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■i 1BE fiffBS&T; v- 


Saturday December 1.6 1978 If 


-taking a constructive 
approach to every 
size of project 


No signs of sharp 
increase in retail 
price inflation rate 



* success. FT wwnare^ inarx, 

ferae! has blamed Rgyptlortfie down 15.4 since 'laWT /Friday, 
deadlock in ' the Middle j East • -• \r ~ : 

peace talks and accoSestheO jS. ' ^ 

rtteins Mused in , favour of 5Wk fn^gnal 

A -meeting, of the; Israeli ' 

Cabinet also supported Premier. A 1DQCC... 

MenehOT .Begin V- Tfejecrioh . of . 4 on i - : 4 _ 

four new Egyptian:/ proposals,. L . , 

. Mr. > . ‘ Bogin said Egypt's; . 

demands were inconsistent with yl 

the Camp David- framework. But ' J : ~ 

he "hoped- talks could resume, Mttn . « \tViOp 

though he could not say when.. 4ou 
Back Page ... ... * r**? . 

- . Tlie underlying rate of retail price inflation edged 

?55dw£voJ; U .P Slightly last month, bat there are no signs of a 
success, ft 30-share . index, significant acceleration m the near future. 

down 15.4 stnee '.feWT-'/Ftlday, Consequently the 12-mtmlta by the index for all items except 
\’ r . rale of increase should remain seasonal food over six* months. 
/ Up ft ■ ■"" > ■ S >n single figures uotil at least expressed at an annual rate. This 

f 3VU J nm laufncirlal ■ j 1 w< * f l into next year. stood at 8 per cenl in mid- 

.^vj cepygyiMiffiiwyi 

Attention L ™ CH P , UTS co " TROLS ON 

focuses Ireland opts 
on miners’ for EMS 

? a L c I aim membership 

Labour Editor B. 


itm o/how^fminire' 1 ^ to*4© >, Dl £ iL1N ~ !f e,aad join pressure on Ire 
noT intn,. iiaTm to h! 11,6 European Monetary System pressed exchequer. 

nr.^t^t Thn rL™ e on January 1. Mr. Jack Lynch. The public sect 
GDverp- Irish Prime Minister, rate is 13 per c 



Retail Price Index 

(Except seasonal foods) - 

Sl p rf ay lias been so ^ M u^r d yestertay. * 

weakened by its Commons 

defeat on .sanctions. - B Insn Government- hopes 

Negotiations on the claim are aT)d expects, however, that mem- 

i January 1, Mr. Jack LyDch, The public sector borrowing 
e Irish Prime Minister, rate is 13 per cent of gross 
mounced yesterday. national product, which the 

The Irish Government hopes G°*enunent has promised to 
id exneets. however, that mem- br,n 3 this down to 10 per cent 


EEC row grows 

MS -2 

all industrialised countries and of bread and eggs. 

Efforts are being made, to pre- a-tqJ 1 1 ; IV T ' — If all industrialised couetrie* 

vent the row over the European 11 12 13/ tt'' ; T5 I in particular is below the 

ParliameDt’5 budgetary powers ^ oecemW5R1978 • J in the U.S.. France, Can ad: 

from becoming a political battle " 1 . Italy. though well above th 

which oould seriously worsen regained 3.1 to 4fU.0/=Bargains West Germany and Japan. 
French relations with : EEC ,t -a 5gn r ^ jjmnnf In the month to mid-Novei 

Consequently the 12-monlh by the index for all items except likely i 0 start in earnest in bwship win not mean a change ne *[ thp Tris;h Gfiupr _ 

rate of increase should remain seasonal food over slv months. _ _ middle nr late January whpn the *» exact pantv between Insh 1 > s i De , „„„^ overn 

in single figures UDtil at least expressed at an annual rate. This 2 ° k ~ " other big public swftor groups and British pounds at least in “J" 1 . *** fi offered £ -“ 5 ®. l " 

wen into next year. Blood at 8 per cenl in mid- /gR challenging^ 5 per cenffi- ** *hort term. “ * 

The Department of Employ- ^_° n V . e !!I b ?, r r ’,nhTr Pared Wlth ? ' 7 P<?r 15 r iz^ - «»ne— the council and health Th e decision, which followed a Mr Lvnch has managed to 

ment announced yesterday that manual workers— are in full cry. day-and-a-ha If of intense Cabinet negotiate* terms which will allow 

a ““ n ’ sjssgrjKars.sasi sr^s^i 

3TCU%; JT-tf fSB 53 sHl ^3* $*¥? SK Sf ’ s 

October and means that the pnfnx io & SSi priw'Jnfci 0 eao ^they^^ould 'et ^ The main reason for the between 1954 and 1958 Irish 

12-month rate bas been around by the end of January 0 1976 1977 1978 treatment” ^ 0 reversal of the Irish Govern- residents with deposits abroad 

K per cent for eight months The December index will be " 1 Miners' ' leaders are Tifcetv tn menl ’® de . c “ ion at ,he Bmssels must repatriate them within 

running. boosted by higher petrol prices. 11 per cert in iho current pay fncus their negotiations on the °. f »«™her 4 and 5 is three months All fixed assets 

The UK rate also remains hy the increase in television round the 12-month rate of price demmid for a rour-riav- wpIpV as 0,31 ^ leTms nffe . red *>)' way of held by Insn residems abroad 

slightly below the average for licence fees and in the price inflation may still remain in wel las an increase in resources have been lin- must be declared. The travel 

all industrialised countries and of bread and eges. single figures next year. Thic proved. It was also swayed by allowance in anywhere abroad. 

1074 - 100 1 . 

This compares with a rise of 

are some significant rises in the 

The latest rise in the morigage 

7.S per cent dh the year to mid- ra i e will add half a perceniage 
Ucioher and means that the point lo the retail price index 
12-month rate has been around h y t h D tn d of January. 

R per cent for eight months The Dccemher index will be 
running. boosted by higher petmi prices. 

The UK rate also remains hy the increase in television 


1 T+T.-i r-*r- ' !■{ ,.. i : n »Ttttt 

in particular is below the level The- January index will be 

single figures next year. 

- res ncxt > ear * . rates. This claim will be strongly ftaly's decision to inin 

those forecasters who resisted by tbe National Coal 1 „ ys , . ,0U1 ' 

including Britcin and Northern 

French relations . with - E 
institutions. -Back- Page 

fimest cfeadlobk 

in the U.S. France Canada and affected by the rise in both ^ssiSc ‘St^e Zy E£\3* is VrtVta to reJ^S Mr. Lynch paid glowing tribute £*3* J" 

JlS ' hough weH above that in mortgage rates and rail fares. round believe lhai the 15-month the argument of Mr. Joe Gorm- *° ItaJ y' s commitment to the SKidual reSdmt 

West Germany and Japan None of this need result in rate -might be only just in double ley. NUM president, that a four- European ideal and in a state- iill {J SirTaJSlSf 

In the month to mid-November, more than a modest rise in the hv th P f n ,\ n r n» v t wppv i«n.,iH mem read out in the DaiL he no . r 0e t0 ouy_ foreign 

the lowest for 12 Tuonths. Gold the index rnse by °- 7 15 er ccnt 
•> !« About half the rise was the resuJl 
SHnes Index sfipp^/4Jl to Qf an increase in the price ol 

130.7. _ milk pnal anil cmntpIPK fuplc 

Talks chaired by Albert: Booth. , \ I#V' 4 and motoring costs. and world commodity prices. worid‘'priceV cou I d hold *back”UK 40~Mr 'mt W tae^£ torTac* ?Ii^ 1 ° ier J ls abroad will need central 

Employment Secretary,, over the • GILTS: Shorts, AftepsOns to This was offset only partially The Bank of England quarterly "Sri prices and hence com- workJJs^S bSS them to £110 S?SVh^Rrira??wo,,i?hJ Ufp h3nk perm J sslon - „ Certa,n prn : 
Times* Newspapers suspension J. closed i np, adC^inediams hy a reduction in the price of bulletin this week was relatively profitability a week— and fo"1esse™ri'=e 3 for to maintaiif the stabititv ^sterb C err / pl,rcha ',* s M ’ ! n9pd central 

broke down affer fivp .boars -and longs } lrigher. Goivmmient butter and tea. optimistic about world prices. Its paa l t ™ . ~ „ , surface wnrke-s rhe unio? m i Xt 0 maintain the sUbdity of steri- bank approval, 

when-: tbe National Graphical securities Index n>tfc fc20 to Th e best guide to tbe under- assessment implies that even if Indicators snow expansion | settle ror ire/’ if the four-dav « . The nne remaining ?re.-i nf ur- 

Aksoclatknr -said- It* would - only eg bq ' - -f - lying rate of inflation is provided eimings rise by between 9 and rate slackening Page 3 } , Vl , r v v , ere . pdpd * : The Government stressed ip a ccrlamiy i«- whether non-Trish 

, , - , . . _ — - . . — — - ... rate imp m uc nmy just in uuuuie j«ry, num presiaem, rnai a rour- — 

In the month to mid-Noveraber, more than a modest rise in the figures bv the end of next year, day week would cut absenteeism ment read out th e DaiL he he a ™J.° T,r reiSD . 

tbe index mse by 0.7 per cent. 12-month rate in the early This implies a continuing dramatically and even raise out- said Irelands decision to join securities. Existing holders of 

« , ii£2s,'isxw sjis Board ^ an co^i’r in u,e Euro- p-^saasras 

ruf,s - * «* * « «b.. 2Tu » & 1SS Si 

... when-: tbe National - Graphical Securities Index rose. 6^0 to 

Aksbriatknr -said- It* woulff only 68^0 - / -J; - 

. { negotiate if. Ibe . groups wififidrew * * - 

*:j G0LD rose 53%^ «2071. 

^ -stiimiatMm- Cwnex December. ^ artflement 

l **** **** - price: 205.30 (2O4^0^ -„- 

. Haley settle . • • sterling put W^sjwints 

/ Aler^Haler,- author o£ . the best- t«i 3IS800. Trade-Weighted 
; srfUng book and television ffiries average. was 633 (63^; Dollar’s 
■ Roots, has agreed to pay a little- depredation was 8;? (8^) per 

- ,.f known .author a-rom ■>heUeye , it; to - ■ - r L . ' 

. " ; be 8500.000 to -settle a; copyright \ \ \7A~S ■- 

'."L*. • WALL" STREET off 

- k. -lander claims - 82 ;.paff«es^.jn- 7 ^ ^ ; 

t f. 4 ’ Roots /resemble :-’lris ,bos*.;.'Hie* Bt-W&31L.. - i <%: ,-. 

{ „ , , .- — ■. — : ■- — - nerry purchases will need central 

a week— 2nd for lesser nses for to maintain the stability Df steri- bank anproval 
j surface workers, the union might ing. Th „ nne remaining area nf up- 

1 work Jer(» ^nrpHpi he four ' day i The Government stressed to a certainly i* whether non-Trish 
I e„ Kn „^i White Paper lhat Ireland had resident holders r,f Iri^h CiUs 

; -.nnLrc Vf. ' the option if it chose tn avail and equities will he ,’hle in spII 

’ nn P a ,, S ,!„ n h n e r J nrii Jl7, i ' t ( s h ° I1 1 f s I itself of a 6 per cent fluctuation ihem through the dollar invest- 

! imnrnvino 1 m',p i^mfs ? SIi -hn mar - ?in insidc ^ *y«te«n. This ment pool at ? premium 
; rTJh mavTn, ! nr ,1^ w 1,1 ,h ri means providing Sterling does Michael Blanden writes: TU* 

hnm.= ni tn!"Tn,;vo l 1 nQt decline by more than 6 per Irish decision brought rnn fusion 

■are cenl from the new currency l,nit - 3nd 1ini ' pr,a '< nt >' >n London as 

a £ "Si should be able to officials and market dealers tried 

1 CTade. n? l - d S 1 maintain parity. to work mu it. implications. 

LSn e ■"W ? iRht a,so \TS5S 

meeting some' **5 P ‘he° fringe ! pounds had . been one of the ^ t r ol s on 'i -an ^acti Hn *• 

claims and improving existing major considerations behind f: ir u , p ;f. inrt 1 C n 

.allowances. . . .. | Irehmd^ .membership and was have imoorian, 

Lloyds and Scottis! 
TV rental business 


: improving the terms if not ihc: 


rTrT*"- ' • W‘;.- ' BY ANDREW TAYLOR 

/.> • "C^ifTRAL '5tatisticaT' r oEce s ' 

/ , indicators of turning points- in- IXOVDS AND SCOTTISH, the rerrlal business, on a par with Under tbe terras of the de 
t»‘"\ Vtiai. hcbnbxnic : Otle augge^thati financing and leasing concern in Granada cnntrolling 12 per cent Electrbnic Rentals h^s alrcac 
"rapid groWfii of the last' year which Lloyds Bank and tbe of the 1JK market. Visionhire paid £40ra «as>i.' A further t'la 

with Ireland. 

This would have inmortani 

A nnstof ami' < mmM iloparur.'lh : Rto’irapid grqwlh^ -of the last' year which Lloyds name ana me 

tag^ow^oh tte /-. • 7? . s 2fe.J ,s 

mpArti . '■fs- riimned : T • ft' ■ - sold tbe bulk of its television 

- , Kaw bgpii P -GPEg 1 anembers meeting in rental business to Electronic 
a n-P«i*»d amf aV-nriik-ft hoad: .Ahu Qoail Heem certain to order Rentals Group, the television 

aLpoicfi neaa- ? ^ price5> ending 4he hire ;c ompany. in a £61m deal. 

* . * : freeze^ In effect since July, 1977. Electronic Rental's largest 

RrAfttk ' - shareholder. Philips Electronic 

o an GlHJna PT® *■ , ~ anti Associated Industries, which 

The Government is eettmg lip » A-BIUTISH Airways and Singa- has a 31.9 per cent stake, has 

, .r*_ T*v“ -DOTe Airwavs romme. inint j- .. 

: T5.> miners want to take the Govern- decision not to join. 

U^der the terras of thp deal ; ment on. Mr. Gorm ley nn Thurs-: Although final details of the 
ectrbnic Rentals has already :d3 >" urged Mr. Callaghan to go . assistance package have yet to 
id £40ra \ further t'laiii : to the coumry rather than limp, be worked out. Ireland looks as 

Sanctions probe 

Another important deal 
announced yesterday was a 

iue uDvenHqearis up » /... ~ ~ T_ “““ “ “•*' ny* «'» ““ £20m Rank Organisation cash aruuuu ^ot.uw aiww ci'iwii wic- 

special inquiry.'.- into failures of , resume^ their jo>nt pi aye( f a significant role in bl|i f or Leisure Caravan vision subscribers and 211,000 

the oil' sanctions .v‘~ : againh : ^ financing the deal. Parks, extending the But] in's black and white teieviskm sub- 

Rhodesia. Rack n«t mooS® ^? s “»? » , £10m “ MMr basiness it scared ia scribers. 

Otisiick spotted £szr ic “ * week “ 8Si& VSS? VK™°S w* *« vS£JtaSSS.“Sd 

U^JtW.™bol3e^ ssrSS*^ 1116 

«35SS p ^£ZVmm £*25 s ” ^ ^ ** . J. m m 

well offshoreT* •P ar ^.|p r a..traified. pay bargain- could eventually be 90 freehold and 400 leasehold 

r . '*. . . t mg system. Page 4 : increased to 38 per cent Commission reference but Mr. shops and service depots which 

GraritfiVut ’ * Tv^nwAT The deal will also provide Fry yesterday appeared generated pre-tax profits of 

T f « 1 >» , v»4v • . . . • NATIONAL meeting of shop ftjrtfigy outlets for Philips' optimistic. around £l.6m tn the year lo Sep 

.The Govemm eh tv has cut road- " re P^~ esa y ^ tsnxer television sets. According to a Six companies control around teraber 30, 1978. 

htfflding ' grants' .to. . .county. - . a “*.. v T * or S e f* recent Price Commission Report 60 per cent of the UK market Electronic Rentals, however, 
’councils - -which-, -refuser' to.' cwSii , ^ dn the rental industry. Electronic and Visionhire, like other major saj's that the new business wtil 

increase aid for puhlic tisinsport ■, d€CW10 ?v- at Rentals which mns Visionhire. concerns, has been seeking to make only a modest contribution 

Systems. Page 3 r . . : >*«-*■*■ ■' iS? :/ ' ■ a obtains at least 75 per cent of Increase . its share through a next year after exceptional and 

*/. : • . improves ite p?y offer. Page 4 . ftssets from Philips, which only series of • acquisitions. The rationalisation costs. After that 

Sfatinil nnbnc m <mrnr rwrrMrrAic -h-v list' year launched an abortive largest of these has been the group should benefit increas- 

aiailOfl opens . m SHHX. GHEnrCALS ■ I73m takeover bid for Electronic Lloyds Surevision. ingiy from the increased size of 

Itee new £9m . London . Bridge ^ Rentals. Since - 1974 Visionhire has its business. * 

station has r been^ opened, 142 |75ni . high er 'O ienns. pjaDt at. Mt . yrv. Electronic acquired about 500.000 more sub- Electronic Rentals announced 

years and one day after London^s, 0 tHL u/J Rentals' chairman, "said the deal scribers through its various pur- interim figures yesterday with 

.first permanent" rail wajr .-station Chesture. ^Higher ^olenns p i ace Visionhire, the chasers. The group has about pre-tax profits up from £6-2m to 

•ooeneH on the sstda site m iA2fi. "aro used -in making plasticisers; tm. » 0 i aT icinn im cnhmqiurc cai™ 

paid £40ra $as , i. A further tlam 'v roller man iinip.iw woraea oui. ireiano iwu as ^ y rish mov „ difl , 

—to be financed by the issue uf j , much - The Prime if it will get a fu-ther SWm over ap p Pa r tn imply that a -™, 

new shares— is due on January s. Jinister should have nothing to and above the £225m in bilateral v . nu j rt create ^‘ ihrnnch which 
with the balance to be paid on f car - J* niDn s would work hard aiTnns**ments. especially, ir is l77 - funrts r011j(! mpvc a hroad tn 
January 31. W,lh “ g0 ° d *J th ^*3? G*rmm the OThe ,. c S„ ntr !"? and escape thi 

p tae television The deal still has tn clear the It ^ be acqairiT j 5 Lloyds and ' ForcSl' fo bow 10 the v ill of!* ^ , 3 ?- S D?nn,a, 'J' K British exchange cnntrnls. 

m a £61m deal, hurdle of a possible Monopolies Scoltish rentaI interests of the: th ; Common^ Air rSl'a-hin %■ lre,and f s ”P° r,s ,r> , the f H, k it wa s felt that if a large 

Rental's largest British Relay Wireless group of now bein« told by tradc^iinions ^ ? n ?° 1 um *° .J 7 . per nftt „ nf r l !! e volume of speculative funds 

Philips Electronic Another important deal companies, including its cable that he can nn ‘longer justify i fjjjji .fj®' 9 , ^ fh^LTK so tn Wr Z* fro,n .Jjl? t ' UK | t tr> 

' television interest. This wall bring risfd application of his 5 pir cent | 1 J2 an ±JZl h * JS^SSL **?* 

— it 90 freehold and 400 leasehold \ 

Commission reference but Mr. shops and service depots winch! 

J i .V s . 



he forced to take action. 

£ in New York 

dlllkUUlKFa >c^iciua> ffU a iv.%. wwu — ** 1 nv:iu d|'till'..lliun UJ ms O per cenl I /linornom*i» nnvitf rata . i_ , , . - _ - 

£20m Rank Organisation cash around 296.000 new colour tele- policy In the public sector/ When : cnuld hm wera'roMralMloM lhe c ^' T Vv ,ln Jv r ?^ ht S 
bid for Leisure Caravan visron subscribers and 211,000 the TUC economic committee 1 "r ^ fragif- balance ' of mS in f uture. tbe UK could 

Parks, extending the Ball In's black and white teieviskm sub- meets Mr. Drnis Healey, the ■ merits P be forced to take action, 

holiday business it acquired in scribers. Chancellor, next week, it will tell; ^ e ‘ ot ij er worry was » ■ ■■ ■ 

19 P' P 8 *® 17 „ , , , , These will be absorbed into the him r ' 0T!ie ■ tind . of Pay com-! that the terra!! 0 fj erP d were not ■£ »n New York 

Terms for Merck s bid for existin': ViaonMtt concern and parahillty exercise should be set , adequate. Ireland had consis- 

Alginate Industries were also the gr - 0U p warned that there un for pub], c workers m • tently said that it wanled f6S0m _ Dac . 15 previous 

announced. The cash offer of would be some rationalisation ensure that llicv are not “ri is- j„ p enj ] anent transfers or grants 

£31im Is recommended by the a cd redundancies affecting **hu a- crirainaird a^anisi simply. n7Cr f5 VP . V £ar period in order . . ", xm7so.B79o si_s>7afl.o9Ro 

Alginate Board. Page 17. dreds •* of workers. because they happen to be ser-. tft join ^ money was to he t ^nth 0 . s l-O^d P«° 

See also Lex Back Page The BRW g^p 5^ wtlh | C J”*5S" ert ? ?? e i used for projects like roads and 3 month, Si.iw.os dh 


Continued on Back Page 
politics Today Page 15 

■ , W. r’-rwu HI uruc-i Spot , S1^780-0790|SI.9740-97eO 
to join. Tbe money was 10 he 1 month di« 0.41-0.36 di» 
used for projects like road* and 3 months di* *i. di» 
telephones and thus relieve 12 months dJ* 4.05-3.90 di» 

I simply flew 
when he said 

-opened on tbe same site m.1836. 
picture, -Page 3 . - 

and detergents. 
Page 4; - 7 ; 

Uiavc vibiviuimc, LUC uiosoig, I^r j 

making plastictMWX^^ second - largest television lm subscribers. 

Sue-pffrman ..^%>-*'.-NATlO!tfAL' Freight Corpora- 

Marlon Brando;^ ^ 'who 

father of Supephan ia- a. new - f 

' ,ic citirio thu .‘nrK^lmayw fnw fiTSt - t3tO 0 SulCC 1973- FBffi.l 

film.' it suing". the 'producers: 1 for *' l ? I ®.' , H^.-, n ^ siiice '1.973. Page .4 : .v J ; . 


'would be given a abar^pf CEtRASET INTERNATIONAL, said yesterday that is Is com- Gibbons reported pre-tax profits 

film’s profits. .. 1. 8 «♦ Jmnm-ara with commercial art supplier, bas raftted to a plan which will pro- or I1.56m on turnover of £11.9m. 

’ - • • rt irri ta!wri.WrP.^iV • lttmehed a H9m cash and share vide it with long-term growth. It It is expecting to make -pre-tax 

.Briefly . , » " ; : ; ‘ - . : r ^ 1 v bid for Stanley Gibbons, the is seeking' new areas of invest- profits in the current year of at 

_. .. * . . ,, a' CE NTRO VINOAL bas sold stamp dealer. ment in specialised but inter- Jeasi £2m. 

SteSar ■' inwitidrT^-raam its AMA building in New York’ - The deal, agreed in just three national markets. “The proposed Letraset announced it* half- 

£134m. .V*g?4 - day* offers Gibbons shareholders acquisition of Stanley Gibbons is year figures yesterday, for tbe 

■ three shares of Letraset plus consistent with this strategy.” six months ending October 31. 
.aied near oneffleJd^^ea.19^ . . j- nnupiMlce : 334p in" cash for every four The group emphasised that it 19»S. which showpd pre-tax 

Letraset £19m bid for Gibbons 

Ten people died When a. -train j 



^□ordinary shares which they own. intended to maintain and expand profits improved from £3.48m to 

.crashed near ;Maflzaoares, central ^ ' The bid puts a value' of aver the business of Stanley Gibbons £5.I7m, on turnover of £23.2oi. 

Spain.- ’.'.’- pre-tor proflte rf£44.9m ‘ffbop. on each. Stanley Gibbons as a separate entity. Mr. Fraser said: “1 would like 

^ sbare. ..Gibbons 1 shares, sus- Mr Howard Fraser, chairman, to see v company bigger. 

cr ashed near Qie jw to September 30. 'pended' earlier this week at 228p is joining the Letraset board as Letraset has betwen o5 and 60 

ficuie, west Germany., y&ge Ifi aad Lex On the stock market at the com- deputy chairman. He remains outlets in overseas markets 

UN. General Assembly meeting. «j UNITED Scientific Holdings pany request. dosed at 298p. * eba 
was cancelled when interpreters pre-tax 'profit totalled £3.8m r - Letraset, known principally .-I: 
stopped work nygr conditions. (£2T7m> 6a turnover Of f t>6 ,3m. its instant lettering products, mg 

Bonn Parltamrai.t approved**a Bill ‘ 7 eiT 10 " •' 

allowing men to train as mid- terooer_30. - * .- 

Wives -. - W- 1 * ".'.'I--.'.. CONTEI 

IHarims Lady f 11-2 napI and Hec- • LEP' GROUP is raising £l:3m ^ 

tare AM) were among Dominic by-al for lO'rigHts issue at 210pi Overseas news 2 Le 

Wigan’s winners. Raring, Page 18 per share.. Page J.6 . .. :.UK news— general .....3,4 U1 

chairman of Stanley Gibbons. 

outlets in overseas markets 
where 1 have none. 1 am bappy 

In its* last financial year, end- to use their facilities.'' 
g December 31, 1977. Stanley Man of the Week Back Page 



World markets 

UR news— general .. 


UK Companies 

16 & 17 

Foreign Exchanges .... 

. - — labour .. 




Farming, raw materials 

Arts p«ge 


Inti. Companies .... 


UK stock market 


(Prices. in pence xmless otherwise indicated) . . 

-RISES. >’■ ' > ' ; Tunnel. B' 

Funding : 5 J pc ’ 8 ^ 84 ... £S« + i Utd. Scientific - 

Treas. I2Jpe *03-05... £45i 4- l_'. Poseidon 

BUltnr fP-J - 18(5 + K -• ' ■'. 

Ruitei/gi) 2 75 J- 4 - ~ - FALLS 

Dixon* (D.) ’ 110 +'.# - Hunslet fHIdgt) 

Electronic Rentals 144 .+..A-..- Miicbri) Somers.. 

■Guinness (A.) 162 + J 6 

Ruiteiigh 275 j- 4 - ~ - falls 

Dixon* (D.) 110 +'.#•■ Hunslet ' fffldgs.) ... 

Electronic Rentals *.: 144 + ft • . . Mitchell Somers.. 

Guinness (A.) 162 f>--\ Sharpe- (W r Nl) 

Johnson-RchrdK. Tiles 101 + . 4- ‘ J’ Sutdiffe Speakman -i. 
K Shoes 3 V - WaddtogtOft (J.) 

Leigh Interests ...... 126V =*- 5'. *- Anglo Utd. Dev. ...... 

Uoyds and Scottish.^. 112;+. ip: - Ayer Hitam 

Lon-r and F^ov; Shop 148 -+ 7 * ./ Gonzinc Riotinto ....... 

Millet ts Leisure Shops 125 ’,5 , ' ,De.. Beers Did.' 

Mali and Allen ItnL 232 +' .Iff. JOM Bldgs. 

.Peachey Prop^, J..'.i..; c 92* .V’/ 1 -Northgate Expln. ... 

Pnnce Walw 'HoteBr; 62 V-f -S .'i.V 'Sabina IndF._ 

RbwtOn Hotels ........... 1S3. + 4 Tronob 

Ttiro -Products 18^4* ■»> - Westfield hDtreraht 

324 + 18 
54 + 4 

iun - T 

45 - 5* 
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168 —is 

305 - 10 
352 « 

18S ~ 7 
360 — 30 
-40—'' 4*i 
195- 5 . 

240 - 35; 

Polities Today: The PM 

gains; Ume 14 

Europe dreaming of a 

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Insurance: In search of 


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. t - .; -Vr r 

Pro-South Africa 
party sweeps 
Namibian election 


JOHANNESBURG — The pro- African obsenrere yesterday as 
South African Democratic Turn* a decisive rejection of SWAPO 
Halle Alliance (DTA> won a and its campaign of guerrilla 
landslide victory in last week’s warfare against the South 
South African-sponsored elec- African armed forces on the 
lions in Namibia (South West Namibian border. 

Africa), it was announced yester- The election is regarded as 

da I: TVW» in ail A* ♦».« KA v0id botb b y lb ® UN and tbe 

or not to aeree tn a second attempting to negotiate a peace- 

round of elections under UN gj * ISP nJll* 
supervision. Only Aktur. an 7} 1 ?] ™ a IPSS.i.Hffi, p 
alliance based largely on the all- Jj? Id UTlde ^ s °f“ h “P"" 

white and even more conserva- J 1 ® 100 ’ 

.tive National Party, won any troops in the populous border 

other appreciable share of the a £^ a - cann °* be ®f.® n a . s . 40 
vote-just under 12 per cent, objective test of public opinion. 
against the DTA's S2 per cent The DTA, which consists of 11 
In spite of a boycott campaign ethnic groups essentially repre- 
hy the South West Africa renting the traditional tribal 
People’s Organisation (SWAPO), authorities m the count nr. is 
the principle black nationalist closely. identified the. South 
movement, and the Namibia African administration: 

National Front, the other sig- The hey question to be 
□ificant black grouping; there decided by the Constituent 
was an 80 per cent poll, accord- Assembly is whether to agree 
ing to the South African electoral to a second round of UN- 
officials. and fewer than 5,000 supervised elections, and sub- 
spoiled papers. sequent international recogni- 

Tlie high turnout and DTA tion of the result, or to opt for 
victory was immediately inter- an internal solution to ensure 
preted by the DTA and South the exclusion of SWAPO. 

nearer the 

By Jurek Martin 

Zambia poll resuit a fillip 
for Kaunda and UNIP 

WASHINGTON— The City of 
Cleveland, Ohio, -was teetering 
ever nearer the edge of bank- 
rupt yesterday following the 
refusal of the city council to 
support Mayor . Dennis Kuci- 
nich’s last-ditch • financial 

Only a complete capitulation by 
the Mayor, it seemed, could 
save the city from defaulting 
on $15.5m of debt due for re- 
payment by midnight. Four 
local banks, holding 59m 
worth of the debt, said they 
would demand repayment of 
the notes as scheduled. 

Both the banks and the council 
are adament that Mayor Kucbi- 
are adament that Mayor Kuci- 
nich should agree to sell the 
loss-making city owned muni- 
cipal light company (Many 
Light), which is itself in 
default for non-payment for 
- power it bought' from the 
private utility, Cleveland Elec- 
tric Tl him mating Company. 
After hitter debate the council 
said that it would only hade 
Mayor Kucinich’s plan — calling 
a referendum on a 50 per cent 
Increase in the civic income 
tax, raising $90m in bonds to 
meet next year’s cash needs, 
and appointing a city financial 
overseer — if Muny Light were 

OPEC set to increase oil prices 



W*r ' 

thirteen Saudi Arabia has the support Mr. Irzeddin Mahrouk. tbe.Qft 4jghter crudes JJg**** 

members of the. Organisation of of the United Arab Emirates Minister of Libya i wtac^oraalj. ferfer would„ eurottage sa»^ 

Petroleum Exporting Countries which is hosting the conference takes a radical stand. Stated that of the latter. This would, benefit 

(OPEC) meeting .here today and it is believed that; Kuwait, pffia wanted a 20. -.per- cent. Iran a! 

Iran and Kuwait as w eil a« 

certain to order an QaV vJSSFmt I™ « g S&S&lAf*' *9* > 

increa se in o il price, ending a. Bkely to Mow s»K_ ^ 

price freeze that has been in Although Iran, which is tte ^ .^e^.Ahotber qnestion tie 

.effect since July 1877. Sheikh second biggest exporter in OPEC Jilflelds— Production has been '‘ministers have -4o- - decide is 
Ahmed Zaki Yamani, the Saudi badly needs extra revenue the £ „ bout l barTels whether to set a single pried in- 

Arabian Oil Mmteter. aaid yeater- reaiwV of fte Shah<!*» not «g *"■■* JLSSUSLSSSSUSK £ **?»*%» 

£ £ " Prl " S SoK oMaaMSS k OPEC a ancccaaion of ri«a spaced 

However witll the" moderate. Arabia. Veer the year, an-ide* wMd. 

members of the organisation in Mr. Taseh Abdul Kanm. Hie VlS ^earned a^Taddf -'™ mooted earlier thts year by 

tefljrRsHssi » k s w r„ g 15 ss& •mzxr* 01 a ;j" 

say tnat He an incre e increage of five t0 10 per ce p t restocking and seasonal fact0rit.v.iOFEC is also expected to dJfr 

stages an a wouhl be unacceptable. But. in Though the final agenda fofrcaig indexing: the dollar price of 

to come m . stages and w 

SShiv ( !u2<»2t e nnrf e ?hat what was considered an indica- the meeting has: not - been-rSFaeaTnsTa basket of curren- 
Saudt woS ? hTureoani ? on ° f unacctistomed moefera- decided Saudi Arabia has indi- thus getting away-, from 

fo aU sa^^^„? r a e f nd ‘“ t " S3S 

iSS-Fin'jsvTSTo-aK a^TUaur SrSTAS? W.» 

making an aggregate increase elation of the dolter -and -attractive to oil refine 4 ^ ejected bjr Saudi 

making an aggregate 
for the ye^r . in die region of imported inflation since January 
10 per cent.. . 1977. • 

heavier varieties. A larger per-rftfafcs hot appear, tikeiy to. gain 
centage price increase for thev acceptance at this point. . 

Iran to take a back seat World supplies ‘secure 1 



PARIS — The fall in Iranian^ no particular fears ttat the high 

‘ Wnter demahd could- not be met. 
^National represents tives at tbe 

uuap. .up parnciudi — 

Sjrlfe ?«?&&’ £.%«** **” “ “ #Mtkt “ el 


LUSAKA — President Kenneth but were caused, by “ outside 
Kaunda was today sworn in for forces"— an uncontrollable slump 
another five-year term as further in copper prices, transport i 
results from Tuesday's elections problems and regional, in- 
showed that be bad won the stability. 

support of SO per cent ef the Dr. Kaunda has won what 
voters in a 65 per cent turnout, might be seen .as an-endorsement 
Declaration*- -are J still awaited of his uncompromising role in 
from 15 of the 125 constituencies the southern African conflict, 
but will hot substantially alter During the campaign he declared 
the outcome. that military spending ■ would 

For Dr. Kaunda, who has led have to increase. ■ leaving less 
Zambia since independence in money for schools and hospitals. ... 

1864, and for his ruling United and he gave warning of a pro- H»< a l «n iharol'- nttirVprf 
National -Independence Party traded struggle ahead. i 

(UNIP) the results are a great Nevertheless.- the results also j 
success, marred only by the fact show that a fifth of the voters: 
that the President only just were prepared to oppose ibej 
carried Southern Province. President — the sole candidate — ' 

Not only did a surprisingly despite the lack of any altema-i 
high number of the 2m voters tive candidate. They were 
go to the polls, hut most voters undeterred by the vigorous 
appeared to have been convinced " Vote Yes'" campaign which 
that shortages of basic commodi- presented an apocalyptic vision 
ties and the economic depression of the future should the Presi- 
were not the fault of Dr. Kaunda dent lose. - • 

TEHRAN— Iran’s position at The strikers earlier promised to 
the OPEC talks is to be moderate maintain home supplies. 

others make the running. This being sought include petrol. SJ*£hes. l meeting broadly , a pproved 
is because Iran expects tbe talks kerosene and other middle dis- 110011 energy officials. the findings of a report 011 

to go its way in any case — in tillates. Supplies of white kero- This was one of tbe mb in con- outlook for steam coal, pobltshha 
favour of an Increase of about sene hav arrived by tanker from elusions of a two-day meeting iinjast week by the organisations 
10 per cent Kuwait . ' Paris of the governing board ^^secretariat There . : w** 

Zranias production has dropped The oil field engineers, are tbe International Energy Agency» unaTiimpu5 agreement. that- after 
Negotiations were still- going no 1 again and- -Thursday output was among the most politically moti- at which prospects for mCTeasing .Tps5_coal would become a 

last evening on a possible under L2m barrels, only 1.1m vated of the strikers and so, 00:11 • production were ->180 ; '.major source of eitergyand 
compromise "involving at least barrels being produced by the despite a. .Government decision discussed. ^ ‘ “rapid action was required to step 

partial wresting nf control of western consortium and between to take action against them, the Dr.- Ulf Lantzke^ '• execptiye^p'.putpuL . - 

the utility from the city. Ofim abd 0.6m barrels being present level of disruption might director of the IEA. Sudwrac;*^. - jka ministerial inedtiDg 
But the diminutive _ 32-vear-old .‘available for export.- That is well continue. .. the meeting that the bp held here withln'Vfew 

mayor who won election f *■ *** «tinn nvn^triK tVia vnfinnviaB *ani? rrflman DTYiductiOn would h2¥tL " . . j/ 

vear in good measure on his 
“ nower to the people " onnulist 
platform of not disposins of 
the local ntilitv. was showing 

no si«;ns of budclnc. 

i Hp told the council after its vote: j j ng the curent strike so 
! “ After todav. there is no wav 1 domestic demand will n 

vou can't (ell the ncoole o r 
hpveland that you narti cion ted 
jn the mnrd“r of this eftv. You 
cannot wa«h your hand*: of 
what vou did. Tha* which is 
rronk« , d cannot he made 

only a little higher than produc- The refineries at Shiraz and Iranian production would hive t discuss ineastfres 

tion during the strike in Novem- Tabriz which usuaUy each pro- to continue for a long. needed to increase coal tiroduc- 

ber when exports were halted dure 80,000 barrels daily are out before an emergency arose, m - V? . : 

of actioa acd rha t at -Tehran 15 governing hoard had not- „ 

half its normal cussed the IEA’s emergency .oH- -, The governing boaial desigT 
Abadan, from faring scheme at its current nated October, -un?; as an. 

completely for two days. 

Oil experts fear that produc- only 


1 tion mieht fall still further dur- 220,000 barrels, nuiuou, n um ... n v -- -g-r- — — r ■ ■ 

. , . _ —1 that even which all refined exports flow, is meeting. Oil production in other International Energy. -Conserea- 

domestic demand will not be met. also disrupted. 

regions was high and there were tion Month. 

Rift in Gaullist party widens 


PARIS — Divisions in the sooalities ” had taken hold of rather than a representative 

ran Hist RPR Partv the hi^eest the Party leadership during M. point of view of the Party. 
Gaullist RPR P^, tiie b^ges Chirac<s v time ln hospitaJ . « ^ 

in toe rrenen National nKiF..'., th,t tho 

i.irrt Tni** t*v» InT^st nnte- 
hnMop th^t If the 

jo,H >>nfl po! cnid I* wniild I oauiusi 1-iu iuc UIS6«J Chirac’s ’time in hospital. - M. " The enlargement" of Europe 

do-wriTH tho nth-rj force in toe b reach National Chirac’s charges that the Govern- and the powers of the European 

in cf5 tution<; w«uM hr”'p [ Assembly, opened wide yester- ment was “debasing France,? Parliament after, next June’s 
willing to extend the deh ! [day, after a second powerful ja. payrefltte said, jeopardised direct elections gave rise -te a' 

We should bo to Cleveland , Gaullist politician openly both the Party and the solid base heated debate in. the National 

T™? ihfSnkifdtten Sni a«acked its leader. M. Jacques of the ruling majority.’ Asesmbly. The new -rFoT&gn 

from the bank anqjnen vre win t Chirac The leader’s response came Minister, M. Jean Francois- 

Deep rumblings at the heart from the mouth of .M. Yves Poncet, suid that enlargement. 

see if Cleveland Trust is will- 
ing to destroy this city. I will 
so there this afternoon and 
pull out my savings," he said. 

Magazine editor resigns 


MR. KENNETH MACKENZIE for the fullest inquiry into the 
resigned yesterday as editor of allegations. 

West Africa, the respected, Lon- The deleted paragraphs also 
don-based magazine which this called for the resignation of Mr. 
week was alleged to have been Jon Kimche, who handled the 
one of tbe objects of a South 1975 sale on behalf of tbe 
African. Government attempt to buyers 

___ ah 

_ , — — — - , . _ .. appeal for the Hf ting of Barriers 

of the Party (Rassemblement Gu£ha, political counsellor and which both Gaulllsts and .Cornel; against its exports. : . 1 

,pour la Republique coincide right-hand man of M- Chirac, munlsts oppose, was an econofnRn The vice-president-elect 

!lF r cievelandT a decaving" fndus - \ with a hitler argument between He said M- Peyrefitte no longer necessity. ' 

trial metropolis which used to 1 the RPR and M. Valery Giscard held any Party post and was M.. Peyrefitte thfen Returned tt 
be one of the country's leading | d’Estaing s Government over the '* not authorised to give. lessons.” the scene of battle to appeal for 
cities but which now ranks.i future of the EEC- and r r ihe . ' itere fuel was poured on .the calm and .unity in tbe -ranks of 
eighteenth in size nationally, 'powers' of the European PiHia- fire by publication of a news- the -RPR. which’ celebrated. Its 
does default it will be the first I me nL ‘ agency interview with M. Chirac, second birthday last week, 

major city to go under s ince, Mr> Alaia peyrefitte. Justice in which the former Prime Internal contradictions -are 
the depression of the , Minister, and one of seven Minister, who supported M. now more blatant than ever. The 

•TOirt •VriTrfXf*'! t l-riifOPn 7M / ... 

Brazil call 
on trade • 

. By Hugh O’Shaagtewsay - 1 

vice-president elect of -Bfrazil,1 
yesterday coupled a reaffirinktron^ 
of his country's swift pre 
towards real democracy ^ '.wi 

.; ' ' * • :;V' ' 




* 1 } 


WASHINGTON - — Indastrial" 
production in the Unifedz^States' 
rose: by e.7 per cent to : Nw«jk . 
bet, , well above ~ the: .' leyel , -;:. 
yesterday. /’ ± \- 
. . Although^, production pfWCon- _-‘.i 
sumer dnrabfe - goods .pthisr : tluui - - 
cars and -car pkrts. fell last noRth. Jj - 

this was' -more ■ than • ilffset- -by : 
widespread gains 1 in . all other 
sectors. . Hus suggests that the 
U.s. economy js nowbere.npar the 
edge of the recess iorr that ‘if 
expected by .many 'private; 
economists-'. -- -* • j. ••-••..i:-' . 

The official, view, however, was 

put hi Congressional testimony - 

yesterday by Mr. WiUiam Milicr-- 
the Fed’s chairman, who repeated 
thaf. tee' economy r at - present 
Seemed quite -■ Vk-ell .balanced.' and : 
healthy. -; though wth rsdme 
moderation of -growth in^ tbe-^nfi- 
ing for'- next year. . He expressed, 
concern about inflationary/ expec- 
tations ' oh tee . -wagear .-front- next 
year, bull held. - out thfe; . : teal. - .--yj 
hope : that ^the GoVCromenff ■ - :f ; 
overall anti-Jnfiatfam - programing- ~>,~ a 
could It -.obtmMd-AhBii- ?si 
operatibuv; ; persevefahee . . a tet - +* 
patience from all groups ur:.oji 
sodety.T . ; ' ' ;r v : • r: 

While main taming that itlone*': .J': 
tary policy alone could ^ hot do. the-- '£■.£ 
trick, Mr Miller sate there !watf 
evidence . - already - - teAc-'.^tee.^V-.i 
measures taken to date ‘-w^b • 
jiarfing to redupe - 
expectetioos. -- He..: 1 ; fte 

Improvement ln-'ther. vahia of . tbe-. 
dofiar and tee comparative - ; ,< 

stability of long-term . jhtara$t ;. 


| [edi 

iy. of long-term - mtare?t . q 

- — -of e. 





