to MLR, and there is 
little evidence that interest 
rates at current levels represent 
a source of maj'or concern to the 
electorate. 

• Of habit, the authorities are 
never completely above nudging 
the gilt-edged market with an 
MLR cut should they feel that 
the buyers need a little 
encouragement. A month ago. 


Buy America 
with Schlesingers 



Tories might abolish BNOC 
as operating oil company 


BY KEVIN DONE AND JOHN HUNT 


A FUTURE Conservative 
Government might abolish the 

British National Oil Corporation 
as an operating oil company. Mr. 
Hamish Gray, a Tory spokesman 
on energy, said yesterday. 

But his specdi in the U.S. to 
u meeting or oil men at the 
Petroleum Club m Oklahoma 
was carefully qualified. The 
Stale oil corporation's future 
would "depend entirely on a 
review of ail its activities that 
we shall conduct on assuming 
office," he said. 

Mr. Gray's address was the 
most strongly-worded statement 
a Tory spokesman has made in 
recent months on BNOC, and 
provides some clues to what 
could emerge next week when 
the Conservative Party energy 
group meets to decide its election 
policy. 

Mr. Gray outlined five objec- 
tives for such a policy and 
added: “If BNOC or parts of it 
help us tn achieve any oE the 
national goals that 1 have des- 
cribed. particularly with respect 
to guaranteeing supply of oil to 
the UK, then we shall keep those 
parts. 

“ if BNOC does not help, or if 
its functions L-ouid be better 
achieved by other means, then 
we could see no reason to keep in 
being a nationalised industry 
which may prove expensive and 
wasteful.'' 

But Mr. Gray concentrated 
specific remarks on aspects of 
BNOC's role which would make 


little more than a cosmetic 
change. 

He said that it was quite 
wrong that BNOC should not 
have to pay petroleum revenue 
tax like the other oil companies, 
and ttha it should have free 
access to the national oil account 
to borrow money for the financ- 
ing of its North Sea operations. 

He listed five objectives of 
Tory oil policy: 

• The UK must receive a fair 
return from its oil, while also 
allowing the oil companies a 

Continued from Page 1 


fair return. 

0 Sufficient oil must be guaran- 
teed to meet the country’s needs 
and a large proportion should he 
refined in the UK. 

< I The Government must be. able 
to gather sufficient data on oil 
and gas for - economic planning, 
purposes. 

0 It must he able to regulate 
the rate of extraction, 

0 The recovery of oil must be 
maximised in the later stages 
of development so as not to leave 
exploitable reserves untapped. 


Price inflation up 


sterling is the past six weeks and small rise in the price' of 
the expected flat trend In world cigarettes and tobacco, 
commodity prices makes it likely Those rises might be partly 
that average earnings would have offset by a further fall in the 
to rise by more than 12 per cent price of seasonal fodi after the 
in the next year to push price 7,6 per cent decline in the month 
inflation much above a range of to mid-July, when the price of 
9 to 11 per cent potatoes and tomatoes was much 

tn the Immediate future— at lower, 
least until after an autumn The 1 per cent rise in the all- 
election — the 12 -mouth rale items index last month was due 
should remain fairly stable, mainly to the initial impact of 
since comparison will be with the rise in mortgage interest 
rises of about i per cent a month payments, to increases in the 
in 19i (- price of cars and some foods. 

Moreover, fairly few price particularly meat and fruit and 
increases are imminent The to increases in some bus and 
main influences are the further rati fares. The average charges 
impact nf higher building* for electricity and for canteen 
society mortgage rates and a and restaurant meals also rose. 


UK TODAY 

SHOWERS spreading from W. to 
most parts- „ _ . , 

London, S-EL, Cent S. England, 
E. Anglia, E. Midlands, Channel 
Isles 

Mostly dry. Sunny intervals. 
Max. 22C-23C (72F-73F). 

EL, Cent. N. England, W. Midlands 
Slight rain in places. Max. 2QC 
(68F). 

S.W. England. 5. Wales 
.Occasional rain near coasts and 
hills. Max. 20C (68F). 

N. Wales, N.W. England 
-Outbreaks of rain. Wind S„ 

NJE. England 

Rain in places. Max. 18C (64F). 
Isle of Man, Borders, Edinburgh, 
Dundee, Aberdeen, Glasgow and 
Moray Firth, S.W., N.E. Scotland, 
Cent Highlands 
Rain at first becoming brighter 
with showers. Wind S., gale on 
exposed coasts. 

Argyll, N.W. Scotland. N. Ireland 
Becoming brighter, with 
showers. Wind S. or S-W., fresh 
Orkney, Shetland 
Rain at times. Wind SL, strong 


BUSINESS CENTRES 


Y’diy 
midday 
°r. ‘V 

Amstdin. s 20 efs 
Athens S SO SB 
Barcelona 5 23 77 
Betnn S 29 & 
Boirasr C 17 m 
Belcradc S 25 77 
Berlin C l» W 
Brmchm. F 19 Id 
Bristol C I* w 
Brussels V ® 
Budapest F 21 70 
B. Aires S 10 50 
Cairo S .14 93 
Cardiff C IS W 
Chieaco C 23 74 
Cologne F IS M 

Copnhun. S 20 6S 
Dublin V 90 68 
Edinburgh c 17 o 
FradklUrt P 39 GC 
Geneva S 20 68 
Glasgow F 17 63 
Helsinki C 13 M 
H.Kodb S 30 -37 

Jo'burg s n 7i 

Lisbon S 33 79 
London S 21 79 
Luxemb'g S IS 64 


Recent trends in the U.S. stock market, and 
the low valuation of many growth companies, 
suggest the sort of buying opportunity seen, in 
tbe U.K. early in 1975. 

