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6EKE8AL 


Romania Equities £ 2 ( 


calls for 


and; 

Gilts 


link 


contract 




to strike 


BY ALAN PIKE. LABOUR CORRESPONDENT 


zone 


• EQUITIES rail led, en- 

A non-military buffer zone be- coura ?cd by the overnight 
tween East and West was pro- recovery on WaH Street. The 
posed hy President Nlcolae *T Oriira^' share index was 
Ceansescu of Romania when he °P ** e c * ose - 

addressed 3,000 Communist 
party activists in Bucharest. 

The President reaffirmed 
Romania's independent line on 
foreign policy. The army would 
never accent orders from outside 
the country, he said. It was the 
sacred right of every nation to 
decide its own destiny without 
interference from abroad. 

He stressed that there could 
he no question of Romania in- 
creasing military expenditure. 

The present level was adequate 
and in. accord with the inter- 
national situation, he said. Back 
Page 

Mother awarded 

£ 100,000 

Damages Of f 100.000 were _ • ? _ . • 

awarded to the mother of a baby • GILTS Stiouipa a broad list of 
horn with, brain damage because gains. The Government securi- 
nf an obstetrician's error during tics index dosed- 0.16 up at 
the delivery. 63.66. > 

Mrs Eileen Whitehnuse of. 

Alvechurch. Worcestershire, was • STERLING dosed, at $1.9280. 
awarded the damages, with co^ts, a fall of 65 ptnrtte. The Lrade- 
against consultant obstetrician we fghfed index feH from 62.7 
-Tnseph .Jordan and Birmingham t . . 

Area Health Authority. Both ' ■ ' 

denied negligence « THE DOLLAR ; closed at 

Y291.90. near It*-; lowest level! 

that Mrs. WhilclioiisG s fisnt" # x ^ ^ 

year-old son Stuart was “a help- f or th^ <*ay but Y--65 up. follow - 
iew cripple " and had a mental tnff Intervention m , Tokyo Jiy . 
age of 27 months. the Bank of Japan jin support 



2 7 28, 29 30 1 

NOVEMBER 1978 DEC 


Tehran clashes 

Heavy shooting was reported ia 
Tehran as troops clashed with 
crowds defying . curfew and 
shouting anti^Shih and religious 
slogans. Page 2 ' 

Fosierban , - . 

TTie flurry" .of t street poster, 
activity which has enlivened 
Peking's ptfliticai life in the past 
two weeks has been .ended by an 

unofficial edict Page.2 

Teachers win . 

Teachers at 32 Welsh schools 
were entitled to* £250,000 extra 
pay to compensate for the prob- 
lems of teaching in “stress' 
areas," the Appeal Court ruled. 

Rejecting an. appeal. by Dyfed 
County Council, the judges said 
that although an Education 
Department document' had been 
badly drafted, the 280 teachers 
in the social priority schools, 
should get their' money "in the 
interests of reason and justice." 

Bankers seized 

•Mr. 1. M. Massey -and Mr. M. S. 
Chatter-ton, the manager and a 
senior official of the Bank of 
London and South. America, the 
Lloyds Bank subsidiary, were 
kidnapped by terrorists -.in San 
Salvador, El Salvador. 

David Nixon 

David Nixon, television enter- 
tainer and magician, died sud- 
denly at bis Chipslearf. Surrey, 
home, aged : 59. Two years ago 
he said he bad overcome an 18- 
month battle agaiDSt .lung can- 
cer. 

Amin found 

President Amin, reported miss- 
mc for three days, turned up 
"leading ,a small unit" op the 
Tanzanian bprder. said Radio 
Uganda. Andrew Young. Ameri- 
can Amhassador to the UN, dis- 
cussed the border conflict .with 
Uganda when he met Tanzarrtan 
President Julias Nyerere in Dar 
es Salaam. 

Briefly * > > 

Mr. James Brownlow, deputy 
chief constable of Greater Man- 
chester. has been appointed chief 
constable of South Yorkshire. 
■Business stood still at the Stock 
Exchange as the Queen and 
Prince Philip received a rousing 
welcome. Page' 3 
Metropolitan Police are to test 
hand held radar puns and other 
kerbside device* to detect.speetf- 
mc motorists. Page 2 
Solid Wastes rail transfer station 
at Brentford has won the Finan- 
cial Time* Industrial Architec- 
ture Award for the GLC. Page 3 


• GILTS tfioiiiiptra broad list of 

gains. The Government securi- 
ties index dosed 0.16 up at 
63.66. > ' 

• STERLING closed, at $1.9280. 

a fall of 65 points. The trade- 
weighted index feH from 62.7 
to 63.fi. | : • • 

• THE DOLLAR closed at 
Y2AL90. near Its -lowest level! 
for the dlay but Y?-fi5 up, follow- 
ing Intervention fn , Tokyo Jiy . 
the Bank of -Japan jin support 
of the yen.. Against other 
currencies the dollar was 
DM.. 1.933 7 j {DM; 1.9280): 
SwFr 1.7375 <SwPV-L7345>. Its 
depredation narroWM to 7.7 
per pent <Si).. ^i -V 

• GOLD dosetl afe.r ..quiet 
.tta^bwr at slMii 

- hi New ' York Comes .rose 
$3.40 to $196.60 

• WALL STREET near last 
ntg&Cs dose/was 9.18 up at 
808.21. / 

• COMPANIES ohtainirg Gov- 
ernment /Contracts will be diz- 


3Y LYNTON McLAIN j 

Sr an Hunter Shipbuilders at Wallsend, Tyne and Weari h 2 S won a £200m con- 
tract to build the Royal Navy's third anti-submarine 1 cruiser, to be named! 
HMS Ark Royal. . ! 

The *deal wilt help in secure carrier, part of ibe £115m Sen» Dart surf a ce-i e-air mivcf les. 
jobs udtil the early ]9S0s. Polish order For 22 ships that it will also .-urry Sea King heli- 

Th- ' order was announced ? riljsh shipbuilders signed in copj-rs. which may be supple- 
vesierdkv bv Mr Fred Muller January. mimed or replaced m the nud- 

Deieri.-e > Secretarv arier a* The order is one of three l9.S<k after the ship is com- 

SiSn <*rem?n7*on Tvni.dc P^eed with Dock rationed, by the WC 34 

U cou d'not have come at a be ler Com ^ aDy 011 ,hc Tees - hu * il : ‘d'3oeed ann-sitomarine heli- 
^ - would be transferred in Swan ,-op:fcr. «n tbr drawing hoard at 

atThe Mniutnyf Tvne vari Hun,cl ‘ lf » '* •’onfirmeef (hat a iVMfand Hc/.coptcr 

at Hie company s T>ne yard. . S ecn»d Bank and S.ivill ship is Other improver, ieols over the 

Work on hull building ended placed at Smith's flock, as Illustrious Iii:<; may extend the 
yesterday when their last ship. expected. hui'ding pro cram me hi Swan 

the Di.OGO-ton HMS Illustrious, Hunter include mnro ^-Uanccd . 

the s-cuaii enmer designed to C; Uorrmer elecdnwuc* and the “ski-jump “I 

carry Hamer vertical take-off air- OairiClS ramp for .-.-sMinc the Harriers to 

r.rafi. was launched by Princess .... i.al-o r.lT v.ih greater loads. i 

Margaret. Tire keel of Lhe totovt Ark *,-j, e ramp .•.•ill he designed min 

Tvn years »*f outfitling and Royal, lfi.nno lon<. is expected q, 0 sblil frtlUt ihc s\art and may 

systems installation still has to he be laid next year at lh-“ <iari n‘ „ ^ f rtVi;1 n f Hn ap^ed d- cit 

carried out on the Illustrious, but a five-year i-nnst ruction pro off ■el fn.'ii keel tine.. j 

the metalworking trades gramme. HMS Sn-incibie. '.he Naw’s 

desperately needed more work to Hie present Ark Ko.val. ilu fl|sl ari j,.< v tji,, na Tine nr ihrmijh- 
stave off redundancies. conventional aircraft earner nf rf( . c)p crulf „ r j.. r llnnc out at 1 

5 van Hunter Shipbuilders also 3B.700 standard di'piai cmen: Vickers' y.anl at Barroo--in- ! 

hopes to win an i'ISm order from ions, js only iwn tbi>i i way jr urT , C!s <. 

Bank and Savill Line for u from its end of active service. Vickers n also heavily com-] 

refrigerated container vessel. Its keel was laid at Carninell n ,jtiecl on other navnl work and I 

However, work cannot start unlit Laird's yard nn the Mersey in waj# ne \pi r 3 r.mdidat- for build j 
British Shipbuilders, of which 1944. and the vessel will he ile- - m;; t f,p Ark fmal. I a«i montn 1 

Swan Hunter is part, obtains commissioned at Devon port on the cnm pan- won a C50m enn- 1 

EEH appi oval to use the Govern- Monday, stores unloaded during ;o h>.n irl rhe Naw\ latest! 

mrnr's fBfiot intervention fund to the next six months, and the jvp e ,yj dc*«i rover, which wMl 

bring lhe price down to that or ship scrapped. n-, 0 .-aril’biisy into the 

competitive foreign yards. Taking its place, the ncv. \rk iggQc. 

The Wallsend company may Royal will carry the Sp.i Ha r. ier ' 

also hr in. the running to build version of lhe vertical take-off o : ' n Huuier oamngt'5 clsurn, 

a iK.OOU-deadwcichtinn bulk aircraft. It will be armed with Pago 3 


By Peter Riddell, Economics 

Correspondent 

THE GOVERNMENT believes 
the most likely outcome of the 
EEC summit in Brussels next 
week is that the UK will 
not agree to link sterling 
immediately with other cur- 
rencies. 

But Britain hopes to be 
associated with the European 
Monetary System in its broader 
aspects 

Senior ministers and officials 
believe there is a greal deal still 
tn he negotiated- There has heen 
'•onsiderable diplomatic activity 
in i be last weeks aimed rt t 
reaching an und^iwtandincj 
be i ween the UK and the rest r,f| 
the EEC over the operation of 
the system. , 


Regime 


reserves 


as 


BY KEVIN DONE. ENERGY CORRESPONDENT 


confirmed in a written answer. 
Fabric, industry employers have 
be^n warned -that they face sanc- 
tions if a pay deal for 12,000 
porkers is not renegotiated, i 
•Back Page 


Shell cuts 


• SHELL will close old ijnd 
obsolete . plant at Hs second 
largest UK refinery. Shell Hawn, 
on ihe Thames, with loss of 650 
joh s in five years, and imfest 
£23m In a five-year modernisation 
programme. 

Back Page 

• RANK-XEROX has givei a 
series of undertakings to lhe 
Office of Fair Trading aimei at 
allowing greater compentior in 
Ahe copier market, hut said his 
was largely a formality as r ost 
were already in force. 

• AVERTS directors are m et- 
ing to. discuss a possible £5 Im 
bid from General Elect ic. 
Averys shares finished 4p 
higher at 23Sp. valuing the c m- 
pany at £$7.8m. 

News Analysis Page 3, Oniw ter 
Page 4 

Boots move 

• BOOTS wUT take over he 
agricultural chemicals marke ng 
business of the U.S. Herci res 
group. This is expected aln jst 
to don We Boots' world sales in 
this field. 

Back Page 

• MORE than half the mot <y. 
about £17.75 m, committed by iw 
Northern Ireland Dcveloptn nt 
Agency Id two-aod-a-haH je rs 
has gone into equity in the 
Lorean. sports car company. 
Page 3 

• BRITISH STEEL Corporat in 
will spend £1.5ni on modem' a- 
tion of ils Cookley stamp jg 
Works at Brierley Hill. West M d- 

lands 
Page 3 


TiiF GOVERNMENT ta«.« down- 
graded its estimates of UK oil 
reserves because of the <\s- 
appninting results of exploration 
.drilling In the Celtic Sea. 

- It also admitted yesterday thai 
estimates for UK crude nil pro- 
duction up to 19S0 had been too 
optimistic. 

Dr. Dickson Mahon, .Minister 
of Stale for Energy, said that the 
latest Department of Energy 
forecasts suggested that offshore 
oil reserves might fie in the 
range of 2.300-4 .2 00m tonnes. 
This is a reduction at -the upper 
end of 300m tonnes from the 
forecasts given by the Govern- 
ment in April. • 

Some drilling continues in the 
Celtic Sea. but reports from West 
Wales yesterday that test gas 
Hares had been seen off the coast 
were discounted by the com- 
panies exploring the area. 

The most promising welt is 
being drilled by Atlantic Rich- 
field on block 106/24. But this 
well was begun only on Novem- 
ber 12 and has not yet reached 
the prospective hydrocarbon- 
bearing znne. 

Tofai estimaled reserves erven 
in April were 3.000m -4.500m 
tonnes. The lower figure had 
been reduced, said Mr. Mahon, 
because of a change in statistical 
presentation. 


The changed vroductrT fore- 
casts could canve lhe Treasury 
to revise downwards slightly the 
contribution North Sea nil would 
make to the UK economy up to 
1980 

The forecasi of the UK reach- 
ing net self-sufficiency in oil in 
1980 still stands said Dr. 
Malion. Production this year, 
however, is put at 53m-54m 
tonnes against earlier estimates 
of 55m-65m tonnes. 

Present estimates for produc- 
tion up to 1982 I with the old 
estimates in brackets i are: 1979. 
S0-90m tonnes (8Q-S5m». I9SO; 
PO-llOm <90-1 10m). 1981: 1 10- 
135m ( 100- 120m ), 1982: 115-l40m 
(105- 125m). 

Domestic 

The reduced level of produc- 
tion up t,n 1980 baa heen caused 
by the tontinuing slippage in 
field development programmes. 
Production in subsequent years 
win iberefore be higher than 
earlier estimates, and the forecast 
fnr 1982 suggeMs that the UK will 
be producing crude oil well io 
excess of domes if demand. 

Mr. Anthony Wedgwood Benn. 
Energy Secretary, is proposing 
in establish an Oil Industry 
Committee with representatives 
from the Government, the nil 




-Iwd the trade un'nns. i 
He :?'d yesterday, alter a meet-: 
in^ of llto Energj- Commission, i 
•hat the cnnnijiuee was needed] 
in examine issues in the oil sec-] 
\(>r such as rpfinir.a. offshore j 
licensing and depletion policies. 

He is also keen lo pursue 
individual planning agreements 
with the oil companies. This 
would stem, he said, from partici- 
pation agreement* Tor offshore 
oil production that had already 
been negotiated. 

He ‘.aid the Government had 
not accepted the oil industry's 
case that incentives and a less 
strmernt lax regime were needed 
in order In stininlaio a higher 

rate n ! offshore exploration, as 
ml companies argued yesterday 
in thet* submission to lhe Energy 
Commission. I 

Mr. Benn said that lax r?te« 
ncedee to he set delicately, hut I 
if they were based on ratps of 
return for the smaller marginal 
fields, the profits on the toggest 
fields would be “ out of this, 
world." 

Hp ldded lhat the Government 
could give specific exploration 
directives io rb* British Nat tom. 
Oil Cirpor2tien or lhe Bril •« rs 
Gas Corporalton to step un 
drilling, . as an «il*“rnative 

methof to o/Tering greater fax 
incentives. 


But the view in Whitehall last 
night '*1'; Grit Britain is unlikely 
to join ihe currency regime 
unless chances are nicde which | 
the other main EEC countries do: 
! not appear inclined tn make. Blit 
if the C'.mmunitv does move a 
long way. ine L-i-' might took at] 
the proposals mitre favourably, j 

In lhe ahscnrv of anv siintpsp , 
conre^stonx on the evrbnnge rate i 
mechanism, therp ar^ hopes of! 
nrm; alii* 5 to negotiate a half-! 
! v i y hou-sp. involving at host 
nnniioai inrmhership of the] 
system. The Government wants 
! in he involved in the broader ! 
i-nnstriiciiiin of lhe system and 
I other later decisions. 

It is not dear how far lhe rest 
nr lhe EEC will agree to the 
British approach. , 


Provincial newspapers 

throughout England and 
Waifs will be hit by an all-out 
strike of. journalists front 
Monday lunchtime. 

The National Union of 
Journalists’ executive yester- 
day decided to cal! the first 
national strike of indefinite 
length by provincial members 
in the history of the union. Jt 
follows a tori night of milder 
sanctions by provincial journa- 
lists in support of a £20 a week 
pay claim. 

In a bid to Increase the 
effectiveness of the action the 
NUJ executive also decided to 
instruct its 200 members work- 
ing for lhe Press Association 
national news agency to Mop 
work from Monday in support 
of the provincial slrikers. Con- 
tinuation of the PA service 
during previous disputes has 
helped newspapers to main- 
prodnrtion with non-KlU staff. 

The strike is certain to have 
a very serious cfferi for many 
provincial newspapers. Its full 
effectiveness will, however, he 
determined hy the extent to 
which the P-\ journalists obey 
the call to stop work. 


Provincial Journalists are 
mounting a particularly strong 
campaign in support of their 
pay claim ibis year. The News- 
paper Society, which repre- 
sents the provincial employers, 
has offered increases worth 9 
per cent hut only if these can 
be justified b> “ special case " 
appeals to the Department of 
Employment. 

Yesterday's executive decision 
to go for all-out strike action 
followed a recommendation 
from the nnion’s emergency 
committee earlier this week. 

Union leaders say they have 
heen coming under pressure 
from members for tougher 
action since sanctions were 
imposed a fortnight ago. Feel- 
ing in favour of a total strike 
also rose after a boat 100 
journalists on the Bolluu 
Evening News were dismissed 
for applying sanctions. 

About M newspapers 3 re 
covered by the journalists' pay 
claim. 

if MU members al the Press 
Association observe the strike 
coll the agency's service to 
national newspapers, which 
are covered by separate agree- 
ments. uiif also he affected. 


Print 

seeks 

BY ALAN PIKE 


Stalemate 


Another inpjp expected to be 
raised -it <hn twrwiay meeting h 
the Gniw minify budget Britain 
is seeking ? ie3tl from the beads 
of ernireni that work ran; 
stort on securing whai ir regards | 
as ajnnrc »nsi way of financing f 
the EEC's oneration«. 

The Government is also lonk- 
inc for a lead from the summit 
to break lhe stalemate on fishing 
policy and to b'.*tp resolve the 
row over farm prices. 

Other topics will include a 
review of French proposals for 
a group of '* three wise men " to 
ktok at the difficulties of enlarg- 
ing the EEC and a discussion on 
jouth unemployment. 

The summit chairman will be 
Chancellor Helmut ' Schmidt 
Briiiib repress ni a tive* will hi- 
the rrinip Minister and Dr. David 
Owen, the Foreign Secretary. 
But. in line with previous prac- 
tice. Mr. Denis Healey, the] 
Chancellor, will not attend. i 

An ABC of EMS. Page 14 ! 


THE LEADER or the most 
entrenched union in the Times 
Newspapers crisis yesterday 
.sought a meeting with Lord 
Thomson of Fleet, thp company'* 
president, fn discuss thr evenrs 
which have led to the suspension 
of all Times publications 

Mr. Joe Wade. general 
secretary of lhe N*tionai 
Graphical Association, -.v.itorday 
welcomed a dec. .k.r mv the 
company not in :su»e- d;ym ?sa J 
notices to staff tor a tonniglti 
although 3)1 publication was 
suspended on Thursday night, 
but he said (his did not go far 
enough. 

“The real issue j« still the 
management's demands on new 
technology and their statement 
made no concession in this 
regard. I sull hope ;l may be 
possible lor them to put forward 
a different basis for these dis- 
cussions so that we can enier 
into negotiations -.without pre- 
en mm i true n to no either side. 
That surely is not unreasonable.” 

Lord Thomson is due in Britain 
next wpek and Mr. Wade said 
lhat in the critical situation fac- 
ing Times Newspapers he 
believed that his personal in- 
volvement would he a ?reat help. 


" T cerlaitjly would welcome the 
fipporlnniiy to ryphtn tn b im 
personally th*? reasons for Lhe 
stand taken by ibis union and 
the implications tn our mem hers 
of (he inaaagementa current 

proposals ” 

Mr. Wade added that h* was 
available tn ntod Lord Thomson 
pi .my time and hnp*>ri (hi- vor.ld 
produce ?. " genuine and honour- 
able has'- “ for « solution. 

The jr'GA is utterly opposed to 
Times Newspapers’ demand th-ti 
journalists and advertising staff 
should eventually be able tn 
transmit material' directly into a 
proposed new computer-based 
composing system. 

While Mr. Wade's statement 
gi res no ground on Ibis emcial 
principle, it sounds a conciliatory 
note as the uninn hat. up in now 
refused to meet the company 
*' under duress " The next move 
will hr decided at a meeting of 
tito NGA executive on Wednes- 
day. 

Times Newspapers soys that all 
publication of Th? Times, lhe 
Sunday Times and the three 
Times* supplements will cease 
until all ii.s unions agree on a 
wide range of industrial relations 
reforms. 

Man of the Week, Back Taw 


simply flew 
when he said 






Wiimot in talks with Rockwe! 


BY CHRISTINE MOIR 

OLD RUMOURS that WjJmot- 
Brecden, the engineering group, 
could he a takeover target 
revived suddenly yesterday when 
the company announced that it' 
was holding exploratory talks 
with Rockwell International, the 
U.S. aerospace, electronics aud 
engineering group. 

Wilmot-iireedcn's shares 

jumped 13p tn 77p. valuing the 
group at £3 5.9m. after a joint 
announcement that tolks were 
taking place concerning “ areas 
of mutual interest." 

Both companies were careful 
to add. however, lhat it was 
“too soon tn say whether these 
talk*, will lead to some form of 
closer association." 

Rockwell and Wiimot-Breeden 


share a common interest in 
motor components. Rockwell is 
largely at the heavier end. pro- 
ducing items such as axles, 
while Wilmot-Breedeo manufac- 
tures small parts such as 
window winders, which it makes 
under licence from Rockwell. 

Both companies have similar- 
siied automotive busineses in 
the UK. where Rockwell has 
about £35m of sales. Wilmoi- 
Breeden also has a large and 
stti-cesful motor business m 
France. 

Nowadays with motor manu- 
facturers tending lo produce 
cars lo a common international 
design, component suppliers are 
under pressure tn provide ser- 
vices in as many cminlries as 
possible. This pressure form? 


part of the background lo the 
present talks. 

Prntpects of a full takeover 
cannot he ruled oul hut 
Rnctoveti is m> stranger to other 
forms of co-operation with UK 
groups. For the past decade, it 
has had a joint axle operation 
with 3uber.v Own, and for fi v <? 
years it has been making well- 
head eouipment with Fcgler 
Hallersley. 

Am the r joint venture, will? 
Reyruj.ie Farsnns. intended to 
crack it he U.S. power station 
ma'-k* I, on the other hand, 
lasted only a year. 

Focpw ell's total UK sales, 
bowewjr. at £90m. arc only a 
minute part of tntai group turn- 
over of C.9bn. 7>ict profits tost 

Continued on Back Page 


CONTENTS OF TODAY'S ISSUE 


CHIEF PRICE CHANGES YESTERDAY 

(Prices in pence unless otherwise Indicated) 

PISES: Wilmni-Breeden 77 - 1 - 

Treasurv Variable J MB 195 + * Hi glands & Lowlands 103 + 
AB^tronic ............ 147 J S, ^ ™ + 

BPB ‘industries : 3OT + 3 Ashton Mining _ JJ + 


Overseas news 

Home news— general .... 

— labour 

Mining 


2 Arts page 

3 Leader page 

2 UK Companies 

4 Wall Street 


1.2 Inti. Companies 21 

U Farming, raw matprials ... 21 

16-17 Foreign Exchanges 23 

............ 20 UK stock market 24 


Ashton Mining 

£rteVr”“~“ + 5 Barymin W t 

SSI .. 146 + 3 Charter Consolidated.. 132 + 

P. E «te S •SoVerff "im-. 108 + 6 ComOir -Riotlnu, 2SS + 

ST (J " hnl ■ £ t t nS w!S*hiini".'.'." a + 

HtaMja-DSm* g I «, ISJSSJ.'SSK «S | 

® + 4 ou«- atpin.- ?; t 

MWSn: 1 1 i weS&r-.: » - 
J j|. I - 

PUkiTT ton . . m + 1 Hoover "A" , 230 - 

Saw +; 4 iwhcape ........ 2»« ^ 

SoSclaM. fi? + 3 Reed Iitieraatinnal ... la? - 


Otter Expln. .. 

Western Queen 

Westfield Minerals 
FALLS: 


71 + 
fil) + 
IS2 + 
268 + 
26 + 
28 + ; 
JSfi + 
430 + 
SO + 
19 + 
360 + 


Ait ABC. of the EMS 14 

Spain seeking a way out of 

Its own tourism trap 15 

Why Shetland Is trying for 
Its own fish limit 19 


FEATURES 

Pension schemes that 
finance the companies ... 5 
Confnston over capital gains 6 
Fewer foreign havers for 
London houses 8 


Lancia goes aotomatir 9 

Glamour returns to evening 

drosrs 9_. 

Inserts as weed killers . 13.' 

Find's among family papers 13' 


Apnoinunenw 
Bosks 
SrMgw . 

awu . .. 
CoilecUna 

Crossword Pnzzlr . . 
Eton emit Dlsrv 
Eoteftatnmmt OoMtt 
CwtMIOtlOIK ... 

Finance fc Family 
FT-AOHartes Imtrces 
Cmioihs 


Co» U 

Mow to Swnd It U 

inwranc* 4 

Cette rr ... .is 

Lc* » 

Man sf |H€ We»k JS 

Motoring • 

ftnerur * 

Racing 20 

She* 1 # inTurmatton . 2S-rr 

56 Week's Dealings 22-2) 
Trrnt W 


TV wit Radio . . 

Tuition 

Unit Tmw 

Weather . ... 

Week in Merkels 
Weekend Brlafs . 

Yenr SavWio* A l«». 

(JFFEP POft SALE 
ftrMinnll FtiHffCiel 
Garwinr” Msnaser* 
James Finley PlUs 
Mi® Credo .. 


Schleslnsrr Titim s, 
Vantuu-gli Assoronte ; 

INTERIM STATES^NT^ 
AttwTHHj Garngcs 

ANNUAL SUU RBjjl 
BH SOlitft 
Sure UfMI 

n.iitijiiig seqhaRad&u . v ■» 



PARIS 

PTcnt Pe rf a -nea LuL* ifio Themes Rood, Lcodoa W4 JRG. Tel: cki-sm *37® 
















2 


“ .n- 



yin aacaai -irs 223 .es; r ^ 


OVERSEAS [NEW S 


HOME 


Shell Oil hiames 

JS. 

price control for 
petrol rationing 


BY DAVID LASCELLES 


NEW YORK, Dec. 1- 


BLAMING Government priee been reduced by maintenance 
controls and unseasonaUy high work. It has also heen obliged 
demand. Shell Oil today intro* to cut the price of its petrol by 
d'uced temporary rationing of half a cent a gallon under the 
all its petrol deliveries in the government’s complex price con- 
U.S. While this move by the trol formula, 
country's biggest petrol mar- The company statement added 
keter adds to uncertainties as with a tone of bitterness: • This 
winter sets in, other petrol imposed distortion of market- 
producers are not expected to place forces is further illustramd 
follow suit by the situation where we have 

Shell OU will limit its custo- again been forced to lower prices 
niers to 75 per cent of their in the face o£ rising demand." 
purchases last December nntil AP adds: Air. Maurice 
the end of December or the early Granville, chairman of Texaco, 
part of January. But a spokes- said his company’s petrol sap- 
man emphasised today that this plies are " extremely tight 
should not entail long queues at nationally." 
petrol stations. In addition, Mobil and 

Shell Oil’s move was prompted Standard Oil Company of Indiana 
by a combination of faetors. The also have encountered shortages, 
company ha 3 had difficulty at two especially of the unleaded petrol 
of its refineries, and output bas required for most new cars. 


Egypt presses for 
Palestinian timetable 




?ekl\*g, Dec. x 



Sr Carlos Andres Perea 
Venezuela's President 


Venezuelan 
election 
campaign 
frenzy ends 


By Joseph Mann 


BY ROGER MATTHEWS 


CAIRO, Dec. 1. 


CARACAS. Dec. 1. 

VENEZUELA'S Presidential 
campaign bas come to a 
frenzied end as candidates 
sought to attract undecided 
voters through a rash of street 
rallies and an avalaoche of 
costly political advertising. 


EGYPT IS insivine on three firm into the /peace) treaty. And it 
dates being fixed for Palestinian will prove to Arab public opinion _ 

progress towards self-rule on the that we aim at a comprehensive : r _ f th r w f _ ee e ] e pH 0ng 

occupied West Bank and Gaza settlement.” in Latn ‘ j^nca. <5.im 

* r! p ' . . The interview was published Venezuelans are expected to 

V so*?*.??!. “iillirSSSS »n. a f « b °'r s v!“ s - *° ,0 *• pol,s on Sunday “ 

and a member of Egypt's team ,3 Pha Khalil. Egypt s Prime 
at the deadlocked peace negotia- Minister, was due to hold talks 
tions, said today that dates bad with President Carter in Wash- 
to be fixed for negotiations to ington. and follows the delivery 
start on the future of the West of a long Egyptian letter to the 
Bank and Gaza Strip, tbc date of Israeli Government. Last night, 

elections to a Palestinian the Egyptian Middle East News! 

authority, and a date for Israeli Agency also reported that Presi-j 

military rule of the occupied dent Anwar Sadat would not be', 
territories to cca<e. going to Oslo for the December! » oters will choose^ from among 

Dr. Boutros Ghali said in an 10 presentation of Hip Nobel ~ ~ J ’ 

jntOH-iev- published here today; Peace Prize, which be has been 
‘These three dates will prove awarded jointly with Air. Mena- 
that it is a serious process and beni Begin. Israel's Prime Minis- 
not just decorative phrases put ter. 


ST JOHN HOFFMANN 

former 
p 

one 

An unofficial edict, released with The leadership for waliposters who blames Ma&T>e-tOTg for. The 
apparent approval ofHhe power- criticising the Government or Tieaaamen Incident snotild not 
ful Vice-Premier Tens Hsia'o-ping. demanding new civil freedoms, be allowed to speak.’ - _ * 
has virtually killed off. the street One of the most surprising The posters have been Eakf 
poster activity which has en- aspects of the ” freedom move- with subdued but toadl? 
livened Peking’s political life in ment" in Peking has been the references to Mao in the official 
the past two weeks. • enthusiasm with which Chinese Chinese media, and with j_a 

„ „ - rh ,* people have approached foreign spirited defence of the former 

diplomats and journalists- As a leader by Vice-Premier Tenj. 
the dir «ctave against the, valV Jesuit, world attention has been Tbev suggest that popular criti- 
pMter campaign had been a worn- focusStt j on popular airrings C :srn of Mao’s failings has gone 
pamed byafonnalhanonpubllc rather ^ the Government’s far enough. J 

gatherings. larger interest in modernisation. jiao Tee-rung, formerly P& 

mott peMe™eel tha t S Some Chinese officials have Idol of post-iSberitioa China, hjs 
f b« ioff ta «=.<*« about eva.;- tam. reduced !o buBoa « 

c nme aTcue that the DOster cam- gerated reports of recent inci- sions in a part-official. pari>.^ss 
HK "£ "ruM ns "J“f ,mb Sent, in Petins. An inslrurtioa root? campaign painiing to* 
EUav 8 known onh- as “Central Docu- dogmatic, prone to failure, »d 

The hi Pit no mibhc ment Number 57” was circulated amenable to Ratter-, 

debate is believed to result from in Peking yesterday, for Chinese critics have even . linked him jjth 
Mr Ten g’s view that intense in- eyes only, putting fresh limits on tne most dam33ing M Cx,css=.,|of 
rerest shown bv foreign journa- publicly expressed opinion, the Gang of Fuor 
lists in China's shift towards Among other .restraints, it Thc^iCQmpinJlns o, 
democratic freedoms is unsetti- advises against further criticism reconstruction of China s 

of the former Chairman Mao history has swept av.a_- 



BY. ROBIN REEVES WELSH CORRESPONDENT 
A BLACK week for employment by. a trade union banner, to mb- . 

• n utcwl rg tfaw l.ir t!R«»--riorrnatrfuSes.--r.--i:-.-i-.4— ‘ — ■ 


in Wales culminated yestsrday tistienoriziAt'ifti^es. 
in ' an- announcement that -a They entered the factory with 
Bridgend engin eering company the unofficial co-operation of tan 
has issued ' preliminary redun- receiver-manager, put ift hy the 
danev notices to its 240 work- Government a year ano'to run 
force ' the business. ' . . 

- Earlier. 200 Workers were dis- Tri - aas ***** 


missed at the alhng Tri-ang . inste , d of takme their 

see* *2 

’ cmolwer Sit,g ' e 

emploier. ! _ thp Wales TUC for a partner te 


to work normally for.it feast a 


company • will. 


Hooter rSnnu nuue iu<i v»»c search oy the 

private 

Toe latest threat' is at. Harris relaunch the 
..Economy, a subsidiary of the succeed- • - — 

[ American Hoist Crapany mak- j»j e idea of relaunching Tri- 4 
..Ming balers, shears and otbpr ana as a co-operative appears to ? 
“JJ equipment for the 'scrap incus-. j, ave peert virtually abandon^ 
try. "Hre cotnnanJ blames the g u ^ {jie development agency w ,.v 


'"fer/feish'toLi to >pprote'TsM»oc. SimnltanemslT. wall- ortfca.' repnrawd, u « ... 

of the movemeot in principle, but posters in defence of Mao bare tenets and cleared the wa.. m a sj^gi recession for its difficulties. endentJv prepared -to put nn 
his mala concern is for national appeared. modernisation programme J £i .5 m tbwaxds a rescue, provld- 

the official new- Leaflets posted on the walls of on realistic expectations rather p : • ine it can find a partner with 

is that freedom one of Peking's major hotels yes- than on idealistic visions. ■ . r arnier , . ‘ ^ of ^ capital and a eoar 

Tbe whole workforce at Harris mitment ta ’puLTri-ang back on 


stability. From 
point, this means 


Indo-Soviet agreement signed 


BYK.K. SHARMA 


NEW DELHI. Pet. L 


Economy has been given 90 its feet, 
days’ notice to but the At Hoover, shop stewards are 

management is its bold discus- to meet on Monday to discuss the 
sions witlr fta r engineering corapany's crisis measures. So— 
workers* union', to \ see if some far. Hoover’s retrenchment 
jobs can be salvaged and a shut- policy does not Include outright 


i /: . down avoided. zMgaqwhile,: the redundancies, but they ara dOt 
date baa been company is calling for voluntary being ruled obL 


elect a new President and 
members of national and 
state legislatures. The in- 
cumbent chief executive. 
President Carlos Andres Perez, 
ends, his five-year term next 
March rad is prohibited by 
.law from standing again for 
at least ten years. 


Assembly voices concern 
for French sovereignty 


BY DAVID CURRY PARIS. Dec. 1. 

THE FRENCH GOVERNMENT it Is bound to note that the fears 


will easily be able to repair the for French - sovereignty, which 
S&t's par- have centred on the forthcoming 

TP77/1 J t _ 1 a_? 1 L W 


damage done by last nig 

liamentary rejection of EEC direct election^, have grown to 
enabling legislation. But it will cover the everydav legislation 
have to stop and think about this agreed by the 'Council of 
further evidence that the course Ministers, 
of European integration is pro- The statement of Gaullist 
voking increasing fears for objections came from M. Jean 
French sovereignty. Foyer, the president of the 

The National Assembly Asserably s Law Corn- 

rejected by 333 tO 132 legislation rn'mnlain^ fh»t , lr .j 
embodying the sixth directive on ^r oT bread ^ 6eT * 


VAT harmonisation to pave the ^, v * r “ 
way for EEC adoption of the 


" AML ClCaLi dUUUUUU Ui U1C i . 

"own resources" method of E®* ^ b n e t m * a J te r n a d 
financing its budget-a move the consent of ParIia " 

^iSd t hlve G0 V a ^S ent FrSS «: Manrice Pa P° n ' th ^ Budget 
wvr °nnm n ff9dr«\ a vonr ” Minister, argued that fhe leglsla- 
FFr 200m (£24m) a year. tion coullI be araendedi 

Significantly, only a few days the Community had undisputed 
after M. Raymond Barre, the competence in VAT affairs and 
Prime Minister, had congratu- that Parliament, in approving 
lated himself on the unanimity the Treaty of Rome, bad effec- 
of the Government's support, no tively approved measures flow- 
fewer than 134 of the 155-strong ing from it 
Gaullist contingent joined the The Socialists voted against 
Socialists and Communists in the Government in protest 
refusing to accept the measure, against its “ conception of 

The Government can recover Europe,” while the Communists 
by incorporating the directive echoed the arguments of the 
into the general budget law. But Gaullists. 


CGT trade union makes 
allowances for dissenters 


BY DAVID WHITE 


PARIS, Dec. 1. 
brings in a second 


M. GEORGES SEGUY, Com- general, 
munlst head of Trance’s principal Socialist, 
union body the Confederation Since the Left’s defeat in the 
Gencrale du Travail (CGT) has March general eiectioo, the CGT 
emerged jnUct from the organisa- leadership has been under strong 
tioa's three-yearly congress held criticism both from other unions 
in Grenoble this week, by and from many of its own mem- 
making measured allowances for bers for its close political align- 
dissenting factions. meats with the French Com- 

The union’s representative munist Party, of which M. Seguy 
organs remain dominated by is a long standing politburo 
Communist Party members member. 

although socialists have gained The concessions made to 
same ground. The Socialist minorities and dissenters, for 
representation on the 93-strong instance pledging them space in 
executive commission elected yes- union publications, bear impor- 
terday after the union's eentral tant implications for the Corn- 
committee had made its own munist Party itself, most of 
recommendations, goes up from whose militants are also active 
three to seven. within the 2.35m-meraber CGT. 

The only change on the 18 man Censorship of internal criticism 
central committee, which includes in the party’s publications is 
M- Seguy, re-elected as secretary- notorious. 


tea Presidential candidates 
ranging from a former 
guerrilla on the far Left to 
personalities on the Right 
seeking to recall the “ good 
old days" of the last dictator- 
ship. Venezuelans toppled 
their last military dictator. 
Gen. Marcos Perez Jimenez. 
20 years ago aDd have held 
national elections four times 
since then. 

The Presidential campaign, 
which began officially last 
April but which actually has 
been in progress for almost 
two years, has been a costly, 
noisy and extravagant exercise 
in democracy. Three of the 
major candidates have paid 
lofty fees to U.S. political 
specialists who advise the 
parties on campaign and media 
strategy. They have devised 
masses of slick television, radio 
and newspaper advertisements 
which often resemble U.S. 
style political propaganda. 

The campaign has been the 
longest and costliest in Vene- 
zuelan histoiy. Informed 
observers estimate that the 
major parties are spending a 
total of SlOOm jo their efforts 
to win the Presidency of this 
oil-rich South American 
republic. 

The race will be a close one with 
the winner coming from one of 
the two largest political organi- 
sations in the country. Repre- 
senting the government's 
Accion Democratica (Democra- 
tic Action; Party is Deputy 
Luis Pinerua Ordaz, whose 
Party has won three out of the 
last four elections. His chief 
opponent is Senator Luis 
Herrera Campins. standard 
bearer for the Social Christian 
Copei Party. 

The two leading candidates are 
both long-time politicians in 
their fifties. Although recent 
polls give Sr. Pifterua a slight 
edge, political analysts believe 
the outcome is still uncertain. 
Many of the country’s 6.1m 
eligible voters (out of a total 
population of 13m) are 
undecided or are voting for 
the first time. 

Of the other candidates in the 
running, four represent far- 
Left forces (including the tiny 
Venezuelan Communist Party), 
two are running on the record 
of dictator Perez Jimenez and 
two are independents. On the 
far Left, the Movemieoto al 
Sociali smo (MAS) and Movi- 
miento Izquierdista Revolucion 
ario (MIR) are expected to cull 
the greatest number of votes. 

Fighting Tor third place will be 
independent candidate Diego 
Arria, a former minister and 
governor of Caracas under the 
current government, and 
Socialist candidate Jose 
Vieente Rangel of MAS. 


A VIRTUAL dovetailing of the declared Itself in favour of what made, although no 
Indian and Russian five-yfcar it described as "genuine non- set 1- - redundancies. \ \ : ' ' Some "600— jobs. .'.Have' dis- 

■economic development plans is alignment" Tb e Chinese are uniikfiv to . .in Merthyr TydjjlV it was appeared at Hoover's Merthyr 

implicit in the long-term Russia increased its efforts to we j CGme t h e accord with Russia, business as usual at Tri-ang factory oyer the past year 
economic co-operation agreement woo India after signs that China _ . . _ yesterday. The 200. from a work-.ihrough a ban: oir recruitment 

concluded here today. .. and India were keen to improve aiiaougn it is sincu. ra j orce Qf more :than 300. who and this week a big expansion 

The 

tion ol - 

Janata Government took power Since then, trade . . . . , • 

in March. 1977. to keep India resumed in a small way. and policy, which aims at keeping 
close to its orbit Indo-Soviet political relations have improved clear Of military involvement 

relations have been extremely markedly. Mr. Atal Behari with the superpowers Curionsly. Ai/rn VA^n 

close since the 15-year friendship Vajpayee. India’s Exeternai tne agreement has ben‘ signed FflVdlv 6(E6 

treaty was signed in 1971 by Mrs. Affairs Mfnister. was to have while Mrs. Juanita Kreps.-lfce a v utv .HUU VI O ua 

Indira Gandhi’s Government, but visited Pelting last month but U.S. Secretary of Commerce-, is 
the Russians feared some change Changed his plans because of ill- here to discuss ways to increase 
when the Janata Government ness. The visit is still .to be lndo-U.S. trade and investment., 


e agreement is the culmina- relations, damaged by the Sioo- nomic co-operation agreement. were o-yen dismissal notices on scheme, 

of Russian efforts since the Indian border conflict of 1962. For this reason, it does not Thursday marched Into work on promise 

ta Government took oower Since then, trade with China has violate India s non-a.igiisient H- mp vpstprdav rAnrnms. headed the area 


:which original'!? 
promised an extra. 3.000 jobs for 
time yesterday ffiofning, beaded the area, wak shelved.' 


Bill gets first reading 


Special court possible for Mrs. Gandbi 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


BY OUR OWN CORRESPONDENT 


NEW DELHI, Dec. 1. 


A PRIVATE . MEMBER’S Bill Mr. Clement .Freud (Lib.. Ely), 
which would give ; tbe Govern- The Bill similar to . the one 
ment wide-ranging powers to going through the Irish Bail, 
control cigarette' advertising and would give the Secretary Tor 

THE WAY for speedy prosecu- delay legal proceedings up to she stands to lose her- ; seat for sponsorship by tobacco com- Social Services, the. power _ft> 

tion of Mrs Indira Gandhi on five or six years. contempt of the House.', The panie*. has bipen -presented ia make orders to control, and rega- 

charges of corruption and abuse W irh th*- na of the Privileges Committee has found the Commons.-i by- Mr. Laurie late the advertising and promo- 

of power arising out of the Shah " £ Gandhi can her of breach of -privilege Pavitt Labour MP for Brent tion of m^rettes; ami tobacco 

commission's reports on her "*£2$ “"fit it? re?dlcT o"? aa d present indications kre that South. . products. More significantly, it 

19-month emergency rule was Tour! Sis h *r membership will d»e sus- It received formal first would, pm/hmiamilar powers 

cleared today when the Supreme eliminate? rammltol Proceed P ended an,ew she aoolqpises to reading in the House, yesterday over jtil otb«- Mrities. to prd- 

Court gave its opinion that a faL“ 35 vrell a“ hearfn7 S bv rhe Honse-an unlikely event and is listed to come up for a mote the sale of tobacco pn>- 

special court could be set up owe r rouJS a nd the hYeh TOurL since she wH1 be admitting;; that second reading on .February B. ducts, 

for tbe purpose. rZl she is guilty of blocking an But ^ 


Tbe opinion of the Supreme SSy afd^re ^nov SjTectod^ ***** >“ 10 * r son,<5 aulon^bile I optimistic i^dnjeoi of 


Court had been sought a few 


although Mr. Pavitt -is 
Stic ahoi 
getting on . to; the statute book. 


parliament oh setting uo a Gandhi - who has mad- a ment i S divided on taking swift it fnr deb?i te;'pn February 9. If 

special court for the purpose, remarkable political come-back action against Mrs. Gandhi ^ wbofe it does c*t.' discussed on that 

Its mtin object is tiigt < Mrs. hy winning a parliamentary only, hope Jies in, pashingvia^h date, it 

Ghandhi should not be avowed by-election and by getting her differences tv-entieSrt. t- •£ - , . . , u .. - r 

to use normal procedures to Congress faction recognised as a large sogmenVLover to-her side Prj^te jve letters; legislation^ 

delay action against .her. By the official Opposition in parlia- and thus try to ' topple tiie _ raeasqttiv 

obtaining injunctions, it is pos- ment is in trouble in -the Lok government.’ She 

sible for a litigant in India to Sabha (Lower House), where made moves in this 

how- 1 nd us try - and ^commerce £ o w th^ 


Project to give 

industry il .: 

a better image 

guj J0HN meihVEN. director- ■ J 

' Tobacco sener^ .qf-tbe^aiifgderatlmi of c.. . 



Nigeria continues talks on 
Warn steel plant finance 


Iran bank 


FRANKFURT, Dec. 1. 

NIGERIA "WILL continue to tal market terras, he added, 
negotiate the whole ol the Mr. Olueye described the 
DM l.9bn (£513m) West German present situation as a temporary 
financing package for the Varrl stalemate and'- said agreement 
steelworks, according to Jlr. should be reached within a few 
James Olueye, Finance Conrais- months. 

si ^) er - , . The charges, which constitute 

/Mr. Olueye said agreemc t has 4 per cent Hermes cover and 1* 
still to be reached on ter os of per ccnt general fees, are gener- 
ate DM l.Jon (£o72m) neport ally borne by the exporter and 
credit, which forms the najor included in the delivery price, 
part of the package. However, in this case. Nigeria 

German hanks recently with- originally intended to bay cash 
drew a DM 750m loan, hich for the works, and the industrial 
forms the balance of the pat kage, consortium involved. « led bv 
from a major Eurocredi for Gutehoffnungsbuette/ Sterkrade, 
Nigeria signed here yestenay. therefore offered a cash price. 

Mr. Olueye said the bank; bad it was only later that Nigeria 
Insisted on retaining the link decided to take exhort financing 
with the W arri project, a id it for the project and it was then 
was therefore necessary to with- understood that the borrower 
draw the mark loan in ord ;r to would bear the charges, the 
reconsider tbe whole Varri banking sources added, 
financing situation. Mr. Olueye said he was satis- 

At issue are charges totlling fied with the Euroloan just 
5i per cent on the credit From signed, adding that Nigeria has 
Hermes, the German Covert neat obtianed 75 per cent of the $lbn 
export insurance agency, vhlch originally sought, 
come on top of conventional eapi- Reuter 


Somoza/ 

/ 

agrees to 
plebiscite 


evpr ^ \rr.r-. jnpdionrcan belp theirhusmea. 

Mr. Pivitt: fs' ebahfoin -of the 7 The programmes, proceed by 
all-partvf Group for Action on a consortium of 14 leading pro- 
Sitioking and Health.- and is also duction companies demonstrate 
-of the Laboui'.Party’s the use of tapes and slides in 
-rnm. V". . : caip«j Tiromotion exhihitHiin!- visi- 


I chairm 
[Health 
Apa 
I the sp 
McCJusl 
Arm'ag 


records check 


TEHRAN, Dec. 1. 

A THREE-MAN team [rom political turmoil was circulated 
Iran’s Justice Ministry is c ieck- several days ago by a group of 
ing central bank records rfter p niployees. 

opponents of the Shah clamed c0 , n ^ I l, be a n!, V ® 
tbe 180 prominent Iranian?, in- s ^ !t ? 

eluding royal family memters. wi 

trnnsfprred somp Qhn ® currency controller. We 

toreS^rakTreun.s 8 " list of question- 

- able transfers, but its much. 

A five-page list purportic; to much smaller, 
give the names of the pefeons " We're prepared to hand that 
involved in the alleged transfers over tn the proper authorities 
and the amounts they were to if we find that currency controls 
have sent abroad during recent have been violated,” he said 


MANAGUA, Not. 39. 

NICARAGUAN President 
Anastaslo Somoza tonight 
agreed to a plebiscite on his 
future, as proposed .by an 
International mediation team. 

Tbe country's political oppo- 
sition — but not Left-wing guer- 
rillas— agreed earlier today to 
the plebiscite, widely reganled 
as Nicaragua's last chance of 
avoiding civil war. 

General Somoza told a news 
conference his acceptance was 
conditional on tbe alternative 
to his remaining in power 
would be the formation of a 
constituent assembly to draw 
up a new constitution and 
organise a provisional govern- 
ment. 

He said that If he were 
defeated in the plebiscite he 
would neither band over to a 
national unity government 
organised hy the broad opposi- 
tion front (FAO), nor leave 
the country- 

The mediators, from the 
V£* Guatemala and tbe 
Dominican Republic, had set 
noon today as a deadline for 
General Somoza and the opposi- 
tion to reply. 

They proposed a plebiscite 
within the next two months 
guaranteed hy the Organisa- 
tion of American States (OAS) 
to decide whether General 
Somoza should resign and go 
into exile, as the FAO 
demands, or serve out his 
presidential term until May 


iraup. . ■ • sales promotion, exhibitions, visi- 

! from the Conservatives. tor.- : centres, -trainiog/miij public 
isoru include Mr: Bfrotd relations, 
er' ' (Ulster. Unionist- Lord Ted. Willis, opened _tbo 
V Mr. Donald StewaSrt/ meeting, which was '.chaired , by , , 
leader jpf the Scottish^ Nations^' Mr.- John_ Chittock, film_ and/ 
Ists. SI4 Gwynfor Evans/leader', video columnist of theTinandai 
of thejWelsh Nationalists, and Times. " 


development body 
agrees to avoid politics 


THE LONG controversy over the development council s biggest 
future jf the North of England local authorrtybackeiythreateBed 
Development Council ended yes- to withdraw Its’ £84,000 annual 
terday ;.>i'hen its executive com- grant unless- the- organisation 
mittee-j accepted eight guide- approved the. new -policy. : .' . 
lines liid down by the North- The executive , "voted •• against 7 
East County Councils Assoc ta- the recommendation.' by union' 
tion. v officials to defer the final decision' 

Tie Recently formed associa-. on the new guidelines until they 
non edmprises the region’s four could .be Considered more fully:" 
county? councns. Mrs. Maureen Taylor, develop- 

THe 'guidelines mean that the ment council chairman, said: "A 
development council will in lot of time arid energy has been 
future:- concentrate mainly on wasted on this matter m recent 
promotion and publicity, leaving months. I hope the. mining will 
political affairs to .local authori-: now ,end.'* ._ . ' ' . 

Lt . -u . ^ . The coitacil also voted to open 

The dispute began when Tyne its meetings to the Press. for the 
and Wear County Council, the first time in 16: years. - 


Metropolitan Police 
to test radar ‘guns’ 


EY MAURICE SAMUELSON 


1981. 


Nixon sets out to stir the sleeping giant. David Tonge reports 

‘Man is imperfect 5 and Watergate unmentioned 



WATERGATE, Lord Longford Longford called him. the Inevitable “ No." But hr 

pointed out yesterday, had long murkier ride of Watergate was " Though as a man I 

been the telegraphic address of e 7 tn £toted at in the ques- to." On Watergate, too;- 

sidnrick and Jackson. But P ons had ( l u ^ ck to adopt his ne 

been been 3t ^ Oxford Umon - tone of neai^omrition: ' 

seated at hw aide at a luncheon a biuildt;r ^ j 

In the Hyde Park Hotel, Mr. take responsibility for mi> 

Richard Nixon merely beamed at Accessible takes." 

bis British publisher in res- u,^ h 

ponse. From the uncertain ter- Watered with compliments. ^ ^nrher "freedom in ffhii 
ritory of Oxford, he had moved Mr. Nixon flowered. But with a S2L «TS?reivJ ” 

£ “g TP ore fa vourable wo rld M dWeract .Fou^nrn Jn jtb. SSSSJSf “ uSi fe 


argued, an dangerous as Coin- then give them no nosilive- 
imraism. I have yet to ,'sec leadership or direction." What 
wnen, on a significant mtjor would his own role be? Here the 
..'international isue. one of the! so- contriteness slipped for a 
ailed Eurocommunisi parties moment, with his answer: "You 
;has taken a position significantly can only be elected twice as 
«lncrent from the Soviet Unitm.” President, and [ have no desire 
e claimed that in France thfere to run for anything else” He had 
is considerable evidence dial retired from political life, but 


Marcbais, The French Com- not fro mlife.'he said. And. in 

lifp. i..' 


Hist leader, had acted ig a way life, anti-communist life, he' in- 


was not conducive to a 


business rad conservative poll- political wjldemkT' m " s7n 3SBST& oo^mX nc<S toai X The* “rajTTre^ffe^ 

as Mr James Prior Clemente have turned the sare^au^ the tide was S £L no! M accideot qon- Oxford streets have nbvTousk 

5S1S5 ftXEffr ” - he ”- v ^ 

sssfs sjawsa 

rad “ended the war m Vietnam." almost dialectical analysis of wr i D Lrii*»r the da . , ?^? rs of j 
No one present seemed disposed perfectibility. 

•o point out that he bad merely when as'—'* an ? anti-Com munist and - lm‘- ' 

ended U.S. engagement in that enTerta!0C d 

wa * > ‘ being wroni_ 

Ip the heady atmosphere prosecuting whom he had made people present. 

■found the “ Preeldent," as Lord his name, he replied wt(h the Eurocommunism 


ery iuai inv "uiieu ui me same oeei 

d,d D °l want thp “[sleep- as the ignominy of 
giant ’ of the We.-t to awake, before his resignation. 

1. . Mivnn nov)i«il!*< 


V/M, 


the da vs 

And mV. 

Nixon, partially restored in 
pubjic life bj’ his welcome 
behind clo«ed doors in Britain, 
obviously believes in his new 
self-appointed role, that of the 
nna-p*rtiMn statesman who will 

- sST" " 


5an 



SiSP^SP r f r ,. r s and GI aagow and used -In - HoUrad; 
dSfLn?' 1, k " b5,de /speed and the south African made 
deletion units already in use Tnivello Speed meter - sold-' 
* I** h *r? _ in toe UK. are to he, through West^Germairv!.- - 
te 5? d u 1 London from Monday. -The new equipment: has” been : 

baU^dmre^nd^im ^ ke «“ d by other police forrwvfftr '■ 
0 f an l e . ra * than-;a year. .Thft^ssex 

Mtf P ! police have made ©prs than - 
K^nm : Sns' ?h h ' S ‘ K ‘ ma ^5 3-00^ prosecutions. Muni 
can used Q ul P “ gun, ’L Sdilch . Js., thought 

b L a . pa H 01 07 from a to cost- Ibout-isdO. -i.. 

ITf® 1 l fi T”*-- 0 ® 1 ®* r f at a Speed4:det?ctors;-';^cre 'first ‘ 

lts s „ peed ^ displayed. Introduced, in.- the iHE/ ia the. . 

V? be tested ,n the to be -Rested- hF the- Metropolitan . 
Metropolitan area are two ne^Pollee are the^first which can 

kenside devices, the Gatxo Mror bd; operated'.'bjr^ohe ptflicemah. 

nacar. made by James- Scott of inatfi^d nf 7 




- ■r n r 


Competition plaimedfor 
new 




Lcjobn : Council <: London Jran? - fitting 'f Of jw .unique kieatiftn* 
sp^fc committee is 

petirjon.to find the-most attrao- that 


unique tocatfon. 

rirJS? Jr H- W S at Privaft cn 

live |hnd_ pracucal design^ -...iiivDlved^as-well." • 

air?. Margaret Williams,, vice- Officers - - Wilt -cmranh 

riven-^serviees, said: 
is the/key-'to all passenger boat 
ppeih'tioRs .. on. the Thames. 


tt' j 


•f jr -■*• 


responsible for with a vievr to setting .up’ the 


? ier competition ia the new year: 


ws- zuquiPOi .. z- .'*■ 

Tovliaods. of .people use it every, finawcm* Time< 
day m the summer month&’.-. 

“•'i is: now ; h 

dltifin in fact <» uui«Derien Yary, ' N. y. 






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LABOUR NEWS 






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' BYj&JOtteWTA'n-Cft 


THE: : Us&t Trost Association 
■y&watayi ^became -the flattest, 
-Chy-:body -to. criticise sections^ 
o£-J4fce; Companies BiH.,-4ea2b>ff 
.wife .-.fee proWenui^' -fesW c£ 
#*S*8. „• ■;. _ v .; t 

■ •'.•3a -a me)»Praaxianx%'io.'.;.fee 
Trtfde Depa^tjSenV. 'tSe ;i«s#oiai-' 

■ tion . sadfe: nfrHf. . .. proposal 
re^attmis^ro^tors,^ managers 
and v effigloyei^i- - may- 1 not feel 
apiet fo ;df nl m fe^-coxapantes* 

1 $&&?£& at mJL “ r , ••■•' .“■■"? '.-COy . 

->T3te;eff£et: 5«f--.felsp. : ^r.- : lhe 
as^rietknfcj 1 - ifr ■■ ;*tbat^ •* honest 
: pcopie svHI'no tldfiat f W ; fear of 
pirosectjtifln'.y&ile ' auscrttputoua 
operators- Zigttt "h e:xi3 a trrely 
Ttoa&fijp&ft ?'-' \ ■ ■-.->:••• 

■•- The -u&oclgiibti, - however. Said 
It w elcem^s ‘fee -proposals to 
. -present .-diretUom .- abasing their 
r^^ps®lfit|es. ; ^towards - share* 

.-;."7&is as .a . much 

more, senotes matter than insider 



i^rette 

3G}Qg 


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-{ 7 


aVr. 

&'<ur 


bidr ejected 


By Christine ^fcjr '■ X 
SWAN BXnrfB&^GkOVP >as 
been clearest ; o£ any liability for 
a damages- claim Jrom Anglo mar 
Shipping- ose* a ship'- btaflt by 
Swan HuDter-SBipbulWers before 
it was'nathmdisediast year. ''- 
In - the 1 High • Gonrt - yesterday^ 
Swan Hunter Group; fee non- 
nationalised part of fee original 
eomtoany, was -giveti^a' format 
discharge frortf-a' writ issued by 
Anglomar.es jakrtoflts damages 
cT?faxj.. ?■-! ." '.. " r..' :1 ... 

- Swot Aocdes sftuly aigoed^tliat 
any- liabilities .fecjarred amder.in 
1 hdemnity it gave- ixr^ralat^n to 
•he - bnildw? .contract for the 
vessels L^floiLLfon, have; been 
t’-ao.'rfer^ed 1- . -Swan .. Buster 
Shmhtrildets: _V - '. f .- - i 

Anglomar-daims 'feat fee- sHijp 
was;, defective.- And 
damages,:, vftotrr Shiphd}Wer»H 
whife cotddiajnpunt’to £6m, ^' , ' 
Sv^h . Hunter -/ ShfehttUders 
became 'A part- of -^BritMu.Siip- 
builderS: afte r natidiiaiisafeid. . '' ' 


*& . 




f y. 


RNJ^C^3L%TWE5 REPORTER 



MOR &- 
comm; 
Xrel, " 


half fee- money 
^ ^ ^fee Northern 
r.-Usvetopment- 'Agency. 
__ rtwo .aSd a half 

{^■aH- agt^-has^gone . into etruity 
hj- fee': ju*r.\ wrtff ^ ''par ..company 
being^estabbabel in Belfast by 
aig. Jofan De Ipfean. 1 . ,-> '- ^ ' 

Hmmls.' "Faulichci* the 
ggfeoay?*. chairman,- who- yester- 
day presepted^its second annual 
report, said Slri had been.cQm- 
irdtt^l^to""date, "mainly through 
its-rdfe- as “4 high risfc- mer- 

ihiit3»ai&“ .Bow««r v Mr. Dc 
Ldr&an, ' -the former- General 
Mot o cs " ese cuUve; ’ recently an- 
noixhced- feat be. plans a fund- 
raising- ^ampaipi in - the XJ.S. 
next spring. Thfe proceeds are to 
be used to biiy outlbe Govern - 
ment stahe amd .loans in fee 
Belfast fahiory. - : 

'Biillding of the- 500^)00 sq ft 
factory ■ ivonld start' early next 
year «d-‘by the first- quarter of 
1980, .jvben profit ction began, 
the agency would-Start to receive 
royilties on car «les. 

Identified ^ ; 

Mr. Fauikner forecast substan 
tial growth in fee number of 
jobs provided .bs companies in 
which ’the. ‘agency, would have a 
bolding; -It stood at' 4,500 and 
shdcLld Increase by about 230 
in a' year or so. be said. 

■:- The. accounts fer fee year to 
Harcb ^33; 1978 show fee agency 
retained losses- of f44m mainly 


accounted- for by a £3.1m loss 
incurred- by fee . troubled West 
Belfast hi-fi company. Strathearn 
Audio, wbich is agency-owned. 

Ddring the year the agency 
invested £6.75m in 19 companies 
or projects. It already had in- 
vestments In 10 of the com- 
panies. Seven had never been 
asistad before and two were 
helped' with product develop- 
ment:;. - • 

Moffe than 80 per cent of the 
Punds-’in vested went to 10 com- 

panles-’in areas of high unem- 
ployment. . 

The chairman said during Its 
second year, the agency identi- 
fied its role more clearly. It was 
not in fee busmen of grants and 
subsidies. Its primary function 
was to . provide venture capital 
and loans, taking risks not nor- 
mally acceptable to commercial 
banks. •; 

The £50m financial limit — set 
for fee agency set two years 
ago is soon to be raised by Mr. 
Hoy Mason, the Ulster Secretary. 

Mr. Faulkner said the agency 
was much more optismistic 
about fee future than for a long 
time. Ulster was at long last 
getting a reasonable share of fee 
positive .happenings in world 
economics. 

It was working closely with 
fee Northern Ireland Depart 
meat of. Commerce to identify 
the industrial sectors on whicb 
the province should focus its 
search for overseas investment 



The Queen gets a warm welcome from members or the Stock Exchange during her 10-minute 

visit to the floor. 

Queen pays Stock Exchange return visit 


BY JAMES BARTHOLOMEW 

THE QUEEN and Prince Philip 
paid a ten minute visit to the 
floor of the Stock Exchange, yes- 
terday. 

And fee Royal visit was shown 
on the Exchange's internal tele- 
vision. for those wbo could not 
get on to the packed floor. 

During her tour, the Queen, 
wearing a green dress and jacket 
wife black trimmings, talked 
with Miss Christine Evans, one 
of the new women members of 
the Exchange. Miss Evans is an 
authorised clerk at brokers 
James Capel. 

The Queen then moved on 


through the industrial pitches to 
fee gilt edge dealers. The 
Exchange estimated £2flm of 
business was sacrificed during 
the visit. 

The Prince Philip followed a 
different route. On one of the 
pitches of jabbers Wedd, 
Durlacher, Mordaunt. he asked 
about fee price displays and 
factors affecting the market. 

The last time fee Queen 
visited the Exchange was to 
open it on November 8. 1972. 
Yesterday, however, was the first 
time she had seen the new floor 
during trading hours. She was 
escorted by Mr. Nicholas 


Good! son. chairman of fee 
Exchange. 

After visiting the floor she bad 
lunch with the 4” members of 
fee Stock Exchange Council. 

Mr. Goodison said her visit 
was not for any special reason 
but he was pleased wife fee visit 
and remarked on fee “ happy 
atmosphere.” 

The Financial Times index 
loyally rose 4.7 on the day to 
486—. 

The Queen's last vUir preceded 
the vicious bear market of 1973- 
1974 but Mr, Goodison dismissed 
the idea feat this might be 
repeated. 


iioyd’s members back 

-i-* - i i • . ; - .• 

£45ni building plan 


vr JOHN MOOIB;^. \ 

MEMBERS .- OF Lloyd's have 
voted,; overwhelmingly, for fee 
proposed £45 m redevelopment 
[Scheme at Lloyd's /Lime Street 
site. in the City. ...... 

; Oi- the 1,400 members eligible 
to vote. only '906 (fid so. They 
were largely .'workhig membera 
of- the;- Lloyd's: market- Lloyd's 
saj d yesterday- feat fee extended 
yotinB . period .enabled many 
Tinder^ttiiig, ageKts?vto consult 


their own underwriting members 
before voting- 

Lloyd’s will begin detailed dis- 
cussions oh fee scheme, which 
may start next summer. 

The planned redevelopment in- 
volves demolition of the . market’s 
former trading floor on fee east 
side of Lime Street and building 
of a 500,000 sq ft office and 
trading complex. It is due for 
completion in 1986. 


!i?nf bod; 


iR 


olrna 


Ji 5 - 


?*k 


in larger 

«■ dispute riESipt : ; 

f DISA GSEEMENT„ da-wbefedr-^ 
, merge wife JKurray end - Go^ the t 
I- Birmingham -«fecafeOTkerSK 'has,, 
1 led to -th^ Te^gnatioh ' of •thredl 
i partners 'and oneicp.nsu&ant-from ' 

; Lyddbn? and jEo, •fee*' Cardiff 
t based broksra. v ‘ ' - £ ; - " c 

The- four men.wfil how become 
} partners': at a branch offiee to: be 

»- are Mri G: ^ G. DanieK'Mr- jL-St 
i Coi; Mr: T3. A. . Cantiay and' Mes 
t G.t;_ CS ntiay. Their xeslgnation^l 
i wfU' -.beifeme - - effective-.' one t 
December $&• :.' ~ . •. r. 4 I 

The hierger .bad been sought 
to-. 14 broaden. the, base/’ of th& 
firm,- said Mr. R- B. :Frame, ^4 
parfeer • -of -.Murray and. „C»., 

. yesterday.; -..'- ' v;.' j;:-' . .- 

More approval . 
for Piccadilly : 
rebuilding . 

By Jrihn Bremum, 

P roperty Cpctupondwit . '. 

PICCADILLY. London. . is lo 
acquire^ d £40m leisure centre. 
The' Greater London Cocodl’s 
central area -planning com mitt ee- 
has agreed to plans submitted by 
the-Electricity Supply Nominees. 

!■ the electricity industry's pension 
- fund, for: fee redevelopment o_f- 
1 the Trocadero dte" -. between 
.Shaftesbury,; Avenue. .and 
IVardouT Stseel.-. . : - . 

. The pension , fund's scheme, 
first rpropOBed ip the spring', has 
-now.-been.. accepted in outline by 
all the_.relevOTt planning aufeorii 
ties.: -"Tb^ developer expects that 
the -creation -.of .* Disney' land 
style- leisure centre; linked wife 
shops, restaurants, theatres and 
exhibition centres will draw 
about '.3L5m visitors a. year;. 

If detaifed.. planning siibmis- 
ri qiis ,-*re. accepted, by the G.LC 
Westintester-' council - and ’ the 
Secretary for tbe Environment, 
building work ;T on fee ; prejed 
could be under - v^ay early next 
year. J : i : : 



H«uh JtowUnXoe 

Mr. Fredy Fisher, right, ^editor of the Financial Times, 
presenting' the .a ward to Mr. Jake Brown, architect of the 
. GLC project 

GLC lands Financial 
Times arclutecture prize 

BY COLLEEN TOOMEY 

.THE. Greater London Gnuwil. The GLC’s station is the first 
often the_butt-of criticism ever large site to receive solid waste 
its. architectural designs, earned by raiL It is highly mechanised 
an accolade - yesterday feat and requires only about 25 
should impress its critics. c-V employees to operate the plant. 

One of it^ ; biggest projects. .Two architerte appointed from 
the. £5m solid wastes rail txams- ■ ?°- val • ^Utute or British 
fer station, in Brentford, ibas Architecte and a Jay assessor, 
won an architectural awards,. Sir Charles Troughton, chairman 
. - ■ _ ■_ of the British Council, described 

--.It is the first -time fee L»fcC- the award-winning building as 
has gained fee Financial Tirqes “giegi. an ^ bold" in form, “neat 
Industrial^ Architecture_ Award and practical ”- in detail and 

in; fete pnze’s 12-year history^ •• s ] mp ] e - and logical ” In 
double .bonus consldenng fee planning. 

r^feer undfstinguished laskjo One important advantage for 
which the building is put. the GLC is feat it has converted 
Each day.* the Brentford a once -squalid site Into a 
station- receives about L<HX> pleasanMooking work environ- 
tonnes of waste from five ment The site was originally 
boroughs. Tt .is compressed -iqto used for stacking wrecked cars 
steel .containers and carried by and was polluted with chemicals 
rail to a distant tip. and oil. 


Directors 
group 
to lose top 
executive 

By Maurice Samuelsbn 

THE Institute of Directors will 
shortly advertise for a- new 
director-general to replace Mr. 
Jan Hildreth, whose five-year 
contract expires at the end of 
next year. 

Mr. Hildreth said yesterday he 
would have liked to stay on for 
another one or two years hut will 
not do so because he objects to 
the planned restructuring of 
the institute's administration, 
favoured by Mr. Denys Randolph, 
the chairman. 

Under the plan, worked out by 
a management consultancy, Mr. 
Hildreth's role would, be 
narrowed to that of a spokesman, 
and a separate bead of adrainl- 
station would be answerabh 
to the chairman. 

‘That would turn me into a 
disembodied voice, out of direct 
touch with the institute’s 
membership,” he said. ' 
Although the restructuring 
will be discussed by the insti- 
tute’s council on December 12. 
Mr. Hjldreth said Mr. Randolph 
was acting as though it had 
already been officially approved. 

Mr. Randolph, who is chairman 
of Wilkinson Match, said that the 
council meeting would deal less 
with Mr. Hildreth's position than 
with the broader plans for the 
institute’s running in the 1980s. 
He looked forward to its trans- 
formation into a federated Euro- 
pean body with an impact on the 
EEC Commission in Brussels, 
where it might eventually open 
an office. 

Mr. Hildreth, while endorsing 
the need to “ keep our hand in 
in Europe and the U.S.," said the 
priority was still to secure the 
institute's financial viability, and 
to strengthen its voice and 
membership. 

Both men refused to per- 
sonalise their differences. Mr. 
Randolph said it was unlikely 
feat Mr. Hildreth would leave 
before his contract expired. Mr. 


Inquiry team 
set up to aid 
consumers 

By Our Consumer Affairs * 
Correspondent 

THE COMMONS Select Com- 
mittee on fee nationalised in- 
dustries has established a new 
subcommittee to inquire into the 
role of consumers and fee 
nationalised industries. 

The move fallows the Govern- 
ment's announcement in the 
Queen's Speech tba; it intended 
to bring in legislation “to 
strengthen fee consumer voice 
in relation to the nationalised 
industries.” 

The sub-committee will hold 
public sessions in the New Year 
and is also inviting comments 
from interested bodies. 


£1.5m modernisation 
for stamping plant 


BY JAMES MCDONALD 

THE BRITISH STEEL COR- 
PORATION is to spend £1.5m 
on modernisation of its Cookley 
stamping works at Brierley Hill, 
.West Midlands. 

“The modernisation should 
help to secure tbe future for this 
works, which employs some 300 
people." said BSC yesterday. 

The corporation proposes to 
close the main part of the 
Cookley plant, used for produc- 
tion of electrical steels and 
employing 600 people, and to 
move fee production to Newport, 
Gwent. 

The three-year modernisation 
scheme involves replacement of 
some older equipment by nine 
modern presses; reorganisation 
of press shop layout to improve 
product flow; and general 


modernisation of fee site, wife 
renovation of services such as 
electricity supply and distribu- 
tion. 

Cookley stamping works, part 
of BSC Welsh Division's 
associated products group, 
makes laminations and trans- 
former core plates from elec- 
trical steel supplied by the plant 
at Cookley and by the Orb 
Works. Newport, its products go 
to electrical equipment manu- 
facturers for incorporation into 
motors, generators, ebokes and 
power transformers. 

A £1.9m development announ- 
ced in August last year in the 
electrical steels finishing depart- 
ment at Cookley, is nearly 
completed. 


Fintel viewdata publicly 
available next summer 


FINANCIAL TIMES REPORTER 

EXCHANGE \ TELEGRAPH 
(Extei) and the Finanical Times 
are to invest £500.000 in their 
joint venture, Fintel, which will 
provide business information on 
Prestel, the Post Office’s view- 
data service timed to become 
publicly available in about six 
months. 

Fintel will present business 
information in several forms, 
from daily news to company 
data and surveys of sectors. It 
will also offer analysis and com- 
ment on industry and finance, 
provided by Financial Times 
journalists and by industry 
analysts. 

The service has prepared 4.000 
pages of material fa page is a 
screen-full of information) 
rising io 10.000 pages next year. 
Tt is the largest provider of 
business in formation on the 
Prestel system. 


Fintel pays £4.000 a year rent 
to tbe Post Office and a fee of 
£4 a page, Mr. Brian Botten. 
managing director of Fintel. said 
yesterday feat be expected the 
'service to break even by 1983. 

The user of the service pays a 
telephone charge, probably also 
a Prestel premium charge, and 
a charge for each page viewed, 
varying between 5p and lop. 

In addition. Fintel hopes to 
attract corporate advertisers to 
block-book 100 pages in which to 
present company information as 
they wish, at a cost of between 
£3.000 and £4.000. 

Mr. Botten said: “There is no 
doubt in my mind that this new 
v p ay of communicating inform- 
ation will be rapidly accented by 
business bnib in Britain and 
oversea?. Fintel is actively in- 
volved in discussions with the 
Post Office on international 


Heath ‘faced same pay 
challenge as Labour’ 

MR. EDWARD HEATH, fee He itealt with world trends, 
former Conservative Prime and with Ihc nerd for Britain to 
Miniflcr. paid yesterday that accept technological changes. He 
trade unions were challenging then volunteered his views on 
fee Governments incomes policy pay end trade unions in a ques- 





claim 


fbr^gfjcial pay 
stains rejected 

BY PHILIP BASSETT, LABOUR STAFF 


MINISTERS rejected a claim 
yesterday by farmworkers’ 
leaders to make agricultural 
workers a special case beyond 
the 5 per cent limit of Govern- 
ment pay guidelines. 

The refusal means that the 
farmworkers’ union will meet 
the employers' side next week 
to persuade it to increase its 
5 per cent offer. The union has 
submitted a pay package for 
increases of more than 100 per 
cent. 

Mr. Jack Boddy, general 
secretary of the National Union 
of Agricultural and Allied 
Workers, put the union's claim 

yesterday io Mr. John Silkin, 
fee Agriculture Minister. 

The claim for special case 
treatment was based on the 
provisions for self-financing pro- 
ductivity deals allowed under 
tbe White Paper. The union 
told Mr. Silkin that agriculture 
improved its output by an 
average of about 5 per cent 
every sear, compared with an 
average industrial improvement 
Of 2.5 per cent. 

Mr. Silkin accepted the impor- 
tance of agriculture to the 
economy and the achievements 
it had made In improving produc- 
tivity, but rejected the claim 


because productivity deals under 
tbe White Paper's provisions had 
to be negotiated wife individual 
companies rather than across the 
board for a whole industry. 

Mr. Body said after the meet- 
ing that whenever agricultural 
employers had a good year farm 
workers felt no benefit from it 
“We shall go back to fee Agri- 
cultural Wages Board and try to 
persuade them to re-ex amine 
their offer." 

He said that the 5 per cent 
offer would put an extra £1.65 
on the basic rate of £43. The 
employers have also offered to 
restore farmworkers' overtime 
rate to time-and-a-half, and to 
improve craftsmen grade 
workers* differential rale from 
fee present 10 per cent above 
basic to 12.5 per cent. 

Mr. Boddy said that fee offer 
would moan effective reductions 
in pay for lower-paid workers 
after tax and other deductions. 

The union's claim includes an 
£Sfl weekly minimum wage, a 
reduction in hours to 35-hour 
week, a fourth week's holiday 
and other benefits. The union 
claims average agricultural 
weekly earnings are E25-£26 
behind average industrial earn- 
ings. 


Esso stewards threaten 
to strike in New Year 


BY NICK GARNETT, LABOUR STAFF 


SHOP STEWARDS representing 
Esso tanker drivers and depot 
workers decided yesterday to 
reject the company's annual pav 
and productivity offer and 
recommend a strike from 
January 3 if fee proposals are 
sot Improved. 

Shell stewards are recommend- 
ing a strike from January 2 if 
their offer is not raised. Senior 
stewards at British Petroleum 
deferred a decision this week on 
industrial action after an indica- 
tion from BP that It was willing 
to renegotiate its offer to tanker 
drivers and ancillary workers. 

Esso's offer involves an in- 
crease on the existing basic rate 
of £75 to £78. and a rise in the 
level on which overtime and 
shift pay are calculated from 
£59.25 to £70. It is linked to 
productivity. 

The company said yesterday 
that it had agreed to reopen 
negotiations next vraek. 

Of the big five companies, 
stewards al Shell. BP and Esso 


have rejected company offers. 
Stewards are being recom- 
mended by union negotiators to 
reject the annual pay offer made 
by Texaco. 

Senior stewards at Mobil have 
been recommended to accept 
their offer, which is now being 
put to depot meetings of drivers. 

Mobil’s offer is calculated by 
the company as worth 11 per 
cent including 6 per cent for 
improved productivity, although 
much of this would be consoli- 
dated into basic rates. The com- 
pany already operates a drivers' 
productivity scheme unlike the 
other four major petrol and oil 
suppliers. 

In return for fee cash offer, 
the Transport and General Wor- 
kers' Union, whicb represents 
tbe drivers, is being asked to 
agree to faster journey schedul- 
ing and increased road speeds, a 
saving of 10 minutes a day on 
loading and unloading, and an 
underground system oF aircraft 
fuelling at Gatwjck. 


Labour Party pay offer 
faces Ministry probe 


BY OUR LABOUR CORRESPONDENT 


A RECENT pay offer to Labour 
Party employees is to be 
examined by the Department of 
Employment, Mr. Harold 
Walker, Minister of State, told 
the Commons in a written 
answer yesterday. 

Mr. Norman Tebbit Conser- 
vative MP for Chingford, said 
that the offer appeared to be in 
breach of the Government's pay 
guidelines. 

Mr. Walker said the Depart- 
ment relied on a wide range of 
sources, including published in- 
formation and queries from 3JPs 
and members of the public, to 
follow up possible breathes of 
fee pay policy. Thp Department 
of Employment also carried out 
a systematic monjtoring of 
major settlements. 


The Labour Party pay offer In 
question applies only to beads 
of departments. They were 
offered increases of 5 per cent 
now and a further 5 per cent 
in May by the party's executive 
but this was rejected. 

The departmental heads have 
now submitted a claim to tbe 
Central Arbitration Committee 
for a restructuring exercise 
based upon job comparability. 1C 
this succeeds fee .cogimiltee 
would be able ro sward increases 
above 5 per cent without breach- 
ing fee policy. 

However, fee parti’ executive.' 
recently requested the heads ta 
withdraw their arbitration com- 
mittee claim and resume nego- 
tiations. This is now being con- 
sidered. 


Booth warns workers 
to keep fit’ for change 


had challenged his government. 

He said pay moderation was 
essential in the battle against 
inflation, and criticised those who 
called for Government lo fight 
inflation but were first in com- 
plain when action was taken. 

"This country today cannot 
stand more 1 lhan 5 per cent 
overall.” be declared. 

Mr. Heath was speaking to 400 
students at an open meeting of 
Edinburgh University Conserva- 
tive Association. 


tinti and answer session. 

Up said Britain's foreign com- 
petitors managed to achieve co- 
operation between governments, 
unions and employers. 

Brilain had a two-party system 
in which the parties were funda- 
mentally divided . about the 
nature of the economy, making 
industrial investment more 
difficult. 

’* What has clearly emerged is 
that this Government ik being 
challenged by the unions in 
exactly fbp same way as fee Con- 
servative Government was.” 


Fast action with £150m to spend 


0 


-TfiE General Electric Company time io fit Into its broad general would provide fee all-important 
" * W<-rominitted £2 50m in prin- strategy . .%:= sales network that GEC lads In 

■ -i ■- ' it. latest phase of ex- . The strategy has three main: tbe -.office and retail areas. 

-' • Sincinn- hv acquisition And strands. The first is to expand Jfe What therefore, are the. new 
}•■. presence in the U.S.-through bt^ : products that the company wants 

■-t -5* - pn • * . - t . Ing marketing networks, as well to introduce, and how will it set 

Thursday’s announcement, ^ p ro ^ M rioD facilities. *- T about the task? 

• * --'that it is interested in maning ^ sec00i j j s . t0 develop a new i The company starts from the 
bid -for Avep^ fee ’ * '• ' - 

machtne . ma f n Sl a Sf a n 

; • yAiinft^ps the speed of its expan 
-Xr’ ~iaaQai? --pha se ■ 

& .::3^jFar, the company -bas__an- 


.r 


• -f.-- Bqttaeefl a joint venture with 
r : fc? ■■ Fiffipdiild, the U.S. semi-con- 
company, to build a new 

ife^SSVthe UK tor pn*«MJ 


'M-iigEp'jiu -also «***• “J5 




N EWSANALYSI5 

• 

GEC EXPANSION PLANS 

BY MAX;MLWNSON \ 


agreed, bid for. A. B. Dick, the 


equipment , of products in offlre equips simple proposition that average 

:':Vw3^^ras-atio ounced ^'Lfi mpnt retail - and tEstxibutfod;- inv«tntent for each office wor- 
MW&mtonx in control and SS? d0 ?id“aiSS computer and-ker- in 'the UiS. is only .92,000. 
••-.fesgpw.-. . ndnnbtedlT nmmiuilcatioiis techniques. ;7 compared with $25,000 for toe 

company is The thirdstrandis tbeacqfe-average production worker. 

•.1‘^4'^fcbhg -lo ? make further big f distribution.. and- ser- Clearly, therefore, considerable 


4ijqns/pefhaf«ih $*££;■ ^“netww^for. fce~nwjpro ? ^^istrfprQacreasms auto- 




— „ - . . tna , company hopes inatfon in The office, 

ytween £500™- •'•' " . The ‘ type, A of automation in 

i.Beff that Buying A. B. Dick and Arorys, which GEC ’ & interested falls 


&S at the right 


into three basic categories of 
business systems: those for the 
transfer of information, such as 
word processors, for the tranfer 
of stodc. such as automatic ware- 
house equipment; and for the 
transfer of money. 

Most such systems will be 
based on ’ computers, ranging 
from specialised minicomputers 
to microcomputers, and on com- 
munications technology. 

One example is the emerging . 
market for point-of-sale ter- 
minals in large retail sfeics, 
which read the prices of goods 
automatically from an encoded 
magnetic strip. . This infor- 
mation is used by an electronic 
cash register at tbe point of sale 
to produce the customer’s bill, 
but is also transmitted directly 
to a computer that can perform 
several . functions, including 
stock control and a running 
sales analysis. 

Eventually such systems will 
probably be linked directly *<• 
banks so that credit paymeata 
by a customer can be made with 


an immediate, automatic debit- 
ing of hjs account. 

In the^ office, GEC has its eye 
on the ^market for word pro- 
cessors or typewriters linked to 
a magnetic storaee device. Word 
processors are already hems 
given the ability to communi- 
cate with one another by tele- 
phone or dala links. Thpy might 
therefore supplement the telex 
and orovide a form of electronic 
mail. 

In the industrial market. GEC 
helieves feat Averys weighing 
devices can also be made to 
communicate and be linked 
dirtrtly to computers and office 
systems. 

A large weighbridge could 
thus be coupled directly to a 
factory computer system to 
record goods shipped. In smaller 
production-line systems, weights 
of foodstuffs could be recorded 
automatically before' tbe- goods 
are packaged, then automatically 
printed ou the carton. -'That in- 
formatinn couTfl also be collected 
by larger compufer systems. 

For developing ' the new 


products and systems, GEC will 
probably have to build .new 
management techniques. 

Tt has tended hitherto to split 
it* business into different in- 
dependent operating units. In 
the next phase of development, 
however, closer co-operation 
between divisions will probably 
be needed. 

Acquisition is an unpredictable 
husiness. Where GEC is unable 
in huy a suitable company, it will ! 
have to fill in fee gaps by 1 
veJnping Jls own capabilities. 

’ ( An obvious centrepiece for e* 
pansion would bp the purchase 
of a U.S. specialised minicom- 
puter company. It is believed to 
have considered several possi-i 
hilities. including Modcomp. ■ 
However, so far no suitable can- 
didate has emerged. 

A i fee same time. GEC is ex- 
panding its minicomputer busi- 
ness, adding products suitable 
for business use. However, that ' 
will not by itself give fee com-j 
pany access to the crucial U.S. 
market. 


v 


TO " KEEP FIT” FOR CHANGE 
BRITISH WORKERS must keep 
themselves fighting fit if* meet 
fee challenge of new technology. 
Mr. Albert Booth, the Employ- 
ment Secretary, told a meeting 
of Deptford Labour Parly, in 
London, last nigh I. 

“The notion that you only 
train once for your career is fast 
hocoming outdated.” he said. 
" Modern technology advances 
so quickly that any skill is liahlc 
to become obsolete. The only 
way to stay ahead nr the game 
is to keep in training— to slay 
fighting flt- 

" The training and re-training 
of adult workers is essential if 
we are to come to terms with new 
technology. As a nation we 
must do that or Face fee pros- 
pect of a threadbare Brilain. 

“Tf we do not meet the chal- 
lenge we shall he unahle to com- 
pete in international markets 
anti eventually an of us will 
suffer. The stark choice for 
workers -may soon be between 


rp-tr.n'ning or unemployment' 
Industry must think ahead and. 
create systems for constantly 
re-training workers to cope with 
new technology.’’ 

The Minister continued: "We 
have reached a stage where out-’’ 
dated skills must bn ad.ipaled nr„ 
replaced. This can only hp._ 
achieved through re-training..’ 
whatever age nr experience tbeT 
individual worker has reachecLJ 

‘"The Goverment and fee Man-; 
power Services Commission are', 
already creating a framework for 
action. More than 80.000 adults, 
received training under the 
opportunities scheme last year 
and over the last three years.. 
£lS0m has heen made availably, 
to support industry's apprentice' 
training." 

But. Mr. Booth concluded, “tbe 
responsibility for training rests 
with employers 3ttd fee trade 
unions. Government can support 
and encourage— but industry 
itself must assess and meet 
future need.'.’’ 


Tugmen will 
stay out 

TUG MEN AT Southampton, who 
stopped work on Thursday in a 
pay dispute, ar r lo continue 
fepir strike. They are to meet 
again on Monday. 

The strike has -lopped move 
menr of cargo and coniaincr j 
ships in or out nf the port, and 1 
lias also hit fee movement of 
tankers at fee Fawley Refinery! 
near Southampton. I 

Ferry movements in the port | 

are unaffected, but fee dispute.' 
could delay th*> move nf the ; 
liner QE2, whicb b»s undergone, 
an annual refit at Southampton. I 


't 


Jail governors , 
join visits row l 

PRISON GOVERNORS yesterday* 
entered the dispute over orV’J 
posed weekend family visits t«r; 
fee Styal women's prison, nea R 
Manchester.- ; 

The Home Offire is currently - 
examining the possibility 
allowing relatives other than...; 
husbands and boyfriends to make-- 
prolonged risits to inmates at tbs," 
prison. . .f 

Prison officers have already* 
vnired concern about the pw 
pnsal. Now they have bpqn joined * 
by the rrisnn and Borstal Cover* 
nidi's' h ranch of the Society of ' 
r.iv-n and Public Servants. - - 

This branch represents almost'’ - ' 
k!» 580 prison governors anti 
assistant governors in England s 
c,nd Wales. 










fiioo. 
1 1000 
900 


Thera were signs of a much mitaJ. City .jjjpanon has now are also likely soon, so it seems further £6m loss' In Harbnns 

needed recovers in investment switched Scjphi^sday s hoard highly probable tbal further first half and announced that 

demand when ihr new aeen.mt meeting wtel£t&erys directors takeovers are on the way. Next extra provisions of £12m might 
u cl „l are due to diseuB ale SSSp per week is a busy one for CEC- have lo be provided. The effect 

opened this wee*. Small buying &hare cagh ^ GEC has i nterim profits of around £lS5m- was to knock- 36p .off the share 

wae apparent but a shortage of gai{ j wou fcj* be prepared to £l“3m are expected ou Thur*- price in three days* trading, 
stock in the leaders prompted offer. day. The group has also revealed 

more interest than of late in the The possibility of a higher that a number of management 

second lice stocks; after two offer or even a counter bid [ncfiCOpC loSSCS changes have been made at 

were iwo factor* yesterday * . ' ... _ . ... " 

-» fuelling the Avery s’ share price Shares of Inchcape. the Harbon, while certain contracts 

which closed 62p up at 236p. British - based international have either been dosed or re- 
LONDON Analysts meanwhile feel GEC trading conglomerate, this week valued. A group spokesman said 

would be making another attrac- plunged to a new low for the that difficulties had arisen over ' 

ONLOOKER tive buy following its £52m year of 29, p following further ... non-shioment of 

■ agreed bid for. U.S. office equip- significant losses at its Dutch delayea or ™ n5>hlpme i nt 01 

m ent company A. B. Dick, commodity trading subsidiary cocoa from overseas suppliers. 

Avervs would provide an estab- Harbon Holdings. Inchcape says that it is making- .. . 

„ ' , Iished sales and marketing neL- The_ problems have sur- every effort to minimise losses in 





for rates rise 



ONLOOKER 


■ THFRF ts a suspicious touch. The main ie v.- - > - 

■ of early August ibout the U-Sj 

stock market today. Lp 9. is bu ,., es W ;th sopfe»Slicates%wiftt' -- + 

points in the first- half hour. al?uc h-no ganifl.csuce ttr^trt^i# 

blue chips sii'-h a* Boeing and nv0 u-eeks* figures tbero.a^^U;-._ ^J 

IBM showing substantial price ways a few ready to purst^ 

increases, the dollar looking precautionary > mpncy.:,?ffl8;^ 

firm aKr ->arf and iualiy Mr market ln .case of 

firm abroad and. JruaJi, Mr y g m lappft mHim 'i l 

Bobert' Mdviuny su w esdn„ ^ ^ pas t i t&Suz'ij&r: . X. 

that tha Federal Reserve Board whl]e .^g rate 

. ; ^inay be able w begin easing off w e2I be slower than ir wapstijrae lV- 

excess of £57m”. estimation by analysts of the jits policy of raising interest months ago. it 


DOW JONES INDEX 
Industrial Average] 



1975. 1976 1977 .1978 


lichpri colei and marKetm" net- me prouie-ms ,wve sui- evwv cuuu iu ujiijujufe? — . - . . . — ■ — . • • «: . 1 - — - -- 

days the Financial Times Indus- work to which ^prospective rounded shipments of cocoa but the omens do not look very This has been widely lakeo as unpact on BP oi the drop in fe rates. If the name is not manj ^economists ^to J 

trial Ordinary Index etaoin... m .a* ' i^imnUnv from the Ivnrv Coast and the aond for the next set interim meaning anything up to £6om, sterling value of its dollar baj- instant! v recognisable, that is significant slow . 


trial Ordinary Index etaoin... paren - c£)U ld add technology f*«ria the Ivory Coast ' and the good for the next set of interim « i eanm B anyuiin 0 up to -bora, sterling value ot its aouar 

trial Ordinary Index had ri sea Ten j tash cost to Inchcape looks like figures due early in the New Si'" en riie conservative forecasts ances. The shares recovered mr- 

burars wof uTnrSind S'manv In particular it would allow being high. Losses over the Year. In the year to March 31, “Ponced by* the group at the therjesterday, with a 20p lase 
MmmulS Awry* to develop rapidly its past 18 months have risen 1978 Inchcape earned pre-tax ^alf-way stage m the past to 944plj the period, the t^te 

term interest rates As bargains pnint-of-sale terminals and to £T.5m and on top or this profits of fSZ.ara-ySome £llm The interim figures contain a p* the U.h dollar again. t rtqr- 

fell to a fow point for the year weighing svstems J jv a link up the group has made provisions less than the previous vear. significant shift in favour of the dropped by 50.11 and mw 
the main activity yesterdav to computers. . Both CEC’s now totaUing £17m. . non-miUtary data communica- ™° uced r reported income, vby 

was focused around the Rovi recent forays, of course, are The position has deteriorated J? aca J on snn a t,ons busine «. which has ex- •Anaij'sts were avare: of 

visit to the Stock Exchange' swamped by the company's since the end of the group’s *"**'•— vt * panded to 29 per cent of the adverse impact, but 

GEC’s mooted £S3m bid for Huge net cash balances, more last financial year. The losses Racal Electronics ' this week Racal's total sales from 25 per m 2 tes of currency losses ranged 

Aveiys adds more than a lirtie than £600m at the last balances- at Harbon stood at £1.5m and produced figures showing first- cent a year ago and has shown from to £30m. ; ; 

spice to the week-end's specula- sheet date. Compensation pay- there were additional provisions half profits up more than 25 a sharp improvement in profit On the trading side, ccmdi-j 

tive gossip. With the weighing ments for its 50 per rent stake of £5m. per cent at £24.3m. and margins. dons in Europe showed Uhe 

machine group so far non-com- in the now nationalised BAC This week Inchcape revealed a appended a forecast of full year But tactical and strategic expected improvement. Refiners’ 1 


NEW YORK 


JOHN WYLSS 


when inflation is rdnnin?-;4t=.:.-j- : .. 
dose to 10 per cent - awT tajj. 
economy dipping along at 
cent growth rate. '''''' if 
This penetrates the ste* 
ket’5 perception . sometimeiL ; 

on Tuesday when the 
tion of the consumer price 
for October ended a ? Jf- - I 


MARKET HIGHLIGHTS OF THE WEEK 


U.K. INDICES 


Change an 
Week 


tnd. Ord. index 

BATInds. 

BPB Industries 

Brady Inds. A 

Bren mail Beard 

Central Pacific Minera l* 
Comet Radiovisio n 

Dowty 

Elliott (B.j 

Hall (Matthew) 

Inchcape 

Lidrtone 
London Sumatra 

NatWest 

Peerage of Birming ham 
Pleaauram a 

Sangert Group ... 

Time Products 
Westfield Minerals 
Whim Creek 


1- 6.4 
-r!4 
-r 27 
—14 
- S 
-MOO 
-Ml 
+ 13 
-r2I 
+ 13 
-51 
-75 
+25 
+ 17 


Firm tone mai ntained /small trade Average 
Favourable Press comment we *k 

Good interim results F1NANC 

Interim profits setback Govt. S 

Sid approach Fixed In 1 

Australian and U.S. buying Indust, j 

Sharply increased profits Gold Mi 

Continued investment support D° (&* 

Good half-yearly figures Dealings 

int. due Monday/BP contract 

Further £7 2m cocoa-debt provision 

Bid approach ^P I '5 . L . 

Bid speculation 

Broker'^circular ^T(N 

Awaiting bid development s Durable 

Revived speculative demand Ind. Groi 

Good mid-way results 500-Share 

Revived speculative demand j Financial 

Uranium prospect Newfoundland j All-Share 
Speculative buying. " i Red. Debs. 


Average Dec Nov. 

week to 1 24 

FINANCIAL TIMES 
Govt. Secs. ... 68j2 68.17 
Fixed Interest 49.95 69-64 
Indust. Ord. 4863 475^5 476 J 
Gold Mines 125.7, 132 J 
Do (Ex S Pm) ?43 96.8 

Dealings mkd. 4,248 4,218 


margins. dons in Europe showed ^the McKinney who. as chairman of in the. Dow achieve*! in. 

But tactical and strategic expected improvemeoL Refiners’ the Federal Home Loan "Bank . consecutive 'sessions .. " . : 

radio communications still margins improved following the Board is the public protector month prices motored - aftwig iir- ~ 

represent 35 and 13 per cent of substantial rise in spot prices af th _ i ntpr# , sls 0 f t h P mort^aee Per cent annual rate^ ■’?*:'&£ -.til': : 
sales respectively. For the tac- for light distillates. C'nemfctl* . . w ^ “ff crease and Wednesday ^ . 

tical side, the medium-term out- sales volumes are virtually ,7,au f liy - Ma,1J a n ? ie ne nas no relief £roxb= hSrsb 

look is not clear, although unchanged on last year, hut- asonised during the. .past, year - w jjeir it was -disclosed 
Racal — having failed in its bid over-capacity in Europe i'aod on the relentless rise in short u.S. ' trade deficit in October- ^ 

to become a prime contractor imports from the L'.S. have term interest rates and warned widened to SS.lSbn^- aVei^g 

to the U.S. Army’s SINCGARSV further depressed maigins. of its possibly damaging impact trading volume of Iras thanglnyV 

programme — hopes to take a Production from the Forties on the housing market.- shares between Mo n day - ' 

strong marker position from Field averaged In excess of At times. Mr. McKinney's Thursday ind icaies"’ that -- h^sS" ^7 »: V-1 


475 5 47S 2 P ro S Tamme - Strategic radio weaker dollar. Net ineome-from about short term Interest rates centrating on. + 

^ a > 1 ? coramunicanoQs are said by the the 512 per cent interest in and equally anxious to see a *ith good earnings ’ J--; 

125,7. 132 J 134J group to be under examination, Sohio totalled £39.2m. f wold of falling .rates and Thus Boeing’s share prjc? hxy- - 
943 96.8 F6J as the division is not growing The latest third - quarter cheaper money. Mr. ’McKinney's moved :from° 64 f at.tfte'stiwt.'bt'i.-'Xi-’i, 

4JZ48 4J18 4J284 by the kind of figures Racal figure takes the total for the noises off stage have been as the week to more -than 

expects from a major division, first nine months to £29£0m Welcome this morning as a' this morning ; s trading-^' 


■ FT ACTUARIES 

Capital Gdi. 235.13 228.19 228.90 

Consumer after 

(Durable) 207.08 201.38 200.47 5ent 

Com. (Non- two | 

Durable) 209.84 205.9 205.21 

ind. Group 219.56 21434 214.67 BP 

500-Share 244S0 2J9J0 239.27 

j Financial Gp. 168.12 762.61 HU? mar k 

! All-Share 223^9 218.70 218.36 noun 

i Red. Debs. 55.17 55.17 55.10 com? 


„„ uie au noun cement, ai pre- 4u,uier. uui necause uieir aura- manteL some investors are Finallv an' historical nomt- ■ : ■ 

Z07 -”. 201 -^ 70047 sent levels the yield is about Quarter projections have proved clearly entertaining the hope Salomon Broth era has an5yslS^‘.i^ : 

two per cent. overoptimistic they have Aaved that «hort term interest Tates ihp four vaar cccIm wW'hhat*-- -i ’ 

' • their fina! estimates to . abound may go no higher, f ' 

^-i 14 - 54 214 BP surprise ‘■ 4a0m * . - A sunUa f conviction put mrats of the stock market since- \ jv ; ' 

wnjpio W Rri H<h *** the late" IS50sand hastrohduded: •: .V- 


t Price at suspension 


come before extraordinary 

items for the third quarter of Jj» u «nce (Life) 

1978 was £85.6m compared with ? i,count Houses 
£50.1 m a year ago. and £120Bm ( Compos,t,, 

ia the second quarter. Oils 

Most City analysts were ex- Wines and Spirits 
pecting a figure around £125m All-Share Index 


%-ifchange 
+ M 

■HU 
*3 « ■ 

+\6.0 

+ SJ 
+ 25 


! Sferea ra"L, D WO rf‘6M , “hit° 1 

iper cent today). This little bit t whl1 ! I: ■ 


engine 


of suramertime indulgence f ^ C f nt - I ' 

Kfl in mla produced by : the market l 


and the shares slumped 16p to ™ E WORST PERFORMERS', 


920p when the figures were an- Household Goods 
nounced. But the share price J l " fm ®« l 5? ca l Products 
recovered quickly to 930p when G ""“ 

it became apparent that the Pobttdung 

mam problem was an under- Overseas Traders^ 


- 0.*i 

- 1.0 \ 
- . 

- IS 

- IS 

- 5.1 


added 58 points in two weeks 23 d ^ = ^ ^market ... I . 

to the stature of the Dow Jones Would indicate a --t. 

industrial average and with so 10w ot 

J 1 could be Monday > ^ - «7^4 i jti . 


i Foolish to /; jay we are not about V- V . : ' i S|SJ: - ; Z-I'S .. '".i 

fn see another temporary Mil os- WcdnV«f^' , >7^ " 





Royal OUt of 

Bos Kalis Westminster Group IW. 

of SRedredht The Netherlands, / rf/i&B 


/ HOW ERGO WORKS 


!GL0 Klli 


►TAILINGS (WASTE) 


of Sfiedrecht, The Netherlands, 


issue of 354,693 registered shares/exchangeable bearer depositary receipts 


of shares of Dfis 1 0.- nominal, fully ranking for dividend disbiutions for 1 979 and 
subsequent years, ft is intended to make another bonus issue in shares from the 
P rernium reserve in 1 979. in addition to the dividend distributions 
for 1 978. The shares/exchangeable bearer depositary receipts which are in issue 
at present will participate in any such distribution. The number of exchangeable 
bearer depositary receipts of shares will be increased to the extent necessary in 
connection with the conversion of subordinated convertible debentures. 


issue price 


Ms 1 05.-- per registered share/exchangeable bearer depositary receipt of share 
of Dns 10.- nominal. 


rights 


#ie subscription will be open -subject to the provisions of article 8, sections 1 (c), 

2 and 3 of the articles of association- exclusive to holders of dividend coupon 
no. 1 4 of the registered shares/ exchangeable bearer depositary receipts at the 
rate of Dfls 10.- nominal of new capital for Dfls 60.- nominal of existing capital. 
Shareholders, whose names appear in the shareholders register are entitled to the 
same nghts and will receive a circular to that effect from Royal Bos Kalis 
Westminster Group N.V. 


dealings in rights 
subscriptions 


from Thursday, November 30, 1 978. 


must be submitted before 3.00 p.m. on Thursday, December 7, 1978, on the 
basis of the terms and conditions contained in the prospectus of November 28, 1 978 
at the counters of the undersigned in Amsterdam, Rotterdam, The Hague and 
bhedrecht m so far as established there, where prospectuses and subscription 
forms in the Dutch language, as well as-to a limited number- copies of the articles 
of association and the 1 977 annual report of Royal Bos Kalis Westminster 
Group N.V., will be available. 


payment date Thursday, December 21, 1 97a 


amsterdam-rotterdam bankn.v. 
aigemene bank nederiand n.v. 
bank mees &hope nv 

cooperative centrale raiffeisen-boerenleenbank bA 
nederlandsche middenstandsbank n.v. 
pierson, heldring & pierson n.v. 
n.v. slavenburg's bank 


AirtsterdamAJtrecht/Rotietriam, November 28, i 978. 




CHRISTMAS SHOPPING must 
now be getting into full swing 
but one market which is not 
attracting the custoia ers is that 
for South African gold shares. 
Here stnlks ur.conainty. that 
fnost dreaded bogey of share- 
markets. 

There is a combination of 
foars about African politics: 
: he future of the investrmt 
dollar premium: and. more par- 
u'culariy. about how well the 
bullion prire will stand up to 
the next U.S. monthly aurti *i 
on Dcefiniher 19 of a douhted 
offering of some 1.5m ounces 
of enlri— South Africa's total 
monthly production i< running 
at around 1.9m ounces. 

Consequently we have seen 
the Gold mires index fall this 
week to 124-1. its lowest since 
September 9 last year when the 
bullion price was 3147 per 
mince. It is currently holding 
up reasonably well at S194J. 

Admittedly this is a far cry 
from the heady days of Ortober 
this year when the price hit an 
all-time high of S245, but it still 
provides very good earnings for 
the mines and the average 
received by them so far in the 
final quarter is above the 3204 
received in the September quar- 
ter. 

Meanwhile, dividends remain 
on the rising trail and for an 
overseas buyer who does not 
have to pay tbe investment dol- 
lar premium there are now 
tempting dividend yields of up- . 
wards of 20 per cent on some , 
leading issues. Sooner or later i 
thf* prospect of getting one's ) 
capital back in, *ay. four years J 
is going to bring back the i 
buyers, hut not before they see 
the result of the next big bul- * 
lion auction- 

The Anglo American Car- , 
poration group's South African { 
mine dump re treatment opera*- j 
tion. East Rand Gold and , 
Uranium (Ergo), reckons to r 
recoup its Rl45 m (£86nri capi- v 
tal cost within five years and c 
then to operate very profitably a 
for many more years: the f, 
prospectus spoke only of pro- 
duction from slimes (waste) ^ 
dams currently available s 
■' d urine the first 30 years." t 
1L> break-even east has been p 
put at only StfKl per ounce for c< 
sold and the annual production h 
rate nf bullion is 7.000 kilo- e 
crammes 1 225.037 mineesi lu- 
cpfher with 200 lemnc* or z 
urarijum oxide and 530.000 h 
tonnes nf sulphuric acid. Onr-ji 


VGOLD 


• ACID f Mlcn£ 
.PLMTSg: ■ 


i- ? 1 l-f I r i f 1 1 

IIR1U 

PUNT 


HJRANIUM 


►SULPHURIC : ACID 




•CALCINE TAILINGS 

QAM . ".■■■ . ” 


of the attractive aspects of the 
operation is that it effectively 
reduces pollution by extracting 
uranium from these old radio- 
active dumps and it also allows 
the reclamation of the land on 
which they stand. 

These points were stressed 
by Air. S. P. Botba, the South 
African Minister of Mines and 
Labour at this week's official 
opening of Ergo (production 
started In February this year). 
Although Ergo operates a con- 


. ' V t ■ . 


MINING 


KENNETH MARSTON 


ventional treatment process, its 
plant is the largest in the world 
and the operating kuow-how. 
gained could be passed en to 
other countries, notably the 
U.S. and Canada, which have 
plenty of old mine waste 
dumps. 

Gold still provides some 23 
per cent of pre-tax profits of 
London's Consolidated Gold 
Fields arid this percentage will 
probably increase in the cur- 
rent year to June 30, At this 
week's annual meeting - the 
chairman. Lord Erroll of Jlale, 
anticipated “ another very satis- 
factory year's results." 

He was concerned, however, 
that the price of the company's 
shares was substantially below 
their asset value and • he 
promised chat rhe group -would 
concentrate on achieving •• a 
high and sustainable growth in 
earnings per share." 

Over the past few years the 
group's record in this respect 
has not been outstanding: after 
jumping to 30.72p in 1974, earn- 


i ;ngs were - 32.48p m 1975. 14.23p 
; in 1976. 20:28p in 1877 and 
25.15p'last year. It also looks 
as thnilfgh there will be no more 
rights Issues in the foreseeable 
future, 1 The last offering at end- 
1977 was the fourth in 10 years. 

Moving to the intriguing 
world «f exploration, we come 
to Canada's Westfield Minerals 
and its uranium prospect in the 
vicinity: of the upper Humber 
River in Newfoundland. Since 
the discovery was announced In 
October, the shares of Westfield' 
have advanced from l30p te 
395p sft one. time without the 
aid of any uranium assay 
values.': 

This ;week there have been 
values ^plenty announced. They 
nave ranged from under l ..lb 
uranium oxide per ten - to 
an almost incredible 230 lb» 
from one boulder located hear 
the radioactive Wigwam Creek, 
ihe various assays have been . 
taken from sample material in 


> shallow pits and ttencbes.-^^s-.r: . -i ■. 
I Bearing in mind'.that.an tteay j 
i value of aroun^ 3 1bs is eon- ; - ’ “ •• 

! ffdered very" acceptable “the ■ 

. lale «t values are exciting. But • 

. ft this stage the*)* is no indica- ; 
tion of how 'blg. thb' deposit is, M ‘: . 
or even if .there Is no real ' : : 

deposit but just a few 'isolated 

uranium occurrence Only a •' - F • 
drilling programme riatvseek the^-^--+l- 
answers and this is -to- be started S 
within a week or s». - . _ 

While waiting for the drills to : 
g© down, the old comment 1 that 7 - T ' \ ■ 
many a good.. mine hap' l»eh ' ' 

rained by sinking-a shaft quay ' .Uil 
be ronnlng through. ^any^haieL;- 
holders’ minds. .At, this. stage;. . ' v.: 

knows whether Westfield 
Is 'Sitting on a; bonanza or' irot “ v. j 

But good results, will be needed' 1 
1 current share potb .- 
°F 360p ydiich -capitalises ; 

plorat^n company at ovmri22m. . - 
Westfield also ow7is :I3.6 per ’ T- • 
■cent of Northgatc Exploration . - 

(worth. spme_£4m). wjyie North- ; t - •: ^ 


gate hfl^S 4S per ’cent^of ^West_ 1 . .1.. . 


life dynamics* 

TKe New Way to a Happier You ! 




j of yoorjub con too us-.:~ •' , v”. •’ 

eireifi ed the dominindTof Alpja^ 

Nritong MohthsTCST •> l ' 

l. . injitratTOftsy .‘•'...-'s- ;i- 

Life Dynamics ’ -•'•’* T 1 v- ■ 

Uf l| 

memory, lead you to i ncher 'io^filied Ilf*. • - " . ,, ; 

Send for' the fascinating FREE FACrTS TodaV f “ 

UFE DYWMIGS 43^ 

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HOW-CAN. aiCpn&gflii^ Pen- 

o£- a sm aiy p nntprfn y-^^yt.j4fe sfoy aihftM'elt however, the com- 
W^h^ow.-^vffttecsi^t^i traii^-- parur.' retains Mntrbl'-nyer the 
fer tat ^ investment: . .« I: - lie funds 

the bustuessfiipis ctu|(b^;4&tf : tnj^ j^jfrustee^; ai% . usually 
collect ,*ome ^gexi^^v-Mnsj ;-fbe • .• : /directors- , a concerned. 
beaefi& jji.v4jn^' ./move?:- JBb&Sn r at^easO part . of the 
~aii5Werto?an6 : }^ back in 

tfifeliWflfljMn*. There has been 
pension: cohaadenable pubUaty.over the 
scheme : .^TT^^ -fhro:- t-nsmp- ■ ; ite absejrcfe : 'pi. - aa£ . 'control on 
money to ..tarest >back ; ift bj» pensioiy/fund; investment The 
buflness-^^u :-x r: .3£ .;t" -ti v;. funds '■ caaf literally ;.iajrest the 
BenSlon:r:saieme^ “T^yeseat money., in -whactfiver ; form they 

Choose.v *. •:.:--*g ‘fr:"-' ' *■• 

xqethiodsV^et^dVidSedf aia they ^Althoaei- ttos i^ not strictly 
haveithfe.- apt^ovai^v ! If . not true; ■ for v. what ^flie' Hevenue 

the - ble^sliigi ~ Ji|f- ^- : thfi. - Inland - classes as * small ; schemes with 
Revenue? /. Within /• -generous l^ss=than ' 12 10 emjjera,-. there is 
liinl^ /Iunip r.stna'. T^aytn^ts ^a^derab^e , ^ in^tmrat free- 
tb Qia>ch^flW^ fera^ciaries-bre' dom : with . restrfttions being 
completely; free ;of all- m; , theft- «a6ed bhly on the percentage 
p^psions/^r^ ta^ed -as j earned- of ' -fimds ' that lent back 
Income and the .company can -directly' to the 'company. 

" hffset "its. cWttibuQons ; istiast The - other »> #«antage of 
its corporation tarbilt; ^Pension pension st&emes fis that their 
cbntribuUaos/made, by aocom- inwsteuente are/virtuatty tax 
pany ot) : hehalf of an employee exempt. ; To taker advantage of 
are not a iaxable henefll-irt'ldhfi this, the company instead of 
-In Ids -hands. ;* ; .? "•£ rJJi ••.' %vestiag - : direct . •• } in new 

■ ^ It V^S'^j^t' Vs^ri^ng i-tbat premises'or jlaB^out cf taxed 
exeed ti ve^Ghstoh ichemes have prsfl^, pays ove^theLmoney to 
proved to.- be this. . year’s best the pension schmte trr inake the 
seTl er ftii ■ lif & - eotnpanies— investment It. gm then lease 
Standard;— Jdfe’/.;\thls . week the new-' assets ftom the fund, 
reporced- buainesSr Up'bS 150 per Then . thanks to '^the; . saving of 
cent z^: Z ~\~. -•.• f i:// tak -oh^ profits, '.this', procedure 
. /riie. ipw^enkit^firig about cutS-^V aet 6u4la^:by'. half. The 
’a- aormal^pehsiDa'sdieiBei.froiu jsUbs^uehfe; rental'- costs are 
a -controlling direct oris .view 1 pfid. ne£ by the/coppany (that 
noint ; is ;ibat/ft ? :<eate;'np ? «ish. . ;count. as; .a deduction 

With-.'-a. * flfe - company ■ scheme against" ..its 1 profife ; . for tax 
once -that^ eiibh ha$ been- . baid ; ‘ parposes),but they/mre, in veste d 
over/fr& 'ftsif to^Jbe .firto. for grossly the pennon fund, 
ever.- .ThiS ;is very.jinurfi- a /..“Take.'for instaht^ a company 


7iain sailing: Buy the yacht through the pension fund. 


:i : - 


recpiirempiiL^s^ /foe , 


new 

can 


SSBipit/pay' out-thel £100,600^ directly: 
’'err. it cap pay^ie-jlt®f3D00 to its 


directors’ pension scheme as 
*" contributions." at a net cost 
Of only £48,000. The rent will 
be £8,000 until the next review. 
This would be received in full 
by the pension fund, but would 
only cost the company £3,840 
after tax" relief. 

Similar: effects are achieved 
by the sale and lease back of 
existing fixed assets. The com- 
pany can -issue a loan stock on 
its assets to the fund. The com- 
pany's cash flow is boosted from 
the pension scheme. 

There is^ittle to stop a greedy 
businessman investing his 
pension fund money in yachts, 
bloodstock^, antiques or even 
Mediterranean villas. 

Zt would take another article 
to discuss the morals of this 
type of investment But I feel 
that it is this misuse of tax privi- 
leges with small schemes rather 
than a gilt, strike by the large 
schemes that. will bring about 
investment control and direc- 
tion.. It woifid be a pity if this 
stopped more responsible users 
of pension fund money. 

A pension scheme is a con- 
tinuing entity- There is no capi- 
tal transferitax bill on the death 
of a trustee. If enough assets 
and shares are transferred from 
direct ownership to the pension 
fund, the caihpany will be con- 


trolled by the family as trustees 
of the pension scheme rather 
than directly as shareholders. 
Control can be handed down 
without CTT problems simply 
by changing trustees. 

When a self-ad ministered 
fund is established, however, 
an actuary’s report is needed 
to determine what contribution 
rate should be paid. The 
actuary also has to report on 
the financial state of the fund 
at least once eveiy three years. 
This regular scrutiny provides 
the best check against abuses. 

Companies interested in 
establishing such schemes need 
the advice of expert pension 
consultants. These persons are 
only now beginning to adver- 
tise their services— the Leices- 
ter-based Pointon York claims 
to be writing five schemes a 
week. Stenhomse Reed Shaw 
Life and Pension has produced 
a booklet explaining its 
services, while consulting 
actuaries Duncan C. Fraser and 
Hymans Robertson are known 
to be active in this field. 


INVESTORS seeking unit-linked . 
regular savings plans now face 
a bewildering choice. A host 
of life companies are issuing 
contracts ranging over almost 
every type of investment with 
huge differences in manage- 
ment charges. 

To help the private investor 
-make a rational choice; Fundex, 
publishers of Money Manage- 
ment magazine, has recently- 
updated its handbook* on unit- 
linked savings. 

To maximise his returns, an 
investors needs to pick a com- 
pany with good management 
and a portfolio likely to do 
well in the future. The life 
policy should probably provide 
low life cover thereby providing 
the management to keep its 
charges to a minimum and, to 
put as much of your money as 
possible in units. 

Past performance is a useful 
! but not infallible, guide to the 
] quality of management. The 
book provides a record of per- 
formance over 10 years. The best 
and worse performers this year 
are shown in the table below 
and MiG group has again 
shown up well. But most of the 
plans now being marketed have 
aot been running far ten years, 
so -this comparison of past 
performance is o£ limited 
usefulness. 

One of the book's most valu- 
able services to Investor is to 
provide details of management 
charges. Life companies, unlike 
unit trusts, are not subjected to 
control on the level of charges 
and it is only competition that 
acts as a brake. Several groups 
put up their renewal fees at the 
beginning of the year to cope 


UNIT TRUSTS 

ERIC SHORT 


with growing pressure on ex- 
penses. A general rule is that 
the investor should go for the 
lowest charge— and highest 
investment allocation — but if 
the charge is too low the com- 
pany may not be able to afford 
good management Good man- 
agers do not come cheap. 

The book unfortunately gives 
very little guidance on the 
merits of the various investment 
media — equities, property, 
fixed-interest and so on. But 
most companies now offer 
investors a choice of funds with 
facilities to switch between 
funds. Current charges for 
switching are listed. 

The book also provides a 
valuable series of introductory 
articles for the novice Investor 
and explains, for instance, how 
unit-linked schemes work In 
practice. It gives guidance on 
their tax implications and tips 
on bow to choose your scheme. 
This latter section does give 
some explanation on the merits 
of the various investment funds 
available. 

The book will enable you to 
sort out the sheep from the 
goats. When you have done 
that you will need a pin, for 
there are many sheep to choose 
from. 

* Unit-iinked Savings Plans 
from Fundex Limited, Freepost, 
London EC4B 4QJ; price £8.43 
including postage. 


REGULAR SAVINGS PLANS 

The pay-out for a young man who invested £10 per month in a 10-year 
policy which matured in July this year. 


BEST PERFORMERS 

rf* 

BOTTOM PERFORMERS 


M & G Midland 

7J57Z 

English NATBITS 

£ 

1.379 

" M & G Dividend 

2,479 

Cannon Dover Plan A 

1.377 

M & G Special 

2,289 

S & P ITU 

1,365 

Britannia Extra Income 

2.184 

Abbey Life General 

US9 

Unicor * 500 * 

2,126 

Comhill Capital 

1,181 


COMPANY DIRECTORS 

WHO GETS THE 
PROFITS YOU EARN? 

YOU-ORTHE TAXMAN? 

Contrary to popular belief, there is achoice. 

Julian Gibbs Associates Limited 
specialises in saving tax for both cor- 
porate and individual clients, andin 
comprehensive investment advice. 

Forinformationonhowto 
transform taxable company-profits 
into tax-free cashinyour hands-in 
ways that are riot only approved, 
but positively encouraged by the 
Government complete the coupon 
and return it to 

Philip Knight at 

Julian Gibbs Associates Limited 
9 Manchester Square, London W1M5AB. 
Telephone 01-487 4495. 

I — 1 

j Name (Mr/Mrs/Miss)_ I 

I Name of Company I 

| OF APFUGAHLE3 - j 

1 Address | 

I i 


TelNo:(Day,)- 
Age now 


4Home)_ 


/Tax rate: 


| ^ FSKAj 


. ... ■■ « ■■■■■■ 


V‘ Vi- 

•• riF./ .. 


5S 



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collector's 


new 


"V 

. Jr;- 


NUNS/- CLERGYMEN, 'Arab 

princes; tomp'ahy ' “flir'^ictors— 
everyone, apparently is getting 
into debt; .- :1 '. •" 

So wiiat; yoti ' itfight/aak.- The *. 
nagging - . overdraft 1 1 ;bas ; - long , ~ 
been the -miD stone around the 


BORROWING 

TIMOTHY. CMCKSON 


and has been encouraged by the ! 
growth of credit cards. 1 

The Bex Discrimination Act, 
also released what cynics may! 
see as a flood of 'credit-happy : 
housewives. Previously women ' 
were generally not allowed to 
incur debt in their own names. 

But what happens if, perhaps 
in an attempt to keep up your 


\ ■- ' 
\Wm 
|P 

friO ' 

; r. b • 


necks of many self-respecting V-- T ; . _*•- t\ -'i 

bank customera.- :: • ... : v ... tiSOWfZVeQlt Ddtd 

iskeiping tabs on 

sources of * inf onhatibn -under- JjfWp.MZ TvitU ^ 

lines tbff way ««isnmer debt-— #r'. 1 

and; its attendant ■ problems— is OOUftCB- ■ CiteO UCSl 
oh the , increase- ; - . . .. > _ . ?! 

. Credit Data has aow revealed ; /iy / {p f/j 1* if fift : t 
that tils keeping tabs bn, people. U* VVJUUU 
who: bouhee cheques -ori default /.«*.// nnAt 

on credit card, hire purchase CVCUXt CQTU UllW 
and television rental debts. - . / - - . • > 

.' This 'wHl. provide; a bigger hire jHiTCtULSC . 
and. better -seryiefe ;fbr Credit . * 7 

DataV cnslomers^— from riredrt 

companies : IBie : Access ..; and , 1 ■, . . 

Bardaycardf down, ±6 the ffigb . ■ 

Street retailer where' so u , ho I d - - •. ...... . . . 

a hoiriehdrd^b^ittit’ If that more . and more of us are with three race-horses to her 

that maze. .lneb«natiafl- : about getting worse and worse vat name perhaps displayed the 
your current' debts wiU now ^ balancing our boote. ■ ■ ■ ^ - most cheek. Several nuns were 
avflUable to ffiwecompafli&S' if - 'Too much should not be read once trusting enough to guaran- 
■von apply to them for- 4jredIL into the' di^riblttion of Cre^t tee someone else’s debt and 
CreSt Data; howey^rpolrrts Data’s LOOO-strong team , pt alas ended up in court while 
out that its niostr imiwrtant eoIiector3 but it does appear to an Arab. prince allegedly owed 


hand?. Credit Data's ultimate 
-weapon is to sue for bankruptcy 
but it storis with gentle per- 
suasion. 

Knocking politely on the doo-r. 
Credit Data's representative will 
negotiate a regular payment. 
Most people apparently settle 
amicably, although, like political 
canvassers. Credit Data’s man or 
woman is trained not to pash 
the unwilling debtor too far. 

Of those who have run fur- 
ther than permitted into the 
red, the London council tenant 







nrevibus' source o£ information challenge any notions that debt money on a suit Clergymen and 
--fhe- county court register ^ Jiredomin'antly working clasa. directors of large companies 
whPr* iudHments ' 'against- ^'Birmingham ‘aloue has 180; htive also- figured on Credit 
dehtnri are^-ecorded — iscollectors UrhUe middle class Data's beat. 
h^Siine less ' helnful ' Fewer ?*&& such as Cheltenham and There is also the saga of the 
ehmnsm&s are how bothering Tunbridge "Wells -have six each, .stuntman who apparently didn't 
- Sfe itd last 7e* ■ OiHectors m, De^ren and Co^. Pay his bills. He works! in a 

the Lord Chancellor actually wall are chasing up oyer £2,(M» travelling circus, which clearly; 
SraaJenpd to abolish the a week; as much as in Liverpool -.made life. difficult for creditors 
" Credit Data believes the p» trying to- catch up with him. 

