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_cwmwEKTAL saiLiWG pwcea AUSTRIA m» is> BELGIUM Fr as; Denmark iu- fhance fr a.B; Germany dm 2.0; italy l at; hetherlanps n 2.0 : Norway k«- 33s Portugal e*c Ms spaw p« 40; Sweden Kr 3js s Switzerland Fr 2.0 ; eire is p 




NEWS SUMMARY 


GENERAL 


BUSINESS 


Disputes endanger 


Carter 

faces 

postal 

strike 


Equips Scottish plant 


firm: 

gold 

lower 


warns unions 


Air chaos 
threatens 
holiday 
weekend 


By David Curry and 
Lynton McLain 


Chancellor 
optimistic 
on economy 

BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


BY NICK GARNETT, LABOUR STAFF 


UwA AJAV . • EQUITIES showed a. return v 

ef eonfidenc^i.sp^pof nonnaj Unions- w6re warned by BL management yesterday that the company will not 
Leaders of the u.s. postal ° f lpterest bgtore the boU ~ continue to operate its Bathgate track and tractor plant In Scotland unless 
services two largest unions (525p- w :: - - jl there is a quick and dramatic improvement in industrial relations. 


services two largest unions 
have been mandated to call an 
illegal national strike unless 
pay negotiations are resumed 
early next week. 

Postal workers have rejected 
a proposed three-year pay 
settlement, but it is not yet 
clear if their leaders will call 
a strike, thus inviting the postal 
service to seek a court order 
forcing them to order normal 
working. 

The potential disruption isonly 
one aspect of the problem for 
ihc Carter Administration. It is 
also anxious to avoid a repetition 
of the blow the miners delivered 
to its anti-inflation policy 
earlier this year. Back Page 

Hess freedom 
hijack mystery 

A TWA airliner with nearly 90 



FRENCH AIR traffic con- 
trollers began a ten-day work- MR. DENIS HEALEY, Chancel- growth will slow from its current 
to-rnle yesterday, bringing the lor. yesterday painted an opli- pace from later this year urn- 
threat of mounting chaos - at mistic picture of the stare and wards — as believed to be indi- 
British and French airports as prospects of the British economy csited by internal Treasury 
holiday flights build op to the in what amounted to a rehearsal forecasts and by outside projec- 
wWkend peak. of the main themes of Labour's lions. 

The daunting outlook, with election campaign. Air. Henley admitted that "too 

a repeat of previous delays ot He c ] a j me£ ] uj a j the economv ntuch of the additional spending 

up to 48 hours in prospect, was Q0W j n better shape than at Power is still going into imported 
became evident as a big security most times since the war — refer- manufactured goods. In part, 
clampdown was launched at ring j 0 particular to the turn- this is because British industry 
London’s Heathrow Airport last round in the balance of pay- {■» nf) i always able to meet 
night. ments and the reduction in the increases in demand in time." 

Security forces at Heathrow, inflation rate. He saw here. too. some good 

fearing a sudden terrorist Mr. Healey told businessmen sis ns for the future, citing the 

attack, were placed on red j n Edinburgh, which he is visiting general agreement that “ inanu- 
alert. The Department of f 0r festival that “substantial factoring investment is likely to 
Trade ordered all airports progress had been made in recent increase substantially again this 
managed • by the British Air- years and he hoped this could year and next.” 
ports Authority to close all be maintained although it might 


21 22 - ; 23 - 24 
AUGUST 19?8 


day. The FT 
closed 4.1 op a 
a net rise of 0.5 
of the Account 


The Board of Leyland Vehicles for BL. The company said yes- yesterday that the company 
has called for an urgent meet- terday that production had been wohld not make any offer to the 
ing, possibly next week, with all running at about 60 per cent of strikers, emphasised that Ley- 
the unions at the plant in an target, more than 5,000 vehicles land Vehicles' anxiety about the 
attempt to secure commitments were lost In the first seven plant went beyond the present 
on production levels. ' months of this year becanse of dispute. 

The unions will be told that stoppages and other unofficial Industrial disputes had become 
unless those commitments are actions and some valuable ex- almost a way of life, the plant 
given and honoured. BL no P°£L orders were threatened. was. on a serious slide and the 
longer could afford to keep the . The company’s firm stand was cwnpany was trying to halt the 
present Bathgate operation Siven on the eve of a meeting of 

which, the company says, has 1 * 500 machine operators who There was no desire to close 
s offered a drastic rise in labour have been on strike for three P !ant - ^d the company, was 
proKs lEr past six weeks. ^threa em^ the worWorce^H 

months ' things did not improve, the 

_ ' , . _ , Unlf fkrnnf plant’s future was black indeed. 

The vulnerability of Bathgate, XI 41 1 IDl cdl That was the plain statement of 

which employs about 6,300 from . nK - lal - - fh „ Am _, the-hrutal truth, 

the Edinburgh urea, was em- • -taatter, ot the unofficial 


London’s Heathrow Airport last 
night. 

Security forces at Heathrow, 
fearing a sudden terrorist 
attack, were placed on red 
alert. The Department of 


55 the** secure fiS 7S * bikers to .^jSSS^M S“ of 

plant depended upon an end to ^limSoTworiSS new Engineering Workers’ threat to 

GILTS gained In, places and nnofficial disputes and restric- jLffiL.S, almost 32 toolmakers at BL’s SU 

i Government ' ^Securities tive practices. _ ___ . SSSE ^ W Systems factory unless 


people aboard was safe in Geneva index dosed 0.01 up tf. 70.66. 

yesterday alter ivnat appeared to _ vestment programme ror me D ] an * v-hich i<T rfpnpndpnr nn xhb. strixers, wno are receiving 

be a hijack attempt to free ft STERLING fell 35 points to tbree years up to 1980 covering cabs nro’dnced -vt Bathgate will financial support from other BL 

former Nazi leader Rudolf Hess 51.9270, and its trade weighted Bathgate and the Albion truck be halted within about a for£ toolmakers, are expected to 

Robert Ken- aTeragc * p)ant near GlasgOW * «&& iftte Write S«on. {fit ultimatum. 

* s ‘ 62.2. The dollar, wh&h made Bathgate, which produces trac- would mean 2,000 or more lay- ^ Assembly workers race 

Swiss police searched for a early progress, eased a tittle in 1ors medium and light trucks offs there. .«$■'. short-time Page 3 

my step’ man in a wig wno held ^ a f ternoon w |fs‘ rfemvei- above 34 tons and diesel engines Mr. Pat Lowry. BL's corporate .cXtgbtning strikes twice in the 

the airliner for. more than 11 .» narrowed tn ‘a? for those vehicles, is a loss-maker director of personnel, who said '* ; BL toolroom. Page 12 

hours under a threat to blow it narrow cu io 

»P- While the planes lights m rn\jn r.i> <?*> « i.' jiW, v ■**. 

wens dimmed him Win, he gave J “ '“TT 

j stewardess Iww Tellers it»r the Lo " d ? n $} 2 dotni on.tte veek. 

captain, which claimed that six a . tork .|BC- Oimex A 11* "B A A • 

hijackers were aboard and that AOBWt settlement price was I O T/lb lYl AA riYifr 

i . & AUiefl agrees io meeimg 

,^^ 4 sav?sia XJUT’ dkriics I vnus 

!odny « .’lumber of North ifea oil com- • - 

r™ nai-nlc view to Ltkyog some av CHRISTINE MOIR 

DoS© parrots of its lp* per cept royalties on ... 

rtoS'sli’KmOTJ 1 tAST-MIXUTE compromise holdm. Thu (umls beliered that 

mobile patrols mund ii> Mocu- _ j. - - h ai; been hammered out between IcI itggiiMMBBgdraBiBMSW the bid for Lyons was just such 

chcng|adbach headquarters m Allied Breweries and the pension a change. 

\Vcst Germany alter a uoinii was (p AUSTRALIAN Gavenunent funds. Allied denied that a merger 

found m a hired car outsiac tne has reached agreement with Following a meeting between with Lyons was anything more 

Imsv shopping centre. At cross- Aboriginal tribesmen in the Mr. Keith Showering, chairman than an extension of *s existing 

maglcn. South Armagh, w morlar Non bora Territory which will of Allied, and pension fund W . business and adamantly refused 

liumbs were fired at an army base, allow work to start on the leaders yesterday morning. W to consider seeking shareholders' 

^ • IB _ _ _ . Ranger uranium project Back Allied has volunteered to call a m * approval first, 

smallpox suspect Page shareholders’ meeting “to dis- agw ■ ii yR ' ' ' Up * ^ In the face of this refusal the 

\ woman «lhi works in the m ttc tdimci pv *. cuss the offer" for J. Lyons and pp • funds, >in an unusual exercise of 

gassass Mg ffMarffa isa,r ,hcir to *" a \ j-aa -ss x 

ft BRITISH AIRWAYS is - to l ^ c pension funds, _whieh m- Now the meeting will simply 

CnmlvRl plane lease a jumbo jet from a group have required Allied to Bfc . • .- ^ asked to pass what is virtually 

Larmvai P ,ans of Japanese companies as part of ? el shareholders' approval before M 3 vote of confidence in the 

London police chief Sir David a S500m aireraft leasing pro- issu, n.” shares to buy Lyons, the aSftBi ZtS&B r mm Board’s decision to buy Lyons. - 

McNcc yesterday said he would gramme started by Japan to m ccting wm ^ now simpiy be M In the meantime the offer will 

M*nd no more policemen to the raise imports and reduce.. the ”°‘ e .. w Mh approval proceed .without interruption. 

Not ting Hill carnival than were country's trade surplus with the the bid on the original terms and HHhB _t ’ Documents wall be posted lo 

“absolutely necessary to keep rest of the world. So far 21 conditions. —WBl AN Lyons’ shareholders on Ttmrs- 

the peace." other airlines have applied *o s , ? r * so ~ tlon ' VQU ld r have JB&m. first closing date for 

join the leasing scheme. Pages. significance as far as ^ acceptance will therefore' be Sep- 

Panama asvlum c WmT nv . „ J"® epneeraea, whereas Mr. Hugh Jenkins welcomed feiuber 22, four days after the 

rdndmdcwyiuni # S A!NSBURY and Tesco the ongmal motion drafted by offer of a mcetina emergency meeting called for 
Panama has granted political supermarket chains are beginning the pension funds would hav? toe 18th. 

asylum lo the 25 left-wing to puli ahead of other multiples introduced a new condition into The pension funds say their One fund manager pointed out 
guerrillas who stormed Nicn- in the High Street battle for a the deal. row with Allied was not over yesterday that there might still 

raquu's National Palace un Tues- greater share of the grocery Yesterday Mr Hugh Jenkins, whether the companv was risht be problems if tbe resolution 

day. The rebels said they wished market Page 15 chairman of the special coramil- to bid for Lyons. * ~ fas not passed at the meeting 

tn stay in Nicaragua and continue - nmn . rtnniv nin' ii» tee set u? to voice the fund's Their complaint was that the However, the City was not taking 

tiioir campaign against the i u ^ concern, said that he welcomed directors had undertaken last ibis seriously yesterdav. Lvons' 


Government - -' Securities I tjv ’£. practices 


This is id spite of a £45m in- Pr Truck D buifdto® th at lt t e hP AJbinn tbey return to work on Monday 
«rn*nt tnr th* A™ 1 * 31 the . AJb,on The. strikers, who are receiving 


public • viewing areas im- 
mediately, including the tops 
of multi-storey car parks over- 
looking operational areas. 

The directive came less than 
a week after the Arab attaek 
on an El A1 airline bos in 
Mayfair, London. 

The flights worst affected by 
the French air traffic con- 


Unloved gateway of the 
South, Page 13 
Japan to take tongh line on 
hi-jacking. Page 2 


^ average remained unchanged ar 
f , 62J The dollar, Wto made 

52S. JK!?- "ZSQJ'Zm 2 P^Kress. easedi little in 


Allied agrees to meeting 
to discuss Lvons offer 


BY CHRISTINE MOIR 


1^1% r : 

* & i ’ - * 'hr*- ’ 

• g 

- ->.v’ 

'*** 


- - L r* .' 

-.4.’ ** i 


go shareholders’ meeting - to dis- 

. . . cuss the offer” for J. Lyons and 
I'XTREASIRI officials have Company, 
a firmed _ .Dial large foreign j n return the funds have called 
rreney drawings from the- IMF 3 hidt to their moves to force a 


■HKSLJWEI “SJa? *5; trouers’ dispute are those 

«=; A^mh.y workers face ThSo'tav""..^ 

'fia.-.,. “Ori-time Page 3^ through French air space or 

ildgntning strikes twice in the make expensive detours Into 
BL toolroom. Page 12 zones beyond air traffic con- 
• . trol. 

ZXz The 2,500 coulroliers have 

-V already staged two work-to- 

_ rules in recent weeks. They 

—rL. A- " are still demanding higher pay 

B li CF and protesting against in- 
LilVvl/lllhL adwinate equipment. 

TT O The work-to-nile means that 

-.A. - ___ tbe controllers refuse to accept 

■'X m H* _ more than eight alrcrart under 

•*» gff Ck their control at any one time — 
M1KO half the normal number. 

F The controllers yesterday 

. % accused the French Transport 

Ministry of “'intransigence." 
The Ministry aceused the con- 
trollers of blackmailing 
holders. The funds believed that passengers and using sa rely as 
the bid for Lyons was just such a camouflage for mercenary 
a change. claims. The national assnria- 

AHied denied that a merger tion of French travel agents 
with Lyons was anything more asked the French Government 
than an extension of ts existing to classify it as a “disaster 
business and adamantly refused area." 

to consider seeking shareholders' Other French civil aviation 
approval first. personnel, including tech- 

In the face of this refusal the nicians. are planning token 

fundvin an unusual exercise of; strikes in support or the eon- 
sbaTebolders' rights, decided to trailers. They say they wilt 
muster support for a compulsory accept no extra work arising 
meeting which could have from the controllers' action, 
required Allied to seek prior The escalation of the dispute 


need a further period of office ” 
He would not be drawn on 
questions of election timing. 

He claimed that over the 
medium term the Government 
could achieve a steady fall in 
unemployment and increase in 
living standards. 

Mr. Healey stressed, during 
his speech and later, what are 
ctearly seen by -Labour leaders 
as the electorally attractive 
issues of living standards and 
inflation — saying it. seemed pos- 
sible that tbe UK could finish 
1978 with a lower rate of infla- 
tion than either France or 
tbe U.S. 

“The average family's living 
standard has increased by over 
5 per cent in the past 32 
months.” While the increase 
over the next few years could 
not be as much as this, and 
would vary from year to year, 
the Chancellor thought the- 


Foot warns on 
Joseph policies 

A WARNING that the 
economic policies advocated by 
Sir Keith Joseph, Mrs. 
Thatcher’s leading policy 
adviser, would lead to unem- 
ployment of the scale of the 
1930s was given last night by 
Mr. Michael Foot, leader of the 
Commons. Mr. Joel Barnett, 
chief secretary to the Treasury, 
said that think ing people 
recognised that the Tories did 
not offer constructive solutions 
and their policies could lead 
only lo worsening unemplov- 
ment. Page 3 

Mr. licaley discussed the 


shareholders' rights, decided to trailers. They say they \iill 
muster support for a compulsory accept no extra work arising 
meeting which could have from the controllers' action, 
required Allied to seek prior The escalation of the dispute 
approval before it could issue could not have happened at a 
shares. worse weekend. For the 

-Vow the meeting will simply French It is one of the 
be asked to pass what is virtually bnsiest as thousands make 
a vote of confidence in tbe Continued on Back Page 


Mr. Hugh Jenkins welcomed 
offer of a meeting. 


shares. 

N’ow the meeting will simply 
be asked to pass what is virtually 
a vote of confidence in tbe 
Board’s decision to buy Lyons. 

In the meantime the offer will 
proceed . without interruption. 
Documents mil be posted to 
Lyons’ shareholders on Thurs- 
day. . The first closing date for 
acceptance will therefore' be Sep- 
tember 22, four days after tbe 
emergency meeting called for 
too iStir. 

One fund manager pointed out 


annual rise in living standards economic and industrial record 
could be near the post-war of the Government in Scotland, 
average of 2-2$ per cent. In particular, he emphasised that 
Mr. Healey claimed that pro- "it is a vital economic interest 
spects of keeping inflation under of the Scottish people that they 
control were better than they should not be cut off in the 
may have appeared a month nr industrial field from the rest of 
so ago because of the strength the UK.” 

of the pound and the likelihood “As I am arguing with my 
of an exceptionally good harvest, colleagues in the European Com- 
which should keep food prices muntty. a currency union, still 
lower. more an economic union, must 

“The key will be the level require a steady flow of 
of earnings increases in tbe resources from the wealthier 
wage round-, now beginning. I parts of tbe union to those which 
believe that TV guidelines the are less wealthy. 

Government .Tus set will be “The success, of the UK** 1 
respected. 1 think, along with inlemal common mark*!"-’ 
a growing mini her or City com- deptnds on this.” 
men la tors, that ■■•'c- have a good 
chance, if we Srecp moderation — — 

and responsibility in wage settle- B « a i icmcd’C uhtipc 
ments, of keeping inflation in rwflUbritS 9 HU HUE 

single figures right through next The Financial Times win not 

Mr. Healey emphasised the & e published on Bank Holiday 
brighler side of the recent Monday, August 2S 
internal 'Treasury assessment of 

the economy. 1 

“ Output is increasing in line £ in New York 4 

with tbe target we set ourselves. • i: 

as we now look like increasing — a hr. is ' 

our gross domestic product by 

SeCmS ' M.M70.9 £» S 1. 0300-8310' - 

probable in Germans 1 m- .nH« • Q.d0-0Jt4 iii-. : o.40-034(tu 1 

He did not discuss tbe prob- 3m<.i»tin. 1je1.2a.ii-1 1 i.2s..ii6di« • 
ability that the rate of economic i^im.uiiK <uso4.3o. ii- : 


ILR.xina’rtam^ up. 


asylum to the 25 left-wing to pull ahead of other multiples introduced a new condition into The pension funds say their One fund manager pointed out 

guerrillas who stormed Nicn- in the High Street battle for a the deal. row with Allied was not over yesterday that there might still 

raguu's National Palace on Tutw- greater share of the grocery Yesterday Mr Hugh Jenkins, whether the companv was risht be problems if the resolution 

day. The rebels said they wished market. Page 15 chairman of Uic special ooramil- to bid for Lyons. * ~ was not passed at the meeting 

m st ; , yjn Xicaragua and continue - nmn . rtnniv nin' ii» tee set u? to voice the fund's Their complaint was that the However, the City was not taking 

:?K-u campaign against the „ \7iLrJ concern, said that he welcomed directors had undertaken last ibis seriously yesterdav. Lvons' 

Nicaraguan Government. Page 2 been nougnt n.v an u tenanted Allied's offer of a meeting, year not to issue shares in anv shares rose 9p to 135 p on the 

foreign company for just over "What wc wanted was a public deal which would significantly day .compared with an offer 
Conclave starts . rase debate.” he said, “and we have change the company’s business price of 154p and Allied's closed 

LABOUR now got 1 hat." without first consulting share- ip down at Sip. 


£lm. Page 15 

LABOUR 



Tinman Catholic rardinals were « u,u “ n 
sealed in the Sistute Chapel ft SOUTHAMPTON dock labour 
M »terday as they began their force have voted on a mass walk 
conclave to elect a new Pope, -out In support of disputes affect- 
First voting will take place today jn,g cargo and passenger -hand- 
aria Ibe first news the world will ling, rage 5 

receive will Uc the traditional _ . „ . 

.smoke signals from ballot papers ® Clothing ManuCaraurers 

burned in the Sis tine stove. Federation 11 as rc3C ° ^,„ .a 

Pace 2 national wage agreement within 

the Government's 5 per "cent 
Dm - x Kt guidelines in talks with the 

tSTieTiy « ■ ■ , National Union uf Tailors. and 

H.M, T7: Workers. Meanwhile 


A-plant former staff checks 


BY USA WOOD 
RECORDS OF t 


hundreds of plutonium handling areas were He said he was very pleased/ 


Thick fog on the River Seme t j JC Burton Group lias- told went al .Mderuiaston, Berkshire, caiegnry coald include clerks and pluidnusn handling areas at 
totnipercd trogaien yesterday us unions it will cut its workforce arD being checked to see if there gardeners, but priority would Aidermaston until staff working 
1 hey broke up rhe wreck of a to about 2,700 Page 3 Is any need for those who have obviously be given to people who there could be given assurances 

capsized British tanker. Mary ’ previously worked in * active " had worked ia “active" areas, about health and safety precau- 

lifcV&ton, in which five crewmen COMPANIES --lei areas to be recalled for further But. Mr. Georre Hughes chair- liunt 

^ ft S. PE.VRSON ANDO SON plutonium contamination moni- man of the joinr union executive “It comes as something of a 




PE.VRSON' LONGMAN 


Continued on Back Page 
Aidermaston safety debate. 
. . Page 15 


.una-roiaiiis «*««« f<Jp . lh 4Tar lo March 31 fell 
a i lus San Clemente homo. from a peak of £4.53m to EL7Sm. 
Lord's Test: England are 175-2 in after second half profits were 
their first innings (Radley 75 n.o:, more than halved from' ££54m 
Gower 55 n.o.> in reply to New to £121 m. Turnover was £l 05.3m 
Zealand's 339. t£10&Sni). Page 14 

e. •' 

CHIEF PRICE CHANGES YESTERDAY 


CONTENTS OF TODAY’S ISSUE 


Overseas news 2 Leader page V- 

Home news-— general 3,15 UK Companies 14 

— labnor 3 Mining 5 

Arts & Collecting 10 Wall Street 16 


(Prices in pence unless otherwise 
indicated) 

RISES 

Treasury 9Jpc JJSJ £&7jfrxd -f 5 

Coechnm 716 * 8 

Blue Circle 206 + 6 

Brown (J ) 472+13 

Burton A — . 187 + 4 

Cullens A 340 +■ 7 

Elys (Wimbledon) ... 203 + 5 
Hawker Siddcley ... 2+1 + 6 

1C 1 - 40C + U 

Lonrho 63 + 5 

IjovclK (G. F.) 45+0 

Lvons (J.) 1^5 + 9 

MFi Furniture ,1 & + 5 


Magnet * Southerns ^7 

Natwest 2S0 

Newmark (L.) 

Ocean Transport 

Peter Pan Bakeries... 00 

Wood (S. W.) « 

Zenith A JW. 

EZ Industries -*5. 

PaneontinenLil 

Pcko-WaUsend 5« 

FALLS 

Compton t Webb ... 4Q_ 

Hoffnung (5.) SO 

Primrose J*? 

Be . Beers Dcfd. ^2. 

Yukon Cons IS® * 


BL Tool-room strikers 12 

The unloved gateway of the - 

South, Gal wick 13 

Golf: the greatest J 


FEATURES 

Property: home extension 4 

Taxation: capital gains ... 6 

Burglary prevention 6 

Travel in Ontario 8 


InU. Companies 17 

Farming, raw materials ... 17 

Foreign Exchanges 19 

LK stock market 20 


Gardening: tree fever $ 

SLrange cnees U 

Brazil’s paradise lost: the 
stark realities -2 


UK. uncertainties, international 
opportunities 

.1st ihcimmodiale prospeeb. for the U.K. 
market remain uncertain, it makes good investment 
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U.K. and France. 

\ creditable performance 

Since the beginning ofl 974 the unit price has risen 
1 5.3 compared iviiha rise of lfi" r ,in rhe Capital 
international World Index, litis year the value of coils 
‘in the fund has risen by 25.2",. compared n ilii a rise of 
!S.9"„ in the World Index and IUJ in L'.S. equities 
<S & P 5001. Of course. Ibis short term performance 
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should regard an investment as long term. 

Remember ih<ii ihe price of units, and the income 
from them, may go down as well as up. 

The dollar premium 

The Schfcsingcr International Growth Trust 
current I v makes heavy ii-e nf back-to-back loan 


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Schlesingers 5 recommendation 

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(Irural Infonnalioo 

Toimol. m« lb* roupon pra.idvd ,,n J until will 3 C 

li* nn.'« i-.llni ■■ntrcsjpl ‘-I i-iir.liniih-. \ n.uira.i nm, will be vcnL 
>■ . r.-lurn. The t-rdl 5 *r 1 t» ana j icie jre puViiohuffi Uajlj Icuillnc 

Papc.-x r*.S*n unli<.simpl;- r-iun j..ur ecnllltuic iPproprlalciV 
er.J i-n Ittf bacl:. mwi L n< i rxnall; > niaJe , (Him - jjr, mi g U r 
. .-iiini :hc cs.-lilian CominkiiaM -.if 1 i' „ mil be tqid IO 

n-.'-STu- Id -jEiru .. VharcEi: An initial ctuirgr nt S” „ u lod'JileJ , n the 
Oifc- r::x \ cturcc a! an annual r.itol iplm VaTi of Ihe value 
..flheiunJ h 4£<lu.-leJlromur.-i imnniL t tf aardiaJtninn.lraUic 
1 <:.Trmim! MutlanJ Bail Truii C . rraaJ.7 Lid. .Sndltan: 
t:ji. VianuLB. Milcncll & i ... Man»cw«i SjhlehngCT Tnni 
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i. naiatallable Id-muienlsntlhe McTuMIcot Ireland. 




AiipAMqwau 

BrWse 

Chose 

Collaotas 

Cntncu 

Cnsnmd Panic ... 

BeoMtaie Bi«nr 

Emrutonw Cekie 
Fl«wa& Fwwi» . 
n-Acaete tom cos 


Cvdeotng 8 

CM 4 

Hew w Spend t* 9 

Imnitt & 

Umars ,S2 

tex » 

Mo of the week -. 2a 

Howies 4 

Properly 4 

— ... lk 

Share inranmiiea . 22-23 


SE tweak's DcaliPsS 

Tranei « 

Tv and Radio U 

Tauiloe & 

Unfa Trusts 5 

wcwftcr 2 

Weebead Brief X3 

Week ta Laden and 

Hnt York 5 

Your Savings a Inv- 7 


For Iciest Share index 'phone 01-246 8026 . 


opfer em SALE 
*'*■**'»« America 24 

M & C Recswy _ 13 

Scwetioger linL 1 

( Comment Peso U) 
Bam Lemma Rates 2D 

BBOftie Sec. Rates 19 

Lacal Aattw. Bonds 19 

UK Cosverttblcs it 


To: Schlcsinger Trust Managers Ltd.. 

140 South SuceL Dorking. Surrey. 

I wish to iovest fr 

Imiaimunt £500i 15 . 

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


I would like further information j j 

A cheque is enclosed in remiuance. made payable to 
Midland Bank Limited. 


1 rtr.-la-? IhJJ 1 "■■! irrtdem <.u:>Uc Thr SctKdulrO Terrllurfea 

^nd ih_: I an nor anuinaj ih« unit, as j numincc ofunr rer.m • 
rr-iufni Aoudcint Ttniicrin. ilf-'cu j:c unaMc Id makclhU 
ilr.ljurli-n. u -du. jlJ V elnW and »hi, anrluaihm fiyrm -nonld 
be l.-Jr.-J ilirourb j.-ur C ,K. book. Mi.£k broker nr sollelu-n. 
Vin-'f, iiic- ,i be r.-eWarC. hui n uh uiclr 

imltaL, nil! be «tpW. 


SurMJin: . — . ... 

J i-,1 names ... 


ihinr.ru irrruurUASil * i 

— — — _ i In Yoff) 


>w k makiK _ _ ... ... _ 

i in ihe era of j joint application a !I mu»i ugn i 


Schlesinger Inlernational Growth Trust. 









s Financial times Saterday- Afigiist.- 26; jgfrfr 


%IB 


OVERSEAS NEWS 


Hill tO 


Zambians 
‘held’ by 
African 
Iroops 


LUSAKA, August 25. 
ZAMBIA SAID-, tonight two 


Syrian soldiers 
in new clash 
with Lebanese 


busloads of civilians had been 
detained by South African farces : BEIRUT, August 25. 

near ihe border town or 5esheke^. SYRIAN TROOPS attacked It said local civilians were re- 

■whete Zambian ana South Christian Tillages In a mountain sisting the attacks and that fight* 

African troops have been fighting m aorth Qf Beirut tQday ^ sti u .going on. 

„ *2 l K m!n? mSduu said reports said 20 Syrians had The Syrians had earlier set up 

.. Government spo KSSIflfin Sam I.Q*- gpivAnVIn#. T> ; ♦ Ti0ur rvsel H rkti or and mad. 


E Tre traveSiM to be * n kil5edL accordfal 8 to Right- new fortified positions and road- 
1 Hirers nt military officiate. blocks in the area; Jt said. 

■’"SHuihern Zambia and the occu- They said the heaviest fighting tbe^north 

*■ -At least 12 civilians have been Syrians were also shelling other T^pwe^SSEsbt party 
ported tailed and .six wounded tn said fpurT^ men 

sihee Zambia announced the . "• >! reported to th ^ d ea( , ^ it acqu4ed men£ 

“•South African incursion on be using big heliropters to fly her «i of a rival Rlzhtwine zroun 

^Wednesday. M . . f gj* and ammuniU <* ** the ™ 0f b J 

■ Gambian Foreign Minister Suleiman Frariiieh of heine res- 

1 ^Sftoke Mwale siaid this morning The Right-wing officials said ponsible 

; ^hting was still going on. But 1.400 men belonging to Syria’s Mr. Franjieh’s son Tony was 
—uncortfimind reports this after- special forces bad- arrived near anranc 33 people killed in an 
noon said the ^ area was Bhamdoun. east of Beirut, last attack on the northern mountain 

though it was not known whether week. resort of Thden hv Fnlamrict 

riie South African forces had president Elias Sarkis was militiamen on June IS. 

returned to the lt bases on the reportedly holding urgent talks Mr. Franjieh’s forces are 


•CBprivi strip of Namibia (South i^th Colonel Sami Al-Khatib! dbseiv aTlied^wlth the U S^1ans^ 

•IT Act* A f 1 I .J _ nC I _ — • _ _ 



in seclusion P 


ing 


for Papal 
election 



.^est Africa). ^ commander of the Syrian- The State-controlled Damascus 

~.7t \ Government spokesta*n dominated Arab peacekeeping Radio todav repeated charges 
“■said there were several bodies f 0r ee. that the Rieht^neen wen 

The Ri ® ht ‘^ ng Falangist Radio attempting to divide Lebanon 
The biggest Zambian town in the reported clashes over a wide area and set up their own state and 
•^region. Modical sources said i„ the nor th and the eastern 'said Syria "will not hesitate for 

Eekaa val l e ^ said there an Instant to strike at all per- 
two chUdren had been admitted were casualties on both sides, sons and forces which seek to 
.-rto the hosprtaL One had been The clashes follow an uneasy wreck Lebanon's unity - and its 
;r®$charged after treatment. two-week truce between Syrian peace process." 
yi« The South African incursion troops and Right-wing militias. There have been no serious 
jdpltawed ? ff uerr “_f a attack on The radio said the right-wing clashes between the two sides 
-Sonin African positions near the military command was holding since an unofficial ceasefire came 
ItCapnvi strip town of Katnna an emergency meeting under into effect about two weeks ago. 
Muiilo in which nine South f onner president Camille ending savage fighting in -the 
African sokhers were killed, Charaoun. leader of the National Christian east side of Beirut 
according tD officials in Pretoria. Liberal Party. Reuter 

Officials of the South West t 

Africa People's Organisation 

(SWAPOi said they had 

evacuated their bases in the -■-<* w m , • w 1 gm 

Mnca e stnick.' Uie™ h foUd^e JT OllllCRi 2SV Il ITTI IOF 

camps empty.” ■/ 

Meanwhile, in Rhodesia, the - 

■military commander in the war \T. u ^ L 

siirs 0 d h a rde 0 r e ii io sMs INicaraguan rebels 

bought properly in South Africa 

*-aod was planning to leave. PANAMA CITY August 25. 

Lieutenant General Peter 

y Walls said he would stay in PANAMA said today it had soners flew to Panama with three : 
^■Rhodesia as long as -he was granted political asylum to the Roman Catholic bishops who had 
udvanled. 25 Left-wing guerrillas who acted as mediators. 

-* • Prime Minister Ian Smith stormed the national palace in In Nicaragua, a general strike 
T:i**ued a similar denial on Sun- Nicaragua on Tuesday. The began today to try to force 
?*day amid growing uncertainty guerrillas, who took scores of President Somoza from power, 
'.-ramong whites about the course hostages, flew to Panama last but few workers joined it at the 
,..of the six-year bush war. night with 59 sympathisers freed beginning. 

A thousand whites are leaving from prison in Nicaragua on Political opponents said the 
<■ ORhodesia each month despite their demand. general strike -would last until 


Cardinals In ceremonial robes and mitres attend Mass in St- Peter’s basilica before catering the Sis tine Chapel -for 

the election of Pope. 


Japan to 
take tough 
line on 
hijacking 


Canadians curb energy prices 


By -Rauf Betti . 

AT PRECISELY 4.30 this after- 
noon the 111 Cardinal* who w.ll 
choose the nest Pope entered the 
SistineChapel tn'lhe Vatican!- As 
the solemn procession went ;□ 
the Cardm bIs, . clad in retfA-crt- 
men Is. chanted the Vwu Creator 
spiritua. --. ; 

After the cry "wtr* OHmes*- 
all oat— the Cardinal Electors 
wore locked intide the conclave 
area of the Vatican Palace. Hen, 
in. slniplhji?. to 

will remain secluded now the 
outside world until tlwjr. have 
chosen a successor to Pope Paul 
VI. who died *i the brcyramij af 
this month. A while smote sjwal 
from a small elumney on.tdp of . 
the Siptinn Chanoi will annouocv 
the election of the newr rape. 

In hi* sonnnn durtngjhc tra- 
ditional pre-conclave 
el'isendo paw 11 conci-lebrajM by 
all the Cardinal*. Jean Cardinal 
Villot. the French Vatican Sec- 
retary of State whom some 
regard as ..a possible jmccesaQr, 
noted this morning that/ never 
had so many Cardinals from so 
many parts of the world, taken 
part in a Papal election. 

P The Cardinals— Sfi rrom - both 
Western and Eastern ( Europe. 13 
from Asia and Australia. UO Jrmn 
North and South America, and.i2 
from Africa— will' start wtioe 
tomorrow. A two-thirds majority 
pins one is neceysarj - for auCcess- 
ful election, but after a prolonged 


■ipm 





•*!f? 

, .I*# 





*Hpgj 


ijoul’s 
: i*neilds 


Political asylum for 
Nicaraguan rebels 


PANAMA CITY. August 25. 


Political opponents said the 
general strike -would last until 


••.strict controls on the export of A Foreign Ministry spokesman General Somoza falls. 


•capital. 
: Reuter. 


said today the guerrillas of the 


opened 


self-styled Sandinrst National public transport was normal and 
Liberation Front were still being there were no signs of increased 


Vietnam-China 
border 
fight erupts 

BANGKOK. August 25. 


..VIETNAM and China reported 


held at a National Guard security, although there were 
barracks at Tinajita, outside fewer cars on the streets than 
Panama City. usual. 

The guerrillas said they % Swedish business executive 
wished to stay in Panama and Kjell Bjoerk left El Salvador 
continue their campaign against today for Europe via Guatemala 
the Government of President after being 'freed by guerrilla 
Aoastasio Somoza; whose family kidnappers who held him for 11 
has ruled Nicaragua for 40 days. ‘ .. > .- 
ye n^' .j. ' J . ... , Mr- Bjoerk. bead of the local 

Sit soldiers died in the 48- L M. Ericsson Telecommunica- 


fightinc at a border crossing I b° ur siege of the national palace tions groiip.- said.he had b»sn well i 


point insid; Vietnam today. Both|* n -Managua, the Nicaraguan treated hy his abductors.' 
sides said there were several j capital. About 40 Congressmen He said he did not kno 


sides said there were several capital. About 40 Congressmen He said he did not know how 
deaths rf nd many injuries. [were among the guerrilla hos- much money was paid for his 
Hanoi and Poking agreed the i lakes held there. release, 

incident occurred in Vietnamese The guerrillas and free pri- Reuter 

territory, but gave different • policies— an admission that' the 

^accounts of whdt had happened. - tougher stance towards hi- 

* Hanoi Radio said a lame TV . * • A j . -a . jackers may not necessarily be 

number of Chinese “ hooligans " |< OTY1 S) !T S J3 ft FI^IWPrQ' ft TTftC k l £ l C popular with public opmion. 

’ftnd border police crossed into wn.*a.a*ajut,#4t uiiorr vlij IlltllvIkiJ Japan attracted international 

■Vietnamese territory, killed two VIENNA August °5 criticism for jts handling pF 

Vietnamese border guards and I 

wounded 25 Vietnamese. ROMANIA TODAY attempted to Soviet diplomacy in Europe and 

China's Hsinhua news agency soothe Moscow's «i!aiui over Asia. 

•said four Chinese were killed and President Nicolae Ceausescu's '“Romania in no way counter- 
■dnzens seriously injured. It said growjn<T f r ia ni i s hin v ith China poses its relations with some 
the incident occurred at Yu Yi I ? ” '"7. * \ * ?! ’ Socialist countries to relations 

Kuan, the “Friendship" hnrder SU c °^ er lies were with other Socialist countries," 

pate on the Vietnamese side of P‘ anneu - the Romanian newspaper said, 

the China-Vietnnm border. The ruling Romanian Com- Meanwhile Yugoslavia hit back 

Hanoi Radio said the incident raunist Party wanted good rela- today at Soviet criticism of its 
-Bccurred when Vietnamese tions with all Communist conn- Press coverage of the visit by 
"border guards and members of tries, the official Bucharest news- Chinese leader Hua Kuo-feng and 
*he "Fatherland Freni” were paper Scinteia said in a long said this country was not going 
helping ethnic Chinese stranded j editorial keyed to Chinese leader to get involved in the Sino-Soviet 
at the border area return to their I Hua Kuo-feng's current Balkan dispute. 

homes in Vietnam. jtour. The Yugoslav counter-attack 

More than 2.000 ethnic Chinese | The editorial appeared to be came as Mr. Hua arrived in the 
residents of Vietnam were 1 answering Soviet Press attacks Creation capital of Zagreb at the 
stranded at thd sate when China Ion Mr. Hua. who spent five days cod of a tour of the Yugoslav 
dosed its border un July 12,|in Romania last week before republics after official talks in 
charging that Vietnamese spies starting a visit to Yugoslavia. In Belgrade, 
enterinc China pretending to be both countries, he spoke out Mr. Hua was greeted by a 
refugees. against “ hegemony." the code- cheering crowd of about 200,000 


By Charles Smith The overall 

TOKYO. Angosl 25. 

JAPAN INTENDS to adopt a creased spend 
tougher attitude towards the The Financi 
handling of international hi- expects the hi 
jacking incidents in future, current year \ 
probably rejecting hijackers' On the socu 
demands at the risk of mode in the 
hostages' lives. payments to 1 

This is implied In a policy reo ani * ^ 
document on measures for the ; ® 

prevention of international jMSj*? 1 *.*:* 
terrorism approved today by a ! =’8^ Jra a > ear - 
special Cabinet committee. “ ut 1 

The document contains three be usefl w fia 
clauses of .which the first ; increase to t 
expresses support for the auii- „ ana 
hijacking resolution agreed at fL ro „" ra 

the recent Bonn summit while ^^J. e '‘ ncon,< 
the last two. lay down a' general '*\: ar v 1 ' 
framework for the handling of 1°^ eneri 

future hijack Incidents by has red 

Japan. R»l*on the spi 

The second clause, -which ^’^solinc. Thi 
appears to be the nnb'of the nl *se t *. 3-5 
new policy, acknowledges the increase m re 
need to make “ every effort ” expected shoi 
to presen'e human liffe during * t4 S ar S, 

hijack incidents but then goes JJS»2 C *hi M ii 
on to stress the importance of Srented the u 
"standing firmly against the . Furthermor 
illegal demands of criminals" ! n tb« cruoe < 
and “preserving law and :or January I 
order." 

This is in contrast with the 
Japanese Government’s previ- __ 

ous posture which placed over- I J 

whelming and exclusive stress ■ Bill 

on the preservation of life. 

A final clause calls for public 
understanding and co-operation aT L - MAKL 

in the execution of the new un7 , .„ n „ 


BY OUR OWN CORRESPONDENT TORONTO, August 25. fu j gi^Jon. but after a proTonged 

CANADA'S Finance Minister, subject to negotiation with the gas. is expected to nrifye? 1 ? simple majorityjplus one llkflC 

Mr. Jean Chretien. has oil-producing provinces. limit* ^on tflurpr priera. Pf^taU- sufficient. 

announced a massive restructure The Government also plans to lariy. as the mereasen volumes Although the election of a 

ing of federal social priorities in deregulate the price of natural of gas it might sell wouiu noi po f rnm any other 

a series of moves designed to gaSi n0 w pegged at 85 per cent offset price declines. At we e | ect j on j n that candidate* arc 

limit energy prices. 0 f the price of crude oil on an moment, natural gas is in surplus SU p pow <j to remain well uur of 

The overall effect of the pack- energy equivalent basis. • . - : supply- . tl» limeliuht, Garil uaK hasp 

age is balanced. Spending cuts The goal of the gas price The measures were the second .nonetheless uire.uiy 01*1(1 
are offset by tax cuts and in- deregulation would be a drop in major economic policy announce- numerous consultations. In their 


creased spending in other areas, natural gas prices to make them rodnt this month tYom the reS ]i W ii\i» pre-iu'ncl.’ve decfjra- 
The Finance Minister still mare competitive with fuel oil. Federal Government which must l ( 0nSi some CairimaS bave_i:;di. 
expects the budget deficit m the thus encouraging the substltu* face the electorate this autumn cat!L , d tj w t thi 1 -' :> nnrh.-'.ns !bc 
current year wilt be SU.Sbn. tion of domestic natural gas for or next spring. most open and diuirolt e»i-ctlou 

On the social side, cuts will be imooried crude oil in Eastesi-.-'- Earlier this month. Mr _Picrre j n the history of the Rowan 
made in the universal monthly Canadian markets. Ttudeau, the Prune Minister, Catholic Ghurvli 

payments to families with child- Thu province of Alberta, which' announced spending cuts of R.bn No clear candidate, has jm far 


**sm 


payments to families with child- 
ren and the unemployment 
insurance scheme' will he 


the unemployment produces tlic largest proportion in an unexpected television emerged, and another Italian i> 
scheme' will he of Canada’s crude oil and natural address. expected to b <* chowi* 

jp. This will save • this is no longer inevitable. \\ hat 

S6'20ra a year. makes tho elcvtiu;i particular' y 

But some of the savings will A difficult is that there are three 

be used to finance a 820 a month /Villi TIG ClOSCfl DV SlFJICG cJeilr blocks within the conclave 

increase to most oid a?e pen- • composed of moderates, progres- 

sioners and a refnndable tax MONTREAL. Auenst 25. sives and conservatives, 

credit programme to low and ^ Although it does seem as if the 

middle-income families with AIR CANADA announced today between their union and Air election could take some time, 
-irildren. lt shu ttlne down “for an Canada. no election in the pasMOO years 

On the energy aide, the Govern- intle fi n it e neriod " immediately ' The a " reement the second has lasted nuvre than four days. 

meot has reduced by 3 cents a ^ re j° cted **■■**■ 7JS00 

gallon the special excise tax on of walkouts by ground 

gasoline. This will almost fully workers. Air Canada president Claude • 1 

offset a 3.5 cents a gallon strike action by members of Taylor said the walkouts made VltfICC Til $1 VI 

increase in retail gasoline prices the international Association of it Impossible to continue opera- kJ ▼" AiJw JJSWU 

expected shortly because of a Machinists and Aerospace tions and any resumption At . '. . - 

j> 1 a barrel increase in the Workers in most major centres service would depend on firm rA hAAC!l 

domestic price of crude oil across Canada began late y ester* assurances that there would be IIUwli 

granted the industry on July 1. day following announcement of a no further disruptions. m 

Furthermore, the nest increase vote result -showing that a He- could not predict when- Air rAimciTI 
in the cruo'e oil price, scheduled majority of workers had.rejected . Cateda • wtmld'- be . operating lUUIlOllI ■ 
for January 1, will be cancelled, a tentative agreement reached agata.. • AP*D J' . , , - YJL .. 1| J 1 


sazora a year. 

But some of the savings will 
be used to finance a 520 a month 
increase to most oid age pen- 
sioners and a refundable tax 
credit programme to low and 
middle-income families with 
•.irildren. 


V'-^l 


for January 1, will be cancelled. 


Swiss plan 
to boost 
tourism 


Dutch tank order expected soon 


BY CHARLES BATCHELOR 


AMSTERDAM. August 25. * 
The larger production run is 


By John Wkk» 

ZURICH. August 26. 
FORWARD TRANSACTIONS an 
the foreign exchange markets 
may be made as a contribution 
to stabilising exchange rates for 
the Swiss tourist industry. Basie 
agreement on this possibility has 
been, reached, at talks he tween 




Peking 


assail Reuter 


last autumn's Dacca hijacking 
incident -when Red Army 
Faction members took aver 
Japan Air Lines aircraft and 
threatened to blow it up unless 
the Government paid a S6m 
ransom and released specific* 
ally identified Red Army 
members ' . from Japanese 
prisons. » . 

The Government accepted 
the hijackers' demands and 
arranged for them to be flown 
to Algeria along with the 
released prisoners 
• Japan plans to form a 166* 
member police task force riext 
year to protect nuclear facili* 
ties from guerrilla attacks, 
Reuter reports. Japan's 34 
nuclear power plantx and re- 
search institutes are currently 
protected by unarmed priitate 
security guards. 


HOLLA RD IS to decide within pared with the -1.800 West Ger- The larger production run is Deen „r ,iL 

the next few months whether to many will require, and the 7,000 expected to make the U.K. tank 

place a FI 2bn order for up to needed hy the U.S. cheaper although the estimated nrpiotSLJ R,-rn£ F 1 

500 tanks with West Germany or But the Dutch reputation for cost of each is in the region of 

with the U.S. Holland will be technical expertise and "for FI 2-4bn. But Krauss-Maffei has - s ™ J' J “ "SSi 
the first country to replace tanks watching our wallets will be apparently offered 100 per cent 

no v/ in use and the Dutch deci- an important influence on other compensation orders in the form *1 V Impa'in ifaMr 

sion is expected to significantly Nato members, the defence of co-production of the lank and 1 

influence a number of other Nato spokesman noted. With the ex- other high technology orders Fori 2?" 'ineaen. 


-i 1*44 

.•«- .1 


countries. 


ception of the UK 


with “the," 5b^Tay&Miisi as s:' “TTgri^sK 

Frenee. Du, eh industry, detail, of g Xr ?n^u?d [SS 


i The t W o&p« U ndjr«.n ! |deH; XL'I (a«llt,« hv.he small- 


tion are the Leopard 2- built by follow the lead set by Holland. 
Krauss-Maffei of Munich, and the ; 


XM-1 built by Chrysler Corpora- 
tion of the U.S. A Chrysler dele- 
gation has been in The Hague 
this week for discussions, a De- 
fence Ministry spokesman said. 

Krauss-Maffei is ahead of the 
U.S. company and made a pro- 
visional offer earlier this year. 
This offer is now. being redrawn 
to take account of compensation 
orders which would be placed 
with Dutch industry. 

The Dutch tank requirement is 
relatively small — between 400 
and 500 depending on the extent 
to which tanks are replaced by 
other anti-tank weapons — com- 


Eritreans claim victory 


BY JAMES BUXTON 


ERITREAN guerrillas say they 
arc Inflleting heavy casualties 
on Ethiopian forces in Eritrea 
iii ambushes and raids on 
roads between the towns 
which Government forces have 
reoccupied La the past few 
'weeks. 

They claim to have killed 
5,000 Ethiopian troops, since 


the Ethiopian offensive began 
in mid-Jtme. 

Dr. Habte Tesfamrtan, a 
spokesman for- the Eritrean 
Liberation - Front, said in 
London /yesterday that the 
guerrillas bod not been able 
to withstand the Ethiopian 
attack with conventional war- 
fare. but bad a natural advant- 
age in guerrilla operations. 


scale undertakings of ..the tourist 
industry. . , 

A possibility would be national 
bank-backed forward transactions 
similar to th<v;e offered to the 
j watch, textile and . clothing 
industry. . 

! Ideas fur a “tourist franc 
‘have been dropped, since this 
| would have meant spHmng the 
I Swiss exchange rale. 


sr T 
: sh 


New coalition 
bid in Iceland 


* . • » 

Poverty, pollution and crime mar the charms of Brazil’s urban hub, writes Diana Smith 

A Paradise Lost: Rio’s industrial and social scars 


de buildings surrounded by patches eat out. even at a cheap cafe, for Rio's rich are so visiblv rich, who cannot afford the rents restaurants, jewcllerv stares or 

on ft F nsinrizan email pnmfrirlah *> Idee than f 9 -a I. nn mMrlln nVir-n ~ “ .■ 1 P 1 ... * . 7 ^ “ 4 


jlWdorways. vehicle-jammed movers, bulldozers and the tower wood or European productions The rate of unemployment in homes patched together from a rgumenta often spill over into 

•jiuimiac >inH qlrpPtS. fr^Qtlino 9t* DlOCKR. am n9r*Laf7 tiroAirrlnvn and u. a iialr. Pin 1C VO rtf Into. Itlnt- sc it 1 r l« «r ..... ^ 


5'jw nu “ and streets, grasping at bloe .^- _ . ,. rac arc packed, weekdays and week- Rio is very low, just; as it' is in every imaginable sort " of ' raw violence".” 

-eserv- inch of available space and Atijough Brazil s ; capital was ends The st reeto-and pave- other major, Brazilian citias. material, from tin to wood to There is nothing novel about 
Ifjjruig it With a building or a moved from R 0 to BrasiHa ta ments-are choked - with new This however masks the real rags. Sanitation, where it exists. Rio's problems. They are 

« . ._ . . J?tr.S;. h«kS« IhiJDiSiMd “55-. ” «nd B mic whmvsr «n Sna ove^ 


* ” iQcn fhp ritv is still a rnaenet • — — -7 b proDiems. i uey are 

AWr fStradc bank Ing! sh i p pin R & an d w problem-that o,„ a third of Je is rudimentary, there is often no endemic wherever you find over- 

The Bay nf Guanabara. along i® r ' mSusm ita ^DooSion has f ,os , wealt ^ r =£ zen 2 a r® city’s bread witme re earn only the- running water and alleys swarm erowdin S . social inequality and 

Twbich Rio curves, is literally SSS^ffiS^SttliiSSto^SSLSt extremely weatoy. They it vera of £50 with mangy animals and ragged large families living on races- 

dying. Years of untreated sew- is S? cent a year in the Ita- a , s ^ le and coto fort which much amonth— and that this group has children. sively small incomes. 

.. l...» j-*- P®* ceaL “ , r *“ me 5 * nf tTurnne hac fnronttpn Fai*p>- thi* larvast. neediest famllimw- miu 


-ope have poured into its waters 71’ and at close id 4 oer cent '?- f - Eurq ? e h as^forgotten. Face- the largest, neediest families- While homes often go without But 
tandi are blocking the natural lifts and nsvchoanalvsls. lavish sometimes With seven, eieht Or -water, thev nrolv lark — ttu A 


outlets, killing the water fauna Metropolitan Rio and 10m io 
and the flora along its shores. Greater Rio, the city's housing, 
As industrialisation spreads transport, and utilities have been 
(despite official attempts at pu t under almost unbearable 
control 1. industrial and domestic strain. 


197oI l with M r pK 'M* ^ psychoanalysis, lavish sometimes with seven, eight or wate^^l ^ taek^tati^ WSSSl « 
poiitan Rio and 10m io i so ttfevisions can be found in that famed dfiath gqiiadPons 


waste is creating a poisonous, Among the city's many short- 


disease-breeding silt that is comings, the telephone system 


choking the bay. 


is appalling. Whole sections of 


In the next 15 years, over Rio are plunged into telephone 
SSOOm will be invested in new silence at regular intervals. 


Rio's rich are so visibly rich— the contrast 
between them and Rio’s poor is stark. It is not 
difficult to walk down a street of new apartment 
blocks straight into a shanty town. 


sewage systems and treatment 


customers 


dinners (avidly reported in the more children. 


stations in the hope of resuset- deposits, then wait months for a ROSSi p columns!, huge parties. Wives may supplement the 
>l3S,l h ^ b !:? a ' n l n i±Tn. ' 0 “Srtffi l°„*n e “ «>™tzy clubs and nights at the family .^come^ working as maids. 


scores of ho uses- which presents „w P h wiSh «„* 7Tr 

a stranoft par nf nriflririi**; tn th** wiped out cocQTQOn or 

wS MS or p 0 political criminals with savage 

™V"fof h ftV “ns. P PoH« -J Ztel 

St i r'tirL?h"X!. r, up , ' a Td i ""' ,3 anr:,He a „ rr S^ ra 0r t o' , Br , rtr 



REYKJAVIK. August 25. 
■LEFT-WING LEADER. Olafur 
1 Johannesson today asrbed to try 
t to form a new Government to 
jend Iceland’s two-month-old 
1 political crisis. 

He accepted the task at a 
' meeting with President Kristian 
Eldjara a - day uCtor Miuxist 
leader Ludvik Josefsion aban- 
doned an attempt to form a 
coalition. . 

Mr. Jnhannessbn. indicated he 
'would seek tin.* 'same -coalition of 
[ Marxists. Snciul Doiiioerais, aud 
1 his nwp Centre Progressives snrt 
! m in L-d lately beoan talks with 
leadnrs of the three purlieu.’ 

Ireland, ha* had a -caret-iker 
government sine* Ucnenrsl- Elu- 
tions on June 28 ia whfch Left* 
; wingers made big gains.., 

. Router 


m m\ C< 

! nuirk fi 


Iraq-Turkey 

oil accord 


Christ figure overlooks 
RIO de Janeiro 


“ favelaa ’’ breed neithe^tr^st * 82 *’ nSlcTnor hyle * ai S iI,e f a L meana ' °»cn^lraOalted the shipiucaiajast 
an admirable sense of family or choose to rennrrJrimeS to them n P‘stiy-seTf centred, sometimes 1 January because 'iif tiio SSWIm 
group feeling, they also breed m^.S 55 hh!S fSSt viol . ent - Brazil | debt. . Mr. Baykal said Turkey 


ANKARA. Aiiqurt 28 
IRAQ AGREED today to resume 
petroleum shipments to Turkey 
in return for repayment- of a 
debt owed by Turkey • tar 


previous oil purchases. TurkiPh 
Energy Minister Dun 12 Baykal 


disclosed. 


y^altbier place to live in. may* take seven eight or nine Sera in fuU ^S are part T«n^ e children may worka 


S 16 2p o£ 'ran srtts g Bu ^ ofFSIHE .ffW&if 3 

j^^t^irnTi^rafnT day? this °is to n^th^lhole proves* again. cllL^raAo^fve^welt SSlT alfo^aS 3 (imeiUgentiJ inS? areTfo? ^PTOvingXeTaHb?^ of^llre ^ * ^“i 4 < M to^lofaof- 

4 city where one cares to The streets of central Rio. the and enjoy themselves. The range tied to computer? vaccination "maconha.” Brazil's veiSon Sf but there 13 a !ons Way P During Ihc.WorldCup in June, i ate on detal L of the 

i^ade. through puddles. business huh, are pocked with of opportunities for self-better- and inoculation of infants pot or harder drugs). w, x, - . football t&ok ^lOWedenge over 1 schedule. - but official sources 

“ On a dry day, when the wind mysterious holes, pits and craters mentis still wide as long as one against major diseases) and whi^h a v n „tv '™pressj.on business Got ernmftnL traffic sndi said the' debt would ho plowed 

inland from Giunabara dug by one utility company or starts with reasonable qualifies- other subsidies-rbut still the ?r io 18 ? city t 7 ,n « even obsessive was UP hy the end nr iShiTewSS 

SKfte steneh is almost over- another and then abandoned for tions and contacts. poverty prevails. ^ can lay l ad fi0metlmes nation^ iniwSt.: The firs t it Was. reported tharSiiiic of-ftj 

<5hj}lmiug- There is nothing to months on end traffic , and Inflation (running at an official It is nor diffleulL m a residen- R,vf v,aV to Mn^wfth ln the P roce5s - Tt nouncement of Phpe Paul's death ! debt could be repaid In ca&h. 

IS hope the wind will swiftly pedestrian hazards. annual rate of over 38 per cent) tial area of Rio. » walk down a ^ ^Pn^?S- f C ^ SUm ^ rlSI ?T t0 . * he was made during a televised fooT- Turkey wiU ship Iraq' Sfl, 000 

i^hwige direction. Rio exudes an air oE prosperity taxes, rente and the price of street of new apartment blocks >ur ® f l p as T 0 n d 'Swierv SSSi-J ? 1 JlL "I2 30r telev,s,on ball match b? a Football com- tons of wheat hy the ond of 397ft 

modern architecture is ta the busraess and many heer\ are the source of the same lined with trees lor potted shrub- L ° r _ {J5 M 2; rf S2 Dew ’ SSSlSuTO. t0 carry raori! monlSor. Thor match was not and 300,000 tons both in 18SQ lind 

and in some cases it 'residential areas. The shops are middle-class . grumbles heard bery and straight into the begin- shoot outs or ^an 0 warfare commercials than programmes, interrupted. Football, it seems. >981.. 


correct 


often cut' 


srwsa iw* Tzstfgifr&s s£i xsyswf* 


even crihifrHso obsessive was “P °y t* 1 ® end or 18HL Earlier 
national interest -..The. first an- 1 was. reported that sutac of the 


not ugly, and 


interrupted. Football, it seems. *98 l 


vtnvAv v? 'th® people, with .tiui^ wtoiiMKj'jijt Saleh 

evlsion the .means, by which ill fey ^^nHtrtpunn mbm 

rllcnanuil - * wn - p " M«rr>>r ilnm 

QlSpsnStQ. . • Sattfld .vUn- Pon*s»- w«l ,«t Nun) Vw». H. v# 


Green spaces. 


6 tk 




rpg 



Financial Times Saturday August 26 1978 


HOME NEWS 


LABOUR NEWS 


Japan to sign jet 
leasing deal with 
British Airways 

BY LYNTON MoLAIN • 

BRITISH AIRWAYS is to become through the Export-Import Back 
the first customer of a £2 60 m of Japan, provides- foreign cur- 
aircrjft leasing programme rency- loans at only, 6 per cent 
launched by Japan as part of interest- -to companies such as 
its drive to increase imports by the Japan Leasing Corporation 
£2brr . and cut its huge trade for imports of aircraft, uranium, 
surplus with the rest of the oiL and other commodities sup- 
world. plied by Western ' industrial 

The airline is to lease a countries. - ' ' \ , r - 

Boeing 74? Jumbo jet from a The leasing- corporation said 
group of Japanese companies that other Japanese: companies 
formed to import up to 35 air- involved in the British Airways 
craft, possibly including eight contract included- Crltoh. Nissho- 
Europeau A 300 Airbuses. Iwai and Olyenf-tehsias. 

5a far. 21 overseas airlines Foreign . currency loans for 
have applied to the Japan emergency ~ import? - . . reached 
Leasing Corporation to lease the £47. lm last monthi-fte Export - 
aircraft, bur British Airways has Import Bank of Japan’said j n 
clearly moved the fastest in Tokyo. The loans .were for im- 
securing a 10-year contract to ports of nickel aritluickel ore 
he signed in Tokyo on Monday, from New Caledonia , and iron 
The aircraft would be ore pellets from .. Australia, 
delivered to Britain on Friday. British Airways sa£d : last night 
The contract is understood to that leasing was / a 'form of 
be worth £23. 3m. Interest is at S finance that suited, tlm airline 
percent. and one which had been used 

The Japanese Government last before.' - V--'- 

month agreed to back the All lease agreements had to be 
emergency importation of air- approved by the British Govern- 
or aft worth up to a total of £260m ment The jumbo jet contract 
for subsequent . leasing to world had been approved, but further 
airlines. contracts would depend on 

The Government in Tokyo, obtaining . favourable:. Jerms. 


Lloyd’s of London 
suspends brokers 


Another big closure 
planned by Burton 

BY RHYS DAVID, NORTHERN CORRESPONDENT 

ANOTHER BIG closure in its market, interested in more casual The Leeds factory remains the 
manufacturing operations is garments. main cuttiog centre for the 

planned by the Burton group,. . The company’s Jackson sub- . company's ready-to-wear clothing 
bringing to more than 4,00 0 the sidiaiy also has been cut sub- production unit The company 
total of redundancies over the stantially and a new chain of installed computer-con trolled pat- 
past IS months. Top Man shops, modelled on the tejm preparation there two years 

The group has told anions that group’s^ successful Top Shop ago. and is to introduce a new 
it . will trim its labour force in women’s wear operation, has Gerber computerised cutting 
manufacturing to about ' 2,700 ^£2 started. - machine from the U.S. as the 

from the. present 3.600 with the _ The latest closures reduce : second phase in a £500,000 invest- 
brunt of the loss likely to -fail Burtons stake in made-to- ment programme, 
on its Oldham factory employing measure to one unit at Walk- ■ Introduction of thp new enuin- 
700 people on made-to-measure d ^- . • Lancashire, employing n^b a “ K 

suits: ..• •• 

The other- redundancies will 
affect Doncaster, where the 
labour force of about 450 is being 
cur by. about a third because of 
1 o wer-th an-exp eeted sales of trou- 
sers, and' Leeds, where a unit 
making made-to-measure waist- 
coats is to be dosed. 




More home news 
on Page 15 


catting jobs at Doncaster and 
Leeds under the latest rational- 
isation. 

Tie’ company said yesterday 
that" it hoped some of the -job 

- losses would be accounted for by 

' . .. . ... , . natural wastage and there would 

— • remainder of itscIoLhing labour jimited opportunities for 

The latest closures are a fur- force— aoout 2,000— working on tratisfer to other plants 
ther attempt by Burton to bring ready-to-wear at factories in Some increase in employment 
manufacturing into ‘line with its Goole, Guisborough and Don- would take place at Walkden 
nawgreatiy changed retail opera- caster. because oF the decision to con cen- 

tions and, according to Mr. Cyril Closure of the waistcoat unit trate ail made-to-measure at the 
Spencer, group . chief executive, at Leeds severs the link with plant There could be extra jobs 
should be the last cuts. made-to-measure at the com- at -Goole and Guisborough. 

With the decline in demand in pany s huge Hudson Road bead- Burton insists that it remains 
the High -Street for made-to- quarters which once employed committed to made-to-measure in 
measure suits, the company 10.000 people. The plant will spite of the Further cuts. It 
already has shut more than 90 continue to operate as a ware- claims to be still the biggest UK 
shops and converted the re- bouse and distribution base as made-to-measure tailor and says 
roainder to sell clothes directed as well as administrative head- it‘still promotes made-to-measure 
to a younger, more fashionable quarters. 


in. its branches. 


Foot gives 
warning 
on jobless 

By Richard' Evans, Lobby Editor 

A WARNING that the economic 
policies advocated by Sir Keith 
Joseph, Mrs. Thatcher's leading 
policy adviser, would lead to 
massive unemployment of the 
scale of the 1930s, was given last 


BY JOHN MOORE • 1 -~l 

IX o. HO WELL, a Lloyd’s of In its last reported ’.figures for 
London insurance broking com- the year ending 1973,. D. O. 
pany^ has been snspended from Howell made £37,800 pre-tax 
placing business at Lloyd's after profit on earned brokerage of 
tho disclosure of Irregularities £281,000. " . ... " , 

surrounding a substantial »um- Mr. David HowelL the com- 
ber of commercial motor policies, parry’s chairman, said' fist night 
Lloyd's said last night that D. that it was regretted that D. O. 

O. Howell (UK>, a subsidiary of Howell (UK), “whickJs 70 per 
D. 0. Howell and Company, had cent owned by D. O. Howell, has 
“issued extensions which pur- issued extensions ” to third party 
port to include accidental dam- motor potiices. • ■ ■ 

aw Are and theft to a substantial •• it has been found that this 
number of mainly third party cover was not insured in the 
euimnorcial motor policies. market. This was unknown to 
“ Assureds holding these poli- the parent company v«nd the 
jre being advised that it is majority the. boai&of D O 
doubtful whether proper insur- Howell (UK)." ; > 

ant't? cover exists for these exten- i n sp i te 0 f strenuous attempts 
„ , ... by the parent company .“and 

Only a small number of the every assistance froth.'- leading 
doubtful extensions have been figures in the insurance market 
issued m conjunction with a replacement cover has.' proved 
Lloyd’s third party motor policy, impossible in the majority of 
The rump have been issued on cases at the present thus " 
insurance company policies. This is the second suspension 
hWile Lloyd s said last nipbt c f a Lloyd’s broker this year, 
that it intended to ” safeguard” Armour Hick and P&ririir was, 
ihp interests of those policy- suspended after it mefcfinancial me “ bers ° r the sbadow Cabinet 
holders wlm had been Insured difficulties. t land Mr. James Prior. Mr. Edward 

Heath and Mr. Peter Walker on 


IBM meets trouble 
over green belt 
scheme for offices 


BY OUR NORTHERN CORRESPONDENT 


IBM, the U.S. computer group, big Increased traffic and other 
is in the middle of a dispute over intrusions into the green belt if 
plans to develop a new northern IBM succeeds, have nevertheless 
regional headquarters in the condemned the plan. 

night bV Mr Michael Fo'oL leader! 8 ? eei> around greater Man-. . - tnre company says that it 
of thprommons mw 1 - 1 Chester's most prosperous chose Bowdon because of its 

J su S^ b - . a , - proximity to Manchester airport 

It was the first shot in a! The company has applied for and the motorway network. 
Labour campaign against the i planning permission to develop There are other sites as acces- 
policies presented by Sir Keith 20 acres on a 100-acre farmland jible, however, and IBM’s choice 
that seems certain to be at the f site owned by the Church Com- dearly . owes much to the fact 
centre of the forthcoming c i ec . : missiooers at Bowdon, in the tljatit is the sort of place where 
tion eaniDaiea j borough of Trafford. but the the : company would have no 

‘scheme has provoked strong difficulty in attracting highly, 
opposition from local residents., pah! staff to live and work. 

IBM proposes to ■ transfer -The IBM application will go 
about 400 staff in three different before Trafford council in 


Profits 

For as well as refuting Sir 


Keiths idns Mr Font sonahi i bulldui - s “ ^le. several miles October and eventually to the 

Jr. s iacas * ^ lr - J 00t sou =-“ l away, to Ihe new office and ex- Greater Manchester Council, the 

to drive a wedge between the pects total employment to strategic planning authority for 


monetarists and laissez Jaire 


under the doubtful extensions. Another Lloyd’s ptoijfein was 
the attitude of the insurance also considered at - Tuesday's 
rompatues was less celar- emergency meeting concerning 

Lloyd's took its decision to the suspended Lloyd's tender . __ lf 

suspend D. C. Howell after on siting syndicate headed b* Mr. , ”15 

iMnrrcency meeting of its 16- Frederick Sassc. ' jecononuL speech 


climb to about 600. ' the. area. 

For planning purposes, a top ffce attitude of the two authori- 
figurc of 1.000 has been put on ties- has yet to be made known, 
tae eventual total employment although Cheshire has disap- 
. „ . .at the site, which would act as no j*£vi local ohiectors bv 

the- moderate wing of the, a marketing support centre for SSmiRg to support thto? case.i 
Tory party. : IBM activities in the whole of F{ jr ft rpa , pr Manchester the ! 

Sir Keith said in a major! the ^forth of England and Seal- application i S bound to create! 

on Thursday j . , something of a dilemma. The! 


Company 
racehorse 
wins 
VAT 
relief 


BY DAVID FREUD 

SOME COMPANIES owning 
racehorses may be able to 
reclaim value added tax on 
their upkeep. 

A Manchester tribunal has 
decided that the Hillingdon 
Shirt Company, based in Lan- 
cashire, can reclaim VAT on 
the purchase price and run- 
ning costs of its £16,500 race- 
horse Jonathan Seagull. 

This is the first time such a 
ruling has gone in a company’s 
favour. In the past tribunals, 
which are tadependen bodies, 
have backed Customs and 
Excise arguments that) here 1$ 
an etement of entertainment 
in ownership. 

Reclaiming VAT is ruled out 
in such eases. 

Hillingdon argued success- 
fully that the racehorse was 
owned purely for advertising 
and promotion purposes, on 
which VAT could be reclaimed. 

A Customs claim that this 
was a facade and that the horse 
provided a -hobby for the 
directors was rejected. 

Saving 

The tribunal said that the 
ruling should not be regarded 
as a precedent, but clearly any 
company that can prove a simi- 
lar case to HWingdon’s wiB 
also be able to reclaim VAT. 

Considerable sums of money 
are Involved. Hillingdon bas 
six racehorses, i$ obtaining 
two more and estimates an 
annual saving of £3,000 on 
running costs alone. 

Mr. John Bigg, secretary of 
the Race Horse Owners’ Asso- 
ciation, said: “The ruling 
shows that a company that can 
prove its case properly can 
convince the Customs and 
Excise that advertising in this 
way is legitimate and that VAT 
is claimable.” 

The Customs and Excise com- 
mented: “The appeal that the 
horses were for businesss pur- 
poses was allowed. 

“ The derision was given 
orally and you will appreciate 
that the Board of Customs and 
Excise arguments that there is 
position until the Tribunal’s 
written decision, which will 


All dock labour 

at Southampton 

■ 

to go on strike 

BY PAULINE CLARK, LABOUR STAFF . ' 

THE DOCK labour force in The union claims that 
Southampton voted on a walk- employers have taken too tough a 
out yesterdav in the latest of a stand on what originally 
series of disputes affecting cargo amounted to 3 simple row over 
and passenger services. maintenance on a container 

The decision came at a mass straddle carrier, 
meeting in the morning after era- The two men driving .the 
ployers refused to pay two carrier refused to operate it 
drivers in the Transport and after claiming that a mechanical 
General Workers’ Union who fault had led to oil spillage -on 
stopped work on Tuesday in a one of the two 26ft ladders -up 
dispute about safety. to the driving cab. They wm- 

A further meeting between plained that both ladders needed 
shop stewards and the 1.900 dock to be in proper working order 
workers in the port has been to comply with safety standaxds. 
called for Tuesday. They were sent home without 

Although an informal union pay. 
approach is believed to have 
been made to local officials of WSiKOUt 
tbe Advisory, Conciliation and ... 

Arbitration Service, talks over Proposals for a joint safety 
the holiday weekend between committee to look at the earner 
strike leaders and employers were not taken up and by Wed- 
have not been fixed and union nesday, 216 van drivers at the 
officials were pessimistic last port bad walked out in sympathy, 
night that a solution could be The employers have made 
found in time for Tuesday's known already their fears that 
meeting. the port is io danger of losing 

Port authorities expect about the confidence of shippers. : 
seven scheduled calls over the By April, when 500 maiutgn- 
weekend by large container ance engineering workers went 
ships to be cancelled and on strike over a pay parity 
thousands of passengers arriving demand, it was estimated that 
and departing in luxury liners, the port's losses had mouotedrio 
including the QE2. will have to £2m since January because tif 
carry- their baggage. dispute 


Clothing workers 
agree on 5% 


BY RHYS DAVID 


THE CLOTHING Manufacturers’ cease to have general acceptance 
Federation, representing men's ‘ n industry, 
and boys- outerwear producers. , 

, . the first of the clothing groups 

has reached one of the first t0 con( i Uct pay negotiations, and 
national wage agreements within the pattern has been Iot federa- 
tbe Government’s 5 per cent tions representing women's wear 
guideline in talks with the and other sectors of the trade to 
National Union of Tailors and settle on broadly similar lines. 
Garment Workers. The British clolhinsz industry 

The agreement which has to employs nearly 300.000 people, 
be ratified bv the two sides, will This early success for the 
come into effect from September wages policy will please the 
22. It will give the 65.000 Government, but clothing is not 
workers employed by federation one of Britain’s high-paid indus- 
members a 5 per cent rise in tries, and its unions are not 
current earnings and a general among those regarded as 
earnings fall-back for ex- militant 

perienced workers of £40 a week. Wages have been held down 

_ Further talks will be held on by the pressure exerted on tbe 

explain fully the reasons for it, circumstances in which the industry by imports, low produc* 


has been issued.” 


si rons committee on Tuesday, ll The syndicate is already in 
delayed putting out any state- litigation with a Brazilian rein- 
nient until yesterday because su ranee group over reinsurance 
ihen' were attempts to organise on 1,300 fire and damage to pro- 
an 1 1 Ih-hotir rescue operation for perty risk* in North America., 
the pyliryholifcrs involved to be Now new and signficant fire 
mouiiti-d between Lloyd's and losses /"have fallen on the 
the insurance companies. syndicate in claims arising on 

However, it is understood that other' insurance business in 
Ihe insurance companies were Canada. The Canadian insurance 
reluctant to participate in the business was placed with the 
scheme. It is not known what syndicate by Brentnall Beard, a 
iteure* are involved in terms uf Lloyd’s broker whose affairs are 
premium and ihe value of the to be the subject of a Lloyd’s 
doubtful cover. inquiry. 


Colour TV imports 
rising sharply 

BY JOHN LLOYD 

IMPOK1S OF colour television deliveries of colour TVs totalled 
acts have men sharply over the nearly 700.000. of which 632,000, 
poM .'-e^r. although British pro- or 81 per cent, were manufac- 
diiL-tiun still exceeds the level of lured by association members (in- 
impori.v Imports of black and eluding foreign companies with 
white sets are down on the. equip- manufacturing . bases herb) 
iak-nt period Iasi year. 


key to fuller employ- j vonlS^nUi "SSi area likes \> think of itself asj 

“ aDtes !t * ou],i no1 want computer capital and is 


Spotlight 
on Sunday 
shop laws 


fall-back will operate. A provi- tivity and the threat to jobs, 
sion has also been made for Hourly average earnings in the 
further discussions if the terms industry last October were 139.4p 
of the Government’s White Paper for men and 10S.lp for women. 


that the 
ment 

wage bargaining, higher priori iy ; ^ * ‘developmim l * sios: the **«* tence ' of wide , 

for profits and the encourage-. that although it ?oS?d *» n9A ^mputer activities in } 

i*!!!# reP, M 1 *? r5fc b* encroaching on green belt. i( ’ he ^ ^. n 1 I 

»’ ,n Tredegar would be returning a slightly favour of locaung 1NMOS, Ihe , L0CAL AUTHORITY leaders 
that wharSir Keiihproposed was j larger adjoining acreage . Enter P nse . B “ ard ,l ; Pr ?" ! will try to clarifv Britain' s Sun- tup n -u . j 0 . 1.11 

a return to me 1930s when the 1 designated for development to micro-processing project, . dav trading laws which varv THE Clv, l “d Public Services 

unemployment figure was hardly green belt status. there. • i considerably in different parts of Association is faced with a 

than 2m and was often m a bid to allay fears over the Clearly with IBM added to the; ^ c0U ntry; re'olt by its full-time officials 

proposed two- storey _ complex, l^t it could point to a further! The Association nf Metro- over what they call “a politi- 


Givil Service staff row 
over ‘political attack’ 


ever less 
above the Sni mark. 
A simita 


at message came from IBM has also been pointing out example of its drawing power. I potitan Authorities is seeking ‘ 

33r. Joel Balnett, Chief Secretary the architectural awards its but if it backs IBM’s case It j ffie views hr its iSnbJre before ««y motivated attack by the 


to the Treasury, in a speech in. existing buildings have won. risks encountering strong local I pressin* the Government to 
his Lancashire constituency. ! Local residents, however, fear- political opposition. 


Mot6r cycle 
enthusiasts 
head for 
Earls 1 Court 


By Michael Caksell 


THE BIGGEST international 
motorcycle show to be held in 
First-half deliveries of black and | London for 10 years opens its 
-* nflnn ' f ' J L public at Earls 


exhibition comes at a time 

._. motorcvcle sales in the 

a *„ W X TlStJOO and - ' sels^were UK are running at about 250.000 

J AH!h uMJ^a” 8 ’ 000 Jrt 0ad ^’ 000 a year— oneof the highest levels 
Imports for Jum* stood at 28.000, June lMt . 

w“H up on last June’s licure of Imports accounted for 36^00 
iti.iiuo buf down on the May 197S of the June total against Z7.00Q 
1 1 re of 33.mw. in May and 48,000 in June last 

Over the first half of this year, year. 


Sheffield Council seeks ^ 
new mark for cutlery ; ; 

FINANCIAL TIMES REPORTER ’ 

SHEFFIELD COUNCIL leaders lery and Silverware Assocf^tlon, 
,»re hoping for imminent Govern* cutlery unions, tbe Master Cutler 
men! action on a new cutlery and councillors. 
marking after unanimous support Tbe pro-British federating Jus 
ivnm the industry for a. strategy been calling for such a ntove 
tu boat au import threat. ‘ since it was. formed, less tban' a 
Mr. Ilo.v HanersJey, Prices Sec-, year ago but the tong-established 
m»ry and a former Sheffield association, which includes some 
i-uiMi-illor. is expected to receive im pouters, had not reached an 
a joint industry* delegation next agreed definition of substantial 
Friday which will coll for all change and gave a warning 
cutlery in this country to carry- against ‘any hasty or emotive 
a mark of origin, the countiy decision- which could have- wide 
w here the blank was formed. . ranging repercussions not "Only 
Thor would stop the present for cutlery but for many other 
practice nf tin ported Far Eastern industries, 
blanks finished and silver plated The results of the meeting are 
in the city, from being marked subject to final approval from all 
"Made in Sheffield" or “Made in parties involved by the end of 
Britain.” which has been blamed next week but council leaders 
for destroying traditional skills are confident there will be no 
and jobs. change. to their plans. 

Tbe practice bas developed Although silver plating,- and 
tnnrcfliit! nf the vajue terminology finishing can more than double 
of the Trade Descriptions Act. the value of the landed blank. 
The country of origin Is at Cilr. . Clive Betts, industrial 
present where a product last developments committee -cfcair- 
xtndcrwcnt a substantial change, miur. said . that the committee 
but that is left undefined. had decided against an added 

Mr. Haitersieyv who holds the Value definition of substantial 
rawer to make the definition, bas change because . it .was . . too 
nrivatelv expressed willingness variable and open to maxupnia- 
tn art bitt he has demanded unity lion: v- 

rroai the traditionally' divided Thr new marking regulation 
inducin'. . would- also Identify for the -con- 

A Shcf>ld Connell initiative snmer the vast amounts- of 
ha* achieved that at- a. meeting finished imported cutlenr wWrii 
wbii*h thrashed out agreement at present do not' need xo arxy. 
heiu cpn t he Federation of British a mark of origin if not sold 
Cutlery Manufacturers* -the Cut- -under' a British trademark, . 


since the 1950s — %nd organisers 
are expecting more than 130,000 
two-wheel enthusiasts from home 
and overseas to attend the eight- 
day event. 

Traditionally, tbe London show 
bas been overshadowed by tbe 
Cologne exhibition wbich follows 
shortly afterwards, but the status 
of the London event bas now 
clearly risen because of the 
markets’ revival 

Manufacturers such as BMW 
of West Germany and Honda of 
Japan have cbosen Earls Court 
to unveil new machines for the 
first time, while several, other 
machines will be bavin# their 
British debut. 

Japan’s domination of both the 
British and international motor- 
cycle scene is more than 
apparent.- from Honda’s silver 
barrage balloon which hovers 
high above tbe Earls Court 
building to the succession of 
Rands carrying names that even 
sound fast, such as Yamaha, 
Suzuki and Kawasaki. 

Rising 

The Italians, m the form of 
manufacturers like Ducati and 
Hoto Guzzi. are also well repre- 
sented and keen to push up sales 
in - a UK market now worth 



review tbe present Sunday trad-] 
ing laws. 
j Councillor Jack Moultrie, 
chairman of the association’s 
i general services committee, said 
yesterday : “The laws on Sundav 
tradine contain so many 
anomalies and anachronisms that 
it is very difficult for local 
authorities to do their job of j 
repine that the rules are] 
i enforced.” 

In particular, the present laws 
! discriminated against tourists in 
( the country’s big cities, which 
the association represented. 

! Under thp Shops Act 1950. u>»nps 
: In seaside resorts spiling 
, souvenirs could remain nnen on 
•a limited number of Sundays 
; each year, but shons in London , 
3Dd other cities had to shut. 

Anomalies 


union’s executive committee on 
the staff. 

All hut two of the full-time 
officials walked out of a meet- 
ing of the union's executive 
committee last night in protest 
at a decision to bar some senior 
officials from interview panels 
for the appointment of assis- 
tant secretaries and negotiating 
officers. 

The officials said the decision 
was regarded as “a politically 


motivated attack on the staffs* 
conditions of service.” . 

“It is a cyujcal denial or 
consultation and a radical 
interference with the career 
procedures of full-time offi- 
cials,” they said. The execu- 
tive’s action reflected " the 
saxn e political strong-arm 
tactics of which the union's 
newly-elected Left-wing majo- 
rity has accused its opponents.** 

A foil meeting of (be union's 
200 staff will be beid next 
week to discuss detailed plans 
for fighting the executive 
decision. “ Some form of strike 
action is inevitable, “ one 
official said. . 


BL assembly workers 
facing short-time 


BY OUR LABOUR STAFF 


ABOUT 5.000 BL Cars engine the new “O” series engine 
“The AMA has been press- plant workers face at least one powering the new Princess 2 ‘and 
Ing for changes in the Sunday month’s short-lime work because expected to be used in a new- 
trading laws for years. Each time of failure to reach productivity look Marina, 
we point out the anomalies and targets on Austin - Morris © Motor industry troubles were 
anachronisms, we are told by assembly lines. further increased by a walk-out 

the Home Office that a general Assembly workers have been at Rists Wires and Cables, 
i review is not on because of the failing by up to 15 per cent to Newcastle-under-Lyme, part of 
'opposition likely to be faced by reach the targets — but the two the Lucas ^organisation, 
amending legislation,” Mr. engine factories at Longbridse. About 250 of the 1.250 labour 
Moultrie said. Birtninabam. have been turning force making harnesses for Rover 

The association had suggested out nearly 20,000 units a week and Ford camp out after com- 
•to the Home Office that local and there is now a - heavy plamme that their bonuses had 
authorities should be given surplus. been stopped, 

wider discretion to ensure a Although the day and night Lucas raid that the workforce 
i faiTer application of tbe laws In workers win each be losing a bad failed to qualify for tfiifB- 

eacb area. shift cutting output by about a quarter productivity bonii^s 

“A possibility we have in mind quarter, they will not be losing because of 18 per cent absentee- 

'is a system of licensing shops money because of a security of lSTm—a problem at holiday 

! open on Sundays. Tbe licensing earnings scheme which euaran- peng*. ' r 

authority would be able to take tees them up to £80 a week. The The remainder of the labour 
Ircnunt nnt onlv nf local needs shorter week will be reviewed force are remaining at work: ;' 

IJST StaioM, £>t rtber fSSS « four weeks’ time. . Informal talks are being held 

, ana OP^ 3 >o r ]S, our ^tDer ; metora AJ) enR . Qe prnduction for in an effort to end the unofficial 

Austin-Morrls is affected, except stoppage. .- - 


: such as posible traffic nuisance." 


Lcn Hamilton of Triumph Bonneville~they go to Japan 


Heritage fund 
‘needed soon’ 

THE National Heritage Fund— 
f proposed successor to the 
National Land Fund — should be 
set up as quickly as possible and 
its independent trustees should 

! Co rm trai dlf Commfs^toii. savs the I SENIOR officials of the nine General Workers’ Union, who, led 


Chrysler union talks 
about Peugeot deal 

BY OUR LABOUR STAFF 


unions at Chrysler yesterday the union side, said that it, the 


updated range of 750 cc single Hailwood, the former Honda. ^i^^^v’riVt e □ to the Treasury I discussed with leading car com- deal went through it was hoped 


thp^ombtocTeferto of twiiFCarb machines, includ- works rider, Kenny Roberts.' the i 

mWa«5EeSlike the JapSeSI faffiouS BonneviUe which n^-SOOee. ncin S champion, orl 

and the Italians which have sells prin cipa lly to. the Lmted ? ® world champion Barry _ , 1 .. xhird Keoort from the laxeuver n» tt 

killed off British maniiihetnim, and SflMg— or^to buy a £4,000 commons Expem/iture Commit- Peugeot-Citroen. ’ 'are talking about how best 

who were slow to adapt to chan- Ne T w P h^ i 4 nr - , - hK . “S^SLW?* 1 * 0 14 « mph ’. n j t^pubUshedin June. The meeting, held at the can make sure we have a British 

ing markets in the 1660s and Triumph is understandably An inevitable attraction will headquarters of Guest Keen and car industry and maintattf’-'ji 

’* - c , ~“ cc ' h,v ,h “ 1 — , ' 4 - Nettiefold, is part of the wide positive base for it here." -■ 


a ^ Triumph is understandably An inevitable attraction will 
created a situation In which proud oLits success ia one parti- be - fte world's biggest-capacity 
foreign producers account for Jg- 23 * . market— Japan. n )?J° r =ycie, the 1350cc Electra- FnilP/ltinn PI 1 1 fl P 1 consultations mounted after the Companies represented at yes- 

more than 90 per cent ok sales companj is selling about g-ide II from the U.S. company; liLallUli J takeover announcement. terday's meeting included: 

in this country. 300 . bwes a year to me Hariey-Davidson. which also bas - A NEW edition of tbe free eight- 1 The union s are he nine for Lucas. Smith Industries. RrihPrv 

/The taOf or waving the Japanese, where ownership of a been, struggling 
battered British flag goes to the Triumph carries a ’ ’ 

Triumph Co-operative at amount of kudos. 


edition of the free eight- The unions are hoping for Lucas, Smith Industries, Riibery 
«n^ struggling for survival page booklet Your Guide to the talks with Peugeot management Owen. Associated Engineering, 
ceru»m against Japanese competition. Inner London Education Autho- immediately after the TUC Automotive Products, Dunlop 
Atflie other end of the seale. {rity. has been published. It lists congress next month and then Turner and Newall, Armstrongs 
„ . . - - . - - . . - . . veT ^ fitaliac ■ manufacturers j members of the authority, are likely t 0 call a national and Wilmot-Breeden. ... ... 

financial problems, manages to the motorcyc.e enthusiast, are offering machines for child-: explains -the responsibilities of meeting of officials and shop ffiThe strike by millwrights 

produce about SOfr machines a whether he or, she is looking for ren aged three and upwards.' senior officers and inspectors and stewards. which halted production 

^ ^ a *• cr “J helmet, a chance to ^odeis raA os the Mini-Prix | gives details of its 10 education Mr. Moss Evans, general seere- Chrj-slers Ryton plant was called 

The company is showing its mingle UTth names such as Hike .rom Cimatti sell for £225. japd careers offices, tary of the Transport and off last night 




$ 


:*ar -a a r ja---!c-. 


ESnandal ISmcs Satnrtsy Aagosf S6 1978 


MOTORING 


S.: t 



A 5 r elegant load carrier. The Lancia Beta HPE looks like a coupg but has the lead space and -flat rear slH 

of an estate car 


own but' the HPE can can? up 
to 9 cwt (including driver) and 
is in no. way underpowered 
when fully loaded. In fifth gear, 
it Is doing only a little over 


so, at a motorway 70 m.p.h. 
( 3,800 r.p.m.) the engine is 
smooth and reasonably silent 
At anything over SO m.pJi. it is 
'beginning to sound hard worked. 


ESTATE cars are square-shaped; front, there is ample space to the HPE Is used. On a journey, 
hatchbacks are prettier and, stretch out in. it will, better. 30 nup.g. if driven 

mosr of the time, nearly as The Interior is trendy, I sup- sensibly, but too much hard 

useful. The crunch comes when pose, but not to my taste at all. acceleration and high speeds in 
yoit want to load something as The seats are like something by the gears drops the figure to 
big.vand heavy- as a grass cutter. Astronaut's Couch out of 23-24 m.p.g. The tank holds 11 

With an estate, it is easy, with Micheiin Man and 1 thought gallons, 
the? rear floor being level with their orange and brown trim " a «ari n * F ee i- rather low 

theii.un.per you simply roll it looked odd in a navy blue ear. SvIi£o"yo.£ 

up va couple of well placed Even with the steering wheel wnen y0U ttnvmg 0n y0 

planks and drive away. Heavy adjusted to its highest position, 
machinery would probably fit my knees wouldn’t quite fit 
into -a hatchback, but most of underneath. The controls and 
them have - a high rear sill. To instrumentation are quite good 

try' lifting a'conple of hundred- but some of the dial/ are in an “ “ A°Ter Taoo'rZZ* l£en 
weight of garden equipment incongruous woodgrain panel 18 nLp,lL per 1,000 r ' P -^ L Ev ®. 
over that is to risk doing your- set in an otherwise totally 
self a mischief. plastic fascia. 

There axe two honourable Although I thought it 

exceptions to this rule. One, aesthetically on a par with a 

which I have been driving quick lunch counter in a motor- counter 

recently, is the Lancia Beta way service area, the interior Glv !“ tune ’ counter 

HRE. The other is the Saab has its practical side. The back- 
Combi. While the Saab looks rests of the rear seat fold down 
purposeful rather than beauti- singly 0 r together. With five 
fufe-the Lancia is a fashionable, people in the HPE, there is still 

even, elegant car. room f or as much luggage as - , .. . « - . 

HPE stands for high perform- would go in a small family V 1 *? 5 ^ ' r An°I 

ante estate, which is not a bad saloon's boot. Two up, there is dusting off lines of traffic on a 
description, because it is quick space for things up to five feet long mclme - 
and sporty as well as capacious, long on the load floor. By The all-round independent 
The concept of the HPE is much fiddling with the seat cushions suspension gives a firm but 
the same as that of the Reliant and tipping the Eront seat back- pleasing ride; the rack mid 
Scimitar GTE. though the rests forward, Lancia say there pinion steering U> satisfactorily 
Reliant has a high sill which is even room for two people to sharp without, being un« 
restricts Tfs usefulness as a sleep in the back, though it is pleasantly heavy for parking; 
beast of burden- not clear what they are sup- and the all-disc brakes have 

The HPE comes with a choice P° sed t0 do with Urn luggage. ample power assistance, 

of- 1.6-litre or 2-litre engines and The four-cylinder, twin over- Low profile radial tyres on 

costs £5,277 and £5,710 respec- head camshaft engine is handsome alloy wheels-help to 
tlvely. Although It looks more mounted crosswise and drives make the' Lancia feel sure- 
like the Beta coupe, the wheel- foe front wheels through a five- footed when driven briskly, 
base and overall length of 14 ft spe®d gearbox. There is no j S difficult to know what 
01 in are exactly the same as the automatic transmission option t 0 compare the HPE with. 
Beta saloon's. As a result, it is at present Although - roomier and more 

quite roomy. The back seat Is It is a willing engine, develop- adaptable than a Ford Capri or 
on the low side and headroom ing 100 horsepower at 6,000 Renault 15 it is also more 
is' not exactly generous, but it rjpjn. and demanding four-star expensive. As a load carrier 
is habitable by three people, at petrol. Consumption varies to cut a dash in it is really in 
any rate on short journeys. Up considerably according to how a class of its own. 


needle will go into the red 
sector at 6,200 r.p.m. on an 
autobahn downgrade, represent- 
ing 112 m.p.h. The gearshift is 
clumsy huf the ratios are. fine; 


The best black player in the 



finally won his place <» the tour - 
it tfcendvanoed agaof 33,Xor 
had previous fictuftt .cqtpo- 
easily, He lost a playoff to 
... NickUuf attiNfc fiftit ftti* Is Ms 

LEE ELDER went several steps treatment, as would most pro- up at Westchester, and* accord- to go 8 under, dropped / stroke ©aSic. Ha heat Peter 
further towards establishing fesaoials in a similar predica- ing to one. of ? ***“** v ? ltb Oostorhuls af the fourth bole. of 

himself as unquestionably the ment Last weekend, the Incorporated’s astonimiflffy first War bad greeted a gionous . ^ pj t3M K for the Monsanto 
greatest black golfer of all time immense heat can have been intriguing liand-ouia, had I«£ longl «m shot that had pulled q* ^ 1974 that In hindsight 

by winning the American no help to him, and so Elder nously averaged $17353 per up Within a * a { < L? x v» was aacnjshiug a Wowto. the 

Express Westchester Classic last was to report- to hospital on appearance in ten ge ,&Q4 yards iBt i W w wia Wa falluw'to win 

Sunday evening in New York. Monday morning. averting 6905. HO 001 ;. at the 19?3 Master* EltferWokthe 

His second victory of the sea- What a treraendons' run he the **!!?, *?.** 1876 . Houston Opeuwhtn 38. 

hurt his averages. dropping desptt^a marvrilously brave ™ i 


son and only his fourth since has- just enjoyed. He was 13 


were pli ^ed « today, 
thatemoiea mm.w mum* 


he came on tour in 1968 -earned under par going into his Ins- ^ .A+m!!! ??!} shot mat £ after Thursdays opening round 

iSth holK. to gara ^othing but go* under ^ b^ ^ed^ - Yot^ be 


now had to make an eagle 3 


his -VW flinFwithhls had been a member of.theflm 

■ tie.‘tf&en had a flms ^ ^ ^ eourea that. mom- 


him 560 , 000 , more than he won tone eight holes play-off against . , ... ... . 

in any of his first four years Lee Trerino in the Creater Mil- f *“£* place vnth -a 

as tournament player and took waukee Open in early July, in a . - 

his total for the season to which he prevailed over the *2? *2“ Smht the ins- starting B fliots behind the 

easily his best-ever-5146,348. man who has been coaching Elder birdied the 13M, caaotffl the shot and caught the leaders. - • 

~*rn him into n«t J&, hip. HO yns 9 under wh« .!» “ «- *» “»■ lon^ g™, beP««, the M. ^ - 

World Series of Golf-the Brst wing for axth m Philadelphia ft jg .nmmont- in tarodr- Qf new' 

black to play in this prestigious on re-aweanng two weds up-hero it was. Bat: 

event-rand well along the road later. To be 5 over par and tied GOLF' < * uesnor ^ inQ M L-ZZ .11 .w* 

towards his goal to become the for 42nd place at Oakmont in yt&m.- 

first black ever to play for his the U.S. PGA Championship ben WRIGHT 

country. The nest Ryder Cup hardly a . disgrace. The week 
match is due for September, following. Rod Fnnseth bad to 
1979. at Greenbrier, Virginia, equal the record aggregate of 

when the British challengers 20 under par to make Elders 2 nd thus came to the S09 yards 



hstffi 


Elder alrotir k»«w «11 «be*rt 
■^Slder reaped a just reward that, having JMJJ' 


w«r Se only one of other Ms Jff*. 


may be strengthened by Euro- effort in finishing joint second isth, knowing he had to make a * — - — -- ---- ru • 

y Needless at 16 under look ordinary. In birdie 4 to break the tie wtth h«f needed plenty of that he country Club . 


tiui- Ttmtenders to better his Tor once, be had i th* lafit word 
on discovering what he af Westches ter. In ■ 
do— the «iid twt of ance spectj at the 
Sfacter. But the stocky black he thenketf the Wnlfedidtor 


. A" 

u* 

A 


-XT T^SW 
. .M-lVfj 


pean team members. . . , . . . 

to say Elder's money winnings the week before ” estraester. Hayes, The. bole swings left 
are the greatest ever recorded Elder was in the top 30 and round trees, and severe rough 
by a black golfer and are close two more under par at Plea- which had deprived Hayes of a 
now to the Sfm mark Barring sant Valley, Sutton, Massa- birdie earlier. Elder drove- weH • 
accidents, the 44-year-old Elder chusetts. to the right, but left himself 

must in time become the first Elder's victory on Sunday 255 yards to the" hole with *' 
black golfing millionaire. was all the more meritorious cluster of bunkers guarding the 

I say this conditionally because he knew exactly what front right half of the green, 
because this chirpy and like- he bad to do to beat Mark Lee fairly laid into bis three 
able character was in immense Hayes, who had set the target wood second shot 'but the ball 
pain in the closing stages of his of 9 under par with a final hopped left, going uphill into 
final round, limping more visibly round of 66, an hour earlier the edge. .01 ‘the deep’ rough , 
than usual. Many years ago, with the eventual winner still beyond the fringe of the green 
Elder injured a knee playing 6 holes out and. then 8 tinder pin high, 
touch-football on a sand lot in himself. What’s more. Jack Elder's' chip was so perfectly 
the Washington (DC) ghetto, Nicklaus (7 under at the time) judged with the minimum of 
and every year since has bad the was playing immediately in 
fluid pumped out at regular front of Elder, and Hubert 

Green behind in the final trio 
was also 7 under. 

Nicklaus had won twice 
before and twice been runner- 


intervals to ease the pressure 
on the joint. But Elder has 
played so well recently that he 
has postponed the painful 


delay that his birdie became a 
formality. But a hpge roar had 
come wafting up from the 16th 
green, minutes earlier, and now 
came another from the. 17th. . 
Green bad birdied the 14th hole 




! Rubble, rubble , 



-•it iM 
- *- iff 

,i IM 


EVERY JANUARY there is a 
mild and promising morning 
when I wake up -early, think 
“great, spring is coming” and 
then, hi! «m The Idea. - 
• .Tills year it was “must get 
& second loo into the house." 


halls, the table was more of a 
problem but it did. not lead to 
divorce. It's a little odd io lmve 
to have one of - the storage 
radiators neatly fitted under the 
desk, but never mmd. 

It is even more odd to have 


* M 


tfKtr HSGHU! 


Bride Hall, Ayot St. Lawrence. South Herts, a Jacobean manor house dating from 1430, Was the home -for . 
51 years of the historical novelist, biographer and children's author, the late Carols Oman; Lady Lenanton. . 
The grade H fisted house is now on the market throu gh Hampton and Sons who are seeking offers in the - 

region of £ 200 , 000 .- 


MOTOR CARS 



if ynufre looking for sdmetlsiRg 
spedsl,tajk to the speddisis. 

Experience our oxperienea. 


A.F.N. Limited Fafcon Works, 400 London Road, 
feteworth. Middlesex. Telephone: 01-660 1011 Telex 261136. 



Also showroom at 12-16, Madrid Road, GuSdfad, 
Surrey. Telephone: GuBdford (0483) 33448/9. 



* You can test-drive, lease, bity sell, 
Export and Finance new BMW cars 
and motor cycles - all in one cenfre. 

And we'i e not just limited to 
BMW's -here 4 a selection of our well 
bred motor cars. 


t?rs BMW &L3C.£|A Black 
1S70 BMW 7331 A Black 
1973 BMW &18A Mot U. Green 
»978 BMW s;o Manual Mst. MW 
a lac 

tf»7S BMW 77 5 A Ok. Grt«n 
JB-a BMW 733i4 5il*pr 
!9-a BMW 52BA Silver 
107B BMW S20A Met. U. Blue 



CENTRE 


220-226 Bishopsgote^ 
London EC2M4JS. 


Neor Liverpool Street Station. 
■Phone 01-3778811. 

Open Mon- Fri ?.00 am- 7.00 pm, 
Sah9.00-1.00. 

THECOOPEfi CAR COMFANY UMIT89. 



Mercedes-Benz □ea'ers 
CLOVER LEAF CARS 


230-4 1975 

Med. Blue. Blue doth, manual. 
No PAS. £4.295 
280E W123 

White, -■ Green doth. Auto. 
PAS. 21.000 Miles. £9,795 

Tfelepfwne David Jacobs 
ODiHArvH03567t)2JP^ 



SDWMO Bjcnvc 


pis 

CALCULATOl 

■ING MAGHIN 




DICTAT 1 HK MACHINES & PHgTOCOPIERS 

Send new N» : LMMtr Cataloaue 
I NEW AND USED OFFICE MACHINES . 

! o« 



Conference? Seminar? 
Company Meeting? Reception? 
Rim Preview? 
Advertising Presentation? 


There's no need to hunt around the West 
End for a suitable venue or viewing theatre. 

The FT Cinema, here in the City, offers seating 
in comfort for "50+ people, Fulll6mmfilm 
projection facilities. National Panasonic Vfe" co!our| 
video tape and Philips 1501M video cassette 
viewing. Eletf rosonic 3601 slide presentation 
system. And luxurious private dining rooms with 
extensive catering facilities. 


finanoAltimes cinema 


All enquiries to: E J. Dorrer, Cinema Manager, 

The Financial Times, Bracken House, 10 Cannon Street, 
London EC4P <BY.TeI: 01-248 8000 (ext 670). 


It ib not exactly a new idea but quite so many occasional chair* 
that word “ must ” is the danger in the bedroom let alone a 
signal. The Idea ferments, it Florentine cabinet. I haven't 
gets mentioned tightly, even been into the middle bedroom 
airily — a sort of fun thing,, for some time but its not where 
Then it takes over. the samovar and the copper coal 

: The house Is three-up, three- scuttle would normally sit— if it 
down • in a Fulham, London, sounds like an 1880s house it is 
fterfape and the outside loo and Va beginning- to feel like 
housed the garddn tools. When- it — let alone all the other brje-a- 


*^4 

4*1 


PROPERTY 


ESTATES AND FARMS .’INVESTMENTS: SHOOTING: 


a .Tcver !thcrf were. a lot of guests brae. 


COUNTRY PROPERTY: OVERSEAS PROPERTY. 


B8 


FREEHOLD 


VACANT POSSESSION 

HAMPSHIRE 

MANOR FARM, CHILCOMB, NEAR WINCHESTER 

An Important Agricultural and Sporting Estate comprising 

about 833 ACRES on the chalk 


6 Cottages, Farm Buildings 
which 

MESSRS. JAMES HARRIS & SON 
are instructed to sell by Auction in 2 Lota 
' on Friday September 29th 1978 

(unless previously sold privately) 


Solicitors: Halsey. LuctaUy and Hems ley, l k I Min Lane. GuUdroid 
Particulars & Plans from the Anctlonetm: Jewry Chambers. Winchester iTei: *KS> 


WORKING CATTLE “ RANCH 


NEAR PUEBLO, COLORADO, U5JB. 

FOR SALE BY OWNER 

2360 acres completely fenced, with freehold title and title 
insurance! Warer by windpump and stock ponds on the property. 
Elevation 5,300 feet with view of Rockies to West. Gently rolling 
grassland bounded on NW by scenic river canyon. Partly wooded, 
with cedar and pinyon trees. Good game, deer, antelope and 
doves. Good access by -all-weather County maintained roads'; 
airstrip on property. Good climate and fragrant fresh air. A veriy 
desirable property at U.S .$520,000. Terms may be arranged. Owner 
will be in England from 4th September. 

Write to Colorado Ranch, P.O. Box NA805, Nassau, Bahamas 
or call 01-723 5991 after September 4th. 


CANADA 


Ontario, dose U5. border. 
Excellent Investment potential 
in unusual land assembly. 

Write Box T.4?37, 
Financial Times. 

10. Cannon Street. EC4P 4BY. 


WATERSIDE PJtOWRT T n w all ameni- 
ties. S.W. Cornwall. Spacious hOUM 
wi tn cottaflK secluded southerly aspect, 
many attractive features. Freehold. 
£70.5 CTO 1 Full details Box TASsS. 
Financial.. .Times. 10. Cannon Street 


EC4P A8Y. 


DERBY. Private 3 bed. family boeso 
arden. ~ 


wltb targe mature oar 
0332 427567 


Mrs. 


Oar. for 3-4 


NAHAU. BAHAMA*. Freehold twUdlna 
Site about two mH« from s«a. Aoprex. 
2,4 acres for three dwelling?. 113,000 
freehold. Box T.493B. Financial Tims. 
IO. Cannon Street. EC4P 4BV. 



^ Residential 


Property 


-^ADVERTXSriVGW 


Only £2.00 per line (snhdiinQn three Hoes) 
• Return this coupon with details of your 
property together with your cheque and 
■ publication will take place next Saturday. 


CLASSIFIED ADVERTISEMENT DEPARTMENT 
FINANCIAL TIMES 

lO'CANNON STREET, LONDON EC4P 4BY 

* For further information contact Diane Steward 
Td 01-248 5284 


The 

Manor House 

TORONTO, CANADA 


This magnificent English Manor 
House, pan lKh centutr. -toas been 
oamsialunxlr reconstructed i on a 
■lively wooded two acre si*. The 
grounds include WIDwt Creek.- TBe 
extensive acconnntKUUon provided 
includes a Ballroom ■'Conference 
Centre, Games Boon, OrcQtar Bar 
and Indoor Swimming Pool wHb- 
Sanaa. Whole property is air condi- 
tioned. fully insulated wtch fire and 
security alarms. Traditional En gl is h 
materials and details abound to pro- 
vide a rare and luxurious Prirato 
Residence or Corporate Bead Harters. 
Colour brochures upon request. For 
offers 10 purchase, or lease: 

R. Dortnell and Sons Ltd, 

(BuSdcrs since 15911. 

Brasted. Weserham. 

Kent. England 

TeL Western am 64105. -Telex 9S7040. 


FOR SALE 


PRIVATELY OWNED 
SOUTH SEA ISLAND 


VP- 49} teres, about 2,500 x 1.500 
ft: Situated i mile off Caribbean Coast 
Line of Panama. 7 MU as N/E from 
Colon Harbour- . Medical facilities 
available m Colon (5 hospitals). 
Hum id try and Water Temperature 
similar to Bahamas. Ideally suited for 
development. No danger or' Hooding, 
Lush Vegeeacimt, sandy beaches, coral 
reefs, dear water. Price 000.000. 


Write Box T.4940. Financial Tinea, 
fO, Cannon Street. EC4P 4BY. 


NEAR AN6MMNB. Sussex. SuMrh 
example deucfiad reshfence of character. 
Original materials now at prohibitive 
coat. Exclusive private estate with 
private beach. 5. Bedrooms. 2 Bath- 
rooms. 500 ig. ft. drawing, room, a 
further ' recension, plus .good ancillary 
ac co mmodation. Central heating. Double 
sunny garden. Offers 


SfiSK-E^SS! WSwht^ 

Hniuard & I 


fgiMard & DByfcin. 
Guildford 77MB. 


4, Tuiogale. 


SUFFOLK 


Mxboov bvhcftftt Bwru St. £dnwfld« 
and Sloranarlu-t - 


Attractive Residential 
Farming Unit 
Priory Farm, GeddJjig: 

Lot 1 — 17th century Farm- 
house in 3 acres 
Lot 2 — 124 acres productive 
Arable Land 

Lot 3 — Modernised Cottage ■ 
For Sale by Auction 
on Wednesday, 4th October 
as a wtni« ar'iii tots .' 
rif not sold teibreftenttl 

Vacant Possession 

BED WELLS 

Chartered Sunrerors 
Trumpluston Rwd. 

. Cambrldfle CS2 UO 

Tel: Trump ! bshui (B22 B2U jam 


NORTH YORKSHIRE 


Harrogate tO mites, York JS Otlle* 
TO LET 
FURNISHED 
For 12 Months From 
' lit- September, 1978 
4 BEDROOMED MODERN 
PROPERTY WITH ■ 
DOUBLE GARAGE AND 
PRIVATE GARDEN" 


Apply: SMITH'S GORE, 
Alan Haase, 48 Beottam, YORK 
Trii 0984 55894 


arch. 3 beds., Z recce. 


MARBLE 

bath. £250 P.w_ 3-6. months, 
between 6 n-m.-9 p.m_ 402 5704. 


FRANCS. PROVEN Ct VAUCLUSEl Beauti- 
ful house, 5 hectares. ' Price Fr». 
1.350,000. Write tot Me nmoox 
NfiCalrff. 84200. Carpemras. France. 


Oewraic and Popular Republic oi ilpiiria 


MINISTRY OF FINANCE 
BANQUE OEMRALE D’ALGERIE 
INTERNATIONAL INVrTATION FOR 
THE PRESELECTION OF COMPANIES 


For its printing plant, the Banque CrofraJe d'Alifirie 
plans to acquire a complete installation for’ the recovery 
of trichlorethylene (-Liquid and steam). 

For the completion of this work^ the Banque Centraie 
d’Algdrie will pre-select qualified companies. 

The total quantity of trtcfclorethyleoe to- be treated is 
approximately 200 kg per day. 

The realisation of this work will include the study as 
well as the putting into operation of the installation and 
supply of materials. 

Interested companies should send- their applications 
together with references before September 30, 1878 to 
the following address: 

BANQUE CENTRALE D’ALGERIE 
IMPRIMERIE 

10, rue des Fuddles du 17 mai 1957 
■ ALGIERS 
ALGERIA 



the Jac&of the second loo used it really is a case of batien 

'S&i 


to niggle;” more expressly one down the hatches. In my case I 


on the ground floor. sealed the Inside of as many 

The idea was floated to a doors us possible with wide 
neighbour, in January. . She sticky tape and the outside of 
responded by saying that an cupboards which did not 
architect. . another neighbour, absolutely hare to be used. This 
had worked for yet -another j 5 because of the dust Any 
neighbour who had been well f^end who has had even a mild 
pleased.,. Nothing like keeping amount of brickwork done will 
it in the neighbourhood and -^arn you of the dust, the areht- 
witb that we were off. Well, warns you of the dust the 
put it another way. Tommy Guilder mentions it very 
would not countenance any Seriously and then looks to see 
demolishing until the weather jf you have the faintest idea of 
might be wanner. May 30 in W hat is implied. You won't 
ti*® event . • x ... have. Just wield as much tape 

The g?Pi : however, _ aid mean as ^ crammed into every 
that various possibilities could n0 ok and cranny— -blit leave 
be considered, details discussed yourse i f some do^i As to 
and agreed and three or. four carpets— we couldn't have 
tenders assessed. The architect fitacke{ j them, at home-prr- 
l ?Jk ou £- safeffiard but it is pos- sum ably they can be covered 


M 

: :4 

■■'.i 

*n 

& 


n 




sible just to have your own 


PROPERTY 


PAMELA JUDGE 


but we happened to be getnng 
rid of some old ones. 

That is just the dust from the 
early works. ' It is when the 
plastering is under way that the 
worst has to be endured. Brick 
dust is fine and yellow and 
shows • up well — everywhere. 
Plaster dust is pink and more 
doggy but it too shows np well. 


341 

& 

iU 

-M 

vfi 

m 

TH 

'iH 

in 



builder, thfe more so if you can piaster dust gets to more places 
be at home 1 to; watch progress, because there is always an itch 
But that to another story. An at the end of a day to look at 
extension into the garden for progress and it doesn’t matter 
about 9 ft WS5 decided on is what you do some dust travels 
this gave space-behmd that for with you. Cats, of course, have 
a new compact^tatdie n and even more curiosity and just 
behind that (ih the old, com- try and wipe their paws every 
pact kitchen) .room for a t ime . The captains of industry 
ho°!if r ™ 100 l3 f ge ^ that brin g us the vacuum 

ex ten 910 ^ Sf cleaners of today should have 

extenslqn)^>ading from the statues -in their home towns 

a^STW. T e the M 

rs^fsiriSira ^ tass, “ uof 

where the .(old) 




n „ took 31 working days for 

win*™ w 016 extension to go up. the fioor- 

wmdow bad been._ And Aere ing to be done, the roofing plus 

fiIIerf 0Ur fte balcon y' wiring and thn 
hl.!f d ^ St h3d piasterfoe- to be vlrtuallv 

t0 finished - There -were no great 
^ u disasters. Tho borough surveyor 
t0 ** insi st ea o n a wealth of founda- 
tiona surprised 


. n£y -JJ* tions which slightly — 

... movuxg. One everyone blit at least means an- 

thS° tt T™ otiier “ two » uld ^ built 

this will .vary in ■ wwy case on top ol: the extension. A fan- 

itemiciM ** 1181x1 ri** 10 ** above tbe door on 

to the balcony had to be aban- 
who has tirtd for some time in honed so the lop part of the 
one place and is going to extend door has -iouvred |l5s. And 
iL 15 one^glwmus chance to mere was. a misunderstanding 
throw tilings away. It is not so f quickly cleared up) as to where 
much a chance . as a necessity the. power point should go for 
since most of us keep odds and the cooker, 
ends “ifi:- caStt ; it comes tn ‘Again because if ta si terrace 
dQn?^ " a 3 3, ® a * c , garden t virtually 

2?ifif„ an «?**£■' ° PP °£ bec ^ me building' yard/The 
tonity to be ruthlfess. it werft yery neat aad tldy — 

becomes rafter enjco^ble._ . stac | B of brtcks, fteap&bf plastic 

JL 011 of ffhwmt piles of 

^use (tak^fgffi case) tbe timber. RSJs at the outset arid 
dining room has to be emptied, tho odd trowel and shovcL The 
Just do an inventory of your weeds were secure. and the grass 
dmmg room and think where edges have a. charm that is aU 
everything would go. Now do theiri own. 
some throwing _away- We RubMe, rubble*' toil and 
managed to move ft e .sideboard t'rubbie,. dust along at twilight, 
into the hack part of the draw- debriirornot debris — having a 
mg room' without any real bad home extended wound your earn 
language. 5ihce most terrace brings' on a sort of controUed 
houses tend to j have - narrow hysteria^ ^ . 