E tjf Ottr-Own Correspondent" - 



with General _.Jbap. .. Baptiste. 
Figueiredd. .^the . prsident-hlect,; 
takes office: in ' March, told ‘■‘it 
P^cted -of -/business 

people^ * in-* Eondon; • tba't- ; ‘ he 
regarded harriers to the ..freeflow, 
of trade s.between ’developed^andj 

TTie federal Government j Gaul lists in the French Cabinet, Giscard d'Estalng in the 1974 latest crisis was precipitated onjin, 

lecj ...... . , * 1.) . 1-. _r •«»< v.. r 

Washington, which has heloeu 
Cleveland in the past and 
which helped stave off bank- 
ruptcy in New York, appears 
to have no intention of inter- 
vening on this occasion. 

acquire a rontroiling interest in Mr. Mackenzie said that in . Default on the present due debt 

various international publics- place of these two paragraphs, 
tions. In the case of West Mr. Kimche and Mr. Cazaly, 
Africa, any such attempts were who is in charge of the m aga- 
in effective. zine’s administration, had sub- 

Mr. Mackenzie said he had re- stituted the full text of a man- 
signed because the management agement statement denying tbe 
of the magazine, without his con- magazine had ever had any con- 
sent or knowledge, bad altered section 'With tbe South African 
an editorial due to appear in yes- Information Department 
terday’s issue of the weekly. Tbe original editorial had 
This, Tffir. 'Mackenzie said, was an made reference to the manage- 
M intolerable interference in the ment’s denial of the allegations, 
rights of an editor." but bad not given in full tbe 

The management deleted two text of its statement Attempts 
paragraphs of the editorial, in last night to contact Mr. Kimche 
which tbe editorial staff called were unsuccessful. 

would not mean instant bank- 
ruptcy. It is generally assumed 
that it would take a month or 
two to exhaust the city’s cash 
finally and therefore to lav off 
municipal workers and suspend 
. city services. 

A reflnanclne narkaee, however. 

. could presumably be assembled 
if the city agrees to adont 
certain fiscal and economic 
discipliccs and noPc'es. But the 
foelin'r in Cleveland is dear 1 '* 
thet Mavnr Krtcimch. inevit- 
ably known as “Dennis the 
mpnace." is not the man tn 
• carry out such a nrnaramme. j 

accused M. Chirac of “excessive presidential^ spoke of . anti- Wednesday by one of the oldest 
statements" about France's French influences in both the Gaullist “barons." M. Alexandre 
European policy. M. Chirac, who majority and the opposition. Sanguinetti. He withdrew his 
is recovering from a car accident He recognised that President support for the leadership, chare- 
last month, launched an appeal Giscard had declared himself ing M. Chirac with playing a 
to the French public 10 days against a federal Europe, but double game to foster his own 
ago' In protest at what the RFR binted strongly that this might ambitions for the Presidency, 
considers a threat to French just be a blind to mask the Tbe isolation of M. Chirac 
sovereignty. ■ Government’s real intentions. from some powerful elements of 

M. Peyrefitte, an influential The RPR secretary general, the Gaullist leadership has now 
figure of long-standing in the Paris Deputy M. Alain Devaquet, gone beyond tbe stage of the 
Gaullist movement, suggested afterwards described the state- personality clashes which were 
cuttingly that “hidden per- ments as a personal reflection, already evident 

Bonn accord on bank information 


— FAN 


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Nobody can give you | 
* more for less. j 

BONN— West German banking the private, savings and co- Earlier this year Dr. Claus 
-supervisory authorities expect to operative banks. The banks say Koehler, a member of the 
obtain more information about they are prepared to give the Bundesbank directorate, drew 
tbe business of German bank supervisory authorities more in- public attention to the expand- 
subsidiaries abroad, under a formation on the annual results ing business nf the banks' 
“ gentlemen's agreement " of their foreign subsidiaries, in Luxembourg subsidiaries. He 

reached this week. the form of audited reports. noted that since the start of the 

... , . . . . The move goes at -least some 1970s these subsidiaries had 

A federal banking supervisory way Awards meeting fears that built up balance-sheet totals 

] developing ^ cbmitri»'as “worrjv 

gj even, alarm lug."*: . 

Karfds. Riscbbieter, Presi : 
dent of the'. Banco do. Brasil, 
hinted that $razH wouia ^fiave 
less recourse vio. international 
capital markets*. next year. v -- . 

‘"Tbe^tme hag tcome joc cha ngr] 
ing the kind of ; v foreign capitafi 
inflow,”: he said. Brazilian 
businessmen, ‘think ; "tiiat they 1 
have enough debt and are asking 
for more equity.” ■ • 

He emphasised - that foreign 
partners hfp 1 b business was wel- 
come. “There are a lot of invest- 
ment opportunities with a .high, 
rate of return just waiting for r 
good partner," he commented.. 

A third speaker. Dr. Roberto 
Campos, the Brazilian ambassa- 
dor. emphasised efforts tiiat were 
beginning' to be. made to -achieve 
a better distribution of wealth 
in BrariL- ■ • . 

than 1,000 United Nations staff, 
walked eff their jobs today in tee 
biggest protest ever stated here 
against working conditions. 3S*e 
action paralysed, the General 
Assembly, causing cancellation of- 
mefetiogs called to consider a 
number, of resolutions on dis-. 
armament -ahd p other. - major 
political issues. ' . \ 

. The department^ of conference 
services: crucial '-to the Assembly's 
was the' main, 
focus ; uE^ifitt' stoppage^ Inter: 
bV t»»sIa l tocs..multiHi^uaI 
- - -"“-Tutocste -erntoRF',^ and. 1 

rtaff. i^ere sH in-, 

TOlaed.; the offi?fete 

earn mq fe‘tban'|40,p(K) ary&r.-' 

: VTtie 5?as 'hot . over pay 

scalM.'^ehdy h^ffOr tiouKthose. 
in -mqst^ itetitteal^civil sendees. 
The protest^s.Baidthey^objected 
to the lack of -commoni cation 
betweeti management and staff 
'.mid to -tee downgrading bf many . 
posts without previous consults* 
tipn. ' . . 

There wa# strong resentment 
WTOf.' si immnKhendatipn , voted ; 
teronah tee. Assemb'ty’g bndget-' 
arv^mmi ttee last night 
promotions of v general .service 
staff -ip the.; professional grades . 
tn 25 |jer cent of afl - new pnrfes- 
slonal tentranfe i ?Hilrd - fworid* 
membea hacked this propositi as 
a. means irf obtaining more rente-', 
wntation \for ■ ■ their nationaJs-r =• 
often thefr -own Government's 
officials on.keooDdmeflt = '4'-- \ ~ 

..y; • 


Axunaa.Ttffi. r 7saIflUbM Sato anett . 
Sundays &xkS -bolidaya- U^. sulavripttoa- 

Kes.n fair rmiKhti.;*s6iao iMtt ansy.- 

per annmn. Second 

New York. N.Y. 

WMteg^ paM . At - 

office spokesman in Berlin -said tbe Q en na n banking super- which together equalled about 14 

yesterday the accord would first — ■ — *-— » » -* - -* 

. . . r , vision law is being undermined per cent of those of the parent 

go into effect m Luxembourg' because domestic banks can banks, 
full agreement with the author!- business to subsidi 

ties there But the terms! ocr- a “ 1 S n J Baainess * It was also known. Dr. Koehler 

U aL j - Ul . e :t nnfi ''iAf abroad over which federal sa ; d *j. 3t foreien claims nf 

milled extension to other fOiia- authorities have no control. This Lipnraraprrial bSte in Lrntem- 
tnes where German banksj bad ansic , y has been particularly 

marked over the growing activity t)0Ur ? bad mcreased 20-fold, and 

subsidiaries. ...... „ TO ,.. = , 

The accord has been reached of the banks’ Euromarket sub- > n l h e Bahamas 22-fold in the 

with the leading associations of sidiaries in Luxembourg. 

past seven years. 

Italians battle for top jobs 


ROME — Tbe Byzantine, but out- The deal has been the subject importance of the prizes. They 
wardlv usual lv civilised, ritual of strident criticism in the foclude not only HU, with over 
manoeuvre ov-r rhi of Pr « s . become all L14.000bn t£»bn) of turnover 

manoeuvre oveT the choice of the raore pu^uqi^ ^yen and more than 500,000 em- 

chiefs for Italy s largest public- d {re straits of the Shah's regime, pfoyees, but .also the rich and 
sector companies is reaching Its to which the Tehran company powerful ENT hydrocarbons 
climax here, annd an '■ un- has been said to be linked, group, 
charcteristic display of public However, many observers also • Terrorist violence returned 
bloodletting •• believe the affair is linked to .the to northern . Italy, -on- I&ursday 

cj„ D intricate negotiations over the when gunmen shot two. .police 

, l0 ^ ° Bisaglia, , the « nominations ” between the officers outside a prison in Turin, 
Minister for State Participation, various political parties and fac- not far from where Red. Brigades 
has publicly demanded thd dis- tions. as Sig. Bisagtia attempts leaders, were tried and sentenced 
missal of the managing director to construct the most generally earlier .this year, 
of IRZ. the giant state-owned accepted package. Hours later, Sig.. Franco Pita, 

conglomerate whose top board- At the best of times, the pro- president of a local savings 
room jobs are among those cess is arduous, since these com- bank, was ambushed and" shot 
involved. J manding heights of tbe public six times in the Jegs al a chemist 

The effort to oust Sig. Alberto sector arc strategically vital, so shop near his home close to 
Boyer is ostensibly a .Icon- that the patties can spread their Venice: His condition was said 
sequence of an alleged : un- influence and patronage as later not to be serious, 
authorised purchase by a j sub- widely as possible. Id Florence, an unidentified 

sldiary of the IRl Group oF a This year’s task, however, is sang ambushed ■ and ■ shot a 
50 per cent interest in a Tehran stickier than ever, because of the deputy district attorney. He was 
construction company. political climate in Italy and the said to be in a serious condition. 

Energy-saving move by Prague 


VIENNA— Mr. Leopold Ler. goods would be qtpeh more tion compared to .1878 levels, 
the Czechoslovak Finance severely penalised, in future. Fuel, energy, transport and 
Minister, has announced in his Their profit and wage funds housing would be the moat 
budget speech to tbe Federal would be affected by new reguia- important investment areas. 

Parliament in Prague that from tions which are aimed at' ensur- Budgetary revenues would be up 
January 1 a '‘readjustment" of ing an improvement in the by 4.6 per cent with 50.6 per 

wholesale prices of fuels and utilisation of plant and other cent of budget spending ear- 
energy -will be carried out to fhred assets. marked for productive invest- 

stimuiate energy and ■ nv *he Minister said that 3D.2 ments and economic develop- 
material savings. The Minister per cent of gross national in- ments wbile social spending on 
did not give any details. - come would be spent on invest- education, health, ' social insur- 
He added that companies merit next year -which, auce and pensions- -would 
which produced poor quality represents a 2.4 per cent reduc r account for 40.5 per cent. 



• V.-, 


■ I-;: - -.'- 

Effective action is 
; the best answer 
. — ^-Start some a 
this Christmas 

_ • . . Victor Matthews, 

SoraEbody sfaouJd do sorpethin^'peoplesavwhenthey' 
know.that thousands of our old people', eke oatevei^ 

WeHv^spme people -^are doingirsomething;. But noi 
engt^i of;vs are holding out a hand to Help the Aged 
and -their voiunteBrs. The?' work devotedly to start' 
friendly Day Centres, give minibus lifts to the’frail 
an^a^iiness to pl uHqr, jowly and. grate&I- old 



r^can^fhinit of a better,.a5risfr»as .gift to^send^can 

yqu, Qian something td; hefe ane^mro, ofiH ^ag ; or 

iriinto rnont? ; 113(7(V’‘rfdT«at.. 

. woman who Will otherwise steend a ar* 
forgotten. . . A-rKVV.':'- -v-'i 

Tim'f tao*t on theside.Of ojdfblk. I hopeyou are: ’ 
toward . s»t^:up:;a^ 

£30";7' ; Pay Centre,; bringing ^cttopatrionslyfp^a^ 

warmth to the! wiely^.^y^.rv • - " 

Please; use. the FR3SEP0ST faciiity smd address your •, ' : fV 
HoCtoasarer, RtzUfm. 

Help The AgefcUoomTTZ, 

Xjsmdon WljE 7^L; (No slfonp ; iieeded v:.‘ 
• Ptefafr Jet ttf! 

particular !\y ^ 


' T- w 


'J , 

• y \ : 

r k 




-'- * \ M.-'l 
■■ ../. ■< % 
r- "" ..* 

•■ '; ■ 1 ,, -s' 

: ■ 'Sf 

f ^ 

■ ■-< « 


U ’2iii0lll 

action » 


> as 
f ;in> 

r r >ontf 


: BY tek 3ttdKif^VES, TRANSPORT cow«ewQNb»iT 

COUNTY . - ^COUNCILS which Oxfordshire amt , Northampton- meeting with Mr. Rodgers, who 

have* refused ^ to ; '-;ba^ >T the i^re* . have also had misunderstood the county's 

6bvenunetrt's : ppfiey.: ; on“.pahUc 8^ a °* s t0 strategy. The council's aim was 

tranifthrt are^lo he punfshed ^aj^Jckshlre, Berkshire. Here- to arrest the decline of public 
hv -m>*v ii: t T l_ jj i-'nil .. ford, Worcester JWfltsbj re. Shrop- transport by putting it on a 

by ^tita^ta the -«™te made to 5^ .GJpuces^^ Norfolk sound financial footing, 
.them.for-roaa .hniWing. ... • • • .In . a. letter Mo .Oxfordshire There were also strong words 

:Thls:ftrihe main feature- nf County- GotutciU Mr ^Rodgers says from the Greater London Coun- 
poLicyV underlying Vyesterday'^ that the au th prity has shown no qil, which as usual takes the 
“ann otto cements - of Transport aSga tit takroS-jt* fransport res- lion's share of transport supple 
«UDnlemfint2rv'- : : Grant '" - for POHsibiirtfes 'seriooWy-.- mentary grant, with £92. 4m or 

JS® 6 . ;^fV The penalty forvthi* policy is 34 per cent of the national total. 

limNiu. ... -. 4 - Jr',..- '-mat only. 6 per-cent . of the Mr. Rodgers complained to the 

Mr.^TVIttimn Rodgera.Jpthe county's proposals lor road con- GLC about its plans to reduce 
Transport , SecreUiy. -:sald -Tie strucdon have. been allowed and revenue subsidy to London 
was delighted; that -.nUMt . rural Oxfordshire must moke do with Transport from £58m this year to 

■ ■ . 'V 

\ i; 

1 - counties Jfetf ' xespahded' to •■his only «Um, of total TSG at £28m in 1980-81' 
i r r^que^ts-^ ^ ^increase their -November .1977 prJees. Miss Shelagb Roberts, head of 

j-.t support.' far jjuMic transport, Northamptonshire,^ likewise, the GLC Planning and Conmruni- 
I - . which T lav some . areas ; had has been tDld that two- local road cations Committee, said it was a 
;■ aeclmea. : ;L projects, an extension -of the A45 cheek for the Minister to criti- 

! This vrauld. enable - the t rural and a plan for ^YelUhgborough. cise this policy when he had 
r \ conntifcs ta \ spend ZB per pent will; not ba supported. The other refused- to sanction the £3Dm 
fnoife on Jtrtis subsidies next year offenders -■ have been allowed Thames tunnel at Woolwich and 
than in>1977‘78;- which .wotzld: go between; two-thirds And 95 per the Docklands leg of the Jubilee 
| - seme way ^towards the- Govern- cent' of their., highway construe- Line of the London Under- 
J r raenfs target of a £l5m hr SO tlon bidsI: , 1 .. -- ground. 

; 1 - • per-cent increase by : 1980. : - Dorset, regardeflas a model Mr. Rodgers is also worried j pore Governments have pressed Malaysia 
! * • Other, counties, however.' had .county in terms of its public about a similar attitude on j continually for the ban to he tory en 

i.v • failed -fo' step up their spending transport planning, and expendi- revenue support in the submis- 
i- ' bh public transport aotf -in some tore,. has had its entire bid sion of the West Midlands Met- 
1 :,. cases.' hot :juoduced the.‘ rolling accepted for' - both. . public trans- ropoiitan County. South York- 
.f transport strategy plans required port and. new roads, giving it a shire, the rebel Labour authority 
-i" under; the. terms 'of this year’s .total of.£2,24m ; :in -grant which has refused to.put up bus 

; T . Transport Act. - .•••'•■' v Northamptonshire County fares for three years, has again 

{ The worst offenders, from the Council said last 'night that it found itself with virtually no 

.' Government’s point of' view, are would he seeWng. -an urgent grants for roads. 

Malaysia agrees 
Concorde flights 
for six months 


BRITISH AIRWAYS and Slnga- Is acceptable at Mew York’s Ken- 
pore Airlines will resume their nedy Airport, and at Washington 
joint Concorde supersonic Rights and Dallas/Fort Worth. Texas, it 
between London and Singapore, should also be acceptable to 
via Bahrain next month, with Malaysia. 

three services a week in each Announcing the Malaysian 
direction. Government’s decision to permit 

This follows a Malaysian a. resumption of flights over 
Government decision to drop its Malaysia, the Malaysian Trans- 
ban on Concorde flights through port Minister. Mr. V. Manicka- 
Malaysian air space for a six- vasagara. said he reserved the 
month experimental period, fol- right to stoo the flights at anv 
Lowing talks between the UK and time, if they were found to be 
M ili! ys *?'- harmful to the environment 

Tne joint BA-5IA service to through noise or pullution. 

a ,n l ar £*£« hut *otb British .Airways and 

"on wTr C e e ,lK.‘5,, e Ma h Ia S ^SSSUS^S ““ 

Govennnent then imposing a ban ye * ,erdav 

on the aircraft flying down the They will now start detailed 
Straits of Malacca in the belief discussions with the Malaysian 
that it was harmful to the Malay- Government on the precise track 
sian environment. of the Concorde through the 

Since then, the UK and Singa- Straits of Malacca, between 

. and Indonesian terri- 
route to and from 

lifted, arguing that if Concorde Singapore. 

: ■/=: ■ **- ••• ! • •_ 


Indicators show that rate 
expansion is 


A CLEAR- WARNING that the ' The longer-leaittngf index has latest official cyclical indicators 
rate .of : expansion of economic dropped few about .15 per cent suggest that the rate of expan- 
aefivity '.has started >46 slacken since September. HHT, and is at sion will be modest, 
was provided by official indicators its lowest level since. 1B74. before a monetarist analysis points 
published yesterday. 7 ■ the start of the. test ^recession. to some slackening in growth. 

The . Central Statistical Office's. Short-term .movements in at least for part of 1979, since 
indicators of turning points in these indices have to be treated the real money supply — ihe 
the ebonomic cycle, surest that with . some eautl^i .because of increase in cash and bank 
the rapid growth of the last year later revisions: ; >Tfae longer- deposits adjusted for Inflation — 
has come to an end. leading indicator, is for has recently been growing very 

The key pdint is that both the example, h eayHyyinfluenced by slowly. 
shorterTeadinR index; .looking changes in ,diara: prices and The Treasury has projected a 
ahead an average of six months short-term interest, rates. 2 per cent rise in total output, 

to a the cycle, and. the But- .the broad^tpessage of all as measured by real gross 
coincident index feD in. October, the indicators i§:npw : clear, and domestic product, in the next 12 
• This was" in contrast. to the is consistent trttt -tills week's months after a 3i per cent rise 
rising trend in : both indices nntfl retail sales and: industrial pro- i n the last year, 
the late summer, and underlines duction -figures, . both of which In contrast, the Bank of 
the itoplicatSons :6f /.the. decline pointed to a • moderation in England has been more 
since. auttunn, 1977, in the longer- .expansion from. tljepate. summer optimistic and has forecast a 3 
leading index; which looks ahead -onwards.. .- ^ J . - per cent underlying expansion 

with a lag of about I2 months Jo .. There is some, dispute about of output, provided there is not 
burning points in- dis economy, what will happen 'next^year. The a wage explosion. 

£9m London Bridge 
station opened 

Fleetwood group to clo^e 

wood, is to go into voluntary some 


_»ment afiout using 

iktuifettion is state of a promise - the monej^for the common godd. 
of state aid. ~ • ' •" -The decision was announced 

In -November, the . Fleetwood yesterday by Mr. Mark Hamerij 
Fashing Vessel Owners’ Aseocia- gene^tl manager of tbe associa- 
tion >apaK>tmced. that -wifiiout tiorifWho ..said it had been taken 
heJp. fctvroufeibe bankrupted -and incite of detailed talks with 
Fle^iywKid wKiId be finished ' As tae- Government and a week's 
a filing port ' . r- ■“ .r-ddfenhent of the threat- ' of 

Last : w^ek, ..tiae GoveiraihehiC'.cldsure. 
promised boat owners usang thfe -The association would prob- 
poitva rtiare of a fL2m grahtito . ably -continue trading until Fri- 
cover £he ' incffBa&ed 'dock ’and day, Mr. Hamer said, but it might 
landing'. Qta^esl . ; /HuU^' amd he; forced to. stop “at any time." 
Grimsby, iwo deipr«s»ed fisburg" Mr.' John Silkin. Minister of 
ports, cm Sse Humber, were, also Agriculture, said yesterday that 
to^benefitr. ■ - . , - he would regret any hasty 

. ' The^ : Fleetwood . associatiint. decision ! which might result in 
wanted: .'dteeet aid’ to eover . any further. reduction in employ^ 
losses 1 this 'winter, estimated at ment or . dock services. “Under 
£150.^00, up . to ;■ the - exuL' .of the terms of the aid on dock 
February.-.-:. charges I announced on Decem- 

Ibe iTimstry, /of ' Agriculture her : 7_ some £180,000 would. be 
pointed. out th^'shnte. th^vessAl made available to qualifying ves-. 
owhers benefittog irom the land- sel' owners ’ in Fleetwood.” ■ 

Director will 
quit Turner 
and Newali 


THE NEW £9m London Bridge workers who disrupted Southern 

station was opened by Dr. Mer- Regi° Q commuter services with 

vyn Stockwood, Bishop of South- pB e-da y . He said it was 

wark vesterdav 142 vearis and a impossible to see what good the 
wark yoreraay 14- years and a RCtion i]iA The Bjsh of 

day after London s first per- Southwark said he expected to 
manent passenger railway station be booerf as weH, but the raii- 
was opened on the site in 1836. men remained silent. 

The ceremony was the culmina- Services at tbe new yellow, 
tion of a £33m. 10-year redevelop- brown and black painted station 
ment programme to improve pas- include a drug store, a beauty 
senger facilities and train ser- centre, hairdreser, off-licence and 
vices on 150 miles of the busiest grocery store. But there are no 
commuter railway in the world, seats for passengers and those 
Sir Peter Parker. British Rail wanting a quick wash and brush- 
Board chairman — described in a up had to pay 4p Shaving 
slip-of-tongue moment by the facilities are available for an 
Bishop as ‘Saint Peter”— said it exTta 20p. 

was a great day of the Southern The range of services offered 
Region commuter. Up to 150.000 to commuters is matched by the 
daily train travellers through unusual design of the new- sta- 
London Bridge station had tinn. Sir Peter pointed to the 
tolerated a decade nf reconstruc-." brave new canopy” of steel- 
tion w««e the aid station, which work which overlooked the plat- 
was bombed in December, 1940, forms and the concourse, with 
was pulled down and the new the loftiness of nearbv South- 
structure erected. wark Cathedral, and 'the en- 

The Bishop of Southwark said steering precision of on aircraft 
commuters had been faced with banger. The structural steel- 
“aaexpected un pleasantries" work aod corrugated sheets are 

when railmen worked to rule or painted canary yellow, in con- 
went on strike. But when they trast to the brown wall cladding 
were not faced with these prob- and the black rubber floor cover- 
lems. British Rail supplied a ing. 

service that would have been .The cost of the station com- 
undreamed of when tbe first pares with the £7.750 paid by tbe 
i station was opened. London and Greenwich Railway 

I ' Sir Peter was booed by rail- Company in the lS30s for an 
I'm-’n when he made a .similar t^jL'FlemisTi burial ground, the 
'criticism of The minority of site of the original station. 

MR. J. K. SHEPHERD, one of J 
the two managing directors of ( 
Turner and Newall. will he 1 
teavine the. group and resigning 1 
from the board from January 1- | 

£!m share capital for IAS 


s ,. , .... 1 IAS CARGO Airlines, a privately- 

» 5 departure was perfectly | 0V vned comnanv which is the 
amicable, said 

Mr. S. Gibbs, ; largest 
vice-chairman of the automotive \ a j r ij ne 
and construction materials 
group, yesterday. 

Mr. Shepherd had decided he 
wanted to. be released after dis- 
cussions about developments of 
the group structure, said Mr. 

Gibbs. He would not give further 
details or say where Mr. Shep- 
herd would go next. 

Mr. Shepherd has been respon- 
Sible for the automotive com- 
ponents and building materials 
divisions of the company, and 
some of tbe overseas activities. 

independent all-cargo 
in Britain, has raised 
Urn in new share capital. 

The company is issuing lm 
6 per cent cumulative convertible 
preference shares at £1 each. The 
shares are offered for subscrip- 
tion by the company's financial 
advisers. Energy Finance and 
General Trust. Mr. AJan Stocks, 
the chairman of IAS. and his 
wife are selling £250,000-worth 
of their holdings in the company. 

The capital being raised will 
be used to reduce IAS's bank 
borrowings of £500.000 and 

provide additional working 
capital. Mr. Stocks hopes that 
with a broader equity base be 
can buy aircraft and build a 
hangar at the company's 
Gatwick base. 

The new preference shares will 
be created at an extraordinary 
general meeting on January 15, 
where each existing £1 
Ordinary share will be split into 
four Ordinaries of 25p each. 

Mr. Stocks and his wife are 
placing 357,143 ordinary 25p 
shares, about 5 per cent of their 
present stake, at a price of 70p 
a share. 

News Analysis • David Churchill examines the toy trade 

Bepttations hang on a fickle public 

Tfn? PRICK C6inipissf op*B ' probe Like all small independent, have a much smaller margin, yet small pocket-money toys. In addition, the multiples and 

tiito tee-. British." toy ahd. games' retailers, the 5,000 6 t so specialists still make substantial profits. A survey., of toy retailers supermarkets do nnt cater in any 
marlteV^'Bniiouift'cea ; .thiA: 'week toy. shops- throughout the "UK^ The supermarket method of carried out by the Manchester real way for Ihe accessory 
after widespread cbncerTi -_at the have fhced- the inevitable^ \prpb-. trading means that no attempt Business School and sponsored market, which can 0 ™™ me f| n 
sharp -ihcreaSfc ib‘ some toy prices 'lema of rising rents, rates apd : i*. made to match the specialist by British Lego, found that larccr expenditure than for the 

- this Christmas,- is likely- to find other.chsts of.staylng in business.- -toy . shop in the range of toys many retailers put the blame on original toy. For model trains 

: that there is little seasonal- cheer" But "fee small toy retailers covered, or in personal service, the manufacturers for opening nnd dolls, accessory expenditure 

in the frade: ; : :: ' _ have come under severe pressdte - instead, the' supermarkets offer a up Ihe trade 10 non-specialist is probably about £3 for every 

7 -While toys traditiphally bring in' recent years from High Streef. limited range of whatever toy outlets, and thus hitting tbe £1 originally spent. But the 

pleasure io children T and . adults, .-nauftipJes . such as F. W. Wpol- fcappeos to he in demand — more small shop. But larger stores larger stores are unwilling 

; alike at fhis*tnne" of- tbe year.^worthi V-'H.' Smith and Boots; . 

! for the toy^ ^manufacturers'. and’ well as. hew competition ffora. .. 
retailers, the- period .up to- Christ- such aggressive- supermarket 
nuts i& thB mort -nerve-wracking chains as - Tesco. The specialist . 

: . and tensioh-filfed-tnne- The two toy retailer’s problem is that.' 

- months before Christmas are the.' with bis high margins, slow stock. .. 
most crucial ' trading period fox turn, and- highly seasonal busi- 
the' industry — toys '.and', repute:! ness,' it is . difficult to compete v 

‘ tions have. been won or lost over .with • the large multiples'- dr 
' the tastes and preferences of the Supermarkets which use their 
fickle public. Last Christmas considerable buying power te. . 
the -skateboard wastheln” toy; secure large discounts and under-- 

- this year it is virtually forgotten,- cut tbd ^>ecia list toyshop- 

replared ih the popularfte, stake? -'-Trade source* estimate that; 

by video television games.".-: ''' the specialist toyshops, md: 

More than half of toy sales are other sm£U retailers who_rtcttk 
made iii the crucial last quarter some toys, only account u^30. . 

tad? e e5 ! e a Ss:Si^ 

' uritv,' «ha inHiiatTu 'to and British Eons Stores, vuiuie^ 

; ?o e p^co^ /i^al^mLlf- ^Te^mS-keL 6 SlW . 

toeturert-.pric^.. The _consi^w - acc< ^ f f{ ^ r 1S per cent ■ 

stationers such as W-.-jt. _;j oyg f qr a duits and children. Video television games replace 
;; a: : skateboards in the popularity stakes 

^temlrin- jrt^ .'ab^^b^S thebearily are attoacUve to -the nianufac- 1MMlipw; „ BB . M1 „„„ M11! 

: marketing- ■- decisions V. taken ye ^ most other reS) ; tplftvision-advertsed games— that turer because they will take a Ma j- nar ^ confectionery group 

..almost a year: ago will, pay d« outlets tan concentrate their toy. c ° n ^ r * h„ S d !te 0a n»!? ^rhTn uniprnn D ° f cm^i h * r ’ iLs Zodiac toys chain. 

in. the. shopv the sector of. the in- the peak last quarter pf *52 ps c ^ Ki n ^ 11 seeras tinlikely, thoueh. thai 

, trade- with ■' most - .- •-.problems- Sl -jL?*T5r trend toward* stock these toys ro retailers combined as well as 
= reraains the 'soecialist-' indeneh- hv mo«it mJh spUeof theldemand created by having the cash flow to offer 

^ams ine spemajm moepec- bigger stores by most HJgn extensive advertising, because early payment for a discount 


hold the larger ranee of stocks 
npeded to meet this accessory 
market, especially store ' sales 
tend to be soread out rather than 

The specialist toy retailer is 
flehting against the pressures 
from the _big stores. Some . re- 
tailers have successfully 
specialised, to an even greater 
degree, in such toys as plastic 
kits or model trains, and have 
forsaken offering a broader 
range of general toys. 

Others have banded together 
in voluntary groups on the buy- 
ing side, to secure better bulk- 
buying terms from the manu- 
facturers. A recent development 
has been the setting up of 
“Unfaroup” to merge the buy- 
ing operations of a number of 
th 1 ’ •nnall buying groups. 

Elsewhere, small chains r.f 
specialist toy. retailers have_ be- 
come more common. Combined 
English Stores has developed the 
Youngsters", chain, and the 

-dent : tnv' retailer • mMn t :fha'r . esteasive aaverusing. oecause eany paymein ior . a aisroum 

Mr. John Stever^ the respected at peT^pe^od? wcb'/S.^J^ which helps the manufacturers' 

toy analyst from stockbrokers Christmas, a larger proportion: ^„^?^ I7Darkets and mu up es own cas ^ flow ' 

-Grieveson, Grant highlights the .of space cab be! devoted -to toy. on _^ ri “ s - .. •' ... .. ■ , But the increased sales by 

impossibility 'for -specialist toy . sales with- the higher turnover s specialist toy retailers be- manufacturers to the multiples 
shops - Of- . living irp to lheir enkbling further price cuts. ■ '*ct ,tbat peopje wUl an d supermarkets Is double- 

thp UK toy trade will see de- 
velopment shntlar to that of the 
U.S. where massive. hjTJermarket- 
size and style toy discounters 
have grown rapidly. One of the 
best known names in this field 
in the UB. is a group called 

T. ‘P 1 TTc? r* 

- be;*’ he suggests. “ But it isn't, nar gins’ that can be obtained, juperaiarket manufacturers fear that the situa- Wcmore Street is probably the 

,- eircept fn tbe ’evocative dwigns of to\«. r Wbile-: specialist toy shops:; multiples, however, tion could develop along parallel most fanious toy shop in »he 

- tlft "Christmas' card rinairafaW often have a gross mark-ap df. concentrate . on heanly-tUB- lines to the food industry, where world. The store reports that toy 

- turers Tov retailing'is a 50".: per . cent—necessaiy ^toys Just at Christmas, the sneeze . on margins has sales this year have so far been 

■ hwlneWv aid incM^iiiKly -com^becanae of the slow stock tniji rr W:. H. .Smith, for example, baa forced processors to chase even better than last years 
'4petiffvfe.“\ : i- • the supermarkets can afford to caretully built up a big- trade in volume sales. bumper sales. 

" Li j/ ~i'- j . , 



Preliminary Announcement of 
Prof its and Dividend 
53 weeks ended 30th September, 1978 





General Trading . . 

Plastics and Materials Handling 
Leisure . . 


Central Management costs 

Interest charges 

Investment income 

Share or profits of associated companies . . 



Minority interests 

Extraordinary items -... _ 











" 1977 

0.3- . 










_ 6 










. 1L9 







? ■> 





Proposed payment on 9th February. 1979 

Gross equivalent . . _ _ . 








28. 6p 



7.028 3p 

The accounting policy Tor deferred taxation has been changed by adopting the principles set out 
in the Statement of Standard Accounimg Practice No. 15, As a result the taxation charge has been 
reduced by £8.9m (£7.6mj. However. Advance Corporation Tax not immediately recoverable of 
£3.3m (£1 .2m) has been written off. The comparatives for 1977 have been re-stated accordingly.. . 



The following table analyses turnover by sales to customers located meach territory : — 