Tiafa Is also a debt li/eration pf debt stems from History does not relate ;how but 
' findings shciW ' the relaxation of credit contri^ apparenUy they got their man. 

couecror «ua -i« j.-. ■ -Last year’s Consumer Credit 

Act obliged credit vetting agen 


Unit Trnsl & Insurance Offers 


Ito- .*« 


; RitajHiia Financial Services Limited . 

Gqtimwe Fund Managers Limited 
[/ James Finlay Unit Tmst tManagers Limited 

Ka^GGroupXimfted ^ _ rr- \ 

^Scfclesinger Trust Mana^rsJ^teti 
Ufe Assurance Limited 


V 

p 

p 

p 

p 

p 


4 


i 


19 

7 

la 


vies to open their dossiers to 
the people -whose names are on 
file. .. . • 

jSo if. you think you may 
unjustly be on their, black' list, 
you . can always gain access to 
their records. • . ‘ ■ 

Credit Data has emerged well 
from the exercise.. Although it- 
handled .nearly. 9m inquiries in 
the. tiirst 12 months, only 51 
errors were disrovered, of which 
27 were duo to wrong informa- 
tion from the Lord Chancellor’s 
department . 



Ifs an investment we take 
as seriously as you do. 


Not so long ago investments of £25,000 were sufficient 
to command considerable respect and real personal attention 
from even the grandest firms of stockbrokers and merchant 
banks. After all, such a sum was capable, even after the last 
war, of producing enough income to keep a person of indepen- 
dent means comfortably independent. 

Now, nobody would maintain that £25,000 is still the 
commanding sum it used to be. Inflation and escalating 
taxation on “unearned" incomes have combined £0 rob it of 
much of its previous significance. As a result it can be difficult 
to find an appropriate level of investment management for a 
portfolio of this size. It is no longer realistic, for instance, to 
expect a stockbroker to give such a portfolio the daily personal 
attention which is the essence of his profession. 

The ‘investment revolution' of the past 15 years has, of 
course, ensured that all private investors have access through 
unit trusts and investment bonds to the very highest standards 
of professional, management and constant fund supervision. 

But, in consequence, the investor with £25,000 is now often 
advised to settle for precisely the same investment manage- 
ment service as the investofwith £2,500 —or even £250 — to 
his name. 

Naturally, all private i nvestors, large or small, are 
concerned to give their money the advantages of first-class 
management and security, while minimising the impact of 
taxation. But at Vanbrugh we have become convinced that 
there is a point where some investors need a greater degree of 
service, .communication and personal attention than others. 

For this reason we are introducing the Vanbrugh 
Investment Portfolio service I VIP for short) for private 
investors who wish to combine the advantages of a wholly 
modem, tax-efficient approach to financial planning with a 
personal , ‘communicative’ approach to investment management. 
(Any specific figure must naturally be arbitrary but in our 
opinion £25,000 is a very fair starting point for a service 
providing special benefits for the larger investor. ) 

The main benefits of the Vanbrugh Investment Portfolio 
are outlined opposite and detailed in a brochure which we will 
send you on request The more you find out about what we're 
offering, the more you'll realise that nobody else takes a 
£25,000 investment quite as seriously as we do. But naturally 
youihould consult an independent professional adviser before 
taking such an important decision. 





Vanbrugh Investment Portfolio 

Vanbrugh Life Assurance Limited 
41/43 Maddox Sr. London W1R 9LA Tel: 01-499 4923 
' A MEMBER OF THE PWJDENTIAL GROUP 


TheVanbrugh Investment Portfolio 

The Vanbrugh Investment Portfolio (VIP) is available exclusively 
to private investors with funds in excess of £25,000. The purpose of this 
service is to allow investors to maintain exceptionally close contact with 
their portfolio and the activities of their Investment Managers. 

The VIP service is issued by Vanbrugh Life Assurance, a wholly- 
owned subsidiary of the Prudential Assurance Company Ltd., the country’s 
leading investing institution, which manages funds of over £5,000 million. 

Vanbrugh Life is an acknowledged leader in the use of investment t 
bonds in order to make the most tax-efficient deployment of an individual’s 
resources. Through Vanbrugh investment funds (Equity, Property, Fixed 
Interest, Managed, International and Cash) the individual is able to benefit 
directly from the Prudential s investment expertise, skills and resources, 
while retaining ’.vide freedom of investment choice. 

VlPinvestarswill receive: 

Quarterly Investment Bulletins. . . analysing economic events in the 
V.K. and tn erscas.. . providing the Im eshneht Managers ' intapelatimi of 
economic ami other factors as they affect each sector of the mi'estment market 
...detailing in vestment decisions in ivspcci of all Vanbrugh investment 
funds... listing-current holdings in each fund. ..quoting fund peifonnancc 
figures, indiuling comparisons with reiet'anl indices. 

Annual Fund Reports. . . reviewing the progress of each fund. 

Financial Bulletins. . . explaining hoiv fiscal and legislative develop- 
ments may affect ind\ vidnal investment portfolios and suggesting new 
opportunities or piescribing appropriate countermeasures. 

Statements and Valuations. . . Statements arc issued after each transac- 
tion— and valuations too, on rei/uest. Flits a detailed annual valuation 
. setting out all the transactimis that have, laken place during the year. 

Invitations to Investment Conferences... Toptvvide VIP investors 
toith an opportunity to meet the Investment Directors and Fund Managers 
responsible for their investments, they tall receive imitations to VfPfnvest- 
went Canfem ces, where they will hear the Investment Diivdors' interpreta- 
tion of aurent economic chcumstances and financial prospects. They wilt also 
have the chan x to discuss with our investment panel any aspect of their 
portfolio. 

VI P investors can also enjoy: 

A more tax-efficient investment income. ..since they can ivithdraiv a 
regular income {within certain limits) totally free of immediate personal 
taxation. 

For hwestm subject to higher rates of tax and investment income 
surcharge, the V1F provides the rare opportunity to substantially increase 
net investment inc wnc. 

The opportunity to switch investments between our Managed, Equity 
Property Fixed Int erest, International and Cash Funds. . .Initially investors 
can allocate their investments as they think best between any of these 6 
Vanbrugh Funds. Subsequently investments can be switched at any time and 
investors enjoy ike right to make one change free of charge every yeat 

A veir advantageous exchange scheme far shares and gilt-edged 
securities... Quoted snares can be exchanged into a VIP investment on 
preferential term ... at a price PA% above their normal bid ’price. . . and 

^ r ..x z . . l i tr.i t r*:n 








YOUR SAVINGS AND INVESTMENTS 2 


Hamdal Times SMg.WggSg 


Trees on highway verge 


Ho Icgcl responsibility can be 
accepted by the Financial Times 
for the answers given in these 
columns. All inquiries will be 


:| Discs and certificates 


ca/irninr. Alt Inquiries will fce { ' „ M h*™ f 0 ngy much If yon have fi blanket. 'certifi- 

answered by past as soon as SOME OF YOU mid-week may limitations as to uscMY-par- zens v-auio t b my via the cate which covers “any. motgr- 
possible. have read the letter from Mr, tfcrfar certificate is ^.er P™ bE for owned by the .JtoU^okler 

: E. E. Sutherland. He suggested modern certificates, a computer Motor uninsured 0 r hired. to him under/. au. HP 

that as the Road Fund Tax is produced document about, eight claims mad ag agreement or. hiring. contract of 


Two ailing oak-trees are growing of my house; and as a matter 
in the grass verge of the road of fact my 'building society 
outside my property which accounts as well, made into 
they overbang. The Council joint ownership with my wife, 
refuses to take any action about so as to take them out of my 
tbezn and indicate that it is estate. Following your reply on 
up to me if I want anything August 19 am l to understand 
done. What, please, is the that half the property and 
legal position? money is still in my estate 

If the grass verge is part of the despite what you have said 
highway the trees are the writer on death? 


FINANCE AND 
THE FAMILY 

BY OUR LEGAL STAFF 


possible. 


ujol iu uiv xvvau i r*'-* ■ . . . mntnricfc CTTDicui ui n** 

only OB the amount. I .dually •» J' »“« a " d “ la - the very shape not >s then wdve mMite 

transfer to this country after ™Wy «« ra °“ rist > obligation too smaU irea »bat immW y moderfl Mrtifi . touoa”-or uses somesum- 

my holiday? to ?“?'** > '‘ ( e"C 0 disc will has to he a lot of relatively ann ™ Its display on lor phraseology-theu, nrtjeer 

Hava you • checked ' the UK vanish, “wo should adopt a rep- small print. is ^vehicle ^"^oreen. and no to your policy conditlOM deal- 

?Sus Oculars priotetfacress^ clntral preached hy statutory regiln- one. neither police nor i^urers, 

your U.S. bank account. If not, . , v. - *»»» information cm?. 


Section 2 of the Leasehold 


jr&rtsrsja sratS ssttSMS 

a 3 LF — - s S:c?rEi ffiSSfesi sa&s? 

***** £*2» “ Sr £TSr&£r m “iV-d^thS M£T5b« ihy the, mg the; c^s^ insure 


responsibility of the highway It is correct that property Reform Act 1967 is such that it break the rules. ™ r imaerneatn uie ««kxvs i nave. : • ■ must - pjo duce the straij 

authority: StiUwete v. New owned jointly does not fall into remains open to the landlord to We take it that you are hand confirming^ - insurance reckoned to be ^ *bs^ “i, Mtod to the- ilig ' 

Windsor Corporation (1932! the estate but “accrues" to the contend that the field does not domiciled in England and ">uld be affixed.” minimum required by fte pohpe certificate when ittfl A 

2 Ch 155. You cannot however survivor. However, for fiscal have to be included in the ,n*. SKL 7L E £SS2 in Ur Sntheriend m, v h^ D a for adequate supervision ffld police and if he has not got » 


7v,« v * Ktiycijy .«1 Determining wnetner suen a UJv for tax purposes. inat wim insurance discs; tne idea is „ ( . r »«<=,, wnce^ certificate— the Kina l nave mentioned does 

, pas 5!; s **** de ? tl1 ' contention would succeed, but being so, 90 per cent of your not new and there have from lueiiDJiairr those issued on an individual not automatically have to-be 
foS? 1 counpmnrs m raatr the funilarly *J| ere feea calcu ' we think it quite likely that the U.S. social security pension will time to time been advocates of INSURANCE./' hi » basis those that are replaced and is valid through 

ated ^e amoum of the Court would hold in favour of be assessable, whether remitted the introduction of discs; but ' JOHN PHHJP __i? p j , n in« ir ance terminology changes of veiueJe. nntilthe 

SJfC-SrS ^ " fleld ' ^-^-ssas MK aass? 

SSl, m Clam on a S SS.SS.” S“rr^Si;: 

*™P Iot °f land S HSESS isss. 

CeaSe I own a plot of land as to which which should be obtainable without very substantial and. an individual insurer for more certificates stems' from ' the reverted to the dsaie of utdivi; • 

the adjoining farmer is !lnS,. your , inspector: CR-5 j think, undesirable changes in deiails of th* oarticular policy information given in respect of dual vehicle certificates thej^ 

Maintenance claiming squatter's rights. He 81,(1 ^ (with a supple- yj e JaWf it ig j ust not p0SS j b i e ^ h ra ' n decl( j e whether the first statutory item on the would- have to allow for an 

sa claims that he used it about .f" t Lk?;' t0 say as did Sutherland or not the use of the vehicle Certificate. Here must be either increase d expense cost,, how, 

after age 18 20 years ago when a shed ^n^iS^oR^hPin von "these stamps issued res pec- in qiies tj nn was or wai not specified the " registration ever ^smaR. and ^ smee there m 


INSURANCE 

JOHN PHHJP /' 


highway). 

Small amounts 
of tax 

With reference to your reply 
under Small amounts of tax 
(November 4) our local 


estate of the deceased. 

Maintenance 
after age 18 


was erected by tfae tenant 


operatic society, of which I am Following divorce some years farmer and that this shed has 


treasurer, nsed to own an old ago I was ordered to pay 
mill which we sold and invested maintenance to my ex-wife on 


concession A26 may help >' ou - tively by the testing garage and j nsU red at the particular time mark ” of the insured vehicle insufficient profit margin (or no 
JS^ pe £ a P s ™ immnmJe company and" each "SS^uctioo to Se aS^itt ^ supplied the .-‘description margin at aJJ) in.mqtor bag. 


the proceeds in Government 
stock Irom which tax was not 
dedoeted at the source. Do 
you think we shall have to 
pay corporation tax on this? 
We take it that the society's 


behalf of my daughters. One 
of these will shortly be 18, 
but is expected to go to 
college. Do yon think I am 
entitled to stop the payment 
of maintenance for her ? 


been used by this tenant for remind you that: (l) mterert carrying the expiry date and of information at p&sent of vehicles " that are covered, ness, would have to pass this 
about 15 years. No donbt the on u s - savings danx car - s reg i s tration number would prescribed by law as essential Have another look at your cost on in increased-premium.- 

shed and the access thereto account is assessable In the l K effectively present on the wind- j n ^ certificate would , make certificate. If it contains the To come back to Mr. Sather- 

could be rightly claimed bnt m fu “' whether remitted ?wre screen a u inf orma tion required thf* task of the police very-much registration mark " of your land’s thoughts: the law .is 

does this give him a right °J n0 J subject to the operation by our Road <iYafQ c Laws ...” rao ' re difficult, so much stt that car, then your insurance istied against him and its- substantial - 

to the whole plot? of the preceding-year basis HaVe a ]ook at yo ur Motor the average policeman might tq- that car so that if you sell revision to briag iff .insurance 


could be rightly claimed bnt 
does this give him a right 
to the whole plot? 


TAXATION 

DAVID WAINMAN 


pay corporation tax on this? enhtied to stop the payment The adjoining owner could “!“ d f ^ Insurance Certificate. You will throw up his hands in horror, it and even buy another of discs would be adverse . to 

We take it that the society's °* maintenance for her ? claim in right of his tenant to a " d r 33 *^ witharawa s gee t j iat j s a pQjnpigj. docu . and stop bothering ’about precisely the same make, size, proper law enforcement; and to. 

constitution does not make it As provision can be made for the land actually occupied by 016 n3ay \ ,eas i. t . meat dealing with six features the enforcement of ..motor style ond so on, you have no is market practice, .for the 

an educational charity (not even maintenance of a child in full the shed and, possibly, the small ®®. j?' .'■.‘?° uc / ’ „ 1 w! of 11,6 Insurance — the vehicle, insurance Jaw. If so , p the insnramre and cannot use your majority of insurers _ Use 

an unregistered charity). That time education after the age of adjacent area: but he cannot v™ wa,! aD ,!irf™ a J the policyholder, the start and number of uninsured motorists new car until -your insurers blanket certificates not only for 
being so. the society will indeed 18, you would have to examine claim the rest of your land If i» " tn *he finishing dates of cover, the would quickly increase.' and have delivered to you a new commercial fleets but for the 

have to account for corporation the terms of the order itself. If unless he or his tenant has ir 1 -led P e °P Ie who ma T drive, and the honest, properly insured, .citi- certificate. ' majority of private cars. 

B a 0pSon to toe° UJ ciuI?. ake “ Pjrtod rfM Am hy thP FinanCe ACl ^ TAXATION a C vfragL^ld P Tcco S rdfn“/t£e ruS^^erenT' 111,11 ' 65 1116 hSl? S 

SS S!ft MS Enfranchisement * Liability or tSS. 2S&Z& WSftM 

P l r ~., C i on lo/-6ths. i.e. J n rHTinA- i r 7 l ^v j a ft fM W l that same average cost Rot so ously and evenly in value, or holder. with the same shares or 

effectively at 30 per cent). „ fyajgl LttjC OH IHCOlfte a lOaH _ far as quoted shares held at decline in value similarly, less, for instance; In this case 

As to whether the society's YJ 11 CAPITAL GAINS TAX came April 6. 1B65 are concerned the Therefore if shares acquired the shareholder can make use 

productions (if any* constitute Shortly before my wife bought iVOni U.S. A dub wishes . *■ ord 5 r a new “ t0 , effe «r :i from ^ AprU 8 1965- P° o1 j s now generally displaced before April 6, 1965, *re sold of -time apportionment, but the 

trading activities — and, if so. oa r bouse in 1968 the ** pavilion and has raised about Harold Wilson had come to hy the rule that parcels acquired.' after that date, one can ealeu- time starts to run only from the 

what capital allowances may be prerious owner had served a 1 * m a BrllWl but a quarter of the cost The rest power in tbe previous October. at different dates are to be late on a “ time apportionment M reconstructioit date. 

available— you may like to have notice to buy the freehold worked in the U.S. from • will need to be covered by a committed among other things treated as separate holdings, basis how much of the aggregate! — = ; 

a chat with the auditors. this notlce then 1947 to 1953 and am being loan. In these circumstances, to introducing a corporation tax. Shares disposed of are identified profit or Joss is to be treated. 

drawn. At that time the paid U-S ' Security Is there a personal liability Companies had until then been ^th those acquired earliest— and therefore taxed, as having UPTO 

Husband and landlord wished to exclude a Benefit The monthly cheques onCa) the committee members charged only a relatively low -first in first out'Vlbasis. occurred since that date. The -W 

unu fieJd on are paid into my account with <t» aU the membeis, until such rate of profits tax. the income i n the computation Sir each purity of the logic is marred by *■' il« »5”/ 

unfa 9 * which has in fart been used a Boston Savings Bank. I tune as the loan is repaid? tax which they paid being so 0 f thc K o disposals it is necessary an arbitrary rule that time IW O /O 

nlje S property by us for recreation and at am going to Amenca for a We cannot advise you fully s ^ llc V u '. edi M . ,? ald fh on ^, e,r t0 have re « ard not only;to the started only on April 6 r 1945. peranaumnrtbterastto 

r should be grateful if you times let to the neighbouring bohday^ and will use some of writfaoul knowing the full terms ^fholden behalf rather han cost determined as above, but One cannot apportion by refer- Eteratetaxp^s^ 

would clear up a doubt which fanner for grazing. My wife ^ n,0 . n * 5 1,1 my Bost o B of the constitution of the club- Jhe^ owfl - But . b^ngin^ in a also to the value on Apnl 6, e nce to a period of more than EQUAL TO ' 

[I ™vL n rS n ln? now wishes to huv the freehold acc0unt t0 wver stay. * If, as is likely, tbe club has tax on capital gains was another I9fi5. If the disposal proceeds 20 veaxs before the tax com- ■ 

your answer to a query 8 Do yon think the landlord is ’ to transfer the balance to trustees who own the legal important plank in the mcom- show a gain over both-; these menced. 

Solicitor's Feis tor a n Estate entitled to take out this Sfi ln prop ™ jt would ^ rri ^ a p faoUr govern ment s pro- figures, then the smaller gain is Time apportionment can be O /Q 

(August 19). On April 4 last from the transaction ? sen? " mTSli 14 * 9 ” 15 wou,d f nt ^ r int0 ' 19fi = Finanrp uni ^ al3le : the Proceeds artless displaced by a taxpayer chobs- - per annum g ros s if yon 

nH.unNrf.oD, .. . sent direct to my bank the contract for work to be done The 1965 Finance BUI than either, only the smaller t n wtazat 332 : 1 


have to account for corporation thfi terms of the order Itself. If unless he or hi! 
tax on the gilt-edged interest in doubt you should make an usetl the same for 
(at 42 per cent), as well as on application to the court. period of 12 years 

the chargeable gain arising on m 1,6 ^ as excluded yt 

the disposal of the mill (at 52 J^nfvnilchiwMPnt iL 

per cent on 15/26ths. i.e. rUlivnibemeni 

effectively at 30 per cent). n f n fi-JJ r IttX OH IHi 

As to whether the society's YJ ^ 

productions (if any) constitute shortly before my wife height from U.S. 
trading activities— and. if so. 0Q r house in 1968, the J 

what capital allowances may be prertous owner had served a 1 am a British 

available— you may like to have notice to buy the freehold. worked in the U.S. 


/ pavilion and has raised about 

I am a British subject but a quarter of the cost The rest 
worked in the U.S. from - will need to be covered by a 
1947 to 1953 and am being loan. In these circumstances, 
paid U.S. Social Security is there a personal liability 


the money in my Boston 
account to cover my stay. I 


now wishes to buy the freehold. L W h r‘ ♦ 

Do yon think the landlord is ?“ ^ Iancc t ® 

entitled tflirp nn* *hic ^ country and arrange to 


rssLJEi a? -se-sr S3r~ rassirs 




a chat with the auditors. this notlce then 1947 to 1953 and am being loan. In these clrcnmstimccs. to introducing a corporation tax. Shares disposed of are identified profit or Joss is to be treated. 

drawn. At that time the paid U ' S ‘ Security Is there a personal liability Companies had until then been ^th those acquired earliest— and therefore taxed, as having 

Husband and landlord wished to exclude a Benefit The monthly efaeqoes on (a) the committee members charged only a relatively low -first in first out'Vlbasis. occurred since that date. The 

ixtwt/MfMl unu field on ^ Iease are paid into my account with <b> aU the members, until such rate of profits tax. the income i n the computation fer each purity of the logic is marred by 

uiiTn’e which has in fart been used a Boston Savings Bank. I time as the loan is repaid? tax which they paid being so 0 f those disposals it is necessary an arbitrary rule that time 

nlje 3 property by us for recreation and at am going to Amenca for a We cannot advise you fully s ? llc V u, ® d as . P ald ° n tl ? eir to have regard not only;to the started only on April 6 r 1945. 
I should be grateful if you times let to the neighbouring * 0,Iday wHI u “ somc ® f knowing the full terms shareholders behati rather than cost determined as above, but One cannot apportion bv refer-, 

would clear u^a doubt which farmer for grazIng/My wife* the money 1x1 my Bosto “ - of ^ constitution of the club- their own. But bringing in a also to the value on April 6, e nce to a period of more thani 

JSSI ?«1 LIU? now wishes to hov the freehold a “ ount t0 wv e r stay. * If, as is likely, tbe club has tax on capital gains was another I9fi5. If the disposal proceeds 20 veaxs before tho tax rnm- 

your answer to a query g Bo yon think the landlord Is ’ to transfer the balance to trustee* who own the legal important plank in the mcom- show a gain over both-; these menced. J 

Solicitor's Fees tor a n Estate entitled to take oof this ^J ang f l ° ? sta “ ln l [ s prop ™ h wou]d ^? m ^f p bQUr bovernm£nts pr0 ‘ figures, then the smaller gain is Time apportionment can be 

fAii°im 19 ) On A,, r ;i a i-e* 6 field from the transaction ° have U,S ' montu y cheques be they who would enter into gramme. taxable. If the proceeds are less disalaced bv a taxbaver chobs 

nem from toe transaction . sent direct to my bank the contract for work to be done The 1965 Finance BUI than either, only tbe smaller SttoacSmr 

helriTn^ntlv P hn/h ^ i» ? diat y T fc wlft M 18 ,n 01,8 "***• C««W yon on the property and they alone appeared only five months after loss is allowable. And if pro- A L 6 TheSoirP nn^ 

JjStv d«M V "“Sf J?? our Ts “ Author!- would incur personal liability. ^ change of Government It ceeds fall between the two. then £ade ctMot 'b?reTOraS‘- 2S 

toe eLfe- tof !bp ISppS? r i IlS ! ?». . p . ropertJ ; bes wfll require me to pay although they would doubtless contained capital gains tax pro- there is no taxable gain or allow- w js freb^MiflS 

tiie estate (of the deceased). I however the definition of tax on the amount now standing seek an indemnity from r all the Tisions so detailed, and covering able loss. ' descril ted as a 

have rerent ly had the ownewhip • house and premises ” in at my credit in Boston or members (if not already given). “any aspects of this sup- But the foregoing general rule nr* .SST 6 ^ 

=— Posedly new field, that it was is overridden if the taxpayer AdA v^fmtif 

m E popularly assumed that the makes the election permitted by 

Jar ™ H H ■ Q B Revenue had had the tax drafted the 168 Finance Act.' Fixed i lm * 

BiHA ^toinUhl and rsady for - vears: that it was interest holdings and other hold- Mtead 01 time 

Tri M m V V I ■ I mereLv dusted off i and shoved ings can be the subject of an all pp rlr on *P ea *. \_J> - . . ' ./, ; 

■ B Bff”™ w'P H I ■ bodUy into the Finance Bill. embracing election, /or it can rp I^ nri ^! w ,? P 3SJI 

B m IK (11 To those who merely observed apply to aU shares bf one type 

^ Kb. — » n wk^+ this new capital gains tax from but not the other. What the tax- _T n *_ apportionment-each of 

^ ™ a disinterested standpoint it payer elects is to ignore for all L “ em rcIa ted to ahareholdmgs in 

S B n & B may have seemed surprising purposes the original costs of all coin P^®?/ ^ wm^ have had a 

ill H that it needed such heavy relevant shares held on April 6, ^ pj . a l r econs_mi ctio n ^ ^ before 

™ amendment in each of the sue- 1965. Disposals are therefore April 6. 1985. If the holding on 

ceeding four years’ Finance measured only against the 0111 date . reaul tea from a re- 

Bills But accountants and shares’ values on that date. Tax- const3 ! uct } 011 . entitling the holder 

lawyers who were daily en- payers whose disposal proceeds to more than one class of shares, 
meshed in its provisions fully were less than April 6 value P re fe rence shares issued by way 

appreciatel the need for mnstoi could, by electing, establish t0 ordinary share- 

not all, of these . changes. their loss as an allowable one. h . oIders * or instance, then no 

The amendments have. They could otherwise only have a PP ortIon ment is per- 

however. left us with a tax substantiated such a loss if their mirted. The holder can only 

whose complexities are such a records were sufficient to prove use 311 A P r il ® valuation, 

distraction to the eye that it is that the fall in value between Reconstructions do hot neces- 

hard to discern the underlying original cost and disposal pro- " 
pattern. The rules for ceeds was larger, 
determining the “cost" of The 1363 election had to be 
shareholdings at April 6, 1965 made when the first disposal was 
arc a prime example. made of shares held at April 6. 

Different rules apply to the 1965; a time limit was fixed of 
shares of listed companies, as two years from the end of the 
opposed to those applying to assessment year in which that 
unquoted shares. Lei us deal first disposal took place. Hnw- 
first with quoted shares. ever, if such an election has 

From April 6, 1965 onwards, been made (and it still can be 
quoted shares are generally to made If a taxpayer's first 
be dealt with under the pro- disposal after March 13. 1968 
cedure referred to as the “pnoi." was in the fiscal year 1976-771, 

All chares of the same type in then the identification rules are 
the same company are pooled changed. 

— the numher in the pool grows Shares held at April 6, 1965 
with each acquisition, and the covered by the election are to be 
cost of the total pool is increased pooled, at their value on that 
by the price of rhet acquisition, date - , with those subsequently 
When a part of the total hold- acquired. The first in first out 
ing is sold or given away, the rule therefore docs not apply 


13 - 6 % 

per mu net Merest to 
basic rate taxpayers 

EQUAL TO 

20 * 3 % 

per amuan g ros s if you 
payiaxat 332 . 


SWINGS PLAN OVER I 
4YEABS I 

JUBoaeMkrtratikittoltfstiral* I 

tnpmwE’O.g. iMjto-n-8XtLa.NET Sj 

•qunlfcl2a-4V.f/i-QR033^ ■ 

M loo pay tax is 85 !k. - K 

1*i • pwniiwrtgj— re <* i. B 

1 PtoWBBondmxfiXtdstotoof your fl 
| ki w ftt r mi it pt»o by rataari post. jg 







Reconstructions do hot tieces- J 


I Metes ...... 


■ Hfla •...«>•••• "fix rata •••.•»•» ■ 

MonIWy/ ■ 

■ Annul wxaatnm u E .... 1 

■MhMStwI. • ••§ 

H Insurance 4 FronceBroters H 

■ £5H#3fiSlnrart.S«Brnftrd*Unca M 

fiLStamtofd(oraO) SSXMn ® 


Are you, or 



In 


c* 75 ^rra 


This Christmas you've a gjft choice there's never been before it's simple Versatile 
Not only designed to last but designed to grow. 

It's an Abbey National gift cheque. It comes in a choice of attractive cards. It 
can be for £1. Or it can be for £15,000. Or it can be for something between. 

You buy it from your local Abbey National branch. It can start gaining 
interest the very next day. 

The person you give it to takes it to any Branch or Local Agent (there are 
2,250). There is where it grows. (Worth remembering: sums up to £2,000 given 
by one person in one tax year are exempt from capital transfer tax). 


It could grow into a bike... 


or into a holiday... 


or into a very good habit 









But it could be a ca/: a cooker, a freezer, a boat Saving with Abbey National makes better places SavingAHa bit that leads b real seajrttyVbur 

It could be the deposit that gets a mortgage that gets, come easier Your gift could get someone on the way gift cheque wiilgo irtoan Abbey account forsomeona 

a home. It could be anything worth saving lot To starts good Habrt-ot help an etisling one gw. 


r Hoare Govett, a major and successfid firm of 

London stockbrokers, has formed Hoare Govett 
J _ VnitTrostAdvifory Services (UTAS)t° offer . 
7 investors an independent portfolio management 
4 seuice specialising in unit trusts. Funds under . . 

I management now exceed '£5,000^XXj.. . 

UTAS has. access, to Hoare Gwetts highly / - - 
> “ regarded research. department andnja^-o^of * ; 
j ^ international' contacts and is weUplacedto ^ 1 
interpret stock market trends in die U.KvAin.erica / 
.. and die Far East and select. appropriate trusts 

tailored to the requirements p£ the private investor: 
^^etheryour financial objective is capital growth, 
or high income, post the coupon below for. 
hffthermformation'tos. - ■ 

Hoare Govett Unit Trust 
- Advisory Services Etd - 


: Srtiicex LuL,Heron House 7 3l9/325 
. London WClV 7PB. '■ ' 

v send me your brochure- — * 


ABBEY NATIONAL 


£i to £i5,ooa l ^B W&MmSm 

MOST Or OUR BRANCHS APS OPEN 9-5 DAILY PLUS SATURDAY MORNINGS, ABBEY NATIONAL BUlLDiNO 50QET( ABBEY HOUS^BAKBl5TT5ffiT; LONDON NWI 6XL 









a v. 

i, **! in* *0* 

^-?0r'„7 i --1, ; -- 
1 nQT^^-^A 

:, ?* -nd 7^7 
: aW 

j ; cs>. 

«~.f r ^ 

.. _ ■ *>:C5ta 


1 - ■ I 

? ?- ; 

‘ *’£• ,*, :. . i '-’i4-. ^ 

2 .," ■'’ 3v ’n; "- 

...» -. iii* V* 

- •- . * « 
»'-.*■•.■ f *; sl? •>' 
*•■ --1 |“ a -ir 
s.-... ; • 


-'■ -c. ;- a 7‘3i. 


13 - 6 % 

*■?*» -v j*-. 

j *»«’■» !«***■ 

■ Efivi; **' 

20-311 

V»f wrijrptaf, 
SS? a; ;j , 

BtTLS!*C. 5S?/ 
ȣ3WtteJ5 
5*V1*G5 Kji? 
4 YEARS 


I -•. -s. 

I 


t -aaewf 

i 

I 

1 

i 

I 

I .„ 

* ;• . 

s *•— 

i .... 

C : 

ii “ ■ 

a— i 




|eaES whether it is better to invest in 
. through a. bond. Eamonn Fingleton 
^pr^&l®^fc^®^?^e:boosted the appeal of unit trusts. 


HOW THE TAXMAN TAKES HIS BITE 

The tax you pay on an equity investment sain 


Bond investing in unit trust 




Direct 

holding 

£ 


CiMmgthetaxmatfs take 


IP. YOU^rpBt»;£26^00 jD .growth 
stofks-ov,q^ : 10-.:5»^rs'- iyou .will 

proh!d>i/;^«f. iip-as 'nroch-as 
£ lo.obfr^ better ;-: v ofi ' -investing, 
through' ri .unit : trust tft&fr; 
through ^ao investment bond. ...-; 

Tliis is the conclusioxt 1 : of 
the Oiieftain - unit 
which, has called : 
puter for help?, tl£> 

argued ' contxbye^'^pver "Tb~e 
merits, of iit&tw'fSli'i&tmiaT 
methods. tf&l”'- y : -1 •- 

The hohd^yamt&debate has 
raged i n-th e say mgs industry fbr- 
more tfam Asdecade: - Bnt utitfl 
recently ire (Hvergences: in pep ' 
fonaa n c e yutrco ta d: expect-: froin^ 
tire ■ x^et^ve; ■hrotmts in. ' the 
equity . steej>%*ase; -ih most . 
types of going! ' have ^usually 
been- so smkll as-to be;of only; 
academic interest: Biff ndw, as 
Chieftains .vfigdnes. '. suggest, ■ in- , 
yesTom should take a dose look 
at the^dMFeiddt'tint treatment of 
the two' methods before making ' 
a Choice.'- r • " % ‘ ". ; \: 

. . Tax , chatg^s ' „th is yea^ .baye' 
enhanced the attractidnspf unit . 
trust for.'many investors, parti- 
cularly ‘.those’ seeking" capital 
grbvrth. Chieftain's sums were^ 
based on the - to" position of a 
typical higher-inanagement exe- 
cntive-— a rodn earning £12.000 > 
year before tax with £500 invest- 
ment .income and tai allowances 
of £2,000. The underlying ecputy 
portfolio was:'assamdd to , grow 
by 10 per cent a- year ^and the 
dividend yield of 5 per cent was 
assumed to be ploughed back 
fully in each case/ ... - • . 

Chieftain found-' that if' the 
£25,000 were invested via a unit 
trust the. net cash-4n value after 
10 years would .be £05,600 after 
paying an £8,000 tax -bHi. If the' 
investor, went through a typical 
single premium bond— the sort 
that is. now being heavily, pro-, 
moted— the net proceeds WdiiUi * 


.be ohly £55ja>0 atierhe met . a 
swingeing £lT r 000«»X. bllL 

& 1 ivfnglp’.^pmriiimn band_ is 
■an insurant Scqidract which 
L.usuaHy y l^.-no-.to^ term ; you 
h^b'fc.rfebt ^o wind it-pp at 
iparitimerand S you have not 
•\frbtmd ^itTUp^earlier It will auto- 
cease-^en you die. 
A-tiiiy "deductlOB Is made to pay 
for.. life insurance and the rest 
. of rybur .'money toes' into invest- 
ments The -insfdrance element, 
a ‘minimal ajnount pf cover on 
ydur life, is included mainly so 
:thai bandscan-escape strict Jaws 
' on : the ■■'marketing of unit trusts 
andf-^xither . pure investment 
vehicles Bonds can, for instance, 

be^! sold door- tod oor and they 
often' 'are; thia -is' illegal for 
'Str^ht unrt trusts. 

.A bond In itsJjasic form does 
not.- pay .you an Income — but 
dividends and other- receipts 
from ■ the underlying invest- 
ments. roll up in .tfccbond fund 
'adding to the capital value of 
your holding. 7 oel have no tax 
liability until yot^cash in. In 
the- meantime the bond’s invest- 
ment fund is subjected to tax 
at insurance -company rates, 
which puts it on a very different 
footing from a unit trust fund. 

Unit trust managers have 
always bad the advantage over 
bctad managers that their rate 
of capital gains ,tax is lower: 
until -iast April "the rate was 
17 per cent. Now the unit trust 
capital g ains tax rate is being 
reduced to only 10 per cent 
from next April. ;Wben a unit 
trust "investor cashes in his 
bolding, ' he niay have to pay 
the! balance of the. full capital 
gains .tax rate, 'whieh remains 
unchanged at 30 per cent. But 
as .a Result of this year’s tax 
chafes,' there wifi usually be 
no - extra tax to pay on. even 


EOOOTBxBB San- CW < la B . 


Tax on Unit 
Trust Gains 


JL i i i mm\ i i — ; i i 

VJ 1-1 ^4 5 6 r B 0 !0 

£000 Total Gains in One Yoar , 


quite large unit trust gains 
realised each year. 

A bond fund has to pay the 
full rate of CGT on gains from 
cashing - - in investments — but 
because. of this bond managers 
make a 'point of being sparing 
about the amount of gains they 
cash in and so long as the fund 
is still expanding, there is for 
instance . no need for the 
managers to cash in any invest- 
ments- when an investor wants 
to take his money out. 

Unit tfusts usually receive 
dividends on their investments 
after tax of 33 per cent has been 
deducted and the net income is 
passed straigbt on to unit 
holders without a further de- 
duction. A unit holder paying 
more than standard rate 
will, however, have to pay extra 
tax to meet the difference 
between his rate and standard 
rate. British-based unit trusts 
have to pay corporation tax of 
52 per cent on their dividend 
income but in practice they do 
not hold enough gilts and other 
interest-paying assets for this 
to be a significant drawback. 

A bond fund is usually 


treated similarly for tax on 
dividend income to a unit trust: 
dividends are received after 
deduction of 33 per- cent tax 
and no further tax is payable 
within the fund. Bond funds 
pay only 37} per cent on 
interest receipts— hence they 
have an advantage over British- 
based unit trusts in investing 
in gilts. 

In the investors’ hands, the 
full amount of the rise in the 
value of a bond that is being 
cashed in is regarded as income 
—whether the gain is actually 
due to capital profits or divi- 
dends and interest income roll- 
ing up. You are credited with 
having paid 33 per cent tax al- 
ready on the bond's gain. You 
will have to pay further tax if 
you are already a higher- rate 
taxpayer or If through the "top- 
slicing” procedure the gain adds 
so mucb to your current year's 
income that you are propelled 
into higher rates of lax. 

Under the top-slicing proce- 
dure, the gain is divided by the 
number of years you held the 
investment to calculate the 
average annual gain over the 
period. This is added to your 
current year’s income from 
other sources and if the total 
puts you into higher tax rates 
you will face a proportionate tax 
bill on the gain. The extra tax 
due on the top slice will be 
calculated as if it were current 
year income and then the bill 
will be multiplied by the num- 
ber of years concerned to arrive 
at your total liability. 

To mitigate tax within the 
bond fund, many bonds on offer 
these days are hybrids which 
invest in equities through unit 
trusts. This cuts the cost of 
switching between different in- 
vestment sectors — but. as the 
table above shows, there is still 


Case T: 

Gnns'-gain of £1,000 
Tax In unit trust 
Tax in fife fund 
Capital gams tax 
Income tax 
Total tax suffered 

Cue 2: 

Gross gairvof £5.000 
Tax bl unit trust 

Tax in life fund 
Capital gains tax 
Income tax 
Total tax suffered 


a tax problem particularly if 
you are a high rate taxpayer and 
the bond's growth was mainly 
due to capital gains rather than 
income rolling up. The table, 
supplied by Save and Prosper, is 
based on the tax position from 
next April. Chieftain’s sums 
were based on the assumption 
that - investments were held 
directly by the bond fund — and 
that they stayed in it on aver- 
age only 2} years before being 
sold. Bond enthusiasts would 
probably point out that bond 
funds usually hold on lo then- 
investments for longer than this 
— and that therefore Chieftain's 
figures overstate bonds' 
admitted problems when' under- 
lying investments are sold. 
Chirftain, unlike many other 
unit trust groups, has incident- 
ally no bond facilities as yet; 
Save and Prosper, which is 
mainly in unit mists but also 
has a major bond operation, 
tends to agree with Chieftain's 
general argument that the latest 
tax changes are a major boost 
for unit holders. 

From the point of view of a 
unit holder paying basic rate 
tax, probably the biggest boon 
of the latest tax changes is that 
he can now cash in capital 
gains of up to £1,000 each year 
without a personal tax bill. And 
on the next £4.000 of gains each 
year, the tax rate is only 15 per 
cent. In effect a unit holder can, 
therefore, from next April cash 
in a gain of £3.000 and pay no 


Unit 

31% 

«% 

trust 

taxpayer 

taxpayer 

L 

£ 

£ 

100 

100 

100 

— 

180 

180 



108 

£100 

£220 

£388 

500 

500 

509 



900 

900 

75 

_ 






540 

£57S 

£1,400 

£1.940 


Source: Save and Proper 


personal tax on it: this is 
because though he has a 
notional liability to rax of £300 
f 15 per cent of the taxable 
£2,000 element in his gain! this 
has already been paid in the 
fund. For the non-taxpayer, 
direct holdings of units have 
always been the better invest- 
ment because be can reclaim 
Income tax paid within the fund 
whereas he cannot do so with 
the return from a bond. For a 
high-rate taxpayer, units will 
usually be the better bet except 
where he expects to cash in at 
a date in the future when his 
top rate of income tax wifi be 
lower than it is now — he may, 
for instance, gear the invest- 
ment to be cashed in at retire- 
ment 

There are more complicated 
ways of mitigating tax on the 
proceeds from bonds — but you 
need good advice because they 
may not be suitable in your 
case. One application where 
bonds are still very competitive 
is for taxpayers investing in gilt 
and other high-income funds. 
To provide such investors 
with an income from this type 
of bond, most management 
groups allow you to make 
partial withdrawals from the 
bond. You can usually with- 
draw up to 5 per cent of the 
bond’s value each year without 
any immediate tax liability — 
but you may well face tax later 
when the bond is finally 
extinguished. 


I3UVULY BONDS 


INVEST IN GOVERNMENT 
STOCKS AND EQUITIES 

FREE OF TAX 

A t mnst ! For Every Eligible Husband And Wife 

The Family Assurance Society is 
completely exempt from income tax and 
capital gains tax, because it is a tax-exempt 
Friendly Society This gives the Society an 
advantage of about 40% over taxed funds. 
The maximum investment allowed is £10 
a month or £120 a year (less tax relief) for 
those aged 44 and under, and £1 1 a month 
or £132 a year (less tax relief) for those aged 
45 and over. By law, it is only available to 
family men ana women. 

If you prefer, a lump sum of about 
£1,000 to £1,100 (depending on age) can 
fund your annual investment, at a discount 
of about 23%. 

This is a unique unit-linked investment, 
but unit prices can fall as well as rise. 

However, the Society estimates that 
because the investment is tax-free, the value 
.of units will be more than double the 
amount of net premiums paid over ten 
years. So far, it has performed much better 
ton this. 

For further details, please fill in the 
coupon below: 


■ Julian Gibbs Associates Limited, 

I 9 Manchester Square. London VV1M 5AB or FSFH 

| telephone 0M87 4495. 

| Nama. — — — — 



Counting the days abroad 


NiAli^SWEENer 


WHATEVER YQUR reasons lor- ' ^ ■ 

going abroadr-wbetbet for> work ■/ rvn«TDlATCC 
or for the sun-— the .fihaijcjal fell'll 

effect is the same: you' become". NtAl&SWEENQr 
an expatxiate-imd so are in line 7 - - • r - 

for generous^treatinent frtrip 
Inl«nd Revenue: -l...,' ^. 4: f - 

How ;g^pOTott5^ ti^Bgjrenue : ta^>besed : in Jersey, ^nd ejse- 
wiil; b'e“ depends ' the ^wtiere^iiaW' been launched to 

length of. the stay abroad.;. A . helPr expatriates infest in gijts. 
period, of absence of at least a -If &e . income taSc,^xemptions 
tax. year wfli usually : conyfixee were : ;notrienoug^I ' there is no 
the anthorities that: ^ iitSlvl--ijial}VSif 'fo 'capifal gains tax on 
dual -is neither '^njsident ; noif galhsia any j&x year -in which 
ordinarily 'r resident ” - for -tax the expatriate maintains non- 
purposes.’ Hewill -then.eseaperesrdenLstafiJs. 

UK tax on. - overseas • income By’ ''concession,- you escape 
(both earned and nneartred) — -CGT on afi gains realised after 
hilt he wtir, still f have to pay' your ' departure even if :they 
UK tax ph.^ s reniaihiijg ine occur in the tax year you. lose, 
come frdm UK «>ufces.- - ; ' : • UK residency. So if your 

Non-resident - - ^’expatriates; depicture is Imminent, make 
should, Jthertfoire,^^ suse you put off selling assets 

most types of . UKrincome; There 01/ which you are showing '.a 
are, however, ^'many .“ tax- /profit until after you leave, 
exempt" gilts which pay. in-Vt Asset* showing a loss should 
come gross . and this income is be sold before you leave to help 
not treated 'for ihese purposes minimise CGT bills on other 
as UK income: And. in the past disposals you canpot postpone.) 
few years several^ offshore unit Most returning non-residents, 




iTOli 


* Jb~yr“' — 1 - === \_Gartm ore High Incotile Trust is 

IfiJrl 1 primarily invested in UK equities, and 

. jSt w Jgj ttjrnsto provide a high and lncrescdng 
D 4w C>ff' Xjfy/T income \rithcKjr sacrificing potential for 
H iong-Cermcapital growth, 

n . J Since the Tmst was launched in 

Aprfi 1975 tb® o^r price of units has 
increased by 1 34-7% compared with a rise of 7&-5% in the Financial 
Times Ordinary Share Index. In addition original urrithdderehave 
to date received ;a gross income of £58-05 for every £100 invested. 

Remernberthat die. price of units and the income from them 
can go down as wdl as up. 

You should regard your investment irr High. Income units as 
a long-term one. - ■ ■ . 

' You can invest any amount over £zoo. Simplynli m me 
coupon and send it to Gartmore Fund Managers with your cheque 
or consukyonrpnrfessH3niil adviser. . 



' ^6^»o^)(x> under GrotqiMaaa^ment 

FiU in the coupim and send it now. Tb: Gartmore Eiind Manners 

Ltd. 2 St. Mary Axe, London EC3A 8BP. , m ^ r #< . 

[£ I jtceivfTh»api4h3itkffi.* 

IW*eod*««a«intoi« 

•Formirsaktanceth: otepfk* xCUmnctl&limltmm 
■ joihiCwmaw, KJT** - 

n m __ . 

goiBUQKon. ~~ 
nj55rXAilSW c ' F W-- ■ - . 



on the other hand, face CGT on 
any disposals of both UK and 
overseas assets occurring in 
the tax year of return. (People 
who bare been non-resident for 
at least 36 months, however, 
escape.) 

. So It usually pays to realise 
gains before the tax year when 
you return. Even if you want to 
Bold on to the asset it makes 
sense - to put' through a "bed- 
and-breafcfast deal," to establish 
a higher acquisition price. 
Obviously, assets showing a loss 
should only be realised after 
return. 

Generally, anybody who is 
away for a complete tax year 
will be considered " non- 
resident " and “ not ordinarily 
resident," even if ••.a home in 
the - UK is maintained. But 
despite the relative ease of 
becoming non-resident many 
people who spend a consider- 
able time abroad are UK resi- 
dents for tax purposes. 

Nevertheless, even for the 
expatriate who remains a UK 


Money 
Mon ito-r 


Leading the 
thundering herd 

THE HOARE G OVETT stock- 
broking firm celebrated the first 
birthday of its new unit trust 
advisory service this week by 
giving tiie Press a glimpse at 
bow its clients’ portfolios have 
been performing. 

Robin Boyle who masterminds 
the service, reckons that the first 
investors who joined up a year 
ago are now showing a* profit 
of about 43 per cent if they 
chose to go for growth rather 
than income. That compares 
yrith' a rise of about 6 per cent 
in British shares geoeraUy as 
measured by the Datastream 
computer. 

Not spectacular perhaps; but 
Mr. Boyle is glad to he on the 
wanning side and he think£ that 
by outperforming the market 
he has given clients good value 
for Hoare’s'l per cent manage- 
ment charge. He' would, how- 
ever, prefer to be judged' after 


resident, there are useful tax 
concessions. As long as he is 
abroad for a “qualifying 
period " of 365 days, overseas 
pay will be free of UK tax. 
The period need not be a tax 
year (April 6-Aprxl 5) but. in 
its sianlest form, will be made 
up of consecutive days abroad. 
A break in a period of absence, 
however, does not necessarily 
stop the .whole period from 
qualifying. If a visit to the 
UK is for 62 days or less and 
the length of the stay does not 
esceed onersixth of the total 
number of daysj'n the period, 
the chain will not be broken. 

A few days too many can 
make the difference between 
paying no tax and paying full 
tax on up to 75 per cent of 
overseas pay. Even if the 
qualifying period abroad does 
not add up to 365 days it is still 
possible to obtain a measure of 
relief by qualifying for the 
25 per cent deduction: that is. 
tax wHl be levied on only 75 per 
cent of overseas earnings. To 
get this concession the indi- 
vidual must normally work 
abroad for at least 30 “qualify- 
ing days " in any tax year. 

the service has been going five 
years. 

In the meantime, rival stock- 
broking firms have been warn- 
ing that Hoare may upset major 
unit trust groups when it makes 
block selling orders for unit 
trust clients. Unit trust groups 
are not well-geared 10 cope with 
sudden large bouts of selling. 
But Mr. Boyle says relations 
with unit trust groups are ex- 
cellent and he makes a point 
of phasing withdrawals over 
several days when he leads his 
followers out of a trust. 


Tidal wave of 
offshore funds 

INVESTORS ARE now in 
danger of being overwhelmed 
by off-shore gilt funds. Lloyds 
Bank is the latest institution to 
get on the bandwagon with the 
launch this week of its Uoyds- 
trust Gilt Fund. 

This is a welcome addition to 
the . list because its' initial 
charges are particularly low. It 
will provide a high income paid 
before deduction of tax: at 
present the fund managers are 
concentrating on long-dated gills 
and the estimated gross yield is 
12 per cent 

This appears to be the invest- 
ment strategy of most of these 
funds: how does the investor 


TAX AND THE WORKING EXPATRIATE 


Overseas pay 
Overseas 
investment • 

income ... No Yes „ Ye * „ 

UK income.. Yes<l) Yes (1) Yes 11) Yes (1) 
Capital gains No (2) Yes Yes Yes 

NOTES: (1) Except exempt gilts and bank deposits 

(2) Except for disposals prior to return but in the same 
tax year unless individual abroad for at least 
months. 


Nonresident 
and not 
ordinarily 
resident in 
the UK 

UK tax? 
No 


UK resident 
with 
365 days 
qualifying, 
period 
abroad 

UK tax? 
No • 


UK resident 

UK resident 

with more 

who works 

than 30 but 

abroad for 

less than 

non-UK 

365 

employer 

qualifying 


days abroad 


UK tax? 

UK tax? 


SAVE £12 

A MONTH 


AND LET YOUR MONEY MAKE 
MORE MONEY FOR A CHANGE 

Get M&G’s free booklet on Regular Investment and r 
find out how to daim substantial tax relief and build a 
tax-free capital sum. 

_ _ — — r— — — — — — — — — i 

! To: M&G Groop. Three Quays.Tower Hill. . B 72 ft , 

London EC3R6BQ. Telephone: 01-626 4588. I 

, Please send roe the new M&G booklet on Regular IovestaienL j 
I hij„ 4,.v. — — ' 1 I 


The one .exception is where 
he is working abroad for a non- 
UK employer. 

One snag to watch ont for is 
the danger of an enforced 
return home made necessary 
because of, for example, poor 
health, or unstable political 
climate. Many expatriates find 
that, in the early months of 
their tour, they incur heavy 
expenses in seeking suitable 

make his choice? The yield 
spread between the funds is 
narrow, ranging from the 12.6 
per cent offered by Schlesinger 
to 11.4 per cent from Tyndall, 
with around 12 per cent offered 
by several funds. The investor 
therefore needs to pay particu- 
lar attention to the charges, and 
here he : wiil find considerable 
differences. 

Lloydstrust .Charges an initial 
fee of only li per cent, among 
the lowest rates of any trust in 
the field; and this is progres- 
sively reduced for large invest- 
ments. But the annual fee at 3 
per cent is among the highest. 
But there are no other extra 
charges. Tyndall, Schlesinger, 
the TSBs and King and Shaxson 
are among other groups with 
particularly low initial charges. 
Save and Prosper. Gartmore 
and Arbuthnot by contrast have 
high initial charges but low 
annual charges. 

As a guide for investors, if 
they intend to Irold the fund for 
a considerable period, then pick 
the lowest annual fee. But if a 
gilt fund is only a temporary 
haven until . something better 
turns up, then pick the lowest 
initial charge. 

Trustees of charities and 
other funds should note that it 
is understood, at least by Lloyds 
Bank, that these off-shore funds 
do not qualify under the 
Trustee Investments Act 3961. 


accommodation and transport. 
If they return shortly after their 
departure for whatever reason, 
not only will they have to settle 
their debts quickly, but, on their 
return, a tax bill awaits them. 


1 mss If 
SURNAME 

ADDRESS 


1 NateppiicabU 


Member rflhe . 
Life Offices' Asscdatimi 


POSTCCDE 


IPrl 531218 


THE M&G GROUP 




fund and obtain 



°/ 

</o 


°pa » currentgrossyield 



Z: T 
T - v ' 

V ‘ * y* 

.- y 'Zy i 


Robin Boyle: Satisfied with first y#ar 


Better rates from 
income bonds 

TWO MAJOR life companies 
have reacted to the higher 
pattern of returns on short- 
dated fixed interest investments 
by lifting the return on their 
guaranteed income bond 
contracts. 

Merchant Investors is now 
offering 94 per cent net of basic 
rate tax over four years for 
income payable annually at the 
end of the year (9 per cent if 
payable half-yearly) while.CQrn- 
bilk of test cricket fame, is 
offering 9J. .per. cent over five 
years payable at the end of each 
year. 


Since its launch in February 1974. the 
Lloyd's Life Option 5 High Yield Fund 
has been the top performing fund of its 
kind, according t'o statistics in Money 
Management Magazine, October 
1978. The ofter price has increased by 
63° and the current gross yield of 
12.2% is more than enough to cover a 
5°,;, per annum cash withdrawal fairer 
tax and charges). 

The preferential tax treatment of life 
assurance bonds allows even 98 t '„ 
tax pavers to withdraw 5% of their | 

original investment, free of any jgi 

iminedwte liability to cox. each year M 

tor a period of twenty years. 8 

Lloyds Lite considers the Option 
5 High Yield Bond to be ideal tor any 
investor who requires these tax 
deferred withdrawals. 


The Fund comprises: 

British Government Stocks S3 

Other Fixed Inreror Securities 7 

Caa-h 10 

W hen you encash vour Bond, anv 
profit made mav be subject to higher 
rate tax or investment income 
surcharge (not basic rate tax). Lloyds 
Lite will be pleased to advise further. 



The Compum formed 
bv Lloyd’s of London, 
the world famous 
1 nsurance 1 nsrirurion 


If yon have €2,000 or more available for investment 
and would like details of the Option 5 High Yield FmiJ, send the cuupon to’ 
Lloyd’s Life Assurance limited 
20 Clifton Street, London EC2 A 4HX 
Telephone: 01-247 7699 
JVJdme 


Address 


wlWimiiPMLW'iF.yrii 





s 


Fi^nrial Times Saturday Peeaaber 2 1978 : | ^ 


PROPERTY 







Relying on foreign aid 


BY JOE RENNISON 


ALTHOUGH PRICES have gone 
up considerably this year the 
way they have changed from 
area to area is considerable. 


perty market busy during late 
Spring and Summer this year- 


in recent years. Although sales 


dence of a strong selective 
demand for good .properties — 


price ranges. 

During the first 10 months of 
this year, foreign purchasers 



Accommodation 

Beds-fiath-Rec. 

1977 

1978 

Modem Bats 

Kensington Heights W 8 

2 

2 

1 

38,000 

65,000+ 71% 

Durr el Is House W 8 

3 

2 

1 

47,500 

67,000+ 41% 

Broadwralk House SWT 

4 

2 

2 

130,000 

200,000+ 53% 

Older Flats 

Florence Court W9 

2 

1 

1 

21,000 

2WD0+ 35% 

Wynnstajr Gardens W 8 

4 

2 

2 

45,000 

60,000+ 33{% 

Houses 

Hid Gate Place W 8 




46,500 

75JJ00+ 61% 

Woodsford Square W 8 




69,000- 

145,000+110% 

Oxford Square W2 




110.000 

155,000 + 41% 

Blomfield Road W9 




135,000 

175,000+ 39% 



During 19T8, London property Increases are shown in the table, 
accounted for about o* per cent h seen a w j de ^ge of pr j re continued increase in 

of the aggregate monetary value i nerea se«! ud to 100 ner cent and ■ QC contLn “ eG increase m 
of all residential sales handled L"E“H L“R V™ 2E.TK.Sf for m ° der ? has 



Buyers ,ro m ,h= KMdl. Bus, 3^ 


and Iran 
cent 
per 


ofThe vX Se EuroDeL s P ^ wa/still scarce and the strong jBn&SZri 
cent, the U.S. 4 per cent ^ * mei £ iQ Ebmy Street within one 


and others including Australia. 


mad scramble. 


1 HAVE watched this house 
going op from the foundation 
stage almost to its finish. If 
you are looking for a para- 
dise in a foreign part this 
is it For someone who wants 
to be away from the coastal 
hurly-burly, but not too far 
away from it— it takes some 
beating. 

In 1973 an English couple 
asked English designed 
Edward Gilbert and Spanish 
designer Jaime PaJade to 
build them a dream house with 


, ... week of it coming onto the 

Jauan and Nigeria accounted for Although there was a signifi- marfeet ^ are curre ntly 

Sr r emainin E 4 De? cenL Cant increase .j" J he a ”T° advising on several schemes comfort. 

ai ? ,ne 4 per 5 . . property available— about 100 whjch it : hnned will be <* oosc tw® hectares of 

These facts emphasise how per cent frora February to the Parted “ 1 L-r f OP 0 ec unation land “ Mils ® f E1 

property values in London are J^d of August-we estimate that ■ the eSl^SO s 

still below those in most other about 2 o per cent less property y ’ 

European capitals, thus enabling has bgen offered for sale than As 1978 closes, it is evident 
foreign companies and indivi- ,j n ^ preceding year. A con- that there is less property avail- 

duals to afford, with consider- tinuing demand throughout the able and the market is quieten- 

able ease, some of our best year f rom both home and over- ing down. This, coupled with 

property. American buyers. seas buycrs has kept pressure increased bank lending rates 

probably due to the weakness nn pr j ces an d Chestertons be- and dearer mortgages, may well superb house, planned to give 

of the dollar, have been less ]j eve fl, a t the overall price slow down the rate of increase total privacy and with sensa- 

active this year and have con- j ncreases have generally been in prices at the beginning of 

centra ted on renting. . f or good property— refurbished next year. The General Elec- 

Buying patterns indicate that houses and modem purpose tion which must come within 

Europeans favour London's built flats in excellent decorative the next 12 months may also 

period property and this year order. have ® cautionary effect on in- 

Chestertons have seen greater a guide to the varying price tending buyers and sellers. 


Madronal above San Pedro, 
Costa del Sol. 

CaJvez-Cauero / Donaldsons 
of Puerto Jose Bamis, Mar- 
bella and Montpelier Inter- 
national Properties, London, 
have been asked to sell this 


tfonal views, even as far 
down to the coast and the 
fashionable Puerto Jose 
Banus, 

Built into the hillside on 
four levels, the accommoda- 


tion comprises 5 bedrooms, 5 
bathrooms, 4 reception rooms, 
an orangery, kitchen, laundry 
room, 2 staff bedrooms, staff 
sitting room, cellar, court- 
yards, terraces, a swimming 
pool and garaging for three 
ears. The house has central 
heating. 

On the ground floor the 
house is entered through an 
arch into a cobbled inner 
-courtyard. Above the arch 
is a sitting room or play- 
room. All the bedrooms lead 
off the courtyard, the master 
suite taking up the whole of 
one wing. The master suite 
is entered through an old 
Moorish door leading to a 
pitched ball with -an enor- 
mous chandelier brought 
from England. A marble 
staircase from a palace in 
Seville leads from here down 
to the drawing room. From 
the upper ball antique doors 
open to the master suite of 
kitchenette, study, bedroom 
with bathroom en suite and 
two dressing rooms. There Is 
a strong Moorish feeling in 
this part of the house. Tbe 
study fireplaee, for instance. 


has a - Moorish shaped . 
surround, the bathroom tiles 
are the same shape, a lattice- - 
work Moorish screen hides 
the lavatory. 

The cupboards, made from - 
old wood brought from-. 7 a 
theatre in Seville, follows . 
the Moorish theme. This whig 
is palatial. The bedrooraiis 
enormous, french doors open 
on to a private terrace: there 
Is a huge fireplace and the 
luxurious bathroom is on 
pink marble with a central 
wash-band basin. All the bath- 
room Strings are gold plated. 

At the bottom of the 
marble staircase Moorish 
arches lead into a vast draw- ~ 
Ing room, the floor has been 
cleverly made oF marble and 
brick. ’There are three sets 
of french doors to -the 
terrace. French doors lead 
from the dining room to a 
terrace, and the bine and 
white kitchen has a bamboo- - 
covered breakfast terrace 
covered in flowers. At garden 
level arched doors lead to the 
orangery — an imaginative 
folly created by the owner’s 
wife who Is an actress. 


BRIDGE 

E. P. C. COTTER 


fjf A TEAM-OF-FOUR match, 

£■ Which I ^involved 
recently, two penalty dotjlestf 
low-level contracts 
they produced very different 
results This was the find : hand. : 
dealt by my partner in the West W .. 
seat, vrith North-South vulner * A-Q 10-4 
able: • — 


Our ^oppnneffte. .other 
room bid three' and. 

made an overtri3^ Souths 
team lost onl? - 2-lB^rTei)f;"fiie 
hand, but the loss^jhlgfct- so 
easily have been - - ■ - 

The second hand was dealt by 
East with both sides Vulnerable: 


- : aj 


N 

• 9 8 2 

V 10 s 5 4 3 

♦ 5 4 

+ 10 8 6 
W E 

♦ j 6 5 3 *A74 


rQ 
<7 10 3 

♦ K .7 8 • 

* Q 4 3 2 


. . N 

♦ 7.3 
OQ8 

.♦• A J 8 4 2 ■A-.:.,- 

♦ J 9 6.5 

• B- ; '*-'7 

♦ 85 

9K 9 6 4- 

♦ Q ID 9 5 

♦ A K 10 


r.j 


. *= -;■ 


♦ K J 3 6 2 

<2 AH 5 2 

♦ 3 ■ \ 
*87 




O K 2 

♦ A 7 

* K 3 


6 3 2 


J 9 7 

♦ K Q J 10 
*A 9 7 
S 

♦ K Q 10 
CAQ6 
0 9 8 

* Q J 5 4 2 


East, playing weak no-trump. 
throughout, opened the bidding • . : 
with one no tramp, and I, sitting ^ 
South,' overcalled, with two 

spades. • This was promptly- 
doubled by-West r and-I^pEe-^:. 
pared to take my medicine.- 


I t f l ! 


LTBU Laab -V “ — -- • ,*}* 

On West'a . lead. of. the heart .d£;;.;. * . f/J » I 


After West and North bad ten, dummy's Queen was play 


MS 


We are all capitalists at heart 


□umbers of Greeks and Italians; 
although Middle Eastern buyers 
almost always prefer modem 
property, especially flats. Bel- 
gravia, Kensington. Mayfair and 
W2 are still the most favoured 

areas for foreign buyers, how- iN THE latest issue of have been commonplace. In dreaded gazump and Dutcb- of those prospective purchasers, inflation has to be reckoned 

ever, an increasing number are Humberts Commentary partner general, activity throughout the auction by entering into a to he seen to be doing his best with in this calculation but over 

buying in North London. Jeremv Blanrhard has some fair South of England has been private tender when the pace for his own client— the vendor, the past 12 months it cannot be 

Notwithstanding all this, y . t intense for the limited number begins to quicken. There is a “Imagine,” the agent may have said that there has been amort- 

British buyers have been in- comments to make on me state of bnuses on 0 ff er j n a ]| pr j ce distinct art in obtaining tbe best to explain, “that you, sir, the gage drought. It is now a much 

creasingly active throughout the of the market brackets. So I trust that our price for clients in a rising purchaser are the vendor and slower process to obtain. funds, 

whole property price spectrum The price plateau referred to readers adopted the guidelines market The agent must be in I was acting for you. what would but when the current lending 

and it is significant that many j n the firm's last report in July set out in the Commentary of comDlete control and impress you expect me to do ? '* and so restrictions are withdraw^ the 

more UK nationals have bought j,as been pierced constantly April 1976. although with the uoon both the prospective nur- on. market will enntinue upwards, 

property at over £ 100,000 this during past months especially benefit of hindsight you may chaser and his own vendor-client They would not. of course, be They also believe that tin* real 

year. In fact, more than 36 per Home Counties with D ro- criticise us for ** caution that he is competent, trust- writing in this vein in a bad level of income resulting from 

cent of our buyers in this price . rat: win ex P ress ® d with properties over worthy and with a mde of enn- market but that is where they pay increases of over 55 per 

range were British, whereas the Parties priced at over tfta.uuu. £35^0 They are confident duct bevond reproach. Each came in. It still is good. Why ? cent in the past four yearii has 

year before they were only a Another type which has though, that if it suited you and purchaser most be mad" to Despite the cries, we under- not left people quite so badly 

handful. British buyers have frequently attracted incredible did not hesitate to buy as understand that he will be given stand that more money has nff as is generally accepted/Per- 

alsn taken the opportunity of prices is the cottage or house advised, you have most probably an eatial chance with his heen granted by the Building haps we have all learned;, to 

“trading-up" on their property " in need of repair and moderai- doubled your capital. adversaries to make a best and Societies than last year and spend money more wisely, at 

—moving to larger homes or sation”: increases of 20-25 per They are now using some final bid. At the same time, the more than in the boom year of least all those who have 

into more desirable districts. cent over the original estimate adroit footwork to avoid tbs agent has, with the agreement 1972., It can be argued that capitalist tendencies. 


passed. I bid one no trump on East covered with tbe King, and j- 
the East cards— I was a point I won with tbe Ace. I at once v 
short for the bid, but I prefer cashed the Knave. ai ? d " le “ . a v>3 
red it to one diamond. South third heart towards tne . /j/ 

overcalled with two clubs. West West decided to ruff with rujr,. ‘J 
made an imaginative double, ten of spades. I threw a diamonds ) 

and all passed.. • from dummy, and West then ^ 

My partner led the- heart switched tri the six of diamonds^- 
King, which was won by South’s Winning with dummy’s Ace, -I- 
Ace, and a low club was returned a diamond, which 
returned. Taking with his King, ruffed In. hand, and led another ■*. 
West led the two of hearts and heart This time West did not * 
was, I imagine, unhappy when ruff, but discarded his diamond 
he saw South take my nine with King, and I ruffed on the table. . 
the Queen. The trump Queen When I led a club - from v 
came next, I won with the Ace, dummy. East .won with his King, 
and returned a dub to remove and returned the eight of 1 

dummy's entrv. spades. This was a serious mis-. - r i 

A spade was led from the take— he should have played the 1 

table, I ducked, and the King five — I played the nine, and 1 ? - 

won. The declarer exited with West's Queen won. 
a diamond to my ten, I cashed A club came back to the Ace, ■' i 
the heart Knave and the dia- and now East changed course by ,I | 
mond King, continuing with the leading the diamond Queen. :I j 
Queen which was ruffed in hand, ruffed with, my King,, presenting^ 

The declarer was now endplayed West with a Mortons. Fork 
and had to surrender two dilemma. . . .. .. 

spades, making six tricks for a If he overruffed, r could ruff, 
penalty of 500 points. a club return, draw the two out- 

South’s overcall rhas little to standing trumps, and cash my 
recommend it. His suit is not established heart. If -he dis- 
robust enough, and his values carded — and this is almost 
are defensive rather than offen- always the right play in such a 
sive. Finally, the unfavourable position — I could ruff my heart 
vulnerability should have con- with dummy's seven of spades, 
vinced him of the wisdom of something -I could not have done 
keeping silent.. if East had preserved his eight. 




V 


1 • 

. r. 

■>! - 




•J 

S’-' 


■-£ 

3 


CHESS 


LEONARD BARDEN 


2 good reasons why LE MONTAIGNE 
at MONTE CARLO is a first class buy 


first; 


The site- picked for the Residence Le Montaigne is the most 
delightful and convenient in the Principality. The apartments are 
just the right size and you don’t pay for useless space, 
j It’s an intelligent buy. 

second: The Principality of M 

stable pla 
you enjoy 
well worth 
, investment 

residence LE 

MONTAIGNE 

Realization SEFRI-CIME 

6, Bd.des Moulins. Monte-Carlo. TelJ93) 50.63.07 



e of the most 
And of course 
tages that are 
of the safest 
aiiable today. 


It’s a. prudent buy. 



For further details, our representative 
Mrs BODANSEN will be staying at a 

The Cumberland Hotel {London) on ! 

the 14, 15,16th December 1978. & 

Tel. 262.12.34 1 

£ 


I I wish to racelwo, without any commitment 
I on my part, documentation on the Montaigne, 


Name , 


1 


Adress. 


| Profession 


1 Send to Residence Le Montaigne. 6 bd des 
‘ Moulins. Monte-Carlo - Principaut6 da Monaco. 
| Tel. (93) 50.63.07 



MARBELLA, SPAIN 


ELEGANT ANDALUCiAN COUNTRY RESIDENCE 
5 BEDROOMS WITH BATHROOMS EN SUITE 
4 RECEPTION ROOMS, STAFF QUARTERS 
IMMACULATE CONDITION THROUGHOUT 


Surrounded by Z ha. of nmetd grounds containing enngary and (winning 
pool, liangi tar J arv 


Enquiries — SOU AGENTS: V MILNER STREET. LONDON, S.W.3 
01.5*1 0218/9/0 TELEX *100*7 
In association with GALVEZ CAN BIO /DONALDSONS 
PUERTO JOSE BANUS, MARBELLA. SPAIN (52) 8T2125 




FRANCE 
COTE D'AZUR 

Near 

CAGNES SUR MER 
DOMAINE DU BAOU 

SMALL blocks of flats in 
beautiful park with swimming 
pool— overlooking sea— tennis 
court — bowling area — 
Studio-flats— three-room flats 
—equipped kitchen. 

Some flats already available. 

51 lid Id- flat price : Fra. 125JDOO 
Information from : (93) 20.95.5* 

Et CEGI 

S. areuuc des Phocfana 


OS3DO— NICE — FRANCE 
Teh 1 93.' 80.07.22 


FfiRHDOWN I DORSET. Detached bungalow, 
specious interior, set in :j aui. secluded 
position ottering peace and privacy— 
Ideal retirement. Convenient for shoee 
and all public swvirw. £58.000. Write 
Box T.499I. Financial Times, 10, Can- 
non Street. Ecap 4BY. 


HAMPSHIRE 


Andwer 3 miles. 
Bulnsstoke is mUen_ 
Attractive Georgian residence grounds 
in events of 3 acren in central village 
position. Ball. Cloaknn. 3 rec. cellar, 
ktidien, * beds. 2 bath. subLin* and 
well fenced paddocks. 

Oil CH. Gee. Walled Kdn. 

Offers invited in excess nf £97.000 
for ihe FREEHOLD. 


PEARSONS. ANDOVER 
OFFICE' 

(0264 2207) 


POLLENSA - MALLORCA 

BALEARIC ISLANDS 


A MAGNIFICENT 'HACIENDA - STYLE 
RESIDENCE ©f considerable proportions 
and comfort and ideal for entertaining 
on an ambaudoriil level. So«en bed- 
room!. aoperb reception rooms, kit- 
chen. 5 bathrooms, guest suite, ser- 
vants' quarters. Oii-Ared central beat- 
ing. Garages. Swimming Pool. 
Pergdii. Terraces. Gardens. 13,500 
iq. metres. £lm. (S.F.B32.00D), 


PM DE MALLORCA 

iLLETAS 


ONE OF THE FINEST LUXURY 
PENTHOUSES ON THE ISLAND 


Fully furnished and superbly equipped, 
'll. 3 rccepticn rooms, kitchen, tun 


Hall 

terrace, bar are*. Terrace and roof 
garden, sun de:k /solarium. 3 bed- 
rooms each with bathroom /shower 
roomi en surte. Gcairaful gardens and 
grounds. Swimming pool. Direct 
access to sea. Excellent servicing. 
Price 500.000 D.Mirki (£133.000). 

For fufl •^artlciilari ai (heir 

.prppertcj pie me tamed; 


1DRE JONES & PARTNERS 

International Department 
7 Mareham Street. We s tmi ns ter 
London SW1 
Tell 01-222 263* 



Clients requirement - No commission sought from vendor 


TRADITIONAL LANDOWNERS 
WISH TO INVEST SUBSTANTIAL FUNDS 
BY PURCHASING LET OR LEASEBACK FARMS 


Reply ( marking envelope “In Confidence Ref J.E.P.") to: 

Fielden House, 12 Little College Street, 'Westminster, SW1 - 01-222 4054 


Peterborough: 

Newmarket: 

York: 

Leyburu: 

Darlington: 


0731 67231 
0638 5848 
W S58*M 
09692 3109 
0325 G29G6 


Curb ridge: 

Prudhoe: 

Carlisle: 

Lichfield: 

Newport: 


043 4712001 
0661 32914 
0228 27586 
05432 51221 
0952 810231 


Warminster: 

P'’tv:nrlh: 

Edinburgh: 

Dumfries: 

Fochabers: 


0985213833 
0798 42502 
631-225 5124 
0387 630S6 
0343 820213 



MAJORCA PENTHOUSE. Untaue Penthouse I 
considered best In Mi lores ol ASOmi ’ 
COmprltln* 3 IttWWon rooms, 3 double 1 
bodroams with bathrooms en suite. , 
larqc America n-stvle f ltcben. laundry, j 
solarium fantastic terrace with views ol ] 
aoa and mountains orerioefctng Palma ; 
Bay. Amenities include swimmiiiB pool. • 
iu battHnu. air conditioning, contrail 
neatlno. G.H.W.. main services. <nllv 1 
m*W service, 24 tour purttreuc. Isrgi 
tnrdeni. To be sold freehold- Lunrlousiv 
tarnished ilKhldiitg wall-to-wall carpet- 
ing. £130.000. Write for detain to- 
FnartwWoe Properties. 6 London Road. 
Stroud. Gtoueeatorshlre. Phone 0453ft 
4Z51. or Majorca 400420 for dpoolBf- 
mont lb view. 


FOR SALE 

UNIQUE INVESTMENT 
AGAINST INFLATION 


West Sussex. Future Home and 
Income. Suserb freehold residence 
with landscaped site I acre overlook- 
ing Downs. Price new for property 
£28-000. interest payable. Vacant 
PoaaeuKMi assured 1/2 rears. Addi- 
tional £32.000 for slat on occupation. 
Alternative options considered. 

Write Owner. Bo * T.49SA. Financial 
rimes, 10. Cannon Street, EC4P 4BY. 
or M. 01-434 S44S. |0 p. m .. 

Mon.-PrJ. 


VIRGINIA WATER, SURREY 
LUXURY GARDEN FLAT IN 
GEORGIAN MANSION 


Set in Landscaped Grounds 
9 acre* 


All weather ttnmi court. Muter 
bedroom, double bedroom. 2 living 
rooms, lichen, bath.-osm, 2 garages. 
CH. paclo garden: convenient Heaifu 
row Airport, Central London M3 25 
miles. Leasehold 90 years. £42.500. 

Box T.4992, FlAonriui Times, 

10 Cannon Street, London EC4P 4BY 


-V 


MARYLEBONE HIGH STREET 

To Let Un.ufiiifhed or Furnished 

DETACHED TOWN HOUSE 

30ft Recaption. !7f» Dining Room, 3 
Bedrooms. Modem Riethen, Bathroom 
ft Separata Giaatooom. Roof Garden, 
Underground Ccr Parking -available. 
£165 pw 

Other Luxury Propertlot xvaHaWe 
from £7S to £350 pw 
Cerendijh Consuhontt 0 1-2*9 '3114 


CORNWALL 


N. CORNWALL. NR. PAOSTOW. 
SPACIOUS DETACH CO MODERN 
BUNGALOW WITH LARGE GARDENS. 
VERY CLOSE TO TNEVQSE GOLF 
AND COUNTRY CLUB. Hall. Lounge, 

soacious Breakfast Room (Kitchen. SMe 

Ha H/ Laundry Room. 3 Bedrooms. 
Bathroom. Separate W.C. Detached 
Garage I Workshop. Laemed Gardens 
PRICE U9J00 FREEHOLD. 

N. CORNWALL. NR. ROCK AMD POL- 
ZEATH. SPACIOUS DETACH E-D 
COUNTRY RESIDENCE WITH LARGE 
PART TIMBERED AND SECLUDEO 
GARDEN Of OVER 1* ACRE IN AREA. 
Spacious Hall, very large Lounge, 
Dimng Room. Kitchen, Rear HiK with 
UHJItv Room end Swaratc WC, 4 
Brdrooms, Box Room. Bathroom. 
Double Garage. Large secluded and 
sheltered part iawned, part timbered 

garden including large sheltered Kit- 

chen Garden and with large Garden 
Shed end Store. Stream as one boun- 
dary. Soluble for garden lover. 
PRICE 06-500 FREEHOLD. 

&«^£2fi. NW i kLI - HR - PADSTCrw. 

SJ^. ( i , 9 , i5 .-P ETACHEO bungalow 
, 1-AWNEO GARDEN TO. 
G ETHER WITH 24 CARAVANS. H*l|- 

Spaclous Lounge, Breakfast RoomfKIt- 

chen. Side Porch. 4 Bedrooms. Bath- 

room. Large Iawned Front and Rear 
Gardens. 24 Caravans nearby. 

PRICE £45.000 FREEHOLD. 


NR, CO *CARLYohi "«■" 


BAY. QUIETLY 

POSITIONED DETACHED COUNTRY 
BUNGALOW STANDING IN Ij acre 
OF LAWNED SHRUB PLANTED 
-■ARDENS AND WITH WOODLAND 
IN FRONT AND TO REAR. SpadOUS 
Hall, soacmit Lounge, spacious weii- 
htted Breakfast HoomrKHchen. Rear 
Porch. 3 Bedrooms, Bathroom, Um 
Detached Double GafagelWorkshop 
«ut.. I'rge Carden Shed to roar. Wen 
kept Mduded Iawned and part sbrnb 
planted' Gardens! Grounds and Including 
!*EM Artrarnve wooded setting! 

PRIlE £35.000 FREEHOLD. 


Apply: 

FJU.C.S. 

AUCnONJER *ND ESTATE AGENT 
3 MARKET PLACE. ST. COLUMB. 

_ . N. CORNWALL. 

TeL Nn. SI. Colnmb BMS25IBB0S71 
(STD 0G37I 


log Into the coG3lBg sacrifice: " r S 
instead Q-Bl keeps some play) £ 
10 0—0. P-QB4: U P-KR3, &B&T- % 
12 BrP ch! (in 197S a strong 
club player would antkrfpate -this - ^ 
combination well in ' advance) ' 7> 

■ KxB; 13 N-N5 Ch; BxN; 14 QxB & 

ch, B-R3^ 15 BlB^ PxB; _16 R-B6, 

K-N2; 17 QxP ch,-K-Nl; 18 Q-N5 - 5 
IT IS surprising that Manchester ^ K-R2;-J9 R-RS n^ate. - . • A 

has not staged a master chess White: G. Formttft (Hungary): 
tournament between 1890 '.(when Black: -A. Haflk (FjMce). Open- ^ 
Dr Tarrisch won) and the recent *5^ (Benedictine, v 

Benedictine international. The Manchester,- • 1978). ■ ■ 

North-West. is. Britain's most 1 P-Q4; N-KB3; 2 P-QB4, P-Q3 5 > 

thriving chess Area next to 3 N-QB3, P-K4; 4 P4C4? . . ■ - .-.I 

London and the South-East and The queen: exchange-4 PxP : 2' 
this is ^reflected in Lancashire’s offers White .little, hut 4 N-B3 is : ^ 
successes in the inter-county normal and good), PxP; 5 QxP, ^ 
championship and the regular N-B3; 6 Q-Q2, P-4JK4! 7 KN-K2- *• 
weekend congresses around (better 7 P-KN3), P-KN3; 8 ’?» 
Manchester. P-QN3 P-R5! (Intending to break- -t? 

The bulletin of the Benedictine up White’s pawns . with . a. lent.. £.' ■’ 

tournament provides some 0r ^ ^ 

U.- flank pawn for central nawnl? 




a:-' 


interring material on Man- J^JB™ «5g«J 
Chester 1890. The first two prizes, J ’riSLH’ 153, J 1 

won by Tarrasch and Blackburne, JJ®' '^-NW (White .presuznably 
were 580 and £60. substantia! P 'P; 

indeed in terms of present-day 
equivalents. Play was at tbe rate 
of throe rounds in two days. ^ 

Nane of tbe competitors repre- 14 K-Nl, B-B4 ch: 15 K _jy ^-B7 
sented Manchester, although ch; 16 K-Nl. N-K6 dis ch and 
Blackbnrne be?an his career in NxK wins) 13 QxQ ch, BxQ- 14 
the city, while Tarrasch’s winning BxK, B-N4 ch; 15 K-N2, NxR-ch- 
Fcore of 15) out of 19 and his 16 K-Rl. N-KB7; 17 R-Nl, P-KB3 
three-pbint lead over the field (the game effectively -over: Black 
wmi'd have done credit to FischeT is a pawn up, .White’s bishop is 
or Karoov. Disappointed losers trapped, and his disorganised- 
were about then as now: “Mr. forces can only hope for; 
Gunsbere complained there was swindles); 18 P-QR3, N-B7 ch' 
no ventilation in the room, and- 19 K-N2, N-K6: 20 P-N3, K-B2: 
that there were 74 steps to ascend 21 P-KR4, B-R3; 22 B-N2, N{7)-. 
to it.” -. QS ch- 23 K-R2, NxB; 24 R-Bl 

there had been a grand- B ?LS I1S xfe b i sh °P)* 

master title in 1890 with similar 5'5t' 2B: 

criteria to 1978. the top seven at x/ 8 «' K6: • 

Manchester 1890 (Tarrasch. SJfSS* N N> 29 - BxP * 

Blackburne. Bird, Mackenzie, Resi 8ns. 


POSITION No. 244 


SOUTH OF FRANCE, war Maugln*. 1m- f 
DOSHtg Provencal Villa, beautiful tibng, ' 
gatlo. jwtmmmg.oooi magnrtcem 
vrowt. large tiSUag-rggm. ftreplace, 
O' mug room, ft bedroom*. 6 batfiroomt. 
large atudv. double garage, 350 xu. m_ 
Sllcd on S.ODO SO m. Offers In region 
£250.000 to owner. K. Pbaraony. <0 
AtMRBOOO Court. London W.8. (01) 


9578W5_ until Iftjfi December. Tbeo m 


Los Flos Blancs. U. CuiMiire. 

jnscvH, eoyaslr^ 


OFFERS ARE INVITED 
for die purchase of the long, 
icuehsld residential innmt of 

FHfLLIMORE COURT 

KENSINGTON HIGH STREET. W8 
with the benefit of B tenanted flits 
holding o»f r and propoud for the 
addition of j penchouies. AppHeint* 
mu« be prepared n complete -hr 23 
December l?7B. erne or the anefiee 
Apply Whitman Prewan D1-24T 73S4 
3ft &der Street, London. El 


SPAIN, TAVEA 


Very Ktrectiva mill for quick ula. 
compute with new fumkhingi. Iin«n 
wd furniture, cMelltnt ippolntmenn 
and beautiful tiling. . Large t lounge. 
Vtchoi. 3 bedrooms, 2 bath roomi, 
sun-roof, terrace and patio. Potential 
apartment Mow. Approx. 90 iq. m. 
'ivlng space .Ml titqd or ],2M sq ns. 
Main Krvkn. 

OFFERS IN REGION 
£35,000 

Wrfte So* TdVflJ, FiiMMtef Times 
10 Cannon Street, EC4P dBT 





Guns berg. Mason and Alapin) 
would*- probably have held the 
title. /Manchester 1978 was not 
so strong, but there were three 
esmerienced GMs, Foriotos, 

Balinas and Jansa, as well as tbe 
Hungarian IM Janos Flesch wbo 
holds the world biiadfold record 
of 52 games at once without sight 
of theVboard. 

Bather surprisingly, but appro- 
priately for an event sponsored 
by the makers of a French 
liqueur, first ' prise at the. 

Benedictine international went to 
the young French champion Haik, 
who reeled ,'pff wins in his ; first 
eight games, then coasted home 
with tpo quick draws. 

There followed Britton (Eng- 
land) F. and Jansa 7, Baker Razuvaev v, Vahanian, .Vtinius 
(England), Bind (U.S.) and 1971. Black could have reached 
Foriatos 6*. Smith (England) this position, -but 'avoided it 
and Hesch 6, with Balinas (5) because he - feared 'i- .; - --rijjn-- 
out of the prize list. 2 PsQ* PtB 5; 3;F*^ Pj&^Tt-QSi 

This result was a distinct 'Bui 

success-' 

Players 

Baker.-.^w, • wuue me local nan- iifr ',77 
Chester esuerts scored several- -- x 
good wins against the masters^ 






iX: 






' s’ ' ■* 


w 

& 

% 


* 




I 






m 



ii 





§ 



^2 

M 


.i 




PROBLEM No! 244 r 


How did the chess in 1978 
differ ' from 1890? Opening 
fashions have changed, while all- 
round technique and endgame 
knowledge has advanced; but in 
these .-two games there ts a. 
common factor of an unusuaL 
approach defeating stereotyped 
development And it must be 
admitted that , the grandmaster- 
in 1978 defends little better than 
the unversed amateur 80 years 
earlier; 


White : E. Schallopp. Black : 
G. H. BI Gossip. Opening: Vienna 
(Manchester. 1S90). . . - • 


1 P4W, P-K4; 2 N-QB3, N-KB3: 
P-B41 P-Q4; 4 BPxP, Nrf»; .6 
N-B3, NxN; 6 NPxN, B-K2; 7 






m 


n 

gr 


A 

■ ■ -i 

ggi 

,7 

5 # 



mi 



"•j 




Sig 


?--y- 

-ii 

% 

"" 


i 

t 

:.X 






- 

W 


‘£ 


i 




Mi 







i 


$ 



M 




v ‘ 

I s±s>s 

•• OHii-b vuifftiUi • ■; ■••• ?*W\ 

. ■ : . ■vjVjj.v hjH 

White mates Via. two ‘moves:' 1 : : ‘Lb ^ 

P-Q4. W- 8 B-Q3, B-KN5? (P-KB3 . any. defence- (&y -V. " • -. '£ 

is simple and goodK 9 R-QNL *64/ 197S. . i 

P-QN3? .(Black falls- Unsuspect-- . . SoloUenr 13 -• : •• 4~r^, v - ' ^ 




v > << T. 
















' '. L J& 


k:-5£ (&#&»*■ '-S&Ze* •••V.- , k£' '■ : " *•' ,/ V$ ,:/■;■■ ■.'■•. ••■ ••• 


*:, •'CS'H 1s> 


--E*. T -^Ao TLpTu iftOffES, A twb-pedal vereton. arrives early 





Svfv' '• - ■--•-•• •■ 

^ Dress will be 

’ ""^r>._ . . 

W§ glamorous 


mmm 



in the New Year. 


by SnWff^lMRSHALL 


, U i v.-'.-r ; A% ■" Bistii will at long last be avaiJ- 

I -y* Vi‘S*T : fF C* »W?' y ith auw™^ transmis ' 

O^- ..?^. Jjggin ^ith. only the 
. : ' ; . • • P0she8t Beta 2000ES will go 

- \ \" a utomatlc. Next in line a re the 

tffriTfk ' 1600 and 1 2000 Beta saloons and. 

(iMl it/ later, the coupfe and HF£. Lancia 

reckon 20 per cent of -their sales 
• « -A. - - • 4S£e9e here .will be automatics next 
-4' j»ear. Extra cost of the option 

WflrVK/ is 4394. 

Lancia, who maintain their 

■*. */• ■'. Tepotatzon for doing things their 

BY STUART MARSHALL own wiy even though tiwy m 
- ■- - •. . ; • t . wholly owned hy Fiat, are 

rTALT HAS dEewer automatic, making the transmission them- 
ears.- .than ; any - other Western: selves. . It is distantly related 
European country. Whether this to the AP transmissioii used m 
is "due to the prepohderance-of one own Mini and Allegro, but 
small engines (brought about by has three speeds, not four, 
very 'expensive -fuel) or the it could be called a sporting 
Italian male's alleged tendency transmission. The shifts from 
tn equate frequent fast gear to middle to high and down 
shifting wifi! his virilfty/I really. again axe as quieft and positive 
cannot say. But the -fact is. that a very fartAmantial gear 
only two or three per cent of change. When trying the Beta 
Italians drive : tworpedal cars 200ff automatic initaly a couple 
compared with between 10 and p f weeks ago. I -was never in 
12 per cent here. * doubt when a shift had taken 

' Even that does -not tell the place. -But I found the trans- 
whole story. An overwhelming mission s tendency to dro p 
proportion , of business cars in straight into low l£ I a ^ iej ?l^ 
Britain are ^automatics. With fairly ;. hard in traffic; from 
Jaguars, the figure is as high as around 25 -mph made the two- 
90 per cent About €5 per cent pedal: Beta less relaxing than 
of all.Rover 8500 buyers choose some automatics. • . 

automatic;' even ‘with Volvos; it It was quick off- the mark. 

sSg®SsS.^h r «fte a 

y eU f ■“ middle at 70 mph ahd into low 

ISS^SSS'Ai^R Snearty 40 mph. Breaking my 

mantni • gearbox - without the Italy's main roads., ■ 

owdon ' Next year 'the - picture Fuel consumption Is reason- 

wtil change!' From January, the: »M K some faU^.hwdac 


driving I returned a shade over 
26 mpg. 

The. 1979 Beta automatic's 
interior has been improved. A 
new cloth with the look of 
Cheviot tweed but the soft feel 
of mohair is used for seat trim 
and h eadlinin g. The boot is 
fully carpeted. Electronic 
ignition is now fitted and there 
have been minor carbu ration 
changes to give smoother run- 
ning. These mechanical and 
trim changes win spread to the 
manual Beta 1600 and 2000 
saloons later in the year. 

A feature of the Beta 2000 
automatic I drove in Italy that 
won’t be available here for some 
time is one of the nicest power 
assisted steering systems I have 
come across in a medium price 
car. This is a pity, because it 
sharpens up the handling and 
makes this comfortable and 
luxuriously- furnished four/five 
seat car easier to park. It will 
come one day; but first a new 
home must be found for tbe 
power steering pump which gets 
in the way of a right-hand drive 
steering column. 

From Borne, where I bed been 
driving the Lancia, I flew to 
Brindisi to by a Fiat that may 
never come to Britain. It all 
depends on the effect the pro- 
posed car tax changes have on 
diesel fuel prices here. The 
Fiat 131 Diesel 2500 Super is 
a Sapermirafiori saloon or 
estate with a 2 3-litre, four- 
cylinder diesel engine made at 
the Sofim plant in Foggia that 
is jointly owned by Fiat, 
Renault and Alfa-Romeo. 

Though basically a light truck 
engine, the .diesel has had noise 
suppression built into it so suc- 
cessfully that it sounded quieter 
outside the car when idling 
than a VW Golfs diesel. It ran 
up to high speeds — a ma xim u m 
of 93 mph— almost as willinglr- 



TH1S WINTER it will hardly 
be possible tn be too glamorous. 

A couple of winters ago it 
would have been only too 
possible. You may remember, 
that was when the simple, art- 
less rustic look was all the rage 
and for some £300 Yves St. 
Laurent could make you. too. 
look like a Siberian peasant. 
This winter you can go to town 
and any woman' who likes 
dressing-up will be in her 
element 

Black is really the colour. 
There isn't a colour that spells 
sophistication more instantly, 
that is more generally flatter- 
ing or easier to dress up to. Jf 
we haven’t photographed a 
dress in black, it's only because 
it's The hardest colour in the 
world to photograph. 

Shoes for evening should 
sport high, glamorous heels. 
Stockings should be sheer* 
shiny and eye-catching. 

Lacy gloves, satin gloves, 
shiny cummerbunds, masses of 
diamante and great whopping 
pieces of costume jeweller}' — 
these are the accessories that 
you can add at will and that 
can turn even a fairly dull old 
black dress into something up- 
to-the-minute and fun. 

Long dresses may still .he 
necessary for certain official 
functions but for parties I 
think the shorter length looks 
Infinitely more up-to-date. The 
era of the cocktail or dinner 
dress is definitely back. 


motor cars 


. EUROPE’S LEADING SPECIALIST CAR AUCTION COMPANY 

.C ^ ^ ~ 


BViCTOKIA* & • CO-iHf 

BUCKINGHAM PALACE' ROAD ^ 

IpUBLIC f AUCTION fig 

^ rtr .oorr ATvm nflT T TCTTOK’S CARS. INCLUDING MANY ROLLS-ROYCE 
^ MhEoN KsDAY. DECEMBER 9th at II ajn. V 

"avi/ , v_- o rwin wrwnpcrive purchasers 


*. v ‘ 


f Ji .000 prospective purchasers 

•• and realise its full value. _ .:-v ■:. 

over 200 entered, these ihdude: A?a nU 


3961 ROLLS-ROYCE Phantom V LHI> 

1956 BffliTLEY SI by Hooper J&m 

1947 JAGUAR SS 31 Utre v 

1924 ESSEX Tourer ■ 

1928 DAIMLER Saloon, 1 owner - 
1967 JAGUAR ‘E* Roadster^ 

1973 ROLLS-ROYCE Shadow W\h 

1971 BENTLEY Cormche Convernblo 
1963 JAGUAR 3.8 Mk. H, eww 
1960 MGA FHC, Concoars 
1973 LAMBORGHINI Esp*U 


1964 STUDEBAKER AvanU , 

1958 BENTLEY SI 
1960 ROLLS-ROYCE SOI 
fes 1967 AUSTIN HEALEY 3000 Mk. DI 
1951 BENTLEY Mk. YJ t 
1962 DAIMLER Dart, Mint 
P^s 1927 MORRIS Cowley, Drophead 

1948 ROLLS-ROYCE Silver Wraith -/ 

L'TT^AJt ■ vl . ■ P. TlToliK 


197 L BENTLEY Garjadio Cjomernbie by Freestone & Webb * 

1963 JAGUAR 3.8 Mk. H, cww 1958 JAGUAR XK150. Coupe / 

I960 MGA raC, Cracoore ; I978 MORGAN +4 <500 miles) - 

-P-K Be «^SyS‘S5a; iu Buckingham 
.5S?S5S*SS “sale or retun,” scheme now m 

TO lidi AUCTION BY ( S^ e 0^ d UK « OVERSEAS AIRMAU. 23 , 

If.* ’ m m mrrVTtT 


’ Jt" Yvi 




please contact us for further information 
199 BUCKINGHAM PALACE ROAD, LONDON. S.W.1 
TVtenhone: 01-730 9438 /9. Telex: 886838 . 


If^orfreh^ 

tdkiotliespedoli5ts. 





» TfiST DRIVE £ gr& 

THE RANGE AT 

WHITE HORSE ^ 
GARA6E 

Dealers for Oxfordshire end 
South Warwickshire 
21-27 BROAD STRHT 
BANfitmr OXFORDSHIRS 
T.I 0295 50733 


FOR LANCIA 
IN CAMBRIDGE 
Contact : 

WALLIS & SON LTD. 

121 CHESTEHTON ROAD 

OA5IBIUDGBCB4 3AT 

TEL: (Q22S) 69761 



bucxinghamshim 
kjedlow MOTORS LTD 
Chinnor Road. Blwflow ^ 
*■- Nr Princes Risboroujh ^ 
. Tell miw RbboTOith •? 
(BS444) 5325/««» > 

fOemonKrottofl* on^iatlc) 

SALES • SEP-VICE • SPARES 


J. D. ROSS 


LTD. 


Tha rmb Unda dealer In 
South East Kant 
Company burim* and leasing 
ora our spadstity 
Tal: Lymlnga <0303) 
K2113/8£2049 


narmans 


NEW RAT 

132 MAN./AUTO. 

for immediate delivery 
CHOICE OF COLOURS 

BUY AT 5% H.P. 

DURING DECEMBER 

Or phone fur leasing terras 
01-622 0042 (SWfil 
01- 884 6441 (SWS) 



Trevor Utemphriu 


A slinky, sophisticated dinner dress (above), by David Bufler which 
can. by removal of its matching little jacket, be transformed into a 
dress suitable for the smartest of nightclubs or discos. The dress is 
made from finely pleated Triacetate and comes in three colour*— 
black, chocolate and terracotta, although in January /February it will 
also be available in green. The dress and jacket together cost about 
£52 and they can be found at Hatreds of Kmghtsbndge and Ricemans 
of Canterbury now and from mid-December onwards they will be 
in all Cresta Shops. With the dress the model weare « 1 stunn I , « Art ^ 
Style “gold-’ choker by Ken Lane of Beauchamp Place. SW3 and 
Burlington Arcade. London W! (£17 JO) and a soft gold leather toe 
belt (Ofl) by Christopher Trill of 17 Catherine Street, London Wp. 
The gold sandals are by Halston and cost £40 from main branches 
of ftayne. 

Charlotte Flood is a new name in the fashion world and the first 
collection is based almost entirely on a mixture of I s,l ^J a S! 
in a lovely, flowing sophisticated look to which silk so lends itself. This 
particular outfit ?right> is in a marvellous oatmeal colour but it n 
available in slate and lilac as well. Both the skirt and .the top 
feature embroider/ on the hems and at the collar. The tunic top is 
about £S7. the skirt about £83. In size* S to 14 the outfit be 
found at Harpers House. Oxford Circus, London Wlj Roja Sport. IS 
St John’s Wood High Street, London NW8 and Amber of Chichester 
and Pierrette cf Jersey. 

Worn with the dress are silver snakeskin mules (£29.99) from 
West End branches of Russell and Bromley. The beaded tie necklace 
is £7.50 and the diamante earrings are £7 JS from a selection at 
Harrods costume jewellery department. 


Skirts and jackets make marvellously versatile evening-wear and tills 
version (above right) by Shuj. Tojo. is particularly *tun«» n l!- ™» 
quilted silk jacket with lace lapels, the quilted silk waistcoat, also 
trimmed with lace, and the silk skirt are all in a soft burgundy or 
mushroom. The creamy lace blouse is 35 per cent cotton/65 per cent 
rayon. The outfit comes in sizes 8 to 14 and the pieces can be bought 
separately, though obviously are most useful rf all four are bought. 
The skirt is £50. the jacket £86. the waistcoat, £42 and the blouse £58. 
The complete outfit can be bought from Simpson Jermyn Street (the 
new, younger department at Simpson of Piccadilly). 



ill I IMS' 





This magnificent 1EB3 ROLLS-ROYCE Phantom n 
Sport^IdmouBine by H. J. Mulliner finished in Black 
over Yellow. Also a good 1954 Bentley *R’ TVpt a OTiail 
collection of mascots, a flue model of tne 193S Koyai 
Daimler Double-Six and other motoring ephemera. 
Viewing: Wednesday 6:h December 9 o.ni.-/ p.m. ana 
morning of the sale 9 a.m.*S.45 ajn. Catalogues .>/ p from 
Phillips, 10 Salem Road. London, \\2. 

Further details jrom Mr. Jeremy Collins 01-629 6602 

IQ Salem Rd. London W 2 4 BU Tel: Oi 221 5303 

> . . ■.ij = Members of the Soricly of Hue Art Audioneeis 




lx -*Z:Y ■ 


All the photographs were taken in the Ritz Casino, underneath the Ritz 
Hotel. Piccadilly. The model* hair was dressed by Kerry of Molion 
Brown. South Molton Street. London, and the combs used in her hair 
are from a selection at Molton Brown, starting at £2.00. 



NEW DAIMLERS: DOUBLE SIXES Blzck/Black hide and Metallic Slwiaiacfc 
hide both Mini Air Coed II Ionian. T (Glass and Alto* Wheels. - ; 

SOVEREIGN Squadron Blue.' Biscuit hide wKh Air Coodrtkmlng. Tl Glass and 
Alio* Wheels , 

NEW JAGUARS: S.3 SALOONS Metallic' SlIveriBbck Mde and Btack/BIack 
hide both vrtth Air Conditianlov and A Hoy Wheel* 

4.2 SALOONS Dark BluWBiscnlt hide. Metallic SUwr/Blacfc hide dortli with 
Alr'CondKtonlna, T.'Glata and AIM* Wheels. 

14 Squadron Bhw'Nary Velour.- TlGlass 

1377 DAIMLER VANDEN PEAS 4.2 A mettnrstj Chamois hide. At Condi- 
H aning etc. Second year. Sunercoror. loJKK) nriloc: ' £11.500 

1978 DAIMLER SOVEREIGN 4.Z Regency Red/Ctohanwi hide. . Blxk'Vinvl 
Root. - Rjd to/ Cassette. 12.000 miles?. • ' ES.250 

1 976 tOct-) DAIMLER B6 Carriage Brown' Mosa'Gfeen Mde. Air Qwtlitsonii*". 
Allov Wheels. Stereo Radiol Cassette. 13-000 miles. One Owner: ■ £8,450 

1970 DAIMLER SOVEREIGN 4.2 Dark. Biue/BUcnlt hide. Black dwt Rool. 
Rvrfloitassettc. 13.000 miles: £ Buso 

1976 'Dec.) DAIMLER SOVEREIGN 4.Z Carriage BrowVBIack hide. Electric 
Sun Roof. Radio) Stereo. 15.000 miles: .67,450 

HEW .LEASING BROCHURE ON REQUEST Telex 929826. 

Portsmouth Road, Thames Ditton. Tel: 01-3.98 4222 



Lancia's NEW name :n London, i 

Richard Knight Cars 

35A-3 : Fairfax F.i., Swiss 
London NWo 

C1-32S 77277797° 



Your new Uncla EWiUM* 

nastfwrjrtaarr 

BUY OR LEASE YOUR 
REW LANCIA 

All vvaibbU modth in stock 
IF YOU ARNT IN A POSITION TO 
LEASE WE CAN ARRANGE L OW 
INTEREST H.P. 


01-370 4.114- 


3RAY ro\ ao:.b. 
: H f »,S F A — 

iwTO^OZ _ • 


expms inWhfcte Leasing 

s Any make of car or light van, availabla in U JC, 
supplied — many for immediate delivery. 

» Choice of Leasing Agreement options. 

For further information about our Leasing Sendees 
TELEPHONE 44122 (STD Code 0783) 

COWIE LEASE UMrTEO. MIUHELD HO USE. ff^Ta»R0AP. 
«25f SUNDERLAND, SB4 7BA, TELEPHONE 44H2ZTELK 557065. 


WATERLOO 
CARRIAGE 

^NGLA^^^^ARGEST^LANCfA DEADER ^ 

aV^S^HECUf SE 1 ^ ^ " 

; | e phone 7pirB28 1 9 22... ’T el ex;91 -703^ 


The Chequered Flag 



MAIN LANCIA DIALERS 

SNOW’S GARAGES 



WALES 


Cardiff Read 
T reforest 
Nr. Pontypridd 
Telephone 
Pontypridd 


Cardiff 
Pcnarth Road 
Cardiff 
Telephone! 
Cardiff 


40UM/40M44 10222) 20329 

Leaitnt speclallni and individual 
Quotation; tailored to *uit any 
Compenr'i needs 


Lancia is 

AN ITALIAN CAR AT 
AN ITALIAN GARAGE 


For earliest delivery on new 
f 979 models; — 

343DL MAN — SILVER 
245DL AUTO — RED OR 

YELLOW 

245DL AUTO/POWER STEER- 
ING — RED/BROWN 
244DL AUTO — RED/BROWN 
264GL AUTO — GOLD 

METALLIC 

-f other specification* 
LEASING - FINANCE - 
EXPORT - PART EXCHANGE 
Contact Dennis Scott ot: — 

. LEX BROOKLAND5 

LGX47, Streatham Hill SV/2 

01-674 4403/4 


BARCLAY 



London’s leading Lancia specialists 
FULL GAMMA ft BETA RANGE FROM OVER 100 CARS 
FOR SALE OR LEASE 
Chiswick High Road, London, WA 
TeU 01-995 0(02. Telex: 8811126. 


m 


UNCOLN (0522) 31735 
Botiltham Park Road, Lincoln 



RICHARDSONS 

JOB TRUCKS* 
OLDBURY. BIRMINGHAM 



Kl-533 un. Tatar? SM19J 
Kn. Gamer Enained Gw Traanr 
Units- Low In lb si cost to w fu el 
con&umtriMM. Low spares price, maul 
reliability. Mater* fail Wanantr. 
Limited quentitv asraiJaSHu 
mono bow tw eor c rt j w er r keen 
wk* 


Broughlsn 

Motors 

(Northants) Ltd 


: ■...■■■hfxS.D&rt'XddSz/r- t-i -- > 

Northampton Road; Brooghton ■ 
Nr'.Kartarine, Northant*,-'-,: ,• 
T«T: D536 730223; - 
.■ ■ St Gil*. StrMt 

■ '•* ,< •" . * • ~NoTthirnptorJ •• . ' *. * . \ 


" r ° LA N’CT A - 


OXFORDSHIRE'S 100% 
LANCIA CENTRE 

ngggggafUgiggggg y 

14/25 Witney Road 
Long Hanborough, Oxon 
' Freeland 882217 


HILLS OP WOODFORD OFFER 
78 M.FETTA STflADA. Bed. 3.D00 

rec. miles Jf.7S5 

7B *J6 4J Saloon. Brcnrh. 4.000 re.^ 

78 «T> Peimwi SIM. Fam.W E -’Ji r _ 
While. 3,000 ree. miles 
7S «>' MM red et ZB0SS Aulo. WWj? 

Met. Firtl lenrire hislarr. £9.995. 
7A Tnumph 9M9 Auto. WW"- 
22,000 ret. mta* ... ■ p-f® 5 
77 Audi I00GI Five C 

Brrrw. 1 8. 000 ret. C4.W5 

53S-554 HIGH ".OAP. 
wooDFOrO 55S.IC- 

T»l 01-504 9311 


Tel: (0865) 59944 


197B -T 1 ROLLS ROYCE SILVER SHADOW. 
Del. MLae. GoW, Tan hid*, from head 
rntrjrrnts. SJ8.9S0 Of cjjra. PX W n. 
Home &61 794 1 651. Olfcca 0S1 do 2 
ZSS4. 

1978 lUnrwilstormfi MtRCEMS BENZ 450 
SLC. Miton brawn, IPbano wrtoir. cle.. 
Sun root. PX Cons. Odors InwttdjOei 
794 V651 Home: D61 332 2634 Ofhce. 
197= (La tel MERCEDES 450 SL Ai/tomMlc 
icon Gold with Brern Intcnor. P-A.S 
Alloy vAeels, tuned windows, rod^ 
ti*r*a. heidlama washers, etc. £10.950. 
Tel. Sunday* 01-952 0061 . 

1973 M H*a. BOLLS SHADOW. SUve-- 
Grev wtth red Mde Interior. 1 owner. 
Chauffeur drWon. Absolutely Immaeu- 
bM eondltlcm. Full history. £16.950. 
ToL (Sunday! 01-9SZ 0061. 

1971 ROLLS SHADOW. Larch Green wltn 
match I no hide iirterior. Radio Stereo, 
terirol door IkKhib. «*■ Immaculste 
count i on. £111.930. Tel. (Sandivi 01- 
952 9061 . 

ARE YOU EXPECTING detWenr of a new 
ROLLS. ME*C*OeS <r PORSCHE? We 
would be hafpr V> tat* wwr yjur 
order giving «u * d*aosd and ctavinq 
nibstemJal premium on dePverv. Tel. 
061 e?2 SS34. 

WE ARE PREPARED to n*V *” r«r»ctive 
premium to chtam early dellwrv ot a 
new MERCEDES BENZ 4W SLC rr 
459 SL lor our Manaalnn Dl»Kt9 r 
Pieaje r.t*n Miss willrinjon. Fonirnttoion 
Dcvclmmcnts. 061 632 9451. 

WE SHALL REQUIRE 3 iw ROLLS 
, ROYCE SILVER SHADOW Or WRAITH 
I I o- eariy 1979 detVre-nr lor w Chair- 
man. and are nreoared i.o b.'.» a r.ut- 
! tfanrtl oroimum. PIrsyo telephone Mi;e 
Wi'fcinTan. Funanoown Derpjqeme-* ? . 
| o?-. 337 943’. 

j SJ.LS. LTD. nhb!« t»m -euw P9=-SCM* 
92B rars fsr jan.iMarth i"»~a Pre-ni-im 
i offered. Te«, 061 EI2 70X4. 















Financial -nines Saturday December 3 1978 


TRAVEL 

Western winter 


BY PAUL MARTIN 

THE THREE comities of Soiaer* 
.vet, Devon and Cornwall are. 
for me. the true West Country. 
It is an area of dramatic con- 
trasts. from the warm winter 
temperatures around Torbay to 
the windswept uplands of the 
moors and the wild and rocky 
Atlantic northern coastline. 

Once the enguliins tidal wave 
of summer visitors has receded. 
This still somewhat remote 
area settles down for the winter 
and a very necessary period of 
recuperation. Winter is the best 
time to drive alontj the narrow 
lanes and to savour the true 
flavour of the vast expanses of 
Exmoor. Dartmoor and Bodmin 
with scuddin; cloud patterns 
fnrmias contrasting patches of 
darkness and fitful sunlight. 

The northern coast also 
appears far more dramatic 
under a lowering sky with the 
Atlantic breakers thundering in. 
Jr. is not difficult to imagine 
those past teams of wreckers 
luring unsuspecting ships onto 
the rocks below. 

T headed first for Exeter and 
The Maritime Museum, well un- 
posted and down on the old 
Quay, where the collection oF 
British and foreign craft is 
located on both sides *'f the 
River Exe. Several of them are 
boused in a restored ISth cen- 
Tury wnrehousp nn the Quay. 

The SQp admission charge 
i children *fOp > includes the 
terry across to Die C*nal Basin 
where you can go sb??rd the 
larger ships and explore the 
vabuu and engine rooms. Open 
daily, except Christmas Day. 
l'ront 10 a.ro. to 5 p.in. 

It was alter picking up the 
minor E3337 over Dartmoor to 
Tavistock that I made a real dis- 


covery. Listed as "of industrial 
interest." Morwellham Quay on 
the river Tamar near G minis- 
lake, was the main port of the 
area during the 18th century. 

Today an excellent audio- 
visual explains the history of 
the place and a comprehensive 
leaflet guides you along two 
marked trails, one of which in- 
cludes a train ride into the 
heart nf a disused mine with a 
mini “ son ct lumi&re ” illus- 
trating Ihe old techniques em- 
ployed. The second. Woodland 
and Canal Trail, leads to the 
old Tavistock Canal. Open 
daily throughout the year, ad- 
mission is 90p. 

I spent my Cornish night at 
the Fowey Hotel. Fowey. where 
the streets, sleepy in winter, rise 
steeply from the bank of the 
estuary, is encbaniing once the 
summer visitors have gene. The 
Hotel is in a superb setting fac- 
ing out across the water to 
Polruan. Their off-season 
bargain breaks, based on a two- 
night minimum clay with half 
board, are from £116.00 and it 
makes an excellent base from 
which to tour the area. 

From Fowey I drove north 
through Bodmin, the county 
town, and nn to Bodmin Moor 
on ihc edge of which is the small 
and very attractive stone-built 
village nf Altamun. named after 
bt. Nonna to whom the loth 
century " Cathedral oF the 
Moors " is dedicated. 

My mute took me on through 
the old port of Bideford, with 
Us 16th century . 24 arched 
hridge. to Barnstaple. Overlook- 
ing the River Taw. the Trust 
House Forte Hotel Imperial 
dates from Edwardian times but 
has been tastefully modernised 
and the large, spacious rooms 



Coming home 


• * 


Somerset winter 


are warm and comfortable. Here 
a weekend Bargain Break, with 
full board, service and VAT, 
costs £12 per person per night. 

■Just over the river the North 
Devon Leisure Centre caters for 
a wide variety of Indoor sports 
and includes a swimming-pool. 

From Barnstaple I took the 
B3223 across Exmoor and. in 
the heart of this wild and spec- 
tacular countryside, found the 
delightful village of Winsford 
where the geese march around 
like the Mayor and Corporation 
and where the local pub. the 


Royal Oak, serves excellent bar 
snacks. 

Nearer the coast, the church- 
yard at the thatched village of 
Selwortby affords marvellous 
views of Dunkery Beacon and 
the Doone country. 

I spent ray Somerset night in 
the historical old town oT Taun- 
ton. associated with the ITon- 
moutb Rebellion and the Bloody 
Assizes. Now all is peace and 
quiet at The Castle Hotel, built 
on the site oE an early English 
fortress, but offering every 
modern comfort and excellent 


cuisine to today's traveller* 

The Castle has an impressive 
specialist winter programme of 
wine, music, theatre and heri- 
tage weekends. Its normal win- 
ter West Country weekends, in 
a room with private facilities 
and balF-hoard. start at £32 for 
two nights, and the staff will 
advise you about the area. 

On my way home I stopped 
off in Glastonbury, a place of 
legend and history, and when 
you visit the abbey (open 
dailyi, you can hire a tape 
recorder which provides an 






excellent commentary on the 
history of the abbey and its sur- 
roundings 

In complete contrast, my last 
stop was at the Fleet Air Arm 
Museum at Yeoviiton which 
proudly exhibits Concorde 002. 
Open daily, except fnr Christ- 
mas Eve and Christmas Day, 
this imaginative display of. fly- 
ing machines, old and. new. is a 
paradise for aircraft buffs, 
fathers and small hoys! * 

Addresses: The Castle Hotel, 
Castle Green. Taunton, Somer- 
set. The Fowey Hotel, Fowey. 
Cornwall PL23 1HX. Imperial 
Hotel, Taw Vale Parade. Barn- 
staple, N. Devon. West Country 
Tourist Board, Trinity Court. 
Smithprnhav East, Exeter 
EN1 IQS. 


Carrots with olives 
Mustard baked pork 
Braised chicory 
Hot French bread 
Viennese caramel with 
nr ang eg or pineapple 

GOING to the theatre and dining 
out afterwards makes for a very 
expensive evening's entertain- 
ment Coming home to dine Is 
not only considerably cheaper 
but also more relaxing I tiunkr, 
I hate to feel waiters clock- 
watching, longing to sweep me 
up with the crumbs. It Is im- 
portant of course that tbe menu 
is carefully thought out. The 
essential thing is that there 
should be at least one hot dish, 
and that there should be little 
work on return from the theatre. 

I believe the menu suggested 
here fills the bill nicely- First 
course and podding arc cold, so 
they can be completely prepared 
ahead: leave the pudding in the 
•fridge, put the carrots (plus 
white wine) in a cool place. Toe 
hot meat dish will cook to tender 
perfection while you are out. 

Put main course plates and 
bread (wrapped in Foil) in the 
platp warmer so they will be 
hot when you want them. On 
returning home unwrap the 
bread and pop it Into the oven: 
baste the chicory, and remove 
the battered paper. 

CARROTS WITH OLIVES 
I cave the recipe for this 
delicious and unusual vegetable 
dish on November 19 last year. 
Method and ingredients are tbe 
same irrespective of whether 
the dish is served hot or cold. 
I suggest serving it cold for this 
menu: prepare it 24 hours or 
more ahead for best flavour. 

MUSTARD BAKED PORK 

This very rich dish is cooked 
by the "cold start" method. 
Choose a fine loin of pork weigh- 
ing about 2 $ lb. Bone and rind 
it “and trim away most nf the 
fat. Roll it up into a bolster, 
tie with string in four places 
then cut inro 4 thick slices. 


COOKERY 

PHttJPPA DAYa*PORT 


Coat each slice on -hoth- rides 
with a paste made by mixing, 
together 4 tablespoons soft 
brown sugar. 4 tablespoons 
English mustard powder «nd : 3; 
tablespoons thick cream. Lay 
in a baking di&iL cover with io3 
and place on tbe top shelf of n . 
cold oven. Set the automatic 
time switch to start cooking 
22-3 hours before you plan lo 
sat the pork, selecting ovea 
temperature 3Q0F gas marks* 


BRAISED CHICORY" 

Chicory's slightly bitter 
flavour makes an excellent foil-, 
for the rich pork. Blanch S 
smallish heads of chicory for 
5-6 minutes, drain and squeeze 
dry. When completely cord, lay 
in h thoroughly buttered gratin' 
dish, top with smears of butter 
(you'll need a generous 3 oz' 
butter in all), add a good; 
squeeze of lemon juice and. a 
grinding of pepper. Lay a piece 
of buttered greaseprnnr paper 
over the top: it should not seal 
the dish or even cover it com- 
pletely. just enough tn protert 
the chicory from drying out too . 
much. Place the dish nn; a 
lower oven shelf to rnok at the 
same time as the pork. 

VIENNESE CARAMEL " - 

A variation on crfcme caramel, 
this is easier to prepare and. 
in my opinion, even more deli- 
cious. Ingredients, baking and 
unmoulding are as for a classic 
creme caramel but instead of 
lining the mould with caramel 
stir the caramel into the scalded 
milk so it flavours the whole 
pudding. I use a ring mould 
and fill the centre with seg- 
ments of fresh orange or pine-, 
apple just before serving. 


''' SfiS 


WMmmt - - ■ ''Si! 

i m 


CTWi ■ k *- y.crvssyr-" cr 




Wmk 


















LLOYD’S BROKER 
MANAGING DIRECTOR 


AGE OPEN 


SALARY FOR NEGOTIATION 


Cur client. a medium Lloyd's Broker wir|i a highly profitable and expanding account, require 
* Managing Director. TJi» account embraces bnth Marine and Non Marine with thfl accent on 
ov»rs»ai business f ' 

Tlie Manuring Direeror will be r-iponsible for all facets of administration and the day to day 
running of the operation. 

The successful applicant should have a Lloyd's. background, either Marine or Non Marine, placing 
e^oerrence and be well versed in rhe art of management. This is a major appointment and the 
applicant will have considerable influence on the continuing growth and profitability of the 
Company. The salary will be substantia), plus a car and the usual fringe benefits associated with 
a position of this seniority. 

Pleise write in the first instance to the address below, quoting P.S. 12816. All correspondence 
will be treated in the strictest confidence and forwarded to our clients. Please list clearly all ■ 
those companies to which applications are not to be sent. 

flpSBBM WHITE MAUD AND WARNER LTD. 

S£S Personnel Selection 


4 Botolph A Hey • London EC3R SDR 
Tef. 07 6265161 - Telex 888387 







EDUCATIONAL 


; • r ; i- - 


s oP 


U! 

'ft 

HV: 


•'tS-:- 


* GO ALL THE WAY *> > 

COME TO FRANCE AND DISCOVER 

“ The Total Approach” to French 
at tbe INSTITUT BE FRANCASS 

ON THE FRENCH RIVIERA 

N»y i 4-wrek all-day immeriion course inro Janiunr 3. F*bnj»ry S, 
and all year. All lc*eli. Lodging and 2 null included. 

INSTITUT DE FRANCAI5 — FTI? . 23 Avr. G*n. Lrrlen: 

04230 VHM mndw-tur-M ar - Tali (93) efl.II.41 


CONCERTS 


THE ROUND HOUSE 

Chalk Farm Road. N.W.l. «l-2fi7 2SM 

“ Th» bciiaiin^ a**, -i ih«- Tw«n!ie*— a a-rt«i nr ■iiliiiril »ipnn" 

TOMORROW. DECEMBER n at 7.30 p.ra. 

GRUPPE NEUE MUSIK BERLIN 

!v<*a. Th- Cirrus Hand 

r-fw-nsl. Au«.T Mir ifnr .1 musician a.sonO 
I.l-'tv-nnani»: Frh'jnaira ifnr vjrima nmw machtn-ri 

•Vjhr ,, n. Hrr Unn rhaiiiinasfrTinsil.T ,TTir F.ni'friain-r. 

Mai-lx'r: Duprimu-nin ifnr innnt^l. irotn&onr A piapn* 

Smhrn M.inlpiN 'Musician drama for 2 percoaimns and 
maniouJailna lapai . 


HOTELS 


COURVOISIER 



gne cognac 


"The Brandy of Napoleon" 




BURNS HOTEL 

Rnrk-stun Gardens 
London SW5 OEN 
NEAR WEST LONDON 
AfR TERMINAL 
100 ronni.f. privuti* balh / 
shower. radio. lolevisinn. 
English breakfast, restaurant, 
bar— fully licensed. *J lifts. 
Special lernis in cumpanies. 

DcluiLs u«rl illnslmtcrl 
b rvchurr nn ret/tiem. 
Telex: L'7.Sb5 
T-'l: 01-373 3151 or 79{$1 


EXECUTIVE SUITES Of 
MAYFAIR 

ViSitlnp l^ndon on hulllWSS or 
WMSurr’ Wn» noi stay with u* a? nur 
qul»l, miclusivo. non anil hrtaktair 
hatlH *• 19 CMarlr- SfreM. Mayfair, 
nr a: qn- 0 r our us [•lulu furrmtian 
yrrn(!» anaitmnpn in nearhy P»ry 
S1r»yl. <»nihtino £ OrBroonit. 

•minor Intchrr and hamraoni. colour 
rw »>< -aivino dirtanc* m 

P*r'. Un»». Piccamilv. Bond Strnoi. am) 
r.'M.wg, Snuarr. 

Foi 'nrilnr rtotallt and booWnos 

Vtmhon- ,|y on Ol.a'Jfl 77dl nr 
Tiny JOSKt*. 


ART GALLERIES 


GAURIE AZIZA. 7 Church Rtf.. Wimble- 
don Village, SW19. Rare collection ol 
v-alerctfloun by Q. G. HEATHCOTE 
1 1 34t-19l 3l. Thur*.. Frl.. Sat. 10-5 Tel 
AI.9U6 4727 ana 7700. 

BLOND FINE AMT. 13 SaO.llle Street. 
London WJ. Tel. Ot-437 1230 CHRIST.! 
MAS SHOW— a mixed exhibition oil 
PamnnjP. Watercolours and prinis byi 
Charlotte Ard lexeme. Enc Cill. Duncan 
Cran, MMugri Gregor.. Anthony Gross 
RuflolBh Ihlee. Uura Kniohl. Dod 
Procter. Also noodcuu b* Three concern - 
oerarv artists Chnsloaher ApsJrirr. Max. 
well Blond. Howard TbomSSn. uitll 23 
Dec. Men.-Fn. IB-Si Sals.. 10-1. 

OMELL • GALLERIES. Fme~Bn t.Ih and 
French MODERN Drawings al^d 
Modern British MARITIME PlCTURF* 

4 2 . Albemarle Srreet. Piccadilly, w. 1 . 

RICHARD GREEN GALLERY. 56.” Dorw i 
: Slreei. London Wl 01.401 13 - 1 - 

Christmas exhibition of paint' 

1 INGS UNDER EJOOO Daily 10 00-6 On 

- SJ “J*:“' U 3 - Unt, ‘ fiwSSr a** 

RICHARD GRCEN GALLERY. 4 Nm rT»k 
, alrerl.i London W 1 . 01-409 5487 TMC 
VICTORIAN SCt NE . Daily 10 OO-fioo 
Sat* 1M0.11.M Until 0^2?®:. 

0^584 c 1 T |5i. Rtf . 

t.w.j D1-5M oG6. MILLS I muc 

RIVERS- AND STREETS OF ENGLAND 
—Paintme.- 183D-1H7B. Unt.| a? 
J*nu4r*._Mon.-Frt iQ-e Saw. iq.*. 