1 J.1^ 
















Financial Tim es Saturday August 26 1978' 

THE WEEK IN’ THE MARKET S 


Firmly placed, ahead of extended holiday 




JUs 5^ and ! n toe years to interim pre-tax profits of figures, but it does not look like 

iehievJd «r? Si--” 1977 earnin SS grew at an £2.34m, compared with £20. 14m, the time to start any serious 

5| V veIy litae ‘ InsbfT ?' compound rate of 45 still left the market disapporn- baying, 

aonal buyers were- again evi- per cenL The star rating was t«L ftl ftm TOT tMt 

j i-'tifdw fllnK -TS?^ Mu£K ^“retmTbeen mafor nrob- Kenyan jitter S 

5zr&.£Su2 sssrs srSMsses sls^“ tte ' *w«h *..«,,** « 

; It rbuy™, "««£= 

and profit taking left prices n Sda stake was c “ t last shivers through those London- 

lower on a bread front. By the JX2? T PU i™ lts ? rofl ? s . HP, by a autumn from 49 to 84 per cent quoted .stocks with interests in 

^nd of the week thelndcx was V225 pI “ Ja ^L ye f ^ d I^onr disputes could have Kenya. The announcement 
little changed on balance a]- thevTaii 1 El‘n JSSn^Tth 1 ? helped haly - e °C L ’ S pterim came during trading hours on 

though the tone was reasonably estimated dSwISSt^w profits ? ® omctb f lg , in the Tuesday but it wok overnight 
firm ahead of the extended hnii es “ mates ao'^ward&—9ut few region of £L4m. Oceans asso- Press comment to emphasise 
oxm aneaa oz me extended hpli- were prepared for the. 9} per elate profits fell ftom .£17.48m the uncertainty over the <£un- 

wnt increase to £_6-2m rejrorted to £6-65m. Finally, Ocean has try’s political future before 
xtftt/n’c A..JVAL* z. ' At c tke ’ baI {' way taken a £2m loss on disposal of selling started. Kenya, although 

ASQCt S bubble buists ®J®8® Asdas profits had been ships compared with a £658,000 not a major investment area for 

Back in the 1960’s Asda’s profit last year. British companies, is important 

business was described rather months r\ 016 ■® eooI,a ^ However an improvement in to some international traders 
unglamorously as that of dairy- tTaf-iTT-rZ* *53 -. u, ®~ 8 rou PS Africa and some recovery at for its tea estates and as an 
men. cafe proprietors and pork nnf sr aii^ pel . nn ^ nc ® OCL will' help' Ocean make a outlet for cars, agricultural 
butchers. But over the last few } k q and come back and it is forecasting machinery, components and 

years it turned out to be one of feirby around a year profits of between £9m general merchanting. Hardest 


- [KT.- ACTUARIES INDICES 

^-All-Share Nv 


on the cheap 


SHIPPING 1 


M A M J J A 

1977 


F M A M J 

197S 


-ft - snv 
-erj.-j.-w2 




AFTER LAST week’s flurry of July. As a pointer this in’" 
concern and activity over the significant hut not conclusive 
dollar, investors appeared to be although the President’s 
keeping at least half an eye on econ ° ra i c 4 advisers are now 
developments in the foreign 

change markets this week. If year rather than the 4.3 pfcrJ ; v 
the “continuing series of cent officially forecast la§T'.-' 
actions" promised by the month. 

Administration appears to sue- Despite the stock markets 

ceed in lifting the dollar from its mu< * “ ore buoyant mood it 

worth recalling that the Dow 

_ Jones Industrial Average is still 

about 100 points below last 
ai ctBf vADg year's high and has only 
l\ tww TUK>» recently managed to wipe out 

the losses suffered since last 
JOHN WYLES summer. During this period the 5- 

economy has breezed along with 
a real increase of about 4 per 

[ cent in gross national product** 
sick bed and if the pos- 5 per cent in industrial output, . 


o H lUZUbU VUL tu UC one UI •failtl’l . ; . • - U 1 Ul-fcTTWVll Mill UH. 1 U 40 UU 115 . U 01 UC 3 L . ■ 

the stock markers superstars. rfa Je zSL neXt L^°* 1 Sio of and flOm compared with hit was Marshall’s Universal, annftr , nfl0f ? ' _ . _ £ ent Jn S™? s nanonal product 

Between 1968' and 1977 nre-tax “ ending the week at 242p. £39.080,. Also ocean is likely which depends on Kenya for “ moane . ed b y the National gate new capital of under £4m sick bed and if the pos- a per cent in industrial output, 

profits rose by more than 20 ***** Key to success in the t0 maintain its dividend this up to a third of group sales: its ? nte fP nae Board is its increas- at this stage. Private sector sibility of still higher short-term and over 10 per cent in profits. 

past has been its string of very year— that caused some siehs of shares droDoed lBn to i«2n *ng-my9 lveineirt in joint van- finance seems to be finding the interest rates is correspondingly Historically, the Dow Is still 

large superstores, which oper- James Finlay and Co (tea! tn ^ e Wltb private sector finance. NEB an acceptable partner in reduced, then investors may very cheap, selling at around 

(. INDICES a * d oa ht ^h v ^ , ^ ie and pharmaceuticals and credit ' Elis week the NEB risk ventures which previously soon have the edifying prospect nine times earnings and 

~ • offered notably lower prices - finance) derives around 57 per announced two separate joint “to 1 * not have been thought of the Dow Jones Industrial although a number of growth 

. . . ■ ! ban the like of Tescb , and Sains- * . t riMnAN cent of its profits ftom the area venture d-als involving th P Mid- 'worthwhile. Clearly the attrac- Average bursting free of the stocks have recaptured some of 

*• Aug. Aug. Aug. bury. However, the outbreak of lol/nUUIl and the- shares slipped from i.nd an* ■ « fton of the NEB to the private restraints which keep tugging their former lustre their p/es 

ek to 25 18 17 the high street price' war last ' 317p to 110p, but rallied by 2u i ° „ ia, f aea ? n ® sector is that it provides a way it back below 900. of between 12 and IS are 

' , summer has blunted its com- onworw . . j ater in the week. oanics. me Barclays deal of offloading some of the risks, 0n thp nf the oast derisory in comparison with a; 


B ^fUJK.INDICES 

• #:-i ■ 1 ■ 

y Average Aug. / 

S' - week to 25 

^FINANCIAL TIME5 • 


™ volume increase d - -byf.^isE than reUef in .the market-thou^ It “buTEE - ro wke ^ dScSS^te and pasl month ' stock hpyin S * 

a Since’ th P en«i ' of AnriL Asda Fut^f^aTOients^wm ^DTOd 1116 marke * was 3150 concerned joint venture scheme to provide THE TOP PERFORMING SECTORS money market rates last week SulPmarket^ secwdar/stoSS ' 

^ Indust. Ord. 516.9 SH.4 Sn^ u-? 1 ””.*® end F Apl ^ Asda depend coffee market follow- finance for small businesses in IN THE FOUR WEEKS FROM and is still apparently clinging 

Goid~Ml nei ITalTlKi 197 a h ? s t " oled an upsurge, m sales upon the conhnuafton of the - the ]o of ^ a Nonh East JULY „ t m ^ ^ eregt rates “ nde L way , last 3ear ' 

^ SSSrS-S-SJ ll he S!L 0f f PSP? J? re ff a S y H Sff&ZSSL B ^ Iian Sharea « Jdst ° ver a week ^o the m % ^ wUl not go much higher. Here Sgm of "“““5 

^ ’ 1407 ’ JH£f!- a *" a L >S iLa5 e Loniho (one fifth of its profits announced a joint venture with Contracting Construction -M12 it is fervently hoped that the 0 , . .. 

of ■ JjJ 1 , ov ^ stten^oft^simproraig trend come from Kenya) were steady & dust rial and Commercial Lt. Electronics, Radio TV -H25 economy will slow substantially A ''*® k ”? {J 8een l s 

FT ACTUARIES 1°^ 197 |^' 9 - But at 61p but pnt on 4p later in F®®? 1 ®® Corporation to provide Toys and Games +10.9 in the next few months and thus £“ e Exchange Index^ - 

- ~ - — — -- ■ {I 1 ® ‘ nt ® nm figures «e pub- quantified^ loses on five ships the week after Press comment, new capita] for BTB (Engineer- Engineering Contractors +103 reduce the volume of credit ha *l ^toblished a new record* “ 

• 239ss Ij^hed the suspiemnwg remain have been sold in . the liitdheU Cotts Group eased lp jag). Electrlcais +103 demands and pressure on and forecasts at the beginning- • 

%=r. JL-EE "22“ «• «* *« <««« »«• . V I .*?- Build,ng ±*i. I«™t 0»> in E“,?s ■ ®SJ "f?2S!2*: 


large superstores which oper- 
ated on high volume and 
offered notably lower prices 
than the like of Tescb .and Sains- 
Aug. bury. However, the outbreak of 
U the high street pried' war last 
summer has blunted its com- 
petitiveness and de$pitb increas- 
ing its selling'Kpace^hy' around 
7122 s per ettit last ' year, sales 


LONDON 


ONLOOKBt 


70.99 7122 0 , per 

— — : volume 

7234 7234 a tenth. 

511.4 5113 ^' since . 


Lt# 1 iUU. UUL X omeu. Uj 4 SU V ITU n 1 J 1 — — * » " — -m wmwi* it UVV. , . — 

later in the week. Tpe Barcla r s deal of offloading some of the risks, 0n the evidence of th e past derisory in comparison with a:’r 

Kenya accounts for about a c the res K CU ® of Mon0 ' few days, the market has not ff k « n^SSSS 1 

quarter of Brooke Bond Liebig’s ^ a Surrey based Pnntiog others mght have considered been unS j*mpathetic to the hSv. E iS“«!! S d k „ 2 d ' : 
group profits and the shares equipment company while the t0 be t0 ° Federal Reserve Board's moves IT* 1 „ a ' Ll ed flvLl ^1®' • 


<\ mm 


in roe next lew monies ana rous ^.. . T . r . ' : 0 7 

reduce the volume of credit h “ established a new record 


* 


Consumer 
(Durab le) 
Cons. (Non* 
Durable) 
Ind. Group 
50 0-5hare 
Financial Gp. 
Ali-Sharc 

Red. Debs. 


224.13 M 217.98 growth lr «* Hr h „°“« »«£• ZZ3££X h^.srompttdTpe^uTc 

minute yield, the shares could j J J? [S? turbed and Kenya’s 5 per cent this NEB is seeking insurance 

212.78 2 20.02 22039 stiU be short of support. . ab ?«tt£® 197S-S2 bonds were little against a possible unwinding of THE WORST f 


demands and 
interest rates. 


pressure on 
One straw in 


and forecasts at the beginning* 1 ■ 
of the year that these secondary-- 


the wind was published on Wed- ^ks would be sold off before-- 

^ - a real recovery in the Dow have - 


222.78 220.02 220J9 still be short of support . about the medium term outlook, 197000 hood® u 

214 58 « T4i~*MftOT although much haa been dis- changed at £77 

2^.5 0 23731 230.91 ft j uisrfurv nk’nd counted in the sector’s prices. e 1 

2583 6 254.07 2 53.40 hairnet watersaneaa The ^ how po j r tte ■ 

177.10 176.27 17733 Ocean Transport’s ‘ half year performance has been over the iV£D Ventures 

237.41 234J3 23431 profits have come do# with a past year, and some analysts . A -nmmnn th«>n 


against a possible unwinding of THE WORST PERFORMERS 
some of its activities by a future Textiles 
Tory Government Certainly Breweries 
these schemes would prove HoieehoW Goods 

difficult to unravel. “P”. . - 

Shipping 


nesdav in the shape nf a 5.5 


per cent drop in new factory proved erroneoi ^ : 


pxuuis na>c i.-uuie aimu wjui a. yam jc«.. «nu some «uiaiysL 5 . » ,t n nil , 0 .. OP snipping 

, b b^. e &lS«" t f ~ ^ »* *3 modes, scale, U.Vbf 0 =™ P ^ . 


+ 1A orders for durable goods (cars, 

+ trucks, aircraft missiles, to Mon day 
j~ ™ name but a few. This was Tuesday 
X 03 not on,y ^b- steepest drop in Wednesday 
_ three and a-half years hut fol- Thursday 
lowed declines in - June and Friday 


Close 
883.95 
892.41 
89730 
897 JS 
895.53 


Change-; 
-7.88: 
+ 3.46 
- t -4S9 : 
+0J5 
-1.82 


57,24 common knowledge -but-pcean's Ocean's share price has shown 
announcement this week of surprising resilience given the 


MARKET HIGHLIGHTS OF THE WEEK 


Ind. Ord. Index 

Price 

Vday 

513.4 

Change on 
Week 

+ 03 

1978 

High 

523J 

0978 
: Low 

-433A 

Gold Mines Index 

175.9 

• -102 

206.6 

; ; m 3 

Allied Insulators 

6S 

- 5 

76 

ZSJ 

Bambers Stores 

127 

412 

134 



"Wy m f* : \ - -j Even if the IBC’s gloomy supply situation into likely said his own organisation's-' 

projection proves correct, the world" prices is further confused 16.1m bags figure was the result 

M g UtSL v t Utlfot fZtJ carry-over from next year’s crop by uncertainties about the of a “very precise and scien-„ 

mJ will pobably be similar to or demand trend. World demand lific process." He denied that., 

BnpetBTTffrtr . . t . . . slightly higher than the 10m fell by about 20 per cent as a the IBC figures were ^guessti- 

THE POSSXBIUTy of ftrost m cjffee trees were destroyed ^ ags w hich the USDA estimated result of the unprecedented mates" though he admitted- 

Brazil has always greatly con- altogether. And many of those was carried over last June. So prices sparked off by the 1975 they were not final. 


Brown (j.) 

Burton. (A.) 

Coalite. & Chemical 
Collett Dickenson 

De Been Dfd. 

Grippc rrodi 

Guthrie 

McKay Securities 

Marshall’s UnivejTGd_ 
Rank Org anisation 

Rcstmor 

Ri card o (Engin eers) 
United Scienti fic 
Victor Produ c ts 

Vosper ■ 

Wholesale Fittings 


Reaction after 10-month high 
UJ5. Treasury doubles gold sales 
First-half profits setback 
Press comment 
Profit-taking 
Cont’d. bid speculation 
Press comment 
Takeover speculation 
Profit-taking after figures 
R esults due Wednesday 
Revived rumours of pending bid 
Prelim. flgs^Prop, revaluation . 
Concern over Kenyan interests 
Joint TV venture with Toshiba 

Record profits scrip issue 

Market re- rating 

Revived speculation 

Record profits scrip issue 

Nationalisation payment hopes 
Favourable Press mention 


L^^hndv^rnlvS manv of Sie leaves be confident about the ** pply ^ >-' urrent r deraand level ajld next month’s London meeting oF. 

cmation for everybody involved burned many of the leaves t h e rale of recovery remain thp international poffee Coun- 
in coffee, whether growing, from. the trees but left the trees shrouded in mystery. dl 1 ationai Loflee umn . 

trading or simply drinking. - thoapclyes to flourish again. Brazilian trader* are still verv 

It might seem surprising, i ** t ®. sult th ® h 1 ®.?^Sr«[Hv PnFFFF cautious about estimating the ^ f ^ e ^|ri!an nroifiiiwS 

therefore, that the frost which ^^‘syeaAs growth * as already COFFEE size 0 r the country’s next coffee TnrtnS 

struck early last week produced o.ruain unourv cr °P;. . Although it should be “ „ d nf S1 siL,,?, ® Th P T P °, e 


shrouded in mystery. 

Brazilian traders are still very 
cautious about estimating the 
size of the country’s next coffee 


At a meeting in Bogota this 


but subsequent 


market prices have since risen 
£250 to- £1.450 a tonne, but this 
is still well below the near 
£2.000 a tonne level reached 
when frost threatened (hut did 
not materialise) in June. 


RICHARD MOONEY 


.<thii yestfe growth «u already COFFEE S tfVSiiirt “Si Al ™ pr0dUCers 

safe fro-m ‘frost) has been cut •' : cr0D iithnu-h ‘i* should be a ^ eed 10 wek a P nce support 

I such a moderate response on the back * ar ^ ?? ^TZT R*“ARD MOONEY pos P ( ble ; { Q ^ aflw the W ****- 

{world marhet. London futures '" P c ! t * on,d >“ t =iaely hut aome Londm md.r,' 

The Brazilian. Coffee Institute blen affectTd it Ts ver?diffiailt have assluned it refers to: 

2?S at^.SmMbags. 'taking f nation. Br^tiian coffee pro- SSSfe 

♦ ho tmal finwm tn a duction is still recovering from t rm. of the pe\t uop. th» ulk mem at which Quotas come into 


when frost threatened (but did the 1975 “tback so no crop of which will not be halted ^eitir 

not materialise) in June. ^ “£ £ "l estimate can be based on much Jr -other rnne months. Bio ^ ™ reni a lb oTe^ 

The veiy mention of Brazilian Department of Agriculture m t 0T * fuwswork And the JJ .’i*"* Jf® trat,L sources said traders thought the producers- 

enffee frost inevitably conjures , v |,ich has a goori crop fore- Picture has been further compli- jesieroay. might be seeking a support" 

up memories of the 1975 dlsas- cas ting record) puts the loss ^ lea by a ,on § ^o\igin earUer pe size of the 19f9-S0 crop fund und er which buffer stodo 
rer when tlie crop was cur z x. only 1.5m bags and the th . ,s >’ ear - which resulted in will depend very heavily on the purchases would be made at' 

from an expected 27m hags (60 1979-SO crop at over 20m bags. y v,deIy varying estimates of weather during the next few below S1B0 a lb and sales at 

kilos each) to a mere 6m, cans- The obvious disparity between j0sses from this year’s crop, w-eeks. they said, and also on above S2.2Q a lb. With arabica 
ing world prices to rocket from these figures is partly explained ^ OI ^over, few traders would the weather between tiie flower- coffee currently selling at about 

£400 to £4,000 a tonne. by varying original estimates, confidently predict the extent ings and the harvest. SI. 50 a lb. however, the con- 

The difference between the The IBC had forecast a crop .!? e . e ^ ects . of t* 16 Sr. DeJauro Eaumgratz, act- census among London traders 

1975 frost and this year’s is of 243m bags while the USDA p rou Sht will be earned over ing president of the IBC. said is that the producer demands 

largely one of scale. In 1975 was more conservative, forecast- ,nt0 ^ 1979-80 season. he was extremely surprised at are little more than - pie in the 

the ground Froze solid and many ing a 22m bags total. Any attempt to translate the the USDA’s crop estimate. He sky." 


ment at which quotas come into. 


Making the dollar worth its weight in goh 



THAT SEE-SAW, which has the Fund in order to protect the 
U.S. dollar sitting at one end value of the dollar, 
ami gold at the other, has booh Whether this will do ., the 
heavier at the bullion- end this trick remains to bo 
week. Inevitably, the price of although it may well hold the 
guild, has fallen uuder the price of gold in check fdr a 
Psychological impact of the while. But unless there', are 
news that the U.S. Treasury is more moves to follow ifl-: the 
to increase the amount of gold dollar war. the chances argftbat 

offered at its monthly auctions S° ,d * s r 1 II }t |-_^nl n t ir ipp WH) a 

, ■ severe fall from grace, aaean- 

from 300.000 ounces to ^aO.OOO wUi]Q carn i ni;S 0 f the , gold 

ounces, slaruug with thu TOincs rema in buoyant and. the 
November sale. sharcmcrkei may bo that much 

It is a muut point as to healthier after its recent sh^ke- 
whether selling gold to a world out. 

which currently prefers il.to the The flight from the dollar'has 
dollar anyway is going to restore ai SlJ manifested use If In .an 
much confidence in that cur- m^j-cased demand for platinum 
roney: the real cure for the an j r, amends. The ptlc* of 
dollar's weakness seems not to platinum, for instance, has 
lie in trying to cover up the beC!1 dimbiug on the free 
symptoms— uuc of which is tfiu m arl<(?t 1o t h e extent that .the 
nse in tlui dollar pnee nf bid- Gt , nora | Mining-Union Corpora- 
lion — oui In tuckhng the root 


UN OUTPUTS COMPARED 


ties. Against this background. Still in. what might be termed news this week, the Con- Both are still doing well and 
the sharp advance in profits for the exotic league we come to solidated Gold Fields group's the group’s prospects are con- 
the past half-year of De Beers, Australian uranium. While Consolidated Gold Fields Avis- sidered. *■ promising, although 
announced this week, was con- Uranium producers in other tralia has reported a return to elearly dependent on the course 
Sdently expected. They have parts of the world — notably in profits in the first half of this of events in the major 
reached . a best-ever R374.7m South Africa — have been busily year, thanks to its Renison tin economies of the world." 
(£223.6m). or 104 cents per tying up juicy supply contracts and BeDambi coal subsidiaries. There's food for thought 
share] which compares with at best-ever prices, the poten- 

R2S5.4m a year ago. - This tially huge producers in Auszra- : 

interim dividend has been ba have been fretting at the 

increased by 24 cents to 20 cents sta line. nilTmiTO nflliDADCn 

(11.9p). They have been hamstnzng 0 ? TIN OUTPUTS COMPAnED 

Following these glad tidings, Political and environmental 

the Deferred shares of De Beers considerations and omy tn.s Same 

promptly dropped 25p to 42Sp. week : PancontlneirtaJ and Gett.v Tota| vwM 

This may not have caused un- *2^1. XXl’l July, June, 10 date previous 

due consternation to those who ^ a11 . J*LI? l , i art 1 1 378 1978 (months) vear 

took the advice of this wlumn of vfcen Jabiluka dyw when , tonnes tonnes tonnes tonnes 

a fortnight ago when with the somebody waves the flag. Tnc Anal r N - c 

price at 452p. - and being talked “aJ°r . remaining hurdle, it J {Sim'biici - « 28 r! 3 V 7 

higher against a continuing seems, is the question of royalty (voiumbuc) ... -8 rz * 4. 

rotv tackgreund.” it was sot!, rampanretioa payments to the JI2 " 1? ] J® 

jested that it could be the time .ymnginals on whose land the ™ 

to indulge in a UtUe profit deposits ere situated. 1 '»> «! 

taking. An important break-through uislchi Jan tar (columhite) * 204 1W (0) i*R 

Admittedly, the fall came has now come with yesterday’s CRM Sri Trimah I0ri i64j 856} (7) 782 i 

when the sharemarket generally news that the Australian Gov- E* Lands Nigeria « 22 154 (6) ' 153 


De Beers interim dividend. On 
the latter score, however, it 


must be remembered that just uranium project 


conditions for the development KaBraill i^;' 4 

of the A$320m (£190m» Ranger Kent(FMS) "i.' i!!”'!""!!!"" ” 


..._, M . . KUlinghall 

as the CSO has never reduced ^ onhere Te rri t ory. The Kinra Keiias 

Its prices for diamonds, any ” e {s ye Peko-ttaUsend and EZ Kuala Kawn 

reduction in De Beers’ yearly industries with the Federal Lovver 

dividend total would be unthink- Government having a sta»e of Mahm . 

a wo. 72i per cent zzzzz::::: 

After an exceptional first- It is believed that the parties pengkalen 

half. De Beers is thus niayina have . . on a reasonable Petallng 

royalty of 4* per cent If so, Rahman • ■ 


causes such as the hii>ie U.S. . ~-. T ' ■ when the sharemarket generally news that the Australian Gov- Ex Lands Nigeria 

trade deficit and the rate of - was having a tittle attack of eminent and the Northern 

inflation there. • MlfcSlIUf* \ " 2? ms &1 i? wln ?- ^ U ’ S J Lands Council (representinc aad *** 

The increased offcrinKs' of MIMNU Treasury gold aucUon news and AhorieinaisI have reached ( ’ oW and Base (colomblie) 

"old which poual some "SO there was also some disappoint- na ' e reacnea copgng 

tunnW in a full year com pa 7^ KENNETH MARSTON nre D , with the Increase in the JgJJgf -^de^rrem , ? ri * 

with the 1977 toiel world pro- De Beers interim dividend. On “L2? r *T- e .-- ' _ p m Kanrantlnc 

must be remembered that just Territ^y The pS KiUInghall 

-r sr£J ftttaSK&i M-as-sras SBr :: -= 
s.a^-sasira srs&r * a ^ of &^=== 

lit inSSS* In rB 5ie rom?iSlS ^ “^ kCt After an exceptional first- ft is tiut the parties Pengkalen .ZZ.ZZZ.’!"’ 

months of the year as jewellers • , half, T>e Beers is thus piaying bave . agT ® ed . on a r®ason®hle Petallng 

prepare for the Christmas trade. Similarly, tne recent biggest- Nobody knows whether per u so ’ Rahman 

u . h , f - ever, -price increase for C00L IV0P0 J* y Kno J rs this is also likely to be accept* su Pinin— Far East 

ffpuSS o r 30 pe , r „ cnit » the se « nd ‘ half can be as good, abi e to Pancontin ratal and the sl Piraa— UK (South Crafty) 

ci cr, is that the increased U.b. d«] are{ i by the Central Selllag. although I hear that the higher rest of the field. The hope now su Pisan— Thaflaml 

.rLiImK 3 !.! (.p 8 iSm °n?aniMtin n . which markets gem- prices have been well is that work can begin on the southern Kioto Z.Z.’!!!! 

^'SrStCarS some S5 per t-enr of - V ° rld - milie accepted at the current “ sight.” oevelopmen; of Ranger before southern Malayan 

flrer frnm iL 1 output on behalf of Beers „ pgQ week 0{ -^ich tne 5tart of *• wet season in songei Eesi 

Other producers, has also ten ^ a ’ r opinion aiKlut October. Peko-Wallsend Taniong 

£*Srfi sms fiss s a-Wiat ssr 

SwasSa ~~r£Eri SssSSSr - -aftaasHtt: 

to draw on its biff resources at for diamonds has been boosted, cents against 52.5 cents for 2977 tons of uranium oxide. 

the: International Monetary by general currency uncertain* - is on the cards. Looking at other Australian — - 


or CSO seHine week, of which u _ ,c ***** 

there are ten a >-ear. Opinion Ortooer Peko-\VaIlsend Taujong 

Is that De Beers* profits in the has esunsted that it will take Tougkah Harbour 

current half-yw should be ahou: three years to bring the Tronoh ; 

maintained and that a total diri- property to production at an .p. 
dena fortH, yrer of urturnd Bo ““*2^ ■ hort » 

cents against 52.5 cents for 1977 * oas uranium oxide. 

is on the cards. Looking at other Australian 




Total 

Same 

period 

July, 

June, 

to date 

previous 

1078 

1978 

(months) 

year 

tonnes tonnes 

tonnes 

tonnes 

r 

171 

419 (3) 

524 

« 

28 

92 (5) 

47 

110 

1U7 

110 (1) 

122 

157 

158 

157 (1) 

110 

419 

381 

1.140 (3) 

1.257 

c 

25 

1991 (6) 

203} 

r- 

204 

194 (6) 

188 

107* 

164 j 

856} (7) 

782} 

c 

22 

154 (6) 

153 

85 

193 

386 (4) 

375 

f 

<< 

100 (4) 

106 

« 

fl 

l (4) 

2 

I46i 

125? 

1.384 (10) 

1-5364 

19} 

191 

122s (7) 

186} 

32 

37 

138 (41 

163 

r 

c 

102} (1) 

434} 

22J 

19 

4881 (10) 

623} 

*i 

r 

500} (12) 

658} 

17 

16 

75 (4) 

135 

24 

22 

77 (3) 

81 

272 

228 

272 (1) 

255 

r. 

( 

1.463 <11> 

1.892 


91 

87} (10) 

166} 

136 

130 

1.091 (9) 

887} 

99 

117 

99 (1) 

59 

35 

26 

99 (4) 

84 

160 

211 

760 (4) 

766 

105 

96 

366 (4) 

341 

148 

121 

556 (4) 

589 

178 

165 

178 (1) 

164 

193 

161 

649 (4) 

606 

23 J 

104 

1224 (0) 

145 

47 

42 

47 (1) 

51 

214 

177 

1,434 (7) 

1.253 j 

asterisk *i Not yet 'available. Outputs 
concentrates. 


investment success 

Mary i r.-.’s- :or« ire eeninc mers-nd more contused b>' die 
bewildering r .njc ot unit trusts onered by an ever-ina easing - 

number oi comixir.es. 

Gartmc :e Fund Managers have just published the second, 
and inorecomrrdien>jve. edition oft heir straightforward guide 
to the comp!::c range of unit trusts and services which they offer. 

As pa rt of- group which nun ages s ome £650 million of 
funds for pension tundi', ir.t-urance companies, invest me n t trusts 
'and other corporate and private clients, they are well placed to 

. _ offer investors the experti se 

that is so vital for successful 
invesemem. 

Whether your need 
is for high income or 
capital growth, you 
^ should find our guide 
verj-helpfuL 

Send this coupon 
now to learn more about — 
the range of hmds wc __ 
manage, or ring Alan • 

\Xren on 01-283 3531 
during working hours. "7 



j Gartmore Fund Managers Ltd 

. 2St.MaryAxeLondonEC3ASBETeI:01-2S33531 S 

I Please send a copy of your Guide to Unit Trusts ^ 

I Name; 

| Company:,. .-f.t 

| Address: 

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^ £650.000,000 under Group Management 






6 


= Financial Times Saturday 


FINANCE AND T’HE FAMICY 



need for new leases 


BV OUR LEGAL STAFF 

I s have occupied tuy flat since 
ID 54 and my last lease expired 
on' March 25 last, when the 
Bent Officer fixed a new rent 
Pro pressure has been put on 
me or other tenants fn the 
building, to sign new leases. Do 
we need new leases, or suffer 
any disadvantage by not having 

court would also have to make 

wHi do not need to enter into an order for re-possession and * j 
a -new forma! lease. However. likewise after his death sh* UOYOCLU 
if-: the terms proffered 


order possession in these circum- the claim under the exeess Belgian. If, as seems to be the allowable, and there is nothing schedule 10 to the Finance Act 
stances. This affected by an clause. .What do you advise? case, you are not domiciled in in your letter to suggest that 1971, as modified by seatianSS 
amendment to Schedule JTPart X We suggest you withdraw your Belgium, there is likely to be no yon are contemplating the hinds of the Finince-tNo. 2)Act 1975, 
of the 1971 Rent Act. . claim on your insurance com- need, in law for a Belgian will of transactions which are ^ If you hope to establish allows 

That would appear to cover puny and sue the other driver unless you own immovable pro- caught by these restrictions." able losses by shortterm trans- 
the circumstances which you set ia the small claims court if he perty in Belgium, However, Can the restrictions be gfvem a ction s , in silts*. you would do 
out in your letter — however, if does not pay up the whole because property jna y be please, or where to find them well to study these provisions 
your friend’s father ^ver wished, amount. acquired alter you make a will set out r^wonably simply? carefully iq. one of the standard 

to regain possession of the il is prudent to ensure that wills Anti - avoidance .-legislation is reference books fla a local pub* 

house during his lifetime, the jyjjfe valid under both laws are always complex, and it can be lie library, perhaps) e.g. the 



executed. 


or 


Losses in gilt 


is. capable of assignment. If - occupied it 
the lease offered does not have some stage. 
a,jrent review or break clause 
after three years it may be 
advantageous to accept iu as 
the rent could not be raised 
during the term of the lease. 


dangerously misleading to offer British Tax.. Eucylopedia 
a paraphrase to simple language Simon’s Taxes. 

(particularly in a case where Bed-and-breakfast \ tr ansae- 
there is no indication of the tions.are indeed- caught, as are 
type of transactions _ coat era- double-banking purchases 
plated or of whether all relevant before sales, but. the legislative 
purchases and sales have been, net- is cast quite. wide and (as 


terras proffered are wcudd be able to occupy the 
acceptable you may prefer to h on3e herself as her own resi- I am a British subject now 
have a couctractual lease which dence provided she had resident in Belgium and 1 wish &C(llllt£[S - 

as her home at to make a will, covering my • ° *, _ 

assets in the TJK and Belgium, In a reply under Setting losses or will be. made through The is often the, way with ant£> 

Do I need to make two wills, against gains on January 28 Stock Exchange). The restric- avoidance ’legisiation) it . may 

7 inhilitv fnr frill 0De for eaih country? last you wrote: ** Losses on lions which we had iu mind in catch transactions which are In* 

J^lUUltliy J Ur J till j s wiser i D make two wills, short-term transactions in gilts our January reply are to "he nocent of any Intention to create! 

one in English form and one in are, subject to restrictions, found in paragraph 9 of lasses artificially. 


of a tree 


House let for 
holidays 


A friend of mine has been 
leftfng her father’s furnished 
house in Inverness for holiday 
purposes. Her father is in a 
geriatric hospital. She has frrtl 
powers over his finances and 
the house comes to tier under 
his will. She has been 
approached by two doctors 
training in Inverness to rent it 
when the holiday lettings cease 
until the beginning of the 
season next year. Is there any 
arrangement she could make 

whereby they could nse the 
house, with the absolute 
assurance that she could get it 
hack next spring? 


A neighbour has a tall fir tree 
in his garden, whfdrseetns to 
me completely dead and likely . 
to fall. What can I do to ensure 
that if this happens and my 
property' is damaged, he will be 
liable? 

You would be wise to write to 


Separation and return to UK 


I am a UK citizen,- resident in After you become resident in weekly social security payment On the other hand, your 

California since marriage to the UK (for tax purposes), (under the jurisdiction of the daughter may be eligible for 

a U S citizen in 1974. We income paid to or for the benefit Department of Health and beneficial tax treatment 

intent! to c P mr»te and I shall of your dau § bt ® r out of your Social Security) and is 7 exempt person domiciled in California, 

the person on whose property ™t fund would be taxable as from Income tax. (The words in Upon your return to. the UK^] 

the tree stands to inform him reiu 1 * mtD - y Part of your own income. The quotation marks in the opening you will be required IQ bring 

that the tree appears to be dead til ree-y ear-old daughter (a UB. rules are to be found in sections sentence of this paragraph are your UJ5. investments under- the 


citizen) shortly. Except the 


and is a hazard, and to warn 
him that, .being on notice of my. capital remains 

those matters, he will- be held blocked In the UK I hope to 
liable 'should the tree fall so as set up a trust ff .possible 
to cause damage - to your for my only child with £5,000 


property. 


before departure. Would 


437 to 444 of the Income and taken from section 42 (X) (b) control of a UK: authorised 
Corporation Taxes Act 1970. as of the Taxes Act) depositary, and you will be 

amended by later Finance Acts. The first £1,500 of main- unable to reinvest in U.S. stocks 
As you are - fin fact tenance payments from your and . ■shares without golhg 
separated in such circumstances husband will escape the through the investment 
that the separation'- is likely to investment income -surcharge: (premium) currency: market. 
u “ permanent,” you will be the limit was raised from £1,000 We suggest that you get in. 


be 


The innocent 
driver 

Damage amounting to about 


Under the Rent Act 1974. where £200 vras done to my car when 
n house previously let for holi- It was run Into when stationary 
days has been let for not 'more at traffic lights. The other 
than eight months, then the driver admitted, liability and 


income from this be transferable regarded as a feme sole for by the 1977 . Finance Act touch with your UK bank for 
for her school fee, etc., and UK tax purposes, and you will Maintenance payments direct to guidance on the exchange 
taxable or will tax be due be responsible for your own tax your daughter (as distinct from control position of your 
in the UK If not transferred? returns, etc. - Unless your payments to- you for the daughter and yourself: they will 
I hope to file a separate tax husband agrees to waive any maintenance of your .daughter) probably be prepared to help 
return in tbe UK— -who would entitlement to child allowance would be taxable as her own you with your UK tax returns 
receive child allowance? I (by signing a simple-letter to income— assuming that your as well, if you think. that you 
understand any maintenance that effect), your allowance may husband remains in the u!s.— will be unable to cope. AI tenia- 
payments up to £L(MMJ per be restricted for. 1978-79. In but would restrict your tax tively. if you engage the services 
annum from a husband would fact, cbfld tax allowances. for tbe allowance for her. Your own of a UK solicitor for your 
■not be taxed as investment under-lls are to be abolished domicile of origin (presumably separation . and maintenance 

■ A C TCVJfl L..x i__ . 4 i .J j nr_ 1 v • _ I. _• LI 


landlord may recover possession -it appears both of us were 
at any time. insured by the. same company. Income — is- this so? - . from April 6, 1979, but by that England and Wales) 'will revive problems, he or she will be able 

In the event of the tenant which requires the * Innocent ” What Is the general position If time you should he entitled to upon yonr return, ' and may to help -you with your tax 
refusing to leave, the court must driver to pay the first . £25 of capital is retained in UJS-? child benefit; child benefit is a indeed already have done so. problems as well. 


Gratitude for small mercies 


CAPITAL GAIN'S TAX has been 
on the Sretute Book for some 
13 years — the latter half of this 
period having embraced the 
most spectacular inflation ever 
seen in this country. It was 
hardly surprising that by last 
summer, the pips were begin- 
ning audibly t 0 squeak— a heart- 
rending sound picturesquely 
described as high-pitched noises 
in high places. 

The Chancellor showed no 
enthusiasm for indexing the tax, 
either at that point or in the 
discussion document which he 
had the Inland Revenue publish 
on October .7:. 1977. An alterna- 
tive rnmY nf mitigating the tax 
to take account of inflation was 
suggested t«» he i apering — that 
is reducing ihc monetary gain 
by a fraction where the asset 
concerned had been held for a 
specified period. 

This alternative was obviously 
arbitrary and inequitable. One 
only has to consider how un- 
realistic would be its results if 
an asset were sold at a loss, 
nr if a loss quantified at one 
date Mere nor used until a 
much later date. Il was there- 
fore entirely predictable that 
those who responded to the 


Revenue would Evince little 
enthusiasm for tapering. 

Since he could say that 
indexing was an impossible 
precedent, and -that there was a 
general antipathy to tapering, 
the Chancellor felt it appro- 
priate to make a much smaller 
gesture in his budget this year. 
The “small gains relief” for 
individuals applies to those 
whose gains in 1977-78, in the 
current fiscal year or in later 
years. are less than £9.500. The. 
shape of the- "relief is. well 
known. The first £1.000 of.gain 
in a year is free of tax. the next 
£4.000 is usable. at f5. ppr cent, 
and then each £1 from" £5.001 
tn £9,500 is taxed at the “mar- 
ginal" rate of 50 per cent. 

it is apparent to anyone who 
works these figures through, 
that with gains of £9,500. the 
tax liability is £2.850. which is 
of course a rate of 30 per cent. 
The small gains relief is just 
what those words imply — a 
relief which operates if gains 
are small, but holds no benefit 
for the taxpayer who makes a 
larger gain. 

It is worth, digressing for a 
moment to look at the capital 
gains tax exemption and relief 


where the asset being sold is a 
chattel. From April- 6. 1978, so 
long as .the proceeds of disposal 
of tangible movable property- 
do not exceed £2,000., any gain 
which may arise on the sale is 
specifically not to be treated as 
a chargeable gain. 


If the proceeds exceed £2.000, 
the legislation now allows that 
there may “be excluded from 
any chargeable gain accruing on 
the disposal so much or it as 
exceeds -five-thirds of the 
difference between' the consider- 
ation and £2tf00." This parti- 
cularly condensed form of words 
operates ftiHowg 


half of the excess proceeds over 
£2.000. For 1977/78, -the relief 
formula is structured , in the 
same way, but the proceeds limit 
is set at £1,000. For 1977/78. 
those taxpayers liable at 30 per 
cent would therefore have 
exactly the same liability as they 
had under the previous form of 
relief which put a ceiling on 
liability described simply as half 
of the excess of proceeds over 
£1.000. 


we are immensely grateful for 
the Chancellor's small mercies. 
But it is not as merciful as 
indexation, nor as intellectually 
and financially satisfying. Trea- 
sury Ministers were once again 
pressed hard for indexation in 
the finance bill standing com- 
mittee. but held out a com- 
pletely dead bat to every ball 
bowled to them. 


trustees. Obviously It is difficult 
to. draft a provision which 


TAXATION 

DAVID WA1NMAN 


Sale 6F Proceeds 
Less Original cost 


' £ 
2.500 
700 


Gain at first stage £1,800 

Exclude' therefrom the 
difference belwpen 
ia) First stage gain 1,800 
(b) The 5/3 '833 


967 


Chargeable Gain 


£833 


The effect, if that chargeable 
gain is taxed at the full 30 per 
cent, is to limit the liability to 


That old formula, based on 
limiting lax .rather than limit- 
ing gain, was incompatible with 
the new small gains relief. As 
the law now stands, if . the 
finally computed gain ou the 
chattel is a component in total 
gains of less than £9,500. then 
the effective rate' of tax will be 
less than 30 per cent, and tbe 
tax liability less than half of 
the excess proceeds. 

This fs all very clever, and 


Their one concession was 
their acceptance that relieving 
small gains only where they 
were realised by individuals 
was less than fair to those 
people whose assets are held for 
them in trust. In some people's 
minds trusts cany only a con- 
notation .of tax avoidance, but 
Mr. Joel Barnett, Chief Secre- 
tary tn the Treasury, accepted 
that such a motive cannot be 
imputed to the majority of 
trusts. 

The widow whose late hus- 
band had left his estate to her 
for life, with remainder to the 
children, would be horrified to 
be told that her jointure was 
as undesirable as a straddle in 
the commodity markets. And 
there are plenty of other trusts 
whose existence has nothing to 
do with tax. 

Mr. Barnett considered . and 
rejected a number of sug- 
gestions for extending some 
form of small gains relief to 


would prevent too., great 
leakage of public funds becom- 
ing available to a taxpayer who 7 
multiplied bis trusts. With this 
in mind, an official Liberal 
Party amendment suggested 
that a lifetenam who had not 
used, or not fully used.-his'own 
reliefs could -- surrender the 
• unused- part to the trustees 
of the settlement from which 
he drew income. 

No one wonld pretend that 
this would be administratively 
simple, but Mr. Baraevs stated 
reason for rejecting it was. that 
it Was so tightly drafted that it 
would exclude from relief more 
trusts than should be excluded/ 

The Finance Act 1978 n<jw 
grants to every trust in exist- 
ence before June 7. 1978.1 an 
exemption from capital gains 
tax for 19/1-78 and subsequent 
years if the trustee's gains do 
not exceed £500, and tax at a 
marginal rate of 50 per cent on 
up to another £750. Mr. Barnett 
explained to the standing com- 
mittee that this was only '.to be 
seen as a rough-and-ready way 
of dealing with thte problem 
until discussions, between the 
Revenue and interested parties 
could evolve some more- satis- 
factory .permanent solution. 


In this third article in a summer series Martyn 
Harris examines his own. reasons for choosing 
Spain for his destination as a tax exile. 


A question of lifestyle 


ALTHOUGH my account is with The deliberations prior tu inflation. One- also had ta 
a bank in Park \*ne. my bank making our decision were whilst consider fluctuating rates of 

manager came to lunch the not clinical, at least very exchange because certainly for 

hi her day m jeans and an open- thorough. Consideration had to four years the bulk of my funds 
necked shirt. be given to environment, cost would be in Sterling. We 

He was in Marbclla on holi- of living, inflation, strength of dismissed what is left of the 

,jj,y unit his. family. For me. currency against sterling, poli- Sterling Area which now mainly 
a- an established resident of tical stability and emotional consists of small islands, 

live months, it was pleasant to factors. We were embarking We considered English speak- 

ing the social occasion with a upon a lifestyle which was going i n g countries like the Stales, 
minimum of business chat. to he a complete contrast to the Canada and the Antipodes but 
We did not select the Costa businesss world »f although they were attractive 

del Sol .-IS a home because a Lundon- It was therefore most from the point of view of life- 

hereTn "hohdTv" buiTfs tig toey “J *3? t£ 

ir. ,i, an , ,.V,„ n iho,- arrive activities to ensure we did not f. 



and a range of restaurants com: . would -mean that 30 miles down Not for 


too close to the 

in see them when rhev arrive waiviuw w oiwc «e «, u »u. existence from which we were 

mu of ilie blue. Or should I become borecJ or atrophy. - departing. It would be so easy outoo^r exigence were 111 mbre blitter! 


us the 
tourists 


>av : into the blue, because it Had we only been planning a i 0 fall into a similar routine or 

hasn’t rained for two and a half sabbatical year, Greece would worse still succumb to the , D0 > TS _*n < i. one did not need to occasional 
murilhs. Each morning we wake have been our first choice desire to work which seemed to " 


queues of 

. but . red- 

side ^France or • the major Uptons, buy duty free Scotch carpel treatment, including a 
capitals: The facilities for an and have a pint of English bank manager who will bounce 

What better way could out to shake hands if he sees 
— tennis, golf, riding and wafer one find to compensate for the me in his branch. I’ can assqre 

desire ^ to. remind you this, does not reflect the 

io cloudless skies and tempera- followed by France. Greece for defeat the object of the exercise, f * * nio v^them° ** art i uipale ’ n ° Q f Se °* ; ^ ie ‘ ? ue of account, which is 

lures in tile eighties a permanent home was, how- At the time we came to and enJoy them ‘ Fortunately borders are not kept moderately low. 

\nv British citizen seeking a ever - unacceptable Tor social, decide upon Spain it seemed to Spain was intending and sub- closed }o radio waves so the I have opened a .foreign 
new domicile in a dream world and language reasons, he an ideal compromise, sequent* has applied to become 1 ™*! G ,? c fi^ S ^°?v enable f aCC ° U !, 13 

nf no or little tax is likelv to have always been Although it was going through a member uf the Common us t0 ' st ^I? °, ^ News at invested on a monthly basis, 

imagine somewhere with better Francophiles . culturally and a period of change from a Market One' (at ‘Two actually as we giving me a tax-free interest of 

weather than the t T K. ^astronomically, we decided diclalors hi P io a social demo- bou J fhead) keep 6 j per cent at present rates. 

Sri it vas Willi us when we a 8 aiDSt J ran “ ;f u [. economic cracy . with all the incumbent th £ ™ w ml ^ u abreaSl °, f lhe f new? From this I switch, funds into 

- - - - • • ,nar 1 saw rn,s “S ^ Ppstive a nd even listen to the 'Archers a Peseta account which is my 

every evening. current account for day-to-day 

However, so far we are still expenses. 


came to answer what must be . reaii0 " s - One could liv e but. nut. probltrms tUe regime appeared in l hat Vein bershio of 

.he imM important question «« wtibM upon re.a- amulet, as anywhere ean he [’“eEC is„“whha Ut P £ 
facing any aspiring tax exile— u * •’ problems. Being sanauine 


A study ‘ of cust of living The separatist problems were 
Al&si of us do not have ex- indicators proved to be must restricted to the North and 


inieve? 


problems. oemg sanguine 
about it. as 1 was when i voted 


too excited enjoying our new My foreign currency holding 
life to have had any withdrawal 040 “ e ^Ported at any time 


Aiesl oi us uo noi nave ex- resirnaeu iu mv .wiu. •• Yen «• i n Ensland life to nave nan any wunarawai — , — '-“**-***“ “ L . 

nenence of other lands apart interesting. Comparative shop- seeme 6 not very differeni from , . re ar ii wmrtrf symptoms. In fact the only so there are no problems con- 

* - .l ..k nina Kutat oirvov,. ' tqK ac .1 ,k. Tfir * luuutu uiai il nQUIU * ... . iwnmii auakud (ntA 


fronC n two- or three-week P |Q g basket surveys, tables those in the UK. 
vacation al irregular intervals, showing the price of bed and The exchange rate was then BuTopJi'wumriS i^ie "weekly ' Him m bait', there^are rumours that this 

----- I*— — W--‘ ~"-J J . -I J ' _ * Ufewaati kuumnca. ..... ^ . R 19 V fhsnne huh uifa'M Faesn 


v nt d mn prit- ^kdra^nl 1 have is the one 1 ovcrs ^ ^el Again 

' Ri/ve pa my fhere are rumniirc thaf thie 


lived if one has returned to the breakfast in «, hotel and dinner 120 pesetas to the pound, but Th \ wouid “Sn Noftbe one' to Park Lane but W chanse. but .we'il face that 

. ’■ oftem another, in Marbella. w H en ? happen ®- 

OIten In the meantime 


sa mtf little cottage in the in ‘® S QOd restaurant in various ^ was overvalued and almost 
Dorctogne Tor 10 years the counpies made intriguing read- certain to devalue. This of t 

aiiitpde of mind, slumping into but they could not .answer course happened and it is now deDOn , iMt0f 

n _ .. _ um««’ ii! rt wapa firflrii.vtirui uimim i us >b. 1 .W* * 

3 


*taed the lowest "eommoB i, a tourist i used t0 get hSvi7ig C ™o ^uch' 

StS » Wi “ w “ - “ “ •>“ sj£' ^ 


_ — v » 'w 'Mmi a rwbE (7UC/J- 

nations as tax havens ■ this ' I ^ re was , a - when 1 w *f tioned * he detail of Mr - Haris’ 
would take time, a long time wl “ al] ? asKe ? I™* “J - financial arrangements as given 

and could be dealt irlih when pr lf “°" n°/r i%a jS^™ ■“ “ ^ r , ar£iclej ;' - ^hor 

it happened. enable a teller to fill in a com- is simply explaining u*fmt 

plicated form in order to change happened in his case and 

The immediate benefit from a-, £30’s worth of currency. Even refilling (be 'adcice he u>as 

ostaMish mvself in the eye of Although my income need not a.o urbane yet countrified way British standpoint would be the though we live in a seaside offered. Professional ‘ advice 

thf Inland Revenue a* a “non-. be fixed one had to plan that it of life. It had an established resolution of the Gibraltar town, we as local residents uo skould be sough*, by anyone 

would be and aim off for English speaking community question.. A re-opened frontier longer suffer such indignities, seeking to follou amt. 


rprifftnee. In the end the most useful Cost of living was relatively 

nju iw particulars under- information I gained was by cheap even at. the old exchange 
iitint? if one cannm ‘rriurn io reviewing the average post tax rate. 

.iiir'fl hnmelaiid for a whole salaries of senior executives in The particular area wp were 
I'h cal* year. In my -case I decided various eoumrifes and stacking interested in, the Costa del Soi. 
nPfoliow the -speediest ruule to tiiat up against my own income, offered a superb climate with 


roiio 

swis 


resident for tax purposes. 


ONCE EVERY two minutes !«t $5 


ZZrJZZ hade was having his visible from Wte. street v aad 
home bargledf This sobering nel^ibdura^whwgis 
SStiSch emerges from the door is often 




Iat«n fipites issues hy ihe The hur K l»r c»n *iMe 


SZ SST Hi -"■*• *•*»'** 


ftequently the hurglsr is X V *ttni«ta* : «tenUm^Y»t all 


work. In’ 1977 the police were too often locks otv bsdkHtloora 
^ed of 2 KSM offMeestelM- *re fltaw 
S»ft 0 thefts from priveie t» ,» *o«d staulS» hem, 
SLm... in 19 « 9 . there were MtOBunenditfoh for the hKk 
mSi 82,U00 offenres. So in less door «W:to «M ti^e mlhB e 


t r wi 

ruML:* 

. -: ■ *£* , i 

-V-C.j 


he i nT hurcTed • has risen usually go out by tho f ront door - -/vj 
TZxl >-50 per cent. ? jS ^ - - .4 

-W^hat, however, is not the end ^ ^ has doors'- lead- ‘V3 

ot the picture. In 1973, ihc . from a cooaeirvatory then ^ , ... ^ ^ 

member companies ai\ the care is re edf*d. Thf >fst ' ; ^ 

British Insurance - Agnation i S to fix boha, dr even 

Wid out £9-am on theft claims duaJ serews , B U £ problctt&Wfse 
gating to private household -J™ too ofleni 

policies. Last year the amount are Wl0S iiy cwstntctM 

paid had trebled to £30.3m. #ad ^ nothtive ^id To-' 

: These figures should- bring secure the bolts. They: Jinn . 
tb!; an end the feeling that xL plenty of glass to them; thus . 
otoriot happen to me., though *r e vulnerable to aoammn pre- 
hrp^sm nature being what it is, pared to -break, the. glass.;; .. , 
this is doubtful. It should also - Then tlte surveyor wraed h»- 



get householders to cheek up on 
dm. ■ security of their homes. 
But this is easier said than done. 
Tftere arc certain precautions 
We can take, such as ensuring 
that all doors are locked and 
aft. windows' secure when we go 
^di'so that the would-be burglar 
cannot- simply walk in. 


INSURANCE 


ERIC SHORTV 


; But are the locks and window •ttrotibn to the windows, tfieiag 
catches sufficient to withstand a bungalw all wmdows reprv- 
any attempt at forcible entry? easy tneans of entcy,- hut 




Could 


determined 


fSwPowT 


HOtSEHOMT-^ 

THEFTS 




person the rear windows are more , 
vulnerable than the- front- one*. . 
These can be secured by a 
removable key operating locking , 
device. The object of. This, pro* , 
caution, is to stop thir.burgUr -' 
mairi ny his entry by foreiag ihe , 
window catch or breaking the. ' 
glass and opening the catch! 

No mention was made v»f 
lnitiaUlng burglar alarms. The . 
whole object of the exercise was ! 
to make the house reasonably - 
secure at a reasonable eosti ;Wiih > 
most would- be burglars time i.s 
their greatest enemy. The 
longer they spend outside- The 
house trying to geti in :th«’ hm- 
ger the risk of arousing some- ‘ 
one's attention and informing ' 
the police. Air these secants-^ 
devices have the aim of making 
it mure difficult and therefore . 
more time-consuming to get into - 
tv,« h n ..„ in 3 w m in„w a house. The burglar then . 



-e-Tfffi-! 


.mug hw tKnet 


«.a * 



veyors trom Commercial Union iSnSnlivS' 5 ^ ^ 

inspect, my 9 r 

buneainw and make recom- M; 1 ” rt _ 


to hqw to h** toeh done is to.. mini: 


a- y ; - 

WtARtr* :-*■ E’-W! 

* . ^ : 'J ■ *- 


menaanjns as io now iu - j'.' a_ • 

improve- security. His findings ~ 

were most reveaHns. wn m i vta nt for wg »n t rr .. 

Wrrt and. seeknxfijqttick-tortalce ttems.^, .. 

, Rrw n £ e *j!SL rt S *kS 9< > such a* money, radios, and oJhttt 
door. His opinion wa* that, it PBsiIv nnrtahlfi ; Tenis - ?-•* • 

would have D«n .« comnn- ”1.' ' . 

-nwo.Arl tn nnl ■ 




lively simple task to Sddle the r 4i t0 polityhdlde^ ; L “ t” » 

lock and open the dour. His l ^ aity _ The British Insui^' ‘ a ? J 



recommendation was lhat addi- 


. , . . . , an re .Association r >— 

nonai secunty-.be provided by teaflet - oil u, e subject 
a mortice deadlock 


publish a 




police are also always wilting 




n i- ■ 

v. ^ , 


Next he looked, at the back to help arid there is a crime. , 
door. This is more important -pretention leaflet available »i ■ •’ r: ' *• 
than the front door because police stations. .v 



* ‘r 

i . 





kds in ti 
'Burma 


■iff.-' 

■i^ai 
- -trt; 

HL-lt 


»5f 

- j -JX 


Investors' sometimes turn exhibition). Using* roniputor 
their attention to the smaller rhips, the intense.; .qfe: the 
things of*. life. sound is goverriwt h? thc. pulses 

Tliere is a woman who of the loco as' it changes speed, 
declares that during, her secre- Although the company does 
tarial career, she entered (lie produce what it -ctainis to he 
room of one of Britain s leaders the smallest model ' railway in 
of industry with- the agenda of the world— 1:220 scale— the t:32 


■ 

. '-jj 


an 


important meeting, scale of this particular engine * 

iotaity unaware that he was not makes, it more suitable^ for -the .* 
alone, this top executive was garden than the biottliiK 
peering ar a model railway Producing • realistic exhrtUj't : ' :T 
engine on bis blotting pad and noises is net its only trick Th» * 
saving •; choof! choofi " to it. electric model class' 38 loci ' 
Now we ‘ all know that it is be- made to whistle al ■ ■ any '* 
about time that model railway desired point of the layout- b» 
engines went . M choof! choof! *’ means of special magnots placed = 
all by themselves. At the Euro- to the track: : It makos srnofee : 
pean Festival of Model Railways from a built-m smoke sbt, has - 
now taking place at the Central three .working, hcadl iih Is -T 
Hail, Westmiaster.-I can inform engine and-fcender, coal.J&ox > 
readers thaf German manuf gc - full of real- coal, and Spate 
lurers. MarkGn, has launched^ models of the .driver and- fire- . s 
Just such an engine. The com-' man. 

pony says that "an electronic ' Aisazittg as all this may s^m, *: 
ooise maker in the tender pro- the new engine’s most valuable - 
duces realistic exhaust noises.’: feature could be its assistance 
The sound,; in-, fact., heralds to the tired executive on bis i 
another step Jocward id . the return from the UitjV-No.lbnEW’ *» 
development , pf electronics in will he need jo goi down.on his 
model railways CHornby has hands and knees and- makie : a 
introduced a sophiaticaied elec- strange noises at Itis, : or his. ■* 
ironic control system at the son’s, rjxlway seL- - : 


■V*'i 


‘ r-s: : 


- £ 












Financial Times Saturday 'August 26 '1978 


YOUR SAVINGS AND INVESTMENTS 


A preference 
expressed 

PREFERENCE SHARES tuie dents on the preference market 
lone too rosy an image. They're has certainly been significant, 
^either flesh, nor fowl, nor good Yields on preference shares in 
*ed herring.. . • some of the. more speculative 

Lacking the gilt edged quality companies are now. approaching 
if a Government stock, they lose 15 per cent . although . market- 
»ut on growth potential to leader coupons avenge 12.3 
irdinary shares. And they per cent. 

rightS ' a simple reflection of 

™ “ 0n ^s- however, supp^ and demand. The big 
lave witnessed a flood of new buyers- (insurance companies 
reference issues on to the mar- and unit trusts for. Sample) 

■ — . — ■ — have a considerable influence 


PREFERENCE 

SHARES 

TIMOTHY DICKSON 


on the coupon and therefore 
the price at which shares are 
issued. 

For the Individual, Investment 
in “prafe” probably means 
taking a needless risk. ' A few 
have ■ voting or -iimfte d-voti ng 
rights, and can- be -redeemed. 

They could have a cod- * 1 - east 90 ?^ cent ° f 
aderable influence on this type *°*f m ™ e ® re ™^*? abl9 
if investment p fa”d cumulative— dividends in 

_ . . , arrears are built up and can 
**22? be P aid in mor e pfosperous 
a mere eight times). When it comps to the 


tet 


i<!, Sv.r; 


According to 
jilbert Elliott 

~ ~ ikkbs; 

innounci S 397T ' “f **«* «*■ have a 

^ But the total number of issues P T “ P : *t , 
n the first eight months of this ■** “ ore . 

wear (including those in the a 

pipeline but in which deaUng 
as not yet begun) has already 
pped 50. That's some 85.6m mo f*f 1 " t0 a 
n dividual shares Arbuthnot and Target have 

Many of these Issues have ^ 100 per c9 f pre ST 
. rrn v— __ _ 0 ii 0 _ ence share content'- -while 

5 f severa ^ others have a significant 

.me companies as a means of . 

rewarding ordinary shareholders 

by way of a share handout ^ 

_ l . .. are primarily growth. • funds. 

Such an issue enables the preference shares are ^jparticu- 
company to increase the income larly po pular wtth-W older 
for shareholders despite divi- investors, even though,, in an 
M eoatnds. 11 a ?° aUows inflationary climate, they have 
shareholders to realise some one disadvantaa>-the 

capital -by selling their shares incomewiU not rise. • 
without changing voting control. ^ flood , high 

Because most com panies are coupon preference issues does, 
not paying corporation tax, pre- however, provide the preference 
ference share dividends are— fund managers with, an 'excep* 
for the moment — much cheaper tional opportunity to 'increase 
to pay than they once were. the income which they*prbvide 
The impact of these develop- to their shareholders. " 


IT IS now just a year since New 
Court European abandoned the 
attempt to persuade potential 
unitholders of the virtues of 
investment in the EEC, and 
merged with New Court Inter- 


Investing in the European fashion 


But in Belgium and the Nether- 
lands there isn’t all that much- 
in it More important of. 
course, is the fact that these" 
are “ real " returns — much more; 

period to the end of June: and Scottish and Continental’s looks as though they might have in the wake of the elections. reaI tiie return on invest- 
they anticipate that there is managers. Murray Johnstone, run out of patience just a little The arguments for investment m ®? t . in Brit ? sb companies,., 

national. it a just six months more t0 come . And the signs are to opt. for some scheme for too soon. For the four closed- in the countries of the EEC no ^ich. even with the rate of; 

since the directors of Scobsb tbat they are not alone in their eliminating the discount ended funds are now standing longer hinge, as once they did, umation well down into single- 

and Continental Investment belief. , altogether. Well, even, after on discounts of between 28 and on the probability • of a high, figures, is generally negative. 

Trust decided that the same con- Notably there Is the very five. years of heavy discounts, it 31 per cent. economic growth rate: after all. Nevertheless. there isnlt. 


INVESTMENT 

ADRIENNE GLEES ON 


siderations must apply, and took sharp reduction in the discount 
The first steps towards the unit- to net assets at which the shares 
isation which has the company of the closed-ended funds — the 
in limbo at the moment, await- investment trusts — are now sel- 
ing the resumption of dealings ling. For most of the past 12 
at the beginning of September, months the shares of investment 
And it is less than a month since trusts with a heavy represents.- 
the offshore managers Keyselex tion in Continental Europe have 
determined that their European been selling on discounts of 
fund would never be of a sire to around 40 per cent; and while 
be economically viable, and- set that was a considerable improve- - . . 

in train a merger with the Sebag znent on the discounts of 50 per °P**^ noea 
feeder fond. Anyone might be cent and more which prevailed Fond 
excused for thinking that during the preceding period, it Common Market Trust 
investment in the stocks and wasn’t -enough of an improve- Henderson European 
shares of Europe was a singu- ment to keep the shareholders M 
larly bad idea. Yet the managers happy. '■ — *■ 1 top * an 


Funds invested in Europe: capital growth over six years 


The question now, of course, on the OECD forecasts the out- much point in advising anyone 
is whether this revival . of look for increases in GNP is to go into a specialist Eurqr„ 
interest is soundly based, or better in the UK than in pean trust for the sake of thfi, 
nothing more than a flush in Germany: the French economy yield. The highest yielder. 
the pan created by a temporary looks only slightly more among the trusts lited in ther 
improvement in share values buoyant: and the U.S. still holds table is Scottish European, on' 
overseas— and notably in France palm. No: the arguments whose shares investors can look 1 1 

■ now are over yields, currencies for 5.4 per cent: and most c*f - 

and in inflation. 


of Common 
achieved a 


Market 
27.8 per 


Zt was the fact that 
Trust the discount showed no signs 


Sdiroder Europe 


cent of dropping back to something Sure*, Prosper Europe 


improvement in their share- nearer the average for the sec- pr .Actuaries Alt-Share Index — 3j0 
holders’ assets in the 12-month tor that eventually persuaded 



Closed-end 


% growth 

Fund 

% growth 

4-31 JO 

Govett European 

— 41.2 

-2UI 

SSzewelJ European 

-2*3 

— 1.5 

Scottish European 

-61J 

—22.4 

4-31.2 

F & C Eurotrust 

-523 

ess — 3Jd 

Eurosyndkat index 

-20.4 


them are offering between 2 
British invesetors baye be- and 3 per cent The argument 
come accustomed to thinking for putting your money — or a 
that equities at home yield a part of your money — into 


average 


the case. The rencies which, if anything, are- 
yield in Switzerland likely to appreciate against both ; 


and Germany is lower than it is pound and dollar. It looks a 
in the UK; and in France the sound enough argument — Jong^ 


range is so enormous that it term, 
doesn't make sense to talk in ment, 
terms of an average anyway, where. 


But if you want excite-^ 
put your money else-" 



merry with Friends 


S 


£3 Sijc! 



■ . . . ! ■ ^,. - “ “ v . ' • \ 

, J’rf ■ ’ .• . v . ^ ■' . . * 

- - ■* • -T. ?-.-•? • - * -- - 

. ■ • , . v . V ■ .. M / • • 


.is;:hrj A&ncoM 


GRAJ3TED THAT, with summer repertoire leaflets, and send off opera on radio and television, tunity to attend various films, 
only- just arrived, it seems a your booking in advance — to the to tbe opera singer’s approach to lectures and parties. The 
little iearly to talk of autumnal more substantial oportonities leider. In addition, membership Friends of the Tate also 
niBamres- the Aueust Bank P resented by the organisations of the Opera Qub entitles you organise visits abroad. And they 
L r i„ ’ t ^ han . fh „ of Friends. For tbe moment, to attend their parties— one in organise the sale, at reduced 
Holiday week-end is perhaps the let ^ look at a coup j e of summer, one in winter. prices to their fellow Friends, 

proper moment to start plan- those. _ . . . _ _ of various items not strictly 

toid'to’te'thYurtS run by the Coliseum a ^ 1 ^ e ^J r ! enda the moment 

oneii^id the best of those need ^ a reS^otot^S Frl^d of the TMuZbmw. “ d 5615 of plaj1n * “«*>• 
planning a Jong way in advance. Subscription to the Opera Club ®a altogether weightier affair: Th e profits from all this 
And that— whatever your parti- is just £3 a year (£2 if you live the subscription (for husband frenzied activity— the Friends 
cnlarline in urban delights— is more than 50 miles from and wife) is, for a start, £8a ^ “ registered charity — go, 
a way strong argument for London; £1 if you are under 23), year. Amongst other delights °ne w *y or another, into the 
settine on to the nrioritv book- and ** entitles you to a range entitles you to free entry to the purchase of works of art for the 
fotTyats of benefits other than priority Tate’s big exhibitions; entry on Gallery. Works are either pur- 

’ s booking. Notably, you can Sunday mornings on Monday chased by the Friends and then 

TSe priority booking lists attend dress rehearsals, be evenings (with two guests in donated, or purchased by the 
come in half a dozen forms, escorted on back stage tours, tow); entry to the private view panerv with assistance from 
from the simplicity of the and join the audience at a series (from 2.00 in the afternoon to jv* c „ ... . 

systems operated by the of talks on Monday evenings: the late evening) on the day 1116 * Tiends - b0 ,rs a matte r of 
National Theatre and the Royal subjects this autumn range before the opening of the major d°i n S good and making merry: 
Festival Hall — pay your sub- from the partnership between exhibitions; catalogues at re- it ought to be a winning co in- 
scription, receive in return the Gilbert and Sullivan, through duced prices: and an oppor- bination. 



AS ANYONE who has been 
trying to live off investment 
income knows only too well 
already, it hasn't risen at any- 
thing like tbe pace of prices in 
general over the past few years. 
It hasn't risen at anything like 
tbe pace of wages and salaries, 
either. How wide the gap baa 
fceoosM it OZuBtratod by a aew 
■svtagg index developed by the 
Bnmntai eoneultansta Antony 
fiflftc. - 

Axftmy CBtte took the 
w mag e manual wage is 1970 
ft* mere £3*333 per annum); 
made as Informed gueas at the 
tf nn pnatttoa of the average 
portfoli o of Sttvw&nests (80 per 
east equities. 27 per cent gills, 
aftfat per cent building society 
deports, and fire per cent bank 
deports): and calculated that 
« portfolio of £23,986, so 
balanced, would bo necessary 
to product an equivalent in- 
come. They then aet out to 
discover what such a portfolio, 
unchanged through all the 
subsequent euphoria and 
despair in the stock market, 

ould have produced by way of 
income for its owner. And they- ; 
conclude that, by the middle 
of this year, that owner would' 
be getting £2,026 per annum 
— which, is less than half 
be precise, 46.6 per cent) 


Living off 
investment 
income 

of the amnia) income (Sjfc353) 
now received by bis happy 
counterpart, the average manual, 
worker. ' r > “• • 

The conclusion does depend 
on certain assumptions, more br 
less unlikely: notably, that the 
composition of this hypothetical 
portfolio would not have been 
changed. In diet a large part of 
the. money in gilts and equities 
would probably hare been 
shifted into the building society. 
But however much that might 
have benefited income in the 
short tens, on Antony Gibbs' 
second line of argument the 
move would have been no cause 
for rejoicing. 

For the consultants point out 
that part of tbe reason that the 
income on this portfolio has 
performed so badly, relatively 
speaking; is that a very largo 
proportion of it came, in the 
first place, from fixed interest 
investments. In fact, although' 


equities accounted for soma 60 
per cent of the portfolio by 
value, in 1970. they only pro- 
vided 41 per cent of the income 
from it. (Obviously that reflects 
the level of the yield on equities 
relative to interest rates m 
general, in the. year that the 
portfolio was supposedly set 
up.) And although the income 
on the equities in the portfolio 
has risen quite sharply relative 
to the income on the rest of the 
Investments, it wasn't suffi- 
ciently large in the first place 
for. this to make much differ- 
ence to income produced by the 
portfolio as a whole. 

What conclusions are to he 
drawn from this little exercise? 
The conclusion Antony Gibbs 
draws is that anyone living off 
investments must manage bis 
portfolio (orl to be precise, roust 
have his portfolio managed— the 
implication being by. infer alto. 
Antony Gibbs. However, they 
aren’t keen to take on portfolios 
of less than £50.000), And they 
have joined their voice to the 
chorus proclaiming that a 
fundamental change in the tax 
system to allow for the impact 
of inflation on investment 
returns, is now overdue. Antony 
Gibbs is planning to update its 
new savings index, three times 
a year. 


Ike trusting child and 
stranger danger 


IT IS unfortunately common- 
place to read in -the newspapers 
about assaults on children. 
Children are. by and large, very 
trusting-— often too trusting. 
They need to be warned to 
beware of strangers. Some 
public spirited bodies— local 
crime prevention panels— co- 
operate Pith the police in visit- 
ing schools in order to pass that 
warning. Now further help is 
corning from an unusual source 
— a life company. 

National Mutual Life Associa- 
tion of Australasia has produced 
an illustrated ieaflet. “Beware 
of Strangers,'’ which— without 
going into the potentially grue- 
some consequences — warns 
children against talking with 
strangers or accepting sweets or 
lifts. The pictures show the 
various situations in which a 
stranger might approach a child. 

The leaflet has been 
produced in conjunction with 
the Dacorum Crime Preven- 
tion Panel in Heme] Hemp- 
stead, a body that has been 
very active in helping the 
Hertfordshire ' Police. The 


intention is that the leaflet will 
be - distributed at school visits. 

National Mutual’s chosen 
form-; of sponsorship is thus 
very'different from the backing 
givenito sporting activities by 
other insurance companies. Its 
Australian ^ parent has run 
similar '^campaigns in Australia 
and New Zealand with con- 
siderable success. 

The cotnpany-emphasises that 
this exercise reflects its efforts 
to take /a part in, shouldering 
community responsibilities. But 
since the company’s name, head 
office address and company logo 
appear on each leaflet, and will 
get into a considerable number 
of homes at little cost — about 
ip per leaflet — if the campaign 
is successful. 

1 C anyone rise is interested in 
getting free copies of the 
leaflet, they should contact Mrs. 
Dawn Filmer. Public Relations 
Officer. National Mutual Life 
Association of Australasia, 
Austral House, B&singhail 
Avenue, London EC2V 5EP. 


PENSION SCHEMES, among 
their other functions, aet as a 
means of tax avoidance with 
the .approval, if not the bless- 
ing, of the Inland Revenue. Any 
lump sum benefit paid, should 
the member die while he (or 
she) is still working, will be 
provided without producing any 
liability to Capital Transfer 
Tax. Such payments— up to 
four tiroes salary-— can be very 
important to higher-paid execu- 
tives, especially those in private 
companies, who might be large 
shareholders; and executive 
pension schemes have been sold 
more for the tax advantages 
than for the pension provided. 

But, as with all good^ things, 
there is a snag. No member of 
a pension scheme can postpone 
taking a pension beyond his or 
her 75th birthday. On that date, 
the pension has to be paid, even 
if the executive is hale, hearty 
and putting in a full day’s 
work. Consequently, the death 
in service benefit lapses. Al- 
though 75 seems a ripe old age, 
more people are ■ surviving that 
long. And they have to think 
up other means of providing a 
CTT-free sum. 

The common method is to 
offer a continuation option, 
whereby the executive can take 
out a whole-life policy for a sum 


A scheme 
for CTT 
avoidance 


assured at the level of his death 
benefit, without evidence of 
health — which may well not be 
too good at 75, The policy is 
written under trust, so that the 
premiums suffer CTT and the 
sum assured is free of tax. 

But tbe level of premium is 
extremely high— for a sum 
assured on a 75-year-old of 
£100,000 with profits the annual 
premium charged by Scottish 
Provident would be £11,725. 

So if investors wish to mini- 
roise the impact of CTT, they 
must start saving comparatively 
early in life. Scottish Equit- 
able has come but with an alter- 
native, a supplementary plan 
to be used in conjunction with 
an executive pension scheme. 
It is called the 75-Plus Policy. 

It is a whole' of life contract, 
with profits, where the death 
cover before age 75 Is kept very . 
low, to the minimum level 
necessary for premiums to 


qualify for life assurance tax 
relief (that is. to three-quar- 
ters of the total premiums pay- 
able to age 75). At age 75. 
the death benefit is increased, 
on an actuarial basis, to cover 
the previous shortfall, and the 
accumulated bonuses become 
payable. 

Let’s take an example. If an 
executive takes out such a life 
assurance policy on joining his 
pension scheme, and he pays 
premiums of £1.000 a year 
gross, up to age 75, his death 
cover is £23,250.. At age 75, 
the basic cover is lifted to 
£47,000 and the accrued 
bonuses amount to £105,600 
(estimated on current interim 
rates) giving a total death cover 
of £152,600. This sum would 
be increased by further bonus 
additions. 

The reduced cover before age - 
75 is supplemented by the lump 
sum death benefit The in- i 
creased cover after age 75 re- • 
places the supplement 

But the scheme has its ■ 
drawbacks. The executive's 
heirs lose out if he dies shortly 
before he reaches the age of _ 
75. But more important it is 
he, and not tbe company, that 
has to pay the premiums on the 
supplementary scheme. 






*5? 


i 


& fr “ 


rf £* 


'll 


Birds in the bush 
at Burma Mines 

.N OTHER GO through the clined to take the money and 
.eed boxes is indicat wt-paf- go bn your way rejoieng- But 

vsX asrrj&js.* '$zs% 

.i\o in Imha or the U.S.— by wfto ^tweea them control a 
• West developments xt swfce 0 j 334. per cent in the 
Burma Mines. Not that you are company, are opposing the more 
v ikely to And yourself worth -a. to the point of asking share- 
r or tune, even if you do turn holders to vote their three^coFJ 
•ut to own some shares in what leagues off the board. 
s — despite its unlikely name — Jt has to be understood that 
*n investment trust company, at the root of the disagreement 
A’lth many' holdings .of below as- to the future conduct of this 
:00 shares, and the price hov«V company lies the fact that it has 
ng around the 12p mark, there an extremely large number -:-; 
sn’t likely to be much more possibly 30,000 — of extremely 
:han the odd few hundred small shareholders. Making any^j 
rounds in it for anyone. Never- thing other than a handsome 
hclcss, it's worth hunting out. distribution just would not be 
.hose old shares if you have worth the administrative costs 
■ hem. For there is, for the first involved: and Burma doesn’t 
,s ; ime in years, a chance that have the income to mrice 
; -ou’U get some return on the regular distributions of that 
n vestment- sort.- So the policy - of 

What, you get depends. . majority directors, has 
•ntircly on whether the majority — ai *d continues v 

1 1 roc tors have their way at the — **°t to make any d:smounons 
■xtraordinary general- meeting- *t all, but. to concentrate instead 
ailed for October IS. The on building up the assets of the 
najority directors — M e s s r*. company. The 10p a share dus- 
). s. MldtHcditch. V . A. mbution which they now pro- 
xrbui’kle, and JO. AJ IT Baer of Pose would clean out most-of 
uajiagers Johii GoveiT — have the assets, accumulated so Jan 
icon running the company and after it they 
which has a portfolio of invest- on asset- build mg all over _agaip. 
nents* a £2.2m claim against. T&* xrunori 
he Burma government,, and say that, taking the compsny. as 
mnual compensation payments prescntiy/xonstituied. it should 
u £37,500 from that source) , f or to ^art declaring 

■ cars: and now they say- that dividends Ja the next finaacfol 
ho assets are of a size to make ?** r — particularly *»“?• 
i distribution. Not, however, a H me attention is d e ' ®«»;ro 
iistributioa uf the common or ^ leaning up tb * 

-.ardert annual variety of which dimming the number of 
ihareftolders have been all but shareholders. Thej . also djim: 
in ally deprived over lift past th , B expertise to build 

-Ii’cade. but a lOp a share, one* up BursflA ' s 
»iT payment which will .-absorb - So for shareholders it*s the 
^mc £l.3.im of total: assets usual’ business hi weighing up 
-vhivh — excluding the compen- the benefits of birds in the 
ojtt'.on claim against the Burma hand against the promises' of 
aoverirrocnt— are worth some birds m the bush. What they 

St. 7m. ; should appreciate is that, which 4 

—Now you might jf you were ever j»rty wins, their company 
1 Burma sharehoIdeW' W in- .will never be the same again. 


; • :.vj 



Discounts on private health insurance schemes 
(Annual subscription (£}) 


Plan 

BUPA Provincial 
Teaching Hospital 

1 Individual 
) Group 

Age 

Under 30 

97.20 

77.80 

30-39 
139JW* 
111 JO* 

BUPA London 

1 Individual 

134.45 

■RTS 

Teaching Hospital 

V Group 

107.75 

154.10* 

WPA Provincial 

1 Individual 

7730 

119.70 

Teaching Hospital 

< Group 

51.90 

7930 

WPA London 

* Individual 

90.60 

139.00 

Teaching. Hospital 

1 Group 

60.45 

92.90 

PPP Plan 1 




( London Teaching 

- Individual 

90 

99.84 

Hospital) 

( Trade or profession 

’ 7636 

8434 

PPP Plan 2 

( 



( Provincial Teaching 

•: Individual 

81 

8938 

Hospital) 

• Trade or profession 

68.88 

76.44 

* 30-49 years. 


Getting together for private health 

THREE WEEKS ago my sister bowl and mug. Little things: but is so wide. So BUPA alone are, as you can see from the 
went into hospital far an opera- enough to make anyone recover- covers " against eight different table, very well worth while 
tion — nothing too serious, you ing from an operation miserably levels of hospital, or nursing taking advantage of. Should you 
understand, but completely dis- uncomfortable. home accommodation . charge, happen to be employed by a 

abting: she’s been in plaster And the question is, ^ it different scales of company which does not offer 

from the waist down and flat on worth paying £2 a week,' or so, 5P ecialj stsr fees — surely an un- free private health insurance as 
her back almost all the time to eliminate the risk of being necessary plethora of choice a perk — and more and more do 
since. Being naturally grega- subject to them again? with wh ich to confront the — it would be very well worth 

rious. it didn’t occur 10 her that F „ consumer. .Western Provident your while to set about forming 

treatment as a private patient Jr. rr, 1 Association; smallest of the a group of your own through 

e fiwn ^ taa!e * ver T roughly three .organisations whose sub- which to subscribe. 

scrip bon charges are illustrated a group means a minimum of 

? grates in thB five persons, though the dis- 


would be desirable: and so she's h 4-, 

been m a big National Health "ould t0& i an individual 

ward with 22 other orthopaedic ' 

cases to keep her company. She 
(hasn't minded that in the 
slightest. Bur I very much doubt 
if she'll ever settle happily for 
the National Health again. 

it hasn't been the standard of 
medical care that has been so 
disturbing, though they did. 
leave the stitches in tor two 
weeks so that ihe.skin grew over 


same 


MEDICAL 

INSURANCE 

ADRIENNE GLEESON 


j 0X1 a very counts shown for BUP in the 
7^?rfSS2i^ te: -2? nBU, “ rs Su fact refer to groups 

ranges with a minimum of JO. If you 

^PleVsiSbe^y^ 

10 tbeIr - W 

■ Patients* Plan, under requirements are nowhere near 

its prenner Health Plan for as stringent once the numbers 
individual • -consumers, also top the 50 mark. 


them before they were taken oul to paj* for private health insur- offere a three-way choice, with ^ven 11 vou Happen to be a 
ll has been- things like, the fact ance. Very roughly berause. as n0 lhnit L on the accom- lone’ friendless being, not given 
Out she wasn’t properly washed you can also see .rom the table, mod a tion purchased in any one to community action of any sort 
for .2* hours after tlrt plaster the. range, of subscriptions is year, but ceifings on the refunds von should be able to get a 
came off: nor was the sheet extraordinarily wide. tor specialists* fees. discount You can, for example, 

underneath her changed. It has Jt is in fact, almost impossible The problem of choice is get the price cut if you pay it 
been things like the fact that to compare one private health further' complicated by the fact in annual, rather than monthly 
there has never been provision insurance scheme with another that there are . any number of instalments: if you pay by 
for her to clean: her teeth: she’s — though Which: has 9 crack discounts available .to the perti- Access or Bar clay card; if you 
bad to ask, specifically, every at it every sow and again — aacious consumer— and dis- belong to a professional oreani- 
morning for someone to bring a because the range of benefits counts of such a size that they sation. Ask. 


WE’RE RICH! 

JOIN US! 


We, Peter Whitfield and Bob Tanner, starting 
with £75 each — have made millions in shares 
(Clubman's Club, Orme Developments, etc). 

We have joined forces with Peter Wei ham 
(Formerly Assistant City Editor and Questor of The 
Daily Telegraph) to prod uce The Equity Research 
Associates NEWSLETTER, a fortnightly private 
investment newsletter. 

Equity Research Associates seeks undervalued 
shares — and tells you when to buy and sell. They 
give positive advice on bids and new issues and 
keep a keen eye on shareholders' rights. Its 
distinguished list of contributors includes 
acknowledged experts on all aspects of investment. 
Ensure that you receive your first issue FREE by 
completing the coupon (below). 

For details of FR EE TRIAL OFFER, 
write or telephone now ; 

To Equity Research Associates 
Wardrobe Chambers 
1 46a Queen Victoria Street 
London EC4V5HD 
Dept FT! 0 

Please send me details of the 

FREE TRIAL OFFER of the NEWSLETTER 

Name 

CAPITALS PLEASE 

Address 


orphone 01-248 7012 







on a 



SYLVIE NICKELS 


tfHAT TO DO an this week-end 
the Great Exodus? Those who 
.C are well organised will hardly 
A-^ieed advice from me. Those who 
ware nor could try. as a first 
- ■resort, to get details of what’s 


' ' y 6 n and what's going where from 
'f tourist information centres that 


exist in most towns and holiday 
r >' 0 places, usually well signposted, 
.14 the larger ones open right 
^through this week-end. In Lon* 
^.on, the ones at Victoria Station 
*^nd Heathrow are open daily 
f until late evening. 

■sv If you are in London or Edin- 
*4 burgh, you can also ring the 
r.iffeie tourist number (see the 
-•-floeal dialling code book} for the 
^-latest news on what’s on. Lon- 
^'«don s collection of events is cer- 



Ontario’s rival partners 


within a snort time o: amio.. pai*. j-hiv-u.- auie-in 7 " _ „ akhmiimi ..... 

we and our dinner table were three man-made islands on the toria decided 10 make Ottawa X.\<* ftr the first SpcUOT O t Vt\\ 
rotating =en!iy at the rale of edge of Lake Ontano. the capital of the then Province ™ 

340 decrees every n%t> hours. It has a children's village, of Canada. The decision was latter, built- tMvk «n thqtt-ife 
over 1 000 feel up in the CN three theatres, 9 cinema with regarded by many as a huge to link , tn. tuawa n . 
Tower 1 which, totalling l.S 13 mind-boggling presentations a joke: “ A suh-arcUc lumber vit- 

fee*. ;s the world's rai r-e.-r free- partly open-air lorura tor top }*ge converted by roya! mandate exclusively A huutK for pleasure 
standing rt.ructurei. Daylight “pop** and classical music, a into a political cockpit, re- craft. 

was fading fast and out of the circus, pubs, restaurants, march* marked one famous essayist, jij' visit , n May was in-hapju' 
dusk, depending on which sec- ing bands. wslk-around enter- Such sour-grapismt. however, coincidence with Ottawa's 
tiors of the circuit we were on, rainers. attractive landscaping— had no effort, and those critics annual Spring V'egtivaL when 
other towers, a -belt smaller, and once you have paid your would undoubtedly be parks esplodc with the^hnl- 
buraenned into sparkling $ 2.50 entrance fee (less for astonished today by th * Lance of 3 m ' tulips and" there 
columns soaneg our of chldrom. most things ffood and gracious, spacious and ex- ; s hardly a corner ef Ute r:-v 

the glitter: P4 pool that was the drink excepted 1 arc free. tremely piecing sight the caps- w |, vre something isn't coing on. 
rert **pf the" Vi:y «c>i«ie the The city's restaurant scene is .tal presents to its visitors and The climax was a waterborne 

deepening dark "emptiness 01 varied. We did veiy well briefed faiabitauls. floral festival on the canal, but 

Lake On'ario. at Gat shy's (elegant, fairly ex- -Toronto may be four times [hero was every thing, else, from 

ir. the ncs; dav or :vo. cr.Iy pensive) and Mr. Green jeans larger, but Ottowa someliow has handicrafts markers awt.oom- 

a s ‘ aort ~ w3 :i: or r:de :ro~i the (highly original, cheap), the maturity, emanating per- p fl i,.puh bands to nagnifii.Tnf 


uifa-moderRitv 0 ; Lie piaras Theatre spans the whole range jjaps from such solemn arch:- performance* m the beautifully 
pedestrian ir.d man- from classical to intimate. We- tectural groups as , the designed modern National Arts 


madf* "o'-nnae'es of down-town saw one of the latter, housed in' Parliamentary buildings on (; enlrc . 
Toronto we "pottered about the nw Fireball and. if some of their hili abow the Ottawa 
residential dirt^t-rs that were the local political allusions were River, flanked by legal palaces * 


lion«l Arts 


■Adainly wide enough, from the £ ^ Jales - r 

-•^Greater London Horse Show at 


The Thames at Windsor suburbia in their tile ana brick. 

There were area* like York* 

Your local dialling code boob share oF canal users from the human nature being what it is. ville. too. wiih_ an.ique ?hopte 
will give the numbers to ring Oxford Canal that passes this and once again maps cun prw- and smart oou.iques. a J* ' 


pure Home Counties best a bit subtle for visitors, there and th* baronial 
suburbia in their tile ana' brick, was clever improvisation and an Laurier Hotel. 




^“ UMn tion and weather forecasts in of Edge Hill of Civil War battle spent a spicnnia men summer *no«: kmu.k " 

f-Glaphain Common 10 the annual differejlt Parts 0 f the country, fame is in this area, as are the weekend, almost devoid of local produce compe.ed with 
-■^West Indian Carnival m the Not- Armed with this information, it stately homes of Upton House humanity, tracing the ancient Far Eastern spices and Euro- 
ting Hill area. There will be is i arge ] v a matter of common- (extraordinarily fine paintings) Peddar s Way across the map of pean c.*eeses. 
plenty of reusing music in tne sense a j lt j 3 little homework to and Compton Wyngates (very - £ * asT Anglia. Thus, north-east In Canada, you jurt have to 
/parks. and all the major j- n£ j a pj. ?3sa nt route that can romantic in Tudor pink brick), of Thetford, we came acro-s a reverse all the usual European 


v*>3sis 

M 


liarks, and all the major j- n£ j a pi. ?3S3 nt route that can romantic in Tudor pink brick), of Thetford, we came acr'j-s a reverse all the usual European 

museums, art galleries and reasonably oe expected to be Stately homes are likely to marvellous old Norfolk p'und criteria of space and time- D.s- 

pl aces of entertainment wil. be t ra jjj c .f ree _ Signposted tourist be crowded this week-end. church at Brecklos (vi.-’.;ors lances are so vast tnat it is 

* d0 itl? bU5lD6Si» AS USU31. w.irtnc hparc iralHr* nn ilmnnh it-".- larnrth r 


2& 


’• Not very hopefully, I asked way to popular 1 
various tourist and transport already exist in so 
organisations which areas out the country; but it 
of London they might suggest difficult to work out 


ry so 
Idcmess 
t breath- 
' you go 
1 'Black 


of London they might suggest difficult to work out your own on a glorious one recently not far Iceni village tas in $0 AD» at l and you snouldi to ‘Blac^ 
for avoiding the crowds. It a good map by keeping to “ R " from the same area, near Cock ley Cley: the lively June Creek Pioneer \ lilage. just past 
, depends on the weather, most of or, better still, unclassified Moreton-in-Marsh: the 50-acre Regency market town of Swaff- the last apartment blocks on the 
them said rather defensively ^ads. arboretum at Batsford Park ham: Jnvely old Castl^ Acr % : and northern edge of the city, you 

and, indeed, poor things, how The map should tell you whose 900-plus species of tree purple lavender fields in ’he step comparatively far back into 
could they know! pretty well what kind of come from most parts of the rural no man’s land south-east Canadian history. The village 

British Rail, however, did countryside you will be passing globe. You won't find vivid of Hun«tantnn. consists mainly of early-mid 


make the point that one staouid through and what major flower beds here, but you will The point about walkmr is THrh century mill dings, but .s no 
mjt he too defeatist in dismis- historic (and ore-historic) sites find exquisite and rare trees that there is no obligati - -h to mer . t . museum. The farm 1.* a 
sing an excursion on the prin- you can expect to find on the and shrubs in a beautifully m a k e an endurance test it. working tn; smithy, tne 


Toronto 


Alas, there was titlh* ‘time 
for excursion.* mto that u» 
believable vaslncaa '. that , is 
the Canadian countryside, 
though I took a couple nr days 
off from Taranto- to v»s:t 
Niagara, three hours drive away, 
and that relatively lilUe known 
adjoining area of southern 
Ontario, known -as;’ Festival 
Country because tt has.sa jnany 
of them. Business .6r‘ holiday 
visitors with - time /Jo spare 
would he well advised to ven- 
ture be> ond the world - famous 
spray mto an area steeped in 
earliest Canadian history and 
dotted with natural parks, fur 
removed from the honkey-tonk 
of the beautiful but com- 
mercialised area of the Falls 
themselves. But more of that 
another time. 

Further Information; Ontario 
House. Charles 11 Street, London 
jjWlY 4QS; Canadian Govern- 
ment Office of Tourism, Canada 
House. Trafalgar . Situarc, 
London. SWl. 


clple it was bound to be fulfv way. maintained but natural setting, and heaven knows there is J ant ar:t ? "^ving shops, the ; 

booked. It can and does happen In unfamiliar areas, it obvl- with an appropriately varied choice enough, from >n:.ri-*'d Jakery. tne hero garden, even- 

that everyone else has the same ousiy makes sense to avoid bird life to match. nature trails and sometime- !*.•<* the school are m use, and e\er\- , 

idea. Sn. in conjunction with places you have- read much I havp gone on a bit about predictable public footpath* *■> 0:,e '•» " eann? "terjgm p.noa; 
some of Britain's 60 or so about since others will probably this very small comer of the the longdistance marath-:.- T costume .'i oj can buj tneirpm-, 

privatelv nm steam trains, BR have read much about them too. south Midlands to show how which one can do as sma’.l nr 2. ucts - , a . C? ,J> 01 tn . 

have » varietr of dav excursion* In the popular Cotswolds. for considerate is the variety of a j ar2e a «evtmn as one fan- w °, ron ‘?. : 

to and in various part? of the example, there are lovely old rather little known area within The numW of wav-marked July M. -o instnivt-on. ; 

countrv Th(»rc are also all kinds villaaes in the north-eastern easy reach of major connurba- paths is thnwins a verv her'*hv °. n heri>-oiy.ng. art. exqut^ie . 

-• - •- — *■ } - ■ • snawls woven by nand from 


with one club. North replied 
wilh one diamond, and raised 


E. P. C. COTTER 


: points fur scoring just *I0(). with one club. North replied 

. So he at once led dummv's wilh mw diamond, and raised 

BRIDGE diamond, hoping to steal a trick South's rehid of one no crump 

• in that suit before he ran f«*r to three no trumps. 

E. P. C. COTTER home. 13ut West was Edgar West started «*ff with the 

Kaplan, editor of the American heart seven, dummy played low. 

: Bridge World, and he was nut and East's Knave was allowed 

asleep ai the switch. He took t«» win. The declarer wisely «m* 
THVYKS TO Henrv Francis his Ac- and relumed 1 be three ployed this hold-up with two 
1 and Site Emcrv and ihc D^ly of ‘ vhuh uas WL ’ n b - v stoppers iu order to sever live 

Bull,® S 'ffili My IZ hi«p.i rmer's K.ns. hnc. «»>»>>■■ 

«»€-. ' am able «. offer you _ ' ''“'""I E ,!L. ..... 


Mr "r l.'X“.X ""l| n ™nd c n ™p"edy".hon;h"rhe' i m 

Lahic-.-,. . latter -will . co doubt, have its ways of finding $nnie .pear* 1,150. SoU rt. B: n,on,4 , cod... • ,,d,urn ^ ■» '■ - ain^na.rer- ; , n the World Olympiad. Here is ™ \ ‘ L'il II Au . ‘L 1 ' .J, 1. i, 


v two interesting no trump S(UU0 li ' thc Winning the heart return 

, p-T™ and .h - then returned the. six. with the Ace on the table. South 


latter -will . co doubt, have its v/ays of finding snnte .peare. 


the first, dealt by West at game 
to East-West: > 




SWITZER^® , 
S fiM ST£RPft^L etc 


5^ STAN? 

Ss 


N. 

* 10 S 5 2 
C K B 

3 

* A K Q 9 5 ■* 


f®! 


iia 


J DAILY DEPARTURES 

TRAVELPLUS HOTEL(B&B) ’ ifiD ^ r P ^ CES 

for 2 days or more. Get the FREE 

Good Times Colour Brochure 

SJKR ^ trom your Travel Agent or OU 

IBfcWCw ^.1^134 Clerkenwell Road, London EC l. Cn -:?8 6 ? 3 > 

. XJ. ■ IRELAND l_AR HOLIDAYS in CAStICS and 


ryt tree? at West Lodge Park -over Robnua Fr:«fO. Slocks of 1 ; 

I since dohn Evelyn visited it in catalna ano Spanish chestnut; N _ 

M. K 1676 and de-:nh**d the earden are described a? ■ limited " and! . f * " 8 0 - 

as “handsome'' and an impre*- mi arc those of P?<r;is sr.licuolia * '-KB 

g* give double avenue of 140 lira* n< miu!r.. arjuably the best; '■ 3 

j/JXJSyi/* trees was planted bes: !o the -mail weeping tree for garden' +AKQ93. 

rCf entrance drive about fill: years p'antme. Let us hope that ; ”■ E - 

ago. However the nev. aboretum, someone i* busily engaged _ >, ’ 0 - ^ 1 o a * 

TREES arouse so much passion created by Mr. T. Edward Beale, ensuring that ffte-re and similar, ’ 1® J? .' !* ® ^ “ 

and fulfil so many roles that va* not really started until 19A4 shortages do not continue for L c r 8 “ In 9 ^ 

controversy about them is in- since when it has gro».n apace too long. + S S 

evitable. At the most basic level and now covers something like Meanwhile there are all! . « ■ 

trees control climate, create soil 13 acres with much more land manner of schemes afoot for 1 ... ' ' _ 

and purify the atmosphere by available if required. increasing the availability of! K *0 " 6 5 

inking Huge quantities of carbon Frank Knight, formerly tree*, the numbers that are! * J 10 "* 

from it and giving oxygen in director of the Royal Korticui- n'anted and the preservation of j 1U 1 

return. It is said that the carbon tural Society’s garden at iWsley, tho-e :har are already there. 1 After West had passed, North 
dioxide content of the 'air has has been given ample space for The Tree Council, in a . bid three clubs. South replied 


cst'at °ame anri another spade first the possible entry m th* 

71 allovvd .Last t» make the nine West hand. The Knave was 

' ami Ace.- and sn beat the con- finessed - in hand, losing to the 

trail by one 'rick. Ouecn. and Wert cleared hi? 

The declarer's play, which suit by leading another heart 
would be terrible at rubber to the King, 
bridge or at teams-of-four with The declarer n«*w- turned hs« 
‘ J -. scoring. i» almost ric attention to diamonds, leading 

E. Ticnteiir at match-pemted pairs, the sewn and running ir when 

♦ A K 9 6 where one has on occasion? tn west followed with a low card. 

-.1942 risk one's contract in the hope E art won with the Knave, hut 

< 3 10 4 of setting a better score. with no heart to return and 

*32 


with no heart to return and 


The second deal is an object vrith no desire to lead from 


lesson in good declarer play: eiTh er minor suit, he cashed his 

^ Ace of spades, and got off play 

^ g 1 -’ g with another spade to i fc .« King. 

a 3 South made the thirteenth 

O A. 10 S 6 spade, throwing a club from 

* K 10 7 5 the taW<? - then cashed the dia- 

W monri King and the King. Ace 

Q 10 2 * A 9 3 of clubs. 

Q 10 9 7 6 <T J 3 4 When West failed to follow 
Q 4 3 2 v- j 5 suit on the second lead, the de- 

J * Q S 6 4 3 clarer had a -perfect count on 

S. hand — West had started 

4 K J 5 4 with three spades, five hearts, 

<2 K S 2 an d one club, and was there- 

C 1 k 9 7 fore marked with the two re- 

* A 9 2 maining diamonds. Leading hi« 

“ — — nine of diamonds, he confidently 

South dealt at game to North- finessed dummy's ten, and made 


increased by ten per cent in full development and already brochure just pub'ished. states! with three diamonds. North re- * Q 10 2 
recent years and presumably to embrace more than 20C that the target must be at least* bid three spades, and South's T Q 10 9 7 


. , , . -I-J. I . . iKLLAnu MU mwuH I a in WM11Q ,na 1 — r- — — — — , - “I"' — ■ ■ — >»'?>■> --1,111 ■»*• “ 1 ‘I .... — * — — . , i ^ 

C ** **77 * « « " " « j " r , LoU 5 o 5 l ** W?x 7 B o "o' 2 25 a?i r some extent this is due to the coniferous and broad leaved lOOm new tree? just to maintain ! three no trumps closed the 

- TAKE TIME OFF IN — I ' - - j — — -f *v-- • — 1 -«— — — : j *«- - »--t --j — l — 


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^ TIME OFF LTD. * 

■J5 2a Chester Close, Chostor St., T 
; * London, S.W.1. 01 -235 8070 J 


FOREIGN HOTELS 


*■ 1 ^Udiw! I though ~ we often disagree that many trees that are scarce out that in Europe many wood-i tion. Three no trumps was likely 


reduction of the tree population species and varieties. the present balance and well auction. 

of the world. At Wisley a large area has above that if we really wish to West led the eight of hearts. 

But trees also play a vital part been set aside for a new increase the tree population of which was won by the King, and 
in the creation of landscape and aboretum in which it is hoped Britain. The Council points | declarer took stock of the posi- 


i na “n r m S an co U i?r n '' ,r w,,mm,nq °°°'- Violently as to what is and is «« cultivation and are unlikely lands belong to towns and! to be the popular contract, and 


HOLIDAY 

ACCOMMODATION 


YACHTS AND 
POWEKCRAFT 


Wiltshire country weekend. Nr 
MariKarou-h Sm-ill G'.-oifllan Countrv 
Houro. Ohcn jcco-nmodjllon. 

ocellonr cuiS'nc. Dinner. SAB £12.00 
Tel: 02J9 812350. 


PERSONAL 


MOONRAKER MOTOR 
YACHT 

3errb Guernwy. Kwn 1977 so 2 
itindird of' luxury with nearly evifry 
extra Including 060 dec:* radar tyitem. 
Used approximately 100 hours. Y/ell 
over £10.000 below today's new re- 
placement cost. Offers In region of 
,;-a qqo considered. 

TEL; JOHN LOVELESS 04(1 2«52T 
Hambro H«, St. Peter Port. Guernsey 


not desirable m such matters, 
no one argues that beautiful 
landscape Is not important. 
There is also general agreement 
that the distinctive beauty of 
the British countryside is largely 
due to the use of trees in small 
woodlands, coppices and hedge- 


GARDENING 


villages and so are maintained ( as he had nine ready-made — — — nine of diam 

by public funds. ■ tricks, he was not going to get South dealt at game to North- finessed dun 

The suggestion is made that: 3 generous allowance of match South and opened the bidding his contract, 
something similar is ... 


' Q 4 3 2 
* J - 


N. 

♦ S 7 5 
c A 3 

C A 10 8 6 

* K 10 7 5 

E. 

* A 9 3 
6 T J 3 4 
v- J 5 


ARTHUR HELLYER 


in Britain and the Council has] 
all manner of useful advice for; 
enthusiastic tree lovers who j 
might prospect their localities 


CHESS 


the overridinc impression is rhar inferior defence where Black's 
Karpov prefers strategical con- pawns are weakened); $ XxN ch. 
trol or events; words like PxN (QxN; 6 N-B3 threatens 
necessary ‘correct.'; B-KN5); 6 B-KS, P-N'3 {better 

. rational. expeditious’ and N-02 and P-QB4); 7 B-K2, B-QN2: 

■ecical recur.- „ 3 B-B3. Q-Bl; 9 N-R3, N-02: 10 

^ T he ,?? n ' p ^ 1 ° n volume Kon*. (VO P-OB4: ll R-Kl, 0-B2; 12 

nois 400 Best Games by \iktor B-R4 O-Bl* 13 P-B3 K-V>- 14 

fc*! E-o«: » N-B4. B-mi Ifl 


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NOTICE 


time witn tne duck pieces h ' hWoiv ire Dtsnop ex- 

against Korchnoi in the early c ?T^r p i f ?h{L chances. Wbire'R pieces are mn*t 

e^i-idc nf tha umrlH fi.la mxl/h fr(lrn big remarkable auto- nrtiv - nnrt Vnrnnv 


specially There no shortage of ; stages of the world title match bin^Unhl^riiS'SwM r ifa 8 ”™! activp “* d Karpov riirecUv 

!;!!! j ? ! »°e ss ^ sszz 


ViViTAR LENSES 


THE SCOTTISH 
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EURO FOTO CENTRE 


Notice Is heretrv given tbai the 
REGISTERS of 11a CORPOPATION 5 
above mentioned Debenture Sl«k 
vi.II be CLOSED for TRANSFER and 
REGISTRATION from IBtn to 29th 
September . 1978. #ots davs Irrtiu-ive. 


rows which break u pthe land- to be propagated commercially for existing woodlands in need] naotvsN “rational.'* " expeditious ” and N-0*» and P-OB4)-'7 B-K2 ROV"- 

scape into lights and shades will find a permanent home with of maintenance and new sites; uunaru darwti *' luqlcal “ recur. • . S B-B3 Q-Bl* 9 N-RJ w' 10 

and provide it with constant presumably, blah blah, blah or of low or nil agricultural value) — The companion volume Korcfi- ^ P-OB4; ll 'JUKI*' O-B^- 12 

variations of colour, shape and reeds available to those who suitable for nee planting andj mHBBnOBBBB Be** Games by Viktor B-R4, Q-Bl; 13 P-B3* R-N2: 14 

texture. The great landscape require them. might then join with other like! of!^ noi 'b R ' /oftA V ' ade and «otj 15 B-BU Ifi 

gardeners of the ISth century However most garden owners minded persons to prod local karpoV has had such a rough . r ByKB - K *B: 17 BxB. QxB: is 

understood this perfectly and are not thinking of planting authorities to take suitable time with the black pieces Korr hnni’s Mwr and Jhmim °v RS tb* bishop ex- 

used trees to create the lovely large numbers of trees but just action. against Korchnoi in the early j!«« rpmarif-ihin aufnl cha . nce *- Wife's pieces are most 

arcadian scenes which delight a few well chosen specially There is no shortage of ; world title match hjno ran hv Chess i* Vu Life ■>nd J ct l VP ^ Kypov coc^riirectlv 

us today in such places as loved kinds. organisations concerned 3 with i Si? So r S?SoS ^ 

Stowe. Blenheim Palace, Long- It is disconcerting to discover trees. The Men of the Trees | „ am es with White than with in conjunction with that book. «*, p r p p^p. o-t OR-nt 1 o.N'i- ’’3 

leat. Woburn Abbey. Tatton how many quite ordinary trees has been campaigning for years.] Black in his three-year reicn as These are selected games and -v.oei v-KR* - ^ r\.\i ph'u.pj- 

Park. Castle Howard and Stud- are in short supply, a list just the Arboricu’tural Association ! champion. ~ l, J 11 ' 5 exclude the rouiine draws o-vr' Resigns (26 N-B4 mate 

ley Royal. They had thousands to hand from the Horticultural now incoroorate.* the Associa- ! This is one or the odd facts tn i he Karpov collection. They threatens) 
of less celebrated imitators and Trades Association includes in tion of British Tree Surgeons! emerge from Anatoly Karpcn-s white- Viktor Korehnol Black- 

though it is probably an exa S - this category such fine trees as and Arborist, and is largely = gmw as _ VVorid Chom , pton ^ at home »" ^nmnat.ve A . lS|^. 1^' 

ge ration to say that they created the Swedish hirch (Setula professional in membership. 1 Levy' 7""i°p?-c* * «S0 nn ^!5cnt, a^d countcr-nuiSh (USSR ebampionshio lfltti. 

the English landscape they un- pendula dalecaflian. the The International Dendrology ] Janerback/ oiirof two recenUv n-fmec. Cnnwnrs are in I P-Q4. N-KB3: 2 P<JB4, P-B4: 

doubtedly exercised a profound common walnut, the tulip tree Society brings together tree issued Batsrurd books which pro'- ™'mbol Form, and the nn«a?ion of s p -<2 5 - P-K3: 4 N-QB3. PxP; n 

influence on it. (liriodendron). Turkey oak. lovers from many countries. It j vide background to the match. both hooks is the “figu^ne P’QS; 6. P*K4, P-KN3; i 

Yet even this is not the whole common oak (but that, surely, has its own conservation com-' The text contains all Karpov's airehrair '* used in the' BBC ^‘8^: ® ^ 

story. Trees are essential to us should scon be rectified for mitlep deepl*- concerned with ; tournament games from Portoroz Game. _ B-N5. 10 B-KB4, R-Kl. 

.'(immarriiiii- ,n<i ikminii wa am this hfl^ been 9 stil^nilM w#ar tha nrpgpr\'aiinn nf ram cnorioc . which he won shortly Two litllA-known Karpov and 1* P-Kn™- NxMf- (BxKiV . - 


• u riiniunEiion wun xnai dock. p r p p ¥ p. oo QR Of O N'l* ’’3 

These are selected games and w .O«? -s v kV _ 24 o’.N 4 P.pj- 
tnii-! exclude the rouiine draw's n« n isr-' tna 7* 

nf the Kamov collection. They , HeSl . sns (26 VB4 I,ute 


the Karpov collection. They , h -* ,,a 

ar witness to an all-round stvle. h * . ena ''... ' 

uallv nf home in rnm hin.ni iv-p White: Viktor Korntnoi. Black: 


Hijh toid. Coff'c*. 

Ijxorid-r. Midi*. 
Wtn D’lvtnn ->8224 


Bv Order ol O'-: Board 
H j. McTURK. Secret! rv. 
48. Palmerston Ptecc- 
Edinburyh EH 12 &BR, 

261h Atgust. 1978 


commercially and though we are ibis has been a splendid year the presen-alion of rare species : J"/*; ^ l ! ■ known 
nev er likely to be se.fUcieo, for oek eee d li n?5 ,. red oak anO and varieri«. j $£ K,v K: 

in this respect, we can save a ;t -■ - *■- — . - - . - - 


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£1 j'J per i-inglc viilumn cm. extra 
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^Tinanrial Times. 10. Cannon Street. EC4I* 4BY. 


reurv. j 0 t of money on imports if we 
make the necessary effort. Trees 

— are also fascinsdnc as 

individuals and this is probably 

what attracts most private 

TCC gardeners in the first instance. 
1 1 bu and is the prime motivation for 
single m0iit non-commercial planting, 
column Great aboretums and pinetums 
cm. may no longer be as fashionable 
£ as they were a century ago but 
14.00 they still continue to be made 

u on anc * one t * le mos * Crt^nsive, 

14.00 jennjTis near Rornsey, has 
only just passed from private 

16.00 ownership into the care of 
Hampshire County Council 

13.00 thanks to the generosity of its 
lu-00 creator Harold Hiilier. 

Another smaller but fascinat- 
ing aboretum is rapidy growing 
up on the northern outskirts of 
London in the grounds of West 
Lodge Park, near Barnet, onct- 
BY. a Private mansion and now a 

— luxury hotel. There have been 



i tournament games from Portornz Muster Game. B-N5; 10 B-KB4. R-Kl? CP-pRSt; 

‘ 1H73. which he won shortly Two iitH«'-known Karpov and H P-KR3. NxKP*.' (RxKNi; 1? 
j after Fischer defaulted the world Kn-'-^noi wins: LI B*QN5 ! BxP: t ! 

I title, up to Bugojno 197S, where While: An-flolv Karpov. Rbofc: HvR. QxBt IS R-Kl, BxR: lfi QxB. 
! he tied for first with Spassky. R f-ibrcra. French Defence t Las P-W: 17 R-R6. Q-K2 (0-B2: TS 
.The selection oi exhibition Palm-.c 1977). N**N5 J»: 18 N*Nfi. 0-K4; 19 0-NI. 

games is particularly interesiinq t P-K4. P-K3: 2 P-Oi. P.04: OvP: 20 RxNf Rosiens (PxR; 21 
: for British readers since it 3 n.ors. PxP: 4 N'vP. N-KR3 fan n.v». o-K4: 22 QxP). 

! includes ail Karpov's encounters - - ■ ■ — - ■■■— - — T n — : — i,.. — 






I in the BE C-'J Waster Came senes pnsiTinw iw« 

I and ail the games of the Lloyds POSITION No. ..30 

| Bank clock siuiul against r BUCK (10 men) 4 

England juniors. lg] Llif J - } Da' " 

Even a quick glance at the' ■*«. iHfi r : ; am - 

i contents reveals that Karpov's S | ' ft JT 

J style is always pragmatic: when ■*- A L: [Jb ft 

j meeting a strong grandmaster ft - ' 

■ ■opponent he will not object to - — A. ' 

n short draw if the overall • “ jf a 

lournamem situation justifies it. — Me A 

jBut give him a strategic advant- W! ft W . •• 

i age. and he is patient, — . - S3. .A SL ’ 

j accurate, and ultimately deadly. - • 

! T found the most interesting — ■ •' 

; feature of the book the select iun £ $ ^ ;fi 

! of Karpov annolaiions which -sa. _ 1 ! ^ 

, give some insight into his I j ‘ 

j thought mechanisms and chess [v — ii *• » •!-' 

; philosophy WHITE! 11 men) 

• Posiuia v. Ploeger, Dutch team 

r *n.?rr55n ii K 1 e bafti;iionship J97S, White, lio 


PROBLEM No. 239 


BUCK tiOmen) 


WHITE! Ilmen) 

Posiina v. Ploeger, Dutch team 



WHITE [ 7meri) 


Somerhing of a stir caused tMs hjr Honda's entry inro 

the mower market, a sizeable sales battle looks likely next Spring." 


nS rhSmll nl - L h<! movp. has a powerful attack, but White mates in two ihowt 

I : ^h/dtn P, u-"f\ P h e ^m E i' dCk hopes for counterpla ■ by again*! a ny defence* ° t by° V h". 


Solution Page 10 




KU'l 


i .i ■ ■ , iff V 
Jj '• • ^ 


rhu 


I 











Financial Times Saturday August 26 197S 

HOW TO SPEND IT 


by Lucia van der Post 


; - £. aw.- 

« * r 

? 

:• \v. fexi*. 



Sprogs’ togs 

SOME readers with young children of 
their own or grandchildren may 
remember that last year I wrote about 
the knitted designs by Baa Baa Black- 
sheep which I thought were some of 
the freshest, most original clothes for 
children that I'd seen in years. Baa 
Baa Blacksheep is run by Xlte Pilditch, 
who is the creative talent behind the 
colour and design-sense. When I wrote 
about them first Baa Baa Blacksheep 
clothes were only available from two 
London shops, which made it difficult 
for out of London readers. 

Xow. however, readers who want 
original clothes for children can 
order a few Baa Baa Blacksheep 
knitted garments, as well as other 
stunning children's clothes, from a 
mail order company, new to me. called 
SprngO Togs. P.O. Box -l, Haddington, 
East Lothian, Scotland. Just send a 
7p stamp. 


Sprogs’^TOgs offers a full colour 
catalogue^ you'll be able to see just 
how delightful Ute Pi I ditch’s colour- 
ings are. -Her knitwear isn’t -cheap, as 
only pizrefffbol is used and everything 
is done byjhand. This particular heavy 
knit jacket* has an oatmeal/rust- back- 
ground with a blue house and a green 
tree on it. " Available in sizes up to 
six years^tfce jacket is £17.25 (postage 
and packing charges are 50p up to 
£10 worth' of orders, 85p on orders 
over £10). -r* 

The rest of the collection of clothing 
includes children's classics like soft 
brushed -eetton shirts, velvet party 
dresses, Aran waistcoats, as well as 
soft flowered dresses fora more dressed- 
up tndbdMf you're looking for child- 
ren's clothes with the dash and style 
that is usually more often found abroad 
then I recommend the Sprogs’ Togs 
range to your. Prices aren’t low but 
only ihe finest materials are used and 
nothing has that mass-produced, 
skimped look. 


Steaming through 
the gardens 


,-■■■ L. 



BRESSLY'GHAM GARDENS, at 
Diss’ is a wonderful place for 
a day out. There are two main 
attractions: the gardens and the 
steam engines. The nursery is 
basically a wholesale concern, 
part of a 450 acre farm, and was 
founded by Alan Bloom in 1946. 
In 1953 he developed a special 
way of growing perennials: he 
now has six acres of them — the 
biggest collection of hardy 
pereonials in the country and 
possibly in the world. 

Altogether there axe 5.000 
different types of plants, includ- 
ing al pines, heathers and dwarf 
shrubs, all dearly labelled and 
all growing in island beds. This 
type of island bed has been 
devised by Alan Bloom to be 
easier to manage — particularly 
for the elderly— than are the 
older sort of herbaceous borders 
which are often too wide. 

You may see also plants you 
have , never .seen before, being 
grown and perfected before 
they are ready to be put in the 
catalogues. I was fascinated by 
Veronica VirgSnica Alba, which 
grows to five feet high bnt never 
needs staking, alive with visit- 
ing bees and ladybirds. There 
was Ajuga me tallica with bright 
blue flowers and crinkly 
metallic purple leaves — and 
many pew varieties of Hosta. 

A plant which attracted much 
attention was the lone annual 
Alan Bloom bad popped in lo 
■ fill a gap: dimopbortheca 
ektion. a daisy with a navy blue 
eye. Its glistening white petals 
looked as if they had been 
starched and ironed after wash- 
ing. It only opens wide in the 
sun, but 1 think it is still worth 
growing. You can sometimes 
get the seeds from Thompson 
and Morgan who also sell the 
variety Glistening White (as do 
Suttons), which has three inch 
wide blooms, though the centre 
is not quite as blue, large or 
shiny as the ekiion variety. 