United Kingdom 

Republic oili 















~~~ ,_.’J 









2. fal Trading profit is after charging depreciation of£I3Jm f£ 10.6m). 

IbJ The following table shows Die trading profit of holding and subsidiary companies resident in each 


United Kingdom < including exports) _ 

Republic oS Ireland lincludirgevporlsio U.K. and overseas) 
Overseas ... ... 
























(o The increase of £1.Sm in overseas trading profit is after taking account of a loss of £0.5m which is 
attributable to the conversion of this year’s profit at exchange rales which were less favourable than those 
used in conveninglast year's profit. 

The General Trading companies operating in the United Kingdom have altered their year ends principally 
from Hit March. 1V7K to list August. 1978 ami therefore the results of the General Trading division 
shown in these accounts cover periods in excess of 12 months. The effect of ibis change and ihe acquisition 
of new overseas subsidiaries is estimated to have increased the trading profit of the General Trading 
division by approximate!} £I.2m compared with the 12 month period. 

The 1978 results of the Plastics and Materials Handling division includes a full year's trading for White 
Child & Bency Ltd., whereas the 1977 comparatives mdude only the second naif year results of that 
company. If the full year's results of While Child & Bcncy Ltd. had been included the 1977 profits would, 
have been increased by fO.Sm. 

The attributable proportion of profits is included in respect 'of the following assodaled companies: 
Harp L3ger Ltd., Cantrell &. Cochrane Group Ltd.. Guinness Ghana Ltd., Guinness t.Nigeria) Lid.. 
Sierra Leone Brewery Ltd.. Savage Smyth & Co. Ltd.. Taunton Cider Co. Ltd., Dunn & Moore (.Sales) 
Ltd., and associated companies ol Mortson Son & Jones International Ltd. 

The following table analyses tbe taxatioocharge: — * 

Holding and subsidiary companies 
Taxation arising in - 
United Kingdom 

Republic or Ireland 


Associated companies - share of taxation. 

U.K. Corporation Tax has been provided at tbe rate of 52% (52%). 
Extraordina rj items include charges and credit (CRj relating to: — 

Revenue expenditure arising in connection with modernisation of 

Dublin brewery — 

Terminal costs mainly relating to non-brewing activities 

Reserve adjustments less proceeds of sale arising from the 

reduction ofsharcholding in associated company. 

Disposal of properties and investments 

Less tax relief and minority interests. 


- 1977 



3 S 



• 3.4 


■ 43 



Z 9 


15 A 










CR 0.4 







8. Proposed Final Dividend. 

The proposed final dividend together with the interim dividend already paid makes the gross equivalent 
of the total dividends for the' year I r.6984p fi0.fc.t50p). This represents an increase of 10% compared 
with last year which is the maximum permissible under the current counter-inflation legislation. 

Inflation Accounting 

The published accounts will include a Current Cost Statement of Profit which will show that the 
effect of applying the interim recommendation published by the Accounting Standards Committee 
in November. 1977 is to reduce this year's group profit before taxation by £15.?m (35 ° 0 ). This 
reduction arises from the deduction of £2!.9m representing additional depreciation of £13.4m 
and the cost of sales adjustment of £8.5m and the addition of a gearing adjustment of £6.4m. 

Summarised Group Balance Sheet at 30th September, 1978 


Ordinary stockholders* equity . _ . 

Outside shareholders’ interests and pension provisions.. . .. 
Loans iNote J) : I, 


Fixed Assets 



Net Current Assets excluding liquid funds. 

Cash and Deposits (Note I) 

Less bank overdrafts and short term loans (Note I).. 



(Note 2) 




























1. Medium term facilities or £27. 5m were available but not utilised at the balance sheet date. These will be 
used in the year ending 29th September, 1979 to finance expansion and to reduce the proportion of 
short-term indebtedness. 

2. Figures re-slaicd on the basis of tbe changed accounting policy for deferred taxation adopted in 1978. 

Extracts from the Chairman's Statement 


Group turnover was up by 29 and trading profit by 1 2 n „. There has been a substantial increase 
in the non-brewing activities which now account for 32 % of trading profit. 


In Ireland sales of Guinness showed little growth but there was a satisfactory volume growth in 
ales and lagers. All bottled beer sales showed a welcome recovery. 

In Great Britain Overall sales of Guinness were slightly down but there was an increase in the 
take-home sector. 

In overseas markets, the total sales of Guinness stout exceeded two million hectolitres for the 
first time. 


Morison Son & Jones has been divided into three companies which continued to trade success- 
fully both at home and overseas. 


A record year for GPG and White Child & Beney wiih profits up substantially. 


Both our cruising and holiday centres continued to develop reward ingly. 


Profits have improved and further growth is anticipated. 


>yfhftnpial TimgS S&tnrdaiy 


Profit forecast 
for National 
Freight Corp. 

Centrovincial sells 
building for £ 13 . 9 m 

Shell gives 
go-ahead ■ 
for olefins 

dejected at 



• CENTROVINCIAL ESTATES, 519m 7 per eeot mortgage and Since, then the company has 
! one of the many UK property a further $5m of short-term been disposing of the overseas f 
j companies which ran Into prob- bank loans. properties, and believes that this I 

j Jems over overseas expansion By the beginning of this year, will strengthen the group’s per- 1 
l during the early 1970s. yesterday however. Mr. J. Gold. Ceutrovin- form an ce. 



■ v .a; 

By Sue Cameron, Chemicals 



iDucmg me caiij i«ivs. >c 9 lciv«j «• ■auk*. . ... c nr *>.„ hlli 

The NATIONAL Freight Cor- At that time, with details of announced the sale of its U.S. rial's chairman, admitted that The proceeds of the sale of I ' S r^T h ; JhL nl n «“ 
□oration expects to be back in the financial reconstruction stdll thn huiiHinv in risins interest rates m the t».S. .. ... • • - . — a E?sm higher oienns 

SHIPBUILDBRS lipart from productmfy ; 

ad a severe blow I* ^ ~ 

ioaidy the- ^emi-sldl{eiT ; .a^ - : y : ... >• ' 

' i yesterday suffered a severe blow iorup 
.•.fvhed; its second higsej iS- 
l threw nut proposals for 4 unified „nxaiifl: 

flagship, the AMA building in rising interest rates in the U.S. :h . * MA -hniirtimr will eo to I °T 

\-ew Vnrir fnr S27 Hm fSialmt nl us vacancies in the building me AKA budding will go io„ t iIS Stanlow complex m 

the black at the end of this year not settled. Mr. Peter Thompson, 1 New York, for $27.5m (S13.9m), plus vacancies in the building ■ .. gl65 m ortsaee ; m,™ T> nr t rheridre 

for. the first "time since 1973. chief executive, said That the! Centrovincial paid $26.5m — had led to a revenue short fail. repsyjo B ine j mere ^ort, itoesflire. 

Sir Daniel Pettit, who retires £18m trading profit needed to | then v/orth £llm — for 

as the corporation's chairman at break even, in 1978 would place ; building in 1973. At 

the end of the year, said that great and unfair strain on the 
unless there were unexpected corporation. It involved a lo per 

problems in the final days of the cent return on capital, compared 

Christmas peak, there would be a with the road haulage industry 

small surplus after interest and average of 11 per cent, 
all other charges. This forecast now seems 

J 1 ? JradiDg level, profits are certa i n t0 be bettered, with turn- 

v«; ovcr "Sing he^ficn 2 and 3 per 
compared with £13.5ni last year cen( in rea i terms t0 we jj in 

and £4m in 1976 excess of £400m. 

This is the only accurate com- -phis rea j improvement in 
parisoD with Jast years figures, y^ing volume has been 
3 ^ i ^ j S year ^ 5 TT a °5^ or ^ Actin- ac bi ev ed in spite of a continuing 
volved a capital reconstruction reduction in v tb e corporation's 


traditional staple diet of genera! 

of National Freight from 

\^onat C ^i^eT^hfs° D c^tiri ‘d'eVt ™ k'wnt™ seSEST along 6 with 
* 5 fim£ p illi nri! other diversifications, hnve con- 

vid?d up to £15n. oJtaterwt fret ,ioul!d l ” es ' ,aIld 

capital. In addition, the corpora- None of the main National 

lion was relieved of some pen- Freight Corporation companies 

the Similar, shortfalls in Alts- still remaining. A further S5m 
that time tralia led to a total overseas pre- will be used to reduce short-tern 
it expected to receive at least tax deficit of £7263)00 in the hank borrowings in the u -5- 
£145,000 net revenue from letting accounts for the year to March, which, at the year end. a mo u ti- 
the 22-storey 6S2.0Q0 square more than offsetting the profits ted to £5_m, according to tne 
foot building' after servicing a from UK properties. latest accounts. 

scheduled to come on stream 
1981 and provide 100 jobs. 

Plans for tbe plant, which willn 

Europe banks to set up council 


THE BIG banks in eight Euro- the Netherlands, Ireland. Swit- vices. It is hoped the council 
pean countries are setting up a zerland and Belgium. w’H facilitate international trans- 

new organisation aimed at raak- . M , BGngoh chief evecu- [ erS °i money bring benefits 

w^nSS* 'easier 1 and^mOre^eS tt . ve of Natj . onaI Westminster and jSStatioS’are being extended 
countries ana more em chairman of the London clearing t0 other countr ies in Western 

TT" . bc h „ 0fTt , 0 . to banks chief executive officers Europe. The council will develop 
The banks have agreed to set committee, has agreed to be the ^ co-operation which began 
up a European Council for Pay- first president. with the establishment of the 

ment Systems. It will consist of 

-:«-** — * *%**b,v- — w —w — -j . - _ . , , . ... . . The purpose is to pursue Ihe Eurocheque system 10 years ago, 

sions and staff costs associated has produced worse results than j senior executives of Hanks. oanK- order i 7 development of pay- and will extend it Into wider 

with its past connections with last year. National Carriers. In i Ing associations and other flnan- men t s svstems in Europe and to fields siich as credit cards, 
British Rail. the post National Freight's l «i=i rmr* tha int — u« — — *n.n;... „_ir — • .k...... — j — «. -a;- 

On top of this assistance in biggest headache, is on course 
improving the financial picture, for a £2m trading profit, com- 
Nationa! Freight has done better pared with £250.000 last year, 
than its own management was British Road Services has also 
forecasting earlier in the year, had another very good year. 

BR ships division to be 
wholly-owned subsidiary 


rial institutions from the UK, achieve the compatibility of travellers’ cheques and cash dis- 
Germany, France, Luxembourgh. systems developments and ser- pensers. 

Company audit 
is criticised 

By Andrew Taylor 

A PROPOSAL that British com- 
panies should be required by law 
to appoint audit committees was . 
criticised yesterday by Mr.i 

Builders call for State 
to finance more projects 

have an annual capacity of 
175,000 tonnes- were first put 
forward In Sepjember last year; 
when the cost was set at only 
i£50m. The latest estimated price 
[therefore represents a 50 per 
(cent increase in costs. 

■ The main reason Shell Chemi- 7 
i cals has decided to approve the 

■ construction of the new Stanlow 
! plant is its need to ensure: 

supplies of higher olefin feed-] 
stocks for its downstream opera- 
tions. , 

Higher olefins go into the:' 
making of plastieisers. 'deter- 
gents and lubricant additives. 
Shell Chemicals makes all these 
products at its existing Stanlow 
complex and it also manufac- 
tures detergents at Shell Haven 
on The Thames estuary in Essex. 

The higher olefins C6 to CIS 
that are used in the making of. 
detergents, plasticisers and 
Jubrlram additives are normally 
[ produced from wax which in turn. 

have introduced a common en jVji oye re . and dDHjbs; -11 : ' ^ ' ■' 

date.Tpr annual pay represented ' bn the' 1 dalV* : . - r 


the tighter oil products and Shell 
Chemicals fears there will be ? a. 
shortage of wax and that it will: 
also go up in price. ‘ -V 
The company is having tp" 

import its C6 to CIS olefins-^; 
mainly. Jrom its own plant in 
Holland— but the new additioii 
to the Stanlow complex vdU 
make this unnecessary. . ' 

eMi “ tho HB Government published its While Tad Govemu 

.idiary company of the BR Board p aper on nationalised industries. ! institutions wi 
irom January l. Sea Jink is rhp largest short sea ■ like to see 

I LEADERS of the construction enough to stop further deteriera- 
Industry yesterday repeated their tion in the industry. 

^ { call to the Government for a The group, in calling for an 

BRITISH RAIL'S Shipping and assets of 5 per cent by 1982. j Hunter Smart, ‘presldenfof the substantial increase in public early Increase in expenditure. 

Inlernational Services Division This is the first financial 1 Institute of Chartered Account- expenditure on building, which spoke ^against further -reductions 

imernauonai aereices umuun agreed since the ants in Scotland they claimed “ remained un- in the Government spending 

Is to become a wholly-owned »ub- gJJSn^uittSlSSa It? Wh?lS nil ftSnSmt i« askln j City reiltotie,lly low." bua s « which mlsht he coo- 

whether thev would I In a meeting tvith Mr. Peter sidered necessary as part of a 
such legislation I Shore. Secretary for the Enriron- new economic proposal to deal 
Mr. William Rodgers.' Trans- ferry operator in Eurooe. I included in the Companies Bill I ment, representatives of all with inflation, 

port Secretary, who approved the BR's shipping division turned -when if reaches the Report ! sectors of the industry and It s&id-_ that .continued 
formation of the new company, a £5m trading loss three years , St:»ge. [associated professions — the so- restrain i in public expenditure 

Spa link UK. said in answer to a ago into a Ht.lm trading profit j This follows amendments to I called “Group of Eight" — programmes had not, as the, 

Parliamentary question vester- last rear and ?.fr. Rodger? has J the Bill, proposed by Sir Brandon; pressed their long-standing claim Government suggested. stimu- ( THE City of London Cttnmoa 

day, that it would have to aoprorefi a EfiOm investment pro- Rhys Williams. Conservative MP' for higher levels of construction lated any significant compensat- [Council has approved estimates 

achieve a real return on Its fixed gramme for it. for Kensington, which .would spending. ing upturn in the private sector. fTor the completion of the Barbi- 

1 require major companies to | They told the Minister that The situation did not constitute * can Art$ and Conference Centro, 

appoint audit committees and at i despite 1977 measures aimed at * policy that would allow the [despite completion costs having 

least three non-executive direo- 1 restoring some earlier construe- Industry' to re-master and con- i increased by £2im to £S2jn in 

tors. ‘lion cuts spending was not serve its key resources. I three, years. * 

y .ni b.r 

?§£:' Boilermakers' . Society £££<£ SSaS 2 *^ 
which' Has the largest ■ union overtime ban - wuia 

merbtfership in the industiry, wiH ei^n on - ihe.' 

be.-»nsidering the -Plan f 

cpitferencc early in the new year, basis uf time as muen as or 
aK' this union too, a powerftil^ P 1 ?^- . ■ ...... 

Jbbhy in favour of retaining Abe ■ ; 
[rilrrent structure, is expected to - 


t* Proposals put 

forward last 

y75 ' .'j' v; •> 


udyuUMUa H u L •»...«.» - — 1 - • .... •- j '• -- r—mm - . — 

mffiixh by a joint working pafljL BCCGUt 
composed of representatives ■* ^ 

ttpnrv. British Shipbuilders ane 
ttie'.Confederatlon of Shipbuild- 
ing-. :and Engineering Unions 

V-* 1 '- 

uves . ~ ; - t i: . . j. .... /. ■- :• - 

-^AGREEMENT has 1)Ben,iTelehed'.[: Vvl/'* " 
1 ®° D -Kehiowi imnlDTOM.' and itewhs ^*: 

covering all the nationalised 

-Joint Council,- for the- qssbtorlV:? 

iudUstries' 29 shipyard. • Vehicle Betiil 'and' Benair.iii^te:Ali' .. ''V • 
for variations . and other garage 

MS3U ^5£3SSS. ^ 

dealt Basic pay increases are pekt. . .month — provides fd ^ 

at . present 'loosely tied ' 

and would mean that some woukf workshop - employees, ttr , £46,—^rr 
have to forgo an annua] pay rise forecoart .employees; " •. I"’* 

Arts centre 



^British Petroleum decided • ye^' Jiave also iejected.tlie company's - ■ - 

j erday to strike from Janoa^3 offer ijreprte of a recommenda^ 
te- line 

Sir Arthur Irvine dies 


4 --. 

Exposure draft wanted by April 


He sa!d that a. proposal he in 2 
considered by the small com- 

SIR ARTHUR IRVINE, former he held until the Labour defeat 
Labour Solicitor-General and in 1970. 

MP for Liverpool Edge HiU since Six Arthur, a former Recorder 
1947 died yesterday aged 69. of Colchester, had been pressed | 

Sir Arthur, a barrister, uusuc- to retire by members of his local 
cessfully contested two elections party during the last few years.) 
as a Liberal in tbe 1938s in his He announced recently that he 
native Scotland before joining the would retire at the next . General 
Labour Parly during the war. Election. 

He spent 20 years on the Sir Arthur’s death brines the 

Labour back benches, serving as number of by-elections pending j THE INFLATION Accounting “There is no time scale being primary financial statements. The 

chairman of tbe Select Commit- to three. Apart from Edge Hill,' Steering Group is working hard laid down for any change from new pronouncement is expected 

tee on Procedure from 1964 to where Labour has 
1965. Sir Harold Wilson majonaty, two safe 
appointed him the Government's seats at CHtberoe 
junior law officer in 1967, a post are vacant 

Making the doting speed, to "CA-thi. n,a.. he the time to whh-h. austegate mote than X’O' t»«oric and current 

the Financial Times Inflation eo ° S [ d " , . S K e m : 

Accounting Seminar he urged tn .^, r 'r^ Io _ , ^ th w *® ld . n th * *L® er !S® ties an rf M thc °in dustry*^ won Id "b*C a more difficult problem. There 
delegates not to forget tb*t Ip * *?FJ * ”!** SSeg" ^bserviSg^ UK esper® «« two alternatives; one is to 

directors of companies are i en ce oarticul arlv tile reaction have a historical cost balance 

charged by the^nipairies Acts ^po ^re S wm ef ouL Se SS sffi mLket to thl April sheet with CCA figures 

with presenting true and fair r.r__: : “i. ; ^nnsnrp draft annotated and the alternative, a 

BP drivers plan to strike 
with Shell and Esso men 


-- i*i * 

A' NATIONAL meeting trT sw Union - negotiators- ■ -.baye-r -*. -i;.:-: 
stewards representing tanker rejected :.a- similar offer made. by. }C ~ ?'■ i 

drivers and depot workers. at. Texaca. Tanker ; MobU. V^; ■ 

tn-.line with decisions At Shell. tibn £r&i ndgOtiatore^to accept -fii ;' ,;- 
and Esso, unless the company driTvers ^ve4fea^^fcn& 7-7s ; '" 

imnroves its pay offer.. ‘ j? pay chujtt’ nWdr."- thp union- 

BP stewards ; also de cide d --yalues-~at 30-40. per > xsnt- and the !. £ "s - — 

ose an overtime ban ^^ companiies af mqre 50 ! per .. 

Harland & Wolff faces 
more than 1,000 claims 

HARLAND AND WOLFF, the company’s net less for 1977 was 

co«t 5 n formation. 

He said that the U.S. authori- “ The bajance sheet presents 

nrespnrin? fniP and «P°SUre draft Will set OUt the . „ 

accounts to their sbarehotoew. ^repS’Sd^med ^-^Ichael' Lafferty, of the CCA balance sheet with the 

“How long can they continue ^arte^ escepuons saa Financial Times Lex Column, historical cost figures annotated. 

Tufnins to the CCA profit and reviewed the^. progress being He^ said the second option 


tion for industrial deafness. 9 The salary paid to Hr. Ivorj 85 ^**^- 

The publicly-owned company Hoppe, former managing director • .“ It has become clear that . 

said yesterday that its expert- of Harland and Wolff, did not ; not possible to change a whole adjustments for additional Europe, 

ence In the courts was the main infringe exchange control regu- . well tried method of accounting depreciation, further cost of sales “ I f we look 

to make pro- lations, Mr. Don Cnncannon, ! overnight and so the whole pro- adjustment? and an adjustment speaking coun 

jXihl/ ruix/ »» vjj* a , * • iv lvi e ui.* * «• *»»» « ~ ^ _ 1 UlUlllc IV LUIS uruui 3 TILL ■ —a r 

st shipyard, is facing more £1.9m against a 1976 surplus of jsentiag nnaaeiai stoiements only j ws 8CC0un ^ said the pro- on inflation accounting would provide the most useful 

1,000 claims for compensa- £2.6ra. i on . a . ™stoncal cost basis, ne posa is W9U j d start th H his- Principles around the world, information .in a n 

j--* — *- ■*' * — torle cost profit calculated in the with particular emphasis on comprehensible form. 

it is historic cost accounts and make English-speaking countries and Loaki 

[improves its pay offer. 

> The 

to impose . .. 

Monday and to ban, the toe of Wmt - - 

private oil haulage contractors -f t includes in- SncteaSe in the- A 
using BP materials, froar tte basic rate 1 of £75 to £90-nnd a v i 
same-date. This wiil-he done by ^ ^ rate^~abatitIK»^on • 
.instructing depot- workers not . to which .overtime aafl idtifrpayr 
-load or unload .private haulage, mehts are calciiIated, L to £90 - -i ' 

|ieir tanker dRR» ^to ban 

hme Son? ti«*^rpvwnrats in work- ~ 

5* t - , trike - i»g-pr«ticesi to. iorm ni-pr^ue- 

Jannarv - ‘ y- - rj- tWtyjd®*L' ^Ej.emeiits'hi toe-pi?- - 

'^Sorters* ductivity scheme®. inaiwtortfghtiir 
fort and\ General Worirers. but : they 

mon n^ona^pwr^ry^or wfe^feth^uniop. 

Government’s 'sanctions policy^ ! .‘Mobil’s pay offer, also linked 
had hardened thfc afcKude o to . improved ,productiviti t . is 7 
shop stewards; to pfjeas toe tanjtof^-yaluod at hetween 11 and. 14 per • 
drivers’ pay- 1 claims • cent" 6B- earnings "by the unioir. 

Yesterdays decisions, followgd €)ffw^ by .o&er coiiipaBjes 

: ,'u.: fA Vi». Wnrfh 'Blmiif. 

' f S!ft G YA 

• V-=f t-HP 


rejections of * third pay and pri>- thought to be >rorth;'|rirc)ut; zl ; . - 

ductivity , o ffer made ' J 'Shell, tfae^^mg,;-'' V : ' ~ . ' “ f ' r "-"- 

Barrister says M 
abdicated respou c „_,^ ,, , 


tot; ADVISORY. ‘ Conciliation flcCAS had VdisrefiHrdtfd ’iail, 

reason for having r ._ 

vision of £Sm in its accounts Northern Ireland Minister of J gress must be slowed down, 
for future claims from employ- State, said in a Commons written 

ees and former employees. It answer yesterday. 


said the average amount 
awarded by Ulster courts in 
the seven cases so far heard was 

Harland and Wolff has been 
able to arrange only partial, in- 

The proposals in the new ex 

flenN ■■•111 *#• «n bit 

surance cover, according to Sir — ri — • * 4 ,,v * nswunimg -.v”: -- a - .wwt..n.o »/»n ;uu« u* w - - —— iul .xiLLUJiiM:iiui4i£. .. — *. 

Brian Morton, the chainnan. in A RENEWED PLEA for fair! fu ™ Sifnkln* tS SropmwS Standards Board is expected to P»icd by me Fmanriai TimeR for and above those committed to. against a .Higfc Court Judgment service's dlscretipa^.. :i;. . 
ihe annual repon published this compensation for tbe assets ofi!; 5 °^t.ELu. £ g ’..,,r^ , ? sue an exposure draft before ■ survey on the accounts of tbe toe infrastructure _ of the busi- that the;' service , had •' 


plea renewed “^ h * ftKfl BESTSK ^ 

By Our Shipping Correspondent 

for monetary working capital, evidence that ideas are «w- general manager.' financial con- 1 .377"^^ ‘“a ^ba tow were to^ meril»-pr,toe.- . . .. 
Mr. Shaun O'Malley, a partner vergin'!.'' he said. *^The eonsen- trn! division of National Wert- ' d Sg n oiordfl ionrecognltioi? ^ ' 

• - - - - -"-‘ion minster Bank, said that the I aocls °“ ■ “ • - * that union was Inconsistent -vitS.^. ’ . 

The aceusation wa,s made by existing union-management; aegtr- 
Benrerd Harder, QC, repre- tiatihg machiuenr ;.and7toerefo» :: 

monetary assets. ■ Engineers' 

u . vh u. -Ptos- ' Turning to Europe, he drew “By ’free’ capital. I mean a He was speaking on the final P re<onditJon , * aad-waE ^iiiilavH- 

He said mat wnue toe steering “The Financial Accounting upon information being com- margin of capital resources over! day of in appeal by ACAS fid >irmwiMTi hip F M .' • hi. > 

* 1 — - CamH inilamPTTt - - * - * j» .a — . . ‘-1 «; y 

' senting toe. United - Kingdom recognition could pot S^recom- -'. 
i Association'. _7.of Professional mended..'-. V^'-r ; -- 

'Engineers;-: 7 ' • ‘ . This^ ^ represented a... ,,, lfiinding > -- 

final nre-c nndftrfwi rt ami- ■*#' 

"•‘-I — 
; 'i . 

ihe annual report published this compensation for tbe assets of) it was ^ely to pul before the of X t?ri| U v 

week. s-hiobuildmc and aircraft com-* a — rne “ nQ P‘ lll,s J 1 

i, .l. , a, i u shipbuilding and aircraft Accounting Standards Committee oermit^fhe 

It showed that the loss on work panics nationalised l« months 1 fft , i„ i>„, npw oYrifiQiiro P- - 

. > « f monuib for inclusion in the new exposure fn 

earned out in 19ii was £<% j?o came yesterday from Sir dr4ft included a requirement that ■ 

on turnover of £65.2m against a Eric 'Yarrow, chairman 
loss of £648.000 on turnover of Yarrow (Shipbuilders). 

of l a current cost accounting state* apteral purchasing power index- 

ment — involving both a profit and 


A'li 11 * n i 1 r r .. J* ir ,. Er i c, J sa l d that 1 wor<J i loss account and a summarised 

After release of £2Bm of a “ fair * had been used many b a i an ce sheet— t 

1976 provision for estimated can- times in Parliament during I D orate financial statements 
cellation costs, a release from debates on compensation. r . .... , ' , 

provision of £9.Sm for estimated Yarrow in one of several com-' The proposals will not appi 
prospective losses and taking Y r arrow is one of several com-; to small businesses prnvi- for plant 

in its 1974 appear to be Holland. Sweden Gardner, finance 

, ----- . exposure draft. The seeond and to a lesser extent. Switzer Dunlop Holdings. 

I balance sheet— be part of cor- vyould he to apply the general J?nd. There is little interest in HasUun. a 

called for 

director of 
Hr. Kanin 
partner In the 

purchasing power ‘approach but accounting firm, Keymer Haslam, ( 

f imie ™S n rt S' .?SBC iSnt SL'S" 3 . ’“fJ!?" ..« f ! 

into account the new provision with Government negotiators | sionally defined as those having mventories both in the balance foreseeable future." 

= ln” "fflS tssuz. I 

I Mr. Matder told toe court that -onions iwere jecpgni£e4> ' Mr* > 
ACAS wa? entitled in law to take' Marder referred speclfiaLDy.herii' ’ 
into account a number of broad to TASS, the rwhltei coiliuf sdetipn ' ;: , 
issues wpen il-w&s making q o r the Amalg&znated Umoh .of*-".; 
recomm^idation on union recog^. Engineering Workers. - - r l' - V^V 

. The service haff thrown' tts- r :-. h ‘.'' 

of £6m for deafness claims, toe over compensation. 

SAVE £12 


Get M&G’s free booklet on Regular Investment and 
find out howto claim substantial tax relief and build a 
tax-free capital sum. 

, To: M&G Group. Three Qua ys.*Tower Hill. a t t a ■ 

| London EC3R oBQ. Telephone; 01-626 4588. | 

• Please send me the new M&G booklet oa Regular Investment. 







I gg**! 


531229 | 



M&G Group Limited 

Britannia Financial Sendees Limited 



a turnover less than £5m — and sheet and related income state- jj r Kenneth Sharp, head of ” eslp d that 
some special types of qunted and ment computations. the fldvemmenr Accountancy debating 

large companies (such as invest- “in either case the informa- Service, spoke about the problem be spent 
ment trusts! which would also be tion would be supplementary dis- of inflation accounting for small major aspects 
exempted. closures not affecting the UK companies. world. 

standard was necessary, siig-| T^_ ese included - the effect an hands up md said-that becaiise '^r - ' 

time ’ spent existing, negotiating machinery one group threaianed lrfduatriai ^ 

In the wake of the Lawson judgment 

TAFF VALE, like the sacred 
word Tonypandy in the Com- 
mons a few weeks ago by Mr. 
Callaghan, is a name to raise the 
hackles of every trade unionist 
who has a sense of history. 

review its position on its B per general council members would 
cent offer. like to see resolved. 

A sufficiently increased offer Trade unionists thought the 
could be expected to bring about freedom to black and take eym- 
a return to work in the pro- pathetic action was secured in. 

Tbe 1901 case, in which the 
House of Lords determined that 
damages inflicted by a trade 
union's officials could be charged 
to tbe funds of a union, sprang 
lo the lips of Mr. Denis 
MacShane, president of the 
National Union of Journalists, as 
he left the High Court on Thurs- 

Express Newspapers had just 
obtained an injunction ordering 
the upion to lift its instruction 
to Express journalists that copy 
from the Press Association news 
agency should not be handled, in 
support of a national strike over 
pay by 9,000 provincial jour- 

The pay issue seems likely to 
resolve itself now that the 
Cabinet has decided to abandon 
its policy of imposing sanctions 
against companies who. .break the 
Government's 5 per cent limit. 

The Newspaper Society, the 
provincial newspapers' em- 
ployers' body. has. in toe light 
of toe Cabinet move, decided to 


Philip Bassett reports on the 
injunction granted to 
Express Newspapers 

vinces and would remove wljat 
toe NUJ sees as the need to 
black PA copy. The injunction 
would then be effectively ex- 
hausted, and the XUJ would 
have no need to appeal on the 
dispute itself. 

But the TUC. realising the 
wider implications for trade 
union sympathy action over the 
Judgment by Mr. Justice Lawson, 
is prepared to take over the 
appeal on a point of principle if 
the Nt'.T tiffs the blacking: the 
TUC. has a backlog of grievances 
ever sympathy action which 

the Trade Union and Labour 
Relations Act 1974. and the 
Employment Protection Act, 
— hence the Labour Govern- 
ment's part of toe social con- 
tract which made posable two 
years of voluntary restraint. 

Some Labour lawyers saw Ihe 
judgment yesterday as the most 
important restriction on trade 
union activity that the courts 
had imposed for years. 

Thp cenfral feature of th» 
Lawson judgment was that trade 
union solidarity did not of Itself 
legitimise a trade union's action 

nor give it the protection 
afforded by those clauses of the 
1974 Act. 

Tbe Act says that an act. done 
** in contemplation or further- 
ance of a trade dispute shall actionable in tort.” Mr. 
Justice Lawson not only ruled 
that the only trade dispute in 
the case was the one between 
the NUJ and the Newspaper 
Society, not those between the 
NUJ and the PA or. toe NUJ 
and the Express, but placed a 
great restriction on the inter- 
pretation of the -phrase “ in 

furtherance.". . . „ • 

He said: “A tortious -act com- 
mitted merely- far toe, sake of 
solidarity;- is that a tortious act 
vtoich can be seen - to be ih 
furtherance of a trade dispute? 
I don't think the, answer to that 
question can be yes.” 

A further restriction on injunc- 
tions, in ah amendment to toe 
Act contained, in the Employment 
Protection Act; makes -It . dear 
- that the granting of an Injunc- 
tion must take into -account the 
liklihood of the party succeeding 
at a trial. . . . 

But Mr. Jurtice Lawson seemed, 
to dismiss that restriction by 
telling toe NUJ that though they 
had a good- argument, for a 

defence liiider Section 13 of ; the .that a trade flisimte. can -toe- 
Act. which' .allows -Jor: acts In 0D iy between -employers .sndi 
contomdlation nr furtherance 1 - .-.“r.-..! ■. 

contemplation "or furtherance ” w wn ; ---- - — - - . ■ . 

or a traded dispute. .Ji-wairi^iwr-' W,- 

haps lesr’Hkety- tbit' the union ? a £ workers. ' =7 

would sniped, with- tost defence ; In.‘tblsj)»ticul^r Ca<e,tite-!^UJ- V 
at a triUj7‘ :f ;; •' 7 ^ ‘ 7 CbuWtoaye'argtted: that.toer&w^s".. ^ 

In toetw«BJ»f suchJbjnnctions, a tref(e dispj:ie" bWw'een trsrafrik-' - ' v 

imirilv lf.fii almost ifnlfnnurn. tM a - V-- 

:> m :**l??* /■ ! 

. . a.. - 

some . amrscaaomic: . ■ . . : j : - .VUJ/ntema&s df toe* ^ 

The implications . of "toe ;aay unJorf cotteerned ^it 
decision^ the. TUC is -ron- P re ^^S ^"rihgle;‘ditSpl — 

siderint *B4^«ording,to 5 ;Iet- tmstoue *or, r. vbT p rt%: 

ter yesterday -troia SCr. LenMur- 

i m P iS m . . fftt I I D'DiTT .fA Rflt. b Anar - - .mb r --*■ »*■' . ^ f 

icr yesreruiiy;*tvHi jbw* ■ • . 

.ray, TUC-ifienowd secretary, to/^iikeiy to, Jbe keeff to^tote up 
the NUJr^ik' ^Exceptionally ^on^'that prnvision^“ ^ ..- ; ; ( v, 
cerne d”-*l«JUt, jlare .w I cj wprea'd. /The ' .lif 
According to the fcawon judgyihiwon judpnent : 
ment, f or^vatople. sctiqn : tafce« /WWr ...t fie. trade ufflnrt'niereaedj: 7^. 

. ! r= . 

. • vV - 

V -a-, a , 

7' . 

;.v -; A 

9 1 • 

^ v&XL “ " 


'ay O 



lilffiliOTfiiiF'THE MARKETS 



(, ara* 

* itrc tDt 





English -P^opeir^ Corporation ; 
has beencut dov^-to^ sfee by 
this wee^s^£«r, bid 
by NV Beleggtogsmaatschappii 
Wereldhave. The iMld-priatol 
a 97 p a share cash offer forces 
investors to look. through they 
balance' sheet, gykraastics-that 
support ,EPC*s- status • as a 
£770 m pxnperty - .giant, to . the 
grim reality of . a group' where, 
the effects of- over-gearinghave 
seriously eroded "sharehcHdersV 
funds: .- " S .. ;. ; : t 

EPC -will probably -defend 
itself from what it wffi describe 
as an bpparbniistlrid byreval il- 
lations showing ; hovr : ihei;ffltrohg ; 
recovery in the property; invest- ; 
meqt market since -yite; "1977 
valuations, haveboosted attribut- 
able assets, it wiji ho doubt point; 
to a- heavy property^ sales 'art- . 
ting’ debts-amT stemming -tifc' 
£ 12 m a year revenue drain: Said 
if it cah-"be sssfered of TSagle. 
Star’s support that institution’s 
27.2 per cent ‘ shareholding win 1 
be a major stumbling block to; 
tiie Dutch group's ambitions: * . - - 
A defencpr by E3PC ran 
realistically . argue ' that the 
recovery is under way. Bot such 
a defence will need : to give a 
dear idea of bow-, long share- 
holders will have to shiver, bn 
interest rate -chaages; how much 
of a hole in the crabber of . 
the group's '. rem a in ing develop- > 

ment cqmmitinents will make,: 
and what the board eypects-to 
have to offer 'at the. end of the' 
day. - Otherwise, cash* even a~ ; 

; little-: cash, “o™ 

appealing ttam’iaither glimpses 
of an accounting miraEfe-'; - 

ABM bags Ste&fts 

The 58-yeax-6ld Smiths crisp 
Hind sna.dc bustaesjt is«polsed to 
return:: to' DritiSb-haJHls after 
an 1 1-year gap.Dr. Keith: Brigh t , 
chief raecutive—of;. Associated 

this week that'-hiS, group has 
agreed to buy. Smdtiis fosJEl 6.4m 
^casb from Geheral-JffDs hicor- 
porated; tbeU.S.'focdsgriiup- 

- The deal will provide, Smiths 
turnover of around £65m— with 
Access ~ in AssodatfedStlxetail 
distribution.' network, '-enabli ng 
the group to Compel® with 
rival products " likA'V^GoIden 


oNtooicai? . 

Wonder and KP, huts which 
have made substantia^ inroads 
in the important supermarket 
and. grocery trades/ .-.V 
" Smiths which al -'Jbne' time 
claimed 80 per cent of tiie UK 
crisp- market— before- thd- intro- 
duction of readyrsalted crisps 
from Golden .Wonder— ^naw says 
'it has 26 per "cent of the market 
compared with Golden-Wonder's 
80 per cent. . yy. 

^ Crisps generate, SO’ -per cent 

of group sales, . maize-based 
snacks another 30 per cent end 
nuts under the Big D brand 
label 20 per cent. However per- 
formance has been poor 
reccntly and last year the group 
incurred a £261,000 pre-tax 
loss, although . profits of £2.2m 
are forecast in the current year. 

It remains to be seen whether 
Associated will be able to 
make significant progress with 
Smiths — which claims 26 per 
cent of the total snacks market 
— in the grocery retail trade. 
General Mills did not make 
much of a job of it, for all its 

Brewery profits 

Followers - of the drinks 
sector have been kept busy this 
week trying to wade through 
the wave of results coming from 
the brewers. For the most part j 
the figures that have been pro- l 
duced over the past five days 
have lived up to expectations — 
the one exception is regional , 
brewer, Green all Whitley. 

Bass Charrington heads the 
list and it produced pre-tax 
profits of £105.5m against . 
£90. 4m. Taking out property 1 
sales profits are higher by just 
over a tenth and the message i 
is that the trend is continuing : 
strongly into the current year I 
helped by the mild autumn 1 
weather. ! 

Grcenall, on the other hand. ; 
disappointed the City. Profits i 
ruse £ljm to £ll.5m — below 

most analysts* forecasts. But the 
main problems of Greeoail were 
beyond its control. Over the 
past few weeks there have been 
several sets of figures which 
have fallen short of expectations. 
Border. Higsons. Boddingtons 
and Matthew Brown have all 
disappointed to varying degrees. 
The answer can be found in 
the geographical location. The 
north-west has evidently had 
poor weather and beer sales 
have come under pressure. 

But the market should not 
give up on the regional brewers 
yet. True, some of their volume 
gains have not been transmitted 
through to profits, but there are 
still a few good performers 
around — Vaux for one, where 
profits were 31 per cent higher. 

The question now is how the 



to strife 
ll£i Essoin 


Change on 


' -v.1978 

i . . •• - - 


Week - 

High *•■ 

: -.a ; Low 

Ind. Ord. Index 



■ 370 





5353 : 
375 . :• 



■y 581 

Borthwfck (TO ■ . '. - 72 • ■* -4-- 6 

Braithwaite . ■ . - , -104 —10 

B ritish ■ Enkalon ■ . .18 ' . ■ -fc- 5 

Charter Cons. ■ ■ .140 - - -f t 

City Hotel* ; - - ITS ' . 4-59 

De Yere Hotels ; , ■ 174 . _ +15 

Dowty .. . , , '-.JM- y-". -15 

EMI , . - , , . ~ , 1C -; • . - - 9 

English Property • ~ 39 - ■ --f 3{ 

- Ferranti •’ .: 355\ .... . —27 

Gibbons (S.) - 298: 4-86 

Minorca ' 162. ‘ . +15 

P reedy (A): , r . : , . 76: - 7 

Reckitt & Cobtan 460 . —15 , 

Redfeam Nat, Glass: " . . 27S. ' . ' r^-10 - 

Sketdiley, . „ . : l? . ; 138 9 

. Westingbooser Brake - - y-:90 ; +28 

V-C-. 4S 

v 98 

V- /: 10 


. 27 




y.. . 71 

Lack of buying interest 

Agreed cash bid from Merck Inc. 
S mall sales on unwilling market 

Good second-half results 

Lower half-yearly profits' 
Persistent country buying 

Rumours of reorganisation 

Agreed bid from Comfort tnfni. 

_R evived bid speculation 

Fading bid hopes 

S canner problems contin ue 

Unwanted bid from Were'dhave 
Disappointing interim figures 

Agreed bfd from Letrase t 

Rumours of reorganisation 

Sharply reduced int. profi ts 

Small sales on unwilling market 
Second-half trading setback 

-4. 5m NCB contract • 

Agreed bid from Hawker 

Average Dec 

week to 15 

Govt. Secs. 68.80 
Fixed Interest 70.16 
Indust. O rd. 48 3 .5 

Gold Mines 1343 

Do (Ex S Pm) 97.9" 
Dealings mkd. 4,071 

Capita l Gds. 237.9T 
(Durable) 211.91 

Cons. (Non- 
Durahle) 211-22 
Ind. Group 221.46 
500-Share 246.04 
Financial Gp. 169B2 
Ail-Share . 225.1? 

Red. Debs. 55.10 

Dec. Dec 
8 1 

68.87 68.52 

70.2 0 69.95 

490> 4863 
T23J> 125.7 

94.9 943 

4380 4348 

2393 8 235.13 

211.15 207 JO 

21239 20934 
223.05 21936 
248.26 244.90 
171.70 168.12 
227.19 22339 
55.13 55.17 

brewers will fare when they try 
for price increases in the New 
Year.^Increases at the retail end 
of 2p~-or 3p a pint are possible 
starting points but whether the 
Prices Secretary- Mr. Roy Hat- 
tersley, will allow that sort of 
increase is a moot point 

ICL on target 

ICL satisfied the analysts* 
optimistic forecasts by coming 
up with pre-tax profits 24 per 
cent higher at £37.5m even after 
a sharply higher interest charge 
— the result of the need to 
finance export deals and in- 
creased work in progress. 

On a world basis, sterling 
prices of computer equipment i 
have barely moved in the last I 
year, which means the growth J 
is almost entirely due to higher! 
volume. With the market con- 
tinuing to expand strongly, the! 
group is looking Tor growth of 1 
20 per cent or so this year as 

ICL has to make repayments 
to the government, under the 
terms of the R&D help it has 
received, if pre-tax margins 
after deduction of associates 
reach 71 per cent. They are still 
not quite at this level, so all 
uet earnings — 79.42p a share — j 
are retained. The tax charge, re- 
duced by the heavy capital 
spending and stock relief, was 
only 28 per cent — mostly over- 
seas tax — which the company 
considers rather low: future 
years are likely to show a charge 
of something between 28 and 38 
per cent. 

With the shares, which have 
undergone a thorough re-rating 
this year, up at 453p the p/e 
on this reported basis is only 
5.6. although it is 8.4 fully-taxed. 
These are very much historic 
figures, however, and despite 
the yield of only . 2.6 per cent 
many brokers think the shares 
are stUl attractive. 




THE SOUND of investors bat- 
tening d own the hatches for 
fear of approaching stormy 
weather came clanking out of 
Wall Street this week. No 
matter that across the street 
from the Stock Exchange the 
traditional Christmas tree was 
casting its festive light over 
the scene. Wall Street’s mood 
is anything but festive. 

One sign of the tight-fisted 
atmosphere that pervades the 
investment community has been 
the figures for the volume . oF 
shares traded. Throughout the 
week barely over 20m shares 
have changed hands each day 
—-a far cry from the over 40m 
which frequently changed hands 
during the surge in share prices 
earlier in the year. 

That period drove away, at 
least temporarily, fears that the 
Street would see more forced 
mergers of securities houses 
and more unemployment among 
stockbrokers and analysts.' For 
the past two months now the 
volume figures have been dis- 
appointing. and stockbrokers 
commissions commensurately 
thin at a time when the costs 
of doing business continue to 
rise. Before long, unless trad- 
ing picks up substantially in 
thp New Year more securities 
houses will be closing down 
or merging. 

Last month. of course. 
Weeden and Company, burdened 
with heavy losses announced 
that it was merging with a 
Boston securities firm Moselv 
Hallgarten and Esrabrook. This 
week there was more bad news. 
Stern Lauer. an old line bond 
and securities house founded 
hark in 1898 said that it too was 
going out of business as a 
reappraisal of revenue and 
related expenses. Bear Stearns 
is to take on some of its opera- 
tions and about one-third of its 

There have been other indica- 
tions of discomfort in the market 
too. Each day, for example, a 
lengthy: new list of companies 
bitting fsbare price lows for the 
year has been appearing, accom- 

panied with a very much 
smaller list of new highs. The 
