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J ' ( ’* i'5 I r” i i 





SERVING THE GAS INDUSTRIES * 


No: 27,736 


Saturday December ^ 1978 




• MWUM Tr 25; DENMARK Kr 3.5: FRANCE Fr 1.0; GERMANY 1 DM2.0: ITALY L SM: NETHERLANDS FI 2.0; NORWAY KrlJ| FORTUGAL Eg- Mr- SPAIN Pa AO-.' SWEDEN Kr 3.2S: SWITZERLAND. Fr 2.0; EIRE 15^ 



NEWS SUMMARY 


BUSINESS 






■-S. 


ilQuliir 



up 



‘ ‘ • ■■+ EQUmESsteadird and lead- 

, ; liig : Shares ; cd&ed~.fbward In 

i, ^ ‘ •' • anticipation of thcwFT index 

GoMr - Ueb; a, -pioneer o f t& e possibly' breaking through the 

State of Israel and.- Prime 

Minister .forfive crucial years, 
has dierfln Jernsalem aged 80. 


Sanctions row continues — key vote on Wednesday 

MPs will 
debate 
pay next 
week 


British Oxygen is 
asked to explain 
breach of 5% limit 


BY NICK GARNETT, LABOUR STAFF 


Mm. Itteir.tea, suffered from 1 : 
leukaemia--, .-for V 23 -years- but 
recently; she developed, viral 
hepatitis, which led .to her' death 
in hospital ;•••'•;■ 

Her -.time-- as- Prime- "Minister 
included the' 1878 AraMsraeli 
war. after which she resigned,; 

.. Mcs.- Sleir, born in die Ukraine- 
and brought up in the . US,, bad 
a wi|l of, iron .-and Israel's first 
Prime . Minister, David Ben- 
Guzioa, once called her the OQly 
man la my . Cabinet" Obituary, 
Page 2 


/Sod? 


FIT. Industrial 

Ordinary Index | 


495 


Bonaiiaraens- 

I— @UYSCU»E 


49( 


485 



s r... 

DECEMBER 1973 


San ct ioris * fine* 


Iran peace move 

Iran W -m -Wlth^W treo^ from 500 mark during the^Christma*. 
the-streets ofrTekrati; and declare trading Account, ^he-^ordinary 
tbe' capita] - an ' open city in an share index -elosed.vi.8- up at 
attempt to ivoid-dasfaes during 493 3 • •: 

pretest 'xharehds- planned for to- =' • ’ 

morrow. Page2 . \,y ' . « ujlts were ’’quiet: and the 

-Government Securities, index 

-dosed 8.02 down ^±,68.37. 

United Airlines will pay 850,000 4 STERLING ros^Bfc points to 
*?>**£ n-su^^hrought- by &e 9Lms ^ iEs ^weighted 

department is .--.also- reopening'^ depreciation _i*d<lened to 
sanctions investigations involving- 5-s pcr cent , . 

M°Wi an^^ftk^Eaek^ge rose . in 

H'futibi^niaad- ’ 

Ivor Riehari ' British 7 Arobassa- - 0- U. TOKYO stoek-H' markets 
dor .at the.United WafioHsi speak- 1 touch ed an aH-timewKgft -with 
ing ■ dor.-:' 'the ‘ ' five • Westeih iheTekyo New StocfeExchange 
members . . pf the, . .•SeMtr'aua: breaking ifaroagh 450 
Council, -- tailed, .for, ‘ ,i" . TIN and'the Nikkei'Oow index 
presence fc Namibia early next ^2S?!5Kji* in ffiSeasfcst 
year to prepare, for^ipeimsed *^^-^ 74 ^.™ “KK™* 
elections. . • • ..The . alternative, he ■**•• &*■' this yeat Xex. 

* WALLSHUESSf clb^f ££i 

PoW^I $.^friiit|g NATp COuntri es/have pledged 

Ulster - Unionist , $& . ' Ehoidr' an. '.unprecedented aid effort to 
Powell r^niedtiiat -iL marriage help ' Tin-key /v and Portugal 

riina 4-1-1 ^ -Tah?li» - t1ioil»v />l-nnrtmi/>T anil 


By Elinor Goodman, Lobby Staff 

MPs WILL debate pay policy on 
Wednesday in Government lime 
previously put aside for the 

British Oxygen management representatives have been called in to meet Bm ayed PubIic LendlDS 

Government officials on Monday to explain why the company’s gases division s ; — - r * K ' 

settled at double the 5 per cent pay limit with its drivers and cylinder- 
handlers. 


The Government appears to be 
making an example of British 
Oxygen, as it did of Ford, for 
breaching pay guidelines. 

The Treasury is understood to 
have completed its examination 


Postponement of the debate 
on Thursday has given the 
Government a valuable breath- 
ing space in which to rally its 

International's total labour wide range of materials inelud- 

force of 21.500 are negotiating mg computers, chemicals and “J*,* 1 5.®*? ,_J 0Uia <umost 

deals which arc likely to be refrigeration. welding and 1 |?‘ y e . lost ' 

worth about 10 per cent. At the medical equipment. The Gov- The Tories may well try to 
same time, other divisions with- ernment is a big direct and maximise the Governments 

in British Oxygen appear to be indirect purchaser. embarrassment over pay by 


of the deal Sid decided that it ™re vulnerable to Government Apart from ihe threat of Price using the chaotic scenes in the 
oi me cieai, ano aeciaen uiat u r.mmiM n n rh,inh»r Thtirdai- -,e 


cannot he justified as 
within the guidelines. 


being 


sanctions than the gases division. Commission controls, the com- Chamber on Thursday as 
That division dominates its pany also has applications for evidence of the way the Labour 



Norway pays 
more in deal 
with Volvo 


BY WILLIAM DULLFORCE 


OSLO, Dec. 8. 


NORWAY WILL pay SKr 850m wholly-owned subsidiary of the 
f£110m) for a -40 per cent share Swedish holding company, will 
of Volvo, tbe Swedish car and get 10 per cent of two Norwegian 
truck manufacturer, instead of North Sea blocks and a - J? e I 
the SKr 750m originally agreed, cent share of a third. The third 
The supplementary SKr 200m is Block 30/*$. a su-called golden 
will be paid to ihe new Swedish block for which there has been 
bolding company, five of tax, as great competition among the oil 
“compensation" for the re- companies bidding in Norway s 
organisation of the company and fourth offshore concession round. 
Volvo’s planned investment in y 0 j vo said its ni J operal/ODS 

it. would give a negative cash flow 

After seven months of compli- ffir scunc . sls l0 eight ycars- 
cated negotiations, which were 



Prime Minister, and Mr. Pehr 
GyNenhammar, Volvo's managin 
director. 


a _ .i i _ __ PiATl “ iiu « fc. -- , _ Uiui JUU1C Lid kftMlI UULI\ UCILLUC18 

(j King tneui to more than 1100 r* ases supplied direct by pipe- that it could not have settled with who bad been planning to abstain ! 

the drivers and depot workers on j n sanctions vote on Thurs- 


wcek. 

li included a general clause 
that the drivers and depot 
workers would co-operate with 
management in improving per- 
formance. 

Monday's meeting will involve 
officials from the Department of 
Industry, and almost certainly, 
from the Treasury. 

The same procedure as that 
used for Ford — which has bad 
sanctions taken against it after 
a 17 per cent settlement — is likely 
to be adopted, with tbe possibility 
of a public announcement in the 
event of a decision to impose 
sanctions. 

If the Government proceeds on 
this course, it might decide to in- 
voke penalties against the whole 
of British Oxygen, rather than 
the gases division alone. 

Other groups within BOC 


line. 

The 


company manufactures a 


Continued on Back Page 


BAKERS VOTING ON NEW OFFER 


BY ALAN PIKE. LABOUR CORRESPONDENT 


BAKERY WORKERS will tote 
this weekend on a new pay 
offer which may end the 
national bread strike, uow in 
its fifth week. 

The offer, worth 14.4 per 
cent, emerged at the end of 
three days of talks at the 
Advisory Conciliation and 
Arbitration Service last nighL 

However, a complication may 
arise over the insistence by 
employers that they will con- 
tinue to retain workers who 


have defied the strike. The 
Industry has a post-entry closed 
shop agreement. 

Mr. Sam Maddox, general 
secretary- of the bakers union, 
said last night that the con- 
tinued employment of strike- 
breakers could create a “ mon- 
ster on the shop floor ** which 
it would not be possible to 
control. 

The union will be putting tbe 
new offer to its members with- 
out any recommendation on 
whether to accept. 




British moDarchy^-It would not, BrassejFhave agreed to step up 

L J—jl- i m. - >1 J.UaaV •LIImSa«m 1 Iv nnit iLrniiali 

Thw»flf +<i TV ; -hhrJx&O- published setting out 
* . " .a Sow -the. UK would be involved 
Some ' : VBBC- -Christmas - pro- iu i^ devetopraent of the new 
g r a m niey coohi beL Hacked , oat EujD^ean Monetary System. 
becaas^ofato'ophyjtbeAssoti B?£k-J?»ge. 
tibsi ;pi Broadcasting Staff; tbt 



:;->ynder direct government control 
- ^ - - - - -'as a- result of liquidity problems. 
.Police ^arrested "tons • students: J Page 2 

from Essex. Uh rversitv- after ■ in- ■ 

ddents on a '. picket line ■ outside' 4 ' INTERNATIONAL ENERGY 
tee offices *«f -the. EaA ; Angiian Authority has urged western 
Dally Times fa Ipswich. Pfovin- govemmeots to support 
Ciai iou'nialistsr 'haye , been on passive substitution of coal for 
strike since Monday in support 01 •- ant * 53 vs “* a t to fill the 
Of a pay claim. - — JT- energy gap expected by the end 

' . » /.- : / t of the century there must be 

r |||h taor* rigorous energy conserva- 
f^mce raKi ciUD ^ ^ devtf i opmenU 0 f new 

Rye Staff members at fhe Vic- energy sources. Back Page 

S PqSeitio^^by • SHELL and E^o are planning 

police last sight after an early- to spend more than J 700 ^? 
morning Taid involving about 200 developing the Norte Sea North 
police. Scotland Yard is invest!- Cormorant Field. Shell has m- 
gating allegations - under the 
Gqm&ig-AeL . 'r-‘ •• 


Tennis defeat 


Cormorant Field. -Shell has in 
vlted bids for the. construction 
of a steel jacket for the drilling 
and . production 1 platform, and 
yards in the UK, France, Spain, 
Norway and Holland are expected 
The UiS. drew -first blood in the to compete. Back Page. SbeH 
Davis Cup- tennis final against group ' expects Jo increase its 
Britain 'at- Palm Springs- when investment ' outside North-1 
John’ McEqrbe beat . John Lloyd America next year to more than 
6—1, 6^-2, -6— 2 -in 100 minutes. £3_gbn' r most of it spent on oil 
a -T-' .• ■ .and gas production. PagcS ’ 

See liow they run : • - 

m ui > • . ^ QST OFFICE and yje union 

Farms rs m the Ea^t Java viHage 6f ^ workers have 

Utek-Urek : have- jiist . firdsbed a joined forces to try to persuade: 
threerweek^ nrotwe- -slaughtering . Government to treat 
.drive-. in. which '32,008 micr were 2 00.0(» union members as a 
killed- special case outside the 5 per' 

cent pay limit Page 1 


BrSeflsr.,. 

Unempfoymcnt henefit will 
pafd ; ■foraightly; - instead 


-^.• ..CSLC has- called upon the 
rf ■ Government to make a firm deci- 
p - fiion whether- or not to back the 

£55m .trade mart 

planned for the- derelict Surrey 
Docks area of London. Page 17 


■weekly/; fromr next;. .September, 

Employment Secretary -.' Albert ^ )rDposea 
Booth told". the Commons. 

' Prime Minister -Begin of; Israel . . ^ _ 

arrived in Oslo'- for 1 tomorrow^ VOLKSWAGEN expects total 
presentation of the Nobel Peace sales for 1978 to exceed DM 2/ bn 
Prize which he shares' .wlft following a 36 per cent rise in 
"Egypt's President SaflaL Page 2; profits, in Ihe first nine months 

Fire caused damage estimated- at - to ^ age 21 

$140,000 to a .Hollywood house priup/iairc 
rented bjLiKeith' Richards of the 

■Rolling Stones. ' : A ^ BURTON GROUP reports, a 

Foot people were jailed for life sharp tur around in the 12 months 
— r three in their absence — in to August 26 from a £5.0Bm loss- 
PalmL Italy, for their part in' ’a. to a £7^5m pre-tax profit follow- 
dan fend which has. claimed 15 ing rd»very fit the UK mens- 
lives ia 12 years. ■■ wear division. Page IS and Lex. 


CHIEF PRICE CHANGES YESTERDAY 

{Prices In pence unless otherwise indicated) 

(Prices in pence unless otherwise Stoatphi _& Saatehi 


indicated) 

RISK S 

Treasury llipc £99 + i 

BTR SS5 + 6 

Burnett & Hatenshire-205 +■ 5 

Campari: 10& + 3 

GEC. - r 340 + 8 




Man. AgCocy & ateaiC 1G9. + 3 
Racal Bleetrpnics ; - 338 r- 10 
. Rush & TpnBEHiS 106 + 4 


United; Real Prop. 
Sdgomana - I;.;.— 
De Beers Defd. .....L.. 
. MarievaJe ... 

'• •: FAILS 

. Dundonjan. — 

Ferguson Ind'L • 

Fertleman. jS.) 

Glaxo — 

: Hnwfln g ASSOC. Ipds. 

Woodhead (J.) 

Gaslefield -r.- ... 

.- Westfield. Minerals 


140 + 5 
318 + 10 
181 + 6 
'302 + 10 
92 + 5i 


53-4 
123-3 
25-4 
530 - 8 
2 H S - .7 
97 - 4 
240 — .5 
375 — - 13 


Home loans quota raised 
to £700m a month 

• . . ' i 

BY EAMONN FINGLETON AND IVOR OWEN 

. . ’ » 

THE BUILDING societies have of the Leeds Permanent said in the building societies’ support 
been authorised to lend 9 per October that a rise of about 10 lending scheme for local 
cent more’ money for mortgages per cent in tbe quota was needed, authority nominees was deveiop- 


in the new year, Mr. Peter Shore, 
Environmeilt Secretary. 


nouoced yerierday. signs that the rate of increase 

.He told the Commons that the p r i ces jj a( j begun to slow * ..... . 

down, claimed that the £2.1bn local authority nominees to build- 
?L^ V ^I? e Sv f r 0r ^3 ceiling for the first three ing societies would take up the 


„ Mr. Shore, who told MPs > n S jntn > an increasingly succes^ 

an * vesterdav that there were some ful J0ml endeavour between the 
iesteroa> mat tnere were some socielies aD(J loea) authorities . 


IK raWTn^°mf!nth e months of next year should full £300m of mortgage finance 
™int' encourage the building industry the societms were making avail- 


This compares', with the present 
quota of £ 640m, a month, in force 
since July. \ confidence 

The quotas are part of the , . 

Gqpenunents efforts to curb the second quarter would 
risie • in bouse prices. Building cu 5 s *£_?.^. y !?. ™.i 
societies agreed reluctantly to 


to look ahead with some able in Britain in 1978-79. 

. “ In view of the success of the 
The volume of lending in the scheme, and the additional con- 
be dis- tribuiion it is now making to 
meeting the needs of prospective 
Although the societies had home owners at the lower end 

^ork within quotas last spring been operating on- a lending 0 f the market, the Building 
after : house prices in parts of level averaging not more than Societies Association has now 
London and the South East rose £B40m a month over the past agreed lo recommend to partici- 
iharply. six months, the number of paling building societies a sub- 

•"The building society movement mortgage commitments had stantial increase in 1979-80— to 
was resigned ? to the prospect of remained at a high level. £400m." 

[quotas continuing into the new “ In 1978 the societies are Mr. Shore pointed out that. 
k yea'r and the new figure is closely likely to promise about as many with direct lending by local 
In line with what tbe movement home loans as ia 1977 — which authorities, this meant that more 
expected. was an all-time record for a than £550m should be available 

For * example, Mr. Stanley single year." Mr. Shore said, to local authority nominees in 

Walker, chief general manager Mr. Shore also reported that the coming financial year. 


£ in New York 


— I Dec. 8 

i 

j Previous 


Mostek plans £20m plant 

’-'■' BY JOHN LLOYD 

MOSTEK, one of the largest U.S. The company has already had He now faces further compe- 
scdfii-conductor manufacturers, is talks with the Irish Development tit Ion from Fairchild, which will 
to -invest about £20m to begin Agency, and it is believed there shortly set up a joint venture 

mass production of micro- is considerable competition with the General Elceric Corn- 

electronic chips in either Scot- between the two bodies to get pany to manufacture chips, 

land or the Irish Republic in the the project, probably in Cheshire, next year. 

E The fl phmt, which will even.u- ” 05t = k h3! , /Jency hS"*.' hU^T 'SSSSd 

ally, employ about 2,000 people, u S^^elievto^it wSild^be u£ ! nter *‘ l f “ encouraging further 
will " intially produce micro- Hr? investment in micro-electronics 

processors and. memories for the ^ produc- and is about to receive a report 

European market. Mostek said uvuy ieveis ' from tbe U.S. consultant Booz 

yesterday that it may produce However, Mr. L. J. Sevin. tbe Allen and Hamilton on tbe pros- 
chips for the UB. market as welL company’s president, has been pects fur increased investment 
Two senior executives from the concerned hy the establishment and training. 

Texas-based company are in of Inmos. the micro-electronic Among Booz Allen’s proposals 
Scotland this weekend and are company backed by the National is understood to be one recom- 
belieyed to be having talks with Enterprise Board, which be mending the allocation of more 
the • Scottish Development claims has been modelled than £lm to boost advanced 
Agency closely on Mostek. education in micro-electronics. 


Overseas news ■ 

Home new5*-general ... 

—labour .. 
Arfe page ‘ : 


CONTENTS OF TODAY'S ISSUE 

16 World Markets 5&20 

18,19 Foreign Exchanges 23 

5 Farming, raw materials ... 21 

21 UK stock market 24 


... 2 Leader page .. 
..5,4 UK Companies 

... 4 Mining 

14 IntL Companies 


British Tourism: The 

’• question marks 

A new scheme for Dock- 
land : ' 


FEATURES 

Death and derisions 8 

IS Practical education 6 

Diecast toy collecting 8 

17 Learning on holiday 10 


New luxury Porsche 12 

Catering for Yankees 13- 

Japanese porcelain IS 


Apesfaranits ..... — 

Bosks 

Bridge 

. Chess - 

Coaming — 

Crossword .Pszzle ... 
Economic Diary ... 

Education . ... - 

‘ Entertainment Guido 

Eure-Qptiost 

Rnanco A Fmnity... 
FT'Actuarre* radices 


4 


13 

TV IM Rtdle 

14 


CoS 

12 

Unit Trusts 

25 

15 

Gibs and toys 

U 

WMUw 

23 

IncnraMa — 

fc 

Weekend Briefs ... 

IT 

15 

15 

Letters — - — 

Lex 

Ifc 

28 

Your Savlses t> inv. 

7 & 8 

29 

Man of Ute Week ... 

» 

Bas« Lending Rate* 

24 

IT 

Metering 

12 

BttiWipg Sec. Rhh 

2 J 

6 

Property 

13 

Local Anthy Bends 

3 

U 

« 

Rating 

Share InfemtaMD... 

2 B . 
25-27 

UK Convertibles ... 

3 


6 

24 


SE Week's Dealing* 
Travel 


2 VO 

U 


INTERIM STATEMENT 
Lennoos C«t» IV 


OFFER FOR SALE 

Save and Arcsper... 3 

MAG Grew ..... 5 

Anthony Gibbs Inr. 6 

James Finley Unit A 

Gertmen Find T 

Schleslngw Trutt ... T 

Schroder Wees 7 

Barclays Unkom ... 7 

Oreyton Meuegue ' 19 


For latest Share Indcc ’phone 01-246 8026 


day, might now be prepared to 
toe the Government line pro- 
vided the motion is phrased in 
the most general of terms. 

The feeling was that at least 
some of tbe potential rebels 
would be satisfied by having 
made their presence felt on 
Thursday by their delaying tac- 
tics. and that they would be 
reluctant to abstain on what will 
now be a Government motion 
rather than a procedural motion 
submitted by the Tories. 

This mean’s that the Conserva- 
tives will again have to look for 
the support of the minority par- 
ties if they are to defeat the 
Government. 

The Scottish Nationalists and 
the Liberals were due lo vote 
with the opposition on Thursday. 
The Tories will now try to per- 
suade the Ulster Unionists to get 
off tbe fence. 

The vote on Wednesday will 
be on a motion supporting the 
Government’s fight against infla- 
tion. Whatever happens it will 
amount to a vote of confidence. 

So as to cause minimum 
offence among Left wingers and 
UnioB-sponsored MPs it will 
probably be phrased in the most 
general of terms, making no 
mention of fieuies or specific 
weapons for fighting inflation. 

The amendment will be voted j 
on first. ;o if it is carried, the 
Government will not have an 
opportunity to put its motion to 
the House. 

Procedure Uy. therefore, the 
Government is at something of 
a disadvantage. On the other 
hand very few MPs— except 
Tories — want a winter election. 


ployed could be expected. 

The Volvo deal has til be 
dppruvcil by its shareholders tin 
January CO. and by the 
Norwegian Parliament towards 
, . ,, the end of February. It also de- 

At the same time. Mr. l^ordli peDl j s {Jn sotne dispensations and 
and Mr. ftia LUsten. b^edisli stan]torv amendments being 
Prime Minister, signed a 30-year asn?t . d hv the two Parliaments, 
agreement on industrial and because, in spite of Mr. Ullsten's 


Supply 


energy co-operation. 


categoric statement last month 


Tax waived 


Most important are the 
waiving of coupon tax on the 
dividends payable to the 
.Norwegian holding company and 


Tbe main elements of this arc ^a^Swedfsh tax law could not 
a Norwegian enmmilnient _tn | )c diarized in accommodate the 
supply Sweden with up to 4-om Volvil Murr> . hiW . Sweden is 
tons of oil a year for -0 \ears. m; j ; j n2 S niiH- lax concessions, 
and the Swedisn Government s 
“recognition” that Norway shall 
import from Sweden between 
1.5m and 2m cubic metres of 
timber a year for the same 
period. 

Mr. Nordli said that tbe hvo 
agreements represented a break- 
through for Nordic co-opera- 
tion, and would strengthen the ihe application to the 
economies of both countries. Norwegian share capital nr a 

Mr. UHsten said that short- Swedish regulation exempting 
term interests bad given way to from tax for .some years a portion 
long-term objectives. Mr. Gy Hen- nf the dividends paid on new 
bamxoar said that Volvo could share capiut). 
now dare to operate in the 19S0s Tjie two governments have also 
and 1990s at an investment lex cl a g r£ . e< j lo start work on co- 
of which it would not otherwise nrdinating their tax laws, 
have been capable. Judging by some of the questions 

It has committed itself to a t0 Gyllenbaminar at a Press 
five-year industrial plan undci eonference today. Volvo's 
which it will invest Nkr oOUm s wet jj s h shareholders may not be 
to NKr /00m in Norway- create entirely satisfied about the tax 
between 3.000 and a.000 jobs j s4;ue aJJd Ih£ . p^emjaj size nf 
there, and develop, togelher with ^ onvt , 5 i an state participation in 
Norwegian aluminium and pln^- lheir com p a Qv 
tic manufacturers, u new car „ , * „ 


model built of liehi materials 
and using advanced tcchnolugv. 

A special industrial develop- 
ment unit is being set up in Nor- 
way for this purpose. 


Details, Page 21 


Research 


Spot ! S1-963O.9F40) S1.9M>a62S 
l month i u-ia-O- 1 *) dis 0.47-0.40 dis 
3 months ■ 1.17-1.00 dis I L2?-l. 12 die 
12 months i 4.10-3.00 dis | A.ICM.'DO dis 


Volvo Pent a, the marine 
diesel engine subsidiary is m 
be moved to Norway. Volvo 
will work together with six 
Norwegian research in-tiuitcs. 
and will transfer part of its 
head office to Osio. 

The agreement meant the 
development of “ a new Sweclish- 
Norwegian industrial complex 
based on vehicle manufacturing, 
component production and 
energy,” Mr. Gyllenhammar 
said. 

Volvo Petroleum, a now 


SE dealings 

The list of weekly dealing;: 
in tbe Saturday edition of the 
Financial Times will from 
today record transactions in 
the live trading days to 
Thursday evening, and not to 
Friday evening as previously. 
Tftis change has been made 
because of tbe technical 
difficulty of including the 
Friday figures. These will 
now he reflected in the list 
for the subsequent week, so 
a continuous record will he 
maintained. 


I simply flew 
when he said 



With Perfume, Parfum de Toilette. Ean de Toilette, 

Eau dr Cologne, Talc- Savon and new Bath-time, 
luxuries - Je Revicns has many ways of making 
your life suddenly more exciting, You'll Sec. 

Jrom hish clant floret, sdeeied chemists 
and the larger branches nf Bains. 

WORTH 

PARIS 

Worth. Ptjfmaea itxl, i&o Thwart Road, London V4 3RG. Tel: 01-934 -37- 




-..-te 

















Financial ; TiCies.5attu^y/^I>eefiinS6r-a :£97S’ 


OVERSEAS NEWS 


Iranian Government lifts 
weekend processions ban 


BY ANDREW WHITLEY 


TEHRAN, Dec. 8. 


Schmidt 
to attend 
Jamaica 
summit 


Row oyer S. 


* I#- 




BY QUENTIN PEEL 


CAPE TOWN. Dec. S. 


OPPOSITION MF8 today called General Van den Bergb . Eschel Rhoodie. the Secretary S 

mr >ha v a -I-.,-).. TafaMnaHnn in their secret Mr. Vorster Knew aonur xne 


THE IRANIAN GOVERNMENT Hof roll, the Air Attache, and his Diplomatic sources' say two car- By Martin Dickson Inquiry into~misuse of 

announced tonight that it' is to wife were unhurt. loads of weapons have- been dis- „ „ . . ... .. ment funds by the form 

ease its strict martial law reguia-’ illustrating- ' ■ how serious covered over the past week or so. hcnmim, me mation Department - 

lions and allow religious demon- trouble can break out without 1° the capital, leading Oppost- ' yesi ^J^aan Chancellor, is Thfi move fol ] owe ^ a , 

stratlons on Sunday and Mon-- warning, a huge procession in tion lawyers say that dissidents among Means of Government 01 ^ GeneraI be w 

day, the two blackest days of Mahan today degenerated into .being rounded up indis- y dtplmea ana made a sca pegoat in th 

mourning for the country's 30in , no b violence' and arson. The cnminately. developing countries wt« nave and subjected to “the 

Shiite Moslems. 3rmy reportedly opened fire at Reuter adds from Istanbul: Pan a “ ‘ nrt «tloq. from Mr. character assassination 

This race-saving tactical one stage, killing between two Amserican Airways today began lr,. e Li" e jK history of South Africa. 

rdtfflat f h»> ran ) j nri Fnur jiamftytcfmnre • 'Si sbUlDe service tO Istanbul ID minister OI- Jamaica, to DOIO THa fnann nf Thp dph 


HERR Helmut Schmidt, the 
West German Chancellor, is 


lor the publication of the arrogant witness. clearly, for Information, m their secret earlier than he 

evidence given by Genera/ implicated in efforts to cover up operations. „ f 1T l“ onnosi- 

Hendrik Van den Bergh, former ^ irregularities in the Depart- The General finally retaliated ^nutted, has tothe 

chief of South Africa's secret , ment It claimed he played.' a yesterdav. describing the Com- tion eff oils to include turn in tne 

service, to the Commission of double role to bide the full facts mission as “a big farce," and a scandal. . - • ■ ■ h . 

Inquiry into misuse of Govern- from Mr . Vorster, while actually “ mountain which brought- forth .; General van oen oersns 

ment funds by the former Infor- co-operating with Dr. Connie a mouse." ' scornful references - to xne 

mation Department • Mulder, the Minister, and Dr. The implication of -^General mqinry ,. have awg prougni 

The move followed a claim by • ' . _ ■. . : opposition - demanas_ . for his 

the General that he was being . ;V prosecution for contempt True 




power in Iran— will effectively Isfahan has the largest and Ay foreigners out of Tehran. Northern. jiiioeue. 

permit what is expected to hr a nj0 st conspicuous Western PanAmg two daily westward OB “e N ora^th dialogue. 


summit talks later this month 


BY OUR OWN CORRESPOND^*! 


UNITED NATIONS. Dec. S: 


consultations . 'gift. 


to his image -of careless ruthless- 
ness, he was photographed at 
his meeting ' "with journalists 
yesterday "fondling"- a . silver- 
plated Soviet-made automatic 
xifle, which, he said bad been : a 


retreat by toe generals— i he real «tnd four demonstrators. ' -a shuttle service to Istanbul to .«* *1 !- , The focus of the debate into BY OUR own LOKHtwniiaff ' ' plated Soviei-made automatic 

power in Iran-wiU effectively i sfaha n has the largest and Ay foreigners out of Tehran. • the secret operations of the .... UNITED NATIONS. Dec. 8. ^ whi cli. he said bad been a 

permit what is expected to hr a „, 0 st conspicuous Western _ ‘A m « two daily westward w ^ 0 |£ r j2de?“£ Sw Department-on which some ynTB what a nn C ared to be a ; Notine that consultations gift. 

huce procession ibraush the -presence - nf any Iranian, city, -.JfH *°™ Los Angeles arrived ai ^ecd to SeSd ihe^mcetfue f 64111 (£37 ' 6 P i) w*sjl**t ov 5 r JhSv vaUritfiraattf ultimate betweeaDr Kurt WaKEefcn. the ■> The ' present Governmenr 
capital's streets on Sunday main ,y because the U.S. Air. May from the regular stop ; in Jf^eW MD^emheTaTSS flv , e y ^^‘ has , % *2? Snctions if MAMarwt jSTSrefirySneral, and .the EstabUsbmeni seems detgnained 

morning. A decisivp /actor seems Force has a large training pro- Tehran -but, instead of going on gs in a resort on the Jamaican ro ff® General Van den Bergl* 0 hd ura re Britain called today' South Africans were to continue tosaeri&ce the General, if only 
to have be ; n yesterday's- ,rih-l 3 ram, uc there. In today's® ran,- to_ London »d New York, all g* «■ JSS & Tf a S ^ BritiS delegate to save the reputation of Mr. 


capital's 
morning 
to have 


obdurate, Britain called today South Africans were to continue to -sacrifice the General. if_ onJy. 
for the establishment of a UN this month, the British delegate to save the reputation of Mr. 

.1. . ' , ,u.i. luxMlatlni, tn Vnretor ‘ *• 


The decision to allow Sunday's targets included bank branches. Reuter adds from Washington: 


■. Vorsfer 
ite :. party, 
is . now 


march is seen as a victory for the 


■nun* *pp«» >0 ■»« been f"‘S v"S/la. iX»rt W ■ ib^SwiU^TSS tSSSHtoSl partners.'^rtit -a UN* force' and~m5«'Sijrn « to •icon.tu.loj^ .«< 

nsidcrable violence in the pro- JJouiiheShah^rt L'.np tofer ° basan i°- ^ Nigerian Head information Department, includ. U.S.. France. West Germany and I.OOOciviU an officials. to the tern- paralyse .in its : ciMmg days— 

ncial towns. Up to a dozen ““ f g ' n ‘7 n of State and Mr. Odvar Nordh. ia ‘ the pUa Z finance a pro- Canada. Mr. Ivor Richard- said tory. where internal elections as Mr. Botha admitted yesterday, 

■ople died in Mashiid on ' , P ‘S K “ JR *^,“7 K Ihc Norwegian Prime Minister Government newspaper, Mr. South Africa's decision must be were completed today. These Bur observers here believe- that 

jevday. according -tn some . President Julius Nyerere of vorster denies it. “clear-cut and positive.' 1 He said have been declared nulT and void the President may step-down 

lire's. In tbe extreme w ®*t*--v/hite Hiwe yesfcnday tiiat'ho Tanzania has accepted an in vi> The Erasmus Commission into the alternative was South. bv the Security Council, and Mr. during the coming year, ..using 


Vnrctpr rfaimpH that hp had eieCBOns. ■- TIOQS ln WamiOIS. ra uiv^- .. miMvu&u jo. , yvw 

kept 'the Prime Minister Speaking also for Britalri - This calls for tbk despatch- of BdmltMl tha^ius 


Apart From Ihc rclavarimt of ihe ^u WdaVi accordin 


SmelSS? lid L ’by n Gen!°??holLm JS*”* fdoS SS the Shahrn being tofer 


Dreted as sicna 111 a chanee in v .‘ * uv . atr ‘ uavar mg the plan to finance a pro- uanaaa. mr. ivor nicnara : saia rory. woere ini 

10 Mashad o n 'us nolicvonlran^ >hr Norwegian Prime Minister Government newspaper, Mr. South Africa's decision must be were completed 

rding - tn some 'mJ ^ carter told reoorters at the President Julius Nyerere ®. r Vorster denies it. “clear-cut and positive.' 1 He said have been declari 




the Kurdish 4owns- of Mahabad did not know whether the Shah lat1on j? P™c*Ple but . made j ^ information affair described Africa’s complete isolation. Richard reaffirmed that position, the reason, nf ill health. - 


ft S r L°? and Sardasht arealso said to have jSSSliMnuS & BSaSeTWl C 

Sunday and Monday. The deu- nnnv Mciiiiac nn*i could survive the turmoil in Iran contingent on developments in 


ounurf* dnu iMuuiid.'. jin- ucu- nianv rasn-Uipc 

sion was made at .♦ mectinu of ”}£*£?** 'Mf* 


aiVKi wdv iiKULMr it iiivLUki,: ui _ l , bumvi*. «iiio jjuuicuiu^ 

senior generals today. _ CmlT 'l a ; ^ * in the hands of the people 


yT"„ and added: ''This is sometoin? ."hr^^irh 

•'Vn” r ihV l, Mi“few ’ rfn-i armed yesterday' In Araol, in the the haodS of peoplc Uganda. : 

atlacks^m^ranian^slaVJlYshtuems Caspian Sea region. ‘ Jody Powell, the 

and foreign targets have The military today stepped up White House Press Secretary, tion w m me summit r,,H . v . . 
increased. A crude Molotov i-oi-k- security m Tehran, in prepara- said today President Carter had 5^™ a nv and Britain to he 
tail firebomb was thrown into lion for Sunday's march. Cars, direct ad the State Department to T F TpnP h rarihhean 

the house of a British diplomat coming into the city were stopped issue a new statement reaffirm- “ _r p,, arf lT_JT tniiau-- 

in North Tehran last ni^ht. The and searched, and spot checks ' ing' .American backing for -the . week ope 1 e 

diplomat. Group Capi. John were also being made in the city. Shah. 1 5- h „ ' m ,. pt ine 


NATO to aid Turkey, Portugal Venezuela 

- BY REGINALD DALE .- c -.'l7- BRUSSELS, Dec, 8. ’ backs 


BRUSSELS, Dec. 8- 


isiand of Guadelope 
ing week. 

Tbe Jamaica 


e follow- - : . i> - ' ... . . „ ■: -g ; -1 

THE NATO, countries today bilaterally 1 and through multi- have agreed to continue seeking aillTlO llvtlfH 
meeting, announced an unprecedented aid lateral channels. _ \ ' a solution to their Aegean- dis- • ***■■ ■ 


U.S 8 may limit company profits 


designed to took- for new ways cffOTt l0 help Turkey and Dr. Joseph Lons, the NATO . Officials of rtfce -tiro Gov By joseph Mamr 

of breaking the unpasse in the Portugal stabilise thear econo- secretary general, said an ad hoc ' - wL1 . meBt & vjpmw nn : GARACAS, Det'S 

search for a new world eco- mies and prot€Ct their democra- group on owlitary aid to Tiu*ey eriuneflts wtil me tin Vdenna on ^anco •' Nacional 'tie 

noralc order, was suggested uy cjes frmQ subversion. Greece and Portugal would meet in four January 9. Ducuehto. Venezuela > largest 

-?i5‘ n 0 1.* 1* kf win also benefit, though to a to five days' time. .He would Consultations are also 40 he commercial bank.'- has come 

Chancellor Schmidt last t-eoru- lesser extent also study how the general aid' intensified over how far NATO's under direct government super- 

to J fi£di S^tibtodato Mr The aclnon, the first to invoke commitment could be turned ^ capons in' Europe »isJonas n repftof.what Sr. 

aBrSSPffj mss “Tsar-Jr - 

IS to Ttienri ? nounced at the end of the Alla- Deputy Secretary of State, said growing threaf from toe -Kquidity j.roWems.- 

SJjamitaViiik. Will lie ance's regular winter Ministerial Washington would consider’ Soviet bS-20 missU^.and' toe The decision to art was made 
informal ihc?d« h«Se .« find Council here. It particularly further ways of helping Turkey Backfire bomber. The Allies yesterday at a 1 jneetlflsJyvgwi. : 

limriM 1. into reflected serious Western con- following this week's American want to prepare public opinion President Carlos AmWs Krez 


BY STEWART FLEMING 


NEW YORK. Dec. S. 


TN A continuing search for ways Thus the Administration is comparison with the strict wage 
In put leeth into the price control now looking-' at • a proposal rise guideline, 
side of n.s anli-inlliitinn policy, which would limit a company David Buchan writes from 
the Carter Administration is con- choosing . profit ; margin control Washington: With the available 
siderin? platin? a dollar Imut by requiring that its total profits labour pool showing a 600.000 
on the profits uf * nnipanic-i -.vhich should not increase by more than rise, the number of Americans 
choose to he coiUmHed hy profit a specified percentage over its holding , jobs rose sharply last 


margin restrictions rather Ilian 
price guidelines. 

When President Carter an- 
nounced Phase Two «»f the 
ant, -inflation policy at the end 
of October, he proposed two 
alternatives for price guidelines. 


The Carter administration 


rZ-C D ' 1>arlm " 


. ‘ *> “ iibw ^Dnrnarhpc m inter- renecieu serious wesieru cuu- ivuunms uui neco j amsuinu «• k* - 1--- - — — . - ... — — 

rise, the number of Americans "J* , ‘,. ons C eru over Turkey's deteriorating agreement to provide Ankara carefully before any decision to and the country's , monetary 

holding jobs rose sharply last „ t h„ ^u g to reach economic and political situation, with S50m worth of balance of introduce new nuclear weapons authorities. 

month wlule the unemployment | anrecnienton^ornDtox No target figure has been set payments support and re^tedule into Western Europe in the hope The Government said it would 

rate stayed unchanged at ** per, JJ™ 5gTJSSS*J“l2 loiii for the aid. But Ministers agreed Turkish debt to the UJ3. . ' of averting the kind of outcry, guarantee nermft dperations of 
nj.nl thn i.ahrtur nr^rimoni I _ aumey _a** iv * that countries that coirld afford Meanwhile, following consul that arose over the neutron the Tiank, including deposit and 


'Ufeei«o*»fj 


stores and other businesses 
fhai raise prices in defiance of 
government guidelines, Mr. 
Alfred Kahn, the President's 


The Jaiesi figures show a 
surprising degree of -strength in 
the U.S., economy, despite 


been one of the main uartici- 
pants in the . North-South 
dialogue. 


to do so would step up aid both tattoos here, Greece and Turkey bomb. 


1 Companies choose either to li util chief Inflation fighter, said' £ e ? eat indicators of hesitant 


yesterday, AJP-DJ reports from 
Washington. This was one 


their price increases to half a — yesterday, AJPUJ- reports from future spending pi Ians hy oum- 
porcentage point below Ihc aver- Washington. This was one “f 5 c ^? Jed fc i lh in)e [est 

aye price increase in 1076 and measure the Government was ' rates. This would seem to justify 

1977. or to maintain their profit actively considering to toughen ‘ 5 

margins. ' ihe voluntary wage and price decision tn give the inflation 

The Adm ini Stratton did not guidelines, he said. . problem priority ’Ireatraent. . ^ 


Cubans ‘are 
in Vietnam’ 


Ohira plans action on jobless 


margins. 

The Adminirtralton did not 
intend the profit margin lest to 


decision to give the' inflation 
problem priority treatment. 


' By David Hoiaegc' 

CUBAN and Russian officers 


BY CHARLES SMITH 


TOKYO, Dec. 8. 


lending activities. It was not 
immediately clear,' whether tbe 
Government would take- direct 
.control . or.- simply make emer- 
gency;: .funds. -availpbie. •_ and 
oversee activities. ; ‘ . 

Rumours have circulated for 
several - .months'- among 
Venezneian and foreign' hankers 
about problems in BN&r as the 
bank is known here, but tins is 




•A h « an equal allernalive, rathpr average dollar profits during the earlier this vear Th° rurnber captured hy Camh^la- 

an option open in special cirenm- best .'two of the previous three 0 r unemoloved' last month'' The 19-year-oid soldier 

1 SfiV ' increased Sli£htly to 5.9m from claimed /in * 


The November jobless rate an- present In iVtottiaro, accord- THE NEW Japanese Government he proposed to tackle such, basic probably not be possible to.be' -the firat time the Government 
= A™?, . Sl i? h . t _ ly ISShJid l»v ‘SSSSto [headed by Mr. Masayoshi Ohira, issues as unemployment directly, very generous . with &aeai hasjpoken.mit on the .matter _ 


will clearly place more emphasis ratber tbaa ‘•going all oat? for stimulus to the economy— but - „°S CaS10,ns . 

on solving such micro-economic f t economic growth and leav^- the ranRe of options in any ‘ .****% — L I^rada,; prMidenj 

nmhiPmc ..npmotovment and £aster economic growui and leav^. narrow. . : Of . The .Central . Bank ; of 


will choose profit margin conlrote ' .T/je - 3 n» ' is to ensure 
because it will give ihein greater cnnipknies cati increase f 

fl’PDnmn fn mice niMi*uc in rl nice •# , • r 


1™ V-M SSTB SSS3S-.“BSrT,“S( g*S ISSSS&SSSSigr&'S ■ 

L.'afi: .sft- ^5 W^JSr dss «•*. N»tU. M 


for ways 
margin nni 
seemed ai 
proportion 
select it if 


Employment 


n An (GN1»> growth rale. 

more Mr. Ohira toid at his inaugural 

same Press conference today that 


° , -case very narrow. . 01 . luu . .^enirdi . oanK. 01 

ing other problems to solve/ M r. Ohira avoided saying th«.tf Ve d«nela; has .said Uiat- the 
themselves. ’ r be was abandoning the 7 ^ peri GoveramenL would fully- support . 

One of- Mr. Ohira's reasiW cent crowtii target set for "theffft? ’ Ve^aaliaii‘t«nk : which was 


w VkVU}'UW-->M I/, UJ Ulb » UAMWU \iv » j . .. _ - ■ ■ « - • - ■ _ 

the budget He did claim, however, that Under ■ the rhairmanshiir . of 


Carter to ease controls on petrol prices Mugabe rejects 

BY DAVID LASCELLES ' NEW YORK. Dec. S. conference plan 


the situation “ on the ground-" and stability when drafting the rather than to, a failure to : stimu- 


Mr. Ohira made it plain that 1979 budget, he said. It would late domestic demand. 


Romania visit 


NEW YORK. Dec. S. 


THE ADMINISTRATION has prices would go up by two to ments that prices must go dp to MAPUTO, Dec. 8. 

decided to remove controls on four cents a gallon at the pump, even out the market. A leant of American and 

U.5. petrol prices, .hut lias not.. Petrol price rises are only one • Petrol prices are now con- British diplomats armed here 

decided when, an Energy' of the- tough decisions on energy trolled by a complex pricing 'today and were told by Mr. 

Department, spokesman said pricing Mr. Carter must make in formula dating back 10 tbe begin - y Robert Mugabe’s wing of the 

today. .the j. coming months. However, ning of the energy crisis. This! Patriotic front that their 


the New York Times. According reports .0 
to that report, if Congress throughout 
accepted the proposal, petrol reinforcing 


'bout* th P c e,ro c l oun S tjv 0rta 5S ^*332^ 2J& «* * 5 ^”7roU SSS^JSS MTSS 1 SS Begin. armes- in Oslo' 

Oti coSp?^ arau- MlilicS ffiure h ^ I Prime Minister, and Mr. sta^stilcs institute would takeptoce in a tes in- around. Trade (should stay in the gn- Menabeor Begin, -toad’s 

; , ■ company ar^.u poutu-ai tuture. Stephen Low. ihe U.S. Ambas- INSEE. The Institutes opto- fiatsonary atmosphere. French black even if the rise m oil Premier, arrived in Oslo on 


; “ . 1, Mr. Michaek Blumenlbal, The ll.S. 

• Treasury . Secretary*.-.. arrived . In 
1 • • frt ' BuchSrest yesterday on a short 

1979 growth hopes m France 

. - . from Vienna. Mr. BJarrientbal had 

BY DAVID WHITE PARIS, Dec. 8. breakfast yesterday . with Herr 

. . Helmut' Schmidt, the West .Ger- 

FRANCE WILL start next year consumption would rise at an of wage Indexation being called meeting*?!? 1 rraffirrited^inericad 
with more reason to hope for annual rate of -about 3-5 per cent into question. ‘ support for the hew. European 

lasting growth -than it has had at least until next summer. The institute backed up the Monetary System. • 

for the past two years. roughly in line with the Gov- Government’s hopes for a con- — 1 I--.. 

This is the conclusion of an erzunentfs growth projections. tinued surplus in France’s trade « r • _ .- 


PARIS, Dec. 8. 


NF 

YCH 



sadur to Zambia, representing mism about more sustained eco- price rises would stiU be higher prices expected in early 1979 Friday to collect the M7R Nobel. 
President A’arior. arrived for noraic activity and slower tnffa- than the average among Frances were to reach 10 per cent. Peace Prize he shares with Presi- 

laiks with Mozambique's Presi- tion is shared by the employers’ most important EEC partners. The main black spot was em- dent S^dat Troops in combat 
item. Samara Vachcl. and Mr. federation f CNPF > and the Paris Inflation might be 1.5 per cent- ployment Jobless figures, having £^*JM U 5?!!!2? C » ”5“' ^ e Sl 


Mugabe, co-toader of the chamber of commerce in similar age points below -the current already reached record levels of ™ a ^- a Mke Israeli leader made 

Patriotic Front. Which is fight- publications which came out rate which toe Government is over 1.3m, were expected to rise hSSHLii 11 *- Vk! 

Ing ihc Goiernmcnt or Mr. Ian yesterday. But so are INSEE’s hoping to keep at 10 per cent further even if at a slower Tate Ros^' Palnee ' tS? 

Smith. Rhodesia's Prime worries about employment and for this year. But a more than this year. The number of will take nlace bn Sundav to the 

Minister. in vest ment. marked slowdown would seem extra job seekers next year might Akersliud fortress. - '•••'• 

A.P. The institute forecast that impossible without the principle be between 80.000 and '100,000. Agencies 


Minister. 

A.P. 


5V3RS. GOLDA MEIR 


Israel’s toughest politician 


, ,G »n 


BY DAVID LENNON 


TEL AVIV, Dec. 8. 


SjE 

JLD 


air. 


,i luriuiiueuiQ. 

Economy Class £549 tSandby >. £659 (Apex}. To: Pan Am. PO Box 747. Coulsdon, 

First Class £879 < Standby X £1044 (Apex). Surfe'y CRJ 9UU. ' _ • ' 

c Please send me your booklet Round-the-Worfd 

Scheduled flights, almost always on 747s. - in 80 ' ~ 

Sample tour: London’ Frank fu rt'DcIhii'Hang ij anM 

KongTTok-yor'Honoluliu San FrancisccvLos AHHr " "" 

Ange/ei'Houitoa'Ncw York'London. 

Minimum 23 days, maximum 80 days. 


EOT] 


Ncrfbodjcangive you | 


MRS. GOLDA MEIR, who died 
today a». Hadessa Hospital, near 
Jerusalem, was called out of 
retirement in March 1969. two 
months before her 71st birthday, 
to become Prime Minister of 
Israel. 

Fears that an ailing grand- 
mother would be unable, to cope 
with the strains of leading an 
embattled nation were soon 
quelled, as she stamped her tough 
personality on the Government. 

One nr the few women to lead 
a nation in modern times. Mrs. 
iSleir had served a long appren- 
ticeship in Zionist iuid Israeli 
politics, where she had proved 
herself a match for any male. 

Indeed. David Ben-Gun on. 
Israel's first Premier, had once 
described her as '* the only inao 
in the Cabinet." in a moment uf 
frustration with the indecisive- 
ness of some nf his Ministers. 

Despite her reputation as a 
lough politician, Mrs.. Meier was 
only selected as Prime Minister 
as a compromise candidate, 
during ihe succession ■ battle 
which followed the death, of 
Prime Minister Levi Eshkol early 
in 1969. 

But a few munihs later, she 
had made such an impact on the 
country . and her own Labour 
Party lhat she ms the natural 
choice to lead the party in 
general elections, which con- 
fir med Iter in power. 

One of the first trials she 
faced was the War of Attrition 

between Egypt and Israel along 
the Suez Canal. As Israeli 
casualties mounted, she even- 
tually apprm-ed deeo 'bombins 
raids inside Egypt, which earned 
Israel world criticism, but did 
lead Egypt to end tbe war by the 
middle of 1970. 


Israel’s dramatic victory over 
three Arab armies in 1967 had 
given tbe country a feeling of 
military superiority. Confident 
in the overwhelming dominance 
of I&rael in the region, the 
Government paid little attention 
to tbe possibilities of negotiating 
a peace treaty with its neigh- 
bours. 


This arrogance was to lead to 
the 1973 war. which shocked 
Israel out of its complacency, 
and forced Mrs. Meir to retire 
early in 1974. 

Mrs. Meir. held responsible hy 
many people for Israel's unreadi- 
ness for rhe war. ended ' her 
career with less of the. bonour 
that even her opponents would 
have wished her. Everyone 
recognised that, whatever her 
shortcomings. Mrs. Meir had 
contributed greatly to the 
creation of the Israeli state. 

Bom Goida Mabovitch on 
May 3. 1SSS. in Kiev in southern 
Russia, she was the second of 
three daughters of a poor 
cahinet-maker. Tn 1906. her 
family emigrated to the UjS., 
where they settled in Milwaukee. 

Ifer strong-willed character 
showed through early, and at the 
age of 14, Golda ran away from 
home to join her older sister in 
Denver. There she met Morris 
Myerson. a Russian Jewish immi- 
grant some years older than her. 
who was later to become her 
hushand. 

11 was at this time that she 
became involved in the public 
Jewish activities which were to 
convince her that her future lay 
among the Jews trying to build 
a new society in Palestine, 

In 1917. she married Morris 
Myerson. hut only after he had 
agreed to travel with her lo 


Palestine. Four years later, they 
sailed for Haifa and a life as 
labourers on Kibbutz Merhavia. 

But, within a year, her reputa- 
tion as a fiery speaker had lifted 
her out of the chicken runs into 
political activity. This, plus her 
husband’s inability to adjust to 
the Spartan life of the Kibbutz, 
led them to move to Tel Aviv and 
then Jerusalem. 

Between 1924 and 1928, Golda 
Myerson stayed at borne, raising 
her two children. But domesticity 
was not to hold hor for long. 
As she wrote some years later: 
“There is a type of woman who 
does not let her husband narrow 
her horizons." 

In the following years, she 
worked as an administrator and 
political leader of many fledgling 
Jewish organisations in Palestine. 
This eventually. led to the break- 
up of her marriage in 1945. 

Unencumbered by- a husband, 
and with her children already 
grown up. Golda played an ever 
more active role in communal 
politics. Her most dramatic mis- 
sion on behalf of -the Jewish 
community took place in Novem- 
ber 1947 when, disguised as an 
Arab woman, she travelled -to 
Transjordan- to try to persuade 
King Abdullah not to enter tbe 
battle about to break out in 
Palestine . between. Arabs and 
Jews. 

Tbe mission failed, not because 


later, die was called home to join 
the first regular Government as 
Minister of Labour, In 1956, she 
was appointed Foreign Minister, 
changed her name to Meir, and 
held the post until retiring in 
1965. .. 

Persuaded to serve- her 'party'’ 
as Secretary-General, she saw it 
unite with another' left-wing 
party to form the Israel Labour •’ 

Party, before she finally retired 
from public life in August 1968: 

Only seven months * later, .-a 
deadlocked Labour Parry, unable 

to ^choose- between Mr.'-Moshe 
Dayan and Mr. Ylgal Alton as 

successors to Premier Eshkol, -' /v r 

p®&t53SvSSfiL'-* M * 

previa jmrty spul- _ _ force the Arabsia nK&Kaaare- on 



Still chain-smoking; despite her.i^W^h S5SSSJST ^ 

persuaded by. her family that It H&S- - 




she lacked courage, but perhaps 
because events' bad already 
moved too far and because the 
King was insulted that Tbe Jews 
had sent a woman to negotiate 
with him. 

After the declaration, of the 
State. Mrs. Myerson was . 
appointed Israel’s first Ambas- 
sador in Moscow. But, a year 


ajverre to using her SSSKtSSBBaSSt , 

W; Western -politicians - the 

doubtful about the policies- <jf her- vent? tb®,^ ^war- ted. lier^^rHB^nn ' 
Government ■ • ^ 

. Her- belief. .Is. the abso'Iute-'^-'Sij^^^h^ ^/LKei’' . ' 

justiceof jbe Z ionist ■ cause wide : - - 

Sf 1 ® Povrerful_ speaker, hnt-Tjf itoublic^fd: ' 

M«»d to. toe plight Jhfct h>ritonjins ^'teaApa^qa&.of 
of the. Palestinian^. One - of - :taSrtiteflSr J -tair -hcSn grrjhat 

Meirs mast, quoted statements ' 

was " There are -no Palestattaiw?? - was- : ■ 
Which- -aroused ; flered, ahgeri Peace P^she^flidsh^toiftBt 
among PaleMmians everywhere.-he bad^tberaeeeriteddtt^ar.v ^ 
v Her. bmkered - natknptifgni — ■ - ; .v~- ' i 

led -hrr to . lgnoxerpossible open- ^-^oai. s 

togs for. peace talks, with, neigh- - sgun*- § 

bouiHtg ArhbTsfater - C- 
convmchtf it. could liold on to 


Lh^ 13 * 










utKiiftfEl ^ i m ditifaS 5 » A 



.' 7-7 

m 


ii 




mg 

m 


BL plan for 
vice-chairmen 


the same 


•:fc • - •, « - .U.' u . „ „ THE FUTURE of the exclusive 

••■ ”7™ - - ltor '.. , BL HAS given up tt«e search and BL Components have £5ra soccer deal between London 

tor'- three .executive vice- become operational has exceeded Weekend Television and the 
OVEN-READY FROZEN turkeys: chairmen to support Mr- Michael our expectations. These com- Football League was placed in 
wUl cost much the same price— Fdwardes, • the - ■chairman, panies' now have strong doubt yesterday because the 
between 48p to <Mp v a poau*— Instead, the three managing management teams and have contract may be taken to the 


BY KJENMCTH COOPING. MOTOR INDUSTRY CORRESPONDENT 


£5m TV 
soccer 
deal in 
doubt 

FINANCIAL TIMES REPORTER 


Shell will spend more i 
outside America 


sam m Lonuou.yesreruaj-> - : uwuieiaa w«s \ lu existing management team, Mr and consumer rrotecuon. :n a 

I4& twiddle said the. virtual report direct^ Mr -_ “ wa ”J es - Percy Plant has been appointed Parliamentary answer, said: “1 
price- "freeze ? --was- partly mig^sts "ffilirmHil executive director of BL Cars, understand that the Director- 

because of incased .efficiency -formerly .British Leyland— is ^ holdi 0 mp any responsible General of Fair Trading has 

by-ttarfeey -produrersi and partly -stiH-; having considerable prob- for suppl y lnE staff and service notified the parties that he con- 
as a result of-the High Street lems in its search for top extra function s to the. i-ar-operatinE siders ibat the agreement is 

war . among- . retailers cutting tives, . Earlier tills, west It an- concertls . He WJS corporate registerable and so subject to 

their profit • margins- -to boost bounced that it wodld merge finance director and is replaced the provisions or the Restrictive 

sales. most Of flie interests of SP Indus- by Mr. F. L. Firzoatrack, Trade Practices Act of 197a. 

He pointed but that, in con- tries;., its specialist: engineering currBJ ,ti y company secretory. This matter is therefore now one 

trast. .beef prices had -moved up division, with Leyland Vehicles. J for the Director-General of Fair 

by about- 25. per cent since last the bus and truck side, so that C* v i: c *. Trading and it would appear to 

Decemher.’-abd lamb by LB per Mr. David Abeii, SP!s -managing within the jurisdiction of 

cent,. . • . . director, could, take oyer as Mr. j\_ r. Large, finance tbe Restrictive Practices Court. 

Mr. Twiddle said- tte industry chairman' and managing director systems and administration He added that it would be 


BY CHARLES BATCHELOR 

ROYAL DUTCH SHELL group 
expects to increase capital in* 
vestment outside North America 
to over £I.5bn next year, 
from £l-3bn in 1973. Most 
will go on production of oil and 

natural gas. 

Exploration activities will 
absorb a further £140m in 
the current year. Total capital 
and exploration spending, in- 
cluding that of Shell OH and 
Shell Canada, in 19TB is now 
expected to be about £2.7bn. 
compared with £2.62bn last year. 

Mr. Dirk di- Bruyug. president 
of Royal Dutch Petroleum's 
managing board, told invest- 
ment analysis in The Hague 
that capital spending in tbe Oil 
processing sector by Shell out- 
side North America is expected 
to rise above £250m next 
year, from £2D0nj ibis. It 
will be concent rated on projects 
involving higb-value products, 
on expanding the applications 


Modernised 
motor lab 
project will 
cost £8m 


for raw materials and on pro* 
tenting the environment 

In the oil sales division, 
investment is aimed at improv- 
ing the efficiency of sales out- 
lets and the distribution net- 
work. Shell seeks a closer 
relationship with the small cus- 
tomer. A £35m cooled petro- 
leum gas terminal at Hekinan, 
in Japan, will have capacity to 
handle 400.000 tons of LPG from 
the Middle East per year. Spend- 
ing in the sales division will rise 
slightly in 1979, from about 
£2 00m this year. 

Capital spending on shipping 
has been reduced to less than 
£40m this year. Oil tanker 
investment will be strictly 
limited over tbe next few years. 

The outlook for the Shell fleet 
is improving, though. and 
tanker demand and supply are 
expected to be in balance by 
1981. The company sees pros- 
pects for shipping dry bulk 
cargoes. 


Shell is continuing with its 
investment programme for 
chemicals because it sees good 
prospects of profitable growth in 
tbe long term. Historical growth 
rales will not be achieved again, 
but chemicals growth is expec- 
ted to exceed general industrial 
growth. Spending in 1979 will 
rise slightly from the level of 
just over £200 m this year. 

Capital spending on coal and 
metals amount to only 5 per cent 
of total spending outside North 
America in 197S, but these 
sectors are part of Shell's broad 
energy base. 

The company aims to be into 
international coal trading by the 
1980s. Spending, including ex- 
ploration and joint ventures, 
will be slightly more than 
£90m next year. 

Capita] aDd exploration ex- 
penditure in the metals spetor 
is expected to rise to £70m 
next year, from £65m in 1978. 


administration 


expected, /tp sell between . T.5m- of LV which had been seeking director of LV’s part division, is inappropriate for hint to make 

7 j$m- oven-ready turkeys -this a new chief . executive since to be company secretary. anv further comment. 

Christmas,' and snppliw were June. . . Mr Edwardes remains .'hair Meanwhile the BBC announced 

adequate to meet demand. .- • • .. . .... man of th^ BL rd yesterday that its High Court 

Supples of . ttt^onaV fresh Expectations ■•-. Pat LotIry coiporate director action against LWT and the Foot- 

S^the W iSie lir between 2.2m However, BL's fori^al ..view of Jf personnel and administration, jj 11 LeJsue wou,d start on Apnl 

and '23m, BUt ft was difficult to the latest - top— management The BBC seeks a declaration 

say- how. prices wouia behave, changes yesterday was that the ™J[j and ® ach : fj; r that LWT was bound by ao agree- 

Neveitheless,‘he believed, prices three managing ^.directors in- ha5 been a PP<»nted to the ^ under which the BBC and 

(about 66 d a ppund) would not volved— -Mr. Ray r Horrocks at all lhc commC rcial television 

exceed the .general rate of food Austin Morris, . Mr. Frail Finally, to achieve greater comp anies negotiated jointlj. and 
inflation. Thompson of Jaguar Rover co-ordination in business plan- not unilaterally, for new aurec- 

; ''Mr. . Twiddle was -.speaking at Triumph and .; -.- Mr. Peter ning. these functions within BL ments governing televised league 
the annual Christmas heaviest McGrath of BL “Components — and BL International have been s0 ccer* 

turkey competition, where the had proved such ‘.strong man- combined. Mr. N. J. Carver has Th e ' bbc asks also far an 
winning " turkey -.-.achieved a agers-that there was.no need for been appointed director of injunction to prevent the Foof- 
world record weight of 72 lb. Pro- any "buffer” betw&alhenr and business startegy and Mr. W. J. ha n League and LWT nutting 


Lever gives strong support 
to new monetary system 


world record weight of 72 lb. Pro- any _ u4i4i e- 

duced hy British United Turkeys, Mr. Edwardes. - \ Bacchus, who was responsible their deaTlDto" effect, 

it, .was auctioned^ for- .charity. . BL issued a statement by Mr. for business planning with BLl, seeks damages from LWT 
■ fetching £13,000 itom-iThomhlU Edwardes, quoted’-’ as saying: will report to him as well as for breach of the agreement gov- 
Packers, whn gave. it', to' Dr; “The speed with, which Austin continuing as secretary to the eminc joint negotiations. It also 
Barbados Homes.; - ’ ", Morris, Jaguar Rover. Triumph BLl Board. claims damages, from the League 

f - and LWT. for conspiring to 

> V J injure the BBC by negotiating a 

. . . . and prices go up 5% ^iL reach 01 an csislinB 

- /->Vv. Last month the BBC took out 

BL IS ADDING -an average 5 Jaguar XJ 4.2 saloon will go up High Court writs against LWT 

....... per cent to the price of its cars from £10.209 to £10,994. and the Football League over 

4 . 4 ^ ob Monday, closrfy "* following This is first time for more than their exclusive television soccer 

. ((f- Jlulliudlv • similar increas.es; made by Vaux- a year that the company has kept deal. 

• hall and Chrysler: iErad is plan- its price rises in line with those Tbe Commercial Court, part 

FLEbrW'OOD ■’ Fisnmg '•■vessel aing a 4.9 per cehtjriise,- but h3S of its main UK-based competi- of the Queen's Bench Division. 

- Owners* : Asso.rf®tion,- which' con* no t yet announced ; i^ r fonnally. tors. said the date of the hearing 

trols fish landing .;dn , angemMts ij3, B i a test increase by BL takes Previously it added a little had been agreed yesterday by 
at the' Lancashire port, .has ^ , cofl t. of ^ gfiOec Mini up more than its competitors as part Mr. Justice Mocatta. The 

deferred for a week a- decision f rorD f2 091 ta. £2^7,i while, at of a drive to make each model hearing is expected to last four 

on whether to call .in a liquiaa- the top .end ot theTisihge, the more profitable. weeks. 

tor. ••••::• . .- ;• , . ■- : ■ » . 

The-directors want ta studjr in • 1 " """" - 

John Silkin's ^^ouaceraent .tn / FT CONFERENCE IN OSLO ON NORDIK BANKING 

the' Commons iflf aid to^the ■ j . ‘ ' i';^ ’ 

- r unless : the' r I J^essure brings success 

Govammort provided a Ruaran- / ■ C? 

tee of an estiirated- n50,00^ to ; ry fay gipstvr 

keep rt solvent v untiL February. - ■■■: . % i. ■ ' . BY 1ER 


business startegy and Mr. W. J. ball League and LWT putting 
Bacchus, who was responsible tjj eir deai j D t 0 effect. 


It seeks damages from LWT 


Barbados Homes. 


Fleetwood I ; . . andprices go up 5% 


to liquidate 


BY RHYS DAVID 

. 

. 

STRONG SUPPORT for the Euro- 
pean Monetary System as an 
essential tool in ensuring greater 
world currency stability came 
yesterday from Mr. Harold Lever, 
the Chancellor of tbe Duchy of 
Lancaster, and one of tbe Prime 
Ministers main economic 
advisers. 

Mr. Lever said that, although 
there were obvious difficulties, 
the nations of Europe had 
accepted as their objective 
monetary co-nperation rather 
than independent action. The 
feeling that tbe EMS would be 
a .flop was wrong, as there was 
a large measure of agreement 
among the European nations on 
the principle, and the central 
objective bad also been embraced 
in 'unambiguous terms by the 
Prime Minister, Mr. James 
Callaghan. 

“I am sure that the agreement 
will result in a harvest of 
greater currency stability in 
Europe in tbe period ahead,” he 
said. 


■ Speaking to the British Textile 
Machinery Association 'in 
Manchester. Mr. Lever said it was 
a juvenile delusion to see the 
system as a device for insulating 
Europe from a troubled dollar 
or yen. Leaders of the world, 
helped by the Prime Minister, 
had begun to see that the central 
problem for tbe dollar was its 
position as the dominant world 
currency . 

The dollar, since the oil crisis, 
had financed the deficit of many 
countries, and in so doing had 
ensured the prosperity of others. 
It was the responsibility of the 
world's great nations to support 
it in this role, and there were 
now encouraging signs that this 
was recognised. The EMS was 
an indication that European 
countries were prepared to 
shoulder their repsonsibility for 
ensuring a sound monetary 
system. 

A period of co-operation could 


now be starting which would 
replace the slanging match of the 
past few years, in which 
Europeans had urged the U.S. to 
do something about the weakness 
of the dollar, while tbe U.S. had 
replied with demands for 
Japanese and German reflation. 

Mr. Lever said the EMS was 
a welcome step towards the 
creation of a system to replace 
the floating exchange rates which 
had followed the collapse of the 
Bretton Woods scheme in the 
early 1970s. This had failed 
because it did not reflect the 
growing importance of re- 
vitalised nations in Europe, and 
Japan. . 

“Tbe result was not a new 
system, but floating exchange 
rates, sold by seminar experts, 
most of whom would not be 
trusted by their wives to do the 
Saturday shopping. They all bad 
degrees in the market, how- 
ever.” he said. 


Sy Kenneth Gooding. 

Motor Industry Correspondent 

THE MOTOR Industry Research 
Establishment (MlRAi is to 
spend £Sm to modernise its 
facilities to meet the technical 
requirements of the 1980s. 

The project depends, however, 
on the Department of Industry 
providing about £4m of the cash 
required. 

“This capital investment is 
Important to the future of the 
UK motor industry,” commented 
Dr. Cedric Ashley. MIR.Vs 
director yesterday. “ The place- 
ment of large specialised capital 
Facilities where they can support 
the whole industry represents 
best use of the cuuairy's 
resources and investment.” 

The project has been 
developed after discussions with 
BL Cars, tbe State-owned former 
British Leyland. which is to go 
ahead with its own proving 
ground and other facilities aL 
Gaydon. 

There has been no significant 
capital investment at tile MIRA 
establishment at Nuneaton since 
1963 when a crash test laboratory 
was installed. 

Dr. Ashley said that some £2m 
to £3m a year should have been 
spent to keep it up-to-date, but 
last year only £148,000 was paid 
out 

The project includes a new 
engine lest laboratory with alti- 
tude chambers: improvements to 
the barrier impact facility and 
provision of a reverse accele- 
rator sled; a new central com- 
puter with gray^uc terminals: a 
climatic wind tunnel for cars, 
trucks and buse.*: an extension 
to electro-hydraulic fatigue lest 
equipment and new services for 
these facilities. 

• An organisation has been set 
up to bring together all those 
interested in putting electric 
vehicles on to British roads as 
quickly as possible. Its title is 
the Electric Vehicle Develop- 
ment Group. 

Mr. Alan Aldous. its executive 
director, said that the develop- 
ment and widesca/e use of elec- 
tric vehicles would lake place 
only if there was a fusion 
between the road transport 
industry and the present electric 
vehicle industry, fully backed 
by government agencies and re- 
search organisations. 

The group would implement :t 
co-ordinated development pro- 
gramme representing all these- 
interests. 


FT CONFERENCE IN OSLO ON NORDIK BANKING 

Pressure brings success 


BY FAY GjESTER 


_ Ifru Sfifcfe : .NORWAY • /HAS been more r 

.^a^wners;of tiawlew..b»ed ^uccessfut &wt Britain in secur- 
Fleciwood, Hull; and. £nmsby 3ng - rlai8 $ md increasing share • 
would. receive ^.rebate ®! about pi offshore contracts from its 
50 per cMit on dock charges paid sector df the North Sea. Lord 
to- the . British -Transport docks Baloigb/ economic adviser to the 
Board this year, at a cost of British National Oil Corporation, 
about £1.2m. . t told jihe Financial Times con- 

. But .the i FIratwood association ference. on Nordic banking and. 
wilL get no direct aid. and its finance, -yesterday, 
directors have estimuted that £ord ; Balogh attributed 
«whers In. the port walF receive Norway’s success to a number of 
Iess tbau' £10Q,tJ00; : factors. One was that Britain '* 

v One of the reasons, for the had to comply with EEC rules 

- defermKrt is that iix Icelandic regarding diversion of trade, 
riiips.are scheduled to land their -while Norway was bound by the 
catches Lin Fleetwood next -wed k more general GATT principles. 

— -the largest npmber for many Another was the unofficial and 
years — r_ and this could boost the even “.covert" pressure which, 
association’s laniShg^accou'ziti he claimed, Norwegian authon- 

HeifchaDts said the decision ties put on the oil companies. . .. 
would gtye- tbem a breathing “ The foreign firms are 
spaced but if- the .association did obviously reluncrant to complain,-, 
fold next .weekeBd. alteriiatlve or are unwilling to provide 

- arrangements would be made to publicly evidence of this Ptes- 
eosure trawlers _ .-cottlcT-.: be sure, because they W P°*“ 

•; unloaded:-' -v endanger their relations with 

Xr. Richsrd Cobk, pr?sident of the Government which ^ has 
Fleetwood - : Fish -iMerehantfl’ amp*, powers to help °r ]under , 

'Association, said the biggest fear " hl £? the areS' 

ivas 'that ' fhe trawler owners unlikely to be one of the great 

deep water sources of hydro, • 


v\ •••" 



LORD BALOGH 
“Norway has done better 
than Britain.” 


Secondly, the market had been 
very favourable for this type of 
loan, and thirdly, other Nor- 
wegian borrowers needed longer 
credits. “ By avoiding unneces- 
sary’ competition between Nor- 
wegian entities in certain seg- 
ments of the markets, we think 
we have all got the best terms 
available.” be commented. 

Mr. Helge Seip, chief editor of 
the Norwegian Journal of Com- 
merce and Shipping, said that the 
Volvo agreement, signed in Oslo 
yesterday, fitted very well into 
the general picture of Nordic co- 
operation- The trend within the 
Nordic area bad for decades been 
to integrate production and 
marketing, and to work towards a 
combined Nordic home market 
for industrial production. He 
forecast that the Norwegian 
Storing (Parliament) would 
approve tbe deal, in spite of the 
widespread scepticism it has 
aroused so far amoog Opposition 
politicians. 

Prospects 


INCOME UNITS 

For a high immediate income with 

income 


-V" * 

. r »VhV 





Save & Prosper Income Units aims to provide investors 
wi th the highest possible immediate income from, ordinary 
shares and preference shares, consistent with reasonable 
prospects of income growth. At 6th December 1978 
the estimated gross starting yield was 9.53%, making 
the fund Save & Prospers highest yielding unit trust. 


might withdraw, their ships to timNorrh Atlantic TOen ts in the Norwegian sector The Nordic countries should 

other ports;- ' .--was a i s0 . due to the support of J a vest beavj.y and urgently 

ana uie earenu, oea. tbe Government “ though this is >u nuclear technology, according 

TToTati/rind rin Vrr i “ -x_- -denied. There is no hard evi- to Dr. I M. Mackintosh, chairman 

• ildicvVvUU UU Work TIPTmitiil dence available but whatever of Mackintosh Consultants. He 

~ - u * ^method they use it seems claimed this was necessary if 

tBjI OlHDUt- - A system of employment regu-. extremely effective in securing these countries — aod all 

^ at lationg and. work permits wax their aims advanced nations-— were to raain- 

on another method used by Norway. ' .Speaking on “Norway as a tain their standards of living in 
eek ta -increase. its share of orders, borrower." Mr. Steinar Sor- the face of a threatening energy 
^JS^pay-^Jhidh It was a lever Britain could not botten, of the currency division shortage 
^tSi»?SfltM?cSL.Inthe use; since the British sector in Norway’s Mimsiry of Trade. Mr. Bo ■Wergens. director- 
^S2kl)Mk. tbSe wwe^Some represented so much larger a explained why the kingdom of general of the Swedish Pitip and 
SdSon^brobteS - but ffie part of the total offshore industry Norway has borrowed only short- Paper Association said the fall 

that than- the Norwegians. term since 1975. Since that year, m the dollar had distorted com- 

Shflv ah^d “Tbe work permit system all State loans on the inter- petitiveness between North 
- - aUows 6 the- enforeenxeot of. the- national market hav e been for America and Western Europe. In 

. it averaged training of Norwegian manpower five years, at fixed interest rates, the medium term the paper 

cars’ 1 toand and. it is with some envy that I witii n 0 instalments paid before industries in Scandinavia and 

• ove^ road, reports of Norwegian the: total principal is due. One Europe must consolidate and 

■ nationals being employed by the. reason was that Norway planned restructure to improve profit- 

^^T^^wer?hopesof main- majors in -exploration work an to finance, a current account ability so that funds could be 
dn tii'tiie 14- Asi and elsewhere.” ’ deficit for a relatively short time, raised to finance expansion. Fore- 

^bre^o^ehris^ts and -the -Lord Balogh said it appeared This was still true, in spite of casts indicated favourable long- 

New?X^V^artiUE^OQ Becemr that Norwegian dominance in tbe delay in petroleum income term prospects for the industry 

aev.^ear^ firarung on xiecem ^ « boat require?, inflow. m West Europe, he said. 


How the fund is invested 

The fund is invested in British 
companies through a judicious 
balance of high-yielding ordinary 
shares and high quality preference 
shares. In recent months the yield has 
been raised by increasing the 
proportion of preference shares 
(.currently 26% of the fund) thus 
providing investors with an attractive 
opportunity to take advantage of the 
current high, level of interest rates. 


Past performance 

Income Units was launched in 
1960 and has an impressive record of 
high and increasing income. Even 
over the last 10 years when dividend 
restraint has applied much of the time, 
the annual net income per unit has 
increased eachyear from a high 
starting level of l.lfip to 2.49p, an 
increase of 116%. ’ 


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

An investment in the fund should ! 
be regarded as a long-term one. 

Prospects for income andcapital 

We are confident that, despite the 
continuation of dividend restraint. 
Income Units’ total distribution for 
1979 will show a substantial 
improvement over the 1978 payment, 
thus maintaining the fund's 
creditable distribution record. 

We are encouraged by the 
improvement in company earnings 
and the prospect of good increases in 
dividends. Additionally, the high 
income base of the fund is firmly 
underpinned by its preference share 
content, where yields now offer 
significant real rates of return. 


AS THE GUILLOTINE 
IS AN ORDINARY 



Janneau 

Grand Armagiiac 
laire it is not 




values, political and economic 
uncertainties appear to be largely- 
discounted in present prices and, 
with tbe large amount of institutional 
money awaiting investment, we 
maintain a positive, if selective, 
outlook towards UK shares. 

Britaii&ki^stuiiiftrtigtgioiQ)' 

Save & Prosper Group was ■ 
founded in 1934 and in addition to 
being Britain's largest unit trust 


GENERAL INFORMATION 

Dealing in nulls. Units may normally %c bought and 
sold on any working day. However, in exceptional 
cimnnstanosB tbe Managers reserve the right to suspend 
price quotations pondins their recalculation. Prices and 
the yield are quoted in tbe leading newspapers. Unit 
certificates will normally be forwarded within 14 days. 
Selling units. The Managers will normally buy bade 
units from registered holders, tree of commission, at 
not less than the bid price calculated on the day 
instructions are received, in accordance with a formula 
approved-tor the Department oT Trade. The^ may be sold 
back through an authorised agent wbo u entitl e d to 
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seven days of our receiving renounced certificates. 
Safeguards. The trust is authorised by the Secretary of 
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the Trustee Investments Act 196L The Trustee is Bank of 
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hyimir of the unitholders. 

Charges: The after price currently includes an initial 


SKSlsJILrAlj 


group is a major force in the life 
assurance, pensions and annuities: 
field. 

At 1st September 1978 the Group 
managed £950 million for some 
700,000 investors. 


How to invest 


To make a lump-sum investment 
please complete and return the 
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You will be allocated units to the 
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estimated gross starting yield of 
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If you require further information, 
please consult your usual adviser or 
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Units may also be acquired on a 
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details please complete and return 
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■ ■ Ita UK or rther Scheduled TerrttoriM and that l am not 

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unitholders) in Save & Prosper Income Units. It you are unable to make this residential declaration it 
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HOME NEWS 


. ,. ' l^anci^Tfcies • I’jl^ •&** 


Powell defends bar on Prince marrying a 


in 




BY EUNOR GOODMAN, LOBBY STAFF 


• --i.r'i'*’ 


MR. ENOCH POWELL yester- 
day launched a remarkable 
defence of the bar oh the heir 
to the throne marrying a 
Roman Catholic. Such a mar- 
riage, he warned, could mean 
the beginning of the end for 
the British monarchy. 

The issue, combining both 
the hint of a Royal romance 
and nationalism, seems bound 
to be a popular one in Mr. 
Pa wells predominantly Protes- 
tant constituency of South 
Down, where he is under 


pressure within the Ulster 
Unionist Party. 

The speech, expressing his 
long-held concern about the 
constitutional complidiLlons of 
such a union, was conehed in 
Sir. Powell’s usual cerebral 
style and drew on his exten- 
sive knowledge of the constitu- 
tion. Not wanting Prince 
Charles to marry a Catholic 
had nothing, he insisted, to do 
with religions bigotry. Never- 
theless, his words are likely to 
be interpreted in Northern 
Ireland as an attempt to im- 


prove his relations with the 
Protestant hardliners in his 
constituency. 


Mr. Powell, who was speak- 
ing in Co. Down, said be 
deplored any invasion into the 
Royal Family's privacy, but the 
** hypothetical ** question of the 
marriage of the heir apparent 
to a Catholic was an aspect of 
Royalty which was public “by 
virtue of the very fact of 
relationship to the throne. 1 * 

Without referring to reports 
—denied by Buckingham 


Palace— that Prince Charles 
might have considered marry- 
ing . the Catholic Princess 
Marie- As trid of Luxembourg, 
Mr. Powell pointed out that the 
Bill of Rights of 1689 and the 
Act of Settlement of 1701, pre- 
vented the heir to Che throne 
marrying a Catholic. Because 
the law dated hack so far did 
not mean that it was no longer 
relevant, he said. - 

"Nobody should underesti- 
mate the Intense emotional 
forces which, after pearly 300 


years and despite everything 
that has altered in the interval, 
still lurk under the antique 
draughtsmanship of (hose two 
Acts of Parliament,’* he 
warned. 

it was not a religious ques- 
tion but a political one of 
national importance. Jt was 
this character which “ carrying 
it effortlessly across the chasm 
or so many years, lauds it at 
the centre and burning point 
of present politics and present 
conflicts." What ' made it 


political was the unique nature 
of the British State and its 
. relationship with the Church 
of England. 

The destruction or the . 

essential ' principle of .. the 
Church of England would, he' 
said, be the capitulation of a 
hey position both morally and 
practicaliy. u It would signal 
the beginning of the end of 
the British monarchy and 
would portend the eventual 
surrender of everything that 
has made us, and kept us, a 
nation." 


joint pay plea 

with union 




Br PHILIP BASSETT, LABOUR STAFF. 


£50m more backing 


Aerospace 
deal with 


S. Africa sanctions 


or Ulster industry 


Saab for 
jet parts 


pledge withheld 


BY IVOR OWEN 


BY OUR BELFAST CORRESPONDENT B 'klsT" AE^SPACE to 

- signed a £3m contract with the 

THE GOVERNMENT is to raise by Mr. De Lorean. the former — at the Ulster Office in London. _° DSpace division of Saab- 
the financial limit for the General Motors' executive. He said that the increase would Scan ia of Sweden for airframe 

Northern Ireland Development This has swallowed up £17. 75m enable. the vital work of expand- comD onents for the BAe 148 air- 
Agency from £50m to £100m. Mr. of agency funds in the form of iog the industry of Ulster to 


rticuLj iiuui uuui lu xiuvmi. iux. ui iu»tu tu me iuriu oi mg uit iuuu any uc uislcl lu i ■ _ 

Mason, tbe Ulster Secretary, equity in De Lorean Motor Cars, continue. The Province’s cam- aircraft Is a 70-100 seat 

announced yesterday. which is scheduled to begin pro- paign to capture overseas invest- f ee( j e r-]iner jet for inter-city 


The Increase follows proposals duction in Belfast by earlv 1980. meat had brought the promise 

■*. .. ... tv.. • J ” .1 II.. .1 ccnn .-anr. upefauuuo. 


announced on Thursday to raise The agency's half-dozen wholly- of 5,600 jobs over the past year. c we dish company, based in 

the limits for the Scottish and owned subsidiaries include Meanwhile, Short Brothers, the Linkopinc will participate in the 
Welsh agencies. Stratnearo Audio, the West Belfast aerospace company, rosoni project as a risk-sharing 

Northern Ireland has com- Belfast hi-fi company whose which is to receive £60m In British Aernsoaee 


Stratnearo Audio, the West Belfast aerospace company, cosom oroject as a risk-sharing 

Palfuct hl.f? #>nmn4ntr i e rafnip/i CR f)m fn ' . «v. *»•_« * - . ^ 


company whose which is to receive £60m In partner H but British Aerospace 

thu ^nrlnd rnirncnmont OlH IIT1 fn I OX*/ PI Q G r * . . •«_ >J. 


milled £3lm since it was set up £3.1m loss for the year ended Government aid up to 1982, has £ ave ti e tails of this side of 

2t year s ago to surceed ■ the last March contributed substan- met with "discouraging results” ? h _ 

Northern Ireland Finance Cor- tially to the agency's retained from a campaign to attract from 1 * 


porn ti on. 

NIDA spending is growing Mr. Mason gave details of the specialist technical workers. °w‘tar ' gTm nVk.sharing "agree- 

rapidly, mainly by the provision raising of the limit to members It is to extend the search to me _* t jj e US Ayco Corp- 
nf risk capital. By far fhe of the Northern Ireland Econo- Britain and abroad. Shorts’ orat ion‘s Lycoming Division, of 
largest nvestment has been in mic Council who yesterday met workforce is expected to increase rnnnui-tirut coverme-the simniv 
the sports car project promoted for the first lime outside Ulster by about 300, to 6,500, by 1982. _ r __ ’ a rco has ’ already 


The move comes two months 


loss of £4.4 m over the period. within the province up to 250 fte _ British Aerospace signed a 

.111* Wocriri r* *3 ir/i /Jjarn iJ<v « F thr* ^ JJci tr>r>h n r/^o J it/nrlriiriJ J .. . .•. * T .* 


similar. £7m risk-sharing agree- 


AUGUSTUS 


BARNETT’S 


XMAS PRICES 


■4-09J 


4-09J 


44)9 


lor the hrst ume outside Ulster by about jou. to b.ouo, oy lute. of W ings. Arco has ’ already 

: _ been awarded the contract to 

nrovide .the tour _ALF-502H 

- T , - - _ « engines fOT each aircraft. 

Union blamed for more . jtion.of. 20 sets of. components. 

m with Avco supplying two furtbei 

phone frustration testing wmcs for <rtnicturai 

M Saab-Scania will produce, tail- 

BY JAMES McDONALD planes, rudders, ailerons, eleva- 

tors and spoilers,, with .the first 

A QUALIFIED SUCCESS is cent of local customer-dialled production set for ; delivery in 
claimed by the Post Office for its calls and 3.8 per cent of STD Ma>'- 1880. 

telephone service during the calls failed due to the Post Announcement- of -the latest 

third quarter Of this year. Office. sub contract for ■ . the -. feeder- 

1, «vs that nv<>r v* ner rent “Fault clearance rates showed airliner came three -days after 

It S_ays_ that over 52 per Cent . ... a . T/iri Riowick ehatrm»n- nt 


BRITAIN would consider sup- 
porting the imposition of econo- 
mic sanctions against South 
Africa only in a' situation “ of the 
utmost gravity," Mr. Ted Row- 
lands, Foreign Office Minister of 
State, told the Commons yester- 
day. 

But -his refusal to give an 
absolute undertaking that 
Britain's veto would be used to 
black any proposal introduced in 
the 'United Nations Security 
Council to institute a trade 
embargo against the republic, 
brought protests from Tory MPs. 

Mr. Richard Luce, a. Conserva- 
tive spokesman on foreign 
affairs, stressed that a recent 
statement by Dr. David Owen, 
Foreign Secretaiy, that he v/as 
not prepared to give a categorical 
assurance on this issue, had 
caused "considerable dismay." 

He called for a firm assurance 
i that, the stand taken by succes- 


sive British Governments in; 
resisisting sanctions against' 
South Africa was not about to be 
abandoned. 

Mr. Luce joined other Tory 
MPs in stressing the severe dam- 
age which Britain would suffer, 
particularly through rising un- 
employment and loss of invest- 
ment, if sanctions were applied. 

Sanctions on South Africa 
would have a severe impact on 
Britain’s economy. Mr. Rowlands 
admitted, but he emphasised 
that account had also to be taken 
of the effect on important poli- 
tical and economic interests over 
a much wider area if Britain 
were to be in the position of 
being tbe only nanon ro veto a 
Security Council resolution. . 

He maintained that no govern- 
ment could even say that what- 
ever the circumstances Britain, 
would not accept sanctions being 
used against South Africa. 


THE POST OFFICE and the 
Union of Post Offiee Workers 
hdve -joined forces to press the 
Government to make the union's 
200,009 members a special case 
for a pay settlement in excess of 
the 5 per cent guideline. 

. . Support from such large pub- 
lic sector employers for special 
case classification, which Minis- 
ters are determined to restrict to 
only a very few groups, could 
prove extremely embarrassing 
for the Government. . 

Only plumbers and pipe fitter* 
so far have managed to achieve 
such a deal. .. 

The Post Office is also indicat- 
ing support of full consolidation 
of previous pay policy supple- 
ments one of the central planks 
of the union's 24.4 per pent pay. 

Cl The cost of full consolidation 
alone, if agreed, would. 'amount 
to more than the Government 
guideline. A special conference 
of the union on pay backed the 
claim yesterday. • 

Initially, the joint approach 
is to be. made in. a confidential- 
letter. drafted -this week, irem 
Mr. Kenneth Young. Industrial 
relations member of - the Post 
Office Board, to Mr. Eric Varley, 
Industry Secretary. Mr. Tom 
Jackson. 'the union's general sec- 
retary, has agreed the letter's 
terns. 

Consolidation is the- central 
argument in the joint case. The 


issue has created deep resent- 
ment in the union because of the 
job's difficult and unsocial hours, 
including shift • and weekend 
working. 

The union feels that overtime 
rites for this work are inade- 
quate because pay policy suppler 
meats have not been console 
dated into the basic rate on. 
which overtime, payments - are 
based. - 

The letter ' says, that ■“ UPW. 
grades do. appear to be unique " 
in having unconsolidated supple- 
ments from Phase One and Phase 
two. oF^ the \ r current, incomes 
’policy and an .-"unconsolidated •' 7 
per cent’thresbold payment from 
;1975 still outstanding. 

. The - cost .of consolidating _• alL 
the supplements would, '.he./ 
£43,987.000.- or 5.7 per cent of the 
UPW pay bill. It would give it 
consolidated hourly basic rate oF. 
£L31. The current hourly basic 
rate for' overtime is £1.05; 

•'. The submission says .that un-' 
social, hours ;and poor ^overtime 
-payments have been main factors 
io tbe Post Office's problems of 
recruiting staff -and providing an 
"acceptable” quality of service:. 

The letter -also says that post- 
men have slipped in the _ pay 
league, from 92.7p per hour in 
1974-75 to l04.S9p .per -hour in 
1977-78^— a 13.15 per cent Increase 
but a fall of 12B.pfir cent against 
the top level .of- pay of compax T 
ablb outside jobs. 


:S*D° V 


Housing Bill to set up staff reject 5% 


by james McDonald 


tenant committees 


BY PAULINE CLARK, LABOUR STAFF 


BY PAUL TAYLOR 


H Of 1 iiSSt DhbSr “calls 1 a decline, and there was a higher Lord Berwick, chairman- of 

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go.4 Sn. sr Eam l — ■ — n 

quarter of 1977. More Home News iSoiSSS rSSmSm JS 

The Post Office also reports lines, although there were still 

that over B3 per cent of dialled on P a 5 e - do orders. 

inland calls were connected - The first flight of the - aircraft 

successfully during the quarter. is expected in two years ^nd the 

rln effect, therefore. 37 per cent Direct Dialled (TDD) calls. - first deliveries will be made to 
of the calls were unsuccessful.) “ Much of the decline in airlines by earlylPSG. Production 
Of local automatic calls. 23.2 standards is attributable to the is expected to be - centred in 
per cent found the number effect* of industrial action by. Britain. A full-scale jbbdk-hjF of 
engaged or no reply, as did 24 per the Post Office -Engineering the aircraft is already bn the 


Nationalised Industries that the 
146 project had ■ “received an 
. encouraging res ponses from _air- 

- lines, although there were *till 
do orders. 

_ ' The first flight of the - aircraft 
is expected in two years .and the 

- first deliveries will be . made to 
in airlines by early 1982. Production 


cent of subscriber trunk dialled Union, which escalated in the shop floor at Bqlisir Aerospace's 
(STD) calls. "But only 1.5 per three-month period.” ‘Hatfield works./ . 


A FURTHER consultation paper 
on the proposals for increased 
tenant involvement in housing 
authority management, which the 
Government intends to include in 
the "Tenants Charter" Housing 
Bill, was issued' by the" Depart-: 
ment of the Environment 

yesterday 

The main proposal included in 
the paper is that tenants' com- 
mittees of between 15 and 25 
people should be set op by every 
housing authority within six 
months of the planned legislation 
becoming law. * 

' Housing authorities .would he 
obliged to consult the committee 
on major changes in policy nr 
management, maintenance, im- 


provement. disposal, transfer or 
demolition of existing housing 
stock, as well as proposed 
changes in tenancy agreements. 

Tbe committees would also 
have an active role In raising 
relevant- matters with tbe housing 

authority. - : • 

. The new arrangements- would! 
provide tenants with much wider! 
rights of consultation over' allj 
housing matters at local level. 
The paper forms part of Jt 
lengthy process undertaken by 
Mr. Peter Shore, Environment 
Secretary, in the formulation- of 
the proposed Housing BJIK-Other 
papers already published . .deal 
with issues such as security: or 
tenure. . .. 


Prices rise while sales 



UNION representatives .of 
Britain's 250.000 hospital ancil- 
lary workers yesterday rejected. 
" out of hand ” a 5 per cent pay 
offer. ' - 

The union's reaction to the 
offer indicates a determination 
to embark on a major confron- 
tation with the Government over 
“its 5 per cent pay policy. 

! The National Union of Public 
Employees, one of the four 
unions covering the ancillary 
-workers section of the National 
'He&Ith Service, has already Ye- 
-pofred that «... vast majority of 
its 'branches fife completed .de- 
tailed- CRjitingeficy- plans .for in-: 
dustrial action over this year’s 
wages round. 

The ’-workers include hospital 
■porters. - * wan} orderlies . and 
catering staff. The union wants 
to see action cq-nrdinated with 
other public sector workers to 
affect 1.5m local authorities staff 
operating water and other ser- 
vices. - • / • 

The union side of the 


a £60 minim urn wage. Hip 
employers- maintain that If- the 
claim were r met in full it- would 
mean a 75 per cent increase in 
the total - . wage bill.. 

Yesterday's offer was said tn 
amount to exactly 5 per- cant 
of the present wage bill and urns 
made in -the Amu of rsttppl^ 
xnentary .payments -.which could 
hot be consoHdated intn basic 
rates: " As VnqpL-ehhaaoeabie." 
Increases, they would hot count, 
for instance.- -in calculation of 
overtune 51^ shift .gaytuentfl-- - 

TherSHpplements offered range - 
from -040 for the lowest .pa-id 


ro £6.46 for' the highest— a range 
designed ‘ to/ restore 1974 


designed ' to/ restore 1974 
differentials.. ... 

= The unions are -angered " by 
what they see as a failure to 
tackle 'the. problem of low pay 
in ; the sector. The total uffer 
brings the lowest paid on a £32.20 
a week basic wage un to exactly 
the Government . minimum of 
£44.50. 


TEACHERS 

YLADIVAR VODKA. . 
LEMON HART . . . . 
CABANA BLANCA . . 
BRISTOL CREAM . . 
EfflYA CREAM . . . . 
GINGER WINE. . . . 
B0LS ADV0CAAT . . 
A.B. CHAMPAGNE . . 
BEAUJ0UIS 1977 . 
LIEBFRAUMILCH -77 


£4.35 

£4.09 

£4.59 

£4.50 

£1.99 

£1.25 

£1.29 

£2.99 

£3.49 

£1.59 

£1.49 


ON MONDAY the price of a stan- 
dard white 20 ounce loaf of bread 
is due io cost Ip more in most 
shops. But the increase, given 
the go-ahead by the Price Com- 
mission earlier this week, will do 
little more than act as a tem- 
porary brake on tbe declining 
; profitability from bread for tbe 
big two bakers left in the indus- 
try, Ranks Hovis McDougall and 
Associated British Foods. 


ALL PRICES INCLUDE VAT AT 8 .: 


ISO BRANCHES NATIONWIDE^- 


LOUPOflz 

Aelryi 


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The bakers are resigned to the 
inevitable fact that bread con- 
sumption — which has fallen 
steadily since 1945 — wil] slump 
even further once the present 
strike is over . 


until next spring or autumn. 

The crucial problem for the 
big bakers is that their whole 
operations are geared- to produc- 
ing a high volume, low margin 
product Tbe name of tbe game 
is selling as much bread as pos- 
sible— <a scenario that bas led to 
chronic overcapacity in the indus- 
try. and given the supermarket 
chains the power to demand large 
discounts which the bakers can 
111 afford for stocking particular 
brands. 


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After last year's 10-day strike 
by bakery workers, bread con- 
sumption fell by about 5 per 
cent, as consumers switched alle- 
gience to crispbreads or cakes, 
or even gave up eating bread 
altogether. This means that once 
i he current dispute, now in its 
fifth week, is over, the bakers 
will have to spend several months 
trying to win baek lost consum- 
ers even before any attempts 
are made to halt the long-term 
erosion of demand for bread. 

The bakers themselves recog- 
nise that this stimulation of 
bread consumption is likely to 
prove extremely difficult. Wail- 
ing in the wings are plans for 
an estimated £I.5m advertising 
campaign to boost bread sales. 
The campaign bad been due to 
start this autumn, but last- 
minute problems — and tbe threat 
of a strike — postponed its launch 


Spillers' decision to pull oat 
of baking earlier this year eased 
the overcapacity problem — 
capacity was running at a quarter 
more than needed before Spillers 
shut down — but. before the strike 
began, capacity was still believed 
to be a tenth greater than 
required 

Associated British Foods — 
which bas just under a third of 
the total bread market compared 
with Rank’s share of ju*.t over a 
third — has been able to ride out 
the continuing, crises of recent 
years marginally better than 
Ranks because or substantial new 
investment in plant and 
machinery. Rank’s problems with 
its baking operations were 
reflected this week by the 15 per 
cent slump in pre-tax profits in 
spite of an almost 11 per cent 
increase in sales. 

Even the most efficient plant is 
of limited value if consumer 
demand for the product con- 
tinues to fall. In the early 19fi0s. 
the public consumed just over 


45 ouocfe per head each week. 
Last year, consumption was just 
over 33 ounces— a drop of about 
30 per cent. Just over half of this 
consumption was accounted for 
by wrapped, white bread, while 
browu bread including whole- 
meal was responsible for only 
slightly more than one-tenth of 
consumption. 

Ttmflediately before the strike, 
bread consumption was believed 
to be running at between 3 to 3 
per cent below last year's level. 
This, however, still leaves some 


NEWS ANALYSIS 


BREAD * 

BY DAVID CHURCHILL, 
Consumer Correspondent 


10m loaves a day to be eaten by 
the public. 

There are several reasons for 
tbe steady decline in bread con- 
sumption. Some decline . bas 
always been seen as inevitable 
since, as the standard of living 
rises, people tend to want dif- 
ferent, and more expensive, 
foods. 

In addition to this, the bakers 
feel that what they see as con- 
tinual criticism from the media 
and medical profession has 


created a poor public Image for 
bread. The media, the bakers 
claim, are responsible for creat- 
ing the impression that mass- 
produced bread tastes of "cotton 
wool" and has none of the flavour 
of bread made by small, indepen- 
dent bakers. 

The big bakers point out that 
small bakery production — 
especially the "hot-bread 
kitchens'* where the customer 
can see the bread being baked 
— are attractive. but not 
economic for large-scale produc- 
tion. They argue that families 
who eat three loaves a day — with 
parents and children having 
sandwiches as their midday meal 
.—are more concerned with con- 
venienre and consistency than 
nostalgia. 

The bakers are also angry with 
people who criticise the earhohy- 
drale content of bread and the 
fact that production methods are 
nor “natural." 

They claim that broad not 
only provides a major contribu- 
tion to daily protein require- 
ments. but a-lun supplies this pro- 
tein at a lower price than any 
other commonly consumed food. 
And they point out that per- 
mitted additives and processes 
employed are very strictly con- 
trolled by lesisHation based on 
expert advice from specialised 
bodies such as the Food Stan- 
dards Committee. 

•Moreover, tbe bakeTs feci 
bitter towards that body of 
medical opinion that insists that 


brown bread Is better than white 
— in spite of what the bakers 
say h as been the ovenshelmins 
preference for centuries by con- 
sumers for white bread. 

The question facing the bakers 
is how far the decline in con- 
sumption can be hotted before it 
reaches a stable level. In tbe, 
U.S.. bread consumption has also; 
fallen, but it Is now at a fairly 
constant level, although much 
lower than in the UK. I 


ancillary, workers' ‘Whitley' Basic pay. at present for- 
Council has submitted a package ancillary workers at the higher 
claim amounting to about 40 per levels is said to be around £48.10 
cent including a demand for a week. 


mum 


Transport union wants 
more talks with MPs 


BY OUR LABOUR STAFF 


COUNTRY! 


Both Ranks and ABF have 
a Ueiu pled to diversify within 
the sector by producing cakes 
and crispbreads. But their pro- 
blem is that with 'their heavy 
fixed investment in producing a 
higlh volume of bread, it is 
almost impossible to switch pro- 
duction to higher margin speci- 
ality breads. 

In tbe immediate future, the 
big bakers hope that the less 
effective strike action this year 

— which has enabled them to 
produce about •three-quarters of 
normal lattput — will limit the 
effect on consumption. But it 
is almost certain that the bakers 
will have to seek another price 
rase — .probably in the spring 

— tu enable them to maintain 
even the currently depressed 
level of profitability. 

With ffce possibility of a 
spring General Election, this 
would once more put the pro- 
blems of the bakers back into 
the forefront of political, rather 
than economic, considerations. 


THE 2M STRONG Transport and 
General Workers-* Union Is 
hoping to increase greatly its 
political, influence with the 
Labour Party under a plan to 
extend its contacts with spoo- 
sored politicians at national and 
local level. 

An executive decision to set 
up special machinery to enable 
the union to meet its sponsored 
MPs at monthly intervals rather 
than just once a year as at 
present Was disclosed yesterday 
by Mr. Moss Evans, general 
secretary. 

Meetings would be arranged 
regularly for union political 
research representatives and . 
executive officers with aa ad hoc 
committee to be elected, by the 
union’s 2fi sponsored MPs. 

The union is to appoint one of 
its staff with a special responsi- 


bility for supplying MPs with 
-details of union policy on issues, 
affecting its members as they 
arise in Parliament 
Mr. Evans said that he believed 
it was equally important to main- 
tain contact witfi local . .and 
regional politicians .and. to 
increase influence with- Labour 
controlled local authorities. 

He emphasised that, in spite of . 
disagreement with the . Labour 
Government, on certain issues 
such as 'pay ^restraint, the. uiridh 
was prepared to give ' the 
maximum practical help toJteep 
the Government In .power. ’ 

The executive had derided .to. 
seek the advice of its MPs on 
sponsorship of candidates to the -. 
Welsh and Scottish Assemblies; 
bur no. decision had yet been 
taken oh support for politicians 
in the European elections. 


North Sea oil platform 


APPOINTMENTS ; XT’ J „a. •¥„ *11 

j • at -w- Tvv- End of strike will ease 

New chief for Alcan UK copper tube shortage 


men win recognition 


FINANCIAL TIMES REPORTER 


: Ajay * * 
■« 


iP3 Co'Wha Hi 


Mr. David Morion is named 
successor to Mr. Dcnniss Pinn as 
managing director nl ALCAN 
ALUMINIUM lUKj. He will lake 
up his appointment in April Mr. 
Pinn. who reaches normal retire- 
ment age in 1973, will relinquish 
full time executive responsibilities 
but will remain chairman of the 
company. 

Mr. Morton joined the Alcan 
Group m the UK in 1954. Since 
May 1077 he has worked in the 
Group head office in Montreal as 
a vice-president of Alcan 
Aluminium responsible lor 
corporate planning. 


JAMES CAR DELIVERIES, a 
Toleman Group company, 
announces the appointment of 
Mr. Adrian R. Sellers as market- 
ing director. Formerly a director 
nf TKM Credit Corporation Mr. 
Sellers will commence his duties 
in January. !»lr. Vi. J. R. Warren, 
who is vacating the position of 
marketing director, will continue 
in a new appointment as 
commercial director. 


Richard Glowacki to be group 
controller; and Mr. Brian 
Daughtrey to be legal adviser.’ 

★ 

•Mr. Stuart V. Jupp has been 
appointed a director of 
HARRINGTON AUSTIN, insur- 
ance brokers. 


BY COLLEEN TOOMEY 


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SUBJECT TO STOCKS REMAINING 


Sir Atbelstan Carve (UK) has 
retired from the presidency, and 
tbe Board of the EEC Savings 
Banks Group. He has been suc- 
ceeded as president by Mr. Steen 
Madsen (Denmark), and as the 
UK member of the Board by Lord 
Coleridge, chairman of ihe_ South 
tt’est Trustee Savings Bank. Dr. 
Helmut Geiger (Germany) and 
Mr. L. Cavlni (Italy) have been 
re-elected vice presidents nf the 
group: and >Ir. L. Acrts i Be Id uni) 

| has been elected treasurer in 
succession io Mr Madsen. The 
offices are held for three years. 


Mr. Dennis H. Humphries has 
been appointed sales director of 
JEGS ELECTRICAL based at the 
company’s h§ad office at South- 
end. For the past three years he 
has been managing director of 
tbe UK operation of Pro Hard- 
ware Inc. of America, said to be 
the largest franchised chain of 
independent hardware retailers 
in the world. 

★ 

DANA ENGINEERING announce 
the following executive appoint- 
ments — Mr. Ravnnd Alden to 
become director of arter market 
distribution: Mr. C. G. Dummer 
tn be director of planning: Mr. 
Chris DumheJl tn be director of 
international liaison; Mr. Brian 
Smith io be group treasurer; Mr. 


Mr. T. S. Corrigan has been 
installed as Master of the WOR- 
SHIPFUL COMPANY OF MAKERS 
OE PLAYING CARDS for the 
ensuing year.. The company is 
celebrating the 3 50th anniversary 
of the granting fay King Charles I 
(n 1028 of their Royal Charter. 
Mr. Corrigan Is chairman and 
managing director of Inveresk 
Group and immediate past presi- 
dent of the British Paper and 
Board Industry Federation. 
Inveresk are the sole producers 
in the UK of playing card -board. 

ROMEO VICKERS, the office 
equipment group, announces the 
appointment of Mr. Colin Bennett, 
as personnel director UK and a 
member of the UK executive 
committee. He joined Roneo 
Vickers in I9i3 from the parent 
company. Vickers. 


THE NATIONWIDE shortiqe nf 
copper pipe which has stricken 
i building merchants, plumbers 
and central heating cnni rectors 
to say nothing of consumers, will 
he alleviated after the announce- 
ment last night by a big supplier, 
Wednesbury Tube, that work 
would resume today after a 
month-long strike. 

Wednesbury Tube, a Glynwed 
subsidiary which supplies about 
40 per cent of the home market 
with copper lube, announced it 
would be giving its 1.000 striking 
workers a S per cent cash offer, 
in accordance with Government 
guidelines, as well as a produc- 
tivity deal. 

The Wednesbury strike had a 
serious impact on copper tube 
supplies, but the shortage has 
also been exacerbated by Gov em- 
inent mortsagu policy. 

The position for ninny com- 
panies needing copper tube has 
been bleak. Many have been 
forced to lay off workers, and 
small operators have expressed 
fears that if (he strike continued, 
they wnujd be forced to close. 


Thpre have been reports of a 
black market in copper tube 
involving inflated prices and 
alleged stockpiling by local 
authorities and other big organi- 
salons. 

Yorkshire imperial . Meta'K a 
subsidiary of IM1, which is 
Britain's largest supplier, said | 
that the shortage bad caught mostj 
producers by surprise. Although I 
an increase in demand for central | 
beating, which takes, large sup-i 
plies of copper tube, had been 
anticipated by Yorkshire by a 10 
per cent production increase, 
the boom in central heating was 
considerably greater. 

The copper tube industry has 
increased output by about 20 per 
cent in the last 10 months, but 
the extra demand has been' even 
greater. 

Consumer demand for cheaper 
solid and gas fuelled central heat- 
ing systems had also played a big 
part in increasing orders fnr 
copper tube 

Many companies, including the 
Gas Board, have been taking 
supplies from abroad. 


THE ' FIRST limited -union- 
recognition agreement covering' 
oil company production platform 
personnel in the North Sea. has 
been signed, it was revealed in 
Aberdeen yesterday. 


The development was hailed, 
by Mr. Bill Reid, chairman:- of 
the Aberdeen , Inter-Union Off-, 
shore Oil Committee.' as a break- - 
'through in the four-year— cam- 
paign to bring unions on to pro- 
duction platforms. 

The agreement covers 75 pro- 
duction workers on the Occiden- 
tal Paper platform and will' 
grant the union involved, the 
Association of Scientific. Techni- 


cal and Managerial Staffs, rights 
to represent' company employees 
on. disciplinary' .and grievance 
matters.. . . i . . " 'I ' ■ 

Full- aegotlatSrig rigbtff tp cjis-' 
cuss salaries will only be granted 
by the company when.' the "union . : 
h'as -signed tip a .thajdrityn'rwor-..' 
kers on : both* Hie-. .Piper 'and 
ncighboii ring- • : .Glayinbre plat-' 1 

forms, ■ * 

V Mr. Reidl_ AberiTecn~ district 
secretary; of. ! the Transport and 
General •'Workers’ -..Union,, said; , 
“Every -.step - forward- -.must be-: 
regarded as a . breakthrough' 
towards ;dur nbjectivB. . which 1 is - . 
the unionisation .of -aB installs- ' 
tious. . offshore.' .; v- 

•.•) I ■- s \ '-, 4 




Singer talks on 2,000 jobs 


. BY RAY. PERMAN, SCOTTISH CORRESPONDENT _ ..l . , - : 4 'i. : 

FULL-TIME union .officials., met . -to: go some way coward? meeUrig.^ 
senior management late . yester- = recommendations put forward-. jn “ •. ; 
day to discuss the future of a consultant's repbrtT cbinmis- ' 
Singer's UK ma nufactu ring plan t sione-d : by 1 ' sfiop - stewards, ;. str - 
^ l _ r 5^y.‘^ B ‘ :)aI1 k , where more than -I'ctairiing: some mdustriat sewinjj- 
2.000 Jobs are threatened. Talks machine ordducilen ai the plant, ' 
were expected, to last . several saving 33a 3bhK. ;'lhn>te'men'tin'?_ . : 
hours. . ." *■'/ . the .full recominendatioii would 

The company agreed last week presejryn.75Q.iobS, --. - '-l i 


if® 

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t (j* 


t;- ' 



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^8 


>lea 


’ r ^‘ -’*■ r -v 

J -. , _ *t J;, I* 


llarv 


wants 

MPs 


iiforui 

rion 


T/' . v'j'.y-' *• ••••• j +-.' - - .. r - • 


^V4^aiisali ;< EB»s- ’Sataniay- I^ember-, 9 : i978 

THE WEEK IN THE MARKETS 


Still below 500 level 

THE MARKET has. promised machine company, though Avery paying off. Piikmgton’s very 
much* this week hultotb© eh dTi : is already well 'ufl With - new heavy capital investment abroad 
has achieved little. ‘ Gha,couple- technology m its^ field. These is now producing dividends as 
of occasions ; equities looked to be_ moves tend, to knock the .old its subsidiaries in Scandinavia 
gaining, sufficient’ momentum to market argument that GJEC is and South Africa move into 
break the 500 harrier; bat each . sitting- on a cash mountain — profit: overseas trading profit 


Ml 


'r- 




PILKlfVGTGIV 

BROTHERS. 


Still overshadowed by 
fears of inflation 


Plessey didn*t-exacUy please division depressed ai the 

dropp^ to a^imnumyon Tues- ^ pundits but for pooe, the moment, the home improve- 

matched most people’s ment sector has been a very 
mg some late- uncertainty. : . expStions: On the i^r hand strong source of demand. 
After this -. equities , again Tuesday Vmodest 9, per e®nt in- particularly for glass fibre 
pressed fbrward until :th’e trend creasedn second gaaiiter pretax insulation and flat glass for 
was checked by the • djsapppipi-.jjixrSts did: little to improve the double glazing. The main- 
ing results irOm-GEC on Thursi "roigj's xanre recenttecord of tenaoce of this demand at a 
day afternoon:' a~4.5 tMmt- rise . growth. -Admittedly high level compensates for the 

at 2 pm was tqrh^' ihto exchange . rate - movements uncertain prospects for car 
fall bythe close: Even newtiine - were .unhelpful ‘ and"' with manufacturing aud new 
buying aheaeLof the extendedrhg electronics ' side now construction business, 
account was. extrenjely. thin as; looking much. crore ' exciting The dividend cover ntle 
ihe market elosed:. oi^ .an un* the: problems; at Garrard, if as suggests PiUdogton may be able 
inspiring- note. yet unresolved. at least appear ♦«. lie Infill n-ivjiiil hv 


jt Y LACKHMG a guiding Star to 

. ". " ' ' • point the way ahead the Stock 

110 : g — “ ^ ”• V : Market has limped aimlessly 

i '-A/- oi v> . “ ■ *■: J * *•' V\ m this way and that over the past 

nn ^ ''jaf'- -if .*1 | | % .* week, undermining hopes of an 

100 l ■! ■ | ■ xl\ : At A:-:. i-r V* imminent and uplifting Christ- 

\.\ m mas rally - 

qn f : : y.T.-acrrc&g^ '' ‘ ■?*.*- The dolIar » which has for 

au • . ALL” SHAR© E^jDEX . some months given the bears a 

; ■ v ■■ , : ! ■ signal to cue off, has been 

' really strong. nor paru- 

f o(r m 1 T * » 1 ' cularly week. Interest rates 

M 1978 j| | have not been rising strongly 

L -. - . n ■ -•••-- ^11 as they did through November, 

nor have they eased convinc- 

week. meeting this week of some of ingly The money supply has 

Shareholders are offered a the more prominent institu- showed signs of slowing but 
minimum cash payment of tional shareholders of Swan those statistics are seen as 


1978 




DOW JONES INDEX 
Industrial Average! 


yef unresslved, at least appear to raise its total oav-oul by 130p p,us ° De sh * re in 3 new decided that this kind of action potentially false prophets now 
to b& more 'firmly miderconEoi ViL J? «> m Pany— GosForth Industrial would not be in their best that the Cemrai Bank has 

■ Wk ^inwever. as a ^nt^r the Vnte^ has S°L d “ gS T for S ^ aD »■«««?■ These ; wouW be better thoroughly confused the market Slr , et shouId wannla- embrace 



Within this overall figure u.is 
buried a slowing nf Inod prn-ii! 


' Such itevelonments Iiowever as a uointer the interim has J w street should warmb’ embrace Wilhm this overall figure u.n 

LONDON \ are mliiSv toS^ the^S hLn nut up by alraoS 15 per ? u " ter . sh3re now held. Cos- served by striving to assure the hy establishing a new bench recession either. buried a slowing nr food pru-., 

omiWeii • attention from Plessey's still cent. But even a 15 per cent. t0 c take °'h F - lh? b ® st P 11 ”' P° ss ‘ b le for Gosforlh mark “Ml-plus. Nuwitisihe Meanwhile the statistics that increases, supposedly ihe mo i. 

ONtOOKSR • • vulnerable uositiMi ^as one of lolal rise would leave the yield JJatereSt?* foThJinne ^'Th^ sha *J s . whea lhey come t0 *** monetary base which has to be are appearing pi ill seem to troubling element in the mn». 

the less successful independents at little over 3 per cent. The naU^ansatjn/ofjVsshiohul^ kL . watched, and tbatisan indiw* suy gest fm-ccosters w,io tion picture. Bui t!»is m:,.- m.,:v 

in the important 1-electronics shares advanced from 306p io ?*„ ^ "5 li-i ,h,pbu,,d ' This group of about sii: mer- tor the Fed does not neatly question an early recession hold than offset by quickening: price 

The market disappointment in sector. • . .. well over 320p after the results ° lnteresls lasc year ‘ chant banks, pension funds and package and publish eachThurs- most of yj e ammunition to back rises elsewhere. Perhaps com- 

GEC’5^ half timo .fignrps tyas And Racal’s renewed' Interest were announced but slipped Under the proposals the new investment trusts, have pre- day. up their arguments. November's panies are deciding that they 

understandable.' .Underlying last week in Plessey’s.. elec- back to 313p by Thursday even- compaoy will have net : tangible pared some proposals which The broader economic statis- unemployment rate was un- might as well lake the price 

operating -profits expanded by tronics systems «iderWSth .GEC’s ing. Over the year, the shares asse t« of 7.1m including bank they believe would help Cos- ticsarenotruuchhelpeither.lt changed, car sales remained rises they are allowed under the 

only 15 percent and at tire pre- moves <tp acquire i&e. group’s have consistently out performed balances Qf £3.7m. However forth’s rating. A bigger dividend is bad enough that the fore- Administrations’ guidelines 

tax level the 1 2{ per. cent in- smi condu^or iiSDerea re- the market there have been some com- payment than that promised casters are not too sure whether while the going is good, 

crease to 162.9m fell - short of vived speculation -in . some r , , plaints that Gos forth is keeping this week might be one sugges- there will be a recession or the MI~1A/ VADIf Meanwhile those guidelines 

the City’s hopeswbich ranged quarters of a full takeover bid. tSWtM TBOTgQJllSQ.tlOH to much back at the expenseof tion. modest 2-3 per cent growth the HH-ww I UKI\ are beginning to look flimsier 

from £165m to £175m. One Most analysts feel .fliis-is. not on Swan Hunter fina u v unveiled t - r P r . ~ st ^ buUo * 1 ?' , e — Carter Administration predicts crew a or on lfae side al the same 

reason for the disappointment the cards. on Monday the terms of its dec “ ion ^ Y" te J®?" 1 TOP PERFORMING SECTORS IN for 1979. Worse, even if they STEWART FLEMING time as the Administration is 

was lower contribution from in- Certainly Plessey’s.; appetite it l JLnstruction which £ 3a *? ng , S ™ lths S 1 I5^ I S? r ? r * FOUR WEEKS FROM NOV^. could be sure investors cannot innkinc for w*v< to tnushen un 

vestment 1 income; down £4m to for cash and recent management SSudL at W S book vaJue frem to just % Change \ mik9 up ^ minds whether ___ 


The broader economic statis- unemployment role was un- mighr as well lake the price 
tics are not much help either. It changed, car sales remained rises they are allowed under the 


TOP PERFORMING SECTORS IN 


modest 2-3 per cent growth the 
Carter Administration predicts 
for 1979. Worse, even if they 


NEW YORK 

STEWART FLEMING 


was lower contnomaott trom in- v-enamiy riesseys.: tuipeuu: „ it , r^onstruction which Z — r^* , — , — . 

vestment income, down £4m to for cash and recent management atl«S book value from £3.24tn to just 

£18.8m. , Although the . . overall defections cast a few dquhts over ^ 3m cash to shareholders create a provTS ?°" agai ° st 

result . was solid enouglCit could the company's long tend future. Not Pvervbodv however was fUrthe ^ has 2)50 

not stop the shares tumbling on The once highly profitable tele- entire i y happy’ with the’ deal. p pted c . 

Thursday afternoon: . 3n >the communications Some thought that the cash pay- However, these complaints -“"S: 

morning tire price had gained ample, is still bmng MU back m _ nt w hir*her seem unlikely to develop into a 


Administrations’ guidelines 
while the going is good. 

Meanwhile those guhlcluies 
are beginning to look flimsier 
on ibe wages side al the same 
lime as the Administration is 
looking for ways to toughen up 
ihe prices and profit margin 


Insurance (Composite) 
Hire Purchase 


Thursday afternoon: y Jn ibe communications mde^jr ex- Some thm[gbt ^ the cash pay . However, these complaints Radio. TV 

morning the price had gained ample, is srill beinc back me nt could have been higher and seem unlikely to develop into a Entertainment. Catering 
9p to 349p, but.once the. figures by the need for . rationalisation shares have slipped 9p on the full scale revolt. An informal All-Share Index 

were posted ta the market the and rapid technological change 

shares swiftly moved into re- while the now successful elec- _____ 

verse and closed the day at tronic systems business 7 needs 

332d. • capital to keep the MARKET HIGHLIGHTS OF THt WEEK 

The hreakdown of the vanpns Sector’s product ' adraUKS. 

divisions shows where GE(T Plessey this weelc.yieclared c . 1978 ma 

found an uphill struggle; .The its aim. of staying -in. ’the tele- 2 

heavy end pf the transformer communications and eleotronics Y*daf Week High low 

and switchgear ■ business,. yfor' business. But there is sUH a Ind. Ord. Index 493.3 + 7J 53SJ5 433.4 Investment interest revive 

example, was- tough- going and widespread view ttatvdi'-l*.cks Gold Mines Index 134.4 + 9A 2 0AA 114.1 steadlnw of bullion price 

the combined contrlbutjon to M . edeauate capitel^hMe mid ______ , u jjj BS Go«. boon for mkr^cblp 

earnings from the engmeenng cash flow. So there » 5uu taix z= — rrr rgr . ^ 

and industrial .divisions felL.of ja Goverament-in^dred re- Allied Insh Banks 197 ~11 239 150 Ireland’s EMS deonon 

from 39 to 35 per: dent In con- organisation of the i-tSecom- Burnett & Hallamshire 205 +17 HI 153 Pleasing interim results 

trast consumer products saw miinications mdu^rj-. : either ng +10 119 71 Revived investment demar 

some recovery but - the;, real where a new company ^ is c^tonTSrlMeDh) 26 + 4 27 15 More-dun-doubled profits 

excitment came from electronics formed or one of ge-^ther — — ^ Speculative demand 

and telecommunications. Sales manufacturers is given .a- help- c-RJ. Zif — y — — — - 

there shot iip"by 28 per cent to in? band. ®o ratiomd^e the Gus A 314 + * 340 2M Better-than-expectcd «nL 

£385m, accounting; for .87 per industry. ■ . ... ' ffifi ': Hampton Areas 157 +17 157 «1 Possible bid from Col. Mut 

cent of group totals latest Meanwhile. . znaSssfc.. are Highland Distilleries 168 +13 170 127 Seasonal influences 

bid tactics point fo this as the expecting Plessey’s , f^ yyear — - Revived investment deman 

^ 1«3 +13 - M -W Siitomitiriiy h itf^r preflts 

T A* ■ MFI Furniture 174 +17 177 54 Bid hopes 

&&** - 31° +» 3» -«? 

ment group; A: ; B. v Hicfc' GEC day KHdngton ; Bros, t- produced - Rustenbuig Platinum 96 +11 117 70 Revived jmtmmt htgrg 

adopting the. stratear of meig- "figures' on Wednesday that Holkfays ' 172 +13 185 115 . Holiday borings boom 

ing tradition^ office equipment were nnt anly gpod in them- - _ r = — +Ti 125 85 Higher fi rat-half profits 

with modern ' telecominunica- selves— first-half ^pre-tax profits ” ™ 240 134 Better-than-expected int. <1 

tion and comptrter techniques, rose 47 per csiat.to £43.4m— Sunge. Bgd. ; 235 +35 2« 134 Better tna^egea^ mt. 

The same- basic' /theory -lies but encodriigiog for the futtire. Swan Hunter 150 —9 160 U5 Reconstruction plans disap 

behind the possible. £83m hid. for inasmuch ;as . the group’s invest- i . : 

Avery, the - UK . . weighing ment strategy seems to be 


+113 growth or recession will be fairly strong thanks to General side- Wall Street should n«it 

T’Ji better for shares. Growth could Motor’s dominant position, and raise a rheer at t,1e id ea nf 

J '•* imply inflation, a weak-kneed consumer credit advances, while profit controls which is now sur- 

+ 93 Federal Reserve, and a floppy slowing, are certainly not yet facing from the recesses of the 

+ 8.9 dollar again. But history pro- suggesting that higher interest Wb't e House. 

+ 6.0 vides no reassurance that Wall rates have begun to bite into No wonder therefore rh.it 


U.K. INDICES 


demand for loans. In California trading volume has been slow 
there was even a strong surge ar| d institutions wary. Unless 
in new housing starts in the thc picture brightens next week 


***** month. investors and dealers nny 

— *■■■— The only unblinking pointer decide that ar the end nf 1978 

Dec. Dee. Nov. into the future remains the dis- tiiey need a longer than normal 

a i ia turbing rale of . inflation, holiday. 


dealers 


Change on 
Week 
+ 7j0 
+ 9A 
+16 
-11 
+17 
+ 10 
+ 4 
+ 12 
+ 8 
+ 17 
+ 13 
+ 8 
+13 
+17 
+ 8 
+11 
+13 
+11 
+35 
9 


Average 
week to 


Investment interest revive* 

Steadiness of bullion price 

Govt, boost for micro-chip Ind. 

Ireland’s EMS decision 

Ple asing interim results 

Revived investment demand 

Mor c-than-doubled profits 

S peculative demand 

Better-than-expected int figs: 
Possi ble bid from Col. Mutual 

Seasonal influences 

Revived inve s tme nt, demand 

Substantially higher profits forecast 

Bid hopes 

Better-than-expected int. figs. 

Revive d -i n ve s t m ent i nterest 

Holiday bookings boom 

Higher first-half profits 


FINANCIAL TIMES 
Govt. Secs. 6837 


Gold Mines 128.5 125.7 1323 

Do (Ex 5 Pm) 94.9 943 96A 

Dealings mkd. 4,380 4348 4318 


Producer prices climbed at an 
annual rate of 9.6 per cent last 

CLQ51NG INDICES 


month suggesting that the near 

Monday 

80633 

- 4.67 

double digit rate of inflation 

Tuesday 

82031 

+ 1238 

implied in earlier fourth 

Wednesday 

821.90 

4 1.39 

quarter indicators will in fact 

Thursday 

816.09 

- 5.31 

prove accurate, 

Friday 

81135 

- 4.24 


Hyatt hotel group deal 


Consumer 
(Durable) 
Cons. (Non* 
Durable) 
Ind. Group 
500-Share 


21239 20934 205.9 
223A5 21936 21434 
24836 24430 239.50 


Financial Gp. 171.70 168.12 16261 


Better-than-expected int. dividend All-Share 
Reconstruction plans disappoint Red. Debs. 


Learning to live happily together Mr 


FEW ISSUES, iu tite - mining 
industry are more vexed than 
the relationship between com- 
panies and governments— the 
more so because -it : is almost: 
impossible, to lay dowh any set 
of universal guidelines suitable 
to both sides and relevant to any 
particular national situation: v 5 

There is a natural ebb and 
flow as the interest of '.both 
sides converge and diverge/ in. 
one country ; or another. . In 
Australia, for example; there 
was convergence as the . Fraser 
Goveniment’s . . anti-inflation 
policies took effect /and as tiie ; 
application -of foreign Ownership 
regulations was reiaxed. .... 

But there -was' divergence 
when the Government sought to 
impose, stricter'controls oh the 
export of . iron ore, coal, alumina 
and bauxite. 'There is nothing 
the industry likes less than 
official, interference in. the 
negotiation of contracts. • Now 
the first major contract, has been 


iigaMV since the Government 
annonneement and the terms 
seem to mollify everybody. 

X 'That is to say, the terms are 
Txrobably the best which could be 
: negotiated given the recession 
:ip the international steel 
industry. Utah Development, 
the U.S.-owned coal producer 
which is Australia’s biggest 
corporate profits earner, has 
extracted better terms for the 
sale of 6m tonnes of coal over 
the next two years to Japanese 
steel mills than other suppliers. 

It will receive U.S.550.40 
(£26) a tonne on average. This 
is -down on the old price of 
$52, but in practice works out 
much the same because of 
a more relaxed Japanese 
attitude to impurities in the 
coaL At the same time the 
Japanese have accepted the 
principle of price escalation. 

The Australian . Government 
sees this. as a vindication of its 
controls policy, especially in 




OFFER 


Tramrtmvj i 


SHARES WORTH 
^■OR MORE 


Send for detafls.of the 

M&G Share Exchange U* •^1 

Plan by Completing 

coupon below. - - ■ •' 


pTo: M&G Group.' Three Quays.TowerHiM. . {T66j j 

I London EC3R6BQ. Telephone: Ul-6264588^ _ K 

f Please send me full details of your Share Exchange Flan, j 

t [fv^KTnn ~ 1 ~ ■- '••' . 

» -' r '• - ' : . ■ . 


view - of the fafct that earlier 
contracts signed\by the Thiess* 
Dampter - Mitsui- consortium 
carried a price ’• of $48.50 a 
tonne for the same sort of pro- 
duct on reduced shipments. 

Where this leaves relations 
between the Government and 
the industry is not clear at this 
stage, but if the muscle of the 
Government can help to secure 
better -terms for New South 
Wales coal producers in negoti- 
ations soon to start, then the 
industry’s ideological objections 

MINING 

PAUL CHSSERiGHT 


to -Official supervision might be 
softened as mutual interests 
converge. 

Australia, however, remains 
what- the industry would con- 
r aider a secure part of the world 
for investment This has not 
been the case with Chile since 
the.; ' nationalisation of U.S. 
copper interests in 1969-70. 
Latterly Chile has been seeking 
to stem the distrust of the inter- 
national industry and last year 
i three foreign investment- agree- 
j merits were signed. 