Even those who are bored by 
gardening will find Bressing- 
hara Gardens a fascinating 
place because there is so much 
to see and do. Strolling on the 
lawns amid the flower beds 
with a background of tall trees, 
an air of Edwardian splendour is 


conjured up by .the 68 keyless 
Voigt Street Organ — one of 
only two in' Britain — which 
plays Strauss waltzes, the Poet 
and Peasant overture, and ihe 
Stars and Stripes.' 

It was in, * 1961 .thai Alan 
Bloom bought his first steam 
engine as a hobby. His collec- 
tion subsequently grew until 
there are now over 40 either on 
wheels or stationary. 

(fa open days there are eight 
or nine working.; and you can 
take a trip on the footplate of a 
steam engine,-, cuvon one uf the 
steam-hauled 15-gauge Waveney 
Valley line engines — there is 
five miles of track around the 
museum, farms and gardens. 
The children can ride on the 
steam roundabout with its 
-exotic cockerels and horses with 
flaring nostrils, and marvel at 
the lovingly restored steam 
engines, gleaming with hand- 
polisbed brass, in the museum. 

There is really, drinkable tea 
and the home-made buttered 
scones and other light refresh- 
ments available from local 
caterers are r at reasonable 
prices. Or if you take a picnic 
it can be eaten in ideal 
surroundings. 

Bressingham Gardens is open 
to the public on Thursday and 
Sunday afternoons from May to 
September. Wednesday's during 
August, and o&' Bank Holiday 
Mondays, from 1.30 to 6 pm. 
September 7 is the last Thurs- 
day and September 24 the last 
Sunday. Admission is 50p for 
adults and 30p for children aged 
4-14. -• • 

There is a sjierial weekend — 
September 2 and 3 — when 
plants will be .'on sale to the 
public often in pots larger than 
those normally available. 

Plants are available on other 
open days but. only in limited 
quantities. Readers not living 
near, or travelling to. Diss may 
send 20p to . Bressingham 
Gardens. Diss, Norfolk, fnr the 
catalogue from which they may 
order plants etc. by mail. 

Bressingham Gardens is on 
the A1066 Diss-Thetford road. 
2) miles west of-Diss. 

AGNES K1NNERSLEY 


■■ 

- 34 $ ■■ 


r Atw. wOgMl' 


,/ ■ 


NiWaM^qr- % 


Special 

edition 


IF YOU are looking for a really special present 
you might like to consider a very' fine, hand- 
bound copy of “The Country Diary of an 
Edwardian Lady." Almost everybody will have 
read or heard of this book — it was one of 
last year’s successful book publishing stories; 
it sold in its thousands and was one of the 
most popular Christmas presents the book 
trade bad ever seen. 

W. T, Morrell are specialists in fine book- 
binding (and incidentally in restoration work 
as well) and they immediately thought that 
this was precisely the kind of book that 
merited a special binding. They are therefore 
offering the identical fascimile copy of “The 
Country Diary of an Edwardian Lady ’’ that 
is published by Michael Joseph, but they are 
offering it with a green Morocco half -binding. 
Those who may think that this kind of hand- 
bound book is very expensive may be interested 
to know that somewhere between 30 and 40 
different- processes arc involved in a hand- 
binding. It is all hand-tooled in 22/23 carat 
gold. 

The book itself, for those who have not 
yet discovered it is totally beguiling. Edith 
Holden recorded in words and paintings the 
flora and fauna of the British countryside 
throughout the changing seasons of the year 
1906. 

Each month of the year is dealt with 
separately, accompanied by the author’s own 
notes and quotations from her favourite poets. 
The paintings themselves (a small section of 
one is reproduced above) have a gentle, old- 
fashioned charm that seems to capture the 
feeling of the British countryside. * It is 
certainly a book well worth a fine binding. 
You can buy it from a few leading booksellers 
or direct from W. T. Morrell, 4-7, Nottingham 
Court, Short's Gardens. London, WC2 for 
£49.50. 


Silken delights 


GEORGE SPENCER of 3fi. 
SUiant* Si reel, is one of those 
small, sclcci decorating com- 
panies that specialises m doing 
those gentle, traditional country 
houses that couldn't he anything 
bui English. They are past- 
masters at that lovely, fluttered, 
lived-in atmosphere that look.- 
as if it's happened naturally 
over the year-, but io fact i» the 
product of several expert eyes 
and many thousands of pounds. 

The company provides all the 
usual services of a decorating 
finn — they will plan anything 
from -one room to a complete 
house or suite of offices, from 
the paintwork down to the last 
ashtray, if that's what you want. 
An aspect or their activities, 
though, that may interest a 
wider group of people is that in 
the course of their decorating 
work they collect and gather a 
unique selection of what, for 
want of a better word. J Mould 
call furnishing accessories — 
that is. all the really attractive 
bits and pieces that give charac- 
ter to a room and. a home. 

There are wonderful antique 
reeded boxes (apparently an 
18th century rarity these daysi. 
marvellous papier-mache trays 


turned inio side-tables.. oJ4» 
ceramics, needlework cushions, 
embroidered pictures — in VfiUM: 
for such a small shop u haS an 
amazing variety of infinitely 
desirable objects. 

A.- most uf them are rare^nd 
highly dpcnrarivr very little i* 
cheap. However, a group, of 
silk hand-pa i nted Chinese 
picture- struck me as being of 
exceptional value — they are' of 
striking size so that they pro- 
vide a lut or decoration for -the 
the money but they axe also 
singularly appealing. Some 
latter-day Chinese Stubbs (^J&s. 
his name i-n't known to George 
Spencer i has specialised in 
animals of all sorts and alF of 
them are so appealing that, it 
wa.- almost impossible to decide 
which mje to use as an jlhisrra- 
tion. There are these wonder- 
fully still and tranquil ducks, q 
particularly charming kitten, 
some very Bmish-looking dogs- 
ami a hnst m other animals. 
The colours are mainly rather 
subdued Chinescy colours-— 
subtle beiges, browns, 'greens 
and yellows. The silk is antique, 
ihe painting contemporary. 
Price- vary between £130 aiut 
£190. Sizes are about 51 ft x.^i 
ft or 3 n x J f». 




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W 1 - 




Entertaining the upper crust way 


BY PHILIPPA DAVENPORT* 


A RAISED pic is neither diffi- 
ruit nor expensive to make. It 
provides a handsome centre- 
piece fur the buffet table and 
is an ideal cut-and-enme-again 
food for cold lunches and 
suppers in holiday tirae- 
Hot water crust is except urn- 
ally quick and easy to make — 
even for those who consider 
themselves tun heavy-handed 

to he good pastrymoks. You 
don’t need icy add hands or a 
marble slab: there’s no messy 
and time consuming rubbing-in 
or careful folding and rolling 
of fat into flour. As with choux 


pastry, liquid and fat are simply 
brought lo ibe boil then quickly 
stirred mtq ihe dry ingredients. 
Flour. S3lr, water and lard are 
the clasflV ingredients but I 
think both flavour and texture 
are improved if parr of the lard 
is replaced with dripping or 
butter and part of the water 
with egg yolk. 

More tricky than making the 
pastry is moulding it. but this- 
demands more rare than skill 
and the secret for success lies 
mainly in using the dough when 
it is warm and beautifully mal- 
leable. If too hot H will just 


RAISED PORK PIE 
scr\ cs 6-10 


slide down the sides of the 
mould: if too cool it will be 
difficult to shape without 
tearing. 

Using a traditional hinged and 

fluted piO mould undoubtedly 
helps to produce professional- 
looking results. These moulds 
are, however. surprisingly 
expensive to buy and you can 
perfectly Wjell use a cake tin 
with a removable base instead: 
A removable, base is important 
for easy untnoulding: if you 
decorate the pastry sides after 
unnioulding. the resulting pie 
can look just as impressive as 


one made in a traditional fluted 
mould. 

But the time consuming thing 
about making a raised pie is 
preparing the filling. This 
needs to be done before making 
the pastry and can lake an hour 
or so if poultry or game and 
a manual mincer are used. Ail 
sorts of meats can be used. 

The points to remember are 
to keep the filling succulent by 
using about one-third fat to 
iwo-thirds lean: to mince or 


chop the mfcats quite finely so 
that the cooked pie slices 
neatly: and to spice the mixture 
generously to allow For slight 
dulling of flavours when food 
is served cold. 

You also need to make a good 
jellied^ stock lo pour into the 
pie afftr cooking— to fill up anv 
gaps caused by meat shrinkage. 
The stock can simmer away 
while you prepare the filling 
and bake the pie but I prefer 
tu make it a day ahead. 


For the stock: bones and 
rind from the meals used for 
the filling, 2 pigs* trotters or 
a knuckle- of veal, -\ onion 
studded with 2-3 cloves. 1 
carrot. 2 celery' stalks, 12 
-•* black peppercorns, a bouquet 
garni, a glass or dry while 
wine or elder (optional). 

Fur the til l mg: lj lb lean 
pork such as shoulder or 
spare ribs and { lb fatty pork 
such -a* belly (boned and 
rinded weights in both cases), 
6-6 or streaky bacon. I large 
crisp apple such as Granny 
Smith, Z onion. 6 juniper 
berries. 2 teaspoons 
Worcester sauce, I teaspoon 
thyme, t teaspoon each do- 
minion, nuuucs ami cloves, 
salt and pepper. 

For the pastry: l lb plain 
flour, 1 teaspoon sail, l -lb 
lard, I oz dripping or hatter, 

6 fl oz cold water, 2 eggs. 
Remove bones and rind from 
the meats. Put into a large pan 
with all other stock ingredients, 
cover with plenty of cold, water, 
bring to the boil and simmer 
for several hours to extract 
maximum flavour and gelatine. 
Strain, reduce to about pint. by 
fast boiling and season well with 
salt. If time permits, allow lo 
become quite cold you can 
•wrape off excess fat and check 
that it sets to a very firm icily. 
If necessary boost with aspic or 
gelatine powder. 

Cut half the bacon and 0 o< of 
.- lean pork Into match sticks trips. 
Mince all the remaining meals 
losether with, the apple and 
| onion. Thoroughly mix together 
' the minced aud- chopped meats, 
the crushed jumper .and all 
other seasonings Fry a small 
piece to check for ffavonr and 
? adjust as necessary. 

Break one of Hie egg yolks 
into 7 a large mixing bemi. 

Cover with the sifted flour and 
salt. Put Ihe chopped lard, 

dripping or butter, and waier. 
into a small pan and hear gently 
. until the fats have melted: then 
bring to a brisk boll. Pour -al 

once into the mixing bowl 


stirring with a wooden spoon as it nicely in the centre. Roll out 
you do so. When the mixture the lid, pli.ee on top of the pie. 
forms a ball leaving the sides sea! well and trim generously, 
of the bowl clean, turn out and Then gently ease the sealed 
knead lightly for 1-2 minutes to pastry edges slightly inwards 
make a smooth dough. Caver and upwards to make a rim that 
with the upturned bowl and stands proud of the mould. This 
leave for 15 minutes. ■ is important because, if the 

Meanwhile. lightly bat »s sealed against the 

thoroughly grease a pie mould « may stick as it cooks 

(or a cake fin with a removable ana subsequently tear during 
base measuring about 61 inches unnioulding. 
in diameter and 3 inches deep). Make a large steam hole in 
I don't bother to use the base the centre of the lid and hold 
of my pie mould: positioning -tt open by half-inserting the 
ib<* hinged sides on"' a roiled card. Add any left over 
bilking ir.iv provides a fine egfi white to the whole beaten 
barf and one which makes cg£ and use to glaze the top or 
umnoulding less tiddly. Even if Ihe pie. Decorate with pastry 
you do use the base of your trimmings and glaze again. If 
mould, it makes sense to place it “ sin S a cake tin, you can reserve 
bn a baking tray (tray not some of the decorations to add 
sheet): it will catch any drips *<> th e sides of the pie after , 
of fat that ooze from the pastry unmoulding, 
during cooking and cmiid save Bake for 20 minutes at 425 : F. 
you a tedious oven-cleaning sas mark 7, then for i; hours 
chon? afterwards. ' at 350 ‘F, gas mark 4, reglazing 

Heat the oven to A'l5 a F, gHs t,ie P ie lo P 8t regular intervals, 
mark 7; bear the whole egg ibr By this time the pie crast 




David Mellor, 4 Sloanc. Square. 
London, SWT, sells these oval 
moulds Of hand-beaten tin in 
ihree different sizes: J pint 
■»ize is 18.14. IJ pint size is 
£S.fi9 and 2i pint size is £10.21 
(p+p S0p for any size). 

The traditional method of 
making a pork pic was to 
raise the pastry case round a 
wooden pie mould like this 
'-ycamore one. 2 lh pic size 
costs Jt85 fp + p 95p). while 
the lib size Is £2.95 (p+p 
73p). 


CHICKEN AND HAM PEE 
■serves S-IO 

1 lb hot water crust pastry. Qe*h. I recommend ilatleson's 
i pint jellied stock. For the ,,Jd . smokey as an excellent 


Blazing: assemble a pastry should be set. Yen- carefully fijjj ng; i ib-i }fj ■> m raw - vheiue of ham. Use the ‘chicken 

brush, knife and rolling pteand ease the sides of the mould t (>hi ed , carcase plus trotters and sea- 

roU up u small piece of cart to away from the pie. Glaze the .J, . "J zoning to make the stock. Cut 

make a funnel. While the pastry sides of the pie and add pastry ? 0 " M 10 oz the breast meat into slivers and 

is resting far 15 minutes,. you -decorations if you like. Cover « Ib hard pork back fat. 2 o? chop the anchovies. Mince the 

will abo be able to wash up the the top of the pie with grease- can anchovy fillets, 2 table- remaining meats, including 

mincer ami oilier equipment proof paper if already suffi- spoons sheny. J teaspoon each vhidrenliverifavajlable.Other- 
used in preparing the filling. cieDpy browned. Return rhe pie freshly ground coriander, nut- v.u-e follow exactly the -ame 
Leaving a quarter uf ihe <o the oven, reduce temperature meg and cinnamon. { teaspoon merhod a& for raised pork pie 
dough tn keep wa«m under the to 325‘ F. gas mark 3. and cook ground doves. and pepper but go' varef ullv when adding 
upturned bowl, put tlie rest into for a further 30 minutes. A bird weisbine about V. Ib salt because of’ the anchovies 

the mould. Use your hands to Carefully • pour into the W *D yield the right amount of and ham. 

.shape ii over the base then cooked pie cnuugb of the stock — — - 


work it gradually up tho rides to fill any gaps. The stock 
of the- mould and extend it .should he cool but not set: if 
nearly half an inch above, the you made it a day ahead, you 
rim at the lop. Trt* to work will have to melt it again 


RABBIT PIE WITH PRUNES 
serves 8-10 . 


fairly quickly, pre-wing lightly gently, a jam funnel is useful l lb hot water cm-* pastry, between 2 and 3 lb— it depends 

S i' nr! using a large spoon ■ pint jellied stock. For the un whether you buv meatv 

the pastry limns ns Miiooth i and instead of a Jug means-you add tj lb ^*, 1 . and saddle pieces onlv o'r whole 

wen as: possible: the slightest the .liquid io a slow trickle ?*** rehbit which inclul/ih/hr.nv 


wen as possible: me sugmest the liquid io a slow trickle , ... , * “ rahbit which include< the hr.nv 

epek will encourage precious which i juimises the chances of * ^ ^ J f P 01,15 l hftDWl f 0 re+nd a s welL Hare can- be 

mom juices tu leak out durm a flooding. vei ^ in both esoes). 6 oz Usod m&lead 0 f r " b a b ^ ^ lh T r 

cooking: a thin patch of wall y se a s j JW: and a nieta ^ streaky bacon. 12 prunes. 2 way, use the bones plus trotters 
may collan.ir when toe pic is spatula to transfer the pie to a leaspoo, s thyme. 1 teaspoon and seasonings to make the 
unmouldcd. . • sen-ing dish. Put it in a coo! each ma.'joram and cinnamon, Soak the prunes nver- 

As an added precaution larder and serve next day. i teaspom each nutmeg and nisht in cold tea. drain stone 

against seepage, brush the'.Don’t attempt 'to cover the pie cloves. Ue finely grated zest and ehop. Cut the bacon into 

pastry lining al! over with the until it is completely cold— of an orange, plenty of salt niatchstick strips, and mince 

loft over egq white. Then spoon and this takes hours— or con- and pepper. all the remaining meats. Other- 

in the filling, packing it well densation will turn the pastry To get I Ob net weight of rah- wise proceed as for raised porfc 
irito the corners and mounding unpleasantly soggy. bit meat you will need to buy pie- 



First class mail 


STATIONERY has been getting steadily 
prettier over the years (though not, unfortu- 
nately. any cheaper). Once upon a- time 
Basildon Bond was the height of most people’s 
epistolary ambitions and elegant though it still 
is, ii's nice now that there’s lots more variety. 
Instead of being restricted to a choice of while, 
cream, or shades of blue or grey you can now 
have your very own paper in crimson red, 
sludgy green, creamy yellow. You can have 
it with or without borders. You can have it 
elegantly simple with just yuur address printed 
cleanly across the top, or more extrovert souls 
can go for a richly decorative border or enig- 
malic ones can opt for writing paper that is 
simply initialled. 

Though the range of choice has been ex- 
panding all ihe time, you usually had to chouse 
between ordering your own headed writing- 
paper from a fairly narrow range of colours 
and patterns or buying one of a pre-packed ' 
range of pretry but impersonal designs that 
were, inevitably, available to many others in 
just such a form. 

Pick & Choose Papers is a new enmpany 
that has had the hright idea of offering and 
expanding the range of both the pre-packed 
and the speeiai order market. For instance, 
if you want to walk into a shop and pick up 
a pack of beautifully-designed, unusual writing, 
paper then you can d» so— you aim for their 
•• Insram Delights ” section and choose a pack 
uf 2V full-size sheets nf writing-paper and 
matching envelopes in a wide variety of styles. " 
There are simply initialled sheets of paper 
with very, elegant steel-grey envelopes. There 
are papers with borders ranging from the 
highly ornamental to the very restrained and 


elegant. A pack from this range will coa ' 
£J.90 and they can he found at the Genera^ \ 
Trading Company, j+j Sloane Street. London * 
SWl: Partners. Star House. Barnard Castle-^ 
Co. Durham or from Eggleston Hall, Barnarl^- 
Castlc. ' 

if. however, you want something designed - ; 
;pccially for you then at the same shops you"; • 
can thoo&e your own typeface, border design. • 
initial, etc., and devise something special for 
yuur needs. The range of possible cambina- 
lion» i* so large that l defy anybody not to 
Hnd something they like among ii. You can '■ 
i.rder the individually-primed papers from any — 
uf the shops already mentioned, all nf which." _ 
i-arry a special display which makes jt eaiy." 
to assess the numerous possibilities. 

If you aren't near any of the shops yniT 
can order by mail. If you send your name 
and address to Pick & Chouse, 43 Markham 

Square, London SW’3 and enclose 50p (which 
i> refundable on ordering) as well as lop for; 
postage, you will be sent a special pack wither 
a selection of papers to help you choose W’bat^.\ 
you'd like. There's a sample envelope, samples:. £ 
of seven letterheads primed actual size,’ 
swatches showing all the Conqueror papfefi _ 
colours offered, a typeface list and su on. Oncfer 3 
you decide to order delivery takes between^, 
two and three weeks, 7 

Anybody who hasn'i bough! sianonery for " 
a couple of years will probably be horrified at 
the co.-i but if you've been following the. 
fortunes of the paper industry you won’t be 
unduly surprised. Prices vary but tn give 
you J-oirie idea. 500 sheets, A4 size, printed 
with address starts at £71.74. 500 matchtty- 
envelopes are £15.69, 




10 


Financial* 75 vm Satwfey. 



Marvell at the British Library 


Faced with aa went like the 
Edinburgh Festival th e BBC 
goes agreably berserk. Everyone 
who is not on holiday scoots off 
fiorth with a Uner taper ecorder 
and a nebulous brief to get in 
on .the act and interview some- 
one. The someone usually turns 
Out to be Peter Diamond, the 
retiring director of the Festival, 
Ajndrew Cruickshank, the presi- 
dent of the Fringe, or David 
Daiches, who has most oppor- 
tunely published a history of 
Edinburgh (Hamish Hamilton, 
£7.95) this week, and has reaped 
the rewards media-wise of good 
timing. 

-It must have taken a certain 
amount of courage for Sir Peter 


ANTHONY CURTIS 


£38 



to say that he regarded his 
greatest achievement during his 
long tenure of office that of 

inducing several Edinburgh 
restaurants to stay open late 
enough for people to be able to 
have dinner in them after a play 
or a concert His long reign has 
surely brought more benefits both 
visible and invisible than that 
3ut Mr. Daiches, who is an Edin- 
burgh man and a more f.uent 
interviewee, tended to agree that 
the long-term impact of the 
Festival upon the city had been 
more gastronomic than artistic. 

- It was left to Mr. Cruickshank 
to wax lyrical in a most rhap- 
sodic vein about Fringe per- 
formers who have taken quite a 
few Knox — sorry ! — from the 
more repressive elements among 
the locals. Having just come 
back from holiday in Scotland 
myself, I can testify that the 
Scottish embrace of the tourist 
is now wholeheartedly efficient 
and extends to remote regions 
of the Highlands and Islands 
where continental coaches and 
caravans are now as frequently 
to be seen as those from the 
North of England. My party 
was unable to land on Staffa 
because it was no choppy and 
had to be content with a view 
of Fingal's Cave from afar. How- 
ever, a Japanese television film 
crew had succeeded in disem- 
barking and waved to us; they 
were merrily at work, awash 
with spray. 


Peter Diamond 

To return to radio, these 
Edinburgh interviews began 
with Richard Baker up there 
for Start The Weefe on Monday, 
continued intermittently in a 
regular slot by Helen Palmer on 
Today, and then west on again 
in a series of Kaleidoscope 
reports which are still con- 
tinuing. Too much of a good 
thing ? Well not really when 
you consider that the Festival 
puts on such a huge number of 
shows and lasts for three weeks 
— Peter Diamond strongly 
resisted the suggestion put for- 
ward by one interviewer that it 
should be cut back to a fort- 
night. The BBC coverage would 
have worked better if it had 
been planned by one mind only 
and had been less haphazard and 
repetitious. Don't they realise 
that we all listen to all the same 
programmes? At least Kaleido- 
scope made some kind of effort 
to develop a theme: on Wednes- 
day it was the art of Eastern 
Europe, with Eulgarian Icons, 
Janacek’s music and Gogol per- 
formed by the Malaya Broanaya 
Company. Some choice excerpts 
were offered with Michael Oliver 
to squeeze the lemon over the 
caviar. 

For any listener suffering from 
Festival itis, cultural indigestion, 
there was a restorative to hand 
in Something To Declare (Radio 


4, August 23) with the bland Andrew Marvell is not an easy 
Sassenach tones of Thomas personality to encapsulate. 1°' 
Hinde, the novelist and the Irish evftably the bon mot by Jobn 
brogue of Dervla Murphy, the Aubrey, writing In the post' 
bicycling travel writer. What Restoration period, sticks in the 
this pair had in common was — mind: “He was m his conver* 
as Christopher Matthew ex- sation very modest; and of very 
plained — that they had both few words; and though he loved 
travelled in foreign parts on a wine be would never drinke bard 
donkey. However, in the tinder- in company." The Marvell 
stated but candid discussion to Aubrey knew was the man living 
which they contributed, the per- on into the corrupt world of 
son ali ties of their mules did not Charles II's court, a sober, daii- 
come through, as in RLS. The ful member of Parliament for 
personalities of their children Hull whose bitterness against the 
whom they both bravely also re-established regime was 
took with them would keep covertly let loose from time to 
breaking in. time in the form of lampoons 

The Hinde brood were ill with and satires. It is, however, the 
food poisoning at one point but J' oun S Marvell I really wish 
like the Murphy * 1 they made ^ Tgo'J™. 

their own toys out of sticks and i£d it \ s this man that I went 
stones which proved more fun in search of at the British Lib* 
than cotranereial ones. Even in razy’s tercentenary exhibition. 
the desert I think mine would How incredibly well it briccs 
want a sand wedge and Scales- t0 m,nd *&• dilemmas of the 

trie. Who cm foil to .dmirc 

. _ . , , centur> England, xt was an 

such extensive wanderings en of decision about belief, about 
famine * n Europe and the Indian society, about knowledge. Even 
sub-continent? with all the traumatic changes 

India loomed » g «l« large and since 1945 the established classes 
tragic, in The Amritsar Mas- tl “ 3 country have never been 

n- » “ ^on audio 

4. August -3). This feature canism, Presbyterianism or sec- 
traced tbe events which led to tarianiam, monarchy, and if so 
a show of violence on the part of what sort, or republicanism, 
of tbe representatives of the and again of what sort. And. 
British Government in April. « 

1919. a decision which was as the^ncjdopaedie rtJuetSre of 
far-reaching and, traumatic in it* late renaissance though^ with its 
consequences as Suez. Amritsar obsession with hermeticism and 
also marked thhe emergence of occult influences, gave way to em- 
Gandhi and the tradition of Piridsm and scientific inquiry 

□on-violent protest. It was all ,^ X ^f| riin f Q , t ' r tt i. , 

,, „ Uaryeli came of Puritan stock, 

started by the unfortunate son of a lecturer at Hull, a 

Brigadier General Dyer who lecturer being a preacher ern- 
ordered his men to disperse a ployed to make good to tbe ti«- 
crowd by prolonged shooting and vout tbe shortcomings ,of the 
who devised humiliating punish- established clergy. Young 
ij. Marvell went up to Cambridge, 
ments for the Indians. He was tQ college, a mean be- 

iater arraigned by the Hunter tween Puritan Emmanuel and 
Committee and after a Parlia- High Church Peterhouse. Even 
mentary inquiry, involving the chapels of Cambridge were 
Churchill and Secretary of State being beautified under the im- 
for India, Montasu. ii.ie.ed of B?iSSg- w“h 

his responsibilities. Francis tte atmosphere of the lyric 
Y/atson did all he could to be poetry of the cavalier era. must 
fair to him, but even when have made a tremendous impact 
engagingly impersonated by John on this north country lad whn. 
Carson he made a poor showing, for a brief moment went over 
He died a disappointed man; to Rome, a path .which his con- 
Gandhi s hour had struck. Renu temporary Crashaw at Peter- 
Setna brought the Mahatma to house permanently took, 
life with abrasive dignity. This was but momentary, ror 

I cannot help feeling that the remainder of his life he had 
Amritsar would make an even a decided aversion to “ popery." 
better play than The Rear There is no indication as to 
Column episode in tbe Congo whether or not be fought In the 
with which it has much in Civil Wars but it seems that, like 
common. The historical scholar- the young Evelyn, he went 
ship in this programme was abroad, probably to the Low- 
impeccable and so were the inter- Countries and certainly to Spam 
miltent moments of theatre, and Italy, where tbe wonders of 
thaDks to an experienced team the great renaissance gardens 
of actors directed by Christopher with their avenues and vistas. 
Venning. noble staircases and incredible 


grottos, spaifciing fountains and 
thundering C3.?cades made an 
indelible impression. 

On his return hs made his 
debut as a cavalier poet compli- 
menting “his Nobie Friend.” 
Richard Lovelace, oa the publica- 
tion oi his poems and, ia the 
summer of 1650. producing his 
Ode upon Cromwell's return 
from Ireland, an astounding and 
perfectly balanced piece of 
political poetry :n which Crom- 
well the soldier is seen to be 
replacing in fc:5 strength and 
decision the magic mythology of 
kingship by Divine Right. The 
latter had found its ideal means 


EXHIBITION 


ROY STRONG 


of expression la the masques in 
which Charles I presented him- 
self to his court as God oa 
earth. No wander when Marreli 
penned his . celebrated lines on 
Charies I it was as an actor that 
he saw him esgased in a masque 
or dewith: 

That thence the Rental Actor 
bom 

Tbe Trcgich Scaffold might 
adore: 

tvhile round the armed Bands 

Did clap their b’oedy hands. 

He nothing common did or 
mean 

Upon that memorable Scene.... 

And how right that tbe kina 
should have been executed in 
front of the very building, the 
Whitehall Banqueting Hcuse. in 
which he had. so defiantly pre- 
sented himself as dens cr 
machine, and in which Rubens 
had depicted his father circling 
upwards into the empyrean. 

Control of the pyscfce by 
maklng it respond to artificially 
created environments was part 
of the make-up of the early 17 in 
century mind, whether in its 
use of optical illusion in paint- 
ing, of startling perspective and 
light and shade in architecture, 
in miraculocs transformations in 
the theatre or in the planned 
surprises of a garden. It is in 
these areas that tbe use cf 
elaborate machinery was 
developed aod applied in the 
late renaissance, to the con- 
struction of moving allegorical 
tableaux by which an educated 
onlooker was meant to appre- 
hend some philosophic truth as 
gods descended on clouds on 
stage or a thunderstorm was 
simulated by means of 
hydraulics in a garden grotto. 
And yet the machine was aLo 
scientific and, shedding its 
symbolic overlay, looked forward 
towards the Royal Society acd 


the Industrial Revolution. Is the 
garden, too. the world changes 
from viewing the plants afi 
symbols of virtues to be learned , 
to studying them u botanical 
specimens With medicinal 
properties. This was part of the 
great revolution of the mind in 
the 1 7th century as magic gave 
way to science. Marvell catches 
all this in bis Upon Appleton 
Honse, to my Loud Fairfax. 

In the early fifties ha became 
tutor to the great lord's 
daughter. Lady Mary, of Whom 
there is a charming miniature 
by SamueL Cooper. Fairfax had 
retired from public life after the • 
execution of the king. (His wife 
had made The famous interven- 
tion from thn gallery during the 
trial.) Marvell’s poem uses the 
house, its gardens And the estate 
as a microcosm of England and 
of the family and his own ideals 
and dilemmas. That be chose 
lamed and untamed nature as 
a vehicle for a political and 
social commentary is reflective 
of an era and an «ttttud& 

Following in tbe wake of 
Italian mannerist gardens. In 
which cultivated nature arranged 
in conjunction with fountains, 
slaluary and buildings was 
deliberately designed to be read 
as a coherent symbolic pro- 
gramme. Marvell applies the 
same way of looking at a rather 
old-fashioned Yorkshire manor 
house and its surroundings. Tbe 
result is not only one of the 
most exciting poems of the 
epoch but one in which we- see 
the Englishman’s cult of bis 
country bouse and its environs - 
as a reflection of both his public 
and private commitments which 
was to reach its zenith in the 
next century. 

A genuine admirer of Oliver 
Cromwell, he seems never to 
have anticipated the return of 
tbe monarchy but pressed for 
government employ, first as 
tutor to tbe Protector’s ward, and 
later as Latin Secretary, a post 
which be occupied for two years 
and paid for forever after. His 
role as Cromwell's laureate, for 
he admired the man, belongs to 
the wider world of the re- 
creation of a sub-monarchial 
mythology for the Protector and 
his “court". For they too were 
creeping back to the masque 



Andrew HtwII 


world of the 1630s in tbe pastoral 
entertainment be wrote for the 
marriage of tbe Protector's third 
daughter nod in bis poem. The 
First Aimiremm of pie Govern- 
ment Under His Highness The 
Lord Protector. 

Alas, he was too closely asso- 
ciated with creating the " magic 
qf this momentary regime to 
survive 1660. Apart from bis 
touching defence of Milton, I 
personally find this end of his 
life less' interesting with its 
endless satires whose authorship 
remains in dispute. An exhibi- 


tion of this sort arranged, in the 
manner first evolved at tbe 
National Portrait Uailer? In Thu 
earlv sixties u a pleasant 
reminder of one person’s life, 
their appearance, their, works, 
their environment. Xt is hot the 
best designed exhibition that I 
have seen, rather a quart in a 
pint pot (and the banging and 
lighting of the famous JrtarveN 
portrait Is a real disservice) but 
its contents arc fascinating. It w 
thoughtfully presented and there 
is a good catalogue by Hilton 
Kelli her. 


UK TOP a (home* vtawtW m) 

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A Mohan ratios 1* am a nnmertcal 
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t indicates progrumr.ie in 
hluck Mid while 

BBC 1 

7.15-sr.O am Open University 
(Ultra High Frenquencj’ only). 
B.eo Ragtime. 9.13 Scooby Doo. 
3J5 Why Don’t You . . . ? 10.00 
Koekface 1l0iS Charlie Chaplin 
in “ The Count." tl05S Laurel 
and Hardy in "Chickens Come 
Home". 1153 Weather. J125 
Cricket: Third Test— The Com hill 
Insurance Test Series: England v. 
New Zealand. 

12JI0 pm Grandstand: Football 
Focus U^-So 1 -: Crickel: Third 
Test (1.00, 253. 2.55) England 
v. New Zealand: Rugby Union 
1 1.30) N«nv Zealand v. Austra- 
lia (highlights): Racing from 
Goodwood 11.40, 2 10, 240): 
Swimming (1.35. 2.55) World 
Championships; Show Jump- 

•• fng (2.55. 4.15 » Lambert and 

- Buller Tankard; 4.40 Final 

; Score including classified 
football results, racing results 
and latest scores. 

3.15 Tom and Jerry. 

5225 News. 

5.35 Sport Regional News. 

5.40 Wonder Woman. 

6J30 Saturday Night a T The 
Movies: “ The Bridses at 
Toko-Ri" starring William 
Holden and Grace Kelly. 

S.10 Seaside Special. 

9.00 Star sky and Hutdh. 

9.50 News. 

10.00 Match of the Day. 

U.00 The. UK Show. 

11.40 Leaving Lily (Ghost story). 

All Regions as BBC-1 except at 
the following times: — 

WALES — 5.50-0.15 am Hobby 


Horse.- 32.13- <uc New*, and 
Weather for Walcf. 

SCOTLAND — 4.55-5.15 pm Score- 
board. 5-35-5.40' Scoreboard. 10.00 
Sportscene. 10 JO-1 1 . 00 McCal- 
mans. 12.15 am News and Weather 
for Scotland. 

Northern Ireland— 5.00-5.15 pan 
Scoreboard. 5J5-5.40 Northern 
Ireland News. 12.15 am News and 
Weather for Northern Ireland. 

BBC 2 

7.40 am-2.45 pm Open Univer- 
sity. 

2.50 Saturday Cinema: “ Doctor 
in Clover." 

4 JO Cricket Third Test— Eng- 
land v. New Zealand. 

6.45 Network. 

7.15 News and Sport. 

7 JO The German Lesson by 
Siegfried . Lenz. 

925 Magoo on 2. 

9 JO Cricket: Third Test High- 
lights. 

f 10.00 Monster Double Bill: ” King 
Kong" starring Fay Wray. 

11J5 News on 2. 

1L40 Monster Double BUI: 
** Superbeast " starring 
Antoinette Bower. 

LONDON 

9.00 am The Saturday Banana 
with Bill Oddie, part 1. 8J5 

Sesome Street. 945- Tbe Saturday 
Banana, part 2, 10.15 The 

Monkees. 10.45 The Saturday 
Banana, part 5. UJ0 Space 1999. 
12 JO pm World of Sport: 12J5 
Headline: 1.15 News from 

TIN; 1 J 0 The ITV Six— !J0, 2JK) 
and 2J0 from Newmarket; 
1.45, 2.15 and 2.45 from New- 
castle; 3.00 International 
Sports Special: Motor Racing 
—European Formula 3 Inter- 
national from Donington, 
Leicestershire: 3J0 Half-time 
Soccer Round-up: 4.00 Wrest- 


. lingu 4J0. RasultiuServicn, . 

5.05 News. 

5-15 Mr. and Mrs. 

545 Laverne and Shirley, 

SJ5 The Masterspy. 

7.00 The Life and Times of 
Grizzly Adams. 

8.00 3 - 2 - L 

9 JO Villain (part 1) starring 
Richard Burton and Nigel 
Davenport 

10.90 News. 

1BJ5 “ Villain " (part 2). 

2LOO World Swimming Cham- 
. pioraships. ' 

3L30 Revolver. 

12J5 am Close— A painting by 
Goya set to the music of 
Juan Martin. 

All 1BA Regions as London ex- 
cept at the folio wing times— 

ANGUA 

M Ui Undersea World of Cantata 
Nemo. SJS The Neat Week Show, ma 
Tartan. SJ5 an Happy Days. 545 GamWL 
17-15 am At Tbe End Of The Day. 

ATV 

90S am , n»a Sea. 9-58 Sesame Stmt 
10J8 Tbe ATV Saturday Morning Picture 
Show, less "The Fast Lady." starring 
Julie Christie and Stanley Baxter. 5J5 
ptn The Life And Times Of Grizzly 
Adam*. 7JM Mr. and Mrs. 73» Father. 
Dear Father. 448 Saturday Cinema: 
"Ransom For A Dead Man." starring 
Peter Falk 'part 1». mis Saturday 
Cinema icon turned), ” Ransom Far A 
Dead Man." 

BORDER 

1U8 am Boses Cricket. MJ pm Oh 
No It's setwyu Fruggttt. 7.M The 8 Ionic 
Woman. 

CHANNEL 

1231 pm Puffin's Plifllce. SOS Backs 
To The Land. 5.45 The Masterspy. *J0 
Tbe Biotuc Woman. 730 Father Dear 
Father. 1X30 George Hamilton IV. 
3230 am The Electric Theatre Show. 

GRAMPIAN 

035 ma Scene On Saturday fnrtadlnc 
Birthday Greetings and Coir Car. 3JUS 


Tbe White Stone. 1030 Captain Scarlet 
And The Mysterons. 1330 Dynomutt The 
Dog Wonder. UJO Space 1S». 5.0 pm 
Happy Days. 1235 am ReHi-cnony. 

GRANADA 

530 am Sesame Street. 1035 Broken. 
1035 Roses CnckeL Lancashire - York- 
shire at Old Trafford. pm Hapoy 
Days 7.00 The Bluiuc Woman. 12.15 am 
GAhsriBe. 


HTV 

035 am Old House. New Home. 3815 
Batman. 1330 Beachcombers. 12J» Lassie. 
S3S pm Gallon and Sunpaon Plarhocsa. 

5.45 Happy Days. 

HTV Cymru /Wales As HTV General 
Serrioe except: 535A4S pm Sion A Sian. 

SCOTTISH 

5jO pm Phyllis. 32-15 am Late OIL 

SOUTHERN 

1330 am Taran. 3237 pm Regional 
Weather Forecast. 535 The Master Spy. 
MO Happv Days. 030 The Life And 
Times Of Grizzly Adams. 730 Mr and 
Mrs. 3235 am Southern News, 

TYNE TEES 

SjOO wm Lucan- 530 Tbe Paper Lads. 
M.M Cartoon Time. 1&50 Roses Cricket. 
730 pm Tbe Bionic Woman. 3330 Within 
These Walla. 3230 am Epilogue. 

ULSTER 

535 am Saturday Morning Uorte: 
" California Holiday,'' starring EMs 
Prehley. 33.50 Sesame Street. 5 jC pm 
Happy Days. 1033 Sports Results. 3230 
Carrolls Irish Golf 

WESTWARD 

1045 am SurvtvaL 1030 Loo it and See. 
1130 Gas Hooeytma'a Birthdays, 1X3S 
Code ' R 545 pm The Mast.r Spy. 
Mo Backs To Tbe Land. 03Q The Bionic 
Woman. 730 Father Dear Father. 1138 
George Hamilton IV. 3230 The Electric 
Theatre Show. 1230 am Falih For Lifa. 

YORKSHIRE 

540 am This Sporting Land. 1045 
Extraordinary. 1130 Roses Cricket. 
Coverage of the play between Lancashire 
and Yorkshire at Old Trafford. 5 45 pm 
Happy Dare. 730 Backs To The' i-mvi- 


7 JO Miss Yoritstaru Television 195S. 

RADIO I 247m 

(Si stereophonic broadcast 
Z Medium Wave 

5.G0 am As Rj'io ?. 830 Ed Stewart 
Si with Junior Choice. Ischriju 832 
Cross-Chum?: Moiorag lafonaiDoa. 
in.00 Adrtaa Juste. 1238 Paul Cambaec:3i 
131 urn Hock On (S-. Z30 Alan Frcor.an 
(S>. 531 Robbie Visccct mih soul and 
disco music «5'. 030 In Concern John 
MUes 'S.. 730-232 am As Radio 2. 

RADIO 2 1.500m and VBF 

530 am ;.'ews Summary. 5-02 Tom 
Edwards vth The Eariy. Show tSi, 
tpcloduig 8.03 Racing En Uedn. S.OO As 
Radio 1. 10.02 Tor3 Brandon «S . 3232 pm 
Tn'i Best «S>. 132 OfTbeat WiHi 

Braden iS>. L3MS Sport 0= 2: Foot- 
bah League il.3P, 2.(0. 2.59. 3.42'; 

Swimming >lio. ;.sn. 5.00] World Ccim- 
Bionsiups: Cricket: Third Test iL39. 240. 
430. -t-50. 5 45i; Ratang From Goodwood 
(130. 2.10, 240, plus results from other 
mectios* with a dassuled cheiS at 
4.50 1 J Equosmanism «130. 2.20. 2.50. 
5.00): News oi the V.'orid Cycling Cham- 
pionships. Motor Racing. Coif and Bowls. 

5.00 Sports Report: Classified Football 
checks at 5.00 and 5.45: Motor Sport at 
530. 033 Crass-ChanaeJ Uotoring InTor- 
nMiloa. 6 04 Pop Over Europe. 732 The 
Impressionists. 738 Sports Desk. 733 
Radio 2 Top Tunes rsj. 845 Brocade (Si. 
833 - Carlos Romanos and his Sounds 
Latin Orchestra in Band Parade iS>. 
930 Saturday Night with the BBC Radio 
Orchestra <S). 1132 Sports Desk. 1145 
Ray Moore %rtth The Late Show iSt. 
Inclndlnn 1230 Netrs. 2302.02 am Newts 
Summary. 

R.ADIO 3 461m, Stereo & YHF 

735 am Weather. 830 Nc-.es. 835 
Aubade 151. 930 News. 9.05 Stereo 

Release 1S1. 1035 Dvorak chamber music 
(S'. 1145 Cricket: Third Test. England v 
New Zealand including 135 News. 1.40 
Call the Commentators. 2.0C Lunch tune 
scoreboard. 5.40 Bclctan Wind Quimet 
(Sj. 730 Proms 73 part l: Beethmvn t5'. 
845 From Oxford to Nairobi tlaik by 
Ronald Preston^. 83S Proms 78 part 2: 
Miners tc. Rimsky -Korsakov (£1. 930 

The Summer Holds — Snapshots of 
Europe. 1046 Reger piano music (Si. 
UJS Sounds Interesting >5). U-45 News 
1130-1135 Tonight's Schubert Song. 

VHF— 630*30 am Open University. 
830 With JZW. XUS BBC Symphony 


Ordtestra (Si- ■ 138 pm News. 1-05 
Heritage. L2D Mozart and Brahms Violin 
a ad piano recital CS). 239 Man of Action: 
Raymond Mortimer chooses reconls. 
3J5 Music Of The Masters (Si. 530 Jaz? 
Record Request s. 5 35 VariatiOBS «•» 
Themes by Beethoven, concert, jart'l 
IS .. 0.05 interval Reading. 040 Concert. 
part 2. 030 With MW. 

RADIO 4 

434m. 330m. 285m and VHF 
030 am News 032 Fanning Today. 
638 Yours Faithfully. 635 Weather: 
programme news. 738 News. 749 On 
Your Farm. UQ Today's Papers. 735 
Yours Fmchlallr. 738 JCw A Bargain. 
735 Weather: programme news. 830 
News 840 Sport on 4. >jS Today's 
Papers. 050 Tour de Farce? 930 News. 
935 International Assignment. 938 Taping 
Law. 935 News Stand. 1045 Dally Ser- 
vice. 1038 Pick Of The Wjek. XL28 Time 
For Verse. 1130 Science Now. 12 80 News. 
1232 pm Away From It AIL 1Z2T The 
News Quiz 1S1. 1235 Weather: programme 
news. 138 News. 145 Britton on Britain 
• Si. 230 Bookshelf. 238 TWrty-Mtante 
Theatre. 530 News 535 Does He Take 
Suttar? 535 Music Of The Masters (As 
Radio 3). 5. DO Kaleidoscope Encore. 530 


A Little. N*ii: Exposure (SL 
Weather: ‘program roo news. 830 news. 
*45 Igton* Discs. * *St »W» 

: Cn.-»s Ptouswre 1S1. 730 These \on Havo 
Lo-vd (St. 8 30 Sansniay -Night Theatre: 
•• The Amazing Dr Qlneriuuse." by 
Barre Lj-ndoo. 938 Weather. 1MB News. 
1045 A Word In Edgeways. 1130 Lighten 
Onr Darkies. 1145 News. 1138 The 
Uaforsetnihloe (Si. 

Capital Radio 

194m sad 3L8 VHF 

030 am Kerry Juhj-a Sr-akf-tt Shew 
iSV 9.00 Capita) Comedown with MKn 
.Smith iSt. 1238 Kenny Everett (S) 

3.00 pm Afternoon De&ght with Duncan 
Johnson (S'. 000 Greg Edward’s Seed 
Spectrum (SL 938 Nicky Borne's 
Mummy’s Chart (SI. 1130 Mike Allen's 
American Dream (Si. 1238 Mike Allen's 
Backseat Boogie (S>. 238 am Ian 
Davidson's ttg ht Flight (S). 

BBC Radio London 

206m and 94 J VHF 
530 am Aa Radio 2. 732 Good Fishing. 

8 80 News: weather, truffle, shopping, 
sports news. <35 The Loudon Gardener. 
830 Saturday Scene. UJO T be Robbia 


Vtooem Saturday Show- 298 n Boh 
Pave) with London Country. *30 
Maryaite BiSwtr with CM* Vtk AM 
Sounds Good. 030-dow. J5 Radio S. 

London Broadcasting 

281m and 87.3 VHF 
538 an Morning Music. 000 AM; with 
tHcKte Arbiter 1B30 Jcllyttoos. 139 an 
Saturday Snort. MO After Sot. 030 Etartt 
and You with Hugh WTlIzms. 731 
Geet Uala-anadc. information. ' btter. 
n«wa in Hioduaunl. U8 Saturday UdMi 
938 Nlghtlipo- 130 ant Night Extra. 

CHESS SOLUTIONS 
Solution to Position No. 239 
1 R-QS eh! QxR; 2 R-R4, KxP; 
3 Q-R6 eh, K-Nl: 4 P-B6. KxP*. 
5 QxR eh, K-Bl; 6 KxP. Resigns 
because of the threat Q-N7 mate. 
An immediate 1 R-KR.4? fails 
to QxP. 

Solution to Problem No. 230 
1 N-KB3 (threat 2 N-QB3) and 
mate next move. 1 N-K6? fails 
to Q-Q7. 


WEEKEND CHOICE 


If the weather is Wad for 
once in this awful summer we 
may not have to retreat to tele- 
vision, but if the small screen 
does tempt you over the next 
three days it is likely to be 
particularly satisfying if you 
are a film fan. Three films 
being shown on BBC channels 
are vintage pieces. Today the 
original 1933 version of King 
Kong goes out at 20.00 on 
BBC 2. Dreadful timing, pre- 
sumably aimed at kids who will 
find the special effects very 
dated compared with Star Wars 


and even Dr. Who but who will 
not spot the significance of this 
fine picture. 

At least the same cannot be 
said of Butch Cassidy and the 
Sundance Kid which is slotted 
for 8.05 on Monday (BBC 1), 
a nice comfortable adult time. 
First timers might think it 
surprisingly slow for such a 
cult movie, but remember it 
started a long line in similar 
veia From this Alias Smith 
and Jones sprang, as did such 
pictures as The Sting, and even 
the TV series Starsky and 


Hutch, all of which quickened 
the formula without actually 
improving it On Monday, 
BBC 2 at 8.00 has Airport, first 
of disaster movies and made, 
like Butch and Sundance, in 
1989. Its ail hokum hut relax 
and enjoy it while others 
flounder in the queues at the 
real airports. 

For real television try You 
Are My Heart's Delight, ITV 
(Granada) on Sunday evening 
9.30. 

A.S. 


EMTEHTAaWEBENT 

GUIDE 

CC — Three thwirre acccM certain credit 
cards Ur tclechonc or a: the Bo* Ofl'CC. 

OPERA & BALLET 

COttStUM. C'rtlt ^arits. 01-2-J0 52SS. 

Rcservatian; 01-835 3161. 

ENGLISH NATIONAL OPERA 
Toniph: 4 Wed nv« at 7.30. New 
production el Se»er D«joIv 5>n* with 
Gianni SffiitCM. Tub. 4 Frl. at 

7.34: The Cdirtul 'this replaces scheduled 

pert, el Carmen' let furth»;r details nnfl 

c: -240 S750. Thur. nert at 7.30: 

CivaUtrla RusMsnaTjpllaccl. T04 
■MJrecY ««ts available from 10.00 <w 
divert Pen. 

ROYAL FESTIVAL MALL. «( 3191. 
Eva. 730. Mat. Saw- 3 .®s, 
LONDON FESTIVAL BALLET 
Ufttn Sept. 2: SWAN LAKE. Met. 

Labi'. TonijM Ruanne. 
SchasrfuM. sept j !S ! Mizjd 9 HI. 


THEATRES 

AMBASSADORS. «■ OI-»36 1171. 

Nightly at 8.00. Matinees Tues. 2.45. 
Saturdays «l 5 and 8. 
i PATRICK CARGILL >IW TONY ANHALT 
in SLEUTH 

The Wcvia-Famo.j-. Thriiim- 
by ANTHONY SHAFFER 
■■ Seelns the pla* as a*n is in fart an 
• utter a-!3 total lov." Punch. Se-t prices 
£2.00 and £4 aO. Dinner and top-price 

sea: £743. 


i APOLLO. 01-437 2663. Evenings 8.00. 
1 mSST Tlmrs. 3 OO. SaL 5 OO and O.OO. 
DONALD SINOEN _ 

- Artor of tho year." Evenlrp ^Standard 
- IS SUPERB. ' N.o.W. 

SHUT YOUR EYES AND 
THINK OF ENGLAND 
" WicitediY ftrenv.- Times. . 


? THEATRES 

PBLDHI -THEATRE. CC. _01-BSE 7ST1. 
jSri 9 WEEKS. MUST END OCr. Id. 

7 Sfl Mats. Thurs. 3 0. S.it. 4.0. 
i» IRENE IRENE IRENE 
‘. THE BEST MUSICAL 
V e* 1977 and 1P7S 

• tRSME IRENE _ IRENS „ 

‘«1QN=0N S BEST NIGHT OUT," 
Sunday People. 

CREDI T CARO BOOKINGS 836 7611. 

LBERY. 830 3CT8. Credit card bkQS. 
IJB --S 07 1-3 from 8. SO am. Party rate* 
MOILS Tjes.. Wri. and Fri 7^& p*. 
Thur:. and Sat. 4.30 and B.OO. 

A THOUSAND TIMES WELCOME IS 
'ilOVFL BAHT'S 
-.« OLIVER 

1 MIRACULOUS MUSICAL." Fn. Timas. 

■ CofiffDEK YOURSELF LUCKY TO OE 
>bCCtO SE E IT AGAIN,” Dally Mirror. 

LDVWCM. 8 M 6404. Into . BJS S3 32. 
™ Full/ air^ondltioeied 
RATAL SHAKESPEARE COMPANY 
in rwertow 

1 ANN BONNET AND MARY 

more fun and tbwffht-PWoLmn 
nanvtlilno e4M W the Wret End atace* 
wr-.ta COMOLANUS Wt 
SSfaSd 8.MI Prtt*. strfnduero'f THE 
Mflr of DEATH ' -rom Thun .i. NOW 
mSLc fcrAS YOU LIKE ft f.nm 
RSC also at THE WAREHOUSE 
. Udder Wi. 


i ASTORIA THEATRE. CC. Chjrlna OOH 
: Bead. 01-TJ4 A291. Mon. -Thurs. 8 pm. 
I Frl. and Sat. 6 00 airl S.4S. (Buffet 
I food aeaHable.'. 

ELVIS 

' “ Intectltua. appealing, (ant ttamplne and 
heart-thumpins." Qh&en-r. Seats £2.00- 
£6. 00. Hall-hcjr before show best avail- 
able seats £5.00. Mon. -Thurs. and Frl. 
<j pm pen. only. 

BEST MUSICAL Of THE YEAR 
EVEMINC3 STANDARD AWARD 


THEATRES 

DUCHESS. U3S 8243. Mon. to Ttnira. 
Evealnsa 8.00. Frl.. SaL 6.15 and 9.00. 
OH! CALCUTTA! 

" Tbe nudity is stunning," Dally Mall. 
9th Sensational Year. 


I THEATRES 

JCAMNETTA COCHRANE. 01-242 7040. 
National Youth Theatre. A new plav by 
Peter Terson SOLDIER ROY. Eves. 740. 
(No Pert. Mon. i 


DUKE OP YORK'S. 01-836 6122. 

LAST PERFS. TODAY 3 0 8 
JOHN GIELGUD 
In Julia Mitchell's 
HALF-LIFE 

A NATIONAL THEATRE PRODUCTION 
"BnHianthr wtttv . . . ito one should 
miss IV* Harold Hobson i Drama'. Instant 
credit card reservations. Dinner and 
Top-priCe seats £7.00. 


DUKE OF YORK'S. CC. 01-836 S1Z2. 
GOOSPELL 

Transferred from the Shaftesbury Tncatro 
for a further Ltd. Season. Opens AUO. 29 


CAMBRIDGE- . CC 836 CC56. Man. to 
Thurs. 8.00. Frl and Sat. 5.CS and 8.30. 
ISM TOMBl 

Ext m ns Slack Ah-'can Musical 
•• Packed with variety.'' Daily Mirror. 
Scat prices £2.00-£S.OO 
THIRD GREAT YEAR 
Dinner and top-price scats £8.75 litd. 


CHICHESTER. 0243 HI 31 2. 

Today i' 2.00. Au«. 29 at 7.00 
THE ASPERN PAPERS 
Ton rout. Aufl. 2a A 30 at 7.00 
LOOK AFTER LULU 


FORTUNE. 836 2238. En, 0. Thun. 3. 
Saturday 5 00 and 8.00. 

Muriel P avion as MISS MARPLE In 
MURDER AT THE VICARAGE 
FOURTH GREAT YEAR 


GARRICK THEATRE. CC. 01-836 4601. 
Eve*, a. IS. Wed. 5.0. Sat. 5.30. 840. 
TIMOTHY WEST. GEMMA JONES. 
MICHAEL KITCHEN 
in HAROLD PINTER'S 

THE HOMECOMING 

"BRILLIANT. A TAUT AND EXCEL- 
LENTLY ACTED PRODUCTION." O. Tel. 
"AN INEXHAUSTIBLY RICH WORK." 
Guardian. NOT TO BE MISSED." Timed 


GLOBE THEATRE. 01-45? 1592. 

Eves. 8.15. Wed. 3.0. Sat. 6.00. 8.40. 
PAUL EDDINGTON. JULIA McKENZIE, 
BENJAMIN WHIT ROW In 
ALAN AYCKBOURN'S Ne» Comedy 
, . TEN TIMES TABLE 

i ' Tins must be the ItappNst lausMer- 
maLer in London/' D. Tel. "An irrretn- 
ibly onloYnWe evening." Sunday Times. 


COMEDY. _ 01-930 2570. 

Eves: Mon. -Frl. 8.00. Sit 5.00 a 8.50. 
Mat. Tltur*. 3.00 
EDWARD WOODWARD 
BARBARA jEPFORD In 
THE DAtaC HORSE 
bv Rosemary Anne S'raon 
“Excellent family oMertairmeiK anyone 
or any aoe •* Irtehr In enjoy," S. Tci. 
"Damned n«l ™nw. ’ Sun. Times. 
“Amertearo will leva It Gdr.. “A bush 
a rrlmite. 1 ' D. Te*.- OpportunlUea bril- 
liantly sel»d tar orst-rate cast A most 
attractive and entertain I ns evening/- E.N. 


GREENWICH THEATRE. 01-85* 77SS. 
WILLIAM DOUGLAS HOME'5 
Newest play 
THE EDITOR REGRETS 
Evenlnes 8.00. Saturdays S and S. 
No perl. Bank Holiday Mon. 


; CRITERION. 930 3216- CC 836 1071-5. 
1 Zvfli. 8.0. Eat. 5.30. 8.30. Thurs. S.tT 

NOW UisKt 5S5fB& VE « 

in SIX OP ONE 

A HALF-A-DOZEN HILARIOUS YEARS 
■■ Very tuner. Sun. Tel. 


Kay market. _ 93 a 9853 . Era*. 8 . 00 . 

Wednesday 2JO. Saturday 4.30 A x.oc 
j . PAUL SCOFIELD 

HARRY ANDREWS 

ELEANOR BRON, TREVOR PEACOCK 
1 and IRENE HANDL In 

A new play hy RANALD HARWOOD 
Directed tar CASPER WREDE 
'An admirable Play, honest, m^i con- 

eehreti, property worked out. fresh ty and 

fittingly written, richly aatistylno. Paul 
ScoftQld at his beat." B. Levin. 5 . Times! 


S THEATRE. 01-838 2132. 

HDfeflaiif . - - i« ft- Scndftv ■ — w- ^ 

Thursday 8.50. Friday and I " A rare, dera Staring. tovBin. ostonishlno 
“■laSrday at7:0B and O.fiT l stunner/' Sun. Times. 3rd GREAT YEAR 


DRURY LANE. 01-8SB Bias. Mon .to 
Sat. 8.00. S-r- 3.00. 


HER MAJESTY’S. CC. Qf-930 6808. 

Evening* BJ». 5sts. 3.0 & 

8.0. 30tlt Aug 7.0. Sub. 8.0. Thur. A 

"INSTANT ENCHANTMENT." Observer. 
. _ THE MATCHMAKER 
A Comedy bv Thornton Wilder. "It oca 
down wttti a deserved roar at delight.-* 
□. Tel. For a limited season until Ocu 1 4. 



KING’S ROAD THEATRE. 01-352 7488. 
Mon. to Thurs. 9.0. Frl . Sat. 7.30. 9.30. 
THE ROCKY HORROR SHOW 
DON'T DREAM IT. SEE IT. 


LONDON PALLADIUM 01-437 7373 

Monday next tor 1 week only 
Twice Nlphtlv 6.15 and 8.50 
GLADYS KNIGHT 
AND THE PIPS 


LONDON PALLADIUM. 07-437 7373. 
September 4. For one week enlr 
THE MAX BYGRAVES SHOW 


LONDON PALLADIUM, 01-457 7373. 
SW. 25. For One Week Only. 

• LENA MARTELL 
MICHAEL 8ENTINE. WAYnE KING 
LYRIC THEATRE- 01-437 UH. En. SJ). 
Mat Thirri. 3.0. Sat. S.O and 8.30 
JOAN FRANK 

PLOWRIGHT FILUMENA f,MUW 
by Eduardo Oe FIIFopq 
D irected by FRANCO ZEFFIRELLI. 
-TOTAL TRIUMPH." Ey. New*. "AN 
EVENT TO TREASURE." 0. Mir. " MAT 
IT FILL THE LYRIC FOR A HUNDRED 
YEARS.'* Sunday Times 


MAYFAIR. S29 3036. Air cond. En. B.O. 
sat. S JO and 8.30. Wed. Ma:. 3 OO. 
WELSH NATIONAL THEATRE CO- 
DYLAN THOMAS'S 
UNDER MILK WOOO 


MERMAID. 01-248 7656. Rnuurapt 
24B 2S3S- Evenlnaa 7ZW and 9.15 
EVERY GOOD BOY 
OESERVE5 FAVOUR 
A play lor actors and .orchestra by TOM 
STOPPARD and ANDRE PREVIN. Seats 
S4. £5 and £2. NO ONE WHO LOVES 
THE ENGLISH LANGUAGE AND THE 
HIGHEST COMIC ART CAN POSSIBLY 
MISS THIS PLAY.- S. Times. "At last 
a meaningful and bHBiant and sedoua 
poIRlai play." Clive Barnes. NY post. 
Run attended to S ep t e mber 30. 


NATIONAL THEATRE. 028 2253. 

2X5 * 

Lyttelton iprcicrrtura stag**: Today 
3 a 7.45 Mon. 7.4S. 

PLUNDER by Ben Tnwt. 

COTTESLOE ismali aodlioriumi! Pram 
Season: Eras 8 ■.until Sept. 2l THE 

PASSION. 

Many excellent cheap seats all 3 theatres 
day of pert. Car parte. Restaurant 928 
2033. Credit cant bkua. 820 3052. Air 
ConditrawnO. 


OLD VIC. 928 7416. 

PROSPECT AT THE OLD VIC (.prior to 
om JftrinbMb tatfnu Dera* Jacob* 
>n IVANOV 'Theatre at Its beat" D. Min. 
cnefcho*^ comedy, rath ctive ArrlnaoU. 
Brenda Bruce. Michael Demsoa. Louiie 
PuroeU. John-SjvtdJBIt and Jane Wymark. 
Today LU A 7.30. 


THEATRES 

OPEN AIR. - Repents Park. 456 2431 
A MIDSUMMER NIGHT'S DREAM. Last 
P£rts- Today 2.30 A 7.45. w::h RULA 
IAN TALBOT. ELIZABETH 
ESTEN5EN. DAVIS WESTON. 


PICCADILLY. From 8.30 a.m. 437 4506. 
Credit Card* 336 1071. Mon.-Thur. 8. 
Frl. & Sat. 5i 3 !S. Air und. "Domin- 
ating «>th unlettered suite and humour 
the BftOASWAY STAR." O. Exp. 
SYLVIA MILES 

^owtsrino performance." D. Mail. 

, , VIEUX CARRE 

"Works Lire magic." Financial Times by 
_ TENNESSEE WILLIAMS 
"There has hardly been a more satisfying 
evening m the WeK End ... the BEST 
COMIC WRITING IN LONDON." Ob;. 
"Sex running Mio an H-.-ctric current" 
Pla. Tnws "DIVINE INSPIRATION — 
AUDACITY. OF HIS HUMOUR — 
HYPNOTIC EFFECT/' D. Mail. 


THEATRES 

REGENT r Oxford ClreuSL 01-637 9867-3 
EVBL. 830. Mats. Frl. and sat. 6.00. 
TAKE THE FAMILY TO 
THE GREAT AMERICAN 
BACKSTAGE MUSICAL 
“ A little Iww t. Financial Times. 

“ Smart swell showr." Dally Express. 
“5o en| oyjble/' Sunday Time*. 

" Lyrics hava more elegance 
titan those for EVITA 
mule more bits 

than that tar ANNIE." Sunday Tofegraoti. 
Credit Card bookings-— Seats from SJ, 


PALACE. CC. 01-437 6834. 

Mon-Thun. 3.0. Fri. & Sat. 6 & 8.40. ■ 
JESUS CHRIST SUPERSTAR i 
bv Tltn Rice and Andrew Llcvd-Wsbber. i 


JtOYAL COURT. 730 1745. Air Cend. 
LAST PEftF. TONIGHT B.30 
Ann Bell. Peter Bowles, 

James Couira. Leonard Fenton 
and PAUL ROGERS 

In ECLIPSE 

by lelsb Jackson. "RefresWugly on. 
fash Iona ole and conspicuous hr inteta- 
HenL” Gdn. From 6 Sept. Nlcoi william- 
son In John Osborne's Inadmissible 
Evidence. 


PHOENIX. 01-836 2294. EvcnlffSS at 8.15. 1 
Mats. Wed. 3 0. Saturdays 6.00 & S 40. ! 
-TIM BROOKE TAYLOR. GRAEME I 
GARDEN oul» u* lauoh.” OaiUr Mad. I 
THE UNVARNISHED TRUTH 
The Hit Comedy bv Kovce Ryton. I 
■' LAUGH. WHY I THOUGHT I WOULD 
HAVE DIED. Sunday Times. "SHEER 
DELIGHT." Eva. Standard. •• GLOR'OUS 
CONTINUOUS LAUGHTER." Tlmca. 


PRINCE EDWARD. CC < Formerly Casinoi. I 
01-437 6377. Perlormancer this week. 
Eras. 8.0. Mat. Thur. 3.0. Sat. 3.0. 8.40. 
NOTE CHANGE OF SATURDAY PERFS. 
From September 2. S=:s. 3.00 and B-oo. 
EVTTA 

py llip Rice and Andrew Llard-WebbeT. 
Directed bv Harold Prince. 


SADLER'S WELLS THEATRE, Rosebery 
Are. 1837 18721. Eva. 7.30. Mat Sats. 
2.30. LAST EIGHT DAYS. 
MARCEL MARCEAU 
"SHOULD NOT BE MISSED* 1 Ota. 
CHANGE OF PROGRAMME FROM MON . 
ROYALTY. Credit Cards. 01-400 B0C4. 
Monde y-Thura4ay Evenings B.OO. Friday 
5/SO and 8.45. Saturtay 3.00 aM 6.00. 
Lcndcn critics vote BILLY DANIELS in 
8UBBLING BROWN SUGAR 
Best Musical of 197T 
Tiri. BooFings accepted. Major credit 
cards. Restaurant Reservations 01-405 
2418. 


SAVOY THEATRE. 01-836 BBSS. 

Credit cards 734 4773. Tom Conti h* 
WHOSE LIFE IS IT ANYWAY? 

•rltb JANE ASHER 

-A MOMENTOUS PLAY I URGE YOU 
TO SEE IT." Guardian. 

Eras. «t B.O. FH. and SaL S.4S & 8.45. 


PRINCE OP WALES. CC. 0T-93P 8681. 
LAST 7 WEEKS. MUST END OCT 7. • 
Eras. 641. Saturdays 5.30 and B.45. 
THE HILARIOUS 

■ROADWAY COMEDY MUSICAL | 
I LOVE MY WIFE 
starr big ROBIN ASKWITH j 
CREDIT CARO BOOKINGS. 950 0846. j 


SHAFTESBURY. CC. 01-836 6596-7 
01-836 4235. Hall-prKc Prorieva tram 
September 7. Ooans September 13. 
TERENCE STAMP hi 
MACULA 

witt) DEREK GODFREY 


qUE£N'a. Credit Carta 01-734 1166. 
Eras. 8-00. Wed. 3.03. Sat. 5.00. A. to. I 
GEORGE CHAKIRIS I 
ROY DOTRICe i 

JAMES VILLI ERS 

RICHARD VERNON 

THE PASSION Of MACULA 
"MOST SC5NICALLY SPECTACULAR 
SHOW IN TOWN “ Punch. " HAPPY I 
HORRORS." Tlirre. *• THIS TALE 

COULD MAKE BLOOD DCNORS OF US 
ALL '■ E. Sun. •• DAZZLING - T-mea. 


SHAFTESBURY. CC. 01-836 6595. 
SfuRtobury An. iHtah Hoi born and). 
FANTASTIC 
GOOSP1LL 

BURSTING WITH ENJOYMENT." D.T. 
Prices £2 to £5. Best Mata £2.50 h-Jraur 
before show at Baa Office. Eaceot 2nd 
perl. Sat. Mon. Thur. 8,13. FrL and SaL 
5-30 and 8. SO. Trans, to Duke <jf York's 
August 29. 


RAYMOND REYUEBAR. CC. 01-73 A 1533. 
At * Pm 9 em. 11 pm. Op*n Suits. 
PAUL RAYMOND P.--S-nU 
THE FESTIVAL OF EROTICA 
ruily air-cmditipnee 
21st rensaCo''4l monlb. 


SHAW. 01-388 1394. National Youth 
Theatre in a br Ppm-.Tcraan. 


ENGLAND KY 
Pert. Mon.) 


Era#. 7.30. (No 


STRAND. 01-836 2666. Evenings 6.00 
Mat. Him. s.oo. Saturday* sjo * 8 jo 
NO SEX PLEASE—— 

_ WE'RE BRITISH 
LONDON'S LONGEST LAUGH— 
OVER 3.080 PERFORMANCES 
GOOD SEATS £4-3o.£.l j5T“ 




THEATRES 

S I-jJ?ART 1N’S. CC. 01-836 1443. Evas. 
BJKJ. Matinee Tues. 2AS. Sats. 5 and 8. 
AGATHA CHRISTIE'S 
THE MOUSETRAP 
WORLD S LONGEST- EVER RUN 
2Gth YEAR 


OF THE TOWN. CC. 01-734 SOSl 
Air Cb«Ht,8n« s lram 8 ^ntauriXanelffE 

tram Monday PETER GORDim^ 


iMtA TRc upstairs. 730 2 ss«. era. 7 ja 
PRAWTORMY DAgCHTB* M 
by T h omas Babe. 


f388. ee, Eras. JWJ, 
2.45. Set. S.OO and a So 
Dtaah SHERIDAN. Dolrta CRAY °' 
A MURDER IS ANNOUNCED 
1*5 vrhoduupR by Agatha CftmiM 
Re-enter Agatna ChrtMie wRft an-Sj! 
K5*S«"lt ML AgeHta CnnswT b 1 
IfJO the West End yfft again with soother 
*cndWily Intrentaus mbrder 

Frtbc^Sariter. Eranlrvo NiiS 
Umk^ 0ND *t!2«« THEATRE™*"*" 
U 4 5 e i.2? a *®"* Detaber 2-DffCWhber 2 
C VENIWC WITH DAVIAUm*' 

V,Cr ®f l| A PALACE, *~ 

01-828 4733-6. 01-834 1317, 

STRATFORD JOHNS 

SHEILA HANCOCK 

ANNIE 

_g» cnln aa 7.30, Mata. Wed. & Sat, a.44 
v 'fA?tHOUsE. Dor mar 'ftiaatn:. Covmt 
838 6808. Royal ShafcespSJS 
8.0. Peta Atkins A 4 p 
peie Audit's alone would main 

ifo rtb going -to Him to." VTS3 

*CSPtoU. ‘ 01-930 8692.776S. 

pISi'' d" 30 W" 8"^ *-4S and 9.00? 

Paul Raymond prasants the Senaattonaj 
Se< Revue or the Century 
DEEP THROAT 
8th GREAT MONTH 


WINDMILL THEATRk. CC 01-437 6312. 
Twice Nignttv 6-00 and a. 00. 
Sunday 6.00 and 8. DO. 

PAUL RAYMOND presents 

™ RtmC^ETTlNCt O' T« 

'rostra.. - *' “ 

3rd GREAT YEAR. 


•YT NOHAM'S. 01-836 3088. Credit Card 
Sj** .838 1 071 fr«n 8 JO. p.m. Moil. 
Thur. 8.0. Frf. and Sat. S IS und 8J0. 
ENORMOUSLY RICH. 
very FUNNY," Eranlne Nem. 

M»nr O'Malley’s wnaah.blt comady 
ONCE A CATHOLIC 
Supreme comedy on «*» and reunion.*- 
Daily TeJeuranh. 

"makes you snake with 
LauuKTER.^ Guardian. 


CINEMAS 

Me 1 4. 2, SHAFTESBURY AV. 836 
Sop. Fertt ALL SEATS 8K8LE. 

2001 ^ SPACE ODYSSEY Oil 70mre 
aim wk. 8 Sun. i.io. 4.3S. 7 jsc. Law 
Show TonlHht 11.05. 

*1 CONVOY 1A» Wh. G Sun; 2,00. SJQ 
8.20- Lab? chow To*kM 11.20- 


CAMDEN PLAZA (op*. Camden Town 
Tube'. 4B5 2443. Mo* Optima 7 

greatest BRn LOLA MONTES (AV 2,10. 
4.Z0 6.30. 3.50. 11.00. 


CLASSIC 1. Z, 3, 4, ... 

TaKenham Court Rtf. Tube). »3a 031 
U and A prog. ChUdrui baJNprlrr. 


Odom Sttjec^fon 


i. wait Dtsnuv's Hewn* GOU 
MONTE CARLO lUi. Preps. 1 S<L T.i 

ihtaff _Lad SemNn TM 

K vAJ. SOU 


S.5E. 3.05. Lata (MW Lm 2 
SONG REMAINS TKt SANK 

Phonic sound J l 8.W. „ ■ - • _ 

2. Kris Krtmtlenon CONVOY CAL- Pros 
1-49, 4,00. B.30- 8-40,1 1 nan. 

S. PM fAL THE WAITERS lU\ Prce 
1-00. 3.30. S.OO BJO, ..Late. 

11 P.m. • ^ . 

4. BEAUTY AND THE MAST (1ft. 2.4 
5- SO. MS. HUGO THE HIPPO (UL T.r 
4.20. 7 JO. Late Show TEXAS CHAII 
S AW MAS SACRE iX-fil Q 1 1 p .m. 
CURXON. Canon SCWM^W-T. *99 371 
fAlr-CondlUoned). LAST wiEK'S JHflU 
**EA LA IU> In 70mm IChbIIUi NMW 

SO, THEATRE 1930 -5231 
Room- Moore tocta 

ceb« iaa?" £2“" w 3 

GEESE IAA'. fro. prnai wh ia 

4.30. 8.10. sun 5*50. 7%. Am 


& HB. 11.45 pm," Soita miy 

- * H** 


]»?■ ^woot. Sat. * 5^7 I 

late pjokt n ipwa Lan 6 my« . — 

OMOff H A YM A RKEV.^gjo"' iyvS’JS 
MIDNIGHT EXPRESS !jj\ DobTi fl 

2 * , 5 ’ « *■« a <>a 8.00 
Sw pm ' L * t o- itasw WM 

rriin sata. antf Sun, door* o p e n 1 1 
Pm. prop at 11-43 p m. Art awn: tot 

OOEON LKf 
REVENGE . 

AW** »"T' HVQQ ODOfl 1.U, ■' 

7 -*3. Ui* KiflM Thurs.. frl. ' sav Do 
open u .1 S am. M Hkh Mtbi*. Hi 
80 M Offife br by onaC excep t fawra. uN 

°® E ™1 MARBLE ARCH. WL 723 2031 
OP THE THF 
fVSc ???■- MOW- 4iy. .Door* «a 

Z.-_°_ 5 -. 4 1 s - 7-43. Laio know Frl. -AS 
Doo ro open il-18 pm Alt utu bK 


Sk*£&‘ 

tmrfj. my. (me. sobj 2.43, 

?i 0 A. L, aS H a,: Fr ‘- * ***■ u ' 45 ' 


STUDIO 4. DlbM Clltw, M 1 

tn Paul Mazunky'* 
AN UNM4ltR f iD WOMAN 
Prwm. 1.09. S-3D. 64». 
UI* anew Sat. ]030. 






Financial Times Saturday August 26 1978 


It -- 


ARTS/COLLECTING 



Shakespeare and the Edinburgh Fringe 



THEATRE 

b. a: YOUNG 


..^ inbur E h is onl y drew for her dazzling white 

Shakespeare Company * wedding kit. Miss Richard, m- 
wlnstlestop tour of the UK. and cidentally, is a - ven pood 
they have deliberately found physical match for Jeremy Blake 
themselves a home of temporary as her twin 

spmsss^ 

55 s S3 MT5* 

j5Jv’ ,E & , I d 'M '« bu'fe'teS* dtSw'" 1 ' 

wShClmSS .id^un. 0 ' gs- fiSMWS!S«“S- 

It seems as if every line has the end with ail- comedy set 
been lakcn down and spring- aside. - - . ^ 

cleaned. This isXhe third Twelfth. t s w Tweirtiu^ffiaht at i 

Z't'-JAZ* T"^ S ES'-C mJtinee and“S?%^?I D«nu 
SiL h S \Sm in .Wilt Company's Midsummer Sight s 
2?iJV Dr ^° m at lhe Assembly Hall the 

same evening, and perhaps tins 
TO? X r _»>iin« e nr *iWh« nC Am?ii’ was hardly fair. The Dream was 
ife^jas a U stron<5 cmnranv \n n,ostlv touted ai us Tike an r*nd- 
w or with, for though thi.^is a ?££"” R . h ach °° l a lL PT ° c d 5?J on - 
inuring production it is bv no though Richard Easton as Thesus 
means Ysecood XI fixture: fon J?™ elirnes Save « sorae poeiry 
MtKeUen - brings his matchless i!?! 5 “ Oberod.. however), 

comic talent to as funny a Tohy aod so d,d Janet May as Hemiu. 

Belch as I can remember, the The play begins -with Peter 
line* adorned with well-placed Quince’s lot putting- up the 
frowns, giggles, yawns and side- decorations for the/ wedding: 
long winks that polish them to a Greek bouzouki music plays, but 

the flags are Italian. “.Business 
— ■■■ - - as usual " might be the mech- 
anicals’ motto; all their laughs 
are obtained with business. Alan 
Dobie makes Bottom" bray in- 
cessantly when be has his ass’s 
head on. and aHows'his helmet 
lo shut across his face too 
often as Py rain us. “ Monn- 
shine’s" lamp goes but “Wail " 
gets stuck in the exit 'Bottom. 

new brightness. This Toby, a who -earlier has got the names _ 
sportsman in tweed plus-fours, of the attendant fairies wrong, ‘ 
i< a man of high intelligence; pronoseN plastic as one of the •- 
whatever be doe* he does with materials for “ Wall's// make-up. 
complete foresight of the conse- “Thishc" suffers from a cough, 
qucnce. Mr. McKellen has east All i mra ortals wear body 
all the aci-epied qualities. or the stockings suggesting-. nudity jn 
part overboard and erected 3 fas- various colours. Puck's (Jack 
einattugly different character cialloway) being hung -ail over 
from the same material. He is wilh green moss. The costumes 
u ci Inar me red by Roger Rees in for t h e mortals are roughly 4 ,f , 

a striped blarer as Aguecheek. an y time in the last century, as Grant _ _ 

Mr. McKellen is happily re* indeed are all the Shakespeare interior of a pig-sty in which wants 

joined by his old mate in the costumes at Edinburgh this fuu |L smal1 white pigs are rive L. 

Actors Company, Edward season. This enables philostrale *JJ timing around in grubby straw. Dutioni 

JVihcrhridge. who gives a digni- iColin Spaull) to take ' photos ]F ne writer’s father was a pig- become a vet. 

ti'.d and puctiral young Orsino. with a big old-fashioned camera, farmer, a^nd^he has written adroir- And that is 

whose affection for his pace is 
never sentimental 
together listening 
Hancock's F 
aw a), death" 

Viola gently- 
acainsr his knee. 

Ominn turns nn Interring comparison. Each 

word. Viols 
rather a solid 
disadvantage 
Rertish as 
Rertish. youn 
herself one 
She makes an 
ihetic Olivia 

sec ’"Jrsit into Jife an she 
changed her black mourning 



j South Bank Schubert 

i A pity that neither London Curiously, the result sounds series and one of its stars, as 
J nor any other city in Britain has neither like Schubert f because violinist and viola-player, bul l 
| had the opportunity of seeing the re-written piano part has canpol see 3n adequate basis for 
: that Splendid Schubert Com- Liszt’s own fingermarks) nor like his self-promotion to regular 
jraemoratlve Exhibition on which Liszt (because Liszt's chromatic orchestral conductor. His teclr- 
I reported from Vienna two harmony is ahsenl). nique with baton and hands- : w 

I months ago. tits 300-page illus- still, it was worth its rare *lHI crude isomelimes the hands 
iraied catalogue, with text in revival, i In .111 rears of profes- simply mirror each oilier) apa 
both German and English, will sjonal concert-°oiRg I do not l hc result on Thursday «;.s so'rflp 
^ =>- ■=■ less-than-unanimous orchesinri 

ditack. Moreover, in such a work 

a?- Schubert ’n Ureriiire i>i llclmn 
_ ■'•title, he shnwed an unfortunate 

MUSIC readiness n» damp down -g 

natural crescendo ju:>t before its 
ARTHUR JACOBS Point of climax. 

However, the l "nfiiiixhed .Sum 
phony in its traditional render- 

-- - - — - , - , . . mg tMr. Zukennan did not esssy 

English Chamber Orchestra pre- think f have heard thp Fantasy Schuberts own completion 
isented him as almost that- once in the Liszt transcription, i hyputhesised In- Ceralri 
i But "almost" still leaves an Joseph Kalichstein tackled the Abraham) cmild hardlf Tail of 
I unbridgeable gap. The Adagio piano part with a proper corn- effect with thu- orchestra of such 
land Rondo tor violin and string mand of the style. The perform- 3 i,|p pi-ivcr*.. well experienced in 
[orchestra (D.-t38) hardly stands ance might have been more plavin” ingellior. A notable and 


surely become a collector’s docu- 
ment.) Vet. in a sense, the 
; South Bank Summer Music has 
■ itself put Schubert on exhibition 
— deliberately mixing firm 
I favourites with the utmost rari- 
ties. Who. for instance, thinks 
;oF Schubert as a composer of 
; concertos? Thursday's concert 
at the Elizabeth Hall by the 


up on its own — not even with convincing with a conduclor ciirinu* con'ra-i was a set of 

! vivacious playing on this occa- better able than Pincbas Zuker- minuets iD.?r.i p'.-rfurnied bv 

jsion from Josd-Lui* Garcia, lhe man lo sort out the orchestra! airing quartet with double-bass 
| ECO's leader. As for the " IVan- threads and regulate the reinforcement, fine section, uffli 
derer" Fantasy in its p«ano-and- climaxes. bird-like iw-itierin-.- for the first 

orchestra dress, this is the work It may seem ungracious to say violin, sounded as if either 

of Liszt. who transcribed so. since Mr. Zukerman is the Schuliprt or rhe players had let 

Schubert’s original piano solo, deviser of this laudable summer fancy roam loo far. 


BBC Pop earns 



**s 


Roger Rees, Christopher Hancock and Ian McXellen in “ Twelfth Night 

Hicks, shows the (Roland Oliver^ 


. ..... union 

The set for Rnofiwu..tle'i3P«l Thomas tJuhn Nornmnloni. lion. Mamr. Oliver and Mr. Price thei^it refers to marriase 

.- . . n looks forward lu retirins so a work m the subterranean paint- , Finally the piece is effective. 1 

: — . — small-holding, hut is distracted shop :n a decrepit old factory in vcilh John Fraser's towering sol ,| 

hv hl< wife’s death from cancer. Wale* where half way through Mr. Mathias a.c co!o>irie«< "is a 


BBC Radio l’s pop music pro- the very best programmes in the fnrmnlc jttr^ct different 

j grammes are regular features on count rj." audience* a sponsor can pick th-? 

i over 180 radio stations across the Radio in ihe Stales is a one he w ant>. For instance, one 
I USA and bring in dollar revenue different amnia] from radio in like Colt -15 beer would aim hi* 

i to the corporation approaching Britain. The sheer quantity — ■ r>m; nereis Is at Ihe disco stations 

lhe billion mark. The man some 7,000 stations— has much and black audiences. A tights 
r responsible for selling the pro- to do with their character, advertiser would zn on a talk 
i grammes in the States is British Explains Vaughan: “They are format station while pimple 
horn. Australian raised and New completely specialised and oHer cream, chewing sum. e!>\. would 
[York based Michael Vaughan, the public a wide choice. Each pick a ‘top 4f.r"ieenage market 
land his wholly owned radio of the many stations in a market station" 

j syndication company, London has its own format which it Research -hows Yaimban’s FM- 
• Wavelength. broadcasts exclusively. It may A0R slat jons attract a big. 

Vaugban settled in_ tbe U.S. be talk, new* MOR music, hard audience of IS to 34-year-old 
Beats classical, black or the rna les. Some of the participat- 

the latest disco music. We synd!- ; n g sponsors are Toyota, Warner 
°5 « at - e t0 j (Album Lambert. Kodak. JVC. record - 

love. Major (Ronald Lewis batt-i l ^ c 4.°'“ approached Onented Rock) stations. companies like Columbia. Capitol 

jove, _ D . a i _ 1 lhe BBCs Transcription Ser- " We give them the BBC an d MCA. Peter Paul candy, the 

Cosmetics, 
others. . 
now one 
s>-ndicatnrs 
a staff 1 
entirely 
nm«ic pro-, 

..... tried some 

Britain or anywhere outside the revenue from local advertisers, pgr: 2 Karim programmes such 

nd Bob Hope 
encou race- 
stations who 
erial. They’ve 

__ r __ . . . aging results 

Major is concerned at the pros-' sent ed in them all. Those 50 into the hundreds of dollars: in. V iih ihe Shenock Holmes stories 
pect of bein-» lati» for opening i markets cover 78 per cent of the say, Sacramento, California, in an( i ^ Goon Shows, 
time, at the pub. The word . tola 1 population and we have this the tens. 

onlv occurs nnie. and,' coverage simply because we have “Because different station aut pkanuj 



Glendinings 


SpccMli^s ittUwSkAlc l»y.\uak*uot Couto.tuJ X Wnttb 

7BfatoaStreet,HewB«Hl Str ect,VflY9U) THephcnc0M932445 

WEDNESDAY. Hh SEPTEMBER. M 1 P m - 

ENGUSH & FOREIGN COINS 

m isdUI. vivi-i and tospwr 
iCnidli'iiui - — Prii*, Wp 1 


WEDNESDAY, SEPTEMBER. M JO am. 

ENGLISH & FOREIGN COINS 
m vulil. mlv.r aod cupp«-r 
I Jlhinrai.-.! raliil»SB«- PUta — Pure il ■ 


TUESDAY A WEDNESDAY 
ITOi B WiN OCTOBER, at 1 r».m. each d " 
ANCIENT, ENGLISH & FOREIGN COINS 

:n a-m-r .•? rr. jwtiUi.-u-l r:«v t. 


WEDNESDAY. 2$tN OCTOBER, at t P m. 
NAVAL & MILITARY DECORATIONS 
AND MEDALS 

>i:jnib' 7 m.' hi . 171 *.' fi itoinil 'H-rr"'’ IIT ' 


WEDNESDAY. Sfh NOVEMBER, at 1 P-«- 

^n rnuNK-iaiil ( Bil-xr-m * _ lt .. T4 

ENGLISH HAMMERED SILVER CROHN PIECES 

1 ¥ |ir.«b- j »l» 1 »» «•' 

Oil* pn'i*cri> .11 J «V«I C-B.N/ CWV-T _ 

f.'llv-trdtul (.cibWfiud ih hi i*rrj»i'u(ii.-T! ..1 m. 


THURSDAY. 9lh NOVEMBER. «t ID a m. 

A Collection of the 
COINS OF IRELAND 
aud a Collection of 
BRITISH COLONIAL COINS 

, fOn.nniib ',1 .-arnliW " »«-»<■ «* - f ' x ,r ‘ ’ ~ rr: '' r u ' 


:.n .1 t.n prjmplt. 


i 


ART GALLERIES 



tr,£vr •&>: 

V;kpB. PMcnMW, Karts. T»l. Nw-- 

-•:M 566-'. 

s?" 7 - ant 

Mr jarff* 43 K 

wjh*« ,, i nr on P- “1J* 
l-> iu M,i n.,rrt r *UK. 

Il(rq,rs MpnintkT. 

i-liet Wood. MjkOI"' Oi omiTrono Mon-- 
n, 10 -iv 5ata._ >o-i. 

c hanbi’ CA iLinv. s. , c «5* J*!^. 

d> TJ4 4620. Bfxgni rj»iH’?8 fc ■*« » 
%- me tuna Ov W. K 

.' 1 oct. Man.-fr: lO-t-.JD. 51*^* »»-«. 

OftfAN CAUCRICS. f a'ctwtS 

VI J hiKliOn B» OR I AN ARTISTS 
iflo. Sat *0-1 01-T23 0473 .. 

ritLOaOUANK CALLERICS. 
i.ia.r 4t lokn't Wood, *>Bf. 3oOO 
l a ,j DSC APIS tn RO-JI •E4“n , .'jss; 
MACElE Car«ii»j3 3 DMA SAtFUSCH 


. StuANl ST«E*r 
; St.. W-1 MpNC"* 

aim tjrapn.t. »/ inters’ J 

arti«t> «■« 'ance 01 o' 1 -'' Tucs.-Ffl. 

f 10.00- 5 JO. Sat. 10.00 I 00 

iTHt MAHKET" PLACE OALJ-CRT. COLY. 

j 

pSftfjB 

1 

I loo p«t - uai-'«- oj? 1 1 

• ,MI 2. SO to b M3nnj% O AlwdA. 
1 CIokuI %V«»n«34av alW-W"*- 


EXHIBITIONS 


I R W.S. CALI.cn Its. Co-4«.;» ,S. :V W I . 
■ RWS Art CH'l* .. w SO-. r*» L’fflJSVffi 
i Evh.Miien Pa - 'O s sj.--. 9 30-1^30. 
. until August 20 


rirtF ART* SOCIETY. »■»*. Mg* BAnP S»" 
«■ 1 01-1,23 Stic. SUMMER 

TION, 


EXHIBI- 


*JSM» DRAW IHM 
h'oflcri BritKh MARITIME PN.,u,., 
<il. At homarlf liiwt. Pigiaalv. W.t. 


>Iih» BritKh anO 

I ano ' 

rusts 


CLUBS 


<12. Alh owark- suteu Pipjonlv. W.t- j ,vr 1# ij ilw i -Jj OoS7 r. la 

ROY MILES, fc. SIVBCL SI Jainct *. i Carlo at A1l*.n Mi-nu 

S.W.l VICTORIAN PAINTINGS AND, flo#r S>>ovi 10.43. ig J5 and 1 as >«y 
OLft MMftHS MWOvr to frtAn SO-S. ' mwll « Jrtwiv-, Ha—Lcswort- * F«i*nta. 


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Ihs datighier Jill i?3iilinp Act One the staircase i ieadin^lo' lrog1od> : te."ii|r7Jones thp essence } 


1 lo visit ner mother ine^e are not real people et all. h:s fgar under an aegre.-sive ■ 

r^Ml'Tn f/fdr^nJ'SliSu.SS m'SSincUn’ "fani** ' THE OTHCT PLACE - Tile QUEEN'S , _ H t P*«J : wld of Koiak ' 

r.irming — Andrew Oliver lSe-jn Mathias) and his is not.* play, ii is a short -tore! Churrfii/i Plan BSC studio Dracula Camp, wiit> off-Broad- ^*,.ncd Thur?da.-. 

revival of Howard Brenion s way import with <_»eor?e cai kpitiv pr AYHrtT’SF — 

* " ‘ T — riveting look at life in a 19S4 cintkiris as tbe Count and im- j.’iider The (Jreemco c 

y* _ • jBrm«.h internee camp with peccab | e U p per crus i resistance Patrick Garland’s new 

/ SHIPS tv 0171 SnfllfS ^& n Nrtv P Ri™nd^tfmlI P C« frwJ ““ vl !lI ere *nJ Richard adaptation k part oft 

X r C tidier w Jt urn kjpum icSilil JSrjohn ^«<l« V.™«L Smoke. «A«. orlle. T ’ •* 


Opened Monday. 


Siddle) is ancry that «he has not i hot. - only way out collapses. But of^ ’ office-work.’ Sir Le\vi«= hi.Jini' I THEATRES THIS WEEH ■ ANO ^iEXT 

hen allowed in visit her mother »he*e are not real’people at all. his fear under an 2 r *^re-<ive ' 

in iin:nitai. ’"*■ — - — - ’ ’ ....... 

lhe farm 
view- on 

" PLAYHOUSE 

Greenwood Tree 
musical 
the local’ 
reviewed 1 

crucifixes and howling wolves 00 Tuesday. 

rnrHRiVF provide the atmosphere. Opened Somerset -Maughams The Letter : 

COCHRANE— ^ Vednesda> , is at lhe Churchill. Bromley, on; 

Monday, a musical comedy. 

Dracula at the 
Thorndike on 
nd the Cambridge 
Company’s The Match - 
Thornton Wilder 

with plenty of strong plajing. arrives at Her Majesty's on 
ASSEMBLY HALL. Edinburgh Reviewed Thursday. Wednesday. Thursdays choice is 

— The Tempest Workmanlike THEATRE UPSTAIRS — A between Prospect's The Rivals at 
is . production from the od hoc p r auer For My Daughter the Old Vic and David Edgar's 


Spanish treasures which have .Mr. Norman Rosenthal, The workmanship is marvellous 1 
never been allowed i«» leave the cxhiainon secretary at Burling- and they are completely un- JEANNETTA 
country are to go on show in ton House who conducted the damaged” 'Soldier Boy 


Another 



Eldorado Gold Exhibition from a human face and four small Columbus's voyage across the [Opened Tuesday. 
November I" to M:«rch IS. figurines, made to b e worn on Atlantic. Kc;furtv HA 


The view-, arc from the necklaces and used by the The Eldorado exhibition, with 
renowned Quimhaya treasure Indians in drug-taking rituals. a total of 475 gold items' 

presumed to '.be Queen of Spain Mr. Rosenthal said: “The designed to show the srowth and r T« ’»’ ~ ” rT . • '“* . * w * "u t.,«r ami ud»ia sugars 

bv »l»e Columbian government in remarkable Thing about these development of Indian civllisa- 1 l ’ est,vaI coTnpaoy. Alan uobie as interesting new American play look at the sad. mad story of 
1892. treasures :s that they are perfect, non in Colombia. ' Prospero. Janet Maw as Miranda. \> y Thomas- Babe sei in a New Mary Barnes at the Birmingham 

1 Reviewed Wednesday. York police precinct, an un- Rep. 


Apothecaries’ frogs in faience pots 


THE WITCHES n Macbeth 
seem like Curies if Lheir pre- 
scription- are compared with 
some of the remedies still used 
by European apothecaries v.eil 
into the ISth century. The 
pharmacopoeia of the 1740s 
still a (I cu caicd whey of frog? 
gathered in March as a certain 
remedy against haemorrhages,, 
gout, cancer, erisypelis and 
redness of ihe skin; and a 
decoction of millipedes for 
respiratory disorders and ulcers 
of the bladder. 

Oil of spiders -.ias reckoned 
the best defence against plague, 
fever and smallpox, if the 
arteries were well anointed 
with it. while the nil of ants 
reanimated the spirits and 
preserved the seed. 

Ui'i-iir! CaU'lUiruiR was .a 
horrifying mixture of live 
earthworms boiled far 12 hours 
with a few cul-up puppies ilhe 
tails, no doubt, bnns re-erced 
for the m.ikin-j of little boy«i. 
which was reckoned good for 
-ciatica and palsy- while tiic 
ineptly named Water of a 
Thousand Flowers «»» in fact 
emu pounded ul unmentionable 
animal pi'otlncis. so that the 
daily dosage of three or four 
glasses drunk heiorc u long 
walk, seemed an intolerable 
price to pay for rhe cure of 
rheumatism and gout. 

Net al< the apothecaries’ 
remedies were quite so repul- 
sive. Simple oil of marjoram 
was reckoned sovereign for 
strengthening the brain and 
expelling the winds and worms; 
and Wild Pansy. Touch-Me-Not 
and Zucckero Viola to are herbal 
remedii-s that sound a good deal 
more alluring Than valium. 

In any ev»nt. thp contents of 
Ihe apothecaries’ cure-alls were 
disguised with sonorous titles 
like t xf/iiciuuin .ieguptiacKiR 


and Pulvi:. Aerophone Loxan ns 
(which wa- a sort of primitive 
Seiaiiir powder i. More impor- 
tant. they were housed :n ranks 
of earthenware containers that 
h3ve come down to us as some 
of the most noble specimens of 
rhe arts of the potter and 
decorator. 

Rudolf E. A. Drey’; 
A poiheccry Jr. rx: Pharma- 

rra-Tice! rotten/ e.r.d Porcelain 
t>! F.urope and :t:r East. 1JAO- 
JS50 (Faber, £17.50 j is a new 


COLLECTING 

JANET MARSH 


addition ;o the invaluable series 
of r aber Monographs on Potter? 
and Porcelain, which published 
pioneer works like Muriel Rost's 
- 1 1 Poll i'll tr. K'i'iicrri and 

Bernard Rackham’r .Veiimc: al 
Lnoliik Poller*: a; a period 
when L’ood bool-- on eerannes 
were few and Jar between. Mi 
Drey i;a- attempted a r.on- 
=pvc lu- of the whole history of 
the centres where ceramic 

phannaceuDcal wares were pro- 
duced. Incident all;- il provides 
a fairly comprehensive survey 
of rhe total history of the lin- 
glczcd earthenware— Majolica. 
Faience. Delftware. depending 
on its provenance — from origins 
in the Middle East to migration* 
throughout Europe, .including 
such notable flowerings a.- the 
potteries of Renaissance Truly 
and Spam, and I7th and ISth 
ccTT.nry Holland. 

The needs of the apothecary 
were often a powerful stimulus 
to local ceramic industries. With 
;ne rise of apothecaries in the 
Middle Ages and the enlarge- 


ment of their pharmocopoeia 
and antidotaria, calling on 
hundreds of roots. *pice>. herbs, 
juleps, syrups, waters, electu- 
aries. pills, powders, ointments 
and lohocks. there v a? a con- 
sequent need for suitable con- 
tainers. 

Pharmacies and di-pensaries 
were -.set up not only by the 
apothecaries themselves, but 
v.eie established in hospitals, 
religious establishment; and 
nohle houses, which is why so 
many of the earlier drug jars 
d-.-rivg from large “-crvices" or 
tarry armorial device-. A few 
piiarmacies have survived with 
their- original uniform rank? of 
drug jars complete. Among 
others Mr. Drey illustrates the 
|7!h century dispensary of the 
o!d Hopital de la Charlie m 
Lyons, aud the New Pharmacy 
of Carlos. IV in the Royjl Palace 
of Madrid, a comparatively 
fat*’ installation, dating only 
*rom 1794. Die iar- in this 
pharmacy, all emblazoned with 
the arms of Aragon and Ca.-l i l«r. 
are unusually made of porcelain 
rather than eanhenware. 

"In the history of ceramic 
art.” says Mr. R. J. Charleion 
:n his foreword to the nook, 
-often all. too little attention «s 
paid to the commercial bases on 
which the ceramic industry 
rested in a given country or 
period." 

Mr. Drey demonstrates !h3t 
many workshops in ceramic 
centres like Florence. Cafag- 
gjolo. Siena, Faenza, Castelh, 
Antwerp. Lambeth. Tclavrra. 
Lyons and Montpellier owned 
irtcir prosperity, if not Uieir 
actual foundation, to the patron- 
age of pharmacies and monas- 
teries. The faiencerie of Mont- 
pellier, established in the 15sn t - 
and producing very distinctive 
wares (including a startling 


senes of drug jars with the 
covers formed as realistic 
eflicie* or prelates and 
’pothecaries) undoubtedly came 
into being — and for the first 
century existed — solely to serve 
ihe important school of medi- 
cine in the district. 

.Mr. Drey’s map of th-e major 
production centres of Europe 
from Lisbon in the West to 
Warsaw- in the East, from Marie- 
berg in Sweden to Callagirone 
in Sicily, indicates the vast 
range of local and national 
styles. Frontiers are sometimes 
blurred: you might have trouble 
distinguishing between some 
German and French tin glaze: 
and there are always areas of 
dispute h pi ween English and 
Dutch “ delftware .** The influ- 
ence of early Italian majolica, 
ioo. wa? <rrons enougli in more 
northerly paris of Europe to 
leave frustrating puzzles. On 

lhe v. hole. Though, Mr. Drey’s 
tine collection of illustrations 
.-how- how distinctive were local 
a -id period styles — the majesty 
uf Hi^pano-Maure-que. the 
grace of French laienre. the 
sood sen.se of the English and 
Dutch pots. 

It would he a formidable 
undertaking these days to 
attempt a representative collec- 
non of drug jars. Even the 
English and Dutch examples are 
comparatively rare on the mar- 
ket and costly. The tourist shops 
of Italy. Spain and France, too, 
provide discouraging evidence 
of very persuasive modern 
reproductions. Perhaps, though, 
we -hould not regard these new 
as ’fakes'' f except when 
they arc offered under some 
other guise by antique dealers 1. 
*ince iheir primary purpose is 
Still ncislaleically to ornament 
the top shelves of chemists' 

ah tipi. 






12 






Ejiancjal Tnaes- 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams; Flnantlmo, London PS4. Telex; 886341/2, 883897 
Telephone: 01*848 8000 


Saturday August 26 197S 


Living with 


reality 


ON WHAT appears to be the 
hot, sticky threshold between 
the holiday season and the 
election season, the market has 
drifted into a cheerful coma. 
The summer dramas of a fal- 
ling dollar and rising equities 
seem to have played themselves 
out for the time being, and 
investors seem relatively calm 
about the future. In the 
country at large this mood may 
be put down to a combination 
of a pleasant but delayed sum- 
mer, and a tribute to the'Prime 
Minister’s masterly and care- 
fully sustained inactivity; the 
■latest polls suggest a slowly 
hardening preference for a Con- 
servative administration under 
Mr. Callaghan to a radical one 
under Mrs. Thatcher. 


Predictable 


The apparent complacency in 
the markets, however, seems to 
rest on something a little more 
solid than the image projected 
by Uncle Jim. The whole 
economic system seems at last 
to have come more closely to 
terras with the inherently un- 
stable world which was ushered 
in by OPEC and the floating 
of exchange rates. Inflation 
at rates which would once 
have caused panic is now 
accepted — not because people 
do not object to it, but because 
they think that they know 
within fairly narrow limits what 
the rate will be. Gyrations 
in the exchanges remain large 
but they do seem to swing about 
some discernible trend. Trade 
and growth remain sluggish out- 
side the U.S.— and will probably 
soon be sluggish there too— but 
there is some growth left in 
the system. There is no longer 
any talk of national bankruptcy, 
the collapse of capitalism or of 
Western democracy. The system 
may creak, but it seems to" work 
in a reasonably predictable 
fashion. 

If markets are better adjusted 
to reality, it is partly because 
governments appear to be so. 
In this country especially it. is 
realised on both sides that the 
growth that can be secured in a 
small open economy through 
depreciation nr demand stimu- 
lation is hardly worth measur- 
ing against the risks incurred. 
A political system in which 
price stability is the greatest 
vote-winner is one in which 
the sillier and more expensive 
initiatives are tightly con- 
strained. The market seems to 
be saying that in macro- 
economic terms the outcome of 
any election in the near future 
is unlikely to have any very 
dramatic results. The world- 


wide popular resentment of 
high tax levels now that real 
growth has slowed down is a 
brake on the economic growth 
of state activity in all developed 
countries, as the OECD has 
pointed out in a new study. 

If the market feels that it is 
now reasonably adjusted to a 
future which is unlikely to 
spring major short-term sur- 
prises, it has also learned to 
swallow the surprises offered 
in official statistics -with a good 
deal of coolness. Recent figures 
for trade, employment and the 
money supply have all been dis- 
appointing in various ways; but 
the market no longer needs 
Ministerial speeches to persuade 
it to reserve judgment on the 
figures for one or two months. 
The distortions wrought by 
seasonal adjustment and by 
portfolio adjustment in the 
banking system may well be 
producing an entirely spurious 
drama. The feeling in the air 
is of a steady though very 
gradual improvement, and it is 
that feeling which the markets 
are expressing. 


Incentive 


This convalescent calm is a 
great deal better than living in 
a permanent state of shock, but 
it is to be hoped that it does not 
last too long. It is certainly 
not true either that there is 
now nothing radically wrong 
with the British economy, or 
that there is nothing to choose 
between the prospect offered 
under the rival political parties. 
It would be a tragedy if the 
need to reform industrial rela- 
tions, or to bring some incen- 
tive back into the economy, 
should be forgotten in the con- 
viction that radical change is 
altogether too troublesome 
when we are not too des- 
perately uncomfortable as we 
are. To adjust to reality as It 
is is not— or should not be— the 
same as accepting it for all 
time. In this sense the market, 
which often uncannily mirrors 
the national mood. Is giving a 
warning rather than conveying 
reassurance. 

Fortunately, though, this kind 
of sleepiness seldom lasts. We 
have seen radical changes in 
the leadership oe the trade 
union movement, and the arrival 
of Toshiba and Peugeot-Citroen 
may be the beginning of some 
needed changes in industrial 
leadership. The election, too, 
could yet produce a more excit- 
ing result than . the Prime 
Minister might wish. Investors 
may enjoy the present calm 
but should hope for rather more 
turbulent times. 



in the BL 



BY ALAN PIKE, Labour Correspondent' 


T he atmosphere within 

British Leyland after last 
year’s toolroom strike was 
a little like that in Europe at 
the end of the First World Wan 
few believed that such a catas- 
trophe could happen again. 
Unfortunately it could. 

The general outburst of 
relief at the end of the month- , 
long strike — by far the most 
damaging since the State- ?■> v 
financed rescue of the company 
— was so loud that it drowned 
the doubts which the strike 
leaders were even then express- 
ing about tbe peace formula. 

It is sometimes assumed that 
if a strike is called off, the 
issues behind it have been 
resolved to everyone’s satisfac- 
tion, leaving all sides to face 
the future afresh. This was far 
from true in tbe toolmakers* 
case and anyone who has 
believed during the 18 months 
since they returned to work that 
the toolroom workers would 
never again bring BL to its 
knees has done so on tbe basis 
of nothing more than the vague 
premise that lightning seldom 
strikes twice. 

But crisis point arrived again gvWi-X 
on Thursday afternoon, when '**' 
Mr. Ken Cure. East Birming- 
ham district secretary of the 
Amalgamated Union of Engin- 



protoct tfcefr lateTOsat : 

Tim question pcmt by JtSrt 
SGkti^tswhethWtiWAUSW' 
win bt leading such rfigjhror 
res3stfhg .it Mr. George ftegto. 
shop steward, of tbs-' SU tool- 
room group* «Bamentodi .^ O«r 
union regatta itself as ttorao- 
cratfc and we*re accused- h? 
refusing to ascept-lfc* ffateuc* 
tioas of * democratically elected 
district committee atten- 
tive. But one of the teste off > 
democracy Is tip way in ehich 
it takes cue of stihwtfty 
groups. 0 , >“ ? v . 


L .««ACr$ 

.i-fwJ * 

... f‘ 

, 

’ l.-rW- 

‘ - : V " "S 
i 

• • jb# ? 
*l*j: 

- -^5 

• • ’ 


- • '.*> 


Threatening 
noises 4 * 


Figures in a troubled BL landscape: current AUEW President Hugh Scanlon (left); incoming President Terry Duffy 
(centre); and Roy Fraser, leader of the toolmakers’ unofficial committee- . 


a e dis5ict^Stt^meetiirS r00IQS buil(lin ff U P ^to a Thursday’s meeting at which the sider in toe presidential elec- both unionsjiave^ to^arve 


much bigger dispute. This exp nisi on decision was taken, tion, and believes that some of skilled and unskilled niemhw* 
eSt broke out exactly a year later. The district committee’s deci- the union’s internal structures ships with interest^ which are 
maKers at MjS au rum ays- BL>s pay stnicture is be j ng s j 0n to take away the strikers’ need altering to give groups not always compatible. - 

completely reorganised as part union cards if they do not like the toolmakers more con- ■ To add to the difficulties the 
#h __ of the settlement of last year’s return to work was endorsed as trol over their own destiny. AUEW’s stnicture makes D*y 

° strike. It is intended that from “courageous” by Mr. Terry Mr. Duffy made it clear on bargaining the responsibility of 

LT . . . * November, 1979, tbe toolmakers Duffy, who becomes AUEW Thursday that if the toolmakers district committees on which all 

The new crisis is one not only wiU be in the first grade of a president in October, and are not back at work next week, members in a geographical area, 
for the company, which could f our ^ er structure with pay heralds the start of a drive to disciplinary action might not be are represented. This does not 
once more face appallingly parity throughout the company, rid the union of the influence confined to them. Members who allow the same amount of com- 
dam aging industrial action, but g ut ^ gu men are on strike of the toolroom committee once gave financial support to people pany or industry level responr 
also for the union now speed- now because they say and for alL _ acting in breach of rule, he sibOity for pay ba r ga in ing 

mg along a collision conree with ^ promises which they Mr. Duffy inherited the tool- pointed out, were themselves which is a common feature of 

an influential section of its own received on their 1974 griev- makers’ problem as soon as he liable to disci plin e. There was many other unions, 

membership. ances were not conditional upon became the Midlands’ member no need for him to go so far as 

The immediate dispute at SU the introduction of. a completely of the AUEW executive three naming Mr. Fraser. 

52555. H*! __ new company-wide stxucture and years ago. They rejected his The grievances of the tool- 

they believe tbe two issues attempts- to end last year’s makers so far as their position nrinrifv 

should be dealt with separately, strike and some of the toolroom i n industry is concerned are hy yriUlllY 

leaders made no secret of their n ow quite well known. They , „ . . • .. 

preference for his opponent in feel that their skills and train- A 11 this helps to raaketne 
the Presidential election. But j reco gnise d neither in toolmakers feel swamped. Thy 
Mr. Duffy won, and it will not their pay nor, perhaps even naturally welcome the -moves 

be surprising if he wants to rid more importantly, in their which are being made towards 

. himself of the toolroom problem status. Of the 32 toolmakers P*y parity in BL. but equal pay 

What appears to be a com- early in his period of office. involved in the start of the SU between one toolroom- and 

in implementmg an apement paratively minor argument exfsting president. Mr dispute back in 1974, about two- another will not in itself rolve 

dating from 1974 which was in- assumes much great significance H h Scanlon° oaruuies a very thirds' remain today: Some have the’ wiaerflifferentials problem, 
intended to give them parity because of the toolmakers’ am- Wo nmSoSd and others have The. toolmakers realise that 

with BL toolmakers elsewhere turning discontent with the vSSSSi t-pHt-p? Rnr othprs have left the representatives of the numeric- 

in Birmingham. Disputes over official AUEW leadership’s rS ^^fof&aT^ominanr manual workers 

sinular parity and differentials handling of their pievances „ ai 2^lSv B ?^tiiiSte !£der* Sllted^bs eU^ere-som? are unlikely to go into negotia- 
tes broke out in other BL In June the toolmakers voted t ha fiSSrial Drob- thine which no toolmah£ tions with improved differentials 

Midlands toolrooms, with the to start withholding subscrip- standing of the financial p m g . , . if fh f 0r craftsmen as their first 

SU strikers and others defying tions until the i&ion gave ^ms which have ftw* tta m priori™ ^ 

AUEW executive instructions to backing to their demands for company and he has frequent^ toolmake reco«- Suggestions that parity 

return to work. It was with separate bargaining rights. “ d Passionately appealed .to tat industry was properly recog- 

only the greatest difficulty that When the strike actually started members to play th.ir fullest n3 ^t twn vears the restore peace In the toolrooms 

The third leading , character increasingly towards their union over-optimistic. The demands 


intimately tied up with the BL 
toolmakers* wider battle for 
separate bargaining rights, pay 
parity and improved differen- 
tials which has been going on 
for several years. 

In March, 1976. the SU tool- 
room went on strike protesting 
at delays, caused by pay policy. 


Not first 


Continuing 

discontent 


called to London and, after year’s stoppage immediately 


appeals to support pay policy began organising financial sup- hi the quite major drama which fad f.?;n 


and avoid action which would port for the strikers. is building up within the huge Mn^dirtions with which will 'S^taff 

Clearly, it appeared to AUEW AUEWU Mr. RwFruo, tool- leader, «• “ r LSS 


runner jeoparoise me com- ueariy, « appearea io aujsw A inrw ctatuc anil naritv with thp ctaff- 

pany’s market position, they leaders, the toolroom committee room shop steward at Cowley mion uraded machine tool inspectors 

finally persuaded their members was using the SU strike and leader _of Oe unofficial coi^ Jteetf as the gMortUjg graded mag^e tWropedn 

to looking ideas like a craftsmen’s 

and of veto over any national pay 


ui uiu uuumjwiu — - unth thp 

to return to work. another excuse for a bigger mittee. Mr. Fraser is himself tajn U»Bng Tdeas like a craftsmen’s right 


nd possibly some 

The lesson of the whole affair fight— “ paid mercenaries ” was running for a seat on the TGWU relegated 
was that discontent over parity how one district committee executive, after polling an im- after toe semijrau agreement in BL which does 'not 

and differentials in the tool- member described them after pressive 19,000 votes as an out- unskilled. Today the lea gr 


It Is by no mcans ccttaia that, 
if the SU cxpul&ionx go aihsad, 
the toolroom committee will call 
for : further strike- ‘ Action 
although it has hem making 
threatening, noises in . recent 
weeks. The committee" -prides 
itself on taking what it $elleves 
are reasoned and considered 
decisions. But _ toother 
toolroom strike were rolled, the 
AUEW' executive would have to 
consider instructing other mem- 
bers to allow the tooftnkers* 
jobs to be taken over by inspec- 
tors and supervisors — some- 
thing which it was preparing: to 
do just before the last strike 
was called off. 

The executive would then 
have to hope that it could keep 
the hulk of the membership 
loyal to the leadership end it 
would have some chance . of . 
success. Toolmakers are re- 
garded as an elitist crowd: Ter' 
many othe r engineering workers 
and AUEW Birmingham officials 
successfully persuaded 6QG other 
SU workers to help overcome 
the effects of the strike earlier 
this week.. Many membenr ot_. 
the district conunittee^ which on . 
Thursday decided to expet the 
strikers were themselves crtfta* 
men, indicating that it is hot 
simply a war between tbe skilled ‘ 
and the unskilled. Unofficial^ 
groups within unions are not, - 
in any case, generally beloved 
by either officials or members* 

There is little doubt that the 
toolroom committee baa passed 
the peak of the power which it 
held at the time of last year’s 
strike. But no one knows to 
what extent a fight over the 
expulsion of the SU strikers 
might revive that power. 

Victory for the executive 
might be achievable only at a 
terrible price. The onion would 
be running the risk Of being 
able to gain unity only through 
mass expulsions or mass resign* 
tion s. 

The AUEW is no easier to 
lead than any other political 
coalition; but., because it is 
a coalition, compromise fre- 
quently has to prevail and there 
will be many members this, 
week-end hoping that an all-out 
blood-letting between the tool- 
makers and executive can he : . 
avoided. 

As Mr. Fraser has commented, 
expelling members does not 
expel the problem. - 


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Letters to the Editor 

Taxation 


From die Vice-President the 
National Federation of Self- 
Employed and Small Businesses 

Sir, — Is there no end to Sir 
William Pile's relentless attack 
upon tbe self-employed and small 
businesses? Your item on the 
back page “Move for Earlier Pay- 
ment of Tax” (August 24j illus- 
trates once again that the Inland 
Revenue headed by Sir William 
is determined to reduce the 
country’s small business sector to 
negligible proportions. 