Dow Jones Industrial Average, 
and the other broader Stock 
Market indices have been gener- 
ally weaker. 

The main problem’ for the 
market has been the growing 
fear that inflation will show 
little sign of slowing down until 
towards the end of next year at 
the best. 

Investors in shares have only 
had to watch the slump in the 
bond market over the past two 
weeks to realise just how big 
a problem some of the biggest 
hitters on the street fear in- 
flation will continue to be. The 
bond market is perhaps the 
most sensitive sector of the 
investment community so far 
as inflation is concerned. 

On Tuesday the equity market 
demonstrated its anxiety on this 
issue when, in response to a 
forecast from investment 
bankers Salomon Brothers that. 



among other things, inflation 
could run at the double digit 
rate next year, share prices 
temporarily slumped. 

These fears have of course 
been reinforced by political 
worries associated with the un- 
rest in Iran. The longer term 
concern about Iran centres of 
course on the implications of 
events there for U.S. influence 
in the Middle East. The shorter 
term unease stems from the 
suspicion that the Administra- 
tion has been raught napping 
again, never a very reassuring 
discovery, and that in addition, 
the Iranian situation could have 
an impact on the oil price in- 
crease which OPEC's members 
are expected to decide upon this 
coming week-end. The market 

is beginning to discount the 
prospect of a 10 per cent rise 
in oil prices next year, an in- 
crease which will clearly have a 
significant impact on the rate 
of inflation. Some economists 
suggest that it could add up to 
haif a 'point on the inflation 

The Administration’s decision 
in mid week to weaken the 
impact of its wage and price 
policy by allowing substantially' 
higher wage increases for 
workers who have big fringe 
benefit packages in their con- 
tracts, and the growing realisa- 
tion that a recession next year 
will make it even harder to 
trim the budget deficit, have 
also contributed to Wall Street's 
anxieties. A recession will of 
course trim the Treasury’s tax 
revenues but not Government 

The catalogue of bad news 
is. as you can see quite a long 
one. so it is as well to emphasise 
at this point the brighter, side 
too. The most' -significant 
development perhaps is that the 
market has stood up impres- 
sively to the bolts' which have 
been slung in its direction and 
although share prices have been 
weakening the erosion has been 
slight. In spite of the $llbn 
of bargin debt which is still 
overhanging share prices (re- 
duced from $12m in October) 
no selling wave has hit equities. 
Institutional investors, while 
clearly not anxious to get too 
heavily committed must feel 
that for the time being they 
are liquid enough. The com- 
mon view seems to be that while 
the beginning of the New Year 
could have some unpleasant sur- 
prises in store, chief of which 
rouJd be a further rise- in 
interest rates, prospects later 
in the year are looking brighter. 




















the THe company's remaining 
_ - major asset is a 47 per cent 
..stake in the profitable gold pro- 
- oqcihg group. KalgoorJie Lake 
. .-.yieiy; Last night Poseidon 
. j : shares ' dosed at 54p which 
-• values the company at over 
:.;£4m.~ Whether this is a fair 
■1 valuation remains to be seen, 
• / 2>itl I cannot help feeling that 
int1 ’ memories of the shares' past 

SOUTH AUSTRALIA ' was The pre&it attitude in South By the e«d of October, 1976, 
recently described as a potential Australia^ :1s that uranium out- the'*) ickel market had collapsed. 

■ “peasant state”— nptioubt much put sho&ld'be stockpiled. From Burdened with heavy, losses 
’ to the annoyance of its^ inhabit- a federal standpoint, the Aus- Poseidon was placed into the 
ants — in an artide, which drew tralian Government is in favour hands of the receiver and deal- 
attention to the- need. for new .of ^.developing the country’s ings in the shares were sus- 
developments to. -maintain' the.' riiiniiim " resources, but the pended at a price of 75p. It 
state’s momentum. And -to opposition Labor Party is seemed that they would become 
provide ' work .‘for-, the sizeable - against any mini ng ■ of -the' valueless, 
number of men unemployed material. . - Subsequently, the stake in the 

there. ... : t . . [Oh the other hand, the mine was sold to Shell and 

■However. if a.latt^ da^King' Olympic Dam mining partner? paore recently money has been 
W cnees las- looked out oh'" arfi ^urilikely to countenance' the raised to repay debts with the 
scene at - Rdxby Dowhs . nrar cost ' burden of stockpiling result that last week the com- 
An dam ooka in South. 'Australia uranium and mining the deposit pany came out of receivership, 
he would see godd deal of fuel for its copper acid gold alone. also announced plans to 
being gathered to hetp. -the sfhte .So we have a situation huildmg ;: ralse' money via a ohe-for-one 

through.^ its’ economic. , winter.', dp whereby the state must rights issue at 20 cents (11.5p> 
Painstakingly beingdrilled here choose between ideology and Tahd this week Poseidon shares 
by Western M^ a massive; 'jobs. Bearing in mind that returned to the price lists, 
deposit of rapper yraminm and plenty., of uranium is being trading up t to 5Bp on Thursday. 
sold-coDtaining ore which could'- prodnced elsewhere in the The company’s remaining 

~ ’ - major asset - is a 47 per cent 

mine in- Australia.:. ’ •• V .stake in the profitable gold pro- 

Nobodv knows' Tust~ how big - f '• - ■■ -during group. Kalgoorlie Lake 

a find* has been made: -At 'the'- *'.".••• '. •IwlHwllwBSi . .-.View:; Last night Poseidon 
Western . Mining meeting in shares dosed at 54p which 

October the chairman, Sir Aryi ; . HAR5TON . - values the company at over 

Parbo.. could only: sav- that ‘*the~ z * . - • : £4in.-~ Whether this is a fair 

more we- drill, The faigger it is valuation remains to be seen, 

getting.” It iS:loiown that the . .. . hut l cannot help feeling that 

drills have encountered ' huge or world, the Australian an ti-^ipeinaries of the shares' past 
widths (or thicknesses) in excess nranium lobby will be hard meteoric rise have more to do 
of 100" metres over a strike PUt to talk its way out of tins with the current price than 
length of [several kilometres. one. J .. *' . spberiinvestment considerations. 

There is also no telling what . . Memories' of the wild ami 1.-A11 we need now is to learn 
the average ore grades might wicked . Australian nickel boomj.tbat Poseidon is joining the 
be, although, drilling results have been^-stirred this week by" diamond exploration stakes, 
have been, disclosing acceptable the ■. interesting spectade of \^'Atoo making a come-back this 
values, .of .around 2. per . cent Poseidon rising from the depths- week, have -been South Africa’s 
copper with .uranium going to of .despair. -Shares of this one-.twn: low grade gold ore mines, 
better than one pound uranium., time '‘wonder stock" soared -Durban Deep and East Rand 
oxide per. tonne, while' there from it: -few shillings to an awe^ Proprietary... Thanks to the 
has been "ay good gride- gold ’some £124 in the two years to recent advance in the gold price 
assay of * 13 grammra. Guesses early i970-on the strength , of Tmtij: marginal mines have 
of the xize of . the' deposit fiayp the Compaq’s nickel And at: resumed to !he dividend list 
ranged up to T 500m. tonnes. ..Mount Windarra = in Western They are old mines but they 
These days the capital cost of Australia- * ‘ -still have sizeable reserves of 

establishing .a major mining '. 1.. V.-.:-. , . 

and processing operation- ■.+ • - ‘ . :••’• • •. - • » . 

with a deposit of this size fcpqia T^* *•'*(&.'« 
be more than A$lbq (£577m st >> 

Western Mining, is thus lobbing ' r'- y \ - 

for powerful paxQaers srid-.this .. ■" ' ' " : r " ' " ■' ' 
week it has been : reported that:.: 
eight international natural; 
resource giants are' putting, in" ; 
their bids for a stake; in the pro 1 ' 
ject which has bra® ’ named 
Olympic Dam. 1 ■ ; s : v ‘ 

They ^are thbu^it to include 
Amoco. Atlantic Richfield . 

(Arco>, ' British : PetrOletan, . 

Esso. Mobil, Shell, Broketr Hfll ; 

Proprietary and - -Utah" inter- 
national. ’• Several months . of 
negotiations with the bidders;: 
will' probably take place' before 
Western -.Mining, is’. likely to 
make " ife choices : which," 
incidentally, vHil have to' fit -in 
with Australia’s ~ guidelines hu 

foreign 'feve^nent.T , 

A nnmji l if jting far tor la Aijfr - 

tralia ! s love-hate relationship ' • 
with phuiltpit. Tte .nfljpngj, let - 
alone, the exp 0 'rli>f 
is subject'to so many 'restrain 
that only one . of ^tbe country’s: 

W new uranium 'finds i 

Ranger deposit; pf Peko" Walls: / 
end and EZ Industries— can .be . . . . . 

•said tehb'e on the road-to produc- - Underground 'workings of Geevo.iV oW tin mine near St. just on the 
tJOn. *.?.••.'•*. ;• •' . . . extend under .the seabed. 

low grade ore and are thus very 
much a speculation on a further 
rise in the bullion price. 

Although there was a good 
demand for gold at last week’s 
International Monetary Fund 
auction of 470,000 oz, the price 
now has to face a much bigger 
hurdle of the proposed offering 
of 1.5m oz by the U.S. Treasury 
on Tuesday. 

Probably because of the un- 
certainty facing gold prices — in 
the near term, at least — interim 
dividends announced this week 
by the mines in the Consolidated 
Gold Fields -group have been 
well below market estimates 
which were based on the current 
level of earnings. 

0 Beralt Tin and Wolfram has 
declared a dividend of 4p based 
on the 1977 earnings of the 
Portuguese operating company. 
It follows the completed re- 
mittance from Portugal of 
Es 90m (£977,200) in six 

monthly : instalments. Last year 
Beralt paid 2.5p from the 1976 
earniDgs of the subsidiary and 
I.25p from its 1974 earnings. 

• Comwa>l T s two veteran tin 
mines, Geevor and Sooth Crofty 
are still doing well. Geevor is 
raising its interim to 2.66p 
from the equivalent of 2.1p 
after allowing for the scrip 
issue made eaTlier this year 
For the full year to Mart* 31 a 
maximum-permitted ~ total of 
5.5735&P is forecast. South 
Crofty has earned less in its 
first half but expeots to do 
much better in the current six 
months and is raising its 
interim to lA75p from 1.65p a 
year ago. 




On Saturday 23 December , the 
Financial Times will be publishing an 
8 page pull out Christmas 
supplement covering the 4 days of 
, television and radio programmes. 

With programme comments by 
Arthur Sandies and Chris Dunkley, 
it will be read by Britain's leading 
businessmen and their families 
in their homes. 

It will be an ideal place for ' 
advertising anything from leather 
goods to perfumes, burglar alarms to 
New Year Sales. 

For details of rates and space availability, ring 
Chris Manson on 01-248 8000 extension 7063. 



coast of the Lands End peninsula 



“ . ■ V tJL V.'. • 

Acquiescence by an owner 


No legal respond W/ity con be 
accepted by the Financial Times 
for the answers given In these 
■ columns. All Inquiries will be 
answered by post os' soon us 

About three years before I 
bought my bouse in 1971 H 
had been renovated and an 
external decoration of stone 
pillars was bnilt over the 
side np to the wallof flic 
neighbouring house, 
presumably with agreement of 
Its owner who has recently 
died. Now the new owner states 
that my gate and pillars are 
encroaching on bis property, 
which may well be so. How do 
I stand, please? 

If the encroachment had 
existed for 12 years before it 
was challenged you might be 
able to continue it as of right 
on a claim to a squatters’ title 
to the area encroached on, 
though it is arguable that tiie 
claim (Is for an easement, 
which would require 20 years. 
However, in either case you 
would probably have a good 
defence to any claim by the 
new neighbour arising out 
of the previous owner’s 
acquiescence: see E. R. Ives v. 
High (1967) 2 QB 379. 

1968 Invalidate Che acquired -r. 

Section 87 of the Town and 
Country Planning Act 1971 con- 
tains the relevant provisions. 
It relates to dweJlinghouses and 
to land generally. Discon- 
tinuance of a non-conforming 
use which could not be the 
subject of enforcement because 
of four years’ continuance prob- 
ably does put an end to the 
immunity from enforcement, so 
that the non-conforming use 
cannot be safely resumed, but 
the law on this is still unclear. 

It is iwt 

child's play 


use claim 

Referring to your reply under 
Established nse claim (October 
21) can yon tel) me the Act 
which now governs the position 
relating to the old four-year 
rule? Does your reply apply 
to a house. In the same way as 
a caravan? Providing the four 
years’ unlawful use was all 
before 1968 does any period of 
discontinuance of use since 

In the article headed “It is 
not child’s play ” by David r 
Wainman on page 6 of your * 
issue of November 18, the 
last paragraph in the first 
column indicates that tax on 
the income of accumulation 
trusts set up for the benefit 
of Infant children can be 
reclaimed if the children have 
little or no other income. 

Some years ago I subscribed 
a small stun to a Unicorn 
Gift Plan for the benefit of my 
infant great-nephew. On the 
Introduction of the 15 per cent 
Investment income surcharge, 

I enquired whether the tax 
could be reclaimed as the child 
had no other income and was 
informed that since the 1969 
Finance Act income tax relief 
in respect of income 
accumulated by the Trust was 
no longer given. This seems 
to be at variance with 

Hr. Wai Oman’s remarks 
or have I misunderstood them? 
Hie paragraph in question does 
not stand alone, but leads on 
to the explanation (at the top of 
the second column) that “the 
measure of a child’s income 
from a trust whose trustees may 
accumulate ... is the amount of 
the distributions actually made.’’ 

You may think it worthwhile 
inviting the trustees to consider 
exercising their power (assum- 
ing that they have such a power) 
to make income distributions to 
your great-nephew,, so that 
48 per cent tax can be recovered. 
It is difficult to comment with- 
out more facts and figures, but 
any distributions during the 
current tax year should probably 
be limited to £59.80 ( net). . 

the report in .the Financial 
Times on November 25, headed 
“ Tax crunch for Krugers/' the 
possibility of an Income tax 
charge must be borne in mind. 

Giving away 
a house 

If you ■ eventually sell the 
freehold, for payment by instal- 
ments, the chargeable gain will 
be assessed to capital gains- tax 
for tiie’ year, in which the sale 
contract is signed. Here again, 
the board have discretion to 
allow the tax to be paid by 
instalments; if immediate pay- 
ment would cause undue hard- 
ship. Before . entering into, 
further property transactions, 
you would do well to seek pro- 
fessional guidance through the 
tax pitfalls. 

THOUSANDS OF families, are $.48242 to the Abb®? ^ 

because - they .are- wore tax relief, a#dm- interest ‘ " rate*. k 

with - non-profit ■ CTd0 *^V-ing ^ ln good health,/; - ^cowr: 

mortgages. That ^ mean, as the table' ^ /e^nse8 ; :eiIe»«rtT-^;..^i^ 

conclusion ot:axvom that the net. cost,* the . ^ 

lyses the. mortgage r ;biHs* ,gf 0 f -the new arrange-. - -v thV. 

Kenneth Meyer, an FT reader in. be £72.09 a month ri3-/ n$, jlhfe ~ 

Gains tax on 


A friend purchased Kruger- 
rands in 1974. Is it possible to 
take advantage of the exemption 
limit on chattels sold for 
£2,000 or less by making- a ■ 
partial disposal during the 
current tax year to the 
value of, say, £1,950? 

No; foreign currency is ex- 
cluded from the chattel pro- 
visions (by subsection 6(b) of 
section 30 of the Finance Act 
1965) and in any case the £2,000 
exemption figure is scaled down 
for part disposals (by sub- 
sections 4 and 5 of section 30 
of the 1965 Act, as amended by 
section 45 of the latest Finance 

As you will have seen from 

Referring to year reply 
under giving away a house 
(October 28) would any Or all * 
of the gifts attract ad valorem 
stamp doty when the house 
is worth, say, £50,000? If not, 
presumably the gifts could 
be made to a spouse to the 
equivalent of. say, £15.000 
per annum without cost? 

No stamp duty would be pay- 
able; but each assignment must 
include a Certificate of Value 
at £15,000. In the case of gift 
to a spouse a gift not exceeding 
£15,000 in value would (if so 
certified) incur bo cost except 
a deed stamp of . 50 pence 

A power of 



of tax 

A dollar annuity 

A relative living permanently 
in Canada wishes to make me a 
gift in the form of an annuity. 
He suggests using a North 
American insurance company 
on the assumption that in the 
long term the doflar will be 
more stable than the pound. 

If this is so arranged and 
payment is made to me in 
dollars how will I fare over 
income-tax ? 

Would it be advantageous 
from the income-tax angle if 
the annuity were bought from a 
British based company, 
payments then being received 
in sterling ? 

If the annuity is purchased in 
the U.S..' you should be exempt 
from U.S. tax on it, under 

article XU of the 1945 U.S.-UK 
double taxation convention and 
eventually under article 18 of 
the 1975 convention (which is 
not yet in force).. 

Similarly, if the annuity is 
purchased in Canada, you 
should escape Canadian tax, 
under article 16(1) of the 1966 
Canada-UK convention and 
eventually (probably) under 
the convention signed on 
September 8 (which has not yet 
been published). 

Your UK tax inspector will 
need full details of the terms of 
the annuity contract (including 
the cost) in order to calculate 
the notional capital element, 
under section 230 of the Taxes 

If the annuity cheques are 

paid Into a British bank, UK 
basic-rate tax will be deducted 
from the whole of the sterling 
proceeds; tax relief on the 
capital element will have to be 
obtained by claiming repayment 
from the tax inspector. 

If UK tax is not deducted 
(e.g. if the cheques are paid 
into an overseas branch of a 
foreign bank — subject to 
exchange control restrictions), 
the UK tax assessments will 
switch to the preceding-year 
basis from the third or fourth 
year: the choice is yours for 
tbe third year. 

- Although the tax mechanics 
would be simpler if the annuity 
were purchased In the UK, tbe 
long-term effective yield may 
well be better elsewhere. 

I sold 10 year lease of a small 
block of fiats which I used to 
run myself to a bousing 
association for £14,000 arid 
agreed to let them pay me in 
instalments of £2,000 a year. 
The Revenue claim this sum Is 
income and propose to tax it 
In one year. 

- 1 was thinking of selling the 
freehold to the association at a 
later date. II I let them pay by 
instalments, would this be 
regarded as income rather 
than as a capital gain? What 
about paying the present 
assessment in Instalments? 

It is unfortunate that, when 
asking your solicitor to draw up 
the lease, you did not think to 
ask him about the likely tax 
consequences. No doubt he 
assumed that you bad read the 
free Inland Revenue booklet 
(IR27) on the taxation of 
income from real property. You 
should ask your tax inspector 
for a copy now; paragraphs 31 
to 38 cover the taxation of 
premiums for short, leases. 

There is nothing to lose by 
applying to the Board of 
Inland Revenue for permission 
to pay the schedule D case VI 
tax by instalments over seven 
years, but you have, not told us 
enough- to enable us to guess 
at the likelihood of success (see 
paragraph 37 of the booklet 

I hold a power of attorney on 
be half of my daughter who lives 
abroad for the most part and ' : 
is difficult of access. I compiled ' 
bee 1978/79 tax return, which 
was eventually returned by 
Claims Branch “.not accepted,” 
quoting TMA 1970 Section 42/5 
and requiring ray daughter’s •_ . 
personal signature: After-, , 
further communications Claims ' - 
Branch came up with * • 
Parliamentary answer of 1949, / 
Hansard VoL 466, No. 137, 
which; they said, gave them 

authority to refuse a signature 

by an Attorney- What do 
I do now? 

While a Parliamentary answer 
does not have any force or effect 
in law, it may be that on a true 
construction of Section 42 (5) 
of the Taxes Management Act 
1970 the Board of Inland 
Revenue may stipulate a form 
requiring personal signature by 
a claimant. However, if the 
jorm does not so require, signa- 
ture by an attorney ought to 
be accepted. In practice -you 
should invite the Claims Branch 
to process the application on 
your undertaking to obtain a 
personal signature when your 
daughter is accessible. 

Whltoiwn-Tkunes. - : £80.80 in the final i-jii 

He has found thattfi* .wofeV^L. • tal net . ^stayer, 
up his current non-profit; period will come 

dowment policy, used -the £4*70 in the case ;df 

render value to pay off -part of , •• • 

the loan and converted- the ■■ 

to the ordinary repayment "basis* *: C ' uadTA BT Q 

he would save himself hundreds-' -HnlvK 1 

he would save himself hundreds-' >111 vK ■ 
of pounds over the remaining *$'; i-Kj*MONN .HNGLETON 
five years of his mortgage term.- 1 H- ‘ - 

His figures are particularly sift*- 
nificant because, unlike most en- / 

judhstry; . the. . poIicyholde^C • 
position could be; jntich^wqrise^ 
-’For air uctuary .wottldp(Hid;0®t^ e 
•’ that : the 

unrealistically' generous^ given'; 
- the current-; leasts > of interest/ * 
rates.. Insurim«>t»mpdxu«;4i^:, T 

■■ , . . 'lain,. r . - ~ ‘.-j-' - 


dowment v. repayment mortgage repayment method— a savipg of , surrender: 

comparisons, in this case the;.f^ OTe r what he will have -to ■ 

5 comparisons, in uus case ™e.gaw.over wnan ^ a _ d disaaihi rates • 

ife^yment method is the better payjff he sticks wlth tbe present .- ^ ^ ^ /is- “a; -highly: 
I^et^n every one of the remain- : arrangement j^j^rvaW- Si per*.;ceafe£* 

ing years of the term. ; do the sum* present ;^ te ^e-' wift^gehppt 

*5? suction unflattering ^interest-, 

the repayment is eariy. ^ . • eDdo wment method. An tower; ^ 

on and becomes. more wqjensfy.e. ii- man would probably - 

later— 60'. analysts .have to ..oaix. 'of- the 

expense later. . -/fqr such. a policy in.1964 wheh ^^ the ... endowment method^ 

‘Mr. Meyer’s sums will be an^erest rates were much ;lojjr wen.^in, W*- «« • 

eye-opener not only to other it-/ was competitive. : -Jf vf? 4011 ^. ± -’•* -t-'-’KiOj: 

borrowers in the same boat but- -j •S’’’-''/ 
to many experts within . the-. ' ' ' . ■ ~ 


year mortgage in May, 1964, aind ;“ v Mrvirr(5AGE . ' ' 

he chose the non-profit endow-.' 
meat method because tbe fuH-:- 
cost with-profits endowment, the 
only endowment alternative, 
then available, was so dear/; 
in the short-term at least His 


ENDOWMENT METHOD % v df-r \ . 

The borrower’s blllff he confinue*“wi* Ms^ 

endowment Joan. for the final five yean «#.the. term., . .. - 

: - ' ■' \V -d- :. 

An unwanted 


m the short-term at least. HJS . __ monthiy inter^t cost S9M -..v •; - V 

loan was £9,000 and be took gro« ^ Ai -.- v- r; . : 

a matching non-profit policy for " ' \ * ; V ; " 

£9,000 with the Phoenix insur- Net monthly interest costv ‘ ' 

ance company. His premiums T<Aaign>a premii«i(on monthly • -nV!-* 
for the policy are £93 a quarter ’ -l *jT~~ ■*. *;■ - 

before tax relief and tbe interest W-tn relief V" "• ■ ; .'“"V 

on his standing mortgage is,;a& • Net cost of poficy - ; - . - /:>;'• 

a result of the latest mortgage; ’ •. . - ‘ - ; rgcai' V-. 

rate rise, £89 a month before . Total net monthly cost - ■/' / - ' '/:/ - / 

tax relief. Hie total net 'cost -' TOTAL NET COST OVERfW TEWS £5,112. 

of the loan -for a basic rate — — : — 

payer is currently, therefore, - 'REPAYMENT METHOD r - . . . v 

VSR SI a month after VS4 dfl tav .. u &k — ^ 14 h. to -tfla KWmtltt method f / _ 

A TV cable runs along 
the eaves of my bungalow 
and is connected to the 
adjoining. properties. I do not 
use the service myself. How 
can I ensure that I can get ■ 
rid of this cable, if I wish? 

If there is not already a way- 
leave agreement, and If the 
cable has not been in position 
for more than 20 years you can 
require the company to enter 
into a. wayleave agreement with 
you or else to remove the cable. 
Standard forms of such agree- 
ments make provision for ter- 
mination of the agreement on 
either party’s giving the other 
say three -months’ notice in 
writing to determine the agree- 

-Total net monthly' cost - • ■? ; -. '■! 


£85.51 a month after £34.49 m . c How much H costs H. ho switches to 4h* r 

relief.. And from next April,;; 
when the tax aid for endowment' f 
premiums rises, the net -costfj/ 
will be £85.20 a month. '-Lr. 

using the surrender -vatue -of £5,4254 to re’duor7the ^debt). 

If -he winds up the endow- 
ment policy in May next year ne y 
will be in line for a surrehd^ ' r , 
value of £5.424. If tills is paUf:- , 
to the bmlding . society, ihe ■ 4 

Abbey National, he will be left' 
with a residual debt of £3,576. 
To dear this on the repayment 
method over the remaining ’five’ 
years of the original term wiRV 
cost him a gross monthly outlay 

-Year S 

Outstanding - . Monthly ; ;._v -. v 

debt . - jKqrments'to . 

(at start: -building^' -■ ■- mqnt 

of year) , 

r 1 • 3J 

r 2 3,010 JO. " r «L16 J ^ 

r 3 2478.13 ' 82.14 -*r. 7#\ - ; ; ..>/ .754 

, 4 14X8.13 " : - ,.> 82.16 . . . /•;, ! ,5A0 . 

r 5 - 88231 ■ . 'SF: ; : rZ» 


tedodfcij mortssr* p raticM— po&jr coctiq£ 

«Kh roaf^tv;. . „• .. . .. ;. • . \ : .y ■ • .I.' 

.^-7 • Net 1 --' 
' \l-Zl 'mqntMy: 

Tax relief ; cost*';. - 


7j^8 : L 7544 . 
; 5A0 ; - - 78JS .. 

- vTJS 'J: ^7«fc80 . 

Another business trip? 
Looking for the right 

Some corner of a 
that is forever tax 

ru- L- V I ■ 

Solveyour travel problems witii 1978/79 
Hnancial Times Wbrld Hotel Directory 

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* Secretarial and translation 

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* Maps of major city centres with 
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referred to, two . relate to 
problems o>f domicile. Domicile 
can be over-simply described 
as the countzy which an indivi- 
dual regards as his own, and 
to which he intends eventually 
to return even if he should be 
away from it for significant 



Every kind of facility of interest 
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* Customs — 

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* Vaccinations, visas 

* Languages, climate, clothing 

* Driving licence regulations 

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* Business hours, public holidays 

* Hotel rating systems, tipping 


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* Credit facilities 

For more successful business trips 
and pleasant hotel stays, order your 
copy of the new Financial Times 
World Hotel Directory 1978/79 
today, using the order form below. 

ORDER FORM To: Financial Times Business Publishing Division, 

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Telephone: 01-623 1211 Telex: 8814734 BUSPl/B G 

Please send me ropy/copics ot Financial Tima World Hotel Directory 1978/79, 

price £10.00 surface mail, or £16.00 airmaiL Payment must accompany order.' . . 

I enclose a cheque value Tide for Airmail O 

TAX SIMPLIFICATION and proportion of his earnings which may be performed- tit formed- abroa4 but Ihe employ: -: - 

reform seem to be a lost cause, relates to days worked here: One cahoot claim asf ureign an ing ragipany murt not he 'ass<K : 

But if they should ever be the proportion for days on the employment - ' which rcombines mated. ^vith: any, ■ Other .which- • ■ 

rediscovered and espoused by continent, or back in the U.S. investigating* oversees 3eirfi% ejuploy^the to(tiridiml "in the - 

any future government, dare is tax free unless he brings the opportunities with the leqoire- XJK-; - A- 

one hope they might look at relevant earnings into this ment to rtport badt til the UK7. . FinaDy V-we- -gome, to .tiK' . 

those going abroad? country. This is one of the the result of -one’s ihvest%tf-L.sevent& -fietr of rules; — -thbse^' ^ . 

There are at least seven few areas in which a “ remit- tions. ■, which -goverti, losing UK rest-""- 

separate sets of roles— each tance basis” of taxation still We hare : so for ' ' lo o ked status. & ig ail Yery-shnple- 
designed to cover a different applies. And our banker would briefly at 'leaving Britain to^ ^ for the : person ;.who goes abroad.;;, 

circumstance. This would do well to watch his cash flows losea We have also 'to workfull time 1 for a. “definite.- - 

matter less if there were carefully because remittances , la .^ ^ rHaUrvo m lehgthy period^r— lnt^rprptog;>. j 

fewer overlaps and conflicts, are fully taxable, without any the tnrm-dorm riled Deraon who -^ e ^ a ..period 

or if there were slightly more » per cent reduction. ^ incudes ^Jgast cme cbm: ,v •; 

logic If tax reliefs are enacted u.S. bankers can however be ' individS "pte»" fiscal ’ year. ' He wm ‘hh^; : . 

specifically to encourage par- regarded as ordinarily resident r-Aadent here ^nd k®reed : to be. nph^resideat as*. .. : 

ticular activities, then they as well as resident here. ®° 0a:a «^ '*• le^es. Aith^h the 

couJd just be more dfective of Ordinary residence connotes S -Iaw «visag&^ 

anyone understood them some degree of permanence- either resident of Ine&reSt' y 

Of the seven circumstances more tiban - a - meimon. since for 

referred to. two . relate to . _ , they have. ^ been • /■ 

problems of domicile. Domicile repeatedly. ln this column. Sffai •’ 

can be ovewtinply described TAXATION w^8.ah™ad for 30‘ ' ‘ 

as the country which an rodivi- ■ ,IUn day® in r -fiscal year, wwp* : ^ from thedeparture^te. 

dual regards as his own, and ing abroad for -a eontitiuous ZT ; 

to which be intends eventually i>avid wainman period of .365 days.-are entitjei J*** ernugrt m-,not pre<gd«l. • 

to return even if he should be ffiner mnk ! n 3. pus-eoyi^y. ^.en,- r - 

fro™ 11 for s!gmfi(^nt 100 per-c«jat relleft from tax on ' ' 

periods, perhaps working else- the earnings Whv abroad does not mean working.. 

where. In a male chauvinistic that living here has become a these rekefs need brief mentioh : - ^ thoat respite. . And tltose jes-r -? . 
world, we each arquire a Habit of life. hS? 

domicile of origin from our The Revenue are loath to^ .there 1^5^ country- even -by the individual ' 

father at birth— and if he explain the criteria used in ^ has ^^edi a house here.-, - 

changes .his domicile before we deciding, but it seems that available Tqr his ;h5€t:L--. r ~:J _ ^ 

reach full age. onrs changes three categories at least acquire . 23ie nomaJ ru]e 'fQir:j>k>plB 
with his. Thereafter we ran the ’ habit Those who arrive mot bod -arriving : isi : thiss cduntisr who 

change our own. knowing that they will be here much q^fies for^the relev^it accomtaotlatioh. s here -fi 

But domicile is a matter at f Qr three years or more and rehe£ ■ ^ tiiere -tt appens to ^ i that ^s soon as. they set foot they 

international law. A person wfro those who acquire property here s ^P af . w "~ r arB rerndgnt for that fiscal year.' • 

wants to demonstrate a change will both be ordinarily resident aated - the law ^ o^riddde&.-f or those 

of domici'le has the twofold straightaway. Those who arrive ret Unres-'|Qa* pi e arn i ng s .he ;■ wfad haVe a fitil txmg jobabroad 
task of showing that he has all unknowing, but stay, will aggregated before ^the — -^iut' There is a tiap.’In the. 

shaken off the first and become ordinarily resident from tmnment js ma de., Climeis the-; pyerriding fflexdi anTkm ..Tn . 

acquired another to replace it. the beginning of the fiscal year major determinant such. alloWed'',tt>' 3gnor e thn avaiW 

The burden of proving both is in which the third anniversary apporttonmemt, B ^-al>illt3t.<if Wboiase the MBiEih- 

very heavy. Received wisdom is of their arrival {alls. ® We , ?*3P worker ^ ^mustl)eh^Ie^otiiow 

that it is unKkely that one can The ordinarily resident, non- should behad to rKponsjbiJ^ that he do« ndpart of Jiis wcjtk:- ' 
achieve it without cutting a 11 domiciled: individual can still 1ct *!s and^ tocqmfoitand db^ herer this ils tinted. tihJe'^eff - 
possible links wftth one’s pre- have his UK earnings taxed at ^Ptooa. v ; v_. >. ■- -Have met- the .feqjgremgfe . 

vious country and settling in 50 per cent and his overseas Thereyls.-foen a . sixth set o£ “ an~qf tfie dntip^ ^ A <*$-- ' 

the new one for at least seven earnings on a remittance basis, rules r wtech -wgs -- o ri gi nal ly : mdat-arb: pexfegqed -_ 

years. but the rules are different The thought Introduced- Uhited ,; K3ngdorB:?-.^-rV y - .^ T 7 .; ' 

The departing Briton who amounts cannot be determined for p<^riErs rather than eX- ' - Sheddmg TIg t** 

a®ms to died his domicile, and by allocating. total earnings on Porters^ ^ThqSQ'Working.abroad -.jhd^-. iaetn^iii g;^ f^>r • 

thereby to exclude overseas a time basis. He muit Have for a . iforeigir^ company - are those who g» abroad Without? 
assets from capital transfer rax, separate contracts of entitled \tp«fhe2S per cent relief Omplqymenf in vje^'Eoridaylng';- 
has bis proWems. But there are employment ... on those" earnings whetiier or'-Tjack^m^ 

people with overseas domiciles What is possible and . what 4s not they-spend 30 days kbroafl. 

who work here and who have no* in setting up separate con- But tin* ’conditions for ^ this fiscal year'hes passed; 'afkt l^ves - 
totally different pn*tems when tracts Js a question on which a reUeHai^differeat againk v .^Tot -th^it-^--liq^i^en;'^ , ilh^r!c~ 
they flat out of and back Into lot of accountatfts' ani' Jankers only {■'■ 

tins oount-ry. have ^»ent ft tot of time. Band |* T 1 j.-j • ..*• . -I 1 T -v-;. 1 • - i.-V-.-. . 

A non-domicil ed individual, f*ot s hard to come by, but ■ • r --:-r'/^y A - 



1. *3*0- ’ ” 

■ - -: 


•• A****, *** 

- V -*-!; . v ■- 

. v-vWt . j.'5-f 

• •- Mi 

Mr /Mrs/Miss _ 
(block capitals,) 

Organisation . 

. Type of Business . 


Signed _ 

The Financial Times Limited. Registered in England No. 227590 
Registered Office: Bracken House, 10 Cannon Street, London EC4. 

Bank Account, Midland Bank, 5 Threadnecdle Street, London EC3- Account No. 10957275 rrm | 

A non-domicil ed individual, f»<* s * re hard to come by, but 
working here for a foreign com- one coold -pertTaps sommarise 
pany, pays tax <m only half Ms by saying that each erf the con- 
es mi ngs. And the UK’s tax tr ®c® be capable of 

haven status for such people standing on its own:. its. duties, 
does not end there: if despite ®®d its remuneration, must not 
bring resident here, they can be such that (tie only person 
claim to he “not ordinarily capable of doing - the work 
resident,'* they can achieve would be the holder of the 
total freedom f rom tax on earn- other, . supposedly, .separate, 
ings for woric done abroad. employment. 

The U.S. banker living in There is, however, one 
London and working mainly for feature which 4s vital to the 
his London branch, is taxed tax effectiveness of the foreign 
only on 50 per cent Of that eontract. No part of its duties 


' 1 ® 


io.os*i»tpi. EbR4'^£ARs;| 

■ : I' T.fci?*o<r 3i^<oa>-n_ 'fTisi, J- v . 


. ; ;•;. ’■_:- i ^: :. • .-• *. ^ ;. _ • • •-. . •••.; . v : : • ; 

; •" ^rm~r r S^ ''I :?' 'i k* 'TO tftrjo 

■;• ' ^:4fft£a^ .Bedember-'i0-.'I978 . 


■• -'JS 

■-- • f 

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;s -7^ 

*T*G E ^ 

» /i •••}* ^ 


A cbntroVersaM tax ^voidaince scheme has been devised to 

cut tax. qn golden, handshakes. Tiro Dickson investigates 

.-,~ r j 

&di 9 

GOLDEN; HANDSHAKES th ese ing; a service ‘.for container j 
days can easflybe ftve‘05ured, iiivestor5--but anj’one^thinking ■ 
And even run-of-the-mill reduQ- about . expiW.tbng'-^the scheme 
dancy payments often add up . should, get “independent, advice 
to 'a tidy little sum, where* becausethe prices of-CbntaJners • 
worker . has -teen- to; job- fbr. provided. c?m yar^ .enormously. - 
several . years. - The. container ’{market hr 

The problem 5s /that the taxr v risky,- 1 nf •: course,' ■ hut most i 
man may ^weli Avaat a-lfrgpobservers reckon tte'segtor siill . 
sha re in any.parf^of jBL cpmpensa^ has', several yeare^' dfrr growth . 
tion ^ayinieiit- ^ in - : excess "of ahead; - , 

£10.000: ^ '*>>'• . Although most shipping com- 

An . increasingly' -“popular panies are in dire straits, 
scheme,, however, which. ;in- containers are an increasingly 
volves leasing- containers ‘lo .tbe popular and efficient form of 
sUppihg -industry, -may help transport and; many .routes, par- 
solve the pro&anL 1 ; It can:’ be tTcuIarly in _ the Middle East, 
particrularfy useful for higb-rate, have yet tft.he. developed, 
taxpayers who get the sack! Among drawbacks are that 
The idea -is that you can claim private participation in the held 
tax relief cm . any investment is relatively new, containers are 
you make 7 in containers in the a depreciating asset, and the 
year concemed-rhut the income high yield is by. no means 
you get is spread! over several guaranteed. 


Get it together, 



around among the children, if 
the parents are, however, 
already showing large capital 

gains on the holdings at the 
time they make the transfer, 
there will probably be some 
capital gains tax to pay then. 

The basic rule about capital 
transfer tax is that you have 
to pay it on anything over 
£25.000 you give away during 
your lifetime or leave on your- 
deatb. But each year you are 

T 2V-V:.ff 

A ■*,- 

. *' r: 

jr .j . iransier lax is uiai juu nave 

IT WAS inevitable that iri its ceipts of around £14bn and with- JLt S IflC TCLX to pay it on anj-thing over 

recent evidence to the Wilson drawals of XlObn would hardly . £25.000 you give away during 

committee of inquiry into prove cheap to establish and to TftCLt CO UIlt S your lifetime or leave on your- 

financial institutions, the Trades run. te> v«tt « B r , , death. But each year you are 

Union Congress would indulge It also overlooks the fact that u ™uak£, P fanning to maxe flowed , 0 ma ke g i/ts totalling 

in a little bit of building society new branches have, at least a ®* money ( to children or up t0 £2,000 which count as 
bashing. until now. managed to generate firahdchiJdren this Christmas, tax .f re e f SQ if you have a large 

It seems the bigger the new money and that a stop to ch Sr t , lax , P°s»tiorL a™ 1111 * tD P ass on makes 

societies grow and the higher further expansion (not so far 11,e ta * 111 ermarens sanse to start as soon as 

they push the level of home being contemplated) would only money. are now Uttered with as possible); gifts made out of 
ownership, the greater the add to the problems which the manv and J ®f”P e your income are also tax-free 

criticism becomes. societies are now facing. as *”>' SI )“ e , 5 and ladders game if they do not re duce your 

In pursuing a cal! for more namely the attraction of suffi- J! e IJ ped 1D standa ^ d , of livin . g ‘ A good 

public accountabilitv. in terms cient funds to meet huge ov « r holiday break. example is premiums on an 

Of lending policies structure volumes of demand. As the latest issue of Money endowment policy on your 

and organisation the TUC Few of the larger societies Which? points out, parents children's lives, 
homed in on one ’ of the more have had branches that have not save little or no tax by making Payments made by deeds of 
nhvimic enft ennte nf * over investments to their chil- covenant can often be deducted 

obvious soft spots of the | 

societies* underbelly, the proli- 
feration of branches. 

It pointed out that, in general, 
societies adhered to recom- 
mended interest rates and so ■ I 

cor ^ P ^ t l ti0 . n i f< £ deposit ^ had attracted the level of funds ex-, 
tended to ake the form of open- pe^ but there are grounds I 

dren. But there may be big from your income for tax 
cuts in capital gains tax bills, purposes provided . they are 
and parents who arrange things made to anyone other than your 
carefully can reduce their children. These payments will 
capital transfer tax problems or count as taxable income in the 
even eliminate them altogether, hands oF the recipient, of 
Some of the biggest tax course, hut if he is a grand- 
opportunities are for grand- child with little or no other 

Exporting is the key to tax relief. 

ing new outlets. e ■ f t he opportunities are for grand- child with little or no other 

The TUC said that the number O ™tion? whose delu- P ar ents passing on their wealth income he can set off in full 

of building society branches hale t0 grandchildren. The tax pay- the usual single persons 

had risen from around 24100 in 5,uns OI ® ranueur may “ 5 ahip nn thf inpnme fmm invest- personal tax allowance, eur- 

nau IISCU UVIII aiuuiiu 1U ,. oi . J | u “ ms luiuiub Atuiu ,u,vni- I «-“■ 

1971 to over 4.000 by the end of td ,5 I m3y we!I be slashed after rently £985, against the pay- 

subsequent years when, prob- Companies wh/c* specialise in an{ j |s p is set as ide in a special provided it can be maintained.] 1977 and claimed that expansion supporting outlets not justi- 1 are t0 a grand- ments. 

ably, yodr top tax rate wDl be individual container leasing f un d to cover repairs. But a containers life span can nn this scale was wasteful, with nea D> - r mcome - child. And a grandparent may For a donor to- be entitled 

lower. For one- of the -plan’s essentially act as managing That works out at a gross vary enormously. Ten years management expenses proving But on the assumption that in be able to reduce his tax bills to tax relief on deed of covenant 

attractions Is full capital allow- agents for the investor, who yield of 16 per cent, though this seems a fair average but some the point by rising steadily over future the societies will con- if he makes payments to grand- payments, he has to agree tn 

ances in the first year. .By set- should have a’ ' registered could be conservative, given the get bashed around and don't last the past six or seven years fa tinue to hang back from more children under deeds of continue them every year for at 

ting himself up In -business, the business name. sizeable repair fund. Con- as long. characteristic confined to build- direct competition between covenant. least seven years, 

investor is able to offset, his Agents stress that. -Control is tainers. however, usually have Another snag is tiiat at times ine societies?). themselves, they will clearly For narenu nlannine Gifts 

themselves, they will clearly For parent}- planning gifts 