! Onie of them was with 
Noranda Mines of Canada and 
covered the Andacollo copper 
deposit where reserves have 
been put at 277m tonnes grad- 
ing. 0.69 per cent copper. 
Noranda has been conducting a 
feasibility study of the deposit, 
listing, options available depend- 
ing on different levels of market 
prices. 


I ADDficr-5 


| yot applicable 
, to Em 


. Member of the. 
UnkThnt Assodafcm 


POSTCODE 


j 18 1 531218 


! 

if 


What is envisaged is a project 
producing 70,000 tonnes of 
copper a year. The time for 
decisions has come and Noranda 
has until March to make up its 
mind wbether to invest $350m 
(£180. 5m) in a venture where it 
would hold a 51 per cent stake 
with Empress National de 
Miners, the Chilean State 
mining agency, holding the 
balance. 

Noranda has been keeping up 
its investment expenditure. This 
week it disclosed a budget of 
about C$180m (£7S-9m) for 
1979. which shows an increase 
of C$46m on expenditure fore- 
casts for this year. The group's 
interests are scattered far and 
wide but do include part of a 
joint uranium exploration ven- 
ture in Saskatchewan. 

The pace of uranium dis- 
coveries in Saskatchewan sug- 
gests that any group with a 
property, or part of a property, 
there could be well-placedL The 
latest drill results from 
Asamera Oil . confirm the 
potential of the province as one 
of the world’s major uranium 
areas- 

Assam era is the operator for 
a consortium which includes the 
Saskatchewan Mining Develop- 
ment Corporation with 50 per 
cent What was called “good 
radioactivity ” has been found in 
24 of 38 holes drilled, with assay 
results varying from 2.6 lbs to 
33.8 lbs of uranium per ton of 
ore. 

But development of new 
mines in the province will not 
be cheap. Canada has shared in 
the general escalation of capital 
and mining costs. This week. 


White Labour i . 
Black Labour — ~ 
Stores 0900 

Electric Power — — 
Total Costs 


Winkelhaak .Mines,, the South 
African gold producer in the 
Union Corporation group, noted 
that its working costs had 
increased 18.5 per cent in the 
year to last September. 

Parr of the rise has • come 
from increased labour costs. 
The introduction of an eleven 
shift fortnight has meant extra 
recruitment and Winkelhaak 
complained that “ the - loss in 
productivity directly attribut- 
able to the elimination of one 
shift every fortnight has not 
shown any improvement." 

The company is meanwhile 
seeking to purchase an 
•optioned area to the east of its 
lease area presently owned by 
UC Investments and Acacia 
Mines. Different financial 
formulae are still being con- 
sidered. but once the details 
are settled it will give the mine 
an area for . longer term ex- 
pansion if ex amin ation of 
grades is satisfactory^ 

More immediately Winkel- 
haak and other gold producers 
will be closely watching the 
movements of the bullion price. 
There . is no clear trend 
apparent and none is likely to 
emerge until after tbe market 
has been tested by the U.S. 
Treasury’s auction of 1.5m 
ounces of gold on December 
19. 

The price seems to have 
settled around $200 an ounce, 
closing yesterday at $202,375. 
However, the mines will have 
drawn some encouragement 
from this week’s International 
Monetary Fund auction not so 
much because of the average 
price of $196.06 but because of 
the high level of demand. 


THE SECURITIES and Exchange without admitting or denying 
FT ACTUARIES Commission said Hyatt Corpora- the allegations, 

r . tm»b mu ratio tion si S ned a consent order Early last month Saudi 

G ”~ . r 5,11 agreeing that a proposed sale of Arabian financiers under Mr. 

Consumer its publicly-owned stock to the Ghaith Pharaon offered 631m 

(Durable) 211.15 207.00 20138 Pritzker family, the majority for the hotel chain which v 

Cons. (Non- holders, will not become effec- then equal to S14 a share. 

Durable) 21239 20934 205.9 tive unless approved by a The SEC said the allegations 

— - - — , ■■■ ■— ■ - 17- - r - majority of the other share- involved three sets u£ tram- 

Ind. Group 22305 21936 21434 holders actions which resulted in us 

500-Share 24836 24490 239.50 The company signed the order benefits for the Pritzkerv One 
Financial Gp. 171.70 168.12 16231 after the SEC filed admimstra- 

All-Share 227.19 22339 218J0 tive procedings alleging incam- {J Hyatt tile Teamsters Unmn 

Red. Debs. 55.13 55.17 55.17 P lete disclosure of certain trans- central States Pension Fund u, 

actions. Hyatt consented to an build a hotel at Lake Talma, 

official entry of the SEC findings Nevada, the SEC said. Reuter 


FLYING HORSE 
OF.KANSU 





1 »saa 






For advertising details please ring 
01-248 8000 Estn. 7008 

LOCAL AUTHORITY 




Evdxy Saturday the Financial Times publishes a 
table giving details of Local Authority Bonds on 
. 1 oSer to the public. ' - ' • 


100 ®** 

Sept 

1975 


19781 


China’s National Art Treasure- 
Direct From Peking 

THE CHINESE “YEAR OFTHE JEfSSV- ' Peking have mad... 

HORSE"- Buddhist culture jwffi cr" ’ ““'T, number of reproductions 

designates each year after an animal. . t ^ of this famous and 

on a twelve year cycle. 1978 is “The Year of beautiful horse in naval brass.This reproduces 

the Horse’’ which traditionally is the year for exactly the ecstatic form as well as thi- patina 

free spirited beauty to reign. In ancient China and pilling acquired bv the onginal o*. er Ihe 

thisspirit was reflected in ihe works of art years 2-100 have been obtained Irom Peking ' 

created during the year. One of the most and the maiortly allocated to colter lot -in 

famous of these is the bronze sculpture south east Asia and North America 300 have 

discovered in 1969 in the tomb of an Imperial been .ilkuMied to Hie St. James’s House 

Han General and known as the ’Flying Horse Company toi collectors in the tl.lv. By special 

ol Kansu. (Han Dynasty I. arrangei mint -^l. James's has also secured 

The horse is shown in an att itude one h- u se m 18c t gold and two horses 

expressive of ecstasy and freedom supported in silver cult. 

by one hoof on the back of a flying swallow For the benefit of collectors each horse 

which turns its head in surprise. will be issued with a certificate certify ing that 

The “Flying Horse of Kansu’ is regarded it is a reproduction authorised by the Chinese 

as an objetd'art of national importance to government and made in Peking. 

China.The contemporary craftsmen of Height 17«. ms. Length 20 cnis. 

T he allocation may t<eo , . , *r-<,ul'''.riilvd qui^Wv-F'luiV * i-v k.-iii Di.-Ij- 

The Sl James’s Houw Conipanv. ?>7 Flor.i] SLLnndon vDG.ToM il-Sjtii •jS i I 

Postto: The SL James’s House Company.37 Floral St.. London WC2E 9DG.1e I: U1 co6 6511 

Fleaseenlermyappli. ,alV>n|.->riheF]vingHtiiier'l K oiuj. Pv 1 •- Cl- hoi.ic 5'. . I :■ rn - 

Iunder5tarKdihanhcpnceinduiksVAT.<iniJDde.«T\' Anirrir mF- nr.-.; Oir.crs'.tnr .V.-o-t E^jr. !.r c-::d 

forOmstmas. a-- wuni 

□ — iqiviHvtnqHaseisiolliansu 

in Naval Brass ai£ 53 ilr>i;jcti. i. • , ■ 

□ Flving Hoi ^ecrKarisu in l^llnwftcrJsli'rSiri.i -ilver. M.iiiie . - - - 

hrrJViK gold plalod vilh i.aul -intd. 

appt W. .it £bM.iX< . d.: h . j.ldhl.-i. Add i - - - - - 

□ Flung Hor-eo) kunsu n i !r. i aia r . ;o.‘J . .... 

’j-eiyhinq 2?0qms at rjOOfi.te'i 1 1 dvailiibln ». ' * 

'-iyii 

Rkw make chi-ni le [v\ able l.i~ P n. »H cr- .\( V . .,,1,1. 

ThoSi J.«me- sHovbcConuidn\. The St., ‘amss’s House Conipanv hi 

InwlnscA. ^KpdMneiiiinliii: t lH . ■ u .... 1 


Pv 1 seijiii..) - ri. hoMC 1 ". . . I ■ rn ■ 

Anviir.in F 1 j-r..-,;. Oir.crs'.tnE A r . :*?T ' E ; an.^r. c-”cl 
a^uuiinli':- 


.1 _ . . . 


N.iiiie . 

.Vidie*- 


-i.jl; . • 

aSS 

The St. James’s House Conipanv FT1 ' 

:i — 1 


•* 


?rrmE: J V 







^"‘ $ 


Emandal ^nmfe: ; Satarcla? 


FINANCE AND THE FAMILY 




Giving away a house 


i rini'L 

.5w^>.>" 


BY OUR LEGAL STAFF 




No fegof responsiWnty oxn he 
accepted by. the Financial Times 
for the answers given . in these 
columns. All . inquiries will be 
answered by post as soon as 
possible. 


way,or%h 


" \ 


X norc cunsidrrcA the method 
you advised under Giving away 
a house on October 28, but 
rejected it on the grounds that 
eventually the donor- would 
transfer such a proportion of 
his shares as wooid reduce 
him from a majority to a 
minority shareholder. As the 
value of bis minority shares 
would he proportionately lower 
than bis majority holding, the 
principle of the diminution 
in value of the donor's estate 
would come Into force and so . 
give rise to a CTT liability. 

Was I mistaken ? 

We think that you may he con- 
fusing the proposed use of a 
trust with the position where a 
company is formed. It is the 
former which we advised, and it 
seems to be the latter which 
yon formerly had in mind. The 
value differences between 
majority and minority share- 
holdings in a company would 
not arise on assignments of in- 
terest arising under a trust 


have In their .pension fund; and 
this will presumably he 
required by my new 
employers. Could you advise 
me as to what I should do ? 
Tbe best course would be to 
procure your new employers to 
seek the information you 
require. If that cannot be done 
you should write to the trustees 
of the Pension Fund and if 
necessary point out that appli- 
cation will have to be made in 
the High Court if the relevant 
information is not supplied. 


refused (as there often- is) the 
shares would be of little or no 
value where the shareholding is 
of a minority of the shares.. 


A technical 
trespass 


taitily would be. Moreover a re- 
quirement to close tbe gate may 
nor be upheld, as in the case of 
Lister i*. Rickard (196) 113 S.j. 
981. Gale on Easements (14th 
Ed) is the standard text book. 


An unforced M 


A refusal to 


transfer 


Standing in a 


pension fund 


In spite of several requests 
my former employers have 
failed (o provide me with 
information on the standing X 


One of the articles of association 
of a private company of which. 

I am a director reads “The 
directors may decline to register 
any transfer of shares without 
assigning any reason therefore.” 
Does this mean that a director 
cannot bequeath his shares to 
bis wife? 

The articles do not restrict the 
transmission of shares to your 
personal representative, but the 
directors can refuse to register 
a beneficiary, such as the share- 
holders widow. If there is no 
separate provision in the 
articles for the directors to pur- 
chase shares whose transfer is 


In your reply under a 
technical trespass on October 
28 that a closed unlocked gate 
on a right of way might be an 
obstruction In some 
circumstances. Is that so? What 
about a series of gates? Or a 
requirement to close it? Both 
of these our solicitor states 
would be permissible. Can you 
recommend a book on the 
subject? 

The law is not wholly dear Ou 
this subject. Old cases record 
plaintiffs succeeding simply on 
the defendant’s having erected a 
gate across the way. More 
recently the Court of Appeal has 
said that a gate is not neces- 
sarily an interference with a 
right of way. The better view 
now seems to be that an un- 
locked gate would not be un- 
lawful; a locked gate (with keys 
supplied; may or may not be. 
depending on the facts. We do 
not agree that a series of gates 
would not be an obstruction: we 
take the view that it almost cer- 


covenant 


the otter Is it necessary for all 
the assets to be valued to - 
arrive at the full value of the 
esate, as would be necessary 
If CTT were Involved? 

A probate valuation is required 
even on an estate left entirely 
to a spouse: as the prqbate fee 
would be dependent on the 
value. 


> . 


H0 ‘ 


Capital gains 
tax assessment 


I recently sold a bungalow, 
not my home. lor £A. It was 
bought in June 1988 jointly 
hy my wife and self and then 
let. We separated shortly after 
this and are now divorced. In 
1972 ray wife agreed to the 
tyansfer of both our borne and 
of the bungalow for tbe same 
sum of £x for each property. 
Could Jon tell me please bow 
to calculate the amount of 
capital gains tax due? I should 
be glad to know also the Acts 
or regulations which are 
relevant to the problem. 

Do you know any details nf the 
CGT assessment made on your 
ex wife for 1972-73, or can you 
find out? If so, the calculation 
should be fairly straightforward, 
as follows: 

Consideration for dis- 
posal in 197S-79... £ A 

less: Incidental • ex- 
penses of disposal £B 
Consideration for 


acquisition of half- 
interest in 196&- 

1969 £C 

Incidental ex- 
penses of that 

acquisition £D 

Figure agreed 
with your ex- 
wife's tax inspec- 
tor as the deetned 
consideration for . 
the disposal of her 
half - interest to 
you. for her 1972- 
1973 CGT assess 

ment £E 

Incidental ex- 
penses of your 
acquisition of her 
half-interest in 
1972-73 £F 


Chargeable gain for 
1978-79 


If you do not know, and cannot 
conveniently find out anything 
about the chargeable gain (or 
restricted loss; which was 
deemed to accrue to your ex- 
wife in 1972-73, your own tax 


inspector will doubtless make 
the necessary inquiries and tell 
you the figure which she agreed 
with her inspector. 

The relevant legislation in 
relation to the transaction in 
1972-73 is: 

Finance Act 1965 
section 22, subsections 4 and 8: 
schedule 7, paragraphs 17(2) 
and 21(2); 

Capital Gains Tax Regulations 

1967 (SU96/149) 
regulations 8, 11, 12. 13 and 16. 

The figure in question (£E) 
will be the open-market value 
of your ex-wife’s half-interest at 
the time of the contract in 1972- 
1973, having regard to the sit- 
ting tenants' rights and obliga- 
tions. 

We have assumed that the 
property was acquired by you 
and your ex-wife as tenants in 
common, in I96S. but there is 
unlikely to be any significant 
difference if you in . fact 
acquired it as joint tenants (and 
the joint tenancy was subse- 
quently converted to a tenancy 
in common, by notice of 
severance). 


Does your reply under an 
unenforceable covenant 
(October 2l) apply only to 
unregistered conveyancing? In 
a situation where the property 
fs registered, tttf JLand 
-Certificate contains details of 
restrictive covenants (positive) 
some of whieb .may go back to 
sales three or four times 
removed. Can « restrictive 
covenant continue to be valid 
or must it similarly he 
repeated each time there is 
a sale? 

While the reply fo question re- 
lated to unregistered convey- 
ancing the position is the same 
in the case of registered land. A 
restrictive covenant does not 
need to be reimposed on each 
sale. The original covenant will 
still take effect if it was im- 
posed in such a manner that the 
burden runs with the covenan- 
tors land and the benefit is an- 
nexed to the covenantee's land 
(and that land is owned by the 
person now seeking to enforce 
the covenant). • • • 


A clock, or 
its value 


•toiAf : 


About' two years ago an antique 
shop proprietor offered to 
get a dock of mine repaired | 
bat since (ben on one excuse or ! 
another has not let me. have j 
it hack. Is be 'legally -obliged j 
either to let me have It or 
pay its estimated value? 

The shopkeeper is obliged to 
return the clock 'or its value; 
but under the modem law can 
elect for the latter to tbe 
exclusion of the former. 


Established 
use claim 


Estate left 


to spouse 


To obtain probate where an 
estate is left by one spouse to 


It has been pointed out to us,j 
with reference to our. reply on 1 
October 21 under Established 
use claim (relating to a cara-l 
van) that the possession of an; 
established use certificate does 
not actually provide exemption 
from planning permission. The 
residential use of a caravan re- 1 
quires a licence which cannot 
be given unless planning con- 
sent exists. ' 


IT IS sad but true that' if you 
want to . infuriate educators in. 
this country, you do not sc dm 
their academic work or scoff. at 
their lofty ideals. You. simply 
stand .between them and their 
supplies of taxpayers* money. ' 

One therefore need not look 
far for the main cause of the 
State education system's 
burgeoning interest in furnish- 
ing more practical studies.. 
Education has lately been 
limited to less money than it. 
had expected. Meanwhile the 
Manpower Services Commission, 
with its interest in the formerly, 
declasse, activity of training, has; 
grown richer and richer. 

Since the system has deduced 
a connection between those two 
phenomena, and is gestu ri ng 
accordingly, it may be that tte 
educators’ own education was 
not altogether impractical, after 
all. Sadly, however, .there re- 
mains a clanger that the rising 
enthusiasm for more practical; 
education might once again send 
the £Sbn-a-year system wander- 
ing in circles still in the day- 
dream of the 1960s when edu- 
cation was believed, not least 
by Itself, to be capable of any- 
thing. 

The concomitant blindness to 
the possibility of technical 
limitations has prevented the 
education industry from mode- 
ling itself on the manufacturing 
sector, whose future needs of 
manpower are now our educa- 
tors* purported concern . ;; The 
impulse behind their newly 
revealed pragmatism is . nor e 
decision to examine their re- 


EDUCATION 


MICHAEL DIXON 


sources so as to detenhine what 
mi ght be taught successfully, 
and what might not. The object 

is instead to remove the current 
financial obstacle to the system s 
further expansion, and in pur- 
suit of that mm;.. education 
seems to be assuming ., the 
character of the fashion indus- 
try. .' •’ •: - 

The mode of the last decade, 
as the. country apparently 
basked in belief that Its wealth 
•would thenceforth expand auto- 
matically. was education for 
social responsibility. Swiftly the 
system was decked with, 
^socially relevant ” studies 
often- stemming more frpm 
research-buttressed . justifica- 
tions of worthy, opinions than 
from rigorously' tested. '.refine-, 
meats of sceptical -hypotheses. 
Subjects demanding - disciplined 
- and development of the skills of: 
reading, writing, numbering and 
-—more fundamental still— 
reasoning, either shrank or had 
durable old -threads cut away 
so as to permit' competitively 
fashionable trimmings. 

Yet somehow education for 
social responsibility has notpre- 
venled the increase of the 
opposite kind of behaviour, not 
least among youngsters whose 
schooling was definitely a la 
mode. On the other hand, the 


late unlatfbeated .'fashion toay 
welf have contributed ^positively 
to a prominence of university . 
undergraduates- whose .-suit*: 
ability for , * being taught rto 
think” it the age of 'around 20 
is iardly corroborated by their 
inabtii ty.:to : - construct logical-- 
written sentences, let albne to ' 
spell correettjv \ r . 

" This “mean -that every- 
thing which, it. is desirable for 
youngsters . to learn, is not, yet 1 
within formal education's c&pa- 
iility . of teaching _ effectively. - 
Perhaps in striving' for expan- 
sion, educators have neglected: 
essentials. The snark of studies : " 
relevant to. changeable, cohtqm-' 
porary ebneerni may really be 
ran . Illogical, ' semi-literate; ; non- - 
numerate,' ' politically __ gullible 
boojuhu' - - . ' 

- But. such questions, aid -the 
need *' for re-cohcentratipn .on - 
academic , rigour l^y nd^at ; 
iqiply, are being ignored-’, in. the', 
.education • system’s - ansae ty-: to. 
woo the taxpayer . with theinew 
panacea • . of education - ; for ' 
industrial revivals 1- 

True, some good .might come 
of the systems ceisLng toimbtife - 
youngsters with a. distorted view 
of industry ' usually based— on- 
' teachers* memories of-what they 
; were taught about the mid- 19th- 
century. • As for any positive, 
benefit, however . well if 
industrially ’ relevant studies in : 
academic institutions contribute, 
to industrial revival as socially 
relevant studies , have evidently 
contributed ' to. social, responsi- 
bility, then pitr help bs all: ; ’ 


On the death of 


the policyholder 


LAST WEEK on my home- or some other relative permis- holder’s family." or perhaps the 
bound train I met an old friend sion to drive the car during “ policyholder’s household ’’ 'it 
and near neighbour. It was a his lifetime, that this penms- w seem that there Is little to 




Invest in two 


bar bitand hid died i few 

days previously, after some uncertain, obligation, perhaps they have to be watched care- 
months of ill health and this until renewal, and perhaps fully if there is some permanent 
was our first encounter since, even thereafter, if they renew change made in the nature of 
When we got off the train I was iri ignorance of the policy the occupancy of the home;;-,- ; 
offered a lift home from the holder,s dcath - Suppose after the husband’s j 

station and it was not until we A curious legal decision, and death the widow gets a friend; ; 

were on 0,e n,ld nutoMh. «*-**“■ JJJf ** ? 

park that I thought to ask in ^ z _ mce protection the widow * ,th her ' . *- ] 

■* have you got the car insured may have because of that If c 9 ver is restricted to the 
in your own nArae'7” " decision, unless and until the " policyholder’s family ” such a 

Perhaps not surprisingly I widow notifies insurers and person is almost certain /to be 
got the answer “ I have not got gets the insurance in her own outside the definition insurers 
round to it yet" and then had name and becomes the policy- provide, and so insurers have to 



jpinlora 

tfftaeas; 


four & 


I 4.- . s ■ 
’-V/ V V ^ ' 

:\ 


Income Trusts 


for staggering 
dividends?- 


By Investing in both the Extra Income Unit Trust 
and Income Trust managed by Antony Gibbs 
you wii! receive your dividends on a quarterly 
basis, as we stagger the half-yearly payments 
from both trusts. On the combined basis above, 
the current average yield from the trusts is 
9*9% and there is the prospect of a growing 
income. You may of cuun»e wish to invest in one 
trust only. 


Extra Income Unit Trust 
Current estima led gross 
annual yield 10-81... Some II 
307o of this portfolio is in B 1 B mM /■ 
fixed interest stocks to 
provide a high and secure incomewiVn ihe 
balance in equities which show prospects of 
increased dividends. 


Income Trust u 

Current estimated pross | l|l in/ | 

annual yield 9-0%. This is w B ■ 

an aJI-equity fund which ftJ J%Ji I 

has an excellent record of ' “ 

increasing dividends and capital growth. Since it 
was launched in 1975 the distributions have 
risenstcadilv and the capital growth has been 


Antony Gibbs Unit Tmst Managers Ltd, 
3 Frederick’s Place, Old Jewry, 
London EC2R 8H D. ( Registered 
Office). Registered Number: 1206945 
England. Tel: 01-5884111. 

For Quarterly Distributions. 

I/we hereby apply for units to Ihe 

value of A’. ( combined min. £1.000) 

in both the Piccadilly Extra Income 
Unit Trustt (min. £500) and .-Antony 
Gibbs Income Trust (min. £500). 
Single Fund Investment 

I/we hereby apply for units to the 

value of £ in the Piccadilly Extra 

Income UnitTrustf (min. £500)*/ 
Antony Gibbs Income Trust (min. 
£500).* ’DeWedsappiopridia. 

tlb Seated Uw Anton/Ortt: Income Tn&t Iron-, 1.179. 

Please send me details of the Share 
Exchange Scheme □ 

I/we enclose a remittance for the 
amoun t above in favour of “Antony - 
Gibbs Unit^ Trust Managers Limited? 

I/we declare that I am/we are not 
acquiring the units as resident(s) or 


the followup question “Does it 
matter anyway " ? The upshot 
was that i spent a while later 
in the .evening explaining- what 
should/ be done to put motor, 
bouse, and other insurances in 
order. 

AH such policies are personal 
to tte policyholder and strictly, 
unless insurers make some spe- 
cial provision for their con- 
tinuance in the event of a 
policyholder's death, cover 
iapses with the death of the 
policyholder. In practice in- 
surers have to reckon lo go on 
providing cover, for tbe de- 
ceased policyholder’s wife or 
other dependants, certainly for 
a few days while affairs are 
sorted out, perhaps even for a 
few weeks, and for the most 
part claims that arise in that 
period before insurers are noti- 


INSURANCE 


JOHN PHHJP 


Unfortunate as it 
might be, a widow 
may be in no position 
to give permission to 
a friend to drive the 
family car 


be told of her presence before 
cover can apply in respect of 
her possessions: depending on 
the underwriting attitude of the 
particular insurers, they may 
exclude the theft risk in such 
circumstances, except where 
theft follows violent and forcible 
entry. 

Insurers tend to take a rather 
stricter view of the transfer of 
“all risks’* policies, because of 
the greater physical and moral 
hazard inherent in their evalua- 
tion. However, in normal 
course the family “all risks” 
policy on jewellery and similar 
valuables can be transferred 


now, when he see 
a clock, he hides 


rpHERE are limits to what the human nmkLcaa stand. For -Major 
X (?****♦&, after years of hraray in Boinb Ttfsposal, the limit 
comes eadh time he sees a dock. Every alarm dock is a bomb, 
each ticking watch a probable explosion. . 

Soldiers, Sailors and Airmen all risk mental breakdown equally m 
war and in keeping tbe peace. There are bombs much nearer to us 
than Cyprus, Aden or Malaya. ‘ • 

We devote ourselves solely to the welfare of these btave men and: 
women who have tried, to give so much, more than they. could. 
We hdp them at home, and ,in hospital. We run cur-own-: 
Convalescent Home. For some, we provide work in a sheltered- 


simply on request and without! industry, to that they can live without charity. For others, there is 


extra premium being paid. But 
unlike home policies, “all risks” 
insurances do not cover tbe 
policyholder's family or tbe 
policyholder’s household, and 


our Veterans' Home. If we are to go on helping’ than, we must have- 
funds. Please send a donation, please sign a covenant pleas© 
remember us with a legacy, perhaps. The need is ieahy urgent; 
and th© debt is owed by afl of us. ' 


nSCnMCUUIIJ illlU m, — -1 v — - — 

84-S% against the rise in the F.T. AU-Sharc Index | the noraineefs) ol any 
of 51-9% over the same period. ■ resident outside the scheduled 

| temtones. 

Distributions m? 

For those who make a yom/investment in these 8 signature^) 

trusts, payment? v. ill be made at Lhe end of ■ 

March. June, September and December each ■ 

year. IWirch.'S'fl'.EAlralncriTM.Jiine. Dec. Income tiiftl). 8 


fied arc handled as though the holder, she is not in a position such fj 1 f 1 ^. durances are 
policyholder was still alive. But to authorise or permit anyone ^“"Kjtnctly personal to the 
it is better not to let time run else to drive the car and enjoy Policyholder so af on the death 
on too long and most advisable tfi e protection ot the insurance. the policyholder, any property 
to ask insurers as soon as pos- so particularlv if the insurance “? surea 311 risks is to be 
sibJe to transfer the insurances has been restricted say to ? , ^Sf rsw * 3010112 11 

to widow, executor, son or who- husband and wife . it is n W ” 

ever, as the particular family ^ry T0 get change of 10 make hls or ber owu 

circumstances dictate. invest n«ed if t?” Sdnw insurance arrangements. 

Of all insurances, because of wants son or daughter or some- 
the legal technicalities, motor one else to drive. 
insurance poses the greatest where there is no real WF 
problems and insurers should change of risk in underwriting jT jHf '89 m 

be told of the death of the t ennSt insurers will normally W iV^ A fBB 
policyholder as soon as possible js 5ue an endorsement and a B Nj, ad jH9 HR 

because there may be subs tan- it R %«9rif 88 b 0 

r -i-i- .. new certificate, nut u new u MH BL.WL 

tial change of risk thereafter. J Hk ^ 1 ^r JH VO In 

_ drivers are introduced, they T T 

r weu ^ ^ 

insured in his name is insured to review the risk and alter * OBJECTIVES. Our adm la to aehtovi w _. 

only to permit husband and cover and premium, depending bwn* from a eorgoBo c on atto n g pradortilnKrthr of 
wife to drive. Tbe wife’s right on such drivers’ record and 

to drive and to enjoy the pro- experience. NtfnughghtogaficBdfnoomAperfonnlhSnewtti the 

lection Of the insurance ; OrAwjr aharat Wo which regular conversion 

oppoftur wuei occ ur . 


“They’ve given more than they could— 
please give as mack as you can.’* 


€X-S€BUIC€S 

IYI€nTflUU€LFflR€ SOO€Ty 

- 37Thurloe Street, London SVv7 2LL 01 -5848688 


HIGH INCOME UNITS 

A OBJECTIVES. Our adm la to aeMere an IrmnedlBtB Wgh 


derives from the permission 


Turning now lo house insur- 


given her by the policyholder, .to the short term the 

her husband. Logically it is death of the policyholder makes 
sensible to assume that when virtually no difference to lhe 
someone dies any authority or risk and insurers on notifica- 





CURRENT ESTIMATED 


permission given by him dies tions normaUy endorse the & GROWTH PROSPECTS, The- shares in Bw portfolio-, 
with him. But -there is a policy in favour of Uie widow or ylec to dwWi theh qWh potmtU to mind a> 
decision of tte House of Lords . . . . . tholr «nrem yield. Tho recent relaxation of divide 


ANNUAL GROSS YIELD 

cs 3t 6ih December .? 97S 


Fixed Offer Prices 

By completing ihe attached coupon, investors 
may take advantage of our fixed offer prices of 
32-3p (.Extra I ncome ) and46-2p i Income 
Trust)! These prices will remain fixed until 
Tuesday 19th December. 1978 but the Managers 
reserve the right to close the oiler any time if 
lhe true prices move by more than 2!c%. 


Mr./Mis./Miss.. 

(I-Unentuty 


Address. 


some years ago KeBy v eve ^' 

Cornhill — in a dispute arising Because modern home contents 
: on a motor policy issued in policies .give cover to a wide 
| Scotland, which suggests that if range of people included within 
the policyholder gives bis wife such phrases as the “policy- 


thefr current yiefet Tb» recent relaxation of dividend | 
restraint shows, many companies to tocreeea dMdenda I 
by more than 10% to Bne »rfth oa u rin y s. to -certain " 


»^|M»P1JCATK»I RWI T II l> MS' 
To; Jama flntay UnltTr^Ua^^Uintol’, 
rtnieyHoUM, JO-14 WwlMt THtmItiTIm ^ rrn. m TTT- - 

T»to p h oneeoqu>fto»r 0 « 10 t> 4 t 32 ?: -' 


Vwrr investment should be regarded as .laog term. 

Remember ttw price of the units aqt^the Imtome from 

them may ao down as well as up. - .... 8 tafW * d «^®«“ ^ ^ ll. 

.On the 6 th Dec. 1978 inn *□ » ‘ . . . 




YwrlvnM r«mnfr,!,<;r Itw fnrr : ; .;.F unhand I he men me hr bm Uwmnay go 
.veil a; ifl)-jia:shcuW vourinveslmailaitaiia lerm. 


CEl*OW.<WOfMXT10H /ltn»wtrtw*W md yMiUbllimJmn TM 

DT'.* ThvC-lM IWA'-i * '*• 'X a>r«r» -wr julOt 
Vii.-bKom nu4r>v k: r 

D- , l ii ■. i.: c. '. K -H.- u^-'>i'Wie»i |, ltWJnei«*SKleIli* 

Mi-./jT-r 1 t*!o •,'.Xi.iU.ir.r,lrtina»'Urr<iToiKO^XXi?rXin«l 

i W.t.nX. 'rt~. h I r-.. -iJ-nf-o'.'S- Viln.t,fnji.^C‘^. , rirtv r r > Vn0flMllf xvJ 

'i-.no. ii i ■ . QiHrmt»B taP«sm l 1»e— I Swiw —nd 

Jni-rv i yr .» l.i- i m.(- i.m-: .n iivlo-lfirrain.Erfiii'niS 

"■ i it. >. .uiia- Cm..- ,ia '£ JAG. 

lorTiil .Manjcancmchwees i' ..rl, >J m ' wt uur».r 

v-NcnArM r-- fli-xT... ■ •' -ir.ru lne«*u^duect^c< 

"i'ldusVfl! fgjri inui'd «• V efr-: m. •‘"■ed Helnr.l', 1h«wr. E rtr.i A 


MopinA nxet sto-lfBcis camat beieeserri. tu: aaeaab 
dtesetBi mOiitw wit* *utea. TRh oBn c net epw 
b iBIfafedf IhaQipiMcrfbdMd. 


Unit Trust & Insurance Offers 


the offer price was 


A James Finlay are established tritemanona] traders and I 
merchants whose toterestsirvciudeliriancB. the oUandsrierov ■ 


CtxtetSanorRrMC 


rJ 

-- 


fS* SHARE EXCHANGE.The Antnrr/ Gibbs 
5ha<v E^ctenge Scheme may >?nd>!e ;ajj to 
surest in Aetnsts vettrauT moirrjngaift- sefcng 
etpewss [i wdi 'J^reholdirg is iwd/i n?.*re than 
£SO0)an>lil theFAjeugert want wor share? lo 
jjgO add to the truss' porttofco you nypiecewe 
a higherllun usual pnceftxjour shares. 


Antony Gibbs Unit Trust Managers Limited, j 


A i.temtK-r ■'< tteUnil TruO Assodatlon 


Association 


Save and Prosper Group Ltd. 

M & G Group Ltd. 

Anthony Gibbs Investment Management 
James Finlay Unit Trust Managers Ltd. 
Gartmore Fund Managers Ltd. 
Schlesinger Trust Managers Ltd. 
Schroder Wagg Ltd- i-'.-'. 

Barclays Unicorn Group 
Julian Gibbs Assoc. Ltd. 


merchants whose Interests include linance. the ou apdenerqy ■ ' OTBS » - / i * , 

related todustrtes and merehani banking, investments tn the ■ '.v.'.'.'- -. • •“ 

Higti Yield Fitod ere researched and selected by professrone) a — % ~ — “ - — 

Fund Managers who are respo ns ible for aH the day- to day 1 nos.No.B43atMTMt ofltofein or bm 
at&rrtrt stratton. - , - -HafxWcortetovi - -■ - - 1 ?? 


* ,ncom ® simpV:iffl to Ihe Ilrwe tfeotoeto^-l anWwii tei rMdenr-oumdt 

coupon and return it to us. I T«T«n« .mu. ton mu*, are . 

AddStonsi Information. A wMor range Iiusie4 seemly auitnnsedlv irr "‘ 1 


Terr cones and that i anWMt. ane Waeq 
rwwweiSjtSflnyp&so^lrasiofciiouJsi* 


Uw Dopattmantef Trade. « . 

A 5 “« KtoaHsrer^ o and an tnm£ c^ye'ef ■ SigafacebL 




r^--2W 


plus VAT « ostfjctafl from gros>i mconw. v.. > " nirnim m ^jjrar.r^ . ■ -- " •"‘t ""* r 1 1 ' l- - 

Commission ot i 'u*. wl Bs psto to iecognL-mj amen. Units can us - w ^ «!“.««#». totretana^- . 

soSdbacXaJanrl»new«PtoWv»a»Dnmad9wBfnn7t&r«iTreMOi: I .J', ‘.JLi -'i r -ZLJd . 

of top renounced cemficaio. Trustee: Uittend Bank Trua Conpany -r. '-'"- y ! :..Y. - 


■.'it L \f 


LcnttM- AucBors- Pnca whiemouvs A Co . Cnanered Aaotkoatt. 
Managers' James Ftolav Unit Trust Management Lm.. Way Ftousa, 
10-HWasiNtoSi-Qtosaaw . . 

BwsWfHl in England No. B43S04, 62/56 Dpiabur^i GLiXonden 
Nlftl 3NS. - 


- - - -. a.. -- 


w*- UWyTRUSrrhUlWAQBMBlrijaiqrEPi --- . 



J 






i 





In^cGi^^TijWes ^Saturday December 9 . 1978 









YOUR SAVINGS AND INVESTMENTS 1 



■ - v. V- 

- .■ 


■» - fL * kv.. i 


■ > n • - 

■a ■;*, J 
- 

’ ff-i — 



-- . i 




j socKir 



-t-* ’ r * 

5 fci nrr. -a® 

I B e ^tS* 1 




:. r * ' w.‘ 




Companies are playing a wait-and-see game over 
new rales for profit-sharing schemes for 
empioy^.s.,: Martin Taylor examines the position 

new carrot 



FROM NEXT . Apsil when the 
1979/80 ux j^ begizis; British 
companies Will^he -aW.e' -tb allo- 
cate shares . tvx thejr employees 
under proM-sharing schemes 
wii 

policy restrictions .and will-have 
signiflcaot'tax advantages There] 
is .not much sign- that .they are" 
falling over themselves to-do 
so • - i- - 

Present City estimates. sug- 
gest that arinmd: 2W.-flrnb -are: 
seriously cbnstdcrtife a. sdheme 
under the terinsT of the 1978 
Finance' Act' , into which tite 
Liberal: -Party forced tax -con- 
cessions fpr f profit-sharing A 
number of these companies -are- 
already operating share option 
sahemes and are studying the-, 
possibility of a .switch - into the 
new system; 'and some,, among, 
them the - House "-of Fraser and 
Foster Brothers stores. groups, 
were already planning to start 
a scheme beforp iflie Finance 
Act and have, sinceheen revising 
their plans iXTflt the new rules. 
Only a few are starting, from 
scratch as a result .df the new 
Act- ■ -. 

Employees will have no 
income tax liability on shares 
Issued under the schemes — up 9) 
as individual: maxi mum . of £500 
a year— if -they hold them for 
10 years. To get any tax conces- 
sions at all the shares must be 
held for at least five years; tax 
is payable .oil ]haJ7 of" any dis- 
posal made between five and 
seven years and on a quarter 
between seven*. and .10 Under 
guidelines issued by the major 


: investing institutions.— insur- 
ance companies and pension 

funds — companies should not 
issue new shares equivalent to 
more than i per cent of out- 
standing equity in any -year. If 

a’ company's- profits are so high 
that it; needs, more,* shares to 
.distribute to Its employees, it 
raiisj buy them in the market 
'astrustee -for its employees. 

The / schemes need to hi* 
approved by-' shareholders and 
.yte Inland Revenue. Predictably, 
.the Revenue is likely to look at 
'them far more closely than the 
shareholders wilL . The tax 
authorities -are concerned to 
make sure that every scheme is 
entirely equitable and that the 
formula'' on which the indi- 
vidual's share bonus is- based is 
clearly defined and. acceptable. 
Typically .the formula would 
tike a proportion of profits — up 
to a 5 per cent maximum — and 
they will be distributed accord- 
ing to wage levels and/ or years 
of service. Foster Brothers says 
its scheme, which takes value 
added and employee costs into 
account as well 'as profit, is on 
the point of being approved by 
the - Revenue, and a few others 
may. go' through before 
Christmas. • ■_ ' 

Many firms seem to have been 
put off by the complications of 
setting up and -administering 
profit-sharing plans, and there 
is a . general feeling.; that com- 
panies are waiting to see how 
the "present pay guidelines fare 
before committing themselves. 

. Some companies feel the 10- 


year period before full lax 
exemption can be realised is su 
long that it is hard to get 
excited about the incentive 
aspects of the scheme. But 
others which are going ahead 
with profit-sharing hope, that a 
future government, now that 
the principle of tax exemption, 
has been conceded, may trim 
this period back to five years. 

Backers of the share schemes 
are not expecting any opposition 
from existing shareholders. 
They point out that the small 
dilution of equity brought about 
by the issue of new shares is a 
negligible price to pay for the 
belter profit performance which 
it could produce. A com- 
pany producing good profits 
when the stock market is weak 
will be forced to purchase its 
own shares in the market 
because the market value of a 
1 per cent rise in issued capital 
wilt nut be enough to satisfy the 
requirements of the profit- 



Harrods: among the first ? 

employees sceptical about 


House of Fraser employees sceptical about " productivity 
sharing scheme; this would give arc already qualifying for profit- deals will be sceptical about the 
some support to the shares, sharing in their 1978-79 financial incentive value of profit-sharing 
When the time came for the year, although no shares will be and will not he expecting un- 
employees to sell their shares allocated until next May. Tne usually good results from the 
the trustees would try to batch company says its workers have firms that operate ir. But there 
the small amounts together and expressed a good deal of in- may come a day when a man 
place them with an institution rerest — presumably this will looking for a job expects to be 
in the least disruptive way sharpen when the first bonus i< offered profit-sharing as he now 
possible. . declared. Those who are already expects a pension. 


Abbey’s different road to Gilts 



• ■ - 




-jW.V.> V- 


rttnorc 1 iipf 1 1 ot « « ne Trust is 'yj . • 
r V. ' i priinsM-ify ini exiechn t ’ k‘ t-cjuilkssiartd 
i h> j aims H« provide) ivl Uch and itu-ruSh# 
^ income .wiityuit nk ritiang putunwi for 


loDg^cmt'cipi^il fimwdi. ■ ,- v - 

' SinwificTnistUii'iliiiuief 


in 


..April, 1075 ihu i 'JTer price of unite has : 



UMltSUS- 


alonff-teriit^ifc- k 

: - You can invest any amount over £;oo. Simplyhll m the 
coupon and send ittoGarimmrl-'imU Managers wjBiynur duxjiic. 
or'«wi«xh v , oiifpftiftssionriljdvi^cu. ' • •" J . 



t uiTM* ttlibU nliriWr^«»»lrtirtpwrj.l.|fU |i i l i> i 4pjl .n^iK»;nri»i * *i*"-. 

ilaii*li>.ii m »i— w.lxiffcrtn 
■*•?*<*« 

1Wliawi«»— f'lnlMtdwIw ni ' mH B .Taw yh 0?**^ 

]wV-w iHMaW no i wJi 'UtH i |ud. .nrr iVArtwn .fre-™. m. *•> 

fehr f rw. lnr.-m.-xn r— > lc hiIjtoJ ln.i\ ih W— «J va,B •tnulnltoiki o 

A mmwwnowiirtw of V,** «wta*rf nife |«»— * rtr umM-CvnS l)e - if Mo*?** >iD |v* n««D».vl 

,‘- - |pfcVT J AT , *^lhr'aJ.r 

n»*l^«tiawiU4TfceV!mpa*ri ieTiw*j»: ' I ««*i» 

Lid.- at-Nferr-.V^. La*J«i 1:1 ffii* 


ifeoiwbiflob nndigjGyoup M nn age mc nt 
EM uitEecb up op and send hwtw.IbcGgrtrnore Fund Managers 
Xtd. 2 StMary Axe, Loodon-BCjA. 8 BP. ,»oa.v. : , x ? s .iiQ l t**m ■» 

T ^Fahadd felnbM^'ljJrtnwrteEIijih JuajmeL'nift rii tfv:\ jIul- r4‘ »Vl tin. fcjb) 




r l dtilitoffitpttivn'ilincixitheiiij'jfHi 

-lil i» 


iuas\'e tfir* uppikaiioii.* 


TAffie enclose it remmabbe, payable lq Gartmore Fund .Managers Lid. 
*Fonwiri«ktvs'tiiM«irrrpTias(jfljiirtnion: Wi(di Jif»mc Unii*«« 

Tib Dcctfrobii/. u/7S-uit.l4-i>pV . 

□ ■/»***•.- : 

ltyrmr«m nta xj mtim grwmbIff' au <l »iM i K nMWjSTniiH«f net ingflng. 

/WnlntrfvihalMi *tr*e~i*-rrviATvn& 

Sj— li*»l lAia.nM.iii ■ «> *r .oJiic lu^sn ™ 

daliitMit JamMbr jJlwwIdTnKx*. r 


aiegwE rwH.MJKjsn wt ^ 

mSTXAl IRS) IN- VLLL» _ 

.* . ■ - ... • 

ADDRESS i — 


SIQNAT™i?Sl. 


i> at mmt'K* Wai u- 1 . . 




. Fl'ofill HI 


UNIT TRUSTS 


EAMONN FINGLETON 


being equal — be almost as much jorne for the ivpical insurance 
as the gross amount of ihe broker to explain, 
interest due. By selling before Cynics take the view that 
the interest becomes payable. Abbey is placing an each-way 
Abbey will take interest as bet on the possibility of the 
capital gams — which will, when Government changing the 
i5i| the transition to new rates has absurd rule that gilt unit trusts 
been completed, be subjected based in Britain should pay cor 
unit to the new preferential capital paration tax on income. If. Tor 
gains tax rate of only JO per instance, the tax rale was re- 
cent within the fund. In the duced to 33 per cent in the next 
hands of most investors, the vise Budget it would take most of 
in the unit price will be free of Abbey's competitors months to 
capital gains tax under favour- set up appropriate funds to tap 
able new arrangements for the lucrative new market that 
taxing individuals' capital gains, would be created fur unit trust 
Abbey is also hoping to promoters. The offshore- based 


why 

unit 


1! 


as Abbey 
trust route 


income) — so 
chosen the 
instead ? 

Abbey says it is planning to 
make the most of the unique 


THE MOST intriguing 
irost launch of the year must 
be Abbey Life's new gilt fund. 

Abbey is very much insur- 
ance-oriented and it does not 
.vei have a single premium in- 
surance bond investing in gilts. 

Single premium bonds ore the 

tried and tested way into high- - - , . ... ... 

vield gills for anyone runnin* bolster the capital performance funds would be out m the cold 
a managed fund (because of 2 ° r the unils b y a view on ? eca ^ e t j le Penalty they pay 

the direction of interest rales, for their favourable income lax 
This is a difficult and chancy position is that they cannot 
exercise but it will serve to advertise in Britain, 
obscure the extent to which Abbey and Target alone 
capital gains are due — the would be in a position to make 

fattening up qf gilts prior the most of ihe new opportunity 

. , to interest payments — and for they could change the 

ppporrumnes the gilts market so vrill be a useful figleaf. for investment stance of their fund? 

affords for converting income Abbev as far as the Inland overnight. 

into capital gains. The unit Revenue is concerned itaxT — 

trust will be EriUsh-based inspectors strongly disapprove 
which means that u wall have to of Wdlvl duaJ* regularly using 
paj full corporation tax— at o2 in-and-out tactics for turning 
per cent-^n income, compared sUt int . orae j, no capital gains., 
to only 37$ per cent applicable overall bias of the trust, 

in the nfe of an investment however . is clear from the 
bond specialising in gills. Most prDje ctcd gross yield-just 3] 
recenUy-Iaubehcd gilt unit per cenI . 
trusts are b^ed outside Britain The only similar capital-gains 
to avoid corporation tax. ^.pg g^ Jt funt j WQS launched two 

‘ Abbey's idea is to buy a years ago by the Target group, 
security after; its interest pay- So far it has pulled in just 
merit has beer\ assigned to the £800,000. a pittance for a group 
current holder*— and then sell of Target's size. Target has 
again just befoie the next pay- been less explicit than Abbey 
xnont. In a wo ill? of unchanging about its investment tactics — 
interest rates, the value of a but the idea is the same. The 
gilt should rise gradually twice conclusion from Target’s ex- 
a' year as it becomes pregnant perience must be that the 
with the half-yearly interest principles involved are -too 
payment The rise in the value arcane to catch the eye of the 
of the gilt will — other things average investor — and too tire- 


An opportunity^ 
for growth of ^ 
income and capital. 


9-1 


per -•• •■ 

annum 


Why all equities? 

Sc hie singers* Extra Income Trust offers 
one of the highest returns currently 
available from a unit trust invested only in. 
ordinary shares. - 

A still higher yield could be obtained 
by including some fixed interest 
investments, but such investments cannot 
increase their dividends and also have less 
potential for capi ta 1 growl h. 

Because it is all equities the Extra 
Income Trust maximises the potential for 
increasing income and also offers good 
capital growth prospects. 

The income reeprd 

For every £5,000 invested at the launch of 
thc-Tn.m investors have received the following 
quarterlv cheques. 

X 


Sept '77 

95 

Dec 

96 

Mar ’78 

97 

lune 

99 

Sept 

1 01 


Dec 


X02 


>v 


The capital record and 
portfolio 

Since the Extra Income Trust's 
inception in May 1977 the unit 
price has risen 29 and the F.T. 

Actuaries AJI-share Index 22 "... 

'J’he Trust has j diversified port- 
folio nf mainly smaller companies, 
includinc carefully selected 
recovery situations and u ell re- 
searched regional equities. 

Smaller companies can often oiler 
excellent investment opportunities, 
particularly in a rising market. 

r“— — — — — ' 

. To: Sihlcsinser T rur-t Managers Lid., 

I 140 South Strciri.Dorkinii, Surrey. 

- Tl'ei-tt-na! and ft fm‘»c A mnt'h-’ir T <1. Qr.rkinr I StJsr 

• I wish to invest 

1 (minimum Csooi 

I in the SchJt-MJiyrr Extra income T rust at the fixed price 

3--4P- 

| 1 wi»h to have my dividends re-invested j j 

| I -would like further information, including* I I 

J details of Share Exchange j J 

1 A cheque is enclosed, madepnyable to "Mid land Bank Ltd. 


PIMS-aunique service 

^linimum investment in. the fund is ^.500, 
Investors of £2.500 or more will receive 
Schlesmgers* Personal Investment Management 
Service (TIMS), including portfolio reports and 
valuations, invitations to meetings, and financial 
planning and investment advice if required. 

Quarterly dividends 

An investment of £500, based on the 
current estimated gross yield of o. 1 is expected 

m produce £45 gross income per ymr, or £50 
net of basic ran* tax ; and an investment of £2,500 
i.\ expected to produce £220 gross or £ ry3 net 
P'.Tycar. PaxTOentsarc made quarterly. 

Payments arc made on March isr, June 1st, 
■Sept, isr and Dec. 1st, starting March 197*; lor 
new investors. 

A fixed price offer 

Units arc on ••fferat the fixed, 
price of 52.4P for investments 
received by December 20th. The 

• •Her will close before December 
20 th if the actual offer price varies 
by more than 2 A- from, the fixed, 
price. After the offer closes units 
will be available at the price then, 
ruling. You should regard your ’ 
investment as long-term. 
Remember that the price of units, and 
the income from them, may go down as 
•well a* up. 

Schlesingers manage over £100 million of 
private, institutional.and pension Funds. 

l.CBcni Information 

’jr h T. u*. Ih. rnuiOTn (.rffrldrU. Iprll H'*— 

/ gjF T fr f ® . In—ln-c-J.i.J ■'■•‘I ii^ih, iMIar*. 

J J) ■ , tty" I T«hf..l*.i.l..* > ,rlpr'.r'iMMinil,d., ■ The nuBITilUIB 

|F L » \ . Bf inMiMirmlinihr hundl.fc«».i.Tnr I miPrk-r jnJ«i*h* »-r 

'■J( | . /* _ '1 LS ,01 h,J.|.i- .-.U-IT.-T.- Ti. SHI .n- .r)!' wan.., 

J! ' I t t V Ff.J -. k- • I 


High yielding 
equities give 
potential for 
growth of 
income arid 
capital. 


ihirif. ■ 


J- Jj 


•■jlilu'i 


til 


■ irM-r p>.‘i«|niiiti - 
•• Lit AudlW., 
rr» Jr-: J 

,i» 1 n. Millin' r* — | .iulia. >• . Ii v tnsJinln^ri 1 , 

MririhiT. Ihe l nn Trurf Awic loilon. II l "tlrr r. ir\t 
■ • '• iifi >11111 I’riiS. f. -I Irrl-n.. 


'T If »■»,*!*- ill 
|||» ipriiLinni ii 
iv '»lrtiur 


Sumimt 
j-'iniiwnes . 


>h 1 j».ir« ifn.Urtfi —n 1 U i.w •■■Iwi-ilpiJ Tnni™Wrt 4 >t-i 
onnn Ih# Hill* • •• lux r Ml rr'-kiaro^Ocnr notradf 'tac 

■ ••U «'r tfjnV , i Tijf 'S?, jr 4 tjtarmr* 1 - ■ [n iij.1 He .-Wr«»xl #*»<f 
• n> -V " 1 .' ihe*. It I iho ithniD I'.K MV.Utfikhn)W 

kiDUil L« rp.T/nrJ, yut 4 . nurd* dntcai'til 'iitti I ha? inituh 


^ BLOCK LETTERS PLLASt) 
_______ (In IklO) 


_\diire-5. 


Djic. 


-I 

I 

I 

I 

I 

1 

I 


Signature 

( In the rase of a joint ap 



Extra IncomeTrust 



.- J.Heflr7Sdttoc3ei; Wagg& Co. Limited., is one of 
Britain'slaige^t and Jiioat respected Merchant Bani'A. Our 
expenenc^aiidskinsin^aM-stpqk^arte are such 
that many leadingcompamesi andinsfitutions entrust us 
with the investment of substantial sums of money on 
their iDehalf. • . : - j 

Private investors can also toeneftl fr o m our expertise 
by investing inour Unit Trusts. ’Fhere-are four Funds; 
SCHRODER CSFDZL FpWp- 
Investment objective -c apita l growth. ■ 

'■ SCHRODER INCOME FUND. 

Investment o bjectiv e-i ncome growth. . 
SCHRODER EUROPE FUND. 

Investment objective- to participate in the steady 
growth ofweH-managed European economies. 
SCHRODER GENERAL FUND. . 

Investment objective - a balanced fund seeking 
income and capital growth. 

'Ihfrnd not mow abombaroiq Schroder Wagg manage vour 
iiweatmeals, please wxfietaMEM.Snrith.SeftroderWaggUnit Trusts, 

48StMartiniLaiiedrfm(ioii^ WC2N 4ZJortelephoae; Ctt-240 M3 4. 



UNIT TRUSTS 

MembMofTheVnii Trust Association. 
Not applicable to Eire. 



FPJVHLY BONDS 

INVEST IN GOVERNMENT 
STOCKS AND EQUITIES 

FREE OF TAX 

A‘imist'For Every Eligible Husband And Wife 

The Family Assurance Society is 
• completely exempt from income tax and 
V. . -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 25%. 

■ ~ ■ 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 1 

: ; amount of net premiums paid over ten 
years. So far, it has performed much better 
. ; than this. 

For further details, please fill in the 
.. . . coupon below; 

X. 


Julian Gibbs Associates Limited. 
1 Freepost 13, London W1 E2 Q2. 


F8F1 


1 Name- 


Address 


I 

i 

.[ Tel; Day 

I TSsRala. 


.Home. 


.Dote ofBirLh- 


I 


A LOT OF COMPANIES 
WE’VE INVESTED IN ARE 
NO LONGER AROUND 


They’ve merged . Or been taken over. At 
advantage both to them, to their shareholders 
and to investors in Unicom ‘500’ Trust. 

Even though the Trust aims at above 
average income, its capital growth since 1 966 has 
been nearly double that of the Financial Times 
All Share Index, 177 * P as opposed to ioS"„. 

This has been achieved through a 
policy of investing in a large number of smaller 
companies, together with a few blue chip 
holdings. 

The smaller companies have been carefully 
selected for their income potential or for the 
possibility that they may merge or be taken 
over - as has happened with over 300 of them 
since the fund was launched. 

The larger companies are there to help offset 
any dealing or marketability problems with the 
smaller ones. 

As the figures show, it’s a formula that works. 
Income on £1000 invested at the start has grown 
from £57 in the first full year to £158 now, before 
tax. And we’re expecting an equally impressive 
performance in the future. 

In an economic dimate where quite a few 
experts — induding the National Institute of 
Economic-and Sodal Research - are predicting 
an upturn in the economy, shares are likely to 
show a livelier performance. 


Further, the Queen’s Speech indicated - 
government hdp for small enterprises, a pledge 
also made by some large companies. 

Put these factors together and you will see that 
Unicom ‘500’ Trust has a promising portfolio. 

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

Y ou should regard your investment as long 
term. 

HOW TO INVEST 

Y ou can invest in Uni com ‘5 00’ T rust with a 
lump sum of £250 or more. Or, if you wish to 
contribute on a regular basis with tax relief, you 
can make a monthly payment £1 0.30 or more 
which also provides life assurance cover. Please 
fill in the subscription form below r . 

The offer price, which can change daily was 
S3.7pper unit on 8 th December, 197S with an 
estimated gross yield of 5 .94* . 

Prices and yield appear daily in the Financial T imes and 
other national newspapers. Income is distributed half-yearly 
on 15 th October and 1 5 th April net of basic rate tax.The offer 
price includes the initial management charge of 5 % and there 
is a half-yearly charge of i. " n plus VAT. Com mission at 
j 1 °o is paid to authorised agents, but not in respect of 
Barclaycard purchases.^ You can sell back units on any 
business day at the bid price ruling when your instructions 
arrive. Payment will normally he made within seven days or 
receipt of the renounced certificates. 

Managers ; Barclays Unicorn Lira (Ted, Member of the 
Unit Trust Association. Trustee : Royal Exchange Assurance. 


BARCLAYS UNICORN W TRUST 


To : Barclays Unicom Limited, 25s Romford Road, London E7 9JB. 
Surname (Mr., Mrs. or Miss) ; . . . - — 

(BLOCK CAPITALS PLEASE) 

Address— ^ 


-Forenames in fulL 


Lump Sum Investment 


I fWe wish to invest PT 5 " 
(Afiran-non £250) i & 


in units of Unicom ‘500'' Trust and enclose 
a cheque for this amount. 


If you wish u> purchase these units through yotffBartierf card account please fill in 
ydur Bartiayinrd number here. 

If you want your tut income automatically re-tnrssted please tick here 


□ 


! i 


member of units purchased ■ail! be setiz to you. Certificates zoiU be posted intimsixToaks. I/.We declare that I am/we ate not resident outside the 
Scheduled Territories nor acquiring the units as the nominees ) of any person(s) resident outside those Territories. If you are unable to make 
this declaration t it should be deleted tmd the farm lodged through your bank 1, stockbroker or any other authorised depository. In the case of joint 
applications ailmustxign.Tkis offer isnat available to residents of the Republic of Ireland. 


2/ We understand that units will be bought for me/us at the offer price ruling on the day of . receiptof this application. A contract note showing the 

Signed — 


Date 


Agent’s VAT No. 


; FT0912MS 


1 


BAR 


Regular contribution with Life Assurance and Tax Relied 
If you wanfdetai] 5 of die Barclays Life Assured Savings 

pian,comxibutingfrom£io.3opennonth,pleasetickherc. ! ' i 

1 M il »■■■ I I ■Mi nim i ■ — — — — Jj 

Registered Office : 54 Lombard Street, London EC3F 3 AH. Registered in England No. 589407. Ultimate holding company Barclays Bank Limited, 



v 1 











: . Financiai Times •& •'^>*’ L 


YOUR SAVINGS AND INVESTMENTS 2 


p Are women more prone to illness than men? The question is being 
S- hotly debated by insurance experts, reports Eric Short’ 

Those strong arguments 



WITH ITS new health and acci- 
dent policy launched this week. 
Langham Life can claim to be 
doing something that no other 
life company has done in 
Britain — charge the same health 
insurance premiums for men 
and women. The scheme will 
probably please women's libbers 
— blit it is cutting little ice with 
traditional insurance men. 

Actuaries have always main- 
tained that women are more 


prone to illness and accident 
than men and so they should 
pay more for health insurance. 
This attitude has been Kept in 
face of formidable opposition 
from women's rights champions 
— a tribute to the courage or 
obstinacy of actuaries. Women's 
libbers claim that actuaries have 
mixed cause and effect, in that 
because the premiums for 
women are higher, only the 
less healthy women will take 


the ai&erfuaxtl to operation for you 
mil effect adrerseiy tke insurstux 
premiums for every woman in the country! 



out such policies so ensuring 
that the experience is' unfavour- 
able. 

Mr. Derek Bond, the Actuary 
of the Medical Sickness Group, 
one of the largest insurers in 
this field, rejects this claim as 
completely unfounded. And, 
with experience going back 50 
years, Medical Sickness should 
know what it is talking about 

But Dorothy Gena, the 
Langham director who launched 
the new policy this week, is on 
the side of the “ libbers.”. She 
says Langham Life has found 
that there "is no difference in 
sickness rates and so no reason 
to charge different premium 
rates. And she would not be 
able to make such sweeping 
assertions unless the company's 
actuary and the actuaries of the 
company's reassurers agreed 
with her. Actuaries are not a 
lot of sheep acting in unison 
despite opinions to the contrary. 

But on analysis. Langham is 
offering less than it seems. Its 
rates are a good bargain for 
women compared with other 
life companies; but men can get 
much better terms from many 
other life companies if they 



Dorothy- Genn 

shop around. The likely result 
Is that only women will take out 
Langham’s policy. If men can 
get better rates elsewhere then 
it would appear that they are 
not getting equal treatment 
from Langham Life. 

This latest move by Mrs. 
Genn will not. I think, cause 
the general body of actuaries to 
change their minds on health 
insurance for women. Only hard 
evidence in the form of statis- 
tics produced by the Continuous 
Mortality Investigation Com- 
mittee run by the Institute and 
Faculty of Actuaries to monitor 
mortality and health -rates will 
make them do this. 



The tide 
turns 


IS THE INVESTMENT trust In- 
dustry undergoing a sea change 
as profound as it did in the 
wake of the 1985 Finance Act? 
Tax changes id 1965 signalled 
the start of a long-term setback 
for the industry. Changes in 
tax and dollar premium rules 
this year look like strongly in- 
fluencing Industry’s fortunes for 
many years to come — but this 
time for the better. 

Just how significant the 
recent changes have been was 
underlined this week by Lord 
Remnant, who runs the Touche 
Remnant investment trust 
management group and is chair- 
man of the Association of In- 
vestment Trust Companies. 

In 1065. the introduction of 
capital gains tax. levied at full 
me nu investment trusts' trad- 
ing gains, severely cramped the 
industry's investment style. 
Meanwhile the industry's in- 
come from its large overseas 
holdings was clobbered by a 
change in the double taxation 



Lord Remnant 

rules on foreign dividends. 

It took years for the penny 
to drop with the stock market — 
but the slow desertion of the 
industry by private investors 
began then. And in most of the 
last 13 years the discount that 
investment trust shares stand 
to underlying assets has 
widened— reaching about 40 per 
cent two years ago. 

Now. the tax rate an capital 
gains realised within an invest- 
ment trust portfolio is being 
reduced to only 10 per cent 
from next. April. This follows 
the abolition last January of the 
surrender penalty on sales of 
dollar premium stocks. • 


SEARCHING 
FORA 
RICH 
REWARD? 



LONDON GOLDHAWK 

CENTENARY BONUS 

You'll always find a rich reward at London Goldhawk - 
Building Society. And next year, even more so, because 1979 
sees our one hundredth anniversary.To mark the occasion 
we have decided to pay a Centenary Bonus on all of the 
shares listed below which will be by way of an extra 0.25% 
interest throughout 1979. 

New Interest Rates From 1st Dec. 197 8, current rates 
of interest will be increased by L30%,the effect df this and 
the new Centenary Bonus are shown below 


SHARE 

CUPVENr RATC (N-sl 
From 1978 

WITH CETfTENW BONUS 

Net Onv,* 

OrdinjryShares 

8.25% 

8-50% =“12.69% 

1 Year London 

Peah Shares 

8.75% 

9.00% =13.43% 

J YearLondon 
PeaKSlwrps 

9.00% 

9.25% =13.81% 

3Ve3rLonilnn 

Peak Shares 

9.25% 

9-50% =14.1 8% 

Monthly 

Subsatpfon Shares 

9.50%. 

9.75%= 14.55% 

3 Months' 

Withdrawal Shares 

8.75% 

9.00% =13.43% 


ttyou pay basic rale atincametaxat33X. 

NEW ISSUE \flfe are also pleased to announce 
the re-introduction of our shares at three monihs’-notice 
of withdrawal. 

So now's flic lime to seek out that rich reward witti the shares shown above 
all paying an extra 025% throughout 1979. 


Ejoin the higher society by sending the coupon for further details. 

I Name 


Address. 



LONDON GOLDHAWK 

I l j- j BUILDING SOCIETY 

1 J5/17 Chiswick High Road, London W42NG.Tel: 01-995 8321 

f MarJ>er(Jlhe&j(ldirt?.Socl^A^r^n' Auftwf«>dfclm'=*na^bvTruae& 

| Oitcnary Ir^rcl Bonus twtt fluting Uh? V* 


1 

I 
I 


For the first time in 13 years 
the industry can manage its 
£7.000ra assets without heavy 
artificial penalties on switching. 
We could, it seems, see a return 
to the nimble investment trad- 
ing which made the industry's 
reputation in its 1950s heyday. 

The industry’ is. however, left 
with one major problem it did 
not have in the 1950s: stock- 
brokers are now discouraging 
clients from putting their 
money in investment trusts and 
directing them instead into unit 
trusts. The reason: most stock- 
brokers now get 3 per cent com- 
mission on unit trust sales — and 
for next to no paperwork. In- 
vestment trust deals generate 
far less commission lor much 
more work. 

The question for investors 
now is whether this permanent 
handicap on the performance of 
investment trust share prices is 
so great that the new more 
favourable dealing position of 
investment trusts will fail to 
bring any substantial cut in the 
current average discount on 
asset values of about 30 per 
cent. 

Tony Arnaud. a director of 
Touche Remnant and an author 
of a book on the industry, 
points out that the average 
underlying investment gain 
shown in investment trusts 
nver the 10 years to last 
December was a creditable 64 
per cent That compares with 
a 25 per cent rise in the 
FT Industrial Index and 77 
per cent for the All-share. 
Meanwhile the Standard and 
Poors Index, the yardstick for 
measuring the performance of 
the industry's big proportion 
of American shares was up just 


over I per cent. 

One artificial depressant on 
investment trust share prices 
which will soon be lifted is the 
spate of selling ahead of a com- 
ing rise in the capital gains 
tax rates levied on individual 
investors cashing in major share 
holdings in investment trust 
companies. Anyone who gets 
out before next April faces 
a maximum capital gains rate 
of just 13 per cent compared 
to 20 per cent afterwards 
(the increase is the quid pro 
quo for the reduction of the 
capital gains rate within the 
funds). The result has been that 
investors who think they may 
want to sell sometime in the 
next few years are being advised 
to go sooner rather than later. 

The supply-demand position 
In investment, trust shares 
should be in better balance after 
April. 


Stars of 
the East 


WITH JUST a month' to go be- 
fore the end of the year the 
champion unit trust of 1978 
looks certain to be" a Far Eastern 
fund. 

Figures supplied by Planned 
Scirtnps magazine show that in 
the first 11 months. Far Eastern 
trusts took six places in the 
table of.the top ten performers 
—Respite the recent setback for 
Hong Kong shares. In first place 
— again — was the GT group’s 
Japan and General, showing a 
rise so far of 63 per cent. 

Other groups with top- 
performing Far Eastern funds 
are Henderson, M and G. Gan- 
more, Allied Hambro and Save 
and Prosper. 


Toys may not 


INVESTMENT 

ARNOLD KRAN5DOSFF 


IF YOU CAN persuade your 
kids not to maltreat their Corgi, 
Matchbox and Dinky die-cast 
toys this Christmas, they may 
have a collectors' Item on their 
hands, 

Now,, some early die-cast cars 
have a fancy price on their bon- 
nets, and the message from 
manufacturers is: keep them in 
good condition and don't throw, 
the boxes away. 

The market for old die-cast 
— and some of the newer 
models — is now huge. It has 
spawned catalogues and maga- 
zines, and thousands of collec- 
tors . At least three times- a 
year -collectors bazaars are held 
at Gloucester, Windsor, Bourne- 
mouth, London and Fale in 
Cheshire. 

Ray Bush, organiser of the 
UK Matchbox Club, is himself a 
serious collector. He stresses 
that prices vary considerably 
around the country and are 



Ken Morris of Beattie*, the London toy shop which stocks vintage die-cast toys 


usually, higher overseas. A mint -^astiiig 8s (40p) in 1962; around 
condition Royal State Coach at £10: a Y,1 AHchin traction 
1930. containing models of the ; engine costing 2s 9d (just under 
Rang and Queen now ‘fetches, up! Jt4p1 in 1956, £9 to £12: ' ./. 
to about £250, be said. . Its ■ vyitis other makes the same 
original price: 15s (75p).. A .story applies.. A good quality 
Coronation Coach of 1953- cost-; pre-war Dinky can be worth in 
ins 25 lid (less than lop 1 could excess of £100 while post-war 
fetch between 140 and £50. ' -models, such as a Guy Van with 
Other' examples are: A- Y4.‘a Spratts advertisement on. the ; 
Shand Mason Horsedrawn Fire side, could feteh up to £20. > - 
Engine of 1960, costing 4s iMahy of the more " ordinary 
(less than 25p) originally. noW. models could be worth up to £3 
fetches between £20 and £50; a. each; but collectors stress that 
horse-drawn milk float costing they have to be in Immaculate, 
is lid (less than lOp) in 1958,^cbndition and. preferably, boxed.- 
£8 to £15; a K-8 Prime Moverr : Few manage to survive little 
and transporter with bulldozer.'- Johnnie's playful demands.; and 1 


most '-people immediately toss 
away the packaging- 
Meanwhile, there is no reason 
to believe' that .-many, current 
models will hot show equal 
appreciation in value, over the 
years. My lohg-fe.m investment 
choice Would be last. . year's 
model of a -silver /London bus, 
manufactu red to . • celebrate . .the 
Silver Jubilee.' Price: ,39p. f 
!However, .there is - no point in 
contacting Lesney, r .the manu ; 
farfurer. It has ^iscanlinued 
production; so you Will just have 
to .rummage through the loft in 
the hope that your-son will have 
spared one! • • .. 


Risks 


TOP-RATE taxpayers usually 
face a substantial tax bill when 
they cash in a single premium 
insurance bond. If they use the 
usual withdrawal facility, they- 
pay higher-rate tax immediately 
on any withdrawals in excess 
of 5 per cent of the original in- 
vestment. Now Albany Life has 
discovered anomalies in the cur- 
rent tax law labyrinth and has 
designed an ingenious market- 
ing scheme exploiting them to 
cut the tax bills of high-income 
investors. The scheme is. how- 
ever. causing controversy in 
the industry for the fear is that 
it may provoke drastic retalia- 
tion affecting many other life 
products. 

If an investor takes out a 
bond direct from a life com- 
patiy the profit is subject to 
higher tax rate when he dashes 
in. Albany has found that if 
he buys the bond from a third 
party, under section S94 of 
the 1970 Income Tax Act, any 
gain he makes later is no! 
subject to higher rate tax since 
he is not the original beneficial 
owner. Instead he faces a capital 
gains tax bill— which . may well 
be much lower. 

The table shows the effects of 
having the profit on a bond 
taxed at higher rates compared 
with being taxed as capital 
gains. Although precise calcu- 
lations are impossible, because 
of allowances and top slicing, 
the figures indicate that inves- 
tors taxed at more than -60 per 
per cent would be bettered pay- 
ing capital gains tax. 

But perhaps Albany’s more 
important discovery relates to 
the way you can take an income 
from a bond. At present, you 
usually have to cash in units 
and any sum above 5 per cent 





BONDS 

ERIC SHORT 


can choose the mix he wants, term interests , of ' til? vealtiiy 
' if C wants tax-free income, he investor. But it is in the long- 
transfers part of the value of term of the life .insurance in- 
the bond into a fixed interest dustry:- 

account fa cash fund whose unit Some people In the industry 
.value does not fall): and then seem to- have -forgotten, nr are 
takes an Interest-free loan of the deliberately 'ignoring the Chan- 
same amount on the security of celloFs - Budget - warning this 
- . .the bond. • . year bn the- use of artificial tax 

of the original investment If C cashes in the bond, the avoidance schemes. ;Life asisur- 
suffers higher rate tax. But" if capital gains tax bill is.^ssessed ahee is now becoming a- reading 
the income is taken as interest on the value of the cash-in- less means^f "mitigating- the tax bill, 
free loans from the life" com- the repayment of outstanding in view of- its special tax con- 
pany you pay no tax, according, loans and the originaL invest- cessions. - There is, however an 
to Albany. -'ment. But if the bond is sur-; unwritten agreement that the 

So bow does Albany’s Adjust- rendered because of the death industry, -should not " stretch 
able Investment Bond operate? of C. while either A or Bis still these concessions- too far; some 
Like most tax avoidance; .alive there is no CGT liability, members of -the industry are 
schemes, jt is complex' and The full pay-out is added to CV now doing so qdite-opehly. ■ ■ 
artificial. It starts with the estate and is subject only to : • • ._ , n 

insurance broker and his wife! Capital Transfer Tax. 

The insurance broker-call hint : There is. however, one snag:' ;, n of ■ „ SSL JS,* 

A— takes out an Albany Adjust- if both A and B die before : •!*“! S d 

able Investment .Bond for the C has to surrender the bond. 

minimum amount of £250 on the This is because .technically A 5“*!?**^ 

lives of himself and his wlfe.-B. and B arc the lives assured. So; 

on a last survivor basis. .Itjfi it is essential to choose young p ° v ^ rs t<v<^ntroLtiiemajietlng 
essential that A and B have r an people for the role of A and B; ” ?5^S c£fiL : - : • • - . 
insurance interest in each other and it makes sense to have tnore . The : _ : British , Insurance 
ss set out in the Life Assurance 4*an two lives involved to cut Brokers Association," now .jt has 
Act 1774 — otherwise the bond farther the risk that the in'- become . aware- of fin's, scheme, 
will be null and void.- . . : pured people die jreforeX. . -intends to -advfse jpettyiers td 



higher rate tax but since the effort' and -ingenuity that has still dbes. pot regard itsplf as the 
actions are likely to take place S*>Re into' producing a scheme public conscience of its member 
within a very short period, the that Is certainly in the short- cbmpanies. - 
gaiti if any would be small. Now .. ' .... -V ? ; 

C has a bond for £250, although ... ■» ■■ ' >■« ... » ■ • 

the amount he wants to invest " : . ; •' ; . V" : - 

is sure to be very much higher. HOW, ALBANY CUTS. TOP-RATE TAX' BILLS 

But the policy contains an - . . ... . • • ; - 

option allowing the beneficial The net ashm value of a £10.000 investment appreciating it 71 P« cent 

owner of the tend to invest U» a lbohd«dilf. M rtO*«i " L -.'-rV, 


further sum or sums. C exercises 
this to bring the investment 
up to the required amount, 
There are six investment links 


with switching facilities, so C 


S years 
10 years 


Nil and 33% 

’ £ 
13*38 
W.S79 - 


«% . 

£ 

1WS5 

16,992 


n% 

11 , 

13 


Albany plan at 
all tax rates . 

\ " ." ; t "• 

12,54* 
16,705 ; 


Ifs carols for Christmas 


CAROL SINGERS through the 
ages is the theme of this year's 
UK Christmas stamps, released 
recently. The 7p depicts carols 
being sung round the Christinas 
tree in Victorian times. It was 
during the mid-19th century that 
Christmas celebrations, immort- 
alised by Dickens in bis 
Christmas Carol took on much of 
their modem form. Prince 
Albert, the Prince Consort, is 
credited with the introduction 
of the Christmas tree to Britain. 

The 9p shows a group of 
waits, the travelling musicians 
and singers whose origins go 
back to the medieval night 
watchmen. The original func- 
tion of the waits was to sound a 
horn or play a tune to mark the 
hour. Carol singers of the ISth 
century appear on the lip 
stamp, perhaps singing such old 
favourites as 4, Hark, the herald 
angels sing” or "While shep- 
herds watched their flocks.” One 
of the earliest carols, “The 


STAMPS 

JAMES MACKAT 


Boar's Head," still sung at 
Queen's College. Oxford, in- 
spired the design of the 13p 
stamp. The stamp shows a boar's 
head being carried on a platter 
to the accompaniment of 
musicians in late- 1 6th century 
costume. The tradition of eating 
boar's bead goes back to an 
ancient Yuletide ceremony. 

The stamps were designed by 
Faith Jacques of Kensington, 
who also designed the 1961 issue 
marking the 7th Commonwealth 
Parliamentary Conference, and 
one of the stamps commemorat- 
ing the 300th anniversary of the 
founding of the Post Office in 
1960. Harrison and Sons of High 


Wycombe produced the stamps 
in multicolour photogravure. In 
addition to the special First Day 
cover there is also an air letter 
sheet costing 12p tvhich will be 
on general sale till the end of 
the Christmas period. Designed 
by Graham Percy, the pictorial 
panels and stamp show typical 
Christmas show scenes. A charm- 
ing innovation this year is the 
special Christmas stamp booklet 
priced at £1.60. The cover, 
designed by Jeffery Matthews, 
features holly and ivy and hears 
the legend “Greetings Christinas 
1978.” The booklet contains 10 
of each of the ordinary - 7p and 
9p stamps, the intention being 
that these booklets will make 
an ideal gift from children to 
their grandparents — or any 
other old age pensioners for 
that matter, for whom the cost 
of sending letters these days is 
a major problem. 

Elsewhere, the mixture is very 
much as before. Among the 


more original sets are the three 
stamps from Cyprus featuring 
medieval icon stands. The Isle 
of Man has taken a leaf out of 
Britain's book and produced a 5p 
stamp showing 19th century 
children singing the traditional 
Manx carol “Hunt the Wren." 
Christmas Island can usually be 
relied upon to come up with 
something eye-catching and this 
year is no exception. The 
miniature sheet contains nine 
stamps, each bearing a letter of 
the word Christmas. 

The motifs were inspired by 
the Sonp of Christmas. The 
words and music by the late Jim 
Reeves appear in the lower part 
of the sheet. 

New Zcaland-has returned yet 
again to the lvell-tried formula 
of three stamps featuring res- 
pectively an old master painting, 
a church and a Christmas scene, 
the only variation possible being 
the choice of religious denomin- 
ation on the church stamp. This 
year it is the turn of thq Angli- 
cans. with the church of All 
Saints at Howick near Auckland. 
El Greco’s “Holy Family.” now 
in the Kress Collection in the 



National Gallery- of Art, Wash- 
ington, appears on the 7c stamp, 
while . a beach scene with 
pofautukawa in full bloom is a 
reminder that Christmas dinner 
down under often means a 
barbecue on the beach. 

Australia, after flirting with 
avant garde approaches to the 
Christmas theme 'in t'eceut 
years, has gone back . un- 


reservedly to. the. old masters 
and produced a 'set of three 
jumbo-sized stamps reproducing 
religious paintings -bjr'del Vgga; 
Marmion and van Hy^k. " 

; Flowers are a ^popular subject 
at any time« and a co mbinati on 
'With the Christmas theine should 
be. irresistible. Belize 2ms come 
up with a set of- six depicting 
wild flowers and ferns. - ' • 


Variations on a theme 


BOTH THE tempo and the 
voiume of global numismatics 
seem to be on the increase 
again after s relatively quiet 
period, in which the coins mark- 
ing the 25th anniversary of the 
Coronation were the only high 
paint. 

Following on the silver coins 
of the South Atlantic islands, 
featuring the heraldic Queen's 
Beasts as shown on the accom- 
panying omnibus issue of 
stamps, comes a further batrb, 
struck this time by the Franklin 
Mint of the U.S. The issuing 
territories are a disparate 
group, in and around the 
Caribbean and the Pacific, but 
a common theme has been used 
for their reverses. The Belize 
$25 depicts the White Grey- 
hound of Richmond and the 
Lion vt England, the Barbados 
$25 shows the Unicom of Scot- 
land and the Falcon of the 
Plaptaccnents, while the $25 of 
the British Virgin Islands 


features the Griffin of Edward 
III and the Red Dragon of 
Wales. 

The Solomon Islands $5 has 
the Black Bull of Clarence and 
the White Horse of Hanover, 
and the Cook Islands $10 shows 
the White Lion of Mortimer and 
the Yale of Beaufort. All five 
coins bear the simple inscrip- 
tion “ Coronation Jubilee," 
which bs not only neat felt has 
the merit (from the promoters’ 
viewpoint) of associating: the 
event in the public's mind with 
the Jubilee that refuses to lie 
down gracefully. 

If the Cook Islands has been 
rather tardy in celebrating Her 
Majesty's Coronation, anniver- 
sary. tt has been quick off the 
mark with an announcement 
that the 1979 series of coins will 
have an edged inscription to 
celebrate the 20Oth anniversary 
of the murder of Captain James 
Cook in Hawaii. 

In connection with this event 


the Captain Cook Trust has com- 
missioned the well-known New 
Zealand artist. James Berry to 
sculpt a medal which serves to 
commemorate both the 250th 
anniversary of Cook's hirth fin 
17281 and the bicentenary of 
his death. An unlimited edition 
of these medals in crown size is 
available in silver and bronze at 
£15 and £5 respectively, while a 
limited edition in silver, with a 
diameter of 52mm, is currently 
available at £25. The issue of 
these medals coincides with the 
opening of the Captain Cook 
Birthplace Museum in Cleve- 
land. 

Coins with a transport theme 
are very unusual. Until the pre- 
sent spate of coins in the FAO 
programme featuring tractors, 
the only coin featuring a vehicle 
with an internn] combustion en- 
gine was the silver yuan of Kwci 
Chow province which depicted 
a motor bus. This coin, issued 
in 1928. is now a much sought- 
after rarity. Oddly enough "the 



only other coins in this theme 
have also emanated from China, 
or rather from the Portuguese 
territory of Macau at the mouth 
of the Canton River. ' 

Silver 100 patacas and gold 
500 patacas have been released 
to celebrate the 25th anniver- 
sary of the Macau Grand .Prix, 
Asia’s premier motor-racing 
event. The obverse shows the 
ruins of the Basilica of St. 
Paul, while the reverse shows a 
Formula racing car. 

In the illustration can be 
seen the names and logotypes of 
well-known companies which 
sponsor the race. Leslie Lindsay, 
who sculpted the coins, worked' 
from an actual photograph and 


his design has turned out to be covering two centuries of .-the 
rather , too realistic, since -this, island’s tiistory; with, the overall 
sponsorship, which is- an indis- theme pf xhipping^ 'through the 
pensable feature of. major sport- ages. :• . 

ing events these days, met with' -Thus:.the first , onwn ; ^ ^ depicts 
the disapproval of the Governor .Viking longsfilpsj .with, an inset 
of Macau. Colonel Jose Leandro, view; o£ i. : T*m^ ; Hm. ihe 
who has ordered that the dies second . shows -Castle jRushen 
be- re-engraved ; omitting the which ^.figured Anglb- 

names of Shell, Seiko, Goodyear'., Scottish' wars', qi'tim.idth. cen- 
and Rothmans of Pall MaiL-v ; tury r with an EngJisb cog in the 
Unfortunately the first' batch foreground, 'and- ^the third" 
of coins had already been pro- depicts a Flemish jcarrack of the 
duced and despatched by the -.15th.centaiy Vdth St Michael's.- 
Pobjoy 1 .Mint and though where Sir. Jo Im'Stanley' codified 
strenuous efforts have been the ' Ia*r&:-of Han, in. the back- 
made to recall them it is inevit- ground.’. ■ m- 
able that some at least have got The fourth crown’ ollrides to 
into circulation. - the Civil War period* When the 

By. contrast; the Pobjoy Mint’s-. Countesa^ qf Derby held the- 
Ifltest work, far the Isle of Ean isfendTn the name. of £hariesll; 
is likely to be- less controversial, the coin shdws a Royalist soldier 
though not without considerable and a.ITth; century, man^o* .war. 
interest • The -island’s paxlia- The" last .’crown’ -alludes' to the ' 
ment. Tynwald; is celebrating impart— played- "by the Jiattmafl,- 
1,000 anniversary - In . June and .SifjWimam Hillaiy.-ld safety at* 
an event, of this Importance sea and dbe foundation L :«rf the 
justified- something special -in JttILL Hillary's; profile ; apears 
ihe way of . commemorative coin* iq a caitouche>ib(5ee a. typical 
age. The only comparable coins shipwreck scene of: the earljr 
were those issued“by Iceland In 3 9ttr century, ;• Ttertioihs Vdll be. -. 
1930 for. the millenary of the 'ayafla We^rshortly; \ front, ’ 
Althing. Tynwald’s . elder.Pobjoy SCn^Sutto^and'tfie L«rTe: 
counterpart; The. Manx- serfes c f Man • Treasuiy; ' Douglas, in' : 
comprises five . crowns, ,-eacir cup ro-niekel : aad^lyei : vetmonSi . ' 


■/* 


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IS 


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■■ 





December: & 1978 





- . 

.' ,J 1:0 

’■‘■■‘-i- ->V: r ’’ ■ 

al‘ 

■ -r ' • •‘■J. 

k'.: < - ., “ :to . 

«-■-=■ ■■■■■', 

v «r. : h 
».i= )- r 

r - *' * 

i£ : : i£$ 




„;■» - 


, r . 


j- 


•A; ; WORtB I- JH19E* LIST; iff 

• r .1, ABMCA. ■ -lw‘ Xiaw' ' Africa! ne« 

^S^SW^'^' FTT ? 

J- Wtw’a Who to AnrtraHa. 137* 
-tor r . *rK« .AKW^Bto* » 


tt> Anstrfa', t»8 Edn. 
1*%. to Antolla. 


■*i ^£^. y ^m ,:rBaat : ;.i38^9 
. . . piw^si-Boowft • ■-• ■ 

1 CAMEROON U» ETttCS Cow» 

• r WW. /g<QTHfl«- .. Sir 

■ ■ * TTCU154W0 F CTiU. ,1 ■ 

7 . Wbo'i Vftto to CausAi. 1977 - 7 * 

... to ■ vF rtas.^Jjyaa: .pin*. ,&s 

-->«. Blreoonr «t ,J# 7 # 

- CM! 53 8 AML - • •.■ • ■ 

111 .WhPtor-Jgbo ..la ■ Piwwrtl ■ > 878 . 
JYKes DKr.; 245 Pto* 1 » 

TZ. WfcXr t^ ^tawO in 
PfMJMK aW plat, post (hi 

13 . vnoVVOo la'FSrauoR' 1977 ; 78 . 
-Fr; *CKr$mTt. 1 fr 40 CtoS* «td- 

14. OKMAH"' JWEAKINC coun- 
■pHB. W»Wla la iM Arts. 
TB 7 > 2 nd EdJf- ; CM . Z 95 . 

15. WW* «kt loaitontm 197 ? 

•--la tm ■ pM.— 399 . — 

1 C. Wtovufta.to MctOcta* 1 S 7 S 
• 4 th - tun. - DM- 2t». 

17 r When Who fn Tacinotogv - 1 S 7 * 

. fit Ha DM. 3 ao.- -. - 

13 . OK. Whole Who.in .Wend OO and 

■ Go* «WT»: .««•.*» S**mail, 

£22 try Airmail. ■ ■ • • - 

YS. GERM ANY.' WhB'r Wio TtoCdn. 

1979 . Prlco DM 205 . ' 

U. GABON. LO- CWton . Cato rolra* 
1977 . 1 DO.SMO. J 24 FTO 
06.000 F- CFAW —i . - - .=■ - 

22 . uuMr Malmar. D«-yflmttan. 

D.K 1 ' iDUrMUMUl WMto Who' lit 

s r&i3WE-«s°'r^ 

24 , O JC.“ TM tatornatkjBat.' Wa*** 

■ Who 197 W 79 . j £ 2 A 4 ». 

25 , U-K. M»'i wkata TraMtatlaB. 

• CffJQ. ■ 

28 . UJC. iBtoinuttOMl Y 3 and SUtet- 
mM'« Wtw1 Who ' 1579 . £ 30 - 00 - 
27 . U-K. Dtradorr - of 'Directors. 1978 

- Mil. ''July 1979 .,- Price: £ 18 . 00 . 
n. UJC Who's Who In 5 U 4 T Arabia. 

1977 . U-S-I 4 S- 2 nd 1978 ) 79 . 

U. IMC Wnl Wu.lg AM Britain. 
1979 t*t 'Priori £ 25 . - 

31 . U.K. DIctloflaiY Of Xatfai America 

and - Caribbean BlotiMhf. 2nd 

Edo.* 433 m. 3,000 entries. 

PrhUK £ 20 . 00 .. 

32 . U.K. Who owns Whom (UK Edo.). 

' -Atari . Beta. 19787 B. Price 
.£ 52 .- Continental - "Edit. ' 2 wOs. 

■ ■ " 1978 . -Mce.'SRa. 5114 . 00 . 

31 . u.K. -Who ora - Wham i North 

-. America). 1978.79 Edo. price 
- >£43 . Mir) 598 . 00 . 

U, U.IC Who oyma: Whom rAnstrala- 
bU and Far East). . 1978(79 Edo. 
Price: £ 33 . 00 . 362 oases - 

35 . V.K. XNcttonanr- of IntannUooal 
Biography. 15.000 btrtnpNel. 

.- Eniaons 1. 2, 3 . 4 . 5 aod ' 6 
rwh £ 10 - 50 . US 126 - 00 . 7 th 

Erfn. m*. .Nor. . 1970 : £ 12.50 
USS 3 O.O 0 . ' 8th. 9 th £ 24 : 10 th 
£ 30 - «4 parts): 1 1th £ 13 :- - 12 th 
£ 25 , phis 7 Sp posnoe 13 th 
XG 9.50 Edn.: 14 th 1979 169 . 50 . 
Les ElMac tvelrfenncs 1978 ,' 250 


23 . 


BY WILLIAM PACKER 

So many boofe pn-.'art and its tbe most important biographies 
related subjects eppaar. not just are given, from those of Cimabue 
to catch the .Christmas market and Giotto to Michelangelo and 
but throughout - uiq •year, that Titian, ail nicely pointed by the 
.any selection from them Ja bound visual material. Not all the 
to be arbitrary and 'partial, a cup plates, unfortunately, are of the 
dipped in the. passing . flood: we highest quality, but so well do 

take ia only what chance brings they march with the text thai the 
our way, fondly trystingHMir in- defect is, almost, forgivable. 

different luck to fie; land: to our Bather more beautifully nro- 

duS?’ Br cE£e by l£JZ 

v enturi (Skint / Macmillan: 
fexhauHtible- £20.00, 178 pages; 188 lllustra- 

^uctiye, stuff; and tions), is too, a splendid primer. 

SEES* ^ ’UustxatioDS are well ebosen. 
i^ eC nf^r,/^t^ 0 Trt E *ia i rTnm t o the numerous colour plates par- 
2ith ™S ticularls ' E00d Venturi was tbe 


PP 9 B«. 354 F TTC n 7 J 500 -F CFA 1 

JAMAICA Caribbean Fanfualtacd- 


36 . 


37 . JA ^ . _ 

1977 W 8 . 536 . 

38 , Tha tottO What Who. (India). 
Latest Edo. Prttc: SOT plos- S 3 
oostage-. AB Air oust. 

41 . Who's Who to U rad. 1976 Edn. 
11130 . 1978 Hebrew Edn. MO. 

41 . Who's Win la Its)*- 1979 . 3 rd 

Edn. Price: DM. 250 . . 

42 . Who's W|w to the Arab World. 
1979 SOi Edn. soo pins air S 15 . 

43 . ■ Who's Wbo la Lahiimn, 1977 , 78 . 
: Gth Ed a. Price: SCO pttrs air S’O. 

44 .. Whob Who in fdakarsla and 
Slnoaporo. .1978179 < 12 ttr Us). 
Price: MO plus POstaoe. 

45 . New Zealand- Business Who's 
Who. Prt^K NAOIM nlus S 3 
Dottn*: 

4 S. 

47 . 


?ATE Ttt BVi 



.i ■ 


Who's Who in New Zealand. 
Edn. 1574. Price: N2J385. 
Who’s Wbo In Norwav. In Nor- 
wnImi 1979 Edit. Price* - 
plus £2 postage. - 

49. Who’s Who la Southern - AIHCB. 
1979 Edn. Price: Rio plus £2 
postage. 

50. Who's Who to Sweden: In 

Swedish. 1579. Price: KlflO 
S*rt Klfl postage. 

51. Who 1 ? Who to Switzerland. 1978 
lOlfa Edo. Price: S-fr. ISO Plus 

52. 1I5A Who’s Who hr Amertcn. 
AOUr Edn.- Trice: 595. 

55. USA who's Who of American 
Woman. 10th Edik 553.75. 

54. USA IntanattoiMl Who’s Wbo to 
Mode. 8th Edo.- 10.000 entries. 

£59.50. 

53. Who's Wbo In U* East . 13th 

Edn., SM. • - - 

$8. Who's Wbo In the Mld-Wott-TSth 
Edn, Price: 557.45. In the Wen 
... IStk Edn. Prke; -557.45. . 

57. Who's -Who In tbn South and 
South Wart. 15B, Edn. (37 A5. 

58. World Who’s Who hi Sctanco. 
1st Edn. Price 575.50. 

59. Dtractorrof-SIractom. New York.. 
1977 Edn:. Price: . US570 plos 
55 Postage. • 

60. Who’s Who to American Art. 
-197X’ £S1<05. • 

si. Who-a Who . la 4bc world. :>2nd 

62. -Who's Who In fiovemmeot. 3«d 
Eda. £50.75. 

65. tMractorr at . Medical . Spedalfcts 
(Vol. 1* 1958(59). - - Prtee;. 

£12,50: 1976(77 Edn. 2 Vob. 
- Price: ws.oq..-.- 

' ADD 15% for SEAM AIL ’’ 
50% FOR 'AIRMAIL *. 


BOOKS OF flEFEREHCE 

1 . ARAB Bankinfl btraictory 1978 . 
FRJ 20 oius non frao. 

. 2 . The Textile Index of AUSTRALIA. 

Price: AST 8 OMr A 124 ). . 

. 5 . AFRICA Guido 1975 - 77 . . U.fC- 

- .Europe. U^JIK-OO. Africa and 
. . '• Middle Cut ,U-S£ 13 .S 0 . . . 

A EUROfOOO Directory. I.OOQ cbm- 
.. «any. entries. U.K. £ 43 .. Ow- 
. ' seas £ 46 - . . 

5. . PRANCE. International Tafephone 
. .... Directory 1973 .- Price: £ 36 . 00 - 

• Jpfcis £ 3.00 PQE 4 . - ... 

• S. Mmaantp de TBcanomie- Afrlcafim- 

1977 . 24 7 ,-OOQ CSA Fr. covem 

13 Punch jtoe afc ln a countries.- ^ 
' 7 .' Goblo- du. Pertole 'Ca ' ct ' Cfceato 
... 1977 . franco and -Orereeas, 

• - • = R 29 S. _• ; ; 

6 . FRANCE -Foreign Flrips in France. 

12 . 000 . addresses. 1978 ^ 79 . 

. . Fr-M.I 1 - . ' ■ 

9 . . PRANCE Diet lonna ire Vidal - 1977 . 

• *• rr.no. ■ • 

Id. BD< GERMANY Supplies - 1978 . 

• OM^S; Pfus POSI DM. 12 :: 

11 . GERMANY Handboocb der-Gros- 

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■ Petrochemical and ■ Process to- ’ 
- rfossrleo-rCBMn Cstafcwup TO). 

-• ■> £15 dach u.K. {post freei.XlB 
-’. -.-.-each overseas. . 

U ’■ -.Th* Concise GuMe.to lateroattonai 

: Martnrts 1977 V 7 B-: Price £ 20 . .- . 

14 . The Creatfro Handbook 1978 - 75 . 

£ 1195 _pto OSo pftp.. •• 

15 . Hollto Press and- PaWlc Relations 

Annoal 1978-79 ‘ il ltf» edn.). 

. ti m l h u l . GoJd»> to ' Pram - and 

- PR Connote- (UJCJ^ Pros in- 

torradon . Sourcac UJL. and 
..- r PR Goons ritoW Finns li.K, and ■ 
• WorWwWe.- Puirttabed Annually 
*• £S.OO Plus pffp. Wbii Quarterly 
. — Updanng Supp le m en ts £ 5 - 00 . 

IB. U.IC: -'Now -product* - and Scr- 
. ‘ •- yiees Directory 1977 . . Ltotog 

- ■ addroiae* Of U.K. hrms.- * 30 . . 

17 . .U.K.: U.K. and Foreign. -Vol. 11 . 

• r Listing UJC- and FortfsO firms 

. . , 1976 . 530 . 

18 . Great . Britain. - Owen's Coowherco 
amt Trim! and International 

ftps 1 st or 1978 . £ 14 . 

19 . HOLLAND. PrUcftort- Neder- 

- lands Almanok 1978 . D.F 1 . 100 . 

20 . HONG KONG. Asia ' Yearbook 

- 1979 . £ 630 . 

21 . INDIA. Asl — Afri ca - Directory 

(TRADO) 1977 . £ 18 . 00 ./ 

22 INDIA. Times of India Directory 

1978 . £ 19 . • 

23 . JAPAN.- EJactrooic Boyer* Guide. 

1978 . sao. ••'■■■ • - 

24 . JAPAN. Japan. Company Hand- 

- book 1979 . 2 vol*. £ 24 : 

25 . . JAPAN. Economic Yearbook 1978 - 

79 . $31 plus atrodsl 512 . . • 

26 . -JAPAN. Standard Trade Index of 

Japan 1978 - 79 . ILSJIDO. - 

27 . -KUWAIT. Kuwait Gull States. Sul- 

wnto of Oman' and Saudi 
, Arabia Comm er cial - Di r ectory - 

1979 ., PHco 560 . - 

28 . BRAIN. FRODEl Catalogue of Pro- 

duem, - Eaoortors in Spain. 

. 1979-79 edn. Price £ 26 . 1 ^xur. • 
fous role mo. SUise 28 * 2Z cm. 
2.000 page*.. Four languasn 
issued tfEngiisb. French,’ German - 
and Spanfml. . 

29 . SRI LANKA Cerrtatr Directory (Fcr- 
. . guaonsl 1977 - 78 . £ 8 . 50 . 

SO. SWISS Fiitaiwial Year Book 1978 . 
Year-book leaturss: Forinat 
cm. - 1 G x 2 IJ. buDiid, 512 
saoes. Swiss rmes 75 (U. 5 . 
135 i. ■ ■ - 

31 . SWISS Export Directory. 19 tb 

edition. 1.400 pages, trilingual 
■ English, German. French* 5 w. 
Fr .75 or equivalent tU 3 . 538 , 
£20 »tl. 

32 . Ando- American Trade Directory 

1978 - 79 . Price: £ 30 . ff 6 D>. 

33 . UA A. American Register 1979 . 
S 90 . 

34 . U 3 A Ayar Directory of Publica- 

tion* 1978 . 559 . ■ _ .. . ' 

35 . U.S.A. Craw* Refetwe Book for 
World Tradors 1978 . SdD. 

36 . UJLA. PoU® Bank Directory 1917 . 

37 . Media Gukto InUrnattoml 1978 . 

9310 . .... 

38 . U&A. Thomas MoMeri of Amcrj- 
' can MwiclKMrcn. 12 h». £95 

Plus £ 15 -PON. _ ■ ■■ . 

», Grocery Register. 3 yob. .£ 40 , 

40 . lirtemattanaiPiatroImn fioepeto- 

paedto 1978 . SS 2 - 50 . 

41 . UAA. - Mrtfli*aUonai JxectMra 
■ -Bustomr Compankw T 978 . S 25 . 

42 . ILSJl. Marconi’s' International 

Register 1978 . S 55 . 

43 . US. A.- Wortdwldg Pctrochemlcai 
. Directory 1 S 78 . * 60 . 

44 . YUGOSLAVIA. Trada . Directory 
1978 . £ 33 - 

45 . p i eteof e w r i engineer lorernatloaal ' 
_ . and OBSbore DrRIms * Produc- 
ing Technology Handbook. 12 
months tor SZOl 36 months for 

. HO. ' . . - . 

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S r 25 .veers luj r csci t t aHves far pdb- 
bers' iemH 100 teuntrfa* ' ** ' 
adeertWnS.tofa JUbseriottons. . . -. 


MORE BOOKS FOR CHRISTMAS 



■■V ■ 



to Cezanne 


V-^-r- 


\ r z^r* ; 



■'V:iv,: r / 


„ nnr T - - greatest of Cfizaune scholars, his 

t0 fUrD, ‘ the definitive catalogue, and his 

“ 7 - ■ final analytical essays now pub- 

SomelimeS^ however, books do lished here take us through the 
appear that, despite their pretti- various aspects of the painter's 
ness, are rather' more than cxer- work and life with admirable 
irises jn elegant indulgence. No expedition. It reads, however, as 
attempt has been, made for many a popular book, and the writing 
years at a general history of the is not always above reproach. 
British 'Print, and so Richard T. carrying too often, especially 
Godfrey's Printmafctn^ in towards tbe end. much that is too 
Britain (-Phaidoa. £9.95, 244 fulsome and vulgar for comfort, 

pages) is very welcome. It is For example, io his summary of 
particularly ambitious ah enter- the criticism after 1920, Venturi 
prise, for the scale is small and declares of Joachim Gasquet 
tile pace necessarily rapid: but (3921), wbo as a boy bad known 
Mr. Godfrey's writing, is, never hip hero, that bis “imagination 
shallow, and always engaging. He as a titerary man and his defec- 
opens his first chapter with a live historical sense led him to 
joke, which in a work’of; serious write the romance rather than 
scholarship marks out an.admir- the history of C6zanne." 
able freshness and confidence in w „ t n rinilht . v _ t 
appn,aeb. as nlwa dote «... Vemuri hin.sclf 

open window in a stuffy room. Wrilin g n, us; th ese pictures are 

The introduction' spells out dialogues with death, poignant in 
briskly and clearly* in a passage their profound and tragic 
that is a model of expressive accents. . . The old gardener is 
concision, the several' techniques seen with so moved and moving 
of the print, which for so many a sympathy that, through him. 
have remained qb&cure and con- we sense tbe personality of 
fusing practices. .And. the chap- Cezanne himself ... at grips with 
ters that treat the great period his daily task: stoic, intent, 
of the print in this country, from nursing no hopes, but strong in 
Hogarth to Gilkay , and take in the conviction of accomplishing 
the portrait-engraving boom of his appointed task.” Well, 
the later eighteenth century, are Perhaps this is a book to look 
especially useful. Altogether this at after all. 
is a book that makes no claim to Moving back somewhat abruptly 
being anything but an educated ^ ear jj er ^ Drawings from 
summary of its subject; but as Ancient Egypt, by William H. 
such it opens up -the field to p ec k (Thames and Hudson, 
farther, more exhaustive enquiry, no.50. 208 pages), offers us yet 
and is invaluable' ip -itself. Mr. more opportunity in- self-educa- 
Godfrey should be congratulated tion. and the material is so 
OP it- exquisite that we must take it. 

Another most useful-book, one Egyptian drawing remains 
that springs from .'so good and largely tbe forgotten aspect of 
obvious an idea it js- odd we the art of that rigid and un- 
have not seen it . before, is kuowable society, and so, when 
George Bull’s newly _ abridged at last we do take the trouble to 
and illustrated translation of notice it. the shock of humane 
Vasari's Lives, going .now under recognition is all the greater, as it 
the newer title: Artists of the jumps at us across the millennia. 
Renaissance (Alien .Xaue. £8.50. The work is remarkable for its 
820 pages, 214 illustrations). It freshness, informality and 
makes an. excellent reference vigour, and for the closeness 
book, one both easy ' and a of the observation, that lives 
pleasure to pore oveii Twenty of within the graphic limitations of 


those times with surprising ease 
and freedom. 

Mr. Peck’s text is clear and 
informative, if sometimes a little 
too literal and myopic: “ In this 
erotic drawing a man and a 
young woman are making love 
in a rather contorted posture. 
She has her legs over his 
shoulders and, due to the frag- 
mentary condition of the stone 
chip, it is impossible to under- 
stand how her torso Is sup- 
ported." No matter: the draw- 
ings are frequently of great 
beauty, the line elegant and 
economical, the imagery direct 
and readily accessible to us. 

The Art of Rome by Bernard 
Andreae and translated by R. E. 
Wolf (Macmillan, £40.00. 656 

pages, 900 plates), is an enor- 
mously ambitious and impressive 
volume, uncompromisingly, ex- 
haustively scholarly in its 
attempts to embrace the Roman 
creative achievement from the 
earliest days of the city to the 
Empire of Constantine and to 
document its artefacts. The colour 
plates an? quite -magnificent, the 
rest copiously informative, visual 
list upon list of objects and archi- 
tecture. diagram after map after 
reconstruction. 

It is less a study than an 
encyclopaedia of its subject, and 
there can be tittle doubt of its 
importance and genera] useful- 
ness. It makes clear what it is 
from the first page, its dry 
authority quite unmistakable; 
but even tbe casual reader, so 
long as he is fit enough to lift 
it from the shelf, will be drawn 
into it by degrees, fascinated. 

Barry Cuntiffe's Rome and Her 
Empire (Tbe Bodley Head: 
£16.95-£19.95 in the New Year 
320 pages), has its moments too, 
for among its many plates are 
some memorable images of ruin 
and relic. It is also a schuss 
down the centuries from 
Romulus to Constantine; but 
there all similarity ends. 

This is consciously an exercise 
in popular edification, the techni- 
que adopted that of the modern 
manual or serial publication, 
with word and image integrated, 
information predigested. 

The result of course is that 
it is over-designed in the des- 
perate quest for simplicity and 
clarity, the layout fussy and 
distracting, the images compet- 
ing, map with photograph, the 
spelling American for irritation, 
and the writing hectic : “Trajan 
returned from his Dacian wars, 
loaded down with spoils and 
determined to make his mark on 
the city of Rome.” The learned 
professor might do better than 
that. 





.* r ;■* - • 

: '•'+ 

■ . • 

-1: Masefield: " lost and sad ” — a new drawing by Judith de Beer 

All shipshape ; : 


BY C. P. SNOW 


John Masefield by Constance 
Babington-Smith. Oxford, £6.50. 
262 pages 


Lucky children 




BY RACHEL B1LUNGTON 




There are. /some children’s 
books that demand to be bought 
with or without tbe excuse of a 
child. PaceJhe fashion for mean- 
ingful fantasies, these are 
usually ^e books with beautiful 
illustrations. 

Top favourite this year is Each 
Peach-Pear Plum by Janet and 
Allan r Ahlberg (Kestrel Books, 
£228^32 pages) which not only 
is .* joy to look at but also has 
as' original “I Spy” theme which 
teaches children (or adults) to 
notice what they are seeing. A 
[peaceable Kingdom, “The 
Shaker ABECEDARIUS.” Illus- 
trated by Alice and Martin Pro- 
venson 'with an afterword by 
Richard Meran Barsom (Kestrel 
Books. £2.95: 40 pages) takes 
second place. This is a Shaker 
alphabet using 20 six-lined 
rhymed verse with a successive, 
letter of the alphabet at the' 
beginning of each line. The: 
delightfully naive pictures seem 
most authentic. : . 

After purely glorious pictures' 
come hooks with a little more 
of .a story-line. Kittynioose by 
Sumiko (Heinemann. £2.90 28 
pages) is an appealing story 
of a kitten who thinks she is a 
mouse — until she sees her reflec- 
tion in a. mirror. The Little Ctrl 
and the Tiny Don by Edward 
and Aingelda Ardizzone » Kestrel 
Books, £2.00, 48 pages) tells tbe 
sad tail© of a doll who gets lost 
in a grocer’s deep freeze. Luckily; 
—contrary to - popular bebef 
children like happy endings^-it. 

11 ends well. .-' 

Merle, the High Flying 
Squirrel by Bill Peet (Andre 
Deutsch, £2.95. 32 pages) i$: 
as exciting as any book for this 
young age. group should be. The 
pictures of a squirrel-eyed view 
of Manhattan’s skyscrapers 
would, make an excellent cover 
The New Yorker. And 


for 


The Toy Box by Peter Wingham, 
(Heinemann. £2.95, 32 pages) 
tells a ‘good traditional story 
of a box, of toys which falls off 
a removal van. 

After aWorld so rich in colour 
and gaiety, it is hard, to move up 
an age-group when the story 
begins to take over from the pic- 
ture — and ‘the child’s choice 
tends to take over from the 
adult’s. However, Mouse Woman 
and the Mischief-Makers, ty 
Christie Harris with drawings by 
Douglas Tait \(MacmiUan £3.50, 
114 pages) i5\ quite special. It 
has seven stories based on the 
• author's North American anthro- 
pological studies. The settings 
and characters, particularly 
Mouse Woman herself, are so rich 
and vivid that one only hopes 
that all the 'stories have not been 
used up in this volume. This 
could become a classic. 

Children of the Tower by Julia 
Dobson, illustrated by Jeroo Roy 
with a foreword by the Resi- 
dent Governor of the Tower of 
London (Heinemann. £2,90, 137 
Jiages) is a collection of true 
stories about children who have 
been imprisoned in the Tower. 
’?• For children who enjoy identi- 
fjnng with a tragic heroine, 
three nicely produced boobs 
about a little orphan girl called 
- Anna have just come out in a 
new translation from tbe 
Swedish. These are Anna at 
Bloom Farm. Anna All Alone, 
and Anna Keeps her Promise, 
by Martha Sandwall-Bergstrom, 
.translated by Joan Tate (Blackie, 
£2.95, 126 pages, 120 pages and 
128 pages). It might do some 
children good to read about a 
seven-year-old who. in order to 
earn her living, has to work 
harder than any grown-up. 

- Several children’s books in the 
slightly older age group are mak- 
ing a conscious effort to do chti- 


ADDED VALUE 

the key to prosperity 

The use of 'added value' asameasureoi 
- productivity rather than the present prolit 

yardstick is gaining increasing favour in industry. 

What as added value? 

Added Value is simply the difference between the 
sales valtM of goods produced and the cost of 

■piftt pTialgmngnTn ed in the manufacture of 
. - those goods. 

What are the main uses of 
added value? 

■jc Measuring output , b n s ine a performance end 

manpower productivity; '■ 

-* Communicating what business Is all about. 

* Controlling wage and salary policy, marketing 
strategy and capital investment. 

. This book outlines the nature and uses of added 
value, citing case examples and describing how 

• added value can be put to practical use in 
. any business. 

Added Value — the key to prosperity . 
by £. G. Wood £735 

Published by Business Books Ltd 
• 24 Highbury Crescent, London N5 1RX 



dren good. Usually their efforts 
only succeed in producing an 
unreadable book. There are one 
or two that are readable, if not 
inspired. The View from the 
Window by Cordelia Jones 
(Andre Deutsch, £3.50. 143 pages) 
is about a teenage girl’s 
attempt to come to terms with 
being a cripple. The descriptions 
of the relationships and tensions 
inside the hospital where most of 
the book is set are unsentimen- 
tal and thought-provoking. There 
ain't no Angels do more, by God- 
frey Goodwin (Collins £2.50, 95 
pages) is winner of the Collins/ 
Fontana Book for Multi-Ethnic 
Britain Campaign. It is an excit- 
ing story about the transforma- 
tion of a dead-end semi-dcreiict 
street, mainly populated by 
immigrants, into a happy place 
to work and play. 

However, neither of the above 
books appealed to some young 
readers I enrolled. One eight- 
year-old hoy chose Superidds by 
Michael Maguire (W. H. Allen. 
£3.50. 175 pages), soon to be n 
film by Walt Disney. My reader 
wrote that he did not want to 
spoil the end of the story for 
me but it included “Kidnapping, 
stealing and riding motor-cycles 
and other peoples' cars. . . 

Another boy enjoyed Tales told 
to an African King, by Hum- 
phrey Harman, illustrated by 
Beryl. Saunders (Hutchinson 
Junior. £3.50, 128 pages) the 
story of Tora, an exiled king liv- 
ing in East Africa. “It is a very 
good book because there are lots 
of different stories aJl made into 
one book." 

A 12-yearw)ld girl chose In 
Apple Country by Cbristopher 
Leach (Dent, £3.75, 120 pages), 
which is about a young girl's 
war-time evacuation to the 
country: “Really makes yoii 
imagine the old lady and her 
house and the countryside. . . .** 

A totally non-reading seven- 
year-old boy was seduced from 
his principles by the prospect of 
becoming a ** super-Sleuth,” with 
the case of The Face at the 
Window by Wolfgang Ecke 
(Methuen Pied Piper. £2.95, 128 
pages). This has 15 detective 
stories with a question posed at 
the end of each one and the solu- 
tions at the end of the book. 


A short lime npo on this pa^e 
I said tb3t Rider Haggard was 
an exceptionally nice man. So. 
as Sir John Betjeman has em- 
phasised, was John Masefield — 
decent, kind. unassertive, 
generous, humble, devoted in 
Beauty and Art in the idealis- 
tic late-Vii’torinn manner, more 
than content to be the most un- 
pretentious servant of both. The 
sardonic truth is that major 
writers arc usually not in the 
least like that. ’Of the great 
novelists, fur instance, there is 
not one whom any detacbed 
observer could call remotely 
humble. Think of Tolstoy, 
Dickens. Balzac. Henry’ James. 
By those high standards of non- 
humility. Dostoevsky was. rela- 
tively modest but thai isn’t say- 
ing much. 

Exceptionally nice men — it is 
another sardonic truth — don't 
make for entrancing biographies. 
That is the case with Constance 
Babington-Smith’s of Masefield. 
Sbe has done her conscientious 
and scholarly best She hasn’t 
inflated either her claims for the 
poetry or for the drama of bis 
life. Sbe has. in fact, slightly 
played the idiosyncratic 

feature. -io her subject’s life. 
That -was his marriage. 

Masefield, in his self-reducing 
spirit, seems to have felt that he 
was unavailing, seems to have 
been impelled to find an older 
woman to take charge of him. 
This he duly did. At 24 he mar- 
ried a woman of 36. better edu- 
cated. stronger-willed, incompar- 
ably more decisive. To an extent, 
that worked, and the marriage 
survived until she was 93. But 
it was carrying things a little far 
when throughout their early 
years, she also sustained an 
intense relation with an adoring 


young woman, the elder sister of 
Margery Fry. and appears to 
have spent more time with Isabel 
than with her gentle husband. 

Observers remarked that Mase- 
field normally looked lost and 
sad. Of course, he had some com- 
pensations. He didn't have to 
go back to sea. His actual sea 
going experience, all complete 
by the age of seventeen, was one 
trip, from Liverpool round the 
Norn tn Chile, and one westward 
trip to New York, where he 
jumped ship. He was consis- 
tantiv sea-sick and. being an 
imaginative boy. apprehensive. 
That didn't prevent him having 
a romantic passion for the sea 
and ships. Some of his poems 
on tbose subjects are going to 
be printed in the anthologies 
for years to come. He doesn’t 
seem to have had much irony in 
his temperament. It was rather 
like someone with a chronic 
Phobia about flying writing an 
ecstatic poem “ I will go up in 
the air again. . . .” 

A greater compensation was his 
remarkable popular success. One 
wonders how .my equivalent of 
The Everlasting Mercy. The 
Widow in the Bye-Street. 
Reynard the Fox. would get on 
today. He had a genuine narra 
tive gift, and for me his prose 
fiction wears better than the 
stories in verse. And yet. we are 
all children oF our time, even 
when we try Dot to lie. and it is 
worth remembering that hard 
judges in Masefields own time 
thought highly of his poetry. 
Yeats took him up. It is true 
that Yeats was a fairly soft touch 
for any poet with a gleam of 
talent: hut Housraan wasn’t, and 
Housman thought much more 
bishiv of Masefield than of poets 
who are now in vogue. Further. 
Housman would be almost the 
last man to be affected by simple 
human goodness — which. I con- 
fess. attracts roe more to Mase- 
field than anything he wrote. 


Fiction 


Big guns 


BY JSOBEL MURRAY 


War and Remembrance by 
Herman Wouk. Collins. I7.5U, 
1,042 pages 


If you have a friend of a 
sombre disposition, with a 
moderate reading speed, who 
will have a dot of free time over 
Christmas, and New Year, and 
the winter months, you may just 
have found tbe ideal Christmas 
gift. 

Herman Wouk has a very 
serious attitude towards tbe last 
World War, and perhaps a 
wrong-beaded idea of bow to get 
others to share it Clearly, in 
many ways, he simply wants to 
write a history of the war. Paris 
of the novel, the fail of Singa- 
pore, or the description of Ger- 
man experimentation with gas, 
read tike straight history— 
except that Wouk is not, essen- 
tially. a historian. 

His novel is his history, and 
his novel is improbable in the 
extreme. To cover the history of 
the (American) war: Pug is a 
naval officer whose ship is sunk 
at Pearl Harbour, and he gets 
another, bigger one. His wife 
Rho has an affair with someone 
connected with the atom bomb 
project. 

Meanwhile, hack with the 
younger generation: one of Pug's 
sons is a dive-bomber, and his 
dramatic death leaves a nubile 
wife and baby sou as archetypal 


war victims. Number Two Son is 
a submariner in the Pacific, with 
a Jewish wife Natalie and baby 
son trapped in Europe. 

Natalie’s ex-lover, searching 
for her. learns of the German 
extermination camps: Natalie is 
an old friend of Pamela — so is 
her ex-lover. There is a frantic 
need to bring in and connect up 
every theatre of war. The nar- 
rative is interspersed with Pug’s 
post-war translation (annotated) 
of a German account of the war. 

Herman Wouk is desperately 
serious about the war. His sin- 
cerity is manifest and occasion- 
ally embarrassing. While tbe 
extermination camps were one 
of the sickest things this world 
has seen, there cuo be something 
rather unhealthy in a very long 
and obsessive account too. 

It is a very long book: you 
could say. it was a very long war. 
The novels about the war that 
will live describe it in new 
ways. Catch 22 is (relatively!) 
Jong, because it is necessary to 
Heller’s technique that the crazy 
spiral of the rationale of war go 
on and round and on. Slauphfer- 
house 5 is short and says all 
that is necessary about the 
fire-bombing of Dresden without 
describing it at all. 

Wouk’s painful sincerity is not 
•'nnugh: Wilde’s remark applies 
here: " In matters of great im- 
portance. style, not sincerity, is 
the essential.” 


Ballet man 


Helpmann by Elizabeth Salter. 
Angus and Robertson, £6.95. 
246 pages 


I respect Sir Robert Help- 
mann's achievements- in the 
theatre too much to feel that 
this “ authorised biography " 
does much beyond charting the 
bare externals of a very distin- 
guished career. Theatrical 
memoirs are, in the general run. 
poor things, fat with flattering 
portraits of the star’s friends 
and improbable family conversa- 
tions. Only when a biographer 
has a great deal of inside know- 
ledge. and the wit to use it 
stylishly— as with Cole Lesley’s 
grand portrait of Noel Coward — 


BY CLEMENT CRISP 

does the account rise above 
hagiographic trivia. 

Miss Salter lists events, details 
friendships with Vivien Leigh 
and Katherine Hepburn, but 
hardly gets to grips with the 
man who was a crucial figure in 
the • emergence of the Royal 
Ballet to international fame, 
became director of the Aus- 
tralian Ballet, an" actor of dis- 
tinction and a producer of every- 
thing from opera to pantomime. 

You will look in vain for 
insights into why Helpmann was 
a great comic performer and 
also capable of rare nobility as 
dancer and actor, beyond ihe 
statement that he was so. The 
text tends to a certain innocence 
— ■‘war-lime London is already 
part of history"— and is too 
generous with mistaken names. 


Barbette, the transvestite 
aerialist of the 1920s (he used 
to plunge from the height of the 
Cirque Medrano in Paris wearing 
50 lbs of ostrich feathers) loses 
the wit of bis name when he is 
called “Babette": the character 
who surfaces as “The Marquis of 
Cuevas ... an indomitable old 
Spanish grandee** is the Marquis 
de Cuevas, Chilean born, whose 
ballet com pany was suslai ned 
with a good deal of flair and 
even more money. 

Even one or Helpmann’s 
greatest roles— Mr. O’Reilly, 
manager of the Pantheon, in The 
Prospect Before Us — is reduced 
to Ffcilli/. and Ashton's CinctereUu 
is not best described as a panto- 
mime. Sir Robert has a reputa- 
tion as a wit: we need his own 
memoirs to provide a livelier 
guide to his career. 


BOOKS OF THE MONTH 


Announcements below are pre-paid advertisements. Jf wn 
require entry in Hie forthcoming panels application should 
be made to the Advertisement Department. Brocken HoufC. 
10 Cannon Street, EC4P 4BY. Telephone: 01-243 SOW. Ext. 7004. 


Heraldry in tlie Catholic 
Church 

Its Origin, Customs ' ; v 
and Laws :" v . 

Bruno Bernard Heim 

With over 300 illustrations, 
mauy in colour, this is the 
most authoritative book on 
ecclesiastical heraldry ever 
writlen. An informative and 
highly entertaining book by 
Archbishop Heim, the Vati- 
can’s King nf Arms. 

Van Daren or Gerrards Cross 
£22.00 

James Cook 
Tom & Cordelia Stamp 
An internationally acclaimed 
character study of Captain 
Cook as revealed in his own 
writings. With emphasis on 
his formative years. Post free 
from publishers. 9 John St., 

1 Whitby . Y021 3ET. 

Caedmon of Whitby Press 

£3.95 

A Guide to Sources of 
Information in the 
Textile Industry 

Second Edition 
Worldwide in scope covering 
all processes and activities 
that contribute in the manu- 
facture, use. and sale of 
textiles. Includes textile 
organisations, activities, type, 
services available, periodicals, 
directories, hooks patents. 
standards, and sources, of 
statistical data. 

Tbe Textile Institute, 
Manchester 

ISBN 0 900739 06 1 £4.75 

World Texfiie Trade — 
An International 
Perspective 

Includes frank discussion nf 
Ihe diverse views on world 
trade of the UK. 1L0. EEC. 
India. Hong Kong, USA, and 
the itrade unions front the 
ni a j nr international Con- 
ference held in London May, 
1978. 

Tbe Textile Institute, 
Manchester £5.00 

Parliament and Public 
Spending 
The Expenditure 
Committee of the House 
of Commons 1970-1976 
Ann Robinson 

An original study on public 
spending which provides some 
interesting answers as lo 
where the money goes. 
Heinemann Educational hooks 
48 Charles Street. 

London W1X 8AH 

£8.75 net 

Owen’s Commerce & 
Travel and International 
Register 1978 
M. Y. Owen and 
J. Marshall 

25th edition contains 1.212 pp. 
specialising in 45 countries of 
Africa. Middle East. S.E. Asia. 
Information, classified lists, 
advertisements, maps, illustra- 
tions. Essential for business- 
men. exporters, manufacturers. 
IBSN 0 900576 OO X 
Owen’s Commerce and 
Travel Ltd. £15.00 

Bibliography of 
Published Research of 
the World Employment 
Programme 

Keeps as up-to-date as possible 
the document: ‘World Employ- 
ment Programme: research in 
retrospect and prospect.’ Many 
of (those studies are now com- 
plete. Lists all WEP research 
publications up to 21 May 
1978. 

ISBN 92-2-101993-4 
International Labour Office 
£3.15 

Bogota: Urban 
Development and 
Employment t 

Ey H. Lubell and 
D. McCallum 

Examines urbanisation and 
planning at tbe national and 
then metropolitan level in 
Colombia. Analyses migration 
and employment asppets of 
Bogota’s situation and con- 
tains policy conclusions assess- 
ing posi tive and nega tive 
effects. 

ISBN 92-2-101998-5 
International Labour Office 

14.40 

Lagos: Urban 

Development and 

Employment 

By O. J. Fapohunda and 

H. Lubell with 

contributions 

by J. Reijmerink and 

M. Pieter van Dijfc 

Studies metropolitan Lagos’ 
role in the economy, particu- 
lar attention being paid In 
activities of the urban in- 
formal sector. Examines urban 
infrastructure development 
programmes and outlines an 
employment strategy for 
Lagos. 

ISBN 92-2-101937-7 
International Labour Office 

£4.40 


The Far East and 
Australasia 1978-79 
A survey and reference book 
oE South Asia. South East 
Asia. Australasia and rthc 
Pacific Islands which .includes 
essays by over fifty geo- 
graphers. Fully revised. 
Europa Publications Ltd. 

Man as Symphony of the 

Creative Word 

The Inner Connection of 

World-Phenomena and 

World-Being 

Rudolf Steiner 

“Cosmic activities is indeed 
the greatest of artists. The 
cosmos fashions everything 
according to laws which bring 
tbe deepest satisfaction to the 
artistic sense.’’ 

Rudolf Steiner Press 

Paper £2.00 

Man and Mammals 

Toward a Biolog)' of 
Form 

Wolfgang Schad 
This texthook con tributes in- 
wards a holistic biology that 
gives a valuable perspective 
cm man’s place in nature anti 
points to new beginnings in 
medicine, agriculture, educa- 
tion. and animal husbandry. 
Rudolf Steiner Press 

Cloth £5.93 

The Effects of Spiritual 
DeveJopment 
Rudolf Steiner 

When cultivated seriously, 
either csolerically or exoteric- 
ally. spiritual development 
produces certain modification* 
in the organisation nf man. 
The whole structure of man's 
being is transformed. 

Rudolf Steiner Press 

Cloth £4.95. Paper £2.59 

Hotel Accounts and lheir 
Audit 

L. S. Fenton FCA and 
N. A. Fowler FCA 

Describes the organisational 
control and information needs 
of hotels. It is intended for 
the hotel accountant, the 
external auditor, the line 
manager, the owner or general 
manager and the student. 
The Institute or 
Chartered Accountants in 
England and Wales £10.75 

Establishing a Business 
in the United Kingdom 
R. M. Cooke ACA, FTH 
and D. C. Borer MA, ACA 

This practical and comprehen- 
sive guide prcsenls informa- 
tion on the factors to be taken 
into account when starting 
business in the United King- 
dom. Essential for business- 
men in ihe UK aud abroad. 
The Institute of 
Chartered Accountants in 
England and Wales £6.95 

Property Company 
Accounts 
A. Milnes CA and 
D. Tillett FCA 

This book- is aimed as those 
engaged in the preparation 
and audit of properly com- 
pany accounts as well as the 
users of such accounts, 
whether as bankers, investors 
or analysis. 

The Institute of 
Chartered Accountants in 
England and Wales £11.95 

The Trading Company: 
Acquisitions. 
Amalgamations and 
Reconstructions 
R. White FCA and 

J. Maynes MA, FCA 
Examines the area of cor- 
porate reorganisations as it 
affects trading companies, 
paying particular attention lo 
the specific tax legislation and 
the general tax consequences. 
The Institute of 
Chartered Accountants in 
England and Wales £5.75 

Family Related Benefits: 
Some Aspects of Social 
Security Benefits 

K. I). Bartlett FCA 

This title and its companion 
below are additions lo the 
“Professional Briefs for Prac- 
titioners ” series. Il covers 
family benefits, family income 
supplement, supplementary 
benefits and grants from local 
authorities. 

The Institute of 
Chartered Accountants in 
England and Wales £1.50 

Employment, 
Unemployment and 
Disability: Some .Aspects 
of Social Security 
Benefits 

K. D. BartleU FCA 

A companion rn the above 
title, this booklet contains 
chapters on bonefiis for the 
ill and unemployed, for di«^ 
abled people, indusirial in- 
juries. pensions and widow’s 
benefits.- and thrr death grant 
The Institute or 
Chartered Accountants in 
England and Wales £1.59 



The war that never ends 

Wc Rri tish arc a peaceful people. When a war is 
over wc like to consign it to the history books - a ad 
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 the 
children - for them their war lives on, ever) 1 day and 
all day- 

in many cases, of course, there is help from a 
pension. But there is a limit lo what any G os eminent 
Department can do. 

This is where Army Benevolence steps in.'VS'r h 
under* landing. With a sense of urgency . . . and v. it 11 
practical- financial help. 

To us it ia » privilege to help these brave men -and 
women, lor*. Please will you help us lo do more '! We 
must not let our soldiers down. 