Tbe determination to achieve 
this end has been displayed 
clearly by the zealous activity of 
Revenue officials over tbe “in- 
depth" inquiries into traders’ 
accounts which has resulted in 
many more small businessmen 
being asked for additional taxa- 
tion and reducing their already 
pitiful reserves of working capi- 
tal. This new proposal will 
accelerate the process and force 
many more thousands out of busi- 
ness. 

It cannot be understood how 
any Government can so 
vociferously support, on the one 
hand, a policy of help and 
assistance to the small business 
sector (even to the extent of 
appointing a man like Harold 
Lever to study the problem) and 
yet so underhandealy allow Sir 
William Pile to continue his 
pillage of tbe very same -.indi- 
viduals. 

Why is it necessary to pay tax 
earlier? Upon commencement of 
self-employment the first year’s 
accounts usually form the basis 
of three years’ tax assessment and 
The person assessed under 
Schedule D pays tax for each part 
of the tax year during which be 
has been self-employed. Upon 
cessation, tbe actual basis is 
again-' implemented and the 
Revenue has toe option to choose 
the juaximum profit (either 
actual or previous year basis) for 
assessment over the last three 
years’? business. 

The? study undertaken by toe 
Inland Revenue Indicates that 
the real policy of _ both the 
Government and the civil service 
is to -rid the country of small 
businesses entirely. And yet 
imagine this at a time when there 
is already a dole queue of L6m. 
Eradicate the small businesses 


and a further 8m employees will 
join that queue. 

It is encouragement that the 
small business sector needs and 
instead of squeezing the wealth 
creator dry, positive investment, 
practical assistance and an eas- 
ing of the bureaucratic harden 
should be poured into this valu- 
able sectcfr of toe United King- 
dom’s economy. 

D. Dexter, 

Bolleston House, 

Bridge Street, 

Horncastle, Lines. 


Secretaries 


From. Mr. B. Campion. 

Sir, — I'd be the last to criticise 
the way we rightly eulogise toe 
Secretary of the Year— and like- 
wise I'd be loath to leer at all 
those qualities they quote for 
those who'd win this vital vote. 
The only thing that gets me 
down about the one who wins 
the crown concerns the never- 
changing gender of each year’s 
well-endowed contender. We’re 
now resigned to all the jollity of 
full-scale sexual equality- 
observing which it seems 'absurd 
they always have to choose a 
bird! . It’s tree the journalists 
employ their yearly clutch of 
clicbfe coy about the gifts a 
girl requires when to this title 
she aspires, but notwithstanding 
all their quips re tender charms 
and slender hips and sitting on 
the boss’s lap— why can’t the 
winner be a chap? 

B. Campion. 

34. Treveneague Gardens, 
Manadon, 

Plymouth, Devon. 


known and certainly less than 
their published figures and the 
average 3 per cent already men- 
tioned. Our report does not 
solely nse Business Monitor 
figures but a compilation and 
cross-check of various sources 
from some 15 Organisation- for 
Economic Co-operation and De- 
velopment Governments. Even 
though we are consultants, we 
are able to distinguish between 
naked and p re-mounted PCBs. 
Our figures refer only to naked 
PCBs. We have reviewed the 
PCB Industry substantially in 
recent months and while there 
are some cosmetic improvements 
the basic problems still exist in 
terms of the industry structure 
and profitability and productivity 
in a European context. 

(f Hr. Breen bad actually read 
our report he would have noticed 
that we deal very favourably 
with most of toe major com- 
panies, acknowledging good cus- 
tomer relations, quality. Invest- 
ment. etc. The report deals with 
the whole industry and not toe 
tip of the iceberg which is repre- 
sented by toe few major manu- 
facturers like Mr. Breen It is 
the sincere wish of my company 
that the UK PCB industry does 
indeed revive and become inter- 
nationally viable and profitable. 
Kevin Sweeney. 

Larsen Sweeney Associates. 

PO Box 38, Maidstone, Kent. 


Advertising 


Circuitry 


From Mr. K. Sweeney. 

Sir,— Once again I am obliged 
to lay to rest some more miscon- 
ceptions about our report on 
printed circuits (PCB) in the 
UK 

in response to Mr. Breen 
(August 21) I WOhld make the 
following points. The average 
exports of the top 16 UK PCB 
manufacturers represent about 
5 per cent of their turnover. The 
average pre-tax profit of these 
16 is under 3 per cent per annum. 
None of the companies uses cur- 
rent cost accounting methods and 
thus their real profitability is un- 


From Mrs. R. Waterhouse 

Sir,— It is clear that Mr. 
Winston Fletcher (August 17) 
despite his facetiousness, has 
failed to understand the nature 
of the sanitary protection market 
in the UK. 

The Price Commission report, 
to which Mr. Fletcher refers, was 
toe report of an investigation 
into an application for a price 
increase from Soutoalls .(Bir- 
mingham). toe only UK manu- 
facturer which covers the whole 
market South alls has only 
three competitors in towels and 
only one, Tampax, in tampons. 

It is a market -where women 
have no option but to buy. Tbe 
market is stable, growing in 
volume terms at rather less than 
1 per cent a year as the result 
of changes in the age structure 
of the female population and a 
slight increase in product usage. 


The young girl, given an 
adequate degree of comfort and 
security, rapidly develops a 
brand loyalty which is price tor 
sensitive and which may last 
until she no longer needs toe 
product. 

In such a market where there 
is a lack of real competition, 
where market growth is minimal 
and brand loyalty is hJgb, heavy 
advertising has two main func- 
tions, to establish and maintain 
market share and to prevent the 
entry of new competitors. The 
Price Commission estimated that 
an advertising expenditure of 
£jm to Elm would be needed for 
a new entrant to establish him- 
self in the market As Mr. 
Fletcher said: “ Several com- 
panies have in fact tried, and are 
still trying, to launch themselves 
into the market in recent years." 
He does not say they have 
succeeded. 

Mr. Fletcher’s “little” know- 
ledge about mass production 
costs— “that even at' high 
volume production levels great 
economies of scale are still 
achieved when volumes increase 
further ” — is therefore irrelevant 
and could be dangerous In this 
market High expenditure on 
advertising can only increase the 
market share of one company at 
the expense of another and 
brings few benefits to anyone 
other than the advertising agent 

The Price Commission's 
observations, given the charac- 
teristics of toe market were 
clear “ that advertising costs and 
such promotional costs as do not 
represent direct benefits to the 
consumer should be reduced and 
toe savings passed to the con- 
sumer." Let us hope that Mr. 
Fletcher’s protests are a sign 
that toe manufacturers may be 
following this advice. 

The Commission's views on the 
role of advertising are based not 
upon general dogma but on a 
study of each industry and its 
market structure. 

(Mrs.) Rachel Waterhouse, 

Price Commission. 

Market Towers. 

2, Nine Elms Lone, SW8. 


tions, Mr. Titchener (August 19) 
leads your sub-editoy to believe 
that his attack is on bureaucracy, 
He correctly lays toe blame, how- 
ever, upon politicians who have 
placed the bureaucrats in an. im- 
possible position. 

Current legislation, rooted as 
it Is in “ pressure-group politics” 
rather than in common-sense 
attempts to improve our social 
and- economic circumstances, is 
full of examples of meaningless 
activity solely designed to pro- 
vide good PR. 

. Not until Ministers acquire tbe 
courage to recognise vociferous 
special pleaders for what they 
are, and Members cease to be 
content with failing to under- 
stand toe law they make, will 
these expensive charades no 
longer burden industry, com- 
merce and toe pubic at large. 

N. Hewitson. 

Cinder Paddocks, 

Cinder HtU, Chaile y, Sussex. 


Pathetic 


enlarge a smallholding should 
wait until land becomes cheaper, 
one way or another. 

In my opinion this is harmful 
advice, and also too pessimistic. 
There is still a chance for young 
people to get a start, either in 
the hills, or with pigs, or poultry, 
or hiring land for -special crop- 
ping. Two young men who 
worked for me have started 
recently in this way, and with 
hard work, enterprise and initia- 
tive have quickly established 
themselves. 

To pretend that land will 
become dramatically cheaper 
when inflation drives everything 
else up cannot be founded on 
any facts I have seen in the Iasi 
30 years, and it's still cheaper 
than an acre of linoleum; wbicb 
was Lord Netherthorpe’s criterion 
in 1950 when 1 wanted to start 
farming myself! 

F. G. Salmon. 

Hcii Leys Farm, 

V.Tiittoeli, 

Nr. Worksop, Nottinghamshire. 




t-'v • 

. ' <5 





ORDINARY 
»UP)SI 


REGULAR , 
SAVING SHARES 


•Sr* 


From Mr. A. Forrest. 

Sir, — How pathetic of Mr. 
David BasneU. (Back Page. 
August 21) to trot out toe old 
Socialist cry that a vote for the 
Conservative Party would be a 
vote for “ inequality, elitism, pri- 
vate affluence and public 
squalor.” 

Statements like this prove once 
again that it is in fact tbe 
Socialists who wish to retain as 
long as possible whatever divi- 
sions there may remain in 
society so that people like Mr. 
Basnett can justify their “elitist “ 
positions in the trade union 
movement It is the sort of com- 
ment that toe late Dr. Goebbels 
would have been proud of and. 
unfortunately, an early example 
of the flood of half-truths and 
downright lies to which we shall 
all be subjected In toe run up to 
the General Election. 

Andrew Forrest 

28. Granbp Road, Edinburgh. 


Building 


Land 


Legislation From Mr ' F ~ Salnwm 

_ ° Sir.— I was interested to read 

From Mr. ft. Hewitson. John Cherrington’s comments on 

Sir.— In drawing attention to August 18 In his farming column, 
the complexities of the Con- suggesting that perhaps young 
Sumer Credit Act and its regula- people wanting to farm or to 


From Mr. C. Chetwood 

Sir,— In .support of your 
editorial of August 23 may 1 say 
that' two points In the Direct 
Labour Committee’s Report that 
need exposing are— first, that to 
compete with private contractors 
DLOs must be expanded, qpd 
second, the presumption that 
direct labour organisations are 
necessary to carry out new work 
or large-scale maintenance. 

The efficiency of any organisa- 
tion is never related to sire and 
with tbe committee recognising 
at last .that management and 
accountancy controls have been 
inadequate, there can be no justi- 
fication for expanding DLO’s 
present operations. In addition, 
no one has asked ratepayers 
whether they wish to pay extra 
on their rates for additional 
management and financial con- 
trols to prove what has already 
been established— that DLOs are 
less efficient than private 
contractors. 

I wonder if anyone who has 
a thousand pounds to invest 
would put it into a building 
operation run by politicians. ■ 

C. J. Chetwood. 


“ Trecctese," 
Stoke Road. 
Cobham , Surrey 4 



8 *2°/o 

net equals _ .. ... 


gross 1 12.42%gross 



IJDNDON 
PEAK SHARES 


7 - 450/0 

net equals / 
11.12% gross* 






a term investment 


LONDON 
PEAKSHARES 


-^LONDON - 
PEAK SHARES 


7 * 7 % 

net equals 


net equals 




11.49 o/o grosJl 1L870/CW* 


* a term m vestment 
forrtvn evarc 


for tbrcc years 


;*lf -you ;pay basic 
raceiuQOtBe(Bkat33V^ 


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tones." 


LONDON GOLDHAWK 

BUILDING SQCltfr* lSG70dawidcl 
London W4 2NG.Td:0t$95 832LAndl 


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Financial Times Saturday August 26.1978 


Unloved 


13 





BY ARTHUR SANDLES 

■ jip, :■ i 

■ 


A.W BUSINESS travellers British Airways, Pan Am and 
u:u ii'.uih cast England find TWA or wooing them away as 
..iwu k a secret getaway point they are landed. One of the 
ih H'. normally, uncluttered alternatives is to enter through 
iMlii- .ttvag and s>wift rail link another European airport hut 
iih London. Some short haul still end up in Heathrow, per- 
an* more conveniently haps for an Internal UK flight 
K.m through the airport, the Iberia and TAP both carry traffic 
n<i rcrent addition being an Kennedy-Mad nd (or Lisbon )- 
,% r r.ingip! run to Dublin. And London. Boih fear they would 
the very mention of the shed traffic if the end destina- 
!R><? Gatwick will bring fur- tiou were Gatwick not Heath- 
,w *s tn the brows of airline row. Whichever way you look 
.cent; vos. Iberia of Spain and at it, Gatwick is seen to be off 
A l* of Portugal are not alone the beaten track. 

• foehns that being forced to Some of the fierceness of the 
a (wick is the kiss of death. Air reaction to suggestions ■ of a 
With and Braniff have both move can be seen by tbe way 
: pressed that view in the past in which the Canadians behaved 
: months. when it was suggested that all 

N.iro of the airlines object Canadian traffic should be 
U.aiwick as an airport It is moved out of Heathrow s 
fairly civilised place compared crowded traffic handling area, 
uh manv. and certainly a dif- For a time it even looked as 
rent world from the rubbish il ^e row would lead ! to .a 
p that Heathrow's terminal suspension of Canada-UK traffic. 

.•n has been for much of the T . ,ie problem is that Gmada is . . . ui C i C <..muvu «..«» e «meiv g 

ist few years — the current sensitive about being to submit and to use Gatwick British .Airways as far as pick- Jet aircraft began to change the not mean that the solution will authority a -rear deal or the airlines which m.i „nt 

ritish home for Iberia and badl - v 111 . comparison u its Bntu* base. The sluggish ,ng up transfer traffic is con- scene m the air. and computers easily follow. There is a poli- revenue can be gained from oriamaiu want «, i! th i? -,h 

AP. No. the real key to this X. b ^f.'«rued. and Mr sophisticated naviga- tical problem in providing^- milling crowd ^ E ? ven tee u™ 

It is difficult to see how the t, . 0B “ equipment came to the dent ground transportation for popular Gatwick gets more if satisfactory. Bur more’ need 



Heathrow’s Terminal 2; the difficulty Is getting in and out 


Terra Kirk 


Regular users of Heathrow traJJsed terminals while Europe is whr the fourth terminal; 
will know that the major irrita- clung lo the large single build- designed to lift The airport's 

tions of the airport are not what ing concept In the U-S. it is capacity from 30m m 3Sni pas- 

happens after check in or be- norma] for individual airlines sengers a year, is heins souehf-<- 
fore completion of customs pro- to have their own departure by the BAA. But even this will 
cednres. They are fighting your lounges and arrival areas if not not be readv until ism! and 
way to the check in desk, or their own complete terminals, that timescale depends on a - 
getting your baggage back and Travellers are quickly removed prompt go-ahead after The cur-: 
escaping the terrible melee of from the central area to the air- rent public plannin~ inquire i<' 
the place after you have said lines’ own dispersal points. This completed. With the fourth 'ter- -' 
goodbye to the customs man. needs space, but it certainly minal. the pressures will he bad 
Airports have become major places the service accent on the enough. Wit hum if. Hearhrow in 
generators of ground traffic. On airline, rather than on the air- the mid-1980s could \erv well 
some August days Heathrow P°rt operator. There is already look everv day ,.f th.’ vea’r as it.- 
can have 100,000 people passing a tendency for this to happen does „nw on pe2k AiVust week-' 
through its doors. An airport at Heathrow, in spite of the eru j s _ j, j c ln aritI : d 7hf~ <jn, a .l 
designed to handle a heavy flow cramped conditions, with more tj on r |, e gg \ a J tll( , 

of piston-engined small aircraft ■"<* innr< -' airlines acquiring Government want n. »et more 
finds itself having to adapt to a their own exclusive departure a i r jj ne!s . tQ ln Gatwic 1 - " 
daily invasion as big as a Cup *■** *r“ s and decorating them But ae kno'wJedjine ih&r«omew- 
Final crowd, with all the strain m ^eir own house-styles. thins m »st be dun* j« rather 

on everything from parking to different from finding a wav of 

sewage disposal that this means. JYlllIinCT prntffjc doing it. The Government over 

Government in Britain, as LIUWUS rhe past few months ha* Tried 

elsewhere, is be ginn i n g to Distributing the passengers in ro encourage airlines io move • 
realise the extent of the prob- this way may not, however, be to Carvricfc he means nf quiet - 
lem. But the realisation does entirely good for the airport purs nation— a'ud even < u me n{ 


.1-; . 


>. tne real Key to this "‘r 1 . v : 

inter-airline transfer u -?- Cana<ia was < R ,lck t0 the summer boom put it firmly 


and me Wo=irIine Sg th« g^V^ciSS « Sfen'Sn “ ibl.wStt “ASSlS ““MBftGSU™ l" from i, s s hoppi„ a , 0 m„vo. and ,h.- , ; „v,rn„.epr i 


matter of a few years it terms of time, do not seem to franchises, and from the rents nnw havinu 


10 


resort m 


What makes matters worse is *L P™W«ni SSL-JIfL ?SS Il “ ser ®L tba « enf orremem-rccognlsmg the 


aiYnck^^iext^ Ap^L^with^the 85 North African entry points bring an operator. 

'uspect of others to follow soon f^ h E “£ op ^f "J® tha^Bra^^nSt^Mv n? the wilhout moving’ traffiefrom P^ssen^r loads and needing Government or a local authority it does“from the 'aircraft that di pl’o tl i ITi l-u 1 1 i • ■ < and pr><- 

Tcruards, or c terrified of the airlines ^ Heathrow to the other London relatively short runways, were has to subsidise the sendee and fly in and out. ^le rf-t^nn Zl' LvlSi 

ajic they might lose. _ .. ^ Galwick ^ave ]« Et£- ^rports-Catwick, Stansted, and goingj 0 ch^ge the future pat- local taxpayers are not keen to To give credit to both the Whichever' airlines are’ -Wen 

Heathrow 


wnrM . into Gatwick then passengers Gatwick have long been eriab- ter^of ai> ttlvel 

might be tempted to ^Detroit lished as users of Heathrow. L s ? ow . a **5!LfL2iIEr: 


support such activities for the BAA and the Government, they fl>r move , and ,;, e next on 


■vn people, but Heathrow's rti™“v^o»r Iberia o** TAP anTnXw tn the w aieir enmusiasm »tri u» jluc uc# iuug ini*. uj<uvirs il a auum-triiM. ana inat to try IO have rhef*- own 'ii’tle Gatwickx” 

p.iic is peculiarly cosmopoli- Iom airaoV WrMnefsuSTas thSe for B P reatf, “S tJie traffic load. found itself short of space for much more convenient airport squash aU the traffic growth into Jjthin their own terrtioriM (the 

n In spite of its drawbacks. “ f rmt h»rtu * Sto wav fo? T ° u °derstand how Heathrow terminal areas and the neces- than either Kennedy or Madrid. Heathrow would be asking for SmoK 

.o airport has become the and ' the BAA S ot themselves sary parking and other service There is scarcely an airport trouble-froin environmentalists S StehT^ 

■-W airways traffic junction SSSdlTJSStl itl Mnll a great manv oftbemte ^ent into this mess means looking at space that was required for this of consequence in the world forced to put up with the noise banif:he( , to GeiatV. an airbase 

i earth. Tn tell an airline it i oss m i<,bt be minor years, particularly from the ! he history of airports. In the new mass traffic. Gatwick was which does not suffer from and airlines and passengers W hich does not have easv acres* 

mnor flv there is like telling Theresas another near break- newer African nations and from inuc ediate post war boom two a product of rhis second phase difficulties of some sort since forced to suffer congestion. Tn T0 j\t a aridl. The UK Vjovern- 
Londnn taxi driver he must down of irtation reSihen the oil-rich Middle East fact °* dominated airpon plan- -«lg only one runway ^and a tbe ju^s of^ej^nej^e try to i solve such problems b nienr has pi( . k , Li up a netfle 

IV a wav from Mctnria. Braniff started its flights from The one gainer from all this nmg— runway capacity and air relatively large central terminal changed ^frequently, “d the wa< =. devdoped in rhat ij? ?tI , ns t0 - tin o nu matter 

Particularly important in this Dallas-Fort Worth to 5 London, is British Caledonian The traffic control. It was thought building. time lag between an lniestmeni the first place, and why there is j 10w it me t0 ' nan di e j t 

m* |* the Heathrow-Kennedy ilthS much of thJ argument British iodepend^t made Gat- the airlanes would soon But the story moved on. We decision and tiie actual opening now pressure for the develop- — - i-L - 

\> Vl - Vorkl ronio. Although was Sr fares it also Evolved wick its home a lone time a«o so crowded that by the are now into phase three, and of a new building can be con- ment of Terminal Four at On this Me vettentCM a pic- 

T-reat'vS arc opening i p fa*t ind bas been fichtin^ an aimos? mid-1960s air travel might come that ia-the phase in which ter- siderable. Some airports, notably Heathrow (after which no more of Mr Huph Jcnkin* UP 

iVaSSS * a Ull. 1M designed minal opacity, in the sense of ^ose in North America, sueceed developments there are 

i? for gateways to their respec- this case with some justification, get others to join it there. Every for this era were a mass oi rftfHty to handle^ peop m & P What is undeniable i^ that ^kins. invest ment manager of 

wnat is undeniable is that lhe onal Co(jl Roard sta $ 

Tfe 


enned’- and Heathrow are the that Braniff used Gatwick, in lone battle for some years to tn a 

liers to join it there. Every for this era were a mass oi toe wumy i« 

muf* tha*- nnmpc into criss-c^o e sin ,, runwavs and is less of a problem than This is so partly because many 

buicc miu.iu (.lucuuiuHU no? *■' '» roilie 1031 COniPS mid r , _*■*_ a-mS-*- T 1...1 .... in j. ■ , ••**- s*m,w»w i.u«i hviim 

into serein^ Houston from Gatwick. Gatwick puts BCal nearer to efforts were made to meet the the physical movement of people major American airports em- Heathrow is likely to be closed Superannuation Fund. 

of Braniff wasforced S thTend haring an equal footing with rush. In the late 1950s, however, in and out of the airport. barked on a system of decen- within three years or so, which apologia for ihe mistake. 


vo continents, with feeder since British Caledonian was new 
irlinos pmirinc their traffic 
ic transatlantic . flights 


mm 



equipment. Decca to his eternal 
gratitude being the very first 
and then the tape deck makers. 
The big break-through was in 
1971 when the steady flow of 
Dolby domestic system licence 
sisn-ups became a flood -and he 
signed such people as Sony and 
National Panasonic. Dolby 
collects an average of 21c 
(U.S. i on every channel a- deck 
has i two for stereo, four for 
quadraphonic). More -than 
20m have so far been sold 

, , J Dolby’s dominance of the 

, .. , cw aj wliai is involved it <?0lini j p U rit>’ business in 
ti ins. uardly apt iu talk of what records and tapes is now un- 
- nappvning to cmeniattc sound questioned, main ri\-al Philips 
uays as .i quie t revolution. laTge j v its : own 

,!, . Wl- ' vr - a . sma r 11 f3c,ni T build- Dyn amic Noise Limiter a onuple 
: R ,J * hundred yards 0 f years ago. and nw attention 

i :n 2?<<uih Lnnonn s Stiickwcll ; s lining focused un' films. 


issn&s 

mpressive 


iiaimn ;s currently work 
• ■ tlj;. **ut lu ensure that the 
<>.h] hear? John Trarolia. 
I:mj N’?wti*n John, the Bee 
Marlon Brando and R2D2 
iuM Mooded stereophony, 
.i-.v .-.huw-bi/. miauls are all 


Cinematic sound i< pretty 
had. many films makinc up M’ilh 
volume what is lacked in 
quality .If you don’: understand 
what is being said in some pic- 
tures. don^t blame the actors, 
, . „ . often it is the means of record- 

nf current or sunn to he ing and playback. You can tell 

■•n.n f" m ^ s hut in Dolby h 0W |j a fl ibe sound i> sometimes 

T- .i 1-,e facT0 P'J n when film soundtrack is re- 
.it. i.wcl! is the mam Dolby pi aye d on radio. 

‘■.■.suction centre, providing the _ _ . . - . 

:u:; 'Uic.it for the lUming pro- moved to Californiain 

and Hum equipping 5976 «?'«« * e film P r0B : 

ic-mjN lo show the final pro- P ****■ S n ^i’ Ce 
(•■I r«! the meantime Mr. Ray of _ Ranged tax .Jaws ter 

dw 



David Court: in the same boat (see Water vrajrs) 

the" American *Ang!a. forei S n nationals in Britain pro- ]S now beginning to look panJcui&r vessel. Mr. Blake the 


Trertir Humphries 


1:U- -rthu owns i he companv. Tofee s embarrassment) but tne at othef mar}iers . So far there formed his company to market Trail, a ronti 
we-: oi. his wnv to his second manufacturing base uf nis afe vejy fev| . umU outside those Eroais rental boats more than heather taking 
■ * empire remains here. His move tyrQ ^ wil!l none in jr rance# 70 years ago. After a time from still to sti 


-rioliiy is doin’ fur cinema 
I v Technicolor did for 
> o j: n ;i revolution which 
• l.-.w to ^!art but is how 


creation of the Whisky 
ronte through the 
tbe moiorist 
stilL Some proud 
got names are to be found on the 


came at the same time as a new Italy or Germany r*we are cor- the yards concerned 

wave of film interest m pop centraT j nc on the English speak- together end bought their agent route, but one. perhaps the 

music and sci-fi — both fields inff wor j d dubbing give* us our. “I am nor quire sure now proudest of all, has been miss- 

which rely heavily on sound. additional antral problems") so whether we are a consortimn or jr.g. 

Musicians wore ^smayed Jit each installation costing a co-operative.” says tne_pre- Tjie Glenlivet distillery was 





nir h toidl so far tops 40. 



m.' ;nro tbe U.S. and » TO look at television and radio If ynu rent from one of the e yes. held aloof from the lYhisky 

Kank iias ocen nis cnici uiv Beware, the Dolbyiser member yartU you oan expect Trail, even feeling, as one of 

exhibition enthusiast. cometh. free berthing and helpful the dignatories indiscreetly ad- 

Thc big break through'e- came attention from any of tbe mined- that such actirities 

with Tommy, starring the pop others. .Anyone who left the 5m acked of commercialism, 

group The Who. and A Star is |f3lCr club w ° 1jld have to compete \ve!l. Highland pride, tbe lure 

Bom. with that determined lady with thi? impressive network. 0I - -ji e tourist D-Mark and the 

Barbra Streisand in the leading and so far no one has tried, prospect of on-goina sales by 

role. The Who and Streisand nttj© Hoseasons. run by ebullient toU r;sti who love to say to their 

gave audiences a taste of what rival Jimmy Hoseason, has a friends “I’ve been there, you 

this new sound could mean. The With the Norfolk Broads similar system. If you are not j^now." have overcome any such 

seal was finally placed nn the proving such an investment a member of either group re juctance. 

system’s- acceptance whenShir magnet these days it was marketing can be tncto\ G j en livet has sunk more than 
Wars was recorded in Dolby, jneri table that the City folk Guinness thus finds itself in the „ ^ , recpotion 

Now there are more than 20 Should eventually bring some- Hose_asons brochure for aomes- ^ re for visitors aolacewhich 
major films in preparation using thing of their financial com- pc a oats, and in the Blakes ^ ers antique°whi^v making 

the system. piesaties to these quiet Easi oook aoroad. exhibits, a recreated illicit still 

In the U.S. the position has Anglian waters. The awkward BoJi organisations have gg. j n mini-^len and. of course, 
been reached where cinemas cross currents have been pro- moved into Europe during the a chance to taste the present dav 
have to say m their advertise-' Tided not, however, by London, past five years, exporting boat rpa j -hing. 
ments whether they have Dolby but by Dublin in the form of rental expertise to Francs in 

stereo playback capabilities if Guinness, which has just spent satAi a way as 10 surprise the • . memories of the 

they arc not. to lose audiences £L5m on buying two inland locals. British middle class £ i b l?ill?f5,li n i|;' 

to- rivals. In tlie UK Rank and watere\‘ay companies, by far tbe fa^es cruise the Canal du {J““? “®etin^ *ith Mr. 

EMI are not eager to get into biggest of which is B. Wilds on in sach numbers as to J 

that game. In London the ABC the Broads. The smaller part mase parts of it indtstragmso- f‘ 

(EMI) 1 and 2 in Shaftesbury of^tha deal is Loire Lines a able from Latdenbead^m mid- ^ c hjd ^ 


Avenue both have it, but none French 


which 


... the August 

of the same chain's theatres in Guinness subsidiary Utonspur cheaper. 

:h Hank having IS and EMI Baybwater or Fulham Road. The will presumably merge with its 
«m jar. No, 1 screens of both EMI and 70 per ccnt-owned cffishcot Blue Uip-Mjind 

Rank in many of the major eity Line Cruisers, which also owns n#glll«nil 

KI. ff.-int Ilij. Kuna M mae* mnltinlne .« TtnlhvtCBfl but boats in Ffanpp. 


xcept ti:3t the vine is . . - - , - 

(jlentivet by car to Inverness 



_ h'jv Dolby is best 'known Rank in many of the major eity Line Cruisers, which also owns 
^ *» i’- 'ibiu'y from his name on most multiples are Dolbyised. but boats 
* ■: j.- cassette tape recorders usually not The No. 2s or 3s. The 


piquancy of this situa- TilBc 

li tuday. Bom in 1933 in Rank's London Dolby stereo tion is that B. Wilds is or.e 


i id ^ 


company 

but, as the mists swirled around 
the slen, he decided that 
trousers might be more suitable 
for she flights than the kilt. Pull- 
ing into the side u£ tiie road he 
waited until all seemed 

— -- — — — — — .... descried. Stepping from lhe 

inland. Oregon,- Dolby came houses (also 70 mm) are the of the biggest members of the Over the past few weeks there car , he contrived to remove his 
Britain m 1957, working at Dominion, tbe Leicester square Hoseason marketing organisa- has been a little more io talk a nd start nuttinc nn his 
c Cavendish Laboratory hi Theatre* and the Odeon’s tion, while Blue Line is a*»»n iu the heathered glens of trousers. Suddenly i. U t from 

.mibridsc until 1963. After Marble Arch and Leicester marketed largely through the north eastern Scotland than the the August fog, came the sound 

/.<? he aid a spoil as a scientific Square. Tbe Empire, the Plaza, Hoseason deadly rival, Blakes. decimation of the grouse by of another vehicle. In his flurry 

j v;?.-r with the UN in India the Wn and the Warner co®* To make nutters even more sheep tick. With quiet Highland 0 f activity Mr MacLellan 

‘ d then jet up on his own in plete the^London list. See^Stor delightfully complicated Blakes, grariountess & measure of succeeded in dropping a wallet, 

nd m 
he n 

terms Dolby had found a Dolby stereo and you are getting i 0Qg ago hoaght He^^ ^^^ 2,one ' the^Tourist BoanTchatiman^as 

:v of washing sound 60 that a little less tiian the best More of Wimtiiam) and Rank (which I? all started when some of > n l ^ e “^clst of deciding which 

Kit conies out of a loud- than ISO UK outlets have Dolby via Bulling owns Richardsons of the whisks' producers began to be should catch first, the kilt, 

e&fcer :s free from electronic mono playback facilities— good Stalham). take their normal mckle of risi- -his troo«rs or the pound 

reefer encc and tape hiss. By clwjn sound but from one outlet Ladbroke, Rank end Guinness tors seriously. Increasingly the notes, and he is- still wondering 
iatc sixties thu lti-fl world only. may seem tha most unlikely of distilleries have started to cater v-'nat the passers-by made of the 

.’3n to hear about Mr. Dolby With several thousand bedfellows in Blakes but It is for these visitors and the whole scene- 

d !ti ““ 

'tial 


i io uiiar aooui mr. iwioy wan wueiiows at Biaxes out it is for these visitors and the whole 

his devices. First profes* cinemas left, to tackle in both scarcely conceivable that any of thing has reached a climax over 
1 studios installed his the UK and Norm America them will wish to rock this tha past couple of years with 


ARTHUR SANDLES 


Korchnoi blunders 


for his lost posiuon in game H. 
Result — a blunder and a deci- 
sive attack for Karpov. 

After his third defeat. 
Korchnoi changed his opening 

VIKTOR KORCHNOI is up target of six wins, the draws strategy, and brought back the 
against it in the World Chess not counting. In keeping with French Defence 1 P-K4 P-K:t 
Championship at Baguio City, the tone of the occasion where " rhi y h helped him do well 
in the Philippines. The 47-year- both sides use every oppor- gainst Karpov in 3974. But 
old defector had to resign both tunity to upstage each other. Karpov is now playing with 
the 13th and 14th games of the Karpov and the' USSR deJega- increasing confidence and more 

tion * celebrated his double 3 St* 3 * champion. 

^ success with a champagne pan> 
at which Karpov blew out three 
WORLD CHESS candles on a cake, in retaliation 

for Korchnoi's two-candle party 
to celebrate his second year as 
a defector. 

The match really went sour 
for Korchnoi La game 13. At 
adjournment his position was 


LEONARD BARDEN 


series within an hour, and strong, but the Korchnoi team 
Anatoly Karpov, the 27-year-old were over-confident, analysed 
Soviet world champion, has badly, and missed Karpov's best 
since consolidated his 3 — I defence. Soon after resumption 
overall lead with two steady Korchnoi refused a draw by 
draws. repeated moves, and over- 

Karpov is now half-way to Uie pressed in an effort to make up 


Economic Diarv 

It- 

Statistics expected to be pub* 
lished nevt week include: 

TH LT1S D A V— Department of 
Energy publication Energy Trends. 
Department of Employment 
Gazette includes unemployment 
(July— final): employment in the 
production industries (June): 
overtime end shon-iime work in? 
in the manufacturing industries ‘ 
(Junei: ;;nd stnppjetfs of work 
due to ir.du^triul disputes (July). 

FRIDAY— I'.K. Bn I j nee of Pay. 
menu iP.riV: Book* 19*17-77. 



THITUirr-^Vi.;, 


■ |V > ii full 


Widely acclaimed by financial joumalsls and invest- 
ment advisers, MiG’s Recovery Fund, designed to 
produce capital growth, ended 1977 as Britain s best- 
pertDrming unit trust it has a policy oi buying the 
shares of companies that have fallen upon hard fanes. 

Many of these companies recover and through a pro- 
cess of careful selection M&G has been able tn bring 
high rewards over the years to Recovery Fund inves- 
tors. An investment of £1,000 3t the fine of the Fundus 
' launch m May 1969 had, at the offered price of 977p 
on 23rd August 1978. grown to £7.816 including rein- 
vested income. During this period Bib FT. Industrial 

Ordinary index, which does not include reinvested I surname 
income, has gone up by 25 , 3‘?a. The estimated current , L.H 
gross yield for Income units is 4‘02ft. 

UniL Trusts are a long-term investment and not suit- 
able for money that you may need at short notice. 

The price of umlsand I he income from them may go 
downssweilasup. . . 

Prices end fields appear in Lhe FI daily. An inifiaf 
charge of 31 is included in the price, en annual 
charge of 7 l c, plus VAT is deducted from the Fund s 
gross income. Distributions for Income unilsare made 
on 2C!h February and 20th August net of basic rate tax 
and are reinvested for Accumulation units to increase 
the value of the units. The next distribution date for 
new investors wilt be 20th February 1979.-You can buy 
or cell units on any business day. Contracts for pur- 
chases or sales will be due for settlement 2 or 3 weeks 
La tec. Is-i commission is payable to accredited agenfs. 


TWO WAYS VEST s 

S To: M&G GrrtP LTD. THREE Q'JAVC.TO’.VEP hill. LCiiDOK vi\.P r.EiJ- " 

•TELEPHONE. v:-Elc45Sc.This section to be completed by all applicants. 



90 . ; - RF 530838 ■ 


EITHER £1000 


S Complete this section to make a Capital J 
Investment {minimum £1.0001. Do not B 
send any money. n w :-?tt tr . yj, v si'V f-orr.- r.;.* mue; 

I you owe an - -= •..C’-r'-.anriare. ;r ; 

I PLEASE'|NVEST<E ) in ACCUMULATION. INCOME units 

■ (delete as apotoble or Accumulation units •.■.ill te i::.u?c) of the M&G 
g Recovery Fund^: the pnee ruling on receipt of this applicatior.. 

I I declare ft a: • r " rt'i»n: Osn*» :r-e ii.-ite 1 f . r. me iTs- r?i r,ljr. 

tha Isle ctr.-r --C-MaSar arsi anrc:accura,-.UKi-v vi*v r.-.rireeaSae^ 
person res: vt ou'^jee tr :se 7v«-i*.?:i«. |l! JZJ ;y :.n:t e :c ne, ; 
pj ^oOmSiar. _s“: -M apply .hirr urti a !wr c r » . • o:o- *.• i 


Trustee: Barclays Bank Trust uompany urmled. Trie ■ 

Fund is a wider-range security and isauuiDrised by the ■ hmm 


OR £12 


Secretary of State tor Trade. 

Mo G is a member of ihe Unit Trust Association. 

TWO WAYS TO INVEST 
As an aRemafive, or in addtion lo investing a capfiai 
sum, you can start a Regular Investment Pan through 
a Me assurance policy with benefRs finked to the M&G 
Recovery Fund for as fittfe as £12 a month . 81So to 94 ?o - 
WepentSng on your starting age) is invested, except in 
the first two years when an addtionai 20 per cent is 
retainedio meet setting-up expenses. 

On & 120 Plan, tax relief ai present rale? can bring 
, down your net monthly cost lo only £1670, in most 
cases appreciably less than the monthly purchase of 

units on your behalf by _M&G Trust (Assurance) Lid. ■ ByMiawgiP^tctnw p*”»w" 

Regular investment cf this type means that the mevi- * fedm^panTii r .-.‘sijin.h . r - i-nwst 


I 


Conmiete this section it yoawsh b start a Life Asaronce _ 
Puficy by pay ing monthly premiums (minimum £12 a roonfli), | 

* / WISH TO invest !c ! each mo rah in the MiG Recovery Fund. | 

g I endosa my cheque for the firsl monthly payment, made payable to 

I M&G Trust (Assurance) Limited. 

! undasfta i — r *r w.w.: is c r ly or?;i- in;-- ;rS:.vi:hc coxcz -j ml! r.ot 
■ amuina is-.d reiitont n u\ atcclance pr*. vea isstu. 

a occuPAira-; cFbVt^ 


s 


NAttE AND A. ip^ESC CF USUAL C0CT0S «:o .-.r.om reier=r;-;- njy Sc Pisde) 


Aisicj an e- "t..- V&G P'as Yas> Ko 


ca.iH5e.itej i .f 
amrimieeci • 


• -..t a-y : a-e-.-: ^ ;• c 

L-sj-wrfi.as:;;: -... 


tebieflucfuationsm ihe priceofunrts gives youaposi- 

tive arithmebcal aovantage through Pound Cost Aver- . Bisiamri^' -,osr.-a:c - i!a ‘ ■> - ' • •• “• 

aging, because your premium is used fobuy more units | wrt^ p; .'-^«rtse i iK r w“^vtv'-,i; ••■iVs-.- ' 
vmen the oriceislowand fewer when it ishigh.You also « ' ~.r. ; '' ;J.: "J* 

get Rteccverthroughout the period of at least ISO times I womaaiL Tr. 'vr ?? v:'™. 

your monthly payment if your age at entry is 54 or g 

under: an aeront of life cover ts also provided for ■ wa ici. • ■•r^euaw: ;rv ict jr 7,' i y ...v 4 - , : jr.;.-.; .rf.'iiprlijn 

higher ages, up to 75.You are normally ent if led lodaim • 

tiv relief al current rates of £16'50 for each £100 paid. - 
If you cash in or stop your payments durir^fhe first 1 
four years 'here is a penalty, and the tax authorities ■ nirp 
require usloirateaded'ictiw.soyoudtQiiltisKitccrr "^5 
sder the Plan for less than five years. 

M&G is a merrier of the Life Offices' Assodatrarr. 

Tils offer is rut araibuie to rasideots of the RapuUfcof Irebnd. 


* oi iSfHJRUP 








S. Pearson attributable ahead 
19.8% to £7.9m halfway 


F. Austin 

Elys (Wimbledon) 
Samuel Heath ... 
S. Hoffnung 

Inv. TsL Guernsey 


AS INDICATED last 


month In Last year, a maximum per- line with the indications 
offer to miued total of 6.8Q927p was paid July. 


;rven in 


Palmerston Trust 
Sec. Alliance Trust 

Wace Group 

Abwood 

Alliance Trust 


Current 

Dale 

of 

Corre- 

spondmg 

Iota! 

for 

Total. 

last 

payment 

0.45 

paj ment 

div. 

year 

061 

year 

Nov. 2 

0.4 

0.55 

t 0.74 

Dec. 6 

0.67 

— 

2“ 

5 2.1 

Sept- 27 

2.91 

3.25 

2.91 

!. 2 .81 

Oct- 16 

2.75 

4Z 

434 

’. 3? 

— 

•Id 

— 

7 

L 2 

— . 

Nil 

— 

N’li 

Ml 

— 

as 

— 

2 4 

. 1.14 

_ 

IM 

173 

1.57 

. 4.3 

OcL9 

4 

6.3 

5.65 

t 0.7 

Ocl 16 

0.53’ 

— 

\J3S*- 

. U.38 



UJ5 

03$ 

WS5 

. 3.3# 

Oct. 23 

2Jf 

— 

a. 1 


int. 


Pearson Longman. net profits of £l6.25m. 
£T.S7m attributable to S. Pearson 




i Gross throughout 


and Son for the half year to June lied uroriu with interests in last time owing to a higher level 

30. 197S. arc 1H.S per cent higher hankms and finance, newspapers 0 f costs expected in the second 

than the same period last year, and publishing and in the Indus- six months, a major pan of which 
The principal divisions of the trial and commercial and property are in connection with the sub- 

group produced good results and fields. sidiaries long term expansion, the 

current conditions remain reason- TUrnou'r ni the subsidiary, directors warn, 
able, the directors say. Full year Donliun and Company was up by Tax for the half year took 
profits are expected to be satis- £I7.7Im to £lDl-26m and attribul- re.OSm <£4.74raJ leaving earnings 

able pre-las profits were ahead Jb' per 2ap share -ahead from I0.2p 
over £ln> from £5.27 m to £8.3bm l0 i2.53p. A net interim dividend 
after minorities of £215.000. 0 f 3 p ( 1.75pj has already been 
against XS-W.wu. declared. Last year a final of 

After tax £3.62m l£2.S8m). 4_236p was paid from record profit - 

inducing overseas il.iim 0 f £21. 4m. WITH SECOND half nrnfils more of import business and this was 

l£Q.9Hm i. ne. attributable .proht under the terms of the scheme. than halved' -from P e54m to hit by a weak Australian dollar 

per cent against 
the period. Mean- 

come for the two companies Tor - s 5 - - :o .«/* vear «»mn«. .rmn d bright spot has been 

the year as a whole. 

Earnings per ordinary share in 
the first half, before extraordinary 
items, are shown as ll.49p (9.5l<pi. 


factory and to justify the payment 
of the already indicated total 
dividend rise of just over 21 per 
cent. 

However, on present indica- 
tions, the comparative rales of 
increase in the profits of Pearson 


Hoffnung slui 
in second half 


...v ms k*vuu — -- - dinner ine terms ui me scnenie. to hit bV a Weak 

and Pearson Longman for the hrst came out ai compared with as kMn members would receive £*.*!_ h * P 7 ST jjjjjj’ Hoff- which fell 5 i 

half should not be taken as repre- £2.aSm. one full, paid ordinary 23p share fUlm ’ pretax profits of S. Hon- w nun xc.t o i 

sentatiye of the comparative out- On -March oO lsra, the 21 . per in s Pearson. plus 30p cash or 30p Sr slumped from a while, “one bri£„ ^ 

- cent. nwn or , > mterest i n Dou Iton notnjnal of the loan slock. Holders ^jc « 53m to c2“t nw- the much better shnwin? from 
GIa » industries .Holdings! «a* of 5 . ^ cent preference would Jf* R J™" J?| i g[S ni L 1 ‘K UK-bsred C and M Power Plant 

purchased. receive flOp cash and holders of against * £ helped by worldwide demand for 


Oonltan 


Mall year 


Half year 


Turnover® 

Profit before tax 
Minority imprests 
Pre tax attributable 
Total tax’- 

Attributable ... . 

Hxira ordinary credit? 
Net surplus . . 

Dividends 

- Excluding banking 
come. t Including 
<£1.9?m>. : tMm. 


tftTS 

a»o 

1?1.4X( 

77 1] X 

.7 114 

K.nn? 

9.111 
7.371 
iris 

9.337 

JjMC 

nd nwrsntwni m- 
(tvem-as lax 12 '4m 
IMainly on sales or 


147 

£i«h) 

li-uis 

1 «« 
u -nj 
:v:t 
‘>.5iu 

•x 

B..712 

1.379 


Turnover 

Profit 

Minorite inter-»s 

Pre-tax ailrlboublc 
Tax 

,\i-: aUnStitJCiI- 
Ex'raord credit - 
Making 


in:' 

SOOil 

191 

215 

6-35S 

:ucn 


19: 

suit 

8S4SI 


the 

cash. 


per cent preference Sop 


r® 

5J4S 

2*34 

2JH 

14 

2.39a 


Investments by investment trust sub- 
sidiaries. , „ 

An interim dividend of 3p Up> 
has already been declared and the 
directors intend to recommend a 
final of-5-25p for which Treasury 
consent has been given. The pro- 
posed increase in the total is 
regarded by the directors as a 
step towards a higher level of 
distributions. 


arson 
Longman 


REPORTING TAXABLE profit 
ahead from £9. 18m to El 1.39m Tor 
the first half of 1978. the directors 
of Pearson Longman say the 


to be satisfactory. 

First half performance was 


in 



Hair year 


rsn? 

nn 


SUM 

£0M 

Turnover 

S3.223 

SB 193 

Financial Tunes . ... 

W.Sfl8 

14 295 

wesnmnHer Press . 

3fi42! 

31.574 

Lnnvman Holdlnjs 


14. StS 

Pi.-nsnin PntalislUng 

9.914- 

MM 

Ladybird Books 

2.1» 

1.719 

Less infernal turnover 

-TO 

•W 

Profii twfor* Iniereat .. 

11.147 


Financial Times ..... 

2 990 

1. 1*7 

•ttVsimirafer Press 

3.021 


Lonaman Holdinas .. 

2 379 

2 311 

. P-nauIn Publishing .. 

300 

449 

Ladybird Books 

j7! 

Jrt • 

Pearson Longman debit 

14 

15 

Set interest payable ... 

”11 

252 

Profit befgrn tax 4 

UJ8S 

■•441 


8.07V 

4 rj 

UK - 

3.337 

0.y>: 

0* erseas 

131 

512 

/elates 

xn 

v.j 

M marines 

181 

103 

Aiinhuuble ... 

3.173 

4.215 

Dividends 

t.2« 

rt? 

R-rta Inert 

2 ■nr 



The directors state, however. Power generation equipment At 
that profits for the WTS-Tsi jear SO p the shares are selling ai josl 
will show an improvement, even under nme times earmngs and, on 
though first half results arc- un- * “ n ^. nged dlvWend * 

likely to reflect this trend- > ,eld 8 - 3 pcr renL 
At the interim stage the dlrec- 


[ 


BIDS AND DEALS 


Financial Times Saturday August 26 1978 



Imps awaits probe decision on 
Eastwood and extends offer 


WITH Government Ministers still form manufacturers, have broken 
considering the implications of the down. , . 

rival bids for -1. B. Eastwood— The acquiatwn mU 
from Imperial Group in the UK vlded an ideal opportunity o 
jnd Cargill of the U.S.— a decision Vamonu to boost 1 the diwocna 
on whether there is lo be a Mono- payment with a paper aeax. . 
polics probe is unlikely 10 be Earlier this month N«mo a 
known for another fortnighL . bought a Ml . .P*L3S!? JSfthS 
The Imperial Group said jester- S® pt ?Jiks Ut « 3 ith the Compion 


turpr of horse ami ialtle traders 
will uremsthen rtw po*iMon of 
Dunlop in the srowiltg fieiiTof ihe 
equestrian, fanning and leisure 
industries, the directors- sny. 


. , i>up said yester- ihe Compioo 

dey that it had been informed j. no t been possible 

by the Depart mem of Prices and agreement on the level 

Consumer Protection that a 10 a „ offer for the balance 
decision was un ikely to be S' capital would be recom- 
^r.nounced before September S. 

Imperial which is bidding £38m vmitonT which has a dividend 
for Eastwood— the poultry and * .t ^ore than four, recently 
eggs concern— and has received “ ‘ cd a first half profits rise 
acceptances representing more .m Nr ^nt. Us share* were 
than 92 per cent of Eastwood's ahl unchanged at 127p. 

Ordinary capital is therefore to ^n,p -failure of the bid talks 
extend its offer, which was due s n n„ off Compton shares. 
?o dose yesterday, until Septem- nfeht stood at SSp. 

ber 15. The move has the support 
of the Takeover Panel. . 

The delay in reaching a deci- STANCHaRT/ 

-ion over a .Monopolies probe has: nxiinM RANPORP 
been caused by the concern, being UINIUN 
shown by the Employment and- . The Calrfof ni a Superintendent 
Agriculture Ministers over the' of Banks has approved ine 
implications of the bids for acquisition of LJnton BanK ny 
■rtnnloyment. Standard Chartered yMk ~ , 

Eastwood has warned that a' The plan previously ®hnounced. 
reference to the Monopolies Com-, still is subject to approval by me 
mission could lead to radon- -US. Federal Reserve Board and 
danctes and lay-offs at the com- the Bank of England, 
pany. 

Meanwhile. Cargill which has np onviX'G 

bid 132p a share for Eastwood- , DUNLOP BUTIIMj- 
compared with Imperial's 160p a TRAILER CONCERN 
share offer— is pinning its hopes Dunlop Holdings is to buy Rice 
on a .Monopolies probe, now that 'j ra jj ers 0 f Cosby. Leicestershire. 
Imperial with the shares, it -f or about £450.000 to be *»tisned 
already held controls a 94 per by a Hotmenr of ordinary snares. 
cent stake in Eastwood. First part of the consideration. 

- being equivalent to £832.000, has 

VANTONA /COMBEN -i® If SSA !f SSSSTA i 

TALKS BREAK DOWN be by the further allotment of 

Bid talks by Vantona Gronp for shares early nest year when, after 
the shares it does not already audit, the final sum due has been 
ovn in J. Compton, Sons and ascertained. 

Webb (Holdings), military uni- Acquisition Of this manufac- 


reported a downturn in 


figure to be lower overall. 

Earnings are shown ;■? 8.6 fi P 
(I3.92pl per 25p share and S.3Sp 
M2.91p) fully diluted. The divi- 
dend is stepped- up to 4 2ri92p 
(4.235p1 net with a final of - 8l42p. 
There was an eitranrriinary 

credit for the year of 1160,000 v- fi 
(nil) 


S. Heath 

holds 

£0.54m 


at the 


FORESHADOWED 
interim stage when taxable earn- 
ings were ahead from £174,000 
A lo £264.000, for Samuel Heath ai>d 

• Comment Son, the second half of the year 

Despitp tbp company ‘s hal f lime to March SI. 197S. showed a sharp 
warning, a 39 per cent pre-tax deterioration. However the com- 

. profits si ied al S. Hoffnung left pany. which makes brass and 

•includes associates, esui.ood i£329.«oui. the shares 7p lower at 80p After oiher metals products, hisned 


the previous year’s excell-.-nr re- 
sults. recovery could m»v. he a 
lone haul. Historically Australia 
accounts for some 90 per rent 
of sales and the recent downturn 
in spending there has h-jdlv 


SUITS Board denies ‘split 5 

Mr Tinv Rowland chairman of 3p. bul shareholders may receive At halfway, when profit fell affected profits. The latest budget 
iitkh and Universal invest- new ordinarv shares in lieu or the from £47.534 to £18,907. the dlrec- has dune nothing to help in the 
ttnio anri rhief executive of net cash interim payment tors said that the slowdown had short term, although the -tiff 

Lrffnrho denied yesterday that the Net asset value per share at been due almost entirely to a de- measures may appear the * 

SUITS 'Board was “ split” as a June SO was 212p against I92p at crease in the sales of vehicles but medicine in about 18 m 

result of Lonrho's takeover bid December 31 last year. this had been rectified to some Worst affected this time 

result oi L,onriios mkvu er arton t ; n ih» cp.-nnH half the wbolesaline and aeenev 

Wace 


the 12 months with profit margin- 
ally lower at £541,266, agios', 
record £542.0S3 last time, on sales 
up from £2 .34m to £2.67m. 

In January the directors had 
warned that the strength of ster 
ling was eroding margins and 
the group's competitive posumn 


earlier this year. 

Mr. Rowland told SUITS share- 
holders at yesterday's AGM in 
Glasgow that relations between 
the directors were friendly even 
though there had been a disagree- 
ment on the terms of the Lonrho 
offer which i-* now being inve«'i- 
ga ted by the Monopolies Commis- 
sion. 

He was supported by Mr. Hugh 
Laughland. the chief executive and 
one of three directors to oppose 
the Lonrho terms, who told share 
holders: “You do not 


... ..._ _ ... in export markets. 

alue " per share at been due almost entirely to a de- measures may appear Die right The net dividend is stepped up 

" ^ - — months to 3.245P <2.90588p>. Tax took 

were £196.616 (G55.SS6) leaving the ne: 
the wholesaling and agency sides, balance ahead from X2S6.137 to 
The latter handies a large amount £344,650. 


extent in the second half. 

During the year sales by the 
group, which retails and repairs 
vehicles, were maintained at 
£7 ,52m (£7. 55m). After tax of 
£30.592 f £42.500 1 earnings per 5p 
share improved from 0.43p to 
U 52p. Again there is no dividend. 

The Ja<i payment «•»$ paid in 1972 
when profit was £52.982. 

There was an extraordinary 

At the sanrw time as reporting deb g ° f £ h 1 ?.'I?2L ( S 5, f?7 i -’-ww. report” a pre-tax loss of I13.i.t : 6 October 2. 
their June 30, 1978. half year aval/able balance of £17,1 jo (loss fcir ^ vear to April 2S. i!«<8. There' was an extraordimry 

against a profit of £510.2^ fast debit for the year of £25.18U (nil) 


doubles 


Bisgcod Bishop falls 
into loss midyear 


THE DIRECTORS of CKuinmI matntained at I7p per 10p share 
Risliop and Co- stock jooher, with a final of 12p. payable on 


.... ... achieve figures the directors of >Vace ®-3o3>. 

trading results like we have done Group announce the acquisition 
if everyone is at everyone's nf Gee and Watson Tor £532.500. 
throat. On trading and develop- with effect from January I, 1978. 
ment policy we are 3S one." conditional upon shareholders' 

He added that the current year approval, 
had started well and that pre-tax pre-tax profits of Wace more 
profits for the first quarter than doubJed frora £75,530 to 
showed a satisfactojr increase r 15li , 5 oo on turnover ahead 

over the same period la?l year subtly to £1 19m, against £1.15m. 

Mr Rowland told shareholders The directors say that in view of 
that the results of the Monopolies the uncerta j n economic and poli- 
Cwnmission investigation were Ural oullook , anv f oreC ast for the 

second half would be unwise. 

They add that trading con- 
tinues at a satisfactory level. 


likely to 
October. 


be announced in mid- 


Halftime 
loss at 
Norvie 


time Turnover, the aggregate 
value of sold bargains, was ahead 
from £6o3.9nj to £79S.5m. 

1977-78 5W77 

I i 


See Lex 


Tiirnnccr 

713.493 OflO 

•,.Vi.«].ono 

Pre-tax lass 

135.510 

'S10JS3 


52.668 

t;at ctw 

Net |a,s 

S3.SI0 

•276.238 

Estranrd.. debit ... 

23. IS- 

— 

Dividends 

- 1IJ-I4- ’ 

Inl.iii 

Lejvinic lo-® 

:7S.ri< 

-t.-S.913 

Rrnncht fori-ard .. 

i.iroe.j:; 

1.97s. 4rri 

Carried roruard 

1 4124.2:3 

S.ttC.372 

• Prime. 

• Debit. 



F. Austin 
behind at 
£0.36m 


Second 

Allianre 


THE DIRECTORS of 
Securities, investment 


increase 

GROSS REVENUE of Second 
Alliance Trust Company ro.=e from 
£2.t4m to £2.27m and after tax. 
revenue emerged at £lJ25m . for 
the year to July 31. J97S. against 
£l.16m last time. 

Earnings are shown as 6.4n 
(5.9p) per 25 p share sad 
dividend of 4.3p net makes the 
total for the year 6.3p t5.65p). 


THE DOWNTURN in first-half 
profits from £330.000 to £163.000 
Mr. C. J. K. Bisgood. chairman. a t F. Austin (Leyton), caused b: 
i ,T VIC 4®ys the reference to the the recession in the furniture in- 

although owing to seasonal trends. ^ M«nonlie* Commission on the dustry, was not made up in »he 

second half profits have been a™ 1 management com: I'®"?* merger with Smith Brothers— now farter period and the comoany 

lower, in the past, than the first RS^tairoMOTS Gainst £?37 00n !apsed_had a , di5tdr *;' n 3 dn jj hed . » he fu, I [. war r r n J f e k 30 ; 

haif first najf or 197S against iiat-wn jn quaters, both psycho- 197S with taxable profits behind 

„ - UK „ profits last ume. . logically and in jobbing terms at £330.000 against £537.000 fast 

a -tn„ Mr. C. L. Metcalfe, chairman. Also, the number of bargains in time. 

{“■“I?* p 5^.iHnna said at the AGM in May that the the second half Tell some 20 per Turnover for the year Fell 

n «s. * company would show a trading cent, so the business there'was. slightly from £S.62m to E8 54m. 

ii„i loss for the Period— loss incurred he adds, tended to be far larger The dividend is increased io 

oL^ frn J rLnrH c ^ ^°°° Compared 

£135 P 00fl f d P flte 0f il^OOOO profit. 


«o U Gee di flr "thS^T^montS 11 "*? » e and B u^re *lS?t S 

to Gee fer the six months to t0 . w tBj&m) an d 


with than the size of the market and 0 61035p (0 5465p) net. the maxi- 
often unprofitable to transact. mum permitted, with a final nay- 
The dividend for the year is ment of Q.44635p. 




Investment 
Trust of 
Guernsey 


For the six months lo June 30. 

1R7S. net revenue of the invest- 
ment Trust of Guernsey rose 
£32,000 to Cl 67.000 hut the direc- 
tors say second half revenue is 
unlikely in *;hou proporlionalely 
as substantial an increase as the 
first half. 

The second half downturn will 

be due to the incidence of pay- level from £209.-155 to £183.736 at 
ments of dividends to the com- Nelson David Wi the taxable sur- 
pany. Ihe directors say. plus down £7.728 at £K0.40!i for the 

The eros-. interim dividend per year to March 31. HITS, after in- 
.iOp shore is raised from 2.3j> to to rest of £123JJ27 against £1x7 448. 


cost basis. Balance sheet show He adds, however, that the for- 
net assets at December 31 1977 ward order position is good, and 
of £692,000 (£7fii.ntND. the directors expect a distinct 

Trading, continues at a satis- improvement in second half 
factory level, the directors add. results. 

Application for the relisting of As forecast, there is no interim 
W ace shares will be made on dividend this year, against. 0.8p 

are net last time, and the directors 
on say that any final payment will be 
considered in the context of the 
full year’s results— fast year’s final 
was L4p from profits of £220,000. 



September 18 
expected to 
September 25. 


and dealings 
commence 


Focus turned to overseas 
to escape dilemma 


Nelson 
David slins 
to £60,000 


A decline. at ihe trading-profit 



. Srx moot ns 


I9M 

I9T7 


UWO 

■non 

Fxtcmal "sales 

8. -tin 

6 its 

Trading lass . .. 

u 

»;»u 

Realised invest, profit 

9 

41 

Conv loan interest . ... 

2» 

?( 

Pre-tax loss 

•M 

U57 

Tas credit 

43 


Preference div. .... . .. 

j 

* 

Loss aitnboiable 

47 

. »13t 

Interim dividend 

mm 

»>t 

Carried forward . . . 

47 

*73 


Holders of OK equities funds and the returns improved by mov- 
have done well this year with UK >n= *nto overseas equity markets. 

equity prices nudging their all - ™ s . is th * messagejhis week 


. . ... n , .. , from two groups. Schlesmger 

time huh value*. But what .is Trust Managers consider the 
going io happen in ihe future? 


. future prospects for the UK very 

V ,e ^J !> 3 big question mark over uncerta i q and therefore offer the 
the UK marker and mre-tors face Srhlesinger Interxiatiofial Growth 


A unit trust Investigating over- 


iheir investment. It is usually good SPa< js t „ e mosi sjnir) , e and cost . 


Tin . . . • sph* is me mosi umpii' ana crai- 

« ^nWi; ^cient or spreading a portfolio- 

♦n f/jl' 0 that i* diversified ~eo T raphic rpu: mist hac ouite a diversified 


a ,„ « c 


Major company annnuncements L'K are still difficult while 3ny im- social clubs) has also performed be two key points under scrutiny; 

are a bit thin nn ihe emu nd neii provement in overseas earnmus well while casino profits may be lo whsf csfonr ihe property side 

week when ihe City geLs baLk i resulting (rom the Airco consoli- fractionally ahead of last time, is going to be a sepfu-:ile company 

into geaf af,pr fhc Bank Holiday, dation) is likely to he partly More interest, however, surrounds and what value a full revaluation 


Wholesale grocer Linfood is ihe offset by higher "imeresi charges, the 1979 results" and the possible of the aroun's properly will put 
ig prelims. Airco's showing, in fact, has bPen jippaer of Royal Commission on the investment property 


only big group reportin f 

?!!!.K , -[i , L e „ rims . ar ,°v csp , ec , tcd rr, -"J disappointing and despite its fore- recommendatimTs! Meanwhile interests. 

Ladorohc and John Laing. v\sih cast or increased prohis Tor rhe Cashcade should be more sisnifi- Linfood directors forecast a 

ail eyes fixed on plans for ihe year, earn mss net ur las were can t nex t year when much of the P re - tHX fipu re in e*cos« r.r £sm in 

latter’s property investment and |] percent down at the half-way t t d ad^ertisioE costs will documents accompanying an 
development division. BOC mitr- 5lasi ,. One question occupying be ” agreed -ffer for Uheatsheaf 

the minds of some observers is Distribution in April and analysts 

the possibility nr another rights If all goe* to plan, and all the are predicting that ihe actual 

issue next year. Estimate* of complexities are sorted out. con- result will be £5.3m. 1i includes 

BOCs final figures range front struct ion Croup John Using £450.000 which, according to the 

£7ftm-£75m (XfiSml, should unveil its scheme of directors, stems from the release 

arrangement next Thursday, of a provision relating to Mer- 


natlonal is announcing nine-morn h 
figures while other results to 
watch arc interims from lormer 
SJaler Walker outfit Britannia 
Arrow on Tuesday, ihe Weir 
Group and Pearl Assurance on 
Wednesdoj . Matthews Wrlghlsuo 
and the BBA Group on Thursday, 
and first-quarter figures irom 
Johnson Multhe? on Wednesday. 

BOC International is announcing 


linns l im»t l, nrofiK fo r^i he" ru 1 ] wear together with the interim result’s! chandise Promotions, 'the pink 
l ‘°" ! ", IE* 1 S ^ l L aiSSnVf 1 rtfm wbicb faunch the group's stamp operation. If this js taken 

broker? Udlnte Property investment and develop- out the resulting figure of £4.S3m 

j±_4.Sm>. brokers expect Ladb ke men , d | ns i 0n ds a separate listed for Hie year to Annl 30 compare? 

m r te cj?L t1 m e =f m d ?vm»nvi hUr v^ih com P* n y- If ihese details are with £iSm in 1976/77. The mam 
nine-month figures on Wcdne-day 7 1 .^2 announced then they could over- reasons for the downturn are the 

and pre-tax profit estimates range t ' ie holiday, naieis and casino sine s hj, dow t n e half way fisures. absence of opnorlunities for stock 
from £47m-£4Sm (£60.4mi or i2lm- more imporiani to the second These are expected to come out at 

half, racing has apparently led between dm and £10 m pre-tax 
the field with betting turnover camparc d v i t h £S.7m. With Ihe 
believed to be up by about a exception nr private hmisrhuild- 
q liar ter. against the industry j nCi ihe construction - industry is 


£22m for the third quarter. Profits 
for the first half were well down. 


largely due to the gases division 

strike which is estimated to have . . . 

cost the company £3m. Problem*, average of in *20 per cent. The still rather listless. As for Hie trt hate a pari icufarly harsh effect 
however, remain: conditions in the enicriainments side (bingo and scheme of arrangement there will on second half figures. 


profits following the -daw down in 
food price inflation and ihe drop 
in demand from independent 
grocers hit hy the supermarket 
price war. The latter is expected 


Company 


PINAL DIVIDENDS 

Amat. Tin Minos of .'.igena iHUi*7 » 

Cenirovincial Eslai<st 

Crouch Croup . ... 

Francis n3. R.’ Craup .. 

lirfppcreda Huldlnss 

t?ish Mills 

Linfood Holilmss. .. .. - 

London *nd Currmoor Inv Trust 
Parker Timber Croup 
SObrsnic iHnliimss* — 

Stoddard Holdings 


INTERIM DIVIDENDS 

Allen Hino «nd 
Barton *m Suns • . 

BP A Croup 

Boasted ... 

Brstunn-r • It. - Co. 

B-idsewBtrf InsvStnirni Trust 
Britannia Arrow HoMinns 
onurcb and Co. 
oorada Holdings 
Va»rclnuftb Const rui. non Croup 
First Castu* jk-cunues ... 


Annniiniv- 

Uividtnd ip 

■ 


Anrmuni.-p- 

nivnl»nil ip'* 

nu-ni 

Lav j-.ir This 'car 

Company 

ment 

Lasi y.-ar This vear 

due 

Im. 

Final 

Im. 


rtUP 

Tnt. 

Final let. 


Nil 




.. . w.ijnpsday 

O .1 

Jl 7 

Friday 

2 :»n 

10 

Hrman rf and J.t ... . 

... . Friday 

Nil 

U IlliCi 

Wednesday 

Nil 

N:l 

Nil 


Thurviiay 

id 

40 

Thursday 

0.S9ST3 

13375 

0.9075 


.. . Ttmrvlay 

1 25 

I.MR75 

Tuesday 

Nil 

3.337 

Nil 

Macfariaue Croup tOanstran' 

.... Thursday 

I.M3 

2 trj, 

Wednesday 

1 il«2o 

J.?faS 

1.059 

miWens Wrisbfson Holdings .. . 

... . Tburvla.r 

n;iP7 

5 <W ,3 

Friday 



11.. 23 T9 

— 

MUconcrete fHoldinss) 

Tburvtar 

1 

1.3131 

Thurvl.iv 

- A 

■..995 

7.0 

Nu-Swtft IraJustrles 

.... Wedn-vJjv 

0 HU 

11 W, 

Tifesday 

Nil 

l-iial j 

Nil 

Pearl Aasurotwe Co 

Wrenesday 

" .%! 

3 79716 

Frida ■■ 

Nil 

i.44j 

Nil 

Our~n* Moat House r 

. .. Tuesday 

ft 125 

0 2 

Thursday 

OM 

1 DIB 

H.Bfi 

OuicJt »H. on A J. 1 Croup 

3Vetinevi»y 

Ob 

>1 Si 

WednexUv 

0 518 

n 794* 

0.524 

.Scottish Agrictihurul Inouytries 

.. . Tburwlay 

.» II 

7 d 





Scottish Northern Imestnwnl Trust 

Tuesday 

1 2 

2 4H 


» •.■>871 



Slomib E«:a*es .. 

.... Wednesday 

P 7.1 

1 .713 

— UeSrtay 

3 59.-77 


Small tJohn C.« and T id mas - 

.... Thursday 

1.0 

l l> 

Tuesday 




Snetw-rr -Oeorsci 

.... Fndey 

11 74-et.9 

1 714.741 

Thursday 


l.-»i 


Thnraar Bard ex 

. Wednesday 

u: 

11 4S1T5 

Ti-ursiljy 




Weir Croup .. 

... " edr.-»1a> 

1 «M 


Tuesday 

Thursday 

Tueeday 

Tliur.Mfay 

Thursday 

Nil 

N-ll 


IHTBRIM FIGURES ONLY 

BOC International .— - . .. 

. ... Wcdo-jda* 



a ; 



JnBnton ilaiifiey 

. . W«JflfVfctv* 
















Tucsrtjy 


1 rs3 


■ D.-.idcnds shown nc( pence per 

iib^re and adjusl .d 

for any 

iwer-. »n>og scrip 

Tuesday 


1.5016 


Issue . t First quarter, j Third quarter. 



17 per cent in Japan and smaller 
hnldinjEjs in Australia. UT\ and 
Franco. The Fund has performed 
extremely well this year rising by 
23 per cent. But it is a trust for 
the capital-conscious investor, its 
yield is only 2.SS per cent gross. 
The minimum outlay is £500. 

Arbuthnot Securities is still 
concentrating on the investment 
potential of the U.S. market, fts 
Arbuthnot North American and 
International Fund at present is 
invested over 90 per cent in the 
US., with considerable holdings in 
smaller companies. The managers 
take the view that these smaller 
U S. companies are not affected by 
falling exchange rates nor are 
they held back by overseas 
interests. The yieid on this trust 
is even lower, only 1 per cent 
gross, so it is very much a trust 
for capital crowtb. 

In complete contrast, the M and 
G Groun is advertising its '•‘iccp^s- 
ful M and G Recovery Fund. The 
investment aim of this fund is to 
set above average capital growth 
by investing in those U.K. com- 
panies which are potentially 
sound, but have fallen on hard 
times. Many of these companies 
recover in time but while experi- 
encing trouble the share price is 
depressed. This fund was the top 
performer in 1977 and although 
not In the top few this year Ifas 
nevertheless outperformed the 
index. 

• Investors can either put down a 
lump sum, minimum £1,000. into 
the fund, or making regular 
investment, of at least £12 per 
month, through a life contract 
linked to the fund. These regu- 
lar payments qualify for life 
assurance tax relief. 

Finally. G3rtmore Fund 
Managers have just published the 
second edition of its guide to unit 
tru'ds and services. More investors 
are turning to unit trusts for their 
equity investment, rather than 
making direct purcha.*es of shares. 
The guide is intended to help 
investors understand the functions 
and services of unit trusts. 


BENLOX SELLS OFF 
•SHOPFITTING SIDE 

Further imr.vx in Ihr rettru^tn 
all on of Benlot IluMtom are 
announced together with the o\. 
-portal tan that group roufa for 
the year to February W. J87F, w.U 
show suhsiatitiil liitses. 

The group has tlisitoMjdor jhr 
whole of the shoplinine: division 
comprising Olncy Brotherv and 
Inrerpbn Weetncs to Emms. 
Anderson. The con-xidcmtlon is 
£100,000 for Olnry and £10-, ow fur 
Inrerplaff. ■ . ^ - 

In addition. Bcnlos hj*i rcceatly 
received from Olncy Bros, aa in- 
terim dividend of £70,00(1 for the 
current year. The total cash n>. 
ceived will substantially rvdure 
group indebiedncis tin.*, directors 
say, and will sottis* rrrov&ry from 
liquidity problems. 


Ox 


KAYjZ/BONSER 

Further to the announcement nf 
August, IS. 1978 regarding i hr 
proposed offer by Kaye . Organ!*,- 
at ion for Bonser KttRtneerinj;. 
Kaye has purchased for cash 
649,013 ordinary shares Of Bonder 
at 43p per share. These shares re- 
present the 105 per cent of th»* 
Bonser equity which wax pre- 
viously announced as bemg the 
subject or undertakings ta accept 
the proposed offer by Kaye. 


associates Deal 

E- R. Savory. XHHn and Go. yp-»- 
lerday bought tff,opO Wcvion 
Evans ordinary shares. h 1 ToBn on 
behalf of Johnson and Firth 
Brown. 



' V- 

J'- 


JFB stays out of Weston row 


4 


Johnson and Firth Brown is 
keeping clear of the battle 
between Weston-Evans and the 
three W-E directors which repre- 
sent Birmingham and Midlands 
Counties Trust. 

1 n its offer document to 
Weston’s shareholders, which was 
posted last night. JFR notes only 
that its offer is 27 per - cent 
higher than the 124 ip suspended 
bid from Birmingham. 

In an accompanying statement, 
however, iUr Phillip Ling. JFB’s 
general manager, docs point nut 
that because Birmingham, which 
holds 42.5 per cent of Weston has 
said If will not accept JFB’s terms, 
'* it may be possible for it to 
frustrate the wishes of the board, 
their advisers and a majority of 
shareholders.” 

He also claims that although 
JFB would be disappointed if the 
offer were to collapse [or this 
reason. JFB’s own plans and 
prospects do not depend in any 
way Upon the acquisition of 
Weston. The statement also 
includes an estimate of profits of 
not less than £12m for JFB for 
the year just ended, compered 
with Ell.lm last year. 

Weston’s chairman. Mr. F. Cros- 
land, on the other hand; m an 


accompanying letter, tells share- 
holders th.ir Birmingham's actions. 
first in offering 124»p Itself and 
then rejecting JFB’s 158} p is 
" totallv inconsistent.” 

The Board of Weston has thrown 
itself entirely behind the JFB bid 
on the grounds that JFB’s 
management style and its policy 
of expanding in engineering Par- 
ticularly in the U.SL is. a con- 
tinuation of its own outlook. In 
addition, Mr. Crosland says 
Weston will benefit from JFB’s 
financial resources. 

JFR reveals that Its engineer- 
ing d'vision, which already pro- 
duces the highest return on 
capital employed of any division 
in the group, is in the process 
of being streamlined into two or 
three areas. Weston would fit in 
well with this plan. 

The documents also show that 
in the past few weeks JFB has 
been buvmg Weston shares in 
the market and now owns 2.1 per 
cent 


Rakusen Gronp shares was tem- 
porarily suspended .it I6}p yester- 
day pending what was described 
as “ clarification of the position 
of the company." 




ae/fldidrive 

Associated Engineering's agreed 
cash and share hid for Fluid rhe 
Engineering closed yesterday Mid 
under Stock Exchange rules 
directors must issue o statement 
regarding level ot acceptance's 
plus’ a decision oil a possible 
extension of the offer before the 
market reopens on Tuesday. 


■ •• v • 

n 


*.1? 


f. r Ji? 

j- ^ 


JFB’* preliminary figures for 
the year to June will be published 
on September 14. the day before 
the first dosing date of the offer. 


RAKUSEN 

The Slock Exchange listing: of 


S.ANGF.RS 

Sangers Groups wholly owned 
subsidiary, Sangers Optics ha* 
acquired Sprinsatc, n jinvaiely 
owned optical huamess ui Hamp- 
shire for a total consideration of 
£179.100. 

The initial consideration of 
£135402 has been satisfied as tn 
£3,466 In cash and the balance 
hy the issue of 164,657 ordinal y 
sltarcs or Sangers. 

' Tlie balance of the considera- 
tion will he Satisfied hr »hc issue 
or further ordinary shares after 
the agreement of the accounts of 
rhe busincfcft. 


\e»\ 

•••’ v J 

• '‘-wjrfu 
>.*-■ 


-i 

. *r, 



Reed Inti, repays further £25m 


m 


ms 




Reed international <s going to 
repay a furl her £2am of its 
foreign currency borrowing. This 
is in addition to the £24m it is 
to repay our of the proceeds From 
the sale of the group’s South 
African subsidiary. Reed Nampak. 
to Barlow Rand. 

Heed intends to pay back the 
whole of its outstanding SwFr 
80m <5 per cent loan dated 1973-88. 
The loan will be terminated on 
July 20. 1979 — nine years ahead 
of the final date - a' a price of 
£102} per cent together with 
accrued interest. 

The repayment will he funded 
out of rhe company’s own cash 
resources. 

At the annual meeting on 
August 3 Mr. Alex Jarratt. chair, 
main of Reed, said that the erotin 
was actively pursuing ways of 
reducing its exposure to foreign 
currency loans. 

The sale of Nampak to Barlow 
Rand will raise £39m for Reed. 
Of this £24m will be raised by 
Barlow outside of South Africa 
and Reed intends to use this 
amount to repay some of its 
Deutsche mark borrowings. 

The last balance-sheet, dated 
March 31, 1978, shows total 

uarent company loans of £199 3m. 
Of this £lfUf.5m was in foreign 
currency loans. 

Following the repayment of the 
Swiss loan and assuming that the 
proceeds of the Nampak sale are 
used- to pay off Deutschemark 
loans, Reed wtl) be left with 


parent company overseas debt ol 
£il7jm. Of this some £46.3m will 
be in Dutch Florin debt and 
£3 1.4m In U.S dollar loans. How- 
ever in both these countries Reed 
has substantial assets. 

Heed will also be left with 
Luxembourg Franc loans of 
£13.7m and other Deutschemark 
loans of around £l7m. If any 
other early repayments are being 
contemplated it is probable that 
they will be made in these areas. 


bolding 51 per cent of the equity. 

The prime purpose of the now 
company is to increase market 
penetration in Switzerland fur 
Nu-Swift fire fighting equipment. 

Over a period nf years, Nu-Su iff, 
on an already agreed basis, will 
acquire the remaining 49 per cent 
of the equity, the company thus 
becoming a wholly-owned subsi- 
diary. 


-• A 


' s'. 


SIMON ENGINEERING 




SIME CHAIRMAN 
DENIES BID 
FOR GUTHRIE 
Sime Darby Holdings chairman, 
Mr. Tan Siew Sin. ’ yesterday 
deined in Kuala Lumpur reports 
that Sime ' was - bidding for 
Guthrie. 

He reiterated an earlier com- 
pany statement that the board had 
no present intention to increase 
its investment tn Guthrie. Last 
June Sime said the group bought 
4 79 per cent oF Guthrie in the 
market but gave no finan cial 
derails. 


Simon Engineering has bought 
the remaining flO per cent interest 
in Chcadle Plant Hire held fcv 
International Combustion, now a 
subsidiary or Northern Engineer- 
ing fndnstries 

This acquisition gives Simon 
sole ownership of Cheirtle, a com- 
pany which had been jointly 
operated with Simon-Carves (a 
subsidiary of Simon) since 
formation in 1964. Simon paid 
£900,000 in cash. ‘ ' 


MULTILIFT 


NU-SWIFT 
FORMS NEW 
SWISS COMPANY 

In conjunction with its Swiss 
concessionaire, Mr. Mark Herren. 
Nu-Swift Industries has formed 
a new company in Switzerland, 
Feuerloacher Nu-Swift (Schweiz), 


Huitfiift, a . manufacturer, of 
gropnd level demountable h«dy 
systems and refuse collection 
vehicles, has acquired control of 
Stag Engineering. 

Formerly . owned . . hy Uio 
National Freight Corporation. 
Stag Engineering will continue in 
the role of sales and service to 
the Multilift range of products 
throughout the north-west. 


>siur 


r! 


Chesterfield reorganisation 


lx 


IN A final phase of its disengage- 
ment from Continental European 
property development Chesterfield 
Properties has sold its per cent 
interest in its associtae Chester- 
field Ronson (Europe! (CRE). 
The sale, and n reorganisation of 
its remaining European interests 
means that Chesterfield wifi 
receive a net £t.lm in cash and 
will cui interest charges suffici- 
ently to merr.-Kf pre-tax profits hv 
around £150.000 in a full i? 
months. 

Chesterfield’s shares rns.* 3p t 0 

SfiOo on rhe neus yesterday. 

The European reorganivition 
has been carried out in a number 
of stages. 


traded to purchase, subject to 
French exchange control approval, 
tlie CRE group's 72.SS pec cent 
/merest in Continental Investment 
Development SA (“CID* - ) and its 
abrogate 76.45 per cent Interest 
in ClD's subsidiary. SAL Elysce- 
Rnwevelt 1“ SA1ER bringing 
Chesterfield's total interest in 
hnth companies to 9S per cent. 
The consideration is to. be 
KFr 16.7m (£2m), of which 

FFr 12m (IMml wlll-be paid by 
wiiv of the cancellation of a debt 
«r that amount owing by CRE to 
Chi'sierfield and FFr 4.7m f ) 
win b- payable in cash on July 
31. 1979. 


On August 18 Chesterfield «olr| 
its 50 per cent interest in < KE jo 
Serthur Inc., a company ennimifi-d 
by Mr. Hnw-ard P. Ronson. Tor a 
consideration of FFr 14m <£t.7m» 
of which FFr 9.2m (£l.lmi wifi 
be receivable in cash on Decem- 
ber 1. 1978. and FFr 4.7m t£tiiinn 
will be receivable in cash on JlIv 
31. 1979. J 

At the lime or sale, thu 
group owned three investm-m 
properties, the 300.000 sq rt talces 
at 58/60 Avenue de fa Grandi* 
Armec. Paris, HQ.800 S q ft 0 ( 
offices at 4S/30 Boulevard Gecr-c 

V Rordf-auv. .-nd t f, e •j(] ll(IO *f, 

black ar 32 Rue des Pnnts tic 
Comines. Lillie. The book value 
of chesterfield’s Investment in ihe 
CRE group a* constituted at the- 
time nf sale «a<i £0.Sm. 

In ihe second stage rf ik c 
reorganisation Chesterfield c«, n - 


Cnn tracts have .also been 
exchanged for the sale to a 
French company not connected 
with CRE or its shareholders of 
• he property held by SA1ER, the 
2/1.500 sq ft offices at 35 Avenue 
Franklin D, Roosevelt, Paris, have 
bven sold for approximately 
Lt.Hni. After this sale, the not 
tangible assets, of CID and K.4JKK 
attributable lo Chesterfield are 
expected to amount to upproxi- 
maiely £2.6m and to represent a 
-niati surplus over the total, cost 
•ff Chesterfield’s investment in the 
»«o companies. These net rssets 
"ill he represented substantially 
by liquid Funds. 


As part of the restructuring 
CUE itselF has been reorganised. 
Ill Anril, 19*8. its wholly owned 
subsidiary Chesterfield Ronson 
Furope BV tCREBV) was trans- 
ferred at CRE’s book cost of 
approximately £10.000 to a new 


holding ^company. Chesfermend 
Investments Limited .(Chesirr- 

mead) t which is jointly owned bv 
Chesterfield and Mr. Howard r. 
Ronsort . r 
CREBV- hulds two major Puns 
property ravBsunents. it has a r.n 
per. cent interest m the lfilMinw 
sq ft . office scheme at lint des 
Mur Inters and in-tho 160.0iHi sq ft 
office and shop development ar 
Tour Albert far. Rued Malmai-on. 

As a result of these iransjcttans. 
Chesterfield. 1 will receive approM- 
Tnarely El.lm in cash. uiytTc up of 
£ 1.7m receivable. frta» ihe ale rf 
its 50 per cent holding in f RE 
less payable for fltF. s 

interest in CID and SAlRR. 

It is Intended !h,*ii thou funds 
and the funds of. CID and .&^lEK 
will be reinvesietL sj - 
The £S.?m receivable jFtoiu tlu* 
sale of Chesterfield’s interesi ta 
CRE represents a Hu^lui.of rftVta 
over ..the amount at • which the 
interests still retained by cRE 
were included Jn Chesterilcld’sl 
consoliduted account?; at Uocenw 
her 31. 19jT7. Chesterfield eontinuw 
to hold itfi’invsKtmontfi'in th'o Iwu 
property Interests ofChoslermeaiL 
Tn Ihe ehatrrtiari’s’ xtateitienf 

attached to ChesierUekTs i«.r77 
accoonts reference was- made \b 
:m esumatPd •surplus; over - took 
value ..of £L6m an pi bu tabic to 
Chester field’s- a«ncfa led com p:» nv 
investments nr Docemhcc 31: £1.3:ri 
nf this surplus related 10 hs 
interest in the two properly 
Investments now held hy Chestei** 
mead' and £04m related to lb® 
interest sold. 




lEE- 


A r-5t* 

STf 


L- 


' .’ 1 ; ' -: 

* 5 


v. ’ 1 

t . '■ 









Financial Times Saturday August 26 1978 


„ k 


SUMMARY OF THE WEEK’S COMPANY NEWS 

IBKfi'OVfir hjfjc anrf mprnpro family, which has a controlling shareholding In Siebens. has Pearson Longman 272 Sj 260 

yci a agreed to sell to Borne — and so has the other major shareholder. St. Kitts (London) 


South Crofty, the recently floated wining subsidiary of .Saint 
\ Piran, has made an agreed £Z2m bid for the Cornwall-based 
TeJudy Minerals. The offer comprises five South Crofty for every 
four Tehidy shares. Arrangements are. in hand to underwrite the 
offer for 70p cash per share. The cash alternative, however, is 
conditional upon the offer, becoming unconditional and will be 
available only up to the offer's first closing date.. Earlier this 
month. Mining Investment Corporation made a bid for Tehidy 
shares other than the 685,000 it already owned. Mincorp’s share- 
holding has sinn been increased to 25.8 per cent.- Saint 1 Piran, 
which holds 85 per cent of South Crofty^ baa bought the Mincorp 
holding at 70p per share and intends to accept the Sohth Crofty 
offer. 

Birmingham and Midland Counties Trust consider the cash 
and shares offer worth about JESim made by Jofanroicand Firth 
Brown for Weston-Evans to be inadequate and -will hot accept in 
respect of its 42 per cent stake. BMCT state that It would 
seriously consider an offer which in its opinion adequately 
reflected the true value of Weston-Evans’ shares. 

The Thomson Organisation is extending . ife ofl :hnd gas 
activities to the U-S. by forming an on-shore exploration and 
acquisition partnership with Honteith Minerals, a privately owned 
American company. 

Dome Petroleum, the 1 Canadian oil and gas exploration com- 
pany, is taking oyer Siebens Oil and Gas in a deal worth close to 
CS400m (£i80m). Siebens has a stake’ in the North men via its 
32 per cent stake in Siebens Oil a nd Gas (UK). ..The Siebens 

HOME NEWS ' 


family, which has a controlling shareholding In Siebens. has 
agreed to sell to Borne — and so has the other major shareholder. 
Hudson's Bay, which has a 34.8 per .cent stake. 

Wresgate, an unlisted textile company in Manchester has 
agreed to buy 29.9 per cent of the clothing company K. O. Board- 
man International for £lm. 

Toshiba,- the Japanese electrical giant, has signed a joint 
venture agreement with Rank Radio International for the produc- 
tion of television sets in Rank’s West Country plant. A new 
company called Rank Toshiba is to be set up with Rank owning 
70 per cent and Toshiba 30 per cent. Rank is contributing its two 
factories in Plymouth and one in Redruth. Cornwall, together 
valued at £7m and employing 2.850 people Toshiba's contribution 
will be £3m in cash plus the supply of. technical expertise. The 
British Government has welcomed the deal and is making avail- 
able £1.9 5m to the new company in - the form of an interest relief 
grant 

7 Value of Price Value Final 

Company bid per Market before of bid Acc*t'ce 

bid for share** price** bid Bidder date 

Prices is peace unless otherwise indicated. - 

Bonser Eng. 43* 42 36 2-58 Kaye Organ. — 

Cornercroft 65* 65 56 1.62 Armstrona 


Pearson Longman 272 §§ 260 394 1 12.12 S. Pearson — 

SL Kitts (London) Industrial 

Sugar 200* 200 170 0.7B Equity — 

Tehidy Minerals 73 69 73 2.15 South Crofty — 

Tridant Group 

priaters 63* 77 55 2.76 Starwestlnv. 29/S 

Wades Deptmt. 

Stores mi* PS 63 2.21 Assoc. Dairies — 

Wades Deptmt. 

Stores rv/V A B8* 96 60 356 Assoc. Dairies — 

Weston-Evans 124J- 158 110 6.71 Bliam & Midland 

Counties Tst. — 

Weston-Evans 158} 158 133 Sj Johnson and 

Firth Brown — 

* AH cash offer, t Cash alternative, t Partial bid. 5 For capital 
not already held. IT Combined market capitalisation. |j Date on which 
scheme . is expected to become operative. •* Based on August 24, 1978. 
ft At suspension. *i Estimated. S5 Shares and cash. JO Based on 
AUgust 2d, 1873. 


“ INTERIM STATEMENTS 


Company 

Allied Insulators 
Amalg. Metal 


Half-year 

tn 

June 30 
June 30 


Pre-tax profit 


Interim dividends* 


Baynes (C.) June 30 

Blagden & Noahes June 25 
Blue Circle June 30 

Brainte (Bldgs.) June 2D 
Brocks Group June SO 
Clay (Richard) June 30 
Fife Force June 30 

House of Fraser July 29 
Johnson Gp. On*. June 30 


Fife Force 
House of F 


LEC Refrigerate. June 30 — 

NewarthlU Apr. 30 4,650 (7.S50) — t— ) 

Ocean Transport June SO 2.345 (26,144 1 3.9$5t (3.861 1 

Sunbeam Wo isey June 30 11.120 (,0.69m 0.962 (0.S62) 

Tomer (W.&E.) Juiyl 27S (183i 0.4 (0344) 

Wedgwood July It 1.681 (1,674 1 — ( — > 

Wolf Elec. Tools June 30 3,388 (1.2081 0.623 (Nil) 

(Figures in parentheses are for corresponding period i 
Dividends shown net except where otherwise slated 
* Adjusted for any intervening scrip issue, t Includes special 
dividend of 0.0G5p due to change in tax rale. £ First quarter. 

Offers for sale, piacings and introductions 

County Commercial Cars: £lm 10-7 per cent cumulative redeem-: 
able preference shares. 

Kensington and Chelsea: £5m £994 per cent variable rate redeem- 
able stock, 1983. 

Scrip Issues 

EJbief: One-for-one ordinary. 

Restmor: One-for-two ordinary. 


(£000) 

per share <p) 

605 

(691) 

1.65 

11.5) 

5.700 

14.190) 

5.5 

|5.0> 

201 

(151) 

0.3 

(0.25) 

2,505 

(2.135) 

5.0 

(2.S25) 

2L300 

(22,300) 

3.22 

(259) 

137 

1 192) 

3.0 

11.0) 

407 

(366) 

1.54 

( l-5» 

923 

1768) 

1.33 

d.04) : 

201 

11951 

n.s 

(0.7551 . 

S.317 

(5.57) l 

1.SS6 

(1.689) • 

1.343 

(625) 

1,5 

11568) . 

097 

(S71) 

1.052 

(0.956) . 

4,650 

(7.S50I 


t— ) 

2^45 

(26,144 1 

fiiosst 

(3-S61) 

11.120 

19.890 1 

0.9b*2 

(0£62) 

278 

(183) 

0.4 

(0^44) 

1.681 

(1,674) 


(— ) 

3.3S9 

(1,208) 

0.625 

(Nil) 


PRELIMINARY RESULTS 


Bonser Eng. 
Cornercroft 

Crossley Building 
Products 
Customngie 
Eastwood (J. B.) 
Eastwood (J. B.) 
Fluldrtve Eng. 
Fluid rive Eng. 
HcnshaU (Wi) 
Lyons (J.) 

Oruie Devpts. 


ee unless oUnreriH indicant!. ' 

42 36 2-58 Kaye Organ. 

65 56 1.62 Armstrong 

Equipment 

104 64 7.07 Bo water 

36 19} 1 . 10 . Mooloya Invs. 

342 90 31.53 Cargill 

142 125 SS£2 Imperial Grp. 

92 S2 6.47 Assocd. Eng. 

92 55 554 Tbos Tilling 

20 IS 0.50 Bovbourne 

126 97 60-8S Allied Brews. 

53 48 955 Com ben Grp. 


■ Pre-tax profit 

Company Year to (£000) 


— Aero. & Gen. Mar. 31 

Alexander (W.) Mar. 31 

Assoc. Dairies Apr. 29 

Meat Trade Apr. 1 

U/S Restmor Apr. 30 

Saint Piran Mar. SI 

Smith WaJlis Mar. 31 

— Stocks <J.) & Sons Mar. 61 

— Thames Plywood Apr. 30 

— Victor Products Apr. 30 


(279) 

' (1,950) 

(23541) 

(451) 

(818) 

(2,093) 

(106) 

(568) 

(272) 

(850) 


Earnings* Dividends* 
per share (p) per share (p) 

8.8 (8.1) 2.286 (2.553) 

36.2 (13.5) 4.85 (4JJ5) 

13.7 (142) D.SBft (0.774) 
7.7 (9.6) 7.32 (7_2I > 

30-1 (28 J!) 5-395 (4£3> 
15.6 (105) 2.01 U.812> 

16-2 (5.1) 2.419 (3.06) 

33.0 (27.2) 4.329 (3J86) 
6.4 (5.7) 2.0 (LSI 5) 

27JB (17.7) 3J3S (3.027) 


Sainsbury, Tesco ahead 
in High St. sales race 


Aldermaston 
unions debate 
safety moves 






W istf! 


BY DAVfD CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT 
THE J. SAINSBURY and Tesco seen its market share slip. back 


supermarket chains are begin- 
ning to pull away from the rest 
i of the High Street multiples In 

- the battle for a greater share 
of tbe grocery market. 

Research carried oat by the 
-.Audits of Great Britain com- 
pany, and now circulating 
-privately in the grocery trade, 
shows that Sainsbury ’s market 
share for the four weeks end-; 
tag July 22 has risen from MLS 
per cent to 11.4 per cent. This 
Is Salisbury's greatest penetra- 
tion of the grocery market. 

- Tesco*s market share also 
rose— Drum 11 & per cent to 

• XM per cent— but its growth 
rate last month was about half 
that of Sainsbury. 

The big two multiples* 
growth appears to have been 
at the expense of some of the 
other major supermarket 
chains* ASDA, the Associated 
Dairies chain, which has been 
in the forefront In offering low 
prices from larger stores, has 


from 5.9 per cent to 5.7 per 
cent This follows ASDA’s 
disappointing profits, growth 
this year, announced this wCek. 

Fine Fare, the Associated 
British Foods subsidiary, has 
lost its fourth placental the 
market to Kwik - Save and 
International Stores, the BAT 
Industries chain. Fine Faro’s 
market share dropped from 4.2 
per cent to 3.7 per cent— It had 
been 4.6 per cent earlier this 
year— while Kwik Save’S 
share is 3J9 per cent, and Inter- 
national's 3.8 per emit. : • 

Co-operative retail Stores, 
however, remain tbe market 
leader in grocery saies-^toith 
17.3 per cent of the market — 
although (hey are rim as 
independent units, rather them 
than as centrally controlled 
multiple chains such as Tesco. 

Audits’ figures monitor only 
the sales of basic grocery 
Items and do not give a com- 
plete picture of a super- 


BY DAVID F1SMLOCK AND U5A WOOD 

markets* business, especially 

the fast-growing non-food sales PROFESSOR Margaret Go wing, such -a weapon could be 
tn most stores. m her history of atomic energy manoeuvred safely from factory 

Bat they show’ that Teseo’s In Britain, tells the story of tbe to target, and exploded when— 
Checkout promotional cam- casting of the first billet of and only when — needed, is a 
palgn— after its decision to Plutonium at the Atomic surprisingly difficult thing to 
drop trading stamps lust over Research Establish- en gi ne e r. (It is also the reason 

a year ago— and Salnsbery’s ment » -Aldermaston, in 1952. why nuclear reactors cannot 

Discount 78 campaign have It was night, and the metal explode.) 

proved more successful than extracted by reprocessing Such a weapon consists of a 

their competitors’ promotions, uranium fuel from the early minimum of a few kilograms of 
The supermarket multiples “ Piles" at Windscale and fissile material, precision- 
have to decide whether to rushed to Aldermaston — was machined into several parts 
respond to- the latest market bein S .melted in an argon which can be fused together fast 
share figures and plan a new 


liiSS 




sa'#!* . _ 




<$n 

‘ r* * VWr* 


A whole-body radiation monitor used to detect plutonium in the lungs. 


respond to- the latest market b £L ns v meIted in «n argon which can be fused together fast J u * 2P, u “ ons there is still detected on some of the Alder- 

share figures and plan a saw ^sphere. . by ufflveaUoaai h,gh erptosivas. thi! pMuSta’ 2fe formation m- maston workers were up ,o 30 

price-cutting offensive in the A ghostly blue Same apDeared -i! e,l £? s ’ req t nired .J 0 protected by^assive shielding. °T!- n , U0 .. . * nano-curies although the figures 

autumn.- International Stores, and scientists feared that they S? ckwav , e from . . tbe The metal could be sat on safeJv For some time, there nas been proved difficult to reproduce, 

which has decided to drop had their calculations wrong. are al “° by Vo££» Sl2SSJ35 n ^S ll, ^ p ?* hl “-2 l Therc are £wo 

trading stamps from most of ! What they thought they were C1TM ... .. a stout pair of jeans 7 Aldermaston. Mr. Hughes said: methods of removing, plutonium 

ils stores, seems likely to nse witnessing was a •‘criticality"; a n irJL m !tr e that tfa8fe . are f t was not trup thar nlurnninm '^ anasernen t admits -it is diffi- from the budv. One is by wash- 
ihc money saved from slamps chain reaction, which would emit ° e “trons present to 1 ^ most e toxic subsSJJS cut t0 . re ™t because of the ins the lungs out. under 

far a price-cutting campaign. an intense hurst of radiation— JJ^gT the «nIi^t Ctl0 % a f®* 1 ! known to marSiere b were ^ es > the basic craft wage being anaesthetic. The second is bv 

Other . supermarket chains the blue glow-bet no explosion. S l u “J* 11 , isotows of rS^ ^re S £43 a week * using drogs. 

are worried that profit margms « WeIJ< b0 . 3i irs t00 i ate t0 disassembly ^ heart ° f ^ 100 ^ mes 35 toxic if inh^fei , “ People either won't come, or Whole body monitoring has to 
haie already been severely nin." said someone. Radiation Aldermaston with 26 years of And '* ns not true that an teave because of tma, not because be done in “steel rooms" con- 
prfceeuiting pSmotiJns SSfd" ^ ,s with ^ s ** e6 ° f exSSSf S worline WSMl 65 * plutonium would be a ?LL e A J !’.J ut . ^ere^are a. few sirueted from .reclaimed, steel 

put some stores in trouble. 




furttur 


to operate 
from next April 

BY lOHN BRENNAN, PROPERTY CORR£SPONB»IT 

WE CITF OF LONDON'S first The neatest heliport facilities’ 
idiport could ho in operation by now are at 'Westland -Helicopters 
April next year if plans just site hr Battersea, and at the mam 
■ubmitted to the City Corpora- London airports, 
inn are accepted. The City Corporation s arehi- 

The scheme involves a floating tects are looking at the scheme 
‘hellstop - off Trig Lane Stairs, and will be submitting their 
ip tween Southwark and Black- commonts to the GLC’s planners, 
riars Bridges, with an executive On peat experience the appUca- 
mticoptor taxi service running tion 4s likely to take between^ 
bout 3,000 flights a year. six months and a year to process, 

Canfain Eric Brown, chief and Captain Brown’s “ target; 
xecutivc of the British Hell- date" for starting operations,; 
opter Advisory Board which next April looks rather 

aade the application, said yester- optimistic 
ay that preUminaTy talks with The " helistop' would involve 
he City Corporation and the mooring two barge hulls next to 
ireater London Councjl con- tbe Trig Lane Slept, atlariUng 
imed their willingness to con- two flight decks, and establishing 
ider the scheme. a pontoon linking the take off 

The advisory board set up' by area to the river bank. _ 




- ■' Finite 

care°iiTD 


.tre a I travels with the speed of light experience of working the metal of Plutonium would be a 01 Kur there are a few structed from reclaimed steel 

t ^ trnreKu d 1 Bul aJi was weU - 11116 was to extraordinary lengths to disaster— a chlorine >ounptere who have been trom i old battleships sunk before 

?nt some stores In trouble. produced by an impurity in the protect these who are woritina tanker could be more damaging, worried about plutonium pos- the first nuclear explosions, and 

j casting, and died away. Sdth^ pSium The tech- ^ In spite of the precautions. Mr. "g. ^ting reproduction." therefore very low in back- 

TOWaTl"^ • 1- " n! *9U Tnc hazards of plutonium— oologies involved range from George Hughes, chairman of the Bl11 Ha ®dton. assistant ground radiation. The steel room 

HfA-!’-/ ‘ ' ,• ‘ and there are several— had been timeJKmoured practices such as joint union executive at Alder- ^ reta ^ Satina 1 ' taken ^fom ^Suo^uak 

Jassw&^srsss SSSV^TUSSSS - A hm| n irSrei. AS r.\£*“ ,ro “ 1 
-:v- ste us - S’ftw.! tgwsp ** imt 

• ;-•••• ' ■ Finite life !^*SVt£5?& ^3&SSg** * tJZFSSg JmSSm iSd . ’BtaTSS 

L • V ' . *UUte lire , . “^VedSd ataosnh^t years, workers had given this inspects laboratories such as bec f u - se r,T „ care needed to 

. % He told bow and where great sure uTlSSre coitid «rtee samples in routine those at Aldermaston, which "^dfaZn “ 

b£M: Sfe-- V;: 1 care would be needed in fashion- be blown out through, say, a checks for contamination. Then, have to comply with normal oack 0 round radiation. 

HBE& . jng the metal to make the core leaky glove. ■ out of the blue, 1- people statutory requirements. — — — — — 

rSBfc-. 'JtKs ^,1 • of an atomic weapon. His memo The workers themselves carry , wer ® ^ 0unti J® have plutonium The Health and Safety Etecu- - . , 

» ’•••■ ra-* . was heeded, as a result of which personal radlatiun monitors, to i eve b\up *? ""C 0 33 high as in- me, which is connected with toe KpnOfT (iPblVPfl 

Rljll . • *rN I there have been remarkably few warn of any leak, in addition to t e nutionaIly recommended levels Department of Employment, 

'accidents for such a dangerous hating regular checks for any wheD 7 et v . ®p I ” torin .8 *F Sr u , nd tT the areas cov ®red by the AFTER representations from the 
* I new Industrie! material over the traces of radio-activity they may ? ein ' called whole ooay monitor- old Factory Act can inspect the Monopolies and MergersCorainis- 
F?; mV- j ensuing 36 years. have picked up. tog was used. laundries at Aldermaston, but S i on that its repon on the supply 

v ■4g.- v ' I Aidermasron is both a research On Thumday the Ministry of .. , [J ot 010 laboratories. This they in to. and exports from, the.U.K. 

' -jand development centre for work Defence announced that it was VeotlistlOIl have aIrea “7 done. of electricity supply meters can- 

Bw,|B f' ‘on nuclear weapons, and an shutting all buildings at Alder- . .. . _ ,.. Th , e . Health and Safety at not be completed by September 

B W- aBa . .rgfciv ) ordnance factory where part of maston in which plutonium is We had always depended on Work Act 1974 covers, in general 30, Mr. Roy Hattersley, Prices 

CVJdflfflfc T* Jsuch weapons "are assembled, worked industrially — by no Scientists and management terms, areas such as Alder- Secretary, has allowed the Com- 
|H' ! per.odicially serviced, and finally means the whole establishment, to protect us. Now we have found maston. but at tbe moment the mission an extension to Decem- 

/' B taken apart again. nor even laboratories where that the testsare not as Infallible Executive, which is responsible ber 31. 

Nuclear weapons have a finite small quantities are useti in 15 w e thought they were. for implementing the Act, is 

* "n!r' life because the fissile core — research. A 10-point charter, presented assessing the work entailed in 

JuARGO MACDQNALD plutbnium-239 oy uranium-235— The crpsure will have no effect l P. management by the unions Ministry oF Defence research Tkyff* T? ft i 

Fipfittofl /or the homeless undergoes certain slow physical 0J1 existing stockpiles of atomic J hls w ,00 k. included more mom- establishments, and intends to lYil • JT • vyiaUL 

changes through radioactive weapons or their periodic servic- ‘“'■s'" .hlSI* uSh. draw up a systematic inspection rBiVT 

decay. — essential if they are not SOna . , < samples and whole body programme. a ? B : G - F - B - GRAJ ^J* d ®P. ut: ; 

lViaCUOnaln Periodically it must be re- to become unsafe. - monitoring, toe latter be ns The Executive may assist Sir cnairman of Witan ^estoeot 

T -. 7 ■ U el.imed. reprocessed to remove . in. his report of the Windscale SA introduced into Edward Foehin. who te making . ^Pg^ii^SSSSSnSi^oSSS 

4^, impurities which have accumu- inquir;'. Judge Parker spelled AId«maston moehearner The rw0 ‘ mP , nths in£ l lur >' intr) heajih Sv cSraan of TeenWar 

10 tlgnt SS ^LShSfth'S’w Sn^hS* ab ? ut watrt lie e^™nV“U* Investment Comply a n d former 

n ® core— altbough this li apt it was tion system at the plant fully rtn ^°SwL G °^ rn ^\ n J .chairman of Henderson Admin i- 

Qorkfo roof do ^ a M h fi5" arc ?r Ce °E® i ^ , i: 2^f W iSL3LS , iJ ,erB e J lste investigated. st ™ 10D died yesterday. He was 


Gr-J 


mm 


"T-r^v i 

lUARGO MACDQNALD 
Fiflftrinff /or the homeless 


to fight 

The advisory board set up oy area to me nver uan»- n * , 

eUcopter manufacturers and. Helicopter flights in London \OnfC CpQf 
perators to promote helicopter are restricted to the a rea -kJV'VPko oViAI. 
perations and flight safety in between the high water mam « • , • g 

ais country believes that there of the Thames and below the npCY|VfA lOft 

i considerable demand within 1.200 feet Inwer level of regular JUU 

“K* City for an executive service, aircraft flight paths. Mt-Rm Perman 


By Ray Permon. 
Scottish Correspondent 


Junior Carlton Club sold : 

tfUIMVX ^ , 7 ^ ti „ Scottish National Party, is to 

N UNNAMED overseas cwn- The .^ u ®I or t4 ^* ar 'j,?® s if continue her political activities “ 

SsSss SJSi - SS 3 V Si~ 

TZrfZuJrxz arsajus* fflassfi-str ** 

The buyer, acting through been bavins talks with i a BW; ghe said yesterday that she 
andon agents and through, a bee of potential ptirchasersaE. ^ M conBlcl between the two 
ib*.ldlary. Commonwealth Inter- some months. Tne overseas ro tos. she would remain as 
itional Shippera (UK), plans to buyer, which is neither Arab nor Mnior vice-chairman of the 
■tain the dub’s faculties for * . m and would fight Hamilton 

.embers of its own staff- visiting with its bid relatively late in the ^ y,,. forthcoming General 


* m jEoetai— co.e o. many tnou e a noi -l. - ^ results of body monitoring given ^« 1C0 ‘ rn ? UCI,on Mr. Grant was also chairman of 

^ all nuclear weapons— is aeretore It was not true, ,he said, toat it i n layman’s language. “I want Harwell, where some of Jie j obn Foster anc j Sod< deputy 

Illfljf an essential acJvity Oi Alder- was man “invested 1 plutoninm or them to cut out the scientific whole hody moniionn; oF chairman of Commercial Union 

J maston. although not a large part that u is highly radio-active. It jargon, such as nan ocuriea when Aldermaston workers is taking Assurant* and a director of 

of its work. The basic idea behind was not tr&e that in all riremn- they give us our results," said place- Foseco Minsep. He was until 

trident a Tiuclear weapon is to bring a stances very small amounts of Mr. Hughes. The Board said ilia? the maxi- recently chairman of London and 

I 1 sufficiency of fissile material plutonium are lethal. “ Insoluble The unions have also been ask- mum permissible lung burden Scottish Marine Oil Company 

together quickly enough to form parucles when inhaled certainly ing for some time to have of plutonium recommended by Limited. 

a ** eriticaJ mass.” sre hazardous in small quan- lectures on the safety work of the International Commission on He leaves a widow,' three 

To arrange the parts so that tities. Considerably larger the establishment. These Radiological Protection w’as 16 daughters and a son. 


Ilf*'* 


ondon. . ;diacns8iODS. 

MANY SATISFIED HEADERS OF 

FLEET STREET LETTER 

HOLD BOURNE & HOLLINGSWORTH ;; 
UP OVER 300#; ! 

In March T977, Fleet Street Letter readers were told emphatictHy 
to buy Bourne ft Hollingsworth at'Tfip. Despite several upward 
flurries and poor profits, they were toW again and spin to nap* 
on for th* 2S0p per share assets. Now Morgan Grenfell announce 
seven! effective bid approaches. To the Joy.oF FSL fans. >t is » ; 
classic auction slttutloo, and. B & H have (tape to 275 p. FSL aov«rt 
nkmg part profits when they reach 3Q0p. - ' . 

Other, typkel Fleet Street Letter winners «re Leyland Paint « |Mp ■ 
— now 85 p: J. & L ' Randall, at 45p— taken over at )20p: Zemth;^ 
Carburener at 45p — no w 99p; P. C. Henderson at 3Sp— now VZp^ 
The Fleet Street Letter— published fortnightly— b»» a unique 
reputation for forecast Inf how political and economic development*. 

will affect the Stock Exchange. •_ - 

FSL it Britain^ oldest confidential . newdotow, with 40 y«f* - 
(uccnriui forecasting. FSL tnys lit. buslntu while others fwd. 
because FSL** advice baa so often been correct* What i* m «*re. - 
FSL give) outspoken “wfl** tlpw wWeb turn your paper profit* 
Into real money. * > 

Send far fret copy— without obligation, of course— and atuoy.i 

FSl’s record for yourself. 

To; FLEET STREET LETTER, 50 Fleet Screetr London EC4Y IJH. 
Name ......... ■«Ba4M«aia>i>MSf|lril|ii«B|«<afkH«a>uaiMkMais4esai* MttM% * at>lMtaaM . j 

Address 

a« ■*•■.*«' ««-■!• b *e «*■«•■■■<■ aai.it '»* h»iW ••-•«#*• we-e*** •M* m%,, *' 1 *** ( ^ 

Please send me a freecbpy of FSL, without obligation. . • - * 


Liberal plans for employment 
stress farming and ecology 


CONTRACTS 


‘Election. 

r •In common with most other 
| Candidates at the election, 1 will 


BY RHYS DAVID. NORTHERN CORRESPONDENT 
THE LIBERALS approach to effects Of unemployment and on recognition 


service 


Two water bombers 
for forest fires 


nartv i<; nffpnnr. i»h;*h n^rrii-ulai- < POiicy umunieut. uw.cutru —^ujureui km* in uie nuoiiC services WILD lae eiupnaais nuu .lcnwsuc. ue 

Siluiinn a wmc “ p3rtJcUlar ; Kenchester yesterday. 13b0s would have to be radically on ensuring that more people bombers to fight forc=r fires. Tlip system will be dedicated pnraarily 

™ H thnre an* anv w . fli .„ n «i The Liberals are backscg toe different -ftom toe present one were employed on socially useful „,° e 7L 0 , pmem , Corpn i? l ! ,,,n ^.? u P? or VJ‘£ fc the ?f, reraote 

fntaiL., „n’u rwjflict. n. ■ e -o a ., 3 n more jobs on the and should.- be planned taking work such as carin* for the sick w ! L ^ e l?-,n nan , c * ^ ,e P urc base itaiions which will accesstbe 

interest, (hen l will be campaign- ; £ into account *«** a CS4.4m loan. oenira! system v«a Post . .Office 


interest, then I v»iru M M -niin. : creation of mare joas on tne anu snumu.-oe planned lasing work such as caring for tne sick 
ingSthtoihe nartv to chnlme ' ,asld 10 * naWe Britai °*° « row inr ° social as well as and elderly rather than simply 

tis nolle v” p ’ n yi i more of Jis own food. The party economic considerations, it says, being engaged in administration. 

W FVMVJI . . raa nmnlrtreDonr If Mlflllifl Pfifltnln in m.nii ^ r i«« nirei 


Third-party computer 


iines. The new system will also 
Tr.ainten- provide essential backup to the 


before an . 1 ,™ .. aancsas; of new auernanve at*ae a >uue per employee, inis wou 

SeSrnt of defeatSnL & teehncto?>- energy sources. rector would remain a significant of p 

Earlier this wear *h<» failed to Th® document. We Must part of toe economy but would the 
winHamifron a toSSeSiSS £ 1 Conquer Unemployment, by Mr. employ, fewer people. ave: 

which. Labour* majority w5 1 Vtvian Binghaun. chairman of the Tliere would have to be greater life, 

nearly: doubled to 8,492. ' i Liberal employment panel and 
There mill)* candidate tor *3a»I Grove, also TT-a . . • 


hbariyf doubled to 8,492. ^ |Lib«rol employment panel and 
^•re could also be moves 

remove he*- from the kev BD ,» i advocates-, airtaef support for 
of' ebjdrman of the strategy | snja * 1 businesses . and producer 
committee, ‘particularly if there co-operatives, which as weU as 
are dashes between Shelter’s encasing .uwowiwn could 
do 11 cv »nri evo also, is is claimed, increase toe 


sector would remain a significant of plans to reduce the length of Slock Exchange computer*;. PPCE. * 

part of toe economy but w'ould the working week and of the which has an office in }\ T okirs- p y2ena bi» c ; ie n furniture tnatm- 
employ fewer people. average employee's working bam. K known i„ th c LTK as the JgJES. hw ortSJfi ? ^Ke?- 1 

Tliere Would have to be greater life. ^ ! '' a _ h “ m p „ a il y , r station CMC 5200 data entry' 

Berwick party seminar p^ th a 

SY RICHARD IVANS. LORRY EDITOR SB" « 

Departments. The Stock Evchance S 


ofmmdiioSi - s&srsis^ sk 

centralised companies.” seminar watt week at Berwick- day evening. Hon Services 20S0 computers with J 2 LJ OTnariSaTS foTinSs 

\T .. . The liberals point out that at upou-Tweed; the constituency of Mr. Michael Steed, the party’s Banker Bamo front-end equip- 5 HmIH mainSaia^^ 

■ NOW Wills IfCth the end or every recession since SIT. Alan Beith, Liberal chief president-elect and a psepholo- B,enL Univic 906 k 

» wuj toe war the residue to hardcore whip. gist, conceived the idea of a * 

GOODS AVAILABLE under the unemployed remaining has in- . The seminar, which will have seminar. It. will also be attended e 1 1 t0C «. Pa r n ^ li L 0 ,«™» wmv ■» mpm*, 

voucher and discount schemes ' creased, making u necessary to sunuilmarons translation in by Lord Evans, the party's presl- *>!?,? rr? 2 )no ?VoS%‘- tr?up^hls 

«n by W. D. and H. 0. Wills Wr} investigate radical new ways of EaffUsb. French and German, is deni, a minister in the present a fiSWniSnc? b^the 

Embassy cisareltc smokers have j treating new work. . to last ttrodBL It win be Swedish roaiition government, a g?5tt SE&F £S IS lad aSLST^SlJS for S 

combined into one Preseat Government policies ??SJrai SLS* JJ 3 ? d minister from the State govern- megabyte dSe ajii?" ° i.«w bpl refurbishment of tSee floors 

Mtejogue. to be published on! which relied op temporary even- meat in Berlin and a former 3SSSS Trire and high Bncklersburj- House. vrSmS 

Tuesday. 1 measures to alleviate toe worst ing and wui end with the par- minister from Belgium. meed matrix mint®- and a net- London E.C-L S 


v 




Financial Time's Saturday August 2$ 197s 






WORLD STOCK MARKETS 



\ { ii ilii 



losses on Wall St. 