ROY Mnfs. s Oufco Street Si _ 

SWI VICTORIAN PAfiSTIWBS. J "mm! 
Acsunltfoni on v.-w MnnHir to FndaT | 

SMALL FAINTINGs" SMALL FOTS _ inT 
eiutfe. «w» be Sir Huoh Ciiw, Antfm ; 
Rkoi. Dnpaic. Hamilton F rsia-. Jobni 

L*&n**ti ROSMtrvn 4i>d RannlH . v-jJL j 
i-om J-So^ Decern bor. I 

Vlsnlr#. Okftn Htnlff p'jj' i 


COMPANY NOTICE 


THE SCOTTISH 
AGRICULTURAL SECURITIES 
CORPORATION LIMITED 
6% Debenture Stock, 1973/81 

Notice is hereby oi«en that U<> 
REGISTERS nl. the CORPORATION'S 
abort mentioned Debenture Srock will 
be CLOSED lor TRANSFER and 
REGISTRATION from the IBth to ZRtti 
December. 1S78 both days lnclu9i*e. 

By Order of the Board 
M. J. MeTurv 
Secretary 

4B Palmerston Place. 

Edinburtgn EH 12 SBR 
2 nd December. 1978- 


OHjrislinas (&ifl3 


WINE GIFT ‘ B * 

£14. BO Case delivered in GB 
1 bottle Cham ua gne Louis Rovler 
i ,. Amontillado medium Sherry 

i .. Nittier 1976 Moselle 

t .. Rose St. Marc haht ros* 

1 .. St Cel -a dry white 4- crlso 

* - Chassagne St. Pierre '70 red 

WINE GIFT ‘ C * 

LIT. DO case delivered ,n GB 
1 bottle El V,no dry Sherry No. 7 
1 .. Founders Choice Tawny Pun 

I .. OODenhejmer 77 med. HocH 

■ .. Cham Doric Muslony 1970 

* •• "Anocttaue" VSR dry white 

1 Cb Tour de By 1970 Medoc 

EL VINO CO LTD 

The OMi wrlne Shadn, G Martin Lane. 
Cannon Street, London/ E.C. 4 . 


FOREIGN HOTELS 


I -Phone OlfMl » 
81/31 13 77. Central ■ and anFet ^le. 

Near re rtl-;ilfi arid slunnfl-rinfc: French 
kitchen. flar^antidB. 

A Rosa fCriso'ii!! Hotel Valia na. frre rljji 
i week ik I -holidays l-wn 5,Fr J7? — 
all included Indoor Swtmmmo Pool. 
Indoor Skabng Rink. Ta. 74 232 . 

A ROSA — Motet BalliHitj-..*, phone 

Sio| IT al 1 - U 1 , ., a ** ai >h°w -Swtmmmo 

2?°' ■«,_ l 1 '," 8 "ii. Excellent kirenw. 
Sfi?-'* 5 I * Tranelar to ikiint tree of 
cnarM. 

KWTnestNA iGr^ons..— The wrll-kncrvn 
noi.flAr ruon of the Ingtfln. tunln 
illua-ian with erceHinr'enow .-bfitfit^m. 
,-^f t 57»r°SI? tain dOhJl® Tourist Office 
LH 7504 Pofttmma. 


' hu 


CLUBS 


*vi. 159 . Resent St* ret. 7J4 K22J A la 
tacte or Alkin Meiur. Thru SoecCsciilaf 
Floor ShovnL tO.45, ta^W^nd Lisina 
music «| johnny Hiwtcswnin.L FngMs^ 


INVEST IN TIME 

Antique dock* an t{ watebet 
make emceilenr investments. We 
would _be pleased to advise you. 

- Hadtow Anriqiies 
;ii_The Pinolfr _r _ . 
Tnnbrldjfr Weill 
• 089? TtfBSa. ' 


















11 


Lucia van der Post 





« ' SSr- CS 

$??&£< 

' l>rl-- - kn S? 

:t:j ^ 3*.^. A 

,S£D »mr ‘ 

T?\ *^8f 

..;^ !v v . 

,s&. 

£*:■ 

, r ; . , 
” " Cil 

'"rj ,"! tar :o rijl : 

j. 

’ • ' ' ,J »•¥. 

’•• . r.a» . ’ 

1 •.' .. ,t* 

r ---~ ;£*?»* 
»*-. 7b.v . ••■'■' ». 


■"’•'T • ’C y"r :W~ - 

: ~ ; ' V V ' j 

shwl 

•w ^-woitidnfcbe jthriil^ar^deSgKed 
withsome. .Star ■^Christmas,'- The' gresil ■-:' 
thing present* - 

. of Utfe ' so^" woroierii^ if . ■ 

yow-r/\4fe~ls ilgger^j&ere or «akUer : . 
there.' -Jsfrjtitexy‘als4? usually comes In .- 

sm$ii. jiacfcagesT ttitdefa belps soh-et&e v 



<u 

^S; -t- - 


to ^red&GM&e- males to my JtomehpKf i- 
to f he ; moat shame! ess. bribery fti; - 
attempt to^Sft U» f 

THE.; costume . jeWeUery'-ldfi®^'; -if 
merit' ; at 

scouring w -Jto'-' 

buyforyo^^oc^^?^" " 


«*'. MV?:. - :-y -. 

PBin^icrfng ^blem Is of taste and price. 
'r^TaSitiS tah.usiully be solved quite 
sgdjriy /by looking at what sfce-attoally 

- ; ahi&re ttow.:. Is shc the flamboyant type 

- who, would .much prefer a ‘large and 
; gBttery-paste brooch to ah .infinitely 

gold chain? Docs we go for 
tfeelittieantlque shop find ortbe latest 
*2 cop^^Ait Nouveau? 

‘ •ifj-^bfes -really very avant-garde, liy 
sSlops? like : .Cornucopia (12 Tatbbfook 
;Sti«^t-»tondoiw SW1) selling.. 1920s 
^a^evtval^ B^rtler' and Wilson (vyhlrii now 
Liberty of Regent 
Street, as. well as its own shop, at 189 
riffiAaitt Road. SW3). If she likes her 




jewellery simple and understated 
Selections, Beauchamp Place, or Andre 
Bogaert of South Molton Street, 
London Wl, should have jnst the thing. 
If ' she's really “ into design “ then 
ArgenU at 84 Fulham Road or Elecfcram 
of 2l Sooth Holton Street. London, Wl 
have the most exciting, really modern 
collections that I know. of. 

If {die loves antiques hunt around the 
antique markets but if price is no object 
X cant think oF a nicer shop than 
N. Bloom and Son of 40 Conduit Street, 
London, Wl, And if you are Richard 
Burton, then BL Gerard is the man for 
you. 


body elsSr^fflH^*r:Stypft ■ out ifl^- 
expen^ve glitter. 
mas.- -'Itt-: ;•* 

possible :tO’limkfee)p;4?jJ. the 'jdqfc •■_■ 
lest dresses for-.^efl^"' 

umiet £5.00.1 *.?. : 1 


1 -- :• 


’• t.. ‘ 

'o w - r '* v .L*' 
f (:-.•• - : 


hairsUde .^ok "£3.00- iSatln ties 
are. , a good - way oi pei^Qg ui> 
an . 8venhtgrshtet v m^l Marx o£\ 
The-^mmdii^Marhel; 12 1 : ' Kings ‘ 
Road, Loiuftm,. SW3," has them 
in a varlety ^of.;, colours- Cred. - 
blue,' green ■ '%&& and ■ so - - on), 
for £3.50 ea^h.' . Shown' on: the T " 
lie- are ywo. pina-^the one.iwith - 
the 4ower and the chain .is - £3, 
the little “gbltf ” pih -< with 
diamante ami. a "black heart. -.is; 
£L75. ■ The two 7 combs.: are' 
trimmed ; with diamanW; .the; 
shallower sidecombe - is .£L70- 
whQe the more elaborate comb . 
is £10.90. Bottom left are’ 'two 
sicUe^haped -- ''. Kalin ‘"slides' 7 at'. 
£1.00 each. The > diamante 
trimmed .bangle is £l8.00. 
All. are from, a .wide , selection 
of costfuno: jewellery in: the 
department- on. the ground ; 
floor. . - .-.., .i > '■:"■• 



■■ y. 




mm m*sm 



:i ; 





mm 




OTIATMt 


* 


INSIDE TEE Ife^:Pafk Hb£d^ . sh^ -creating a nm^fe jewel- 
a -great experimen( Is'' feldng -lety whieh. he sells W the hotel 
place. Instead of the usual row. visitors as -well as Ms passers- 
of serene ‘ ahd'‘e^pasive : sb<^is> : .hyv-. 7 - - S - .7 ,; X# 
the r manager • . of; 4h$(bpay-. Whir. $&$, never 

thought it might r be a godd Lidea before seen 7 a jewelleiSat work 
to have ^ a'.cw t tte m a fl r: pn ’the .might he-fascinated to flee John 
pr emfee^ actuaPy Ju^A^ejnsoit' at4 tj'hut flt jAdf time 

ctaft. Once the word sprea<fbe. ; of,, year it trrighi afeo interest 
was inundated with iTrmecunibus thos^tookm fernery, as 
craftsmen looking -I or ^sueh . a presents. ‘.Amoag/he most rea^, 
salubrious . . , setiiog . birt. after spnably- priced /pieces were 
carefully Co^deilh^'l^ .cam gold chains 

he gave the wojtehtgtjjjrer to', which' sport e^flier an apple or 
John dJKfersqn^ :^. .ctSteiHan a pear as a pendant. They are 

'£'130' each aad hand-made and 
on most dayy feis^ finishled. • /' ' ; • ' . .■ 


READERS who never seem to 
find the time to shop might like 
to know that there is one shop 
that is open every day of the 
week except Fridays, so even 
the most hard-working of you 
may run out of excuses for not 
doing any Christmas shopping. 
It's not just any old shop either 
— it’s the craft shop run- by the 
Crafts Advisory Committee at 
the Victoria and Albert Museum 
and it is full of the most 
desirable of hand-made objects, 
nearly all of them unique. 

There is pottery starting at 
£2, wooden boxes, starting at £5 
and for those who want some- 
thing even more special there 
are hand-paiqigd embroidered, 
silk purses by Sue Rangeley for 
qbout £16 or hand-painted silk 
headscarves by Anne Sicher for 
about £30. 

Jewellery is there, too, and 
this “Butterfly and Bees” 
necklet made from 18 carat 
gold, shell, ivory and mother of 
pearl is by Jacqueline Mina. It 



ua ;k& 


has in fact been sold but very 
similar jewellery caa be found 
at the Craft Shop. The shop is 
open from 10 am to 5.30 pm on 
Mondays through to Thursday 
and cm Saturdays. On Sundays 
the shop is open from 2.30 to 
to 5.30. 


i : 







you UU -pt. 

the d^ffer^ndet ^ 

MANY people- may be surprised 
to . know that there Is «' flourish^ 
ing : bu^nes? 1 TO " honest -fakes. 
Nowadaj^ 'the molecular struc- 
ture 4 of a-dlafijoijd^an be copied 
so closely by' . man-made pro- 
cesses that; according; to Mrs. 
Sadie Passer, .who was th.e first 
Into - tha ' busihesx in this 
country, “half the jeweHers ia 
Hatton Garden are frembllng 
Jn their shoes.? • •• - : • 


Needless tn say, Mrs. Passer, 
whoserveompany. Diagem, is 'at 
. Bowq&n House, 154, Maryiebone 
Road^ London NW1 doesn’t 
ever pess off any of her stones 
as belng the- real thing. She ’is 
immensely proud, of her fakes. 
Each of her stones is completely 
flawless, -each is formed under 
intense heat In the same way 
as natural diamonds are form^,- 
and each -is cut with the same 
skill, by the same people, using 
the -same; tools. They refract 
light in much the same way, are 
set into either 9 or 18 carat 
gold (24 carat is too soft) ^dd. 
many jewellers cannot tell .-the 


u *■ »* 



- . % ’ : • U ■ * . 




FOR WOMEN | 

The Wbman^s'Flnancial Letter 
-withShefla Black ,i 

Isn-’t u high time that the special needs; of women in respect;^ 
of iaoney matters, were given special consideration? We ; . 
thought so — sod have done something positive about ic ~ 
The result is a brand new service. The Woman’s Financial . •/ 
Letter, under the editorial supervision. of the authoritative . 
Sheila Black. - Packed with .'jargoh-free financial help and :.-, 
-inside information The "Woman’s Financial Letter is - 
written spedflcatly for you in your capaciiy as investor. 

professiiHial or bririnesstroman, or even as part-time money- _.. 
maker, yotfll be intrigued by such features' as: , 

* Shareholderpcrks (from furniture to hair-do’s) *.\aluaiiie - 
hints on collecting * your speda/ insneanre needs Coping 
as a 'dlvoreee * Store shares worth Investing In * Investing' 
Cin oriental eaipett. .- 

To see yourFREE SPECIMEN COPY of 
^The Womah’s Financial Letter, 
stmply write or telephone now. 


To: Tke Woman’s financial Letter, Dept, FTB, 
13, Golden Square, London W.I. 

Heas& send me a FREE specimen copy of the 
Woman’s Financial Letter, 





If awe 


Address 


(capitals please) 


Or phone 01-597 7337 ' 

(24-hour answering service) 


i: 


■ k 

: t- 



H,pg , 


LEATHER CAPTAIN'S CHAIR 
direct from MANUFACTURER 

Thf .iMint Captain’s CKiir is now iraiUWe it enljr 
Jpcn* fJL VAT— at -l«*t f »00 batow- store p««- 

UriSlsiSid f" 11 Sf 11 " * nt ? qu ' fcl? 

SB SnriNd nat»t»nr PUpT 
SSt ttST-E. M r and r^- 44- 

w «ks. limitW offer at ifc? P r, “- - 

.^SUREST 'Snim-fw 


difference between them with- 
out subjecting them to quite 
severe tests. 

“Why/' I wanted to know, 
“would anybody want to boy a 
fake diamond?” 

Very often a man decides 
he’d . like to spend about £100 
on his wife and he goes to a 
standard jeweller and finds that 
for his money he can only buy 
a poorly coloured, flawed stone 
of somewhere between .02 and 
.05 of a carat At Diagem for 
about £ 80 he could buy his wife 
a full carat stone that to all the 
world looks and glistens like a 
real diamond. 

Mrs. Passer also supplies a 
large number of engagement 
rings and is building up a small 
but steady line making copies 
of jewellery that is so expensive 
that it spends most of its time 
in a bank. 

Until now most of her jewel- 
lery has been made from 
yttrium aluminate garnet 


but now she is moving over to 
an even better material, cubic 
zirconium oxide. There is little 
difference in hardness — both 
materials register 8J on the 
Moh scale of hardness (a dia- 
mond itself is 10) but the cubic 
zirconium oxide has greater 
denth and clarity. 

Mrs. Passer has a full-colour 
leaflet which she will send to 
any reader and she does a large 
part of her business by mail. 

Windsor Jewels is a new- 
comer to this field in this coun- 
try, though they’ve been estab- 
lished for years in America. 
Their UK shop is at St 
Christopher’s Place, London 
Wl. Windsor Jewels, too, use 
9 and IS carat gold for all their 
settings but they seem to aim 
for a much more moneyed mar- 
ket and the making-up of copies 
of genuine tiaras and diamond 
necklaces seems to constitute 
quite a large percentage of their 
business. 


Wiiie & Food Books 
from Faber 



Fine-Flavoured Food 

A Fresh Approach to 
Lighter Cooke™ 
by Henrietta. Green, £4.50 

The Home Book of 
Chinese Cookery 

by Deh-Ta Hsiuhg 
Jllustraifti. £ 5 . 95 ; 

Faber Paper bed* £ 2,75 

Freeze Now, 

Dine Later 

by Catherine .Althaus Si 

Peter ftrcnch -Hodges 
£235; Faber Faperbuck £LP 5 

The New- Iris Syrett 
Cookery Book 

by Herbert Lees & 

N’lary LovcU 

£4.95; Paper Fawriwcit £2.9$ 


The Mixer and Blender 
Cookery Book 

by Alison Denny Illustrated. 
Faber Fopeiback £2.50 

Grow It and Cook It 

by Denis Wood & 

Kate Crosby Jiiwt'aied. 
£&J25; Kjber Paperback £2.9$ 

Cooking for Christmas 

by Audrey Parker 
Faber Paperback £1.50 

The Wines ; . ' 
of the Rhone,. 

by John Livingstone- . 
Learmontfa Sr 
Melvyn C. LL Master 
Illustrated. £9.50 

Port 

by George Robertson £6.53 


Faber & Faber 


H. LOUIS GERARD is some- 
thing of a legend in what the 
French call “ Haut Joaillcric “ 
circles. Only ten years ago he 
was just an employee of the old- 
established firm of Van Cleef 
and Arpels. When he saw that 
there was no chance of them 
giving him a slice of the action, 
he decided to set up on his own. 
He did just that — setting ail 
the old-established Anns reel- 
ing as he quietly worked his 
way up to becoming the largest 
exporter of fine stones from 
France 

Stones are what he’s an expert 
on and it's his stones that are 
the pride of his collection. 
He can tell if a ruby comes 
from Burma or from some 
inferior place (for rubies, that 
is) like Afghanistan or 
Ethiopia. It is 35 years of look- 
ing at over a million stones that 
gives him his certainty. He 
stakes his whole reputation on 
his own knowledge and what 
interests him most isn't price 
but quality. All of which 
explains why, on the whole, his 
jewellery is among the most 
expensive in the world. 
“We don’t cheat," he says 
firmly. “ If I say a stone comes 
from India, then h comes from 
India and I write it on the 
invoice for all time. I also state 
the quality — 'blanc exception- 
nel’ is marked on the receipt. 
How many other firms do that? ” 

He has that curious knack 
that all born salesmen have of 
managing to make the man who 
is about to part with Hm feel 
that he’s extraordinarily lucky 



to be given the chance to do 
so and at all his famous parties 
his clients fall over each other 
for a place at his table. 

Since he started just ten 
years ago he’s seen the price 
of sapphires Increase in value 
by twelve times, rubies by 
eight, emeralds by 10 and dia- 
monds by four. The world is 
running out of top-quality 
coloured stones (diamonds are 
still in fairly abundant supply) 
so many oi the most beautiful 
stones come from old collec- 
tions from the wealthy families 
of India, England, Portugal, 
France and so on. 

By looking at his jewellery 
you can tell that stones are his 
real love — all the pieces are 
made so as to give greatest 
impact to the stones themselves 
and subtlety or finesse are not 
part of the picture. As a lover 
of stones h Unself he cannot 
understand all the fuss about 
his prices. “It's a question of a 
state of mind.” he tells me. 
“ Anybody who really wants 
lovely stones can buy them. I've 
had plumbers and electricians 
coming into my shop to buy — 
sometimes just a single stone — 
but they buy because they love 
the stone." 

Anybody who is in the right 
state of mind and wants to in- 
vest in a M. Gerard stone will 
find his London shop at 14, 
Grafton Street, London, Wl. 

His daughter, Dominique, is 
pictured above, wearing some of 
bis latest jewellery collection. 
The necklace and bracelet are 
made entirely from first quality 
flawless white diamonds (there 
are 31 carats in the necklace, 
13 in the bracelet) and the 
price of the set is £115,000, the 
ring is £15,000. 


JEWEL DISCOVERIES is a new 
collection of jewellery, based on 
pink and black coral and opals, 
which came into being when 
Helena Rubinstein, the beauty 
company, did some market 
research and discovered that 
there was a large market for 
jewellery that was real but not 
too expensive. In other words 
there seemed to be a gap in the 
market between costume 
jewellery, which often is quite 
expensive hut which women feel 
has no intrinsic worth, and the 
very expensive “ real ” jewellery 
which is beyond the reach of 
most people. 

The collection uses some of 
the beautiful black and pink 
coral that has recently been 
discovered in reefs off Hawaii 
tmost of the Mediterranean 
coral beds have apparently been 
grossly over-dug and are now 
virtually destroyed). I think the 
jewellery is quite extra- 
ordinarily pretty and is 
immensely good value — nothing 
in the shop is over £200 while 
prices start at £15. 

The complete collection can 
be seen at Selections, 39, 


Beauchamp Place, London SW3. 
Shown in the photograph, above, 
is a very pretty pendant formed 
by 5 pink coral rosebuds — £60. 
There are also some delightful 
simple gold and coral necklaces 
for about £29. with matching 
bracelets at £20. 

A single angel skin coral bud 
is £26 while twin rosebud ear- 
rings for pierced ears are £30. 

Some people (and I'm among 
them) are too superstitious to 
wear opals but they are extra- 
ordinarily pretty and are much 
in demand. An opal pendant 
with four hanging pearls is £127 
and there is a whole host of 
rings and other pendants. 

The black coral is less 
“pretty” than the pink but much 
more dramatic and I can see it 
looking particularly stunning at 
night. All gold used in the set- 
tings and the jewellery is M 
carat. Anybody looking for 
simple silver or 9 carat gold 
chains would have to go a long 
way to find them more inex- 
pensively than at Selections. 
Prices start at £7.65 for a silver 
chain and a nice heavy gold 
rope chain is £105.95. 



We British are a peaceful people. When a war is 
over we like to consign it to the histojy books -and 
forget it. 

But for some the wars live on. The disabled from 
both World Wars and from lesser campaigns, now all 
too easily forgotten ; the widows, the orphans and ' he 
children -for them their war lives on, every day and 
aJ) day. 

In many cases, or course, there is help from a 
pension. But there is a limit to what any Government 
Department can do. 

This is where Army Benevolence steps in. With 
understanding. With a sense of urgency . . . and with 
practical, financial help. 

To us it is a privilege to help these brave mcn-and 
women, too. Please will you help us to do more? We 
must not let our soldiers down. 


The Army Benevolent Fund 

for soldiers, ex-soldiers and their families in distress 

Dept. FT, Duke of York's HQ, Loudon SW3 4SP 


CORNUCOPIA is a small shop 
at 12, Tacbbrook Street, London 
SW1 that specialises 'in clothes 
and costume jewellery and ac- 
cessories from roughly 1910 to 
1950. They concentrate par- 
ticularly on clothes (one of the 
partners, Gerry Richards, re- 
cently made the hats worn by 
Mrs. Simpson in the television 
series) and have a marvellous 
selection . 7 of 1920s beaded 
dresses, '40s crepe dresses and 
lots of blouses and tops. It's a 
lovely shop for the big. glittery 
accessories that are so much in 
demand this winter— the 
■brooch, shown below, is only 
made of paste and fake moon- 
stone but it has a terrific lot 
of panache for the £6 it costs. 
Similarly the combs come from 
a selection which starts at' £2 
and goes -up to about £20 for a 
large mantilla comb. Some of 
the combs are real tortoiseshell 
but most are plastic. 



Dnaciiwi t>u Liz C1U 





\e finest chocolate in the world. 


wcfiocrof swnTPivjD 


P&O’s World Cruise 

Come January you’ll wish you were on It. 

. Eariy in the New Year you could leave the chills From Southampton calling at:- 
of an English Winter behind and set sail for the 
sun. But to get the cabin you want you 11 have to 
act now. P&Os superb flagship Canberra leaves 
Southampton on January 6th to begin a cruise 
that will take you across four oceans to five 
Continents. Return with the Spring on April 6th. 

. Fares from £2,080 (4-bertn), 5o,183 (z-berth). 

Full details in 'P&0 Ciuises World Wide 78, 79" from your ABTA travel agent 


Miami 
Bonaire 
Panama Canal 
Acapulco 
San Francisco 
Honolulu 
Lahaina 
Suva 


Rabaul 
Hong Kong 
Singapore 
Mauritius 
Durban ■ 

Cape Town 
Rio de Janeiro 
Tenerife 







Financial Times Saturday Decent 3 1378- 


12 


ARTS 



Time of Awards \ See How They Run! 



sets 



This year's Imperial Tnhacn 
Awards for Radio were presented 
by Lord Goodman at the British 
Academy or Film and Television 
An?. Wl, on Thursday evening. 
Although this is only the third 
yp«*r of Ihe Award?' existence, 
they are already well established, 
and keenly competed for. by both 
EBC and IBA stations. It is Ihe 
one public occasion when secuor 
officials from both camps may be 
observed mingling amicably in 
the preliminary cash-bar before 
repairing to the plushy audi- 
torium for the ceremony. Huw 
Thomas was the smooth JIC and 
the audience was treated tu a 
dance act. a mini-history of 
radio, a demonstration of the 
musical functions of the Mnog 
synthesiser, and some retrospec- 
tive clips of Independent Local 
Radio pi ogra mines, before the 
present;* tmns, some 13 in all. 

Inevilahly the majmily of 
ihe^e -jo pi the BBC and I am 
delishmd to report that nuns 
went to programmes and per- 


ANTHONY CURTIS 


formers already singled out for 
nonce in ibis column. Denis 
QutfJc) reserved the Be-t Actor 
hum I'd for his lri.-li Impersona- 
tion of Peer Gynl and Sarah 
Barici for another Irish per- 
formin' <*. though linked with 
American, in iVNeili's .ilunn for 
ihe Misbegotten. 

Sen Hand struck back bv win- 
nmg the Specialist Programme 
av. jrd with Charles Naim's 
Winn Day's Christmas .Aiipu'cp? 
broaden.*) <m BBf! Radio Scot- 
land' and Hie award for the best 
sen pied community programme 
nn l.Oi.at Radio went To Ihe IBA 
sm i ion Radio Forth. Edinhurch. 
for a programme by Hazel 
Fov.'lie and Andrew Monaghan 
called The Ijwdiorn. first broad- 
cast on a Sunday in June. It 
wa.« u bout the I.antlmrn com- 
munity centre in Livingstone 
New Town where a variety 
of dpnominaiinns including 
Mei hod is is, Congrejzationalisis. 
Episcopalians and Roman 
Catholics have worked tngerher 
tu set up a meet ins-place which 
is a community centre both fnr 
worship and for recreation. The 
programme went into the impli- 
cations of this local experiment 
in ecumenical ism for the region 
as a whole. 

The other IBA programme to 
win .in award was Piccadilly 
Rad in Manchester's programme 
Ij the Rmnbx Dropped Sow Uy 


Chris Bryer and John Smithson 
which was judged to be the best 
Documentary Feature. Broad- 
cast in February it was certainly 
one of the most disquieting. An 
investigative job in a sensitive 
area, it' disclosed the contingency 
plans (or lack of them) in the 
even l of a hydrogen bomb falling 
in the Manchester area inter 
views with the Civil Defence 
authorities and others completed 
the picture. 

Radio 3 took the Music Dueti- 
meotarr award with John Amis 
and Natalie Wheen’s flfiuic Aiow 
and Radio 4 mopped up no less 
than five awards: Radio Presenter 
(Turn Vernon— \rtis Stand i. 
Light Emeriainmem (Douglas 
Adams— The Hitchhiker's Guide 
to the Gainst 1 1 ; Dramatised 
Feature (Gerald Frow — Bcnu 
tirumiuell. I'tinee of Dandies »; 
Drama Adaptation (Desmond 
Hav. k in.; — The Wonrilnndcrs I. 
and Drama Original I Peter Red- 
_-rnvo — The God of Gloss l. A 
special On Id Award was won by 
Alislair 0>"ke who was tele-, 
phoned in San Francisco by Mr. 
Thmna* during the ceremony. ' 
(A>ked if he was on holiday 
there, he replied: "if you call 
plating golf holiday 1 suppose I 
am ") " 

The ti ni | «afi for the awards 
was July I. 1 977 to June 30. 
1S7S. It i? i lilile early perhaps 
rn start backing one's fancies for 
next year's race hut t am sure 
we will be hearing more of a 
programme that went our thU 
week. The Spring of Memorp 
(Radio 3. November 27). TI 
lasted nn hour but it represented 
a distillation of many hnurs of 
tape- record irk. made by producer 
.lohn Theorharis. and sound 
engineer David Greenwood, 
while the Belfast playwright Bill, 
Morrison answered questions : 
about his childhood afler being 
put under hypnosis by a London' 
denial surgeon. Leonard Wilder. 
In a series of carefully structured 
sessions, wnh ihe microphone 
placed beside Ihe couch. Mr. 
Wilder “ regressed" Mr. Morrison 
from about ihe age nf 12 hack 
lu the experience of birlh and 
even tn Hnt of lying in the 
womb waitins lo be born. The 
coni low-key manner oF the 
presentation emphasised the in- 
credible nalure of what we were 
hearing, it was a pity in a way 
that the subject had to be a per- 
son with a trained, professional 
literary imagination. !r raised 
doubts. Not as to his veracity, 
there was no questioning the 
sincerity of his childish cries of 
pain and rage, bis sense of re- 
jection and traumatic primal 
screams, but nf the authenticity 
of wh<*‘ he was saying. It may 
all have been a stream of resent- 
ful hindsight released by the 
hypnosis. Even sn it was abso- 
lutely riveting to listed tn. and 
it will be interesting to ee what 
effect, if any. the whole ex- 
perience has on Mr. Morrison's 
future work. 


At the Greenwich Theatre on 
Thursday night il was as if ihe 
National had packed ils hags 
and travelled deeper into 
South London. By that 1 mean 
that this jewel of a revival by 
John David of Philip Kings 
1945 farce restored to the 
modem repertoire a period play 
of astonishing vigour, style and 
quality Mr. King u well known 
not only for this piece, but also 
as Ihe author of Sailor Beware 
i with Falkland Can ) and tool's 
Paradise, a sequel to See Hour 
They Bun! I know Mr. King'* 
work only from listless amateur 
revivals. Greenwich has almost 
made of me a convert to the 
small but select band of 
aficionados who believe Mr King 
to be our most distinguished 
playwright. 

Ben Travers and Alan Ayck- 
bourn ore the obvious challen- 
gers lo this title and. in terms 
of quantity of output, cither 
might lake the palm. But 
neither. I am ■■nnvinrod. lias 
written a funnier play ihjin this. 
It stands in the great British 
farce trad limn of Pinero, 
Brandon Thomas and Travers, 


THEATRE 

MICHAEL COYENET 


the action set in the sleepy rural 
village of Merton-cum-Middie- 
u’icfc. Through the vicarage’s 
french windows v.> see a painted 
I'hup'h tower and a stalwart 
parishioner. Miss Ski Ron. arriv- 
ing by bicycle to protest at her 
displacement in the Harvest 
Festival preparations. C.rn'rine 
swords with Pcnrinpe Tonp i Pat- 
ricia Brake), the vicar's highly 
wife — an ex-actress, she wears 
trousers in ihe village! — she 
bends lu retrieve a ylnve. “I'm 
sure I'm broad-minded '' she. 
avers, inadvertently proving her 
point with a thrust of her 
tweedy rump. 

Denning its own social context 



The Combe Abbey library 
• table, e George 11 mahogany 
library table . attributed ' to 

‘Thomas Chippendale, sold "for 
£\ 00.000. plus the id cent 
buyer's premium, to the London 
dealer Frank partridge-.. at 
Sothebj s yesterday This 'was 
an auction record PJi rc 'or an 
; item of English furniture. 

' The tahie was made fnr the 
fifth Baron Craven of Combe 
' Abney around 1754 and had news 
: sold ov a descendant at Sothebv.s 
; (□ 1961 for 113.000- Yesterday 
‘ it was the star item in tut 
Huchschild collection of tnglish 
furniture which totalled an 
impressive fSOi.iSO. 

Other exceptional prices were 


the' 152.000.- a Isa to Frank Pa r- 
tridge, for a George 
cold lacquer conunndr ^UribU < S3 
io Chippendale: t49^M 

Haslell -Gooden.; and Fnx , f ^ 
G»orge ; I1 giltwopd chandelier. 


SALEROOM 

ANTONY THORNCROFT 


attributed to Matthias Lock. 
£3ft000 from MaJlett tut a 
George 1 bureau cabinet: an° 
£29.000 from another London 
dealer. Hart, for a George 1 gu‘‘ 


wood chandelier : 

Also at Snfheby .'.jtw Kuwiud 
Hornby coiiectian otyaHsaKcfll 
Dir ’ an .equally imprrasive 
£529.850 for- SO iLems^ 

cased watch., by Bregset. •.was 

.bought by . ; Xaan jh«i W. S&*- 

Swiss deajer. for 

a gold- and *”*>?&£§&& 

Jaftuet Dro* 

rerv similar one 

Mannheimer agate .; 

\t Christie's, m aa aura.qn.of 
Old Master pictures, a.. Kadcnia 
and Child hy Giulia Eppracmi 
was sold to the Londffl^wawrs; 
Ward Jackson' far JMkQOQirtbB 
the 10 per cecL It bad qnttbfi ea. 
in the collection nf King varies 
1 2nd was valued in an inventory 
of 1649 at £5 - 


Line tip for 



L i'Hiu.'i P-, 

Terence Hi!yor, Trevor Baxter and Patrida Brake 


CHESS SOLUTIONS 

Solution to Problem No. 244 

I N-KB4 (threat 2 X-K6 nr 2 
N'-K2 i. K-86: 2 QsKP. <»r if 
KxN: 2 Q-R5. nr if BxN: 2 
QxNP. or if P*N: 2 B-B«: or. if 
N-B6: 2 N-K6. or if P-K5: 2 N-K2. 

Solution lo Position No. 244 

No. If (a i 1 . . . B.\P eh: 
2 KxB. Q-R5 ch; 3 Q.R3! Q*R then 
nol 4 BvRP? Q\-R; 5 B.\P because 
Q-RS ch! 6 K.vQ N-B7 ch and 
NxQ wins, but 4 NxNPl 3 nd the 
threats such as 5 N-B5 will win 
far White, (f ibi 1 . . . 0-R5; 
2 B-KB4. N-Q7: :» QxB! RxQ: 
4 \.\5 ch. and if NxR; 5 R-K8 
male, or if KB1; 3 X-R7 mate. 


with meticulous care, the '."Jlage 
is convenient !y situated ne?:; in a 
German PoW camp, whence 
escape? a grotesque Teuton 
lEonaid Forfar) lo r-dd t» the 
mayhem oC a stage full of vicars, 
real and disguised, presided mer 
by Mrs. Tnop's unde, the Bishop 
of Lax tTrevor Baxter) who 
finds himself, late in the day. 
locked outside by the lily pond 
in his pyjamas. Like Mis? Skil- 
lon. ihe Bishop spends innsi of 
the evening in a state of either 
moral shock or physical dis>-oat- 
fori. Toop himself loses Ins 
outer garments, the guest vicar 
c present tn deliver a sermon <>ii 
the morrow i is knocked in- 
sensible over an armchair and 
almost strangulated '.-hen some- 
body treads on his long scarf. 

It is impossible to convey the 
brilliant technical ingenuity that 
goes into all this, hut ns the 
evening progresses, you realise 
you are in the presence uf a 
master farceur. The idea 
accumulates. Iod. of the premises 
assuming Red I am charac : eristics 
so that invisinle objects, -itch as 
a non-existent human obstruction 


in the chase scene ami a aiay< 
of whisky that disappears but is 
□oneiheless passed around and 
gratefuly drained, seem no less 
than logical manifestations nf 
the environment. The whole 
thing has started when Mi-'s 
Ski lion — played with outraged, 
delightful precision by 
Josephine Tewson — discovers 
Penelope and an old thespian 
soldier ebum l Terence Hi’.lyerl 
rolling around on the floor in a 
nostalgic recreation of ibe Act 2 
row from Prirale Li res. 

Miss Skilion spends much of 
her subsequent time . being 
stepped on the face, locked in a 
broom cupboard or woozily in 
search of her own limbs. Yvhen 
a booming officer arrives to .re- 
capture the German— foiled, 
incidentally, by an appropriate 
tickle under the armpit — and is 
faced with a volley of vociferous 
vicars, the Bishop commands 
him imperiously to "arrest most 
of these people." It makes 'a 
tremendous verbal pay-off to an 
evening of unadulterated 
laughter and fun such as l have 
not enjoyed all year. My recom 
mendation is lulai. 


The Christmas shows arc upon 
us with the usual seasonal mix- 

• lure of hardy annuals, modern 
r classics', and hopeful newcomers. 

At least there is someihing for 
most children, ii not all adults. 

Starting at the National 
Theatre, the main Christinas 
show i- “ Herod.” a new play 
; with music uy Pan! Miils. It 
'open; on December II at. the 
C«K!e%loe. There are also special 
family concession prices for the 

■ Ben Travers farce. “ Plunder." 
'over ihe holiday period. At The 

Ri.»;-al Shake- peare. in the Ware- 
. house, there w:!i be “Awful 

• Knaw.'ul." from December Iff. 
This is the first RSC Chrispnas 
show for ch'ldren for years, and 
not surprisingly is a musical 
about a failed stuntman. 

At that other national institu- 
tion. the London Palladium., pan- 
. tom i me returns for onJ}*- the 
second time in five years. A hew 
£300.000 production o- r "Aladdin" 
starts there on December |J0, 

■ with Danny la Rue as Widow 
Twankev jhis dresses alone cosi 
£30.000 1. plus Alfred Marks. 

. Dilv? Warling and d-<ncer Wayne 
; Sleep. ,y_ . 

; Other pantos near London, are 
“ Robinson Crusoe " at the 
Churchill Tneatre in Bromley 
from December l!t wiih ..Atmi 
■Macdonald and Jack Douglas, 


and another “Aladdin" at the 
Watford Pa lace The'a t re r r</»i 
■December IS starring Stephanie 
Voss. Over at the Queens 
Theatre. Hornchurch. David 
.Wood, who has cornered the 
market For new children's shows 
in recent years, is responsible 
for “Blbes in the Magic ’Wood." 
a reworking of the old panto- 
mime. Il opens nn December 11. 
Another of David Wood’s musical 
plays, “The Owl and the Pussy- 
cat went to see . . opens at 
the Chichester Festival Theatre 
on December 15. 

Two established classics re- 
appear in the We?t End — the 
u Wizard or O-’-'* at the White- 
hall, a stage version of the 1939 
film success, from December li. 
afternoons only, and "Toad of 
-Toad Hall" is at the Piccadilly 
this Christmas from December 
'IS, again matinees only. Once 
again Richard Gnolden is Mole, 
a part he first played in 1930. At 
the Little Angel Marionette 
Theatre "Amahl and the Night 
Visitors ” is the attraction, while 
the Albany Empire in Deptford 
re-opens on December 20 afler 
five months of closure through 
fire with “ Grand Opening II." a 
seasonal celebration. 

Outside of London there U a 
hurror panto “The Mummy's 
Tomb," a new work by Ken Hill. 


at Ihe Phbentx Theatre: Leicester, 
from December- 13- 'white' at the 
Gardner Centre Theatre at.-itne: 
.University of Sussex there 
light hearted version -of A 
Christmas Carol" from Deroih- 
hcr 15. Also in "Leicester there, 
is traditional panroaiimr Afihfc: 
Havmarket w ilh “.Mother Goose " 
3 s well as another David . wood.- 
"The Gingerbread. Man." which, 
has already opened. _ r. 

The Young Vic Theatre is to 
hold a Christmas Festival in -the 
studio from ’ Dec-ember T-S---^b- : . 
December 22. ■' . * ' •" 

The Black Eagles are to per- 
Fotnt a programme of ..music, 
dance and folk t heat re -from the . 
West Indies on December :JS- 
Ekome appear the follow) ng- 
everine after their rcicnt -.Varih 
African tour, with a selection of 
Ghanaian and CarliVriean- dances' 
mgether with the Rattafar* ’ 

Singers. ' ’ - 

Elizabethan games, carois and 
dances- feature in Will * ' Chrfst- 
)»ja« Rcrels on ' Dccemher '• 20. 
Interaction Productions present 
this . evening of family entertain- 
ment. " 

Gotham r.ity Swing Band are 
to perform two’, late .night 
cahnrels only on Thursday 

■Decemijer 21 and - Friday- 

Derembor 22 ai-H pm... ,• 

ANTONY THORNCROFT 


THEATRES THIS WEEK . . . AND NEXT 



THEATRE VPSTAI RS — Masada 
Pnnnsh piece by a black coni- 
' pany referring to the Masada of 
Jewish history. Reviewed' -Toes- 
day/ Wednesday. 

YOUNG VIC — The Tempest: Dull 
production in which all : the 
action is assumed to he in Pros- 
per-iN head. Reviewed Wednes- 
day /Thursday. 

: HALF MOON. A lie St;, El— TOe 
Machine Wreckers. Toller’s 
espressioniit play about Ned 
Lud and hi? lot. Worth a. revival. 

: Rev iewe'd vV ednesday/Thursday. . 


CUTTESLDE — Has "Wash ington" 
Leps" Ver> funny play by Charles 
Wood about a British production 
in Ireland of an American pres- 
tige film about Washington, ex- 
cellently directed and acted, 
with Albert Finney and Roberl 
Stephens. Reviewed Thursday/ 
Friday. 

OLIVIER — Strife. Imposing pro- 
duction or Galsworthy's pioneer- 
ins plav about a strike in a 
Welsh tin pliite works. Reviewed 
Friday. ? 

A- thin week in London.. 'Under 


ihe Greenwood )T ree comes In 
from -Salisbury, to .the Vattde- 
vt Lie. on Wednesday; IV'heefcfiau* 
Willie.- formerly seen at the 
Edinburgh Festival, comes to the 
Koval Cnuri on Friday. Out .at 
ihe New End -th Hampstead, a 
new play, FfnsJipomr. about a 
soldier’s combat with his 
morality: and at the Other Place 
in Stratford-upon-Avon, a- new 
adaptation by .David.. Rudkin -of 
Euripides. At Oxford . the new 
fashion for— Jacobean- .drama 
brings - ; ;up,. TourneucY. The 
Revenger's Tragedy ’ 


flndicales programme in black 
and white 

BBC 1 

n.llt am Take another L.nok 9.30 
Multicoloured .Swop Shop. 12-10 
pm Weather 12.15 Grandstand : 
Football Focus i!2 20). Raring 
from Chepstow (12 50. 1.20. i.JO, 
2 2m. ice Skating (1.10). Ice Figure 
Cnanir-ionships nf Greal Briiain 
Squash 1 1 41). 2 10). Pi A World 
•Scries Boxing (2.40). Amateur 
Bovine; England v Ireland plus 
Snooker: L'iv ProfessionaJ Cham- 
pion mips 1.1.10). Test Cricket 
from Brisbane 1.120). The 
John Player Trophy. Widnes 
v. St Helens. Snooker (4.05 1 Coral 
l 'id Kingdom Professional Cham- 
pn>n c hip. 4.40 Final Score 

3.15 The Pink Panther Show. 

5.35 News. 

5.15 Sporr 'Regional News. 

5.50 The Basil Brush Show. 

fi2!0 Ur. Who. 

6.J5 Larry Grayson's Generation 
Game. 

7.10 All Creatures Great and 
Small. 

8.30 Some Mothers Dn ‘Are "Em. 

9.05 Marsky and Hutch. 

0.55 News. 

10.05 Match nf the Day. 

II. 011 Parkinson 200. 

.Ml Regions as BBC-T except at 
the following rimes: 

Wales — 5.45 am Take Annther 
Look. 9.10-9.30 Wir 1 Chi 5.45-5.50 
pm Sport-News for Wales. 12.20 am 
News and Weather for Wales. 

Scotland — 1.55-5.15 pm Score- 
hoard. 3.45-5.311 Scoreboard. IMS 
Spnrrsccne. 10-15-11.00 Sine Along 
will) Sun-hine 12.20 am Yews and 
Weather for Scotland 

Northern Ireland — 5.05-5.15 pm 


Scoreboard. 5.45-5.50 Northern 

Ireland News I2.2ii am News and 
Weather for Northern Iretend. 

BBC 2 

2.15 pm Saturday Cinema : 

"Separate Bed*," starring 
James Garner and Lee 

Remick. 

J.00 Play Away. 

4.30 The Mystery nr Loch Ness. 

5j 20 Cricket : First Test — 

Australia v. England thigh- 
lights). 

5.50 My Music. 

6.15 The Old Grey Whistle 
Test. 

8.55 News and Sport. 

7.10 Network. 

7.4U In Performance : Charles 
Aznavour presents Lee 
Grands Moments du Music 
Hall. 

8.45 l.)n the Road 

9.15 Film International : "Roads 
to the South," starring 
Yves Montand. 

10.50 News on" 2. 

1 10.55 Midnight Mn\ie Comedy 
Double Rill : "Man on the 
Flying Trapcre.” starring 
W. C. Fields, and at rt2.flO 
" The Big Slnre." starring 
The Marx Brothers. 

LONDON 

5.30 am The Saturday Banana 

v» ilh Bill Oddie. pari 1 9.00 

Sesame Street. 9.45 The Saturday 
Banana. part 2. 10.15 The 

Monkees. 10.45 The Saturday 
Banana, part 3 11.30 Tarzan. 

12-10 pm World of Spnrl : 12.35 
Headline : I 13 News from 1TN. 
1.20 The ITV Seven— 1.30. 2.00, 
2.30 and .100 from Sundown. 
1.43. 2.1.1 and 2.45 from Mar- 
ket Rasen. 3.10 Inlemarional 
Sports Special : Darts — World 
Masters Championship from 
Wembley. 3.50 Half-time 
Soccer Round-up. 4.00 Wrest- 


ling. 4.50 Results .Service. 
5.03 .Yews. 

5.15 Cartoon Time. 

5250 Happy Days. 

8.00 Bruce Forsyth's Rig Night. 
7.30 The Incredible Hulk. 

8..1U Sale nf ihe Century. 

9.00 The Professionals. 

10.00 News. 

10-15 By Alan Bennett — Six 
Plays . . . "Me. I’m Afraid 
of Virginia Woolf." 

1U0 Michel Legrand and 
Friends. 

12.25 am The Practice. 

12.55 Close : A painting by 
Picasso and music by 
Stravinsky. 

.Ml IBA Regions as tendon 
except at the following times: 

ANGLIA 

4.0C am The Bubhli-* 1.65 r*n«ipn 
T:mr 4 JO Th> \*-si We*)' Shnt* 

5.15 am The Worker 12.25 am Ai ihe '.-nil 
of Lbe djy. 


.A TV 


4.10 am Play CuiUr II 4.35 Mat* 1* 
'•ouni 18.05 Th- 1„o*t 1*1 and 18.30 
Ti-'***. SJJ pm Spidumun 5J0 Mork 
and Clow tnrtjur.iors wnh m« 

Fon;. Pan i 11.30 nan '.uiun 

BORDER 

5U5 pm The Worker 11.30 s w .» T 

CHANNEL 

12.13 pm Pumn'v Pli'ncp. 11 JS i.5 fore* 
Ha mu tun IV 

GRAMPIAN 

9.D0 am Si-ene on Sainrrfav. in< ludin: 
Birthday ■IrMinwt and ruir <",ir 9.30 

The Bfarh'-omb^r* 10.00 <.-^ame JIM. 
11J» Lassie 1LM Jn> ?.1 12.00 Th..- 

Vnnkoe- 5.15 The W .rker. 12 J5 am 
Refleciion* 

GRANADA 

9.30 am Mate ,( cmin: 9.55 Se=ame 
Sln.-e» 11D.5S S.iinrrlav Mailnee PniuU* 
Falrhanlt.* .'r in ' Thf Exile” s.u pm 
Thr Worktr— i:h.-.rlie Drake 11.30 Thi 
laie F-!m Jura h ten H«-ndr> in 
' All Copper* Are . . x.oo am i. n- 
lami-d M orid 

HTA : 

9.00 am Lioetor! 9J0 Tan on Saiurdav 


»•« Laxnc. 10.15 Sitnian .pan Ji. M.« 
Tiswas. 11.15 Ramian -ran : . u.3* 

Pop Spo>. UJ5 Ton on Sa-iiMay. ll.« 
^tar Jtaitffns 12,10 pm Pop.-..; 12.2a 

T.-n Oil SniuriJar. 5J5 Popcyi 11.33 
E.mahy .Ion.-. 

HTV CYMRU, TWAUES-As 11TV Ou-ral 
Somi-e «X>VPI- 5JO-S.OO pm V £oh) \ « 
Can. U.30 Club Riubv. S.iar5ea v ijardtlf 

• hishitshii-. • 

SCOTTISH 

9.00 am Cas.a-.tpy. 9.20 Adicnlurfj m 
R.iinhm. Coumry. U.30 l.u. an 5.15 pm 
Tht Wurknr 5.30 Th* vjary T-.!*r Moore 
Shot- 'UJ0 Latp Call. 11 J5 S V. A.T 

. SOUTHERN 

9>).'am Tanan 11 JO l.-;ani Run 
12.77 pm Rnconal Wo*lhi r For k an. 11 J5 
Tunc m ihn Tale 

TYNE TEES 

9J» am l.rn'9 Mok-iu 9.03 Th* Six 
Million Dollar Man 9J» Adfrninri- 

'Janada 13 J5 Lvn's teiok.'n tlO.JO 

jjrurduy Mormiip Film— " of Sand ” 
Marrin; Itirharn .Vi|er.ijoruu^ 1 12 J3 pm 

Lyn* Lookiii 11J3 Barnaby Jpn-:s 

12J0 am EpUocue. 

ULSTER 

10.15 Xniurday Mnminp Jlonr. " Th» 
Lti-U Rons*- 01; iht Prair.e.” ll.a 

Sf*am* Sirrr-I 5.00 pm “"-port* Re*ull* 
5J0 The D-Tfriey HUibCU-.s 

WESTWARD 

9 05 am 1. 1 ii.au 0.58 <.n-„--ed UMrlri 
10 JO saturda- Marn.nw P-..nirt /Shn-. 

” ruiirdey Tn TTi- i.'enrr* r»f Thr Eanii ” 
*i«rr.nt Jimrs Jlavin U.S5 LnuV an.1 
Sf* 12.00 . 1 uni ihr Jnh J ’.23 pm tius 
Hon?ihnn'* BirthiJa;* 1 M i'.f»r»t 
Hamilton T. 12.00 l-.n:h mr Ldf. 

Yorkshire: 

9.00 am The Mnjtina > li ;n Vnd The 
chxii Clan 9.2Q Spa.i- lihu', and pnin 
Boy 10.15 You 1 ran MUi- ii 11.30 Six 
Million Dollar Man 11 38 pm Richit 
Brm.fcplm.in 

111 Surmlinilc brvadcait 
X Medium way* 

RADIO I 

5J» am At Radio 7 1.00 Ed fie- an 

“ilh hiini.r rjinii-i- 10.00 P-irr Po«c!l 
1.00 pm Adrian Jutu ••«. 2 00 Pau’. 

>..lllih,i. fi:n .'t. 4JI F, I L On 
Sianiric Tim-' tv, iur.c u-xpaDri-i — 
5.30 lea R,.. 1 -n Ru.'i ■>. bJi In ‘.oil 

• -r: ■ s • . T.38 Close— A* (..-..no 1 


RADIO 2 


5.00 am .\V;rs Siinunirv 5.02 Tom 
Edwardt m-Juduia 5.32 Cnckni. First 
T.’*i ‘rep,ri» E.03 Racine Bollolui &.M 
.'i Radio I 104)2 Tony Brandon •*.. 
12 02 pm Clr.i Lain.- with Star Gim.-a >«.. 
L02 The **■:«•* Uudcjlinpy wiUi Roy fludd 

l. K16J0 Sport uu C Knntbnll L-aKue 

1 1 r>l. ; 2» 1 M. Liminienrarj on a man-h. 
l-Iu* senr fla3b-p n nulls. n<-«-»*. Huko- 
« nion 1 MO 2.C3 4.30. Th.’ IVorih 1 NV.i 
->aiiiiiij: Hf. ina from Sandoi.-u 1 y, 

-M'. and r la tv fii-d chc^fc 3.4 j.; Cri,-fc .-: 
1'ira! Tcsl il to 2.10 T.no* lusiralia x 
Knalami 1 report,: 5.00 Spom ropwri* 
i'Jasslhvd Kooihali vhm-ka 3 utl i 
rtusby Round-up .1J3: T<-cn;x— pn-v'pir ol 
lh.- D.n:S C.up I- mil b.D3 tnrapi- 7fc 
7.02 H.-ai ih.? Rworu 7.30 ■ Tlw Mikado '■ 
li*c from th.- Albert rUili nuludinc 
0.85 Talk. 10.Z5 Saturday Night hiih ih. 
MtC Radio ••rxlicvrn ,*• n.02 Sport* 

Hf*k. 11.10 Ray Jlnorr wnh Th.' Lah- 
Shw» including 12.D0 Novi* 2.02 am 
X>-ws Summary. 

RADIO 3 

1S.55-U5 1 n-.k. 1 rir*r Tom— Australia 
r EiUilaird follow .:d by 8.05 W*a liter and 
S.10 Nru-4. iS.IKkB.DS \>u* irfcf oily. 
8J5 Aubad'.- is. 1 oolv u-ittl 9 i», 9.00 

.'.i-n* 9.05 Ri'cori n.-i ini-li|-i:np 

BuiMina a Librarv fs, 10.15 Si*r. n r,-. 
Ii-pv is, 11.25 Ai adynty uf Si. .Marun- 

m. ilin-Klelrts -tincr-rl pari 1. Cnrrl'i. 

Bach. Tipaeii •«> lioe Imervai ryad- 
ins 12.05 pm Cpnviri can 1 Ba<h 
Ttppelt 1.00 .Vi-x. 1.05 Ranatr and 
Rei-Uioyrn I'.hamb'f Con. err ‘*. 

220 .'Ian nf Aeuon- I’.rrald Kacfman 
Wl rcenr.ls is. 3.25 URC. s. n ,|i.*b 
S«inphon' iireli-'sira 4.40 n:*njrii 

vvrforntiiici- on r. ,t,rd R*eiho*en Violin 
Sonara m D * 1951 • 5.0) r JK Rr-qnl 

Rt-nUeSix 5.45 I rnir.s' Forum i.35 

Y. #ie Inlrrprei-—. m 7 45 Kun Went 
Doiiiije pifi ■■ The Prm pkhiii*i *' iiprra 
m nne *■:! ’*•■ S53 7h. Oc^Vii in 

Deenmber ■ lalki 925 Run WmIi Double 


SL! * 5'. "The T*ar Has lit* Phnioirraph 
Tal.-n opera ii- one j'.i. 1020 kaurt 

ar.d the piann cliuiraied n:i> s' u.oo 
Snui'd* ini'Tcjrmv U.5i/ Nears 1135- 

1200 T«L'4h; s Schubert £on*/i4’ 

RADIO 4 

t.3 am Shnwinj forerast. 4 JO 
4J2 farming Tnda: 4 JO Vnurn l-'anh- 

J'lb' tss WVaiher: prugramme iilms. 
7.ec 7.10 On ynnr farm. 7.40 

Tudu)'« Palters 7.45 Your* l-aiihfally. 
7J0 Ii's a Bargain. 7.55 W'.irhrr: pr<j. 
iTamni* news. I.Og .Veus, 020 Upon un 
4 0.45 ’n'skrdaj in Parliament 9.03 

9.05 lim.TiiauoiMl AasisnintDi 
9.J0 The Wyi-k in W.-stnnnsitr 9JS 
Ne.»s .Cainl. 10.15 Daily Seruet. lqjo 
r.ck Of IP.- le.-efc U.20 TlUth IPr 

V.-nt. UJO Wildlif. 1125 SpipcI on 
>.iinrila> u-|tli Friir. Sniesl 12.ua Nr-ys 
12.02 am Away Irpin n all 12.27 Vnu\c 
• lot Tn Be Joking is-. 1225 Wejiher. 
programme nea* l.DO Aeua 120 Any 
Ouesi lonx" J.55 .Shipping forecasi. 2.00 
Bonksh-'II 2. JO Saturday Afiemoon 
Theatre 3Jo Do-s H- Tak* Sugar” 3.00 
j'mi The .I'lry 4-45 Enquire Wllhin 
5.00 Prnaci-s lo Shakespeare. 525 VV.-ek: 
Kiidfiu) IX'. 520 Shipping forecast. 325 
Weather programme n.-“5. 4.80 Kun. 
4.15 Dricri Island P'sy* 420 .Sinn ‘he 
W-.ik wnh Bobert Robinson 7.30 Baker's 
Do.vn SJD Salurd.xv-.ViEhi Thiaire 

'Si 9 5B Weather 10.60 Nen 3. 10.15 

A '.fnixi ,n E<U>w«yy 1L00 i.ishiep n, B 
riar'-TA'i* 11.15 SuiRer't Cliotw KZ'O 
Pi" 'A 11.45 Jum p-ifur.? Midnight I’.OO 
New*. 

BBC Radio London 

5.00 am 3* Radin 1 7J2 iJond Fiahlng. 
>00 .\cv«: weaiher. trailit shopping, 
sport* lit--.-.* 8.15 Tn# London itardcner. 
>J0 Saturday Scene 1020 Spitriwne. 
11.30 The Robhi>' Vinerni Saturday Show. 
2.93 pm Ron Pmt'ri with London Couni*-. 
4 JO Mtirjnne BlUtoir will Close Up. 5J» 
Culd-ltne From 6J0 As Radio - 


S.ATl'RDAY: Kerry's floodlights 
may. be packing them in 
under, but the BBC has its 
priorities right; they bring us 
the First Test a( 3.00 an BBC.l 
and 5.1i0 on BBC2. The drama 
treat uC the day is. thr firsi .of six 
-Man Bennett plays on ITV at 
lh 15. Met I'm Afraid of Virginia 
Woolf. Irresistible title. At 
midnight BBC2 offers the Marx 
Brut hers in The Big Store with 
Groucho as Wolf J. Flywheel and 
Jiarpn .with an amazing shop- 
lifting tool. 

SUNDAY: Director Barry Letts 
lias made extensive use of an 
electronic irick called chromakey 
lo make his 4-part Pinnocchio 
which starts on BBCl at 6.05 so 
Lha; puppet and people can 
co-c\isr. BBC- starts the most 
ami'ilious drama project 
(surely.? j ever undertaken by 


CHOICE 



Nevjlle Smith 

any television company: produc- 
ing every one of Shakespeare's. 
3* plays, beginning with Romeo 
and Juliet. - Unfortunate!* it 
dashes with the addictive Lillie, 
on ITV. c.D. 


TV RATINGS 

w/e Dec. 2 


SBC Radio New Wavelengths 


1 1053kHz 2*5m 
1084k Hi. 275m 

2 493kHz 41 Jm 
909ltHz J33»n 
8. 38-41vhf sierra 


3 1215)1 Hi 247m 
& 9IM2.Svhr stereo 

4 200kHz. ISWm 
<■ 9245vhf 


BBC Radio London: 
1458kHz. 206m ft 94.9V hi 


Capital Radio: 

1548kHz. 194m ft 95.8vhf 


London flrHdcellng: 
llSUHi, 2blm ft 97JvM 


UK TOP 28 (Homes viewing m) 

1 CortmaUen Street (Mon) (Gran) 

2 Robhte Hen (Thames) ... 

3 Lillie (LWT) 25 

4 Larry Grayson (BBC) i; 

5 Car»u«t] on Slretl (Wed) (Gran) (7 

4 This Is Your Life (Thamej) ] 8 

4 Wednesday m Eight (Tliamss) . le, 
b All Creature* Great and Small 

. , „ _ I BBC) IS 

5 °™ MoUuars Do 'ave Em (BBC) TU 

10 The Sweeney (Thames) . . ju 

11 Return ol the Saint (ATV) jl 

12 Edward and Mrs. Simpson (Th.-ns) u 

13 Crossroads Tuesday (ATV) u 

14 Crossroads Wednesday (ATV) . 14 

15 George and Mildrad (Thames) !«.' 


14 Crossroads Monday (ATV) m.jvs 

u ■25E B ?SJ rta, ? ,,w lATvy ' i4 ' 3i 

18 BertiJc {Thames) 14-n 

WThe Liver Birds (BBC) '. u « 

20 The Mupprt Show (ATV) 1) 01 

•-wMOiltfd hr Audit* 0 f ilreai 
3niatn for jpmj industrial. Conjizimcr for 
television Advcrjsine Rexcaridi tJlCTAR>. 

* U T,p , w Raili^) 

\ Wf'Wtt* (news) (CBS) ' . .. 39.4 

i /In* FamI y (comedy) (CBS) « > 
3 Alice (comedy) (CBS) . ... 37a 

* Three’s Company (comedy) (ABC) 27 J 

5 Laverne and Shirley (comedy) 

...... . (ABC) 2H.R 

6 Chqriie 1 Angels (drama) (ABC) to r 

7 Happy Days (comedy) (ABC) . 20 

8 Llule Haute on the Prarlo '(drama) 

(NBC) 34 O 

9 MASH (comudy) (CBS) . . ... 24 1 

U Elgin IS Enough (drama) (ABC) 24.8 

Mima -I* not a name flea) 

loial. 


ENTERTAINMENT 

GUIDE 

CC — Thi-se theatres accept certain credit 
cards by Telephone or at me Box Office. 

OPERA & BALLET 

COLISEUM. CreO'l cards Gl-IAO 5iS0. 
Rcser. aliens 01-830 J161. 

ENGLISH NATIONAL OPERA 

TNjIil. Tue * Fri. neet 7.00 Jonjtnin 
Miller's prod. The Marriage of Figaro. 

■ immense), i<icccsstut A enJovaDle Gdn 
Wed. ne>i 7 00 Dcr Rosenkavalicr. Thur. 
nc>l 7. 00 The Thlcdng Magpie 'Enerv 
scene artoi the attention' Tins. 104 bal- 
een-. scar; >sa<i ter -11 peril. Irom 1 D 00 
on gar of per'. Now aoofc'ng tor Oft- 

COVENT GARDE N. CC 240 1 OS’li'. 

iGardencharge Credit Cards 8)8 0903' 
THE ROYAL BALLET 
T'dJr 2 00 and Mon 7.30 In SylPhldes 
Birthda. Gfferino. Jau Calendar. Wed 
7.30 Msncn 

THE ROYAL OPERA 
T'nt. Tues and Fri 7.30 II barbiere d< 
51vigli* 6E 8mpnr seals avail ter alt 
D,'h t,i»ni 10 am on da, at Mrf 
COVENT GARDEN CELEBPITY COM- 
CERT5. Tomer fl.00 Kiri tc banana. 
Some '.oats "on a, a liable Sun 10 De; 
(i 00 Frederica von Slade. First London 
F.c:)tal Piln.s: Martin Aalz Pr.;g. 
Includes. Do**I»nd. Purcell. Schubert. 
Liut Debuss*. Cantelouoe. prices La to 

50o 

SADLER'S WELLS THEATRE. Rosebery 
Ave EC 1 . 837 1672. E*6(. 7.30 

LONDON CONTEMPORARY DANCE 
Tonight. Fprist When Summer'* Breath. 
Ba«. Mass Tue ana Woa nest: Ecs. S 
Stabat Maler fee. Thur and Fri next 
The Branze. Then You Can Only Sine 
People Alone, 

THEATRES 

ADELPHI THEATRE. CC. 01-836 7611. 
Evening* al 7.30 

Mali. Thursdays 3.00 Saturday* 4.00. 
An Enehantlne New Muileal 
BEYOND 
THE RAINBOW 

■' Ht"E 15 A HAPPY FAMILY SHOW." 
The Times. 

" BOUND TO RUN FOR EVER,” 
Evening News 
"SUNNY. TUNEFUL AND 
SPECTACULAR ' 

□ally Telegraph 

A super -du per production." Variety. 
Credit card POOS inqs 0 1-83 6 T6M . 
ITOWYCH. 836 6404. Into. 836. 5SSI 
ROYAL SHAKESPEARE COMPANY .» 
Reperioirf. Totfav 2 00 * 7.30 
GORlOLANUS 

Lai: 3 aerl* unsil Maren. 

Ar. averting of trya :h«ahKal 8*0^ 
s Times. WUh h*iddletr.p A Rr-alir, 1 
THE CHANOELINO (Men Tim.' RSC 
t.-.-. a: THE WAREHOUSE Wee under Wi 


1 ALBERT. 836 387B. CC Bkgs. 836 1071-3 < 
! From 8 3D am. Party rata Mon. .Tues . 


Wed. and Fri. 7.45 pm Thurs. and Sal. 

I 4.30 add 8.00. 

• A THOUSAND TIMES WELCOME IS 

LIONEL BART'S 
OLIVER 

, "MIRACULOUS MUSICAL.' Fm. Time*, 
with ROY HUDD 

GILLIAN BURNS. MARGARET BURTON. 

I Extra Christmas Mm. Beak Now. 

I ALMOST FREE THEATRE B-1B. Ruoert 

■ Street. London. W 1. Tel.; 4B5 6224. 

[ MY CUP RANNETH OVER by Robert ' 
! Patrick fKennedv'* Children), directed by 

■ Anthony Matheson with Gloria Gifford ! 
1 And Erica Stevens. Until 1G December. 

Mon -Sat at 1 .15 a m. 

| AMBASSADORS. CC. 01-B3G 1L71.- 
, Evgs. 9.00. Tur*. 2.A5. Sat. 5 00 9 00 
l JAMES BQLAM 

"A Superb performance.” FT. t 

GERALD FLOOD ' 

In 4 NEW THRILLER 
WHO KILLED 
AGATHA CHRISTIE ... 

APOLLO. CC. 01-4 37 7663. E.gv 8 00.! 
Mm Thur* 3 00 Sat. 5 00 and .8.00. ' 
.PAUL DAHEMAN LANA MORRIS. j 
DENNIS RAMSDEN. 

CARMEL McSHAftHY : 

SHUT YOUR EYES AND > 

THINK OF ENGLAND I 

, 2nd WICKEDLY FUNNY YEAR. Very 
Very runny— grezi entertainment. ' NaW t 

' ARTS THEATRE. 01-838 2152 : 

TOM STOPPARD'S 

| DIRTY LINEN ; 

■■ Hllarioui . . . see it " Sunday Tim**. 1 

• Monday to Thundar 8 30. Friday and: 

Saturday 7.00 and 9.15 


COMEDY. r.c. 0T-9J0 237g 

La*: pc-l. loda t S 15 and 3 50 
1 BILLIE WHITE LAW 

1 ” The mot: apwertul lemale acimg *e»n 
' in Lpndon :h.* vear ■■ Onserver. 

T. P. MCKENNA m , 

MOLLY 1 

I by SIMON GFAt . 

■■INTENSELY MOVING." E New*. . 
! " FEROCIOUSLY EROTIC ” S T,me* 

CRITERION. 930 32.16. Credit card bFpi 
83S 107t. E»» Mon .Thur* B Fri. aro 
Sat S 45 8 -0 ' Th# MOST HILARIOUS . 

PLAT FM YEARS •' Financial Tima* ; 
GLOO JOO 

by Michael H*$t> n 9f 1 

“HAD THE AUDIENCE ROCKING WITH) 
L AUGHTER • Evg. Standard. _ [ 

DUCHESS. 82*3. Mon. 10 Thun ' 

teeming* 9.00 Ft Sac 4. IS ana 9 00 
OH ! CALCUTTA ! 

” Th* nud'ty '* *tunning " Daily Mail 
9th 5enMtiorul Tear. _ : 

DUKE OF YORK'S. CC. 01-BS6 S 1 22. • 
Evg*. 8 pm. Fri. and Sat 5 30 and 8.30. f 
tom FELICITY I 

COURTENAY KENDAL 1 

CLOUDS 

•' IS BUSS DMint' 

“MICHAEL FRAYN'S FUNNIEST PLAY." 1 

D Tei : 


ASTORIA THEATRE. CC. Char.na Crow 
! Road 734 4291-4)9 8031. Mon.-Thun 
. 8.00 pm. Fri. and Sat. 6 00 and 8.45. 
ELVIS 

I BEST MUSICAL OF THE TEAR 

I EVENING STANDARD AWARD 

i SECOND GREAT YEAP 

Gra up Beaming*. 01-437 3 856. 

CAMBRIDGE. CC. 838 6056. Mon. to 
Thurs. 8.00. Fri.. So:. 5.45 and 8.30. 
IPt TOMBI 

EXCITING BLACK AFRICAN MUSICAL 
“ PctMl'itve Mutical '■ t. News. 

Seat prices C2.00-E5 50. 

Dinner ana tap-one* seat £9. SO fncl. 
FOURTH GREAT YEAR. 
TRANSFERS TO WHITEHALL THEATRE 
DECEMBER 6th _ 

CAMBRIDGE. CC. 01-838 603E _ . 
Box OlAce no« open tor 
TROUBADOUR 
A new musical starring 
.KIM BRADEN. JOHN WATTS 
Red price previews 'rum Dec. 11. 
Ope n ing Decemoer 1 B 

DRURY LANE. CC. 01-636 si'o 8 . Uw! 
tn 5»t. 6 00 Maiiitea Wed and Sat. 3 ca 
A CHORUS LINE 

“ A T« devastating iraeous mnmpiiw 
etun-i-r." C. Timee. Irg GREAT YEAR. 


FORTUNE. 636 2218 Ev*. 8. Thurt. 3. ! 

Saturday* 5.0a and B.00 ! 

Muriel PjvIqw a* MI55 MARPLE 1 
MURDER AT THE VICARAGE 1 
FOURTH^GREAT YEAR j 

GARRICK. CC. B3C~4601~' ""Eees. - B 00 I 
ijharpi Wed. 3.90. Sats. S SO and 8.30 1 
DENIS CUILlEY in IRA LEVIN'S I 
DEATHTRAP 

A New Thriller directed be ! 
MICHAEL BLAKEMORE 
-THREE CHEERS FOR TWO HOURS OF‘ 

marvellous Entertainment. , 

Sunday Telegraon . 

GLOBE THEATRE. CC. 01-437^1532. [ 
Evg*. 8.15 Wed. J 00. Sat. 6.00. 6-40.! 
PAUL EDDINGTON JULIA McKENZIE. ■ 
BENJAMIN WHiTBOW 
ALAN AYCKBOURN’S New Cnmetfr 
TEN TIMES TABLE 

■ 7 till mutt tie Ihe hann.wfc laughter- 
maker in London D. Tel. "An irre- 
sistibly e n|a,ahie e veni ng " Sunday Time*, 

GREENWICH THEATRE. 01-858 7755. 
Evenings 8 00. Mat* Sal 2.3C. 

SEE HOW THEY RUN 
___ A farte By_Phillo Kina. 

HAYMARKET. Cl -930 9832 £**. 8 00 

Matt. Wed 1 3a S*:». a 30 and 8 00. 
GERALDINE McE WAN 
CLIVE FRANCIS 
NIGEL 5TOCK 
PETER PAUL 

BOWLES HARDWICK 

»r>e KNEUrA FIELDING In ' 

LOOK APTER LULU 
b- NOEL COWARD 
wth GABY OAYMOND 
MUST IMS DECEMBER B. 


HER MAJESTY'S. CC 01-930 6636 

£«9i 7 30 Ma». Went rug 5a:. 1 uu 

THE NE A' MUSICAL 
BARMITZVAH BOY 

“ Tm* S:unnijiB prdau^'..c ■ uniqu?tv 

enia«abie." F Time-, The lunn.dii 

musical around bar none ■■ 5. Mi>ror. 

KING’S ROAD THEATRE. 01-352 7483 
From De': 16 Dir 'iff 3L- 2 Ju and 4.00 
THE ROCKY HORROR SHOW 
£ONT DREAM IT |T. 

LYRIC THEATRE. CC 01.43 7 3686. 

Eve*. B.00 Tnur*. S.00 S'* 5 OO. 9 30. 
JO AN FRANK 

PLOWRIGHT FINLAY 

FILUMENA 

b* Eduardo de F>|. op a 
DIRECTED BY FRANCO ZEFFIRELLI ! 
■TOTAL TRIUMPH i rj -tn "Ati, 

EVENT TO TREASURE' D M,r. “ MAY 1 
IT FILL THE LYRIC FOB A HUNDRED 
TE ARS." Sunday T-m**. 

MAY FAIR. 629 2036. iCr~, ri PL Tube.- 
Frjm Dcl 16 D'r 10 JO I gg and 4 00 
SOOTY'S CHRISTM Ai SKOV/ 

MAYFAIR. 629 3036 iG *"*■?“ Pl«. 7ube~ 
Evi SCO 5>: 3 33 2 70 W ;a Mdl. 3.00' 
ilrgm Dei. 11 F-i E IS E.4S'- 

WELSH NATIONAL Theatre CO. m 
UNDER MILK WOOD 
Drier Thom-1'* cem.c rr^veni-Ke 
___ Cnildrra _£t_5«J anr tti: Mi', mull. I 

NATIONAL THEATRE. g SB ‘ Jljg” i 
OLIVIER iCflen s-age Tod.-. 2.40 and 
’ Mon 7 30 THE DOUBLE DEALER i 

by Cangreve I 

LYTTELTON iBiPKemum 'laser Toda 1 -' 
J ‘5. ™ PHILANDERER b* 
Shat*. Mpr 1 .45 Betrayal. 

‘“ LOE autf : lcrtumi: Tonight 

uKiMMliu? 1 . WORLD TURNED 
UPSIDE DOWN B, Kn-l« DeMhurs: Irpm 

ssars: aSSAn.^ ' a ^ airt n « 

Man* ei.e.lent c i-io »y*i* 4 ;i 3 xhealrn 
o“b . C#r 0,rt Rtdiunn! 

"- 8 «.03i C ree, : ;ar g basting* 92S *057 

OLD VIC. " qa* - J6V6 

PROSPECT AT THE OLD VIC 
Today 2 30 
Ant non, Quaile a* 

KING LEAR 


1 OLD VIC. CC 61-926 7616. Bar* again 
. lor a IPKIII Cnrtiiru, :eaMrn 

THE GINGERBREAD MAN 
A Ulumoh . . . worth travciTing mile* 
to tee." BBC Radio 

OPEN SPACE 387 6469* 

Brecht * RESPECTABLE WEDDING 
Book non- Red. prlre prev* Dec. 7-10. 

8 bit. Opera Dec 12 7 lo pm. 

Frcim Pec 15 Tupt.-Surts 8pm 

'PALACE. ~ 'CC.“ Cl -437 _ 6834 

, Mor- Thun* Fri and Sat. 6 snd 8 40. 

I JESUS Christ Superstar 

I i( Tin Rice and Andrew LiDvd-Webher. 
'PALLADIUM. ' 'CC'. OI-AST-TStT 
Opening Dec. 20 for a ■ Season, 
t DANNY LA RUE 

i u ■■ Merry ’ Widow Twankev In 
ALADDIN 

I ALFRED MARKS a* ABANAZAR I 
■ Oily* WATLING. B,,an MARSHALL 1 
and WAfNt SLEEP 
Prrvien JSecember 19 at 7.30 ' 

PHOENIX THEATRE.” CC. 01 2294 : 

E»B5. 8.00 Wed. 3.00 Sot. 5.00 A 8.30 1 

OIAIVA PIGG JOHN THAW 
NIGHT AND DAY 

A New plav B. TOM STOPPARD I 

Directed Dv PETER WOOD t 

PICCADILLY. From 8 30 am 437 'a 506" 
Crrrtit card bfcg*. B36 1071 Rev. 12 
Dec at I Often; 12 Dec. at 7 Sub* ; 
Eves, at B. Sals. S 15 and 8 15. 

A NIGHT WITH 
DAME EDNA I 

«na a nandtut ol cebbers I 

starring :ne inzrea.,innly poaular I 

BARRY HUMPHRIES 

BOOK NOW 12 WEEK SEASON | 

PICCADILLY." 4 3?" 8503." 836 "3962.: 

Credit card hookings 836 1071 j 

Richard Gnolden. fan Talbot in- 

TOAD OF TOAD HALL ! 

Christmas mailnces Dec. IB- Jan. 13. 


CINEMAS 


, WOT » K" 1 ?* VS?' 0 om 1 125; \ v,tT< * Hf * PA ^ c a E 3 ' 4 ^,7 D, ' 8ifl * 

' ThVf L E5-^VAL 0 S? E B ROT?CA j t.g*. 7.30. ^Ltats Wed jand Sat. 2.is. | ABC 1 ft 2 iHAFYESBURY AVE. 83S 

, FHIv .iv.eBBdH.onw .SHEmS® HAn'cCC? T D«t rf" 

j SM^';H B raa^. Mau | YL - 

!_ HEY I WE ARE ALIVE — " ' 1 

| ROYAL COURT. 

1 Fmal Perl Tonight at _ 

PRAYER FOR MY DAUGHTER 
by Thcmas Babe 

_ ' Blisteringly eHect-vc.'* Sun. E«o 


ROYALTY. 



[ WESTMINSTER TOEATRiJ , 

i tEl-e sr» 


... . . _ ( kola E2. £3 £4. Book Now. Lim.cnf : u, with •tereophomt-abUnd. Pg*. 

i is if sE 

SAVOY THEATRE. 01-885 EH)6B. . Matinee; FH, and 5at. 6.1S aiirt a J.c " * £?***- W J-V- Wj. : T - . ' ■ V. - 

47T2 :*■!-« [P | TOMHI * B ' 45 ' , h&V/R- ■ 

EvOtlno Blask. Atrtcan Musical. 


'•"'/■h'l • UVIVG, - iniLIIMV' 

£A Al.- -Prog^ 5 50. 

0..10. Late *tiow"io.S5 o.m. 


SAVOY THEATRE^ 

Credit card* 734 47TZ 
TOM CONTI m 
WHOSE LIFE IS IT ANYWAY’ 

tt „ "A MOMENTOUS | r.,ies -84.30 ta L5. SO. 

PLAY 1 URGE YOU TO SEE IT." Gdn. ! p r.«- $*n £g , nc Y 
— 00 JJfud. 100 S*l 5 45 S.<£ j FOURTH GREAT YEAR 

SHAFTESBURY. CC. “ 836 65Rfi-7. ' -". r c rt, 2“ Sh ( “t , %*» rd n ‘ u,.„ : --' r- 

Q 7 r - - 0 uveif Jan. 13. i iMuiweuaVi JJ Jm ar ' a . 2 :.\ s . pm. • CURROV. Cbragn Street. W.t. A39 37x7 
JANE ASHER NIGEL PATRICK in ‘ e CC -«. 01-933 7765.' YOU' LAUGHED ATVHIS AffSft V- 

. PETER PAM r I'OS. fJ0. Fr, and S«. 6.43 and 9.00 ! . „ *OW LAUGH ATHtRSTT*- 

PAnDOM MON AFFAIR TOO'fAAi ' 

(n« 


nr: 

SAW MASSACRE (X GLO . M 
, D.ln. . ... - 

□ ail# : - - - -■ 


_ . , PETER PAM 1 t.gs. g-JO. Fri. and Sac. 6.45 and 9,00 1 ' MOW LAUGH AT HtSt " ' 



THE <, fCtVAL5 < "" Ir, ' Jf " AM,lon ' Qu»»'4 
Sher.ojn * corned,. w,.r, .'ame* AUBte* 

I'li ft^iif. Kinnflfi 'jilfift r* f . fn j 

*«4K«- Ms* uZS* Trever 

S2« t,r - ■' 7 ,;: r '' inn ^ 

•“ss : 1 1 rr: . Q,u% “'‘ Awwis 

ivgpiov retuf'.* Btf 7 W " 9 ' 

BURNING lap 

I perta. Dee Sen ».jo ang 7 jg. 


PRINCE EDWARD. ec 01 -437 887?' J ST. MARTIN'S. 
Evening: a. 00. Mai*. Thur* . Sat S 00. 1 ~ 

EVITA 

by Tim Rice anc Andrew Lloyd-Webber ■ 

Direct ed by Harol d Pri nce. j 

PRINCE OF WALES. 01-930 B88l7c'redii 1 
card bHklirg 930 0846 Mon. to Thur 
B.00. Pn. and Sat. c.DO and 9.45. 

ALAN A VC I* BOURN S imaih hit comedy 
BEDROOM FARCE 

*" IF you do ngt laugh sue nic,” 0. E»o 
_ A Natio nal Theatre production. 

QUEEN'S. Credit cardj'~’oi".7 34 “ifije". 
ew.. 8.00 Wed. 3.00 Sat. 3.00, B.SO 
GEOBGE^CHAKIRIS. hoy dotrice. 

RICHARD VEPNON. JAMES VILLIERS 

THE PAS3ION OF DRACULA 

DAZZLING E. Stand. - MOST SC’ Ml- 
CPLLY SPECTACULAR SHOW IN 
TOWN ' Punch •• THEATRE AT ITS 
MOST MAGICAL '' limes Li: -Sun 

regent! ~ ' cc. s ' 

Msm •'*! 8 00. Mat* Fn Sat. 5JJ0 
LITTLE WILLIE JR'* 

RCSURH8CTION 

Th* Firs* Soul Ggipc' Muaieel 
•• THE SHOW is A TREAT." Timgl. 

"IMPRESSIVELY TALENTED CA8T." E-N. 


SJRAND. ai-fl.36 2660. Evenme* BOO. 
Mai. Thurs. 1 00 s*tv 3.30 and 8.3C. ' 
NO SEX PLEASE— I 

. BRITISH 

.LONDON'S LONGEST LAUGH , 

^VE_R_ 3 ODD PERFORM ANC ES | 

91-3M ld« 


"aswsfc. 

***■ an * 2 ,5 om Jj^rejVight Sho w, FM, & 5 at.-nj 4 S jm. 

Btiawi2s.2a.fi?. 2 TM^771->- 

EXPRESS >Xi. - -Sep. proa a. 


TALK Of YMI TOWN. CC- 01-734 5051. . 
Air.ecnditioned From 8.00. timing ; 
Banting 9.30. SUPER REVUE 1 

RAZZLE DAZZLE 

ai 11 FRANKIE VAUGHAN I 


PAUL RAYMOND prtS'nlt 1 - K --. ^ 

w . WF OFF BYES OF -LAURA ^ MARS (AAr .«*. 

THE.IROITC EXPERKNCE OF THE *Ja. 

' Tiiiei. m iVSSSSST 1 E 5 A . Law Anow.-Frtr. .apd . Sal? doara ; ftCHrrt 

jwwedented Omit* what 1 . ! _ •_ Pm. 

^^tZhbjw-bSs'ISPSP 8 ' •" N «WJ. 



i VAUDEVILLE. 536 B®98. : YOUNG VIC - " "-i.— IT’*— - - 

Final Beef, tgnien* •• R Oft 1 ( t *tC 928 6363: Tg»rr. 

I AN eVINING WITH DAVE ALLEN I ‘ in , i. ! . J .'..'. 5 ,e !! A P 9 »*»• Mon. Tu. 


»i' t-*"rnu mm DAVE ALLEN 
••UNDOUBTEDLY THE FUNNIEST 
SHOW IN TOWN,* Sun. EeprUa. 


- j- t>? ,C ? AR ^ **'• MOh. 'Tue, 

THE TEMPUrr T . U * e 2 Y»"«. Th u 7 ) 3 . 
ACTIOWMaV *»4h«Mflaer« trilogy 


STUDIO A- 4r A. Qfteitr CV«i,f. 6 37 5300; . 
1. JiH ClEFhur&h. Ana Bate* in • R>ul 
MaiuraK»'s* AN ONMARRtEO. WOMAN 

sS+SEFi&S: i %0 600 ' ***: l *>- 
i.tT 

8.X5. Lfttg now^SaL TV1S..Sj«ti i'BIMba 




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PfS-3 

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Disputed Redtcmng* 

Pamtingsfrom Scotland 

National;. ."T^ust* 1 .for Scottish .-.National Trust An 

- Scotland, like its English counter- intriguing and .delightful show 
part'is «H. too easily -taken -for thus comedpwb to London. 

mt- selection of Dutch and Flemish 

pictures, predoiffinantiy of the 
17th century, that are now in 

• Scotttsh^fioHwtions. 

tion“ should, ever - he iipcessary, The quality- oLtne work is very 
The thought of what-thisldiigdom high, and the pleasure it affords 
would be’ like _;tiow : ' had .considerably . enhanced by its 
■ the two trusts never tieeii is-'just- comparative ■unfaniiUarity. The 
-- -toio hard -.to bearv^fbr. .human artists thernsehjjes are familiar 
nature seems .not to'. change, -and enough, but some of these paint- 

. official In difEerenoe- to. history and -ings' have . nof,^ been, shown in 

beauty in fh&,faee of .tiic.-Jocra- London in a century i some of 
tive, short-te to'iny estmenit, the ttein never, the end wall is 
myth, of- progress. -.and brlvate dominated by d;- 'large couabora- 
. - ■'■■■■*■■ . tion between 'rabens, whose is 

— ■ > ■ ■ —=t ' ■■ ■ the; compositioiii and Snyders 

- --wborpainted tb& fruit. * beauti- 
„ fully .fresh and- lively thing. On 
either jside.' are two Cuyps , 
f -. eharacterislieally.hovine in their 
subject-matter -ju» 3 sculptural in 
-=. their description. Some excellent 

- Buysdaels, adr imporlant Hob- 

boats from van der Velde 

j^ Si obscivatJon, is . especially charm-, 

• iO- lbe_ thoughtless ^and .the caye- j ^ = the portrait bv Jor-’ 

• lew that ittmmrm-ii***. S&Tof 

ihade'quite seDsIhV?..the frontis- 

•sa^g^MAassSS^ “tessTs, ™ 


ART 

VOLLlAMPACtCEK. 



... ... typically in Vihesd^enre 

Onr siadi enterprise!' now fills’ the principal'.-flEprey squabble 
the- .-splendidly-.'- ■'•sewatic -over- ihe'P&yonent ipr goodness 
Victorian - galleries- • bf v Agnews, . *nhws —what * kind of service, 
in Bond; Street (until JDecember though it must be said that, this 
S), wiricbvhave i most!genmmsly public, room ^eepis innocent 
been pht at. tb® disposal. ot the e'upugb. ' / • •• 



As historical evidence, per- the eighteenth century. (A 
haps the most remarkable sec- patron of the arts, He was the 
tiun of the collection relates to dedicatee of Tom Jones.) The 
William Henry Lyttelton, who collection includes letters hr 
was appointed Governor of Boswell (rare on the autograph 
TT'W 119 South Carolina in 1755. (He market). Lord Chesterfield, 

m—M swam * £9 took a year to arrive, since he Frederick, Prince of Wales, 

a M UjII j 3 was tak0D P riso °® r of war by Lyttelton’s patron, the Duchess 

Ihe French on the voyage.) The of- Marlboro ugh, the elder Pitt, 
630 pages of his letter books Pope and Voltaire, 
are a virtually unknown source Samuel Johnson wrote rather 
for the early history of vela- tactlessly to Lytteltoo’s brother 
tions between the new States of about his intended biography in 
America and the Indian people: The Lives of (lie Poets; “My 
and often read as stirringly as desire is to avoid offence 
AS ANCIENT noble families Western. Subsequently, disregarding 

go, the Lvttdtons of Hagley Lyttelton seems to have offence, be wrote "That man 
Hall have tended to the Good shown remarkable intelligence sat down to write a book, to tell 
rathCT "than the Great. The aod sensitivity in dealing both the world what the world had 
family produced an Admiral, a with the Indians and the all his life been telling him.” 
Chancellor of the Exchequer Fre nch. The documents record Eyen his friends tended to be 
and a Governor of South his letters or 4 : talks " wJih malicious: Lord Chester- 
Carolina; and a Ls'ttellon was Iadiaos of titles like Standing field has left a cruel description 
put to death for sheltering fugi- Turkey. Halfbreed Will of of a quaint, absent-minded man 
tives from the failed Gunpower Neujansee, and the Creek Wolf with a head " always hanging 
Ploftbutfor the most part they ar ^ Moecolossus. To upon one or other of his 


post bag 


bave been content for eight cen- 
turies loyally to play their role 
in the life of Worcestershire. 

They had. however, the great 
merit of carefully saving all 
their papers. The Lyttelton 
Archive even survived a 
disastrous fire which destroyed 
the library uod much else at 
Hagley Hall earlier this century 
— presumably since the docu- 
ments were for many years Litl]e Carpenter, signing "him- tto 


COLLECTING 

JANET MARSH 


shoulders (seeming j to have 
received the first stroke of the 
block.” 

Lyttelton ladies apparently 
inspired the confidence of 
Queens. Eli?.abeth I writes 
charming “ -tfemoriaJl ” to Lady 
Paget (who was "very private” 
with her) on the death of her 
mother. Mary, wife of the 


Fourth Baron (and sister of 
the Emperor Old Hop and the Mrs. Gladstone) was governess 
in U rw,a Litlle Carpenter, signing him- tto Victoria’s children, who 

!°^ ed 10 Bmnmfrun Public Ktr Friend and Brother,” called her "Laddie": and the 

Lyttelton writes in 1759: correspondence reveals remark- 


LiUraxy. 

Covering a period of 700 «i have rece ived inteliigence able intimacy with the Roval 
years, the Lyttelton Papers are that Moiloi of Settico with a famiJv 

a unique and almost untapped Gang of twenty-five Men has Victoria herself found it 
ih U v C h a ™ r J^IiufIl> ,aIeIy kf,rd and scalp’d nineteen almost impossible for years to 

white Peo P le . Subjects of the speak or write about the death 
The present Lord Co bham has groat Kj ng George, so that the of Prince Albert; and “Laddie " 
been forced to sell them to pay path is now fouler than ever; may well have been the only 
Capital Tranrfer Tax following and stinks with their Blood: person to whom she confided 
the. death of the Tenth Viscount. n or can the tradera from Vir- in -such poignant terms: "/ 
They come under the hammer g j n j a p ass f Qr the Stench of it. prayed never to survive Him — 
at Sothebys on Tuesday week, i i earn a i so that twenty more my ail in all— the Life of my 
and the . estimate of floO.OOO 0 f your men from the Towns Life — without whom really had 
looks conservative. over the Hills are still outlying and have no life — but so it 

It is one more instance of the j n writ to do more mischief proved. . . .” 
gradual (and in the absence of ... Thj s Evil has happen'd while When this treasure is dis- 
generous and Imaginative y 0Ui the Little Carpenter, and persed and lost for ever, the 
official strategies for such cases, i were eating Ike brothers out single crumb of comfort and 
inevitable) chipping away of 0 f the same Dish, and while my memorial will be the handsome, 
the national heritage. In this Hand was stretch'd out to put finely documented 200-page 
case, it has been done without Arms into the hands of you catalogue which the auctioneers 
raising the kind of fuss that has and your People.” have produced, and which costs 

often led to the saving of The letter books of Admiral £4 (from 34-35, New Bond 
objects of less historical signifi- Thomas Smith offer almost as Street, W1A 2AA). 
cance but more immediate vivid a record of life in the 
glamour than these few boxes Navy at the same period. Smith 
of paper and parchment. was the natural son of Sir 

The Lyttelton papers begin Thomas Lyttelton, rose to 
with a remarkable series of Admiral of the Blue, and was 
charters arid letters patent from president of the court martial' 

the time of King John to of Admral Byng — for whom he _ , , . 

Charles n. Several (including recommended mercy. -n h* 6 p„ p „!f e « nJ?i WI 

John's) carry fine impressions Like any proper Family the ?5n t d er ^ a ve' been 1 don a^ed^by 
of the Royal Seal. Later charters Lytteltons had their Good Lord Se mSst to S Order of St. 
are also decorated with initial and their Wicked Lord. Unfor- John. 

letter miniatures of the tuo 2 tely Wicked Lord Thomas Mr. Poole has painted every 
monaxchs. The portrait of was seemingly so bad that no- member of the Royal family and 
James I illustrated is the finest body wrote to him. or if they the drawings represent the Arch- 


Royal portrait 
painter donates 
works to charity 

Three pastel drawings 


of its kind ever to appear at did the letters were destroyed, 
auction; a comparable, earlier The Good Lord, George the 
miniature of Philip and Mary is First Baron (1709-17)- • hob- 

the only one., of the couple nobbed or corresponded with 4~in ~aid of" the~S tTohiT Opbthri- 
irecorded in the saleroom. . everyone who was anyone in mic Hospital, Jerusalem. 


bishop of Canterbury. Prince 
Charles and Lord Mountballea. 

They will be auctioned at 
Sotheby's on Monday, December 


A mix 
that 
works 

TAMPA (Florida), Dec.1. 

THIS PLEASANT city, which 
can truthly boast of owning the 
most beautiful airport in the 
world. Is host this week to the 
$300,000 J. C. Penney Golf Clas- 
sic on the north course of Bard- 
moor Country Club innearby 
Largo, which rings down the 
curtain oa the 197S U.S. golf 
season. At least that was how 
th e sponsors wanted their new 
venture to be known, because 
last year the event was called 
the $200,000 Pepsi-Cola Mixed 
Team Championship. But the 
media have taken a hand in 
things to rename the most en- 

GOLF 


BEN WRIGHT 


joyable professional tournament 
on the calendar the $300,000 
J. C. Penney Mixed Team Golf 
Classic and the sponsors, the 
sort of American equivalent of 
Marks and Spencer’s, are not 
too worried even if the firm’s 
name is frequently misspelt — 
as it is. 

The format of the event is a 
quite magical, if unlikely, one. 
and the European Tournament 
Players' Division could do worse 
than welcome the new British 
women's professional tour by 
finding a sponsor and putting on 
a similar event in say, the 
Marhella area on Spain's Costa 
del Sol, at much the same time 
next year. The man and his 
woman professional partner 
both drive at each tee, the men 
from the championship and the 
women from the medal tees. At 
the par four and five holes they 
then swap golf balls for the 
second shots, and thereafter 
choose with which they prefer 
to play, bitting alternate shots 
as in a true mixed foursome. At 
the par three's they choose 
which ball with which to 
proceed after their tee shots. 

All the pressure is on the 
women. For a start the first 
prize of $30,000 to each member 
of the winning team is only 
exceeded once all year on the 
USLPGA tour in the Colgate- 


Dixzah Shore Winners’ Circle 
Tournament in April in 
California. Only 35 teams and 
those tied for 35th place will 
qualify for the 36 boles -and the 
rich pickings here. To a woman 
the representatives of the 
physically weaker sex will tell 
you that against all their better 
inclinations they find them- 
selves trying to belt the cover 
off the golf ball in an effort to 
keep up with their teamates. 
And despite all the legendary 
tales to the contrary, women are 
far inferior putters. 

The formula probably sounds 
anything but magical, but it 
works extremely wel because 
the women professionals habitu- 
ally set out to enjoy their golf, 
bless them, and the men — 
some of them seemingly against 
their better inclinations — are 
drawn willy mlly into the spirit 
of things. Because everyone 
connected with tile event is 
billeted in the same hotel on 
the beautiful beach of nearby 
Clearwater Bay. the whole thing 
has become a sort of jovially 
athletic house party. 

Commercial considerations 
aside, the CBS TV network 
covers the even smack In the 
middle of the football season 
because viewers in the frozen 
North palpably enjoy colour- 
fully. and in some femal cases, 
briefiy clad athletes plainly 
having a lot of fun playing 
utterly brilliant golf in glorious 
sunshine. This latter was so 
persistent for Wednesday’s pro- 
am that the high temperature 
record for the day in question, 
set in 1934, was broken when 
the mercury soared to an unpre- 
cedented S3 degrees. 

It all makes for light relief 
from a football game that, as 
it the case in all sports every- 
where, violence has become in- 
creasingly and excessively 
commonplace. 

Literally anything can happen 
at any time in this form of golf. 
It is far less predictable than 
the week-by-week 72-holes grind 
on both the men's and women's 
tours. So far this year nothing 
has matched the almost unbe- 
lievable record score of 11- 
under-par 6L that the winners, 
Jerry Pate and Hollis Stacy, 
scored in last year's first round. 
But in Thursday's first round 


tbls year the eventual leaders, 
outsiders Gibby Gilbert and 
Sharon Miller, looked to be 
headed for oblivion wben, after 
starting from the 10 th tee, they 
reached the turn in one-over-par 
37. 

That they holed the outward 
half in 2S was due in do small 
part to the fact that Gilbert 
holed out a 106-yards nine iron 
shot for an eagle three at the 
525-yards eighth hole, and 
scored further birdie putts of 
40 and 4 feet Miller played her 
part too, however, holing putts 
of 15, six. ten and eight feet 
for the team's birdies at the 
first, second, third and seventh 
holes against their two shots 
dropped to par on th e outward 
half. 

Gilbert, 38 years old, is one 
of the many apparently “face- 
tour who are known In the 
trade as “ no-names.” He was 
nicknamed Gibby because his 
parents chose to name his C.L.. 
so in Gilbert's case this is 
almost literally true in that bis 
parents forgot to elaborate on 
those initials. Despite his 
apparent anonymity, however, 
this Chaianooga. Tennessi#?, 
pizza parlour owner now rightly 
regards himself as a high-class 
golfer, having twice dropped off 
the tour because, in his own 
words; “I had failed properly 
to learn my profession. Now I 
have.” 

My own great pleasure on 
Thursday was derived from 
watching two of the all time 
great golfers. Sam Snead and 
Kathy Whitworth, struggle 
elegantly in the sunshine to a 
level par score of 72. The 66- 
year-old Snead was as smoothly 
powerful as ever, despite com- 
plaints that aches and pains are 
finally getting the better of him. 
In fact it is only his frankly 
ridiculous putting frailty that 
prevents him from still holding 
his own with the best of the 
young, while it is the veteran 
Whitworth's driving that is 
occasionally her downfall. 
Today I have promised to watch 
Lon Hinkle and Pat Bradley, 
who had a 66 for second place 
on Thursday. They are my idea 
of the probable winners, but 
Pate and Stacy (69 overnight) 
will not surrender their title 
easily. 


T 


•• . v '- ■. ' r ■- r . ' '- <-* .• 

\ . COLLECTIONS kneji' .^deetionfc^ ^ ■ ■ ' i 

tot paany yeai^ATbe ^elected / 

' Poems: "C&oseti- ^tt-aTFrelface. 7 

-of Betjeiaan 7 . 

. .. . r 

byVJofap Sparrow’ lappear^'in; impresslom in 1970 there 
l948. Sparrow,-.niade $m\pqint appeared a third edition with 
there -' that- ^et}eamn^7-1$.rnot addition of all poems published 
a Nature .poet* like. Wordsworth, jn High and Low. Birkenhead, 
but 7® landscape, : poet, like while agreeing with Sparrow, 
Crabbe,**,; ■ ^and • * insisted "_ihat under-scored the depressive ele- 
Bctjeman. Is not a. satirist.. .. Tf .joent jn many of . the poems, the 
you are- to satirise -human b^- f gar of death and serious illness; 


Pass me the Betjeman . . . 


PAPERBACKS 


ANTHONY CURTS 


Since then there has been from Penguin at 95p and a 
more work outside his poetry, hardback from John Murray at 
the Introduction to English £5.00. It is a book which. 

Pariah Churches (1958) and shrouded in decorative wrap- 
innumerable appearances on ping-paper, will be lurking 
television and radio which have soon under many a Christmas Wlt “ £,dwarfl Mirzoefl. 
greatly extended the circle of tree. It is perhaps surprising bow 

his admirers. It is not therefore 


cast about the Victorian song- 
writer Theo Marzials. a large 
slice of the introduction to 
Parish Churches and almost the 
whole of “ Metro-land," that 
brilliant television film, taking 
a route from Baker Street 
Station along the Metropolitan 
line into Bucks, Herts, and 
Middlesex, which the poet made 


. - -r . ,, - ... . - . . few poets or writers come into 

tiigS you^rnhst ;be. angry wtin , ani j he wrote: "Another form hand as it were, writing prose, unreasonable for there to be MT - Guest, who confines his ^ book. One. though, who does 
them, -not^i^ fbr th^%vv . Q f depression to which' John in 1938 he published An Oxford yet another anthology, and one a W! _® is Oscar Wilde whose arrest at 



elght impressions; in 19&2 there -Meanwhile,: throughout these a selection from these made by result of his labours is The Beat *’ nai ,s - appears aiong wnn 2 j Iiei xhe Chameleon, which 

was au:«ramd.editi<to with addi- years the poet had been ^o.fk- Mtsl John Piper appeared in of Betjeman which appears ^oqoi m ° re - z i? n appeared in December, 1894. 

tional ' Poemsr ^ after five ihore leg industriously^ with his/ left 1932 as First and Last Lores, simultaneously as a paperback near me end is tne by an Exeter College 

• /•' .7; savagely jatincal "Executive BtudeQt , John Francis Bloxam. 

T fro™ -4 Ntp in the Air (19/4), jj e was later to become a 

while in between these two clergyman; and as an under- 

sardonic extremes are much graduate he wrote a story “The 

loved lyrical evocations of priest and the Acolyte,'’ with 

places like WestgatM>n-Sea. a homosexual theme which was 

Harrow-on-tbe-HID. Felixstowe, attributed to Wilde when it 

Upper Lambourne, Trebetherick, app eared anonymously in the 

Henley-on-Thames, as well as magazine. The Chameleon also 


^mhg msects as? weed killers 


THERE -IS no doubt thatfiewly trees, bushes or Canes, and -also encourage the. growth of moss sides, were 

turned iofl looks tery nice, around ornamental Epees, and a lot of gardeners, though rye, grapes 

There is beauty in a well shrubs and roses. Even 'her- probably, by now, not a great plants in 
ploughed' fieW as there is in' a baceoiis plants can suffer many farmers, still believe that hedge bindweed was trouble- 

“ well dug plot and this- is the though some of these are not moss is harmful. In fact, hav- some. By mid-June some bind- voung WO men 

time of year when " many far- quite- so much at risk asd-the ing used paraquat for some- weed plants were virtually strip- ‘ 

riid ^aifiehers "will bo woody plants since they donot, thing like 20 years I am ped of their leaves and by mid Maybe such 


placed on maize. 

are*? in^wMch^he poems depicting the irres i s , tihle contained poems by Lord Alfred 
areas in^wtucb the ^ of a number of ath^tic, Douglas; it did not survive its 

Mnri. self-possessed, D one too bright g,-^ number and has for long 
TO " n " been an extremely scarce item. 

chose I* has now been re-issued in 
an elegant facsimile, with a 


mors and .gardeners win . ut? ■ i»auis muvc «v,, u^hb *■ — r— -- — — — - -v — » ■ -•*>— poems 

doine iust that But : whether in general, push out their feed- convinced that the moss does July an area of about three hec- themselves: and I feel it is with hv w 

they WM riwSs well ent - tag ^ roots -so far nor do they no harm, at aU and I am glad tares was cleared of the weed the prose that Mr. Guest has ^ 

-oloved can be oben to doubt • keep so many close to the -sm> to have Dr. Robinson's con- with little subsequent regrowth been particularly skilful. He Montgomery Hyde and e«ay by 
British .face ' ' finnation. If one does not like that year. The crops were un- includes a ghost story. “Lord “ ^ ^ ^ 

CrirajSbtection Conference in -And that, of course, is ; the the look of moss it is not all damaged and when the area to Mount Prospect" (1929), un- obtained from G. Knsh- 
Brigbton last “week- Dr. David nub of the matter. Annual that difficult to rake most of it which they had been intro- known to me, a 


been intro- known to me, a couple of namurti ’ The Eighteen-Nineties 
the beetles extracts from the rare Oxford Society, 28, Garlingford Road, 


_ Annual that difficult to rake most of it which they had 

vnWMfm of "th^ crops can be cleared away and off and cover what Is left with duced was cleared, the beetles extracts from the rare Oxford Society, 2», «j 

Kin^ealy Research Centre' at then the ground can be dug a mulch of manure, compost, moved on in search of bindweed volume, the delightful broad- London, NW3. 
Dublin's Agricultiiral Institute, 


8 King Street; 
Stjamcs’s 
London 
SWIY6QTC, 



Tel: 01-839 90(50 
Telex 916429 
Telegrams 
CHRISTIART 


EXPERIENCE AND EXPERTISE 


360 



Brrnuc model of a panther, mid I8lfc Centum, 28 cm uride 
Sale. Monday , December II. 

The striding panther shown above is included in Christie's 
sale of Fine Sculpture and Works of Art on Monday, 
December Ilth at II a.m. It illustrates the problem faced 
with dating such a bronze; traditionally these panthers 
have been given a late sixteenth or early seventeenth 
century date and the prototype would be the antique 
marble group of a Bacchante with a Panther now in the 
Pltti Palace in Florence. Our panther existed at least by 
1706-1710 and can be found In Charpentier's engravings of 
the court sculptor Girardon’s collection of sculpture. This 
documentation was sometimes the only conclusive proof of 
the authenticity of a bronze — a different story from pictures 
and drawings where numerous contemporary inventories 
have been passed down to Us. One fact assists the dating of 
our bronze panther — the rectangular base is inscribed GJS.F. 
(another rare occurrence on bronze statuettes dating up to 
the end of the eighteenth century). This inscription leads us 
to Giacomo Zoffoli or his brother Giovanni, two Roman ISth 
Century sculptors who copied antique prototypes for their 
growing commercial market. For further enquiries relating 
to this sale or sales of this type, please contact William 
Agnew at the address above. 


remarked that; .iit ■perennial 

crops, capped, moss- covered and 
cracked soil surfaces, ooee re- 
garded as ^ztremeljr .harmful,, 
are now looked -on as berinflmal 
"on many ' soil types- rivto wa- 7 
sequence, fafih in: the" ivalue.^ot ■ . 
well tilled soil, .which has 


gardening 

ARTHUR HHLLYBR. 


peat, shredded bark ' or what- elsewhere, 
ever comes most cheaply and Every gardener knows that If 
easily to band. Exactly the same bindweed roots are broken up 
applies to rose beds kept clear by forking or hoeing they grow 
of weeds by small annual appli- rapidly so that one is soon in a 
cations of siriazine. worse position than before since 

The British Crop Protection cultivation has resulted in very 
Conference, which this year was e ^ ec ^ ve propagation of the 
devoted entirely to weeds, did w e*d * ™ “««* destr °y- 


<iurat for’ milienia^ -has been just as deeply and thoroughly not appear to offer any new One odd thing about the bind- 
dured for wiilema^ has *** harm -to chemicals or techniques that weed plants, that ^were defoh- 


emphasise that Dr. atiytag except- possibly, one’s could be immediately applied to ated J? eetls S e f e was 
to S It is. a ^convenient w?y private gardens though there very Jittie regrowth that sum- 

TwrSmfal mens such, as fruit of disposing 'of crop residues- were several things in the pipe. “ er > m fact none at all m 1977 
55SS SS5S*5 ab™t and nSSistent weeds tifit line that could be useful later. 

spa can. be turned in and left tp I was particularly interested in f 

nor about, crops 
newed ' annually. 

there 


tiiat- are . re- rot into useful manure. But an , account by G. W. Selleck of The idea of using insects to 
For these there is -no -wav of doing this < experiments carried out at Long kill Insects is familiar and both 
- ^ /re other Sound permanently Panted island. New York with a beetle peenbouse white fly and green- 

without far more ham that apparently lives exclusively house red spider mites are fre- 
ccB^ideratiDfls and though irg gmgs wjtnoui vl. on bindweed. The large bind- gently controlled by such 

undersomecirc™- tnang ■ ^ always weed, Convolvulus septum, which means. However' I cannot re- 

k^ti^rhave solved «, is such a “* 

'ISfS S control. fe«l- hedgerows. 

^ inff and soU improvement m them to 

7; ^ut-I do agree about 


possible, under some 

- beautiful weed of . collect having previously heard 

climbing through of insects being used to control, 

ins- and soil improvement- m mem m a height of several weeds. It raises all manner of 

other wavs Surface hoeing, metres and covering them with fascinating possibilities but 

o.:*f Bt;i 00 hand wee^ and mulching are snow white trumpets in late dearly these are methods still 

North America carefully evaluated before any 

^*aiK wv-jrw. . .. . ^ppfls w -ith nbn- and Europe, induding Britain, large scale uee.of such methods 

tttorcioofit . difficult things is ^to or ™ an d. jtwas- that are difficult to control by can be recommended. All that 

f ‘ • ' 'persuade penile that th^ persi^en ... - some rf conventional methods. In spring can be affirmed at the moment 

~\ .'reaUy^are doing a sre at dfial «• fZ ^Robinson was' 1977 and again, in spring 1978 is that two pilot experiments in 

•' - . hSr’ wheu- they -dig. ° T evea ^fL^ pSntiat in particti- : larvae and adults of the Tor- America appear to have been 

’ ^ ^fork. % ?xlose t 0 ^^ KPems ^Sri«velv to toise Beetle, Chelymorpha cos- highly successful. 

• whetter lar. V ,<W» 

..1 . •.'* i 



Monday. 4 December. 1 1 a-m. 

ANTIQUE DECORATIVE FURNITURE. 
WORKS OF ART, CARPETS. Cat. 37p. 

Monday. 4 December, 1 1 a.m. 
WATERCOLOURS, at. 37p. 

Monday. 4 December, 2 p.m. 

PRINTS. Cat. 37p. 

Tuesday. 5 December, II a m. 

ENGUSH & CONTINENTAL FURNI- 
TURE, WORKS OF ART, CARPETS. 
Cat. 37p. 

Tuesday, 5 December, 11 sun. & 2 p.m. 
FINE JEWELS. |(J. at. £120. 

Wednesday, 6 December. H a.m. 
ENGUSH & CONTINENTAL CERAMICS 
ft GLASS. Cat. 37p. 

Thursday, 7 December, 10 a.m. 

FURS. View: fue*. prior IQ a-m. - 7 p.m.; 
Wed. (0 a.m. - A p.m. at. J7p. 

Friday, 8 December, II a.m. 

ENGLISH & FOREIGN SILVER & OLD 
SHEFFIELD PLATE, at. 37p. 


Phillips 


Friday. 8 December, II a.m. 

POSTAGE STAMPS. Cat. 40p. 

Monday, 11 December, 11 i,m. 

ANTIQUE DECORATIVE FURNITURE. 
WORKS OF ART, CARPETS, at. 37p. 

Monday, T1 December, 2 p.m. 

19th & 20th CENTURY ENGLISH & 
CONTINENTAL PICTURES. 111. Cat. 
£1.45. 

Tuesday, 12 December, U a.m. 

ENGUSH ft CONTINENTAL FURNI- 
TURE, WORKS OF ART, CARPETS. Cat. 
37p. 

Tuesday, 12 December, 12.30 p.m. 
BRITISH & CONTINENTAL PEWTER ft 

metalware, at. 37p. 

Tuesday, 12 December. 2 p m. 
MINIATURES, SILHOUETTES, FANS ft 
HOLY ICONS. Qt. 47p. 




n 


at. prices include postage. 


feUDUnSL 

Lontfcatt 2 «U 

TAMBSSB. 


tiwbelWIE 

■KOR23B5 


MiBUlfeaEt 

UsSiAm. 

■KC2SS30609 


HntTTcCBIfcac 


MWu 

TjHUS-sxea 


B^.995mttsH&SL 

owswGasriQ 

'UM3S33SS 



jSscaWtaGeneo-Aisitirdsa 
AVniBB^'bnbOtbEa. 
New*!**® Boston 


!■* 









14 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON $TOE£T, LONDON EC4P 4BI 
Telegrams: Flnantirao, London PS4, Telex: S8d341/2, 993897 
Telephone: 01-248 SOM 


Saturday December 2 U'78 



BRITAIN IS now embarking: on 
the second year of what is. on 
any historic view, a remarkable 
and unexpected experiment: an 
economic policy centred on 
monetary cnnlro!. and 
administered by a Labour Gov- 
ernment. The same Govern- 
ment is also wrestling with its 
own inner doubts about the 
second attempt io launch a 
slightly different kind nf mone- 
tary discipline in Europe On 
both issues the Government is 
facim: the barracking of some 
of its most vociferous sup- 
porter;. and on both it is al the 
same time struggling with other 
intractable problems which it 
mistakenly supposes are part 
of t.hc monetiiiv question. 
Struggle'* mer incomes pul icy 
and the EEC Budget could lead 
the Government to muff both 
issues. 


Stability 


While industry is vitally con- 
cerned wiUi hmfi domestic and 
European monel ary quest ions, 
dcmichlic poin.-y must be us 
prime concern: herauiP unles*? 
i nleni.il stability maintained, 
any ailempr in join a system 
nf European Uabiliiy. even if 
only after some delay, will be 
fiitilf. At The mu men i ilie Gov- 

*rn mini's commitment to mone- 
tary control looks rock-like; but 
°::ccpi in tin? money market, 
where inlet cu rales are his- 
torically high in relation to the 
rale of inflation. U has not come 
'iTirter any real strain yet. In- 
flation lias been reduced, con- 
sumer spending has be*-n boom- 
ing, and the balance of advant- 
age still looks highly favourable. 

Some more difficult chal- 
lenges than a rise in minimum 
lending rate will have to be 
faced in the next 12 months. 
The first will tome frnm the 
trade unions: inflamed hy the 
doctrinal struggle over “ free 
collective bargaining." they are 
trying to push settlements to a 
level which threatens employ- 
ment. 

The second challenge will 
om* in framing the next 
Budget. The unions are not the 
only people making excessive 
claims on resources: ever?- week 
makes it clearer that the Budget 
last April was also excessive, in 
a way which is hampering 
growth through the credit mar- 
kets. Ministers’ speeches sug- 
gest that they arc willing to 
threaten al least to follow the 
correct policies — in produce a 
deflationary Budget m reinforce 
discipline if the unions persist 
in their follies. If this threat 
Is indeed carried nut in an 
election year, then their conver- 
sion lo monetary discipline will 
be proved. 

is it a threat, though ? 
According to monetarist fore- 
casters. it should bo read rather 
as a promise. Last year mone- 
tarists were more optimistic 


about the economy than were 
conventional forecasters, and 
they were broadly right. This 
year they a«ain expect a strong 
exchange rate to hold down in- 
flation and support real con- 
sumer incomes. 

This forecast is perfectly 
plausihle. but it leaves out the 
cost: high cost pressures against 
a strung exchange rale com- 
presses profit margins. Here m 
gnud earnesi is the pressure for 
efficiency which the Government 
saw as lhe reward of monetary 
virtue in its Green Paper on the 
European Monetary Sy&tcni. The 
rewards nf disciplined growth 
will gu only to thiue manage- 
ments which are technically 
alert and effective in labour 
relations, which is as il should 
be. 

Tiiis issue will he fmight out 
on the shop floor. It is a pity, 
and potentially even a tragedy, 
that the Government feels it 
necessary to complicate these 
questions by maintaining a 
noisy flcuiut of a national 
incomes policy, which would be 
far tun rigid tn permit adapta- 
tion if a could be enforced. 


Burden-sharing 

one nf the difficulties is to 
make its central monetary com- 
mitment convincing while 
parading as doubts about a 
European seneme which appar- 
ently has the same aims. In fact 
there are genuine technical 
problems. They arise from the 
fact that the values of curren- 
cies cannot, be .stabilised against 
the pull of real and market 
forces without surrendering 
some control of domestic 
ninnetary growth: the Govern- 
ment's preoccupation with 
burden sharing — both the 
burden uf exchange rate stabi- 
lisation and the financial bur- 
den of EEC policies— reflects 
these worries, about what is so 
far a rather crude and hastily- 
contrived scheme. 

However, none of its authors 
pretend that it is perfect: and 
the possibility of adjusting 
within a wider band, granted to 
Italy and open to us, could be 
used to achieve the flexibility 
needed to aJImv our domestic 
policies time to work. The Euro- 
pean and indeed domestic poli- 
tical argument* fur joining in 
the scheme and in its develop- 
ment are far si l onger than re- 
maining technical doubts. 

For industry, it will make 
1 title immediate difference 
whether we join ur not; either 
way. Hie mithmk is fur a bard 
struggle over pay and efficiency, 
but in a potentially quite 
rewarding markei. In lhe long 
haul, this is a realistic and 
encouraging environment, what- 
ever the short term difficulties. 
If Britain were also to join the 
European monetary enterprise, 
and help rn realise its potential 
for stability and cn-n pc ration, 
the grounds for optimism would 
he much stronger. 


Financial Times Saturday DecanteS; 2 »: 

Next week, the nine EEC leaders meet for their most important summit since 
Britain joined the Community. At issue is nothing less than the creation of a neW 






'•£cr v - '- - 

s' ■*¥' 


1/ * 


monetary system in Europe. 
Today, we offer our readers 



'4/ 

BY OUR ECONOMICS STAFF 


W HAT is EMS ? It stands 
for European Monet- 
ary System. It is the 
brainchild of Helmut Schmidt, 
the West German Chancellor, 
who wants to create what he 
calls a " 2 one of monetary stab- 
ility" within the Common Mar- 
ket. Herr Schmidt, with strong 
backing from President Giscard 
d'Estaing of France, wants to 
link Common Market currencies 
to each other. 

Why do the French and 
Germans want to do this? 

Until 1971. the whole of the 
free world operated a system of 
"fixed hut adjustable" ex- 
change rates. The pound, for 
instance, was fixed at $2.80 
from 1949 to 1907. and was 
then "adjusted" or “devalued” 
to 82.40. Almost all the world's 
major currencies were "fixed’ 
in this way throughout this 
period. 

From the late 1960s to the 
end of 197 J, the world s cur- 
rencies went through a Jong 
period of upheaval, with a 
series uf devaluations and re- 
valuations. These "adjustments" 
were always preceded by sudden 
currency crises, with money 
flowing rapidly across the 
foreign exchanges. On frequent 
occasions, foreign exchanges 
were shut, centra! bankers 
rushed Lo one of the world's 
capitals, and produced a new 
international package or crisis 
measures to restore stability to 
the markets. 

In 1972. this system of 
fixed but adjustable " 

exchange rates — often referred 
to as the Brertnn Woods system 
— broke -down. In its place, the 
world's oiajnr industrial 
nations set up a system of 
“ floating exchange rates." The 
pound, for instance, was no 
lunger " pegged " to the dollar, 
but was allowed to " float ’’ up 
and down in response to mar- 
ket pressures. 

Chancellor Schmidt and 
President Giscard believe that 
in the circumstances of 1978. 
the primary objective of inter- 
national monetary policy 
should he to reduce the rate of 
world inflation, and In create 
stable conditions for the growth 
nf world trade. They believe 
these aims cannot be achieved 
under a regime of floating 
exchange rales. They therefore 
want to link . Europe's 
currencies together so ihai the 
EEC. as a block can attack .the 
inflation problem. 

Why du Schmidt and Giscard 
believe that their proposals will 
stabilise EEC currencies when 
massive intervention in Ihe 
foreign exchange markets by- 
central hanks has nut pre- 
vented sharp movements in 
currencies over the last few 
years? 

No one preiends Hut ihe 
intention Jo link currencies 
closely together backed by inter- 
vention to support exchange 
rates will produce long-term 


stability on its own if wide Chancellor Schmidt arid 
economic differences remain. President Giscard recognise ifie 


Tim is the lesson nf what has limitations of intervention in 
happened to both sterling and support or closely linked curren- 
the dollar in the last three «e*< but believe that an EMS 

will eliminate the more extreme 
fluctuations and provide the 
right discipline on member 


years. 

But supporter* of EMS 
believe that the problem with 
floating rates is that very 
extreme changes occur over 
short periods in some curren- 
cies 
w 


con nines. 

Both leaders a retie that with- 
out currency stability there 
will be no chance of reducing 



0 


•IPS The niiunri fur instance ""* “ u K " a, ^' r Nnr quite. But beyond this Britain. Italy and 

«« « rti™ s4.no i„- “ d “ f p»"« enter ,hey arsue ’ 


March 1976, hut by the autumn 


conditions for a 


of that year it was down in just 


growth in world output. With 


possibly Others fear that- 
are too exchange rate could be- fixed . - 
.......... point oi aepanuir. >«u VV( . at too high a level, the^by >:.• 

sustained the realm of competing national weak relative in other Etc at Too mg + 

interests and the motives of members for tho system to aamaging ^ * 


over SI 55 This v M r it ‘ha* °_ ut w * b stabiIiLV ’ they b<?lh?v ,? national leaders. The waters survive. 

ii\er oi.JJ. 1(11* m Lekl U Jl “ thnf charn ■•limanf'V mnvpmun l * , . _ ■. i.. j*. (frat IVllV Britain DW 11 


for a time a ea in been hack sharp curren £ y ™°' ! *™*nts become increasingly muddied: Is that why 

ahm-p n M Wili b0DSt iQj ^on. thus Can Vou give S0iue examples? so stand-offish? 

dampening down the expansion Take Germany and France. One of the reasons, yes. The ns 


Britain's exports. 

A third group rejects lhe ...v 
whole notion nf Britain findtng^' j-r,-’ 
salvation in what bankers 
This 


of Germany justifies. 

Critics uf a floating 
regime 
people 


are worried that 
vrtin buy and 


sell and less Traumatic. 


currencies — bankers, corporate 
treasurers and rulers uf oil think 
producing states — respond to a plan 7 
herd instinct. This ''an lead lo 


What do other EEC countries 
of the Schmidt-Giscard 


Tbere is unanimous aare<°- 


abme $-.00. dampening down tne expansion Take Germany and France. une ot me rtiuuus. - , . , 

It has been argued by Lhan- 0 f trade and making business- chancellor Schmidt has Men official British position as set 

ceilor Schmidt and President men less willing to invest. ^ D * u t SC he Mark rise by U 0 «t in last week's Green Paper ^oup—mosu vocal! r?; 

Giscard that this extreme i in - t this just a return to the pe r cent against the dollar in is that a linking of European tne ' 

volatility has destabilised the Bretton Woods system ? ihe past 12 months alone. This currencies is not enough to pro- New , tn 

world economy and aggravated j t certainly represents a move has put a progressive squeeze duce the results that Chancellor school wants " , 

inflationary problems. The back in the direction of more on Germany's export-orientated Schmidt and President Giscard her economic re et> J&itja.-- 

Deutschemark. says the German sta b[ e exchange rates. But there economy. So he sees a straight want. Along with this step, say a wall of nnpo t control*. ■ 

Chancellor, has been pushed up afe tw0 differences. First, trade-off between a stable Mark {he British, yuii must do other So "bat wm happen on .. _ 

in value hy far more than the it only covers the EEC. Second, and German economic expan- things. Specifically, you must Monday and Tuesday . - 

re , la . U ve . econ " ^ r f0 n* 1 a n ce the “adjustment process" — sion. bring the relative performance First, the system- h gomp to 

that is devaluation or re va lira- President Giscard. on the of European economies more be -set «p. P\° , • 

rate tion by a member of the EMS other hand, is in the process inio line. That in turn means January -• AH EEL members * . 

the — is intended to be much easier of a dramatic experiment' to a close co-ordination of economic except Britain are -almost: 

force the French economy to policies, and aid from strong certain to loin. The one possible - 
compete with the world .".on economies like Germany to last-minute dropout . ss Iraatta. 
equal terms. This is the- so 1 weak economies like Italy and Ireland wards to join, not least 
called Barre plan, named after Britain. ,u P rov ’e itself jndependent ;oL 

the French Prime Minister. He Why. do the other EEC mem- Britain. But the; British and - 

a snowball effect when every- meiu on only one point — namely sees EMS as leading m a stable bers say to that? Irish pounds have bqen tied 

one sells at once. Supporters of that exchange rates need io be franc. This in turn will enable Bruadiy. that this and other together for over- aO years-. ; > • M 

floating rates behove that this more stable than they are at him to use EMS as n lever to British positions are a diver- What exactly will. tn€y agree -- 

______ impose wage and price discip- sion from the main, thrust of to do? . - 

pean leaders were at one tune line on the industry and trade EMS. The whole- issue has Thej wul establish a Deutsche 

Finance Ministers during the unions of France. .l!. become over the past few Mark-French franc bloc. The. • , 

What about tlie other EEC months a test of how good a rules of .this bloc we already;; ;.. 

members? European you are.- That is why fairly well defined. ; 

Holland. Belgium. Luxe m- Italy, which is in an even read next week about wider . 
buurg and Denmark ire already weaker position than Britain, hands, parity, grids, baskets.. 
members of a sma'i currency jooks tike joining. Italy sees European Currency Unitr% .. 
block called “ the snake." These EMS as a major step forward (ECUs),- Don't be too put 
enuntries have formed ^what in the development of European These . are. merely te ehwte aj. **-•,* 
amounts t*> a Deu:s--he ^tark institutions. terms-used to define exactly ho*:,;^- "• 

block in which their currencies Why doesn’t Britain agree? the club will be run. . 

jointly fioaf aa.nns: :he rest of Britain is ihe only member of What matters tn the members . 

in-? world. Witn:n "the spake,” the EEC where a substantial are the objectives nf the club. 
there nave been a number of portion of the public does not not the rules. They want;..?* 
•'adjustments’' to central ' pari- hdieve in the Common Market. moneLary stability in Europe:.* 
ties. These countries see EMS as This is reflected in the attitudes they want the new EEC . 
an extension of what they are uf many of uur politicians currency bloc to act as .a-Tj#- 
already doing. .C notably the left wing of the counterweight- - to -the 

Weren’t France and 'Britain Labour Party. . stability of the dollar: and they 

once members of Ihe snake? • p r ; m e Minister and want to see the EEC come of 

Britain and Ireland were . parti( . ularl ' v no Labour ' Prime the world monetary 

members for seven weeks in nr ; an a fr, ir ri i«o,ire scene- f • ■ 


herd instinct and the >harp present, 
fluctuations are largely a 
respond to monetary pressures. 