I : 


* 

for soldiers, ex-soldiers and their families in distress 
Dept. FT, Duke of York's HQ, London SW3 4SP 


*4. ’• 




- '5 




Financial Times Saturday December -9 197& 





and relaxing at the same time 


An off- 


BY SYLVIE NICKELS 


THIS COULD be the time for 
laying the foundations for next 
New Year’s resolutions, or re- 
viving one of last year’s. Mine 
usually Include a vague inten- 
tion to pursue some branch of 
knowledge with a little extra 
vigour. One at least (bird 
watching) has survived for more 
than two years and I am now 
completely and unrepentantly 
hooked. Others — like an extra 
language, embryo stirrings of a 
desire to sketch, uninformed 
leanings towards archaeology, 
philosophy, etc., etc. — wobble on 
from year to year. But as a 
human frailty, this kind of pro- 
crastination is one for which I 
land you) have very little 
excuse in 1978, since there are 
ell kinds of arrangements in ail 
kinds of attractive places by 
which almost any interest can 
usefully be combined with a 
winter break. 

It may take place in a com- 
fortable or luxurious hotel that 
has focussed on some special 
theme on fixed dates, thus bring- 
ing iikeminded souls together to 


enjoy the pleasure of a shared 
interest. 

Or it may be in premises 
wholly designed for residential 
courses, though also providing 
the necessary amenities for 
relaxation. 

In any category, I think it is 
fair to say that the Earnley 
Concourse in Sussex offers the 
most varied year-round choice, 
both in age and subject appeal, 
with 109 weekend and 32 mid- 
week courses this winter. It is. 
without being pretentious, a 
most attractive place where 
peacocks preen on lawns and 
the accent is on informality. 
The range of courses includes 
almost any subject you can think 
of, from bee keeping and car 
maintenance to wild life and 
yoga and. since groups are small 
and several courses occur simul- 
taneously, there is an oppor- 
tunity for linguists to mingle 
with musicians, or portrait pain- 
ters with public speakers, in the 
bar or around (he indoor pool 
or across the ping-pong table. 

The Earnley Concourse was 


established by the late John 
Bett whose vision was to en- 
courage people to realise talents 
they might not even know they 
possessed. Administered by a 
private trust, its rates are very 
reasonable: £6.5Q-£11.50 per per- 
son per day for full board, 
according to room category, plus 
£5-£7 for all courses (2-3 full 
days). 

A wide range of residential 
courses is also run by local and 
county authorities or education 
committees, and these are listed 
in a six-monthly calendar pro- 
duced by the National Institute 
of Adult Education for England 
and Wales <50p i Deluding post- 
age). 

Among them is the privately 
run Conference Centre of the 
Old Recta ry, Fittletvorth. 
Susses, whose 2-7 day courses 
are mainly designed for people 
in, or approaching, retirement 
and whose subjects range from 
all kinds of hobbies, arts and 
crafts to a sensible " basic 
cooking for men.” The place 
and the atmosphere sound 


charming. 

On the hotel front, the off- 
season bargain break, which his 
been taken up with such en- 
thusiasm. has also been admir- 
ably affected by the quest Tor 
knowledge. Independent estab- 
lishments as well as groups and 
consortia feature a variety of 
special interest weekends and, 
though some of them amount 
to little mere than providing 
you with a few leaflets and a 
suggested routs pursuing some 
theme, quite a number "consist 
of well- prepared programmes 
backed by good lecturers and 
appropriate excursions. The 
best single source for an over- 
all clue to these is the “Let's 
Go '* publication of short winter 
breaks of the English Tourist 
Board or the similar “ Great 
Lillie Breaks” of the Wales 
Tourirt Board, both free from 
the addresses below. 

Fine art? and history provide 
particularly popular themes. 
The Studies* Prior}’ Hotel, offer- 
ing three-star amenities in ihe 
setting uf an Elizabethan manor 


in 13 acres of parkland, draw’s 
its sneakers from the Ash- 
molcan Museum and other 
institutions in nearby Oxford, 
for three weekends early next 
year: at £56 all-in. they cover 
the themes of Sheldon and 
Wren, Fine Arts and 18th/!9th 
Century Painting and Porcelain- 

Further north. Royal Doulton 
has joined forces with Trust 
Houses Forte for three more 
v;eckends this winter devoted 
to .various aspects of pottery 
and glass making t £39.75- 
£49.75 all in). 

The Embassy Hotel group has 
made rather a thing of its 
Leisure Learning weekends up 
and down the country costing 
from £37-£53 for two nights with 
full board and a busy pro- 
gramme approximate to Che sub- 
ject. This might be anything 
from our industrial or literary 
heritage to canals or fine wine 
in places ranging from Bingley 
to Bournemouth. 

The later Hotel consortium, 
which is particularly strong 


in the West Country, includes 
bird watching and painting 
breaks in Tail and Bay, and 
sketching and craft courses at 
the King Harry Hotel, near 


Cote 

BY HENRY MARA 


auuo miuij uvai 

Truro, both Cornwall. The 'THERE ARE distinct advantages 
arrangements the Inter- ^ visiting the French Riviera 
change consortium are more on offseason. Hotel prices arc 10 
a do-it-yourself basis, but do in- to 20 per cent lower, and flat 
dude packages covering en- and villa rentals 50 per cent less 
trance fees (e.g., for culture than in high season. Air fares 

and wild life) or sporting and motor-rail are reduced. To 

activities (such as golf, fishing, this'can be added the advantage 
riding, and even parachuting), of less crowds and the tempting. 

These are only some of the “M. Th ® 

available ways In wHch you French Riviera has a big appeal 

can further your own Interests/ “day for people wantrog a 
talents in comfort and con- . ^“rt winter break, aud tour 

genial company. TuTp?c>£es ftSS* ftr 

•SSSttSTfS! fXTZiZi three days’ hod and breakfast, 
institute or Adult Education, its Da in - a four-star hotel, including 

Montfort SL, Leicester LEI ICE; The i_. vn i 

Old Rettery, Flttlewwth. Refbarotisb. *** tTXV~l. , , 

Sussex rh 2 o mu; EnsUsh Tourist Bwd,.. Who wants tn crawl bumper- 
Hesdan Rd- Sunderland SR9 9XZ; Wales lw — a takinc one 

Tourist Board. Dept. GLB. PO Box ISL t0-bumper ID AUgUSC, WKingone 

wna. cardMr CF5 ucs; stadiey Priory hour to drive 4 kilometres from 
h^^^"***!*' u£*US the St Tropes roundabout? 

Wl: Embassy' Hotels, Station St- Barton- -There are top ItlXUXV hotels, 

hZTH' H^uto^^cd^f ' loX and the opportunity for a wild 
so? 4)T; iirterttiaoge Hotels, 2 * xw splurge at one of the tea major 
Rd.. Richmond. som». casinos of the region. You can, 

■ ' — ■ ■ ■ — — 1 ■ -t h owever. enjoy yourself on a 

burget, combining demi-pension 
with satisfying snacks from 
local street-markets. Try pain 
hagnat (bread roll filled with 
salade nicoise), pissaladiere 


(onion flan), socca (flour pan- 
cake with chick peas), oven- 
fresh pizza or French bread and 
cheese, and wash them down 
with a glass of pastis or local 
wine. Plenty of restaurants 
provide an excellent meal for 
£4 to £5. 

Swimming, except for the 
hardiest, is something for April 
lo September. But other activi- 
ties are year-round, and un- 
diminished off- season. 

The French Government 
Tourist Office is a clearing 
house for travel information. 
You can then shop around and 
the start ratings of hotels are 
a fair guide of wbat you will 
get. British Airways’ French 
Leave programme offers the 
only complete Nice Carnival 
package with seven nights, in- 
cluding breakfast, and alftickets 
for Carnival attractions, from 
£115 to £192. 

I visited the purpose-built 
fiats at B.oulouris outside SL 
Raphael, owned by French 
Travel Service. From Septem- 
ber to March they cost £92 for 
10 days, per person, four people 
sharing, including rail travel. 
Ad extra, seven days is a mini- 
mal £8. The price is the same 
from any rail station in the 
British Isles. 

Addresses; French C overrun ant Tourist 
Office— in Piccadilly. Loedon, W1V ML 
FronchTravel Service— Hudson's Place, 
victoria. Sudan. London. SWL British 
Airways French Leave— 10 Charles The 
Second Street. Loedon, SWL Cur and. 
Kings— Vakan Hence. 06 Marshall 
Street. London. WIV 3PA. American 
Express A Le Carte Holiday*— 9 SoffaCf 
place. London, SW1Y ML Hertz Rent-*. 
Car — London Reservations Offic e Md B 
HH. 


I of mu/t 9 d<? Cartier 


■ • ■ ’ •: •••*. TV 

■ . • ■ 

•• .VigS 

r 

■ .'-r. . ■ -J* 

, ... ...» ■ -T\ 

• • r - ’•*' :7>.; - V.^j 

• ’’’ 


Paris 





BEAUTIFUL GIFTS BY CARTIER -illustrated: Vanity case £575: lady's purse £105; key holder £38; reminder £45; desk diary £115; banknote wallet £55; pocket diary £58: credit card 
lighter £110; I8ct gotd'Ceinture' watch £1050; 'Cemture' pearl grey cfock £150; 'Gondofe' photo frame £60; gold-plated stylo £88; oval lacquer lighter £167; 18ct gold 'Vendome' watch 


LONDON 

Cartier ltd. Bond Street 
Les Must de Cartier Boutique at 
Harvey Nichols, Knightsbndge 
Cartier Boutique, 

Hotel Intercontinental 

West End 

Arthur A Berman 

Blenfords 

Peter Burrows 

Cesar 

Diamond Gallery 

Etcetera 

Finnigans 

Fortnum and Mason 

Goldrush 

Harrods 

Lambert & Butler 
London County Jewellers 
London Hilton Jewellers 
De Marsac 
Montague Jay 
The Pen Shop 
Robertsons 
Selfridges 
Simpson 

Sullivan & Powell 
H Stain 

A Touch of Gold 


Gty 

Glena 

Windsor Ybmato 
Winegartens 

Hoi bom 

Bassange 

Northwest 

Etcetera 

Gemtime 

Pulto i 

Brent Cross 

Etcetera 

David Smith 

Southwest 

Richard Raul 

Kensington 

8ugatti 

Emile Jacques 
Frank Joseph 
Ashbowne- Derby 
Michael Hall 
Bath 
Gilmer 
Seaconsfrefcf 
Sanford Bros 
Blackpool 

Leonard Dews 

Bournemouth 

Alfa 


Brighton 

D H Edmonds 
Jules Henri 
Bromley- Kent 
EW Payne 

Cambridge 
Joshua Taylor 
Chesterfield 
John Stevenson 
Darlington 
Cockraton Jewellers 
Derby 

Michael Hall 
Exeter 

V R Mitchell and Sons 
Grimsby 
AC Pailthorpe 

Kingston 
Jewellery Sales 


Manchester 
Hancock and Son 
Mappin and Webb 
Nelson- Lancs 
H A Humberstcne 
Newcastie-upan-Jjne 
Davidson's The Jewellers 


Newton Abbot 
Ivor Doble 
Northampton 
Steffan Jewellers 
Nottingham 
Baiffie amt Foreman 
MKemp 
Reading 

Bracher and Sydenham 
Richmond -Surrey 
Anthony Lodge 
Ryde- Isle of Wight 
Bernard Mitchell 
Sheffield 
Elite 

Southend-on-Sea 
Keddies 
Sunderland 
S WWitten and Sons 
Torquay 

Nottingham and Walsh 
Wetherby -Yorks 
Martin Wood 
Wibnstow 
Fmnigans 
Mappin and Webb 
Worcester 
JW Cassidy 


holder £37; playing cards £34; five-sided gold-plated 
£930; Must de Cartier watch £275. (UK R.S.P only.) 

WALES 

Apropos -Cardiff 
Howells- Haverfordwest 
SCOTLAND 

Le Collier Jewellers -Aberdeen 
Laing die Jeweller— Glasgow 
James Ness- Edinburgh 
Michael Wbrren- Hamilton 
N IRELAND 
L A Kaitcer- Belfast 
S IRELAND 
We v and Sons - Dublin 
CHANNEL ISLANDS 

The Jewellers and Silversmiths- Guernsey 
Bond Sheet Jewellers- Jersey 
Rimeur Newman -Jersey 

I of mu/t* de 


HOTELS 

BURNS HOTEL 
Bartston Gardens 
London SW5 OEN 
NEAR 'WEST LONDON" 
AIR TERMINAL 
100 rooms, private bath/ 
shower. radio, television, 
English breakfast restaurant, 
bar — fully licensed. 2 lifts. 
Special terms to companies. 
Details and illustrated 
brochure on request 
Telex: 27885 
Tel: 01-373 3151 or 7981 


AROSA — Hole! *■!«**■•. Pnonc 01041 
81/SI 10 77. Central and a met site. 
Ncjr to ski lilt and skattaB-rmlc. French 
■ritchan. 03 r^Janmn P 

AROSA iGrls-jnn Hotel Voluna. First class 
1 week itl-holiJi/s from S.Fr.S7S — 
all mcJudJd. i" door Swimming Pool. 
Indoor Skatin'? Rink. Tx. 74 232. 
AROSA — Ho tel BcUavft ta’ - - • . Phone 
0104131*21 z* 21 . Indoor- Swim nil ns 
pool. 2 i* 1.17 * 8 ml. Excellent kitchen. 
Quiet site. Transfer lo skl-Mt -free of 
Charge. 


©hrislutas Sifts 


C©G5SQ5C5S©99O©C«SOS00e» 

s Irish | 
s Smoked Salmon « 

St Chsice fish specially cured In 
I) West of Ireland. Individually O 
O vacuum packed. Prices by leeier 
2 post; ® 

§ Zlb side (approx.) £9.75 o 

O 31b side (approx.) £15.00 O 

Jj Payment and mailing instructions q 

S EAGU ISLE SEAFOODS LTD., « 
Doohome, Rail ins, *» 

X Cq. Mayo, Ireland. it 

O Tal: M01.9M510. Telex 4738. O 


&0009 ©oe©oe©©©o©so®os3 


i I 


The holiday oasis 
for the indroidsted guest 

fnaxfljr, committed to tmdinoa 
- yet up to date 
In services and atnrnitrcs. 

Ski school, skalift to sunny eloper, 
downhill runs to the hotel's doorstep; 
crow-country skiing, promenades. 

Sauna and auuafe- San, Hanang; 
Trench lestaaxant «Le Mil cur*. 

Our glints hare exclusive free access 
to skating and curlinj; ricks, 
son terrace, indoor swim minf pooL 

SUVRETTA 

HOUSE 
ST. MORITZ 

de luxe hotel 

Phone 0f2-2]12L Telex 74491 
iLF.Mfllla.M 51 . 


HARROGATE**— , 

©lil Swan iotcl 

BS1TAUCS MOST msnr-:c. UISHU7 
CONFERCJXE HOTEL 
.« Conference Sncrourv tjAp 
M Tttleptiona {0423) 304051 
159 fine* All ab v 3 ar aara Sailw 
Plautf CatfmeM 388 +4 Private Rea w 1 7S 
Saaqaat DIbIrjIBO* Bdyt Oattatiaae 
i Rasiaotaau +1 1 a^. ta 11 pae. 

’ TELEX B7B21 QLPSWAN HARQGA7 , 
OncalBtiuin'i PRESTIGE HOTELS atf 


LEGAL NOTICES 


WO. 0337PU or W7S 

In ihe TOCO COURT OF JUSTICE 
•Vinter? Division ,v.’. Rnwrimr Hunt. 
In the Matter or THE SABAH TIMBER 
COMPANY LCiflTRD and In life Matter 
cf Thr cotnuaniot Ac 194*. 

NOTICE IS HEREBY RIVEN dial Iiy 
Order dated the 30th Ncscmhcr lOTs 
made in ihe ahnvr m.itt-'n; thr Court 
h’s dir^icj a mcriinc ot the holders 
■■r tor .Shares of thr ahove-Dimcd Ccm- 
p’ny iherenuOor called " 'he Company "1 
niit hrcrfittally nwn-d by Hnm.w'nc * 
c rceficld. Limited and iw nibsidion?s 
11 t C. Securities Limned and Harems 
Investment Trust Limited :n hr coDvroi-d 
Tnr thr runwi** ot exm-^rterine and If 
thotidit fit uproYlnK iwllb nr mihout 
m-nHBcatSon) a Schem<* ol Arran ecmeni 
proposed to he made betw-.-en the com- 
pany and (ho holders of Us Shares; and 
that such Meetlfl? will ho held at The 
queen’* Room. The Baltic Exchange. 
/— 20 Sl Mary Axr. London. E.C.i on 
Friday ihe. Mb dav nl January 19,5 at 
1-.00 noon at which place and lime nil 
toe aforesaid Shareholders are requested 
to if fend. 

any person entitled io attend Hit* said 
Me* Has can ohratu copies of too retd 
&*icTpe of Armnccm>KW, forme of Froxv 
and copies of the SfalctRr.ir r.’oouvd id 
h* fuiTrtBdcd pumuan; to Section 207 
rr »be above m-ntlcnH Act at th<- 
hctrt.i'wcd Office of 1 he rorepanr fiRiato 
*' 1-4 CRIl TOV't SlrrrL. London EC3R 
JAR. and « t ho nni--cv of ihe under- 
mentioned Snlltttm .it to’ address men- 
naiied he low dorlno u^ual huviKV hours 
n, l Any day IWlKT lhan j Sarurdny nr 
Fi-ndnr 1 rflor to the day ar-pointwi for 
rh» Meertny. 

THE ce>4 Shareholders may vote lo 
person at the said Meeting or they may 
enpofnt another person whether a Member 
of the Company or net as their proxy 
to etteod end vote in their stead. 

IN toe case of Joint holders toe vote 
"f the senior who tenders a vote wfceibrr 
In prrsoo or hr prox y will h* ace^lrd 
to the exclusion of the tm-s nf ihe 
other Mat holders and for this purpose I 
seniority will be determined fay the 
nrder In which tfu* names stand In too 
K roister of Members. 

IT is rwpiesied lirar forms appoinilni: 
proxies be lodsed uhfi toe Secroiane? 
of the Company, Rarnsona i- Crostlz-id. 
Umi!«d 1-4 Great Tower Street. London 
F.C3R i\E uoT less than 4» hnurs hefore 
the time unpointed for the s.i !d M>cttiis. 
h'tl ir fontu are nnt indued they may 
N - handed (o (he Chairmaa ai the oud 
ileertpe. 

BY toe said Order thr court has 
appointed Robert Mactjrosh Ma-rnhcrauu 
nr fa Olay hisr. James Ian -Gacnwe or 
faillDR him. Hugh Ralph KibMnriiiie to 
a«n os Chslrmaa of to: said Meet! ns. 
and has directed toe Chairman to report 
toe result thereof to toe Court 

THE said Scheme of Arr.-inRcmcnt will 
N- subject to too subsequent approval 
Of th e Co urt. 

SUED toe 8th day of TjecmHier lJ»ra. 

MWWTCSS £- PAUiES lA.Rob). 

SarrtBsran House . 

SMT Gre sbam Air vet. 

London ECV 13A. : . 

Solicitors for the Company. . 7 


EDUCATIONAL 


?■«>. 0CI23 rf IK* 

Hi tor HIGH COURT Mr JUSTICE 
Clam.-rr Division Group A. In toe Mailer 
of rPR iNDLSTRSES LIMITED and iq 
'hr Maitrr of Thv Cnmpanies Ad lOW 
NOTICE IS HEREBY GIVEN that a 
Prllion fas on the jni*i day ol Aopnai 
1V7^. prjsmteit to Rrr Majesty's High 
Court of .fustier f r , r ihr rorfinuaUon of 
tor redurinn of the raoitnl of the above- 
nemrd cempany from iT6.P08.MO tn 
t2S.W-P.tM 

and Notice U furtoer given that to* 
said Petition is dlre: , 'Mj io bo heard 
before The Honourable Kr. Justice Bright- 
man at thr Royal Courts of Jmhce. 

Strand, London on Monday the lSih day 
of necembtr 1P7P. 

ANY Creditor or Shareholder of the 
*nld Company drstnoc m oppose the 
maklos nr an Hrfcr for the coufitmatJon 
of the said reduction of capital should 
appear at to* lime of hearing In oergon 
nr by Coonsef for Lhal purpose: a copy 
of the sa-.fl Petition will be fuxnMKd ' 

to any -such uvrson requiring the same 1 

by thr under mentioned Solaarore on, 
narmeot of toe rrgulatm charge tar toe 
some. . I 

DATED litis 6th day nf Dcaaaber iVX. ? . \ 
SHARPS PRITCHARD fci)i, . £ 'j ’- 
149 Kiiiasway. London w.cj. j: * 

■ : Aaonts lor - ■■ ! 

1-\HES A OL Of ■ 

41 Coiflr StrceL. Lir'-rnom. ' "« v ■ 
Solicirors for ton ?*id Company. *•! ‘ 


CLUBS 


EVE- 1S9. Rpnrnt Street. 754 9582. A t« i- 
Cirtr or Alt-jO Menu. Three Spectacular 
Floor snow* 10.45. 12.4S »"0 1 .45 -and - ■ 
mu:.* or Johnny Ha “Ikes worth & Frlrrda,.., 


PERSONAL 


Whes, . 

4Wstuk‘S!es; 

wa. j Taaft’-. 


TYPEU/R/TERS 

•CfltCI/WTORSi 



iLjiiD 

-•ECNNFnvrvpE'A'Hn cits uvnn d 
airr 


- WAMT TO SPEAK FRENCH?- 

You CTO. Uirougli a unique 4 - week program iHe on tile RIVIERA 

!n Private aporinwot. hotel or ismti? 
included. For telBHW*, iflii'mijiiij;? and ndviiui'Oi]. au uecs. 

Hen neddle cou na star ts January j, Fcbraanr 5, 1OT, ami all nar, . 

* - „ JNSTITUTDE FRANCA TS FT TO . 

23 Art. G4n. Letlerc. 0bEo-YiHcfrar.O»tur-f4Br. Tel: <«> S&&6Z 




\-s 







■ - ^ 


TRIFLES is a new shop at 
239a, Fulham Road, London 
SW3, which seems to specialise 
in American toys, though there 
is also a fair sprinkling of 
things from Portugal, England 
and Germany 'as well. It's the 
kind of shop that comes into its 
own at Christmas (I often 
wonder what this son of shop 
does for the rest of the year) as 
it's primarily a gift shop. They 
have some very unusual papier 
mach£ tree decorations and 
sketched here are four presents 
chosen from Iheir range. 

The wood star tree ornament, 
with a fat little angel sitting on 
the end is £3.50. There are a 
few antiques in the shop and 
these delightfully old-fashioned 
china napkin rings are of old 
English china. The boy and 
girl napkin rings (the girl is in 
paie pink, the boy in blue) are 
£8:00; the dog napkin rings cost 
£6.00 for a pair. Finally, for 
recalcitrant cleaners of teeth. 

EVERY -young child- needs: soft toys and I ."•* "Right: Wide-eyed rag doll. 18 in high, she what could be more enticing 
know children that loved having them way istiressed ta a lovely Liberty print dreu Her ^er^t eraolete^m'a hole 

r Street^London! 

Even adults have been known to dislike being 

separated from their teddy bears, so if in "- : .jfliddle row, centre: Hessian hedgehog LOVELY traditional hand- 
. doubt, give a soft toyi.’.Certaiiily each year the Wiffi'-fluffy brown woolly coat 10 In long, £9.95 jurned wooden toys ; are available 
selection is so delectable that I half wish : : (35p‘ p+pj from liberty of Regent Street, 
somebody would give me* one. We photo^ Loodon, W.l. 

graphed a group of some of this year’s newest -y Bottom row, left: Harriet Hare has fluffy th*r 

Ind cuddliest T - , . . . white: fur and cannot be separated from her These are the sort of toys that 

Top -nw, left: Friendly-looking, though orimge carrot She is 15 in high and is £8.95 actu fJ^ 

distinctly lean, mouse, who adopts a rather (p. & P 50p) from Sylvia's of 25, Beauchamp enjoyed, first by children vino 

rustic styte of dresit . has a predilection for Plhce, London, S.W. 3. Wl ^ H 8 ? ? s t0 . J S a " d 

gingham {blue or red) and is 15 in high. At , ..^Centre: Nurse doll, 19 in tall, sports thick 










LAST year’s toy of the year 
was, of course, the skateboard. 
This year, so the rumour goes, 
it’s the games based on com- 
puter chip technology. The great 
burgeoning of the micro- 
processor has made all these 
computer-influenced games pos- 
sible. Nobody to play back- 
gammon or chess with? Never 
mind, there’s a computer that's 


always ready to come out and 
play — the only trouble is it’ll 
usually beat ynu. 

If you want a slightly more 
unusual computer-based game, 
computer battleship js reported 
to be the game of the year 
(£29.95 from most games and 
toy departments). It is based on 
the well-known childhood 
favourite uf battleships but 


white: fur and cannot be separated from her | TIiese are s ° rt of tQ y s tha J 


Top -row, left:' Friendly-looking, though . orange carrot. She is 15. in high and is £8.95 
distinctly lean, mouse, who adopts a rather Ip & P 50p) from Sylvia's of 25, Beauchamp 
rustic style of dress.. Ife has a predilection for ■ Plime, London, S.W.3. 
g ingham . {blue or red) and is 15 in high. At .. ^Centre: Nurse doll, 19 in tall, sports thick 
£1.85 (35p; ■ p+'pi i . be- seems remarkable value, buddies of hair, and an authentic-looking 


From Liberty of Regent Street, London Wl. 

Centre: Fluffy little- .owl' (an owlet?). He 
is 5 in high, is speckled brown, beige and 
black and costs £2.45 (p+p £0p> from Sylvia’s 
of 25 Beauchamp Plaice, London SW3. Sylvia 
has Tots of other soft toys, too/ ■ 


pmform. She is 19 in tail, £8.91 from the 
GhSd^en's Book Centre, 229 Kensington High 
Street, London, W.8. 

rRight: Clown nightie case in a bright 
Xiijeity print, £13. from Liberty of Regent 
Styeyt, London, W.l. (p+pSOp). 


iv5=:htta 

HC'JS 

* SV50f=rT2 


n r i v? 

jPr?4*£ 

i? il -»“» '»»V 


■np YOU have a child who: von . photograph above n 

think might.' Be interested in Oraydngrbjr .Sumiko 

chess but you don't? feel like 

investing a 'great deal in. a. set ‘ 

for a begftmer there is. a new 

idea in chess sets on.the market .. \ 

Roger Elliott has designed & 

simple set which the child puts . . 
together and- colours himself. Cf^Al ft ||CT' 

The set arrives as. three flat - 

pieces ofca^d—one piece,forins : . . ' &■ > 

the chess board;' the-other two -i |» 1 1 |TT"AY« C 
consist of the piece?, whlch^ have. .■ vfiJLlJ.4-aJL vll p . 
to be. cut-out, coloured -and: put •: 

together before: play: can. start ‘ 

Roger. Elhott wanted the chll- . 'aU;U ftJBK' 
dren “to .feel involved with tim ; „ t, 

pieces before They started, learn- -Irtm Adanis^Toya are available 
tog the game, .Hence,: the idea many good toy shops but 
of fte chhdr^ cOnstiuetog and their range of wooden pull- 

1 %• - «Tat)oc> ‘ cbtmoc rirtlJQ flTlfl Filrrv 


Photograph above by Trevor Humphries. 
Drayingy by Sumiko and Frz-nk Wheeler 


can actually be used and 
enjoyed, first by children who 
will use them as toys and 
second, by adults for whom the 
quality of the finish turns them 
into collector’s pieces. Sycamore, 
beech and yew are the woods 
used and a mail order poster/ 
catalogue is available on re- 
quest Three toys 1 liked in 
particular are a baby's rattle, an 
old-fashioned whipping top and 
a wooden cup and ball game. 
Each of the three is £2.40 and 
can be posted for an extra 20p. 


in the holder so that it can be 
bung up where the toothbrush 
usually goes? 95p, 

DON’T forget Mothercare shops 
which have a good selection of 
children's toys, most of which 
may be based on traditional 
ideas but have usually been re- 
thought and re-designed. I par- 
ticularly like their very simple 
dolls' bouse, complete with 
moulded sitting room, bedroom, 
bathroom and kitchen furniture. 
In nice bright colours, it ail slots 
together, and is available from 
all Mothercare shops for £5.75. 
There is also an attractive set 
of pictures and Dumber scales 
which is both toy and educator 
in one — the scales only balance 
wben either the numbers on 
either side of the scales add up 
or when pictures of the animals 
match with their names. £2.0!' j 



, .• -‘1. 


MANY OF you will have 
noticed the drawings of one of 
our artists, Sumiko, a young 
Japanese girl married to an 
Englishman and now living here 
in London. We love her draw- 
ings for their delicacy and pre- 
cision and those of you who 
have admired them may like to 




know that her first children's 
book was published in the 
autumn aud it makes a charm- 
lag book for a young child. 
The story of an orphaned kitten 
who is adopted by a family of 
mice and thinks it is a mouse, 
it is illustrated in full colour 
with Sumiko's drawings. 

Called Kittymouse, it is pub- 
lished by Heinemann Young 
Books, costs £2.90 and is to 
most bookshops now. 


instead of using cardboard .'-hips 
and boards you use a omipuier- 
controlled board. Then- are 
wonderfully satisfying noises 
every time you score a hit but 
otherwise the game seems to nr* 
little improvement on the old- 
fashioned version. However, to- 
day’s child disagrees with r.u. 
and most shr>ps report that it ii 
going like the proverbial hot- 
cakes. 


- : ' 


MOST children, m ray experi- 
ence. love having things that 
belung to them alone. The 
sense of territory is highly- 
developed in the very young 
and there’s nothing like knowing 
that a fev/ pieces of china can 
only be used by them. General 
Trading Company, of 144. 
Sioane Street. London, S.W.J. 
has some of the most charming 
children's china I’ve seen — a 
nice change from Peter Rabbi L 
A bowl, mug and plate stack in 
such a way as to form happy 
stock nursery characters— a 
lion, a boy, clown, rabbit, 
reindeer or small girl. Each 
set is £4.95 (can be posted for 
£1.20). 


wu 




Above, from the ! tridias l catalogue is a copy of the famous 
German Dux helicopter— it has a propeller span of ISins and 
is set in motion by a firm pull on the handle which encourages 
\ the machine to rise up to 30ft or so. £L95. 

\ 


FOR WO 


colouring' . the -pieces 'thero- ; alongs, shapes, dolls and furry .. .1 „ji*« „i .v:-.. 

selves."Remember, though, that *6yfc .sir*? also available by mail mainly their own designs- games. Many toad itionaJ things 
this is Phasic set— tkereare: no order. ^You can still either write bright, attractive clothes, including hobby horses, ludo 
Instructions and T do not think if firsts class post, please) or padded toys; lots of patchwork, building bricks and so on. If 
the pieces would- survive, long P&owi (073 522 3480) for the applique, quilting, smocking, you don t have a local stockist 
If you feundyott -had -an addict -cat&fbgue to: John Adams Toys. handknirting; and crochet are write now for the catalogue to 
on yoixr hand& I do thmfc it's Craves 'Hill, Wargrave, Berks, featured bottom the clothes and Galt Toys, BrooMeld Road, 
a .fKtffiao. ; . the fumish\ng accessories. Cheadle, Cheshire, SK8 «PN. 

You can buy ■It" in irW ®°° k Centre, 229 Christening robes and s^wls R „vhar<L 3 Mansfield 

ren’s shops, Including Children 's- -Kensington High Street. London can be made to order. t inAmNWS (and at 

Book 'Centre,- tile Owl and -WS.-Apart from aU the books: * „ 5 oad : r n ?'A„L; v T V 

iSc^nask^fik;^ Hamjh (both for cldldren and adults) Davenports, 51-i Great Russell Camden , Lock on Sjmd^s). A 
stead, London NW3. The ChPss there. -are stocking fillers from -Street, London, WC1. Specialises little shop sellu^ toys ma e y 
LbS 5p to £50 (if you’re that ldnd .m aU sort of jokes, puzzles and craftsmen, doUs houses, soft 
Wl,' The Neil, Street Shop.-JJeaa: of a stocking filler). Toys range conjuring tricks. Great stocking toys, lots of little fun toys. 
Street; 1 jOtfrant-Garden,: London, from rag books for babies to fillers. • Pussycat, 11. 

WC2, to* tton - and Unicorn crafts for teenagers. Up to^ MalWftllph SSk Sk ’ BuSfid 

Bookshop; King -Street ^Rich- December .24 goods sent by mail Toys, _ Gre ®J. T v™ ’ ls a S h 0 D that 

toond and Langton Bookshop, order will be gift-wrapped free. .'Street, London, ^ 1 - There are Lo n* • ■ J 

Church • Street,; Twickenham. Make inquiries nn 01-937 6314 .- sood toy shops all over m 

0 , 1 * Qf . firindhn- rpidKH! can - country which sell the Galt think that children should just 

order- bv mai) '-direct - from Cookharo Workshop, 12, Cook- range of well-designed toys and be palmed off with the brightest 
Roger !EaUott at 33 St. Stephen’s hani Arcade, Cookbam, Berks bit of Plastic ground 

Gardens. TvrickenJtain;:. Middle- (Bourne End 28426). Opened by floor they cater for the under- 

sex {SQp p&p.y . ■ '/ two young designers who sell: ;'- jafflB i. fives and there ^ are lots of 






-C.5-1 'X&i 




i i 

" i 

• — ^ -- i 





S' 


The. Tree House, 237 Kensing- 
ton High Street. London W8* 
has some soft*, cuddly animals, 
lib* the dolphin above, which 
float in the bath, and are 
machine-washable (99p to 
£1-95 depending on size.) There 
are also floppy bath hand 
puppets like this doll (12/13 
bis tall) at £6.45 (p+p 22p). 


floor they cater for the under- 
fives and there are lots of 
stuffed toys, wooden toys, pull- 
aloog, and other things designed 
to appeal to babies and their 
parents. Downstairs, they cater 
for the over-fives and you’ll find 
an outstanding selection of 
books, party things, boxed 
games, paints, jig-saws and so 
on. Masses of stocking fillers, 
some under 20p. 

Pollock’s Toy Museum, 1 Seal a 
Street, London Wl (behind 
G oodge Street station) is both 
a museum and a toy shop. Zt 
sells old-fashioned toys, repro- 
duction dolls, dolls-house acces- 
sories,. paper cut-outs and toy 
theatres. 

The Tree House, 237, Kensing- 
ton High Street, London, W8. 
Huge choice and room for 
children to do their choosing. 


Two marvellous bathtime toys 
from the Children's Book 
Centre, 229. Kensington High 
Street. London. W-S. Above, a 
blue hippo which swallows a 
baby whale as he moves, £1.62. $ 
Right, the car sponge has a ■ 
cavity to hold the soap and as 
yoo rail it along it makes lots 
of suds, £1-98. 


They believe in letting children 
test the toys first and there’s a 
completely filled bath in which 
children can try out all the 
special range of bath toys. Their 
collection of floating bath pets 
from the USA is exclusive and 
special. They are all non-toxic 
and ran be machine washed. 

! tridias ! 8 Saville Row, Bath 
and 44 Monmouth Street, Lon- 
don WC2. . The place in my 
opinion for browsing round for 
filling stockings, as well as for 
some major toys. Lots of tradi- 
tional toys* as "well as lovely un- 
painted dtils bouses and joky 
gadgets. Mail-order catalogue is 
available from the Bath address. 

Village Games, 15 Kingswell. 
Heath Street, London NW3 is 
one of the newer children’s toy 
shops which is characterised by 
great taste-— masses of small 
toys, like impeccably made 
miniatures,- books that provide 
play as well as reading material 
for £ 1 . 20 , and (useful for the 
very busy 6t the lazy) they will 
provide a . ready-filled stocking 
(filled with' about 30 items, 
including things like a money- 
box, skipping-rope, small ball, 
etc.) for £4.95 (p+p 95p). They 
now have a mail-order leaflet: 
send a s.a.e. <9p stamp). 




Eastern Rugs 

BE SURE THEVRETOP 
QUALITY AND SAVE UP TO 30% 


The Woman's Financial Letter 
- with Sheila Black 

Isn't it high time that the special needs of women in respect 
of money matters were given special consideration? We 
thought so — and have done something positive about it. 
The result is a brand new service. The Woman’s Financial 
Letter, under the editorial supervision of the authoritative 
Sheila Black. Packed with jargon-tree financial help and 
inside Information. The Woman's Financial Letter - is 
written specifically for yon in your capacity as investor, 
professional or businesswoman, or even as part-time money- 
maker. You’ll he intrigued .by such features as: 

* Shareholder porta {from furniture to hair-do’s) ' Valuable 
hints on collecting * Yonr special Insurance needs " Coping 
as a divorcee * Store shares worth investing in * Investing 
in oriental carpets- 

To see your FREE SPECIMEN COPY of 
The Woman’s Financial Letter, 
simply write or telephone now. 




Every oriental rug sold at Healey & 
Stone has its own Crrtificair oT 
Authenticity with its place of origin 
anti batch number noted. We've a 
fine sdreikm of Afghans, Persians, 
Ouneve all 2IM0W brio* W«r End 
prices from fJJ-COOO. Peivonal 
servivc in all our cuaomers. Come 
and browse 9-5 lunch hours included. 
Opposite Hothorn Vaduci Sianoo. 
Healey A Sum, 4 Snow Hffi.EX.1. 
0 1-2364433. 

Jhealey&stoneI 


To: The Woman’s Financial Letter, Dept. FTC, 
13, Golden Square, London W.l. 

Please send me a FREE specimen copy of the 
Woman’s Financial Letter. 

Name 

(capitals please i 

Address 


Or phoMe 01-597 7337 

(24-hour answering service) 


STATUS! 

MARKS 1 


y , ■ r m '* ■ v '■ ^ y ■ : v ' 


. jAj - ; , fW.ojfTZ 





mM'-f ?c£f-- 




A hundred years ago cha bast 
people ate their food with table 
. silver. Their cable silver Cower 
a hundred y«« ®MI brought 
back to allot condition by crafts- ■ 
men'.! Overs mfths cm be voort to 

■ eat with at much l«s cost than 
■ new. It will give V«i beauty, 

■ status and a luting Investment. 
Collected matching services are 

: available ter year - selection. Send 
lor e list,- or phone Kettering 
j SI 782 (daytime) or Thrzpston 
2105 (evenings). 

W.D. EVANS, OU Bakehouse, 
Deafard, Kettering, Northuts. 


LEATHER CAPTAINS CHAIR 
- DIRECT FROM. MANUFACTURER 

- -The clesBbt Cap&Jn’s Chair Is now available at ■ only 
mi tac, VAti— at toast 1)00 below store price. 
Upholstered hi folf grain antique flnlsb 
.‘band polls bed solid mahopw altery «*»* 

: Swivel -and tfit action.. Swivels wrouffi 360 . tile 
back 2ft. depth, 2ft. width, Watlt 2ft 4ta ?“3«.- 
AvsHable in antique shades' of grata*' r*ti 1 “J* 

brown. Send now lor order form, onloor “"P*" 
.-.-leaflet' DeHvery. freo. U.K; , Mainland *valhbla «• 
stack. Poftad' boar «' ;thls ^k*.- 

; 6«atnAWN LTP-', HOWARD HOUS^jW I H»l 
:- : STREET,-tEW<S. SUSSEX. TBLs L6WES 77755- 


22 CARAT 
GOLDEN GIFT 

A unique invmnnaot hi sohd gold. 30 
Hariage. of Gnuc Srfnln coaunemor^ 
*ive medals of I 02 wch in high 
rallaf, deoietlnf Military Commanders 


denari ftttoe HteraMre of each per- 
sonality fo a beautiful display amine*. 
Om ik only ft available lor ebe UK 
market, once £3.827 iaq, VAT. Solid 
■Hfer and iHw gilt me*ds of same 
limited series oho available on easy 
psyquma, at £17 end £20 each. 

Enquiries ood brochure from: 

■ MEDAL CLUB OP GR. 

34 WOOD LANE. LONDON W12 
G1-S8S 2539 



THE Jack-in-the-box is one of 
those perennial toys that go on 
bringing delight to succeeding 
generations. This new version is 
as cheeky and perky a Jack as 
one could wish for. The box 
measures some 5 inches square 
and it costs £14.95 from Liberty 


of Regent Street, London Wl 
(p+p 75p). 

Also from Liberty, which bus 
one of the nicest selections of 
toys J'n town, is this money box, 
just one of a series of charming 
pastel-painted houses. £6.50 
ip+p 50p). 











12 


* -y't 5 * i h ? • ' t:?--? - : j 


Financial Times . Saturday , December 9 > I 97 &. : : 



[ MOTORING -sit V-s^^va ; f .-■•i YNN-;n ■' \ ; ; " 


Porsche 

delight 


3 


BY. STUART MARSHALL 

WHAT MAKES a rich man 
decide which supercar to buy? 
High performance is taken for 
granted — but is a tyre-smoking 
0-60 mph acceleration time of 
seven seconds more important 
than forgiving handling in an 
emergency ? 

Is a reputed maximum of 
150 mph going to clinch the deal 
if the car has become so noisy 
at 120 mph that he can hardly 
hear himself think ? Or will he 
go for an under- 140 mph maxi- 
mum if the car is quiet enough 
at close to that speed for him 
to Listen to the stock market 
prices as he rushes along the 
autobahn ? 

These were some of the ques- 
tions Porsche had to answer 
when planning their 928 in the 
early 1970s. No one knows 
more about making exciting 
sports cars than Porsche but. 
even before the oil crisis and 
the slump that followed, they 
were aware that times were 
changing. 

The 925 recognises this. It is 
a supercar that has come to 
terms with the safety and con- 
servation minded seventies; a 
sporting yet silken two-plus-two 
that T rate the best car I have 
ever driven. 

In a complete break with 
Porsche tradition, the 928 has 
a water-cooled VS engine up 
front, not an air-cooled flat-six 
at the back. The clutch and 
five-speed manual gearbox for 
a three-speed automatic trans- 
mission) are mounted in unit 
with the final drive, achieving 


ideal weight distribution. 

By Porsche standards. 340 
horsepower is- not much, to 
extract from 4J litres of engine. 
This — and gearing that gives 
25 mph per 1|0Q0 rpm — is a 
recipe for exceptional relaxa- 
tion. 

The automatic version I 
drove during the recent cold 
spell started and warmed up 
with as little fuss as any 
American V8 after bitter nights 
in the open. It idled along in 
slow moving traffic with an 
executive saloon's lack of tem- 
perament, leaping forward 
eagerly at a touch of throttle. 

On speed-limited British 
roads, the 928 demands a lot of 
self-discipline. At the normal 
busi nesman's motorway cruis- 
ing rate it feels half asleep, 
with the engine at a lazy 3,500 
or so rpm. Off the motorway, 
its sharply responsive handling 
and immense reserves of road- 
holding let you drive it safely 
and undram atically at speeds 
that would he unthinkable in 
lesser cars. 

Odd though it may seem, 1 
think the 928 might even dis- 
appoint Porsche owners wbo 
have grown used to 911 models 
which make greater demands on 
their skill. It is such an easy car 
to drive welL The rear suspen- 
sion changes the wheel angles 
slightly if you back off the 
throttle instead of powering the 
car through a bend. That keeps 
you exactly on the line you had 
cbosen. Even on frosty minor 
roads it drove good naturedly, 
sliding its tail gently and earn- 
ing back instantly when correc- 
tive steering was applied. 

The power assistance on the 
steering is so subtle one is 
really aware or it only when 
parking. The brakes need firm 
pedal pressure but are 
immensely powerful. Some of 
the credit for the 928’s super- 
lative handling, belongs to the 



£4* 


The Porsche 928. A sporting, silken two-plus-two for the connoisseur of fast motoring. 


Pirelli P7 tyres. Though getting 
on for a foot wide, they thump 
only moderately at low speeds 
and have unlimited grip on dry 
roads. In the wet it is possible 
to spin the wheels when 
accelerating hard but bends 
continue to seem irrelevant 
The Porsche just proceeds round 
them as though the road were 
straight 

Everywhere you look in the 
Porsche there are signs that it 
was designed, by people who 
really understand the require- 
ments of fast, comfortable 
motoring. The twin door mirrors 
are electrically adjustable from 
a control in the driver's arm- 
rest; the steering column and 
instrument binnacle together 
move up and down; the head- 


lamps can be adjusted at the 
touch of a knob by the driver's 
side. 

The minor controls are all 
faintly illuminated at night; 
there are four screen clearing 
jets though, strangely, not even 
one for the hatchback window 
wiper. Standard equipment in- 
cludes air conditioning and 
Porsche's own station-seeking 
radio and stereo tape player. 

Such snags as there are show 
up mainly in town. Visibility to 
the front nearside is none too 
good even for a tall driver. 
Strong reflections in the wind- 
screen of the light fascia top 
and the demister vents do noth- 
ing to help. The passenger front 
seat headrest can restrict 
vision when joining a road at 


an angled junction and the 
screen pillars are fairly thick. 
But these small matters apart 
it is difficult to criticise the 928 
at all. 

The rear seats, though limited 
in leg and headroom, are 
enough to allow a prospective 
buyer to turn to his wife and 
say: “Well, at least there's 
space for the kids in the back.” 

The Porsche 928 costs £20,498. 
It returned 16 miles per gallon 
of two-star on typical commut- 
ing driving and is practical 
enough to be regarded as a 
senior management tool rather 
than just another car in a 
millionaire's toy cupboard. It 
certainly gives one a new set of 
standards to judge other cars 
by. 


THE MAJOR stumbling block . at 
present foiling those- golf -pro-. 
motors anxious to create a -year- > 
round world circuit is that the : „T 
American tour goes on too long. 
And if the players continue to 
have their way it is unlikely to ■- 
get any shorter. It thus 
becomes . increasingly difficult— 
without “investing” vast sums 


Mexican 
fiesta 




GOLF 

CSK WRIGHT 


tonight’s State .. championship 
final high schooL football game* 

flying down’here in -his privale 

jet on Wednesday evening- He 
will fly away tonight to watch 
; the match and rejoro im- 
mediately. Without even a 
look at -the course, Nicklaus 
was able to hole ' tt ih 75 
shots iu his first roundj and 
this score, in his own words- 
“could. easily have been 69 or 
- 70.” In .fact . Nicklaus took 36 . 
^ putts; single . putting only twice, 
"" from inside a . yard oh each 


in appearance money — 
suade the world class American. iTj 

stars to travel to such excellently . T- . . . - f~r' i~ 

iinil points scorers in the four occaston- Yet he had not played 

conceived and splendidly _Tbh~ .classics around the a single golf shot sinee. winning 
tournaments such as the Eoro- "world, thus offering a further Australian Open in a canter 
pean Open Championship, the, inducement to the a similarly lengthy lay-off. . 

Dunlop Phoenix Tournament ^ hfest American players to leave omnkuss . are _ at present 

Japan, the Australian Open, ^ ^ Iast quarter of the divided about" the venue and 

toe Mexico Cup year.. ' dates of nest year's: European 

being staged this wmk here at : Everyone present seems. lost open. Tmnba wants to take it 

the Club de Golf, Mexico, .aH admiration of this wonderful +o Scotiand-r-if possible Muir-' 
four .coming at the end of suclr including Nicklaus him- ^ the first week, of Sep-, 

a gruellins.10 months tour in the ,3^. .-who last played in an ^35^ j n direct opposition - to 
U-S. ■, exhibition match here in 1971, American tour.' But with 

It is no concidence that afi an dconfinned that it has never conunissioner Deane ' Beman’s 

four are organised and run by heeh in better condition in "^fcieesing, John Morrtgomeiy- 
Executive Sports Incorporate^ time. It meanders through SBn jdr teas just inspected toe El . 
a Florida-based company arun by. groves of much varied, lovely pp at ^ BarceJona, which 

John Montgomery Senior and trees, every one of which .is. reg ards as too short for the ' 
Junior, with whom Jack ^irded with whitewash for. 0ccas i 0 n # . and Atalaya Park ii 
Nicklaus has a dose affiliation.- some four feet at the hottom of afarbella, which be considers 
And this week this orgaaisatida -'the ; trunk, for reasons whidi ^qld be perfect if the rough , 
has convened a meeting here escape me. Perhaps it Is “> ^5 allowed to -grow. ' " 

between Sven Tumba, wlio guide those who have drawn too _ - jeader 1>oard on 
created the European Open* deeply at the Margarita well In ^ nf , emphasised the 
Messrs. Shingu and Omshi, who the clubhouse- The golf BaU quaSyoftoe Add 

run the Japanese event, andrflie&.so far at this ratified alti- 'whirii restricted' -to 

Mauricio Urdaneta, who created tudeof around 7,000 feet that it . +_ 50 professionals, 

the Mexico Cup competition "plays much shorter than its 
earlier this year Kerry ^cke^.'Srtised length of 7,238 yards, 

who sponsors the Australian;. par- 72. The outward Gnhutile Aotim 

Open, will join the others; appreciably tighter ttoaTtoe 

involved if his commitments second half, and not a single ^ aS - 
with World Series crictet aBow player I talked to yesterday i 

him to travel. The idea of. th$ had managed to escape 1*e total a^o x^s the Japan^ 
meeting is to discuss and for; clutches of the ovenhangtogrand ^efter- 
mulate a unique plan for a clautrophobic branches on the 

points system including all four way to the turn. 

events After the Mexico Cup. ! The mind fairly boggles at pathy during ^js year s Open 
which Urdaneta hopes win find, the talents of Nicklaus.. He. Championship whem be putted 
a permanent home at this .withdrew from .Wednesday's into the road bunker at : 
palatial golf club, a substantial proam in order to watch two Andrews; and took, nyje *“«.« 
extra prize kitty would be. of his sons in their last practice the _17th hole when in con- 
divided among the leading .sesmon in Tallahassee before - tentioh. 


MOTOR CARS 


1 .. 

I--. 


;A- 
1% • 





• ;• . • 1 : • • 

• '• • -w - 



ROMANS 


QUALITY CARS OF DISTINCTION 


••• v,* ■ 


PBRBRiGHT, SURREY 

-..M'-ify ROLLS-ROYCE 

Vm T* RoHs-Royce Sbadw II. SeyctaeUe* blue. Brer hide Interior, delivery 
raUease only. E3M90 

XVfT RaUa-Koyca Sttuimm ft, flslshed la Ivory, etaooolate browa Interior. 
3. BOO miles only. 04.950 

IWT Rells-ftnyce Sbsdoi* || Bat abed In Scot* Pine, bets* Parkaies loierior, 
b,imm miles only. E34.9SD 

MERCEDES ^ 

XV78 450 SLC; Metallic red Mritb parcbmem velour, 8,000 miles only £22.950 
1978 350 SL. fioiatied In silver zreen, bamboo olnth nybalucry, 2.000 miles 
only. 08,950 

1977 350 SE. topaz brown, bamboo doth uobaUnvry. 12.000 miles onlr. 05460 

1977 *S' 350 SL. finished la brown wit* parchment Interior T.900 mdes 
only. £25.450 

1978 T 230 Saloon, finished In Topaz brown with parchment cloth, delivery 
mlleace only. £9,750 

1918 230 Coups, finished In Wbtto with Bamboo doth npbolskry. 6,900 miles 
only. £0450 

1978 (Model) 350 sl. meisHtc Ambradts with parchment leather upholstery, 
S.oOO miles only. £17.958 

1977 *5* <50 SEL, meutUc llgfat Mue with bine vrioor Interior, 11, DM miles 
only. £19.450 

1978 *T* 450 SEL, finished In meutilh: Ukfal Mae with blue velour, delivery 
mile ace only. *22.950 

1978 4» SL. metzUic Iisbt blue, 1 owner, low mHeaae. EU.950 

BMW 

1977 633 CS|. Polaris silver with leather, blue vinyl roof. IT. 900 nnles only. 

03.450 

1978 633 C51, auto . fiord blue, sun roof. 12.000 miles. 04,950 

1978 730 Auia., Polaris silver with blue velour. 4,000 pule* only. DIM 
1978 333 I. corat red 4.000 miles. £7,750 

1911 323 I. fjord blue with blue doth. 6.000 miles only. SUB 
19T8 328 Manual. Sierra be Leo, 7.000 miles. E6JS0 . . 

1978 320 Manual, finished in Turmzlme sreen with belze cloth. S.DOO milts 
only. E6.350 

1977 328 l, mint Breen with beige cloth. 15,000 miles only. E5.950 


2978 T* Porsche 928, metallic silver with blacV hide, J.000 niik-v only. £26.9$o 
1978 Porsche Turbo, metallic silver wjrb black hide. 11.000 miles onlr. £26.950 
1978 T 1 Porsche 928 antm, guards red. black bide. 1.000 miles. £26,950 

1977 'SP Porsche 911, lax mrga. silver, black velour. 10.000 miles. £14,450 

1978 Porsche 924, !nz. silver. 6.0M milts. £8.950 

1978 Porsche 9U SC, torsa. sportamalic, air con., 2.0M miles. 06.650 

EXPECTIONAL CARS OF OTHER MAKES 

1978 *T* Ferrarf 309 GTS. Ferrari red vriih black bide. tW miles omy. £17.950 
1978 Jaguar XJS, Brushed yenow gold with black bide. 6.000 miles only. 03,650 
1978 T MGB GT finished In Inca yellow wiih grey doth upholstery, 1.600 miles 
only. £4,195 

1978 r P TVR 3000m, yellow. 19,000 mUes. £6395 
Hew Volvo 264 TE limousine, black, works mileage. Q7.147 
1978 Jaguar XJS. while with black hide, 7.000 miles. £23,650 
1978 Daimler <-2. reKcnev red. ran hide. 5.000 miles. *9,995 
1978 Land# ICQ HPE falue. 4.990 miles. £4495 
1978 MGB GT. British racing: green. 6,000 miles. 13.995 
1977 -S- Volvo 244 DU »mo.. yellow, radio. Xl.oao miles. £4.695 
1977 (Model) Volvo 245 GLE. auto., met al tic bias, radio. £4,950 
1976 'R- Trlomph 2500 1 Estate, auto., bine 10.000 mUes. £4.150 


C. 


Please telephone Brookwood (04S67) 4567 

HASLEMERE SURREY 

1975 (1976 model) Rolls-Royce Stiver Shadow, finished pcs rock blue with bclce 
leather opbolstcry. usual fall opedBcailaa. full service history . =5.000 miles. 
£25.659 or £669 monthly. 

1978 T” Ferrari 308 GTS SpMtar.' finished In lLsbt msmilic Breen wiih tan 
leather upholstery, wide wheels, Uotetl sUss, radlarau-reo. 1 owner. 10.000 miles. 
07.950 or B568 monthly. 

1918 Mercedes 359 SE. finished in UlUn brown with ran velour upholstery, 
air. coil, sun roof, dated elsss. ndia/slereo, 1 owner. *,000 miles. 0X450 or 
£481 monthly. 

1971 Jaguar XJS. finished in carriage brown with ran leather upholstery, full 
ooeclfiotJon Indudliuf air cob. and radio, 1 owner. 6.0M miles. 03.750 or 
£358 monthly. 

1977 Porsche 911 Lux Tam Sp urtmaU c, finished in tight metallic gold with 
tamn cloth uphotsieiT. radio. 16.000 mUes. £1X659 or £356 monthly. 

1978 *T* VoUcsmgm Scirocco GLS. finished in metallic blue with bcleo doth 
upholstery, umed gloss, 1 owner. 2,000 xnflos. £4,495 or £177 monthly. 

1973 MormM Plus Eight, finished In yellow with black upholstery, .Lightweight 
body. aHay wheels. 1 owner. 3 000 mites. £8.650 or £225 monthly. 

1978 Volvo 244 OL Auto., finished in red wUh red cloth upholstery, radio, 
1 owner. E4A95 or 027 monthly. 

1977 *5* Audi 108 GL5E Auto, finished In diamond sliver with blue velour 
upholstery, tinted glass. 1 owner. 0.006 miles. EL89S or £L5T monthly. 

1977 TrlampH Slag automatic, finished in Java green with black npbnlstery, 
hard/aoft top. dated glass, radlo/atereo, 1 owner, IT ,000 miles. £5495 or 
£153 monthly. 

1918 BMW 633 CSI. finished In metallic anthractu- whh red tearber upholsicnr, 
air coil, son root, and many other extras. 1 owner, s.ooo miles. 04,950 or 
Q90 monthly. 

1977 *5' BMW 328 t, finished In while with U n doth upholnery, air con., alloy 
wheels, can roof, 1 owner. 1T.0W miles only. £6.995 or E182 monthly. 

Please telephone Haslemere (0428) 3216 

Opea dally Including Sundays until S p.m. 

Flease telephone for all your leasing requirements. 


GENERAL MOTORS 


LENDRUM & HARTMAN PRESENTS A SUPERB 
RANGE OF RIGHT HAND DRIVE NORTH . 
AMERICAN CARS AND LIGHT TRUCKS. 

Teat Drives now available on Cadillac Sevilla Chevrolet 
Caprice Sedan and Estate and the exciting Chevrolet Blazer 
4x4. Please be advised that only 1979 models supplied 
through ourselves the Acredited United Kingdom 
Concessionaires, are able to meet the new 'National Type 
ApprovaJ/Construction & Use Regulations which are 
compulsory for vehicles to be registered In the U.K. 



SILVER SHADOW U 1979 specification. Delivery mileage only- 
Onyx with Tan Hide upholstery. Front & rear head restraints' 

SILVER SHADOW 1975 32.900 miles. In Maroon with Tan trim. 
Door mirror. Rear head restraints. Cassette Player. 1 owner. 

SILVER SHADOW 1976 3*4.900 miles. Srlwer mini; on Seychelles Blue. 
Blue Hide uphdrstery. Lambs wool rugs. White wall tyres* 

Rear head restraints, 

ABOVE IS A SELECTION OF OUR CURRENT STOCK OF 
12 USED SHADOWS. 


MERCEDES BENZ 450SEL Automatic. 1978 delivery mileage 
only. Electric sun roof. Choice of trims and colours. 


DATSUN BRISTOL LTD. 

BERKELEY PLACE CLIFTON BRISTOL 290131 



Kyou^ looking for something sgtetiai, 
talk to the speddisfs. 

EKparien c n«>»ir iMq w rt Bwe<- 

A.F.N. Limited Showroom, Service and Parts 400, London Flood, IsItfAorir, 
Mkk^jLTBteJhone:01-5601011Tetek:2611ffi_ Also showroom at: 

12 - 16 , Madrid Road, Guadford, Surrey. Telephone: GmTdfbtd 10433 5 &M 8 / 9 , 


Silver green with Havana brown 
interior. Air conditioning plus 
all usual refinements. I owner. 
Low mileage. Mint condition. 
£21,950 

Tel: (Sunday) 01-952 OUT 


(j* 



LEASE YOUR BMW THE M1LCARS WAY 
A SELECTION OF USED RMWs 
1978 728 AUTOMATIC 

Fjord metallic blue with blue doth Interior. tJau-fl ALus. centra] locking, 
electric ■wituiows. alloy wheels 

From £76.36 per week 
1978 728 AUTOMATIC 

Reseda metallic green with green cloth interior, rutted glass, central lodttag. 
electric windows, electric sun roof, radio.' cassette 
From £73.12 per week 
1978 633 CSI AUTOMATIC 

Fjord metallic blue with blue hide interior, air mndfliaDlag, radlo/cassetie 

From £106.14 per week • 

1978 MODEL 7331 AUTOMATIC 

Reseda metallic green with green ctotb interior, manual sunroof, timed glass, 
electric windows central locking and allow wheels 

From £88.49 per week > < 

1978 MODEL 5281 MANUAL . 

. - Finished in lent given wiih grewi chub inferior ‘ . - 

From £55.89 per week 
1977 320 AUTOMATIC 

Polaris metallic silver »1ih lue ctmh interior, rimed glass, radliVvasseUB 

From £37.26 per week 
1976 3.0 Sl 

Finished In verona red with black cloth interior, llntad glass, manual sunroof 
From £44.88 per week 

THE ABOVE FIGURES ARE GROSS. AND SUBJET TO ALL 
TAX CONCESSIONS, AND THE ABOVE CARS CAN ALSO 
BE PURCHASED FOR CASH. 

16/18 Hale Lane, Mill Hill, London, NW7 
Tel: 01-959 6961 


GUI SALMON 


Portsmouth Ftod. 
Thames CHtton 


01-39S422 2 


77 MERCS) E5 BENZ 458 SJLI. Met. Brown /Beige 

ConfiKioning, Electric Sun Roof. Alley Wheels, Cruise control. . 
ftadie/Casete. 22. 00 miles: Leasing Rental £456.13 or £18,958 

78 RANGE ROVER. 7usc«n Blue/Beife. Option Pick P.AJ/. 7,000 
miles. One Owner, Pins choice of two others. 

Leasing Rental £240.58 or £9,995 
78 (T) JEEP CHEROKEE *5* V8. 4-Door Automatic P.A.S., R.H.D. 


Superb specification. 7,000 mil 
Other Jeeps from £5,858 

77 JAGUAR 3.4. Yellow Gold/ Black 
Cassette. 18.000 milci: 

78 RELIANT SCIMITAR AUTOMATIC 
T/Glais. Alloy Wheels. 9,000 miles: 

78 (NOV.) ROVER 2300 AUTOMATIC 
Caviar. Radio. Under 1.000 miles; 


Levins Rental £215.43 or £8,958 

Velour. T/Ghsa. Radio/ 

Leasing Rental 167 J9 or £6,958 
Light Beige /Blue Velour, 

Leasing Rental £144.30 or £5.995 
P.A.5., Perzian Aqna / 

Leasing Rental £143.22 or £5,950 


71 (T) TRIUMPH TR7 AUTOMATIC Inca Yellow/Grceti Tartan, 

Sun Roof. 300 miles only: Leasing Rental £96.16 or £3.995 

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London NWb 

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RICHARDSONS 

FOR TRUCKS 
OLDBURY BIRMINGHAM 



FARNBOROUGH 


ii 


DEC. | 


TOP CAR AUCTION AT 2 p.m. 

Among 100 entries, the following included : — 

ROLLS - ROYCE Silver ’69 ROLLS - ROYCE Silver 
Shadow. Convertible & 
Walnut. Black Trim. Black rf, 
2-ovvners- Warn’d, mlge. 

•77 ROLLS * BOYCE Sflwir 
Shadow 11. Honey. Dk. Brown 
trim. Full hist. 20fl0O irils. 

77 MERCEDES. '450 SEL 
Metallic Brown. 2 owners. 


75 

Shadow. Metallic Silver- Grey 
trim. Service hist. 1 . Reg. 
owner. 44,000 mis. 


71 ROLLS - ROYCE Silver 
Shadow. Lwb. Garnet.. Tan 
trim. El. Div. Black wdws. to 


rear. Black Everflex rf: Late - 1 8,000 m ^* 


property of super star. 90j300 
mis. 


1975 _ MODEL FORD 

Landaulette. ‘ VCC : dating. 

. . certificate. One of the finwt 

.-available. - ... ... " - 

" Enquiries torjohn Snow ■ 
~ _L ■ r _, . „ —Tel: Cambterieir27l61- ??-' M 

TOP C/XH Enttoirha «: John Smn* 

AUCTIOIM wv<.‘- - ; m. 

Enduirieti t©-. ■ .. , - •. 

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For 


in the North West 


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SUNDERLAND, SR4 7BA. TELEPHONE 441ZZ.TELEC 537065. 



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RICHARDSONS ■ 

:• fiOR.TmocKs:.:- -• 

OCDBUKY. BIRMINGHAM' 



021 - 932 . 2803 . T«l«n S 3 B 1 SJS 


■ffeyt GanfMr Crntned .Cbv.-ti-™ 
UniB. l«m . anitiat. cost. Lew- fun. 
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United Quantity imallatjie. 

Ptiana naw Car nr ■ 

• ‘ Dtfci 


JACK ALPE 

1976 Modal SBvcr Shadow. Cardinal 
• ft ad with Beig* Hide. 33.080 milas. 

I owner' . ‘ r_. m .RBn 

3,994 SlWr Shadow. 'Caribbean Blue' 
with Dark Bloa .Hide. I .owner. 
S$,0a arrlas £>7,450 

1972 SDvo* Shadow. Cmbbein Bltw 

So part condition . -."••• £t5J5D 

■ with Cbrit Bloa Hide.' 4J,(K»^ mil**. 

aW siadow. 

- SeyrlAflM Bftio.a«tr-51wff Gray wfth 
Dark Blue Htfe, Only 494)00 mllei. 
Heeud ttereo , . • £1MS0 

; - : 59 HARTU3CB4E HIGH ST. - - 
Lpfidw, W.r Tdlf B)-P3F 1142 





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Greenhouse winters 


BY JOE RENFflSON - - - 

IT MUST BE W difficult for a colleagues and families while 
foreigner .suifldetily posted to travelling. ■ T - '?■ ~ 

Uii» country for ,^-e^ny^ -prte 

^:^ ta “5 3K S m ??- i2ifi lad .SSnliaff ithfr -wer- 
d ation. The :^uanc, ■ mar^et is and particttlarf#-vtbfe U.S. 
cra^ and ; 1 egaliy tedloi^ at the connection by expanding its 
same tone, nnd temporary ij^rost in the people wbcr amnt 
accommodation difficult to £ndJ -to isrtay factnfe . on -a permanent- or 
To am at such a market cannot ^firf-permanent b&s. 7t-it*ow 
have been such a bad. idea.-, r.w offeringa relocation service to 
With .hotel prices 'jnang - all riisi guests, many of whbitt are 
the tme, - staying; hr Xondph - has y unaware of the ' pitfalls involved 
become very expensive. > - The -nt finding accommodation in 
average jriorhf J a Jiucdiy three Kn giana. ..'• * 

room siiite.tfwo »«g; >i^aa : Eirl-. <an American 

sitong room! iKa Loadni^ hotel who i3 Tes i d ent & Ixradon) and 
is £lfiSQ a-week— -even a double ber partner ffayward 

room can be over £400 a week. ._ specialise in' finding homM for 
Draycott House.' hi Chelsea overseas ■visitors -and* act' -as con- 
provides an an swer; to this proh-' sidtant s, providing the^wouid-be 
lein. -offering weU-furaished, resident with experientia advice 
fully-serviced apartments, where on all aspects of relocation 
prices for 3-rpom sultos '^art at wi thin the UK. : ■ •“' 

only £350 a week while the pent- ^ 

houses with xoo'f gardens^ rent all 

s-?4-^si»-i2s SF^S^S^ 

*3* VAT ” S]?rS£,^SS£eSii- 

t r 1 fr s “’' • -• ■ . v'entions of buying and renting 

rtal estate and the fbrmaUtles 
11 different apartments— rea<rfi required, as well as practical 

S ,1 ^cTon structural and 

^ sa c ^ 01ce either reports, alterations and improve- 
traditional or ". contemporary “ . 

decor. Each apartment consists' .. t 

of a. large reception room, one new relotation service 

or two - double bedroams, .a shoul ‘ 3 ^ time and effort for 
single bedroom (study or officel ^ customer and , toere is 
two bathrooms and a fully fitted usually no charge for_mtroduc- 
kitdien. Two apartments have PhyUis md-gazei wd 

their own roof gardens and the ^ Slt ® ac * 1 Jrt_yW r cott 

others have a terrace or balcony. ?“* “ establu* thejr home 
Draycott House provides busi- re< l u:ireiDents - ■. •; 
nessmen with all the office ser- Tfa gfru dE then 

vices they need, since each inspect »iach property person- 
apartment has its, own private . -- - . 

telephone liiie and there, is - a tb '' 

telex on the premises. - Secre- - f%Ja s \ *• 
tarial and tradslatiod . facilities It. ML l/f 
are readily, available. . ■ 

Other services on tap although THE IMPACT of 'a sudden two 
not inhouse ccHnpare favour- per cent rise in the*, mortgage 
abiy with . those -provided . by rate is already being-felt with 
major hotels. Gourmet cater- a number of cancellations jn 
ing. garage facilities, self-drive bouse sales, said Mri Hichard 
or limousine service, shopping Jemmett, a member? of! the 
and sightseeing advisory ser- Solihull-based Bright' .- Willis 
rices, hairdressing, dressmaking, estate agents partnershlp. 
babysittang, medical and dental - ' “The man who is^fe'Cling it 
facilities are all. available on the worst is the first-time buyer 
request. . Theatre, cinema amt. at the bottom end of tire marbet 
concert tickets can also be who is relying on a ‘ ffiashnum 
arranged. - .'^'mortgage. He . is - conboated 

Draycott House • has a wide with increases .in ,hi? : mortgage 
clientele— from show business repayments which . are^-Ufeyond 
personalities who enjoy - the his budget aid is left with . two 
privacy;., to' 'businessmen who choice^-elther back out df.-thfi 
like to be accompahie^ by , their transaction completely, or try 



ally and will only take their 
clients to view once they feel 
that these requirements have 
been met. When suitable accom- 
modation has been found, they 
will continue to act as consul- 
tants advising on the employ- 
ment of builders, decorators, 
plumbers and electricians, pro- 
vide information on decor, furn- 
ishing and all amenities includ- 
ing schooling, staff, shopping 
facilities, transport, etc. 

A neighbour of mine came 
here to work from America and 
luckily hit the property market 
at a very low ebb in early 1976. 
Now he tells me that when 
other people from the same 
company come over they are 
almost in despair at finding 
something reasonably priced 
near the centre of town. Any 
help at all would be more than 
welcome. At least my neighbour 
is lucky; his house has more 
than doubled in value. 

Draycott House is at 10 Dray- 
cott Avenue, SW3. Telephone 
584 4659. 


The facade of this mansion 
seems to cry out “Who will 
buy me ? ” The somewhat 
seedy exterior (which is 
matched by a run-down 
interior) would suggest there 
is little hope of a positive 
reply. It is a typical example 
of what has happened to many 
a stately pile in this century. 
The owners have fled finding 
it impossible to keep and it 
has fadicn into disrepair and 
it is difficult to find a new 
and useful role for it. This 
one is Hylands House on the 
outskirts of the village of 
Writtle, near Chelmsford in 
Essex. It was last used as a 
private house in 1962 and is 
now owned by Chelmsford 
Borough Council. The council 
are anxious to grant a long 
lease on the building ami ger 
it hack into use. The length 
of the lease is negotiable but 
Is bound to be long consider- 
ing the amount of investment 
any potential lessee will have 
to make- Although the council 
have spent money on keeping 
it rainproof restoration and/ 
or alteration will take an 


Mortgage rate begins to bite 


negotiating a reduction in the 
sale price' 1 said Mr. Jemmett. 

But, he emphasised, with 
keen demand for the limited 
number of homes currently 
available there was little or no 
hope of prices coming down. 

“ On top of this, many 
building societies are altering 
the calculations used to decide 
how much someone can borrow 
against bis salary. This again 
has hit the first-time buyer.” 

However, the effects of the 
mortgage interest rate increase 
was more widely felt than this, 
when ..it came to the general 
pattern of house sales. A vast 


number of transactions were 
geared to the sale of other 
homes and often as many as six 
deals were involved. 

■* If you take the sale of, say, 
a £30,000 home a number of 
parties along the chain may 
have to face the fact they have 
to pay another £200-£350 p.a. on 
top of their original cal- 
culations. This can be a severe 
enough deterrent for any one 
of them to withdraw and the 
whole chain of deals collapses " 
said Mr. Jemmett. 

About half of the house sales 
handled by Bright Willis are 
to people moving to the Mid.- 


.*>■• •. \\m i . A. . ‘.a* . .. 


MOTORCARS 


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ft has to be 
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W7 S 459 SEL. Chaleo of 3 
FWl spec*, "from Xl UtfSO 

lvrrs ass se. uahrimy. >: 

_ ; ; • asJM 
ltrr ' S. -23* C." "Stain troVn : . 

V 4 ■.■_"? eoAsa 

-ww T TM'SE; lififit 

1970 -f MS. . Choice of man-/ 
ante.- Price -on apn&aUan 
M3* S Tartw JA >'hhe. "Prtce 
wt v a®pUca.uon . .- , 

1*77/3 TorbB. SA 'Owtaj.af' 2. 
Fmr .specs^ from. • ovns 
am S vat. Cower 
NOW SU Bncf. JUBt/UaV; . . 

' List 

Hew 3B CTB.. ClWlM Of ^ 

ym 5 388 CTB. BiVl/Mack 
-. • . .£Uk2S0 
19T7. s.,308 ert.Mo-im' . 

1*77 T Paadwr ,'J72 Aam. 


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r T" j-^ TEARS TERMS 
1979 MODELS' 

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KENSINGTON CAR CENTRE 
181 WARWICK ROAD 
' LONDON WT4 
. 01-370 3152/3/4 


THREE 

ROILS ROYCE 
SHADOW IPs 

All • T* realstratton «fl75t laiest 
models wlih ' latest necULcadon. 
Many factorr ■ fined options- Id 
S ilver ChaUceZRed Hide. ■ WUhnr 
GoM/Belxe HMev 'W^oot over 
Willow, with ' Brown Hide interior. 
Attractive liars. all u new. &0 - 
miles. 522 miles and 677 miles 
..respective^. -Pact exchange and 
leasing teems. 

Fan details from Iir. lt. ZIUb. 
Mcurayfleli Motor Company LuL, 
Tel: 031437 3282 ■ 


AUTOSEARCH pD 


'i: ; 


awful lot of cash. The house 
was first included in the list 
of buildings of architectural 
or historical interest in 1967 
as Grade JL in 1975 it was 
upgraded to Grade II* which 
means It is of particular 
Importance. The grounds are 
now a public park and must 
remain so but an area around 
the house will he allocated 
for the sole use of a new 
owner. The council are will- 
ing to receive proposals for 
its use including: hostel/ 
housing for the elderly, con- 
ference or training eentre, 
hotel, banqueting suite/res- 
Laurant, clubhouse, offices/ 
research establishment, educa- 
tional establishment, nursing 
home, museum or art gallery. 
No mention is made in the 
council's publicity material of 
use as a private home but I 
suppose in these evil days it 
is the least likely $>lutiw 
although such an idea is 
acceptable. Maybe some rich 
foreigner will step in. Outline 
proposals by developers 
should reach the council by 
January 21 next year. 


lands from other parts of the 
country. 

“Because of this there is no 
question of sales drying up. 
Due to their various commit- 
ments many people still have 
to move — irrespective of the 
extra cost of their new 
mortgages" said Mr. Jemmett. 

“This’ increase has made a 
number of local house movers 
sit tight and re-think their 
plans on purchasing a more 
expensive property. This is 
causing a bit of a shortage of 
new instructions coming on the 
market— and we still have 
plenty of demand for houses.” 


PROPERTY 


THER E IS a lot to be said for 
using greenhouses in winter to 
grow plants that are not readily 
available in shops and garden 
centres. At this time of year 
there is not the least difficulty 
in purchasing cyclamens, pot 
grown chrysanthemums, cinera- 
rias. poinsettias, several 
different kinds of primula and 
azaleas as and when one wants 
them but ask for a browallia, an 
exacum or a bouvardia and one 
will almost certainly be met 
with blank incomprehension. 
Yet these are ail delightful 
plants and probably the only 
reason they are not marketed 
is that no one has been 
sufficiently enterprising to 
attempt to create a demand for 
them. 

Browallia speciosa is a bushy 
little annual from Peru with 
violet-blue, trumpet shaped 
flowers rather like those of 
arhimenes. Seed is freely avail- 
able and, if sown in June, it 
will germinate with sun heat 
alone and the seedlings can be 
grown on in small pots in a 
frame or unheated greenhouse, 
eventually, in late September, 
being moved into the 10 or 
12 cm pots in which they will 
flower. They will grow in any 
of the standard porting com- 
posts. peat or soil based, and all 
they need is a regular supplj' of 
water, plenty of light and a 
temperature that does not fall 
below 10 degs. C. They can 
even be grown in sunny win- 
dows. 

Bouvardias are a little more 
exacting and a good deal more 
difficult to get hold of since 
they are not easy to raise from 
seed even if any could be found. 
One must look for a nursery- 
man with plants for sale or a 
friendly grower who is willing 
to part with cuttings, of stems 
in summer or roots in winter, 
either of which will grow in a 
warm propagator. 

Bouvardias are evergreen 
shrubs with clusters of starry 
flowers, sweetly scented and 
often highly coloured. In winter 
they need a minimum tempera- 
ture of 13 deg. C but in summer 
they can be stood outdoors in 
a sunny place. 

Exacum affine is another 
annual, an exceptionally free 
flowering plant with lilac blue 
flowers each with a small yellow 
eye and a sweet scent. Seed 
is sown in March or April in 
a temperature of 15 to IS deg. C 


GARDENING 


ARTHUR HEU.YER 


which is easily maintained in 
a propagator. From May to 
October it is unlikely that any- 
thing but sun heat will be 
required. Culture is similar to 
that of brunfelsia except that 
slightly larger pois will be 
required for the final potting. 

If there is room for something 
bigger, maybe planted per- 
manently in a bed of soil rather 
than grown in pots, there is a 
lot to be said for Brunfelsia 
calycina and Tibnuchina semi- 
decandra. Both are evergreen 
shrubs and both will flower on 
and off most of the year if the 
temperature does not drop 
below 13 deg. C. There simi- 
larity ends. 

The brunfelsia is a bushy, 
compact plant, its flat, violet 
purple flowers looking rather 
like those of a large periwinkle 
and sweetly scented. Tibouchina 
is a gangling piant with long, 
floppy stems that need to he 
tied to something, soft velvety 
green leaves and petunia-purple 
flowers with spidery anthers to 
match. It is a very handsome 
plant and will actually survive 
temperatures near freezing 
though this will slop it flower- 
ing. 

I am puzzled that crinums are 
so very difficult to buy because 
they are easy to grow and quite 
spectacular in flower. They 
come from South Africa, have 
broadly strap shaped leaves and 
look as if they ought to make 
bulbs. In fact tbey get no 
nearer to this than having fleshy 
roots which enjoy being crowded 
in pots that seem a little too 
small for them. 

The flowers are funnel 
shaped, borne in close clusters 
on stout bare stems. Orange is 
the colour most often seen but 
yellow and red are also avail- 
able. The best collection I 
know is in Lord Aherconway’s 
garden, Bodnant, North Wales. 
Crinums are not far short of 
hardy, -grow well in a tempera- 
ture range from 10 to 18 
degrees G and like an ordinary. 
John Innes type soil compost 

Then there are the very early 
crocus species such as Crocus 
imperatii with purple-striped 


flowers and C. ancyrcnsis the 
first yellow crocus to open and 
the richest in colour. Outdoors 
they are always spoiled by rain 
and frost but even in a com- 
pletely unheated greenhouse 
they are undamaged. They make 
excellent plants for half pots or 
rather deep pans in a soil or 
peat-based potting compost. 
Corms can be purchased from 
specialist nurseries and the 
slightly later flowering varieties 
of C. chrysanthus. in a whole 
range of colours, are freely 
available in sbops and garden 
centres. 

There are several winter 
flowering begonias, other than 
the familiar Gloire de Lorraine, 
that are worth growing if plants 
or cuttings can be obtained. 
Begonia fuebsiuides has small 
shining leaves and uodding 
clusters of piuk flowers which 
do look a Little like fuchsias. 
B. manicata has larger leaves 
and loose sprays of pale pink 
flowers which are very decora- 
tive but need a fair amount of 
room. Both will grow in any 
moderately-heated greenhouse 
or even in a sunny room. 

One winter flowering primula 
which is never grown fur market 
is Primula kewensis. Unlike 
any of the other winter kinds it 
has daffodil yellow dowers 
carried in clusters on bare 
stems. 

It is said to L>e a hybrid made 
at Kew yet it breeds quite true 
from seed never reverting to 
either of its parents. With me 
it sows itself in the damp gravel 
on the greenhouse stalling and 
I simply lift and pot seedlings as 
I require them. It is only just 
short of hardy and so requires 
little artificial heat. 

There are two first class 
species of coleus that are grown 
for their winter flowers and not 
for their foliage like the 
familiar multi-coloured varieties 
of C. bluraei. They are C. 
thyrsoideus and C. fredericii. the 
former a bushy perennial the 
latter a short lived plant dying 
after it has flowered and ripened 
its seed. Both have bright blue 
flowers carried in slender spikes 
and, given a little heat to keep 
the air dry and frost free, they 
are easy plants to grow. 
Unhappily they are not easy to 
buy. It is probably another case 
of begging seed or cuttings 
from fortunate friends or maybe 
from a public park that main- 
tains a greenhouse display in 
winter. 




- 1378 T Regt Porsche 928 Auto. Guards red. black interior with black and 
white check.} doth centres. Del. mileage. £25,95. 

197* T Reg. '.Mercedes Benz 450 SEL. Metallic silver blue with blue velour. 
Air eonditiombg, electric sunroof, alloy wheels, cruise control, lim slip 
diff. Radlo/cassette player. NS door mirror. Del. mileage. £24.500. 

T971 T Reg- Nerccdes- Base 350 St Metallic silver blue with blue velour. 
Electric sunroof. Wash/wipe NS door mirror. Del. mileage. £18,750. 

• 197S Mercedes Bens 45® SL White with Week interior. Alloy wheels, 
tinted glass, electric windows. 23.000 miles from new, with full service 
.history. £14.750., 

197* Porsche Carrera 3.0 Sport. Yellow with black interior. Electric sun- 
roof. Radio/cassette. 25,000 miles with full service history. £13,995. 


I 1 1 


9 


n londo 





BUY OR LEASE 
YOUR NEW LANCIA 

ALL AVAILABLE MODELS 
IN STOCK . v- 

lf you aren’t In a posi tion to Iea» 
we can arrang e lo w Interest H.P. 

_0> 370.4114. . 

67/6? Drayton Gdns. 

- ;Ch*lsea SW10 9QZ- 



NEW FIAT 

... 132 MAN./AUTO, 
for immediate delivery 
■ CHOICE DT COLOURS 

BUY AT 5% H.P. 
PUKING DECEMBER 
Or phone for. Tearing terms 


01*84 6M1'<SW3> 


SATURDAY’S. - 
MOTORING PAGE 
AGAINJN 
MONDAY’S PAPER 
BOTH FOR JUST 


TeiiTi 


For details of other 
sizes contact. 

. Simon Hicks 
01-248 5115 



ASTON -MARTIN 

H.WMotora Ltd offer: 

197* Alton Martin VB Auto. Old 
- English Pewter. -1 owner toJWg 

miles ' ' 

1978 Series Aston Martin VS Aum in 
Madaguca Brtwtf. 1 owner 10 . 0?0 
miles * • 

]977 Aston Hvtiu Y8 Auto m 
Cambridge Blue. .1 owner 13.000 
miles 417.450 

October 1977 Akton Martfo V* Auto. 
7977 Aston Martin -V* Airtn. Tankard 
. Grey. 1 owner. 28.000 ®J«- 450 

1974 Alton Maitfa Y* Mm-Amm 
.. Silver Grey. Law mileage. £9.450 
1P7D Aston Mart* DB* Mark Jl 
Yohhte. Met. Blue.- Automatic 
Power Steering. Superb condiuon 

m: (98) 29404 . 


LEASING SPECIALISTS 
EUte Whit*/ champagne hlda...LIST 

GebiC Silver/ black velour. LIST 

-Beta* Red/ black velour LIST 

Esprit S2 Gold /black hide LIST 

V THE ABOVE AVAILABLE FOR 
• • IMMEDIATE DELIVER 
- PREVIOUSLY USB) CARS 
1977 Ectat Sprint White/ black 

rehar. ndto/cxssene -£7950 

.197* Ectat 520 Whim /oatmeal. 

' alloy wheels, radio £*750 

197* Elite 501 Red /oatmeal. 

radio. I owner. £*550 

01-370 4114 

: ; *7/*9 DRAYTON GARDENS 
'■■■ CHELSEA SWIO 90Z 


1977 FERRARI SOB CTB. Green met. 

■ air. -OontJ.. leather upltolstorv. wide 
wheels, stereo. 1 owner. 4,000 miles. 

■ ‘-£14,500. Tel. (98) 20404. 


-■ ; RAT DEVELOPMENT 
, DOUGLAS, ISLE OF MAN 

.Tore’ Am» Hotel, site of appreuc. 3,5 
acres now has the benefit of “ plan- 
ning «n principle,” {or a residential 
'flat .redevelopment scheme. This is 
probably one of rim most magnificent 
rites; on the island. Elevated position 
whh untneerrupued views of the 
harbour. We are seeking (an bohalf 
of dienes J an arrangement with a 
substantial development company. 

If you are interested Wea«e contoct: 
-Anchony Bias dale 
longden & Cook 
60 Fountain Street 
r . Manchester M2 2FE 
Tel: 061-833 9981 


ATTRACTIVE UJ. 

LAND OFFERED 

1Q3 *txes, of which 140 presently in 
service as Bolt course, for sale. 
Located -within 10 miles Of expand- 
ing Connecticut City and 211 miles . 
<rnuy similar centre In Westchester. 
-N.Y. Additional 23 acres adia- 
tant to course available on 60 year, 
l«se. Price (non- negotiable) a 
51,750.000 cash.. _ _ 

.Principals only, please, write Box 
-F.1072. Financial Times. 10. Cannon 
- Street. EC4P dBY. 


LESAJL NOTICES 


TRUSTEE FOR TnE CREDITORS CF 
JAMES O'CONNOR & COMPANY 
THE STOCK EXCHANGE LONDON 
In the Matter ol Uic Estate o« James 
O'Connor A Company, decla.-ea defaulters 
on the 19th November, 1973. formerly 
-.rsding as Stock and Share Brokers ol 
Limerick and Gallwav and Members ol 
The Irish Stock Ezchanoe. take notice 
that Richard Arthur Thompson. Trustee 
lor the Creditors bv Trust Deed registered 
In the Central Office ol the High Court. 
Dublin, on 11th December. 1973. declares 
that tne Final Dividend to Creators will 
be paid after Ihe expiry of this notice. 

Any person or Company who consider 
they may, hare a claim against the above- 
mentioned firm, or any partner ol the firm, 
and who have not completed and returned 
a Form ol Aisent to the Trust Deed, 
mast lodge tnoir claim bv 31st January. 
1979. 

No claim submitted after 31st January. 1 
1979. will rank lor distribution of divl- 
denas. Further claims should be forwarded 
direct to R. A. Thompson. Ei^.. Trustee 
for the Creditors ol James O'Connor A 
Company. The _Stock Exchange, London 
-EC2N 1 HP, or David Ensor. Eso., Messrs. 
Eugene F. Collins & son. 61. Fitkwllllam 
Square. Dublin S. 


g Finding- an hotei room in London at short 
p| notice is often difficult and always expensive. 
Why not invest in a permanent, easy-to-run 

I Q fiat in an excellent location for you or your 
p company. It will soon pay for itself. 

K SHERBORNE COURT Cromwell Road. London SW5 
^ Superb location close to the West London Air Terminal in 
‘ the Royal borough of Kensington & Chelsea. Direct tube 
access to the West End & City and Heathrow. Gatwick 
can be reached from nearby Victoria 
I New studio flats and one bedroom flats from £25.000 to 
£3S.35G for 99 year leases. Fined carpets. CH and 
constant hot water. Many flats with private balconies. 

I Car parking bays available. Colour brochure available. 
Show flat (01-373 0327 ) open 17 to 5.30 daily. 2.30 to 
5.30 Sundays. 

Full details hom the Estates Manager 

J. M. HILL GROUP T 

| Heather Park Drive. Wembley HAO 1SX J 

Telephone: 01 -903 551 1 j. | 




soLomom esl&tos 

A FASCINATING AGRICULTURAL 
AND RESIDENTIAL ESTATE 
ON THREE ISLANDS 

Main house. Village houses. School. Church 
Copra- Cocoa. ‘ Beef. 

FOR SALE WITH ABOUT 1,700 ACRES 

(68899/JEM!) 


KF 

+R 


Knight Frank&Rutley 

20 Hanover Square London WlR OAH 
Telephone 01-629 8171 Telex 265384 


!r>J ; v I 



z 





lJ0HND.W0Q0i 


575 ACRES 

WEST ESSEX - RODING VA1AEY 


S niilua Kpputg 2 miles Or.fwr 22 milrt Li’iph’ii 
VACANT POSSESSION 
ABABLE l-'AFM OP HIGH POTENTIAL 
560 Acres Mainly Grade II Land with Bolldings and vl-II roaded 
IMPOSING GEORGIAN RESIDENCE AND SEVERAL 
COTTAGES AVAILABLE 

FOR SALE AS A 1%'H'tLE OR IN LOTS AS REQUIRED 
Apply Bcrcfce'or Snuarc Office tref. DEG> 

23 Berkeley Square Qni 

London W1X 6AL. 1)1-02.9 9UI 


22 nulcs L'.'ift. mi 


01-629 9050 



.hiimm'iN M 


Land and Estate Ageels, Aacthnam aa£ Cosaltants 


WEST SUSSEX 






London 45 mfhutei 

Gloriously tiriwted with magnificofii views. A most luxurious and spacious 
residence. Hafl 27' x 15’, Study 17' X 12*. Drawing Room 27' x 16'. 
Dining Room 18' x 15'. Lounge 23' x 18'. Cocktail Lounge and Bar 20' 
x 16'. Dante Floor. BHIiards Roem 40' x 18'. Five Bedrooms. Two 
Bathrooms. Ganging For four cars. Stiff Cottage. Full CH. Outbuildings. 
10 rzrri Post and Rail Paddocks. Offer s invited- ft el. 1386. 



BITTOIS! - BRISTOL 

TEL: BITTON 2448 (027 588) 



C*vH*t 


We oo not clmm to be magit,»n6. We 
do try harder to find good tenants 
tor good properties. II you wtah to 
fe: a Rat or house in London, olease 
telephone to discuss your require- 
ments. we have long-esL>bilshed eofr 
tacts wild many bsnies, comoanies and 
embassies and we need good properties 
for responsible applicants. 

Coitus A Co. 01-569 5247 


► SOUTH WEST ENGLAND 

A unique opportunity to obtain an excellent . 670 acre 
Residential and Agricultural Estate with character. S Bed. 
centraJJy heated Residence. Manager’s House, 4 Cottages, 
Dairy with 20/20 Parlour Cubicles & Yards for 250 Dairy Herd. 

Offers invited for the freehold with vacant possession. 
Lock, Stock & Barrel preferred. 

, • Apply: Gordon Vick & Partners, 

■Bridge House, Okehampton, Devon, Tel: 0S37-2371. 


Montpelier International Properties 


PUERTOLUZ 

MENORCA’S FIRST YACHTING VILLAGE 

The " ir. iidunan's Cove " of Mviwrca is In ibo muni.c soli me of the 
nit sc a:u-3e:i7fc iaod»spr w bo found on ilv- unspoilt-d island of Mrnorcn. 
Tjc Lit pfusv of ibe dL'clopBii'Hi irhidi is- fi«-'3nnc lUmpn-lion Has 
esi.lMi’ sbeitorofi moonne* vruhiu a few yards of one's from door. 
Close lo some 01 tbe finest Virgin brack. •$ in iht SK-diih-rra^ean vihriv 
sa balnlnu Is ideiii ftir children. The Menoreaii j-iyled apamnms are 
i(.::Jiruef;d ID histier spreifikations wnh fully eqetppud L lichens, interior 
d(££:i cn-iuitc. Good solfla; facililn-s. InSpteiioR fitch is available now. 
Pncvs from EWOO 

W'end. InsnecUon FlUdUa Refundable on Purchase 
Emulrin SOLE AGENTS: 9 Milner Street. London, S.WJ 
0^581 8ZU/9/U, Telex 91*087 




LONDON - EDINBURGH • CANTERBURY - CHELMSFORD - CHESHIRE - GRANTHAM 
HARROGATE IPSWICH - LEWES ■ SALISBURY SOUTHEND 


FARMING AND SPORTING ESTATES 
IN SCOTLAND 

Broadly in die price range 
£250,000 to £1,000,000 

REQUIRED FOR PURCHASE BY CLIENTS 

Ownerx or Agents are invited to tend detail? of their properties to: 
Strutt & Parker (Ref CJC). 26/28 Walker Street, Edinburgh. EH3 7HR. 

who seek no commission from Vendors. 


Hill Street v. 


KNIGHTSBRIDGE 

Unfurnished rental 
without premium 

Spacious 4 bedroom. 3 bath* 
room, 2 reception room apart- 
ments in a prestige building. 
A new lease will be granted 
at £S.OOO p.a. exclusive, but 
Inclusive of current services. 


HOVE SUSSEX 

Finest res. pwi. Small mod. defc 
Mansion property registered as Nurs- 
ing Home {presently Residential Rest 
Heme). 8 bed -> 3 bath.. 4 rcc.. 
kitchen. Extensive garaging. Sur- 
rounding gardens. Present turnover 
£38.000 P-»- P'«- Fully equipped. 
Freehold £140,000. 

DEACON 2 CO.. 

)|, Station Road. Pornlade. 
Brighton 4IB440. 


OFFERS ARE INVITED 
for the purchase of the long 
leasehold residential interest of 
PH ILL (MORE COURT 
KENSINGTON HIGH STREET, W 8 
with the benefit of 8 tenanted flats 
holding over the proposal for the 
addition ol 3 penthouses. Applicants 
must be prepared to complete by 23 
December T97B. time of the essence. 
Apply Whitmore Prescott 01-247 7356 
36 Elder Street. London, El 


KF 

+R 




01-629 8171 


PORTHCAWL 
MID GLAMORGAN 

Situated in this popular seaside resort . 
i very large 7-totJraomed residents of 
character occupy ing 1 acre. Permission 
obtained for proprietary club. 

£50.000 Freehold 
Apply:— 

R. G. W. HURRY & CO„ 

69 JOHN ST.. PORTHCAWL 
4525/4632 


RICHMOND'S PREMIER 
POSITION 

with Pororamic Views of River 
or.d Thome: Volley 

LUiiU ; :y.Ji £ UNIQUE 
PEN7HCVSS 

Felly lumlshcd to high standard. 2 
Double Bedrooms. 2 Bathrooms. 1 ea 
Suite. Fitted Kirchen, 2 Living Room:. 
Parking. Substantial Rental. 

PHONE 01.948 3821 


FERN DOWN i DORSET. Detached Ounnalow. 
spaC.ouj interior, set in acre, secluded 
position cflcrimi peace and arivaev — 
•deal retirement. Convenient for shops 
and all public sen-ices. £28.000. W„-c 
Bo* T.4931. F.n.-ncui Times. 10. Can-- 
non Street, tWP 4BY. 

































- • ; v •■'-••■" vj.5 ••;•-. *: -f c rv .; :• ^ ^ .■„«•■ M t* . 

Fiaaacial TimSs 




The distinctive sound of Flori- 
legium is that of the natural 
born. The ensemble's Founder. 
Horace Fitzpatrick, is one of the 
outstanding scholars of that 
Instrument; he has written a 
definitive work on the horn from 
1630 to 1S30. and long before the 
present vogue for authentic per- 
formance began, he was reviving 
the difficult art of playing the 
natural horn. 

Yet it must he said that- the 
best parts of Thursday’s Wigmoee 


NICHOLAS KENYON 


Hall concert by his group were 
not these which involved the 
horn. When complemented by 
the sweet, mellow sound of 
baroque strings, flute and forte- 
piano. Mr. Fitzpatrick's instru- 
ment assumes the character of a 
concerto soloist, and this is not 
ideal for a chamber work (taow- 
ever orchestral in texture) such 
as the E flat Trio hy Carl Stamitz 
which began the evening. 

Far rpore satisfying in balance 


and sonority were the contribu- 
tion of other members; < JEYkncals 
Fernandez is a baroque violinist 
who has not been heard before in 
London: is playing is slightly 
rcugh-iiewn, hut full of elan and 
sharply-pointed rhythms. A most 
tasteful performance came from 
Peter Davies in a seductively 
attractive little Sonata for flute 
by Dussek. Davies prod aces from 
bis 1760 boxwood instrument a 
sound distinct both from that of 
slightly cloudy baroque flute and 
from the versatile but unreso- 
nant modern flute. Every twist 
and turn of melody and ornament 
in this charming late 18th- 
ccntury piece of galanierie was 
matched by the accompanist, 
Christopher Kite. 

He played a modern copy of a 
Stein fortepiano (such as Mozart 
loved) by the American maker 
Richard Sorenson. Kite's forte- 
piano playing was much prefer- 
able to his harpsichord playing 
(previously reported here): a 
slight rhythmic slackness only 
heightened the improvisatory 
quality of Mozart's D minor 
Fantasia, which he played with 
precisely controlled weight and 
scrupulous attention to phrasing. 

This was an interpretation 
thoroughly re-thought for the 
fartepiano. perfectly suited to 
the scale of the instrument 



Jean Anouilh is over-70. c Sis 
plays do not got performed in 
London any more. But the BBC 
remains loyal even-, though. t the 
announcers still after 30, years 
of Anouilh plays seem uncertain 
how to pronounce his name.' The : 

n .JL-kV 


Scenario, which was broadcast-id 
a translation by Ludenne. mil 
and Mike Stott as‘ the .Mohday; 
Play (Radio 4, December 4},- is 
a recent work, included with two . 
other plays Tn Etms Si. GentH . 
Quand Ttt Etais Petit (about 
Electra and Orestes) and tArfes- 
tation, in a volume published 
last year called Pieces secrWes. . 
**My flops . . - Anouilh; has 

designated them: the Implication 
of the book's title seems to be: 
that by studying these works we 
shall be taken into the play- 
wright’s confidence . with a -.cane: 
dour not Vouchsafed to us in bis 
more popular pieces. ’ 

The Scenario consists .manly 
of men’s talk and drinking; 1 ' aiid 
thus proved to be good -solid, 
radio material. It began- rather, 
boringly— that, I think., - was 
deliberate— but then one. became; 
caught up in It. . The year, -is 
1939: 1 Hitler can be beard on the 
radio in the background at the 
auberge in the forest -of 7 Eon-, 
tain eb lean where the characters 
are staying while they, work' out 
the screenplay for a new 'film. 

I am glad X heard the.Tilay.but 
I do not consider it gave me any 






Lady Helen Stewart with Vicky at Wjmyard photo by Lord Reginald Stewart or Lady Londonderry 


V“| 


IS THIS WEEK 
AND NEXT 


Aber bach! Felicity Samuel 


S crashing silence as the play 
draws to a close with the declara- 
tion of war changing eveiyoi£s 
life. What the Phwhfnte.lxmt 
the people surrounding the film 
producer Loubenstein are as 
Sniity of pusillanimpusness _ as 
thestatesmen surrounding Hitler 
in,’. Munich, the -difference being 

that in the end it was Hitler’s 
scenario and not Loubepsjeinf* 
that was performed.. 

; -The rol® - °X Loubenstein,..a 

lond-mouthed vulgar octopvm, 

contrasts to the sensitive lover 
at- the centre of the . scenario 
they are confecting, was taken 
-with a suitably tinny voice by 
John Philips. The Pernod- 
addlcted director who has 
worked for .him ’before was a 
standard Anouilh exercise in 
'self-disgust Stephen Murray 


RADIO 


nan was nut completely clear 
about what kind .of shape be 
wanted to give this, unattractive 
work. .. ' . • 

- Innocence, betrayed is' riot- the 
monopoly - of Anou ilh , as has 
been apparent - ' on -television 
Recently. It all began .in Verona. 
As well, as the play, and the text 
of the play as televised fBBC 
publications. • £1-35), - and _ a 
lecture on the play by Germaine 
Greer ori BBG-Z, radio has added 
Its yoic& to. tills Shakespearean 
chorus in the form of - a new 
.series of Prefaces to Shakes- 
pears on Radio 4 on Saturday 
at five pm in which a celebrated 
man . or woman of the . theatre 
gives - a view of the work to be 
televised. It is a notable example 
of cross-trailing, or shall we say, 

- sensible: co-operation between 
the two rival media. The radio 
broadcaster about Romeo and 
Juliet wait Peggy Ashcroft who 


played the . heroine . with John 
Gielgud in 1935. Dame. Peggy’s 
fascinating talk was interspersed : 
with recordings from, her own 
radio performance as Juliet and 
others: including Edith Evans as 
the Nurse. Her most' pertinent 
point was this technical difficulty 
of the roleat the many moments 
when love-play gives place to 
word-play- I ' could not help 
remembering her words when I 
watched the television the. fol- 
lowing night. 

A later work, that is really one 
long aria "about love Is Elizabeth 
Smart’s novella By Grand 
■Central Station l Sat Down and 
Wept_ which was broadcast in 
the Drama Now - slot .(Radio 3, 
December. -3) . .narrated by 
Maureen O’Brien. The original 
is .one of the great in-books,” 
like D3ima Barnes's Nightwood: 
to have' read it is to belong to 
a kirid of exclusive club. Xt does 
contain- '-some-- remarkable- writ-' 
ing but in spite qf Miss. O'Brien’s 
fine - inflected way with - it I do 
not think tt was really hearable 
for a, whole hour. . - - 


ANTHONY CURTIS 


startlingly fresh insights Into the 
mind ana art of Jean Anouilh. 
It taught me that be loathes the 
world of movie-making .and "that 
he feels ambivalently ' about' 
sexual love, tycoons, money, apd 
that he has a sentimental belief 
in the innocence of young 7 ser- 
vant girls, but having' followed 
his work over the years with 
pleasure I think I knew about 
those attitudes already. • 

I doubt too whether I -should 
gain anything. more from seeing 
the play performed on the stage 
because the basic idea - is - iriot 
particularly visual. It is an fdea 
which is contained in a- vast 
broad hint that is dropped with 


KING’S HEAD. Upper St., Nl— 
Despairing. Suicidal . . ■? Cheer- 
ful, rather pointless satire with 
songs about middle-class life. 
Reviewed Wednesday final edi- 
tions. 

VAUDEVILLE — Under tiie 
Grcerjrcod Tree. Loving adapta- 
tion of Hardy that makes a warm 
and cheerful evening for such as 
like their Hardy. Reviewed 
Thu rs d ay/F r i d ay. 

OTHER PLACE. Stratford— Hip- 
poliftiis. Fine version of Euri- 
pides by David Rudkin, admir- 
ably produced by the RSC. 
Reviewed Thursday/Friday. 


CHESS SOLUTIONS 
Solution to Position No. 245 
(c)— the game ended 1 . . . 
R-KBI! 2 BxN, P-K7; 3 R-Nl, 
R-BS chi and White resigned 
because of 4 RxR. E-K6 ch. (a) 
N-R5; 2 R<I)-N7 and (b) P-K7; 
2 K-B2 lose quickly, and (d) 
B-R5; 2 RxN, P-K7: 3 R-Nl, P-K8 
<Q) ch; 4 RxQJSxR; 5 K-Bl 
followed by 6 P-B4 also gives 
White good chances. 

Solution to Problem No. 245 
1 Q-Rl. If 1 ... B moves; 
2 Q-Rl di, N-R4; 2 B-K5. If 1 . . . 
P-B6: 2 B-K5. and mate by 3 
Q-QBS. 3 Q-KR1. or 3 BxN. If 1 
. . . N-B7; 2 Q-RS and 3 B-K5. If 
1 . - . N-N4; 2 B-K5. 


NEW END. Hampstead — Flash- 
point. A soldier goes berserk 
when detailed for a firing-squad 
and holds up the whole of his 
barrack-room. Terribly uncon- 
vincing. Reviewed Friday. 

ICA THEATRE — The Free Fall. 
Promising debut by new writer 
Colin Mortimer about a middle- 
class girl absorbed in a fanatical 
religious sect Reviewed Friday. 

Another Bible story at the Cot- 
tesloe on Monday. Herod Mate.' 
comes into the Comedy from 
touring on Tuesday and T he Mil- 
lionairess (with Penelope Keith) 
comes to the Haymarket from 
last summer's Chichester on 
Thursday. On Wednesday, Barry 
Humphreys at the Piccadilly 
needs no recommendation, but 
just try to get a tickeL 

Around the edge,’ Brecht's A 
Respectable Wed ding keeps up 
the German season at the Open 
Space; the Gush has an adapta- 
tion of Flann O’Brien's The 
Dalkey /lrch ice; and at the Ware- 
house the RSC has a new Howard 
Barker play. The Hang of the 
Gaol. The first two on Tuesday, 
the third on Friday. 

And for children, try The 
Wizard of Oz at the Whitehall 
matinees. David Wood's Babes in 
the Magic Wood at Hornchurch, 
and this year’s pantomime at the 
Players, Robinson Crusoe. 


Lord Londonderry, thinking, a 
year or two ago. to establish a 
dark-room at Wynyard, his house 
in County Durham, was surprised 
to learn from one of his older 


employees that a perfectly good 
| one already existed, though it. 
contained, he was told, nothing 
likely to be of any use. The un- 
locking of this secret discovered, 
i in fact, a considerable treasure, 
for the room, unused for half a 
century and more, was littered 
with the impedimenta nf 
photography as it was practiced 
by the later Victorians at the 
most serious level of involve- 
ment. And among the half- 
empty bottles of chemicals, boxes 
of paper, and the immaculate 
early cameras and other equip- 
ment that were tucked away in 
their leather cases, he found 
quite a number of exposed glass 
plates. 

These last when printed up, 
proved to be of rem&rkahie 
quality as well as interest, with 
most of them evidently the work, 
both singly and in collaboration, 
of two markedly able and sensi- 
tive • photographers. A certain 
amount of family detective work 
fixed their identities: the gifted 
pair were Theresa, wife of the 
I sixth Marquess, and Lord Regi- 
nald StewarL her second and 
! natural son. who was brought up 
nevertheless, as these pictures so 
clearly show, as a much-loved 
member of a close and happy 
family. 


The gifted aristocratic 
amateur is a familiar figure in 
the history of photography, and 
it is easy to make too much of 
him. Country house parties were 
crammed with the great, the rich, 
famous and notorious alike — 
those at Wynyard - and the 
family's other houses were no 
exception — and all pictures of 
them in. circumstantial detail 
cannot be but endlessly fascinat- 
ing. And with Lord Reginald our 
interest and sympathy are even 
further engaged by what we 
know of his snort life, racked by 
tuberculosis, and ended in 1S99, 
at the age of 19.' - 


ART 


WILLI AM.PACKER 


But there is no need for special 
pleading: bis work though so 
modest, stands up perfectly well 
for itself, simple and direct in 
composition, unaffected, confi- 
dent and highly personal. To see 
his work, and .his mother's, 
together (at Aberbach. in Savile 
Row. until February 3) is to be 
struck by the freshness and im- 
mediacy of their shared 
enthusiasm and particular vision. 
By the end of half an hour their 


world lives clearly in our minds, 
the characters who inhabit it 
his brother Charles with his gun 
or his net his sister Lady Helen 
in her fancy dress or boater, and 
above all bimself. a serious little 
boy gazing steadily into the lens, 
are sharply focused. Over aJJ 
broods the spirit of the place, 
which the landscape photographs 
catch so well, the broad walk at 
Wynyard under snow the epitome 
of an English park in winter. 

A book of the photographs is 
also published (The Londonderry 
Album: Blond and Briggs: £8115), 
which catches the mood well 
enough, but too much of the 
definition, the crispness of the 
work, is lost in reproduction, to 
do them full justice— the show is 
the thing. 

Next door Felicity Samuel too 
is showing photographs, in her 
case a selection of vintage Holly- 
wood studio portraits by such 
splendid professionals as Hur- 
rell, Hesser and Abbe (until 
February 9). I have written 
enthusiastically about this kind 
of material fairly recently, in- 
deed fairly often, so I shall not 
say very much: but the sets of 
pictures by Hurrell of the Joan 
Crawford of the thirties, both 
alone and with a number of her 
leading men, those of her .with 
Clark Gable and Spencer Tracy 
especially, in deep and preda- 
tory embrace, are well worth the 
climb. 


' almost crooned his -lines* at 
times making some of them 
sound very strange indeed.. In a 
sudden highly ■" • unconvincing 
burst of remorse -he commits 
■ suicide while the steely and 
much more sensitive- screen-: 
writer (Barry Foster} sticks it- 
crut to the bitter- end.' and 
laments the stupidity of men. 

Their wives and.' mistresses 
were plaved by Jndy Farfitt and 
Anna Massey, with writable 
bitchiness: the women are pretty 
contemptible except -for the 
aforesaid servant girl (Eve 
. KarpFJ with whom the director 
is sleeping. If several of -these 
characters failed ,to\ register 
fully in English It was. not the 
fault of the translators- who 
found reasonable' 'equivalents 
for what they were saying: I 
felt the director Michael Heffer- 


Joseph and his Dreamcoat 


A generation is emerging 
which, whatever its deficiencies, 
will at least be word perfect in 
Joseph and his Amazing Techni- 
color Dreamcoat This first Tim 
Rice-Andrew Lloyd Webber eof 
laboratibn was written .-for.- a 
school performance a decade ago 
now and in the next few weeks 
school hails throughout the 
country will vibrate with, those 
mesmeric chant-like-lyrics ' and 
simple tuneful melodies. 

For anyone .wanting to." avbid 
| amateur embarrassment there - Is 
a competent production . playing 
at the Westminster Theatre, thus 
exhibiting all the authors’ reper- 
toire in the West End. Joseph 
improves with care and attention 


and there are some nice touches 
izi this version. Fharoah is still 
played as Elvis Presley (by 
Leonard Whiting), but as well as 
gyrating, for the finale, he rides 
on to the stage on a flash motor- 
bike. The bad brothers plight 
in Cannaan during the famine is 
emphasised by ■ the rats and 
snakes they are : given to -eat. 
And, cleverest touch of all, the 
cast is rounded out with child- 
ren, the smallest, acting as 
guards when the brothers are 
compromised at the Egyptian 
court. 

Tim Rice never Wrote with 
more facility than in Joseph 
and Lloyd-Webber’s music is a 
"mice mixture of pastiche . and 


imagination. The band in this 
production is hidden away high 
up on the stage and there is a 
double staircase down for the 
grand., entrances! Joseph is 
ployed by' Paul ‘Jones who must 
be glad -he still looks' young 
enough -t& come smiling' through. 
He has the .voice and the charm, 
but really" very little 'acting is 
needed in this lightest of all 
light : operettas. The brightness, 
of the songs and the opportuni- 
ties, it gives children to enjoy 
themselves will ’ ensure that 
Joseph will outlive Emta.. 


ANTON Y THOBNCROn 



Northern Ireland— 5.05-5.15 pm 
Scoreboard. 5.45-5.50 Northern 
Ireland News. 12.05 am News, 
Weather for Northern Ireland. 


.- f Indicates programme in 
in black and white 

BBC 1 

9.10 am Take Another Look. 
9^*0 Multi-coloured Swap Shop. 
12.13 pm Weather. 

12.15 Grandstand: Football Focus 
(12.201; Racing from Chelten- 
ham (12.45, 1.10, 1.451; Boxing 
1 1.00, 1.30) from the Royal 
Albert Hall: Rugby Union 
(2.05) Scotland v New Zea- 
land; Cross Country (3.45, 
4.10) LAC-Pbilips International 
Meeting; Table Tennis (3.55) 
The Goddard Finance Inter- 
national Tournament; 4.40 
FinaJ Score. 

5.15 The Pink Panther Show. 

535 News. 

5.45 Sport/Regional News. 

5J>0 The Basil Brush Show. 

630 Dr. Who. 

6.45 Larry Grayson's Generation 
Game. 

7.40 Ail Creatures Great and 
Small. 

8J30 Some Mothers Do 'Ave ’Em. 

9.05 Starsky and Hutch. 

9.55 News. 

10.05 Match of the Day. 

11.05 Parkinson. 

All Regions as BBC 1 except at 
the following times: — 

.Wales— -8.50 am Take Another 
Look. 9.10-9.50 Bo bo l Bach. 5.45- 
5.50 pm Sport/News for Wales. 
12.05 am News, Weather for 
Wales. 

Scotland — I.S5-5.15 pm Score- 
board. 5.45-5.50 Scorcboand. 10.05 
Sportsct-ne. 10J5-11.O5 Sing Along 
With Sunshine 12.05 am News. 
Weather for Scotland. 


BBC 2 


1-2.45 pm Saturday Cinema: "I 
Accuse," starring Jose 
Ferrer and Anton WaJ- 
brook. 

4.20 Play Away. 

4.50 Out of this World. 

550 My Music. 

6.15 The Old Grey Whistle Test 

6.55 News and Sport. 

7.10 Network. 

7.40 " Lohengrin." Wagner's 
romantic opera in three 
acts, with Ren6 Kollo 
(simultaneous with Radio 3 
stereo). Act 1. 

8A0 On the Record with the 
Chancellor of the Ex- 


International Sports Special— p*a« Don’t Die." IZSO am Untamed 
Tennis (part 2): Davis Cup; Hr ® rW - 
450 Results Service. Hi V 

5.05 News. am Doctor. *-30 Ten on Saturday. 

work er. Spot ms Ten on Saturday. UL« Star 

530 Happy Days. Maidens. 1210 pm Potwyc. 1220 Ten on 

6,00. Bruce Forsyth’s Big Night Saturday. 5JS Popm-. 12 J 0 araa&y Joww. 
730 The Incredible Hulk. mtv 

830 Sale of the Century. « cepl: SMM tm 1 Bobl A n 

9.00 The Professionals. ccAmcu 

10.00 News 3LU1 i 1511 - 

inis *•» ■« Castawar. <J-2D Adventures Jn 


VHF Radios 1 and 2—5.00 am WitO 
Radio 2 LOO pm With Radio X. T30 with 
Radio 2. 9 JO Saturday Nleht with the BBC 
Radio Orchestra (S). UJB-200 am With 
Radio 2. 


Headings. 1BJ0 •' Lohengrin." Act J. 123S 
Arnold Cooke on record (*).. JL05 News, 
ri m-yi *x Tonight’s Schubert sang (8>. 


m IE 'Fannie name r„n P<Hal- * ra ^astawar. *1 ~oi a ventures tn 

1035 Tennis— Dams Cup Rainbow Country. IL30 Lucan. SJ0 pm 

threat isntaHi v u.b. irozn Th«? uarr Tylpr Moons Show, iuq Laic 


Palm Springs. California. Call. u.» s.w.a.t: 

SOUTHERN 

tf’cc The Practice. 0JS0 am Tatxan. IL30 Logan's Bun. 

1255 Close: Painting by Degas, i zzi pm Regional Weather Forecast. SJ5 
music by Berlioz. Cartoon Time. 13 J3 Southern News. IL3S 

All JBA Regions as London 7*4® to Tate- 
except at the foilowins times: — TYNE TEES 

4NGI T A q -°° am "Dtc Sis Ytilh'in Dollar Man. 

_ . „ . J t 1.50 Ariveniuro Canada. 10.15 Lyu's LocK- 

e?f S K P ?? t '5 e J , 22 r, « U _?S a . a ^l lhe to. 10.25 Saturday Morning Film: Probe. 


RADIO 2 

5JO am New* Summary. 542 Torn 
Edwards fsi Including LIB Racing 
Bulk ! In. LOS As Radio 1- W.tB Tony 
Brandon fsi. 1202 pm Cleo Lalne with 
records <si. 1.02 pm The News Headlines. 
U8-649 Sport on S: Foolbah League 040. 
2 JO. 3.00. 3.45. 345, 4.42-: Rugby Spedsl 
0.30. 2. W. 4.50i: Racing from Cheltenham 
i L30. 1401, plus results and classified 
check 5.43: TennJa 0.30. s.oo. 5.00? Dans 
Cup Final: USA v. Great Britain: Cricket 
0.30. 2.00, S.OOi Western Australia v. 
England: 3.00 Sports Report, classified 
football ehreks 'UO. 5.45; Rughy Round-up 
aJj. LOi Europe <5: Denmark. 7JE Beal 
the Record. 7 JO Radio 2 Top Tunes (si. 
8.15 David SikLJ barn interlude •■». *J0 
Syd Lawrence Orchestra ts'i. 9 JO Davis 
Clip Special. 1202 Snorts Desk. 1210 Ray 
Moore with The Late Show fji. including 
1203 News. 2 BO am News Summary. 


^han na r ^ _T . Zi in. iv. 49 i upj a y -lornin^ tum: itw:. 

Chequer. Forty Tltlc.es. 4 JO The N-*t Week Show. 12.15 pm Ljti’s Look-In. 545 Carton 

9-05 “Lohengrin. Acts 2 and 3, UJQ pm Michel Usrand and FncaUs. Time. UJO Barnaby Jones. 13 am 
including 10.25 Interval * ni A: Thc En<1 '** '^ hc Da> - epUoru-.-. 

ATV ULSTER 

. 140 am Flay r.Iuiiar. 1J5 Mate It Count. 10.00 am Saturday Murolng M.iVn- 

TH.40 Midnight Movie: Dead UUB The Lo^t island. 10.10 Titwai. ■' Rjiw Kong v. Godzilla" U-30 S«?me 

Reckoning," starring s.l5 pm Splderman. 5J0 Moris and .Uindr: srreci. 5-00 pm Sports Results. 545 
Humph rev Bo -art. A da,c u| th Lavernc— Pan Two. IO Cannon Tune. 5J0 The Beverley Hdl- 

. Dan August. billies- 

LONDON BORDER WESTWARD 

8.50 am The Saturday Banana mo pm s.wat. ..’-J 5 JIT 1 L “f 1 an - u ,w Lntamed world, 

with Rill flddip nart 1 gfln •vn^Tr-r 1030 The Little House on the Prairie. 

WIU 1 Bill uaate part 1 . 9M0 CHANNEL 1U5 Look and See. 1200 Just the Job. 

besarae otreet. The Saturday ujis Bm Tho Little House on Ibe 12JS P" Cos Honeybun's Birthdays. 1235 

Banana, part 2. 10.15 The Monkees. Prairie. 1235 pm PnfQn's Plan ice. lt tn George Hamilton IV. 12 B0 Faith for Life. 

10.45 The Saturday Banana, part 3. George Hamilton IV. VnPk'gnTDP 

1130 Tarzan. rnunniv ivnaonmt 

1230 Dm World of Snort- 12 3^ VJrKAJVUrlATN 1-00 The Amazing Chan and the Chan 

U ° o nn nnn am Scene on Saturday. Including Clan. 930 Space Ghost and Dtnn Boy. 

1TV beven — 1.30, 2.00. 2.40 Birthday Greetings and Cnir car. 9JO 10.15 You Can Make It. UJQ Six Minion 
Headline: 1.15 News: 1-20 Tile The Beachcombers. UJO Sesame street. Dollar Man. 1230 pm Richie BrockLelman. 
and 3.00 from Newcastle: 1.43. 1230 'to* PATHH 1 

••It and 2 4=i from I insrfield- Yankees. 1L3B pm Michel Legranrt and MXAUtKJ 1 
-.la ana Z.^a trom L4n|neia, 12 J 0 RenccUoos. ' ( 3 ) stereophonic broadcast 

3,10 . .tiJlernational Sports rDlW . n . t Medium Wav* 

Special — Tennis (part 1): UKAINADA SJO am As Radio 3. 8J» Ed Stewart 

Davis Cup Final: Great 0-* «•" Make H Count. IO.OO Sesame with Junior Choice. 10 JB Peter Powell. 
Rrifitn x- 1 7 c fmm Palm Street. 1200 The Lone Ranger Show. 1-00 Adrian June ■$■. 200 pm Paul 

u^ir tU-ZS Laurel and Hardy in "Saps at Carebacciol .si. 4JI Rock On tsi. 

springs, California, 3.50 Half- Sea - s.^ pa, cartotmtime. 1230 The 5 JO li's Rock ’n’ Roll .si. 6-31 In 

time boccer Round-up; 4h0 Lite Film: George Hamilton In -The Concert >s>. tjO-200 am Aa Radio 2 


WESTWARD 


9.05 am Lucan. 9.50 Untamed World. 
10-20 The Little House on the Prairie. 
1255 Look and See. 12150 Just the Job. 


RADIO 3 

7.55 am Weather. 8,00 News. 8.05 Aubzd? 
is., yjo News. 9415 Record Renew tsi. 
IMS Sturi-n Release <s« 1W0 Robert 

M ry-r Concert ■ 3 ■ 1215 pm Radoll 

Serkiu plays Recibavc-n Sonatas is'. 200 
News. 205 Cblllnglrian Siring Guancl ts». 
210 Woman ot Action: Christina Foyle 
chooses records is>. 3-25 Berlin Phil- 
harmonic Orchestra isi. 4J50 Cyrus Vance 
in London: Address to the Royal Institute 
nf International Affairs. 5.00 Jazz Record 
Requests is'. 5-45 CrlBcn’ Forum. L3S 
Sounds IntcrestinK fsi. 7J5 Personal View 
by Denis Donoghue. 7.00 •• Lohcncrln ” 

■ simultaneous with BBC-2 celeWalonli 
Romantic opera in three acts by Wagner. 
Act 1 t*;). LOO The Sense or Movement 

■ talk by Philip Hobshsumj. 94)5 
" Lohengrin." Act 2 isj. 1225 Interval 


RADIO 4 

635 am Stripping forecast. 630 News. 
632 Fanning Today. 630 Tours Faithfully. 
L55 Weather; programme news. T4» 
News. 700 On Your Farm. 7M Todays 
Papers. 7JIS Yours Faithfully. 7 JO It's 
a Bargain. 735 Weather; programme 
news. LOO News. Ll» Sport on 4. L45 
Yesterday la Partlament- w» Sews. 935 
International Assignment. 930 The Week 
tn Westminster. 935 News Stand. Z0J5 
Dally Service. 1830 PUS; of the Week. 
UJ0 Time for Vera*. 11 JO wild- 
life. 1255 Spiegl >m Saturday with 
Frits Sptegl. 1200 Ncu-s. 1202 pm Away 
Front it All. 32-27 You've Got To Be 
Joking says Cardew Robinson fs'. 1235 
Weather; prognime news. 2M News. 1J0 
iiny Questions? 25S Shipping Forecast. 
200 Bookahrlf. 230 Saturday Afternoon 
Theatre. 330 Docs he taka Sugar? 
4.00 Tunc for Action. 4A5 Enquire 
Within. 5.00 Prefaces to Shakespeare. 535 
Week Ending (SI. 530 Shipping forecast. 
535 Weather? programme news. 64)0 
News. 6-15 Desert Island Discs: Barry 
John chooses records. 630 Eton The Week 
wiih Robert Robinson. 7J0 Baker's Dozen 
• s». 8J8 Saturday Night Theatre m. 930 
Weather. u.t» Ncv*. 10J5 A Word In 
EdReiroys. 11.00 Lighten Our Darkness. 
11.15 Singer's Choice. 11.45 Just Bclore 
Midnight. 1200 News. 


WEEKEND CHOICE 

SATURDAY: The Scots hold 
out tie last chance for Britain's 
rugger players to avoid a white- . 
wish at the hands of the All- 
Blacks, and the adnprable Bill. 

McLaren will •; doubtless be in 
keener voice than usual when he 
covers the jhatch for BBC-i. at 
Murray eld. If it goes badly 
you can always switch to ITV at 
3.10 . and watch Britain in the 
Davis Cup Final instead (with 
more at 10.15). At 7.40 BBC=2 ; ..Jlidwd II.. 


icwmiug m. uuaeoBnn irom <;h»lcpsnBBTv • n 

July’s Munich Opto Festive.. 

SUNDAY: Agaim BBC-2 has who - disliked tfie idea of an 
the most enticing schedule start- English -sovereign ' being 
ing with The World About Us deposed, in a strong cast Derek 
devoted ta-clannish animals such Jacobi " plays Richard, ' John 
as lions, hyenas and wild dogs Gielgud is John" of Gaunt, "and 
and asking “-Why don’t badgers Mary Morris the Duchess of 
hunt cows?" followed by the Gloucester. - CJ). 


BSC Radio London 


54)0 urn As Radio 2 732 Good Fish Log. 
LOO News; weather, truffle, shopping, 
sports news. L15 The London Gardener. 
830 Saturday Scene. U3B Sporucene. 
1230 The Robbie Vincent Show. 200 pm 
Bob Powell with London Country. 4 JO 
Mariorle BUbaw with Close Up. 54)0 
Between the Covers. From 5-30 An Radio 
2 


TV RATINGS 

Dec- 9 


1 BBC Radio New Wavelengths 

BSC RvUo Laden: 

. 2458kHz. 2 Bha A fC9vflf 

••f 1053k Hz/SSSm 

1 1089fc Hz/Z75ra 

9 Z215kHz/2f7m 

W & SMZJvHf stereo 

Capital Radio: 

1508kHz. 194m 8 , 954NM 

_ M3kHz/433m 

2 909kHz/330m 
& B8-9LVM stereo 

. 20akHz/1509m 

4| & 92-9Svhf 

Luodon Broadcasting: 
lXSUtHx. 261m & 97Jvhf 


. UK TOP 20 .'CHomei viewing mj 

1 RobhH Nest (TlmMs) 18.70 

2 CaroMUfoM -Struct CMonJ (Gran) 18.60 

3 Tho Sweeney mmes) isjj 

4 Larry - GrajtMir (BBC) 1735 

5 Wednesday At Eight (Thames) ... 17.50 

6 Seme Motben Do 'we ’Em (BSC) 173a 

7 Afi Creamra Great and Small : 

- ' ~ , ■ - (B*C) 17.M 

S **!"* OBW) (Gran) 17.K 

9 This is Vow Ufa (Thames) .'1635 

U Ctmm and Mildred (Thames) ... M.U 

U Crossroads (Thor) (ATV) 15,40 

12 Ooarwrii (Toe) (ATV) 153S 

u Cra-rrad. (Wed) (ATV) :5 )0 

14 Bsrnta (Tbamu) ...... 15 .es 

15 Edwar4 and Mrs. Simmon (Urns) 14.70 

16 CHarwh <Hn) (ATV) ; .... 14.65 


1* Enunerdale Farm (Tuo) {Yorks! 14.55 
U Master Adad (BBC) ;14JO 

19 The . Moppet Show (ATV) hjs 

20 The. Profcillwial* (LWT) H.2S- 

camelled by Audits nrf Great 
Brtrain Tar J oint industrial Committee for' 
TeJeylslouAdrerthaug ReaoardKJlCTARi: 

_ U-S- TOP .to (HeHsen Ratings) 

1 Laverna -and SMrfey 4cMwly) - 

• „ - • - (ARC) -36: 0;. 

2 Ham* Days (comedy) (ABO ... 293 

CBOWh w fo»wcdy) CABO '21.1 . 
4i_ittte Horn on tto Prairie (draimi) 

5 *2 ASH (comedy) (CBS) 5*3" J£» 

6 U Minutes (news) (CBS) 273. 

n F”"?* <*"») (ABC)" 27. S 

■ NRC Monday Movie. Alone I 

a , ■ Sorvlrod 35-6 

. V Alice- (comedy) (CBS) - 25.1 

U One Day at a Tim (comedy) 

. . _ .. _ (CBS> 25.0_ 

-A.NeUsen rating r ig not ■ a' ndmerldat 

Total. • 


to'“ 


r * 

If v* 


_ ,#■ 

BSiwv* 


uror.-n- ■ -i 


and Radio 3 bring a stereo- secon d in ths i«re 
recording -of Lohengrin from SSHi y^JESi- ' 


EMTERTA3MSSENT 

GIS0DE 


THEATRES 


ALBEKY. 856 3478. CC Bleys 836 1071-3 COMEDY. 


CC. These Theatres accent certain credit 
cards by telephone or at the Box Office. 


OPERA & BALLET 


COLISEUM. Credit card* 01-240 5258. 
Reservations 01-836 3161. 
ENGLISH NATIONAL OPERA 
Winners 197B SWET award 
Outstanding Achievement in Opera 
Tomqht & Fri. neat 7.00 Dcr Roscu- 
havallcr. Wed. next 7.00 The Tblcilng 

UsflHln "Ewan. ..an. „rln- lha AHMIlInn 


From 8.30 am. Party rate Man.. Tues.. 
Wed. and. Frl. 7 AS pm. Thur. and Sat. 
4.30 and 8.00. 