NEW YORK 


•' -Aim. ; 

< Eft ; 


Am. ■ An*. 

--- n 


INVESTMENT DOLLAR 
PREMIUM 

$2.60 to £1—05% (96°i) 

Effective $15270— <45J%) 
Si\LVLL LOSSES were in the 
majority on Wall Street yesterday, 
attributed to uncertainties about 
.^President Carter's plans for 
“resolving the problems of the 
dollar. 

After rising 1.99 to 899.”4. the 
*:<;Dow Jones Industrial Averaae 
:,t.finished 152 off at 895.53 for a net 
r.^loss of 1.30 on the week. The 
i-rNTSE All Common Index, at 

■ ,. S59-22. shed 4 cent*; on the day but 

* was still up IB cents on the week. 
^Losses led gains by 774-10-746. 
•while the trading volume 

. . decreased 2 Jim shares to 36.19m. 

Analysts said any potential 
■'enthusiasm was dampened by 
’ -dollar uncertainties. Although 
' news about the prime rate remain- 
’* ing at 9 per cent helped the 
-market, the Federal Reserve 
v Board chairman said the Carter 
•' Administration should consider an 

• r Anti-Inflation Tax to curb inflation 
and set standards of wage and 
i price increases. 

■ The Slbn increase in the basic 
. ‘Money Supply reported yesterday 

^ was generally anticipated and had 
{ ‘ litMp. nr no. cfTpct on the mark- r. 

* Gamine stocks improved. Bally 
-■Manufacturing moved up $4$ to 

$34], Harrah's S21 to $31* and 


Metro (lOldwyn Mayer to S45J. 
Playboy rose $1 1 to 5271 — it 
expects 1979 to be a "good" year. 

Golden Nugget lost 311 to 3321 
on its revised plans for a public 
offering. 

Servoruation jumped 55? to $49 

on Liggett Group's raised bid of 
S4S..T0 iS46i a share— higher than 
City Investing Company's GDV 
unit bid of $47 earlier in the day. 

Mobile Homes were again firm 
and active. Winnebago gained Si; 
to S3;. Mobil Home Industries SI 
to SvJ;. Fleetwood Enterprises §11 
to S1H and Skyline Si to SI6L 
THE AMERICAN SE Market Value 
Index put on 0.38 to 167.SS making 
a rise of 3.37 on the week. 

Gambling stocks extended their 
gains with Bally Mfg. up $1; to 
S54£. Ramada Inns §1 to S10J, 
Harrah's SI l to S31j. Caesars 
World 84 j to $40, and Playboy §1 j 
to $27j. 

CANADA — Mostly lower in 
active trading, with the Toronto 
Composite Index off 3.6 to 1,230.2. 

The Oil and Gas Index dropped 

45.5 to 1-378.2 — the Federal 
Government plans to waive the 
next round of domestic oil and 
gas price increases. 

Texaco Canada fell $2} to §43, 
Home Oil A SI] to $41, and Golf 
Oil Canada SI} to §2 8}. 

Dome Petroleum rase $1 to 373} 
on encouraging Beaufort Sea drill- 


ing results. 

JOHANNESBURG— Gold shares 
steady at day's lower levels in 
hesitant trading. 

AF Lease moved up 70 cents to 
R610 on strong London buying. 
Other Golds lost up to 50 cents. 

Mining Financials followed 
Golds lower. 

Most Platinums steady. 

Asbestos shares little changed, 
Collieries generally untraded. 
Industrials narrowly mixed 

BRUSSELS — Large majority of 
Belgian shares higher in lively 
trading. 

UK and German stocks little 
changed. Dutch and U.S. firmer, 
French lower. Gold Mines mixed. 

TOKYO. Slightly higher on 
“ cheap” buying in some Blue 
Chips aiid Public Works. Volume 
230m (210m) shares. 

Major investment Trusts bought 
some Electricals, Steels and 
Cameras, paring initial falls.. 

Oils rose on “cheap" buying. 

while Machines and Housings also 
improved in anticipation of in- 
creased Government Public Works 
spending. 

PARIS. Mostly higher In active 
trading, encouraged by recent 
positive economic indicators in 
France, and also strength of franc. 

But Engineerings, Constructions 
and Chemicals easecL 

Foreign shares generally eased. 


with Germans. Canadians, p/l_5 
and Golds most affected. L\S. 
shares mixed. Dutch and Coppers 
resistant. 

GERMANY.- Mixed trend. 

Volkswagen eased, despite its 
higher first half profits, while 
Bayer finned following lower first 
half profits. 

Banks steady. Steels, Electricals 
and Chemicals mixed. 

Bond Market quiet, with Public 
issues fluctuating narrowly. 
Bundesbank made regulating pur- 
chases worth DM 2.6m. Mark 
Foreign Loans steady. 

AMSTERDAM. Mostly firm. 

XedUoyd rose almost Fl» 
despite sharp fall in first half net 
profit, while Van Gelder lost 
almost Fis.2 despite a first half 
net profit. Pakhoed idled Fls.l on 
a first half loss. ' 


FRIDAY’S ACTIVE STOCKS 

Change 

Soke Clo.-iru on 
traded price dar 

Ramada Inn .... — 1.317,340 10, “5 

Pam Am. Air. ._,L16».199 S: ~t 

FUntkore S38.90Q 37- -H| 

American Motors 308,409 *r _ 1 

Winnebago 43&200' M ■*> 

Bany Ufa. 415.0BB si; ■*■«! 

Fleetwood 3S3.S80 1# - > -U 

Kaaftuan & Broad 374,401) Hi -I 

Ppid. Dig. 38UM ISr *‘*1 

Del Webb 33U60- S>t: “« ! 


Abbott Lain ... SOI 4 
A+Sreraugrapa...' ssie 
Ansa Life A Cai 44 
Air Products... _ 50 1 « 
AfcanAlumiaiuB ■51 , -a 

46!* 

Vlieg. Ludknn M 19 
Uleghenv Pcmex 18 "a 
Allied Cbcnilca:.' 405* 

Allied sti/rea. ZT-: 

Allis Coalmen... 56*3 

A MAX 43 « 

Amende Heal. .. 20 

Anw. Airline*-. l?t« 
Amer. Bn aril _. SO'b 
,\ me. Broadcast. 611* 

,\nxr. Un .. 42 

Anrr. Cyuuusx! 51 
Amer. Hlsf. Tel.. 35!s 
Ainer.bJe.-k.Ptm 233s 
Amer. Express.. 384 
Anier.B'.mioPnyi 3I»* 
Amer. Melfml-., 2fll* 

Amer. Motors 6 '-4 

Amer. X*I. bu.. 45rj 
Amer. Standard.. 52-2 
Amer. stow,.... ' S&u 
Amer. Tel. A Tel. £61 <£ 

AaretcL- — *56t2 

AilF - ! 181; 

A UP 57 St 

Arofsu 17’.* 

; tartar Hacfciag.. 30*t 

| Anbeuaer Beach..' 20:; 

! Arm=o steel-.-. 31»s 
A.S.A. 25 


■ CoraiBgGbua—- ! 
. . CPClni'ra'l'.aaat; 

Case 

, CojeKea S*l_ — [ 

■ LrcwnZailcrtMfc, 
! Carcmim Eagt&e 

Cutbu WnzbL.-, 


i Outs-.. .... t 

! Dart Industries ..' 1 
r Deere ! 

Dei Alone ' 

| DtifCOA 

' Denupiv later... | 
1 D«mtf Bdiaon..., 
. DiA-ucnd-SkamrV 

' iMipafe'. 

. Di£» Er-ap,..- 
ihntr 'Weil/. ...; 
liner Corps—... 

. Dew Chennai.... 

; Onto—— 

> D.-rvier^— 

; Dtipi-nr...... — ; 

: baste Plelwr 

East Airlines ‘ 

‘ Easzzsaa Kulak-, 

i&U:= ■ 


Johns M&qtUIb- A5 a* i 
JdhiiBonJobsaOB: B6ts > 
J Ammii ■ fiaae ! 

JoyManafacturc 5SJH 1 

K. Mat Corp— — ‘ 1 

Keiaer .■Uinnim’m' X Si* . 
KetKr lodosek* • 2 
Kalae-- Steel— ,Sl 

hey ....... litia - 

> heoaeaat— , . 23 Ta : 

Kt/T UcGee SOU • 

hit Ida Walter—,. J 0 A| j 
J hfamwlyaerk-f 47U ! 

! Kiij^eri — j 

( hmt-- 47U ■ 

i hrupB-ta—--. ,30 m ■ 
■ L»«way Trwn»' 39U | 
. Lett . 55J| ; 

UUt Ow. ¥eo6,^ 2esg , 


Bartou.— M*i ’ 
nmmUe Motele. 553a 
Ke^nohbK.4.-: ■ 

'tfieb'son SlerraU. 29J* : 
RorkneO Inter... JJJl 1 
Uatus A Hmjir— . «'i . 


i Wool worth h.- 1 fill* 

sst —i *** 

A^nX„4l.rt.MU|.V M*l| ' 

Z euw* — i7a« 
im ftbSedto.... 1?* 

Vf ■I 'r— a* HHK «««. 


A«amrnt OlL.—j 27 


Indices 

NEW YORK— sow joves 


Am*. An-;, i An*. I Am. , Aug. j A'ic. 


IRic- )&iQoe Compilak'o 
Hwh , Low t High j low 




| I37o 


Aim. 1 


Sa | 24 25 

22 | 

High | Low 

69.221 68^4 68.121 

68J8I 

68.28 4tU/ 

1 1 1 

1 

(34 PS) (6/3) 


Biaee ood Fall* 

i Aug. 26 Aug. 2< Aug- 33 


iasuec traded. 1,920 i 1^94 1.892 


* { I I \ j i 

Industrial ...l SSS-Ui »37J$! 897.0D.B92.41. E88.3S BS6.B3 “00.12 742.12 ; lOfil./ft 41.22 

, . | . ; ,17, 'fi ! t3»/2) (11(1375)! (2(7)32) 

’ B'me B’nrif"! 09.06 8B.B1 88.97 89JI2' 98.I1> 08.85; U. 8 b : a6.73 j — I — 

1 j I ! 1 ! . l- <11/71 1 j 

Tnu»p«t..:.L252.09 2&Z.4T 251.66 249.76 240.05! 251.07i 253.41 19-.01 I 77SJ8 i 1383 
- r | , • '24-ej (9(1) (7/8)60) | (8(7(32) 

Utilmar i 108-53 106.481 10E36 lOce'.S: 106.19; 106-66! Hil.Si • 102.94 ■ 163.32 I 70-88 

I | j j (3,1) (22/2) (2aa/69) (2M.-4S1 

* Tnulnu toi.I l ! 1 ! 

(Wat 1 36.180 56^00.' 32.710 22.620. 2.^18, S4,Mff — j — — — 


Balls i 

IT a chanced — 

New Highs I 

New Lnr*.... M ...,| 


746 ! 876 1.028 

774 j 614 479 

400 I 404 ' 585 

— 1 . 1S9 , 129 

— I-' 4 5 


XOffTREAL 


Aue. [ Aoc. I Aoc. i A o2. 1 - 

25 j 24 , 25 ' 22 : High • 


! .(OIU 15 

.VsnJand Oil 59 

.ML Hich field.-. 53 1 « 
Auto Date Pro— 3 St 2 

AVC - 13U 

Avoo — - 32 4 

\ von Prodcct!... 59 J* 
Bali.Gea fleet — 2 7 is 

Bank Amerxa— 26 U 
Banker* Tr. N.V. 371# 

Barter Oil 28 

Baxter Traveaer. 4872 
Beatrice FcoJ._.. 2 7 is 
Btutwilhekenam 39 

Bell A Howell.. 231a 

Bendlx 42t 2 

Beoguet Ccaa*B' 4J* 
Bethienem Steel. 24 
Black A Decker- 20: a 

Boeing 693* 

Boice Cascade AK: 

Borden ... Z9ba 

Borji Warner 32>2 

Bcaoiff lot I S 3 , 

Bresoan *A* 15 


; t. C. t li — : 

: 111 Paw Nat. Ga» 

; Ehca „i 

: Enwraon Electric, 
, Kciery A irFr’i^bt 
. Krrtart. ' 

; Kji.i 1 

: Ka^clhasdL-..— ! 

■ Ktmazl. 

; Eihyi — : 

: bun......,.,., 

: FestiiW (jumsn 
, Fed. Dept, atom 

■ FtreatuneTtre 

I Fit. Nat. Boston.; 

! Flexi Y«a ; 

; FlmtLole— ' 

i Ffamda Ponr^.' 
I Fluor. ..1 


1 

;UUy(bili — 

[ LiUon Jodurt.....; 

LuckbeetEUns^n ' •. 
I Lone Star InduaJ. 

1 Long I aland UdJ 
1 louMna Tend. J 

Lnbriml 1 . 1 

Lucky Mont — 

iSSraSfS 

(sSh^SzI 

; ^lapro—...— _i 
( Hacatbon Oil 1 < 

Menue UldJendJ 
' Mantadl FiSj ' 


| ttonLDuidi«...[ 
i K 1 K-. — 

I Kusa Ixsta... 

! Hvitor Byatetn— ; 
IselmyStom... 

1 St Ji» Almweia. 

'■ St. HMmlWtiw-.. 
j Sepre Vnlmla.—. 
j Saul 

i Sav'd) Inda, 

! Sell I ilr -Brewing.. 

' Schlumbemvr ... 

‘SCM. 

Sent Paprr— ... 
j &w)l MrC™.....- 
Scud den DunA^i 




OiUy NR«,i ?.H( } ' 7.22 


CANADA 


AbUitMPeyu-i., !- IShr'T 
Anntru Bar*...,. 5** - 


i Agninj Hag*....... u** - 

1 AtaBBAiumfctkiw. ini*.:. 
r.V«aD»3tmL....' : 

At0fK*4,7.v- ^5 

\ Bank i< Mi«Vrc* >4 
IkKk Ni-veXivUtl 
I Mate K*H<LHWi.. 4 15 
50 


• 2m Valley IdtL; 3?i| i 


■ Mae Oett.Stomi 

1 MCA-3 — 3? 


| Mvl/maott— -I 


, MuDooneH Xkmjr 
3fc<5»wHHrZ| 

I Uemong.— 1 

H«a* •- - I 

Ucniii.lffariLj 

UnaRtnUanj 

MUM-....- 

UitayioeliUkl 

Alton (j«p_ : 

Momanra t 

Alocgsn J. P— .... 
Hou-roia.-— 
Uurphy OiL— [ 

Nabiaco — J 

Nalcn CbemicalaJ 
Kaucmu ‘t*" } 


• F-2&C- 

! Ford Alrtor..- 

: FcremdX Slide—! : 

i r.nbum 

i FmnLita MlnU. 

■ Freeruet Kaenl 

Frcriumf 

Fuqua Iod> 


, Bristol Myers 36 


Industrial 

Combined 


| 198.71 200.50 280.61! 200.53 2C1J4 (18(8) 
' 208.18’ 208.57 806.85 808.82, 809.92 OB/B) 


188J0 (16<2) 
imB2 <30/1 1 


TORONTO Cotnpo-itef 123QA! 1238.8 1232.4 1251.4 1238.4 (lB/ 8 ). - 1 *98^130.1) 


Basil nr Index rluinced irnjn Auluki 

I Aiic. 18 ' Aujt. 1 1 


JOHANNESBURG 

Gold 

Industrial 


I 245.4 246.5 ! 245.3 • 250J i 272JJ (14/6) 1 
] .285.5 264.1 ; 204.5 ; 284.1 • 204 £ (23^) .) 


183 AT (204) 
194.3 1 13(3l 


ln>(. die. yield % 


An 11 , - [ il'ear «e»i apiimxi 


Aug '1 Fra- ■ W/E 1 ltf/o 
£5 ! pious Hit(h ! Low 


Aug. ; Fte- I iOTB ' IMS 
25 . eioOB [ HlgU Low 


STANDARD AND POORS 

1 1 I | l f I lire H 1 nee Cump'ilat'h 

I Aug. • An-:. Aug. I Aug. Aug. Aue. j { 1— 

j 26 ■ 24 23 23 21 ! 16 High • Low , High Low 


A obi rahari r 52AE3 
Belgium >fi)| 68^9 j 
Denmark (**j 97.41 j 


France >Tty 74^ 


llodiistnaih 119.27 11A38 116-ltK 116.4* 114.45- 115.85, I Is. 58 ib.a2 [ 154.64 | 3J.2 

! \ | . -24-:) ; (M» !il 1(1,151.130X1/32) 

1 Composite 704.90 IDS JIB 104.81] 104.51 105.88^ 104.75- IDb.ua , 86.30 I ITa.ti ! 4-40 
J , j ! 1 ! |17.U) I (15(3) !;LLL»3); t»/d/&) 


German vtnv 826.3 


Holland ()*,)! 91-3 


Ind die. eield % 


• Ju»L PiB Ratio 


„ Littu? tioe. Bond viewl 


I Aim 3 

i Aug. 16 | 

Aug. * 

1 Year auo lapprox.) 

j 4.69 

j 4.70 i 

4.70 

| 4.57 

| 10-02 

9.99 < 

9.97 

1 9.90 

! 8.37 

8.54 ; 

8.32 

i 7.61 


Hong Kong' E6L41 ' 
('Til ! 
Italy dill' 66 A 3 ; 


(ui 1 420.43 ■ 


Singapore 1 4Q2A7 : 

( 6 - 


b5b.0U-44l.iu 
(law , il(3>- 
10L16 ■ 9CL43 
(d lb) ’ (23(h) 
98.851 B4J0O 
lUltS) , (6.-2; 
KM Mm 
\ (3-tf) ! (3/2) 

■ 827 J3 759.4 

I (23ib) (17.5) 

> t)L3 7b'J) 

] Ct£>, e) (4 Hi 

] (9M.12 ' 363.44 
1 (18/s) (13,1) 
68.17 1 03.45 
, 21/01 1 laj/l) 
I425AI 364j)4 
'if' (4,111) 
402.67 - 262 JJ 
i (25/ 1 - «:li 


Spain u7i IDUOlWlJB lUL/e rtf 
, 1 (d(ti (li A 

Sweden iei 400.92 1 403.75 40H.06 XX .7<> 
I (* ft!) <3,-I| 

Switzerl di', 2S&5 Z86A 1 3563b* iiUA 

1 J QZitl OSdl 


Indices and base dales (aU base values 
100 except NYSE All Common — 30 
Standards and Poors — 10 and Toronto 
380—1,000, the last named based on 1275,; 
t Excluding bonds. J480 Industrials. 
5 400 Industrials, 40 Utfllnes, 40 Finance 
and 20 Transport. 9 Sydney AD Ordinary. 
|; Belgian SE 31V 12/83. ** Copenhagen SE 
1-’1V73. ft Paris Bourse 1961. 8 Commerz- 
bank Dec.. 1953. S4 Amsterdam Industrial 
1070. *7 Hang Seng Bank 31/7/94. , Baoca 

Comm era ale luliana 1272. n Tokyo 
New SE 4/1 /ffi. b' Straits Timti 1946. 
c Closed, d Madrid SB 30/12/77. t- Stock- 
holm iwlnsmal- 1/1/38. s Swiu Bank 
Corporation, u Unavailable. 


8 Pet. ADrttfi.... 
UnxAway Gtaaa_' 

Bninewv-St ..... 

Bucynr, Erie..... 
Bulovw Watch ... . 
Burlingiun .Ntiin. 

Buirougb .... 

Campteii soirp — 

Uemdiaa Pxo&tv 

Canal ll«nrtnlph . 1 

i jruttkw ,,, 

CamerX GeoexaT 

Carter Ha wiej- 

Caterpillar Trade 

CBs 

Cetuene Corpn_. 
Central A S-W_..- 
oertauneed........ 

Ce»ai» AueraJt 

L*tS&»0 M«nh«ifra*i 

Chemical Bit. NY 
Ctmebrgb Food. 
Cbesue System. 
Chicago Bridge— 
CbrjiUer 


; G.A.F J 

| Gannett 

- Gen. Amer. lot—. 

f G.A.X.A : 

Gen. Cttile.M,...j 
GruI^ouucu: 
Gen. Biectnes.— ] 

Gen. Foods ; 

General thin — 

General Motors I 

| Gen. Pub. L td — ) 
Gen. signal 
I Geo. TeL Elect-..' 

I Gen-Tyre. 1 

' Doom.. | 

I (Tc/rgia IVih- — 
j Getty Oil 


Nat. fli»tillara_i 
Sat. Serriep 1 b&] , 


| National StseL^ 


Aatnmaa . .{ 

NCR 

Sepnine Imp— ,j 
New England BL[ 


i SM Container— 

JStngnun.-- 

! Searlc (U 
; Sram Itoehuc*^.. 
!<U>CO... 

I Shell Oil — 

1 shrli Transport... 

; Signal — .,- 

{ SCPodeCotjv, — 

SimpUohy rat—- 

ainc«T.. 

I smith 

[ S(ditnMi_— MM >, 

' Suulhifcian • 

! SuultRTnCaUU. 

■ Southern C"..—; 

Sthu. hoi. Res... 

Soul Lem Pacific. 

. Southern Hallway. 

southland,. . 
aV’t Baoshartf J 
| Sperry Hulrfi_^.' 

! speny Umt — ] 

SquiU 

SbuHtarri Ihnpd* 1 . 
1 aid.OutalilOTniai 
SiL Oil inrtun.: 
! aid. Oil Ohio *..,-' 1 
i s taut 1 Chemical*: 
I Stef ling Drug... 

I stiniehainar— ■ 
Sun Co— . ; 

SimdUMid : 

Syntex i 

TWhniwilnr - ■ 

Tektronix 
Taleiiyne — 
Toicx„— . — 


1 BWOnarta,. 

. Onm ' 

i 0rtM» H ....... w 

-I (.‘(Unary. Rwtt« 
rLamflmr Mlnea.f 
1 Canada Vanmi-.; 
ICwtolahlVUn. 
i UMciutbUkVoao 


l?*t i lflOg. 

tRoa m? 


i UMulwpAtt^WB 

j Canada lndiad-i 

Urn. Pactto 
.Cut. Acito ln«.' 
I Can. Super Oil— 
i UrUdg inv*?*,- 
1 Caialat Mtittfra-. 


<0 : 38(5 

*6 UTi 

UM* i LA 

Ull : 

Stiff* 

TO -66 
*.» 4JQ0 

Hil* ( 10)j 


Mle . 
»lj 1 
aoi* , 
475 * 1 
32 >t :• 
s9«* : 
43at 

J 

57:s 

46 

lEUy > 

. 6634-1 

451.1 J 1 
65*3 I 

s* 

14 f 
431* I 
105Tft 

so** ; 


] CbieRmn— *. — j 

; CnulSDJ wumm! 

Cim*. halhaat^i 
Cinuumn Ga» — 1 

CowURcwtiuea] 

UwUlu 

Haem Dei*)..— 
rieniaun M iu aa../ 
Dead UtWa.4,., 
Pvmo FVtaSnun. 
Dumtinon Bridge : 
Uomiar^— . v ~-l 
LHipont-.- •; 
Fakua’ce Nickdi 
Font UobwCan^, 

fleuatai 1 

GtaotYcPmoiUh.' 
(lull Oil (bad).' 
Hawker SU.Can,’ 


—-a 4 

ACM^ f J59e a 

3? f 1 

T* i 

If !*£■ 


ia it»r 

w f m 

(8 77 

M ; . 90 
7 * 3 , ; jj*s 4 
J»7Ta ( k7Tg 

ai J ai 

IB * 16 


I HoHirigpr™— __ , 
{ Hotrto CXI *A‘— 
Hutton Ba; Hop 


4BU SI-'* 
T54 Ui) 
853* : SO 

Air 13. 


] Heaton Ba.r— — * 
■ Huttos Oil A Gat 

ll-AiC. ... 

1 linawu^... NM .M. l 

I Imperial Ofl 1 

i 1 nco..,.»u. .« . , ■> 


1 New Kngjanri Tal* 
| NtoimWiawkl 


[ Niagara lltiawkj 
Niagara Share— J 
I N. U4ndu»trie*J 
' NodotkiWwton 


Nthwect Bancorp! 
Norm simco— 


Gillette , 

Uwrinco B. F I 

[ Goodyaar lire— ..j 

Grace W. K.,...— ; 
un.Atan PacTeai 
Grt. Nuns Iron-- 

Greybixical _.! 

} Gun A W estern— 

1 Uur. Oh | 

I K»— ihiirt^r, 1 

i H.nn. Mm.wj ~ 

j Hami^iuegBr— ] 

1 Hams Corpa I 

Uanz H.J [ 

Heubiein.. I 


Ovcnivstai Petrol; 
UgOvy Matbtr^.l 

(-lulu Krih avr : J 

Oha 


‘ F.T. CROSSWORD PUZZLE No. 3,755 

.4 prize of £5 trill be given to each of the senders of the first 
. three correct solutions opened. Solutions must be received by 
next Thursday, marked Crossvcord in the top left-hand comer of 
the envelope, and addressed to the Financial Times. JO. Cannon 
Street. London, EC4P 4B Y. Winners and solution trill he given 
_ next Saturday. 


RACING 


BY DOMINIC WIGAN 


-Name 


'-Address 


Jaazeiro should be 
winner for Piggott 


Cine. iliUcTQn— 

- Sfn- 11 )i — , 

Cities sennet... 
Citv Inimtiog...' 
Cleveland CUtfc.. 

CuaeCuta. — 

Cuigale Pattu— 

I V,llhr, l i Lni»n 

Columbia Gaa^... 

Columbia Pm ; 

CuW.l dtCojuia m 
Comhuntioa Enjj. 
Combaetion Eq_. 

I Cm'w'th ixLaoa, 
0 ‘m‘w‘tbUuRel. 
Coaim. Satellite. 
UanpoterSeience 
Coon Life Im_.. 


j Hewie Packard.., 1 

j Hoialay I mw I 

I Homeetake..— 

; Uccevaeii — ..... ! 

{ Hoover 1 

I Itop-Corp. Amer 
■ Houston NaL.Ua>' 
j HuBt:Ph.A|Chm, 
1 Huttos (K.F.)— 

{ I.C. lmluatries..J 

IN A. 1 

InijeroD Rand 1 

Inland oteel ; 

1 lnatleo.. I 


Overseas BbipaJ. 
Owens Corning^ 
Owens II I unto 
Dk-iA Uaa— 
Kaeiiie LlgfatlngJ 
Pan Pwr. & Ltg_ 
ihm AmWta dAlr 
Parker Hannifin 

Peabody Inti 

Pfen. Pw.AL 

Penny J. t? 

I CnnwIl n i l'. 

Fteoples Drcm. 

Peoples (kwi, . 
Fepaka..— 


TescnvPetrotenro' 

1 , 

Tcb^uU.—— 

feus hist era. _.■ 

Texas luat'm— 
Texas Uil A Gas..> 
Aim rtilitiMb...' 
Times lur. 

Tlun aiirtnr. ....: 
riraUon— ' 
Tnute.. 

Tranmuericic m , 

Tranvco — - 

Tran> Lnam . ...... 

Irau-way Intr’n J 
Trana U nr hi Air- 

Tnivclera 

In Cununnitai 


Triton Oil A Gaa.’ 

1 KkV j 

OkUCoatOR'Fph 

L'CV.U ..J 

LAHCO 

UUi 

UoJieverw— 
LiuiUner NV^^J 
Union Bancorp—, 
Union CarbWe.... 
L’ntoa Ciimmercc ' 
Union Oil Calii-i 
tom PaciSc 


I trial. — > 

inland .Nat. Q ato 
lrH’pu v Pipeline- 
KatoT Ik noar o ei. 
I /uni Pul. Ccru,' 
LMitt CftiL a B j 

Hcnmi'n tnoedl. 
Slavey F(*{i>au&| 
j Mrlmyte..^,.—-.! 
1 MnaieCvipi.!.., 
j SlanuMoBlalelbr 
i Nufktola Mwn.. 
i Notmt KiHHyV .. ! 
; Nt hn. TrtBcum .C 
(NuiMauUUftilMr 
I Oakwood PeirTm; 

I PwhHc C opper ilj 


■ *4 1- V 

4»1 I 411* 

f *uii 

80 1 901* 

8*r a * 963* 
443i TOH 
U 1BU 
*T ; Ml, 
ffai« 29 
18u i 1V« 


«i) 1 161, 

Ui if* 

.« ■'& 
H.SO ! 4J0 
-SUb : ai », 
}Jia JX»i 
■ 87 H 97 
461* *9 

S.tO diSS 
55h 5*3* 

»'* -»k 
TO3. Sili 
813a 9 * 1 * 

.4.85 4.75 

9 JO* 9.00 


Periou Rimer.. 
F« 1 

Pfhser. I 

PlaHps Dodge^.„l 
Philadelphia Ble.f 
PUUip 

Phillips Petro’/n.l 

Piiglimy ...... | 

Pitney Bowes*. 1 1 

Pmwoti..._ 1 

Pie»ey Ltd ADH[ 


BE MY GUEST pulled off a 
hard-fought victory for Vincent 
O’Brien and Lester Piggott in the 
Waterford Crystal Mile a year 
ago and it will not be surprising 
if Jaazeiro wins for them in far 
easier fashion today. 

Piggott, hardly renowned for 
visible signs of pleasure, could 
not conceal his enthusiasm for 


GOODWOOD 

1.45 — Dare Me 
2JL5 — M-Lolshan 

2.45 — Jaazeiro** 

3.15— Melanesia 

3.45 — Bell-Tent 

4.15 — PilJey Green* 
NEWMARKET 

1.30 — Twee dh ill 

2.00 — Astral Suite 
2JI0 — Bullfighter 

3.00 — Nobloys*** - 


The Secretariat bay, Dactylo- 
grapher, who has been given 
plenty of time to develop by 
Peter Walwyn, would almost 
certainly prefer an easy surface 
here, and for this reason I pass 
him over in favour or that 
ever-improving Levmoss colt 
M-Lolshan, a useful second 
string to Ryan Price’s principal 
SL Leger hope, Whitstead. 

Although unbeaten in three 
runs this season, the Henry Ceeil- 
trained Le Moss could be found 
wanting for pace over this 1} 
miles on ground which is likely 
to be on the fast side of good. 


Con. Edison N.YJ 

Coosoi F,wd» : 

Consol Nal.G«s_) 
Consumer Prwer 
Conn nanus Gr ; »j 

i^nrjffMim Ol:_ 

Continents' Tele. 

Control Dus 

Cooler Indus 


IBM - • 

IntL Flavours-..- 
InU. Harrester-.i 
Inti. MloAChem 
IntL Hulti£oorta_! 
lnrt> — ■ 

I 

aftfflsd 

Iowa Beel 1 

iU Internationa I . 
Jim Walter i 


Polaroid J 

, Potomec Ulec__i 


Potomec Hlee I 

PPG lDdUfUie*.J 
Procter Gamble- 
Phb serve Kleet. 

Pullman. ... 

Pttrex L.-.f 

(taattfOaie-aJ 
Kapri .Vniearieen. 
Haytbean. 1 

kca 

Republic Seed.. 
Itaora IntT .. — 1 


6553 ■ 
1479 1 
30i ? . . 
671* I 
9359 ; 
441 * 

ii : 

'98V3-, ■ 
153, I 
S3 j 
323* 1 
23 1 8 } 
1153* 1 


L'altnjil : -75* 1 

Lulled Brafcd*.... . 13 
l> Uuuwp— 331* 
US Gypsum.—.- 3178 

L's Shoo—..^ Bff/a • 

LBStnol ......r- 979, , 

I S Tei-hnpkviea.- 493, 
UV lnlintrli«....! 817s j 
V'lnpiiia Hlect— i 141* , 
IV ai^rtru..— 285& | 
iVarncrA'-oainin-: MI 3 
IV anuT- ImnbertJ 29«a 
Waate-Man’memi 521* 
Wrllftow—M.; ajl* 
Western Baaeorr, 49J« 
Wpileffl X. Amer 351* - 
Western Unkm-.! . 21 >r 
W etfinKhto Hiecl icSJs 


j ItotBePetroJeuW 
[ Paw- Ccu. PoCm-s 

toan . -l-J 

IVoplra PepL B.,' 1 
Piaua Can. A OU.1 
PiacerDevetoiaW; 
ftwrrUiramrti, 

Anm—I*! 

gurbac Sturgeon' 

Umoftw im -1 

I Iknl StcnlKHUB.^ . 


; UUi .Vluom..— 
tfiiyal Bk.oC CaB.) 


- Wnvaeo -....—-.-’"g 205* 
. WcyertMi-uaer— , 3 CMs 
. Whirlpool—.-. kZifi 
White Coo. lad-- 21 '. 9 

William Co. j 215* 

l Wtm-oorin Kl«et..i 283* 


j tAwai TVu*t.„.-... 

i 

; ixvptro H'aouKitf' 
1 hnstuipc-..— ! 
j Shell CmMi1a..>.r.i 
BhrnluG.MtoM 
(MebenaO.G. ! 
! Slmpanu 
f sire} ni Canada J 
{ Stoop Hock Iron.. 
TevBeo Cmt*d»— L 
Tornnin Orm.10:,' 
TmiuCauPlpelA} 
Traua Mount Opr. 
Irtwc -J 

UukkaUas — .1 
UtxLatooc Mined 


t»jW 

Mil..' 488 a 

B B 

- 84- M 

-2W* s'lSS* 
. 2.80 '8.00 
. 273* Ills 

ii -IR 

34- toi 
1l8ia i.»i * 



7‘» ' TS*. 1 

S9H J 284* 

2 & ; ui* 

7- • ', ' 63* 

36 ■ ,50)* 

7 K-igto. 
-Silfa 
3.80 f .ban 
45 -*3St ; 

act,, am, I 


213* ™%1 


Walker Hiram—; 

TO—. „ .1 


I Weal Coast Trail*' 
; Weston Geo. — ] 


904. Ii. 80* | 


tBM. LUfeML liaM, vt 
1 «Nmr atoeto 


GERMANY ♦ 


(AUSTRALIA 


2 -, • Price • + or ; Ulv.iYkP 

4uie. 20 . Dai . ; _ ; % i * 


Price | + or: Dlv'Vid. 
Fra. { — ! Fra. 1 t 


;+orj 

An at. 9 ! - 


TOKYO * 


asms 

•ilicr 1 


ACROSS 

1 Account directors are hoard- 
ing (9) 

6 Foundation for fish about one 
151 

9 Headline makes father confess 
(5) 

10 Gallery for player pulling out 
all the stops (5, 4) 

11 Dismal affair of the brain 
(4. 6) 

12 Ring students' union about 
responsibility (4) 

14 Daft beginner is accustomed 
to being unemployed (7) 

.15 Poi^t to church (7) 

17 Join American stale I cut off 
<7) 

Jfl Stuff hair fastening (7) 

20 Rear support (4) 

22 Boats made with little skill 
<5,5) 

25 Club keeps going in foundry 

m 

26 Learner is surrounded by lots 
of paper in the province (5j 

27 Shame on railway for being 
hol-tempered (5> 

28 A mini-gown? Quite the con* 
trary (4, 5) 


5 Stray in discussion with 
soldier turning up in costume 
(7) 

6 Tendency to be dishonest (4) 

7 Pass out of southern court 
quarter (5) 

8 Talk like this as it were 
(2. 2. 5) 

13 Insensitive Scots leader was 
concerned at being very 
frightened (4, 6) 

14 Last minute instructions at 
the bar given defensively 
<4, 5) 

16 Pass on to supporter taking a 
wicket (9) 

18 Cart goes to West-end carry- 
ing assorted lumber (7) 

19 Influence wickedness attracts 
C5, 2) 

21 Credit given to single old 
woman (5) 

23 Stops up thanks to the 

pharmaceutist (5) 

24 Influence of direction on 
method (4) 

Solution to Puzzle No. 3.754 


the ex-French colt, bought on 
bis recommendation, as he 
talked after last month's Sussex 
Stakes. 

He could not have bad more 
justification for satisfaction. 
Jaazeiro, snapped up by the 
Robert Sangster consortium and 
sent to Cashel when Piggott 
realised his potential in France 
last season, had just made hacks 
of such high-class performers as 
Radetzky and Formidable in that 
Group 1 event. 

Allowed to cruise within strik- 
ing distance of the Clive Brit- 
tain horse, Jaazeiro , a $24,000 
yearling purchase by Sbam out 
of Rule Formi, a half-sister to 
Prince John, settled affairs a 
furlong from home with 
devastating speed. 

Formidable, narrowly beaten 
by Redetzky for second place in 
the Sussex, is returning to bis 
high-class form of last autumn, 
but cannot be seriously fancied 
to trouble the Irish colt, even on 
8 lb better terras. 

Nevertheless, he looks a better 
bet than the remaining four for 
forecast purposes. 

Three Sl Leget prospects, Dac- 
tylographer, Le Moss and 
M-Lolshan, are due to clash m 
the 15-mtie March Stakes 


There is no better two-year-old 
race today than Newmarket’s 
Fitzroy House Stakes, even 
though Lyphard’s Wish, for 
whom a six-figure bid was 
recently turned down, is a sur- 
prising absentee. 

Tbose .who remain include 
Warmington, Golden Biver, 
Nobloys and Spring to Life. 

The two who interest me most 
are Warmington, who followed 
up a second-place run behind 
Troy on the July course by out- 
classing Tap on Wood in Ayr’s 
Heronslea Stakes this month, 
and Nobloys, who bad anything 
but a smooth passage at York 
last time out after defeating 
Troy at Salisbury. 

The Barry Hills-trained 
Nobloys is undoubtedly a better 
colt than his final York position 
of fourth behind Kingsbere 
might suggest. I take a chance 
od him outpacing some stiff 
opposition. 

That outstanding juvenile filly 
of last year. Cherry Hinton, is 
now retired. An X-ray disclosed 
a back injury and the New- 
market filly, of whom Harry 
Wragg said yesterday: “She 
must be feeling pain, so there Is 
no point in asking her to race 
again,” will now go straight to 
stud. 

She retires with the Ascot mile 
record for two-year-olds under 
her belt, after that. remarkable 
win in the Argos Star Fillies’ 
Mile. 


ALG 

Allianz Veraich— ! 

BMW 

B.V4F- 

Bayer— 

1 Skyer. Hyp? — 

Bayer. V erriuOk- 
Cihalnt^ieri.«nn» 
Commerzbank—— 

Coot Gurum 

Daimler Ben? 

Deguaaa. 

DptbiiJJ 1 

Deutsche Bank — ' 

Ureriner Bank ! 

DyckerboM ZemtJ 
OtueboH aong — J 
H a p ag Lloyd — 

Hsrpeoer 

HoeebM ... 

tl orach — 

Horten - 

Kali unrl Salt 

KatbOkU 

K&ufiiof 

Kx>-Jroer D 41100. 

KHD 

Krupp — 

Uode 

(xnrenbrau KXL... 

Liltfhur raa 


82.1+3.30 — l — 

468.0- 1 ;S1-2J 3-2 

226 V — -28.12 6-2 

130.3— 03 ltt.1t, 6.8 1 

139.4+0 J 18.7k 6.7 
289 —1 38.22 4.9 

351.0- 1.9! IS 2.7 
142 -1 1 - ! - 

230.0- 1 126^6,11^ 

82.0; +1.4 1 - — 

320 —l iaOiy 4.4 
263-0—1.2 1 17 3.3 
169^1—1.0 11 4.1 

303.4— 06 128.12 4.6 

246.0 ,28.12 6.7 

194.5— 08^36 2 A 
218 |+1.6j 12 2.7 

llflr); '14.041 6^ 

342 +3 !*16J2 4.7 

l£3.3t—0-l ilBJi 7J 

500 -OJ5 4 4.0 

160.0 + L2 I 9.65 2.9 

169.0 - -1 14 M 4.6 

331.01- 3 23.44 3M 

241.0.— 1.6 1072 3-9 

95.1, — OJ) — — 


ltonie«i. — 742 +1 

Afrique OccriVe- 432 —1.5 

Airliqnlde 332 +7 

Aquitaine— 646 +6 

BJC 492 —3 

HopygnW' — 838 —5 

B. SlN. Gervais— J 636 +19 

Lkrmfqnr 1,753 +23 

C. Q.E — 382 +9 

C.l.T. Alcatel ,1,060 -3 

Cta JUanealra 410 + 19 

ClabH«ditar___ 415 +1 
Credit Com. fVoe 123.2 +0.9 

C reuses loire 97.0 +5.6 

Dumez 680 —17 

Fr.Petrota*. 133.0 + LB 

Gen. Occidental e. 206.3 +0.3 


4ls 0.6 
21. IB 4.9 
1&5 5.0 
2SJ6 4.8 
lAaB 2.8 
42 6.0 
40.6 7.6 
75 4.3 
3l^i 8.2 
76^0 7.2 
18 2.9 
11-25 2.7 
12 9.8 


55.761 5” 
14.10:10"! 
8.25 4Z\ 


ACM!L<ac«lU) 1 

Acrow Anstralia-.._.„ , 

AMATIL SI z. I 

Ampri Kxplomtioe 

Am[ol P etro l e um . i 

Awe. Mirorato' 1 

Assoc. Pulp Riper Sl J 

Aasoc. Out. lodnstrtea ; 

AuscFauDdattoD Invest— ., 

Auk Oil A Qss —J 

HaroDoo ttwk G<A3 ) 

Blue Metal lad 1 


Aug. 26 


'"Wft-fT 


■ t t 4% 


Aaahi QlnkM.I 319 :«««.,! 14 .1 8A 
, Canon ^^..i 448 +1 i 18 I t* 

Usio i 785 !+U iV tl 

i OdMo ; 450 >18 j 80 >2J 

■ Oal Nippon Prtnri 643 :+» ) Ift + lff 

l Fuji Photo j 821 K-14 | 18 H 1/4 

Hitachi 1 234 1+1 S 18 IgA 

Honda Mrtora — ' 680 |+J1 } [ 1.8 


16 3.7 
IS 1A 
W. 8A 
18 1.8 


Home Food. „jl,lBO ‘ j 55 


181^1+1.7 ilB.78 8.2 
104.0+0.3 — — | 
268 +3 26 4.6 

1,598.— 2 26 7.8 

112^1+0^ 9.36 4.a 

208 ■ J 12 S* 

179.0;+ 1.4 17.18 4^ 
249 t-3 10 10 

680 > f 18 1.6 

165.0;— 0.6 — — 

135.0— 0.5 — — 

180.2 +0-2 23 ! 6.9 

873.0- 0.2 28.12: 5.1 

293^ -L3 16 j 2.7 
254 +2 26A6i 6.2 

123.7-0.3 17.18 6.9 

192.5' 14 3.6 

133 2.3 12 4^ 

292 ! 18 3.1 

269.6. — 0.5 25 4^ 


MAN 

Alallfftfuii min 

Metallgra 

Miincheoer Huck . 
Neckerroaao 


| 12 24 
17.18 4^ 
10 2CD 
t 18 1.6 


FreuMonDMlQ 
Kbein lven. Hie 


ichertag 

jlemens— _.. 

Sud Zucher — 

Tuyssen A £ 

Vmrta 

YUBA 

V fflelu** W eat B k 
Volkstraqeo 


Jacquea Borei. — 

Iafaree~. 

L’Oreal 

L egnm d ; 

Mato no Pfa mir.. 

Hicbelin **H*‘ ; 

Moet Hen nca a uy ■ 

Uouiincx. _ LUI1 , 

ItoritK*. 


-1.3 I B.7i 8.9 


29 ! 6.9, 
28.12: 5.1 
16 i 2.7 
ZS^el 6.2 
17. IB 6.9 
14 3.6 
12 4.6 
18 3.1 
25 4M 


Pernod. kicard. „. 
Fea«a*^itTOen_ 

fortoin 

Kadlo Teohnique. 

Kadoute 

Bbone Poolene ._ 

su to obeln 

3k) b Howignoi. _ 
Sues 

I'elemcraaique — 
Cbomsoa Brandt. 
Uslnor— 


1 +0.3 16.77 8.1 
+ 16 15.d7 2JZ 
+4 36.7K 2.1 

-4 39. tl 6.9 

37.551 2.4 

+ 10 12.6 2.4 

1 3 2.1 

i +2.6 15.3611.1 
+0.6 7.5 841 
+6 . 10 2.7 
-9.7 17.25 3.5 
+ 2.1 — — 

+ 18 27 6.1 

+5 30 6.1 

+2.1 9 8.6 

1—14) >14M6 9.9 
-34 39 2.3 
+3.7 26i 8.7 
+20 I 25.5 3.1 
+3JB [18.16 6.6 
+0.4 1 — — 


BraraUea 

Broken- Hill Proprietary — 

BH South * 

Carlton United Brewe*y.„. 

UiK - 

Cock tain Cement 

Coles TG. J.t — _ 

Cons. Goidfielda Auat— 

Container (51) 

Cofulne KtaJJoto tta* 

Coetaln *■»»—«- 

UuuJ^ Robber (31) - 

Kider-bmitb .. 

Endeavour itejocraa 

B.A lnrtn 8 trw*_ 

Ceo. Property Trust 

Hooker I 

1 CI Austria 


C. ltpA. 1 245 -1 Iff A4 

. lto-Yokado .1.780 i— 10 30 SB 

J.AX 8,970 j—80 ■ — T-— ‘ 

[ Kaaral Elect pw .[1,180 lO'l 4u8. 

kotnalsu I 322 i— 1 18 j 2.8 

I Kubota.. 281 ;+l f 15(2.7 

3.650 [-90 [ 36 |&fi 

, Matsushita lnri...| 711 : 20 ; 1.4 

Uitsubisbi BankJ 279 >1 Vt \%, 8 

MitsuCMshlHaavyj 124 1—2 ' U i 4A 

MitautACo J 310 \—t J 14 T23 


Uitaukoriil... 572 +3 20 '.U 

Nippon Dem» — '1,390 16. 0.5 

Nippon ‘jhlnpan-j -J 112 1 . 0.8 

N^nMototaJ 740 1+1 -1811.1 

Wooeer. — .1,810 1+50 48 AS 

ya.TO 'Kjeowte-.J 242 U. 12 i ai 

talnaul Pretab ,„J 944 +11 30 i 1.6 

shiseirio 1,160 20 I 0.8 

aony. — Jl,B80 + 20 40 1 LS 

tosta Marine. ...I 838 +2 11 1 24 

total* Chemical.). 407 —3 16 1.9 

rt)h .:2.130 +60 sotci? 

: 116 )+i 10 | 43 

Tokyo ilarin*u_i 484 i + l U ]j 

l+io avs.0 

tokyotanyo 325 1-2 , 12 ( LS 


lQrer-Copper^„..^ 

Jennings ladostriea...— 


■ J>vues (David) n 

t tA..n_w( (VII 


STOCKHOLM 


Price |+ cr Dir. Yin. 
Aug. 26 Krone — Kr. “ 


BRUS5BS/ LUXEMBOURG 


Aug. 26 1 Price 4- or Pra. XWL. 

( Fra. _ Net \ % 


AGA An(.Kr-bC! 

Alta LeraBOCriCQ 
ASHA (Kr^O) „... 
AttoaCopcofKr^ 

BUIenal. 

Uotors 


6.6 2.6 
6 3.4 
6 5.5 
6 4.6 
4 5.8 


Uruoard Oil ■ 

Metals KxpiarerioD — . 

HIM Holding* ' 

My or Emporium 

New — 

NldlOlU 

North Broken H’dlnsa(60c) 

I OH beareb 

| Otter Htplnnuion 

Pioneer Umcrera 

Eeckirt A Oalman. 


11 U 
8 ! 3.8 


IWgroSanyo 1 325 -a 121 LB 

totfi£b*CBrr,..J; 134 

Toyra* Motor^_..| 866 —5 I 80 t.I.l 


DOWN 

Confuse Foreign Office going 
in to pray (5) 

.2 Appearance the Queen’s will- 
i ing to make for spectators 
17, 21 

3 Head of group becomes a con- 
ductor ( 10 ) 

4 Fuss over physical training 
newsman took up (71 


B003a0B0 HE HEBE 
S v D'‘©:0 B a H 0 
hheeh □nnnQQnas 
a a 0 Q - □ a □ a 
nan csnanaB qqqsq 
a s b 0 q . q • -a 
EBDQHS aBBEBDE 
a u a • v □ n b 

□□SBQQu - OGJEIQE39 
Q 0 a S D □ 0 

Banner 000000000 
□ an QQ bdc 
HQQQQBEBB □□□□□ 
a am odd □ a 
Hnnnaa BEnaaoBE 


SPAIN W 

Ausurt 23 

Atiand 

Ban cn Bilbao 


Per cent 
m.9o 
. 300 


Banco AllaBtlCB «1.0O> 245 — 


Banco Central 
Banco Exierinr 
Banco Giineral 


Banco Granada (1.060) 150 — 


SpLUTION AND WINNERS OF 
PUZZLE No. 3,749 


."Following are winners of last 
Saturday’s prize puzzle: 


3Ir. D. Beckwith. 9, Wheeler 
Avenue, Osted, Surrey. 

■Miss A. Kennedy. 32. Redcliffc 
Square, London, SW10. 

■ air. S. N. H. Logan, 9, Belve- 
^re Park, Omagli, C. Tyrone, 
RT7S lHJt, 


HtjQHH ESEQ BBB3B 

fi a a a a a a h 
BQEB n . Q3EB2BnaE 
a n q n a 0. n □ 
aEEQBnsans oaas 
E 0 EBB B 
SEHOHEin QEEBBQQ 

s r s a zi a 
HBECCHE HSnEBEaB 
EJ □ E E 0 n 
HCGa SQEEBEHElHn 
H EC Q a Q □ E 
GGGEGJEnns. GOSHH 

h b a E a n m-u 

BEBqg BCGBBBBBE 


Banco Hispano 2B7 

Kanin Ind. Cat. /’. 0 WJ 12® 

B. Ind. Alediterraaeo . UI 

Banco Popular 2B9 

Banc'i Santander (250 ) 323 

Hanoi Urquijo 'LOGO) OO 

Banco Vlacaya 2B6 + J 

Banco Zaruuzann CM + : 

BanfcunJon 155 + . 

Banus Andaluda Ml - ' 

F.abcock Wilcox 29 — 

C1C 90 “* : 

DraitadoB .... 281 “ ■ 

tnmobanlf 71 “ ■ 

E. 1. .VOKoncsas ... w 53.75 — 

Etpannla Zinc ..... — 101 — 

ExpL Rio TipM - 8625 — 

Fccsa il.OSQ) « — 

Fenooa (1.0001 W — 

GaL PredadDH — 77 — 


iberducro SAM — 150 

Clairs 1 X 0 — 

Papeleras RenrnOiS ... u - 1 

Petroliber - 128 — 

PefrnlMW 283 +>2 

Sarrid Papa] era — » — 

Sniacc os — 

FmrafiMt - 113 -11 

Telefonica 83 — 

Torras Hostench — 91 — 

TubacCx - It — 

'union Elec. 71 - 1 


Artswi 2.466 

Bekert “B" 2.180 

IAB.K. Cement ...1.220 

Uoekerj)l_._ 466 

BBlfii 8,275 

Blectrobell -...6.780 

fabric; ue Nat 2.820 

UJi. inn o-Bra — [2,300 

Geraert. : 1,334 

UUL (Bnix D — L55Q 

Hoboken. 2.666 

interoom...^ 1,765 

Kredietbank .7.160 

to ttoyiie Betge-'S.flOO 

1 Pan Hc+tlrvc : 2,930 

i Petroflna !S.86B 

doc Gen Hang ue- 3.04S 
sou ton Belgique 2,048 

-..-....3^00 

solray 2,500 
lnction B tot— ,'2.615 

L'CB. H.070 

L'n Min.(liiO) [ 7B8 

VielUe Uontantig 1.885 


116 | S 2. 

100 I 8.2 


[177 7.8 


!450 6.3 
Jl70 6.0. 


J170 6.0 

1160 6.4 
I 86 6.3 
J 1641 10.6 
I'/O 8.6 

!i48 | a.i 

29 D i 4.1 
41261 6.5 
SL*I 2.7 ; 
180 I 4.5 i 
..'2US ! 6.7 
'14j I 6.8 
,.:gl 6 | 6 .S 
..'.42101 8.1 
jl70 ; 6.6 

i — i — 

. 60 : 6.3 


Ueitutora— 

Klect’lujc'B’tKrfiO 
Bnuaaoc ' 8 '(KiiO 

tasene “H" 

fajterata 

images (freej.._. 
HanrtlataataD... 

Uaraboa 

Ho Ocb Doiiwto. 

MBdnk .UI,,. ... 
j.K.F. 'B' Kttu... 
jlcaad BnakiUis .. 
ItadstllfB' Kr&C 
Ifddebolm. — 
VoIto (Kr. COi-... 


^75ri'.9 


tL C. tsleiab 

SouihtotriMinin* 

b|aui;oa I tapta e at lon 

tvotb ( 8 ) 

Wait, na •- • • 

JJeatem Mining (OOcenta) 
» i»i| wnrtha._«— 


Sowca Mam Sccmtttts. TOoo 

YIcNNA • 


Price t+m 


10. 4.3 
6.3 4.4 
6 4.4 
9.6 3.2 
4 3.9 


AMSTERDAM 


Utadt tanatalt^. 842 , 

•’(riww.*-., . 280 S 

•<eler« 629 __ 

B«npcriV_. — :• 86 —2 

Steyr Daimler— 218. +1 
Veit UaRD«dt..J 234 ... M „ 


16 4.1 
8 6.7 


|+or [Div. 


3.76 2.2 
4.6 6.8 
8 I 4.4 

5 1 6.8 


% 7~1 


COPENHAGEN * 


T I * 

A bn Id (Pi — ,. 11B.5 1 — 1.3 I a28 I 5.0 
Akro(Plff))..— 34.0:+ 1 \ _ 

.\ton>Bnif(F1J0(9 374.5a!]+ 1,5 U33B 7 6 

■U1EV (PU0)_... 87^1 + 1.3 I 5Q : s § 

Aiuruhadlr t?l SOI 81.1*1+1.6 A2381 5.3 

bijeukurt 97.0 >-1.2 26 5.4 

BoUWeatralPJO) 181.51 + 1.3 844 ; fi S 
Utihrin Teocnric 75.4' — 0.2 \ z 6 i g 9 

kiw.. v tfVi n-_i_ 1 m -t . _ 


l Price i + or Dir. :Yld 
An*. 36 [ Kroner j — % ,» 


I uiinrm lettcronq o.h — 0.3 1 

Ktot ier Y (tt.8J|l 310.0;+ 13 . 27 6- I B 
BuuiaN,V.Hcarci) 142.0) + 1.5 I ^7 i 

Km '('..mTuffPI.ln AS.W*n It 1 0.1 l. , r. 


— — v .pmicij itA.L/’ + 1 .S I 5 3 , 

+ or Dir. [ 1 W Kiir CumTsttFl. 10 6 S.W + 0.6 ! S 4 .fr Q.Q | 
« i« GivialBrocadeaFlJ 43.01+0.71 20 14 81 
“ ! ; — - Ht'iioMjn 1PL2B).: 106 ^ 1 + 0.11 14!l3*.aj 


JOHANNESBURG 

. MINES 

Aasnst es . ' Rand " +or— 

/ttgio Angricao Coma. un -5B 

garte r Cona olhUtod ~i.-,y.aM - - 8.10 

East DriefotHeln : ass +M» 

g lsb t Jr * .. .2.10 — OjBS 

— -ms *■ 

S«M<I MI.W4A. ; 

i*- JNn +8,i8 ■, 

South Vaal +o.u *. 

Gold PM*. 3A . .-8J8 

Lntan Corporation 3.33 +0,83 

De Btvrs Deterred -ra— 7.4* -9*? 

BJyvoMMtachr -48* 


BRAZIL 


“rice j+«r uruf iNia 
Cm* l — .UivJ % 


SWITZERLAND ® 

: Pnce | + or J Div/TU. 
Aua-ffl ) Fra. ; — 


Acesiu OP _.j 

banoado Hraall—I 
Baum ItaC P>...i 
Be tip) MlnelraUPI 
Lujas Amer. OP..| 

Prtronraa PP. 

Firem 

bou/a Cnu UF_.i 


— anutvnuur.,1 

— Ump HK — 

— Vale Kin I toe pH 


+0.85 AliilSJO 

o.ot .it;a^o 



-0.06' J.Jt 64S 
-rO.02! .a. 3.71 

J.li‘5-35 

| + 0.02 : J.lt-10-IB 
:+uj. 6 ja2J.Se 
— o.oso.as;4.3i 
1-0.02 . It ,14-62 


LlluOKBiiUB ai<w .(2,180 
HBL *.V ;;1,600 


L'iUQctsy FrJOCjl.040 
iv. nTL. , I 1 TO 


Grupo Voiastlis (409) 169 — 

HidroU 7830 - OS 


Turnover : Cr.TQ. 6 Mm. Vohme 

Source: Rio 4c Janeiro SE. 


NOTES : Otrarseu oncea exclude S Mcmlum. Sebaan tflvKleada are aR« 
wittiholdlns tax. 

# DM90 rfennm. unless otherwise staled. V PttE.bOQ demm- unirS* odurwiae 
stated. 4 . Rr .100 denaia. unless otherwise stated. « ere jilo itenem. unless 
otherwise stated. II Yea 90 nerora. unless tfhervnse Rated. 2 Price at time o' 
susneiistot]. o rtorira. bSctiiilmss, r Cents, d Dlviftena after pending rathB 
and/or scrip Issue. « Par share. I KtiiM « Gres* di*. %. u Assumed dlriflenil 
after scrip and/or' rights Issue ft After Wsl taxes, m % lax tet. n Krsncs 

IncludliK Untlac div. p Nam. a Share nput, « Div. und view exdiMe sHCtal 

uaxment. t Indicated div. ■ Unofficui tracma. o Minority boMcrg only. v tranter 

uendma. * Asked. ♦ Bid. S Traded, t seller. * Assumed, rr Ex rigftu xd Ex 

dividend, k £x scrip issue, xa Ex ill. a Interim since increased. 


Do. Part Lett. 770 

Do.. Use 1 587 

Credit fiuuae— -2.245 
EJecUwatt 1,885 
Flschpr (tox»jret 640 
Hoffman Ft Certs. 67.500 

Do. omall) 6.700 

Interfood B 3.960 

JemoU (Fr. 100) ' 1.550 

NeawefFr. iOO).... 3.440 

Do. Hen !2-1B5 

D*rt«iocH.(K.2tO) 2,740 
Pirelli smF.lOOj" 285 
■AUtUri (Fr^sOl...'3,B75 
Do. Hart Leris-: 417 
aoijindlerCt K(Ci.| 285 
■» aher t-t (Fr IOCS.: 330 
,«tour(F-SaU)...[ 825 
iwlw Hnk iK.llXn, 383 
s*l* (He) (Fr3»j 4.875 

Unkm Haek 3.205 

Zurich In- 11,760 


f+10 8 

10 

+20 22 
U5 22 
-1 22 
1+10 16 
1+5 ■ 10 

Jr20 5 I 

.+u»uom 
1+60 no 

■+50 20 

1 + 15 iaS.5 
'+5 [<105.7 
'+30 I 15 
-3 I 15 ' 
:-r25 i 26 ' 
J.B , 26 - 

! 12 , ■ 

1 I 14 : ■ 


Amtalstanken.—. 
Dunks t tonk . .. I 
Itot Asiatic Co... 

Kl nanOnkan [ 

Urypterxer™ ; 

For. Hapir. ■ 

Hamietoank I 

O.N’tb'n H.iKriJOj 

Jlord Katal j 

Ulietabrik I 

Hrrr« tb* a k ......... i 

ProviiJ stank. . 

tapbJtertston^.. 
tijperfo*.— 


141 j 

127 

16211+4 

1581c j 

3734'— 14 

B1 8«[ — II4 

128 i+l 

270bJ 

19513 !— i* 
II 8 I 3 I + I 

132lal 

1393*1 

409 [-3 
1841s -24 


11 1 7.0 

12 I 9.6 

13 J 7.4 
15 I 9.7 
12 1 3.2 


N 'XnjwerwtF L20 1 1 ' 40.JE+0.7 — • _ 

Hunter U.lK. 100 ! E5.9:-a3 12 i 4 6 

K.L.U. (FLlUOl... j 164.5;+ 1.0 8*5 2 

»rn. .UuUer (ISOjJ 52.0+ 1.7 19 7.3 


12 1 6.6 
12 I 4.0 
12 6.1 


1 mi. .UuUer oa.«+ 1.7 19 7.3 ! 

I Nnnnleu (F1.10) .. 36.0+0.6 ! I2.ai 3.6 1 

N*l.NedIua(KM* 109.l|+ 1 . 3 1 48 i 4 a I 

.N'vdLredUlKnffl 60 . 0;+2 . gi , 7 . 0 ] 


— f 9.1 
11 | 7.9 

13 6. a 


MILAN 


Price + or I ilir.j YM~ 
Li« - | Lire 1 % 


''an UmOieren... 
i'rtUboed (Fi jOL>. 
niiiip* iFUft — 
HlntahVeifPLia 
Jfobein (Fl<bOL„, 
(FLbC)„ 
Hon-uin (FtAOl^, 
HtHalDufcWPLff 
'J Ifl i^obonr^ 

S*aa. M ..rtL^T#U. Ml 


39 -1 - _ 

28-51+0.7 17 6.0 
87.0J+1.0 - - 

■ safer- “• « 

1 1 

857^1— a5 2u. 7.7 
127J);+a5 27* 4.3 


* 8 j lu 
- ID ■ 

-SO 1 40 
j Hu . 
-ZS ■ 44 


ASIC 

| ttoted 

I Fiat 

; iv+Prix 

, rtn!,k1rr 

, iLticeRiem 
Iueuiler.._.. 
UefitpiMre... 
Uuniedirou .. 
OiivpUI Prl».. 
Hirwili A C/l... 

Hirelli Spa--... 
1DB VlKUU.. 


„ 110.0,-0.5 — 1 — 

,. 68 J |-4 — > 

. 1.975 i-lO ISO! 7 s 

tt8dh& ‘“I K 

I 35.390 — 170- l.2no * a 
! 166.25- +0.60 _ 3 * 
11.119.6 +2.5 _ I ~ 

,1.718 (+8 130|^ s 

! ass '-2 [ 


stenuOrp (F uEfl) 127J) | +0.B 27* 4.3 
ltoyoHae.Hkk,S M6.a+as!s5.6li 0.6 
Unilever lfi8.4|+0.d 142.8 6.7 

\ iking 41j5uL0.3 jSaja 1 1.1 

Wn-tl. EtoHytMu- 391.51— 7.5 1 33 I4J 0 

OSLO • I 


“I55« '+■« 

Auk. 25 . Kroner — % ; i 

» tienk _B9_ J./ ! 9 iTl 


Hank^. 

ILa. • 


130l 7 5 1 
tio; 8 | 


■"vimuinni.,,.,. , i., iiu.i/, 

Sur-U H^lroKrtCt 825^+2.5 ' 12 - 4.3' 
afo rer-ram1..:...:J 95 ;-2.51 7 17 .4 j 


iCftld PMtta iK'IJiL— .8U8 . ~9 

Lntan Corporotlon 3.33 +Aoa 

Oe Berra rtaferretf . . 7.# -8.8? 

HR 

Last Rand Pty, a, 

kree State Gcduid IM.rff 

President Brandi.. ™ . * •_ 

."ggj****^ ii na. -a-» 



West DrtcjKJfow'’"!!!^ [[!.! «,» - • 

Wtatem llouaaga tux -S« 

Western Deep ' 

INDUSTRIALS : - J . 

AEa sja.: -383 

industrial ... ip. 8# 

CMA laveetmtfiHa. • 

Cnrrip ruuncri .... oak r -am 

|dsars JtonsoUdated me. - 1® - +818 
Stoars Stores fa*a -+4.» 

v °l8*etoBiansa . 2J» •• - -litt 
Greatmnans States : 3.1a 

I*TA 'm.- 

S®S r ®> l.oe 

Premier Minuig a,to ■UfM 

Pretoria Content ........ V.l4d * • . 

RWiJWdlnM ,.- A .+.j.... l.flT- ■ 

Rtad HKiira Proaeifies *23 - 
Rembrandt Group 3M . . 

«fS2r ’».«• -a* 

SAPP! 2J» -- 

C. C, SftlHStBt 4. |B) — 4.BS 

sa Breweries 1.47, -W1 

Tttar Oats qod tltflg,. 11.60 

Uniwc tip". 

Securities Rond US4flL7»i • 
(Discount 34,56% f 









I™? North Korea to repay Astra 
p & o Y 80 DI 1 to Japanese increased 

building . ■» ma*t c»m»«bi cashflow 

- By Ron Richardson NORTH "KOREA: will .pay back year deferment beyond that ex- The worldwide recession thai Wtramw .,,- 

HONG KONG? A»«uat 25 - about Y80bn («2ta0 owed to piring in 1881. . followed the 1973 oil crisis = .uV*”* August 25 ’ 

SDN HUNG KAI Securities in ifWOMe trading companies and Mr Murakami who reeentiv slashed its foreign earnings from . toe Swedish pharma- 

which the loading French bank I toanks for North Korean imports returned from Pvonevan" said reports of iron ore. tungsten and sroup. has received per- 

C I n li'iiMnpinm da D*»l- .t j i by the end of 198L according to ? other raw materials. mission from the American food 


Astra 
projects 
increased 
cash flow 

. . STOCKHOLM. August 25. 


NORTH AMERICAN NEWS 

FTC tries to block 
Bayer pigment deal 


loadine French hnnt I m*«ks tor xsonn Korean imports 

C.e Financiered? PariTet des J? end 3? ^according to otber raw maleriaIs - " ""W™ “« American Food 

Rivs-Bas i Paribas) ^£ts a stake! bSSSdly w by SSTSoS -With a total foreign debt esti- "fc* - "* antTb^oSLu™ 

J"** .purchased a major contra! Tok° c J at * R - sports from interest wonh about Y ibn which mated at over S2bn. its largest %l££neTn 
1 1 ^n«. Kon^ property from Hong- ul 0 'r. l i, B itimkimV mAn» should have been paid to- Japan' creditor is the Soviet Union. Iharrhis it a 
Knnc Land Company for an . Mr - s *“ao Murakami, manag- , neeemher • There have heen nrntraejeri lhat tr 1 8 5 a ma J° r breakthrough 

undisclosed sum ' py mg director of the association. las \ uecemDer - iner f -■**« protracted for l he company and expects to 

The property tha iR.ctr.v- ... loId a Press conference that • Our financial staff adds : North negotiations with the Japanese receive in royalties betw een 

P & O build in's is i 1 vm« North Korea bad retracted its Korea has been in default on its on the possibility of the country j SKr- 500ra and SKr 600m (SI 14m 

old and contains' 100 000 sq ft early request for another three- foreign debt for several years, repaying the debt. to SISSm) during the next 15 

of onice accommodatioD and - ' _ . . 

4.000 sq ft of shops. It is adia- XT *_ • f • ■» 1 f 1 The preparation is already on 

sur.swgw^ Van Gelder back in the black 

island terminus of the Mass - in Swtiden According to Astra 

Transit Railway now under con- BY CHARLES' BATOffiLOR AMSTERDAM. August 25. there is only one similar prepara- 


[and.- drug administration 


Van Gelder back in the black 


■M * — - - - MU l UV JHadB 

Transit Railway now under con- 
struction. 


years.. 

The preparation is already on 
sale in 30 different countries and 
goes-under the name of Seioken 
in Sweden According to Astra 
there is only one similar prepara- j 
turn on the U.S. market which i 


The building was purcha se d by Troubled Dutch paper costs due to the more efficient and reorganising its loss-making I can-- treat the so-called “beta 

■Hongkong Land in September manufacturer Van Gelder Papier use of and a decline in the cost factories. I blockage." 

1976. in anticipation of Hong- returned to profit In- the first of raw material- The re- The packaging division man- Ere-tax earnings of the group 
Kong land winning the right' to 5®" 197S. and expects to con- organisation of the company, aged to cover costs, but the com-' in 1977 were up 13 per cent 

redevelop the commercial apace ^ nue the black in the current which is still going on, also re- pan y is not optimistic of making jto SKr 116m compared with 
above the station. Ln the event, months. It madeaoet loss_of duced costs. .a reasonable return on its in-.j-SKB-vkftm in 1976; on sale* 

the contract for this development I U 7 -? va t m "Wpij. _ A vision by the Dutch vesrmem in the neai future. Uf SKr i.7bn compared with I 
went to -the rival Cheuna Cone and last made a .* profit— -of Supreme Court allowed the com- .. ■ ■ . . . sKrtttn in iris F 1 

(Holdings) in partncSffip wfto F1 «74. • . pany to draw down a Fl 4m pro- , V r 3 r " P«a"s “i„ U , P l 6 ' 

die Mass Transit Railway Cor- The company's ; cash needs vision made, for water pollution eojJJaov nert Jear The snecli! I "" b 

po ration. mean that it will not pay a divi- costs. s P ecial 

.Mr- *S»» He*, chairman dand this raar. Mr. Krith Pmro. for. t?e.Kaond half . JJ.™ “nSSL 1 * Rnlifimi tn, 


BY JOHN WYLES 
THE FEDERAL Trade Commis- 
sion is seeking to block Alleg- 
heny Ludlum's sale of Its organic 
pigments business to Rhlnechem 
Corporation, a subsidiary of West 
Germany's Bayer AG. 

The sale was part of Alleg- 
heny's strategy to reduce its long 
term debt which was more than 
doubled early in the year when it 
acquired Cbemetron Corporation. 
The pigments business was a 
Cbemetron division and its avail- 
ability fitted in neatly with 
Bayer’s ambitious expansion 
plans in the U.S. 

However, the FTC said today 
It was opposing the deal on the 
grounds' that it would decrease 
competition in ihe market. 
According to the FTC. Harmon 
Colors Corporation, a Rhine- 
cbem subsidiary*, is the nation’s 
eighth largest pigment manufac- 


NEW YORK, August 25. 
rarer with a market share last 
year of about 6 per cent. Cheme- 
tron was the third largest with a 
market share of n per cent, 
claimed the FTC. 

The commission was expected 
to file a request for a preliminary 
injunction against completion of 
the merger in a Chicago district 
court today. The Government 
agency also intends to file an 
administrative complaint seeking 
cancellation of the merger and 
divestiture by Rbinecbem of 
Cbemetron ‘s former pigment 
division. 

Organic pigments are used for 
a variety of colouring purposes. 
No details of the transaction 
between Allgeheny and Rbine- 
ehem have ever been announced 
beyond the fact that payment 
would be made in cash and that 
“certain liabilities’* would be 
.assumed by Rhinechem. ' 


Investment banks 
complete deals 


the dividend was Fl O paid m ivt*. passing on increased puip pneas. - - 

possibilitv of redevelopment was ** expects further benefits from while turnover may be affected pratn - VUUSUlJUitit 

tinder consideration. extraordinary items in tfcfi second by the weak state of the Euro- The company is continuing to •' 

: - 7 In a separate announcement it half, but even without these it pea n economy. . reorganise, decentralising man- ■ . 

Was disclosed that Paribas has will make an operating profit. ln the paper division, in agement, reducing the workforce 11^ 0001*1110135 
exercised its option to raise its Van Gelder. which is 50 per creased efficiency meant that the and tightening ud credit limits . 

holding in Sun Hung Kai Securi- cent owned bv the U.Sr paper company could take on orders to customers. Van Gelder has _ By. Pur Own Correspondent 
til’s by abom 6 per cent to 17 maker Crown Zetle'r 6 »ch ' made ,n the first half which previously approved Fl 52m of spending 

■ppr rent by raking up 13 2m new an operating profit of Fl‘ 19 9m would nni have covered costs, this year, after actually investing — STOCKHOLM. August 25. 
HKS1 shares at HKS2575 each, in the first half compared .with a Van Gelder. is cutting capacity Fl 26m tast time. orirfriFY 

iSfLVSSSS Further losses by Bombard gStSHTfcS 

SINGAPORE, August 25. . pared with a loss of El 16. 4m. gy FAY GIESTER OST.O. August 25. half^ OMhis^vear on rerSSiA^r 

llaw Par Brothers International i After a tax charge of FT ■LSm . The poor results mainlv reflect SKr : f4bn iSifiml 

ha;- purchased 2 54m cumulative compared with a - credit of BORREGAARD industrial depressed prires for foreign pro- 

redeemable 20p preference Fl 1.6m in 1977. the'-oai Ypsult ? T r ” up ,n f o !l 0 l ?^..l nade ?u duets, nartipularlv fine paper and SiSSS? ft r 

shares in Haw Par l London), was a profit of Fl 59m (S57ui) NKr 10.9m (S2m)_m the first cellulose. In addition. Borre-iK^.r l j?f 

These shares, bought through against a loss of Fl 14 finL ; Sales half of- 1978. after ordinary p a 0 rri\ involvement in the newjz^hc a tPei;. ?*»k« 
Ihe London market, take Haw Fell by Fl Ilm .to -Fl .413m depreciation rf NMUb and Nor#e eian petrochemical com- l *S 

Par lntexniittonal’s preference cfilSOmL The net profit per a larger loss is foreseen for the pies at Rafnes. where it has a 50 mT hn J r 

^h.iiv holding to 12.S6in. FI 50 share was Fl «4 .against a second half . of the year. First per cent «»ake in a chlorine olant jot*:- Dn ,n • arsl “ a,r of 

‘Agencies jobs of Fl 11.04. * ’ and second half losses in 1977 cost it NKr ISm in the half year. nf th . rt PV i»innin*nt «„ 

* The improvementvcame from were NKr 1.5m and NKr 18.4m Prices of odihle oils and fats ^ metals market the result 


Bpliden to 
consolidate 
its operations 


Bfc.Pur.Own Correspondent 

. . -STOCKHOLM. August 25. 

BOLlDEN. the Swedish metals 
and .. ' chemicals ' group, has 
ineu?red a pre-tax loss of 


The. First V iking 
(Sonirpodify Trusts 


.Commodity OFFER 35.1 xd 
Trust BID 33.3 

Doable OFFER 78.0 
‘ Option frost BID 74.0 


C&nunotiiry4 Genaral 
Manaflcment Co Ltd 
S St George's Street 
OougldS isle of Man 
Tel: 3&Z446K2 



BY MARY CAMPBELL 

FntST BOSTON INC., the New 
York investment bank, and S.A. 
Fmanciere du Credit Suisse et de 
White Weld have formally com- 
pleted arrangements to take 
shareholdings in each- other. 

The former has taken a 31 per 
cent stake in the latter, while a 
25 per cent stake has been taken 
in First Boston by Financiere. 
the holding company for the 
London based international 
investment bank Credit Suisse 
White Weld (CSVVW) and other 
institutions around the world. 

Each paid SBOro for the stake 
in the strip, a spokesman for 
First Boston said. 

The name CSWW will be 
changed to Credit Spisse First 
Boston (CSFB) and the name 
First Boston will replace White 
Weld in many of the other sub- 
sidiaries of the Swiss bolding 
company. The White Weld name 


will, however, he retained in 
some cases. 

About 20 executives of First 
Boston (Europe) will move Into 
the' CSFB offices in the P & O 
building in. London next Tuesday. 
The rest will go back to the New 
York office of First" Boston. It 
is understood that First Boston 
will retain its U.S. brokerage 
business in London separately* 
from the new CSFB. 

Each company will be repre- 
sented by three directors on the 
other’s board. First Boston 
Corporation of . the U.S. will 
cover the U.S.. Canada, Latin 
America, the Caribbean Aus- 
tralia and New Zealand, and 
CSFB will cover Europe, the 
Middle East. Africa and Asia. 
The trading of U.S. equity 
seeurities will continue to be 
carried out hv First Boston 
Corporation on . a worldwide 
basis. 


GDV tops 
Liggett 
bid for 
Servomation 

By David Lasceiles 

NEW YORK, August 25- 
THE PROSPECT of a vigorous - 
takeover battle far Servomation, 
the vending and catering services 
company for which tobacco group 
Liggett yesterday offered some 
$130ra, emerged today as a* 
previously rejected bidder in- 
creased its offer. 

GDV. a subsidiary of City 
Investing. which made an 
original offer or S42 per Servo- 
mation share three weeks ago. 
raised this to S47 a share with a 
25 cent solicitation fee as an 
added inducement to brokers. 
The offer is for any and all 
shares and expires on 
Sepi ember 14. 

The move came after Liggett 
stepped in wiih a 346 offer for 
up to 45 per cent of Servoma- 
t ion's shares. The Liggett offer 
also included an exchange of the* 
remaining Servomaiion shares 
for Liggett stock. 

Although there was sonic logic 
behind this move, since Servoma- 
tion sells ihe type of products 
that Liggett produces, the inter- 
vention had the appearance nf 
rescuing Servomation from GDV. 
whose approach Servomation had 
tried unsuccessfully to block in 
the courts. 

But GDVs increasedJiid today 
was widely expected to produce a* 
new response from Liggett. In 
Wall Street. Servomation shares 
had an indicated price of $47-49. 
evidently in the hope that Liggett 
will raise the bidding, though 
Liggett had no immediate 
response to this morning’s 
developments. 

GUV'S main business is real 
estate. The company is 59 per 
cent owned by City Investing. * 
Californian concern with ’diversi- 
fied interests. Including housing, 
manufacturing, property, oil. 
insurance and financial services. 


better use of capacity, ind .-lower respectively. 


TRADING Are you mm elim es baffled by the terms 

innvui v yaur commodity broker uses, or by 
TPRIR C fciwrthe markets work? K so, sand now fora 
1. Tree ropy ert oui raw bookiai “Coipmafity 

EXPLAINED or telephone 01 248 781 1 

To: Cometco CommodttiM Lirmt#d. 

Bridge House. 1S1 Qu een Victoria Street. London EC4A 4AD 

Mr Mrs Mas., -i,- j - -- 

Address — 

" - COMETCO 

Postcode — - : A- TheCommodity Brokers 


;nffi ped J*T n < bl l l il e | indicators for the Boliden £Tup 
J™ S - will have to be revised down- 

*™* er 1 hn . 9ht 5p0L wards for the whole nf 197S. 
fondc sector aNn snowed a profit. ; WTltes . 7ohn Dah!fors . nin . 

?rnu 1 director, in the interim 

d vv ? Operations before 

ntonthi totalled NKr L55hn iB p |al} p r i at j 0ns and taxes are 

f??92m)-9 per cent up on the: eTi)fieied t0 retljrn a loss of 
same period a year earlier. SRr«m (SMmt^aeainjr a loss 
Investments dHnng the half-rearipf^SKr 78m for the wliole' of 
totalled N'Kr 104m.'and liquidity | L977.-- 

improved. I The heavv -investment - Dro- 


WAKDGATi COMMODirt FUND 
at 31 m Inly. 1V7B. dO.W. £I0 «2 
V/Cf MANAGE as LIMITED 
P.O. Sas 73 

Si Mcl.c*. Jctmt- 0534 10591/1 
Ntxi drarnj 3I« Aijjut;. 1 971 


Varies of tne awiss ooimne corporation on. a worldwide 

-mpany. The White Weld name basis. DUyS 

AMC dividend in doubt stake 


BLOOMFIELD HILLS. August 25. 


MONTREAL. August 25. 
GENSTAR LIMITED. thfe 


The heavy investment - pro- 
fgrahune and the weak earnings 
: rrerf'd in recent years. Mr. 
Dahlfors writes, have made it 
' necessary to resort to extensive 
(borrowing. It is now intended 
!lo consolidate operations and to 
. keep^ capital outlays at a. low 
llevekso as to limit borrowing 
reqrffemenis. 


RESTORATION of American mg. production and design co- ^mreal -and - CalaaW-based 
Motors Corporation s dividend, operation agreement with the j. ea| , v d eve | 0pTnentf 8 building 
which was last paid in Septan- French --automaker. Regie n lare Vials. chemicals and ship- 
her 1974, is uut necessarily Nstional .des.Usiscs fieoaulL ping - sep-’tcey gr o u p , .indi rct tl” 
imminent Mr, . Roy. D^.Cbapin, AMC president Mr. Gerald C. controlled by Societe Generate of 
the chairman, told the 19i 9 Meyers said talkTaire progressing Belgium, has* built BpTnrlT per 
model Press review. well with Renault but conceded ceni holding .in the outstanding 

Mr Chapin said the outlook they have not been concluded as shares oT FIlntRole.* the major 
for continued profitability is quickly as originally thought. U.S. producer of building 
favourable and after capital Reuter materials. 

needs are met. the AMC board — ■ ■ ■ - ■■ ■ ■■ 

will decide whether to increase I.G. Index Limited 01-351 3466. Dec. Sugar 95-35-96.95 

equity or restore the payout. 29 Laniuni Road, Londim SlVlfl OHS. 
amp n ffi n 4 a i e - . 1. Tax-free trading on commodity futures. 

AMC officials said continued 2 The eommo dity futures market for the. smaller investor, 
profits will be assured by market- • 


COMMODITIES/Review of the week 

Further rise in coffee market 


llIMflT (imnitTA CJlA/tO "* Alncaa VeUnM- Senu Oei. rj9.DU Clesinw. nil. nil: &Un.-h j>c.5 ; -1h3.j. ml. ml: >!■>• 

!ILl:¥L I || L Uj f]J I V JILytR MOCA— l.oi-alion <*i-larrr spot prices: 3a5.IWeo.ti. 3t>5.5-3Ki3. 2: July 3hB.5-278 5. 

HKSlHLl ULr UnfO S.:-.rr Uj«12.:p »b oune* :rm-Fr lor ** 1 *» l L ««»««»&. £77.90. Feed 379.3-3711.3. I; n«. SIC.O-STI 0. 372.5-37:3. 

* WHIM i9n , ^ London bulLon mM * Da.OT.W7M. 37«.w:5 5. 15. TKal 

_ „ yrsu-niai. it tSOSp. U5 eem eouiTaleoii ^ UK wncianr COrAcirni fur The 22. 

B4SF META IS d Iff* wtTir a" vnk aubust * 1 D remain MBW ZEALAND CROSSE RE OS-Ow. 

DADC lUC.IAt.'l - sigic.^ dovntefle: unih«n*e4. • 1HJW&U all nrnrwied: Sian* IC3.MM: 

COPPER— Eauer in morc-ux "nly six-numth J39 2c. down 5 JK and 12-mooih > iw >5 iBa JK 0: Jf 1- l8B 0 ' 1 

rafiinc «n Hk Londoa Exriwnjie SMc. dtf > 19 5.7c. The. m«al opened *1 DrcnilBin ’‘ eeeciive for Aua- -4 m «Pder 88.B. Dec. 186.0-M.8. Sales: 7<U. . 


U.S. Markets 


^ BY OUR COMMOOITtES STAFF 

COFFEE - FUTURES prires r 
tiimbtd m ihelr highest levels a 
!i»r iw:: muntiis this week as con- 
ivirt .iver Brazilian crop con- 
traued 10 make for a nervous if 
ri.irkci. I; is now nearly two 
v:*«'i:s ‘.in it- frost struck the 
Ki.i.'iD.invidi'ep states, hut there H 
is still nn agreement on the . . 
i \um of ihe damage to next 
ji-ars rrop M 

llia/iluin Coffee Institute 
susirre.s es 11 mate the prospective . 
U»rft/su crop has been cut by •* 
Slim tviis -(60 kilos each! hut the 
U.S. Department of Agriculture 
thinks uniy 1 .5m bags has been ™ 
bwL The IRC putg the next 
crop at 16.1 ni bags and the USDA * 3 
«t ov.-r 20 m baps. 

In view or Hus wide disparity I 
af upnutin, injrkL-t respoose has 


uiiiiwvct. ... an rmiTJHjeo. aian-n i n n .. -m 

BEC OAILV IMPORT LEVIES and May 1R3.0-85.0: July 154 0-^0: Oel. 1SB.0- g ’aTTAA Anrlci 

* I II/I I hfr*l trar.» B «n Hk Uidoa 7>:a! Es:f>anae SMc. drtr* 5.7t. The; metal opened ai wcmipm.. eeeciive for Aua. U ta order 88.6: Dec. 189.M8.6. Sales: Mil. L/UJLlCC 

t ' .ULEtmJL Afu-r fswnj.'U firmer ai JTiTT. rrtcerinti 2Sl^-2v2J». <5«l*-543ci »ud ciusrd *r vurrepi levy plus Sopl., Oil and Nov. v/v VUUU 

ihp eimiiidr :rend in New Vorl. lenrinl "T" i.'*’ib isiiknir) preoiiums. vlin previous In ■ uricneis. all 1 ^ . a , 

, na!«f; r faBoi^Rs 't*& vroxastl rrvaton'of -uii-fc’ ■ - V ■ k ■ 31 A. rsrjr.hr-fSm meat/vegetablus! jimit-UD 

locks to sen Et e time when SSSJTK^W«S^S + - ^ ^ roT-'S.flfS f meat ! 11111X1 U V 

Stocks tO sell. Et & time When , h ,, w: ae nTin . ,-fw. nmtaan JT»y m. ■ n»lr. Eartcy— ' S2.M. res* nil 'SUM. rcM PT'«« *i rrpnMB-unv matltcw OR V 

there is a steady outflow of » r£Jam*. fhtim %S^SSEa .— "'J-: o»»s-n.74. r W nil nut r»i wj S3: ca-omie mmmlk f)f| fllfllDlirS 

copper from the Metal Exchange li #7a6 n The ririn ba* re-ll afresh TO aini. Malta <atber than hybrid for seed- * UK-SheW 1-s — p per V/U AlAUtvrUIO 

3, I h ' ^ i„ Fa-Ss ihe at r.*} or. ihe Sera, rfcltctiwhedae -- ■ BeO.0 r . -Z.2 SJBl.if, -DJS hwJ-73.79. resi nil -75.7S. mj. nj 2. k*f*- d -C.w. '-2Jt CE-Pigs «.9p Per 

mainly to buyers to the far Last e b Sawt 5n»..i'tbvi S87.i5p -z.i tan 6p -u Euetanheat-An n u fail wh; miioi-s5j7. kU-J- , + , /0'- Enslsn l * nd W4,w; new yokk. Ausust ss. 

Warehouse stocks are expected tumaver U.CS !aao« r T n.niilj>;/fiS4.55Li — SJ — rwM nil rem nil.: Grain sorytrwn— Caitle nunibera down S3. 1 por cent. 

to fall again tills week, although - ----- 1_- r-.-.rtwdlO.li- -ztw- — ra.78. re>> nil -78.78. rest nil'. Flam- """W ««P f-AW'-Shw-B down | PRECIOUS METALS UnUhtd- lOv# on 

f . ® COPPEU «.»•■. + »r pJT. >fo- ~ . lir '7 r :JL~, ,, "j. _ levies: Wheat or mhced wheat and rye J®- 4 P f>r ““l awraSf LIS.-b i--.Hi: »ieady lunt in quiet irading due-40 UK 

not by as much as originally Titl.-.*' — L‘tK.^--ju LME^-nmmer 83 rila* lots of 18.000 _134.||4 u3BS5i: Rye— 129 .M «128.W». Plea down 3... per c«-m. average ia#p tau-lj' c.'r.uw. Dipper ea»ed bn speenla- 

fo recast, and this has given a i , -•*- « ?! 525 Seatland: C«::le dowu is# per uve ieJliws roUinmw Indications at a 

■•£,*- £ £ -• — --^T- LL- J -8 - ?-♦- * *■ Kerts. mnr-n a®eraae r0.33p ■ lir. SlMp up Je,s Uian os pec ted LME hoc* forecast. 

Wirebars ! Three n *“ 1 * s 2n - tf * *- 4 - * J - RUBBER pcr ceau arar »sc l3J.ip Cuffve muihed Umii-up on trade taybui 

ua.ii . . ..- 74S-.5 -4.3 — —.75 t ,_ u _ . fldiovimi rumours of a possible resls- 

3 smneht. 763^4 -3.S — — 1 -S P T nn ? °" . lhe , l n C0VE “ T CARDER i Pnces in sierhns tratiou pnee increase from Brazil. Bacbe 

<M,l*m*ii- teat —4 t r'rt/'rt i physiral nrarkeu Little mteresi through- prr packag-: exccp: whore otherwise reporis. 

g^irpu. -+.a. - —• (_ LK.U A «K" ^ .day. clOslRX dull. Lnrw and slated I : Imported Produce: Oranges- „ ■ 

J~*f oaw --no c - . a, M . . . _ Peat reporied a Madayntn god own price s. Aincu: Vaienaa Laie 4 *0-5^0: , 1 ^=>1-*® '» Dfc - MS-35 

“fA — i" * narrow rar*e ^ 245 rsanjp) cents rtmyer. Sept.i. Brazilian: Valencia Late 3.7WJ10: • Mard L l4a - 8i> - >«*■ JuLv 

ISS&L. “S’?. “ ~ 2 noma 0311 ; ; Californian: Valencia Law 72 1G3 * 08 - , Sepu 138.45. Dec. 133J3. Sale,; 

-D.b — - Due lis. .. . 1 .. . - 1 ^ Lpmmra-^-fT*llviv iufl>i n iK n«u- rmn I 50S- 


MEW YORK. AuEiist 25. 


-mmm — 

fllBRS 

I L-— J 1 . .. 

MAR APR MAY JIM 4 IE At® 
1978 


forecast, and this has given a 

strong underlying tone in the L . - 

_ „ Sf^“T-748..5 -4.3 

There arc also esT>ectation6 3 aan^. 765^4 -s.s 
that a 50 per cent wage claim W8 - 5 - 4 -= 

•lar Chilean miners might lead to 738 . 9 _s 3 

a disruption of production there. 3 tm-GuTl- ?s5-6 - 4.23 
even though strikes are banned ■feufBfm ■ 739 - 5.5 • 
by the Government. ' 


— -.75 

— -1 


COCOA 


_ V.. J Knuiwi VMMiav-. Pnwimc 6-2C. Lethiuts— JiaJiaP: lUO.-mUs new crop 

• YeueMay** + or . H mines, ^ j 3.OD-5JI0: Spuila: Trars 130-140. large 

CIILUA 1 CIOM — : Done “-- - ■**«■ i-iom* • boxes 4.50-5.58: S Aincan: 5.00-7 00. 


Brazilian: Valencia Late 3 70-4410: ***”* JutT 

Calliornian; Valencia Law 72 103 * 09- , Sept. 138.43, Dec. 133B3. Sale,: 

Lpmort*— 1ilf1.*1-iK npic rmn BBS. 


Caniraci: Sepu 155.00 


t^r riSS*. PmMlSlM he said K «-ould certainly be' un- Further encouragement 

Londivt' market elrS m the week areepUble to the U.S. witheut been given by new rises in U.S. -'WHfg. ^ £ <r w a ffl5 

wu’hv Wodncsdav’s cfoseNov- whose approval any new inter- producer prices for both lead and «rtR» n -be Peuatm 

:mf**-r ' culTee had climbed to nation: J Coffee Agreement would rinc. However, zinc values in ntarhv:. «a»er e r. rcrecast- n a detung 


"The Peruvian strike, and fall -AmaL^wa:Ml setal Tras:ag reponed L'H-UA : liom — : Done Hi- 5 oxes , 4.50-5.58: _ S Aincan: E00-7.M. , flAtiMi. Dee. USJS bid f 143.58), Marcb 

in warehousp stocks, also boosted ,h " ,n mao* cash wtre- 7 . , : I 1 V r « en ™ F “ s - AWon: 37.-72 3«B-U«: VJ7.S0 bid. Slay 135JB. July 13155, Sept, 

the lead market, where prices gg Tfl'LT? Uom,» S^SSSStSSA — is** z'j&iJji?. ' '^I si- loss "^56 j 

hg wntouw .o <«r»m “>• st? ssift! asssHKHi nM. strata 

... S,‘:::='S8SS :ti iiJKK 1SS5SSSS “»SStS asSsaS - ^. p 7*'”oJaiS3P 

TIM— MartiiuUy firmer. \«-er npJnuig -...'IISJmIEO +9J ?7iB!fi-26.B ril Tffi! Sb’J?^ 5 S'fffc'IS Dcllctous 20-Ib 72s 3JHKI 1«: Spanish' \«|U» IC.ro. Sales: S.OOO. 

af £5.v70 Ibnrard n:eial ted ra_ia.«50 ... 1787^. IL0 +13.0 ITBSjJ 8 -l 2: U*Han: Per pound Rome Bt-iury | cotwn— No. 2: Oa 63.S5 i.62J»i. Dec. 

aartsiz n fir.»-niun ^ :be Penanu — Jw-Uari S7.80-M.00 bMS-bESB; 68.0S-t7.90 pin. Golden Delicious 0 11-0,1.;: Porm - 1 ns no .R4.«i>. xiirr^i in qivjit do hvL 


Saks: ZS88 0.750) lots of IB tmmes. Apr-Jnef 


Jicciinj: ;n Bncola this week have ? ^ v f M&gL 

igrei'il if.- press for a price sup- JgjFJE* S eifiSf ? ^ lmpala Platinum yesterday r:% - r^..Tari*- - COFFEE 

mri policy- aimed at keeping the Pn« gainmg £l to SS3 a um. aqpouneed a nse in its producer ^ - 


SOYABEAN MEAL 


nertme in Lundnn. The current J?” J 1 l S5i„S market price. _ 73 mm «™re me praBwaxuv mam 

■nflcp price is -about 150 cents a at IM8-5 a tonne, despite eaatag . The Metal Etohim re confirmed tHo -? 0 - Zus> valJfS ”» »>«• At it* do» funb 

b. Tim. more was proposed hy maromally yesterday. ■ ^ .tbis week that it Is to launch ?cu ovdo -ss - h 1°^!.,.^ 

» r. C.imilio Calatans, president The continuation of the Peru- an aluminium futures contract «**«• k-- :si7«m -25 — mem bo up oa bajaee. 

« f the 1BC. imd was strongly yi»n miners’ stnkc, now in >tt on October 2. The announce- ~ : _ 

upperted by the Colombian third week, was a nnulag mem was greeted with strong Uwan: siaadarf. cai* dlsso. 93 . cofkhb ; ^ -*- w 1 uu»mw 

fi»r«*si?ni:itiv»». influence. But a feature or the protests from aluminium pro- itmt m.«78. 73 . «. 35 . ; “* e 

T.undon traders commented, markei was a narrowing of tha dueers. who claim that the new i<Srir sjaasar: ^ “i- — 


^ Rubast* totbres were quietly s»4dy 
_7.5 rbrauannu * centos doffitnared by pre- 
^ 3 J weekend boob CQMriag. Drexel Burnham 
_ LarMwrt reports. In the afternoon the 


'V^-ierday, + w l Uu»iom 
t Close 1 — j Done 


Xpertonne 


5 tonnes. 4.00: Per pound l:a!ian: Cu>oi 0.16. _ 

ihuyrrai were'- WHDaros French: '.Viilwms T*Vb '*-1* 

S8.7A» 758.251; 4 SO. Peaches-! ralUfl- i; r.-jj-s 2 60-3 O^: aosST *a ^ f* b - 

French: 1X1-2 03. Crapes— Per pound rjf-®*- April SJjSJO. June 211^0, Aua, 
Cyprus: Cardinal 0.2v Su'tana 0 14-0 !S. P a \ , Dm - -^M 0 - Feb- 

. r Thompson 0JS. Itosato 0SL llphnnse ApnJ 22i.«. June 5HIS0. 5ale»: 

MEAL 0-3° : Italian: Retclna :• kilos ron. 2 in. 4 '»■««■ 

Kilos Cardinal 4.00 Plumi — i'-aUrorman: fLarlf — Cbicaao loose dpi available, w 

w I Uu»ioe»s Caatleman per puimfl a «: Italian: prune steam not available. 

- j Done Per P 000 " SianleF fl 15. Glam Prunes . _ 

i &.n-0.1U. Bananas— Jamaican: Per pound ^ 5rt ’ . T>ev_ 

0 J5. AvocBdvs— Kenya: Pncne 14 '24s — '2^'- March 23al-238. May 24U. 


;S27eO -25 — 


rearke: &M on good Co mm i ss i o n Bone October 'H7.Z-117.sL.. Iii7.50-ll7.iw 


— ,7.5 bu r |r, 5 SSiL ta,e PrnflHsWp* trUmned December J!."|l I8J I |gJ'+5!»i ]?9JHMia.50 ??l w, * r S|a ?. ni,ih 

- ,17.5 r a ^ JCS ,*S ei ? lt - Atdiu dose farther FsH-nniry 1 120.6- 1Z8A> 0.461 1ZO.OO H®’. TSSS?*' 


S. Airtean: 'Fuenp 3.3W.30 -fuh' 2441. Sepu 246*. 
i— Doidu Per S fcltos 130. SPIaUnprn— Oa. 2K 


upr’Ortpii by ihe Colombian third week, was a arming ment was greeted with strong 
v-!ir<>s<futa{ivt\ - ■ influence. But a feature or the- protests from aluminium pro- 

i.undon traders commented, market was a narrowing of tha dueers. who claim that the new » Kcr w. s. a 
mvievRr, that the proposal gap (contango) between the cash market could have a desiahilis-}«. eltm 
. tvined . mantiy political and price and the ihree-mOnihs ing influence on the existing! 
toed little chance nf winning lhe quotation. '. producer price system, under) lead— 

crccptancc of the consumer. This signified a general reluc-. which the bulk of aluminium is 
iirmbers nf Oie Council. Tlnar tuoce of those holding copper sold.~- 


^1 1-3 f~r, PTv-n ^ ~ » - iui.mm^ru.40 i*u.u 

Srt B £ l SE.*SS? p --f wW » L 0 *? V2laa A P rtl — iinu-iziA - 

out'' ,0 no up oa balance. J im. IIZ1.0-123.0- + 1.8 | — 

■ “ ivssani; ; * auku« , 121 ^ 126 ^+ 1.26 — 

I. n. UTHW _ Dcoe Sales: SO U38> lot* of 100 lomfet 


9e.-sem>«r.: loSB 64 - WJ5 1565- 1555 SUGAR 

LOKDOH DAILY PRICE 


Capsinm— DMdU Per S Kilos J-Su- SPIaUnonv— Oa. 2B3.S0-2U M 

OulMP— Spanish: 2J0-3.M: Dtscb: 2.D0- j an . :65j0.;«fiJ!0 (2G4.50>. April 207 60- 
2.10. Tomatoem— Guerftsc-' 1 3 IW. Jersey: scrj^. jjy msjj, o«. J72.30-272J0 Jan 
**■ Melon*— Spanish : ;i3.40-275.60. April 278.40-278.01. Safes: 

Yellow 6a4 2J0-3.M. M4. 

EnpHsh Prodnco: Potatoes— Per 23 /Silver— \m. 340.10 > 341.001. Sep:. EM. 6 a 
fcl’us 0.00-1 30. Leave— P-r 12 roonil 'ell.lUO. Oct -344.70. Dtt 553.D0. Jan. 
0.70-0.60. Cos 1.20. WeBh«i Oj-0. Cucumbers “">^6- March 364 JO. May 57X00. July 
—Per tray 15*54s I.4M.60. neir crop 1 60- WlJW. Sept, 500.70. Dec. 004.30. Jan. 

2 00. Hulwam Per pound 8.204130. Ws.90. March 61SJ0, Vjj- b 3730. Safe?: 
Apples— Per pound Grenadier (1 OVfl.04. l-.WH). Handy and Harman spot 540.00 
Mrd Derby Oafl Ceor^c Cave Oits-0 10 j >34I4!0». J B 


-VEEKLY PRICE CHANGES 


- •. 

■ I«IM i 

■ jim-e* Ch’*e : 
• !»■>■ teaue , >»« | 

ua>m 1 »«* f 

. -ts»ui ; 

Tear 
•tfo - 

i 

WIB 

J£%h [ !«••» 

intnls 




;nru!jM|jni 

t I5SW 

csai ! 

£880 t ft SO 

U.U-.-I - AJ - 

' S 1.1*0, Ito 6 1.05a. 4b . 

Sl.Wb ffte: 

ii»i<e-<!iv i.u.r>L<. 

• VI.*:- 

CLUO . 

CLuea : £1,723 

W«ri>p[ -<«U4-inlHK)4bDO — 

SC.tOO'TcO 

K-47b . »2.l3i 

onTwr 

Wl;.. llu r N 

■ C74E.& +M.ie 

. L-fiiS.b ! 

iTWA: ' j».IL 

: '1 1: l*M. IK*. .... 

l £7S8-7b +1JJ. 1 

i^i. 3,7b 

£7M.». C6B4.79 

«•!» • MlIhUiA ... . 

tarn* *s.o 1 

*»-Svl 

L'll-'b i £«i:.C I 


• r IddM- 

-J. prices <li a g* i Yep*- 
-,{>er loam j un ■ «g» 

- mnew ! eteeb 
. , «*aml • 


; Wheal 

I \.i. i UrdSfpriasJ -ia»i . - :+a* 

Am. Hant - - 

i WManJ . ; : _ 

. »jii(.Milliiiii{B»w empi BK ± i 1 — 

, SpiOM ' 

i' Kit- - ...,«« saj(» ; - 

Power. ••UUe... 1 . 32j»7fr -75J 




is»« 

• Ci-~3 

SwS 

£331 


i'i-52 

& aw ; 

J52» 


>w.o 

S4JS 

l 8640 

54ii 


!-i*o ; 

S3J3 

' ' Mta ; 

SaiAS 

saw. 

1 +3j: ' 


r si li , 

SZS* 


; ‘ - Arabicas r samel: - tmwasttea r-uieu , i 

l_ r A- r tlMJOi: other mild Ptm. ■Yenertar'i Previou* Bu»lne«e 

Luh-..-. ' 337 J -1 — -0.5 -‘Si Clo,e I Ck&e Uern0 

341. 5 -1 _ _ tCA . -t 9 ” Loan. . ! ! 

Ltl’m'ui. 337.5 -I 1 — ... . avera=c lc - =s i 

- 331-5 3 ' - ■ aHABICAS— <fn order borer. seJer AQ l!|«runu» 

•Joruinii: Ca>li .E57 three mnngw C4I. u^U-aJrdl. Arsl I75.KW0.iW. Oh. 113 00- ■ j S-? U- S*JS! S4.M «-40 

41^ 40 j. 45. 41.3. KertL Three mondi* 77 00 IV fc iaLa6^.M. Feb I35.00-K2.80. H**-" ^ 

•341. Apr:! UGOtKOffl. Jan* oDnsateit Ana ns- Mansi . lU2JP-02.Su 9o.7J-33.B0 US.BS-0b.7U 

cir»;d. Sain.- NIL * Mav. .. kUMJB 1 ASD-DLH 1034E IS.W 

m- am grains 

Si.iT5 :nn U* 15 rame under pre^sve l<Jlmvr.a VursiJlO Sales: J.870 ilJMl lots Of 50 tonnes. 

Si-tsb 1 SLio w=fi>WSmK witch .-adwrd -eii- lonDOH PUTURR5 •CaFTA»— T l» T * re and Lyle es-reBnery price tor 

wApcST***** - re market >e a cl-J-e nurkd opened Huchanaed on wheat and baslb white sugar was £264.85 

ST 25 . srfj.- 2 *J E5 -*- ; , * r - « a narehwe in iwrr on barley in ■ fairhr feamreless r or lw ine trB,Je aD<J 

rA it»i7 d"rt*n«jrart. Tarwe- LnliMKie^ ita». Values ( mm in rtnee Kn inur rti..oo ({IjLUD for export, 
tow ; £ 2 * r’PT jC-if — ;r_ ~ fir ; t-da» jeoderr heng US trim. <00 toasul— I Sapy AnrecmcM ‘V-S. 

8«0 S48S 7.IVC •; _■ I'jrrt*-*. ' - AcB regons, “ 

Z WMEAi . J BARLEY ‘ M ,7 - 17j; *Terape 7.13 <7Jli, 


ri-r ooorui u,>Krrv- ,| 72 .- l0 , Ort. 173.80-174.00 M72.00). Dee. 

P"T bac 1 W-l -« SwviiM— -P-r >-lb 0 30- 174.50.174.70. Jan 173.30-175.70. fclar* 
0.60. Tain I pi — Per 2S-lb 1.** Plump— ; rT.&trtTT.Go. 11a v 174.50. July ISO 00 4ne 
Phi pound Lexica* pot Bell-* 0 17. Ctarx Iso^iBLWL W 


0.06. PersUores 0.80-0 07. Parsnip*— Per 

2S-1D 1 J0-1- BO. 


CiiJi 


CJlJ 4£1 
CKfc aSLLp 


INDICES 


■ FINANCIAL TIMES 

Aik.. 2& . \nv. L*4 |Uj«i I. ij. I Vl«i ui> 
gACAZ •<a-7_68 mST 25B.56 


I snsar— No. II: Sepi. 7.14-7.16 17.13'. 
Oct. 7. lb-7.19 w. 1 9 1 . Jan. 7.43-7.60. March 
7^1. Mas 7.96-8 00. July $.17-8.19, Seat, 
s.42. Oct. S. 33-8^4. Jaa. 8.6M50. Sales: 
D.300. 

Tin— o5S.00-30P.00 nom. ■ 383. 00-397. OB 

DKin . 

"Wboat— Svpl 5034-336 i3SJi». Dee 
1314-550 . 350J>. Mari* aCTi-Ky. May *Mi. 

Julr 3I3J-J3. L-pt 1161 mu. 

WINNIPEG. AagM 23. tTRyo— C*cl. 

■ 95.30 hid 1 92. 30 a-Vidi. Nor. 85.00 bid 
•9330 bid.. Dec. 93 30 bid. May 8 a 50 
a-.t-.cfl. July 100.10. 

+fOats — <:»«. 73.10 <73.40 bid*. Der. 73 59 


Mt& j siJib La*-J... . . 5IB-3 19 -2 — -J.7 j YeaU ^ ,I> y' |: 4-ar .YMwdayV -I- nr 

Sila , S24 1 Jn.'-nUi-, 52 6^5 —2Ja — Sfnth cim | i 3 _ 

■.•ottot. 31B -2 : — .. : 1 1 : 


' / Ct-.>075 C Lh 1 i J tini-Mm*WR; -,£1M l — — . £2.449 i blips - £l.?ll 

fO 4 i a n -I 4'C l 'W « "n; lit J®***_^l-I»2nd £I,SBEb..— 8J* : r»msr-nif -r t at'. 


WOOL FUTURES 

LONDON — Dull and feature less. Rache 


- ^ KS J3S JM ^ ««« ^lea. R 

-oevs p^jxwra. :aa ^ p^. _ jgg Sg g.1S ZSS 

Mirrajitt; Tbrt^ anstts X329.3. S. 2L3. Mat. M,4Q Unw. Mjn Un S A mam itan le>terty'»+ or, 555e 
-/ * •■< he?S. Three rr.nnis* Mat M.OS •— <MD! S7S0 !— (J5d Llwt ! — | Done 

— : — r -1 — ; 

Oru^M* ....JaLWSJI i - 


DOW JONES 


Uiiw I 4» . 
Line. 25 


~\n-:. -V-rtniTi 
3* • i 


-it* N»t- ? I— 
<unear :Kan j j 


-|— : iXUU £1HJ Kill 

wm — j *nob • ; ! swa 

-ras :+2j| ; iiija 1 <:ii6 : cli 


COTTON 


’ ,Vu ‘ “ 1wr,a;r. « r ? 1 d** * ^ ^ : »S?tiD 


M.70.W4S. May - SJ-r’TS 1 CWoiier 

Barley: Sepi.- ttesemlw _|MJL«J1 

Jan. SSJMSOJB. MaiSr 

SSJ8-87J3. - Sales; IkT *«*■ ^ 




rV«VMM4. • NatnlnaL o Sled* EfAM* • * 


»waftms inofe tfaif : n • Tir «jvs ment E« Cmr ’ "Sales: NU laajne riots 'of 'iJon'MltriT 

-4 7* * nw ;2?: A£r »f« 3rd T4»J*»705Vireerieb Smrtr flOO .25 Iran- SYDNEY GREASY— < In order bwer. 

Latln American sqppUes rae to twnet S. Afrlcba Wdte seller. Bwunevi. Nkm Contract: 

reqom. ... Scpl-. OO. £33*6 «i-Glassow. Sotuh OCX. 347.0-347^, ni' ml; Dec. 3u.*Sj5*. 


ygrycpra. j*gr— 

»«»«• ■'wrinhv " »R»l— W8» j lament ei! Si. Lawrence 158.58 flftfJS. 

All wrt-i per pottod es-warebou<e 

ww JO^ES imfess r.rherwlse dated. “Ss per trey 

"itoWT i.. — . 7T— 7 — .-t,— — . nenen— loo-mtiffe ima. • Chi caw 1 o»-« 
iiwie- 25 ! i ; J wa- UB ^ Ay. prices 

_! _ J I vl-'ii day- Prime -team tob NV WR 

-■Lms , .. 56T 22 tgflni m wiisq oe I cars, i Cents per 56-lb bo 'he] rt- 

: Hrt-R J-SS-JT- y, sr 

■ noenier •*«.»> n 3 imi ti-nf pwtty fiplivrrtd SV. 'Cents **c 

Mnnnu-e ' r ' v 0l,n « ex-wac-lwe, New B- 

IWOOOV S tfm^aci in a ? -hnr» ttm !,«- bulk :,ira 

: rr r- — — - - r.-- i" f w IIW hSwt l«n- dellrercd f-«b cm* 

«'■ v 'i'- Fi , x a ~ n T-ifedn Sf. Lorn. 3 nd AWtol 

M.wn - 2 b ,c ip- . - •? ffen*a nt-r -9-fe hasbei fe «», 

~ ~~ — ‘ — t ' rent* ac- 74- tt> bushel, t! Cents ner 

■t* J ‘-jtetei 9S8 . S 4S9.3 ^Ib .9 253-5 l c -;ij brr-h-1 cr wa'chwiM || Ccnu ifS 

.. .TfhiiKJ' n -sat -I-*'" 7^-lh bii'hrl n-v-arphuuse. l.SM-hu^in 

— — fen- V tC par tonne. • 


* A**mer tn s iriai 

MOODY’S 

Aii '‘■l-"'iii Yui- 
M.wft'. 2b ' .« ..... 

-n - 938 .6 4S9 iat»lS 9g55.5 

.. ,1 .6 St r l>m “ 




Financial Times Saturday August. 28 1078 


Indian seamen : 
compromise move 


BRITISH FUNDS (556) I 

S-sPe Anus. 19-WO 124,8) - I 

ipc British Transpan uk 1 978-88 WUO 
■liQ la ’t '■ *u ; -u i 

2'iPcCons. Stk- 219 201* \ I 

*PC Cans. Ln. 32'ia*u *1® >i h 4 . 

3 :pc Conversion LI). SSe® 4H >j } 

5 pc ExetaaMT Ln. 39.65® {24, SI ! 

l iitPC Examuer Ln. 1996 108® 7L9 1. 


This week’s SE dealings 


, M *S»*iW*f U4Jk , . 

I Mtua> WjIi llSHJl ,U£lJ - - 

: MtiiSi onUPlQN. 41 

■ Mv-m<noTC MiNfKWWj OH IS - . 

, MMI tad AMS* < IMMUI, 

• t 2 i a* tp 2 L^'. w«j W|# -» a**j. 

• la'uxLP. WliiVJ KS >21(11 


Friday, August 25 4,897 !' Wednesday. August 23 ..... 


Monday, August 21 


Meta; SWiW' IWi9.Il5n- .lW.' 

Metal’ I* (MW**** (4W <9 (21,1) 


IU1 M*f.l>« IHTMIJS** (»* 49 <Z4,$f 

r miv,« ra%i>i _ 

S.6W M-krr (MJitWIu* U W • 

. M-Ki^ fjiitarw' IMi» IMS' Mil 


Jpc Exchequer *tt- 1981 SB* Wja-*J» rnaay, Mugus* 49 7*®” ‘ v»M!«*®*7- Audita*. « • ‘ ” 5,6» Mrser (M-MMh* V* 

s£ **. IMS 821,^9 in*; Thursday. August 24 ., Tuesday. August 22 .. 5*727 ..., Friday. Aw 18 ___ ! “** t 

af^c' stk. 1981 94»„: i, i» I tl* list bdow records afl yesterday's sWlclW Iwt nrtfcw rtrlm the wok tf w star* wA>kh Mr. Tta Utter t» M «sw«*WwJ *> | || 

b-*«pc Excneouer sik. 1983 90^i*9 u I( , the due (Id *vcmbacs>. - ' tij-b . ' ■ . - . 