investor is able to offset, his Agents stress that/ebntro! is tainers, however, usually have Another snag is that at times ing societies?). themselves, they will clearly For parents planning gifts 

initial expenses In full against entirely vested iri the owner to be completely refurbished of excess capacity it may be According to the TUC. which have to think in terms of estab- the main rule to watch is that 

earned income. ... who is perfectly entitled to re- every four or five years, and difficult to find lessees for your said it is against public owner- lisbing a much wider type of a parent is taxed at his top rate JaCCllftlliluTlOFl 

In tlfe case of anyone who fuse leases negotiated on his there are usually other expenses containers. Leases can be ship of societies, branch pro- service to beat outside eompeti- on any income in excess of £5 a 

faces high tax' bills' every year,’ behalf. in the meantime. signed for various periods but llferatior also represents a cost tion. and this could include the year each child gets from the CLCWtlCIl 

this may . only put ofiLthe evil . Yearly leasing -chaises cur- Assuming your new income six months is common at in terras of lost High Street sort of suggestion made by the capital. But where children 

day. ....... rently -work out aCtetween 20 does not alter your previous tax present Good management, of amenities and it went on to TUC. have income from capital given ANYONE WHO wants to make 

On the other .hand, someone -and 25 per cent but management rate, the net and gross yields course, is essential, but finding suggest one way round what it As Alan Mason, chief general to them by anyone other than the most of unit trust inve«t- 

who suddenly receives a taxable expenses, insurance, premiums should be similar. a new lessee willlargely depend believes to be a problem. manager of the Provincial, said parents, the income is regarded ment should look at the 

windfall, iriight: find the system and repair costs will obviously Thus, for someone paying 60 on market conditions. At In its evidence, it emphasised recently, demand for home as their own and they get a full neslected “accumulation unit" 

not only usef pi. in deferring tax reduce this. ■i.-:."--. per cent in our example, the present about 80 to 85 per cent that most societies allow deposits loans — already up to £8bn a personal allowance. Under idea. 

but in ensuring .that whatever One typical e xamp le shows four containers will effectively of a typical company's con- and withdrawals, up lo a certain year— could double in the next current rules, there may. how- accumulation units vnur 

tax is payable will be at lower that a £5,600 investment (in cost £24140 — £5,600 minus tax tainers is .out on lease — com- amount, to be made from any f> ve years and competition for ever, be a penalty for the dividend pay-outs are auto- 
.. • r .this case four containers of relief worth £3,360. pared to about 95 per cent a of their branches. This meant funds will intensify. parents where the amounts are maticallv ploughed back into the 

The -key principle on = which p.400 each) wonld iSor^mand an Subsequent leasing income year ago. that society accounts more The use of societies as quasi- large: this is because you stand investment fund for you. Other 

the scheme rests is that there income of £3.76 'a or £1.372 will be taxed at 60 per cent. The Inland Revenue, incident- closely resembled bank accounts banks, which has not gone un- to lose part or all of your child things being equal the price of 

are special: tax arrangements a year. giving a net return of £368 per ally, is much more favourably these days and that, given this noticed by the banks themselves tax allowances. This penalty, accumulation units should rise 

for investing in containers used, The management jjpmp takes annum. That represents 16 per disposed towards companies trend, a clearing house system and mav yet prnvoke a stand-np however, will no longer exist directly in line with the net 

for report Several management lTfp in every.£l of ^ross return cent of £2,240. which operate British manufac- for building societies was confrontation between the two from next April when the final va i np tTl _ HiviHenHc vnu 

for export. Several management ,17£p in every,£l of ret 
companies are ajready- provid- as its fee, insurance costs 

This is an impressive return, tured containers. 

for building societies was confrontation between the two from next April when the final va j ue D f the dividends you 

needed. sectors, can be expected to phase of the transition from wou i d otherwise be due 

This, it said, would enable increase. child tax allowances to tax-free . ’ 

building society account holders Among new developments child benefits is completed. .. t,ro iP 1 . m Y es J ors 

to deposit and withdraw funds, building societies are now con- 

child’s capital gains are ? 

the effect is similar to piough- 

““ . - : 4 - ...!■■ make no attempt ted O' so. They 

; ' " _ - r- 7 only find out the hard way when 

• MOTOR they, claim after ap; sender* t, or 

. a. theft' arid find i that' : fcertain 
INSURANCE 7 - risks sire not covered.*! Them the 
, . trouble -starts. * The. Office ^of 

Fair Trading '-and'" 'the- Cpn- 
- somers - Association point opt 
V that - many complaints -'arise 
_ - : : -7--v. coniriimers have not 

ONE MILLION •-..■•.&oterists-yDderstoodilhejr policies. 1 

insured with General Accident - - -- • . -3* . . 

should now understand exactly K fp&trance _ induslry has 

5. •'x- 

shou!d”now~ underetand exacUy K The ind “ s ^ r has W* ■ !■ 

what cover tfteir ri»tor-;iiisnr - ** bbdi “ t0 . \F7-' V- : 'Mg# 

ance provides — and;'’ possibly maie /° !lcies understandable to- .* . \ ' JmS 

■more important what It doe&'^e jsan-In-the^eet and to pit-, - IF : *. 

not provide. The company this oD ^ ^gon. The industry has; / A -, _ . __ . . \ 

week unveiled ‘ Us new-style in direction to Alax Robertson, now for household policies ? j 

motor insurance policy wrltteh'-™^® the explanatory leaflets . ) 

■in plain English, with 'accodi^ booklets understandable.. .a of a dispute. . -The combination (2) goods or samples carried* 
p allying explanatory text Tiis ”?® ve for which it has riot, of lawyers and insurance men in connection with any trade 
is the' first time the: exercise received much credit. But n'p has . been doubly effective in or business, or (3) property ' 
has been 1 tried and^ if it proves to now companies have avoided: producing a document that loses insured under any other! 
a. marketing ' success, ttr : c quid --rewriting .Vl* insurance policy,?; -the- layman after the first line policy." j 

herald the start of" a trend.’ • ' This is because the policy is or ^0-' ' General Accident has notonly- 

Most -motorists do-not ffiideri a- legal document that has to qi SS neral Accident bu spent succeeded in using dearer, 
stand. their insurance policy and" stand up in court in the event ^ -*** ho , urs £100.000 words but fewer of them: the; 

* on. its new policy. The lawyers total number of words has been 

. — . . -~ r — — — — — — v- - — :haye gone through it with a cut by over one-quarter from 

:■ - - A y> • . fine-tooth comb to ensure that 3,600 to 2.600. ; 

IkAlilV VI1P ; if will stand up in Court; but General Accident bas incor-j 

‘ T fiflwET MISS 1 Hr ■' one w! y know for sure until porated explanatory notes in ter- 

» - it is -actually tester*. leafed in the policy booklet to 

til R TAII <f AfA :The first dramatic change is heln ensure the oolicyholder 

MnM NHilif rS Mil# /H - , In the style and printing. Out understands the policy; but to 

- ■ ■ WIM w has gone the old-style foolscap make sure he realises they 

~ l I riinniii'' 1 ‘ ' ' ] I - !- sheets of small close-set type, have no legal force, they are 

- wo5iL<wn««cwi» . . . . -V. instead it is presented in book- printed on coloured paper. The 

^ -- . .. • ' ' : let form with easily read print note on personal effects states: 

• f ’". z '.. ; IPwVttote - >•/ 7%ere is literally no small ” Please note the exceptions 

«*, * ... . ' print- A novel feature is that oppbsite. Tbe total payment 

-ri ■ . £22l *A' ,5 * / •' attractive pictures are used to which can be made following a 

a / signpost each section. claim under this part of your 

" ’ / !v ’ . : One of the most dramatic policy .is £50. Make sure, there- 

/ : ■ - - 7 contrasts between the old and fore, that your personal effects 

. X- .' new styles is in the section are fully insured under a 

jf jr .L . ■ : -.-.■ri dealing. with personal effects in separate policy." 

w . ; ; ; > :■ . a car — often a source' of mis- • 

.. 3 >' : r . .The old style — complete Proposal form 

* ' A > 41^ . ■ - 7 ' fh Ma ^ ll i S J" , , , rt es arist : , beCS “ Sa 

J ’ / _/ "T'-.e Corporation will ir.den-.nify ^ : ' ^ 'i, 1 ; h 'I: H A hi 

■ ■ • \ r rbe policyholder or ■ ,t Ws n0 . t U[, t ^ rs,a ” d „„ n ^ 

. •.5W. .7 7 Y:-- -^V 

- ••-w General Accident has simplified 

* Befame gainstax and expense^' Sgures as at December fi, 197a ^ , :;r t ^ eret0 bv fire or Ky theft itS proposal form to ° 1,115 a 

At the beginnings! every ^iear the ICNews Letter averts a 7A. > : aSident^ means^hile in Jr th^hat^of 0 the oSid 

nomh^r nf ck3r<v;7£>p_npryilh/ •six 3 ! fnr ranftal vain over the foUowmg ... pocket at the bade or the policy 

•; X- 

up to a specified amount, at sidering are setting un their own taxed as his own, irrespective of mc bac ! c dividend pay-outs into 
any building society branch of credit card services, introducing who gave him the capital. Since new nmts JI }, a ® . m ^l y 

any participating societv. Such current accounts with only a the introduction of more gener- ?™“Ps provide this service. The 

an arrangement, according to nominal rate of interest, a bank- out CGT rules last April, this dmerenre is that with acrumuia- 

the TUC. would remove the type budget account system and , s now a worthwhile concession. 1,071 Provided by M * G. 

need for further branch expan- lending on consumer durables. Every individual can now real- L'°yds Bank and a few other 

sion and would allay public Whichever way development i se gains of up to £1,000 a year v °n av °ld having to pay 

concern that societies were goes, fundamental changes are free of capital gains tax. And in,tia l management charges, 
taking over whole streets to on tbe way. Whether the TUC the next £4.000 of gains realised In a scheme which involves 
offer basically the same service, agrees with them remains to be each year is taxed at only 15 issuing new units, the raanage- 
The susses tion certainly bas seen. per cent. For a wealthy family, ment gets a rake-off of either 

some merit, though a clearing therefore, it can make good 3± or 5 per cent at present on 

system to cope with annual re- MICHAEL CASSELL sense to spread shareholdings these. 

Alex Robertson: now for household policies ? 

(2) goods or samples carried 1 
in connection with any trade 
or business, or (3) property; 
insured under any other! 



1GNL Naps 


RetaJ Pika Wax 
£4,381* S ■ ■ 

'FT Index: 
£2,228 V 

* Geftxe gsira tax and expenses! Sgures as ft December ^, 1978. f 

At the banning -of every yearthelC News Letter sel«ds a ..^X; Jattidental means while in or 
number of shares, (generally suO fcr capital gain Over the fottowing . -: on ^ car described 

twareitonttei. te Sfar Nap SMKOoni. . ,. , > : > ■ -JV j ,sh' th* schedule. b0 SSf t 

The chart abpyeshowsShe cumulative 12-month periormanca of 
each year's Itep^Sefectiwis pver the last !22 years, -including that of j. : ' 
the 1978 aJectiohsiH you had invested £1,000 In the^l957 Nap. ■ : •' ’ ; ■ 
Selections' and reinvested the proceeds at the end df ea* year in tile 
new annual selections, your initial £1,000 be worth 
£224/415 ^before gains tax and expenses) against a;mere £2,226 if - 
you had invented in r ttie FT index and ; £4381rf you had managed tbi£ ; e 
ke^j pace with inflation. : r . J . - • 

In addition to its traditional Nap Selections, the.tC News Letter . . ; 
ghresregutar wteWy recommendatiorB. The overaHnecord 1 shows thft- 
its recommendations have beaterf the'lndex tijra wide percentage ; , 

margin averaging into double figures on an annual basis. The News ^. . 
Letter also has an impressive track record with its general market and ■ 
selling advice oyer the years, as supported -by the; many appreciative . 
tetters received from subscribers,' and it has extended this to other *. - . ^ 
'important investment areas.: • •* ;- t -. , 

The 1C News Letter, published every Wednesday, is available on - 
postal-subscription only. Use the coupon below to order your 
subsc^pticn now, -startinigywtotiwTS79..Nap Selections: '' 

Many regular subscribes describe it as their btet invesnnent ever 

*7.^. - "KllO ■' 

• Pims» anter ^ m none in *■ subtertArirati V* 4 Jaraary 1973 »*P SMSan an*.-.. \ 
Intac ' 4 - ■ “ 

o £3SX» foe.imeywr (MOOO *«Mircwfiida UKJOnctatesfifirt* Wwfcf) ; 

□ PtMWinvia fcr aSbO V" - : 

ftrie<}uas1b^ng08t>»yab<»1oT H og^ , °i ,tt >” Pa, tCci ri H S ^ c1 ^ '■ 

(aoS^TERSPLEASE) , \ . ^ .- .. . ■• . ” * . ‘ I 

Mdrass : 1. r: . ~ i ■ ■ — ; — — <p 

^ ••• ’.J | 

rf , The man behind the new 

f " v > Frorided that . policy is Alex Robertson, tiie 

! -Y -;(a). toe total Uability of the marketing manager. He is 
tiw * ' corporation _ under this sec- enthusiastic about speaking to 

?- V s'Vr on s hall. be limited to £50 t jj e consumer in plain language. 

F . - ^ r &speci of *any one His view is that not only is the 

[Q-’/if occurrence. policyholder entitled to under- 

. V ' • compensation payable to stand what he is buying. . but 

-“buy. person other than .the that plain language documents 

hat-’ ■■ Policyholder be paid direct to. will save, the company time, 

-V ‘such other person who. shall effort and! money dealing with 
observe, fulfil and be subject claims later. 

3^jj‘ to. the terms exceptions and" New policyholders will get the 
ya . conditions of this policy in so new-style booklet straieht away. 
‘ .far as they' can apply. . .But existing policyholders may 
f.j The .Corporation shall not be have a wait. They will get the 

„ . ’ "liable in respect or loss /or new-style booklet only when 

- damage to (I) money stamps, the nature of their existing 
tickets documents, or .securi- .cover changes, for instance, 
var _ ties: (2) goods or samples when they buy a new car. It 

carried jn connection with any would be expensive to mail 

trade hr business.” everyone a new policy immedj- 

*--■ Quite a mouthful. " ately. 

: - This- is the new wording; — ■ But over the next two or 

: I- ** General Accident will pay up three years almost every pulicy- 
tn a" total of £50 per personal holder should see the new 
^.. effects in or on your ear if booklet, 

lost br- damaged due to acci- The question now, as Mr. 

--..dent, fire, theft or attempted Robertson -pointed out last 
. Theft. week, is which other types of 

~ - This. personal effects cover 'does, insurance policy should be 
not Insure loss of or damage next for the plain language 
5s . -'to (1 ) money. Stamps, tickets, treatment. Life and household 
— * documents or securities, or policies are obvious candidates. 




Britannia Financial Services provides investment manag ement services through two companies, 

Britannia Fund Managers limited and Britannia Trust Management Limited, to 230,000 
investors who have over £220 million under management. 

Britannia Fund Managers limited is responsible for the provision of investment management 
services to institutional and private clients in the U.K. and overseas on a discretionary basis for 
portfolios of £ 10,000 or more. These portfolios are kept under the constant supervision of a 
director who, by reason of the very close personal service rendered, is always in touch with clients’ 

individual investment and tax requirements. 

Britannia Trust Management limited manages the widest range of authorised unit trusts of any 
unit trust manag ement group. These meet investors’ requirements with growth, income, 

specialist and overseas funds. 

The advantages of unit trusts indude the ability to obtain a wide spread of investments 
which meet personal requirements for a minimum sum of £ 500 . 

Also, where appropriate, unit trusts investing in shares of overseas companies negotiate loans to 

minimise the effect of the dollar pr emium . 

For full details of our investment management services, please contact: Stuart Goldsmith, Director, 

R ritoPTP " Financial Services Limited,- 3 London Wall Buildings, London Wall, London EC2M 5QL. 

Td : 01-588 2777 ... or send coupon bdow. 

JJrrciom: Bt-Wm.G.7fyp<*lQ.C,lf P. iC^^tnl.A T Maubiiltf PC A. rNMg*vJl& ^ .R-E-DtOar Jll*4(Ma>M Imtoi «WI ML lautMiXSMSQl^RwgJ. No. 3X16E England. 


Stuart Goldsmith, Director, 

Financial Services Ltd. 

3 London Wall Buildings, 

London Wall, London ECzM 5QL. 

Telephone No: ox-588 2777 

Please send me full details of the Britannia Unit Trusts □ 

Britannia Portfolio Management Services □ Tick as appropriate 




I - S’ J 

■TtiTp k 

A year 



. NEW YORK, Dec. 15. 

But, oh dear, that gearshift . . . 


SUPER five - speed gearboxes 
that slipped silkily from one 
cog to another. They used to be 
an Alfa-Romeo characteristic, 
but they are not any more. Fol- 
lowing the pattern of the 
Alfetta and GTV, Alfa have put 
the new Guilietta's gearbox in 
unit with the final drive and 
De Dion rear axle. It keeps the 
wheels upright under hard 
cornering and helps the 
Guilietta hold the road and 
handle well under stress. But, 
oh dear, that gearshift . . . 

The best thing I can say about 
it is that after nearly 500 miles 
I was beginning to get used to 
it. The problem is basic to the 
design.-. Because the clutch is 
still at the front end, the syn- 
chromesh mechanism has to 
cope with the rotating weight of 
the pmpellor shaft as well as 
the gears themselves when you 
shif t 

Even though the synchromesh 
is beefy enough to be un- 
pleasantly obstructive, there is 
still an uglv crunch if you try 
to engage first without holding 
the clutch nut for a few seconds. 
It’s not so bad when you go uo 
through the hox into third, 
fourth and fifth, but the lever 
movement is slnppy and the 
"hot knife through butter" 
feeling -that distinguished 
earlier Alfa gearshifts has gone 
for good. 

Were it not for the fact that 
the gearbox runs quietly and 
the drive line is free r>f any 
jerkiness in traffic. I would have 
felt the criticism I made of the 
transmission in BL Cars’ 
manual Princess 2 a few months 
ago was unreasonably harsh. 

If I have gone on at length 
about the shortcomings of the 
gearshift, it is Only because the 
Giulietta is otherwise a 
muscular and well mannered 

car with an Interesting perform- 
ance and most comfortable ride. 
Everything, in fact, that a busi- 
ness executive could ask of his 
weekday transport, plus an 
under-bonnet throb that makes 
the car feel sporty without 
drawing out the radio. 

The engine is a traditional 
Alfa-Romeo twin overhead cam- 
shaft four-cylinder of 1.6 litres 
capacity that is as good to look 
at, with its polished alloy cam 
covers, as it is to drive behind. 
It fires up first thing after a 
couple of dabs at the throttle 
pedal and thrives on hard work. 

In town, it pulls smoothly in 
third from 15 mph (avoiding 
that horrid downchange into 
second) but the same gear is 
good for over 70 mph when you 
are hurrying in the country. 
Without putting the rev counter 
in the red, fourth will sbow 95 
mph and Alfa’s claim of a 103 
mph maximum is realistic. Fifth 
gear gives just under 19 mph 
per 1,000 revs per minute so 100 
mph could safely be sustained 
on the autobahn. But higher 
gearing still would improve fuel 
economy. My 22-23 mpg for 
brisk commuting was unexcit- 
ing. though I saw 27 mpg on 
longer, gentler journeys. The 
tank holds 11 gallons, with two 
in reserve when the warning 
light starts to flash. 

The driving position is fine 
for all but the lanky and visibi- 
lity over the short bonnet is 
commanding. You can see the 
lipped boot lid at a turn of 
a head, which helps when park- 
ing. The speedometer and rev. 
counter are unobstructed by the 
steering wheel; so are the fuel, 
radiator and oil pressure gauges 
and a host of warning lights., 
Above the mirror is a . neat 
digital dock. . 

Over all kinds of roads the 

Guilietta rides buoyantly with 
very little trye thump getting 
inside. Clearly, quite a lot bf 
rubber has been used in the 
suspension to isolate the occu- 
pants from road noises and you 
notice this in a curiously loose- 
joLntedness of the steering. For 
the first hour or two the car 
seems to lack handling preci- 
sion. Then one realises that it 
goes exactly where it is pointed 
and has great reserves of road- 

The all-disc brakes are 
generously power assisted and 
the parking brake is a hefty, 
efficient handful. 

From the outside, the 
Guilietta is as generously hipped 
as a Neapolitan mother of ten. 
This makes the boot unusually 
deep, but it is meagre fore and 
aft The spare wheel takes up 
so much space that it lends 
force to Dunlop’s arguments in 
favour of their spare-tyre 
eliminating Deuovo. Like the 
old Morris 1100, the Guilietta's 
passenger / luggage equation 
comes down in favour of people. 
The back seat really does have 
adequate le groom and knee room 
for adults. 

The matt black body trim 
is smart I approved of the 
completely flush door handles 
and the stout bumpers are of 
the kind you -can clout without 
leaving a scar. All black paint- 
work is now high fashion 
though not many years ago it 
demonstrated that you couldn't 
afford to pay extra for a bright 
colour. My black test Guilietta 
looked sharp, even slightly 
sinister, but I thought the 
brown fascia, speckled carpet 
and regulation grey flannel 
trouser coloured seat trim con- 
trasted oddly with the paint 

It is a well planned interior, 
though, with a sliding drawer 

in the fascia for odds and ends. 
The heater/demister is easily 
controlled, there - are red fog 
rearguard lights and the 
wipers, set for right-hand drive 
show that Alfa take the 
British market more seriously 
than some of their mainland 
European rivals. 

. The Guilietta costs £4.499.32, 
which is a handful of coppers 
under the psychologically im- 
portant £4,500 price barrier and 
includes 12 months after-sales 
cover plus free routine service 
parts for the first 27,000 miles. 
That’s close to £300 more than 
a Cortina 1600 Ghia, of course, 
but, nasty gearshift notwith- 
standing. the Alfa has a magic 
ingredient They call it 

THE EVENTS of the past two 
weeks in Florida apd Mexico 
City have put the seal on what 
has been one of the great vin- 
tage years in the game of golf. 

In the J. C. Penney Mixed 
Team Championship.; Lon 
Hinkle and Pat Bradley bad to' 
produce a brilliant birdie at the 
first extra hole to beat Mike Hill 
and Vivian Brownlee in the 
most exciting finish one could 
wish to see. Just a week later, 
the Mexico Cup, the inaugural 
playing of which was so bril- 
liantly staged, went down to the 
final putt — which poor Don 
January missed' from 5 feet — - 
to give Australia’s David 
Graham victory, a carbon-copy 
of that which he had achieved 
over the same rival in the 1977 
Australian Open. 

Trying to pick the greatest 
moment in such a momentous 
year is impossible. -One _ls 
tempted to go for the five 
consecutive birdies with which. 
Jack Nicklaus finished the 
Jackie Gleason Inverrary classic 
to beat the unfortunate Grier 
Jones.- But such a .brilliant 
performance was quickly 
eclipsed by that of Gary 
Player in taking the Masters 
title at Augusta, which 

appeared-' to- be an impossible 
feat . But one does not ever 
use tiie word "Impos sible ” 
when referring to the extra- 
ordinary little South African, 
who went on to win the next 
two tournaments — one of the 
great hat-tricks of all time. - 
The year 1978 has also seen 
the .’emergence of Dr. <Sil 
Morgan and the. giant Andy 
Bean, both of whom have wpn 
over 9250,000 in establishing 
themselves as world-class per- 
formers. Morgan is as self- 
effacing as' Bean, the one-time 



alligator wrestler, is ebullient 
I shall not easily -forget the 
oc casi on on which we were 
rained out in, of all places* 
Phoenix, Arizona, on the final 
day of the . Phoenix Open in 
January. Contractual obliga- 
tions forced us *o come up 
-with a- television show lasting 
a half an hour, and it was. 
with some trepidation — since 
he ^as the strength .of a mature 
gorilla — that I asked Bean to 
chew through- a goiPball’s skin, 
which I had heard he could do 
with comparative ease. The big 
fellow proceeded to mangle a 
golf-ball with his molars, a feat 
quite frightening and horribly 

. This season was also remark- 
able in that Sewy Ballesteros 
of Spain and Jack Newton of 
Australia both woo their first 
victories on the U.S. Tour, an 
unlikely happening these days. 

> fyp . 

’ had - tise : idea trf asF *' 

: asseniWed 1 company 

* fitrisixedSsecond ; tha 

nion&ip. No one copIdVciKB» 
-ap with the 
^ which -indicates that, 
adage that nobody , c^'^ 
finishes secdnd iS ■ absohjteiy^ 
striae. E$r 

a ;^jurway tie r ,hetwe^ ^^^ 

• ; Crenshaw, . Tom’ " 

, Ffoyd, and Simon ~pw?s-'-~ 1 

•V cTfe-^eason was-sl^sa 
: ione fori- John 5IafidffeX£>! < 
Texan tfcth 'the (Smribfif 
:-.wfiof put^ ^ per?®?® 1 
;i problems ‘brfuhd^ l^ih/fo ■ 

f . R’brflJla^^^ • s 

-death agigra :t Jferrr. 

J Watson bis;. jnstMbion^ $ 
^ Golfer ,of the Yeafvv 

Sevvy .Ballesteros 

When- there Is suda strength in 
4epth on the American, circuit, 
;The feats of ^Ballesteros .in 
both’ America and Europe haye 
established him as the greatest 
' prospect since Nicklaus first 
burst upon the scene in the 
.late- 1950s. but the young, IS- 
year-old American Bobby 
Klampert’s performance in. 
spear-heading the , . American 
thrust to rictory io the Eisen- 
hower Trophy, competition- in; 
Pacific Harbour, FUL'; indicates 
that , this slip of a lad .could, also 
be in Nicklaos’s. class.-. ; . . V 
No moment in 1978 was more 
emotional than, when ; Nicklaus 
strode dip the 18th fairway, at 
SL Andrews to take the Open 
Championship - once again, a 
superlative performance. 

.Last ^Sunday evening we were 
sitting around talking golf — just 

year with' ^almostTnonotoiwU^^i^^ 
regularity“ and ended up 
ing $362^29 -in official ' 
net to - speak 'of what -he. 
on*tbe:side. . 



European-- ©pen>at; v 


event is- obvidusiy’ 
take- an honorable 

. calendar. . -'J 

; Of. all- the brilliant sb(rtfaat' t 
I have ..been 

Witness throughout ^risa^Omeft;: ^ 
toils -season - none; wff vtiorcvL f'.: 
wonderful "than that 
up David G raham’sl tinUe -at '-: 
the 17th hole last. Sund^ m, 
Mexico,, which enabled : 

doa*. V.out -. Jafidaiy - zfy 

brilliant finish ; ofl-tbe^erieo.) c’v'-V 

I DON’T know if any of you 
have fised the River Lochy, one 
of the most beautiful and pro- 
ductive in the West of Scotland. 
In parts one of the most dan- 
gerous too. On my first outing 
there I incautiously wated out 
in the general direction which 
bad been indicated to me by the 
ghillie before he left for an- 
other pooL Somehow I got bia 
instructions wrong, and after 
wading further and further to 
cover a persistently rising fish. 
I found that the current had 
taken control. 

1 was still on my feet, but the 
water was just below my waist 
and the river bottom, instead of 
being almost flat sand had 
changed to roundstones about 
the size of two clenched fists. At 
the same time the weight of 
water seemed to be increasing 
and was imperceptably moving 
me deeper all the time. 1 bad 
breast waders on, and of course, 
they increased my buoyancy. 
What was worse, the heavy oil- 

Ways to stay 

wattt wijicb' is" ; -Vay 7 ; 


skis I wore billowed out to give 
the downstream wind a real pur- 
chase as well. 

I had no wading stick. But I 
had in those days a very solid 
14 ft rod. and pushing the butt 
well down into the stones, used 
it as a support to edge myself 
across to shallower, water. It 
took sometime. I became very 
frightened, and the experience 
caused me to make several reso- 

Resolutions made under 
duress are seldom kept, but one 
of them I have followed 
religiously. I no longer wear 
breast waders. If by good casting 
I can't cover a fish when wear- 
ing thigh ones I give it best 
Especially if I am fishing alone. 
Of course thigh waders won’t 
stop you falling over but they 



so -would you. dne ^wold/gb^dwti 

. The technique is to He back feet first-; I was 

- ! a A ‘a Jiltih ■aimsi iM ■•••u iL'Kfaair . V • 

make sure that when you do 
so, -the water won’t be too deep. 
I have in fact fallen when wear- 
ing them and even in under 
three feet of fast running river 
getting up again is quite a job.-: 

This, was because I didn't 
have the sense to follow the 
advice of Hugh PaGkus, a great; 
fisherman who either on a BBC; 
film or In his writings shows' 
you bow to survive when over- , 
whelmed. You should not he 
says, panic; You should not 
cry for help and throw your 

simply paddle with your hands the water; very; vStirinu: 
to* move you across Che current thought It would, be marvetOous. wm 
if necessary. You should. not_ to float jddwrL. the.slroa5tfc^qJL>£^i. . 
'worry 1 about the fact that you closed my eyes ; aod- ' 
have on a lot of ckxtfies aDd 'away: ve/;- 

WOlUu. ae»5» Ul wop jbu., auwii. fit 

ha any case they wouM : heip'io. impart ptafiy shnbldBr^n;* nock 
-!ke^j you warm. ' was enodgli to make, it.sore Jrtc 

T This is wonderfully sound weeks. .- If it lad been n^Kfcad - V- ■ 
Stuff and should come easily tO T ooald bavA beeif knqj^ed out 

gjlUlL duu ynvunu uwk w - a yuwy •••Vs 

a iswknmer, which ^ I .-arp', ParvThe.- real moral 

; e t Axankapsil W Vaw.. Mx.f- tJ rr ii iln rtl m i ■ ’ nVi nmr ■ - ^ 

tioukarly. if I remembe^ Ttis 

Advice and surrender to the' an d ^practi^^sorviiaLr 

II 111 ■ 

, s- - -r- 

ou the full facts 

aboutleasing cars like these. 

13111 ® fMgE$$C 

Leasingisthe most sensible, most economical way 
to obtain prestigious cars - whether for. companies, or 
professional individuals. 

Many leasing companies give you only half the 
story. We, however, make a scrupulous point of telling 
you everything involved. The predse.&nandal benefits, 
the exact position when the lease is completed... 

We specialise in leasing top cars for top people 
Rolls-Royce, Daimler, Bentley, Jaguar, Volvo, Granada^ 
Mercedes and many others. 

A quiet conversation 
with us puts you fully in the 



The Complete BMW Den lor 


1978 633 CSX AUTOMATIC From £106.14 per week 

Fjord metallic blue with blue hide Interior, sir conditioning, radio/caasene 

1978 728 AUTOMATIC From £76.33 per week 

Fiord metallic blue with blue cloth interior, tinted glens, central locking, 
electric windows, alloy wheels 

1978 728 AUTOMATIC From £73.12 per week 

Reseda metallic green with green cloth interior, tinted gless. central locking, 
electric windows, electric sunroof, radio /cassette 

1973 MODEL 7331 AUTOMATIC From £88.49 per week 

Reseda metallic green with green cloth interior, manual sunroof, limed 
glass, electric windows, central locking and alloy wheels 
1978 MODEL 5281 MANUAL From £55.89 per week 

Finished in turn green with green cloth interior 

1977 633 CSI AUTOMATIC From £95.24 per week 

Polaris silver, black interior, air conditioning, alloy wheels 
1977 320 AUTOMATIC From £3726 per week 

Polaris metallic siver with blue cloth interior, tinted glass, radio/ cassette 
1976 3-0 SI From £44.88 per week 

Finished in Verona red with black cloth interior, tinted glass, manual 



16/18 Hale Lane, Mill HilL London, NW7. 

Tel: 01-959 6961. 

Nearly 1000 vehicles are stolen 
each day. protect yours with Auto 
Guardian. \ 

Auto GUARDIAN installed in your 
car provents your engine from starting 
until you eater your personal pre- 
programmed four digit code. 

Auto GUARDIAN baa just two 
main parts - an Attractive keyboard 
control unit in your car fbr personal 
code entry housing a silicon chip, and 
an electrical interrupter unit hidden 
behind Lhe dashboard or in the engine 

OVERRIDE feature allows normal 
key starting for parking attendants, 
mechanics and friends. 

RESTART within 7 with- 

out re-entering your code enables 
starting in case of a stall in traffic. 

Vehicle theft is on the Increase. 
Protect your ear. Auto GUARDIAN, 
made in USA, ia easy to install your- 
self. It comes with full instruct! cme. 

Your remittance should be made 
payable to MARTIN TURN HAM 
shall remain your money until your 
goods haws been despatched to you « 
UiA address specified. 

Send £27.00-r5DpP5tP today to: 

The Parade. Frimley. Surrey GU16 6HY 
Telephone: 0276 31818 



1976 (December) Bolls Ba r ca Silver Shadow I. finished In netmea with 
beige hide trim, with dark brawn piping, quadrophonic radio cassette, 
lambswool overruns, toll Rolls-Borce service history. 

1978 CD 4S0 5E In met. magnanttc Hue. Mae velour trim, elec, sun raof. 
with Persoex wind detectors, radio cassette, oft side door mirror, delivery 
mllcsoe. £19.950. 

1977 <D 450 SUC la stiver met, with blue vdovr trim, olectrte son roof, 

stereo radio cassette with recording facilities. 1 owner, full service history, 
soeedo reeding 8.000 miles. £19,750. 

1978 fT) 050 5EL In met. silver with blue leather, air con„ alloy wheels, 
delivery mileage. £23.990. 

1978 CD 350 SE In met silver bloe, blue valour e^j.. headlamp WIW. 
delivery mileage. £18,750. 

1978 (Tl BMW 7331, auto., met. sliver green with green velour trim, 
sir con., e.s.r.. e.w.. delivery mileage. £16-950. 

1 LaudSL, Croydon, Surrey CKO 1ST 



’78 New Seville in Colonial Yellow 
widi Tan Leather interior. RHD and 
fined every available extra. Delivery 
I Jan. £17.200 

*78 Seville in Green or Gold. LHD. 
Full spec. From £12.800 

*78 Seville. Black, wire wheels, com- 
puter. 4,000 milev £13.000 

*77 Seville. Choice of three (will be 
‘D Rcc. ) in Green. Blue or Pewter. 

From £10,380 

-76 Seville. Sable, wire wheels R.R. 
Grill. £9.300 

78 Caprice. Delivery mileage. Estate, 
seat* 9 people. Full ape-, in hr— *i 

seats 9 people. Full ape-, in hr— *i 
or Green. From £8,850 

-78 Caprice. Saloon. Delivery mOeaae. 
Burgundy, all extras. £7.900 

We also have a selection of American 
Kotor Homes from £8.000 to 
£18,000. Trans-anu from £4.950 and 
new Blaters from £7,650. 


Tel: 01-952 £171 


We offer tbs following exotic con 

token In port exchange from a 
dfnJneuished coileccor: 

dfnJnguished colieccor: 

Maseraxi Bora 4.9, exciting appearance 

- In dark metallic blue, only 4,000 

Ferrari Daytona, eoncotm condition . 
possibly one of <ba finosc examples 
available fsc sale. 

Alfa Romeo 'Montreal,' among the 
lost produced of this exciting model. 
4n distinguishable from new, only 
ZIO Son. 

Lancia HF Strcm-Bcrtonc, also In- 
distinguishable from new. 1.850 -km. 

Abe in stock from Co. Director re- 
turned to USA. Demotno Pantera 
GTS Phase III. special factory build 
in jot black. |iwt 4.000 miles. 

For pcrrono/lscd attention contact; 

VElc 01-727 1656/8249 

197S (Tl BMW 3Z3I, white, blue doth, tinted glen, delivery mileage. 


r Portsmobih Rood. 
j Tharrj’-s Dittori 

01 39S 4222 

*559 ? mm 



TEL: (048643) 2485 , • . 


38-48 THE CUT SE1 

- • Telephone 01-928 1922 Telex 91 7033 



Choice of colours. 

Phone For Details and 

Tel: 01-584 6441 





Telephone: CARDIFF 23122 
• (6 lines}--. 






Only the ben phee around. T&u will 
fnd (pr any Laetiai from ^ 
economical Beta 1300 Saigon to the 
elegant Gamma Coupe 
For Leasing or Buying find out here 
about our great deals tor 
your T979 Lancia 

01 .370 41 14 - 67/69 Dnran Gdn*. 
Cheiwa SWIO 9QZ 



021-552 2803. Telex: 336193 
New Gardner Engined Gur Tractor 
Units. Lew Initial cm. Ln <ud 
consumption. Low snares emu Proven 
reliaMItv. Makerc lull Warranty. 
Limited quantity available. 

Mwnc now tar oar caticmclv keen 

1977 BRISTOL 603$ 


TEL: (STD 02&2) 39021 

Silver green with Havana brown 
interior. Air conditioning plus 
all usual refinements. I owner. 
Low mileage. Mint condition. 

Tel: (Sunday) 01-952 0061 

Mercedes 450 SLC 

Air con, speedhold, dec. roof, 
alloy wbeels. Philips 860 
radio cassette. 250 miles only. 
Colour Milan Brown — tobacco 
velour interior. 

Price £24,500 

1931/32 Austin Seven 


Telephone (0422) 58171 
or (0422) 244949 

♦JO V»J| 

1979 MODELS 
Immediate or Early Delivery 

“ 01-370 3152 / 3/4 

For further inforrriHliop _a boMtbuYL.e^^^ei5/f^ 

• n I He ■ 4 1 K ■ 4 ’ t f: ■ I 1 j 

«o#iE lease umitbi, 

.^IBDEBLAire^SB A 7 BA. TBJPH OWE 44 gZTgiLEX 4 B 306 S. 


TBl - lust 41 47 A 

TEL: 0485 41S26 
7* * T 1 BMW 520 Amazon mcc T/G 
Alloys. Taebo. Sum. i.DOO. 
miles £7,350 

78 * S ■ BMW 525 Auto. Fjord. T/G 
Stereo. Under 6.0OQ miles £8450 
77 « 5 ■ BMW 525 Manual. Ruby- 
T/G S/roof. Alloys. Stereo. 18,000 
miles £6,725 

77 * 5 ’ BMW 320 Auto. Golf ydlew. 

T/G S/roof. Alleys. 16.000 miles. 
Radio £5,356 

78 * S ' BMW 3231 Orange. S/raef. 

9.500 miles £6.850 


Bite White /champagne hide...UST 

Erfat Silver/ black velour LIST 

Edit Red/ black -valour UST 

5kjp lorry - ipetfalisti. .01^52 2*03. 
TX 336 1.93.‘ : ,!■ media to delivery on 
Bedfeid-imf -Lerlxed 3-X. “ 

keen ratal .for sborc- or Iwv-term ' 

Eforit 52 GaM/Wick. hide.. ....UST 

Elrte 503 Branze/ehimpi8nv--LIST 
1977 Edit Sprint White /black 

velour, radia/csssene. £7950 

1976 Edat 521 Whlu/oumul, 

alley wheels, radio w £6750 

01070 4114 



BMW 320/6S 

Polaris, manual, radio, 14.000 
miles. £5,950 o.n.o. Private 
Tel: 0834 840392 

AU. CAJtS WAHTED. Private, Fleet. Com- 
eaity. Prertlge can. Age. mileage, con- 
dition ■ Immaterial. Unlimited . cash. 
Travel anywhere. Tel. 01-578.2617. 

1977 FERRARI 300 '6TB. 
air cond.. leather, up) 

wheals, stereo. 1 owner. 4.01 
£14,300. TcL (98) 20408. 

I. Green met.. 
ptoMtery. wm* 
ir. 4.000 miles. 



- . BOTH FOB JUST l.C ; ' 

. .■ %:v , 

For ri^ confaotj 

Financial Times Saturday PecA^ 


>fe- - 




■v^- ?■■ >"* & mi'i?., 

?. -• ‘rnvIhifiK: 

Rocky Mountain 

k-v - • :«♦ r* 4* 

s >\~ • T&jSsMdf 



THE SHORT sharp upturn in 
prices this year has been felt 
just about evenly over the whole 
of the country. The experience 
of Jackson and Jackson of 
Lymington over this unusual 
year is typical. 

Nineteen seventy eight began 
with bitter weather, a shortage 
of houses, a surplus of buyers, 
and ample mortgage funds. It 
was with this background that 
they saw a return, during the 
early part of the year, to a 
sellers’ market, with a sharp 
rise in prices during the first 
half of 1978. followed by a 
slightly more level period 
between July and September, 
and a further rise in values 
during the autumn and early 
winter, resulting overall in the 
increase of at least 25 per cent 
in house prices and in some 
cases even higher. 

Properties have been selling 
well by private treaty and pub- 
lic auction throughout the New 
Forest, and the demand for 
country houses, cottages and 
bungalows has never been 
greater, cither along the coast 
or inland. The Government, 
having placed a restriction on 
lending liv building societies in 
the middle of the year, has 
caused a slowing down in 
certain sales reaching contract 
stage, resulting in the building 
nn of a number of chain sales. 
The Societies have, however, 
been greatly encouraged by the 
increase in investments through 
the autumn and early winter, 
which means that they will be 
ahie to cope more easily with 
the ever-increasing demand for 

The types of Dropcrty wlvieh 
have been greatly sought after 
this year include 4/5 bed- 
roomed country -houses any- 
where in the New Forest 
between £60/99.090 detached 
houses, terraced houses and 
bungalows in Lymington. New 
Milton. Milford-on-Sea -and 
HigheHffe. between £25/60.000 
are also selling well. Flats, too. 
have gained 'in popularity, 
especially with coastal or river 
views. They reported last year 
the interest in waterside ’ 
properties,, and this has cer- 

The home in Peel Street. Campden Hill. WS of the late Sir 
William Russell Flint RA is for sale. Known as Peel Cottage, 
it is a unique studio house, virtually detached, and has a 
magnificent G4 ft galleried studio. ■ There are small walled 
courtyard gardens both at the front and rear and a large 
integral garage with automatic opening door. In addition 
to the studio, accommodation comprises dining room, study, 
four bedrooms, two bathrooms, kitchen, domestic offices and a 
self-contained 1-room flat. Russell Flint lived in the house 
from 1924 until 1969. Asking price through Cheslertons for 
- the freehold is £175*000. 

tainly continued, especially in 
Beaulieu -or Lymington. Houses 
or cottages in need of renova- 
tion are greatly sought after, 
and those that have come into 
the -market -have sold wetl 
either under the hammer or by 
private treaty. Areas which 
have remained popular 
throughout this year include 
Burley. Brockenhurst, Sway, 
Beaulieu. Boldre, Fording- 
bridge, Ringwood. Lymington. 
Keyhaven, -Barton-on-Sea, 
Milford-on-Sea, Brook, Land- 
ford. Norley Wood and East 

' The Isle of Wight is also 
becoming more popular. 3nd 
they have been encouraged by 
the number of properties which 
they have sold in West Wight 
this year. Building land- 
remains in great demand, anti 
few sites have been available 
through this year in the New 
Forest area. The search for 
land continues and prices have 
escalated enormously for build- 
ing land over -the past twelve 

The upsurge in the buying 
of a second home lias 'been 
particularly noticeable over the 
past year. These buyers are 
either those who are about to 
retire or those with young 
families who would rather 
invest in a terraced property 
in the centre of Lymington or 
the New Forest than pay hole! 
bills year after year when 
taking the family on holiday. 

The most successful year has 

been 1978 that they have experi- 
enced over the past decade. It 
has seen a considerable in- 
crease in property values as 
they had predicted. little 
gazumping, and a satisfactory- 
market in which to buy and 

Following the increase in the 
minimum lending rate during 
first week of November, -it was 
anticipated that there would be 
some readjustment in the mort- 
gage Interest rate. A record 
rise of 2 per cent to 11} per 
cent is unlikely to have any 
damaging effect on the house 
marker. They can see that 
through the winter house prices 
will tend -to stabilise, but it is 
unlikely that there will be any 
panic selling, or indeed any 
marked fall in properly prices. 