A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 

"MIRACULOUS MUSICAL." Fin. Times. 
OLIVER 

with ROY HUDD 

GILLIAN BURNS. MARGARET BURTON 
Extra Christinas Mats. Book Now. 


01-930 2578. 


Press. Ntatitlv at 8.00 until Dec- 11. 
Opens Dec. T2 at 7.00. 

BRITT ECKLAND 
JULIAN HOLLOWAY 
In an exciting new comedy 
MATE 


H 


Magpie. "Every scene grins the attention. ' 
Tma. Thur. nine! 7.00 Jonathan Miller's 
prod. The Marriage ot Figaro. "Immensely 
successful A enloyablc." Gdn. lOd balcony 
seats ivail lor all peris, from 10.00 on 
day o* -erf. 


ALDWYCH. 836 6404. Info 836 5332 
ROYAL SHAKESPEARE COMPANY in 
repertoire. Today 2.00 and 7.30. Last 2 
Peris. David Mercer's 
COUSIN VLADIMIR 

" Riveting theatre." S. Telegraph. With: 
SARATOGA ired. prire preva. from 

Dec. 13l RSC also at THE WAREHOUSE 
■see under Wi. 



AMBASSADORS. CC. 01-838 1171. 
Evas- 8.00. Tues. 2.45. Sal. 5.00. 8.00. 
JAMES BOLAM 
•'A superb performance.” F.T. 
GERALD FLOOD 
In a NEW THRILLER 
•' WHO KILLED 
AGATHA CHRISTIE . . ." 


SADLER'S WELLS THEATRE. Rosebery 
Are. EC1. S37 1672. Unt-I DOC. 16. 

LONDON CONTEMPORARY DANCE 
Ergs, 7.30. Ter.ightz The Bronze. Then 
Yon Can Only Sing, People Alone. Tues. 
a Wo a. nol: Dreams vilth Silences. Sola 
Ride, ,ee. Thur to Sal, neat' Dreams 
with Silences, Then You Can Old v Sing. 
Eos. 0*OMr Carta in Gilbert A 5ulllvan 
Dec. 18 Id 24 


APOLLO. CC. 01-437 2663. Eras. B.Ofi. 
Mats. Thur*. 3.00. Sat. 5.00 and 8.00. 
PAUL OANEMAN. LANA MORRIS 
_ DEN IS RAMS DEN 
CARMEL MdSHARRY 
. SHUT YOUR EYES AND 
THINK OF ENGLAND 
'■ 2nd WICKEDLY FUNNY YEAR. Vorv 
very funny, great entertainment.** NoW. 


ARTS THEATRE. 01-836 2132. 

TOM STOPPARD'S 
DIRTY LINEN 

** Hilarious - . . see ft.” Sunday Times. 
Monday to Thursday 8.30. Friday and 
Saturday 7.00 and 9.15. 


THEATRES 


ADELPHI THEATRE. CC 01-836 7811 
EvnnipiK at 7 30 

Mats. Thursday 3.00. Saturdays 4.00. 
Extra Mat. Wed. Dec. 27 a; 5.00. 
An Enchantlnq N~w Musical 
BEYOND 
THE RAINBOW 

"HERE IS A HAPPY FAMILY SHOW" 
The Times 

" BOUND TO RUN FOR EVER." 
Evening News 
"SUNNY TUNEFUL AND 
SPECTACULAR." 

Daily Telegraph 

Credit card boostings 01-336 76J1. 


ASTORIA THEATRE. CC. Charing Cross. 
Rood. 734 42S 1-459-8031. Mon-Thun. 
8.00 PJn. Fri. and Sat. 8.00 and 8-45. 
ELVIS 

BEST MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 
SECOND GREAT YEAR _ 

Group Boorings. 01-4X7 3858. 


CAMBRIDGE- CC. 0T-B36 6056 
Box Office now open for 
TROUBADOft 
A new musical starring 
KIM BRADEN. JOHN WATTS 
Red. price previews from Dec. 13. 
Opening December 19. 


COLLEGIATE- 01-587 9629- 

International stars In great family show. 

THE MAGIC CIRCLE SHOW 
Jan. 1-6, 3.00 and 7.30. Book Now. 









































r- 

wiVa C, 

4 ^ 


i- - 

i. *«0 


■* 1 - '«• . - . 

. mj C‘ *' ' + m < , 

• _ gifts’- • 

' • • * V^' _ ' 

f • "■' T-H,* 

: 

V.;;.-^ .>• 


Tfc«.KE ARE . ’ two exciting 
SHmsiamf-: V/disrovferieff in! 
Christie’s sale .of fine: Japanese 
ceramics - and Jaajuer !!at“ jpng 
Street SWX;; on 'AVednesday. 
.'Peter : Buftoa ' tif " 'Christie's 
oriental - department told, me 
that rile I7th;ceiriirt7^large Ko- 
Imari vase heta'ngmg to Coun- 
tess Pauline Kaliiriff, was found 
Bittiogron tiieifloor of xine of her 
re ception r oams' when he. was on 
. his ; last trip;to' Stockho!lin. “I 
don't think .'she had any idea of- 
jts vahie; and Wes thplied Turfieir 
I told her it . coiild inake in the 
region of, £5,000 or more at' 
. auction.'* • • v' . \ , . • •':• 

..The seenhe^ - -surprise Tsvtoe 
pair, of rare- ' Arito-goigelets. 
probably: . Erapo/Tenwa _ period 
(1673-1683), : *CldngiDg ; to . 

Michael Dalles Antiques which 
were . brought -fe to- toe 'front 
. coaster - at "Christies. “When 1 
r saw- these 'I was Terribly -excited, 
as T knew there ' was a similar - 
one illustrated bi Soame Jenyifs 
book . oil .. Japanese porcelain. 
These* 1 were ?.' .' - apparently - 


originally bought from a dealer 
in Brighton /or .about £50, - and 
we enow txpefct them to make 
in the region af £3,p00 to £4*000, 
possibly more.”;/ : ■ 

.. . And .this - erem: though both, 
are slightly chipped, -and one 
cracked, with a. repaired neck. 
The gorggletSi 'vew*te"ftr hold- 
ing wine, axe curiohi shaped 
jligs with_ a - long heck and a 
bulbous spout on the side, not 
unlike .the- Spanish porrUn, 
their name presumably deriving 
from tiie French gorpe, gullet, 
mouth- (bf- bottle), and gorgie, 

; draught, tj r 
. i 5 . A Ringtp- Vrimflar 'exainole in 
Spick's N o? embw exhibitio n of 

-Japanese ceramics^from the late 
Mri. Jenynts own collection, sold 
for .£4,500 within an hour or so 
. toe optoing. Jbnyns worked 
in the Bepartoent of Oriental 
Antiquities.'^' in the • British 
Museum for most of his work- 
ing- U£e, and thxqugb bis cotlect- 
ing became the. leading scholar 
'in the. field- . ■’ ; ; . 

. Jn h ( « ■ r»n? pk on fae exhibition 


(a few unsold pieces can still 
be seen in Spink's King- Street 
Galleries, next to Christie's), 
Dr. O. R. Dopey, assistant 
keeper Department of Eastern 
Art at. Oxford’s Ashmolean 
Museum, says: ** Jenyns was an 
enthusiast: he bought anything 
he could not immediately 
identify as well as types he 
knew well. When he became 
more familiar with Japanese 
porcelain, be still retained his 
curiosity about the later and 
odder pieces." 

Part of the attraction of the 
gorgelets for me is the decora- 
tion — two moulded figures of 
the jolly good Hotel, carrying 
his treasure bag over his 
shoulder. Hotel is one of the 
seven Gods of Lurie, so popular 
with the Japanese, a Cheerful 
character whose distinguishing 
feature Is a large stomach be- 
low which his garments sag, 
believed to be a symbol of con- 
tentment and good nature. 

The Gods of Luck seem 
determined to catch my eye this 
week, because I noticed that a 


,£. P- .Ci' GOITER 


. \ — rrr — play T bid four- hearts, and all another dub forces dummy 

V" 'passed. : again, and establishes West’s 

T .*■. : - . With no attractive lead; West Queen of hearts. 

■ BRIDGE eventually' chose the two of The second hand was some- 

diamonds, and my partner pre- what less exotic. 

E. P.C.COTTER ' .pared to do battle. Be -finessed With both" sides vulnerable, I 
. . . the Queen,. which! -held; cashed dealt and bid one diamond on 
- the- Ace; and ruffed a diamond the North cards. My partner — 

. in hand.. He returned "tbe Knave not the South of the previous 
of _ spades. West Covered, and rubber— made a forcing take-out 
A WEEK AGO - tiro most in- three tricks in that v suit were of two hearts, and I raised to 
teresting .hands occurred during cashed. ' three hearts. South now rebid 

a session -of r high "standard "■ The» dummy’s lasC. diamond three spades, which West 
rubber -bridge. : The first was was led. East covered,. South doubled, a most unwise course 
dealt by West with North-South ruffed - with the heart- six. and of action. I said four hearts, 
vulnerable: West overruffed with the ten. and South pushed on to six 

— ' ii ■ I -■ — . West now switched^ to the club hearts. 

. : . N.~ ■■ Ace. continued with k club to west started off with the ten 

£ A Q 10 East’s King, , and ;8 third club 0 f clubs, taken by the Ace. and 

-V.A K j 9 . was ruffed on the table. The the declarer crossed to dummy’s 

1 A Q V 6 Ace and King of hearts dropped Ace of diamonds, and discarded 

'. ' 7 5 * _ . West’s Queen, and the specula- his other diamond on the King 

a fl.fV tive game was delivered. of clubs. Be followed with the 

* To k- • The opening dHuhbad lead was Queen of spades, which was won 

a v vo S /" . favourable, and a spade would in hand with the Ace, and a 


N. y -• • 

♦ A Q 10 
V A K 3 9 
O A Q 9 6 
*53 


' W. 

4 K 7 3 - 
V Q 10 5 - 
0 K J"2- • 
* A Q 10 2 


E. - 
4 6:5 4 
0 5 4 2 


m 4 have allowed declarer to play spade was ruffed on the table. 


,4 K 8 7 


.4f J 9 8 2. 

r I q ^ . rt ’• ■i'* on tte table. Unfortunately, 

AT Q a± OKO^V'-’ East OTe miffed with the ten, 

. . • y J X a T o * 4' • ant * t ^ ,e contract was defeated. 

The dealer-opened the bidding-. , JJ e ' because the declarer could not 

with one iclu.bi 1 :: which I; sitting , . • E avoid the loss of another spade, 

in the North seat, doubled. After ^ K j’ 10 9 2 + 5 4 : Even if he had not been 

South’s -response of one spade, ^ g 4 V 30 2 warned of the bad spade 

I made an effort to- reach game . ^ K 10 2 ^Q : 73 division by West’s ill-advised 

by-' bidding two clubs. This bid * jn o 7 ' T 8 4 3 2 doub,e - declarer should have 
was designed tb.find out whether . g • tried to set up diamonds instead 

he had a club stopper, a; five- . . 4 A &7 6'it' : ' m of s P® des - That is the per- 

card spade suit, or possibly foiir • - ' O A Q i"7'3 " centage play. At trick four he 

hearts. My- partner!- bid twn . ... g;g . - ruffs a diamond in hand, returns 

hearts oo' his three^card suit' . ; ' . * a • - t0 the ^ eart Kin S ln order t0 

certainly the - right reply ! .T . — - — — — ■ — ruff another diamond, and with 

knew he might be'; weak, bur ‘forces! dummy to ruff. West has that suit breaking 3-3, he makes 
with*g*^i-fahh'4n. biS^uinmy^ get in:, with' a" diamond! ^nd“aUi3" tricks. 


on the same lines. The killing Be returned to hand via tbe Ace 
lead is a club: of hearts, led another spade, and 

' y- s ruffed with the nine of hearts 


on the table. Unfortunately, 
East overruffed with the ten, 
and the contract was defeated, 
because the declarer could not 
avoid the loss of another spade. 

Even if he had not been 
warned of the bad spade 
division by West’s ill-advised 


carved ivory fal.'erat'une 
(treasure ship), with the whole 
crew in, sold at King and Chase- 
more, for £9S0 at their Pul- 
borough, Sussex, salesrooms on 
November 23. This prompted 
me to check on the background 
of the other six gods. The white 
bearded Jurojin is the god of 
Longevity, Fakrofeuju com- 
bines the same quality with 
wisdom, Bishomon, always 
dressed in full armour carrying 
a spear, portrays missionary 
zeal with the attributes of a 
warrior, Daikoku is the God of 
Wealth, the guardian of 
farmers, Ebisu a bard worker, 
is the patron of tradesmen and 


CHESS 


LEONARD SARDEN 


FOLLOWING SO soon after Kor- 
chnoi's near-miss against Karpov 
at Baguio, Hungary’s victory in 
tbe world team championship at 
Buenos Aires shows that the Rus- 
sian grandmasters are no longer 
quite the supermen of world 
cbess they appeared a decade 
ago. 

True, Karpov was not present 
at Buenos Aires for play, 
although he appeared as a dele- 
gate at the World Chess Federa- 
tion congress. Korchnoi was 
there, playing No. 1 for his 
newly-adopted country Switzer- 
land, and his unbeaten score of 
nine out of 11 received the prize 
for the best top board result. 

Final results in tbe team cham- 
pionship. the chess olympiad, 
were Hungary 37 out of 56, 
USSR 36. U.S. 35. West Germany 
33. Israel and Romania 321. Eng- 
land. who ted after five rounds, 
faded badly in tbe second half 
and finished only 12th with 311. 

So close was the race after the 
top three that 1 the team would 
have been fifth had a winning 
chance been taken in the final 
round. 

The poor form of Keene (one 
out of foun and Mestel (3) out 
of nine) was the major cause of 
England's disappointing perfor- 
mance. for there were some good 
individual results. Tony Miles 
beat Spassky, while both Stean 
and Hartston went through the 
olympiad unbeaten, the latter 
achieving a norm for the grand- 
master title. 

England would have done 
much worse but fnr having a 
sixth player in John Nunn who. 
on bottom board, t^ored SI out 
of 12 and won seven games— 
more than twice as many as any 
other player on the team. Credit 
for this is due to bankers Duncan 
Lawrie. inspired by their chair- 
man Michael Butterwick. who 
provided the fare for the extra 
player as well as honoraria for 
the team members. 

Hungary’s gold medals repre- 
sented a fine recovery after a 
poor start to the championship. 
Playing conditions in the River 


fishermen, and Benten the only r .7”" ' • ” .* 

goddess, represents the arts with . -- 

her biwn, a stringed instrument : 

rather like a mandolin. She is i.. \ - ' 

also associated with the sea and ;i A ■■ 

often has a sea serpent or • . ■ "T' ■: 

dragon with her. *! ' ’ ' 'f >3® 

JUNE FIELD I * 

One Of a pair of porcelain jugs in ; (-V-. . ' I 

Christie's Japanese Ceramics and ; ■ * *&• j 

Lacquer sale on Wednesday at King <■ ?' •*£/' 2^41? 1 

Street. S.W.t, were bought not so : f . . 1 

long ago for £50, Recently identified - j A jps Iw.V-iir 
as rare Arito gorgelets (wine u 

vessels), probably !7th century, . v\a gj 

they are expected to make 0.000- 

£4 POO although damaged. The -T ^aiw , 1 ** 

cheery gentleman is Hotel, one of i ' 

the Japanese Seven Gods of Luck. ^ ^r.' -■ 


Plate stadium, situated between 
the airport and a firing range, 
did not match the importance of 
the event. 

Portisch lost his top board 
game to Spain, blaming the 
noise, and when he was well 
beaten by Spassky the Soviet 
grandmasters looked set to main- 
tain their record of winning 
every olympiad in which they 
have participated since 1952. 
But it was the Russians who 
dropped points against weaker 
teams, while Hungary showed 
themselves true champions by- 
beating tbe strong Yugoslavs 
3 — 1 in the final round. 

The Spassky-Portisch game 
will be interesting to anyone 
who plays the popular 3...B-N5 
variation of the French Defence. 

White: B. Spassky (Soviet 
Union). Black: L. Portisch (Hun- 
gary). Opening: French Defence. 
Winawer variation (Buenos 
Aires 1978). 

The opening moves w'ere 

I P-K4, P-K3; 2 P-Q4, P-Q4; 3 
N-QB3, B-N5; 4 P-K5, P-QB4; 5 
P-QR3, BxN ch: 6 PxB, Q-B2; 7 
N-B3, N-K2; S P-QR4. P-QN3; 9 
B-N5 ch. B-Q2: 10 B-Q3. QN-B3: 

II 0-0. P-KR3; 32 R-KI, 0-0; 
13 &Q2. P-B5; 14 B-KJ51, P B3: 

15 P-N3. 

Up to here this is an impor- 
tant and critical line of play 
which is fully analysed in J. L. 
Moles's Batsford book The 
French Defence Main Line 
Winawer. 

Moles analyses 15 PxP. RxP 
as favourable for Black, though 
he comments that it is “better 
to .maintain the PK5." Spassky 
shows that by guarding bis out- 
post while guarding the king's 
side with the bishops White 
gains an appreciable advantage. 
Black's whole system with Q-E2 
and P-QN3 thus cuuid be under 
a cloud. 

Alternatives are to develop 
the queen at QR4 or. as Korchnoi 
chose in bi* match with Spassky . 
to play E-Q2 and X-K2 and com- 
mit the queer only when White's 
plan is clear. 

15...N-N3: 16 B-KR3. PxP; 17 
PxP, R-B2: IS B-N4! (White pre- 
pares to meet IS.QNxP by 19 
NxN. NxN; 20 B-S4). ICN-K2; 19 
N-Q4INxN (opening up tbe game 
for White'.; iiiFbops. but if 
19...N-QI; 20 P-B4 with a hind 
on the centre); 20 PxM. F-B6 
( other-vise P-QB1 limit-? Black'? 


eoanterplay i; 21 B-Bl. tN-B4; 22 
B-Ro, R|2)-B1; 23 B-R!3! (deci- 
sive. Black has to give up 
material, for if 23...ER-B1; 24 
P-N4, N-R5; 25 B-K7) K2-B5; 24 
BxR. RxB; 25 R-E3. BxP; 26 
Q-Rli (forcing simp 1 efi cation 
into a won ending), P-QN4; 27 
RxP. QxP; 2S R-B6. QxQ: 29 RxQ. 
N-Q5; 30 R-B7, P-R4; 31 P-KB4, 
K-R2 (if NxP; 32 R-QB1, N-Q5; 
33 R-R7 followed by doubling 
rooks cs the seventh); 32 B-Ql, 
R-QR1; 33 K-B2. K-N3; 34 P-N4. 
P-R4; 35 K-K3! Resigns. 

Tbe knight is trapped in mid- 
board — a neat finish.- to a power- 
ful by Spassky, 

POSITION No. 245 



ii 


— 

— 


a 


£ 




i 






WHITEf 9 men) 

MeEtc-l v -cUintcros. i.ord John 
Cup 1977. Biack (to move) looks 
in serious trouble since "White 
threatens either to establish two 
rooks on the seventh or to rail 
his central pawns. Should Black 
try (a) N-R5 tbi P-K7 (c> R-KRl 
or (d> B-R5 — and how should the 
game continue 7 . 

PROBLEM No. 245 

BLACK tlOnien) 1 




EXPERIENCE AND EXPERTISE 


’:](■«» ;-\y. ■ ■■■ ■* •••• x- r • , . >,V-' 

vv / :• '■ j . ’ y 


Afzurcaf hox frp LccKnUuv plaiftfij tovr oi’cmirei, circa 
2M</. Snic. to\iljicsdaii> Dixembcr 20. 

Tbe Swiss musical box, originally inserted in clocka, 
watches and snuff-boxes, was established by the 1830s as 
an Instrument in its own right Considerable skill was 
required in arranging tunes to fill precisely one revolution 
of the cylinder (usually just under a minute) and to use 
to best advantage the notes available on the tuned steel 
comb, not forgetting the impossibility of sustaining a note 
once struck, or of repeating it rapidly unless it was 
represented by more than one tooth (as was often the 

case). 

Longer tunes (or twice the number of short ones) could 
be achieved by enlarging the diameter of tbe cylinder, and 
some of the most desirable instruments of the early 
Victorian period play three or four operatic overtures, 
skilfully compressed into a mere two minutes or so. Some 
such operas are well known today, otbers long forgotten; 
the box illustrated plays the overture to Bellini's last opera, 
I Puritani (1835), as well as bis unsuccessful La Straniera, 
Rossini's Zelmira and La Muette de Portici by Auber, a 
French composer of equal rank in his day. 

This musical box is included in the Mechanical Music sale 
at Christie’s South Kensington on Wednesday, December 20. 
For furtber information on this sale and other sales of this 
kind, please contact Christopher Proudfoot at Christie's 
South Kensington, 35 Old Brampton Road, London SW7 3JS. 
Tel: 01-531 2231. 


WHITE (5 men) '■ 

While mines in three moves at. 
ljtesi. any defence <byi 

A. AkerV.oro. Preen 1969). ; 

Solutions Page 14 ' 


PETZOLD KG PHOTOGRAPHICA 
Important Auction 15-16 Dec., 1978 
Apofhekergasschen 3, 89 Augsburg, 

West Germany 

On offer are; 

Historical and classical cameras including Sigriste, 
Minigraph, Ermanox. Leica 250 Prototype, Leica 72. 
Rare and important Daguerreotypes' by Herman 
Krone. Philip Graff. Stelzner Studio etc. 
Phototheraatical books and graphics; photos by Mrs. 
Cameron, Weegee, Man-Ray, E. Evans (Beardsley) 

etc. 

Optical and scientific instruments — including special 
collectors' items. Radio, Telephone, Typewriters, etc. 
Viewing: 9-13 December, 

Fugger House. Augsburg Maximilianstr 36 
and Apothekei'gasschen 3. 89 Augsburg. 

Tel. 0821/33725. Telex 53329S Voped d. 

111. Cat. DM 20, + postage 
(Europe DM 3.10. USA DM 9.40) 



UACLlOOOO.Mtej^String.'. 
Quartris " * ■ - _ 

B flat (KJ59),Eftat[Kj60), 
FfK.16S),A'(K.lM). 
Performed bythe Dhnoa . 
Quartet of Sofia, Bulgaria. Na 
chama live recording an a 
sin gLedizc currently available. 



UACL 10001 Vtvtfdl Violin 
Concertos 

G minor bp. 12! no, i^D min or 
op. 4. no. 8. G major op. 4. no. 3. 
Concerto for Three Violins in 
F major, (KV591/P2781. 
Featuring the ritjldrkable 
KdfpnjamilybftnoUHis.il. 




‘liV-: -I.-'.. • * • - 

.. ©!«r 




UACL JKKC Songs loFoomsby 
.Pushkin- * •- 

Performed by Irina Arkhipova, 
uneOflHeworld.’spearmeszo^ 
sopranos. GccontpaHlqfAy 
Natalia Rassudovu and Z^or „ 
Caselnikor.NoeUehtaliw ■ 
recordings curremiy available .-' . 


. UACL lOBOjJgnrOisIralih 
plays Paganini - - 
Includes eight Caprices ployed 

- in mrely -beard versions. wilh 
.pnnffsccoaipanimeiUsby 

- .Schumann..' ■ 
PerforraedbyJeorOiStrakh 

:. (tdaUa) and Naudia Zertsaltma 
■ (pianoforte}. • 



LUCKY LONDONERS . . . 

cart noW buy reproduction furniture from ALBANY, made the 
Way our. grandfathers made it. with loving care. If you live in 
•• London, look in on the factory and we'll show you same stunning 
.craftsmanship. This week we are offering sturdy mahogany coffee 
. tables, crass-banded wirh an inlaid white line. The sizes are 
--26 inches \ square top. . 18 inches hjoh with 2-*nch-square legs. 
•; Price* range from £65 to £75 including VAT. Pick the one you 
Nka and we’ll suspend production long enough to carry it to your 
car. We're: about 5 minutes from the Elephant and Castle and 
• open 'on weekdays between 10 a.m. and 4 p m. 

ALBANY, 

399, Albany Road, SE5 OAA. Phono 70T 1103 


ART GALLERIES 



Illustrated catalogue 
cf all types of 
critique silver 
now available 

MARY COOKE ANTIQUES 

1 BARNES HIGH STREET 
LONDON SW13 9 LB 

Mcmirr of th» BrJUih Antlqna 
Draten Association Ltd. 


SIR EDWARD COLEY BURNE JONES 

Pencil Drawing study 
/or Tapestry 
r» ft x 3J ii 

Tel: 01-731 4543 weekdays 


INVEST IN TIME 
Antique clocks and watches 
make excellent investments. We 
would be pleased to advise you. 
Hadlow Antiques 
1 1 Tlw P acrOles 
Tunbridge Wells 
0992 29859 


COMPANY NOTICES 


UNION CORPORATION GROUP 

■ THE GROOTVLEt PROPRIETARY MINES LIMITED 
MAR ICY ALE CONSOLIDATED MINES LIMITED 
DECLARATION OP DIVIDENDS 

T. Dividends here been declared payable to members registered In the banks 
at the undermentioned companies at the close of business on 29th December 
197a. 

2. TM RtvUendi are pmblc Hi Soot* African currency- Members With 
. p*vne*t eddresew Hi amtthera Africa will be nid from ino R postered. OBce 
and the warrants . wlH be drawn in South African currency. Members with 
payment addresses el s ewhere will ho paid from the London Transfer Otnce 
and warrants wit) be drawn In United Kingdom currency: the date for beta rmj nine 
thb robs of exchange at wMeh South African currency will be converted Into 
United Kingdom currency will be 23rd January 1979. Such members may. 
however.- elect to be raid Hi Sooth African currency provided that any such 
rtDMU. Is received at either the Registered OBieo or tbe London Transfer OEK* 
on or before 2Kb December 1979. Warrants win be paced from the 
jteglnerity office and the London Transfer Office on or about 15th February 1979. 
5. The registers of- members cl the companies will be closed from 2nd to 
-Stt January 1979, bath days inclusive. 

4. Payment will be made subject to conditions which can bo Inspected at 
the Registered -office or London Transfer Office of the companies. 


The Grbetvle! Proprietory Mines Limited 
Mirlmalo Consolidated Mines Limited 


Dividend per SbarefUnlt of .Stock 
•5-A. currency) 


! per pro. UNION CORPORATION lUK) LIMITED 
Lanina Transfer Office: London Secretaries: 

oKSb? RmpStrsttoii Servfcas. L W ^^nn, 

Gnaw House. Princes House- 

95 TuuttiwerV Street. 95 Gresham street. 

EodSTseTojAT^ EC2V 7BS. 

Mb Docegtber 197«. 




Monday, 11 December, 11 a.m. 

ANTIQUE DECORATIVE FURNITURE, 
WORKS OF ART, CARPETS. Cat. 37p. 
Monday, 11 December, 2 p m. 

19th & 20th CENTURY ENGLISH & 
CONTINENTAL PICTURED ill. Cat. 
£1.45. 

Tuesday, 12 December. 11 a.m. 

ENGLISH A CONTINENTAL FURNI- 
TURE, WORKS OF ART, CARPETS. Cat. 
37p. 

Tuesday. 12 December. 12.30 p.m. 

BRITISH & CONTINENTAL. PEWTER & 
METALWARE. Cat. 37p. 

Tuesday, 12 December, 2 p.m. 
MINIATURE, SILHOUETTES, FANS & 
HOLY ICONS, at. 37 p. 

Wednesday. 13 December, 11 a.m. 
ORIENTAL CERAMICS & WORKS OF 
ART. at. 37p. 

Thursday, M December. II a.m. 

MUSICAL INSTRUMENTS. III. Cat. 52p. 


Thursday, 14 December. 11 a.m. 
IMPORTANT POSTAGE STAMPS OF 
GREAT BRITAIN. 

Friday. 15 December, 11 a,m. 
IMPORTANT POSTAGE STAMPS OF 
GREAT BRITAIN. One Cat. for both days 

60 p. 

Friday. 15 December. II a.m. 

ENGLISH & FOREIGN SILVER A OLD 
SHEFFIELD PLATE. Cat. 37p. 

Monday, 18 December, 11 a.m. - 
ANTIQUE DECORATIVE FURNITURE, 
WORKS OF ART, CARPETS, 
at. 37 P . 

Monday. 18 December, 2 p.m. 

OIL PAINTINGS. Cat. 37p. 

Tuesday. 19 December. Ii a.m. 

ENGLISH A CONTINENTAL FUR NT 
TURE, WORKS OF ART, CARPETS. 
Cat. 37p. 

Tuesday. 19 December. 11a.m. & 2 p.m. 
FINE JEWELS. HI. Cat. £1 JO. 


Tuesday, 19 December. 1.30 p.m. 
BOOKS, ATLASES & MAPS. Cat. 37p. 


PHILLIPS WEST 2 

Thursday. 14 December. 10 a.m. 

FURNITURE & OBJECTS 

View Wednesday 9-7 p.m. Cat. 37p, 


PHILLIPS MARYLEBONE 
Wednesday, 13 December 12 noon 
BAXTER PRINTS A STEVENGRAPHS 
View day before 9-4.30 p.m., and 
morning of sale 9-12 a.m. at. 37p, 
Friday, 15 December, 10 a.m. 
PJRNITURE & OBJECTS 
View Thursday 9-4 p.m. Cat. 37p. 
Tuesday. 19 December, 10 a.m. 

LEAD SOLDIERS, MODELS & TOYS 
View day before 9-7 p.m. at. 37p. 


Ot. prices include postage 












16 


Financial 




F f IN A NCI ALTIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4ST 
Telegrams: Finn&no, London PS4- Telex: 886341/2, 888897 
Telephone: (tt-248 8000 


Saturday December 9 1978 


Very well, 
alone 


THE PRIME MINISTER chose 
■to lake a rather Churchillian 
lone in reporting to the House 
«»f Commons on the rather 
shuffling outcome of the 
economic summit in Brussels. 
He could not make a deferred 
decision sound dramatic; indeed 
Brussels was. the very reverse 
of a drama. “ I no longer feel ” 
as the Prime Minister of 
Luxembourg put it "that we 
are at a turning point wf 
history." However, he diet try 
to convince his hearers that an 
independent line was some- 
thing robust — a healthy pursuit 
of national interest, in which 
Britain was in good company. 
It was left to Mrs. Thatcher to 
ask what national interest had 
been served. 

The honest answer is a little 
embarrassing. The fact is that 
the outlook for the UK economy, 
and especially for the rate of 
inflation, remains a mystery 
wrapped in an enigma: and in 
such circumstances, member- 
ship of an obligatory currency 
intervention club is definitely 
not an unmixed advantage. Even 
the limited agreement that was 
achieved between relatively 
stable countries has already pro- 
voked the beginnings of 
currency market speculation on 
a realignment between the Six 
before January 1. and this is 
likely to provide some con- 
tinuing excitement over the 
holiday season. 

The pressures that might 
even now be trying to depress 
the sterling rate had we joined 
can readily be imagined. A 
promise to support a given rate 
is unfortunately an open invita- 
tion to speculators; a genuinely 
floating marker, on Ihe other 
hand, seems ready to reserve 
judgment. The Brilish promise 
to stabilise sterling outside the 
EMS puzzles suspiciuus Euro- 
peans. but technically it is more 
feasible. 

We are waiting, then, for a 
more reliable stability before we 
contemplate joining. What are 
the chances of achieving it? The 
pay mystery gets more com- 
plicated day by day. Union 
negotiators now have a new 
virility symbol; they claim that 
apparently moderate settle- 
ments, such as that achieved to 
much applause at VauxhaU. are 
generous in concealed ways. The 
employers deny iL Ford claims 
that its settlement, given the 
productivity promised by the 
attendance payments, will prove 
moderate; the unions say it will 
cause more trouble. There is 
clearly nothing firm to be 
learned from the proclaimed 
percentages contained in succes- 
sive bargains. 

This does not of course 
prevent the Government from 
continuing to battle for 5 — or is 
it now 7? — per cent, and to 
threaten sanctions for which 
there is no support in Parlia- 
ment or in industry'. The 
incomes - policy - free - for - all 
debate continues 

In favour of the policy, and 


indeed of the -threat of sanc- 
tions. it must be conceded that 
our own industrial survey does 
show some hardening of em- 
ployer altitudes. A quarter of 
employers now say that they 
aim to settle in the 5 per cent 
to 9 per cent range, and say that 
sanctions are one factor in their, 
thinking. They clearly weigh 
heavily with the publishers of 
provincial newspapers, who now 
face the first open-ended strike 
by journalists in support of a 
ciaim to which the employers 
concede much justice. Some 
settlements may' indeed be 
reduced by this approach. 

Anomalies 

However, our objections 
remain. Talk of norms encour- 
ages emulation. Some em- 
ployees with strategic strength 
are clearly likely to get exces- 
sive settlements; no one knows, 
for example, what to do about 
the tanker drivers. Normally 
pacific workers, like the post- 
men, may be incensed, and sen- 
sible adjustment of anomalies 
is blocked. A minute reduction 
in arerayc settlements is hardly 
worth the price In disruption, 
injustice. and damaged 
relations. 

Above ail. pay is far from 
being the whole story, as the 
figures for the last year prove. 
A tight monetary policy and a 
relatively strong exchange rate 
helps to damp down the 
response of prices. This may 
be because of the pressure for 
efficiency, or at the expense of 
profits: the current recovery in 
profits could be evidence of an 
encouraging answer, though it 
is far luo early to judge. The 
result may be higher unemploy- 
ment — a rather brutal way to 
secure better productivity. 
Generally the City regard a pay 
out-turn in the 10-12 per cent 
range as consistent with some 
further improvement in the 
economy, and the markets cur- 
rently reflect a dawning hope 
that this may not be too wide of 
the mark. 

However, double-figure pay 
increases and some rise in infla- 
tion is probaiily not consistent 
with the Prime Minister’s aim 
of holding sterling within 21 
per cent of its present effective 
value, without a sharp impact in 
the jobs market; it is this ques- 
tion. in an election year, that 
casts the greatest uncertainty 
over sterling. If this uncertainty 
could be -reduced — indeed, had 
we felt able to join the EMS at 
the outset — not only would the 
environment for pay bargaining 
be more certain, and the hope 
of reduced inflation more cred- 
ible, but foreign investors, 
already attracted by low British 
real wages, would feel more 
sure of themselves. 

Our decision to stay out for 
the time being may have been 
realistic, but it is not a victory. 
The outlook will be much better 
when there are grounds for the 
confidence which would enable 
us to join. 







BY ARTHUR SANDLES 


T O SOME it could be a 
dream come true. Think 
of a Britain where com- 
muters do not have to fight 
American ruck-sacked college 
kids on the morning Piccadilly 
Lin e tube trains from the air- 
pqrt; of country roads where 
Fiats and Mercs, do not trundle 
sigbt-seers past churches and 
castles; of a City walk not inter- 
rupted by some foreign accented 
inquiry. But do not forget that 
a £lbn tourism surplus is likely 
to prove a spectacular bonus 
for Britain in 1978. 

Year-end figures are likely to 
show that foreign tourism to the 
UK virtually stagnated in 
numerical terms and that such 
growth as there has been is 
largely the result of the efforts 
of two men — Mr. Alfred Kahn 
whose eagerness for competi- 
tion as the head of the 
American Civil Aeronautics 
Board brought air fares 
tumbling down, and Sir Freddie 
Laker, who holds broadly 
similar •views to those of Mr. 
Kahn. It is intriguing that 
these two battled to success in 
the teeth of opposition from 
the British Government. 

Revival of 
sterling 

In both the short and long 
terms there are aspects of the 
British tourist outlook which 
are beginning to concern observ- 
ers. These include the fact that 
inflation in Britain and the re- 
vival of the fortunes of sterling 
over the past summer, have 
eroded the price advantages 
which were such an attraction 
to visitors. At the same time 
there are signs that hotel bed- 
rooms of a high international 
standard in the prime areas of 
attraction, notably central Lon- 
don, are once more in danger 
of being booked out. Thus, al- 
though the present sluggishness 
of the market may be due to 
temporary factors and notably 
the state of the dollar, if there 
were a revival of world tourism 
Britain might be hard pressed 
to cope with it. 

Ail this is happening at a 
time when the flow of Britons 
to foreign shores is gathering 
pace in a remarkable way. More 
than 750.000 UK residents have 
already booked holidays over- 
seas for next summer. 

The main limiting factor on 
continued growth of bookings 
over the coming months is 
likely to be capacity rather than 
demand. Although the bedrooms 
are waiting in destinations like 
Spain and Greece, the British 
charter fleet has been run down 
in recent recession years and 
does not have sufficient aircraft 
to handle the sort of boom 
which now looks like develop- 
ing. There are moves afoot to 
change this position, with some 
airlines re-equipping and some 
tour operators buying their own 
jets. Thus, in the early 1980s 
certainly, the aircraft will be 


there to handle even major rises 
in the market 

For the moment the UK has 
every reason to be happy about 
its tourist record. According to 
the most recent report of EEC 
official tourist organisations 
Britain’s income from tourism 
accounts for 4.3 per cent of total 
exports of goods and services, 
while its expenditure totals 
only 2.3 per cent of imports. 
This healthy position contrasts 
with an EEC as a Community 
which spends considerably more 
on tourism than it receives. 

That is largely due to the 
Germans, whose tourist receipts 
are a tiny 2.8 of exports hut 
whose expenditure is a substan- 
tial 8.7 per cent of the total im- 
port bill. The tourism league 
is virtually an inverted pros- 
perity table, with Italy, Britain, 
and Ireland being major holiday 
magnets. Perhaps the UK should 
regard it as a good sign if it 
slipped into a less spectacular 
tourist balance. 

Many would argue that the 
relative strength of sterling is 
such a dominant factor in any' 
tourism debate that talk of man- 
aging tourist flows is nonsense. 
Those who believe that would 
dispense with the British 
Tourist Authority (a not un- 
precedented move since Presi- 
dent Carter Is apparently poised 
to do just that to the U.S. Travel 
Service) and cease any interven- 
tion in the hotels market. How- 
ever, it is apparent that without 
Government action which with 
the Hotels Incentives Scheme 
stimulated a massive modernisa- 
tion of the British hotel industry 
in the early 1970s the £lbn 
tourism surplus might never 
have been achieved. 

Earlier this week various 
sectors of the tourist supply mar- 
ket met . in London to debate 
this very point and it was sug- 
gested that hotel building 
needed yet another prod. Mr. 
Jonathan Bodlender of Horwath 
and Horwath. a consultant, told 
those present that with the 
delays inherent in assembling a 
site, obtaining planning permis- 
sions and building the property, 
*1t ts probably already too late 
to increase the stock materially 
before 1982, and if the supply 
is to be increased by, say, 1985, 
action is needed now." 

Mr. BodleDder pointed out 
that in London some 45 per cent 
of -the hotel capital was in one 
horougta, Westminster. Another 
20 per cent was in Kensington 
and Chelsea. Those boroughs are 
dying that enough is enough. 
If Britain is serious about its 
tourist' industry ambitions there 
may have to be further conces- 
sion $. 

"A shortage of 10,000 rooms 
in 1985,” Mr. Bodlender said, 
"represents 20 new hotels all 
of the size of the London Hilton 
or the Royal Garden. The mes- 
sage is clear and simple. There 
is likely to be major shortage. 
There is also likely to be major 
difficulty in creating new sup- 
ply to meet the shortage.” 

Mr. John Smith, Secretary of 
State for Trade, has danced 



CortoiC Cbcftrctf 


Outside Buckingham Palace, London: One man’s tourist delight is another man’s traffie jam. 


nimbly along the fence. “1 am 
aware that there is considerable 
concern among local authorities 
most closely involved about- the 
social costs which increased in- 
vestment in hotel stock would 
Impose; on land use, noise, park-, 
ing and road traffic . .■ . Those 
of us who work or live in 
London are of course only too 
aware of the pressure of 
tourists in the capital; and hi 
Government we are aware that 
there is from time to time con- 
siderable public concern about 
this. 

“Much comment Is, I am sure, 
exaggerated and even in Jubilee 
Year London coped well enough. 
Nevertheless we need to ask 
ourselves how easily we can 
accommodate (in the broadest 
sense) further growth of 
visitors to the capital. Are there 
already constraints which could 
limit further growth, however 
desirable, to the obvious dis- 
advantage of Britain as a 
whole?” 

Convoys of 
coaches 

In the broadest of terms those 
areas which are being hardest 
hit by the disadvantages of 
tourism are now beginning to 
ask why, if the nation benefits 
so much from tourist revenues, 
it does not contribute more to 
solving the problems they bring. 
An example of this is the 
pressure on London's streets 
caused by the convoys of coaches 
in procession around the capital 
every day. Parking space for 
these vehicles is very limited 
and to provide more can cost as 
much as £30.000 a space. The 


London boroughs do not feel 
that their ratepayers should foot 
this sort of biiL 

The main area where the 
objections have shown them- 
selves have, however, been, in 
tile field of a hardening attitude 
towards allowing more hotel 
building. London now has. the 
odd prospect of very little being 
planned in the way of -hew 
building but an ' extraordinary 
determination on the 1 part -of 
many companies to buy-What- 
ever they can lay their hands on 
in the way of established 
property. As Mr. Melvyn. Greene 
of Greene Belfi eld-Smith says: 
u It is a sellers’ market and; the 
prospective buyers_are not only 
from OPEC countries. We have 
at least six major established 
hotel groups seeking to acquire 
an hotel in London. Even in the 
^provinces, with a few exceptions,? 
it is also a sellers' market” r . 

This must be.. partly ; so 
because few companies want to 
plunge into the difficult 
business of starting./ from 
scratch. Another, suggested by 
Mr. Greene, is that investment 
institutions are showing some 
doubts about the hotel indus- 
try. The nervousness is due to 
the ooe-puTpose .nature of a 
hotel building; the difficulty in 
assessing rent reviews; and, 
above ail, the underlying con- 
viction that offices, shops and 
warehouses will in the long 
term increase more in value 
than hotels. 

Mr. Greene,- whose business 
is hotels, is obviously convinced 
that this view is -wrong and has 
been badgering the pension 
funds, merchant banks, and 
leading stock brokers with his 
case. “ We are not really seek- 
ing a situation where institu- 


as there is. 


Property 

demand 


tiohs pour money into hotels— arid trying to ensure that' they 
rather a situation where many go to areas . which --need -the 
major funds selectively invest a; economic . support that tourism 
proportion of their- assets in gives. The •- Government has 
hotels rather than ignoring the recently added to the grant 
industry. One major pension support given to tourism in .the 
fond last year had around regions ; and_ .the ETA: 'itself 
£200m to spend- Jitoging frotn. piacesconsiderable emphasis' da 
•their accounts they had trouble non-Lohdon '. destinations And 
in finding where to_ invest those activities- to: its promotional 
$inds.’’ ..'work. ■ r‘ -. 

If new hotels -are not built, . MrftaB oot.«een. lost, 
the pressure may not simply be P? ^ ^ttaope^-tourisf .agen- 
a lack of space for Visitors,- but 

also rising prices for such space report irom those^EEC tourist 

offices worries about- the Com- 
munity’s. external deficit . on 
7 . tourist spending (a position 
which- would _ be changed if 
Spain, . Greece and Portugal 
: jo_in) and . says: ".The task of 
the policy maker in-, the - tourist 
’ " intostry will be to avoid bottle- 
It is unfortunate that a necks to investment and - to 
survey of the position drawn up steer, increased ■ demand' 'for 
for the BTA by Professor Tom tourism to those regions which 
Medlick ' and ..Mr. Dertnot wouhT’-benefit most fiom ihe 
Mathias indicated tbit ? future orojected * i expansion . of- ihe 
demand was Bkely to Be tourist industry. ", ' 

strbngest to lower ' priced »rh e former meansilrat action 

properties. It also suggested W jn be required to avoid lack 
that \ the - most profitable 0 f capacity to any of: the key 
properties were going to., be sectors : such as transport and 
those in' Ihe centre and built accommodation, v Moreover, the 
to luxury standards, end .those magnitude' .of tourist' flows is 
on. the periphery of London now- so great that- any . major 
with . accommodation for the recession to the- industry, could 
cheaper market The difficulty j^ve profound consequences fixe 
with the first of these options is the economies of Ihe. Com- 
that.it is almost impossible to toxin! ty -Given this , any' posi- 
get sites or planning per- tjye measures to create a climate 
missions, and wi th the second favourable for in vestment to the 
that hotels- in fringe areas are industry and for - its promotion 
obviously the first hit by any deserves government encourage? 
down-torn to trade and thus not ment" 1 
particularly . attractive .to ; When the figures fpr 1078 are 
investors. finally counted, and the predie- 

Most see the answer in tions for' 1979 finally completed, 
putting a more determined the British Government may be 
effort into - steering tourists tempted to say “ amen ” to that 
away from London altogether particular Eureview.. 


Letters to the Editor 


Salaries 

From the Executive Directors, 
Chartered Union oj Taxpayers 

Sir, — it was with great interest 
that we read (December 6> a 
news report headed " Manager 
surviving income-tax demands." 
A survey by Inbucon Manage- 
ment Consultants is quoted as 
saying that managers in Britain 
are not so harshly penalised by 
personal Income-tax as is often 
claimed. The report is again 
quoted as saying that only in 
France and Switzerland are man- 
agement very much better off 
than in London, having salaries 
of about £14,000 after tax and 
living cost adjustments, com- 
pared with a UK net salary figure 
of £6.000 ' for the " average 
executive." 

We find it difficult to under- 
stand how a similarly derived 
figure of £9.600 for Belgium is 
not acknowledged as being 
greatly in excess of the British 
figure of £6.000! Also noticeable, 
in your report of the survey, is 
the lack of comparative figures 
for Germany, except in terms of 
the relative cost of living. 

It ts not difficult to perceive 
a true picture of the relative 
standing of the average UK 
executive: it is quite clear that 
be falls a very long way short 
of the rewards achieved by his 
counterparts in the richer 
member nations of the EEC. 
namely France. Germany and 
Benelux. 

Surely il is a sign of these 
complacent times that whenever 
the UK appears to be better off 
than Portugal: Spain. Italy and 
Eire, we are told that all is well 
and we should not complain. If 
we have reached the stage where 
we cannot bear the indignity of 
true comparison with the wealthy 
nations of Western Europe, then 
we deserve to remain the poor 
man oF Europe, 
lain Brodie and Tony Fo.y, 

71, Fleet Street. EC4 


each be representing half a 
million electors, but will not be 
compensated for this much 
heavier burden. In addition, 
attendance of the Assembly may 
involve members in loss of earn- 
ings or make it impossible for 
any. other occupation to be 
pursued-. • Perhaps a uniform 
attendance allowance could be 
paid to members? 

The Cabinet decision to press 
for this low level of remunera- 
tion for our Assembly members 
seems to be a sop to anti- 
Marketeers who do not wish to 
see an effective and representa- 
tive Parliament in the European 
Economic Community, which 
could deal whh the problems 
that they so often complain 
about. 

A Finlay. 

23. Foscvte Rood, 

Hendon . N.W.4 


of architects at the briefing and 
design stage of both these build- 
ings. Full credit should also be 
given to Clive Crawford, who was 
project architect for both these 
buildings and to Douglas King 
and Alex Stok who were respon- 
sible for the detailed design 
resolution and building of New- 
ham and Brentford respectively. 
This was a civil engineering con- 
tract and mention should be 
made of the many engineers who 
contributed, in particular. John 
Ferguson of public bealtb depart- 
ment who both led and co-ordin- 
ated the whole project team. 
Finally, could I say what 
immense pleasure it gave me to 
Tecelve the award on behalf of 
the GLC and all the professionals 
who worked on the scheme. 

Jake Brown. 

Count]/ Hall. SE1. 


Awards 

Front Professor G. Dix 

Sir, — I was interested' to read 
your reporter Colleen Toomey's 
comment (December 2) in 
connection with the award of the 
FT industrial architecture prize 
to the Greater London Council, 
that the council was often the 
butt of criticism over its archi- 
tectural designs. This may be 
true, but it Is also (me that GLC 
builds more than other authori- 
ties and wins far more awards 
for design, h would have been 
appropriate to mention this too. 
Gerald Dix 

f Lever Professor of Civic 
Design i. 

University of Liverpool. 

PO Box- 14 7, 

Abercromby Square, Liverpool. 


Skilled 


From Mr. A. Scollin 

Sir, — Your correspondent, Mr. 
G. H. Lisney. appears to have 
confused himself when he states 
(November 251 Iwo contrary 
hypotheses: “ It is noticeable that 
the higher the intelligence the 
less motivation need be given 
... it is also very noticeable how 
easy it is to motivate the less 
intelligent." All this in one 
sentence! 

Having left school at 15. and 
not having a ** skill’* . perhaps 
I missed out on the higher logic 
of the academies reserved for the 
more intelligent. . . . 

As Lord Hail sham is reported 
to have said (some 25 years 
ago): "what we want is more 
skilled labourers" . . . 

A. Scollin. 

2. Besndck Avenue; . 

Meaner. Derbyshire. 


to invest. Another complaint is 
that foreigners land cutlery in 
the UK at prices lower than the 
price at which the British manu- 
facturers can buy their steel. 
There seenis to be rational 
answers to tbc problems of this 
industry. 

A new manufacturing unit 
should be set up (possibly with 
the help of the National Enter- 
prise Board) to produce the 
cheaper range of cutlery (about 
90 per cent of the total con- 
sumed in the UK being 
imported). This unit should buy 
its steel from the cheapest 
sources available. Existing 
manufacturers should sell with 
the same flair as the importers: 
the importers could presumably 
buy their product from this 
source of supply. 

And an import surcharge 
should be introduced for a 
limited period of time to enable 
the new company to establish 
itself successfully. • 

M. Littlewood. 

Brookside. Whitchurch, 
Ross^m-Wye. Herefordshire. 


permit an effective contribution 
to the board as a whole. I believe 
that neither of these qualities 
leDd themselves to rigid and 
universal definition for directors 
in general and that this is also 
true in the case of the members 
of the audit committee itself, 
since their monitoring role goes 
so far beyond the classic auditing 
function. 

Please do let us be careful that 
we do not let the baby out with 
the hathwater by deliberately 
limiting the freedom of the chair- 
man to make imaginative 
appointments to his board just 
at the moment when so much 
healthy rethinking of the role of 
the board is going on. 
Christopher D. Power. 

Brooft House, 

113, Park Lane, Wit 


Team 

From Mr. J. B roicn 

Sir. — Following your report CutlerV 
(December 2) on the presen ta- J 

tinn of the Financial Times From Mr. 31. Littlewood 


Europay 


ewi Mr. A. Finlay 
Sir, — The decision to pay the 
; Parliamentary salary to 
rapean Assembly members is 
jlorable treatment for our 
iresentatives that we will he 
cting next year. They will 


Industrial Architecture Award to 
Greater London Council Tor the 

refuse transfer station at Brent- 
ford. could I Lake the opportunity- 
dr commenting on your descrip- 
tion <jf myself as architect to the 
building? Brentford was designed 
im media tc*Jv after a virtually 
identical station at Newham (six 
compactors instead of 10). My 
role was to load a small group 


Sir. — That the advertising of 
foreign made cutlery is being 
attacked by the Fe Aeration of 
British Cutlery' Manufacturers 
(December 4) is almost beyond 
'belief. 

British cutlers failed to invest 
in the 2950s and 1960s; they 
simply pocketed the profits. Now 
their equipment is hopelessly 
out of date there are no profits 


Directors 

From the Managing Director, 
Spencer Stuart and Associates 

Sir. — John Chudley and others. 
(December 4) make a useful 
point on non-executive directnrs 
but seems to me to draw the 
wrong conclusion. 

The establishment of yet 
another “regulatory body" (this 
time to control entry to the 
country’s boardrooms) might per- 
haps be seen as a means of avoid- 
ing the appointment of a very 
few grossly unsuitable directors. 
The standards imposed, however, 
would be either so fundamental 
as to be superfluous or so 
restrictive as to hinder the con- 
struction of boards with real 
collective breadth of wisdom. 

The standards needed for all 
directors, whether executive or 
□on-executive, are well under- 
stood by an increasing number of 
chairmen who would not lightly 
relinquish their prerogative on 
this subject. These standards flow 
from two simple tests: that each 
director should bring to the 
board a particular range of know- 
ledge and experience which has 
been properly identified as being 
required; and that he or she has 
the personality and approach xo 


Shares 

From Mr. B. Cole 

Sir, — The vice president of the 
Economic News Agency (Dec. 5) 
should not imply that the gross 
turnover of the Stock Exchange 
could be available for "investing 
in British industry'.’’ That would 
be economic news indeed! 

For every buyer of shares 
there is a seller, and the vast 
majoriry of transactions result in 
no net new investment in shares: 
the seller reinvests the proceeds 
In other shares. This does not 
mean that the gross level of 
activity is not useful to industry, 
even if Mr. Lane regards it as a 
“vast gambling fund.” The £9.5bn 
of new money raised for industry 
by the Stock Exchange last year 
would not be available unless 
there were a market for the 
shares. 

On a more general level, there 
is no reason to believe that funds 
cannot be found for wortbwile 
investments. The trouble is that 
profits are too low. and failing, 
and do one in government is 
doing anything to reverse this 
trend. 

B. A. Cole. 

“ DrriRe Wood." 

Dero ru thi re A venue. 

Amersham, Bucks. 


Jeans 

From Prof. D. Myddellon. 

Sir— The Price Commission 
appears In have excelled itself in 
impertinent advice to clothing 


retailers to cut their gross profit 
margins on jeans (December 1). 
Apparently the Commission feels 
that jeans represent a steadily 
expanding market where the 
financial risk is relatively low, 
and that retailers are not justified 
in expecting to secure normal 
clothing trade margins on them. 

This is the language of 
bureaucracy : . it is utterly 
inappropriate in the context of 
a market What matters is not 
what the Price Commission 
thinks, but what customers 
prefer. If any retailer is charging 
“too much" for jeans, then com- 
petitors are free to offer lower 
prices to attract customers. In 
a free market there is no need 
whatsoever for prices — or prof ts 
— to be “justified.” 

As far as profundity of econo- 
mic analysis is concerned, the 
Price Commission might as well 
say it would prefer pink jeans to 
blue. 

D. R. Myddelton, 

Cranfleld School of Management 
Cranfield, Bedford. 

Bills - 

Front Mr. T..Cator 

Sir, — Mr. Baillie’s letter 
(December 5) comparing U.S. 
and British, suppliers’ methods 
of presenting their bills for pay- 
ment made interesting reading. 

The majority of UK credit 
card companies' would appear to 
■match their American cousins 
in terms of convenience and 
business acumen, but one has to 
admit that some British depart- 
ment stores’ methods are woe- 
fully lacking in terms of con- 
sideration for their customers. 

Not only present are all the 
faults mentioned by Mr. Baillie, 
but one famous London store, 
which suggests in its advertise- 
ments that those , who enter Its 
portals are in a different -world, 
exploits this rather arrogant 
claim to the full by operating 
on a strict four-weekly hilling 
system rather than- by calendar 
month. 

No doubt this curious methnd 
was designed by a computer 
consultant; one wonders if he 
bothered to check on how many 
of us poor workers are paid 
every four weeks rather than at 
the end of each month ? 

T. A. Cator. 

31. Highlands heath. 

Putney Heath, 5W15. 



Share Exchange 
Schemes 


H ysu wish to convert shares into units you can usually 
do so on advantageous terms by exchanging them 
through a unit trust management company. 

How they work 

To give an example: if you have 1000 shares whose 
market bid price is lOOp and whose offer price ts 105p 
you could sell them through a broker for £1.000, less ; 
commission, contract stamp and\KT(£l6J)0) resulting 
i in a net value of £98350. ’ T ' - •_ 

Hcwevec If they were shares uhfch the unit bust 
management company was prraared to add toifs own 
portfolio, it would usually purchase them from you at 
-either half the difference between the bid price arid the ; 
offer price. {202/ip} or at the fuff ; 6fler- price llG$p) 
and credit you with units to that value. 1 -i 

; ff the managementcornpary does not wish to add Oaur 
'• shares toitfoton securities. tnenJttoffl normalises mem. 
-for you and pass on to ybu the' fuS t^ vedueto urflis. ' 

! An exchange of shares for u _ 

_to capital gains tax purpose 2 s: 



ptofesiona] supervisor: of your.rrivestrn®A ftfr-a wide ' 
spread of shares, fc) . capital gains taDCixiyahtages/ 
.Wl the ■ administrative convenience . of ai-tlrut trusts 
(e> the proven safeguard of ihe iruktee^stemr ‘ ' . 

Where they can be obtained ' 

; Share ^exchange srfierrWate ; <5S«edby ^m&furiitjrust 
'management compares who wffl'sehd details. ' 

: y. • : IJrUtTrust Association/- ^ V ? 

• PjtVHattB. 16 iFwxpury Q*CiA London EC2M 7Jff>Tejtybane(n-6ZgOB7I - 




v 




***** 



g ^inaneial^ S^s -Saferday December 9 1978 

NEW SCHEME FOR DOCKLAND 





... .j i;"'. ' . '••„ • 


BY DAVID CHURCHILL 



•i. 


;jv „ •'■■_. : 

il’LA.. 

M*->v rf? f 

^.■':«C. -ij 



Ufer\l& 



A - GOVERNMENT decision is more equal terms with larger 
imminent oh whether to- back' a companies for the .' attention 
17. S. ’Style £55m : trade mart , in of trade buyers. . In addition. 
■ tbe heart of Tjondon’s docklands special mart ^events”- would be 
in a move which could either held several time each ; year 
f., bring substantial benefits •' to for. each industry - to reflect 
Britain’s consumer industries or, changes in the buying seasons 
Jv- end up as a new jumbo-sized- for various -consumer sectors. 
If “white elephant” in the docks. The mar t coaid also produce 
; The plan ia. to convert some the not inconsiderable benefit of 
333 acres of the 5.500 acres creating several thousand new 
lying idie in dockiapds into the jobs jh. an area of high unem- 
London Intern ational - Herehaai ployment -asweiL providing a 
dise Mart The^rcposed site is "spin-blT' effect on asdUairy em- 
in the derelict Sumy Docks— 'ployment and, it .'act 

only one xnfle dowu river ftwa jj a, cataiyst for bringing, more 
TowferBrfdge and accessible by- jobs to dockland. ■ , 
road" , and .Uadergrohnd .from The project is the brpiff^iild 
central- I/mdon. . ThMirst stage of^a 64-ye«r-o3d Texan. Mr. 
of ’tfi^xoart wouldinitiaUy 'Tr amrarit .. Crow. and his i pro- 
prise a si^^tbrreyy f uturistic perty partnership which, has 
lookihgllSHXj^ ft bf'showrooms successfully devel oped the ‘inart 
and. other - factifoies.. with a concept inside and outside the 
further 4.7m aj ft J^anned later. U S. ihe Dallas trade mart is 
This wbuM^ provide "London the largest of Its kind in the 
with a- permanent trade exfcri bi- world, with 4|5m sq If -of show- 
tion 1 centre dO'rivaL anything in room space housed, in five, build- 


• "f 

' vl; 

Y 


Europe: 


fogs and visited- by 400,000 pro- 


The proposed .complex would fessionat trade- buyers a year, 
contaxn about 1,000 showrooms, other marts have been. bctilt by 
leased by manufacturers. their various developers in a Btrinber 
agents. ■ wibol&alere, ^.afctd ©their of tLS. - and- Canadian' ciSes, as 
suppliers from: i range., of well as in Copenhagen, lllxecht, 
consigner - indus tries. -These Amsterd am and. Brussels. ' 
indnstries- .inclnd®" furniture. The -Texan’s problem, how- 
floor- coverings; ^loiisebold gpods ever, is that because Trammell 
and. suscessories,' .fabrics, and Crow is a partnership rather 
fancy goods. . Tenants would than -a property company it 
be . able ■ to- display their pro- usually links its commercial ex- 
ducts '.only to ^yetml- trade pertise -with the-; financial 
buyers: all the. year- round iii muscle of a. major financial io- 
a pleasant,.,, totally enclosed sdtution. In the case of the 
environment similar to the .London mart, Mr. &oW"is pre- 
large shopping- developments pared to put in some £5m of 
such as Brent Gross '.just out- his own. money, which, V while 
side Cmdral - Lbr^ the: substantial -in personal terms. 
Bull Bing in Birmingham.' Show- .represents only a fraction ■_ of 
rooms have glass frontages lead- the total cost *■ estimated at 
fng onto wide corridors, and between £50m '' and " £55 m. 
are grouped together by indus- Merchant bankers HiU Samuel 
try. They vary in size.- Furniture are the London : financial 
showrooms obviously need more advisers for the project 
space than those for jewellery Bat the City is qgnrous about 
manufacturers.' backing the mart -dace the 

The mart would also give concept has no proven track 
small manufacturers andwhole- record in the UK. The Govern- 
salers the chance, to. compete on meat, therefore, has.been asked 


to underwrite the bulk of the 
finance required. The institu- 
tions argue that government 
guarantees are often given in 
cases where a project com- 
plements government policy, 
in this case its declared aim 
of regenerating Ihe inner 
cities. The City of Brussels, 
it is pointed out. provided 
guarantees for about 80 per 
cent of the cost of Trammell 
Crow’s mart just outside 
Brussels. 

Mr. Peter Shore, who as 
Environment Secretary is 
largely responsible for the 
Government's inner city policy, 
is not surprisingly believed to 
be strongly in favour of the 
mart project. His parliamentary 
constituency borders on the 
proposed mart site in the 
Surrey docks. Mr. Shore is also 
supported by both the GLC and 
Southwark Council, as well as a 
pile of feasibility studies 
backing the project. 

Provincial MPs 

"Lined up against this support 
are the rumblings of discontent 
from provincial MPs who 
believe that once again London 
is being given favoured 
treatment It was the Northern 
MPs who — with the backing of 
the Government — blocked a 
move earlier this year to give 
the GLC the power to under- 
write loans for projects such 
as the Surrey Docks mart The 
Government’s opposition to this 
was based on its belief that it 
alone and not a local authority, 
should have the power to 
underwrite such loans. 

But more important, opposi- 
tion to the mart project centres 
round a confidential report by 
the Industrial Development 
Advisory Board — which vets 
applications for government 
support under the 1972 and 1975 
Industry Acts. Although the 
report has not been made 


public, and is unlikely to be, it 
is understood to have come out 
against the mart project. 

The apparent sticking points 
for IDAB arc two: one is the 
inherent risk clement in the 
project, in spite of the success 
of the Dallas mart in the l‘.S. 
and Trammell Crow's UK 
marketing surveys which 
suggest (he London projeci 
would be commercially viable. 
No one can say with any decree 
of certainty whether manu- 
facturers and trade buyers 
would actually participate. 

The other IDAB objection is 
believed to be based on the fart 
that the guarantees being asked 
cover the bulk of the finance for 
the project. IDAB is usually 
more disposed to favour pro- 
jects where the Government in- 
volvement is about half. How- 
ever, IDAB recommendations 
have been overturned in the 
past by tbe Cabinet. 

It was in 19&5 that Trammel 
Crow first sought permission to 
build a mart in London. The 
original proposal was to build 
one in Osterley Park and tins 
would also have had tn be fin- 
anced from -the City institutions. 
But the question of government 
backing for the project never 
arose at that time because the 
project was turned down after 
a .public inquiry — not for 
reasons of commercial viability 
— but because the proposed siie 
was inadequate for the mart. 

But the Inspector’s report, 
while rejecting the mart project, 
also concluded that “ there is 
need in the UK for a trade mar- 
ket of the kind envisaged . . . 
and if .properly sited and skil- 
fully developed the likelihood of 
an outstanding commercial suc- 
cess and significant economic 
benefit is almost certain.” 

Rebuffed. Trammell Craw and 
his associates turned tiiiir 
attention towards building marts 
in the US and Europe. In the 



The l-4m sq ft World Trade Centre In Dallas during the 
dedication, of the sixth building in the Dallas Mart Centre 


early 1970s the Brussels City 
fathers approached Trammell 
Crow to build a mart on the site 
of the 1958 World Trade Fair 
just outside Brussels. The city 
guaranteed the bulk of the fin- 
ance for the project and the 
mart opened in 1975. Its pro- 
gress since then, however, has 
been slow and aides have sug- 
gested this is because the mart 
idea cannot be successfully 
transplanted to Europe. 

Trammell Crow, however, 
acknowledge that the Brussels 
mart has had initial problems 
but they claim these were due to 
the economic depression in 
Belgium and elsewhere in the 
world in the mid-1970s as well 
as to teething problems with the 
site. Tbe Brussels mart is now. 
however, about three-quarters 
occupied which is understood 
to make it commercially viable. 

Meanwhile in 1973 Mr. Tram- 
mell Crow renewed his attempt 
to build a London mart, this 
time based on the Surrey Docks 
which had closed down in 1970. 
Planning permission for the site 
and rhe wholehearted support of 
the GLC and Southwark were 
achieved — but not the City’s 
willingness to back the project 
without government guarantees. 

The viability of the mart pro- 
ject — and the ba.-is on which the 
Cabinet’s decision has to be 
taken — rests on two main 
issues: can a successful Ameri- 
can idea be transplanted with 
equal success to Britain, and 


wiii! manufacturers and trade 
buyers support the mart? This 
also raises the question whether 
the mart is even needed, given 
the trade fair facilities already 
available in the UK. 

The Trammell Crow organisa- 
tion points out that a permanent 
trade mart along tbe lines it 
proposes for London has more 
to offer than a temporary trade 
fair. It argues that individual 
trade fairs are often too 
specialised and therefore have a 
very limited appeal to the broad 
range of buyers. The trade 
mart, on the other hand, brings 
together under one roof a range 
of trades in continual associa- 
tion with each other. Thus it 
is argued that not only does tbe 
mart attract buyers for particu- 
lar trade events, but also brings 
in buyers whose interests em- 
brace a wider range of goods 
than those covered by an indi- 
vidual trade fair. 

Trammell Crow argues that 
this is in line with changes in 
the retail trade in both the 
U.S. and UK, where the tradi- 
tional boundaries between 
various trades have dwindled 
in importance. Chemists shops 
now’ stock various giftware 
ranges in addition to their tradi- 
tional pharmaceutical items; 
clothing shops stock sports 
goods and sports shops stock 
clothing; and food supermarkets 
now stock a wide variety of 
hardware, housewares and 
clothing. 


Statin 


But whatever Trammell 
Crow's claims for tbe superi- 
ority of a trade mart over the 
more traditional trade fair — 
claims which the trade fair 
organisers reject — the real test 
would rest with the manu- 
facturers and buyers. Which 
one is more important is hard 
to tell: manufacturers will 
exhibit where the buyers arc. 
and buyers will go where 
the manufacturers are showing 
their goods. 

Trammell Crow claims that 
the mart would help counter 
growth in consumer imports by 
making retailers and dis- 
tributors aware of the wide 

range of British goods avail- 

able. The mart’s sponsors have 
already agreed with the 

Government to limit the num- 
ber of foreign companies taking 
part to under 10 per cent of the 
total, although up to a quarter 
of buyers could come from 
overseas. 

The number of manufacturers 
needed to join the mart to make 
it viable has been assessed by 
Trammell Crow at six out of 
every 100 clothing companies; 
five out of every i00 furniture 
companies: and seven out of 
every 100 gifts companies. 
Market surveys carried out for 
Trammell Crow suggest that 
these targets will be comfortably 
exceeded, with 30 clothing, 33 
furniture, and 40 gifts com- 
panies. out of every 100 likely to 


be good prospects as tenants. 

The rent of a permanent 
Showroom in the mart for a 
manufacturer would be around 
a basic £&25 per sq ft at 1978 
prices or. with tbe addition of 
rates, service and management 
charges, iu the region of £13.65 
a sq ft after allowing for initial 
discounts. These rents would be 
in line with other promotional 
expenditure for manufacturers, 
claims Trammell Crow. 

For an average sized show- 
room, Trammell Crow also put a 
permanent mart showroom at 
something between ll and 2^ 
times tbe cost of participation 
in one trade fair lasting four 
or five days. Moreover, 
Trammell Crow estimates that 
for what it costs to employ one 
salesman a year, a company 
could lease over 80 sq metres 
of showroom space — about the 
size required by a typical cloth- 
ing manufacturer. 

The final decision about the 
proposed mart, however, rests 
less with financial projections 
of the mart's viability’ and more 
with the politics of the project. 
"Whether it goes ahead will de- 
pend on how far Mr. Shore is 
prepared to push the projecr 
within the Cabinet, given its 
importance to the future regene- 
ration of docklands. He could 
also find some allies who would 
welcome the advantages claimed 
for the smaller company par- 
ticipating in the niarr. 


~ f 

r 

-Ji 

H 

h 


Weekend 

Brief 


[ Train 


reaction 


is one that tends to.. instate the 
normally even-tempered Sir 
Kenneth. He reckons that if 
Shore felt that £14in was the 
right sum in 1975 then inflation 
should be considered ih'keeping 
it at tbe right leveL But things 
could have been, worse- When 
the Treasury first got- wind of 
the plan to levy holidays at the 
rate of 2 per cent it; said it 
wanted to tax that, too. uWhen I 
I heard that I just qri£d> n -.said 
the chairmn. 

At the time of the Fund’s 
establishment it looked as if a 
full-blown quango-style;. Opera- 
tion would emerge for a body 



hang 

165 


. ! 
i 

' .. f 



FOR MUCH of the year a low 
haze of smog hangs over the 

Rocky Mountain : foothills city W™* -?“?*! il/i : *- 
of Denver. Colorad6. The.clty 
itself provides, the-:gateway to 

such glossy western ski resorts v lnitrS rt Snl 

as Aspen and Vail. Itisa quiet 
place normally, admixture of SJJ* 1 }®* 
light industry, agriculture, and -SlmAK^h J ^5 
tourism. But it was to this city, J 

says the U.S. Government: that 

six Rhodesian civil airline rS-S* 

trainee pilots: came four years lr plnW^thP 

ago to be trained, an accusation Sj-fj*?* ™ 

a&'SASr k 

U.S. court yesterday to face the ?® uI ?£; They W0Uldl1 1 sta> - 
accusation. United’s argument is ^ -current campaign is 

that whoever-themen were, they aimed. at- cutting down further 
did not announce themselves the.Jelattvely few claims be is 
as Rhodesians. .. . - .. setting at the moment-only 

Any. mistake is -understand- tfirad- companies failed, all of 
able. Ihe United installation ! at- 

Denver has the. bi gg est fleet of : His worry is that some of the 
artificial aircraft in the worid.'^ companies that do find tbem- 

in the form of ar £I5m flight’ Selves in difficulties are in fact for the new Hydrographer. 
simulation centre which trains trading outside their licences, Th e pilot also benefits fr 
pilots for just about any- air- usually by selling single tickets new co-operation between the against the tide and you will 
line worthy Of, .the name in the when they are legally only to compilers and aerial photo- feel the sharpness of its teeth, 
western world -who don't tbein- supposed to sell tours. Inevit- graphers. There is no acfcnow- SL Albans is vicious and 
selves ’ boast similar, if less A^y a company in cash difficul- ledgement in the new edition of brief. ‘Weymouth fishermen say 
ample,, equipment. Various dni ; ties is likely to be tempted to . the men behind the cameras, .that it can be worse than the 
forms pour through its ‘ doors. - sell whatever it can, law or not Blit it contains a wealth of great Portland Race when 
Last year alone United collected T m worr ied about is . aerial shots of the trickier sea- caught in its darkest moods. But 

£3m in fees from other airlines, ; ibat people will say * don't ways of Britain and France such it has never given my boat more 
including- Aer Lingua, ’Qantas worzy, old Ken down in Bath - as l have not seen before in any than a bumping about. 
and TAP. ' V will pay up if necessary.’ ” -book. Most of the headlands The Portland Race must be 

Meanwhile .United, second While on the subject of 'appear to have been photo- taken seriously. 1 have never 
only to Aeroflot in the airline travel, my apologies to the Asso- graphed from seaward from sailed -through it and never wish 
size league, has tightened Up - its ciation of British Travel Agents 1,000-feet in gales of force .to ... I either pass 5 miles to 
procedures to make sure those for suggesting last week it was 8-plus. It is likely that at least seaward orl take (in mild con- 
who come to try out the mock getting five per cent commis- . some of these superb pictures tfitions) the inshore passage 

747s are actually who they say sion on some travel insurances have been supplied by the -within hailing distance of the 

thejy are, but the airline is still sold by its members. The cor- helicopter crews of the Royal po i nt itself. When tbe tide is 

very much in -the international 'rect figure is 2.5 per cent. Navy and the Royal Air Force. r jgbf that passage is smooth 


Sir Kenneth Selby: fund of energy. 

there at all. But go within a 
The Pilot also benefits from a mile of the point with the wind 


Who else would be havering off wlliIe the Race can be heard 
remote rocks in such weather? thundering to seaward. 

• The new Channel Pilot shows The Lizard should be treated 
with realism the dangerous with respect, 
nature of some of the The Alderney Race can only 
. 5 uib,w * tidal races in Channel waters, be treated in one way. You take 

This is the right time of the ^ ne of L “ ard p .?^ the tide through it and you 

’•wear to nlan future cruises bv sage from seaward shows the never try to buck tbe tide. I 

small boat from the depths of “ a mass of white water fcnow a racing man who was 

S^rinchlir which would be a serious danger sucked iBt0 ** race and did a 

If vour eruisine is to be J? anj ' yac ^ lt - Another shows the comp i e te circuit of Alderney 

. “vs rEdM™. fcfsa™ h ™; 

£ of* W — “* - 

meats is one that it never made, comfort for winter study than , fishing boat. 

The annual report and accounts the new edition of the or a nsnmg °° aL 


t raining business'. We "train 
anyone who can afford it, and 
we’re not cheap,” said one exe-' 
cutive in an unguarded moment. 
Anyone, I assume, without a 
Salisbury accent. ; 

Funding 
arrangement 


of the Air Travel Reserve Fund Admiralty Pilot. 
Agency this week that 


Alderney Race is that in spite 
of its fearsome reputation it 
Now, I suspect the photo- offeTS 10 miles width of deep 


Time was when the Channel ^ ^graphs were taken during winter water between the island and 


onlv £310t» on aommisirauuu. yacmsmen as wiaewiuii wuii—s,-- , . 

Thf fund which the; agency verbose, and irrelevent to their yaehtsmerf realist a vessel some 30 miles from its 

administers was set up by Peter needs. r^s between 

Shore in the wake of the Court .The -revision m the early «iere are six races oeween In my experience the most 

Linr collapse and the £14m 1970s resulted in a single' Dover and the West Channel sinister and unnerving of the 
comes ^ firom«archarges on sub- volume to cover the Channel of what one might call senior great Channel Races js The Raz 
Sent ^ScfiS^toDB by all area. But it was still heavily proportions- They are off SL du S ein off a western point of 
companies. Thus it as Britain's biased to the requirements of Catherines, isle of Wight , . t Brittany. It is a short sharp 
holidaymakers who gave, the supertankers rather than ten- Head, Do^t, Po ^ passage — really a toboggan run 

.5SJTthe Hm Pin* now limners. theI^;brtweenAIdei. down a water sUde M a* ^ 


loote^ke en^yii ammallr Now w have tbe new version ney Md the tttentm PmMula pours through a narrow gap. 

forvears to come ' of the Pilot' which contains and between the He de Sem and And what a sinister place it is. 

The Serial chairman of the within a single volume a much the Bnttaay coast- The lighthouse -is dark, squat, 

seencr Somerset-based Sir superior coverage of the dange^ If you are looking for -a quiet and square. The tidal streams 
Kenneth Selbv reckons he has along the British and French cruising holiday my advice is on either side bellow through 
oSuigir hi the busi- coasts from the Dover Strate to to avoid them all. That can be t h e rocks. Once committed to 
ness Settv himself deals with the Isles of Scilly, and the diffi- done either by sailing around tne passage there is no turning 
correspondence u^ially at cult waters south of Brest. tiiem or by tatang passage back for the stream is too strong 

weekend” “This means^iat if The most Impressive develop- tough them with fan- wind and for second ihougnts. 

it a le«i on^Moiiday.;m e nl of the Oianoel Pilot Of tide durmg light weather Any Each picture in the new 
sometimes don’t reply until only Sir Cloudesley Sbouvell other approach will lead to. at channel Pilot is worth more 
^ 'DBODifi had possessed a copy!) is the best* discomfort, and, at worst, th an 1,000 words warning of the 


I get 
I sow 

fompSi clearer presentation oU ^ chanael ter0 ' : ‘ tr ° f lhe g nn Bares - 

^X^e^ ^SmiSi^X^ompressedinR^ have totinet person- Contributors: 

S'-ȣiSS - oSl^S ^ caern.es is retirent. Arthur Sandies 


- 3 ‘ 


Seaspoition of the Agency ^ ^ it “ Hoy- Hudson. 


Economic Diary 


MONDAY— European Parliament 
meets in Luiembourq (until 
December 15%. Kina: Hussein of 
Jordan starts four-day visit to 
France, dines ’ with President 
Giscard. Lasi day of Union of 
Post Office Workers’ conference, 
Bournemouth. Central Govern- 
ment financial transactions — in- 
cluding borrowing requirement 
(November). Retail sales figures 
'November, provisional). Central 
Barkers meet m Basle. 

TUESDAY — Mr. Gordon Rieh- 
'Tdron, Governor of the Bank of 
England speaks at Society of 


Motor Manufacturers and Traders’ 
dinner. Grosvenor House, London. 
EEC Foreign Ministers call special 
meeting on General Agreement 
on Tariffs and Trade iGATT) in 
Brussels. U.S. Treasury's sale in 
Germany of Deutsche Mark 
denominated notes worth 
between DM 2.5bn and DM 3bn. 
Building Societies’ receipts and 
loans figures for November. Prince 
Charles addresses Industrial 
Society conference. London. 
WEDNESDAY — TUC Economic 
Committee meets in London. 
Index of industrial productinn for 
October. 


THURSDAY — Mr. Roy Jenkins 
talks with President Carter in 
Washington on progress in Tokyo 
Round. Start of Financial Times’ 
two-day conference on inflation 
accounting — -the planned standard, 
Hilton Hotel, London. UK hank- 
ing sector statistics (3rd quarter). 
Financing of the Central Govern- 
ment Borrowing Requirement (3rd 
quarter). Money stock (3rd 
quarter). Balance of Payments 
current account and oversew 
trade figures (November). UK 
banks’ assets and liabilities and 
the money stock (mid-November). 
London dollar and sterling certifi- 


cates of deposit (.mid-November). 
FRIDAY — Pnblic hearings begin 
on constitution of New York’s pro- 
posed insurance exchange. Second 
day of Financial Times conference 
on inflation accounting, Hilton 
Hotel. London. Usable steel pro- 
duction (November). Retail 
prices index (November). Cyclical 
indicators for the UK economy. 
SATURDAY — Organisation of 
Petroleum Exporting Countries 
(OPEC) Ministers meet in Abu 
Dhabi to discuss 1978 oil price 
rise. 



- tases? ,tsn 

This Christmas you've a gift choice there's never been before It's simpleVersafile. 
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 £1 5,000. Or it can be for someth! ng 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 gpod habit 



73fSrTnB33S2SS6SBSTST!5T£S55" , s 
But it could be a car. a cooker, a freezer a boat 


v «w‘ v&V s . 

Saving with Abbey National makes better places 


m: K-i-rr 'VA!.-.. ,!.•««?. V. 

Saving A Habit that leads to real security. \bur 


It could be the deposit that gets a mortgage that gets, come easec Your gift could get someone on the way. gift cheque will go into an Abbey account for someone. 


a home. It ccutd be anything worth saving for. 


To stilt a good Ha bit -or help an existing one grow. 


JWEYNA 780 NAL 



£1 to £13,000. 

MOST OF OUR BRANCHES ARE OPEN 9-5 DAILY PLUS SATURDAY MORNINGS. ABEEY NATIONAL BUILDING SOCIEn; ABBEY HOUSE, BAKERSTREET, LONDON NW1 6XL 







18 


■ Vv.. I 

;.. . ,;. :• :; • v 3233$ \; I* 


COMPANY NEWS 


Burton Group recovers to 
£7.6m— invests heavily 


DIVIDENDS ANNOUNCED 


Current 

payment 


payment 


Cone- Total 
spending for 


Epicure 


Soffomaua 


"Wilh recovery in ine ur. mens- niupa »« '“«5« »«««« *«• *“*= **■•**•« *« ■ . 

wear division— a- major loss area company’s new trading policies nerformance by Tod Shops. Con- Dividends shown pence per share net except where otteroisesxaieu. 

in recent years— being sustained were sold, yielding £7.3m — some siderable scope for further ^Equivalent after allowing for senp issue. tOn 

in the second half, Burton Group £lm above book value. Overall growth is seen here the directors by rights and/or acquisition issues. tPlus additional tmrd interim or 

finished the 12 months to August the number of shops operated say. O.Q20S5p. 5 Plus 0.04063p for ACT reduction. • 

26. 1978, with a sharp turnround was down from 706 to 359. Peter Robinson also bad a-good 

from a £5. 08m loss to a £7.55m Me ns wear manufacturing again year with better profits and in 

taxable profit Sales, including made a large loss amounting to the current year Its trading area ■ _ -mm 1 • i 

VAT. were up £1.83m at £153.3m- £3.im l£3.37m) at the operating at Oxford Cinms will be more il/ AAMnAAn nAflOC tllT-- 

At midway there was a recovery level and -the combined sales of than doubled. Evans returned to ww fl|( IfllllH/flll IflllUC^ Hi m, 
from a £1.41m loss to a £5. 01m lcsnswear retailing and manufac- profitability and changes in the ▼ v W Wa VI*!* 

surplus with a modest profit in hiring fell from £9 1.4m to retail and mail order merchandise 

the me ns wear sector. £S3.03m. mean this company is gaining a _ # . . . 

A heavy programme of invest- In August another cut in manu- y° u ^ e J.“ a, *^ t while retaining #11 T| £kC* 

ment in shop modernisation and facturing capacity was announced. lts .^jl onal fit _ fjY \Z\Y UljUUIVi3 

new shops for the group s success- The remaining four modem mens- K ^ a ° t ““'JK »»as pront Kf J 

ful retail chains, was begun dur- weir factorial are now in line a b Je and substantial progress was " - 

ing the year. This has seriously w ith needs, and, with continuing achieved, particularly in London, STRIKES AND stoppages at are still disappointing, adds the 
distorted the sales pattern for the investment in new methods and ?" d v a “^fIP 0 ^ a 130,1 programme vehicle assembly plants have Board. . . * • , ' ' • 

early part of 1978/79. equipment, the directors forecast ^®® n started. _ meant that Jonas Woodhead and The interim dividend, is l;3707p. 

However, if the present sales a Q substantially reduced loss from 52jL r -J!53ifc5*n« 1 SS 1 S3B Sons has hadto reducc its profit ^tS 1 " 

trends continue first half profit in manufacturing in 197S-79. showed a turriround from £657,000 f 0r tJbe current year. and because of the ACT reduction 

the current period will be higher * fundamental restructuring of £ ***5 The directors, reporting at the there is an additional 0.0«63p for 

than last time and the directors the men swear business was com- a “ ea d at £18Sin (liAioinj out halfway utaee, say the group bad the year ended March SI, 1978. 
expect to show further progress p i e ted during the year. The most !?ni 83 ?n P w^with a^Soo originally budgeted for pre-tax Stated earnings per share are 9-3 Pj 
at 1-uil nme. important development was the m loss with a fita in o£ Jast years against an equivalent 8Ep. Last 

Following significant cost reduc- start of the modernisation of the S® 1 "* ° £^7™ record *UBm. year the total was an equivalent 

tion and improvement in mer- group's largest chain "Burton.” ^£“3" nSm They add that unrest on pay 2^12p on pre-tax profits of £A9am. 

chandise control the loss in Performance of the new and Policy, higher interest rates and , 

France was considerably reduced modernised Burton shops is ment Mrvices, produced a surplus increasing costs make it extremely • COltlltient 

for the year. A new chief execu- encouraging, the directors say. i u-^nni. . difficult to forecast the outcome Although trading was barely 

k is^asrs sH SSHSirS ^ « zggxtssssssa 


..lot. 

L43 

Feb. 10 

128 

..tat. 

1-28 

'• — • 

lfil 


0.5 

Mar. 20 

D.8 


5 

Feb. 9 

.3.9 

..int 

1 

Jan. 13 

0.5 


0.33 

' 

Nil 

..int. 

0.74 

— 

0.66 

..tat. 

Nil 

— 

039 

2.01 

Mar. o 

1.5 

..ini. 

0.47 

Jan. 19. 

0.42 

0.65 

'• — 

0.65 

..taL 

2- 

Jan. 17 

13 

3Ji 

Mar. 31 

2.6 

„int 

§1-37 

Feb. 23 

■ 138 


K Shoes to record £3.95m 


Woodhead hopes hit 
by car disputes 


RECORD pre-tax profits of £3 -9 5m 
against £2 .09m are announced, by 
K Shoes f or the year ended 
September 39, 1978, following a 
rise from £818.000 to £l-59m at 
halfway. 

A final dividend of 2,01p -net 
(Up), is proposed lifting the 
total from 227p to 3p; a one-for- 
two scrip issue Is also planned. 
Stated earnings per 23p share- are 
up from 3127p to 17J8p. 

Mri S. Crookenden, chairman,; 
says K Shoe ' Shops achieved 
another record . year, helped - by 
buoyant- demand m ' shoe retailing 
which continued throughout the 
financial year. 

The strong retail demand gave 
the group's factories a full work- 
load in the last nine months of 
the year, and helped K Shoe- 
makers to return to profitability 
for the first time since .1973. 

’ . But Mr. Crookenden addfc that 
some parts of this business are 
gtni not fully profitable. ■'*; •; 

Cheap imports - remainv -.a 


edghificaHt threat “.and”' ffitire is 
-some way to go before-. K Shoe- 
makers can be. regarded, as.. jnro- 
vldinK a satisfactory retilrii. oh 
turnover or capital invested. _ : 

- Turnover was up" from £43,15m 
4o £33 .02m and pre-tax. margins 
are ahead from 4.S per cent to 
.7.4 per cent. ' •• • - - . 

A valuation of freehold and 
long leasehold properties 
produced a surplus of £t.5m. 

' Tax for the half - year "Is : dp 
from £382,000 to £L27m»-. living 
£2. 68m. against £L7m.- - .. 

Meeting, K»dal. . February T5-" 

;• comment 

The long await ed rerovery at 
K . Shoes’ manufacturing division 
.has come through in' a convincing 
way, and group profits are nearly 
90 per cent higher with pre-tax 
margins up from- .4.8. ! to : 7.4 .per 
cent •_ In the previous . year . the 
manufacturing side was' held 
down by the disruption caused by. 
-dosing the Norwich -factory .and 


the cost of .redundancies. To ’ add': 
to Its : .problems: some, overseas 
orders- turned:- but ' to bq dis- 
appolntlnjr iir profit terms. -But 
this Is all behind K Shoes, now, - 
with manufacturing workiBg at/ 
fuif capacity, though the company 
will- be the first to' admit that it 
still has "some way to go before 
it makes a .reasonable return. 
'Meantime the retailing side has 
'shown' Steady 'growth. Customers' 
^aie fen<ttng.;to trade up and. the 
trend 'inwards elegant footwear 
favours-'. =the .K Tstjde. 1 . This year 
has , got off to a good start and 
there Is some more- mileage to 'get 
out of ■ manufacturing, so profits 
should -.-show- - a - satisfactory -in- 
crease. • Thfr- .-one' problem, as 
always, is cheaper imports. whiefa 
hit the UK - -manufacturers 
throughout the whole range of 
footwear. Thanks to the- : Trea- 
- s u r y ’s new -rules K Shoos has been' 
•able to increase the dividend by a 
third for a yield, of 5.7 per Cent 
at "S0p.- With a p/e , of .'only 4.4 
-the- shares look good- value, -. 


WCB climbs 41% to over £2m 


Although trading was barely 


There uas a small tax change Z chaliL-“oD “ M ml which a bigher than - tbe previous s5es nmre throne fifth better. 

this time of £464,000 representing „ atprs f or the' vouncer and more year ' ^ its financial resources -pjjg most important springs and 

ACT written off less tax credited gsh^n copious Ltomer, was 2SS?£9 Mm lSrt tim!? ^ 416 ! ufficient for present Wrin- suspensions division seems to 
for over provisions in prior years. It nowh^ 41 branches agmnst £9 ' 52m last “gfc - uts-t? ***?}*- ^ have done reasonably well but the 

This left Slated earninas nor ann C _ ? „ ^ ^ ** ° Pre-tax nroflts for the SEE oanonl "iA* ivUrn 


This left stated earnings per 50p S « moden.l«d! 

share at 19.0* p (loss 13.66p) or investment oro- 53,63 locJwUng vat 

19380 «'“• 91801 ‘“"y <“">«*■ SS?”!SSjKS 

Informal Treasury approval has has intensified during 1978-79 and property sales 

been given to tbe net total tlivi- will continue into 1979-80. So far Pro-ux profit 

dend being raised to 4jp il.5p| 55 pew shops have been opened Jax . 

£ y e a °L 5 !! P - AppUcaiion ao d6S modernised. aSroortW^biu' 

has been made for formal In May it was decided to Attributable 

approval of this payment. integrate Jackson with Burton, Ordinary dividend* .. 


~ are sufficient ror present require- suspensions division seems to 

lafr.TB 1976.77 m * ots - have done reasonably well but the 

two looc Pre-tax profits for the six general enginering side, where 
. 133,301 161.473 months to September 30 were up pertdns is a main customer, was 
. 9.8S3 -1.425 from £2.32m to £2.49m on tura- hit by the depressed demand for 

l'rs over a ^ ead neaxly 21 -P* 1 cent tractors and other diesel related 

I 7J34 *5,081 from Clara to £30 -2m. products. For some time now 

*w — During the half year under motor component suppliers have 

7.090 *5.081 review the springs and suspen- .relied on the buoyant replace- 

* lisro 5ions division saw an improve- meat market to offset problems 

- -•** , i uihlrh tuna haHsi* i— u.. in- .1 


'““C *«■ iui UMI in may Jt was ul-cjus-u lu Atirmutnbie :.jm -imw 4 _ urhlrh wso hoHor 

approval of this payment. integrate Jackson with Burton, Ordinary dJridmda l.«* 358 rnent in den^d which was Bettw in the UK automotive industiy. 

The balance-sheet has a»ain tnrnivinp the closin® of a factorv * Los3 - t Profit on property sales. than expected, but the downturn This area, however, has recently 

been strengthened by a cut in and of a^umber oFshorK Jackson Comparative figures have been in the agricultural and diesel been disastrous for Woodhead 

total borrowing which wS XSirai iSTdSitity Si Se North restated with deferred tax in line engine markets has affected parts and in 1977-78 produced a sub- 
reduced by £G.6m at year-end SdT? nrefiS wtih SSAP 15 and operating profit 0 r the general engineering divi- atantial deficit. This has now been 

The quality of the portfolio of Womenswear sales rose 35 ner pasted to include income and sion. - rwluced following management 

retail properties !! J hv th, expenditure disclosed as other Sjxmomi^ Ranges eurUer in the. year and 


the cent 


WIL , u £36. 01m, representing „ - „ 

divisions, was also enhanced. 25 per cent of group turnover, cos ^ * ess pronis. 

During the year only those and operating profit jumped from See Lex 


See Lex 


Lennons boosts food margins 



Sfir nwmfltv 


197S 

19T7 


fOfltt 

ms 

Turnover 

sojflo 

23,008 

Trading profit 

3.-130 

2^20 

Associate 


t4 

Profit before ox ■ 

ZM 

2316 

Tax 

1,141 

L0S2 

Net profit - 

1,347 

1354 

Extraordinary debits... 


m 

Attributable — 

1^8 

1.093 


S10 

154 

Hetalnefl — r.. 

1.U0 

908 


least break even in the current 


EXCLUDING VAT of £lJ26m and spirits subsidiary suffered a per cent over tbe same period Hetaineo . — i»M> 909 maining months, profits of £5)m 

against £USm. sales of the setback, possible because of in- for 1977. tLow. still look possible. This puts the 

Lennons Group rose from £30.67m clement weather during the The directors say the full Results from the automotive shares at 97p on a fully taxed 
to £3 1.22m in the 26 weeks to summer. Also, cigarette sales year’s figures should m aintain parts division, although improved, p/e of 5.3 and a yield of &5p. 
September 30, 1978 and pre-tax have been lower — 4n line with this improvement. At the halfway 

Pro fit Y'" ere . ^ 792 .302 against falling demand. But overall, the stage turnover was up from __ - _ - „ 

£727,850 in the same period last outlook is much brighter than it £1.06m to £l-3Bm. I-Cl C ri ATI Atl AAlllfiA tai* 

ye ^f- . .... was at this time last year. Food Tbe Interim dividend is raised lllMHi IJ Ij UJU JLvrA 

The mtenm dividend is stepped margins are being maintained in from l.lp net to 1.2p. Last year ■ . + 

up from 0.4226p to 047i9p, the second half and the company’s the group paid a total of 2.68p _ __ * 

absorbing £109.020 (£98.395) alter off-licences are reported to be from pre-tax profits of £260,000. full vtaai* ltlArDfiCD 

waivers of £10.338 (£8,494). Last doing record business ahead of Stated earnings per 25p share are 1 fj 1 1 V Ltti JO%/l t/ilSv 

year s total was l.6684Sp from Christmas. There will also be the up from 4.96p to 6.4p. w 

p ii“ rr'htsf 1 *,i „ «« &^^ssssjse jStdtm “ * n8,m - a ^ ^ ^ ^ s T aness ^ r- 

£198^63 (£50,186), leaving net year Lennons looks to be on S 1 J, U " second half last year is reported tinning policy to own and develop 

profit at £593,639, against £677,034. target for at least £l.Sm (£1.48m), by BtaWfe Stores with pre-tax the groups mam properties when 

The directors are actively nngo- which puts the company back on D rirluptfrm m pracdcable - 

tiating for the purchase of a a growth rate of juk under the IV 6 QUCII Oil 111 months ended September 9. 1978 

number of potential supermarket average for tbe years 1970-77. But v . 

sites, and are vigorously pursuing a t 33p. where the yield is 7.9 per lOSSCS ^Sd^iSeit^iStions are U 06311 WllSOIlS 

the expansion of the wmes and cent and the p/e 102, the shares ^ ^ thVf th/ SS25i SmSld Show^ , , „ 

5P K^?hfp^io d under rev.ew "" Btigray A3SA& lOOitS for 

*^ b . 0 , BS3WJS: T»e chrirman of BHgr,y SSW TO Drofit ^ 

markets since of tiie PAH AAA ^ Group, manufacturer of clothing although current wage settle- piUIIl IttC 

period ’ has purchased three jt4U 9 UUU T1S0 ^ Jersey fabric, says in his rn^te will be very costly, the CHAIRMAN of Ocean Wilsons 

and*™ la r^de velopment hTSd flf Rritl^h S?«?5!& 1 ?5«SSft °jSSS dividend of L27915p ^SSS thTforec^l !?£ 

S?,. an 53 ?doo1 P dl to April, 1978, there has been a against 12 1128 p is declared and “?* £E?“Lir 

Desnite economic conditions. D„STrl!n<r reduction in losses in the last six an additional third interim of f^at 

♦ho ^S!.,n JimthX tn riU 1 1 Cl 1112 months. 0.02085p is to be paid m respect the profit in Cruzeiros will show 

and 'director a!? ?oJfiSnt STyel UUUUIU te Active steps are in train to of 1977-73— the total in that year a satisfactory increase over the 

SmheJ h?Slv saSrfartorv year ANNOUNCING pre-tax profits up restructure and enlarge the was Z.5676Sp. previous year, 

anouror nigniy aauhiauio.y /w. from .. H24.000 to £164,000 at the group's management and to push 28 weeks The sterling value of these 

® comment halfway stage the Board of forward with the expansion of tjjs profits at January 31, 1979 will 

, . . British Building and Engineering productive capacity and turnover. depend on rates ruling then, but 

In the context of the food retail Appliances says an improved * smaU fa _ tory „ set up in ^ b*£'^'Z ."‘.Z *S xS the indications are that the 

?£ 0 h» L *tS ^ level , 0 L lurnover ha5 been Blaenavon, mid 7new mS largS act m *M sterling profits will be not less 

enrou£gi?g mStiy^ause ol fartoiy is ’being prepared for Sie BJE? ^ th ° SB for 1116 preWoUS year - 

Ira provtng^ ra arg^son°^e Sper- Th e directors, reporting on the company by the Welsh Develop- -Amracd 

markets side Here nrofits are sb£ months to September 30, ment Agency on the T reforest „ - „ B rat ifipifl' the chair- Tti 1 • tt 

S?a L W?her P at £0.6m that turnover has SgS^ngJ^dd. to replace the ma M n r - ^ ErSkllie HOUSC 

on a sales increase of 4 per cent S2? t ^!? d 1 . rt a L_ t ^£ 0 existillE ( actor y the 1 ®- remains intense and is preventing T 

to £212m_ Most of the improve- ™ fe f I 2® t0 oy roe cnairman m As already known for the year sufficient return on capital InVPCTTOPTliC 

ment is in the fresh food area 1115 “ test statement. t0 April 19, 1978, an attributable throughout most sections of the LUTvoiUlvllia 

where, according to the company. He then said that for the first loss of £537,953 (£164,278 profit for grocery trade. _ iIawti mirlnrovr 

competition is now less severe, three months of the current year previous 14} months) was Extremely large rent increases tlUvTil fUluirdy 

Li contrast, however, the wines turnover was up by nearly 30 incurred. are not helping tbe situation and __ . _ 

Profits before tax of Erskine 

■U | j | d M House Investments were down 

Results due next week 

. 1978. Profit in the previous half 

The Stock Exchange has a busy probably nevertheless suffering some progress, particularly news- increases in Ireland and Nigeria year included £75,131 from the 
week coining up with more than some margin pressures. For the papers and publishing which will and better trading in most non- theatrical subsidiary, Michael 
a hundred companies reporting, f.-ii WBr analvsts aro mwiiptimr 566 a handsome nine-months’ beer divisions are expected to help White, sold as from April 1, this 
The majors include Trafalgar S™. 2d£I8taT iSiSf contribution from Morgan-Grara- pre-tax profits to £425m £44m year. 

House, Distillers Company. ICL. dro . 1 pian, the new acquisition. (£39.4m). Earnings per share are shown 

Bass Charrington and Arthur K it were not for the £I5m t wo more of the big breweries Meanwhile analysts expect ICL at 2.9p against 4.8p after conver- 

Guinness and Son. profit from two property sales, —Bass Charrington and Arthur to turn in profits 25 per cent sion of loan stock, and 3p (5i5p) 

Halt year figures from Distillers, Trafalgar House’s fuQ-year results, G uinness — are announcing pre- higher at £37m when full year before conversion. The interim 
due next Thursday, are expected d «e out on Tuesday, would look Jim in ary results on Thursday and Jesuits are released on Thursday, dividend is 0.737p against 0.66p— 
to show profits up from around very pedestrian. Analysts expect Friday respectively. The wet Toe company’s smaller sized com- last year’s total was lU1072p from 
£77m (adjusting for United Glass) the group _ to turn in profits of summer has again held back lager PUters are making steady pro- pre-tax profits of £251,000. 
to about £85m pre-tax. Industry around £59m, compared with growth and this may hit Bass, L w .* ^~ e , rout* 1 ousmess p P Security Services has 
statistics point to worldwide £*2-53111 last tune. The main where lager accounts for 30 per be*" financially reorganised and 

whisky sales higher by 12 per difficulties are being experienced cent of total barrel age. However, way Profits were up bF 21 per new equipmwit including addi- 
cent so far this year, but it is in the shipping and leisure dm- hotels and wines and spirits have tional armoured vehidesbrought 

unlikely that Distillers has won, although ship sales of more done well and with labour reja- « Into service. As a result toe 

achieved growth of anything like than £2m will give a boost In the tions much improved in the P^tes sales of more than £lbn by directors ^ ^nipany is 

that. For a start it has lost much first half the U.S. longshoremen's second half brokers are expecting now on a sound commercial base 

of its home market sales following strike cost £lm while industrial .pre-tax profits of £101m-£105m Other major companies report- and anticipate that the second 

the withdrawal 0 f Red Label and disruption In Australia will make i£90.4m). The figures from Gum- irg include Thomas Borthwick half of our year will show »nm. 

Dimple - after the EEC's decision a dent in the second half. Also, ness, meanwhile, are likely ' to and Son, Imperial Continental improvement 

against Distillers' dual pricing unfavourable currency movements look roughly £lm better thanks Gas, Standard Chartered Bank, .. , „ . .. 

policy. Although in the export wOJ take its toll— 4hey reduced to year-end changes in some of Associated Engineering, MEPC. ■ *^ p *« 

market Distillers claims to be sterling revenue by £2m in toe the general trading subsidiaries. Wilkinson Match, Marley and c““Pared with the 

pushing ahead into the UJ3. first six months. In contrast how- The first half was particularly Associated Communications Cor- Regroup s Bureaux 

faster than average, the group Is ever, other activities should show fraught for the company but price poration (formerly ATV). 10 * ,ro * 


profit at £593,639, against £677,034. target for at least £1.8m (£L4Sm). 

_ The directors are actively nngo- which puts the company back on 
tiating for the purchase of a a growth rate of just under the 
number of potential supermarket average for the years 1970-77. But 
sites, and are vigorously pursuing at 35p, where the yield is 7.9 per 
the expansion of the wines and cent and the p/e 102, the shares 
spirits subsidiary. are discounting most of toe 

During the period under review growth prospects, 
the board has acquired the free- 
hold of one of the existing super- 
markets, and since the end of the £A(\ AAfl rico 
period has purchased three I^IUjVUU 1 lav 

supermarkets, formerly leased . -w^ .*■ j 

iM re,0P ” nt 0,a at British 

Despite economic conditions, TOi«Sl/lm<T 

the group continues to go forward JLHlUUIll^, 
and directors are confident of yet A . T . T/ v TTM - IV n 


Reduction in 
losses at 
Brigray 


Ocean Wilsons 
looks for 
profit rise 


ON THE back of a 19 per jen t 
rise in sales to H932m white 
Child und Beney expended pre-tax 
profit by 41 per cent from £LS2m 
to £2.15m for the year to October 
1, 1978. Of the total, £L7m against 
£2.13m came in the second six 
months. 

At mid-year toe group, winch 
has interests in materials handl- 
ing and plastics processtog, 
reported improved surplus of 
£450,000 (£398.000). Then, the 

directors said that order books 
had continued to improve, 
expenses were well contained and 
current assets had been, held 
below budget levels. . ■;>'•/ 
The net total dividend is rated 
to 5Jap (4L4p) by a final of 35p. 
Though toe Increase is 25-. per 
cqnt it is less than the maximum 
for which permission can' ""be 
obtained toe directors point out. 
A one-for-ten scrip issue is, pro- 
posed. u - 

Primarily as a result of .capital 
expenditure allowances there Is 
no tax charge this time compared 
with £261,838 last year. The- 
deferred element was adjusted; in 
line with SSAP 15, earnings per 
25p share climbed from 17.1p to" 
29p. 7;-' 

Wm. Boulton 
in strong 
position 

At the annual meeting of 
WffUam Boulton Group, Mr. Denis 
Fahey, chairman, said alfboiQgh 
the results last year were satis- 
factory, they were achieved :des- 
pite the surrounding economic 
and political background -.rattier 
than because of it v. 

The current year bad continued 
in a similar way. Although 
higher sales and improved order 


book levels .had been achieved, 
compared with toe. corresponding 
period 1 last. year,, there was no 
room for complacency. 

• •' Efforts over the past few years 
In establishing new product and 
customer markets, mid the recent 
acquisitions, were strengthening 
the overall position. : 

Cropper 
well ahead 
at midway 

PRE-TAX PROFIT J- rot James 
Cropper and Company jumped 
from £37,270 to £242,689 m the 
half year ended - September 30, 
1978. Turnover rose from £4 .47m 
to £5.06 m. ;- 

. For the whole of last year the 
group turned in -record pretax 
profits of £3331)00 after making a 
loss for the previous two years. 

The dividend is raised from 
OJjp net to lp. The total for 
1977-7S was Ldp. • . . 

The Board says trading con- 
ditions are satisfactory but 
margins are under pressure from 
cost increases. 

The half year profits include 
profit on the sale of houses of 
£23,157 (£26,749) and is after in- 
terest of £88,527, against £89,096.- 
Tax takes £7,881 (£4J21). 

Hallam Group’s 
£0.38m first 
half loss 

Losses for toe first hatf of 1978 
at the HaUau Group of Notthis- 


Jbam amou nt to £379,000 before tax' 
against a £736,000 d^cit "in 1 the 
. same period, last ..year:' Turnover . 
amounted to £4J76m, against £4.4m, 

‘ The loss is- after" deprwnation 
of -.£69,000 (£60,000)2: add Interest 
£65,000 (£1291000).. There sue tax 
credits of £197,000 against £383,000 
and the net hiss Is - £182,000 
(£58,000 after an -extraordinary 
credit of £295^00)::. 

In " view 1 of ■ tife' ; continuing : 
looses the "'preference dividend 
due' "on December 31 wiR not -be 
paid, the directors report, - The . 
preference . - payments are . -in 
arrears froth' June 30, .1976. 

Sinde -June 30, . redundancies - 
have been announced .and opera- : 

- tions .are being con centra ted into . 
part of the premises, so. that 
: surplus land- and buildings can ' 
he made available for redevelop- 
ment. ’ 

, Ha pi t-ai of the group, maker of 
systems buildings, is held jointly 
by Montague L. Meyer and May- 
and HasselL For 1977. a group 
loss of £L47mwas reported- . 

Baker Wardell 
profit ahead 
In first half : 

Profits -befibre tax rof Balter 
Warden, / a - member of - the. Into 
Tea "Merchants group, rose from 
£92,416 to £185.938 in the half 
year ended September 39, 1978. 
-Turnover " was £2J12m ' against . 
£3J.3m. ; ••• 

The directors .sajr trade is con^ 
tinuing reasonahiy buoyant and. 
,the ' rest of the. year should per- 1 
form in line wito budget 

After tax of £72,172 against. 
-£147, v earnings per share are 
-shown, at 137-52p against 102. 7p. ; 




; *: 


s asm 


Erskine House 
Investments 
down midway 


Results due next week 


ATTRIBUTABLE profit at Epicure 
Holdings for the year to June 30, 
1978, came out at £70,000 — close 
to the forecast at the time of the 
merger with Slea Holdings in . 
January. However, before tax the 
figures were upset by the loss at 
the 75 per cent owned Lincoln 
Woodworking and different 
accounting treatment from that 
used for the prospectus forecast - 

With the nine months results 
of Slea consolidated tbe expecta- 
tion was for a pre-tax profit of toe 
order of £250,000. Zn the event 
consolidation of S lea's profit was 
only from the time of acquisition 
(4} months] and a £109,000 loss 
from toe joinery company left 
taxable earnings at £141,000 com- 
pared with £36,000 for toe original 
smaller group in the previous 
year. 

Earnings per 5p share emerged 
at 0.67p (0.25p). 

Had nine months of Slea been 
consolidated trading profit would 
have been £253,000 before a 
minority loss of £20,000. 

The accounts show that services 
to the construction industry pro- 


duced a profit of £208,000 on : 
£L44m sales and £74,000 came 
from hotels and associated service . 
on £L55m turnover but there was 
a £32,000 Toss' on £40,000 turnover 
by . property investment and 
financial services. Group turn- 
over for 1976-77 was £L32m. 

There is a return to dividends 
after four years with a payment 
of a final of 033p net per 5p in. 
line with forecast The last pay- 
ment- was an interim, of 0.0S38p 
for 1973/74. When the group fell 
into a deficit of £13,000 ( profit ' 
£98,000); 

Since year-end, the group has 
sold the businesses of Cafrance 
and A L’Ecu de France, and has 
acquired Trevor Wallis, a road- 
surfacing company similar to 
Tyrrell,' an existing subsidiary, 
and has launched a leasing sub- 
sidiary trading under toe name 

- Lease master. 

Aimed at . streamlining - the 
activities of toe enlarged group 
the directors have begun realising 
some of toe undervalued assets 
and' concentrating the business 
into divisions wito clearly Identi- 


fiable actfvities.The - rationalis- 
ation- and reorganisation pro- 
gramme' wil- be continued over 
the next year and the' ^trap's 
major freehold properties are to 
her revalued. 

Near £2:5m 
by Concrete 
Products 

• • .Taxable profit \ at . Concrete 
Products of Ireland, for the year . 
to September 3ft 1978. advanced 
to- a record . £2.47m, against 
£2.16m. . 

Stated- earnings per 25p share 
were up A2p at 22p and a net 
final dividend: of 5p steps up toe 
total to 6.25p (4875p). A one-for- 
two scrip issue .is proposed. 

The surplus was struck after 
interest: of £283,000 (£294,000). 
With tax - taking £711,000 
(£73LOOO) the net balance came 
out at £1,762,000 compared .with 
£L426,000. ' 

The group's- ultimate' holding 
company is Marfey. 


Durapipe improves 13% at halfway 


FINAL DIVIDENDS 

ArclimK'd'-s investment Trost 

Associated Etwlftecrlna 

Basiterfdne Brick Co 

Bass Qtarrlrwton 

Bonhtrick iTbotuafii and Sons 

Burco Dean • 

Caravans imemational 

Carr's Mlttiu* Industries 

Coropatr 

Dclnon and iSo 

Dotrion Park lodusirivs 

Dubilirr 

Guinness i Arthur i Son and Co 

Haltlt Precision En*lnccnnfi 

Hardy aoo Hannoiw 

Hawtuns and Tixwon 

HmiitM Holdings — - 

ICL — 

Lee lArtltur* and Sons 

Liovds and Scottish 

ManaRttucnt Agency and Music 

Maxlea 

MEPC - 

Martin The Newsagent 

pyke iW. 4-> tHoldinitst 

Ransome Hoffmann Pollard 

Red/eant National Class 

Saatcht and Saatchl Co 

Serefc 

Stcnbouso Holdings 

•Trafalgar House 

Trans-Occanic Trust 

United Scientific Holdings 

United Spring and Steel Croup 

Vaux Breneries 

Whejfloc 

WoUcrbampion and Dudley Breteencs 


INTERIM DIVIDENDS 

Andlnironlc Holdinia 

Associated Communications Corporation 

Marker and Dobson Croup 

Herchwood ConauvcUon < Holdings' 

Boll and Stoic 

Rraltbeualtc and Co. Engineers 

Brotralfc and Co. .. 

Brown iN. i Invesuncnta 

eutmor iH. P.i Hotdiogs . 

t.aifyns - •• 

Ca/du eiKlircrtoR Croup 

C'tapm in and Co. (Aillunii 

Deri lend Stamping Co .... 


Announce- 

ment 

doe 

Tuesday 

Thursday 

Tuesday 

Thursday 

Tuesday 

Thursday 

Wednesday 

Friday 

Wednesday 

Tuesday 

Tuesday 

Wednesday 

Friday 

Toesday 


Dividend (p>~ 

Last year This year 
InL Final lnl. 

1.32 a.32,- 2.0 

l^r7 A 42 1.42 

Nil 2J3475 Nil 

1.831533 3.210973 1.9 

2.4 3.S 2.4 

1.5 2.21835 1.675 

io s.as sa 


0.49443 1.50555 0.55 


... Friday 

2.1 

4.9 

2.3 

. . Thursday 

1.0 

2M3 

1.0 

... Friday 

rill 

3.30596 

Nil 

... Thursday 

2.8 

4.825 

2JS6 

... Wednesday 

0.4 

1.05 

0.44 

Thursday 

1.54 

2.4065 

1.7 

... Monday 

1.03 

3.66 

1.9S 

... Thursday 

1.0 

1.49043 

1.0 

... Thursday 

Nil 

1.7 

3.3 

... Monday 

2.188 

4.411 

2.838 

... Tuesday 

Nil 

0.66 

NQ 

... Tuesday 

1.44 

2.4822 

1.44 

... Tuesday 

1.269 

9.291 

5.28 

... Wednesday 

— 



2.055 

Wednesday 

2.0 

3.94 

2.2 

... Thursday 

1.63 

2.4 

1.82 

.. Tuesday 

2.54 

2.62 

2^3 

... Wednesday 

1.5 

3.5 

1.3 

... Friday 

0.83333 

1.3052 

3.0 

. . Tuesday 

0.5 

0.932 

0.55 

... Thursday 

l_5073t 

2.S8475 

1.485 

Wednesday 

1.787 

2 S17 

1.97 

Tuesday 

L7 

4.03623 

3.0 

... Tuesday 

NH 

0.2 


.. Thursday 

2.772 

3.534 


... Monday 

Nil 

NH 


... Tuesday 

0-3 

i. a 


. . Friday 

0.873 

n 9431 


... Wednesday 

1.95 

2.31 K 


... Tuesday 

0.5 

i.reui 


... Monday 

0.325 

J.6S3 


. . Wednesday 

4.4-. 

—2 


Friday 

2.0 

4.4 


... Monday 

1 .484 

1.494 


... Tuesday 

1.47S 

2.446 


. Wednesday 

3.3 

6.67 



Distillers Co 

Dorn Holdings - - — - .. 

Greene King and Sons 

Guthrie Corporation 

HevWood Williams Croup 

Imperial CootraeotaJ Gas Association .. 

Initial Services 

Kennedy Smale ... . 

Latham •James* . . ... 

London Merchant Securities 

LRC lmcmanonal 

May and Hassell - 

Meyer •Montague L < 

Mooraale Investment Co 

Noreros 

Noraund Electrical Holdings 

Pboenls Timber Co 

Precdy l Allred • and Sow* 

Property Holding and Invesimrni Trust 

RovrUnson Constructions Group 

Russell Brothers < Paddington* 

Sl Georges Laundry rworeestert 

Saint Plran - ••• 

Scottish Romes Investment Co 

South Crony — 

Standard Chartered Bank 

Sterling Industries 

Toothffi tR. W.i I-.. 

TrsEford Carpels iRoldlngsl 

United Gas industries - 

Ward and Goldstooe - 

Warnford Inwesttnenu 

Whltecroft 

Wilkinson Match 

Wilson Bros. 

Wood is. W.I Group - 

Wyodham Engineering — 

INTERIM FIGURES 

Associated British Engineering — 

British Benzol Cartioniston 

Cavrdaur Industrial Holdiius ... 

Celesdon Industries 

Cutler Guard Bridge Holdings 

Fcrroml — — • 

Firth iG. M t Metals 

MUchcll Somers - 

Polly Peek Holdings 

Rosalian Properties 

sitaw Canrts 

Woodrow Wyatt Hold loss — — • 


Announce- 

ment 

due 

Thursday 

Thursday 

Friday 

Wednesday 

Thursday 

Tuesday 

Friday 

Friday 

Tuesday 

Wednesday 

Wednesday 

Monday 

Tuesday 

Tuesday 

Friday 

FYiday 

Thursday 

Monday 

Monday 

Monday 

Wednesday 

Mood ay 

Thursday 

Thursday 

Moods? 

Tuesday 

Tuesday 

Monday 

Thursday 

Thursday 

Tuesday 

Wednesday 

Monday 

Thursday 

Tuesday 

Thursday 

Wednesday 


Dividend (9)* 

Last year This year 

lot. Final lDL 
2.695 -LS643 

1.605158 3.03063* 

COT? dJJSTf 


de Change are non tinning to aru* 
vide steady results. 

Half-year 


Turnover: 

Bureaux de change ... 
Security servlcea 

O ther revenue 

Theatrical 

Total 

Bureaux profit 

Security toss 

Other revenue 

Theatrical 

Profit before tax 

Tax 

Net profit 

Minorities 

Attributable 

* Debit. 


7^87^83 
471.732 — 

120.668 14513 

•— imoei 
7.468.5TS *441, 71» 
145^82 171.223 

47,738 — 

17.437 *73,785 


W. Williams 
expects 
similar result 


United Gas industries - Thursday <L99 2.68 1X1 toe motor mduxtry and trading 

Ward and Goldstooe - • Tuesday o.mw s.6718 conditions generally, the directors 

Warnford Investments .. .. - Wednesday — -Tsi 4J67B of W. Williams and Sons (Hold- 

wbitecmft tKrnaaj zi togs) estimate that nrofits for 

wSSnST!\’ ... SSSS 7 iJ5 n SS? S^SSSiSTi ** m * m pre ' 

wood is w.i Group - Thursday 1.5073 X7S5& t 3 * achieved last year. 

Wyodham Engineering — ■ Wednesday Nil 1.64 Turnover for the first half of 

1978 rose, from £3.94m to £439m 

INTERIM RICURES 2md trading Dmfits wova CQC AAA 

:: fS* against fS/in tbe same period 

cX“inioidiw Wednesday last year and £ 125,000 m the 1 m 

Crlesdon tndosiries Monday flrot naif. 

Cutler Guard Bridge Holdings Wednes day This time, there is also an 

For ram I • - £80.000 profit on the sale of tbe 

mucUP soS.^ -nS^ay ? f ^ p „ c S? t ' mt ^ rBSt 111 toe s<mxh 

MtoMReUta* , . 

Rogaiian Properties Friday «_ ine ‘hlerun dividend is agam 

Sftaw canrts - Wedne sday O.ap— last year’s total was 1.12Sp. 

woodrw Wyatt Hoidtasa - The group trades as a non-ferrous 

- Otvtdvods shown net iteoco per share and adjtctefl for any InlcmiWW scrip “ C i a iJ^“ ter * founder » stockist 
luite. f Second wuerim, i Including second interim. ana engineer. 


Monday 

Friday 

Wednesday 

Monday 

Wednesday 

Tfnrred&y 

wodne-afay 

Thursday 

Friday 

Friday 

Wednesday 

Ttraredar 


Despite a £42,000 loss in the 
group's Australian associate, pre- 
tax profits of Durapipe inter- 
national rose 13 per cent from 
£550,000 to £621,000 for tbe six 
months ended September 30. 1978. 
Turnover was well up at £6.46m 
against £4. 04m. 

The Durapipe element of the 
group’s activities should continue 
to produce an improved result, the 
directors say, while the Ansell 
Jones company will endeavour to 
maintain its current level of 
performance; it is expected that 
toe group will maintain con- 
tinuing improvement. 

Pre-tax profits for the 1977/7S 
year was a record £Lllm. 

After first-half estimated tax of 
£197,000 against £146,000 net profit 
came out at £424,000 (£404,000). 

The interim dividend is raised 
to 1.05Sp (0.962p) net per 25p 
share — last year’s final was 3.117p. 

Durapipe manufactures thermo- 
plastic pressure pipe systems and 
lifting tackle.- 

Unilock 
well ahead 
at six months 

Resulting from .an, Increased 
rate in completions, pre-tax profits 
of Unilock Holdings, the demount- 
able partitioning systems group, 
jumped- from £307,000 to £673,000 
for the six months to 
September 29, 1978. on sales of 
£4h5im against £3, 71m. 

Seles volume rose over 33 per 
cent enabling a 13.61 petr cent 
increase in margins, compared 
with 827 per cent in last year’s 

ip period. 

Ur. M. H. F. Newman, the' 
chairman, says results were 
adversely affected by toe com- 
pany’s jotat venture to Saudi 
Arabia, which found margins to 
be much, tighter and this, coupteff 
with delayed completions of m»j n 
contracts, resulted in a loss after 
nine months of its trading 'year. 

Activity has now increased, 
however, and the chairman saps 
he hopes to report an improved 
position after tbe last quarter. 

He explains that the company is 


in the final stages of negotiations 
to acquire a profitable company 
and if this goes ahead, the cash 
resources applied should earn a 
considerably better return. . 

While current enquiries show 
some decline for the high levels 
of six months ago, Mr. Newman 
does not expect this to affect the 
year-end result and he forecasts 
a substantial rise in full year 
profits. Last year’s taxable surplus 
was £777,000. 

. Stated half-year earnings in- 
creased from 3.2flp to BJJBp per 
snare and toe n et in terim dividend 
is raised to 2.7732p (L612p). . 

The company's shares are traded 
by SSL' J. H. Nightingale and Co.. . 

North Midland 

Construction 

recovery 

Continuing the. progress made 
at haifway, when a turnround- 
from sr loss of £35,674 to' a profit 
erf £54^59 was reported,'. North. 
Midland - Construction Company 
announces a. pre-tax surplus of 
X184JT77 for the year to August 21. 
197$; ’compared with a deficit of 
£84, KS '.’far tbe corresponding 
period. Turnover, for toe 12 
months increased from £3.4m to 
£43m. . - . - • 

Stated earnings: per 20p shares, 
are SJBp I loss 4J39) and -toe 
dividend total is held at Lip with, 
a find payment of 0.65p net 
After - tax of- £96,466 (£42,882 
credit)'- the net profit emerges at 
£87.811 (£41,796). 

The company operates as a civil ; 
engineer - and public ' works 
contractor.-. • 

Ei Austin 
makes headway 

.On., increased turnover erf 
£2J37m. against £L95m, - pre-tax 
profits Of . "Austin, and " Sons 
(Loudon) advance# from £174,000 
to- £185,000 in the *ix months tb ! 
September- 3ft 1978. 

. Ta± for 1 the pen nri takes £96,000 
C£90£0O) leaving toe net balance 


i UP from £8330 to £89,000. '1 . 

• Title net izrterim divid end- is 
stepped up from L2775p to 
j_4265p. Last year’s total pay-. ‘ 

3549p from profits of • 

..... 

Fertleinan r _ \r r>a 

loss midway: ? 
omits interim ? . 

' Following the loss of aZJJSfi * ' . 

at the end of -W77-78; : K. f ertfcmSi 
and Sons, '-.furniture maker, in- ■ ■ . 

-curved a.;4efidt uf £14ftl2S an4he ^ 

•half year to September. Sft 1978, 7 • i * • 
agailKt a £21468 profit in toe first '■ • » 
half fast year. • • ■ ' /T v ■. v, , . 

The ^d irectors sie.' omitting the i 4 ■ •* - ' f 
-interim dividend against "the ■’ __ 
single.- 0^3 96p- ■int erim - prevfoudy. "- 1 " 

The question of a -dividend wUJ'-" i.._ *'■ 
be looked at agam- when tbe Teaz^s A 
results are- known. 

- r.Board: . '.states it Is - ‘dis* 
appomUng.jp repefrt that nntwit»>y. 
^tand mg _-measuraa taken to-datei - - V’ -ri T^-w 
the group has hot yet returned to v . : ^ ■ . ' • .• 

.^■aoweyer, production is-lndw * * - ; . ‘ ; - ! 

tag; ; stradily "■ iresnlting .. fr<mi.- : : 
recently ' installed " hew \. 

•Further.- equipment -will^ ^shortly be-.-"-': ' ' . 

ta operation- and. toe'Currant lose ' ‘ - 

m a king ' .situation -,ig- expected, to , i 
. revert to profitabOier dhrtag early - - 
. 10 79 . . . 

. -®#, rationalisation. -of product 

range --.with emphasis'- an ' quality '•* ™ 

^ comb ined " ■gith >wjder - - market-- . i ^ 

-spread st bogie and oyerscai, * 1 ^ 

tadicat es good prospects for the v -i 

future: 

AjRMOint TRUST 1 ^ - 

•Following. ..the..: ‘report' oh.. ’ : 

December 5 of toe auditor^ ■>,' •/.. 

qualification" on the Armour- Trhst . T-. * 

report, -the: comhany pohats out v ~. * *i*. 

that . -Its . -foreign r. subsidiaxies V ** 

ceagedto.toade durtag.ie77 v X v. 

• ou^ctorar.dq; not -consider, ttwt aay lz \ \ 
further- Labilitiea ,ta respect: iff :\\ ■ 

these dperetibnhvcan fafl. oh \ v 

UK compames apartfrom theipto-,- -,T. \ ^ 
vlsttjn already mahe. : Tbe auefitars .. * 
agree • wiffc -toft, ripvr; ' <*.'• . 


Y 




"• '• • v-'i. *gp»iiuiwi> tma 




\\C 


■/1 L •' 



0e teai 

& 


£3 


*f 




(jp-il^L^ 


mm W^WWE WEEK’S COMPANY NEWS 


'^T^-^WrpiK'andojergers^^ V, - .';, 

• !’* & the T£S„ 

„ v Keffl|U&. toeUK^awwl b|u)din^ mteHak and contractfag group, 

,S’ Vj^* 1 isplannihgto jpurchaseibe cti^toti^madc aiumlmumiosulating 
h ■' *= storm "'windows. *Bd ‘dote^ concern, Season-All Industries Inc. of 

Iodiantt'ina^;«^ v fl7ai." ,* *;/f\ - •-. ; . 

; be •%& J Tcnmcl Hglittogs^ tb'e-i*JC cement group, i$ coattouihg its 
V*V ; a i r - v. Q V- divers tocatlonV.progrKrrro^ b^ ;the £I0.5m casir ac^ismon of 


Com Dany 
bid for 


Value of Price Vaitto Finn? 

bid per Market before «»f hid iitc't'ce 

spare** price** bid (£m's.)** Bidder dale 

Prices In pMca ealcu otherwise Indlcalod. 


? rJ» rjf K approrol/ihas- ifot yet been’ given the go-aheaid. following' the 
’*-■ :■• ...H *!> f xbstetttipiz'Qvm v^in^-^-^&uwei's ma^jrsbarehidder, Thomas-W. 
y r- ’£*■*&£ Wainl vhidL.swtfca state of nearly 3D ’.per. cent Jit tha compxns, 
ta ctp^dder the details at^greater length.- . . ■ 

af. T*ie a '■*&; BOCThjternattoisd h*tk agreed in principle toe i2.4ih pwiififl« 
'.j£ =*«,£* V of TMGV italces jn 'Irish Indosfrial/Gases M SOC Northern 
; -K' - Irelaadrtoat itdoes nW; - - -‘ v -. ■ - .■;•/' 

mi- - Bobertson Foods .iasyacquireS toe home brewing hh^ess, 
i • rviT“. ct . : < A i 'Unlaui. a subsidia^^^PejitlandEndastries for£1.8m. Tbineet 
ra *-i‘ :il *z r 4 ? **« cost' of the deal, &b be£tsait.iz> Issuing. 1 -2ro .shares of b*ich 

s-J r .s :•* *«£ just over be : placed, with instStutions. 

? it.L- "v* i'5 BobfirtsOov'it&elTa: recent takSQverfavourite, sees the Unican 

^ ^ : Lossiiiila'jig' meat traders . 3. E. ■. Sanger aoboimeed that a 

JV*. _ tent&tiveappro^chbasbeen madetothe, company. 


aver £j 


: j Bamberger® ./ 

£.,:•• ,->i88SSi- 

i era '■ . • -5? (.a ^ land •• . • : - 

. j?. Compton Sons &r 
Webb •-.-.. 

' , - ^ --- .^1 Haggaa (John) . 