THE FATE of 16 Indian seamen. Mr. John Pltunmer of the 1-vSe eSSw *sfk. 1 ^98^ 4 goi-'il® ‘u* |»he dale cu damthesorT *** 
jailed over two weeks ago after Joint Council for the Welfare of 9 & SkSUkt sue isbz im« 3 s: il'»i ^ MUbtt * dBjina 
a shipboard pay row, was still Immigrants said: “It seems that s'** S52SS Sh JJPJ 2ft? • ... wSw 

imripp HoH unctorrfarr .Frar .. -i-_ *1 — 1 Opc Exchequer stk. 1983 94i‘£* * a 1*5 ! *3T L*r*ll 


The list bdow records all yesterday's nirkiw art also tte lanot nosfctogs i 


undecided yesterday after a the captain locked them in the 


The Dumber «f dialings marked In each sealed (onows the name or a* 
i section. Unlesc otherwise denoted shares ere EX folly nM art sack QOo Mb' 
; paid. Stock Exchange sqewB jg an rt «rt In oonmfs art. fraettoas of H in di 


case*, and ita list cannot, rtdia ba wrd ed rt ■ SEPE* 4 ** ' Vrtlfc 
prices at which business has ban-dam. 1 Bargains aro yrtMtad ta eta , imo-95 »«'> WJJI ••. 

List up ta am lib. anty, hot Iwr trumiwi can bo inclndod hr he IWlortU i mikp">i Somsr* f>Br II - 
day-o OBIeW Us*. Ho fauBntln bS^a “wtattw » MUh inw ^ : S'sm^&SSm ffiariv 8 * 1 ' 

• sale v p m chase hy me mbers of eba nbHc. Marfclaw "* "* menssari^ . ^ - . 

In ardor of axacuiioo. art nnty am harsato in any «*• aemnor at any ** < MorH / A J ( -ip> »n'» 99-9 

price Is reenrded. ■ M anunra Comoan* V»fc of Camman Stk. 

. .tUifi «S*» <**••»- • - - * 


m barnahn done by members of 
io Tba Stack Excfea—e Daily 
mark tarsaiu except bt apacUl 


organisation. « They were handcuffed and 

^ 2 s .TSssJEir' m0ves lQli that they would be taken to 
towards a compromise Heathrow Airport where an 

wWp S! ,, £j?35-P22“!Sft agent for the shipping company. 


“ They were handcuffed and ) Zoc Excilnuer sat. 1 1 999-200* U (isa « : Bugasns at Special Prices 
told that they would be taken to ,g?Pt asspm ***• RW • Exchange, -f Bargains d« 


told that they would be taken to JESSrt* “-**• -R. 4 !®' : Exchange. * Bargains done 

Heathrow Airport where an izunc^Scheniiar^uc.^ioM sbj, ^ Ul# 1 oiajayw: SMe— suenew; 5 ? 


where the two sides met said- lu j. 12 iuic exomwoct sue. tsm 99»«, * >s 

•Mr i Z * if >k » r* ,a - the Ulysses Line, would pay 121.* i*a,*wtr «k. job* ios*o : •ASSE?-^?* 

wimwiTOtt a then! 11,6 to thom V,;' pZrJ, 

“The Im part will enable f ? r ^ "»V'- »S ent sS 1 ,™,™ u . 

L h™ nhUiri Showed up. fine Funding Ln, fHgil*. 2<s * V „ ; SncPf. 60 


«, A Bargaaa tUi= e wrJi or bei*-eea M3-manfces. ^Barsaiss Ctae Brertoas day. * Bwrams daond, nemten Of ajM^ert Sort j x *' 1#U ' W 

Ine ftw dSajrd AdlTcry or - co bayiss^i.'' u-SAauraUxc: SB-4!Uhunun: aO-ldMdliB. IRK*6 Bobb Eons: 3J — mmitra n. , s1anj ^ lfT , r ^. nr iHn« M0b> 7h vgf'tt 

B WZ-New Zea^rt: sS-CSssasorc; SUS-SUaMd Saute. SWi-We* ledian. , vmwjk,*™* ,*»»*, J* o» )«• »* 

IBs?., aiD&AiaMfuu » « R!6raB «s«y«- «esp- "■ CJ * * ■‘^isss^irvtwK'-i * 


- 3a Lj Bar F2Sn) 4679 609 2 


them to go home, possibly on . „ . 

Wednesday, and the second will Since then the men have been « <Reo , «s - 1 

be negotiated later if the seamen detained at Pentonville Prison. 

are prepared to leave right of The Home Office has refused to s :=?VuT fl Hk ' 1MJ84 8i ® " ^ "o^u^^Ln? 2 ^ 

attorney with Vishna Sharrna of grant them a temporary admis- «><dc Trcuury Ln. 1995-98 63 wd ’ 1 * >• tn. m'i i s 

the Indian Workers Association." sion permit on the grounds that 7 '.f uj??"" 1985 ’ afl o:,I ° Vt0 , NaSoSi eSSErt. 1 ^ 

The Indians were first taken thev raight not report back but 7^,nc Treisnrj ; Ln. 2012-15 eswe is: itoaonai weaimim;, 

From their ship, the Calypso, on says that they can remain there e? ST”“ s,,ry ' \ ?f. 3 - : . 4 

August 5 when it berthed at Til- for another week before being 8 :??_S {Crt™ry Ln. 1937-90 ai*t -s® *« 9^*9 
bury, by immigration officers and deported in the hope that a 8 *nc Treasury Ln. 1980-82 93 a.* i 49 *^“ « 84n 1 r ‘‘ 

police. solution can be found. T,i..,rv Ln . , 0 * 3.86 aaM ufi *, j. SSL ■«*. y c «* r *’ 4 


6':ps Funding Ln- 1985-87 80>* 


■zs • SpcPf . 

•s SO I UDVOS 

. I s. 7 


|3-:dc Funding sik. 1999-2004 <Res.) 36 ^ Mercury 
h Ln. 62 


UAHW IM« lIOOi JXOflr it* IS 
Mare O'Fp— j3 1 100) ?8 
* lth)|MnrMii Eras pfi- -i 240* 132 13361- 

: M«rr,t -fld Rslfy Will FMWS » UV 

> :z~j» 7b <74* fl» 

,, . ■ Mor'.ww >W I SoOf-rv****. I'OJU M 7 
!5'22.»i.Mow BrtM, cor 1 '»“» ; r 

(■■:» &■-!» ; MOCirriCttr p T0l»l »d*6 .-• _ .. 

_ _.-.!VeifciS ChtHoMv *«-pu. 

Tbcaw . wb»'«m u r ;rvp« in 
, _ ■ DfoiTWart <750' 1980 5# 5 IW-fJ . 

I :2- 3 ■■ . Unlid-teo K»fp»» Wiwjiws. 

Mvnut uraur- r>0.v *7 - ;34'P'. ... 


NvxOnP ■ - 


Mmstcr Aascis' lZSbj *30 1 l :10 3'i 
National Com--nJ Go. i2So- 7S-j® 2 . S 


Arrow 
B-ick Peter- 


I U-a. .5flc- 43 4 !j <33 S' Oesauttee Brat. <MIMs.) (2So 
- H!«s6 . b 2S®! 163 23 >24 5,. : 2C 8. 5.2SBtP|. bo: (24 »j 
\C CocrAB 203' ISO 19 I Devours Fanner MOpl 17o 


NCX ■4-:iLr: *14 a^BsL^ 63* 

NxS 'Hmvinii (’DP* ii4-rZ4-ii 
, N*.l J E- ScturUitb <2jo: *200. SfleF 


U».1 J E; wturUwb Uja: *200. S9rF(. 

,2a- 3> 9 ;ji S- , ' * 

MMs <6. M I«i0> 35 


APPOINTMENTS 


5*; »B <4 <1 


Bluerne: Bras. <Zs3; 7T 


Head of Rank Xerox 
eastern exports 


9nc Treasury Ln. 1 992-96 77 1 :* .'it ,: i* .standard Charter na Bank *38 40 5 37. B!unde!:-P:rtnsc'ace -25pj 83 <23 8, 

9':DC Tressury Ln. 1999 So w 3 ' i3;-3cLfl. lOQ BtarjTar tK.O < :^r«. S3! ia*;5 T9U 

12k Treasure Lb. 1983 102iw* 1 L i«® : union Disceun; London 32S l24,8> ' 23 « 1. 5-a;P1. 28 (22.fi: 


saS'.W'avjiL,.. 


I!,, a I, t-63 E4ths 
12 :pc Treasury Ln. 1993 101>« =i« 
IZJ.oc Treasury Ln. 1992 102 «m® » 


BREWERIES (14t) T«-?iVM.vf «3. 7 T a 3 **■*’ 

rewer.es .23a< 84® *s® 7 '«» 3 * Bond Street Fesr.o ;7 3al « CSO 


Ooolmn IWH8.U. 54*: 


CZSa) 1020) j' 


,: MiBli Go5rt r,, i Bark *“ D .p ■ -3 Nataan 16. 1.1 {«50? 35 

KUtaiM .25D' 49*9 .24 81 Nat BP4l CffrtaP'Nta (08)42 1.1 6MU, 

HlOtaaiaJea Grp. .'59D. LO 2 ;22 91 I03 

HiSmtnd Ei«tr3<!^s 6r». 'SOP'. 48 zO 8* Nf>-3!r!l £25 p) 38 *24'8* 

HIM Smith *250' 87® 1 Necmert C55o; 45‘j 4 

Hill (Charles’ or S.-lrt iKW. ?-!> ‘ -A* . nmbbi and xamt»a iSSal B4,. How 

MKI (H. and J ‘ OB. <*0B» Ifr >2318* .. 

Wdirts MODI 209®- . N*|I and Socncer HWr-r.T-Bi. ,t&»» |ja 

M*rwS Foo*wear r2 0 0' n 09 ! 25 8l . NsH! iJ.’ NWd 08s «2S®> 4| (24!|l 

HtnCon (Ames' 9-0 ; NPlsan Bfew «»*» »6h ffi: -.. 

HoKhst Akiiei»9e»cilsca* h <DM50i WS64J * . NFWI -tt,i]| 199® 70 ___ ; ' 

T7I4I . Mrwman Ingt. 12941 91 !•* 2 7 

Hoectn: F.nanse Rl». sua. »i- HoecSsi ■ nicvi>nan-T«nsi illsi 60- (81WH - N»w 


Mr. Ralph R. Land has been 
appointed geenral manager, mar- 
keting operations, to head the 
eastern export operations of 
RANK XEROX. He takes over a 
specialist group responsible within 
the organisation for marketic# 
and service of Rank Xerox copiers 
and duplicating systems 'through- 
out the USSR, Yugoslavia and 
other countries in the Comecon 
Group and China. Mr. Land joined 
Rank Xerox in October 1976 as 
field operations manager, eastern 
export operations. 

* 

Mr. Tony Longman. Sir. Leslie 
Holt and Mr. David Rees are to 
join the Board of PHILLIP 
PATENTS (HOLDINGS) from 
September 1. 

★ 

Sir. David A . Payne has been 
appointed managing director of 
MARSHALL MORGAN AND 
SCOTT from October 1. Mr. 
Noel W, S. Halsey, at present mar- 
keting director, becomes deputy 
fbanaging director. Mr. Peter J. 
Lardi, who has been managing 
director since 1972, leaves at the 
end of September to take up 


Decider (Sb) 23® 4 
Ductile Steels i25n> 113 <34 
Oumv e.:umut,c 10 b! 37 i; 

Duittee-Co«nDe*-Mare mod! 

Oencan ‘W.t GoOtir<cke 455® 


3':D: Treasure s«c. 1977-ao tReg.) 94i*:o , Bswccr Bra-eres (Wroxnami «bpj 85 8owworB - n:css. \un>i a-; 5 




II SO (34 B> 

125BI 13S. 9:.-pc 


•24.d). ~PCLT. S3. i34'S2 
Bracr Leslie nas. El. New Ora. (103) 82 . 
uraoj mo- i25Bi 56 
Rpj.am u.Vm- :Sa (in » , 


- 1*30’ (*3” *-.0^ Bra/jjn-y us .;0p 43® £ 2 

,)!»■ . T , .Bri.:hw«j;c Ens. 122 23'8; . 

■ Orwaaier (H.. 120B. 1660 




S :bc Treasure sue. 2aaa-)4 .nee.. I mm artSy iwTB lisi Bummer Ilk. UOs- 1660 S«wfpe I*. c2s B i TS7® 

.% Treasure rtL 1932 BV-.-j. „ . . *® £ ^ JSTSL '"ViV-Hi j gSS WL « <23 =, * . 

9 ‘.h 1 TI?"” 1 cluraae 6o;D3 81 U® *24,8). 7^2*1 1 Cherr.^Jtt^lOB) 205 C2S D ) 36® SM 8h« 

tsfLjsR s. ^ ^ i K^r^n s t j°r 4 “ a> *** 63 ,2i,ai - * asw 

in£ Ut. rtc. 1992 M ?%£'&£'%*'.” 10 ^ ^ £*. Mfta «. a.7 « *2501 so (22*; 

10^84* Treasure stfc. 1979 100'.* '•» I 'wtu^w t2£«l 1369 1® 2- New i S?52f r 7lSSS? n, o/ ,, fS»5» ; |co So (HI) E ~“ F 

10 ;oe Treasury Sik. 1999 BS J?. ! gS?) ’S7 (2* 8‘. A Ora. 15P) 38 2) 0) - Hr.^rar tip. (Soi S'. £23 8. . E.C. Casus ilOp) 15'. 14-*. i23fl) 

1 1 *(0® Treasure »k. 1979 101/** -* : JgH. 'a , osd> 7a ,24 a... Br its'. E-g. Pas* 25s) 1270 (24 8) , tMI :»OpJ I =1*0 3d:« 50 2 4c 4 Z 5. 

1 1 -;0 l Treasury stk 1981 *61% »is 1 305® 7® • Br,i, v i Amer tan Tcdaeco Itm. IOpclk. I 4.02SPCP1., 44^ .21,8). SBcUns.La. 3BI< 

1 1 '.pc Treasure sik. 1991 97".n® M : Jag* .UJSy 1B» 3® Z \ 79. IStEKta- -a 12A 01. 9-»CLn. I “I*”- 7 -^PCUbs.La. I 8JWU.J 8-:0C 


Nu-werr Fbubs 2->n» IQ6* 7® 6"-;* 5 8 7 
S.CSncLn 125. _ _ 

Nurus. Wr-<in: Cw..»1»l 207 
Ncu-tcn SimuQ >24 8< 

Nsns" 'WI.> IH-41S * «B' 4»---* (848). 
New iso- 4f«': «2i-BJ 


NrrvK £ecur<t:n >1DB.' 3D® (24’«P 
Nrrere*r «n,« .85B’ *-■- TgeLs. M 

i?3'E- - 


r Haward MWMHWY ^j2F’ S,, . s -.. e 4 Nell' rpHa*! R- tV l'-8B> 35S' 6 - 

%SS B %JSSS > isSSS M'® ?- : "grip 1 ™ <»w *6 

56® Sit® * 1 -, a-. .24 31 Hc»j ijereer: Hr,! trOpI Mrtf' 

- • I Wowden Gn». ..Sbi^Oj® -.0 a.- .-«s . riOoi «3a B* M (3 as. 


, 8 J.) (250) 63 (21'a,. A QW | <5». 27 


(2501 30 <22*; 


SrL^'li ‘^ref-lev 12501 135® 1® 2. New j SrcBTri-Gu-iBre' ' Hljys.) :2Cp; 37 <24 8) 

areenail wiujey (Z501 l «W 5 : Br.ant Johr.l Ca. 25al ICQ so 


iHoittiog *%W«lrd (MBW '2Sd 31 
I HwiUc.on Gns. .10 b 1 1*4 .3 8. 

Hurst cCharresi (2 Sd< 9W r?, s J 
Hyman >1 and J« -5*" 47 -* B * 


OK. Bacsars <1929' CRO.50) 42S® (248; 
70 '' Amr u rcutH (N/d£a.i U00<-As i22 8‘ 

. O.e-Van Sc 1 tirinicp VpcSdBJ 


1 — J — K 


GcHck-r 1 J3 .-S 7 <3 

O" we. ElestrBrtC MMB.nu . Ujp) 12Q 
<23;C' 

aii'tf* Gr®. I2flp) 181-'-' 


I 


Mr. Ralph Land 
Head of eastern export opera- 
tions at Rank Xerox. 


Variable Rate Treas 
95";, *21 8. 
Vanable Rate Treai 
9-i";, <72, 8> 

3 -bc War Ln 2l'«< 
Brltlsb Electric tv 
9S'i«® “i, » 

95*s Jj; “ 1* L i« 
B-:tlsh Gas_ 3ocGti 
*® >1* 6 >1. 1 

Iran Free State 
>22 8) 

North ot Scotland 


TFV 5t«ifnd flaelrSty 3 :DCGt(l.«tfc- [Wilber Mann Truman 'Hides., 

itf'fcSSnSl-^A 1936-96 -4'.® '‘| W ^fe d 
:24. 8, ■ 6 . aSC d; 3 . 62'jO 7pDb. 64., 

INTERNATIONAL BANKS (1) lO'Sko b 

FREE OF STAMP DUTY I .jar: ilncLn. 15S 


SoCLr. Br.z.itt P.-.ei.ofl Carporatuas i2$a- S3® 


another appointment. The com- INTERNATIONAL ba»m ii> 

pany is a member of the Pt-mos of Information Research Unit, is fpes o p stamp duty 

Group. to re-join the BRITISH MARKEi ^ «»■ ,977 ' s: Si ’ J „ 

* RESEARCH BUREAU as a CORPORATIONS (22) 

• Mr. Lindsay Bonner, previously director. fuze of stamp duty 

'manufacturing; director of elec- * “a - .* 1 . mV Cl 9pc 4 79i«i n '2 4 «•“ *' DI 

ironies and instruments division Mr. Raymond C MiqucI has i!*? ei ssu. .po 
of BELL AND HOWELL is leaving resigned as a mm -executive direc- e ‘ 63C **' 

the UK to take up an appointment tor of DAWSON INTER- Ccn a> Lemon 3 :pcD«. *s -22 8. bj:« 
as divisional manager of the com- NATIONAL because of pressure G ?^, c ? 4 Lp^on 6>.w h" 7 k so- 
-pany s CEC division production in of his other business commit- 24 3,. 9>. «■. *S28 * 12'jpc ’9-_s 

Pasadena. California. ments. Mr. Mi quel is chairman JSli® do. isas 101 


® r *p» *H*m irau£-f oca) 32 .24 8)| ISIS, 'pustfes \2ipi 47 

a-'!"' v..l r*5pi 9 j 9 ,1mm, brolu. ,m4 FIm 


iVo:vcrn«-«a:or Dua'ev *250. 2200 4 i;‘^'L V ; : A. 1 I? S A , - 9 f 9 Encrpy Services and ElMtrPnIO OOp> 

N ~ , »- =“ ttiSa*'.,. .. — 


150. 9acP! 941; 

CANALS & DOCKS (4) 
riciol Cn.inncl '"Op. •■* '21 8» 


a-iPcDb 1938-53 74 (22 51 
Bra'll Group C* C CTpar. m ;iOS, 670 
Bruner Hill Proprleury .SA2' 7120 2® 
69CO 732 5t 


S'OTii;r;v5 Cswi.-T- M4CSir.;ag (5p. 34 
<21 fli 


Srs.K En.Q. H;o35. UOc' 29 •;© 


inpram I Harold, f|0p) 31 (2! 8) ■ 13JI22 8J _ 

InltUI Scrv.c« I25DI 87® 7 8 (£4.8}. \ S|ij , 

C oc M pfi R1 01 • PMfWi Lqnffmjn IH'ttKM. •v; <11 0^ 

loternational Business Machines tSUSS) J -^t*’ l ^ p * * 42 -* 

inter national Pam! ;25al 79 8 

international Timber 25P) 137^:®. I Opc Pcuirr-HJUr.ileY-, jaitTM 
(hi< Ln 149.. (218) Pu-jii-e Maui* la'P « lOpi 1®.: 

Inreresh (50n ' fifl 9 ' DenrMrt Inp,. -tCi») 24:.. (24 8, - 

inveresk iauo. do » Pcv-al .lici 1DOO 100 99 


Perji .ICO 1090 100 99 
IOpcP* • ri-ki.-Eima^ 4ocLn. 7CO '2t--3l 
‘“^"iPcry « Harold) Mul«S -SStO- 129 

'»KDa* Hid 3k. I1CP1 129 ,"23 8.'. TOrfrt, 
102® <24 ?! 

1 Peter Pan 8akn les t ? 

' Pelflr-* ICpi «7 

IDnc ; PPirccon Grp. i12':p> S3® 8 

. A-ll'ni rin.re® CL TOC L 11 CJk . 


Mr. John >1. At 
become managing 
Rolls-Royce divis 
EGERTON AND C 


■ Brunnlng Grp. (25a. 74 (22*8) 

. Bruntons. i.Masreiburphi i2Spi 1C 


Exchange TrleoraM fHoldlrwjj (2So> 113f J J5? 0l ,A ' 


I Execute* dottics *208) 36 
• Eroaitded Metal (25»1 84 


Pla« ton's ■ Scarborough) <28®) M® 3 DM 



l Sit? BA.'.W Of SC, -LAND.' Mr. < W Bh ,L0n,,On 7. 

Maurice N. McTaggart. assistant JiTjijneshtaCC ,*;**; -Vfr 5:BC 79 ' I 
general manager, computer scr- ScansiRoion »rd Ches-a 'B«»u .■«««; 
vices division, has been placed in oV&F JS?6 -bo ge o! 

overall charge of the bank's com- K ' 2 a’ B. Coun ' T * S . , 


80;o 9 

.. _ ‘.Adiri if C'bhsn ''5o> 77 »23-B 

5-:°c 79 | Adda internti. -I0o. 48 
i i-r^,iii A <l»incr Lau.-idries • lOo. 28® <24 81 


BocPr. 56 : -21 B 

Adneii Go. >250] 2930 6 

Aerlmte Eirann Teoranta 1 O-:b:O0. 83’:® 


«« • 

k)ar^ : V 3 %^o'm^£, [ tail %?> 8 «*'» 

Bucerheid Ka:v*r i25p'- 30 -IO I t-euoda DDPl 36® ‘24.BJ 


S* J ?J n S^.. , ’ EdW * ,,<,, <Co, ' ^ractoTS, n0s> 18 PICMPIIIM (Sol 59 C2i:a) 

jtDP 78 >t® Jones > Ernest) Jewellers New (lOo) 1S3® 'j 2 3 22 % lOO. 

Jones Srraud Ifildos.: IS 5x» 89 121 *J ! _DJ< b2^.24J®) 

hp ; ssiiu -■— 

.BSpcistDb. tcenn! no 'Motor Group '2 Sol 79^ 8h '• Powell Dulfnrn <50p) 3I»® 8 938 


nninq "Motor Group <7 So! 79fc® Bh I Powell Duffren JBJ > 33p 4!^ 

jKent A W So.-* SocPtP«.Pf. *d2:jb> 24; 9 5 8 # A. a> 4VoePf * ,T ® Uoefil ** 

! Kent IM. f.) M0n> 41® 124 8< 'Pratt T) Enp. Con. U«P» 72 «»•)- **« 

' 5S2!' a . ,v J^:.L S:> . n -? L Snj_lO : -.i22 8! ; Ln. 80!;.t« C236) „ 

| iNQQfJ JIHerTMLcT. libD 


reuDOk II DP) 56® >24. Bj ' 2 |o 138 124 8). . 1 Preedv « Alfred! Sons Q&pJ ta 

Fenner ,J. H.l irtldSS.1 (25p> 171 Q4® Kw.K-Flt (Tyres Exhaustsi HIOBS (lOo: S4 Press iWiHiam) IBM 27W® J - 

Ferguson I no- Htdgs. '25pl 122 123 -) ' hlmi .„ . . ' h«s»M Hlda. (10P> 10i «4»61. WJ« 

Fcrtiemao iB.) Sou ( 1 Op) 30® 134.8 ; K ^ ,,k Discount Coop flop' Sfe a • Pr » 60 '24, 61 

nudity Raeic. -iop) 81 7 ; PrcsVge.Grp. <2 5p’ 1 _ 

'Findlay MUiorew R.l Grp. .2Sp; 435 T— _1I -Priest iBeniamin) *25o> 55 7 9 (22*1 


Priest (Beniamin) <25o> S3 7 9 (32W1 
Pnnce of wales 'liw 55 . . 

Pritchard Services ,5o> 4;ij# St® 2 Vi 


Mr. John ;\ttcnborough 

.Mftii 1: Egenon mid Co. 


duties as north-vve^l regional 
industrial adviser ai the Dol 
offices in Manchester. Mr. Roy 
Stott, at present a director, 
becomes director and general 
manager of Henry Simon. 

* 


Mr. Peter Sweet, managing v^'^ccr^ | X^^^iuT^uk? 5 ?;, 1 ® 91 ! *3° “* TfT . ' " 

director .of HENRY MMON. M <l^ 7 T£ 0U "' v ' ! wKft 3 *- -SE.* 1 ' A doSi^So. SStti (K iS » 21 at A 

Stockport. Cheshire la Simon N~rr.«:e-upon-Tvn* 9..ocStk- 1975-30 , 8 Si :^ T ' :r - .l?, 3 '. r,e f r ,: 5 ’ ' 10o) 7 * 3 • 

£ 5 ; • 

.enrelTn ^ I® «OTR Azstf Ss ??4 : ». I cS ^ .2 “ i^' ' 

takes i!p ^24 r c. Co,P 5 ' :PQS,k - .aapJeiTi 1 8?*.® ,e leS" 1 *”. 0 « 

regional 5^"«*«ell Met. Borough ell 13 pcS:k. 198- ^Rrt^ilers ( 1 Op) 95 '22 8 . B'ltcn. Caosca.'i i'3e> 47 • - »2I'S! 

the Dol sJiT'h 'Tynesicle M*t Borough orj ’!w ■ SuimKors 6pcLn 61 T24 8. ! Carern P ErflIjIrer'n0 OB !2!a) \\ 

Mr Rov S'k 1586 99U 124 6‘ Allied Textile COS (2501 159® 24 8) Carles CaoMl.7L.aVrt (1 On) UA ? 4 

Sai'th-rd-on-Se* B'.rougr- Counrl 1 2:Bt : Alp.r.- Hlegs. .Sa. 77 (24 B, Carltei IiSt i' 1 ^ Ain flam a>i 

director, *CH Ally Pd.l 1987 J7-4 wn. IZoei Alpliw Son Drmks fiopi 159 *21-81 ‘ uV 71 ai si 5 2MO ,4 B1 - ,-:BC 

'* Pnpral S!W £45 od.i 1987 44 HI P» _ I Am si. |pd'. 7ocP*. *3 i24 S’ 1 06pc | ri—,.', _ 

n eneraj S | 1(tl , w ‘ r f Coni . 6 -neSt* imm* «; Znopi. 91® 2 izob, 5?f“ni n S7 l - 6 ?j j.? upax ~ 

1. .24 S. 1 1 ijnrStk 1984-85^103'. 22 => Amag d Metal 349 (22 8). 5 4pcPf. S3*a rff . h ,;£?■, "'aS, 3 .21 

srerh^ert MM. Bort-'i0h o*< H'.ocStV -22 8. I carr i j.) fDoixaver) -2 So) 460 SO 

_ jap* 93*4 <22-51 _ Amalg o Power Eng g i25di 162® 60 1 Cjrr.ngion Viyclla :2Sp) 37J; 7. _ 6>pcPf. 


I Fin lav Uames) USo) 1 10®. New U5p< l.C.F. HMps. (ZSoi 94® 3® ; EisTil 11 6* r^eSPiat 

L 711® h *24 4). Do. (Seal qrth Maritime) i L.K. Industrial Invests. ;2c-o- 33® (24 8’ : Si^iV^’rAi.1 aKt 9-e 
(25pi 115 (22:8) _ LRC Internau. ilOpi 36.-. 7 * 1 0.-ne ! £j£ 

I Fml*v PacnAdica (So) 20:. (21|B1 nsec.La. 82ij i24-8» • ' 0 < _5 J JT lll *'rte 6-«>ci 

; Flsorts 378® 5 8Z 3. 6pc2«dOb. 87U LWT iHIdgs i*A <2501 1 5S >24 8) < pStl? rw* Vi n Dal 47 re 

I '23, 'B. S'tpcLn. 44!; 3>« \23*8) 1 Ladbroke Group MOpi 1802® 1 2. ] * >v * ce 1"- J * Cl 001 47 Q 


99® 91® 

! 614XDS. aSUw® 91^® 


F.tcn Lovell ‘2op) 61 60 

ffecllo'cisiorf Wheels (&P) 60 59 G4«) [LadNs Pride Outerwear r;ooi 59 1 Vc 

F,Mnt RMP^hg «HWta3 .&& MB ' i,# ‘ A a ^i 

jsssfwrrfr 92 - 1 S , ^£^s?sai• io* sflffh- 7T - A 5 : 


LartSroke Group flOoi 180:® 1 2. : 

^rrants to sob. 94. SpcUnsec.Ln. 65 U® | 


0 — R— S 


Flu-drue Enfl- (20p) 92 t 0*1 Bj 
Fcdens L50p) SO 1 


ffi (^8?.^..**. | |^n|'^ypg? 7 22 - sf.D. 1 Ulp! 7,," ~ ■ 

(Sufis 8 ' itaDb ,S0,,, 12S ® i.ig.K.Y. Te„,|*» U0P> M l26«) 

*"* ° Xa> *Zn a <2& 102® .24-41 fSSS E ' ,?Ctn »' , '“ ,JSW J “® 


9.C.F. Hldgs. ,25 d* 39 


iCarelo Ergmeering '25p) 74 l cl r J<MartlnJ ilOp) 33 (24(3). 

Cariiws Caoel Leonard (10a) S3® 3 4 | For 2 Mcrtor lUSV 2) S5>| JUN 
(Carlten .nd. .250S 234® 04 9>oc | PSSnjm^ason BlO U26> 

I L BJ . _ I Forward TechoologY ln*»- r5 ° p * '*** 


Laurence Scott .2Sol 102® (24 41 
Lawtex <25p> 67 8 


au; _ 

Ramc Eng. Cl Op) 14 


retired. Mr. .Attenborough joins PARTNERS has appointed part- 
Mann Eger ton from the Rob ners in associated practices in 


in September ldu. Mann Egerton East): and Mr. Patrick Voce «)5*. <24 ei * " 

is a member or the Inch cape (North-West). 6 i 24 'b.* 7 Nbc si** r«p *"9«w.;‘? c 

Group. -V B69 101 101 908 DM- IT BT ET E 

■* Mr. Peter C Moseley, who ial* ioi.9s B C246) 9A a'-re ^gn.- *24-a 

1TEL INTERNATIONAL has joined C. SHIPP AM. of Chichester. 9j.pe 99 ;, iogbc 10021164 <22 si 
made the fodoiving appaimmerus as marketing director designate ' w 0 , ..... 

at its London headquarters. Mr. earlier this year, becomes market- public boaki» till 
James WiUiams as vice-president ine director on September 1. He ° F 

of planning and control \rith lakes over from Mr. Charles F. ?p C CU 6p“ M 6upc C l7u® <S»:,bi. 1 6sf 

responsibility for the financial Turner, who will remain as 63'.- fai-B) Tjjpcaziji. ^.pc 86 *23^ 'l 

operations. He succeeds Mr. marketing adviser, until his retire- FuSnceior^ iiSSttre 130c L'n. 102*. ■ 
Ronald II. Coetyn. who rclurns to ment at the end of 197«. i4pt Ln. job'. (XiiiBi 

The L.S. to become vice-president. * TnwvTnviVKAl TH GOVTS (4) 

hnancc. of the ltel Data Services COLOROLL. manufacturer of LOMMONw SALIH uwv iSLt^l 


' „ | J9f5 ga.'i 122'Bi Amjig a Power Eng 5 '25oi 162® 60 1 Cirr.ngion Viycll* :2Sp) 37J; 7. 6>pcPf. Fatler Uohn) Son i^SP) 1 

SIR FREDERICK SNOW AND I S:ms : clvd8 Rmional Council Var. Rare Stk (24’8i , ,, 5? cPf - S7's 33.8). 6.2SpcLa. FraiKll >&. ^Jw^'iSofsiO 80J® « 

\RTVPRC hn< uniMinfwl n „ t lfl"2 ««'<• 21 8: • Amber Day Hldgs. <10 b> «6'i 123 8) 4»i- ill'S) Frantlt Industries |25« Bin 

VKliVKKS ha- -imininlerl na, ' r - 1 Sun dir'ar;d 'Borouoh ol> 12pcStV.. 1984 Anchor Chomiul i25d* 80 C»ron -Hltl^!.) <25 b) 61 24,'81 '- 24 n “L,^, 104, 

102 .22*8) , _ And.-rson StratlKlvc- *2Spi 68'j 7 8 7 CWs Mill.no |nd». (250) 54': (2I.»8) Prana* Parker cIOp) 19® 

Sunrt-rl>nd Borough ot- 12',o;Slk. 1984 (24 8). New (250> 67® B« 7 , Cartiers Smrerfoods New (20ol 800 (2418) E5S!TO,^9c2S Sow i» ” 

Surrey County 6ocS}lt. 1978-80 HU -22 8. Anglia Television N-V A (25a. B7« 9® 7 Cartwright tR.) tHIdgs.) MOoj 70® iZ4,8) Fre"^ .10S1 75® *24(8) 

Tvne and Wear County Ccuncii IZpcStF Anglo-American Asphalt <25 0! 56 Casket S.) (Mldgs.; .100) 58 I Sffi^uTnSSSUaSol '109 132* 

l?»s 9?* “4 AsttaSwlM. Hides. (25P’ 37 '24.-8J Castings '10M 47 124.-8) 

West Bromwich Caro. S'aPCSCk. 1977-79 Aopleyard (25p) 96 Catalin i2So) 451. (24)81 Frtth (W. G.) *20p> 


Lcnnons Go DOn) 34® 5 
Gp. tIBp) 257# (24.-8) 
Lcsnev Prods. *5pJ 85 


R 7 n 0 SO 7 r 3l^^ 10P1 » *• 


95>. *24 8> Aouascutum Assoc a. A <5P) 51 

a* DC 99-"';. 6'ipc 991 ' in. 6'u»c 99 i- Areplectrlc A N-V (5n' IS'r 

(74/8i 7hK 99 . 7‘ipc 99)’;. 8 >jPC Arden CoOdcn (5 Op- 88® 

R69 101 I0199M4M- ET ET BT ET Arenson (A.. H9a> 68 9 *2 j 8) 

99 ■« )i». Ilpc 101 947 10! .952 101.869 1 Ariel Imts (25p| 42 
101 101 .95 (24 4). 8':rc 99»1«- *24-81. Arlington Motor (25oi 123 

9'.DC 99V IQIjDc 100 2K64 -22 8) Armliaae Shanks (25n) 73 
Ill-lie 99 h (24 8 1 Armstrong Boot 64® 3'- 

PUBLIC BOARDS (17) iSSrstSSctawSr^i:?® 

FREE OF STAMP DUTY Aucclated Biscuit Marutaciufers *2 Op) 


B'.nc J Arden CoOdcn (50p- 88® 

' tTlArenSoO (A.. H9o- 68 9 *23 81 


Castings ilOp) 47 (24--S; 

Catalin <25 d) 431. (24(81 

Cattle's -HldgvJ .top) 38®. New (10p> 

,40® <24 81 

Cavenham IDpeTnPi. 92::Q 1. 9-VpcLn. 


UtjjTui *Tn S .-. j . 1 i? 5 . . Riniome Hodman 1250) 62. - 82 h 

!. 5 7 mn&ius&SF 


FREE OF STAMP DUTY Aucclated Biscuit Marulaccurers . *2 


Metrooollcan 


Associatrt Electrical 6pcDb 81 (23*1. I o.anoe 

6-ocDh. 65': (22*8) 


Group. Mr. Hugh Parry has joined wallcoverings and packing ^c?«aith. s.-oc 197S-: 

ltd International as director of materials, anounccs the appoint- A fS” 's -pc 1976-79 97»* (21 
country li nance and administra- ment of three new directors. They 5 r ,. ’/SirS, 2 *&, * j* 8»*3 6 bo 
tion. are: sales director. Mr. William e?« Airiu Hiah Comm, s-’iw ;a 

* Doble: an director. Mr. John * l4PC 83 ' 6pc 95 

Mr. -John Samuels, at prc.sent Wilnian: and purchasing director, scniihSrn Rhodes.a 3« 54 (23 Si 


REGISTERED AND INSCRILEO STOCKS 1 "^'(Zz'If 0 ' 125110 50 | Charrinuton 


22'SJ. S'-DCUnS-Ln. 115 

.Associated Soravers MOo) 56>:® s 
1 Assoc’ated Television i25p) 123a 4® 6 


C Dh r *M-?® aiM 128 30 2ai = »■ ” '.pc SSta/umVnMfiSta. 75* 

Christies loud. -10n; 1229 3 1 SSTuLfcta'Cta^lhp ®1P3 

Christie-Tvlvr jlOPl 83'-® (24*; CUnhcld Uawrcnce B i26p) 26 .24 8) 


acting head of the Central Office Mr. Keith Pickard. 


COiM ‘WEALTH CPN. STOCKS 

South African (Rep. oil 9i.BC 95 (24 81 


A-toeiaTed Tooling Industries 1 25®) 40 Cbureh >25pi 192® <24'B) 

3* ! City rlo-rli C>rouo :20o) 131® 1 


S[;re*;«r U n 5 cd Klnprtoei'SjHwDO 67 (Z38i Class and MeMl Hldgs. HOP) 66® 80 
Chabo and Son <20o) 144® S® 2® 3 1 2 .4* 8) 

4. 8_-pcLn. 72 lj® riavo Gro. 6L0CL1). (50P) 280. 7 J. pc Lit. 


3': 5 - 

J:“2" ” ai ? n, Y (iop; 41 (2) 8> ! "efvon P8WS (250 83* f24 A, 

H|d « 1250) 69 <21 >. : o'-"-.*** !«'•* ' " ‘ 7VflC 

Lonj-ho (2Sp; SB':® sto 62© 5 ? 4 - ? l5* no, ?..Hl* 38. 7 CdcLb_ coj. os x> 
fu n , 8 «Ln 1980-S5 -611- (A «,* RentofcH fioal 73 **3 f) 

. IMj-jB E. SO t24 81 - a> - °0 RenwKk (250 47 t23i8) 

L^h^ e r^ f2SB) «4 7 (21 B) n “py >r c ”0 183 2 77 


EUROPEAN OPTIONS EXCHANGE 


FOREIGN STOCKS (5) 

COUPONS PAYABLE IN LONDON 


Asibure Madder (Hldgs.) -Soi 57 -JZAB) 
As*ra industrial *10o> 35'.# 6'- 
Audio Fidelity OOP) 29 (21 Si 
Audio Tronic Hldos. (lOn) 19® 21 
Ault Wiborp )25ov 39'-: 


CUrlte Nickons (25P) 74 *21 •?! 
CJ»< (Kicnard) »2Sa, 89® 5® 9 

9*^10!?. Son.rnfj^j , SO pj , 0 


Austrian 4 'jp.^Iublh 1S34-S9 1 Drawn I Aurora HMgs. (25 pi 98 b 


9»itoP. Son fHidjs-) CSOb] 80 
Ct'/ford and Sn*ii 1501 27® 6 
ClIHoru iChas.) 103 C2Z'8I 
C -*ord Dairies I25B) 60 (23 8). A Non-V 


Bds.. 22'.- <24 6, Austin -:F.J .Levtoni MOo) 11 f22 81 Cl-jisom.-penn Inremsdonal 7i^c2nd Db. SiiJfS PhotograPhlA Products 

Chinese 5 pcGoIoB(H. 1925 OrawnBds. 13 Automated Security (Hldps.i (lOpl 103 Kg (23 8. « Jicano uu. (2 i 8) 

.24, '81. SocReorg.GoldLn. 1913 .London (22-81 „ . _. Coalite and Chemical Products (25PJ 78 is® Goldberg (AJ Sons (25P> 75 4. 

IMUQI 13 >24181. Trsv. Notes .Vickeis Aulo-ivolive Products (25ol 81 7*1: 7'.-® 7 Goidnan (H.) Group 1 1 0t)13 >: 

LA 1918) 17 <23,51 (24 8:. 9pcPf. 91 _ Coates Ores. i2So) 78®. S Non-V (2Sp) Gomene Hold.nga (29p) 71® 3® 

Greek Sik 1881 JUJL55 ii4 S). 4 pcL/i. ; Arana 15 b> <7® i; 7 78 *72 8) 1 Cuodoian Brotners Siockman ( 

•ufs 5* i» .24 81. 4pcLn. 1910 5U.S.S4'? } Avervs (2SPJ 188 9 ‘24^1 Chats P»tOBi tSoP'iJ-:® 3 1 :® 29 2 *: [ 8 ) ..... , 

.2*8) Avon Rubber 215® 18® 16 19. 6t : pe0e. c Ls , C 5? C ®V *o S >,'7. , t n - 52!*® Goodwm 00 Sons (Engineers) ()l 

Hucgarian 7':ncBds. 49 is 71 6 '22 B) l^ts-ViTa 0 ' 89 f218 ’ *4* « „ , , - . . 


Glaxo Grp. 6^pcLn. (50P) 28®. 7 J, pc Lit. LonsdjiJ un7ve«S| f 2 Sp) u , .. Reitmor cSISt iac->7V 

9 *■ 7, “ « >'* ... | m 
qiquop fw. And J.) f25p> 62 1 C24,'BJ £?®BLJ06 121 B) , 5|f WaHlnjioii lnqs. ciOpi m; 

Glynwcd c25pJ 113 12 14 Mil. lO^K *** 33© 2fl fi* I Rir^Tp 0 '?* mSW. f il 0D) 

Ui. 1S94-9S an- (23.8). 6PCUI. 1983- L Jlcs ^(S ) /sa'a* 24 «> *’ (?*'•» 

less 7i -n a i.8i _ . lJS; >« fiOSKSi*, MaJSSniSB X%r.’ft3i . 


27 F374.50 


5-j 

4l t S27 1 5 

•- '■'*641# 


Huceirian 7':PtBds. 49 »s 71i. h, '22 8) ESf^i’jf 'h l 1 i?-t P ‘ 89 f2, ‘ 8 ’ I i2i a I " i MeC?ecre L^n^ aC G?4'5t ,S , t », Uo, ,us 

jap'an* 1 4 kKi. ' ® 1 9? o’ : < Enlaced ■ SU.S.50S 8AT , odustrtw i2Spi 331 2 30 5 .3. aSa’z's 0 - ,Mr “ iPlernatlonal .0^0^ Bremen 720 p( 60 [21.6) 1 ‘ "aruS^ra^lci? 8 ^ * ^ ” 

Unreaay 3 :S>cBdS. 96'- 7 <22 8V BBA Group USaf 61 *2 4 '81 ^ ® A iNpn-v) (2 Sd) 13b® Granada Group A <25 pj 1 18, . MjcjSS-sSi *<?) . 

■1B?iW?iai v 7 ° rC ‘“”’ s ' ,SH S ^Hwi 5 . ii OA. ewm 7 ” ! W-8S SKVft "?■«., SS&ft&sflS &°i I s 13 

Commercial Union ASSC. Si.-ocBds 1986 1 g L ijopi ZCBZO: 20 18: 19: . j 69 i24'8> J ‘ BCLn ' l Tor 1.S625 Ord. 7]j (-.18). SupcPf. lllllnui - i t/ Sw 94 12 


•23 8) 

Uniouay 3 :ocBdS. 96> 7 <22 8'< 


nosulll HldOSi ( Id) TRA IMlftl'" . 

Rota/lev .GBl ilOp) 4 M > a4*> ■ : 

'30o! 42 1 ?2l«y ■ . . ■ •'. 

(17lj|0 63®4 Xt) 1 28 81 


) ftS^i;!- 8 - 0 ^ ‘Z5p»- 39-oiinz. .. . 


5.80 

5298 


Grant Brqs- *25 p) 125® (24>8) 

vs I ‘*vwr~ w i ZZ 


“?"^«lcr Saragas HOD, 35 I7J-8I 

Mandurs iHWgs.i -25 pi IQI c^ af 
6 18J “»"«"<!>« Bronze Hldgs. .250. 78* 


1 rSE??' 5»!? w ? <asrt iso® cm*) 

I rSS 1 -366® (24*8!, . Ppc 


UK & COMMONWEALTH RLYS. \ h* bi 


Cooaer Indus's. flOoi 23%® 3 


hiLM F 133 30 
KL.U FJ4K.90 
KLM F190 


335* .. 

a 

- F 156.50 


Greater mans Stores UIO.SQ) 173 (22 8) 


Armavir -lOudDSC Rdilwa* 4-:PCBOS. E6'flaHer Ben) Con*»rucilon cir». l zu 


KLM F 152.40 


„‘25B1 , . -Bird , WMliam. 1820 S 7 4 8 <24:31 ' '* '* S2 !® b81 

Kei-and-Namangar 4i:p:Bds. t.. i2. Bi . ftaiw . c . H.' 'lOpl 5'-® i2« 8. Country Genllemen's Assoc. 

Russian South Eastern 4' ; ixBds. £6 (218. , a-kcr Perkin* Hldoa. iSOoi 117* IB® 18 CburtaulOE i25Dt 1170 19 1 

Tro,ttk 4>jpeGdL £7 6 r2£ 8i IS I TncDb. 7U. S'-:KLn. 

o v vice <mi I Bakers Household Stores *LccdsJ (lOBi; B'.-peLn. 55 ‘j®. 7'.ucLr 

8A-1R5 Il™> [ 45': S'; 5 '21-Bi *24 ®i. 7'JDCLn. 58 (22 Bi 


ros»lr r25o) 78 80 

Certain 'P.i OSai £25® 6® 3* 5 20 

Country Genllemen's Assoc. 8.%® 


KL.U FI61.90 


KLM F171.40 


Group Lotus Car Comnanirs «10p> 44® I IndUEtS. HOB) 20 


Mdc'e .'HldBS.I (lGpi 22 1. lO -ocLn. £8 | R (!?. b V CwNflV &W » l i* 7® 

M-retanc aSP) !54. 8 6. 9pcPf, | Am V,’ IfiEl ASS 

BSS. « J IBS •«•*?» : 


Guest. Keen and Nettletolds 285® 8® 6 Marshall Cdvendlsh (lOpl 52';® s . 

5 4 6 37. ShocLn. 1985 321; M -' r5( ’a | | rr.> iLoxIcr) i25di 50. " 7 '^.' 


KLJI l' LSI 

hLLM F19Q.50 
N.N F 108.90 
NN FLIO 

NN FI 18.90 


FS2.50- 
F25 . 
FS7.90 , 
f-50 
660 
F130 
F130 
F140 
585 
S65 
F 180 ■ 
F 150 

645 : 


3* 5.80 

129 1 3.50 
301 . 1.40 


Tro.tek 4'jpeGdL £76 72 c 01 

BANKS (183) 

Alnxincert D vrounl 264 (24.8) 
Aigqmene Bank Nederland 
jU.3.1 6S-'« .21-81 
Alien Harver Ross 320 i2l.Bi 
Allied Irish <25 d> 216® 16. 1C 

i21 8' 

Arouthnot Latnam 1 60 .24 Ei- 
76 >24 9< 


' 45.; S'; 5 >21-8i 
Baldwin iH. J." -10®. 3” 

• FII0a> i Bamb^rdere <25pi 57'- *22 81 


■ Brmbers Stores flOpi )25 
. Bamfords '20g> 360 
1 1 Rank Br'due Group >5o- 3 ‘ 


I Country Genllemen's Assac. 8.%® 5 4 6 37. S^ocLfl. 198S 321: Marehall (T.) iLaklcr) l25pi 50. 

Courrauloc ‘25 di 1170 19 15 16 17 is. Guest. Keen NeRlctolds (UK) 6i,ncDti. • i24 81 

1 7p(Db. 7i:. S'-PCLn. 45:- (24-8> 1S76-B1 87*, i2s,B). lO'.pcDb. 1990- Marshals .Halifax' .25p» tao ' 

6';pcLn. 55‘a®. 7',ocLn. tip.-*® 1995 86’:® Marshall's Universal (S5p> 159 

■74 8). 7'aoCLn. 58 (22 81 1, _ Mania 'A.) KHttS. l20®i 103 *22 

Court* iFurnlsners. Npn-v». A *25 p) 7 J3 WAT Group <10 o) 42 1 (24 81 Manm-Black I25P1 61® 

Cowan d» G-.soi HOB! 70* 70 ; HTV Group (25 p( 131 Marlin The Neynaaent IZ5p> 24 

Co»ne >r- iSpi 440 • Haden Carrier asm 12 1 i^o Marionair mini.' i 20 di 212 i24m 


IJSBI 16 lOecLn 168 I S®" 1 ' Br'doe Group 'So- 3 (22 81 

<ZbD* J.1645 10. lUPCLn. IOP |R*re*t a?B) 311, 122-Si 

.atnam 160 .24 8). 6'epcui. I ^fliSSSE- Rf^S?®” 081 16 ^1, Is 


— L\a S ^Vo-pf,17 Crosby House cm 1*61 „ .' 


S9358 
«61J8 
V 128.50 


Xvr. 

2 -2 lit 

« 13it 

1 73b 

1 3!g 


SJnL 2! lr - la — -* 1 S’ * , fl ° e-. Suh W3 , Rxratt Uevnts. *10pi 117 iCrasby Sortno intenors -IOP- 16> (22*81 1 

if 1 mw 41 i< S b W H4r row Hepbuni Group *250) 31 2. IZPS Croucn ID.) >20p. 1111 12; (2*8! *22 8) 

■ajr SVth’Wel'W) 598 t BB?tes , SSn?« .24 „ * ^ 6B -? 3 8 * ’ 

sink or Nerd Scotia (SCIli n’ls* ’24 8) ZH?p 0 Xi'wa Grojo J i25a| 5 70 

SMtsr&irAsM 50 a 2 5.i 8 s'To^r 2 r^ ,re "° B ’ 6? 

Ncrr 3Sfl S-’-OCtn. 7*A __ _ Ratles (John. Ast*d. .20o’ 76 

Barclays Bank Ini. 7 : JPCLn. B8':D 8 d»itson Clark i25ol 192 124 1 

9rOwn Shlolev Z3S® “e»*tle (Ixirrsi * -25pi l?5 

Can. imperial I5C2I 19: 1 (mw -C M.i -Hirioc . ;op. 

^7l»a aisrour.; i20di 79® 1 Brecnam Grp. «?5p> ?i0* 121 

Commer 1 ). hark AaiienpcscllschaR Certs. o( 6; 11 16 13 10 18 8 12 11 
□eoosil IDM101 17'r 12 £ a; I Ln 70 .gliBi. B'-ocLn 7 

Frtser Ansbacher >K>ol 9)« >24 81 286 (22 Bi .oCLn. 7. 


CreHon Hldgs. CIDpI 17® 17 »24'8). 12« Haagas (John) noo) 70S® i24.'8> 

Pfd. OOP’ 17:*® j Hail Eng^g (50p» 118. _ 

i2oel Crest N<:hol*on iiom a*': 4 1 Hal! (Mrtthewi (2 Sd) *45® 4 <24 8) 

Crod* IntnI. *18p. 57 *24*81 Ha I lam Grp, S JpcPT. 5 ».t2l-81 

Cranlce Go. >25 d> 40 Ha'lam. Sleigh ChestonjIQp) oG« 

Ctcpwrr O ' (23pi 68 08 81 J Mamie Hldgs. (50pi 157® 8® 

CnSir Hoo«« GB. i*6T Halm* (TOo) 48. New (TOp) 46 

Crosby Sorinu interiors -10 p> 151? (ZZ'S) | H* 1 ?" - Uan»esi 'Hldps.i non; 25i« 


Martin .A.) HMPS. i20ni 105 *22 s> 
Martin, Black (2501 6)0 
Marlin The Neynaaent (Z5pi 240® 
Manonair mini; 12001 212 i24i8i 
Masscv Feruujgn Hides. 7':pcLn 65-. 
Matthews ri.> i25p> 172® i 0 6? 04-81 
May Hassell (2Sp) 77 9 C«8i ’ 

Maynards t'2Sp] 145 I22.'8i 
Mears ares. Hides. *25pi 1S' : 20 
Meat Trade Suppliers i25m BB (24 81 


' r,!^_i. O IDJ YS .20pl 16Q iJiiBl -- 

.“ullfsr si!- 

I 6KPI «® 8 . , »ij 0 *' A «asw io«*’ 

i S5*fg| in lG *° G ) S®M *1 60 

gSr-B. 'srsot ji»fs,a 

S ?24i8) ei8P “ B ,J,) »**• 3 

Savpv Hotel A 1 1 Qp) Tomb (24 -8) 

i Group , 2 j w P iB4lr* 124)8^ 
xbneidcra son fipcPr. 43*1 T2tflU 


Crown HOIK? (2 Spi 'SO® > 1 »24'8» 


“e»*tle ( I *n*rsi a .jdp, 1? g Culler Gujrd Bridee Hleos *2Sp. 23® 

■•u-r -C M.i -Hidn< • iop. eg J Curres '25 p) 2JI® <24 S) 

Brncnam Grp. ORp» 7i0* I2n ittxib 1 0— ! Customable Mis. H0ol 16!- 
Gt 11 IS IS 10 18 8 12 177 lot 6pt J 

Ln^ 7*» .21111. B'rOCLn. 72la® SpeLn! Dale Electee MOol 177 (23 8) 

286 (22 Bi Danish Bacon 114 <12 B< SUocP? 

Rserhwrpd Cansfrur-ion -Nidpc ( oopj 281; (21 


I Hampsan IndS. ISO! 139 l 04.8) 

• Hanger Invest. iTOpl 45 1:® 5 '? a* si 

(^er (J. E., iHIdgs.i S-pcW. 34': (24,8, FINANCE FOR INDUSTRY TERM DFWVhTTS 

4stal«:e Hldgs., rso- 35>: .2*8. | Hansen Trust <25 di 142® 3 1. 6i : ocLn. _ nn ^ UblT)!)Iib 

“a^is;®” 14 °- A Won -* t4 ' I mSV«v« crp. hop. so.: , -21 8, Deposits of £LOO0-f25,OOO acreptod for fised terms of 3-10 1 

ES“Hkr‘ 23 * 

lank* Gowenon 1250) 92 ass) T^Bson^s^ji 76 (23 8i Rales for larger amounts on reouest. Deposits and. further 

i"so® BSES B aPWtJr«Jfi # SSlSSf 11 ® . 

S^Tydn^syS*,- Hawtin (5pi TUT® Limited, 91 Waterloo Road. London SEi SXP (02-92S 7S22 

B-By34f*lg 1 -V ord Non- 8 fg* f 17 «- P ? ■«* Bo«uA. FFL* 1 . 

o? a; S 146 2 78 j nunjuio?i u n w" V-^rii 33* 3 FFl ls the ho,< ^ ns company for 1CFC and FCI. - - 


1 Kartle Madly- inti. i25pi 22 1; 3 (218) 
i Harder I nb. Tat. *20pl 23 (2Z 8i 
: Hartwells Grp, <25 p> 1 05® Si,® 
aePf. 49 Hawker Slddetev .Z5o> 236® 7 G 8 41 3. 

I Si;BCPf- 43i: (23 81 
I) | Hawkins Tlpson r2Soi 76 (23 81 

| Hawlev-Geodatl Grp. (Sp> 104 (23 8i 


TOTAL VO LI" HE IX CONTRACT- 




"(Sgrrkw^E? ti3ftm3*” m *A\ m 3Rg “*** Ms " lnw «»»• « 

H«» Smuel Group (=5p) 96;® 8. Wrnts. 5S^!T??o3 'iFkl V” *’ '’VST'S^m 04% 

w sub. 4 .2418) | Bcnnma indusyiw i2Spi 24 ^ I gU) - “ *‘ Q 


(21 8 ) 

Dinks Gowerton )2Sp) 92 (24 8) 
Dartmouth Investments (So) 24 ’■ 
Davies Newman H<dss. (SSM 130® 


THO 


Hu 









Financial Times Saturday August 26,1978 



■rcliritv 
"Non.l 

icfccn Intnl rUbruTijai 

• rlinidM-T • SO ■ 3B v:a "A 

jswja&'Sfc-^irjag*** 

jhjv* Martin (lOn) 17© 

'"•w C-arran 1Q P , 600 59© Bn . . 
.ftcranruae Eng. 12S") 7!.; 70', 

ttPfrnhmrrit Houm 
jMla*. Inov 'SOm dm 
.U"’, lr. 53 -3a p, 

Ciutnan Hltn. QSii. 
ii'PDtninhl H'dga. ;iOp* 88© 7© 

• ■Iw-r 'home Grp. flOo* ’S'- f?T «» 
•'"wn l no nicer mg '3 So' 27S© 4 
•mpfon is.) A i 25 w I IB© 1 H B 1 


uta. Nnnggser'J l 2 
Pi 44 --- 

Utd. Sclent I fi; MldBV libel 376© 6 7 
UM. Serins Sice' Go. II OP' 30 ‘t '17 J 

UlB. Wile Go »26p' fee® 6 H. o «« a 
Unochrome Inini. . 10 pi 1 3 >c 13 (24 8 
: Usher -Walker tlOp. 72 ,23 0 * 



Pit *65 14©" " aerAPe." 73 K ' Tot-ncilnaac. j LondQ»ianO"St." Lawrence In*. (S*> 14>* ’ Canted SMS 

iSft^S. B . , 5 oJ’ 93 ; : L^d^U.c Trust .25-, 70 ' ES?nt£^ToiS B p r i™ |i 

Llov-s Sreulah iZOo* 103 © 1 '24 S' .tendon liweelmem 7 ru»l < 5 », 3 © 4 '*4 a> ‘ Count* Dl*t- Praos. tlfjp. 1 D«« 3 < 24 . 8 ' 

London European Group ilOa> 30 ' 24 ©i 'London Morehan Securities ( 25 o> 1 24 © 1 Dacfan' Mid©* ’2Sp, 117 

London Scottish Frn. Gen. <1091 42 - "l. (UoOil USpj 122© USB) _ Dares EStv it 

Manson Pin. T«l <20p« 47 (21 8t [London TrvsL4p;Pt_ 43- 

" *” '9' . _ . . J6. 


60© <24-81 


SHIPPING ( 48 ) 


■sop. 


Martin 


'Jura 

a d. Dual T 


llOpi 161;© 


uid. (2601 117© I OerriMtM Invest HOp7 58 7 (22.81 

English - Prop. Cpn. iSQpi 41© 40 1. 1 
Tins: Cspial (10PJ 126 (_t. ^JsyUwsej.Ln. Ij i2«»i 


Setend Diul Trust Income (!0 p> 
and Metropolian Trust (2Spi 


Esti. «"• Invests. <10p 
ES». Prop. Invest. >25p 
Five Oj£» Invests iZSoi •« 
Great Portland Ests. rsooi 312 


Zl© 2 1'! (24«> 
103 <2281 
5 ' 2 2'B I 


I rdsr Jspi . _ 
iM Group ratio! 


, Vickers 1H9© 9 202 300 

j Victor Products iWallscnd) <2 Sot 23*': 
; VIC 1 or 1.1 Gamer <2So) ffii<:S 
Vlnten I20PI 206 

I Viscose Development l25p) 65 i?2 8> 

97: ; * B .•© 8 7'-. 6>pc I Wo * p * !r WSpi 224© 8© 2 

Uns Ln 75 BO Ml ^ Me© (24 8* ' 

UfUMiw ifs-i )26 «: ** \y_y_a 

•nisei J 1 . v. on t ratio's* ',0o> 47 <23 Hi • - 

•mitn Nrulo-w flOd' 75 6'- . Wsddlagton (John* *2tu< 228 

sDurid s 1 1 HfcJe& . <2001 76- 124 81 jfi** Potteries itOoi 32 *23 81 

"•■in Wall's i25p) 7 1 (5l 81 : Wadm Departments! Stores A i20p 

nt.in '» HI Son iHIdds. A fSOol- i 859 i _ 

F.t 0 ■ 1 Om ZB© • * 1 Watinam Stringer ilOci 49': *24 81 

”>•!*> Whitworth (So: 14--' J2 | bi iWsson.Ind Hides. <25pi 154 (23 81 

■t' , t‘'S Industrie* "SOpi 190 (24-8* Boc ' Horner . 'Sol 14 (24.01 

Un» Ln US '24 8* J Walker (J*mr»» (2501 115©. 

'rh! ijf-renani <2501 2>1© 6 10 : <2Spi 110 8 1 24 61 

-nmnn-eviiic iWnt.j «on I2 Sb< 60. (2 1 'Si I Welker iThomast iSPl 11 <21 .61 


Provident Financial Groan asp> 114 
R os enough 1350, 20s 124 3 1 
SIme Darbv Holdings <10 oi 120 (22 BJ 
Smith Bros. <2 Sbi 68© <24J8> • 
Sterling Credit Group ilOpl 31 (24.8 


"re'v-s anp,fli} « sw ^ » ■ 

Merchants Trust lisp. 81 ■: 2 12* 8). 1 G ^?f r ^ ,,en 6l.9clWMl.D9. 


Brit, and Commonwealth snipping 
282© 30 SO 

Caledonia Inv. i2£pj 257© 4 6 5 i2«-SS 
Fumes WHnv 240© 367 
Isle ol Man Steam Packet 156© 

London aog Overseas Fraignters -2Sr) w : 
Lvle Shioolng A Nen-vtg. i2Spi 123 
Ocean Tranjoon and Trading -Z5 
Bi.© Uffl 9© 12<: 13 1* 14i. .« 

Peninsular and Oriental Steam Navigatlnn 
5PCPM- 35':©. Did. BB© 6-;* i; 8 7 *. 
S'vpcOb. 89-*.';© "j;© 24 81 

62 >: I Re«rde(i Smi.-ti Lire vSOoi 68 ’2181. a 
! Non-Vtg. 50p> 35 13 Bi 

Runclman (Wallen (25»> 75 .228 

of Wight and South 
Mail Steam Packet (5p> 


Non-V 



Kla Ora Gold 10© 

Manila Mm 35© 

Mi BCD US C 38 
Neundrtn Fund Inc. 705 
Mew Metal 4". 

NZ Forest Proas. 163©. 

North Flinders IS© 

Oil Searcn is:* 

PhlHIp Morris USt 731© 
Pioneer concrete 1 39 
Power Con. Canada a Cl 2 
Price Cl (Hit© 

Rite AM Can. 

Shorn Tak 6B© 

Southern Press a £177© 

Utd Terhnclociei 535 
Wheelock Maritime 8 7: B'i 

AUGUST 23 


6l«0cPf. 36© 


19 

I Nor tor ViilierS Triumph 3- ; 

PmPA insurance 35 
Park unt Hotel BpcPr. 35 
■ Queen 5! Warehouse (Hldgs.) I 
. Soulhem Kcvrtpagers 227 

| Urooalr Invs. 95 

! AUGUST 24 

- I BIVth Greene Jour dim 1 80 78 

v-i". 1 Blvttr Greene Jouroaln 1 1 .2aci.nv.Pr. 165 

S lairnuce 23 

Ivoe Pet. 126 . 

I Eastern Counties Newspapers 19pc2ndP<- 

1 T'dr doe Pooe A 201 
. Ga'r 1 George] £140 

I KcllOC- Hldgs. 3E . ,7 

Kcliock Hid as. Cnv Irto Sue.Var.Uns Ln. list 
sers.' 39.. 

1 Kellock Hldgs- Ciw.lrrfl.Suh.Var.Uits.Ln. 
1 :2nd sers ■ 37 6 S 
Norton Villlers Tnumoh 4 3'j 
< O' B ham Brewery 7 - 70 _ 



■r? ,r ?" ■?«!¥ » S*"* ( S° n1 990 . 

Lins Ln. 276© (24 fli • 

T*-'* Jackson International l2Sp> 139 
■oredweli Gear Case (2 Sp) 27 (22 'S> 
■center Clark Metal f3Do> 31 ,24.111 


B'.'DC 


Ward While Gro. <25o» 96© 6. 
P(. 200 1 21 Bl 

Wardie iBcrtucdi mow *B»i . „ 
Wane Wright Rowland (10B< -57 
Warn * 


Fright Rowland (10Pi ST 

Holidays IlOpl 38<s©-<© «« 

S2S iJajSSPt^lwSr'R lnv«*m«M C20o> 39 

tODCPf. 233 


■p? n u r 1 <Mw * 2 '"- «24,'ai. 3.5« ! ”238) 

v \. M M Mntwfri 


Waterford Glass (So) 56«. 

( 22 - 8 ) 

Wannoughs iHIdgv.i i2Soi 36© 
Watsnams (25p) 287 
Watson Ptilllo (10pl 54 ^ 

Watson (R. KeiVn}. OOPI 90.86 r22.8) 
Warn. Blake. Bearne t25o) 126© 
Weamell (Sp> 34© 3 ,24 81 _ 

WeOsters Puhlicatlona (Sol 59© (24,8) 
Wedgwood 1250I 119© 21© 2© 19 21 
i New <2Sp) . 1194 21© 1 9 
' Weeks Associates tIOpj 33's© 

1 Weir. Group (2Sp) 129 6<£ 

60': , Welled Holding* >5p) 28U - 'a 


New 'Cl Opt" 155 2 iS'ai 


■Pilieis i25d' 36 6pcPf 4S< ; . 7pcDb. 

80 7 'aPCDh 691, (2118} 

?2«Vf arCB EB8ln »«-« <25p) 174© 

dSlrrcl Horn '12-ipl 41© 40© (2418) 

.takes international »25p> gi- 9 
.lap Furniture Hldgs <2Spl 122 (22 8) 

•takis (Rco.) tlOpl 36©' b 5 
'! 'W '* C } Hide*. (5p> 1 599 8© 

■tartriir Engineering i20pi ids© 

■rams Discount (|0ni 1S7© 6 
■HW'rv 302 300 7 ;DCUn5 Ln 

■ ©3 a j 

■I.:a.l Simpson A I’Spi 45© 5 4 (24 8> 1 ij J'fll „ - — 

fee Brothers Hlifos. I^o > 240 <23Bi | Wevl Bromwich Spr.no <10o) 33® 4 J ; Pl»o«»<« <25o» 26(1 

■iffl'o* 208© 10. TpcUns.Ln. .=4 6) " Proyldem Life Assoc. 

'»9® i24 8- WesibricL Products (25p) 59.- - ld3 <24/81 

aemoere. IT':© .24 81 .Western Board Mills ;tOpV 81 *22.81 • Prudential <Soi 164© 3© 1 2 1 

• eriing Indusir ids 1 2 ’_pi_ 2 B® Wcstlnghouse Brake Signal (2&P) 58*r|Reiuoe iSp» 152 <23*81 

9';. _ _ '.RoiM (250) 399© 5 9-6 7 400 


GAS ( 16 ) 

t««. * s ,> i^i 

# bpcUns.Ln. 186. 7pcUns.Ln. 1.3 |23'B). 5PCCn..Un&.U>. 99'.- (Z4/8) 

INSURANCE <1241 Northern secs. Tst. (2Sp> 129 <21/8> 

„ „ . „ . „ 1 12 V 011 Assocd. Inv. Tst. .250) 59© 60 «24 

Bo wring (C T.1 <2$P> 1141® 17 IB. Sec 6i*pcCnv.Uos Ln. i2Sp) 3D© 

Uns.Ln MO - iOPCClas.La. i70 iPenttand Inv. Tit. i25p) 134 5 

40 i Provincial dues T*i. .25P) 27).-© <2( 

I cc^cw^D^.zs; 8 ,54© 3© 4 7 •%££!: »*.75iS?* 13S ® 1 

EaVc Star uso: ,54 3 ■ ‘ _ j ^ 160 

Ennla Finance <U.K-> 9pcLn. 1201, (22*81 i24iaj 

Eouify Law Life I59< 186 ■ Robcco iBrl <FI501 61 v© <24181. 

General Accident Fh** Life (25 o' 235© 4. 1 Shs. <Rea. Nil Prov. Bk.) “ 
7l;pcOoS.Ln. 85 <: i23.'8> ■ | 612p * 

Guardian Rovar <25p) 239 8 6 54 7 7: . Rollnco NV (Sri (F150) £50'; i22rB). 

• 24. BJ. 7 pc PI. 844 (24.8). ZPCUnr.Ln. I Warrants to sab. 100© 100. Sub-Shs. 

64 <24 *8) • f (Res. Nat. Pro*. BU >F!5) 491 I23/8J. 


Am pal Pets. 75 :® 

) Atnett Transport 1 36 
, Bamboo CrceV 30© 
.S5ocPI. 61© <24 B 1 : ||“'imds^ , zM B 

’P, 6 ® “ waimn. 75® 
£? iS’-f ., .* Fondas US* 15 ;;© 

Ifmly S';pc> Ff. B>83 , Gold Mines Kalgoorl e 



Hambro Life <25p> 385 80 (24 61 < Romney Tn- <25p) 101. 4lapcCnv.UiK.Ln. 

Mmu' Rohifis^n'f^pi 2 /! 1 ® 78 9 83 | Rojedlmond Inv. T^jj^Kg®. s £?- 

Howdcn (Alexander) nog) ISI© 6 5 3At • 54'; (24181. Cap. Si*. <25pl 81 


Cap. 51*. IJ 


___ < 25 a) 

> Rothschild Inv. TM. i50P) 215. 


195. 


122/8) 

... . 3-5acPf. 

c5o p) 37. S'apccnv.Uns.Le. 126:© 

St. Andrew Tst. <25p, >131 02:8) % 

Save Prosper Linked income^ Sbs. ftpp) 
162. Cap- ,5ns. (10p) 67© G>: <24/8) 


Legal General <Sp> 174 
London Manchester <5pi 140 
London Utd. <Z0pl 187© 

Wan hew, Wrlghrson Hldgs. <Z0P) 

7'ipcUnsd.Ln. 74© ■ 

Minet Hlda». <20p> 205© 6 7 

i«.wwuii»« M !K5B n jff5Brt t- <20DJ 59 “ a4i,n ilSSS S^sSP^ 


Wh,,. H.dos. MOP. 39.*,© 40uJ ™w»a T TWP I AUGUST 22 

(F,5) SUSB.19. | SKS^C 30 © 1 SPECIAL LIST j AVX Cfln ca 5tle . SI/S 33 *,:© 

61 f2 *-« ' 1 Business done in securities quoted I *©"»» . «“«*... 10 

P ? 5 Siar ^ Coro ,aa « 5 « 4 s | ln the Monthly Supplement. 1 

’SkWErSriSS. AUGUST « (!) 

r, 20 (2 i 4 / i . . wane Potteries (L2 pcP 1. pis 

brO^ejW Hldg. 5. inv 7sr . (25p. 316© 15 1 AUGUST 24 (Nil) 


Scottish American lav. (SOP) 97 6*s 
* r. A ( 25 p) 108 


I Scottish Mercantile Inv. 


London A uteg.) 


•trvrari Plastics (25pi 163 
•tirling Knitting Group <2001 
•IPCkidke Holdings ^25pl 70 
■iDHlaid r" J — - - K - “ - 
<74 6. 


Hldgs J A Non-V 


tone. Piatt 'Industries (25g^ t Z j - 2 


3PJ:<21.*Bt | Westland Aircraft (25pl SS»; 6’> T. 7';pc | Scottish Life 7>apcUntcd.Ln. 55 1-^ <24 8) 
•?5iSi I Ln. 1987-92 60'a <23,8. . Seda wick Forbn HTdcs. OOo) 460© ‘ 

<»Spi 36 [ Wesion-E'ains Grnop i20p) -T fiijj 8® j ; Stenhouse Hldgs. <25 p) 108 7 


•rotherl and PH: 243© 
jiieeters of — * 


•Iro-id Riley Diummnnd 
dMIhf 


Goaalming (I Dpi 23 © 
~ * , 25 oi 30 © 


•Westward Television C N.VW 
‘ 9 <24 6) 

Westwood Dawes (25p, 38 ■ ■ ■ 

Wettern Brothers (25a) BO (2118) 

iturij Holdings 1 1 Od) - 14^"' (ji^oc 35*i.© i Wnasl.ngs i25o) 44 2 (24>*Sk — • 

Itvlo Shoes i.Sd) 65 - (24.8, * " ! -Wheeler's Restaurants (IQpi ©10 (23-8) 

.umner iFranc-S) (Hldgs.) <10o). 12© H ts Whei-soe (2Sp) 74 (23-81 
<* ■! Bi Whexrav Watson (Hold ngs) <IOp) IE 

•umric Clotncs 120 oi jA ^ iZ_3 , B) ^ , Whjtecrolt _L25p) 103© (24.83. - -4.1 pcPt 


PJ 29® . Sun Alliance London 582 80 
Sun Ln# (Sdi no® 10 
Willis Faber (ISpi 273 5 


INVESTMENT TRUSTS ( 198 ) 

1 Aberdeen Trust (25d» 152 b 
Atom Secs. Inc. isOpi 86© <24.8>- 


i Engineering) (50m 


•tltene '2 Spy 159 9' 122-81 
itmtonds Engineering (5b> 22 (2,'8> 


T— U— V 


Electric (Holdings) (5m 259 
215* 


iupra Group ilOoj 55 (24 8) 

.wen Hunter Group 1 52 1 
Wi'ili Mauh B IK50‘ 12 <22 61 

. 

Whitworth 
124 8) 

Wholesale Fittings <20p. _ _ 

.. . . _ . _ Wigfall (Henry, bon -2Spi 255© SO© 90 

10d ;*'.© 40ocPfd. H0p< 26;:©; :Z4 8) 

,a,.,.« fsSUf 'ltV g 6; f,.;--p, - .VjMtm Construct USB) 

fat- and lvIG IBP 7b, '» 7 

4>;pi:Db 33 S ; :pcDb 

«:e uf Leeds *25pt 73' r wiliclnson Match 1730 6^ i-' -IOocLn 

lavenvr Rutledge <400)' ri 


1 Ailsa <25p,' 1,6 
. Alliance Trust (2Sp> 246 7 Si. 
a 3';© 


(24/8) 

Pw- partnerships New Ord. I25 p) IIP© 

Raglan Prop. Tst. I5p> ii. 

RegafUn Props. <25 bi 15 
Regional Pits*. A iZ5p. 75 -23 8) 

Rush Tcwnpklru Go. iZ5pi ,Z7 
Samuel Props. <25pi 9a© i*© 

Scottish Mot. Prop. r2Qpi i02«r 9pcLn. 


Scott I th Eurooean Inv. <25p) 42 
Scott Ah Ii v. TIL (259) 115© 12 _ . 

Scottish Mori. Trust OSo) 12S® 7© , ■: 

Scottish National Trust (25p) 154:. 6pc 

Scottish Northern. Iny. Tst <25pi 1,7»; 

Scottish Ontario Inv. (259) .«=:<!** ■ arnuerr mvc». is, <z 5 0. 49B 70 

Scc’rt’Sh Lite • Investors (25p> 86.. 4ocDb. j Town City Props. rfOm 12-',© L. fipcLn, 
87# . 82 (22)Si. 1 4pcLn. 9! 


Second Otv Props, ciopi 43© <24 8) 

Slo^ fats. iZ5pi 126. IDscLL 

! 5 £ 5 gcLn? , 25 oi on , '"'* T,: * l25di 257 ■ ‘ "’Wch are quoted or listed on an 
suniey jfi. I .invest, tu ( 25 m 288 7 o I overseas Stack Exchange. 


i7s: 

1 


AUGUST 23 (Nil) 
AUGUST 22 (NU> 
AUGUST 21 (Nil) 

RULE 163 (1) (e) 

Bargains marked in securities 


Scottish - Western Iny. i2Sp) 109© 6<a 8. ] Town Centre Secs. 


_ 2Sov 105© 

r-5Di a5 iU»d. "Kingdom Prop T25m £5© '4 
Second G1. Northern lnj<- TM. ■ •2591 as , iiy Real Prop. Tst. f75ai 290 
Securities. Trust. Scotland (ZSpl 212 11 • WarMord Invests. i20pi 325 <22 B» 

Shires Investment < SOB) 140 (21,8) E WtHtt* >5m 17'; 

Sphere In*. Tst. i25oi 124 (24jB<. 5ecPf. ■ winstoo Em. (25p< 39:; <24/81 


. ... 2Spj 75 (23 B> 

i Trafprd Park Ests. i25oi 156 (23 8> 


C22.H) ' 39': (22.6) 

1 Whnehouse (George) 

I 103 __ 

Whjitingnam William) (Ho/dmg&l H2't9i; ArnSriSo T^st'Si). 

Anglo American Sec*. ~~ 


4**PCPf. 


Sterling Tract -250' 197. 5pcPI. 40 <21 81 ; 
Stockholders Iny. Tst. .25o) 109) s 124 8 


RUBBER ( 21 ) 


Alnlund Inc. (»p) 120© J24_B) 


ArVarose Hie. 


57* i (21 3 


iTeebngnjgv iny. Tst. <25 m 105 Angtc^MW^M.an Vivv ?Z5p) 96 S i22.*8i 

< Temple Bar Inv. 1st. LSai 10- t. 6pcLn. . B#mnl con id. Rubber H0p> 1J7 \22 6i 
' 84 123.8) _ _ * Ctu-rsorcse iF.Mi.l Estates >1Doi 46>i 


AUGUST 25 

! Aetna Lite UXS 45 : 

I American Std. USS 53* 
l Argo (!W. 144 
| Bougainville Cooper 135 
! Clba Gehty SprtSv. L 90 ‘i© 
Conrinc Rio TIMO 288 90 87 
, El Paso XI 2S.:© 

Endeavour Recourrei 24© 

■ Exxon Cpn. USS 47 : : :© 

Jardine Mstheson 274 


Australian OH and Gas 54© 

Hemisphere Fund Cap. SUS529 
Kuflm Malavsla 56 
Minnesota Mining 1U&63'*:© 

Myers Emporium 144© 

Oftshbie OH 6*-t* 

Otter Ex. 43 
Sparges 4, 

Swire Pacibc A SUS2.D5 
mires Holdings 28 2* 

United Petroleum Reserves 8 
Vuliaa Mineral 10:© 

AUGUST 21 

Anglo United 193 88 
, Central Pacific Minerals 5759 
! Mount Lvell 30© 

NaKo Chemical £24),© 

Pacific Copper 58© 

Satina Inos 64© 

Southern Pacioc Pets. 2,6© 

Tai Cheung 38 
Tasminex 105 ; 

Unilever N.V. (FI. 20) 1US57 Jj© 

RULE 163 (2) (al 
| Applications granted for specific ; 
: bargains in securities not listed ! 
on any Stock Exchange. 


'act 

Mill. 


■236) 


105 123*81 
Andlo-lnrernatl. <25p 
Ahaio- Scott. sh <25pi 5 
Archimedes Cap. (50p 
Ashdown t25p< 140© 3 
Atlantic Assets (2Sp) 


56 (21-8) * Wlnpins Teape 4 ':oc2rdDb. 1971 -bl 84 -,©. Atlas El rar t rini f 7Sn» 
6 -PCPT : Wilkes (James*. (2So) 67© <248) , ijJt.xV ' 25b ’ 

>>■ *- > 1 Wilkins Mitcneli C5p) 44 (23^87 . -• . Bankers* <25pi 64 5 (21 


Cerry fruit 5 5 ~* -. 

^•mardss'd)* «. M *' 

o^U a f«8, 57 ® 6 ,a4BJ - 0,,, ^ iwiiiss: £!&%/%£;«. ■ " . 43 

reL.tuS.0n <5pi ' SB (24 SI. A 
.jDi 37 ila 6 1 

.'clcohonr Rcniils >'25p. 143 40 
lsn-sco I re. TOoc Ln. 149 <24. 6) 
rern-Co ** — 



BnsuUtr 


:>p) 


lectured jersey 


q.h cnv ' Williams (Ben) HOD 20* l24*8v .Brills 

Ord 5hs. . vVilhArrts fjohm Cardiff l25p. 55(25 81 39 s 

iNon.vi • Wllmol-Breeden 'Hldgs.' U5PI 71 U- ■ Bri'tsl 
1N0H-VJ S :p<Db. 71 :® i : ;® 124761 - Brills 

| Wilson Bros. UOpl 43 l24Lai ... • ' gro.i 

Wilson 1 Connolly' Hldgs. (2Sf» 142 (24 8>. 1 Brunner'fisp'rfoa" 
10’;PC2ndPf. 90 <22.8> . Fry court (50pi 82® (24 81 

Wilson Walton fcngng. tlDo) 50© 1 LLR p. tar. TH WimB 

Wimpey 1 George, (-IP- 96© 7 5J» fiij 5 1 <24.8, " 


rltlsh Assets (25p* 82<;© 

39. SocLn. 158 (24 81 
- -Hh Empire Sec. fSp) 11 > 
h Inv. Tract <Z5p) 176© 


Trustees CorO. <2Sp) 155 02 8). 

I Pf. 36© 

-United British Sccur-tles <25o) 143 (24.8) 

! Un.trd StJi-s General Trust <25o) 203 
Umted States DO. Coni. <25 p) 105. 5 DC 


i Muir RHt 
1 Plantation 


_ __ 24/81 

,«VTT Rubber • 1 0pi 4BU 03:© 
Hides. II Om 74© 4 '24<8i 


AUGUST a 


I Anted Chemtcal £31 
I Arrawatta HWga. 45© 


AUGUST 25 

! Channel oHtels and Praps. 28 7 5 
. Ctalrmace New 22 
Dollar Lana Hldgs. ISA, 

1 Eldrldge Pope A 20a 3 200 
q- Fuller Smith and Turner A 110 
.Gale (George) £135 
I GOA Prop. Tst. 16', 16 IS-', 

1 Grendon Tst. I tpc5uD.Ln. 1976-8) 

• 14 13 

I Jennings Bros. New 26 
< Kellock Hldgs. llprRo.Pf. 81 80 

• Mining inv. Cpn. 39 i 7': 7 5 
Nationwide Leisure ioi? 10 9i- Q 

1 New Court Natural Resources 1 1 


{ AUGUST 23 f 

' All Enoland Lawn Tennis C50DOS. £2 090 

.British Pnotopraohic Inos. 12>: 1. 
{Castletown flrewe-v 210 
I Kathleen Invs. 'AuSlrahai :A*0 50) 200 
I Star Offshore Services 125 5 4ij • 

I Twin lack 12pc LlnSlk. 77'j 7 
I United Friendly Insurance B 74 
•Winchester London Trust « •> ; 

1 AUGUST 22 

I Arsenal FC £160 
Bristol Stadium 4 Iwfr»1 44 3 
' Cambridge Instrument 1'* 1 : • ■ 

! Castletown Brewery 3 :oc1stDo Stk. 208 

Castletown Brewrrv S.3, 

Ceoat Holdings ,58 _ 

Church Armv Housing Society 2 :PcLn.StT 
£8 % 
Clan mate 23 , 

* Eastbourne Water S'.-ecDb-Stk. £66 
' Dou9l» Gas Light 21 D 

Galaha Ceylon Tea Estates 3 
' General Cevlon fHIdgs.i 6 ; 

■ Greenha/en Indiat. Prom. 6-'a0t1stMdrt 
I Ob- £70 69', 

I Jennings Bros. 74 2 
I Jersey (Stales on 6*.-BcHouS>ng Ln. £80: 

Lifeguard Assurance 28 
. Vannln Inti. Secs. Cap. Growth 47=1 
I Villlers Hotel 300 
! Villlers Hotel BpcBPref. 25 
1 Wcctablx A 62 

. j AUGUST 21 • 

! Adams and Co A 180 
; Aston Villa F.C. £18 

• Cambridge Instrument S', 

■ Cedar Hup. 5pcP1. 56 
' Euhem Hldgs. 45 IS 

■ Southern Newspapers 235 2 

j RULE 163 (3) 

| Bargains m&rked far approved 
companies engaged solely in 

! mineral exploration. 

! AUGUST 24 

I CCP Nor?" Sea Assoc .atM £1 f» - 

Gas and O'l Acreage 95 „ _ 

SiCbens iU.K.i JT4 70 65 Z 60 55 

I AUGUST 23 

1 CCR Non* Sea Associaf-s £1i<* k 
'Gas and Oil Acreage 97 
, Slcaens lUM 380 76 , 

AUGUST 22 ; 

CCP North Sea Associate: £,1 '• £11 6 
SW'liS? 394 93 8b 94 83 SO 75 . 

AUGUST 21 J 

CCP North Sea 1 1 1 .25 
Cluff O'l 400 
Gat and Oil Acreage 99 
Slebens lUK) 392 


AUGUST 13 


Gas and Oil Acreage 97 
Sieben* (UK) 369 6- 
60 58 £ 


6 5 ': 4 3 8 


■ Bl» ptmiunou rf 1 lir Stack Lxchma* 
Lk’uuliI • 


, Inv. Tract <Z5p, 

Braadstone fZoo) 167 


SpcJV. 38 
ID tub. 19fM 



Lit. 107*; 8 *24;B> 

'Hcmg Resources >25a) 94:© 5 
wmtetbottrm .Trust (25o, 220 <22 8) 


wvtan Invest <25al 101© 100 
V-oman Invest TSot IB/ig (23*81 

' y-r^H'-v asp) M , ( 22 « 
Young Companies 89 


UNIT TRUSTS « 3 ) 

G. American Gen. Fund Inc. 57 29 . j 


5© 93 1 5 3 3 6*4 69 6pcLo. 75 . 
t^ccr oats Natibrji Milling 5':pcP1. i(L2J 

r.'na-. Co'.trjMirg 303 10 i22 8) 
r'<«? . I . ilO,.. l«6© SC J ■; 6 :i « 
j e S-rncLn. 72-, (3418) 

:•■*» r. y } ..od' irs 

If"*"* - 4 M tbp) 3i;« 3 
r-vnk.^ycn* La'cets <2Spl 61 , 

35.H 40-. SccPf 36-.*.. 

CIO ShJ. 7 iPrtr 6sr© .34 8* 

I.—" i 3 ir.' 66 ; 2 1 5 ) 

Kirrr K. j.T-.le, Mill bourn • Hldgs : 

.%.’C b 60 
1'Ai**.-.»i- Hhirse 


wumowen Foundry tngng 1 T 001.24 * gpcLn. 971. 

Wood lAithur. Son iLongperti rSai 47 CarKol " Inv. * Tst. 

<23 ®* - 103:. 3 (23 8> 

ftPOd N»I L T^ i25b 1 _96:© , T©^ - Craar ' inv. TM. 



;20p. • «S»SS, ^Aer Aihinson’ ’S^nsec.Ln. 
' W»att*"*Wojdro*y ■ Hioss. ibol 16* L 



Caiedcnlan Tst. (ZSp* 87. B (2Sp) 82 1 
(24-B). SpcPI. Uk (21 ;8) I.. _ . 

c r 2 T*r & T *- - ,25p ’ ,23, » 

capita! National Tst. (25p* 140 <23 81 tj* q iL^es v 

C SSfff‘ ‘, 7 ^'- ^ *»“• «*» 122 0* »f r m: & G^‘ T ^F < U U 7i. , ?fl5?'® 3 4 182.9 

‘ 12501 1289. I 

(350. 71. 9^0. 116 M l- 92 ' 6 

MLNE$»Aibinliin ( 4 ) 

Han, Dion :Sa> !30© >24 8) 

MJ.M. HI* gs. (SAOSOl 2<3 '33 8 
Nerth Broken Ml‘l H'dgi. "AC.50* ‘.23 
I North Ka'ouri. ;!A0.3C) ,5 
Par nga ‘Sp' 36* 22 5* 

Western Mn.rg '40.59* 138® 40 

.Miscellaneous ( 59 ) 


CURRENCY, MONEY and GOLD MARKETS 


UK MONEY MARKET 


EXCHANGES AND BULUON 


Bill rate declines 


. . Isj >50oj 

'34 3 ' 

C'lllon ln». t,0p. 6 * *23 8] 

Livacfdai; Inv. , 25 n> o6© 

. .*.4 (24. Si 
LClbtuI 9*xunl.es Ts< (25pj 262 (21<B> 
Lw'»'.nsi> iv'arvei fst. "Ipi I3-... 

35 COMUCBUI I no. Tst. ( 25 p> 213 ® 11 


7 . 8 , 25 b. 


AMAX iSUSI) 31 ' 4 *24 8 *. 

. ;>US- iUS 92 
Arcr Hiu* T»r 'SMar «USS 34 : 2 t a. 
Berall Tin wolfram : 25 o) 56 © 


(.a,.*. Am.-'a '.I jo' ifafa© 4 S 
r-KCV-H- HOp: 7 3© 29 -24 8) 
Tr.*' t TV A N-V 67..® BO 

r< nc» Fhi-ndr^s . 25 n 1 103 
. l-vst Mcuvrs Forte 35o! 229 9 7 
' Vrr »', «23 =•■ 7 50COO 6* 4 

1 ** ’ A *<P 

tub* 


Spinners i 20 p> 36 Conlinctial Union Til. < 250 . 128 <24 8 * 

, „ . _ . . - ” Crcuen, Japan inv. Tst. ( 5 i)di 200 

|Vough 4 l Carpets <Hidgs.* , 25 pi r*10 . 2C . 

Dot inn 1 *»"•«< Catboreitor A .R~, . iBOer-JOS 
u I PC *<•(!*'«. Group iSd* S 3 *: .ft 0 . oa 

ELECTRIC LIGHT (\\ 


uhe lr*,(s 436 © *9 5 © Z 3 30 4 BLtLTRlC 

* *>" ^P< in. 73’a 124.5'. 6 lac ClKutU 72 

(J.'i .96.. . i T ’_2J 8) _ . Israel ll£1* B <21 8i 

FINANCIAL TRUSfS'ltt')'." 

ltd 5 'nTtvcry * 25 oi 376 , 1*3 *v 


!4ndrt Kings, 0 'bOp: 2<H 90 
Turner Ncwall :T7© 5 4 2 6 3 
• BqcLn- b9u 131 8) 

:*•"« i'l'to© »5p) 11*4© '24*81 
(U'7W iW f.i iIOp 
T urret *2}-Rt 84© 

!<WI* <C<u*tra. torsi (10o) 30© 


'Si* 9-'- T? * ~ ■ « fPt »4 (32 8* 

uDS Gp Jip. or:© 9 100. 4'aocDta. 


Airord . 

. ««* » Anglo. Af -wan r*n. i7':o).,i «22 6) 

400 ».© 1.® TO Anglo-Cur.Uneritvl Db 1974-61 a^o 

Armopr T>l i TOo) 1(Wi ',32 5) 
B-shopifiaie Prep. Geo. Inv*. 4© 


B*nk of England Minimum 
Lending Rale 10 per cent 
: (since Jnne 8, 1978 ) 

The Treasury bill rale, fell hv 
8 pc 5 u 0 -Dh. : 0.0682 per cent to 8.8340 per rent 
\at yesferday's tender. The mini- 
mum. . accepted bid was £ 97 . 78 ). _ 

r* , £>% -f 1 i -IS* compared with I 97 . 7 S Iasi week, fairly small 
us. so;©. 5 ''<pcu*,s Lis. 63 u *23 e? U and.Wds at that level were met Treasury bill 

& 52 f Sa^iBaTraa » ; : 124 w as IP about • 11 percent. The small excess 

_ NorthaMe Espisrat'cn (sc, 4 io ; 2 t. 8 > ' £ 5 O 0 m hills offered and allotted 

S ,. *24 C^c. w .1 f 25 p* =« 

p fount yrc Cpn < 2 Sp* 70 : ; ; 39 4 i 38 *2 3 . i*r.i rzsoi 2 * 6 . • u'hs Offered uere allotted. Next 

L-crbv , SI 226 © t 24 .l 
Liaminta'* Gu T' 

D'jvfon CPmrncrc 

QvPcLn IObG 

Ora-.(a.i Cornel 

7 *jD:li». 1993 i iu 1-1 n> - # ... 


The dollar gained ground by the Bank of England, was uav 
against most major currencies in changed throughout at 62 . 2 . 
the foreign exchange market The pound opened at SI. 9230 - 
yesterday, but tended to decline si .9240 and eased to a low point 
from its best level in the after- 0 r SI - 9183 - 1.9195 in quiet trading. 
Treasure bills from the discount n ? on following a statement from but improved to SI. 9270 - 1.9280 in 
houses.' and a small amount of Washington that the U.S. has ihe afternoon, before closing at 
local authority bills. m “ de no decision at this point on SI . 9265 - 1 . 9275 . a fall of 35 points 

The major factor against the noslUo^HEarfier^in \he °VnW &*u 

market was the increase in the l L €, * er ' e po^uon. Kar'wr m the Gold fell S-J 

no«e circulation 
weekend. 


to S 19 S- 198 L 


Ctpuirijrk Tsi. *25p) fio 
Cut ului Ink. TM 



. aym 

to the Exchequer over Gov 
mem disbursements. 


ovem- r— ■ « Touched during the day quoted at 

ovem fj-anc, before easing to ilVFr J -68 S 199 - 19 PJ. 


, at the close, compared 

DiwutriT hnnwt narrf Q.0.1 nor cure. i o==n : i— 



■AO' I-!-! i250' 157 
• I' l(*l >*■* . JO.-' 5 v 

Tk Nisitttlg A ,'2 5P' *8 
'*• * *'rw IrcBM'.. iltCi 1 08© .24 Bl 
•il Hr» Kljdk iIOp' 51 l20.1i 

<3Sp. 67.® s © :■ 7 6 i b 5's 
*' 1 v*kDo. 65 :® '24 8 
■23 :'' b .BtUib In 


!34 51 

ar.dci-KOti'i* Eil*. • 50P) 317 |2 3 a. 
BriiJrnlJ Arrow Hld14 25p. ,6V 16 - 
Ch.HK-ngr Cpn. >N25 1) :*3 -318l'- 



...I Ihe ‘authorities'' save* a , Tn r ^ e interbank market over- pared with DM 2 . 00 IU on Thurs- 
large a mo, in* of assistance night loans touched 102-1 1 per day. 

0 f cent, before closing at S 4-9 per Sterling's trade-weighted index QQI Q 
cent. on a similar basis, as calculated 

THE POUND SPOT 




Ang.es •~*Ang. Z 4 


:i4ln6u*9h InveM. TtuH Ota. 248© B 
«?«-). ob;Db. JZi. <22.81 SocDh 3S 


1 <*:rf <141 rony* Tiust 


b *v-.r* m ta 
li'*’«»nf .250* 578© 83© 1 4 


CtJrlcnouw? Go J. 25 u*> 6j. S’rstl.V. 63 
■34 3) / . *22; E . 

Cor.nth'an Hi«i <I0»' 39© '34 31 ' English 

Daily Mail Gr.i. <M)p« 353. A 50p) 350 ■ i23 £• 

r. :> ? tP JL Eogl V* New Yoi* Try vt .25(11 83© 

7-400 Dawnav o2?Vp ' 25p *£’■: S} ' S<0t!1M ' "■•»«« 12 501 

54 4. . Lifi.-4-u'Uii Ge*>. .ICi*' 2 1 23 51 


Rhodesian ( 6 ) 


Botswana R5T Pi.4, 1C: 

Falcon Minci lias* 17* <23.2* 


Ourivt Investment TruM tZSol BL 


: AmuV 

. 1 * iff -talev 

5 * - nr Pf j, Falcon Mine, liaS< 1 7 * <i 3 .e* j 

J .Birr 4 J ■ C | B y fn(xa , a QehJ |J2 -g- 6Co . . c 

MT 3 • Ma.tbula . 2 Sbi 36 ! 

Mlnrali and Cei&*--ries Cwp !S 8 D:. 40 < l .•*. 5 
1 90© 01 *2* Si ; linn k 

»ofn Cansc.ioarsa m jm B >K<i GO , u 

Tsocany.lu: ConceUAM I 50 si 176 2 li 21 < 


Uai'a 

V|rrv 4 .! 


OTHER MARKETS 


Clide 


7»« 1.-IB5 l.:2U 1.^65-1.-275 
2.tEBJ->.2065 2-2D4s-2.2Ua 


I ■<■). ' 5 


i.* 

Not.? Ratet 


_ ; Edinburgh lud. Hloga. « 1 3 ;p: 12. - (21.8) -• 122 81 TsoAany.ka COMHMM iSDPi 1 76 2 U 

?p 76 nertra :3;p) irs .■ (?■» n ' first Scon.sb Am..-n^j 0 Tiust I25n> 103:.: Copnr ln«e;l. I3BD0.24I ‘.4 


LOCAL AUTHORITY BOND TABLE 


Authority 

’ telephone number tn 
ivirenihcscsj 


Annual 

gross Imrrp-i 
interest payable 


Minimum 

Miir, 


Lite of 
bond 


Rani*- 

Kn»v.\ 

. IV.il.- 
roii'ii- 
iicclhr 
Thur: 
Tljurt 


ley Metro. 1 ( 1226 . 203352 ). 

slPV (951 548 6555 ) 

, 021*15 5151 ) 

1112 ( 11.1 5151 ) 

nice ( 01 - 47-9 3020 ) 

w'k 1 937 ', 51221 .. 

ni k ( 0.175 . 1122 ) 


s, 

71 

ear 

£ 

Z.iO 

Year -. 
*7 

* 11 } 

}- 3 .**nr 

1.000 

5-7 

10 ? 

i-year 

-inn 

■i 

,111 

i-year 

nUD 

6-7 ; 

Hi 

• Lycar 

gfkl 

5-7 ■ ,-I 

11 

Lyoar 

-»lH> 

* 

)U? 

Lyoar 

SM 

;; 


f*r« l)n;pr General 
,(R9-25i S29 <24 8) 


InvCMmcnf Trust 


South African ( 24 ) 

A no ’©-Amec tan CM- CorP 'RO £0 


680 


Fory^n Color-iji lim-%1 Trust <25p> 1 86© -32 8 

_■ -.- , ■ An ;. o America.*) tara. a< 5- Afr.ca ■ RO. 10 

funemves. Income 5 US USpl 39 Cap 3>4 2 6pcPto -R2O0 54 _ 

_*JL (25c- 6S ; AnO.a An«r<«n Gc*d lev. Bl- 1 SOSo- 

S-t. - * J3an Invi-Mment Trui! *35p) 190© , 153 -24 6 1 

^J^merrla 1 Invest. Trusl (25o) tutnopwale Piai.num iRO.16- 102© 3 

Ggeal^ CMHIiMIcd Invest Trasl .25©} j Btyvooruitsirtit^ Gp*d M.r. ng (R0.25* 

Gonced iMPnors l2Sol 116 <24 B, BrtKkei. Mmca RO-9C> USS1.Z0 <24 8. 

General Scoinih I25p» 96': <24 8. ; Bisttdsonieta Gala Mining wii isvlt : 

ICtesDow Siockholders <25pi 110*; '24 8,' C1B' 

Glrnocvon Warrants 12 <24 61 1 Doora-o-ttcin Gda M.nr<g tRl.- ©350 45 

Glebr ,2SP< 129*:© 9© ©I* 8 *24 Bl Durbu Rocctfooc r: Deep K1 uasS-u*. 

4pcDb. 88 * 24 8. 5’lPCLn. 107U© 6*tt» , O'iT' 

_S® 5 <24 81. £ UbcLji. 14BI;: *24 8* ! EAST ©refonieir. G&d Mining Rlr 0775b 

Gowgn 66© 6 <24 81 East Rand LAPS. (lus. 20 '-4 "24 8) 

G). Nthrn >25p1 111*.-© |24 Bi. 4>ux cU-'-Oirjnd Go<d Mnvmg *.RJ^©i 262 


Heljl.,. F. j 
■ LRuii-h K i 

l)-5ln»i - 

r.f. t>. : 
“■inn. I’r'" 
l.irn 

Nnifii. HV 1 
Fnft,.-h Fr.- 
Sv-,%li;). Kr.’ 
7 1-11 

• Aurtnn 9 ch, 

S«i-r Fr. ’■ 


4 >. 

6 

8 

5 

18 


A. 17 - 4.-22 
M-W-sl.M 
ft.tg 10-/4 
i. 8 £S.f 9 


60^06140 
1 C. 72 - 10.71 

07 . 80 - DtJO 


Ills 

7 

8»2 

Big 

Si? 


U 2 -M-H 5 .W * 43 . 00 - 143 Jla 
1 . 618 - 1.627 (. 646 - 1.627 


10 .TS- 10.2 1 
8 . 43 - 8 . 4 B 
B^- 8.68 
668573 
4 l S . 27 . 7 s- 78 ^5 
1 i-ia* 5.16 


10 .( 9 . 16.20 

8 . 44 * 4.47 

8 . 5 *i*aj 59 *-* 

470-871 

2 B oo-se.io 

1 . 23 ) 4^4 i 


Pf M*v *23 «» 

Group Investor* options 10© (24 0) 


. 122 . 8 * 

EtSAurg Gold M.rano 


_ RTi 128 22 8* 

Guardian .25pi 87*: .24 8) free State GcduiO Mines <R0-5. Un>237'i0 

rombens i25o) 107 5».-: 124.8) 64.PC £ 17-4 USS2S ‘*r .24.5, 

06. 70 <22 Bl - 

Hid (Ptnfi.p* (2&p< 196:© 9 -24 8 
Hnme Hldgs. a <2Spj. a^tp <24 8*. 


Bi-laian rale a for convertible francs 
Financial, franc 8CJM43JKL 


LONDON MONEY RATES 


VrtMMii..m Fd-t. — 1.50 11. 68a 820.95-098.52 \ostriB 27.30-80.30 

AuMni.-n 1>’-Klr I.67701.6b40 U.B703 J.b /a9 Kel*luir„ 62 63 

Fmiini 3lnri*bi....‘ 7.92-7.93 4.119 -4. 12 lU Denmark 10.60-10.75 

Hrn*i‘ CruMP*" .. .. 36.57 56.37 10.55 10.07 France ... 8.403.50 

Gram? I)rarl*mx.... 70.671-72.403 36.674-37-573 Germany 3.80-3.90 

H.mc K"n.« Unrar. 9.45 9.6 4.7130-4.7170 lulv .... 1600-1630 

Iran Rial 134 13U 68.3LHV7 1.614 Jumd... 570-3B0 

Kiiwmi (ii.nu *K(i-. 0.523-0.533 0.2714-0.87(6 -Net berluid... 4.13-4.23 

Lniemimnnr Fioik- 6- .90-61.00 31.604-31.655 Norway 10.13-10.33 

Uawvsta OiHigr...,. 4.4300-4.4450 2.8890-23040 Pmru^nl. 83-90 

NewZeamn i Uoii*i l.t»k8>- 1.837a 0.9wo9-v.9o- 6 5uln 141i}-145 

<*n - Arabia Rtvn . 6.a6-6.4S : 5.29-3.547 i 'witrerlan.1 3.12-3^2 

■«p,«iv (Viu,... 4.-* 44.556 2.BS60-2.25B0 l.-aited States 1.921-1.94 

•*- • • 589 1 . A*- 490.8609-0.8744 Yiyfoalana-.: 39.00-42.00 

Rale given for Argentina (s free rate. 


GoM Ruthon (ifnie 

ounce) ’ 

Cio*e.. S 188-1888 8aM*-S0£ 

Upenrac.- S19Btf-19Si S2D2*-28«1 

3!orol()R ©xing...... P19B.85 8 202.78 ** 

J21U.S20) i£lB6.ffllJ 

Alternooo fisang S136.85 S2M.08 . 

(£102.867) '(4U06.«a> 

Golf! Coins • , • * 

liomescoill.T 

Knisemavt S2fWi-!T8i SSlliJIft 

•£IQ3t-1094) (£W9*-UBi) 
Xow aoverngm — £ 38 * 60; 86TJ-&33 

>£SI)-S1ij >£50.51) 

Old Sovereigns S68i H8i 

<£30x-31i1 

Gukl Coins 

iBieroori.JnnUy 

Knigerranit S2D4^236i S2Q73-2Q5) 

£' TOE- 107, i£1074-lom 
Xew Savereiga*..... 86«i-58i S67-S0 

_ •iSt)i-fOlt |£28*.5B4) 

Old Sovereigns S6Si-B0i ,E5Bi-B0p 

(£E0.-61i*i i£5*i-5U> 

520 Eagle* — .. . 8M3-W1 SS0V.-.3M* 

810 Eaiflem 51B1-1E4 0162-186 

S6En*le». 5111-114 SIIM15 


SSS^SOg 

(£50)-Il{) 


«2Spl 85:c'*2«8* SocM 76'?® 04 B> 1 r^li F^'jk SoL-ta 
ladnurial Gem. .25:*, 57'i 8 <2* S' Si«« iJsvi, *■** 

.DB. 46 -2i a< 4 ;pc DB. M *24 8. . ,R 


Free State 6aa«:aas GtX 0 Mining <R,-! 

UsSI .22 (£2.8* 

General M.n.ng (R2: 18 

Ainca <R0-25: SUS19. 


.(••J. f 6 
TSil- 


'imiim 
I Lerfiffcste 
tn ile)v»n 


Inienenk 


..Local 
Am hunt v 

-lep-*il* 


I*w»' Am)*.. 1 Finance I Di»v*uot ; Eligible 

nesmmli v • Rouae • Company market ■ Treticry bank FlneTwie 

lmrpi ) I>|oitr IVjirarts .icpninl , Bills© - bills© Bills© 


7i~~.Tr. .7* ■7T.7 ~.ts' a7 *u<-.7.>.». , C.r03ivl0 Prep. (RO 25 113 If; 123*31 vn« 
imvctMtiorul <2S°) BO 1 ; 124 8). Worranlt ; mrHlon7 Gold IRC bO: 396© 5U65-S0 ;.|«1-I 
38 l 24 8 * 

" IJMWsbxi Ccns 'R2i :S« . • 

I Kinross :Rli 380 £21 O, • 1 


BUILDING SOCIETY RATES 


. - - . 

u.*k & EniU-ld 


Abbey X.?:ifsnai 

\id to Thrift *... 

ANi.mi-r 

Knsha H.istmgs &. Thane!... 

Br.*dfiirU and Bmgiey 

R-irt^wjier 

Hr i -.Ini .-jpd \Vi*S! 

Hr.* sn| Lvononm* - 

Ihiurmia . . 

iturniey 

Unnliff ‘ . 

t'-Mihnlic - ...' 

i hclsca 

■'hi'llonhuni & Gioiire.-lcr . 

i itizen? Regency 

I'ny of London 

I 'm entry Economic 

C.omnrry Pruvitleni ... . .. . 

iVrbyshiro 

Gateway 

Gur.rdun 

rijlifu 

Heart of 
Mean.-, a! 
llrodoa .... 

Miitiilcr *iii*ld & Bradford ... 

I-.*jnuuv»*»n S|*:« 

Lc.ds IViiium-ii: 

I mister 

l n croooi . 

I nodal) fluid hawk 

Mcitnu -Mowbra) 

NSldshlitv ..... 

'lontinvlon 

NM tonal I.OUIItir.H 

Nationw id«* 

.\owca*)i«! I’ermanent 

Ww Cl o*.* .' ... 

Northern Rock *. 

Norwich .. . 

I’mslf} 

IVtMum Mutual . 

j 'or I nun 

rrinLipauf} Rudrtg. So<-ieii- 

|Vogre.**>nc •*• 

Pro pen v Owners ; 

Provincial 

Sisiplim 

Susmix Mulual 

'town and Country .....* 

Wonlwfh - - 

“'Rate* normally 


Deposit 

Rate 

MS«V, 

TUO’V, 

d.-i 5 n ;, 

64 .i r i 

8 . 45 % 

ti. 45 % 

«. 4 o% 

645 % 

««% 

G.nO'i, 

8 45 % 

« 45 |, o 
B.45% 
47 . 70 % 
<L 45 % 
B.45% 
6.45% 
6.45% 
645 % 
6.45% 

6 45% 
11-45% 
S 70 "., 
6.45% 
6-55% 
645 % 
6.45% 
6.4S‘V, 

6- 45% 

*» 55**11 
6.45% 
7.25% 

6 7 ( 1 % 

«45% 

7- 5% 
6 . 45 % 
643 % 

• 6.45% 
6.75% 

0.*i\ 

6 . 45 % 

6 70 % 
3 . 43 % 
. 6 . 43 % 
6 . 43 % 
t«“n 

• 645% 

. 645 % 

\ aria hiu 


Share 

Aivnis 

6 - 70 % 

7 . 50 % 

6 - 70 % 

6 . 70 %i 
6 . 70 % 
6 70 * 7 . 
6 70 % 
« 70 % 
6 . 70 % 
6 . 70 * 7 , 
7 . 25 % 

6 70% 

6 7l) , .o 

7 tij*:. 

7 00 % 

6 70% 
6 . 70 % 
* 70 % 
6 70% 
6 

11 . 701 ,, 

1 ) 70 '.-. 

is.a.V'i, 

7 Sh" t -. 

0 - 7 n ,, „ 

6. Ml",. 

6.70 

6 . 7 ( 1 ".*, 

ti. 71 %, 

Wt.V'i, 

6 Ku"„ 
V, 70 % 

. 7 . 50 *^ 
7 JK)" n 

*. 70 % 

670 % 

7 5*1 '7. 

- 6 . 70 % 

6 . 70 % 

«.aw, 

7 AV.Vi 
■ 8 .?*% 
B.m% 
«*.’*% 
.7.3)% 
6 .:o-„ 

0 . 70 % 
7 (Hl% 
6 . 70 % 
6 . 7 » 1 "p 
in Sww 


Sub'rn 

Shores 

7 . 95 ",, 

7 . 95 % 

7 . 95 % 

7 . 93 % 

s.jn% 

7 93 **^ 
7 . 93 % 

7 95 % 
7 . 93 % 
S.2.i% 
7 . 30 ",, 
7 . 95 % 
7 . 95 ";, 
S. 23 % 
7 * 15 % 
795 -V, 
S. 7 d'V. 
7 . 2 !l",» 
7 . 95 % 
7 . 20 %. 

* 

7 95 *V. 
5 45 ";, 

7 . 1 I 5 ",, 
9 Ills 1 
7 . 95 '".i 
7 95 % 
X 13 *V. 
SJhl'V 
7 95 ". , 

« mi*’,. 
7 . 95 V, I 
5 (Ml% 


“ . *Term Shares 
7.70% 3 jts.. 7.20% 2 > rs 

7 . 70 %- i srs.. 7 . 20 % 2 yrs.. 6 . 93 % 1 it. 
7 . 70 % 3 - 4 . yrs.. 7 ^ 0 % 2 yn^. 6 . 93 % 1 jr. 
7 - 70 % 3 yrs., 7210 % 2 yrs.. min. £209 
7 . 90 % 2j yrs.. 7 . 45 % 2 yrs 

6 . 93 % 2 months' notice 

7.70% S yrs. 7210% 2 yrs.. nun. £300 

• 70% Tyrs; 7.20% 2 yrv 

— effective (mill September 1 . 1 U 73 
7 . 45 % min. 1500 6 months' notice 
“ 79 % 8 .yrs. 7 . 20 % 2 yrs. r£ 300 -a 5 . 00 Q) 
S. 30 % 2 yrs.. min. £ 5.000 

7 -Oi*\» Oyrs., increment share — mm. 1300 
7 . 70 % 3 yrs. min.. 7 . 20 % 3 nubs.' notice 
7 . 93 % 3 yrs., 6 . 03 % 2 yrs. 

— : up to 7 . 20 % 3 months’ notice 
7 . 70 % iSjfrs.. 720 % 2 yrs.. min^SOO £ 13.000 
7 . 65 % 3 months' notice. £ 1.000 min 
770 % 3 ytrt., 7 . 20 % 2 yrs. 

<•70% 3 yrs, 720% 3 months' notice 
> 20%. 4 yrs., 7413% 3 yrs.. 7 70% 2 yrs. 
*-«0% tt months 
7-70% 3 yrs,, 7.20% 2 yrs. 

7 . 55 % 2 yrs.. S^ 5 % 1 yr. 

1 - 79 % 3 yrs.. 7 . 20 % 2 yrs.. min. £ 1.000 

*■*«% . 3 t rs,.. 73 n% 2 yrv., 6 .B 5 % 6 miha. 
7.S0% 3 yrs.. 7.30% 2 yrs., min £1.000 


T. 55 % 2 yrs . min. J 5 .WM 

7 . 70 % 3 yrs , 7 . 20 % 2 yrs . aim £250 

-7 45% 3 months mm il.uOO 
” ~u% s-) yrs., 7 ^n% 2 yrs. nun £ 3 oo 
500 % 3 yrv. 7 . 70 % 2 yrs. 

■7 i *5 Vi 7 . 70 %. 3 yrs., 7 . 20 % 2 ) rs. . ci in . OOO 

*c 2 fl",’, 7 . 70 % 3 yrs- 7 . 45 % 2 yrs.. min. £ 5 (Ki 

T-'-n ' 7 . 70 % 3 yrs.. 720 % 2 yr.*w, min. 1300 


7.93% 

7 . 95 % 

7 .‘Ji"i. 

543 ".. 

;. 93 , »„ 

7 . 93 "„ 

S. i .i’li 
«10(H’ a „ 

T. Uo",, 
with 


v - i.-ta-i, J. yrs.. min. £509 
70 % 3 >r>.. 720 % 2 yrs.. min. 1300 

7 70 % 3 yrs;. 7 . 45 % J-yrly.. 6 S 3 % S mlhs. 
7 . 70 % yrs.. 7 ^ 0 % 3 yrv, mm. £500 
*. 95 % 2 yrs.. 7 . 7 D% 2 yrs.. 7 . 45 % 3 rath.vnoL 
“- 83 % *3 mihs- iiat,, 5 - 70 % to limited cos. 
7 70 % 3-4 yrs., 72 i 9 % 2 y rs 
T. 70 % Syr*., T 2 Q% 2 yc 6 .. 6 D 3 Q P 3 imh<i.iioS- 
X. 05 % 3 yrs.. 7 . 73 % f yrs., 7 . 50 % I yr. 

7 70 % 3 " yrs.. 7 . 20 % 2 yrs. 4 * Max. £250 
7 . 20 % 2 yrs.. 7 . 70 % 3 yrs. 

■lunges in nrriinarj- share rate*. 


Ltcal aaitorltr and fioar.se haiiie^ srren daj-f’ aoace. ocher* seven ifar£ fired. • Longer- term Inca; a-j:her:l:* aioingage 
a:c j-.ifniiiaily three sears ll-'.l'w per cent: funr rears 111 per ram: five years IT per ram. ©Bonk blU rates in lable are 

Tm iai' Vab-o 220 '2a a ws.bb rile for prime paper. Buying raiei for foor-month bank bills S’j.- per cent: fonr-momh trade bills :o per cent. ,.,„_* 

1. uioa Eaoinn. laajs SUS0.77 Lnr.rfflUniate wEina rates Mr ane-monih Treasury bllli per cent: end two-toomh w . cen i. ;hr«e- 

s*.«8i r n u-%*i6 per etui. Awruslniaie teilins rale tor one-momh bank bills M'*i per tern; rv-o-Dionih <l'.. : ptr cen:: and Trr - 

I H'igs- iRO.SOl SC9 WJ557.30 1 L*L-*n.'n,oolb Phr per ctnr. t)noa:.*nih trade bilL »2 per cent: iwo-mooth 52 per cen,® and olv) three-mt,n;h 5: per cent. 