The increase in the rates to in- 
vestors to S per cent will rein- 
force the societies’ position as 
being extremely attractive from 
the investors’ point of view. The 
Government’s insistence that 
the controls on mortgage lend- 
ing rates remain enforced make 
it clear that the home loan 
queue, which has been in evid- 
ence for the past six months 
will continue to confront house 
buyers this winter. Although 
it is hoped that with the 
increase in the investors’ rale, 
even more funds will pour into 
the building societies, so that 
that they will be able to meet 
the ever increasing demand for 
mortgages which will continue 
even with an 11} per cent 
interest rate. 

WE LEFT most of the other 
skiers at the top of the ski lift 
and continued to climb: It was 
a steady trudge ever upwards 
on downhill skis never built for 
this sort of thing. Increasingly 
I was aware that at 12,000 feet 
above sea level my. body was 
not equipped for this sort of 
thing either. But then wc 
peered over the top of the ridge 
and there we stood. Slowly my 
breathing and heartbeat re- 
turned to some sort of 
normality. Below us. and cut 
off from the rest of the ski 
resort, was a bowl of perfect 
deep, dry, untouched, powder 

My guide, a wily mountain 
man who had made his fortune 
running a plywood factory or* 
some such and then dashed for 
the snows while fie- still had 
vigour to enjoy them, uttered 
a whoop and soared off towards 
the valley. Although well into 
his sixties, or seventies for all 

I know, he danced his way down 
with a feather-like elegance. I 
took one look at the deep blue 
of a dear mountain sky and 
set oft' in pursuit Others, may 
disagree, but I think I had 
covered at least 50 yards before 

i fen.: 

The mountain in question was 
less than one hour’s drive from 
a large ' international airport — 
Salt Lake' City — and the run 
was. one of dozens which are 
available up and down, the 
Rockies,; from Taos in New 
Mexico to Banff in Alberta. The 
North American west provides 
sfci-ing which is full of sur- 
prises. and pleasure, for the 
average European skier. 

High on ■ the list of the sur- 
prises is the quality of the snow. 
Most pf- the Rocky Mountain re- 
sorts are high by Alpine stan- 
dards, a fact which belps to give 
the ski runs a crisp, dry feel to 

Recommended for British 
skiers are: Aspen,, a superb all- 

round centre" offering an enoiv 
rnous range of ski-ing. It is id : 
fact four resorts. Try Snowmass,-: 
which has a nice cosy village 
centre: A free_shutUe biis Tuns 
to the other centres. • .Sauipfe : 
price £429 in February, two 
weeks B/b from I oghams. .’ 

VaiL Another of the American • 
glossies, smallerthan Aspen and # 
with a more intimate feel to it 
Famous for the back 'bowls of 
powder snow. ; Prices . but of : 

London are. a little higher .than 
for Aspen. . : - ; : ' 

Park City. Very , close 
Lake City, it good all round fnn< »K?s^^ 
resort. More skiing -at neMbi'-.^-.S:::-/ . . . • ' j 

Alta sod- Snow&fnL' I partjeu- j^'^f .1. 

larly Tike the European nibod^vip^^r in/wmauan: ins *■"» jsjj 

.o( : some acMranodaUon at 

Taos..- Skiing -in New hTmSwi won twa t» Aw*®- 

it’s a long way from 

but the re^ri has -a mce^^*^^ t£r4 ro. :1 irB4 4tw ; A: 
chummy mood. Package cari .be £“22 

bought, in the.UE. but- are less. * savi* 
easy to find here. Great 3kung R*w. t«*f«n y. w». t« »^tian tKr 
through powder in . among the • 2*pSd»« 

trees. .-'■•jf-Kew Ywic. 

The:- CT;;. w^kly ; 

The S cohBdaHVy ; i : .^^ 



{ieaH : :aQd: IkSr sej^ri^ 



THE MOST sumptuous garden- 
ing book I have received this 
autumn is about orchids. Well, 
1 suppose that is no matter Tor 
surprise for orchids are a sump- 
tuous subject fascinating to 
growers and non-growers alike. 
I have to count myself among 
the latter for, though I have a 
Tew orchids in the greenhouse, 
they have had to take their 
chance along with a mixed col- 
lection of other plants and that 
is no way to treat such a highly 
distinctive as well as distin- 
guished family. 

There have been many books 
about orchids but always, or so 
it has seemed to me. rather a 
shortage of reliable, easily 
understood books that get down 
to the real nitty-gritty of suc- 
cessful orchid management. The 
newcomer. The Country Life 
Book of Orchids, published by 
Country Life Books price £40.00, 
will not fill that gap though it 
does have some useful things to 
say about growing orchids, 
including a good account of 
modern substitutes for that fast 
disappearing staple of former 
generations of orchid- growers, 
osmunda fibre. 

This is prepared from the 
roots of the Royal Fern, 
Osmunda regalis. and its great 
value is that it retains its tough, 
stringy texture for a very, long 
time. This is just what a great 
many orchids require, those 
kinds that are known as 
epiphytes because in the wild 
they live perched up in trees 
completely out of contact with 
soil and with many of their 
roots dangling in the moist 
forest air. Osmunda fibre, 
packed loosely into extra well 
drained earthenware pots or 
wood slat baskets, provides a 
reasonable simulation of these 
peculiar conditions hut it is 
becoming ever scarcer and more 
expensive and so orchid growers 
are replacing it with the roots 
of other ferns, but .none seems 
quite so satisfactory as 
osmunda, very coarse, rooty 
peat, pulverised bark or bark 
chippings and even shredded 
plastic or polystyrene. 

But this book is more con- 
cerned with an explanation of 
what orchids • are, how they 
differ from all other plants, 
where they grow and how- 
botanists classify them than it 
is with their cultivation. The 
text is by Peter Hunt, who until 
recently was curator of orchids 
at the Royal Botanic Gardens. 
Kew, so there is no question as 
to its authority. There are 32 
whole page plates In colour 
from watercolours by Mary 

Greirson who was the official* tender or even exotic. Th^ well^ake^-st^^w^ 
botanical artist at Kew am^are* 'many species in Europe; -..Ewsa those 
most of. these- plates show’Jquite a ^P era ^le dumber of ,frow^ 

several different kinds of orchIdVJbem extending into theBritish. find this 

or of orchid features, such as Jslei but these hardy kinds are, of 

their very varied leaves, usually so different superfiafHy ^Apparently ■_ the m^ftgpicai - 
inflorescences, seeds, stems andhfe; many jpeopfr 

pseudo-bulbs, those - curidus-ite. hedgerows and - meadows. JJes.&yl7S3 And* 

swollen stems which enable .probably do' not : realise that JOff ' 

them to store food and moisture ; there is any connection between bro^t ;riie 

and survive long periods of, them, and the tropical or sub- orchids , 

drought between the _ n .W species . 

; orchids were comparatively late 

m coining into favour probably : 

HARDENING because early attempts at grew-. ^ 
uMKliCliinU fcgttewj failed through lack of •. . F bad not realised thatjjearly 

SRTutm ucjiYFR ’. understanding of their require: all orchid flowers *te. born_up- 
ARTHUR HEU.TER ^ lre sidfedmra shfl that th^geTnitnt 

■ — — difficult to grow, a few almost this posture by a twisting orlbe 

impossibly 50 , but the iriiiSority wa^.-.^?^^ 

. ; are-fair ly easy provided thecon- the.; right -way up, ydth ameaLip • 
conditions of many of the ditions they need; can be pro-. or labeHmu on top. and .^ie 
regions they inhabit. ^ere arc rided. Some can-even be grown ahtt sepafs fieiow;,^ h *s 

Numerous S and white rooms though I have found usn^ly got _ mto‘.,thts; position 
p c°u?r ^ostty r^rodured this difficult wiftout The help became jwy;H|s Jgted. 
from old books and magazines, of. a plant cabinet in which, * through' 180 degrees instead -of 

The oroductidn is excellent. •. . much moister and more constant- cxdy 90 degrees. £air anyone 
The production is ^cenenr. . bere ^ that of the -explain to me - what : possible- 

The vastness and complexity can ^ maintained.; -Mr, evolutionary advantage a -plant 

of this family is mind boggling^ jj unt suggests the little nearly ran gain by going through-such 
According to Mn Hunt , it .is “^hMdy pleiones as speciaUy- sint-- ’contortions, hi.- :'aefi.itsefiE.ivimere ; 
largest plant family in the worm- able for growing, indoors Vapid- it.-Started? .7;. 
with .about 750 genera think'; that thev mav soon be- - -It is said- that -over one-lhird 

A-Mi -. ■ 


.1- ■ I 1 ' 

Australasia which.- .because • had them, in a terrariom- wJtoin -Xh& “Bext^ Hal f ^c ^ ntury- 

its long separation from have not tried them Jn- the. thongh-th^e ls' ^ 2 itQe-re*ssur- 

pther continents, has tended tff'op^n room . They are-eir small. arice feom JthjS-. S«mbxe predic- 
develop a highly individual :^j lanu j n g anc i quite e^ tq-Wy '^h in the st^s wldctrifr. Hunt 
flora of its own. .-^ 7 ^ anyone drawn to-blrch^ but; now to 

Bv no means all. orchids are 1 lacking a greenhouse mig hi reverie ' " • - 

t - ■ . T^T~~: ~ — - 



Chortered Surveyors 
Sturminster Newton 
(Td. 72244. Dorset) 


T5 miles from the coast 

740 ACRES 

An exceptionally attractive and well-equipped Chalkland Farm, 
undoubtedly one of the best in Dorset, ideally situated in a lovely 
locality. Period Manor House, 1 1 staff dwellings, very extensive 
specialist and general buildings. 3 modern dairy units for 100 cows 
each, 200 calf rearing. 1.250 pig accommodation. 24.000 poultry 
rearing unit. 600 tonnes grain storage, etc. Easy working sheltered 
chalklands and fertile meadows with over 1 mile good coarse fishing 
in c/te River Scour. Excelfent shooting. 

To be sold by auction as a whole on February 5. 1979. for Mr. W. F. 
Stephenson, with Vacant Possession on April 27. Particulars 11. 


Unfurnished rental 
without premium 

Spacious 4 bedroom. 3 bath- 
room. 2 reception room 
apartments in a prestige 
building. A new lease will be 
granted at £8.000 p.a. exclu- 
sive. hut inclusive of current 

01-629 8171 





Oofchom 2 mi/ei - Kettering 19 miles - {London t hoar by rail] 


Situated fai the centre of one of norland's mast sought -after villages, 
in the heart of the Cottesmore Hunt Gswitrr- 
4 Reception Rooms, Domestic Offices, S Bedrooms. 2 &schrooms. Fall 
Oil Central Heating. Sell -contained 3 Bedroomed Staff Flat. Stable and 
Garage Block. Swimming Pool. Attractive Gardens and Small Grasi 
Paddock about 1 \ Acre* 

Grantham Office, Spicalgate House. London Road, Tcf. (0476) 5885 
I Ret. SARMV5) 

London Office: 13 Hill Street v.;« eoL Tel-C'l -6?0 "7-S 




Splendid flat tastefully decorated. 3 main rooms — 2 bathrooms. 
Parking space — Cellar, Panoramic view over coast and sea 

« Exclusire In: 

A. G. E. Ds Vp 

L' Astoria (5th Floor) 

20 bis. Bd. Frincesse Charlotte. Monte-Carlo 
Principality of Monaco - Tel: (B3) 5D.66.00 - Telex: 479417 MG 



5 acres entirely flat (trees and 
meadow] with old restored 
farm, ail amenities, 4 bed- 
rooms, 3 bathrooms, 3 recep-- 
lion rooms, sunny unbroken 
view, large heated swimming 
pool with pool bouse, care- 
taker’s lodge and 2 garages. 


4, avenue de Provence, 
06000 NICE 


; _ t . ■\ L — ;• t- • J ■ ■ - 

■ • •V-- Vi - V ■ 

Our cfifferentworW of Christmas g'rffs is now open in the Central 
Hail on the Ground Flow; You con choose at leisure from a dazzling 
display of exafing present ideas. 

One of the latest additions io our wide range of adult games is the 
Chess Challenger 10, from ^ 

SPECTRUM MARKETING. This tomputerised chessboard is 

highly sophisticated, having ten levels of play, from beginner to 
expert, including Mate in Two and Chess by Post. You can change Hie 
level of play at any move, and there are random responses 
which vary wilh each game.The Chess Challenger 10 cannot 
make on illegal move. In fad, it offers the chess lover all 
the play and practice which -you could otherwise only expect 
from an expert human opponent. £1 99 

Adult Gomes. Ground Floor, also Radio &TV. Second Floor. 

Carriage free within the UK mainland. 

Harrods Cardholders con charge this Hem to their account, or any 
of the following credit cards may be used: Access, American 
Express, Bardaycard, Diners Club. 

12 months to Pay r Interest Free 
Until Jonuary31st you can hove an interest-free credit sale 
agreement, with 12 months to pay, on many single items 
aver £100. Please ask for details. 

Christmas Shopping Hours ; 

Open daily from 9am to 6pm, Wednesdays 9.30am to 7pm. 


For tl>« purchase of the long-leasehold 
residential interest of Philtimore 
Court, with the benefit of 8 tenanted 
flics holding over, and a proposal for 
the addition of 3 penthouses. Appli- 
cant! must be prepared to complete 
by 12 noon 21 it December 1978. 

Time of the essence. Apply; WbitmilT 
Prescott 01-247 73M. 34 Elder 

Street. London El. 

If you arc dreaming 
of a 






close to Rrrz 


; elegant andalucian country residence • 


Surrounded by 2 he. of terraced grounds containing orangey and swimming 
pool. Garage for 3 can. 

U DO, ODD 1 

Large unFurmsbed flit, 3 Mi, 2 
baths, balcony, etc., in prestige block 
with Oorterage and other facilities. 
Ideal for company entertaining. Lease 
up to S years, no premium. Rent 
/200 per week exclusive. Prineipili' 
Retained Agents: 01-580 10SD/4MO 

We do not claim to be magicians. We 
do try harder to Hnd pood tenants 
lor- good properties. II voo wish td 
let a flat or house in London, please 
telephone us to diicust your reauire- 
mrrts We have long -established con- 
tacts with many banks, companies and 
embassies and we need good proper, 
ties tor responsible applicants. 

-Cutlass fr Co. QT-589 5247 

maybe wc can help!,' 

iVe have a few remaining 
chalet parly holidays in Sxas 
Fee, Verbier. Tignes, Meribel 
and Argenticrc departing 17 
Dec.. Selva 19 Dec.. Canazcl 
and Oriisci -3 Dec. and 
Zermatt 17 or 2:1 Tire. Prices 
from per person. 

Price includes flreht. trans- 
fers. breakfast, tea and -J*- 
cotirse dinner willt wine aM 

We have space available on the 
following ski holidays over 

19th Dee. — SELVA 
B & B (2 weeks} £169 
19th Dec. — SELVA 
Chalet <2 weeks) £249 
20:h Dec. — VERB IE R 
Chalet [8. days) £219 
20th Dec. — TIGNES . . • 

• Chalet (8 days) £209 ■ 
23rd Dec. — CANAZEI 
Chalet <2 weeks) £234 
AH chalet hoUdayiMticfudc flights, 
truiuTm. b-cakfut. in and 3 count 
mejl it mghi with wine and cofft# 
For further details contact: 

For further details plcnse 
write or telephone to : ' ■ 

35 Albemarle Street, 
London, Wl. 
01-499 191S <24 hrs) 


35 Albemarle Street. London, Wl 
0I-4V9 1913 (24 hours) '• 


The holiday odds . 
■ fir the individual guest 

NIGERIA DOOR TO DOOR. Fully Inclusive 
travel arrangements for. business men. 
contact Jumbo jetlmes Ltd. *ar details 
and brochure. Tel: 02 SS 42316. 

Edeadly-. cM&nnttttl to tradkioa 
- yet up in date . 
n aervaen and anacnhiCA 

5U school skilift td Sonny dopesi 
.oownhul runs to the hotel's doorstep; 
aoH-ooatitrr *kiid£ proincaadcc. 

Sauna and maasage. Bcri, Dtecuip 

Ftepchatsuurant *Le Mitoir-. 
Oar ptestn have ndnstve free 
to skating cnd uirlinp rinks, 
min terrace, mdeor iwixomm^ poo L 






0I-SII 0218/9/0 .TELEX 914087 . . 


UNFURNISHED HOUSE to let. Holland 
Park. 4(5 Beds.. Z bath.. 213 recaps., 
vitehen. CH. garage, garden. 2)a year 
lease. £140 p.w. e*ci. Stead A Clyn. 

1 «03 9291. 

DETACHED 4 BED 1930'S house let at 
£936 F.a. Reversion in 4 years. Offers 
ever £19,500 for freehold. Hooker 
A Rogers. Ot-tiST 4414. 

N.W 11. Gas CH. 2 bathrooms. 

diner, reception. - Garage, lifts, laundry, 
storage room. Available 1st February, 
1 year minimum, £125 per wfrt. 
Prefer company let- Write Box T4999. 
Financial Time*. 10. Cannon Street. 

reap 4 by. 

and gpraue. W 14 eul-de-tar. Lease 24 
V«. E24.0OO. Tel. 01-828 1470 Of 

010-41 ■ 27-38-29- • 3, 


Try the rabulout pmeder now at 
U.S.A. le Canada In Mir hlftft-alUOHk 
rp«<irrj whrrr tne season luu Hk 
mid-May. Comfortable Nrtrla or ■■If' 
raierinc. From only fT5 per perom 
p.w. Inc. line. 


38 SkMme Street. S.WL 

A ROSA— Hotel Phone 01041 

Bl'31 18-77. Central and quiet Site. 
Near to ski lift and skating-rink. French 
kitchen. Bar-dancing. 

AROSa — Hotel BaUaiBB*"*. Phone 
010418H31 24 21. indoor Swimming 
pool. 2a- (17 X 0ml. Excellent kitchen. 
Quiet site. Transfer ta akl-tlft tret of 

’ deluxe hotel 
ftooc 082-211 a, Telex 74491 

BgR^S =;HOT£i(. ; 

Barest On . Gardens .' -r 
Eqriijpn SW5 0EN 
[ ATR i , raiRBSINAL';..v 
100 ijfoms* - ppjvatB j bqth/ 
showed-" "radio, . television; 
EnglisJh ^est^arairt, 

bar Iicensed^.2 iiits: 

Special- terms .-to - - companies’. 
DeftriT S 

tfrOckure ott request';- - 

.- :?Tel£X:27^..'-'.. 1-5 

H fvKKi j i {mil 


p dfe t J 

^ 3 ^ 



i t-. ; :* mI'.I £ a $ J75 


PRE-TAX PROFITS — £40,000 

Well established company for sale with reputation for 
quality work for first class clients. The existing 
management )a preparer) In remain to ensure continuity. 
Interested purchasers please write to Box G-3M3, Financial 
Times. 10. Cannon Street. EC4P 4BY. 

• ' i. ; :r 
• "Z.' r- 

> - m r «' 

-cif.-T'*- 1 ' 



y Lucia van der Post 

'• /a 

,. rifDGXNG frcmjpwatom* feni one 
present tfi*t men jcadly enjoy givic^to the 
wotnea to their liyeg fe ' glamorous lingerie. 
WhBjfieer'jit is tieeanse /this. -: is something 

women rcaja^ carft Jiea^ tomboy Jfor tfcemr 
selves w*. beeant -Uie' men tee /constantly 1 
7 •dime tioida to somebody 
miraculously. more glAnlortiufv more enticing, 
I'm not sare. ADyw3<y T roundabout Christmas 
timc,.Usgcries£&s liidroves. 

i m 

■ "{By^otttrast, I hear that nightwear for men 
^l&tfefinltely on the way out— television has 
, appa rently done its deadly damage and the 
^prevailing ethos has It that pyjamas are very 
•qtfichlc. Your smart nuut-a boot-town in the 
television serials wears a towel wrapped 
^aron&d himself so as not to shock respectable 
, televiewers hat otherwise wears sweet 
nothing. Real life Is following on fast. 
JSrtanu manufacturers should diversify as 
soon as possible. 

Happily the field of nightwear for women 
Jams' never been more fruitful -and glamour is 
mgr a vailable at every price; from fines U 
softest silk running Into hundreds of pounds 
under £10. Here are just a few of 

Stuffing it 


. . ■ -4 (V kW 


. "5 V*.' 

& fi Wk 


SW jfifc SS3 


PH v to u rvpt u a ot£Mr» .Royal Wesbnautrr Hotel liy Treror Humpfiru-, 

SOME e£ the lingerie this Christmas is so. 
beautiful that it seems a shame to wear it 
only to.hed. L The lingerie k»ok has spilled 
over into partywear and certainly some of 
Kean easily doubleasparty clothes. 

Tuttabsrikem 5s one of toe most luxurious 
andjnost glamorous names to look out fox. 
This particular pyjama- suit is made from 
100 per- cent silk erfepe de eidne and eonld' 
either be worn as a complete outfit to a 
forty, or the/separat es could he- worn with 
other things./ 

•* 7‘ ,-Tke suit consists of trousers with a nice 
■ raffed waist a fine diamante trimmed top 
- wtth shoestring straps and a jacket trimmed 
: with lace and diamante. The whole outfit is 
"hand-washable and comes in lavender, black, 
champagne and natural. In sizes 10 to .14. 
lit ^costs £175 and is available from Harrods 
of TKnightsbridge, Miss Selfrtdge of Duke 
.Street London, W1 or by post (though at 
ftis time post must be at your own risk) 
’train' Tattabaakem, 2 Walton House, Long- 
v fotd Street, London IVWI. Sandals by Midas. 

FENWICKS of; Bond, Street, 
London Wl? and 3»f Nfeweistle, 
have: a particulariy attractive 
nightwear - set, .with.- plenty -of 
matching accessories— just what 
I -Imagine. .woaM be entirely 
suitable for those .pyjama 
parties the American college 
girls seem' so. fond : or. For 
those of «s who djmt get nvany 
invitations to sudi : events; it 
would seem to do mi admirable 

job in keeping oirt- British 
draughts and looking tolerably 
glamorous, too. /i 
... Hade from lOfc;i-per cent 
brushed eotton .fa tiny checks 
of pink/brown, •• - ' bjue/brown, 
green/brown on eteam back- 
ground, our (bautotg^features a 
nightie for £13^9 (p+p 60p). 
The mob or show&cap is made 
from the same material as the 
nightie but is Knedwlto beige 
plastic ‘ and txtmmeif iritJi lace 
(£2^0,p+p 30p)^A:toHet bag 
(III to- by 7 to.) from ti*e same 
material; also lined Lwflfi beige 
elastic, and with some^ pockets 
for holding bits and pieces, is 
£4750 . (p+p 30p). Mailorder 
is’only from. the. Bond Street 
branch - add though Fenwicks 
will - post immediately "they, 
cannot guarantee the- perform- 
r aiiee of fh^Christmas mail. 

.- .This earty-alL is by the com- 
pany of. -Vagabond which made 
all. the^accessories designed to ! 

go with the. Fenwicks night- 
dress; although it is only avail- 
able in pink it tones with mest 
of the colourways. It would 
obviously make an admirable 
overnight bag, into which all the 
other gear can be stashed. It 
measures .15 ins by 8 ins and 
is £6.95 (p+p 60p) from 
Fenwicks of Bond Street, 
London, Wl, and Newcastle. 

ZANDRA RHODES, one of our 
most gifted and original 
designers, has turned her hand 
to the nightwear scene and, as 
usual, has come up with some- 
thing ravishingly beautiful and 
unique. Hade from 100 per cent 
finely pleated polyester, this 
conies in brilliant colourways 
(a change from all these 
part els) of either mainly blue 
or mainly red. There is a night- 
dress and matching neglige a 
which comp in two sizes, small 
and medium, which together 
cost £232. From Hamids of 
Knightsbridge, London SW1, 
Hina Fraiini is anmhar 
designer more noted for her 
contributions to olh-.T areas of 
the clothing world. This outfit 
in 100 per cent pure silk consists 
of a marvellous night :.hirt end 
trousers and it has a matching 
quilted v/ais'eoaf — the shirt 
and trousers on their own would 
certainly look very chic ai 
almost any party and th^ waist- 
coat could be worn with marr* 
other outfits. In cream only, it 
is trimmed with lace. comes in 
small and medium sizes only 
and costs £147. 

More Christmas gifts 
on Page 20 

D rait-mos tv 


Philippa Davenport has been 
writing our cookery articles 
for some five years now but 
this, sadly, is her last for us. 

It represents Philippa at ber 
best — she takes a theme 
(the Christmas stuffing) that 1 9 
traditional bnt manages to 
Imbue it with her own 
original touches and sugges- 
tions. I certainly wish to- 

I SOMETIMES feel tempted to 
break away from traditional - 
Christmas fare. A roast 
pheasant or a magnificent joint ; 
of beef seems to me a far : 
greater treat than roast turkey ] 
these days, and there are any 
number of puddings I would 
choose in preference to plum 
pudding. But my arguments : 
fall on deaf ears whenever I try i 
to convince my family. In 
particular, the idea of a turkey r 
less Christmas seems to 
scandalise children as much as 
the suggestion that they might 
be old enough to give up hang- . 
ing out their Christmas stock- 

The family has, however, 
agreed that to introduce a fqw 
minor changes each year is 
acceptable. We have found that 
a peppery putee of mild onions 
or a dish of breadcrumbs fried 
in butter -makes a pleasant alter- 
native to the ubiquitous bread 
sauce; while ha con -flavoured 
crisps, braised celeiy and chest- 
nuts make refreshing changes 
after years of conventional 
purge or roast potatoes and 
brussels sprouts. But the most 

1 lb prunes, 1 lemon, \ pint 
red wine, cold tea, 5 lb best 
pork sausagemcat. I onion, I 
egg, 2 oz butter, dried thyme 
and marjoram, salt and 
freshly ground black pepper. 

Put the prunes in a small pan. 
Add the lemon cut into thick 
slices, rhe wine and enough cold 
tea to cover the prunes. Bring 
slowly to simmering point, cover 1 
and enuk for 10 minutes, then j 
set aside until quite cold or 1 
leave overnight. Chop the onion 
and fry it very gently .in the 
butter. Away from the heat, stir 1 
Ln the sausagemeat together 1 
with good seasonings of salt, i 
popper, thyme and marjoram, i 
Drain and stems the prunes, i 
reserving the liquid. Chop the i 
prunes coarsely and add them to i 
the pork. Add the raw egg and 1 
heat until well blended. If i 
necessary moisten the mixture i 
with a little of the reserved i 
prune liquor. Use immediately. 1 


thank her for the ideas and 
inspiration she has given me 
over the years — many of her 
recipes have become family 
favourites which will remain 
a permanent part of my - 
culinary repertoire. L. and I 
am sure, her many admirers 
among our readers, will wish 
her. the greatest happiness 
and success in the future. 

popular area for change lies in 

As a family we have never 
been hooked on the classic com- 
bination of sage, onion and 
breadcrumbs so beloved of 
toe British — apart from any- 
thing else, it spells death to 
wine. So, over toe years we 
have experimented with all sorts 
of variations, often using fruit, 
nuts, spices, rice and toasted 
cubes of bread. Here are a few 
of our favourites. 

But first a word about quan- 
tities. The amounts given here 
are about right for a 10 lb bird. 
If you have managed to per- 
suade your family to choose 
duck or pheasant instead of tur- 
key, you will only need about 
half the quantity. Incidentally, 
ft is worth remembering that 
despite toe name, stuffings can 
be cooked equally well outside 
the bird. In fact, a stuffing 
which contains raw meat should 
never be cooked in the bod; 
cavity (because It may not be 
adequately cooked by the time 
toe bird is done and this, of 
course, involves a health 


i lb black olives, 1 lb green 
back bacon rashers. J lb mush- 
rooms. 1 small onion, 1 large 
garlic clove. 3 oz white bread- 
crumbs. 1 egg, 2 oz butter, 
salt, pepper, fresh parsley. 

Chop the onion finely and 
crush the garlic. Cook them 
gently in the butter for a few 
minutes. Cut the bacon into 
matchstick strips and slice the 
mushrooms. Add them to the 
pan and continue cooking gently 
until the mushrooms have given 
up most of their liquid. Away 
from the heat, stir in the bread- 
crumbs, a tablespoon or so of 
chopped parsley, the raw egg. a 
little salt and a good seasoning 
of pepper. Stone the olives, 
chop the flesh roughly and stir 
into the stuffing until well 


| !b dried apricots, 3 large 
juicy oranges, 3 oz blanched 
whole almonds, 1 medium 
onion, 2 oz bolter, 6 oz 
fresh brown breadcrumbs, 
cinnamon stick, salt, freshly 
ground black pepper, fresh 

;Grate the orange zest finely 
into a small saucepan. Squeeze 
the orange juice and add it to 
toe pan. Add the apricots and 
a few spoonfuls of water if 
necessary: the fruit should be 
just covered with liquid. Bury 
a small piece of cinnamon stick 
among the fruit Place over low 
heat and bring to simmering 
point cover and simmer for S-4 
minutes; then set aside in a cold 
place overnight. 

Melt the butter in a frying 
pan. add the finely chopped 
onion and cook gently until 
tender. Away from the heat 
stir in the crumbs. Chop the 
apricots and add them to the 
pan together with 2-3 table- 
spoons of their liquor. Add the 
coarsely chopped almonds, a 
few tablespoons of chopped 
parsley and a seasoning of salt 
and pepper. Stir and mix well. 

2} oz crustless white bread, 

1 orange, 1 crisp eating apple 
such as a Cox, 2 oz stoned 
raisins or sultanas, 1 oz 
butter, 4 tablespoons red 
wine, 2 oz walnuts, nutmeg 
and salt. 

Dice the bread and toast it 
in the oven until brown and 
crisp all over. Saute it in the 
hot butter and set aside to cooL 
Peel the orange removing all 
bitter white pith, chop coarsely 
and remove pips. Peel, core 
and chop the apple, and chop 
the walnuts. Add the dried 
fruit and the cold diced fried 
bread. Pour on the wine, stir 
to mix well, season to taste with 
salt and freshly ground nutmeg. 
Cover and set aside for 1 hour 
before using. 


5 oz long grain riee. J lb 
butter, 1 onion, i lb celery, 

6 oz mushrooms, 2 oz walnuts, 

. fresh parsley, dried mar- 
joram, salt and pepper. 

Boil the rice in chicken stock 
and drain well. Chop the onion 
finely, slice the celery thinly 
and slice the mushrooms 
thickly. Fry the onion gently 
in toe butter for a few minutes. 
Increase the heat, add toe 
mushrooms and celery and 
saute. Away from the heat stir 
in the chopped walnuts and the 
rice. Season generously with 
salt, pepper, chopped parsley 
and a little marjoram. 

ail over the country and: arse 
an extremely good ■souree rpf 
inexpensive . '.-but - glamorous 
nightwear -and mderyrear. This 
particular -nightdress is only 
. £7.99 .but looks !worth infinitely 
more (particularly in black).; It 
is made from 100 -pe r cen thjdon 

and is . available : from. ’ .'main 
branches 'of Dorothy Perkins. 

-■v.{ r ■ 

Eastern Rugs 


. *" 

« • - 

- A'liimted edition, 
of platinum writh ig 
been produced by 
fheTaylcarPeh - 
C om p a ny. *\- 
investment- ,> >.i 
minded executive. , 

Xto? oriental, me wfal A HeakyJt 
Stone, has .its o»n Certificate of 
AMhcatiriiy with its pbcc of oritaa 
' aijc( bMdi Dnotbrr noted. WcVe * 
.line Kbnimi of Afghans. Persians,. 
Chinese all 20-KHthcfcm West End 
pricer &om £75-0000. Personal 
Mvfcc lo-ill our customers. Come 
and browse 9-Mitbcb hours included. 

• Opposite Ho&oni Viaduct Station. - 
Htahr ARmk, 4 Snow Ha,£.CL 
U4A40J. - 





* »»»"" 

avaflableal . . .. ... 

The Platinum 

9NewBondStreet ; 
London Wl • 
Telephone: 01-493 1018 

•A boodred -yeara ago i*» b«*. 
famota ete . their, food with tabSt-_ 
aUver.-.TheW table sliver J over a 
handled years -old) brought back 
to mfei condition by craftsmen 
- *»!vcrs«tiths can be yours to «*T. 
■ wftft ac-mucb 4 esx cose than iteiy. 
k will rive you beauty, sucus and 
-a lastmfi- investment. Collected, 
tuxchlng services arc available for. 
your, se'ecdon, 5 *nd for a list or 
phone Kettering *1782 (daromaj 
or Tkapwon - 2105 (evening* J: 

W- dJ EVANS, Old Bakehouse; f 
Dcnfond, Kettering. Northants. - 



The riecant . Captain's Chair h now available at oriy'^ 
ms Inc. VAT— ac kasc-jClOO below store pne*' 

Upholstered «* Wl mwijw finish leather' wr# • 

. ; baud .poflshcd solid . mahogany .gallenr 

Strive! twf tilt 2 £aian. $silvek through 360 , mu 
• .'back 30”. daptfc, 2ft. >Wth. height Wc. 6in.-3tb 
- Available in' antique shades of green, red tan or 

brown. Sand now for order form, colour samPlw ; 
klBet. Delivery frna U.K. Mainland available «t- 
' stock. Limited offer at tbt* price. 


; - To equip an average-sized house with a 
Bunch Burglar Alarm, would set you back 
something in the region of £325. . 

Not a penny more. 

The reason is simple. Unlike other 

systems, which hit you for a hefty rental 
each month, you buy a Bunch system 

A Bunch alarm makes sense in other 
ways, 'too. 

The entire system is electronic. With 
no mechanical moving parts to wear out. 

(The chief cause of false alarms that 
bug so many other systems.) 

It's also cunningly simple to turn on 

Because the whole box of tricks is con- 
trolled from one Chubb mortise lock, set 
into the front door 

When you undo the lock, you turn the 
system off. 

When’ you lock the door, the system 
is activated. 

Then not even Houdini could break in 

without waking half the neighbourhood. 

Of course, you may think your house is 
never likely to be burgled. 

That it’s far too modest to attract a 
criminal’s attention. 

In which case, remember dais: 

Last year, in Greater London alone, 
over 600,000 people made the same costly 

Please send me full details of the j 

Bunch Burglar Alarm system. 

Name I 

Address— I 

Send to: Bunch Electronics Limited, | 

186 Sloane Street,London S WlX 9BR. | 

Bunch Alarms.! 

Financial Tiwes Saturday .1 

I ' 



7 ^ 7 . s; . K iV _ 

y f' '• * *? '- .'• ■; '-.-. " • r 


[ On Tuesday • : night the 
scheduled programme on Radio 
1 4 about the life of J. M. Barrie 
j was replaced by oa'e compiled in 
San Francisco on the- Rev. Jim 

ithey should be given the slot 
Imade a good decision. . 

This programme The People’s 
Temple: *4n American- Tragedy, 
produced by Keith Hindle. and 
presented hy Bernard Mayes, 
was vividly and ha rrowingly in- 
formative about the whole 
episode. If one had not known 
tbat it had all really happened 
I one might indeed have thought 
| one was listening to & piece of 
contemporary fiction. The 
! literary parallel that kept occur- 
ring to me was Conrad’s. Heart of 
Darkness where a journey to the 
interior leads to a similar dis- 
covery of evil perpetrated by a 
charismatic leader (‘‘-Mistah 
Kurtz — he dead”) upon slave- 
| disciples who adored him. 

Jim Jones is now dead too but 
i there remains a great deal nf him 
available on tape — material used 

One day early last April, in a to point out when he met the hard ! ler credit, this certainly j ~ rr ^t of* this tubby Jiaudsame 
matter of seconds. “The Adora- Press earlier this week, he would being so appallingly difficult, .demagogue who claimed he was 
tion of The Golden Calf,' the much rather have spent the stretched out of shape, the frag- 0 f Cherokee descent and whom 
National Gallery's gTeat Poussin, many hours this work demanded ments had to he shrunk and dried \ the presenter had met several 
was reduced to five pieces- of upon the other paintings that. ^nd teased back into true, each , times . when his movement was 
tattered doth lying stretched and had the outrage never occurred, thread in line before ever the 'still based in America. Ironically 
pathetic upon the floor. The would more naturally and calmly wor k on the surface could start: ) 0 ne of their meetings was at a 
effects, as we could see for our- have claimed his attentions. The and then came the filling, the I 

Arthur Luczs restoring “ The Adoration of the Golden Calf ' 

The Poussin restored 

selves when we were shown the 
painting some days later, were 
Indeed sickening: and even then, 
when it had hecoine dear that a 
restoration of some kind at least 
was possible, the sense of the 
shock suffered by those most 
closely concerned with it had 
not entirely been dispelled. Now 
we learn that the work has been 



matching of texture, ground and 
colour, finally the infinite pains j 
of creative reconstruction. And j 
we had luck. too. if we can bring j 
ourselves, Like airs. Lincoln's j 
interlocutor, .to think on the I 
brighter side of a ghastly event, i 
in the actual dismemberment. 

recordings were played on the 
program me. Both were very 
seductive musically and by 1977 
Jones had something lUe- 9-000 
followers for his People's Temple 
and investments worth Several 
million dollars. The authorities 
were curious about ' the 'move- ! 
ment but -not curious enough, J 
and for. a while the ugly rumours 
were discounted. He W2S not the 
first self-styled faith-healer with 
an enthusiastic following CaU- 
fomia had known. " 

However he decided shrewdly j 
that the time had come to make 
a move .and went to Guyana 
where he established Jonestown, 
a . collection of huts ,'aud a 
pavilion on the edge of the 
jungle. We listened to accounts 
of its life-style hy survivors, 
people who were there from the 
start: -it contained all the in- 
gredients of a terror-camp. 
■Tones behind his' dariugl asses -i 
haranguing the over-worked and 
under-fed mass wbo had to 
address him as father. The armed 
guards and the tbuggisb gang of 
‘"counsellors” to administer 
terrible, beatings on the recalci- 
trant or rebellious, or jabs with 1 
electric, cattle-prods to bring 
them into line. Poisonous snakes 
infested the incompetently culti- 
vated land, and- there were 
doctors -in his clutches, rehears- 
ing a project known as White 
Night eventually preparing the 
vats of fruit-flavoured cyanide 
mixed with tranquillizers with 
which it was implemented. 


■ V a 

V " 

i£VC: : - *--- 

, y ■ : - 

\ *.:•• 

Levator#. B*it 

x-fClffron Todd and Normah Wai-wrcfc 

J.Sv*jf**.'. -I. I 
.i-o ^ -L ’. 




.... _ - . , The Plavers Theatre thrives ks^TVagaer and the Maestersyvgers 

When Leo Ryan, the Californ- , h cus todian of the Briti&- £L-ftfU : voice determined to. wrest 
ian congressman who had come • music hjJ , tradition. An easy away- the Queen's affection for 

gourna- ( ■ intmiate place it devdtes-.the more gentle melodies, of 

approaching itseJf roucfa t o eating arid Mendelsohn. Or something hke 

vp fin n n ■ • ■ • *.• 

-are'-- few 

which miraculously avoided The ' mass-rally on thi e Golden Gale 

moinr fioti flnri in tparinn for ! bndpC tO publicise tllCS- C&USe Of 

major figures, and in tearing for , 
completed, just as Arthur Lucas. Poussin was in extremely good the most part fairly cleanly. cOG-, su,clde prevention, 
the gallery's chief restorer had condition, and the wasteful, siderably restricted the loss of- Jones spoke eloquently for 
said it would he. in lime for wanton stupidity of the assault, paint. The crazing that so ' some time declaring suicide to 
Christmas, the picture itself still hurts. alarmed us those few months ago • be “a symptom of an uncaring 

returned to public display. The picture can never be was merely the varnish, which • society.” He had a glib, plausible 

It is a remarkable achieve- restored to what it was, of has been renewed. It remains j manner, a fluent knowingness on 
ment. and Mr. Lucas is owed by course, for Mr. Lucas is not tn say that, even with the aid .of ' every subject under the sun and 
all of us a great debt of graii- Poussin, and the essential the photographic evidence. Mr. ! »N the latest smart sociological 
tude. He is about to retire, this damage, and our awareness of it Lucas’ ministrations are su'cep- 1 jargon as well as the New Tesra- 
his last major undertaking, and are irreversible: hut we have tible onN to the closest exaroina- \ mea; h '$ finger-tips. It was all 

he could hardly have asked to been very lucky to have him. for linn. In congratulating and ! ton eas 5 r t0 understand how his 

leave on more spectacular a note, he is immensely skilful, patient thanking him we must pray, too, t:, Ifc of revolution and a better 

But it is also a note nf deep and sympathetic. He says he has that his successors never face ! life could have taken in ,a ri! e 

sadness, for, as he was the first had more difficult tasks, which is such a dreadful imposition. I numbers of simple people and 

! persuaded them to give him all 
1 they had. “ We preach inclusive- 

THEATRES THIS WEEK . . . AND NEXT ' viewer, extending an invitation to 

COTTESLQE — Herod' * -.i..,' D ™r, m..*.**™... ~ - '“ a11 P e °n ,e who have been In 

built around 
with a 

OPEN am SPAC&-^4 rC ffcspo: t tabie _ and Peter Pan. with Jane Asher did perform a useful service in 

Weddiup- Fum^ BreSt This HAYMARKET - The Mil- on the wires, bringing some tra- ! the neglected area of social work, 

play shows the Genua n play 'tonaircss: Penelope Keith “ agl f J* ' LS'lp organised outings a nd picnics 

wright as witty as Ayckbourn. ^livens this late Shaw piece si, ^„„ohp? ne 2E 3° u n§ People, meak for the 

PICCADILLY — Night , e ilh 3,, ° u ' «» Blame it Bo ^ jos opens l^ n? * k ^ s ° w Zj a ™j 

Dome Edna: La Everage and The ChnsLnas shows get into at the Theatre Upstairs on Tues-j black ties. He appealed to them 

orher Australian caricatures full swing with David Wood’s day, and -Yamtogn. a great through music as well as 

brought to hysterical life by musical for children. The Ginger - American hit nf the I9lh century. : speeches. A Temnle choir and a 

Barry Humphries. bread Man. returning again to at the Aldwycb from Thursday, i rock-band were formed of which 

ro investigate and three journa- 
lists with him. ware approaching 

the airstrip to leave, an | drinking a s to singing and abus-- that - 
woman and then some other rie- : the arl j 5tS( am i its tucked' ; :In- fact, there 

: location beneath the arches dements of Victorian pantomime 

them. At this point Jones seems , a , c barin; j cross enables the. db'sbow — no sentiment:' nd solo 
w iJ e w “I. 1 lhat c „ ?? rty 1 members tfor it is a club) ta- turns; no stock characters. This 
.should be taken care of. Ifore kee _ up a sooc f na tured fight ftithoroughly modern and sophi-- 

r'S C ^r e k “”d U fn ^ : U» rnmbU„ p^^tated .lull, enriched Lv u S l.g 

whole of the San Francisco earth- ; t,eaa - ■ ; r- . 

quake 1 Every year it presents a panto-: .-.-:- . - - 

Mr. Mayes’ calm Fecme, —a- i ^ : PANTOMIME ' 

live of all this on radio is the j raD5 t_ no television stars, no pop. y>^ : MTnKIV 

P-ni. a ’ 0m '?I ete , aCC ? Un L ° f th 1 . songs (although the use of big : ^ANTONY 
People s_ Temple we have yd n , mM cnntemnorarv hits'- 


=* t. j names and contemporary hits 

had, it had the effect on me of • was as muc h a part of pan'to-" 

making the rest of the wetk’* | . c^tirj ago as . : o; 

sorae ' vbai: t 1 t rreI -t l , l ant ; ! The Players is different because 1 some of the best -19th^behtufy. 
Investigations are continuing as 1 there is an affectionate feeling 'melodies for the music.’ The -first. 
2iJ8k ‘ for !he P ast and a bond between art closes with a Wagnerian 

nnt C ?i^r h fS Pe Amp'r?^4 C n^?hip™ [ P erformcrs and audience - T^s medley and the Fairy Queed, 

|F car 11 is presenting Robinson Qnebit Anne (“ no half.snvreigk 
nntnHon U hr» a Sinlr f a!31!mei lS fnr Crnsoe . “ Tempest Fugitive," hnt no antique”) has the show 
?^ n0 “ i^ eedlQS - 8r0ljnd for I and it is a delight ' “ ” ‘ 

fata roiirrinn — i «uu n la <t uciiKui; stopper in the second half with 

e ^ I The director Reginald Woolley i-olea. for Victoria to return to . 

Tom Stoppard has considerably ] has cleverly blended the b.est bits- Qspbrne House to the .tune. of ; 
re-w-ritten his first success, of Daniel Defoe's classic with; the Song Without Words: There. 
Rosenerantz and Guildenstern \ Shakespeare's The Tempest, set are favourite flashes of Bizet*and 
Are Dead for performance on [Miranda is available as CrusaeJ Offenbach. Meyerbeer aad SnlU-: 
radio. The play will be per- 1 daughter to prettify the island at van. to prevent any musical 
formed in its revised form on , the fioale, and Merry’ell. an Ariel' lohgeurs and the Players -singing, 
Christmas Eve on Radio 3. [figure, adds magical elements^, tradition ensures _ choruses? .of 
Edward Petherbridge plays 'There is enough charm and-' Doyly Carte if oat Covent-Gar- 
GuHdcnstern and Edward Hard- [ panache around to make the plot- den standard. _• .. . V 

wicke Rosenerantz. Martin j irrelevant but it is ail to do with 1 .-- For a pantomime the -script 
Jarvis is HaraleL Freddie Jones j the deserted Island being thesis quite witty. The: dreadful . 
the Player and Maxine Audley i Isle of Wight. ...abandoned by -thymine couplets and-awfnl puns 

’■ttfmporarv ahusiaiis, ' TheE._atfp 

itherb' to be f ound :^n Tefished 
like! sixpences in the ,^uddfn|[: 
And. the' performances, aijr of jr 
standard, polished but nof- pre- 
cociotisT PefhapsAhere 