.- -Value txf: . -Price -Value. -; - - -Final 

Company- *, - bid pe^Market' before of bid,-.-: ,. - V. . . Accfce 
bid for? :. '.'"rsliare'f .'prteeW. bld.-ffm's)** Bidder -• -^clalfr 

Price* b» panes hbEbsc ath aryrf s a iwfleated. : ; 


-:-77§§. : 

3&* , : 
I03|* 


7.60 ZotL Timber: — 
-9.fi -• Uords&Scot. — 
093 Scot Western- 
• Trust — 

:i2L4fi Vantoaa / ■' — ?. 
2530 Dawson Jifl.* - — 


Scrip issue 


PRELIMINARY RESULTS 


Kean & Scott 10* 26 12 0.04 Unknown — 

Midland 

KdiieaUonal 150* 208 120 210 I’enlos 21/11 

Midland 

Kduradoaal ■ 24353 23R 2.10 3.4Z A. PnfC*l.v — 

Myddieton Hotels .inn* 203 2J5 4 41 l.adbmke — 

Peerage of 71§| 54rf 54vf 2-14 Ffrqoson huiusll. 

Birmingham Ihiidinss — . 

Plantation Uidgs. 64* fi.1 &i TJ.sn luulti-rurnnse — 

Randalls 11fig§ JUU 5lS 2.63 UhUeprafl — 

Sabah Timber 71ij li*i 34 32.33 Harrisons* 

Crosfipiri — 

Tndant Group 

Printers Inn* loo M 4.3S Arcus Press 23/ j] 

Turner Canon 8* 8 11J 1.74 S. W. fieri!, font — 

Warne Wright & 

Rowland 651 S3 fi4 53 6.73 F. priest — 

Warwick Eng. 41* 41 40 2.4U Mr. N.Gidney — 

* All cash offer, t Cush alternative. } Partial bid. 5 For capital 
not mreaady held, f Combined market capitalisation. |i Date on which 
scheme is expected to become operative. ** Hnsed on 7/12/7S. 
2!,At suspension, ft Estimated, §5 Shares and cash. J 5 Based on 
8/12/78. 


Offers for sale, platings and introductions 

Mid-Kent Water: Offer by tender of £3m S per cent redeemable 
preference slock 1984 at minimum £98 per cent. 


Company 

British Sugar 
Camion (Sir JO 

Crran (J.) 
Davenports Brew, 
ltoanson 

Dennis (James R.) 
Duvenish (J. & A-l 
HesOlfO 
Hanson Trust 
Irish DLsUUers 
Irihh Ropes 
Kelsey Jnds. 
Mitchell CO Us 
NSS Newsagents 
ltHM 
Richards 
Samurlson Film 
Swan Hunter 
John Williams 


Pre-tax proJlt 
Year to (IiiOOj 1 

Sepf. 24 23*170 (20.408) 
Sept. .10 0$6 (318) 

Jiine.1l) 1.520 (1,130) 
SeiJl.30 1,500 (1.430) 
Sept. 3u 202 (KUi 
Aug. .11 412 (302) 

Sept. 2!) 3.371 (1.318) 
Scjif. 30 8,-140 (7450) 
Sepl. 3026.100 (24.400) 
Sc pi. 31) 7^80 (4,ST(I) 
Sept. 30 77511 (606) 

•Sent 30 2.140 (1.9UO) 
June .10 10,236 (11,669) 
Ocl.1 3,720 (1.170) 
SepL 2 21,121 (36.458) 
ScpL 30 705 (768) 

Mar. 31 532 (635) 

June 30 3.160 (7^2DO)t 
SepL 30 1,209 (911) 


Earnings* Dividends* 
per share (p) per share (p) 


(42.3) 

(4.0) 
(26.8) 

(fl-0) 
(3-1 1 
(7.6) 
flS.3> 
(J4.7) 

(20.3) 
(14.5) 
(1S.8) 

(26.7) 

(5.0) 
( 10 - 1 ) 

(6.1) 
(3-3) 

(23.1) 

(12.8) t 
(7B) 


(4.75) 

(Nil) 

IS.45) 

(2J!Z) 

(2.095) 

(2^24) 

(5.9) 

(2.764) 

(6—9) 

(3.547) 

(3.749) 

(3J35) 

(3.4) 
(2.122) 
(3288) 
(1.035) 

(7.4) 

(10.19) * 

(3.19) 


INTERIM STATEMENTS 


Company 


Half-year 

10 


Pre-tas profit 
(£ 000 ) 


Interim dividends* 
per share (p) 


Hunting Assoc.: One ordinary and one deferred ordinary for two 
ordinary. 

Rights Issue 

Suter Elec.: Three-for-two at lOp. 


Arlington Motor 

Scpl. -10 

720 

1671) 

2.5 

(2.5) 

A r mi tag e Shanks 

SepL. 39 

2,024 

1037) 

2.01 

(1-98) 

Assoc. Tooling 

Aug. 31 

72 

(52) 

1.4 

(1.1) 

Atkins Bros. 

Sent. 30 

1R5 

(266) 

1.375 

(L23) 

Baker Perkins 

Sent. .19 

3230 

(3.550) 

2.1 

(1.9) 

Bassett (Geo.) 

(Jet. 13 

J.510 

(1.72U) 

1.566 

( 1.402) 

Birmingham Stint 

Sep). 90 

266 

(164) 

).S 

(1.5) 

Br corner ft Co. 

July .91 

2(12 

(136) 

1.1 

(1.016) 

Brent Walker 

July 16 

103 

(45) 

0.35 

(0.35) 

Bristol Post 

Scpl. 30 

1.109 

(8)5) 

3.0$ 

(2.75)t 

British Tar 

SepL 39 

717 

(573) 

0.575 

10.5) 

Buckleys Brewery 

Sept. 3D 

466 

1433) 

0.6 

(0.55) 


Company 


Haff-y®ar 

to 


Burnett & HHmshr. SepL 50 
Carless Capel SepL 30 
Castings Sept. 30 

Cattle’s (Hldgs.) SepL 30 
Cawuods HIdgs. Sept. 30 
Church bury Ests. SepL 30 

Coalite k Chemical Sept. 30 
Dnndonian SepL 30 

Eng. Card Clothing SepL SO 
GEC Sept- 30 

Grant (James) Oct. .11$ 
Group Lotus June 30 
GUS Scpl. 30 

Hall (Matthew) Sept. 30§ 
Higbazns Sept. 30 

Ingrant(Harold) Ocu 31 
IntLThnber Sept. 30 
Kleen-e-Ze Oct. 11 

Lees (John J.) SepL 30 
LOFS SepL 30 

Lyons (J.) SepL 15 

Mansfield Brew. SepL 30 
Marshals (Halifax) Sept. 30 
Norton (W. E.) SepL 30 
Pegler-Hattersley SepL 30 
Phoenix Assurance Sept. 30§ 
Pilhington Bros. SepL 30 
Piessey Sept. SO 

Rotaprint Sept. 30 

Russell (A.) Sept. 30 

Sbaw & Marvin SepL .10 
Smith & Nephew OcL 74 
Smith Whitworth SepL 30 
Somic SepL 30 

Rtonehili HIdgs. Nov. 23 
Victoria Carpet SepL 30 
Vinten Group Scpl. 30 
Wagon Ind). Sept. .10 
Wilkins & Mitchell Sept. 30 


Pre-tax profit 
(XO(H) ) 

Interim dividends 
per share (p) - 

1,620 

(1.420) 

1.615$ 

(1.427) 

820 

U.050) 

0.411 

10.368} 

356 

(202) 

0.6 

(0.42) 

7G0 

(60S) 

0.95 

(0.83) 

3,540 

(2,900) 

1.080 

(0.973) 

1S3 

(123) 

1.971$ 

( 1 .7a.“i ) 

6.330 

(7,230) 

1.03 

(0.03B) 

119 

(Gl) 

0.7 

(0.67) 

1.110 

(1.010) 

1.2 

(1.13) 

162,900 

(14-L800) 

225 

(2.0) 

603 

(381) 

0 375 

(0.375) 

347 

(2S5) 

Nil 

(Nil) 

66.494 

(53,02^ 

4.029 

(3.609) 

4347 

14.352) 

2.047$ 

(1.781) 

762 

(506) 

0.77 

(0.7) 

354 

(320) 

1.44 

(129) 

3,G14 

(3.061) 

3.0 

(2.75) 

238 

(313) 

0.875 

(0.875) 

48 

154) 

06 

(0.55) 

X.771L 

( 1,254 )L 

— 

(— ) 

9,006 

(6,400) 

— 

l~) 


(1.400) 

(1.066) 

128.7) 

(5.421) 

(27,3001 

(29,600) 

(22^30) 

( 111 ) 

(313) 

< 1.1 )L 
(11,7001 
(17)L 
(98) 
(407) 
(14)L 
(356) 
(1,330) 
(611)L 


(2.31) 
(0.9B) 
(0.163) 
13.15} 
(— ) 
(2.SS) 
l — ) 
( 1 . 12 ) 
(1.44) 
(Nil) 
l— > 
l—l 
(O-Sfifi) 
12-23) 
10.437) 
10.353) 
(3.0) 
(0*5) 


(Figures in parentheses are for corresponding period.) 

Dividends shown net except where otherwise stated. 

* Adjusted Jor any intervening scrip issue. i IS months. 
* Including special dividend due to change in lax rate, § Nine months. 
II 13 months. L Loss. 


• ;-■? -... -T K. 

*; ■;« -l. . 

■ .. : 
:• v’c *■ -/ - 

:)vr». *. > . >. 

x..r* 


BIDS AND DEALS 




Vcs ' 
-■* • ... 

i r.\ 8 . 


T I? y- 


Baker 
profit ahead 
in first hag ■ 

•-**£{. Z ti f/ 




:ure’s ! 


Edited by Denys Sutton ■ 

The world’s leading magazine of. 
Arts and Antiques , 

- Published Monthly price £2.00, An nuai Subscription 05.00 (inland T 
Overseas Subfcrip»sni2S.Q0 USA & Canada Air Assisted $56- : 

- Apollo- Magarine. Bracken House . 

. tO Cannon Street, London EC4P 4 BY- Tel: 01-248 8000 ■- 


EUROPEAN OPTIONS EXCHANGE 


Ferguson Industrial offerini 
£2.34m for Peerage 


:- 1 : . . Jan." : 
f Vot. I Last 


. July 

Vot. ! Lest 


FJ60J - a-; 16.10 ' — 

F.57W - ' - ff "B.IO ■ 

F.3q,- lia- 

F.Sa.sS ' BO; 040 1W 
FJ15f..-. w as, 

F.75:M' ;10 . 350 


Ferguson Industrial Holdings £6P,0C0 loon and pirrehase or per cenL This should have read 
has made an agreed bid worth preference and ordinary shares. 5 per cent 
£2. 34m for Peerage of Birming- The cr>mpany was set up two 
bam, the manufacturer of furnish- years ezo by Mr. (!. Whitehead rirT , rnDr 
ing and ornamental brassware. and Mr. T. Gardner, directors of -Mrc. TUKUh dUio 
T he offer is one ordinary share Ezcicr-b.ised sack jp/J paper THOMSON BROS. 

of Ferguson and DOp in cash for waste recL-iimers J. H. Rowe . . . . 

every three ordinary shares in The original producl, Shredabed, Flff ^ °T ge r purchased all 
Peerage. This puts a value of 7lp consists of newsprint waste *"* 

on each Peerage share. Its shares shredded by a specially developed ^rhcaMy). s.eel merchanl. iron- 
were depended at Hp «eer a m^hme. %T’J& 7! S 'SK-«J h LT 


17*- tJOO 
1W -5 -,TAO: 


13.30 


3.90 f.3b;bo- 
2-70 

— FJffiCtQ ' 
- P-53-P0. . 
4.20 *■ ... 


: 7 * !‘iss : 1 - sfm, 

F-IWAM- 1. X6- 2.10 :} — — '■«- •' man s activities. 

• 1, p.340]', 6 O.TO v If - lA 3 6-sa • yf*x .. In 1977 Peerae 

’ c'-r^Sl “ rl : j -. -T- . 1 5,B0 . tav profits of 

i . .z. tiLiw.6*-. -wiih 1410,000. c 


week ago pending an announce- 
ment. 

Ferguson Industrial Holdings 
explained its latest bid as another 
attempt In lessen its dependence 
on the construction industry. 

In recent years Ferguson has 
extended its activities in the 
manufacture of brass oil lamps 
.through its subsidiary W. Redman 
and Ferguson feels that the latest 


mchirip ’ monger and engineer. The pur- 

chase price is £318.000 to be 
MD t A /-r-v’ x trre satisfied by 213,000 Fife shares 
JYf K. LAs. hi Lit* lo and a payment in ca»h of £199.750. 

STAKE IN NATIONAL ,£ KSB 

CARBONISING 'vere prepared for Thomson, the 

. . ... .. , _ .. net assets were £234,771, including 

Birmingham Midland Counties cash Md s hort-Lerm depoats of 
rust has increased iLs holding in £n 0i ooo. end the profit before lax 
ationa! Larbomsing to 2.5m , v ., 5 £73,786. Currently, Thomson 
lares or -l* per cent. has ho borrowings and has cash 

y > hen announcing Birmingham an d short-tenn deposits of around 


t years Ferguson has nirmiUBnam mrauinu uBiun 
its activities in ihe Tr “St has increased iLs Jioldmg in 
of b«ST oil lBiiS Kational Carbonising to 2.5m 

snhsiHiarv W Redman or 21J! per cent. 


acquisition will complement Red- Mjdiaiul's* inili.il purchase of £159,000.' 


man's activities. 




F.26 ■- 136 J CLfitt.- : .= .. - . .. — 734*6 

r-lM- i -.-i \h ’*1 r .zfl ■" 

■■■■ Feb. ..-• May' •* • .AUfllllf- 

- HSI :7-V 34. *! \‘-'*! - !> ; “ I T 

rAL tftUUMEIN CQVTRACTB ' 


dtie* shares, Mr.- Graham Ferguson 

Peerage reported pre- the chairman, safd he had 

of £552,000. compared n" mtcntmn of bidding for 
with £410,000. on turnover of National. 

£4.57m against £354m. . 11 W3S . BML T ? P 0,1CV 10 *>mld UP 


^«^d'i„ al S«“n,'I“rtSnS! <=>«» »* the .rcenjl Mt ol te 

,mokio -" M sMSsaTn* 

valuaticm are 1 included). about per cent ‘ earnings per share, over the first 

In the first half of- 19<8 half and that for ihe year as a 

Peerages pretax profits slumped ILfARSHA I J ’C '"hole they will not be less than, 

from £248.000*,to £126,000 and has 3 49p. compared with 50.2p in 1977.' 

been reported; to be in bid talks UNIVERSAL ■ In the document setting out the 

since July. . • . M.r*«iPk t)irnn ^ offer for the 40J) per cent of 

In October the group said that ,,” 5?"*? Sabah Timber not already cvned 

bid talks had been considerably nifthn/-i^-f- Ub5 n^lfrh^f P romi t{ie directors forecast a final divi- 
delayed due to a need to analyse P J ^" d r r o den(i of l"- 53 ? net making a total 

moire carefully problems incurred “2* i_ ri pl t *2? «°m of 24.03p per share (21.78p in 

through foundry expansion. S ?or a .oS ^ ^ioS 1377 ^ 

Directors and certain other P nrSSn'at s The n2 - 4m bld £or * he tnmonty 

shareholders of .-Peerage have N 3j* s^reeL GuHrtro?d°w« r^ £““*“8* °^ rs _ Sa c bail ». sfaa . re " 
accepted the offer, in respect of valued »t w*n mirk« va?ue to holders on H and S share for 
tbeir beneficial holdings of 1.71m >Svemter in?? Jf nSooo Th! ?I ei L S3b ^, sh?res -, 3 T d v » ,ues 
or6^ toes ,.1* per cenu. £ * *f 'g^I^Tmo,^ £ KK 

1CFC LOAN -ffSHft frreSoW or s, W « uk 

Cormncrcinl For tile years ended April 30. pr0 p erties has produced a surplus 
Fmance Ctirporation ts providing 1077 and 1978. profits before tax, £,,i m over book value which 
a financtaJ package worth £140.000 after arljustment for excess diree- »,vps Sabah net tan'dblc awctc of 
for Shredabed. whose business i* tors’ remuneration, amounled ro £ R _ a ‘ RharP at^ordin*’ to a letter 
anlroaT bedding and fertiliser £28.000 and £34,009 respectively. rccon , me nd7ng the offer from the 
manufacture. _ From December 197R DP Auto- Sahah ch r.irnian. Mr. J. McLeod. 

Finance takes the form of a mobiles will he operating a sabah has already forecast pre- 

— ^ 7 Peugeot main dealership from i nx ‘consolidaicri profit of £fi.olm 

• the premises. ,j n current year, against 

17.94m in 1977. The fall is 
RI7E?IM A RD VV1RD1 F atrihulcd in lower margins in the 

. ; BLKlNAKIJ ' wAKDLt East and m the UK timber and 

PURCHASE builders* mcrchanting businesses. 

Bernard Wardlc, the Che^hire- 

I . based plastics group, has bought CHART STAKFS 

B the Mnsuvll Tool Company of anAI ' c 
- • ■ Welling. Kent, in a deal worth Sime Darby Holdtog^-Holdfngs 

■ about r 60jKW. hr companies in which Wet* Cw» 


H & C FORECASTS 
49p EARNINGS 

Harrisons-' and Crosffeld fore- 


Near £2.:m 
l)v Concreit 

fc 

l*roducrs 

wivc*^ •••' 


\ ' GQVE INVEST1HENTS ZJMITED 
1 Royal Exchange Av&. LondonfECSV S^JJ- TeL; 01-283 1101. 
- > Index Gnide as'-*t ffovejphirZd, 1978 
. Cliw'3Hx«!l'Interest^Bpital , 129-67 

Clive- Fixed lntexest XitbomA-.'V'^.v •• • -• - 11428 

ALLEN HARVEY& B^SS INVESOTENT MANAGEMENT LTD. 

- 45 Ccrrohirf; Loninir ZC3V JPB, s-Tel.: 01-623 6314, 
r - Index Guide as aLDccember 7, 1978 

. - - Capital Fixed- Interest Portfolio 190,20 

• Income Fixed Interest Portfolio 100.5o 


assets or’41p a share (56^n if 
freehold properties at a director’s 
valuation are included). 

In the first half of- 1978 
Peerage's pretax profits slumped 
from £248.00(Mo £126,900 and has 
| been reported^ to be In bid talks 
; since July. . 

In October the group said that 


more carefully problems incurred 
through foundry expansion. 

Directors and • certain other 
shareholders, of -Peerage have 
accepted the offer, in respect of 
tbeir beneficial holdings of L71m 
ordinary .shares (5L8 per cent). 


MARSHALL’S 

UNIVERSAL 


haiM 


■-■' '.vS r-f- 



RI7E21M A RD WAR ni F atrihulcd in l^wer margins in tne 
BLKNAKI> WAKDLb East and in the UK timber and 
PURCHASE builders’ mcrchanting businesses, 

Bernard Wardlc, the Cheshire- 
based plastics group, has bought CHART STAKFS 
the Moswll Tool Company of 

Welling, Kent, in a deal worth Sime Darby Holdtogs--Holdlngs 
about rfiOjKW. br companies in which wee Cnn 

Moswell Tool Company Is a Yaw. director, is deemed to be 
precision engineering business i1^ c U;5 l0 L h V e 
specialising in the production of J 3 *,®* 1 shares for $474,10 j leaving 
high quality moulds for the injec- ° a V"l” J i?:.,- 

linn rnmnrrcclnn -inH hlnvu ArbUtllPOt Latham HoMings— 


high quality moulds for the injec- 
tion. compression and blow 
moulding plastics industry. 

Wardle already has a precision 


London' Trust Company has 
bought r.0,000 shares increasing 


wv ;:ru .muiuy ihij» ll i.imui v _ --norm ion; n~_ \ 

on=in,cr™ »d ™...W ra S kin 5 ^£ w ,SS3fl5 ffw"s: 
business in V.P.T. at Cncklcu-ood y eates has .irquired 229,009 shares 


and Waltham Cross into which 


. . - . making holding.4,066,6S0 (9.S9 per 

this new ncaiiisition will be mte- cen ^ 

grated although Unwell Tools Berrv Trust Company— United 
will cnnlinuo to operate from its Kingdom Temperance and General 
present site at Welling in KcnL rVmddenf Institution holds 2.2m 

shares (14.46 per ccnri. 

T*C Centrovincial Estates — J. Gold, 

mJULia director. h.»s sold 50,000 shares. 

1 faults, the Newcastle based Warnc Wright and Rowland — 
f until ure removal.*' and storage Throgmorton Trust _has sold 
company, has carried nut a capital entire holding of! 518,230 shares, 
reorganisation. A new- holding liudsay and WflUarns—Mr. P. H- 
company, Houlls Holdings, con- ^laiiaguig director, now 

trolled bv Mr. F. W. Hoult and b 0 !^ 5 1 63.400 ordinary shares, 
h is mother Mrs. B . Hoult, has i 1 ^ 71 J* r 
acquired the capital of Houlls. nf ^J^.MTn^^hpr 
Cnonlv Bank, the merchant bank ni ficc s ol d on ^ Jo JWJl 

of the National Westminster Bank 30^^000°^ leaving: 

SssSiUsS. 


IwwIS 






^ _ _ VI Save recently 

publlsiieei tbeir Dii^drs’ R.eport and AccoimtsrThese are in 
xegiect of t&eyearto 30th September, 1978 and show: 

^GONSOIiO>iiEb 1XIJOT JJMIEED 

Fi m rl g .~Fmp? rryfv^ • • J 

i^oposedrfemdendper - . 

- 5.2p ? anincre^e of 10% 

BRiTlSH i^IJSTItlES ii® GENERAL investment 
trustu M nia> ;; 

L£g-lnL 


iik iTikl m i 


BropbisedDiw^endper ■ . . • 

.* ‘ X?eferred Share 3.8p, an increase of 11 % 


and has also taken a 20 per cent "^atcl^ameUia I^e^ents hns 
slake - acquired a further 16.000 ordinary 

| . - shares bringing total interest to 

BARRATT EXPANDS <SL54 

Barrett ■Developments (Hull) J. Sainsbury-— Company reports 
has acquired the capital of following sales. by directors Mr. 

, E. Barker, a builder and civil S. D- Saiosbury 200,000 shares. 
[ engineetiru; contractor, for an Mr. T. A. D- Sainsbury 75JKK1 
I undisclosed, amount. shares and Mr. D. J. Sainsbury 

The acquisition is in accordance 150,000 shares, 
with Barrett's planned programme 

of exnansion in Hull, Humberside coacutt tvcat c 
and Yorkshire. ASSOUAlfc XJtAU> 


Sjl !-• 






of exnansion m Hull, Humberside ccnritTr rvc*r o 
and Yorkshire. ASSOUAIfc XJbALb 

Williams De Broe Hill Chaplin 

a t TDD 13 A HT nr.c ' and Co. advise that County Bank, 

AURORA ttL LH jS. an asy wiiatc of S. and W. Beris- 

In yesterday’s - article concern- ford, has acquired 130,000 Turner 
ins the disposal of Sam cel Osborn Curzon ordinary shares at 7Jp. 

SA by Aurora Holdings, it was J- Henry Schroder Wagg has 
stated that the rate of South sold 3.500 G.E-C. ordinary shares 
African withholding tax was, 35 at 358p on behalf of associates. 






ARE YOU GETTING YOUR SHARE? 

qf the huge profits to bo made in the traded option market? 
Our option portfolio has appreciated by an average of 69.8 per 
cent in one month after expenses. 

Commercial Union January HO series options, recommended a 
month ago at 5p is now 1B0% UP at Mp- 

tor the answers, a FREE copy of our new»|#et*r antf d*«lb of oor locroductory 
offer telephone . 01-455 2944 or write oo: Eouiqr Rsmioi Associacn. 
Wardrobe Chambers, 1 44a Quean Victor.* Streat. t«idon, EC4V 5HD. 


Amthergood yeer/n prmpMi 
. for thelessssms Grmp 

Interim Profit Statement 


For the 26 week 
period ended 

SALES 

GROUP PROFIT BEFORETAXATION 

TAXATION 

GROUP PROFIT AFTER 
TAXATION 

interim dividend0.4719p (1977 
0.4226p) per share net of advance 
corporation tax at 33% 

(1977 34%) 

Less dividends waived 


30th Sept. 1978 

£ £ 

£31 ,220,094 

792,502 

198,863 

£593,639 


1st OcL 1977 

£ 

£30,668,370 

727,850 

50,816 

£677,034 


119,358 

10,338 


£109.020 


106,889 

8.494 


£98.395 


Extracts from the Statement of the Chairman. Mr. D. P. Lennon: 

^ Pre-tax profits for the half year are £792,502 as against £727,850. 

Food profits show an increase of 32% over the corresponding period of last year. 

Wines & Spirits subsidiary has not performed as well as fast year. However profits 
are norma I ly better i n the second ha If and I have no dou bt that we are going to see 
a very good second half performance from this company. 

^ As Christmas approaches, our food margins are being maintained and our 
off-licences are extremely busy. 

^ The Board is fully justified in paying an Interim dividend of 0.471 9p net per 
share, which incorporates a 10% increase, the maximum amount which the 
company is permitted to pay. 

$ We are trading with 9 more off-licences than last year, having recently opened our 
hundredth in Malvern, Worcestershire. 

We are actively negotiating the purchase of a number of potential supermarket . 
sites and are vigorously pursuing the expansion of our wines and spirits subsidiary. 

lam confident by next July I will be reporting to you yet another highly 
satisfactory year. 


LENNONS GROUP UIVilTED 


- 





• • ; v --r- >5^,. • ;■ 


This advertisement Is Issued by Bering Brothers & Co., Limited 
on behalf of Associated Dairies Group Limited. 


Associated Dairies Group Limited 

Offer fortheOrdinary Share Capita! of 

Allied Retailers Limited 

ELECTION PRICE 

As set out in the offer document dated 21 st November, 1 973 containing the Offers 
by Baring Brothers & Co., Limited on behalf of Associated Dairies Group Limited 
("ADG") to acquire the share capital, issued and to be issued, of Allied Retailers 
Limited ("Allied"), holders of Allied Ordinary Shares who accept the Allied 
Ordinary Offer not later than 3 p.m. on12th December, 1 973 will have the 
right (subject to the condition that elections will only be effective to the extant that 
there are matching contrary elections as set out in paragraph 1 (a) (ii) on page 6 of 
the offer document) to electfor: 

Additional ADG Ordinary Shares instead of Cash 
or 

Additional Cash instead of ADG Ordinary Shares 

For this purpose the value of an ADG Ordinal Share will betaken as 1 95.8p 
(The "ELECTION PRICE") which is the average of the middle market quotations 
for a new Associated Dairies Limited Ordinary Share based on The Stock Exchange 
Daily Official List for the five days ended 8th December, 1978 as certified 
by J. & A Scrimgeour Limited. 


Baring Brothers & Co., Limited 
88 Leaden hall Street 
London EC3A 3DT 


J. St A. Scrimgeour Limited 
The Stock Exchange 
London EC2N 1HD 





■■ .' 4’pTiiiff- S' *. - ■■ ! , rSTTT'isFr'i; *. .P'- -i 


20 


WORLD STOCK MARKE TS 



St. remains nervous 


INVESTMENT DOLLAR 

PREMIUM 

*2.60 to El— 84j% (835%) 

Effective SI 5605 39% (37J%) 
ALTHOUGH THE economic news 
was' somewhat bullish, further 
small losses were recorded in 
light trading on Wall Street yes- 
terday. when traders were reluc- 
tant. to open fresh commitments 
ahead of the weekend in view of 
the uncertainties surrounding the 
situation in Iran. 

The Dow Jones Industrial Aver- 
age further declined 4-24 to 
&11.S5, reducing its net gain on 
the week to a mere 0.35. while the 
NYSE All Common Index, at 
S54.06. was off 24 cents on the 
day but still up 29 cents on the 
'week. Trading volume further 
decreased 2.6m shares to lS-frlra — 
the lowest since the 14.5flm tally 
of November 24. 

The bullish news included the 
'third straight weekly fall in the 
Basic Money supply, leading 
- analysts to conclude the Fed will 
not need to further tighten 
credit in the short run. 

However, that Wholesale Prices 
0.8 per cent rise in November 
on top of a 0.9 per cent rise in 
October continued to worry 
investors. 

News that u.S. November un- 


employment remained at the 5.S 
per cent level of October had 
little market Impact. 

Grumman fell Si to $16J— - its 
leased office in Isafahan, Iran, yos 
firebombed and destroyed. 

\V ill Jams Cos. dropped $£ to 
S14f— it agreed to self for $13.4m 
its 607,400 share stake in Alton 
Box Board to Jefferson Smnrfit 
for a loss of 53.7m. 

Bell and Bowel! lost SI * to 5151 
— it expects a drop in fourth 
quarter profits. 

Esmark firmed 51 to 5255 on a 
fourth quarter earnings rise. 
Phelps Dodge gamed Si to 522$ — 
it plans a "modest increase" in 
copper mine . production next 
year. Fluor rose Sli to $314 — it 
won contracts worth 510m for a 
Chinese copper mine project with 
a projected total cost of $800m. 

The American SE Market Value 
Index lost 0.33 to 151.16, reducing 
its rise on the week to 0.88. 

CANADA — Markets were again 
broadly higher, in active trading, 
with the Toronto Composite 
Index up another 4-5 to 1295,0. 

The Gold Share Index spurted 
ahead a further 53.0 to 1402.6, 
Metals and Minerals rose 4.8 to 
1082.7. Oil and Gas 2.6 to 17904, 
Utilities 0J39 to 19S.71 and Banks 


1.77 to 309.48. But Papers dipped 
0.53 to 154-26. 

Massey-Feiguson shed 59 to 
SlOi on a “ major deterioration ” 
in fou rth q uarter results. 

AMSTERDAM— Narrawly mixed 
in slow trading. 

Among Bonds, short-terms lost 
up to FI 0.30 but long-terms 
gained up to FI 0.3Q- 

AUSTRALJA — Markets firmed in 
fairly active trading. 

Pan continental moved up 
30 cents to A510.20 and Queens- 
land Mines 8 cents to A5321. 

Banking issues rose. Property 
stocks steady. 

BRUSSELS — Mixed after 
another calm trading session. 

Non-ferrous Metals irregular, 
Steels lower. Chemicals eased. 
Oils firm. Holdings steady, as 
were Electricals and Utilities. 

GERMANY— Lower in continu- 
ation of Thursday’s technical 
reaction. Virtually all sec- 
tors posted losses as professional 
dealers took positions for week- 
end and other traders preferred 
to remain on sidelines. 

HONG KONG— Mixed foUowtag 
Institutional two-way trading. 

PARIS— Market eased in calm 
trading, ahead, of a report by 
National Statistics Institute of 
expected higher investment in 
first half next year coopied with 


deceleration in inflation having 
little to no effect on dealing. 

Banks steady. 

Pechlney Ugine Kabbnann shed 
Frs 5 to 77 on Its expected sharp 
fall In 1978 consolidated profits. 

German, U.S. and Dutch shares 
eased. Golds higher. 

SWITZERLAND. Quietly steady, 
with uncertain economic and cur- 
rency prospects a dampening 
factor. 

Leading Banks, Insurances and 
Financials barely changed. Indus 
trials irregular. - 

Domestic and . Foreign Bonds 
firmed in fairly active dealings. 

Foreign sector quiet Dollar 
stocks eased. Dutch Internationals 
slightly lower. Germans barely 
steady. 

TOKYO — Higher in active trading 
with the New Index recording a 
record peak of- 450.28 in the 
heaviest trading .this year — 330m 
(540m) shares— with investors 
anticipating fresh economic 
stimulation measures from Ohira 
Government. 

Hitachi rose Y4 to 264 on record 
consolidated first half net income. 

Textiles and some Chemicals 
also rose. 

MARKETS closed— Argentina, 
Austria. Brazil, Chile, Italy. Liech- 
tenstein. Peru, Portugal and Spain 
for Immaculate Conception. 


ftseanad Palls 


Indices 


NEW YORK —DOW JONES 


Dec. 1 Dec- 

8 1 7 ! 

1 _ 1 _ , 

| 1978 

j 6 " j 6 j 

1 High 

Low 

' 64 .ml 64.50 
1 

j 64.5)1 64.44 

i 1 

1 60.58 

! m/9) 

48.57 

18(5) 


I Dee, 8 


■ _ 1 _ : _ ! .. : _ i _ 1 

1978 

Since Coropilat'n 

■ 8 j 7 lot ft J 4 1 1 ] 

High 

-Low 

High 

Low 

: • j ! 

♦ InduKtnsh 811.86 816.09, 821.90 B2D.5IB0S.85l 611 AO. 

807.74 

742.12 

1051.70 

41.22 

it .-at 

rar>) 

(11(1(73) 

(2/7(32) 

86. 47' 86.56 86.4S SG.5I 86.28 8SJ6' 

yfl.06 

86.12 

— 

— 

! 1 

-“•It 

(15.-11) 



Tran wi I....' 1 215 « 21S.M 3I8.S1I. 21B.30 2JS.J3 SJfi.60 261.48 

199.31 

279.58 

12.23 

L'iil,ue« ' 101.08- 101. 25' 101.32 100.78 100.27| 95.97 

i ■ ; : 1 ( 1 

Ofi 9, 

l8<l» 

(7(2/69) 

18/7 152) 

110.38 

98.35 

>65.32 

10.58 

»*' l) 

(14/11) 

(20(4/69) 

(28(4/43) 

Irolinz M'S. 1 1 i 

GOO’pf : 15.540 21.240 25.830 25.590 22,020; 16.120 
• 1 ; , 1 1 




- 


Issues Traded..... 1.851 

Rina -838 

Fall* 863 

Cnchangwi 466 

New Highs .! — 

New 1/iwa. 


Dec. 7 : Dee. 5 


1.881 1.916 

591 865 

818 595 

472 456 

24 


_ I _ 


24 


110HTBEAX. 



1 ! 1373 


8 

| 7 j 

| G j b 1 High 1 

Jyiir 

lmlustrlA) 

Combined 

217.80: 
. 224.8+ 

2)7.41 

224.26 

' 215.92’ 314RB! 222.14 ilDIO) 

I 222.52; 22l.9l! 226.61 (12(10) 

1 152.90 (16(2) 

, 170.82 l?l);ll 

TOBOHTO Com^wite ! 

\ 1295h 

laaoh' 

1285.2; 1282.1] 1682.7 1 12 10, | 

998.2 (ol'/li 

JOHAHHESBTTH& 1 

1 _ | 

228.2 

{ 1 i 

225 A 224.8 1 272.0ll4.fi) 1 

1 186.0 *20.41 

Industrial 


257.7 

266.8, 266.7 281A (l/Lll 1 

1 184.9 1 15(oi 


8 ! w»i« i High Low 


8 1 vious ( Bmb j Luw 


- Suit ni In-lex changed from Aug. 2A 


* Day’s Ugh 628.48 law 6 12.88 


Inii- dir. yield D ~ 


| Dec. 1 | Nov. 24 i Nor. 17 ] (Tear ago approx 


Australia**!) 536.78 
Belgium d) j 97-67 
Denmark* •" 91. « 


5.97 


5JB3 


5.90 


5.57 


France 79-3 


STANDARD AND POORS 


1978 Since Compliat'n 


Dec. 1 

! a 1 

Dec. Dec. ’ 
7 J t> J 


Dec. 1 
4 1 

Dec. j 

1 1 High 

Low | 

High | Low 

I Industrial 107.26 107.BV 108.34. 

188.30* IDS All 

108.96: 116.71 

96.92 

124.64 '■ 5A5 


1 , 

1 

1 

1 (l£/9i 

(6/3) 

1 11/1(73) j(30.*b/3Z) 

j 88.65 

97.oa! 37.49] 

97.44 1 

96.1a] 

96.28' 106.98 

S6.30 

126.69 | 4.40 

41 nmpnsue 1 1 

1 ; 

1 

1 

1 (12(9) 

1 (6/3) 

It 11/1(63) 1(1(6/32) 


Germany*:;}. 829.40 
Holland, <M>! 79-5 
Hong Kro^j 522.72 j 
Italy fill <« j 
Japan u»)' 450.38 j 
Singapore^) 35166 ' 


90.43 

(3J/S) 

szxs 

£50(10) 

47.6 

(3(2) 

759.4 



Dei;, n 

| Sot. 29 , 

X.JI-.22 ; 

] Vear ago tappitix.) 

Ind. rfiv. yield % 

5.0s 

! 5.23 | 

5.12 1 

1 4.96 

Ind. P/K K»lii> ] 

8.77 

! a73 1 

8-90 | 

8.92 

I/’ob fiiw. Bond )*ieM ‘ 

8.74 

I 8.75 ! 

8.67 ! 

7.86 


534 JB4 566.79 '.4 1 LIS 
I £2(91 1 «U3> 

97.75 1 101.16 “ ' 

<3/Sf 
91.34; 9o.9b 
I (14/6) 

73.6 63-0 

(4/10) 

633.10 1 863.8 

(19(10)1 (17(bj 
79.4 85.1 76j0 

I (11(8) (4/4) 

521.99 1 707.70 323.4 
(4/9) 03/4) 

70.76 ! 82.26 1 56.45 
I (26/9i > 00/1) 

448.60 > 460-28 1 364.04 
| ( 8(121 I (400) 
553.25 414 j0 [ 262D 
' (8(9) - (6/1) 


Spain idi 
Sweden (*v 57267 
Switrerldtnj 2352 


91.70 


37033 


286.4 


110.75! ti.23 
i9rci J (17)31 
40C.04 325.74 
| <3.1 1 
325.7 I 261.8 
(I4(2i [ 1 26(9) 


bank Dec. 1953. 1 1 Amsterdam lndnsirial 
1970. !I Bang Sens Bank 31/7'64. ml Banca 
Commerdale Italians. 1972. a Tokyo 
New SB 4/1/68. 5 Straits Times 1986. 
c Closed, d Madrid SR 30/12/77. c Stock- 
holm Industrial 1/1/38. I Swiss Eank 
Corporation, a Unavailable. 


FRIDAY’S ACTIVE STOCKS 


Change 


Indices and base dates (all base vainer 
100 except NYSE All Comraou— 30 
Standards and Poor*— 10 and Toronto 
309—1,000. the last named based on 1975). 
v Excluding bonds. * 409 Indastrtals 
S 400 industrials. 40 Utilities. 40 Finance 
and -0 Transport. Sydney All Ordinary. 
II Belgian SE 31/12/63. — Copenhagen SE 
1/1/73. n Parts Bourse 1961. sCCommerx- 


Sears Roebuck . 

Stocks 

traded 

Closing 

prto: 

21*. 

on 

aay 

+ l 

Texaco _.... 

. 196AOO 

:t : 

— 

Minn, Minina A 

M. 187.408 

«o; 


Southern Cal. Ed. 

... 178,706 


— 

MJd-So. Utl 

1©L£I0 

l-M 

■*■1 

Con. Edison NY 

... 136.000 

24 

+ » 

Ford Motor ... 

. Jst.4oa 

411 


Fluor 

.. .. 147410 

31 i 


Bocinc - 

. ... 14L440 

in;- 

-11 

Nabisco 

.. .. 1C. 400 

211 

-l 




F.T. CROSSWORD PUZZLE No. 3,844 

A prise oj £5 will be given to each of the senders of the first 
three correct solutions opened. Solutions -must be received by 
next Thursday, marked Crossword in tiic top left-hand corner of 
the envelope, and addressed to the Financial Times. 10. Cannon 
Street. London, EC4P 4BY. Winners and solution will be given 
next Saturday. 


Name 


‘Address 



ACROSS 

1 Gluttons are sure to wash 
fS) 

.5 Come down with letters of 
gold on carriage (6) 

9 Too fastidious about French 
resort (4-4) 

10 Key to admit inexperienced 
. . . <61 

11 . . . woman as effeminate (S) 

12 Maybe even the Queen uses 
a thin overcoat (6) 

34 The two of us going to Wesl- 
end finished soaked 1 3. 7) 

IS Be courageous enough to 
tackle football opponent (4. 
3. 3) 

22 No sole may be free (6) 

23 Aspect of cricket described bv 
English novelist (SI 

24 Part of shoe is conforming 
(fit 

25 What motorists need for 3 
start (St 

26 Footwear obtainable for 
(good gracious) about a 
pound (6) 

27 Temporary things collapse 
into mere heap iS> 

DOWN 

1 Do come up and perch round 
dog (6) 

2 Wanting very much to be in 
key like woodwind sound (6) 

3 Fiddle according to western 
point of view (6) 

4 Canal worker who doesn't go 
bald (4. 6) 


6 Gentlemen who were not 
Players (8) 

7 Dressed to kill like Coppelia 

( 6 . 2 ) 

S Mean to be somebody at Lake 
Success (S) 

33 Quietly approaching increase 
in theft (S. 2) 

13 Literal arrangement of witch- 
craft (S> 

16 Vehicle on river left round- 
about . . (S) 

17 .. . lest hens be disturbed in 
Lancashire town (2, 6) 

19 Spot sound fish (6) 

20 Guess it's heavenly (6) 

31 It takes a good beginner to 
finish article in programme 
(6) 


Solution to Puzzle No. 3,843 
fflP? 


I BBSS 


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SOLUTION AND WINNERS OF 
PUZZLE No. 3.838 

Following are winners of last 
Saturday's prize puzzle: 

Mrs. G. Cornish. 91. Stone- 
hurst Road, Great Barr, 
Birmingham. 

Mr. J. Donaldson. 122. BonkJe 
Road. Newmains, Wishaw 
ML2 SAL. 

Miss M. Henry. 10. Spence 
Terrace. North Shields, Tyne 
and Wear. 


Q 

b a 

Q3EJ 
a 0 
DDE 

b g 

SEE3EQ 
5 £2 _ 
SaasaGBE 
H : B 

EEJESSEJ 
3 0 0 

Esaaos 
B 3 . H 
QDQSQ 


■ M£ l 

■era 

^ WK8MS J 

■<3 M 

Piuvfli 


1 

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ma 

77]£ICTw A] 


RACING 


BY DOMINIC WIGAN 


Canit looks best 
of Gold Cup field 


IN CONTRAST with many pessi- 
mistic forecasts, the field for 
today’s Massey-Ferguson ' Gold 
Cup at Cheltenham has not cut 
up badly, and 15 runners, headed 
by that top-class performer 
Bachelor’s Hall, will take their 
chance. 

The two I like best in a wide 
open race for this two-and-a-haJf- 
milc handicap with £10.000 added 
prize money, are Canit and Space 
Project. 

Canit. just a couple of pounds 
above the foot of the handicap 
with lOst 21b, became a likely 
starter for todays race after 
finishing a creditable third on his 
seasonal debut at Worcester. 

There the bay Canisbay gelding 
led The Snipe and Double Nega- 
tive at the final fence in the 
three-mile Sportsman's Handicap 
only to weaken on the run in as 
lack of peak fitness began to tell. 

That was a particularly credit- 
able effort by Colin Tinkler's 
mount, who was trying to con- 
cede a good deal of weight to 
his conquerors, and any improve- 
ment on it will, surely, see him 
taking all the beating here. 

Space Project, 13lb above Canit 
on the list 11b mark, earned his 

S lace in today's line-up with a 
ighly impressive display in the 
Embassy Premier Chase Qualifier 
at Chepstow a week ago. 

There Space Project, one of 
only three horses trained under 
permit by Reg Brown at Gros- 
rnost, Gwent, drew away from 
Jan Stewer after the last fence 
but one to beat him hv 20 
lengths. 

Although Space Project s 
market rival, Ramblix, was going 
well when catapulting John. 
Francome out of the saddle with 
an awkward jump at the last 
ditch, it is worth remembering 
that Francome thought that he 
would not have got to the winner 
in any event. 


Id a race which could see most 
of the runners in contention as 
the field swings left-handed down 
into the short straight. I take 
Canit to profit from the weight 
he receives from Space Project. 

There are probably few better 
staying chasers in the making 
than William Penn, and it will 
come as a disappointment if Ian 
Watkinson’s mount fails to regain 
winning form on this, his 
favourite course, in the Fred 
Witfaington Pattern Chase. 

William Penn, who gained his 
most recent success when canter- 
ing home alone in the Chelten- 
ham Chase here after his only 
opponent, Qrillo, had blundered 
away a winning chance two 
fences out, ran his best race to 
date in the Hennessy. 

Keeping on strongly in the 
closing stages or the Newbury 
Chase after cutting out the early 
running. William Penn took third 


prize behind _ Approaching and 


Master H. I take him to prove too 
good for Lakeside, another seven- 
year-old with a fine Chelt enham 
record. 

Although he is unlikely to have 
matters all his own way with 
Larryr, Flying Waiter and No 
Bombs in opposition, MacAdam 
strikes me as one of the day’s 
best bets in the Daily Express 
Triumph Hurdle trial. 

The Fred Rim ell-trained 
Targowice coll made up for a 
disappointing effort at Stratford 
by scoring in impressive style at 
Newbury last time out, and it is 
no secret that Rimell rates him 
one of his best young prospects. 

CHELTENHAM 
12.30 — Fox Ron 

1.20 — illcAdam*** 

1-55 — Canit** 

2.30 — William Penn 

3.00 — Connaught Banger* 

3.30 — Mount Tall ant 


SPAIN * 

December 7 

As land 

Bark a Bilbao . ■■ ■ 
Banco A (Janrtro U OOTU 

Banco Ccwral 

Banco Exterior 

Banco General 

Banco Granada (1.440) 

Banco Hupano 

Banco led. Car. il.ODD) 
B. ind M«literraneo._ 

Banco Madrid — 

Banco Popular 

Banco Santander (250) 
Banco Urqnijo (1.O00) 

Banco Viscaxa 

Banco Xarasozana 

Banknniaa 

Barms Andalncia - 

Babcock Wilcox ... 

CIC - 

Dracarfos — - 

Inmabanif 

E. 1. Arasoaesu 

Espanala Zinc 

Exol. Wo Thuo 

Ki-csa > 1 . 000 ) . 

Frijpsa <L*WI 

Gal. Prfclados 

Grupo Velaxonrs 


■ 400- 


re r -.cot 
121 
7BA 
205 
310 
2M 
240 
148 
220 
171 
US 
215 
249 
335 
261 
2*0 
217 
1*1 
189 
29 
85 
2X5 
63 
39 
in 

53-25 

62S0 

59 

SI 

165 


+ 4 


HIdrola 

Ihcrducro .... 

■ ilarra 

Papclrra > ppualda^ 
Prirollhcr . . 
P-.-irolcos . 

Samo Pa paler a .... 

Sinai* 

Soccfisa 

Trkronica . . . 

Torres Hostench .. 

Tuftacex 

Union Etec 


44 

- 235 

MJS 

- 1 .25 

82 

- J 

45 

+ 7 

U2 

— 

275 

- J 

39 

— 

47 

— 

127 

— 

74 

+ 0.25 

75 

— 

82 

- uo 

U30 

- 3 


“ 5 BRAZIL 


Dec. S 


Pr.ce | -Kur lUntrl 
K-nu I — Dir.l * 


2.7S 

1J0 


Accfiita 

Jwicorto Braait ...I 
Banco I tnu PS ...j 
Btfeo Mmciia uH 
tfla- Amer. O.t*. 

Petn-tira- IT ! 

Pitni-l Ol* 

jji'.i/?- i. ru* tip., 
t mn t*E : 

\ •!.. 1/tn Ih— i- 1*1 


0.76 !..... IQ. 12i 15.78 

i.6s i*.ojip.ie!a.69 

1.50 l+as£0.3?i24.GE 

0.92 ] + 5320.0618.69 

3.05 l JOJta 6.55 

1.35 ;_OJM J.lO|7.02 
t.3o — a.oiiJ.iolia.50 
2.10 —0.95-0. Hi, 10.47 


3.30 _O.0a!J.sib;-».54 
i + O.0l! i.l 1 17.47 


1.03 


Tonwvrr Cr 70 
Source. Uju 


im. Volume 40Jitn. 
<)•: Janeiro SE. 


NOTES: overseas price* exclude S premium. CcUmr dividends arc allcr 
v/ictiboldlDs tax. 

4 DM50 denora. unless otherwise slated. V Pi as. son iicnom. unless oihrrwisc 
staled. 4 , Kr loo dcnoni. a a] ess otherwise stated. ® l>rs son dcaom. unlcw 
oUtcrwlsc slated. 7 Yen 50 denoffi. unless oiherwtsc stated. 5 price it Umc ol 
snspenaion. a Florins, b Schiilrt/SS. c ccalB. d □ivtdcncl after ponding riKtils 
and 'or Bcnp issue, c Per share. I Francs, a Gnus uiv. (t Assumed vll*»cnu 
alter scrip and/or ng&ts iscue. » After local taxes. n*% (ax free. nFrioi-:. 
Inc lading Untlac dlv. pTfom. a Share split. sDiv. and Field exclude special 
payment, t indicated div. u Unolficial trading. V Minority holders unU. » UcfR-r 
pencil nn. ■ Asked. «Bid. 9 Traded. S Seller.. cAssamcd. xrEX rishl& x<lEx 
dividend, xc Ex scrip issue. xnEx alL a Interim since increased. 


NEW YORK 

Dec. I Dee. 
6 I 7 


Stock 


Abbott lab*. 

Addresanampb ... 
Aetna Life A Ca> 
Airpmducfce — .... 
AicanA himlniuiD 1 

Aict«_ 

■VKor- Ludi«cn....i 

AlWbeny Pdwbi 
A llied Cliemkaj.. 1 
Allied Stem.... 1 

Allis Chalmers.... 

A1LVX...... 

Amerada U 
Amer. Alriinea _. 
Aitier. Bnmls. 
Aiaer. BnwJonu! 

Amer. Con - 

Amer. C^utunid 
Amer. Diet. Tel-. 
Amer. Elect. Pavr 
Amer. Express...! 
AmerJinmn Prod' 
Amer. Medical ..J 
Amer. Motor*.....' 
Amer. Nat. Ra*..! 
Amer. Standard. J 

Amec. Store* [ 

Amer. Tei. A Tel. 

Ametek ' 

AMP 1 

AMP j 

Am pet 1 

Anchor Hoc king . 
•Vabeuacw Busch .1 

Armco.. 

A.S_4 


Asamera UU 1 

Atarco I 

Aahlaod Oil . 
Ac/, liicbflefci. 
Auto Data Pro.. J 

AVC 

Avco ....... 

Avan Product*... | 
Bait. Gas Elect.- 
Hanger Punts.....! 
Bank America.... 1 
Bankers Tr. X.Y. 

Battier Oil — 

Bait er TrarenoL 
Demin Food.....; 

Beeton Dickinsml 
Bell 1 HokbIL-. 
BeodJrx 

Benguet Coos -BV 
Bethleltem sfteeL 
Binck A Decker J 
Boeing 

liaise Ouetde— •! 

Bu n in a i 

Bor* Warner 1 

BnniB Ini i 

UrajBcan ‘A* 

Bristol Myers ' 

B-Pct A Drlt E...i 
Brockway Glass 

Bruttvwirk 

Bucynti Erie. 

Bulora Watch.... 
BurllnctonKilRi 

Hurtou^b I 

Gam/i Oell Soup.... 
GanadJau PactHcl 
CanafMaiuiolpli. 

t'.nnUrrn .J, 

tiamer A Generali 
Garter Bswley.. 
Ciurpi Ua rTtac w 

CBS... , 

Cctnneae Corpa J 
Central ft S. W, 

Cenalmeed 

Cessna Aircraft-. 
Champtoa later.. 
Chase Man ha Koc 
Chemical Bk.2il\j 
Chesebrjrii Pond.. 
C’bessio System.. 

Chicago MrUgO- 

Obryeler { 

Cine. Milacroo.... 

ClUuurp 

Cities servire 

Ultv lnvoiina....| 

U leveland Cliff 1 

CoralJols...— ..... 

Colcale Palm 

Cotliiis A ikmau— 
t.V)Uimhia (4mu... 
Cotuinbia Pk-t.... 
Coiii.in-Cci.ofAm. 
Cm ablution Bu^J 
Combustion Eq.. 

• "in'srtU Ktiison 
Comm. Salerlke.l 
Computer sk-iene., 

Conn Lite las 1 

Cun rut- 

Con. Edison SY... 

Cun-oi Fi**l* 

Consol Nat Ga- . 

Consumer Poweit 

CouUneuial Grp. 
C/Mitinental Oil.- 
C-mtineiiiat Telej 
C*«Uml Data...... 

CVa-per fnilua...... 


345* 

253* 

40T 8 

24* 

35i| 

48 
161* 
J71fl 
30 

23 U 
31M 
46 
26&a 

15 
DOie 
38>4 
35sa 
261* 
227a 
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32 k 
281* 
245* 

5t a 

4m 

43 

32 k 
61 
30ii 
16i* 
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27 
262 * 
20 

24 

16 
131* 

49 

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315« 

81* 

24 

521* 

264 

211 ; 

259* 

33 T* 
271* 
429* 
237 9 J 
33t* | 
151, 
361* 

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203* 

161* 

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271* 

27 

394 

137, 

144 

334 


ISl* 

251* 

14 

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39 

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104 

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119* 

164 

666 * 

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414 

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161 , 
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107. 
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363* 
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164 
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497* 


347* 

243* 

414 

248* 

34 

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269* 

171* 

30 

233* 

315* 

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384 

364 

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234 

221* 

323* 

261* 

241* 

54 

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434 

32 

613* 

504 

164 

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154 

271* 

253* 

197, 

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157* 
135* 
491* 
56 
313* 

87* 

244 

631* 

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217* 

263* 

34 

274 

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37 

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164 

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27 

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131* 

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254 

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254 
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225* 
167* 
347* 
11 
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385* 
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354 
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22 
37 

25 
271* 
274 
154 
351* 
495* 


Coating Gitas — 

CPC Ins'ra'cJo'*! 

Crane — 24 ig 

Crocker Nay — .- 24T, 

Crown Zelierbacii 3QS* 
Cummins Kncintf 331* 
Corliss Wright | - 137* 



Dana- 

Dart Industries-) 
Deers— — 


Dei Monte .... 

□eirona — 

Dentepiv Jnt__„ 
Detroit Edison — 
Diamond Sbomrk 

Dictaphone 

Digital Equip.-- 
Disney (Walt) .— 

nsverCarp’n 

Dow Chemical — 

Dravo _. 

Dupont ' 

Eagle Pitcher— 
East AidiiKs..... 
Kastman Kodak „ 
Eaton— 


E. G. ft G ; 

El Pa«> Ka*. Gael 

Brtra - 

Emenon Kleetrtej 
Emery Air Fr'iebfl 
JBcnbart T 
aaij 

Bngedtard- 

Esmazft.... 

Btbyi — 

Kct/vi 

Fsarcbiirt Canton 
fed. Dept.eJoreel 
PU-BatOne Tire.- 
Pst. Nat. BostonJ 

Plexl Van Zj 

Flintftote , 

Ptorida Power,— 
Fluor..— — 


FJLC. ..... 

Pord Motor 

Foremost Mefc.... 

Poxborou. ..... 

Franklin Mint ... 
Freepost M to era. 
Pmuheut— 
Puqua InAs. 


G .AT ' 

Gannett..—— — I 
Gen-Amer Jnv. J 

G.A.T.X. - 

Gen. Cable. I 

Gen. Dynamics— i 
Gen. Kleetnca — 1 
Gen. Poods.. — ..! 
(.leoeral Utils. — : 
General MutotaJ 
Gen. Puh, Cii1...> 


Gen. Signal 

>. Tel. Elect- 


Gen — 

Geo. Tire — 

Genesco. J 

Georgia Partite.. .{ 

Geoaoum k 

Gony Oil- [ 


Gillette -I 

Goodrich B. F.... 
(liwdyear Tire—. 

Gould— 

Grace W.E.— ... 
GiVAUao PseTea 
Grt. Worth Iron.. 

Greyhound 

Gull ft Western.. 
Gulf Chi 

Gat ■ burton. 

Manns Alining-. 
HsnuBChleger — > 


Harrir Gorpn. — j 


Heinz H. 

Heubeln. -! 


Hewie Packard— 
Uoltd^v Inns.— 

Horn estate 

Honerweil— — ... 

Hoover.... — . 

Uosp47«ep. Amei 
Houston Xat.Gai 
Hunt (Pb. AK'Itin 

Hutton (K.F.) 

I.L'. industries... 

ISA- 

Ingeraol) Hand — 

laiand tffccl 

Inritco 


IBM -.1274.851 


Inn. Flavour*. 
Itttl. Harvester...! 
fall. Miuft Cbem 
loti Uulutbods...! 
Inuo— J 

Inti. Paper 

Idil Hectmer..... 
lull. Tw. A 

lowa Beer 

IL> International. 
Jim Waiter —I 


233* 

341* 

36 

19 

154 

5912 

111 * 

271* 

603* 

10 

285* 


Qnmp-.. 
il]y(E!i),.— ..... 

Litwm Indastrtes 

Lockheed Atrcr’ ft 

Lone Star lndost 

. Island Ltd. 

ala tta land— 
Luhrtaoi 

Lucky St c 

Mm Corpo 

ajeMJHm — _ 
MacyR. H...— . 
lltsa. Sanover— . 

■Mapro— ... 

lUatbottOll — 

Marine Midland. 

Marshall Fields— 


UcUeiaott. 

McDonnell Dougj 
MrG raw Hill 
Uemorex— . 
Merck 


Merrill lynch — 
Mesa PetroGom. 
MGM 


MinnMlngftUfd 
Mobil Corp— Z| 
Monsanto. 


Morpan J. P— 

Motorola— ...—I 

Alurphy Oil —| 

Nsbirco 


\aleo Chemicals, 
National Can 


831s 
■ 461* • 
225*. 
523* 
24 
297* 

663* 

164 

324 

378k 

604 

694 

50 

47 

421* 

■457* 

25** 

27 

171* 


231* 

451* 

284 

335* 

244 

504 

648* 

173* 

325* 

384 

613* 

694 

604 

47U 

43U 

464 

854 

267* 

174 


Nat. Distiller* 
Nat. ttervice ItaLl 
XattonaiSteel — I 

A stomas .— 

NCH. 




New England B_| 
New England Tel| 
Niagara Mohawk 
Niagara tabare— 
N. It. Indaatriea4 

NorioUEftWcaceni 
North Nat. Gas- 
Nthn-BtatesPwri 
Nth west Air U/le* 
Mhwcat Haneorpj 
Norton StnwiuiJ 
Occidental PMRdj 
OgUvy- Mathec—. 

Ohio gdtaoo 

OBn 


19 

144 

294 

411* 

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23 

224 

341* 

144 

104 

204 

238* 

344 

244 

281* 

244 

17 

164 

20 . 

16 

184 


191* 

144 

293* 

431* 

624 

254 

224 

337* 

144 

104 

204 

234 

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244 

201* 

843* 

174 

154 

20 

16 

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Overseas Ships- 
Owens Coming— I 
Owens Dilnrt*.— I 
PadAcGas... 


Pbdaa lighting J 


Pan Pwrlfc la ^jJ 


PanAmWorid 
Parker M»miWs. | 
FeahodylntL— 

Pen Par ft 1— : 

Penny J. C, 


rBOptW 
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254 

284 

194 
227* 
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204 
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244 
234 
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284 

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234 

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294 

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Parer.. .: - 


P htrip*p«g B— — 

Philhpe PetTO'm. 

PHlsbnry | 

Pttzrey-BaweA — 

PltaUm.- 

Plenary lid ADR 


274 
344 
224 
lb )* 
724 
304 
374 

247* 

181* 

214 


284 

343* 

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164 

724 

301* 

364 

244 

18 

21 


Polaroid.— 1 

Patentee- ghtx... 1 
PPG industries-) 
Procter Gambia.. 
Fob. 6nr. Elect- 

Pulmna 

Pnrex. — ±Ji 

Quaker /hits— . 
Rapid American -I 

HayUreaoa 

KC.K.J. 

Re public abeet... 
Resorts Inti..— . 


SOT* 

13T, 

244 

864 

224 

35 

26 

244 

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Sttuu KaC. JEtes __ 

Sottthcm PaoilScJ 

SbnthrrnKtBwayf 

Southland I 

ffw-aBansbarcal 

Speray Botch— 
6 perry Band— — 1 


Standard. BrandJ 
StxLOUOadfomiaJ 

8 id. OU India 

Bed. Oil ObiOu 
S tanif Chemical— j 
Sterling Drug , 
btndebaker. _ 

Son Oo— 

Snndstnnd. 



Tektronix.. 
Tetedyne— — ■ 
Telex- 


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354 

184 


Triton OH ft G**4 
rnflr 


20th Century Pas) 
UABCO, 


DGI jJ 

Unilever—.— 
UniieVer NY_ 
(7aka> Bancorp — 1 
Union Oartride — [ 
Union Gem mem 
Union OirOattf- 
Unrod MmPcm. 


64 

364. 

354 

324 

48 

174 


584 

884 

354- 

84 

if* 


371 a 

344 

334 
474 
.173* 
44/ . 

fift: 

29 - 
364 
84 
65 
55 


Otriioyal.— 

tl nrlit - Hmivt, 

Ub Bancorp— . 

US Gypsum 

US Shoe— 

VS Stoat. 


Ctd Technotamesj 
UV Industries— J 
Virginia Klecl- 
Waigieen. 


W*Bac»-MurnyJ 

Warner^Commn- 
Warner-IaxnDert. 
Waste- Man'mentJ 
Wella. Fargo — 
Western , 

Weatero 1*. Amer f 
Westem.Unlon- . 
Westangh’se Stecj 
W( 


White Con. ind., 
WUiiaih Co. — . 
Wlaeraudn HHctJ 


-■54 
8t* 
274 
254 
224 
224 
384 
19 
14 
254 
204 
684 
25 
264 
274 
237* 
23 
164 
' 174 

254 
30 i* 
174 
144 
274 


15 

374 
261* 
.235, 
22 * 
394 
- 184 - 
137* 
2&4 
204 
.484 
294 
264 
274 
24 ' 
22H 
164 
IS. 


25V 

Its* 

154 

274- 


Osigary Power- 
r Wmto Mlnfft --' 

Qanada'RwSdl 

BkOooH 

UanadalndaKi 
Ctou Pacific.— 
Can. PbelBo InvJ 
Can. Super Oil— I 
(ferttng O’KeeTe. . 
Coasrar AsbestiH.i 
ObWEtaUV 
Oomira»~ 

Cons. Bathurst-;! 
Cooansoer Gas— -j 
Coseka Kascmrcea 

ni —I 

DaodDevt 
Deniaod 

Doroe 9Rnre 1 

IXMnsridzofaamJ 

Dmninhm Brid/w- 1 • 

Donmr 

Dojxmfc— 


854- 


I .- 


Senator—. — — 
Giant XeBwknlfe ' 

Gulf Oil Canada- 

Hawker bid-Osm. 




l&dlingBr. ....! 

Home un ‘A.’— | 


Hudto^Bay.Mnd 

Uodson Bay- 1 

Hudson OEtftGaq-, 
LA.C 


■f 

y. 


Imperial Gil. : 

Inco'A-— 


Ibd*.^—-— -I 
Inland Nat; GarJ 
lnt'p-T.Pipe Dine 
Kaiaor Betourcotj 
Liiuri FU.. I 

Lobtmw Com. 
rMemd’n 
Massey Pe 
MdntjTV- 
Uoora 



'Mountain! 

■Vnmmk 'J 

Motnen J 

.Mth. 

Banns OB ft Gs 
Oakwood-Patro’] 
JPncllicCopporl 


PeoptorDept-d- 

PtaeciiQuL AiOp. - 

PtaostDev elopoit 

PdwvCazporat'n • 
Price. 


SSSfej: 

Bead Btento ose. -{ 

RoyalS^o?Owt^ 
SoyalXroxt.— . 
ScepWeBeaonrceai ' 



-shuT Canada,— .; 
tSberritt ffVinw 

taietoeca O. G — , 

riimpton — . 
Sisal ofOauadall; . 
Steep Boeft (roe'; 
Texaco Canada — 
l Toronto DtmiJfc - 
TranaCanPtpelm 
Trans Mount Opi 

Trteec.. 

Untoatrta— 
UntoWfacoeitinro 
Walker-Htrarrwl 
(Wett CqaakTrant 
Western Ge n - — 


”*'7 •? r 
g r**:- -* •- 

s - 5 • .Z 


j* ; 

CL_.-. 


VtfiM. >A#wt .6 Traded. . 


GERMANY 


Dec. 8 


Price | + or 


Dai. I — 


DIvjTij. 
% 


AEG 

Alliarre Verslcfa 

BMW 

HAaF. 

Bayer — 

I4i er.Rypj 

buyer- Vereinnhk 
CihalnuXcd.wtto 
Commorzbkij k — -| 
Conu GummL— 
I'ain tier- Benz — 
Degnw*....— 

Oentag — 

lieu belie Bank.... 
Ill o»iner Rank 
Dvi.-t.ei liotT ZeoiU] 
G ut cl tod on oil —| 

Hspu: J/ioyd 1 

Harpeuer— I 

Hotwii*! 

Uoe-j'h j 

H'lneii ] 

Kali mm aaiz 

Knr*tsilt I 

k'Ulh'.l j 

Kljifcuer 1)11100.1 

KHD. ; 

I* hi|4> DM UO.....J 
LtU'ic 


3 IB 
|28.1Z| 
18.78 
18.7b 
28.12] 
1 26. 


26JBJ 


80.9-3.2 
497 +2.0 

226.50,-0.5 
135.9' — 0.1 
140.3j — 1-2 
318.5r— 1-6 

528.51- 3.5 

162 

228.2-1.6 

67.0 — 1 J] 

330 -2.6 
251 +0.7 

175 !-l 

310.51- 2.5 
247.l! — 0.9 

179.0- 2.5 
240.5!— 3.6 
101 |-t- 1.5 

154.0' 

136.7—1.3 

50 

159.- — , 

139.5 -1.5 [14.04 
529 ,-2.6 123.44) 
251 -2 il8.7tl| 
Vl.0-0.8l - I 
201 -l.5llB.l6l 
102 1 - , 

295.0- 1 1 25 


[28.12 

17. W 
88.121 
'38.1? 
9.38 
la^al 


3.2 

6.3 
6.9 
6.7 

4.4 
4.3 


6.8 


"12 


15. 


r.7-1.3 le.TB, 6 .. 
) '— 0.2 - - 
).2 -0.3 | 9.361 2: 


4.6 


LiuenbfxiiDMiooll.550 • 2b 

LuKImumi.. | 100.0. 1 9.38. 


4.2 

8.1 

4.7 


M.A.N 

MNuaotnaun j 

Metolign 

Mtioubener Jinck. 

Awkermarti l - 

Pteu»a>> Dm.jaH 
llbeulVat. bkv.’ 

bchi/ruig I 

aiciuc-u 

bun Zucker 

tby»seii A.G._.. 

Vnrta...„ 

VbBA 

Ver«iii-&\Ve:lKk 
tiiiksaanm 


232.5-2.5 IlS.rei 4.0 


178.90-0.3 


17. ISl 4.8 


252.0 

- 2.0 

15.63' 

3.1 

670 

+ 5 

28.1S 

2.2 

i67.6. 


— 


140.0 

-i.5 

— I 

— 

179.5 

-2.3 

25 

7.0 

261.0 

-3.0 

26.12 

6.4 

290.2, 

- 2.1 

25 | 

4.3 

252.0. 

+ 2.0 

17.8b- 

3.1 

1 18.5, 

- 0.8 

l/.ltj 

7.3 

lt.4.0 

+ 1 

ltklU 

4.6 

134.0 

-0.7 

9.38! 

3.6 

297 1 



25.121 

4.8 

242.S 

-0.3 

25 

5.2 


BRUSSELS/LUXEMBOURG 


Arl/cl 


t^rfcci -»*• 

L.B.lwCcnitni.... 

(.’nckentr 

EBbs 

ftMiroel 

FsiiriuiH.- Nil...,., 

f i . tL 1 fin” bm 

tiekMcn .... 

i/tibtBni* l.) 





K(viictl*uk..._. 
Im U<i\aic bsi«. 
iiin Him<(iii». 

l*ri ii.tiiii 

+n. 1 aUMin 
-"•»•.( (CM. I'rlse. 

W.II 1 IS 


I nu+iuii Ei Ci -t ... 

1*1 » 

in. Min. il.li'i.. .. 
i in lie Muni a/;nc 


2.175 
.:3.485 
.11.070 
, 440 
■:8,34s 
7.200 
2,050 
,8.490 
.,-1.320 
.,1.630 
2.500 
1.820 
-6.930 
.15.960 
.2.740 
13.245 
3.215 
,2.045 
3.300 
2.075 
.8.745 
1.19 1 
■ 724 
.1 1.700 


-20 
1 + 25 
-80 
•—11 
!— 10 
+ 80 
1-10 


I - 
llln 
1100 


177 
430 
|17d 


-30 
:— a 
1 + 20 
I-1U 


1+5 

2a 

ills 


1 1 IS 
+ 5 

+ 4 
1 + 20 


.160 
I 8b 
.. 90 
170 
142 
idUj 

!i32b 
..4K.ab| 

1 18u 

1404 J 

1 14 j ! 6.8 
1215 ] 6.5 
A/. Ill B.I 
[l7u I 6.2 
1 ■ . 


4.6 

9.4 


7.5 
6.0 

5.6 
6.0 

6.4 

6.6 
6.B 

7.8 
4.2 

5.4 

2.8 
6.6 

6.4 


j bo 6.9 


SWITZERLAND * 


Dec. 3 


Price + or 1 Div.iYld. 
Pra- -ISIS 


865 
. 6 30 
8,160 
1.855 
546 


Alumtnlura ..... *1.075 

BbU - A* 

Cih* Geigy Fr. 1001 1.080 
Do. Part Obrt... 

1A>. Dew. 

Credit SulMt 

+!i+ciroaart-.. 

r i«*;in*r itismyei.. — _ 
BidTnuin ft i_Lrt. 66.000 

1 N 1 . mnr.,1 6.600 

fnii+li+ti u 3.750 

J»-mii:i(Pr.lJl)i... 1,39b 
**. -l*. I r.UW/.... 3.130 

iA* Uos 2.845 

• hTitk.li HiK.vaib 2.645 
.'irei.i-:ll*;t*.|j0i: 274 
'Hinl.L*. I'.iSt*.... 3.775 
IA>. I^irt liTtO 451 

-jci.iii.iici lkKICWI 278 

-iiii-eiT (.:t<t'r.lud,[ 315 
**nmMir iKr.itOi. 798 
>••*** Unk ( ft. Juft. 1 338 
"•wlullfrii Kr,a»A,4.6 10 

IJiihm Hank 2.970 

Anwli in- - 11,200 


-5 


Jo 


+ 5 
— B 

!— 750!ll00| 


.-— lOOjllU 


JSi 
45 I iil 

-20 !>dD. 

; 1 iSa./l 

' la l 


\z: 


1+2 

+2 

+x 

1+10 

!+S 


—50 


13 
3© | 
do > 
12 [ 

14 | 
10 
ID 
40 
20 
44 


3.7 

3.0 

2.0 
2.6 

3.5 

3.7 

2.7 

4.5 

1.7 

1.6 

2.8 
1.6 
2.8 

3.6 

1.4 

6.4 

1.7 
2.9 

4.4 
4.4 

4.4 

3.0 
2.2 

3.4 

2.0 


| PARIS 


Price 

+ « 

Div. 

|IM. 

Dec. 8 

Kr*. 


fra. 

1 * 

Rente •**— 

I 701.6 

-2.4 

4ia 

0.6 


398 

+ 2 

24.71 

6.2 

Air Liqnlde„__ 

390 

+ 1 

lb.£ 

4^ 


538 


282! 

4.9 

BIC. 

550 



16.8E 

k.B 


783 

—6 

42 

6.4 

B.d.lf. Gerva»_ 

577 

-3 

40 J 

7.0 

Carrefour 

2,254 

-81 

76 

n 3 

C.U.K — 

397 

—1 

31.1 

7.9 

O'.I.T. Afcatai — 

1.000 



70.26 

V.l 


465 




Club Mai iter. 

520 

+2 

7-6 

1.4 

Credit Cam. Price 

132 

+ 0.2 

12 

9.1 


65.! 






Uumez 

685 

1-7 

3 ATE 

4.9 

Pr. Petrole*— 

141.fr +0.1 

14. 

lu.0 

lieu. IV-dtientoie 

258.9;— 0.1 

8.251 5.2 

(metal 

56.9 -0.3 

1 6/1 

10.0 

Ja>T/iie« Bfn-ei 

124.1+0.6 

— 

— 

Udarg* 

259 

-0.1 

| 18.77 

6.5 

LUrei} 

Lcgraruf 

2.030 

plo 

liG.re 

1.8 

Matron* Pbcoolx. 

529 

-1 

'58.B 

7.5 

Mu-beiln ■•a" 

1.260 

—19 

[&1J> 

3.0 

Moet Heuucwe.v- 

572 

-a 

'12.8 

2.2 

.WiHiKuex 

159 

— z 

6 

2.1 


210.5—U.5 

9.95 


I'e-hiiK)-.. 

77 

-5 

7.3 

9.7 

I’enuri klixrri 

518 

1+3.5 

7.5 

ss.3 

I’eugeot Citroen. 

498 

-2 

1/Jb 

3.5 

ricn-/a)n 

22 0 

i_* 

— 

- 

Rail to Technique. 

424 

+0.5 

27 

6.3 

Haloiite 

575 

+ 15 

5u 

3.2 

kboua Pbutenc.... 

124.8 + 1.1 

9 

7.2 

au Oohatn.™.—. 

150.9 +0.1 

14A! 

9.7 

sins Hum ignm™. 

1.895 



59 

2.0 

Suet 

300.6+0.5 

266 

H.fi 

f eleineciui ique... . 

817 

+3 

25A 

3.1 

Ibnniwm Brandt.. 

250 

—2 

lb. Id 

6.1 

li-inoc 

14.8 +0.2 

— 


STOCKHOLM 



Price 


Ulv. 

lid. 

Da-. 8 

Kronm 


Kr. 

4 


199 





142 




\ibA(KrhCu 

77.6 

—1.5 

6 

6.5 

Vtia* Go) <at(K riX. 

116 



6 

5.2 

Bllien+i ...... ... 

40.5 

+ 2.0 

4 

9 9 

buorv — 

112 




3.6 

■.jttrto. — 

V.«IIUKIHi i. 

234 

+ 1 

3.75 

10 

3.2 

4.3 

bl.ect'mx-iJ'thKX 

112 

+ 1 

5.25 

4.7 


125 




to/e-te 

284 

-2 

O 

3.8 

rincera ts 

97 

-1 

4 

4.1 

CrangoB tPree)...- 

46.5 

-1.0 

— 


Haodiesl«nken - 

381 


16 

4.2 


125 




Mn IWl Uorrmo.. 

64 

+ 2 



sauiieib ■«’ /ire.. 

271 

+ 2 

5.76 

Z.< 

s.K.F. -B* hre 

66 

+ 1 

4.3 

8.(1 






inlt-lMii.'U'.Kin, 

68 

4-2 

5 

7.4 

LMilnlin-m 

64.0—0.5 



Vivvi* rKr.ni 

86 



6 

7.0 

COPENHAGEN * 





••rice' 


UlT7 


Dec. 5 

K timer 

— 


*' 






AiuieMwnken 

1401s 


11 

7.9 

Uunfrke Bank...... 

1251, 

+ 14 

12 

».fi 

he*r A-lailc Co-.. 

147 13 

+ ia 

12 

8.2 


152 

+ i« 

13 

9.8 

aiywtette 

544ia 

+ ‘Jia 

12 

3.5 

r-ir Px^r..- 

82 


— 

1-1 

Haodeirtank 

1261, 

+2 

12 

8.7 

U.K'tb’nH^KiSOl 

26813 

+ 1 

12 

3.B 

Start Kahei 

182 

—•a 

12 

6.6 

iVoro lofintd B. 

21B9* 

-la 

IO 

4.5 

UiWsbrlk - 

1101+ 








9-2 

sopti aBcreDHdU— 

368 


12 

3J! 

ingerio^. 

1633, 

—4* 

12 

7J3 

MILAN 


Pnofl 

+ nr 

Ui*.- 


Dec. T 

fa*t* 

- 

l/i re | 

» 

\Mt - 

30 


- 1 


n^e ...- 1 

506 

+ 8 


_ • 

riat 

2.878 

+ 48 

loO' 

5.3 

i»o. rim 

!,220 

+ 18 


6.8 

i- ut iter 

142 

+ 6 



ittlcemtmi 

23.450 

+ 700 

6uJ 

2.6 

Ital?l.icl ... 

128.60 

+SRO 

- 


.Ur Hot 

36.000 

H.OOO IMS 

3.3 

Mudalisun 

174.75 

-1J!5 



U/ivetti Wr..— 

1.080 

—30 



^ ■ 

>*tre)lt A O. 

.821 

+3 

140 

7 1 

Pirelli Spa 

920 


60 

8.7 

sola Vlmaa 

890 

+10 



... ! 


AUSTRALIA 


Dec. 8 


A0M1L (Sb cento) 

Acrow Australia-. — —_u-l 
AMATIX* 81 


A taped iixploratlDO-.^: J 

Am i e l rttne l eu m ....^ — 

Aacc. Minerals — 

Assoc. Pulp Paper 51 — : 

Asaoc. Con. Indostrlw 

Ansk Foundation Invest.. 

A.S.I 


Aodlmoo.. 


Auat. Oil ft Gas 

Bamboo Creek Gold 

Blue Uatai Ind- — 

BougafnriJJe Copper.- — — . 

Brambles industries.. 

Broken. Htl) Proprietary. 

BH South 

CarttoB United Brewery— ' 

CSK (51)—. - 

Uodtbina Cement...— 

Cotee\G^l3 

Cons. CMdftcWs Atilt 

Container (6D 

tiraizmeJtiotloto...— — — . 
Certain Australia—. — 
Dunlop Rubber tJOcenU— 

BhCOB. 

BMerOmttii 

Ejuiearoitr Rnsouroas 

BX. Industries -{ 

Gen., Property Trust 

Hantaraley- — 

Hnoker — 

IC1 Australia 

fncen-Cbpper 

Jennings indtralrtea ... ... 

Jones (David) 

LennardOl) 


Mask Kip! urat ion J 

Meusmar Mineral* - 

&UM RoWJqkb 

Myers Emporium ... — 

News 


Nicholas inlcroatlona. 

North Broken H'dmga <3Ltl 

Oaknddge^....— . — 

OU Search 

Oner Expawarion . — J 

Pioneer Concrete. — 

BacAUt ft Uxman — 

H, C. Bterati 

Muthtanf Mlniiig. 

opargos Kxptoratioo 

Tooth (5) 

Waitrau— 

Weaiem Mining (Meentsj 
WfKhwnetbs * 


l+tfc- 

lurt J j ~ 


to.70 Mun 
tl.00 
ta.08 
tl.30 

tO. 75 ___ 

U.50 hwa 

tL7B 


t+aJa 


tl^7 
tl .02 
tl.6S 
tO. 61 
10.74 
10.19 
10M3 
tl.52 
+1.58 
+8.70 

two 

+L88 


,*** 


+0JJT 

+04)1 

-0411 


1+04)2 

r+0.01 


+3-35 j+0.07 
*1.35 

ta.14 
ta.so 

18456 


1+04)2 


t+8.01 

1S.5D 1+0.02 


AMSTERDAM 


11.25 

tO 58 

«192 

+2.38 

10.22 

*3.0 

1L57 

12^0 

10.77 

*2.15 

iOSO 

10.91 

tL84 

*0.27 

•057 

W.15 

12.46 

1L65 

£8.40 

+0^7 

1130 

*1.59 

tan 

£0.37 

t 1.64 re) 

12.75 

+0-69 

tOJ7 

*0.30 

tl.76 

10.70 

1L52 

11450 


+0.03 


. 1.01 

kfl.01 

|+uJte 

1 IJl 

l-O.K 


+0412 


+0.01 

Kl.01 


TOKYO V. 


Dea 8 


AaahiGbts*. 
Canaa. 


fl hlnwi'.." 

DaxJHrixm JPrintf 
Psji photo — — _ 

Bftabhl. 

Honda Motor* — 

Hour* Pood. 

C. . 

UoTokadn.. 

■laces 




KansaUflacV. .PwJ 
Ko m e twi 


Ten 


359 

465 

-872 


Mr 


380 PS 



Kubota — 

KyotoCra 

Matauabira ind_. 

Uitautxatu Bank 4 281 
MitsubtthlHiJBvjj 129-' 
UitahMabi Corp.. 

Mltoui ft Co. 


•DIKES 


+.1 


+8 . 
+10 
+4 


,+.10 
1-2 
+ 10 
+5. 
:+W 
+80 


435 

301 

591 


Mltankoshl— 

Nippon Denso — 1 1,590 
Nippon Sfalnpan J 817 
Niaran Motors-...! .670 

Pioneer (1.620 

Sanyo El«rio —1 262 
Hekisiti Prefab.... 962 

Shlaeldo rlilSO 

1.600 


+ 11 
+ li 

+ 2 


Bui 


Sony 

Taiaho Uwtna..; 


TakedaCftranieaU 617 


TDK 

Teljl 


249 


i4»a 


.llsrino 

Tokyo Elect Pow'riltWO 
Tokyo rautyo 
loray 


l+ff.OI 

,+O.fM 


43J2 


HL0I 


W.Q2 


+04)1 

-0.03 

+0.» 


Dee. 8 


Atrokl iFf-HOl 
Akxo (F.. 2h_ 


Prioe 

Fla. 


+ °r 


111.5 +1.3 

Akxoir.. sj) — r.j 28.6........ 

Astern BnmPi.toa 369 ,— 2 
AMBV (VL Kit 89.3 +2.3 
Aa>nMBnb'(P)2D)} 75.1—Q.3 

Bfjenkort™, 1 88.7. +0^ 

BokaWew ml KJV)1 1 18.0 +0 8 
BubrM' TetiatMej 72.3'+ 1.8 


Ktwrvier ^I^u 3 


Kuotah 

JvarGiraJ'«(P'..tft 
OisraiBreadestri 
Retnekrai (Pi.-2si 
Hoefcnvena (P1490). 
Hunter O.iFLlOCftf 
JUJL (PUPCOl- 
laLUuUnrfFlJO) 
fJjtLtfodlnsCS-ia 


ftfeiaredUkiPlId:. . 87 
NedMwaitlPliM 208 ■ 


,Oae<PL20) 

003 M OTLiOi- 
Van Onanw— 
&fchoed.(FU 20 )_ 
PhUiips (FL10)— 


ffjnBebVeriPLBu 56.1 


BtatpcoiPl 

UorontotF — — . 

BoyaIDotohlPL2S .. T2a 
Aavtttbaui..H, M * — 

Tokyo M^Hma.* 
^roitw+pfjok. 


ikfttc to— . 
WreUite. Hypr* 


itiST 


■18 


Alii 

.50 

A2S^ 

Be 

■80 

86 

275, 

\SIl\ 


275 

139^‘. 

70.4 j 94.5 

34^- +0^1 20 

95.7. — 0.8 1 14 

35.7. + 6 3 

22 

127 1 

. 42.9; + 0.7 
109.5J-0.4 
67 



.142 

■3 

.19 

48 

_21 

22 

36 

23 


17 




80 


8j* 


238.0 —as . „ 

1295 o3 

121 L...:.. 4£s 7.0 

39 ! .6ajt4 

412.0'-2.B 33 


ins. 

% 


5.0 


8+4 

5.64 

6.3, 

S.«H 

6.8 

7^2 

2.0 

5/4 

4.9 

5^ 

317 


5.5 

2.4 
84) 
4-4 

7.4 

S3 

4J 

8.1 


6.9 
25.B}^8 


L2 
3 A 


OSLO 



Tbehitia Corp.— .. 
Toyota Motor.—.. 


143 

519 


533 

184 

167 

901 


■it 

PS 
+ 1 
+52 
-ID 
,+4 • 
+4 
i+SO 

I— 2 ; 

+2 






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1.9 

-ia 

1.3 

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B ■ 

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Z -3 

ET 

La 


1.7 

r 12 

ts 


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0.9 

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. 18 

2.6 

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L-ti . ■ - 


Sotarce RBtkn.SeaniUes, Tokyo 


imark 


coppe 




r. . v.v 


VIENNA 


Dec. 7 


Ua dt a w wut. 

Perlnyx»er_. 


.reupedt. — i/..^ 

atevrDalmter 

Wt3U|grtlw^ 


pram 

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JOHANNESBURG 

Daopabery . ':. Hknd .’4of- 

AnslQ. Anurieur Carpn. ... 8.70 + 0 j& 

garter - Co nn ol M at e d t3.70 . ■ 

Oriefomem I3.es +»ft) 

-1^0 ..+0.05 

• — - 7 +0.08 

Ktwto ; 1SJ0 .. 

MOOT • „.. n , SJ& 

RtuW«Mir« Piatuutm 2^5 "+a.W 

fi: Sdena .•;.>* OAS 

soatbvaal . s.oo ' +0 *a 

Cold Field* SA --7 ‘‘Ffffl 

Union Corporation : • 3J* • —8.94 

Dc Bcefar Deferred. . — ' 7JT , +0^J 

Blyvooraitrichr e.00 

Basr Rand Pty. • fjj* 

Ptee.St*te Cednld *17.00 

President Brand .X.....;—' 1640. 

ISSgS, ViS 

weBtam — 44s 

West Drierorrtefo ^ + t+ v> 

W eaem Bnl ^ tn yr • jm) . 

Western Deep — — JftSM 


+8J0 - 
+WSV 
+0.50 ‘ 
+0J5 



. +4J0 
;+-8h5 
-+63B: 


+AS0- 


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Autfo^Amer. ‘indoaaSU. _ bw 
grttar. Send ~ - •- 4^0 . +3JG 

Qurie Ftoanoe^„._^.„ tUO ■ +0.08 


De Beets IndnB^a' .^. I ..T'il3.7s ■ = 
g dg ra Omsoaiated -lav^_ .- riJK -035 
Edsera .Suns taa.00 ' : 

Fedarale- VcQCsbel+wtlngjf... . iso . - 

ureatermanx twiisa :.- ., me . 

Bjteta . — — ; j -tiJi . ‘+0.42 

.wCBto- jtedwJ^Lw nS .. 

|TJe«B«ifc. w , w — ISO . 


OK Bazure ..-.^a 7J0 

Premier Minhus iSO ^ 

Proto*- Hoiemrai ' uo '■ —Bias • 

totd «nura Prooertea. 1S8 * *+ios ' 

Ttemocaast Crotrp- 3J» - +H.BT 

grirev. --/X-..:... — - 4 . 8 S 

«bb» Holdings . 

SAPPl u.... '2AS.- - 


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•» l-toK-iU.':. " ij,-.' 


ibg^$V 1.978 . ’ 

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INTERNATIONAL FINANCIAL AND 







f - K o .: v “'-- -■-'' ?••':.-• 


* ■ 

4 I 


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I* ;Sfi‘N \ i 
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: . EY ADRiANT37CK^ : 

VO GKS ;is. iWpectins 


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, ‘ r ’-i-'-V: •*■ ’•+ I 

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■ k ' ' •' -> f- '"- r. I 


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: i-.ji.i ~ .. v 

• "C-*. i — ii, 


- ii. 


• • V- ;.-:r 

- *- ■ i . i 

f j! 

’ '■ - i. ' 

j : \ "... :; -‘-' I- 
X . ’ * • Li 


'•*ap tnghiy/successf&I . pp^onsanoe 
.durioi',' The -..' flifct fiano'- arantiis 
.which ha* ^taXteojrjprofitfl up by 
36 per- 

.. If the 1978 . Sales - forecast by 
-the . . chairman^-: ,\Herr : ^Topi 

Sthmufet^reT, prows-; accurate^ , It 

*, implies a ■ 10 per;«nt-Tise 
1977. It would v ial st£ £pak& yw 
West Germany^ ’ biggest TPofpr 
Eroiro. in turnover terai^ ptrttixiB. 
r it slightly thMcT V^ IhiUsierf- 
■ Benz, Whttfa forec«m -5978 sales- 
of DM 36^bn aft«r aUowihg' for: 
an estimated Shortfall . off DM. 
Ibn due .to jast sprijag's strike. 

^Deliveries ijy •the’^VOUtswageh-' 
Audi group esctrearf Z3as writs- 
this year, with than 

one>third of this jSgtire accounted 
'for ..'by. doiriestic : deliveries, 

. which were iT-phrr.'oeni im-’ to’ 

< 860,000, -out of ? fatal, new car: 
sales in'! Weat- Gerihariy at 2I6m' 
wilts... 1^. _V;. ' • .-■- . ■.. 

Herr -. SchmacdterL;'-' predicted 
that after, four -years of boom: 


w ’ ■ , ~ ' m t ^ 

: there was how ^-a”^re*ter prob- 
* abjiity of a ■ ceSitki; ‘^ampgxj ing 
down * of .tbe'domcstic market 
yin ; 1979 ■— allhbagfi -German con- 
-sumers surprised the industry 
; this jrear. wnh their' eontinuing 
demaod. /or 'aew , cars^ .after 
’ exactly-- similar' predictions of a 
slowdown .were ^saadp 12’. mp a ths 
■4gO<^ "...v.---’ r-y.~‘*2r -X.-. ; ' 
■aaiort sales to - Europe were 
'.^OWBTbyr^S ’per cent Ip 440.000 
writs .from 1977: > However. VW 
ettoTmed - Verr^iiifferent I y 

yrdiial .countries'. Para- 

__ JicaHy/.the. group experienced 
Ihe stttmgesi sales. ’.growth in 
Frit? in and Italy, where, it might 
have . expected: to feel exchange 
jraUTchanges most keenly, while 
ia the- Stronger currency coun- 
:tries of- ScamBhavia and Austria 
irlosi’groimd. 

Sales on the TJF. market were 
down bv 63\per cent'lo 277.000 
w nits. . although. VW feels this was 
no more than :■ typic al of the 
•gyppi fotipA of '~nt|her-'foreifm • car 
makers •! ." this... year’ . He rr 
Schmueeker said Of.’tbe H.S. Golf 
assembly v plant : which opened 


BONN, Dec. 8. 

this year that it had. together 
with other overseas manufactur- 
ing facilities, made a “distinct 
Contribution " to profits. 

However. • Hen- Friedrich 
Thomee. the finance director, 
made clear that the continued 
export- of other models made in 
Germany to the U.S. continued 
to leave the group vulnerable to 
parity fluctuations. A fall of one 
pfennig in the dollar's value 
against- the Deutsche Mark, said 
Herr Thomee. -represented a loss 
of S9m to the VW group. 

Herr Schmuecker reiterated 
VW's interest in diversifying 
into industries that would give it 
protection against the extreme 
cyclical fluctuations of the motor 
sector. 

Meanwhile investment by VW 
this year was up by DM 500m 
from 1977‘s DM 1.7bn. There will 
be an increase in distributed 
profits, in view of the capital 
increase carried out this, year, 
but the company is not yet com- 
muting itself to any prediction 
that the payout per share will 
rise. 



BV OAYH> LASCELLESr 

. UNDERLINING THE . already 
markedrtrend in :oil : ; company, 
diversification. Standard Indiana 
-announced that .it is to- huy a 
- coal -company in av shares ex- 
-. change-^ : dear valued at about 
S40m. The company is Blue 
Diamond Coal,, whose ■ main -coal 
assets lie in: Tehneaseia -and 
.' Kentucky. ,.^...-'-2 ’- 

-.-'This - venture .-by the sixth 
?. largest l/.S. dil ^company- would 
; be its fiicstiinf^^tbe field; of -coal 
mining, a.. company, f^okesman 
-: said -today.. He. addedr v,, The 


minerals business— In the mid- 
term — is somethin^'-' We are 
very interested in. ^We feel that 
it lies within otir ^ared of exper- 
tise. which includes, mining and 
geology.” V ' i • 

•.Under the " de?k fo 
approved by . -Bluel; - Diamond 
shareholders arid sripject to a 
business investigation by Stan- 
dard, about 65 Standard shares 
will be issued lirittilly for each 
of ' Blue Diamond’S r - 400.000 

shares./ Up to halfiiiX.. Standard 


NEW YORK. Dec. 8. 

share would also be issued later 
depending on the resolution of 
certain lawsuits against Blue 
Diamond and other conlingen- 
cies. 

The company would become 
part of Standard's subsidiary, 
Amoco Minerals Company, whose 
existing interests include man- 
ganese, oil shale and gold 
mining. 

A company spokesman said 
that no anti-trust objections to 
the deal were expected. 


Poseidon 
shares to 
be relisted 
next week 

ADELAIDE, I)cc. 8, 
POSEIDON shares will lie re- 
listed on Australian stock 
exchanges on December 14 
after the company formally 
came out or rwu years' 
receivership today. 

Poseidon also announced it 
will make a one-for-oue rights 
issue at 20 cents par to share- 
holders registered on January 
29. 

The issue will be based on 
a share capital lifted to 8.48m 
'shares from 7.71m by a new 
placemen! of 770.DOI) shares al 
a 20 cents premium uiih 
Commonwealth Mining Invest- 
ments (Australian 

Commonwealth Mining, a 
unit or the National Mutual 
Lire Association or Australasia, 
will fake up its issue entitle- 
ment. 

Application money is pay- 
able in full by February 1C 
and the new shares, as well as 
the placement shares, rank 
equally with existing shares. 

Poseidon said the placement 
raised AS208.000 tUSs:i5fl.OOO) 
and in addition it arranged an 
overdraft facility with ihc 
Bank of Adelaide. 

The proceeds of the rights 
issue, about A$1.7m, will lie 
used Tor additional working 
capita! and to repay the bank 
overdraft. 

Sydney stockbroker, Hordern 
Utz and Bode, has under- 
written ihe issue. 

Poseidon said the receiver/ 
manager appointed hy its 
major creditor, the Australian 
Industry Development Corpora- 
tion (AJDC). formally retired 
today after Ibe settlement of 
all outstanding claims. 

Arrangements have also heen 
made to settle all other un- 
secured debt. 

Reuter 


NORWAY’S VOLVO STAKE 


Coming to terms at 



BY WILLIAM DULLfORCE IN OSLO 


UNDER THE new agreement 
with Norway, the present Volvo 
company will transfer most of its 
! operations and assets to a new 
j joint company. Volvo tSwedish- 
Norwegian t Corporation. A new 
holding company, Svenska AB 
Volvo, will take over 960.000 
Volvo shares in a nominal value 
of SKr 960m tS218m>. At the 
same lime, a new share issue of 
640.000 shares will be made to 
Norsk Vulvo A/S, thy new hold- 
ing company to be formed in 
Norway, in return fur its capital 
input of SKr 750m. 

Volvo Flygnmlur. ibe subsidiary 
which makes engines under 
licence for me Swedish' Air Force 
and which is the most profitable 
part of the present Volvo group, 
will not become pari uf the new 
corporation but wilt remain a 
wholly-owned subsidiary of the 
Swedish bolding company. The 
same is true of ibe newly formed 
Volvo Petroleum Company, which 
is being given concession rights 
in the Norwceian North Sea. This 
will have an iniual share capital 
of SKr 25m. 


The Norwegian bolding com- 
pany will have a share capital 
of NKr 300m (S60m) and will 
issue seven or eight-year con- 
vertible bonds, also to a value of 
NKr 300m. Both the shares and 
the bonds are to be held half by 
the Norwegian State and half by 


system is to be used for th? con- 
vertible bond issue. There is 
considerable doubt, however, 
whether the stnail Oslo stock 
exchange can absorb issues of 
ibis size. 

The Volvo (Swedtsh- 
Norwegian) Corporation will 


Norway has arranged for the Volvo share capital in the 
Norwegian holding company to he raised through an Issue 
to the major banks which will offer the shares on the open 
market. The same will apply to the bond issue. But there 
are doubts about the Oslo markets’ ability to absorb issues 
of this size 


private investors. The 
Norwegian Volvo Compan.v will 
also raise NKr 290m through a 
bond issue 

The Norwegian Government 
has made a preliminary arrange- 
ment for tbe private sbare capital 
in the Norwegian bolding com- 
pany to be raised through an 
issue to the three leading 
Norwegian banks, which will 
later attempt to sell the shares 
un i he open market. Tbe same 


have a Board of 14 directors, of 
whom six will be appointed by 
the Swedish holding, company 
and four by the Norwegian hold- 
ing company 

The prospectus issued to the 
Volvo shareholders today stales, 
that the Board will recommend 
an unchanged dividend of SKr 6 
a share for 1978. The dividend 
from Volvo (Swedish- 

Norwegianl Corporation to the 
Swedish holding company in 


J979 is expected to he hetwpen 
SKr l!2.5m and SKr 120m. 
which compares with the total 
dividend of SKr JOdni paid by 
Volvo in 1977. 

The dividend to ihe Norwegian 
holding company wuuld. on the 
same ha«:is. correspond to 

between SKr 75m and SKr SOnt, 
but only that part would he paid 
out in 1979 corresponding to the 
period under which the joint 
corporation had disposed of the 
Norwegians’ SKr 750m share 
capital. 

The. Swedish holding company 
will also receive a dividend from 
Vnlvn Fljgmotur. but on the 
other hand if will have to finance 
Vulvo Petroleum's prospecting 
expenses in The North Sea. These 
are expected to amount to 
between SHr 15m and SKr 25m 
a year fur Ihe next three nr 
four years, but up to half the 
costs can he covered by credits 
frum the Swedish state under :i 
scheme designed id stimulate the 
search fur oil by Swedish com- 
panies. 


Brown Boveri in $80m issue 


The First Viking 
Commodity Trusts 


Comnroifi^?OFfl0R 3 ?;i 
Trust ; ; :sSB35.4 

Double • :.vORFER BO.O 
Option Trust- j* 741 


kb 

JfpL 


T^anagam^iit & ltd _ 

J 0 4 £ St G eora fr's.Straet 
BbuijW isJaif Man - •' 
TalH)B24'2MJ!r- 'X *~ t . 


\«a*;v 


HK Band reveals property cost 


if. ■•.. 

m^Amm 




V BY "RON RICHW^SON . 

HONGKONG L -ANfi UtiaS'’ bowed 
to pressure from- itie' ^Colony's 
Securities. Commission and 
minority- * -shareholders ' and 
revealed details of ils ra&nt con- 
iroversfal purchase Gammon 
House, in ...the pnsuP-’Central 
District of Hong ’ - Island. 

la -'a statement Hong 

Kong- ; '"Stock ./Exchange, . the 
property company said -the tota 1 
purchase price^f tbeyflirhe-year- 
tdd, ■■building • , ’ wa9-.HK$715m 
(U.S.?t49m). Half pur- 

eh as e- -price- will bef paid on 
cpmpletfcm p/: ;• the on 

December 28, with ibe reminder 


due six months later. 

The deal will be finabced from 
the company's internal resources 
“ which are . being enhanced by 
the arrangement of long-term 
banking facilities .aggregating 
HKS700m." directors reported. 

Tbe interest cost of a bank 
accommodation of this size at 
present interest rates in Hong 
Kong would be in tbe vicinity of 
HKS60ra, while the current gross 
income from the new building, 
wh ich is fully Jet, is only 
HKS43.2m. 

Criticism of the previous 
silence on the deal has centred 

i.i.i - mi 


BY JOHN WICKS 

WORKING THROUGH its Dutch 
Antilles subsidiary, BBC Bruwa 
Boveri Finance (Curacao) NV. 
the Swiss ba ,ed Brown Boveri 
Group is tu issue approximately 
SiiOm worth of convertible dollar 
bonds. The 15-year bonds, which 
will have j unit value of about 
St .000. will be exchangeable 
between July 1. 1979. and final 
maturity un December 31. 1993. 
into ” initially " five participa- 
tion certificaies of parent com- 
pany BBC A* i Brown, Boveri and allhough 
Cie. intended 


ZURICH. Dec. S. 


Central Trust 
plea on Credit 
Foneier bid 


By Robert Gibbens 


At the same time, a Swiss no concrete negotiations furl 
franc issue — probably uf further acquisitions in progress. 

SwFr 100m f S55.om) will be At the same lime, the company 
floated next month by the Swiss announces that ihe Brown Boveri 
parent to permit partial replace- Group's consolidated cash How I 
meni uf two prematurely- wit] this year fail short of the j MONTREAL. Dec. S 

redeemed issues with coupons of SwFr 645m record registered fur j CENTRAL AND EASTERN 

6 per cent and 5{ P" .cem, ^-/JwjJ^Pjniy ^ } Tru',i Company/ which early mis 

week made a OS 55m bill for 


respectively. and totalling rate developments. Group turn- 
SwFr 150m. over is seen as amounting Jo 

At a Press conference held in about SwFr 8.19bn reached Iasi ■ control of credit Foneier Franco- 
Daetiwil, near Baden, a Brown year for the same reason, sales I Cxnadien. ihe Montreal-based 
boveri spokesman said that in local currencies having risen . national mortgage and financial 
the dollar issue was Tbe new order volume will also ] services cuninanv says if hopes 
for standing engage- have been much higher in terms!. oer , Ui( . e ihe'ouebec "overn- 
DeBnilive detail.* nr the Issue s menis in the United States, the of local currencies, but will! , w a , VU • w 
nominal value, coupon and issue group's North American expan- prove to be only slightly higher ! Il1tfnl lhal a aeal wou ' d be ,n the 
price will i)e fixed on December sion programme was not yet con- than 'the ‘SwFr 9.24Kri recorded j bes t interest uf the province 
20. However, the Swiss under- eluded. There were, however, last year, 
taking says that a 4.5 


HONG KONG. Dec. S. 

on the fact that u represents a 
substantial deployment of assets, 
even for a company the size of I 
Hongkong Land | 

Additionally, it has been sug- 
gested the purchase price for 
Gammon House, although pre- 
viously undisclosed, was so high 
that it involved a negative 
return on the property. 

" Hongkong Land executive 
director and general manager, 
Mr. Trevor Bedford, said today 
that at current valuations. 
Gammon House represented less 
than 10 per cent of the company's 
property portfolio.- • 


per cent 
interest rale has been " pro- 
visional l> foreseen as an indica- 
tor. " whereby ihe conversion 
premium will probably nut 
exceed 10 per cent. 

. The issue will be handled by 
a consortium led by the Union 
Bank of Switzerland (Securities) 
Ltd. London, which includes 
Swiss Bank Corporation (Over- 
seas! and Credit Suisse First 
Boston. 

Proceeds front the Issue will 
o 0 primarily Ui finance existing 
commitments in the U.S. Exist- 
ing shareholders will now have 
drawing rights on the bonds, only 
25 per cent of tbe issue being 
allowed, to lie placed in Switzer- 
land: sales to Swiss residents 
will be exclusively via Swiss 
members uf the selling group. 


SAPAC holds payout 


BY OUR OWN CORRESPONDENT 


ZURICH. Dec. 8. 


THE CANADIAN holding com- that subsequently announced for 
tany. SAPAC Corporation, of the Calendar year by Hoffmann 


Ceniial bid CS 138 


share for 

55 per cent of Credit Foncier's 
oh l stand mg stock. The govern- 
ment replied swiftly that it 
would pas* legislation requiring 
its approval for any takeover of 
a Ouebec-chartcred lending or 
financial institution. 

Mr. Henry Rhude. Central 

pany, SAPAC corporation, ot me calendar year bv nonmann-j president, argues repatriation of 
New Brunswick, has announced La Roche. This indicates that! Credit Foneier control to Canada 
the distribution for the financial the Basle-based parent company; frout French and Belgian 
year ended September 30 of an Is also likely to repeat its ] 977 investors “is in the interest of 
unchanged dividend of SwFr 550 dividend of SwFr 550 for this ] Quebec '' and he hopes to meet 
($319) per share. The SAPAC year.. Payment oo the twinned 
group consists of subsidiaries of shares of Roche and SAPAC has 
the Swiss chemical and pharma- totalled SwFr 1.100 since 1974. 

ceutical concent F. Hoffraann-La 

Roche in North and Latin , - . ^ — 

America, the former sterling LG. Index Limited 01-^51 3466. 
area, .Africa and the Far East. 

Over the past years. SAPAC 
has paid the same dividend as 


Quebec officials. A decision 
whether to go ahead with the 
bid depends on the outcome. 


1 mouth Gold 203.15-204.65 

29 La mon t Road. London SWlft OHS. 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor. 


COMMODITIES/Review of the week 


MARKET MTS 


SILVER 


RUBBER 








BASE METALS 


r 


copper 


SliY-r wis Esrd 0 lip an ounce lower UNCHANGED opening on tbe London 
fw spi.i doliverj ill l lie London bullion physical merici-t. Little Interest, (.'losing 
nurk-l jrtHorday al Wn ?p. U 5. wot '.'Jiier. Lewis and Peat reported the 
C'iuiv.]-ni5 or UK* Ss«ne level* were: .Malaysian sod own price w»a 242 i2»i 
sihjI down U.3e: rhn—-momh cents a fcio (buyer. December!. 

COPPER — Eased on the London .Metal jft* doveti ®je: six -momb W?.7r. up _ 

Exehitwe after forward rwral waned al o.k: and '.2-moiHh MR.be. up B.lt. Tbe 1 

CTSS-HVO helped by Curevasts of a sloeVs rucla! »neii'.-d at 29#t-3Mip laSS-.IStici 
decline. Heavy hedcc seffuut from iwo a nd elosi d at 2SS?-2M?p 1 jsfi-'STic i. 

quarters helped a fall to £7*5. . but Ui- — 

price moved op when Comes started 


X«». 1 ’ Verier. lay V f'leeixus 
H.».S. . Vluae ( Hum 


HiwiuMa 
I tone 


unce iuuvi-u do rgni unnea aiarira i , 

lusher than expected. Later It slipp>.nl sH 'r-lt UnllH-n 1+ nr L.M.H. ■+ ‘»r 
laii ajtaio. parily In reaction to ihe vim i-ei being I — ! ekw I — 

of ihe CauJone sfrlhe. to close on ibe m»\ ■«. price ! j j 

Kerb at -£7SS. Turnover 20.000 I0nnr«. — 


Jan , S9.7S-60.30 80.BO-61.D0 — 

Keh 60.90-61. IS 61.60 81.76 — 

Jan- Mar. 8D.IS-6I.2S: 81.70-81.80 SI.N 


> I 


1 


TWN* 




: ' BY jOHN ^WARl^ Ct^ EDITOR 

TIN PRICES fe&. sharpiy 
weei, despite - rallying slight}?^ 
yesterday. Standard: grade carix 
til) closed fast night £23a.'dovra. :. 
wn the week at. f7.345 a tonne. 

In Panang, the^ Straits tio^ was-. 

1K39X ltiwer^Tit M$1^55 Jt trifSjl, 

: {133.31 lb). ? ! ’ •: A :• *. / : 

There was ’ do - specific reason ' 
for.the decline^ Indeed, develop- . 

: merits during .‘the wneK jwere if 
anything' f'huUi h." Tneuti'iw s'-; 
a strike a t'Gw. Bo Lfviiur tin mines. 
which ended after onljkjJS hours. •: 

But of more important, was a : 

- faHin Ketal Excriririgewareliriuse 
..stocks, arid forc casts -another - 

haPty decline, / sv.!*; ; '■}. ' ; ; • 

Nevertheless,, dealers 6'aid f be 
■ market - was '. somewhat ' over- * 
bought, amLonce. some siisrained • 

stabilised the mariot.- - > . and secondary lead. • ; ;• 

But always in the background Copper ' -'was temporarily 
is the expectation that .the U.S/ boosted by, yet; aq other decline in 
win go - ahead -in, January' 7 , with warehouse stocks, and a strike 
plane to release surplus tut from by wbekers at the Cuajone mine; 
the strategic stockpile.. ■. _ . ; in Peru. However., it was con-- 

Therp. was k similar pattern in firniejir' yesterday ;that ; the 
lead. Prices- ended ‘tbe week Cuajone strike had- been called 
lower despite a big' fall in: ware- -off when workers at other Peru- 
house stocks, down ~. by 7 j 000 viza copper tnioe$./aiJed to come 
tonnes to 19,850 , tonnes— the out-in sympathy. . . 
lowest total ' since early 1975; _ In . Canada, talks aimed at 
Another more - modest' .stocks settling, the two-moath-oid striker 
decline is forecast 1 • at International Nickel's Sud- 

However. '^ie market remains bury mines seemed none too 
extremely nervous at tbe higher hopeful with the company appar- 
levels and i& therefore, .vulner- ently not changing its offer on 
able to- bursts; ot pfcpfivtaking contract terms. 



AUS SH> OCT NOV 


. Nevertheless, further talks are 
.planned. 

"World sugar prices were lifted 
by rumours of Chinese purchases 
^ via--' Japanese merchants. It was 
believed the purchases could be 
-as much as 200,000 tonnes, but no 
confirmation was available. 

- , F. O. Licbt. sugar statitician, 
raised his second estimate of 
.world sugar production in 1978- 
•1979 to 92.16m tonnes, 1.2m 
■ibn&ec above, his first estimate 
az id only 1.4m tonnes below the 
rljcord crop in 1977-78. 

.'i--.lt was pointed out that if this 
latest estimate proves correct 
there is likely to be another sur- 
plus of sugar output this, season, 
.compared witb earlier predic- 
.tipns of a significant reduction. 
.7: The International Coffee Org- 
-.anisatioo forecast that world pro- 
i faction of coffee in 3978-79 
would be much the same as the 
1977-78 crop of 71. Um bags (of 
60. kilos each) despite the frost 
damage to the forthcoming 
^Brazilian crop. 

Mexico confirmed that it was 
allowing Sales of coffee at below 
the minimum export price level. 
But this had already been dis- 
counted by the market, which 
-Showed resistance again falling 
;any lower. 

.." In Geneva last night it was 
reported that negotiations for an 
international rubber agreement 
-had ended after four weeks still 
divided on the key issues uf 
price levels and the size of buffer 
stocks. • 


Amalgamated Moral Tnitoe rvuan'Kl rij».i SOO.EOp i-O.IS 300. 4 .+0.7^ -At*- Jno. 63-3CB3 40 SCA-M.W S4.IS-tt.St 

that \n ihe laomiot cash vulrobsrs traded 50B.30)i —0.26 308.35|i -0.8 Jlv Sept, 65.70 65.79 66.40-80.45: 86^-65.60 

■ai X7W.5. 68. three momim I7W. 8T.5. 87. K in.mi li» 3 15.80p Mt.lb. — fK-t- l»«i 67.80-68.001 6a.8b-6a.70i BB.1b-8l.08 

96.5. 88. 45.5. «. CalhodM. cash r754. 12 n,..|,lt,» SSLBOu -D.30 — Jan Mar! 70. 20-70 Jb: 70.85-70.90 70.30-70.15 

- r . Ajw-Jnej 72.40 72.5S : 71.20-73.40 72.58 

Jy-Sept.; 74.80-74.90 75.45 75.60 74.80 


ihnrc monibs 1772. 74. 77.5. Kerb: Wire- 

bars. cash I76R. early January £T7S. ibrev •• : — - 

monUis I7S.1. S5.3. 56. S5.i Afiemoon: LME — Turnover 219 i-’43i lots of 10.000 j 

W)rpba/s. ihree months 7787. 88.5. 87. 87.5. ozs Momma: Casb VM.3. Three iDtmibs - - — 

*K. 85 5. Kerb:- Wire bar*, three months Mb.'. fJ. Kerbs: Three months 3tK.2. Sales: 201 fMSI lots of 15 tonnes. 


Atlcrnonn: Three moolhs 305.3. 
Til rye monihs^OSJ, 8JT. 8. S.1. 


liii'f buj in; in I crest apparent for futures, 
renons tlill and Duffus. 


YwitnUy"' 

UoMf 


+ IT 


KiiMnru 

limie 


trsa. ss.s. ns. 

, a.m. + it p.m. or 

COPPER i Oflii-ial ! — 1 l‘u«nirui) j — 

~ : x if i~ 

Wlrebaxs i 

I'Abli. 767 .B B — 4.5 768 .S- 9.5 ■ — 1 

5 in. mill*. 784.S-5 -3.5 78M |-B 

Seltlni.ni 768 —4.5 — i 

Cathodes 

t'^li 753i-4.5-4.75 756-8 I-.5 

£ mmiihai.. 773 .5 -3 774-5 j-l.SB 

Seitrin.nl' 754.5 —4.5 - — 

L’ .s.Smi.. — *72 

TIN— Moved narrowly a/lcr fom-anl Mai 2I94.D 96.0 - 74.0 2 li 1.0-2092 

mi-iai started ai 17.230 followm* steadiness J,.lv 2094.0-97.0 t 75.5 2128.0-2081 

to file East ovemiabi. The pne*- hovered Si-ju 2031.0-85.0 — S4.0 2110.0 2000 

around If.225-17.230 in quiet ttadlDB before li„. 2052JI 64.0 ’—20.0 2077.0 51. 0 

profif-iaL-tne fjosi-d a d~llnc to t7S05 Unn-h 70J0.fi- 55.0 —27.5 2046.0-30. 0 

J"* 1 *, Kvrt ° f 17 ,215 ' TvrB ‘ " Sal> *: _ *.7«5 ua'i lots 'of IB~iDiinM.~ 

ov ; i r l r~ t> t y neB .' ■ .« h r- lrn « -n International Cncaa Organisation i U.S. 

ih^M^Xihe ?7 ws d '-Vi''^3 m' > ur 00,1 Dd) ' D « u >' P«t*s tor Dec. 7: 

thrci. monlhs Cl — 5. .0. -a. la. .0. -n. .i<127i. Indicator prices Dec. S 


Xertw: Physical closing prices Ouiyem w-re: 

Spot 39. Tap iM.3i; Jan. S0.25P (60.50): 
FcD. 61.25p 161.301. 

COCOA 

Pftf* cMinaed to ease /hroucboui the SOYABEAN MEAL 

riaj due id flintier long liquidation wiih 


.Yesterday + ur i Unainew 
• Ulnae i — j Linne 


Lk- 2010.0-11.0 -13.5 2036.0 08 0 

Jlau-l. 2002.11-63.0 -55.0 2 105.0.2038 


i£|ierumnr | 

tlevroif . ... ' I 25 .M- 2 CJ + 1.5 I - 

I-Vl.ruarv 123 00-29.2 — 0.10 81.BO-IB.70 

A | .ri I 188 80-29 0 - 0.40 30 70-29.90 

June _..125 80-JB B —0.20 < 6.80-26.00 

A • ■ ei mi 126.00-27 0 — 0.50 27. DO 

»M.dafT 125 60-28.5 —0.80 27. 70-27 JO 

Dec-emlTr .... 123.00-29.0, — , 


SUGAR 

kert' 'fti'Saiiribw ' moniKi' iTisS: ' 'X.-rUe ‘SS* '"i i£!ST; u“"So‘ 

MwnwW^aadiri Jim average l>4.l« <18382>. mem. W1 

COFFEE 


25. 20. Kerb: Standard, three months 
n.210. 03. 13, is. 17. 


TIN 


a.m. i+ «»rj pjn. *+■ ur 
J — l"n'*fl ni«l 1 — 


rurielal 


___ Brad* £ * C ! £ 

CmIi ■ 7362-60-^1 17340-50. ->-25 

3 months.! 7220-35 -r 20 ' 7220-85 -f 30 

Settlem't. 7360 I — f un-Jt Jilt ’d 

Standard | I — - 


LONDON DAILY PRICE iraw sugar! 

a tonne ctf for Nov.-Dee. abip- 
Whiie sugar dally price tvas fixed 

ar UK HUM'. 

WHITE SUGAR — Close ■ in order buyer, 
setter, business, sales'. Feb. 105-35, 106.90. 
Lot-- support buy Ids forced Robtunas to nil. nH: April W9.10 109.23. IUS.35. 188.30. 
the Bi.'hb a/icr a acnerally dun day, 3>, July 115.00. 115.25. 1 15.25. 115.00. IS; 
Dresel Bumharo Lambert reports. Earlier Scpi. 120.90. 121.00. 121.00, 34: Nov. 125.5. 
act mi'- nrred an switch trading ui a l'.’CJM. nil. ail. Feb. 120.00, 130^0. nil, oil; 
beslfJiir inarkcL Final values were about April 151.00. 134.90. U2.su. Sales: 91. 


(Mi I 7350 5 j— 3.6 7340 50 '+35 

3 months I 7215-25 '+22.5 7215-20 i + 26 

U'etileui't j 7355 i— 5 I — I 

Strain*. H. J51S55 + ID I — I _.... 
AW Turk- - ? ■ 

LEAD— Fell away after rorward metal 
staned at £412-1414. helped by forecasts 
o! a stocks decline. Tradiiue was autlvi 1 


'Vesterrtay'a , i 
I'llPKtK j C-luae I + it JfiiJlini 

; : 1 — iluDv 

Jier tiiuie, 


Jammer ' 1438-1440!— O.M 1440-26 

JUx-li ' 1307-1508 —2.00 1311-1296 

Ms\- : 1247-1248 1250-36 

and" the "undertone remained 'firm'aiibouKh . In'In 1 li 266^ 


There teas no i-onfirmalion of forrber 
purchases by China and ibe marfcei was 
ipimedlaieiy offrrvd down al the open- 
ins. about 150 points against overnight 
(fuotatloav There after prices showed little 
c-banse in moderate trading conditions, 
reports C. Ctamlkoit. 


Migar j 

l’n*i. jYeidenlart Previoua 
Com iu. i Cl'.ne [ CIum 

l.'i-n. : 


Bulneit 

Done 


latfug to close op the Kerb at the , .. - 

Of the day Ol 14W.25. Turnover 8.650 .T- 1 

tonnes. 

Mmning 1 Gash £453. M. 35. 37. 38. Ihtve 
monrtu £411. 10.5. 10 . 09. 03 . 00. 10. 10.5. 


X I<er r none 

March .. 111.46- 18.50 110.40 10.50 112.00-10.9 

Sal.-s: 16SS H.9S6. lots of 5 tonnes May III. 40-15.50 1 15.45- 13.60. 1 14.75 13.25 

ICO I ndlcatar prices lor Dl'C 7 iL'.S. Ail* !1 17.60- 17. 70 1174.0-17.65116*8-17.48 

wnis vr_ pound.: Colombian Mild 1 110.75-21. 10 1M.75 20.80 122.S -28.88 



WEEKLY PRICE CHANGES 


j Lniert -I '■ 

! iwiras ' "Cb‘«u - 
i per tun ne r .-.n . 
■ . unlaw . weet r 
| stated • > 




vm 


-Yeitr 




Jane 


<« *- 


AJucuuiutn.. £I7D- : -.. — j ■ :£7K> j'XSBO 

Prw MaitO CJJ..--S UmOO E*» ' 1“- »fPg> f 1 

AstiDony {&J6&.: £1.926 ' .' - ' , ^SD f £1.^5, 

Tree «grk«(98.fi»!S2Le»f730.-20 . j«a7W-?6u -$2,700 i 1S2.U& 

®wi rt gan.!...r £7© .-U-n f. sfffusi ‘Isms ', 'sm - 
i rutha ntrE; J £7».&. p.7fij.£6M.7fi £^.76 

Gsab Lntimln-— £757 ^ 

5 nmnth Du..:,; I £7W^ \ £082. . r£793x> ‘£814.756 

Si— I-J .$2(6^3.75 ; -5168.6751 5386035-81^123 

L&lA Cash 4 j-7 •' 

5 mnnth« *. j £410.75 , —0.76 

Xtekpli.._ L^..i-v : — 

Fr«HgrkeCe.LX.7b.! S IJSW- ■— . 

■ Platinum per . £168 1 7. '-r* ' 

Frtfr Market- per tn-i -£172J& cWJo 
QuwWiver (7 BUm.> ■ «l«3f« i . 

fiiiver perm:.-, An.20p f-S.85 

S ntnnt haperoa..'..- 30B-3(3p ;-8-45 
in.. ^ i r ~ ‘ ' in Z44 . . 0Zn 


£377.5 
£378-8 
■2,7325 
S1.73/2lDS| 
•£8W‘. 
■yeabA- 

SiSbtiQ 
.Efift-lp 
2B*.8p. S' 518 


.A 


ontPOin* per oucjvp j— j-'w 

nn<ssb.a..w....:..“ -rao -£7jfe ! a.o6 

3 mumhi.. 'MO* »-»J' «ajau i £T,W5 

TuuBSten lort.--... S142i65{+0,77 I- .- — 

Wolfniia (22.0411 m. - -8137^43 ,—OS -r $188176 

Kiue'cMb.:. £366.6' rfl.7S [':&&& 

3 ' £346 -0.bU|-£3a6.7&- 

PrudtU5eii.---.---v 1 6720- -J. -7'f*?60& - 
' . .1 . : - .'‘-li- > .i 
Grata* ■ r '• “ 

Barley...-. 

H«une " 

Dun . 

frencfc;*«>i Y^llowJ v i vi t.-„ - * j : 
fAamrbgn)' £lfl8L25 '■ c 


'£<33 J I. £2762 
£4184 i £200-25 
£2^66: £2.766 
TRJO : I •*!.» 

£LW. r £86. 

Jfl87^;i E»M> . 

I SIJ7S8 1-5128,5 
J 51 L 2 p j- 2 &Qp 

Ktlltjeini ffiA) 

'■ £6,6W 

j £6.7I7X> 

S 143.71 : 5134J4 
5172.6 --. 5130^6 
X£H : £S&a33 
£381.75 i £237-76 
glBJ . i - SOW 


J- 


IftlVb 

prices tYgr i 
r |tp -lonue «>n ! 
i unjtw ;aeek r 
J irtgioa ' I 


197R 


Vrgr 

ago 


High Z»iw 


1 ,KAD 

O.OI. 

Official 

ritr 1 

1 

p.m- 1+ >«• 
Itnuitieial; — 


£ 

1 £ 1 

£ • 

O^h- 

486-7 

-2 

435-7 -1-2.5 

3 mnnt b» .. 

1 410-.5 

-2 j 

410.5-11 +.6 

S^a 'mvnij 

437 

-2 1 

— 

L'.S. WjkiiJ 

— 

' 1 

•36.36 i 


GRAINS 


■ 133.50 >. 


SaVs: 2.90.1 id.4ti0> loth of 50 tonnes. 
Talc and Lyle cr- re finery prler (or 
granulated basts while sugar was £264.85 
(same, a tonne for home trade sod 
Drains opened I Op lourr on Old crop 173.50 • Il'J.Otli for export, 
wheal and I5-25p lower on old crop . . , _ . . ... 

barliT lb MO'K volume old crop wheat Mevmni — al Sowr Aureemoirt tU^S. 

eased on i onimerdal and coutury selltnx Ff ws potrad' fob and -Slowed Carfh- 
to indr jf>-Snp lower. Barley ralue* also 5*ili n J®* 1 ; , f* V l ' r * (Br 


Wheat .. -i . • 

Sn 1 PcrUpniW; £b6X»l 
Ani.HtU'l • I' 

•' Winter I J»n.)> £92^6 
Kng. MiMiuKtucw entpj £94 

8 W‘« b)f . i»576 . 

. Pe»p». ^ white. £2,660 y— 75 
Pb^T-.a....:.-.. £L7i5 -P&5 
Oris . r ■-]■ 

UaXYnuUPWlM , ’ l ' e5 3 .5876p [+15 

flnbiotldUP 6% 

Liiis«<L. Crude 

Palm MglBjva S&0OC 


Seeds 

Cdpnvrhi n Iipmeil 

Snvaiit» u» f U ^ .'i . ■ . . 


r T Ol60 £B8 

+ l.w : : . 
— ; £92i> 


£93.5 1 £83.5 


£82.25 
£kb , 


£S0.76 
£89 X 


4-10 

Mo 


. S67p .- 
8384.25 


4 75 
+4^0 


• ' " .-J .. . r _ -..j i,.; .- ' _ .- 

« WaBWo’.!"!:} £S5 . 1-0^6 j ' i7U5-,{. . £7.aft- 

bx<v3 Y«inw{ V 1 V . I ' ' I - * j l- A : 


£«.V 


SnyabMiU-l 

Other ' , . - 1 

Commodities ; ■ j , 

(Y<¥* dhiuiueDl £2.107 Xp ■ — (>8-5 

F’t" 2nd pen -- Mg j O HP . 5 ~;-8f f 
l :«(f« Futures lltir|. tlJfflJi .-4 ; 

L'otlnn ltblpg.. ....... 79.75c. [-0.65 J 

Dt». Cmfliit **0‘ Ul5 ; 
JutcUApWt K nte--MCO ; — ■ 

•HtrtiN-j- kilo- '“-J&P r 1 - 25 , 

baen Peart. ; 

StBaLStl. i L 

rings r fBnwl 

Tb]iP«a>No. L. ; 

Tcw-iMualivy) kilo— ; 

(ylaiHI kill* ■■ 

fl'n.thnps (Wi. lTnqt. ?74p . 


£*;b00 
j ¥3,200 
-$2.4 00 

J5f» 

£687 

£3S5 

45W 


8395 

SSI 


£5,000 £3,900 
S3J00| -S2J76 


ZINC— Qniet in routine trading with eas> d Ir aood volume tn close 4B-4Sp *-79 'ffib'. la-day average 
forecasts of - a slocks det line holding Die Inter. crops saw a little more trade 
market up. Forward metal sianod ar but rased to dose S5-38o lower on wheat 
XI337-I35S. ipcoi lone periods around and ’Bp lower n bariey, rrpns al-II. 

£353 and dosed on the Kerb at 1254.73. - — — 

Turnover 4.600 lonncs. WHEAT BARLEV 

Montlng: Cash CWa, 44.5. three mombs v..jKhi,uV±.» 

056. 56:5. 56. 55.5. 55. Kerb: Three - ‘ ,„ y ^ "+ ,,r 


Dally 
7.(9 17.801. 


ME AT/ VEGETABLES 

MEAT COMMISSION — A vc rstit- (uistncS' 
prices at represents luv tuarlicls on 
December G. CB: CaltU- •» Itfp D^r »r- 
l.w. t+l.tOi. UK: Sbr<-p Ml. tp prr !tq 
ret. d.e.nr. i-l.7i. (IB. Pus* 66.4 m per 
kg l.w. i+1.3t. England and Wales— 
Cattle DUmbers dp 3.3 j*-r «vnt. av,-rar* 
price «S.Mp <+1.72». Sheep moubere 
down 22.5 per ceot. average price 131 -Sp 
i- 19>. Pig numbers up 3+ per cent, 
average price. M.Bp « • 1 ..U. 5c or land— 
Caide'nnmbe'ra ap 2K.9 per '-ent. average 
price 70. fflp 1 + 6.231. Sheep numbers up 
28.7 per oenL average price 12S.7p 
1+4.7*. 