Kleai GoM :Hts njj uu: 

Leslie Gold *20.55- iUS0.77 124 Bt 

Lm*ror, Geld • R • 1 OS46 
Lork'ne CM *Hl; ’12 :2« B 1 
LypefOurg Pltvmtn iRO.12':) 66 (23 8) 
MWilU iROiD- VP (21 8. 

Middle W^wotererang !Rt>.25< 195. Cpc 

Pt mi: 27 

PreNde« Brand :R0.50.' o132D 
PreSJtJem Srev: (RO 50* i>854 
RaMTomcc Lstv <R2i SUSiQ: C2A8) 
RuOCTSj'O »RO 10' 98 123 S' 

SL Helena mi* ©15o 
5eidnst (20.101 190:© 220 124 8 
SoirtV AJ * 

(22 B) 

SocKtOi 
(22 81 

5lilf«Wln <R3J«: 1U55.95D 

L'.C lew fRI 256 

Union Cor. (RO.06'^1 XOCco 203: 

U«rtr; Gold <9.D.<>.) iu 52.89 (21.8) 

Vaa( Reel* ;ro. 5Q* LUS19 . (22 8- 
Veotersoes: ,R1> 236 (24 8> 

Vuafontein :RO.90> 48© 

Weikan :rojo* 347 <21 8, 

Wen Drw.'octtiP 'Rli 238 So _ . 

WBUro Areas (Rt- 205 t*24 '8. 

WnURi Dees Levels R2t 4 LI SI 0 » 24,8 
We*: era Hluas. (R9S91 2l54oC SUS2S-. 

WmkelHaafc (RT* 755 <22 8 
Zjnoow t«1 j 223 Sl.52.9S <22 8* 

Vest African ( 1 ) 

Blvra. -loo; 5* 

Gck».4« Base MeUf rtZ-ra 1 9-* 123 8) 

' Diamond H7) 


•Jw-mcilit-.. .. — 

Bit 1 1 

• 

1 — • 

| 94-8S9 

i .lav - ii"llct_ — 


1 B?9 B 

— . 


} nr.v- ..r — 

— 



1 9 b 

: .1*-. - U'irtce..- — 


9-913 


6)4 J 

tin- T,,rtll»h. . - 9 ’f 

s»a 

9-x >8 

9’i : 


c-iitti-.... 9,4-91* 


Ptvtlg ! 

&s 4 1 

Ihivt /,,«mtbf.- 9rv-9ij 

9)4fc-> 


85c »!* : 

BT t 658 

»;x in- n)b«^_ 9v-D^ 

■ s , fc:-j 

9!e-s>i2 

>1* 1 

!jj«t ; - 

Ninv rr r -oih*_j 9jp S r i 
U-i«l«r..... , Big-Bl; 

9s*-B 
. 9 jj 973 

6-N 

9»a S»Se , 

B re 

10»4 l - 
1048 1 - 

1 «... v^ara • 

- 

ICIj-IOS* 

- 

— ; — 


81k 9i 2 - 


CURRENCY MOVEMENTS 


8 «*- 8 ?a 

87 s 

9 

9 




B 3 (- 05 ? 

t». Bvi* 


Sl 3 

91 ; 

9 <- 9 .'e 
9 *- 9 i 


9*4 

ni. 

BJ; 

10J» 


Aon. 25 

Bank of Morgan 
England Guaranty 
Index changes 

FtwUns 

62.25 

-8D.9 

1.-5. dollar 

84.95 

- 8.7 

utnadian dollar .... 

*2 66 

-14-8 

Austrian schrlling 143 JT 

t18J 

Belgian franc 

. 110.32 

+12.4 

Danish krone 

. 113.15 

- 4.0 

Deutsche Mark ... 

. XOA7 

+36.0 

Svites franc 

. 10TJJ 

-89.6 

Guilder 

. 11939 

+17.2 

French franc 

99.74 

- 43 

Ura 

55.71 

-4T.8 

Yen 

. 152.45 

-SOJ 


Fltiaoee Mouse Base Rates ’pub’n-hed br ihe Finance llouces A&foeiailon * 103 per cent from Auzu-a I. i?7S. Clearing Bank 
Deoosh Ratas ifur small Mim-* at .-vreo day** nonce* 6-7 per cent Clearing Bank Base Rales fur 
Treasury WHa: Average tender rates of cUsconm 83082 per cent. 


Bas?d on trade treighicd c-lianses from 
lending 13 per cent. Washington agreement December. 1K1 
(Bank of England infleX = lW'. 


EURO-CURRENCY INTEREST RATES* 




Sterling 


LIIOilIlB 

lA'ilar 


J W»r German 

I’Ji. Dollar I Dutch Guilder • Fraue Mart 


French 1'ranc Italian Lira 


Atlia 8 


■lapanne Ten 


! r~L"rt ICnn ; 

! 7 «l*y"a tot ice* 
j Month ■ --■■ . ... 
n*rr-: mONhl.. ** 

'ms n.woihs 

One ve«r_. 


0 * 3-1 Die 
101 ;-U 
ll-lli 2 
IIU-IU 3 
lUB-itJa 
iiH-ia 


8:4-914 

814-914 

SH-Si, 

85 ,. 91 a 

9 - 95 * 

Brfr- 9 * 


8-8)4 

K5S 

tm 


2- 2ls 

3- 31 a 

4 »a- 47 « 

63 g- 6 sc 

«5-6ia 

6 <B -648 


lot 3 a 
34 

isa-li* 

lia-iu 


tm 

3 * 4 - 8 fa 

33 g- 5 i 2 


7.714 

73 »- 7 ig 
0 £- 8 iit 

IQ- IOI 4 


9 - 12 
13-14 
13 > 2-1412 
1334-1434 
141 a - 15 l 2 
1434 - 15 !; 


Bie-014 

Sri-Bnr 

Bij'&ia 

B7 fi -9 




Dg-lTg 

23*1-29. 

Zfi-Zi 


2a On. Bril 1R8.CS: 5,8 19 
Griaaouna Weu >R2C, 150 2 *24 8} 

OIL (1S3) 

Attack Pe'.-eleu- .IS»: 929 _ 
Britisi'.Bairw© PCraieura iSn* :6BO 2 
•m a: ic -.24 £j 

Erilit*> Petroleum 900;© 6S© 900© 896 
r.v COi.: yso- SO. 6 a SSa a W- 
*: 93cr 2 t-93: S ZxuImP*. 69 O'- 
>jj 9o:Pi. '77. 6nCr< Do. 89-:: 
■24 a* 

Sura uc ft: 74SS IS •* 6 3: 7 3s 8 
4:. 7^FcPf. SJ - SDCFr 34 - .23 8. 
7 -rf=L.-» bL ■: -24 i. . S iK*.". 52 : 

-2« 3-. S^rsiL-' 52 - 
Ccr.turv 0.:j -tjo. t i :ff 1 ; -24 B> 
Cn*rre-*u- >Sa 2£ .- 1: r _ 

UlCIOk, Bi -it 8* 

HamL-E. Terre -..-r -2ia. 93 29 -21 E- 

Ne w -25a: 92© 

VC* rat. .Jifl* 30 '2* 8> 


Mora* Cara -IUi » £5' 49-» 22 rj 
rt! s'blnrai ->r. -:0». M* 
wwinr is- :, ; ,7 

Reva' Djtrt* Pe:.o:rj-t nv Knr>: jue 
nwi[|«j»-.*{ PetA’eain Maiaihanpj 
47 -, :£4 8* 

Vwii Ti4Ms«rt 1>«d*ag >259* £92:3 BSjC, 
8© 7© 93:0 87 90 3 88 6: 3 6 2 3 
95 Ort) She. ,259 MSS -*24 8:. 5 ■« 

: BTp»i. MOO 24 8.- 7oe2roPJ. 81 

Traote ir’r:. F-ar;.4‘ Ca.-ar. Sfj OlL- 
_vm-6:d in. 57 ^ 


Cm.PU. 144 

PROPERTY ( 99 ) 

Ali-aete ®«e*er*» ksifran 9 ’jkDB. 1992- 
10). 73 

A. nart in'®" Frope-rtes S'aPClUMtg.DO 
19a6-B3 bl .® 

Araal-ramateo S«x-» (So* 9'? 10 


T.te foDo»ins nominal rates were Quoted fc*r London dollar certificates of deposit: One month 5.15-3^5 per cent: three months 8.35-5.i5 per cent; six months 8.70-83 
per eea:: one year S35-S.95 per cent. 

LuajMerm Enrodollar deposits: twa jfars M-9i per cent: three years OSie-tS]* per cent; four rears :<;-9! per cent: five years 8£is-9.’:i aer cent nominal dosinj 

s:»>rt-iarm rams are call (m* ‘tenuis. L-.S. dollars and Canadian 

dollars- 

two da Jl 

nonce (nr zmlder* nr.-l Svnss froacs. Asian rates arc ctosin* rates In Singapore! 










_ 

.. . . 1 

VJL CONVERTIBLE STOCKS Z5/8/Z8 





data STREAM International 





Con- 

Flat 

Red. 

yield 

Rremiumf 

Income 

CheapC+y 

Dear(— )<> 

Nam© and description 

(£m.) 

price 

Terms* 

dales 

yield 

Current 

RacgeJ 

£qu.sjc-A^jsta:o 

Current 

Alcan Aluminium 9pu Cv. S9-5H 

9.05 

148.00 

100.0 

70-80 

61 

3.7 




% 

Associated Paper 9* pc Cv. S5-90 1.40 

117.30 

200.0 

7G-7B 

8-2 

6.5 

- 2.9 

-10 to 2 

5JZ 4.5 — 0J5 

+ 2.4 I 

Bank of Ireland iOpc Cv. 91-S6 8^2 187.00 

47.6 

77-70 

5-5 

2.0 

— :;.o 

- 8 to 1 

31.0 4.7 - 3^ 

- 0.3 J 

British Land !2pc Cv. 2002 

'-71 

174.00 

533.3 

80-07 

7.1 

6^ 

14.7 

12 io 27 

0.0 94.3 622 

4-47.5 -j 

English Property &$pe Cv. 98-03 ■ 8.07 

90.00 

234.0 

76-79 

7.4 

7.6 

- 7.3 

-11 to -2 

8.4* 3.2 - 5.4 

- 1-9 J 

Encush Properry 32pc Cv. 00-05 33.31 

87.00 

130.0 

76-84 

14.4 

14.3 


24 to 59 

31.0 49.5 29.6 

-10.1 I 

Hanson Trust Bipc Cv. ss-ss 4ji 

83.00 

37.1 

76-80 

7.8 

&2 

-4R 

- 0 to 12 

S 4 5.9 - 3.0 

- 7J8 J 

Hewden -Stuart 7 pc Cv. 1995 0l07 S40.O0 

564^ 

75-79 

2.1 


— A 
1 Al 

-34 to -7 

9.3 3JI — 1.6 

4- 5-7 

Pentos 15pc Cv. 1985 1.03 158.00 

160.7 

7682 

9S 

5.9 

— ■ 5.5 

-12 to 2 

43.4 425 - 0.3 

•+ 5J 

Slouch. EsUtes 10pe Cv. 87-90 5.50 175.00 

125.0 

78-87 

5J8 

L2 

3M 

9 10 18 

372 54.0 10.6 

- 0.5 , 

Tozer, hemslcy 8 pc Cr. 19S] 7^3 

98.00 

153i) 

74-79 

8.4 

9.7 

6J2 

4 10 14 

7.3 7.6 OJ 

- 3.9 ■ 

Wilkinson Match IOpc Cv. S3-98 1L10 

98.00 

40.0 

76-83 

10.6 

10.7 

36.4 

24 to 40 

29.0 37.7 22.4 

-24.0 : 



of thJ 
Ttiblr-S 


:rtv«tTnem in umvemble espreisvd as per cent 
i-hich £500 nominal of .'tmremble stoch ta conTKrtiu'. 

. kim -.*--• — — — — -- ■— «. — •"•*•—** ■»"» in mcaiej* uuo locome on £!0& nominal of convertible or the final! 

t H-_? ncfce Ter 15 g ? ri t ‘ r u lpc «D "F_» aaffUDied n grow al ID per cent per annum and la present valnrd at 12 prr rent itr annum. ** Income on UM oc 
"" “ “ oc orr annum. •*' This ia income of the convertible Iras income of the imdvDyind eoulr” 

bettnen the oramlum and Litomt difierencs expressed as per cent of ihe raiue 
relative dearneac. 


SnsMi, PrOMrt-es (Z5 p 5 86 ,*24 e*. am :oit' er<JN#. Income n summed uplD conversion and pregent valued ol 12 per cenr prr 

cm of the raid- of ihe ondenrlns eooltjr. O TV difference betirte 
LrbiV* Ha-*sra 'ilato >29 '* n ' r1mB + Ls <n indieaiioa uf relative cheapness. - w an indication of rel 

8. lien tPortv U3P) T83 J „ .. . — ■ - — 


J 





Financial Tunes Saturday August 26 1978 


STOC K i \( II \N(,I. REPORT 


■' . 

Equities regain confidence after Thursday’s shake-out 
but pre-holiday conditions prevail in all markets 


financial times sto ck indices 

— I TWri^r^ rw^r* 


Account Dealing Dates 
Option 

•First Declare* Last Account 
Dealings Hons Dealings Day 
Aug. 7 Aug. 17 Aug. 18 Aug. 30 
Aug. 21 Aug. 31 Sep. 1 Sep. 12 
Sep. 4 Sep. 14 Sep. 15 Sep. 26 


were done in I Cl and left respec- 
tive price improvements of 64 to 
48 ip and S to 53p in the January 
and April 360 series. * 


Banks better 


Hew time ** dealings may take place 
from 9J8 un. two business days earlier. 


Confidence returned to equity 
markets yesterday when an early 
extension of Thursday's shake-out, 
thought likely to incite fresh 
selling from, insecure private 
investors, instead brought in the 
odd buying inquiry. Dealers who 
had defensively lowered values 
were equally quick to readjust 
prices upwards and on the 
ensuing rally suport increased 
despite the pre-holiday nature on 
the market. 


Although the majority were 
disinterested, a few institutional 
sources were taking soundings of 
the trend and accepted offers of 
both leading and good quality 
stocks on a selective basis. In 
receipt of such encouragement, 
the tone improved further and, 
despite a noticeable absence of 
trade from noon onwards, prices 
retained the enhanced level to the 
close. 


The major clearing banks 
ended the week quietly firm. 
Natives* rose 7 to 2S0p and 
Barclays added 5 at 355p, while 
Lloyds and Midland both closed 
3 higher at 26fip and 360p 
respectively. Among overseas 
issues, Standard Chartered relin- 
quished 6 to 440p with sentiment 
not helped by Press suggestions 
of an imminent rights issue, 
while Hongkong and Shanghai 
cheapened 7 to 337p on invest- 
ment currency influences. Ahead 

of next Tuesday's interim results, 

Alien Harvey and Ross edged 

forward 5 to 315p among 

Discounts. 


rap. Louis Newmark provided a 
Arm contrast at 230p, up 7, on 
small buying in a restricted 
market 

Having fallen 28 over the pre- 
vious three trading sessions on 
profit-taking, John Brown closed 
12 dearer at 472p on the reappear- 
ance of buyers. Other Engineering 
leaders were quietly firm with 
Hawker faring well at 244p, up 6. 
Elsewhere, an investment recom- 
mendation drew buyers’ attention 
to S. W. Wood which added 3 to 
43p. while Dunks Gowerton, a re- 
cent Press tip, firmed 4' more to 
91p. Further consideration of U.&. 


at 18jp at the company’s request 

pending clarification of Hie 
position of the company- 

Miscellaneous Industrial leaders 
rallied after Thursday's bout of 
profit-taking and dosed with im- 
provements . to 8 following a 
modest demnd. Beecham ended 
that much dearer at TlSp. while 
Glaxo. G2Sp, and Fflkbigton. fi34p, 
hardened 4 apiece. Sank Organis- 
ation also put on 4 to 2S2p. senti- 
ment still buoyed by the group's 
joint television venture with 
Toshiba. Scottish and Universal 
Investments finshed a couple of 
pence harder at I27p after the 


a similar amount to 263p. Else- 
where, ctonbmed buying on hid 
hopes left Collett Dickinson 2 
higher at S3? for a rise of 10 
on the week. 

Properties took on a mixed 
appearance. Chesterfield improved 

3 to 360? following news that the 
company had sold its 50 per cent 
interest is the associated Chester- 
fieid Ronsnn (Europe). Great Port- 
land picked up 2 to 310p, while 
Westminster hardened a shade 
further to 23:? in response to the 
recent announcement of a possible 
acquisition. Leaders sometimes 
edited higher, buz falls of around 

4 were marked agates: Stock Con- 
version, 23Sp, Bradford, 25Sp, and 
Daejan, H7p. 


prominently in Plantation* dag- 
ing only 3 cheaper at 387p, after 
383p. for a rise on the week of 
29 despite the fresh bid. denial 
from Sima Darby. Consolidated 
Plantations, which has beeq 
suggested as the vehicle for tin 
Sime Darby takeover of Guthrie, 
hardened 3 to a 1978 peak of S2p. 


O mstaa MM* Sw * -.— 

rtodJatontf 

ImW Al OramaT-- 

Gold mow - — - 

Orft Dhr. TtekL— — . 

Ihnxiagt.T'lilX^ilOn 

WH Ratio 

t)gttls(r ma rt a rt ., — ■■■■ 
RqnltylnrtW*"-! 
Sqolty imrgtia* tOUL.! 


70 .6« 70.00I m«a{ w.w mar 

783 78.40 TM*)’ *M*j- 7«.Mj «.*», *US 
eiMj aoaj; . bias! flRUj uu.ia#.img. 
ins* 177.5} i?sAj in-4 i'Wifj WMj.UM 
Sjd I.U 

mad to.es! 1 utf- tin! mm 

I I - mmt m m mol ~ ' mm* ft ea 


iVi9T «■■■*» — p , ; ' % 1 • ' 

ijyjgj 0,50* aMf.-.&Hf asH'-'jfcsi! M4 
«^87j 0,05* MW «.«?! 4JMI1 WMTmS* 
- 1 79.84; MJ»i XWATi '7tLBa.lES.mrWA8 


The FT Industrial Ordinary 
share I ndex transformed a loss 
of 1.6 at the first caJculaEon info 
a net gates of 4.1 at 513.4 and, 
despite the near 14 point mid- 
week fall, closed the first week 
of the Account with a marginal 
rise of 0.5. Mr. Healey's remarks 
about the economy came too late 
to affect sentiment but dealers 
were optimistic that fresh buying 
interest may be promoted when 
dealings re-start on Tuesday. 

Isolated pockets of firmness 
also developed in situation stocks 
which included J. Lyons, up 9 at 
185p following Allied Breweries 
decision to allow the extra- 
ordinary general meeting 
requested by the pension funds, 
and companies recommended by 
newspaper advice 0 r reporting 
trading announcements. 

The recent spell of Inactivity 
continued in British Funds, but 
scattered gains appeared among 
the shorter maturities while the 
medium and longer issues 
recorded rises of T Business was 
insufficient for the slightly lower 
interest rate of this week's 
Treasury bill tender to have any 
effect. Corporations, too, were 
neglected. 

Further institutional and 
arbitrage selling outweighed 
demand for investment currency 
and the premium surrendered an 
early rise of a point to react to 


Further consideration of the 
interim figures prompted a useful 
recovery in Bine Circle which, at 
296p. regained half of the pre- 
vious day’s fall of 12. Other 
Cements also took on a better 
apearance. Tunnel regaining 4 to 
296p and Rugby a penny to 86p. 
Elsewhere in the Building sector, 
leading Contracting issues 
steadied after the setback over the 
last few days. Gains of a few 
pence were recorded in Mareh- 
wiel, 156p and R. Costain, 22Bp. 
Orme Deevlopments hardened a 
peny to 54p following the form-il 
letter giving reasons for rejectiiVT 
the bid from Comben Group, but 
KewarthiN continued to reflect 
disappointment with the half- 
yearly results and closed that 
amount down at 158p for a fall 
of 7 since the announcement. In 
contrast. Magnet and Southerns 
encountered further support. and 
put on 5 more to 227p, while 
Brown and Jackson firmed 4 to a 
peak for the year of 202p. 


F.T.32roUSTRLSE : 
ORDINARiT INDEX 


BP rally 


. I H i * ffPFFr 


1974 ' 1975 ' ‘ 1976 • 1977 " ' ' 1978 


Burton “A" higher 


94} -per cent before closing a 
point lower on the day at 95 per 


point lower on the day at 95 per 
cent Yesterday’s SE conversion 
factor was 0.6901 (0.6S50). 

Id continued to attract a good 
business in the Traded Option 
market ahead of the interim 
results due on September 7; of 
the 471 contracts completed, 233 


Activity in IQ was at a fairly 
low ebb, but the price gradually 
edged higher after an uncertain 
start to close 6 dearer at 406p. 

Stores were notable for a fresh 
speculative improvement of 4 to 
I67p in Burton A. Elsewhere, 
reflecting the return to profit- 
ability in the first-half year, Elys 
(Wimbledon) rose 5 to 203p, 
after 205p. MFI Furniture dosed 
a similar amount better at 132p. 
Speculative support was forth- 
coming for Hardy (Furnishers) 
and the ordinary and A N5V both 
gained 2 to 43p and 4Ip respec- 
tively. while Bolton Textile revived 
with an improvement of 1} to 124p. 

In Electricas, Philips' Lamp 
reflected overseas advices with a 
fall of 15 to 96op. while Pye. S7p, 
and RLffi Electric, 235 p, shed 3 
apiece. Allied- Insulators tost a 
penny more to 63p on further con- 
sideration of the interim figures, 
while the chairman’s profits warn- 
ing dipped 2 from Cableform at 


acquisition news helped Edbro to 
put on 3 to 2lop and Victor Pro- 
ducts (Wallsend) gained 2 more 
to 245p, after 24Sp, making an 
advance of 51 on the week and 35 
since Wednesday's record results 
and proposed scrip issues in ordi- 
nary and preference shares. 


Comp'on Webb down 


J. Lyons featured late in Foods, 
rising 9 to 135p, after 136p, 
following the announcement by 
Allied Breweries that an extra- 
ordinary general meeting is being 
convened for September 18 to 
enable shareholders to consider 
the various aspects of the pro- 
posed merger. Peter Pan 
Bakeries rose 10 to 60p in a thin 
market awaiting news of the 
recently announced bid talks, 
while G. F. Lovell responded to 
news of the interim dividend pay- 
ment with an improvement of 9 
to 45p. Barker and Dobson edged 
forward 1} to 10Jp with the help 
of call-option business. Specu- 
lators came for Cullen's Stores A, 
7 higher at 140p, but light profit- 
taking after the recent good rise 
left Rowntree Mackintosh 6 
cheaper at 429p. Dealings in 
Rakusen Group were suspended 


annual meeting. Secondary issues 
were featured by a fall of 6 ;o 
40 p. after 36p, in' Compton Sons 
and Webb oh- the disclosure that 
bid talks with Vantona have been 
terminated. Lower annual earn- 
ings left F. Austin (Leyton) a 
fraction easier at 10}p, but Norvfc 
Securities closed unaltered at 19p, 
after ISp, despite the interim divi- 
dend omission and first-half loss. 
R. H. Cole were wanted again at 
ISap, up 6, and Highgate and Job 
added 5 at 62p. Renewed invest- 
ment support on consideration of 
the group’s growth potential left 
Ricardo 4 higher on the day at 
294p and 31 dearer on the week. 

Motors and Distributors spent 
a quiet session. Dowdy reflected 
satisfaction with, the annual 
report by rising 4 tb 27Dp. while 
Press suggestions of a bid from 
•Hawker Siddeley fuelled 2 rise 
of 5 to 10-rp in Zerdth Carhurrettcr 
A. Following the recent good 
performance on reports ’of 
buoyant trading. Garages eased 
slightly in light trading. Nelson 
David eased J to 101 on dis- 
appointment with the preliminary 
figures. 

Newspapers were inclined 
harder, News International 
Improving 3 to 278p and Thomson 


Activity in the Oil . leaders 
slackened considerably. Neverthe- 
less prices rallied after a quietly 
dull start and the final tone was 
steady to firm. Still reflecting 
disappointment with the latest 
drilling results on block 206/S in 
the She Clauds, British Petroleum 
eased further to SS6p before re- 
covering on scattered support to 
close at 908p, a rise of 6 on the 
day. Shell fluctuated narrowly 
and dosed without alteration at 
590p. Elsewhere. Siebens (UK), 
up 4 at 384p. staged a modest 
rally after the recent setback on 
fading bid hopes, while a little 
late interest developed in Oil 
Exploration which finned a similar 
amount to 212p. 

Overseas Traders supplied con- 
trasting features in S. Hoff nuns. 
7 cheaper at SQp on the sharply 
lower profits, and Lonrho. 5 better 
at 63p following Pres comment. 
Inch cape returned to favour, ris- 
ing 9 to 397p. 

Investment Trusts drifted 
gently lower on the occasional 
small sale and lack of interest. 
Bishopsgate Property eased J to 
a 1978 low of 4fp on continuing 
concern about the company's 
fixture, while Scottish American 
Investment. 654P, and Edinburgh 
Investment Deferred, 246 p, lost 3 
apiece. Following their respective 
trading statements. Alliance Trust 
closed a penny easier at 246p and 
Second Ahance 3 cheaper at 2l2p. 
In Financials. S. Pearson dosed 
without alteration at 242p follow- 
ing the interim figures and divi- 
dend forecast which accompanied 
the formal offer documents for 
the proposed acquisition of the 
outstanding shares in Pearson 
Longman- 

Ocean Transport, s dull market 
of late an the poor interim 
figures, staged a modest recovery 
in closing 4 her ter at 114p follow- 
ing a reasonable two-way trade. 

BAT Industries Deferred. 5 off 
at 295p. provided the sole move- 

Among South Africans, Prim- 
rose Industrial fell S to 67p on 
the sharply reduced earnings. 

Guthrie continued to figure 


Poor week in Golds 

News that the U.S. Treasury Is 
prepared to draw ou Its resources 
at the International Monetary 
Fund to sustain the value of the ; 
dollar caused a $425. fall in the 
bullion price to $198873 per. 
ounce and extended the letter's; 
fall over the week to $12 which 
was started by Monday’s news 
that the US. Treasury is to more 
than double the amount of gold 
on offer at it’s monthly auctions 
from November. 

Consequently, South African 
Golds came under renewed pres- 
sure with the Gold Mines index 
falling L4 more to 175L9, bringing 
the loss on the week to 10.2. 
Business in Golds, however, was 
on a much smaller scale than 
earlier in the week. Prices were 
marked down at the outset and 
thereafter drifted following 
modest Cape and London offer- 
ings which left them around the 
day’s lowest. 

South African Financials were 
similarly quiet. A further decline 
in the investment currency pre- 
mium unsettled prices which 
generally closed a fraction easier 
on balance. De Beers dropped 7 
more to 42 2 p — a week’s fall of 
20 — on profit-taking following the 
record profits and increased 
dividend published on Wednesday. 


— — ’ — — - ■ , . — 

10 jub sor.7, « *» 5V- 1 

JjfflJftL )»•***■ k • 
botoat tad*t - 

• Bawd c* II par cant eonmradptt' tag. 1 ' SJWMS> 

Sts!, in ML™. ^ 

HtoSz vSi. SB MMtT Jiflr-D«. WL .r ; ._r. . 

highs and lows s.fe Acnvrrv 

i m& jUtnee Canq41*tST 


j High j low I Blgb .f tow 


s.e. Acnvrrv 


— “-IW 


“■“*H ISf IfSW JM*|aas2: 


Bold Stlsa*-' 106,6 130.S 

j {MO (8/b 


RISES AND FALLS 

Yesterday On the week 

Up Dmn Sant - U» Mhi Smm 
» _ » -- - 'ia k - in 


Fanrtlm - * * * ^ 

■SEr-ssss---™ “ » » 

on* — * 5 ; a 

— ZZ ZZ ZZZ 12 71 c 

Iteccnfe burnt a * ^ 

M, * » 


im w m 

» 2 U 

IM um 4 Jttt 
sn - sa mo 


'■ ■» : - a PI 

UK ' 37 23 

n gr at 
um %m uz> 


LONDON TRADED OPTIONS 


■Es'tviw; 
: pice 


Owiasi , 
offer , ToL 


[Ckrtm. 

\ offer { \oL ' pffW ! T<rf» 


J;. Beatty 


The S10 increase in ' the pro- 
ucer price to S250 charged by 


ducer price to $250 charged by 
Imp ala Platinum failed to inspire 
Bishopsgate Platinum — which 
eased 2 to 100p. R us ten burg 
drifted in sympathy and closed 
a penny down at 96p. 

A feature of Australians was 
the strength of Uranium follow- 
ing news that the Federal Govern- 
ment and the Northern Lands' 
Council have reached agreement 
on the terms and conditions for 
the development of the Ranger 
deposit. 

The Ranger partners. Pekn- 
WaUscud, 15 up at 545p and EZ 
Industries, 10 higher at 275p. both 
moved ahead, while Pancontinen- 
tal advanced a point to £14. 

Other Australians, however, 
lost ground in line with the 
investment premium. 

Elsewhere, continued overnight 
Canadian selling loweder Yukon 
Cons 5 more to 160p— a week's 
loss of 25— following news that 
Canada's Teck Corporation and 
Brameda Resources are to 
acquire a majority interest in the 
company. 


up 1 
BP ! 

BP ! 

UP j 

’BP 

Com. Cnten' 
Cons. I'nlrm; 
Con:. L'nlon( 
Con' Gobi j 
Cooj.OoM 1 
IVw,i!aM I 
CmtnnuklB I 
CtHirt«i:l<U j 
L'mirtnul't* 1 
CminnuM' ■ 

lihC 

KKC 

GKC 

GkC 

GHC ! 
GKC I 


780 166 

800 115 
850 68 

900 41 

950 IS 
140 19 

160 j 8 
180 H 
160 55 

180 ! 18 
200 I 6 
100 ' 2QJ; 
HO-I 12 li 
120 6 
13U i 5 
220 * 94 


1188 ! 

140 ; 

1107 ] 
I 70 
I 42 
I 21 

i It i 

j 22 ! 
| l Vil ! 

l.oS-j 

: to 1 
• 65 I 


, 1G5 i 
: 120 j 
! 89 > 

I bS I 
j $7 j 
, IS « 

\ vZ ! 

i 59 i 

i 28 ! 

! IB 


•f W -I 

i 15 i — 

i 9 < -• 


Graml Met. 
Cran 1 ! lid. 
It: I 
ICI 
It I 
ICI 

t,iin-< fjesT. 
Ijin-I Sn«i-«. 
Lnn-i MW*. 


Mnrt* i Sp. 


M.nll 

>hell 

■ih*M 

.1-1*1' 


1 

280 

36 

9 

: 48 

— 

. 53 

—r 

n 

i 

AOl- 

21 

6 

i 34 1 

— 

40 

— 

1 

1 M 

2 

330 

7 

6 

' is ; 



< E3 

— 

, IB 


JOvi 

191i 


: 22 !j j 

— 

1 23 

a 

11 7p 


110 

10 

4 

j IteD • 

4 

. 18 

6 

ra 

1 

1 

180 

41* 

_ 

3 

10 

1 II 

-«• 

*_ li 

1 

330 

77 



; 79 . 

8 

ao 

— 

. 

■ 

360 

47 

10 

1 49 , 

23 

b3 

37 

6- ■ - 


590 

2Ha 

69 

i 30 ; 

2 

: 32 

•- 


! 

480 

8 

75 

18U 1 

20 

. 2I ; : 

5 

. 


180 

60 

. — 

62 i 

5 

, 66 

— 

: m? 


ZOO.) 

40 

2 

• 44 ! 

— ■ 

48 

— 

« M 

! 

220 

22 

63 

26»a | 

— 

< 32l| 

•— 

1 II 

j 

240 

8 



1 Mia ; 


SO • 


■ a 

J 

60 

30 



31 

— 

, 32 

Srm 

i s ‘. «9 

1 

70 

80 


S 81 < 

-- 

22 ; 

OTP 


5 

80 

12 

16 

' 13 . 

19 

: 15 • 

— 

u 

j- 

90 

4>> 

l 

; ?ti i 

S 


— 

■ *, ■ 

1 

600 

68 

_ 

: 94 

26 

110 ; 

— 

. 890p - 

1 

i 

SSO 

49 

_ 

I 56 ! 

— 

; 73 : 

— 

u 

! 

600 

16lg 

*~ 

| 28 ! 

- 

: 43 ; 

■ Jk * 

.. 


ACTIVE STOCKS 

YESTERDAY— 

So. 

Denonxina- of Closing Changt 


NEW HIGHS AND LOWS FOR 197S 


FT-ACTUARIES SHARE INDICES 


Stock 

tion 

marks 

IO. 

£1 

16 

BP 

£1 

15 

Beecham 

25p 

11 

Shell Transport... 

25p 

10 

BATs Defd 

25p 

9 

Rank Org 

23p 

9 

GEC 

25p 

8 

Grand Met 

50p 

S 

Marks & Spencer 



‘ New ’ 

25p 

S 

Thorn Elect 

25p 

S 

Burnt ah Oil 

£1 

7 

Plessey 

50p 

7 

Turner & Newail 

£1 

4 


Allied Breweries 25 p 


Closing 

Change 

197S 

1978 

price (p) 

on day 

high 

low 

409 

-r 6 

414 

328 

90S 

+ 6 

926 

720 

718 

+ 8 

725 

5S3 

590 



602 

4S4 

295 

— 5 

304 

227 

282 

+ 4 

2S4 

226 

313 

+• 4 

317 

233 

117 

+ 1 

121 

87 

SS 



93 

67} 

396 

- 2 

400 

308 

78 

4- 3 

78 

42 

104 

+ 2 

105 

87 

1S6 

4- 1 

209 

166 

67 

-r 1 

68 

47 

84 

- 1 

64 

78 

s is based on the number of bargains 


The following sccarftles quoted in the 
Stare informaHon Senrite yesterdav 
attained new Highs *nd Uw ter 1S78. 


NEW HIGHS (60) 


banks (» 

Allied Irish Brown Shipley 

BUILDINGS £70) _ 

Brawn A Jufcson Magnet & Sthna. 
Henderson (P. Ci A Tilbury Contracting 
Ho*ertngtam R.Vtg. Thurger Harden 
Ibstock Johnson 

DRAPERY STORES (7) 

Board nun (K. O.) MFI Furniture 
Burton A Midland Educational 

Hardy (Turn.) Sumrfe 

DO. A N-V 

ELECTRICALS 14) 

Comet Radio Lee Refrigeration 

Electronic Rentals Newmark (Lo«i» 
ENGINEERING (10) 
Bromsgreve Casting Hall Englneerlrw 


recoracn yesieruay m i ne liwi unu 

reproduced to-day m Stock Exchange dealings. 


(e) and 


CooDer Inds. jenks B 

Oanks Gowerton Mallns 

Edbro „ Spear S 

Farmer (S. W.) Triple* 

FOODS (4) 

Barker A Dobson Cullens 

Lovell (G. FJ Do. A 


Jenks & CaCcIS 
Mallns 

Spear & Jackson 
Triplex Foundries 


INDUSTRIALS £10) 

Cole fR. H.) Llndsa- & Williams 

Dundonian M.V. Dart 

Howard Tenens Martm Oiaek 

Huntlelgh Fhoto-Me . 

Lelture Caravan Sandhurst Marketing 

LEISURE (2 1 

HTV N-V LWT A 

PAPERS <S' 

Collett Dickenson McCorquodalo 

Ferry Picker, |S . 

Chesterfield Wesi-ninstor Property 

E,u« A Cenera iioE5 (1J 

Ward White 

Tomkliuom f4J 

Anglo Int Asset Shs Haw Par 
G.T. Japan seaint George Assets 

RUBBERS (1) 
consld. PlaBtatlon» NBi (1} 

Hongkong Tin 


These Indices are the joint compilation of the Rnandal limes, the Ihstitote <rf Actuaries and the Faculty of Actuaries 


EQUITY 

GROUPS 

and 

SUB-SECTIONS 


" . *m*a TfcraM- Wod - Tdes. Mon. Y®*r 

Fri, Ang. 25, 1978 ^ 


ffighs and Lows Index 


Ftoaea ta puestbeses show 
number of stocta per aeetua. 


ESL Gross Est. 

Eantajs DW. P<E 

Index DoF’s 'neW% 5dd% Ratio Index Index Index Index Index 
No. Qn^ iMax] (ACT (Net) Nol No. No. NOl No. 
% Corp. H3K] Conn 
Tcra tor* 


Since 

Compilation _ 

High ] lot- 


new LOWS (2) 


SHIPPING <11 
Hunting ®bson 

TRUSTS £1) 
8 Is ho pi Bate Property 


1 CAPITAL GOODS (179) 245.63 +0J 15.69 5.01 8J7 244.49 247.74 248.95 245lB 3 20107 248.95 (22ffi> 

2 Building Materials C27) 222.97 +95 15.75 5.00 8.92 2ZL86 225.45 226i8 w as 03.79 22648 (22/8) 

3 CfflaradingC£HBaBCtKm(27) 399B1 -02 17.45 3.71 8J2 400.43 410.60 41164 409J9 28659 41364 (22/8) 

4 Electricals 04) 532.93 +L0 13.44 3.45 1035 5Z7A3 532.77 535D8 53209 423 j02 535118.(22/8) 

5 aagmeeingCortratesflfl. 562.03 -0J 16.64 5.72 8.01 362.41 36487 363.73 35724 299.46 36487 (23/8) 

6 IfectemcalEngbeobisfiD- 196.40 +08 1684 532 7.93 195J3 19788 19888 195.45 169.91 19888 (22/8) 


8 Hefak Ed Metal FOnuiiigdfiti— 178.25 HU 1580 7.93 8.62 0835 180.55 1S184 0938 160J0 18184 (22/8) 
CONSUME GOODS 1 

U (DURABLE) £52) 223.0 -0.1 15.64 4.73{ 8.90 22330 22532 22633 »W 19088 22633 (22/8) 


188.95 (2/3) 248.95 (248/78) 50.71 03/3378) 

16630 (3/3) 23384 (2/5/72) 4427 (1102/74) 

28935 (6/3) 41384 (22/878) 7148 (2fl2i74) 

40447 (2/3) B58S (22/3/78) 8471 (25(61627 

270.95 (6/3) 36487(23/8/78) 6439 GATO 

14987 (2.3) 19888 (22/8,78) 45.43 (6/1/75) 


15422 CZ77Z) 1 18184 (Z2/8/7B) | 4985 (60/75) • 


Denomina- 
Stock tion 

BP £1 

ICI £1 

Shell Transport... 25p 

Rank Org 25p 

Beecham 23p 

BATs Dcfd 25p 

Barclays Bank ... £1 

GEC 23p 

Thorn Elect. ... 23p 

GUS A 23p 

Distillers SOp 

Ocean Transport 25p 

RTZ 23p 

De Beers Defd. ... R0.05 
GKN £1 


Closing" 

Change 

1978 

1978 

price (p) 

on week 

high 

low 

908 

+22 

926 

720 

406 

+ 4 

414 

32S 

590 

+13 

602 

4S4 

282 

+ 24 

284 

226 

71S 

+ 11 

725 

583 

295 

— 

304 

227 

355 

+ 1 

36S 

296 

313 

+ 1 

317 

233 

396 

- 4 

400 

308 

322 

+ S 

320 

256 

200 

- 1 

204 

163 

114 

— 3 

138 

104 

240 

- 4 

248 

164 

422 

—20 

464 

2S5 

287 

+ 1 

296 

248 


RECENT ISSUES 


EQUITIES 


OPTIONS 

DEALING DATES Money was given for tbe call 

*■««* . i 9C t v n . in Maple, Thomson Organisation, 

£ IrS i* cTnw Lonrho, Ultramar, Diploma In- 

”* mSJr vestments, J- Lyons, Bamar Tex- 
. lns * , g L 1 n « tiles, London Brick, Barker jmd 

Ang. 15 Ang .29 Nov. 9 Nov. 21 D 0 b S0n , and Bonser Engineering. 
Aug. 30 Sep- 11 Nov. 23 Dec. 5 ^ wa3 done in New Throg- 
Sep. 12 Sep. 25 Dec. 7 Dec. 19 m0r t 0 n Capital, while doubles 
For rote indications see end of were arranged in Barker and ! 
Share Information Service Dobson and Trice ntrol. ' 


!|a Jsls 

107 

s 


< — 

High 

F.P. 31(8 

cl 

r.P. - 

12*i 

F.P. 6/7 

197 

FJ. 84/3 

94 

F.P. 8(0 

164 


71 Caniera Snperfood*.— 78 

4 Emrav i 0l « — 

102 Enrol berm 191 —3 

83 Him ting- Petr. Sea-rices 88 —2 

US Jones (B.I (JWlrs) 10p,l&4 _. 


62.64] iJ 
Sj 


4.66 3.0 
- AS. 5 2.1 


8.1 18.2 1 
8.0 e.2; 

BJ5 114 


FIXED INTEREST STOCKS 


if if Ilf 1678 

jjs- E 5 §5 

<5 High [ L£»w 


af - 

OC 


BASE LENDING RATES 


£99.4 F.P. 

■ - FJ. 
£9934 F.r. 
£100 X50 
» • FJP. 
• • F.P. 


A.B.N. Bank 10 

Allied Irish Banks Ltd. 10 
American Express Bk. 10 

Amro Bank 10 

A P Bank Ltd 10 

Henry Ansbacher 10 

Banco de Bilbao 10 

Bank of Credit t Cmce. 10 

Bank of Cyprus 10 

Bank of N.S.W. 10 

Banque Beige Ltd. ... 10 
Banque du Rhone ...... ID? 

Barclays Bank 10 

Barnett Christie Ltd.... 11 
Bremar Holdings Ltd. 11 
Brit Bank of Mid. East 10 

3 Brown Shipley 10 

Canada Penn'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 *10 

Corinthian Securities 10 

Credit Lyonnais 10 

The Cyprus Popular Bk. 10 

Duncan Lawrie 10 

Eagil Trust 10 

English Transcont ... 11 
First Nat Fin. Corp.— 13 
First N&L Secs, Ltd. ... 12 

■ Antony Gibbs ............ 10 

Greyhound Guaranty... 10 
Grindlays Bank ?10 

■ Guinness Mahon 10 

■ Hambros Bank 10 


I Hill Samuel 510 % 

C. Hoare & Co tlO % 

Julian S. Hodge 11 % 

Hongkong & Shanghai 10 % 
Industrial Bk. of Scot 10 % 

Keyser Ullmann 10 % 

Rnowsiey & Co. Ltd.... 12 % 

Lloyds Bank 10 % 

London Mercantile ... 10 % 
Edward Manson & Co. 11 

Midland Bank 10 % 

! Samuel Montagu 10 % 

[Morgan Grenfell 10 % 

National Westminster 10 % 
Norwich General Trust 10 % 
P. S. Refson & Co. ... 10 % 

Rossminster 10 % 

Royal Bk. Canada Trust 10 % 
Schlesinger Limited ... 10 % 

E. S. Schwab llj% 

Security Trust Co. Ltd. 11 % 

Shenley Trust 11 % 

Standard Chartered ... 10 % 

Trade Dev. Bank io % 

Trustee Savings Bank 10 % 
Twentieth Century Bk. 11 % 
United Bank of Kuwait 10 % 
Whiteaway Laidlaw ... io*% 
Williams & Giya's ... 10 % 
Yorkshire Bank 10 % 


9 F.P. 

• ■ F.P. 

£99k F.P. 
rs r r 

100p NU l 
£luu F.P 
eiDOp F.P. 


Birmingham Vor Rote 83-85. 

9B Coffyns ICK Pref 

Camden Vor. Saw Rod. 1383 

501* Do. Had. 1988 

Mi Central & hhoorwood 10% Pref. ... — 

58 Crosby Spring Interior* 10J Pref. 

97p K.H.P. T ^ Com. Prof 

9b Bait AngUa Water 7£Bed. Prof. 1983. 


99 — la 

98 ig 

994, 

HWs 

9 Tig 

98 


Mil G. K. HoWingi 10*^ Prof 

9944 Kermlngton and Cbetiea Vor. 


Bate. 1983. 


— ■ 

j 3 (lloolpym 12^ Partly Conv. Dos. La. , 86- , l 
ifipiNegrert* wvl Zambn 9% Cnv. Pref 


11 (DURABLE) £52) 223.17 -0.1 15.64 4.73 8.90 22350 22552 22633 2»« 19088 226.33 (22/8) 

12 LLHectrania, Radio TV 0^ 275.10 -02 1357 3.71 1030 Z75J9 277.75 Z79J4 27357 23052 279J4 (22/8) 

13 Emushold Goods (12)_ 184.49 -03 16.07 623 856 184.96 185.77 186.42 18L99 0319 18988 (14/8) 

14 U»bnmriIXteibDl<ssCS!_ 133.76 — 18.96 602 732 133 JO 135.48 13585 13256 naqi 13585 (22/8) 

CONSUMES GOODS 

21 (NONDURABLE) (175) 22335 +0-2 14.76 5.45 934 220.77 224.08 225.49 222.40 18186 225.49 (22/8) 

28 Breweries (14) 234.70 +04 14.79 5.98 930 23385 236J9 23800 233.94 186.93 24157 (8/5) 

23 Wines and Spirits (6) 286J27 +03 14.89 5.01 10.02 283.93 288J.4 288.43 28S18 22L88 288.43 (22/8) 

24 Entertainaient, Catering (17)- 27036 +03 14.77 '639 9.87 269.84 273.09 Z7526 270.99 226.01 ' 27536 (22/8) 

25 FoodHaoiifBCttlliogCZl) 21734 +03 17.49 5.09 755 Z1683 219.97 22260 21937 18637 (22/8) 

26 Food Retailing (15)— 225.77 +03 13.46 458 1033 2337 22938 23352 22934 19453 23438 (11/8) 

32 Newspapers, PaMiAiHg 03- 40232 +03 10.10 534 1433 398.98 408.85 40938 39757 304.46 41755 (26/7) 

33 ParioKbig and Paper (lfi)_ 14730 +05 17.69 7JZ3 7.43 14638 14733 14833 14730 13L43 15132 (10/8) 

34 Stores (40) 210.66 — 1024 428 1435 210.70 214.40 21622 21321 173.96 21622.(22/8) 

85 Textiles (25) -:,... . 18233 +05 17.98 758 725 18153 18450 184.93 18412 16S07 19L90 02/5) 

38 Tobaccos®: 26135 -05 2L06 738 5.62 262.94 26650 263.63 259.95 21439 26650 (23^) 

37 Toys and Games (6) _ 12123 -0.4 18.70 ' 527 625 12158 12226 12132 12056 10810 (23/8) 

41 OTHER GROUPS (98) 23539 +05 35.00 5.42 8.71 214 J21 2033 217.08 ZI558 19239 21733 (23/8) 

42 Chemicals (IS; 30338 +15 1654 5.90 832 30029 306.45 307.49 30556 27057 30759 (22m 

43 ItemawatkalProdncisC/)- 281.73 +0J 1017 352 1217 27917 283.47 28195 28153 050 28195 (22® 

44 Office Equipment® 14355 +05 16.68 529 710 14249 14335 140.42 13551 1053 14355 (25/81 

45 Shipping a©— 421.08 +05 017 727 718 419.46 42L43 42L26 425.92 484.05 48351 (Wl> 

46 Mlscellaneoas (56)_. 23035 -01 15.78 5.76 8.41 30.47 233.17 23259 229.85 19172 2B58 aSm 

49 INDCSTRI Al, fisnnp UBSt 23335 +03 1512 538 8.92 23252 23559 23651 ?ngl 1W36 23651 (ZUB) 

51 ^pils(5) ,^-. 517,93 +6.4 Il414 3^1 7.62 51659 523.7zj^LD4 5iSL47 509jp 523 J2 (Z3ffl) 

59 SQO SHARK IND EX— 26753 +03 14.99 S.06 8-70 256.41 260.0 4 26054 257.48 222.98 26054 177 ah 

81 FINANCIAL ^OUPO00)_ 0635 +05 — 5.47 . — 05.94 17813 09S" 17558 14745 0939 tm 

62 Banks® 194.43 +L4 24.04 6.02 654 19L79 194.09 19757 194.49 15458 20436 (23A) 

63 Discount Houses 007 21854 +03 — 7.93 — 2052 216.46 213.78 21517 19015 22833 * (Jm 


0163 Q/3) 227.78(21/4/72) 3839 (M/B) 

20101 (3/3) 27934 (22/8/78) 425J03/12TO 

16034 (6/3) 26322 (4/5,72) 63.92 (17;127<8 

104,68 (2® 17039 (15/1/69) 39.91 (W/7S) 


!! JS-SS httF 7 * 1258 3SS »2 “H! dw 


9B 

99ia 

9936 +Ifl 
Bn 


og/g [Northampton Var. Bits Bed. 1982 

OH P Pitman 10£ Cam. 


* * F.P. 

■ • FJ, ; 
£99 i, t.P. 
i!98<( £46 ] 
£B9i 4 F.P. ' 
ta9»4 F.P. 


994 p Pitman 10£ Cam. Pm._ 
96jwBav-beck lOj® Cum. Pre£_ 
94 ig Rcnork 96S Uum. Pral 


94 i s Bator* Sis lium. rrar — 

Wig dotiMta- Parke Berner 9iS Cum. Pref. — 
aeulsofton Yar. Bate Bed. 1883 


II9U Saltan Var, Bate Bed. 1&3 

4J SmtiMmd-aa^iea 12% Bad. 1985 

991b Strathclyde Var. Kata 1933- 

eWfe Wandsworth Variable 198? 


lOOip _- 

lOOp 

06 

98 

99Sg| 


OS Insurance (Life) (10). 15030 —3.0 — 6.06 — 35176 15453 15527 15031 U4.43 15759 rt*) 

60 Insamice (Composite) (7)~ 13621 -03 — 633 — 13659 33834 13857 13531 1434* /an> 

‘87 Insurance Brokers GO) 35858 +05 1110 4.40 10.92 355.97 36L55 363.77 35711 34172 37227 (WS) 

68 Merchant Banks (14). 8636 +02 — 5.67 - — 8606 86.45 8623 8425 7018 86.45 (23/81 

69 Property(31) 260.44 +02 3.17 238 55.44 260J7 26113 26357 26123 202J5 26357 (ZOTl 

70 Miscellaneous (7) — 114.97 — L0 21.98 727 529 136J2 1054 11587 true oil? liTfjj .mo, 

71 Investment Traste (50). 237.71 -0.8 2.93 433 3433 239.72 240.42 240* ZSL43 M ~2439Z nMjil 

81 Mining Finance (4) — 10738 -0.7 16.40 6-42 7.42 10832 107.91 11033 10991 9353 ni/g\ 

91 Overseas Traders (T9), 335.42 +12 1625 659 7.71 33152 33328 333.93 33055 27869 335 42 (Mm 

99 ALL®ABSmDKX(S73)_| 23638 +03 — 5A5| — ^ \235M 23822 23956 23650 iM.73| 23956 (22ffl> 


09.46 <2/3 ) 22658 (16/8*721- 6L4I 03/1274) 

204.04 (27/2) 28187 (2801.72) 69.47 03/12/74)- 
22955 (2/3) 288.43 (22/&78I 78^8 010741 

21952 (2/3) 329.99 (12/12721. .5453 . (9/1/75) 

17537 (27/2) 22250 122/E 7U) 5957 (0,1274) 
0633 Om 244.41 (27,10/77) 5425 011274) 
26939 (213) 41755 (26/7/78) 55.08 $3j35f -' 

11911 (15/2) 15L0 (10 W7B) B.46" (6,175) • 
165.0 (2/3) 216^2 (225/78) 5253 'mw 

16055 (2/3) 235.72 (17/1/67) 6256(13/12/74) 

21458 (15/2) 33916 (2/8/72) 9434 03/6,62) . 

93.79 (27/2) 135.72 06/1/70) 20.92 <6ll/IS> . 
17358 (3/3) 2053 (23/8/78) 58.63 <6/1/75) 

23859 (2/3) 307.49 (22/8/78) 7120 002/74) 

228.41 (313) 283.95 (22/8/73) 228.41 (3/3,78) 

07.48 (3/S 24656 (1/9/72) .4534. (20/76) 

396.09 (6/7) 53958 (28/5/77) 9080 (29/W6S0 

08.47 (3/3) 25833 Qg/T2) 6039 (6/7/751 

186.02 (2/3) 23651 (288ff8) 59.01 03.1274) 

40.98 013) 54320 (35/9/77) 8753 GW5aa_ 

205.42 (2B) 26054(22/8/78) 63.49 03/1274? : 

15355 (27/2) m«l (0/4/72) : 5558 03flS74> : - 

0158 (27/2) 28832 (20/7,72) 6144 02J12IH) 

38530 (13/4) 29313 (2/5/72) 8140(13/12/74) 

33652 (0/4) 433J4 (4/5/72) 3853 flW2/74> 

124.97 (0/4) 194.46 05/V72) 4488 (2/1/75) 

lias am 16172 mm Gx axufw 

30120 (6/2) 372.27 (JJjBm. «86 06/1274) 

• 7100 (27/2) 27857 (1/5/72) 3L2L (7 A/75) 

210.03 114*4) 357.40(9/0/3® U'W 

9951 arm mis nas/rzy 

176.48 m 245.79 CS/W2J 7153(13/12/74) 

Kt>!3) 05.90 &mm 6 kXk (30/9/74) 
0!3\ 335.42 (2SWW) 907 (6^75) 

39115 GA) [ 23956 (&&7&I 61/E (33,12/74) 


n" ' 


7 i 4 .r 


■ Ml 


' V ; - fri 
U *! 

. , V-' 




•' : - ft 




**«• 

. 


■ wt * '5Bf : 

*iS 

... ^ 5 


•< ; wn m.9 


* : 

■y- 


991 ® — 

99T B 


FIXED INTEREST PRICE INDICES 


IN TEbbst 

yields 

Br. Govt. Av. Grocs Red 


“ RIGHTS” OFFERS 


British Government 


Price c -£ 
Ql 


Latent 

Bernina. 1978 
Date - — 

A | a Highjlow 


Cluisg f or 
Price — 
li 


$80 Nil 
BO NU 


86 F.P. 
70 FJ. 


77 Nil 
8B F.P. 


- - i 40 

®3/8 24/nJ 21pm 
8,8 1/61 69 

10/B 81/61 96 


94 FJ. 
30 FJ. 


3j8j 1/6 491® 
21/8* 4/16 11L 


110 F.P. 
100 F.P. 


3S/7f S/9 72 
14/8[ 8/9 IM 


14/8 8,9! 1A9 
85/8, 82/9! 121 
18/S I6,9[ 104 


53' W-nfc rJ Mmtral - 

17nmLBlackwjod Hod£0 

4S (Headiam dima & Coggirr. 

79 ] leech 

7pmilex Sotviomi — — 

4o Norton (W. E.) 

104 Property Partnership! 

66 JutdiSe Speeiman 

134 rTecalamit 

119 [William J*m*aGa55S CrCmBdPf 
90 Yorkshire Cbemlcale. 


40 

L9I*£& +*S 

96 *T 
a^oni— 1 *a 

ill 

64 

156 +1 
131 

101 -1 


1 Under 5 years-. 
3 3-J5 years 

3 ' OverlSyeatS— 

4 teedaemMei. 


PH. 

Say's 

change 

% 

xd edj. 
Tb-day 

xd adj. 

1978 
tO Hista 

10U3 

+iJ3 

022 

6.70 

115.40 

+004 


7j04 

191 w 

4004 

OJB 

121 

- 127.14 

+004 

L45 

&» 

0335 

+004 

002 

731 


l J" 5 years-*—.. 

MB' l ' 15 yean 

date _£J "2S years. •• -- 

ItT t 3 5 ea »- 

5 Coupons 15 Wa re 

754 ® 35 yean.... — . 

Ml 1 ^2^ 5 years. 

a» I O0 ° p ‘"“ — - 

* 25 years. 

7J1 10 IneriefrwrahUft ~ 


4 MaHitiwi 

3 Coupons 
8 


7 High 

8 Coupons 

9 


PrL 

Theirs. 

Year 

Ang. 

Aug. 


28 

Z* 

(approxj 

8.74 

8J4 

6.46 

10 M 

10.90 

21.04 

3U0 

ILbO 

n.93 

11.49 

U50 

10.02 

3209 

‘ 3210 

1L% 

1201 

1919 

1242 

U3fl 

SL53 

1032 

058 

12J8 

3305 

12.79 

3279 

3326 

IliB 

nil 

1179 


935 m 
us m 

1L% (SW 
0.91 (4/7) 

as cyfi> 

3255 m 

0-96 (5/7) 
35JU 

13.0 (5A) 
1205 (28/6) 


^ "Loot' : 

| a 

W1’«D 
OO) 
138. om 

HOI Oft) 

9 ; 67 OtD 
ILBCW) 

1 »:m 




B Hcmbenr 0 1 the Acceptlns Houses 
ComxmtlM- 

* T-dar deposits 7», i4ueU> deposits 


16 i20-yr. Bed. Deb. & Loans (15) 
16 |Investmeat Trust Preis. (15) 


I Fri. Ang. 25 1 It: I 

: !— 'Thor. Wed. Toes. Mon. | FrL Tliur. Wed. \ 

I I ml ex I Yield j Am. Au e. Aim. Aug. r Aur. Lw. Auit. 

,\o. ! g I W a 72. j SI | (S I 


CoinldMiun 




sr.64 ;|1254;G7-02 57. M 167.82 ,B7.78 laBT./aie&^BJ.a 

51.52 . 1SJ9-B1.J2 161.12 3IJ2 i&1.64 l aBl.nl • 6 I. 75 I 1 hr 

•m na . 1 . n in i7fi n7 7*1 m !_™ .. 


t < -day depostu on smns or ao.soo 
and under MV up to 12S.W0 7i%. 

and over C5.0W 


S Call deposits over £1.090 7%: 
S Demand deposits 


Renuadatioo date osnalts loar aas for deaJfag (rw or stamp duty. 0 PUttrt* 
hosod an proecccha estimate, a Assumed dividend and ««Jd. w Fo recast rOeMsml- 
cover based on previe os soar's earntogs. rDIridead and yield based on prO*P«oraa 
nr other official estimates (or 1979. a Grots, r KlgureS usomod. ! Cover altows 
tor conversion of shares oar now r/uskdM (or dividend or ranitihg only for restricted 
hivtok-nds. 3 Ptacnc prtftr to puBUe. PI Pence unless otherwise indicated. 1 1ssued 
to under. 11 Offered to holders or ordinary shares os a "rtmns.” *• Issued 
by was ot capitalisation, tr Minimum tender price. S3 Reintroduced. 19 Issued m 
connection with reorsa&tsatloa mentor or take-ovar. nil Introduction. 1 toned 
to. former preference holders. ■ Alloonenr letters tor ffilly-pald}. • proriskmal 
Ot partJy-patd aUotmcnt letter*. * With warnuus. 


17 Coxal, and X&dl. Profs. (80) 


1 Sectiae ot- Group 
Pharmeceutieal Prvdwtts 
Other Croupe 
Oversea* Trader* 
Engineering Contractor* 
Mechanical Engineering 
Wees and Spirits 
Toys and Games 
Office Enolpauai 


8a$cD*lc 

30/12/77 

31WTS 

31yT2/70 

311X2/71 

3102/71 

U/l/70 

lt/l/TO 

1*0/70 


SwVilw 

2*1.77 

W-7S 

mao 

9534a 

153 M 

: 43.76 
135.72 

tan. 3ft 


Seafen or Croup 


Bom Vafva 

Industrial Crattp 


UM8 

MUcnfUacouc Fiotactol 


X3BM 

Feed Manufacturing 

am/tt 

mas 

Food Retailing 


UU3 

iHurancn Brokers 

24/12/67 

«6A7 

Mining Finance 

24/12/67 

UMO 


16/4/62 . 

TO M 

tRedernnHen yield. 

A list or the miuUlnnnts la 1 


‘ niKUH 

S4.B9 j 63.67 t23,l| | 68.57 (4!7t : Mjdii O'UigSi .nni 
jSI.H I 37.71 ill/Ij ■ 50.77 fftl.T) I 114 if Mas* 

'«.« WJD 111.1) iliik 8SS8 


• ” 5 , 


8^1^ ,??? *•* The. PhuncM Thun*. 

******* OQ* price 
UP, by Post 22n. a fortnightly .recant of mna and 
Md^tctipe ta dkia . dividend rieUs^uM carof^X^to 






Lr0\s>j£) 









AUTHORISED UNIT TRUSTS 


U*W Unit TsX, Mgra. Ltd. (a) 

. ****** Frwaaltagton Unit Wgt. Ltd. (a) 

SS^bU iS M-WWIrt-KOUE _ OJ.2* 


5^33 

\\l\vti Hamhro (irggpf Cal (fc> 

ta^JtsuawHn 

ttlonced Pnotfs 


ALtof-ad 

I :ftf 

If.* -a? 


nmlh.fbmiMtiirf im m Minster. Fond Managers Ltd. Provincial Life lav. Co. Ltd.* Saw & Prosper contained Taint Tat. Hjtrs. (Scotland! (oXb! 

«;“■*« a*- Arthur Su =«. ours 7030 ss=. Bish^puai*. E.C3. 0!-E«7flS33 Sooth its been ri tier. LUL? 

*7.I»U«*Yart.EMBBIML OIAiBSSTl Mb«crUn>KI.«|j 40JH | S3S PrdScUrSt* (92-4 W.S -0.4J 2.K SrulMU. Mil 1ST 

J?3 ~~ EwaamJnJyai^, ,|f5j MlJ] ._J : 568 Migl, Income ESia »lj| ...4 668 KffieHZZZr Mil W igj H? SStlttSESnSJ 3343M8 

Be lrsa„-r-^ a**-* 1, 

ESSKS^^fel JS=== 5 W“ «=r= S 3 BESB 5 « 5 TS ~ -Bffi 

Jw*»d«Ppw.Uta_«R ‘ nA -05J J S4 Mntoai Unit Trost Managers? (aKE) — __. - no. south savcuck.rk;n a . -osmium* \ TDTrAng.i [524 ss.^ . — J 5 jo 


OFFSHORE 
OVERSEAS ] 


0-7. IroUod Yard . BC4B BDH- Oi -3486871 Mlngter AagrotCI.gJ 40JH . — 1 5J8 ProUflcUnil* MM 9J.S -0.41 2.» Sc-.-tblW,. MU tiid.o^ 

A»Sjf«; -gg* J53 IH E*om«JnJy3l 07J inu| _Z|: US JUsh Income \j7ZB Z31jj .....7] 668 sSSlytolEZZ-- H } sfl 1 -h 

12-a 13? Kcouham _ b!3 66 J -0J 

a-a ssg^-^ fe aa = lit ***■ „ prwn. Portfolio Mngrs. lux? faKbifc) sSlS:™'-**™ ml SSiS :::: 

WLAccmn. ., — .,— I ULZ XJ9.4I 2 OS ''‘aQoMtiStrwLSWlHflJG. 01-9307339. — — - «»n*. A . a* 'Ptimk m Aucnxi ri ,..l , — 


aaa'- 


■ J«eod*PPw.Wj_WR ‘ Mj«-03J j m MutimJ Unit Trost Managers* <aKg) _ . - ...„ no. sooth savcuDcrkin 

as . Po. Acoam. p5 «2-0^i 3JM is. corn hall Ave^ eciRtbi 1 . 0I4W4K3 0°™** ManagemoBt Co. Ud.y Ara. Exempt... 244 

in C.T. Unit Hnurarg Ltd.? '• Mnmais«j.PiiiL.M.9 56.71-06^6.17 Thostfc.E«ciuinco.EC=N ihp. o;«n4m Amctowjh^... . . 30.1 

aS BaUBcrSK sgl^i ig S»S£2&KS £$::::: S£ S@®St K 

ui P.T. Cap. ipr... W.T ■■ »7 cfll 340 Mutual HlchYId M7 fcjol -!« a 07 . Exmlnr.Tjt. J1 2 

*5 l>e Act 1104 WT.l -i.o 3 no w _.(«./ . *7*1-0.11 a*" inwwwDiM «2 

i!-S- !*•*■ •M- 0,1 173 Z ~WS -32 7 JO .... , . . , Reliance Unit Aftfrs. Ltd-T ■ Inc io%Wdnwi 51 : 

■ dTUAftOm ISIS . i «u *06 la National and Commercial .r e, nin^n Tivm h-t amwmrt i^i cnwih 531 

IS Sof iESSSSap- g** WJ-« JM SI. St Antfrewsqwrc. Edlnbnrjlh 031.SS09151 l2Sfe — I? £ 

in C1T. Inti nwr , |en i) io j 1™ s ScennL^^^* — Imas HJ41 + ?*j 5^ Se kf orde T. (.Arc 1 _ {*6 9 »3 -03J 3J7 "NU YielsT^.- . 7 20 g 

- CT.FbarYdaFa.,. J7& 33 ' ... • 7 20 [S5-2 S2ll +3 ' 4 I ?■?? SoJtforteT. Inc. — [45* 49IH -OJj 5J7 Prc( ft Oih Trust . aS 


an. »iuHOiy' 

UI M. Cap. Inc, 


_ ■ GT.yjS.ACmi ISIS , 

as j$SB&sc=»». 
155 

^ 6.4 A, Trust (a) tg)‘ 

IS S.Rayleish Rtt, Brentwood 

io g.'4a..». paj 


Gartiaarc Fnad Manacers W (*He) « «™*cbnn:hst_EC3P3HH oi^a«ao gidcenridlnt.LT.(H>*J mJl -...) ZM „ , 

oi^Mash N PJ. rxh UnTrt _ M9.7 afl .1 4 jb Ri d*en eld Income. |».0 1D3,B| 1 9.13 J. HeciySchroder Wagg & Co. Ltd-T 


.ib*d'.st.. [7B2 n.14 >A«I tn natinw.Vn.HU ‘ nA-aJl JG4 Mutual l/i 

lr, j.'inj- Ptuwl Htl Jzi -ni PO-Accaxn. p5 M*t-0^3 AM 19.CoohaU. 

IS I -oj an G.T. Unit Managers Ltd.? MnimU&oc.i 

jbnrt L-npfli a.7 Si l£S «n »■ Flnahtar arena EC2M7DP “■ OinSBlHl Muhiu! rT^'J 1 

Imhtofttd UJ.T -iSj^Si in GT. Cap. Inc : .mo.t ■ tnjg^oH 3m mSS^hiS 

laailvnAcr Kd._|S5.t 13B.S -cj 55 »“*«*■ UU. . 117.1 -1.0 3 40 ^ 

nrmr Fvnda FAUn 'TOJ —32 7 JO VoHnnfll « 

llAYlrMTd 1747 in . g ,, ’ G.T, UJ A Cot] ISIS . 1KU *06 lit Notlonll I 

iiihJ n '.m*i!^^BS.s ®t13:S3 £S ^7 SH -« ;« 3t.sc.Aadw 

(t rol le r ^...|bj mIuI J l ' Ut £¥: WO *0’ l"|KSSL^, 

FtmO 1 • - GT.KwrYdiFd*..^!* 33f_...j 7.20 rvS^es] 

nrttir Funif " ’. “ ^5 U* G. & A. Trust tg)“ ' ' ' ~ ; jf*Snm?£Afi 

tsSraScERn', * «ia is isa^jsssr 4 «i5STW"«nwi» 

perfcdia Kimdc Gartmm Fuad Manuen W (*Xe) «^i™*ctnu 

^dwrrrti^cBf S3 41 an «2^^ A ^ EC8Aasp - -Oi^wksu HSiXS 

asassaafc 

.ufernn Unit Trust Manamv Ltd. !32&l2^5 Tst 
Wtronrhurcha-ECaMOAA 0339981 

VnterwnU.T J5M Ut.0) .....J AW lirtjKmJtFd. 

.nsbacbrr Unit MgiuL 6 a Ltd, ' 7Z» xJ ~Z£TfZT KSnSSt: 

KiililB SL EC2 V 7J A. AutMRfm W « W (AJKOnj) Unit Tst. XlfB. LUL Ttw .. 

ic Jlonihly Fund.ji7io iff ma i a im 3.IWtrlettPL,OMJ«B3r 1 Bj£' '0M884II1 Iikhm'^. h . 

» mo — i {,) AQ. income* jat J aw.— J 7n Portoantov. 

. .rhmhnot Securities Lid. (aifci iaVA.c.Gnwuift^m.4 . Sa,*J *£s uturarsaiFd 
^ntmSt.l^mionEotRUJY 014Mfl8U '**■'*• 

2 SS G«ett CJehn^ ^ ^ 

fja- 0 ! *12 TT. London Wan, EC.2. !' OWBBSaao Nelctar 

S , htAa*mrta_ri53.6 l*l.*;..,.d xu IWaupHlfh. 


Am. Exempt., (24 4 

0.400 4m Am Growth _....._ 3o. l 
l 477 Exempt MlBbY1d...|27.9 


>HM.7 7.20 fflB&Sff; \M 0 SH +3 i IS Se Horde T Inc (458 -OJj 5J7 PrVVt GdtTrnst “fo , 

,aiTKr«r.BH IS Id lil 5KBffiST-p!( 

fo27Ti22730fi • .. _ . Riageliela Management LUL i^KUnh Arcum 239 

37 J1 -D2| 440 National Provident Id v. Mngrs. LttLV 3»40, Kennedy sl iunche«cr ntriawiKri u.K.GRb.Disi. . |iro 


25.7 

328 

29.4 -0.1 

29 A -0J 
33 6K .... 

44 J -0.1 
335 -02 
57.1 -0.1 

30.8 -03 
34 0 -0.1 

Mfi 

246 . .. 

30 9 -02 
33b -01 
25 6-01 
216 -01 


2- J2 2-St. Mmrjr Axd EX3A 8SP. 

3- SSffiSSKL 

ii'^Ran-Tnat- 


141 Europe Auratst 24— 52 9 

1«1 5A4cam.CnJ.tii 3b 4 

4.47 *PenACfaBrFdJ.viB 1397 
‘SpocEx. AOKlttt 1.. 2645 


* 467 W.C«™*Ro* J .B ri .toL 


■nhliic Fnnd_d! 
Arc um. Units JL-_ 
J:"t W n drwi.Uta.i 
k Pderom-o Fu nd_ 

\wura irmui 

epital Fluid 

rmmivli tr 1- tuwl .. 
Vrtin Units'. 
0%Wi1rtrl.Uj^ 1 

tn.srvpp Fit 

luntr hied - . M 

auo Units'., 

rviwlh Fuad 

ii-cum Units 1 

-nailer Go's Fit. 

■ete-nAlnsI Fd.. 
P* t drel.llUI.,. 

arci^Frt 

,Vn*r. A lot. Fd 


IRJrS-a 2-S ast-MmrAn.EiSAaRP. ,Mi*m aBrJSJS 7a. ^ 

^ 3“ if « si ::::: IM »£«** *»« «™****°t o> Ss^":SS iJ|| - ff 

lffi.6 4-8.1 2.83 **Vrti-e» on July STTNeat dealt nc Annul 31. ’SMO.CateYicwrsnlW , A^lcabory. Q3S0IM1 lnrnma .Annuals. 204 0 Mis 52 

Si-’n* nS "FTtces on August 23. Nan dealins Sept. & N. C. Equity Fund- jimn 19461 -C.S 3 13 lAcccun. Untie.. . . 303 1 314.0 "d! t59 

iT%2 In i S'S K.C. EnBJvBes.Txt. 116.7 124 1 +0.7 Z*2 Gfsicnd Auc. Ki 92 5 KJH "Z. 3J4 

Idf National WestudaeterWiI N.C. Income Fund- U9.7 ims - :•/; a « lAecumCoItM 115.4 1202 334 

®K5 -Ai 5E »re^ronHjerYt»; wr. bio. WL tlae.1 fra 1035* -0.5 141 Europe Ammst2t._ 329 mo IS 

J- fl «iES?!2l fc- . Bt Sf ,***■• NH. Inti. Fd. lAi-c.i 983 104.6 -a « 141 1 Assam. CnEtL 364 18.7 253 

1 22i "S? S-5S GjNWIAeemJ— J70J ”3 "Si 2'U N.c SmlL- Cnrv Fd 165 M 178.4 -L2 4.47 'PeniCharFdJylB 169 7 17«a 4M 

3VH-DJJ 0 94 Efira Inc (703 7S.5I -DJ 7.41 ^ -StutcEx. Ancint 1 264 6 mr 

rSEEfi ”i 3 i II > ut.- .pw ^0 *-«?«! & «. 

-“"l in\ An limymn* Ufl i «*« i iu PutfoliDlnv Fd nil qrn SwUuwUne, Ida .EC4. 014QS43M __ _ _ 

id. HOfc) t»VA.G Gi^Sn_ffi^ 4^ u m.-eraal Kd.icndl 6/3 -oj 2 jb N SSC L Ek *T pI - tP? 70 , -jlJ « 7 S* 1 ® 1 * 1515 Equitable Fad. BJgrs. Lld-P 

V («JA.G.FsrEa«*._.Bp a3if2I} 0J0 Prices on Aug. la. Md dealme Sept. 16. 28 SI Andrews Sq.. Edinburgh O3l-S»B101 

:• »mMw ■»■». Ttw* NEL Trust Kasaaiers Ltd-V (a)tet income mi> imi 57.y ...„| 473 

2 «n Goyett CJohn* muioo own. MaHm. » it Rowan Unit Trust Mu«t LtiLWa) AccumLatts-..^ .-Ijia uj\ I-..J a.J3 

*53-0-2 *29 7T. London WHl,ECi . 01>3Bfl562o Nclstor [65. B . . 69,21 -0.2) AJ6 City Cate Hst. Finsbnry Sq, EC2. ‘ y 

iS "“■»*-»* 717 SSBfisW :-: S™ IfXJ?- O'™*" “** » 

JfJI--- Next dealing day Snpk 2 ' Nonrieh Union Insurance Groan fhi Hien Yield Ace. =5 «i tod +o.i 7.19 Pt»Bos8rl.BcHbry Hse,ECA o 1-230 5000 

H= SS erwou ?™?N^S“ 0 ac<iG SS P «£i «A^llf B 4 • BSl^a ^ 

2-a ■■■-■ 3-22 M Gresham St, ECSPSDS. • -OHM 9433 Group T*. F*L |3757 J965| +021 478 lAccnm. Units' 11078 luU 3J1 ~ 

&ZI iS t$ r.H.mei ... *Z**J*^™ 


730 Transatlantic and Geo. Sen. Caf 

3-86 01-00 New London Hd. Chelmsford 021081891 
l-f* Barbican Aae.17-.KLJ 8654 — 551 

9.11 r.\ccum. UnUf.' 126.1 134J 5-01 

BarbEapL Inly 26. B9.£» 915 «J3 

f" BueHra.Aue-24 867 90.9 445 

357 i Arcoun. Lnits< 106.7 112 .5 445 

4.09 CaJemo August 3S. 138.6 1465*21 5-27 

— _ 'AceoKLUnitii 1673 176.7 +2.4 527 

1213 t-umbld. Apjpjei23. 565 602 . — 6.69 

L98 i Accum. Units' 519 66.0 ...... 859 

221 Glen. AlwnsLSS..— 58 J 62 0 ..._.- 408 

955 l Accam. Unitit 74.9 795 400 

455 Marlboro Aon. 22— 96 J. 589a 270 

. i Arcmn. Units) 64.5 67.7 .,... 270 

tdLy Van.Gwth. AuA.22. 54 4 ' 573 3 32 

lAmin.IInKn i_ EfJ.ll 70 4 312 

79.4 7.72 

' 49.9 5 85 

51.7 . — 553 

69.7a 456 

83.7 456 

. 75.4 +0.4 7.73 

86.4 +05 7.73 


118 « 

m = is 

3145 659 

96JB 3J4 

120.2 3J4 

355 228 

38.7 ._... 228 

ai!? 371 TYndall KEanagers Ltd.9. 


susi3.ua 

SUS1239 


.... 8.90 

-... 221 

-Qu 236 
-45 25S 
HU 2.48 
— ft-5 258 
-8J 3.94 

HU UO 

U9 

— xss • 

+0J LM . 


l^}J2 1U l]? aae, ZL Ui ' ■va* TsL Can- Fd. Mgrs. Ltd. 

asasaff-TS'* ra „ nl «■ ^ sw«, s ,w.i. 0 i« 

Capital Fd -..74 7 78.81. 1 

S ? %% Jl Hi .In 15 77.6} -,- ! 


IVU.lincnhi'slan Fields. WCS. 01-811 68354 


_ 254 Acmnn Units _ 

S|=S| 229 pSJ uStTStn^i 470 We « " M » »** *“!& Si. 

764i V m..I 3.71 lAoetun. UnltaJ (492 5351 -Oji 4.70 

.vniicr * int-Fd^s *S3+u} too lArcwn '. unw — l 7 ” MJJ s -7i Save Sc Prosper Groni» 

T,_ H nu - „ - Guardian Boyal Ex. Unit Mgr*. Ltd. PeUean Units Aduuo. Ltd. (s)(z> + crem st. Helens. London EC3P jep 

“"** Bogral Exchange. EC3P3DN. ..; 41-OSB8011 81 Poantam Et, Hondxtfer 081-2365665 (*-73 Queen Sc, EdrabarRh EH3 4NX 

... High ilol born, WC1V7NL. 01-8310233. f*l)GCMnthUlTsC_[978 wri>d -A5j 4J3 Pelican Unite-— -J93J, 1803J +0J| ■ 456 Dealings to: 01-554 BKHJ off 031-278 7351 

«b^ AdJsL Heuderstm Admlostratfonf W<eXg) , r - . . . Sa w » P rosper Securities Ltd* 

'Premier' UT Admin, S Rnytoizh BowL Hutton. Per P«Ual UmiTrttSt MogHtt.? (a> . imersafbnal Fmnfai 

arcUffs Unicorn LUL CaXtfflc) BmoniUMi sat « Hart SLa*mero* Thames owimw Capiwi 1 1394 42J1 -02J 

mcen.Ho.2SIRomtonlRd.E7. 0WH4S5H UJCFtaH., P-petmdCp.Gtb.-_.l44S . 47.7| U_| JflO JSJ-gSS Sh ISHrfRl 


01 «9 JCJC CtlU UtHTRAcc .. .1753 
°* | 330 U'nrtGtiTHlmj.—Ico 


M=J 


Prices si AUE- 13. Next dealing Aug. 31. 



.7. High Ilol bom, WC1V7NX, 




N fiU !> 


-'KUcem America-, 136.9 39. 

7,AL!4. Ace.— 78.6 85. 

xAnsulce 62.0 67. 

xGaplUl 710 768) 

a Exempt Tst. — U7.0 i?i 

- .. ».8 32. 

i^' Financial 65.6 70. 

^iMO 7QJ 8S.7I 

* Cetera! M2 . 57. 

l ur.twth ACC.— . S4i 47. 

. In-on^Tst- _. W2 99.T1 

n P*f . .'.‘ns. 7K-- 243 l 3 150. 
Tircf, a: JiUj' si. Next nb. di 
vSccoctt M*J 50. 

i. l'-id-wFnnd... 122.4 132. 
i«'Muii!i'Tii-!0 9 • 57 Jb 
!>l.lii M I v- . . 69.5 . 7L 

j. Arena 73.4 . 81. 


t iv cup. Growth lac.— ,' 
Cap-Oroeiii Acc._ 


35 Antowexua^^n^^b^mm Ltd. " High-Yield . 

^ SSfeSH m 6&33 5 S WSSW* ^ 0,4 ,TO “ flHD - ffiis 
i% agsmsnt-Hj „ gs^ss.— wi ’WzJ is srs=r 

556 OUiSmbLRbs • Sll5 33 ZM F y*» — r— ggz * »3 ■— J « UKEaiull-,- 


455 Sector Fonda • QW Ibmm™. 

538 FlnxadnltlTU 127. X 28,91 -82] 3.96 gnaUCo'. - ' J. 

556 OUfcNM-Res @25 ’ *S3 ^ 258 in, P r^ 

359 ntEm.6AHdl. 


Uolr. Growth 1737 

Increasing Incwnc Fond 

Higfa-l’ield {575 

High Income Foods 
Hlih Huturn— . 169 5 . 
Income —.(44 9 


6L9j -OJf 657 


ui 31. Stewart Unit Tst. Managers Ltd. (a) 

45. ChutotfaSq., Edinburgh. 031-2203271 

fStewsrt American Fund 
_ Standard Gaits JTOJ 75JM 1 LM 

T BStateBi 7 B3: TSB Unit Trusts (y) 
351 *strMrt Brttlsb Capital rand 

d* StonthmU- U45.1 157 JJ .1 4.00 

Accum. Unto — — 11662 18DJI J 4.00 

„ £ j, • Dealing tFrt. •Wed. * . . 

1 252 Sun Aniance Fund Mngt. Ltd. 

Son Alllanre Hce, Honhatn. 040864141 

* »«' fflilrd IS 


027232241 

747 

7.47 

. — 3.91 

3.« 

. 737 

737 

4.47 

A47 

,.... 9.72 

— 972 

4.9T 

4.9* 

837 

92.4) -D.JJ 5.61 

96.9 HU 5 61 

4L7 +05 4.01- 

50.9 +03 951 

17.9 HU 4.75' 

212 HU 4.79 
72.8 HU 755 
36. D -0.1 236 

37J —0.1 4.94' 


srn i neemmton 

5*2 CibK— _______ 

5J* Interna ilonal — _ 
WW-WldcABg. 28— 
OtoteH FKads- 
Anetndtaa 


4.90 UJK. Fonda 

1 4.40 UKEmuG',- 


Private Fnnd_™_t 


538 —I**-' BO.qx-WI 

«[ sas^rx-p. jaal - 

441 North Anwr._ M.4 47^+53 

ariBR Brothers * Co. LtdLV WW , &SaS^36S:fi^ 
.UadenhaUSL.ECi 01-0808880 V+ £ZT+7.C 

rs^on T -r. Uf 3.8 20L8I I 4J2 ™" "“M® *J“* Tft MgH.T (81. 

«. .Ocean. .|240.Z 230Jq -111 5J2 45BeacfaSt,EC2PZtJC . 01-828' 

Nc»t »ub. day AngufiSi. Q» British 7Vust_. 

MB 

Dollar 

'Capital Trust 
) Financial TrtuX. 

mr s^i 8 S 5 ®l 

tost ?ub .,CJ •September a. to August 30. InleLf (aKg) 

rids* Fuad ManWenftaKe) d Wj 

ng A 'liiim St..Er«R9AR O1-0S8485I ^ 

TOT. .n/. on *-1273 2&H I uo Key Fand Mxnagero Ltd. 


f-rf Accum Hr. Fond — 166.0 73_D( — 03J 2.90 h'wca 

■“BJBSKiB . a“4^| ?S 

2.49 AaeA “ Rusa -“P W *9.oj +03] 150 pq 

IS practical Invest. Co. Lid.V (yl(c) Finnic ijl Srca_-_ |j7J 
dA.BioeambmySq. WClASRA 01^238993 IHgO-Umbnara I'anda 
PraetlalAtyta — (178.9 ■ UL2J f 357 Select IncnrtuL — 1274.4 


Oimw Fandsft) 
Europe 


50Jb)J -03) 475 


SSH:Sij !S 

83-lj -B2\ 2 M 


. icrauuiou x.,c. i.-* oMnsam 

lUMlTt D93.B 20LBI I 432 

i -ice an [240.2 fto3 .Jll 432 

Ned sub. day August }L 

{OtwFssote PTogressive HgmL Co.9 
Bi'hepscau'.EC-J 01488080 

»ienr.--Ami.15.|197.2. ZULU j I 329 

.t.c!t--Aug. ».. BM .9 2soi rrn l» 

WtolW he# 6 280«_.„J L9S 

cs'im ' 4i-.« Kta ? mil I tot 


PraetlalAuea — ftgjLt ■ URJJ 1 357 Select ImmwL _ (274.4 

I Ac cum. Una* [mL7 256.01 — J 3.87 Select lurome _^73 


289.61 -1.0( 
60 4(>Dil 



11431 -0.41 122 Ulster Bank? (a) > 

Id.* (aHg) WartngGtxeeLBgltott. 02823S3SI 

Deo lings: 0290 39*1 IblUlftoCmith— |4U OJU[-ll!| 459. ] 
433JHia 332 1 

43 ij &» Unit Trust Account & Mgmt. Ltd. * 1 


«» --- 657 King William SLEC4R BAB 

— } f£ FrtonBsa.F1HKL.lMM 

■or 3 00 WlelerGrth.Ftid.-b2J 

foi 1$ °°.Acc*m. m 

+91 234 

”°' 3 393 Wieler Growth Fund 
Hli 736 King Will tom St EC4R OAR 
—■■■ 11-79 Income Uorts 
—0-1 455 Accum. Dnlla ~B73 


. Hat*! 

m 


01-0284861 
— -J 4J6 

J X96 

.] 3.96 


010234851 M 


S3“J 


ccum.' AueSr.... 21 

(C5J mb -ipj ■ September 5. 


WaVd 18, Cbilshwber Street, EXLX 0I-W75«3 EqntyrKund 

n mjwjtn ltd eLInv. Fund (9B.4 1025j 6J5 Equity A«. 

2U “TS **» rand Ud. WW ffiSSSfe= 


Civ*.* S50 U9 558 39. KOhR-EOVaJK 

I"** JJI 5-2 Key Energy laFtt- 

af.>ii=|r ”j5 = is d&SriSf. 


KB.l'nllFd-Ae— 

LB.Fd.Znr.Ytto. 


335 KAFtLlnTStAcc, 
ui KBSwlrCo’sFtDnc. 
437 KB^m-ipsjaFiLAcc. 
337 HlghYM. Fdlne__ 
ill HlgfaVid-Fa-Aee-. 


• 1 T Ja* 22 w ...._| 304 EeyKmdSttFtLj 

wl'ng “Tee*. IWed. Btos. mm Augnat Key Small C™» Vd ^ | tic 

. J 0 ” 1,1 '' • ' % . KWuwort Fenooo 

ntanrun Tract (thuafiunent (*) Q0 mt>Judtu«hSi,E.CA 
Lr -idon Woil Build In gt, London Wall. . KB.UnUFd.lnc. . 
art-mCCZXaQL 01408047B, I 047» *KB I'nllFtlAe- 

sc*s —1794 B5.4f — fl.71 458 KB.Fd.Znr. TO*. 

Ditol Acc. 585 • UO HU 358 K^Fd-Ln.TSI-Acc , 

Bin t lntl 6X9 6454 —8.4 <2* iraSmlTCo'sFdlnc. 

nsmoviity...»— . B5JS 915 .-.. 457 

.mcrttc. — ,, — UI 45.0-02 3XT 

e»M mi 128.3 -as 67V Hteh'TLFB. A*e-. 

•.rii’f-vr’To 115 44JM &9* i a p Unit Tnitrt fl 

rltost— 240 23.9a *03 250 T - . 

nn-'-ial-Seoi W.4 74.7 HU 457 Tho Stock Ecbnge. EC 

dd&<>nerel — M5 107J +15 254 LfcOlntFO Q45J 

virtb W4 955 HL6 5J4 LACZntl 4 Gen Fd-POf.l 

r.&Cnwrti) m* BU -03 451 T a warn fV n IH 

u^oanh B95 . 74J -05 2.11 

esiYd autmm- 514 »4a -fij L» S7. Qoeen aSK London F 

.pgrt'a^-r — ... • 4t3 • ■• mot *0.3 ■ ar &**, iMnitit—WU 

Vltonl PT- - . . Ml . 90 -0.1 7JT ^Sttot Chi W— 03 

■» Iimh*.. — 584 4L4 —0.4 419 •Qnwtb Fund. lw.0 

Anajvlc jtu^. C4 34 9 ...... LM •Iiimi5 UtUti —piL 

-nr^km*! SM7 S82J -23 4» ttCUtand Wairmjd-Sos 

•prn»Wumol_ J4 9 “2 f2 jAMarteamFO K| 

in 1 4 — — — JJO p.7a -flJ 456 £ AccomU nltsl .. — 073 

: wrj«inve 33 9 5 s« HU *g -High Yield M7J 

i\ fcJ-enjj. 1*4.7 37.4n( — 237 -- TAcnun Unite* —*7 7 


010288011 — ■ - - -'---• 

If INSURANCE AND PROPERTY BONDS 

HU 7.13 

_flj e,98 — '■i — '-' - '— " " ■■ ■ ■i n --* — — . . — - i. ' ■ - ■ ' — ' 

■fJi 7Ml Abbey Life Assurance Co. Ltd. Crown Life Aunrance Co. Ltd-¥ Lloyds life Assurance 
l-3n.PuiTiChsrch.nml.EC4. 01-2489111 Crown LL r eHae_ Woking. GC21 1XW04F83 5033 20, Clilwn St. EGA 4 MX 

DI-WK43 EqnliyFund IMA ' 41 2 — M*ng;d Fund Ace.- (1M3 113« -0^ - :.Tlt.GlhJtlly3; - - 

L15 Equity Acc. 335 ■ 355 — Varied Fd Inan- - 1U3 -OJj bZZ OpUAPr-AtiElM 

, V JT Property Pd. 250 J. 15*3 -.... — Meoc-iJ Fd. toll. — &075 1123-03 — Opx?A'Egf- Aug.24 

OW property Acc 1562 1M-! -..., — SwisyFd-Aec htth lcs3 ...... i jpS- aWE-Au^ 34 

015087070 Selective Fund — 949 999 — Eqa:»Fd-lnBa — |10l * im.g Hl.g 5.93 Opt S'AYn Aug &. _ 

S . *09 Convertible Fund - 133-9 138.9 ...... — EqtulyFd lait.^ — 3 

its WUonerFimrl 1227 129 2 ....- - Property F<I.Aee. 

j,6 vPtop Fd.s«r 4— .128.4 1342 — Prpcr^P^.Inatt 

JS YMan Pd Ser 4 — 138.4 1*5.7 ..... — PmpertyFdlmt 

Mmt 9Equil.rFdSer.4_ «4 3W . — Jnr.tK FdAer- 

445 ream. Ftf. Ser. 4 112.6 1196 ...._ — Ir.r.TW-Fd.rB«n. 

_ OMnnejr FttSer 4_ :iB 7 116.6 . — Inr.Tc. FtL Inh.., 


01508 Tr-VA ScIccUre Faal — *4.9 

S ' tog Convert I ble Fnad - 13L9 

tjS VhtonerFBTWl 122 7 

V4S Wren Fd. Ser L28.4 

YMan Pd Ser 4 — 138.4 
Mn HEquil.r Fd Ser. 4 _ J7 4 

440 VCnm.FtI.Ser.4 112.6 

_ _ vMnney Fd. Ser 4 U1B.7 




-0J r MlLGthTBlyTl - . 
-05 62Z OptJrAPr_AtiE24 
-55 — Optg-A*Egt- AaitM 
-"®-B ...... ripUPA-HYlAu^. 24 

-0.8 5.93 CptS'AWroAugW; 
-07 — OW5-ATJjt .\nc ZH 

-oj 8.07 London feutemn 

-0.4 — 13-20,17jeForhun. 


Schroder Life Groups 

Enterprise House. Portsmouth. 

1JW24 — Equity Aug. 22. 245.7 

147.1 .... — Equity 2 An*L20„ 237.0 

- Equity! Ang. 22. __ 129.4 

U6 0 ._.. — Fixed Int Aug. 22— 138.9 

1666 — FfaedIat.3Aiu.2Z_ 1992 

— Opt5'ATJjr.\ng 2h'l22 J 1284 ... .1 — IbLIK Aoc^..__ 13&4 

M7 Lnndohlnd ei nnity & Gnl. Ins. Co. Ltd. Kt^AngSa 2 "' iSJ 

— )3-20,TbeForhun'. reading SKSIL MnwUUtAugia' 138J 

•Tec Honey Iftnoger — (3a 2 39 li | — Memtged3Ang22. 1522 

5-5S NttPlmtibte &23 • 341) ..._ — Money AHR.E2 1003 

— Fixed Imereit- .«. (54 7 366J I — Mouej-3 Auc.22 1185 

iL5b The -Luton & Manchester Ass. Gp.« ?KS5S£|k: isIa 

— IVinfdatflaFkrlr fiW KSPn r n R Aug ■»? 179? 


XM^WOkt BCftVOO Unit J TYiccs al Aujc. 22. Valnntmn norma Hy Tunfdl^ Pliedi^t Fd.AffC 


“7-vw-t 

I Albany Life Assurance Co. Ltd. im^i.'Fdiw^ 

’-~Z 5^ Oi.md Burlington SL. WE 01-4373082 Fd" VoSiT 

"IS 9EqnityFd..V:e — (2003 ZUJJB ... J — . sS™^.ry2= nl 

?y'ws^ A?Fv -b«3 i«| r > - SSSttoSta 


-„_f 6lt(VGtd MoneyFtLAe,. 115 2 

4; 6«|*!nU Mon.Fd.Awn. 1146 

.6.45 l^fhwi.FdAcc. __ - 1895 


55.4a -07 
494 *0.2 
•43 -0.1 
4L4 -04 
344 


3u I»*CWaltTMi«t ManatnmeBtMJfjE^SypSLFdAM. z»b 

HU 427 Tho Stock ErtHW. EcJN 1KP. dZ-S8Bf90 IfacdtPDiLArc — 179.4 

iH a *i Lnnn flees. Ltd. WoKc) ■;. M PtoIacc _ pi26 


0706277331 


~ Winstotto Park Carter 
•*■79 rap. erbwth Fund,. 

6Ficx- Exempt Fd. . 
’U ® Exempt. Prop. Fd 
4Expt lor.Tst Fd. 

— WexlhtoaiBt!. 

. lav TnutFhmL. 


•e British Life Office Lfctf (a). 

I xnrr M . tlrebridge WeUs. KL DSn 23271 


LM EACZnU8GenW.PM.fl U24j +14f. aj» 

$5 Lnwson flees- Ltd. WnKc) r v 

K» ». Qomm aSK London EC4R l BY. aLMMU 
R9T Cftmr. &6®fUd»_.gaj ' . r «T 

T& HlAtx«m Ututxl — M4A SOOf-O J +M 

0X9 "Growth Fund UOO m 2 LWi 

LM •\Ar«im. — Sdl 7x3 Ltd 

TTCLUand Warrant- MOS 437) — L75 

xAtMrtean Fd _ — 063 ■,»» 030 

446 £ Axe ton Unffca — 073 • »4} — ... 830 

*g Yield „„__«77 SLod -.... M.94 

23 7 —rAcnuiv Unite— *77 _ 732rtl — . 10.9* 
Deal. AKml Ton. TffflM. tThom. —FtL 

L_ Legal & General Tyndall Fund? 

Ti£ 18, Catu w R pJ HiSrtttoh as 7zms.il 


117.61 — 

12ffc( „„ _ 

338-61 — 

223.71 — 


™ AMEV Ufe Aasnranee LhLV 
iu AlfL-i Ear, Alma Rd-Rcigaue. RelgatotOIOL 
LM AJ8EY WtujMed __Q48JS 156 W I - 


AMSY Hunaocd — Q48JB 
AMEV MEd. ■B , .__mil3 
AEEY Money Fd.-.D05 B 

S»:r 

AUKW Pn'it Fd 1976 

AMteVWH Pt*nJ-dt96.7 
AMEV hgrt.Pru 'BWl 
Flcxtplan. . .. __ ..{961 


.C- Trea^ m * Lloyds Bit. Unit TtL Knees. Ltd.* (a) Barclays Ufe A rear. Co. Ud. 

an-'tol 1569 . J9W-0J 4.48 8«l«WlPn fe gc rtl»t»to. _ 232 Riwtord Rd. E7. OJ 

crsl . - 1283 JU -02 312 WnnhOlgW — 3— 0 8 . 015B3 1231 HaKlaytwndE* [3312 13821 .. . 

wui juvtna. 1« 4 524-02 4.« FltntflWncdJ _H4.6 587! -0.31 4J0 B25 7 1524 -D 

eilifamcwj ...Wl 417-02 4« no-torram.) B;.l 80.7-0.4 430 GHt-mhed Ill3.0 136.9 HJ 

*; lnv :c^ _JJ12 342 -.... ng SoMOdtCap) _f»2 623 -04 203 Propro^_i hosj 1109 .. 

'■ 13.0 244 -02 3Jf DO-CAccum.) 7J 2 78.7 -0.4 203 Donated HJA9 1ZL0 -8, 

” Kj 2Ua -02 43 Third (hneomnj___»3 965-0.4 547 Money N94 1047 .... 

• ■—]*' 0 as -os 3.C6 Po. tA«*tiao_ . *1229 152.1 -0 6 S.47 UaptonLAetm -flM2 189J 

t-rc-.i-nr? +.(62 3 673 -0.7 AS Foortb :E xIhc.)TH_3mj 688 -0.3 733 Do.lUttol 101.1 1BVS 

D.r'T. - .~PJ.9 JO-41 IB DtMArtamJ fS.9 71 3j -oij 732 gUtBagFena.Acc-m.4 1016 .... 

,y. Avimti o HL9 Mbj —4 439 Lloyd's Life Unit T«t Mnsrs- Ud. ^4 “ 

loi— Lf r r Unit T*ft MngTS. Ud.8 72-80, Katehonsc Sd, Aytoibtiry 029C9M1 SaWtol ."(971 103 oj \7 


l-^*i r,t rnuenRar.Utot*. 

ecu :"ii+ 1*1 X 43 

■efl .Vifun _ ISO 7 J 

w.i'ia. ...a** 5 

w Irccm (43 4 4 


P. BarBllZS Equity A«vn». _„(173.1 182^ — i 348 - . -. •Cturcfil unit vilnc Augtut 23. 

ijj g * * ® Group? MfcX*) IJfr A«nr r 0 \iA « 

_2.l] Tw»t HSU, BC3U «*Q. (TUOS 4S«S Assor. Co. Ltd.? 


w Arcgnt (43 • 47^-0^ 741 See afeo Stock 

. . . » . • Aram can. .. ..._ J 

«i l Junes) Mnjrt- Lid.? (Accum, Unit*) I 

1M tro.ro SutrsN 1BQ 015888810 

Bi ^ SSr 

x» on .M'iuft IC. Natl dealing Sent 8L cumpoond GrawtO- 1 

IM Unit Fd. Mgrs. LML? Wfc) . SKSSSS?!? 

urp l too.? NewdKUcmpon-iyne S3 US Drvtdeud... 

pI _ IM 5 77. « I XU t-toum. Uai«B 2 

ircnct tton. .{H> l2 -SSSSSSlii I 

lifihlUMC 149.5 48.01 [ 767 f 

mint l-T.iu- 156-6 59-1! .-J I AT t Acwan. Unttx) 1 

•’rallrg dale SrptwoWf ■ TttbulWn...._,^ fc 

rj lies' Official Invest W* . tAgcnraunlw— - [ 

lie. i»«n. wwei i ry. oi« isu umSfc i 

iB-.A-r-.u-f IS (l«17 - 1—1 US 

tn 7-ts.vrt :u-lx;%66 . — 1 ..-L- tAcmmllnUm :2 

anth- -Guir arcileble to Reg ChiiitOtt. High tacom* X 

-ti rhn.. „ Tn-.i.-fj tAccttm. IZfllta) Jj 

rterbouee JflphMf JwhIomm t 

wsiwtter Zhirt. FC4. OS-248 3060 t Acrum. Unilxl K 

(33 a • 27.U La M a gnuai --.-. z 

sirr— & ’• st- tm sasa^rrs 

uit. Fin— Sj mo{ r: 482 u«om.ana» s 

-ri. Ki S? 40 i-sr.— — S 

D i’nii 5Ix Sfl" ,.. SccoadGOB. V 

n. A Of art 23 Next d* 6Uh|[ Angnat 30. ■ j! 

ruin Trost JH*TU*ers XALVtaOHfl) MecMLislSitojl-.p: 

»vi ECZM4TP. u 083 2833 SfietoStoad flnda 

VterrzJB? 9 H4| 

■BSSTfcW* Wi 2S«^ 


60J -0.( 
6L6 —0.4 
«7J -07 
95.1 -0: 
126.6 -II 


71.LMAonl6t.EC3. 015231288 GiltEdccd - T358 

U6 Rllb Borie Aog 1 — I 132 08 | 1 — .Amrripa.1 Act iiflS.4 

Lg 1 Pen.FJ . liep.Cc p — .Tes.z 

Canada Ufr Assurance Co. 

*57 Z5 Bigh St, rouere Bar. Hent P4»r SS1Z2 Pen. TJwp. Acc — 2W3 


ii -if Hi X&ESSE-m • rl = 

ms -l.q _ Fixed imentit . .—134 7 3&i) | - 

ms j Z'Z\ i2-5t Use Xmtoim it Manchester Ass. Gp,i 
“6J -O N -. Winstotto Park Carter. 03KEU 

imr Tnil rjn CTOtrth Fund.. 2454 +2.M _ 

iS? toil 950 Wj? tgi “ 

;r z ermw an. inv.-A^sSj - T 1 - mi 3 Z 

ii9« -- Crusader Insurance Co. Ltd. ■ ~ rj 5 — 

..... — guv Prop. Aug B_ (72i 8U{ _.„4 — M & G Group? 

“Z Z Eagle Star Insor/MIdland Asa. Three o«a Xo«to mu zesp. bbq oi-bs 4888 

. — — 7.ThnwIne«UcSl_EC2. 01-6BB2212 JVrs.TVrstoi***.-, 2SA5 +2.71 — 

— — Eoclc.ltid. Units— (56L 58 S -0.3! 117 Cone. Depwflh X1R9 1250 — 

Egnity A Law life Ass. Soc. Ltd.? Fam'i'/rTB^^ZZ 1219 Z 

? Aaiw^hm Rood. Hich Wycombe 0*0433377 — Kt5 «« Ti “ 

7 . ..... EqaitvFd. 1230 129 41-00 U Jl Bond 1069 112.4 -03 — 

Igato 401OL K^. FhT:":Ho 74 lS3 1 Z Intelnalr.I.Bond" IDLa 1175. .. — 

~ utt.1 cxl 5 1152 H> I — rK °y^ ‘**~ tSi 1S0 — 

— Old Dpms ! Fd. %• ■ 105 31 I — P^rr 167.9 -HU. — 

!u«.l_ L2nif-6.ll _ EKJiSiSK-gS 732 Z” Z 

LI - General Portfolio Life Ins. C Ud.? *w«»jii;d 3d.- >57 2 • bo. i - 

7 3 - 1 ^ - 

-••• z PhrMollo Cnpiial .. . .4ZJ ’ 44«| ”Z] — Merchant Investors Assurance? 

. Gresham Life ASS. SOC. Ud. law HV . 233HJgh St. CroyrtoiL 0I-S889171 

= Prinri- ol Wxie* R-l aTnr.uUv U2tiZ 757W5 ftnpcHV pc'n’ZZ. 3M1 J5 j Z 
017488111 Jffm.FwI .IJIJ iS'SI — 1 — Eq bTm 62 6 +0a - 

I _ GX- Equity Fund.. .1115 9 . 122 0! • — HMin-Wwa- -100 8 -22 

' " J __ nj. Grtrl ui: — ,133a 11*2 ._. J — Momr.Vjrrer„ 19Z5 -01 — 

. Gi-TnU Ripd lM fl •— i ~ X 1 .;-. Pt «_ 184 4 ... - 

_ GJuPpiyrand — fl7.6 1025, — Drpc».-_ 1297 +di — 

Growth & Sec. Life Ass. Soc. Ltd.? z’ 

d. Weir EaatBrr---oi>-TJsaja«, Berks. 08»34284 -Mm w.' Per.a 143 2 -0.8 — 

OJ-S3455M Flexible Finance— l 13,838 J I - JJiS "S? — 

l^ndbnnXSeo.— ( 5431 ( 1 — W-. y.ar.a»>'iS 199.4 -Oil — 

-0A - J^S- I fc n ^i Aee ll ^ T «i 393 l-- “- - WEL Pensions) Ltd. 

~° 2 “ &tR&JPe.Ftf—l £7718 1 — jflkoa .-oort.Dpitfatt.Saney. 5911 

J,, z Guardian Royal Exchange NcicsLq Cip w.9 9351.... - 

- Roya; Ext^ngP. EC 3 01OB71W A«ajL..®4? 131* -O'? - 

127.71 .... i — Sfe^^cjST:? 12 " z 

zr Z Haznbro Life Assnrance Limited ?. iwcnp-g? . »7 — 

- " Old Park Lane, London. WX O3JB0e«ll ijfaj rdaS®”®! m3 Z 

— z m .i* aro --!»« M— i - NSaSiLFd Jiffcfifi “li :r_ _ 

a ■ SSfe r- g.1 SSjzT = _ -“■^Sa^AngCrta 

ManagcdCap jisoj 35831 [ — NPI Pensions Management Ltd. 

L? “ l S!gS Are (m.7 Sa? 1 ” 48.GrafecSii7ebSt.EC3P3UH. OIR234200 

01-S23 1288 Gilt Bd^ed J S25 8 two! *" “j _ Masaavd Fend- . , [156 1 162 6i ... | — 

. -.1 _ iSS iTiaJ ‘ Z Parc-. AiigBal l. Nest dealing SM. 1. 


97.5 — 

102-8 — 

101 9 — 

2826 — 

102.0 ...... - 


Prices •>= ’.VBg 2\ **Aug S*. — Aag Z5. Solar Managed S 
Merchant Iavrstors Assurance? roiaf^uws.f. 

LjonKtc .233 High Sl, Crrydoo. 01-0889171 Solar Fid. JnL S 
Property. . . — 155 7 +01 — 

Properly Pent 263 1 +0 J — Solar lntl S 

Equity. 62 6 +oj» — Solar Managed P 

Equity' Pen- ' ICO 8 -27 — SoUr Properly 

M0otr.Y3r.er_ J4L5 -0 J - ^’ ir S T 2 1 , ly 

Muncy M!:V P«a_ 18*4 ... — 5°!* r 5!i I E tp 

papo»'-.. 1297 +03 — §?j» r S,*P 

D*,w»s;; Pcns—i 14LQ -0.3 — SolorlntLP 


03^2-52133 BSPn.CpB.Ang22.122L 
Ljm _ BSPuAcrBAug 22. . 133.6 

kOJ — MnPnCpB Auc-22.. 209.6 

0.3 — Mn PnAccB AngZZ . 250.4 

-01 Fxrt Ini Pm Cap3 . PI 

. ... — F*dJilLP«.AccE_ 98J 

-04 — Prop.Reii.CapB — 96.1 

;-B3 Prop. Pen. Aoc. B-. 97 J. 

hO.l — lIomwPen.'Cap.B. ttl 

Money Pen, Acc. B. 97.1 

Overseas* [59.D 


Scottish Widows’ Group • 

PO BoxS02.Edinbnrch EHU5BU. anrSSSQONl 

XnvJIy.Sertec I [1112 11L2! +L0I — I 

Zw. Ply. Series 2_ 

InvOthAligSa . __ 

Exl^LAcc Aug. 10 [1460 1531] J _ 

ExUlinr AUg 16 1343.1 1497] .( — 

Mgd. Pen. Ang 23- |2S<.4 2844) +U( — 

Solar Life Assurance Limited 
1 0 '12 Ely Place London E C JN BIT. 0X342 290S 


S53|^3r 


J«J -OJ — 
118.7 +0 4 — 
W 5.9 -U — 

123.0 +0J — 

IBM — 

112.1 +03 - 


ISZ d -DA — 

u6.S-o.a - 

lid 9l .. 1 — 
uiiHu __ 


FtaodlntUcp )3?12 

Equity. IlML 

Property JIM 7 

.Managed Cap 15BJ 

Managed Acc — _{U60 
rbeneas B3L7 


Si - l ~ ?i|W Malawi Ins. Co. < 

TY-il: ^ J ZuS Z Martlird Hon «. Southend SS 

pw-pSp Aa.zzSSi Mia:.:: - 

Pep- 31m. Cap J2X6.9 228.4 1 — Sotiil: m Fd.. 1045 

Pep Man Acc SB0 7 2953^ . — I«£ a . 0, "*7.F l “«• 

Pm GlREdg Cap. S3 8 12if ._.. ' - w"i>V £ ^7 

Pon.r.ihEdB Acc .ilSLl 136?. {_ 

Pdq us Cm9 _ r 02*8 33Xv 1 FarEas.F-* . 121.b 

Pea B.S mx ie?* JVill "I — ClUEd^rrf Fd. T ^ m WJ 

Pen.DAF.Cxp ; 1025 ^ j — Con. Deposit Fd....[974 

PmDA.-F.Act: — ! 1843 ! - -i — Norwlsh Union Insura 
Bearn of Oak Benefit Society ws«n ::c*alch5iRi3NG. 
25-J7. Tan stock Place. wciHBSM Dl -387 5020 Managec Fuad — «U 1 
Hearts oJOtk 1365 38.71 J — * ! 

Hill Saznoel Life Asssr. Lid.? r’!*M ini FnndZ5548 ] 

F.XATwr.Addi«tmbeBd,Croy. C1-6W43SS 

dPreparty L*mts 1X57.0 I6*.J _ g? or 2Z38 


iBBSS 


1=1 = 


—0-7 759 

-1.5 7J9 
—0.4 2.99 


[Cannon Assurance Lid.? 


Pra.3icn.Gap — 2164 
Pen Man Acc 3B07 

FmGU*.Ed£.r.jp..p3 8 
Pca.r.ittEdB Arc...X3X-l 
Pod U.S Gap . . ..0248 


586) ; — 

||:.:* = 
7* jl r _ 


J.i-rt Sab day Augpst 25 

NPI Pensimu Management Ltd. 

4fl. Gror-c^urdSSt. EC3P311H. 0182^4200 

3farx-i/J Fend [1561 162 6i ... | — 

mrc-. A ucnai 1. Neat dealing SepL 1. 

New Zealand Ins. Co. OJJi.) Ltd.? 

MaitljTl Hon-a. Southend SSI 21S 070562055 

Kiwi lltrylp’ . Plan.fl50J» 155.31 I — 

SHUjl.' n s Fd Q04J 1X8 0 . — 

T«k=nl. s-.-Fd hg53- 32X«1 -O.7I — 


Son Alliance Fond MangmL Ltd. _ 

Stm Alhancu House. Horsham. 060364141 1. 

Iffl^ir^ziz 5 

Sc 

Son Alliance Linked Life Ibs. Ltd. & 

Sun Alliance Borne. Horsham 0+0304141 

Equity Fond |X»XA 1386) -0.7 — F 

FIxedlntenastFfL _ 106.9 5?6 — . 

rropenyFood— 1310 1J6.9 — Si 

interns nonal Fg_ H2L1 USD -0* — “ 

Deposit Food. 97.6 102J “ 

Mana*cd Fund 1143 120.4 HU — Fi 


J-SfiOirBndcwy. wwoMo? uaoonb 01^02 br7b £h S-5 ,-=~i M2 A 


■ $2 dh II ?S®.: S 3 ? SS- 0 " z 

TiJ ioi . IO ZW-adJErec/Unit. 03.61 1440 -me _ 

73J tS Deposit Bond U2J. 1X46 . _ 

ao; rni 431 gWdTAMnm...... 193 — -1 — 

jm? 'i &M toyn.6cna.-_ Lnf -4 — 

iSo -0 A 79? awSquHy.. 1810 1877 -0.4 — 

^H,i Z 

Sa Iro IS BMD^agrZ-Z- 97.6 183J — 

^ 3 S £5 ^bsese;S& « = 

is:S:? £5 Sin? z 

-03 im-9 +2J. - 

zi 33 :a M H =■ = 

114 1 _i,i 4Jt *«BS1P.2 -1215 30.5 — 

1909c -fl 4 3.R . . Current value August 24. . 

2423 -Oil MS • ‘ . . 

'■ Cttffel Life Assurance? 


lAnirn L’niui 

Japan Iomrxhi 

01-348 3080 [tom Units) — . 

E 

~Z. 402 f Arcum. Gnttsx 

r- in S555Stasr=: 


M3 = 


S n.DAF.Cxp — : 
s. D A.-F. Arc 


E*t--»]7r F-1 m2 

Aaw::cfln Fd rtlfcj ^ ., _ 

Far East Ft. tta.6 a2*3 .. .) — 

G.'liEdspdFrt jWJ ltW.a*o4 — 

Con. Depost Fd....|974 102J] -f Zj _ 

Norwich Union Insurance Group? 

POS»* J . ‘ ■' r.<aich NB 1 3NG. MB32Q 

Manopec Fund — (2223 2329) -OH — 

Eaurt, rune — pB9 388 3l +0.2I — 

q Property Fund 130 BI137.6 

rund,_£548 1B2J.I -oil — 


ICM ■ - I — 
i«p-?j — 

135C -3.3 - 


Cfeartbond am 
C barUd. ->Ui|t3l 
lAreuwi. Units' .. 
run EslAoi.SI 


-t-K 6-® [Omlston Hoosa.Clinpel Ash WHjb 090528311 

:.q^teS5S£&K:} BKZ 1-1= SrS'SeAss. 


edenition FRads MjfL Ltd.? to) N» a.Ami.=i __ niulii-jLi . 