They argue tliat it is necessary 
tn control the expansion nf 


period when Bretton Woods was 
breaking down. TTiere is a 


domestic credit, such as bank strong emotional yearning for 
lending, before a currency can ihe old da vs of stability 
be stabilised. b that all they agree on? 


A GLOSSARY 


BRETTON WOODS SYSTEM: Agreed In 1944 and lasting 
until the end of 1971. under which exchange rates were 
fixed within narrow margins of each other and were 
occasionally adjusted. 


SNAKE: A European currency bloc furmed in April, 1972 
in which exchange rates are linked within a margin nf 
2J per cent of each other and jointly move up and down 
against ail other currencies. Present members are 
Germany, • Belgium, the Netherlands, Luxembourg, 
Denmark and Norway. .. 


PARITY GRID: A system nf exchange rates similar to that 
operating in the snake. 


BASKET: A proposal favoured by the l*K under which all 
member currencies would be allowed lo fluctuate within 
an agreed margin against a basket, or weighted average, 
of all EEC currencies. 


EUROPEAN CURRENCY UNIT: Equivalent to an average 
of all participating currencies weighted according to the 
distribution nf trade within the EEC. and the same as 
the present European Unit of Account. 


WIDER BAND: A suggestion that some currencies should 
initially he allowed to move within a wider margin — up 
to fi per cent. Proposal designed for, and only so far 
accepted by, Italy. 


RESOURCE TRANSFER: Suggestion hy Britain, Ireland and 
Italy that the EEC should re-examine Ihe pattern of 
transfers from country to country within the Community . 
notably through the EEC budget. 



.. . Minister, .can affurd to ignore _ . , 

19,2. Prance hagjotned and 4ert Th|s basic pohlical fact . [yi th is - But-nexUweek krniy Hr* 

Britain ana France -left res aect. Britain is a bad Euru- sfe P towards a - fully- fledged 


hftcau«e pri*a-ure i.n tlieir ex : pp ' an By ^ntrast. in Italy, European .. Monetary System, 


dwnpe rate:- became vi intense Frai1t . P a ' nd : £ rolanc i member- close coordination of 


that they ick tney quuld not «ir- .. r th ,r EC not __ j^ ue economic policies, 
vivc the rigours of “Uic Miake's" sh,p ul ^ n0t an Rut wha# 

rule*. 5o British opposition is based *?*,“?,,!? Hhat 

IVbat caused this nres*nre on on *l s anti-EEC feelings? .. ’ 


the. British 


What caused this pressure on - , 

British and French nxcliHiigt* No, not entirely. If you sre * otit Britain oom . nnt 
rat»-< in lfi72? ' acain't British membership of believe, or at least it says it 

l'.oth Britain and France are tilt- Common Market, you will does not believe, that you can 
■iMjor trading nations. wh»‘.e almost certainly oppose Britain's have EMS without co-ordination 
currencies ^re widely held. The participation in the EMS. of economic policies. At this 
banking vv.«rld timk the view Bui the proposals are also moment, it looks as if Britain 

that their economics were tun rejected on more straight- w fU not formally link sterling 

weak relative to those of other forward economic grounds. On with the other EEC currencies 

members of the snake, especially the one. hand are penpie like next month. Instead, it will 
Germany. Speculation therefore Edmund Dell., a firm pro-Euro- wait to see how EMS pro- 
started against these currencies, pean and until recently Seers- gr esses, and iry to nave a voice 
and the all too familiar herd in- tary lor Trade, who think Tt * n that development, leaving 

stinct touk over. will fail because the economic °PP n the option of joining later. 

Many people, especially in performances of the participants isn’t that what we did when 
Britain, believe that exactly the — say Germany and Italy — are the EEC was first set up? 
samp will happen with EMS. too far apart. Plus ca change ... 


Letters to the Editor 


Expertise 


f r»»wi M>. /> Hulhrrt 

Sn — I .1 ;« • mu-p.-ded so read 
Tiiv j*«'d friend Slcnh'-n 
Martiiewt’ ieit^r t\«veinher 2S» 
rej.irdin.r ini.- •■myth" n f City of 
Luiiiirm yx p-ri isc 

While one recreis that he 
failc.-j tn find iupoort from 
Brilifh inMiiutuin?. me fact is 
the City mi in died hi- 5 rptiiiirc*- 
m*-np. T<» i>i ' tiimd 'h.u i-- ihe 
r.nn— reiii.irV^ole i<i rh- \v.a; ihjt 
ihe :Ti:-. jii|-;,i.-icd fiMancial 
exp'-i'Mie fmm ::ll ovi.t liif 
v. rid. \V< re H uni;. aM- l.-. nff. r 
ihe r-vpiv: ’ii- of Bnti-'h hant’«. 
ihrn il would inc.ilaMy h»ip In 
.jjii'i.-nder way cl him in he ihe 
financial cen ire of the world. 

G. T Hulherl. 

Luttrclf Amine. .SW "J5. 


Branches 




Fr n i:t Mr J. Hum 

Sir. — Mr. Fingleton c N’ov. ?5i 
appears in overlook the fact 
i hsr it io the advantage of 
huildinc societies to have sali- 
cilors acting as local a seats in 
that the sucioiie? are spared the 

■^xpens^ uf runmne oneconumic 

branch ofiiies. the cost of v.hi.h 
would be far greater than the 
‘■nmniissum -earned hy solo itnrs. 
Fitrtiier it i? tu the .id vantage of 
societies in^t invest men is and 
w-itijrira'vals i»c channelled 
through an offee where smne 
experienced pci son van check 
that the forms have been cor- 
rectly completed. 

The advantage tn the Investor 
Is that he need not travel to 
the nearest branch of his build- 
ing society 2 nd he has the benefit 
of a solicitor's advice as to, for 
example, the desirability of 
tying up a- substantial amount 
nf his capital in a three year 
Term share aroount which 
yields a higher rale of interest 
but means that the capita! can- 
not be available until the end. 
of the term. 

Also when an investor wishes 
to make some substantial altera- 
tion m his building society 
holding it is very much to his 
advantage to do so in consul- 
tation w iili hi* professional 
adviser, be it solicitor or acfmm- 
taut since that 1* usually also a 
time when it if worth while 
reviewing bia fiscal and tesla- 


meniary arrangements. And it 
i> only when nnc is talking annm 
•i .diljsl.i mial iiiveslnicul that 
»he i.-ninmi.s>ifin itself i.> iu'>*i;in- 
lial 

Further it would be unrealistic 
■*t expect a {■••iL-niidl investor 
j| a bmldinc .si-iieiv’s Sran*b 
ulfi-,- in he luld ihat lhe investor 
would do belter b> pulling the 
uiunej in a local .uiiiinrilv loan. 
Indeed when «ri:'li buns are 
nu-iV ad. ap.ta^e>.u* is just the 
time when build su.-ietics 
are iindcrslandably anxious to 
a>»t as many deposits as they 
• ar.. 

Tm summarise, solieitrir* and 
a-.--.-ounlanls provide a service 
that benefits huih building 
societies and inv»->inrs: proper 
remuneration should the 

reward Tor providing ihal 
service. 

J. N. L. Burn, 

The Hall, 

SunmigUm. York. 


cover the additional 2 per «cnt 
on lhe interest rale, ihus a 
person with a gross income of 
X-LSUO and a £12.0110 nmrlaage 
would need an increase equal 
m ihe who>e-* uf ihe suv-ern- 
mcnfs 5 per c.-m pay guideline 
just to * mer the additional 
mortgage payments! (* -tss if 
an njiiion mortgaaci. 

G. M. r Stoker, 
finfmipronin Hn^re, 

.Speirf/iurnf ijourf, 

.1 j mris-it»ie, K'eul. 


Transport 


Enlightened 


From Mr. R. Christie 

Sir,— In ihe report on South 
Africa 1 November 27» it is 
suu’ccsird ihal >he prime mini- 
ster. Piet Botha, is a ’’liberalis- 
ing" force. 

For good or evil. |i is 3 simple 
fart of hfe ihnt Piei Boiha is 
annul as I Hum a I ;»s Atiila ihe 
Hun. jn ihe expressive American 
phra.c. Anyone who has heard 
Piet Botha speak publicly on the 
.subject of libera I Uui will bear 
tC e tiniotiy to ibis. 

The word rcrltgte does not 
describe him. hut if you must use 
it. the simple translation ;s 
" enlightened." not liberal. 
Renfrew Christie. 

St. Antortp’s Coilepe. Oxford. 


Mortgages 


From Mr, C. Stoker 

Sir.— The sugsestion that lax 
relief will reduce the effect of 
the increase in the mortgage 
Interest rate is. 1 would suggest, 
a ■’ red herriny " since whether 
you take Ibe gross or net situa- 
tion the first time buyer’s 
repayments wili now be about 20 
per vent, higher. 

Jn fact on a £12.000 mortgage 
a first time buyer will need to 
increase in 5 or her income by 
up to £240* per annum just to 


From Mr ifetnner 

Sir. — Ghris Tankard (Novem- 
ber 23 1 has got his fact* wrong 
while A. I. Waikinson (Novem- 
ber IS) gut his right: bus travel 
j.a in practice (whatever the 
theoretical figures may bei about 
three times as energy-intensive 
as tram travel tthis is shown in 
a report ny the Advisory Coun- 
cil on Energy Conservation). 

Mr. J. C. Cooper (November 
23) too alas has got his facts 
sadly wrong. The '“realistic 
general cost" used by him and 
Spaven io the publication he 
refers to for converting a railway 
inlu a road is, after adjusting 
for inflation, shout 2* times as 
high as the acluai co.il of convert- 
ing a former railway in Edin- 
burgh into lhe present west 
approach road— and thar conver- 
sion involved tinn-nessary works 
to provide a 5 1m headroom. 
Their figure was hased solely on 
one actual conversion (in Nor- 
folk) which was far from typical, 
and an estimate by GLC 
engineers for the Romford- 
Upminsier line which was about 
29 per cent higher than it should 
nave been because it allowed fnr 
provision of retaining walls 
along the route where none were 
required. 

Such conversion costs may or 
may not be justified for turning 
a railway merely into a busway. 
But tiiat is Dot what I was advo- 
cating (November 9) for the 
Kentish Town in North Wool- 
wich route. T was advocating con-;, 
version' of this rail mule info a 
mad open 10 all kinds of motor 
vehicles. Tbp .North London Line 
portion would be a four-lane 
ro*d. ths rest two-!ane. Buses 
would form only a tiny propor- 
tion of the traffic using these 


road-* — which cuuld wei: amount 
ro 45.(100 vehicle* per d on the 
four-lane section and 17.000 on 
the two- lane 11 he capacities for 
such muds am-ii in 'ne latest 
Government meniurantii on the 
■tijiijecit. If the mule is 
retained as a rail mule <a c now 
proposed by Greyer Lonriun 
Ounci ; 1 ihe numh-r of daily pa«- 
senuers will pmojh:.. never 
exceed 5.non-fi.nijn ..v.-r nmsi of 
The piiiU — timiiji- ;«• present 
Hows on the H on n- In'.". loop and 
the Wimhledon-Suuon Imp 
Would not the re-nova! of 
>eveval ihou.-and dull-, vehicle 
Irioi from Lundoa's crowded 
pxi.-ling road.- si-.e 3 better 
relurn. in both economic and 
environmental terms, 'han lhe 
pre%eni expenditure on improv- 
ing ihe rail mine? Ha-. e the two 
alternatives been te.sied bv tile 
GLC? 

Nigel Seymcr. 

15. Lan.sdoime flood. SWSO. 


co;in:npr who. like New Zealand, 
'.vim Id no: \u*h to establish and 
retain firm 1 rad in? link* with 
politically Gallic BrUain. 

.Ii'hn N. Row tiro. 

.1 .• Mviuirrt RihiU. Pih kirrl!' 
foiru. \r. K rial id. 


Managers 


Commodities 


From .Ur J Rmclinr 
Sir.— Marcarrt Van Haticn 
stated in her article (November 
20 i on EEC farm prices lhat 
"opening the lariie Bnii'h 
market tn many commodities 
would drive world prices 
higher.” On the e«::ir<irv. denied 
guaranteed access to our market 
the EEtT would bo hurdi-ned with 
wen arearer surpluses ihan exist 
at present. They vr-u'd find 
themselves compehne for ihe 
British markei with efficient 
suppliers in New Zealand. 
Australia, etc., and we. (ike 
Eastern Europe, would became 
the forlunaie recipients nf food- 
stuffs subsidised by our major 
industrial competitors. 

If New Zealand and Australia 
felt they required higher prices 
than thev receive at o resent, we 
could pay them an additional 
sum amounting to half the 
import levy now imposed on 
their produce. Not onlv would 
they benefit but the ' British 
housewife would be able t° bu >' 
butter, cheese and lamb at con- 
siderably lower n rices. (The 
total levy on New Zealand butler 
is over 2Gn a pound < 

New Zealand's meaj trpd^ Is 
H present suffering from the 
political mrtabiliiy m ope of her 
nr*- pirketa— Iran. ■ There can- 
not be many food producing 


From tiie General Secretary, 
hut 1 1 m ion of Works Mannaers 

•Sir. — Mr. W'rmehnu>c i.Nui-pm- 
her 281 refer* lo my "ain rolk," 
s. ' ■'loffee-noscd'' morn hers 
being .1 luua way from "God- 
hk'; " ".)t jil l lines superior lu 
iheir circiim.;tdnci» and never at 
3 iiio," 1 * ti - . 

Spec 1 fi rally may I say: al no 
point did 1 suygest our ineniucrs 
were Gud-like or infallible or 
should »M3[ie appropriate hlaoie 
fur inisiak.es or nu>deeds; 1 did 
not say that our members were 
"all the time superior to their 
ci i-i.'ii instances and inner ar a 
loss.” or that 1 knew the indi- 
vidual performance of every one 
of our members: and equally I 
did not tell the world "it is nut 
mv lot to hlame. Misler" or use 
any niher shop stewards' lin^o. 
Indeed I confess I am nonplussed 
by the extravagant phra.seulfigy 
used by Mr. Whitehoii'ce which — 
and I concur with one uf his 
remarks — is unworthy u[ the 
Financial Times. 

The point of my fetier. which 
1 adhere in. is very simple Pro- 
fessional managers, that is who 
ba\e studied and practised indus- 
trial management academically 
and prai-tJcally on ibe shopflonr 
are competent, nn( prone lo he 
unnerved and, in short, are the 
trained people to manage 
industry. 

C. J. Benson. 

institution of IVorta Managers, 
43 Card*# Road, 

Luton, Beds. 


Politics 


From the deputy director-general. 
Confederation of Britidi Industry 
Sir. — Will you allow me to 
attempt to lay a Ehosl which 
persists in haunting the Con- 
federation nf British Industry 
and which was abroad va a news 
itara headlined "Auditors resist 
GBI recruiting campaign " 
(November 13). I refer to th* 


charge that we are "political, 
with ihe implication that v-e are 
" party political.” 

• We are must certainly noi 
party puhiirnl and never iiave 
been, bill are we polnical V I 
suggest that neither we nor any 
trade or professional association 
•■a:r avoid being >o. if by tins is 
mourn that we dn tint .ilwa.'s 
see e;. e 10 ej ■■ with the Govern- 
ment <•{ lhe day and pul our 
own point of view a< persuasively 
as we e^n when ivc do not. 

A variety of department?, uf 
siale have some degree uf in- 
volvement »»«Ii inifusiry jnd 
curiiinerce. ihe Iieparliin-m uf 
Indu.-.ir; and lhe Treasury in 
Home jit.st iwii. all engaged in 
political policy making and 
(ml in. -al action, a emid deal of 
which is quite as much r.if con- 
cern iu Lhe accounting profes- 
sion as it is in industry and 
commerce. When ils effects are 
deemed 10 be adverse, the pro- 
fessional accounting bodies n>» 
ics: than ihe GBl let their views 
he known lu Government IF by 
so doing we are acting politically, 
so »r«.* they; if they are not, nor 
are we 

A nut invnniderable part uf 
the work nf ihe CBI is con- 
cerned with legislation, not least 
company legislation and laxatiun. 
This work is or profound interest 
to the accounting profession and 
we are Toriunate in having repre- 
<icniaiives of firms uf accountants 
on our taxation committee. 
Indeed. th P precious chairman of 
Ihe taxation enmmittee was an 
eminent accountant. 

I cannot believe these firms 
would give us their time sn 
generously if they cofisidered 
our work nf little worth, or 
thought we were doing no more 
than duplicating what their own 
professional association da. Their 
presence is a clear testimony to 
rhe value of our work, not feast 
or its value 10 the accounting 
profession; and its quality owes 
much to the contribution of the 
professional accountants. That 
is why we seek the. iuller sup- 
port which the accounting pro- 
fession could give by taking up 
membership or the CBI io 
greater numbers, and it is whv 
we shall rnntmue to sftpk tha'i 
form of support. 

Edward JaniM. 

CBI, 

21. TofftOl Street, SWl. 


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V.. 


. -’.f. ■Un:’. ii - ■ ■ ."A, 1 





^ 1978 


5&PS, 


a— i.-* — -• -■■- 






a way 


l trap 




1 


.,_ ^ . . . andfetteVinifflint- flt lourjasts, quality- is not ,*’ says Sr. month when Government srinds 

ip /Sjpi^:-tos;'jw^l^*tlfc^|iui'y^5ifi|^^^idJaagB=.«arMd-are at- Cela.- In' order.; to improve the to v a complete siandsliJ! and 
o^ai^7^^3i^;^tiHc.-niotaHtyi.'iftCord^ ; lc?cls. '--.iB- toe-.jffrst ten quality of Spanish tourism, two-ihirds of the urban popula- 

had which will inevitably make it a tion is on holiday. To change 
.(finef '.35m visitors ( ltfper'^'nfriip on more expensive product, officials such a habit will not be easy. 
StiJ^s^'hi mse^afc .^e^uWdi^rllSTT^^^nd.. by Abe add ."of the arc even filling to envisage a Without specific measures. 'any 
bf;p^’Jia^^£,o^al^.-;^3si»i'.y^£:'-:pia. :i :ibtaX will.-^;.38m on cutback in numbers. Some, .in persuasion will have to rely nn 
ri&c&ito' ; fact, would. prefer this. They effective propaganda: holidays 
those JJiae - roontha ioprii&^eqrnings feel this ur’ the' only way in are more restful and enjoyable 

per.cent irp^a t<54- 1 4b«. which to gear -the industry /or when less' crowded and there is 
“ y- it- : ^ui ^»0: Tine .xle afiltp'-directj y . th e ! H 80s. aperind during which the inventive that holidays 


those ‘ ob^ 
Civil C6 
stumbliL 




Hlgh-scasoa crush on Bcnidorm's beaches — th e town's infrastructure can no longer cope 


more basic problem is <n 


: J5ui%:'»b -’jjhe'.vdeafij9f'-rdirectIy .the ia80s. a period during which the inventive that holidays 

lDatang.;bgiE%towngw^ his the industry will still be ex- taken outside the two peak 

-petted - to- provide, some 30 per months are cheaper. One sug- 

to -- - geslion is to raise prices sub- 

ROBERT . GR A HAM IN MADRID stantially for August and July. 

nw " 1 «l**U*UU effectively penalising those- 

fh«nfrsertoiislj..- '.. yj £ y t J . ' " y ’- ■ • ■ people who want to holiday _ n "" K,r * 

• Tbfe..fflOSt t ? ,M °f total, direct foreign ex- then. Hlgh-scason crush on Bcnidorm’s beaches— the town's Infrastructure can no longer cope 

all tbi«_. was ^Ujat^&Tpoli^ ;inea£”ysay3 Sr. ’ Pablo : Cela. change earnings. - . . , „ .. _ . . 

should waste ihpchvt^he jjpVieadotthe ^Ministry's technical For several weeks now a A more prob . e ‘ n 1S . ° - , . . . _ ....... . , 

such ~#e hovesflW reached commission has been examining ensur? a ** lXer relationship tinn is Inaccurate i" panoramic under democracy— which were Tarragona camping disaster, in provide better co-ordmation of 

many ‘ ^Tmus^ reflect/ vWe all the - black spots.” Before }"e P r ‘ ces P^P le P ay view of the sea '—which can promised this year but will now which over 170 people were activity. 

mmii Rri beache^3Sffi r ^S i ^^^it' : ®^V0ttSrowM''W» toi5.” the end of the year the com- a " d ^ . t , ype P f “'erall sen-ice nn ly be seen from the lop floor noi be held until at least -the killed when a gas tanker What no one is yet willing 
* &>•! in issiun wili ha/e prepared a l hey rece v * **'"? w f nl co ?‘ across several miles of Indus- spring of 19 79. exploded. Residents nearby had to speculate upon is the overall 

a !eve :. thR -pWiirt’^tfftWi> t r ^^p tfV^riC-Tnodd- are^mt hapd to find. This report with specific recnm- f P ren ^e of Bnbsh tra\ el agents trial landscape!. But these Meanwhile the municipalities been complaining for two years cost of this comprehensn e. im- 

a Pfc»jp6ci« ^ ' obriOTsferante mendatioua for action. The 1 " . Torretnohnos underlined, moves .cannot take place in have Iheir hands tled by the lo the ku-al authority about lhe provement in the quality of 

Nf. Lls r<, .‘^es.'-y^Vy*^ and'problems of problems are known, the solu- ? pai , n c f n, ? ot c un n h t isolation and have to be part complete absence of definition dangers of transport ms inflam- facilities— like better cleaned 

ro, 'P ." Like'ae. GilaliUa’k' bbses^oa: *® mdustry^Tbe terrible expla- lions less clear-cut. One of the l oy ? Uy of ..! h p lo . ur oper: ? u,rs lf «' r a m " re >fnr-ral clean-up nf of where the ir authority begins mahle hquids on bad roads, beaches, better con-trol of 

”f Bn;,jV y 'hi with moraiiiy, 'Spaing 'priority sion^ ^ at -the: camp site near Tar- first tasks is to try to restruc- boll LI a "J Q ~ ! , ” rome planning rules and environ- and ends . For instance, when Nolh,r, S was done e,,her t0 ireaied sewage and industrial 

in wha- l dto; in the “fiaw® raRdna in 'Julv-rthe: woret ever lure ihe main flux or tnu ri.ns unattractive. The bpanwh are mental control. vou asb in M adrid u -hn is improve the mads, in spite of a waste gains into the sea. and 


havfeflow reached commission has been examining ensure a bc * ae r relationship tinn is Inaccurate f panoramic under democracy— which were Tarragona camping disaster, in provide better co-ordmation of 
-ffliisf' leflert.-- •, Wp all th» - Marir ^ between the prices people pay view of the sea '—which can promised this year but will now which over 170 people were activity. 




S^Ur'tiS 

rece,-.—-, " 
import ‘ ,. r '^ 

*'<1 happ^'^'V 

rae>da% ” a •> 


>'-te.7i .. C) . 
H-ai'l;-. 1 -V 'Jl 

II rl-. . ‘ n 5H 


h e&; ;v:r^ 

«n 5rw ■■****<■ 

■'- he '"--‘S 

u . -’-as 

f 

<v c.- s.) y „; n ^ 

J " il * l^ > a; 


fallen ^bui^rof^v^wpi?; XMftSiis ^bUTiSr. disaster of;=its kind— has in July and Augiist. - For the a^uieiy conscious of thw. i sspcci- Benldorm is Tlie prime responsible for ensuring that he9V >' voiump of industrial better roads. The full extent of 
within the MlaistO' : «f ^Gom-.'-dfawn attention to tb«pOor con- first lime this summer I lhink ” n> . 5 , p . example of t he negative aspecis beaches are kept clean, the l f aB “- or ,n rew,n «der rules the renovation required was 

merce.knd^T’Obrani have- eotne ’’^rol;. of 'tourist ficilitres, The people relumed from their fxi,e £v« ll 0 .! r,crc ! ^ of ? hc touri>i boon: Ruthless water unpolluted and the en- ah out the transport nf dangerous illustrated by an official who 

to rewgbise'r’fhJS asr^ifteyTopk shortage of water. in-.Benidorm holidays frustrated.” admits Sr. a ' e ,;V JO l ? e , r cen ^ t01 tourLL - property speculation. un- vironment respected there is an catena's m residential areas, commented: “Just imagine 

overjtfiia-j^r^'iesruHc-.Indeei this dimmer. obligiAg 1 the navy cela ruefully- Anyone who has ^ 1 1,De . ranslns tne checked by ihc local aulhori - embarrassed silence. .All along ™ disaster also revealed that Spain like one huge carpet over 

for flse : first ^ -tube.'. since Spaii( tb.brlng in emergency. supplies, experienced a large Spanish prK f J. rom . ne r , • l ; muar > Uvs. has rcsulied in ihis seaside the line, from establishing lhe cam P sUe he,d w°*? on 8W which 38m people will walk this 

pioneered mAai'tonriOTi-itt the ba» underlined the.i poor plan- coastal resort in Julv and 1 L”2” l e * le v lBy JJ l,ie * as f H t town of TO.Owi inhabitants regulations on. say. pollution. ? ers £" s a « ainst a P^™ 11 cover- year. No matter how good the 

CRtfy l960Sr * fondamental re* hbofand ^ speculative- nature of August this summer will know tne Cananesi. the authorities ai . qujrilUJ a , ourist aceommoda- through to monitoring rheir ms 300. carpet it must wear and be re- 

assessment-; .of . Tprip^Wes .'ind'rgson .' developmeptt' ..labour why: too many people, too " op e that note] owners u ni ne J | 0 „ of 23U.000 beds The town obsen-ance and imposing sane- In the light of this experience placed." One suggestion for 
policies' is i-being'.' -Undertaken, jjrq&lems; result Lng^ia a lockout many cars, too much noise, too ^omuiateci to respond to market j Uyl fjjpno! t r»pc-. The annual lions, there is rarely if ever a and the general need to improve meeting the cost of such new 
Implicit ip. this rea&&ssnrent Ts on 'tbe Costa del.Sql » May, lictle service and unexpectedly ror Vff' nope tnet waler sh0 n age. v.orbc than ever clear definition of responsibility, controls over tourist facilities, investment is for an across-fhe- 

a rejection -bf^fie tradllionaL^Itave ^emphasised- tiiat . Spanish high prices. During these such liberalisation win cstaDii>n y 03r ^ j u<1 one instance, which, of course, provides a officials recu°nise the need for board tax on alt tourists enier- 
guiding philosp^tyj of^promb^toitfisin^nodonger'x low wage, months in Spain, and mostly on f main gup between th»* .. - lherc v m j,e no more splendid umbrella for inactiviy. mil( . h ripn . r , m _ nt:i , ing Spain. This is favoured by 

tog.: groWtor-^&iost ,/ at all low cost industry. Finally the the Mediterranean coast, there ,nur t1 f Tcr3lors and lhe hotel B,. n j dornis " Sr Cela maintains. For instance, water is a major ® . ... P . . the Ministry of Tourism. Its 

cost&r-^n ' order- to' increase sheer volume of -tourists has were 15m foreigners and l«m owners - This may be so bui the damage problem in parts of the Costa c0 '°P erai1 ,n - - ine n ain proponents argue that a family 

foreign, exchange - r earnmss.-:.A..sJrained :ta Jbe Jijnii toe exist- Spaniards .holidaying. Yet come At the same time the MiniMry has already b-i- n done and is del Sol. But how can rational government departments are who comes m Spain for a 
high ^ IcveVofJ fpreiga dedikiige.; Ijng : --‘iWiraStruijturew^ihucb of September ! the number nf of Tourism has introduced a difficult in repair. A first step development take place when directly or indirectly concerned holiday gets more than it gives, 

earnings has leased ta be toe -which' wai designed ^d cope. with foreigners dropoed to 4m and stricter set nf regulatiuns for i*; a thnrousli reform of the water is in private hands and with tourism — the Ministry of This is especially the case with 

sole criterion for judring. the tourist levels of ten years a eo. the number of Spaniards on hotel owners. They are Jma) counviN .md municipal the inuninpaJiiv itself has little Public Works. Ministry’ of motorists and caravanners. So 


s criterion for judging, the tourist levels of ten. years ago. the number of Spaniards on hotel owners. They are Jma) councils .ipd municipal the municipaJity itself has little Public Works. Ministry of motorists and caravanners. So 
cess, cif the! industry. In; ’short attentfeni needs to holiday 'virtually dried up. designed to prevent the kind of julministrailons. These for the idea of the real state of sup- Health, Ministry of Transport far the idea has gained lirtle 

. t ..11. k. if, 'iwHKnnnff tkn TV.o 1 . ...L....L. . . . .... I ■ «, . !■-... n. I. > . T . __ . 1 . L . IM..,.. ..,1 .i_. 


' IroniCaHy-this change of tack : be- devoled to improving the The problem is principally situation whereby tourists most part arc antiquated, and plies? (Water at Benidorm is and so on. It is ihuught likely currency and certainly the 
comes if Xuae'VW'hea' Spain ^^It^ypt Aourism- ^The three one of trying to persuade arrive to find their hotel rooms far from hone*’. Any reform at pri’.ate/y controlled, for that before ihe end of the year tourist s would only find it 


has never Jra«t such viLgood ,ye ar ‘s’eST-sun,; sea and sangria — are Spanish employers to stagger unfinished or where the descrip- this level can only come after instance.) a new inter-deparrinenial com- acceptable if they felt they were 

for tbtyjisrn.' BqitlL' the; number ;now- ddsen. for - granted by their holidays.. August is a tion offered of the accommoda- municipal elections — ihe first Or take the example of the mission will be established to getting value for money. 


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Film 


-IfltoWjS®*.' profits - . , going - to 
Gal ifo'tiiia.: Part of. tbeJS’FFC's 

■ ■ rolie 4^-to soed thesort^>f tovest- 
.ineiif: “ IJiit - keeps cash 
: rbvolvirig around the'J^K.Ma jor 

■ British '.film Investbrs^such as 
;. the ' Grade lords, Mri? tended 
; tp ^ great dea&bf their 
; r jncai^- into- foreign productions. 
• - Teny is determined to "ensure 

. that any new cash thatfsoes to 


- •: common with ■ to any recipients 

» .- •• * ***" > <'• : * V.' ' ' of Governmeqt fundsl6e NFFC 

c* . ; • Sir John Terrv who itiiZ Has ; bas-ftiriStsitf fiord ^'ed over 

w ^ '/merest charges. 

' ; • on J y a ^ew-T^eks -to go JC^,^| C cently ' • Government . has 

. . he gives up 4 ^;iobVas manag- t«dMV.ta . (fefer interest pay, .. 

. / * T . ihg dftectrif '^of :tfie‘ ;^^^n^^mer«s;--bnt LTeiTy . r wad^ them 

... , • - Film Fin^W.vX cCp^atjpn.-puiqf ^ ;Way al^ge{l^r. Be- ? 

. * J , ■ seems'.. 

in Sr h b 

that he wiil - be afi'le : to^apC « % 

I,, teu. -er; ,0 fus ™.r ' 

Mamoun Hassan a reasonable heritage -at nd 'rfinulate .study. ' 
.. ... ..... tTock of goW.'Sto Jbto‘^:^W-.'of,vtlie'indiist5^ while- he has.;. 


wfc«l BrrtiK 





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MON l> AY — European Council economic policy, by president nf 

(Premiers’ Sum mil t meeting C^v.CllK/iill*-' xJid.1 y Deutsche Bundesbank at London 
d,„ - e&i - in „ n , _ ,, , School of Economics. Financial 

opens. Brussels, will decide on „,eni Congress opens m Delhi. Times . conference on Nordic 
European Monetary System. flO London clearme banks jnomhJ.y Ranking and Finance opens in 
Christmas bonus for pensioners, statement (mid-November!. UK q s1o “"spain and £gc initial 
Rovat Snii :li field Show opens, banks eligible liabilities, reserve agreement. Union of Post Office 

Earl's Court. UK official reserves 32Kffi ij' VoiembeM SPeCia J > '‘ orker ' conference wens in 
lVmpmhl ,ri \Vhoi».s«lA nrire< ^P 0511 * (mid November!. Bournemourh (until December 

(November!. Wholesale price* WEDNESDAY — Sanontil Econo- m. Provisional figures of vehicle 

index (November, jirousionah. m j c Develoument Council meets, production (November). Survey 
Retail vales (Ocio>* final 1. London Association of .South ° r short-term export prospects 
Capital issues and redemptions F .,„ i s : an \ a ,innq pronomir ‘ October j. 

borrm. ,, mr ) ' reqmroment "2K listers mee't lor trade talks. FWDAY-Canad.an Prime Minis- 

details of local Sulhonty borrow- Kuala Lumpur. UK balance or p/,. , "’fn ^d is^uT/ pco^rtm' "n ro'b 
in- (3rd quar'erj. Hire purchase payments (3rd quarter). Housing Paris to discuss economic prob- 
and other instalment credit busi- sK-rrs and completions t October), lems. US Treasury .secreiary 
nes? (October). Construction output (3rd Blumenthal in Bonn for talks 

TtTCSDAY-— EEC Budget Council quarter). with Chancellor Schmidt on mone- 

mect-s. Brussels Prince Charles THURSDAY — Canadian Prime tary matters. Johannesburg 
opens Analo-Atnerican confer- Minister in London in meet Mr. Stock Exchange closed for move 
ence on alternative energy James Callaghan. Lecture on to new building. Company liqui- 
sources. L.indoo. W'orld Stanage- exchange rates as instrument nf quidily survey (.".id quarter i. 


chairman, interim Action Comittce on the Film Industry. 


viuced Uutf."' ^th'e /GbyenafiiiniT TlA; roody] received^ a -tenth of lhaS'f 

about to come up ^ejt1a’anbtber ^'' era ” e ^ toe years to help \ .. Jntu .w:t.n <i 

£5m to rescue the. NFFC- ^ P rotl . uct - : rr O' 

^ had received ten times as 'Sir John Terry, managing director of the National Film Finance Corporation, and Sir Harold Wilson, 

B H ri,iSh film " chairman, Interim Action Comittce on th. Film Industry, 

if seems <abo« to. plunge. Over mdnstcy would have beeen very >r. 

the year? since ui> different” M w ... . ., ... . . . 

tr> rh»' / -' .' : In his counter attack Perry. All to all things looked quite ■ 

in. -^ .--ror^.^asv a .• having lost the ABTA endorse- bright this autumn and the 111 

to? /merit has switched his 2.5 per French started to gear them- 

duslry battereSjby the war and ,Q[D|fl|| • ■'•"' cent association over-ride to the selves for a substantial tourist tf'-... 

threatened; by a. Hbllywood . ■ agents themselves, thus your promotion scheme in one n£ U |PW 

irivastoa, toe ’fi/FFC lias- advan» ft^J__j, -^travel agent receives 37.5 per their major markets — Britain. 

ced' more -than ;£31m . but' it ,tx .1^1111 ^ - cent of the premium you pay Then local headlines started while the BBC struggles with 

now down to . ite .last 1S50.00Q; - . . .... _ Whichever of toe two schemes talking cf a hidden ihrpat. a cash^and the Smith 

Not much jp these days .when. The first surprise that any out-, you opt for. The tale was that there is a fur- independent television iom- 

a £5m film is considered small - siaer- gets when -they glimpse;- Interest in insurance has ther 40.000 tons of oil lurking panics wonder what t.i do with 

' -under the covers of bohday f, een stimulated by the French F sea hed ; abnut P op up their Mnssoming advertising 



beer.-.- 


An offer from Schlesingers 


Sch lesingers'recom mendation 


Part of tlie problem is, that, if Insurance is the remarkable [■, a iy traffic dispute last summer. wind is in thP wrong revenuc-s ihe American icle- 

either of ^he; political paries sums 0 f money that are in- : ;Tb c industry struggled lu find direction ur the tide turns loo vision networks are not wilh- 

bad. seen - theirr plans thipugo^o Volved. No. wonder therefore someone to come up with cover violently. out their problems. They tun 

wF- F^ matg . that toe . fur is flying a little. f or this sort of problem and it Not so claim the Bretons and are now alarmed b> escalating 

"*^ D0 • < ^ aser exist, over the Association of Bndsh;^pp ears that the Americans produced their own scientist, product ion costs and are Inuk- 

Tne ToneS’ have ^always, been. Travel Agents decision to sign ; were quickest to leap in with Dr. Lucien Lauhier, deputy ing for ways uf keeping a 

toe.J'fFFC shou^flnd an exclusive deal for such cover .:'an nffer.' The whole business director of lhe Brittany Ocrano- tighter rein un expense, 

itself - partners, and -float, with the U.S. based Home. I osuf-^ffoes, however, seem to raise logical Centre in Brest, to stress The essential difference 
off into toe -real world of com- ance Company. Ousted f romj, that old question nf whose the point. "There is no poilu- between the American com- 


The Schlesinger Special Situations 
Trust, launched on ztst November 1977, is 
the top performing UK. growth trust over 
the last 12 months. (Source: The Times, 
Z5th November 1978). Since 1st January 
1978 the offer price has risen 3i.a ; j 
compared with a rise of 4.7% in the F.T. 
Actuaries All-share Index. 


Tf 1 v 1 -Si 
, rc tion.- 


mercial investment — a theory toat role is J: Perry and Co.'togent is the travel agent? 
toe City .seems to- have .-found (Holiday Insurance) who.se - 
less than attractive — while toe owd scheme placed with Lloyd’s _h ■ ■ a 

Labour. Party., is committed, to und(?rwr iters bore ABTA’s .T K(| II H I P (I 
Sir Harold Wilson’s plan for fhe 0 £j C i*] approval last year. Then ■ ■ WUmiuU 
British Film ^ Authority which p err y scheme is not squeezed^;^- 


“ * . , rcu^ it jiv-L %ltl m 

would Absorb , toe present «tm- f rom the market as a result, 

ties of the. CoTporation. Sir j. j s olaced at somethin? of i ® 


Ties of the. Coloration. Sir ,- s pjace d it something of a‘- 
Harold r .;ft chairman" of the disadvantage . if the trader 


tinn of coastal waters around panics and their British t-oun- 
Briifanv’s shares to H? seen terparis n that In the U S. the 
with the naked eye." said networks tend to buy in their 
Laubier in London. “My cnl- productions while the British 
leagues and 7 estimate some show h<une-niade offerings. 
40.000 ions of oil are trapped Now there is a whisper that 
in marine sediments but stress the American channels will 
This Is over an area of 1,000 look les* l»i the film based eom- 


Growth opportunity 


Harold r . js chairman or ine disadvantage if the ri-ade-. square kilcimetres and not im- panles of Hollywood and inde- 

Interim Action Committee, on. association is’ giving its ba(*-'_?*^ nc “ determination to make med j ate ] y aruund the wreck- It pendent producers and turn 


the Film Industry; ..a • body lng t0 t j, c newcomers. Some 3m **** toat eieoone had a „ood ls possJsbie violent winter sales instead tn their own resources, 
.which, has. been interim -for an Batons may take- package tuure;T une near1 ^ drowned out the CQuJd have an e ff ect on t h e sea Thus they would he able to 
uncomfortable lensto of time t his year — most of them buy- toeMfage when a sueable part> depl h s and pan 0 f This oil could control their own budseis and 
and, d^pite iUrgent.Tep.resepta- ..^ n g t our s, and insurance, 'F Gall, c dignatones and scien- he released inro suspension in also not have to pay substan- 

tions to GoS’ern^Pt has ^ not as . f rom travel -agents. .-.fpsts gathered at a London hotel ifi e water. However, this would tia) repeat fees when they 


-sr ssm 


mJ; fyn J this would not cause the reap- stop such moves. AIs» the 
hearing the L pearance of oil on the surface. American nets might well find 

that inay perhaps nave Deen a Persyna |j y j believe this themselves in the same position 
gpod thing, because the message tj eeri gr0 ssly as the British are sometimes — 


“Special Si 1 tu tions’ ’ can often offer excellent 
investment oppr.ru mines, particularly in a rising 
slockmurket. Tlir trust invests in the different 
tv pcs of “Special Situations” listed _ 
below, manv of them smaller corn- /' 
panics, ami is accrcssively manased Sm3lJsr 

fur capital gain. The portfolio is and reCC 
currently invested in 2q stocks 
including: Oft©H 

Recovery stocks - Companies best p 

whose stockmarket rating has over- . 
readied to disappointing results or a TOlCap, 

difficult background. V 

High yield stocks - including 
simations where there is the potential 
for a rerating. w ™ 

Asset situations - w here asset . 

values are not prc>perly reflected in 
share prices. jSSfcr* 


Whilst this concentrated fund offers 
scope for superior capital performance, it is 
likely to be more t'olatile than the market. 
Investors should bear this in mind when 
deciding what proportion of their portfolio 
to invest in the trust. 

rjiitrihu tions will be made on tSth Mavand 
iSth \nvember and the estimated gross yield on 
the cun cut offer price nf 34 . yp is -.15 Any 
investment should be regarded as long-term. 

UemcmboT that the price of units and the 
income from them may go d"« n as well as up. 


SmaJlercompanies 
and recovery stocks 
often offer the 
best prospects 
forcapitaf growth. 


PIMS-a unique service 

Minimum investment in the fund is £500. 
x Investors of £2,500 or more 
?mpanies re, -vive Schlesingers 1 Personal 
K investment Management Service 

»ry stocks tPIMS). mcludinz portfolio 
ffer the report*, iiivirarinns tn meetings, 

" and investment, financial planning 
>SpectS advice it' required. 


Schlesingers manage over £100 
million of private, insttrutional. 
and pension funds. 


General Information 

To invest. u«* ihr form pro-.idrd. Convirt 
noies « ill he sew hy rerurn and cemfoa-es usu-d 
'■.iih.n r. v cd,'. The Unit Price and v irld ?rr 
published Jji I- m leidme new <papr r». To Sell uniia, 
MTTlp>> ftlurn vout >.erinv.*re jppropria'el- endorsed 
.«• the bad, - pai nmni « nnrmaH*' made u ithin - 


ine . 1 ence lrt —- '-7 -- exaggerated especially since having made a terrible pro- 

that Hassan, a m.aa keenly ^1^; , o TA . moitpr that ^ renc ^ 1 are no " , uTter . cg ._* heavy tides have already sranime They still have to shuw 


{^e3^S--tor >ounge/ film -^ arintoer ^waiter that muscle power is 

makers^of . toe- -eouniry.‘ wpald weighed -in the lJ»lan« vas - bitter than chemicals for get- 
have about' threes yeara at toe ™ commission. , . .ttng rid of oil slicks, and in tost 



NFFiSto’ ' -^BTA .sent, ,re now being * t " y . disasree deeply with their 

To iraye such a Job -with no told that if they go all out ^nn counterparts who rely 


-.flnccfl tnat muscie pn er » on urred since the ilisasier and it. Nn un? likes to throw away 
better than chemicals lor get- (he pi | in !he mar itime sedi- iheir uwn money. 

ting rid of ori slicks, and In that nienls ha5 alrcady been strongly I 

ihey- disagree deeply with their .......icienj •> ARTHUR SANDLES 


~ii x \ ‘impart; ’■ 


and Regional stuckhrokers. 


i>UWe ro rv-eidmiv of ihe Republic of be land. 


' funds’ WfiriM. of -course. ;.be r .to sell .'the Home, scheme they Warily on dispersants. 
have. uo>b at ajl and it ffow^ ^ could produce- So much '' when the Amoco Cadiz 

looks .^si lf - va ri ous back-stage . for toeir own K 811 ® . ass h °^ at ^ funded on Men Gouken. 
asmratii^ :; *ave been given, toat might ^ ^ cJles de p or tsah, in raid- 

Eyferi'ltU?:,£5in Ao«s Mareb 'some 100,000 tons of 

.during pie .: nest few months the H d J tenis light crude and 120,000 tons of 

NFFG-fe,not s° ing ,0 b ® "fb for .? P n^r nnt only is heavier stuff began to leak into 

-by -international fi J“ standards. . trave j age nt toe ocean and make its way to 

• investments in Home giving each chnr« Fvenhiallv the 





5*-^ " ■ - 4 

- '"T:: - : ^ 


-Substrintial • . Investments in Home^gtviTO eacn pQ j ic i es the shores. Eventually toe. 
tore&.^lTour films would see that sell! s oni s < ,f “ pollution hit 350 tans of coast- 


4,uirik^indeed- . ' ; Effected by toe oil but badly 

. ISe^ofporatfon Is regarded , enough to ^'t by toe disappearance of 

.. rlw .-nrBTMtions the- cent. Those naive enougn * r-iuetahce in the 



« ope ^ few protections ^ a r ? l a ?“ asSO datTons do -tourists and a reluctance in the 

, UK ^^ n ^^ a 55J d + a ^ S °sweeteners seafood markets to. buy 9 ny- 

> belrigr-JUSt ' A fobbing shop Murage their (Bing from the area. The 

Wors is an ^ to S e]1one particular -French moved in nearly .,000 

example": & Sim : _ investment 1 ^° ht illt erested W military personnel and started 

comifirliere on-a fee basis and ^?f .u at I 8 a5t V p ar Perry was clearing up The mess by hand. 
' : — - n0te abta ' per cent Powdered chalk was about as 

• ; rSn i tf c< 5 l - W pt uM 




* T»: SchletcnKcr Trutt Nlamgers Ltd., 

1 140 South Strccr. Dorking, Surrey. 

Weekend and Everanc Awaphont Tel. DorJttnj TojoSl 86441 

1 I wish to invest £ 

| (minimum £500) 


Mj.ifr'mfi'njfrhr^Whcd loriiincui l (J:hi: 


1 I an ( p jc i.qu,nni:h*'.u. •■uh.ii.fwfoi in* pfrvn^j|[j»rl OirrtiA* [h> 

I rini t’t*. %«i o r -ib^e i« iikj'fc? :ln* ie.’laai iL*rt n tfirm'd he deVrrd §td 


vms aenln hm iltr-j'.a -iirrib* liilrrJ * ^u - 1 .k. kanl >'«■-. hte-ee 
<; uihoiui 1 # HaiVa v^aan: beic^lered. bur ic-ouau dmfna>#d *.'h Uap; id^uJi 
* Ji bcanqnci 


l . < .. > v 

w : 

. ^ ;v 


I in the Schlcsioger Speciel Situations Trust at the price 
J ruling on receipt of my cheque. 


Surname— ~ 

(MR.MB 6 /MIS;! 
First names — 


-(BLOCS LETTESS FLttt) | 
do full) | 


I wh to know more about the ScVilr-inj^r 
Special Situafions Trust and see the latest 
PllVlS report. 


Address— 


A cheque is enclosed, made payable to Midland Bank 


Signature 







Special SituationsTrust 


Amoco Cxfin rinklnj fMilng 



m 


V 











r 


COMPANY NEWS 


Illingworth Morris warns 
of shortfall for year 


BEFORE TAX profits of King- 30, 1978. with a pre-tax loss of In paper and board in ^^ ^. l8 - r ' 
worth Morris and Co. manufac- £27,195, against a profit of £56,1.4. nftionaUy uffJS&HW 
tur n r of wool and cotton textiles, In the 28 weeks to January 11 the paper machine clothing divi 
edged forward from £2.07m to the group ‘recorded a loss of sum. ■ 

£2 37m in the half year to Sep- £96.724 (£35,824). The indmtriai textiles division 

tember 30. 1978. There Is no dividend for the experienced P*raJ . k ‘®' 

But the directors warn that year. A single final dividend of ness the directors state and me 
profit for the second half Is un- 0J5p net per lOp share was paid continuing strength of the pound 
likely to match that of the first, last time. w 

They sav that sales at home and Turnover for the year under dollars has reduced the effect in 
overseas continue to be affected review was £4.76 m. against £4.72m, sterling terms of an increase in 
by major economic uncertainties and tax was down from £35,615 to North American p rents, 
and nervous fluctuations in £2,813. Profit on sale of fixed But this has been more than 




foreign exchange rates. Another assets was £4^13 (£3,293). 


counterbalanced by a significant 


advene factor is the increase in Stated loss per share is O.Tfip, advance in earnings from IjJ\. 

interest rates. against earnings of D.31p. companys and other overseas f 

The interim dividend is raised subsidiaries, 

from O.op to 0.5Sp net. Last year's n/ . noe 

total was l.484p from pre-tax Aril Um VIC' A Sales aj.on zj.se 

profits of £4.76m. iff #7111 1 IjC Deowdamn i.M» 762 

Sales for the half-year totalled mierest «o <55 

£62. 6m, against £58.92m. Home j pr ** 1=74 *=79 

sales went up from £27.95m td 51 T ^1*3 ¥13 overseas m w* sm is 

£2S.48m. direct export from **■' Net profit 2.104 1.676 

£24. 60m to £26. 76m and indirect ■ j Minorities -S3 IT 

exports from £6. 07m to £?.16ra. TT11 Ifi -VAQ 1* A 

Oversea.' subsidiary sales fell J1JUIUI j vtt JL . # Comment 

from £220.000 to £210.000. INCLUDING A first time contribu- WWi the Bury and Masco com- 

i rad m;r prom was £-*.31 m. tion f rom recen tiy acquired Bury panie* contributing about CQ.Orn 
against £4.iEm and investment and jvia.< C i> (Uo'ldingsi taxable and Engineering Yarns around 

146,000. compared with proSis of pa Group rose from £0.Jm, Sea pa’s underlying growth 

£loR,000. Depreciation and jE3.4m to £4.34m for the half year rate at the pre-tax level is 7 per 
j - . , -iZ'.OOO ended September 30, 1978 on sales cent for the first half. It would 

(laSO.OOOi and interest charges up j, y over £g m t0 cgg ggnj, hare been double this figure were 

. , The directors state that profits it not for adverse currency move- 

fr .9 m from the Bury and Masco group merits: in the U.S. and Canada 

£S-r6,ooo to £»«_o,000. Minorities were al a similar level to those (more ttran a third of group 

were £o4,000 (£o8,000). before acqulsiton and that the sales), tbe dollar has dropped a 

see Lex integration of these companies an average 19 iper cent against 

and of Engineered Yarns is the pound over the period. Hie re 

T T n • j * proceeding satisfactorily. has been firm growth in all 

t’a^TDlJin Smith 0n increased capital, earnings markets, with the U.S. leading 
Aiviuiuu uuutu are given at 7j8p per 25p share the way. At home, while demand 

mol-flc l nrr compared with S.lp and the for paper machine felts is improv- 

IlldMb 1U!» interim dividend is raised to 2.7p ing, the company is starting to , . , . , , 

C AAA f 2. 44225 p) net. The maximum per- reap the benefits of its recent 1 filK ’ •"tt o' 1 ,, 

fit v Z . / I II Hi mitted total for the year is fore- capital investment programme. Alpine Soft Drinks ...lnt -..1 

*** J . Vl/ cast — last year's final was 3p paid Current trading suggests that the Attwood bit. 0.61 

Herman Smith, the manufac- from profits, down from a peak upward trend is continuing. At german anutn 

turing and electrical engineering £7. 56m to £7.18m. 107p the shares yield a prospec- ulmgiroitn atom* and Co 

gToup, finished the year to June The effect of increased activity tive S.6 per cent. h} 1 - - 


against earnings of 0.31p. 


companys and other overseas 
subsidiaries. 


:: v 


£0.9m rise 
at Scapa 
mid-year 


Sale* 

Deoredaunn 
Interest 
Pre-l» profit 

UK lax 
Overseas tax 
Net profit . . 
Minorities 


1978 

1977 

£000 

. £000 

33.6*1 

Zo.SC 

1.009 

7S2 

m 

423 

4.335 

S.3W 

1-74 

779 

937 

944 

2.104 

1.670 


17 






comment 


SY JOHN MOORE v. as at end iaT&WWwice . 

AS PART of its $100® CT^naon- -Earlier of shares inajijbe ac suiredJh 1^1 

programme in the United States, biased. for. *2fim ^ Auttma tMffinKi ^ Jggfc - - 

ReS^ fie UK *-***r?5ft SJSStSf- 


AD Industries Inc. of W .‘SSSMT a, uTflaandal year there was_a erase 
a deal worth S333m (flLf.lm). prrot of 532 1070 siblfi assets of £3*»<2S3..-.- 

The purchase is being made *£ as subsi diaries' Indications are that thq .PbtfHoa . 

by Redland in conjunction with - f £B| C engineering and is improving and the Bgard.mj ... ;■_* 

its 56.4 per cent controlled devl^^^^^prO' sidets that .tbis acoulsitioti _wtil 

German subsidiary. Braas Mt%£5 f SSmS tost constitute.,. “ 'V. 


German suosimary, qmo* t ^ group's last connnn»...a . \\ 

Co. Redland and Braas operate about S20m. ' to the- ffongto interests, .and _ 

joint subsidiary in the ^anstott «*** 


joint sunsuuary u* j. piMiand's American . expansion 

Redland Braas Co is designed to acquire results, 
it is through this that the _ Jopii- .gjgjjjjj ^ch. will offset the 


siUon is to be made slower rate of growth in 

The acquisition js to be m. the ^ ud other European 


me acquisition j* UK and other European 

form of a merger between aab- markets. 

sidiary of The Redland I _Braas A ineeting of Season-All Share- 

Corporation and Season-AiL ana holders Is- to be called early- in- 
shareholders of Season-All are^w - W7 g . t0 obtain approval for the 
receive a cash payment of nlanned merger. - 

share, which puts a value on the ■ - • ' 


CAPITAL AND 
COUNTIES BUYS 


‘sSSZd SB™- HAWLEY GOO 0ALL- ^fSSSS^SS^S^-?, 

mem windows. It also makes IN WALES ' juiham Potl^^New Kings - 

vinyl-coated aluminium jomknvx. contracts have been exchanged to pr0 vidc 33200 sq ft nrSSS" ; 
h has three manufartunns which Hawley GoodaU con ditioiied oCBces..' It_ 

Operations located «n , nea { Group is to purchase io per cent tet j w ill be strong demands v ! 
Indiana, Pennsylvania. _ a?a a. , ^ capital of Amser <vm« ' -tpnanus.' r' : - r r-rT: • 

lour^, opened in 197S. m^Tpeca- which' operates two At "Mertoni, the = coma^.lias ^ 

financial year' end- restaurants and a 10-bedroomed contracted to . buy the SleepMaee 
in? DMember 1977 sSaTu ™<>»ls in Wales. factory, JHordea Ho«L; Ml^45 > | V- 

made D pre-tax profits 'of $3^m on Consideration, payable In 1980, £lm as part of 

turnover of 643m. This compared is to be determined by reference grade its investment ^ port folio. A y.J 
with taxable profits of 82.7m and to one and half times the pre-tax The factory u-Iqt^on .lo ng \ f 
turnover of $3lm in the previous profit of Amser for 1979, less the with seven -year rent revfcws.ls 1 1|| 

-deficit, if any, of net tangible Slbepeeze?. . _ fjjj 


IWO PROPEHHES oix ^ 

/ As foreshadowed in the Jaterh a " \ 
statement. Capital, and- Owauci ■■ 
Property has 'acquired two. further. v^ ' 
properties' : in -Greater IandiHL'L^:fS£=. - 
"In Fulham it has entere tfinfij-jp ^. v , 
.partnership with Fulham 
for redevelopment of part 


were £54,900 (£58,000). 

See Lex 


Sir John Hunter, chairman of Swan Hunter Group, who is 
due on Monday to announce the results for the year ended 
June 30, 1978 


Herman Smith 
makes loss 
of £27,000 


DIVIDENDS ANNOUNCED 


Corre- Total 


MacMillan Bloedel pulls out 
of Reed’s Canadian auction 


•3 fllC 

--V < 


Arthur Bell lifts sales volumes 
and expects interim profits rise 


Narbo rough (F2HS.) Rbr. 0.8$ 
Scapa Lnt. 


BY ANDREW TAYLOR 


Dividends shown pence per share net except where otherwise stated BXacAHLLAN BLOEDEL, Canada's had hoped to dispose of its re- Prudential Aspiran ce. . own-* 
* Equivalent after allowing for scrip issue, t On capital largest forest products group, has maiming major Canadian interest 72 per cent of the shares with . 
increased by rights and/or acquisition issues. Z Gross throughout pulled out of talks with ’Steed —the 87 per cent jtake in Reed Imperial Group holding ar rimllar\ 


$ Includes additional 0.0666 7p for 1977-78. 


A FOREC.AST of improved order to qualify for trustee status, half year to July SI, 1P7S, from 
interim profits from both the Instead of making a single pay- £28,476 to £30,842 and the directors 
scotch whisky and glass divisions meat annually tbe group has say that the improvement has 
of Arthur Bell and Sons was opted to pay a nominal interim been maintained during the three 
given by Mr. R. C. Miquel. the dividend of O.Oap with a final to months since the half-year end. 


largest forest products group, has maimng major Canadian interest 7-» per cent 01 we snares wm-.. 
pulled out of talks with Reed —the 87 per cent jrtake in Reed Imperial Group holding a“snnllai\ : 
International over the " sale "'of .'Paper-by the end of this year. .. amount.' At tiie year .end"Z4 per.. ' 

Reed’s 87 per cent stakei.ih its Major disposals by Reed- this cent was in the -hands of Men--. ^ 

loss-making Canadian paper, sub- year include its: teith Investment Trust;. -'t.-.J- ' ■ 

sidiary. '' # SO per cent stake in its Austra- In June Brooke raised £0.5m 

Talks with other interested llan holding company for £25.4m; through, a rights.- Issue. . 

Canadian groups are confitming; # a 63 per cent stake in Nampak. 

says Reed, which has mounted a the South African packaging '* 

multi-million pound disposal pro- concern, for £39m; .. .. BROOKE. BO NO ' Uvr-' A -' 

gramme in a hid to reduce its # and raising a. further £27 3m £tivi TAKEOVER ; : ’ 

I beary borrowings. from the sale -of its British ^ SUBSHHARY- of .Brooke Bond’ • . 

Reed's share price .initially Columbia Joint venture interests, is to pay .£1 m ’ for Osjco^ 


Christopher Moran up 


to £1.2m at halftime 


>t *ha ,-n.ini ,, - ___ __ - — mum hi L.nri!,HPun«r« xctiivc dcuuu is pivi ing cuaiiie. rvtL'u h snare price -ujiujoij 

in Rprth ' Srniland 3, Ua meeUnff „ V 1 ® Trading for the remainder of Morui Group, insurance broker furthermore order* in the first Lumbled 10p yesterday, but wta oil y-ow-ned'^ Kenyan.^ .‘’subsidiary 

The chairman renorts that nro ^ndation to nav tnta i the year is likely to be affected by and Uoyd's underwriter, moved half have been increasing and now recovered somewhat with .the as- JVIR. LACEY GOES Murphy Chemicals (East Africa). 

cress contnues In^heAustraban dendVfar tli 8 shortage of some models, but ahead by £144,000 to 11.23 m for stand at a record level. surance that negotiations- with D Hn nkTTnnT Kmiyan Exchange Control has ' 

Sd s£i zSLnd markets in ShJre f “ V f °“ 3a9op a U 1* anticipated that results for the six months to July 31. 1978. As reported on Wednesday turn- other prospective Canadian -pur- INIO tSKUOKE lOUL ap ^? ea - Ebe^hcqubitkm' by- J 
Australia Bell'i now has i nw 5 the full year should be In line Insurance turnover was up at over rose from £3.6m to £8.S3ra chasers were continuing. Last Mr. Graham Ferguson Lacey's Brooke Bond Leibig Kenya which 

cent nf the market and aiihmivh with last year, when the company £1.4flm, against £lJ22m previously, in the six months ended Septem- night Reed's shares closed at 157p private Investment vehicle j s 88 per cent owned, by the ; 

duties were increased hv 79 ner Til 1 O achieved pre-tax profits of £89,000. First half figures last lime ber 30, 1978. and profits came to —down 4p mi the day. Birmingham and Midland Counties British- parent --L ■ -. - 

cent in Australia in Augiist. sales 15130X111311 & Excluding car tax. VAT and JS?"? r 5 , £«? Tn°th2 MacJIilHan said that it had been favestmeiit Trust has acquired Murphy Chemicals manufactures 

continued to grow. Aai»vmu»il i ntcr ^ 0 mpany sales, turnover for s ^° f £ 3 1Bm hy the industrial half 19. / -78 loss of £4 1 000. In the ..u^bfe t0 gad a basis f 0C m ak- l-15m ordinary shares f23.08 per and markets pesticides and - 

In the U.S. there are a number T the six months fell slightly to division the remains of winch first halt of last year there was a ««■«-« k..» .♦« cent) in Brooke Tool Enalneeilne acriculroral chemicals' for, Idcadsk . 

of companies interested in dis- I OTIT3fi £2iJ4in, compared with £2.37m pre- ?£!S,h2/ U rtli* 1 i?ii2!! r * -rf pl rhL™ intorim riiviHenH 

tributing Bell’s whisky following V/U11I dU viously, and the pre-tax figure was ! 


cent of the market and. although __ _ _ • _ 

duties were increased by 79 per D1 n Atrwt n m Q_ 
cent in Australia in August, sales MB I A I ,|\ fTl3 Ml ifc 
continued to grow. ******* ^ 

In the U.S. there are a number T| 

of companies interested in dis- I llfli' 51 fl 
tributing Bell’s w-hisky following 44U 

the termination of the agency A 1 

agreement with James B Beam FI I TTlTAlin fl 
at the end of 1978. An announce- UU111 UUIIU 


at the end 


viously and the ore-tax fieure was 10 October, the directors said There is no interim dividend 
subject to tax of ja£o37 against ^ were that tbe compared with 1.79P net-— the total 

£14807. ^ current 12 months' profit would for 1977-78 was 3.5p. 

„ ■ . be in excess of last years, when 


1012016 IO Una a oasis tor mRK- muujuuj autuev HUU iiuu jiwuwww 

mg an offer” but declined to cent) in Brooke Tool Engineering agricultural chemicals', for, a 
elaborate further. " r > ' - Holdings. and export markets. Brooke-Band -d; 


t*. . ■ iti vauvoo vi iaoi *toio, wuwi 

4"™ *® °;?P the pre-tax surplus- climbed from 


K.y°MeSSue W reve^ senior A TURNROUND from a loss of ffi*^** .share and ittS BSffK S SSST ” 

phcuL aSointSmh haw £2M - 0 0 0 a O'**** profit of ‘“tenm dividend s unchanged at The net interim dividend 

been 11 made ff SSbSine the S35 ’ W0 made Bteckman ' ! net-Last years finat «■* raised to l.lp (lp> per 2&p shi 
been made in wrabushing the Md CtMirad in ^ sis months to 08375p. — • — *- - 


"Toun’s own nreanisatinn in thw HDa VAmraa in s “ monuis to and costs £189,828 (£172,571). The 

market. ^ July 31. 1978. The directors say The company is controlled by final for 1977-78 was 2.6p. 


market 


Net profit for the six months 
emerged at £592.000 t £529. 000 1 
after tax of £640,000, against 
£599,000. 


The chairman renorted that in- they trust that the improvement Attwood Securities. Net profit for the six months 

dlSi.,™ >* i- the «»d «n«r,ed I59M0 

fi"4 !«• 'or ,h. ,-hoI. of !,* - ^000“° ' 

ahead of the same 197V period. He £> r ™ =>17.000 after ereditioa JNarOOrOUgh Minorities took S.000 (£4.0001 DUE 1 

also expected that profits from £678.000 temporary emjrfoyment » leaving an attributable sum of , eisur(? 

the scotch wliisky division in the subsidy, less itenm relief grants i; j £587,000, compared with a loss of operat j. 

period would show an improve- written back. SUDS IO £».?00 after an extraordinary diture 

me , n t Turnover far period under r debit last time of £oo4,u00. 

On' the glass container side de- review wwi down from £5.51ra to £lHi\ Af\f\ 
mand was slow to pick up at the £4.38rn. There is again no tax. XA / 

Mart of the current year but both T^ e SJ’ouip, which makes 

factories were presently operating children^ women's and men s pRE-TAX profits of Narborougli 

a full capacity to meet sales de- wear, is not paying on infenm (FMS) Rubber Estates slipped 

mand. Profits in the half year will dividend. The last dividend was from R76.611 to £170^88 in the HOW tTBOUIff 

be better than in the same 1977 1.375o net for the 16 months to year en ded June 30 1978. Tax ■ ^ 

period. January 3^ I. 1977, for whKhpenod jaKes £76^52, against £79,319. 

In transport, results continue to the company made £104,000 pre- _ . . .. . : nfi f)rOllt3Diy ThA 

improve and it is forecast that the tax profit The °$L SS F J f 

half year will see a brc3k-even frnl2 P i After recovering to a better s ‘ 

situation. A J [l™ ^ break-even position at the £« r « c p e 

_ _ AttWOOQ SVtiJT 8 sh d b m L78p interim stage Brady Industries, the " ,P" 

f H RAIT FV _ . l,71p. chii|-tpr donr l^rillp anrf liffmafclnlT Volume 


Alpine 


Drinks 


unchanged 


venture interests in Cgnada. It the decad$. of ita Kenyan subsidiary. . .-j V.4 

-. i- . v 1 - . • - . •- i. I. - > r'^'Z I' . iLi. 


| 


" - - -A- 


i OL u scuuig up miaiiauaii l 

fcj J 

Legal and General Assurance hydrophonics has joined the Shaw Street. Walsall Considera- , 

T , , _ , Cfiiim r aw. £ J I. Mnnim. 'X. • *■ » 


139,000. M*AVLa»«Ajikk<ik' w has created a new holding com- DnnJop Group. lion for the fixed assets is fSO.OOQ; .'^ V 

Minorities took £5.000 (£4.0001 DUE Josses of £9L248 on Its pany in Australia, called Legal and SCSwasacquired on October 81 pi us stock at valuation. .- . . . . 


Brady Inds 


changed for 1 the 26 weeks ended country. 

September 30 ; 1978, at £927,424, A new operating subsidiary has 
against a previous £920,679. Profit also been set up — Legal and 
for all of tbe 1977-78 year was a General Insurance of Australia— . 


ASTBURY AND 
MADELEY 


a wjae range oi pro use uve ciuio- . . 

Ing; win be carried on by a sub- <i# -j, 
sidiary of Trljrfex— Walsall .Pro- ■■■'- » 
tective Clothing. •• y v ' 


i u«/ni,i:i tective Clothing. - / 

The acquisition win provide an 


record £3. 54m. I to which all general insurance « i rvf no n ** ° D ®xtension to Triplex interests in 

Turnover for the first half was | business will be transferred from J ^ fleld - K ivin & >1 A wider cover- 

the Australian branch. The com- "ftj age for the protective clothing and 


up from £5.44 m to £6.7m. 


C. H. BAILEY 


Garages 


C. H. Bailey, the dry dock In Pera 

oneraior. has decided to change Pre-tax profits of Attwood current 

its system of paying dividends in Garages were just ahead for the factorily. 


“ r "" — fcV uic muuaiioii uiouui. ins lmw- m - 10 - 70 ' woc pcnc 009 arari in 7 ° <uiu 

The directors say that profits pany is wholly-owned by the fh/flro montlS“o^ Octbter“l^ m industrial safely wear markets..,-'--. .- 
from soft drinks ware up by 10.6 Australian hold hi? company. (n cre aise of 14 per cent has been ' : J : 

pere cent to £l.03ra and reflects a Joe Palmer, head of L and Gs reconted over ^ same period CRODA DEAL ' - ’ ' : 

3 per cent increase in sales international operations, said the t,£Alj 

to I-Tlp. ' shutter 1 door^ grille^ a^id Tif tma k Ing wlume over the same period last development was ta line with the Ne ^ £Mt006 faclad e COMPLETED 

The group, which has estates concern, is trading profitably, ye 5' *hi e romit enfic. 81,01,58 P° ,lcy ^ to domesticate^ its f ree jj 0 id premises at cost of CmA* Tnt-i>rnnri<ninrg n{rr ^ P p 

In Perak, Malaysia, says the states Mr. A. E. Seymore, chair- - Jhey coMider this result satis- overseas operations once they had jijjiqs. These have been pro- 

current year has start*! satis- man, in his imerira statement. attained a sufficient size to be fessioaally valued at £35,000. . • 


He reports tiiat rigoroti cor- conditions throughout viaWe „ sep «rote entitles. 

tne halt year. ' ■ " ■ *• 


Results due next week 


ie half year. 

After estimated tax of £482, 


(£479,000) net Profit available the domestication ollts Australian 
came out at £44a.424. against 


Two giant electrical groups, by reorganisation costs. Full year look was for a shortfall. 


£441.679. The interim dividend is 


The shght upturn in private construe- "fiJS 

i of tinn activities. The results are J.S 


General Electric and Plessey pro- estimates range from £365m- reason has been the impact 


vide the main features on next £4 10m, against £325m last time. continuing adverse conditions in due on Wednesday. 

week's Stock Exchange list— both The market is not expecting a the UK baking Industry on top of Aeainst th«» hipkrmnmi of 9 io-t/vq Ar »r 

are due to report interim profits, lot from Plessey's half-year unsatisfactory trading in Eire, and i mDMwm #nt Sr il? 11 trodinr 

Other major companies to report figures next Tuesday. At the first analysts are not expecting much JoidltloM^eanecEllv i? X »SpH d n!2 ^ 

include Ranks Hovis McDougnll, quarter mark pre-tax profits crept excitement when full-year results ” ivat h ’ bJfidine and mm *L t S r# jL.2 f l 

Hanson Trust and Pilklngton ahead from £L2.39m to n2.41m, are announced on Tuesday. 8 Mnin^toL £34 °' 438 wth ^368^S7. 


able as separate entitles. ,c ~ *““ cu ‘ .. Rlehardson Ink Co- of Chicago 

L and G Is currently negotiating •=•• _ . has been - completed " after 

with the statutory authorities for TRIPLEX receiving, clearance by .Uie 

ie domestication of Us Australian rrtTnunDri:c relevant government, authorities 

fe business. FOUNDRIES In the U.S. - 

_ T Triplex Foundries Group has Richardson will form the UJS. 

DUINLOF purchased from LCP Holdings, printing iixk subsidiary of Croda, 

Soil-less Cultivation Systems, a the business previously carried on and mil be known as Croda 


.'{If* 

-ifef 


TRIPLEX 

FOUNDRIES 


QQC i PTO <109 1 Alert nrinnimonX 1 OWiriC» v.uiu*auvu «7J7l«uu>i a uic jiic»iviLji; uuncu uu ox 1U WiU I 

P'S? SS;, A1 «V*^ S pioneer in nutrient film technique by LCP Protective Clothing at Inks Corp. 


Brothers. and the second quarter Js always Generally, they are forecasting Brothers is p™r-«i ™ in The directors state that part 

GEC’s interim results due on a quiet time because of the holi- profits of between £3 2m and £3 5m " 1" vji 11 »" of the tax charge represents a 

Thursday are expected to produce day season. Overall, the market (£38.7m) with a turnround at W ednesdav In «nite nr vS-itinns Provision for deferred tax. whichi c , uded - n-eotMiinns for the sale sation. Mr Don'Jarv ha« faeon ‘ 

pre-tax profits of £165m-£175m is looking to the second quarter Wessex Finance. The acquisition SStTh?iml»S of ST under SS.\P 15 can be elim'mated: ld€ g. “SSSSnSSion 5S aJZS?**- He . rema ? nB .: as 

(£145m). The best growth is to produce around ^0.5ra to £llm of ^_,SpilIera bakeries may start ratc^oreniSn^ GenTra^v consideration will be given . on |S h«£. and surnlus aS!“ 


E 


Kerridge Construction sale 


Kerridge Construction has con- Also In a management robrgani- manasgliig dBrector^ said '.chairman 


The Industrial division, mean- As for the trading background, at halfway. Hanson Trust’s chair- r-p-ntiv ct'pnn-d TillpV T Q mn 

while, has been dragged down by electronic systems Is the main man forecast profits of around inveeimonr 6 A lU“y LalllU 
the dull demand for diesel related area of growth, while private tele- £24m for 'the full year, similar to Ir?.?® 


UIC UUU UCTOUUU SUft AVJHkVU “ “ « O" I *• kkiiw- AS.TIU IWI Uit iUll ICOli OIUIUOl LU on rtrtl In nnMnnl- -E _ . rrt— . 

products biit given higher Interest Phone systems should be doing the previous period. Analysts do 51 A ^ 

rates there is likely to be an well, and the aerospace side not disagree with this projection, .MS* “ 

important improvement in invest- should be beginning to pick up. in spite of the continuing un- ^ IOin glass plant in Nigeria. 


ni or a new turn noai i. „ 

in SL Helens and a DrOgTeSSCS 10 

Ctlficc nTant In Miaarrs ^ 


impuikom “ “ — “ —o— ui vi vuc wuuuuuig UJ 1- ------ 

raent income. This should be felt Back in April Ranks Hovis favourable currency movements. Other results to note are third j-,1 fl / I II III 

even more strongly in the second HcDongaD was forecasting that especially in the UB. (SO per cent quarter figures from Smith and 


even more strongly in the second HcDongaD was forecasting that especially in the UB. (SO per cent quarter figures from Smith and *'■*■'*' 5 UVV 

half. Meanwhile, the telecom- overall profits for the year would of group sales). In the UJt. the Nephew and Phoenix Assurance The recovery, begun in the 

muni cations outlook is brighter be similar to the previous period, company should be able to and preliminary results from second half of last year continued 

and GEC is no longer hampered but by the interim stage the out- improve profits In view of the Swan Hunter and British Sugar, for Tilley Lamp Co n a’ subsidiary 

Ann (Kmc*. DMdMKitoi- * of Stonehenge International in 


working capital position. As a struct! cm, a private company. In better secures - 4be company's 

result of the sale, its bankers have October 1977 and Mr. Bryan future. . . 

agreed to lift the debenture and Sandeltson, then managing TSie most recertfc account* of 
other charges on the company’s director of John Laing Interna- the com p an y . eantoya soma 

as 5615 - tional,- moved over to become $00 people in the CaanbcLd«e area. 

- show a tonjover of £ltad for the 


FINAL DIVIDENDS 

BrlUsE SuEar Conundoo 

Cardiff Malting Co 

Cansron tSIr Joseph) and Sons 
Davenports Brewery (Holdings* 

Deansoo iHoldlnasi 

Dennis 1 James Q.* 

□events* < J. A.> and Co 

Eftno and Robbins _ 

Epicure uotdlnsB 

Flerella Castors sad Wheels .. 

Hanson Trust 

Irish Distillers Group 

Kelsor industries • 

Keystone Investment Co. 

K Shoes 

Mitchell Coos Groan 

North Midland Construction Co. 

NSS ’ilnmcetus 

Peak Investments 

Ranks Hovis McDoogall 

Richards . 

Swan Hunter Group 

Williams (John* of Cardiff ... 


IHTERIM DIVIDENDS 


ArmlLixe Shanks Group Wednesdj 

Assodaled Tooling Industries ... ... Thursday 

Atkins Bros. (Hosiery* Monday 

Austin (E.) and Sons 'londo&i Friday 

Baker Perkins Holdings Thurtdsr 

Bankers’ Investment Trast Tuesday 

Bassett (Geo.* HoWIfll* - Tuesday 

Bishop's Stores - Friday 

Bremner and Co — - Mood ay 

Bristol Evening Post Tuesday 

British RoiMing Sr Enyloeerlog Appliances 'riunsday 

British Tar Products — Thursday 

Bucklers Brewery TJnradsy 

Borne tt and HatlsmAira Bcddlsso — Taonday 

C« woods Holdlaga . 7 >orsd Ky 

Carleas Cepd and Le<marTi I?* 84 ! 7 

Castings - Hwadiy 


tnenl 

Last year This year 

dna- 

InL 

Final 

InL 

Tfioisday 

02900 

S.4ES1 

i.en 

. .. . Friday 

0.9 

e.s 

9.5 

.. . Wednesday 

XU 

Nil 

Nil 

Monday 

OJS 

15671 

0X8 

Wednesday 

NU 

2.063 

Nil 

Tuesday 

132645 

1.36 

1.41225 

Wednesday 

2.0 

3.9 

2.12S 

Wednesday 

1X1 

1.910 

1.351 

T&ursdaj 

— 



Nil 

.. . Tuesday 

1.05 

1.714 

1.155 

.. Wednesday 

2.75 

3-5397 

3.023 

Tuesday 

1.11 

2.4375 

LS7 

Tuesday 

125 

L 98475 

L2S 

. . . Ttmnsday 

1.75 

425 

1.7S 

Friday 

0.77 

L5 

ora 

... Thursday 

0.65623 

2.74378 

0.G5635 

Friday 

0.45 

0.65 

0.45 

Tuesday 

6.7 

1 4228 

0-3 

Wednesday 


Nil 

Ml 

Tuesday 

1.32 

1.968 

1.452 

Wednesday 

023 

0.815 

025 

Monday 

3.0 

T.IHGt 

3.0 

Thursday 

OS 

1J9 

1.9 


23 

5.99 


.. .. w-duesday 

1-98 

2JC 


. .. Thursday 

1.1 

L4383B 


Monday 

1.23 

2-4 U 


Friday 

LZ77 

5.571 


. .. Thursday 

7 9 

2.4 


Tuesday 

l.ot 

li9t 


. ... Tuesday 

1.4005 

4-26438 


Friday 

1 -21128 

1.3764 


..._ Monday 

1.015 

2£ 


Tuesday 

2.7 . 

387 





ChnrChbary Estates 

Clarke NIckoHs and Coombs 

Coalite and Chemical Products .. 

Cropoer (James* 

DundotVan 

Dora pipe International 

EnghjO Card Clothing Co. ... . 

FertJemtn (B.i and Sons 

Cenoral EleetrK Co. ... - .... .. .... 

Hall (Matthew) 

Btghams 

Ingram iHanrtdi _ 

Kieen-E-Ze Holdings 

Lemons Group - 

Lyons U.' and Co. — 

Mansfield Brewery - .. - ...... 


Norton iW. E.» •H<ridlngs> 

OU and Associated InvKtmenx Trust 

PeglepHaCerstey 

PUklnsttm Brothera 

Pitman 

Plessey and Co ... . 

Rotaprint 

Russell (Alexander) . 

Shaw and Mania 

Somlc 

SunehU! Holdings 

Vaten Group 

Wamnxton 'Thomas' and Sons 

W’oodhesd (Jonas' and Sous 


Amujoncft- 

mew 

due 

Thursday 

Wednesday 

Wednesday 

Frldsy 

Tuesday 

Thursday 

Wednesday 

Friday 

Thursday 

Monday 

Tuesday 

Tuesday 

Monday 

Friday 

Thursday 

Thursday 

Monday 

Wednesday 

Wednesday 

Thursday 

Wednesday 

Thursday 

Tuesday 

Wednewlay 

Thursday 

Tuesday 

Monday 

Thursday 

Monday 

Wednesday 

Friday 


Dividend tpi» 

Last year This year 
IuL Final lab 
1.753 2 . 8 W 

04914 l.OfflO 

0.9381 1M33 

QA 1.0 

0.06067 0.73397 
D.9G2 3. LIT 

l.l ].«3 

0.390 Nil 

=.P 2.r*« 


1977(78. With taxable profit of w . .. .. , , ~-i — — — v . W| t — 

£134257, against £111,460, coming 01 Westmtoster plrted-by July. 1978 ... cent ’of fee cojhpaitf 5 .7'tdS.' ’ 

in the second six months the Gronp ^carae oul at Various parties have shown maxes, the beneficial, owner of 

group finLvhed the year to June ff ,W ??.L or the half-year to March mterqdt in the acquisition of the. the. shares was the estate; of the 
30 with surplus up from £84,831, 31 » 1878 ' compared with £31,000, building ' following completion, late Mr. H. G.J?. Groves.'- 
to a record £167,310. 81^8 eanungs of O.Olp per 20p the directors add. Sird»>-Mrs. X M,;TyrBL diaIr-' i 

ehtM airalnnt DCn lat* Hma ll ie a atiw al-l ft»l j — . ' - * - 1 ■ 


Westminster Property declines 
to £4,000 in first six months 


16 month, peraorf to. Aprtl 1978. : -; r- 

- SHARE STAKES f 

Cakebread RjObeyandCo;— Sup- 
plementary to ah r ajna obnoemen t 
regarding acquisititHt of "17J "per : _ 
cent "o£ ' fee company's. 7 vdoi®.- 
shaxes, the benefidal owner of 


from e a l chanse h ]n the^ethod^f To the profit for the period of M ' XS7 ^; trus * ^ .which' ^^3mtee;-tfW-: 

stock valuation which prodS an G1.000 (£74.000) was' added *&*££*}* 1 ' PW«J «f ■■ . " 


share against 0.5p last time. 


It is estimated fhat results for man, notified;.. 


-that: a 


stock vaiuauon wiucn produced aa <•» niwiiurnm' ...» JIL , .. , . 

exceptional credit of £22,848 (nil). £27,000 (£168,000) profit on pro- announced op . Ptoaseyir^Th&rcoa^a^y- advises 


l.TBOfl 5. 321 S 


*■*=€ 12458S 

2.068 Nil 


fl.lkJW 0.15118 
0..W3J 1.518 

3-13 4.333 

2«i 2X5 


2.90m?* 2.37338 
4-IM5 I.«ll* 

»■« O.503H 

NS Nil 

0MO 1.4 JM 

2 23 3.73 

0 ,33333 n.ifflda 

3 1637 ] JW7-. 

1.2375 isasM 


Sales, which in the first quarter peny sales, pins development a possible acqmsi- that - the^ ^ -"itfflo.whflj ; have been 

were up 58 per cent, compared costs £126,000 (£64,000) recovered r°“ V. “f company m exchange granted - optioos to purchaser Mr.: 
with 40 per cent for the whole of by transfer from capital reserve. :i* “* 8 somewhat pro- , F. . K. ChprJey 19,O00,iordiiiary 

the previous year, at fulltime were making £204,000 (£306,000). In- ™ga,*g ,™ et0 ™ fitatej. but shares, 

£0.4 m better at £lJ)m. terest for the six months took contmmqg and a and J,- ^pheimcr^oatL.-; 

After tag of £71,468 (£27,655) £200,000 (£275,000) leaving the be Westj»f>ol -InvcSthl^^ ^ 

earnings per 25p share came out pretax figure. There was no tax aae - 30011 posaible. Sun Life Assurance Society ; now 

8.1p up at 18.7p. Ordinary divi- charge (same). Tfciff' j. ■ m holds 500,000. 5har0s'- (6^ per 

dend paid by the company, which The directors say the figures jVIOlTnlPII T nicf cent),. - -v 

has close status, .again cost comprise of income from invest- . ©** **l*3l- AIrfix 'Indnstir^-4-Mr. G. -V. 

£194200. ' merits, development, dealing and T T ’.C Knn/lr- Boare-sbid-20^40 bfdtoary. Glares 

Profit was struck after deprecia- trading profits and include results ■ OUflQS * : andiL44^'Tf- u nsecu red 


lion of £98,703 (£103,503) and of developments In the Algarve Hfffleri nf : "'"v ^ 4. - - ■ ‘ ' 

overheads capitalised on work on and Usbon, PortugaL pe7 US g ,8J -Joha Fostorand SoirrThe cbm- 

P' a "t and. Joels produced a credit Th«e is no dividend again, the advised by- the S pany-.has- biten^adviwttiiatvVait- 

°r £i9'«S (£20.327). There was an last payment was a 0.07 p net anal'the'SnS uen^^ P fl ^S.^t^ ^^^GtW£v : PUrth«ed ••’50,000 
^ r i.°. t ? ,n3 r y „ . cred ‘t ■ of_ £51 for l973-7 4 . _ • annouhceme'ntT K further OrdhmiyjdiaiTO;on : NDvember 22 


(£o,8il) and £31.404 (£30,472) was Interest continues to depress The move come* .wn. “id. a>fm^thet^SC,0(lfl'=Ordniai^ \ 

withdrawn from capita! and in- earnings, but negotiations in hand the announcement thnf°c^^K r sharts on ; No Vanheg . 23;- making ..-^V 
vestment grams reserves against for the sale of about one-half of Forbes: and Bland Sf* ®*®*2f i * -tdtah ItqWhig 986 l 6iR'-'f»niiaary - • ' • . 

v fie. ™«"t premises at ...the ^;,^.per -W) -ef the Vv > 


i.i a.«u 

os iso* 

0 OS 3,2373 

2.42792 L 42733 
0973 3.8® 

0 3683 0.5321 

0.42 1 378 


UTTCRlM FIGURBS 

EOtnUuiyli «xd Gekerel bivenmcni Trust Wednesday 

Group Lons Car Computes Mpoday 

UalUn) Group of NolHuham - Friday 

Lmdoa anfl Ovpn«H Ftcirinem - Stondar 

Pboentx AMarmnee Co. Wednesdayf 

Smith and A'eviunr Ameiited CMapiuies l ?u*sdayl 
TVlefU sad Oo — Monday 


& 


depreciation. “ the vacant premises at the r ^ ne .' whose sSares^'tK.OS", 

The ultimate holding company Bloomsgrove estate in Notting- Montagw- Trust. ^ r « C0 5J pan5r - ^ share-. capR4L : -: 
Hersov Investments Corpora- ham, will with other proposwl taJkT^ “erger ttot- Serfe 


Is Hersov Investments Corpora- ham, will with other proposed taJksT 

tion (.Netherlands and Antilles) aales^^reduce Interest sub- Theie are about $Sm of the ^ ■ argmaqf ■ 

TUiey manufactures paraffin Property rales have held up Suea ^ 1 *^^ ^ ’ 

■essnre aDDliances. Rouid net- well in the Alsxrw anrf . .wnen Montajfu iss'Mnivnm*-'- r+t ^ 


I^vSeri®* 7 ..'. GmajK—^klr.- V. 
Benjamin; sold 39,06b . Ordinary 


■ Dlridends dUnru o«t peac* par dun sad affjusud fo> 
tame, t lacMiia acccnd snarta. tiadndtug aim tste: 
fisune. B Svcood fartwlm. 


‘5!S d JSr *** tetsrv«!ag scrip ^nssun appUances, liquid pet- well fa tbe Algarve and the office Trust wsu' a mSS* J£S£S* tovnatmeht’^Office dimbimd . of 
aw teterta. J Third ouawer rqleura gas camping equipment development on the Avenida do before- it became *$?' S0 * 0 ^^ ^.Onttraary doriSleaving an- 

and carpet sweepers, Liberdade, Usbon„«hould be com- Midland 5811 f *ntefett.:3 n ^8^73,OOa' Xfi^per 




-1-' -- j jfc-; ■ 

• f 


•■^r. :V ; "fi\ 

.f \h'xS. \. .-S-. 

'f: • -.k 




















17 


o . 



■21978 


VI&8Y.-OF THE WEEK’S COMPANY NEWS 



3? : 

Of 


■f ’ ^at-was-* tWakweek Ibyhlds .and difikls, but- on Thursday, GEC 
I $£*dL-in4de an £83tt~ approach to Arcrys, the 
engfnfier^^Tha move, part of 
- .:C3SB5Y; fop&O&pL' ifctf »gy fto/ diversify iatiifc; tbs i^leetrpjiic and 
'•" ';4ii^Btrt^^s^as'i^ldif, cdotd lpaiT. tD an offer of-225p cash for 
'-each'; of* AverS^-^hares. QUier- apprcacfces’^hich ihay lead to 


Company 
bid for 




tS£ , >Bo e K\ 

i?J n !» r esi 3 X, *4£ 

^ _ 

^ Ai\D 

IS B(_; V 

SWjJjk ; 

*■■ 

1 ^febie P ;% • 

" uh F S^ t S & ' 

tv-Vv S'ort fe 

set v^< i 

"" be '< , iS' : ft- 

nx esi!ne ^»cy „ ■ 

« If! 

?earre "' 'S 



. 0ia^^fevHaaiL*as. estend ed its raftgft. , 

t - handling. indu#iei^ar. .acquiring 

• : £araslej|fei$S& Q&a2fc£ WJT from British Sietf- instructions 

>(BiQBia&^rf(^Llm>'cash. V?* '-: ' t'-'. : -; 

••'r ;^^gri«H^#a^&^nblii]ir1»sed ladies* fashion and retail 
j' . stojf*^'^r»ap; ip ijixyin&'tiie ~ retiS; f *5hfaitt chaln'^fean Barrie for 
... ^Jv4Wv-“ttMfei2;«3rii: ^oari-Barrii h^ 30 ottrieta^ftBe MIdlands 
■.'■'■§Bi|3!S and Borteai hopes t®it iitejnaiafictttrid? opera- 


Bodfenatarsf PTS <Slattor Ifim&K ^Additional monies will become 
.’. payable- 7 if the cons^fidafeCptB-toi proSte of PTS and its sub- 
. sidfarjes esoeeS^o S^ilnfofcff'wr ending nest March 31. 



Value of price Value Final 

bid per Market before ol bid Aer’i’c* 

share"* pric r** b id flm's)** Bidd er date 

Price* la pence unices Odierwlsc indicated- 

City of Aberdeen - 
Land 

Compton Sons & 

nasfias (John) 

Kean & Scott 
WidhuTst Whites 
Midland 
Educational 
Midland ’ - 
Educational 
Myddleton Hotels 
Plantafloh.HMjrs.- 
Randall* ■ 

Sabah Timber 

Tridant Group 
Printers 
Turner Canon 
Warns Wright & 

Rowland ' 

Warwick Eng.. . . 

* .All cash offer. iCa-sh alternative. . $ Partial bid. 5 For capital 
not already held. Combined market capitalisation. Dale on which 
.scheme is expected to bernme operative, ft At suspension 
;t Estimated. §§ Shares and cash. 


Offers. tor sale, placings and introductions 

Torifay: Placing of 22 per cent of -equity at 150p. 


INTERIM STATEMENTS 


Company 


Half-year 

to 


Company 


Hair-year 

to 


Pre-tax profit 
(£ 000 ) 


Interim dividends* 
per share t p) 


lOSi* 

100 

FT 

0-U3 

Scot, Western 

Tru*t ■— 

71 

74 . 

73 

i2.na 

Vantnna — 

2ft3j;s 

11*5 

181 

25.62 

Dawson Inti. — 

in* 

2fi 

12 

n.04 

Unknown — 

48* 

48 

47 

3.80 

NT Wrrcldhavo— 

150* 

2S6 

120 

2.10 

Pen to* 21 !i 

24S4S5 

236 

230 

3.43 

A. Prrpdy — 

3ftft* 

Mo 

215 

4.41 

Mdhrnko — 

«* 


64 

J2.W 

Multi-Purpose — 

HriSS 

m 

98 

295 

Whiiecroft — 

«S 

63 

34 

11.76 

Harrisons & 
Crosfield — 

ins’* 

100 

■ 84 ' 

4.38 

Arqu* Pross 29.11 

8* 

8 

Hi 

1.74 

S. W. Berirford — 

«S5 

R4 

53 

fi.59 

Priest — 

41? 

39 

4ft 

2.46 

Mr. N. Sidney — 


Alrflx Inds. Sept. 30 

Armltjw* is RhcdfsSept, 30 
BPS Inds. Sept. 30 

Brady Inds. Sept. 30 
Brasway (A-t. 31 

BP . Sept. 305 

RurtomnJ- Brwry. Sept. 33 

Brickhs* Dudley Kepi. 30 
Cbatmherio Phipps Sept. SO 


’Bidder ■ ^date* Scrip Issues 

1 - ^ ■ •^• ■■'VriSir » steTwrfw* UuOottd . . . ..; .. 

•■ SambriseS ■»*? ?. V77& -74 -V SB- -■;■■ *80 tnfl.Tbnber ' — 

-C -25 lftyH ; th8 •; Lloyds & Scot — 


Comet Radiovislun: One for three ordinary- 
J- ITaggas: One for six ordinary. 


C.BT.Iadls. 

Craig & lj!*»e 
Crosby Spring 
Dawson InU. 

Downing & Co. 

Elliot (B.) 

Ewer (George) 

Fine Art 
Gatspnr 
Hargreaves Grp. 

Hfddnc PentecostSepL 30 
Howard Tenens Se pi. SO 
Jacksons B'ne End Oct. 14 
Johnson .Hatthev Sent. 3ft 
Marling Ind.v 
Moorgate Merc. 

.Morgan Crucible 
.Moss (Rohen) 

Ocean Wilsons 
Parkland Textiles . 

Prop A: Revrsionrj Sept 3ft 
Bacal .Sept. 30 

Renwlck Croup Sept. 3ft 

Rtledga & KceganSepl- 30 
Sangers Aui*. 31 

Streeters r.dimug June3n 
S17ETS Kept. 30 

Sumrie Clutheo Sept. 3ft 
S & t Stuns .lu!> :il 


Sepl.30 
Junedo 
Sept: 30 
Sept. 30 
Kepi. 50 
Kept. 30 
June 30 
Sept. 20 
Sept. 30 
Sept. 26 


Scpi. 30 
SepL 3u 
Kepi. 3D§ 
Sent. 26 
July 31 
Sepi. 1 


848 

U.110) 

1.372 

UJJ29) 

1K7 

1 1 0ft) 

1.0 

(Nil) 

17.73! 

(14.921 1 

4.2 

(3.8 1 

4 

(601 

Nil 

1 1.751 

216 

(91) 

1.0 

.Nit) 

292.0110 1 

(3i4,4ti0i ; 

— 

( — t 

S79 

(764) 

1.5 

(Nil) 

1.17ft 

(80(1) 

0.868 

(U-778) 

1,5111 

(1.240) . 

i.nt9t 

(0.9) 

3S7 

(455 j 

0.83 

(0.75) 

117 

(91) 

2.1 

(2.1 ) 

413 

1 214-1 

0J>4 

(0-218) 

' 6.600 

(5.651) 

36 

(1.739) 

1,050 

(900) 

— 

(— ) 

3.740 

(2.020) 

2.75 

IIL3I 

602 

(424) 

— 

t—) 

1 .231 

aisn 

G.S 

(0£i 

2,020 

(1.033) 

1.2 

11.01 

2.440 

(2.012) 

1.45 

n.3) 

SSfl 

(216) 

S.S 

(2-3357 

258 

. (364) 

0.S23 

(D.82S) 

86 

i$4j 

Nil 

iNin 

9.179 

( 20.022 r 

6.615* 

(mm 

616 

(404) 

0.53 

(0.5) 

134 

1 103) 

Nil 

(Nil) 

9,263 

(9^100 1 

— 

(—1 

253 

{ 178 » 

1.116!- 

il.O) 

1.750 

1 1.3001 

1.0 

din 

1.136 

1 1.014) 

1 391 

1 i..!Hl) 

626 

(505) 

2.05- 

(2.0) 

24.320 

(19.4001 

J.« 

(1.7) 

SK7 

nWi 1 

1 0 

(Nil) 


Pre-tax profit 
(£000) 

Interim dividends 
per share (p) 

5.610 

15.440) 

2.07 t 

(1.85) 

2.070 

II.6SO1 

2.779 

1 1-827) 

21 

(SSI 

Nil 

(Nili 

r.u 

(5109 

1 STS 

11.68) 

459: 

(203 1; 

4 0 

14.0) 

1.771 

( 1.90 i l 

3.2 

1 2.921 

’.>K 

1 53) 

1.0 

tn.asi 

281 

(21K. 

]J) 

11 n 

:H4 

(105 1 

J 27 

m .7) 

421 

(2S3i 

0.45 

(0.33 1 

1.46S 

(I.3K1 1 

1 finv 

i 1.477/ 


600 Group Oet. 14 

Tecalenrit Oct. 6 

Tran wood Group July 31 
T ms parent Paper Sopt 39 
Turnbull Scott July 31 
UK(I IntJ. Sept. 3ii 

Wallb Fashion AuK. 12 
Watsun IR KehnlKept.SO 
Heptbrick Prods, sept. 3ft 
Wheway Watson Kepi. 30 
IVhitbread !nv. Sept 30 

(Figures in -/a ren theses are fnr co/rpspnndin^ period > 
Dividends -hown net except where otherwise staled 
’Adjusted for any intervening scrip issue, t including special 
rijridend dup Jo change m tax rale. X Trading protii. £ Nine months. 

Net income. 


PRELIMINARY RESULTS 


Company 


ax jpi 
Year lo (£000) 


Earnings* 
per share (p) 


Dividends* 


Awn Rubber 
Brown (Matthew 
Carr (John) 
Comet Radio 
Frnner (J. H.l 
Greencnat Props. 
Leeds Dyers 
Mulrbead 
NaU Cornel. BkJt. 
Sue Line 
TomkinunnsCpts. 
Li id. Wire 


Sept SO 4.414 (5.417) 

) Sept. 30 3.541 (3.100) 
SepL 20 2.670 (2.520) 
Kept- 2 6.310 13.800) 

Sepf.2 S.050 (S.410) 
Jure 30 217 (4.63H»L 

Sept. 30 1.102 (l.OORi 
Sepl.30 2.1 4n « 1,3901 
Sept. 20 B7.:iS3 ( 64.005 1 
Oct. 31 610 (H3KI 

Sept. 30 40K ( 252 1 

Sept. 20 i,:iin 1 1.M0) 


4Sa 

(68.4) 

10.357 

19.275) 

11 5 

tl2.!)> 

4 377 

(3.92) 

9.0 

16.5) 

1.047 

(0.0151 

10.5 

(10.7) 

3 613 

(2 343) 

20.S 

( 16.9) 

7.4S 

lfi.7) 

. 0.3 

i— ) 

Nil 

(INTili 

til l 

(9.2) 

l.ssn 

11.512) 

*1 

1155) 

5 U7K 

1 3.71)5) 

14.2 

(13.41 

2.‘.I4 

12.683) 

2S.I) 

l2H.ftl 

5 0 

1 1 1.4 1 

1 3-7 

1 5.8 J 

4 187 

1.7.731 

9.J 

moi 

3.2*7 

.4.09) 


2 U 6 

1.010 

240 

4.53! 

-.1 

204 


( 1S2I 
I SI 5 1 
13701 

1 53 1 
list i 


1.4 
1 S 

Ml 

3.25 

Ml 

N:i 


1 1 25 1 
i IS i 

1 1I. VI l 

1 2 2«i 
( Ml i 
(Nil i 


Rights Issues 


M. L. Flirts^.: Tliree for ten ar lC5p. 
Yorkshire Spinners: Three [nr five at 2Rp. 


fi 

I 



out 

ion 

or'tiie r!! ? ! ► 

sSSS-V. 

r w?i -, 

F BOND IN 

‘H eo 'TR 

i- Ket V ;.. , s ;^ 

!J!?> 


Milletts Leisure offer 




■he 

l I-V. L. 

fent .- 
r(f. 

i f.hj-;. 
:l- ;• 

^ S J, .- 

sari.i.. 
i arq .. 

Ken? .. 


: vx 




. Detaili werfc an.neiincfid yesteft- shares raising ^O.ftftO for the one new ordinary share for every 

• day of the'ofter for sale by retail- company after costs «f the issue. io ".v ordinary shares held ai the 
ing- group l<Ullet^LSisirfe-$aia)p^ This will provide extra working close of business on December S. 

The offer Of 17707.360 ordliiaiy capital. t These new shares will not rank 

• sh>re ■ of ■-'aop.'^ewav'-B': pitchal' - at County Bank has. handled the for the interim dividend payable 
HOp each where Ihe p'rospective ’issue and brokert; are Av. I. Carr, on January L 1673. but otherwi 

Vp/e is ip g? fatly taxed.- or 6.03 6li Fall details wlU-^be. published on v. ill rank iwri passu. 

■ Die- expected .tax iriwiae, and the Mpffday. ’-' r ,- 
■ -yield (artnuamed) is- 7.7- peT4»nt. ■ .' 

• "UiideriyHjg asslikare 83p a Phaw: ’ i l ; .i t if 

‘ MUlerts operates sonie 88 shops -PTOVlflPllt I ^itfi 
-selling middle, to tower -ranges of tlu OU5UMAW 

leieuretitaK ’camping arid sports - **v- AnfroriftllicD 

• equipment; jeans, rainwear; indusi-^ - tt/ CuliauLlli 3C 

rial clothing arid footwear. ■ J- ' ■ r. •'■*.- 

Apart faom-.th^ ; WHe«$::chaltL ' H’ ShaTe^; ' 
them ard - aro&rf- 150 . other; Wy- 

Milletts 1 ; shops- operated by anem- proyjdent Life Aiwlaiiw ° r - . . . . 

- bers of the Hfiltett* fanily r -whicb London is proposing to give full of Ihv f^ofumo family. j.o.4b per 
have no business ooimectiona. with votlnfr^ rights to the present “B” r “' r " h ' 3 u q » tn<! "*«* 

• Milletts Lesnre- Shops. ordinary shareholders-, and tn 

.'. / In lSOS tha ftrsf JKiUeta.xhop aboHsh the distinction between 
wqg opened b^'.gIf % >tax.3MBnett— .the "A": fvotingK^nd the “ B " 

• .uncle /.of- Miltett, this (ndn-votiog) ordinary shares. 

coiqpantfs.cbgirmarK Since .then • r -The ordinary sharia capital now V iih modern practice regarding 
severs Imembet^. of ^hev'.faculy ^jedsists of2.a50,000.“A” ordinary votin-j rights — wit I he to the 
have _ entered- Die, retail triuje andr arid 1J950.000 **B ” oitoiary. These advantage of all ordinary share- 
the iKKnfcerof indefieodent^'ainff Vfljnie replaced ■ by^r ■ -single class holders In that it will create a 

' has- sndwlwJJed; •• •’ *>>.- i :of';OrifiDary share wgb full voting lareer single market for their 
-v. Milletts is coming .4o.^tbe.BH|xket-/ rights. J ’. • • shares. 

: with .* forecast; tof pre-tax profits •- To corapensa i e che^A” ordinary Tn e proposals a re subject to 


of • oyer. fjm.^qri. sales excess -shareholders . for -ib& dilution of the approval of “A" and the "BV 
of £12m. -. . o.. v...... .+•+. . ibeir Totlng righls^ihe- board is ordinary sharehoMers at separate 

r«.-K j-. touwa j — scrip issue of meetings on December 29. 197S. 


At present 50.45 per cent of 
the “A" ordinary shares are held 
by members of the Profumo 
family and 25. 7S per cent by 
Winterthur Swiss Insurance Com 
pany. Outside shareholders 
account for only 15.06 per cent 
If the proposal is accepted the 
number of ordinary shares issued 
will be 4.735.000 of which 40.&S 
per cent will be held by members 


cent by Winterthur and 26.06 per 
cent by other shareholders. 

The Board consider that en 
franchising the **B" ordinary 
.shareholders — which conforms 


Trie-Offer Includes 


:a rv.\. . :r 


in base 


Of pew recommending -t 


, v. v, 

SVM .. 

tU’KX 

r a: i 
d :V i 
2 □: 

<r.« 

• r •« 

- 

T» . 
ir£ .. . 
r :> r r-; . . 
U ' « •: 



ches gilt and 


2 


• UfO. through: -'its'' unit, is- taxed Wthe corporation , tax . fixed interest market 

rifst-m' -^Jbey :,, “ u • - -- -- - '--- J ■ * 

I onagers,, .ISxjDWP'sJ 

othbirlsefl . unit . ttusi 
GUt amL Fixed tnterei 
JTriiVfuia;- as^ :lls . i)a&er-auppes^ 




’r“— ! 


. will .lriVest Ifc L 1?KvgiIt5 -oriitdthbr 
' tocka... . Unr quit is 


r;r-iJ 


nr \L 

fTI D 

J;r . - 

1 •• • 
i 

■or:. 


. “"Hi, «iy u*t ivipuiMiuuf.u .oj.cn uiitrioi maitci HOW, the 
s.. tryst ar?p '.Abhey .Thut v ^yrnst'^a t» af 5 ^ per cent. But A* nit /rind trill he favourably placed 
' ■ n nir^riTi^ - ^ - knotty receive favourable^ treat- ft> T *e capital gains that will 

•■9®ffl«d!SLSHL-«ygSg ntnr'aq.’apiul mini .nd-AfiSw ."S*' J*™' “’««« 

considered- this- to be- a useful f* 31 bark • ^ ‘P 1 ™ offerEd 

income return is only 3]_per cent. 

-'fixed-lrirrirest stocki . Thq-qUri far . The investment managers will' J 5 3 

to proride dnyestdn.A>irith .ttric therefore design the - protfMiv - so ™ , a! A r i mo ,«“« ttI- 

r -ppportunity "to 7 , benefit from the., tbkt the Income is not received 5?^°” V«it?ai U ” n»V 

high 1 returns available - on ’fixed direct as mtefest payments ' by ‘ ^ n ^J 

• in^eresL^stocSA .‘arising, from thq/indirect capital appreciation. JirfZfni" 1 *"*''* 

•.-current high: rates; rrf lqtertst; . T.This’ means acquiring gilts shortly raenl charf ' e of * p ~ r cenL 
- grorips.rriava.- : : been after they go ex-djvidend and Sell- Abbey Life will shortly be 
very- unemhustastic about eatkb- ing again’ before the next;' ex- issuing a gilt fund to which the 
liEhlng- 1 gtf^fund£, because tfaeJn, dividend date. The .managers life -bonds and regular savings 
come received, being unf rdnked, also feel that by going into.' .the plans can be linked. 


le 


Quest Fund package for the expatriate 

• An'v •% investment ' package methods of investment fnlo three month a separate single premium 

• desiehed-’- & attract the' LtK ex-. Quest offshore funds. policy. There are facilities to 

patTiate has beerepm together by The investor can make a hitnp consolidate these bonds into <ase 
C. T.-TJowring- (Insurance) Hold- stim-mvestment through a SirigTfe contract, d the number held 
-ings, as brie .of trie shareholders Premium • Bond, make regular becomes- excessive. 

;in Quest ■ Fimd .’Management saving over a- long period TJ s plans cater for both the 
(Jersey)^ In conjunction, with through the TmAw P°Sg. « ^afriate who is only overseas 
■Lloyd’s Ure,-. the new:., Quest save reqularfy over .. shgrter « . . y ^ h 

Lloyd's Ure Insurance Plan offers periods through the unique pne JJJ JJJJ JfJ 1 JirflS* omeu 
the' expatriate trie choice of three Pius, Plan, by effecting each are connnuaUy working overseas. 


SlMvjS,^. 
,1 . •'* 


“ '.-v 

i<r 


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-! - 

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;4 ■ • - >* '* 

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iff' - - . ^ 


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v' • 


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... i 


EUROPEAN OPTIONS EXCHANGE 


Sbtww 


,_-Yf4. -j :l«l 


I . . 

.'.Tbl. ; fa»l 


July. .. 

. Tf4. U*t 


SW* 


.A3S- 

>kZ 

:akc 

KHZ . 

- dice. 

"AK5C -, 
-VfUi- 
:AKH 
RK 
F.v'G ■ 

' RVI 1 " 
:.h*j u 
. w»;. 

■ 

■ HO* 
.IBS. 
-tHK 


^F-570;: 

». v. r .«6 , 

• P .27,50-- 
.■ P.30; 

' P-32.5G 
V ■ F.»;i 
K.70- 

: j. o,> 
■ ■ : •b25’.: 
- f- ; »w-‘ 
• -.-pja^o! , 
;r ■ -F.36. 

-■tJpl.BO 

P.AO'S 

'■ $zeo r 
f.xaotfe 


»OJO 


-s ::t 80 -.J 
; ;so: ./p.Ap .-j - 

J'P* s . '.'.a'; 

-.10 ad 


. :3 ; ; JJ0- j. 

lft ■ t.80 -, 


8 

is 


e.ao 

5.20 


15 - 1^0 " 


10 ? , iS 1 

-5 : WiO 


(. - — F.570.5Q-, 

10 . 7.70 F. 29.10.; - 
10 . 5.60 .. .i- 

10 . 3.70 ‘ .. yV 

1 •; 2.70 . .. _ ■ ? * 

6 9.20 ,F.T5.3a - 

— ' ‘ "S59'» ' ;- : '- 

i ■: . ,2s« 52* »s - .r 
‘ - >56 

— — *y.54.2th 

'3.".; a ■: .. .. :r , 


?7 ■•: O.ea l . 27 ; 3 j. 

■ — i" - ■; . -17 . 2.IO J. 
_ ■ . ; 8 ■ 1 ; .. 

6 1 1« 


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1 • ‘ ?t T -.1:'.; 


22 

xs 

to 




3.20 .. 

, 2 . 

1SS( 521 tij- ... 


• xta- 

-F.lStf- 

-48 


2 

u \ 

• — 

— 

. KL3I 


r ai 


1' 

1 7.20 -7 

8 ■ 

‘11 

. -KL'K 

FOAi-HO 1 -. 

10: 

•;4.80 


• ■’ - — ' - 

— 

1 

KLU 

• . : F.15ft.' 



7 

| 4:90 j- 

15 


' KEN ■ 

F. 153,40 ■ 

.' 5 

f 0.70 ■ 

• — • 

<■ -■ 71 

— r 

* ’ 

i." Ki.W - 

F.160-. 

, 


10 

3.10 .< 

• * 5 

5.50 

[ 

rvN 

; F.riO 

.ii." 


. 10 

7-40 

• — 


sx. 

F.120; 


■. n.-i 

# 

;■ 3.50 , : 

— 

i 

PHI 

V.25\ - 

70 

o.ro:-j 

•ftl 

1 140.- 

61 

i *- 5 0 

PHI 

*'.27.50. 

_ 

• '.v- 

; "6 . 

• X.10 '■ 



■* 1‘tfl . 

P.S0 : 

5 

0.80 

..30 

( 0.60 . 

; 1 — 


1(1) 

UD 

.F.120 

7.150 

4 

. 1,50 ; 

‘ 11 

;• 1 

10.80 - 
4.20 - 

*4 

8.50 ‘ 

ti«. • 
FXl : 

-S2t> 

v-F-UO..- 
F.120 - 

.3 

4.50'. 

3 

10 

i . ' -3S|. 

* 6.70 | 

’ 2 

.13.50 

IM... 

’ F.t30 . 

_io 

.0.40. 

— 

' 



■xjx 

no, 

' 3- ' 

.536. 

- — 

“ 




-900; 

-.3 

■ti , 

— 

i — i 


! ‘ 


BA 

BA 


•' t«0f ' 
S70j 


'i.f ■ «' f .•: io -j ■ iiv 

16 i «6sl -SOM 83 4 i 
- ’ -2>*a . . .'- Mw> - 

iu ; - *kh-' - i - b- -ir— i - i 

TOTAL TpLO MS IN CONTRACTS ■ 


521 'z 


■ AugMt 

I - i I6«*l . ■ 


t U \* Sis' Wl«l 
796 


r ” “ CLIVE INVESTMENTS LIMITED 

■ I Bhyai Exchange Ave^ London BC3V 3IAJ. Tel: 01-383 11 , 
' * ' v Index Guide us lit November 30, 1978. 

'^ / - -dite' Flxed Interest Capital 

' £ Clive Fixed Interest Income - 


12S.99 

112M» 


' - Iticome Fixed Interest Portfolio « 


The investor has a choice of 
three funds— the Sterling Fixed- 
Interest fund investing primarily 
in UK fixed interest stocks, the 
International Bond investing in 
overseas fixed-interest media such 
as. Eurobonds and Eurodollars, 
and the International .Securities, 
investing in world-wide equities 

The funds are managed by the 
Royal Trust Company of Canada, 
another shareholder of Quest. 
The- other two shareholders are 
Electra Group Services and M. 
W. Marshall Investments. The 
plans are underwritten by Lloyd’s 
Life. 


APPOINTMENTS 


Quality director for Racal-BCC at Wembley 


Dr. Jack Barrett has become a who is leaving (he group on finance division, from December January t. fie is a director uf 
non-executive director of R. H February- 2> to take up another l in succession to Mr. !£. B. Morgan Grenfell and Co. 

COLE— the holding company ui appointment. Thompson who is retiring. * 


the R. H. Cute Group. He wu> 
formerly director of research and 
development of Monsanto and 
retires this year from its Board 
He has been a member of th-> 
British Library Board since its 
formation in 1070 and is ehairm;in 
of Info-Line, a new British com- 
pany formed to develop and 


iransp.irr and engineering divi- 
sion of I/NICATE. Mr. T. Esgcr- 
dun ha« been appointed managing 
director -.f Win canton Garaces. 
which embraces all Umjai.e's 
^ara^e interests 


+ 31 r. John Tisdal) has been pro. 

Mr. Michael Port) nek. manazins Mrs. R. J. Davidson has resigned moled to assistant direeior of 
director of Creators, has joined from the Board of ESTATES AND BBC NEWS and Current Affairs, 

the Board of CR1FLEX PRO- GENERAL IN\"ESTMEXTS. At present he is editor of BBC IN' 

DUCTS Mr. David Warren, ■*■ Current Affairs, and takes up his Prof. \. H. Thornton has tak^n 

managing director of Gnffex, joins f rom December 1 Mr, Jack new po*t on February I. following over rlie resporwibilmes of the 

the Board of CREATORS. Both Hovlc has been appointed mans?- *" e retirement of Jir. Andrew independent chairman of ihe 

companies are members of Plas i n „" director of J. AND J FEE. T °dd. deputy director of BF.i'. NATION. \L JOINT INDi'STRIAl 

operate a Lh on-une miormanon l , oat \niernannn»l. who represent builders and contractors. ;® Ui f^d Current Affair;, in COUNCIL FOR THE HOSIERY 

centre providing a computer-basp.1 P Ia5l,Cjl uiteresL- of Imperial Southowram. Halifax, and will Js«ftuar>. TR.ADE. following the retirement 

retrieval service to users in this Group. assume full responsibility for the + of Mr. George Lowlhian due lo iii- 

rountrv and overseas. He is aKo * company. Mr. Clifford Fee will Mr. William F. Dlstler has heen hcalih. The NJ1C is cnniprised of 

president of the Institution of Air. John G. Pettifer has been become chairman and Mr. Peter named president uf the AM AX rcpre>en tar ires nf ihe Naiional 

information Scientists: chairman promoted technical director of tice-chairman. MOLYBDENUM division and r, f Hosiery and Knitwear 

of the chemical divisional council SIMON-CROFTSHAW. maker of * Climax Molybdenum Company, a workers and the Knitting lndus- 

of the British Standards Institu- solvent recovery plant. Long >j r , N. G. \V. FitzGerald has division of the U.S. company tries' Federation, and iis activities 

uon: and scientific adviser to ihe Melford. Sudbury. Suffolk. He was joined the board of AULT AND Amax Inc., from December 1. He over lOU.Otnj liusiery 

Flour Milling and Baking Re- previously technical manager. Mr. WIBORG as managing director of "ill be responsible for ail molyb- workers, 

search Association. Roy J. Tripp, company secretary, the container and coil coatings denum activities. ★ 

* has been appointed director and division. * w . . , 

Mr. Alan J. Hutchings, who re- secretary. The company is a * Mr. David Hughes has *wn fh ?airer nrvrc 

sas-r-atus. fit: ^ rotu '“” onE ~* wass-ss 5SS 

the Wilmslow-based enginee 
group. 



Mr Malcolm Mackey has been 

,UJ : - ' . , • .•».«— -v, .ntiuv Bj/pu'illiu JUIH4.-U (1E.1IILI dliu |MMCU IIIIUU&II *■** J * — 

appomt.ed UK assistant marketing ^airman and managing director. Sandhurst, later becoming a International Computers, 
director for sEATRALN UK. Courage 1 Western). Mr. Cokaync Lieutenant Colonel and a principal * 


Manufacturers. 



Mr. Ian F. Cordial, a director 
of Patons and Baldwins, is the 


+ Douglas Edge has retired 

Mr. John Sparrow h*s joined direewr of Che Bank. 


* 

Mr. H. N. Steele, at present 

n-w‘ rtaTrman oT “the “BRITISH accuuntanL finance Lhe board of MATHER ’ AND * _ 

HANDKNITTING ASSOCIATION, division. MIDLAND BANK, has PLATT, as a nori-executtve direc- Mr. R. R. Pulnian has been 
He succeeds .’lir.T Ewart Garter who beei .appointed chief accountant, tor and is lo b ecome chairman on made, managing director of the 
died earlier this year. 


pany's Rant Protection Division. 
He succeeds Dr. Charles Reece 
w ho has been anpoimed a direc- 
tor of ICf’s main Guard. Eoih 
appointments take effect on 
January 1. 


Because of the pressure of hi' 
duties as rh.nmian of >hc Fibres 
Division of IC1. Mr. John lister 
ha.s resigned from the board of 
TIOXIDE GROUP. His place has 
been taken by Mr. Christopher 
Hampson who i e general manager 
—planning or ICl a: Mill bank. 

★ 

Dr. J. Moicngraaf has been 
appointed managing director of 
the HOLVRJEKA GROUP, Emmen 
Holland. 

-k 

Sales director. Mr. John N eaves 
of Scan Data International's mini 
computer turnkey subsidiary Scan 
Computers, has become managing 
Haywards Heath. West Sussex, 
director of SCAN COMPUTERS 
* 

Communications equipmem 
manufacturers. RACAL-BCC. has 
appointed Mr. Burry Sou ib well as 
quality director, at ihe factory in 
Wembley. He joins Racal after 
30 years’ Army service. Starting 
as -an apprentice tradesman he 
joined RE.\fE and passed through 
Sandhurst, laler becoming 
Lieutenant Colonel and a principal 
quality officer in the Ministry of 
Defence electrical quality 
assurance directerale. Racal-BCC 
is a manufacturing division of 
Racal-Tacticom.’ 

* 

Mr. John T. Fogarty- has been 
appointed a senior vice president 
or CITIBANK, N.A. He continues 
as managing director and chief 
executive officer of Citicorp Inter 
national Bank, London. 

* 

Mr. Paul Smythe has been 
appointed financial controller of 
trie SPOONER GROUP of com- 
panies. based in Hull. Mr. Smythe 
has joined the group from 
Norwest Holst. 

★ 

Mr. D. C Pirolott has been 
ppointed secretary of 

COURTAULDS. from February 
in succession to Mr. C J- Cornwall 


ATTWOOD GARAGES LIMITED 

INTERIM STATEMENT 

The Director* report the following unaudited Veiults of the Group 

for the half-year to 3 1st july, 1978. 


Half-year 

to 33.7.78 

£ 


Half-year 

to 31.7.77 
£ 


Grojip turnover (excluding car nx, 

VAT and inter-cbmpany tales) 2,137.139 2.374.8'U 

Profit before tax J0.M2 28.47£ 

Taxation (estimated) 15,037 HS07 

Profit after ox 14,805 13.669 

Interim dividend (net) 12,863 12.862 

Earnings per share (pence) .70 .65 

An Interim dividend of .6l25p has been declared by the Board 
which is the same as last year. 

The half-year ended Jin July. 1978 again produced an improve- 
ment end this increase was maintained during the following three • 
months. 

Trading for the remainder of the year Is likely to be affected by 
a' shortage of some models, but the Board anticipates that the 
final: results should be in line wich last year, 

Wolverhampton 
1st December, 1978 


Down from a peak of I76p 

IS THIS DIXONS’ DARKEST HOUR P 

— or are the shares still too expensive ? 

Wha: 8p share has net assets five times the share price ? 

Which trading options will lead rhe rally? 

For the answers, a free copy "of our newsletter and details of our 
introductory offer, write to: 

EwKy Aweere* /ijjacrotM. W«r4r»fc» **«■ Queen Vicrorfe Struct. 

tcftfefl £C« dAf. or phono 01-248 7012. . 


COMPANY MEETING 


BH SOUTH LIMITED 


The Annual General Meeting ofBH South Limited was held in Melbourne on 
J?ih November, 1978. The following are extracts from the address bv the Chairman . 
Mr. J. M. Ti ler. 


RETURNING TO PROFIT 

I will explain ihe significance of fuo 
major decisions taken since the 1 977 
Annual Meeting and iheir importance to ihe 
future of ihe group. 

• The First decision, on 1 2th May. 1Q7S, 
was to ferminaie production ol phosphate 
rock. Production ceased on 30m June, but 
shipments are still being made from 
Stockpiles. 

• Tlie .second, on 81 h September. 19“$, 
was to sell portion of listed and unlisted 
investments, to raise funds and to repay 
consortium and other borrowings. 

Jn ) 97S. the phosphate \ emure incurred a 
loss ot'SJ 5. 1 M. This comprised S6.7M. net 
interest paid and S8.4M. loss on production 
and marketing, including non-cash debits 
ffuch as depreciation and amortisation. 

The phosphate losses have dominated all 
other group results. The objective of rhe 
decisions taken was to prevent both the 
trading Josses and interest pay ments in the 
phosphate company from continuing as 
formerly, as the means ot bri nging die group 
back to ne r protit. 

The investments in Associated Pulp and 
Paper Mills Limited. N'onh Broken Hill 
Holdings Limited and Western Mining 
Corporation Limited have been sold and 
realised 55.8 M. and we are in poxes* of 
offering for sale a portion of our lf».b r o 
holding in Alena of Australia Limited. 

In all. wc estimate that we will realise 
sufficient money through these sales lo 
leave a balance of debt which will be either 
repaid or sen iced through arrangements 
which we expect 10 develop with the 
Queensland Government, for alternative 
use of the rolling stock and locomotives 
purchased for the phosphate traffic. We 
have a submission presently being 
considered by Queensland authorities and 
we believe lhai an acceptable arrangement 
will be made. 

COBAR 

Through the forward development of the 
C.S. A. Mine in ihe years to 1975. Cobar has 
been able for the third successive year, to 
produce on the restricted basis which was 
introduced pending return of payable metal 
prices. 

There is a small net loss in this financial 
year to date and a fm nunblc cash lime. 