COVENT GARDEN— Prt'-"s In sterling 
per package except nhere stated: 
Imported produce: Lemons— Italian: lJh's 
new crop 4.S0-5J0: ftreek: +34-3.40: 
Cyprus: Trays 4.80-5 2o: boxes to ISO's 
4 0M.25: Turkish; 10 kilos 2.40-2.60; 
Spanfa: Trays 2.S0-2.26. Oranges— 

Spanla: Navel /Kavelinas 3.66-4.30: S. 
African: Valencia Late 1.3U' On-,-k- 

Navels 2.00-2. 3D. Clementines— Cyprus* 

is kilos 3.50-4.00: Spanla: 3 20-4.46: 
Moroccan: 3.60-423). Sat sum as — Spania: 

Trays 2J»-S.3#. Grapefruit— >'.ypru>. 2.00- 
3 60; Israeli. Jaffa 44 TJ 3.30-3. 30. Cub.irr 
2.40: Texas: Red Blush 4.60-5.00: Florida: 
4.90: Turkish: 2.40-2.60. Apples— Fr.-nm 
Golden Delicious 20-lb 72 1 so-2 to. M 

I. BO- 1 94: 48-lb 738 ’163 173 s :i.6fM.lN>. 

tumble pack per pound U.Oi-D.UT Granny 
Smith 2o-Ih 72 J’i. 84 l.Mi. larm- boxes 

J. 1S. 130 ’)43.'?jg’s' ’5 70-4. B0. jumhi-- pa ill 
aS.CO 31-|b per pound 0 07 Stark Crimson 
46 Ih 136 tin's 4.30-5 20. 2IUh 24's J.XO. 
72’s 2.20. Crapes— Spanish Altiteria 2 20- 

2 SO. Km) 2.80.? Jfi; If alia n- White nh.ines 
2 .00. black Obanes iso. Bananas— 
Jamaican: Per pound 0.14. Avocados— 
Israeli: 3.30-3.50. Melons— Spanish f: ri- n 

4.00- 4.56: IS kilo boxes 6 I2’5 7 50-S.fHt 
Oolens— Spanish: 3.M-X.S0: Dutch. 2.66. 
Tomatoes— Spanitdr 3.-:o-4 00: Oiur) . . 
".30-4.00. Cucumbers — i:anarv* to lu'jt 
1.60-2.00. Capsicums— French: Per ponttd 
9.30: Canary: 6.30. Dates— Algerian- Per 
glove box 0.34-0.39: Uatifornun: Tubs (I Sit. 
Lettuce— Preach: 12's 1.40 Potatoes— 
Italian- 30-lb 3 56-3 so. Mlstloioe— Hr.-nch- 
C rales 3.30-4.88 plus VAT. Walnuts— 
Californian- P».-r pound u.4«-n 5U. ■''Mii.-s,-: 

0 37-0.25. B r ai ds- Pit pmiud l.icv oaj- 
9.74. Tocantins It 42-0.44. Almonds— 
Spanish- Senti-*ioft per pound 0 4J haul 
shell lt.10. CbettfiiDts— Dolton 10 kilns 

3 50-7 to: Spanish: S kilos 2 jfi-4 (to. 16 
kilns 5. 60-7. DO: French: 10 kilns 4 
PortuKues--. 3.70-G.00. Filberts— Italian: 
Pi-r pound 0'33. Pecan Nuts— •'Jllforniatt: 
Per pound 0.65. 

English produce: Potatoes— P- r 23 Ulus 
1.40- LOT. Letiuca — P,-r 12 round i.uo. 
MctshnMms — Prr pound 0 Apples— 
Per pound Bramfpy O.m-o 09 Lord Pi-rhy 
0.04, Cox's Orange Pippin 0 04-0.14. 
Worcester Pearmain o os-u.o*. Nuss.-is 
0.05-0.07. S panan D.iK-o 07. Pears — P ,t 
pound Confereoce 9.07-0.13. Comt.o n.l'i- 
9.18. Cabbages— FVr cratr 0 UM 60. 
Celery— per bead 0.19. prr-pjtk is 7t<- 
3.40. CauHnowers — Per 12 K.-nt 3.00-1.3U. 
Cornish M's fi.OO. Beetroot— Prr *K-rb 
9.B0. Carrots— Per 2S-]b It 50-0 «1. capsi- 
cums— Per pound 9.30. Onions— P*«r bac 

1.00- 1.89. Swedes— Prr ivlb o nn-n.vo. 
Tondps— Per 2«-lb 9.804) «t. Parsnips— 

1.00-1 10. Sprouts— Prr pound 
0 .«tO.fo. Soring Greene— P it ,-rjlc. 
Cornish 1.50-1.60. 

GRIMSBY PISH— Supply peer, demand 
moderate. Prices at ship' sMe inii- 
proecssedt per stone: Rh.-lf cod D SU- 
14.30. codlings EJtO-n.VO. Lara- naddo.-k 
EL00-Z5.BI. medium haddork £1 pO-h W. 
^-•4 Re plaice 15.99-Z5.2d. medium plain- 
I4.70-Z5.20. best small plaice 11.90- £7. in. 
Large skinned dogfish IS.50. medium r.i.hn. 
Lemon soles i large) th.Sd i medium i £7.50, 
Reds Zl £0-12.08. Sallbe 12. 2D. 


NEW YORK Dec. ?. 
PRECIOUS mot.tls dosed higher on 
UKKrrssivc sovculaiti'e shun entering and 
Commission Ihniv.- buylnn jdiuI fears of 
further tunnoi! in Iran over ihi- tveckend. 
Copper dovd virtually unchanged an 
mix.-d trad- and Commission Honso 
■'u.ilvitv nhile both cocoa and sugar 
declined on speculative liQ'udauon despite 
At TOUR trade pntc fisiug and arbitrage 
buying, reports Bacbe. 

Cocoa— Dec. 174.OT ■17*.sk7i. March 

174.7* .1 . Mat 174.53. July 172.35. 

SepL 171.45, Dec. 167.78. March mi. 
Sales: l.twi. 

Coffee— -C" Contrail: Dec- 117.70- 
137.60 il36.Se I . March 127.16-127.75 
1 127 99i. May 124.99. July I22.58-IZ1.4A. 
Sept. 121 75-122.25. Dec. 119.D0.120 00. 
March 116 00-117.1)6. May llU.081Ifi.00. 
Sab-s MO. 

Copper — Dec. H7.05 I67.80i Jan. 67 61 
• 67. Ci. l et. ijS. 13. March 69.28. May 7A.ru. 
July 71:55. Sepl 7J.30. Dec Tl.fio. Jan 
74.89. March 74 5fl. May 75.66. July 76 ill, 
Sopi. 77 20 

Cotton — 2: M*»di 69.40 159 M i«*l«.. 
May 7] 24-71 .16 '71.57.. Jut) 71.g0-71.4fl. 
■Jut. hb.su. D'.-c. 65 rai-bj.VI. March 46-16- 
66 40. May 66 50-06.78. Sales: a.JtH). 

‘Gold— Dee. 244.39 ilfifi.i's)- Jan. 2115 SO 
(2ull50i Feb. 2*7 *4. April 211.3*. Jim, 
213 iu AUK 2IS »A 11,-r 22.'..ill DtC. 

22420. +»-b 1».9D, April 23.1 R8. June 

237.40. Aug 241.20. Oct 215 00. 

. tLard— I iji agu loo5r 23 50. NY pnmc 
steam 23.06 <24.75 pom... 

ttMalie-Ur... 225-2231 «224j.. March 

ilOl-Ch; 12.181 •. hlaj- 244] -245. July 23(1;. 
-jfli. Sepl. All:. Dec. 234: -2547. 

5Platlnum — J jii .I4u..1u- 141.46 rSJl.70 •- 
-April 341.76 i2.’.'. 70. . July 146.10. n,i. 
■MS.W. Jan. 551 in). .April 35!.*i. July 

.158.18. Sales: 1 965. 

"Silver— D-C. 1** 3u iVs4.4vi Jan 391*0 
(Sh7 49>. F.-h. 5H5.J0. March 39S Sli. May 
■BUS. HU. July r.14.10. Si-pl. 622 :-0. Dec. 

hJfi.Ou. J.,n. bill 70. March ilTU.Du. May 

6.58.40 July 60S. 99. Sept. 67S oU 

Soyabep.is— J jji. fiersn- ifiSr* March 
IA4-KB6 fTOU*. May 702-70:!. July 7Q.V-7ngt. 
Aug 6n9;-ruu. Kept 87o. Nov. «il-M.:. 
Jail. **7U 

’.iSoyabcan Meal— Dee 192.MI ■] 94. 3D >. 

Jan | U1.5U- 192.1111 i|9.-,oni. March I92.il- 

1 92.40. May 191. flu-1 !Hi TU. July I90.no. Auc. 
359. J8. Srpl. lb>.0t> "1 1. Ifl 51). 107.5ft. Dec. 
1 S10U. Jan 1!>2 50-1S3.SU. 

Soyabean Oil — Dec 24 flli-24 t5 <24 St* 
Jjri. 24 60-24.79 i24:W... Mart'h 24 33-if 64. 
May 24 45-24.30. July 24.16. Aug. 24 27. 
Scpi. 2 on. Un. 29-63, Dec. 2J.30- 
23.4.7.. Jan. i: 4 3 

Sugar— No 11: Jan. > 18-9.20 ifi 13*. 
Man'll S **.97.. May * 90-S m. July 

9.H. SePI. 9 40 del. B.50. Jan. 9.55. 
March 10.06 May nil 

Tin--6h2 1 i)0-h73.0Ci nain. 1 674.08-6.79 Oil 
mini. '. 

' ‘Wheat— D-C IliJl-ICV <!K4ii. March 
2-77I- L74 fK-Ji. May ■:49J4»;. July 110 j - 
33D Sepl. 2.H). lice. '^H. 


WOOL FUTURES 

LONDON— Tbe market was dull 
feature I ess, reported Bartte- 
1 Pence per kilo* 


and 


INDfCES 


ntoDlbs 1355. Afternoon: Cash 043. 43.5. n ‘ ’* 

. .. lb«« months £155.- 55.5. 54.5, 55.5. 56. 

SZtitt Sl £ 76 Kerb: TTiree monibs 055- 


clixe — 


S0I&' 

£770 

£5S5 

5645 


MID 

$516 


Jail ...i 91.10 
Mar..! 93.70 


i-hwe | — Australian lYtiml'j’i-f nr. Businsas 

83^60 —0.80 C *'- I - I “"» ■ 

86.00 -0.55 

ba.40 — 0.55 

85 30 Dertunber ...'217.B-26J1+ l.li 



£IS4 . 

5616/ 30-I2.fr 
£101 ■ ,+2 
-£174 ' -2 
fWp 1-2 


£2,108 1 £2.254 £1.511 
i'LS2£.& £2^13 j'£ 1.43s A 
£1.773^'£l.ffij2.& * £1.032 
53 jr B0. 75c. ; El.Sor. 

£730 . £7M | £606 

M46 : S616- I 54S7 ' 

50p J 6tj.- .1 4&.bp 

£180 ; £l» i £377 

£660/70' S5fi5 I »al 1-5 
£110 I £114 ! £81 

£1W I £1R0 : £lf8 

ISOp ! lfdp j- 127p 

J 8 [* •' 98 |I ; 


m-Cl 1-431 i-oafil. Ui Hart Winter. 131 “■"* l2H*?i'5'~ 1 ' 0 

ALUMINIUM— Sluggish as tbe market per cent Dec. «S. Jan. 89.50 Feb. 89.76. 31".v '239.0.50.0; 

remained tbin and forward' melaJ traded rnnsbipniem east cnaH. EEC unonoted. sales- nil i9i 

uneven ifully around 1035 ihe whole day. Maize: U. 5.- French unquoird French 

Turnover 1J7S ionites. Dee. WM’S eifl coast. S. .1/riran White SYDMET CREASY— Close 


order 



— ' 306p kiln ‘2SpJ.lin£87jrkiln 


A'llfflln'mi 

. 

1 h.i». 

i Official 1 

jl+nr: _ p.m. ;t+* lf 

1 — !l'uufilela. — 

1 

£ 

i £ 

cipol,. i 

— 


3 mufl Ihi/ 

1 

. 624 . 5-5 j+ 1.26 624 . 3-5 !- .5 


364.0. 264.0-1E2.6. 7:0«. JS4.0, 385.5. 385J- 
for , h - 36, ;; ' G: 3B7 a. 371.8. nll-ml: March 

Mp-5.J72.fi. Bfl-atC May. JTfl.5. S^.U. Bfl- 


.3 UaqBtKed. " Nwnimd. . g Madagascar. 


uceV 1u-?litnln»! December ll will remain 
mrluucnl. 

BusiDcis dobo — Wheat: J a n. M. 80-91 -M. 

Mari ll 94.IO-91.S8. May 9fl.60-K.10. Sr pi. . . 

39 tH' &.b*. Nov. 0L B0- 91'. 90, Sal.-s- 3BS. Mureb 181.0, 185.0. May 185.0. WS.0. July 
Barley: J- -1 "- sn-Sa-O.ia, March M.48-B5-M, l^.O. 191.0 fact, l^h.0. 194.D, Dec. ISt’O. 
-Cents per pound. 7 W per plcid. May jbLSh-S*.®. Kept, ka.3WD^P. Nov. J».0. Ms n-h 193 0, 299.9. Msy iW.0. 109 -B. 
t On previous unofficial dose. nil. Saie>: 22*. Sales: nil. 


pil. Sales; 63, 

HEW ZEALAND CROSSBREDS— Close: 
in order buyer, so Urn: Dec. 178.0. 1S6.1I. 


FINANCIAL TIMES 

D«. 8 I Dec. 7 Munth ajir. I Year ag* 

Z 60,6 2 261.82 267.67 . 243.93 
(Bane: Jnlr J,' ipsi*=1(h). 

REUTERS 

Dee- 8 ' Dee. 7 *AlwyyJi a^c ■ Year a-f 


1516.6 161S.li 1518.7 : 1443.3 
. "iB'ase: September' 18. 1 83 5 = 100 1 

DOW JONES 

Dn»' I De»*. j De,-. Jf.irirfi ! Tear 
-l.'ine* 1 t 7 | jtijii u^h 

Sf.-.j, . .. 388.QB 390.99 394.3 1350.21 
Future* 584.46 388.04309.86 3 25. 43 
1 Average 1924-25-36= 100' 

MOODY'S 


: Dec. Dei-. '. tli'ii Mi Tear 
1 8 7 i a^'i 


Sple i'nmmty9BS.SQ84.5 979.6 F7ft.6 
• Deeember 31. isii = )ufn 


tVINMPKC. Dec 7. rtRye— Drc. 

97 211 iHt *U|I. May 102 70 •101201. July 
lOJ.OT. ltd 1 MV. VII. 

tfOacs — Dec -%7 .i».i bid-.- March 

9120 • M ..*U >. Mjv moo July TS.Tfl. 0(1. 
7S HU- 

11 Barley— 74.10 i75 0»'. Match Title 
'77.2V.. May 7a SO. JuK 76..7fl ur 1. 74 f». 

HFIaxsccd — Dif. 274.50 > 274 58' May 
Lhtf.90 I2?2.r0'. July 2*2 18, O-.t. ’Tfi.tn. 
"■Whoat— SCH'HS J‘f.5 per o nt proidn 

rumen 1 cif St. Lawr-nc" T SS 19 HS7.71-. 

All eenls per Mtiitfl cx-varc heuyc 
unless olhervisv slated. " U p,-r troy 
ount.r — KKHiunci lols. • Chit-jRo loose 
is m-r lbs — D*pi. of JU, price* 
.previous day. Prune Mum fob f*y bulk 
tank i-.irt. 1 Obif p«-r 3S-lb bushel 
«- ware house. 5.0"f*-bushvl lols. i fig per 
irujr ounce fur 50-uz units of &9.9 per 
kent purity dcluvcrd NY. r tents p«T 
troy ounces vx-warchpusc. 7 New " B ” 
coni rad m Ss a short Ion for hulk' lot? 
of Jflfl short tons di-fivrred fub ears 
f.hii-jtto. Toledo. St. I.oina and Alien. 
** Ceitis per ‘-9-lb hnfhci in sior'-. 
Ccltls p*-r 24- lb bviihri 1* <7 -inis per 

■l^lb bushel vx-warehoiif- !i Cents per 

afr-lh huKhcl "tc-K-ar-hbuse. 1 .OOO-hushcl 
lots. !'■> per tun ne. 


COTTOINf 


LIVERPOOL COTTON — Spot and ship- 
ment salce amount m ;>72 tonnes brlnutn: 
the iw jj for )h>' h»-:+ to ">*4 ionnes. 
the laruesi sine th>- ••ml of nt'tnbcr. 
anainst 2.090 lonnes in ihe pr»;ious wefttr. 
b'atr general demand ••nniinued. with 
miTcacins ini>'re<t 1:1 A unit and S. 
American unalines Support fame in 
various Middle Eastern eru«:b an.l Cen- 
tral Afrit an stilt s. naor is V,'. ?. 

TatlersalL , 


















Pay-row union 5 
may black BBC 
at Christmas 


BY ARTHUR SANDLES 

THE BBC faces Ihe prospi-cl nf 
Chnsiin.is blackouts with the 
decision by ihe Association of 
Broadcasting Staff to gn ahead 
with industrial action u.s part of 
its pay campaign. 

A BBC appeal l« the Cavern- 
ment to he made a special cuSe. 
and thus be able l'» gw*-* ns em- 
ployees more than a 5 per cent 
rise, has heen rejected. 

The union 1ms instructed 
momblv paid siaif — the must 
highly 'skilled iff l*s in cm be rs — 
to work only 42 hours a week, 
never lo work a shift nf inure 
than 12 hours, and not lu work 
through meal brents. 

The action is bound to affect 
programmes, since the BBC! is 
seriously understaffed in many 
areas. Last night, however, the 
BBC was slill studying rotas jn 
order to find what the impact is 
likely in be. 

Although an arimralion pro- 
cedure has started, involving five 
BBC unions, the Association of 


Broadtasting Staff has set up an 
action committee which can call 
.-.trikes at any time in both radio 
and i ele vision. 

The corporation has shown 
itself to be .unwilling to break 
the pay code, even though if has 
also declared that it is in 
sympathy with its employees' 
claim. Many BBC staff were 
cau'Ju in a pay policy trap which 
closed aTter 1TV staff had won 
pay increase-.. 

if the BBC breaks the pay code 
it highly exposed to Govern; 
me nt sanctions through the 
licence fee. Although tradi- 
tionally all the moneys collected 
by the I'ust Office for licences is 
passed on to the* BBC. less' a 
cul led ii>n fee, this is nut a legal 
requirement. 

The Hume Office could quite 
easily withhold some of the 
money, which is normally paid 
over ’ to the Corporation in 
uuinihiy amounts. j 


Brooke Bond rejects 
plea for workers 


BY JAMES BARTHOLOMEW 

THE LABOUR PARTY and the 
General and Municipal Workers’ 
Union ’a ere among the signa- 
tories of a motion at the annual 
meeting of Brooke Bond Liebig 
yesterday, calling for " u signifi- 
cant improvement in the wages 
and conditions of employees arid 
their families on I he lea estates 
in India.’’ The motion was over- 
whelmingly defeaU-d. 

The Brooke Bund buard also 
resisted pressure From another 
organisation sympathetic to the 
left. Sir Humphrey Pride3ux, 
chairman of Brooke Bond, 
refused a request from the Royal 
Arsenal Co-uperaUve Society pen- 
sion fund, that a facility should 
he given lo shareholders lo “opt 
nut " of political contributions. 

The resolution calling for 
better conditions mr te.i workers, 
was supported by the Labour 
Party 1 37,500 share- 1 , the CM WU 
1 136.099 shares! and the RAC’S 
co-operative society 1 950.000 
shares*. Proposing i Lie resolu- 
tion. Mr. John Tanner, of the 
World Development Movement, 
challenged the company’s chum 
that conditions on ils estates 
were as good, or belter than the 
a ec rase. 

Average earnings for women 
lea pickers working a six-day 
week were OOp per day. If one or 
more members nr a family felt 
sick, the effect could be 
disastrous. The average income 
for tea pickers on the Brooke 
Bond estates m India wjs £200 a 
year. 

Housing on the estate was 
below the legal requirement 
under Indian law 

Urging shareholders la reject 
the resolution. Sir Humphrey 
replied that, if passed, it would 
give the impression that .substan- 
tial improvement- in conditions 
were in the company’s power to 


give, lie said it would be “ im- 
practical ” for the company to 
step nut ul line with locally- 
agreed wage levels. 

Hi- said Mr. Tanner’s requests 
implied ilia I the company Was 
hack in *’a colonialist almusphere 
were we can dominate what goes 
un in India.” The company 
would do all it reasonably could, 
and mure than i’3.Sm would be 
spent this financial year to 
improve the welfare and housing 
of its tea estate workers world- 
wide. 

On a show of bands, the reso- 
lution vra» overwhelmingly 
defeated. 

The request of the Royal 
Arsenal Co-operative Society 
pension fund for a facility To 
opt out of political contributions, 
was rejected by Sir Humphrey. 


SINGAPORE STOCK 
EXCHANGE 


Industrials 

IV >vi- 

Ilnr-lrHil I'm. 

R»hi— I*-jiiIMi*I 

I '"ill'll 



Km*-! \mii- 

llm* !'w 

Iliiiiip bul. .. 
Ill. 'lll-Il|4- .. . 
llnwt linn . 
Oulu i C .-ml . 
tlvl.tii .-"i;. 

• ii’«l liin.IL 

I’iiii h*rl 1 1 * 

, j.i ■■ -*nii ii, 

, l.’l.l III lllll 

'll" I 

1 -IKK Ifcul-I.' 

i .iM -luniifi- 

-mill --In* II. 
Mltilt" l»#iw 
I !( ’ll J '!_... 



-iinuMTrml’a 

5.-#0 

•J ;« 

tim«- l‘m.. 


l .0 

Heiliril 


if. la 

l . I'JI'-niinu - 


l-J.H 

1 .!)«'* lit.. .1 

.1.22 


tt eg tile- 

n.sd 

7. !:• 

1 rni'l.-r- .... ' 

«.-■) 

I.,J 

iTieull'HI 

;*.a4 

l.rri 

WiII.iiJhi-L. 

— 

l.M 

Rubbers 


ib.O) 

-Bill' i.iiilnlin 

il.W 

1 2M 

1 *iilll|. K.inle, 

J.t* 

T.*b> 

l.ri) 

hciiqn: | 

i.(C 


Tins ! 



\ "-.1 ml, Ain.' 

It'.HJ 

L.ori 

Ill-' ">IiIm„ . 1 

; H.li • 

3, i»i 

Kini),ti.. . . ' 

-- 

I'.aud Km ini 

— 

TZ.4) 

Ir-ui-l 1'. ml..] 

1 111.' 


7.tj 

'.|i|.rviii«‘( | ,,| 

st.at 


r. 'Iltl Mill in r.l 

:J.IA>* 

Buyer 

• Seller. 



BRITISH FUNDS (678) 

5*4PC Funding Ll. 64^ 40 
ji-bc Funding 5dt. (Rcg.i 36 ve 
2 :nc Treasury Stk- iRn.i 20® I9 l 'ijf 9. 
tfvyjc (Reg.) 47: m® 10 , iBE 1 JJ2 

S2<4®. I3pc ICS',®. 14PC 1Q4 3S64® 

Variable R*l9 Tro». Stk. 1931 NW 

CORPORATIONS (33) 

FREE OF STAMP DUTY 
London County 2'_-pc Sck. 11920} I* 1 ; , 
(SIS'. 3K Stk. (1920i 22'. 15(121. 

5 dc Sck ( 19BQ-B3) 7P',. S'lDC Stk. 
(1977-8 1> 364i Shpc Slk. (1982-84) 
791. IBM 2). Si-DC SOt. 1 198S-87I 67V. 
6 pc Stk. 11976-791 59'-'i» (1.12). Stifle 
Slk. 1 1988-90) 66',® 

Corn, ol London V'.K Stk. (1976-791 940. | 
G'-pc SO- f 198Q-S2I 82 V 7i;pt Stk. 1 
(1979-81' B7 (SIlSi. 9>,pc Stk. (1984- 

Greatnr London 6 ‘tot Stk. f199D-32i 62®. I 
7 Sant Slk. 11981' 880 <5 IZl. 9 OPE Stk. I 
(1980-82' 90',®. 12 '-pc Slk. (1982) 99-1 

'« 'bil2 j. 1 2';pc Stk. (1983) 98,1 
lG'121. 13 >jPC Stk. (1984 ' 1041, * 1 . 

Barrier Carp. 7>,PC Stk. (1982-84i 79'. 

(5-121 1 2 '.PC St>.. 1 1 987 1 94'. 

Bach (City) 1 7 '.PC Slk. <19BSi 92 
Belfast Cltv Council 6i;pc Stk 1 1977-BO. 
BB'. i4,'1 2i 

Birmingham Corp. Bpc Stk. '1979-61) 88V 
412). 9'. pc Sck. H979-81I 92', (SI12I 

Birmingham Dili. CncJ. 12-PC Stk. (19BS> 
97® 7 1 3 PC Stk. #19831 100'.-®. Float- 
ing Race Slk. (1983-851 92<i|. I5H2, 

Bristol (City) 13 'jpc Stk. (19B1l 102 

>S 12< 

Bristol Corp 7 'jp< Stk. ( 1979-81 1 88 •. 
Camden Cprp. G'.-PC Slk. (1977-79) 98', 
Camden (London Borouahi IZ'^pc 511. 

Cardiff Corn. 7ne Stk. (1979-82) 83-'. 
Edinburgh Corn. 6' ; pc Stk. (1977-79) 
SLUBOW^COra. 9'.P«: Stk. I198Q-B2) 90— j 

Grampian Regional Council 10',pe Stk. 1 
1 1985- 90- tS'12) 1 

Greenwich 'London Borough) ' 1 1 ‘,pc Slk. 
(19BEI 95 '< 

Me re lords h.re County Council 5',pc Slk. I 
11978-801 91 « 2 1'. (5112). S':bc 5ft. 
fl 982-94- 75*> '6/1 2i. B'.pc Slk. (19BS- | 

Islington Com. 1 0ne Stfc f 1982-83) 91 1 
il’tZJ 1 2i.i PC Si* 1 . M9fl3-84i 97'<0. 
12'ioc Slk. 11906-87) 48/: 'a f 

KrfiKinvton and Cheliei it ^ncRed. s* «.| 

Kent *Counlv 9'«PC Red. 94'« <1*1 2> i 
Lanarkshire County Council 5 '.de Red . 

98'- (5/1Zi. 6 pC 89 ■) 12> 1 

Leeds icily on Floating Rate <12.S4JBpci 
9B> f 1 '1 2 1 I 

Liverpool Corp. 9 '.PC 89 
Mlddleser County Coucil 5 'i 1 ?*,', 4 if if. ! 
MOltinvfham Com Water Ann*, (ol 11 39 1 
B-, ii 12' Ga* Anns. 10 I £325' 21 i ( 

Pmsier Corn. 9 '.PE 83 \ 

Salford Corp S' -PC 64 IS 12) 

S* n dwell 12p< 103 11.11' I 

South T/nc*rd*r 12 Ope 94 'i® j 

Southend -0>.-aH Bor. L-<"* n - 1I|IC 93'" 

Soirrtiwark Coro. B'.pv 72 *. 1-121. II'ipc 
93. 1 2—pc 981*. 12')PC l£99l?PC» 46'.J 

StirimV County Coun. 7 '.PC Sfija <4 'f 2/ J 
liralhclvde Re9- Caun I11.65G3PCI 980 
1 S'l 21 f 

Sunderland (Bor.' 12 One 950 (5 II* 

Tyne and Weir Countv Coun. 1»PC 4 0 
Walsall Corp 6J.PC 97'j i« '4 l->. 9 #pc 

98',® 

SHORT DATED BONDS 
FREE OF 5TAMP DUTY 
9 . pc 98'. MI12I 

if-nc 98 ^ 870 2, 99.87 3 99.901 99.906 

>4.121 

in' 'PC 99 1 u. >1112' 

g“„; 95', 99 200 99 203 |4 1-* 

10 'UK 99.411 (6:12) 

71 .BC 98'. (1 121 

I One 93 '-i~ *6 I Zl J , 

IOpc 9Hi'i» '4'121 

4 '.pc 9H « (4 - 1 2 1 I 

9-.rc 9B'» 16 121 I 

9, PC 93', I4'12« 

9' hoc 9iV'. 16112' . 

9 .or 98". : (• 'I2J j 

lO'.DC 9? — 16.12' | 

11NPC 99-i. (4 12. 

lli-Pi 100 063® 121 

varunle Rale 1l*«»e <2. 5' 98 .» 

PUBLIC BOARDS (201 I 

FREE OF STAMP DUTY j 

’Agricultural Mon 5 DC ■ 59-891 SBU. Spc 
( 79-83) 73 14.12). &':DC " «-?5\ f » !■ 

iS 12 ' 6 pc 67'i ‘5;i2I CUPC S4 - f l '*{■ 
6 S ^p r. « .5112). 7 'jPs: 80 ' 

if I2i. 9 ync i»3-86> B3 «4 12^ 

Finance Ic * Induktrv 1 SpcLn. IOO'j '4J1-.J. 

1 4pcL n 1 020 

Manche-iier Mtg. C-jrp 96L 

Port ot London Authv 3PC.A 20 - *5 121 

COMMONWEALTH GOVTS. H) , 

REGISTERED AND INSCRIBED STOCKS , 
Australia (Cmnuillh. oil 5'.-DC '76-79) 

97'. fb.'II.. S'-pc i77-B0i 94'a 16 17) 
5'-DC iSI-82) 87': iG121. 6pc (77-801 i 
89'- ' >6 O' 6 Pc (61-83> 76 a >4 12)., 
7 pc 88 ': *4112) 

Isle ol Man Govt. 3 .-pc 75 
Jamaica aac HI <S12) 

New Zealand 3':nC 71 « 1 . 11 ). 7I.PC 67 

14 III 71. PC 76',® 

Southern Rncocsia 2 -pc SO®. A'.pr 
187-92) 45 

COMMONWEALTH CORPS. (1) 

South Ainca iRoblc oil 9-pc 89: (£.12) 

FOREIGN STOCKS 14) 

COUPONS PAYABLE IN LONDON 
Chinese 4 -PC (Eng Is*.i 17 i5T2>. Do. 
iGemun lu ) letaauicuoishrtf shrd m 
SpcCMdBds. < 92S 15 *4.12) SpcGId.Ln. 
1913 17 t"S. 1 7 J . Do. iDrwn.Btfsi 17 

15 12 ' Do 'German lu.i 16 (4T25. 
Do Do. (Drwn.Bds.) 16 *4*1 *i. Sor 
1899 5®. SocGId Ln. 1912 Z 2 ®. 

Ireland tR»o. Of) 7i-pc 33'. O.IZ). 9'aPC 
77 (5. 12' 

Japan 6 pc 193S-BB 64 <S 12) 

Russian 4 pc 1967-69 £6 <6.12) 

Uruguay 3 :pc 90 i)-t2] 

UK RAILWAYS (2) 

Canadian Paslnc 'SCSI £13'». JocPero. 

Cons Db. 30', ( 6 . 12 ' 

Malawi 3..pc1stOb. 39 

Si Lawrence Ottawa Rlr. 4pc1*r8ds. 27 
(4/121 

FOREIGN RAILWAYS (— ) 

Chilian Northern SkIkDps. 90 -5 J2» 
Cosla R'Ca 6-pc2ndDb>. 82 i4;12) 

BANKS (175) 

Alexanders Discount 24S >6 12: 
alien Harvey Ross 340 30 4 5 35 >5M2« 
Allied Irish Banks >2 Spi 9. lOocLn. 165 
(S'12) 

Arbuthnol Laliiam Hldas. 140® 




Stock Exchange 


R '**'*"<*'&?'* ' ^'nandal ,Timies-.Satufd^;'P : ^c^bet-? ^ 

• *5- ..-<5v - . • • ; ® 

.- • V PKtor. prinnw «#«.•«• ...... * 

Stock Exchange deahngs 

P*fW»n«l TbsIIb WdW-l 42501 * 4 ®» 

Thursday. December 7 4J41 j Tuesday, December 5 j « A23A S^y^ h ^, t *l®a 17S <Sr ‘ 21 * 

Wednesday, December 6 -*J75 | Monday. December 4 4^42 | Thursday. November ^ 

The li* below reegrd, all lag. Thue«ta»', marking, and ,/« the la«* marking, Spring th. p«Wo« fwr trading *« mb** Tnwpn*. . - . 

latter can be dlatnauirtietltar U« date (In parentheses). j . ” . «mni«t* mrortl rf PMrton LoogniaD.aSDl 210 (6.13’. 5>:M 

■me number 1 dealing, nwfltea hi each section follow* the "«« J* «•. I **£*1 BttlOTclal pwot(s.> c25b) 210 ***** 

mcUm. Unless otherwise denoted chare, «e a Felbr paid and stock OM Mhr W STtacImtod In tte tonoertng. L^r,S 2 j 2 i_ • - 

paid. Stack Excbaiwe securities are qm>«d (a pnoinfs nod fraction, of ponds SSsTtJbiK NftadtatiSnlSStoSrS to wtatbar a bargain reprweBs 2S.!^L^ , £S ac afZ? 1 SB frail) 


Thursday. December 7 
Wednesday, December 6 


Tuesday, December S 

Monday. December 4 ' — < 


- ' -j . " _ , ..mnlrrfn mrwtt of PMrton Uomonan.-OSp) ZlO. ' 

««M, and Uw list cuiul tbemfsre. be resarded. H * COmptoto roc^ •• Lo. *8 Ij lh 

prices at which bastness has beat dona. Bargain* P Sl S 77 isJsai 5 " ) 2 * 

U* ap II 225 pLfH. onto, tort later transaction, caa he JnClBled ta we leuown. .1^. 77 a St» 1° fiJJSI 

lort to available as to whether a bargain- represeMs Reg_M«i«NMg» iSB (BS02) 


paid. Sleek Exchange securities are dooted (a pooods and fraction, or pones dig', O*' lirLSt/wrta'dtailw^ «ailabk « to whether a bargain represnts i 59 Jm li _ 

rr:,r., zrxz. i mirc.rrr.mrr ^ -sarss' 1^1==? & i: 

Escluakr. +Earcains done lor delayed di'Uvery or "no buyimt-lo.’* SA— !ABBtra ii2f *C— SCanadlao. IHK-EHone Kons, 105a * 

SMalaran: SMe— BUexlcan: 5N7.— JNew Zealand; *S— SSinsapore: SUS — SUnlted States: SWl—SWest Indian. Via'&JMOiH T. tfl/12) 


Australia NZ Bnko. Grp. (ASl) USS 3.49.® B«»t«food (15 p) 103 i.SI12j 
oil) ... Blhby Z82® 4 

Ok. America Con, (USS 1.57 25) 17*> Bllurcated Engineering C25P) 52 

ii;i 2 ! Bird (25pl 16 • • 


<1,-1 29 ,, Bird (2Spt 16 

1 Bk. ireUna 7®. lOscLfl. 183 (5.12) Blrmld Qua least (ZSpi 52 T '2 , 

I Bk. Montreal iC12) IS'ii. (6:12» Birmingham Mint t25p) 126 (6f12> 

Bk. Net* South Wales ;iLon. Ret:.) 'A'J Black (25D) 148 (5f12> 

515 <6.1Q) _ „ Black Edplngton (50P) 


Duraplpc Inti. (25pl 149 (5.’12) 

Dutton -Foretvaw (ISpi *6— (A 12) ' 
DWek HOD! 12 15-12) _ • 

Dykes (J.) OSdI 48 7 <6.'12) 

Dyson U- J.) A C23p» 62 3 <5r1Z> - 


ie with members' of a n-co*na>rd Slock pS?T‘iHaISii? , M«o« ®Sp) MB 
UC.-6H0D* Kona; W-Wamakan; *M«- H | d g.. ryjw g* s ,38*"- 

IratJsl S»cv W5pi 89-s 04/12). BtocUn. phnmto WmtMr UpB 14Z 




I-Sr ffij^n-tos. aw ” 

' ZHtL K-CS.TW 

V mu. win 


^ .- ...... Black Edplnoton (SQp) 90 

Barclays Bk. 364 7 0 67 6 7 3 6 8 7Z 65. Black Arrow (SOP I 36 
Bt. B'mtLn. 55 BUck (P.i t25p) 183 <4112 1 _ 

Sirtfan Bk. Intnl. 7qpcLfi. 66 U > 1 / 1 Z) Blackman Conrad ( 2 Dpi 23 ( 6/121 
Brown Shipley Hidui- 230 I6*i2i Blickwaod Hodge C25 p) 59>a (6 j12l 9pc 

Can. Imp. Bk. Cemcire «CS 2 i 1 7 ,! 1* Ln. 112 (4/121 

Cater Ryder 265 <5'12> Blackwood Morton <25p» 22® _ 

Cltaic Manhattan Can. OJSS 1 — ■&<*> 204 Blagden Noakes tZ5pi 242 40 (4112} 


; cm. •S'sHfiis? 'jpsflj* 1 * 135 ,0 " ” 


'■fcZsiS. ■«« «n» 

“r i-MA* “. . - &£Bs£&2L. 


Chate Manhattan Cam. OJS, 12. SOI Blagden Noakes C25pi 242 40 (4J12) Eastern l^odnce raopi 77 (6fi|) 

4 12) , Bluebird Confectionery <25p< 82 Edwards ( Lou is <5p) is)’. <61 

Clive DiKount Htdas. 1 20p) 77 •6.121 Blue Circle Inds. 272® 4® Z 3 2S. 7pcDb. SSF, «*! 255 (AI1Z1 

Cm ml. Bk. Australia >Lcn. Reg.) 64. 9pcDb. 72*, (5/12#. 6i*PCLn. 42 U Elhlef 11 Op) ISw® 

190 #5' 12) Eleco HWg*. <10o) 52Js . 

Fraser Am.bactier IIOdi J2»t _ q Blundell- Perm oglaxe (2 Spi 87 tS/12) Elec. InduK 5«c*. USP) 58 i5fi 

: Gerrard National 'Discount (ZSpJ ■»“ Boardman Inter. iSpi l8-*4 15/121 Unsed-Ln. 54 ..m ' 

i5"2) Body cote Inter. (25PI 81 <5fl2) ElectrocomoonnnU OP) 

Gibbs (A.. Hldgs. .250) S3 I Bolton Textile Mill C5p) 10J*. 5h3icLn. ClearonK Mach. *250* 24', 

1 Gillen Bros. Discount 230 i 39 i4/12i „ Electronic Rentals Gp- ilOp) 1* 

j Gnndlays Hldgs. (25pi 129 30 «S .12) ] Bond 51 reel Fabrics <1 Opt 300 29 * Elliott «-» <a5p , _2 7 J*.i * 


Early i Charles) Marrion iWItney) «Oo) 31 .lowesk WO»» B2® '60 

«0P. 77 <6/12) Bf. 5 Vsp. 35.) 

trfwirds (Louis C_i (5pl li)^* t6VIU # r inMii 4 S 

ETbar Indutwlal (50°) 255 <41121 • rMmlricirPndt. <2l)p> 


Newspaper. 

- SSih^l^tfdpi -taa 9tf_'.*: «o*W ■ 


•■. Lii. HldflSk 410p) 35>a • - PowiHI Dulfryo <5W'J«*'9gJii 

Jackson rJ- H. B.l (5®l 35'j PratT <TJ Ewlneerfi»B CorP. 71,pcLn. 57 

j ernes f John i i25p> 4B P ready lAMredV Son»vZ5p) B4® >x®- Nn 

- JMH fMBurtoeLTndfc O**’ 15.^*'? . (2Spl 85 C5/T21 ' 


lundell- Perm oglaxe (25pi 87 15/1Z) il^JndSl 58 Bpe jgSjiSS 6 ' '(W 40° 16,1 St PnestwICB nrvxr .j-c: ’"’oAi ii'ISal 7«g" 

oardmu Inter. i.Sd» 1fi- a 4 c S' IZl Uns cd-Ln, 54 . - 1QA ‘ .johnwi' Bamcs HZiio) 9® ... . _• a frtca . ^HW^>> C2SP> 7M. 

as , w»iasr«a < we 

ond'Vireet Fabrics < 10 p> 300 29 * yg< S ttZ) ' i^Von GrUTdU'S? CZ5P) 107 SV. Wh-t 1^. 9 H . 


.(Wnuara) Son .<Sp4 2 

.ac Hkhta. 1100) 96® 

Prestwick Parker s25p» J3l 


unnuiay* o'uhv. i*" r\*A mhio- awett rdorm iiuim jiiv m 

! Guinness Peat Gp. (25P) 15®. New ora. McConnell (SOpi 282® 5 

| I25P) 117 ISH2I Boot (5 DP) 107 9 

Ham hr os Shares I25p) 173 5 . BOOR #25 pi Z03® 198® 201® 199 201 

Hill Samuel Gp. t2Sp. 87. Warants 4®. 198 200 . fipcLn. 77 4 5 iSHZ) 

! BocLn. 6;tk .T 12# _ ... Borthwick. f50pi 6E 8 

l Hongkong Shanghai Ban kg. Gp. (,Hk2.5U> Boulton Paul 5'zpcpf. 37. 7pePf 47ij 

253 62 1 ... Bo if Iran (1001 19':. Do. New 2I.« 

) Jettcl Torn bee f25pl 62 60 4 *- * — * Bswiter 178® 30 752 8 6. 5’xDCPf. * 

Kevkcr Ullmann Higgs. (2Sp> 6 I5f12i. 7ocLn. 79<: 

King and Sbaxson i20pi 67 ‘3.12' Bowalers Newfoundland 4>^cPf. 31 (5/ 

- Klet.iwort Benson Lonsdale E2 Sp> 2® Bowthorpr (IDdi 68-0 

! Llovds Bank 278® 7® 84® 3 80 4 2 BU) Braby Leslie 8ocPf. 48 fd/12) 

1-78. 7-pcLn. 90S 1 89- Brady Inds. A i25pi 49 (6112) 

I Manufacturers Hanover Carp. Shas. or B rammer (ZOpf 109 7 (4/12) 

1 Com. Stk (SUS7.50' 22 i4,12> Brasway <I0pi 541^® 

, Mcrcurv Securities (25p> 110 (4. 14). Breedon Cloud Hill Lime (25«) 106 

i 6-PCLn. 63 ib.'12) . , _ 1 Brent Chemicals (10pi 184(4j)2) 

i Midland Bank 366*.* 91® 5 ® = 6 5 7. Brent Walker (5 p> 50 

. lOl.DcLn. 82'a® (5/12j. 7'ipcLn. 84® Brlckhouse Dudley HOpl 52® 

2-3 4 Bridgend Processes (5 pi 9 (6/1 2} 

National Commercial Bank (25n) 82-9 . Bridon <25pi 1 1 3 (6fI2> 

1-;® I® 3® I BO— 2. 5'JpcPi- 43 ; I Bright I25pl 33'- (5fl2> 


Elys (Wimbledon) (2Sp) 179 
Empire Stores (BradfDrdi (25PI 178 
Emray ISpi lOhjS'lli 


Jones- 5imud (2Sp) TOO (4/1 2f 
-Jour a an (Thom an ClOot 39® *- 


50 CS'if pro*. Laundries (5p1 TSii® . 

' J Pullman (R. X.» <SP» 96 '5.\2* | . 

Pye Hldgs. (25P> (3114) | _ 


1 -:® I® 3® I BO— 2. 5 : )pcrf. 43-s Bright <25pl 33- (5/12> Exchange Tele. iHidgs.) >25pl 116 15/121 

i >4.121 llpcPf. 88 «'4M2i . .... Brian V I5pl 6 (1.-12# Expanded Metal lZ5pl 691; 

■National Bank ol Australasia <SAl# ’9“- Bristol Evening Port lO'ipcDfa. 85 11)121 mr #,e.i -n - --; 

'82 „ . _ British Aluminium 882:® E-ff- I"P » ra 

i National Westminster Bank 285 90 86 4 8 BnUsh-Amer. Tobacco 6pePf. 49/j 70 tfllil- ' 

1 3 7. warrants 104®. 7pcPi. 58. B^apc am.th Amer Tobacco Invests. • lOocLn. & ,®,K, « ■ ■' V'r 

Roy a/ Bank or Canada. i*C2# Z2» British Benzol Carbonising nop] 35 ^firvie wEs u.’iqp?^! 34 '.. 

Seccombe Marshall Campion 212 iailZJ British Building Engng. Appliances i25ol 45 SjS2— P 1« d ^Wysi 12 Z^ ■ • 

Srandard Chartered Bank 432® 27® 32 *112) ISLW^ Go- >25pl 1» (5IT». 

30. 1 3—pcLn. 102 i t ® k >• British Car Auction Go. (Iflp S3 2- 5 ® 90 

Union Discount ol Lonoon 317 »5 121 Ctrematngrzpb Theatres (12 'ipJ 61 5P * * . 

w.ncri.ct tsnu 64 <i/12) Fcedcx (IDO# 36 7 Id. IZl 

yyi trust izopi « British Dredging (2Sp) 25 a Fenner U. H.» (Hlds.) <Z5o> 163 M/129 - 


30. 13-pcLn. 102i t ® k !• 

Union Discount ol Lonoon 317 «5 12< 
Wintrust (20pi 68 


7>)PCUnscd.Ln. 57'a tl/12* Ka rC“e-- K (Onp) 26 (4tf1ZI. 

EnOhih Eipc. 6 pcOh. 77»a 0 / 1 2 k 7pc0b. JcSJUrt? SmLe i-IOol 34 rd.'l 2) 

E 7 r%' B .’2 T 5^i 102 «L/12. — 

EADcranza Trade Transport- (I2'jp> 123 p , riopi 41 

E^’lndU*. (25P) 96® 's'’! SSSST Old. <«Sl 

ETOtk* HVdg”’(20R| O 39 (?(12® «Jeon-E*Ze Hldgs. (25pl -76 14/12) 

Ewer (Goorgei llOpl 35 - • • Knott MIW Hldgs- IlO») 28® 

Exchange Tele. iHldgs.l t25pl 116 15/12) Kodo- LntnV (25oi i\1 ■ . - 

(^ ■■^■1 Metal iZ5pi 691 ; - KWIk-Fit (Tyres and Exhaust! Hldgi-l <10pi 

FJ4.C. f25p) 72 kSsUT Discount Grp. <<IOPl 843. S 


LCP Hldgs. (250) 96 
LRC Into). tlftH 55 J 
LWT (Hldgs.) iW-V) ( 


Fenner <J. H.) (Hlds.) (25o> 163 


p) 100 (4/121 ' / . P C - 

(10P) 39® •- 

Ouecns Moat .Hoosea (Spi^O 
Quick iM- *nd..-JJ GP. l10p».43W.. JOpr 
34'sW 5®. aisPCLh. ,p| iS'TZ) _•• -•••.• 

P»! 401) «r*12| R-CJ. «dBS- (250) 35 - 

rylor) New Ord. OOP) M/I 2 j. 1 9*SPdJK-7fi» 

• - Ranks Hov+S McDougall C15 b» 33^ It Jh J j 

ZSpi 76 (4/12) z. BJipcLn. 60!)- fiHpdji. <a\C4/12). 

ion) 280 7)«cL^7a 441)2)- 8 >PgL« A «» , *Mi 70 U 

HI . RanSne Hoffmann Pollard <25 0).«2 HjO 3;- 

I Exhausts Hldgi-l (I0p< aocLn. 76i**. ___ - 

. - -RabBome* Sims JeOenes 180 -<6/121 . 

Cm. <10sl 84k 5 Rainers (IOp) 73% 3® 1 

■ Rayfaeck tiopi 92® *)- lOWpePf. 112 

i — M ' Read lent- Inter. CSp) 42 h 32- - - - - 

M ' Rehdr Mined Cooarete C23p> 7 9 4t 

“n 16/12) ' Rttkltt Colman C50p) 490 5 1- SpePT. M's 

IwTlM 3 1 A 79. National QMS OSpJ 2« .<i/lZ> 

4 b &J 4- 8 pc Rddlffcston . < 2 Sp). 94 5. •• . 


tadbreks Grow MOP) W) 3 . 1 -4 79. 
Wamts. to siA. 94ii 5 ) 1 . 1*2 BS-4. Bpc 


1 5 ® so- 

. . lAdie* Pride Outenmar (20 p). 60 (5/ 121 Red! and <2501 ffUg 

«flsLi i e£ < «n , g w M 0rd - A SB 

* {|»3S LrirtGro. (25p) 91* 90^ SpeLn. 103. Re Ed E*ecotl«<5pl 79 ..... - 


7pcOb. SJk (5/12i. 7pcLn. 61« J, 
British Sugar Corpn. (50 p1 148 7 


From today, the List of L s* 1 <sop» 1*5 < 51121 . ?dc S25tSii^ffo®i 7Hs® 

._#.#„ j 1 : W, 511* 44 12# .. . Rimwlelr IlSni 46 (6. 


Raed inter 1520 49. 52' 1. 6 pcDb. 7T»i 
21' <S)12i. 7pflUlT 56 1» CBII2). ThpebB, 

157(4 46/12). lOncLn- 69 8*s5 72 
i'lPC seed " Pup lisping 3*sPCDb. 39®. fihpcDb. 

■ -.69(4®. 79iPCLn. 82*3 <1/12 fc.-' 9pcLn. 66 

'•' ss Rai'lance 1 Knitwear (20P) 53 1 ** .' ' 

Reliant Mot«r (5p) lQ® J 

RenoTd -120 - • . i» 


' Brocfchbuse (2Spl 68 (5/121 


iss Charrington Brewers 6 pclo. 60. | Bracks Gp. of Companies (10o> 71 #t.l 2 J 
r *,BiLn. 59— 1612) Bronx Engng. Hldgs. 1 ID 01 271 - ** 

■| h ”o n Brewery <2ba> 43 r- -6..12' *^ook. S(. Bureau Mayfair (IOp) 51 ® sj. 


Belhaien Brewery i25D. 45 1 -6.12' ■'■ook Si. Bureau Mayfair (IOp) 51 ® 3; . 
Bell ■ Arthur) Sons <S0p> 252®. £ .-o-iPI. New I25n. SI® 

41*2 . BrooLe Bond LieOig i 2 Spi 51® 43 -- 

Buddingtons >Z5pl 87 M 121 B. S'jpcDd. 71 U > 6 / 12 ). 5'raa.n 37 U 

Border 'Wre«ham> (25p» 74® I M/ 1 ZI. 7ncLn. S2'. (4/1 Zi. 7t,acLn 

Bulmcr >H P.i Hldgs. (25p> 1*1 3 : 56>i <4'12# / coa-n. 


weekly dealings in the Sator? Le has «cnwardv.fMPi 4t,' . 

day edition wiJJ record trans- ?^i 2 )' • 

acUons in the five trading days aS1ISS«uffltr?fi 4 
to Thnreday evening, and not ; ■ ni>ia) 


Renwlek (25 pi 46 (6i1Z». ' . .-- i-.‘ j. 
^taveriex Chemical, <25 p) -C l (8I12Vj.-^? 
Rex-more- 42 5p)_65" (8/12) , . Kl 

Ricardo (25p> 302 Ifi; 12) 

R/ehards WaOlnpiop f’Op) B2 ■ ■ JR -PC 
RnoaesU Cement <25p» 10" <4^2* 4 .-ft. 
Richards 410o) .181* <G;12}' 2 ■ 


to Friday evening as pre- . Grouo aopi 2 *s ts;i 2 .i - - 
viousfy. .... £SSrt'V^V e ?i£rt , iS°»6*7B 

The Friday figures -will now. lSS (john} 6 spci**i*f. sa* (4/izi 


Alley dop* 36 i# (6nz> 
Rlylnuton Reed (25oi 84 
Rix ZpcPf. 5^-46/12) 


- ’ I RphertI Adi and (25D) 
• r® 4 [ Robertson Foods (25n 


i/12) 1 . v-V 

2) ' • t -,* •■ 

64-. . .* I 

106 44/12) " ■* 


Bunzl Pulp Paper (25P1 89- 


cSl»k .Manhew, Sons (Hldgs.) «25a. 1 55* J 'iW Br “’ COrpn - ‘ ,0n, «*' « l -« 1 -n. flDUOUS I 

cSre? Vli’pcZndDP. 68 . ,0 ; «Ln. 83. J & Ht ,' M 

KreSrih^j^ATa^^lVs'fd^i . 79 ! B r ?^ 9 CB - V«g. 425P. 52 

6 3 1,1 jKprwsrsare ,2Sp ' ,ob ,5,j) 

1 Evenm-. Szk.P 1. 41 i4kl2i ( Bulom fA_ c i icpi *xn i .c, g®s . . FIdImv (Jim*s 

. GMMII JWMltef I2SP> I Sk* 3 B. BpcPf. ! 29>- iGliJt l5B> 1 ,6l12> A CS,,, Ws htr ( Albert 
-• * ‘iBCDh. 63>] >lfl2i I Bulfouoh 1 5S (4;171 FiioiH 31S4) 

| Guinness (Arthur) Son i25p) 152® 3 5 fiunzl Pulp Paper (25 di SO- I5M'21 6UX 

i w-IwsWiEW 5 -- 56 7 <—• « 

,; l73. r "ffS! , i*£iy , ’ ,,| ” M 161 16 ,2 ' j HSil-mshU ,r J7.dgs. <25p) 201 

' Ma?allan-%enl,v« f-So. 390 2 , 1 'iZi L A N -V. 425ol 190 41*121 ^ Fodens (50p) 

1 McMullen &>n**G , ,KPf. 53° 3 #5 12 ' '*?"#£???? 2B ' 4 7 *****'■ New £ 0 B *!2! r (E '! 

1 Mansheld 293 .5112) .e-V iJ./S/ 12 * Fwtwgar Inc 

I Marslon Thom Dior Eccrshed <25 d1 30 SUCIS . 1 »k 5 . P u °I-® ,, , . 

• 15 . 12 i Burroughs Machines 3'xocLn. 109 ( 1 . 12 ). Ford InteniaL 

Morland 570 S'jocLn. 97 11/12) ' 7 f 4 PcLn. B2i 

1 S:otHsh Newcastle .<20p> 64ij 5'. S 6 6 : “W®" **'»•_ LSgBl 184 5. A N.V. (50 b) Ford (Martin) 

j BpclstDb. 6 *: : q 45.121. fe-LpcItlDb. - ,7 .? . al i, 76 - . W ">‘S 45 Forward Tech 

! 68 '. CS12I Butlin » 7'jDclrtDb. 65— <5. 12) Rhhko MihSei 

■ South African (R 0 . 20 ) SS', iGr '2 Butterfield Harvey 4Z5o) 74 Foster Bros. 

) Tomatln i25p) 129 B I5/T21 Foster flonn] 

Vaua (25p) 125® 6 . PijpcAPr. 3* 14 12 . f £ — ,n Fothereill Hal 

! Wainev Mann Truman Hldgs. 4'.DCDb. . HD i» rs;i 

. 49 1 . ®. 7'iPCDb. .62', ( 6 H 2 ). 13-otDb. IndusL. (TOp) Jff, tS|T 2 | FoxtoRo dUS 


, — ----- — - Robertson Foods <25o) 1ST ' 

be reflected in the list for the ulSwt 1 £U£ Trust spc»: i n c&/iz> R I5T TfSitT 1 

subsequent week, so a .eon, W/WaS. So*' 

tinuous record will be main, t ... 


4W*«» RSSfUHidSrS 

ifeft ^igpJr'^J. 7 V&) *9 45/12) " K^^r'&OnV’ 

uSdSwies (2 &p) is* s can 2 i t S2£l- 

ffiad H/d9S 425P) 1340 1. Ilpd-h. KS* nw4f 


Ropner Hldgs. A^USM 42H • I . 

S.X® »,-m - I 
SZSEL’S&Z'Sn* #» «ata 


. 4 -- . , e(ll Bini *tu ‘ ■ Rwmtree MatRlntosh :(50o).407® . 

Ll/iread *25 P) 35®. wen. 61 bo^hmi Hnr#v< 1A7 c>- 

■« KbEwwwK™’" ‘ ■ 

122 20 11112 ).. _ L . J Ruber old C 25 d) 39' 40 C5L12) 


431; 2*< (4H2J - Locker iThom^O CHItUrt-I <5pi 1-B..A Non- Wdgs. i5pl 12® ■ 

Vs/izj • - F^Js (25u) 1020 • «A.MQ?L:. 


I Vtg. (5p) 17b 
Lockwoods Foods (25 D) 1020 


Bullin'* 7'iPdrtDb. 65'z <5.12) 
Butterfield Harvey (Z5p) 74 


Foseco Minsep 
Foster Bros. Cft 
Foster (John] Si 
Fothergill Harve 
110 12 (5/12) 


• 'iyha *v; 


_ I Lookers <2So) BIO 

I Lovell (Y.J.) (Hldgs.) (ZSol 104 (S&12) i 
{ Low and Bonar Grp. <50p) IBB 9 7.12 5 pc j|S2J #a 


tn O.) (IDO) 35 to 
A (TOP) 73* 20 5* * t 


iwM«d 7 M n .' <Mo. V*~ Ln 156 ’ ^o^n^n^n^IV^V,'^? 1 

WON., Hampton Dudley Brews. .'=5 p) 216 Cjnjltort torn.. (Mp)^ 07. 7 
I Young Brewery A t50o) 162 fiHEiSF i, W ii J Z5 #?« 

I CANALS Sc DOCKS (I) Cane indust.’tjjsn) 129 (®.) 2 ) 1 


CANALS Sc DOCKS (i) 


Freemans (London SW9) (25p) 122-" (Wm.l _ ZOoi TOO 7 J., ,, 

French rti.r Hldga. (2 So) 32.;. 1, .■. [S&WlftWV W* 

(J Ij Ln. 71’. lOtvpcLn- 79 (6/121. 6ixpc 

GE1 Interna*. IZOp) 82® 3. IOpcU. 9* I Lyles ^fl) i20p| 5 .65 (17121 

r-^i ,2 fLi-„. i ,. n „ _ l-Vto*S epcLn. SOU <4/12). 84p«*.ll. OS’* 

GR (Hldgs.) (25pl 119 17 <i (4,121 #4/12) 


MFl Furniture Centres <10«) 1760 8 
MK 'ElectrK Hldgs. *2Sp) 2200 3-. 7»Hie 


l COMMTKRCIAL (23Z€) 

■ A— B 

. AAH '25pi 103 '6,12. 

lAB EleCfrofih: Prods. Gp (25pi 156® 5 

i 7 3 

, AC E^ Machinery iHidgs.i (2Sni 113'; IS 
AGB Research ■ 10P1 1 1 8C 16 


Carpets Intnl f50p) 99'; (6/12) 

j-arr tJoHni /Doncaster) ftsoj 50 rt *121 

C f rSYzf V, *' IU l2 S»» 35- S'JhcPf. 50 U 

Carrhr (Hldgs.) (25p) 66', 6 15/121 
Cartiers Suoerfoods i20p) 118® 20 
Cartwright (R.l (Hldgs.) (IOp) 75 6 i 5 . 12 > 
Casket (S.t (Hldgs.) 10-ZSpcPf. loo (1.I2J 
ag;K'afi2L , . 4 ?. , s. 


Savoy Hotri A flto 7»» 20 31 * i V-' 

g££S£ffiS3fc- . 

i sssa vsBaFJztt&FUU 

Scottish Television A N;v. Cl Opt 67 tl/IZ) 
S«a« Enoln.-BUDCDb. 73 .15112) 

A N.V. 

Se'rtSt^ Bja? P (1 Oo) '24>sO S*. 9-«PcLn. 
72»* M/HI- ■ _ • • 


SO 41? 3 ^ipcLii 90 (1*l2t WL »Sb's- New* Ord. (2501 32 <6/121 tjgrjw |jnrle*8 OSol a - 

6pcLn. 79-84 74'; '« (fmi 7uicLn. «'' ■>« '?»« 50‘s «/»*» ’ 123* „ 

62 1 1; (4.12). 7-'«ocLn. 6SI,®. RMt- .(London I (IOp) 21 <4/12) 5 |10o) 24lsO Sfafr 

mg Rale Notes 19B6 99>.<4> 55-64 ttiup 4, Maarthy*! . 8han"»MUtlcal, «20p) I'll 1 . ■ ■ 

° ,H ’ CO ™" S ' :Pe M^rv /L-Anjf. Gtt). <25»>" 13.J 44/12. ISLET Alfa* 28 49 

Wir*' 1 ’ Kc^M^ 054 95*; C8-121. 'i itili? 

G sr&?r* a ?z! Latpr '- « com - s,k - " ,,d Soni 6 ’ 4,ep, ■ ^ 

Gdrteiner Hldgs. A <*5p, 143. lOpcLn. KSu'gr^^.d^’) <1W 127 & S55S •» 


7i\ <4112 
tofdr <25pi 



APV H,d9s. tSOpi rose. lO',peLn sene, i rlV.T-t V/.° 9 ? A -V . 0 . 0 1 -3 S < 6'1 2 ) Gieves Group (2Soi 93 MansjbmHrt Agency and Music (1 Opr IDS 

AVP Progs* 7 lipcISIDb! 63:* 41/12i I Caustoo (Sir Joseplri I25p) 26 Gill Dirtfus Go. i25gi 148* 9* 50* 50 49 r ~ , -• 

&sss«r T, o ip 82 FvaS tSv" w 

Ch ‘ nn « saeissu 1 *. 'ismw. jsk.m. w . S3 

Acrpw Non-vig. A i25p> si a j New 62?, 4S717?® “ p ’ ,44 ®’ 7 *JW=«-n- (5 Dp) 31 lS/12) Manor National Group Motors <20p) 

«4?l 2*f B ' SpcCnv.Ln *76?- ?*£** ?lvS“SpW 2M*'» rJ" ^ 


S Ciopl 69q« 70*1 «• 

S) (BOP* 27*' 4|.4WI2». .. 

Ilia. (250) 70 >70 _2 

IS* Drill. Stecf SocFI. M’s 


Magnolia GriWo CMoaCdhHH) tlOo) 127 -■ - - 

aast'Btt/eafStaii'finn,, •srasa^ ““ ?*■ .»> 

GiBves Group (2SPI 93 Management Agency ana Music (IOp/ 10S rsara pent IOp) 13® •- 

c » d-» s.. w KsWSAKm-'.- 

Ln. iSOoi ?8io 7 '.nrtr. Mann Eaenoa riiocPT. S3. BocLn. 61V« Silhouette, xunapn) COP J "> wiii. a 


Sherman CPmoeH OOpl 13* • - - 

Slebe Gortnah HRIg,. (25p) J M <6/123 
Slgmssen Hunter (I DP) S2 (4112) 

SKent night- Hldgs. (IOp) 93. (4/12)- . 


Glaw'hfdgsfVsop) 537 6 40 3B. 7'ipcLn, K f5/T2 >.^Vq^ cPr! S 98^. ^pcLfi/^M/TO |j SSrtSSrri 5 

cJiin (M. J.) (Com rets. • (loo) 36 9»c®F. 96-a * PCPf ’ « U 


<1'12i 

Alriix InOvfti. ‘2Dp> 46 

Airflow Streamlines (25pi S6 i5'12» 

Alcan Aluminium NPV 23-'i 16 l2i 


Central Iheemnon «x»i xa x h ,.^7 S»“®8 t w » J > (26p) 97 (5/12) Marks 'Spencer (25 p) 86*i* 7 Bfi 9 6 8 SjBj»r',C 

SS ?El«?uK,L * ™ 5s?usr'mW H 7 5 - .JteWr*!" ' -safe 


«l (6/12) 9'apcOb. 72* 'a* _ 

rrdar <25p) 75' 3, Now Ord. <25M 76 


: ailLDlN 


1 gdsr'H^. 73 ™ 


Martey (2»oV 77 800 Group <2Spl 8»(j* 7’a 8 

oTd». nop) Ml • a, re,,,, 

Marshall (Thomas I maxtovi A N-vtg. asp) So^rt. (J.) (Cotorcto.) <1 to) 47 re/1 2) 
Marshall' tThoRMi# (Loalpv).A N.-etg. <25o) Smith. . Nephew. -Assoc . 01 Op) 69*i. *i. . 


TRICITY BUILT-IN RADIANT RING HOB 
MODELS 2243 and 2253. 

There is a possibility that a limited number of the above 
mentioned built-in radiant ring hobs may have a mechanical fault 
which could result in an electrical short circuit. 

If you purchased anyone of these since July, 1978 please con- 
tact vour nearest Thorn Domestic Appliances ^Electrical ) Limited,' 
Service Depot. Addresses and telephone numbers are listed below. 

IN THE MEANTIME PLEASE DO NOT USE THE APPLIANCE. 

The model 2253 is finished in brushed chrome and the model 
2243 in white vitreous enamel. Both have two six inch and two seven 
inch radiant rings. The THcitv model 2233 ceramic glass hob and the 
Tricity model 2263 with fourSJSVEiV inch radiant rings are NOT 
affected. 


Archoi Chemical i2l 
Andericn Stralhclyd 
Anglia Telrvlhon Gr 
!1 


.»p. 7.) .4M2, KVi*. Htw 7JK 4 iSSSSl SSTW** -l "KT5reEK"l 8^"" "™ 

CrP Ncm -V?g. A U5P) cKJrp’^DjlrK (25p) <M. , g'SL Car C— pm. MOp- 47') VSL&EH 


Mocca BbPCIstDb. 631, i8f12) 


I Sommerrfllr -(Wm.l. Son (25p) 57 (5/1 2 1 
Sothpby Parice Bernet Group <29p) . 3S2 


ICoafife Chem. Prods. faSpi 69® 7 


Southern Construction (Hldgs.) (3p> 6* 
Soencer Gears (Hldgs.) <5p) IS 


31;®. 7 >o<Un» Ln 1 997-2002 28 - .-® _ N ew MOpi 26 

A«oc Cummuiycations Corpn. A <25P) CpmpAir LZSpi BA 
, ,0 ,, I Concentric ()Dm 37i«: 

D— '»P: (ZSp) 1 «« gSSUTWV . KF&SQ '* 11 

^D^T.'"' .4l2." D ' C3 - ” ’ J f * l12, |Cc“"lhS. l „ VmCcIS. 68., 8 7. 7-t, 

E B , 'y""/fi7f7i 75D ' ” 8 15 ‘ 5 '’ 2, ISirts.iear iSpi 480 

uPCLn. gs>- (61 IZl I Coovdex MOBt 37 

Aiwc. Fitherio i25p> 40 .4.12. . __ cSSh -w-1 «,n. 


*'• w “ W12 ’ M ItcheN. ■ Somers (10ol 5>>s <5/121 

Hanlwr ,n l nvefitments ^f 1 0o)* aoi, mi)] Mlxcoocrete (Holdings) <2 Sp) 61® 3 
HSERSix' cS Tam J W12 * MoltP*- 425 p^ 1G4 16/12) 

Hanson Trust <ZSp> 136® 89 Al 39 •: MSSS^tpJTOv'c^lZ^SMdJl 100 ' 

A ard frM,d ' » IBJ S IKPlttK*^ M«Ef J, alS? 7. 

DC Harris^sSeldon™ Sra ( iM >P (Z M) 's® 16(12) Monument tPturWes ~f IOp) 5 >4 


MltflhcH. spmera ciopi 52.^. <S/j «■ _ Stead and Simpson. A (2 5p) 39 . .{• 

Mlxcpocrete (Holdings) <2Su) 61® 3 Steel Bras. Hldgs. <25gi.18SiO ; £. ■ 

Mo|I«i-42S(A 104 16/12) Steettev 173. • f.' 

Monk OAJ CSgi 96 96/T2) . - Stelnbenj Gp. <10pi 211 2 . 

Monsanto 8 ®'j- MI12i. SpeLn. 100 _ • Stewart Plasties <2Sp) 176 r»12) 

Montfort <K4rittt«tg Mtllsi a5M 73 4 Stew am and Lloyds SA 6pcl stPf. - <A2) 
(S/IZJ .... _4® <1(12] 

Monument Securities re IOp) 5H ■ SPritag Knitting Gp. 120*) 29® . 


171 70 3 5 4 2 6 


MorBan Crucible 02 So) 114 
Mcrrrall. 4AW) 426oi 40® U® 




I ASSOC, burjycrs HOB. Si 15114# Ccball riSpi 57 

Assec. Tcof-ne Irdustrias 'Z5p) 40 is 141 Countryside Propemes (Sei 44 ). 1 
A * lb “ ri } •Pf* Madcfey iHIdqsl I20 pi 73 Counaulds f25pi l24: fl:; 3 -. 2 4. 7pcOb. 

.rtre i/durti.al Gro #10n, 27. 't® 

nrwoad Garaues '2^=1 -• __1 12) 7i,oeUns.Ln. 57 1 , (4’t2i 



Astra Industrial Gro ‘10oi 27® 'H 
-irwood Garaues <2S=» Z7 l 12) 
Aud'OCronic Hlens. 'IOp: 20 
Ault and Wtborg Grp. -2 Sd 1 19'- 
Aurora Hides. (ZSo) 3b '6121 
Austin .F i 'Leyton* ilOp. Ill; s * 
Automated Security iHMus ; .10u) 9 


Automated Security Wdus ; .ip_Pl *■ Cres, Nlchoi.ji ilOp) 76 

Pr «8uas i^Sp' 71?. 9PC»"f- Croda Food Ingredients 6.'iPc0b. 69 
ICO '« 12) C r «la International (1 Do) 54i- Qfd ( 1 dpi 

Avana Gr r • 50 ' 6. -® fl':* 9® 9 70 69* 3JO 3 lO'cPCUns.Ln. 761; (4'12> 
A*ervs #Z5p) 2320 8 E . Crosby Houy 131 (51121. lOocUns.Ln. 

Avon Ruboer 196 4 7 114 13 'S '12# 


Couriaulds IZSpi 124: 8:; 3 '• 2 4. 7ocDb. Hawiln >5oi 11>:® t#9 
70L- l: 69:. 7'ipcDb. ES J-4. SNocUnl Hay /Norman) (10o> 73 
Ln. 44';:® su. 6':pcUns.L#i. 52 q "(4M2). Head lam Sims Coggins (5 p) 46U 
7',PCUns.Ln. 571, (4>12i Heal Son Holdings 171, (5/1-2) 

Cowan, de Groot (lOpi 65 (4f)2i. IOpc Heinz <H. J.) SiiocDb. Stk. 1976-85 81 
PI. 107 14/121 “ (5/12). 6pcDbJtL 1975-84 B3U <6/12) 

Cray Electronics (IQpi 31 Helene ol London (IOp) 22 >4 16/12). 12pc 

Creilon Hldgs. nop: 14 iS.12? Cn*. PL 1979-86 206J, 7b <4/T2) 


.250) SO (6/121 Monument SeeurHiesYioo) 5H ■ fSTS! 0 . &>. t20p> J9® . 

Harris Queensway Group New Ord. rioni Mole (FFtfrall <10pi 79 Hldas. -t25di 66 16/121 

171 70 3 5 4 2 6 Morgan Crucible C25o) 114 ffSS' y (Hldos. i <23 d) 

Harrison ffT.C.J (25o) 109 <4/12) Mgrralt. <AMII «2Spt 40® 1,® liSSSiH JKP: 1 <4*f2> 

Harrisons Crosfleld £51* Morri* -Btakey Wall Ptoers A (ZSp) 95 LJ?*^ “32- U 1 -.' 2 , W .' t 4 

Hartle Machlncrylntl. (250) 21* <5(122 - • saSKrtKJTSS; SurPrel, 0 '?,* - 

Hawker Sidcfi- lev Group (25p) 232 B 30. Morrison <Wm. Supermarkets) CfOp) 91 ItiSJwL 
8>»pcDb.St*. 1987-92 741, ,5(10) . . J*™***” M OodghnHiB nOo) 25 (H»121 

""k cjSffi! 1 '*■ KS SSlsm/S“i. ss s Quit 72 mw 

. o "'" **• “* 2 - ■ I jw’swas’ffla,*,?*/ ,« i . 

<3*1-4 6 1 , Mount 'OiorlOtte Inrcsunents cion* 23i«® tsfizi 


Helene ol London MOpt 22 1, (G/12J. 12 pc Mvm Crmo flOtK St 
Cn*. P/. 1979-86 20€J, 7J, <4/12) Myson Group flop# 54 

Henderson fP. C.) Group A Non-Vtg. v n ■ -a. 

Kg (IOP) 91 (5/12) N— -O 'F 1 

Dfd (i dpi {20 »1 7 ®*- lOoePf. NCR APCLn. 87*2® 

,2 > ulS?— reifis IS,. r N&S NewSBOftlR <10m 110 <3/ 12) 


M 4 *^ % C * TlOW ' , 'Y CflUn * M * nth " *»■*• sS^gM' iSSa gK’-iJ&J' 3^ (S/12, 
Mmritm ISobh) (26ol IIO 11 lottlWe'spSSSiif reSnJ , : 

MuwHtPd «sp) 2w® r ix^rt^ssrsp^f?,® 7 - ■ a . 


B A T. Inn. '25pi ?91«P 3 7 4 S. DT. i25P> Traibv Snrmg Inrtrr.OF’S I7'j 


\1mM22ri3 — bmsheJ c/imme 


Model 2243 — white viireoius enamel 


78B® 31® 2.95468 2 : 60 54: 

ISA Grp i25pi 55 

B ICC 5Qm 128® 20® 27 5. 5 :pcPt. 49 1 
1- 12' 6i.pcDt> 7H 9 #4 12) 

BL <50p' 19:® 20: 18: 20 


SERVICE DEPOT ADDRESSES 


A I.PKKSHi ) I": -I BI.icl-K.ii.-r Iiuilinp K-s.il,*. 
laiM.-i K.inilniin l{>i.'.i Al'l. i.-lmi.Ti-l: Aldvrrhut 
■JH.VW Tcl#'\ hMbTti. 

BKI. FA-SI : Fritn*- Ki'i;#-ni K#uu1. t '.irl Ic-rwitfli. 
B#-lfuri . Tul R..-II i.rt .iKSTj# TuTewi T. U-> TltiM.*. 
BIRMIM#KA>I: I", i 'i.nitirix-v.- ihtifiuc Kdni#-, 
Cr.irll'-i Hitdli W.irivs Wwi Miii/.mit NK4 7B-I. 
Ti'l f ludl'-v H>-ai h I'.aiiT l TpI.-a. :v4i*iiT. 
BRISTOL- Amur t'.i*il#- ‘Ihidinu K-uif#.-. 

Rith Kuiiil. Kiirlwl HS*4 :l*-I TL'I: nJTg 77.1741. 

Tcli'c MOgtiJ!. 

t'AMBRIDOK: Hn,id l-ini-. I '■•Ifnihiinl. 
1 /nnilri.fcc l' B4 4SW. li'l HiRI MVlgTt 
ni-l.'x: «t:qg 

CAN'VE Y ISIAND: 1‘iiii " >ii»- 1.. Kinjj- Rind. 
CharflwiA K -i-up. I ‘aniri l.-luii'l. Kwcv 
Tel. i 'anu.-i Wanil.iCiTW* fi4114. T.-Ir-x; 
CARDIFF": i ■|i«fr--iiiiiir K-i-it,- i.'U-d»*'muir Ru.iH. 
TVi.in.irfa I -.irriiff T.-l ll'_"J'2 l.ll' T«-k'\ 1H«1#». 
(TATESHRAO: Kir-i .V.-nur i i.iT.-.hi-.ul. 

T» in- .it ul LW:-r N El l <»PW VI. I aim F.-ll'iiii'/g' 

ST/Llgl T.-i- :. r-,t;:i|1 

l#J_AS< :< )VV: /... ”n i iiiiniiiu|>.iiiii- Ki#.h/. 

i 'l,d.- K.-t:'l>-. Riii|ii-rjl* - l'. ' iliL-mn-.. 

i;-l: <V4 l-ev-17 .1-iir Ti l.-v. 77i4iJ.4 

I.ONtHIN; En»|nr.- W.n V..-i#ili)e# Midd <■ 

lei: H I -SBW .1421 Vie. 


MANCHESTER: .Y-ht.«n Stnx-1. 1 inkli.lu-lJ. 

I "h'.wh ue SK 16 4KN.Tel: nfil-'tW .Wl. 

Tvl'.A 1 hliK/i- 1. 

NEWTON ABBOT: Ciie»Cr.ii:|..#-Tri#itini; E-lal#», 
Hi'alhl'irM. NrKiun Aldkii Di'iiin 
Trl- h..vcvTVaci-v«lft?#i. A";-_iiS:i Tcl#-.v 4-jh.W. 
NrrrriNCHAM: A cm l».irk. Midu.i> Cilj 
InduMiriii) En.iir. Niinm^h.im NOT s(TX. 

Tel drifr.'ritil/.'li Tcl"\:.;7727! 

OXFORD: Smi mn Line Wiimre UXfi bfiL. 

Tel: I«y:j 4-11 l.Tbles VWftS. 

PORTSMOUTH: LnnbeHirie R#wri. Hilwo. 
Fnrtrninuth PO'I S-l-l. "lei: H7H9 ti44fW. 

Tel#."X- MHTrtS. 

SOUTHAMPTON: Unit mR. LVmnii ‘piidimr 
E#4Hie. Marine P<ii'4di- SniuhnmptunS<.il 1-1 K 
Tel UTti:} "iS<V14. T.'lv ,• 477 m 
SOUTHPORT: SUurllium I'rt-cenl. Fvlde Rnnd 
IndiihUijL Eri.ii.-. Sum hpori PR3YF 
Tel - /iwiuthpiin "i7(4. '.Hf/LTyln H7J - Jn| 
TELFORD: Unit IW. SCilTunl I'nrk t Teir u rd, 
Siil.ipTRSu VS. Tel r.ir.inl'Oa.W'rtlST-Jl. 

I*.|es .13417 

TONBRIDGE- M-rl-s R.mit. T.mbndge, 

Kent TN 1 * I BA. Tel n7 lg:tr#77gg. 

T-l#-\ :ir,jr.!> 

U'AKKFIKl.tfc M«i:i«Vt#ii* Farm linlu-driiil t’-i.ito, 
1 1. ul,-. Dull- Ibmil. VVsikelH-M Tel mti4 71RSI. 

Ti-I# \ -.3774.1. 


HLMC GocLn. S5. 7 - .-pcLn 47 - .-®. BpcLfi. Cultjr Guard Bridge Hldgs. i25pl 23 #, 
46'.- 5.. 7 i.pcLn 51 •: 45 91 p I6M21 

DOC IM. .2 5o> 67 •* &:■ B 9 - - 5 'iPCDb. i Cummins Engine 30pcUn* Ln. BD (4 12# 

72 - 14 12' 6 '.PC DO 70', 5.12' | Currya (25 di 173'.‘4'12> 


a?.- J J -Ln M ie 7 ° R 31 * Electric Imrrnaf. IIObi 1 BE 7 (612) 

„ V •( I' s -I. 7,pcLr 'K -5 12 Dartmouln tniest I5P1 1Gi;« 

Eer 1 iM^i'n^'iii.ft iqf,° i 5 12 -« S 1 "'"”' 1 Knihueir [IOp. 74® 

B L S n G 94 *#6 ’* 1,0 39 - *" 12 - P I C»»ies Mctcalle #10 pI 27®. A (IOpI 24 

■TR .'rth. ? i7- in ,q . I Da nr. and Newman Hldg>. (2Sh> 15D 2 

3 J - -#0 «. 3 ZliZ ■ D^vi 'Gofilrv*] • 25DJ 9ll< 

W'lrc; BBoriU S 4.4'mcDb. 0 „ y * ,**> 7 ^ b1 91 - 11 ,2 ‘ 

■SSeV 'Ch'. 1 7 0 D p' L 8 -’ 7 "' 4 ,2 ' “*Cl |7. I ; rn y 4 .V. , . M r 7 M * 8 «■ A 

2iL rrt "■t l L w,n L?- " 6 V 2 ’ , ,, p, De La Rue ,2 5p"i 382® I Ii: 


Crosby House 131 cjiljl." lOncUlu.Ln. Henly, (20p) 122® Sh 5 
114 13 r 5 .| 2l ” u HensfKY fFurmture Trades) (IOp) 2\ 

Crasbv Soring fnfer.ors #10p. 17', <5/191. A Non-Vfg. (IOp) 27-1; (5/1 

Crouch i Derek) :20 d 1 1 0S Hepworth Ceramic Holdings (Sol 79 

Crown House f25p) 6 J '- 2 .4 JJi 10.4ncDB. SIX. f992-97 02 H 

Crvstalat, (Hldgs , .5-1 34', ducPf. r 50 p, ■?"□£» “Vi 7 (*4/121 

Cullen's Stores A >10pl 138 112) fj*roii Motor Group (ZSo) 125) 

C . U 6M21 GU " d Br ‘ dB ' HldBI - , ' 2S0 ’ 23 M Hewden-^toart 7 J5 at nop) 64 

SSS7.»T7«f»& Ln flD u 1 21 HicW Pe^iHiST, 5 (8SM f5°S f i 1 #, 5 * 

• Hickson Welch (Holdings) (50p) 192 

Dale Electric Imernat. IfOoi 186 7 I6'12) (G.'lZl 

Dartmouln Invest i5di IG':« Hleld Bros. iSo) 9 - ; <5M2> 

Davcnnori Knitweir (IOp. 74® Higgs Hill <2SP) 68 

Davies Mctcalle #10 pI 27®. A (IOp) 24 Hlqhgale Job Group fSOo) 54 <4/12) 
’ J; 12' Hill Smith (2Su) 64 5 rS/12) 

Dames and Newman Hldgs. (2Sp) 15D 2 Hillards (18 d) 232 3 4 


Sister .Electrical <5p) 31-it® • * 3 • ; 

Swan Hunter Gp: 150 49 'j St — 

. T — U— Y ' ' 

T {J«x «fnmp (9p> 14^2® is:, 144,. 1 l.~pc 


. _ toM. ITCWHVUIU 1/V)n I ■ w IXJ LIL J 

TM—% Mn„) re-r, NattONl . QrbonWilfl C10f>J 49 51 50 ^ Tjwnkc (SOp 159 60 5E 7. fiWbb « 

~rat)#t) HOB) 27 1* Noqgilm <29pt 40 -fS/j'Z 1 - C5/12I w rc Tint » 

UKST’c^i 5L 8l ^’ 2 » - 


Negrettt Zambre (25ol 83 4Je2 
NeU Spencer CIOpi |<M |1/12> 
Neill (James! r2Sol ®4 fSIICD 
New Equipment <! Opl 23 

Ncwarthlll TS33, 


-iSbffflbj/ais- r— -«• 

Tate or Leeds (25oi 76 

T »riPr Woodraw (ZSpi 421 ».T2*. _ 74u»e 

Tecaiesntt fispi 14® 


Hi Rons Footwear (ZOpi 107 (5/121 North BrHis 

HoecJirt Finance lOrcUnsK.Ln. 1241# 51; North-(M.F; 
A Moflnum, ( .S.I 2 .Z3 b> 70 (6/12.. IZncl/W NortbvJn E 

Holden fA ■ 12,01 77 iS'lJi 7® lj® 6*J 


NfchoH UJ<J -(Vlaical r25e) 235 CI1ZJ 
Noreros l25o) 97. 7UBcLn. SO', 

Nortolk Guxtal <5 Pi 39 40 (6f12l 
Norm and Electr.M) (ZOdi 47 8 (4/121 
North British Sleet <2Sp) 41 <4(12# 
North-<M.F:t HOpl 23 . 


Hoff Lloyd Intnl /Iflpf 165® 2 worenww eoop, «sp) ? t 

Home Charm (IOp) 226f n Pb 7, ^ 1 , S ^? wel -I?- T> 

Hoover (25 p) 22a il‘)2). A *Z5p) 230 1 ii iff r M L 21 2 


9aldwln H J i 7ocPf. 5Z 5 12i 
Bambers Stores 'IOp. 1 Sli? 62 
Bank Brdge Grp i5p> 2U 
Barker Do bf«n Gm. >10pi 11 :® 1 2-:® '.®. 
6-ipcLn 40 1;® 

Harlow Band iRo.igi 203 •6'12i . _ .. 
Birr. Wallace Amcld Tst 25pl 105 '5J, 2 '- 


f4'12i 

Hopklnsons Hldgs. <50pi 100® 100 
Horizon Midlands (Spl 116 


N orate. Scca. HOP) T*i; <5(12) 
Norwrst Hotst. 7pcLn. BS (4+121 
Nottingham Brick <50a) 305 C1J121 

"smrMr a! *' 

Hurrtln and Peacock 01 Op) 7B 


r«a V.’. ?is£. 1 iS* 8 .s-i i?’ 12 ^ 

P.-rtos >25p# 5.1 *5 12 ' _ 


Delta Meul (25pf 71 1. =i. 2 ifcisi House of Fraser l2Sp>_137®.9® 6 42 I 37. "ufllln *1 Peacock fllOi 

Db. -9 ti&Ttsjrttistrm 65l< T : C5pl WH * 

n i. - ^. 1 L l -. ld .5. l - , .. , i9* w, l ,J »0 Hpveringlum Grp. Rest rtn. <25ai B2 fi.ic. Suu#, iwui a 


v^ci,o. 1321=. <5112) . . .. 

T ^ 1 ^«y'«« l25p) 74 15/12). New 

Tesco. Stores riiutts,} . <5 b) 54 ii ji»-..3 
t 2T^ a ^»*» <10 p» s* 3 (SJ12) 5 

Textured Jersey fICo) 38 <<t/T2 j 
Thermal Syncncate C2So) 101 -■ 

Thomson Gren i;g3b»DPf. 64 (3/12). 6?«pc 

•^S5 ,h - '7P , ^.6 , <T*> ' 

Tnomsmi T-Lioe^Carawns (ZSo) 60 <5/121 
T &KP l (2SpJ-S70® 70.4* 

.JMS73 8 7Z. CpcCh.-72 MPT2I-" 

_*« (CpvIZ/ 

fisfaBr». ?as fflp ir^ 1 " 
Wi»?V4iSfiE*JRi *** 


20# ,fll 19 ra,,2 ‘ gBSESS.»ft«aa 


\U. BRANCHES WILL REMAIN OPEN ON SATURDAY AND 
SUNDAY 9th AND lOib DECEMBER TO RECEIVE YOUR CALLS. 

IF YOU EXPERIENCE ANY DIFFICULTY PLEASE TELEPHONE 
T.D.A. SERVICE HEADQUARTERS ON i0705» 64466. 

THORN DOMESTIC APPLIANCES (ELECTRICAL) LTD. 


■«P «sr.. w^tibp. 1 . 4 ® i» is g-asa « ,-.i a . 

hlA. Portland Gro .25- 50-t r. 12 °* ,S, > 79 

Hatiers « Ycrkih.rc 10p> ?G __ , Diploma tSsot’ 191 4,12 

Assc * ,a,oli Compaidel (.001 Oi ron (David) Hldgs. I ZSpi 104 (6 12). 

B-'«”'r“ .W*’hiA% .^MOrPss'V ?2. 4 1 

Brochim Grp. 62:* S® 3® 36 7 30 28 Doncasle# rDanleli llptDb. 84 x ie/12) 
New 25 b> 6Z3 40 SS 7 20 -3 Dgwdlng Mills iSpi 28 14 12) * 

New 'ZSpi 70pm. S'.DtLn. 76'. 'b Downlnu #G. H.i i50p> 120 

BeirhVfCQd Construction iMIrtgvi -IOp' 28'! Downs Surqlcal ilDpi 4 51- >4/12) 

• 6 12# Dowtv >50 pi 282 4 3 

R-lam Gro -IOP' 64® ' Drake Scull i25d« 35 i5 12l 

Bill Canada Com. C25i SUSS3 1 ;)® , ' Dreamland Electrical ilOoi 34 (4:1 21 

Bernard Concrete Machinery -IJoi '6 *2*, Puhiiw '5 pi 27 
B-nn Brorhcrn *25tn 6- 3 12'. I OkM- Ductile Steels (25p> T13 16 12* 


H «Sf12? Dl “ m GrD “ "**•"*' (25,s, 82 g-K- B«aAn\}92fl) 31^ WIA} Tc&» A (ft82j ■ 

tjSBS Machinery Bta 30 -6,12) 

^gryagr gru 2 <&i? % Etoem,B4€ 9u^a -2" 

Hum Moscroo iMIdoletoni #So> 26i- fsii7i 0 !aS, l SfWfl. a ? w 53 2 16,12). A nmaaport Day. Grp, <2 


98 .5 12' Dufrav Bl'.umatlic IIOdi 34® S. 1 D‘,pc 

Sensei's Hosiery iWcsr. » izwLn- 6-1 Ln 100 
64 .'3 12i I Dunbee-Copmbev-Marx IIOdi 94 7 

Hunt’ll, 10m SS Ouhdonian <2Qpi S7 

B’n;.ma |n<J. -ISp. 46 : . Dunloo Hldgs. i53p< 68® 8: 8 6 7. S'.Of 

B*rnr Gro .2501 158® 40 19 Bon."' *« P» 43 1 .-. fi'apcOh. 691,0. 7pfDh. SJI.- 
■ 5 121 I "> '5 1Z-. BPCLn, 67', 

R.rlslird 15 . w 1 iZSbi 162® Ml .Dunlop Textiles 61-pcPI. 49 il-IJ. 
FaflMirps Z3ni 6fl 5 IZ# J Duple In, I #5 pi 22<; 

BerwiCl. Timon #2S»I 67 1; (I 12< ' Dwort »2Spi 64 1; S (5 12i. lOocLn. 102 

Etstcbell (Z5ul 1420 6 ; »> 121 


nurn luianni uasi B7i| 

4 16 12). Hyman tl. and J.) f5o) 22%. 

! 4 1 I — 3 — -K 

.. . ICL 443 T, 2-, 7 51 1. 6 '.DC Deb. (20B< 

14 3 16/121 128 iZOil 13 

ICL 443 1'4 2 'i 7 SU. SpcDb. 1981-86 
, 67*, IS.121 

3" IMI <25P' 55Ij® B. 7 UoeUnscc.Ln. 

BS!,.. 7 upeUiuec.Ln. 62 ® 
lU lain). Cpn. (SUS 1.23 1 IUS9.',:® 

(4:12) Ibstodc Johnson <25 pi 182 i5'12i 

I II 1 im worth Morris i25p) 30. A non-vtg. 
:• I20p) 29 #5112) 

3. ID 1 , pc Imperial Chew. Inds. 378i® 2t* 82® 3 
I 2 80 4. 5pcPf. -a*: (8'1 21 . S'ipcUnsec. 
>4 2 Ln. 45'a 7 ',peuasee.L#i. 64 1; 3J, lj. 

Snc.Unsec.Ln. 63® S 1 dlapcUpsec.Ln. 

6 7. 5'.pe 85 1.-, 

7pcDb. 67>. imperial Gp. i25p* 83' ® 5'j 6': S 4>i 
6 2':. Bpc U nsec. Ln. 87'*. 5 ',pcUu«. 

I I2> Ln 72>; >5 12). 6-9pcUn<UK.Ln. 511® 

lO.5pcUnsgc.Ln. 8&<a. 6pcUnsac.Ln. 73 
lOocLn. 102 #61121 _ ^ 

inco CMVjA npy £ 10 ', 


TPnr Kendal MIHb o u rp (HtdgsJ- qop? 

TrlyisArnotd- IZSp, .tWa® ■ Ti»- • * • ' 

TrtCOrtKc nW) 7% BO , 



finance for industry term deposits . 

Deposits of £l,QpO-£25,00O ■ accepted - for fiied terns of 3-10 
yeare. Interest paid gross, half-yearly.- -Rales -for. deobsiti; 
reedved not later U>an 15J2.7S. : r • 

Terras (years) 3: 4 ' . 5[ ' - 6 7 ~ ^tO- 

Interest % 12- I2J. • 12 j 12V..". 12* i2T lZf. 

Rates for larger amounts on request. . Deposite'tb arid further 
information from The Chief Carrier. Finance for liiduatfy' 
Linuted; 91 Waterloo Road, London SEV SXP (01-92S 7822, 
Est. 15? I. Cheques payable to- =‘ Bank -of Rngl^dT-e/t'FFfc^ 
FFI Is the holding' company .for rlCFCTand'.^K!!. ’? 


<>v. 


" *w j V ■r.“ 'v-‘ f^v-’y 

'-^KfSSSSSS 




t — 1 



ft***,, £ 

lx « ! . i n 




? 5 ^i!-r:§,¥ ! - *‘r 

w •*' « - . h-,N.*i >». ft" 

41 Vfr 

■ •■> -V S.Siv?; v 

a V H ?^L * ! V *Vr 

: ^Vv=x 


*i • ^ Deoeisfer^ ' 1.978' J . • . . 

f ^.i-y-.i Tufariire ctwwajfe «sA wi‘ifti». • AuMreiim and imhi. t*. <se»! esij w. m n/ 121 . suocw. «□:. «>-ncDb. RUBBER fl31 

5 W , -'Tr?* W «? *p4l T *. a,,, ** w Si3H liri 5 n a tonal 0 sm VSi**,. *,**. ,VJ* ’*5 

.i^WX-^pwma^geSftf y^&«*w»tofWHaaJ asm a ifi/TSl «f- 34 f j (S.1Z) AS';* Anflla-tariOMMM ‘« 5 ‘ «® 

■: ■* |*f jem «3 Go, atoJaFrT' ' - • • ‘ „•".' *wnt PjtHic Fund fUSM) U5S53 -.5'121 Sluii.m NDmwrn i 2 Spi 103 i» _ ciwrt»«* «MS1 'IBdI «•*!*• 

' : ^JTSSeOfc. «fc •• S.tptl*. , ... g££0Rld’IJK>*tT’ r (^' Tt ?« <J5pi 7*‘J lS ” 2 '- 4><3CLn. hcoitisli Un.ua tSSni 77 . SpeW. 39>i 9 Cortd. Wwtetiora Jl°*L.5 7,s *St? 2 > 

KIssSiS* - ■elsm* ^ t7TO «su wwcro (iS0> „ «?« v~* ":_**■ H,dBi - ,10p3 


■6EP4..1. *-.-,. ... ... ... 

Tb M 1 » ^ WJO^jpRl: 
TurnSi) ' m^S?b' rSoot 2 s 


aovW;. R . *.' Spc :-t AiworiMn t»w«J fSUSJ. 60 J-.fa 
i«u85jt».m • - - • hArniopr Ttv»* (fw 1W9® • 

Turriff CoaeS^ (5pV7.* . .• ■ ‘J/-. J Astern “T raffing •<««#*.> «• S«0 «*/ 

.. -Tunvw JW. .£) .lira. .dtMj.WIM; . VBfnningtiam ttisulfw; SpeJnpPI- : 


caXJ- _* 2 s: s •.jr's. 


Tmck.tw. 
I/SM- Grp. 
11 IB?;, 
uot Grfc 


Bern Putlnc' Fund fUSfil) US$53 -i12) Stau'ur Norttwri i2$pi IDS'] Chenww* K** 51 ' 10oi *6 <*Ui 

Barry Tro* <25pj 72ij iS/ 12 ). 4^aci.n. hcoitisli Un.ica USm 77 . SpcW. 39>i 9 Cored. WWW'WU flop* ST'* 1602) 

104'* 1 Si 12) liiO-i Grand Central Invest. Hidgs, .10pj 

BiMamgau- Tsi (25i>* 17fl® fccrtUMi WMWern tiSOi 93 ISI12) 4 

Border and Southern Stacfcroldcn Tsi. iwcond Alliance «sbj 163, 3 'idcDo. 64 i ; GuUirie Conw- 322.0 1 

JlOp) 61 |;I;| Hamsons Malaysian Esa. jlOm 101 « 

Britan Aiheriun and Gen. T»I. i26p< 40 . S«uh]o Great Nprtnorn >.2Spi 82 1; t5/12i hi ah lands and Lovalands Oernad iSMa 

_5oel»f. Jb>; JS.'IZl sOCurincti acotiano I25PI 176 is.. 12) I IOB . _, „„ . 

British Assets T*l r 26 ol 12 ': 3 <> ASpe Sisewcn Curopcan ttyp> in (a; 12 ' London Sootair* Planiauoni ClOo) 

P r. W'; {T'1 Z» Wwm imromrfli Tn«t <2«5o» 1D»j 5,7 B , .« 


JJ2TE lwV» ,^5L, Y A* - /. . , £? fc * m irefflup iKiaOS-te S*0 fp.lil . j p . -ysjj. Jwwrf wmumpjii Trust ’2001 1 1 i ‘t i 7 8 . 

r?n «IW» y-M- 2 >HUh. Emnlre seairl.to. and Ger.. TM. - Sol hicriu g, Trust (ISpj 167 ib.U, H, l** e « f S9& JSSl f ft® 

y - - [fcahWUMt* frOA- Cto. )nwts.-6taft . in, 15/121 aiih-thulAiis invest. Trust »23pj aJ C612J. MalaKoB ?3P 

gww *Gg«ra«ert) Ttop) :31j- ffiai- ...,l Brtdoowawr Ectsv. fSOal »%, - ..British rndust. ana Grn. Tit Drd. 1000 .b.-OiH. 41 'in/i MuSf Rw flOpr 60 (612) 


Tst. >2Sp) 163:. *6112} TrennuloOr lr.»cMin«nt Trust (2Sp. 98's® ! NarUorooBlt 'PMS1. JtlOpi 20 i4 1»l SelanaOr Cfronut 

In* TM ifOal 1 J 30 3 4 terr.eln lnv»;mc« Trust i2in) £0 >, I punM:lBn HIM*. UOp. 630 5 . 2CpcLn. shun Tjv 27 p 

I’cm a- .LSili' _ I 10210 .. . ... Straits Trap. ns 1 

’« I 75 ai 0 fi .5121 warrants- Th-egmerton Secured Growth Trim (25pj u 13 h twite t!Op! 1JB Swire Pacific A 1 

If 1*1 warrants- 26-: .ij2). L». Ln.,M :S 12. Sungel Knan ilOW 05 7 *. .5.12] S w.» Props. sUS, 

r*st. uao) 7B IS-I2J. B 125PJ Th^orron Tr«,i U 4i .7 {5-V2>. SHIPPING (47) Wrtincld Miner, 

-sra&.'K ’.VtS"” ®Ss 3 r^ wr>B * UJKlt ■& *.■&***■. “TV”' ^paaarj» 


RUBBER (13) Argo imr. Ord 128. Now 47 9 

. 4 ^: m Arrawtta Hldgt SUSO 2 S3 
Abarwyl f . pt *j S.y*S- i g_i5P t Australian On and Gas 65 9 

Anal 8 -/«rfdn*«’»", Cows. i 25 p< jtMr B.p, qinaaa Cljinl 
Chersonese (^MS) '10ol 4B <4 12. Boeing CO. £.S2'n 

Canad. Martationi MOP* 37 1 * 16M2) Bridge Oul 1010 
Grand Central Invest. Hldg}, ilOpj 1DI| Caloarr Power A sUMS^vO 

15112 ) , Corisint Rip Tint? 2720 

Gutnr.e Conut- 322/0 1 Endeavour PetOurzp* tfi'j® 

Hamsons Malaysian Esh. <1 Dpi 101 <6-12* Ctrca 0.1 *2iici 13t 
Highlands and Lowlands Bemad lAMaO.SOi Huten.sen Whjmooa 64 
1 too Jardlne Matheaon 1 790 SOI 77 0 

London Sumatra Plantations CIOs) IBM Kulim Malaysia 46 
ill . .. New Metal 5's® 

Milecue tnve«5. <10p1 E9e Otter Ex. 28 ® 

MaliKoB Serhad lSMa1> 630 Power Carp. Of Canid* Cl 2 V® 

MuPf RW - ( 10 p« 60 16121 | Reoco 1070 

NarBoriHigh <FM 5 ) CIOpi 20 i 4 1 >l Selangor Crronuis 92 

PlinUUM Hm ». OOP- 639 5 - -TCDtLn. tUvn Tjv 279 
10210 .. . 5 ualW Trap- ns 1 B 7 

1 nigh twite HOP) 119 Swire Pacific A 121 ':- S Z 3';0 

Sungel Krian-HOpj B 5 7 *. * 5 . 12 ] S w „ e p r0Jls . lUSO.BB -O 0 . 69 * 4 EP® 

SHIPPING (47) ” I 3o ,c,<l M,ntri11 3Gi ® 930 7T * 

ant. A Cmim'wlw. SMap.ng Co. ( 50 p) wntnllan Sands SO 
292 i5T2> Wheelock Harden A 19'.-9 

Caiedofira in rest menu iZ 5 p> 245 

Common Brothers ijOpi ibS it i2i DECEMBER 6 


Ann In*. We*r 48 

Atnmgn Antimony *3 
BH South 105 

Bodm « 9 I, „ 

Grit. Columbia dec. 4 »mkSo>‘ 

(1-B 86) 64°:® , 

Canadian Lencourt 6 
Cncunt Kcnc U$S 1 . 90 ® 1.94 
CiM Geiar 7hotCn ». i.S 3 \0 3 ® 
Comonwoalth Edison 117 %s 
Cons. Goldheldi Auitmti* 272 ® 
Heng Konc Land U 5 S 1 . 69 '*® 
Hudson s Bar Oil Gas CJD® 
Jardire MaOieSan 179 
jardinc Secs. 07 


OtmOridge limtrumept OOo) 3 \ 

62 Channel Hotels and Praps. 26 

Dcrrenne 21 20 

_ Dollar Land 51 . „„„ 

dee. j tjHjeSfjrlss AO Dundee Anew Ice Rink 226 
East Angi.an Secs. 10Q 
Eldr.dge Pope a 212 

1.90® 1.94 Forestry Pulp and Paoer Id 

n»- LSJ'tS 3® G.R.A. Proo. Trust l!'. 

£ 17 - s j Grendsn Trust llndSub.Ln. £ 8 i ’» 

S» M | , 6 B? 4 d?* KcMock T}. ' Cn*. Sub Virl Rate Ln. 

Stk - ,1s * Series) 4 B. Do. i 2 nd Sorlea) 
-*s UD* 46 

73 Kurtiek 22 '; 2 It; 20 Is' 20 

Mining Corp. 64 3 


N. aB Zoaiand'Vo:csL Prods. 140 ®. *^ K • Nort*>n"v!iilm tel Triumah 2 -j 

Pf. SB4® ! N.M.W. Camnulere 170 

Oil B'b I QStfhim Brewery 76 


:?1 S ’*> 
v. -IBs ?: , 
*,**>:■ 


UW. Engrft. ftp 

vsr 1 ^ 


Ha, / •“ t'. j 

'mts r r ..-: y'-i > 


^ ' ( 

g^to..: 5 , .. -fi J 

4 ' l?; j.'*-: 

"^L- V r'ii ■■ 

H h=V} 

i *1 ■ >6 _ 

HUf : 
' •" 

y f ... : ^ 


■aa ■-. 

V*ior C 23 J n Sfi ( 6 : t21 •- " : ‘. •--•*■.•.;• : [ 3 «)on and Eurooear Grow 'J' DW ST * 
vantona Grp. < 20 p> t 22 .f 6.121 _ ' " ’O'iPCI". , _ 

fes son 4 w«a»«« 9 t SJn^ravaJ^ , 

yrtntm Grp. 1200 ) 148® . 


lip Dam Ini on General Tsi. < 25 ni 187 l 5/12 i 

Grafton Commercial Inv. t 25 pl 124 < a 
1411 2 1 6 ’«pcLn. 95 ' 5 M 2 ) 

Drayton Consd. Tsi. 1260 ' 


,6# ' iso » * 1 Abitibi Paper Iin. 

I'niicd States Deb. Com. it 5 o) B 9 Hont.ng DJDson 105 Anglo United 188 . 

View Fprtn InwsuniciH Trust f2Sai so isle oi M*n. Stbam Pat. co. 189 Argo Invest. Now 47 

i 5 >T 2 ) ' w Jacobs {John |.) and Co. i 20 p) 40 39 «: Australian Cons Funds 141 

Vikfng Resources Trust 'Zip) 83 ® 4'. London and Oyerseas Frcignter*. < 2 Sd) Australian OH and Gas 55 

w , , F"J!S* n «? a.FpeW. 381 :® „ , Baltimore Gas and Elec. jUSZ 5 .*o 

26 (W.I 12 J. BstDb. 60*1 Lyle Shipping Co- (2 Sb) 13 S 05 12) Brldpe Oil f 50 c) 580 

I Hitt -pdiicto /it Ocean Transport and Trading abp) 1 DBO Central Paclk Minerals 450 

UiSIl TRUSTS ( 3 ) 10 11 ia 1 ®': Cotes <G. J.) 170 

hj. and G. American and Gen. Fund Peninsular aod Oriental Steam Nvgarn. Co. Columbia and S. Ohio LIS'i 
Do * A CC- 36 ^(Sjiai- D 1 . 860 3 ® 41*0 i. 6 5 >i Cominer SUSZB'n® 

M n a i".2 re-VST 1 * - Cn ” ntl Fi Un,, » 1 1 8.8 Reardon SSiWi Line A NV. CSDp) 3S>* fStei'an^Koda^LtZi* * K9.® 

“s?i2i® Rl " Klm *" <W * ft XTEA <1 ( Z\ f2SD> M ** G^d r> M<Ms M Kalgoorlle so® 

^Km Tr 5 Uiil , ts d 277 C 7 1 > 4 M 1 '^ 177 ' 4 Aswm-D ooars Holdings 551 < 5 . 12 ) Hewlett*" PKfcifa 9 C 60 '• 

M iiTd G High iris fm inlm* Assam Inystmts 92 Home OH Class A E 25 )«« 

112.70 113 1 ‘ m> FniJ ' ‘ m - Un,tl CameMtt Iwsfin**. lIOol 303 If l 2 > Hang ICono Land SU 51 .fi 9 t«® 

“ufi? flttfsjftj®-- Tr “- Fnu - ■ saw"-?® arase^ *** 

M , S " ii G Fnd - ,nCm - Un “' »■* R i^”w iSdOS. 250 -5 . 2 . S'emPcoPWr 61 

hi j irl r . r . .. ... W JITM PlUflWHons Mum n e-i 1 in Paelbc Pets, as _ _ 


! Pat. Pets. £34 <® 

I Pahang Cons. USi O.oJ® 

0 {Siemens £ 1011 ® 

® SO® Swire Pac. A US* 1 £ 7 ',® 

Tai Cneurg 2 J.; 

Tr->U> Instruments CSS'r 
Tokyo Pat. Hidgs. £40 
Tri Cent.nentai 112 -iy 
Wcsiern Ouccn 18 ® 

WheclocL Maroon A 2> ,® 

Whim Creek 60 70 
Woodilde Pe!»- SI® 

DECEMBER I 
Allied CHem. til's . u 
Argo In*. New 44 ® 

Asscd. Manganese MSl® 

us. 17., » cav 
janflne Matheson IBB® 9 
North West Mnp. 29 
Shun Tak 231.9 
Steel Co. Canada A £i 5 l i:® 
Western Bancorp USS 23 T*;® 
WestBeid Mtneplf 3480 
Wium Creek 95 ® 


RULE 163 (2) (a) 


i Plompian Racecourse 41 40 
Queen St. VM a rehouse 4 3 2 
Rangers p.C. BOO 

Si P*n<r*s Housing Society 2 .pcLn.Stb. 

I £it 13 

Southern Newspapers New 112 tOB 
Winenester Londan Trust 4 ': '« 4 3 % 

DECEMBER 4 

Adnants D 605 £00 

Alton Vida FC £13 ... 

Cambridge instrument rip) 3 '» 3 2 I '< 

Cambridge Instrument M 0 o> 3 \ 

Dalkwlft iCeylow Hidgs. 7 
Deltenne -(Hides.) 20 
GRA Prop. Tit. 12 k It 
Gibbs Mew 580 
Krllock Hi dot- 46 , 

KetltKK man . Cnv . La . list SOM .' 1 48 4 
Kell ack Hidus. Cnr.Ln. vZnO sers.) a? 
Kunick Hldg*. 21 k 20 's 20 19 i?u I 9 'i 
19 

Merrydown Wine 30 
Mng, Iny. Con. 62 1 60 
Nationwide Leisure 6 
North Sea Asset*. L 6 Lj« 

Norton VIIHerS Tr-ulhpll 3 2 -S 


Applications granted for specific fsuriiorn Bh Nnnpopen New 112 1 
bargains In securities not listed Sutton Kirbour^improvement socPt. 6k 
on any Stock Exchange. wotsox water AWiy- sue tzs 


SS 53 JStf±^ 


&«- c - ss.rrr.r-r ,,s & 

—jwss.® 


-Prorideei FhwnCMH On»«> < 95 B) 97 '* 

: 

,;2 - 


*&&g - JCofAfliWt ^wr»nUtt* UW..C0fPS.^*-«r^5J® ?« • _ F-rs- 5 , 

wS^ s i£ldE!ifQ^%^» v 121 


English New Vork Tot. ' 25 pt 73 »;® >r . Hatnolon (Sot 1 S 3 50 (5 tzi 
English Scottish Investors 12SDI 74 ® Ji; 4 MIM i«AO. 50 l 1900 1 
Edulty Consort Inv. Tit. Dfd. >SDpJ 132 Nortn Ooken Hill >*AO.S 0 i gfl |S 121 
i 6 |lli Western Mining IVA 0 . 50 ) 128 

Eiluc Duties In», Tst. i 2 £bi BO ... ,, 

F. C. Euratrirat f* 5 «M «i; MlSCPlIaiietlllK ( 48 ) 

Fire; Scottish American Trust r 25 o> 9 Tk Ger ait Tin Wolfram i 25 p) S 3 i : ® 


Bournemouth Dlst. Z.BPf. 32 IS : 12 ) 

Bristol 4 625 pm. 65 II 12, ' 

East Anglian 9 Or Deb. 70 1 <® 1 

East Surrey 3 .S Pt. 34 -e.Tr, 

Eisiboume -ApcDeb. 34 i. ii-izi 1 

F M/ia 9 ,B " 2A 7 ncDeb. 65 

Lee Valiev 4 . 2 Pt. 730. 71.KIU- sri. I 


A 

Wirrl^ton fiThomaal Son Q 6 s>) Sa 1 

Mraurikinf jcnaai CSo) as- (Sri 2 > i-.V 

Want. BUkg. 8 eJ£ag.f 2 SB}< IVt . IS- . . 

. Wearra- flOot 26ij «nl2» • - 

WcarweU (So) 36 K /123 -- 

WeMwS Puhlicptlodji J C 5 d> 57 ® 

W«m«»d L25p ) W nEW 2 > 
weak* Aaucs. 010®) 26 l*il 23 -- •_ 
Weir -Gro. :f 25 of- JODUv® J 
w«ito «p»i aSk® VT™ 


Foreign Colonial Invest. Trust GS01 1 C 5 
4 kpcDb. 30 * 511 ®! 

Ptmdinvest Cab. r 25 w GO® 60 
GT japan Investment Trust (ZSpi t® 4 ® 
Cenersl Commercial Invest, Trust cZ 5 P) 
141 I 5 M 2 > 

General Funds Invest. Trust Cnv. tlQpi 141 

rlil 2) 


, Trust '.so, T " 2 .' Wolfram .2501 S 3 ':® Lee Valley 4 . 2 Pt. 730 . 7 kpcOeb 5fl;. 

Charier Cons. IReg., i 25 pl 131 t> 30 . I 1 i 12 l .ew-eu. 30, 

. Trust C 25 bi 1 C 5 ] 'Br.i i 25 pi 132 16 12] Mid Southern 3 . 5 DC 34 .1,12 2 aSnrPf 


Target Pets RUS 0 .I 4 
Tooth Co. 137 
Western Queen IB 

Westheld Minerals 360 ® 50 50 ® 70 7 

DECEMBER 5 

Alliance Hidgs. 600 


'GAS, (2> . .. Funds Invest. Trust Cnv. 11 Op . 141 236 .E^lZi. Z sJSwf 'utag J^!T - 1 

ImpertaT Cortlneirt4?*375® 7 peUow:a. Gene ^1 tnvgswr* Trustees <25o. 103 Sajnf'pirin*’ laLoVlt* 5k 

: . W. . gBp-llS i25pl 95 >a 16,13.- ISSSSM^ ^1?,** 

INSURANCE ( 150 ) 37 n/iar south Croiiv nop. si 4 i 5 121 

BCHI^-Ina 1 C TJ ( 2 £o> TT 6 M. -lOpeUnstil. Cmoral Sbm.khalders Invest. Trust ' 12 ':p/ Southern Kinta ivMOJOi IBS M 12 ] 

c£Ttl 7 «l WfftT - - ,,s ' 6 / 12 <- 6 'rPcPI. 42 J.- i * ISI I 5 l ^P"’ b ®rg Malayan Tin (IMIi 290 

Brmcml RbpS Olldos.) « 0 pi 43 -f 4 na» Glasgow StadcholOcrs 1 Trust «Sp< 96 Fanic* iSap; IbBO 8 

BrtuSoic Assur. Tspj 1 70 ® - \ iiwestmcnt Truw '.ZSpi 9 b Ehodesian ( 2 > 

33°42 * Gltnmurray Invest. Trusl L 2 So) 74 :;® MTD V 25 pi 36 5 t 5 - 12 i 

Enufty Law ( ufc i 5 ej* 187®' 6 .— * Glebe Invent- Trust CTSni PIS';© 17® 6 

GenLACddent Flra ule BSiol 2 ' 5 ®. 1 fl 70 16 ‘:® 18 ,|J. 4 htDb. 89 k fSfTZ). 5 >J 0 C Ro?^ °f K 4 1 7 D ‘-'“ l ’ ' 1a 15 121 

Guardian Royal E*. ( 25 »> 2 J 2 0.4 30 . 7 oc Ln. gso 5 . b'rtNLiv. 115 Wank 10 /500“ 30 is , 

Cn. 60 : ■ ._ . - European Trust CSol 63 k S c n „ P D „ 


on any Stock Exchange. 

DECEMBER 7 
Aran Energy 55 j 
A rsenal F.C. £t 59 . 

Aston Villa F C. £14 
Battersbv 7 PcCum. Non-Pan. 10 >j 
BIchanHMle Onshore Services 100 96 <) 
British Urailie 8 7 ', 

Cambridge Inst. 3 
Cambridge Inst. 3 -. •*. 

Ciairmace 22 1 20 
Deltenne 20 19 ' j IB, 

Doloswella 22 20 '* 20 
Eldridoo Pone A 215 
Etcncm 85 3 

Fuller Smith and Turner A 305 

G.R. 4 . Prop. Trust 12 

Kcliock 4 B , , 


Vlk.nc OH T 04 

DECE3TBER 1 

Blshepigate Offshore Service* 100 96 |; 

Cambridge Instrument UP* I'll. *■' ■ ** 

Camorldoe Instrument «. 10 pi 3 » 

Cedar Hidgs- 24 

Channel Hotels and Proos- 2 5 i» 5 «■ 

Chesterfield Brewery 4 ocDb. £96 

Clvde Pel. 93 

Del tens 'Hides. 1 18 

GRA Prop. Tit 1 1 : 

Galana Cevlon Tea Ests 2 
Gibbs Mew A S 65 
Home B/intry 280 
Jacks [Wiliami SocPf. -8 
Jennings Bros. 81 
Kciioek Hlrtgs. 44 „ ^ 


Keliock Conv^ub. Var.RaieLn Slk. t?nd jf s u ot j Hidgs.' Cnv. Ln. ( 2 nd sers .’ 44 


Kmriiw . Bridge o.l >S 0 cj 57 . Do. «JA1> 100 

Tenrfring HuTtdred S.Snc Jlmlv apc (101 Cheung Kang 134 ® 

500 . 3 :&Pi: itmlv. 5 no New 32 D Dundee industries BF,: 6; 

lurk SJpe ifmlv. Spei 34 16. 12 ) E.Z. Inds. 222 ® 


Serlcsi 48 

MadaocH 2 26 3 4 3 2 1 20 19 IB 17 
Maddock T'jpcSub.Conv.Sik. £65 GO 
Manor Park Cemetery 60 59 
Minina Inv- Corp. 66 5 4 
Nationwide Leisure 8 '; 3 
Norton Vtlliers Triumph Z -: 2 -) 


SPECIAI T TCT Hutchison 'Whampoa ij 3 , 

OrDL-ML kIM jandme Matnesan 177 ® kl 3 B 4 2 

Business done in securities quoted Jenni"£s S Tn* 8 t? 
la ttae Monthly Supple menL joncs - Dav.ai sa® 


Kunick Hidgs. IB; 

Mcrrvdown Wire 33 
Mining Inv. Core. 61 60 61 k 61 "» 
NMW Comeurers 170 
N alien wide Leisure 9 8 

North 5 ea Assets 725 

Naribn Vrll'ers Triumph 4 2 ; 

Nuthalls {Caterers) 7 pePf. 39 B 


Nu in alls (Caterer! I 7 ocNon-Cum.PI. 3 B»: [oidham Esu. 140 


_ . ,- • us bo: . • . -ov.-tii European rrust wpi 

S“*"S*L jn? _ Harnbro Lite f 25 p) 410 - '.. Gri.nuc Trust ( 25 p, 76 tS/ 12 - 

Wertijohopx* »«kA. Signal C U 5 W .58 k H^Vw^nd'ert GP.'aOai.'l^Q* 40 ^eshTrn HoSITSc '?=&, Vl ' llnl ? A 53 a& as" l£n &F A ' rltJ ' R0 ■ ,S, 


iara 3 f» 62 


Hjmbrc-s Invest. Trusl r 25 o> 98 


Hfy^N^:w',Sp. 179 50 . c 2 « ,B ^SS , 9 S^» 

London Utd. Inv. r 20 pl 175 ® Hume Holdings A ( 25 p> 74 >> < 6 | 12 l. B Brjcki-n Mines IRQ 30 ' 64 tartii 

MdtDicwl wrightsan Hkjga. IZOP) 183 ® ( 2 Sp> 74 < 6 /l 2 i. tocPI. G 2 >: ( 6 < 12 ). Buirelsiontein Gold (R 11 SUSID:- 

2 <x® 5 •'•.•-■; ' 5 kpeLn. 1-18 '41131 Cunsd. Murehisdn 'R 0.101 1 U 4 i 4 T 2 i 


S 5 ::'S :V 

:. .ti , . ._• 

v • . “I 

A . ■ “'--I 

r - :• , 1 - 1 . 

!■ W „ . , . - 

is •>! a;. 

„-; v '£ . 

,f e *i v - . .' ■ • ■ 

r A"-r v* rs . 

• .•••;. - • : j* . 

s ‘ -:i I : - 

v». ' ' "I : ■ 


9'»*et •; ;. .. 


.. . li ~ ,f *• r, 


WfcMW -.esp) 92 4 l&niu 7 kpcD 
•.®1 85"1 Zj. • • • 

ffitl!* ChUd BMW t25p) 104 fS!1 2F 
Wbjtcrroit iSSpy 1D3®. 4.1pcPf. 3! 


iMCl 4 . 1 pcPf. S9h |M[n« H/ttg*. I 20 W 189 ~ . 

,“* 7 .. . • "T [Moran .(ChilsttWher, Gfc ;< 20 d) 37 k. 
SccLn. .'67 k MM 23 - 1 JUM* • " 


WWlos (TlmtKhy> SocLn. . 67 k M/1 23 _Mr»2* 

WhHHnfthbni CWUllagO n 2 ifOi M T 4012 ) p W' W'M* J ’ ' • 1 -. 

WTg/aH (HenrvT Son OSpi 233 &?5 nlK , ,' 25 , pl . * 1 x 

Wtgflfns Toape BkoeOb. -72*-® k® Prudential (So) 151 4 2k 3k -* 1 3 

9Wftfns Mi*cbe11Caol_ 37® 9 gofW fBp) I« CTjfg _ _ 

Wilkinson Match • 977. SijpcPi.- 40 -t* Rgy^ C2Sp» 367® 75® fi 70 68 

w a'fel * 00 . *7. <3:121. |S ,n ?KK«! d ?iJi 8 B) | . 1 l a 6 ^",A ,4 „ !jgrs.y GeneroT Irivral. ’ Triiyt 216® 

3,5P0lfl- 131. .{5/1ZX . Sw) AliJanw London 51 .D .'ZD..-*® I joi Hoidtnn^ rZSoi ■!?!« raiiai 

C25«i/ $7tt-7 -bf* 2 <XmkPz. 71H - - Jo*c Invest. Trust CJoiiai Oui b'd< 

W?lsan S nW 02O«.) 4 T^ ' WII,te%t£V»2?*:ai ; fc . : : I Keystone Invcatmgnt -500,133 .1, 

^ifeScpfS^SiigW 139 • M11S - INVESTMENT TRUSTS (200) 

■ Wilson Waleon MXtol- 4.1k® 1 Aberdeen TM- f25p> I34’S *I. 

Whnoev tGeorye) M5n> -8£<. Alisa Inv. Tst. QSo) 1l2tt, “ 


5 'ipcLn. 118 ' 4113 ) Cunsd. Murehiodn 'R 0.101 1 d 4 i 4 TZi 

Industrial General Trust < 25 oi 52 '; 'a. DeeiLraci Gold 'R 0 . 20 < SU 51 20 
5 UpcDb. 45 ( 1 / 12 ). 4 i:bcOb, 106 Ooomiontein Gorfd <RT> 216 <6 121 

, 5 » 12 > Durban Rocdepbort Dceo tRli SUS 3 .' 

Inter nailonal Invest. Trust ( 25 P> 74 fS( 12 i. ' 6 1 • ' 

Warrants 34 ( 511 - 2 ) East Daggafentcln lRD 3 U 50.36 >5 12 ) 

jnvudtlnp In Success EguKies r 25 pi 157 * ij“ "laflSuMM 059 ' 10 

In.CSTOis Capita! Trust ' 25 P' 75 '; 9 S fS«™ TrMWtal tSSJ^RO.SO, 1. 


DECE>TBER 7 (2) 

Lyon and Lyon S'.pcCum.Pf. 37 ® 

DECE3IBER 8 (,N|J) 

DECEMBER 5 (2) 

Lyon and Lven S'-prC-am-Pf p 329 

DECEMBER 4 (Nil) 
DECEMBER 1 (Nil) 
RULE 163 (I) (e) 


Lend Lease Cera. 201 
National Bank of Australasia tAust. Reg.) 
195 ® 

Northern Mining SB 
North Wes; Mining 30 28 
Oakbridge 116 
oiilio re O'l t 
P era 011 55 ® 

Siemens SUS 147 '.® 

Standard Ban) £ 16.60 
Standard Brands £16 :0 


I Swire Patiftc A 11 S : : 0 17 ® 12 - i IS'j Eldrldpe Pop*? A 211 It 
IS - 15 . B SUSO -31 '«® D. 3 Z ;® GRA Prop Tst. 12 *. 12 

I Tai Cheng 22 V.® 3 :® Jennings B~‘ 


Oldham Brewery 7 B 
Oldham EsIS 143 UT 
Soulhern Newspapers New 112 11 
Twin lock 22 

Twinlock 12 'jOcLn.S-k. £73 1 

DECEMBER 6 

Cur rough (James i 125 
PMPA ins- 44 
Arnn Energy 55 
British uralrte B': . 

C.mbrldoe Inst. 3 'i 3 . Do. ( 10 ?) 

Cedar "Hidgs. SntPf- 100 
Dollar Land 62 . 1 
□oloswelia 20 
Eldrldpe Pope A 211 10 6 


upuwnobn i t.'U/ Tau^mairt IndS. 7 'i® 

Thless Hidgs. 185 

RULE 163 (I) (e) 

Bargains marked in securities wSm^'«a >& !s 
which are quoted or listed on an wh-m Creet es® 


■ 6 ( 12 ). 5 '.pc PI. S 9 >; 
Jersey E.tcrnal Trust 162 


EjWe™ Transvaal Consd. sRO.SO, 14 S 

Elsourg Gold Il»n 66 -E.- 12 J 
Fine State Gedulp tROiDi tUS 17 'n pi 190 
>US 17 : t 5 ti 2 1 


overseas Stock Exchange. 
DECEMBER 7 


Fre^Ste'e Saarpiaas Gold iRIJ 5 US 0 SB AmSoTpet^se' 


Woodsioe PeB. 52 ® SO 
Yukon Cons. 130 

DECEMBER 4 

Aetna Lite ana C * sual:r £ 32 '.;® 
I American Tel. and Tel. £42 


Jennings Brot. 85 _ , 

Kell be k 47 6 . Cnv. Sub R?te Ln. Stk. 36 

"unlck 21 ": 20'; 20 

Morrall (Abell S'jpcBPf. 190 80 

Mining Inv. Corn. 65 <; S 4 3 

Nationwide Leisure B 

Norton Vilticrs Triumph a>: 2 ■: 

Queen Park Rangers FC 110 
Queen St. Warehouse 4 
Tokyo Tit . 5 .A. £ 25 '; 

Uragatc Inv. 14 D 

DECEMBER 5 

Arsenal F.C. £159 
British Uralltp B 

Cambridge Instrument < 1 pl 3 k 3 2 L*i« *« 'i 


I Queen Si. Warehouse (Hidgs.i 4 3 '-» 
.Southern News. New 112 10 
Southern News. VI 2 10 
Uragatc Invs. 140 
V'Li-io Oil 108 
Wtyijbi* A 62 

RULE 163 (3) 

Bargains marked Tor approved 
companies engaged solely In 
mineral exploration. 

DECEMBER 7 CM l»> 

DECEMBER 6 

C.C P. North Sea Associates till 

DECEMBER £ 

CluR 0(1 375 

Slebens (U K. I 276 J 79 

DECEMBER 4 
C.C.P North Sea Assacs £ 11 U 
Ges and Oil Acreage 103 
S'tbcns iU.K .1 2 B 0 7 B 6 

DECEMBER 1 
Siebena 'UK) 278 6 5 63 
iBg liiTwnssuin r*f (he Sicclc EA'hange 
1 'naih.Tl 1 


Lake View Invest, Trust < 25 p) 90 k i 5 l 1 2 , General Mining Finance ,R 2 ) 15 <- iB. 12 ) 
Law Debenture Corp. ( 25 pt 99 ':® k [GriQuaiand Eapiln Finance iRO. 05 , p 1 B 2 
London Holyrood Tit. I 25 pi 112 k 4 . 12 ) '*nSj _ 

London Lennox Inv. Tst ( 2 Sp) 52 'a I Grootulel Pfr. ' 110.251 C 7 , 



Wotselev-HughM Q 5 o) 202 ® •’ ? ' A ,T 7 , r ?T ,n '' Tst. income -. 4 psi svw 4pcDb 69 u ^.ij, - ^ Lcsi.e Gold .R 0 . 6 S> 3 b (*' 12 > 

Wclstenbohno . JJronxe New ‘ P 23 b» . lU - ls , 1 P . ' . *_,■», London Inv. Tst. ( 5 p) 1 -*a I 5 ' 12 ) Liburor GoW IRIi ™* S.70 

' tHlZi 1 AwBfffiW Tit- (aSq) 4 W .V*. spcPf* London Merchinl Cavt ( 2 Sol 60 Cjp LoMlno Gold S 7 *? 

WombWefl FouiKfrv rTdol-38 ta*12l ' • ’11/12) . . “ 2 “, 64 (6/12) Marlcvale Consd. 010.25} SUS1 !5 I5.H2) 

WoddMan T?SrtQ5p)8S®''8 Anoja Arnerjcan Seeurttle* (25»0:.98® 7g. London TsL. Did. r25P) 104,.-. 4pcDb. Messma 'Transvaali tRO.SOi D55 

Wood iS. W ) Go HOp' 45 15(121 4wDb. 67"; (1^2) * r »''V*. tS'j New Wltswaiersrand Gold iR0.50l VI 

Woocmead tJ- 1 * iZSpJ Wt fS/1 121 ‘ Afifllo-5cottHh in*. Ttt. M. G. Dual Tst- Cap. HOP) 112 fMZ) ECPil^tW Bra S d 

V«|IM» M.ffW.lW. m Mercan.ilo ,ne. Tst. ( 2 Spl 40 b. 4’aPCOb. "JMST r&m° <%)!? 0 « SUS 1 . 30 ® 

■ y .■ j$u'*zjz waa. 1 ?!! aaffjto 4 - 6 "- 


Wootworth iF. Wj Q 5 o» 87 6k 
Wyatt (W.i (Hidgs.) {M 1&. 
Yarrow (SOW ' 326 ® . .. 1 . 