lift, when Catherine' McCord is 
on -stage asthe’shobbish 
Queen,' sending: Miranda Ui; Rpe- 
-dean and anxious pn ri$it- 

ing -terms with Q been -.-Victoria, 
’and. Michael Darbyshire r^ l^td 
'.Alphonse .is stylish and. .droHr- 
V The- attracLioir -of pantomime 
-is ' the ; variety m the; cast4-iio . 
tauV two hander,, hero. ; Clifton 
■ Toddr iVan e nergetic Urdsde fa nd 
■- Norma n Warwick a droll. Friday:. - 
as Miranda arid Josephine- -Gor- 
don is aft eri ergetlc: sp nte^ Most 
of tht dampany have to:mal:e. a 
lot .of . 'atoll- apjftrfettfifies-bBt; 
since the. finished -^Erietv i^ an 
eyjeairig.oL goodi-Plegn. u puffing 
jun they 'Can? 'find- aat^iactSon ' 
m; the'gene rous. 'appiaiiS7:.i- 

.1 : j 


t Indicates programme in black 
and white 

Rod Siewart Concert. 12.35 am 
News and Weather for Scotland. 

Northern Ireland — 5.00-5.10 pm 
Scoreboard — Sport in Northern 
Ireland. 5.45-5.50 Northern Ire- 
land News. 12.35 am N'eu's and 
Weather for Northern Ireland. 


and \> 

BBC l 

9.1ft am Take Another Look. 

9JI0 Programme cancelled. 

12.15 pm Grandstand. Football 
Focus 1 12.20). Racing from 
Ascot {12.45, 1 .15. 1.45) with 

comen tar ies. Badminton (1.00, 
1.35) The Ladbroke Trophy. 
International Rugby Union 
<2.o| The Barbarians v The 
All Blacks. Cricket: Second 
Test (3.50) Australia v 
England. International 
Show Jumping 14.5). 4.40 
Final Score. 5.10 The FA 
Cup Draw. 

5.20 The Pink Panther Show. 

5.25 News and Weather. 

5.45 Sport -'Regional News. 

5.50 The Basil Brush Show. 

6.20 Dr. Who. 

6.45 Larry Grayson's Genera- 
tion Game. 

7.40 All Creatures Great and 

8.30 Some Mathers Dn ’ave 'em. 

9.05 Starsky and Hutch. 

9.55 News. 

10.05 Match of the Day. 

11.15 Weather. 

All Regional* programmes as 
BBC-1 except at the Following 

Wales — 8.50-9 JO am Take 
Another Look. 9.10-9.30 B«bol 
Bach (cyfresi. 5.45-5.30 pm Sport. 
News Tor Wales. 12.33 am News 
and Weather for Wales. 

Scotland— 1.55-5.20 pm Score- 
board. 5.45-5.50 Sports summary. 
10.05-10.45 Sportscene. 1U.45-11.35 

BBC 2 


5 A0 









pm Saturday Cinema: 
"Snow Treasure." with 
James Franciscus. 

Play Away. 

The Ghost Hunters. 

Test Cricket. Australia v 

My Musia 

Old Grey Whistle TesL 


Cyrano de Beraerac: Ballet. 
No broadcast due to strike. 
Film: "Ludw ig: Requiem 
for a Virgin King." starring 
Harry Baer. 



8.50 am The Saturday Banana, 
with Bill Oddie. 9.00 Sesame 
Street. 9.45 The Saturday Banana 
(part 2). 10.15 The Monkees. 10.45 
The Saturday Banana tpart 3). 

1120 Tarzan 

1230 pm World oF Sport. 

12.35 Headline — Includes World 
Cup Ski-ing from Italy. 1.15 
News. L2Q The ITV r Seven. 
From Nottuiaharn 1.30, 2.00. 
2.30, 3.00: Catlerick 1.45. 
2.15. 2.45. 3.10 International 
Sports Special — Motncross 
from Tweseldown, Hamp- 
shire. 3.50 Half-Time Soccer 
Round-up. 4.00 Wrestlinc 
from Blackburn. 4.50 
Results Service. 

520 News. 

5.30 Happy Days. 

6.00 Bruce Forsyth's Big Night. 

7J50 The Incredible Hulk. 

8.30 Sale of the Century. 

9.00 The Professionals. 

10.00 News. 

10.15 By Alan Bennett . . 


11-35 Michel Legrand 

1230 am Tlie Practice. 

1.00 Close: Painting by Mo/tet, 
music by Debussy. 

All I TV regions as London 
except at (be following times: 


9.10 am Bay Guitar. 9.35 Make U 
Count 10.05 Tlis Lost Island ' 10.30 
Tisu/aa. 5.20 pm Scuderman. 5.30 
Mork- and Mindy. 9.00 The Siveeney. 
11.35 Dan August. 


11.35 pm 5. WAT. Kill Swat. 


12.18 pm Puffin s Pla(ijce 10.00 
News fallowed by Channel Islands 
Weather. 11.35 Barnaby Jones Frater- 
nity of Thieves. 


9.00 am Scene on Saturday. 9.05 

Cuir Car 9.30 The Eeachcombera. 
10.00 Sesame Street. 11.00 lassie 
"Charlie Banana '* 11.30 Joe 90 

"Splashdown. 12.00 Monkees 10.15 
pm AIeh Bennett presents. 12.35 am 

pm The Mary Tyler Moore Show. 
♦11.35 Lsie CaU— Rev James G.lfilian. 
O.d Parish Church, East Kilbride. 11.40 

Gertrude. The director is John j Queen Victoria and its other in- rigyer^get ,o.ui qE, hand, neither’ 
Tyderaan. ‘habitants following the arrival of . .' the JnTOeri(fc_ nori'-the^BL-. . 


Solution to posIUori. JVo.,246;.:. 

’ : 1 ’ BPxPL 2 ^xP Cfelse fte. loses 
the QP),-PxP ciu S KxPJJNscB. 
4 NxN.t^slV r- 5 KxN;F:-m and 
White resigned. : lf- 6 -JJT^QS^BsN 
cfc J.KxBj P=KR5il ; ts?ith easjr. 
win in the pawn -endgame, and 
otherwise AVKiteispIayirig jirac- 

tiCairy'-- a jri ece - ;'•> . : - 

SbJtition- tor-J^roWeni; No.24fr 
1 N-Bo di& Ch. ^ £xP ch, 

S-RL;3 J>-H8{Q5'£h^Qr-4RsR 

i . 

Cr.-cket : Second Test. 12.02 pm Clso 

Lams (SI . 1.02 The News Headlines. 

.00 Sp- " * 


9.00 am Tarzen 11.30 Logan’s Run. 
12.27 pm Regional Weather 11.35 pm 
Southern News. . 11.40 T-.vist in ihe 
Tale 12.35 am Weather, followed by 
Late Call Colin Evans interviews 
priests and mmiiterc. 


9.00 am Lyn's Look- in 9.05 The Six 
Million Oollar Man. 9.55 Cartoon 
Time 10.15 Adventure Canada. 10.40 
Lyn's Look-in. 10.50 Saturday Morn- 
ing Film . "Kang Fu '* 12.15 pm Lyn’a 
Look-m. 5.15 Popeye. 11.15 Barnaby 
Jones 12.15 am Epilogue. 


10.00 am Saturday Morning Movie- 
The Custard Pie Parade ' 11.30 

Sesame Street. 5.30 pm The Beverly 


9.05 am Lucan. 9.50 Untamed World. 
10 20 Rogues of Sherwood Forest. 
11.45 Cartoon Time. 11.55 Look and 
See 12.00 Just the Job. 12.25 pm 
Gus Honeybun's Birthdd/s 11.35 pm 
Barnaby Jones. 12.30 F^nh for bfc. 


9.30 am Make ir Count. 9.55 
Sasame Street. 10.55 Saturday 
Matinee. .11.45 pm Late Film : Tom 
Adams rn "Licensed to Kill." 


9.20 am Space Ghost and Dino 
Boy. 10.15 You Can Male It 11.30 
Sir Million Dollar Man 11.35 pm 
Richie Brocklemun. 


9.05 am Doctor! 9.30 Ten on Satur- 
day. 9.45 Lassie. 10.15 Barman ( parr 
it. 10.30 Tiswea 11.15 Batman (pan 
I|. 11.30 Pop Spot. 11. 35 Ten on 
Saturday 11.40 Star Maidens. 12.10 
pm Pooeye 12.20 Ten on Saturday. 
11.35 Barnaby Jones. 

HTV Cymra/Wales — As HTV General 
Service except . 5.30-9.00 cm Y Eotal 
A u Can. 

HTV Woel— As HTV General Service. 

9.00 am Tsrzan 1131 Lucan. 5.30 


(S) Stereophonic broadcast 
5.00 am As Radio 2 7 00 Play- 

c round 8.00 Ed Stewart with Junior 
Choice. 10.00 Peter Powell. 1.00 pm 
Adrian Juste (S). 2.00 Paul Gait, bac- 

on. fSi. 4.31 Rock On fS) 5.30 It's 
Rock 'N' Roll ( S> . 6.31 in Concert 
is-. 7.30 MiL* Read. 10.00 Discr.vatrn'. 
12.00-2.00 am As Radio 2 
VHF Radios 1 and 2 — 5 00 am With 
Radio 2. 1.00 pm With Rodio 1. 730- 
8JW am With Radio 2. 

I. 30-8.00 Sport On 2. Rugby Union 

(1.30. 2.15. 4.50, 5.25} Barbarians v 
All Blocks Football League (1.3a 2-CO. 
2. '.5. 3 45. 4.42. 5.00. 5.45). Live 

second -half commentary on fl match, 
plus scores and results. Racing : 
Ascol 1 1 . 30 . 1.50, 4 50. 5.43). Cricket: 
Second Test (1.30, 2.00. 5.001 

Australia v. England. International 
Show Jumping (1.30. 2.00. 4.50). 

Christmas Show. 6.00 Sports Report. 
C!asr.inad I dot ball checks 5.09. 5 45. 
Draw lor rha third round FA Cup 
5.05. Ruqbyi Round-up 5.25. 6.03 

Pop over Europe 7.02 Beef the Record. 
7.39 Radio 2 -Top Tunes (S). 8.15 
Bobby Moore (SI . 8 JO Syd Lawrence 
Orchestra ( SI . > 9.30 Saturday Niahi 
with rhe BBC Radio Orchestra (51. 

II. 02 Sports Defile. 11.10 Ray Monro 
IS* with The Late Show, including 
12.00-2.00 am News Summary. 


(Medium wave only 
45.35-10.15 am Cricket ■ Second Ten 
Austialia v. England. 8.00 News. 2.05 
Aub.tde (S|. Concert: Leher, 

Coleridge-Tsylor. Rodgers. Gershwin; 
records. 9.00 News. 9.05 Record 
Review (Sj. 10.15 Stereo Release tS) 
nf music by Schubert. Webern. 
Mar.cim. Stravinskv. 11.30 Bruckner's 
Discarded Fourtli Symphony (5 1 with 
introductory talk bv Roben Simpson. 
1.00 pm Nev/a. 1.05 Schubert (Si 
Chamber munc 2.05 Man of Action 
• ti Chapman Pmchar 3.20 Frederick 
Thiinton ploys Bliss. 3.50 BBC 
Symphon - Orchestra Concert (S) - 
Bom. Chnoin 5.00 Jd?r . Record 
Reaiieats (Si .5.45 Cnlice! Forum. B.3S 
The Classical Guitar <S). IHuetrated 
talk. 7.30 Winchester Cathedral 
Christmas Concert (SI fnan "11 
Schulz. Gabriel'. Monterverdi. 8.10 

Interval Reading. 3.15 Concert (part 
2), Harvey. Bach. 8.55 Penny Merri- 
ments iS). A dip into Samuel Pepys' 
collection. 9.25 Clifford Curzon (S) 
plays Schumann. 9.55 Parallel Voices 
Giacomo Lauri Volpi. tenor and 
writer 10.55 Saund3 Interesting (S) 
Derek Jewell wuh records. 11.45 News 
11.50-1 1.55 Tonight's Schubert Song 


6.25 am Shipping lorecasr. 6.30 
News. 6.32 Farming Today. 6.50 Yours 
Faithfully. 7,00 News. 7.10 On Your 
Farm-. 7.40 Today's Paper* 7.45 Yours 
Fairhfully. 7.50 It's a Bargain. 7.55 
Weather. 8.00 News. 8.10 Sport on 4. 
8.45 ' Yesterday in Parliament. 9.00 
News 9.05 International Assignment 
9.30 The Week in Westminster. 9.55 
Review ol weekly magazines. 10.15 
Daily Service. 10.30 Pick ol the Week 
-S) 11.20 rime for Verse 1T.30 Wild- 
l:ie. 11.55 Spcipel on Saturday wuh 
Full Spiegel. 12.00 pm News. 12.02 
Awav from it all. 12.27 You've got to 
he Joking (SI. 1.00 News. 1.10 Anv 
Questions? 1.55 Shipping forecast. 2.00 
Bookshelf 2.30 Saturday-Afternaon 
Theatre (S) "In Dulca Jubiin," bv 
Sarah Maxwell. 3.30 Opes he take 
Sugar? 4.00 You. The Jury. 4.45 
Ennuitc Within : Listeners* questions. 
5.00 Prefaces to Sliokesneere. 5.25 
Week Eorlmn (SI. 530 Shipping fore- 
cast. 5.55 Weather. 6.00 Nows 6 15 
Desert Island Discs. 6.50 Stop The 
Week with Robert Robinson. 7.30 
Bcknr's Dozen (S) Richard Baker with 
popular classics. 8.30 Saturday-Night 
Thoatro TS) ” When the Snow Lav 
Round About. ' bv James Forsyth 10.00 
News. “ 0.16 A Word in Edgowuys. 11.00 
Lighten our Darkness 11.15 Singer's 
Choice: Luisi Tetrazzini. 11.45 Ju«st 
Before Midnight fPlnyt. 12.00 am News. 
12.15 Shipping forecast. 

SATURDAY: -A-':French : TV 
version, of Roland Refit’s bftilet 
Cur atm de Bergerac is -screeied^ 
by BBC2 -ritith Deirys GaniO .as^ 

Cyrano. Evelyne DeSutfer as 
Roxane and Pierre Boisserie as 
Christian.- .'ITV' give ''.tia.. Doris 
a»id Doreen; - the second-' in a - 
scries of plays by Alan Bennett, 
here exploiting his extraordinary. ' 
ear for'-, office jargon ■'.'■and.- 
bitchery, with one jof our best 
comediennes playing Doris. '. " •* 

SUNDAY:- The last episode of • 

A Horseman} Riding By oitBBCI . 
is To 1 Towed i?by- an annoyingly’, 
difficult chritce: Paper Moon wjtb.- 
the amazing (arid for tfiis fiiin 
Oacar-w inning) ' Tatum O’Neil 
on BBCl; .As You Like If shot - 
on location.: at.. Glarais. ; Castle;, 
with HcleftMlrren. James Bolam 
and Angharad Rees on BBC2; 
and tbe tasri patt of Lillie in . 
which EdVrard Yll dies and-Ltllie 
inherits btS'drig-Catoar 1 on ITV." - 
I’d pliimp for Lillie assuming 
lhal the others will inevitably Patricia- Routisdge. it> " Doris 
be repeatetL-rCD. . . Doreen ?! ITV Saturday.- It 

o. ■ 

>■’ - 

Vi,. :} 

k“ .-- a. 

■; ' sr- 

»iv- ■ 


5 00 am Summar,- 502 Tom 

Edwards (S) including 3.02 Racing 
Bulletin 8.06 David Jacob* (S) 10.02 
Tony Brandon (S) including 10 30 

I BBC Radio New Wavelengths 

BBC Rftdlu London: 
1458kHz, 286m ft M-fwW 

4 1053k Hi .295m 

1 1215k Hz’ 2fl7m 

1 Will Hz/Z75m 

O ft w-OZJvtif ctarao 

1540k Hi. 194m ft OSAvhr 

n MJkHi 433m 

A ZMkHl.l5D0itl 

London Broadcasting: 

£ muHi 3 jam 
ft 88-nvhr stereo 

"F li 92-9S»1if 

1151kHz. 261m a 97-Jvhf 



U.S. TOff-.IO. (Nalfnfi ratings) 

1 TlwM's pompany (ABC) .. 

2 Uv«m«r‘t*nd- Shirtay (ABC) 

3 Happy Oi pw (A®C) 

4 60 MinUtM (CBS). . 

5 Taxi (ABC) .1 .... 

6 Circus of tba StaU \CflS) . .. 28 tt 
.. '33-6' 7 T rtbubt to jimmy Stawaii (CBS) T72S 
.. 33.1 8 MASH' (CBS) 2?A ; 

‘30.5 9 LrttJa-Houaa on tha.-Praldo.vr 

.. 29.3' ■ '.*• ' v. '.' . (lj6C r 2JS* 

... 28.8 10 .One Day at a Tima (CBS) .....i 25-7 










I ALDWYCH, 6 * 04 . Into. 836 3332 . CRITERION. 930 3216 Credit Card bl> 9 X KING'S ROAD THEATRE- 01-352 7488 . 

ROYAL SHAKESPEARE COMPANY in 936 1071 . Evs. 9 . Fn. ft Sat. S 45 & , From Dec 18 Daily 10.50 2.30 & 4 . 0 D. I 
1 reoertairo. Tompht ID Dec 20 . 7 30 . . 8 . 50 . Dec. 26 . 4. 45 & S. "THE MOST i THE ROCKY HORROR SHOW I 

rr ,hi»irec ,uMt certain credir 1 RW. price proCCw* New Production HILARIOUS PLAY TOR YEARS.” F.T. J DON T DREAM IT SEE IT \ 

IN oSw I B ronion Howard-* SARATOGA. RSC ! GLOO JOO 

wards Uv leiennone or ai me dok uni.e. i ^ WAREHOUSE 'SC* under ; B> Michael Havinos 


PALACE. CC. 01-437 6934 

Mon.-Thur*. 9 Fri. and Sat. 6 00 A B. 40 . 

bv Tim Rice and Andrew Llovd-Wtbber 

COLISEUM. Credit cards 01-240 525S 
Reservation* 31-036 3161 

, Street. London W ' 


9-19 Rupert f 

MAY FAIR- 493 2031. 'Green Pk.'liAe.l‘ 
"Comte deiinom as s:ro*e alter atroke From “ Dl»- 10_ 3 Q. 2.00 arui 4.00. \ 

at Chutioi -ierr.c’.shc* odicaldam. ! SOOTY S CHRISTMAS SHOW 


winner? 197B 5WET award. Outtfandlna * p 4»r'tk IKennedv's Children I directed by Evenings 8.0fl. Fr- 

Aih&»t 7 "n^r. a ?oSm«« l W ; U«?l ulSmbS'"!? 

next 7.03 Jonathan Miller's prod. The. 6r,e l. a tlVa 2SF T6 ' 

Marriage of .Figaro. "Immeisclf tuccoului i . Mon . 531. a r »■*& p.m. | 

A enioyabte/' Gdn. Tue & Fr,. neat 7.M ■ AMRAnADORS. CC'. 'tJI -936 1 JtT. : 

Rcsenkavaller Wed. re ** . Evt 8 00 Tub 2.45, Sat. S.OO. 8.30.. 

Tne Thieving Magpie ffiral Pert.) Every I IAMES BOLAM I 


Tel. 01 -485 6224 ... 

OVER bv Robert ; DUCHESS. 836 3243. Mon. to Thun. 

" ! ri Sai. 6 IS and 9-00 

...... CALCUTTA! 

Unth December 16. | 9th Sensat-cnl Year. 

Thr nuditv it iiuftninQ." D^ilv Mail 

r / 

scene grips the attention." Tins. 104 . 
balconv seats avail, tor a>t oerfs. ircm • 

10.00 on da v ot perl. : 



(Garderchargc Credit Lards 336 6903). 

A suoerb pertoimance.'' F.T. 

DUKE OF YORK'S. CC 01-836 5122 
Evs. B Din Fr>. and Sat. 6.30 and 8.30 



IS BL1S5." 

Da ly Telegraph. 

LYRIC THEATRE. CC. 01-437 3686.1 

Evs. 8 . 00 . Thun. 3.00. Sat. S.OQ 8.30. 1 



by Eduardo de F.liopo I 

i Directed bv FRANCO ZEFiRElU ' 

| SfiCiotv of West End Theatre Award!. 


YEARS." Sunday Time* 

PALLADIUM. CC. 01-437 7373. 

Opening Dec. 20 lor a season. 
a* " Merry " WhJow reran* ev In 


Preview* December 19 at 7.30. 

. ROYALTY. CC. 01-405 8004. 

Monday -Thursday evenings 8 00. Friday ) 
[ 5.30 and 6.45. Saterdav 3.00 and. 8.00. / 
1 Best Musical or 1977 I 

1 Beak bv Telephone for the entire family. I 
| . Easy parking. | 

.a I 

WHITEHALL.- CC 01-930 6692-7765- (CAMDEN PLAZA fopa- Camden., Town- 

Matinee Frt. and Tobei- -4BS 2*4*. THE 90% -DYLAN- - 


• I With Cob Dylan and Joan Baer to defrock. 
Stereo. Progs. 2. SO JM- 7-30. daUy. 

Mon. to Ttrurs. 8.00 

Sat. tJS_ _and.S.4S. 

i Mfli T’n The Cleenmn APOLLO. CC. 01-437 2G63. Evs. 8.00. ' FORTUNE. 836 2238. Evs. 8.00. Thurs. 
15* l 7 vn Le^Cvlnh.deJ Birth I Thurs. 3.00. Sal. 5.00 ard 8.03, 3. Sat. S and 8. Dec. 26 and 27 5 and B 

Beauty. Tues 7 30 LC* Sylpllidcs- girth- pe,U niuIusN LANA MORRIS ‘ Unrlr! Piw'nvi n UarrLI 

day Offering Jazz Calendar 

Mor 6 Fri. 7.00 Die fledrrmaus. Tnurs. 

7 3D Un hallo in maschera rsardinrro 
replace* Wi>eM>. 66 Amph.' seat* avail. . 
for all serf*, from 10 am. on day ol part. 


Muriel Pav'ow as MISS MA*7« 

, MAY FAIR. 62g 10IB -G-cen Pk. Tutaa.l 
l Eva e.00 S»* S JO 3. 3D Wed Mil 3.0 
■ ‘irc>m Dec IB Fr-.. Ssi 6 IS 8.451 

I Orlan Themai'a 'emu mislcrdlwe. . 
C-i.laren £i SO any i«j: w.;i> adult I 

PICCADILLY. From 8-30 «m. 437 4506. 
Credit card bkgs. 836 1071. 

Men. -F it. at 8.00. Sac. S.15 and 8.19. 
and a handhil ol cobbrn. 

Starring the increasingly popular 

SAVOY THEATRE. 01-836 8388. 

Credit card* 01-734 4772 
West End Theatre Awards In 
by Brian Clark. **A momentous play 
urge you to see it." Gdn. Evening 8.1 . 
Man. Wed. 3.00. Sata. 9.45 and 8.45. 

. _ . TOmbi 

E* tlH no Black Airlcan Musical 
• A poWUnr Mditeai." E. News. 
Seat- Prlcoe £2.50 to £5.00. 

I .vtrte. ■ «v 
. 1. Ifith WEEK. 

— -i. I CLASSIC 2.. 3* «, Oxford' Strew lOPP 

Ct-ristmu SWrt. WIZARD OF OZ._ Dally ; -ToK .wjutm' Coort. lW, TobeZ,.. 635. 0310. 
2.1S om, --Sac It,. am, and 2.13 -pld-i U- and Alnroda. .CMWrcfi nall-ortce.. - 

===rni M - : " Fr : — ' - 1 *. ‘RfchMG- A d v itf»\WATgRSHIP- DOWN . 

WHITEHALL-- —CC- .01-930. T765* -,01 ,. Now ’ valt*-WMgl 9 !> 3 nfc sotradr Peod*. 

. ' **115- '* 00 - 6-1 S. - kata show 


‘ "SeMp ^CS-.- Ei. X1-- - 2i“ PIRANHA 

9.00. ! *'lpl TombiT; 

op -oz 

,, fil.t. 

CBMlnun . at jte 




63&.42S9. opens Dec._ _M_ um^ ^ a n . 13 

:k In 


THIN K OP ENGLAND I GARRICK. CC. 01-356 460:. Eve* 9.00. . NATIONAL THEATRE. 929 '7’52 ! 

"3rd WICKEDLY FUNNY YEAR. Very) ,*harpi. Wed. 2 . 00 . J*L 5.30 and B.30. OLIVIER 'am vaqej' Ter, on* A Men 
very lunnv. great caiertammc.-iL" nbw. < denis QUHLey ’ m IRA levins 730 strife b. G-is-am,. lvtteltoH 

PICCADILLY. - 457 BS03 838 3982 
Credit card faeokinga 636 iC7i. 
Richard Goo' din. Ian Talbot .m 
Open* Mon. Daily 2 p.m. Sat* 11 am. 
& Z p.m. 


Daily 2 and 6.46. Price* £5. £4. S3. £2. 1 
Reduced prices on Dec. 20. 21. 22. \ 
Jan. 8. 9. 10.11. -12 


FIDDLERS. DfC. 27- Jan. 6. Tkl*. £1.50: TOM STOPPARD'S 


FHtaneu* . . . see It. - - Sunday Times. 

New Th'l'ter 



. . LVTTELTOH l'lnel To-wi* j & 7.45 
Mon. 7 46 BETRAYAL m> pia* bv 
P nler 

COTTESLOE 'small <un.ror,um> Ten't A 


A DELPHI THEATRE. CC- 01-836 7611. 
Evenings at 7.30. 
s. 7Hur*dar 3.00. Saturtav 4 00, 


Group booking*. 01-437 39S6. 

" Thu mus: Be the h»polo« laughter- 
maker ■« Lor con ’ O Tel. "An .rres.s- 

M elfb-a" Mat. Wed Dec 27 il 3 00. 

An Encbenilng New Musical 


The Time*. 




01-936 6056. 1 GRSCNWICH THEATRE. 01-858 775S. I 

Preview* Evg*. 3 00. Mats. Thur*.. Sat. | En. 8.00. MaD. Sat*. 2 JO SEE HOW 

Evtmlng He 


Daily Telegraph. 

Credit Card bookings 01-836 7611. 

3.00. Opens Tubs.. Dec. 19 at 7.00. 
A new musical starring 


01-836 6056.1 

•.art pen. tedav. 2.30. 
Margaret Courwr Jv^4r!h 0 r, v Q u „|t in 

Sheridan-* comudv. w'lh James Aubrey. 
Ida ffalr. Kerneth G-'h*n r.argl GiHlK- 
Matinew Gumwsi. M?l Martin. T ru er 
Martjn. Chr.ttBeher Neame. "The funniest 

International tfart la_ _great family show, j 


Jan. 1-6. 3 00 and 7.30. Book Now. 

— I 

ALBERT. 036 3878. CC. Bkgs. B3G 107F-3 
from B 30 am-6.30 pm Party rates 

Evs 7. 45 Thur and Sat 4:30 end 8. 


with ROY HUDD 

, COMEDY. CC- 01-930 2578. 

; tv*. 8.00. Thur. 3 00 end 8. 00. Sat. 
S.15 and 6 30 

The .Delectable BRITT ECKLAND 

In a new comedy 

HAYMARKET. 01-978 5832 

Evp*. B.OO. Wed. 2 30 5at. 4.30 A 8.00. 


and IAN OGILVY .n 

"Nobody with an* recoect for the ttveanw 
wou'd wart to mi** Mr. Quavie i Lear.” 
Flrancnl Time*. 

CC. 01*437 6877. 
Thur*.. Sat. 3.00. 


Evenings 8.00. Mi^' 

by Tim Rice and Andrew Lloyd-Webber. 
Directed bv Harold Prince. 

PRINCE OF WALES. 01-930 8681. Credit 
card boo* inn* BSD 0846. Mon. to Thor*. 
8 . 00 . Fri. and Sat. 6-00 and 8.45. 
ALAN AYCKBOURN'S -m»*ll-tllt comedy 

■■ if you do not laugh, sue me." D. Em. 
A National Theatre production. 

QUEEN'S. “Credit cards. 01-734 1186, 
Eiro*. 1.00. Wed. 3. DO. Sat. 3.00. 8 30. 

Vot. 1.00. Wed. 3.00. Sat. 3.00. _ 


-- dazzling." e. sul •• most scenic- 

MAGICAL.'' Times LIL Sup, 

PHOENIX THEATRE. CC. 01-836 2294. 
Evgs. 8.00. Wed. 3.00. Sat. 5.00 A 0.30 
A New Play hy TDM 5TOPPARD. 
Directed bv PETER WOOD 

° LD V !£ g'sgcdil' 1 *57^2!?® CC 01 o 734 ’ 59J 

?, NL 2 V d ! ^VnSlIDnMr S “ n ‘ 

and JW. 12 at 10.30 im. A«,o b5c« THE FESTIVAL OF EROTICA 

29 33 and Jan 5. c it .7 (tg ■ Fully air -cenditianen. 


STRAND. 01-836 2660. Evening* S OD 
Mats. Thur*. 3.00. Sata. 5.30 and 8-3Q. 


y.f S?® 8- , 7 ; I windmiuAtmratre. cc.-oi-4st 6312. 

TwICR BIlBhtlV 9. 00' add 104)0 ’ 

”S»P? 64JO_and 8.00 
- PAOL-mUTMOND nresentp . 

• no off -. ■ - - - 

" Takas Sr-.-daprtcejteite<1 limits whal. is 
oerm.rtibfe.oo iOor Wages.'* E. - News. 

• THISD- GREAT -year 


Mar. Tue 2 as. Sat & Dec 

27th YEAR 

8 OO 
5. 8. 

WYNDHAMtS. From 830 am. 836 3078. 

Credit card Pkgs.- 83ft 1071-3. E«s. 8.00. 

” ^Wo^oSSfY 3 ^ 5 ’ 8 . 

" Sure-6rh ypmNta «n u* and reilaipto.-' 

TALK OF THE TOWN. CC- 0I-7J4 S051. I WEMBLEY' AM**. ; .. Open* D*c.' 21. 

S. Fn " *' 

Alr-cund R >oned . 

Danclnp 9.30 



VAUDEVILLE. . . CC _____ 

EfS 8.00. Wed mat 2.45. Sat 5-00. 8.00 

01-836 9988. 
‘ 5-00, r 
p ration <>r 

ilng " D. Tel. 
■IAS A “ 


” A navel and rdrohlng even) ... 

REWARDING.” D. Mirror. " PURE 
DELIGHT," The People. ARectiPftatc 
and • hnmy.” Gdn. 

DRURY LAKE. CC. 01-836 8108. Mm. 
to Sat. 8.00. Mart Vied ana Sat. 3 .jo 

Ema Chriiimj* Pert* Dee 22. 27. 28. 1 "A rare dewtMt'rg inrun* jhing 

29. Jan. 2, 3. 4. 9 at 4 3D and 3. [ minior.” S. Times. 3rd GREAT YEAR. 

HER MAJESTY'S. CC. 01-930 6606. 

E*d*. 7 00 Mai*. Wed* a>-d Sal. 3.00. . "A triumph . . worth travelling mile* 
THE NEW MUSICAL to see. " BBC Samo. ^ 


•Thu stunning production uniaueW rn- ; OPEN SPACE- 38. 6969. Breed's 
lorablt." F. TJmg*. ■■ The hinn-esl Musical j RESPSCTABW WEDDING. Eveninp* 1 
around bar none.' S. Mirror. 

VICTORIA PALACE. CC. 01-828 4735-6. 
01-834 1317 . 

Crt 7.30. Mas W»d. and Sal. 2.45. 



all -the . 

“S®. T>«.' 

The BID-' CnrMoUh Show lor 

family Det.i1~at.7jc dun 

to Jan. 5 -dab* 3.DD and' 6 00 Sac Doc. 
30 and sstteouanf Safa. 2D0: 5.00. 8 00. 
to Fri.. T.4Sr.MaJ. Wed. aiw Thur. 3 . 00 : 
Chwaren jMlv_5»«»or Ci:F**« hal<-prke 
most, oOtt., ■ roi .902 1 234.) 

wormiHsrteTfrtATRc. B s* was. 


^ Tlm w ^ 


;5S40. - 3.1 <C ' 

Late . «h ow 


PIRANHA (X) If: p.fn'.-_- 

I: Germ eve' ~ ' 


8.W. -Ljbfi 

Ol -HITLER, A CAREER. fAI.':P.ragS^r 45 - . 
4-4 s 7^55... Late ihoy/TD^y^ik - 

CURzaNLCirnon-^lreM; ^,1, - 499 jS737.t'. 

■ ----- lfc.A • 

mew- MUC&: >IKhaM , OOeglrs,- 
<AA)i_ Pp>i» tOSiL- S-M, .5-50,- 
ins thd* 10.55 •j».tr.-. ..'“--- - * - 

•- ■'"I 

•s .. 


:*• NOW ’CAUCk" Ar. HtRS - , 

Jogwn -*o6-titi«».-:PUm .2Jlir.tnDi- : 
Sun.J . *.M r - Sn20L -».4Q: -£mi- 5 : 

Wk.. 1 Jfl._S.OO. -8-TQ. ■Sun.^SAO; - 
7.4S. - Bkbte. 8 JO progs, end weekervlsi 
Late PlfiM Shew: FH.' and Sat tlliS err..' 


t .. 


Z.30. _S.30 :--jl.3o:-.'- taw-show.-fi*.. A 
Sal. - Dorm oprrh 41. IS- pm -orog-. -»r, Afi7*eae* .. ”, 


FORCeJo FROM kavaronkiaji-Sok- !' - - . i- .. t ■ 

«W^3nv4J(L17jW..4-..:-r < *.. ; 

W" tfoort-TVegwi.v. . 

TT-T5 pm._ -- \ - 1,-L -,=• v. : . ■ -,'s y. 

°SS9Si SSHSSt'***^. >92^7^7 -2flTT-Z->. 

1» . 



-ip* om. t r 

■TJ 1 * 1 

TASiL . 

i'*yTHCT BEAST , ■ 
VISIT, ^aciSooJ.-: 


WLoPcWifX^- Sep, . 

^ 3,10... BJK.B J9. . 

Srt-MiTS. 5eiM bkbN.; - 

SCENI?iriW, — " 

rtiwtmmi in. 1 i.uu 4irn. m u wutt j jg B i' - «iJL7Q*J '3W 

IHf .tempest^ Mb. Fob wed- ew. 7.«l SiS. s.!0.iii. sS>w1'#r: r iiid r si5?'TD5s.' : -‘" ■ 

Tues.-Sun*. at 8. 

ROYAL COURT. 730 1 745. 

Evening* Mon to Sat ■■ 8.00. 
by Aian Brown 

" Funnr . . .-but aim tn-nfounrll. 

CiattirlPBB. " Dally Telegraph. 

WAREHOUSE. . Donmai Thoalrg. Coyent * 
Garden. Rcw affice 936 6308.. Rural i 
Shakespeare co 8.00 oremiere 1 
brc<i Upward Barker's THE HANG OF I 
THE GAOL. Adv. bkg* Atdwvch. Now 

• ■ . ■- >;rV.~5 _ ■*'Ur 


'* Rj 5 ' \'‘ ' • is’ .?• ->■ 

s^rts*. ; ; -*> v: ‘ -:=• ■' • ■ ■; ' . J r . ;? * \ y • £•;>'•. ' ' ■. 

|v i .; tartey^ :feesi^:j 6 . 1978 

'?4 WBg- 


■ . Vr"l ■ "'.Wv. 7- •• . . -‘-I • t, 



' s ' s S86 


iMku « 




a*?^’ ^ 

■ ?Z ^ 


Anxiously-,: Ve ' watched " and pudding grtafr.'.^ir' Charles 
widted^'^^^ilc ibovered-for a Forte, excised .-Ifiteself this 
moihent, mh 3 then the bite was year bat insfcsir nn being present 
Calceit ; ?’Hhinmi-—t -F 'said the : in 1879. Other iddges. were the 
Lord Mayor in a tone tfiat sag- Savoy MaJtre GbeiF ties .cuisines, 
gested neither praise not dis- su^ino Trompetto.'and our awn 
appointment We vait^ lot *, women's editing tfti&l-yan der 
few/ »?condS'iiare, f - . Past -^ '-. . 

that J reaHy^^:^^fe^ynnr; : aUjfafc. j*. dnrtr'aot the 

. -r-^ ..V :- - 7'-. ' pudding game. ;Qur-i±eapest 
". ."j^STsc^i^J'Fba^eSBt: Times' pudding; cost Wp. iti^Safeways 
a miual X*feat3*adding Taste wajrand althoug h Tronjratfb: Siougbt 
on ftO^-wiy 'agarh; The Lord it “ too dark aridtoo ’liftrd ” and 
Mayor/of; Londop, Sir Kenneth Miss van der pa^tfimight it 
Cork, wasetie of tfbe assessors “ dull, ""Sir Kfenneto'Thnd Sir 
in this testmg- of. lie; 1978 yin- Hugh were botetem|*£dby its 
ta S e «; ?Weep jmctttegs - liad- texture- and .eftfadafesth: about 
been^^ssembled *»_ represent a- rts-tasto. The^ verdaCts were 
growing, array of brands. There soniewfcat simiiaj'^I ■ round to 
were, puddings^from Harrods, rhn ^ on oar nroSf expensive 
puddings from Ms. Peek, pud- two-poander. a- £4.50 production 
dings from Marts and Spencer from Crabtree anii®velyn. The 
Md puddimg fremJUnlewoods. extra disadvantage! of this pud- 
Fruity -puddings^ stodgy pad- ^ ^ juttg 5 as being 
din^, light puddings and dark ^ s oddity and relative dryness, 
puddings — all. prepared m the 

Savoy kitchens yepr dteg to Dryness might, ot'^course, be 
their manufacturer’s . instruc- a disadvantage in. -Mir - type of 
tiony and served on .individual -test. Not for our brave tasters 
plates so that the strong did the pleasures of brandy butter 
not infect the weait with their or even cream. The puddings 
flavour.’ ,...!" • ' had to stand on their own, the 

'Hie FT pudding panel is grow- judges being allowed only an 
teg expert in the 'assessment occasional palate ^rinse to keep 
game japadly learning that pud- them going. 

(hngs are not -always .what the At times that ._going was 
pretty picture oh tee packs sag- difficult. “ Watch:; ’teis,” cried 
gest Sir Hugh Wontner, chair- rte ever perky Trompetto, push- 
man of the Savor Group, was a Jug the convex side; .of a spoon 
newcomer to the circle and hard against the top' [of a par- 
showed dangerous signs of addic- ticulariy solid looking: offering, 
tron towards the end, an oocu- Deeper - the spoony sank, but 
pathmsd hazard that might still there was ho-;^gn of a 
explain why one of oiir normal break In the pudding’s remark- 

P.-rHraa; 'incur moiijinrua 

The Lord Mayor ponders . . . 

T rom petto considers. 

ably resilient surface. Then 
the spoon was released. Up it 
soared as if assisted by some 
tiny trampoline. “ That,” 
muttered our Maitre Chef omin- 
ously, “was obviously made of 
old car tyres.” 

Sir Hugh seemed suddenly 
attracted by one pud. He smelt 
it: “Reasonable,” he an- 

nounced with the hint of a 
smile at (he cheekiness of the 
bouquet. He cut into it: "Very 
good.” he effused, noticing the 
appealing texture for which all 
judges were searching. And 
then he tasted it. In fact I 
thought his reaction remarkably 
polite. “Not,” he declared. 
“Not as good as it could be.” 
Clearly Sir Hugh is a diplomat, 
and clearly, in puddings, things 
are not always what they seem. 

The overall view of this year's 
vintage was that the gap be- 

tween the best and the worst 
has widened considerably, but 
that the best are somewhat 
better than they were last year. 
The British pudding is improv- 
ing. Pudding eating is, however, 
veiy much a question of taste. 
This might be why our group 
felt that Harrods new nuttier 
pudding, with added cherries, 
was not an improvement on the 
original. It might also explain 
why the St. Michael pud did not 
receive quite the enthusiastic 
notices that it has done in the 
past. Pudding afficianados may 
instead be heading for Jacksons 
of Piccadilly whose pudding 
won consistent praise. 

After tasting the Lord Mayor 
presented one of London’s really 
great puddings, the Savoy’s own, 
prepared by Trompetto, to 
Sister Linn Green and Staff 
Nurse Wendy Koyds of St. 
Bartholomew’s Hospital London. 

A pair at CMsajhDefSi' Candle stick groat*. 
To bo Wltf OP rfiSruJoy. 18th January, 197_9.' 



Oriental ceramics and works of art including Japanese and Chinese 
pottery and porcelain, bronzes, ivories and furniture. 

Victorian and later furniture and works of art. 


European ceramics and glass, including a fine collection of Bow, 
Chelsea and Derby figures and groups, good creamware. 

Paintings, watercolour drawings and prints. 

Georgian and later furniture and works of art. 
Caaiogues 65p each'by post. {Applications to be prepaid.). 


20, The Square. Retford, Nottinghamshire. 

Telephone? (0777) 706767 


ALTHOUGH. THE 7 term “Christ- 
mas Box” is of great antiquity, 
I suspect .that .tee ‘ wholesale 
annual trading of presents, use- 
ful or distressing, iff which we 
now customarily indulge, is a 
very -modern, commerce. 

The original Christmas . box 
was .simply * small* pear-shaped 
day money-box in “which, from 
the middle ages up' to the 17th- 
century, . ’prentices saved 
farthings and halfpennies for a 
share-out jiT the festival; Season. 
But preseat-giving. : played . no 
great part in the ceremonials of 
Christmas jollity which Dickens 

t- sanctified. When- Prince Albert rapid Industrial development of 
r, brought the Christmas tree to the mid-Victorian period. The 
e this country, the surprises with newspaper advertisements of 
j- which it was laden^would prob- Christmas, 1878, already hint at 
e ably have been no.more than a consumer society, with their 
a tiny favours or &uft or twists wholesale offers of greetings 
of sweets. The ’Victorian Santa cards and helpful suggestions for 
k would never have .'dreamed of presents. Ten thousand suitable 
d lumbering himself-'Wtii offer- gifts proposed by Parkins and 
n ings on the scale 'Of video- Gotto of Regent Street ranged 
i- cassette recorders, .’ electric from ink stands and tea caddies 
d organs, fur coats' or even digital to the new Doultcn ware, 
a watches. . •_ magic lanterns and games com- 

L -• Already a hundred years Ago peadiums. The Goldsmiths' 

0 however, the great Christinas Alliance suggested rings from 
>f c omm erce was./weli under „vay £2 to £500 or, for gentlemen, 
s -—an outcome! perhaps of " the studs 'lo-£50. ... 

/'■ ' \ The Christmas annuals and 

\ new Christmas music catered 
\for shallower pockets and 
Yaraily entertainment. There 

■ das a . “ Merry Christmas 
Sdhottische” lor 1878, and a 
Special Christmas Album of 24 
new- piano pieces by P. 

, Tchaitowsky, recommended by 
the reviews as “sterling value.” 
'' For the middle class family. 

■ the children already loomed 
large and costly. Christmas for 
the well-to-do child was unthink-. 

v. able without a visit to the 
Lowther Arcade, London's 

Jr Aladdin’s cave of toys in the 
?>}. . last quarter of the nineteenth 

One hundred years ago, then, 

. Christmas may already have 
been commercialised; but the 
'season and the artefacts 

associated with it have now an 
. intense nostalgia. Jeremy 

1 * Cooper who has recently con- 

duat interest On the wife hand way to a challenge for first prize 
there . . are , the- thoughts,'- of, -in the last round. 

Steinitz in his' mature period, on' -A virtually unique feature, 

’ Ms theory of positional play' that w h i c h makes ’’ Second 
is the basis of modern chess. Qo Piatigorsky Cup” (Constable, 
the other hand its “ Personal and 35 ) valuable for the student 
General ” column contains some ^ most of 1be grand- 

of masters annotate ail their 

controversy in tee history ot j ose or graw. with 

; T—p, ^>c 

I to ^n^to «$1&? and Really. Fischer trea ; tee only 

curso^ readteg of such epithet*’ te 
. as “inky ruffian” makes one ^ contribution is lunited to 
. realise why tee crotchety world ' Tmtes to his win over Najdorf. 

. champion made so many enemies. . - . POSITION NO. 246 

BLACKC11 men) 



THE CURRENT move Into 
antique* and objects d'art as a 
hedge against inflation has its 
counterpart- iii - chess. Certain 
chess books ' have - always ieen 
difficult to track down; and Col- 
lectors report that many, second- 
hand items, are nowadays prac- 
tically unobtainable. 

This his given, a stimulus to 
the reprinting industry,- aad 
various firms have decided to re- 
print old classics for tee benefit 
of the. . serious student - and 

The JBritish Chess Magazine has 
reprinted many fine tournament 
books, both German and English, 
such " as - Xbndon • 1883 > and 
Carlgbad 1911.' - - 

- . There Is a stUT more interesting 
choice of titles in the .Dover 
series which are marketed in this 
country by Constable. . For- the 
modest cost of around £2 it .is 
possible to purchase reprints of 
such deservedly famous events as 
New York 1924 (won by Lasker 
ahead of Capablanca : and 
Aiekhine) which, with Alekhine's 
extensive notes -is often con- 
sidered the best-ever tournament 
book; Nottingham 1936, in which 
five world champions partici- 
pated; and Botvinnik's deep 
analyses of the USSR Absolute 
f-hawnplnnshi p of-194L -- 

Such reprints hardly affect the. 
price of the rare originals, since 
collectors tend to be .a separate 

breed from the keen player. 

Oxford University Press also 
promise a series of volumes 
giving all the significant games 
played in the 19th century, and a 
-good selection ot the main 20th 
century events. • 

. One welcome . projeet Is the 
Intention of the Chess Player of 
- Nottingham to reprmt the seven 
volumes of Steinitz's “Inter- 
national Chess Magazine ”' pi£ 
lisbed in. New York between 188o 
and 1891. ■ . - • 

< This is one of the rarest ilem? 
on' the second-hand market end 
tea material- it contain? has-.a . 

verted a Victorian school near 
the British Museum into a very 
pleasant antiques .qallery 
specialising in the decorative 
arts of 1830-1030 ( 9 Galen Place, 
Little Russell Street) has 
currently an amusing exhibition 
of “Victorian anti Edwardian 
Christmas presents.” 

The exhibition speculates 
rather imaginatively what our 
grandparents and great grand- 
parents might have given one 
another: and offers us a chance 
to give the same. Prices range 
from 50p for a wooden jigsaw- 
puzzle to £440 for a musical 
necessaire in the shape of a 
miniature grand piano. 

A collection of printed com- 
memorative hankies and scarves 
(priced between £1 anil £30) 
tend to the patriotic, with 
souvenirs of Victoria's Jubilees 
and Edward’s Coronation. A 
Coronation scarf illustrates 
Comtes Events in the Present 
Century.” among ihi?m a picture 
of a mnustachio'd gentleman 
with a lot of wires and a speak- 
ing horn, “having a talk with 
the mao in the moon.” It is 
arguable, though, whether an 
ear trumpet of c.1850 ( priced at 

Lucia plunges . . . 

£38) would come into the 
category of Useful or 

Old toys have a special 
nostalgia. Jeremy Caupsr has a 
selection, including this clock- 
work “Baulky ?.!n!e,” man? in 
Germany around six decades 
agn and still in perfect working 
order (£75). 

.Sotheby's Belgravia has a 
well-timed two-day sale on Wed- 
nesday and Thursday, with 
several hundred lots of 19th- and 
early 29ih-century dolls, toys 
and games. There is a large 
section of Disoeyana. including 
a 19S0 Micky Mouse organ 
grinder, estimated at £150-£250. 
Among, the earlier French 2 nd 
German tinplate tors, my 
favourite is a Lehmann 
“ Naughty Nephew ” motor-car 
of c.1910. When the car is 
wound up,, a small boy in a 
sailor suit endeavours to grab 
th? steering wheel while his 
uncle, seated opposite, very pro- 
perly slaps him. 

These venerable toys are no 
longer for children to play with: 
hut Pollocks' Toy Museum in 
Whitfield Street still permits 
them to share Victorian child- 
hood pleasures. Pol loci; s sell a 
w:de variety of traditional toys, 
apart from the model theatres 
which are their principal s-ock- 

... Sir Hugh pauses. 

in-trade and raison d’etre. 

You won't, find anything in 
plastic: hut Pollocks’ toys are 
jolly and coiourful and quite 
without any of the chilling, puri- 
tan: ca! b'endness of the "im- 
proving and egucat-ional ” toy. 
There are lag dolls to be cut out 
and s'.'iff.-d.! paper and 
suites of wooden furniture for 
dolls' houses, and a wide variety 
of cut-out toys. From Denmark 
there arc reproductions of 
pretty 19th-century paper cor- 
nucopia to fill with sweets and 
hang on the Christmas tree. 

The cut-out theatres are still 
the best value. They are still 
made, in styles and designs that 
kept generations of Georgian 
and Victorian children quiet and 
busy: some of the reprinted 
plays date from the 1830s and 
1S44J5. Prices for Pollock*' own 
cut-out theatres start at a iittle 
over £1. complete with scenery 
and character::: or you can buy 
costlier reorints or florid Her- 
man and Danish theatres of the 
IS 80s. The only risk in giving 
a Pollock theatre for a present 
is that you might be wrenched 
from the telly to watch a per- 
formance of Cinerella or The 
Corsican Brothers on the dining 


champion made so many enemies. . - . ; POSITION NO. 246 

Even „ the Russians have' 
decided to move into this market 
by . reprinting PetrofTs 1834 
textbook. The original came out 
in only 300 'copies, whereas the 
reprint is an edition of 6,000 st. 
a price , of 17 roubles (£19). ; 

There has' always been 'con- 
troversy among chess historians 
as to where Petroff (who gave • 
his name to the defence 1 P-K4, 

P-K4; 2 N-KB3. N-KB3) slood in 
relation to tee pawn-orientated. •. 
theory of PhilidOr and the piece- 
play. theory of tee Italian school 
of LolU and Ponriani. 

The book indicates that Petroff - WRITE fit men) 

gwnredtively p^hut reri^ Bonner v. Ivkov, Piatigorsky 
th e str ength. of a massive pawn .q^ iggg At first sight an even 
centre or a gradual advance of a . but Black (lo move) 

forced a win within a few moves. 

The book's 400-odd pages fflye • .-Hnfty did tee game finish? 
attention .to middle game and^.,... .... 



IN a Crockford’s Cup match, 
two most interesting hands 
occurred. We look first at this: 


♦ K 

O Q 10 7 3 

* A Q 10 8 6 2 

W. E. 

♦ J 3 ♦ A 9 

V A 5 V KQ 10 9876 

O J 8 6 5 4 2 OKS 

* J 9 7 * 5 4 


4Q 10 876542 
V J 2 
O A 
+ K 3 




ending as. well as opening. The PROBLEM NO. 246 

curiosity in tee opening section - 
is that Petroff analyses the main 
line of Alekhine’s Defence which 
is - considered the quintessence 
of hypexmodemlsxn. H3s conf 
ments riirii 1- P-K4, N-KB3; ^ 

P-K5, N-K5 (“if Black steps with 
knight ‘ to . Q4, then P-QB4' 
followed by P-Q4 and White w£H 
have ’ free play - for. all . his 
pieces”); 3 P-Q3, N-R4; 4 P-Q4, 

N-K3; & P-Q5* N-B4: 6 P-QN4. 

KN-R3: 7 P-QR3 (“White’s game: 
is well developed: ' his hishops 
and knights can act freely’’).:. ; '• 

The most recent add Interestr 
itig “ classical reprint” is; -a 
Dover-Constable version of 'One' 
of the greatest postwar tounue White mates in five moves at 
'ments. the Piatigorsky Cup at latest; against any defence. An 
Santa Monica. 1966. Spassky won, easy puzzle, but one of historical 
hdt a highlight of. the play m. comes from- Petroff s 

a brilliant recovery by Bobby 1824 book referred to above. 
Fischer from last place a* half-; - • Solutions Page 12 

WHITE (7men) 

East dealt with both sides 
vulnerable and had to choose 
between an opening bid of one 
heart or four hearts, and he 
eventually settled for the 
quieter one heart South, how- 
ever, had no doubt about his 
course of action — he bid an ! 
aggressive four spades, and this 
was followed by three passes. 

West led the Ace of hearts, 
and continued with the five to 
East's Queen. At the third trick 1 
the heart King was returned,! 
South ruffed witb the eight of I 
trumps, and West bad to decide 
whether to discard or overruff 
and so force out dummy's King. 
In actual play West overruffed, 1 
which was a mistake. 

He should, perhaps, have 
reasoned that East did not have 1 
the diamond Ace — otherwise he. 
would have cashed it — and so 
he must be credited with the 
Ace of spades. In that case it; 
must be right -to discard the 
two of diamonds in order to 
direct his partner, when he got 
in with the spade Ace, to lead 
another heart and defeat the 
contract by promoting West’s 
Knave of trumps. 

West was at fault, but East 1 
was, I think, even more to 
blame The declarer must surely 
hold the diamond Ace, and there 

is clearly no club trick for the 
defence. A trump promotion is 
the only hope. After making bis 
Queen of hearts. East should 
have cashed the spade Ace and 
led another, heart, defeating the 
contract immediately. 

My second example teaches 
more than one lesson: 


♦ 943 
o _ 

♦ AKQ9764 

W E. 

♦ A K 10 2 40870 

T 8 2 f?K 10 973 

' .T 9 5 4 3 $ A K 10 . 

♦ J 5 *2 

' S. 

♦ J 5 

(7AQ5 . 

O Q 8 7 6 2 

♦ 10 8 3 

. With East-West vulnerable. 
North dealt and opened the 
bidding with a “gambling” 
three no trumps. East passed, 
and South bid four clubs — be 
knows which minor suit his 
partner must have — and his bid a 
informs North that he is not' 
good enough to pass three no 
trumps. West and North passed, 

but now East could not tamely 

In view of the bidding, bis 
side may be able to make a vul- 
nerable game, so he bid four 
hearts. South now bid five 
clubs, which was doubled by 
West, and all passed. 

West led the spade King, and 
when East dropped the seven, 
cashed the Ace, and continued 
with the two. The declarer 
ruffed in hand, ruffed a 
diamond on the table, and 
returned a low heart to the nine 
and Queen. Another diamond 
was ruffed on the table, bring- 
ing down East's King, and the 
red suit squeeze became obvious. 
Dummy’s trumps were run off, 
and East had to choose between 
setting up the declarer’s 
diamond Queen, or dummy’s 
Knave of hearts for the 
eleventh trick. 

It is not easy for East to fore- 
see wbat happened, but if he 
discourages his partner’s spade 
lead and gets a heart switch, the 
declarer will not be able to 
ruff a spade in band — this is 
essential — before his second 
heart honour is taken out. and 
with no heart entry left in the 
South hand, the squeeze becomes 

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Kashgar designs e.g:approx rugs e.g. approx b x ^ b Jjjl 

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wahwpwcrjww PAKISTAN Carpets intraditional 
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SET OF TEN Repro. Mahogany Heppte- 
whlte earners approx. 95 »rs. otd. Excel, 
lent condition, oners over *6.000 con- . 
sinJertd. Write to Box G3068. Financial 
Timet. 10 Cannon St.. EC4P 4 BY. 


EVE. 159, Regent Street- 734 95BZ. A la 
Carte or All-In Menu. Three Spectacular 
Floor Shows 10.45. 1245 and 1.45 and 
music of Johnny Hawhesoronh & Friends. 


ACNEW GALLERY. 43. Old Bond St.. 
W.l. 01-529 6176. DRAWINGS FOR 
Mon.-Frl. 9.50-5.30. Thun, until 7.00. 

Antique clocks and watches 
make excellenc investments. We 
would be pleased to advise you. 
HacHow Antiques 

I. The Pantiles 
Tunbridge Welle 
0892 29858 

BROWSE A DARBY. 10. Cork Si.. W.l. 

« SAJLWAY — Circus Pictures. 
(AN ADAMS — Flower Pictures. 1 

ASH BARN until December 23rd. 
Michae'mas Exhibition ot Paintings and 
Scum-.ure. Open dally >0.00 ro 6.00. 
Sunders 2.00 to 6.00. Closed Mondays, 
i After Chr.stmas open by appointment.) 
W nchester Rood. Stroud Petersfteid. 
Hampshire. Tel 0730 3552. 

BLOND FINE AKT. 33 Sackellle Street. 
London W.l. Tef. 01-437 1230. CHRIST- 