SchlesingerAmerican GrowthThist 

This authorised unit trust, aimed at capital 
growth through investment in a broad ly-based 
quality portfolio, is effectively 100°,; invested in. 
leading U.S. companies. Whilst second-liners 
have proved specially resilient over the last year, 
recent sharp market rises have featured the shares 
of leading Compa rues. 

The fund’s “Blue Chip” portfolio is stiff on a 
low valuation base with the shares loo king very 
attractive relative to smaller issues. 

Proven performance 

The graph below shows the performance of 
the unitprice since inceptionrelative to the Dow 
Jones Index. 


v/ - 


Madrid S 
Manchsrr. C 
Melbourne C 
Milan F 
Manm>al S 
Moscow F 
Munich F 
Newcastle C 
.Vuw Delhi S 
New York S 


Pans F 
Perrh C 
Pram’ F 

RoSfcJavIfc C 
RiodpJ’o S 
F 

Singapore S 
Stockholm ? 
Strashrs. S 


■ ■ — Sthkralnger American Growth True! 

[rfhwd price BUi ftoeuif 1*7« _|O0 (Mpjy 
— Ddw Jooca IndUitrl Jl Avenge 


As i he fund is substantially invested iojnajor 
companies, an investment in the fund will tend to - 

follow the general trend of ihe American stock 

market. How ever, as the graph shows the fund 
has substantially outperformed the Dow Jones 
index since inception. 

The fund is iMnv valued at £14.5m. 


Avoiding the dollar premium 

Recent press comments have d rawn at ten t? on 
to the risks of the dollar premium. Currently the 
Schlesinger American Growth Trust is only 20°„ 
invested through the premium, largely lo avoid 
these risks. Ho we ver Schlesingers wDI channel a '. 
greater proportion via The premium when it is at 
low levels. 

Schlesingers’ recommendation 

Schlesingers believe that the major U.S. 

Blue Chips’" are most attractively valued relative 

to smaller companies and strongly recommend, 
all investors to ensure that they hold a good 
weight” in major U.S. companies. 

The estimated gross yield on the current 
offer price of 32.4p is 1.92“., ; 

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

PEVlS-a unique service 

Minimum investment in the fund is £500. 
Jnvestoxs cif£2,500 or more will receive 

£!l,??,^?f l ? 0, ? al J nvcstment Management 
Service (PI MS), includ mg portfolio reports and 
valuations, invitations to meetingsand adviceon 
personal financial planningif required. You 

ihoujd regard your investment as Jong-terns. 

General Information 

Miu.n Th?i r!!i^S2 PI 01 A v.-mnivC n*ie uriUbexncby- 

-r sTi !” MKI VWd ” e ‘’'•“'"Mwld.rtU Inkadhie 

. U ’ rtmn 1 >■ *«“'» »«»r wrtifta.ta .ppwpTialtlf 

«*»Rh«»T , 3KI3 w 

TEvt uUK itn. rL-flduiKn! temuaiB. C'amnlwhmar U-. Bill be M(d 
’'“"V'-Cfcun**: Anln ,,, n e«arenpr^..ta IntluUcOHi iho 

nit-tii rTr ", W3 , a ^ ,fnn 1 ttTp ^ t n | c, | nvei | ,waa t - - 

i, L M *r»isk. M iuikii a c u . M mmmb: S cfctaWr t 

« ^ anufCT SwD!m ' L<H * don w -> ■ la 


r , nu ' cr Lnrtdon^ W.l. Re*l*r rei i i. 


1 


9 


that seemed a possible strategy 
for the Back of England during 
the late summer. Since then, 
however, tbe . gilt market has 
became more concerned at pres- 
sures on the corset, and any 
casing of MLR at this stage 
could easily be counterproduc- 
tive. with gilUedged investors 
likely to fear a relaxation nf 
the Government’s monetary 

So opinion about “MLR has 1 
significantly shifted. Indeed, 
judging by the weakness at the •• 
short end of the gilt-edged 
market this week, 'not every- ■ 
body is convinced that the next 
change of BILK, when it comes, 
will necessarily be in a down- 
ward direction. 

British Land 

A great deal has changed at 
British Land over the last year, - 
most of it for the better. The 
accounts due out early next 
week are likely to show a clean 
audit report — in marked- con- 
trast to last time, when they 
were drawn up on a going' con- 
corn basis. And yesterday’s 
preliminary statement shows 
that he revenne picture-; -is ! 
healthier than at one. Stage 
seemed likely. The pre-tax ‘ 
deficit has fallen from nearly ! 
£4m to just over’ fltxv and 
British Land should run well e ,j 
short of the £10m cash deficit '* 
which it was predicting last 
autumn for the period up> to , 
March 1979. * j 

Net assets amount to-£62m. M 
following a valuation of which 
details are as yet undtoclosed, ' 
which in terms of fully diluted 
assets per share adds up to a - 
rise of a tenth on the last pub- 
lished figure. Gearing remains - 
awesome, but is falling. Debt 
could represent roughly 
times net worth in the latest 
accounts, down from over 3J 
times a year earlier.- The 
shares rose another 4p to 45lp 
yesterday, where the discount 
on fully diluted net assets is 
over 40 per cent, and what is 
needed now is some clue about 
the chances of a return to the 
dividend list 


-•> * j — • 

brtt'd 


an Is 




tk"'. fN 




' 3ev ‘ iciu 


' ‘EfcOr y 


*>C« r,, . 


( Jf ^ \c^\±5i& 



I