While major development in former years 
Will sustain production fora few years 
more, the'long-tenn development 
programme should be re-commenced at the 
earliest opportunity. 

Re-commencement will depend on prices 
Of tbe principal meialc produced at Cobar. 
viz. copper and zinc. Generally, the metal 
price outlook is more encouraging. 

Ws are therefore reviewing fung-tmft 
development alternatives for the C.S. A. 
Mine. Mine development will be 
rc-commenced as soon a< it appears that Ihe 
programme can be sustained u ithoul 
interruption due to economics. 


Ourprincipal leases at Cobar extend over 
some 16 km. from ihcC.S.A. Mine jn the 
north to the Occidental Mine in the south. 
Further south, we have leases in the lesser 
known but prospeem c areas of the Peak and 
the Queen Bee. 

In all. Cobar ennsti luies a large 
mineralised district, the potential' of which 
is far from being fully tested. We are 
resolved ro retain our operations and 
infrastructure at Cobar. 

PHOSPHATE FUTURE 

Although at present prices, costs, rail and 
sea freights, production at Duchess could 
not be made profitable, the deposits are very 
large and w ill in due course prove their 
value in the Pacific region. 

World trade in phosphate rock is 
recovering at a steady annual rate from the 
J v75 slump. One international assessment 
emphasises that while there is some 2 D** of 
excess rock production capacity at present, 
the Industry may see shortages of rock 
supplier by I9S I /S2. leading towards price 
escalation a* in the 1972/75 period, 
LOOKING FORWARD 

With the sale of the investments 
mentioned, wc nil] retain approximately 
10 c > of Alcoa of Australia Limited, our 
l Q .3S f 'i- shareholding in Metal 
Manufactures Limned and 20 r r ol'KemMa 
Coal & Coke Pt>. Limited. These 
companies arc all doing well. - 

We estimate (he dividend income to South 
from ihc>e and mher investments to 
progressively increase irom a new base of 
58.0 M. From that income South will 
expend approximately S2.5 M: in 
exploration and administration, leaving a 
surplus in Sonih alone of S5.5 M. 

The subsidiaries. Kanmamoo and 
Queensland Phosphale, will need cash 
sustenance for care and maintenance of 
about StiOti.OOQ per annum and Queensland 
Phosphate Limited will need an additional 
SI. 2 M. per annum to cover interest until 
agreement is reached with (he Queensland 
Railway s for use of the phosphate rolling 
stock and locomotives. 

' Assuming that Cobar and E.R.&S. are 
self-sustaining cash- wise, the group has the 
prospect of. some Jo. 5 M. being av affable 
tor disposal, including dividend. On 
South's preseni capital, each one cent per 
share distribution will require an amount of 
$550.m». 

Because wc are well into the \ ear and 
imereti payments are stiff continuing 
pending ihe sale of the Alcoa shares' the 
1979 year will only partly reflect the 
objective which we have set out to achieve 
by the two major decisions mentioned 
earlier. 

The 1 979/80 year should see (he fuff 
benefit of the action wc have taken and. 
based on whai J have just described, the- 
re-commencement of regular dividend 
payments. The div idend position u ill be 
rev iewed earlier, in this 1978,79 year, and 
re-commenccd if possible. 



Mr. J . M. Tyler 


THE NORTH PLAN 

Early in September last. North Broken 
Hill Holdings Limited wrote to us 
suggesting a meeting of the two Boards. The 
purpose as stated by North was 10 put be lore 
us a plan to merge the tv. 0 companies. 

As presented r their pi jn (it was staled by 
North as noi to be construed as jn ol fer » 
effectively sought the support of the South 
Board to a takeover on terms of one North, 
share for each South share. 

fn declining to support the plan 
prevented, the South Board look into 
consideration that — 

• South had already announced decisions 
taken with the objective of returning the 
South group in profitabiliiy. 

■ Tiie transaction would have involved the 
iVue by North of 55 M. shares. At 
yesterday's 1 Ibffi No'eir.ben closing price 
of SI 27 fora North ^liarc. the South 
slia re holders would receive paper 10 the 
tiH.il value of S~'J.5 M. In our v iew. such a 
value is eonvjdenbly below the value of ihs 
remaining South assets. 

•North’s commitment of an 8c per share 
div idend on the ,id< jit ioim! 55 M. shares 
would involve S4.4 M. per annum. From 
what I have -aid earlier, much ol that 
div idend income w ill be jccn to come from 
income brought by South to the 
consolidation. 

• There did not appear to be any material 
advantage in ihe consolidation of interests 
ot in control of companies, v hich is usually 
the objective of mergers. 

Snuili did n «.4 ctiiisidcr the immediate 
receipt of div idend. a sufficient offset to ihe 
surrender by South shareholders of the 
valuable Smiih av-cis and income on those 
'un%.m' 1 acinr\ icrms. 

SUMMARY ' 

Smith has made decisions which when 
fully implemented, should hring about a 
major fum round in its results . 

South will continue as a company hav ing 
a major investment base supporting the 
Mine and mineralisation at Cobar and the 
phosphate deposits. 

All of South’s interests retain their 
potential for improvement as world 
economics recover and lor expanding I hfi 
Companv in the future. 

MELBOURNE OFFICE RELOCATION 

From 2(i(h November, the Melbourne 
Office of BH South Limited will be 
relocated at 360 Collins Street. Melbourne, 
Victoria 3flOU. Australia. 

The new telephone number will be 
bul ." 433 . _ 

l.Vpie» of the Chairman's Address m.v. be 
obtained I mm the Secret. try . BH b until 
Limited. .11 the above address. 


The BH South Group of Companies comprises: 

. Ouoensland Phosphate Limited • Cobar Mines Proprielary Limited • Kanmanloa Mines Limited 
1 Minas Exploration Proprietary Limited* The Electrolytic Refining and Smelting Company of Australia Limited 




Financial Times- Saturday 


■ - r • - ^ ■ 7 ■. • - -r* :.i. -j :. f ^-s 







on way 


i Fiction 


BY C. P. SNOW 


Charles Dickens and his Pub- p atten seems to know every- 
Jlshers by Robert L. Patten. t >,j ng yj ere j S i Q ^ known about 

Oxford. £15.00. 502 pages Victorian publishing. Much of 

Dickens and Charity by Norris it was, by our standards, remaik- 
Pope. Macmillan- Press, £8.85. ably amateur or primitive. It 
303 pa°es was only just finding its forms, 

.2 ■ a nd extern Dorising as it went 

Dickens and Phiz by Michael along. The accountancy of 
Steig. Indiana University Edward Chapman, the publisher 

Press, Sl'i.50. 340 pages c f piftadek. was incompetent 

Thesp three books like 90 enough lo puzzle Dickens, and 
percent o the best iSteS even now it drives Patten, who 
scholarship, come from the other * good-tempered but precise 
side of the Atlantic. The same suppressed [irascibility. But 

Is tnie of the best Trollope they were a. 1 tty mg to reach a 
scholarship. 1 needn't continue public, and make money, by any 
about scholarship on other method they could sof* 1 

English writers. What la happen- as serials m monthly in Ja meats, 
ing to us? Is this another sign serials in weekly instalments, 
of our loss of energy? It takes serials as features of magazines, 
real energy to carry out serious onfr-volume editions, cheap 
Investigations into literary his- editions, three-volume editions 
tory- It must have taken for libraries, 
obsessive energy, sustained over Dickens tried them alL He 
years, to produce a work as soon decided that it was best if 
masterly as Robert Patten's he had total control of any 



Hitler in 


BY MARTIN SEYMOUR-SMITH 

of poor 
likely _t 



health), hut ^ M 


_ went td iv*: 

mju^pooi 


Young AdoH by Bexyl^^ -likefe . that hejew . ^ ^ 


pages 




Ir-'a wealth of documents^ (fetal 
E. - - «,- rt - _ 11 Ahnf It 1 C llTMOtm- 


son. Chatto & 
337 pages 


Tta Unmrf. M; »y JilLS 31 Thte‘taSw‘5- M 


CAoan Translated from thi sively inserted. - r 

ifeSSh b? Abigail Isra^ Of the feature; ^ the no«r 

Au.fvni;« ca-sn 208 Mses'ii . that is. in a -technical sense, best 

- managed, even if one feels pat 

•y fhs information (such 3S 


^ - ■ IUAuCIqvVi _ , 

1 “ I am not verv good -at fiction^ some of the. iafqrnaarion (such 


“Mr. Guppy's entertainment "—One -of the illustrations by Phiz for "Aleak House™ 


Patten produces his first full tation, as on eveiything else, praise. It is simply there, stand- 

Dickens and his Publishers publishing operation. Tbe pub- statements of his literary income. Already in his lifetime. Dickens ing beside Johnson’s in its own 

There have been fine textual lisher was to be friendly, and and also of his expenditure. Both was written off by the Leslie ^ght 

editions of Dickens' work by the do what he was - told. That was were formidable. Without ex- Stephen and others, whose n a ^ would be worth 

Franco-American collaboration the perfect way to work. It made ception, all the major Victorian frigid opinions filtered down to ta 

of Svlv&re Monod and George for Dickens the biggest literary novelists made a handsome in- Bloomsbury and for many years mor ® , 

Ford/ and from Oxford in the earnings of his time, and large come and lived a more than com- to the academic world. Then, a normal Dickens book' *® vi ew. 

Clarendon edition. But Patten's profits for his publishers. for table upper middle-class exist- thanks to some of the great Dickens ana aray is i in xne 

book is probably the biggest con- As well as all else Dickens ence. Dickens, who had a knack irregulars, G. K. Chesterton,, same vein^as Pump t-ornns s 
tribution to the study of was a splendid business man. for over-doing things, outdid Humphrey House, the Tillotsons, Dicfeens and .Gnme,noi ■ " 

Dickens's life since Edgar It is difficult to think of any them all. In his last decade, he Edmund Wilson and others, bnghtly but sym^atneuc 

Johnson's biography. It doesn't occupation at which he would not was living at the rate of about there was belated admission into and weU-infoiuied, especially on 

suggest any major changes in have been a success. Actor, poli- £12,000 a year. Multipliers are academic respectability. With Dickens s re lauon to cronge 

■ i « i_ L!.f. • — u^f 9 I — V.a knf in vhmiIaim fanmo fk n oinmiTaw MCiilf frt IT! DVPlD PTltfi. MiCn 0 l|S fXJtfX 


® r«gs' 


W aw 



Tort? Morrison: novel 
experience." 


hSadcfdttz'- 




being acute visual sen se^ who does j TOgi^tedAfflwk&a^ consciously' c0 J lc ^. e /^ KIl ^ aC ^- w’hereasfioots isgoodsoap^pm^ 

! * n r nhprt Graves!, comedy: the cnaraciers — such 


that marmoreal work, which is tician, administrator, entre- misleading, but in modern terms the singular result, according to movements. , Baronage on 

substantially untouchable, but preneur, publishing, anything that would mean at least £100,000 Patten, that he is now read by is the work of- a writer witn waj sly j e to A. L. 

it fills in a good many crevices, you like, he could have been a a year, net of tax. He still left .intellectuals but is being acute visual sense, w no aoes I unjustly negleclcu - 

particularly in -the last years of star. He had the extraordinary an estate of over £80.000 and written off by students. There justice to Ha pl0t ; ( no relation to Robert Graves ). comeay 

Dickens's life, and deals with the combination of demonic energy, provided suitably for his isn't a more elegant example of makes us see that HJCKens ot . ea 

career of Dickens as literary pro- puntilious care, imaginative in- dependents. the comedies of literary opinion a lot to lum. The do or r aises 

fessional with a detailed expert- sight, down-to-earth practical Patten is interesting on the than that. me whole subject of luustrauoiis 

ness which Johnson didn’t sense. curve of Dickens's literary repu- Patten’s book doesn t need In Victorian ncoon. 


Grand old men •» 


B. A. YOUNG 


■ perfect marriage, and his book Christopher Fry is the most 

Indirect Journey by Harold reflects it all. modest He is only about 12 at 

Hobson. Weidenfeld and Ben Travers is the oldest At the end of Can You Find Me ? 
Nicolson, £7.50. 280 pages a party for his 90th birthday, he (“About 12" is as near as you 

■ climbed up on a chair to make a can get; the narrative leaps 
A-sitting on a Gate by Ben speech. This autobiography around in time between about 

Travers. W. H. Allen, £6.50. appears just after his 92nd, and 1851 and about 1920. but sends 
195 pages contains a presage of a new play probes either way to 1700 and 

■ yet to be produced. Mr. Travers 1958.) It is a jigsaw look at his 
Can You Find Me? by has written an autobiography relations of the previous two or 


Christopher Fry. 
£5.95. 267 pages 


Oxford, before, 20 years ago; but having three, generations, all of whom 
read that one doesn't enable you are painstakingly charted in a 

— to skip any of this one, for he is couple of family trees at the end 

Sir Harold is the grandest, compulsively readable. His of the book- Even so, a totally 
with his confessed ambitions to immense charm is the concern unrecorded cousin. Hugh LinseH, 
be a knight and a fellow of his only of his friends, but it glows appears on page 243, though only 
college at Oxford, both of wbich through his writing as invitingly to note *} 1S death <m the war. 
he has become. But his book as the distant candle in Portia's Attention is chiefly given to 
isn't grand, it is modest and window; and his talent for Mr. Fry's mother (Mrs. 
rather private, tha theatre instant portraiture is. rivalled Hammond: the Fry bit is a 
brought in only like the illumi- only by Tolstoy (a writer who second Christian name, Chris- 
nations of a fine manuscript No I suspect he finds dull). topber’s grandmother having 

doubt the great authoritative He skates through his youth been * Ftv ’ though not from the 
work will foUow his short career ^ ^ tea ’ Quaker family), her mother and 

We his fellow-cntics all industry in the East in publish- father - her S1 » ter Aunt Ada 
believe from time to time that i ne at ‘the Bodlev Head, as a ^ hw brothers Bert, Hal and 

bin H h?' SR WWW pilot in ^the Charlie j u 

but be maintains that his judg- rjjas wit h economical wit I wish I could have found them 
^f n !f;pn 0V ^mfi r lu UD n^.?hi? a tn be£or ® «PMding into his pre- more interesting. I’ve no doubt 
all been totally predictable to destined life as a writer of they were interesting, especially 
anyone »bo knew him. Bis life ( “ r " the brnthers. who emigfited to 

hae been very. extraordinary and — 


.udden rMin.rgente after what Australia. Hal! 


mmm *■ 




very admirable. He contracted 

polio as a little boy and was 3 f t P K 

educated out of books that his ® ne o£ areat b 

parents brought in from the . w..., 

public library. He got himself to “ r - Travers appends a list of young Australia (a country much 


retire- 
boons of 


joined the Mounted Police andj 
had battles with Indians. Bert 
and Charlie, amazingly, made 
their uncertain living in the 


favoured by Frys) as artists. 

But there is so little informa- 


school, and io Oxford by deter- 3 few of bis favourite things 
mination and what can only be (women, Irish siew, Rubens, ^ 

called genius. Cox’s Orange Pippins and so on). tion"avaTfabIe7 Mr. Fry s principal 

If luck ever entered his * “ n d I S° along with almost all sources are family letters and 
career it can only have been on of them, and this Is no doubt Aunt Ada's diary', most of which 
the occasion when the proprietor partly why I find his writing so is filled with complaints about 
of the Sunday Times, disgusted companionable. Only partly, her health. He has some help 
by James Agate's private life, though; I like quite a lot oF his from his mother's recollections, 
appointed Hobson to succeed listed dislikes. Ben Travers is though her memory was faulty, 
him. He has had a happy and clearly a man for all men, not and his own early memories of 
successful life, buoyed up by a to mention all women. life during the First World War. 


Eight for eternity 


BY ALEX do JONGE 


The Realists by C. P. Snow. 
Macmillan, £6.95. 224 pages 



Bishop Muzorewa: a sorry tale 

’s move 


Trow Humphries 


•z: „ — r — rrr — to the deep-felt African opposi- 

Rl i P K.w! ip M * l,d Wal i by B i 5 A op tion to minority rule and he later 
Abel Muzorewa. Evans, £6.95, ^ied hard to patch up the old 
-so pages divisions between the two main 

Bishop -Muzorewa writes: nationalist parties and their 


‘The Zimbabwe war of Libera- 


factions. 

tion is a last resnonse But his book shows onl >' t0 ° 

taken in self defence. wh£ all iT ‘tafwETtiS'SS 

non-violent methods have been 

tried and spurned by our become enmeshed m those same 
oppressors. That is why I am 

a freedom fighter ... I cannot P rora,s . e *? lead On Andrew 
sit smugly and passively in the ?°ung s phrase) to a ” black on 
comfort of my home while my b * ac k civil war. 
people are being tortured to Muzorewa apportions the blame 
death, shot down, or bombed." f° r African disunity fairly 
His book is the story of his equally between his politician 
life. It has now been banned rivals and the Presidents of 
by the government of which he is Tanzania, Zambia and Mqzam- 
a prominent member. Those bjque. He accuses President 
particular words — and the bulk Kaunda of self-righteousness, 
of the book — were obviously President Nyerere of interfering 


dollops of aenvauve Me jna wider arena , 

s 

S^lSe^rom^a Ueoitiar^Sd' novels, “neither of which coni h ^ merely wohdeTfr^: - 

It fs^mSor achievement Ms Alois.- derfamiy Po part of Ms ^ hysterical, :andTdo»;W.[^ ; 
Bain bridge comes nearest,: in -Bain bridges expen TOce^(and^ie to th^authorf_ EEiSO^.^S ■. 

- Barker and the needs this). Js far novel .is probably a . masleiwece. -^ v 

JZ- whereas Roots is goodsoap-ppm . ^ - 
.. which. Bad the merit :tiiat;jB 


bypSriMTheroSf of UhSB sophisticated nJM ^ Ana W** 

now fashionable, and conceptrat-- the, author s Hitler is far too 



Adolf goes 


different direction, and one that country. ^ 
believe— quite wrong for 
This is so despite the. fact 


Instead the author is Gothic. As such it is. exoellentt^ 
^make a connection But comparison -wtth Hlteott a ^ 


t’ 'billeTMulie wongf>r ^J| m t0 E "^ Kor”«"le« ripe. 


her. 


t iwrondlian 1 totalitarianism 'reveals the" novel .as pretentious/ ^ 
that some of the writmg :js Ijveroutmapj she is 1 Fransqise Sa^atfs stteadj; bes^-: A 


rnai some. ^ antLthe Nazi holocaust She is Fr an srnse sag airs- 

not" intellectually owe 11 enough 


posed 
Liverpool 
tary service. 

Alois lived in 
he was a waiter 
a razor-blade. 

to n avoid Ce conSption er (he'.'S Ellison's lRvbibfe-Md» and /to excellently observed, detail onght. -^. 
eventually rejected at Sabtiurg Roots, and one reviewer in to add up to something, butjife . . 
In February 1914, on the grounds America wrote' "The first two- justtioesnt. >' 


at^Lte.sS 

■ii-n. 


Glory that was 


BY JOHN THEQCHARiS 


General Makriyftnnis. a fearless tr^ic essence of the anrioit. 


The Wound of Greece by Phitip in t he War of Indepeit world, and the - anguish of the 

Sherrard. Rex Collmgs, £o.00. denco, a. 'tragic figure of. uife modeih meet anffluse : in Bql^ris - j 

128 pages / comprising " honesty. Hfs Ideas, '(Nobel; 1863):- who "is presented 

The book is small, but the feeUngs,- actions and words were here a pimple. - direct,,. un r . 
thane massive The living one. Even his decision to teach affected— and therefore we can .. j 

destiny of Greece is an enig- h’mself. to write (when he was assume “whole "—human betn^.- " ^ 


malic fusion of a 
heritage, a tormented 


miraculous in his^-303) sprang from an * Sefiris’s life was a long study'-,, -j 
ed history expressive and practical need, in teanting to be humaiL'f.This •: 



of Balzac's time by dint of read- Along with this tbe author is 

ing Balzac. However it is fas- fascinated by writers' routines. t 

cinating to see that C. P. Snow their rhythms of work, the tidi- i written before the Bishop, aod aod Machel (and the others) of 

himself rapidly ceases to pursue ness of their desks, and also dis- j his two black colleagues Rev. partiality. He is especially bitter 

Anyone who has to read a lot truth of rhat kind in his essays: plays a healthy interest in theiSithole and Chief Chirau. signed about Joshua Nkomo, veteran 

of the stuff in the line of duty 00 Ji»torico-soeiological set of number and quality of the per- their agreement with the leader of the Zimbabwe African 

must, unless he loves punish-., inrishts emerge at the end of his sons attending their funerals. Rhodesian Prime Minister last People’s Union, both for attempt- 
inenl, soon conclude that most eight studies and this because he The criticism itself is always 
books of literary criticism these understands that the lessons to rewarding. It is founded in 

days, packed with information be learnt from reading great robust common sense wbich has 

and judgment though they may literature cannot be formulated no truck with over-ingenious in- 

be. seldom entertain. One comes neatly at the end of eight essays, terpretations. As Nabokov 
away from them with a sense of The truths that great books have might have put it “The Viennese 

virtue fulfilled, perhaps, but to offer is contained in their tone delegation can stay away” as 

quite without the feeling that the and texture, the colour they can Marxists, structuralists and • biography as a whole, 

pleasure principle has been impart -to experience, all of other purveyors of pretentious | What, one wonders. 


March. But the fact that he has iug to take over the Bishop's 
allowed them to stand, even “ own " African National Council 
though there is a last chapter and, later, for breaking away 
dealing with the "major break- from it. But he fails to see that 
through'' of the so-called internal there might also be a mote in his 
settlement serves to underscore own eye. 

the poignancy of the auto- He does not unfortunately give 

us new Insights into what has 
does gone wrong, though his pages 


Greeks themselves? testament of language, humanity. One often forgets that Greece f 

Most of the essays in this and Greekness. The imposition has had^_no Renai(?tahce. no.-Ag^V"- 

stimulating collection have been on themewly formed Greek S tate of Reason.' She’s had to nin'tcT': -- -I 

published before, but, brought of “borrowed ideas from, the 20tb century before shesCO"uid;-'‘ : ' : ji 
together, they imply that some- Western Europe’’ was anathema walk! There are chasms in. 
thing has gone wrong with the to him. Those “systems” had Greek son! and yet, in spite 
development of Greece, aad of no organic relationship to Greek whatever -degree of croasrfec-^ • : 1 

Western culture as a whole. life, and, material benefits apart, tillsation, Greece still rofifih'S-'r 

In his admirably lucid intro- the^'cut the people from their certain ancient qualities. Thera..-: 

duction (whit* has served an tradltibus. . - are pages in ^Thucydides that 

equally valid purpose In ah To compensate for this loss, as painful as recent historifeStV 

earlier book) Dr. Sherrard ex- SikeUadOs was the poet who, this events. There Is a txajgie 

plains how the reality of centtny, - and in almost audible about the- optical: 

Ancient Greece, with 4ts " whole- agony,- turned again to Ancient landscape! A sense of 

ness of literature and life” was Greecjs^*- where poet, priest, and lore of freedbmv an 

falsified through imitation. Once prophet were one person,” only a- familiarity with death, 'jjrtfe-/ - 

the culturally rootless He fie his- to rediscover the Oriental ante- due to the sez r i the 

tic cities adopted the externals cedents : of Greek culture. After soil ?. . - . • 'r; 

of Greek culture, a long and all. both. Apollo and D'onysus Philip Sherrard who -spe^;' L- : r ‘ 

distorting process of Idealization were iltomi grants! Dr. Sherrard part of the vear in £u boeff - wi® v - 
started which brought about the writes^so eloquently about Bike- know better than mosi-th at : ' 



Apollonian poise, chirk Diooysiac 
forces were at work,” tiie 

, r - - — . . — . . — -- -a- — i irrational elements tin man 

invoked. However, the example which escapes the coarse- nonsense. But along with com- Bishop Muzorewa feel about the provide plenty of evidence that I which classicism had suppressed, 
of C. P. Snow's The Realists, meshed net of historians or socio- m on sense we find insights that 1 bombings and shootings of personal antipathy in the quest, 1 The theme of that " wholeness 
shows that this is no! necessarily lo S\ st5 _ .... _ only a novelist could provide: | "freedom fighters” which have for political power is a raajorjof art andHfe'' runs through 

the essays on four major Greek 
figures starting with a problem 
poet. 

TCtTvos fhrvm in Zante .In 
1792) published -twenty fiery 
Odes of great lyrical beauty — 
a Pindaric -hvnin- to the Greek: 

Independence — and 
genius bnrnt itself wit. 
an English head 

zac, Dickens, Dostoevsky. Janies uue wwcu u ».u«a «m «u« suu n ue«iuiiiii-u to s «u io grips Meaner? rve aoesnt tew us. out explain a sudden gap in the nar-i mistress in Lancashire aad for 

and Proust, but omitting Flau- familiar episodes— Dickens in the with it despite the awkward I for anyone concerned about tbe rative. which leaves unrecorded I over forty vears until his death 

bert. George Eliot and Turgenev blacking fnetnnr— verv much imamciu> innic at nic dienm-ii i M ,,nn n » »u- — i — — 1. - . *. * — 

inf. at. suggests that Ihe luckless 
reader will be taken down a well- 

trodden path. But well-trodden . ~ . . . . - - , 

or not it is a pleasure to take it importance and for detail. There There are a number of misspelt 

in the company of a critic who considerable and always wise proper names; Stendhal's mis- 


century was M suspected that. The'title of the book echoes choking tiny 

j Greece had never been a lost Sereris’s famous line" Wherever there is a moral- there ^ 
I paradise and that “ behind the I travel, Greece wounds me.” The" where. * " : - ^ 


so. leading one to conclude that The Realists does not try for witness his outstanding discus- { taken place since March? And cause of disunity. So too is the 
the trouble with most literary a framework into which ail the sion of the plot" of The Brothers ; how does he really feeL as the book's anti-hero. Ian Smith, w-ho 

criticism today is that it is the authors in question can be fvarxunacoi:. The book is written J prospect of elections and a real is described as “a master of 

work of academics who approach slotted, instead the author gives in u. strangely stumbling style ! handover to black rule under playing one group off against 

their subjects as teachers and us a series of brief lives com- and this paradoxically imparts a i the March agreement recedes another.” 

readers, and not as writers. bined with critical discussion of kind of conviction; not the j daily, about Mr. Ian Smith, whose The title page of the auto- 
On the face of it a collection of the major works. The formula language of a natural critic andj “tricks of deceit” and Amiran- biography states. without 
essays 

pean 
realism 


I in a sense a tragic story. He- riate with Mr. Smith. Those nego- 
company ot a critic who '*» «ju».ub.». b «-u -.«■ p*upci uauw», _ouruunai s mis- emerges as politically naive — he tiations are described in detail 

is himself a novelist and who a nd revealing discussion of tne tress, one of his characters, a was, after all, only called to poli- —and are twice termed a break- 

loves the books he writes about, sexuality of his subjects. character of Balzac's, two of tical leadership because other through. Perhaps it was the 

Admittedly he maintains in his Stendhal's sexual timidity has Dostoevsky s. which are. 1 hope more practised politicians had editor’s fault, but 1 put the book 

introduction that realistic novels been treated often enough before, proof-readers’ errors, but none- 1 been jailed (by the White gov- down feeling that Muzorewa h un- 
have much to teach us about tbe if seldom so well, but Balracs the less their presence casts the | eminent >. But following his self remains unconvinced that 

world. This may be true in the talent as a lover. Dostoevsky s faintest shadow over the sudden rise to political promin- breakthrough has really been 

limited sense that we can pick uxorious passion, have never authority of the author's voice! ence in 1972 he strove to give achieved, 
up information about the France been brought out to such effect, both as critic and biographer. J honest and impartial leadership . BRIDGET BLOOM 


tury apart — .failed to fuse 
together the contrary impulses 
of genuine romantic passion and 
classical formality. The thesis is 
brilliantly illustrated, although 
Kalvos's lofty .prosody and 
diction defy translation. 

For a model of “wholeness, 
the author rightly^ goes to. the, 
untutored, son of a shepherd: 


Crimes in short— booby-traps, skulls and boffins 


in Bucks. With feet thus in 


. , > _____ *“ — — — — ---- — — -- Peter Manciple, junior insur- and extremely well worked out. appearances of beimz Inst an- Youth durinv vacation T?H-npr 

HoSSf gets involved ence adjuster, is sent to North As a bonus, fascinating details other racy book—witf> f“r ta- suades his ooffl4HUcf to 

Michael 1 Jo^ph! S and deat ?; ° f __f e “_ 5 “. rance S a ssess : Pftuous American stedents dart- search for the sect in the AriSmS 


pages 


fin ^- l, w?l« 0 « n .h l i B B run ' unv. apparentiy sccidenia}. of ment, properly conveyancing and ing across the Statcs^quicWy desert. They "arrFva “at“the‘ Sk^ii- 
- Thp jsn t another Rogue Male Alexander Wolfe, scientist^ work- the geography of the Doone hpcomes fantastical, if not house (after passing tbroueh the 

When secret agents or private —it lacks the claustroiihobic in- mg at the Biological Warfare Valley are thrown in. And ihe macabre. occasional bar and whorehouse) 

eves get caught up in murders tensity of niae-out and loneli- Research Station at Exmoor. passages on Exmoor recall, not Eli. a youog student, discovers and volunteer as candidates. It is 

and kidnaps that's all in the ?- GSS , ut s , a ™, G .^ u ? *' Unsure of whom he can trust In any. literal sense but in their an old. forgotten manuscript hardly comforting for them to 

day's work and they know what tics ot exciremenr. detailed pny- among the motley collection of feeling ror ine strict neutrality which lie translates. .It .seems to. discover during their trial -that 
to do. When amateurs suddenly s, ^ al accuracy, anti tne sense of characters- — elderly archaeolo- “f nature as opposed to man, offer immortality to anyone' who should any ode of them leave, 

find themselves oulside the law pebpl f.® J? a i 1 , e Sis*, Irish expert on Lorna l , h at classic or atj pursuit- gains admission to the sect which the others lose their lives, 

and in terrible danger it isn't p** 1 *!]?* JSsiSfL i*r?I5,£ , Si , fc a ' Doone, dubious solicitor, guest- thrillers, John Buchan's Thirty- produced the work, ‘called The Robert Silverberz’s entrant 
and they don't, so there's much the non-espionage We that makes house keeper with a talent for nine Steps; if there is higher Book of Skulls. in£ ttrHtolSttaf 5! 

more chance of our identifying sucb DIY— assembled in that part praise than that. I don't know it. Aspiring candidates must offer established realm- of science 

with them. Thriller-writers know-aU «Mdn - of Devon. Peter Manciple, who Elizabeth FORBES themSelvel in £iu% “ four! S?StSrJ&StiTSSj£. 

please note. Georges Rivac._half isabs- x?ukh-t has a personal problem to solve ^ of bv Ro heit people pass the test. The ful. one:, an onosual plot witVa 


French and a quarter each Span- ^ Empty House by Michael 38 *' eH as a dut ? towards his 
ish and English, lives a mild . Gilbert Hodder and Stoughton, employers, takes to the -moor, 
trilingual businessman's life in £450. 221 pages Michael Gilbert's plot is 

LiUe after childhood in a village ■■ original, ingenious, up-to-date 


Silverbere. Gollancs. £4 95 222 nu . s ^ comra ^ suicide and surprise . ending, vivid charac- 
pages ’ the fourth must be lulled, tens; a crisp, well-paced writing 

"-V"" " . — — > — Since it seem9 there is little style. 

A novel that has all the first else offered to adveaturo(tf : . COLLEEN toomey 




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*i*-*u~ ■***’***£ <* - v- ’ .• t '•• •--. * .;;;. v ■ • 

; f5C r^T-r-" . 'ITS?'; 

aw : -•- jfr;-.uvi •"••:, -.v^- ; ; 5c* 


:v 'i?*- J 

Ej n 

■msmUm 1 

() l+i * tT ^ J ^ ijC ■} * r fel 3-7) M n 1 : y \J IV J 

5* « 







•>;»• ^ __ 

alSPiSEs 





tied tor 

r.#mld 
^itipat^Di pifSj 
rtald^apj^ 
irr&creT^lHJ 
_ _ . . . £ia, , ?i'i?oiw 

r a i!$2£^0zme:i ^ifeserved 
extdfisiTteHr-lSp: t& :»e«! \fcdats 

v ntfiin . that* v5ft-ndle ' Hmi t.- i . 

■V ftftnyairr^'Jaz^lMEs b?:l "ttie 
Shetland ’, fle^t r ^ : ‘Jabcmt tOOO 
tonnes of^^^rileSslr^rethe.very 
mimmmn "needed-' to give ;■ the 
InsboTe 1 ppe^& a^reallstac-tiTeH- 
h tfod f- amd : ^.aje It ! 'processing 

factories _ sufficient > - wort to . .., .. v ... . . 

|_ jireteat' .': . Ia 3 H)fe' and , ■. .wea-’s- »i ,. A grim time for Shetland's fishermen — scarcely a fish has been landed for two weeks. 

~ closures:- ^Lahdlh^s"_ s inc ® \ '. ‘ '. ' : " ■ r ! : : w ^l.: ■ - 

haye heeTt;, wel V . this rjflt sen d a> s^ciel d e] e^a- grounds by some method of Mr. • Arthur Nicholson, vice- borrow ins heavily to finance new 

*0 -ineet h^infin Bnissels. restricting, numbers there will president of the Shetland Fish purse netters being built in 
iiaii ‘.tefolpe. . ; tii& end year. never he a sbluf ion. The inshore Buyers* Association, said with Norway in readiness for the 

almost mithinciai been WdeiL . ^ S( * . s .®.f i ele3 T am r it al1 the milUons it now bad in- re-opening of the North Sea 


almost Dotityighas oeen-ianoeo. . bad time We feel we are at 4,11 u,e ,,u,llu, “ 1L " uv> unu *" rwpvnmif <■*« 

the receiving end of everything veslcd from ° a *? nc ? Coun * hcrrmg srnunds ‘ 
is -tftfWctXljfflS'; at j on an J and everybody” cil should be offering loans at a growing number of Shrt- 

f artprie^- jiagiag, - to import ^ meeting Mr. Burgess said an attempt low interest rates to allow the landers believe that with more 

'v!2 to discuss, the eriSS 7 . The coun- must be made to get some processors to stay in business, autonomy, such as the Faroese 
• °r - °P^ r v ^ T r S.^.di^amdous ltbatsifiie .Govern- sanity into the catching side “Shetland's basic industries are enjoy, the islands would he bet- 
'v ■ i' -Iv?* ‘ineat? 3 : 4 flmporiry ^pnplovmcnt before any benefit could come dying, and nothing is. being done ter placed to solve their own 
epstlng on ^*^-^y?^^hddv for ih^^iiffr 1 ^»r6eesSDr» to the nrocessors. Over-fishinsr about' it J ’ he ; said. “What we problems. The plight of the 


ahpidd be cohtihued'Hmo ; next had not been helped by need is a conference on the fishingindustrywillbcapower- 
per cent-to the hone^ that there- " ■* ■’•'■*-*• limitations imposed on British economic future of Shetland ful argument advanced in 

the boats by IceTand and Faroe. As when the council can tell us favour of more self-government 

a result more boats now fished just what it intends' doing with when a Royal Commission on 

SSSiwf ^:^lopme»LVitt[id 1 that In Shetland waters. He added all the money." , ■ ■ Shetland s constilubonal future 

d<^bt ^fnal^ there is'ai^tf allhoiigli : the Co^jp? would that the council was consider- while the Shetland mainland ul > es evideDte next > ear. 
inffirbiementrotBer^-Wll] g'tr the" ^ r ^ £eE: ^P ' continaei-Sjegotiating mg proposals whieh would give m ig h t be able To suryive a fish- With support for the Shet- 
j ? me -^y ‘^Af ^ ^ppin ^ : t^ ^^throi^ '.the vUKv&rterninent som P financial aid to the pro- j ns , s iu mp the economy of its land Movement, a pressure 
Ift^t aisi^e'^amish tw^lt must cessors. /• / . main fishing island. .Whalsay. group for.more autonomy, gain- 

» . _ jrunr . % . With oil-rich .Shetland now would fall apart. The population ing momentum it would seem 

' reo^l^r •’•WpSS? r - ' .. with possibly one ; of the costliest of just over 1.000 is almost that the already fiercely inde- 

■iWr-''Pin^ BruSete’misbt be th^-answifer: . areas in Britain in which to live, totally dependent on the fishing pendent Shetlanders are un- 

i " - fcv - for nobody can, afford to be unera- industry. -There is no ether work likely, to he satisfied with 

* boats Ployed for too long. The pro* available, and - ' the. island is anything less than some 

fn Noy£&^fV$b Vdi^usl' T its »te just'-noi' gettfiM'Ihe land- cessoi-s fear that once workers regarded” as ihe home of the • devolved status. They believe 
prohljemJt,- <^^Obffr. ^ yisit 1n^liey7^e^ri;%i t this tfnie are laid off. they will never Shetland fleet. All the nifn have that nH revenue would prn- 

■ r ^ ,, rn,4»twin* found bettenpaid sharps . i,o 'the bpnta. they crew, vide the necessary financial 
J n,) ? ? n Mie w’l Industry. Some nf the. younger men are hasis. 






HIGH INCOME UNITS 


i-f 3E> L U‘ i 1 »i if? **hf> f 1 ,t h 


■se 

2223gjMHjgi 


M 

G 

H 

n 

a 

^^^f^URRENTESTIM ATED 

H I |1| ANNUAL-GROSS YIELD " 

' as a*. 3rhh Novtjmrw.^ 


i GROWTH PROSPSCTS. Tht ahana In tho porttoto am 
selected with their growth potential in mind ss wafl aa 
their current yield. The recant ratexatton of dividend 
i wtfein t allows many companies to Increase dividends 
by more then 10% in fine with earnings, in certain 
circumstances we expect a number ot these shares may 
meet the Fund's erherte for Investment 
Your investment should be regarded as long term. 
Remember the price of the units end the income from 
them may go down as well as up. 

On the 29th Nov. 1 978 "1 OO.In 
the offer price was ' “|l 

Ajamer. Fmiay are established international traders and 
merchants whose interests include finance, the oil and energy 
related industries and meichant banking. Investments in the 
High Yield Fund ar? researched and selected by professional 

Fund Managers who are response lor alt the day to day 

- admmi strati oh. 

A To buy James Fmlav High Income Units- simply till in Ihe 
coupon and return n to us. 

Addikmal t u l w i iuuo n. A wdp: range Mrstse secunr/ auitars'd by 

m*- DrtJanrnPir. .jf TiMP .. . 

A S'r "vtiancnarge mi^udrc c- ihopnce and an annuli chmoi -• ° 
ptus VAT u dwl'Jdwi Irrw w/ii in« on>»- 

C-wnmi^sHi-o of J'* ! « ma* be- pa-1 ip i«ogn> c «J ao^Dls Units wn ho 

son b£A ai arr. wre aw paymr-n: vnii be ,-tadp »«'«■• " davi recwi 

o> iht- ipn-iurkM cenil.cate TtijHw- M&jma EWint Tru-.: Compan/ 
Lvniiec. Ainjiipr Pnic '.'Jjic-rti-uie & Co Chanoied Accourjani;. 
Managers JameSi Frniaw Untt ’tuil LlanaqcmeM Lid . ftfilay House, 

i Q- 1 a vv-Ki Nile S: 'jiaicoi-. 

Recns:«M in England Mo. 6*13804, 3Z. 56 OsnabJigh SL, London 
K At 3IiS. 


n mm BMAPPUCATlON FORM m h 

I " To; Jaiwa Finlay (Mt Trust Mmagonmrt Umhad. ® 

PnteyHouw, 10-14 VMNiKi Street Giuoow, G1 2PP. I 
Telephone wtqulrtwL: Wl -204 1321. I 

I I/We enctooe E imnmm inrtiaJ bwurtnen* csOQ) to be 9 

•nveated m James Fkifcw High tncoma Tnisl at the pnee rufttg at ihe tmB 
niryewpi at my/our anptaaion. The contract nolewfl show the runner 

I of mis purchased ana the price. Your Unit Trust CemtaBe wtl be 'I 
lorwardcd w4hm 36 days. p 

'iumame: Mr. Mrs. Mm - .,„ 

I BLOCK CAPITALS FLEASE I 

* Chrisfetnor'Fps* Namef?)— . ._ * 


Reg. No. 843804 This olterffl not available la i B SHte i fa iolthw 
Republic of Ireland. 

I We J«c1ar9 itia; i am'n-e no! reslden: outebe ihe EcheduW 
Ternicr-rj' and that I nrv«o are not acquiring inn urols as Uve 
i njnnnoeiij ot any petsoms* icwdwi ouamte irwse T emiones. 

■licrahirplr.i Pale.. . . 

uf inere are jcum aepncanis each nmi sign and atuch .'idmss and 
addresses separaici.,1. 


ames Finlav 


UNIT TRUST MANAGBUIENT LIMITED. 

Memoej pi Lirni Tru-j* AMKhllipn 


APOL 




Edited by Denys Sutton 

The world’s : 
leading magazine of 

'^ 04 '. 

■■ ■-:< Arts and Antiques 




r- .■- ••-i’-.-i 
.: V, 




Published Monthly price £2.00 Annual Subscription £25.00 (Inland) 
Overseas Subscription £28.00 USA & Canada Air Assisted $56 

✓ 

Apollo MaEazin*. Bracken House, 10. Cannon Street, London EC4P 4BY 4 Tel: 01-24B 8000 


v . 

Britain^ gasworks today — and tomorrow. 


But natural gas is no short-lived bonanza for Britain. Far from falling, total 
known reserves ofgas on the UK. Continental Shelfectually rose in the four^ _ 


^°! 1£ S^Sro&thefesu H ^ 






of furrier important discoveries still to be made, natural gas will continue to^ *j 
serve our diildren as it serves us-deanly, controllably ana economically- 

for decades to come. BRITISH GAsP^ 


Gasgetsonwldi it-wtwking for 


future. 














• ' 'Financial Times 



WORLD STOCK MARKLTS 


Further early sharp gains 


investment dollar 
PREMIUM 

$2.«0 to £1—783% (78%) 
Effective £L93S0 35% (33i%) 
FURTHER SHARP sains were 
scored on Wall Street yesterday, 
when the Stock Market was en- 
couraged by the drop in the 
money supply reported on Thurs- 


CfosLag prices and market 
reports were not available 
for this edition. 


day. which elves hope the Federal 
Reserve won't have to be as 
stringent in its efforts to stem 
money growth through tighter 
credit policy. 

By mid-day the Dow Jones 
Industrial Average moved up 
another 7.97 to &07.00. reducing 
its loss on the week to 5.13. The 
NYSE All Common Index, ar 
S53.45. gained 56 cents on the day 
and also one cent on the week. 
Advances led declines by a suc- 
To-one margin, while the trading 
volume expanded 4.04m shares to 
14.19m compared with noon on 
Thursday. . 

The pace of prime rata 
Increases eased as Citibank held 
its key lending level unchanged. 


at llj per cent. Rising Interest 
rates are generally bearish for 
stocks. 

Additionally, analysts noted, 
the dollar was firmer against a 
number of currencies, particularly 
the yen. 

IBM climbed $2 to $2713, Smith 
Kline $2} to *83, NCR SI} to $60?. 
Digital Equipment $1£ to $49} and 
Teledyne SI? to S9S£. 

Polaroid gained $2} to $50} and 
Eastman Kodak Sit to $592, bath 
in active trading. 

Volume leader Boeing climbed 
52 j to §71 i — Deutsche Luft h a n sa 

AG placed a DM S40m order for 
32 Boeing 737/200 jet aircraft 

Union Pacific jumped S2 to $54} 
— a Federal Court upheld its 
claims to mineral rights under old 
Federal Land Grant Properties. 

Federated Department Stores 
rose SIS to S22J on a raised 
quarterly dividend. 

UAL gained $1 to $32 in active 
trading, while National Airlines 
put on $1 to S30f on a 22 per cent 
rise in November passenger 

traffic. 

Petroleums were strong. Exxon 
were up Sj to S49£ and Texaco $4 
to $24*. both in active trading. 
THE AMERICAN SE Market Value 
Index gained 1.43 to 149.S2. 


making a net rise of L2S on the 
week, leading volume expanded 
373.000 chares to LTOra. 

DCL Inc. put on Sr to $» In 
active trading — it agreed to a 
merger with Greyhound's Grey- 
hound Computer Unit at $5 a 
share. 

ftyieer Development added $f 
at $22 § — it acquired a British 
Columbia silver property. 

CANADA— Prices were broadly 
and sharply higher in active mid- 
day trading In response to Cor- 
porate news and a rising New 
York market. 

The Toronto Composite Index 
rose 6.1 to 1.275.9, Metals and 
Minerals S.4 to 1,065.1. Oil and Gas 
S.2 to 1.781.1, Utilities 0.61 1o 
196.86. Banks 0.14 to 303.21 and 
Papers 2-32 to 149.66. Golds put 
on 5.1 to 1^254.4. 

TOKYO — Sharply higher In 
fairly active trading, with average 
closing at a new high of 6,002.74, 
up 35.31. following strong dollar 
appreciation. Volume 760m (410m) 
shares. 

Export-orientated Electricals, 
Vehicles and Cameras led the rise. 

Institutions actively bought 
Sire is and Heavy Electricals. 

Synthetic Fibres rose in active 
Trading and Shipping Lines also 


higher reflecting World Tanker 
Market recovery. 

PABSS— Generally higher. News 
that France will float a 5bn 
French, franc State Bond bad no 
Impact on the market. 

Investments, Foods, -Buildings, 
and Printings strengthened. 

Banks and Metrical s steady. 

Stores. Metals and Textiles lost 
some ground. Chemicals mixed. 

U.S„ German. Canadian and 
Oil shares higher, Dutch steady. 
Golds mixed. Coppers lower. 7. 

GERMANY — Prices firmed 
generally In end-week tradinp- 

Commerzbank eased slightly. 


although its iterating profit for 
first ten months 197S matched 
year ago period. Deutsche Bank 
gained DM 4. 

On Bond Market. Public 
Authority issues lost up to 60 
pfennigs, while Regulating 
Authorities bought nominal 

DM 20m of stock. Mark Foreign 

Loans cased further. 

AUSTRALIA— Slightly firmer 
with Oil in the lead in moderately 
active trading. 

Santos rose S cents to AS2.05. 
as did Bridge to ASL33. 

In mixed Minings, Peko firmed 
4 cents to A$5.40 but Fancontlnen-j 
tal shed 10 cents to- AS9.90. 


H.T.S.E. ATX nninrmr 


Indices 


sum ind Falla 

| Nov. SO) Nov. 39. Nor. £8 


N«r. Nor. Nnr. | Not. j ■ Imu Traded ! 1,854 J 1.370 j 1.843 

oi* 39 l 28 I 2i I High | l^in Hi,** 913 I 957 \ S5S4 

62.89 BSJSj 63-lBl SS.Sfi| 6fl-5B 48.57 UeclHuifiwi 1.'”!!.’! 486 ! l ‘fls! \ 442 

I I l « ll>9 > • N«ir Highs • 2 I 1 1 10 

New Low*. I 56 < 65 I 32 


NEW YORK-"ow jokes 


N''t, l^or. I >’h7. ’ Nn r. i • >i«t. 

50 :" & 1 ze sj : t* 22 


iSiOceCompitat'n 


Bi^fa Lryvr 


MONTREAL 


•JaSwtraUa- 799.951 780. !l! 804. 14 3IeJ4810.!2< 807.Do! 807.74 j 742.12 1 1051.70 < 41.2 S 

! l .6.-20 l iffi® ' 1 IKI 1731 1 ana& 

H mefi'odi* *6.411 06.44: *8.60 69.71 M.H, 06.96 50.86 { 88.12 I — 1 — 

. 5 1 i*'l» (li/llt i 

Transport... 2?2.56r flM.7l>2I1.87. 215.04 214.60 2I2.S6 251.46 i 198.61 f 278.08 < 12JIS 

• iWii Oil) ‘ rt.-Cjf&i iSrt'K) 

Vnlitles 83.66: 59. 26 95.30 99.76 99.31. £9.46' 110.93 I 93.15 I 163.52 ; 10.68 

: loitj 04.11) ttj.'4/ljaV(2S4.«Zi 

Irwiinc vol. 

000 tl IS. 520, 21.160 22.7<0' 15,730 14J5Di 20.010 — — — i — 


Nor. Nnr. 1 Nor. Nor. 

30 28 I 88 27 


Industrial I Zla.56! 212.35! S15JWI Zla.BSi Z22.M <U/iO) 162.90 ilSf2) 

tnmbiaoi I 220.BS 220 J6[ 220.84! 220.501 22S.B1 >12/10) 170.B2 

TORONTO Cam posits > 1268. Si 1265 J- 1287.4, 1268.2)1 532. 7 (1&10) I 908.2 tcO/Tt 


JOHANJTESB tTRO 

Uabi 

In.InJiml 


; 221.71 aa.5| 226.7t 22B.J 2riUll4.Fl ‘ 1BB.0 i20.4l 

! 265.1- 2ti4.& 264.® 268.8; 2B1.8 (1/11. > 194.9.13/3) 


Jrc. ; w- , I8ic i37j 

1 ■ rirafa ' High I L,i* 


Dee. f Fra- , 1978 * 1978 

1 TbMM j Bltfl) . L.w 


- Basra of index changed Iron Aug. 2< 


• Day's high 809-94 low 786.64 


Ind- di». yield % 


.Tear «so approx 


Australia.)*) 527.38 1 bis.Ti 
Belgium iM w.so: 93. U 
Denmark? **■ 90.43 : BOJa 

i ■ 

France mi' 75.8 ffi.I 


STANDARD AND POORS 


Germany! 3S*.zo . 


1 ' I J J 1978 Since Corn pi Ufa 

Nor. • Nnr. J New. t Nov. | Nov. Nor. ■ : — ~ ■ — 

30 ! 2» 28 j £7 i 2* ' £2 High | Low High | 1 >jw 


Holland tiw 7a £ 


1 Industrials' 105.16 104.0!- 105.64 106.971 106.19 108 JM> 118.71 96.52 I 154.64 | 3 A3 

' ; 1 I ' 1 12 , 16/5) JclLi/TS/kSC'/B/ah 

. 84.70 95.76; 96.15. 95.99 66.79; ffi.4tflOB.9fl Sfl.90 125.86 | 4.40 

*C.i»pwdle , 1 1 , -12,«i i«/3i J.'U.Leai KliVidS* 


Hong EmgJ 500.T4 

Italy ut> 70.55 ' 


Japaa mi (44.57 
Singapore/^ — 


I Nor. 29 | Nov .a i Nor. 16 ; Near ago (approx./ 


■566.19 i 411.19 
. iTfi/B) j U/3) 

, 101. wj 90.43 
: (3/6) ' f2j/o) 
93.96 i 

! (1*/5| W0, 10) 
: 33.0 I 41 -b 
(4/10) | >3,-2) 

8 63A 1 ?=».» 

I (19,'10ii (17.-5) 

i as. i \ 7d.u 

, 111/9) 14. C) 

707.70 1 3Kj. 4 
tft«) ; t!3>4) 

: 66.45 
C25/9) | i IQ.l) 
*44.57 j 304.04 
il'lll ‘ (4/ ill) 
414^0 : liftJ) 

: i9,'Ii 


Spain id’i/ 90.64 : 90.93 1 110.78 1 HIM 
! ' i ! .17/3) 

Sweden •»>' 370. 11 ) 367 J6 j 4 ob.oo ; ^.14 

j ' ll«) |5/1) 

Swiczerld/C)! 285-5 1 ZffiJl 323.7 SKLR 

1 ! | 114/2) | 


bank Dec. 1833. JJ Anuterdam industrial 
2970. Hi Bang Sena Bank sl-'T-'M. fin Baoca 
Conuth/rdalc Italian a 19Tt. a Tokyo 
New SE WHS. b StraiLo Thnw 19M. 
c Closed, d Madrid SB nOni- TT. e Slocfc- 
ltolm Industrial 1 i-a?. ( SvttM Sank 

Corporation, tt CmvatlaWe. 


Ind. dir. yield % 

! 6.23 

1 5.12 

6.27 i 

4.84 

Ind. P/£ Rsud 

i 8.73 

8.90 

8.64 ! 

9.35 

Lons Gor. Bwod yiolit 

• 8.75 

8.67 

8.66 

7.77 


Indices and base dales >aH base ralnca 
ino except NYSE All Common — id 
Standards and Poors— 10 and Toronto 
w»— I.0OT. the last named based on 1973i. 
t Excluding bonds. S 4U0 Industrials 
1400 Industrials. 40 UtiBbes. 40 Finance 
and 2o Transport. " Sydney AB Ordinary. 
•; Belgian SE 31'12-El. — Copenhaiten SB 
l 'L'73. It Pans Bourse iMl. ti Cummers 


THURSDAY’S ACTIVE STOCKS 

Cbanze 
Stocks Closins on 

traded price day 

Boel32 353.388 6 ?* -3* 

North »ast UUliaej ... 28U!20 9i — j 

Chunpun - Ind. 236,500 20 i 

Central S. West 21S.7TW 13 -4 

Texaco 191 000 r.1* » 


Carrier 1SS.SM 2« 


Inco 152.700 

EueynH-Erie ITS. 500 

Sears Roebuck 177. 10 .) 

Ballr Uf*. 166-59(1 


F.T. CROSSWORD PUZZLE No. 3,838 

A prise 0 / £5 Kill be given to each of t he senders of Hie first 
three correct solutions opened. Solution.? must be received by 
next Thursday , marked Crossword in the tap left-hand comer of 
the envelope, and addressed in ihc Financial Times. JO. Cannon 
Street, London, EC4P 4BY. Winners and solution will be given 
next Saturday. 


RACING 


BY DOMINIC WIGANi 


'Address 



Ramblix looks lively 
for Chepstow 


WTFH Market Rasen and Sedge- This afternoon two talented 


Chepstow where John Hughes, Winters charge is triven bis most •"! «ia.si+ L5 lasic 4 !b j itou^uV-.~‘n’" 1 

clerk or the course, plans no in- searching; tesi in date over ???*?' v «« |, H>u.j 326 :+s '2e.i2 4.a 1 cttrrvi, ...; 

specuon. fences. Mj idea of the chief l ommertunk.. .. 337.2 - 0.2 ;2b.&si e.B > • 

RambliN unable to run ar ihe t!,reat Rarabliv is the Josh u.cn 1 uuuimi ; C 6 . 8 + 0.2 - |_ »M.i. 

SSS^rrJ SF^dSSiiiSXESZj 


Ramblix. uj 
Esher course 


the meeting was abandoned, ^j, n ‘ s l|. e ■ , 4 , fjose third behind j u-.-nmj; !!. n 7 . 5 + 2.5". 17! is j Q.eCivdit 

— •_ MV Frienrtlv Cmtsin and Iriaxht- 1 IVuim^w U nni..... dll +4 |36. 121 4.5 tcrouw* Lure.....! 


switches to this afternoon's fix- Friendly Cousin and Flashy l^en^Msheiiiini..... ah +4 r^G.i 2 | 4.5 Lnre ...!j 

tore for the tvH.M.Ih.11. ' " «? KSXf&l '?HI 13 RTSiSird 



70B.B 
380 
3845 
539 

Bavei I 140.5 -r 1.5: 18.15] t».7!«lC ..| 516 

ti*yrr- Uy /■ ■ \ 3 15.5] 4 1.5 aB.G 4.5 i Rout* ’ 790 

tM< n ,.__|U«ivcr-Vfrein-bk.; 326 . + 5 !26.12 4.3 1 B.xN. ttemn. ...• 558 

Tvr. LJ «\eni:il.li», ..%*!.*«. IDO , icanviour ,;3.157 

Mj Idea Of the chief I hank. .. 337.2 -0.2 ;2b.66l 6.8 U.O.K ■ 389 


:K' ; 

" * 

c.;J ’■ ^ 


" 4JUC- Dl'ICl.B A Jt M T 

whatever his fate with Jan -j +a , .i iieja; 7.0 \ Lau«r^e. J 246.2* -fC.! 

Stewer. Gifford, so often amonc gS2 " H itV ti' 2 nTd In SSSl ‘i«!S ilS' 

the winners here, should take at Rail unAcir. 140.5 -ri 14 J 14 . elo | luison nieu' 4 ’«l: '504 j T a 
least noe prize, for he also fields i 328 i+2 23 .« 4 ! 3.6 1 bi lienn -h-. 11.212 "I— 1 


Ll 3 6.8 Csttisu: 

L ®1 AS < Avii ij ortl fCnmem ... 


(“■24 J-9 — !• 


Mlt«iWibtHt»\-ir} ■ IZ4 : 
Ulumbfjlu (JiHpJ..422 , 
VltMU & Zb& : J 


pSr lSs^i 3 ls 

chepstow. . “TJ”- • T : JSg ?v ,ue !k,rc, -~ » t6a *2*. 

J-g-Jy *"**'“ Stewer. Gifford, so often amonc A , qJ To '1952 ul t 1J2 ^ 0 _ a 

Hr r 3 L : i. SS Sr=3 i j;L 1 n E ^ 

The first-named kent on J - '!!” 1 lew^M^lAbO ,-S 26 8.0 ; C.tmeo .I 405.a-»-a.7 172b 3.6 1 l+0 0a 8bS^teT^“ - rjni, 

Embassy Premier Chase qualifier, extremely well to mn the t^N <U *'" "“ : + t“ (jj 8 ,, 4 j| ' t* £ i 5 ^ S3o ’ -AW v^.;iSS 

It will be fascinating to see : hnw heavily-backed Mister Bosun to fits - 0.3 j!?5 4 °. ik»t4«tv — 1... sio Us 13 SJ ' '■ ?S 

he fares tn tn is. his stiff est test three lemrths in a division of : 254 ** 9 dSSSS™ ; to’S ’25 

to date over fences. Asrofo RinHuv Vnvieae TTitrtflo Munciwan. Rii-b ! D84 ■- 24 88.12; 2.1 1 «• **ob»io •••:. M&S 4.8.«ilftfe tOO IS’S? - . —vaw- 


15 I . JUS 
85 .0.5 
20i 13 
1D:!-X8. 
13 | SJB , 
IS t . LB 


1 wiLfinejuoHau).., 

a n l ^ La( n Anwnv 1 w . 


t3 30 HC-M 
IL25 -B-2B 
to.es ; 


»»*«** * Wfc;— - 2&& : .>4 . 1 t 14 3.4- 
Milsnkoshi..^- :. 696 ,*3 t SKT irr _ 

J«ppon Dens^ Lflaa- t^..;. J -15 0,5" 

-JuS. ^.u^a foaonL,-.; &49 ]--l.- { - 

; L700 +70 48 !.♦ 

-9.02 '*--»• I SO 1.8 

fibiwnto. 20 0 ^- 

«r 1^80.4* ib-f 40 ‘ 1.5 • 

MarTDe.^.j 345 ,»1. :• U 

4€6 r-7 -1’15 1* - • 


l=M* 

1 + 6 a 


Sj.T ” I -H «-f0 


to date over fences. Ascot’s Binclev Novices Hurdle : vej '-z4 20 . 12 ; 2 . 1 1 «• m.:.,.....- ; j46 .n i 1 

IF his rf>r*pnr rtprfnrm>nrp<: a-» ^ * j - ■ C e Nrskfruniim i 165 t 2.S — < — l LB25 — ' 

ir ms recent pertormances are last tune out. aod is given a con- pd!«»-hk i»m. iol’J I4i.a + i.8 — • — '.sun. 295.5—1 

any yardstick to tus improve- g dent vote. kh-hih>.i. Bin-. 179.8 + 0.8 2 b i 6 . 9 ! I'wewawom ae.._, 787 J +: 

ment, the Uplands sis-year-old •x-ii«Min K ; aeo i+i 24 . 12 ! 5.4 1 rbum>,mHriin.iiJ 84i ~ 


A CROSS 

1 Put foot down on directors’ 
art (5.3,6) 

If) Message received and under- 
stood by boy f5) 

11 Spread food on stick (4.5) 

12 Brave Virginia left with one 
social worker (7) 

13 Squares just eat in the even- 
ing (5.2) 

14 Start winning at tennis (3.2) 

16 Second room for typist's 

retreat (9) 

19 Near future favoured by 
scboolboys (5,4) 

20 Right everyone-— stretch out 
your hands (5) 

22 Scandal abroad takes by 
storm (7) 

25 Knock out No. 10 in apart- 
ment block (7) 

27 Demanding job with High 
Commission (4J5) 

28 Novel girl for ever showing 
sign of caution (5) 

29 Bellmen expect to use alter- 
natives available (4,3,7) 


7 Wars fought in bloomers (5) 

8 Soak the French part of 
church (7) 

9 Wine for those going to Bury 
< 6 ) .. 

15 Changes direction of spreads 
(4,5 ) 

17 Appear to Just miss getting a 
place we hear (4*i) 

18 Notice Pat for a change com-' 
ing over clever and versatile 
(9) 

19 Person making off with bike 
(7) 

21 Starving suspended on rail- 
way (6) 

23 Claw found in Malta long ago ; 
(5) 

24 Furnish Cockney layer with 
subscription (5) 

26. Turkish coramander elected 
—not for the first time (5) 
Solution to Puzzle No. .1,837 


could well continue on his win- 
ning ways. Ramblix. successful 
in his last fonr races, gave every 
indication at Ascot nine days ago 
that be could prove a test for the 
best once he has pained little 


Heath opens 
print centre 


>.-ii*i-ii)t> ; 360 

atrintfu, .- 290 

-•in liicbcr j 230 

\ in, 


134.5+1.5 9.34 3.5 


lVn>u,t& U'eribk. 296 1+1 ,2B.I2i 4 ]bJ r 

i-uikiwtgw) ' 837.3 +0.8 25 j 5.2 }• ' !)«-. 1 


ucai u<ibc ue u«u» aniufu imu? • PBTMTrK/’ — - — — — - ■ - 

more experience and ironed out scottSh 

the occasional jumping error. papere, the weekly paper group BRUSS£L5/UJX£MBOUHG 

Recovering quickly from a owned by Scottish and Universal — , 

blunder at the ninth fence in the Investments — was opened at ne=. 1 ! Pm+ i + w! 

Flyover Novices Chase there, the trvine, Ayrshire, yesterday by 

Wrekin Rambler gelding pro- Mr. Edward Heath. — r-i 


1/.I8 1 HJ! ‘ I -mi - + o | nu i m i u__.- - in i* 

16.651 3.1 “>one tfonlto‘.._j 114.4 +0.2 | « 1-7.9 l ^ tZ.15 

a i LiSSssssd ?S^P(Sa SI -Sfl 

360 l+I 'Zj.lj! 3.4 | riHiiJi',iuHr«in.lI..I 241 —1 o. 3 i' ‘""wfDtvMi ..JL. fl.16 

290 1+161 25 4 . 3 ; U-inor 12,0— U.3 . —I — l if W.ZS' 

250 ' I|.a 6 3.6 — 1 ■ 1 "«' " "sAplonilifliL { . W36 

317.6; ♦ 1 'l/.IEr 7.3 J 1 - M luOTtf. r '■ 10.-16 

M.'jj 3 ’s j STOCK HOIM j 'VIveraBmfrvlom 1 1.59 

2 2s \ 5ii > |)rr~i ‘ I + W I AV ‘ v ' tOof ' 

1 ' Umnn ' 1 hr ' < •'y-i Vb l&fceo.UMme« t Ut7 


STOCKHOLM 


10.92 r~~ 
ti.is i 
W.Z5 jrt.of 
tW36 '-U4JM 
ia-i« Uo.oi 
12.40. fcfcOtf 
tLfi»: l+OJK, 


33> K ,"^wV...-.Ji.-9«0* 7 f*«0't 50 { nin 

j ; "134 f+S j 10 * '5,7 * 

toijoAUrfae .. 518 • 1+8 11 / 1 Q • 


rokyoAUrtne . .. 618 +8 11 > 1 a 

iakyoRl««14mrT;.58D +S 0 i 8 ^ 3.7 

, 4***° 339 +1 , 12 7 j j» 

" 42? * 6 i "io . - 2 .® 
Hue ftaSS22?&2SS— ISi k- 3 1 10 : . 1 3: 

in.ni { *_°yq«* Motor ' 878 t + y 


^ • J.7B 146 10 A8 

1 161 t +2 j 18 ! s j,. 

j»-«gu)tw..,.» 878 i + 5 . 20 1.1 _ 

Sourc« KBrW) SrcartdM. TWop - - 


Pbw - + or | 

' /iTTlfTOI ~ ' I 


411,1 -'r. 


I At, I 

' j Alfa L^n.ikrJaOil 
j AstAihr^Ji..— j 

J Atfa» Uo)«a(Kr*j 

_ -, w .j ■ dilierort 


: Bif.' - ' 

+ ••« Fr.. IYwt. : 

- - AW ( % 


ceeded to jump the remaining The plant, which is equipped I --loan 4-15 *•» 7Z 

toniu. In fha errl. I f**?" . “ - I 


fences In the style of a seasoned with computerised photo type- } h.h.b. O emrau!! ji '102 j+V^ioo 


veteran. At the line Ramblix had setters and a Goss Urbanite u*fcenu... 
five lengths to spare over Bold rolonr press, will print all the ™ Le ‘ 


Saint to whom he was conceding company^ titles in Ayrshire and 1 + 2 S 


Ltoekenii 394 

KBfcai-^. '2,385 

UlttiitMieJ 1 .... 1 7.030 


"West Strathclyde. 


SPAIN * 


DOWN 

2 Outfit getting over Ring 
allowed to produce another 
opera (9) 

3 Arterial road starting in good 
heart (S) . 

4 See bow long hoard takes 
to arrange programme <9) 

5 Duck takes notice in the day 
before (5) 

6 Work to squash alternative 
tyrant (9) 


^BHaracaiEQ; easansn 
E-' s a: -is • 59 ra e h 
□ nnnn heebssees 
G^ anEissan 
QEnsanEEEH Eaaa 
s a e a e a 
asnsEna boqbhhe 
ss a n a a s 
teEESaaa q30se3be 
p s a n “a a 

CJ2EE E9QaQQHEIEQi 

pa u : c g a an 

aaaasEEEEi asnsc 

0 E 5 H 0 El 22 B 

nans0 sasassEss 


SOLUTION AND WINNERS OF 
PUZ2XE No. 3,832 

Following are the winners of 
last Saturday's prize puzzle: 


university Avenue, Belfast. 

Mr. R. J. Highman, 198, 
MacJde Avenue, Brighton, 
"BN 18 SB. 

Mrs. W. E, Quayle, Th-^rsy 
Lf>ilge, Thorny Hoad, Douglas, 


E0^aDE39 CQEEEfl 

0 nan mu m 
umznu HEaQESsna 
n ■ h a bees a 
SEEHEEEBH BQE21B 
S E H S ■■■83 O B 
aaEHffla V EQEB2JQB 
ED BBS 

iEEH?3S BnHEBS„ 

- a a a s q n 
□BBSs eonanenaa 
“1 a a B Q 52 □ E 
□BEJ0Q0EB H0EBQ 
i GTHrtTB Cl O 9 
bheeq aBaEaHHH 


Dccrmber 1 

Aslaed 

Barn?* BiBuo 

Bami» AlUnUeo >1,990) 

HaotA Cnird 

Baoci) Eilcriar 

Bauta General 

Banro Granada < 1 . 0 U> 

Banco H. spa no 

RaucO Ind. t'jt.-il.naffi 
B. ini £ieduemneo.„ 
Banco Madrid.. 


nMNdlNM ... . 

Otam 

Paortarai r«bMu 

Prcmlibar 

Petra! ww ., 

Sarrki Ptpaicra . 

Solaea . 

Sosefiu 

TVWonSca 
Yorraa Hoatwich . 

Tnbacti .... 

tintoo Eire. 


I4.ti.lnua Uni '2,550 [—30 150 

Uewrt.: LiflO 1—2 ; 86 

litiLUJrnx Li... 1 1.610 + JO 90 

Ur«nhra ,2.480 1— 20 170 

tniercxu 1,840 1—20 142 

ItraiierUmk ,6,510 | .290 

L+ Rnyaje tieiire.. i6.020 J«325 

l^n HoMLn^o. iZ.740 j ta j) 

I'ltuidinii. U.310 +50 ildu 

MIR-Iam. n*nqifaj3,U70- 1 + 20 

Briar .. -J2.QOO 1 — 10 ,140 

Winu : 5,300 f— 45 216 

WivV- J2.5SB +15 jA .1! 

tnrxmn ... Z^OO +5 ',17o 

".:_.™...:l,180 — B . 

Lull in. ; 730 6 u 

V leillr.Upnia^tiK., 1,730 +15 ! — 


Pr- ’lYht.:l 8 ,| «etort _...l 43. 

_ ‘ ( Callaln-j, 227 

lib 4 £ Btecl'iiix-bMirou 115 
100 8 9 119 

— -1 .iM-esle ■•B" | 284 

177 7.5 95 

430 6.2 Stan*** itreci.... 48 
170 6.5 376 

150 6.9 nljurmtvu .... 12a 

86 faj4 n-j Uob UmdAv. .60 

90 8.6 TandviK’U-'-fcf,. 3b7 
170 6 JB d.K-t. -B-lir..-. 69. 

142 7.7 dksnd £n>tlhJn_. 15b 

89 j. 4j| ItaslJtUi'H.VJirCi: 83. 

JEfi q u l>‘Wirhivm 86 . 


199 1 + 2 
146 '-+«• 
77jr+0.5 
116 (+2 : 
45.0 — OJS 

112 

179 +2 

227 +1 •. 
118- +1 ' 
115 S 


« SSSSSS£±'4 

•ifa wu.A tfn.Btao | ta.76 .... ‘ 




; raj WBWA. 


tl; '3SSUT,*.t~' ^"r 41 ; 

r- .. r’ 41 iSSHi.— ^ - 4 rV^. JOHA ^ esB «?- 


I ; U/VAYta. 

•f «» a* 

■4 270 -V.-. -...1 1-3.3 -■ 




Siief:* - 4 . 
^:fcJ - 2 S Si 

.60 i + i -+• 

267 -1+4 5.75 2.1-, 


60 +1 w I 

67. +4 iivda.X 
B9AI+1.8 4 a»1t.8 
I5bt_ ■ O 7,6.1 

63.5 + U K 


63.5*+ L5 

66^1+0.5 


ik|7-ftU 


• '- nfi’iT ' f P S a * 1 + "‘pWYX/ii XMoaraMr %■ . v “ . " : -.V. r • tt-^t " ~ fftr , " 

-ioa^ i+o.7,f*ie: sa • ~*cr ~ »jas~ 

\k*» trir-aw- •• 81,-1+ 1 : h_ ^tirieftsaate - 

Aaem-a»k(ri'-A>y *TOA;+2Af4S5iU» 1 «J5SSs+' , 'Vtor , ^r^“--^~* : 1-S* v'iMvBl -- 




Banco Popular am 

Banco Sam under iffis) JM 

Bapw CrqaUo iLfiODr... 203x8 

Banco V . Tca ya 20 . 

Banco Zanson SSnl 


- BRA23L 


SWITZERLAND -• 


BuMsn 

BaUOa AbdalUda — ... 

DabcocK WUcoa 

CtC 

DnnMtet — 

ininoBajiif 

E. I. Arafontiu — 

Bnunala Zinc 

Exnl. Rio Ttam . 

K’oa <1804) 

Fmosa n.AOOi 

lial. Precladoa . . . 
Onion Vetazabex <400 
Oidrola 


W4 *i — 

W . — 

a - 

as + j 

213 - 2 

sw - 

« — 

u» — 

.... 54-13 - 18 

. . StfStaft - isa 

... » - 

.. . » +1 

4001 US — 

41x8 — 


+ i*t iGnwd aki. 
- % 


triri 


— A .i«na_ 0.64 L 04911 4 J8 

~ hinfa-BMi Bnwii.... 1.66 I + 0.up 0, 1619.63 1.' 


BuiA-faUeCu.- 

t'uuifalxubeii.^. 

dOTHt«iw ...’ 

Kur rkpir_... 

Hxml+ Mnili ..... 


1+2 .» B.B KL.yLiW.ltt3.)... 130 . +3 Jl 

**■ r- }» **? lutJlriliee tmO) ?...43 ' +03 
-....LIZ H«L5s<Uc»(Rl.iC -110/61+0.7 am 


iljrin , nH.(KiflO)[. .381 


131 . + 4 . 
840 

82 -Sl« 
12614 


22 U 3.0 j l.H f a/ej x 


StflfatrteM- • v \Tz sjq % Z 

Wepwmj - ^ ‘ L« • ' - " 


18a _j„ " w 


ftovr IikIus/iI ]>.( 321I| +1* 


hxnru Itxit P.V ...; 1.60 * _;0.37iH,1! UHL - .V L655 i+5 '< 30 1 3D Ji!? rar T 

Bwipf, Uiseirn wl'; 0.95 id.CW|8.«2 tf.h. Cm?) H.l^U.075 U 15 83 j 3.1 

WsAiDHr.U.H, 5.12 !+0.BSii}JW 6.«L tin. Ibn i.Vri . = U60 .+38 23 ! B.6 ? "i!!|^ w 

l ’ 1 ’ 1 2.00 1 + O.O0;i Li; 6. 50 1*,. Ui^ fi30 1+4 33 i 4.6 ’“T*" 0 *- 

I’lrelll OP. ' 1.35 4 0.0i:0.1e<M.ffi tfi+,111 3.170 |+20 16 ! 3./ 

tawoCiuuil'^! 3.20; [0.S»:ia.M Kifa-Iiiiwan 1.810 +2B IU ! 3,6 

I mp Ft.. | 5,85 Ji2G|447 tfiwlier ^Cr . 545 l+g S U.Iibiu 

Hin Dncj PI 1 , 1.03 'C.lfc 'IMg B.ifluisn l'i u*n. 67.750 I + 9S6S 11001 1.# 

Tttmwrr Cr.TVlm. Valnnir U.*m. «i.. imiwu .6.728 1 + 175 110)1.6 

Sourer: Rio do Juulro SB. Ini«riiwil B '3.735 [+26 31 j K.tJ Deo. 

JcUimhi 1 fr. lUJi...; 1,448 1 + 8 21 U — . 

it-r.lOUi.,,. 3,170 ! + 30 din 4.7 A-NtC.-. 
U 9 . Ifajt... — ..._ 2J30 +30 tiffi.l 0.9 tta-tfan ... 


;a$7;2S.i!iuutf 


. _ I OUetabnh 117 +5, i — 

fnrartdnli 1 liOljf I u 


Turnovrr Cr.7V.1tn. Volnmt 44.4m. 
Sourer: Rio do Jaiuiro SB. 


31 j 2.U 
31 | U 


NOTES: Overxeu prfaM oxdnda I prunBac. BelxiaD divtdeadi an afterlli^j^n^-^'^SSS 

td thholiUng tax. «n I rttXill, UIP iMOOji 273 

4 DJU39 dentHu. unlen tKhemija mated. VPiu. 3M Cenom. u»i«m othinvlse I *f u< * vr l¥-nO , ~..' 3,676 
stated. +Kr 1W d«non. odles* otfaenrae stated, * Fra sen denma. unless 
ctDenrtte ctated C Yen 5» 4e»tea. bum «bcnr)M atatru. s Prwy. ar Ome of 
^mpsnsion. 4 Doans, b SchUUnsn r Cents, rj Pwldend aft*r twodiitt rwftu 
«W/or KTO teta « v*r ttiare. 1 Francs, e Grow djv h Anomsd dtodend 


surea. 4 ki i» mnou. aniew otacnw stated, * Fra SW> twm. unlesi ^I'-i 

otBenrtte stated t Ysa 5» dnitea. musra otbenrte* ata/rd. ; Pn+n xr One of 278 

sus pension. 4 Floans. bSehllUate r Cents. dPWIriend aft*r prodinx rbdtu -Ir.lin. 308 

anfi-or kto tewa. ePrr snare. /Francs, r Grtw» djv b Ainmni-d dteKtend ?*itaatr tFrjsOi I 790 
after scrip and W runts moo. k After local rases, tn '. t»:s fr®-'” n Francs a,r,M Bntayr JXi* W9 
tftetafcn* TJHulac dlv. sSra. trShar® eatlL ■ Dir. am) ?teM exrjwta mdi.i ?*i**tRwtr.25ai AOSO 


uwauaa* ctuiac dr*, 9 Nam. . asmrr out, ■ nr*, ant) Field ncdntfr mclal 4,830 

PWIdpoL t Indicated dfv. a Unofficial tradlna. v Uiuvft? Iniderf «nh* uUanrr bmon Uni. 2,950 

! Pjnjns. ■ Artan) t BU. ITttdrt. tn&Oer tunned. xr¥» rixMtf ‘ i 3 & 3n™:B iv 10 ^ 5 ) 

di™«B4- m B» scrip Ism. xaEx aB. a laterba ateoa lanaM. 


442 +9 2p 

278 !.10 .12 
308 U 3 14 

790 +2 10 

339 +7 1 *0 

4.650 +50 j 40 

2,950 +1Q '! 20 

10350 UlOO: 44 


.Dm. 1 

Prli* 

Lire 

+ w 


30 


Hn-tuip 

.+^ 514 

rr 

Pull. 

12.800 

+65 

t*i. PrU ... 

:2.17S 

+ 51 

nu-iriri 

. ..} 139 

+ 7 


Itegwunjanytar 1S4!7 '±o!b M;7 
dtavouWtt);. ''838^1+0,5 -20 

7eono<k^iF(.fa)i ■ 100 f+iji 27 
tDir. Xiti. TjUflW M&T.a’+O.S 

1 Lrro 1 •*• ^U)io»cr« l t'l+aiL. 185^1+1.5 o?j 

.1- - Wfa*.U*e, ! BWvk . 4x51+4 ’ A5 


150 5.4 


3a | 3.0l luileauriiL |23. 110 1 + 740,' buv’ 2 B 

12 j 4JI I luuctiicT I 319 +17 ; — I 


TSt ,' * h® M |Gama .Hflince X- J.- "— KS2-; 40 10 

+.L.4 J S8.fr 7^ fidxars. ConsoHdaiedl lnr.„ - 5,09 • +*.«. 

,1 TJr StOSam Slarcs. j .-.ug 

“ 0.21 Mjri Sraa(sMdsr8Kji.U. M ^ KM . ..••• 

*9 ? n f" 0 J 0 - ,+M 3 --i 

+ 9‘9 iS GneateacfaB* stem 7X70 ^ojb 

+ 1JI 27ij 8,0 Stfotta • .. 4 ,.... _ . 2ja - 
+ 0JS ?»A« 08 XTA v.-1~.^.«..rv.L^..:.^."-,£iie^- '. 

f4 43 ' 3^ Otc Bunn — T.TR- 

fv'i ■ gaante g.»onhHt 

“ . raete riaC H nmt^ • -w.« 

. •> . .Prot*a jHHdlns».-_,.„^._.i us - +ejn 

+ «'• til* 'Via 5*^1 MtoW.PnAtenka ua . +0.J8 


S.« Pirelli Spa | 919 

8.0 hala I'tnem I 808 


^; a .9 D,-1 r -^v sjg : - 

™ KssSr-i' tl £ 

— , — | .* 1 ’ II 1 ft a+“aa'** v l 25 4*4 Cl 

^ 7d Ko Ia.’SK ^ * Bd - Ts * a ' SB*, lLto. ^SJS 




J 13-162 Secdritfei Itond i U£jHkflS¥ 

1*-- r 1 t--ii in 1 1 lit -.;ijrynjgS+Sxr^ 


























21 


.h V' J 



Decenriier 2 1978 


INTERNATIONAL CAPITAL ‘ MARKETS HI 



^s~T — -A A 

afN V-- ‘-NI- 


: w ua Ki:, li? . ,f. 




Billerud hits trouble 

* - >’•*- >»•£•-. •* A*’ . _ > ' 

after Uddeholm merger 






a„|> — : J7, 

3*5$ 

sCN* felt 

**3fc |! 

Gw**. Zj i 5' 

ST. W;-. a*; • r 

l U ' * 

JoTn- 


SSg 

*telO... 


*■« ...... *12. ?- 

?*Mr« ...*"' *«1. =t 

w™ a^- tit:, nt- 

«« — ;■■■• 

«*' x «“■„■■■• 3 4, ?■ 
Slider 3j;. fc- 

aar | 

<1 -nuife','' 35 

idMr, 3;, 7 

;*■- 

“ a *■’* 51 l- *«yj- 
sm iv- L - JS! ; • > 
■tmi*' .";■" *2- ■ J. 

- Ul L. i 


is 

it! 

T,¥; 1 $ 

!:ST "~ - . 9,’ 

*■ c ---<- .. j,v 
s’* -•t.ifc. fr- 

iitti f : l ■ 

BKw !S ■: ' 

:r Pet — £ , 

*6.*V- ; X 


rf’wipt'L' . > t 
Y ,;l \ * . . ,‘i! 

is* 

#r M T i'., 

sf ».’«• . :-■• 

.... ' ' -— * 

- ' 1 -■ 

ISEIE... >1 

?* '<■■.-. 

' r ^ 

» « . 

. .•• 1 

J 1 , ■ p. 

‘i 

a; •>.£.„ ? ; .. 

■ ': . 

« yj 

if.ii. i -. -. ; k j 

ft C .» 

I'l*. •..*; 

WfJ.r* J; . 

* ?l 


WL _ A*M* iMa 

* •>»»* a.** 




jsr?'*" 


p< »-. 

- ■:- ■ E 


^.:Ci 

o< j - 




i; . .. 4 : '•-!.• >>•».■! 

•' V-fc- •’• . 


r .'H i • FhMkE%BT," ; 5UIXERTO ^TJ^KETOLM. the will conti uce into 1979. The con* 
CtWfijCBSZBlAip^^ xmer-ot .Wes t puljv tJsper fn^ %«rd group put tsibuting factors, according to 
: together thwudi'tiw' merger of Mr - Hind amark, are the delay in 

TiiHenur eennwxv with “ e market upswing, too small 
-' nrofita montiis ° Price increases, the decline in 

' h*ee : l«^fei^-^n9rtjto*r'<rf'1«*t Errr 30 ™'* . rarest . todustry the dollar exchange rate and the 
•lyear, desnmTtiitf Swiden <rf extra ntvisions rn AWSwlim financial running4n problems the company 
penaioa previslons, ■ ? ?■ : Arable. Hinoamark. has experienced with its big. Dew, 

' R > «aye i -W^\pnrtt- flsTirt» r ^ -hilt tbd._aanagB»g JBxeaot, admitted cardboard factory at Skoghall. 
said, that 1 with l indos&iaL credit **■ a Piosa-. coaference yester aay On Wednesday the Board of 
menanU jeasMIgingi-'weaki it- was ^sf^Pwtorndytod'Taiscalcnlated directors appointed a team 
tjayjM ’jnorb attention- to “ 'tbC’ eo * £ '*nn r1 profit rdeymopments Including trade union representa- 
shdrp - rlsfr . ia - mdrtle ma»:. its takeoyer tives to make a quick analysis of 

sL-steftfisgS ^ < t»ii — h 


mer*banlfc^ftW ^ h»d to 
■wldea^ fiaanctax 

basis " -to' hftot tat:, of 

. increased- ^detnand ior lonjger 
i tbnnpcfddlts^ '• . - ’ t' 7 ‘ ■'■ : ' 

.- L In -ihSsJ connection," the y plume 
oi savfhgs certiStijitei' issued bj' 
the- hank &am by.'-aboirt 30 per 
cent sinde -ihe- obeg i anfn g -of the 
- year rhP end of 

• Octobers ; - l;i’. .-•,•■• - : .- 

-The bank sal d; that it had coa- 


k-jew to wi’nawis joss or should join forces with ASSI, the 

$Kr/20Qnr /or/jLSTS./ The losses state-owned company. ASST, 

£qoritf.:-.'«T: • A-.VA--T'- — — 

tbVyOlume 0 New setback for state 

'.Issued, by 

ill Tiartlcipation in Dassault 


• STOCKHOLW, Dec. 1. 

however, is itself running in the 
red and forecast last month a 
197S pre-tax shortfall of over 
SKr 300m. 

Mr. Hindemark said be hoped 
that Billerud Uddeholm would be 
able to resolve its problems itself 
but at yesterday's Press con- 
ference it was evident that the 
management and the unions are 
divided over this question. 
Billerud indicated earlier this 
year that the merger could result 
in the loss of about SOO jobs. It 
now wishes to lay off consider- 
ably more workers, while the 
unions want the company to seek 
state capital to make *' offensive ” 
investments. 


$lbn bond 


BY BAVltt fcURRY 


PASIS. Dec. 1. 


tipued te expand ^tt to retgn net- xBE GHAPTro of aisadventure civil aviation states wned com- 
: work. and- was- cummtly;. pr^iar: associated with - the French pany Aerospatiale. It even 
■tofTto 1 Hong - Government’s “.attempts to take appointed a chairman of the new 

.Jvoiig, an_ agency ^in , AtZuita, ,a elective control -of thc aircraft holding company, 
merdiapthank in JSmkapore, and manufacturer Dassault-Breguet ~ . .... . . . 

i SurirfSS^^refu^I ? ^^SfonWCalS 

the Natimial AssmWs Finance Sj^hStdtor ^om^Snv 631 ^ 
totereatj orafcs at. tome and commission ^“approve the „ f c ??L pan u y , “ d 

-labrxxad, interest inangins in tl>e acquisition of i 21rpBr cent stake SJ£^iSf in ?2 n ; 

.first tenmon&srwew (vSS double votiag rights) in ^ Ravw^nH 

oriy. around <we Wfth below che milttaiy aj^raft maker as gj™ . Kj ^“ d 

toe yeaiMfio level, ‘ - i. ; part , of the budget legislation gSw—^pS? 6 !,^ h,«52l»rt 

_ sha ^y nOT goto* throo^h P»Ua»»t. S, e ,™“ ^wenU S 

The. GaultiatsA have insisted, restructuring. 

’ and sevojftie ^ btudness totail^I SSg^piSm' rcpon^Vtor # . EFCIS » ^ French micro-cir- 
DM9l4m ($474*n) ah toe first' 10 cuitry company, has signed a 

months, up toy 7.1 per cedi front dbtato of its ropport 3e cori( j s0 urcing agreement with 

^ ^ Standard Microsystems of the 

' The' - credit' • volume ^was Avhole a f rD ^P a€< V*^° r U.S., under which the latter will 

DM 3*T*bii against Till jfStt. 2k£^S ^t^^Dassault^It acquire rtghls t0 n,anufflcrure 
-MeahwWJe; ^^ner HandS H Rill and marke{ a French-designed 

und^SSkfnrtef ' Bank, BHF- ww^i^^tW-S^^ltlon BlU controller chip for use in visual 
ba^^^K vc^WcnrS ^thorising toa.^y tlon. dlspUy units, writes Terry 

_declaHng satisfactory eairninRS •• Almost IS months ago, the Dodsworth. 

this year' -after' TBTTa parent gdvechment ah^Hmced that it The deal follows hard on the 

company iaf-pntf i vtotdd' tak" ccntrolrof - Dassault heels of toe coUaboration agree- 

* •■ • and setup a holding company to ment between Thomson-CSF, 

'co-ordinate toe ~ activities of France's main electronics cr|n- 
assault and toe-prcdominantly pany, and Motorola of the U.S. 


The First Viking 
Commodify Trusts 


Commodity OFFER. 38.5 
Trust : T :lBP34.7 

Double ' A OFFER 68.0 
Option tinst ;KJ0 65;0 


y 

i 5 $ 

WMi !tf 


Tins monil^ investment bulletin gives our view of the 
:HI»V ftjf jkB-^erforrnancfi ' of the prihcipel commodities. 
Send for ^xf rfree copy now or telephone 01-248 781 1 
.for a taQc wkti one bf our dealing staff . 

To: Coraatco<^b?«mod«tiss Umitad. Bridge Kousa 181 Oueen 
Vlctorie Straw, London BC4A 4AD I would fike to receive vour 
monthly hVBsbnwrf bufetin The Outlook for Comnocfty Futures" 


CoBBHMfity ^.fiertval 
MwiaB*®e«r_Cjj ltd - ^ ■ 
SVm W-ti Sr 6 Banja's $tfeab 
btww tJaagfas lfilB-cf Maa-- ;,.• 

,T*h.M242Sllt5i'c^ : - 


The Commodity Brokers 


the week 


' . . - j; •>•••■ i- 


issue 

from 

France 

By Terry Dodsworth 

PARIS, Dec. 1. 

INDICATIONS THAT the French 
budget deficit this year will com- 
fortably exceed FFr 30hn, nearly 
four times more than the original 
forecast, were re-in forced today 
with the announcement of a 
new state Joan of FFr 5bn 
f $1.1 bn). 

This public issue is the fourth 
by the government this year. The 
total raised now stands at 
FFr 13.5bn with the remainder 
of the deficit being covered by 
short term Treasury bonds. The 
new loan, which carries a 
coupon of S.S per cent, is also 
the largest to date. 

French interest rates have 
eased significantly in recent 
months. The first state loan of 
toe year, for FFr 3bn. was 
pkohed at 10 per cent this being 
foiiowed by a FFr 2.5bn loan in 
July at 9.8 per cent and a further 
FFr 3bn in October at 9.45 per 
cent. 

© The Italian Government is also 
about to tap its local capital 
market. The Italian Treasury is 
to raise L1.270hn (Sl.Sbn) 
through the issue to the public 
of nine-year bonds. Coupon will 
be 12 per cent and the bonds will 
be priced at 96. 

The funding Is being made to 
finance tbe deficit of tbe national 
welfare institute on unemploy- 
ment payments in southern Italy. 
The bonds will bear interest six- 
monthly. 

MARKET REPORTS 

BASE METALS 


Further 
growth 
expected 
by AMEV 

By Charles Batchelor 

AMSTERDAM. Dec. 1. 
AMEV. the Dutch insurance 
group, today reported a con- 
tinued strong growth of 
profits and turnover in the 
first nine months of 1978. It 
announced a 32 per era I 
Increase in profit fo FI 64.7m 
and forecast a 25 per 
cent rise in toe year as a 
whole. This would prodace 
net profit of FI 90m ($45m) 
compared with F1 71.4m last 
year. 

Turnover rose 30 per rent 
to FI 1.56bn <$746m), half of 
the increase was caused by the 
acquisition of Time Holdings. 

The results or non-life 
business in Holland improved 
slightly and Time Holdings of 
Milwaukee produced a very 
good result. Set againsr these 
positive factors were a higher 
tax charge and the need to 
make a provision to cover the 
cost of transferring AMEV*s 
operations in Doredrecht to 
its headquarters in Utrecht. 

Turnover on life insurance 
operations rose 17 per cent In 
the first nine months to 
FI 971m. Non-life insurance 
turnover rose 67 per cent to 
FI 488m while other activities 
increased 20 per cent lo 
FI 9Sm. The insured sum rose 
by FI 3bn to FI 44.5bn. 

At FI 23.7m, profit in the 
third quarter or 1978 was the 
highest for any quarter In toe 
past three years, according to 
figures published by AMEV". 
The non-life sector made 
profits in each of the first 
three quarters culminating in 
profit of FI 12.1m in the third 
quarter. A loss in the final 
1977 quarter for this sector 
more than wiped out small 
profits in toe preceding three 
quarters. 

Apart from the acquisition 
of Time holdings. AMEV 
recently further expanded its 
International operations by 
joining four other European 
Insurance companies in a 
cross-border insured pension 
-scheme for multinational cor- 
porations. The other members 
are AUlanz Lebeusversieherung 
of Siutlgart. Royalc Beige of 
Brussels. Eagle Star Insurance 
of London and Mnenchener 
Rueckverschcrung. 

Another major Dutch 
insurance concern. the 
Rotterdam based Arafas Group, 
said it had acquired the 50 
per cent stake held by OGEM 
Holding in toe Welvaert 
financing company, taking its 
stake to 100 per cent. This 
will strengthen the financing 
operations of Amfas which are 
ooe part of Its diversification 
programme. 

Arternoon- Three months 1619. 1S-5. is. 
Kerb; Thre- months £61S.S. 


United Technologies given 
go ahead for Carrier bid 


BY STEWART FLEMING 

CARRIER CORPORATION and 
the U.S. Justice Department have 
lost a crucial court battle in their 
efforts to block United Tech- 
nologies' Slbn takeover bid for 
Carrier, toe nation's biggest pro- 
ducer of air conditioning and 
heating equipment 

A federal judge in Syracuse, 
New York, Carrier's home town, 
has refused to grant requests 
from the company and the Justice 
Department to stop United Tech- 
nologies from the first stage of its 
bid, a tender offer for 17m 
Carrier shares at S2S a share. 

The judge has however 
granted Carrier and the Justice 
Department a temporary injunc- 
tion for one week during which 
they can bring an appeal against 
bis ruling in the second circuit 


tion, either actual or potential, 
appeal e court. This move will 
stop United Technologies from 
accepting Carrier shaers by tbe 
closing date for Us tender of 
December 4. so the company will 
almost certainly- extend its offer. 

The Carrier and Justice De- 
partment suits had been com- 
bined and alleged that the acqui- 
sition by United Technologies 
violated U.S. anti-trust laws. 

The Justice Department alleged 
that if the two compaines merged 
to form what would be toe 22nd 

largest U.S. industrial corpora- 
tion. a monopoly would result. 
The Department alleged that 

Carrier i§ a ** significant factor'' 
in tbe production of 
control systems for heating 
and ventilating devices 
and that United Technologies has 


NEW YORK, Dec- I. 

subsidiaries which make it a 
“significant developer' 1 of simi- 
lar control devices. 

It now appears that United 
Technologies, a company with 
sales revenues last year of $5.61>n 
in such diverse activities as jet 
engine manufacture and elevator 
production, will be able to pro- 
ceed with its offer. The Justice 
Department, however, is likely 
to pursue the anti-trust case even 
if United Technologies wins 
control of Carrier. 

Yesterday's defeat of its in- 
junction underlines the difficulty 
facing the Justice Department in 
trying to bring U.S. anti-trust 
law to bear against conglomerate 
mergers where there is little 
evidence that toe transaction will 
have a major impact on competi- 


Kennecott names new chief 


Sa^l^ ^queeze’ boosts lead 


BY OtiR CdMMODltlK SIASF 


; - CA$H LEAD jirices !£nipr-t&- p*-— TT~T-— 
- record Ierotovoih toe,-ton*>if 

-■Metat E3£chaxx$«^5terdfly^fQllnw- . •• • 

; ing. a ^ “/squeeze^ bn supplies ’ xilVAf* 

. .immediately ; Available' to - the _ ' _ JUYVl 

•' jpudtotx ^ ;i*st -night cash: lead - ; L 

was £443 a:tbffira,- £32-75 up tro 300— I|» 

^ tbe week: exceeding the previous 'll 

. peak xeadtted itt October. .L There j - M 
-:was a, -far r more modest rise in • I . . ■ ' 

' thB^ tbr^ months ‘ quotation, 290il 1 — 

; which gamed- £19.75 to £411.5, U JL 

; ‘and is still wall below the record . f l|l fly 
-levels 4>f March 1977. l\J IT Lor 


BY JOHN WYLES 

MR. THOMAS Barrow today 
moved six blocks from his 
Manhattan office as senior vice- 
president of Exxon Corporation 
to lake on the responsibilities 
of chairman and chief executive 
at the headquarters of Keooe- 
cott Copper Corporation. 

The announcement of the 
appointment of Mr. Barrow, 
aged 53, ends several weeks of 
speculation about a change at 
the top of America's largest 
ropper producer. Mr. Barrow, 
whose retirement from Exxon is 
effective from today, will take 
over from Mr. Frank Milliken. 
who will remain chairman of 
Kennecott’s executive committee 
until he retires at the end of 
January. 

Mr. Milliken had originally 
decided to delay bis departure 
until next November but a 
recent Court of Appeals decision 
on Kennecott’s long-running 
proxy battle with Curtiss-Wright 
changed his mind. Finding in 
favour of Curtiss-Wright. the 
court ordered a rerun of last 
May’s election of Kennecott 
directors, narrowly won by the 
incumbont regime against a 
Curti?<-W right slate. 

Kennecott also revealed today 
that the court had refused a 
stay of execution on this order. 

that the comoany had filed 
this morning with the U.S. 
Supreme Court for a stay. 

Obsci-vers will now be fasci- 
nated to observe what difference, 
if any. Mr. Barrow's appointment 
will make to this bitter battle 
with Curtiss-Wright. The New 
Jersey company is trying to use 
its 9.9 per cent stake to evict toe 

Arienroon- Three months 1619. 18-5. IS. Business done; Wheat— Jao. 9!. 50-93. 70. 
VITO Kerb. Three months f61$.S. March M.T0-95.20. May 97.38-97.65. Sept. 

MIV ,. 99.50 only. Noe. nil. Sales. 175 lots. 

Illl) I i ! , Barley — Jan. M. 70-81.90, March 86.95-87.15. 

Alumin ml ».m. t+"r i>.m. it+or May 89.33-69 .50. Sept. 83XD only. Nov. 

I OOcmi - — UmrfDcw . — gg.is only. Sales. 68 lots. 

C IMPORTED— Wheat: CWRS No. 1 13* 

^ 1 * £ per tent Dpr. 96 Tllbur.-. UA. Dartt 

i fairly nulct Spot — ...... - Northern Sprins No. 3 14 per cent Dec. 

si Exchange. 3 months. 1 616-7 +4 61B-.8 +5.5 91 75. Jan 93.50 transhipment East Coast. 

; I7S0 to fTSJ | I U S. Hart Winter 134 per cent Dec. M.7S. 

used by lore- Jan. 90.25 transhipment East Coast. EEC 

in warehouse -Cent* per pound. tSM per picul, when unquoted. 

rice rises and , q d previous unofficial close. Mate: U.S. French Dec. itB.00. Jan. 

closing price 1M.30 East Coast. S. African White Jan. 

left forward CTT Vrn 87.50 U.K. S. African Yellow Jan. 67.50 

m the weak. JML-V fc J\ UK. 

SUrer was fixed AOSp u nm.ee hlpber „ "SljB -fS? i22 “ DW ‘ J "" 

P-F- . |H«r sirthum? SRSSvm Dec. *. West 


Kennecott Board and replace it 
with directors dedicated to sell- 
ing off toe company's Carborun- 
dum subsidiary and distributing 
the proceeds to stockholders. 

In accepting the appointment. 
Mr. Barrow was putting aside 
plans to return to his native 
Texas after 27 years with Exxon. 
As bead of toe oil company's 
world-wide operations he bas 
recently supervised prospecting 
which resulted in a major 
copper find in Wisconsin. He was 
reportedly rrfuctant to respond 
to Kennecott'5 initial approaches 
and it is possible that he may 
not have accepted toe job with- 
out securing the Board's agree- 


NEW YORK. Dec. 1. 

meet to a strategy for dealing 
with Curtiss-Wright. 

Kennecott has already offered 
Curtiss-Wright Board representa- 
tion. but this has been rebuffed. 
It has also discussed a plan for 
Standard Oil of Indiana to take' 
a large stake in the company 
which would be followed by toe 
sale of Carborundum to the Con- 
tinental group. 

Interviewed after his appoint- 
ment Mr. Barrow said today that 
be had been attracted by toe 
challenge at Kpnnerott. He indi- 
cated that there would not be 
any substantial change in the 
direction in which toe company 
is headed. 


Sohio sees income rise 


BY DAVID LASCELLES 

STANDARD OIL fSOHfO). now 
52.2 per cent owned by British 
Petroleum, is finally benefiting 
in a big way from its large 
Alaskan investment The com- 
pany expects net income this 
year to he " very large.” in 
relation to the past, and profits 
next year should grow even 
more, Mr. Alton Whltehou'e. 
chairman, says to an interview 
with toe Wall Street Journal 
This is due almost entirely to 
oil from toe Alaskan North 
Slope which "^11 continue to 
be the biggest factor for many 


NEW YORK. Dec. 1. .j 
years to come," he said. 

Production from the North 
Slope, where Sohio owns 53 per 
cent of the Prudhoe Bay oilfield, 
will he higher next year than ; 
this, and its value should also ; 
increase since Alaskan crude is 
tied to world oil prices aod will 
benefit from any increases intro- 
duced by the Organisation For 
Petroleum Exporting Countries. ' 
But Mr. Whitehouse stressed . 
that profits needed to be big. ; 
considering all toe money we-.; 
borrowed for toe Alaskan invest- ; 
ment. 


I.G. Index Limited 01-351 3466. Three month Copper 779.5-785.5 . , 
29 Lamont Road. London SW10 OHS. 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for toe smaller Investor. 


Forward meul traded Jn ihe nsfl to I7S3 1 I | 

range throughout the day buoyed by lore- 

cava of . a further dedlne in warehouse ■ Cents per pound. t*M i 
stocks, more U.S. prodocer price rises and , q d previous unofficial close, 
a possible strike In Peru. A dosing price 
on ihe lale kerb Of X7S2 left forward CYT \7T?T> 


SILVER 


market yesterday at 307. 05p. U5. cent 
equivalents of Uxe fixing levels were: 
Spot 534.9s. up 4.1c: ihree-monUi 606.Bc. 
no 3->c: six-month 617.5c. up 3.2c: and 
12-monih 640.Sc. np 4.3c. The melal 


RUBBER 


- ' The- squeeze ” - on cash bhj>- 
.-.plies ^E oHqws reports of further 
' buying-" -re fcdiitly .. by, the Soviet 
. -UnipE and forecasts of sizeable 
'. shipment*; out from LME ware- 
rehouses.' tfus ls-eEpected to bring 
. -another fall in -stocks, which are 

- already at the lowest level since 


1\J VT | London , T 

9 W Buffion Market . 

I Spot Fixing - : 

Price . 

• .. |is7b 

AUG SEP OCT NOV D 


TM* Annum to haw failed am a material around O higher on the week. OlL-V El\ UK. 

■™AtoP£ m "id "■ 

bringing a /decline In precious 0 >^, +» UnSiSiaJ mark« wterS -t 307.os P . vs. cunt U1 '*“ Dec - "*• WKt 

metals generally. .. ! 1 ■ equivalents of the flyinji levels were: Coasl DOln - 

The recent cocoa market up- i £ j s £ j £ Spot a4J«. up 4.1c: iivee-month aoe-Bt niTnorD 

surge ran out of steam this week WintharJ . I SilS, «ST J **. P Th? 'mSS 

s-.isssi £S2 Sa »-»» ^ srs-i'S rsrjrsz a 

position on toe London market Cnthoda* I • _ I 1 Pest repnncO Ihe Malaysian codown price 

9’GtE‘&3r JO X®ad 8A6I * oi paqtnTP Ce&h. ........ 750-.3 +b.& 7 30.S-l,a +S SILVEHi Bullion -for L.M.B. + or was 237 f same < cents a kilo 'buyer. 

ilK’on Monday lj«t a mbse- JSRSj mm XL ; + ** ^ j “ j ^ - 

qnent fall, winch included a £40 u.s.&mu. - «72 : : 1 

tSSiSS :1! 

toe week at £2,119.5 a tonne. . at na, three months nw.a. m. m.s. tail - I 

Some dealers said they thought Son” 5 ' nBB^Kerbt^reK . ' J - 

the sen-off had run its course months £7S0. 79 j. SO. Afternoon: Wire- LME— TnrnoTer 139 1 133 1 lots of lO.WO Feb 6j.BJ-b9.90 D9.?0-b0.76, — 

8Dd that the outlook remained bars, threo months rai, IIJ. Si. SO.S, om. Morntnx: Three months 315.3. 15.;. Jao-31ax 59. 78 69.16, bD.70-M.76i 80. 40-58.69 

firm Ths^sr HmihtPd whothor irfl. 8l - 5 ' 68. Cathodes, three months 1SJ, 15.4. Afternoon: Three monihs 315 4. A|«tJne Uai-.MII ei.bO-bo (b: M.00 ■ 2 0 j 
arm. ioey aouotefl wnetner pro- Kerb: Wirebar*. three months 13.3. IS.2. 15.1. Kerb: Three months MLS. Jir-aept M.0-W80. b6.55-S&.40 t*.i6-rt 4D 

ducers would follow, the market rji. sq.s. si, bs. m.6, 14.8. OewPor ea to-*« w fi7.uo.67.76 1 87.ss-h7 oo 

lower. TW— Marginal y easier In qnlet trading Jan-Mar b9 Dj-dB.15; 71. 90-70. K) — 


active and offtake Included a larsc num- 
ber of varieties. 

HONG KONG— Prices were well main- 
tained on the week in Haiti mdtnx. 
Friday's close (cents per lb ■: Dec. un- 
quoted-n.00. March 74.10-74 jl. May 75.50- 
nt.OO. July 76.00-78.00. Oct. onnuoled-wi 00. 
Week's hinh-low: Dec. 75.00-73.91. Turn- 
over: 38 i45> lota. 

WOOL FUTURES 

LONDON— Dull and featureless, reported 
Bache. 

i Pence per kfloi 

AuvlraliiD |Y’*tenl'v»r4- ur, Businwt 
Greasy Wou. Ulnae — j Hone 


US; Markets 


silver! 

Bn II ton + or* 

L.M.B. + or 

per - | 

filing | — j 

claw — 

trt, .7 -K. 1 

iwice ! 1 



EASIER openUtf on the London physical 
market. Little interest throuchont the 
day. dorian on a dull note. Lewis and 
Peat repnried ihe Malaysian cod own price 
was 237 < sane i cents a kilo 'buyer, 
December). 


'or: BuiHnesB 


‘-miltiii. fnti in jijilitrV uihOif, -r» AUG SEP OCT NOy .DJ lower. TIN— Man* inaJ y easier in quiet trad ln« 

. another falllUBtocks, which are \, - , M .. T ■■■ t. London coffee urices fell on »nd ucamt any direction from the Penang rOTHA 

■- already at the lowest level since • • • . ‘ ? market which was dosed. Forward metal UAUA 

J February 1975' ' - domestic Conner urices taJ iara- m on uay >n a disappointed _ reat^ opened a round X7.Ut but thereafter fell Values remained under pressure aa 

■ A shflpfeee ' of silbDUe* avail- nSifShfTynll in tjon t0 lack of significant away to dose on the late kerb at rr.440 speculator can tinned to Unuldate. 

4 ffSVWS?W3* 'JsfssBS r T 1 £ ,0 tt saiw as- ■“ — “ c " * M 

price. galDKl £210 _ to £7,575 a the umon. whose woritere ducera. last weekend. The mar- Turnover 1.390 tonnes. COtDA l Close - l>-ne 

tonne, -despite declining by £35 iave been on strike at thfcSad- St rreovered md uall v bn t f ol- 1 u.* 1 

• paterday bn forecasts of a rise bury SHnes ftincE Septemb^Tfi, a renewed fall yester- tin ' oninui ft-^Dno?ficiai Dec. m6B.e-55.B Lj 8 .26 2088.tM7.o 

in warehouse stocks. . are planning to resume negotia- Tanuarv deliverv ^coffee ' — — , 1 Mamii -8119.6-20.0 1-24.0 9144.0-05.6 

In if act ^warehouse stocks have -tionsV Sudbury mines produce Higheiado £ ; £• £ 1 £ May -tnu-iiJ l-ts-B 217 o.u.«b.d 

m^rf im HtihttfantiaUv to recent well nlatlnhm ® nded fte week * 23 - 5 ]0Wer at SSi 7620-30 1-65 7570-80 -35 Jdy 2146.0-53.8 .-22.5 JlbB.O-Sfi.O 

5 El nSSt' £1.460.5 a tonne. S month.. 7490-505 — 5B I 7*65-73 —30 Scr* — ■■ 2126.9-25.0 -22.S f !«£»».■ 

weeks from very low levels, bui ; cobalt as by-products of uKkel “Bogota Groun” merely Seiuem't . 7630 — 70 ; — d« -.m&.o-eo.o 1—13.02105.0 21175 

portibn is Seady^conuStted^or SRver prices fell back'- ibis use of P a - m 6 b 

SffM'wwt %28J%5TS2S?&gi U = 1= jaraissr su 

terest also boosted toe Penang 5tage .be/0re recovering yesterday ? Mormns: s.amurd. cash » a. 20. « er “' 182 - 81 ,M0 73 '- 


Oct- Dw ea 70 -b“ 651 67.fifi.E7.76' 67.5S-b7 00 
Jan-Mar b9 0>b9.15i 70.D0-70.I0' - 

Apr- Joe Il.Svfl 56' 72.50-72.40 71 7U 

Jy-Sept.. 7a.78-73.7bj 74.55-74.79; 74.25-73.06 

Sales: 201 )267i lota of IS tonnes. 
Physical dosing Price* 'buyers* were: 
Spot a8.5p i59i5>; Jan. 5»X5p ifid.fii; Feb. 
6fl.23p 16O.O). 


SOYABEAN *IEAL 



Yeotenlay 

L'ldre 

+■ rc 

bukioeab 

LVine 

December .... 

t-eonnij' 

ilpertonne 

119.6)20.9 
1.8 6J-.B.7 

i 4- 1.65 
j e-Bfil 

i2B.7fi-24.88 


Dec 2M5.fi- BO.O j— l3J0 2l05.fi- 21)75 December .... »8.5 j 20.9', + 1.65 - 

Mare). 3060.0-80.0 '-1 7.75 J-'«i>niu>- .... )i$ 6J-.B.7 +2 69 I2B.7S 

Sale*: 5.364 i3.72Si lots of 10 tonnes. Apn* U7.w-t7.bjf 2 3D Ia7.u- 

Internatlotml Cocoa Organisation (U.S. June Ij3.70-t65jfi.85 125.00 

cents per pound 1: Dally prices for Nov- August ....... L6.UO--7 0>f 2.00 — 

30: I S3. 1 2 089.89'. Indicator prices Dec. 1 Ocu<'«r I2b.0fi-i7.fi! + 2. 7 j — 

IS^lay average 1S5.5I 084.99); 22-day iiecemr«r .... 1 20.00- v 7.5 1 + l.fb — 

average 1S2S1 (183.73*. "Salca:" 135 ( 70* lota of U» tonnes. 


nificant buyer, and consumer toe quotation 'fell , to -302.7p at,pne ,“ ce {?„ a _ a “P* e ° r -^. a ° ffee ««» ^ rkj - ' • — ' - ' isday ' average '1&3.31 094.991; 22-d'ay ueeemr«!r.;|i2o!oo.v73i+r/b| - _ 

terest also boosted toe Penang stage be/ore recovering yesterday st ^ zserlDR export sbipmeots. Morning: standard, cash £7 ,«m. 25. 20. Jver “ e 183 -® ,UQ 73 ‘- 135 (to* iota of iw tonnes, 

market which moved up 'from toS07JI5p I stiIl 4.X5p dowij on sl * K three mooths cr.m. 7.460.96. r mo. r.«s. /-rjrrrr 

5M lvS58 to SM'1^38. the week. i • , -..v- Immediately after toe meeting, oa.so. s^ Rirb: ; sunflart. ««*■ mon^ LUrrtfc SUGAR 

-Copper prices also rallied. The market has been distorted 'however, H [Salvador announced »■ JSSTiSma af m. Hi An cmrcmeiy qum 4*yB*iw®» London daily price tr,w wm 

With, cash ' wirebars closing last by an attempt In toe U.S;-'. to that it had cut its minimum Kerb; Standard, three months £7.460, a. tb * r ®6-W 'S<unei a tonne cif for Nov.-Dee. 

night £3.75- up, on -the week .at ‘‘squeeze" the spot m.onthajto export price, a move which «- «- ^bSSSSTw^E SWfioi’S'^nwM" ^ Pri " w “ 

£764J25. ; a tonne . Tlie market fen Chicago ;and New York, ■ tended to raise don-bts ; about toe a further dedlne in warehouse stocks lovn law In the day, but late trade buy- First trades were around overnight 

earlier ‘in the. week but was Jheil rumbnred .. to have been seriousness Of toe producers to- . mp i,,qm i the nearby lightness and ing lifted values to mly £20 lower by levels but there was very little Interest 


COFFEE 

An estremrty quiet day saw Robostas 


SUGAR 

LONDON DAILY PRICE (raw sugar! 


.lifted. >y new5;Of a,rise. to U.S. engineered, by a large syndickte. teutions. 


WEEKLY PRICE CHANfiES 


helped widen the backwardation. Borrow- the close- 

ins oi *n»th metal, speculative Interest festentayT 

and U.S. buying provided good two-way COFFKB Ulow 

trading althongh forward metal held tn t 

narrow range, between 1410 and " Z413. £ per tonne 

dosing on ihe Kerb ai 7412. The art 

gain on ihe week was £18.73. Turnover 

10.225 mimes. January..... . 146a 1461 


either side and prices drifted, reports 

. C. Caarnikow Later the decline 

4- or Brwnew accelerated following k sharp fall In Mew 
— I Done York and the market dosed around the. 
, I day's lowest level- 


- price* 0h'g» 

. . .. hw tot tna ■ at 

.milefa 

doted' 

Srt Gyring £98 + lTO . 
Am.'Bud 

. Whiter (OcL> £80.16' +3>B 

BM.UlUidg (o*w crapy £9f +1.6 



re. 

;E^> 

Iov 


. £8R6 

ser.fi 

£80.78 

£106 

OtA 


Lnteat 

prleea Ch'gv 
, par tonne on 
' units* week 
'- iteited 


Free Mark be cJA-ilg LlfiO/16 
Anttmoav £1,9*5 


. Pepper, white. £2,7* 

. 'Black fiLKW 

Oils ' 

fi"B""nt(PllIlipT«b 8860 

»•-« 

, Ctnde.-- £353 



,£3,900 ^^Wire Bars— ; £764^5 +3-T5 
S2J7S Bmths Do. Do— X7BI.76 +3.0 
nSi Cari. Cathode*..— -+ ■ £751 +3.0 

3 fltattJj Up—--- - £J89^ +0-76 

SfiSSJ Gold ner nr- — - SlB4.375,-1^5 


- £580 £710 « W) 

- S830IS0 81,200 S9» 

- £2.160 j £LD25 £1.625 

426.0 I? 2,700-7501 $2,700 92.156 


LEAD 

a.m.' 1+ «r 

OtOui&l 1 — 

p.m. 

Unofficial 


£ ' £ , 

1 £ 

Cash- 

d4S-.5 -f-la.fi, 

44Z-4 

3 month i. 

412-3 +7,Zfi; 

; 411-2 

aeu'mrat 

448.5 ,+ b.fi 



U.S. 5 pot. 

— 1 — — 1 

j *36.36 


January..... 146ai461^M.O 1475-1453 

Slurr), 131 1- 13 1 2 -2 1 -0 1327- 1308 C | °. r " ra ' ^ lo “ 1Xl “® 

Slav 1244-1246 -21-5 1263-1244 

July • 1202-1205 -24.0 12 15-1205 ' 

Srp'wmncr J H7ail75 -25.0 1185 117a + i** ,oau » 

Xoremher... 1146-1150 —17.0 1160-1150 March .. 1CB-25 06.50 109.6549.90 10.0548.00 


Sugar 

Pret. 

Teetttday'a 

Preriotw 

Business 

Comm. 

j Clite 

Close 

Done 

Con. 





JafluvrY 1 1120-1155 


*Uv 111. 3 -11,45 115.QS-13.lD.lft.liU-ll.S5 

<i4 f: 5 i +ia ' 6 i .3^36 1 ffiissMJriffir'sf.uj H^fif-ssisssssssss 

- JW iifrt Uee :i 1.0J.21.25 122.btt-22.75 22.00-21.75 

Morning: Cash 050. a. 50. 48.fi. 48. lti^ VtrM^ t^waSed - 

2tei^3^arSi«f«iS 

.v.. tMi u e 14 iit 1, ,, E e 1976 1J ‘ • 3U H38.SB). Hooustas it-A 1*" Tj,,. 1d b 1 . « ex-refinery once for 


December... 25aH0.Q — 

Mareh_ 233.0-ftBJ ...... — 

Mar afiB.tUO.Q — 

.tnriB.l Ju *y 240.0-44 JH — 

inf^the Ootrtw S4OJMJ.0J — 

m and Deoembw... 240.0-64.3 

n Pr *“ March 240.5-444 - 

ibvvS. M * v aao.o-44.ol - 

Sales: 0 f2) loti of 1.308 kg. 

SYDNEY GREASY— dost' itu order 

hn.er. seller, business, sales)— Micron 
frmam contract: Dec. '154.6-343 B: S55.<W5(. t: 31. 
>0de March 353^-358.0: 336.9-353.2: 36. May 

360-3-360.5: 361.0-300.1; 13. July 364.0- 

364.5: 364 0-364.0: 8 Oct. 36S.6-3H5.5; 

_ 366.0-365.0; 13. Dee. 357.0-369.0: 367.5-387.0: 

7. March 37P.5-371.0; 371.5-371.5. 1. May 
■ n t q or. 372^-375.0: nil: nil. Sales: 109. 

Jn.rJ, NEW ZEALAND CROSSBREDS— Close: 
T Dec. 179.0-184.0. March 1K2.0-IB3J. May 
,r', 22 1*4.0-187.1). July 154.5-1874. Oct. 190.0-1B3.0. 
*»-or no Dec 1 80.5-197.0, March 194.0-196.0. May 
~ n 194.6-196.0, Sales. nO. 

™ MEAT /VEGETABLES 

s. SMrTHFIELD — No carcase meat prices 

were: MEAT COMMISSION — Average la t stock 

i; Feb. price* at repreaeJitaUve markets Decem- 
ber 1. GB cattle 67.61P per kg.l.w. 
i-i-0.92i; UK sheep US.ip per kg.est.d.c.w. 

L 1+9.51; GB pigs 65.Jp per kgl.w. « — O.m. 
England and Wales -Cattle numbers up 
- 4.4 per cent, average price 67.290 
” (+041*: Sheep numbers up 284 per cent, 

average price 133. 7p 1 4-0.7 1: Pin numbers 
down 3.4 per cent, average price 65. Ip 
1-0.4). Scotland— cattle numbers np 0.6 
per cent average price 70.55p 1+1.101: 
i j, M Sheep numbers down 22.7 per cent, 
“ average price 124.fci (-5.4*. 
l ^ COVENT GARDEN tPnces In Kerilng 

per package except where otherwise 
stated) — Imported Produce: Lemons— 
Italian: 120a new crop 5.00-5 SO: Greek: 

Z 4.60-5.60; Cyprus: Trays 4.80-5.20; Boxes 

80/1509 4.00-6.25: TurtJsh: 10 talas 2.40- 
2.60; Sparta: Trays 2.00-2.49. Oranges— 
Spanla: Navcl-UaveUnaa 3.00-4.30; S. 
African: Valencia Late 2.00; Creek: 
angar) Navels 3.00-3.30: Jaffa; Navels 130a 5.00. 
r.-Dec. C ementjnes — Cyprus: io kilos 3.40-3.88. 
e was Satsumas— Spama: Trays 2.40-3.00. Grape- 
m*h— Cyprus: 2.30-3.50; Israeli: Jaffa 
(might fi+TS 3,50-3.70; Cnhan; Z-SO; Texas: Red 
atorost Blush 3.40; Florida: 5 JO: Turkish; 2.40- 
■c ports 2 60. Apples — French: Golden Delicious 
iecllne 30-H> 72 2.00-2.20. 84 1.40-2.00: 40-ft J38/ - 
n Mew 163/175 J. 50-4 .20, Jumble pack per pound 
id the. 0.03-0.06. Granny Smith 20-lb 72 235. 84 
IAS, Urge boxes 138^ 150/163/7109 2.70- 

4.61). Jumble pock 55/60 3i-lb per ponnd 

0.07. Slark Crimson 40-lb 138/163S 4.50- 
"»ew 5.50, 20-lb 845 1.S0, Tts 2.20. 
che English Produce: Potatoes— Per 25 kilos 
1.20-1.40. Lettuce— Per 12 round 0.70-D-80. 

Mnshrosms— Per pound 0.55-0.60. Apples— 

Per pound Bramley 0.04-0.07. Lord Derby 
urn fin 9 W ' 0 05 - Cox't Orange Pippin 0.03-0.13. 
Worcester Pexrmaln d. 04-0.06. Russets 
.05-0.08. Spartan 6.B-.8. Pears*— Per pound 
J"'®.® Conference 0.08-0.12. Comice fi.t2-D.l8. 
Mfi.80 cabbages— Per crate fi.fio-l.GO. Celery— 
ID^1.7B Psr head D.12-0.13. Cauliflowers— Per 12 
- Kent 3.00-3.60. BaMreat— Per 3S-Ib 0.80. 


L^lajnQ .m— J8M 

’yatppia«> 8600 
n»(TLSJ — #8Tfc 


sm.n -I-® 


fitfaS " 

£2J70 

’atore* jan. £1,4603 

jHltn-.r ,80.8 b 

iAnut-_ £645 

iBWCgrdfl 8«« 
Wo.^.....J 68 Ap 

*ri : - j£W4 , 

.3 l:. s S3D 1 

iite} .. 

So.L.. C1TC 

jity) kik>-~ .uop. 

Wu) kflo..._' 80j. 

a64tV«gp-gWp ”” 


ski: Esr-js* a. 

£266 month s i- — ’ *»U-6 + 1 ^ 75 ggj j 

" ^ . ^MartSeJ.f^ . 5l.68jwj-0.01 »1J*0 \ «-<> 

Platinum per ,£LE6 — 

1378^ Pit* Market per or- £164.35 f — T.4 £89.45 1 £187.3 
- I®* 4 Quicksilver l761bsO «143f48 f j *12SJ» | 


£672 1 £778.5 £812 months i*l2. 14. U.5, J3. 13.5, 14. UJ5. 12.5 “{V'.m ZT~n tTw a *^ aM *-T'e ex nemiery pnra ror - 

£888 J5 £798.75 £624.76 B . 12. Kerb: Cash f 442. 40. three months ]3 ^L DaUy “ VCrafifl U8 ' 96 kranwated bafts white sugar was £2«L8S ffnv.30 K„i'. 29 : 

£681^5 ! £773.6 ; £802.5 1411, 12. 10 JL ID. 10.5. 11. 12.5. 13. 12. 11 * *“■* for home Uade 

£876^5 ; £7933 £814.755 ZINC— Easier tu quiet, thjo trading n G RAJIVS -l‘ -09 (I jeLWi for export. 263.63 ; Xbj.75] 

3245.126 3 166.1 22 forward metal started at £300, touched 
£236 | £438.5 £275.2 £361 and declined to a close oo tbe Kerb 


GRAINS 

LONDON FUTURES (GAFTA) 


Sales: 1,881 (2,111 * lots of 50 tonnes. 
Tate and Lyle ex-refinery price for 
-anuiated bafts white sugar was 7264.85 
atari a tonne for home trade add 


FINANCIAL TIMES 

ffnv. 30 Km*. 28 iHnntli ap* 1 Year ago 


Iniernational Sugar An rec mart (UJ. 
-The cents per pound ■ fob and stowed Canb- 
top bean pon. Prices for Nos. 31; Dally 


.1 '• “I" 3 month*, per os.— | Sl4.75p — 3.B j 268jp \ i 

>1 m KAt MS B Tungsten lad.'-'——/ S|4L86 — _ — „ f ‘S-J 1 i *“”? 


sr«s as i-jj 

ss -a wa==sifis 

tts • 46 Jp Producers — ‘ 5720 — 


£106 
-£K0 
-Y23p - 
'.TQp~ > 
Tp-lrilo ' 


3168(76 517L5 


ZINC 

lju. 