York: Trailer 'Higgs. <F 0 t>V .50 '•; 


UK MONEY MARKET 

Ma r rto a ,i, 60 M! , fR 0 .iB} tusi as . 5712 ) Bank of England Mlnimnm Treasury bUls. all direct from the .Prc-Ou-istmas lethargy together S.l per cent. . On Bank of England 

Mewna .Transvaaii tRO.SOi ess _ . _ discount houses. The laiter were with quiet trading ahead of the figures. Us index fell from 85.1 

L * MlD * Kate per « Bt 11*-U| per cent for weekend, added up to a very dull to S4.9. 

P&m 0 atoim susi so® (since November 9. 1978) secured call loans at the start, day in yesterday's foreign ex- sterling opened at 51.0320 and 
096 4 1 ' . \rith closing balances at 111-111 change market. No currency touched 81.9310 before recovering 

s^T^,2oVioTOS: r, ° Tlie Treasury biU rate was again ^ ^nt. showed any real movement with to S 1.0o25 by noon. Dollar sales 

southvaai Hldg*. '.ro.sq) SUS 5-65 easier at yesterdays tender, with ^ other hand there was a registering a slightly during the afternoon out of the 

s i AST «■■“* ° a53 1055 77 the average rate falling by 0.0098 ^ gJlSSIntdii firmer tendency overall while the v % JS.hed the rale up to 'IMIS. 

per cent to 11 .D 362 percent The bur S eraent* (including rate sup- UA dollar eased alittie/n very before it close d at 81.9d00-l.9610. 

un , on_Co r pn. (Ro.Sui 245 4 mtmmuiD accentpd bid was ourselu .T* lhln tradinp Fnr the latter cur- « „r or. t Tk..» 


EXCHANGES AND BULLION 


Axiandc Assets Tit C 2 SpJ JrpcfY. 36 ii S (SdZI. 4 pcLn 97 ( 6 (U) 

‘ - • Metropalltin Tst. 4 'apoW. 34 

• Piwmvfr .nii run t * < 2 & o ) 62 U® Midland Tst. 125*1 B 9 ( 1.121 

Awas E'ft lHc.jiito Gefl.: Monks Tp.v. Tst. ( 25 p) 48 

*• sgeetj jo® •- uimi.m. ■»!«. i.. r» w n » 






LOCAL AUTHORITY BOND 


Annual: . 


v-r^v- 


Montagu Boston Inv. TM. Wmts. 30 (fit '121 
Moorsiao TM. MSP) 94 S 11 / 12 ' 

Ncvi Throgmorton Tst. Inc. ( 25 p) 2 " ' 
(&ri 2 ). Cap. Ln. 1390 40 ® 2 :. Wrnts. 
28 ® 

Nineteen TwentV-tHght Inv. Tst. IZ 5 o) 70 

North * Atlantic Secs. Ccrp. ( 25 b) 89 

( 5 / 12 ). 7 I.-PCLH. 991 S ( 502 ) 

Northern American Tst. t 2 SP' 97 . 3 ':pe 

Nort hern *> t .’ 2 . Tst . 5 ' sDCPt . 39 'j ( 5 ,'U) 


Sentrust Beoerk iRO.ID) 16 B: 
Southvaai Hidgs. -K 0 . 50 ) SUS 5-65 


u Aot}toritS' : J'' : .gross 'Tnterefft-MinimirmLlfe of ^ io' 

(lelephp^ njm^ci: / /• interest payable • • sunf ;^nd ouwjjct^ An. +«.. icso) sw [6 


.•’.V 


. £ ... 

Year. 

> r . 32 ; 

J-year . 

250 

3-7 

, V'lU 

: i-ypfir 1 

1.060 

4-6 

121 - 

4-year. 

SfiOO 

4-6 

. I24-: 

' fyear 

looo 

3 

. -124 

,. 4-year .■ 

1,000 

6-10 

. ,l£- 

4-year 

soo 

5 

■ Ul : 

hr «ar. 

500 

2-3 


Manchester f061 286-3377) ...... IS- fyear 

Pbole (030 IS 5151 ) . .-.U..:.wa. U| ; J^year , 
Poole : (0201S_ 5151) „ 4 J.-.L.S. ..." 12f * ' : '.fyear. 

Poole (02013 5131) - 12$ /f year 

Redbridge (01-478 S020). -— .... 4a •' -'^year 

Seftbn (051 922 40»J 4-year 

Wrekin (0952 5050al) n r.«..,.. .121. “. yearly 


Provincial ernes ( 25 P) 2 J 1^12* 

Raeburn ( 2SP > llg’-- SpcPf. 38 '; to 12 '. 
4 ';dcLH. 05 15(121 

Right Issues Income USw 3 « ( 4 , 12 <. 

CzcRal L 25 ot 29 «; *. 4 .' 12 ' . 

River Mercantile * 2 Spi' T 72 
River Plata SbPcOb. 82'* it,i„) 
Rtoecco^jFLSG^LSA ( 5 ' 12 ). Sub. Shs. 

Rolliieo' Warrints to sub. *80 ( 4 / 12 ). Ord. 

sub. shs, IF 65 ' *423 < 6 / 12 j 

Romney CSpl- 86 >r. 4 'iBcl.n. M . 5 - 1 .' 
Rosedlmond t 25 P' 56 ‘:®- Cap. shs. ' 25 pi 

RomUrUd ( 5 Dpi 20 S -5 10 B i 6 / 12 «. 3 JpC 

S^And^w ( 25 pi 1 14 ’j 16 ( 6 ' 12 ) 

Save -Prosper Capital ifis.- ilooi * 5 ® 
Scottish AmerKaa, ( 50 p» 83 ':® 6 . J'jcDb. 

Scottish Cities A t 25 p> 163 ( 4112 ) 

Scottish Eastern ( 25 pi 137 U® 8 4 ':pc 

Scottish- ( 25*1 1 DTI;# ® 1 hS 

Scottish Mortgage ( 25 pi lii iGH 2 i. 5 pc 


Wltwatererand Nigel iRO.ZSi 31 ho n 

Zandpan Gold Mining iRli 179 v 5 M 2 i De q 

West African ( 1 ) amniJ 

Arnal. g Tln, Minrs Nlgvria (Hidgs.i < 10 p) Col 

Bistchi Tin iiooi 6 ij '6/i2) mark 

Utd- Tin Areas i 12 -:p* 17 the S 

Diamond (7) was ; 

Angte American invest. Tit. CRD. 50 * . 35 buyill 

Do Beers Consd. Mines Did. iReg » .R 0 .DS> 

3460 SO 4 B 'US 4.37 P 352 . > Br . *R 0 .D 5 i 
5 U 5&.96 p 427 ~ 

OfL ( 168 ) 1 

BrKJsh-Borneo Pei. Sirng. ilOpi 160 ® 

Brit. Petroleum 956 ® . 8 ® 48 SO 4 B 2 
507 46 87 65 56 . SoclstPf, 70 »s (B.T 2 '. Dec. 
6 pcOb. Bfl-i 

Burmah 0,1 70 t® 4 3 5 7 l«*cPf. 47 'j 

46112 '. 7 ',-PCLn. 63 »® 7 'll®. fl'ipcLn. c , 

59 '. S 0 '« 60 

Century Oils IS*. ‘ 10 pl 61 »s « 6 ( 12 i C«o«'lii 


*5 > 31 rLTffpr » ' rintTir C6M with most trading or with DM l HlflO on Thurs- Gold opened at S2001-20U and 

179 l5MZ * L L n/ L uHHnf 12-12), per cent. With money on S^ The StriS franc olso showed maintained ihe firmer trend on 

(1) amount of maturities. offer in the afternoon, rates fell T SwFr 1«K ^ demand in Eur °P e The 

(Hidgs.i nop) Conditions in the London money away to 4-3 per cent, before LS s,.'Pr r 708 =; open ina of U-S. markets prompted 

, market were again subdued and recovering slightly at the close to "{ , “Mor->an Guaranty figures a dightiy stronger tendency with 

the shortage of day to day credit 6-7 per cent. 0 “ in New York the dollar’s a littl* short covering, and the 

7 J no 50 > 35 'huvin " e a 3 m d nd b err,!L ie **** *" the table below are trade weighted average depreda- «r ^°TouJe 

SZ2 Uy S am0U ° ° f in somp lion " idened 10 P er cem from Ut^tiudingm New Vo^k^w a 


THE POUND SPOT 

Bpotr , OTHER MARKETS 

xr. 8 [rate Day’s I Clow — - 


BtJIUMNG SOCIETY RATES 


' , ‘ . r pepoait Share 

[' ‘ • -Rate’. 'Accnts. 

Abbey ^-National ;• J-75% S.00% 

Aid S^5% 4 8.75% 

Alliance ..^...^-. ,7.73% 8.00% 

Anglia Hastings and Thane? -7.73% .8.00% 

' Bradford and BingJey 7.75% S.00% 

Bridgwater 7.75% 8.00% 

Bristol and West ...... 7.75% 8.00% 

Bristol Economic 7.75% 8.00% 

Britannia - 775% 8.00% 

Burnley % .V-..-. • 7.75% 8.00% 

-Cardiff — 7.75% 8.50% 

• catholic e.oo% •o.bo% 

VCbelsea 7.75% &00% 

Cheltenham and Gloucester 7.75% 8.00% 

Citizens' Regency 7.75 % sbo%_ 

, City Of Lotidda 8.00% 880% 

Coventry Economic ............ 7.75% S.00% 

Coventry Provident 7.75%' 8.00% 

• Derbyshire . 7.75% 8.00% 

< Gatewaj^“.....:..^~,...^...... . : .7.75% S.00% 

Guardian . • ’. ' . 7.75% 8^5% 

Halifax 7.75% 8.00% 

Heart of England 7.75% 8-25% 

- Hearts of Oak smd Enfield. ; 7.75% 855% 

Hendon. 8.00% 8.50% 

JHaddersfieid and Bradford... '• 7.75% S.00% 

. Leamington' Spa . ............... _ 7S5% 8.10% I 

Leeds permanent . 7,75% - . 8.00% 

Leicester . 7.75% S.00% 

Liverpool 7,75% 8.00%. 

, London Goldhawk ........... 7.75% 8-25% 

Melton Mowbray ...... - 7,85% 8.10% 

Midshires 7.75% 8.00% 

MomiugtQD ; ,..J. ......... -725% 750% 

National- Counties S.00% : &30% 

Nationwide ......... 7.75% 800%; 

Newcastle Permanent .^... . 7.75% 8.00% 

New CroBS ....i~.. 7 ,.......'- 7^5% 7.50%' 

Northern itaek . .i.'...,...' 7.75% ; 8.00% 

Norwich. ; 7.75% 8.00% 

Peckbam filutnal - 6.75% 7J!5% 

Portman _:, .7.75%. vs.00% 


Sub'pn 

Shares 

9.25% 


880% . 9.50% 
SiO%“ 9-25% 
S.00% 925% 

S.00% 10.00% 

8.00% 9-K% 

S.00% 9^5% 

8^5% 8.50% 

8.00% 9J25% 

SJ5% ’ SJa% 
8JS5% 9-25% 


8.10% ■10.87% 
8.00% 9J25% 


Principal! ty : . 7 . 75 % 

Prqgrassive 6.70% 

• Property Owners 7.73% 

Provincial- : 7./a% 

Shipton 'v . 

.Sussex Mutual — 7.75% 
Town and Country ..U. ’7.75% 
Walthamstow 7.75% 

Woolwich : - 7.75% 


8 . 00 % 9 ^ 5 % 

8.00% 9J!5% 

fi.95% 7J5% 

8-50% 9.75% 

8.00% 9.25% 

8.00% - 9J25% 
S.35% 10.00% 
8.00% *10^)0% 
6 . 10 % 020 % 


. .•Term Shares 
9.00% 3 ynL/&50% 2 yrs. 

9.00% W yrs, 8 j 0% 3 yrs., 8^3% 1 yr. 
9.00% 34 yrs.. 8.50% 2 yrs., 8.25% 1 yr. 
9.00% 3 yrs^.8,50% 2 yrs. 

8.10% Sj.yrs^ 8.75% 3 yrs. 

8.25% 3 .months' notice 
9.no% 3 irs., 8.50% 2 yrs. 

9.00% 8.50% -2 yrs. 

— *’7% over £5.000 

S.75% minimum £500, 6. months' notice 
9.00% 5 yrs.,, 850% 2 yrs., £500-115,000 
9.55% 3 years 

9.35% 3 yra./increment share min. £500 
9.00%'S yjx mjn., 8.50% 3 mtbs.' notice 
9.25% 3 yrs., 8.75% 2 yrs., 8.25% 1 yr. 
8.50% up. to, 3 months' notice 
9.00% 3yrs^ 8^% Syrs.. min. £500-£15.000 
8.95% £3,000 3 months’ notice 
9.00% Sly 8.50% 2 yrs. 

025% 34 yrs., 9.00% 2 yrs. 

0125%; flrytSi, 925% S yrs., 9.00% 2 yrs. 
9.00% \8 'months, minimum £2,000 
9.00% 3 yrt, 450% 2 yrs. 

8.85% 2 years. ■ 3 years 

9.00% "3 yrs., S.50% 2 jts^ min. IL000 

9.00% 3' yr*, 8.50% 2 yrs. 

9.10% £ yrs, 8.60% 2 yrs., min. £1.000 
7.75% Spn, 7.70% 2 yrs., 7.45% 1 yr. 
S.85% 2 jfrsL, minimum £2,000 
9.00%. . 3 yr&, Sl50% 2 yrs., SJ25% 1 jt. 

9.40% 6‘mlhi, 475% 3 mths., min. 11.000 
9.00% -34 yirs^ 850% 2 yrs., min. £500 
9.30% -3 -yis, 9.00% 2 yrs. 

9.00% 3 yrs., S.50% 2 yrs., min. £200 
9.00% 3 yra.l S.75% 2 yr5„ min. £200 

9.00% .3 yrs.-, S.75% i-yrly., S^5% 3 mLhs. 
9.00% S-4 yrs., S.50% 2 yrs., min. £500 
7.95% 3s5r&,7.70%2yrs. t 7.45%3m(hs.noL 
9.00% S months notice. ' 

9.00% 34 yrs., 8.50% 2 yrs. 

9.00% 3yrs^ 8.50% 2yrs-, S JS% 3mthsjioL 
930% 3 yrs^ 9.00% 2 yrs^ 8-75% 1 yr. 
9.00% ' S'yn, 850% 2 yrs. * Max. £250 
9.15% 3 y%,9£5% 3 mths. not. min. £500 
9.00% 3 yrs.. SL50% 2 yrs. 


7 .;ucln. 63 -.i TUI®, aijpcun. ^ Siij I.BBlO-I.SBIBh. 0600 - 1 . 9 $ID , P "' S - j — ' - ' ’ ” 

. ils Go. *i 0 pi Si's ( 6 / 1 2 » Can'lluD S I( 25 » 2 . 2825 -Z.fi(Ha 2 - 5020 - 2.5030 Argentina Penn i 1 . 895 - 1.899 966 . 60 - 968 . BO [Austria f 27 - ZB 

5 PC I £?"*S 1 , 11 al, -: 52 ’, SS Gnllder «** 4 J 4 lj^. 0 B 4 . 06*^.074 AnstnU la Dollar.... 1 . 71 BO- 1.7230 D.BBQ 3 - 0 . 8814 rB*»l«i 4 «’ ! 60 - 6 lig 

=■ HunU'ne l 'Pet. 2 ^en(ices GSni 87 * Belgian F 8 6 B-M- 68 .I 6 69 . 20 - 60.80 Flntau-i Markka....! 7 . 9 15 a 7 . 9 S 50 4 .Q 9104 . 0550 |Dknmarfc 10 - 55 - 10.55 

-■ t. i 25 pi 33 b (61121 Danish K j 10 . 86 - 10.444 ID. 431 - 10.444 Ura?|| Crazeiru I 38 . 60 - 39.60 19 . 70 - 20.20 iPmw I 8 . 55 - 8.65 

KJtrtsfi Marine OK C? 5 n» 13 * a. D-Slark S 3 . 73 - 3.78 3 . 744 - 3.764 Greek Dmi-hmn.... ' 7 L 199 - 72.941 36 . 3 S- 57 .Z 0 (Germany 3 . 70 - 3-80 

Unite .TOP) SMs es. i 4 ncLn. Pnn. Ew- 18 91 .t 0 - 01 .B 0 91 . 60 - 81.90 Horn* Kong Dollar. 19 . 3550 - 9.3750 A .7900 A. 7950 ilinly ... 1 1630-1700 

.Hidiwi .iOdi r>««, ti * 2 , n Spau-Pta. I 1 59 , K-l 40 . DO 159 . 80 - 140 . TO Iran Hlal ; 1 A 4 . 3 A- 1 A 8.24 7 A -76 4 «|»n | 385-595 

t»“ OilbeA ( 4 ? 1 %® li*»® 16 ^ , 2 - 5 S!!l 8 S! Kuwait Dinar (KU) 0 . 531 - 0.541 O.Z 7 BOO 0 .a 7516 )NMberIaja,la. 4 . 00 -A. 10 

KrwgD. K. 7 10 . 09 - 10.07 lQ. 05 i- 10 .DB,? Ltiavnibu'ire Pranc| 69 . 10 - 59.30 30 . 81 - 30.34 iSunray I 9 . 95 - 10.10 

ten Aet. LFI 201 . 41 H® *USS 8 i! Pnneii Fr. 8 l- fl. 57 -B .62 a. 80 J- 8 -flie 3lalavfU DnUar.....| 4 . 28 Z 54 .S 0 Z 5 2 . 2000 - 2 . 2040 Pomiflal 8098 

liar- Tradlna ( 25 n» SEB-® sotm ! V''« ,,sllKr T f 1 * Wg* 4 L 70 B. 68 i- 8 .Hi KewZealauittMlarjl. 863 O-l. 870 Q 0 . 9 542 - 0 . 957 ® d in n | 139';- 143 


Esso ret. S'SPLlstDb. 77 L I 5 / 12 ,» Belcian F 

Hunting Pet. Services (ZSpi 87 S * 1 *??* S . 

KCA Intnt. ( 25 sii 33 *s ( 6112 ) K 

London Scottish Marine OK ( 25 B I 13 * «. D-llark 
Oil Prcd. Unite -IOB) »B 8 ; 9 S. i 4 pcLd. Putt. Esc. 

1 O 0 > 4 ® Sratn P(T, 

Oil E*Bl 'Hidgs.i IlOpi JCS# 31 ® 2 30 f * CT ' 

■itunier Cons. QilfieWs (Sgi 160 ISI® 16 i'. 1 ™ _ 

15 KrwgD. K. 

Raval Dutch Pel. (FI 2 D) 41 ■«# SUS 59 i a Preneli Fr. 

SB . 90 £41 Sn'edlsbKr 

Shell Transport Trading CZSpi SBBt® 90 t« i- „ 

BO!# 91 :® 2 90 901 5 4 87 i B 7 BS. . 

iBr.i > 2 Spi 595 7 (ft'ir /. ir'iDClatPr. Anatna>i^i 
44 ': 14 , 12 ,. 7 prZntJPf. 61 ( 5 i 12 l Swi-a Fr. 

Steaua Bonuna (BriliSht BpcClim. (ZSpi 

17 H' 12 < 

TexacD Intel. Ri». 41 «BcLn. 53 ?,® Holman 

Tricentrol - 25 p) 1662 a 531 . Ora. -”^,.7 

(Foreign Held' rz&p) 164 " 6 .( 12 ) Financial 

Ultramar iZSoi 230 . 7 pcPfd. 13 S ( 5 : 12 ) 

PROPERTy (108) LOND 

Alliance Prop. Hidgs. 9 'u>cDb. 74 C 6 J 1 Z) 

Billed London flflpi 61 * 5i12f 
Allnatt London U 5 p) 220 

A-nlpd. Stores iSp) 11 ® _ - 

Aculs Sees. iSp) 20 ( 1 / 12 ' Drr. S 

Argyll Secs-. 1 ZpcDO. 801 ® 1915 

Bk. Comm). Hldrs. lIDo ) J), 

Beaumont i 2 £d. 91 3 . BocLti. 571 n.—— 

Belluvav Hides. iISpJ BDij 79 Otertiisbi 


Frooeli Fr. 8 l- fl.B 7 - 8.62 

S*ve* 1 isbKrJ 8 l*! 8 - 644 - 8-70 
Yen [ 3)2 588-392 


4 . 00 - 4.10 

9 . 95 - 10.10 

88-98 


Later trading in New York saw a 
further rise to around $203 >'2031. 

GOLD 


Gold flnliwa « Hoei' 
uume) 

Close 5202 - 202 } 'SlMi -189 

<Vninn S 200 j- 20 li |S! 97 i-!B 8 

3 Ji>njiug fixing ...... S 200 -SB ’$ 198.10 

,<£ 102 J 8 f) f£ 10 T.BSS) 
Anernoca risiac....;S 202 JIO J 519 B.S 0 

1 £ 105 . 246 ) jl£IO 1 . 650 ) 

GnM Coins j 

d'lmesticplly ; > 


I .'•■ciiiiuii. ^ »■*! I AewAeaiBUiiLUUUirji.ocwss-i.oisn, I W.»3t«-«.WBI-^01"1 139>;-1A3»* Krugerrami uMwl'un^ ’feinTj^nwi 

L '•» ^ - J 5 * a I JS 5 ?„ JWHS** Saudi Arabia Hiyal.i 6 . 52 - 6 ^ 2 * 3 . 3700 - 3.3750 Sw if rerbind i. 30 - 3.40 «?' iS 6 1 

i; AtutripPeb-J 4 IJ 97 . 30 - 27 JO 27 . 45 - 27.48 Slnan^v* I-nllir .. I 4 . 27 - 4.29 j 2 . 19 QO- 2 . 192 o!i.;nli«l siaien !l. 9450 - 1 . 955 O Smereiinia 'SBOi Ki I 6 M -62 


6 . 32 ,‘ 5 .S 5 J Snub African Hand 1 . 6849 - I. 7108 j 0 . 8 S 34 - 0 . 8767 n'u{;osla via I 


Belgian rain is (or convertible francs. 
Financial franc S 0 . 45 -SD. 5 j. 

LONDON MONEY RATES 


Borkelpy Ham bra i 25 f) 145 ® 6 I 2 dny* uol le 

SMon PPerevJ i 25 pi 173 ( 4 J 2 ). Actum. 7 (Imp «r ... 


Ellton PPercvJ i 25 D> 173 ( 4 VS 2 ). A«um. 

Shs. ' 2 5 a) 169 -S I 2 ) 

Bradford Prop. TSt fZSpi 265 <S 121 
Brit land ( 25 g| 40 ':® IN Zi i a ; i. J . 

1 SpdslDb. 105 'ST 2 i, tipcLti. 165 
Briston ESS. 'Z 5 p) 11 B ' 5 , 12 ) 

Cap. CouTiUes ( 2 Sp) 63 >:® 4 1 ';. BVoc 
Ln. 70 ; >*3 

Carrlnpun Inv*. (S 0 p) 95 ® 

CcntruvIiKlal Ests. -ZDpl 87 ’: 
cnaddwlcv Inre. ( 2 Sp) 49 8 ts . 12 ) 
Chester held 12 SP) 355 . 

City Offices ' 25 ei 69 ( 511 2 ) 

Comoto Hides. < 20 o) 120 f*< 12 ) 

Corn Evchansx ilDpi 2 - 37 ® B® B 40 


OvwniabT i 

2 dn.v s uoiiee.<: 


7 days ni 
i One mooih ....) 


Sterling i Loc 1 < Dxa .1 Aufh.j Finnnw 

Certificate Interbank | Anihcritr ] DCgoiia>)l« 

on deposit j ilcposita Kindi 

- 4-12U> - | - 

- - j HTf-lSia I -- 

- IS-ISU. 12-lZ’s ! - 

12 i 4 121 b - 121 4 ; 12 -IZIh i 12 lg- 12 k 


Rare Bfvnn for Antcnilna is free rale. 

Rale tor Saudi Arabia R/ral on December l should iwvo been S . iT - S.ji m . 


House Company tnarkei J Treasury I Bank iFioeTrerie c „ _ . 

Deimsiu Defosiu ! •lepn.it [ Bills® ; J Hill-* siota-d” " ’ 

— 12 in :iQS,.lEif.! -— i — i — f 1 KniJ** • -• 


Tva m.'nlb. ..! 12 ^. 12 1 ^ : 12 , 1 - 12 ,^' - 


1218-12); 


■«?, Tfiieu ui-ulbs. 12 * 12 *.- 12 U- 12 ,^ 12 i 8 - 12 i 4 J 11 , 8 - 12 ’s 

:® 4 its. BVdc sis „, uU ihr ...I 12 ^- 12 ,'. lE-lSig 11 >j -13 I llsa-U^ 
S® .Vine muni Ilf „ - 1 1 SJ JlTe -12 , - | 11 S 4 -J 1 T B 


12 so jlQ 3 ,- 18 ir.j 

121- — I 

- )liV 12 J 

12Sr 12 >1 

12 * 12 ;] 

— 12 1 


.ICS 1 - 52 ) ji£ 30 ;-S 13 i 

OM duverviuiu $59-61 (S58p-60u 

(JiSOi-il;) !|£ 50 -ili 

Gold Cidns ' 

luienuf tuoaHy ... 

Kruiierrend S: 07 i -2094 :SZ 0 Sf- 2 D 5 Ji 

,^ 106 - 107 ) .[ JJ 1 D 4 ; - 1 D 6 J) 

New 3 "ver*>lanf S 95-65 ' 662 L .644 

a' 57 - 26 ; ,U' 27 JBi 

t*M 5 r.Ter«b 2 TiF SBB -61 ]S 38 f- 60 i 

<ri 0 i- 3 U) |ri.' 3 D.a 1 < 

SIOEbrIcs 5285-286 15282-287 

6 k' bun lei- S 157-162 Sl 55. 158 

51 Hauls- . 5105-1 ID IS lOt-lOB 


>U,VllViaiflS-'; 

Jills li. , ;l 12 ;-' 

! llH - 15i !iiSiiv 


CURRENCY MOVEMENTS 


One yiar ... 

Tan j-rtur., 


llVUrl 1110-12 im-115* | Ills 

- — | IZ-IBU ! - 


SI ■.- rlii i/: 

V.S. dollar 

Canadian dollar 
Austrian si-hilling 


Bank or Morgan 
England Guaranty 
Index chang es “a 

~t2J® -«0J 


Local authority and finance houses seven days' notice, others seven days' fixed. ‘Longer-term local antborCT morixase Belgian [rune 
es nominally three years 121-121 ger edit: (our years 12 i-l 2 ‘ nor cent: 6 v c years pit eenL ® Bank hill rales in Danish krone . 


i rZST ’ rfnl? -txi A rales nominally three years 12 F 1 C 5 ger cem: four years 1 CJ 12 * ger cent: 6 v c years llk-lii pit eenL ® Bank hill rales in Danish krone 115.74 + 6 J. 

-.oimrry n<.w rov#n i on) 4 'j 4 lal> | c ari: . buying rales for prime paper. Buy Ins rale for four-month bank bills 1115 ( 6-111 per cent four -month trade bills 121 Deuimhe Mark 14740 + 40 .B 

County District hop) 118 ( 5 . 12 ) per ecm. A . ... . Swiss franc 193 .®) + 83 J) 

Banian Hides . (ZSpi f(M <- i 5 ,'T 2 ) Approx,' male selling rates for oite-manfft Treasury billv ] 15i6 - ll > i .~: percent : ana two-month IVia-uiSsj per cem: ihree- Guilder 12 X 32 + 1 M 

piluth. E S?,"- ' J&l !cni. IV, * t. 1 Ei* month 1 M- 11»32 per eenL Approximate selling rale for tmo-monih bank bills 11-12132 «r '-tut: two-mouth lie I s ;- 12 per French franc 98 J 4 —fi.fi 

^S?jpcLr>. 75 ® CP tWcLii 8 i (?'1 21 S1 *‘ cent: and throMnonth 1115]6 per cent; one-month trade bills 12 per cem: two months 121 per cent; and also ihrce-momh Lira 5 AJ 8 -aa.fi 

ssa. Agenev tiidns. i 25 i) 58 ‘ 121 per cent. Yen 146.92 4 - 4 SJ 

tits. Prop- Inv. ras-w 106 ( 6112 ). Csclst Finance House Ban Rates i published by the Finance Houses Association) Hi per cent from December 1 , 197 ?. Clearing Based on trade weighted chances from 
04 . 70 ( 5 M 2 ) Bank Deposit Bates tor small sums at seven days’ notice 10 per eenL Clearing Bank Base Rales for lending 121 per cent. Washington agreement December, 1971 

Grt^Paniand' f 3 k fsi 5 » r Troasunr Gills: Average tender rates of discount 1 L 55 Q 2 per cent. IBank of England lndcx= 180 ». 


Woolwich .....w...—..: • 7.75% , 8.00% 855% 9.00% 3 yrs.. U50% 2 yrs. 

All . these ratra are affear. basic rata tax liahUftJT has been settled on -behalf of the investor . 
* Ra^ normaHy variablB in Una with changes in ordinary share rates. 


esss. Agenev Hidgs. ' 25*0 58 121 per cent. 

Bits. Prop. Inv. eiStH 106 (SI 12 ). 6 «Clst Floancn House 
JO ' S . 70 > 5 ( 12 ) Bank Depealt Bat 

Evans Leeds » 25 ») 88 ( 58 * 12 )^ rminw BTh- M 

Grt. Portland Erie. fSQp) 226 ® B Treasury bi.b. at 

Grjwn fR.) nop) 37 ir 
ttreencoat P 5 oi B'j 

Nrmmerswi A (ZSpi 604 A 1 / 12 ) Ff IDIT.F'I |D 

Hasteirwre Ests. lOp) 266 . 9 >wcLn. 141 tUtlU-vUri 
Imrv i 35 « 333 ® 

I itterMropean tnOul 39 ® 40 “ 

Kenntegs 37 NL. 12 ). BotDb. G 8 ( 6/121 _ 

Lalng-a 2 S«l 123 . A CZSei 1 < 1 S ( 61)21 Dec. 8 

Land Sacs. r50o> 248 6 7 . (Nipcvn. 650 

fit; 6 01 / 121 . S ’wsLn. 162 W ( 1712 ). t 4 hn« term 
6 'iPCLn. 155 :®. lOpcLn. 165 ( 4 rt 2 » T»hm terrn^ 

Lam Land COp) 45 lj 7 f 4 f! 2 ». 7 ocDh. ,, 8 > s uw k 6 

Lewd (John) ShpcOO. SZ 0X123 . 6 (>sc Three m»ni(i*... 

Db. 64 ( 6 i <21 O', 1 1 1 ,|| 

London Prov. shop Centres 8100 ) 1 SB f'* 

( 6.121 One >"car 

London ShtiD Prop. USoi 72 ij® — 

Lrnion I2t > P> >23 6 — r.iKnu-lnv 

MEPC (ZQPI 147 * 9 SObTSO 48 . 8 pc 
Ln. 590 C 5 / 121 . 5 oCLn. 112 lO.afl-lfl.BO per ecu 

Marlborough (Sol 22 ’: («U) LonB-:ernt £n 

Martor i 25 p' 34 (fill 2 ) ctosins rales. S] 

Mountvlew lEpi 90 W 12 ) SlMaaSrif 

Mucklow i A. i C 2 - 5 P i 122 (€ 112 ) Singapore. 

Noltcn a Soi * 5 - - 

Peachey (3 5 p< 88 6 mm 

Property Reversionary A nzSol 310 W 12 ) U K 1,11 
ProporTv Security ISOol 118 ® 17 :;* IB M ^ 
Raglan Top) 4 L® ^ m _ 

Regis 61 *r 

St. Catherine's Collage 62 ( 5 , 12 ) 

Samuel i 35 o> 93 1 ' 

Scottish McrraoDliian C 20 M 116 ( 6 fl 2 t. 

S«onu Cln Cl Op } 45 :• Mr- 12 ). New 
llOBi 42 ® 

Slough Esu. (Z 5 pi 11 *® 19 21 . Idoan. Wamo 

IBS 7 : 

Stock Conv. 1250 ) Z 8 S 6 / 12 ). SlypcLn. 

277 45*129 Assflcifltcd P&D 

Town City HOW 13 :?. 14 ocLn. Bfi ASS0C1 P 

Town Centre Secs. C 25 p) 75 Mf 12 ) n f Tnalan 

Traword Pare [asm ns ci/i2» Bank of imar 

United Kingdom l25oi 2*ij — ; — - ~~ 

Warnront GQoY 345 (4ri2) Brirish Land 1 


IBook of England lndcx=lD 0 ». 


EURO-CURRENCY INTEREST RATES 


Mte- 13 ig 
15*4 I4f 8 
Wig - 141 a 

IShj-Mii 


OnowSlan 

U.9. Dollar Dollar Dutch Rollrtor Swue Franc 

9^918 7t 2 -8^ 95^X0 

9is-10 7i?-8te 9*4-10 its-,* 

11*4-11*8 9rt-9rJt 9?8 10i a re-.'. 

Il.Vilirt lu,£-ib,i 95,. IQ U-* 

lOrt-lOrf xieSss 5 r --5 

lln-Uji 10 ri-lo* . BSb-Sib lU-lJe 


Weil German 

Jlark 


Freo-ro Franc 

TUT*: 

8 >4 

aij-94 

9«s-9 s * 
9iil0 J 
lUU-lOJz I 


10-14 

13- 14 

14 - IS 
‘ 5/6 

151?- 16 <2 
16-17 


97*- 10 

lGl4.lv. 5* 

JUb-H': 

HA-Hre 


Jipaneae Ten 

— S7i U 3 

— Ip ,!c 

1 ' 4 -ISg 
** 2,^- 
2(1-2;-* 


The folfow/ng nominal rafes were onoicd for London dollar certificates of deposit: on? month io.S5-lfl.73 per cent; three months li w- 11.29 per c.*oi; six month:? 
tO.afl-lff.SO per cent; one year UJO-li,”0 per cent. 

LonB-:crm Eurodollar depoolu: Two rears 18 -101 p<?r rent: ihrcc years H)7|4- lBV lt per cenc four years lK liii n*r vent: five >rar* ini|<.-l05i« per cent: nominal 
closing rales. Short-term rams are call for sterling. U.S dollars and Canadian dollars two-day call for guilders and Swiss francs. Asian raics are (losing rales in 
Singapore. 


UJL CONVERTIBLE STOCKS 8/12/78 


Statistics provided by 
data STREAM International 


siouft^EMs. U5pt 1(9® n 2i. iot>an. Name and description 

Stock Conv. I 2 So> 286 6 / 12 ). SlyffCLn. 11 ' nlr 

Town 13:, 14*LP. » W12J Associated Paper 9 jpc Cr. S 5-90 

Tr^w? , Park S 1S5i? 5 ^ J i9 S ci/r2? ) Bank of Ireland lOpc Cv. 91’96 
wornwa GDoY 345 (4/12) British Land 1 2pc Cv. 20 02 

Webb (Joseph! pSpi 17 6 * 12 ). BueOb. IZ m2 

wmc^Iuk- C 20 p) 22 . GbpcDb. gjh English Property Bjpc Cv. 98-03 
“ !13> English Property 12pc Cv. 00-05 


Hanson Trust fijpc Cv. 88-98 


HewdennStuart 7pe Cv. 1M5 


ftnmd JiCCTii 


Slough Estates lOpc Cv, 8T-90 


I » f mt«..h n r wn rk[ jflyaDer* Xeuj Pr«ieh P>Bu^ tiwiin. Fnuic Uuico GuuJoi ] iiAiian Lira | uiiftii uminr tteigian Franc Thorn Electrical 5pc Cv. 90-94 

368.9 6,615 ■ . . fi.333 ! 4,070 f ] 2.305 s9.2S . Tozer, Kemsley gpc Cv. 1981 

198 2 i ^.393 l , . 1.700 t Z.076 . B47J | 1.174 . 30.22 


Deuteeh^msut 
JBpuBOM Kan 1J09 


Frengh Frwe & 

ftui 4 ' 


Diiteb £niitd*r 
IteJina £trs LflO? 


CnmtdlAa Deltor- 

Sel^Un FanoIOQ 



Con- 

Size Current version Flat 

(£m.l price Terms* dates yield. 

1.40 102.00 20Q.0 76-79 92 

1.20 173.00 47.6 77-79 5B 

7.71 lg7.0P 338-3 ‘ SO-97 7.2 

8.07 75.00 234.0 78-79 $T 

15.31 80.00 150.0 76-84 15.2 


4.51 80.00 57.1 76-79 32 


0.01 3S0.-00 564j 


5-50 166.00 125. 


10.93 100.00 29.1 75-79 5.1 


8 91.00 153.B 74-79 S.9 


VoU 

Bremiumt 

yield 

Current Ranged 


Income 


- 9 to 3 6.7 4B 

6 to 26 0.0 91.4 

-11 to -1 • 3.5 OF 
40 to 66 26.0 45.1 


- 1 to S 


-14 to 4 9.6 3.4 


II to 35 32.9 46.6 


— 7 io 3 5 


1 io 21 7.1 3.8 


9 10 39 


21 in 38 29.3 34. 


Cheap (+) 
Dear (— )0 

Current 



. 160:7 

3.7X0 

663-7 

. 14.64 


Ultramar 7pc net R.Cv.Pfd. 14.97 1 .36 


Wilkinson Match LOpc Cv. 83-98 11.10 87.00 40. 


* Number of ordinary shares Into which rlBO nominal or convenjblt aorfe Js rojivrnJblf. * The cslrn tosl of ihvcsKimjii )U conrcniblc expressed as per c m ol the 

cost of the «juity to the eonverUhlc stock- t Thre*-momh ranse. S income on number of ordinary snares mio which fioo nominal of eonvvrublc stock is convertible. 

This InttWHfl. expressed in pence. Is summed rrom present time until income on ordinary shares is ftrealer thau uicumu on £t(iu nominal ol convcntblu or the finai 

conversion uaie wnuaeverta earlier. Income is assumed to grow at XO per rent per annum and is wvsem vulnnl aL 1- per cent per annum. r income on lim ot 

con ten 1 hie- income Is unmaed until couvurstnn and present valued at 12 per cent per aooiuu. f- This is income oi ihi- convertible less income of the untierlfins equity 
expressed as per cent of the value of tbe under lyhnj eomtr. «> The difference between the on imum aud income dtUvrcnce expressed as per rent of the value of 
underlywp wjnliy. *t- is in Indication nf relative cheapness. - is an indication of relative dcarm-tf. 



























>*. Z.' m 


24 


Financial Times -Saturday^ I^feffite' - 9^ i97S 


STG CK E XCH A N G t: R E PORT 



Equities resume advance after Thursday’s reaction 

30-share index closes 1.8 higher at 493.3 led by GEC 


Account Dealing Dales 
Option 

♦First Declare- Last Account 
Dealings lions Dealings Day 
Nov. 27 Dec. 7 Dec. 8 Dec. 19 
Dec. 11 Dec. 28 Dec. 29 Jan. 9 
Jan. 2 Jan. 11 Jan. 12 Jan. 22 
* *' New time " dealings may wkc pl«e 
fro in 9.30 am m business days earlier. 

A more detailed assessment of 
GEC's interim results reversed 
Thursday's decline in the shares 
and also steadied equity stock 
markets generally yesterday. A 
slight hangover was evident in the 
sections during the early trade, 
but small end-Account sales were 
fairly easily absorbed and the 
tendency began to improve in a 
thin business. 

The situation In Iran was more 
.of a talking point but there were 
few other factors to affect market 
sentiment. Consequently, many 
operators were looking ahead to 
the long Christmas trading 
Account wiih seasonal 

enthusiasm, some hoping to see 
the FT Industrial Ordinary share 
index break through the 500 mark 
fairly sonn. 

After Ihe official close of 
hu>incss yesterday, the leaders 
were cdsiing forward in anticipa- 
tion of this happening early nest 
week and the index, which had 
shown a loss of fl.H at 11 am and 
a net rise nf 0.7 four hours Jater, 
closed with a gain of 1.8 al 493 .3. 
GEC recovered as investment con- 
fidence revived and. at 340p. re- 
trieved ail of Thursday's fall of 8r 

Microelectronic issues featured 
again, still mirroring the Govern- 
ment's intention to sponsor the in- 
dustry to the tune of £400m over 
the next few years, but here too 
the overall level of trade was 
pretty small. Nonetheless, sains 
were frequent and extended to 10 
as in the case of Racal at 358 d. 

British Funds came to the end 
of a week which has seen hoth 
tap? operative and the medium 
stock Exchequer 121 per cent 1983 
was a=;iin supplied yesterday toy 
the Government broker al 975. 
albeit in a small way. The 
market's overall performance this 
week was adjudged very credit- 
able although business, apart 
from straight demand and switch- 
ing into the tap stocks, has been 
sparse on occasions. 

Corporations recorded scattered 
gains, while Southern Rhodesian 
bonds eased a point, the 2j per 
cent 1963-70 shedding that much 
at £33. Findlay 8 per cent con- 
vertible preference, offered to 
ordinary shareholders by way oF 
rights, made a quiet debut at jp 
premium. 

The investment currency pre- 
mium fluctuated between ex- 
tremes of S3j and S5 per cent in 
small two-way trading before 
closing a net i up on balance at 
84J. Yesterdays SE conversion 
factor was 0.7233 f 0.72551. 

In the wake of Thursday's mid- 
term results, another good Traded 


of 173i>. which compares with ihe 
iisue price of I33p. 


Banks edge higher 

The major clearing. banks made 
modest progress in thin trading, 
but Bank of Scotland relinquished 
3 to 2S5p. With the exception of 
Standard Chartered, which soft- 
ened a penny to 425p abead of 
next Tuesday’s interim figures. 
Overseas issues held firm. Else- 
where. Hambros put on 3 to 176p 
and Lloyds and Scottish gained a 
penny to lOlp; the latter's pre- 
liminary results are due next 
Thursday. 

Insurances plotted an irregular 
course. Hambro Life lost 6 to 402p 
In a thin market, while C E. 
Meath gave up 7 to 246p and 
Qfinet 5 to 185p. On the other 
hand. Prudential added 5 at 157p. 

Breweries and kindred issues 
hovered around overnight levels 
in a thin trade, with little nf the 
seasonal interest which had fea- 
tured earlier in the week. Arthur 
Beil closed unchanged at 252p: 
the price in yesterday's issue was 
incorrect. Despite the reduced 
full-time turnover. Cardiff Malt- 
ing returned to profitability and 
put on a penny at 3lp. 

Furthcr consideration of the 
interim results and ihe chair- 
man's optimism about current 
trading lifted Bnmett and Hallam- 
shlre 5 to 205p for a two-day gain 
of 15 on the announcement, but 
Armitage Shanks, still reflecting 
concern with the Iranian situa- 
tion, shed a penny more to ?4tp. 
Press comment drew attention to 
Gough Cooper, which firmed 4 to 
74p. and to Johnson-Richards 
TUes. which added 3 to 97p: last 
year, the latter’s interim results 
were announced on December 19. 
Baggeridgc Brick found further 
support and added 2 for a two-day 
rise nf 5 to a 197R peak of 3Sp. 
Hevwood Williams held a late im- 
provement of if. at a high for the 
year or 137! and Parker Timber 
put on 3 to 138p, also a 1978 high. 

A couple of pence caster at ihe 
outset. ICI attempted a rally, torn 
finished a penny off at 380p, still 
up S on the week. Further con- 
sideration of the interim results 
added a penny to British Tar 
Products at 54p, but end-of- 
account offerings left Stewart 
Plasties 4 cheaper at 174p. 
Bernard Wardle, S2p, were un- 
moved by acquisition news. 


results due Monday, softened 2 to 
21 8 p. The sharp increase in annual 
earnings, a proposed 50 per cent 
scrip-issue and a property revalua- 
tion surplus helped K Shoes 
improve 3 to 80p for a rise on 
the week of S. 

Further consideration of the 
half-yearly results prompted a 
marked tumround in GEC which 
were briskly traded and, at a close 
of 340p. regained the previous 
day’s lass of S. Elsewhere in the 
leaders, EM improved 2 to 151 p 
and Plessey hardened a penny to 
113p. The Government’s pro- 
posed £400m boost for the micro- 
electronics industry continued to 
benefit Electronic issues, but buy- 
ing interest was on a reduced 
scale. Raeai advanced 10 further 
to 358p and Ferranti were similar 
higher at 382p, while AB Elec- 


adverse Press comment on the 
annual results left British Sugar s 
lower at 143p for a two-day fall 
nf 7. Awaiting the outcome of the 
bread strike talks, RHM shed a 
peny to 52 Jp, but A.B. Foods held 
al 70p. 

A good market of late on the 
Board's, forecast of substantially 
higher pre-tax profits. Ladbroke 
encountered early profit-taking 
and slipped to ISOp before late 
support left the close unchanged 
on balance at 183p. Elsewhere in 
Hotels and Caterers, buyers came 
in for Reo Stakis which put on 3 
to a 1978 peak of 42p. 


B. Fertleman dull 

A mixed trend was evident 
in the miscellaneous Industrial 
leaders on the last day of the 
account. Sporadic profit-taking 



I I 1 l : Ml I M I 111 1 111 ll Hill ■ 


Option business was done in GEC 
whir 


...jich recorded 201 or the 662 
contracts completed. 

In much quieter trade, Harris 
Queensway touched 173p before 
reverting t« the overnight level 


Barton's surprise 

Store dealers were surprised at 
the start of business . yesterday 
when Burton’s preliminary figures 
were announced nearly a week 
early. In the event. Burton “A” 
which had risen 5 on Thursday 
on new-time buying ahead of the 
figures expected next week, 
immediately turned lower despite 
the better-than-expected profits 
recovery; up to 181p in front of 
the announcement,- the shares 
reacted to 173p before closing a 
net penny harder on balance at 
177p. Marks and Spencer gained 
2 to 89p helped by better news 
from the Canadian subsidiary. 
Foster Bros, added 6 to ltS7p and 
Vantona gained 4 to 128p but 
Martin the Newsagents, annual 


Ironic firmed 3 more to 183 p and 
Elcctrocomponents 5 to 320p. 

Inclined easier for most or the 
day. Engineering majors picked 
up and closed without much 
alteration on balance. GKN 
finished a couple of pence to Ihe 
good at 263p, alter 26(lp, while 
Tubes ended unchanged at 394p, 
after 390p. Hawker, however, 
traded firmly throughout the 
session and dosed S dearer at 
23Sp. Elsewhere, the majority of 
movements were limited to a few 
pence either way. Aurora Holdings 
lound support at 93p, up 4, while 
Baker Perkins responded to the 
forecast of a satisfactory improve- 
ment in second-half trading. 
Avcrys hardened 2 to 236p await- 
ing news of the possible bid from 
GEC. Gains of 2 were also marked 
against Rotork. 56p, and Bam- 
fords. 35p. but Babcock and 
Wilcox, a firm market of late, 
encountered a Jittle end-account 
profiting taking and gave up 2 to 
J62p. Associated Tooling hardened 
another penny to 42p on the 
interim results, while Press men- 
tion left Johnson and Firth Brown 
a shade dearer at 68p. 

After trading announcements. 
Bishops Stores A firmed a penny 
to 06p, but Lennons eased that 
much to 34 p. Elsewhere in Foods. 


prompted losses of 8 and 10 
respectively in Glaxo, 530p. and 
RcckHt and Colrrian, 475p, while 
Unilever finished 6 off at 554 p. 
Beech am. however, continued 
firmly and closed 5 dearer at 637p 
and 30 up on the week. Ahead of 
Tuesday's preliminary results, 
Trafalgar House improved 2 to 
123p. Elsewhere, B. Fertleman 
became a dull feature and fell 
4 to 25p on the first-half profits 
setback and interim dividend 
omission. Ferguson Industrial 
gave up 3 to 123p‘ on the late 
announcement that the company 
is bidding Tip per share for 
Peerage of Birmingham: deal- 
ings in the latter, which were 
suspended on November 28 pend- 
ing an announcement, will be 
resumed 9.30 am on Monday. The 
liquidation of speculative posi- 
tions prompted a fall of 4 to 5Sp 
in Dondooian, while Hunting 
Associated lost 7 to 293p on profit- 
taking after the recent rise which 
followed the Board's capital pro- 
posals. Comment on .the profits 
recovery helped Wilkins and 
Mitchell harden a penny to 42p, 
while Glass and Metal put on 3 
io S3p on speculative buying. BTR 
improved 6 more to 3S5p. 

in the Leisure, rectoc, next 
Wednesday’s debut ■ of Milieus 


Leisure Shops directed investors’ 
attention to Campari which im- 
proved 3 to l09p. New-time 
interest ahead of Monday’s annual 
results prompted a like gain to a 
197S peak of 109 p in Management 
Agency and Music. 

Motor sectors closed slightly 
lower. ERF encountered profit- 
taking after the previous day's 
rise of 10 and gave up 3 to 137 p. 
Rolls-Royce finished an odd firm 
spot, adding a penny , to 95p, end 
among components, Lucas ended 
3 better at 3L0p. But Jonas Wood- 
head’s disappointing interim 
statement left the shares 4 down 
at 97p. 

Newspapers tended easier in. a 
slack business. Associated, 180p, 
and Dally Mail “ A,” 358p, both 
gave up 2. while News Inter- 
national, a good market oF late, 
met small profit-taking and eased 
3 to 275p. Elsewhere, paper manu- ' 
facturers James Cropper reported 
much-improved first-half profits 
and gained 2 to 90p. S mall buying 
left Geers Gross 3 up at 45p. 
Saatchi and Saalefa} improved 
again, firming 5 to n 1978 peak of 
140p. 

Leading Properties heLd close to 
overnight levels for most of the 
session following a reasonable 
end-account business, but took a 
distinct turn for the better in late 
dealings. English Property and 
British land ended 1} up., at 3aip 
and 43Jp respectively, while 
Capital and Counties added .a 
penny to a high for the year of 
65p and United Real appreciated 
10 to 318p. Lynton firmed 2 for a 
two-day rise of 10 at lSOp, while 
Rush and Tompkins firmed 4 to 
lOQp following a bear squeeze and 
Corn Exchange, still involved in 
talks that may or may not lead 
to an offer, added another 3 to 
243p. 


comment and gained. -.2 to 7§p. 
Courtaulds added a penny to I24p. 

Plantations ended the account 
in a quiet mood, although :£he 
undertone held firm. Sogomana 
rallied 6 to 181p after the'; in-, 
creased interim profits -and divi- 
dend. CastlefietcU however,’ 
became .a dull -market f a Bowing 
the reduced profits and eased S 
to 240p. ' A 


Good week for Golds 


Oils above worst 


Oil leaders picked up after 
drifting easier initially on scat- 
tered end-account profit-taking. 
British Petroleum touched 936p 
before settling at 940p for a fall 
of 6 on the day, while Shell closed 
3 cheaper at 5S4p, after 5S2p. 
Among the more speculative 
issues, Burra ah responded to 
Press mention with a rise of 3 to 
78p. LASMO Ops put on 15 to 
395p in an extremely thin market, 
while Slebens (UK) recovered 
from 270p on a late flurry of 
buying interest to dose 4 higher 
on balance at 278p. 

Recent buying interest in the 
Trust sector faded. Nevertheless, 
the underlying tone was reason- 
ably steady and quotations showed 
only small irregular movements. 

Apart from Common Brothers, 
which firmed 4 to 169p, Shippings 
took on a quietly dull appearance. 
Furness gave up 3 to 252p and 
P & O Deferred eased a shade to 
Sop. 

Bats Deferred' were active and 
hardened 2 to 257p. 

In idle Textiles; Tricoville 
belatedly responded to Press 


South African Gold share* 
ended a good week on a firm note ‘ 
as the bullion price moved up 
through the $200 per ounce level 
to dose $3.75 higher at $202,375,- 
for a week's improvement of $8,, 

Fuelling the fresh gain in the' 
bullion price was continued 
satisfaction with the outcome. of. 
Wednesday’s International ' Mone- 
tary Fund gold auction. 

Also helping the continuing 
strength of the share market was 
the steadiness of the investment' 
premium which registered :/-* • 
strong rise over the week. V ^ . 

Despite the closure of .'the 
Johannesburg centre — the . Souths. 
African stock exchange is moving'' 
to new premises — the gold share 
market attracted a fair demand ‘ 
throughout the day from Con- 
tinental, London and American^, 
sources. 

Heavyweights registered gales 
of up to a half -point as i n Yaal ' 
Reefs, £121 and West Driefontein. 
£20 i. while lower-priced . issues 
showed Doornfonteln 11 better at 
230p. ,lr 

Better-than-expected final dM-. 
dends from G rootrJel (22 cenft) . 
and Marievale (38 cents)' saw ; the 
shares rise 2{ and 5} respectively 
to the common price of 92p. '3%e 
Gold Mines index registered its 
fourth successive gain with. a 3.4 
rise to 134.4— a week’s advance of 
9.6, while the ex-premium index 
put on 22 to 075. 

South African Financials drew - 
strength from gold sb ares., and.- 
higher premium. De Beers re- 
sponded to further Continental' 
and American interest with an-' 
other 10 gain at 362p, while Gen-' 
era] Mining put on a half-point 
at £161. 

London Financials were barely! 
changed but Hhicorp attracted 
further support and dosed '2 
better at a 1978 high of 67p. - r 


financial times stock indices 




- 1 . J 

J ‘ 

_ ' , 



A year 

• '- 

Dec. 

S' 

i)K. - 
7 : 

Der. -s 

B 

: »• }-; 4- 

1 -. 


68.97 

: 68.99] 68.03 

68.86 

68.72 

68.66 

<76.03 

Pctcri Iuterc*t .— 

70.37 

70.31 

70.231 70.08} 70.0 It 89^7 

73.29 

- 493.3, 

492.51 491.8 

488 Jt 

48B3 

486^ 

485j» 


134.4 

isi-o 

127.3 

125.6] 

; 124.7 

1346 

242.4 

Sold Jttlnw lEs-5 11m.) 

97.8 

95.0 

99.8 

94.6 

- 94.9 

H 

. 104J 

f.OnL Dlv. Yield....—.. 

5.85 

5.86 

- 8^85 

- 5.90 

•• ' '689 


5-53 

'Earning*. X’WtdaC) ... 

15-45 

tl6L38 

;fi5^4 

15.49 



16.68 

P/E Efliaa (iwt).H..;..^ 

8.40 

SL41 

- 8.42 

.,834 

. 8.38 

8.31 

831 


'4,336 

4,241 

4^76 

4,328, 

4,642 

5^iel 

4.306 

• Kqnlty turnover £m!.. 

— 

87.66 

86.90 

?o;?b 

‘60/62 

57-39 

-.84.W. 

^Equity benpilas tauL. 

— 

16,555 

16,1 is 

16,3131 

ifirioel 

13,4871 15.423 


a a «ui win -wwm 

S pm 492-2. 3 P« 

. Latest) mlex EL 406. BBS. 
•N1I-8JS. 


Basis 1M Govt Sees. 190101. FteH'm. -<**■' 


MtoiTIwwa. m SE AptMtr Wnec- jaa. 

fGorcctro 


HIGHS AND LOWS 


s e. activity 


1978 


[Sine* CampnnAoir 


High 


bnrt. Serf—' 


Fixed Int...- 


toil. Ord J 


Gnld Mines 


Gold Mine* -I 
<Sx -9 pm.)- 1 


78.58 

(Sill 

81.27 

(9/tl 

535.5 
m/9) 

206.6 

132.3 

tfW 


pncr 


Bleb 


67.92 

<10/111 

69.50 

(13/11) 

433.4 

(2/3) 

124.1 

(29/11) 

90.3 

(IB/4) 


127.4 
13/1/36) 

150.4 
(28/ll/47)|' 

549.2 

(14/8/77) 

442-3 

ozibim 

337.1 

(3/4/74) 


Low 


49.18 

(3/1/I&1'- 

60.53 

(3/1/75) 

4914 

(26/6/40) 

43JS 

|(26/10l71). 

64.3. 
(B6/8/76) : 


Dto. 

a 




Gilt Edged —I 157.fi ■ 146.0 
lodnetml* h 143.7 145.1, 

Specntatne 4 403 tM-3 

Totals — T....1 . 9B.2T- .06.5 


; 5 jlayArentw; • ' ■ • > 
Gilt-Sdsed— ! 162.9 

I ndustrtnlx -.-..1 ; -148.6 
SpemlStave ,.j 28.4 

Totals 99L71 


'15412 

14L6 

24.2 

94.7 


J • 

, -r 




« -v- 




1 '.v-' 

( ;'*• .• • ^ 


I - » 

J • ■ .?• 


■ •, 1 ' I ’ ; ' ‘ 


■ j . 


iugl 

stantial Australians nevertheless 
continued to reflect the firmer 
trend In overnight domestic. narr 
kets. Comdne Riottrrto put on ~4 
more to 2S2p and Western Mining 
3 to 130p. Hampton Areas hard- 
ened a penny more to a hjgfr of 
157p; Colonial Mutual lias 
acquired a 23 per cent interest 
in the former and is considering 
making a full takeover bid. .- . 1 : 

Elsewhere, recent high-flyer/; 
Westfield Minerals moved within-, 
extremes of 390p and 350p before 
closing 19 cheaper at 375p. 


LONDON TRADED OPTIONS 



Jam 

tary. 

.. .. A 

nrll. 

Ju 





Closing 


Closing 

. 

Closing 


Equity :. 

Option 

price 

offer 

Vol. 

offer 

Vqi. 

offer 

Vd, 

otoaa 

BP 

950 

20 ' 

35 

. :bi 


L. 72. 

- 

938p- 


1000 

6 

75 

22 

JIO^ 



• M . . 


140 

' 16 



• - IS 

2 

23 

— 

151p 


160 

31* 

— 

■6 

- 30 

12 - 

— 

„ 


180 

• n* 

— 

^3 - 

2 - 


. 

•• 


180 

6 J& 

5 

15 

" 

18 

5. 

177|» 


260 

_ 85 . 

.7 

90 

16 

— 

' 

537p 


300 

47 

48 

.58 

13 

87“ 

* . 

M 

GEC 

350 

21 

-23 

35 

-- . 

-48 

* — • 

'■ 


360 

7 

• 93 

18 

7 ■ 

30 

— 

so 


100 

17 

. 9 ■ 

1914 

— 

: 24l 8 

;io 

llSp 

-Grand Mot 

110 

8 

14.. 

llte 


*■ 15H 

-13'] 



120 . 

31g 

15 

- ei» 

12 . 

9ia 

12 



360 

30 

. 21 

37 

. — 

. 47 . 

2 

379p 


390 

. 9 

• 68 

17 

“V 

.'.-. 2 a 1 

& 

„ • 

Land Secs 

240 

11 

2 

22 

-■ — .- 

28. 

_ “ 

. . B46p . 


90 

4ia 

9 

71s 

16 

.11 



Shall 

BOO 

B 8 

5 

102 

— 

— 

. 

683p 


550 

43 

*16 

SB 

:* — . 

70 

' * — 

-u 

Total! 



444 


'102 


47 




Pabrunry . 

1 ^ 

AU 

a " 

A 

BOG Inti. 

60 

I 8 lg 

L 

16 lg 


: '141. 

■ 'ju" 

69p 

BOC mu. 

80 

■ 1 >C 

— . 

2 

.5 

% — 




200 

12 

■ 5 .. 

20 -. 



24 . 

. '-'5 

198pr - 

EMI 

160 

. 7ij| 


13ig 

■ 6 

• 18 


ISOp ' 

RTZ 

380 

. 4 

50 ■ 

9 

■L— 

* — 

.r— 

236p 

Totals 



66 

•i*~ 

*\ , 8 . 


. ,R ■ 1 

. ’ . ■ 








- '. 

*'• ' •' 

. . ’ 7' 


r ■' 1 •' 1 



-H*r 

-a,:-; 





RISES AND FALLS 


British Fond* 

Corporations. Dam. and Foreign Bonds 

Industrials 

Financial and Prop 

Oils 

Plantations 

Mines 

Recent Issues 


Totals 


Yesterday 

* On the week 

Up 

Down 

Same 

Up 

Down 

Snnifl 

30 

3 

30 

133 

61 

196 

10 

0 

4T 

ST 

IS 

230 

255 

250 

1,023 

XTO2 

039 

4.010 

87 

Sh 

33* 

783 

239 

W33 

T 

- 0 

21 

40 

28 

117 

5 

3 

24 

22 

32 

106 

W 

23 

48 

300 

117 

zm 

« 

4 

U 

33 

14 

89 

on 

382 

L554 

M74 

1,448 

7 AS* 


ACTIVE STOCKS 

YESTERDAY— 


DenomLna- 
Stock tion 

CISC 

BP' 

Shell Transport... 

BATs Defd 

UK and Shanghai 
Barclays Bank" ... 

De Beers Defd. ... 

ICI 

Ladbroke 

Plessey 

Beecham • 

GKN 

Marks & Spencer 

Rank Org 

Reed lnt). 


No. 

of 


2.7p 

£1 

25p 

23p 

SHK2.50 

£1 

R0.O3 

£! 


Hip 

.1011 

£1 
25 p 
2-ip 
£1 


Closing 

Change 

197S 

197S 

price (p) 

on day 

high 

low 

340 

+ s 

.wri 

233 

&40 

- 6 

964 

720 

3S4 

^ "l 

602 

4S4 

2.17 

+ 2 

304 

227 

2fi2 

— 

36ft 

an* 

370 

+ 2 

372 

206 

302 

+ 111 

4SS 

2S5 

aso 

- 1 

421 

32S 

193 

— 

213 

154 

113 

+ 1 

125 

S7 

H37 

+ 5 

726 

351 

263 

+ 2 

2HS 

24R 

S9 

+ 2 

94 

07 j 

260 

*i 

296 

226 

152 

— 

1SS 

102 


The above list of active stocks « based on the number of 
recorded yesterday m the Official List and under Rule 163(1) 
reproduced todair in Stock Erchatipe dealing*. 


bargains 
te) and 


ON THE WEEK- 

no. 


Slock 

GEC 

Shell Transport... 

BP 

Barclays Bank ... 
Beecham 'New... 

ICI 

BATS Defd 

Marks &: Spencer 
Lloyds Bank 


PiO Defd. .. 

Pilbington 

CourtauMs 
Midland Bank 
Bumiah Oil . 


mmina- 

of 

Closing 

Change 

1P7S 

107S 

tion 

marks price i p) 

on week 

high 

low 

asp 

71 

340 

4- !) 

349 

2:W 

25 p 

63 

554 

- 1 

602 

484 

£1 

04 

940 

- 4 

954 

720 

£1 

39 

370 

-T- 3 

372 

296 

23p 

33 

645 

■+S3 

643 

56S 

£1 

4S 

3S0 

+ S 

421 

328 

25p 

45 

257 

4- 5 

304 

227 

25 p 

3S 

SO 

-*• 4 

94 

67' 

£1 

37 

2St 

+ 7 

297 

241 

II 

3li 

2S5 

+ 2 

MS 

250 

£1 

3fi 

•S3 

+ 1 

IIS 

76 J 

£1 

35 

310 

+ S 

32S 

211 

25p 

34 

124 

4- 3 

13L 

109 

£1 

33 

370 

4 . 7 

390 

330 

£1 

32 

“S' 

4- 3 

80 

42 


BASE LENDING RATES 


13 % 


A.B.N. Bank 12i% 

Allied Irish Banks Ltd. 121% 
American Express Bk. 12-5% 

Amro Bank 121% 

A P Bank Ltd 

Henry Ansbacher 121% 

Associates Cap. Corp.... 12 J% 

Banco dc Bilbao 12j% 

Bank of Credit & Cmce. 12] % 

Bank of Cyprus 12 J ,% 

Bank of N.S.W 12?% 

Banque Beige L(d. ... J2i% 
Banquc du Rhone et de 

la Tamise S.A 

Barclays Bank 

Barnett Christie Lid.... 13 i% 
Bremar Holdings Ltd. 131% 
BriL Bank of Mid. East 12 

1 Brown Shipley 124% 

Canada Perm’t Trust... 12!% 

Caj'zer Ltd 121%, 

Cedar Holdings 121% 

I Charterhouse Japhet... 121% 

Choulartons 12!% 

C. E. Coales 12]% 

Consolidated Credits... 121% 

Co-nperative Bank r 12 J *V» 

Cnrinthian Securities 12?% 

Credit Lyonnais 12 '% 

Duncan Lawric 12!% 

The Cyprus Popular Bk. 12!% 
Ea^il Trust 121% 

English Ti’anstrunl. ... 12!% 
First Nat. Fin. Corp. ... 14 % 
First Nat. Secs. Lid. ... 14 % 

I Antony Gibbs 12?% 

Greyhound Guaranty... 121% 

Grirdlays Bank I2^% 

I Guinness Mabnn 12 J% 


I Hambros Bank 124% 

mill Samuel fl2!°D 

C. Hoare & Co +12!% 

Julian S. Hodge 13?% 

Hongkong &: Shanghai 121% 
Industrial Bk. of Scot. 121% 

Keyscr LMIniann 12j% 

Kno wsley & Co. Ltd — 141% 

Lloyds Bank 12!% 

London Mercantile . . 12j% 
F.dward Manson & Co. 131% 

Midland Bank 121% 

! Samuel Montayu 121% 

! Morgan Grenfell 12!% 

National Westminster 12)% 
Norwich General Trust 12)% 

P. S. Refson & Co 12?% 

Rossminstcr 121% 

Royal Bk- Canada Trust 124% 
Scfalesiuger Limited ... 124% 

E. S. Schwab 131% 

Security Trust Co. Ltd. 13j% 

Shentey Trust 14 % 

Standard Chartered ... 12J% 

Trade Dev. Bank 12)% 

Trustee Savings Bank J2j% 
Twentieth Century Bk. 13}%, 
United Bank or Kuwait 12!% 
Whites way Laidlaw ... 13 % 
Williams & Glyn's . 12’% 

Yorkshire Bank 12!% 


B M« , inbcrs itl Mic Ai-ccplint Iluubrs 
CoainiKli-v 

" T-d.-ij dcnoMHs in i-inomii deiwons 
til .. 

1 7-d.u dupusii« nn sum- uf I)".inM 
and under 10... up in lu; , 

and ii*cr XS.l.UWJ lUi . 

• rail deposits o\nr Cl .000 10%. 
i Demand deposit 10%. 


OPTIONS 


DEALING DATES 
First Last Last For 

Deal- Deal* Declare- Sett Ic- 
ings lugs tion ment 

Dec. 5 Dec. 18 Mar. 8 Mar. 20 
Dec. 19 Jan. 8 Mar. 22 Apr. 3 
Jan. 9 Jan. 22 Apr. 5 Apr. 18 
For rate indications see end of 
Share Information Service 
Money was given for the call in 
Lonrbo, Leves, UDT, W. L. 


Pawson, Metals Exploration, J. E. 
Sanger, Electronic Machine, 
Harris Queensway, Ladbroke 
Warrants. MFI, Trust Houses 
Forte Warrants and Intereuno- 
pean Property. Puls were com 
pleted in Louis C. Edwards and 
Minoreo, while double options 
were arranged in Pacific Coffer, 
Premier OIL. MFI, Trust Houses 
Forte Warrants and Keyser 
UHmann. 


NEW HIGHS AND LOWS FOR 1978 


Tlia folloitflno 'sc^urlti'js ouated trv H»« 
Stare Information Service yesterday 
attained nea> Highs and Lows lor 1978. 
NEW HIGHS I2B) 

BUILDINGS <4) 

Baggerldge Brief Parker TtmOer 

Hcywood Williams Roberts AdUrd 
STORES «1> 

Status Discount 

ELECTRICALS 111 
A.E. Electronic 

ENGINEERING <•!> 

BaVcr Perkins Dennis ij. H > 

British Aluminium Wombwoll Foundnr 

POODS HI 

Cartiers 

HOTELS HI 
Stakis iReo.t . _ 

INDUSTRIALS > 6 ) 

Benltma Fothcrgill 4 Harvcv 

Christie-Tvler Kersrww *A.i 

Eleco Saracrs 


LEISURE II 
Man. Agency 4 Mus>c 

PAPER 111 
Saatchi 4 Saatchi 


PROPERTY <4» 

CaotUI 4 Counties Prop. Sec. In. 
County £ District Utd. Real Property 


MINKS 12) 

Ham a ton Areas 


Mincoro 

NEW LOWS <91 
ENGINEERING 12) 

British NorUiroD Record RidflwaT 

INDUSTRIALS l Si 
Brady Inds. A Hoover A 

Gestctncr A 

MINES id) 

Falcon ldri) 

Rnodesian Corp. Cons. Murchison 


RECENT ISSUES 


EQUITIES 


/■: 


It - 7 i l 1/TS 


J 


au-o-k 

7 

1 “* - Hit/i, ; Lj-r ; 


r" 


li'iic : - : s 


?^-+-r M IliJSfeiS 


£< ’J) 


42I = ' 
A SO.SD 
AS (.26 
155 . 
29 . 


t.f. 

F.P. 

F.F. 

F.r*. 

i.p. 


i24/u; «5 

. — 

.; - l'.-t 

• — ; lio 

* 5.<i : si 


13 .Anii'liffc Hldpr • 44 ' u 2.561 2.4 i 8.7 7.1 

i-l At-IiIho Mmlui; Er)|. • 76 '+5 — 1 — • — i — 

10/ IttAti-t. Karnilns ASl.. 100 .... — \ — j — ' 

171 . Hams Queytuiiniy SOp 173 . ... /7.8I 3. It 6.7, 7.2 

L'd kiU'iivn tv>'«*u I'Jp .. -30 ; .. r.1,34! SAI 6.7: 5.0 


FIXED INTEREST STOCKS 


: I ^ 

1 

— ■ 

&l«ck ■ 

•“ ^ • Hijili* L-ir ( 

j 


wC- I 


1 t 


. 100|>, 
flOO[i 
>a-a 


Ca/ 


r.r. — :flj| swig Angk-vy InrialOi- LJ«S 993a' 

LIU 261 I If I" 1 1 : 4 *.'■1111, t hIIcV "'krrj Kill I*. 1*1 1 VO.. .' lets 
r I - 1611 HI K'l i|i..i.) H..iN-l'4i>ii. , iii.ti 117 

M! - — . I-I.lll KiTIiIIhV ^ t nv. f'lllll 1/1,1. IVl. . i- |llr| 

C>|ini Ut»n Hm\ li>\ -( i. ■ uLnll 12^, ■ ir.. I ii-. I.u. "Si.JB ..i 5|nn 

Stff" .V-« initli ln>l-. Iti;-j Aiv. I'rvl 98p . 

IIH I'imv. tamiirlrn-- 12^, ■ ‘in . .. J56 

4 li' 1 -kllinllr" nrt Jl .V l .tlin.|»e "’nly r Jj’ai.. 9>l 

3E|1 Annin- lU.'i l*nj ' , 98) > 

4|«-We*t Kent Winer i?, I'n:i. !>:.< 91 -' 


Nil 

► .I*. 23. 12 
. .i '24-11 
elu 25.1 
97p. F.P. 5.1 
&.4H IT • ■ 2b 1 1 


*»)• 

Htn 

9ri,. 


“ RIGHTS ” OFFERS 


leruc 

I’rii/e 

p: 


. — 1 








= ,= • 

fe-Vp 'i 111 W W 


/i B 


■ — ■yiiaaiaiggg 


■n 


U-nr 


56U 

17 

ClOU 

t>7 

105 

93 

1SU 

125 


185 

62 


!F.P. 
Nil 
F.n. 
I K.l*. 
: NH 

• Nil 

• F.P. 
i Nil 

V.l*. 


Ml 


Ml 


• 8; IS, 12,-1 1 

lS/12'26/1 laUpoij 
I 3.-1U 41-12 4It 
'29.11'. ail; 77 i 
US-12 12'1 J Jpml 
'15/12 12/1 

1 . 11T - 

;15/12|12-1 . etc-m 

• iU la- b- 12 , 6 'J 
-I8il2 10il arimi. 
18)12 15.-1 14 ihh 


SiSB [Bw/ham 

Stapiu Bub Itoli 1 W 11 ,. 1 .. 
'Hromi iJi 

. 1*8 t«l«|»-r Neill 

i|«n ITtii.ml n.'li»,.i. . . 

irii.m Ui.viii ill' 

140 Ho-h'ur ll' rT-l. . 


Mi'll' M.L.I)"h*i«ta*. 
ril. 


')? \c»it<*ii lii.t. 
2 ?)MI. rl 4 INI 1 .. 

t-(iin Tern I'mi-iiidti. ... 


6«5 l+S 
3pm 1 — 
394 l_4 

74ta! 

7iiptn;T »s 
lOpju- 
145 -2 

30|'in- — E 
82 . + Ms 
36|'tn — 2 
l«pni' 


Rl-iiiiui.Ij 1 ion date o-ualL/ last d^y /nr riralins free »r v/a:np duty. 5 Figures 
tuwd nn pra-^pccius eslimaie 0 A-sumetl dindend itnd yield, n forecast diruiend: 
cover bajed on provl.jua jear'j t-arninii-.- f Dividend snj yl-4d ba.«d on prostu-wns 
«ir udtiT fflu-ial esuinaies fur 1 JT». <4 Grew, x fTauro as-umed. JCo^er allow-. 

Inr ui nver si mi m shares rot nnvr rankmc fur dtvldentl or ranking nnly for reso-teted 
dividends 3 PktcmK Prloa tii public, p: Pence unle-.s oihcrurtse jndjealod- ■< saw 
hj- rendtjf. Offered to hnlder; of urdloary ituir.- a. a ■■ rigWa.’' tw-ued 
fly wav of cncnuihuuon. Jf ttemuvdaitil. in mmwmi with reorg anlsa - 


. if newirvaat-tm. vjui ' ■ r' T, 

linu. maraEr or taktsover. Ill Tnirnducunn. p Iwued to former preference npldwiL 
[aQy-pa id 1 . • Promtonal or partly-naid allotment loiters. 


_ Allriiment li-iicra iw 
ir WiUi warrant. 


F7-ACTUARIES SHARE INDICES 

These Indices are Ihe joint compilation of the Financial Times, the Institute of Actuaries and the Facrity. of Actuaries. 


te- 

EQUITY 

GROUPS 

and 

SUB-SECTIONS 

Fri., Dec. 8 

00 

. t—i 

Thurj, 

Dec. 

7 

Wed., 

Dec. 

6 

Dec. 

5 

ita, 

Dec. 

4 

m 

aL 

ESS 



• Highs ari Lows Index 


Index 

No. 

Doy-S 

doi* 

% 

Ed. 

brm 

TW\ 

(Max.) 

E»oh 

n*. 

IACT 

dJJV 

i 

Index 

No. 

m 

Index 

No. 

I 

Index 

No. 

1978 • 

- High j Low 

V , 5* 

-j'-" 

. - BWt : 

see ' 

Hades 
: i ' Low 

tuck, on warn. 

T 


24L03 

+0.6 

16.58 

558 

827 

239 63 

24037 

23956 

23881 

E23 

256.28 

(14/9) 

188.95 (2/3) 

25628(14/9/78) 

50.71 (13/12/74) 

2 


210.46 

BiH 

17.75 

6.10 

7.77 

21025 

210.40 

207.70 

20819 

186.72 

22648 

122/83 

16430 mi 

233.84 <215/721 

8827 ilMWAl 

3 


382.76 

-05 

19.86 

424 

7.23 

383.94 

381.89 

37958 

37818 

32519 

41951 

(14/9) 

28935 (6/3) 

-41951 (14/9/78) 

7L48 (2/12/74) ‘ 

4 


564.90 

+1.7 

1327 

355 

RiEl 

55558 

56331 

56553 

55821 

447.49 

583.72 (10/10) 

404.47 1 2/3) 

S83.72 IlMlOTaj" 

84-71 <25/6/6® 

5 


371.22 

-0.4 

1756 

5.80 

7.75 

37254 

37217 

371 J3 

37ZJJ6 

289.47 

38453 

(18/9) 

270.95 (6/3) 

38453 08/9/78) 

6459 <2/1/75) 

E 


187.87 

+05 

17.95 

5.96 

7.44 

186.96 

186.78 

185.95 

El 23 

16811 

.. 204.75 

114/9) 

149.87 (2/3) 

204.75. (14/9778) 

45.43 (6/1/751. 

6j 


16534 

+05 

1653 

8.64 

841 

164.46 

164.99 

16442 

14433 

158.08 

18291 

(18/9) 

154.22 (27/2) 

182.91 08/9/7® 

4965. .(6/1/75). 


















11 


213 57 

+0 4 

16.49 

5.02 


212.65 

210.77 

20947 


19233 

22655 

(13/9) 

173.63 (3/3) 

227.78 OUAim 

3859 (6/1/751;. 

12 


26834 

+0.7 

13.89 

3.83 

m 

266.47 

262.90 

26L84 


23011 

280-21 

113/9) 

209.01 -(3/3) 

28821(13/9/787 

■82 . 85 113/12/741. 

13 


171 ja 

+05 

17.64 

6.65 

7.78 

17100 

17891 

17149 

171.49 

178.64 

19017 

(14/9) 

16054 (60) 

26322 (4/5/72) 

63.92 a7/l2/74) 

14 


124.68 

— 


6.75 


12454 

124.32 

122.83 

123 11 

117.80 

135.65 

122/8) 

104.68 1213) 

17059 050169) 

19.91 . .06/1/75) 

















v 

21 


21355 

+02 

15.74 

5.88 

8.55 

21322 

21165 

21149 


20193 

22823 

(14/9! 

D9.46 (2/3) 

22823 04/9/78) 

61.41113/32/74) 

22 

Breweries (14) — — 

234.87 

+02 

14.45 

6.07 

9.63 

234.44 

23199 

229.90 

22919 

235-02 

24157 

(8/5) 

204XW (27/2) 

28187 (28/13/72) 

69.47 (13/32/74) 

23 

Wines and Spirits (6) — 

2884)9 

E3 

1528 

4.99 


288.22 

289.90 

28831 

28866 

24238 

30124 

.114/9) 

229.85 (2/3) 

30124 .04/9/78) 

7888 03021781 

24 


273.61 

BS 

1355 

6.43 


272.76 

269.73 

26752 

26805 

249.21 

28153 

Q4/9) 

219.62 (2/3) 

329.99 Q2/12/72) 

.5483 (9/1/75) - 

25 


208.60 

EH 

18.22 

557 


210.05 

20931 

20860 

207,74 

201.65 

223.85 

(14/9) 

17537 127/2) 

22355 04/9/78) 

-5967 01/12/741 : 

2b 


229.69 

-0.4 

13.67 

5.15 

1023 

230.56 

22886 

226.69 

226.40 

20745 

237.92 

(14/91 

D653 (33) 

244.41 (27/10/777 

5485 (1V321W 

32 


375.96 

-05 

2139 

6.46 

6.59 

37759 

37556 

37899 

36956 

334.79 

42175 

.(14/9) 

26959 (2/3) 

42175 04/9/78)^ 

55.08 (6/1/751'- 

33 


334.09 

-0.1 

19.81 

7.73 

659 

13418 

134.43 

135.63 

135-94 

127.45 

155.65 

am 

119J1 (15/2) 

15565 <14/9/7© 

43.46 (6/U75I 

34 

Stores (40)-. - .. 

199 35 

+0.7 

11.78 

4.70 

12.21 

197.98 

19806 

19750 

199JM 

193.92 

21854 

03/9) 

165 J 7 1213) 

3854 (13/9/78) 

52:63 (6n^S) 

35 

Textiles (24) ... — 

383.61 

+0.7 

17.46 

7.94 

7.42 

1B230 

182.43 

18175 

18145 

169.79 

191.90 

(12/5) 

160.85 (2/3) 

235.72 (17/3/67) 

62.66 m/12/74) 

36 

Tobaccos (3) — 

242J22 

+02 

22.90 

7.75 

5.16 

24174 

241.74 

238 28 

24125 

22312 

266 50 

(23/8) 

214.88 - (15/a 

33906 (2/8/721 

9434 ,03/6/62) 

37 


9550 

-15 

23.11 

6.77 

5.10 

96.76 

95.97 

9542 

9615 

10229 

125.21 

(14/9) 

90-12 07/11) 

035.72 G6/1/70) 

20.92 (6/WS) 

41 


20053 

-02 

1556 

6.17 

8.25 

200.94 

200,06 

19915 

199.16 

192.82 

72324 

am 

173.08 (3 m 

223J4 <14/9/78) 

58.63 <6/1/751 " 

42 


285-20 

E ■»! 

26.04 

6.63 

an 

28552 

284.65 

283.68 

28339 

263 29 

31528 

(34/9) 

238.69 <2,3) 

315.28 04/W78) 

-73-20 (J/12TW 

43 

1 a i'v : | 1 ■ - ^ fiwjj 

250.73 

E 'jLl 

1107 

4,64 

10.95 

25145 

24837 

245.86 

24656 

0.00 

29113 

(14/9) 

22841' <3/3) 

291J3 (14)9/78) 

228.41 13/3/78) - 

44 


134.19 

E "VJ 

1811 

5.68 

6.58 

13520 

135.65 

134 99 

133.85 

123.15 

150.75 

<13/91 

117.48 <3 31 

24606 079/72) 

4534 : <2/1/75) '. 

45 

Shipping (10) 

41855 

-0.6 

14.45 

7.26 

8.78 

42120 

419.09 

414.90 

41650 

467.46 

4B3.01 

(6/1) 

393.90 <20/31) 

539.68 (18/5/77) 

9030 (29/6/62) 

46 

Miscellaneous (57) 

215.69 

— 

17 59 

655 

752 

215.80 

21532 


215.18 

20Q.31 

23656 

am 

178.47 (3/3) 

258.83 (215/72) 

6039 (6/7/T5i ' 

49 

1 HDUSTBIAL GROUP (495) . 

224.09 

ElU 

raca 


mm 






24143 

dm 

18602 <2 13) 


59.01 030208) 

51 

Oils (5)_ 

52452 

esh 

FTT71 


mm 

\7<H\ 

P7F1 

wr.i 

Em 

Zi'Xii 

53326 

mm 

■ 11 

B-i&'JbkfUin 


59 

500 SHAPE INDEX. 

249.02 

+05 

EE3 

cm 



EU3 

24734 

E 5E3 

229.79 

265.03 

mi 

205142 <2/3 ) 

265.03 OW7» 


61 

FINANCIAL GROUPdOO] 

171.94 

+02 

— 

5.69 

— 

Lk£U 

17217 

m.n 

17890 

167.88 

17939 

(9(8) 

15335 (27 ra 

24141 (11/4/721 

.Vf •kfiUifip 

62 

Banks! 6) .... 

20L1S 

+05 

23.20 

5.86 

6.47 

20018 

20159 

202.42 

200.43 

190.92 

20436 

(23/11 


' :• A-r-Cr-'.V /rTTI 


63 


216.07 



8.14 

_ 

216.07 

21657 

TVi 


20453 

22833 

(4/1) 




64 

Hire Purchase 15/ 

154.07 

+0.6 

15.73 

5.34 

8.39 

153.88 

153.40 

149.07 

14844 

163.08 

17055 

(12/D 




65 

Insurance (Ufe) (10) 

141.80 

+L0 

— 

6.62 

— 

14038 

14237 

14110 

139.83 

139.98 

15759 

<9 f8> 




66 

Insurance (Composite) (7).. 

127 00 

-0.2 

— 

6.90 

— 

127^6 

12814 

12752 

127.40 

133.41 

143.46 

<6/1 ) 

115 IS (9/11) 

16L72 <6/30/77) 

43.96' <19127741 .' 


Insurance Brokers (10)™ 

tasa 

-1.6 

KL‘l 

521 

958 

32618 

327.99 

327.34 

32632 

335.86 

37127 -0116) 

301.20 (6>2) 

37237 (12/8/7®- 



Merchant Banks (14) 

7910 

— 

~ 

6.20 


79.07 

H.89 

77.60 

7753 

82.76 

87.48 

(15/91 



rxMwJm 


Property (3D ...... 

266.45 

+0.4 




265J9 

26333 

26174 

26160 

23156 

26878 

(21/9) 

210.03 04/4) 

3S7M.l«U/739- 

EWM 


Miscellaneous (7) 

111-36 

ED 

r/fri 

■3C3 


injs 

110.95 

1)844 

109.79 

10741 

13744 

12318} 

9961 12772) 

303.18 (18/5/72) 

33.29. a 771204 J 

71 


212.13 

B 

— 

4.96 

— 

21215 

21132 

20915 

20877 

204 70 

243.92 

(10/8) 

376.48 ' (6/3) 



81 


302.77 

EH 

18 29 

6.93 

6 73 

10313 

103.72 

103.72 

10440 

8755 

11520 

112/9) 

8539 lift) 

175.90 (28/4/69) 

rrfi M 

91_ 

Overseas Traders (19) .... 

301.19 

grn 


■A'l 

7.70 

300.49 

299.47 

Eaa 

29935 

279.92 


mm 

26226 am 

337.68 (8/977® 

9737 (6/1/75)' . 

99| 

ALL-SHARE INDEX(b73). 

227.82 

+0.1 


m 

— 








19135 -(20)i 

242J0 n4/9/TR-j 

thMWbl* 


- .-,» 




■ ' ‘ “ frr. 


•I> ., 


.**■» ■ - ' 
/• I * 


V 




> 


**'- -* 




***-.■> 
t ■*! 

*<H5( 


- ■/ V ■ 

vJ.iCS,. 


FIXE0 INTEREST PRICE INDICES 


Brithli Government 

Fn , 1 

Drc. 

8 

Day's 

change 

1 

*d Mdj. j 

To-day | 

i 

id adt. 
1478 
to date 

1 

Under 5 )*«. 

103.61 

+0 12 

- ' 

858 

2 

5-15 yean.—-- 

U3-92 

+0.15 

0.70 

9.91 

3 

Over 15 jean. 

11752 

+8.08 

0.05 

12.60 

4 

lrredeemaWes_ 

122.85 

— 

— 

1354 

5 

Ml stocks 

□051 

40.U 

0.18 

10.46 


FIXED INTEREST 
YIELDS 

Sr. C«t Ar, Croa Rot. 


Lm 

Coupon. 


5 yeirv ./.! 
15 pin-, 
2S ye 3uu- 


Medim 

Coupons 


S years., 
15 rears.. 

a . . 


High 

Coupons 


5 rears.. 
15 rears. 
S yean.'. 


Irredeemdries. 


Fri.. 

Dec. 

8 


957 

1135 

11N 


1Z« 

32.M 

11*4 


1Z52 
13J9 
IS JO 


1L94 


Thun, 

Dec. 

7 


936 

11J5 

32.07 


.12.47 

32.42 

12.42 


1233 

33.3.9 

1321 


31.93 


Ymt 

ago 

fJOprOK.I 


732 

952 

1023 


1.74 

3033 

1037 


30.14 

1133 

123S 


1024 


.397*:. 


rr't-^Ai' * „ 1. 

*** ' •%’ 


Highs.. 


Low* 


9 48 (2B/3D- 
.3134.(2401)- 

122a ami) 


12,73 U0/1D 
2225 OiB/lZJ 

ua aooi> 


XLJtS tsmi - 
1330 420/W' 

. nv a 


1204- 03/11) 


7.05 0/1) 
9.12. (30) . 
92* (3 a) 




"-:-9L» _ oar 
. 2ftir~aiD' 
- 3Q34 an 






<»/, 


'<167 130) V 
-hju oaj 
"aaC-ttaiVt 


.v'*i 

^ * 

/*:/ % 


430' (3A) 








, v ttf Jiml .Tfo 








ftflftflUHUULji 



1978 


. _ .4 : v- • -uiSirtcin 

- 1 .J'.''. .tiondpltatkin . 


• — I ' ■ nou. you. DC hucllia 111 

*6 .Irrvostment Trust Prate. (16) 

J7 -Coral, and Indl. Prafs. (20) 


65JK 
I 51- IS 
! 71.43 


1 16.48 ] 

1S.G7 
15. IS I 


65-02 . 55.21 | 55 J! 

51.13 SI. IB ! B1.IB 
71.44 ! 71.8Bl7I.SS 


HiflhB_ ■ .Low#...-. Jiiefaoi; 


Bfi.lB IM.TS I 56. 18 [ 66^8 
BUS | B-1-T6 61.-16 1 51.16 
7IJS 1 7I.8S I 7). S3' 1 77179 


-LOWS 


Section or Croup 

PharmaceDtlcal Product* 
Other Group* 

On cocas Traders 
Engineering Contractor* 
Mechanical Engineerin g 
Wines and Spirits 
Toys and Games 


Base Date 
30/12/77 

33/12774 

33/12/74 

33/12/71 

33/32/n 

14/3/70 

14/1/TO 


Bhsc Value 
2*1.77 
63.75 
104 JM 
15X84 
15334 
194.76 

135.72 


Section or Group 
Office Equipment 
Industrial Group 
MIscclIanceBS Financial 
Pond Manufacturing 
Fm 4 Retailing 
insurance Bhatoern 
Mining Finance 
All Other 



■m Sain 
16/1/78 
3unrra 
n/12/TO 
2002/6 r 

29/12/57 

20/12/47 

29/12/47 

18/4A2-' 


Base Valeo 
128 JO 

12BJ8 
328 J» 
11403 
ZUJ3 
96.67 
XBOJK) 
1BBJB 


♦ Rodeiuptlon yieW. A Use of tfto cwnOtoenw 1 * 
TOllable front M*;*t*a*s, 0«KW Tto«“ 
Brmckeo HUttsc, Capnoo. Street. London, HCir-.prtC* 
*3p, fty post 22p. .A fortnlatitiy .retard of group and 
srtseedsn Indices, mrUten* Vtetd* and rinHngj Rgorev 
stew 2962, . wjtli qnahsrt y -dMot j«f- tews' Of it* 
Uwto, is ghtsteflbJo from "WT Km&nen BMUtrorttca, . 
Iff, BaU. Court,. LnislwC EOt V Ht per. owl. ' 




-■/■crj 







.JL'. # 7itt. yiSS-ioiiri V il-T . •_ 

r v. y.:-; 7 




















































































t 0 c K 




Irk^. Si' 1^-2 • ilfl 


. ,. MffiWHtr.biiirSl EC4. 
3 « Muiticr No* ?7 .. .117 6 

I'fi EunwNfi, 30.. ..|996 


PraaincU Life In*. Co. LM.V 


Saxe & Proper continued 


D1-62J105O 222. Biwntui 1 EC? 01-2476* »1 Seolhitt Securities Lid* 

I so* pfokrK u™u . »*i w ij -a v ?:s c-mr-i- . .-!»> 

I 5« H.ghlncwne .... 1117 B Ub-Zd-Ol] 7.74 stSvTO d . . |W5 


Target Tit. Mgn. (Scotland 1 la) lb’ 

19 UW Cretin*. E*r J. OH-ZTIftb?; 


M, Qllw? KS y*“ *» ■■:■ . -^ -(n ** T^t#.-,, zzJifii SS e *"""** ».. ..p*i wi« I 5« H.gninvne . imi . 

i . *W:V -jM P ; fiS? fa - Vrinl-j •• • ISif MLA UnH Trot MngrnnL Lid. n . .. . . . _ , GcarMrs •-- 

• l- . Sfe%S r -Bf .■;-=.«• •. “*« -4- “ BdQurenSlreeLSWlAfSc. 01-9307333 ^ Mn««. UM •iM«ll E, «.«- • 

-< u - • : -'Wteites . al5-Si ^ Prtenli' prffwft. *to#Tr..*gnL* : . mlau-us „M7.r 49ft .. J 3» ^^■ EClh ^- 0 

e- ~> v > t<n«t ^*» fcnu-iw r, w^T' : ry ' ■ *»*"» EotLOnri^ «*650M Mwray Johnston* U.T. MgntV (a> P™tr««l fix S 1M5J. 

, -2 :. ■' WB* Wv ^ dSSJS?* Ub - “1SS Sm Hnoe Street, Glasgow, 02 2UH 041-221 5521 Butter Management Co. Ltd.* 

4 i; r- mSsrai'prBSdJSsPS^^dW^v ■ - : tf* 5 • ,M . MJEwopean. rii . i 356 t*** e.sE?ec»ihp. c 

S ass Sr" mm ,M? 3 • 


«: I! I 397 Target Amer Eagir|?4 b 2fr SW J *78 

7 47 Target Tri-jle . . . 417 JaQ-pM 5 P» 

tJJrt'-t; 460 Ertn Income Fo. . 1604 W9| | »S9 


.'Z:V)H98 V fifft Z.'4-'2j3 oiffQuw Slrrcl SW1A9JC 019307333 Ph'^- Portfolio Mn9«. Ud.f <a!l0'lc) xoi E . £w‘ s '" . k»"8 ‘5? { » . ’ _ 

■. fMaao'EwCOwl-l^. ; ; Uxmj Johnrtone U.T. Mgntp (al Pn**w«l IU0S IMS. 101 -fi Schleiln«er Trvsl Mngrv Ltdm / z ) tuuTDk. ^50? 51 5j°"V 



*r«»ufyCi«us.EC2»7DO"r’ 
C.T.Cao. 4rtc___ — B3 9 -.W. 

., — RoiA Mi 


la**** Fadi 

»snv«wfd_i^i4 

}n*wwgto j« * l tea. 

HSrJ 

Sees. 01 Aia*ria...-.x 
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g? SftKfcrl 


m - sHR-d 

' GJ.TowYdifil . J 


014288131 •* B * ua l Unit Trad BtailigtnV (*)(g) 4ia*4« income. 11334 737 

3 -OS JS0 l5.C0B»Hajiai*.eC2*7BU. 01-6060803 dji**-- lh.» u«k Ltd* 
i ils iso Muiual Set pins i«« 554| -o2| 6 55 Reliance Unit M«rv LM.7 

D -07 _-£H Uuiiiii IM Ts ' ’ “Ito 1 75 y -o 3 7 to RflUncr M»e . Tiad»mgr WrHS. HI. 

h.s jf aaastf^l a3:d t& s 

Ll ifiWMalEMMU Seatorrte 7. Inc 0 47 


6. jli. K Tnrst -Ukg) .■ ., 

9 daglbigk Road. Breawood -0077)227300 
.G_a, .014 - . 3SJM-&3K 0-tt 


l-0JK«5 


^tefadu Fond .mwngen? <aHg) 


National pmMBnt in*. bSngn. Ltd.V 


140. Souin Si rad. P* 1, 

OlatC*!^ Am E*ero- SJ 

I jiL Am .... 2 J 

7 Am Stfadlwr Cos - . ^3 J 
E.rnwHightW. -»7 
LK £$9 
Eiira iiv; T^.. . — jJ J 

0B9J22?71 Incotw Of.l ... «0S 

I (, pi Inc ;tft. ia*wl --MJ 

-Oil *S> Inin! i>cw!a . . . ... 

-0 jj j 55 In. T-i U*6 .- •• 51 
^ UinrUKAn -Wj 
•«|.i r<«- ..._. 2| < 

?t* tCiHTniM .... S| 
■1-236 AS21 NMjSum..- H? 
. .1 2 87 SorautSn T ti 

.. . . 9 W U W« A*®* 5 5 

1 ™ u.v Cnx Dm -P*7 


10306186*4] 


o.'«28iti;: 
53 y I 5 34 


Alexander Fond Keysor Ulhnwt Ltd- 

17 mr Notfr-Oanr. Lmntaw*. 25. MU* Sued. EC2V Rl£. 01-606 707C 

ainanwi Fima | HIM 11 | . . \ _ Fomrte*- !Fr] 4J4 1.573) .... | 290 

Hu auel name O. 5. Bottbaln VrIUaB 124 49 — 

Allen Haney ft B«f In*. Myt. (C.I.) Itl3867 13872^031 - 

1 Ctuim? Cnr.i Si Henra Ju.Cl. 0534-73741 KtfUr ft SlOxun Mon. 
ftHR Gill Eoo tg . f£10 IT 1U7I1J Mil* } OurintCrPH Jl Hrlirr Jmrr. 


73 Sj j J S3 Transatlantic and Sen. Sec*. Co.* 
w2 IVf 91-99 Ne* London Bd C»>ebn»ion O.’aSSlc'l 
29-3 J if . Banican Dec 7 . . [7#» 81 0) | ;8i 

2iS -a-. »% (Attorn Umt! J. 118 b 125 a SS; 

T 9 !t BarD.EiDi Mo. 29 85 3 87 St* | ^ 

•U 3d 4 jL BuOknm. Dec 7 80 » 

33 0.3 -o: I IA**u«Uani) 1019 

51 H stfc CouTcOet 8 1297 

27 id io? (Accian. UmU) . . JbOO 

5:13.15 2fy turn BKfc - M? 


Arhudmol Securities 1C. 1.1 Limited tmut feira^ooSd^roV (oS» £«■ 

r 0 Bo. 2*4 S| Hriin Jer*T 0534 72177 Gill Fund (Jersol POl * Oil |T2 j 

«- IJ T£,> JIM. i"8 1 ‘ SI’S ' 1 KSjffl' Ifi3 :... I Hi 

CovT Sets Tu .... 1100 „ 1021 |i;00 ML K**L S««. Tit 

^ . Mf* 1 *dm* dut bKHiBra ll. Flrsl Swriing IT1B 07 IBIQI .... | — 

Em Lind Tm.(Ci) |96 1031 ,| 3 64 First Ind R193.12 lS32b| . \ - 


10531) 7374 J 
1348177470b 


<3*81) 7470b 

mil. bS 


MSI .. ' 
250 I 

75.1 toll 

?1I2 - ai 


_ (Aauen Unlli) 

■ j u ClenDec 5 , 

4 w.Wiv 
Is (SSBAft? 


si; Nru Jkjlmi 8Mr DKMBra II. Fmt Sterling IflB 07 18 

4i?u Em Lind TstlClj }96 _ MJI .) 3.M First Ind R193.12 193 

5 - Men araling CtU Decmter 28. 

S % Australian Selection Fund NV SfSTl Stt 

{<* ussisrw ... I JUS! « I I _ &*A?Si ':: Hffii a 

5 8*< a»5*t **** NodWi* 24 KR Fd ■ n SUS12 74 



Rothschild Asset hUoademeirt (g> J- Henry Schnwer 

72-80. Gaenouse Rd . A,iessory. 0296 5<M1 - 20 - 

M C. Ewt* Fund 71716 1B2.5I -1 Of 3 <3 CJOiLd Dec S ... — li°| ? 

nc (>w¥ Tu..lio7r iI*M+oa 7?s l^-^i . - •• Bag 

N C. Incmfir Fund .11411 157 iJ -0 3 7 40 jw* wr 5.-- — P” \ 

u r erf tUcT. aill .n jl ik (AiLCum UniHl R9bJ 


J. Henry Schroder Wayg ft Co. Lid.* wSmSS?Vl.‘..: 


■. CIB-T van 'H» Dee S-. ... 
01-2*0 34 « yang T kDk b .. 

) Z 79 (Aciidn Uratl.) 

j 2 79 WicbrrOcc 7 


3 43 Sank of America International SJt. 

\ Ol, 

i 7) 33 Baulr>ard Ro»M. Lunrmbourg G D 
J 75 wkkewnt liunr _ JUS1U0* U5 671-0 «l 

IM PnCM *1 D« 7 Nen Mb «i» D«ri3. 


Guernsey inc 

— Do Actum ... . 
KB Far utl Fd. . _ 

KBImi Fund 

KB Japan Fund . . 

K.B U S GwUi. Fd . 

jk SlOnrtOembdb.. . 
*■" tntmitl. Bd. Fd,.. . 


SUSU 19 ... 

SUS4B6 
SU5100 18 *0 


01-6238000 

^ I Hi 


S -E. a 


jm°£ 

rfl-OJ 

3J2J+02I 


*s 


AndB»« Unit Trot M uoftr s- .Uft.; > jalSS.Sr 
3 SB, Fnpunl Si. EC3M6AA. •- '■ 'a** ayn KrRidl- Jst. (Ac 

Antfcdw U.T .. :«»* iAotwy) IMt JtL %. XttL J"-- * 

Amboehef Unit 8Bffdit.-Cb.-Ud: .... ;. . v.-. j FradMat n.QU J« nty. EC? bi-5B8«lll incon* ... '.I'"" " ZwS 
1 Nome St.: EC2V 73A- > - B1^2W376 t>JA.G. !?«3c«-. _ J«24 «*-. - I I » tSP^.^a. —Bl i 


iAo rr CD f*VTu Am m HW 

6ft Notional Westmhuteriy U) 

2fZ 161. Dwmidr. CC2V faCU. 

*8 SSMiSr^KJ l 

Financial (348 J 


V4 J£JS Z^z-S%: . . 

1 ia Mr:!r 3 s 8S3 

.. (Acu-n Umts). -34 5 )f3 . . 

<aJ ■Pn&CnsFdNov.SL— M7 S 172* .... ■ 

0I-b2b <J5b -sokE». Dec 5 — 263 4 5il ?1 
I sm *B e w»«ry Pec 5- -IWJ 4 emu 
J. ^ -Far li> *«*"*!» I»w. onS 

Scottish EffuttoMe Fnd. Mgn. Ltd.* 


01-606 64M. Rothschild ft Lowndes MgmL (a) 

I I 4.32 SLSMimLnLOi.tCI. OH 


5l SMturn lane Ldn . EC4. 

HrmCl. E.rwut 1U22 0 129IK . J 

Pncn an Not. IS Nen drabng 9 k. 15. 


7 79 WiekwO« 7 63 2 

fb use as --s' 

396 ■ Oo.Acatm 799 


J jjj feanffue BnueOcs Lambert Ltoyds Bk. (C.I.l U/T Mgrv 

4 99 2 Rue De U Regcmr 8 1000 Inurh P 0 Boi 195. St Hellier. Jener 

•3 -4 ” 2 ’•JSTti Or 1 : 

828 Barclays Unicorn Int. (Ch. Is.) Ltd LiorATnKiCin .. 1 £10 00 | 

1, Cbariiq Oon. $1. HHtrr, Jsy. 0534 73741 h** W 1 " Cto!e » J 3oi Deserter 

OZ72 32241 &S5i" , fSTj..::SGSiOJ ll\| i 4% Uo » ,h “ iBtenmtional Ben 
867 Uncord Tre* ... ...SrScJt 1031ft . i 830 P.0. *9* 438. 1211 Gencre 11 (Sw 
8 67 - LlonH Int. Grourtn — I5F312 00 33* W 

JJ? Barclays Unicom lot. (l.oJdan) Ltoy* int . imrar . ..|SF2S7iO Sfll 

■ * «- St.. DougUt. l o H. 0b2* 4856 *■”*??* ' 

* * a ■ -« p iM i cs rid > i wtt Bank of DruiidU Butkfina. Bcuihida 


v - '111^236376 


l«c. 6totnMyFural_:Itt5- - .. ■ . -«J. 

Arbutbast Secnritfct Ud. (ol(c) 

37. Queen St. UodonrECmtlBV (EU3652B1L 
"HJghYWd.., :(*73 •• 38.fcd „=J UJ» 


&ZT&! u* 

toOniFlte. tnfi: 


OPTIONS 


g^ : p| & 

CM^FM^S.ZJ. P7." « -to IM 

' % as i 

Ardany INgp. LM.f^3tc> 

J17, HigbMattcrn,niCIV7Mi_ -: 01-8316233 

“-fSSSt >6% rtW&A. ** 

sweten Uaicom Ltd.* CiHoKf). . 
Unkwnilo. 2SS. Romford Hd. E7. 01-5345544 

jteMtdil ■ WH-M 

Oa.dusL (nc. .B7| j IS 1« 

ffd.-:ri-:Mz6 “d- 

Po ^ ^H come ~ ~Jr£ 

Oe Generir^“~;“.V0aJ - . _ !i”; 1.97 

OD.-CnWtkAcc. ..MJ5 ... •• 47 S 444 

Do Idcone Tjt B79 - ' «3 63? 

•Do.M.A , «.T*t.J[46.6 1S*3 _... KB 

•g, 9 j S 

Barteg Brnthers t Cm., Lid.* (i)( x ) -.; 

SB. UadenfiaH St, £C3. . . _■ 01-5682830 

•« 

- Me*! wb d* Deserter 2 Dl 
M sh o p s aUt F ra* a nt<i MgnL Co.* 

9. EHshopieate. EC2. 01-5886290 


JJorttt UmtrnJV ■ 

TTLpnhnWdLECZ .... ■ . M 

'firtoranm Mot >oy meet Co. Ud. 
59 Gresham Street, EC2P 205 : 7 01 
BmrtQn Dnt6_. m7.7 JOJI 



C«.UJFlt_ 167 4 71 II - - I ** T 

..■I Income Fd. J97 h « . I 7.70 

Prices * Not X Hnl dealing b«. 15. 

4{f Save ft Proper Group 

;Z3 4, Great St. Helen--. London EC3P 3EP 

5.2) fefl.73 Queen 51, EdinDurgb EH7 4NK 

Dealings U- 01 -554 8899 or 031-22b 7351 

Save & Prosper Securities LIU* 


Guardian Royal Ex. IMt Bps. UtL 
Ro^facbaoge. EC3P 3DM 01-628 

'(■gfGBwtfiM 1st — 1954 


Headman AcWnWstrattow* (akcHfl * 

g rander UT amn*. 5 MfW*i M\»5 
Brentwood. £j*e*. . BZ77-217233 


»:.:3 is ssaa^fcigu US :■■. ] 2fl . 

^ * *' W JJ?" J"*** N****” LM -^ ( «><8> SecwlS Sc 5 "I' rftrtO 188 3 ' 

uaton Court. DirtlnfcSuney. 5911 High Vld Dec 8. -..M 5 5713+0 

... Me War _ UJ MS-0JI 50* (Accwn UnHsl... . 797 83 71 *1. 

«S |. JB Norwich Union limmtt Smup <b> lAccum-Units) |96.4 163.61 .... 

L704J ......I PO-Bo.4 Norwteb. MR1 3NG. 060322200 Royal T«t. Can. Fd. Mgn. Ud. 

. Growi Tfl Fd |368J 387.7) -OK 5.19 54. Jemyn Strew. S.W.l 0 

»• «*• Peart Trust Manager* Ltd. (a)l|)(z) Camul Td 167 « 711) . 

01-606*TO 252 High Holbom.WClV7EB. 01*1058441 j*' J’ht,, deal«lv 

SS3 - ; - PPart&twwnFd..:_.|2<A 26.5] -0.JJ 4 79 PrUes * Me* 30 Nf.t fcalmg 0. 

SJ- -.- IB pJ£Tl«”**. Bf M ?S Sm * P”** » Sw *P 

g*-S Aft PnanUwiTp - s4a 36 £d -a 5 5Z3 4, Great St. Helena London ECJP 31 

.I." iUJ J™*™ 0nrtl i H 7 - 1 M 7|-0.2| 52) 68-73 Queen 51, EtfinDurgb EM 4M> 

Era +2.7 1m Pehean Units Admin. Ud. (gXO Dealing* u- 01 -554 8899 or 03l-22b 

a A.^At - 3-06 81. Fcunum St, Mmctiecter 061-236 5085 Save & Prosper Securities Ud. 

773 "' 4S t *** fc *" u ~« — R7 7 94ft.. I 47B imemationd Foods 

'7 — ’ Perpetual Unit Trust Mwgmt-f «a) Cauta ))6.9 39 u- 

Hffts. Ud-. . *8. Hart St. Hmley on Thaws 04912 6868 . lT>i ----- S3 ' 

01-628 8011 P'oetwIGu an RJ.2 462).. | 3.97 toS^STlSouw F JSd 7 W - 

9881 ^03 *25 PicemUSy tMt Trust (aHb) Higfyieb 154.5 55.9) - 

IS^rSSfflyssF & Sfisr“.im at: 


321 TyttdaH Managers Ltd.* 
10. Canynge Aoad. Bristol. 

IK Income Dec 6 _ .199 5 1 

i cq (Ac cum Urutc) |lB52 

4 ” La>.uJD« 6 1285 

1 (Attum. Units}... ... .11525 
ErcnuL Dec 6 . .[114 6 


Rowan Unit Trust Mngt- Ltd.* <a) jssi Andrews So EdnUurgn 03i-55u9lOl rAoSn Unmj 


01-006 3066 Income Unrts - IfiP % 3 I 5 2* jm Ear Oec b US) 2 

IM Aeam.Umo... . {»95 tJX t 5.2* 

i Dealing heonurut PnH Dec 6. ...-...[IDS* 

+0 8 BT4 Setug Unit Tst Manager-. Ltd.* (a) (Actum. Units) 1 1)32 

~ li P0 Bo. 511. BtTRiry. Mse . E.C.4 01-236 5000 Cj ?S* |b o 

Jaj-ssssfc*. 81 JUfiSS^Bi 


I Bruscrh P 0 Bor 195. St Hellier. Jersey. 0534 27561 

L96S -3 7.92 Lloyds TuO-w*s .J528 5561,, 1 l.*J 

. . H Men drtlma date DKefflbir 15 

i. Its.) Ltd Lloyttt Trust Gill „ 1 £10 00 | ( 12.00 

0534 73741 h** Oh" Cl# in 13m Deserter 

ll’si 1 4% Uoy ** B “ k International Saner* 

taiffiLS 1031ft 1 830 P.0. Bor 430, 1211 Genme 11 (5«ntrarljmd) 

Kftte.-JiliSfllL.1UI 


1 Setug Ineeme Fd -. PTi 33 0| .J I 

1. Security Selection Ltd. 

01-629 8252 >1*19 LMa, « , : | ra , F>Hes.WC2. 0)431 tfl 

■ 3 47 Um4 Gih Tu Acc J2J J 26 3J . | . 

” 770 UnWGthTulne DlO J ■ 

Dm'. 15. ' Stewart Unit Tst. Managers Ltd. Cal 

*6. CijjrJone Sd . EdinlMrgti . 031 -22t> J 

tSSewart a m o ik w Fund 

3EP Sunlvd Unite )S9 5 bJ *J 1 I 

j v Arcum Unor p* - 69 01 . | 

!b 7351 Wiihoewal Untu . .(47 8 51 1| . . 


— — 1 •* e - 5 " (Accum. Units) . 

LmWWU (mg 
0)4016936-9 CUUI Growth. ._.|5?3 

36 3] I 4.60 Da Accum. .66 0 

3?4u| J 4 bO Ewra (nc. Gftiwin . 39 3 

Lid Do Accum . ._ . ... IT 5 

“*• w ' _ Financial Pr'ny 16 S 

031-2263T7I Da Juxm . .. .. »5 
High Inc Pnortty.. ..62 4 
i| | in Iraemauanal . . ... . 281 
I . iff Special Sits |34 5 

^ ~ TSB UnH Trusts <j) 


But 2 

jga j 

17U . I 


IM*. Growth (694 

JOT&!r^. F, s.8 


. uit Standard . 1)400 1524( 

Accum Untie .1162 9 177 4) 

3961-011 2*1 Owing JTm i fn -*it 

27 3 »-2 Sun ARlawce Fund Mngt. Ltd. 

74 6( ... r 1 89 Uu umhM f 


4 05 21. Ountry War. Awkwer. Ha^j. 

* 05 Deannm la 0264 l 


5jS Uncem A«M. E«1 « 3 52 OJ 1.70 

|u Do.AM.Mm. 30 7 33 M . l.Bfl 

l|a? Do Gnr Pacific (f.5 JOR - - 

*2*1 Do Ml. Income » 7 . 319 . 8.70 

Do. 1. 0( Man Tu .... is 1 45.3 9.10 

51^1 Do. Mam Mutual [24.9 26.S 150 

±U> Btohu p sga t e Coiumdtty 5er. Ltd. 

5W P.D. B« 42, Douglas, i # M. 0624-2391) 

3041 4RM4C -NM 6 ... BU5JL2B 33261 I — 

6-S ANRHO** Oec 4 pJ9« 1 IM-CM — 

6» OUHT-No.,6 _.|£2.627 2 lofl 188 

||4 Onguuny mued at *510 and * > £].Do! 

4 76 Bridge Management Ltd. 

4 Zf P.a. Bo* 50ft Grand Cayman. Carman t+. 

J OO NTvbM Dec.l .., .. | V17.555 | . . | — 

b2t hig^nft. Scb’^wSj) 2124) j a78 
BritaunU Tst. MngraL. LCD Ltd. 


t jn Bank of Bmrada. BwlAng. 8ermtda 
180 Cantecburj Dec 1 ..(SU5310 I 4 — 

Fro M ft G Group 

9.10 Three QuAyt, Tower Hill EC3R bBQ 01-626458 
1 SO Atlantic Pec 5 . . I5U&2I2 3.091 . — 

Autt.Er Dec b . . . JUS2.10 2.49J — 

0624-23911 Sg^“‘ ■ : du M jFs 

I — (Acorn Until) .... 1S9.6 an 9| . 


188 Samuel Montagu Ldn. Agents 
114. Old Broad St. E.C 2 
ApelloFd. Dec 6 . 1SFMJ0 48 00] 


Jjrtf-a No. 30. . . H«315^ 14 M .. ■■ 
117 Group No*. 29 .{RrtlOW ILIH . 
117 Jersey Nor. 29 ,.R|C9 S-Sg .. . 
117 Js/O’iNo* 22 .. .|C10.07 1059) 

Murray, Jobnstone (In*. Adviser) 


01-5886464 

25! 
.:. i8 


Dealings to 0264 63432-3 
(b IT 58 General /T.f46.T 4fM - 


1 H aatta-^ 


44M-0 1 

*43 : 02 

394-01 


Cased Extra lot . _ ..K6.7 

CMplProfAftML V»J 

tabrBrt 

Financial 4 ITU 1212 

OP Grf4aLttes._ BTi 

BPCCfTSnMMMI 

CabDL- ML2 

Interim Ion* . 02? 
Wa.WkJeOee.8^-(»4 
Dramas f«m 
AM ra8ao___ B6.7 

ssr::.r“lf 

N.Ato_ mi 

CatoLAm 5ra!~.... WB 1 


^7-M^ Ertra Incorr ...._ 00.7 32J| . . 10.80 

S a* i8 

JtJ|-03. t21 AccunWr. Fund ... „|S.5 72.9 300 

Tcetmolom> Fund Q S 6&A4 -Q J 1.20 

67.M . .. J 7.90 far East Fj gb 29 * +0 1 LM 

60*3 ...il 586 American Fond . ..{22-2 24 1| . .. 310 

5134 12.04 Practical Invest Co. Ltd.* (y)Cc) 

9TM I 3 47 *4. BloornUuy 5 q., wCl A 2RA 01-6238893 

E2“uESf fa m H3E1 -- 1 If? 




Hjgb-VMd 154.8 

Mgb tacMW Fmds 

High Return. 1681 

Income . ... (430 

MX Fund* 

UK Epdty (45.7 


' w - ' 1 Gun Alliance Hw.. Horsham 0*03 

58.9, ♦D.ft 7.42 J ^ J 

-!!■?! IS Tl ^ rt Tft ^ ,a; '«> 

4b -o.l) 9.53 31 a. EC2. Dealing-,. 029b 59 

44.11*021 50s ••••!?? I r J9 ’2a 


0*0364141 
- 1 «45 


TSB Income. .. 
Do. Accum.., .... 
Scoufch 


13 «!— •::: m Si -oj o» 1-33 ^ rz: 1 b 8 i 2 

3 l £ pSK. qi *19 1 }2i 

_ Rs&rtw 75*4 _0 i ?srax*:- ■, S*> 


94 5M+DJ] 33) 

l M IS 

75 M -0.21 0 59 


J84 {bjQo AeewiL~.-'.”W.4 

l Ulster Bank* (■> 

4 10 Waring Street. BettM. 
4|2 (b)Utstrr Growth 138 5 


16 ** 4.2 

90 Dd tf. 

9?3 ..„.. 


03b* 62188 30. BMh SL. Sl Heller. Jeny. 

h <g ggjsrqtf- 


mu TSU 4 ID. Hope St, Glasgow, C2 

0534 73U* *Hapc Sl Fd. I U 

•Many Fund I SL 

. | 2 00 NAV Mown 

-£j) 1 5Q Negft SJL 


023235231 
41ft .. | 5.60 


hEmS&tS- - Efltt 0 963 1 7ra 10 » M, larombcmg 

2U u y O l ^ L .Iljll - • 3 - 1 lii0 8MBMW-B. i JUSZ2.29 l / 

^SSS fia—BBt .Wtt Tib S9tttU«m.Rw-TOM» 

Tit I vahe Dec. 8. Ned dealing Dec. 11. HAVDec.1 .....(£5.95 - (-064J 


Unit Trust Account ft Mgs*. Ltd. 


Brawn Shipley Tst- Co. (Jarsay) U«L 


Barf of Etomda BUgi. Han+itcn. bnw. 

HAVDec.1 (£5.95 - 1-064) 

Phoenix International 


King William St EC4R9AR 

Friars Hier Fund (39.7 

Wieler Grth. Fod 597 


j 10 Do.Accwn. 


k n , j ii ? 




m is .? 


4.47 Select Ineonw 535 


265 3-1 3 2 59 tS pfrt 
56 71 -0 31 770 T? SpS: 


Tgi Prrt 

Tgi Special &ls P0o 


Wirier Growth Fuad 

Xing William St. EC4R9AR 
Income Umts .... . , 1297 
Accam. Units 134 9 


Ol ATS 4991 P.0. Boa SftB.SLHrtM. Jersey. 0534 74777 PO Bo* 77. Sl Peter Port, Guernsey 

I ia RtebdftW ..Iffl-D 10.061 .1 12.00 InurrfMlar Fund IS2.36 283 | 

3L| j *S Butterfield Management Ca. Ltd. duett Fund Mngmert- Lterteyl Ud. 

* P O Bo. W "atMIW^ Bermuda PO Bo. 194, St. Metier. Jersey. 05341 

31 ft 4NM *• "w. \ Neat rt. d^Tto, lV iffi BdL.„ :..:.ffi30OT IM Z ij 

3b'4 ". I !S For Capdkex SA see un d er Keyser UHeuan Price at Dec. 6 Nn, deaBog Dec. ll 

Lltf - Richmond Lff* Ass. Ud. 

Capital IdtemaDonai SJL 48. Athol Suret. Douglas, I O.M. 06241 

37 rue Notn-Onme, Luaemcourg feJS^d&5.eSf.."Rl0 8 +1.J 

Caocul Int Fund . . ,| SUS17 58 | ... .) — Oo. PuitmjmBd -U512 1663+21* 

Cm robot a...«. ataut I +H u- .Hk, Do. Diamond fid. „. WT 101ft -ft 


le Prograsstve MgcaL Co-* - HM Samuel Ut 

^ B<tth ^ ECZI 

, wl ; "1 224 


4fVXl i*/B 

Abbey Lite Assurance Co. Ltd. 

rc"rt 5 73 1*3 SL Paul s Churchyard, £04. 0 

-d-fM isst- m 


Capital IpterwatiDnai SJL 48. Athol Suret, Douglas, I 

>7 rue Not/e-Onme, Uaemoourg fejta^dM.Bd'* "1^0 5 

Caonal Int Fund . . ,| SUS17 58 | ... ,| — Oo. Platinum Bd 1512 

Fm Central Asaets Mngt. Ud «« under gjgSlad'J .. §60 
Keyser Utbnan Ltd. CanlUanC.G l.Bd...95j0 


166 5 +28 

17*1 +0.5 

100.51 


Crown Ufa Assurance Co 


tapdE^jDr “mm m 155?^ m 

HMSaraud Urit Trt. Rg«; Iffi 


Atc-Utf*6ee.5 HJ7 23c.ffl .. .1 >64 

B'pK* If*. Kot.28 jlbi 5 17^3 . ...J 224 

(Amim)Hov. 28. — UB.l. 195ft. 1 224 
B« a«Ld*.-Btc. i2.-lhB. 19 
Bridge Fund JHemgers faXO 
fegh Hst.XbigWBnamSL.EC4. 01-623*951 
American ft GeuJ C3? . ,25ft 149 

^rig^rfe-T — »8 ‘ .-' -i»ft .., I® 

&55/-r::=:: S»o i»l II 

Inianitl. lac-T.; 156 . 1661 . .. 4i2 

Do AccnJ.. . „ &4 . Oft .- .. 462 
'DegHngg *W rtht .jTInH. PrUW Dee. Wh 
Britannia Tens* Mbwg— MBt .(■)(») . 
J.J^nWjaSblMngs. LdrafanWa ll. : 
Londen EC2M5QL; . . 01-6380478/0479 

,E 


45 Beech SL.EC2P2LX 
£UBrHhh Trust 
talTTimr. 

ftSF.tjW- 

assinu 

Income Trust 

Secur tty Trust— 

KlgnrtetdTtL.... 

(ptelf* Tal(g) 

15, Christopher street E.C.2. ' . (D 

Intel, la*. Fund,., ...(88.9 95i< „ 

Key Fond Managers Ltd. (aKf) 


ttsssariz: m 


*?*«u-Fd Ser. 4 1334 

i Wan FU. Ser 4 I D68 
*71 *€ouliy Fd Ser. 4 ._. 35.8 
7 -S 9Cary fd Ser. 4 114 7 


an 


Honey Ftf. Ser.4.J 
Prices at Nm. 28 


Valuation ngfimHy Ti 


■ ■ 03-24/./24J Albany Life Assurance Co. Ltd. 
956( ? ...| 7J0 31, Qbj Buetuigion St . W 1. 0 

teKn)'- - - ffEgulty Fd. Acc 1198.5 208.91. 


Dcmestlc 

Etnwa — 

Extra Income.^.- 

Far East : 1 

FhsmclriSe*^-..^-. 

G0I0& General 

Gron-lh . _.'_7X— 

Itk. & Growth 

Inti Growths. — - 
InvesLTst.SMras^., 

Minerals... r: 

Hat High Ire. ,C 

New l«w . / .; 

North Arntf lcm 


25;M0kSL-, EC2V8JE -1)1-601 

kMfangrt Xcmm Unit Uxuager^P 

20. Ftmcfnaxh St. E_C A 

-xauratFdiK. 

OK.B.U 


fgj-.". - ffEqulDr Fd. Acc 

-1)1-8067070 fe'fcyM Ar:" 

-OjL' 3.74 G W.Mdn Pen Aec.- 

- Intl.Mn. PrFdAtC 

Ww7. ProoPen.Att^ . 
01-6238000 Vi'pte Im.PenJlct ... 


I _ Mang'd Fund Acc.. .1052 

Mang'd Fd Incm.. ..103 1 

_ Mang'd Fd. Inlt ._.. 10)1 

_ Equity Fd. Acc. 100 7 

_ Equity Fd. Inon. ...... 98 8 

- Eouliy Fd. InlL ™_ 99 1 

_ Prooerty Fd. Acc 9S.J 

Property Fd. Incm . .963 

P roperty Fd. kill . . Mb 

_ In*. Tst Fd. Acc.,,, 103 9 

Iny. Tsl. Fd. Incm ... 101 2 

_ lmTu.Fd.lrai. 102} 

tKr' Tues. Fired Hit r d. AO. .. 100 6 

”» F.d. inL Fd. loon.... 9} 4 

Inter'i Fd. Acc 1102 

w Inter'i. Ft Incm.-... 1102 

01-437 5962 MoSFd. !nun:..‘;;;' Si 

... .1 ~ Dist. Fd Incm,,.. 104 1 

— Crown 8rt.lm.‘A'.. 159i 


1. Ltd.* 
w tat? 
110 71 -0 II 

JW S -0.1 


105 9 -O 
104 0 -g 

104 3 -J 
1013 
101 3 

995 . 
1D9J +0 
10b 5 +0 
107 4 +0 

105 8 . 

10«6 

115.4 -0 


Lloyds Lite Assurance 

5033 20. Chiton Sl. EC2A 4MX 

r - .. Milt Gi No> 30 ’- 38008 — 

841 Oe. 5-A'Pr. Dec 7 144 0 15J.6 +02 - 

— Co 5‘C‘Eqt Dec. 7 — 136 b l«a8 -1.3 — 

Tc Co 5-A'H*. Dec 7 .._ 156 3 16*6 +1 2 - 

6i *- Op.i'A'Man. Dec. 7... Z54.B 1630+1.0 — 

“ Gw 5‘A'Dpt Dec. 7 • [224 1 LV)7|+0 2| - 

1 nn London Indwna ft y ft Gnl. Ins. Co. Ltd 


Royal Insurance Group 

New Hat) Place. Liverpool. 

Royal SMeld Fo 1146.7 15! 

Save ft Pro sp er Group* 

4. Gl SL Helen's, Lrah, EC3P 3EP. 

Bal. In* Fd. 1132.2 13 1 

SSW'*:--::Sr? IS 


C ha rterboi m Japhet RothwhHd Asset Management (C.I.) 

051-2274422 J pateuratlrr Ron, EC4 01-2483999 P.a Boi 5ft SL Julians Cl . Guernsey. 048126331 

155ft .....f — Adirapa RHUB.4S 52.10| -0 ID 4 77 O.C.Eq.Fr No*. 30 . >56 5 60 JJ . . 292 

AAnfba fSSgg S2A£-0ll 4.41 0 C.lnc.Fd. Dec. 1.. U?21 1(1U 758 

„ Fondak Kffiw SzU -o.ic 4.j4 o c inu.Fo t... . .. . EG? oTa+ooe 14 

•P. 01-554 8899 Foods... KcUO 2241 -(Uc 5ji OCSmCoNo*. 30 8 149.2 3.1 

139.91+01 - Eoweror Fund.. El6 326 - OC.Commo«tr U421 15lJ 42 

170 1 .. — Hispano ®JS4L91 4403 ... 276 O.C.Dfr.Comdty.f .....K7 69 79.35| Oi 

130.3 +01 — ... . . . ... . ... -Prices 00 P*o» 14 Next dealing No* 30. 

133 C . _ ■ CHve Investments (Jersey) Ud. iPnces on Dk 7. Nen deUim Ore. 2L 

3 } j -1 — - PO. Box 320 , Sl H dirr. Jersey 0534 37361 e.ih-ihfiii * ... Mh+ M*ui— inlal # 

i- = ssaaem ia. his 

'.'• = ' c-M. ■«. (6-™,. u* "nLWuETEJ w«L*i- 

T '• P0. Box 157, SL Pete* Port. Guernsey _ _ ... ... 

' Intid. Man. Fd. 11636 1750) J — NbyM Trust (C.l.) Fd. Mgt. Ltd. 