-tv i-rr T^inr. ittK oi-maomi UunUn Management Ltd. 

hlHiid — 147.0 993] I 3J7 SL drmvd's Way. ZitmMOT. OWSaSHll Ehnh^r— rg 

*W0Utta n«4 Monogera. JESKSlSrflL^ *! to. “ 

uWrortLnudonSWlXSEI. 8I43SBS54 ». 

rpehLCUcFiLnoo 2HJ3 .... 1 446 H.18CnoluunSt.Sca» , 7AU. 01-WO8OW Mhmiaad-fiar 

^rr?Z...H94 •■ 33 +1JH liza locotno Ass. 13 — 1JX54 msi . — 77a Jfegs»S4»n»i*d_ 


Mognu Gp.? 


iSKES”^"- Breael itau*. 


cipruRtt 612 

-llfcp.DlK. no 

cl 

Fui>4 .154.1 


» «*!*•« St, «3PS 

S3 ZSj 2rsgf5£?lf 

«*» -as eim 
2s3-42( 401 


BS=r m 

^a-Yo-a S3; 


Mini p«. Aer.-PU-A^:^ 

rtg±M r»aSfg SS^KJSS <»> -|EIB( 5 = 

“r^SJSS as 18 fSKST^ffi? «U 1 ! fglgt ^SE r 

in & Dudley Tst. M npn nt Lid. iro Axrnia. -ZZzE t • «i -o.i tH YertortnSB ffl* 1 

intfnnSr.sWl. OlHCOHM — to S! “S-2 JE — _ ■ 

1 r>iidleyTM..(69.9 7121 MO S ajs— fel 599^7?.“ iS «ty KesOah 

»prBKe.as STArS^ZZZtai fri -Of zn SSEewuSuZZl 


>S 4X5] 

14 310 

96 42.1 

75 393 

1336 
158 6 


CUy of Westminster Assur. Co. Ltd. 
Rtoratoad Hour, 0 Whitehorse itomi. 
irerdonCBDZJA. 01-C8490S4. 

West Prep. Fund. 6 63 7] — 

GlUftmd hi 7 66.U .— — 

KJLAI-'und 1*9.7 173. W — — 

ron.Hnid.cap.— use uau — — 


property Sen™ a_ 

TXanafej L*a» 

Blrnajwdscnei 
Maimed Series C 
Soroy Units — 

Money Senes A_ . 

indict. -tor. A. . £35 905j — 

Pns.Kaiui;eccep-e<25 l»-i — i — 

Fre-Manesed Ae=_)15U 15*0, _.... — 

FHs U-toee.CLp_.pC6D 1U.6: — 

PB4 deed Arc _.KU 1U.4,: j — 

Pm Eqn,^-Cap_!t024 S57A. I — 

ftwEWAcc_MJJ 1BSA. : — 

1*05 FstUtl rjp...KS7 1002*... I — 

YpeFedtal t«.._N68 KH-D -... — 

xoaj: ... 5 — 
1017] ....4* - 
Imperial Life Ass. Co. of Canada 
Xstprrul ilia» Gcl^tlord. 715! 

art FS..VUC IS — OT£ ’OSi+OSJ — 

r«U Fd APV 25— rn 9 702 *C 7, — 

Urj; L-rirci Fon.ViiD 

tosT.-icenrora :«9 xouj +3.»i — 

piwdlrr «■■«! !97.1 lrtr.-cjr — 

.'■.ftuteesp r"d._ ^sa 1018* +3*J — 

Equity Far-d . ,n»7 i860; -Lot — 

Irish Life Assurance Co- LUL 
’i.FiasrerySqtrare.ECi. 0140885; 

BlueOir Vj; 21. r W7 SSO! 50 

MStUJKd Food — (2383 2SC8; I — 

Er.enraxat.3 Fd . jXst? iiij ( — 

Prop5j.nl %iift. 1- 183 9 I9RC ..Z( — 


Phoenix Assurance Cto. Ltd. 


::::_ Z Deposit Fund. 97.6 lflzjj “ 

1 Managed Fund 11145 UM| Hll| — Fi 

Pfl.- Snn Life of Canada OJ.K.) Ltd. „ 
B!«x<4zro ^3,4-CrrfcsporSt-SWlY 5BH * OJ -090 MOO *1 

tLj Maple LLCrth 1 215A . ! I 

“ri*-. 1 - Staple UMWiBd._ 137J I ..... | — n 

i Ltd.? Maple Lf.Eqto 135.9 J -....I — 

070562055 rofstd-Pn-Fd. — | • 213.8' | | — |T| 

* "j Z Target Life Assurance Co. Ltd. ^ 
0 7 — Tarcel House, Gatehouse Hd. Ayleaboxy. 

,^| — Etlrfa. Ay lesboiy (0888) 9MI r 

Mao. Fund Inc, (994 X04U — "] 

Man. Fund Acc 1229 1294 — — ^ 

Prop.Fd.Zoc 109.7 115.4 — T* 

Prop. Fd. acc. 140.8 — La 

Eroup? Prop. Fd. In* — . — UN-0 _ — Ar 

Mn 'm, Fixed InL Fd- Inc. 10X5 186J — All 

C-W33CBO Oep. F(t Ac£- Inc 95.9 200.9 ~ Ar 

Rrf- Plan A-. Pen. - 78.9 15.7 —02 — As 

ReLPtacCap-Pen— 65J 70.1 HJ.4 — Be 

«ft-PtanMaaA<x._ 133.9 Mfl.9 — Be 

RetnanMLan.Cap... 3225 128.9 — G.‘ 

Gilt Pen. Ace. 1325 . ■ DM — G.1 

G ill Pen. Cap U45 13X1 — G.’ 


l«u;-0«; - 53*2*?,-., pl80 aaSJI ....j - 2 Bream Bides- EC 

igj;-.-; — |5 >pS^ 1 L. I .„ — Tulip Invert. Fd. 

3f£«f.. .1 — ~ b r ph -7"; 18X1 854.. ., — Tulip Maned Fd 


+5 Kir.c william st-EcipfflF. oi -caiS375 TnuiBintenutionBl Life Ins. Co. Ltd. 0,1 

plfl8_ _I2S-2( . ... j — a Breaai BldfiB- EC41N Y. 01-4056 «7 ^ 

iSe z::: — is 

- 1382 — (to. 

135-2 .... — 13t 

143-8 ..... — m 

108JB — Ja] 

lS5( ...._ - n. 

r.nw'xjrfy— | urj I .. .. I — Ini 


anrrn r,* ns. . .( - Tulip Maned Fd 

Prop. Equity A Life Ass. Co.? 

- m-«ow SKrotCtSS 

= Risked- as | ; : I z *-*"«« 


— Property Growth Assur. Co. Ltd.? Trident Life Assurance Co. Ltd.? 


T«m*ioi-«-.Creydon,CR9lLU OIAOJOSOS Renal Bde House. Gloucester 


ion r. :::'! — Propert+Fiind— _ 
UJ17- ...,i — p-iiprr.;. l urdiAt. 

of Canada 

71253 Aabr- '.si. Fand_ 

*35 +0 51 — -ti>l<e.v '1,.: K« fAi. 1 

782t +C 7, InT-iswr 1 . Hiirt. i 

l„,io 1 Irifjibin'MlAi. 

L04.3 +3.71 — Enr:- ^.One 

ir7 g. -r ’at _ Equltv ■ icn'Al — 

im-T+3-' — Mnnc-. Fund 

I860; +Xbi — Btowreerd Ai — 

. . . , esn.il .' JlW— - 

■O. L«L 'i..i-M:«.Fttlid 

0142885x3 f!:lr-Ed -Td I'd 'Ai. 
850! 1 SCO ♦puroAi.'ui.ito— 


saypetc. ECS 


•Stlw— — px* rs M -0.41 3L7S yfO VlH A . ” 12 

ty A Lew Un. Tr. W.? toKMcJW J&ta'gfcsrzfi 
iasm Ud. nigh wycqaho. OBM3SST7 doTa.-«wi.*..„— Z ll 
:6Unr. (724 76AJ-0JH 3 A3 *Frtecu K July 2X ; 


79*1-04) 3.75 


g|J Peilnrnj UidlsJ 1 2 

in «r KmmSnstor 
A- to m-884 BOM 

am Sw6«wtriSiZziB J 


014849884. Prop »■! »ut 1 -. 280 9 1SRC . — 1 — 
_ Prep StoiUt.S . .,793 7 r=71- — J — 

“o 5 — Ktflft it Shxoon Ltd. 

_ S2.CorahiU.XJ3. 02-8*35433 

I.;!. — Band Fd.Fimpt. .1822* 1235*) -3 57; — 

— .ver 1 . dtaur-c date aeja. a 

■ — 3 Laugh mn Life Assurance Co. Ltd. 

ZZ. — Lxnchamii-. Hfltubro-'k Dr :.TK o:-2S3S2!: 

. — — M»a_ 6X1 68«... : — 

— Wrap Band J^_8 U1J • — 

— Wmp <SP. .Men Fd7b.7 896 i — 


MCS 1 ' 4nau^_ 

114 «i { — Prep tirtmlh JVrei 

wf .._Tl — w e-.iT u Ufa 

*571- J — V «HWcjt:er<hp.. 

Uinv r-.t Vi.. 


cV-*toTi rd '.ta - , 
02-8235433 Cunv Prn' .' a 

■3C7S _ I It'. Cap. It 

0. ■ Mir. PM! Fra — . 

_ - . , V,<* Pe-i-. tin Vt 

0- Ltd- Pr^p IVn^ Fd 

OiSSJU! 1 . Pr-ipFro-j Cap Ufa 
• _ Hhi^ frjr r.n ft 
■ . ^ B!dJ. V*- -ap ft- 


lino — . 284 9 j 

ordiA-. 1832 

31 fund. 7642 

■J - Vi- ■ 7625 

£;**a_ 155.4 ... i 

FdtAi. 1552 . j 

: tuirt... - 798 . ..1 

' Fd 703 .. I _ 

r — ■ I86 0 -0 9 — 

;n<AI_^ 255 0 _ u qi _ 

id Ml 7 +o:l ~ 

<1 A' — 148 9 +B2 — 

115 9 .... 

Fund-. 123 a 

IdGlX 1236 1 

i:ii.,ty_i 1K.7 .....j 

nb It — — -. 1075 .... J 

to BmIw 1 .Inouiiira Lid. 

1 W4 1423, ... 
m-op.. 22S.9 1333 .... 

lj 1422 . .. 

l-.ta.. 131.4 .. . 

/ a 349 D 

Cap. ft 113 7 

Fd - . 148 7 

Cxb ft 1362 

Fd. 1412 

C*p XTp 134 1 

P.n ft 132 g 

■-F ft.. Stl 


Uaiuenf 

•a*' 


Ltd.? c- 

04623B5U 
-I — Ga 


1353 — 

1577 — 

1592 - 

96.7 *03 — 

123 9 *03 — 

150.7 ..... — 

130.4 — 


Ity 'American 
I — L'.K Equity Fond 
— HiChVielJ 
.1 — i.'rtl Edited 

— Moaci .. 

9 — Intern utiotul 

9 — Fiscal 

:■ — ''itqWhCap 

21 — rtrnmh.Aec.. 

.[ — Pen*. Mnsd Cop. 

•i — Pens- Mnpd- Arc. 

.( — Fras'RdDcp.Cap. 

.1 — PCnvGtdDcp Arc.. 1207 J U3JI I — 

! — Pf.is Ppty. Cap — ):i4 7 1213 J — 

.iixnLHL RE-S*/ 8 * BV TO—ri - 

13 ”■ _ -TrdLG.I. Bond — (99 0 —\ J — 

J I „ 'Cash value lor E100 promtnm. 

-I — Tyndall Assn ran ce/Peusions? 


UI.Canyai:eHpad.Bn5U>l. 


83d — , — Provincial Life Assurance Co. Ltd. 


(ixLjr, Legal & General (Unit Assur. i Ud. r,«i.’p.4»u».E.cj2. 


.... I S-W«yAxi;iirtS4 .. . 

! — Eqnijr AucuaS*. . 

._ ..) — Eocd Actual at 

I _ Properly Ans. 24 — 

| Deurnt -4 ob 34 

r .j 3- Wjj- P en July 20.. 
CO. Ud. ii teas ini Aug JM. 
QI-37I8&IS Mn Pn3-w Aud Z... 

I TmEoriiyAiiil.. 

Z D" Bond ABC- Z-- 

*6sj Do.fTOp Au£. I— ... 


027232*41 1 Ba 


^ J J-l^jGB«maerclal Union Group 


I __1 — Du. AnUX 173 8 

I _ T'uedicitial-J Wl 

* Da A«nm lire 6 

•nil lc;>;al . -11883 

Do Aecarr.. |lO?J 

01-388 76D0 Monacm hsual.-,;QU 


10.95-0 7- — 
X24K — 


H2Sji2* = 

SSUi=oS = 


OLIVE INVESTMENTS ULMXim 
i Bjjyal Exchange Avh., London EC3V 3LU. TW-* 4X583 1XDL 
Indue Guide os at Attend 1& U7B (Bhm XM at MXTft 
Clive Fhted Inteaast Capital I32.07> 
dive Fixed Interoatlncome. — H4CS 

CORAL INPKfc Ctose SIZS& 

INSURANCE BASE KATES 

tPropert>-Gr<>i!rth..^-.K^ n u~~..^.,^,^u.M>ux M ..~A.uu- — - — - 30*4% 

t Vanbrugh Cuaranteociu»u.. ^ '~u.>.. M .. ■ — — 9% 

lAddrera thown unttor Xoaurane* and ®np?*rty Send Table.' 


9PZPFgnd_— 4096 V- 

W J g.H 

rira^jproii — izni Z." — 

SouUyP canoo-— . 2MB — 

"rawtyrowton- - mi — — 




3 = 


Ulg J Sjjl a6 H 9toWa.X-Ko8awliaft.Me8. . 0I-383760Q Mwitccohwid — ,;««J 131iiHl3 — 

(toaUnc Antort 3L YrAaAri.tAwJEI„| 6X65 1+1611 — Do.Amra — -—0276 1MJ -Ofll — 

. naAanarofflCll 1966 U.J - IgMzZ] Z 

rx ******** cb. sirs __ 

)LuS83 1101 . - asmvfiazf SB- JUzdz OSSft^M s|=.i = 

3SL07* StoRpiWiSlWv.1 Z76 sx^ -... — E>ms?t1tiiffS-Ioit,U27.9 wtl.TZ.l — 

IIM CnupAUdyn,. ’lB74 .... — Dll Accnto. — (USB U7.7I ! — 

1465 rurfJwroa— - >20x4 -... — E*e»pipin«,.iiKt..|97.5 isxji — : — 

»eiiat>-Pctmoo._ , 230 8 ..... — DoArrun- ...316 1C491 ZZTi — 

fremmiatoa..' two Legal & General Prop. Fd.Mhro.Ud 

Comhm Tmnmurt ry. T Jd ROtoa v*«miSLK«<TP DUKCWI 

7 58253 ?“ ^ :vr^jsa - 1 ~ 

SS ■ . ^S^oSifiSzSSi 5 Z I :zi Z Life Aasur. Co. of Pemupiranix 

**1 V * j SSBMJWstt— Wl muj JZJ - WaZNtwSondSL'WTJlBlQ, _ U4S38389 

lADOPfntau flVt 30«I 1 — 

- 9% Credit & Commerce Insurance Lloyds Sfc. Unit TsL Hugrs. Ltd* 

fTohle - Ufc Resent fit. London W1R5FE. 01-4309081 71. Latsbacd SUE'S- -01438X288 

-1 C4rtJMnad.ytJ — _L112X0 SSUJJ - . Ewangq . — 3S75J — l 762 


v i-* inu r I'rri — , — nos lai.il .... 

Prudential Pensions Limited# 

Ri»l-“-rn !lan. ECSK 23BI. Ota 

Eq-uir. Fa Aub I6-IS27.U 28621 _... 
Fad ir.t A Of. IS. — "El* .40 1966< _.. 


S +02 — 

flHJ Z 


- Bi; 

Z 8 u 

Cat 

Z HI1 

— 37. 


IJJM-qj] — Vanbrugh Life Assurance 

r:?-.: 1 “ 4l-43Madd0*St.L,<lii W lit OLA. 

totortW Managed Fd. (253.0 ii 

01 -VIS 0222 Eqalti-Fd. C5X3 SS3 

28621 I — iKnlFond (109 a 115.X 

19J® _.. .1 — FuedJntaroro.— R684 1773 


01-400 4923 

-ail — 
-0-fl — 


+S:3 r jjb 

■B - Bl 


Fad ir.t AUf. |S— Jnfdo 196C .1 _ Fixed ill»«t PM.—P68 4 177JI -0.1 — TO ] 

__ Pro P F.l 18—^2XM 2733 j PropanynL IM42 15161. — | — j™ 

— Reliance Wn tnnl 1 CreoFnad - +-PJ9.7 126M 1 — a 

~ jasSSS^T’ ™, \ VM " ,rnrt 

Z ‘finthschild Asset Management ^ 01400*028 

Z asw^rasr6*xi«dra.Bot ouebom ^S^ZZZZtKSI ^ JS3 

N c - Pnl ?-r^~c^k”G? 7 -5. isaaf— • 4 — Fii«sdliirere»L-_jw4 . IBBjj — JarC 

NeM Sob. day September 2 a Fs^perty - — }4a? 105.3 <1 — * lord 

_ Soval Insurance Grass t«x 

- XevHoU Mora Urerewt 03’ 2274422 G=arana»d «• las. Rare Rateg 1 tobln. Do.i 

Z Ro»lS!BoUFtt-.n*j m„,4 _ w.irar. r„ im. 


Welfare Insurance Col Ltd.? 
Wingi»iePare,Eutae 0383-331S3 

MonejjnakM'Fd.— l U0.9 1 4 — 

For other fanrH. pi euw* refer to The London It 

auqcbener Orera 


I cqtBp.Pcfn. .PXT~— Rl£6 


X-jHiePen' Fd — IS®.* 2094 -0 7' _ 

— pr^rororrff.*— . !3s 5 aojj r-. 

i;,it pen* rd 946 99m I _ 

* DetK-S-Puia ™n *M-a 1 


t say?fiSK K 


Windsor Life Assur, Go. Ltd. 

Royal Albert Rn, Sheet St, Windsor 

Life ln r - Plans. 1692 7l» ~~ 

FmnmAi3rt.iLtljfai.l ZXOO I __ 
FntureAcsd f»h|bj. 44.H | 

Ret-AraLPen*. — [ _ €25.40 
Fl«c, lnv. Crov-lh ~ 11056 HU] 


Piiia 

isral- 

68146 todi 

open 

_ pren 
_ » 06 
_ SKi 


1 1 w I k 









, EDITORIAL OFFICES 

Amsterdam.' P.O. Bak 1206, A nu teniMkC. 

| . Telex 12171 Tel: 340 555 

Birmingham: George House. George Road. 

Telex 336630 Tel: 021-454 0922 
Bonn: Pnesslians 1 17104 Henssallee 2-10- 
Tclcx 8C69542 Tel: 210030. 

Brussels: 29 Roe Ducalc. 

Telex 23283 Tel: 5124037 
Cairo; P.O. Box 2040. ' 

Tel: G38S10 

Dublin: S Ficrwilliara Square. 

Teles 5414 Tel: 7BS321 
Edinburgh: 37 George Street 
Telex: 72464 Tel: 031-226 4120 
. Frankfurt: lm SachsenJager 13. 

Telex: -11S2G3 Tel: 333730 
■ Johan neshuDi: P.O. Box 2128 
Tolex 8S257 Tel: 838-7545 
Lisboa: Praca da Aleniia 58-ID. Lisbon 2. 

. Telex 12533 Tel: 382 SOB 
Madrid: Espronceda 32, Madrid 3. 

Tel: 441 6772 


ADVERTISEMENT OFFICES 


Manchester Queen's House. Queen Street. 

Telex 666813 Tel: 061-834 0381 
Moscow: Sadovo-Samotechnsya 12-24, Apt 15. 

Telex 7900 Tel: 204 3748 
New Yorfc 75 Rockefeller Plaza. N.Y. 10019. 

Telex 68380 Tel: (212) 541 4825 
l’aris: 36 Rue du Sender. 75002. 

Telex 220044 Tel: 23257.42 
Hlo de Janeiro: Avenida Pres. Vargas 418-10. 

Tel: 253 4348 

Rome: Via della Mercede 52 
. Telex 81032 Tel: 678 3314 

Stockholm; do Svensk* DagbUdet, Raalambsvagen 7. 

Telex 17603 Tel: 50 60 88 
Tehran: P.O. Box 11-1879. 

Telex 212834 Tel: 683888 
Tokyo: 8th Floor. Nihon Keizai Shimbuu 
Building. 1-8-5 Otemachl. Ctaiyoda-ku. 

Telex J 27104 Tel: 2*1 2920 
Washington: 2nd Floor, 1325 E Street, 

N.W.. Washington D.C. 20004 
Telex 440225 Tel: <2021 347 8878 



Birmingham: George Rouse. George Road. Manchester: Queen's House. Queen Street 

Telex 338690 TeL 021-454 0322 Telex 680813 Teh 061-834 9381 

Edinburgh: 37 George Street New York: 75 Rockefeller Plaza. N.Y. 10010 

Telex 73484 Tel: 031-226 4130 ■ Telex 238409 Tel: l2l23 489 8300 

Frankfurt: lm Sachsenlacer 13. Paris: 36 Rue du Sender. 75002. 

Telex 16283 Tel: 554667 Tela* 220044 Tel: 236LOL01 

Leeds; Permanent House, The Bend row. Tokyo: Kasahara Building. 1-6-10 Uchlkanda, 

Tel: 0532 454988 Chiyoda-ku. Telex J 27104 Tel: 295 4050 

Overseas advertisement representatives in • 

Central and ‘South America, Africa, the Middle East, Asia and the. Far East 
For further details. please contact; 

Overseas Advertisement Department, 

Financial Times, Bracken House, 10. Cannon Street, London EC4F 4EY 


SUBSCRIPTIONS . 

Copies obtainable from newsagents and bootatslU worldwide or on regular subscription from 
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23 







r Financial Tiroes Saturday August 26 1STB 


XNT)XJSTR3^1S— Continued HfgURAN^ 

W S« : ■ M 5- WS|we| A( Stock ■ I hkt M £■ |cJPS|wb| wi^ 

*& BfiaOM ftWMft-liLlzafJlB KHWt-lK I -2 ftil MW-I-. ■ - 


.p 4 Saffian & 5 itj .; ■» g £ $ 

35 u ^ gw? & !K i5j S 

& f 2 SSr*iss- Sfc :r^® “ i?" ©■ 

2s! J®* Wwawaan-i HO ' +195 4-0 5 4 si 00 

1 « ffiSSS&i «g :?. SP ll ii l 58* 

>s g KB& J -=r i* -3 t h 303 

^ KfrortrSffl. 10p 43 +1 }1 .(jO 23 5£lil 

npl 900 Kmlini.viip.. fioi; haii 5.0 21 
7?*; ef KlfefrEawS* ^67 2 ”;; ”*.« « 97 Bj 91 

.8 3 fcKHte: £ ::ft KJfc-JjJB 1 
K * bsattciK £" is HHtfi 

49 j3 LoIte)F4l„.~. 42 185 42 6 A 5* 144 

5§ -l 1 * IOp A7l ° -»" 1J4 * 2 57 4* 61 

,ZP j '*B\Wams — 48 332 £9103<i9i 40 

51c 167 +1 t4.43 23 4 0 223 65 

1*5 ' Hf' ^laroCBr IDp. 14fi +2 435 23 4 7142 132 

%? &ft>WwpiOp.~. 25541 3% « 2-D 6 41 

,3 cc [«“»'i , *wk.flp B7 -1 d294 3.7 51 fc2 10B 

'?? Lf^JSWIDp 138* 54 9 56 6 32 

. I'l 1:* UJoolOn 2X . _ _ _ _ 152 

viS r l !S J *^ iW,aS - , M - +l 5.05 3-7 M 4.7 98 

ljl jjR UuAuslnc*..^ M6 ..... 914 21 A? If) 

« g jSffigfc II :::::. |£|. If gj$^ 

« H SSESc S ;:;: fe. t, I? J, & 

1 S ” a- a® a. Sj H » 

1? SwaoeUtlBp- 26 203 0-8116(283) 69 

% 5F c ?$ Phai P- 1*5 -1 4.40 « 6.4 * 2Q 
_7 j _wi V.iJanancGD.. 72 +1 3 90 Tr #ini soi, 

2 J£ ^5 Mfo W tiil.fi5 *5 . 13 Si K 2 

, J g JWlMiTl ■ V _ 1412 ,....: 0.25 1 26 -T • . 

&. « 22. ■ 132 07 sm u 


PROPERTY— Continued IN* TBUSTS-Contiimed . FINANCE, LAND-Continued 

.1 a«*; | ai. |-1 £ WHIwi *fM ** • litoT-l S WBIideiJ",.] BWESi 


Stewart \ 

T Wrightson 

^ International . 

S insurance Brokers 

~ for Aviation 

3.9 ,ir-, 1 Gamomilo ?veol 

1® 6 rf“sS LOnScin6C3A7r<J . 
m Teleftvxvj 


LEISURE 



1 119 1 77 |u»FRKSbpMo 113 ..... fOJ 

74 55 U^ShopPrt£: 72 ?3J 

138 004 Lyg to aSdg.j0T) 127 . ...... 2 J 


n _ *24 3.11 »i7j|- S i8- a- ^ L8^i 3* 1« 

iff £f47 78 it siiiij ^ gg®at s3 :::;: # rift js s 

g 5 ^ 4| 4.3| 72 % fSfc Km® W* " 1-1- 123 £ 


i? 44«2 3112 
55 64^ 53* 

r. 13? IQ? 


107 -1 6.09 28 8.4 63 £ % 

la :;:: il f, S LJ ^ 
li’srSS II H li^ 3 ! 
4 =ttS'U.4iU3 H 

1M +l" ® 23 H ^ J 7 | 

J.ifi? ISlUijL s 


'&artffh.Kp. W* -J* .— 

|jntok»9n . Sft 134 

urtiowtAil) 330 tbZl 


63it* ^ » rKil3cS g - f 3 = T, « 38 K&1SS 

207 57 75 toWana^Gra. W ..... 355 1J 53»J 74 44 EitintRf 

L£ 443 ^ 199 gn^alo^Mp. 2% . 2TO 4.9 d2ij 920 Ua»»rt6 

— 363 .90 4Foraga_ lffl 335 3L2 43 293 n n ^0^^ 

7J * iw w 4 ‘ 6 - * 49 ♦ 20 14 N.M.CJWS. 

« • ffi *8 t5Swz : 3 § z : tY96 li « 3M ^ aj Ssafi * 

Hw| JSt ffi Mtar.-—- 72 .„. t2_54 msmSlg! k^kSsSS* 


'mS S 


4.8 302 W 
4.629.4 S 
53 262, g 


LSL&aHWgs-Sp. 130 -2 331 3 7 4.0 9 4 

lfc)Hjielms.M|i_ 70 ..... a 69 24 L5 40.8 

Sdartin 50 +2 13.98 U i 76 

lia»Mit6IT^ OlA -A WU6 - 52 — 

Moo!0$ai£li 64 ..... — — — — 

N.H.CJn®5. 13 a 18 1.45 * 120 * 

WSfeSp 390 - 

PamdKito— 12^2 — — — — 

Part flaw to — 36 +L02 3.6 4 2 8.0 

ftata»(S*ftSw_ 242d — .. «25 35 5.1 10.2 


10 . — 038 2. 1 . „ ^ 

w ~ 3 tty 1 * * 96 72 .SSHMd Props— 96 +1 " ±d2J 06 : 

X d2.76 ~ 114 - 11* 97 SfoCMefiop-aOp 103 12 Z' 

^ JO® 51 5.0 60 431^ 32^ SewodOO-lOp- 42^-1 t!76 19 6J 

ts * - ^ ^ T* 100 SM^Estfi l5l +-2 230 13 2. 1 

g 3- 2;40 60 5.4 45 n75 £140 oSlfeCwiv.’W 073 -2 03JW 13.4 &' 

uni doS * 6 47 1 5 ^ S! ' W — . IM t* h 

|” - s ti || || w - s * s 5 s &= l s 

a*. - 11° 43f *3( 9.6 j 7 TWre&CHyKto. 33J< -V 0JH • — — 

- 139 82 RraSuni Paric— 134 -2 1371 14 41 


MINES— Continued 
CENTRAL AFRICAN 

| Stock | Price I + -?1 Kei 


(Hd 

Cnlor's 


^2 High Low ! Stock j Price 1 — 1 Net |C"vr|Gr s 
S3 210- tlS5 iFatonRtfOc 1 175 i-1 iQSOcI 1324.4 


15 Rhod"nCorp. igJjp. 

52 RoaaCoo^ K4 

122 rancanritiMp 

78 I'o.PrelWp 

32 (TdnkwroI.RM- 
10 Zara. Opr SBD024— 


19 037 73 43 

65 _ — — 

170 Q10.0 12 5.9 

87 V.i 163 8 3 

37 tQ7Jrc 14 173 

l«ij -1 — - — 


UH d054 

29 .._.. 1L66 
53.. 138 


%:m£ 1 

19 6i 123 Ug 

««“■ $ 

<?5 24 ill 5 « 


iT S3 -1 — 

■ulSaeiDd 263 _.., 822 
tmerniftlod 210 -2 630 
tosBrtlhnoo. 127 -1 335 
rtUapauSp. 203 - 


u m«w a ? 

1 * <1 9»i I B 7 68 


12 4.7 28.1 
10 4.6 316' 

13 42333 
— - 338.9, 


t n*|Juii 3.o| 92 


AUSTRALIAN 


IS | 10 |Aimi;s25c 


Bid 1-2 3.72 . 4 6.9 


{J IB* 8 J: ^ |l34 ^fiSalto. l8 .‘.ZhM id Jl5.9j^ 4? 


OILS 

105 htAnBEDernO-l Ufl |. 


125 1 6? 


Centra] Partfic I 5S0 


311 1+1 I - — — 


rn neni' * : a : 1 !! II 1 ' f | m= f = i 


« J 2i? J SS an * 250ri 1530 13 9.7 117 -••■ ■ -j 

30 17 MarUnctad-Itin. 29ij -i» 103 * S3 fc " * 

4° 33 Mafxt3l 1'sj- ‘aC- 47 2 .,.' . H2.53 4 7 an 30 . 20 . lBJJfi 

U4 Marshall's Untc. 162 . ...!1 733 •' .33 &6 53 272 185' G«3! 
W « Jpatln-Elaa-. M • +1 4.O6 ” §9 IT 53 37 Lotus C 

J SWHswsTVpc. £118 +1 QTM% 23 16,7 — 12»8 S, Rebut 

147 120 Mavruird>25p_. 146 14.93 45 5.0 75 105 &i 2 Rofi^R 

H ?S Mronanster lop. 24 +1 1185 15115 a.7 £ST 762 fA'olvol 

17 10 ^liumoreap . . . lfirf i«93 l? 4 7 138 r(m 

^ ^ 376 33 ui! . • . ■ « 

^ H ^ -■ 51? i9 6-0 A9 124 ( 69$, ERR'i 

£& odd £ 12 ? ilS 48 -SLI ^ E2H 


295 240 Utfl-ftolProp- 295 525 12 2^49.0 ?11 ^ 

mW— Qwll - • 150 139 Rarog-fiaair... 148 127D lS 27^5.8 M5 10& 

Soters and Cycles 323 262 warainroiov^- 322^ — - 725 1a 33^37.5 ^ is 

> a. 1 - 1 1 1 25b 16 WnanserPajp. 23t 2 +b — — | » 

pr-WtolaiJD-* » fwinwpato— 39 -1 129 >4 s4&l % ^ 
rasCtfKO-— W J-l — . j — j — J . • 244 163 

SHIPBUILDERS, EEFATBEBS 

Cafilinercial Vehicles 312 1.62 {H*«h#raL.50p.i 72 \ \ - 1 — 1 — 1 — .W=, 

IWjg&U-- 224a l+l' 1246 jUll3.tfZ.6so p RSSS!^fi:| 2§ pLlS 4| 74 

& ■ fc . p.feS U ^ il.^ 315 I 260 ivarrowSOp — 33S LI KH I dlU | 

•" Cpimwiw nf . . SHIPPING ^ ^ 


«l» £% :r z fiwaU£ i 8 1 

effi* ini aSE5SSft.r -1 i? 93 i 571 2 PtaJMJi— 


ft K ^ :E|S 1 

S 0. B85S2: -g T » “•? « . - 

73 S MrsonGp 10p__ 70 +2 102 n« 3P. 


DefeentareC«p_ 7Ua tt* 2 ' 44 

DertnrTa.Ine.Ll 229 — tl3.63 0.9 

_3o.Cap.50p 161 — ~ 

DMtaloafcGen. 210 -1 737 10 

DraytoflCoiD , cI_ 142 -1 437 12 

Da Cots. 162 4.77 12 

! Do. Far Eastern 44 -h 0.91 13 

Do. Premier 210 -1 6.80 U 

Doalrest lna50p 64b 438 10 

Do. Capital £1_ 231-1 — — 

Dtmciee&Ua.— 68b -lb 1233 13 
BOUmhAmTB. 331 -1 132 14 

Edin.Inr.Df.fl_ 246 -3 635 10 

geetralnv.T*.. 125 -1 5.08 11 

HeftiGo. 86 -b 157 12 

EofrilnlematL 96 -2 336 13 

a«*MY.ThBL- 83b -b t3.0 10 

EoaiSeoLlnv- 84 -1 249 13 


Cwmac PjeOniosOe- 

EndeareBrSe 

CJt KalsowIteSL 
IiaomaiMdN.1 


236 +2 QlOc 22 22 

54 -S t - - - 
63 


a=T?wklS IWfc eP ^.UftJrLsJr l-S \M mfaPis 


.Areas 5p -I 132 +2 1335 


1 £Ub|750 htCCPSIllLSeafl^ £UU ;— — - - 39 id Uoui'uiSKc'— 

I'l 83 49 Ce n tury IQp— 62 ...... 267 33 6.4 6.0 sh lb Nesoeul IDc— _ 

3?2 l 30 21 gmt a^BHSp j. T&, — — — 653 i« T? r^mhB Hill50e — 

|j £26b £12Ai CSePr.MrtdesB- £24>2 ...~. QlUfr. 1.9 7.2 10.7 iu, g3, Nih v.-.t.mrti. 

0 ?r2d«» »0 ttanaOii£l__ 400 - - - - « li ‘AhRWUmiSr: 

9 - 7 144 -(114 rtCbtfc Petrol O 128 102 B.6) 12)122 j 7 g u 7 i>aHridee5Al— H 

Cam Tr Iniiai 1 1 ■ rAA VTnAP A H 1 f I 1 ■all _ — nn 


1— ZZ3 2S Mi.lL Hides. 50c_ 2U Q9e 17^ 26 


lU.il HWps. 
Uouol 4el] 2 


»5p- 25a [.._.. ! 


_ . , „„ (h lb NesneuJlOc 4b -b 

^ tA 79 r^nhB Hiiisoe— 125 -1 qsc « 4.0 

24^2 )Q143fr. 19] 7.2110.7 i^n Sb Nth. Xalgurti 15*2 — — — 

00 1 — • ' — I — 1 — 48 12 “Ah. WeslhninE_ 43 — — — 

28 !>“ ■ 8 - 6 l 178 U7 ^LhrideeSAl_I 167 -4 tQUc 19 43 

f Mines-A^rahan tq 30 PaditcCoroer — 58 — ~ — 

2^2 01 153 03 13.4 £151,750 Panroct'lfflc £14+1 — — — 

44 — — — — 4fl 12 PaHn tf.i M//Fv , { t n _ 25^2 "*3 — — — 

99b — QM% - elt9 - 5M 3J0 mB. 545 +6 Q15e 4.0 L7 

» ...... — — — — 300 Saultera Pacific ... 205 -5 — — — . 

31 "“1 - , 7. - 160 &4 Westn. MuuneWf- 141 -1 Q3c ♦ t 


— Cwnponents . 


86 » &>&kSeoLlnv_ 84 -f Z49 

127 71 BraUrOaslfl- 127 6.87 

157 M2 DaDefdMp— 155 569 

224 178 &jniiyrDC.50p_ 223 blO.O 


26 13 

306 178 
19 12b 

03A713 


s i | gs!»jte £ : 2 11 °a afi fr #> 
| A HCBSt42Lfl«M4! = T| f 
% k Si® C W* S 8 li §> * 

1M 77 Nwrros_ 100 4.49 2* 6. 7 &8 * ! Ai , 



j£ 21 [Sonic Se«, lOp. 19 +223 ■_ • * .zjj , Z? -ZJ — f-* 

-JWSPIH ■— 13 8 i 12.9 l $u St in 


54 . — dZ68 3.8 7.4 5.4 305 

*7 hZ46 43 7.9 3.7 200 

W 12JJ7 33 4.8 83 175 

126 +b t524 3.6 62 73 348 

told kl38 85 25 6.9 157 

72 ...... 3.73 26 7.7 6J 4U 

.26b +b LL0B 15 6J 152 39 


£lfl9l£91‘ CkeFitwarePi 1 ^. 009 J..!.’ 09% f«4 _ 22? rt 

o? 121 +1 4.14 3.7 S3 8.0 33^ 346 

A A ! St / m : iS ± A fe a I * ^ I 

133 100 Padsitfhjta-. 128 ...... Km 3.4 52 JA 115 87 

M ( j 3 rcenmlte — 63 — *154 55 3.9 7.8 

36 [VnUand lop ._ 2 «i 2 c.67 51 4.1 55 

ICO. ‘fi rtnt«It8L 100 +1 4.35 3.0 65 5 9 ?? £? 

£157 £125 OB £157 Q15* 22.^ fflJ - .g 

■ 76 58 ftfnjwii 67 -1 458 1*302 19 ^ 

21 *4 PhJLpsFatonU. 28 t£- ^6 .^8 110 

370 742 ”>.+kSle5tfL_.. 370 +5 t?02 7.o|l61o;4 l 4 ?* 

W 422 nibWMklir £3. 634 +4 ll» *5 18115 ^ ^ 

W £56 ftla-v&SesLB. £74 C»j% 55^7.7 - S 21 

.45 70 n-^u'CuU.-tldp.. 37b ibdil 2.3 8.4 74 S 3S 

a»« « pbijitarkiop..; 55 i76 


1 3.7 200 112 

83 175 112 
72 348 20b 

6.9 157 102 

6J 41b 31b 
152 39 25 

102 145 107 

14.9 255 200 

50 35b 12b 
15.6 91 66 

45.4 138 1D4 

DU 118 83b fc.6Q.Defd. 

9.4 140 60 ' * 

15.9 46 30b 

(551 115 68 


S8»j « PbljunrirlOp. .. S5 

N2 )2K) jpcnaljt .... 240 

216 1 149 Puff 50p. 209 -1 


196 259 . 4.4 22155 91 66 

10 025 10 35 ®l 4 138 104 

55 ...... U054 33 25 1U 118 8H 

332 +2 18.34 43 32 9.4 140 £0 

54 ...... 0.60 4S 4.4 15.9 46 3® 

72 -b 313 33 63(551 115 68 

97 356 4.9 5.9 521 

104 +5 4.47 2.4( 6.4} 95j 

Gatagfcs' and Distributors . j < 

1dan*«bboc_ 77«tf 4.42 3.0j Rtf 5.8 _ E 

V^adtnap.- IK* - _ _ 22.91 30 16b WtoboaM 

ifl^rdOP- -1 M634 25 9.7 7.9 : « ■ g 

U%ttStotor. 123 757 25 95 4J< W 5f 

aGfttSpT- « -b 226 3.7 7.7 45'^ 93 

JmJ(toto8n_ M ...7.. 1140 4.8 5.4 SS- « 30 

93 *45 3.1 65 « MB 64 

Jrii CH-Aactjep- 46 17.4 23 65 lol'. 47 


282 -2 9.40 3.9) 541 7.9 § E 

126 -4 5.90 7 n 99 70 

ITS 155 7.7 13103 ™b ^2 

244 +1 829 U 51 U Jgb 1* 

1D8 +1 527 - 7J - *• El. 

36b d!88 7.7 7J 22 ^b g* 

122 4.97 05 62 540*® 

225 528 23 3.4 165 ^ ^ 

90 -l“ 2.72 j 4i * Ifj ^ 

114 +4 837 2.6 114 o"*) 1® 2 

•7 -1 654 14 114 (5.7) W M. 

&a -2 1164 3.9 1 7i « 1h 

34 -1 IlS -3.9 \ 33 125 7& 

68 -3 iaislag 4 g 


92 59 Bstate Dubes 88 bUBS 1 

79 g 37 F-tC-Edrotrust 51b 036 

™ 99 70 rtnUflw.lSU 99 3.91 

5a 321b W* RntSeotAm.— 104ri -1 289 

^^ TssasasKHr^at 

r 0 190 98b DT. Japan 190 +3 1103 

Sc 157 120 Gen. 4 Cote- d.. 155 ...... 5.91 

tf 96 73 Gen. Cooaol dtd._ 93 -1 t3.81 

r* 184 125 General Pnnda— 182 4.77 

fa, 143 97 DaConr.Mp— M3 — 

i'5 117 88 Gen. Investors — 116 4.06 


KOlttUStO CT?b --- Q19% - 0149 - 554 h]0 fcei^VTalbfnd; 

"V" MO \% ptS,. 

HtlktalilOc, 21-1 — - — — i5o &4 Westn. Muunea 

^pnop— to2 +4 214 3.0 15 30.0 70 fi kSSSkafc 

Bier Conn 17b -b — — — — 

gerDa Olb +b — — — — 1 

SdiEfa.lc. 2b — - — - 

Dutch F120. £47 —.. «17W Z4 5.6 78 30 } 23 

»reHes. 490 -10 — — 420 K40 

ITrana-Heg. 990 15.94 42 48 6.0 « 


^kOTdMcij M5 Z |+fe Q15c 4.ol 17 


TINS 




1 ml Til nolff»T&96 I 86 


eteatUilLL 364 +4 — — — —‘145 111 

acoftXdev. £» Qft% ~ f8.5 - 

teatrol 178 +2 134 S3 11162 a8 

ramar. 246 — — — 33 220 130 

TpcCuv.D— IV -1 7% 245 7.0 - 93 7£ 

daNaLIOria. 170 -5 -- — — — u 9 


imm i « ® 1-5 ™ u u 


-Sccttish 96 MZ 13-40 10) 53)282} 


ralSsL 124 ...... 23 

Iddn— 110 -1 12.44 
ilnv__ 107 -b fU9 


SHOES AND LEATHER 


U£ 60 

110 71 jciendevoolnv— 107 -b f!89 231 2.4(519 ^ “ 

106b 68 Da-8" 104 -T - - - - 72 

I ftfclSC: g =» f 

131b 97' GJobelnr 128b -lb 588 12 5.9 223^ r S 

68 55 Goi-ett Birape—. 66b —. 183 1§ 42 25.6 5? K| 

82 65 SmRfTum — B1 ..._. 1223 11 3.9 34.4 ^ *S 

113 90 GLN’orth , nIn»_ 111 -1 13 93 12 53 262 J? ,K 

inn H-nnutowU DO 1«7 TO 51SJ HP P3U 


B8*2((iai- 93 

LCrisetMpJ 46 


mn * in tew — i,? 4 k - 


F.ir fuliman iftjfc J.] we Stores 


7a j 48 RJ- .D Group Up • 73 
2ib! tt waftssJap!! 

*1 25 39 1 

© 60 fUoiiuils 71 

2M 22b RackCffROn 32 m 

522 [392 BietattCrirSOp.. 512 

164 102 Ewd IntL LI SI 150 
K 68 SelronPBWS— 83 


tl % II 1 1 

mil 

* ( 111 * 38 29 


a- “ • y j* »b s 

ij m Hda £nL 


- 24 ‘ 1144 ( 23 9 0 75! ^ 36 

— 112 -i* So II 87 76 »i 33 

1— 36 d241 lljlO.O (1281 |7 M 

>— • 44b tdira 4.M 5i 4.0 58 4M, 

W— MJ -1 3361 *1 58 6 48 33 

79 -2 464 88 62 |2 54 

hm. 49 285 8.7 (38l “ 41 

50 +b 155 M 45 52 Igi 

Mr- 71 -I 327 6.1 163 97 66-j 

iMp. 45 -lb dO.47 17* 16 4,9 32b 24 

ca_ U7 -3 d4.ia 3 m 53 7 . 4 ' 

107 tt.80 *1 9J 33 

_ l»b lb tB.71 IA 9.9 5.9 

kp-. 129*5 364 3.7| 42 7.7 



2812 — L02 2J8 53B17] g S- 

58 4.46 1*115 38 ,?? S 

58 .-... td3.95 24| 10.2 63 ^ ® 

100 4.57 42| 68 48 ^ g 

53 -1 tl.73 7tf 4.4 4.7 * 

106 497 2i 7.0 9.4 JS 

77 -1 t230 53] 45 5.4 

4W ...._ 1322 23 98 63 £2 


]Woodd*-450c.,j 71 (-2 | — | — | — ] — 625 450 - 

• . 470 280 

OVERSEAS TRADERS g IS 

270 165 

310 ...... b357 19.01 1.71 32 64 49 

107 -3 Q33c lB 2.0 455 61 47 

160* +3 th429 46| 3.9| 63 245 140 

57 -1 629 l3l6.«t7J) 340 230 


• North'll ln»_ 121 -1 t3.93 12 53^26. 

eeotnarlnv— 99 147 12 22155. 

eshaalnr 66bri 203 * 46} * 

mrolnveftos. 67*d 19 * U 4 I I « 

ariuabT TsU 88 -b 174 10 4.6J312 ig 

Ktros — Zl 107 381 10 53&.3U2I l^ 2 


Mb ::::: i & *», ^Sh»sF - 1 i« ™ ^g 2 ! 01 

55 190 17 5JSM.9 S S A - Sal .._.. 146 * 7.9 * 

ru ptfi C7 7 3) ao 07 bo £Kl B - ...— S6 — — — — 

S ::::: IS 8 7 I 11 I ** &* — »» -«■ - h - 1 


g* -- » II Jig % % i^'iGS -b ??r rJ 

M (+113 fa 4‘3 Bfl 84 6P Z Intern all Im _ 80* -1 1266 111 5.tf2fc.S 


275 220 
107 68 


39 -...- thlia 3J 4.6 88 .55 
97 +2 |M4HKj 8JU 6.2 5.0 17 >_ 
29b 1133 1 ZM 6.71 8.7 3^2 


to.inSueres.- 173 194 lD 15^553^ 

Sse?S0»- -S ■-• liF ll 2-MMkB £87 


SOUTH AFRICANS 


B 68 ReljwnPBBS— 83 

1 11 3 

$ I Sri®: d 

W8 101 Sochrara IQS 

4% 32 W J5tl 1 


1822 

426 

?ar 

d431 

+4 97.0 


g W 5 W 8 ASSStc V :::::: U « „ 

|j m 65 ^S3^i ^ ::::: tSi IS IS 73 J S i 

2® *91b 66b loSe^n&pI 06a -b b43 3.7 78 U m « 

I« 67 48 UiOto^ — - 61 +f 1230 53 6.2 32 J5 95 

87 73b UwMfW 86 689 1910.6 67 12s «? 

.*« -37 S KaEtoSrlto- 35 -b 032 62 6.6 4.0 ^0 288 


fr, -37 Z3 

8 s ^ 
« 2 


4% B 8 ia MB BPS 

& S BEttc S IS § 

170 104 RiaaliVorrs 167 -2 t649 08 5.5 323 K 68 

■B & &$*; 2b ::::: ^ *- ”1 ne 

it S BBSS; -I 1.W 1 «>»« 2 § 

234 a Sctpa Group — 105 5.52 27 7.® 63 122 70. 

£7Vj £43 SrtfintoscrSl £68 +b Ql-40 • 1.0 * 128 MS 

91 65 SrSnoT!-- 80 129 25 61 9.9 152 123 

.47 23 SeoLHmtable.,. 43 +1 hfl.91 61 32 33 152 U3 

128 K 127 +2 737 1.0 6.7 M 365 ?65 

4*1 ?7»4 JSesn Hldo. « U.M 2* 48133 68 30 


79 1421 23 80 73 84 2B 

06*3 -K b43 17 78 U m S 

61 +f 1230 53 62 32 jj5 % 

86 689 11 10.6 67 us a? 

3S -b 032 62 63 43 288 

_ r z z ♦ * 5 

an- 132 +2 h273 73 32 U A 90 5S 

^ i* M 445 

;»p. 50 223 28 6.7 if 

91 223 8.4 3.7 3.4 


»TO»W~~ WB 
liarctortet. 36 
SmGr?. — - 82 

EfeS 

Inw BO 

turntable.,. 43 
t-6.Us.lBra- 127 


a newsp 

l\ ti 91 3 fig GS 


+1 hfl.9 

1+2 737 


r a a bs iss ^: 

ss 6 y ip g § »?= 

.52 27 7 62 122 70 , BUfkiA-iO— 115 

22-40 * 13i * 128 Ijg, BrttnlPW— 1M 

129 13 6119.9 152 123 ColhnsTOUIaia. S5 

8.91 61 38 33 152 U3 Do 'A - -L. 138 . 

37 LB HM 365 265 IwhVWVSIp.. 355 

0.31 2.S4M13J 68 30 EJid .Ulied’A 1 " 


AIDERS , PUBLISHERS 

aAi^- 1'IK -1 5.90 3.« 4.6f 

KdtP.SOp, ©5 4.08 75 2.4 

Odti'A- 36 i91 2.4 78 

JWfcea- 70 2.41- * 5.1 

Aid— 115 d4.97 11 63 



78 -2 

75* 

170 

105 

425 _.... 

a -s 

185 

83b -1 

610 

68 -1 


178 M3 UanlineJaFrt.- 17B ...... 086 

150 70b M-rcmfcfec HKB- 14? 2 _.... lQ47c 

. 1% ifli.Lte7ej-EiLPr.ip 196 _ 

260 228 Uerrej fietLflJ. 259 0138 

S3. 41b U05 Holdings 51 .>...162.08 

fe ^ ^ htMP tob +b 355 

15 7% 4 tDo.Op.2p 8 — 

* 149 125 ^acneteSOp_ 147 +1 6.09 

* 105 - 75 (Lais View In?_ 102 ...._ 2.44 

* 44 38 " ^ 



56b -b L52 
112* +2 t5.0 
2*5 M.43 

gf^aa 

80 -7 432 
397 +9 1523 
28* — . ZLO 


4.tf * n 240 134 
6 7 4.9 © 55 

43^ J.6 100 35 
Ltf223 100 74 

5.7 [13.1 270 148 

fill? ■ 

-J 45 



23 255 1.6 16.6 

415 WMc 0.9 t 

57 3.81 4.4 10.5 

290 OllQc * 8.2 

140 0.04 0 5.4 

101 2 — - - 

315 +5 1523 0.9 73 
220 +10 - - - 

90 *120 L6 * 

84 '“"fflisJe 47 40 

625 0125 « 208 

465 1095c 05 4.4 

74 tqj.75c 05 t. 

72 6.60 13 13.7 

270 ...... tQSOc 16 6.8. 

58 -1 2© * 53 

53 -1 419 2.0103 


84 ZH55e 0.7 4.0 

625 0125 * 208 

465 1v95c 03 4.4 

74 tQJ.75c 05 £ 

72 6.U0 13 13.7 

270 ...... 1Q80c 16 6.8 

58 -1 2© * 53 

S3 -1 419 28103 


245 tQ77.Bc L4 68 

335 tQHUe 13 8.4 

235 ...... Q65c * 5.9 

BO ZQlOc - 27 

90 660 0.8 10.9 

95 .-...«5sBR 16 t 

260 ZQ88c 16 7i 


COPPER 


iP+Tftg u'iudii 104 » 70 «*»*“■«— * 90 ^ * 

I ;r 1” Kit M , 35 MSCSLLANEOUS 

180 -5 #7.82 75 65 33 “ 3 | . r _, rn 
170 -7 #7 82 75 6.9 29 J 7 L? Kt.SPjg? 9, 

30 -2 ?4.43 13 1 5.4 W 

5i>j> ...._ B— SS jg iN*nsa*ttl — 


12&* -1 1038 33 22 288 ^ ^ 
240 660 4.4 43 83 * 

59 335 27 8 .0 (55) ^ 

£97 -1 08% 1&3 £3.5 — .g .g 

71 thOJ6 110 16 a7 m P 20 

70 0.4 3L2 f27 - 


9 (BnniB iinealibp. 13 — — — 

25 Ccns.Knreh.30c_ 240 *Q30c 26 * 

- e NtohgaieCll 1 390-5 — — — ‘ 

.240 -2 95 28 5.9 

po jcaunn inas-’^Ji | 53—4 — — — 

?3 fTaraExptaJl I 875 +10 — . — — 

43 '7:-fcfcld*r&iap- 68 -1 fl35 * 3.0 

"" — 1 lfefl -5. Q7c 29 23 


RUBBERS AND SISALS 


& *S I 
j ® 2 ®*" ^ I 


* 15.5 * ai^ 

19 83 6,6 42 
06 *19.4 28 

4.0 98 28 37 

♦ 7.9 * 72 

19 53 49 © 


© Ledato 


1 6 l/ra. to_ 42 -1 1JB 11 65 221 m 75 

Debenture, 112* -1 «S7 11 bl 23.4 £7 (6 

itoSlS ^b — : 12B1 LO 186 138 g g* 


*< ^ Unices oihenise IndleiM. prices and art tUvidemli m la 

97 9 79 47l 43 F e rae rad >irj>ccils3lton are SSp. Erttmrtri pricefearniegs 

117 —i" ?« H 45 rnliro a*A cnim arc based oq latest mosl repertt end accauroe 

■^1 _ _ amL rtcre poivitaie. are updated an bat-youiy Hfnres. F/Essre 

g 7n <• .. |ra!cc!J«l on sbf bests a* net dfitriboilea: bracketed fanm 

3J VS" bio* 1 J? f? icfllctie 16 pw ccm. «x mere diflerence If csIcalMed on -niT*, 

i ST! 1 sl ,, filsiribHtoQ. Cr^rrs arc tased s« ■m ariaa n n " dirti ibstlua. 

47b +b hL40 12 4.4 vielcs ore ho=.-d 02 aiddie prices, ere press, adjusted Is ACT of 

52 +3 bQ3.0 12 17 34 per cent, sf allow far raise of declared dlslrUraboas and 

10 056 0 83 right*. SectriiiK trith densed nations t(hr tkaa sterling ere 

3B7 -3 1523 11 5.9 quoted 'itetotoe * it* to vestment dollar preralnau 

127 -1 414.06 — 48 ..... 

121 fQ208c — 3.7 6 Steriutg denominated securities which Include investment 

Bfcwi +1 OI2I5C 15 31 dollar premium. 

56 Qnic 08 45 * ” Ta ' r SloeiL 

183 A4IK 1" » ‘ Highs and Lxhvs marked thus have been adjusted to allow 

■ftm, 1K1 E. ib ii ier nshto ic*uc» tor cash. 


NOTES 


TEXTILES 


130 Alhed Textile— 157* Hd659T 35^ 6.S 1.9 ^ 

4S AUcsBrue. 53 3.73 24U0i3 59 j" 

© BesicaU.iStp.— 75 292 53 3.2 


da to- Intact 39b t2Bl 1 

0 Cap.5p 28 — — 

VaQoMtlBK. 37 4L52 5. 

a. Atlantic — . 70 385 1 

tt.4Gart.50p. 81 1051 L 

IttkliiljnwL. 129 +1 365 L 
tttLemua— 61 . — hi 70 L 

nfcLjr. 10p_ 27 060 L 

tt&Umood.. ©* 1244 L 

tt&UoomisB. 207 ._... 1533 LQ| 3.9 

ttftPtw 126 -1 3.45 L 

a Prudential. 87 289 1 

tt45cbde__ 47 -lb 1L40 L 


?■? H„{ « 26 

L0 65 226 57 23k 

L0 0615U jL v? 

aysS , | 

n wm ^ 

59b 29 


3.41 '4.6 '85 SO 53 &e*5ui»n 75 ~ 292 £5 53 32 ^ 3t’ JLott4ScWe_ 47 -H 2 1L«0 Ltf 45 345 3 

75 24 8.4 78 b4 Tf g?97 19 ¥& 84 ** BHapT'fti.DU _ 116 b439 LO 5.4 27.1 ^ 

24 78 78 30 20 BlibSdHnrt: 2 SilSfi LB J8 lj*Mwdtar__ 5B 1213 Llj 5525.0 g4 

fj i. 35b 28 RndSlrahlOp W W4 |§1L? 35 fU 176 Bttir Oral to IDp m ..... Sfl279j 1$| 165 

fg 75 M S 4 £ toSyoSSpI 3 |t, 3-1 4 6 if. 7?. HirtlSJfcS ”v- 510 Loj 9.fljl6.7 


l 4 ! 1 a«E4ur 69 

289 L0( 581393 83 36 

1L40 Ltf 45043 S 

M59 LO 5|27.1 £ 55 

.t 2 ^! J-i 2 84 37 



W-b ‘ 0^ 

75 +f 422 


1 1 Inter m. since increased or resumed. 
t Interim store reduced, passed or deferred. 


«>; 27*4 JSesrj Hides. M U - 31 14 4933S 68 3» E fid .AIM X M . 

195 56 BeraiwCi*.- L» C54 33 2916,7 92 65 Gordon fcGrtcb. W- 

135 W fun 'A' H-V ... ... l» #254 3.1 2916.7 »' 55 ItowQnmties. 88. 

135 68 feimy Unices- X» .... i\55 42 42 65 158 U5 lndcpradcnri-- 15* . 

05 67 De A NY 134 #3.55 4.2 40 65 1« 122 LjkxkD PoCWp- 148 

'21 69 sharMWantaJp 117 ... 5244 77 31 6.4 59 46U XmhaUCar^p SZ 

HO. 155 iStcbeilRvan , 207 -3 =.fc7 40 4J 78 2M- 228 NwsItB 27» 

98 4 c 4 {sitnftisM :dp_ 88 -l h271 55 4 6 4.7 2M 174 KumLnsRaa. 260* 

«s 40 tyhwcteA'Saji-. « .... 332 UaC 68-46 40 PynfflidlOp — 46. 

?1 17 IblsVbMUta.. 19 ril2Z 2M 9.6 W MS 153 HtwrteotwiKP- 182* 

W 70 S« W c«!,S.\-”. 11S 3.87 3.g 42 88 155 M fbxvKXlW* 154 

T* K5J; -b <549 pi 6i 98 295 155 Thomson 263 


mm* 


& is? ss'ai BJdat 


ts auiajij* a a res g- rlzji* S. s - 

.75 2.9 5 lj 75 53 4K tfb 37 83^ 58 73 70 fcUMOP-fac. 70 _ - - - 

28 lj 5.«U 7 B 41 -S "' 316 3 * II 56 % %53drur.to„ 45 183 10^ 62 23- 

&9 P53 w [ 7 jj S _::: - g » SSgSi?- 4 ^^ -* 1 * 

7I aJSS 57b 41 SSsInteJ-l .. 2 

ltfl23 M 68 50 *mt Boston ll/p 61 -1 

3$it!n |o 44 © J)o Writs. £1 31b -*+ 


TEAS 

India and Bangladesh 


53 99 78 

tSfiK .85 


rjntScint _ W* L27 3 4j 4^25.9 250 175 

harts T* _ fib -b 264 1.0 4^308 305 280 

:stoft3_.. 55i 2 .. .. 162 1C 4 4j33.lb23 1J04 

l Boston lOp 61 -1 0.© 12 22f562 30b 2^2 

Wnts.£l__ 31b -l - - -J - [550 340 

5aselm__ 99 3JS LO 5H244 245 120 

stfettust.. 110* R82 10 bl<.227 O ?65 

f6A.SGSl.no Qllc 0«0.tl&U ZV) 22 


T* 95-V 3S5l;-b <543 28 63 M .. 

7B WjtSBBth*Jvn*10p 76* +b M2 47 2 3U 4« 7.9}382 
*VW iSotUb l&iTsOp 192 +1 17 36 2* .92 1 » 

W Jft Ure7>P hi .... 1?2 LSJ6163 

•13 fe75 4 StJRfFBT-’ 2^ I"' b8J7 I* 4.6 IL8 

fi \M ««!» IS : ?.« S a H 

U :ir 5uU«.M^. .. 1*» -1 t3b0 45 3.7 67 

3Mi £3701 ajttVCavLn £2W <W»% Q4 - 

+T 6*i noiftf hlflS -- . S . ... *324 0.4 t 26 

3 3 -i tk' H tl JJ 

^ .’7K LtattaLjpEri 46 -2 We. LI || Jj 

» 25- . Z8 ...... £29 . 2.2 6.9 HL4 

K 57 kMefcftc W ZU 4fl O 56 

SI © lttuortilJWds..... 109 *89 L< 85126 

;66. Ub lMOB-'FlUH* 1| 2.4 8J 6.6 


3 S3 KoarieOTeAKP- M2* .... 4.11 A 
M 5hsr<X\l\m- 154 _.. td3 40 5. 
155 Thomson ,20 +3 100 2. 


XT’ y — p m I nun JM 32 8.0 150 OR TV, ‘V 1 im I 

95 295 155 Thomson 20 +3 260 26 1.1 50.6 07 55 iSocitolF^l 86* 

582 306 IhdftoTOMmj 310 24.19 3J 5.6 76 35 25 ^D4a.ii| a tl 

58b 3b WebstonfutSp 5*bl. ... 136 3.4 36 10.2 g g FWeruAa^ 1 42 ! 

47 35J; RilsoHBnw.2Dp. 4J*]-b 1.42 3.9 4.9 89ln4 i Sj“oT im l+i" 


PAPER , PRINTING 
ADVERTISING 


aio 79 

13^2 101 2 

53 45 

I 72 53 

56 39 


A 149 .. - 178 lOJD 5£ 46 *r. 

:(DMmD._ 86* ._ .. 3.73 * 65 4 ga 3i' 

■G'4HUp 23 -1 ZQ1 tdlQ.7 6.7 

rtjofa- 42 234 2^ 96 61 

&J2SI 108 +i" talsbcl 0^ ai 

WPK.5lp. 108* .. .. 7.24 2J 0.7 (5Z « ^b 
BtoS-Sp.. 12b — - 0-76 Zb] 9.0 66 , fc i. 

os 51 +1 3,06 36- 89 56 ,**■« 

sGrpSp — 64 «H.61 itflflS 62 ^ ^ 

(V.__ 46 d3J7 0.9:103 JM- Z| ^ 7 


2.61 - A4 i 71 ? fawThiuf Inc.. 2lb* 1.56 10 lltfl32 249 181 

3$ 4J, 148 70 Do.Cip.Ti 145 -3 - - - 183 138 

tl 40 33b 13 DaNrcWms- 3*b -l<d - - - - 

il I 42b 31b N^tGartrore. <0b ...-10.41 0.9 1.9HU 

m 1? “ & ,2?. ", IK* H 225 1123 



| fij 5-| tt Tax-free to nan-resident* on application. 

0 1 * I +»} 4.7 « Furores or ropon awnited. . 

It Unlisted sccsritj-. 

% Prl?e at time ot ruspenstco. 

9 Indicated du idrad after pending scrip and/or rights lasncu 
c>r.er relates to previoox dl-.ldends or forecasts. 

] + Alerter bid or reorganisation In progress, 

a Nt*. rjmpamWt 

♦9.55i 5.9J 5.9 + Same irocrizn: reduced final and/or reduced cumin 0* 

ilfcjOl 4.9 ’.9 indicated. 

7.U j 3.7f go ! i fern jl chiTdead; carer on earnings updated by latest 


ronitnlm of shares not now ranking for 
Jdng onlv for restricted dividend, 
illcw for sheres which may also rank for 


fr- 1C TI ail 1? 7 ■ ; ’ » no, 1 or shko which may acu ran* inr 

to ......1 h.vi o j *tik» i-jr.d t« foreie date. No P>E ratio usually provided. 

•nt IVlisti? il'-flu - 1 =.t a final dividend declaration. 

2g + 1 1469 fOfSO^.# f:o4. uai . price. 


Y.tGortmo.t. 40b 0.41 0.9 1.5E2U3 

23 total 79 .. 62.96 L3 561265 

t .Atlantic Sec Mlb;-1 2.74 u 4.1343 

to. American. 313 -b 2© 1.0 38 38.7 

stuKu Sees— 130 . ... 330 LZ 4.0 512 

I*.AssoclitT- 60b ^13 4* 52 <1 

Inv I 1 « 1 ? 1 7 %£. X 


I Do 9mcCQsr.-i 

AdtfcWihmt— | 


411 sil Ml <7 I © SnmmasGrn — 
L4 Ollol 68 54 DoteWr.vSp 
i3 ttillio 93 ftarffltoi — : 


ftn 441 721 66 34 27 arpcoCaK.a^ 32*. 150 9 7Jl 4 Lfg 

f- CfiUH _ 32 26 Do.*A'2}p— — . 32* +1 jL50 (9 7.0} 6 t 14 ® ^ 

l Ml J SaTS 86 40 26 32 Ul U 63j * | T 7 

-I ! 369 13 7$ 97 |3 « i«S*22**)- * iKS Ifl ^ feUf hi 


i fc Sis ! 

ir W {nmSpd^. 102 ft 7 , ,7s CW 

1 7b fThr-arjVtoJp 30.42 36 7.1 42 a 

3 | if TiiavlMiU-lh* If'. LW 26 8-3 70 78 

U j *T: nyjKVl ^to - J» 4i9 34 48 74 

5 1.3* - « ■.... - -J— - 

D j 3(^4 JTiThf . --»»•— C- . dX2fl 4.4 2s 15 -jit 

r riff fftau!nrfUOPi ML- 1M4 3J 57 5.3 


X6 68 54 Do totor.n#-- .68. ..... d366 j: 

HO © BicnIIJto MS 4.95 4i 

l? « 39 Cajsaab5p. — ; : 47 ..... #L93 3+ 

T? 25 15 CwSWPiSffSZ Mb—.. - - 

wf S3 65 « 3.98 U 

? I s aotsk 1 " g sv s 

Sk 25 IB Culler Guard— “B ; LIS 34 


3.23 30 9.0(431 “ 38 

d366 33 7.6 6.2 » If 

d386 33 8.5 55 74 7 

4.95 45 7.0 4.7 |4 34 

w « “ S 8 « 

3.98 15 74110.^2 fi 

35 4.4 9.9 y 

3^ 4.4 56 59 44 29 

L« 33 66 76in « 


rfsbras 66 hU3 53 

i8h?5iUs V) ..... dL07 26 

isxSp 32b - - , 

ter 51 01 - 

&(&;■*?_ 64 457 IS 

cfcfa=$~ 45 .... Jd335 0.9 

ddmwSctt 52b — 167 5.4, 

rfinL*J2£h)- HU 336 4^ 

ifcrff.ilfti — <4 ...... L47 Z3. 

*tat 67 -1 354 22l 


§ 5A 6r-2 47 (tenrtlijv 62 .. . 155 L2 3.7 543 

f|l37 97 FBUlaudlm- — 134 j-l 4.11 L0 4 6 3L5 

njt, 75 u7 ftp; 5e to. SO? 70 264 II 6.3 Z2.3 

* 2S 2>b PnemdsiGtiet 23 1. . 150 * 6.0 * 

7 ™I M0 104 Breton 136b Hz t3.76 U 4.132.4 

6'fl I 41 56 tohnwklm . 41 | ... 11.36 11 3.9-S46 

him J i : 5 u iW ^2 


?« M H -3 Roredtooallnc. 55b 

II «2 $k Ls o 


424 101ltfl33 


173 | 1 9.14 14.7J 7? in sf,V. rR Hs 

Cv4 I onim ‘ ,T ' T- : <> 1 , ' , mw bared «m prospectus or other official 

Oil MUM 1 ns : Cci't. £ D.videad rale paid or payable on port 

lire 1; 1 j. ■■ — ■ ri 1 one 1 1 r - 0 ■ ''/'•w b>,vd un dividend on full capinaL 

[1Z3 |uu>Ura£I r — 1 225 I— —1558 | J5j 3./ ■- r^de—.n'/o’; v:cl; : Flat yield c Aasuned dividend and 

A (rests ll*e<= k Aa*-un»*d -irvidtrad usd yield after scrip issue. 

4 013121 rairiCa J Psvirep: 'roni.-piuirCJrcas. t Kenya, m Interim higher 

|| J, Jff? )^r^e£l j 610 } 1 50.76 1 « Jli: j preh n ;«o DhvJs^lrield 

- if— ll 30 (Roc Estates — , — j 180 (.. — [ *3.20 ( 2.4{13.9‘;.e.'-..ri pijwii. t inu tsa.-d oroldeed: cover relua* to 

Iprwi.cj? dividend. i» z rstfo based on latest annual 
urtr+TKiO je;rro=c-. c f Tcrtst drndent cste: based on previous year's 

Art B jwKft ;<?. rrorcs. v Tjx Inv vs !■> a;»:n the £. w Yield allows for- 

Jv” .-nr.' < liii'.*.' v r.'I r.t vk-!i based oa merger terms. 

A 1 BkATUTh ir L a i.s1c*idajd .-it !«l mtlul.- jr pee: it payment Cover does not 

4. £<lu JLSvAIj uaJUllBJ : y ':■ m v; c?:p| pamcn? .1 Net dividend and yield. B 

_ Pr<- '■ ren-v divrfuad or dclerred. C Canadi la. B Issue 

U40 torban Deep ill.-. 3« -j — — - Inn.: ? ?ieW..sd cni tvd eased on pnospoctus or other 

(244 East Hand m> PJ. 331 -20 — — — IniLcivI mtcuix Is 14* <^i G Ar-nretod dividend and jrlehl 

£29U Randioiil'nBt!** £37 -b 1Q350: 2J 3 o r-.-s-'oc yr.r -af or m ish» inuc n Dividend and yield 
76b R'pstFJndR/ — 124 -1 Hjlx 6.il t3 « bt^ih nr other official t-nl mates for 

111 SO i> FtAuref b-'vvd op prouprettf or ocher official 

_ _ , T _ _ JorMn-’c- isr itrz 3t t r.idand -nd jnotd based on peospectaa 

EASTERN SAND u: tU!W *t»irai«5 lo.- tsta N Dh-idend and yield 

JMAOh.JGtiU'l iWai1Jtl> 0= pratpertus *■ other «:'lr:aJ estimates lor WIP. P 


MINES 

CENTRAL RAND 


Is top J 216 -1 17 .11 


IS 1 


r«g tSSSS^ T-;±^ 

iwllhA n^r'S’tex^ Ml . *1 mi 

*ij ■ *■ fiAnirt nan. 3s- nig an 

3 S37 liSSr-ldO. ia . &© 

9 J f' Ui -1 5.96 

j } > ll rJ-i.rJi idp — -- ..... 417 

f, :47f. liittltMT. 582 *2 126 

T tlobiifeM nvhcl- m 7b mu 

a (TJ MlMmM -:W- rl- 217 


Zl Ti: 1.1 317 IB 'I 

128 I« 2S 15 U ?? 

H4 3^ 57 6.3 igL 4i-l 

~ Xb - ^ Vf* 


£W«fcGWCli-- 

1’F- H W* & hg : teg&r 5 & 

m +3 tiui 23 m U 


j 1 ri!i0^f'S 


« .«• 55 MS 


SB. at' ate s Ci tt sum 

R93 23106(4.9(91 69 Rirn 

S jy'S&i u H “ S S 

W „ . I 324 1 * 5 0 * « 18 Seta 

I3 -2 4203 10.4 16 0.0 “ ^ ?=£ 
^ uutl07 3.0 59 83 3* 70 Stab 
&-M, « 1613.7 « 84 Shb 

«W .—.. 1228 18 76 110 75 » Sirda 

64 ' 252 6.7 5.7 28 31b 20 SoaO 

170- -2 *U9 dj 17102 » 


— 22 f 1L05 

*-[ 86 d4 49 


ri acfltJvirojieaii- . ii5Z 1.1 aiiAA 731, 37 

|U6 8P: ScoWshlav Ulb(->ZUtZJ0 Lll 15 392 5 E 31 

22P2I.2 Seat Star. &Ts. 1Z7 -1^3.35 LO 3.9 392 ^ Wfy 

168 [219 Scct:«toOLfii_ lbCl 2 U2l3 13.50 U 32 43 0 63 r31 

I U93 : Eft Seotsarihera- 118 -1 j 3.41 L0 4.5 34.9 ” 1 " 


■LZ^. 62* 164 « 

tobtattec. 49 2 22 2J 

39 __ 163 2J 

Qc** 5 »p_ 59 ..— 235 U 

bSpuaas. •» -1 166 U 
wHds30p. 95 ..... 6J1 U 

r 73 ..-. W266 4J 

tATWms- » 263 li 

MreUXI- 79 -b — — 

rir.11203- 51 -hi — - 

WSeaL- « -f 1250 11 


SFiSS. 





71 -p 2 1^c lS 52 9 V ,! ’ 1 e; ' 

%!> -i Q25c m iii ! “ IfeccBt issues w aad ** SigfetE " Page 80 

730 -9 tQ86c L7 7.0; — - 

54^2 "2 — — “ I cA.-m ic rTaiJAh’v fn CiirrMWiw 4 adI| f— mi 


UhfaHS ^ Scot^oa-J- 10312-3:* - - - - 445 288 

92l3lfc8 Ibl Sreatocel^- 212 -3 6.33 * 45 * Dll, 764 

6 5 Sre.G.TJdMlm. 98b -lb 2.61 LO 3C «6 108 71b 

58145 L? 7 0a ' B ' 96 - ■ - - - _ 401 214 

9'3 55BI 212 -2^6.19 1014.4^335 920 589 

Znlrp» 3TO MtdKdte STSS 435 . QZ5c - \ 2^1 ~ Z8D 363 


FAR WEST RAND 

(8JTvoor25 343 +2 Qi3c * Jllc-j 

Buflds 875 -6 Ql7Dc * 13 31 

Deeltnal H010 — 92 -u - - - j 
DocrofonidnD._ 339 -2 Q50c 92 * 

EastOieHI 781 +4 1Q78c 1^6; 

KLimiJ andlMSSc.- 245-1 - - I 

DstoBfU 119 -2 «M.«r 10|41| 

HcrtcbeesRJ — £23b - - &50c « 21 Ji- 

KJnafGddRl. 599 -7 Q40c « J2ij 

Li (won S3 553 -6 QlOOc *i:3'f 


I — J T'ir- se.Tfiw? is erasable to every Cocroany dealt to ore 

5ror: c^ebaa^es throughout the Voted Kingdom for a 

.‘ec- of £4M per a-intaa tor caai: security 


ittaT.Sc. 212 -21 m 6.19 L0| 4.4.335 920 589 EastDrieHI- 

KateSTSS 435 . ... QZ5c - 2.9 - Z80 363 EUnriffaudCild 

3b)*SlJp.- 141* -1 859 Ilk 9.1 362 153 92 Estop Rl— 

WlUCp — 80 L52 l3 23432 £16 390 HartebeesRJ 

rein* 225 335 LlJ 4.0 33 01657 408 KJoafGddRl 


k5 SSOKAL MABKETS 


l i& ESS?::; At Iff? . PROPERTY II 

I IS ^ W lS.eijVf u |4S Un-dLctom»pl ja L„.JhL88j 2* 4 6)137 § 

? } 5' gtaaMito © *13 T* S3 6?.UL iM U« ^MnU»tau}^U 3«37 2§24.4 W 

: : . I If-: W* rl tJ r ^ CSs l»S2?Sl K U s \rA fJ-r-, 


Wi 


deBar 


53 I 41 
46. 34 


242 1198 kpKM£».jBS> - .. 355 Li 
; 23 ilSij |.\tmri.Srts 5p_}^* 0.69 u 


* ^1' PW MIIK5I. 56 -Ms • 2| * M2 198 Aptro rtoja. Mp. »5- - . .. 3 55 

» G14 {MnoatK Art* 280 — - SSO *31 22 73 23 15b Atnjri.Srt5_!o^. — 0.69 

4 7( >KUr%itt]Jt- 89 ®W.4TJ M 7.T 6.0 82 59 L65 

7 Ml -ghHRRlt ... - 3N* .... T«.l£«99 61 *95 79 RrBU-w=tPro» fi +1 ffii 

6 »«b'hiuiwB5«w . » -= trjr. r- K S, 52 rd *^ 

5 4s . - 6/ 3.81. [ Lw 85 M 74 47b Beltway 75 . -1 129 

6 ?5 VtTitmsM^-heB .44 ..... MS 1 -J M - 132 B1 139 321 

2 156 h91P»nKlrh£l 176 - ■ 1#0 | ZgU 71 186 151 1® 627 

ulkfi? (Vi iPpci'W £% tUMJUtWBU m . l 875 200 RradlurdfttW- 258 ■ -4 6.91 

r 36 juiii«3i*M' _ W Spl .48 151^ l^j nrlt.toc»iSm» Ofc# — 

4 47 ffySMueoracl-. 3 - 50 48 28 Erd^tj^g-. 4fe -Lb --- 

I SX WnwwSaBM Up. fi +3-28 in* 4.4 tl £380 018 ^5*512°“ S? " 5 QJ? 

4 36brWumIpd».a8nZ. 33 - .™... 28* Ml U 48 136 89 Itoton &*£-., 10» ...... L94 


s*3 * JS lI iiM 

8 « tfb H 

ft - a - Mi'Wn 


PricnvilieJOp — ‘ 74 J ..._jlL36 62] 3B 6.0 yW* "V l ' 91 O.muW* 9 

L’em-Teyg* i 53*!' . *155 I * ilfltf * *2§ 9? Oo.Cafi.il 13b -1 — — — — 2 

i'orL' Fn^ Sto l 36 j iUS [ oJ 801 — ^ 83 4.45 LO] S21S5 

SaLt n -1 f2M -1 7.3 _ Ooffthun-. 031 .... Q8: ; %20^fe6 l - 

l ™ S wi j ■« PM .tee I fJ* — „ 73 r^InwsLtac.- 83 -1 ^tZ 12; 91136 

fil bo-C*?- 117 -1 050 - j 0.7 - , 

U« 190 -2 5CC 13J 4.S35C 1 

TORAcms iB ftSSSSS: S • h2 - 32 - 


- 363 -1 19© L0 9.3:193 3 52 M32 LihjD->oa] 553 -6 

_ 65 -lb — — — — 602 R19 SouOr.-aalSOc 553 -8 

-111 .... 3.11 O 42 * 330 1206 5tUfcmtcili50c 294 -5 

_ 197 t5.38 LO 4.L35 3 D7%[D1 Vsa!F.eels50c £14^ -b 

- 208 ... t23S 1.0 53512 729 Hl 23 Venware* Rj — 225 -5 

_ 106 -1 264 » 37 -J £29b D6b r.Dnefc.l £233, -b 

- 103 ■ | M 52 12 7 125.9 241 152 A'csteffl Areas HI - 2C0 -1 

- 25k. 1.91 0.91L1146 97U 509 Western Deep R2- 819 +4 

_ 13b -II- - - 263 163 ZandpanRl 21B- -6 


J 7j . f 1 Tne iDlInv.'ir^ :s a 'election of |y.pdo= onotuttons of shares 
? .iou-MV li«.iec! only it regions, roarlceto. Privet of Irish 

} 11 1 liVtoUes. most of which jrc not officially listed in London^ 
LO 2 :• 1 arc cs .‘v-oted oa tlic truh er.chJnco. 

33 211 p| cf : - •••■ f-Seff. Kefrshnt.l 63 l+l I 

* ■■■ SindalirAmi_.l U5 |. I 

F- 1" ;|5i' ..tr 5*1 SOp 315 

S-I 7 : C! tr Croft.. 36 .... 


1»L-.J327 

5® P-. -I*? 7 


* 'n u 


TOBACCOS jg & 

iMTladbi 1332 -3 5* 5 9&™ 

^ il- 8© >2&f£ ^ i 

StosiStol 64 Ub“ 207 j L® U6»J 

Swassesattflp^ 69 r~- 283 \ 2% 6*j Ml » I 


O.F.S. 


m. Oceanic- 190 -2 5.CS 

stDetowt— 80 .. .. hi 3 

. 65 ... 4.46 L0tlC2jl48 59 F.S SsatptawB 

I-Csntodal- i+7 -i — — j _ ^ 456 279 HaraonvaJc..- 

rttoloa 116 -1 3.45 l.ll 4 4 321 174 66 LaratocRl 

»s Coro— 153 -1 4.92 ® MB 4 £US 750 Pecs. Brand S0r 

Kk ta__ 124 -1 391 111 4.7 29.4 D<Pc[532 Prw.. Sifts 50c , 


4 0 360 110 I 75 Flw Stole Dft 50c 300* - 
2JI462 £20%jQlb F.£G“dold5Jc £19 . 

107(148 171 {59 F.S SaaiptosRl- 871. -: 


2« 6 0 1 v>- . t ;• ftpte iV 573 „ 

* |lli I fn.' 1 ■ N .■ .1 13 

|E:!l* L .'Ji'rlu.v _ 63 i 2 

iT'-rer . . 7C .... 

iFiie">rre - — =2 

_ . _ . F.n!- > fhg Sp. .21 I . 


On-v waomc.1 £92% 

Alliance Gasn....| 52 ..... 

.’jnrf. i 360 

Carroll i PJ.i 11B 

Cion did tin [ 95 -1 


i-s $gL |Jiz:^v^..n€r.[iw -s ifesssasE- 

sTbU ^ -5- tc5>»,y“! v* . - 1 ervas*;: i3 ■■■••• 

410 [+1 Q55c 47i fir! .-ie. :<■»««- ; a ZoO [ | inthEraM*: tan - 


124 -1 391 111 4.7 29.4 £10^ K33 Ptw.siftnSOc . 

1M Bnt Sect— [ 143 -b 4.51 * 4.7 * |1W»]7M a.H*roaRl_ 

PntCapttali! { Zl ...... 0.95 L01 66 23.2 240 lf-i L nisei- 


h i- 


: 34 Vissrtflusmit 52 — 319 

i J 19 ftwxSL&msao.. 45 UVf 

5 ' ?i fftrat, trthimfp 47 ..-.: 091 


fi% 1 r: U TRUSTS, FINANCE, LAND 

Hub 2 «?• MSSSSf^.tri y 35 } Iavestoeia Trosts 

7 S 93 60 naming »p 7? ..... — - - - 60 199 UticiJeC3lsrs-.l 60 i 1 23? I 3JF 5.' 


2 ! Si fcoNlKaiL. 


1M 1+2 45-40) 


t ZD K173 
19 nn 


C<.fcT«aiWtt 77 ... 0 76 15 13 703 

a*s$lw.U_ 315 -2 10.97 bU 52265 
asefbetUBL- 218 -1 *467 L0 32 463 


-INSURANCE 


I .. , — itluMiajp n — — — — 60 99 

40 I 5? } Da.Cafr .3fr — . g — — — — 157 11a 

360 y? fewwg^ 1 — 360 +3 « 6~ 22 L 7 <L 1 117 n* 

iSEto- ^J5b +b ~ SO 193 


fass.l 60 i 1239 lltf 5.9:249 fcS! !?= ™ “Of-’ -i* \l3h 


193 ADkare-ItaS— 246 
115 Affirms loe. sap. 220 
129 DoCapajliS- 210 
51b Astowiir.lac - 3 
47 DuC rp ■ — - 79 
3?b AaentaTnci- 4& 


372 246 .AndoAmer 10c - 


a 81 Hi 


QFE1GN8 
3-zzszth. Cell Estes 


Tube Invest. — SO 

t’nilever 35 

S&KfS: & • 

Woo) worths— 5 


ii7MiJ ^J-2j9i37 lij 4jjs38 ' Finance, land, etc. 

lM* -I* 3 05 L3| 4J1333 2f2 206 lAtodtoiAn 225 j _ .117.0 56'lUJ 2.4 JS 

toDrr— 44b* i3 ltf!09fl34 ]2 J. [ AtroirL ^ Up. 9b -b - - —] Zb gf. 

■nSUS.^ IS +1 — — j — 1 - g 51 J J — — | — f fr.5 5B 

fcrete. sb-b jlb id ms _i»2 - - r rJ-m 


5 Jtti Hjphrtilife -S. 20M - 8 
3 237 TiHAUXlSM.. =B0 .... 490 54 2 

ft Ijfcl iterSttbtean- 83 rj $. J 

70-147 Il-rnliJ9lW!Q6. IK +£ t71I .2.9 6 

J :J43 17| ^ ~2 5^ — S 


23b I 17 

JS 77 


i?iS: £ a-ffl 

DD.15*Ca5V_ £W . QL? 

BUCK ; L^Ifi 


M-I4B 


An*to.Ita.D!r _ 44b* ia 10)10tf©4 « S. 

Do6*oSl!S.^ IS +2 — — j — J — g 
AifMMtte.- Sb -b 1LS3 Ltf 47315 & 
.vdslaetetsc.. 77 — S3 L«10Jjl4.9 Ifg 

-Du.Chp.SDp 41 ___ — _T) _ 69 ?6 . 

AmlnrSL- 250 QlttJ Llj 4.320.7 

A*&rretoT— 240 MU? 53 4,429.7 314 221 

raSSa U*!9» 64 . - — 051 Linj 46 Zgl 


104 ...... fLftS 3A Z XOU 115 69 .4fla3tirAm*t«_ 111 :-l 041 6 

Is _1 S4 51b AOaCCri «b -l L93 1: 

itor&ASp.rlS — t5.7T 24 6^6.911© 73 AaL-fcliliSUp:. 104 -2 1274 L 

aelto 7jf - "1 — 65 « Sulkies' Inv — 64 259 L 


235 138 

38 22 

197 226 


Ci-Potfl*ud»y ^ ST 443 J i2l 2lbli 

a idl-38 23 5.« 9.4 


732j 45k (Beajthat— 

Bb _ tffflattopaftcp. 


1 1 i|ii:fpi m 


| LflSS 26 2 


Phgit»7st. 194 -2 4634 L 

Dp £7 .—. L52 L 

Fsraacrti BA o«44 si 

lav.«l- 5139 ..-.. WC21 u 


I BWSJ 

1 « S 

|« a 12 

» 8 S 
“ (P fi 
si’s y . 
Ji ” s 


lOpil 243 9125c 

nstGp 64 |*341 


■mm 


g ^ f : » b - aw a HU £ 


59 29 jahwmiftfts3: 


ivermiMa^jp— . 
twl.CtmsLafil- 


fcrl g ::::: “ " 


778 1382 |U.r bncsiRl. 


2 :::::: r rjr * » 


UeioBCorjai.M5c. 298 



Dmlfismrijp- 60* -1 I dlOO b « 2a 93 

ISfclilL ■ - ¥J HifffK diamond and platinbm 

SI 4r ~ fi $ M BtB SS^l h 


G Li, V\ r -.!I_! £2 Sp.KLlnmi.-I' [ 32 


H 9J0 41 l U 1 7b 


™ne*adl 
r ^F 7 »aW. 
lanbro Trust 


top. 17 UB L9j 9 5J 7 9 4^4 & 4W -7 

[- to *' 1 ?© * lj* Ell- 5 !. 925 Da40peaS5_ £UV. 

■te’ IL" Zfl3 ^ J-ydeohurRHijc 6D 

4-- 40b+b — —I -I— 107 70 Rus.Hiitinr5 96 -1 


2f A 5 1 
25c h 1% 
00c 3986 10 6 


A at- } -.ri:vn ■ i‘ Optlonr. traded ib given on the 
Locdoa S:07« Esc^-utSh Seport page . , 








I^ RealH Pi&CCT^^IMakfTS L* 


HIGH 

&DRY 

Really Dry Gin 


FINANCIAL TIMES 


Saturday August 26 197S 


no pi pi 

me Spanish ncrme- for 

SHERRY 


MAN OF THE WEEK 


U.S. confirms plan 


A quick 
U turn 
for VW 


to draw on IMF 


BY JURE* MARTIN, U.S. EDITOR 


WASHINGTON, Ausnst 25 . 


A SENIOR U.S. Treasury official other policy option to defend the a key part of the Energy Bill, . 


BY GUY HAWTIN 


HERR Toni Schmuecker, the man 
who has presided over Volks- 
wagen's remarkable turnaround, 
is a passionate mountaineer. This 
may well go a long way to 
explaining why he accepted the 
job as chief executive in the first 
place. 

He took over control of the 
largest West German motor 
manufacturer in the depths of its 
winter of discontent. It was early 
in 1975. Herr RudoLf Leiding, its 
former chief executive, bad 
resigned after a protracted 
Boardroom row over the ailing 
motor group's future strategy 
and its supervisory Board chair- 
man. bad departed only a few 
months earlier also in unhappy 
circumstances. 

Shortly after his assumption of 
power it was his duty to inform 
his shareholders that 1974 bad 


Monetary Fund are “under con- auctions. announced intention of defeat-' 

Sideration.” In April, the U.S and West 4™ natural gas Bill- 

Answering questions at a Con- technical aspects of - such an p efer Riddell Economics Cor- 
gressional bearing, Mr. C. Fred operation, but Tuesday's an- respondent, writes* 

Bergsten, Assistant Secretary for nouncement of expanded gold Th _ dolla adv ^n Ce d against 

international Affairs, said that sales made the point that, for the most other yesterday 


American 
postal 
workers 
reject 
pay deal 


IHE LEX COLUMN 


as 



Yesterday’s glowing remarks • holders’ meeting. Bnt this j 

bv the Chancellor of - the T a x * si** a not the same as a legal, dchfi * ; 

L^uerVSU bo£ Index rose 41 to 513.4 tion, which Um)\% 

all the hallmarks of a nr*. ' ■— counsd hav« lwj abte-te ot 


RY JOHN WYLES 

NEW YORK, August 25. 




election campaign speech. Talk 

of a five per cent rise In Using 


But he Ilso pointed to the aouars— would remain un ' sidering making an IMF drawing, major industrial relations crisis 

possible use by the U.S. of its changed- _ ,. h _ Rates fell back slirhtly later ofthe year when the U.S. postal j Macmillan era when “we had 

SS.lbn i£L6bn) holding of the in quiet trading which continued service's biggest onion flatly I never had it so good.” Certainly, 

?« h a“ SJHS.'SffSSFjffSS Se^evS^^f the «-ee k rej^d . propose Ihre-sear I 


rMF’s Special Drawing Rights to curren^ rroui, irrasury omcma f week rejected a proposed three-year the recent economic indicators 

0r 0ther £" th ^re™Sll. that *e ipXch ^dollar” ^ .re all points to a preelection 


iffuHSl That tba attra* Jr^ury Secratary and Hr. "“ r a " rte 0t P«“wer«niST 53 — « »— ■ 

ment reached with West Germany Anthony Solomon, his deputy sho lived bv >fcBlrt 55,000 to ■^,000 During the 1950s there 

k^isbsjsksk sszjzsff&ssi' 

^/"no^ee^Tn? So SS-~S&- 2 Tft. SS ^ S 4 ?." - *• — ^ 

aftor-t herause it hari nmved Finance Minister. dm 1.9910 a week ago. _ . .. 


effect because it had proved Finance Minister, 
unnecessary. 

By confirming possible Confidence 


r«IA a n«CA IUU- I t- 

The fiuctuations in the dollar ba ,li£ 


preliminary 


and the outcome of the elec- 
tions. The Conservatives: came 


recourse to the IMF and by draw- • . . _ 7:„nnc7hwit “takinol have now turned down the j ran-up w ine i«b eiecaon tney 

ing public attention to sales of The briefing at the Saudi s J®**.*®* 11 J” ™“ proposals. The leaders of both let the economy have its. head - 


1U« imuuauwus iu ““.Ti”* Thlc ttimttc th« IIS nnetal Lions, me conservatives came 

scsartsarriss '££■£2 - *««■»“ 


bare now turned down the j run-up to the 1955 election' they 



counsel hwfcwft aWa-te ot 
opposite -opinions to' the t 
sides this week. . .* ■* 

Clearly what has annoyed i - 
pension funds is that the .ta-i * ' 
ever of such a Iwgrbnsiness 1 
Lynns — with tnv*«w..- - r $n 
fsoom. and capital employed 
£S00m— has somehow fallen o 
side the normal definition u 
major deal. Indeed. At 
because Allied hasralso mad< 
large. disposal of Trust Hou 
Forte shares recently is 
obliged by the Stock Exchar 
to provide shareholders with f 
details in. & Class I circul 
There is certainly:^ 'case’ll 
applying: an sbsol pte, as -welt 
proportional, significance 


i (aft. 


SDRs, Mr. Bergsten tvas clTar* request was /nstrumental, the positions dlto against or -to J^Tare ZJSSai^nS to may be good newsier Mr Jobber 

cootinn tn l thp imnn>d«irin U.S- believes^ in the subscQUcnt favour of the dollar w the face! MtinhAi .x. , ■ _ -j. Paiiaphanr hnt_ ?nven that ttSLSt mi 



seeking to leave the impression U.S. believes, in the subsequent favour ofthe dollar in the i race mcga( Mti0Iial strike unless reflected in the equity indices. Callaghan; but, given that past There must he sighs of rcl 
that the D.S. is prepared to use a »rtionii jof confidence m the ^ series , .of^ U;S.^ in natives negotiations are resumed early Mu ctT Sie samc^iappen^^ buU Kf?* 5 have at Smith Bros^ ihe^bhers. tl 


wide range of policies In pursuit dollar given in a newspaper aimed at stabilising the currency. = ^ r . ‘“•w***" „ ft er the noli it is Jiat " 

of stability fn the foreign i?tendew ^ with^Sau^ Crowm ^ The Soidpnceh^. however. I Underlining the wriousness much^comfort fo^ investors. 


exchange markets. “ e VSS W .lS sho^ or X^sSon itaciSd ^Srrndi^ “«h comfort for investor., . 

He lent further credence to nesday. announcement of the increase in ■ Harvitz, the Federal Mediation strong bull markets. : a ni^A /T : - B «g<»d Bishop.. The latte 

the possibility of going to the Prince Fahd said that Saudi the amount offered at the U.S. an|J Conciliation Service Tn 1964 thi* nattPrn «saemeri T ^ ll,ea * -J 0 ® 5 • -• figures for the year to AptiJ- 

Fund for unconditional bor- oil would continue to be priced monthly aurtions. After 3 fall director, has scheduled meet- to ko reneated*^ but -the bun Neither Allied Breweries nor reveal a small net loss. "J 

rowing by agreeing that any snch m. dollars, not _a basket t of of s S2i yesterday _to SlWJJ* ta gs between the two sides. JSta vhmS. thepensioafunds has anything business, and the morale of‘ 


operation would probably so currencies. 


promised price of an ounce in London 


depietethe IMF’s hard ’currency further moderation on the pric- ended S12 down on the week. t ha? Oie°d SputTsho^Sow^o 1116 Conservatives were pipped tp gain fknm : a S^^tph^ia^^vviirtor 01 ^ 

pool as to require activation of ing front. Sterling closed slightly lower l0 blndln" arbitration as at the post by Labour. The . braw s and the two sides yester- h^d patch last vri me r vm 

the General Arrangement to Bor- Less comforting to the Admin- on the week at SI. 9270, com- required under the law estab- stockmarket went nowhwe over day decided to patch up their the Monopolies iComnussiojt w 


.itf .a 

: '.s« ■ j 

be. 


next 18 months ahead of quarrel. Allied is . eating investigating the merser. 


row (GAB). istration. however, is the spectre pared with 81.9490. The trade- lt ^ ^ independent the next 18 months aheacT of- quarrel. Allied is . eating investigating the aMW. T 

Earlier. Mr. Bergsten had been of last weekend’s Congressional weighted Index slipped by 0.1 „g ex]Cy in 19 7o_ ^ is ^ Labour’s second general elee-^ humble pie, to the extent. that losses sustained during tt 

sceptical about the value of an- bargain over natural gas pricing, during the week to 62.2. whether union leaders will tion when it was returned with is calling an extraordinary period wiped out the very at ^ ... 

“ “ “ Ignore their mandates and an increased maioritv Eauities meeting, although as recently as quate profits made during r’ 4 ‘ 

ac«P* this or .whether they fhen drifted S^ m r^overS Thursday it was arguing hptfy first half. 

fn fol/A CAW1A «SL : * 1T FJU - Mrongly in 1967/68 and then that it was not obliged to do Things are going better no 

fjovernment to wkg sonic sTs^rStSssss 

them to resume normal 1970 election which saw a sur- their part, the funds a^e no ing market out ms^oot 

# 9 working. e«- •!.« loncer nressine for a resolution management is under no it. 




Government to take some 
North Sea royalties in oil 


?L-rP 


Call in array 


Toni Schmuecker 
Relishes a challenge 

been a disastrous year with losses 
of DM807m. Nor did he endear 
himself to the labour force when 
he announced a series of swinge- 
ing cut-backs including proposals 
to declare some 25,000 workers 
redundant, even though the terms 
of their departure were generous, 
even by German standards. 

Today— only three and a half 
years later—Herr Schmuecker is 
tfie golden boy of German in- 
dustry and the stock market's 
darling. Anybody who bad the 
foresight to buy the group’s 
DM50 nominal shares in 1974 
when they were trading at around 
DM74 must be well satisfied with 
today's price of about DM260. 

Under Herr Schmueeker’s 
leadership Volkswagen has en- 
joyed two extraordinarily good 
years and now seems set for a 
third. In 1976 the DMlhn losses 
of the previous two years were 
more than wiped out, while in 
1977 the company’s oet profit 
amounted to DM419m. This week. 
VW jubilantly announced that 
first half net profits of DM265m 
were more than a third up on 
those of the opening six months 
of 1977 and that shareholders 
could look forward to a sizeable 
increase for the full year. 

Success, of course, always 
breeds envy and there are those 
who enthusiastically point out 
that when Schmuecker took over 
the group the seeds of 
recovery were already evident. 
Volkswagen, they claim, had 
already got over the traumatic 
decline of the “ Beetle ” model — 
the economic miracle on wheels, 
so as to speak — and had already 
introduced its success story of 
the 1970s — the Golf. 


prise victory for the Conserva- longer pressing for a resolution management is under no it. 
lives. This was predictably good calling for shareholders’ sions that the position is sat 
news for equities and the “FT approval for the issue of shares, factory. The second half was 
Industrial Ordlnarv share Index and are certainly not (if th tsy reminder of how difficult it 
peaked in mid-1972 ever were) trying to get new to make jobbing profits m ica 

„ , conditions attached to the ing British shares when mark , 


Many rank and file workers 

‘ BY KEVIN DONE, ENERGY CORRESPONDENT may. himeier. ignore these „ . — „. s „ , , - 

national developments aud However, once again the Lyons offer before it goes out conditions are fiat The fir : " 

THE GOVERNMENT has sur- half of 1979, the rest coming in In the 19S0s BNOC could bel J“* well over° n vear^hSd ^fthe n * xt Thursday ' : ! J ^ « ow reemphasimng johbii 

prised the oil industry by decid- cash. It would be open to it to handling 800,000 to lm barrels' J? JlflS °, V ^L? 3 ?5L a,l S 1 SL if So lhe pension funds have m the second hoe stocks who 

ing to take some royally pay- take as much as 5m to 6m tonnes a day of crude from the North °° next election augured badly for accep i e d a tame resolution there is more of a turn io 1 

ments from North Pea fields in over the sLx months. Sea. which would give it control l , he 1 I lcumben i t . government and which gimpiy proposes that the made. 

crude oil rather than cash. of 7 to 10 per cent of the world's ™ C 2!L the Conservatives subsequently Ly 0n s acquisition should be At the same time Bisgoor 

The State takes a royalty of 12£ Transactions total output of premium low- dL^pti^n ^ !ost duri “« J® “ iddIe of ® e mttJd “wUh approval.” In the direblors are casting around f... _ 

offshore* So far iThas taken tiSs The oil will be marketed by Stw'for^WnS ^cSte only one aspect of the problem unlikeI y event that resolu- other sources of profit Thr 

onsnore. !>o tar u nas taxen uus «« a,l ®r for making ngn, proaucts - ^ c Under the current administra- fin „ h_«__ (lirnn < Anvm t hA Smith -Rrtw 


, . : ■, Mf 1 

m 

■ 


SSSt in money rather timn tbe British National Ori Corpora- t uc h as «e£Sl SEES for ^ AdminU. ration, tion being turned down the might emulate Smith Bros, 

payment in money x a trier trian ^ altbough QQ arrange Snts flocks* wh,ch be anxious to pre- acquisition would still go dealing in foreign securities- 

But the Department of Energy have yet been worked out to nannr . mant roflIceH rt,c. SfuL* 5 ep ^L t,, f2P fL.HS.J52!!! ^ through— leaving the _ Allied that was one of the attractio: 


announced yesterday ttat it is c^er ^these uansactions. It S irrKSS *SSri.'U* ^ Atrial Ordinary share ^ ‘ToweC * « to Bis^ oi the propos. 


ieK.^Vass.'Si.a.B arf S e MoSc e "S£M ^birs 


Should the postal sendee be prices have risen more strongly veto— or to put it more mildly, if the wind of change bltw - 
forced to increase the settle- under the current administra- of consultation — when compan- through the Stock Exehang 


netus. unci, in tne nrsi six monins rfd r B v 0r * it r -q,- as “““ — " , 

at least the Government will aaa T 2 s growing roie as B ery i Field. forced to increase the settle- 

be taking only part of its pav- a crude oil trader. By the end • yhe Government must give at ment through arbitration or 
menu in kind, an average of of r ^ s **** JPt St i- te cor ; least six months’ warning when negotiation, the cause of pay 

about 25 per cent of all the as* 175 600 barrels of o°ll ^ royalties ^ J®®*™"* w.-hS I elections coincide witn a bull according to stock -Excaange year-end statement tnat tl to 

.... adomfdeuD ore^n°r! ^ I market, the ieeumbeet govern- rules, ivhich se, 25 per cent finn tad been able to ear 


royalties due. ana companies can appeal; aamageo wnue tne postal ser- 

Sinrth Sea nil ornductioD is a raa “ e U P °* eqiuty. par- against the decision to Mr. vice may have difficulty pegging » . .. . - . .... - , 

expected ?o reach betweeTsOm ticipation and purchased crude. A e nthony Wedgwood Benn. the mall charges for the i£rt% !» a ^ance as the increase m assets or commissions “our ligares wool 

and 95ra tonnes next year. This will grow substantially Energy Secretary. and a half years as it promised j of being returned to power, profits which requires a share- have been very different. 

But the Energy Department next year and will be added to He must take into account bow to do when the recent settle- 
said it expected to take only in the second bolf by about far the new arrangement would ment was announced. 

about 1.5m tonnes of oil in 60.000 barrels a day of royalty disturb companies’ existing 1 

royalty payments in the second crude. supply operations. . , 


5-. *», * ^ 


Uranium mining pact agreed 



BY LAURIE OAKES IN CANBERRA AND KENNETH MARSTON IN LONDON 


WORK CAN start soon on the 
Ranger uranium project in 
Australia's Northern Territory 
after an agreement on royalty 
terms and conditions reached 
yesterday between tbe Govern- 
ment and Aboriginal representa- 
tives. 


Team man 


While, this may be true, it did 
not look that way at the time. 
In early 1975 the motor industry 
appeared to be in the depths 
of long-lusting recession. 
Volkswagen’s deliveries the pre- 
vious year had fallen by ten per 
cent and during 1975 were to 
drop even further. Even in 1977 
they were still a full 77.000 units 
under the vintage 1971 figures. 

Herr Schmuecker’s triumph is 
that he transformed a 
demoralised management team 
into one of lhe best in German 
industry. In face of considerable 
opposition 

Undoubtedly, Herr Schmuecker, 
tho classical team man. would 
be the last to claim the sole 
credit for VW's success. But 
in sport and career alike, he 
obviously relishes a challenge. 
He brought to the group an 
irrisislible mixture of American- 
German management expertise 
accumulated during more than 
20 years with Ford of Germany 
where he was a senior executive 
board member. He also built up 
a considerable knowledge of 
handling troubled companies 
during his seven years us chief 
executive of Rheinstahl, the steel, 
engineering and shipbuilding 
group, which he piloted through 
its merger with Tbysscn. 

Herr Schmuecker, 57 years old 
and married with two children, 
is now preparing to guide tbe 
company in new directions.- 

For Volkswagen, which only 
one and . a half years ago was 
gloomily contemplating accumu- 
lated losses of DM1 bn, has so 
much cash In hand is contem- 
plating a major acquisition, it 
plans to acquire a stabilising 
“ second leg " to offset the 
problems caused by the tradi- 
tionally cyclical pattern of con- 
sumer demand in lhe motor 
industry. 


The agreement marks en im- 
portant break-through in 
Australia's progress towards 
becoming possibly tbe world's 
leading supplier of uranium. 

After the long delays because 
of environmental and political 
considerations, tbe question of 
royalties has appeared to be the 
last major hurdle to the start of 
extraction of tbe big uranium 
deposits which have been dis- 
covered in the Northern 
Territory. 

For Ranger, the agreement 
opens the possibility of mine 
construction being started before 
work is halted by the wet season 
which is due in November. For 
the rest of the field, otably 
Pancontincnlal's .Tabiluka, a 

settlement on the basis of 4-i per 
cent royally payments to the 
Aboriginals^— which is understood 
to be the case for Ranger — would 
probablv be readilv accepted. 

Details of the Ranger agree- 
ment have not been announced, 



but the Northern Land Coun- 
cil — a statutory body represent- 
ing Aboriginals — is known to 
have accepted a Government 
offer of 41 per cent royalty pay- 
ments with a lump sum payment 
Of AS15m (£774,000) plus 
$200,000 a year during the con- 
struction phase. 

Mr. Douglas Anthony, Minister 
for Trade and Resources, and 
Mr. Galarrwuy Yunupingu. chair- 
man of lhe Northern Land Coun- 
cil. said in a joint statement yes- 
terday that there bad been 
agreement on the terms and con- 
ditions under which the Ranger 


consortium “may enter and carry 
out mining on the land contain- 
ing tbe Ranger uranium 
deposits." 

They said details would be 
made public when documents giv- 
ing effect to the agreement bad 
been signed. 

Construction work on tbe site 
is now expected to start, on Sep- 
tember LI. when the final agree- 
ment is signed by the council 
and tbe Ranger consortium's 
'partners, Peko-EZ Industries and 
the Government. 

Government sources say full- 
scale mining should be under 
way within 24 years. When min- 
ing is in full swing the royalty 
agreement will be worth about 
A$10m a year to the 22 
Aboriginal communities which 
make up the Northern' Land 
Council. 

The agreement follows five 
months of negotiations. In May 
the council hired a New York 

lawyer, Mr. Stephen Zorn, to 
head its negotiating team. 

The Government originally 
offered royalties of 33 per cent 
it raised tbe offer to avoid the 
need for tbe issue to go to arbi- 
tration— a step which would have 
delayed a start an lhe Ranger 
development. 


UK TO-DAY 
DRY, sunny intervals. 

London, South, Cent. Southern, 
S.W. and Cent. Northern 
England, Midlands, Channels Is* 
Wales 

Dry, bright or sunny periods. 
Max. 19-20C (67F). 

E. Anglia, E. and N.E. England 
Sunny intervals, cool. Max; 
17C (63F). 

North Wales, N.W. England, 
Lake Dlst_ Isle of Man, 
S-W. Scotland, Glasgow, 
Cent. Highlands 
Dry. bright or sunny periods. 
Max. 17C (63F). 

Borders, Edinburgh, Dundee anil 
Aberdeen Areas, Moray Firth 
Sunny intervals, cool. Max. 
14C (57F). 

N.E. Scotland, Orkney, Shetland 
Cloudy, occasional showers. 
Max. 10C (50F), 

Argyll, N.W. Scotland. Ireland 
Mainly dry. bright intervals. 
Max. 17C (63F). 

Outlook: Dry with sunny 
periods. Temperatures near 
normal. 




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




Spposrrf.rd 


BUSINESS CENTRES 


b'b Mudi smaller, but no less siaxcssful^fias 
tei® been the Arbuthnot North American Unit 
Trust , doubling in size ro £2^ million in the last - 
fezo weeks. It also proudly stands at the head of 
the one-year performance table , tsith a rise of some 
12.5 p.c. in the 12 months to last Friday, which 
compares with a fall af S.6 p.c. in the M - 
Dow Jones in the same period. 7.7 

Xtaiid CMfav, swfer T ri Qga0b.AP«tt J«bi mjt 


Continued from Page 1 


(Continued from Page 1 


A-plant staff checks 


Air chaos 


health and safety of 
members," he commented. 


Last week, 12 workers al Alder- 
masion were found to have twice 
the permitted level of plutonium 
in their bodies than that recom- 
mended by international safety 
recommendations. This dis- 
closure. brought about by a new 
monitoring system being installed 
at Aldermoston, was followed by 
tbe closure of a special laundry, 
where three of the 12 people 
worked and a research block 
where the -nine other workers 
affected worked. These closures 
affected about 50 people. 

The new closures will affect 
several hundred employees at the 
pfanf who have all been re- 
deployed in other “non-active" 
areas. Checks for plutonium 


contamination, using whole body 
monitoring, have been stepped 
up." 

The Institution of Professional 
Civil- Servants, which represents 
1,000 white-collar workers at 
British Nuclear Fuels' Windseale 
plant yesterday threatened court 
action to implement a special 
“hostility" payment which was 
awarded to workers there. 

The Government has decided 
against paying the 5p an hour 
allowance already given to 
manual workers to compensate 
for the “ intense hostility ” of the 
public and media to operations at 
lhe Cumbria plant Mr. Anthony 
Wedgwood Benn. Energy Secre- 
tary, said the allowance could 
only be paid when It came 
within pay policy settlements. 


their traditional return from 
holiday. 

Charter companies operating 
between France and Spain 
have laid on extra coach ser- 
vices and extra trains will be 
running In France over the 
holiday weekend. 

In Britain, the British Air- 
ports Authority said that 
delays had started to build-up 
last night and there was every 
prospect that they would con- 
tinue to do so over tbe week- 
end. 

• The Spanish Government 
has issued an official protest 
to the British Government 
over the Department of Trade’s 
decision to move Iberia, the 
Spanish airline, from Heath- 
row to Gat wick. 




Y day . 


Yd»y 


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87 

Belcrade 

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64 

Bristol 

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Budapest 

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Cairo 

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Chicago 

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HOUDAY RESORTS 



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midday 

midday 



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tv ‘Jersey 

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in 

60 

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Biarritz 

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«3; Locarno 

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Blackpool 

V 

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fill Majorca 

S 

29 

S4 

Bordeaux 

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31 (Malaga 

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30 

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Corfu 

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64, Nice 

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73; Rhode* 

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Gibraltar 

s 

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79. Venice 

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S— Sonny. 

F— Fair. C— Cloudy. 

R— RilC. 


Si»or ita i.Hoanch of dm fioj on mScp^ntcr urt- ,o in Jnl, i-4 One Gfcvllui 
L-jcjuln .duebylM,. l unpirt5iBB UU at in, . m utOo« Jana Inlet nr 
the tme psriuJ. 


What’s more, one or two of those funds 
“te whose portfolios contain a fairsluire of 
companies other than theleaders have in fact 
done remarkably well over the past few weeks. 
Most notably , Arbuthnot, whose North American 
and International still taps the one-year 
performance cable, with again of 134 per am 
even though around half of the portfoHa (some 90 
per cent ntvated directly into the U.S. markers) 
is composed of teA. 

stnalkr companies, SSSBteSiwi 


Now - The Right Time to Invest - The US stock 
market is beginning 10 recover from a depressed level 
similar to that in the UK market three years ago. Wc believe, 
die US market still ius room for considerable growth which. 

b the aim of this fund. 

Arhmlmot - The Right North American Fond - 
Over 90% ofthe fund boirrOTdymvestixlaUSseciiiiiie^ 
much of it in smaller companies. Unlike the bloc chip 
moJiinarionaL their growth is not held bock bv, overseas 
inicrcscs operating in less favourable conditions or by failing 
exchange rates. However, we maintain an extremely flexible 
attitude and with any improvement in world trade wc would 
increase the fund's holding in the larger uuenutiooal 
trading companies. 

Arbuthnot cany out much In-dcpUi research and 
consume monitoring, as well as making regular visits to . 
America, so os tp pin point the areas and industries that 
show the greatest potential for growth. 


Investment of this food is partially through a haefc-to- 
back loan facility in order 16 minimise the cfiedsbfthc 
dollar premium. 

The price or the units mid the mctmeJjromthcxn may 
go down as well as up. . -•• 

Your investment shouLTbe regarded as long tenu. 

Fixed price offer for North Ajfficrican aiui 
International Fond (estimated current gross yield 
x"J until 5pm September 1st, i978at3«.7p(or tiw 
daily price if lower). 


<t^t ,1-1“ nwr»rtl» nshf ni Jeer Men inafi Bl*ia inehrtMr. 


U .« Ittti find 1*1 loOOTinil^ 
vpnt hi rd&jJmca at inc Hr^bU pf IfrUui TnBlm.' I tteJfc 

UfantaurtuAWiobrn at dK LnU Itmf 


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f* To : Artxjihuot Sxuntxf Lt^T^^SnKCt, LonSn 1** *T1 


| l* ff8 ** mntOTniTw, — ic.-.-Ltc , _ ,uot |H .. j. .. 

Ol#iUlSumI/W««UlI3llltTt|||KWBBvf c (DBS I 
J.-TJO 1 Hi litc AifaudVM Nvnh Amorua ml loic-wtrul I 

- Wni ~ ^ I 


I ArtMtaMNuntl.' 
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L UbiamgiKtUKfli 


UI W| nil UuJ'jK.VK 


nccUK a Uuuran. Thu aMan Rn<cAie u a< rt«.b)p hk nonih’i wIm atutag. 


Iflf JcUMitat la'w vrM^igwJnu>r«ulrnv.,BNjrtlKlKiKdiiU4l<ni''. , tiNH> , t*ft<I f «cK4CRiiii|rlicijvR mtaiml-nriiw.. ^ Jin* 

^ yuu m ta mtaaBd MTn l tm . mtipgkl be Qd ttn l . T^ l Uigwan kWjed 

Susuihif'iI 


. _ . AJjRWml 


! ARBUTHNOT,„„ 

bam um-wm “NORTH AMERICAN AND INTERNATIONAL FUND mm MmmJ, 


Kiauai-red ai Uio Host Otlicu. Prlnurt by Su CUanwifs Hroa^ (or amt puWWh<d 
u, mu i ; mancal Times Ltd.,. Brncteu House, CaBmnj "Street. Ujwvw. KGiH -UiV;- .;? 7 ', 

' U <9 The FinaneUl Times - Ltd. HEX — •