Official 

rf-or ( 

I P-rt. 1 
j Unofficial 

if+or 


£ 

£ 

£ ■ 

£ 

Cash 

346-T 

-i.a 

344-5 

>-5.28 

3 months . 

357-8 

-2- 

356.6 

r-s.a 

S'menC .... 
Prim.swt 

a47 

L 

-1.6 

*33.5-4.5 



Morning: Cash 1347. three months £350. harley. Adi reports. 


commercial aod country selling halted account per too kilos ■ previous m 
any rally and valoes eased lo close tin- brackets *. v/hite sugar 1 denatured and 
changed to lOp higher. Barley trt very non -denatured 1—27.30 i 27.53>. Raw sugar 
thlu volume alter Initially trading Sop 22.30 (sam»i. 

higher eased lo dose 5p higher. Very WHITE SUGAR — Close Hu order buyer, 
little Interest was shnwn in new crops seller, business, sales): Feb. 105.08-07.00, 
and they dosed unchanged to 2flp higher nil. oil; April 160.75-189.15, IW.55-1M.5S, 
on wheat and unchanged to I Dp up on 21 : July Hi 50-14. BO. UjJO-1325. 4; Sept. 


- 3600 


£288.875 I £381 .76 £337.75 ®-5. »-5. 58. Afternoon: Cash 040.5. 


three months £358. 58 J. 57. 58. 57.5. 57. 56. WHEAT 


Srala* 

^Hotm Ftrtnrev. — £83£5 +0^5 £7L26 

U*1t» -•■■ 

-lo m. 


Kerb: Three months £257. 50.5, 56. 55J. iVf-iatrlii 

TAKE IN TABLE — - - — — , r „,J c | I1etl 

ALUMINIUM— Firmer with' forward M nt ” 

meul rising to a contract high or £6to 7“ *•, 30 

prior to easing fractionally to close at yi'SX 

£618.5 aa the late kerb with the rise *.*[" S? 4 q 
main tv rvfleeilns ibe overall Rrmneas ot Z-.Z- 


118.50-19.75. nil. Dll; N«- 124.05-JS.00, 
T2S.30, 2: Feb. 12P.Pfi-30.00. nd. nU; April 
BARLEY 130.00-34.00, nil. uQ. Sales: 27 lots. 


Le=t^rrt«j-’ 0 j -{. or |i'efteidav'»|+ «w 


rUBuuoted. rwontai gMadagwear. 


matniy reflecting H» overall firmness or -i hq'Tff 
other metals. Tu mover 1.675 tomea. yP 1 - I 
Morning: Threo mnuths £617, 164. Bpv — ' '°° 


1 + - COTTON 

„ r , LlVERPDOl — Spot and shipment sales 

“■J" . amounted to 1,289 tonnes, the biggest 
+ M,U0 turnover for more than a month, bringing 

the total for Hie week -to 2.0W manes. 

BSBjnst 904 tonnes In tbe- previous week. 

reports F. W. TattersaUs. Dealers -were 


263.63 ; 2ba.7 d) £66 .93 j d a 9.4*4 
(Base: Tnly 1 i9S=U0}" 

REUTERS 

Dec. 1 'Xu**. SO jlionlo ago j i«r ago 

ijgg. g lalo . oj taJ l.6 I 1+95.5 
(Base: ^euietiiber ih i931 = 1H) 

DOW JONES 

Dow j Nov. | Not. | Month Tear 
Jones | 30 | fct j ago ng» 

Spi .... 594.43 396.42.a9s. 12 367.79 
Fulurn|593.2 ll594.40l39543i31B.62 
(A verier- 19?4-25-?a=lfi0i 

MOODY'S 

Xov. iXnv. iMonth -Year 
M 30 , at [ ngn jagii 

figs Unnmty)966-1|9B2.29B3.6 I9Z6.1 
(December Si. i93l = 1M> 


Cocoa falls ^ 
-precious 
metals rise 

NEW YORK. NOV. 80. 
PRECIOUS METALS cloyed higher on' 
rreih specula lhre buying and short- ' 
revering despite any new fundamental ; ; 
develnpniPMv Capner rallied on Cnm- 
(ntsston Rouse sbon-covering. following 
rhe ! cent per ponnd increase tn domestic ** 
prndneer price at Phelps Dodge, to 70 f 
cents oer pound. Sugar eased on Hade- • 
arbitrage netltng while cocoa closed - 
sharply lower on irade hedging and 
Commlsstnn Hmr« chart seDiag. Coffee 
rinwd Inwer mi Commission Hno«e selling 
->u slightly easier origin prices, reported 
Bariw. 

Ct cn a Dee. 181.05 (185.20). March •' 

*81.20 *115 RO). 'May 180 85. July 179J0. 
Sepi^ 175 85. Dee. 177.45. March nil.,: 
’ales: 5,113. 

Coffee—" C '■ Contract: Dec. 141.50- *• 
1C 00 043.981. March 18S.B5-I34.fi0 / 

Mil 'ID on no. 75 t'llv IIS *5L 
Sept. I27.00-m.25. Dec. IM.OO. Hard) • 

■ ywic;v. Sale-:- <1)5. 

Capper— Dec. MIS <83 451. Jan. 68-85. 
<8flM*. Feb. 67.63. March «.«, May 
89.70. July 70.(15. Sept. 73.15. D«. 73.55.. 
Jaa. 74.00. Mareh 74 85. Mav 75.75. July . 
7fi 85. Sept 77.55. Sales: 6.060. 

Cotton— No. 2: Dec. 67.85 ( 88 33). March 
71.87 71 93 * 72 28 1. May 73 B5-73.7D. July. 

7.1.90. oet. flB.MI-fflJtO. Dec. MJ|5^6.3*,- 

March 67.10-67.68. May 67.30 bid. Sales: * 
V550. ;• 

•Gold— Dec. 193.30 >191. Mi, Jan. 194.90' - 
>193 401. Feb. IBS *0. April 2OT.10. June;’ 
203.80. Ang. ?n7..W. Oct. 211.20. Dec. . 

214.90. Feb. 218 70. April 232.50. June-- 
’28.30. Aug. 230.20. Oct. 2.14.20. Sates: 
35.S43. 

♦Lard — Chicago loose 23.00. NY prime ' 
steam ?4 50 traded (33.0(1 traded). 

OMjhr— Dec. 227-2261 <224) 1, March 

118-3384 (336 ■- May 248-2461. July 2501- 
'504. Sept. 231}. Dee. 253}. 

5 Platinum- Jan. 320. 00-323.08 ( 3J0.301, . 

tnril 333 50-325.00 * 322.501. July 337.56, 

Oct. 338.5Q. Jan. 331 G0-331.B0. April 334. ID- 
334. VI. July 136 60-338 M. Sales: 1,368. 

2 Silver— Dec £60.00 < 588.081. Jan. 

403 3(1 *5814(11. Feb. 606.20. March 089.00. v 
Mav 816.50. July 624.70. 5epL 832. M. Dec. 
W8-50. Jan. 6S1.3B. March 8A0.71).. May 
670.20. July 679.80. ScpL 6S9.50. Bandy 
and Rarman spnt hulllnn 591.50 ( 598.00). 
Sates- *3.787. 

5ovabean*— Jan. 077-879 (671). March 
692-690 ( 6851. May 058-037, July 701-702. 

M)g. £97-886. Sept. £71. Nov. 658-657. Jan. 
flfiS. 

USeynbean Meat — Dec. 184.86-18S.50 
(131.79). Jan. 187 66-187 JO >184.40), March ' 
IW 39-1RB.50. May 1B7.00-I97 3D. Jnly 
187.00- 187.20. Ang. 184 50-188.80. Sept. 
185.06.185.26. Ocr. ISI.flB. Dec. 1&S0. 

Soyabean Dll— Dec. 34.96-25.00 (24.72). 

Jin 25.00-25 05 >74 851. March 24.9M4.B5. 

May 24.70-24.60. Julv 24.35-34.49. Aug. 
1*J5. Sept. 23.85. On. 03.80-13.65. Dec 
I31D-73.W. Jin. 33.9D-23.K. 

Snv- Nn. 11: Jon. 7.BM.10 18.DO). 
‘♦arch 8 48-8 49 *8 48). May 8 73-6.73. July 
8.99. Sept 9.74, Dct. 9.34. Jan. 0.55 bid. 
Mf'rh 9.92 bid- Sale-;; 3.850. 

Tln-6SS.MHiS6.IM unm. i689.50-6M.Of ■ 

nnm * 

“■Wheal— Dec. 377J-37S (3721), March 
16.81-269 1353). May 355-354}. Jnly 331} 

131. Senl. 3344-334. Dec. 347-344. ' 

winnipRC. No*, m riRve— Der. 97 .in 
bid 196-50). May 102.20 asked (103 00 
1 tied, :uiy 104.36. 

i+Barlcy-Dep. 75. GO hid *75.70 bid). 
March 74 30 bid '76.70 bid). May 7S.G6 
artrrf. Jidr 7S.40 asked. 

ttOnis— Dec. 8S.40 ( 84.30 Didi. March • . 
80 30 bid (79.71) bid). May 78.60 bid. July . 
78 m a-ikcd 

SSFIaxsscd— Dec. 266.M bid (263.M bid). I 
Mav 2M 00 *270 00 artedi, July 37300, - 
on. 271.70. ‘ 

HitWhcat— 8CWRS 13 5 per rent protein j 
rentem rtf Si. Lawrence 189.13 *198 48*. 

All rents per pound ex-warehouse 
unless otherwise staled. ' Ss per troy 
nonce — 100-ounce lots t Chicago loose 
4s per too lbs — Dopi. of as. prices 
precious day Prune steam fob NY bulk 
tank cars. r <*—*■* per vuib bnshel 
* <x- warehouse. 5.040-busbcl *019. £ 2s per 

troy ounce for 5A-or units o< 99.9 per 
cent purity delivered NY. 1 Cents per 
•ray ounces ex-warchmiy II New ■* B “ 
cnniract in 9s a shon ion for bulk lots 
of WO sfton tons delivered fob cars . 
Chicasa. Toledo St. l.ouis and Alton. 

■* Cents per 59-lb nushel in store. 
tt Cents per 24-!b bushel. :t Cents per 
46-lb bushel ex-warehouse. t{ Cent* ‘per 
58- lb bushel ex-warehouse. I.OW-bushel 
lots. 11 C3 per tonne. 











• BRITISH FUNDS (338) 

IPC acquires ms®**-- 

3 .DC Cen. Ln. 34*0 • * , , 

tiipc Exchequer Ln. 1996 101 M* 1 

•wd 3 pc ELy chequer 19BI 85 <’m p i* *•# -* *'■ 

|j ' W% All/Vir V* f\1L1t7 Sac 'i&emvrr. imj 8(r*Ji •■ >• U 

energy unow * 

^3ft/ B'Jic "fixcfteouer 1932 90*8 90 

87i* a : 

9i-oc Exchequer 1931 93 K i* *3D>1 1 • 

• A 1 lOpc Exchwwr 1903 90 a9“« >*«• ^r* 

mT I0*'pc Exehewier 1995 S8*V»* 

III I r*l | 10*9C Exchequer 1997 gf*. 

Ill lr 12 {k Excnequrer 1990 92 i«0 <® -V.® 

- - line" Eutatnw 1999-1002 94 u 18 5® • ; 

g- 4 * qds; 

IPC BUSINESS PRESS lias Ing director Mr. Gordon Johns of 1 h 1 / SX'tf £ £3 1 ■!' 

acauired a 50 rar cent interest Tndent. other directors are Mr. i|:l££ ISnee^ 1992 Sr 1 .® 1 * sta 7 * 
fnthPFnPT-v qvwuvhn^nn^i John ThevlU of Tridcni and Mr. H.1 ^«uer .994 98*0 .-CO 9 IT* 
in the Enerpr Show, an an ual Peter y app Q f jpe Business i!*Sc E»cheouer 19*1 iqi*-® •■•■ * 1 
event owned by Trdent Inter- pplge 139 c Bcdiequer ,s fo '.s®' 11 ' 

national Exhibitions which, in ij-j.. Show s concerned !■'*« Funding l«. 1 937.51 64 ,« ■» * 1 

1979. takes place at the Nation* 1 wi £ ^ ‘conservation and H\ Fum,,na L "' ,9M 4:0 \ 

Exhibition Centre, Binrnnghani, efficient use of all types of fuel , *® 5 ' ar 7S, ‘® ’f® j 

from February IB to -5. j n industry, commerce and the s •;« Funding 1999-2004 (Reg.) 36?*® 

A new company, the Energy home. It is sponsored hy the s ;i£ Fundi.* 19 * 2-34 82 *® ■«* * *a*t I 
Show Exhibition Limited, has institute Of Fuel and its cats- «? ? «. A «, i 

been set up to control the event. logue will be published by the 7-fr4uu?^\n. iMS.Be 77-« so.® * 

Chairman is Mr. Bryan Hope of new IPC monthly journal 2012-15 6 *-® ", 6 ® 

IPC Business Press with manag* Energy Manager. a* Tr?asur* l«. zooz^i* efiw® =i. . _ 


vandal Times Satur^^^ 


This week’s SE 


Friday, December l 3.218 j Wednesday. November 29 -;■■■ S^VKSbJT» 4,413 

Thursday* November 30 <-23« I Tuesday. November 28 -- ^ M ^ dbtuauMed hr 

Tlw Ifsc betw mortis all vesvertar 1 * markusi and ettt Uk latest muki*B* Mi U» w*K «* emr »h«« «wt tedi fa ytfbrttf. 


PnUCK' un»iNW 

frfcMilMriWjtoWPqa 

Wwtc-we.tew..ijc 
PkM« W 

vte. <iQoi ,0 

PilVoptan Smta 

F 1 Hard OFfi.- 2W 

p»?S^ 

Pi«*urami_ J Sw 7? 


saeHB! 


j-a 


The l» bdsw muni* all yesterday's martinsi and ett* Uie latest markOW* bbtmb we wee* ...... • . . nOTrT CSflW •■0«S^..«*x»-gr^ 

the date Cl" parentheses). , . „ . -- v a ctmaMe ^ 

The nember of dealings marked In each seaton *»««“» ^ STLfcS* »S5«^ «» JSStff^J^ASHS K : 

seahm. Unless etfaerwtse denoted shares are El fully ppW w . ly ' fto*™ tn iis un. antow tat tear traancUsM can be ypl wnsrk i? jj&i-- 

paid. Stock Exchange securities are vratoi re P^wtoand hMnw^ ***** «« b MUUnk nUriT» » « wt SL a if*2“^S^to •»w%,mS s S.,7ii * 

,r STS bSs^lTfie , rt « which tows.*, -done hy member, of ' ^ 

The 7 ^* SSSnl^to? nS«Sd In SWOT fechanae Daily hrwter ««*-. •** « ttW »*»■«* '***?*$’ _ 

OWtialUtot. HtAten are not obltsod u mark tannins, enow inwcoal . ? B a rates W vtib members of * fW ‘£?" d .2£!? Siah«J SStSSSn 1 : 

5 Oanwms at Special Pnces. A Earga ns done with or bwwen nor-nemrere. >!■ Bantajis StyL SltuiB Ko«K W-Wamaican. SMa- Pre« 

Eschange. ^Barsares done lor Oelajiwl deliWR or *n-baswlau" SA-JXustrahta. 3B--SBahainiaii. s^-swureuair. «&-«»«« Prow «!&> 

Illaiaj'an: £3SMSMe*!Hn: *XZ— i.N«r Zealand: jS-SSinsapow- . SU5 — SUjuikI Sla.rs. SW 1— dW eat Johan. fl 7 . . 

rest* assets (25s) 59-k. 8 i r I Boor, -(28s. 199:« 5* . 6 s', hoc La. . ^ T0 « f^SK. ^ 

jnonaicommj. lUn^GP. - 2 Bp, 76,-® »• tS 0 a> M 3 ‘ SarW^ar^ Karr.* W) ^ Jg* 1 ?, C "»"" ' ,,^.'59 

sn?.>ssar«*-®,.“.,'B ■ssr,flna <B iii , «. , R& i ■ss&JSKat,&8S&* f * 


the date (In oaren theses). 

The number oC deeimas merbed Id each sedton. EBXtawwtlw wwf ’»* “ 

seahm. Unless «benrt» denoted sheres are El fnlhr P*»d »3* i “**. it 

paid. Stock Extbane securities are wnrtod re pPuntf* ** Irtettons .of pounds 
•r in pence and frealm of ponce. ' . _ . • ' “ 

The list be tow aims the ome* « which bwpatim done jy ro embereof a 

The Stock Exchange have bsen reamtod In The S»Oi . ExcUximb Daily In 

Official List. Members are not obltsed u mark tambts. except in moat or 

; Bam ins ar Snecial Praw. a Eansa r*s done with or btriwi-eu nor-cwnPeis. d 1 Banrazts 


p^SL’Ia-ws* swtf 

Premnc H gjgty j^bekjb' ; 
Presfl9a_ VKffW* : 


Minster Assets (25p) 59 £® 8 : : 


1 Boor, '12501 i99:m 5 * B 6 9 
76:-0 130.lt 1 


Product 

rKdamosi 


Zoo control Bill 
disappoints vets 


S:'-ac Funding 1982-34 82-'iO a «® *1 80*: j y 

6'idr Treannr Ln. 1995-93 J9J. Jj . nn 
7* Treasury in. 1»S.H 77t« 80'.® -I “ n 

■'j "i ■ 'im 

T'aoc Trcaaurv ; 012 -I 5 _, 64 .;® "i«4 «i* 

Sac Tr?asur» La. 20QZ-06 * 6 *s® U All 

0 *« Treasury Ln. 1 907-90 778 *; 'u 5 

7 !j BiV 2 

5-;OC Treasunr Ln. 1 SBO-82 90 '1 '» f 

“i« iii» ’ 

S':PC Treasury La. 1984-56 ST^itO S® I 


Standard chartered Book 410® 13 22 . 

13hPCLn. 1 02* .... 

toronto- Do minion Bank «tC1> 15*» (26/11* 
Union Discount of London 322: 3; i30.Hi 

BREWERIES (110) 


Bowtnorse Hlool. .ilOol 67 1 Elh*r Indosrylal *&OoJ 2004 iSD l .> ) " ^1 J*>«S »15" 

BraiS^KlIe aopt 73 COJIl* li«a HcW'BPS HOD) 48®. 7SipcOh- 12 ,- .Pg »» /jewrilers) (10p).T53® 6 » 

Brady Jnd. (25ol 4BB. A Old. (2501 4B , !* t2&tl ; .- , _ .. 'T%n , ? T TT^ 

Braitiwaiic E ns. til® : Eie^ncai lodssnat Sro. \*aP ‘ *• ,3 pn.jn 

Brimmer iH.i . 20 pl TOB KZ6.1H. E^arocampanora . Cl 0 ?j 299-304. : s -i . ysoii'it 

Breedon A Cloud Hill Urn Wka C25fi» ' EleiL'oa.'c Ruaa Group 21 Cp) _T» K.Shpe, C 25 P) 71 rami 1 
T07 9 C27;11t s SS;!!! - KPtauMSOO (10j»i 3® i'J' 1 

Barsa-Nn.*. ia..«<t. ; eis p '&%'&<? .- 8supo£%« » 1 o*.«. «■ 

Bridrfiouse Dudley (lOo) 50 I EWoK Crew of Peteroorsuo-n 1 TO 0 : 28® ■ pf. 50 GO'lli „ 7 ... 


1 979-84 74*.. 6 *scDb. 67*. 

■^.'^L'Wir M 


Bridoort-Gundry (Hldos.) 
(30'11 1 

Brlcray Gp (5pl- 6 


s':pc Treasury La. lsoa-oo a/-itw ow ^ra, «(. )s* i iv — — ... . 

71 , i.iKUi. H* (H .111 ^ Bristol Erenlno tore 131 (30 Hi 

e-'ips Treasury Ln. 1997 74-«A® »-® J *A® Distilled ProdiKts 10o Brtusn AJimmium B67'i; 70: es 

*n wa>i ‘l . , . jo-M Brlrish-Amencan Tobacco 6pc 2n 

SW Treasury La. 1994 78-',* ■».. * M ' T ^S‘ ' 

9a l Treasu-v Ln. 1M2-96 76i->i« '*» ■» Db. 1977-79 SL^SS-.f? ISS?, In 2-,-. 


BY CHRISTOPHER RARKES I I5 j joc TnMStsrv Ln. 19* 

14'roc Trwury Ln. 19 

A DRAFT Bill designed to con- Mike Stockman, association \l.?£ ui« 

trol the management of zoos president. 2: r : !o.'iiT e- * l,, ’ v <ReSi1 

and wild life parks is a “near Mr. Allcock said that, although T?- J 5 u 5t, t i a, 1 
disasier.” the British Veterinary a Bill was being prepared, it ik Tmuurf tBaa'cs* 


Association said yesterday. 

Proposals now being scru- 
tinised at the Home Office “are 
more concerned with over- 
crowding of cars in car parks 
than the conditions of animals,” 


was such an “unhappy” piece 
of work that the country's vets 
could not support it. 

There bad been an explosion 
in the number of zoos and wild- 
life parks. Although there were 


said Mr. Jim Allcock, a member ”0 reliable statistics because 
of the association's public rela- there was no legi slation govern- 
tions group in S the industry, there werej 

more than 100 significant wild-' 
The association would be life parks in Britain and many 
baripy to help any Member of smaller places. 


Parliament interested in Spon- 
soring an alternative to the 
plans under consideration. 

Mr. AJlcock, claimed that in 
possibly 25 per cent of existing 


ope Treasury Ln. 1994 78-'«® ‘In 4 ■< 
Sot Treasu-Y Ln. 1992-96 76 '.'in "'lk : i 
9=.-W Treasury Ln. 1999 75 ,, is*A® Bt® 
IZot Treasury Ln. 1983 98 k ■: - !« • 

* -S 

1 2 ’.ik Trt*»ir« Ln. 1963 96s® lOO-'tdi 

1 Z*pc Treasur* Ln. 1992 3T±l 102H * 
1-2‘iBe Treasury Ln. 199S 9B * N 
lA’/pc Trcasicrv Ln. 1997 38*1#: AO 104*® 
‘-8 * 5 68 *:a 

13*oc Treasury Ln. 1993 103 ,0 • 

1 4'r»c Treasury Ln. 1994 1 1T 'a® "ifffl 
IS iHC Tnvnn Ln. 1996 ITS* * 

IB-.-w: Treasury Ln. 1998 11B: : ® * 

2r : D£ Treasury (Reg.) 1B-«® * -* "* 

130111 

Spc Treasury (la] 2 S', i- 


Jdc Treauir* i9B2 C3*« * "i*. >i 
3 'jPC Treasury 1977-80 34* 

3Kpc Treasury 1979-81 'B9<»a 8-'« 9 

Spc Treasury 64'iio® * *m -a *, 

5 ! ;PC Treasury 2008-12 48*® "i« * 7 
B'aoe Treasury 8B>, a,-r »i« u*i 

9ij« Treasury B8>ia® 

9 1- DC Treasury 97 -'iii 

9-'<pc Treasury B5!‘ii^ -n 1i* 

lOoc Treasury 85*11. * S * 

10«:dc Treasury 1979 99'J® * 

10>K Treasury 1999 82-*® 3 
11 '.-pi Treasury 1979 . 99 3 >>r® >«n «i» 
TOO 130 in 

11':Pe Treasury 1981 98'iB W * M ?1 
11*pc Treasury 1991 9Q~> 7 * . 

1 2pc Treasury 9t :a '.:o 
12':PC Treasury 2003-05 (' ml.' 95'»® 
12‘:ac Treasury 2003-05 t Iss. £95oc, £15 
DO.) 15J- 


B rttbSh-Amen can Tobacco 6 pc 2nd Cum. , 71 301*.' _ ■ • -is,': - ." 

Prf. 49i- I28;11J. 7 pcLb. 80a iM-ll) En«y Son* toes Pacwenla fTOol Wk 


EIscd Rofcfc'ns ;Hsi 80 : M.'IT 
Etouim-ltoaer So: 16 17 ■ 

E.‘« -Wlmbtotfam fassi -ITu i27 
Emcs (Theodore) (10ei 63 (28 T 
E.ns:re Stores iBradlprdi 1680. 

71 301*.' . ... 


Kitchen Queen New fT0p1|9* 


Db- 1977-79 95* (*2i? 3 ’‘® c 5S-if? 
(28; HI. 8i«cDb 1977-79 9B i2S11). 
B'^JCDb- 1687-92. 6SV (30111). 7-*PCLn. 

Baas Cnarrinaxan Brewers fiucLn. 59* 


Kratt Prodactions £ 1 1 0p> \ 1 1! 

Xwlk-FIt (Tyres Exh*usS) HWfis. tlOPJ 

K?Sk-i»re’:iO«' W® \ i50. il) 

L— SI 


British American Tablet o In*. IOpcUi. ) (30 T1 1 . __ . ±- /r '- Kwflt-SUre <! 10p< 80® 1 

79*-' 128(111. lOiocLn. 82>0 *®. [ Eislish Owxsoxs InrestJ. dOoi 26-^®- - . . KWIMa 

® ; :PCLn. 144-- S i 30I11>. I English Card Dotting (23a i 93 S7^t|*,- ' T * 

British Benaol Carbonising (JOd' 31 t Eiw «ft China Cars (25pi-79 8 'J&bc . .41— 

British Bldg. Engng. Appliancas (2Sp1 43® I Cb. 65-- ®. 7'ePCtn. 57=:. . . • I . - __ 

■30/111. 7*peOb. 85 ■30:11} S'.« ! Eno'.'-sfi fceclrte 5 'aicgh. 1 BTTjW ;®1* L.C.P. MMps. gig* 

British Car Auction Gro. 52-? ■ 27 11!. SjjnDb. 1379J4 78*\»i:® L.K. Industrtol InyeK- ( 

British Drew. >2591 270 5 >30111 'SD.'IH. brcDb. - XT-*- ?BcOa*' teb LRC . I nterB®iio*fal Cl Oi 


Border Breweries {Wreahami (25 d) 
(28'11> 

Brown (Matthew) f2SD) 117 1G 
Buckley's Brewery I25pi 46® (30:l 1 > 
B ulmer fH.PJ HIOBS. CSpi 157 l21 


■rif. Elect- Tract- BocPId. 65* I* (Z4 111. 128.711 7*-V. 

D#d. 06 dJ 114® 13 14 16 1 E-itn 039 1 102 ■•'... 

British Enkalon' OSP> 13® 12'r 130 11} '■ Esaeraaza Trade Transport :2;f J2S 
British Home Stores >2 5 a) 195® Gurcaeai F*rn« (2501 124® 4 5 5? - 

British Mohair Splnn«rs (Zip) 50*® l £on. >tt c -n» Inffil. «1Prt- tW 51 . •-.•*- 

British North raa C50oJ 660 <30011 • Eya Inds -TlSpi ?*i .5 *27.’1 1 > ._. rr 


ores >25 d) 195® 


British Mohair Spinners (25p> 50*0 


6HOCLn. 49* (ZB, 111. 1 Di;Odn 83* 

DeienlSh f J. A.) 1250) 197® 5 (3B 1 1J British Syohcn MdS. ( 200 ) £S 

D riers tSbo,, ffl® U 0, it , *\i8°i r, w 8rlt1sh T »r Products *Clffiii 53 
_Ln. 6 . *, 1Q3scLn. 80* 1 >2_0. 1 ' ' British Venrilna lnds. Iinel s: 


British Sugar Con. >30 dJ 143 
British Syohcn rnds. (20o) £3 


I FPA Construction Grp, OSe> 
I 12* 14 CSOl11» _ 


EEVSSbi I nreK. (aoi M T tii- 

LRC . lntwe*to*fal Cl Op) Sfr 1 :* 5 8 

00/11) ' ' 
iWTHM S ».-A CB9PI 13M 
Ladbrake HOP) 16 I® , 7 ' WrnM 

apcUnS-Ln. 62<t (29711 
Ladies -Pride Outerwear aOol-Bp c2a.1H-. . 
La ing fjohni f2St») 84 (29.11J. A (2Sp) 

9S« 1 . 6 UOCDA 72<iCBi'1Il. 

BocUnsLn. 102 ,,, 

Lake Elliot <2901 . 5B (ZB. 11 > - - 

Lambert Howarth > 1 ° jS?- 1 , 1 .* 

Lemon t Hldos. , 1 Bto “®*. ,, >. .. 

Lancaster (D. M.) •SoJ S J2WJ1 1 
Lane « Percy* Grp. (lOo}-50 P7I1U 


1 uwMiir ,.. T . 

^ 12 pCLB- -1 BE . ffi ¥ 11 >3, •■'6: < aP* v3feV , f» 

Queens Mbtf Nooses (SB; 
j. QBtok 1 &.«.W-«'.^^B^r 

R/ical EledrcmK? '-«0^ T :l«r_2 

R^ 2 Faihlo^BP»5»^n;J ' 
luinr EmihMNU 

Ranwr Textiles * ' * _ ^ Vt 
Randal ls Gro up.. C2S01 JW 
Rank Orparnsatlon <25012530- JOto 
4 T 401 SO*: 

BpcPf. __63 ! (201D- S^lOcUf. 4j»g ^lto to C'. . 

Ranks 7 IloW* ' 

(30/11). 6'*pcLn_,6f ; 

63 (2»11). 6'*0CU>. 704**.-- .*4' .-»• 

•mm 

Rotner fj*weilers> (tOol 69 . . . a r. ■■ 

ftavbeck dOo) 9i«t 

r asdic ut rntni. 

Ready M»*«1 Concrete . -.- 

Reckett and CoMnaa CSOp) 
w. 40 tso/tt) , . : 

Record RMgwav i25pJ 73Cr Z t30»ty-' • -• 
Redtern Nat. Glass fSdl 285 Wvfor jd/-. 
ReJinusion <2503 93 _ _ _• --V ^ 


The association’s main com- I 13oe Treasury 105 41 .’,. j, 5'. ;30.11) 


plaint against unsupervised zoos} g* trearerU 


14pc Treasury 1041,0 ■■» * 

9 oc Trtaiury Cnv.Srk. 1980 97' 


zoos and wildlife parks, a “near ally unhygcnic conditions. 


was the lack of facilities for the v §& 1 , Bat * TpM *- s ‘* fc - 1981 (’i-i*”®* 1 
animals. Many were bored, not var. : nate Treas. stk. isbz (g.eiiapci 
properly fed and kept- in gener- J ^ J waM 0 1 J.' 29 :.« * , * •>„ 


revolution” was needed to bring 
standards up to a satisfactory 
level. “Details” in between 
half and three-quarters of all 
zoos needed to be improved. 

“ Anyone can go out and buy 


The Bill under consideration 


94 >4* 130.11- 

3 Uoc Wa» loan 29’>« * •- V .« "it 
Brit. Elect. 3>:DC 96 Sty ''id * 
Brit. Elec. 4*sc 96', n * 

Brit. Gas Spc 43l-‘-*® 4*0 * 


proposes that zoos should be I ape Redemption 43 >t 


Ln. B. 14. lu^scin, ou>* 1 1 , >« > > 1 BrKfeh Vi-ndliw Irak 

GreeriaH WMUe7 rlfoT'l ?9. ^sUpi. 90 =■ 

amMllto'izAH 295® 7 -30.1 !_■ - SmJ^GraM^' ibo* 8 

Ssj«« TAA (25p> 150® 48 9. 7’-PtLn. Km Rrt^ira, 

Hardiri Hansom i25oi T73 >29,1 1' B ^3™111 EnSlI,M ' < '* B 

Heayttree Brewury B PL t2fni 35 Brown Bros. Coro. <10nJ 27® .30 IV. Ferranti (500) 370 <29.1 T). 5, 

H ahtand DMUnerlre iZto) ISO:® SO 1 Brooke R«nd LieblB >J5o) 46; 0 7. 7ocLn. 

Hfguons Brewery i25ol 74 (28/11 J 5r>- i2T,l|) w roctn. , p^jteftog Gro. (TOol 91 

Holt ij.i >2Sn> 251 127 71' , --- Broo«c Tool Engineering (Hldga.) >250) i Findlay .Andrew R.i Grp. i25ol 

Invergordon DisHHors (KUtes i «25oi laO® | nneArTDev.i5n>a7'- 

Irish p(i:n<«rs Go. i2So> f|4« „® | BrotterHood >p.i 'SOol 108 i29,ii] | Fmlas HWgs. <SOm SS (SO.’in 

Micalkin-QcnOyel /25ui 392 Brown Two. i25r) 1 7’"> ; Finlay , James) (2Sol 91. 4.2 

Mars ton Thompson Evershed f25pi 30- Rrpwn "gy^l K»nt — ' — 

6ncLn. SO® . Brry-V cr. Bureau oi 

Scottish Newcastle Brewer.es >20p> e3 4. .28 if, 

S^paPI. 45i? ISO 11 L 6oClS1D7. 64 Brown ij.) 554 BO 

'27.11). 6VpelstDb 69* (29 11 1 40 pm 

S. Alrlcan Brctvenei IR020> 56 <29 II. 1 - Rrewnic* i25p] 788 
7ocPI. ‘R1 ■ 341; .27(11* BnMinind 'Restricted 

Tomatln Distlllefs (2Spi 1E2® 130.1 1' '77/111 

Truman U ml red 7*otDo. 8S'i taO.'IK. Rruntoiw (MuMe'lturg! 

lOUocDb. BOO Bnrant Hldgc. (75n' 

Vau* Brewa. I25pi 121. 19 E u !? ln 'A. »-1 A,'5c 


.. . Fairtwirn Lawson f23pi CS® 9 

British Vending lnds. MOel U>* CBIIi I Fairdaugh Canstructtoo . Gro. C2SW 68® 
British Vita f230J 119 f29T1> '-.® OO.'Ttl 

BrrttaJm 25 o' 19!-® Fai'rv'ew Estates (10oi T3S --T ' . 

Srockhouse -JSd: 66 :-o Fareali Elccvenics <2 Op, 380 

Brocks Group non*. 72 Fed and Land ESai 52 CB.111 ■>.' 

Broken Hill Propri«ar» '^AZl 555 iSO/IU ■ FerOex flopi M -27*11' ;.-:j ' 

Bremr Engineering Hldgs '10u) 290 1 Fenner tj. H.i iHWgs.1 r25o1 15? . 




British Vita r250l 119 f29TT) '-.8 C 

BrrUatm '25o< 19!;8 Fai'rrle 

SrocHiOUK JSb) 66::® Farrell 

Brocks Group nOpl 72 Fed at 

Broken HIM Propri«ar» '^AZl 555 130-117 ■ Feedex 
Bremr Engineering' Hldgs '10 d> 290 1 Benner 

■301111 ! Fergus! 


Latham (James) 114 vZD) 1 1) • ■ 

Lau-rnc,) Scot: 101 C27/11I. 5*OcD 

JwSi <250) 62 S « Mll1) . 


5*ocDb- Reed CAustin) -Gre. rt5p> 90 3-1 
<29 p) 92 (30:11) ; _ __ - ■ 


1 Fenner rj. H.i iHWgs.V r2So> 15B . . LwCtwoer Gre.-(25p> 1«» rso.'lll 

j Ferguson -Indostl. Htdas. (25pi ■ W-3 ~ .- Leigh ■ intereslt i5"l 125 (ZBil’J 
FerreMI (500) 170 C29.1 n. S.BOpcM S3>i teJSjL -CareVan Paries <10p)-13fr- 
! -'30,'1 1> Lennoiw Grp. ‘lOni 35® 


Pickering Gro. rtOol 91 2 08/11.1 { Lto Groun ( 10 pl 240 <2P(1H 

v (Andrew r.i Grp. iZSoi srtXSim [ fcSnw Products rsm EO'-.« (30/113 


Reed tntnl. 158® 6® B:» , 7.-i *9L£TU«.^ . 
Ob. 1990-95 61 j®.. 7‘a>cLo. SAhiasfxri^r 
Oo. 1996-2001 57*®. 10 kU.^**4 ^ 

Oi k-(Wll) . . 0 . v 

Reed Publishing Hldgj. 4 ^pcU». -*.33''®. 
2cj (30.31), 9odn. «snb d' oariT) 

Rriytm P B.W S. C25g» 9S 
ftenold 127 8 {29-11 ) ■ - . ... 

Ren to Ml Gro. flOol 69 'r OOT — 

Renwkk Gro. (93p) -47- raftTI^ A^gcJSr^.: 
66® t® 00/111 ■ 


Brown Tswse iMpI 1 7’"' Finlay (jamas) (2Sn) 91. 4.2A62adl»L'-3a 

Brown »wi Kent Z5"i =a* l (27-111 

Brnek ct. Bureau of Maytelr (10»i .50 • Fitter -Alberta Grn. ■’in: 34- ..Skill •; . 
•38 Hi i Fisom 312 Ifl. 6oc2ndOS. 8S«* ,-fZ9/M>. 

Brawn ij.) 384 BO >30/11). Do. SB 5 t rJc2ncfDti- 62* (29.11'. 5*PCLn. O 
40 pm C2B'11> - 

Rrewnle* i25n) 78® . Fitch Loved GKkn 50 - - . . 


Lwuf Intnl. tIOn) 137 66® W Olli'lll ■ •• ' - '‘■‘tl L-Z-. l L *- t , -L '.~ 

Imw iss, 16 _ Rotnwr Grp. (25 d 1 62- .|26Tli' 

Lnrijr (John) Prtnahp 5PCPT. 39*' C27f11» Revefiex Chems. C2£t>) 60 .• • j'J»irjrr 
tSsrtvl-e Grn. -ISn) 6Q»a® 1 •Mill*. • Wnwnore (Itol 65 6- -V . -~y. 


issued with a licence every four 
years. Inspections should be 
signalled with one month's 
notice, it says. The vets suggest 
issuing a licence yearly an^J 


a polar beer and a couple uf regular inspections with no 
lions, and start a zoo,” said Mr. warning. 

Teddy Taylor gives 
Labour poll warning 


INTNL. BANK t— 1 
FREE OF STAMP DUTY 
Spc Stk. 1977-82 810 iSO'll' 

CORPORATIONS (30) 

FREE OF STAMP DUTY 
London County 3pc 22* (27:111. Soc 
78'j®. 5'! pc 1977-81 B6. Do- 1982-04 
78* (2 9, lit. Do. 1985-67 67 6': 
(27,11). 6 pc 95to|>. 6* pc 66* (28/11/ 


Foonrear irflustrv Inv. c25oi 57 (300*1) 
Fcrd tntL 7 >c*:Ln. 82® _ 

Fcrd Moor tSUSZ' £25* 30; (30/11) . 


• - W. Gro. -ISO) BQ*a® 1 Willi,, (tmnw* CISol 65 6 

• s-rond s»r wr-rs. tp. sub. 25 (28/111. RhodreLa CeAreiK (2Sp) - S' r 

S*_.«9/1‘T>. ei^txPt. 46 (23/11) - RterdO and Co. E(l9rt. OSX«:f2io);29T 

5*PCLn. C3 i—jTnd Paint Wallpaper (25p) 82't® *. Rhrin refer and Walhndtoo Fnds, iffct SOD' 
— (30/111. -■ ... 79a (30,V1) . . -.---v.V iV’ia-V 

- •• . Liberty '25") )T5. Non-Vto. '2SP) -IGfl RKtwmrt n®P> 20.1 

— - Llden (Wrdgs.l 'ido> I5ij (30/1 H RIcfMrdsora VYrstpartt . (50 p> -47 (WTJ). 

T59® LliC, (F. J. C.i 'Mol 70 _ 6 weLn, 83* {29/11) . 

, . LlndUStP/eu (2 SO' 137 6 W1) „ ' . RWnoton Reed CM ^40 JSOifit^ 

■ — Llnfood Hldus. «25p) 131* 2® 3. 12pdLo. p| x (OifV-er) New _6® y -(30.^1) r . 

7 C30m) L^yad* ( 2 SPI 1 35 'T7P.1 ). ' BpcLn. 61® fe^^on^l^iodfr . KSpr^l^S^ lV *■* 

wy*) '-— ' lS^k^^o'pI- Erf*" rsO"» 122 (Thretws) S"|* ' 2aw «scr^ - 


Rs*»r*sorr - Foods . C25p). : 143d-H 
130/7 IJ ' . — 

Pet-'iwon (Thrents) S"e <2Sp) iSgoV 


r/'tsTi-: 


C25P' 105 (29 11' 4'rOClSI PI. 35 

■ 29.1 1'. 3*DcOb. B7:«. 6*pcDb. 59. 
6'<9CDb. 72;® (30*11 1 . 7pcDb. 62 

(27 1l>. 9*KDb. 79*. 7*DCUn«i.Ln. 
1 995-99 5B-V® 6®. 7-<4M:UnMC.Ln. 

63*1. 9pCUniec.Ln. M'- 'SOU-. 
lO'jpcUnsec.Ln. 81 *L 5*pcUnsec.Ln. 
40'; 12011''. 1 1 ocUnsec.Ln. 153" 


Forw«re TKlmoloBr Industries r25p) «7® ^ {F . H ., H ld9S. *MoX .69'* (20/ II ) Rockwure Group C23s> 125- - 7prt»;: ;- 

4Xum a(l d M.«n 830 (2B'lh;? [ lacker _'Th®S.J CHIdgi.) «P> 18. A N-Vt* 


. .*90? .. ? T (J(V’1> Fmtu Mlnseo <2So) 158 '3 O/m£/ 6*0C ii5£lL2i? Foods (25oJ lOO 

^Uamshlr. Hldgs. i25p) 158 W. 45*® „ hO^trlaK < 2 S 

9*521 A-^Wreon i1I1p> 24:-® (30-11) him. F « t %l? ,< C27n?| Wn * <2SP ' . B-VpcL/ns-Ln. 62* L271T) 

“ * ' ,n - "•* Frai er 4 J 0 II n ? Soa (250. 42 S . . . ^ ” 

g?wre|g*> g MacMwi T'ieLn. 110 > 3 ivii> f 3SS» Pvuer^lOp? 6 ! 8 --i- Art ‘11 

B KnT*oK^\‘ p ^r' i Z' ^ FreSians ODflidon SWBr(25Di 36S (2BJ71) ' LrejTnSiifclY ^rfbirt 1 ’ >2a 1 n 




Birmingham 7>4pc 84* 5* (28/11). 9* pc 

92 <30/IIi 


CANALS AND DOCKS (4) 


ButtMeld Htrve* 72:- (27/11) 

C— D 


Birmingham Dls. 13 pc 99*®. Fluting Bristol Channel Ship Repairers (IOp) 6>:0 LKS*?2? , J.. tia £l. 31 «ST)1T) 

rate 981; ?M 129/111 (30.11) r dapcDb. 72* * iZ, 

Brighton 6'ipe 98 (29,1 It Manchester ’ Ship Canal 268® “Kwry Schweppes i2Sp) 57 *. 

Camden 6*ec 98* (30/11) Mersey Docks Hurbour Ln. 32:. 6*rcDb. rirrw nJ.lL., 

Camden (London Borough dO 12isDC 97* 38. 3!*ocDb. IB* (27..M) 22 (29/11] 


BRITAIN WOULD be sentenced back to the city. Dick Marsh has Cardin 75 c bS* * (27“ii)° n ’ ‘ saurord Doeka* 1 

to five years of red blooded left Labour's ranks altogether. Edfnhm-gh 6 6 *pc ia*® ^ 1 ' COMMFI 

socialism if Labour was returned “Reg Prentice has joined the pif?®22 •iRE. *P, . 

to power with a working majority Conservative Party. Dick Greenwich ^ 1 ii*,w:* 94 \? 1 (*a*ii ) 11 

ai the next general election. Mr. Taverne has gone. Even George H 74 ^ d, ' , 6 *oc 5 72 * . 9 3 o?iif 9ni, ‘ 5line «sp) 102 


Manchester 'Ship Canal 2680 
Mersey Docks Harbour Ln. 32:. 6*rcCb. 
38. SlsocDb. 18* (27..1.1) 

Milford Docks 117 ( 2 BM 1 > 

COMMERCIAL (1,738) 

A — B 


crecua* 6!«pCDb. 72* * i27/11) 

l28p) 57 *. r4ie«. 

Cafrd -Dundse) i25p) 22 i29/ii] 

gguris&HLu. ■ srPiffir&aw.vMrK''': ••• LBSs,m%cm<>' ; 

S ‘ .'&iBsaJ&.?«, foists:' «,. p.n*«. MMhii m,* fS#;; ■£, 

S -B w. A «.«. tMRMtSabjdvWt Si SSI.? —• 8 1 3^ ’ ■ J ' 

-I*- 8 ' “1 (27711), i ico rw fi25nl IS Smud Mi rih*« ten * 


Lena Honibly (1 Oo) 53 Howntree Mackintosh (50pi*397^B^3O.TT.. ' 

SStaclSpl ML BpcGnv.Uns.Ln. 1980-85 7pe2«dPt- 51 * «ZM 
60® Bo milT -DO. 1961-86 60 Rowtpn Hotels (250) .343 ( 2*1 IV- :'* ■ - r- 

S?11) - Royal Worcester -U5o»_104 r|R9t*u.-r_ s -,_. •= 

uSLii aso) 57® •• • ---- - , 1 . JUMCO Group (Z5(*- 3S «^(30iWEr4^- -F^ 


•■■wer .*2- <20.11) 

g — h ■ 

UnsAf. 107 (ZS'I If- 

G£I Inti.. (2001 83 (30/1 1 1 . IDpcMwCm. 'Low (W<n-> Co. (20o)-97« *« (30;11> 
LlRSKd.Lfl. 94i;.J» s > 127, Ttr ' . tovre (RobJ. H.J (2Sp) SB TZTTlj) 

Gallirord Brindley (5pJ 65* (30(11) . Lowland Drapery Hldos. O5o) 50® 
Garford-LHiev Inds. (Sp' 14 ( 2 AMU- . Loan Hnjs. 300® t* 1 . 7*pcl>ns.Ln. 
Gartoa Eng'S HOP' 78* (SOntJ" '.-Tit D0H11). SijoeCny-L/nsiA. .122 

Gasfedl (Bacop) {ZOpl 1)7 09/11) - Lyto «,) (2001 65 . v 

u.u IF. w.* i2mi 4S'i ‘.29.113". Lyon Lyon l2So> 77.-QST1) ' 

Lyons CJ.) 9 *pcllnU.n. SS (27^11) 


Ga^rs urea < 1 Up, 40® >30 11/ - 
Gen. £i«ctrlc (2So) 324® 8 30 25 7 32.' 
- 4flcUnsecdXo. 89* |29/11>. GpriJnsecd- 


6 pcUns-C.LA 46*7 - 

Rossen (Alskondtel /lOpi'-XS (29.13) k - 
Rust on Hornsby BocM:.-68*m ' ' ' 

Ryan a.j-mrfss- (5oi .12* .12 (3tt9.Tr. 


Teddy Taylor the Opposiuon Brown has made clear his utter '*** "*- aI.e is aa/n, < SfcnV etI,c ° w * < 

spokesman on ScoUand, warned distaste of the trends in Labour K™f,tJn 'A m m Boreuoh on ','XL 7 , 6 ** s ®- ^ «ioi) g ™. m cJUdeiiito. i 

last niehL Party opinion. i‘i*oeRcd^tic. oioss-sr «»= (30in <50pJ 104 * 200 s^spcpt ^j® '3otii Gestetnor Hldn. aso 

“ Whilp Mr rail a Phan is “ their, place are a hunch c^&^«.s»!! TB {iOTe^o> AaronT n nil cV 8 ' 1 1 1 retn^ Kty 71 ^® twm ckkitl ^uwk* 

endeavouring ' to ^persuade of ieftis I s - and 1‘Bhtweigbts who ^ Fteat(ng r,* ^ p- c ^ o ? 0 X ai *- nSvl 237 ^ »=Ue 

Britain the Labour Party has SSSdpSSoef oVSib MFMd parflj OM1 ’ ,00!W aSSSSS mSS^SSu^S^ p-??. sa ? »<««* 

® b - s .® n 5. e ^ a pariia - '** czdtJ!Tz: :i*a v*' §ssr.^fi&& 


Op) 117 >29/11 J 


Gen. Electric Overseas S "jpcUl- 
(30/111 


Cape ln*fc. fas'p, 125 '2ftin 
Caolan Prekle Gri>.. *10o> II 


hido— .2501.156* 4 ® (3a ill. New 


OnL (<25P) 35 

Jt- BO® M.Y. Dart OOP) 59* (29(1 
M Hearth vs Pharmaceuticals u 


Satwt Timber non' 658 
S3Sa Holidays ( 20 pi 1 57 (30,11) ' ' 
sajnsburv U.i (25pi 231:® — - -- 
■'•Sato TJInev (25pi 140 1291V) 
ffnh« .WJ (2501 180. A OSpl 
I® 2®. <30'l l) 


htoCtaY L'Amie Grp. CMP) 14 020/11) 
McCoroiiodale 256® _ . • _ 


C20p) 1060 8 I Sofldetnan (Geo: G.i Sons C2So> r sse 62 
1. Sandhurst Marketing (10 r) 47 (27, 1 1 1 


Sandhurst Marketing (10n) 47 (27.1 
Sanger lX E.I oto? 32 (2ft til 
Sneers Group (25p 860 5« B 


c2itS ^r 1 iSSIVrS^'^L. 30 * ®«1) Qboons Doaley <25pr60 (3 
C fr.* 70 " d *- 12591 237 5 019,1 V- B^aae Gibbon* iS.ilirtl. (25«l 205 


Gibbons Dooley 


reasonable and more acceptable. ^ r a i 0 rih,-” 

the grim reaUty is that fhe for Cathmt 

extreme left is getting an ever G S 0 w went on- “ We woSd 

ETSF i r h? %S* k VBd ' d “ « u 9 <to « 


GkMiofti Lewis- Fraser dl^cUnsncdU- «2 
Scvn Gro. (25pl 92 (28/11) 

Glll DuiTtis Grp. (25pi 1400 2 . 

GlltHNir HOP) 61* 2* 3 


Mactarvww Grp. vClaytsman) US®) 60® S«Hto Gordon (J.» Grouts ( 10 p> 

FTA.'I 1] ” 1*Q 

McKecbme Hro*. C2S®) 96® 7ii «3imi). %oy Hofcl A (10pi^.6«%t®tJVL_ 

Macnherson U^ld, Gns, ^Sp». 73^ | «£ ggiV? 

L ’ n,r * rS " J 1ny--<iSoL.1M t 


Middlesex CC SGpcRed^Stk- ilflMt 91* Advance _Uundrle* (IOP) 28® <3D'1I) 


NteStert’e-upon-Tyne Can. 9 > 4 <scGonaJteg. SI!*??' 

Stk. (1978-40) 944s C3011) UifJ. ' 

•ttaw. t,aW) adc si® - SSKWffiuS! u E 

Northumberland __ County 7pcRcd5tfc- i[ShM? r indu«?L 


points of the party,” 


Tori Pc St WatPrloovillp near Words Of those Who have been " YV 979 Jio) *92i, rxoirti" Alginate Industries (25ai 223 (2B,'1t) 

&ol ^ * abandoning the Labour Party .,««• « < 2 2 B 6 p) ss 

after a lifetime association, and smbi tVi-m* iM't. Borauoh oii nunc AM *«J cuiaid* go-.iup' so 
“ One by one the strong men of to beware of tbe strident claims «<*•*£• own*' jiv® 9 " ££ 

the centre in Labour ranks have of men like Jimmy Reid and ^S^lTv) ^r 9 '' Co,,nd, 12oc mS ReSufe^.'ioi?^^ 0 
been slipping away. Edmund Peter Hain who have been join- Sou 1 l o?5?i2i5?? S5;,f, ,4,,rtl * d - S,jc - t7977 - ai’ 3« ^ as br^ (m/it, 

Dell has left the cabinet to go ing Labour's ranks,” be said. soutnwark Coo. “ 6*«cRed-stk. M983- Amai. induits. 7 p<pi. «4:« , 30:111 


^WUson 90 ? *ucOb. 65®. 


Alan Aluminium (U.K ) 138 6 (30/11). 
H»*PCGM4.ri. 80 (28.115 


c -^"9te ; VIVHI4 (2 Sp) 34*®. 6*pcPf, ^^La <30p»,,28 SgR&riSSS'TjS^’^^apBR. -^J70.Tu ^ 

fto? w® 1n tocPf - 62, ' s 6-4PC a»« Hl<hs*. v i 5pp' 532® 5_7 8 6. 7*pc /^.^iertlABCY. Muskr (10®) 107®. 69 

&SA «?>, JSSWL It. . • ’ mU^ 1 (25®, .102- QBOD : ' 


(1978-401 92* (30/11) 
s ?iiP. r A. c e n - S'lOCRed.Sat. (1986-881 63 


H>'lPCGM4.n. 80 (28. 11 5 
Alexanders Hldg*. TSp, 17® -TIO.-lll 
Aigihat* Industries (25W 22S (2B/11) 
Allebone Sons (10ul 28 
Allen (Edgar i BaHour (2Sp) 56 


^ 10 ^ 2 Spc®l. too 

Casings (ion) 48 

»2Spl 43 <27*111 
rjttle i ikMdqs.) , ICp) 16 


Gleeson (M. J.» (IOp) 34* (29/11). 
Glrmwed C2SP1 ' 102 *®. tUVpcLn. "82® 


Hldgs.. aSp) 54 S* 


B).3??®76*.7iAj'i 


Scots factory fxchange stock 
takeover D». \ I -9 | D te.I 1 9 

could lead Mir;'” 6 -“ 

tkm-cmii Ui. LEO Herbn-' 2.87 
frk nnirr Jnlic bourt«*rtfihd 2.13 l'. Bn«.a—> 135 

to new jobs « ^'.t. s 

KINGSTON YARN Spinners, a l« .'ESSS.””- 

Canadian-nwned company making Hnmeinri^.. ia'. Ai. m/nchi. 1J5 
textiles For the carpet industry. Rnhbera 


So uth yra rk Cun. 6*pcR«j.Stk. (1963. 

7 . s . IS®' 11 )- 9*P£ (1978-79) 

J?**®- 11*PC (1984-89) 92"? (28/11). 

at C99 1 -pc.CS0 od.) (1987) 46* 


Amal, InduibL 7p<Pi. *4:® 1 30:1 1, C-rr« 

Amal. Metal 277 i2»ni C-rtr; 

Amal, Power Eng. a5p> US * ICO! 

Amber Day Hldgi. il Opi 49 .2911). New C"t. 


G?a“?ml.n O0 HfI , g 5 ! aSp) 53® (30T1I ‘SWlK 

(27711 ir°10gcirtPf.^ 9S GraM «“ Go - * ,13 * 10 ( ? 

6*'. (3(Kij' a^w.n. GramJ MeCnJpoHfcln lS0w 109^8 u it w 9 a >ks Md Spenc«r i25di 8 

Cawdaw Hid. HWW. (25p) SS <29*T 1 ) 10 8* 9. Warrants 1* (27:11). 6 T 7*JV 7/7^7 SS); 

HMgy. *35p) 140 00/1!) SpcW. 341. 6ijOcPf. 42*; 8*PCLn- Marfey 3sp) 73J® 5 4 7 6 

Celert/cn ludi. <5d> ,2B i3QMl/ 94* (2E/I1)- lOucLp. 76 (30/111 Marltno JndusWes MOp) 38 

C-n-mw.pgai«an r Hldv. I25p) 9B® 6ft Grattan Warehouses (Z5o) 93 2 90 . Marshall Caveortitt (IfiS- 49 


MapptTi 'OndrSVebb 6pcPf. 417® (31 

Mafch^j l6 (30/11). I 

96* (28'1 1) - ’ - • 

Marks and-Spencsr i2Spi 83® 4*» 
6 5 7* > 7T 7BCPf. SSi; i28M1) 


lb 90/11). 9dbPf. 

5Si' 8 ?2aM1)* si * • evh* «/i)Tt«i.jo' ' •: 

SS!. aa/11) Sharp* end Fisher C25PJ .50 1 7esoa.1)v.' 




Cen-eM-lteadttoae Hlitea. rZSp) ms 6ft l Gratia 
Cjntra 1 Sheerwood 'Spi 34ft 3. 1 0ocPr, { Great 


Sharp* and Fisher' (25t» 30 l' tSOfl.l) .. 
Sh^rse i W. N.) HWts :2Spi. 135®'C8 


_**.t99^PC.CS0 od.) (1987) 46* . <1 Op) 4S* * 4 *[ 2 g;l 1 i £Q (30,11) 

Stirling CC 7 I «pcRedStk- i1977-79, 96* Andereon Strithclyde '25P' 63* C.uir.. ; Grp. C2'5p) 44** 

1) . Appleyard Go. i25p| B9B iSO.Ui Chamberlain Ptiipui (IOp) «3U® 5 , 

Stockport (Met- Borough of) T2*oc RM. Aquascutum Amoc. A ,5pi 30 * >30.'11i SccPI. 470 «J 0 1 1 ) 

»*■ {19051 97!riD Arenson 1 A .1 'Hldgs.# 'IOdi 83 (29, 1H Chhmre Warn HOp) 15* (2ft1l) 

. 'Borough of) 12*PcR-d3tk. Arttegton Motor Hldgs. (Z5pi 113 |27)'11) Channel Tunnel Inv*. l5pj 66 Uftl 1 ) 
<h!££*>-,£LL „ Armltege (G.) SpcIstPf. 38 S 29,1 1 1 Cheirrlng I5p) 85 <28)1 1) 


60 (30,1 1," 19 - lTtte) 57 " : * W 6 °'-' 
C .jib. : .. Gru. C2'5p) 44*t 

Chamberlain Phipps (IOp, 43*0 5ft 7. 

SccPI. 470 1.30 11 ). 

Change Wares HOP) 15* (2A1 1) 


Stk. (1905) 97IH0 

Sunderiard iBomug’i _ _ 

^(igB4)_ 9S* ra7/II) Arm 1 tags (G.I 5pc1stP(- 38 S 29 , 1 1 i Cheirrlng (5p) 85 <28)1 1) ^ 

WlT 6wJ * ed - s «'- C1976-80) 92* Areidjge Shanks Gp. l25o» 78. lOpcLn. “torjte 0(0.^2^104®^ 

S r3omi Cpn ' * UocRcd - 5tk - (*978-80) 94 Armstrong Equipment (IOp* 65 6* i2BF1T, , 

«Sfc».j£ rU77-T., “SiL’/rer. a... 


Cheirrlng (5o, 85 <28)11) 
Chlor.de Gro. i25o) 104® 
Christies Intnl. (TOP) 140*® 


ZadoK trials 

tt.vl- 

tkm-t«ul Cti. 


SrnmaTra,r» 
Tinm ■ 


berlui.' 2.87 

UrUktreiiUhrl 2.13 l 1 . Enu;aHJi> 1-35 

Uiiii'MI# t-1 J34 f. '.» i\ 111.. 3-23 

K-rij J.W WmfiK 2-B5 

Kn w Mrnvr 4.B8 lrui„r ..... W-SQ 

Hhb I’hr L49 bemlre ..... J4^6 


<29/11). A Ord. (25p) 3051® 2® 5® 
® 60* 9 4 0 5 6L 5»wdLn. 37® (30PT11. 

6HPCLn. 43* (28,111. BVpcLa' 63» 
GreenSdd Mi/lotts nop) 45* <29'Hi 
5ft 7. Green's Economiser (25pl 74® S 4 

Grippe rrods Hldgs. (IOp) 64* (27,1 1) 
Group Lotus Car Comp. (IOp) 50 
I). Grovrtell Gp. (So) 26 i29'11) 

Guest Keen NetttefoTds 263 5 6 4 21. 
6*ucLn. 81* 

Guest Keen NetUctolds (UK) 6'«pcDb. 
85 (29/11). 10*pcDh. BOV 


94 * (29111) 

* felg ll -CPq-. O^torRedJtk. (1977-79) 
2S£,. , . 3<WT,,> - 9*w: (1977-79) 97* 


B*pdLn. B7!\ cizTin 11 
QOpi Chwtei C25pl 168 128/11) 

Cite Hotels OOP) flH2 (29/111 


W 6 3 9. j HAT Gp. (IOp) 28 (28/11) 


vW’cpn. 7*pcRed.«k. .1879-80, 94* ^ 

Assooited British Foods <5P> 6B'i® 8. 6n.eH . (6o» 34 (25111, 


H7V Gp. Nan- vte. (25p) 120 19 (28/1 1) 34 (30/11) 10*PCLn. 60* (37/1 

Hadca Carrier f£Sp> 107 * 03.11) Metal Closures Grp. U5p> 96 (30, 

Hall Engineering (Hldgs.j isopj "107 W«air« Mtei.l (Sp( 45 (26111) 


Melville r Dunda* and . Whitson (25p) 35® 

Mentmoce Mnfg (Spl 15 
Menzles (John) (Hldgs.) (25p> TB3® 

Metal - BO* 323® 4® -4 8 2 ;. 4.90CP1. . 

54 (30C;11) 10*PCLn. 60* 127*11) 

Metal Closures Grp. (25p> 96 (30(11) . 


128/1 1 ) 

Hall iMatthewi (25o) 227 09/11) 


Simon EiwInteThta OSp) 265 lSO/11) ... 
SMar C25ol 72. l/ow (iscrt 74 
S^Group U5p) 900 89® 91® 86* 7* 

Sfcetchley (2Sp) T26Q l*® , , - -. . 

5raaH Oohn •£.) Tldtnas (25 d) 46 (2871 .IK - 
SmaJIsijew CR.) (Knrtvresr) (tip- 32 *30/11, 
Smart U.) rContractors) (W6) JS • • - 

Smith and_ Nephew Assoc.. (TOd) 70®. : 


Is to take over a factory at '}£ 
Sanquhar. Dumfries and Gallo- .•j w .H*.-in-.| 
way. w-hicb has been empty since tu* 1 tni.b, 
its former owner, Shand Mills. J . M ; 1 1 
went nolo receive raliip in S'i'g^n. 1 ' 
February. -lie. 


— umu-fUninni- — 

— jliiir't Jvinrrj 3.36 

— IKi m/Aa I t3-80 


of, ISpcRed.Stk. (1981) 

I DO* (28,111 

SHORT-DATED BONDS 
FREE OF STAMP DUTY 
7*ucBds. Reg. <3-1 '79) 991 JS •» 


l*»" • hm.Ur IB) I 

I’hii ( €*.lru.-l 1.4'J 

Ki^'ui-. ■nij.-J liJTT Xina 
K"ihman.._. 2.63 Uuirml. Am. — 


Assooited British Foods (Spi 6 BI 1 O 8 . SUf? L ®. w . _ Hall Thermotank 6 pcLn. BO* (28)11, M djxn* Iwto. (5o, 42® . 

7*pcLn. 62* *<28,111 C U5? ,d Im*s. 104®. New Ord. HalHhurton CU4-S2.50) £43 07/11, MldlanF Now Assoc BpcLn. 48 

Associated Communications Core. A 05p> -jf-.., . __ __ Halms (IOp) 41 ( 2 B' 1 ii ?25p"' 07« 

118 CHnom > o»«-te 4 a C25b> (47 CZ9M11I Halstead (James) (Hldgs.) , 10 p) Z 5 *a M'Her; (F.» Otatltos) ClOp) 4 

Associated Dairies (25pi 165® 4 9 6 5. C S U ?L5, h ?? n - Pro<5v <as °) 72® »'i® 72 Hampson Industries (3 d, 17*® * t. llptft.'IOJJj® Oalll • 

DO. New 191® 86 (30/11 • ™ MW11' Hanger Invests. HOpi 491-ft (Win V<n'n9 SUPOllM (1Qo< 112 Dt 

- ' Coates Bros. A C25t» 6B (2911 1) Hanoers P^K aScd C« si^ipf 37 Mlnt^raSp) 123.(27.H) 

C f ,at * «5!S2"S USB' B5*® 64, 6 7 . 6*<>c 07 S 11 ) CW#1 5 * PCPT - 37 MltcSall. Cota Gni- 'ISP' 43 * 

cohM M, [' fnr&iiliy Hanson Trust OSp, T30*® 1® 30. 6 *pc MltcheO 'Somere flOp) S2M) < 


L-» (25PI 83® - 

Mldla^NM Assoc.* BpcLn. 48 (27/11, S 7 , * fc « ‘ eb** ■3£nS‘ > xJ«2 0 Vt' , £. 

M'lbun) (2Sp> 67® 7. 4-^JCOb. 68* < aft*l1). BucDtv 73'* 

M'ireP?l» ' CrSltoS. (IOp) 44 (29,-1 1L ’ 

130C11) ■ ytvS* Wnttwer*^ . (Snl. 12. .. 

V'n^l Supnllas )10p» ,12 cstyil) ' 


'Uue 1'ariiv-: ,1.0 


7.S2 'tier unta, 


Kingston has a smaller factory w , i.,ra L .c: v.20 :kiiena< ti.'a, 
emplovmg 50 people at Dumfries. Su»tu?ie»m! 2.41 i^nvei Pcm.. 

M plio> to bulld.TO :ls new ?J# , r *SSST: 


plant so that it will eventually 
provide 350 jobs. 


lim- Jutli Hai 
Seller. “ 


i?“egds- Rep. 9a* (27;i 1) 

BiPcB-ls Reg. il.B'79) 9B",e <30/11, 

9(PC Bdd. Reg. (8.9791 98* (26,11) 
9*PCBos. Reg. (29 8.79) 98 
11 .Ocads. Reg. 17 11/79, 99',, i30/li| 

’ I Reg. I28'1 1/791 10O '29/11, 

1 «JMM? d5 ' ,S,tZ ‘ 79 ^ 100 l<® 1 1 * ! 

Sfp- 201 *'80 100 >30/11) I 

I3*M Bds. Rep. 14-7.S2 TOD 08,11) j 

PUBLIC BOARDS 12 j 

FREE OF STAMP DUTY 
Afr/cultural Mortgage Coro. SPcDb. 1959- I 
1989 59 - ’# '30 '111. SpcDb 1979-33 I 


Associated Leisure (Spi 75 6 
Associated Newspapers (25 pi 181® 

<30/11'. 6>jpcLn. 40; <30,1 1>. 8*pcLn. 
60i (30,11) 

Associated Paper Inds, <23p' 52® (30:1 1 1 
Associated Soravers ilOp, S3 1 >27111 
Asibury Madelev (20o> 70 ‘2B/111 
Astra Industrial MOPi 26 (29*1, 

Altwuod Garages <25P< 27 
Aud.o Fl<h*ritr <10pi 33':® 

Audiotrenlc (lorn 18. i2xpi. 12*® 
Aull Wibprg <Z5p, 39 
Aurora <25p> 870 8ft 900 90 
Austin (IOp, 11* * 

Automated Security (IOp, 959 


C ?!*S" OA-I a°P) 160 (27/11,. 
130 (a7v.11 1 

Cole rR. H.i <25p, 107 (30/11) 


Ln. 75»i (26/1-1) 

Hardy (Flints.) A (25p) 34 (28/11) 
Hargreaves Gp. <20pi 61* 


C 4 U fJI0l^ D 1 l ^ 1WI,i ” ,, PearCB lntl - 11001 ?4® Harris Sheldon' Go. <25p) 49tO 


M ttcheil 'Samere OOp) S24r® (30)11. ' 
Mlxcancnrte (Hldgs,' CZSol -60 (30:11) 
Mo/s (Ml <20 pi 36 (28/11) 

►•niHii asm 132 x 
Mnnk <A.) «3PJ 96®. ... - 


Cotmone Invests. f25p' 32 (27.11) 
Ccmben New (10oi 30 


C 9 ^n nD 7 n h SWl/ 12 * 1 Hartwells Gp. <25 pi 109 - 30.-11) 

c is «ui 140® 37 *® W£SSM ?; JIif?i? S0 ° 4 “ 

Hawkins Tipton i25p) 65 (28/11) ' I 


Harrisons Cro* field £4*® Monsanto Co. Shs (1US) ■ JUSSI* C2H1 

Hartle Machinery Internal. (25p) 22 Monument Secs. riOpL.6 (26.11) 

(30, '1 11 Morren-Cre-lhle C25oi 1*9® 14<* 15® 


Rpc Ln. 12/1 

Snwth (W. H.I son (Hldoa,) A (500 143 
7 . *:^KOb. 68* 'aafll,. BocDb. 73 * 
> '28/11’. sVvoLn. 30* 12^177 . 
Snsth Whlwrertt (Sni. 12. t»wi\' 

Smttt* Inds. (SOpl 216*®. 7*pcOb. 7lV 
■■ias*iri. H-'mrtJIr. S7 328(1 tj. :7*pc 
■Ln. 10** 5 77.'1 1 1 • ■■■> - ... . ■ 

SWrtlt 'Jrtfcrt-ov Grou* fTSp, 195' — :. 
S uu nfterv l lle IWn) Scn GBm .5*5 XtTfllj 
SoWhV Parke Brnw ■ GroiMr CZSa)' 3440 
8® 9 8. _ ft'reoPf. 10ft* -3W11) ” ’ 

S y^e-n CoasnrvctKms CHidgs.i (Spi 9*0 
“Wiii r . 


5!JS2lS2rt C W? , *flc2i S B Art’ll C2a ’ ni Snwt.-aso) 136 ttJMlir 

Monnment »rts. rtOpV -6 <261 1 (J. W.t Sons i25o> 170 -3C-J1V 


Gear* Wags., -riot to (27111) 


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


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

The FT Cinema, here in the City, offers seating 
in comfort for 5CH- people. Full 16mm film 
projection facilities. National Panasonic 1 h n colour 
video tape and Philips 1501M video cassette 
viewing. Electrosonic 3601 slide presentation 
system. And luxurious private dining rooms with 
extensive catering facilities. 


FINANCIAL TIMES CINEMA 

All enquiries to the Press Officer, 

Financial Times, Bracken House. iO Cannon Street, 
London EC4P 4 BY. Tel:01-248 8000 (ext. 7123). 


CLASSIFIED ADVERTISEMENT RATES 

single 
7»cr column 

line cm. 

£ £ 

immercial and Industrial Property 4.50 14.00 

ssidcntial Property- 2.00 S.OO 

jpolnlinenlfi 4.50 14 DO 




Helkal Bar I25P, 23 (27/11) 


m 1 “T^nJh ^ 1713 ,10 * , 91 ® VMra*-S4«<-o Eng'teearteg '(25 p) 1S3J® , 
ftt^Grewi*-) °64 • Sjufrei Horn f1i2*pi 40*® {30 'll,- - 

MTt^SSjTop, m 64 ' - 

Mowjrt (Wm., sons (IOp) SS (30*1) InS i, *TA°' G ^’vHrto^Vsiv i™ 1 * ' 

k»v«dto«C M i Hotrii I’SOft, 29>1« -tSS.* Ds^ount lOoi iai " 

Mwxr Group (IOP, 55* uam> USh^St $92 "tW 

„ 1.966-91 . 51 * U5-) 1l_- _ ^ 

.. A _ * SteBd SJmwori A (2S«* 36® 8 • - 

IV — 0- — P . Steal B ros. Hldga, {25o> 180 92 (29(71) 

N iMim rMwrt5 n0o ‘ ,D9 ' 9prff - a® *« ■ . 

iSPUivsm no., « •SBWSh ° 2 ■ °»r l 

ISSS,r;SSShi.^- 

a s«»"SL» , r o iSs.,”S5.‘ 2 i3; „ tssss A-r,,?*/..??:- - '“ ,r " 


Finance i S r lndua;ry uotLn. 101* 
Mehropai/tan Wa!er Board ipcBStk. 77-. 
i27'11.,. S'.KStk. 89 '2T.11J. East 
London 3pcDb Srii. 23 ,26,111 
Pori oi London Apriority ?pcAStk. 20 
■SO'lll. riucSlk. 20 30H1' 6* BcSlk. 

JB » Z6 . • 1 J 

COMMONWEALTH GO\TS. IS) 

REGISTERED AND INSCRIBED STOCKS 


Cure <H.) (Spl IB 129/tli 
Ctej^iiaw 57. lOpeUns.LB. G6 

Co:*teln (R.) <25 p) 245® 8 4 
Countm/da Props. 'Spl 42 (27/11) 


52® 30. Ill 

FOREIGN STOCKS (4) 

COUPONS PAYABLE IN LONDON 
Cblneje SpcGddBds. I92E DwnBdl. 16 
•**’«. SueReore-GuldLn. 1913 (Lon. 
!•»' 1/ (25 11> 

l T-k!%7 , ” eB . 0,1 7 ‘ K Stki HV 9,104 
J i?rc-l«i DC S»to.ln 1010 <Eor«ced) 

MJb.BSO 

Uruguay 3 roe Bds- 90 126 11' 

UK RAILWAYS (3) 

Canadian Pjciflc 'JfCai la; apcDh. 


Canadian Paclflc <3C3' 14; dpcC 

30*0 r30 11> 

New Brunswick Rly. 4 bcEH>. 28 '27/11, 
Centra) Lonrcn ,N:v»t jgo 


4*ot (1987-921 BS 3 <30.11, 

BSR (IOp) M 

... BTO ,250) 322® 

LKS 141 Be brack WIKM -25pl 161 4*pcOt>. BE* 

IN LONDON Blltey (C. H./ (lOol 8 >. 

. Bard -W'm.) 188 (301) 

r. . SSSi" !F ! Baker Perkins HWs*. '50r>) 1 ZI«. 5*pc 
ILn. 1913 (LM. og. 74 -,; 51 . B'^r-.Oh. 71 * iXB -111 

Bambmeri <25p) 74 (27111. 6JT5ocP1. 
Slk. 93*. 9'cpt tr >27;' , ' , i 

...» - . . Bamhers Stores !10 d» a BO 

1910 <E<ir«ced) Bamlrr-.S -2jot 32 ( 2 ;. II) 

. ... BV Bridre Grp. ' Spl 3 2* (30 IJ) 

8 11' P--kr- C“ - Gro. iidPI T 2 '.®. 12 PC 

l-C i«| Li. 83 (27 11) 

‘o lw» Ba le- Rj d '*0.101 200 T9 11). Ffd. 


croucn <d.i <aopi ini izs/m 
Crown House i2Sp] 61'^». 7* PC PI. 45:0 

... '30/1H 

,DcDb. BE* Crown Zellurtuch iSUS3*1 20i<*: '30/11) 
Crvsulate (Hldgs) (501 35 (29/111 
_ ■ Cullen's Stores [20p) 140® 38®. A I TOP) 

np. 5*PC 136© BN 8 

1 '28J 1 1 Culler Guard Bridge Hldgs. l2Sp) 21 
. 6J5PCP1. . ,30/11) 

Currys (25P) 173 

Dale Electric Internal- >10p. 101® 

(3011) Oar-mouth Invests. (SPI 17iriD 

2'.®. 12PC Davtes Metcalfe A iIOpI 22 ,3011, 

Davies Nrwman Hldgs. I25p) 144 
g 11). Ffd. Davla iGod/reai rasp) 91* 


91* 1 . 

Honderem -Kent mi »20p> 82 7 t26'll) 
Henlys <2 Op) 121-> UWIIi 
H £.J h . er 'Furnhure Trades) A Non-VOL 27 
(30.1 1) ... 

Hpowortn Cere file Hldgs. l25p, 7**® 8 

Henrorth (J.1 ilOP/ 70 
Heron Motor Grp. r25o) 103 Oftlll ' 
Hesta/r «2 Spi 79® 8 7 i30 11i. 
Howdeti-stuart Plant iron) 65 6* fi 5 * 
u & 1 1 * 

Hcvwocd Williams iSOp, 149 a . 27 .- 11 ,. 
r«Ln. 202 12711) 

Hlrksoc V<sle /1 >50n) ipe ap ’t, 

Hleld Bros. 4.5ncPf. ««■, CZ9/11, 

G? BpcLn. 66* 

Htehanis <Z5p> 51* 129(111 
('H Smith (25oi 62® 

H/H rH. J.l MOO' 16 127,11) 

Hillards tiOft, 228 30 <29-11 ) 

Htlions Footwear eZOp) 104 (29/11) 

Hlnten (Amos) (IQol BFft 

HP«h«| Akt/engeseilschaft CDM5) 4 &O 0 

<s ’ 1 U * 0> 71 • IfttoLn. 98 

Hoi las Gre. r 5p » 63 J27 '1 1 ) 

HoJ/U Bros, asp, 85 rjg ii) 

Holt Lloyd Hit. HOp) T6Z 
Kome Charm tIOpr 207 -27*11) 

“nnKrav '2'n> 36 >30'11, 

Honeyweh inc. i3UJS.1.50) 5U.S.04i«® 
Hoower . ebspj 253*® 20. A <£5 sh 230ft 

H 4B® ln i301 ’ l 30 ’” 98 7 *M- 

Hlrjywi Mld'*»dl , *m T 14 ,20 St) 


Mvsotr GrtMR. tlOo) 55* Ufim)- 

- N— Or— P ■ 


aswr?u?i&sr w 

Npwtfcte- and Burton HHos. GTSfil u 1 UMMit^Sm^LPune 


N |ZBT«' and Ban0a « 

n?wct Grey 6 pcW. 30 . (ZBMIi 

Nw » (2 Sp) 

..SijBjS®.®.® 4*. IDi-ocLn. 70 ® 


SI^.S* 45 4* IOI 7 DC 
N!wma»-Tfnfcs (2Sp) . 65ft 
IbWL (25pl-29pn.. 


38* <28,1 11 ' •. -. . -T. 

Slrwart Plastics (ZScI 182' 

Stock) ake (2Spf fi« c2Briit '-• 

Stoddard A W qsd 29'^ * (30'Tlt, 
StoneMI* <7 Sol 113 (30>11l 
stone-Flatt inds. (25p> 109 0* (3Oni) . 
Stotnen Prtt New oo:® 38 
Streeters reo», 26® 5® 

Strong Msher (2Sot 72 , 

Stnoud RHey Orurrutrend (25n) 20 (28, IT) 
Sturiar/lOp) 12* (29/11) 

«ty|o Shoo* (25p> 77 
Sumner iF.r.(IOP) T J 


Norfolk Cao. Group '5p, 38 ( 28 , 11 , S ,,t “ r Btojeerfc*!- (9p) -32 <27/111 : ' *' - 

Nmgh^TBrit Steel (Hldgsj CMpi «1® t -*T29/ 1 ^ 7* ^ 9 S 

Nortieri* Enolneerlng Industries (2So) fJ.J'S'JhieW, :7i*i : «U. (SOill, 




1/11)1 T -J*'rtr JFwtrt 5fl» l 4 .* . 

>11, I , Tarpnsc- <50o, 1470 60. ® it. 


.R0.111 1L0 '28 111 Dare Corporation '23pl 151 50 (30,11) . L’ ■* ' J 1 » 

B — I-'- '--Old Trt. “M.-vrc rrsgt Dawson Interrat. t25p) 95 129/11). A "-SC*?!! ‘"to* 15 pm 130/11). Soc 

103 99 f28.1V. New AN.-vtg. I25P, ,2Spi 95 6 3 u— 5° ,Z7 LL*- ■ . 


FOREIGN ltUlJH'AVS (I) 

A . T Vf??S llKa (Ch.l.i and Bol-via Rly. 

'*8. I I I 

Ch inn Nor rbern R'v. SpcInlMt.Dhs. * 


S9C ' 106® 7 (3011) 

nev . .c) icta 

[fall .4 VS (i) Barrow Hjrtor.’ Gro '286, 4: >JO'll| 

m Bol-via Rly. 22 3iSb?l *Ti"?0.| Z Hides' *25= 111 

BK . 65*h Par-iar.d Pro. -75 b' 37 

Epcln.Mt.DbS. 52 Barievs Ynrtshlm ■ 1 Pel 54 O 


,Cn» 441. 1984- B9 - :• 

Nottingham Brick (50oj 3DZ* 


ngham Brick 
ngmnt.Mlp. 
(jeriey, RTri 


Tayter Woodrow mutt, TAP^nV** 1 * 


BANKS IlXfil i Beaten ij-hni Awj. f-s'Ln. 7s (27. 1’) 

u “ ? Setts," James) A Bes.-*Lr. rJ5M i293 

Alien H/rwvr Ross 335® 30 1 < ■•niu 

Ail_rt Irish Banks i25p< 206®. IPocLn. ! RnaL'!ord GP. <1 OP'. &0 '20 ill 

! Bnw ic H.> iH'dgvi 'lOoi SS '2*1 >« 
Arb'JUiriOl Liriiam Hides. 14S '21 l;. 1 B»-rHiir, Gt. '25n' 6"4 5 16 3 Nre 

•wlreite New Zealand 8kg Grp. .(All •T3u' 41A 6 8 SO 47 $ E2 471 5’ pm. 
_ e . 7 ® 65ipc«'nsci(.Ln. 76* i2R H-. B iocUnKci 

ftl* fJWT'S* Con ilUSI 5725. 17 . | L*-.. 67 : 6: ,30 11). SptUnscd.Ln. 225; 

Bint 0 / Irr'snd 40041 a | <30 11> 

Bink of Montreal .«!■ 14:- 130 11' I Belam Gre. 'IOp 67 


De«a I25P1 433: ISO 11) A (25n, 43014 
30® V';® 280 30 29 
DciSOn >7 Op, 24r® .30/111 
J’lta Metal i2Sdi 72 1i *»: 7*PcOb. 
SS 28/11 > 

Dclvn '700, 33 129/11, 

Dritbvwere (25p> 101 T i29 1 1 , 

Dennis uaires H.J (IOp) 44 


ft 5725 ”• i 

Bink oi Montreal .SC!. 14:- (30 11' Belm Gre. MOP 67 „ SSrilSn MtafSk '<29 ill” ” 

*SSi£ ' L “ *"■’ iS'JlS.'Si'iiriS' nifri , Mt 8SPJ ■*' “» '»■ =■> 

B.*nL of Scotland 'Gcrr.i 2X3M S4 6 9 Benlord Concrete Math. ,10oi 50® roihlSv .l i , .H-4-rc.l 73 (27,11). 9.1 


Commercial and Industrial Property 4.50 14. 

Residential Property 2.00 S. 

Appointments 4.50 14 . 

Business & Investment Opportunities. 

Corporation Loans. Production Capacity, 

Business for Sale/Wanted 525 is. 

Education. Motors, Contracts & Tenders, 

Personal, Gardening 425 13 j 

Hoiels and Travel 3.75 10; 

Book Publishers — 7. 

Premium positions available 
(Minimum size 40 column cms.) 

£1.50. per single column cm. extra 
For further details write to. 

Classified Advertisement Manager, 
Financial Times, 10. Cannon Street. EC4P 4BY. 


Bartlars Hint Int. 7>-s<Cjp.Ln 1 60-. ! ®«"n BWw. lOprPL 98 >29 Hi... 

■IF- 40 5 l*--’, ®— — I B»rrt»lte MODI 3E 7 '.27 11, 

Barclavi 6 an» mm/. 7'.uflCun.Ln. 86 ;- O-HHiw Indirt. (25c> 470 6 H 
■48 11* Bcrre Go. iZSai 135* 

Sh.-tey HM fl - 230 lenMe'd '5- W.i <25 p' 161 GO 

Canadian Imneruil Ek. Commeri# ;sC2, Brrnl innt 63:>e 
17- w :o 35/11' nrrwlck Tlmoo «25ui 65® 6 <30 Jl» 

Cater Ryder 25° areirwll <25 di 145 

Ci'icore <’US4, I7>» *29-1 1 ‘ Bmian (D. F.r 1 HM 51 .) (5o) 23'^ (30'11J 

CMv> DiuruBt Hldos. -ZOn, »8 Bibirr (J-- Som z£o 4 (29 Jl. 

Commercial _Bk. Njar Ev« >5i 707 (20,11, a: dale Hliigt. >25ui 98 >2? !1> 


.5S-. «ffarer Bird lAfriea'" i25ui 16 <20 in 


■dmsoi job-* tzenn 

Fre W M-ki-H, I'.”-. <2 ( 3 ^"’, , .......... 

NaiioiMl Due ci) ht (25n) '90® ' Birmingham Pallet Gp. ilQv* 62 '29i1t, 

_ 3 “® ' _ aifhog’s storet (25 p> 145 i3o:ii» 

rtiii^?. g 1 !!! Mt Tli W ff 5 *. ,' a5|lt 48 Stoji OjWjMIBn (60o' 91# 4. 5 pc FT. 

Cl ‘ton Brot. m .7»'l!' I 3S® (30, '11, 

Gnndlay* Hldgs. f25p, 1JS 6 Black iPrtrri Hldgs. >25 pi 183 B >37111 1 

6ji*"ngss Peat (2£o' 115(30 11). New Blackman Csnrad <2Bn« SS-- * «* 

■ 25u1 116 18 (39’1 1) Blackwood Hodge i25p) S5 •« 7i- iSO'll*. 

HfT.bros Site. i2So) 1650. Adi:* (27 1 1 I 9neUn.td.Ln. 114® 130 .il> ' 

*'“■ HISS 1 88 "SOU*- Wrms. •- 

2* .v rasii: SneUns.Ln. 62* 


Blrntld Qualcast i25n> SI’i®. 7VyK 
UnKd. Ln. 61': (30'1 1 > 


Slvckwaod Morion Sons 
23':® 


■Hldgs.) (2SP, 


Dcrritron 'IOdi 76 '2911) Hurst 1 C 1 Mtrs. 7* 

DTSouf-r B — Hldgs., ( 2 Sp> 130. S.ZSpc Hyman tIJi i9p) 22 
H. 58* (29 HI 

Ctewnlrrt <|.j 1 iHK*?i.> 73 f27/11J. 9.73 k 
PI. 102*m *30 11) ' 

Dlrkln'on RnMnson Go. )25pi 121® 19: icl 440.- SpeDB. ( 

■".prL«. 63® .M/lli 66 ® 130 1 IT 

Dlnkle Heel <5o, <5*0 <30/1 1» IOC Gre. '( 20 m 126 

Dlotoma '2So> 189 9*> , IMI (25pl S3* 21 

Olrgnt ptio'agranHlc 1 IO 0 * 132 1 (28/11). 7*kUs 

Dobson Park Industries -lOn) 1D4 * (30 11 ) 

item * 10-1 «?<* (V) 11 . HnMck Bldg. Proda. 

Dcrada Hiltfinix (75P' 73 (29.'11) JtmwJc Johnson 12 S 

*1 M'"- 7,4* Illingworth Morris 1 

Downlebra# Holdings ''IObi SO® tSO.-ll) A Non.V i20n)_3( 

Dewing G.H., rfio B , 122 (29/11) eiuto 6 ocPf. tsC 4 ) 

Dowtv r-renp («®o, 2*2 ICI 366:® 71® S® 

Drake « 4 t'U HoWInn*, < 2 So, 35 ' { S.TOt. ' S*K 

Dreamland electrical AMIIaitces OOn, 7*«cUra.LR. 62*1 
3 3 1' no')’) ,®4* 4 S. 1fl*OC 

Dub-Her (Sr) 2S Itop. Grp. (2 Sp) 83i 

Ductile steels (35o) US 129/1 1) Uw.Ln. 87* (30/1 

Ditfnv Blrite-ertlc lO*PtLn. 101 (20/11] . 'M/ll). 10J5l>cU 

Dunote-Combex-Marx ilOP) 92# Ln. 71* 

nurdonlan '20 p' 46 fi *"« 0“a A NPV 1_ ... 

Dunlcrd Elliott B'meDb. .66* (2B'i:j . ’’pramrMJ <10p3 29 129/11, 
Dunhill (Allred) »10o) 377 (30'liJ - Initial Services (2Sg,.69 


- - * BJSSmr 9 

Wfa « '• S - N “" ter I^BtiRB. Group, (ire) 64t2BfT1J 


TH^rVnaJ-SYnScaty -<ftSog 


(IOdi 48 9» : (2B'T1t 
Hurt* 1 C 1 Mtes. 7 hpcDb. 65 UB T1,' 


Janta (PJ flOoJ. 3a 


VfucLn. toil- '27/1 U - „ > 

7Jl»w ContpcUpo .Gre. 280 (29/13) 
TJBpr tajno 4 £ozPt. ( 20 o) 124i'C 6 - 91 . 5 


AUH WMM3 (2S0) U7 rshmS-_ci.^. i'WlBP A . - 

Oh. T988J90 -64 ns.-) i , -f.Me .Toy* Co.- /330) ^7^9- - to • 

“ G “ D) 1 v-'-o . M( " b *‘ rn fM,(,saJ 

Z&SOBMS.# s» «« «4ii). 9nr 


26/111. 7*«U«Xn. (1988.931 63* «0, J 212-<®.> ) . WObOm, Wldj 

• VS& SSSfcfiTjS^*#'- 6S - (2an ’ P ?n r9 ^^n < ? sw 2,8 

sasjwwa^ a7,,n ' 

ICI 388?? 7i® ( *M 9t® 3 ^0 4 69 73 32 l l®°,..lp* T lill v .ffSflTlib /‘f 

linp. Grp, <29 p> S3tf> 4 '? 5*3>a 5l?. ** — 1 -•-•-•■ ' * — — — 

Unj.-JL"- 67* (30/1 II. 7.6ocUm.Ln, 55* I 7 . . ~~* ' ' ' '• " 

£1$. te6 “- 


m 


TnrnLL '***, Cl cn I 2££ k 5H,. r2 .®V. W-i 3 ® V 1 .. . I D«J>J» llVlCITHitlgn?l (50, 23 ^ 2l, 3 I . . _. 

rao m 


Jessel. Torn hoe f 25 ol 62 60 

K n *jto r V' ,m ann Hldos. '2 Sp, 47 (29 n , 

5,'" snaiiftn :20oi 6S« * 

B ^ nSfln Lonsdale (2 Sb/ 90 


Blue Circle Ind*. 2G3® 3 4. 5*o;2ndDh 


iiv S, «lJ.ft 7 SlPl : li SS ei 5' , ' w: f25rt BSl I0?«*n. 100# ( JO. I II 

<W-ii«. G*BCUiKcd.Lf). 41* Dunoioe immaronal (25«f) 147 


ign 01 LomSalc <29 pj 90 ^/l^" ‘ W ^ ^««.Ln. -,* 

Lloyds _Bank IS9 * „ 73 7 :BsUn , B.-m-riJ-Feretoolaae Hldgs. .=5u, BE® 

-- a ‘ - . I Beardmsn IK. O.J Intern;!. •Sal 18*0 

Hanover I3US7.501 22 i Bariycetc Intcrml iISoi 81® (30;11> - 

. I .BgttPh textile Mill (5m 1 1 


HflnOT «’ rausr.501 22 a<x*c«r intern ' .zsm li® (3B.it)- 
Js- rn rl j nr , , ^ .. Textile Mill (So> ij: ® J 

rjjrjUTT 1 1CI *0 fJO ir. _ __ Ben4 Stren Fabrics -IIJd} jg , 27 :it) 

M «. and ., SS9 * 31® 49 65 S 7 8 Hooker McCann-ll <50m 2810 1 

36.. 10*«UnsLi». fll *. 7 s/KUns-Lu. Root (Henry t K. Sun* (sog, HO (27.111 


Dunwoe imrnarenel (25*) 147 
Duttcn-Forahaw i25o, 4 =,'ki> F# 5 /sr/ij) 
Dykes, rj ) i25gl 43 4 3 : *s L30M1, 

D |30"l» J - NV * 0fd l25p) 620 


1 30/1 1 ) - ! 

International Thomson Or^a citation Com. 

. Sha. 27S®. CWr.Red.W. sjfc, 224 . 
hnermk 'IM 63® 1'*® 2 1 *. 4.2gc2udpi. 
10 iSOllli 

J. «. HURL (100) 56. 
jacte iw.) (250, 2 T (27/11) ' 

Jackson (j. -and H. -6.1 i5W 37® . M. 
Jacksons Bourne End t25g, 70 c30/l tl • 


Booth (Int, logs.' >25oi 50 (27.t1» 


yea» . Wfit ; -^ald kalf-y^riy^ Ra^ 

recelvea not later- than -WJ2.7& ~ . • . f .-;- &■■■ - j .... 

Terms. {years> 3 - .4.:; .th : 9 \ 10 : ‘ 

Iatereat.% 12.:* I2< . 12{ I2f ; .' 12 ^ j joj 121 

R^tesJ^or larger ^no^iteTon- r^nesfei)«KKits to : ‘~ 

inf ormsiaon r^Hmr The 'CWef vCari^r^saEbe' 4 1 




•• ‘_ r V 4i 

rtf-. 




w: fflasii 1 - jaw; j 

gpft# 

^r*v; 

aR#: 1 * 

► '-SO Alio s 

gaS^*} 

*3? *4 

CQts.»«\ 

3^. ,., f ' 

^ 9 w<s 

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.•■ * * rj • "• •* ; ' j+j 7-- - ■ t , _ .i— 

... 

»r,,^^*wair 7 f» apctn.^M 

wf^Coowr £«1 « ;ca5^iS' 


■’ 0 ecember 2 l 978 

groan fr p/to y » . Haw OSdI 

ii 44 gu;n) 

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Vitof QSo) 53 GOiVH’ r ;. - 
VMMM Go. flOOV ^M! C7tUJ ••» • , 

yirtor'ffisS QX*h i! 0 -Qa{ 1 1 ). 
. lOpcPf.'r«M rsorii) • -•. - 

vrow* tiopi 2 si-'+h cw/itj •■ .< 
vrnten Go:-cn>o*.l 4 « 7 ?.- - 

Vfcxsn Dvlpmntl qSpi Ti. <27ni> 

YM4W osm tss w h etit) • - - 

:‘f'- ^ *;■ . 

.« RMioia <HJ*>) H .-- ’ . 

WGI iZfipl 11S. 4 jBJcPfc j47 {2713 T> ■ 
V*m» Grow t27iia>. - .. . . 

Wadittogton tX¥r«*W' TW-tSO/IJI -■ 
Wide WHMtH llOP) 33 

Wjg tMro^5trlTOC«_ \1 Op» 4^»i 3.4^ 7001(4 

Walker 3l» i lltiottzif BOfi n . 

Walker xc. WjTkwsj^ (ZSbJ " 1 23 0 »< 13 ) 

Waite FacMon <£. nOol 8s4> so» aaHT) 
Ward GoMmoa- 423m Sa t2WTli : 

. l^eLn. M CSIll 7tspcLfC:72ia 

.Ward WMt» ’GpVteMi *1 *- B (50711'-: 
lO^jPCW. 2050 <30)111. '-Soc In. BS 

{JOjtti...-- ••..., j-_ ... . .- . 

Wordlc . CBj J .1 On) 31 Ij* lj ^3t>M 1 ) . 
Warfnff GUIow Hktoi.|. |Z5M 12J 128/111 

'te-isaF&texi * <Z8rt,v ' A 
,8 ^ 

WHertonl COaw <5») 57M 6 <3«1l). 
WmkMlt <Z5o) 309 -129/11) •' 

Wktaon (ft. KiMnl |TOcO 119. UBfll) :. 
Wtarra Group HOpl' 26h: 

. Wptaalm -puhtlcatton* 0 «} - sa 09)71) - 
Weds wood Oto> .113 
Weeks Associates Cl Qm 26 >J 08(11) 

. (ab.'MsG.se^sr ■■■■.. 

Wellman ~EnairMerino . Coep. I25p>. 434 
W^ tl Bromwkh ; Spring Co. ilOp# |. 35 

Westbridr Produett OSol SOW f 36 n i» 
Western Motor HWv. i25Dl 85* cwi 1 > 
WestnifihDuse BraU . apd.. asnal do. t25fj) 
51*1 <29/ ill * . 

WestiaM Aircraft -OJtal 3S4« . 

Westward Tetevtslon (top). 29A 9 (2711 T) 
WhoWrtB* 03d> J7* • . • . . -. . 

Whessoe. OSp) 01 ® 2 OO/M) 

Whewar Watson' (VUds.) (1 Dpi. 25 130)11} 

whitecneft <25 pi -lor r .. . 

whites mmottaO - 79 <30m>. . BilPdLa. 

SS'r aB)it). to«Ln. «zi 
WhminDham (Will tarn) CHWws .1 SpcLn. 
STA 09/11} 

Whitworth' Electric IHldvl ISol lB 071117 
Wldfall (Henry) and Son 05 o) 235 » 30/11) 
WlQilns . Construct OOpI 32'i {30/ m 
WllWnsbn Match .177. 2 . 00 / 11 ). 10p«4n. 

87® 6 (30fin •• •--• '-Tr 

WilMmon Warhqrtod f 2 StO B7 79 {2711} 
Williams and Janei'fPngnj (25a) tot ■' 
WUmot.**etoll-425p> B2h* 94 73~ • ■ - 
Wilson Brrjt. - C 2 Dp) 424 2 00/11) 
wiijpn_ Walton Enfl. flqm S3® 4® S 

Wlntpev 1 G) <2tm «14» 1 *. 2 ' 

Winn Inds. OOp) ..46 I ZD/111 • 

Wire PlastK Prod. J10M' W«s 09111) 
Wolf Elec. TooH.C25d)' 8T C30'11) ,, .. 
Wotselev'Kuohes' (2SM 205€F C 5 Orl,t) . 



‘ 5® ■ ' 

81OU30.1.1) ' 

Jimn OOm SB . 


Yarrow {5001 

-Yprid. cSSm., 

T'Siefc nw **l. 

'Toastalil -Carpets 

Ze&*. 'da*. £HS6iri Bl no.'TU 
z«oc«t < toi 51i* fBfyu. . 

BLEC LIGffr & POWER (_) 
ffrstan" Ctau A Sb*. np* POJD '30.11 ■ 
Oritun* Bhetrtc C—.-7 8® 130/1 1) 

; J^SINANCIAii, TRUSTS (II) 

■i® it ,. .' 


igaJ Wm i. .. 

Sj^mn ,W SrS£r ^«« 5 


Cawray Day 

Edtabooth tndust: 

W * 1 


o. i/^rrknd 15*® (30/11) 
pj‘r7*: ■ 

C?oi» **• - i 

SO B®-'300® 298 300 


w^Mta- Acravi R1dps..,bai)1® 3 < »* 15. 
cSyol Aberdeen Xand Aa*en- fSOp). 101 

- CUM1J) • _ -~t- < ■ 

S§S”4£3S: «m. 

"”l* — - ^OSP) If 

-hu *a 

f iatrt 7® 

12* : 

,} iSV uadi) 

pncfiqpe, 

l^Conrn^Pfd. Con.'5»xPtOB. 8fli*® 800. 

OUpcOb. 7231 J. 7480009. 1989-92 
OioSrnV itTrpcDnscd.ui. 93 127/n). 
. tlpCUnwM-o. 93 (7ft>1J> 

IjotPHOO .Gp, 5 »< 0 eJitDo. 84 <27)1 1) 
Hampa Secs. (SOa> no CUM*'* 

Llords and Scottish- OOP) 94 

LondooiEareuean fc’llW 3? 07111 
M! and G GO. (HUtOt-l - (Spl 129 I29.-1 1) 
MuMn Pin. T)t. iMM-4S-071.il) 

Martin, id, Pj «5p» 59 (29 ID 
MlUt Altai In tor nil. ISO pr 213a 16® 23 
S. T‘7 30-=8 1>4Si 9Mrt W^lOTg.79 

-js'no. tor Orel. 14. Com.let#*/. (sow 

751 - .- -■ 

Mmium Merc. HWgi. fi.Opil it 07/1 1 1 
Park Wnen lw^nOo) 40 -(28111) 
Prawldwt- TW. Gp. <2Sp) SO - 
Resehauph OOpJ 75® : vr : 

Seaxcop* Hides. 980 ' 

Ship MoRHtS fl«- tocDfa. 63 0811 1) 

SI me DaTbv rlOoi 94 - - 

Stock EMhandr £42S7Md-»n» IRen.i 32. 
74tpcOfa. 571.0 

UnfMc Gp. ifto.20) 47 OOftl) ' 

Utd- Coro, np* 710«.' •. 

DCd. Dom. Tst- (25o> 354 7. UkUuuI. 
Ln. 12S 129)11) 

DMOa Fin. asw 43 Z OW11) 

.-West of . EnflUfUf Tct. C25P>. 51® 3 

■ GAS(8£:-\ 

Imp- ~Cpnf. Gas AaL 381®' 800 5 60. 
7pc Cnv.Lo. ISO {28m>. ' 

INSURANCE^) 

Bowrtnu fC_ TJ.tfawraflM.iiopeCnv. 1 ji. 1 S 6 
Orcntnan Beard (HWosJ (lOp) .44^:® 3 

BrtUnVtc Assur. (5p> 1C® 09)H> 

Com. Union Assur. (2S»r.l4S® 7 9 50 48 

iSt^ r L. , ^L l S 5 S^tc“(5p, 176® 
Geo. 'Aeddont Fire A Life Assur. Corn. 
.t2Sp».21D® 17 18. 7 APC L"- 6?,<27;ni 
Guardian Royal E«. Assu r, Qj H 224 ® 4 a 
.&. 7pc -m. «tO 5O-t30f1*>. 7PC Ln. 
ES-as 59>J® 600 Sir (30/11) 

Hamhro Ufr Assur. (ZSw 400 2 
Hope Robinson Gp. asM rrzB. New ord. 

Hmhii^ tAlesindsn <U>-. (10pi 1370 8 
Lem and General Assor. <5p5 1470 8 

LoSdsjy.. United iiwesc. . (2 Db) 173 

Minium WdtMten- Hlint. «0 p) 173 

127*11)- • • >• '■' ' 

London Manchester-’: Aasur. <5p, 132 

(SOfTIt •.*•*.•••• •■ 

MWet ‘ Hldo*. (2 Dp) tn'rMMi* ' 

Pearl Assur. <5p> 234® '30® 4 (30)11) 
Ptapanhc - Assur- (25nl -ZS4®. /6 8 
PnOentUI A mot. 5id.--.J49®' .50® 50 
1 • 1 49 : . • • 

Mow Assur. (Sot 442 
Royal Ins nr. (Z5o> 355® 20 3 2 7 5 
Stanhouse HMgs- Q5pJ 98® IDO 
Sbb; Adhaoca and . iMdea^-lMur. 5080 
1> 12 6t,pcLn. rt%9/11t 
5mL Ute Assur. (5p) 104 6 _ 

Travel try Com. <SU.S 2 -SC> S2*i-» 

WKKs Baber. (25 pJ 24ffJ8*fll) 

INVESTMENT TKJSPS (148) 
Ahenleen Tit. (2*5pt 1 32 '. J - 
Acorn Sect, rip) 101* do/tl) 

ATIsa. hrc. (25p1 no*: N . ■ 

AHtance .Tst" (25dt 21 iff "U® 12 11«t 
AMfnpd CaA (SOp) 189®'^ 


Cap. 

5. 


8 ®. 


5 PC 


” (W,U 

*f21ft^ A J5. rtc “ s * ca - ( 25 P ) 94 A® 
4 KOo. 87’: * 

«l«dt Awb (25p) 101® 24 z. Sec 

Pia 3D * 

c#n - 'asp* spcpt. 39*j 

(£oy ii i 

Bankera' In.. (Ztol 55'j® « 

BeiTy Tsi. (25pl 734® 

BiMiPpaeatc Tu. SpcPI, 39* (30)11) 
Border Sinn. Sikhiars. nOo) SS*iO 
_5«PI. 390 *30111) 

■yj'Jsh American Gee (250) 39 
Brltlah Assets (25p> 70 SB's 70 ’j, 
rPCPfi ■ HI 

BrllUh Inv. Tst. *25P> 1611 
Broadstune'lnv. (20 p) 142 
CLAP in*. Trust (25pi 650 130 1 1 1 

S.*W , (3 T 0?1 , 1 1 . CSSP> ™ “" ,,K 

Capital and National Trust (25n> 121 
Cardinal »*. Trust D*d. (Z5p) IDS® 
CSO/tif. 6 pct. 1 i. d6':® 

Cedar Invest. Trust (25pi '66. QpcLn. 
iafi 

Charter Trust and Agency (25p* 54*:® 
00)1 1) 

CKy and Cm). In*. Trust Inc. Shares (2 to! 
271*0 130/1 1> 

CItv and mM, Trust <2to) 99 
Clavertisuie In*. Trust (SDpj Bi-h (30/Ui 
Cfirton invests. (lOfi* ?':• 

Clydesdale invest (Sin) 74 3» : i3o/u> 

Debenture Coron. {2Spi 6Sis 

Dr»non Commercial Invest. (?Sp) 123®. 

Dravion n 'ConsoHda , ted 1250) 137 (30)111 
Drayton Far Eastern »25*s» 39h (30i111 
Drayton Premier (25 pi 193® 

Dustiest tSOP) 60 ij® <30/11 >. C*P. 
206® 8 

Dunnce and London (2En) 61 <■! M jit 
■ 30)111. SecPl. 37 '’A UO l 11i 
Edinburgh American T2Sp) 1090 
Edinburgh Invest, bid. 21 B*r« 16® 17 
English international (25P) 82 ■> <30 1 1 ). 

51, mH 41® <301111 
English New York < 2 Sp) 72 ij 
English Scottish (25p| 75 f30/1 1 1 
Eouiiy Income (50n) 2099 
F. C. turn trust (25e) 48*2 
F.rsi Scottish American </25p) 890 9 90 

_<SOi1 1> 

Foreign Colonial (250) 162* 

Funthn^a <2bpl 35® t 
590 

General Commercial «2to) 140 (Uii i) 
General Funds Inv. 1st. ( 2 ap) 172® 2 
.30)11) 

Gen or if Scottlsn T 1 t. 5pcN. 36 (30111) 
General Stockholders Hiv. Tst. HZ'iP) 
14; 14 (30)111 . S'jpePt. 41 tMllli 
globe Inv. Tst. (250) 115 •: 

Goveif European Tsl (25pj 63 130/11) 
Greenlriar Inv. (25p) 91® 

Guardian Inv. TsC <25p) 74': <30/11 1 
Harnbros Inv. Tit. (2to) 951® 

HIM rPhlHp) Inv. Tit. (25pi 176 (30)11). 

4')i»cDb. 741,® 

Hum c Hides. 6 pc PI. 67 JO 
Indus, rial Genei 
Db. 45 

Investors Capital Tst. i25di TS'iO 5® 8 
Jove Inv. Tst. Income OOP) 47 I30)11i. 
Capital < 2 pi 6’a® 
keystone Inv. i&Opi 133 
Lancashire London Inv. Tit- <23p) 44 'a 
(30/111 

Lndn Holyrood Trtt, IZ3p, 112 <3011 D 
Lndn Lennox Inv. Trtt. <25pi 50 
Lndn Lomond t Inv. Trm. <2 Sbi 72 (29 111 
Lndn St. Lawrence Inv. (Spi 1 1 <30.1 1). 

SpcPf 36*: 128/111 
Lndn Strathclyde Tnt <25n> 4t»,® t 
Lndn Atlantic Inv. Tr«. i25p> 65 C30.11) 
Lndn Inv. Tnt. (Spl 2L (2B;1lt 
Lndn Merchant Secs. <25 p> 65. Cap. (25p> 
63C >30/11) 

Lndn Prudential Inv. Tnt. (25pt 75)* <i 
I27I1H 

Lndn Tnt Did. <2Sot ion, 130)111. 6 pc 
U ns.Ln. Ill 130 'll) 

MAG Dual Trat Cad. (10p) 111m 
MM 2nd Dual Tnt. Cap. I4p) 22® 
>30 111 

Mercantile Inv. Tnt. <2Sp) 390 l*. 4>:PC 

DP. 74; 81.; 7 (30,'IH 

Merchants Tnt- <25p> 70 »30 11, 

Midland Tnt. C25t>) 87 <29.11) 

Monks Inv. Tnt. I25pl 48 


(30)11). Can. (Z5P> 


•ral Tst. <2 So) 51 1*. 5>«pc 


WeclDoo* Inv. Tst. (25p) -102® 

Winch more inv. Tst. (2to) 47 h 8 (79111) 

Wlnteroettom Tst. >Z5 p) 207 (27/11) 

WiUn lhv. I25ai BS® 8. B l25m 93 *J 
<30 111. 2.i»PI. 27>i >30 Hi 
Yeoman Inv. Til. <2Sp> 175 4 (29,'IU 
Young Cornea ric* inv. Tu. Warrants to 
sub. 16 I30I1H 

UNIT TRUSTS {■!) 

M. and G American Grn Income 46.1® |S«ngei Krlan Rbr. llOci BOO (3C<11> 
M. and G. Dlyidend runs Income 1260 


Harrlaeps Malayan eat*. (lOpj 1020 
Highlands Lowlands Bemad (3M»0.50) 

jltn Rbr. Cl Dot 96 (27/11) 

Kuala Lumpur Kepong Berhsd (SMal l 610 
lord OP Sumatra Flams. DO?; 190® 2® 
67® 

Maredw ■"** HOP) 6 C ( 22/11 1 
Muir River Pbr . UJpi 600 2® 

Sgunmans G'P- 11 Dpi ivo» 


30)11) 

M. and C. Extra Yield Fund Interne B7>;® 
91.4 <30/111 

M. and G- Far Eastern Gen. Fund Income 
52® i, .30111) 

M. and C. General Fund Incoma 177 
>28111) 

M. and G, High Incam* Fund Income 
112.3 <30)11) 

M- and G Midland Gen. Fund Income 
181 (29111) , 

M. and G. Reco*er» Fund Income 92.3 

M. and G. Second Gan. Fund Accumulation 

Mean's G? Smaller Companies Fund Income 
163.5 

MINES 

Australian (2f 

Hampton Gold <5*0 13a«B£0Mn 

KiKf ■•fflS-HiS'SiS. SSm. « « 

Par^nga^to) 15 (26111) 

Miscellaneous (40) 

Banir Tin Wlllram iTto) 54 120111) 
Charter Consolidated vR*9-J '35P* ,26 ® 

C6«o^ld"ai*d Gola C *Fklds i25p) 176 5 3 
El Oro HOp) 53 

Gopeng Consld. (25 p> 295® , 

Malayan Tin Drcogmg uMl) f • ® '77/1 1) 
Northgale Exploration ,lc l.i,t®®,J| 7 i 1 g 
Rio Tint tv-Zlnc Con. (Reg.) (25*1 238 4 9. 
iBr.i 12SP1 244. ACCum.Ord. <25o< 

284®. 3.325PCAP1. 38® 

Saint Plran i2Sp) 90® 1 >30 11) 
selection Til. <250* 430!® 

South Croltv ilOp’ 63 , _ ... 

Southern Kinu Conid. iSMO.SO) 185 
Tanlong f 1 SPI SMA4.59’*® 4 <30 ll 
Taolu Consd. Inv. 'SO fit 164® so:®. 9 pc 
pi. >80di bb:o 

Thanli Sulphur Copper (Reg.) (L2> 2351® 

Hhodenian (— ) 

Botswana RST <Pu2 ' 2010 13011 ll 
Falcon (25PJ IS5 (27111) . 

Minerals Rwourcei ijboi.40: 145 
(27)11) 

Roan Consd. <*C4i 70® <30)1 T> 

Winkle Coll. <SOpi 28® >30,11) 

Zambia Copper inv. (IBDO 24, Ilia® 
(son ii 

South African (24) 

S. Africa (RO.)Oi 


SHIPPING tSI) 

Shl oping 


Ord. 


Brit, and Commonwealth 
SOp' 292 3 (27-11) 

Caledonia Inveet*. <25pi 246 7 >29 111 
Furness. Wlthv 2d 2 j 
JJC005 (John I J r20o- 3B*j (29 ID 
London and Overseas Freighted (25pl 
40 *i 

Orean Transport ana Traama C25pi 1031: 

Puninsidar and Oriental Steam Nav. 5pc 
Pfd. 36 (27/11,. Old. 81* 2:-* ); 1 
2 3 <: 1*1- S'meDb SB- i3h ID 
Reardon Smith Line A N-v (SOpi 33® ': 

Rune man IWaterl '25pl 69 61 

Spu’tiampten, l st«i ** W.ghi. 5. oi England 
P aMK 5tm. Packet 5ocPt. 370 '3011 
Stag Line 101 <23/1 1 ■ 

TEA (I) 

Assam Frontier Tea Hldqs 260 (30H1) 

Aiiam In** 50* 89 i30'11> 

Camellia !"*«■ 'KJpi 303 
Empire Plants Invt. HOdi 2S® ,30.11) 


ri ‘ 


LOCAL AUTHORITY BOND TAlLE 

j . • ;Vi; 

• ; Authority -J -' 5 l \ ' -geosst. .Interest Maifiraio Life of 

- fteHsphone' mtinj>«r tu ' ' i, faitCTWl . payabl® - 1 .-; wmf - bond 
. -. r frreafh&ay — - 

Barnsiey i4etro. {O22& 20S232) 12 : :; j-yeir . 

cho^ey Siui h ‘TVyear' 

East Lindsey (0507 -?80i> ^.v:. : ri2*y- - fy$ar , 

; .L^ . ;Hiear 

U! “ 


■ r. 


Knowsley (051 548- 5555) 

Manchester (061 2S6 33TZ) H ! ... >ye*r 

North Ke 3 teveo : ' (0559. 308241) - * .' ^year 

Poole ( 0201 S. 5151) - ^ : 11 { i-ye«r . 
Poole (02013 .12^;;. item/ 

Poole (82013^15.0^.:.^^-.; 42*-=. i-year . 
Pedbrldge (01=473 302O)r ; ;.;;/ ;? '-TO^ -j-yefr 
Sefton (Ml 922-^040jL . -■.i2- .• i-stwr ' 

Wrekin (8552 .SE^051> ....; ..i. . 12 } ■ yearly 


A .'-iYew 

250,!,, " 3-7. ,: 

tm : ' t&r 

' 2 ,oei)/ 

- tlfa 

>500 '■ 

4,000 ' 


' 500 
500 
500 
' 200 
2^)00 
1,000 


• r3 

>10 

3 

- 5-7 
2-3 
6-7 
5 
4-3 
2-3 
5-10 


Montagu Boston Inv/ Tnt. War. 29 

Nmv^hraorrmrton^rct^tncm^hs. 12 Spi 20 
<30/111. Cap.tn. 138® 6 (30)11). War. 
26 <30)11) 

1910 Inv. Trct 05p) 70 <28-1 1 1 
Nonh Atlantic Securities i25p) Bb (29)11). 

7<tncLn. 99 08111) _ . 

Northern American Trust (2to) 990 4. 

S'Mft. 37* ' 

Oil Associated tmr. Trust (2 bp) S5h 
<29/1-1) 

Pentiand ■ Inv. Trust <2S9> 113 rz9'11) 
Provincial CUM*. Trust ( 2 to) 26 <30.1D 
Raeburn In*. Trust 4»iecln. 83 (2911 1) 
Right Issues Inv Trust Capital USp) 290 
River Mercantile Trust i25p> 169 
River Plate Gen. Inv. Trust S'tficDb. N't 
Robeco (Rotterdamtcfi Beleggl nescon- 
serhum MVO (Br) rfl.sO) £SZ*« (29/ M). 
Sub-Ehs. <11.5> 531 28 M 2 301 
Rpl'nco NV (11.50) £42b iS 0 .' 11 ). Ord. 
Sub-Shs. <MJ) SUS6.28 (23/111 
Romnev Tryst Q5p) BSD 6 S <28111). 
4AincLn. 83 

RtegdlmDnti her Trust Cap. <Z5p) 74 

Rothschild Inv. Trust (SOp) 211® 12 <.-® 
(30/1D 

SL Andrew Trust C25p) 1130 
Save Prosper Linked tev. Trust Capital 
(1 Do) 55>J (30,t1) 

Scottish American Inv. (SOp) 82® 3. 

SbocDb. 24 C2Slin 
Scottish Mercantile Inv. 7i»cPI. 55 ® 
Scottish Eastern Inv. Trus: '25p) 13D>® 
a./BcP ft 36 (30.11) 

Stowsh European Inv. (2Spi 39«: (30/11) 
Scottish Investment Trust a Sc' — 
and Trust (1 


Scottish Mortgage , 

S^lSW^nvgtm^VruM «» 


® (soiii'v — t25, ’ , 

I IB 

Investment t2Sp) 910. 

irfne?' jrujrt <29 p)_.177® 9'j. 


icani'ih $’ ltd lnvestors 12 5pj_ 75 
SPCDb. 63 ' 

Second MIL _ 

,4l 7 pr.pf 340 (30/11). jlflKM. SJlj 
Second (^eat Northern Invest. Trust (25p> 

S«uHtles Trust o * Scotland (2 Spi 177h 5H 
Shire* Investment <50p) 133 (29.'11) 

fpvjsrBy 

'WW.TWI <25pl 96 r 
hi (28)11] . 7 PC PI, S3:j® 

T h° r 7mar^on Secured Growth Trust Cap. 

Throgmorton Jsu <25p) 76® Ij 
TUT. ~lnv. Tit. Income l25p) 8t<>® 2>i 
<30)1 J). Capital <25p) 1D2 (Mill) 
Trans-Ocrank Tit. <25o) 161 <27111) 
Transatlantic Gen. Invs. 110 <76ri1> 
TrjDteveit Income <50p) 61* 130/11). 

Carital 1391; B 9 130)11) 

Trust Union (25P) 101 h 130/11) 

TTostee CPU. asp) 137 6 Sh (30/11 > 
United British. Sect. Tst. <25p) 124«s. 50C 
A'jO? <30111) 

United States Ob. >25P) 88. SpcCnv.Uns. 
Ln. 90: 

United States Tst. Inv. Fund («US1) 700® 
<30/111 

Viking Resources Tst. <25p) B2'i® 


BUDUDiNG SOCIETY RATES 


Deposit 

Bate 

7i75% 

&25% 


Ahhey Nation alf ■<••*■ -i---, 

Aid 6) LT6pi£tf:;j._. . . . 

~ AjUancet- ^ * 7.75% 

Anglia Hastings^ & Tliaastt 7.75% 

Bradford AWj'Bin^ieyf -.... 7.75% 

' 'Bridgwat6r ” -*».■. 1. 7— ; . 5.45% 

L Bristol -^nd Westt c....:..:..; 7.75% 

Bristol Economic a. ..... . 6 .45% 

"Sdtumlaf . 7.75% 

Bornlfiiyt :• 7.75% 

Cardifft — 7.70% 

Catholic e.oo% 

Chelae at .. 7S5%~ 

Cheltenham and Qloucesterf 7.75% 

Cithsens Begencyt 7.75% 

City of'-Lroutotat- 8.00% 

Covenhy ' >eoDoioalef . . 7.75% 

Coventry^ Proyidehtt 7.75% 

Derbyshtref... 7.75% 

Gatewayt.. 7.75% 

Gnardiant 7-75% 

Halifaxt • 7.75% 

.'Heart of "Englandt 7.75% 

Hearts of Oak and Enfieldt -- 7.75% 
Hendont 8.00% 

Huddersfield ' and'- Bradford! ' 7 .75% 

Leaniington Spa;!::. ' 6-55%. 

Leeds Permanent! - — ...... 7.75% 

Leicester! 7;75% 

Uverpoolf- .......... - 7.75% 

London. Gpldhawkt - 7.75% 

Melton Mowbray! 7.85%. 

Midshixcs : . 6.45%. 

Momington !:....„ ‘ 7JH% . 

National Counties! 8.00% 

Nationwide!' — ....- 7.75% 

Newcastle Permanent! * 7.75% 

New Cross 7.25% 

Nortoem ... 7.75% 

Norwich!- ’ 7.75% 

Peekham Mutual .'...-I- ” 6.75% 

Portman 6.45% 

Principality Buildg. Society!. . 7.75%. 

Progressivfl - - 8-70% 


Property Owners! 

Provincial 

Skipton 

Susses’ Mutual! -'•/-■ 

Town and Coun tryf ,. I 
Walthamstow! 

Woolwichf 


7.75% 
7-75% 
fl.45% 
7.75% 
7.75% 
. 7.75% 
7.75% 


Share 

Aerate. 

- 8 . 00 % 
8.75% 
8 . 00 % 
8 . 00 % 
8 . 00 % 
6.70% 
8 . 00 % 
6*70% 
8 . 00 % 
8.05% 
8.50% 
•6B0% 
8 . 00 % 
8 . 00 % 
8.30% 
8^0% 
8 . 00 % 
8 . 00 % 
8 . 00 % 
8 . 00 % 
8^5% 

8f»%. 

8.25% 

8-25% 
8.50%; 
8 . 00 % 
680% 
8 . 00 % 
8 . 00 %. 
8 . 00 % 
'8J5.% 
8 . 10 % 
.6.70% 
7.50% 
880% 
^.00% 
8 . 00 % 
'7.50% 
8 . 00 % 
8 . 00 % ; 
7J5% 
6.70% 
8 . 00 % 
885% 
8.50% 

8:oo% 
8-70% 
835% • 


Sub’pn 

.Shares 

>35% 

035% 

9^5% 

035% 

6-50% 

935% 

7.95% 

6.23% 

9 - 25 % 

7.50% 

935% 

935% 

9.50% 

935% 

935% 

10 . 00 % 

9-25% 

- 9^5% 
8.50% 
935% 
-835% 

9^% 

9.25% 

938% 

935% 

935% 

9.45% 

9.5Q% 

9.25% 

7.95% 

9.30% 

935% 

. 930% 

935% 

9.50% 

7.95% 

935% 

735% 

9.75% 

935% 

7.95% 

10 . 00 % 


8.00% *30.00% 
8.10% 930% 

8.00% 935% 


•Term Shares 
9.00% yyrs^ 8.50% 2 yrs. . 

9.00% 3-4 yrs.; 8/50% 2 yrs^ 835% 1 yr. 
3.00% .8^4 jn%, 8.50% 2 yrs.. 835% 1 yr. 
9.00% 8 yrs., S-50% 2 yrs. 

7-90% 2J yrs., 7.45% 2 yrs. 

6.95%, 3 months’ notice 
9.00% -3 yrs,, 8.50% 2 yrs. 

8.50% 2 yrs.. 9.00% 3 yrs. 

— 4 7% over £5.000 

8. 75% minimum £500. 6 months’ notice 
9.00% 3 yrs.. 8.50% 2 yrs., £500-£15.000 
9.55% 3 years' 

935%' 3 yrs. increment share min. £500 
9.00% .3 yrs. min., 830% 3 mths.* notice 
935% 3 yrs.. 8.75% 2 yrs., 8.23% 1 yr. ’ 

. 8.50% -up to. 3 months notice 
9.00% 3yrs„ 8.5% 2yrs„ min. £500-15.000 
8.95% Ml.000 3 months’ notice 
9.00% -3 yrs., 830% 2 yrs. 

9-25%; -3-4 yrs., 9.00% 2 yrs. 

9.25% ,4 yrs.. 9.25% 3 yrs.. 9.00% 2 yrs. 
9.00% 8 months, minimum £2,000 
9.00 %'-3 -yrs, , 8.50% 2 yrs. 

7.55%!2 yrs. 

9.00% 3 yrs., 8.50% 2 yx*., min. £1,000 
9.00% 3 yrs., 8.50% 2 yrs. 