BWS Deutsche Ges. F. Wertpapienp Sr telTft RWTl isL5»i T7lb* 

i ®«» 277 » Gnmetwrowe, 113. 6000 Frw-chm & jwl! &.TFB® “ h’S J 3J 

” ■ Inesu (00738 3950) -02)( — Prhn at Dec. £ Nr « deaHngOec. 12 

“ Detfca Group Save ft Prosper Intenatlouai 

• P.0,' Bor 3012 Nassau, Bahamas Dealing to- 

B7M — Delta In*. Dec. b (SUS165 L7U+OD5) — 37. Broad St, SL Heller. Jersey. 0534205' 

129^ “ Doatscbar Investmeat-Tnist F "?45 bI . 7J 

B l.l — Post face 2b8S Blebergaue b-10 6000 Frankfurt internaL Gr.*T. '"‘1! 17.46 B0J1 !!!"„ — 

’6 — CoueroCia fiiCBM 2200 -OIO - Far Eastern*; U6.47 M23 .... — 

— Int. Renteofonds ... |mH5M m3l+au| — North Aroertcan*^_..«7B. 40ft ... — 

1014 • I' - Dreyfus lotercaRttneotal lav. Fd. Seprot.. ; .— ..;--... .|l4 7» 36.1ft . ..j - 

~ PO Bor N7712. Nmu. Bahamas. DwnnS CmHNt [246 7 259 7 +011 24 

Z ' NAV Det. 5 BUS1563 1663) .... J - Channel IdSS* ..__h5< 9 163.1 -0 5 4.1 

U5J - ■ Emso. ft Dmley Trt. Mgt Jray. Ltd. fill ft) 

UJJI ...... - P 0. Bo. 73. SL Keher. Jersey. 053* 20591 SL Fixed— i fl076 113 Id +0 5 121 


01-554 889 

(♦0.1I - 


18-20.The Forth*?. Reading 583511. Drtwsd Fdt . ,1126.3 

Mcr^v Manaoer 133 6 36 11 I _ CaOB-Pero Fftt CIO 1 


— Mere* Manager D36 

n *2 tf v 'Flexion, . ... Bo 0 

— Fixed interest ,p*3 

-Tic The London ft Matte 


0 31 
3 36 
Chester ■ 



L ft C Gwt Trinf Mmo«M«t Ltd.* - AM 
TbeSkKkExchanoe, EC2N1HP. (H-568280Q 

tt£gHEK:|fif .'WUttS 

Uwsou Secv Ltd.* (a)(c) S ■ an 

37, tkieen't SL, London EC4R 1BV, 01-2365281 *" 

M a 

■(Aram. uratii. — .1C.4 1 - J... I 264 


-<77 AMEV Life Assurance Ud.* 

S Ahna Hse.. Alma ftfl., Retgate. 

»snfcm ». 

AMEV Money Fd 107.4 713. 

AMEV Equity Fd,.., 114 4 l|0. 

.* AUEV Fixed hif 91J 96J 

mi 


l — Crusader lonnnce Ca. Ud. 
j .. - — Vlncua House, Tower PI, EC3. 01-0268031 

0 - Gin. Prop. Oec. 5 (744 542) .,f ~ 

1 — Easier Star litsur/Kkdfand Assur. 

C ” " Z 1. Threadneedle St.. EC2 01-5681212 

0 ;V: — Eagle/Mld. Untti-. v *5 1 S Tft -0.1) 5 48 

- -J - Equity & Law Ufe Asi. Sot. Ud.* 

Amerohani Road. High Wycombe D494 33377 

Equity Fd ...UIEO 124ft -061 — 

RelgxraoiOl P-Wrt*F<. .„..ni4.6 120J ... 1 - 

9 1 - artSBKir:|&I .1 = 

26-11 "" i — P14.7 120.7] -0ft - 

1^1 = GmraJ Portfolio Life Ins. C. Ltd.* 


_q ft Wimlade Park E refer. 

♦0 ft 6 97 Cm Growth Fund — 
103. II . .1 — *Fle> ErerrutFft,, 
IOQ.m . J 10 00 iEreroca Prop. Fd. 
10431 -0 d 9 52 j,E^ | nvJr5L Fd 

In* TnisJ Fund T 

Property Fund - 

M *f ** SfWS, Sir 


II r _ Cdiwi Pero Fftf CIO 1 221 2 

0392-52155. *Pners on Drcerrtw 5. 

+2.U — tWeeily deaDngs. 

!qJ Z Schroder Life Group* 

+ 2ft — Enterprise House. PDrtsmiuth. 

^13 “ EtaiHyl L, 230.9 


4:41 O.C.lnc-Fd. Dec. 1,. U$21 16L8M J 

S38 ISSUvJrl 90M 

— 0 C. Commoiaty- 1142 ! 151U ... J 

176 0 C Dtr.Comdly t K27 69 29.33 I I 

■Prices oo ho* 14 Next dedrt No* 30. 
IPnces on Dk 7. Next deaths Dk. 2L 

Cotbschild Asset Mgt. (Beratuda) > 


In* True Fund I UU +0.g — ESrtJa 

Property Fund -1 85? + 0ft — Firerflrald^ 

GatPepnsttFd 1 1018 +aft — Manned 

M AC Group* 

Three Quays. Tower Hill, EC3R bBQ. 01-6264588. 252*1 


AMEV Mgd.Pew.-B 

Ftexlptaa 

JUIEWFrwMagtm 

American ... 

Income 

InL Growth 


01-5681212 £Z1 5%F :=Z p£? 7 

STft-an 5 48 

lOC. Ud.* Fwnly 79-80** 1696 

2 ^.%* 33377 griss^r.-=}S 

■ “ Managed Bd •*• 1401 

_ Peri Pension— ._.2«3« 


Property 4, 

KGS GmL Secs. 4, 

B.S. Pen Cap 8 

8.S. Pen. Acc. B 

Mngd Pea. Cap. B 
MngtL Pen. Acc. B — 
F. InL Pen. Cap. B 


F. InL Pen. Cap. 8 96 D 
F. InL Pen. Acc B 980 
Money Pen. Cqi B„ W 7 
Money Pen. Acc. B_ 99.7 
PrnpPen. Can B ... lo9; 


ZEE® iadH 


n*«ror B ., l+i*-' — pn^frt.Sd.** , 4 174 7) — rral 

General Portfolio Life Ins. C. Ltd.* tewFiBa^JO 7ZIU.J - Sea 
Cl | W ^ Cro ^ WX ? lm MercfSrt Tn^s » 

pSffl«S^~te3 = LennHse^as Higr, S l, C rojrOxi. 01-6869171. 

*.r tt»«cLd m :a= & 


PropPen. Cap. B... ho92 115 .0 
PTOp Pen. Acc B Jl)13 U7J| 

Scottish Widows' Group 
P 0 Box OO^Eianburgh EH16 58U. 


Royal Trust (C.l.) Fd. Mgt. Ltd. 

P O Bu 194. Royal T9 . Hie . Jersey OS 

R.T. Inti. Fd., ISUS917 i?6rt .. . 

R.T. Inti. (Jsy.J FA _Bl0 87.63 . 
Prhn at Dk. £ Nrn dealing Ore. : 

Save ft Prosper international 

Dealing to* 

37, Broad St, SL Heller. Jersey 05? 

U.S. Polar denominated Funds 

Olr Fill. InL—f a 90 ”45rt 


i+aifi| — North American*; t? 7B 

F- Segrat-...., >14 75 

Stuff on dmomkwtid Foods 

i....j- SassE'-pi 

053*20591 SLFwed — i fl07 6 


0534 27441 
. .1 3.00 
-.-1 3J1' 


iLD.I.CT.—-.^ 13231 | 300 


Far Arrow lit* Axourance no 
P rnxMuno C a p Nil Life Asmara 


fBM«* 


0272 32241 
-....j 502 


Pa e ri a rt Lift Assur. Co. Ud. 

252 Roidoid Rd., E.7. 


The Drltfsb Life Office Ud* (al . . . .r-JL' .! .. IS 1 

RWUnce Hse, Tunbridge Weft^KL 089222271 — Rjf ■-. - . - - fH fte Arrow Ofc Amroa 

itSSSil^r* ■ ^ -oj o| . ^ ** ■ 

EL0W ^ . iSISteflftllWMfci. 0-50 Barclays Life Assur. Co. L 
Bwrt aipJey-8LCo. tw:*' • UgM^ft-fleoml TjlBd*i Fund* 252 Rurawd Rd. e.7. 

Mngrv. Fomxfc-s Ct, EC2. 01-6008520 18. Caigog i B rad. Brtstm. Q2723S41 

RWiStb-Jttv JBIril' J* i E 

^m brJp Trurit (j0 tir m . ”0* *• openpofr u. 

. - 3*^,1 07 Leopbre. Ad^ftilrtratiori Ltd. . Managed. 

SS5 ?Caar r-r~? 82 r ' fis - fat X a*« Su Uaiw WIM 6JP. 01-4665991 Honey ^., — ... 

m., 11 M-d w 

{^H- 1 T- M uoyii-Jk. unit Trt. Mngn. Ud.* (b) 

. Dl-6231286 ^“Wiwn-wrae S 

torn SfcUte UBtt-Trgt. Mngn. Ltd.* . l^ BccMve Life Am m. Co. U 

26 mgh Sl, Potters Bar, Herts. . P. B»SU22 W.4 -oft LS7 71, temberff SL. EC3. 

772 -oft 7.« Canada tile Ammct Co. 

GapcHisoMs) Magt Uft* •• Uftf* UN Unft Tst. Mngn. Ltd. "*!•' ^l 7 • 

300. »d Broad St. eC2NlBQ . - 01- 5086010 "SyASA^iro o “‘T Lb6 ^ 

C4PIW..w...--i., .*♦ FwttyAcaon. pfc5.b 174JI I «M 


Gresham Ufe Ass. See. Ud. 

2 Prince of Wefes Rd.. B'nxwDi. 02D2 767655 titty l7< 

f:taWWd-|». iM;- 1 - S*^-” ? 

iJ::." r Btea=^: J 

G.LP«*y. Fend.. . .(1027 108 1| ....}- $gZ£d BEST ”.L ^ 

Growth ft Soe. Life Ass. Soc. Ltd.* ir«. Ewuy.,..'. « 

Wek Bank. Broy-on-Thamn, Berks. 0628-34284 i”. * 7* :.":: S] 

Flexible Finance | n045 I . . J - mj 

umranv S^.-.- L 7 M n u9 . J . . J " NEL Prailct Ud. 

G.&S. Si^erFd — I 67.971 j ( — Mltton Court. DortJr^. Surrey. 

Guardian Royal Exchange && U a£wT:“I52IL9 

ttoyal Exchange, EC 3. 01-283 7107 Nairn Money Can _Jp-5 

Property Bon* J1"7D 205ft J *•£> «■"- 

Haobro Lift Assurance Lknitcg* nJw Gih to ".::Ss 

7 Old Park Lane. Loodon, W1 01-4990031 Y/Z f A £»• 

mi m -1 - 

Prowrt* _:.U715 180fl ...1 — NPI Pensions Managem 


Growth Acorni. 
Growth income 

S&!zzr: 


■WXP 1 > 

01-4865991 Money 

1 1 4 u Man. Penxjuxum. 
■" 4 S3 Do. InttM. 

««“ ESe£ 


mil 1 ~ 


Ex U lacc.No* _ 

EwtK&PB iwa= isss 

Solar Life Asstmnco Limited [tmidaa 

10/12. Ely Place, London. EC1N6TT. 01^422905 f 7 *- 01 ) 


SB 


The EngRsh Association 

4 Fore Street. EC2 


Whefcly Dealings. * tarty Dealings. 

O1-S88 7081 ScMcsingcr International Mngt- Ud. 

I - 41. La Matte Sl. St. Hetler. Jersey. 0534 73588 

nils. mfc=dfc «jh>i ?« 


- Solw Managed S 

— Solar Property 

= SE 


01^45544 SrtJmsSS?:::: 


::::! W JH = 

-ru u9 i_l - 


ism 

solar CashS 
Solar Ind. S. 
Solar Manao 



15 -OJ - 
L? +0.1 - 

9.1 ... — 

7.7 +4.7 — 

#+** z 

Si -05 - 

L£ +0-2 — 


- Son ANIance Fund Itofigint. Ltd. 


■Next dealng Dk. 13. •■Next deaflng Ok. 29. SJLO.L 887 0.' 

Eurobond Holdings N.V. ■ g» 

HandeKkade >4. Wiflemstad, Curacao Intra.Fd.UrrSiri!!’ 

NAV pc* mare Dee. 8 SUS2065 , . . . _ 

F. ft C. NpnL Ltd. Inv. Advisers ' 

1-2 Laurence Pountney Hill. EC4R DBA E raenvh e House, Port 

01-623 4680 tattnatloMi Funds 

Cere. Fd. Ito*. 29 1 SUSS .22 [ ....J ~ — 

Fidelity Mgort. ft Res. (Ida.) Ltd. InWrreiSSZ™ 

P 0. Bo* 670. HamHMi Benrwdi SFl**di«ere« 

N = «SS= 

BsSi | r!3 r 4- H«*y Sehrade! 

Fidelity Mgmt. Research Uerscy) LitL, ECZ . 


l+fijwj Z 


to.jocLDhL,.., 
Do. Inc-Aeom. 


:SS^::E 

Do. (Acorn.) 


.. *Cwrent wdts wive Dec. 6 

BceMvo life Amm. Co. Ud.* 

71. Lemberg S..EC3.- 

88r. Horse Dec. 1 — f 13233 I 

CaaadB-tne A asu mi ca Co. 

24, M su Pwtws Bw. HertL 


Equity Acavn. 1165.6 174ft 


Carfiri IMt Fft Mgn. Ud-9 «{«>, , - /rtericra — 

Milb-m Howe, Newc^ee^gxm-Tyne . 2XZ65 

lWS=a-ifiGE-«*‘ ■ W^‘k*:&£Stt3CZZ?< 




Nfit dsaSiN.-lbte PkcMw 13. • conwrstai Gnmih... 

Cbariocg Ftarftt . gS*^° ,nc - — ; 

15, Moorgate, Londeo. ECZ. • 81-6384121 . Uuxren. UntaV'-'-l- 

Charities OfflcMt lavgat Fd*. ' ‘ - •'. SSm. UntolT"' 

77 London WM,EC2t*HB.-- “ 01-5881815 « r £«^r'^ r - 

STB ftfcrgBff 

fUnauf. oily a S S i e to fttCOarMes. ritoam Units). 

F» nnrtei ba uit Japhrt see 2mm Fb dag ihu^) 

Cbieftafai Trust Managura Ltd* U)(«) KgiSTOki 

21, New St, EC2M 4TP. . \ - 01-2832632 ^ Wsl 

ttfSssiBEJft' ass2S== 

aw aafe lg Mdi la esart^- 

SSfgSEfeP 113 SS'B5S»S2= 

Confecteratlou Fmds, Mgt. Ltd.* t}3 • (gs-JW"** 

50. ChjK-iry Lwe.wCM J HE. . 01-2420282 S^nd&rau^ 

Growth Fund *60. . . ' 48.4J_._. j 4J8 !£££}%*’> 

Cosnopotttan F«md~ M ana gers - ( Atturo. Unitsj — .«. 

VPani SOML LertwSWlX9CJ. Ql-2g832S. Sei cUlW ed Trady : 

arji : . mm & 

Cndgmswit Unit Trt. Mgn. Ud. 

9/10 Foster Lane, EC2V6HH (U-6069262 (Accirtv IMits) — [ 

MMinnw . «7I - 5LS-0_3i UL08 Pws.Ev.Ok.12 E 


e, Landeo, EC2. ■ 01-6384123 Itamu UnftiV.—- 

Sam^A'^sB 

Official Imst Fd* •*. i£Zm. 

M.EC2NMB.;- “(H-5881B15 far Eastern 


l^^wlC*! w 11 i ~ 1 1 1 ■«»* • P 



Ca nn aa Assume* Ltd.* 

K «nw* Wy. WrwbHy HA90NB. 

= 



8 -Bfrj jlf'l •••• - 48 GracKhurch S!, EC3P 3HH. 

Kl-S tiVi Z Managed Fund, . _. 1157 b 164. 

9 STEdrod'.. — HbB 1 ||j " - Pn “» tee. 1. Nrt tealhg 

m ^rrSnAtt.™!. - 95.7 JM.E . — New Zealand Ins. Co. (UK) 

01*623 1238 Pen.F.I.Dro.Cra... _ lJO 5 1374 _ MaWand House. Southend SSI 2JS 

1 - ■ J B? 5?17 -StL ~ «ro Key Im PUT -.1248 8 153. 

m :::: = K\ S' 

1 r T™ 1 1 L: : e 1 

01-9Q288T6 Pen d.a.f. Act .... . 1U7 8 — Nwwlch Union Insurance Sr 

*ao« - Hearts of Bah Benefit Society WRraft ^iMroadiNRlwe. 

Z 15-27, TaWtox* Place. WC2M 9SM 01-3875020 eSoF?^ " " W7 J 79 

.. - Hearts pi Oak |37 6 39.9| 1- pSSrty Sii . Z W52 142. 

HlW — um | Bum | bd m Flwd M.fund - W.2 UL 

— HW Saawel Lite Assur. Ltd.* OepcsH Fuad. 108.7 „ 114. 

+1 — NLATwr.. Atkflsoombe Rd..Croy. 01-686 4355 Nor. Unit. No*. 15 ... 2112 


Next Sut day Decerter 3 Im. Bn. Dec. 5 i t 

NPI Pcnsiatis Management Ud. Sen Attznce Linfced I 

48 GracKhurih S:, EC3P 3HH. 01-623*200 Sun AiNance House, Horstai 

Mapaged,Fund,_.-..ng6 . Wft ,.| - EtgRtrFund n2W5 

Pntes Dec. 1. Nrxi drolkg Jan. i Fired! reerrSFA lOt I 

New Zeaisnd Ins. Co. <UK> Ltd.* Prepert * Fa n n 064 

Maitland House. Southend SSI 2JS 07D2 62955 D^SrF^d Wo 
Khwi Key >m Ptar ..1348 8 153.41 ... J — MxSoed F«d ilb.b 

sasw.:. .is II = SmTiiJi.. 


Son AH Lanc« Hotor. Horsham. 04Q3M141 c f *. , ato. £ he K 

ro?Bn i & N s'- 8 -' P 4, di9r- 6 | " J Z $sh" - u • Jmm - 0534 JsSffS.fc 

im.Bn.wec a _...| LXA.ro 1.4 — Senes A IlnMM K3A2 1+003 - . Darliiw Fd. D«. 5.__ 

Sen Attznce Ufdced Ufe las- Ltd. 3*et S -K?l. I -Z\ - Jao»F«.fira.lb._ 


Intnl.Fd.i-ifrevg. 1103 llolJ+OM - 

-Far East Fund.. |UM lOblTZl 283 

•Next lob- rar Deramber 6. 

Schrader Ufe Group 

Emeryrise House, Pensmauth. 0705 27733 

1026 10901 ..-.J — 

iWtea=BU Si = 

SFlxed Interest 107 4 1145 .... _ 

iManaged UD.9 12Bi i — 

SManagrd 120 0 &7.6( _.... — 

J. Henry Schroder Wagg ft Co. Lid. 

120, Cheapskle. EC2 01-5684000 


040364141 

mu n = 


First Viking Commo dit y Trusts 


Sentry Assurance International Ud. 


10-12 Sl Geerge-s SL. Opuelas. ia.M 0b24 2S015 p 0 - Box 326. M4mlllon 5. Berowtt 

iftxm’fc-fti *M : 1 1” _ 


Enra Inc Fd . . NjO 
Extra Ik DHi-Fd . [100.2 

AmerkaiFd |953 

Far East Fd 111 b 

GIB Edged Fd. . — . U>5 8 
Con Deposit Fd .. W8 7 

Norwich Union Insurance 

PO Bo* 4. Norwich NR1 3NG. 


-- — Managed Fund |110.b 116ft +0.1| — 

-oJ — Sun Life of Canada (UK) Ltd- 

— 2. 3. 4. Cociots* SI, SW1Y 5BH 01-9305400 

4l mszd il kk 

ip* Target Ufe Assurance Co. Ltd. • 

S 2 ?” las 


l«S = 


1031^+o.d — 
lib fl Vb.il Z 


314 

5-3 2nd 

ifi SS iSP5SS to 

h fsar&- 

? 4? LAESif.5 


87J 

xzzztgj- gi 

'CMTeot value Decerter 


Capitd, Ufe ; Assurance* 

Cwdsten Hoiise, Dope) Ash WTon. 

nsegbri 


♦Property Units 
Property Series A 
Managed Units 
Mwvnjfd Series A 
Managed Senes C 

Moory UnIS 

Money Sen+i A 
Fried ire. Ser. A 
Equity 5eries A .. 
Pu. Managed Cap 
Prs krir-agnTAcc. 
Pns. GTeea. Cap 
Pus. GTeed. Acc_ 
Pern. EuntyCap 
Pens EwiityAcc 
Pns.F*d InL Cap 
Pns.F^.lnt.Acc 
Pern. Prop. Cm 
Pens. Prop Act 


Man. Fund inc. 
Man. Field Acc 
Prop Fd. IK. 
Prod Fd. Acc 

Prop Fd In*. 

Fired InL FtL Inc. 


$$::■: J “ 

124.S +0.« — 


102 jl / - 

Hd = 

090228511 imperial Life Ass. Co. of Ca nad a 

/ I — inroenW House, GriidTanL 71255 

I i - Grt. Fd Dec 8 176 4 »«♦!.* - 

Pens, Fd. Dec. 8 170.* _ 7bft +0ft — 




I - - - Peart Assannce (Unit Foods) Ltd. 

ini Z J52,Ml9MWbcre.WC1V7ES. 01-4058441 RrLPlin 

+03 - Managed Fund..,.. 1115 2 122ft .... I -- HeLrianl^ 

+D2 _ EmiltyFuad 1198 133 . .. — Mwi.Pen.Fi 

_ Property DraL Jil2 5 juf .. I — Man.Pen.Fd.Cap. 

. _ Property Accren. . „|l26b 133ft _ J — GlhPen.FdAjc 

. , - Phoenix Assurance Ca. Ud. 

~ 4-5 King William Sl, EC4P 4HR. 01-6269676 SS.Rn.FJci. 

Z Wealth Ass 1114 6 120ft - ..( - Guar. Per FdAec. 

_ Eb’iLPb. Ass. L. 716 J [ — Gtar Pm Fd.Cap. 

_ EbV. Ph.Eq.E . . (76 I 80 l| . , .1 — OJLPenFdAee.. 

. - — Prog. Equity ft Ufe Ass. Co.* D^.Pen.Fd.Cap 

— ■ 3 -119 Crawtonj Street. W1H2A5. 01-486 0BS7 TnastaterMtimsal Life Ins. Co. Ud. 

I..:. — g-Sm Prop. Bd. ... . I 1M9 I I — 2 Brewn Bldgs, EC4 INV. 01-4051 

- %%2ih, J w UdJ= jssaa%-'B3i i? ■ 

# Pr og er ty Growth Ass nr. Co. Ud.* wwan eondFd- nlg3 l§ft . . 1-- 


nwiiing Japan Fund SJL 

37, me Notre-Oame, Uixendwurff 

Fleming Dk. 5 | SUS6226 I 1 — 

1 Free World Fund Ud. 

Butterfield Bldg, Mwnikan. l e r o art . 

NAV Nm. 30 ) SUS18938 I [ — 

6.T. Managemenf- Ltd. 

fi?oKii I s^: c ar" 03 

AKhe?;5^^s.!^:.aj«18e LOT 21 

Anchor GW Edge £9 42_ 9.49 ] ifj 

Anchor Int F*Z,_ BJS4J7 5.00 .. .. 2] 

Anchor In. Jw. Trt ,, 77 A 30.0 +02 li 

Berry Pac F* U;S5365 SJ 

Berry Pac Strip., J0T00 3p2( ..... 04 

G.T. Asia Fd WHOII ioS 1.1 


Singer ft Friediander Ldn. Agents. 

20, Cannon 5L.EG4. 01-2489646 

Stronghold Management Lbatted 

P.O.Box 315. Sl Heller, Jersey- 0534-71460 

CorenodUyTrurt.. — (84.55 B9D0) | — 

Surinvest (Jersey) Ud. (x) 

(rieens Hse, Don Rd.. SL Heller, Jsy. 0534 27349 

AmrrVan Ind. To k723 — 

CmerTmt K31.77 12051 -fl^ — 

jap. Index Trt. [0091 Ulft+OOll - 

TSB Unit Tract Managers (C.i.) Ltd. 


0.04 Bagairfle 8«L, SI. Saviour. Jersey- 


Jersey Fund 148.8 


G T. Australia Fd __ 5US9.77 1020 .... _ Wees on 

G.T. Bond Fund 546 TSB Gift Fl 

G.T. DoUarFd. _ H1S6.90 +021 l.*5 - 

G.T. Dir. (Strip.) Fd £4.42 8 78 . - “■ S 

G T.PadficFd^ R!SfU9 — +001 095 

ft T. Philippine Fd..,jRIS977 10J8j+0Ji) - Q ||P IP g lJ*.] 

Gartmore Invest. Ltd. Ldn. Agts. 

2 SL Mary Axe. London. EC3 01-283 3531 TBIt>rB .f*®* 1 
Gartmore Fired Hwt IC.L) Ltd. (alibi imirena Manag 

41, Broad », St. Hrftr, Jersey . 0534-73741 NAV p 


=BI 

Dec. 6 Next am 


.lay,. 5 * 


5 46 TSB cut Fund Managers (C.I.l Ud. 

1S Sapjtme Rd, St. Satlcwr Jersey. 0534 73004 

i« aWwjrHW fflKjHi 

Prices on Dec. 6. Kext wb. Ay Dec. 13. 


Tokyo Pacific HoMfngi N.V. 

Intliras Management Co. N.V., Curacao 
NAV per share Dk 4 5US6335 


Grt. Fd Dec 8 176 4 

Pens, Fd. Dec. 8 170 .4 

_ Unit Lrted 

Managed Fund IgJ 

Flredlre Fd N6.0 


Leon House, Croydon CR9 1LU. 
Property Fima ( 191 J 


s 'W. 

Tea- MottaUfe Management LitL 


Charterhouse- Magna Sp.* Managed Fund ma 

a^g Stadtewure Hse, Brunei Crete. Sletorir- xaoe &0 SJ-] 1 

Keyes. - ■ . -9908 64 1772 SecureCap. Fd N82 103 4 

Cfvthie&my 1 Fund 1100.6 Iu5.t| 

IS gg*- W^-" --' : Bg-3 ItR ■ ■ — ,rfsh Ute Assurance Co. Ltd. 

ClWfS:EgK.":Bl7 38.7] : 1 _ lLFrirtnay Square. EC! 


High Incmne fgj ' .' 5Ift-Sft M-0B ««. ce.uec. « — i 

Tea- MottoUffc Ma n ag em e n t Lid. 

MMhMUfmsig&ire; — |W . .^-2 L vaai r__- VWM -in mu - 043856101 

Crete end Uni! 7iL MagralM. (aKgJ . 59.01 ^1 431 

4. MeWlleCm, E**urah3. Mayflower ICiaiagement Co. Lid. — 

B®&=® M -:l i ©fefeHB* li -1 li aa^= 

Otoettenmy Unit. Fund ttHMert ^ Mercnry Fund NUnagert Lid. 

ZZBkaHHd5iL.EC2M7M.. ^{y^ouu^t, ECZP 2EB.' 01-60(74555 

Dis.lncDec.8_ <V> Mertftra. Dec.6_^B*3 373 J-57 

E. F. Winchester Ftps* Mngt Ltd. A^u^o^h — Sft| 4|7 

Old Jewry. £C2 . - - -RM0b*ttT 7fcl i." *J0 

STSSSSKs-.^l :M:d i§ #1 ::z\ 13 

Edison ft Dudley Tst. Mngmwt Lid. MMhnil Bank Grattg 

2ft Arimsion SL.S.W 1. Dl-4997551 MKscgerS Ltd.* (A) 

Emson Duftey T rt-.-M 7 23ft,..- I *■» ccurtwood House, Surer Street. Head 

Fgp EQDdab-ScnrRkS Ltd. •••• SMMd,Sl3Ra ... T3T&7427984Z 

<M Mfer <wr That Mngn. ■ - tawrijlfiw-'-HJ 13 

Equity & Law Us. Ti. M.* (»)<blfc3 c^S^ZIZIT p 39®H Iq.1 5^ 

A-rwvhan Rd, High Vfrxrttx. WHttTT ; - S3 ~ Kl 

EQUltr&LM (M2 7271 -041. Do.AH*m.„;r_,, SJ.'. »3 Z . 

Janet FWay UeH TfWt Mh»L ltd- &72 

10-14, West Wit Sheet; Glasgow. _ WMMM ireernallad.., : C3 . 457id 3JJ 


Magna ttLSdc 

\ Kama Managed. I 


— Blue ChtoDK. 8 T 

sa!te.z=l 


44 - 

m z asasfefi^ 

+ 1-31 — lnrertmereFfl (A) 
Equity Fund . 

01-6288253 “iJ 

i 00 Ssa«rzr.l 


CHy o f- ttfestmlmter Assur. Co. Ltd. 

Q43856101 mnjjn i d Hg^ b WMseheno Rmd. 

59.01 1 431 CrgrimCMlIA. 01-684 


too Gj It Find US 

PULAFupO^ _,p67« 

Pens. Mngd. Cao (509 

fg ssSfcM 0 

4 JS Pem. EouRy Atx. 157.6 

. Furd cunerel* dosed to.. 

J-g Perform Units .) 223 


MOTm.Fd.Ser.ll._jMO 10L« — 

L Ltd. Exerot. Man. Fd DU! Ufra — 

Prop Ui Dec. 1 QOS .5 M5.3... — 

01«4 966* Prop. MocLCth. DIB* - 

... _ Pro.Md.Geth.Ser.il 11027 10S.lt . . 4 — 

_03 Z - Kbit ft Shaxsoa Ud. 

..., — 52 CorrMI, EC3. 01-6235*33 

... — BondFd.E«enwiyJlg3M i WJ^+Oig) — 

ZZ Z UgtaA Ufe Auamtce Co. Ud. 

- — Lanpiam Hie, KotnWroai Or, MW4 OI-C03 5211 

I§J — Wisp (SP) Mot Fd 1765 BftS] J - 

nwre. Legal ft Genoral (Unit Assur.) Ltd. 


— Gill wdoed Fbnp , 

— Grtt-EdgedFd.(A), 

— O Retire AoniKy, .... 

™ mNvi re Esw 


803 9 

159.4 

ft il 

179.6*’ 2 +05 *0 

JH ^ 

J2L4 

SJ . :: 

135U 

153.7 

136.4 

M3 


« rne, lunuwt ur, nruvn vr-^ioacii p -_ , 

fJSUZLrJtfj ifi|:..|= §&■ 

I (SP) MOT Fd (765 Ball . J - 1" : 


...4 — All WMwr Ac. lits.QS-4 . 1J7J .... — 

ffAII Weather Cap. . . 1208 1271 — 

Vlre. Fd UlL — 1« 5 .... — 

01-6235*33 Pem*«mFd.Uts l’f-0 . . - 

+003 _ Corw. Pens Fd.,.. . iir-i • ■■■ “ 

■ 101 Cn*. Pns Cot. Ul 136.4 . _ 

ud. K j ^ -ut 133.9 : - 

"■» SHI pSS(£ug: • 1»6 6 "... i5Si 

J Providence Ca>itol Life Ass. Co. Ltd. 

1 Ltd. ?0 Uxbridge Road. W1Z8PG. 01-7499111 


LM-tt (a) cit,r 01 *“ tB,ta »ter Amur- Soe. Ltd. 

Unit TTWt Manners Ud.*W Tericdone 01-684 9664 

IS SBWSE ^ ^ ^53 ::i = 

ssssi^Bf a as w . ....... 


Legal a Genoni «UMT Assur.l Ltd. JO U«brldge Road. W128PG. 

H«*. kw™ 4b j s » 2ii | SS EjgaejL 

SRSrL~-R( 181:1 : j - ”. S 

Earity Initial K27.7 134 ft -0^ - SSSSH-fe? 


2 Bream Bktg^ EC4 INV. 01-4 

Il : 

Hot. P en. Fd. Cm.... 123 0 lg‘ . 
Mot. Pen. Fd. Ate , . HI 9 OfJ . 
WMngd. In* Fd InL.. 56 4 lOp . 
♦Mngd. In*. Fd. Ace..|99J lMft - 
Trident Ufe Assurance Co. Ltd.* 
Renstade House. Gloucester. 045 

■ftsfc— dw fflj.. 

PrepenT Z"-. .. (539 163.0 . 

EreiOylAirencOT S2 8 87.7 -0+ 

UK. EtpUty fund — 129 119 6 -01 

High Yield 4G2 48.4 . . 

Glfi Edged.. IB 3 IM. . 

Monty 1258 132J . . 

International 01.) 107 J .. .. 

Fiscal 1280 JS6 .., 

GrowthCm 125? 1334 

Growth Acc UJ 3 J? 1 — 

Pern. Mngd. Cap 115 0 121j 

Pens. Mngd Acc 121.6 1281 .. .. 

Pens Gtd.Dep Cap . - OJ 7 ,10.4 ... 

Pens Gtd Dee. Acc... . 10 7 1173 . .. 

P^g - PW»VUN> IIJ2 24 1 

Pens Pvy A« 1239 D12 

TrtB Bond .. 366 , 38.6 . ... 

■TrdL C.l. Bond 97 1 

-Cash value for £100 premia*. 

TvndaR Assarance/PetnioM* 

18 Canynge "Md. BrKiai. 033 

fflftfrlJ n L : 

Bondbec.7. | 1678 ... 


1 41 Broad Si, St- Hewer, Jersey . 0534-73741 NAV per share Dk 4 5US6335. 

joh Fund(Jerscy) — 195.00 100.0) . l 1225 Pactfe HldffS. (Seaboard) N.V. 

Gnterere Fund NagL (Far Earn) Ltd. (aUh) uZ TEZZZi 


cifk Fond MgmL Ltd. tofslDvc. 7 .'!mfc 

- 53 . Ksafssf :■ -Ji" 


01-4050497 1503 HutOnOn Hse, 10 Hatwl Rd, HKonf 

.... _ HKAPic.U.T«..d.Wflp.n 3«J*S2ft 21 

— Japan Fd gUS&Ob lSiS ^ 0 ! 

N. Airerican fit SjsUM 11 W . lj 

.... _ Inti Bond Fund fEsuft Joia-ftW 51 

„ . _ Bartaara brWa eil Mmft Ltd. U> 

— PD Bos 32. Douglas -IqM 0624239 

. - GartnwreTreJipcT.TpU 2261 .zTlfj 

. Gartmore inti. Grthftl 2 659| .... 2i 

ocv-wMi Hambre Pacific Fond MgmL Ltd. 

, 2110. Connaught Centre. Hong Kong 

rj z E£9!BlL=Mim-”iz 

-g-a - (Umbras Book (Guemey) LtdV 

~ u 7 Z Nanttros Fd. Mgrs. (C.l.) Ltd. 

. . — P.0 Box 8b. Guernsey- 0481-265: 

— C l. FuraJ 3421 157.7ad . . 3.) 

- irui Bond SUS 108 94 TlZjy 8 5 

- “ Ira.EguHy JUS 11.15 353 2.) 

— InL^res - A" Ssi.W I M ... - 

— Hit SSs. "IF 5US 1.14 L17| _ 

“ Prices on Dk 6 Next dealing Dec 2 . 

— Henderson Baring Fond Mgrs. Ltd. 

• — — 605. Garrenon House. Hpng Kong. 

:: - ::. l = 


iralmls Management Ca. N V.. Curacao 
200 NAV per share Dk. 4 5US46.16. 

TyndaH Group 

5 60 P 0 Box 1256 Hamilton 5. Bentuda, 2-2760 


0'ieasPM b 




•■•■I — 1 Atom shares) ... . E7 0 

•4 — Far East Dec. 7 , . 16 5 
J (Accum. vsares) .. _ 86-5 

Jersey Fd Dec.b Sc6 

(NofKl.Acc.Uts) 303 0 

0481-26521 bdt Fund Dk. b .. . 103 « 
. J 3.70 (Arnun. Share*) . - J243 4 


a w Victory Huuit Dwrclas. Isle of Man. 0654 2411L 

2.W Managed NoTlbZ(lj4 B 14201 ... | - 


!4»JS75!?- i *f' 8a'::. 

J Firta* Income 563 w.g 

J-FinfeyEop Fta.^.. m-6 

Accum Units S3 

J. Flrtay F(Lin.Tft— «■§ ' 

Atium-UrtB — 1323 .. 34jL---i 

Prices Oec- 6. BM tbdtog tec. 11 


2M Do. team 

2.® HfghYleM .;,. 

■IS .ftw&i.— 

Swan & Pccffic — Z 

434 'Do-Acasn. 

'Prices at Nftr- 1 


30 67ft -0J 

fa . 4^-®: 

So 5 yoT+oJ 

5fi 5U|+ft2 

- Next thding Ori 


3^9 CommotcU Union Grotsp 

!■« Sl. ririen\ 1. Undenhaft, EC3. 01-1 
Vr An. At. Ore. 8. —I 35 I 16 

in Do. Aorauty Uts J. 1233 |t.. 

672 

|Ja ConfederatJnn Ufe insmanee Ca. 

832 50. Clwncery Lott. WC2A 1HE. 01-7 


Cash ImHal 962 

Do. Actum 995 

Equity Initial 127.7 

Do Aram. - 1321 

Fired MTU llif 

Do tom — 1209 

InU. Initial .__ 926 

Dc Acaan. 9«3. 

Managed Initial .... 120 5 


•Ea*»Funt}_':_ J r 


fife 


CORAL INDEX: Close 490-495 


,■ INSURANCE BASE RATES 

tPfW«ty Growth — r lVi* 

tVajibnigh Guaranteed — — — ao ' 75% 

• •, • -fAddress shown wider Insurance and 'Property Bond Table. - 


Fried M. Pen.. , . . B05 5 - 206,9 — ' 

Etaihy PtnMon p4fi 2MS . . I — . 

Property FWn J15L9 S5.7J . \ - 

ConddR Id ttrance Co. Ltd. 

32 CoroWll. E C3. 01-6265410 

ense£jB -}~i- 

Mn.Cth/No*. 23 : 1172 5 lBLft .... J — 


BraK—iBi m 

Pm Ufd * Gmerat I lira Pmdaob ) Ltd. 

* _ Erenw Cash Iml BU 1M.( 

01-2420282 Do Acaan.. . . 1017 107 

.. . — Eitepi £qt>. Iai(... 133 1 1402 

. .. - Stew' - W2 44.5 

— Exempt Fixed Irut 1162 1+? J 

— Do Actum . Ii9.7 26.1 

- Ei«ng4 Mngd InM. 129 5 D6< 

... — Do Accwn. Ul* 1405 

. .. — • Exenw.Pite.lnlt.. . JB.8, lg$t 

— Do-Amim... IDj.7 071 


979+01 - 
,993+01 - 
1262-02 - 


Pensron Ecgilt* ... 130.0 U4.B — 

Pension F*d Ins 117.3 1+2 9 .. — 

Deposit Fd. Cap *7* - — 

DwUFd Acc 55; — 

EquilyFd Cap j*Z jf-7 ... — 

EiuivFdAcc <6 6 — 

Fid jnt- Cap 47 7 50 3 . ... — 

FutlnLACC. 47 7 50 3 ... — 

mini. Cap-, — *48 J7| — 

imnl.Acc JJ.B 47.3 ...... _ 

Managed Fd, Cap — : 2 J2§ - 

Managed Fd Acc.,. *6 5 49fi .... _ 

Property Fd Cap J7 7 50.3 — 

Property Fd Au (*77 50ft — 

Provincial Life Assurance Co. Ltd. 

222 Brthopsgue. EC2 01-24765 

Pro* Marvjed Fd- fllj 1 ]3$S — 

tV'W*::. . “I ili« = 

mar.--** il-ni = 


_ Property Pk 7 . ._ 

_ Drpoiiitec 7 . 

3-Way Pn. Mg* 17 
_ O’teaslrw. tec 7 _. 

_ Mn.Pn 3 -WOk 1 . . 


Mn.PnJ-WOec 1.1 177 b 

g.!StKV-.: ft) 

Do. Prop. Dec. L I 904 

Vanbrugh Ufo Assurance 

41-43 Maddo. SL. Ldn W1R9LA. 
UmagedFd -1150.4 U8.4 

STfi,: | 

Fired liocrd Fd. 166.? 175.3 


Ltd. Cash Fund 1121.7 121 

01-2476533 Vanbrugh Pensions United 

I - 4)-43MadOT*Sl.L0n W1R9LA 

J - esi=m & 


Credit ft Commerce insurance Lloyd* Bh. Unit Tst. 

120, Regent St- London W1R 5FE. OM397081 71, Lcrobart S: . EC3. 

C AC Migd. FtL 11230 133ft J — Enngt |MJ 


*•*>»* » 10L7 107 y ! “ Prudential Pension* 

Legal ft General Prop. Fd. Mgr*. Ltd. (Whom Rws, £C1« 2NH 
11, teeen Victoria St, EC4N 4TP 01-2489678 Ereft. Fd. Nov. 15 - KS 

LAGPrp.Fd.DKi_. 1997 _ 104.31 J _ Frdlreto* 15 .. C* 

• Ne»t pA day January 1 Piuo Fd. New. 15. .-.i£28 

Lite Assur. Co. of PHmsyfvaiHa ReHanee Mutnal 

39-42. New Bond SL, W17 DfflJ. 01-4938395 , 

pJTi^ 4 ■ * 

Uoydt Bh. Unit Tit. Mngn. Ltd. 5, SwUhlns Lane London 

71, Lombard 5: , EC3. 01-623 1288 m r Dm 1120 

EWI4* 1983 183.«| — | 7.81 ' ** 5* My Otcertfc , 


mzrz m -\ e 

FrdftCfOT d - J96-5 U U \ I — Cte-anteed see te Bate Rates- Okie. 

Prudential Pensions Limited* wr-ata— u^, m 1 m v 

Hoi born Bars, EC1H 2NH 01^059222 C# ' LW -“ 

EbJL Fd Nov 15 K25.54 2b33| I _ Wlnslade Park.Exete. D392-52155 

Plug Fd. No*. 15. aifi ! - For ouer **h, P**» ie*re 10 Tfce landn A 

R elUMKt Mutual t*»eheslrr Graqi. 

Twte^WHh. NKL DB92 22Z71 Wmdlbr Ufe Al«f. Cff. Ltd. 

Rel Prop Bus., I 22L* \ ...j _ Royal Attert Hse . Shew Su WhxJsor 68144 

Rothschild Asset Management K£!S3fcffiH ,M Mra 71J l I” 

5( Swtthlns Lare, London EC4. 01-6264356 F uture Asset Gu^bjZ' ^ §8 1 ^"j — 

N.C. Prop. -.112061 120 - J - R« Assd Pern £26.12 J . ...J — 

Ncrt Suh My D«e««r S. In*. Growth. 181,5 186.91....] — 


: - ;;| z 

— Bood F0.DK. a _.....] SU 510361 l+DiruJ — 

■ •■> — *Excsnlve w are ereikn. charges. 

HfU-SMnueJ ft Co. (Guernsey) Ltd. 

D272 32241 8 LeFebvrr Su St. Peier Pert. Guernsey. C I. 

_ Guernsey Trt I1S4.B 16SA«| . . ..| 3 59 

• — NM Samnel InveL MgmL IntoL 
" ' ~ PO Box 63. Jersey. 0534 27381 

; _ HSCiiOThrils F . . (1228 1315 I 328 

_ Bos 2622. Bren. Swinrland. Trie* U425 
_ H.S.'taeneas KlrSllM 19»-0flb) _ 

_ C.S.F. Fd. (Act)... .BjUK. 16 JH TI - 

■■■■I — iHtenutionrt Pacific (m. MgmL Ltd. 

P 0. Bo* R237, 56. Pld Sydney, Aus. 
01-499 4423 JmeOn Eg»*ty T*L ,..|$A2J* 2.461+0 (ft — 

~0ft - J.EjT. Managers (Jersey) Ud. 

^o'l Z P 0 Box 9B. Channel House, Jersey- 0534 73673 
- Jwsey Ertrirt. TsL...ri5llO 168 « ... I _ 
... _ As N No*. 30. Next sub. dty Ok. 31. 

— 1 — Jartfta* Fleming ft Co. Ud. 

46th Floor. Connaught Centre. Hong Kong 

01-4994923 JOrrtneEsii. Trt. H (0296.41 .... ?« 

— JardtteJ’pB.Fd.». HW00.90 490 

... _ janSneSE.A. H«16.<0 ... 2Jf 

.... — Jstffnt FlenUnL HISll.63 — 

J “ ffiteSi- 1 '*!::: JSBS. - - 


1 — Unllbfe Assurance (Overseas) Ltd. 
ft. 23. p 0 Box 1388. Hanvllon 5-31. flernuda 

Ltd. Interol. Mngd. Fd I5US1M — I . .. J — - 

Unkon-Investtnent-EeseHschafl mbfi 

'■ ■ I — Portfach 16767. D tOOO Franklurt 16. 

+dmjJ AlUrekfonds Ill 45 32 IS! i • J — 

jeT* Europjlomh (25 50 a, 801-0. KV — 

UifHknds ,R7W 189rf . - 

Ltd. ttnirenu fiSJO 39 M — 

rifeey, C I. Uivsc+cial 1 IbQ SO 63 Wt-Oftt — 

■ J 3 59 u t< L intnl. Mngnnt (C.l.) Ud. 

L 14. Mutoastrr Street. Si. Heller, jersey 

0534 27381 UIE Fund lUSlOUZ 105.53) | 7J0 

^ I 328 United State* Tst. IntL Adv. Co, 

-006) — 14, Rue AJdringer, UixenWourg 

7| — U.S Trt. Im. F«d....lS1073 ~ I-DJ>Sf G93 

■ j — Net assets Drembcf b. 

j S. S. Waitourg ft Co. Ltd. 

. _ 30, Gresham Street, EC1 01-6004555 

lAf- (S.S8£' 7 , :.:::-| VSH : 


Eng. im. Dk 7 SUS17 63 

G.- St SFd. No* ».. SUS7J0 
Merc. EM- Dec. 6. ... JUSUft JO 
MertMyMktDK.4 £10 16 10. 


NAV No. 30. }U 

Next sab. Dk. 15. 


Prim do not include S premi u m, except 
A views % (down hi lad eshann aHow l 
_ 6 Today's prices, e YWtftOsedPnofter 


Warburg Invert. Mngt Jrij. Ltd. 

1 Ciwrtng Cross. St. Heller, Jsy.Cl 053*73741 

CMF Ltd. Ho*. 30.... BU5I3 16 13.90 - 

CMTLtd.No. 30 ,.U3!.; 14.02 - 

t™ Metals Fsl No*. 16... tli 73 13.0 4 ... . — 

TMTdor.9 SU59.96 10 21 .. .. - 

^ 10 TMTLU.N0..9 K9.87 10131 . - 

— World WMc Growth NUmagcnmit* 

10a. Boulnard Royal, Lutembaurq 
Worldwide G» F fl SU51479 ]-00B( — 


MOTES 


■ in* Pte* _tM 9 TIM . — V Today's priere. e View 

».(« - ql &l > pwwdic.j 

ureAstdLGiHb) ., 44 0Q .... — all expenses lescepl agei* 

. Assd. Pens £26.12 — r PTO**otri fy' ‘t price.* 

x. Im. Growth UL5 JD6.9 ... .. — * Sosgonded 4 YleW t 


prefix im insurance jtvr.. s Single premium Irreurancr 1 OHered price mdudes 
*5 commission, y Offered price includes of e»pens« H bought through managers 
> Net of la* on realised caonal gams unless indicated by 9 Guernsey gross. 
Before Jersey tax. f Ei-subdriWon. 44 Only available la charluble bodes. 







•U-» 


connoisseurs 
onoc 


FT SHARE IN FORMATION SERVICE 

BONDS & RAILS— Cont BANKS & HP— Continued I CHEMICALS, PLASTICS— Cont! ENG I NEER1 NG^ontinuerf 


FOOD 


Wee + of Dtv. \ M- 

l — Gross Yield 


W8 

m i** si** 


Japan 4 pc 10 Aw 


BRITISH FUNDS 


| Pri* | + -"| Nrt [cVf|2J!U'E I Mih^Uwl Sock 

ii imffliii 





El 


B 


1 


Trea> 15i*oc 


Firestone Tire II 
First Chicago... 


204. 

26*; 

Vi 1 ' 

S\ 

SP 

321. losmell-R S2._. 
665? 1. 1 ) Intemalionafil 
900p Kaiser *1. Si.... 
20 Manf.Hw USS7S0 
26S Morgan (JPJUSS2.5 
10 7 ! Now Inc SI - 
121; Owens-Ill. S3 325 
loij Quaver Oats U 555 
13>i Reliance 50.25 .... 
lbV Rep N.Y. Corp. 55 

104 Rt»nordS5 

1 4 ■ r RiUkJjji -Mrrll SI 1 * 

2S5p Saul (9. F )S1 —. 

18‘? Snell Oil SI 

S82p 


233 


Price 'M E |rw|SS|p.'E tfft >> LM.l 

I83I3L6 


■Wl 


76ri 
116 
« 
144 
173 
62 
159 
203 
22 
5®' 
125 
297 
155 
168 
163 

Irish Distillers.. 189 
Macallan, Glen. 395 
MorlandEl 575 d 

Sandeman 63 

Scott 6 HewZOp ^*6 

128 
106- 


106 39 
* 1 % 




i 


Bryant HWgs._, 
Burnett & H ... . 
Burt Boulton £1 


22 C. Roney ‘A 1 lDp 
20 Carn0er(GM)10p 
40 CarrfJofinE 



(3.10 215 



n 

I 



j 

4 


3 55 
t4.61 

ttSl L 

lL5 5. 
242 5 

fl.9? * ’ 
65.39 
dZLO 
L18 
LIS 
tl-86 
ffi2.05 
1083 
7289 
TtiZ.Ol 
2.85 
T4J7 
0.83 
15 64 
TBJO 
tB.30 
TL78 


Sick | wcel + - , t 5* |oi|K 
wP»k.50p_ 128 1+2 I«37l 4 


KraftS250 

Kwifc&fel 


Lames Pride 
Lee Cooper 


uc *>: Mi -ed Aw 


FINANCIAL TIMES 

BRACKEN HOUSE, 20, CANNON STREET, LONDON EC4P 4BV 
relar: Editorial 886341/2, 883897. Advertisements: B85033. Telegrams: Finantimo, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester, Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

/.rrferdani: PO. Eo« 1296. Aimlerdant-C. 

Tele. 12171 Tel; 240 555 
Sirrungham Grcnje House. Georg* Road. 

Telex 3336SC Tel: 021-454 0922 
Bonn- Prr.shaal ll'lW Hrussallee 2-10. 

Tel— 8So<»542 Tel: 210039 
Srus'-eh: 39 Rue Duoale. 

Tc>e* 25233 T*l. 512-9037 
•C-'.ro- FO Sox 2040. 

Tel: « 38510 

Dublin: ? fitrwlliam Ociure. 

Te'e- Wl-l Tel 735321 
£<Jint)u-?Fi 37 George Sl-ret. 

Tele,. 72*54 Tel: 031-226 4120 
FranWur!- Im SaChsenlager 13. 

Tele, 41^263 Tel: 555730 
J;ha-ine:fcurg- P 0. Bo» ?12B 
Tele- S-6257 Tel 03S-754S 
L:?b«>: Pr.sca de Wejnj 5B-1D, Listen 2. 

Teie» 12553 Tel- 362 508 
Vaind- Espronceda 32, Madrid 3. 

Tel 4^1 <,772 


advertisement offices 

E.ri-iosum- G'Oeqe Hoik*. George Road. Manchester- Queen’s House tt<eert Street. 

T»ie • 33e»5J Tel: 021-454 0922 Tele* 666813 Tel: 061-834 9381 

Eri'.-flurgh- 37 George Street. Ne* York: 75 iAMHk' 10019 

Tele ■ 72484 Tel: 031-226 4139 - Telex 238409 Tel- t212? 459 8300 

Fr.-.i.lrivrt: 3 m Sarbsenlager 13. Par.-,- 36 ’SMZ. 

Tiler 16263 Tel. 5?4M>7 Trie. 220044 Tel. -36.Bfc.01 

Leed-: Px-mu.-wnt House, The Heodrow. Tc4»o: KasanarJ Sul l*ng 1-6-10 UeWVJ'jfa 

Tti. 06*3 454969 Chiyoda-ku. Tele* J 27104 Tel: 29S 4050 

Overseas advertisement representatives in 
Central and South America, Africa, the Middle East Asia and the Far East. 

For further detail;, please contact: 

Overseas Advertisement Department, 

Financial Times, Braden House. 10, Cannon Street, London EC4P ~8Y 

SUBSCRIPTIONS 

Copies obtainable from newsagents and todr.'jlH acrid* ide or on regular Subscription from 
Sutscripnon Peti'ii'wi. Financial Times. London 


Manchester Queen's House. Queen Street. 

Telex 666813 Tel: 061-834 9381 
Moscow; Sadovo-Samoiechnaya 12-24, Apt. 15. 

Tele* 7900 Tel: MO 2748 
New York 75 Rockefeller Plaia. NY. 10G19. 

Tclei 66390 Tel: '2121 5-41 4625 
Cam: 36 Rue du Sentler. 75002. 

Teier 220044 Tel: 236 57 43 
KiO de Janeiro- Arwiida Pres. Vargas 418-10. 

Tel: 25 J 4848 

Pome- Vfa della Merced* 55. 

Tele* 610032 Tel. 678 3314 
Siockhcrim to Svenska OagbUdel, Raalambsvagen 7. 

Telex 1760? Tel 50 60 BB 
Tehran- PO. Bo* 11-1B79. 

Tele* 213930 Tel: 682698 
Tokyo 8th Floor, Nihon Kemf Shlmbun 
Building, 1-9-5 Oiemachi, Chnmda-ku. 

Telex J 27104 Tel: 241 2020 
Wasnington- 2nd Floor. 1373 E. Street, 

N W.. Washington 0 C. L jOCW 
Telex 440340 Tel: i2D2) 347 8676 


157 JarvIsfJ.J 

70 Jennings SA0.50. 

79 Johnson- Richards 

10 Jones Edmt. iOp. 

21 Kem(MP.)lOp 
a 45a Lafarge 5 A FIDO 

71 Lamg (John) “A" 

84 Lai ham ( J ) £1 . 

83 Lawnence (W.J. 

70 Leech (Wm.)Mp 
57 Leyland Paint... 

6i LiJfevF JC. — 

61 London Brick . . 

74 Lcvefl(Y.J.) ... 

28 Mr Neill Group 

113 Magnfl S Sinn-. 

421. Ma1IiR*.0n.[)fmw 

84 Handers (Hidg) 

107 Marchwiel- 

67 Marley 

71 Marshalls (Hfx) 

57 May & Hassell .. 

13 Wears Bros 

35 Melville D 4 W. . 
p Meyer I Mont. L) 

32 1 ; Milbun — ... 

9 Miller(Stan1 lOp 
52 Mnconcretr ... 

35 Mod. Engineer! 50 

79 Monk (A) 98 

103 MmUemU) — 112 

133 Newarthiit tl... 154 

#9 Norwesi Hol-t .. 

210 Noil. Brick 54p 

97 Parser Timaer . 

138 Phoenix TimOer 

62 Pocfnns 

107 RMC 

116 Hediand 

70 H'th tK Wall I Op 

94 Pooer . Adtord . 

b7 Rohan i>ouo . ^ 

20 Rowl.iron 10pr.. 

29'; RoycoGmup 

30 Rubercvd 

66 Rughv P CemenL 

135 5GB Group . . . 

31 1 j Sown limner lOp 

301; Shame \ F.sher.. 

36 Smart tJ)10p 

6 Southern Cmi 5o. 

20 Slreeier. 10p — 

124 Tarmac 50p . .. 

330 Taylor Whom 418 

233 TilPurvCTotl. 290 

129 Tram'. 4 Arnold 181 

225 Tunnel B SOP— 

64 UBM Group 

24 Vectix Slone 10c 

155 Vibroptant 

32 "Ward Hltkf. lOp . 

35 W,irrinaion 

95 Watts Blake .... 

30 WeMIViCk Prods_ 

56 Wettern Bros ... 

77 Wi.iliinqs 2So.. 38 

28 wr.it gn'i-i 12 < hi. 39 

22 Wiqgi-'Con l'& 33 

99 Wil-onfCoimollyj 

63 Wimpey(Geo).. 85 


H 


1 










orgaoEtK-l 



IB 


City Hotels 20p. 




15.60 [ 35 6.- 


Dnftiller 5p 


CHEMICALS, PLASTICS 


Eri'rturch- 37 George Street. 

Tut*. 72484 Tel: 031-226 4139 


600 AH70.., 

220 Almnaie Inds ... 
84 Ah da Pack 10p 
61 Ail'd Colloid IQp . 
60 Anchor Chew . 
£401; Bave^AG DM 50 
172 Btaqden Noakeo . 
134 Bred Chenr- IGo 
19 Bnt. Ben.-ol 10 b 
45 Bril TarOrd lOp. 

B>* Burrell 5o 

27 Carle-.sCo«nOp 

41 Cmaiip 

£87 Crud Jr Ti,”, Lit 
C83 DoB-WySI <W 
£83 Do8>.*-C«8:?5. 

64 Coalite Chem.... 

59 Coates Bros 

57 Do -A'NV.. .. 
IT Cory (Horace) 5o 
4(11* Crodiim 10p .. 
30 CrodaiM Deld. 
16 CrvstaiateSp . 
69 Ellis 4 Everard 

42 Enalon Plastrtx. 

>6 Farm Feed 

305 Fiscmll .. . . 
1>* HalsiewdllGo 
15b MLSn. Welch Mo 


987 

232 -r2 
143 . ... 

72 :L 

£52 +1* 

244 

184 

35 

54 +1 

10 >* 

29 

43 

«lv 

£89 -1 

£89ij 
67 . ... 

74 

70 

17 -1 


65# 

69 

313 -1 
27 

193 -Z 




t\ 




va- 
ns 
73 

. 3Q. 

Aa-flx lndS. 20p I 46 

“ ' ~JV2 

275 
51. 

84 
119 
59 
12 
188. 
54 
117 
69 
335 

Baird (Wm.) Cl ( 174 
. 29 
- 21 ® - 
35 
52 

£30.. 




Adwest Grouo... 290 
Alcan ATumnium 136 
Alien (E) Balfour 57 
AllenWG_. ... 45 

Amal. Pwer ... 142 
Andxn. S'ctvde.. 63 
Anglo- Swiss. . 29 

Asn a Lacy. . . . 144 
Aw.Bntish 12iap 7 
A-.sOC Tooling. 42 
Astra ind'l lop 27 
Aurora Hldx _ 93 

Au-.im (James) , 104 
236 




Hay's Wharf £1 
HepwmthOmc 


, 6 *' 






















































































































27 


.t-.*JO -CT.t— ;rt -r«mre. -- ■ -. , „ . 

t ■>* • *■ {; December fl 1978 

i p": 

•:«! ’ : * -.vi*.- -J «. M £ US 




PROPERTY— Continued INVESTMENT TRUSTS— Cont. , FINANCE, LAND— Continued 





•*ESrri'i^^<^i>f VSyiOr’ffS^-.i 


:5 ■ - ■ .V ?*l ;■ !:«. 33 -21 iowH to*. HSaT 2? I.^. 187 ■ . 16 '9.6 96 6ft «2 
*:WL .V<^‘ »?:•■» *95 ]«': H*5isBPrt«»s' ; }“«»4+ii2 is« it 827.1 jj? r« 


lilt , ; a : r i*jv j'-v- ▼* 1 j - u 1 * iPi .• .» to j 

if^ras M 7 :« L J n L - l 9 ~ D 1 ** 4 LWj *» ‘Vi-, -a:... j.iw .... or,*- hJps: - 12 ? «o 

TTO 32 i^b’T; — 2? — lLli.3 1125 fr. V- ♦ 158 -: OovJ 63 '-* 0 — 141 1C2 

aHn*™^, 370 y li.\ 8 *£ — I§“U1M‘125 !■'.■ I'T-Crn. -<n i.159 CllO 1 ^ 63 F6 S - 137 100 


iJSrt'... 49*2 ,■ ft76 2i W 49 180 155 TraSelndemndy 170 £»8M - 7.W - U59 ‘125 Ul^-Xfv^ 1159 . 

H*A.&-13ijd AS? 13114V 94 £311* Q7S# fra«fe«SZiO £25*« Ml 68 - l3 - A 17 La-L.i^JOn 49 .. 

/W.SHKS mT +1 WTlc 2J 42 M3 303 227 , wnys/^er— 2M -3 rt.14 2.4 5.^l0.5 2 75 172 L^Lw eMc 207 


. 79 77 Lb n Pro/ «ne iOpj 139 

80 55 Lon Shoo Prop! ”5 


t> [H — 123 80 kan 4 Foreign. 103 .... t3 65 12 S.3124.6 ]i 9: . ' i?.sr,,Tr.p+ lifc . J 11 ! .. — 

«0 - 141 1P2 Caortjl 6 Nat. .. US 4.0 10 5K27.7 a; If, p,.-;Pu:»'i..i 41 ...112 

ffcj _ 137 100 Do. "S' 1 119 - - - 1 - ;S7 lb‘» pM-oei5ls.Sc’ I 215 M &8'i 


2 0: 03 ? 11*5 123 87 Cardmal D*d ... ID? ....*}% 10 54270 ]J., 10 $• !>***]&, 12 ....10 « ID el 24 2 

l«5"H 19 38 H 13« 94 Carlioll"»i. 113 -1 391 1.152 262.31 8* fcn*R *' 9M ?37 12 5*2-,2 

74N 56 Crtarfw 47 2 75 2.0 4.2 23 J ,‘52 dB £52 J rfl*. - If3 ~ 


1 17 84 4 1‘ 7 0 

e81 34 4 ’187 

0 49 10 ol242 

? 37 12 5 3 242 



■ .; •-.: ,>,$ 9P"S- BSttf^SSIgg I 

*■■ 30 . >: A-ljit.'L 101 . 76 L^KhMs.— I'. 4t7rf — tt4J6J.Z 


ns ti sr z 

£<I :£j mi 212 160 


t C CIIDP w W LOn Vino Prop it 

- Lt bUHt 138 10* Lrnum H4j:. 2 jF 130 

ESJSP? A ,i L^J is IP !J « M a 


3 03 i b 0 * 102*124 IcidPT ,r 4. £1 158 11!! Q1SJ IM 9U f £5 il !?tr^ ir* '» 1”. «JJ9# |lJ 13$ 8.5 

2 5. ?5 7.9(206 o50 |455 Do C» - 620 - -| -J - |£54 f J^afSu-c e: » £47 *i* - 61 - ( 

a}*a Utl 16 4 4 




ri -!{!.■: 101- 76 lEiCHWS.— '.«*• 14J6. .Z4 8J .5.9 93 

43 .»; MClqOl.IlM^ .37* ri 18288 .3| 186. 59 g 

iJilV 43 33 Lft.C.l«tMp. *.■ -i: 2S3 Jt 9i 8.7 « * 

’“I. 74 53 » — i32 .42 U Vf “! 


7lZ9Ǥ- 


fcEdjuSjfe ,« ... 

240 

»n4x.20p. 109 t-3 

Rets. lOp. 213 

tlai'A'ifip 40td .... 

nfinelOp. .654 


t4 87 l3 71 111 50 30 MtlWrn^lOp 30 

<2 *65 300 1 « »IU7S«a£p 2 M 

2 0 92 ij u S S* S5Si!S i?- S 


MU zl aHSbLS LS “HSSffftr 


40PI tai3 Pi7l 6.7 


103 iMutAiow (A. 4 J ) l 125 +1 


:T; ' '^s 


164 [126 |Leadti«h.50pr{ M7 -i:.Jt7.4Sl 33 76( 8.0 « lijl-lSSS* 


230 199 


JStofe.Il»,‘L_J Iftg 




44~i. -13.32 


:5 5 5 r.9 20 6 o50 4S5 Oo.C»- 620 - — — — £54 fjr:« Su*: = : <* £47 Kr^« — 6.1 — 

t! 73 1 9 1.7 44 2 66 46 Dart#/ Tniu ... 55 t2 IB 11 5.9 23 6 112 900 T j- V.- b ilO . *«iD2 16 } * 

WD33 5.0 2.2 99 Hi, » dL/ftCtm iw 2»U -U r!85 10 98153 20 73 '.V.- S*'»:i ?Cw 24 -1 2 13 1.2 13 J 99 

♦— — — 42.8 131 76 DO. Cap- (til. 102 -5 - - — — 58»; V-. *evci £n;iane. 54 rl 154 45 4 3 66 

Z203 2.0 9.51 5.2 90 48«» City 8 For. m* . TT- t - - - - '16* *; to-.qrfn lOp. 14 ...MO 3 a - ^282 

159 53 0.8 31.5 3J4 SS C«y & 100 .... 47 10 7 0100 87 t>5 VvtoCculOp. 67 ...... Ml 3.81 3-6 7.7 

♦— - — — 76 62 Cilr*0«»»il._ 721^ .._.. t335 10 6 9213 

tl 34 6.9 2.2 97 91 76 !j Cfa*e»9ou« 50p_ S3 ..... 3.86 1.0 6.9 217 «*.r- 

74S 23 30 193 12 b CLfwa •"» lOp 7»« — — — — OILS 

2.03 23 6.7 170) 93 £R|, Py d rtdal e Iwx.. 77* 11.90 * 3.7 6 . ... 

20 1.9 34 22.4 88 5J ST 2 ?- 74 +J, - 125 60 |t*A'si E wr Q . j 60 - - - 

fcW 12 31399 270 212 Wi*tf5»ekD!d. ?3B -f 8.22 12 52253 % 66 Atajck^Oo 86* ..... - T. .T_ 


MINES— Continued 
AUSTRALIAN 

Stick I Pw* M « 


9 lActnex 25c. ...—■. 


1*0 64 BounjmpiiF Toea 123 

_ - 351 63 6H Soji650c — 11Z 

uui 8r0 Central Pacific .._ 425 


M»c 1.4 4.1 
+2 — — — 


jPhotwtLoo;)— 

Pfesmwm.pp. 


S'iJ*-rJSS aw & Kfc:: 6 tl udiJr^j 8 $ 


••: 40 24; um.Lma.Cn: 

“ sz Bs»ri» 

••!?! sk $ 


taw&BonarMpjlSr 


R.Vi':-?; 76 54 - M.Y.CanJOp; M 

a» ,8-8?5&&aflS 


♦i tfltt 

3T 


L43 


■* ■ ' .85 60 MwbHMr'GpJ 80 

*; ; ■ 19 10 McCMeiyL’A>.| 34 

? •'! 26 15 Malrtai(P.AW.iI TJ 


. 330 

' *$ 
ru- t si 


fj.'f 81 Ij 55 jttsc^erm (O.)J 
130 m-lMawSiaGrtwl 



■at 

■f 

4J 

s' h 

0.; 
D i 

5 25 

-fli 

9J 

ii 

OS 

u 

13; 

. .4.4 

61 

! IS 

Tl 


i; 

■ 0.7 
l 3.7 

BJ 

5 : 


- 8.01 53 j 


6.7 


45 3 

6 '« 37. 

73ij 56 
232 200 


Iwnutusliw — 28d 0J 

sr«S« 

M 6 Hturc Carp.. 67»j -» a til 
lertrTS.lne.nZ14 tl 


164 fl40 Do.Cap.50p.. 156 +1 - - - - 


Trrf*TV-A 

UlserTV; 


76 33*2 Swire Propertie;. 47 Olo’sl * 1 5 21 * 66 59 Doah 

77 S fa TownCenpe 74U* 0.9L j t | 1 8j * 244 lb3 Do. 

17 111, Tn*p6Ci;vl0p lS»j 0.01 —I— — 73 55 Dund 


63 1 213 172 DMtatan&Gm.. 291 +1 H 8 5 

!9 0 l«5 106 Dfajton Corn'd. 125 457 

- 1165 123 Do.Conj 139 52 

47l> 27 Do.Far£asem. 39 * 2 0.91 

216 155 Do. Pwnw... 185 680 


32 - 

V* -*8 — ' — » “ 

304 ^-1 Q8c 13 4.7 

11*2 +lj — — — 

28 .. .. — — — 
126 +2 0!2c 1910.9 


MOTORS,- AIRCRAFT TRADES «, 8 I’&Zg?,:. %, ::: JS H IS IK 58 SSTt-t 

■ ; J Motors and Cycles it! S&MSf; SS tf S ,S. \l 5® SI l g S» SSEfti*': 


;SA .LS (Mi^.1,8 & 

•=i :! Vn'EdiraP- 


IjBO 53 

InH.O 3g 


:?! ! \i i ^ . ■a 

■ ■; *4 :•£! 17. 10. , 


MarsJtaiR'rv.'A’ M fOS3 

MarstaffilitAr 1M ■ 16.49 37 

Mari to- Black : «3J6 - 

U*he5wn77** . E95 k Q7Vfc V 

HaynarAZSp.. 130 ;.A. 5*3- F. 


a-jjsaBte 4 =** s|» r4 l.= , a pW 2 -= $ gISS 8 
& Si- !Ss3&& . i* : • = = = 4! v I » “ “* 1 ^ ^ g ,8 ■SSSS&; ill 


2 127 961 2 Eledralm.Ttt... 115 HS 5 11 7 J 20.9 19 12 1 , Prefer Com. 5o 15*j — - - — -JJ 110 Li' oCl T4 

1 1 87 60 Eled.IiCeti. - 77tj 157 1 2 3 0 42 3 713 Ranger Oil 925 — — — — f? X 7? 3 ° 1 — 

- 1 ' - ' '386 1.1 6920.6 ?'/ 1-- Re.Stf-. D.v. lc. 1U - _ _ _ 100 3o JWIum Creek 20c.. 75 J— | — j - 1 - 

t30 LO 60 27.7 £49 £3%S R»i Dutch FI 20.. r<lL, +l» K375% 2* 6.5 6.9 _ 

2.49 LB 50302b20 320 Scepire Pes -... 430 ^39 - . TJW^ 


i SHIPBUILDERS, REPAIRERS N P 5 ? (IS AeCuCe? 1 ! 

- - r, _ j - • . Commercial Vehicles I 83 62 iHatrtNjm L 50p j 70 J ( — I — | — J — Ljjl I 21 

?z: fw 8 W Kfewy re |- 3 ||g pa 135 196 ::::.fj.o U ]& h ]i$w* 

SJ 4 ? ■BSSSSStelA 3 * IS-T^r 5 ^ K*m*r50p.... I 2 Jd| | 5 . 1S I 31 I iSIl*Z ^ 330 F»g5SSj, y 


6.87 1010M14 7 602 4S4 I Snell Trani. Rea f 584 -3 [115 941 4 U 4.11 68 


TINS 


:::::: iJS* i 1 li j>* ^ 22I rtw^uV-iiL zn 2 +*~ 4 -”|“T^' - ^ ^0 ■r^iWfT*” 3 - 3 55 _s S*lii! 

-■ W h V, 21555 s a-Stt u'Ski^ iS K5i%c ? a-ffll ! i 

.... 14 5 1J» 6.9 2«5 ?W ie2 Ultramar 226 -2 - - - 63 Iff 111 twf- -■ _,■• ^0 +5 504 58 4.4 

-l, 289 1.0 4.7 3L1 161 120 Po7pcCnv.fl 136- 7S 245 7.4 - U Su Gold & Base Uip. 10 — — — 

.. . t3B3 10 34 439 195 B6 Wttv 9a. JOrts . 160 — — — — . “ - J 3S SS CopengCons 300 f!5.36 9.9 7.6 

tOS^c 12 7.6 101195 B6 Da. Ph) On) 10c 160 . .... QlS3«c — 50 — >20 1*0 Hongkong....- 320 . ... 125 * 58 

269 16 11313 0 82 51 Wasasde ASOt.. 54 +2 — - — — 7? idhsJIJi 73 -2 *12.0 16 i 


1L* — ?G i 23 jAnal Nigeria I 


12 81 1 1JI17.4 


83 62 iHawtNjm l K>p 70 — - -J- ” 37 2! 

bO 125 K»an Homer £i. 150 ..„. 63 0 6 3W9 . ISUta - 92 

:» 13S Wn-per 196 .._.. i5.0 4 5 3 S 7 2 jUfai .Wo 


SHIPPING 


73 51 My«w(^l0p. 54*2 -h ml 02 0.9 24W51S' if 

SO : 12 Nash(3T)S«3. 70 5JS 151077172 » 

67 46' NattoalB- AI.J 57 — . ttJS 3.1 OM 55 L»» 

54 M;: Mat. CWon 10p 49 -1 !3S - 43 - B5 


;-i £94*2 158' H.CJt4%93y93 £86 ...... 04% 11 

-91 72 tatf t-ZariTL. 83 3.68 L 

- . 331 65 MliSolwrlOp U® t2.03 fc 

25 lUj N(wC«|pldpe • 22 049 2. 

«l.|S 330 77. Norcm -J7(i +1 4.49 2J 

»» 28 16 NorwcSecs- lOp. 37* 42^3 - 

II m 22*z M»-Svtift 5p~ M U 

>: ;. J : troflt £91 Dee finance d v. £98 Q9% — 

I! 333 *8-0fflc«S Elect., 122 -1 14.14 3 

116 82 Jfrwc20p..— ... 1» tn3U7 3.‘ 

His 27 15 Owaonel2»ie„ 36 Mfa 2k 

li.T-tt 36 P.MXCHnklWt) « tLO s; 


119 «7 - »4 152 
li 6.6 23 J » H 

6.7 2j6 88 96 

2.7 6i 15 « % 

i ■M-Wffl'aS* 

13 7.9 143 *« » 

- f9i - JSt 55 


-i»ljf3uWS 



m ..... 


795 of 

... 19 iO 

169 

+4 *52 

137 

. . rl.55 

rs2 

-3 1939 

205 

-l 1517 

4flK 

dl 88 

»T*v 



:T7di 

.. 14 97 

770 

518 

35‘- 



US 

♦1 2 69 

220 

-1 *37 

as 

-*j 6 64 

SS2 

. 0.1 

34 

-1 01 

62a 

M3.75 


>7 37 FUGI-ni».2S) 43 

39U 34 FuMfc"*tftnc.. 35* 2 

7] 49 Do. Cap 60 

193 9ei 2 G.T. Japan _ .. 185 
157 120 Gen. 6 Camp'd.. 142 
% 73 Gen.CorrcoUitd. 85 


rim.CDmolAd. S5 ... . t3.81 

■enerai Fun*.. 174 4.77 

Do. Cam. lOp 144 — 

^n. Investors .. 103 1406 

>en. Scottish 06 3.40 

ta&'Nft.lZi*! 115 23 

lasgow Stltfdr, 96* 2 vi, tJ 44 

lendevon In». . 97 ...... 185 


202 l.ffi 1.61903 
5.91 111 6.3231 
tJ51 1 3 6 7120.5 


Janurl2*,p 9*2 — — — 

iCununling SMO 30 64 M)!25c 2.1 4 3 

Killing hall 620 .. OlTfl 3b 6 237 

Malay Brewing SMI 370d -5 Q175c 0710.2 

lAPawg 44 ._... Q0.62s 9 0 3 

PengLaJeo ] (ip 60 6.60 1 3 16.4 


11 7 Jantar 12*, 0... _... 

1 61903 — ■ | — — A,, a fs v f* s r-v r nf, f* M fCununtmg 5M0 50 

KS l OVERSEAS TRADERS ™ §• 

i 13 i‘ ?S R{ BSaSE&IS Lr|g?RSIp 3 8 fESSki*.- 

5.9 22.0 170 96 BenStrejS 6W) j 141 1-1 1»M 191 4 6] 3.9] 61 279 165 PetatirgSMl 


60 6.60 


5 9(2531 73 Sorw (7nr I5W 66 -1 6^9 l«14_mll| 87 49 Sant Piran . ..... 


220 -5 | Q120c| 6 124 

S3 +1 2.03 o5j 3.6 


=liL“PS aCSgsd S tlU» 

| Do.'B'fW.....! 74 


r, 195 9 3<H * 575 52S H'rii'm Crai. £1 500 id 

B’fW..... 74 *1 — — — — 47 66 HoWTungtS |._ 70 | 

(iw 119 +i a KS5 1.2 7 0(20 2 445 295 inchcapeLl .. 305 

[Europe.. 63* 2 ..„. 18 14 4.3255 >0 21 Jades Wm 22 

e Trust .... 78 tt.13 1.1 41(331 19 9 Jamaica Sugar . 31 


2m 7 2| 97 85 55 SutmeCorp-SMl. 

4J2 24 9J 8.7M09 84 hanrjrglSp 

35.23 2.2 7-fl 7 6 160 74 frongkahHrar 5141 


65 ZQlOcl - 3.3 

ICO .... 6 60 08} 96 

85 . Q35S2-J Ofl 9.4 


Z1Q 1 63l — l 3 51270 148 TimohSMl | ZOO |-5 |4Q88c| 


77 * 2 -1 3 33 33 6015 91 

97 -4 13 86 49 6.0 5i 
88 4.47 2.4 BJ 7 A 


SHOES AND LEATHER 


:*?, 27 15 tovenfldwUiiCJ 16 li ... J N 6 c 2-5 1 1C 

iv r 66 36 t-MJLflttSiwn «. L. .. tLO 53 2 J 92 

92 67V frarkn-VnoD 'X'Jjn -162. 41 5.7 4JJ 6 6 95 | 63 


v-K ^ s hi fcssa: ,§ 


ii*T 2 3 -. RS3Sd 2 jSc : i» ; +Vj I 

»aasjft»4-a..wi 

' 22 14 Pitt Ups Patents ■ 22 ..... 8— _ 

« Photn-M 6 50p- — ” ' 


102 67 

!® 56 | 

I lU 48 

89 691, 


Ncrth’n Inv. 101 t3.93 11 5.B23 7 73 55 Lcnrto 64 +2 60 S 23 15 . 5 13.2) 

tnirtarlnv.. 91* 2 147 12 2.tt512 49 4fll 2 MucaeMCwu 42S 2 3.46 9.131 

■siwn Inv.. . 58*j 2.03 2 0 5 2U4.6 275 208 Nuer.an Elec. £i 210 13 40 0.8 93 ffiJ) 10 * 54 

op Investors 61 . ... 19 11 4.W29 4 107 68 Ocean HUImis . ZOo 73 ... 792 2 9 5.7 6 9 


COPPER 

|Mes«naR0.50-..| 54 l [ — ] - 1 — 


Garages and Distributors g » KSMSfk II f<6 IlSfSJ ™ «' 

seaiaM s ^ 1111 * 1 ^™ i asax-. » • a i \ « g, « 

ApptwTG^..| 90 M6 34 2.sjl0.a73 ?0 headUm Erne, ip .48 *1 H1.7_ Z-?l ? H 3 ? ML tic 


:V, |5? | nsS£%£g!S f: 

:.i 43 30 ReifeCpDSLlflPi . M> — tWLl 2. 

m i.BSiftESi 




M 47*2 35 CawJM5pi. 

92 102 74 OavHfiadfreji- 91*>*S 

*-6 *80 64 DortdB;._‘_.- ”, 

« s a, ssst! 9i 

SJ 38 29 Giafifietd Lawr. 


m*l 72 54 Sirtmg & Fisher 70 

80 41 Stylo bhaes .. 79 


cunin N 69l 2 GuanSan Inv Tsl 71 ..... t274 

in«i2 iw IB HMbtt 98 351 

h I 22 n* 160 HIBCPhiilp) ... 180 18.02 

ij 82*; 63 Do. "B“ ... . 74 .. . - 

} 591, S8»j lcoh»d(S>... S9V Q20c 

95 nS 610 Do.(£) 630 Q9.49 

2 1 t* 6 Oij 42’< IraiwirialAGen.. 52* 2 fl.TJ 

?S ?•; 84 65*2 intemail Inv. „ 75 ... 12 66 

Ji H 176 107 liw.laSuteeii. 158 ... 294 

11 1 1 93*2 62*2 investor. - Cap.. 79 .... rl.67 

2 5 5 182 103 Jardine Japan . 165 ....0.86 
ini i?o 150 70*2 tJrt«*Sec HKS5 89 tW7c 

10 J 11.0 -kv, k— Fn pi s n -ltc __ 


_... 12741 LW 5JU7 11235 165 pafsen 3 kt 10p 180 


80 69 70 31 

8.0 69 68 3 2 


MISCELLANEOUS 


Barymin 

Burma Mines 17ljgj 
Cons. Murch. 10c. 


:::: SS 


z }jz % % Si n ( 4 B «ss g ^“«i- «2 :? 95 mT. 

11 5.0 279 £100 £P7 Do.Bc'tr, ft £93 . . . Q8» s IB 0 £9 0 - -gj iXai’ CSl " 44 -1 - - - 

I} 5 3 250 73 41 UC'ftMerclOp « -2 0J| > 7 2 80 « J® ^“.S-Sl t. 700 4-13 

J; ? f 50.5 7 2 41 D3.10pcLn.18p 48 -a. fl.K^30.6 f3.9 — lfl5 ^ Y u»on Conv. C51 . 140 Q7: 2.9 2.* 


- 1 J ! “ IS 


Success. 158 ... 294 12 2 8 50.5 7 2 41 O3.10pcLn 

an - Cap. . 79 .... rl67 11 3.2 436 

e Japan . 165 .... 0.86 12 OB 1MJ DNDUCC 

Sec HKS5 89 tW7c 11 6 2153 KUDDtr 

Ert.Pi.lp 166 — — — — , 

G«n.U. 220 9Q13J3 1.2 5.9143 JW I 

Wngi.... 47 -1 239 IB 7.6196 W 1 «•} SJaet 


S t2 | -1-1 = 

175 -5 l»30c 28 * 


RUBBERS AND SISALS 


SISALS GOLDS EX-$ PREMIUM 

. . London quoutions for selected South African gold minmg Uum in U S. 
+ on mr. j I YU currency eiduding the inveMmem dollar premium. These prices are 
— I Hit I C n I Gf I £>aifaofe on/y to nofl-UK resulenu. 


Anglo-lndones n.. 92 2.79 | 4 71 «5 SU', no*a Buffels Rl Sll +*- 0170c 1«17 9 

iBenamCons. lOp 101 3-55 ul 5.2 «1V Mfc Eau Dne PI .... 865c +1S 1078c 1^10.4 

iRirdfAfncal 17 _ _ _ 585c 330e Ea« Pard Prp _R 1 . 370c ......I -J — 


:« , 327 


fruM Lia*. 

tonMK-wai. 109 

Bedtem^tos, 2*5 


£= ■» “ raanp 

f 1?«2 +1 *8 71 3; 


3J 1*135 (112 Heniys2CpV-— U4*, +1 *8.71 32 10.4 5 j6 

7- 1149 88 HerwM^Gcp.- UB -1 3 64 J.7 43 71 

>*[£235 £128 DallMif, 095 ..... 010% 35.0 fS.l - 


% iSS & SSSiE::^ 

I'- 114 68 RetwpPBWS, ^9« 


v:^k 

i!'.' ^ | 

•• «‘j 


s:s.3: 

g^wWtCwtip,; 47 

SSSSc-ifc 


niiwH 

Ik *91*i 66*2 leiSenicp^p.. »»2 -i 2 


8.6} 6.7 1 102 135 Primrose iOcts. 50 


7 73*2 Ljon&l 

>*4 27*2 UwiMLi 


ft jperadne MtTu 


92 

-1 1016 

. 520 

. ... ft* 

t 118 

+8 Q20c 

47 

+5 05c 

225 

Q20c 

1C2 

028c 

340 

msec 

50 

145 

+05*^ 

-10 Q28c 

. S3*; 

flllc 

510 

1052c 

53 

-2 01D*2t 


7 lib Bird (Africa) 

5 31 Bradwall lOp .. .. 

5 165 Casilefield Ite ... 

7 26 CherwneselOp._ 


•“SS- " nf 11 t9W7 57 26 cSSniselB: 47 

S*i?i^jt «« i"S irTt iTo 52 23V Cons Plants ZOp.. J9 

tolw. , K.20p 39*2 ...... 12.81 1.0 10.6138 12 * 4 gi, GrandCertfailOp.. 11 

?:,9f P- Sp -. 25 +*j - - - - coo 2\t Guthnefl 325 

2-1 H Z J - 1 L29 65 K^r-onsMl, Ea. lDp 101 

n. Atlantic _. 66tt ...,. H3.5_ 18 7.9 213 . *9 9W, H.cMaraKMSnr IDS 


L6J).U J.b U 5b LOn. AIWKJC .... MS.b 1.1 f.lUJ lie cij. HitMamSs MS(V 

i’‘ 2 i ? a a s&isa i3 - -in u issj i f- ®ar : 

[6 If ? |1 63 40*2 Lon.8Lenno*_ S2btt +1 Mil* 10 48 317 tfj 2 g ffiTsSa lOp 


9 9 wScinam im 4m 

172 104 RpyttWortK.,. 3 36 TV49 


MWJM’ -f 9a.n 7M 3A « TEXTILES 

; S. ::::. fil »| ?! 1 o im Amed^.e_. 1 * .. «j w 

s ssswars -up 

* M MA P».L -1 011 


« H ao^i 83 36 MaiaMfMSl... 62aJ +* 2 h015c 

S* 92.44 U 4.9 29.1 6 3 301 , Muar River lGp._ 60 60.48 

U JL H at So 81 5 5 PtwaimHkQLlHi. 65 +$221 

93 — Sil H WS-Ju/ 103 Righ»i«iop..._ iu - 

SJ 3>';r , f" li HI’ ® 31 s « SM -”»- 85 «- n 

86 *> Lon. TsL DM. ._ 106 +1 M4.65 10 5 K 8 


30 20 ELsck>*wd Kort. 13 0.63 - 41- 


34 Lan.&S'dvdr_ 43 16 1. 

86*2 Lon. TsL Did. ._ 106 +1 M4.65 1 

48 Lowland Inv 56 25 1. 

178 MAGDmHac.l(fe 204 ... _ M12J9 1 . 

90 Do.Cap.10p.. 112 -1 — - 

71 Dn:*.Ml«“k. 77 H5.75 1 


11 d0.6 031 7 8 J 37 5*5 

?5 1523 IS 7.0 Si*. S19 


..... 1523 1M 7.0 SibKw 

li 50 *>**”*1 

+2" 012* >c 15 3.9 


Vea Dr*e Rl | 

Vest Hldgs.50c .. | 


S2SV *\ Q 385c ] 17[153 
S21*a *h Q415c[ « |Z2 7 


lands M50c .. 10S Q25c 12 5.0 

iKeponaM*l. 69 +2 Q12*>c 15 3.9 

iBmMSIc 46 QlLSc 0.8 5.5 

Sumatra lOp 185 -3 M 6.0 1 1 4.9 

kofFMSl. . 62xd +*2 Ml 5c 1.9 55 

■ River lGp._ 60 +0 48 3.9 12 


tern Deep R2 ] »0*o l+V 1 0325c 


NOTES 


li 9 +|l7 9 [ 


172 104 [Royal W< 
95 45 baseN« 


51 19 


^ r;. US II i! *?, NEWSPAPERS, PUBLISHERS » i | .i V - iH 


w« °o.Cap.4p. 


3 a 13 a?4 70 &5M -** e, »‘»- 

LBloi 6.1 48 40 Meidrunilnv... 


H5.75I iDfil.6[l4fcl inoia ana 

- [ — I - I - {265 |175 [Assam Doaars £ 1 . 


TEAS 

India and Bangladesh 


,= rJrJ-r.P85 


--- 2 33 V J 35? 15-2 L»j »«2 Enwm Plants 10b. 24*2 +201 16122 

r J 7 J r* S I *? Tl, ,*?? I ??( I iI^Ie 50 525 LawnePlantsEl. 335 . .. bl5 — 6.7 A Siert.nq denominated securities whfch include Invesimeit do«ar 

23ZSH SHaMi “Dnta Invest 48*. - 1 , 162 11^51^263^5 180 McLeod R»sef£l. 220 +3 1?5 26 92 P*™'- . 


i-l? n-a®Sp23 p96 

127 [ 1 4| 4.7 23.5 vni, ?m, Pianit ith 


Assam Frontier £1.. 260 101 

Assam Invr. £1 ... 92 >1 711 


If | I — .-Tl — Urdets etbcndie Jndkated. price* and net Addends are In pence 

85 [ |+!iL52] 1-9J 2.7 pud d enom* actions an 25p- Esthnrted prluleanibigs ratios unit 

conn an bawd do blest annual reports ard accounts and. where 
% pmsAte, are updated on haH-yeariy flqms. P/Es are calculated #n 

3 the basis at ret d-stWhotfan. tract rted (Igum Indicate 10 per 

ernt or more dlftenncf II calculated en ■•nil" dfsfafbutlon. Covers 
rvolaripgh lie bawd on -iraxlimm" dstributfen. YieWs arc based oenUddlo 

iiyiaursn pfiew „ adiucted U ACT at 33 per cent, and aBoci for 

253 | 1+9 65 5 9 5.7 vahw af declwed dntnbutKms and ngHv Svcurtttei with 

260 10 15 4 4 5.8 denmni.-utioni uthir than sterling arc queted tndnsln ol the 

92 -1 711 57 11.5 bwestment OolUr premium. 


BPM Hidgs. A 1 58 ~ 3.2 5^8^15 3gg BrjL M yalr .... STj^.. 12 76 3 7 0 j 33 ffn, 41 Mon(a liivest _J W. 1-62 Llj 180 McLeod Rm^ui. 220 +3 1? 5 26(92 u 

Berm Brothers.. Si, 2 37 2 9 5 6 9 1 7 ® 41 WmerLirt^Op 483 -4 13.1b 39 98 3.9 68 48 Boston ids 54 089 1 2 2.5497 gjo 330 Mown El 330 .... 15.0 1.2 68 • “Tar Sect k. 

fthrwt Art 148 d+97 3 1 50 SB 2!* ^ Curd (Dundee). 21 — — , — — 44 24 * 2 Do Wms.£l 29*j — — - — >ji ? 22 StkjIo Hltfg*.10o 26 +F175 3 2 104 * H-gtr. and lows r 

Bristol Post 3 136 1652 2J 73 97 ^ ^ Carpets fnL^Jp.. 61 1167 24 4.1 112(0 103 73 Moorgaie lmr_ 99 388 1.0 5824.4 130 go vVarren Pbnts 116 -1 h7 44 4 9 9 6 iw^ ^ 

coSSfiuiam: 140 J 25 1952 7.6 ^ h 2 v,- inioS^SS ^ 4T 2+l s 1 ,? 2 i s ^ ^ 183 138 wmamswSj. 154 +1 12.5 4212.1 * 

rj* -A- . 138 4-2 4 75 2! 53 7 5 3 ? 28 Cdwdaw ind ..„. 34 *1 2 46_ 15 10 8 72 J85 600 Neort SJL 5US1. 885 011c 0.9 06 1715 _ . * Inisrim srntc re 


Scotncrj^^A-l 68 ' ,=..11329 

e3c»^- ^0 


mm 


marked thin have been adjusted to allow for rights 


Bristol Poo 136 . 16.52 2-11731 971 ,u 3Y>j MroeiifnLWP., 

effi wuuim: 140 05 IS *3 7 . 6 1?* ^ 

Do. “A" 138 +Z 4.75 2 .« 53 7 5 35 28 


KSft UI i 


NrortSJL SUS1J 


1 3 3\ 5.N 52 


Til ft & tasTjii I? ea u is mm? w tend «■ 2 - -t-1- 


1. 367 


238 S' S 21 Up ll i 7A ?§ 

% 9BM1 2.BP-H» S | 

367 J75= SotBeWp.B.- 347 -3 1*37 C* 3.7 14.7 
317 92- 94 tZiS 6 J X5 4.9 

248 260 SpeartTwaZ I7to 1 1190 16.0 17 51 

126 105*2 Staffs. Poos— L 114 6316 45 4.1 62 

530 £270 Oo.9WOnM 3(S , 30 ■ Oi3 f3.2 - 

145 93 Stag.FiwitBre- M5.- *2 1427 3 i 5.U 27 

210. 165 Steefkv - 176 *2 - 4fcf* 41 52 « 

49 28 StttaftanLKKSl 33 -X -QS4c 11 13.8 6.7 

30 23.- Sterteg htds.2»iP 29 ^.129 '21 66 1D.7 

86 56 SbrMahr!.?— ■ ■ 68 sd -f • 287 42 6 J 4.4 

125 85 S*pnehiflMi*„ 125 . j8& 17 9J 82 » 

16J« 11V SuBWrTF.JIDp; U -l — ^ JiO-72 14 83 U If 

B. & WBS aflflfi 

E15*« 875 SecMHbnKSO. DIR. Q10% 14 51 122 
377 70 Swb* Pacific 60c 126 a-_a' « 3fc 14 33 243 « 

1 a:, SSftge iv M B !:? tt 1 

^ ThenulSytS!!! KW 2 tt.7 2J 1(3.6) 

s a sassas ti ^ a i 1 


|D 8 Iwilli-rmonEl.::! 154 {.1 |tt5 l42liz:i J ^ S 

Srj Lanka tt Ta*-lriw «o nonresidents on application. 

P23 [Luourall— | 225 | [5.58 [ 1_5| 3.7 n UM MVM ' 

... « Price at ume of suspension. 

ATrlCa 5 Infuied avidend alter perahno scrip mdlc 


9 Infuiep avidend alter perahno scrip mriiqr rights Htue: cover 
relates to omious dividends or forecasts. 


[390 [31antyre£l [ 59S [ [150 761 * I i . 

Jl30 ) Ruo Estates | 140 |„....j JD.2 \ 14} f J 

♦ Same interim, reduced final and/or reduce 
jy|||yj£5 6 For ecast dndend. cmer on earnings igxt 

state.neiiL 

rCIUTDAI DAMn t Cover allows for comwrsKm of shares not nw 

VaELPl I r\AL or ranking only lor restnetefl diwdend. 


1140 [Durban Deep Rl.. | 283 Ul ] — | — 1 — 


iBras.20p4 41*2 1- 


♦ Same mierim. reduced final and/or reduced earnings Inflated. 
i Forecast dndend. cmer on earnings igxtBed by latest Interim 

Slawmem. 

X Cover allows for conversion of shares not now ranking for dhrldendt 
or ranking only lor restnetefl dividend. 

* Cover OQe 5 not allow tor shares winch may also rank tor dividend at 
a future date. No P;E ratio usually provided. 


K « S 


PAPER, PRINTING 
ADVERTISING 


40 | 26 Ingram (H.)lOo.. 35 nOJl 3.8 5.8 62 S2 «.7 DaSubSihiFIS. 555 +5 0256% 10 5.716.9 PAQTPS 

54 | 42 JerwneJHMgsO- M ...=.*«■» 36 8.4 52 Q 5 Rdinoi NV FI50 . U&fit *h I CAb I Lr 

38 Leeds Dyers 65 +1 d169 + 3.9 + 195 310 DoSuh.Sh'sR5 428 b 46 s— — — — !0 c I *»ri_ |Rrnekpn9Dc 

15 Leigh Mills 22 dL29 20 8.7(6i)i05 73 Romney Trwt_ 87 269 11 4.6 30.1 37 ij“ eSSShTI! 


"I 1 + J a.Tn T Lt, • Erduding a final dividend declaration. 

■ 02 . £27*, K> 04MC ♦ lip 2 + Regional uric*. 

Si Rand ft! ^... | 95* a (+4 |fll 7 * 2 c( + (1L4 h No par value. 

a Tax free. b Figures based on pnnoectus or other official 
PACTCDM PA Kin estmate. c Cents d Dividend rate paid or payable on pan of 

1 L.fM’3 1“ *-r canital: cosvr hated on dividend on full canlal. e Redemum vWd. 


22 15 Leigh Mills 22 dL29 2.1 

1M» 7 Leve* 5p 16*4 - - 


To To lie 5 1 Sfe...,. 1424 10 112^136 Ljlfe 035 |eTgj 


— «fds_ 325 . $83) 17 9i 82 ”, S 

rTF.JIDp; IJ : -i. JKL72 14 83 66 5P* S 

iServ.lOp f 353, tOA 3.1 4.9 81 U 

Sprtft » 1266 4.4 . 7.1 6.6 §f 

ttMOO. XU)*g +*4 Q10% 14 52 128 S 


ff&ESP-' * « MaSvsSh.:: 

4n TtL521j 21 MacMnncn Sea* 

ift A Wlborg_ 40 TLM 2.* 7.4 27^* 7 j Martin (A.) 2Cp 

««»«.. 75 7||9 2.W7.7 99 4 a 29 Miller (F)10p. 


55 Lvles(S)20p.. 65aJ 4 99 1 »U.5|U6 623 Jl59 |RoUncrildl6.50p. 20M t7.ll 13| 51|23iK4 231 £5^1^ — 

« sjaife. -v jfi «?, JaiiasrS ^ isziS~ 


-lifts ?-« 32 IUI 85 ) 48 Do. Cap—. 


76 A*l - 


ba BssR= 


Brit. Printing— -»a 13.5 3 

Brimniiig Grp -- 6 M — C26 3 

Do. Restric. Vtg. 53 — 43.86 3 


52*3 21 Mackirnen Sca+ 47*j -1 1.67 5 

107 73 Martin (A.) 2Cp 84 ...... t3.76 4 

«8 29 Miller (F }10p. 45 HI 62 3 

74 46 m Griffon 73 13J4 2. 

147 102 Noils. ManFg ... 138 t3 29 5. 


.!■! Hh «7 102 
'>» 52) 50 ?o 


» 15 0« 5. 


237 53 

11 7*) 
21 12 
aw 98 


aw 98 Tiffing T.ZCb- 129- +i 1439 3-4 5. 
45 36 TooSmliR-W O . — •— — - 

71 36*2 Toys • 7fl ftW « 2 

367 111 Tra6tarH.20o. 123 +2 3.7 6 

£30*2 0912 Iram.bn.US51. £211+ +1*. 05212 — 5 


li H135 101 SL Andrew Ta. 116 ...... 14 57 LO 5 9 27.4 10 s & Krt^teROj »! 

6.3 35 101 74*» Scut. Am. Inv. 5ft) 85*j -*2 12.64 19 4 6 33.0 731 , 37 5 afnean li *50 

7.*. 161 114 Sc 4 K. East Inv— 157 -U |4 57 Ll 5.0 32.1 v.s 517 viVinVHnaak Rl 

3.6 7.0 45 34 Scot. European. 40 152 11 5.7 235 63 231 , Wi- Nigel 25c 

5.9 458 U 6 82*2 ScoUfJfcFnv 20Z*j +* 2 3 0 + 4.5 f M ^ 

65 2.7 128*2 94 Scot. Mori. & Tsl U2 t3.35 1.0 4 j 34.6 r- AO la , c 

*11.7 168 119 Scol N ational _ 143*2 ~h 3.9 114.133.1 FAR WE 


S k.l'ld l ' r ' ITI w ciniiul; cover based on dividend on full capital, e Redemption yield. 

■ 64*2 +1 Q4*c 1 41408 1 Flat yieU 0 Assumed dividend and yield, h Assumed dividend and 

Rl ■“ 20 tQ20c 12 498 yield after scrip awe. j Pwmenl From capiiai sources, b Kenya. 

rg~ 294 »l" FQ50c — 1 D _2 "* Interim h«jher man previous total, n Rights issue pembng. 

L- go + ), Q 30 , A 28.0 q Eamingi based on preliminary ligures. s Otwdeiid and yield eschifle 

j./f nc^ (nil a special wymeni t Indioied tSvidend: caver nelales to orewput 

ai ? nil^ 15 po c dividend. P.E ratio based on latest annual earnmgs. u Forecast 
77 J <‘1 C *■* £?■? rrw.. hull »■ " 


ViL Niget 25e ..._ | 30*i [ | — ] — | — Owfdend and 7 ieW based on prowcius or other official iituraie* foe 

1979 JK> G Assumed dividend and yield aller pendinq scrip and or 

FAR WEST RAND I rights issue H ^Dividend and yield based on mspectus or other official 


161 [Sec. Alliance Til 183 [650 [ 091 5.1(32.0 


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Recent Issues and ** Rights ” Page 24 


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OP K WEEK 



EMS to 


Coal-for-oil policies 
‘can fill energy gap’ 


BY TERRY DODSWORTH 


PARIS, Dec. S 


BY GUY DE JONQUIERES 


THE PRESIDENT of the EEC 
Commission is like a general 
without any troops to command. 
He is expected to point Europe 
towards a common goal and try 
to keep it marching more or less 
in step. Yet unlike the govern- 
ment leaders whom he seeks to 
influence, he has few bigs guns 
in his armoury and no obvious 
political constituency from 
which to summon reinforce- 
ments. His only real weapons 
are ideas and his powers of 
argument and persuasion. 

When Mr. Roy Jenkins came 
to Brussels at the start OF last 
year, his advisers sought at first 
to bolster his public image 
through a mass-media campaign 
aimed at bringing the Commis- 
sion closer to the roan' in the 
street. But they soon discovered 
that decisions on tomato paste 
imports and harmonisation 
directives make dreary 
television, and Mr. Jenkins 
looked for other ways to make 
his mark. 

His first major sally into the 
puhlic arena, a full nine months 
after taking office, could hardly 
have provoked more surprise. 
Speaking in Florence before a 
small, select audience of the 
kind in which he feels most at 
ease, he called for a revival of 
the EEC’s almost-forgotten 


WESTERN G over-vnent support 
for a “ massive substitution " of 
coal for oil is urged today in a 
report issued by the secretariat 
of the International Energy 
Agency. 

The report says such a pro- 
gramme is essential in industrial 
and developing countries if they 
are to maintain . even modest 
economic growth this ’ century. 
But it adds that to fill the energy 
gap there must also he more 
rigorous conservation of energy 
and new developments in supply. 

Underlying the agency's case 
for coal is the assumption that, 
after 1983. world demand for 
energy will increasingly outstrip 
supply because of oil shortages. 

Higher fuel prices would 
permit the use of other energy 
sources, such as natural gas and 
synthetic fuel, but these are “not 
nearly as plentiful, dispersed, 
nor. in the case of synthetics, 
technically or commercially per- 
fected as coal.” 

By the end of -this century the 
energy gap is expected to be 
between 1.2bn and 1.3bn tonnes 
Of nil equivalent. 

The report concedes that there 
are environmental concerns 
about expanding coal trade and 
usage, but adds that, with careful 
planning, these should not im- 
pede the industry's development. 

The principal check on growth 
at present was failure by many 
private ami public energy plan- 
ners to appreciate the growing 


economic attractiveness of using 
coal instead of oiL 

Introducing the survey. Dr. Ulf 
Lantzke, the agency’s executive 
director, said the problems of 
changing from oil to coal must 
be tackled within five years, 
because of the long lead time 
required to make the necessary 
investment 

“ We think that low-cost coal 
is competitive with other fuels 
in wide areas of the world. It 
is even competitive with nuclear 
energy in certain places." 


report's analysis of the energy 
gap was based, on “conservative” 
calculations. 

Energy requirements in the 
OECD area are projected to grow 
by 2.7 per cent annually to the 
year 2000, while economic 
activity expands at an average 
annual rate of -3.4 per cent. 
Indigenous oil production is ex- 
pected to increase until I9S5 and 
then decline. 


Airline to 
pay fine 
for aiding 
Rhodesia 



BY DAVID BUCHAN 


Obstacle 


Dr. Lantzke said the main 
obstacle to the development of 
coal usage was the “ psycho- 
logical barrier" by which people 
regarded coat as an energy 
source of tbe past 

He emphasised that the devel- 
opment of the industry, which 
would depend on producing 
cheap coal in countries such as 
the U.S.. Australia and India 
would also require a big change 
in the pattern of world trade and 
heavy investment in a new infra- 
structure to handle coal. 

Although the report foresaw a 
big growth in cheap coal imports 
to Western Europe, there would 
still be a place in the world 
industry for high-cost coal pro- 
ducers, such as the UK and West 
Germany. 

Dr. Lantzke noted that the 


Coal demand will depend to 
some extent on the acceptability 
of nuclear energy programmes, 
hut the report forecasts that, 
even without active substitution 
policies, coal usage in the OECD 
area will double to the end of 
the century, rising from 49Sra 
tonnes oil equivalent in 1976 to 
1.2bn tonnes oil equivalent. 

However, this expansion could 
be greatly increased if the OECD 
Governments co-operated to 
encourage investment in ports, 
handling facilities and mining. 

This could lead to an addi- 
tional use for coal equal to 353m 
tonnes of oil equivalent by the 
year 2000. 

Development of these policies 
would result in Europe becom- 
ing a large importer of coal 
(311m tonnes a year by 2000, 
against 55m tonnes in 1976). 
along with Japan (lSOm tonnes), 
while North Axnerican exports 
would develop to 143m tonnes by 
2000. and Australian and New 
Zealand exports to 195m tonnes. 


Government explains British 
links with monetary system 


WASHINGTON, Dec- 8. 
UNITED AIRLINES is to pay 
$50,000 in settlement of a suit 
brought by the U_S. Justice 
■Department for breaking, 
sanctions on Rhodesia. At the 
same time, the Administration 
revealed that it had re-opened 
its investigation of. similar 
charges against the Mobil and 
Caitex oil companies in tbe 
wake of the recent Bingham 
Report. 

The U.S. Treasury, which 
initially investigates all sane- 
tiu ns -busting charges, last year 
closed its probe into allegations 
that certain major U.S. oil 
companies were illegally help- 
ing ship oil to Rhodesia, after 
the companies claimed they 
were prevented by the Sooth 
African Secrecy Act from 
supplying information that tbe 
Ui>. Treasury had sought. 

The case' has been reopened, 
U.S. Treasury officials said to- 
day, because the Bingham 
Report, which mainly centred 
on British Petroleum and Shell, 
also contained some fresh 
leads on the activities of U.S. 
oil companies. They wonld 
not say how far the new Investi- 
gations had reached, or give 
any details. 

Under an agreement reached 
with the U.S. Justice Depart- 
ment and approved by a 
Chicago judge today. United 
Airlines entered a plea of “ no 
contest” to the charge, and 
agreed to pay the maximum 
$10,000 fine, plus $40,000 to 
avoid forfeiting the training 
equipment used. 



BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


THE GOVERNMENT explained 
in detail yesterday how the UK 
would he involved in the develop- 
ment of the new European 
Monetary System without joining 
the exchange rate mechanism 
from the start. 

A short White Paper on the 
system was published yesterday. 
This contains the resolution of 
this week’s EEC Heads of Govern- 
ment summit in Brussels coupled 
with notes explaining the UK 
position. 

The White Paper notes that the 
UK will be involved in the 
Finance Ministers’ review after 


six months of certain aspects of 
tbe exchange rate mechanism 
and in continuing reciprocal con- 
sultation about important 
decisions concerning exchange 
rate policy between countries 
inside and outside the currency 
regime. 


cusses the measures designed to 
strengthen the economies of tbe 
•less prosperous members, speci- 
fically identified as the UK. Italy 
and Ireland. . 


Crews trained 


Regulations 


Britain will also he involved 
in the Finance Ministers' meet- 
ing on Monday week, which will 
consider the regulations setting 
up the system. 

The White Paper also dis- 


Britain would neither qualify 
for loans with an interest rate 
subsidy, nor contribute towards 
interest rate subsidies for others, 
as long as it was hot participat- 
ing in the exchange rate mech-. 
anism. 


The European . . Monetary 
System, Cmnd. 7419 : Stationery 
Office, price 23p 
Lever supports EMS, Page 3 


Roy Jenkins 

Greater progress than he had 
any reason to expect ereit a 
year ago. 


Shell-Esso in £700m project 
to develop Cormorant field 


BY KEVIN DONE, ENERGY CORRESPONDENT 


dream of a full monetary union. 
Though powerfully argued, his 
appeal was greeted initially 
with disbelief, even among his 
fellow commissioners. In the 
unadventurous political climate 
of the day. it seemed to stand 
about as much chance of success 
as a proposal to send an EEC 
mission to ihe moon. 

But Chancellor Schmidt of 
Germany and President Giscard 
d’Estaing of France were pre- 
pared at least to hear him out. 
OnJy six months later, at the 
EEC summit in. Copenhagen, 
the two leaders outlined to 
their colleagues proposals for 
a “zone of monetary stability” 
in Europe. - No one, perhaps, 
was caught more off balance 
than Mr. James Callaghan, who 
had treated Mr. Jenkins' 
Florence speech with overt 
disdain. 

It is an open question how 
far Mr. Jenkins’ arguments 
influenced Messrs. Schmidt and 
Giscard, and how far he merely 
anticipated a turning of the 
political tides. By his own 
admission, his initiative was a 
true gamble in tbe early stages, 
and Herr Schmidt has claimed 
perhaps uncharitably that what 
really triggered his own think- 
ing was reading the memoirs of 
Jean Monet, one of the founding 
fathers of the Common Market 

It is arguable, too, how 
closely the proposed European 
Monetary System corresponds to 
Mr. Jenkins' original prescrip- 
tion. He described last week's, 
EEC Summit as “a limited 
success " and is no doubt dis- 
appointed that it failed to pro- 
duce a commitment to the trans- 
fer of resources which he con- 
siders essential to full monetary 
union- But the EMS decisions 
also represent greater progress 
than he had any reason to 
expect even a year ago, and 
he can claim to have been 
genuinely involved from the 
very beginning. 

It remains to he seen 
whether he will get another 
opportunity to present equally 
dramatic ideas in the two years 
left of his Presidency. But 
there will be plenty of 
challenges for him and his 
colleagues as they try to re- 
solve the formidable practical 
problems of enlarging the EEC 
to 12 members, tackle the 
monumental distortions of the 
Common Agricultural Policy 
and attempt to nudge govern- 
ments into aligning their 
. economic and industrial policies 
, more closely. 


SHELL and Esso are planning to 
spend more than £7 00m to 
develop the North Cormorant 
Field in the North Sea. 

Shell, as operator for the pro- 
ject, said yesterday that it had 
invited bids fnr the construction 
of a 20,000 ton steel jacket for 
the drilling and production plat- 
form. 

All three British Steel plat- 
form yards are expected to be 
on the tender list, along with 
some foreign yards. The stillest 
Continental competition for 
recent orders has come from 
France and Spain, but yards in 
other countries, such as Norway 
and Holland, are also short of 
work. 

The eight-leg jacket which will 
stand in about 530 feet of water 
is due to be floated out to the 
field in 1981. The first oil pro- 
duction is expected in 1982-83, 
reaching a peak of 180.000 barrels 
a day in the mid-1980s. 

The oil will flow from the 
Brent System pipeline to Suliom 
Voe in tbe Shetland Islands, and 
associated gas will be fed into 


the western extension to the 
Brent gas trunkline leading to 
SL Fergus, near Peterhead. 

Bids for the platform contract 
must be placed by mid-February- 
But Shell warned yesterday that 
no definitive order would be 
placed until a “mutually accept- 
able” plan for developing North 
Cormorant had been agreed 
with the Government. A 
derision from the Department of 
Energy was not expected before 
April. 

The UK platform construction 
industry could receive a further 
boost next year, with orders 
expected for the steel platform 
for BP’s Magnus Field and Phil- 
lips' Maureen Field. 

Mr. L. C. van Wachem, a 
managing director of the Royal 
Dutch/Shell group, said in The 
Hague yesterday that the 
estimated cost of the North 
Cormorant project was £7 00m. 
Of this drilling work could cost 
nearly £200ra. 

Another £200m would be added 
to the costs, he said if the com- 
panies decided to go ahead with 


a subsea development for 
exploiting other reserves on the 
Cormorant blocks 211/21 and 
211/26. 

Mr. van Wachem said that the 
estimated cost of developing the 
North Sea Fulmar Field, which 
is due on stream in 1981, was 
now £600m, including drilling 
costs. 

He admitted that delays in 
receiving planning permission to 
build a natural gas liquids 
separation plant at Mossmorran. 
Fife, would limit oil and gas pro- 
duction from the Brent Field, the 
largest field discovered in the 
UK sector o-F the North Sea. 

The natural gas terminal at 
St Fergus should be completed 
by the flrst half of 1980, which 
would allow limited sales to the 
British Gas Corporation. 

But the Scottish Office had still 
not reached a decision on the 
prolonged inquiry into the Fife 
project. Such delays could make 
“an enormous difference" to 
profitability, he said. 

Shell to spend more. Page 3 i 


The U.S. Government 
alleges that in 1974 United 
trained crews for a company 
called Affretair, supposedly 
the airline of Gabon but in 
fact a wholly-owned subsidiary 
of the Rhodesian Government 
airline. . Tbe training took 
place at United’s establish- 
ment in Colorado where It has 
trained crews for airlines from 
all over the world. 

United Airlines said In 
Chicago today that the airline 
had not intentionally broken 
the sanctions, had since en- 
sured it would not happen 
again, and had had no more 
contacts with Affretair. 

The two three-man crews, 
trained in 1974, had entered 
the U.S. on papers which gave 
no indications that they were 
Rhodesian citizens or em- 
ployees. 

A lawyer in the U.S. Attor- 
ney's office in Chicago said 
that in a statement filed with 
the court there. United Air- 
lines had admitted training 
other Affretair crews before 
1974. But Ihe five-year statute 
of limitations had ran. oat on 
these alleged offences. 

Weekend Brief. Page 17 


Minister to visit Kirkby 
co-operative on Monday 


BY JOHN ELLIOTT, INDUSTRIAL EDITOR 


A MASS MEETING oF 700 
workers at the Kirkby Manu- 
facturing and Engineering co- 
operative. on Merseyside is to 
be addressed on Monday by Mr. 
Alan Williams, Minister of State 
for Industry. 

At ihe same time, a fresh bid 
for a £3m rescue of the enter- 
prise will be presented by the 
co-operative’s leaders who yes- 
terday had long talks in London 
with Mr. Williams and his 
advisers. 

This follows the pulling out 
on Thursday of Worcester 
Engineering, a small central 
heating company, from plans to 
take over the co-operative and 
develop its radiator production. 

The co-operative is making 
losses of about £20,000 a week 
and urgently needs fresh cash 
since the interim State aid of 
£150.000 arranged by Mr. 
Williams last month has just run 

out. 

Mr. Cecil Duckworth, managing 
director of Worcester Engineer- 
ing. is also being invited to 
address the meeting and explain 
why he h-is abandoned the take- 
over and £8m expansion plans 
which were to have been funded 
by Government aid and a 
Barclays Bank overdraft. 

Mr, Williams will attend the 


meeting at the invitation of the 
co-operatives' leaders and will 
not himself propose any fresh 
rescue ideas. 

Both he and the co-operative's 
leaders appear to agree that 
there is no chance of reviving 
the Worcester takeover proposal. 
Nor has there been any fresh 
discussion of intervention by the 


National Enterprise Board. 

The new £3m rescue bid to be 
proposed would invulve Govern- 
ment aid plus outside help from 
other interests. 

But it would need the approval 
of the Government and there 
appears to be little political 
interest in trying to save the 
enterprise. 


Continued from Page 1 


British Oxygen 


a lower figure. A four-week strike 
by the same group last year cost 
the company about £5m. 

Pauline Clark writes: At least 
six exhibition contracting com- 
panies believe they have been 
hit by Government sanctions 
because of a national pay agree- 
ment which they have been told 
is outside last year's 10 pec cent 
pay limit. 

About 225 companies, includ- 
ing 170 in tbe National Associa- 
tion of Exhibition .Contractors, 
have been told that sanctions 
will be taken against them if they 
implement their national agree- 
ment, This gives about 4,500 


employees an 11.S per cent pay 
rise. 

Mr. Richard Good hart, associa- 
tion secretary, said yesterday 
that the Treasury had rejected 
the employers’ argument that the 
increase is within tbe guidelines, 
tatting into account projections 
that overtime work will fall next 
year. I 

He said tbe association wasi 
unable to try to renegotiate thej 
deal without risk of Industrial i 
action. Action had already 
affected the Motor Show, and tbe 
association was concerned that 
there should be no disruption at 
the Boat Show next month. 


BUSINESS CENTRES 




Vdar 1 

Y'day 


midday 1 

mlddny 



-c 

“F 

•c 

*F 

Amsu-dm. 

n 

1 

34 Manchstr. 

R 9 

4? 

BjhrJin 

s 

25 

77 Mr-lboum? 

C J3 

S3 

Barrriofia 

V 

17 

63 -Mexico C 

S 21 

7U 

Relnii 

c 

17 

63 Milan 

S —2 

28 

Bril a St 

R 

S 

46 Montreal 

C -5 

2H 

B^Icrailo 

V 

—2 

28 Most. air 

F —6 

21 

Berlin 

V — f. 

21 Mnnich 

C —6 

21 

Rrmchin. 

R 

s 

46 icpKcasUe 

R 7 

45 

HnsJol 

n 

11 

52 New D-lhl 

S 21 

711 

RriLSSi-ls 

R 

4 

30 New York 

C 13 


BudaoeM 

s 

—4 

2‘1 Oslo 

c — « 

21 

E. Alp.-s 

c 

26 

7B pans 

C 12 

54 

illlirn 

x 

"II 

CB Pi-nh 

R 22 

72 

Cardiff 

c 

11 

52 Pracue 

C —5 

13 

Qiicubo 

c- 

-11 

12 Reykjavik 

F 7 

45 

Colaanc 

R 

— 2 

2S Rio dc J'o 

C 26 

80 

Connhaun. 

F 

D 

32 Rome 

F 13 


Dublin 

K 

1U 

90 Sliutaoore 

S 28 

83 

EchaburKh 

C 

7 

45 Stockholm 

C —1 

.TO 

Kranldun 

R —4 

25 Slrasbrg. 

R —2 

28 

Geneva 

H 

i 

34 Sydney 

C 22 

72 

Glascow 

R 

s 

46 Tehran 

C 5 

36 

Helsinki 

F —2 

2S Tel Aviv 

C 16 

El 

H. Kona 

S 

23 

73 Tokyo 

C 15 

01 

Jots lire 

s 

26 

79 Toronto 

C 3 


Lisbon 

c 

IT 

63 Vienna 

S —4 


London 

R 

10 

50 Warsaw 

S —4 

s 

Luxmbrs. 

R 

II 


R — 1 

28 

Madrid 

G 

13 

55 




HOUDAY RESORTS 


Ajaccio R 
ALilers S 
Eiarrilz R 
Blackpool C 
Bnrd.aiix C 
Booing nv R 
Cash Inca. S 
Cape To. S 
Corfu V 

DuhnjvnlK S 
Karri V 
Flon.n< c- R 

Fimiia! C 

Gibraltar V 
CuornA'r C 
ImuJjnnit V 
Inn-moss O 
l. of Mon R. 
Istanbul K 
S— Sunny, F- 


12 Mr Jersey 
21 70 Las Pirns. 
17 El Locarno 
7 45 Majorca 
17 85 Malaga 
7 45 Malta 

21 70 Nairobi 

22 72 Naples 

11 32 Nice 

7 45 Nicosia 

1* M I Oporto 

s 37 H nodes 
M 68 Snlrbut* 

19 K Tunplcr 

12 54 Trnenfe 

— i 2:t Tunis 
7 45 Valencia 
S 46 Venice 
5 4L 

-Far. C— Cloudy; 


<> 


There was a little 

buying of equities yesterday Index TOSe 1-8 to 493.3 
for the three-week Christmas 
account, but talk of a year-end 

rally, fuelled by the supposed. - ■' - 

unwillingness on the, part _oiy^_T 

institutions to show too 'milch - . 47 

liquidity in their year-end . ff 1 OKy O HCW |||g . 

accounts, and by general- ..Jcp v nf |aY Jill 
seasonal bonhomie, was not very i 

enthusiastic. The market. vis' 


djfbamjja so k d 


finely balanced -around 490 on j- - - & 

the 30-share index, a level- at.: v 

which it also paused far soipei r .-. . ., 

time when falling a couple of to n §PtPli^ 
months ago. .. ' UU |j|f f§r 

Equities may yet face, some' 1 .? •" §|||pf 

sterner tests in January when . 375IIP 

the wages battle will get under; . 

way in earnest after the Christ: Jr! 4«4 iS8at«o 

mas lull — especially in the;: ,en l I I 1 I M i i t ? : i i -■ 
public sector— while there, are ■ , “ J F “ * i97« * ... 

still worries about the- uit- • * 11 -- ^ 

settling trend in company' 

profits outside a few booming, jnti> Burton's short-term ; 
sectors like retailing (Thure^ profit trends. During 1977-78, 
day's official figures showed a for instance, around £4.5m- of 
sharp decline in company closure and rationalisation costs . 
liquidity). Meanwhile, short were treated as exceptional.- .In 
term interest rates show no : ^q current year, by contras t^a. 
immediate signs of turning j,jg modernisation pxogEanime 
down. • totalling some £l2jca ;wiir be 

The partial failure of the^KKS charged against profits. ' Still, 
negotiations had negligible there seems to be '.a 1 sharp 
effects on the financial markets improvement in the underlying 
except for the predictable fall performance, partly because of 
in Irish securities: in Irish gilts the action taken to sharpen the 
activity was cut short V the: gr0U p- s High street trading 
Dublin Government' broker’d image, partly through the 
canny widening of his dealing surgery applied to' lossmakeifsj 
spread to 1$ points. But fte^n^ partly because .retailing; 
British Government's redeclared climate has radically improved. ’ 
commitment to a stable ' ex- The latter point applies parti.cn-. 
change rate for sterling hrigiarly to menswear, with- the 
proved helpful to the London suits market coming out of its 
gilt-edged market Buyers have depression so that Burton 
been nibbling at both tap Stocks has seen demand -reviving even 
this week, and there has. been on the traditional made-lo- 
a fair degree of strength at -the measure side, 
untapped short end. ; . in womens wear. Top Shop 

continues to boom, with profits 
Burton tarroup - U p pre .jiJterest from roughly 

Burton Group arrived six, days.-£2m to £3m while there has 
early with its results yesterdaY been a useful turnaround at 
all because the Treasury yras Byman, the office supplies chain, 
unexpectedly quick in giving<{Sut the big scope far improvd* 
clearance to the company's ment remains • Jh . menswear^ 
request for a net dividend rise both in rnahufacturing— where 
from i.5p to 4.5p a share (under the £3!m loss could he 
the recovery provisions). /And halved this -time—and retailing, 
following the general rule that The .nett Top Man chain : is 
good figures are quicker to add apparently hading profitably ; 
up than bad ones. Burton has 0 n this- basis of 44 branches, 
achieved a turnround from a but closure of shops during 
loss of £5.0Sm to pre-tax profits modernisation . (around 100 o T 
of £7.55m. The recovery has not t he old -Burton branches are 
been wholly smooth, however, due for treatment this year) is 
given that excluding property holding back sales for the time, 
disposal profits the seasonally being. As for the shares, they- 
less favourable second half con- continue to look for profits at 
tributed just £l,9m compared several times the present level, 
with £4.7m in the first six and some further' progress .is 
months. The ’’A" shares promised for -1978-79. • 
finished the day just lp higher v_. . . 

at 177p, where the yield is now Xnkvo qtock market 
a modest 3.9 per cent A luarKCi. 

Nothing too precise should be Of alT the world’s major stock 


markets Tokyo Is : the only one 
that has heea marching' firmly 
ahead , ail- year. Yesterday, the 
Tokyo ; arai*et lilt another-. : 

time high AVfth the ..TokyqVNew;- 
.Stock Exchange mdex break&gT- 
through; 450, and the Tol^o T^Wf ' 
Jones hitting. 6074^93 in ■ the ; 
heaviest trading"' so ■ far.' this- 
year. Compared with aT normal '; 
daliy ! trading volume df 30Oin« • 
■njnm sha res, ■ turnover ■shot jap 
to -SSOm yestarday; which is not' 
"far short of the ;peajt ' 

of -l.Ofibn reached; in .-Jahuaryl 
1973r-sbgrtly before the ;fcnd of 
the'. 1971-731 hull market; /: Tbe- 

■ question ' now_ is\ whether- the . 
current ■ ball market has abide 
hear to "running, its course.- -i 

.-. There is ^ondouhtedly. a faiif 
amount of speculative froth, in 

■ the market at the moment with 
investors chasing, after recovery 
stocks id" the depressed, steel and • 
shipbuilding industries. - -Over . 
the- last yeat the -inaikebr-Jnea- 

. sored -by. the .Tokyo New Stock 
Exchange, Index— -has risen 
from 35D to 450. and foreign in- 
-Vdstors have ii^d the added 
benefit of a rise in the yen/ 
dollar rate . from Yen 240 to 
Yen 277. Even alter the recent, 
appreciation of the dollar, the 
yen has still risen by around a 
Sixth against the. dollar this 
year.- • • •. 

TBiS latest TiserTp'^the Jap- 
anese' stock market 1 is ^coming 
close to equalling the longest 
bull market in . Japatfs postwar 
history which ended abruptly in 
.1973.: Indeed, if. one leaves out. 
2977 when the Japanese . stoclr 
market" drifted .'sideways, 
Japanese equities have'. been on 
a r rising tread rsmee . late 1974 
•when the 1 ' Tokyo New Stock 
Exchange' Index fell . to just 
above the! 250 leyef ancHhe Yen 
dollar' rate stood atfiOtf. : • 

The key .to the market’s strong 
performance.', ■ over-’ . -'Hit! last 
twrifoT montfishas uMoiiirtebiy 
been the tremendous liquidity 
in the financial system plus the 
sluggish. .. recayexy . ’ pf- the 
Japanese economy. ..Interest 
rates vara at. historically : Ioy 
levels and so fair there is little 

Sign : Of the .surplus ; liquidity in 
tfiesysfera di^pearingVUntilrt 
does; most . institutional .inves- 
tors remain confident tfiAt the 
Japanese, stock market will 
-'move ahead, although . there ? 
may be a short- term, reaction 
-over the ' next Vfew months toy. 
shake out the speculative froth. ;: 
A straw poll of fund managers 
last night conddded .that the ; 
market wonld be higher this 
time' next year. " 


W 

t 

jee f 


... r-: 


.■»4 :; !S5 r-CV 


f v- c? 


- --- 


•jgi vt -zrrr-r. 


r ~ " > 5 

•„ Iv.C 





UK TODAY 

WINDY, with showers, pro- 
longed in places. 

London, S„ S.E.. C. England, E. 
Anglia, S. Wales 
Showers. More general rain 
later. Max. 12C (54F). 

Midlands, E- N.E. England, S.E. 
Scotland 

Showers, prolonged in places. 
Max. UC (52F). 

S.W. England, S. Wales 
Rain spreading from S.W. jn 
morning. Max. I3C |55F). 

N. Wales, N.W. England, W. 
Scotland. N. Ireland 
Showers, heavy and prolonged 
in places. Wind S. or S.W., strong 
or gale. Max. 11C <52F). 

N., Cent., W. Scotland, Orkneys, 
Shet lands 

Rain at first, showery later. 
Wind E. or S.E., strong, becom- 
ing S. Alax. 7-9C (45-4SFI, 
Outlook: Unsettled; mild. 
[From the London Weather 
Centre] 


Within a short radius of the little town of . 
Jamac, in die heart of the Gharente, you can 
discover the most celebrated names in the long 
history of Cognac - and one of those names is 
Hine. But it presents most French people with a 
big problem when pronouncing it. 

The reason is simply that the French don’t 
aspirate the letter H at thebeginning of a word. 
So die Flinch continue to appreciate Hine 
Cognac, while calling it een. And why not; 
(pensent-ils) its a French name isn’t itfNo, 
it is non 

Thomas Hine. was an Englishman, 
from Beaminster in Dorset, who went to 
France in the latter part of the XVIII j 
century. He founded die House of : 

Cognac Hine in Jamac but never 
relinqu ished his B ritish nationality: 

So when you orderHine in - 
Britain by all means say it inthe E nglish 
way lt makes no difference to the s 

Cognac, which is superb, iii its own. . . 

French way 


m 




HIXE 



f.S .O.p 


R 12 M 
S 23 72 
C 0 32 
K IS M 
c in «i) 

S 17 63 
S 23 74 
C S 48 
R S 4B 
F IS 64 
C 14 57 
f n s .1 
C — fl 21 
C IB 66 
S IS H 
S 17 6.1 
I- 2D fifl 
C-3 2S 




Hine 





fe= 










.For an mformative leaflet on Cognac send a postcard 'to . 
Dept ET, 6 to Floor. 1 Oxundon Street,London SViTY" 4^3