9.10%:> yrsL, 8.60% 2 yrs.. min. £1.000 
< .75% 3 yrs^ 7.70% 2 yrs., 7.45% 1 yr. 
8.85%. 2 yrs., minimum £2,000 
7.70% '8 yrs., 730% 2 yrs.. min. £250 

9.40% 8 mths., 8.75% 3 mths., min. £1,000 
9.00% '3-4 yrs n 8.50% 2 yrs., min. £500 
9.30% 3 yrs^ 9.00% 2 yrs. 

9.00% 3 yrs., 8.50% 2 yrs.. min. £200 
9.00% > yrs., 8.75% 2 yrs., min. £200 

7.70% S yrs., 7.45% i-yrly.. 6.95% 3 mths. 
9.00%: 3-4 yrs., 850% 2 yrs., min. £500 
7.95% ?yrs„ 7.70%3 jts.. 7.45%3mths.not. 
9 . 00 % 3 months notice 
9.00% 3-4 jts., 8.50% 2 yrs. 

7.70% $yrs., 730%2yrs., 6.95% 3mths.noL 
9.30% 3 yrs., 9.00% 2 yrs., 8.75% I yr. 
8.00%' 3 yrs., 8.50% 2 yrs. * Mai. £250 
9.15% -3 yrs., 8.85% 3 mths. not min. £500 
9-00% S yrs., 8.50% 2 yrs. 


■y Hates normaHy variaBto in line with changes in «>rdg«y share rates. 

-! Bates a^plicabre from December 1, I9?a. 

AU these rates are after basic-rate tax liability has been settled on behalf of the investor. 


Anglo American Corp. 

282 4 <29111) 

Anglo American Gold lotesL <R* 

BPrvoBrirHticht Gold Mng. (R0.25I 
IU.SJ.90 

Bracken Mines (R0.901 iUi.0.86: 

BaBelitonlrln Gold Mng. IRD SU.S.IO'r: 
DaMkraal Gold Mng. <R0.20) p90® 

(30/ HI 

East Drtcfontein Gold Mng. (R1) 
SU .5-6.45 P585 SU.S.8.-50J 

East Rand Con. (10 p> 17 i27,-ili 
East Rand Gold Uranium iRQ.50i 291 

El»ndsr»nd Gold Mng. <R0.20) 
5L).S.Z.flQ-.0> P1B6 <30|1 11 
Elteurg Gold Mng. IRK 700 SU.S.I.D3® 
Free Stata Geduld Mines iRO.50) 
5U.5.1 7 'j i29.'11i 

Gen Mining and finance Can. <R2> 19 
(27/1 1 ) 

Gold Fields al South Africa (R0.25> £11% 
■27/11) 

Grootvlel Prop. Mines <R0.25) E6 (27’11> 
Harmony Gold Mining (R0.£0» 271 

IUS3.90 *27)11 1 

HartebcesdontcHi Gold iRD 5US16<a <2811 ■ 
Johannesburg Consd. Invest |R2) 12'« 
<50>T 1 1 

Kinross Mines <R1) SUSS. SO <27,11) 
Xloo< Gold (Rli 5US6J5J S.3S 
Leslie Gold Mines (R0.65< pSB 3 (S0/11) 
Llbanon Gold (Rl< pS90 
Lora me Gold <R1) 57> (30/11 1 
Marlcvale Consd. IRONS' 3U51.22 <27/1 Ii 
New Central Witwaicrtrand Areas (RO.SO) 
IDS <30i11) 

P"V«-t Brand Gold (RO.SO) o74S 26 
(28/11) 

• • Steve Cold «*0.5<*' CUSB 20t 

Rand Mines Preps. 77® <30/11} 
-and/ir.isln kvLv. 1. Ms. >■>) SU539% 

(25)111 

Ruscenbura Plat. Hldgs. (R0 10) BSO 70 7 
■'30)11) 

SL Helena (R1) SUS9% (30/11) 

Sent rust Bepork iftO.1 0) IS8 120*1 1) 
touriivaal HldBS. (RO.SO) IDS 5.60 60: 
SUHoMeln fP.0.50) 2530 
Transvaal Con*. Land Expln. (R1) 10 

loam 

U.C. InvKs. (R1) 182 (79U11) 

Union Con. (R08l«) 260 42 (28/111 
Untie! Gold Mines npv 190 127:1 1 > 

V4«f Reefs Expln. Mining (RO.SO; l)28p 
(301 1) 

V-niersoost mi) Ito (29M1) 

XlaWantem (RO.90) 39% (ZWII) 

S UIIrom CR0.50) SUS3.15 C27.Mli 

est Drlrtoirtdh (R1) 1 B5o4> SUS27% 

West Rend Consd. fill) 86".- (Will 
Western Areas 0*1) 170 IS (30/11) 
Western Deeo Levels (R2) sack, <30, lit 
Western Hldgs. (RO.SO) US20H 
WJtwatersrand Nigel (RO.25) JUS0r«1 
(30. 11) 

Zendpen Geld MhMng mi) 192i^>« 

West African ( — ) 

Go/d Base Metal Mines (12*^) 10 (27/11) 

Diamond (4) 

Anglo-American Inv. Tret. (R0J0) 35 

127 11). 6pcPI. <R2> 43 
DeBeers Consd. Mines aOpcPf. (RSI a% 
127/11). Did. iRO.051 338 1US4.96 
PS36. DM. <Br.) IRO.05) 420 (30/11) 

OIL (135) 

Brltlsfi-Bomec Petroleum lIOp) rS8 
British Petroleum Co. 929® 4® 200 9® 

n®,. 1 . 9 ? c 2 4 5 f.. M , B 5 £ J®. * SO 2 46. 
a 2B: 8 54 18: 40- 6ocDb. 8B'a 
Buniiili Oil 74 s: 6- 7 'jikP(. 4»%. 8nc 
PI. S3 130111. 7i«pcLn. 63%. OUpcLiu 
5R1, 

CJiarterball (5 bi 25% 

77 ** 09,1 1 J - toelstDb. 

’89 U (2B.1 1) 

■ 25 1 ?) Pct^o,el, ' ,, Sendees <25 p) 88 
KCA Int. I25n) 33% 

London Scottish Marine (25p) 134 / 7 ®. 011 

9a c “ u Soi n 001 3eo ,J7,11> ' '** Klr '- 

Oil Exploration flop) 228® 3 <30111) 
Premier Cons. (5ui 15’’® <30,ili 
Royal Oirtcti Pec (F( 201 40% 1 - 

. I ra , n ^f2 n o -? ^ 2l»*ng (Reg.)' <2 So) 
SM:® 7B:® 82:® 90* 85 7 4 8 90 3 
l? 2 .JS‘ °rL-<*£-» IM»> 590. 

S%pc1«P(. 45®. 7*021/ dPI. oiO 
Tesaco iBtnt, Fin. Con. 4 %dcLh. 53® 
Trlcentrol (2Sp> 169 70 
U (S’Tl) aSPl 2=0! 8 7oe?1d 135 

PROPERTY (62) 

Alliance Prooert* Hid'*. 74 1 . r2®ni, 

A iled London <10o> 571) (29)11) 

Alinatt London f?5pi 225 
Amalgamated (5o) 11 <T30<1 1 1 
AquiS <5-.' 21'- <27 ’Ii 
Argvle 12pcDb. 80>a (3011/ 

Avenue Close T20o) 7 * 13 # 130/111 
BanV Commercial Hldgs. HOp) 3 U 
Beaumont (25 p) b®i, 

•y'lw-v M'tos. ;2Spi boo :3o,z ti 
Berkeley Hambro <2 Sp) 130 <27/11) 

Billon (Percvi (25ol 171 4 120/111 
BratJiord <25pj 255 (26/11) 

■CTitfU 'MXir * l! ,2BCU «- 

Brfuton Estate I25P) 115 (29/11) 

JSCWl'l) C 91.PCl7ni.uf. S, 69i 2,J * 3 '* 
Cjr-lngtcn Invjst. i5dp; 97 (27/11 > 
C Sr?L9 ,tL .?r® P k. 7 '*P«D«>. 62 <281111. 

tor5uh.Lt/. 520 (So')li 

Cemrovlndal Estates KlOo] BSr, /30m) 
gidrthbury GhncDb. 491; <29)11) 

T-tV 1%"S <250. 67 

Compco Hldgs. (20o» 120® >30/11) 

Country New Town (lOa) 31 
County District /JOpi 115® 13% C30.-11) 
Oae}«n Hldgs <25 p) 103® 

Dares Estates tocUns.Ln. 53 <27111) 
tngUsh Prcpertv Cpn. (SOp) 32. flispcCnv. 
Uns.Ln. 76 <2B/11). 12pcCny.Uns.Ln. BO 
Era ICS Agency Hldgs. (2So ) 91 39 
estates cren. I20pi 19';® 2a iM.fr< 
ptales Property Inv. i25p) 10 a 
Great PoTCIand Estates cSOo) 2229 
Green iR ) Props. <10p1 37 (29111) 
Grecncoat Pijpb. (5o) 9 128 / 11 ) 
Hammcrson Prop. Inv. Tst. A >25o) 604 
Haslemere Estates HOo) 247 129111 ) 
ttSi* 1 * Property. London iSOo) T90 (28111) 

, iSTi , r? p * ,n PrOB- hwb *‘ tioo> 39,1 
121 ,2W1, ‘- A 

Land Secs. Inv. Tst. <50p) 244® 2 39 
40 1 /30/1 1). 6pcDb. 55 *27/11). 9ec 
Do. 69'; (37/11). gijpcUns.Ln. 65>:« 
SO •’< 6*:. 5 xprCnv.Uns.Ln. 1B3<r® ’.O 

?S 6'aPCCnv.Uni.Ln. 1 55 (29/11). 

IOpcCnv.Uns.Ln. 153 4 (30/11) 

L 67h L (27lll 2 ) DP) 46 ' J 7l -'* Db - 

London Priwindal Shop Centra (Hldgs.) 
MOp) 132% 28 

London County Freehold Leasehold 6'<pc 
Db. 66 << (27/11) 

London Shop Prop. Tst. 5i,pcPT. 38 
■27111) 

Lvnton Hldgs. izon) IIS 127111) 

MEPC <25p) 144 5 6. BocUnS.Ln. 591x. 

SpcCnv.Uns.Ln. 107 >28/11) 

MaribDroogh Prep. Hldgs. <Sp) 23'^h % 3 
130/11) 

Marler Estates (25e) 14 (27/11) 
Metropolitan RKIway 6<;pclieOh. 62 
(25 11)' 

Mountvlew Est*. (to) 89'j UB/ 11 ) 

Muck low (A. J.l i2Sn< '21 
Norton (25p) 43% (30/11) 

Peachey Property <25o) b5b® . 

Proorrty Reversionary A <25p) 313 

<2601) 

Property Hldgs. t2to) 303# <20/11) 
Property Partnarshtoi <2 5 o' 180® (30/11) 
Property Security (SOpi 115 <3o/1i) 

Raolan Property (So) 4L 

Regional ProptrtleS A l25n) 69 (Sail) 
Rush Tompkins <25a) 95 3 1 28,1 It 
Samuel Properties I25g) 89'» (27 H) 
Scottish Mel. Prop. i20o) 118® (38/11) 
Second City Prooerlles HOP) .40® i3(W11». 
New OOP) 41 H* 2® 4011 <30111 
7pcLH. 99 <301111 

Slough Estates (*)5 d) 116. lOpcLn. 163 
00)11) 

Slack Conversion 05 P) 178 <30.11). 5'rPC 
Ln. 268 70 (SR 11) 

Sun ley (Bernard) <25 O' 2500 
Town City ■ 10p) 13%® % 15 
Traord Park Estates i2Sai 118 
United Kingdom Prop, (250/ 23W® 

<3011 1* „ 

Westminster Country Prop. (Zto) 27 
(29/1 1> 

RUBBER (17) 

Aberfeyle Plants. <8pi 7% (28)11) 

Angle- Indonesian Cpns. (25p) 90(0 1 
(30/11 1 

Bertam Consd. Rbr. HOp) 1027® (3WU' 

■radwall [F.M3.) Rbr. <T0p< 56 7% 

(20 /111 

Chersonese (P.M.5.) (10p1 47 (29/111 
Consd. Plants, (loot 3B%®. Wrrnts. 73 
(301111 

Dunlop Plants. 6ocPf. 421 
Guthrie Cpn. 327® 


— - Mu. 331 128 11» 

McLeod Russel 220. 4.2pePI. 39 <2711 H. 
5.9p«pf. 52 >27 11). 7P!Uni.Ln. 53: 

Slngio Hldgs. <10p) 25% <28 111 
Warren Plants. Hldgs. iZSpi ill 16 

wiiMxlnaon Tea Hldgs. 15S 128111) 

TRAMWAYS (—) 

Anglo-Argentine Trams <5pi 12 |2B.'11). 

JWJrdDb. 80 <27 Hi 
Barton Transport i25pi 20C <30 11) 

WATERWORKS (9) 

Bristol Waterworks 7orDu. 96 (27 11) 
Coins Valley 5 ‘^-P! 54'i <!7I1) 

East Surrey 7>tDcDb. 59 CBlin 
East WOrcesiersfaire 4.2ocPf. 65® 

Esses wir. IOpcDU. 76 <23171 1 
Folkestone OHtrict d-SSocPl. BB (ZBMi). 
torfib. 65 

Lao Valiev 4.55ocPf. 76<;®. 7pcDU. 95 
i2fl/11'. 7'iPCDo, 58% 

Mid Kent Water Co EacPI. 102 <3011) 
Mid Southern Water Co. 3a 
Mid Susses Waier Co. 3-SocPI, 57 CB/ID- 
5i : prDh- S3. 

Newcastle and Gateshead Water Co. 

4.9pcOrd. 40 127; II 1 . PocPr. “7 <30.111 
S. Stu« ord shire SecOb. 32 <27'flS 
Fufidrriand S Shields 7orDb 65', (2711 > 
West Hampshire 4 SSpcPt 70%® 

SPECIAL LIST 

Business done In securities quoted 
In the Monthly Supplement 

. DECEMBER 1 (Nil) 
NOVEMBER 30 (Nil) 
NOVEMBER 29 (Nil) 
NOVEMBER 28 (Nil) 
NOVEMBER 27 (Nil) 

RULE 163 (1) (e) 
Bargains marked In securities 
which are quoted or listed on an 
overseas Slock Exchange. 

DECEMBER l 

Allied Ctzenz. £21 % % 

Argo Inv. New 44 ® 

Asscd. Manganese £I3>,® 

Bridge Dil 94* 

Eastman Kodak USS 57 1-0 £38 VO 
Jardlne Mathescn 168® 9 
North West Mng. 29 
Shun Tak 23';* 

Stfrt Cc. Canada A £15%:® 

Swire Pac. A 10J/ : o 7 6 
Western Bancorp ust Z3V:o 
Westfield Minerals 346® 

WWfli Creek 95* 


NOVEMBER 30 

Afrikander Leases 1750 

American Teleen Teleg. USS 6070 540 

Argo Inv. 44. New 46 

Australian Oil Gas 550 

Blue Metal Inas. 72 s 

Bougainville Conor r uss 1.58% 

Carter Gen- Cpn. 710 
Cleveland Electric L 121.0 
Dresser Inds- £261;:* Vt® 

E««or> Can. £52 t 
Gould Inc. fcig *:o 
Inland Steel £23>a® 
jareine Matheson 170 
Lend Lease 20a 

Maritime Telegraph and Teles*. £13 it® 
Moore Cpn. £19* 

Nlcnolj* rnti/l. 740 
NDianda Mines £20 U 
0.1 Search 60 7 4, 

Power Cdp. Canada A £12'1ia 
Raytheon £32s,7® 

? wlre Pac. A 102‘iC 3 
.mor Oil 6 
Waltons 550 
West Held Mins. 350 
Whim Creek E5* 7* 920 5® 5 
Vulcan Cons. 130 

NOVEMBER 29 
Anglo Utd. 208 
Argo inv. New 460 
ABildti Mng. 67 
Australian Cone. Mm*. ID 
AusiraHan FotmdJtlon 73 
BH South 16S 
Bridge OIL 91 

Cent. Pac. Minerals 350. New CD 
Dominion Bridge USS7?|7® 

Dresser Inds. USS 36-V® 

E. Coast Minerals 2® 

Cards Can. £3470 
Genoa Oil 16 a 
Hang Kong Land 114® 

Hut:hlton Whampoa 59 
Imp. Oil USS 19770 
Jardlne Maffteicn I69!j 70 
Lennar d Oil 19® 

Mccnet Metal 24® 

Metramar Ti® 

Minnesota lAfie Mtg. USS 6270 

aakbrider 115 

Pp:. Cas Elec. £13% 

Par.continental £7H 8 
Pefco Walls* »d 4t« 12 
Power Con. Canada CUM A list T7KJ® 

Sw re Pac. A 103 
Thless Hldgs. 174 
WestAeld Minerals 365® 70 5 
Western Queen iso 

ERRATA 

Yukon Cons- should not nave been marked 
98 'Za'lll 

NOVEMBER 28 

A cm I! 49 
Ampo* Pets. 577® 

Apr* Mines 725* 

Argo ln«. New 46 

Art/ion Mnir. 65 

Australian Asiatic 20 

BP Canada £1 1 >,»0 11 

Bradley Bros. IB 

Carling O'Kcete US5 3.60 

Cent. Pac. Mins. 375 

Corzine R«< T nto 238 

Dome Pets. £47 '.o 

Dresser Inds. £26'<o 

Hong Konj Land : 1-5‘i® IS 13 

Hudson's Ba, Oil Gas USt 40H 

iror-jois Brands US* 29S 

Jarchne Mitheson 169® 8 9 71 S9'i * 

Johns Manville £7 1 >t® 

Karstadt £ 110 ':© 

Magnet Mrfai 22 
Mafava Tobatro IDS 

Mannesmann Uii 
Onshore Oil 7»; 

Pernod £45 '• 

Price US* IB 1 :)® 

Protect Mng. SU 
r-ubber Tst. Ss 
Scepfre Resourci 
5el:ast 23-', 

Sid. Oil Indiana £37® 

Swire Pac. A 102:. 2 
Tesmmex 7S 

Utd. Technologies USS 38>i 
Vultan Minerals 10 
WeSffCld Mins. 3459 55® 75 
Wheclo:* Mlrdtn A 3E® 

Wrrldwde Grcwth Fund USS 14 'a 
Yukon Cons. 9e 

NOATMUER 27 

Anglo United 204 
Abbwara Tin 96 :« 

B.P. Canada SU51S: : : 

Camflo Mines su511'a® 

Campbell Redlake *US29'd6 
Conzfnc RID Tints 2440 
Eurounion £36), 

Hong Kong Land 117 
Hutchinson Whampoa 62 


CO 445* 


80 


Jardlne MaHtaeoa 177 6 4 2 
Johnson Johrson U4LO 
Kullm Malaysia 44 
Leonard Oil 16* 

Nrwmount Mining £14 ^uO 
Oil Spare# 7L® 

Otter Ea. 24® 

Pancontancntal £8'« 

Swire Paclhc A 99<>e 9® 102 
TrlContlnenal SU517 u.s 
Westfield Minerals 3180 240 80 60 72 
S B 80 90 
Woodside Pats. 52 

RULE 163 (2) (a) 
Applications granted for specific 
bargains in securities not listed 
on any Stock Exchange. 

DECEMBER 1 

Bolusasgate Offshore Services 100 96 >2 
Camoridce Instrument 3<i 3 2 "it '* i* 
Cambridge instrument nop) 3-'a 
Ceu*r mprs. 24 

Channel Hotels ana Props 25)» 5 2 
Chesterfield Brewery 4pcDb. £96 
Llvde Pet. 92 
Dd/Cnr I Hit) a.) 18 
GRA Prpp. Tst. 11-1* 

Galatia Ceylon Tea Est*. z 
Gibbs Mew A 565 
HWhe Brewery 2 BO 
Jacks (William) SpcPf. 28 
jenningt Bras. 81 
KoHbCk Hiftas. 44 

K el lock Hldgs. Cnv.Ln, {2nd Mrs) 44 
Kuniek H<dn. 18 1 : 

Merrr down Wine 35 

Mining Inv. Cpn. 61 $0 61U El J* 

NM4I Computers 170 
Nationwide aeisure 9 8 
North Sea Assets 725 
Norton Vllliers Triumph 4 2-h 
Nuthalls /Caters) 7pePI. 39 B 
Otonam £*ts. 140 

Queen SL Warehouse (Hldgs.) 4 5*i 
Southern News- N e*» 112 10 
Southern News. 112 110 


Weetabl* A 62 

N0\TEMBER 30 

All England Lawn Tennis Ground £5606*. 
£2900 

Aran Energy 65 
Caledonian Offshore 12 
Caledonian Offshore I-BOd ph.) h 
Cambridge Instrument tip) 31* 3 2i 1< h 

Cambridge Instrument (lOp) 4 34 
Car rtg Diamonds S 
□art Valiev Light Rlv. 40 
Dollar Land Hldgs. 51 
Eldr/dee Pope A 210 
GRA Prop. Tst. 12>, 12 
Guernsey Gas Light 3B0 - 
Guernsey G« L«ht New 380 
Jennlncs Bros. 64 

j ersev Canning 4wcPf. 27 
ersey Gas SocAPt. 33 
jersey New Waterworks 3J,PC3rdPf. 1<14 
Jersey New Waterworks 9>iPcDt>- £66 
Kctmalie VaUev tots. Ceylon SpcPf. 26 
Kunlck Hides. 1 9h 19 1 8h 1« 

MerrvdDwn Wine 34 1 

Mining Inv. Cpn. 62 60 

Nationwide Leisure B 

North 5e« Assets 675 

Norton V<|)lers Triumph 3 it ’< 3 2>t 

Odharn Brewery 75 

Seymours 4oePI. 35 

Southern Newsoapera New 110 

Tofc-vo Tst. S.A. £25"» 

Trident TV 4S 44 «/« 

Twlniork 23 

Utd. Friendly Insurance B 72ii 2 
alklng Oil lOO 

NO^ r EMBER 29 

All England Lawn Tennis Ground £50Dt>i. 
19B1-H5 £3.700 

All England Lawn Tennis Ground 1976-BO 
£2000 700 
Aran Energy 59 
Arsenal FC £160 
Aston Villa FC £12 
Batlerthy (Hldgs. i 7pcPf. 9 7 
Caledonian Offshore 17 
Caledonian Offshoro (80p Pd.) 1; 

Cambridge Instrument <1p) 3 2\ U h 

Cambridge Instrument O Do) 3>a *« 

Cedar Hldgs. 24 
Clyde Petroleum 94 
Deltennc (Hldgs.) 16 
Dollar Land Hldg*. 52 
Exchem Hldgs. 75 
<7KA Prop. Tst. Ill, 'l 
Gunn tA.) i Hldgs.) 31 
Idak Convalescent Centers Inc. USS 0.10'jH 
0.10 


Jennings Bros. EfeaePt. 42 30 

Jersey Canning 4 dcP1. 20 

Jersey Gai SpcAPl. 28 

Jersey New Waterworks 31taC3rdPf- 113 

Jersey New waterworks 9>:ixDh. £80 

Kathleen Invs. i Australia) JB5 70 

Kcllotk Hldgs. 44 

Kellock Hides. Cnv.Ln. (1st sers.J 43 

Kon::k Hldgs. 19 1 0>j 17'; 

Merry down Wine 33 

Minins inv. cpn. 61 60 =; 60 

Nationwide Leisure 9 

Norton VIJHcrS Triumph 1 Jl] I 

Oldham Brewery 77 

Oldham ESM. 142 

Queen St. Warehouse fHWg*.) 3 

St. Austell Brewery 417 

SL Pancras Housinc 5»C. Cnv.Ln. £10 

5eymourS 4 dcP 1 30 
Utd. Friendly insurance 8 73 
Whlttev Bar EnigrUlmeirts 109 8 
Winchester London Tsi. 3>; 

NOVEMBER 28 

All England Lawn Tennis Ground £50Db. 

£3530 _ 

Arsenal FC £152 
Batteisbr (HldgS ) 7peW. 9 
Bishoosgare Offshore Services 100 96 b 
Bucks Water Bd. toe £26 
Cambridge Instrument ■ 1») 2U H >j % 
Cambridge Instrument (10a) 3 H >i J s L 3 

cfikmaee 22'-: 

Clyde Petroleum 90 
Darling Fund 125 
Fldriclge Pooe 

c^don Tst. 'i'l pcLn. 12 It's >, b 

Kellock HW9L Cnv.Ln. <1si sers.l 44 
Kunlck HkWt. 1B»: 1* 17’s 
Mnc. Inv. Cun. St 60 * 

NMW Computers 172 

Nationwide Leisure 9 8 

Norton V'lHerc Triumph 2i, 2 1«: 1 

nldf*m Etll 137 ,, , 

Qi»tw X. Warehouse (Hldps ' 3»i» 3 2)a 

Southern NewsoatWrs N** 10 7 

Tokyo Tst. S-A. £26'! 

Twiploek 22 '1 

NO' f EMBER 27 

Dcte - 

fflr'vKrS.Vjtttffi MB _ 

Battershv <Hldgs.l “pcCum.Non-Part.Pt. t 
B lyth Greene Jourdai" 11 . 2 ocCnvCdm.PI. 
1 BO 

Brentford Football and Sports Club 1M 
Burrough tj I 124 , 

Cambr/doe Instrument *1b) 25 8 'i -V. 
OOP) J’r 25 8 
Channel Hotel* Pr*OS. 26 
Church Army Housing Soe. 2'^cLn. £T3bC 
Clahmace 23 
Clyde Petroleum 90 66 
EWrloge Pone A 214 
G.R.A. Property Trust 11 ij 
Kellock Hldgs. 43 
Kunlck Hldgs. 17/: __ 

Mam Pelroleum 15'; 15 
Mining Invest. Corp. 62 1 60 59 s ia 
Nationwide Leisure 8 
Norton Vllliers Triumph 1 

Oldham Estates 137 5 
PM PA litt- 37 SB 
Southern Newspapers New ill 108 
St. Austell Brewery SpclstCum.Pf. 33*1 
Weetablx A 62 

RULE 163 <3> 

Bargains marked for approved 
companies engaged solely in 
mineral exploration. 

NOVEMBER 30 

Gas and Oil Acreage 112 
Siebens iVK) 264 60 

NOVEMBER 29 

Cluff OHACnv.1nc.Wmti. 3B7'i 

NOVEMBER 28 

Clu 011 £4 

Siebens (UK> 2G0 45 4 

NOVEMBER 27 

Siebens iUki 252 

NOVEMBER 24 
Cfirtf Ofl C3U 

Gas and Oil Acreage 102 97 
Siebens HJ.K.l 250 47 1 : 6 

(Bu pertruanon 0 / the Stock Exchange 
CmucUi 



UK MONEY MARKET 


EXCHANGES AND GOLD 


Bank of England Minimum 
Lending Rate 12$ per cent 
(since November 9, 1978) 


houses found money as low as 


2>> 


__ _ Conditions ahead of the week- trade weighted average depr?cia- 

7 per” cent in the latter part of end were generally subdued in tion narrowed to 7.7 per cent 

the day. yesterday’s foreign exchanges against 8.1 per cent. Yesterday’s 

The market was helped by a market, with most activity level was its best since July 18 
The Treasury bill rate rose at fairly large excess of Government surrounding the d otter /yen rate, tijis year. On Bank of England 
yesterday’s tender by 0.0035 per disbursements (including Social The dollar opened firmer against figures its index rose to 85.7 
cent to 1L5660 per cent, little.^cunty payments) over revenue most curencies. and although from 853. 

changed from the previous week, transfers to the Exchequer, and finish im: above Thursday’s levels. c tpr |in^ traded ouietlv for most 

The minimum accepted bid was ba nks brought forward balances it closed at around its worst Jcvtd v and /rfter o d« 5 neat 

unchanged at £97.11 and b.d s at way above target. On the for toe day. SijHToJl ^ W80 eaW^to aTol tor 

that level were met as to about ot her hand, there was a fairly Following on intervention in y.1 jay oif $19340. However, with 

15 per cent, compared with 39 large increase in the note circula- Tokyo by the Bank of Japen in dollar declining in toe after- 

Pf r ce °^ £ ?°^ 7 b il ls on 2 ffe n tJon and the part “n'rinding of a support of the yen. the Japanese n00r T th/rate improved to *1.9380- 

«S5Skt touched yids.to in S ii-wts- 

wJLi, Shi riwI/S eligible bills to finance. This was London »t one point, before <dos- 51 . 9380 . a fall of 65 points from 

week a further £300m wiH be on In addition to a very small net j n g at Y201.P0, weH down from Thursday's close Sterlings 
n?«* a £2S£ ,,C 3 SmUlhI mmt U P of Treasul7 hais Thursday's <W of Y199 25. XhS^ster S «u rStod 

of maturities. In- the interbank market, over- Against other currencies the in trade weighted index, which 

In the money market day to day n»*ht loans opened [ at 11J-12 per dollar showed a less marked teH t0 62.6 from 62.7, 
credit was jn good supply, cent and eased to 11-11* per cent improvement at DM 1.9337 A from r .. ___ «» rilow 

although official intervention was where rates stayed for most of DM1.9280 in terms of the D-mark S1 G ^ 0 ^. e d 
again absent. After paying the morning. The easy conditions and SwFr 1.7375 from 1.7345 5-f 1 . S loSid Sr S 

around 11* per cent for secured pushed the rate down even further against the Swiss franc. W1th arountl a *- spreaa Ior 

call Joans at the start, discount Rates in the table below are Using Morgan Guaranty rates 

nominal in some cases. at noon in New York, toe dollar’s 


whole day. 


THE POUND SPOT 


GOLD 


Dec. 1 


T&nil 

rut* 

% 


91 , 


U.S. S 
Canadian 5 
Guilder 
ttelppan T 
Dani>.h X 
D-llark 
Port. Bee. 

Span. Pe«. 

Lira 
Sn/pi.'K. J 7 
Prencb Tr. 1 9 t» 
Swidl'h Kr. 61*' 
Yen • 6)2 

Aurtriadch.l 41* 
Bain Fr. J 1 


r%v» 

Spread 


« s < ; 
61* 
a 
i 
s 
16 
8 

18U 


UIS48. IJM 
2JS36-2.268B 
4.06(4.09 
69 .0689 AS 
1fl.SS-10.4B 
3.74-8.78 
90.85-9 1. SO 
18l.9B.129.t6 
1.649 -1.6H 
9.B6-1D.00r 
9.894.822 
8.62-6-646 
987-697 
27.40-27 AS 
S. 266-9-90 4 


Clow 


OTHER MARKETS 


1.9376-1.8966 

2.2650-2.2869 

4.07J-4.09* 

61.50-59.48 


Dee 1 


Ar^trUlHH He 

„ A.wcrilla Lteiuir ... 

10.43-’. 10.44] .pmi.n.l 

9.746-3 764 L<r*r>i Ln/»» l*n 

90.85-91.25 rireei; Dm hm< .... 
138.95-159.06 H.^ s K.tng U..u-*i . 

1.6524- 1.8594 i ran Kia 

9.991-10.006 it„ w . , U tinnKI* . 
8514-8.624 LiiKt-mt<Hire Fne 

8.63-8.64 }*, t,u iin i,i 

581-593 NrvZ<* and l*mi«i 

27.46-27.50 baud A rains K n . 

9-964-9.374 ^.nc"i ./re Dn/'ai... 

Bnailh AH'cmn Kan- 



2 


£ 

Note Kates 

l.r 56 J.t 60 
1.7105 t.^BOS 




0.(8424)..- 53 
4.v 66 -4.068 
lb. ,5- a-. .1.6 
3t>.6 )-.'7.U*- 


60-6 1 lg 
10.30-10.50 


>. .4j.3s.4-' 
71 170-71.021 






1640-1700 

Wfc.3 7. i4t>.o7 
J.i337 J. ?40 
=9 3 L.B4 
4.27H0--, 2985 
l.bcEO l.fct 80 

75 

J.2<54 j.y 35 
iu.60 dv .63 

Japnn 

Verherlamla 

580-490 

4.UD-4.10 

f'prtuga — 

Stnln v 

90-100 

J.9-7B 0.9615 
6-3. r 8 

2 211 '.2.2140 
L).btB8-0.i 679 

1S91* 1431* 
3.34-5.44- 

4.7* 5 - 29 * 

l.t 790 1.6890 

Untied State* 

Yugtsavla 

1.9425-1.9525 

41-43 



Dee. 1 l Nov. 30 

Cfnld HuIIi.td ib fine 

i 


ST4 If 41 ISTfS-1936 

tipenmc 

»1 3} It 46 l6U9Mt4 


BelKian rale la lor conuenttle francs. 
Firaocrai Inoc 88.5M0.88. 

LONDON MONEY RATES 


Rate mven for Argentina is free rate. 


1(1100.186) ii!99.374i 

Alieraoon fi*ins £1:4 86 iSlrB 40 

l(Cl(i0.6SB) | ‘ £99.460) 

Gold Coin* ' 

domeetiieliy i 

Knvirnsud. I«DM28*J ,?2076-2B9 a 

;<l 106 -,7 .):a:106S-i073i 

New .Sijveroijrrw |z*B9 • Ell i?59#-t:1j 

liiMJStn 

Old Soverwena 'sM, BO* 

I(£o 0 -fli) 

Gold Coins | 

lnianwrumally 
Km^erraj).) [ 


I £6UJ-DI*| 

l8584-80( 

|r£30-31i 

I 
I 


New Sown>/pi» 

Old Sovereigns....... 


Dec 1 

irrmu 
. rMlfkVl- 
i rle-i i»l> 

intert«n» 

IffOf 

A hi h* ■ iV \ 
<•^1 i®»i« 

J >o». Auti*. 

•Iklfljl mil. 

/iihfitfi 

Fhff|r -II 


111 .1 4 •< 

iM»Mr 
<<|J ImJ* 

ofil .•■<>. - 
Bank 
<ftii Isa* 

-i.b-i ral » 

i<iii«p 



3-12 


_ 

_ 

1118-12 

7 113* 

- 

- 

- 

.lays mine*-.. 
tsv« ill 

■hr- ui.iicv .. 


n* js 
11« 1 ft 

1. la- '. 1, 

1 >8 ‘-ft 

•*« il« 

I J»4- J ,7g 

1)7 8 

J 178-1.4 

1.1* 3 

J23f-)2* . 
i2b»->24 

1134-12 

i-tg 

1J!b 117b 

117 b 


18 ft- 12 i 8 

1214 

w, nwiiiii'... 
hm ni..i | ll*>'. 
is ini.nl ii- ... . 

• ini mi.iKn . 

• Ill; %■»> — ... 

»■»< i ruj > — .. 

12,*- 12* 

<• ir 

1IH HA 

i*‘e 

in* 

1 

12 >8 J- It j 

.t. ia 

m* t*e 
• Jig <2- 
113« 12U 

nm2i< 

)t6-121» , 

lZ ^l2ft 
» ft- 13ft 1 
12ft 1248 

l*5e 

1)7* 

1 1*4 

n* ii* 

n«t 

*12* 

1)34 111b 

125« 

121g 

13 


S<j) Knj iifj, „„ 

8<U 2£ap.6%H 

bl Lhk'V' ’57 10.8 


3200-202 [S19S4-2014 

It 1056- 04{):‘£lL26-iL6ii 

.-62 54 iSb2-o4 

(- 28 . 27 ?) H 4 S 6 f 27 ?) 
;B i 68 ( 1SE*-'.U 

/J£29?-t0?i 

S2B-J.1 IS.iBJtl 
5.68 1/5 16150-16 

557- H 26 


CURRENCY MOVEMENTS 

~ Bank of Morgan 

December 1 England Guanuity 

Index changes Si 


SterUna 

U.S. dollar 

Canadian dollar 

Austrian schilling ... 
Belgian franc 


Local aulborlif airf finance booses seven days’ notice, others seven dan' teed. •Longer-ierm local authority moruajje Danish krone 

rates nominally three rears 126-121 per cent: four years 12* per cent: Hr* rears 121-121 per cent. ©Bank bill rales In table Deutsche Mark 

are buy:ng rates for prune paper. BusIbr rate lor lour-momb hank bills ili-lll per cent: tour-month trade bills 121 Per cent. Swiss franc 

Approximate Belling rates for one-month Treasury hills 11 5|o per cent: and two-month 111332 Per cent: thrce-mODIb p^ch franc 

11777 * per cent. Approximate sclUne rate lor one month bank bills llSMj-12 per cent: neo-month llSljj-ip pet cent: and three- * . 

month 112*12 oer cent: one tnomh trade biUs 15» per ccot: two months 126 per cent: and also three-month 1-1 per cent. 

Clearing 


Lira 

Yen 


62JM -4U 
85.71 - 7.7 

81.85 — 1 A* 

144.14 +18A 

1UJ3 +14J 
Ub-30 + 5A . 

14TA0 +«L6 

191 -SB 4-BL4 

122A5 +193 

97.78 - 6.7 

S4A7 -48.4 
144.77 +<0.0 


Finance Hang® Base Rates .published by the Finance House Association) tl» Par cent from December 1. 1978. 
Bank Deposit Rates for small sums at seven days' nonce . 10 per cent. Clearing Bank B» Rates for lending I.) 
Treasury Bills: Average tender rates of discount. 11.5660 per cent. 


Based on trade weighted chin ares from 
per cent Washington agreement December, 1971 
(Bank of England Index- 100;. 


EURO-COflRENCY INTEREST RATES 


Dec. 1 

St«rHng 

li.S. Dollar 

Canadian 

1 oilier 

Dutch Guilder 

Swiss Franc 

West German 
Mark 

French Fr»ne 

Italian Lire 

Allan S 

M- 

Japanese Ten - T.r 

(Short term 

7 i(iv"/» nodee 

Month 

Three tnnnths... 
Six mnnrba. .. .. 
One year 

u- 
.' o.s. 

133(1414 
14- I4ie 
1378-1414 

958-978 

93,-lu 

llt-lW 
me U‘8 

1158-1178 

1 l‘j-1 1 3 4 

8 la-9 1* 
8t*-9ir 

lOftlW 

luft-lOft 
10 ft- JOrt 
lOJfl- to>* 

• 7» 9 > 8 

87® 9 1 h 

5-34 20 

914-1) 

ai,.«s 4 

834-9 

»B-U 
lB U 
ft-ft 

14-38 

3e3« 

1 SB-1 ia 

3ft-3ft 

3ft-3.u 

S/i-Sfir 

*Tf— Hit 

1 1®* re 

654-7 

7 lg-7 5 b 
B fc'4 
87g.gt§ 
93e-»3B 
lOSg-Uig 

10 14 
11-14 
15-16 

15 ;-.6'2 

Iblj-lilj 

17 18 

f<7»-10 

1)68-1)34 

llft-3*ft 

llfi[-tti^ 

-t8--17 8 *vr; 

— ss- — aie 
irfrift 2*: 

17S-21. Si 

2 , a--'7a </-r 

2ia 3U *<• 

__ — _ <i' 


The following nom.ua. rates were quoted for London dollar certifies its of deposit: ooe month’ 1D.85-10.95 per cent: three months per cent: six months 

J15 Long^«rm Bnodoriar’deomite^^ira P years IDJ-ll per cem: three years IBBH'ID' 1 " pe< fow 7e*r* I83j*-W5i£ PW cent, flt-e years ffti-102 per cent: 
closing rates. Short-term rates are call for Rerlrog. U S. dollars and Canadian dollars: two-day can for. guilder* and Swi« rranrs. Asian rates are dosing ntei 
in Singapore. 

n.a =noi available. , 


UJ£. CONVERTIBLE STOCKS 1/12/78 


Sauties provided by 
data STREAM International 


EAUwnw 

2Ma.J 

Pound Sterling 

If-ai- Dollar 


Japanese )« 

Kronen Frue 





Pwai£t«rtiag ~ 

t. 

0.516 

mm 

5.730 

1.966 

C92.0 

203 3 

a. 618 

’ 4.447 

5.370 ; - 4.U78 
1.759 ■ 4.104 

1653 

862.9 

X.k66 

1.169 

09.35 

30.62 

Ueutsriie mars 

0.267 

2.651 


1. 

9.566 

It, 4. 5 
10U0. 

.. 1U9B 
81.98 

0.899 l.0c7 

8.597 j 10-40 

440.8 

1217 

0.6C4 

5.779 

10.83 

151 4 

FreaA Frene 10 

LI60- ■ 
0:297 

sUS 

• 4.352 
■f.115 - 

454 9 
116.5 

■ 10. 
2.667 

4,011 j 4.732 

1. 1 ' 1.210 

J918 

190 8 

2.629 

0.672 

08.67 

17.61 

tbrtdrealider 

- 0.246. 

. 0.605 

. 0-478 _ 

• 1.178 : 

' 0.920 

■ 2.269 

. 96-14 

. 837.1 

js.113 

.5.213 

0.825 I 1 

8.039 | 2.467 

■ — — i — r-rr — : 

405 1 

■ luuo. 

0.563 

1.371 

14.G6 

3o.90 

CgBadlair 06 Ifgr- ~ 

-S^n-Rnu lOO 

0.441 

1.685 

.. - 0.365 
3:265 

2-650 

6,318 

173.0 

660.6 

3.804 

14.52 

- 1.488 1 1.880 
6.678 f 6.870 

729.6 

278S 

5.617 

96.80 

100. 


Name and description 

Size 

(£ra.) 

Current 

price 

Terms* 

Con* 

version 

dates 

Flat . 
yield 

Red. 

yield 

Premium! 

Income 

Cheap(+) 
Dear(— )$ 

Current 

Range! 

Equ.S 

Conv.ff 

Difftf 

Current 

Associated Paper 9 1 pc Cv. 85-90 

1.40 

102.00 

200.0 

76-79 

9.2 

8.9 

- 1.0 

- 7 to 



5.2 

0.0 

- 5.1 

- 4.1 

Bank of Ireland lOpc Cv. 91-96 


1.20 

185.00 

47.6 

77-79 

5.5 

2.2 

- 3.8 

- 8 to 



6.7 4.8 

- 1.0 

+ 2.9 

British Land 12pc Cv. 2002 


7.71 

160.00 

333.3 

80-97 

7.5 

6.9 

21.5 

4 10 

26 

0.0 

91.2 

691 

+ 47.7 

English Property 6jpc Cv. 98-03 


S.07 

75.00 

234.0 

76-79 

8.7 

9.1 

- 4.3 

-11 10 

-1 


3.5 0.0 

- 4.5 

- 01 

English Property 12pc Cv. 00-05 

15J1 

80.00 

150.0 

76-84 

15.2 

15.3 

59.2 

40 to 

66 

26.0 45.0 

37.8 

-21.4 

Hanson Trust 6fpc Cv. 88-93 


4.51 

76.00 

57.1 

76-80 

8.7 

9.7 

1.5 

- l to 

8 

S. 5 6.1 

- 3.2 

- 4.7 

Hewden-Stuart 7pc Cv. 1995 


0.04 

3SO.OO 

564.3 

75-79 

1.9 


2.0 

-15 to 

2 

9.5 3.4 

- 1.6 

- 3.0 

Slough Estates lOpc Cv. 87-90 


5.50 

165-00 

125.0 

Bill 

6.0 

1.7 

12.S 

5 to 

15 

32.8 46.5 

0-4 

- 3.4 

Thorn Electric 5pc Cv. 90-04 

10.93 

101.00 

29.1 

75-79 

5.0 

5.1 

- 1.4 

- 3 to 



5.0 45 

- 0.3 

+ 1.1 

Tozer, Kemsley 8pc Cv. 19S1 




153.9 

74-79 

8.9 

12.0 

11.6 

1 to 

21 

7.] 

3.B 

“ 4.0 

-15.6 

Ultramar "pc net R-CcPfd. 

14.07 

155 

0.5 

76-88 

0.7 


13.5 

9 to 

19 

no 5.9 


- 8.6 

Wilkinson Match lOpc Cv. 83-98 

11.10 

E22I 


76-83 

11.4 

11.6 

22.9 

23 to 

38 

29.5 34.0 

6.3 

-16.5 


- v timber of ordinary shares into which QDO nominal of convertible stock is conve rtJble. 1 The extra coat of investment in convertible expressed as per cent of the 
cost of the equliy In the convertible stork. 1 Three-month range. 9 Income on number of ordinary shares into which ilM nominal of convertible stock Is convertible. 
This income, expressed In pence. Is summed from present- ttme until income on ordinary shares Is greater than income on £100 nominal of convertible or the final 
conversion <Ut( whichever is earlier. Income is assumed to stow at id per cent per annum and is present valued al 12 per cem per annum. 1 1ncome on fiw of 
cwverilble income Is summed until conversion and present valned at 12 per cent per annum. (J This is income of the conve ruble less income or ihe underlying equity 
expressed as per com of the value of the underlying equity. O The difference between the premium iad income difference expressed as per cent of the value of 
BHdertrmx «WfcT. efeu tone ahem of rwtatfoe cheapneas. - Is an ind/carion of retetfve dearness. 










































Financial Times Saturday 



STOCK EXCHANGE REPORT 



Week ends firmly on revived small investment demand 

'Vl.diarp inrlpY rpoains 4.8 at 486 . 3 — Gilts GllictlV film 


Account Dealing Dates 
Option 

•First Declare- Last Account 
Dealings tions Dealings Day 
Nov. 13 Nov. 23 Nov. 24 Dec. 5 
Nov. 27 Dec. 7 Dec. 8 Dee. 19 
Dec.ll Dec. 28 Dec. 29 Jan. 9 

* " Mew time " Sealless mas take place 
Tram 9J0 am two tadnas days earlier. 

Stock Exchange partners and 
members turned out in force yes- 
terday to greet Her Majesty the 
Queen and the Duke of Edinburgh 
on a rare visit to the trading 
floor. Business was halted for 
about 15 minutes while the Queen 
and the Duke chatted to several 
members, and it failed to regain 
momentum afterwards. The result 
was that the volume of trade, as 
measured by official markings of 
3.21S, was the smallest for a long 
time apart from holiday periods. 

Prior to the Royal visit, equities 
had rallied from the previous 
day's dullness. Encouraged by the 
overnight recovery on Wall 
Street, a revived small invest- 
ment demand which included one 
or two larger orders found the 
market still low on supplies of 
good-class shares and the Im- 
proved price level owed much to 
technical influences. 

Secondary issues were largel 
neglected apart from situation 
stocks and those in receipt of bid 
approaches. In the latter cate- 
gory, Averys jumped 64 to 238p. 
after 242p. on the sorprise more 
which could lead to GEC making 
an offer, while Wilmot Breeden 
responded to the exploratory tailks 
with the U.S.-based Rockwell with 
a gain of 13 to *»p. 

Illustrating the performance of 
leading equities, the F.T. Indus- 
trial Ordinary share index was 1.1 
better ta 10 am and 5.3 higher at 
the 1 pm calculation before a cktse 
of 4.8 up on balance at 486.3: 
this represents a gain of 6.4 on 
th week and one of 13.5 over the 
past fortnight. 

Gilt-edged securities showed a 
broad list of gains. Business here 
was also at a reduced level, but 
produced improvements extend- 
ing to J among the high-coupon 
longs and of ^ generally in the 
shorter maturities. Continuing 
interest was shown in the two 
Variable coupon stocks, while the 
two shorts quoted in clean form 
also attracted support. Treasury 
8* per cent 1R82. at 88:. and 
Exchequer 8J per cent 19S3, at 
SSi'i. rising ft apiece. 

Nat. & Commercial up 

Conditions in the investment 
currency market remained fairly 
active and after a good two-way 
trade the premium finished £ 
higher at 78? per cent.' Yester- 
day’s SE conversion factor was 
0.7536 (0.7510). 

Interest in Traded Options 
remained minimal with only 311 
contracts completed, compared 
with the previous day's 283 and 
Tuesday's 1.006. 

No comment. 

A recent favourable broker's 
circular continued to attract 


buyers to the major clearing 
banks and although closing levels 
were a few pence below the day's 
best rises still ranged to 8. 
Nat West ended that much better 
at 2S3p, while Barclays finned 7 
to 365p as did Lloyds, 275p. while 
Midland hardened 5 to S63p- 
Bank of Scotland added 8 to 29 Ip 
in sympathy. Comment on the 
second-half profits recovery 
helped National and Commercial 
advance 4 to TBp. 

Insurances were featured by a 
speculative sport of 13 to 387p in 
Matthews Wright son. Brentnall 
Beard cheapened 2 to 44p await- 
ing further news of the bid 
approacb, but still recorded a 
rise of 8 on the week. Son 
Alliance rose 6 to 516p among 
Composites where Phoenix hard- 
ened 2 to 238p ahead of next 
Wednesday’s third-quarter figures. 

Wines and Spirits tended 
better. Highland added 8 to 155p 
ahead of the 1-for-l scrip issue 
due on December 11, Invenjoniao 
rose 4 to 154p and Distillers 
gained a iike amount to 203p 

Leading Buildings closed a 
shade firmer in the absence of 
sellers following another quiet 
session. Still drawing strength 
from the impressive interim 
results. BPB Industries firmed 5 
to 250p for a rise on the week 
of 27. Secondary issues displayed 
no set trend although one or two 
notable gains were recorded. In 
thin markets, Heywood Williams 
moved up 4 to 14Sp and Beolox 

2 to 2Sp. Walter Lawrence and 
FJ.C. LHIey added 3 apiece to 96p 
and 71p respective??, while West- 
brick Products, in continued 
response tc the better-than- 
ex pec ted half-yearly profits and 
the board's confident statement, 
hardened a penny to 6Ip for a 
rise of 5 since the announcement 
on Wednesday. Responding to 
Press comment. Rediand improved 

3 to 160p and M. J. Gleesnn a 
penny to 36p. Sharpe and Fisher 
put on 2 to a high for the year 
of 52p and Erith 3 to 102p. House- 
builders Milbuiy continued firmly, 
adding another 2 to 70p for a rise 
on the week of 8. 

ici touched 374p before 
shading to close at 372p, just 2 
better on balance. Fteons held a 
similar improvement at 311p and, 
in a thin market. Alginate gained 
5 to 22Bp. Leigh Interests provided 
an isolated dull spot, finishioc a 
net 2 down at 122p, after USp, 
following a spate of small selling. 

Stores displayed no set trend 
following a negligible business. 
NSS Newsagents hardened 2 to 
ltlp ahead of next Tuesday’s 
preliminary results but Blackman 
and Conrad cheapened 2 to 23p 
despite the first-half profits 
recovery. Hendersnn-Kenton re- 
linquished 3 to 82p as did Lee 
Cooper, to 165p. Of the leaders. 
Gussies A hardened 2 to 306p and 
Combined English edged forward 
a penny to lllp but House of 
Fraser lost 3 at 132p. In Shoes. 
K gained a penny to 72p: the 
annual figures are due next 
Friday. 


Quietly firm conditions pre- 
vailed in the Electrical market, 
with EMI edging up 3 to 158p 
and Plessey a similar amount to 
108p in the leaders. Scattered 
demand was forthcoming for 
Electronic issues. AB Electronic 
revived at 147p. up 5, and gai n s 
of a like amount were recorded 
jn FarnelL 3S0p and Ferranti, 
373p. Further consideration of the 
Interim statement prompted a 
rally of 2 to 334p in Racal. 

News of the surprise bid 
approach from GEC which could 
lead to an offer of 225p cash per 
share prompted a sharp upward 
movement in Averys which 
jumped to 242p before settling at 
236p for a rise of 62 on the day: 
GEC interim results due next 
Thursday, rose 6 to 33 Ip. Else- 
where iii the Engineering sector. 


merits of note included G. F. 
Lovell, which, in a thin market, 
held a like gain at 60p, and Kwik 
Save which improved 3| to Blip. 
Tesco firmed a penny to 53p and 
Rowntree Mackintosh 5 to 405p. 
Brooke Bond hardened 1 to 48p, 
the Elm acquisition of Murphy 
Chemicals from Glaxo having 
little impact. Butchers Lldstone 
were steady at ITOp, but held a 
gain on the week of 75 following 
Wednesday’s bid aporoach. 

Trust Houses Forte improved 
2 to Z42p in quiet Hotels and 
Caterers. 

Reed Int dip and rally 

A Press report that the group’s 
planned sale of its Canadian 
interests had fallen through 
sparked off early selling of Reed 



l i 1 ! I > ■ I I l I 


United Wire firmed 3} more to 
69p following the results, but 
Amalgamated Power, a firm mar- 
ket of late, ran back 4 to 136p. 
Buyers again showed interest in 
Manganese Bronze, up 4 more at 
64n. after 65p. while similar 
improvements were recorded in 
BuIIough. i5*p, and ’ Green’s 
Economiser. 75p. Smaller-priced 
issues to make headway included 
Warwick Engineering, up 2 at a 
new peak for the year of 41p and 
Drake and Scull. 21 dearer at 
34] p. Brooke Tool held at 54p 
following news that Birmingham 
and Midland Counties Trust has 
acquired a holding of nearly 
24 per cent in the company. Lead- 
ing issues edged higher. John 
Brown new shares improving 2 (a 
40p premium and Vickers regain- 
ing 3 to 2D0p. 

Mirroring market sentiment. 
Foods adopted a firmer stance, 
with Associated Dairies and 
Cartiers 4 to the good at ISSp and 
108p respectively. Other raovc- 


InternaUonal which touched lolp 
before rallying to close only 4 
down on balance at 157p follow- 
ing the company's statement that 
talks with Macmillan Bloedel had 
terminated but that discussions 
are continuing with several other 
interested parties. Pilkington rose 
7 to 302p on small buying ahead 
of next Wednesday's interim 
results and improvements of 7 
and 5 respectively were recorded 
in Reekltt and Colman. 472 p. and 
Rank, 257p. Elsewhere.' IC Gas 
gained 15 to 368p on buying 
ahead of the annual results due 
on December 12 and Chubb put 
on 5 to 146p. after !50p. in 
response to speculative buying 
fuelled by takeover suggestions. 
Seapa added 4 to 107p on the 
favourable mid-term results and 
Stocklake at 68p. recorded a 
Press-inspired rise of 3. Havs 
Wharf added 5 at 13Sp. while 
Vinten. Mop, and Dundonian, 40p, 
both improved 3 ahead of interim 
statement.- early next week. Nows 
of Courtaulds* decision to sell to 


various institutions its near-20 per 
cent stake in Chamberlain Phipps 
left the tatter a penny dearer at 
47p. Hoover A. on the other hand, 
fell 7 mor eto 230p on further 
consideration of the company's 
plans for major cutbacks at its 
factories in . Wales, London . and 
Glasgow because of overseas com- 
petition. Brady Industries , A, 4 
lower on the- day. at .48p, and 14 
down- on the week, continued to 
reflect the interim profits setback. 

Pleasnrama and Black and 
Edginton encountered a little 
more speculative support and 
firmed 2 apiece to 79p and 98p 
for respective gains on the week 
of 10 and 8. Late offerings clipped 
3 from Norton and Wright at 
142 d. 

Following the commencement 
of talks concerning possible 
future co-operation with Rock- 
well International, Wilmot 
Breeden spurted 13 to 77p. Else- 
where in Motor components. 
Herman Smith hold at 11 ]p 
despite the trading loss. Among 
quietly traded Distributors, 
Heron Motor rose 10 to HOp. and 
the 10 per cent Convertible 10 
points to £175. Attwood Garages 
put on a penny at 29p after the 
marginally unproved interim 
figures. 

Speculation over a bid, possibly 
from the. U.S- lifted Mills and 
Allen to a 1978 high of 22Sp 
before a dose of 7 up on balance 
at 227p. 

Properties remained largely un- 
tested, but retained a firm under- 
tone and held modest improve- 
ments where changed. Stock Con- 
version and Great Portland 
Estates improved 4 to 282p and 
224p respectively. Peachey found 
a little support and finned U to 
85fp and late, interest lilted 
Warnford 6 to 344p. Bellway put 
on anottier penny for a rise on 
the week of 5} to a 1978 peak of 
82n. Responding to demand that 
developed late on Thursday, 
Estate*; Property Investment 
gained 6 to 108p. Westminster 
held at 22n despite the lower in- 
terim profits. 

BP. moye ahead 

Helped by currency influences 
and by hoees that the worst may 
now be over, British Petroleum, 
up 20 at 944p. alter 054p, more 
titan recovered the previous day's 
loss of 10 which followed the 
disappointing third-quarter 

figures. In sympathy. Shell im- 
proved to 588p before settling at 
5S5p for a rise of 2 on balance. 
Outside the leaders, Bnrmah 
tinned 2 to Tap. white Siebcns 
(UK) rose 12 more to 276p follow- 
ing news that financing talks had 
started on the Brae Oil Field. 
Ctuff rose 13 to 388p. 

Inchcape. again hit by the £I2m 
cocoa debt provision, dropped 
another 6 for a fail of 51 on the 
week to 297p. after 295p. In 
marked contrast, J. E. Sanger, 
recently affected by disappointing 
trading results rallied 5 to 37p. 
Trusts made a little headway. 


financial times stock indices 

— — | wi ->£• j ; gryp tf 


white in Financials. Akroyd and. 
Smifbers gained 3 to 196p m 

response ro Press mention. - , 

Despite a continuing paucity of 
business. Shippings took on - a 
better appearance. P. am O. -Dei 
f erred picked up 3 to 84p, and . 
Reardon Smith closed similarly., 
higher at 80p, while Common 
Bros, edged up 5 to 160p.- 

John Foster put on 4 to 45p. 
after news of Vantona’s increased, 
stake in the company, which 
reached over 37 per cent. Further: 
reflections of Thursday’s excellent? 
finah results had Tomk/nsons G^r-; 
pets 3 better at 63p, while a single 
sizeable buyer helped speculative 
counter Sirdar rise 4 to 73p; 
Illingworth Morris ordinary mod 
A eased a penny apiece to 31p and 
SOp respectively following the 
company’s forecast- 'of a profit 
downturn. . >’ ;• 

Revival of scrip issue hopes. and 
rumours of a merger with Knala 
L urn par Kepong, lifted Highlands 
and Lowland? 7 to 10Sp; Kuala 
added 2 to 65p- 

Diamond issues lively/. 

After remaining relatively quiet 
for the past coaple of weeks the 
market in Australian diamond; ex- 
ploration stocks suddenly sprang 
to life amid a spate of rumours 
which Included talk that a report 
from the Ashton venture- iwas- 
i mm inept and that diamonds- 1 had 
been found on territory adjacent 
to the venture. . 

. Consequently, most of the dia- . 
raond exploration stocks attracted 
a fair demand with the Ashton 
partners being particiiiarly -well 
supported. Conzine Rlotintoi the 
major participant climbed .20 tp 
268p, Ashton Mining rose, 5 to 
71p and Northern Mining StofiSp. 

Among the . more speculative, 
stocks North West Mining added 5 
to 28p, after 30p. Oner Explora- 
tion and Jones Mining 4 to 30p 
and 26p respectively and Western 
Queen 3 to 19o. . / . 

The London-registered Finan- 
cials with diamond exploratidfrin- 
terests also attracted modest sup- 
port Rio Unto-Zinc 240p . and 
Charter. -I32p, improved 2. and 5 
respectively, while Thinks 
hardened a penny to 166p. 

It was a dismal week for South 
African Gold shares with business 
at minimal levels throughout and 
prices merely drifting In line with 
the bullion price. :% * • 

Yesterday they tended to harden 
a shade reflecting a SI recovery 
in the metal price to S19-L375 an 
ounce, but the Gold Mines -index, 
although 0.5 up at 124.8, was still 
9.3 lower on the week. The ex- 
premium index, 0.7 better at 94.0, 
lost 4.8 over the longer i period. 
South African Financials rihoved 
similarly to Golds. . i l"' 

Westfield Minerals, active'/. aU 
week following news of Che com- 
pany's uranium prospect in New- 
foundland, gained 15 further \to 
360 p for a rise on the week of 40p r 
North sate. which has u 45. per. 
cent interest in Westfield, added 
10 at 430p. 


i UovHnaHU Tieca.'.— ■ 

Fixed Inwre-i — — 

irolus-im - 

Go<d Mine- 

Mine? 'Bi-Siun- 
Uni. lliv. yie-l.— 

" d’Jmi'ii— 

F/JE Butin 'n«l d 

.Uniinir 

Ifajany tnrnnw Em ... 

fiqarty u*» - 


i SB.08! 66-5 

j 60.971 69.91 


68.33 - 6ERK 
69.96f 69.84 


486.5 *481.5 489:o[ «0^| 484-9 

134.8 124-3 12411 . 139.81 

S4.0 93.3 93.1 93.8f- 97Jll 

5,02 6-98 6.SO BA8-. 8-94J 

19.53 15.71 15-49 1*44 1658 

8.31 *2? 8.M 8.36 6JJ9 

3 218 4.234 4.D81 6,155 4.854 

1. 62.69 65.35 64.45 66 MS 

__ 13.632 16.033 16.587 15.640 


~68.8ej 74.1V 
68-74 79-03- 
' 47SE9 
154.1 

15.7pL-i^S: 

4.4i|-5^ 

16.53d} 


“ !>»** ‘’““ A . 

Liaat Index fil-236 aiifc • 


HIGHS AND LOWS 


S.E. ACTIVITY 



1 ' 1 

ri 1 :*!' • 

(.«■* 


4'i.y« 

(A- 1 

f UJ/ 1 1 1 

61.2 i 

S9.3U 


'■ I5llli 


ifsi.it 

(14491 

t - - 

20t>.b 

124.1 

.14/0) 

(£9)11) 

152.0- 

»0.a 

.J4.F. 



vnw k'.iiiiiiiHiiinii 


SUJ4 

i5ih>76 
49.4 
t» ^40- 
44.6" 
,3b ,10(71 


— Ueiiy 
(ii t-Edurn- 
lu 'xr lr»v .. 

TpecmxriTP. 

VOU4. r 



il4.6i J40J» 
108.6[. 1BD.4-: 

19.3 - «K6i 
732-96^ 


sasKsc 

hj-Ui-ln* ■ - 147.8V-15«Jfe 

.-r-ecu nr vr - 27-^ Iga 




LONDON TRADED OPTIONS 


I i>ru«- “Oei 


Bp 

BP 

BP 

Com. Union 

CtviH Giibi 

CuortMilil.i 

OourtauJd% 

GEC 

GEC 

HEC 

GEO 

- Grind Met. 
(imn>l Met. 
Grand Met. 

ICI ' 1 
ICf I 

Land Sere. 1 
IaU' 1 Seii. 

\Tark-. i. s v .\ 
'Murk* 4 5p.: 
nbell- ' ; 
Shell I 

Touts ! 


84 3 

71* 12 

26 — 

2 19 

171* ^ 

-1 - ■ 
46 - 

11 7 

166 

-Ftdnwy. . 


. u in* - 
lifTei Vox, 

133 — 

96 — 

67 — 

6 

X6 10 

12 — ' ' 

61* 53 

63 — 

47- ' — 

26 '• 8 
131* - 

171* 10 

91- -■■ 10 
6 * -> 

30 — 

191* - 

34 — 

81* — - 
20 1 
3i* ' ■ 2. 
56 ••• 2 

26. 22 
100 


•„ c 'SVWT: i’( 

nfT»r VnL" v,’-- 

150 - 

115 9 

• 78. :; 4 - 

11. -. .6 148p^ ,v' 

19- . ' a-lSSps-i . = j^ 

13 - .--HBp-t • ;.v. - 

71* *. - i - r 


-fi& ■ — 

58 . 

aTisf - 

.131* 


!" liop-' 

7'. p ‘ , -"i*.. 

' «72|C f 

■ 342p - 

8Sp'"-. 

58Sp 


. AugnM. 'J 


I 220 S I 10 | .11 I- — 15 •— 197p 

' 160 * 11 I — 17 I 6 22 - 158 P 

! 260 8 14 IS I - .21 - 240p 

• » • I fi - V4* 


■. 'tar. 

1 

y 

rf -.l- t 

■s- i-\ 

\ - 
v- . 




RISES AND FALLS 


Brttlsa Fi»d* ST 

Corporations, Dom. and Foreign Bonds 4 

Industrials 393 

Financial and Pmo 129 

Oils U 

Plantations T 

Mr 
Ri 


Yesterday 

Up Doom Santa 
ST — 11 

4 Z SS 

393 145 991 

129 44 339 

ZZ 
ZL 

m 

23 


On the week 

Up Down Santa 
1T5 23 192 

34 IT 2S4 
U75 L13I 4.01 
824 355 V3rt 

42 40 MB 

38 14 103 

U4 2ZT 359 
2S 13 IDS 


3421 LOO 7436 


ACTIVE STOCKS 

YESTERDAY- 


NO. 

Denomina- of Closing Change 
tion marks price ip) on day 


Stock tion marks price Cp) on day high low 

EP XI 14 944 +20 9-t4 720 

ICI XI 9 372 4 2 421 328 

Shell Transport... 25p 9 383 - 2 W2 484 

Beechara ‘New* ... NiLpd. 8 30pm ■*- 3 30pm 2bpm 

Bowater II 6 ITS -*^1 212 Ui3 

Chubb 2 flp fi J4fi - 3 130 10(1 

Pi-ODefd £1 6 84 ■•■a HS 7iji 

Racal Electronics 23p 6 334 — 2 362 196 

BATs Derd Wp 3 232 S "04 227 

GEC 25p > 331 ^6 340 '2X1 

Grand Met 30p 3 JIO — 121 ST 

GUS ’A' 23n 5 306 + 2 340 236 

CIO! XI 3 265 — 29S 24S 

Marks & Spencer 25 p 5 85 — 94 67 j 

Rank Org 23p 5 237 - 3 296 32(1 

The abort* list of active stocks is based on rftc number of bargains 
recorded pesterday in the Official List and under Rule lti3(l) ie) and 
reproduced today it Stock Exchange dealings. 


ON THE WEEK— 


Slock 

BP 

Beecham ’New' 


No. 

Denomina- of Closing Change 
tion marks price (p) on week 


Shell Transport. .. 23p 

Inchcape XI 

Barclays Bank ... £1 

ICI £1 

BATs Defd 23p 

GEC 25 p 

Marks & Spencer i!5p 
Midland Bank ... XL 

Bowater XI 

NalWest XI 

Distillers Slip 

Grand Met 30p 

Rank Or? 23p 


£1 S9 
Nil/pd. 65 


944 

j*0pm 

963 
297 
365 
3 Ti 
252 
331 
53 
:ut3 
ITS 
283 
203 
III) 


BASE LENDING RATES 


A.B.N. Bank 

Allied Irish Bank.- Lid. 
American Express Bk. 

Amro Bank 

A P Bank Ltd 

Henry Ansbacher 

Associates Cap. Corp ... 

Banco de Bilbao 

Bank of Credit & Cmce. 

Bank of Cyprus 

Bank of X.S.W 

Bauque Bel He Lid. ... 
Banquv du Rhone .... 

Barclays Bank 

Burnell Christie Ltd ... 
Breuiar Holdings Ltd. 
Brit. Bank of Slid. East 

I Brown Shipley 

Canada Perm't Trust... 

Cayzcr Ltd 

Cedar Holdings 

I Charterhouse Japhei— 

Choulartons 

C. E. Coates 

Consolidated Credits... 

Co-operative Bank * 

Corinthian Securities 

Credit Lyonnais 

Duncan Lawrie 

The Cyprus Papular Bk. 

Eagil Trust 

Enali«h Transcnnt. ... 
First Nat. Fin. Com ... 
First Sal. Sees. Ltd.... 

I Antony Gihhs 

Greyhound Guaranty . 
Gnndlays Bank 
r Guinness Mahon 


■ Harabros Bank 123% 

■ Hill Samuel 3I2i<£ 

s c. Hoare & Co I2 l % 

Julian S. Hodge 13**5 

Hongkong & Shanghai 121T, 
Industrial Bk. of Scot- 12 *. °a 

Kcyscr Ullmann lg*«^ 

Knuwsley & Co. Ltd ... 14i*’i 

Lloyds Bank 12; % 

London Mercantile ... 12**Vi 
Edward Man. son Jc Co. 13 '?i 
Midland Bank 

■ Samuel Montagu 12‘% 

■ Morgan Grenfell.... I2i*7» 

National Westminster 12**7, 
Norwich General TVust I — i*V» 
P. S. Rcfson & Co 12^, 

Rossminstcr 121*^. 

Royal Bk. Canada Trust 124 % 
Sc hies in 3 er Limited ... lg‘% 

E. S. Schwab 134% 

Security Trust Co. Ltd. 13i*7> 

Shenley Trust 14 tl & 

Standard Chartered ... 121*n 

Trade Dev. Bank 12 1 *7, 

Trustee Savings Bank 12;% 
Twentieth Century Bk. 13i°T, 
United Bank of Kuwait 121 *7i 
Whites way Laidlaw ... 13 
Williams & Glyn's ... 12 : ‘^ 
Yorkshire Bank 121% 

■ Members of ih* Arcvptlrs Rooks 
C onuninro 

• Tnlai rf'p'iML'. 1-rtKMlUl 

mio. 

t i-Jv dcaosl's rn S'EC* of fius-e 
^nrt unier <id '« £25059 
der fa.o°n 

i CiU d-ao»it. ---r ti me i«*. 

I rwmtitri 4»M*n» 


OPTIONS 






If. % 

1 1 1 


DEALING DATES 
First Last Last For 

Deal- Deal- Declare- Settle- 

ings ings tion ment 

Nov. 21 Dec. 4 Feb. 22 Mar. 6 
Dec. 5 Dec. 18 Mar. 8 Mar.2n 
Dec. 19 Jan. 8 Mar. 22 Apr. 3 
For rate indications see end of 
Share Information Service 


Stocks favoured for the call 
included London and Northern, 
F.N.F.C., John Brown, Messina 
(Transvaal). Hongkong and 
Shanghai Banking. Let ex. Hamp- 
son Industries and British Land. 
No puts were reported, but 
doubles arranged included 
Barker and Dobson and Lonrho. 


Wi ■ 

Tj 



n 



NEW KIGHS AND LOWS FOR 1978 


Tf>« &ctur,ti« ouotM ,n me 

SlrorC I rUo- motion Scrvic? vf.: -rcU, 
JSJ.rwC new JnB Laws lor 1978. 

NXW HIGHS (26) 

BANKS (II 

Allen Hjnr, 

BUILDINGS Hi 
Shor*c & fnher 

STORES Hi 

C intort A 

ELECTRICALS it. 

A.B Electronic 

ENGINEERING 161 
Anervi Pale .i He I (ids 

British A:jminium Warwick tn>; 

EllKKt ;B ■ WombweJ) Foundry 

INDUSTRIALS CTi 
Chubs Hunting* 

Clarke -.Ciem-ir’ LCHIQ (■ Hambiy 

□ines & Newman Sting Frn>!ure 

amiBNk 


FOODS HI 

Lovell 'G F • 

MOTORS ill 
W Imot -Breeden 

PAPER (S) 

Fern P,c' erlno Sjjicn. i SMUhi 
Mills & Allen in« 

PROPERTY fll 

Boliwo* 

TEXTILES fir 
Teirtsrrd jertev 

TRUSTS 12- 

Ke< 'oc 1 : K-iioct Cone. In. 

NEW LOWS (4) 

BUILDINGS (l> 

PO*N" 

INDUSTRIALS (21 
Hoo.er A W P.bf om 

OVERSEAS TRADERS (11 

Minuroe 


RECENT ISSUES 


EQUITIES 


"U^iU — 1 — 

!•; — Bir'i l*iv 


.? = T;+ 


! ;l jr£ 



4 gin 24 II 1- 

AS8.50 P I" - 71 

ASI.24 F.r. - 1^1 

29 r.r. 5i ii 

- ■ ft \,y 


45 (tn'tlillr H14c‘ 44 

n| 4-lil<>n WlmiiEi/-'... 7J 

l-'ij ;» \ ii-4. Fnrmin* LSI.. 100 

CS Kill hi n Quitou lOji.. .. 29 

III IIiahm-iM 117 


.2.55 <4 8.7 7.1 


EQUITY 

GROUPS 

and 

SUB-SECTIONS 

Flgne* In [amrthrm vbaw 
iwnlw ol doc Id per oeclkm. 


1 CAPITAL GOODS fl7» 
2 1 Building Materials (27) 
3 ] OwtraatCaigtnrtiwafc. . 

Electricals (IS) 

Eaginctriag Contractors (14J. 
Sfcclumcal En*iDecrintf22) . 
Metak and Metal KonmngfW— 
CONSUMER GOODS 

11 (DUBABLE)(53) 

12 11. Dertnmks, Hadio.T\' (16) 

13 Household Goods (IS J 

14 Mo(dti2ndDumbu(QM25i- 
CONSUMES GOODS 

21 (NON-DURABUE) I I7l| 

22 Breweries! 14J 

23 Wines and Spirits (6) 

24 Eatertaininea. Catering (17)J 

25 FoodHanu(acturiivg(i9)| 

26 Food Retailing (15)... 

32 Nc*spap«s.PnhJldilt»g(ia_i 

33 Packaging and Paper (I5)_ 

34 Stores (40) 

35 Textiles (24) 

36 Tobaccos (3) — 

37 Toys and Games |6) ... 

41 OTHER GROUPS (99) 

42 Chemicals ( L91 

43 PfaarnaccBtkalProchKtsfT). 

44 Office Equipment (6) 

45 Shipping (10). 

46 MisceIlaneous<57).... 


IWMJSraiAL GROUP MSS) 


Fri., Dec. 1, 1978 


i 


Day's T!tid% 
Ckan a (Mas.) 



534 8^3 23431 
5.58 7.81 20LS5 
434 7^0 37235 
335 10.34 54321 
5.98 7.79 372.59 
6.02 736 183.20 
8.71 832 16436 


23608 
202.81 
37424 
547.69 545.27 
374.93 37339 
185.20 18502 
165.11 16535 




20738 +03 
257.68 1 +0.6 
171.61 
12237 



+0.7 
132.961+13 
410.99 +L2 
213.67 +03 


EZ5DEHOE)E3 




206-27 20820 207.71 205.43 19276 

25625 25864 257.84 255.24 23236 

172.48 174.63 174.09 17220 17936 

12L68 12273 122.61 121.06 13638 

20854 210.61 21137 20932 19937 

22744 22871 226.57 23230 
287.09 28661 24251 
26459 26L29 254.49 
20670 20430 1«57 
227.08 224X2 20457 


22655 1 13/9) 
28031 aim 
19037 il4(9) 
13565 (22/8) 



3|§!3E5E3E23E3D 


18895 12/3) 

16630 (3/3) 

28935 (63) 

404.47 (23) 

270,95 - (6 131 
14987 (2I3\ 

15422 (27/2) 

17363 133) 
209.01 (33) 

16054 (63) 

10468 (23) 

179.46 (23) 

20464 (27/2), 
22965 - (23) 
21962 \Z3\ 

17537 (27/2) 
D653 (33) 
26959 (23) 

11811 (15/2} 
16507 (2/3) 

16065 ; (20) 
21468 (15/2) 

90 J2 -07/31) 
173.08 (33) 

23869 (23) 

22841 (33> 

117.48 OI3) 
393.90 (20/11); 

178.47 


25628 04/9/78) 

23364 (2/5/72) 

-41951 <14/9/70 
58172 (10/10/7® 

33453 08/9/78) 6439 03/75) . 
204.75 (14/9/7® 45.43 (6fl/75)_ 
182.91 (18/9/78) W.65 (60/75)^ 

227.78 avm 3839-m75y 

2803(133/7® 4285 03/12/74) 
2B22 (4/5/72) 63.92 07fl2fl4) 
17059 (15/1/69) 19.91 (6flff5j 


22823 (14/9/78) 
28187 (28/11/7(9 
30L24 04/9/78) 
329.99 02/32/72) 
22365(14/9/78) 
2H« (27/10/77)- 
421.75 (14/9/78) 
2^6504/9/75) 
21854 03/9/78) 
35.72 07/1/67) 
33906 08/72)- 
.135.72 06/1/70) 
22364 (14/9/78) 
-31508 04/9/78) 
291.13 04/9/78) 
24606 0/9/72) 
539.68 08/5/77) 
25863 


.6141 (13/12/741 
W.47 0412/74)', 
7888(13/22/74), 
54.83-19075): 
5967 01AZ/74)- 
5425 (I3/32/74L 
55.08 . (6/l/Kj 
43.46 (6/2/75) - 
5863 

6266 03/22/74); 
9434 (13/6/62K 
2192 -(60/75) • 
5863. (6/3/75) 
72.20 0/12/74) 
>28:41 jzprm 
4534 J2JVT51 
-9860 i29/6/62)&f 


5S 


-1.3* 4.4' 6.9 4.B 
7.3 




FIXED INTEREST ST0CK5 



i Nit 


' -t + r.r 

H'ju IV t 


, 


snig wij Aajflnev Variably (iia ■ 

• 1 i uSa Brnuil Wnierwurka rn.l?Co. . IU 

26-1 I _ IIS« C'Jii" Valiev Wurnj l>ii I'. IM. li^.% 12 U !! ' 

Jo n IK - ti’I umw H.ni»~ J'.'oii.nv. 110 ". 

a 12 «(. afy Ne-vniau In.l?. Ace. Prel -,ti| 

J4 11 .To: Hr Ldunulne- I,-, tir. c*< c> . . . . 155 

26 1 si; 3. ItiUiMnkTurUi i l ilnJjj- W'jik i- 9(4. ’.!' 

— ' T7V I-'.? !'.-i Con* . 1'iia _ 127 j 

W,S 1’ivi ' Bdt. : . 

10 1 i -i +- +.«1hT»rtt (.iirv. I2 P -J, Kn:. NfT . . . Bbu' 

26 1 -<ii " i-r i Keiii "nir- I'rr’. Iry.'.. ‘l gjj. " 


81 FINANCIAL GROUPfJOS),. 

02 Banks(6) 

St Discount House* (10) 

64 Hire Purchase (S). 

65 Insurance (Life) (JO). 13755 +0.6 
06 InoiraiiceiOMipositeMT)... 124.96 +0.9 

67 Insarance Brokers (10) 324.67 +0.7 14.71 

68 MerchantBanks<l4|. 77.44 — 1 

BO Property OI> - 259.97 +0.4 

70 Miscellaneous (7) 10896 +0.7 


20752 

103.95 


167.07 
6.37 193.59 

- 21671 
7.% 147.63 

13673 
12378 
970 322.38 

— 77.41 
46.47 25890 

5.57 10817 


5.12 — 206.82 

6.65 651 10242 
7.96 7.52 29562 


i.,m — . — ... 


17939 (9/8) 

20436 (23/1) 
22833 (4/1) 

17035 (12.1) 
157.59 (9/8) 

143.46 m> 


98 | ALLSHAKE INOESTO).. 22433 +06 



8748 (15/9) 
26878 (2113) 


FIXED INTEREST PRICE INDICES 


RIGHTS ” OFFERS 


British Government 


--.-■111 4. or 
Knr — 


jBvl h.l*. B12UI iJi.m ttncla bi..._ BO:nn -»B 

17 ' N I - — jjmi Bvtilt*m rWn,., • 

iao ' 5J221J2 in 53i n Itninu r-I' 4Diuu 

ol F.P. 29 11 61 77 ill; C«3-j^r..\e»ll 76 '. .. . 

105 >:■ - — fi;l-m Z|HiiC:rtl<Tii n.i.a«. .. 31-i.m 

*3 V • - — l— [au W.pin Diann ,Di linm . ... 

Bo 'i- 17 11 812 si 1 • I'.iliifrjil- 1 Onr.i-1.. . Ill 

ISO S 12 IB 1 »*>.m 1--I..I. H-xtunn * ll..i.«> .. . l£|,m 

125 MI -- jfpor j*pni ll-UUni'lin^ . .. . 3Btnn 

it r., 22 12 6 12 fi 3lj ,i. .Nrvinaji lo-!«. . . 3l*-Jn 

185 — -- J3jTm — -fui ?(-7Uipir A, I*:ri 42iim * J 

62 .VI — — ■+! -ri! fji:l7 Tt-rii LurrulUr . . . . lOlilli 1 1 

:■ 111 «!> IX Ifil timr j7a 


m.-iiuij..;al<of. m«., iiiiidi:> n^> 101 .irdiiisi I tor ,it 1 . ■ 1 . I ,, - 

3nni n|. Bnaa’Cv rsinui'- a A-suimca -OvrOi.-m ul rwig N i-omtii Olvuv-mi 
u-.- iu urvemus sur't cinun.\ ► nivMroa jorj rirJa based mi oroaoi.cr*> 
OI ndi<-i ■.■fhcial esiautes (dr 13D o Grvu. i kinrcs a-wum.-c t Cover aUm- 
lor c-nvwersinii d sturen hoi now mnkinic 'w iividcTi.-! nr rani; :n* imjy for TSiricr**- 
flinCrn rts t PT«ao* price to public u: 1‘cace oAlcss gibcrwiv- indicaMd. a i_etur>' 
hy Vn«l»r ■ 'F-nHi in -inl.L-r* M nr+dari Wiim ai a ■■ ruhls “ ** r^mj — 1 

■■M * .'»e-*a:i«ainn l( R^ininviiir.u'i V i*v^q ,r> vn:li mmi'-uu 

mn nwrpr ~r -akuirr la lmrodu^ion m H-nn-r Breirrmt* ^t"*l“r« 

■ UiuroMBi .f“»n i or roUj-pdC i. • Pimfenon or oanl?-o*«l aiianeBt tattan 
* Wut varrtsa. 



Da}-', 

change 

ul a4). 
To-day 

+819 

039 ; 

+B39 

— 

+825 . 

— 

-F44Z ; 

022 

+022 ! 

0.16 





TTiiit. Will 'Tilffl. • Fr|. fTj lir 

In. m, VkH ; M.n. . Xw,| N... . ' \.ji . , \„', r 

Nil- % I V) :*i i W i :-7 £« 



Fd , Thurs, 
Dec. Nov. 
1 30 


I7_Comi 1 _ 3A rt i ndl. Preis. ( £0) T I.H ».K UM 71.79 n.79 1 ?|.<2 )l.42 raStiim 























































































£ N S1 

i ~~ 'roj* * •'!(, 

•c !*y 
ft: •« J 

J „ * S.2 j ***! 

iisaS 7l * ^ 

A-*® «.!* “l 

rloc. Om .. 

r.-^ ^v-a^faj 

•^activity ;. 


Abb dy -Lai* Majuasc jLML feV / ’• -FraraJin*a»i rnitftltf. Ltd- fa^ 
7»^e*ebbB»t^..iwt«b«n9. .: CS62S4T 5-7 IMtndttM.ilEimHL - . '.ni-?M«P7] 

jB*g53^^ r< E 1= J i -«4»SA--§«-C-idlaIT'^:, . Juab.:' .MU J W 

Abte^vT^CWT .-.•*. *»_• hnmTt .>- - ,]»£ H5>3 .. 6 71 

mt-rawt*** ilSM. : . | IK 

EQa jtM CT0*7j2Vj6at- - '. SSi^+CX 4.10- Do, Arfnts. i; . . . |II^ Sffl - ■ I 2 42 

JJBc^EMbbra, Groa^ (a^_ ,'j ' Frieo«I»''Fr*Y»iL jGnSt Tr.‘ Mgr*.? 

R irtbw’ Jfe c~~BlfatB o. H refirtroqul Bums. ■ ;. WxhariEnd. fortune -.-.T' : '.TJttSSiv, 

OI-MSSSai's Br^rtssifqd (oarrj 3U4» . ..■ I h |41S 445d40ii aw 

lW*»QpJ rood# - , .*/ , . DS'Amim j. . . J525' «.?•&?! 4ft9 

ISfiSgter#.'- '40 4f: ■**• ***? * 

Ctt «,**«.►.. _'. J7A'", ‘40J ♦S3 SM J* Finsbury i.'rru-*e»'2»TI»l’ , 0l-*WRnr 

Ei«jti*tod. aw ai S-sri j<uv *a . gt oo. me — . . ■** 4ft* *0 <i jm 

Al^dCwW- 69* • .»3 *ftl{ ,’S Da Vc» ...r. . . BSrt M}I *0 vf 350 

HwiwFwi.-.. iwjr. ium *4g s« ct I w ytf.ih .tak? uli . ,i *« 

miW*4S 485,tLT-Cft»*ne»- . Kja* J2M-18 JW 

latnFnfti' •*•■ OT-iniixotLen.. J69 *. 5X4 -0?[ lftO 

MakvuMRt ?*w > i}» 'fttt Rtie.X\ril .'.jW.l 1WJ - I JJ5 

HiSf ls asa.cstt:®? ih.-'-I fa. 

• I rtrTTw rtnti a l r>o66r. -y - v •*_ .. - & & A. Trust <»Rg) ■■"> .— 

HBafesJII %V-ol IS 

S«ra.Of An*ctear.MA „ JJM *0.3, 1 U- : C -*S- A — -t-*-- p?« s * 3«*2 ■'Oj 474. 

•CSft.D»iiiwft, ..387-5 -72.1! *061 3B‘ - •-' -- « . w.i.ii— ■ i.iim. 


ssa{6gr:J 

HwwwFaiWV... 

H»3lbrp Arc Ftt 

1« W ) W Fwt4* .' .' 

WN4»WI». 

s«r*. Of Amflrjtai'. 
•OAA. Exanota. „ 
i>srt4n« rw» - 
ftnnjler Cb.t T4. 

ajaSatr^ 'iFK 

■RftWBj S 
McCMfavA 
O 'UiwiB _ 
tng t Sa fe Cifi 


M* «* 
tol’. li<» 

»j • m® 




-7Uj-04i Car^c^ JFW M»IW»?pfs * JaVgl 

. _» is* Jt« *» ' oi »;« 


•BP:- .. - " 01.2»3»( 
13 f'BM- DIB 
2 ^ -*03 3J4 

; l 343 

2S3.T SsT-Scc" KKKftlV*«BsTte.-®4 :'HM ■ 468 

^T°?i 131 

Asienoa Unit Treat Xomii E4* ' L J § 

lSa.-F«Mshorrh St,EC^B*£? : : . — fa3»23t jS. ; q^«FC - i M 6 - " M.tO T ft 66 

Ai*HWU.T. — ja*» .•-;?»<. V . : J52S. tUBtL7*rt. >_» 7 r _: 095 

An Catcher jU^it ->; GtthtlAntaay) Unit-TstaUs. Ltd. . 

J Noble «fc,Ec?yttA;,'/- . r V awareste; ift^rtefi^-KM^tndJewnr^xs. otJWBcm 
■jw-MwtMr?wi.{tts: '. ■ its -idj 'co-U; !««!**■• ■:(«■» r : '.«tS4j-. I joo 
. .' .-■ ’./■•.VC.GnwOrtt'HOO 1 ■---' OS}‘ I 4J0 

-Azirothpot ieeorffcies Ui J*X<7 ■ -- : “S.G J 30 

37.Gnci5^bbMn>«C(Siay- ^ UV3a»aa#t : : . ; -- -'-f. O«aDns -Tw*. ttWetf. 

Exa^ IncOtwrtn;. 'lO.?J ".UtwJcKi W*n.KC2. (lt4BB5«a» 

g^lqc.PW^ 52 ■. - »*. ShiT-tWt t .-.1032 MfJ -}.» K 

«Xb(!o«.liottaX_ JB4> • .. - &M Do AMBjn.Cnit_. piv7 -1704|— 1 *f 2.05 

gw Tra yi ufcOsftA-: ..gja .. ku <£ding d«y p**. ia 

,iACT|yn.iAuy2.^ »r «J 7J - .. a» Crieveaoa Xuageraent <Qb. usd. 

%££&%££& ' ^ 227* 

£Aeeiim.OoBjg__.: B1 -i 9SM.+02 593 “ Ssl. - 'Mm'S IS 

rSipnipFit'^i: Sfc.' \ - 244 " -si- ' ■ 18ft 


iis’ Suf 


»a »’ 

Si I 


Minwr Fund 3 Dubt< l.(d. 

'■Iin-JIT II-" . \nViHT V . f,V4. *•! R". 'II'JI 

MiwIwNir. £... 137ft 19V . ^ W 

F.ienpt N'.t- •*■ . J99A 101. ft) ! 640 

JWL.I I'nil Trust >izrmnL Lid. 

'■Id UII^^ Mn-et.sWIIIOJi:. ill WIITT.T 

MI-\ I . .. |4ft ft 4901 I 3 09 

Murray Johnstone 1VT M-nt.9 ill 

ld{||n{ieSiiwl.>;ia-.eim i.'J.M’ll iMI J2I liJI 

MJ Kumpn* . |792 84 Ji . | 3 55 

H^allri: Pji ’ri.i»> 

Mulnftl t T nit Trust Monagrrcy iskri 
IV i ..flJ.Jll v c ,Ei'JH7Ht'. »l **> arvi.t 
MuiUJlSri llu-. _. 151 7 55 D il J b 45 

Mulual In-: T.» • .. 5 74 r - 0 M 7 44 

MulUhlRIun'h.p .U36 474-0? b 78 

Uuiual Hieli YW- j56 5 W7| | a 95 

National and Comttefrial 

11. "*• \iuim* Square. Kriinliiirifi ml vwij-.i 
I ncome Xu\ ■*> .. |157« Iftlftj 5 91 

'Airum 1'aiM _.Bl42 2274 . . 511 

■ api Sc. » IllO? 135 0 4 14 

'Virnni Unitti _ [158 1 1Mb] 4 14 

National Provident lnr. Msrtk IJd.V 

<L'lrurrciiurc , >SL.K(3P3ini yi ■e;i«2im 
r. PI i2hi:nT« .'470 . 500uf I 480 

l Vruin l.lnitcr. 159 4 Ujj 480 

NTH. W ih.TruH..U24 4 lUa . 240 

LVcruir. L'niL'f . |1M2 1421} [2 40 

*"lTire« rm lu Neil rtpri’iiic Tire 3. 
•n'kirii nn Sor i N«l deslhti: Sow 13. 

National Westminster? (a> 

101. • h^a^dr ETTV OEM. «I4W 6060 


fro« imiul l.ile Ini. fn. IjiJ.v > 4ie i Pni'ie-r mntmnrd 

•.*.•■ »-.■ i...i- < .• ..■ .•-? »■.■■'.: Siuiliiis .Swiirities l.id V 

lVo|,|r, I nils B7 fa| II V U5 ^..,1.-1 ;37‘. il ; 

Hi. I lii.f nii" Jllb5 12— •■■!' 'ii'. 7W 510 5ij 

_ .. .. ..... . . ,58B 673. 


Pnidt. I'nrlfolin Mnnrs. I. Id V laHlrrfo 

ll.tliu.rn Kur. 6l 1“.' ;MI ■■! 4H.TT.V 

l-r.iuf- nli.-l '178 6 13b 5! 4 70 

4uillrr Management ' 0. Ltd ? 

Tin’ll }■■■ i. hi.h tt Mil' i.iiw».j:~ 

Oil. nil. III! I,. -I I'll |100 0 104 0' ; 4 74 

Uii.i'I'ji'i lii.i'i h _ |1M0 133 Of ; I4S 


Reliance l nit Msrs. l.ut.? 

Rt'liui- 1 »-• Tiii.i r.-i; ' W. •!! >■• W 
1 1 1.| ■■ .n i ii. ii % HI *7 2 719* 

S»..i<tM- I i46 3 48 4i 

NbLlimli' 1 tin. ]43 3 04 3; ■ o 


Ridgefield Manacetnent Ud. 

•B44II Ki-iln-d. "M l|:.ii. hr 4er in 

nulr.rli'-lillni I T 188 94i 

IIM^mt.l n.i nn <■ je? «j 


il .. V- JV.; "V.- 4 5? 

..!d .510 6i 21 il . 7 53 

. .4 ,48B 62 J-*’ -> fi <■ 465 

«...> y. i, Hi- ,2«fc b 253 3«; I ?s; 

’.M' 't« 5 l~b 9.0! ■ 7 42 

111. r. .»t -'. .V -.C'l nh ilC. Id- I.! 

Si'lilr*in£cr Trust Mnsrs. Ltd. <aNzi 
liil ',,,,(11 SIIWI I'll.'; .1. 11K|. rnU I 

'.n. Il> rn.|4 |t) } 774' 'i r 3 67 

-n i.ru'jili pit tc - *i ■ 7 38 

. „ I., mu ill-.- 1 f 2?*. -f.. 0 45 

' f .-n,.iili£bVI.I il* »i.^ .. 7 74 

i . «.,4 ••IW l‘«- -15 Z79.- .0. 4 35 

> tt. i„. r « «3 3J$-r ; 4 64 

SWi-jL-ri I .h-Im-i SOT 44 3-d -o ' 9 7g 

: I. nr. iliuvl ’399 330-v. 

I,.: 46 6 50 1. - 3 67 

I: | . Me, I- IT63 27 2 J ' 5 10 

M..r.,-i l^u.trr- 2£ 4 23 6^ ■ 0 J] 4U 

-..i '.will £e? » j. -o?' 

I'f i e i.i» Tr-.-t 22 3 25 I] i ^ 24 

l'r..iu-rl> 7'b-r'*' i.7 3 24 6. I 126 

‘•l-sial7.ll T'l 32 I 34 V I 2 15 

i * ;r“i I. « uin [2! > 24 i. i.&>. 553 

' I. '.in. D i<! 114 3 20 8.6 j 5 43 


1 6 05 : >• wr. iMiiyi 
[ 564 ij.:i.: ■■■ .mill 
■0 5 62 Ii 1 ’ '■*,*• 

1 . "-.I '. ir*|.| 

.-.ind-tvi 

, I r..|»-rt> Jh-re- 

* «Zn N-s :al 7.11 T'l 

. 460 , . ;r ^ v . u 


Rothschild Asset Managrtncm tg> j. u'rnn' Schroder Wage & C« l/d ? 

7VIBI liiiletli.il.- i:.i Ii'cn.ir- 02M6Vdl • .. | - . 

>.*- E./ml. I. .ml JW2 J7ar .*1 vi 3 50 . ‘ - 

Si 1 Ka» Bu. T A 102 5 109 0 .0 8 7 67 . ° 1 V • 

Xi riu.MW'lWl 1471 15b S'd -0 .1 7 45 , 'i , V 0 , -8 Ur? 

lull F.l 1... EJ4 8b l] -0 5| 15e . - , I n.,- l 24JS 

M lull l-.l \.x.B2 0 97 lj -0 bi 154 r.. r J£| v,» -4 £ 7 ? 

V .■ Nuil I r 1 •■> . Pd 154 6 164 51 . 0 j! 4.70 .^"1 ^ ^* E 


•i. un. rnu 1 
22 b’ '0- 3 67 
2EJ .1 7 38 

2 ?B. -I'-.. 045 
■'.. 7 76 

27 W • 9 . S 35 

315-r ; 4fts 

44 3-d -0 ' 9 7g 

33 O n. 

50 1. -r. S 3 67 
27 2.J '5 ?0 

30i^ -ij j; 4 88 
30 j. .0?- 
25 lj I 12 24 
24 6. I 2 25 
34W | 215 

=4 1. I • 0 ’. 5 W 

20 8.8 | 5 43 


l'arsri Tsi. >Tcr* 'Saoilandi «biiS.| 

•.. .Il.ni- r. -niii I.. .- . .1.: ^.-34621 2 

1 .r;.i Jn^rFi,.:.’|23 1 248.' .1) 1 9a 

Tj-,V. Ti '.|l" !i! 3 4S4-: -or 594 

f' Jji.-u.-ir I'.; ,39 9 f3* 5 97 

Trades t'mon Lnit T« Managrrs? 
i mi >. iitrd .;< v " k-jtish: 

TM’TN... 2 -443 57 5-; . 548 


Transatlaniit' and (Sen. Secs 

t>; *■* -s i . .. i..,, . i . in-.-iiT., 


-*wsh , nwd_wCi.:4 
—iapcdoi- lla nil _ f 


O.KCZ. (uourauau 

IE 

L dtuing day per. IS. 


AML UUCjt^iLi 


tAeetua. ObUsj 

rtoy.TOSwCO.t— 

FtnJJnjpFit - ^ 

Glwib pujrrf^^i 

lArruoL Onttui : . 03 - .^94 *n; jm OrwnUr. pec. I — B2 53 ; 13 5\U 

zpb--. ' ads . 416 i Af 2Su'^’M'J5* " 473 

£jMirn 6'ti. . 72.8 - ■ 29.6 -«J 144 iST 29 ESa SS ; ■ 52 

r 6 % WdrNVt’tS.I_. 17^4 U.B *0.1 L44 t«eU» DotOO. .. . }»• W#..- I 475 

N?®rfci£5S*r\ Siie s liS GMTfian Royal Ei. Ifrti'agn. Ltd. 

B3P1MH s-it oi^gaaoil 

Arc h w ay Unit Tst Mgx:Ud.? YaXc) (oer>uanihUPr«. .psi «j| «B3| 4 4i 

am - Henderson AdsiiiMtnfionf iaXc^l 
PrfcM at ■Noi. r atr*«t. Sun^dv'Der. 7. PTWWlT A^n.. s Rwfel«fcit^Hut^ 
Barclays Ihtteoht Ud.¥ (a)<c>(^- . • 

Unicom Ho. JK’RoJCford HdTSX ' (7L2345549 Cabot Rerornr 
Uni ram America _|29a. - A2d +<Wi lJ». i jrowt hlmu- 
Tto.AH* Arc__JWi- M2- Cap.GitftethAcc. 

Do. AUH. Inc. _.>4 63 ' 59 d +&2 1.92 lncmae tc Asset* 

Do. Capital I&7.4 7Z« *ft< A«7 fflfb bnou AuA 

DaEmslntTsI .....UU- US.6sa ^02 ■ tZ7 Httrft Income „ 

Xto. ExnsWttMwfZBi,. ,71)4 aar./CMOt Extra la 

TVi CTnuru-Jal , „ 341,4 ^UAd -tS3 -. 5J36 Od»tFr«L«Ci 


*tions 


( C7S.W-dm j.tteu— t£A :. TB.g*0j L 44 lAOcamuBWB... .!»• 

.Sa;e/4 IS ^ m ^ 

• Hdvis! ErrTomCr ECiPai 

Archway Unit Tst Mga.:Ud.? taMd (acr<uanJhiirrn. .}99i 
3, T. High Hottrara.'WClv TKl. ; .. ot-SXlOm xa—iderxnD Admins; 
Archway rtad. -~»U ' • OT5J — | 607 ^ aau . B g ] 

• PrfcM at Nob. »!*•*■ tun. day Dee. 7. Prtaoier.lT Admin.. 5 (b 


8 : : 3 08 

. - 3 08 

-It 3.47 

1% 
i. 473 


rnpiUil.Accinni . 65 5 7B4|x0 1 4 43 

Enroll..- 66S 714|-02 809 

K.n-nririi 34 1 3ft 6} *0 4 9 49 

Cmmhlnv .... &&S 43 3.0 6 5 05 

Income ‘ . J5 0 37 U *P I 7 15 

tSJrUnholm Fc» 706 73M-21 599 

t.nne^l Kdldl.. |51 2 55 0^*0 3) 2 65 

NEL Trust Managers l.td.? (tHgi 

Mll'oni -jurt. DorinnC- Surrci S9I I 

NelMar high Inc. . [49 3 51 ^ *0 lj 8 03 

Norwich Union Insurance Group ibi 

P.P Bn. < Nnrwirh. MRI Mil UBOSSaftO 

'SmupTM Fit 1363 9 383 1| . 1 b| 525 

Pearl Trust Managers Ltd. UHgXzi 
as: Hu.n UoihurB.wciv ter m «6Rur 

Poart i imuth Pd . 042 26 11 .0 71 4 86 

Actum l i.iU .... 38 Jlffl .0.2 48ft 

Pearl lm .,...332 35^.0 1 ’19 

Pearl (7m(T*4 353 382*3-01 528 

lAri'um 1 ‘hiIm ..,.466 50 2 ] -01 528 

Pelican (.'nils Admin. Ltd. igHxi 
81 PrauUic St.. MaDcbrater Oil 2M VT', 

Pelican __.064 92 9( »0 !| 484 

Perpetual Unit Trust Mngml.y (at 

48 Han St . Henley on Thamet 04912 BIOT 
Fpeniatr.ii < Mb. . .B94 42^ | 4 63 

Piccadilly lUt Trust laXhj 

Anioav Clbk. Mail Trunl Manacrr* lid. 

3. Frcd-n< » . Place. Old Jtnrrj'. fUSH TOP. 

oijon Am 


Rathwrhild & Loundes Mgrai. (a) rtip* 1^0 3 j 7 qI ( 3;! 

si SuiUnii- l_uie. IjIh Ki 4. UliWiJX'd 'Pnbi'iurjtSA' 21 167 B 172 9 i 4 54 

Nrwl'l Enaipl ill 22 0 1290} | 3 89 "4"Ki5»T. 2S0 9 25S6J , J99 

PmTi, un Sin I.', \c- 1 .liuliiii* IH.' 15. "Rei'in-rTT Noi , *97 3 2034] I 672 

•For *a\ Tiir,.! -.nl 

Rowan I’nil Trust MngL Lid.? (at Srniiish Eauitablc Fnd. Mgrs. Ud.? 

■ 'Ityiiaie H— • I I'l .l.nr >q . L' _' nl W# UiK 7K --i \mlrewx.v) tilinn::;h il' . ;.V,'i:i.| 

Amcnran Si>. :ai . (62 0 65 0 I IN In -.inc L'niK 1*0 7 5t5| , 5 28 

Se^imlie* V 173 0 1*2 0 4 77 A'i-i-ri I'ml- i59 5 62 b! ! 5 28 

IIIChYI.I Ue. | <54 8 57 7d .0 71 868 iuulinj.' ■!,>■ ’.V-H;,.-!.', 

M ry,' ml S?r ,0 i 53 i ! »« ™- n™**™ i-w.* , a , 

' 9r>-um I. iiIIsj |9b 4 1013 [ 4 35 ''j. Ml 0rM6r ll-.HMA u'i#'iOi 

•> , - . . '■■fij; I .ifnnil Fd 34 4 3ft C! -Oil 3 97 

Royal Tsl. Can. ftd. Mgrs. Ud. -'r.^-inVome F'd [311 326* • »« 

M.Jrfn»n.bwi>» i. m «3» icfc Seeuiilv Selection Ud. 

liSSK |t?? 73S| | 7 70 :V7. , 'i , l 0 ’^ nn «l ,J '- a, L * a \*?n 

nt«.rtv« *>„rf»l,»cwc ,A l n-|..ilVf«im -fill 22^.5 12 72 

Save Sc Prosper Group Stewart Unit Tsi. Managers Lid. isi 

4 Ureal St Helen; UrtKbm ECU' 3F.P -5 ''hj.-loUeNd . Fdini.oi^t. lOt 

SAT. (Turvn Si KiJiLhurvh nil! 9NX rSienarl Aowncao land 

iN-alin^- lu ill Isi Wf* 0 or ir.ll L-2S ;:e.| M.u.ri.ird L’nll- ’5b 2 59 B! ! 1 58 

Save 4 Prosper Seeurilies Ud.? fit? UJ] | ; 

Iniernallixul Fun*. -Ahon BrlUrt fanilal F*od 

• amial 1359 18 M - a; 268 Sn.i,.u n i U8 3 158 7* : 4 10 

J.rt: . .Bja ?2! ' "H’ J'" 0 ’ ,7S *' « u 

I nil i. row'll (66 5 71 4[.0 2| 191 

Imruiai lanaw Fund 
Rich Yield 153 2 57 21 . | 7 64 

II, Sb InrtBr Fund* 

H.B h Return (67 6 72 b| - 0 II 8 53 

in.-nme J42 7 45 5| . J 9 51 

I K. F'nd. 

CKEquilt . |<4ft 4711 -0 31 517 

IVmi Kaatuii 

Europe (842 .90 5 it| >0 2| 345 

Japan. 100 5 108 0] .0 ’I ] 52 


Un) ram America „ 1298 . 

Tto.Au* Act L. 693- 

Do. Au*. Inc. 5465 

lto CapttaJ — U.4 
DaEjceidatTxJ 111B- 
Xto. Exaalnftun* -, Z8.9 . 
Do, Financial 6L4. 


'' «mS io.)] 

• isaS-ttii 


Extra Income . .. 
Small Co'- F it 
Capital Fund . 

Int. E2im. ti .tueu 
Private F*und _ . 

Accumlir Fund 

Tecbnolosy Fund . 
Far£a*t FV, . _ ._ 
Amenean Fund . 


49 32 

19 B 41. 

02 4ft 9 

A2 48 

♦J. 39. 

64 n 

da ft7 2 


325! r01| 10.30 
nS\ -aH s bo 
4 93x0.1) 550 


Rjr'i F.pc Me -Jc :85 3 1 

ItU'-hhm \... :m :71 9 

. Un. I n ,• 1100 6 

. ,.lmi. He- ' !l?J ! 

• tiiiln, l‘n:«-i !lSb9 

• umiil S>" ‘8> |52 0 

. , inf; ' j52 J 

'.<'■■■ Vie. a l«Z0 

i Irrtuu t-nilr (ft7 8 

Ms-Muni V... -J-. 512 

te.tlrn i ml.. ;»B4 

Vuii ■!■«,, \in 2K «9 7 

•."•'■ Nil- I'll,,.' tit 

-. JP >|v Mil 79 :71 1 

■. am t pp \ii-. a jtti 
■Ac um fail- 46 9 

Wi.-w\i» ui ;Kb 

• V. uni I ini- >75 2 

Wirtlin lm I (67 1 7 

IbtA.eum [78 ft 

Tyndall Managers Lid' 
Iti'ini nee kaoJ. BrUtol 
Inei'aic lie TI [101 7 

it«um L'nit" Il67 4 

1-jplU.ISu. 31 [127 8 

i 'rum t n't?- 1886 

Kxcapi.Nui.29 . ;I10.? 

• ' ■ run full*- 1586 

Ini FarNn. 29 (248 6 ; 

' \eruro I'rnlx. 382 2 1 

JVW Vm 3* {105 S 

Vnm l'»i|. [133 2 1 

S4.i l.lUrt . IDiphnich 
srul. lm Sm JS ilbS 4 1 

SrM'-.-t|. Srt-.- S» ;liS5 1 

■ Veeiim l'ni>— 1 167 8 ] 

lAndiui flail l.rnup 
repirjl iSle 

Dr, \ecuiu {>5 1 

FV.tnilr.i ilrn-lh [39 0 

In. Arcuro -4T J 

l injm ul FT" I-.; 16 0 

lu-. Srcum <19 9 


v Co * 

i'C)-..i:w 
. 506 
' 506 
509 
I 550 
] 550 
.'2 ft Da 
-:fi! 6 06 
I 7 69 

C» 

523 
5 23 
1 38ft 
I 306 

1 177 

• 3 71 
877 

I 6 67 

! b 67 
| 5 05 
' 505 
■1.0< 640 
■12] 8 40 


0772=541 

I an 


lllCMnc Pnnnlf [519 
Inlernall.itial *26 5 

S,ei ml S,|-. >34 5 


*11 SS III* 

I’?* | 9 42 

145 61 567 

176 21 | 5 67 

0272 22241 
87 01 -3 a 6 33 
91 0- - 0 I bJS 
41 9 -0 1 IQ 01 
50 7 1 10 01 

17 1 5 15 

31 2 -7J 5 IS 

66 2-01 885 

28 ji -9 1 304 

36^-0 1 520 


3 98 Areun, i mi. JlbO 9 175 51 | 4 13 

198 Hebline TTi.e .V Fn *Kel 

Sun .-Ullanee Fund Mngi. Ud. 

<64 > un i,||,j a cr|['P,lli l is|iam 'I4II364I4I 

F--.|. FJ1 TAN'S H ;i?14 9 226 3[ I *45 

153 *Tn.- F nmtJ: F’d !96 2 V023[-0?| 394 

,M Targe! Tst .Mngrs. Lid.? langi 


TSB l’nit Trouts ,yi 
ll.i.)iintr , 'tj'. \prto-er Harl». 'OWKIIW 
rtcnlin^ U. rc64 SVf AT I 


Da 50a J 

pLOwmi , • 

Da Growth Arc 

Do. UKuae T«_, 

•DaPrf. A’t>s.TM.. 

Prices at Oct al 
Da Recovery. 

sassfe- 

~B1xt-lnFd-tne 

DaAccum. — : 


- ■ H +0JJ 6-0? Sector Frah 


C3 4S.9 

L4L6 lS'J 
TV«*t 8 ah da 


vJ ^2? FtnanclullilTD- B57 ZM*+DJJ 317 

.+0.4 AW Oil 6 Nut- He* (2fcS 752+0^1 809 

:n Sw r W-1.41 2A9 

jr.Mow. 3Q intomaeTenaJ-^.. .. jnd -0£j L67 1 

Ul .WdLWkteDee.l--mft - 4.61 1 

+o3 138 
-Mill 5 37 
♦Oi) 517 


American F und . {Zl-J 233) ♦0ft) 3 60 

Practical Invest. Co. Ltd.? (yXci 

44. Bloomsbury Sq. WC1A 2RA ul«22 8RFt 

PncUcal Nov 39 ..IHJ 159 9) I 4.41 
■\reum Units. . .(21*7 230 ftj (4 49 


Sector Funds 

Commedliy 174 1 

Ererf 67 5 

Financial sort |682 

Klgb-Mleunnm t'ands 
■»eliTt Internal (245 6 

Select 1 liomr AU 


_ 31 ■ I r— .lorn SI E‘T 

4711 .0 31 5 17 Tjtt.-i • nomedil) 134 0 

Tur -e-i Kmuonal . U 7 

90 5 «d '0 21 3 45 T.ir_i i Equits . y7 9 
108 0 -0 a I 52 T.irp.-i F.i \o* a* &0b5 
34bl»0?l 190 41 m 1 ,'nits [286 9 
713) -0l( 0ft3 Tjr.-e: .Jill Fan. 1 jll* 1 
Turret Irmnb ;28 4 
79 6 J .r. ’J 4 37 15irr.et PacUir Kd [23 9 
72 9 . Q 8 j 179 :<o Rein' Unit 266 
7334 -0b| 4 37 TsMrrla* - BIB 
Tct i*r . 6 . SI <1597 

5% ?5 1^, wi 

56 2| -0 2} 7 76 - 7 ^ x. |Wr ial Sil« <22 £ 

I 


llr.ilrrc- fiJTWi TO* I 


36 6>f I 
681 -0)1 
co r 1 -n -4 


■'jtTARitoBvral (45 
.Mi Un .Aceum. 58 
■’•' TSP. liKonvr M 

■ hi lio tecum *64 
TVRScnUi.h Ml 

■ h-|ia A, 'cum . ’88 

Ulster Bank? ia< 
Wari/iy Mrei-U Rel/act 
H'lLiipr 'im*tt 137 


48 91-0 1 4.06 

6291-0! 40b 

645^-0^ 7 50 
692 -CJ 758 
)69>q-0 5 220 

94 l] -0 b] 220 


Alexamler I nnd 

FT rue '{er 1 ! fame, l.'jicnim.ure 
Mr\and>'f I'uml I H.'sftBJ I . 1 — 

Art J"e»-| talue * T' a> 

Allen Harvey & Ross lm. Mgl. if.I.i 
I ■-hannsi’ro?>.tfl Hrlirr. }r- •’!. 0634-73741 
A UR Hill FcJC F.l .. IU0.U 10 17( i 11 48 
Arbnlhnot Securities 1C.I.1 I.jmiled 

r i.» Pin 2S4. S: lii-lirr Jrrie;. CAM 72177 
,'ap Tv 'Jerw. : 1115 0 Il9 0| . ! *70 

\V\i rfi.'aiinc date fn-i i 
.7ot t Sec- TH 144 1011 I 12 W 

Vein dealin" dale nei.i-;nrH-r 4 
Flasi fcJml T-4 n’l. [17 lMj ■! 3W 

Veal dealir.fi dale !■— 7 

Australian Se I eel ion Fund NV 
Hsrkc*. i.^ port un: lnr c n Irish Vuunc J> 
tmUtfitiiiL 127. KnI W.. ?ca.-us 
L'SSl ftha'v' | SVSI48 | 1 -- 

Nel a&fM -.alue Nori-rihcr 24 

Bank of America International S..V. 
3a Bhulciarrl RoyaL l uiembourp ' > D 
WWliPvr! lb come JnSlKS I15i7| ♦0061 737 
Price* ai Not 30 Veil mb da. Drc 6. 

Basque Bruxelles Lamhert 
2. Kilt Dr la Hvgcncc R 1000 ilruwl* 
ReniaVundLF. . 11.902 1,9431 -? 7 92 

Barclays Unicorn Int. iCh. is-) Ltd. 

I Cbarinc C tosf St. flelisr.JFr 053473741 
Ot*rre*»InwnBe MA9 41 31 *01] 178 

I'BidclbrThM,. .l51'912{ US I 183 

Umbood Trust.. 1C7N . .1 830 

Barclays Unicorn Int- ti. O. Man, Ud. 

1 Tiiomb* si . itoiifilas. I o.M. 0®l4 

Unicom aha. Ext. (46 7 5921 180 

Du Auk. Min B91 ?U*J J90 

Do Crtr. Pacific. ...|65 1 70 0 

Do InU. income . l36fc 19 4 8 90 

Do I. entail Tbl .1451 *0 5 910 

On Maas Mutual |» 2 2611 150 

Blsbopsgate Comnodit}' SeT. Ltd. 

y (, bo. 41. Dmiffln*. I c M 0824-1391 1 

AJUUAC *Noi 8 - |£lSr-3 7 I - 

ANRRiV Nee 6 (£1-175 1 2461 J - 

OUNT—Sm 8 (0.642 2355 . 1 1M 

Drigmallv issued a: -JI0 ana **£100. 

Bridge Management Ltd 

P.U Bo* 508 ijrarul Ca’-Ttian 1* 

N'bathi .or 1. .. | 317.154 ] { — 

G.PO Box 5S0. Honfi Konfi 
TCtppoq Fd. Nor 2&j3lSLZJ II IM . I 9 78 

Britanala Tst. Mngat. iCI) Ltd. 
an Ruth Sl .St Heller Jer*r> 05M 73114 

Sierllne DenoaUsatnl Fd*. 

Gro«vtn Invest 136.7 34 7) *0 71 2.00 

Intal Fd. PM J^H-LU 190 


Keysrr l.'lltnann Ltd. 

2T.. Milk Sirtn. LCtVNF. Ol-flOf. ;oin 

Fonu-JcN jFrl 43* LSW J .’W 

bondsalea - [FrlMIj KJ25, I .. 

I'enl .\.,veli ['op |038M J3£;j'-30:| _ 

King & ShaxMn Mm. 

1 i.liannj C*ro«. Si Hel:er..*er*ev 'ASM 17.1741 
\ alley Hsr. Pi Mrr Ppm. ilnf. iiu«t. a47iyt 


! Thnnta, Slmvl. twue^i*. ! M 

1 till r utWi. ; i'r«e> • |899 4 01! 

1 i'll tVuniT n M.' 1 101 6 ](UM 
>7111 F'nd Ouem -cvil M 4 48! 
InU. CfOn. Sees. T*. 
rimSU-rlir.fi ill 20 18 ♦?> 

Pirn mil . 3:9305 147 &:! 

Kleinwnrt Benson Limited 
20 FVnchun h St- K’3 
Eurinrc.M Lus Y I 1.112 j 

■"iuem«v !rt . .J6S 7 ftiorf 

rm Aceum 82 4 87 U 

K3 Far Fan Fd . D. S12.78 
KRInll Furjl. .. . SUSUSO ■ 
IDlJarsn Fund IUS39 10 

HP l b ijWi I. Fd SLSH.48 . 
SiCr.-t J’er^rjcUi 1 SIS4.90 i 
lniemU Bd Fd |SVS16# - I 

Lloyds BL /Cl.) L'/T M*rs. 

I*£l Ffiiv IPS Si iiel'PT. Jwse% 
UeydxT*: u«f>I 1528 S5 6) 


i*CHi'l£9i3 

I 1222 
12.35 
I 1225 


n:-G“ pmt 

I 3U 


OiM ?7.Vii 

I 14J 


N«t dealtns dalr DeseiabiT If 
LJ lives Tnjsj Obit .1 £10.00 1 i — 

Initial Offer t'lwes ISUi Deeemhe: 

Lloyds Rant InlcrnaiioDai &en?ra 


PO Baa. 43a 12M Ccncro XI iSmtrrriaoi- 
Ucr.iiilhL £irQ«tF.|5fTUf4 HIM I LTfl 
IJnri'IltL Inreae ISFSaa X930| I 5 30 

Management International lAd. 

Hank o( Permuda Riiildinfi. Pernuid* 

C,-uitcrt'ur) Sc* 24 (SI’S? D5 II — 

M £ 6 Group 

Three Quays. Tower HUI EC3P.8Sfl OJhCSa.WH 
AlInmicND. tS |SUS27S 1M — 

AustJEx. Nov tl'S2<l7 ml .... 
GldEx-ArcNovJB. *^j 

Islanit 124 4 1392] -0 ; jjn 

• ACCim Units 1 .1136 5 200 6j-01ft?41 

Samuel Montagu Ldn. Agts. 

;M.oldBroadSt.£.i'r ruiiSSfyAt 

A^lloPd Nov. 38. SFMJ5 48X51- ISO) 3 S4 
Jopfml Vo« 30 . STTJn U3fl-8 47 0 R4 

1 17 '7roup Nov 2P. Dld*r.U Z12 

1 17 Jersey Nor 15 £512 5.6l[ 

llTJ—O sNor B . £? 65 lfl.15) - 


<-ni ... . 

171] 

U9J -Cl 
200 6|-01 ft? i 


S.U3 


Wuri/ic sired. He I fast 0232 3.7231 

■♦•I blEriimut 137 8 40 61 >G2| 5 72 

Unit Trust Account & Mgmt. Ltd. 
Kiev William St ECsftlfVK I>1 A2J4PM 

F>ur,l|jr Fund 138 7 *0 8' | *73 

IVicten.Vrh hnd <29 7 3 13, I * 86 

scrum (J* 9 34 B J 4 86 

Wirier Growth Fund 

Unj William si Ei. tRSvR nuaWSl 

Income Cm tr 129 7 31 T I * 8ft 

Aceum. Unit.* 134 9 34 B! I 4 86 



INSURANCE AND PROPERTY BONDS 


Abbey life Assurance Co. Ltd. 

1-9 SL Paul'.! Cburehyaxd, BC4. 01 348 011 1 

Equity Fund. ..HU 385 — 

ftJSwM- |ft iii ■. - 

Property Act . . UL5 17Bi — 

SelMttre Fund ,.fej • 969 
ConTOTtible Fund .. 134J 1C.* . 

■» Honey Fund. . _ 124ft 13L2 . - 

»Pn>p. Fd Ser 4 . 1323 1393 . - 

VMao. Fd. Ser 4. ..135.7 1*2-1 .. 

VEqti Its: Fd. Ser 4. 353 372 - 

VCoov?yd.Ser 4 . HtS 120.6 .. - 

VMoney Fd. Ser 4 , ULJ 1183) . 

Prlens ai No* . 78. Valuation normally Tun. 

Albany Life .Assurance Co. Ltd. 

3 L Old Burl 1 net on SL. W L 01-437500 

fEqnlty Fd Acc [196.8 

fPbtodlaL Ace. . .. MLS 
•CiiLMonerFd-At. lift* 

9IoliiUn.Fd.Acni. 1D7.7 
91-ro ? V«lAcc.._.._ 112.4 

VbTplelnv Acc. 1MJ 

BaflC-PeoJ-iAcc. 2348 
Wxra LPen Acc_ . 1S0J 
:(*'id_lficm.Pon_AcC. 133.8 
JbLPnFdAcc _ 114 3 

aPen-Aca . 129.5 

lnvJ>euAee.^9.7 

XEV Life Assurance Ltd.? 

H*e- Alma Rd, Reigate RegMlOlOL 
f Managed. -IMIS 153-S -j — 

AMEV MgdT^' 0183 ».■-!.« - 

AMEV Money rt..»2 1U.« . ..VJ - 


Crown Life Assurance Co. Ltd.? 

Crown life Hmi.. Wobdnt.i;U21 1XW 048625033 


MangdFViufAce 104.1 
ftl«3gd Fd. Incm 182.0 

Manfi-d Fd In, 1 102.1 

ERuftyFRAcc . 96 9 
Bqulbr Fd Incm 95 2 
Equity Fd lnit. . «5 
Property Fd Acc 962 
Property Fd Incm 96.2 
Property Fd lull 945 
Inv T*l Fd Acc 10L9 

Irv. T:st_Fd lucm. 19 2 

int Tsl Fd Inn 1S0.1 

Fixed lot. Fd Acc. UJfi.9 
Fxd Jni Fd Incm . 99.8 
Inter 1 Fd Acc. ... 108.7 
Inter'L FtLIncm 188 7 

McneyFd Acc 979 

Money Fd. Incm. . 9S5 
Dis Fd Incm. . 183.2 


1095) .Q21 - 
1073 .0 2 8 31 

107 4 . . — 

182 0 - 
1602 -0.1 6 68 
1005 -02 - 

1012 . 

1912 11 00 

994 -0.3 - 

1072 +02 -- 

104 4 *0.1 647 

1053 -0 1 - 

196 2 -0.1 - 

105 0 * 0 1 12 44 

114.4 .. - 

1144 . ft 95 
103 C 

1005 -01 1100 
108.6 937 


Aim’ Equity Fd.-.. 

, AliEV Fixed Int-.- 
AKEVPrep. Fd_ 
AMEVMaiPeuFd. 
lAJffEV KptPen.'B' 

F7e*lpien..^_ 

AXEWPnzal Install 

American — . . _| 

Income — _ ... 


ly Fd.. 112.7 llf8 

nut-. 9L1 965 

. Fd 99.6 1845 

toQT-d. 1195 116* 

Pea'll' Ufli Ui-5 

--.— MO. 7 106.2 


WariE 


— Crown Bit. luv *A’ .. |l59 2 — I. ] — 

— Crusader Insurance Co. Ltd. 

Z Vincula Houxe. Tower PI. EC3 01^=8 8031 
_ GUi Prop. Nov. 7.. ..J73.9 0.8] ..4 - 

Z Eagle Star losur/MldUnd Assur. 

— 1. ThreadneedleSt. EC3. 01-5881212 

— EaslelUd. Unit* (5A3 5ft 3| *0 * 60ft 

Equity & Law Life Ass. Soe. Ltd.? 
Aaerabam Road. High Wycombe 0484 XJ377 

»»«■ KSSk -fiBJ Sr a 1 : 

~ Flxod interest F.. 108.4 114.J *i»i - . 

— CM Depp* It Fd . 30L2 ISAS . J - 

— Mixed WU. 113 9 119.8] *051 - 

— General Portfolio Life lus. C. Ltd.? 

— 00 Bartboloaw v Ct . Waittuun Cro*«. 1VX31871 

__ Portfolio Fund... I 143.2 J .. J. — 

_ Portfoiki Managed. 1425 4471 . 1 — 

P" folio Fad Int - .)475 M 0| . ...i - 

— Gresham Life Ass. Soc. Ltd. 

— 2 Prince of Wale* Rd.. B'lnouth. (0OC 787855 

"" OJL Cash Fund.... BL®. I - 


Lloyds Life Assurance 

CO. CUHon St . EC2A 43Ei 

bblLCl Nov 6 . 136841 | .1 — 

i.»p.5-ATr Sot.30- 1438 151.4| 

Op.S-A’EqL Sen 30 1353 14251 . 

Cpi'A’Hy. Nm-50. 155J 163^ \ - 

0p5-A1toa.Voe30 153.9 162.01 1 — 

■TpLS-A'Dpt-Xov 31 023 9 13051 j — 

London Indemnity Be GnL Ins. Co. Lid. 
18-20. The Forbory. Reading SRS31 1 

st an i t 

Fixed Interest |J4 2 3611.. J - 

The London & Manchester Ast. Gp.V 
WibfladePark. Exeier. 0382-52155 

' 'in (Trowtit Fund 2358 +171 — 

ftFler. Exempt Fd.. 1394 *liJ - 

* Exempt Prop Fd 96 3 -0.11 — 

OE4pt.tov.TK.Fd 1569 *3.fl — 

FlealbleFnnd __ 113 8 *ld — 

Inv. to* Fdtld. .. 136 8 *2.91 — 

IT o u e io Fund. ... 85 8 *03 — 

Gldoeportt Fd ... ULft *0 1] — 

3f Sc G Group? 

Throe Quar*. Tower Hill EC3R8BQ. 01-8W 4588 
Ame neon FdJSd *— (465 49* . - 

Conv.Depoxir 120.6 126.# - 

Equity Bond** 136ft 3435^ . - 

Ex. YieldF dAd *..— M2 90ftl .. . 

FamU.v 79-80- . . 1*9.2 - 

Family 81 -88- ' . 1936 - . . - 

CHI Sncd — 1872 112.W *0.2 - 

iat+roatnl.Bnnd— • T7.6 10251 .. ■— . 

Japan Fd Bd- . 57 4 60# - 

Managed Ba—.. 1375 144.5^*05 - 

Fata w idon"* . 052 — I • . — 

Proper^ Bd*“ . - 1662 174ft] . . 

Recovery Fd Bd* 68 9 725| .... - 

p"— "I- *Nm An -Nor 30. — UCL 34 


Royal Insurance Group 
New Hall Place. Liverpool. IBI 2274422 I 

Royal Shield Fd 1144.7 153 II . | - j 

Save & Prosper Group? 

4 GLSLHeioq j. Lndn.. EC3P 3EF 01-55* 8»9 I 


Bal lnr Fd 
Property Pd.-.. . 
CillFd 

Deposit Fdt . . 
Comp Penm.Fd.r 
EjjiiitvFens.Fd 
Prop.Peno.Fd • . 
'jilt P*n> Fd 


137.7] -0 1 

170# 

129.3 *0 2 

132.? 
219# .. . 
I960 *IC 
2471 
99 3 *0 1 
107 H .. . 
ber 2L 


DepoiPwv'. Pdt. _|102.* 107# .. 4 _ 

■Prices on Novrmbcar 2L 
tWeefcly dealing). 

Schroder Life Group? 

Enterprise Hour*. Portsmouth. 0705 27733 

Equity I I 2M.4 1.. - 

Equity 4. . - 224.4 236# - 

Fixed InL 4 UM 1 .. - 

Managed*.... 135ft 142# ... — 

Mon«y4 __p99 115.8.... - 

Dvefteu* .— - (83 9 88.41 .... — 


Property*-. 
K&SGovt. ! 



Far Arrow Ufa Aararsaee an 
Providence Capitol Ufa Aasnraae* 

lays life Assur. Cm Ltd. 
25aHmnfnrdRd,E.7. 01-5345544 

*0.7} - 


LACcnm. _ LUt-c 

ifaJuLAM. _ feS 10* 

idol JSTl , MK, 

•Curreut units value Nov. 22. 


Beehive Life Annr. Co. Lid.? 

Lombard SL.EC2. 01^231289 

Bone Dec. 1 | 13235 | ] - 

life Ajonace Co. 

2S High SL. Potter* Bar. Uevu. PSar 91122 
MMDec. 1 — I 6L7 i*8 ftl - 

Fed Novo. 1164 ) E| - 


1077 113.4 

1123 lt82 
1033 114.8 

MZjB 1 BS2 


Assuranoe Ltd.? 

L Otympic VTy, Wembley BA90NB 01-0028071 

^^fezzip = Mz 
ag£Tr:£8 ££$&! - 

(EmeeRJulL 03.4S 14J* +0^ - 

Bond 113ft 120.4 *0.1 - 

Aceum. — _ 182 — ..... — 

rty Aecum . . 03.40 — *0 09 — 

£5r_-.:: mi z 

Property — 1005 114 6 *0ft - 

m-** - 

tod Eq. PeaiiAcc. 905 IJAfl . — 
todPrtJ J*ens/Act .. 113 9 IfflB *0.8 — 
S3 Mftd. PensiAce 1838 189.0 *0 • — 

2nd atp-PCM'Acc 102.8 laps +02 — 

Sad cat Pena' Arc. 91.1 96^ *0.« — 

gnd Am Peno^'Acc. 743 MU -1J — 

1.AES.LF. 998 . - 

IfcESiFZ |275 . 29B...] — 

Current valuo Nov. 50. 


*BJ - 
-10 - 

* 0.8 — 
*04 — 
+ 0.1 — 
*0.4 — 

-LJ — 


CL. Ppfiy. Fund > flOZJS 1BSJI ... | - 
Growth A Sec. Life Ass. Sue. LKL? 

Weir Sank. BrayoB-Thame*. Ilerka. M2BA4284 
Flexible Pittance— I 0506 j . . .J — 

1-BndbanV Secs. — I 54.11 J ... .1 — 

La5db»nk Sc*. Aro. [116.7 119.0 .... 3 — 

G AS. Super Fd. £7.903 J 4 — 

Guardian Royal Exchange 

Royal Exchange. E.CV7- 01-2827107 

Property Bond* _.. |107.D 2 M2] 4 — 

Hamh ro Life Assurance Limited ? 
?Old Park Lane. Utndoa.Wl 01-4090031 

Fixed Inc. Dep .. 127.9 134.R — 

Q,ulty 1£5 lg.# ... . _ 

Property - 171J I* 4( .... — 

Managed Cap M4-9 — 

Managed Acc.. -. 179.9 1894] ...... — 

Overoeas 125ft 132J] .. — 

GUt Edged 126 6 133j| . — 

American Arc —.109 95.7] . .. — 

Pen. F.l Dep tap 1305 137# . _. — 

PetuF.I Jtop Acc. - 1545 1*2R ... . — 

Pea- Prop. C»p . . 213 7 225 Bj — 

Pea Prep. Aec 279.4 294.21 — 

Pan. Man. Cap. — 212.7 223.9] — 

Pea Man Arc C77.9 2TOi] .. _ — 

Pca.GUtEdg.Cap . 120ft 12* y — 

Pen. Gih Edit. Aec.. 130.0 136? — 

Pea BA Cap. 127.7 13A2j .. — 

Pea B.S Acc 147ft. ,15531 ... .. — 

Pea D-A.F.Cap. — Joa7 | - 

Pea.DA.F.Acc 107.8 I ... J - 

Hearts of Oak Benefit Society 

1ft- 17. Tavmock Place. WC1H8SM 01-387 5020 

Heart* of Oak 137.7 J9.8| ,„.4 — 

Bill Samuel Life -Assur. Ltd.? 
NLAT*r.. Addlacombe Rd.Crnj 0]ftB643ftft 
♦Property L'nila - 11626 370.71 *03 - 

1UA *0.21 -- 
iTL# -i y _ 
181 J —0 71 — 


. rtr 

Managed 

‘Managed Senes A 
Managed Sanest. 
Money Units. . _ 
Money Scries A. 
F|xM toLSer 


. InLScr J 
Equity Senes A 
Ptit Managed Can 


17* -0.7| — 
1291 .... - 

104.1 . ..J — 
98.7 . J - 
961 -o.a - 


Cipttal Life Awu ranee? 

CwtUlwi tfoose, Chape/ Ash R'Ton 0002 2851 1 
Key Invest. Fd.. ,.| 99 » I . ..[ - 

PbcemafcerlnvTd. .| 18196 } .. . j — 

Charterhouse Magna Gp.? 

SwpBmson Rse. Brunei Centre. BJetchley, 
MS (ton XeruosMMMlZZX 
CkrthMeEatrrgy. . BC4 364) - — 

Chrtbsc yioney . „ 291 Jl? — 

Chrthsc Managed 39.7 41.7] ... . — 

Ghrthse. Bqully 36.7 3171 .. . - 

Usgn* Bid Soc . 134 5 .... — 

Magna Managed .... 1518 | — 

City «T. Westminster Assur. Co. Lid. 
■BtozMesd House. 8 Whitehorse Road 
Croydon CR02I A . 07-0MP684. 

West Prop. Fund 
Man eg 

Equity Fond .. 

Farmland Food 
Unary Fund 
GOt Fund 
PULAFW „ 

Peps. Uagd. Cap 
Pima Blngd Acc 
Pas. Money Cap 
Pens. Money Ace 
C*P. 

Equity Ace. B 7 1 OO./j . I — 

Wand currently rioted to near luvrsXmtirt. 
Perform Vans ) 221ft I .... I — 

City of Westminster Assur. Soc. LUL 

Tekrpbonc 01-684 8864 

First Units ? BU ! “ 

Pr o p er t y 1 U aits.— -p* 6 S7j] ....J — 

CflBBaccrcitl luioa Group 

St Belem's. 1. UndershafLOT. oj-aMTSM 

Vr An. Ac. Dec. Z . .! 5*2 I -1<3 1 “ 

Jtu Annuity Pi*.—] — 

Confederation life JnEtxnutce Co. 

Sd Chancery Laqe,WC2A 1HE. 01-2420282 

hyFltpd- ■_ 11*11 170 71 1 - 


Pill Managed Act 
Pni G"i»< 3 Cap. 
Pn* CTeed. Aec. 
Pens- Equity Cap 
Pens. Equity Acc 

Po.vFsd Ini- Cap 
PnsExdJnt-Aca 
Pcs*. Prop. Cap 
Pens Prop. Acc 


Prices' or. *Not 29. —Nov 30. —Oct 3* 

.Merchant Investors Assurance? 

Leon Hie . 283 High SL, Croydon. 0I4BB9I7I 
Property— . -. 16L7 *1.7] — 

Property PVns. - 172.4 *27 — 

EqJv.:.... „. MJ *L2 - 

Equity Pens . 171.9 *31 - 

Mono Mattel. - . 143.9 *0J - 

Money lot Pens. . . 107.1 +03 - 

DepoiU__ 1318 *ai — 

Deposit Pnos. 145 J *03 — 

Managed. — . - 1089 +15 - 

Majuged Pens. — _ 144ft +2.4 — 

TnUSW «A -M - 

Do. Pena 1M.0 — 

Wt. Managed.. MJ -02 - 

Do. Pena 1008 ..—4 — 

NEL Pension* Ltd. 

M ih on Court. Dortong, Surrey. ' 0911 

Nelex Eq. Cap }KL8 Bft.ll ...... — 

Nelex Eq. Accuta - 1105 124.7 -LI - 

Nelox Money Csp._ ftLS MJ — — 

Nelex Men. Act ft7.9 7L4 .. ., - 

Nelex GthlneCap. 49.4 52.0 — 

NelcsGthlnc Aec. 515 542 ... . — 

Nel Uxd-Pd- Cap— 49.4 52J - 

SatKxd.Fa.Aec.-eij 54ft| -J — 

Next Sub day December 25 

NPI Pensions Management Lid. 

48.Crocechurrb £*. EC3P3KR 01 4200 

Managed Fund -|157ft 16421 ... I - 

Prices Dec 1 Next dealing Jan. 2 

New Zealand lus. Co. fU.K.) Ltd.? 
M* itJ and House. Southend SSI US -070262953 
Kiwi Rev Inv. Plan. 088.8 1S3.« ... . — 

Snail Co'» Fd - .97ft 1025 .... — 

TechiiolocyFd. .. 1158.7 114.4 .... — 

Extra IncTPd. — 95ft, 100 4 . . - 

Extra toe. Disc F4. 100 6 105.4 — 

Axaericao Fd. . . 90.4 MJ .... — 

FarEastFd. 106*. 1125 ...... - 

Gilt Edged Fd —105.7 1313 - 

Con. Deposit F«J .. jMft ltO* ..- - 

Norwich Union Insurance Group? 

PO Box 4. Norwich KRI 3SG. 080322330 

Managed Fund ....[ZU.7 238 J1 *0.4) — 

Equity Fund - .P54.7 ^JJ+IS — 

Property Foc-i IlMA 1*2J1 ... — 

Fixed! T dC Fund - hg ft lMd -03 - 

Deposit Fund . 288.4 1J45) 1 — 

Nor Gnit Ni*’ 15 ‘ Z1L2 I ,.„i] — 

Phoenix Assurance Co. Ltd. 

4-S. Ring William SL.EC4P4HR. 014388870 

Weajib Am . . 1113.1 U92t . .. J - 

EbT Ph. A si. - - I 78.4 I .. J — 
EbY.PhEq.E. ]7ftl 8011.. . I — • 

Prop. Equity dr Life Asa. Co.? 

118. Crawford Stro+t. W1H 2AS. 01-W608S7 
R SUV Prop Bd ..| 1866 I J ~ 

l/v3 - 

Property Growth Annr. Co. Ltd.? 


Bft. Peo Cap. B _ 1247 138.9 ... - 

BS.PeaAee.B 1375 M4J . . - 

Mngd. Pea Cap. B _ 21Z0 2233 ... — 

Mned. Pea Aec. B.. 2S6.6 =692 . . — 

FTnt Pea Cap. B 95.5 100 7 . - 

F tot Pea Acc. B 975 182-7 

Modi*? Pe_i. Cep B. 875 ■ 182 7 . . — 

Honw- Pea Ace 3- 995 1049 - 

Prop Tto. Cap. B.. 109 2 115.1 . - 

Prop Poa Acc- B..11L3 117-3 ■■ - 

Scottish Widows' Group 

PC Bax 9C2. Edinburgh EH165BC Q31«S6000 

InxJ’lyftories 1. - -D07.2 107.8 +15| - 

Inv Ply. Series 2 TOIL 1065 +1 £ - 

Invest Cash bee. 1 . 10021 1035 _ 

Be l‘L Aec Nov. 2B. 14L0 19711-16 - 

Ex Ui Inc. Nov. 29 1J35 +25 - 

Mag Pen Not- 30.. 1270.9 270.9] *2.0] — 

Solar Life Assurance limited 
1012 QyPUrr London E.CJNSTT m-422905 
Solar Managed S .1K7.4 1342+1.11 - 

giSR’g?*-®! SH-a z. 

Solar PXd-lnL S... U52 1213... - 

SoUrCashS 102 5 109 0 *BJ _ 

Solar IntLS Rft ,90.' +LS — 

Solar Managed P_„ 127.0 135.7+1.1 — 

Sol *r ProporryP-. 108.6 1144 - 

Solar Equity P 1703 179L2 +15 — 

Solar PxdJnt. P — J147 U0.I ... - 

Solar Cash P 1022 188.6 +0.1 — 

Solar In CLP (853 *»6[ +23 — 

Sun Alliance Ftusd I WawgmL Ltd. 

SunAUiaaee House, aoroham. 040364141 

Exp.FUIntft.orft i£M93 159.6] J — 

int. Bn Noe. 38- - - 1 QLtl I . . .J — 

Sun Alliance Linked Life Ins. Ltd. 

Fun AflUoer Haase. Horshac a 848354141 

Equity Fund — IL2C.fi 1348) +?3 “ 

FlxedinterosiFd. . .J1D55 ULlJ +02 — 

Property Fund — [1163 1351 — 

International Fd.... 1*24 “ 

Dcpoail Food... - -64ftl — 

Managed Fund .. 1 1092 115. «] +01 — 

Sun Life oT Canada tU.Kj Ltd. 

2. 3. 4. Cacftspur St- SW1Y 5BH 01830 5400 

Maple U Grlh_ . I 205 4 | — 3 OJ — 

Maple li. M«n«A 1343 .... - 

Maple Lf. Ear*. ...] 1304 | . . J — 

Perm 1. Pa Fa. . — | 2879 I *25] - 

Target Life Assurance Co. Ltd. 
target House, Gatehouse Rd. Ayleabury. 
Buek> Aj7esbury iXCPd;ftP41 

Man Fund Inc 197.1 1023 .. .. — 

Man. Fund Acc_ ... 120.1 1264 — 

Prop Fame 117ft 1248 .... — 

Prop. Fd. Aec. 1SL0 .... — 

Prou. F<L tov 1158 — , — — 

Fixed lot. Fd Inc. 200.9 3062 — 


jersey F.nerzt'Tia 1117 2 1267] -BA L50 

Vnivsl J TsLSIg. . K2.02 21R+D0^ LC0 

ElRhlni.Stls.Trt. |e8 93 0 9M-0 05) 1250 

I'S Dollar Denmalnssed Pis 
I'nlisl. S Trt. . ISV9JJ2 5391*3891 - 
InLHiCh Ini Tst Isfssm B»7o]-0.IKj 927 
Value Dec 1. Next deaiirc Dec. * 
Brown Shipley Tat. Co. Uersev I Ltd. 
? n Box 140. St Holier. Jersey 0634 74777 

StlngftinelFdrtii. . (Q000 lfl 03] ... 11200 
Butterfield Management Co. Lid. 

PO Box IBS. Kaaultai. Bermuda 
B unrest Equity UUS22& :14 [ 175 

Buttrea* Inrame . ISUSLn :k] | 7 8! 

Price* at Nor 8 Next ran day Nip It 
For Capdlrex SA see under Koyser 
UUntan Ltd. 

Capital International S A. 

37 rue Nntre-Damc. Lurcmbourfi. 

VapitailnL Fund | SCS1745 | . . 1 - 
For Central Assets MngL Ltd see 
under Keyset- Ullman Ltd. 
Charterhouse Japhet 
1. Pal en> rotor Row, EC4 012*6 3£flP 

Adi tops. - piCJja 3140MIU 400 

AdliTTha . . M444.7I iw+fl.M 464 

F«ndafc .. . . DMLa DW+020 c*7 

Fendu. . . . DNaifl =lz3*D20 523 

Emperor Funit . 53.16 } 7*]-0 !M — 

Hispana pi'?0.9t UR) 276 

Clive Investments (Jerseyl Ltd. 

P.O Bex 270. St Helier Jane; OSM J7»ll 
cure GUt Fd IC I i.|95ft 45M . . | 1L51 

Clive Gilt Fd <J*v > 19 52 9&5d . | U55 
Cornhiil Ins. iGneraseyi Ltd. 

Pii Box 157. Sl Peter Pan. 'iuerrvj- 
lntnl.Mso Fd .1163 5 178 0] I -- 

DWS Deutsche Ges. F. Wertpapicrsp 
Gruneburgweg 113- WOO Frankfort 

InrcalB.- 1DNI7.4I 3f.4(|*0.e0| — 

Delta Group 

P.O. Box 3012 Naauu. Bafaamaa. 

Delta tor. Not 30 ..ISUSLU in] | — 

Deu tocher Invesbnent-Trust 
Pbatfach 28B5 Biebe/gai*e6-!>7£DC0 FTOnkfurt. 

Conroe tra IDK2868 aW-02M - 

toLRmttonfends _[mU6» 768M | - 
Dreyfus Intercontinental Inv. Fd. 

P O Box 83712 Noxaaa Bahamas. 

j NAV Not 21 [R.SU5* UD| . | - 

Emson & Dudley TsUWgUrsyXtd- 
PU Bon 73. St.Ueiicr. Jrrse^- D3»430W1 

EDLCT .. 13234 1315]. 4 300 

The English Association 
4 Fore Street. EC7L 01 ttffl 7091 

Eng An. StOrliQE'JfSOftO 50-Kj I - 

Wardgai* Cm Fd-^093 113^-0 ftjj - 


Murray. Johnstone ilnv. Adviser, 

103 Hope St GlansoK- '^2 MI-2STSH7 

•Hope Si Fit 1 Si.539 51 {-D9!l 

•Murray Funo SCS10 90 !-0J*1 -- 

NAV November 30. 

Negit S_4. 

ina Boulevard Rnva], l.mcmHpiirS 
NAV;*Or.C* i 5U512 - .1 1 ... ] — 

Negit Lid. 

Rcnk of Bermuda Fide*. rUmllroit. FrniHa. 
NAVNrtv IT . ]£65" - I i - 

Phoenix International 

pn Box 77 Si Peter Port, Cuerttvv 
Toler- Dollar Fund. ]S232 2 501 i — 

Quest Fund Magma L (Jersey) LuL 
P 0 Box 104 SL Hel ier. Jcrwi <S3-t 274*1 

Guest SUc-FriS InL |B81 9131 | 12 PO 

Quest Mil Sees Kr«D» 5 00 

Quest tail Bd Bi'afe f-«i| - I 9 00 

Price ai Nov a, Next dealliu: Dec B 

Richmond Life Ass. Ltd. 

4R, Athol Street. Dnuglaa. I.D M nVftStP'.d 

tx'Tne Stiver TrutL [115 ft llft.7] *lo - 
Richmond lid. Bd. .1168.3 1S4.S *0 7 _ 

Dr- Platinum Bd. .1561 1645J *2.9i — 

Do Difitnono Bd. . ,N3 1 ldlJZl 

Ik> E m InromrBd . 1662 17*3 -03 11 Hi 

CamllonC G I Bd .|9S 0 lOODj . . - 

Rothschiid Asset Management <C. 7.‘ 

P.O.Box aS. St Juliana CL Guernsey 0491 2031 
OC.Eq.Fr 'Vi 31 1565 60.11-351 

OC lntLFd Not. 1 1521 161 fid -1 7 755 

O. CJotJ.Fd.r. . 5122 li^ 1U 

■>’5raCoiDciJ! .. 140 8 K9 a -0 i] i 33 

P. C Cemmodirv i<a 1 1511) | *ft7 

OC Dlr.Condtyt . JS78.07 79 6t| [0 67 

■PriCW on Nov 14 Next dealing Nov afi 
tpneex on Nov 30 Nett dealing Jan 2 

Rothschild Asset MngL t Bermuda* 
P.O Box 6M. rtk. cf Bermuda Bid . Bermi-Ha. 
Hetcrve A-isetJ. KrthCHTI 9771 | . . 

Pncv on No®. 21 Next Hmline 34 

Royal Trust fO) Fd. Mgt. Ltd. 

P O Bex !■»*. Royal Trt. Hae.. J+r'er. 05T<* 27 *j 1 
RT.tofl.Fd. .. -|1US»J1 IMd . I 3 00 

RT lofl Uny .Fd. lea 0 ttft»3 1 321 

Prim at Nov 28. Next deeitns Dec 3. 

Save 4b Prosper International 
Deakoc to 

37 Broad SL. St Heller. Jersey 0534.31501’ 
L'ft DollirdainliiiiKl Food® 


ReL Plio Ac. Pen. 76ft 
RetJlinOip.Fen . 63 8 

M*n ft’s n. Fo_4.ec. _ 1295 

MBtuPeaFd-Cap ... 1172 
Gilt Pen Fd-Aee. . 1336 
Gilt Peo.Fd Cap - . 1244 
Prop. Pen. Pd -Acc. 162 4 
Prop.PeaFd.Cop 168.9 
Guar.Pen.FtLAre. . 97.4 
Guir.PeaFd.C-ap. 96 6 
DJtPmFiLAee... 065 
Dj6.PeaFd.Cap |968 


306ft . .. 
1D24 
H2I -0. 
MS -0. 
1363 
1Z34 . 
1»A .... 
LUO, .. 
170.9 .. 
1694 
10251 
10L7 ... 
10L6 .. 
lOLOj . 


Wanlgaie Cn: Fd-iQ093 113B-06JJ - 
•Next dealing Dec. 8. “Next dealing Per 20. 

Eurobond Holdings N.T. 

Han del 1 lead* 24. WUlwnvari. Curacao 
India JUralr. Intel. IS Oduaylw Si, Ed 
Tel. 0l4fl 7243. Teh*: 8814408. 

NAV per share Dec. 1 3KS20B0 

F. & C. MgntL Ltd. Inv. Adrisers 

1-2 Laurence Pountney Hill. EC4R OB A 
Ol-dZS 4000 

Cent Fd. Nov. 22_..| SUS52S | J — 

Fidelity Mgxnt. A Re*. iBda.) Ltd. 

P.O. Box 870. HamillOa Bermuda. 

Fidelity Am. Aaa_-| EUS23.14 j J - 

Fidelity InL Fuod..| |i;S2flJ17 -Oftfl - 
Fidelity Pae.Fd — SUS54.83 

FldelityWridFd ...] 51330 J-0 111 - 

Fidelity MgnL Research (Jersey! Ltd. 
Waterloo Hao. Don Sl, SL Heller, Jer*ey. 

OSM 37561 

Series AtlDtaL* — I £3 58 |-0 Obi — 

Sertta8iP«clflci_ R9J5 \ - 

IflMDiAnAa.) [£3472 -I J — 

First Viking Commodity Trusts 
8. St. George's St. Douglas. LoJT 
0C4 46R2 l4to A gts. Dunbar & C« . Ud. 

S3. Pall Mai L London SW17 5JH C-l tPO 7®7 
Fs.Vik.Cm. Tsl. 1347 365! I J00 

Frt.Vk43M.Op Tat. W5 0 6«.« . . .) - 

Fleming Japan Fund S.A. 

37. rue Notre-Dame. Luxembourg 

1 Fleams Not 30. . I SVSU. 66 l ... I - 
Free World Fund Ltd. 

Bur.erileld Bldg- Hamilton. Bermuda 
NAV OcL 31 . I 5trei*a05 I . .] — 

G. T. Management Ltd. 

Park Hse, 16 Ftoabury Cirrus. London E>72 
Tel: W-«28 8131 TLX. 886100 
Louden Agents (or 

Anchor 3' units — &KS0W 183 . .1 237 
AnchorClltEdge-S936 9<2*00ij 1548 

Anchor lru.Fd §CS«JZ 4« .4 112 

Anchor la Jsy. Tst .S73 -0 li 1.11 


_ Anchor la Jay. Tst . 

Berry Pnc Fa. . 

Berry PscSTrlg — 

- G.T Asia Fd 

_ 0 T. .\sia Stcrll M. . 

CT Aurtralia Fd. 

G T. Bond Fund . - 

— G T. Dollar Fd 


1IS8W lea 
136 9 42 *001 

L’StJB 495 . . 

73 29ft -C 1 
5VS5371 
03 80 J17ft0 
iKaas 24 . . 

U.76 1456 

‘FI W 1(04 
Sl'S1357 -0-01 

. 4US669 


Sr ] 5 


— l*eon House. Croydon. CHS ILL" 


Imperial Life Ana. Co. of Canada 

Imperial House. GaUdrord. 71255 

Crt-Fd Det. I — TO8 «l.tt -*0.81 - 

Pons Fd- Dec. I . 178.1 762} *2 *] — 

Lnit linked Portfobo 
Managed Fund — [91.8 99.B +01] — 

Fixetflnl Fd. ...»57 100.71 *0-3 - 

SecureCaaFd Nftl lftJJJ *0ft| — 

Equity Fomd. ._ ff9.4 1046] *1 4| — 


- Irish Life Assurance Co. Ltd. 


11. Finsbury Square. EC2 0I-&88253 

Blue CMp Dec. 1 760 80 01 *1.0] 5 00 

Cp.sr.n5ec. 1 - c 1 .97 .; +i.j - 

Uaaaaed Fluid . . 237 6 2501 -»3ft ** 

Maugd. Fd. Ser D . 9ft 0 1010*1.3 — 

exempt. Maa. Fd .1211 HAS -26 - 
Prop Hd. Dec .L..*i ' - 

Prop. Mod Gth. . ~ 2384 221.8 ^6 5 — 

Prp Ud GrtJi.Ser.n 1017 1081] +31] - 

King & Shaxson Ltd. 

S2 Cornhiil EC3. Q1452 5433 

Bond Fd Exempt . [102 94 104 7>| ...,| — 

^ Nrrt deaJinfi dale Dfr 8. 

Langbam Life Assorance Co. U«L 
Langbaai Hs, Holm brook Dr. NW4 fll-203 fCI 1 
Lapfiham '.V Plan (64 3 ftlft] . .1 - 
•Prop. Bond . ^63 154 fl 1 - 

Wl«i 1SF1 Man Fd|77 2 « 3| J - 


Thoperfy Ftotd. - . 
Pr o pertj.' Fu cJ ■ A 1 - 
Aj!n cultural Fund 
Agnc FundiAi • 
Abbey Nal Furo . 
Ahbey Xa. Fd Ai 
In v e win nt Funo . 
tovertmeniFd 'V 
Equity Fund 
Equity Fond 'A • 
Mtmej Fuad 
Money Fund 1 A, 
Aratnrial Fur.d 
om-rdecd Fund. 
Gilt-Edged Fd <A 

♦Redre Annuity 
*Iuuaed Ann's; 
Proa. Growth Proa 


Prop. Growth Prone** 4 

All W Jier At 1 1.\ 132S 
?AJ I Weaihcr Cap . 123.1 
?«ov. Fd L«s- - 
reoslofl Fd lit* 

Cow. Pens Fd. 
c nv Pit* Gap. 1 1 
Man Pens. Fa . . 

Man Peri Can. 1 1 
Prop Pens Fd 
Prop Pent-CfiD UIV *- 
Bdeg. Soc Pen. 1 1 
Blot hoc. Cap '.1 


793.1 

150.8 
.158 6 ' 

686 
602 
377ft 
3763 
144.6 
1435 
-117 5 
1213 
1213 

187.9 
1535 

fra* ft Audi 


TranriDtcruattoafll Life Ins. Ca .Ltd. 
S Bream Bldgs., EC41 NV 01-W56487 

•Tulip Invest Fd. D44.2 151 R — 

VTuUpMnngd Fd . 114.0 119 9 . - 

•Man. Bone Fd — 117.7 1133 - 

Msq.Pra Fd. Cap . 1210 1273 — 

Man. Pen rd. Acc. ift9ft 1^.9 — 

•Mztni In» Fd tnll 97 0 1021 . — 

•UCfid tov Fd. Acc] 97 9 183 0] 

Trident Life Assurance Co. Ltd.? 
Renrt a rte House. Glou roiter 04523SWI 


Managed 1 123ft 

GtdSfgd.. . . Uftfti 

Property . '153 9 

Equals 'American . B0. 4 
V?«C Equity Fund. Sll3 


, ft ABMidro Li 

10 DM 

1.1 129.7 . . 

I4L6 
1341 

152.6 . . 

135. a 

15L9 . . 

1375 
1516 
rM53 
1360 
1231 


130 51 - 

155 M . - 

163 IK 

V. J , ■ nfUKl is™. - (w*.. as 2f —0 6 — 

V?tC Equity Fund. *1113 117? *0.8 -- 

Hieh Yield. . . 1389 W7.ll — 

GiltEdged 120 7 127* 

Mone> .. - .1257 132*. . - 

International 9C 9 IOS S -0 * — 

in teal . . .127 5 135 lfl . . - 

Growth Cap ..... 134.0 1 * 3 21 — 

Grcwi b Aec 130 7 1J7 Bl . — 

Pent. Mn fid. C»p 115 0 1218] 

Pent Mnpd Are. 1Z16 12B.S — 

Pent Gid-Dep Cap 104 7 110? — 

Pans.'Jtd Den Acc 110.7 117.3! .. — 

Pens Ppis Cep 117ft 124 U - 

FftU.Pl>. ACC. .1239 1312.. 

TttJi Bond . 36 6 ^ 38M 
-Trot Cl Bond 99.2 ] 

-Ca*h value for L 100 premium 

TyudaJi Asgurance/PensioBS? 

lB-Cftovtiso Road. Bnsul. (1272 .32241 

S-WayNot.Dl 125 7 

EkiuilyNlK 30 1644 

BondNov 30 1671 

Pro pern- Sov 30. . 109 J ... 

DetHwit'Nb' . Vl . 1308 — 

O-A'ft' pn Not IT . 109 6 

D'stBSlnv NV" 30 716 

Mn.Pn3-WOec l 177 6 *10 

Do Equity Nip 2 . 2733 

Do Bond Nov.2 . 1810 

Do Prop Nov 2 905 ... — 


Lanfiham-A'Plan [64 3 MJ| . . J - 
•Prop. Bond ■_. . . Jw63 154 J - 
Wisp 1SF1 Man Fd|77 2 «3| ..„.J - 

Legal & General fUnit Assur. I Ltd. 
Kinparood House. Klngvwood. Tadworih. 
Suitcv KT20 8EI ■ Burah Heath S34M 

Cartful^!-... mi MX -03! - 


1M.7) .... 
132 ft -01 
1375 *0j 
122 « -0 : 


IWaaafied Fund 
•FTP Fund 
FatiaLitoD. 

Stoficd. 

Groupi 
Fixed tot 

Equity PrtJNOn ... 

Property Petistoa [1529 


Do. Aceum. . - 994 1W.7 

Equity Initial 124.1 1328 

Do Aec tins 138.4 1373 

Fixed Inlllal U62 122 4 

Xu Areum . . 130-2 1263 

toil. Initial 85.6 «3 

Do Acc cm . 90ft 95.0 

Managed Initial .1191 
Do Areum — 123 2 129 1 

Properly Initial . 100.1 IDS 4 

Dn Ac nun. 1035 lOM.cj 

Legal A General 1D01I Penvkutrt 
«aempc Cash lnit 198.8 104 QJ 

Do Aceum . '. 10L7 1117 XI 


— Exempt Eqt* lull... 133.1 

— Do.Accum. ... 1S7.2 

— Exempt Fixed lnit 1162 

— Do Arctim .1397 

— Exempt Mngd lnit 129.5 

— Do Aceum. 133 4 

— Exempt Prop ton 98.S 

— Do Aceum - 1017 


Cornhiil Insurance Ca Lid. 

31 Cornhiil. EC a. Ul-ffl654ia 

Cap. Feb Nor IS- 1122 — J • I — 

5tJ :_.J = 

Credit & Comment Insurance 
1». Reft ml SL. Loadc; '*1 R 5FE 01^3P 7l»l 
r tC Mnca Fd. [123.0 133 !? | - 


Legal A General Prop. Fd. Mgr*. Ltd 

1 l.Vucen Virtona U! . ET4N 4TJ' Q 1-748 P878 
LftGIVpJ* No.-7 .W 7 10331 .... 4 - 

. Ntti sub day Dec. L 

Life Assur. Co. of Pennsylvania 

3P^N>wPenrfSI,.u7rOR?. 01 4038305 

LACnPI'nito.. ...1*7.4 1(0] .. I - 

Lloyd 1 Bk. Unit Tst. Mngrs. lid. 

Tli Lotehard Sl, EC3 OJJC31!* 

Evrtnpl W4 101 4f ... | 793 


Bidit See. Cap >-'i | 1231 | . .J - 

Providence Capitol Life Ass. Co. Ltd. 
30. Kxbxidcr Road. W128FG 01-740811 1. 
Sol Hid. Kd. Can .{87.2 “ 

5el 30d Fd Sic JlMD llB.i .. — 

Pension Equip. B29.9 133 9 . .. — 

Pension Fid. n»* [JJ70 123.6 .. -- 

Deposit Fd Cap (*7 4 50,0 — 

Deport! Fd. Are wJ.4 M3 — 

Equ.D Fd. Cap (463 4S5 — 

Equity Fd Are . .(46,0 48.5 — 

Fid. tot Cap 50.1 . — 

F«L Iw Are - |47J SJJ .. • 

lniol Cap (44 7 47.1 — 

ininl. Act -H4.T 471 

Managed Fd 1 ap [463 
Manaftod Fd At-C 463 423 - 

Property Fd Can. [47 7 SO J — 

Property Fd Are. ..[47.7 50J[ . J -• 

Provincial Life Asittrance Co. Ltd. 
•SR. Biihopsfirtr F.Cft. 012475533 

Pro* KaoufiedFd.JlWl 125 A) 

Prof Cash Fd 1071 . 1120 - 

Gth Fund • [1153 I2LJ -0.3 - 
Pro pem Fund P£}-4 1068 . — . 

Equity ftind . WL7 1073 *0 4 - 

FW. InL Fund -W5 201 7? 

Prudential Pensions Limited^ 
Holbom Dar». D.'IN 2ND ■ OH0SP222 

Equal. Fd. Nre 1> [0554 36 331 ( - 

Fxd ln» NR- 16 i£I9.IB 19 431 — 

Prop Fd \« 15 . [£2100 ajlf . | - 

Reliance Mutual 

Tanhn4ft<-“>»* KenL n«C22r:i 

Rrl.PrepRdi .J ZZ19 [ ... | — 

Rftthtehilrf Asset Management 
St Swilhinr U"' London. EC*. 01^094390 
N i .Prop • ip0ft 1213] | - 

N«cl Sub day December 29 


S-W«yNoi.D1 125 7 

Bill. Equito Not 30 1M4 

Bond Nov 30 167 1 

_ Property Sov 30. . 109 J ... 

_ be 0 emit ’No* . W . 1318 — 

3- Way Pn No* 17 . 149 6 

Z iT«eailav Not .30 746 

__ Mn.Pn3-WOre l 177 6 *10 

__ Do Equity- So* 2 . 2733 

_ Do BnndNo*.2. 1810 

„ Do prop Nov 7 9QJt ... — 

Vanbrugh Life Assurance 
Z 41-43 NaddoaM. Ldn .W1RBLA. 01-4094K3 

- Managed Fd 149.0 156 9| +0.4 - 

- Equity Fd.. W5.1 SS.* *0 7 - 

- Intal. Fund. . 96.5 101^ +JJ.7 - 

-. Fixed intern Fd 1664 175 i *0.4 - 

, . Proptitj- Fd 1461 153.1 *03 - 

Id. raJniad . 1216 1280| . 

4533 Vanbrugh Pensions Limited 
_ 4)45 Maddox St . Lria UTH9L.3 Ol-ffinurj 

- Mfioaged. . [10C7 106.1] *Q_2I 

— . KquID - 3066 ~9ft| - 

— Flxad Interest . H83 103.7 —41 3] • ■ 

- Property |U07 1060| | - 

iluoraoleed «-f Tn» 9 bv ftoiei lahir. 

P222 LVeUare Insurance Co. Ud.? 

WiruJad* Park. Exeter ‘ nseft-lias 

— Mon+ymah-r Fd. . [104 6 -0» | 

For nrher (undr. pl< a^e refer in The London 6 
yaacbesrr Group • 

srri Windsor IJfr Assur. Co. Lid. 

— Rnvai Albert Hre-BXert M . M rod Mir R9U4 

i^ielnv Piaiu. .. .169.9 73 61 | _. 

FUTurcAfed rahiai 1100 | ^ 

935® FiilmrAi'd Gih"Ti> 4*00 1 . 1 — 

— Rm. A>+d Pen*. ! £26 12 j : - 

Fie, Inv Growth 1 101 5 1049' | .- 


>3 T. Dir. rSlrlB 1 Fd 5S 42 87Sl-0.’C - 

G. TJ*atificFd 5 C 616.15 |-0Jd 095 

r. T PbihppineFd .|jUS142 U 021-00, 1 - 

Gartmore Invest. LUL Ldn. Aftrts. 
ft. St- Uary Axe. London. EC3 DISC VfV 

Gartnmrr Fuad Mart, id.) L16 <aHh, 

41, Broad S' Ft- liejier. Jenej 0S34.'TIT4l 
Gilt Fundi J truer • 195.00 100B| . | 12 25 

Garttmre Fund MuaL (Far Carti Ud. iriiHi 
1503 HutcJuat-n H*. 10 Uareourt F.U li_K/mc 

fTK & PSc. V. T*1 BSK3oU ir|D>3»j 210 

Japan Fd. . ._ Bi<S18JJ 192ft) .. 050 

N Amerlean Tat .UrsUJ! U7H . . 1 B0 

Itnl. Boon Fund.- (Jfsaj* ttSO+OAS SAB 

Carliuorr l at—M l Vafit LuL Ibi 
70 Bo* 3ft. Do.ielai.1oM. 082-5 2331 1 

rtftnnmre icil lie. [221 2Z4I 1 lix) 

Gartmorr ioU Grthjia 2 65 *| . . ! i.60 

Hambro Pacific Fund Mgmt. Lid. 
ftllu. CimnaufihT Centre. Hone Koac 
Far East Nov SB KHKU1* UCI J - 

Japan Fund .. ISHSSO W0P-3 .ll/ — 

Hambros Bank (Guernsey) Lid./ 
Hambros Fd. Mgra. iC.l.l Lid. 

PO Box 98. Guernsey 0461-36521 

C 1 Fund _|147 1 lS67ri . 3.70 

Tmo). Bond EL’S|1B8.4II ULK[ ... . 850 
lot Equity SES Ubb 1L«K . 210 

InL Svas 'A' *L'S[l05 LC* 

!nl grjs •»’ iimU U6[ 

Prim on So* 29 Nrtf dealinc Dec fi 

Henderson Baring Fund Mgrs. Ud. 

60S. Gammon House Hnng Rons 
JfiP«b Fd- No* 23 BPjBD Dili . j 

ParifaH' Not 20 SES8306 

Bond Fd. Nov. 23 | 5US1D54B ) | — 

’Enclwihe of any prelim, ciutr^e;. 
EIII-SvowJ & Co. iGuersseyi Ltd. 

6 LcFebvre St. P«er Pori (fuemtev. c 1 
Guoniiei-Tjt .. 11419 159J«H -0 ?l SM 

Hill SamueJ invest. Mgmt. lnritl 

PO BnvG3. Jersey U£l--» .-TTM 

HS Chancel is F . .(221.2 129 8| j 320 
Box 2B22. Bern. SwUxerland Telex tic' 

H. S. Oversea' Fri |5fSl£S! HSlI+niftl -- 

CSP Fd. lArnuaiiSmiH 1639|*01t| - 

CrostbowFd.tAcc.1 BF3.77 3i«-tl.0L4 - 

JTF Fd. «Acti[5ijS79i 8 W ■ I ■ 

International Pacific Inv. MngL Lid. 
PO Boa R23T. SC. Pitt Sr. Syduey. Aurt 
Jatclln Equity- T m |L42 29 2411-007| — 

J£.T. Managers (jersey) Ltd 

PU tax 88 Channel House. Jerst-t KiT4Tt*73 

Jff»y Ertrol Ta |1710 lfil o[ r - 

A« at On 21 Next *nh dn\ Not 30 
Jardine Fleming & Co. lid. 

I8I1 Klooi. Connaufihl Centn-. Hone Kcofi 


SterllDa^euomtoaled Fcnda 
Channel Capitol t IZM7 251 J . 2M 
Channel Islands* 153ft 161 3j -I lj 99 

Cormnod.— t .1342 l«lij -Oft^ _ 

Sl-DeposirtZ.... 1016 101.R+8.5 025 

SLFlxed*~t. .1072 UJJri . I 12 36 

-Price* on Nov. & -Nov SM —No*' m 
TWeeUy DeallttB* tDtily Deal, net. 

Schlesinger International Mngt- Ud 

La a tone St . St Heller. Jeney OSOt 7.7383 

SA.1L P* 79| 913 

S 60 L 036 0«] 415 

Gih Pd. 2 16 218a 12 6! 

lnll.Fcl.Jer.cy .. 91 IT. 3 79 

LnrnlFdLxmbre 10 69 11251 

-FarEtelFund 99 1 051 2 *6 

■Next rttb day Dreombre 4 

Schroder Life Group 

Enterprise Hou»e. Portsmouth. E<3 m3 

latenutlou! Fttoda 

CEquItj . .G83.6 110ft! . • — 

5 Equity 1347 143.ft - 

CflxerftoloreaL... 139.2 1439 . - 

SFlxed Interest. 1B67 11131 

EManxqed 1218 1295 .. 

SVanaxed 1206 120 21 .. — 

J. Henry Schroder Waps & Co. Ltd. 
iM.Cheaixudc. E.Cft. ni-IKOrtinQ 

Cheap 5 Nov. 30. ... | 5l’SU IP *501 2 61 
TralalKw Oct 3t SCS123J0 - 

.4jlanFd.Nov.77. JlSltil nil 288 

DarllorFd Dec I 5.4189 2 01 *0 0? 5 ti 

JapanPa No* 16 liVStJl iu| Oci 

Sentry Assaranw International Ltd. 
PO. Box 326. Hamilton 5. Bermuda 
Manaaod Fund ISLaje 23351 . 4 - 

Singer &- Friedlander Ldn. Agent* 
ftll, Cannon St_ EC4 ni.MaiMJ 

PctaJonds . . 1PM2637 27 Kf I 6 lft 

Tnk>oT«.Nov.2l 1 SCS40M | I L55 

Stronghold Management Limited 

pfi B4X.TI5.SL Hotter. Jew 0534 TIVD 

CouunodltvTrurt (8435 81 00] .. .J — 

Surinvest (jersey) Ltd. (x) 

Qorenx H59. Don Rd. Ft Holier. J*?. 9W* 7P4I 
AmencaDlnd.TsL.lf6.91 7.MJ+Q.1CI 
Copper Trust.. . £11.70 11 W -Dll] - 
Jap. Index Trt. . II1C47 10 691*03^ — 
TSB Unit Trust Managers (C.l.» Ltd. 
BafiateU? Ret. A Satiour. Jerv-i 0134 71AP4 - 

Joro-y Food . [M 1 50.6j .1 4 24 

Guernsey Fund .148.1 50.b| . J « 74 . 

Price* on Son 2S. Serf mh day De»- S 

TSB GiJt Fund Managers (C.I.» I^d. 

Boiarille Bd .5! SaviniiT.Jer'jey AK14TUM, 

• •lit Fur.d . [98.0 101 Oj . | 12 00 

Gill Fund 1 J-, ■ F3.0 ml C| | UW 

Price* on Nn-.- ft) Ni-tt *ub rt>-- l<*r 9. 

Tokyo Pacific Holdings N.T. 

(ntimtf MannsetTKni N ' . ursr»>i 
NAV r-.' r nhor* No> 27 SL'SKinS 
Tokyo Pacific Hldgs. (Sraboardl >.V. 

lntinus Dannxomvni r o N V . ■'uraci**-. 

NAV per ahare Xev. 27 Si'StfA. 

Tyndall Group 

PO. Box ISSt Hamilton S. Bermuda. 2 27*7 
i'wjiNov.M 151 'SL1* 1201 ] IN 

'Aecum. I'm;*!. ElTIM L90 — . 

Z<- '.fat- Int Nor 16. [n'cftW 2t:[ I- 

SNew6t-»-HeUer. Jeme* 9434 7713 l.TI 

TOFSLKcn-30 . [C7 15 7 70 200 

■ Areum. Sbftresi LI 143 12 JO .. . 

American No* 30 [79 5 85.0 2 00 

■ Are-.intshtrcsi 30fl S6C 

Ftr East Not. 30 Sz$ 59 0 ?03. 

i.Veetim. rjtare*-. . rBft 5 89 0 

Joreoy Fd NCI- ft# h?l e 203.0 7 Ji 


Ef. JV . .,-y 

7.D6I+0.1GJ - 
119? -OK] - 
10691*00^ — 


■ SnreJ Ace I'ts'i. 1281.6 
Gilt Fund No*- 29 . |103J1 
■Aceum. Sharcsi 1140 6 


Jardinr Ertn Trt 
JaromeFpn Kd ’ 

Jftrtii nc 5.oA 

JardmeFIea Int 

InU Pac^etxilnr . 


HKS378 S6 
HKS41021 
$1517.37 
HESU7S 
KKSM10 


in,, eac^ec>.i,rtr * hun iv 1 - 

L*o ' tecum ■ 1 HKS14 33 ] — 

SAY Xo» M. - Equivalent S 'SIBi*. 


Xw sub. Nov JO 


Victory Sook Doucki. l«I*ar Man. 082424)11. 
MinacedNV< 18 IW3 i«10| f - 

Unliifc Assnrasre (Overseas) lAtL 
p n 1388. Hanillor. .4-31. Bemud# 
InlrroL Mr.ftd. Fd IStSlW - I I - 
Ucion-InvestiDent-Gecelischait mbK. 
Po.-Uifb ICTflT D 3X0 FranWur Ifi 
AtianUdond- 11170 lioq-r,^ _ 

Eunipafnnd'. 2530 2660j-0I<)| - 

Unilohdr 17 B5 18 80 -5.2? - 

7'nlrcnU . . 38.’> 79 60) . -- 

Vni-tperinl) 60.40 fcJsol-01C| — 

L’td. Intnl. Tdngmnt. (C.T.t 1 3d. 

14. MBlcaoer 5:n»i "I Helirr Ier**y 1 

l I G Fund lll'SZHIZ 1«S?I 1 7 SA 

United State* TsL IntL Adv Cn. 

H. Rur AidnnficT. Lui+mb-rurs 
L'S T« inv Pnd.. [S1C« - i- - | 0 95 

NV. SF-J*L* No* 31 

S. G. Warburg & Co. Lid. 

30, Gre* ha.n SirecL ECl It ! JWl 4K3 

'.'pv. 2d. yoi- 30 | SES9 2S -3»] . 

Eiif. Im. Not 33 - SI-S17 21 -Dirt - 

Or Sl 5Fd UC! 31 S-.:S7JB 1 - 

Mere Ebd Nov 29 SfSHR IW . 0)707 

MereSi; MktNo*27 KWH 1035] | .. 

V»arljiirg Invert. MngL Jrsj. Ltd- 

1 OtfimJ , >wx,5L Hnlic- Jri- ■’; WM7 T 7t! 
OCFIftd > k-L2d r. Sic 57 l«r-j l 

orrud rv: ft6 .. £«£,; leod [ - 

Metal I- Trt No- 16 £12,73 13 M , - 

774T Nnr P . D SH6 JO 2: I 

TMTlftdNovP 87 TO 13! { ~ • 

World tvide Grmvth atanagcTornt* 

Itto. hwulevxsd RcyaJ Ijiv nb-»uri 
Wnrldwid* «7th Fdl 5«fl4 52 , anfti - 


NOTES 

Pr.ee* do nn! include 5 pr+mi'in i-vfrM un-rr ncii-jH f nr.d a." r ir. p»r<-i- -.ml'.** 
inhirfiied t ieid.- **• .thp**T. in la*l i'ilunn aline aJI Gujis- a* Mn*c* a 'Hf+reH n": '* 1 ' 
inclnde ■)) 'xr+n+ee I* Tn-da.'-s pn.r, p Yi«-14 ha<cd i*n offer pnre d Fritnuird c T*. dj- ■ 
oreltinc Price h Pistnhliiinn free nf I K lave.' P Fecimjlr preauuri in^ur^n' ■ r-l-i" * e .rcl* 
prcOuuoi iMuranr*' x ODfrrri price ir.clurlr* all •■vt>*n^ , < *■ r«-p, ap;n' * (*n-rn*i.ii 

* niji-rfd price include* all •‘tpcnwi 'f honshi 'hro-jsh ounippr< : P-v- • *■.• dv • pri-" 

* Nr, of lax un r»-xlt>-ed capual ruin-: •■.-*le« iir'ir.u*-* 1 hi 0 « '1«i— — cu--. > ■ I'p'-ne. ’ 

. ♦ ’■ It-M Oof«c>. I'-.-'r, I .it 1 li-.n 1 ti>:r.e.n 

















THE SCOTCH 
OFAUEETIME 

The 


mm 


nr 

E 

tend | 


fill 




FT SHARE INFORMATION 


ia, 




. 3%| 4.00 

ft DM prices exclude in*. S premium 

AMERICANS 


£ 


tt* 


ten 


zl *B! 




Z| 12 
> 21 


Hire Purchase, etc. 


x'i 


’d Dista)p. 


145 
54 
54 

V 

48 
175 
134 , 

42 25 

25% 13 

tf la 

59 
23. 

47 

200 , 

184 99 

44 25% 

39 13 


FauoueTesLSp 


hww J0p_ 


BeCBro~20p 


Sr 


Ini. Nat Gas II 


■9 

157 
31 
62 
60 
62 
34 
100 
68 
10 
60 
19 
19 

34 
21 
11 % 
40 
26 
571* 
25 

35 
48 
68 

ff 

95 I 59 




39 

142 % 

130 93 

217 155 
100 81 


DaRaVtc 


36 
110 
185 
405 

42 32 

80 62 
13*2 10 

150 192 
342 
340 
53% 31 

43 I 26 
24 
15 


I'll 


_DaI2peCnv 


.7 
169 
261; 
20 % 

182 

^ 220 

205 

7 9 60 

ill 162 
11.9 25 

94 
258 


+1 205 

*3.92 

536 

$167 


200 
20 8 
263 77 

200 146 
121 901; 

128 68 
26 20 
66 24% 

52 3p 
U% 6% 
•89 7! 

105 78 

12 % 3 % 
*78 5$; 

102 52 

5 30 

106 64 


PandueiB) 10p_ 


FINANCIAL TIMES 

BRACKEN HOUSE. 10, CANNON STREET, LONDON EC4P 4BT 
Telec Editorial S8634J/2, 883897. Adrertlsemente.- 885033. Telegram: Finanlimo, London PSL 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester, Tel: 246 8028 
INTERNATIONAL AND BRITISH OFFICES 


ariiwAGillow. 


Best* May I0p 


EDITORIAL OFFICES 

Amsterdam P.O. Box 1298, Amsterdam-C. 

Telex 12171 Tel: 540 555 
Birmingham George Rauw. George Road. 

Telex 338650 Tel (Cl-JM TOT 
Bonn Preuhau* II u e>is2i>!lee T-lfl. 

Telex £569542 Tel. 2UM38 
Bru*«el*: 39 R.ie Pur.ilc. 

Telex 23283 Tel ? 12-9027 
Ca:m. P'l. Box 204". 

Tel: P 38510 

Dublin- 8 Filzxciliiaie Square. 

Telex !MJ4 Tel- 785321 
Edinburgh- 37 George Sir*-c». 

Telex: 724B4 Tel: 031-226 4120 
Frankfurt: Is Sachseniager 13. 

Telex- 4162S5 Tel: 5557311 
Jehann-.-rbilrg: PO. Box 2128 
Telex MBS7 Tel. 838-754S 
J i^bon Pmr.-i da Alccria 5&in. IJsbctn 3. 

Tele;. 12533 Ttl 3 £2 MB 
Madrid- ^iprnrctda 32. Madrid 3. 

To! -MI 6772 


ADVERTISEMENT OFFICES 

£ trail RKkaiR- Grow House. George Road. Macrhcster. Queen's House. Cuees SLreeL 

Telex MS KK» Tel <121454 0922 Telex 666313 Tel: 061-834 3531 

Edmhursh- 37 Georce Stxeei New York- 75 Rockefeller Plata. X.Y. 10019 

Trlr . .2484 Tel: 031-226 4139 Telex 238409 Tel: (21Sl 469 8300 

Frankf-jr 1 . Im Sachsenlacer 13. Pans: 36 Rue du Senrier. 75002. 

Telex 18263 Tel: 554667 Telex 2D044 Tel: 2368601 

JL«».ds- rermar.cn i House. The Headrow. Tokyo: Kasahara Building, 1-6-10 L'chikanda. 

Tel. 0 So2 434969 Cblvoda-ku. Telex J 77104 Tel: 233 4060 

Overseas advertisement representatives j n 
Ccaual and SouUi America Africa, ihe Middle East. Ana and the Far East 
For Krtfter ilrl.xils. picas-? conlact 
Overseas Advertisement Deeartment. 

Financial Times, Bracken House. 10. Cannon Street London EC4P 4BY 


Manchester: Queen's House. Queen Street 
Telex 686813 Tel: 061-334 9381 
Moscow Sadovo-Semotechnaya 13.34. Apt 15. 

Telex 7300 Tel: 200 274S 
N-*v York. 75 RrcbefeUcr Plata. N.Y. 100’R 
Telex 06390 Tel- .2!Ci 541 4623 
Fans: 36 Rue du Sen tier. 73002. 

Telex 239044 TeL 2365743 
Hi? de Avcnida Pres. Vargas 4 IS 10. 

Tel. 233 4843 

Rome- Via della Merrede U. 

Telex 010032 Tel: 678 2314 
S:orkholm c o Svenska Das blade t. Rnalambsvngen ' 
Telex 17683 Tel. 50 GO SB 
Tehran. P.G Sm 11-1279 
Tele* 2i:.fa0 Tel- 683698 
Tot-" fX 1 : Floor. Nihon Eclx.-i: ^i-.ntca 

‘iiiildinc. 1 P-.l Gte.-iw:h' irhcida-iiu. 

Tele\ J 2THH 7-1 24; rsj'i 
WrihLmSon. :'nri FiC^-r. IKi." r. 5:rec:, 

VW. U xslinuton IT 20 -vm 
. T vies 44 QVU 1 7 cJ 013 1 247 W 76 


tarffwdiwr. 


34 
139 
31 

14 
IS; 

US 
440 
430 
25 

15 
29 
33 
251; 

158 
£99 
383 al 
21 

Ekr. Rental* Idp I 135 
171; 
190 


m 


SUBSCRIPTIONS 

Copies obtainable from newsagents and bookstalls worklwido or on regular subscription from 
Subscription Department. Financial Times. Loudon 


900 

Mcma'jc I mi'. _ I 22b 
4hda fart 10c . 1 143 




&» 
5.9 M 
7|W 

9. g 7J 
a 

1Z 
5. 

10 . 

5 : 


(5.8) 
31 
&U 5.7 

i#‘ 

3: 

3. 


HOTELS ANHC4JHREBS 

For Adda see Comfort'"' • \ 


21.02 

5.41 
.14.56 
05 

15.41 
3.03 
14.87 

S3, 2. 

2 S I R. 


Grand Met SOp™ 
KmaalQnLaB 


: Aram. lCp 


—13.90 2.1 

-Jltf Z 
1 |5Z7 f 
tL93[ l 
t5.02 
1L84 
1958 

ST 


LP; [BeOairCos. D)p_ 

54 
46 - 


m 


1 


9 

64 
23 
98 ‘ 

-a 

£35% 

14 
12% 

34% 

84 1 
163 

*3 3 
«• 9 

78 53 

39 28 

172 *27 

130 er 

38 » 

50 25 
U7 86 

51 37 

52>* 39 
61 54 

53 
133 


15 0] - 

4.05 IJ 37 ll.7 
M609 8.0 3MW3 
455 25 7.4 8.0 

L13 4.9 7.0 4J 

tZ-16 33 56 6JI 
riOSl 33 6.4 6A 


IWWi 


Batleys York lOp 


1 






66 . 

164. 

UBfl 

! i 3 

n7 rf 










































































































































































m > Fyjp * 



fbj 16 
f< . H 
IL. 67 
.5T' 125 
. 69 
*»_ 58 

ew 


pisbP®# f. 

■alfimBsI 'S'. +1 B~ . r— : ^v 22.7 95 J ffli 
5tou^ 348 .. ..... 6.(0 -4.9 U 53 4fl . 
a&lL M2 +7- h!85 .45 -2.9 XL® 26 E 

tesLa. S5- +1 OSMt £6 9.0 — JU 64-i 

pi" 

aisltasi s- 


:«p 

. 214 ;*1M 
. IM* -If flD- 

, 28 -i ’m 


&g 


■ 29^ gi 

Jlfe£ = 


mS&ir 

awHIll ^i^ +*v 


32r 3.8 h2 

21 pj 

*jjf M|«l 


"Mill » : 65 

gsM 

77 

is s 

iffSiff 5 


*antesto_ 1ft 2X7 w 

SEfeiB r.:W , UUS4 
Has: f « S H 3:J J 

82 . . dt45 3J 82 4A « 

tCsrincLlOp. 53 251 23 7J 95 50 

22 1X44 12 95 69 5g 

CfpjsaJp 102 650 23 95 6.9 7? 

tome Im*.-_ 32 d241 XI ILtdLD. 4$ 

rieftjSp — 44i, +i : +riL73 45 5.6 4.0 4? 

vfa Godfrey _ 9ld -u 332 58 5.4 3.6 iin 

nfla, -- 75 +1 *5.1 22 102 81 tSL 1 % 

tt»FhrJu«. 45lj T185 35 9 

tesiF-G.) 491 Z +»J X55 6.4 4.7 5.0 

HfiddLawr- 33 L27 15 87 17.4 

MeftosJOp 50 ...... d0.47 17.4 X4 55 M 

111 ttMJtfl 3i 5.6 7.1 Iff » 

SBis— — no ■ +1 t880 57 9.2 3.4 635 410 

Bysaop 122 +1 5.71 3810.7 55 i« g 

UlJteGfo- llfl +10 3.64 3.7 4.9 65 97 <7 

B Oav. £175 +10 Q10% 35.0 5.7 - } 7 J £ 

fries'- 90 di.05 3.0 1DJ 4.9 125 87 

to 39i 2 +«j L9B * 7.5 * 288 

Ste B SP h HB« | 

SSfer S i\M ll 3 f 

13 108 10.9 72 50 

— — 211 


RUBBERS AM) SISALS 


31* z KL1< 

fii 2 — 

»*■** - 


rrailftrs.1 115 r+2 th273 73 35 4.0 
tffiTiJjWpq 44 *1 TXCT 80 5.7 4.4 164 
rafLeedb—J 76- .....0.64. 27.9 13 3.0 58 


33 jWaflwmSr.lOp. «b UlMlfcS ZU 7.7 7.i 
68 'Western Utr 96*1+4 1 1!46 53 33 3.1 


35 55 ' NEWSPAPERS, PUBLISHERS & » 

5j M3 00 lAmoc-Xews. — 182* +1 75.9 42) 4.8) 73 17 10 BrtLEntalauI 

11 258-- 165 Am.BookP.atoL 240 R08. 75 33 6.0 59‘ 2 35> 2 SriLMohair 

« VS 68 46 BPMHldB.*A^. 60 32 53 8.0 3.7 70 41 ButaoTlifcaDp.. 

S’ H &S>2 421 2 Beonarffijers^ 63 £37 29 55 9.1 26 12 Card (Dundee).. 

T9 62 152 • 7° BUckiAfcC.1^143 ,_... d4.97 3.1 52 95 JO 39i z CarpelsM.Sto« 

4*3 105 Bristol Portal] 032 6.52 21 7.4 9.6 43ij 3£ 2 CaiTetn V'u»Ub_ 

75 fa 152' 123 Collins WlHianL. 240 4.75 29 5.1 7.6 35 28 Cawfewbid 


-7.9 62 
.■XJ * 

7i f.4| 


! ■ 70 Bluet i A fcCi_, 143 

r 105 Bristol Post 032 

!' 123 Collins WlHfem. 240 
! 123 Do "A" ,133 


._.. 4.75 Z9i 53| 72 « (63 


70 38 

92 65 

92 55 


!65 Dailr Mwl 'A' 50p J 365 +2 tl28 L4 53 200 42^ 29i : Ctanh 
38 E5fid Allied ‘AT. 54* +3 1*21 33 53 52 131 109 Comte 


i:vr:p « -gs. 

t- M « S|Km 9 ic 
•Slaw's ™ 

I r-:SP P IS % « 

MSS 1 S ! 


d Allied •AM ‘ 54* +3 1*21 33 53 52 131 109 ComtauMs. 

OTiGotcM'.B3 L.... m268 4.7 4 3 65 £8®, £70i 4 Do7%Dehaaff 
e Counties „ | V75 +2 1457 23 9.1 80 39 31 CtowtheriJj 


minim. SOp; 221* +T 8.09 
^Lwaop- 52_ «.J2 

f ~. .. ;■ — -30 ' 23d 

Ay PA 345 -2_ *337- 

*8:1^ ma $£■ tSJi 


WS 

s m 


M H HIS U 
!j ifi its ®l » 

L6 116 MS S2 
44 3.7143 47 
83.33 4.9 
163 17 81 
4J 4.0 6.3 
4163 91 — 

35-53 85 
4.9 5J « rt| „ 
1313=1 87 »hl46 
M 6.9 10.4 025 (£92 


lndepmdeirl*^. WO +4 i860 26 5510.7 105 49i z Dawson mtl — 

Int.lWson)|_ B6* blOc 35 23 85 105, 49 Da ’A" 

da Cons -220* 105^ 33 17.1 - Mm 51 DixooiDavidi— 

CpMlD PwtSOp: 122 +2 1737 2.4 9.0 7.0 35 24 Zb*t iC.i4*1 1% 

Marshall Car JOp 4ffl 2 14.43 1.6 13.6 7J. ,46 25 FattnJotal— 

News Ini 258 +3 19.03 45 53 6.1 193 85 Bagpas (JglOp- 

ftasonlrtamaiu 213 ....608 42 43 8.0 U2 79 ffirJon?Pst.nC9). 

tatsnlh&suad'. .72 +2 t3.15 4.1 65 6.6 13^ 9i z ECddBroaSp- Ola 

PjranHdlOp — . -39* fd249 23 95 88 55 45 51 

BmtWjeiKP: 195 1411 43 3210.9 72 53 Hollas Grp 67 

SllimlSA’..radSi; >138 .. Td3.40 53 3.7 71 56 37 Hoirfr^ 40 

CtdNewpapeis 335 +2 1429 33 83 87 34 27 HlgwwftM. 30p. 31 

WeMers Pna 3p 55 1136 3.4 3.7 96 32 26 Da'A'ato - 30 

ffSsoa Bros. SOp. 42^ 142 3.9 5.1 89 « » Ingram ffljlOp-. 29 

- . 54 42 Iemme(HMg5.l- Si 

4i: 72 38 l*eds»m — 63 

PAPERgPKtNTING & 1 a ffl 5 -- § 

;; ADVERTISING ' S % & 


PAPERgPTUNTING 

ADVERTISING 


taut Pape-.—; 
DaB^rConv.. 
Auttt^flborg — 


6B* +3" 287 42 83 44 46 29 A^tWhortU- ,;39 fL% 24 76 85 S 

1??. Ti jffto nn UJ 83 62 BewnoHe , •’75 -l +389 2D 7.7 9.9 5® 29 MilkrfPJlOp — . 45 

^ *L Sa” 24 It 83 39, WL ;« 1. Sf mn i ii « 74 

Sit 1 I4 -5. § Btifc 'M* <o8« 33 1x2 « 50 ^ ^rajw^ajp, » 

ttrsrSBS S l9k». I SSffifcs.S “ft® w * "* ~ ~ 


SSS sr I 

“to i7“ 055 

-722 


dS.7 3.7 
055 3J 


83 117 no 88 Bra*. Pulp 88 ._... J4.95 33 84 4.7 « >° a jtt- 

34 722 S'- 38 CapsealssJ— . 38 1 93 3.1 76 63 39. vv'io? 1 1 «, 

62 82 27. 15 CanstoniSirJ.>_j 22 — — — 5.4 uja 8** Da ANVlOp- y? 

55 84 8® 65 Chapman Eal - 85 ...... 3.98 15 7313.8 g 41 EalkyFashwn* 53* 

- Z WO 46 - Clav|Bichardt-J --90 +2 1h257 35 43 103 *56 3A»< ReluareKrilfflp.. 531 z 

t(5 5) ,«32 4.4 6.7 52 25 18 g 


BnnnodliSp 36 ...... — — ’ — i 

ftSff6N«2- 282 +2 #U67 16 9.6 7.6 

Turner Curt., to J W31 42 53 33 

DKDlBtL ISO +2 R93 17 91 (RBt 

BmomlHtafM. 100 . t556 25 85 -73 

UnifiexlDp — ; — 68 - .—. d2T9 31 81 62 

Puitocw — - S46* ; 132.69 23 35 75 

CW?MV3n.l2_ £23A» +U QCix 2.4 5.4 83 

IMCanimop 94; j217 51 35 73 

r ated Gas l aS. ■ 64*z -fc 368 23 8.5 7.0 

P.Gparanteeto. 29 ...... 018 135 0.9 11? 


BBS ntsuftc-a-irisp m j is | § bags; » 

15 aT 51 39 GswsGrottlfii). .« +2 K365 2110.8 66 99 83 gdla*lnd*3)p. 83 

71 96 71 60 a*msonAStom r ^ 426 20105156) ^ SSSTiwECiT S* 

_ * 81 62 hooHSCrof'*- " 62 14.93 23XL9|45) « » 55 


168 UkPP^sSp 200 .... 1985 28 73 75 27j z SaluHisaLiap- 70 

20 JkCMfliiMaleEU K7 114.46 26 8.4 53 £6 19V 

68 Mdodf MILs_. tja 324 42 4.9 72 « 35 “ 

[Ifi JEllsa. Aliens 227 +7 5.0 6.2 33 fa % % eSSS/SaJiST m 

62V MweCfFwT. 10p . 76 ..... dh3.S? 80 ft4 34 23 groodmaffid- 30 

Oli Oeihv*M.EX_ £13S>> tOTDc 41 Z6 9.4 .?L V. Sonbram Wplsey 42 


...-J d0.49 
hi }.«J7 


35 72 75 45. Oxley Print Gipu .-;65* 1252 8‘ 

If 73 135 65V SaMchilOp..;— 1M +3 &314 4J 

09119 ® 48 Smith 'T>nd!3)p- 80 P4.75 4.* 

5BTjaO 164. SvifildcffHUa 1?4 . ... 17.45 2.1 
6 0 44 76 65 TranxparerJ Ppr. - 68 .:.... .15.01 1J 

j _1 W2 48 rrid&nlGrwp-- 100 .... 4334 X! 


2 ro- ii ii 04 H3 3 t t>on»atn worse} « 
14 81103 *73> z 20 rern-CniHilaie. 72xr 

232 63 51 28 38 18 reafidJrsr.lOp. 31 

I< “ II 11 ts a aa&- n 

Inf S 113 'Si ff Tra^rtCarpeis' S** 


%kmZ 2 W? 1 m Si i riffi « SBSSSip -M ::r.m g‘ g g 

9SS. * § N ¥ I I II II s s a 

xSd _ 100 * ‘106 72V ffaniA *99 391 3>M 5.9 7.7 

-1" WL75 17 3.21X8 » U IS +1 01 “1 0-8 - TOBi 


lffi +1:W2.40 
111* -1 *360 

IT 1CJ6 


S 17.7 
125 
65 
8i 

1X4 66 
67 234 


tohittChlteiR. 107 . d4.4T 2.5 .6.4 72 1| 
msaratift - , ua/ — ar.M 20 106 63 » 
WbiiekyB.Siff.- 31- --- r — " + — 73 

ro&«dl£L IB": 1UK .M 85 73 62 

DdSpeOw,- £87* 01W B.9 013 .--ig 

« ■- aw . 3j f7 62tO 

S £r. I* 13.4 '43 frs 

BCcd & Sons 5p - 4$ * ML67 6J 5J 7.Jf^ 

iSSSmto 37 0.91 72 3,7 53 [63V 

SdC* "fr.J+1. 5.40 1^19.6|10.6 Pg 


nnAnnwimr M6 " 2M JBATIl«L« 

PROPERTY 304 227 DnDeld 

400 330 DtmhflK.Vlto-. j 

39* +PM206 16 5.2 1x2 89 71l z Impenal 84* ? 

222 d437 22 29 236 65*2 45* 2 Rothmans IZax. 60i z 

.'ll — 66 50 fienaenftLiup. 

Anei Plops> 10p.| 84 *131 X4 2.3 453 - 

. 20*2 0.69 12 5124.9 

/77 L65 X2 32 40.4 TRUSTS FINAT 

90 M3.87 13 6.419.9 1,WJ “ a i * xnrxi 

57* . . .. d45 6 Hi 6 InPMtment 

82* +1 291 4 53 * um»wneni 

B7* ..:... 12 35 316 60 1 49 |AherdeMlnv\ 

273 1*27 X4 54 292 157 118 lAterteenlrast 

254. rt.91 43 4J 75 121 . 9% 


dcsurance 



“4 _i *us Httai 


»|S.*3=M=R 1 *' 

41 r- 8 a 
JJ r I® - no m 

U 6 4* M Cfl • £100 £77 


*** | a- g| £’ I ” ! | 

Iw 03 33 10J 9>j 6 

S f 3 


■237* ..:... 13J7 12 35315 60 49 Aberdeen Im\ _ 56 

273 ti27 X4 54 292 157 118 Atetfaeolra*. 133 

254. ...» ti.91 43 41 75 121 . 45*2 Aflsalm._ 102 

40- •- - — - 117 77 AlliflMelDr. 304. 

£160 -7 012% - f7i - 250 193 AllmceTnisL- 212 

ns tL 94 X7 25»5124 113 AfflftKllKStlp. 118 

153* +i a H2.U 12 5536 J 215 129 Da Capital 5Cp.. 192 

M ..... d2.Z8 12 35 35.9 62* 2 51V Amhranlm.lnL- 59 

85 - - - - 82 47 

82 .... - - - - 52t* 37V 

49 -1 .41 36 

340* ..... 7456 22 1.8 385 114 84 

310 4,66 15 22 37.8 50 39* s 

68 a92 X5 4.2 26.4 162 104 

.65 l+l 199 .1.8 4,6 183 52*j 36 

34* «54 0.9 3.6 i72Ji 82 64 

236 ...:. 42.03 25 L34U 43V 30 

31V +b 056 - 3.1 - 158 106 

US +1 058 4.4 11 214 143 ■ 106 

105 304 3.0 4.3 9.9 74 49. 

-18 t051 8.9 4.2 Wlf U5 69 

57 ..... 1314 1.6 8.2115 69l 2 51V 

■ 331* 233 0.0 10.4 (M3l 105 73 

£75 -1 34.0 18.8 - 65 48 

£82 .. - 012% 6.0 flSX — 77 45V 

59 +1 0.46 15 12 72J 9V 4k 


-20 fU2 12 7, 

108 +6 2J6 19 3 

88* -1-1 d!32 35 2 
233 ...... 651 3.0 7. 

20 ..... 102 1.9 5. 

224* ST f*295 X4 Z 


12725 9V 4k 
7 h 16.9 195 140 
33 a? 68 471 

25 18-9 SttR. S9^ 
73 02) $231 $95 
53 M 26 22 
- — 9 6 


224^ +4 ffa2.95 24 ZB 3X4 *46> 2 %K 3Vz 

37 dl.49 t 65125 87 60 |ritishites«A_ 70 

"8*2;.... - - - 193 12V 9V Brit2np.See.5p 11* 2 



THE SCOTCH 
OF A LIFETIME 

The 

Buchanan 


*>3}& V4 *l 


m ! 

Bgh Lmr 

15 4 I 

64 1 
63 i 
150 I 
148 ■ 

v 
18 , 
81 
10 
125 

^ , 

10 I 

r, | 

143 79 I 

lVl 8J; 
50 li 
178 U5 
42 10 

70 50 

£15*3 750 
40 32 

570 310 
300 50 

164 84 

100 35 


MINES— ^ Continued 
AUSTRALIAN , 

] |+ «ri Dh. {rH 

| Stack price | — I Net |CtT|& - s" 

Aomei25c 19 — — — 

Bmmir.-lleMToej, 11 5 +3 1Q8c 14 4.4 

BK South 50c 107 ...... — — — 

■.'aural Pacific — 400 -25 — — — 

CnnsnrRianiTojOc. 268 *20 }Q10c 22 i 

Endemonr3lc — 16 -V — — — 

'UtKalfiooriieSL 54 — — — . 

HaMnaikKuXJ — 32 +2 — ■— — ' 

Hamptn .Areas ip. 140 t335 2.0 

Metal t Ex. ^>c 27 +1 — — — 

1UMH1(o.:ac_ 189 ... Q9C 17 2.9. 

15 H — — ’ 

Mount U-ell S’ 29 . — — — 

NewmecaJ I‘*e 4V .. .. — — — 

XwtfcB Hi llVc 99 *1 Q8c 13 50. 

N*s Kalsurii 10 V — 

Nih WtsiMimnC- 28 +5 „ - 1 — „ 

I'aSundgeSAl 315 Q12r 19 333 

nfubunNl. 24 .... — — — • 

PatifipCf'pwr - 56+2 - — — ' « 

P.woni'l . 775 — — — 

«22 *8 IQlSc 4 ^2. 
SnuiherT, Pacific . . 360 -10 - — ; 

KKa Mininc Wc 123 | Q3e 0.7 13. 

Whim Creek ah-.- 90 ... i - — - • 



30 23 
420 240 
bO 45 
305 190 
185 111 
11 8V 


93 78 

11 7 

84 64 
O40 450 

470 zao 

78 40 

78 50 

270 165 
87 49 

70 47 

245 140 
>40 230 
240 134 

85 55 

100 84 

100 74 

270 148 


TINS 

Amai Nigeria — t 

.Ayer (fiiotu SMI K 

3eralt Tin _ - l 

Bsrpir.m SMi 2C 

Geer« < . IS 

liniditoel^jp 1 

l»Mw:A'onr ... 31 

Rmsknac .- 31 

Idnslito — - i 

JaniarOj 


KaxundncSMOiO 

Kilhiighafl 

Hal? DreicnsSMl 
uROians.. . ._ . 

PoiskalenlOp 

Periling SMI 

Sant Pi run 

Sonlh ''rtrfty 19p__ 
South KintaSMOJiO 
Slhn Malayan SMI . 
fmneeiBesiSMI .. 
Supreme Ccrp.rMl 
TaiutHicIsp — — 
TonafchHrtt.SMJ 
Trane* SMI 


24 ... 

305 *5 

55 ... 
205 .... 

165 

10 . ... 
300 .. 
310 ... 

73 .... 

6?’ ::::: 

640 

365* 

44 ->4 

65 .... 

220 

SO ... . 
63 _ .. 

185 .... 

... 

200 ... 
68 ... 
90 ..... 

82 

195 +5 


LB1 X3jlT.4" 
Q300C 0 J 2X1 
14 0 4.4 114 

QllQe 10115. 
5.04 5.8 4J> 

tl5J6 0> 76 : 
123 4 6.0- 

112.0 13 i- 

S Z1 42- 
4 22.9- 

« ioj; 

* 03. 

13152 : 
Q120c « 12.4. 
103 65 3^! 

4 19 2.0 9.4. 

S r 83 16.8; 
e XI 10.1; 

53 7.0i 
e - 3.2; 
0.8 10.91 
«S£S 0.7 9.8! 
tQ88c 16 ±[ 


COPPER 

104 "1 St [M«d33R05C> 1 55 [+1 |tQ30cj X9) t 


MISCELLANEOUS 

68 35 (Baijurin 60 +22 — 

17 9 Burma Mines ITVp. 13 — — 

32123.71 300 1B0 Cons. Murch. 10c_ 185 JQ30c 

521 6 4 465 245 Nw*.hBateC51 430 +10 - 

g| ,5 fli| 763 164 R.TX 240 +2 95 

19.0 — 1 90 30 5abinalnds.C31_ 46 +1 — 


93 ..... 

203 

17 

58 -2 
255 .... 
49 .... 

u" 

330 .... 

101 -2 
103 +7 
65 +2 
44 +-V 
192 .... 
62* +1 
61 -2 
64 .... 
88 .... 


19 cl 90 3D ^abinalDdiCSl_ 46 +1 - - - 

17^79 612 ^3 nraraEsptn.Jl 693 -27 - - I — 

afl- 185 |l20 lYatonCOT?. C51 | 134 | | C7e 1 X9) 25 

otcaic GOLDS EX4 PREMIUM 

diOAld London quotations for selected South African Sold mining 

shares to U S currency excluding the Investment dollar 
|+ an Drr. 1 Trd premium. These prices are amiable only to non-UK 
I - | Net |Csr|Grt nmdenta. 

510U I [Q170cl 1*193 

*h 


-2 6173 LO 

52.84 X0 

...... 4 hi 4 X2 

Q3J) XI 

056 * 

1523 16 

-2 d4.0 13 

+7 Q25c 12 
+2 Q12»'C 15 
+-V Q!X5c 6.0 
.. :.. *4.06 XI 
+1 b015e L9 
-2 40.48 3.9 



S17V +-*t 

SlUV 

988c +13 
380c 

ss?* - 1 * 

S27* Z 

S20V +V 
962c +12 


315c <t> 20.9 
150c « 165 
190c * 222 
222c 13 6.7 
115c 3J 7.9 
385c L7 16.1 
415c « 23.4 
525c 2.4 9.9 


NOTES 


I'nlm otherwise IwHmimI prim and net J rlderii are In 


64 [130 Allied TmcOle — 

58 48 AtfesBros. 

85 64 Beckman A. tOp- 

30 20 Blackwood Mot 

35V 28 Bond St Fill Iflpi 

42 28 Bright iJohni 

1M 41 "» ■ - Z- 1 


25 18 RiehardslOp — 21 

91 bl Rfrington Reed„ 64 

74 48 . Sifraip 64 

53 23 Sntf Rabmpon. 45* 


Sri Tuni ca 

225 H23 iLnnuvaD 1 225 |..* — fS.SS ["Lfl 3.7 

Africa 


[NE5 

CENTRAL RAND 

§3 4 I— J 

EASTERN RAND 

63 :.... o 

23* z ... . g 
Z77 -4 Ft 
82 . . . « 
233 a 

^ :::::: I 

49* z ■ ... 

fv. a 

FAR WEST RAND 

257 Qj 
702 ... ^1 

82 . 

2®5 +3 O! 

573 . «i 

199 +4 
70 . . 

£10\ . ... ta 

445 *3 fr 
397 +7 01 
390 a 

260 . . « 
U1V - 
130 . . <J 

£18% . W 
119 +3 fb 
659 +9 ft® 

188 Q4 


O.F^. 


71 1 I To 1 n«| ri pence and deooEilnjEisiu are ttp. Eatimatcd prtce/earntoaB; 

22 I ITTlCi) ill n7 roUDB and wreers are baaed on latest annual reports and accaants . 

SB X7| XO nuL where passible, ate updated an half -•early Dfnre*. P?Ei aie ; 

calculated an the barfs ot net dWrikaUae bnefceted flunrcv , 
rnn m n Indicate 10 prr cent or mare diHerence If ealciilaled an nit". 

1KA3 dlctrlbattan. Oners are based an " na t ma ai" mm ribntian.. 

' UtMi are baaed an nttddle prlcea. are g r at a , arfjnaied in ACT at 
Tiufia and Rsndlmixh 43 per rent and allow far valve of declared tWrihUon and 

UKUa ana rasguaesn rfKbU. SecnriUaa with demmdiMdow other Ibaa snofins ml 

255 *965 5.91 5.6 qaeted Incfnrtve af the icrestmani drflar premia*. 

90 7,tP 371X1 A Stirling drnominaled securklci which loclnde isvesment 

£t‘ z ~ fe 01 - d -?"?sr~ 

ova its «, m * Hlgha and Low* marked thn* have been adjusted to allow. 

5 itn 17 A7 for righli. issues for cash. 

■*?? rST-, i-S -51 t Interim *rnce Increased or rmamed 

, 1vv< i’ll 1 Inutnra since reduced, paused or deferred. 

11? +1 h7.4i 4.9 9. s e Tax-Crec to non-residents on applicative. 

155 +2 12.5 42|12.G t> Figure* cr report availed. 

, , ■ T» Unll'tod security. 

JUS g Price at rime of suspension 

one i " (cu i-taa- 9 Indicated diridend ruler pending scrip and/or rights lame: 
“ 1 ■■-■-! 5 ' 30 I *-9 3-/ cover relate' tr proriour divide nils or forecasts. 

♦ Merger bid or reorganisation In progress- 
E* ' g N« comparable 

cac I l+4fl7Ai A I i 1 Same inienat: reduced Goal and/or reduced earnlnga 
^32 "* indicated. 

1 1 1 ~ ’ f Forecast dividend: cover otj earnings updated by lum 

tnlenm statement 

' “ Cover ailovs for converrfnp of sharer not now ranking for 
109 dividends or ranking only for restricted dividend. 

■ f Cover doe* not allow for shares which may also rank tor 
D A xm dividend at a future dote. No PT ratio usaolly prrwidjod. 

j ftAl all * Ecclurting a final dividend declarerion. 

+ Regional price. 

274 — — — U No par value 

253 — — — » Tbi free, h Firittb hosed nn prospectus or Other offlefol 

£26*i . ,.;. t05Sk- 25 79 estlmaK c Cents, d Dividend rate paid or pcyarle on part 

96" t013c 6.7 BX *rf capital: coter ha;ed on diridend on full ophaL- 

e PedJFirUon yield f Flat yield g .Vuumed dividend ond 
t A W.m yield h Assumed diridend and yield after wip iwne. . 

I A/UmU J Payraera Ire® capital sources, k Kenya at Interim higher 1 

» than previous total, o Right* issue pending q feu-mops- 
f 4L7 ba^ed on preliminary fijuW'. * Dividend and yield exclude a 
12 50 8 special payment t Indicated dividend, cover relates in ■ 
— 10^ previous dmdenri. P.T ratio based on latest annual > 
X8 14 5 famine* n Forecast diridend/ cover fiosed on previous year's . 

299 (255c 6 14J rnrnlnfis v Ta* l rev up to Mp in the t. w Yield allows for. 

371» ”" 021c 4 335 currency clau-w > Dividend and yield based on merger terms 

m ' jKu. lfldis i Pn-idend and yield include s ipecisl paymenL Coverdoes nnt 

•qj apply in rr«clsl payntem. A Net dividend Bnd yield. B 

ioj 2 ' ■" on, no Tin Preference dividend passed or deferred. C Canadian E Issue 

-J2 a • ■ JsS, -■’ f *-5 nrtre F Dhidcnd and yield hated on prospectus or other- 

548 .. . {JUtc • 14. J official e<Unutcs for 1D7IWB) G Assumed diridend and yield 

■9 ... — — — alter pending «mp and or rights l«ue H Diridend and yield 

bated *"n pm>.-peciu' nr other official estimates for' 

r D A XTT> 1978- TP K Fijnires Iw-cd on prospectus nr other official. 

«*»1 3MJ estimates for 197a M L*ii idend ond yield bas*-d >in prospectus ' 

257 06V Xfilla 4 M * Ahcr official estimate* for 1978. n Dri-idead and yield 

702 Ol7tlp t alii ha.%e>1 op prospectus or nthcr official estinmtes for IP7P P 

*55 """ ^ * * A — Fumr>« based on prwpectur nr other nlficial estimate* for 

one li nui, iTi U Hro-5. T Firures. .-syumcd 7 Dii idend total to 

£S2 JjSJo f ^ da'e H Vielif ba-wit on s--ain~ taion Treasnry Bill Role stoya 

?*? - TW'fto L7] 8.E uni-t-ancm until matuiilv of stork. 

199 +4 — — 

7G . . 10| 72 AW-rr- laiions e <•-. dnid'nd u e\ 'cnp issue o ex rights; me* 

£1QX . ... 0250c 1.6 13.5 all. d ex capital dinrihutinn 

445 *3 WOc 2.6 b.t 

390 +7 ib ^ i ** Recent Issues " and " Rights ,f Page 24 . 

260 . .®22c 23 51 “ 7^ 

£lli z . ■ rifllSc 33 6.C Thin wnice i* available to every- Company dealt in on 

ctaT. ‘ m&L, v"? it’s Exctanees lltrongbont the linited Kiagdem far a 
^3^ 1J6 . v te * °* 64M P® 1 " a D aD » for each security 

659 +9 f&ie 2.4 7S - 

IBS QSX5c| 4 13.2 

g. REGIONAL MARKETS 

on I mn.i ar The fnllotvinp is a *el«*ct»nn of London quotations of sboroa 
,7?_ I-: - I “• pre-.iouslv listed only tn regional markets. Prices of Irish 

co 8 1+** *v Ji3c [ • |15.7 issues, moat of which are ncR officially listed in Uredon. 


FINANCE 


550 

285 . . 

£V3\ . .. 
725 .... 
132* +5 
178 +2 
17 
06 

£ltt« -*s 

£125(i ... . 

150 

61 ..... 
146* ... 
% 

Ulh +h 
38 .. 
440* +4 
161 -3 
35 .. .. 
166 +1 
92 . 

OIKj* . . 


— — — are a.-, quoted on the Inr h exchange. 

1Q55C 10 12.t jj liany ]rtl ^ 2b Sbrfficid 

mw. a is c Aih Spinning 66m *>heff.Hefr 

J ^ 3ertiim . .. IS SindalKtt 

MSf J -K BlR-atr EMLStip 323 

(ilVUc 6 lb.C rinrerlYofl.. 28 

T Craig fc Rose £] 615 

Q6V * 18 0 DyvniR A - A 35 Conv. B*i ’89i82. £< 

Q*15c 0 17.7 Ellm&dlcHdv 64 Alliance Gas..— II 

Ervred 24 Amort 3! 

Fife Forge . 52 t. arroli iPJ i .. II 

Ftnfiy Pkj;.fip 21 Honda Ifcin . . II 

t id tc 'Jniifi Snip £1 140 i . rm crete Prod* 1! 

■J5 5: Hiqson- Breu 74a HeilomHIdgs.) * 

, r L ■ HnltiJriii2.il' 252 Ins Corp .. II 

U 7.4 j . i y, £i im Irish Ropey 11 

3J* 9.5 Tthn ■rtildt-mith 7Dri .. . Jacob i 

43 2.4 9.5 Penr.-rd H-... 190 .... T.M.U U 

19 2J 7 7 Peel Mill* 21 |. ... I nxdare f 

D7 - U 94 

225c U 8.4 

i U U OPTIONS 

¥ 3-montii Call Rates 

Rjc 6 12.7 Indurf rial* 7 I 20 Tubelnvit 

wSr A Bren 6’' "iinpr 6 Unilever 

?2^-I A.P Cement... 18 K. U . 20 Utd Drap 

195 X9 64 p_s.fi,. . . 5 Invercsk .... 8 Vu-kers. .. 

[30c 15 1X5 SAiwIt 11 Kf\ .. 3 Wnnlwnrf 

L54 X7 * Barclay.- Bank 25 L-idhroke ... . 17 

LO.O L2 6.0 Beer ham. 35 Leeali-Gen 14 Property 

Wi 163 72 15 I.esSenire 7 Rri » T,«H 


5bcffi«sld Brirlt 55 
Shelf. Refi+hml. 67* 
Smdall fWm.1.. U7 


:.. -iS^Sc 


+5 8.43 2.- 

+2 9.19 2J 
.. L07 - U 
f*225c 2J 
-is Q135c L 

Q170c 3.1 

. Q25c Li 


Conv. B% 'BO/82. £9d*k +1* 
.Alliance Gas 103 

Amiit - 352 

t.anoliiPJ i .. 100 

Honda Ifcin . _ 115 -5 

'.nncrete Prods 130 

HeilomHldgy.'" 46 .. .. 

Ins Cnrp . . 160 

Irish Ropes 105 

Jacob 50 -4 


T.M.U 185 

Unidare. 85 


... . Q12c 

Qm9c 


OPTIONS 


1895 X9 64 Sufi. 
tQ30c 151115 aac-^iek 
4254 X7| I Barclay.- i 
ylD.i L2J 6.0 Beer hair 


AND PLATINUM 

HRI in 


1 Barclay- Bank 25 Ludwoke ... 
6.0 Beerhain, 35 Local i- Gen 
7j) Boob- 15 l."tSvmrr 

s & Bona:er> 16 IJnyrisB:;nfc.. 
Q 4 BAT 24 "Lof«- 

a'l Bnn-H' ^fcn 6 l^ir.d»n Brick 
4"? Brown i.f t 20 l^?nr1i« 

1 3 Ktirti m- A 12 !jie.i«t!nd' 
•ladburv- 5 X- ■■ir-tJ..* .... 
10 "Mams' 


20 Tube Invent ... 70 

6 Unilever 35 

20 Utd Drapety. 7i z 

8 Va-kers 15 

3 Wnolwnrths 5 


3 Wnnlwnrths I 5 ] 

17 

14 Property 

2, ElriL Land JS=4| 


16 M^ris 22 g». Counts 4*y 
is Brick e Intrcu/opein 4 


£34Ja -k 

340 -*-3 

950 .... 

172* ... 

62 ... 

85 .. 


M • <‘aurtau!d> 
*'* nehennams 
1 1130.3 Hidillers 
3 3 1 92 Dunieij . 


Land Sen 16 

MTPC 12 

Pearhej- 8 

NanueJ Props. 9 , 


0 ASpncr 10 Tc^T. it 'Stv l'J 

IS Midland bant 25 ‘ 

I. >. f-j. „ ... \U Oils 


i200c jifc p l EniicSt-ir 11 J'-'rf lV“-t Rank 22 . 

lB4c 3 2 64 EM I 14 IK* Unrnnh lfl Bn* PtWicani . ( 45 

* ®7 On .triidnnl 17 Tin OM 8 Burmahfhl. |5 

V-B- 5? Gor. Elertnr 10 [Pie-wry 8 ‘"harterhall ... 3 


CENTRAL AFRICAN 

■*8 l::-i» 


oiatfi 40 Rim 

Grand Mot . a Bunkijrg \ 

GI-b A' .. 20 Rv.-dl.itnl 

Guardian 18 Fruiter. 1 . 

a Im 3 O K 27 Te-i.-r. 

71 el Ra w fce r Sidd 20 Thnrit 
*' A Heusecf Fraser | 12 Trun Hou*« 


5 -She" 28 

18 UUrantar..^....! JO 
12 

j Hme< 

f_ Charter Cat*, .j 12 ' 

■ .nn? 5dfd j 14 

15 Rio T. Zinc, ^.j 16 


A selerrtnn tl Options traded is Riven or. tin 
London block Exchange Report page 











































































































23 


v*\ .; 


Cruising means 


wmmmmmMrm 




Saturday December 2 1078 


r STRATHSPEY ! 

M , 100% Highland Mali Whisky. # 

.:"TogaidiiESiia$ 

■ T ' - TlrMisneschW - r 

>4v\ — -^vv 



£:• 


MAN OF THE WEEK 


Once 
upon a 


Times 


BY MAX WILKINSON 


THE MAIN question now being 
asked about Mr. Duke Hussey, 
ebief executive of Times News- 
papers. is: does he mean what 
he says, and if he does, has he 
thought out the consequences? 

A lot hangs on the answers to 
those questions. Mr. Hussey 
announced on Thursday that The 
Times. The Sunday Times and 
tbe three supplements are to be 
closed indefinitely. He has said 
the papers will not be reopened 
until tbe unions meet manage- 
ment demands for a guarantee of 
uninterrupted production, a new 
disputes procedure and talks 
about introducing new tech- 
nology. 

So the question particularly 
for the unions — is whether Mr. 
Hussey has been playing an 
elaborate game of poker, or 
whether his colours are in some 
sense, nailed 10 the mast. 



“ Duke ** Hussey 

Inspired loyalty and affectum 
from his senior executives 


Clearly, it is hard to predict 
the outcome of a complicated 
dispute involving 54 bargaining 
units. 

it is difficult to believe that 
Mr. Hussey has not worked nut 
some detailed contingency plans 
which would encompass the pos- 
sibility at least that The Times 
could slay closed for a very long 
period. This would undoubtedly 
he a very hitter result for Mr. 
Hussey, who. as chief executive 
for the last seven years has 
brought The Times through 
accumulated Insses of more than 
riOm to a point where, in the 
absence of industrial trouble, it 
had the prospect of a reason- 
ably healthy profit this year. 

Perhaps his personal charm 
and ability tn persuade people 
led him to believe that it would 
bp easier in get the union 
officials in The Times Building 
on In his side than has so far 
proved the case. He probably 
did not think last April That 
il would eventually he neces- 
sary io rinse down the papers. 

One reason may he that he 
pets on well personally with the 
union leaders at a national level 
and scored a notable success 
three years ago when he was 
chairman of the joint manage- 
ment and union grnup which 
drew up a document called 
Programme for Action. 

This document emhnriied the 
central principle of introducing 
new technology without com- 
pulsory redundancies which i« 
one of the objectives The 
Times is now trying to achieve. 
However. Programme for 
Action was rejected in Chapel 
(union shop) votes throughout 
Fleet Street. The Times 
management is now going 
rather further than Programme 
for Action in its insistence that 
journalists and advertising 
girls should be allowed to use 
the new computer setting equip- 
ment as well as. members of the 
National Graphical Association. 

Mr. Hussey's traditional estab- 
lishment background is held 
against him by some, hut not 
by all the local union officials. 
He went as a scholar from Rugby 
to Trinity College. Oxford, before 
war service tn the Grenadier 
Guards. He was badly wounded 
on the Anzio beachhead and lost 
a leg. 

Ti was ironic therefore that his 
firet job in 1949 was as a mes- 
senger boy wiih Associated 
Newspapers. After a career in 
circulation and other depart- 
ments. he became managing 
director of Hannsworth Publica- 
tions »n 1967 and ihon moved 
over lo The Times shortly after 
tlv» takeover by Thomson. 

Hne nf his sreat achievements 
was lo recognise in 1971 that The 
Times's drive inward increased 
circulation was economica llv 
disastrous. He took IhP then 
controversial decision tn enneen- 
trate on a smaller, high quality 
readership and thus ;p maximise 
the effect of advertising 
revenue 5 - 

This decision, coupled with the 
necessary marketing drive, laid 
ihe basis of the recovery. In the 
current crisis, therefore. Mr. 
Hussey stands at a precipitous 
peak of his career. If he suc- 
ceeds m gaining th* required 
union agreements. The Times 
and H? sister paper? appear set 
for .1 new era of prnsperitv But 
if this bold push should fail—? 
Mr. Hussey would prefer to say : 
“ We’ll nnt fail.’’ 


Japanese reserves 
reach record $32bn 


BY RICHARD C HANSON 


TOKYO. Dec. 1. 


THE JAPANESE Finance 
Ministry today announced a large 
jump of S2.866bn in foreign 
reserves in November. This 
brings the reserves, made up of 
convertible currencies, gold and 
special drawing rights, to a 
record high of S32.261hn. 

- The monetary authorities also 
appear to have started selling the 
U.S. currency on the Tokyo 
foreign exchange market as the 
dollar enntin/ed its sharp climb. 

The dollar rose today from the 
opening of Y 199.50 to a high of 
Y20I.70 when the Bank of Japan 
intervened. bringing the rate 
■back by the close to Y201.25. 
still a steep rise from Y197.80 
on Thursday. Intervention was 
estimated to have been 5100m 
during the day. Spot volume 
was a fairly heavy $684m. while 
forward and swap trades hit 
5755m. 

The increase in reserres 
worries officials, who want to 
absorb some nf the excess in 
local money supply created in 
part by dollar buying tyen sell- 
ing) intervention after the 
November l introduction nf 
defence measures for the dollar. 

Bankers estimated that the 
November increase was the 
result nf about SI .25 bn in official 
intervention in the exchange 
market during the month — the 
selling of SDRs by the U.S. 
amounting to about the equiva- 


lent of SflSOm. plus about S650m 
m a U.S. drawdown of its IMF 
reserve tranche and about 5150m 
in interest income. It is also 
possible the U.S. activated about 
S20-50m or its fobn swap 
arrangement with Japan. 

The authorities' latest move 
against the rising dollar was 
expected earlier, but it is 
believed there have been only 
two other occasions for dollar 
selling during the month — 
November 20 afld November 29 
— both for small, carefully 
placed amounts. Finance 
Ministry officials have in recent 
weeks expressed a strong willing- 
ness to sell dollars if the yen's 
drop becomes too exaggerated. 


Stifled 


Market analysts here say the 
main reason behind the dollar's 
strength this week was the con- 
version of about YTftbn in bonds 
placed by foreign governments 
in the Tokyo market into the 
U.S. currency, a temporary 
factor, favouring the dollar. 

Meanwhile, figures released by 
the Economic Planning Agency 
(EPAl today .show that Japan's 
real GNP growth in Ihe July- 
September quarter was again 
stifled by a slowdown in exports, 
which is expected to continue 
at least until the end of the 


March fiscal year. 

July -Sept ember GNP growth 
was only 1 per cent, or 4-1- per 
cent on 'an annual basis, un- 
changed from the . April-June 
period performance. 

The results appear to confirm 
the view that the official growth 
target for the March fiscal year 
of 7 per cent cannot be met and 
will be revised shortly by the 
new Ohira Government. Planning 
agency officials estimate quar? 
terly growth rates of 3.4 per cen-t 
(more than 13 per cent on an 
annual basis) would have lo be- 
achieved to reach that goal. 

It is estimated that SO per 
cent of the actual GNP growth 
during the quarter was the result 
of a 1.5 per cent, expansion in 
private consumer spending. The 
domestic sector as a whole grew 
l.S per cent, compared with 2.4 
per cent in April-June and 1.7 
per cent in January-March. when 
the export sector had been the 
major factor in a quarterly surge 
of 2.3 per cent, whereas u proved 
to be a drag of 0.7 per cent in 
the latest report. 

Government official* say 
privately that the 1 per cent 
growth of this latest period was 
not surprising and some expect 
this pace wiii continue imo the 
next fiscal year, it is now 
generally felt that annual growth 
this year will he 5-6 per cent. 


Blacklist 
Ford 
call to f 


companies 


THE LEX COLUMN 



fit 




in new 


" T V- • A y A. ’ Wj§!< 


By Richard Evans, Lobby Editor 


Ceausescu puts forward 
East- West ‘buffer’ plan 


BY PAUL LENDVAI 


VIENNA, Dec I. 


MR. NICOLAE CEAUSESCU. the 
Romanian President and Secre- 
lary-General of the Communist 
Party, reaffirmed his country's 
independent foreign policy line 
today, and. in a somewhat cryptic 
proposal, suggested the estab- 
lishment of what he called “a 
non-military buffer zone between 
the Western and Eastern mili- 
tary hlocs.” 

Contrary tn expectations, he 
refrained from launching new 
attacks against Moscow and spell- 


ing out in more detail Romania's 


grievances against the Warsaw 
Pact. 

Mr. Ceausescu addressed 3.000 
party member, and was fre- 
quently interrupted by applause 
The Romanian leader restated 
that it was ihe sacred right of 
every nation tn decide lls own 
destiny without interference 
from abroad. 

The Romanian army would act 
only on orders from thp respec- 
tive party and State bodies, and 
would never accept orders from 
the outside. 

Romania was striving for close 
co-operation wilh the armies of 
the other Warsaw Part states, 
but relations must be on an 
equal basis. 


There could he no question of 
increasing Romanian military 
expenditure, since its present 
level was adequate and in 
accord with the international 
situation. 

Diplomats of the other 
Warsaw Pact states attended 
today's celebration marking the 
60th anniversary of the birth of 
the United Romanian Slates 
aTter apparently receiving «ome 
kind of assurance about the 
content of the President's 
speech. The Soviet and Bul- 
garian ambassadors, however, 
were still absent, and the two 
countries were represented by 
their charsd* d'affaires. 

Observers believe that Mr. 
Ceausescu 's reference to an 
East-West buffer zone m a?' be 
an attempt to renew, m a 
different rorm. the so-called 
Rapacki plan of 2 military dis- 
engagement between the hlocs. 

The plan, presenied in October. 
1957. and repeated in February. 
195S. hv the then Polish Foreign 
Minister. M. Abam Rapacki. 
originally called for a de- 
nuclearised zone in Central 
Europe comprising Poland. 
Czechoslovakia. West and Easi 
Germany. 


The proposal was immediately 
rejected by the Americans, who 
arugeri that it would prevent ihe 
U.S. from furnishing nuclear 
weapons to Bonn, and would 
undercut American advantages in 
the field of tactical nuclear 
weapons without offsetting Soviet 
superiority in long-range atomic 
missiles. 


President Ceausescu neverthe- 
less strongly reaffirmed— without 
mentioning Chinn hy name — 
that Romania would continue to 
promote f-icndship with all 
socialist countries. 

He spoke about ihr differences 
heiween the Communist slates 
which created *' profound con- 
cern ** in Romania, then he madp 
an unprecedented reference to 
the fad that the conflicts 
between Communist elites some- 
times degenerated into very 
serious actions such as * a sup- 
port of counter-revolutionary 
eleinents in certain countries 
and the instigation nf these to 
overthrow th*> Government, 
actions which in a flagrant way [ 
violate the principles and Ihe 
norms nf relations between 
socialist countries- even inter- 
national taw and the UN 
Charter.” 


COMPANIES WHICH obtain 
Government contracts are to 
he discouraged from using 
Ford as a sub-contractor. 

Mr. Joel Barnett, Chief 
Secretary to the Treasury, con- 
firmed in a written Par- 
liamentary answer yesterday 
that main contractors should 
not, under the Government's 
pay policy, place orders for 
Ford products lo fulfil specific 
Government contracts. 

The Government has already, 
announced that It will not place 
farther orders wilh Ford, fol- 
lowing its 17 per cent pay 
settlement, and Mr. Barnett 
was asked what the Impact of 
sanctions policy would be on 
main contractors, who have 
agreed to abide by incomes 
policy. 

He replied that companies 
which were mala contractors to 
the Government, were obliged 
to obtain undertakings of 
compliance with pay policy 
Tram suppliers when they were 
also major subcontractors. 

“ Since the Ford Motor Com- 
pany is in breach of pay policy, 
it will not be able to sign 
these undertakings. This will 
jeopardise its prospects of 
getting business as a subcon- 
tractor on Government con- 
tracts." Mr. Barnett wrote. 

In a Parliamentary answer 
from Dr. John Gilbert 
Minister of State for Defence, 
it was announced that 500 
vehicles are on order from 
Ford by the Defence Ministry, 
and 921 from other depart- 
ments and Government 
customers. 


Sanctions 


threat 
in fabrics 


pay deal 


By Nick Garnett, Labour Staff 


Shell will 
close part 
of Thames 


refinery 


Boots will market 
Hercules products 


BY SUE CAMERON, CHEMICALS CORRESPONDENT 


By Kevin Done, 
Energy Correspondent 


Roots *.::id .irsierday that ihr 
U.S. was ihe larsesi single 
agrochemical marVct in ihe 
world II described the arquifi- 


BOOTS is to takn nver the for full registration soon, 
agricultural chemicals marketing Oncp registration has been 
business nf the U.S. based Her- obtained, tt is planned lo mann- 
cules group The move is «*v- f.'icture both in«-cucides in ihe 
_____ _ , , . , : peeled to nearly double Boots’ UK and sell tht-m through the 

SHELL is tn close old and; world sales in the field. U.S. millet Rent--. however, has 

obsolete plant at US second; Thp Iw0 companies have nm ruled n U i the pnnsibilily of 
Th™. 1 tn set up a joint venture future production in the US. 

if L h .n m hf .S" a £;5 that will e.ve Boms *n per cent 
Ahnut u50 jobs wtll be lost o»cr^ haw 1>f Hercules’ existing asm- 

•w y ?F7i'*r riii s, 1, ,, i chemical marketing operation. 

She '' UK . sajd ’* lf u> n '; Hercules a n:aior chemical enn- 
vesr £23m in ihe next five years w ..i, . ■ , his Y „ of 

in the modernisation programme) manufacture for the !,on 15 ® a , development 

which will he concentrated on 1 _ . ’ ' , u ■ because of ite opportunities it 

the *■«. side of foe SCHMcre s „o. | n, ,*„ ”.T rtn “oflv 'u oSuru -I’""'' s™*n> 

near the deep-water je mes. ‘ . iU b manufactured hv Her- I 7 arkfr ,n and added 

A bitumen plant and » : cu les bur ultimately Boob hopes " f 

laboratory are to be built. About Ms new subsidiary 'will also act "" -. own t0 a 

one- third of ihe taak storage K [as 3 vs marketing outlet for wnar *' ,We dp - rcr - 
to be scrapped along mrn much j tJS insecticides . tfitac and Taktic. The company would not dis- 
. V* e out-dated rail-loading | Neither Mitac nnr Taktic has clnsp the price of ilv acquisition, 
facilities. .. . : yet been fully registered in the which depends on the two 

Parts nr the refinerv. winch j L- i g_ *n sales of the two products companies seining detailed 
, a „ capacity for processing l there are on an extremely limited terms, and obtaining exchange 
about S.4in tonnes nf Middle East . basis. Bools said it was hoping control consent' 

crude oil a year, dale back to the : 

early 1950s. 

Shell said yesterday that the 
refinery, with old pqujpment : S|BjHi 1. 1 j tTgjp 

spread or Pr a large area. wa«, ' ^ 

much more labour-intensive than’ 

most other plants in the UK and t_-R TODAY 

Jnmrefrnvc 1 ' !]m ” sn "‘- 

refineries. 

Tn common with most of the! 
refining industry in the UK and; 

Wei-term Europe, it has suffered ; _ 

from the general overcapacity; r ’!} Ar v '^? r hnghler. Max ft: M5F| 

and depressed trading cnndirinns.j r :'c.V . T^.T Dales. 1 of Mon 



most places. 

London, all Eastern England. 


BUSINESS CENTRES 


IV. Midlands. N.IV. England. 
Lake*. Scotland including islands 
Outbreaks nf Meet or snow. 
Max. SC jSTFi. 

Channel Is.. S.tv. England. 

N. Ireland 

Rain ai times. becoming 


THE Department nf Employment 
has intervened in a pay settle- 
ment for 12.000 workers in the 
fabrics industry and warned em- 
ployers that they may face sanc- 
tions unless the deal Is 
reneenuatert. 

Unioi officials 'said yesterday 
thwi Ihr* department had acted 
ruthlessly against a fairly low- 
paid industry in which com- 
panies were small and vulnerable 
to the threat nf sanctions. 

The two main elements of the 
settlement, which covers the 
narrow fahries industry, are tn 
raise minimum earnings lo £+4.50 
— allowable under pay policy 
even if it means more than 5 per 
coni — and an increase of 7p an 
hour on the basic rate. 

Employers' representatives say 
that the deal is difficult tn value 
hut Ihe largpst estimate was 
hptive«*n 6 and 7 per cent overall. 
The two unions involved, the 
Transport and General Workers' 
t'ninn and Iho General and Mnni- 
rinal Workers' Union, argue thal 
ihr settlement can be assessed 
as within the 5 ppr cont. 

The deal has apparently fallen 
foul nnt only nf the 5 per cent 
guideline hut also the depart- 
ment's "offselling" rules. 

Mr. Tetcr Evans, rhe trans- 
port workers' national secretary 
for general industry workers, 
said that ihe Government was 
insisting that Ihe cost of two 
days’ holiday, agreed last year 
bu’l nm wiih in ihe inn in annual 
set; lenient, bad In he offset 
.isamst the cost of ihis year's 
d*”il. 

The unions refuse 10 acrepi 
Ihe department's interpretation 
and they and rhe employers are 
having further talks with offi- 
cials. 

The intervention re fleets a 
determination to try to force em- 
ployer' — particularly small ones 
— to adhere to a rigid interpreta- 
tion of pay policy. 

Mr. John Broun, sccrelary nf 
the employers' side of Ihe in- 
dustry's joint council, said that 
Department officials had been on 
lhc telephone to him within 4S 
hours of both pay negotiating 
meetings, asking for specific de- 
ta'i< of the deal. 

The narrow fabric* industry 
manufacture.; .1 range of 
malprial* for clothing, furniture, 
and fittings, and some car accos- 
snn?*. 




Continued from Page 1 


Wilmot 


1*. «; .Viflufl C. 
3 £1 Milan 

Miuli'-il 
Mwcn-t 


r —1 


Jidda t 

iThe UK has a present refining' Am *t-r.iwp c ^ in 
capacity of 1 45m tonnes a year.! u.vn.*- » 11 y»ndi«ir 

with projected sales next year of I P«rr>-Hm* s sfl ".i-nmum- 
9fim tonnes in the NK.i The! r r. 

Shell Haven plant has been . f-jIktbii* c * 
operating at about 65-70 per cent - Rpriin n « 

or capacity. : Msbm r - 

Shell said that tbe mndern- 
isation programme should cut Fud»?-rr *» 
crude oil processing costs b y;jj ' ,rr5 * 

about £1.20 a tonne. If thejc^dV r 
refinery operates at 5m tonnes ! pr 

a year this could give annual ( cnWanr r 

savings of Efim. • gSCT * 

The prO'pni workforce nf , Etirnorjt-. 

1.S5D at Ihr will be run | t raak-hm Si 
down progressively tn about* 

1,300 in 1S83. )sS: 

Shell said the staff reduction 1 h kow 
should come from normal and i J" l*!? 


;i* im 


Vi 


early retirement or 
voluntary redundancy. 


from 


Lisbon 
j London 
LOXCCDb'C 


r -5 
S -fi 
r 

S 0 

-11 Nw Yfir 1 - S » 

17 Of In Sn — 1 

r: Par * s : 

:7 PrnU s 

m A Prs*w 'n 
'■1 K>-> kja% ik K 
it JLo lie J’o S 
“F R*jntr R 
is '.istamn- 
rii .S-ncfcl-.nlni Mi 
: Stl.i'OOTil f 

si *. sr'i'w r 
ir.T^I \«ir c. 

r -s ?" Tokjn 
5 n m Teronio 
5 i'i 77 Vi* nr a 
S3 wanw 
M: annen 


ai Ram ai times, -now on hills. 
H Max. sc i41F ». 

... Outlook: Gold m. E.. milder id 
-n \V. Rain nr «trrt ai rinjes 


HOUDAY RESORTS 


1: 


■W l'.i»n!»i»i K in ki 

■1 l-rs- r t M 

«■ l.a« n»is. F ei Tfl 


S -I 
r :i 


13 


c -1 

c 


c 


2 l.niamn 
If. Majuri « 
'IhUkj 
» Mali* 

1 . "taimhi 
X.ipks ' 
1 « .Vi. -.11 r 

*ij , r iQnrt-l 

* 44 ! 

t" f--' '-i.-b'ira 

:* -J Tansi*f 

'•* rrd% 
Tilin 

T 3 Vaioju-ja 
*i> Vntl’T? 


; 4.1 


s ir «•: 

1- r. so 
'■ » «. 
r ib 30 1 


-; Alacim 
<1 Ainrrx 
2 - Biar.-u- 

.14 rilarfcjH'o] 

J."- Rorflraiuf 
12 BmjlpED'- 
.< «i QawMm-a r 
s: Cw Tn * 

In .V) Carlo ~ 

21 si Pubrat-nilr S 
I st t-v-n V 
1 M Finj-'.-'r-: f.‘ 

r 71 tp S 

f ;-l *5 Ofhfa-iar f 

r j. 3fl. H'rnw; r. 

c 3? Ioax>Yiiclc F 
c ~ .ir c 

G 1 87 is of Man F 

Sn —I S* S-*aujr r — Fnif c — Cloudy, It — Bala 

Slk-SlWW, 


n 


l> 3? 


1- .14 
C r.; 

c > 

r il w 
r it « 
Y 13 5? 
5 14 .ST 
C 3 fi 


’ Par wore £9ffm. equi valent to 
W'tmnt -Breeden's lotat sales 

Rockwell, which was formed 
from the merger nf . the aero- 
space lechnnlngy nf North 
'tnicrican Aviation and Rockwell 
Slandard. known for its motor 
parts, calculators and electronic 
equipment and power tnnK is 
producing strong profit ernwlh 
ai present. 

D'ilmol-Kreeden. hy contrast, 
has suffered recently from the 
Ford strike and a stiff long-term 
redundancy programme. Pre-tax 
profits for the half-year in June 
drooped hv £im to £1.Rpi. 

The talks between the two 
rnuld he length'. Ope reason 
for announcing them i* the need 
for open dircusMon vnth unions, 
management and Government 
bodies. 


Over the week the IPIV'fflt. 
Share Index, has gained^JI.4 
points, but turnover has bw« at 
a low ebb— -with the Qdeeart 
visit providing a powerfuIjUter- 
sion yesterday, and helping, to 
depress the day’s numbBP of 
bargains marked to 3^2lS r -.ti]e 
lowest since last Christmas.. 
Share prices have wandei^d.to 
and fro' without much rhyhie or 
reason except for the jobbers’ 
desire to get their books : jig3it 
ind stimulate business. The big 
linejs of stock which wcw* merg- 
ing when the Index was^above' 
500 seem to have dried Up..vOn 
the other hand, there is zxbgreat 
pressure of demand front -insti- 
tutional fund managers vSo aie 
nn pressing reason for plunging 
more heavily into an uncertain 
equity market when idle money 
can earn- over 12 per ceik'on 
short-term deposit. >- ' 


geared (despite /rec^fag-^hu 


245r 


Index rose 4.8 to 486J: 

interest: charge -in ..the^ secdmi, : y. 
1 half : WKilel still ' .finain^rnicm^r. 
than £ 2 *m a year' for . 

investment- The companfcrlK^u"- 
be lookihg to reduce stockout ^ 
line with the' lower 
and there is a threat pf yi^e^v;- 
spread -shorttime _ worktop 

- Considering' thafc\ at : 
stage a home will have )t 
found for at least some 
17m shares held byr.^the 
family. -which= represent- 
43 : jter- Gent,- -of 
equi^. ihe present yield of : t3r-.C 
per reiit may not jTO^npogh fa ^ 
sustain the^VA:^^SaOT':a^hst.;7: 
night's priee'-qf^p- 



ET-ACTDARIES 

^ALL-SHARE^ 
INDEX r 



; 1; r-1 - 


New Issues 


The stock market seems to 
think that Britain is a nation 
nf shopkeepers. That at least: is 
the conclusion which cbuld: be 
drawn from this year's activity- 
an -the new issues market ..; ; Np 
fewer than six oF the sight 
issues so far this year, ahd all 
of the last five, fall nndCTpthe 
general heading nf retailiog^nd 
leisure — the latest being Jiiltetts 
Leisure Shops. Why should it 
be that from all The different 
sectors nf British industry only 
retailers want to tap the'market' 
in 1975? 

It is partly, of coitfse^ that 
retailing happens to''be tiie 
economy's boom sector it pre- 
sent Stockbrokers Phillips and 
Drew are currently forecasting 
profits growth of 26 per cent 
for stores in 1978, better than 
for any other sector; ‘^Mean- 
while the p/e ratio boosed by 
ihe stores sector in the : FT- 
Actuaries table of intiicw is 
12.18, once again by far’^the 
highest in. the whole Irsi (apart 
from the special case of pro- 
perty). So a modest company 
like Millet is ia coming, to the 
market next week — some 1.7m 
shares are being offered for sate 
at 1 1 Op each — on a prospective 
fully taxed p/e of 10.5. 

Private retailers therefore see 
more advantage in going public 
than, say, engineers who would 
be condemned to a lower" rating. 
They arc also experiencing a 
profits surge. — Miitells is fore- 
casting a pre-tax jump of at 
least two-thirds — which they 
must privately fear will be fol- 
lowed by a much more pedes- 
trian performance next year. 


Finally, the sponsoring new . Rockwfill / . . ; ■’ ■ 

issue houses have, become •; collaboration raiber .than an - 
nervous of flops, and one way of- outright takeover bid sterns to L 
reducing the risks is to limit be tim objective /of the.:t^lpra^ 
new issue activity to sectors tory > talks . now. / under •. way 
where the trail has been sue- between Rockwell International 
cessfnlly blazed, by somebody- 0 f thiL.ljjS- ; And/mjwt/5re^rqii 
else.' r . — as least so fai ds the/UK camp 

■ A new issue market domi- is / concerned. . Wilmot;’: .is 
nated hy this year’s fashion. cuirwUly^t a low 
rather than by varied companies profits cycle. Jaiyely as.$ .re5uU. 
with solid long-term merits, of heavy reorgansatlon cos^ip 
rarries Q.e risk that it wUt be its UK 
excessively speculative. The ness, Ythich mas.i^y 
issuing houses are currently this- year on sales- approa< 
complaining of the. burden of *30m„ 


vi.. 


-.r ' 




/:*£’■ 

?-3 . : 




paperwork caused by excessive • . Group profits reuW/fall by 
slagging activity; But until over atifth.in l978To £4rtp£4JSm. 


- •. -.•j- ■ 


they can float new issues with a 
broader appeal: they will have 
to live with this" -problem. .' 


Illingworth Morris 


after £)Jrtn of special cpiSts.Tiut 
some analyst* are alrt^dy .pro- 
jecting^ upwards bLf 7m. in 1929 . 
as : a .iesult of recovery Jdj&e , 
.UK arid-further progress. in. the 
highly"' .successful" French enm- 


A shiircr seems to-be going ponen is subsidiary. .’- t-.- 
through the wool trade. Like A Hhk wtth RockwelL whidfi' 
Dawson International. Illing- has around £35m. of motor com- 
wprth Mnrns _h^,re ported sati-^ ^es ^ the UK. coidd . 

factory hrst-half “ bring sonie badly 1 needed, new-, 

not optimistic about the year as - outl ^ te . foF - wilmot "**a 
a whole. It now looks as though 


:: =?0 


IM-wil, make 


JS 

clsIs 6n 0f a |V^ or n more wSK Fre^vfesine^ . 
were once being made for 1978 -v 

The main problem concerns ^ ^ 

export rUrter books- IM says half .ite assets. And botirrid^ 

it is experiencing a general a ^ e taUan^aml^.^boiit i heyfaf 

fall in international demand for that the trend towards conanon . 
wool textiles. whUe the Inter- car designs- in the. world Bugket '. 
stoff fair in Frankrurt iug, could reshape the latenaadntf^ 
gested that fashion was desert-, cprapooppr® 
ing the worsted cloths that The talks could come, to any* 
have been a major source o£ thing or nothing. _ Given 
the group's recent recovery, scope for higher profits next ,, 
and was shifting towards shag- year, yesterday's 13p rise-to 77p 
gier materials. in Wilmot’s shares for a market ", 

So far the recession has been capitalisation of £16m does ndt-* 
?entle, but IM is very highly look too outrageous. ' 


•■a?. 0 '' 

•- si: 1C- .• 

• - 1 fc'r- 

r. 




. e:. • r 
•• j 


55; 





. . r .j 








It is true you can t judge a boot by its cover, 
but the authors name can.be a good 
recommendation- 

Ic s the same with Cognac. Three stars, five 
stars, even seven stars tell you little about the 
quality because they are a convention without 
legal definition. But thvre are a few names you can 
rel y on, and one of the great ones is Hine. - - 

Any Cognac must, fey law; be made from 
the wine ot certain grape Types grown in a closely 
defined area, double distilled- in Charentais 
por-s tills according to rigidly controlled 
tra dirio nal methods , a nd then matured 
in oak. 

That covers the bare'minirnum . .. 

demands of Frenchl aw but ir is then up 
to your palate to pronounce judgement. 

A browse through die comprehensive ■ . 
works ot Hine will confimi to you that its 
Cognacs are among die ghat classics. 

The inside intomiarion is \'er\ r 


convincing: 


Hine 

The Connoissetirs’ 
Cognac 


Fr»r an informative leaflet on Cogriac^saklapoMrardto' 
Dept ft , 6th Hooti 1 Oxendon So^LowiofiSWlY 4EGi 



RreiMBNd *t the t*o*t one«. Waaud by St Ocumk's- Pntm ‘tar, tad sdbUafcrt , ; 
or the FuvanMat Time* Xs£. Bncfem Boom. Cub* 9h«. Leodao,, mt’ .xv. . "r 

v *3 B .O lTre riiasoai 


f . . 

m ~ f ' W** > . - ... r . m 


--4. - v : ■ ■ ' ' - r 


T"-r’ r.- 





ryfSA'^^l 


7tBs^’.as^sSk&&