MAS SHOW— a mixed exhibition of 
painUnps. watercolours and prints by 
Charlotte Ardlmwie. Eric Gill. D'ineca 
Grant. Michael Cregpry, AntJionv Gross. 
Rudolph lltlee. Laura Knight. Dad 
P racier. Ahn woodcuts by throe contem- 
porary artists. Christopher Appleby. Max- 
well Blond. Howard Thompson. Until 23 
Dec. Mon.-Frl. 10-6. Sacs. 10.1. 

ROY MILES, 6 Bake Street. St. James’s. 
Acquisitions on view Monday to Friday 

C Plato, the famous designer. First London 
Exhibition. WeO. December 13 to Frl. 
December 22. Open daily IQ. 5 JO p.m. 
Sats. 10-1. 

Monday, 18 December, 11 a.m. 


Monday. 18 December, 2 p.m. 


Tuesday, 19 December, 11 a.m. 


CARPETS. Cat. 37p. 

Tuesday. 19 December, 11 a.m. and 2 p.m, 
FINE JEWELS. 111. Cat. £1.20. 

Tuesday, 19 December. I JO p.m. 


Wednesday. 20 December, 11 a.m. 
& GLASS. Cat. 37p. 

Thursday, 21 December. 11 a.m. 
TEXTILES & LACE. Cat. 37p. 

Friday. 22 December. 11 a.m- 

Thursday, 21 December, 10 a.m. 

View Wed. 9-7 p.m. Cat. J7p. 


Tuesday, 19 December, 10 a.m. 

View day before 9-7 p.m. Cat. 37 p. 
Friday. 22 December, 10 a.m. 
PICTURES at 12J0 p.m. 

View Thurs. 9-4 p.m. Cat. 37p. 

Cat. prices include postage 

4.30 p.m. ON FRIDAY. 22 DECEMBER 




tmis nins 

TcHS 723018 

Phillips pri&tfpai sakrwa at 7 Blenheim St, New Bond St„Le&k>R W O&S.Tel: 629 

JWl *fr.lCWlVi^St. BBufciTWSiHoma . fall KtnvriWt SmtaLfiSOn'nfcJt. 

WlbliA buhAwi KunL-WjrvMiJlank CtEecPt-rtlrlttib. UntiaKhU I’J-H. UndaiWSti.fJ 


SS5SSSSSSB NenkrddKSadefy^FwAtiAKetmms.vkH2&7Sfrn > u8lus staled- 5E553SS5 

Slnp* 98^ <ulurlu)l be ■ec- u DJin Ct>«- a ^nreoderti 

i liri*! ^kntJTcl Trotn (Km. 

IdlUlWI'JGM Nr«V)4,'Ttiowc. 


.**' -i — ^ ■ j 

... ' .• i. -^.f^andal . 





._-‘ r i>.-^:~'- j r 



Tria panw : FtnantJiuo, London PS4. Telex! 886341/3, 683897 
Telephone: 61-248 8000 


^Saturday December 16 1978 

' - -V 

‘ \ i, • 

.“"i : 

A soberish 


.’ ■ ;X’, 


fallen, and neither has the shy; 
but the markets are seeing the 
year out in a very subdued 
mood compared with recent 
Christmasses. Since the eco- 
nomic situation is obviously 
better than in any of Ibe past 
five years, this may appear un- 
grateful; but markets, of course, 
look ahead. At the end of 1976 
and 1977 it was reasonable, and 
has proved right with hind- 
sight. to expect that the year 
to come would be better than 
the year just past. Now we 
appear to have run into a sticky 
patch, both nationally and inter- 


The most recent dramas have 
been at home, and their signi- 
ficance is pretty clear. With 
the defeat of the Government 
over pay sanctions, we now 
have, despite the insults traded 
in the House of Commons, a 
bipartisan policy against infla- 
tion. The Government is rely- 
ing on monetary control, a 
stable exchange rate and cash 
limits in the public sector to 
check an acceleration in infla- 
tion. These are the main planks 
of Conservative policy, too. The 
Government has a declared pay 
policy in the public sector 
which will clearly now have to 
be modified. The Conservatives, 
were they in office, would have 
to translate cash limits into 
some kind of pay objective, 
even if no norm was declared 
to form a centre of contention. 

The greatest apparent dif- 
ference between the parties 
concerns the fiscal balance. 
Labour has maintained a his- 
torically high borrowing require- 
ment despite the recovery of 
the private sector of the 
economy: this helps to explain 
the very high level of interest 
rates now ruling. The Conser- 
vatives would make cutting the 
public deficit a high priority. 
We strongly support this 
objective: but cutting public 
spending has always proved 
easier to preach than to 
practise, and the results of a 
change might not at first be 
dramatic. The Government’s 
narrow scrape, and the rising 
odds on a Conservative election 
victory within months, have not 
therefore greatly excited the 

The fact is that althnugh the 
financial balance in the 
economy i$ now better than fur 
some years, financial rectitude 
will not solve all problems. 
Leap-frogging wage claims, 
militant pressure and sluggish 
industrial performance all help 
to cause inflation. Real solutions 
may take years. 

Meanwhile, across the Chan- 
nel and the Irish Sea. all our 
partners. in the European com- 
munities hove now united in 
an effort to check inflation and 

instability by- means of market 
intervention and political will. 
Many of them find it hard to 
understand why Britain, whose 
own commitment to exchange 
rale stability has been ringingly 
reaffirmed by the Chancellor 
and the Bank of England, and 
resLs on a recent period of solid 
achievement, is sitting this one 
nut. Some of -the reasons are 
political: it is unhappily easier 
to persuade British voters fu 
accept unpleasant measures in 
the name of national interest 
land national masochism) than 
in the European cause. We are 
also arguing with our partners 
over other aspects of Com- 
munity policy. Ho-wever. there 
are also strong technical doubts, 
shared by many central bankers 
in Europe. A promise tu inter- 
vene is a promise to finance 
speculation, and may provoke 

A FTER THE Government’s 
survival in the House of 
Commons this week, the 
next key date in British politics 
is likely to be March 1. 1979 or, 
to-be more precise. March 2, for 
it is then that we shall know 
the results of the referendum^ 
on the setting up of the Scottish 
and Welsh Assemblies. 

The Government now has a 
respite from Parliament of 
about one month. Even when 
the House of Commons returns 
in the middle of January, it 
seems improbable that it will 
again be ‘ seriously challenged 
before the referendum? are out 
of the way. For what the events 
of the past few days have shown 
beyond doubt is that the Con- 
servative Opposition cannot yet 
summon up enough support 
from the smaller parties to 
defeat the Government on an 
issue of confidence. After the 
referendums it might be differ- 
eot, but for the time being 
there are still too many MPs 
outside the main parties who 
have an interest in Mr. Cal- 
laghan's survival . 

The possibility of a series of 
speculative currency crises iit; 
Europe — the traditional way of 
adjusting “fixed" exchange 
rates — is one of the many inter- ' 
national uncertainties which is 1 
restraining financial confidence, j 
Though it may generate some 
excitement among dealers after 
New Year’s Day, it is probably 
the least pressing. The condi- 
tion of the dollar, and of the 
Eurodollar banking system, is 
considerably .more ominous. 

•It is generally agreed that the 
dollar recovery engineered by 
intervention in recent weeks 
can only be consolidated by 
further financial stringency. 
The eight of President Carter 
trying a whole set of measures 
discredited by British experi- 
ence— pay sanctions and all— is 
not heartening. Technically, a 
floating sterling system is far 
better insulated from events in 
New York than most investors 
realise, but a real, crisis could 
certainly not be isolated in the 



A long way 

Labour * troubles, snake 
troubles, dollar troubles— these 
are familiar enough. So are oil 
price rises: and the Middle East 
crisis has been with us for so 
long that its resurgence is a 
manageable disappointment! 
Troubles in Iran and Africa are 
relatively new, and potentially 
more forbidding. With so much 
gloom in the headlines, it is 
hard to remember the underly- 
ing good news. We have come a 
long way from the appalling 
crises of 1975 and 1976 and we 
can 5 till hope, after a period of 
unpleasantness, to progress 
further. Anyone who had fore- 
cast our present situation — ex- 
change rate, inflation rate, level 
of real wellbeing — two or three 
years ago would have been dis-, 
missed as a mad optimist The , 
future may still have the power 
to surprise pleasantly. 1 

The Government Itself is 
fully aware of the position and 
is playing it for all that it is 
wortyt The support — or at least 
the non-opposition — of the bulk 
of the Ulster Unionists has been 
secured by the promise of legis- 
lation to increase the, number 
of Ulster constituencies. That 
Ipgfslation should come shortly 
after Parliament returns, so to 
that extent the summit of the 
Ulstermen is probably a waning 
asset. Yet an Ions as The sunoort 
exists, it is almost certainly 
enough to keeD the Government 
in office, regardless of what the 
other small parties do. 

The Government also wants 
the referendums, and especially 
the Scottish referendum, to take 
dace on time For reasons of 
its own. It believes that the 
Labour Parly has regained the 
initiative in Scotland because, 
however belatedly, it embraced 
the principle of devolution. 
The evidence of all recent 
Scottish by-elections, as well 
as the oninion polls which show 
the decline of the Nationalists, 
suggest that that view is 
correct. The Government wants 
now to deliver the goods. 

The consequence is that the 
result of the referendums will 
have an importance that goes 
far beyond Scotland and Wales. 
So. therefore, will the refer- 
endum campaigns. The Govern- 
ment and the bulk of the 
Labour Party want the 
Assemblies to be established. 
Yet to achieve that will require 
a majority not only of those 
voting, but a majority that is 
the equivalent of at least 
around 40 per cent of the 
Scottish and Welsh electorates. 
That could be difficult especi- 
ally ]f the weather is bad, for 
the weather could seriously 
affect the turn-out 

For the Government, the 
stakes are high in two ways. In 
the first place, a yes vole for 
the Assemblies would enable it 
to say that it had given the 
Scottish and ‘Welsh peoples what 
they wanted, though here there 
is also a let-out If the votes 
went against the : establishment 
of thq Assemblies, the Govern- 
ment would still be able to say 
that it had tested opinion and 
found that the demand for the 
Assemblies was less than over- 
whelming. Either way, the 
Government will probably con- 
tinue to succeed in deflating the 
support for the- Nationalist 
parties, at least in the short- 

There could, be a problem if 
the vote in favour of the 
Assemblies came very close to 
40 per cent -of the electorates, 
but did not quite reach it. The 
Government would then have to 
make a very awkward decision. 
Should it allow the Assemblies 
to go ahead regardless, on the 
grounds that the. vote came very 
near? Or should it say “ No " ? 
Again, however, the Govern- 
ment could probably turn the 
situation to its advantage. Mr. 
Callaghan could , weigh the 
decision ou whether to approve 
the Assemblies against the pos- 
sibility of receiving Nationalist 
support for the Government's 
continued existence. 

Yet on ' the assumption that 
such a close result is statistically 

Denis 'iBtakmi Chan- 
cellor -o 1 the', Excbeque^, wfijl 
--meet “the TUG • Eco d omic , Cum- • 
tnittee dh Tuesday in' aa .effort 
i- pick up thevpieces of^e tm- 
. ratified' TUC-Govemm.ent.|^re^ 
.-■meat of lasuinpotk- • 

caisoHbe -new talks wiib thfe'CBi'- 
Biit • "befitto it .ill .. 

; : meat-wiB desperatelyrlcyiiig! 
to. hebd off trouble irutijerpublic 

52 sector; for it 

a -nr+ini* • nv- the-iMoeal 


' V.; * 


direct ectioit 


worries it most < v 


• '' . 


. i. t : t >. ~.y 

The Scots Nats: . Hr, Callaghan’s future devolves, upon them. 

So ' long as v «anctioBS> agftiqst 
those w&o^broke. thir^SrSaEp ’ 
. policy in-' .- the . private. Rector . 
were maintained, - the .<5overa- 
inerit at least had Tin ;alibiA;it ' 
could ckitarthat;ir-\pas^fighthii| : 
the battle agiinst infl^odAn? 
-both the-ipdblic ahd-ttfe private 
- fronts. - Now ; it ■ i^ condemned ■ 
:to. fight r inthe' pubUef<sectoc- 
: alone. / Yet lCw ;th^ public 
-sector which Contains, those low- 
paid' workers who.mostcoucerQ 

■ the X^b< 7 ur :Mrjvement,‘ am! fi ts . 
. the ' public sector 
cause most dis'ruptioa 'to life, in : 
general. Few pebplei;.‘aftqr., , ,at. 
werfe - much- affected 'by;vthe‘ 
strike at ; Fordl,. ; A strike of The 
country's f dustmen A - 

'L-r 'l'. '- ’ •• ' 

" - 71 • J 

. ■ . 

„ „ ....... , -quite different-xnatter. 

Yet on the assumption that .... .. . • : - ". S V . • 4 -r- . 

such a close result is statistically ne ed for Mr. Callaghan to think the relative ease of the Gqverii- w^nted to vote against ,the-.ifl- J 

improbable, one comes to the seriously about the date of the meat's victors’ in the copfidencd, pomes policy, but ndt yet at.tbe'xor 

second reason why the outcome general election until after vote on Thursday. In the second, price of bringing down- \the la ®r^ 

of the referendums is so import- March 1. As it happens, such a vote on Wednesday only';. one Government. Mr, . Mikardp On -tnursoayr 

ant for the Government. If the time-table should suit him very Labour MP among tbose/pre- Earned— and others nodded, hi rule was cever intenGe^o i^^a 

Scottish vote is “ yes," the we ll. for by then all sorts o‘f sent, Mr. Arthur Latham, ; de- agreement— that he . himsetf JJSigS- 

Nationalist Party will presum- other calculations should be dined to give the Government would never give that- support 


iiauuucuMi * uoier calculations snouiu uc * — — — — r uuiu ^ : ~- rr — ■ __jr -riw^rawMirt’ 

ably demand an early date for clearer and it i? to those that support, and the Govera-^ain. The only reason he gave ^epponSy^ . and ^e • Gygriggg;- 
the Assembly elections. It is in war 5Z ' ment lost by two. In the, wrfsff this week, he .’said.,;** a 

the Assembly elections. It is in we now turn ment 3ost by In the. con- it this week, he . said, .was 

the Government’s power to give T . . . . . fidence vote on Thursday, evec the assumption that the ^comes roncessioM^^e g 

it. provided that there is not a The ***"*• of the P? sl we ® k Mr. Latham came round and the policy would now be riiasged. ^ be; seep^ howereri 

til MIOV 1UV U L11UL LUW1 V. IP UUi « . ^ - j m _« .1 _ — * 

general election in the mean- r *°’ and t P ! ?!?? f t Government won by 10...None :. 

+-; — r. »i. Government failed to reach „f t-hai hnwpcpr shnnld dfseruise _ 

mJ. - Whether Those coDces^oss : wiH { 

Mr. Galiaghan s inf^e- enbnSh.40 Placate r 

time. It is therefore quite pos- Government failed to reach 0 f thal. however, should. disguise ^, 1 ^ it is not oS^ffew 

_: h ,_ fn _ th<k rnrornniOTt" m agreement with the TUC on m- t v )C ex tent of the unhappiness Jr, 11 ? 3 ’ ’• -ItU: Labour- Mbveandnt^ aiSd'-to; 

remain " in office hpvnnrf March eomes policy last July, have left wit hin the Labour. Party 



remain' in office beyond March eomes policy last July, have left withi „ the Ubour ; Party d oftom to SSe 

uAth *v,o cimnnrt nt 3Ir - Callaghan s Government Mr Callaghan s policies, j • > 35 • y 00 . “ " !. small enough.^erve tije 

has lost the support of The speeches in the confidence gf Labour Mo'vemehf behind - T 1181 

Ulster Unionists because it will it. much le^s safe in the i< ■»*«.• i w mnctilnw «• be- ivlavod out- next-f bi« 

have already paid them off. 

1 : 

I'- - * t 

v 'V- BuTs'^3 ' 

have already paid them off . 5 s lJ ie Labour Party and confined t Q the Loft of the party. opposition within thfe House of wd^kfi- 

Of course, if is m» .ho, if “ 'Tu a SSJ Z ZZ 11 w ^ SSE ThCncomes ^icy ^ 

the referendum results s,o SS\«?at brie thm ^ stilfa esamiile ’ the Member for Stoke- ^ been twice rejected by the 

against the Assemblies, the E reatdeal to ntav S? on-Trent Central, who described TUC— once in the -summer and 

Nationalists theoroelves would himself as right of centre and once last month— end ’ ovef- 

be in a dilemma. What would _ has never voted ; • agalfisr * whelmlngly rejected ! by . the Jg™*' 

be the point of supporting a Ujc nrnforrofl Labour Government in hw Utov porty conference.. the ■ 

be in a dilemma. What v/ould 
be the point of supporting a 
Government that had nothing 
left to offer even in the mildest 
form of devolution? Yet it is 
that very possibility that -must 

His preferred 

r. m 

■ Mardi atthp jearUest. Even then, 
"iV it the .r«ferrndain~TesuIts’ go the 
right way. umight xtif LhaVe the 
: : bpportunity .of ggihg on:' .- . 

, . - It iWeiddibe rast; to/ assume 
: JY' tB;at if. -the ouflbcfcis; bad^ Jhe ; 

that very possibility that -must To put it sirnplv, : Mr. sai °' . ,ut " • w by the Government. - . i7*rch : a t i heiarilikL Eved then 

increase the Goverumeat's Clinton can still ?ai4y - ^ - Vv V' 

determination to a “ yes vote. House of Commons on a vote I*" 1 *' achieve the same results - rlebt way- ■ fririfeht itflLha^ethe 

Wales perhaps does not matter 0 f confidence. He can no longer *“■ incr f“ s rt FOpUlar , : r’ Slty SS • 

very much in that there are carry the House on a vote on mps as it there were no incomes r -> ™ ™ - v . 

only three Welsh Nationalist his preferred approach to in- VOlvj at all Was it. he SUDDOFt ^ v> 

MPs. but there are II Scot Nats comes poliev, even though it wonrfsrod. really worth the .. >. t^at if the ouflook.,Js bad, the : 

-enough to keep the Govern- may still be popular m the effort? ..- Yer aftt^saae time ' 

ment in power till October country. He therefore has te Mr. Cant was applauded, not Callaghan, remains .ponvlncdd pourtr^. ^ IndeqdJIri CalM&ms 
should they choose to do .-.o. reconcile ihe House, which surprisingly, by Mr. Ian that the poliey is necesw^^and .tjRc&idh iTOt' to^.h(Md,,a .fieneral 

and should the Government means in large part his own Mikardo. whom many regard as has popular support^ ;His prob- electito thi*' aUtumn^^suggeSti 

wish to hang on that long. It party, while at the same lime belonging to the extreme Left, lem is twofold: how to adapt it- ^ae^poatef^^^oveni^pt 

is for that reason that one continuing to appear successful Perhaps he does, though it is an in such a Way as to .ensure w^der will . ctnfn&y i 

would expect a considerable among the electorate. That is inescapable fact that the Left is support -from within the .Labour eitb er-^hen. it, f ee Js j t be. ; 

amount of energy to go into the a formidable task. also part of the Party and can- Movement and how, haying done sore ;-o%^nm^or, 

referendum campaigns, and not To start with, no one should not be continually ignored by that, to . convince the public; it. term of ^ffice has e^>irec.'.That ^ 

only from the Nationalist be misled by the narrowness of the leadership. At any rate, this is still working: • , ,is . why, ‘/despite- thi»i , wqek s 

parties. the Government’s defeat in the time at least Mr. Mikardo spoke ThereVvdll now be a short excitement^ .to e odds jmuiL still 



aiuw. uis uv(«iiuicui s uiuai iu un — -r - — ■ • •• , . • .. , X-,... ■ 

In practical’ terras, what all second vote on the sanctions for more than a small faction, period of*. grace., .in which .-to — very fcgatly^«ivaur , t^ctpbcr; 
that means is that there is no poiicy on Wednesday, nor by He spoke for all those who attempt, to work out solutions. 19.79.---' ; ; ‘r-rii-j. 

.C ■ 

Letters to the Editor 


Frnrn Dr. S. Cast ell 

Sir. — It must, by conservative 
estimates, be at least a year and 
N-haJf ago that ihe Government 
first began to be urged by con- 
cerned professionals tn take 
action t<» achieve a policy on 
infnrmdtion lechnohigy, one 
powerful component nr which is 
ihe harnessing of microelec- 

I suppose it is about par for 
the UK course thal it has taken 
this lone for the Prime Minister 
tn announce a three-year pro- 
gramme of public awareness, re- 
education. re-training and pro- 
motion nf industrial applications 
land thal. probably unlv because 
of a sudden appreciation of and 
debate on the “chips, not chaps" 
issuei. Some iniaht. just, hone 
and believe that this typical lack 
of Enlist! pace is matched by. 
again typical. British thorough- 
ness. assume all is now rosy in 
the microelectronics bed and sit 
hack and enjoy the Christmas 
turkey, looking forward to a 
quiet game of post-Queen’s- 
speech microprocessed electronic 
battleships. (Some others might 
even be hooios that, if 197S was 
The Year of the Chip, 1979 will 
turn out to he The Year the 
Chip Went Away, i 

Unfortunately, not many con- 
cerned professionals would take 
this view. Most. I think, are still 
horrified that wc are not already 
halfway through that three-year 
programme. Many believe that 
occasional gestures like £15u» for 
Inmos and £l(10m for— well, 
what actually is it for ? — might 

be just the nervous twitches nf 

perplexed politicians and 
administrators, largely incapable 
by background, training and in> 
clination. of facing up to an 
inforraatic future. 

It must be clearly said once 
again that microelectronics is 
only one small, albeit critical, 
component of the information 
revolution, and we cannot afford 
for it to take another one and 
a-half years for the perception 
of the concept that it is informa- 
tion which is the essential future 
resource, to result In a Few 
information technology nervous 
political twitches. 

Paradoxically, we have right 
now a number of individual 
British in forma tic developments 
with a major technical lead over 

other coup tries (Viewdata and 
Teletext, international telecon- 
ferencing. microcomputer lan- 
guages and oprra ting/applica- 
tion software, evolution nf 
formal mangement techniques 
•for appraisal of the computer/ 
cnmiuunications/ofllce automa- 
tion synergism, lelesoftware. 
private attempts at novel finan- 
cinc Of young, growth. Informa- 
tion technology-based busi- 
nesses!. hut no coherent policy 
welding these and other myriad 
related developments, and prob- 
lems (working fur leisure. 

print appears to have crept into 
your article of November 23. 
nevertheless you must have left 
ynur readers with an impression 
of doubt concerning the integrity 
of the South Africa Foundation. 
At the same time, through an 
unhappy error, you inadvertently 
associated me personally with an 
organisation with which 1 have 
no connection whatever and in 
so doing presented me as having 
made an untruthful public state- 

It is sad io relate that British 
suppliers to Third World coun- 
tries tend to use professional 

services in the proper instructor 
training of such engineers and 

training of such engineers and 
Technicians only when their 
European or American main con- 
tractors specifically demand this 
fundamental service. 

M. F. Milton. 

21 John Street. WCi 

sumers as a whole. We also 
have to pay due regard to our 
responsibilities towards poorer 
countries which produce textiles. 
Bobert Sheaf. 

2(i. Kensington Palnve Gardens, 




wealth-creation, privacy, owner- 
ship of information, reward for 
innovation), into an objective 
with vision, on a path towards 
an acceptable stare of present 

Hence the continuing acute 
need for A GIT, Action Group 
on/for Information Technology. 
(Dr.) Stephen Castell. 

F urlongs. Grange Road. 

Wickham Bishops. Witfiam. 


From Mr. E. Adler 

Sir. — Mr. Slack’s lady friend 
(December IS), who in Novem- 
ber received three £50 warrants 
from Ernie's generous compula- 
tions is unlikely to gain an entry 
into the Guinness Bonk of 
Records, handsome though her 
winnings clearly are. This pos- 
sibility must remain mine. 1 
have a classic 100 per cent track 
record with Ernie which dales 
from his birth. 

I purchased my block of 
Premium Bonds in November. 
1956. Since then. 265 months 
have gone by and Ernie — 
generous to a fault — has sent 
me warrants on no occasion 
whatever. This open-handed 
magnanimity deserves gratitude 
of such proportions that no 
fulsome expressions of indebted- 
ness from me seem, under the 
circumstances, sufficient. 

Eric Adler. 

5. Teimham Court. 

Woodside A eenue, 

London, N12. 

While I a in grateful for the 
correction Of November 30. 1 do 
not feel it clarifies for ynur 
readers the fact that the South 
Africa Foundation, founded some 
20 years ago. is something quite 
different from the organisations 
which are currently being investi- 
gated for having acted as fronts 
for the Government and this fact 
has been underlined in several 
recent editorials in the South 
African English and Afrikaans 

The total independence from 
Government of the South Africa 
Foundation which represents the 

country's top prvale sector 
leaders, is vital to its credibility 
worldwide and In view of the 
possible damage that your article 
of November 23 might have done 
to its reputation. I should he glad 
if you would allow me to puv the 
record straight. 

Peter Sorour. 

P.O. Box 70 Ofi 
Johannesburg, 2000. 



From the Director-General 
South Africa Foundation 
Sir,— While l concede that, as 
you pointed out in Men and 
Matters on November 30, a mls- 

From the Managing Director. 
Guardian Business Services 

Sir, — The problems or “ tech- 
nology transfer " projects in the 
Third World (December 12) are 
not merely rooted in an insuffi- 
cient appreciation of cultural 
differences. The role of trainer 
to be played by expatriate tech- 
nicians is do better understood 
by the suppliers of plant or pro- 
cesses In their British domestic 

Whether the technician Is 
working in Liverpool or Lagos, 
be. needs not only to know bis 
equipment* but also must be able 
to explain, to demonstrate or to 
instruct others in its construction 
and use. Far loo many managers 
equate the possession of the 
technical knowledge with the 
skill or ability to impart that 
knowledge to others. 

From the Industrial l.iai~ati 
Officer. Commission of the 
European Coutmuiiific.s 

Sir. — In his letter »f December 
12. Mr. Buson. National Officer. 
Association nf Scientific. Techni- 
cal and Managerial Staff, sug- 
gests thal in the field of textile 
poiicy Ibe EEC Commission is 
content to leave the representa- 
tion of consumer views to large 
retailing organisations which do 
not necessarily have the con- 
sumers' true interests at heart. 

In fact, consumer groups are 
strongly and directly repre- 
sented on the level or the Euro- 
pean Community through . the 
Consumers Consultative Com- 
mittee which is currently discus- 
sing textile policy and will cer- 
tainly be com m unica ting its 
views to the Commission. 

Mr. Beson seems to imply that 
an authentic consumer voice 
might not share the retailers’ 
enthusiasm Tor free trade. One 
of the largest ( and genuine ) 
European *tevel associations of 
consumer groups, the Bureau 
Europeen des Unions de Consam- 
mateurs. is on record as calling 
for the admission or cheaper tex- 
tile imports for the benefit of the 
consumer as well as of the 
developing countries. . The 
proper response or European tex- 
tile manufacturers, it believes, is 
to diversify and lu modernise. Of 
course we are well aware that 
trade unions do not altogether 
share this view, the point being 
that the views of consumer 
groups may not coincide with 
trade union or producer- views 
any more than they necessarily 
do with ibe views of large retail- 
ing organisations. 

The Commission does its best 
to reconcile the inuuv different 
interests involved with textile 
policy, including trade unions 
and consumer groups and to 
arrive at a concensus beneficial 
to European producers and con- 

Frcmi the Director. 

World Development Movement 

Sir. — Ynur article on the tex- 
tile industry's demand tn freeze 
imports (Dei-cmhnr 13) leaves 
ihe impression tlial developing 
countries are to blame for the 
4.000 jobs lost tins year. This 
is nut so. According to a rccenl 
study by the Overseas Develop- 
ment Institute, imports frmn 
developing countries between 
197(1 and 197S accounted fur only 
0.05 per cent of the yearly jab 
loss in textile yarns. 0.S per cent 
tn cotton textiles and 1.7 per 
cent in clothing. Trade between 
developed countries, technologi- 
cal change and changes in con- 
sumer tastes are the real causes 
of job losses, and it is time to 
slop using developing countries 
as scapegoats. 

in any event, studies in France 
and Germany have shown that 
jobs lost in oiic industrial sector 
due to Third World competition 
are offset hy jobs created In 
other areas. In 1977 Western 
Europe’s exports of manufac- 
tures to developing countries 
were five times the amount of 
manufactured goods imported 
rrom them. It Is therefore mis- 
leading lo look at textiles, or 
shoes, or shipping in isolation. 
One can understand the concern 
of the textile industry to sur- 
vive, but if they wish to succeed, 
we suggest they should start 
looking to the Third World as 
potential buyers of products in 
areas where we have a compara- 
tive advantage. 

Vic Sutton. 

Bedford Chambers. 

Coven t Garden. WC2. 

Misjudgments . 

From Mr. A. Ashfield 
Sir.— Reading through Mr. 
Samuel Brirtan's article on a 
"Two tier Europe.” tDec. 7) 
stirred old memories of 1931. 
ante and post war financial 
crises. Breton Woods and the 
succession of political misjudg- 

ments which have so largely 
contributed towards world 

Would that souie of his sound 
precepts were enshrined in the 
Chancelleries of Europe aDd 
translated into action. It cannot 
he emphasised enough that cur- 
rency values are determined by 
the simple law or supply and 
demand and in the long run no 
amount of political juggling can 
alter this rail. 

Time was. when there was 
such a thing as a Gold Standard 
and — almost us important, a 
Fiduciary ls*ue. The inherent 
stability of such an arrangement 
ill suited the politicians who 
sought ever more cash to bribe 
the electorate, he it at thp risk 
of national bankruptcy. Attlee's 
post war Government was a 
classic example of this irrespon- 
sible profligacy when it 
authorised a Budget increase 
exceeding that of any of the pre- 
vious war years. 

Six grim years of spending 
would indicate fn any sensible 
person a period of retrenchment. 
Alas, our financial masters 
thought otherwise and in recent 
years, nourished on a diet of 
Treasury minutes and - modish 

University projections. they 
have vied with one another in 
dispensing public funds. .Thus 
have been sown the seeds of 

With the National Debt in- 
exorably moving towards the 
£l00hn mark, the future looks 
bleak indeed save for. dramatic 
cuts in public expenditure — or a 
moratorium. As Tor sizeable 
reductions in laxation-^so sorely 
needed 4 — servicing The National 

Debt wju take care of that for 4 
years to Tome. 

From the foregoing, it could 
be deduced that the European 
monetary system is largely 
irrelevant and can only feature 
as ■ a bureaucratic exercise in 
relativity, over whidf-the coun- 
tries have no roatroi. Will it 
never be learned that living on 
^borrowed money can be an essay 
in Illusion as both Peter and 
Paul have to be repaid at some 
time, provided the borrower has 
not already mortgaged his 

.A. R. W. Ashfield, 

Petersham House. 

143, Petersham Road, 
Richmondsipon-Thames, Surrey 


Pretax profit y; 
Less Corporation Tax 

Remainder available ; 

for distributionto you> J 

Less Persona! Tax® 98%^ 

Net ^amount available 


Of every £1 OD.tjOO -of 
orltes than j | %, is 
business, ttLspend, 


If .ypn'jd like a dram? 

Aiufifyw financial 

Tefephone usandask 
London: 81-235 8000 
Manchester: Q&T-833 

■ ; C 






^ i 'I £ ‘ :£■; A-^"? 



■• * ~ ;. i 

’.. ‘ :-'V 


‘*r >r, 4 


■ ■•■ • '1978 

■■"%ilV. ■f -- 


of a white Christmas 

■ ,■ *«. . 

• • . “•* , 
r - . ' i H 



THIS WEEKEND maaya Euro- ^here there arejsfct: mariufsc- 
pean eye. will be turned sky-, niters eager. te-Tnaht rich men 
wards. For the 20m skifeirs who and women, of ; "al pine - farm 
e3ch year head for resorts from . children who happed to be good 
Avjemore in. Scotland io skiers and are fi ning to use 
Slovakia’s High Tatra, from die right equipment./ .' 

Norway's Voss;' to Spain's -Sierra Austria alone supples only a 
Nevada the prospect of a white nt tie 9hort of jL.tjjitfj-of the Sn, 
Christmas weans . more than paiyj 0 f downhill ^as-which are 
ju6t a pretty gree nags - card sold each year arourid-tbe world, 
scene. Jt aiso means a roaring some 250 compahiesfrom giants 
start.; to; a basjness which ra jj^e Kastle and FJscfefridown to 
.Europe alone is worth well oyer tjny back - xoom "-.0perations. 
£lbn a year. -j. struggle against France’s Ros- 

■•. So far this winter has proved sianol and Ameri eaTs? K2 for 
disturbingljr mild. This may- be pride of place on ffii skiers’ 

good news for the cows ■ still ahoppms list J '' 

I ^™«*^** Bosslgnol has been cme of the 
the Tirol, but it is- providing 3: marketing phenomena ‘pf the ski 
worr^n^ December /w those worid ln years.-claiming 

who depend on' alders for their 2 i per cent of the. ski market ter 
business, a/ mountain itself al8Tie ; In the Rrathalr of 

hotelier w/lj be praynsg fora jaear nts consotidiied sales 
r M .'T ve / *h e ne2C *.rose. by 16 per eenf to'Tl2m. 

Ski fever ha^infected Europe ^ h^i^^i^l^and 
on a substantial, scale over pi^ng a cautlotisibopper can 

W^>hIn" ! r l ?in i0 tS3l have spent £300. and-iless ct»n- 
Brltain mpre. than l?m people se ~ ative ano ebaM «tfly part 

-wS twice that amount-. Ski 

numher ^uU* ha^h^k ^* uits maa « b>* JthC/Anierlran. 
number of : kpuijs having a ownw j Headctuiipan^areselline 
winter sports holiday abroad is , ■ 

expected to top 250,000. Add to “ ke hot “**?. 
that the growing: number of sh °P s « more thaH a U ™ e - 
school parties. and the ever Every winter millions .pf tier- 
increasing -crowds heading for mans pour down thb autobahns 
the Scottish resorts, and the and race past the ; ancient Aus- 
figure easily - tops’— 500.000. trian cities of Innsbruck and 
Nearly 3m French will head for Salzburg to the tempting slopes 
the slopes this winter ' and . an nf Kjtrbuhel and. St Anton, 
estimated 8m Italians ski, quite Some 75 per cent of .Austria’s 
apart from ; the thousands of "25.9m winter seaspa overnight ’ 
Milanese and Ramans “who stays were accounted; for by 
siinply put ski racks on their Germans last year. Austrians 
cars . to indicate that .they too looking for Government en- 
are part of the snow set. Tiny roura cement for ah jndusrrv 
Switzerland boasts 1,2m adult that is hit by high "VAT fates 
skiers. /• ‘ and a strong currency. , claim 

hi France top -fashion houses that one in ten Austrians works 
like Courr&ges and Daiiiel.Hech- for or depends on. ’a tourist 
ter have plunged into the ski- business that is heavily, mnun- 
wear business. In Austria when tain oriented. . The British 
the World Cup ski series is on andienre has been- somewhat 
television you will be lucky to diminished by fin^nrial pres- 
fiitd a ski instructor willing to sures. it has turned; instead to 
give lessons, and almost every- Italy and Spain as well as the 

tempting new French resorts, 
but still favourite UK destina- 
tions like Mayrhofen and 
Westendorf will be packed with 
English accents next weekend. 

But what sort of weather are 
these visitors gome to find? In 
Austria the thermometer has 
been behaving just as erratic- 
ally as it has been in London 
and Liverpool. Two weekends 
ago winds as sharp as blasts 
from the deep freeze swept 
through mountain passes which 
until then had been bathing in 
an Indian summer. A couple of 
days of ice-bound chaos blocked 
roads and public transportation. 
Then, as suddenly as it had 
come, the' chill departed, and 
the temperature rose by a full 
*20 degs. I- rapidly removing 
snow from all but the most lofty 
places. Since then things have 
been variable to say the least. 
Ask a Tirolean whether there 
will be snow in the lower 
resorts like Seefeld and Biber- 
wier and he will tend to shrug 
his shoulders and turn his mind 
to more serious matters — like 
the fact that the first major 
world series ski races nf the 
reason, and thus the first test 
for Austria’s ski team, were can- 
celled last Weekend because 
there was no snow on the Val 
d’Isere in France. 

Th '^particular blow comes at 
a time when’ France is just 
beginning to enjoy the fruits 
of more than a decade of invest- 
ment in a series of incredible 
new resorts in the mountains ' 
around Mont Blanc. As it 
emerged the races were 
scheduled just a few days too 
early. Once the weekend was 
over the snuw began to fall. By 
the middle of the week there 
was cover in most areas above 
2.0U0 metres— high enough to 
give some skiers altitude sick- 
ness — and there was confidence 
that much .more was to come 
before the festive season really 


■? - .■ - 
'• .;V->^£C . V - 

: : V 

Happier times last year when the snow lav. deep, crisp and even. So far this winter has proved 
disturbingly mild, with most mountain hoteliers praying for a heavy fail of snow over the next 

Throughout the early part of 
December. Switzerland ton 
enjoyed, or suffered, unseason- 
able mild conditions. This week 
like France, the Swiss have seen 
little snow below 2.001) metres. 

In the lower altitudes the 
temperature has been often up 
to 10 deg. and even soared Jo 
IS deg. in some places. This 
week only 15 of Switzerland's 
numerous resorts were even 
bothering to put out snow 
reports. Only two, Saas Fee 
and Zermatt, were confident 
enough to report "powder snow, 
good.” Most of the others were 
falling back on such useful 
phrases as “ skiable ” or even 
" partially skiable.” 

So important is the climate to 
the mountain resorts of Italy 
that loeal weather enthusiasts 
are producing theories that the 
whole seasonal pattern has 
moved back a few weeks. 
February is going to be the best 
time for snow, they say. par- 

few days. 

ticuIarJy since the satellite- 
aided weather forecasters see 
no early end in a steady stream 
of Atlantic depressions bringing 
round after round of warm air. 

For the hoteliers this is not 
immediately bad news. Skiers 
have long since known that if 
they want a hotel room at 
Christmas they have to book 
early. Italian ski resorts are 
running up the house full signs 
already’, it is virtually im- 
possible to find accommodation 
in the more popular resorts. 
“ Some slopes at the week-end 
look like Ostia beach in mid- 
Augusi." said one tourist 
offirial. Along with the Italians 
the Foreigners pour in. The 
French to Courmayeur and 
Cervinia, the Germans to 
Cortina, and tiie British to 
Sauze d'riulx and Livigno. In 
Italy as well as throughout 
Europe the Americans are 
increasingly seen, although 
usually heading for the better 

known and often heavily 
crowded ski centres. 

Winter sports are of great im- 
portance to the alpine economies 
of all the countries concerned, 
as they are to the mountain 
villages of both the French and 
Spanish sides of the Pyrenees 
and to Norway, where there 
does seem to be snow. Village 
communities look to fanning in 
the summer and skiers in the 
winter to maintain their family 
jncome. Most herdsmen become 
ski instructors or waiters in the 
winter. Without skiing, vast 
areas of mountain territory 
would probably have been 
stripped of inhabitants. In Italy 
the Government is so impressed 
by wbat the French have done 
to encourage the growth of 
resorts, and thus provide em- 
ployment, that there are signs 
of possible State intervention to 
encourage more ski investment. 

Perhaps in Italy such plans 
will not fall foul of environ- 

mental protests as they have 
done in other countries — 
notably the U.S. The prepara- 
tion of a mountainside for ski- 
ing can leave nasty summer 
scars. The problem in Austria 
and Switxeriand, however, is 
not always the environment. 
There the expansion of resorts 
is often hampered by constant 
wrangling over land ownership 
and rights. The French resorts 
tend to have been built in areas 
which were deserted. Often in 
summer they are revealed as 
rocky grey valleys with little of 
the charm of the Swiss pastures. 

French enthusiasm for ski- 
ing has come late. A decade 
ago France was probably not 
much more interested in ski- 
ing than Britain. The new 
resorts, and champions like Jean 
Claude Ktlly changed all that. 
Today President Giscard 
d'Estaing goes skiing at Cour- 
chevel (as ex -U.S. President 
Ford does si Vail), part of the 
Trois Vallee ski circus, which 
some would say boasts the best 
skiing in the world. 

Courchevel's hoteliers started 
to smile a little on Wednesday 
when some 15 eras of snow fell 
and the forecasters talked of 
more to come. Not far away in 
Megeve. the favourite of the 
young Paris smart set W’ho slap 
chains on their sports coupes 
for the last few miles drive, or 
fly on Air Alpes services deep 
into the mountains themselves, 
they were actually reporting 
30cms of snow on the ski runs. 
Even so there were still some 
rooms available for late Christ- 
mas bookers. In Meribel there 
is about 20cms of snow in the 
village itself and just over twice 
that on the runs. Chamrousse. 
however, a resort not heavily 
patronised by foreign visitors, 
has had scarct?ly any snow at all 
up to this week end. 

The average winter sport bud- 
get for a topical French family 

of four for one week can be as 
much as £580. and prices have 
risen by about 10 per cent com- 
pared with last year. The aver- 
age Briton, who usually flies to 
his resort and who more often 
than not buys a fully inclusive 
tour from one of the increasing 
number of agencies in the busi- 
ness. will expect to pay about 
£200 for his trip — plus equip- 
ment rental and spending 

Four ycars_ ago 15 leading 
French ski reso'rts grouped them- 
selves together to form a sales 
organisation. Last season these 
resorts earned around £140m 
from foreign tourists alone, with 
Chamonix being the most popu- 
lar with the non-French. 

In Switzerland one of the main 
problems in competing with 
this French effort has been the 
strength of the Swiss franc. In 
spite of the fact that the franc 
is noticeably below its Septem- 
ber peak many hoteliers have 
still felt themselves unable to 
raise rates above 1974 levels 
without deterring custom. 

Many ski resorts today have 
snow-making equipment, which 
can fill in some of the gaps left 
by nature. However, even snow- 
makers. which operate by 
forcing a fine spray of water 
into the mountain air. can only 
function when the -temperature 
is below freezing for long 

Meanwhile, of course, all 
skiers know that every year 
thpre is some problem with the 
weather. There is always too 
much or too little snow. Today, 
none the less, the economics of 
most hotels and resorts are 
such that the shortening of the 
season Tor any reason is a 
serious matter. That is why 
this weekend the hoteliers of 
mountain top resorts through- 
out Europe will be singing “ Fm 
dreaming of a while Christ- 



That leaves the group's big 
problem the Daily Express run- 
ning a deficit at the rate of 
something like £25m : a year. It 
is this problem that, the launch 
of the Daily Star is desigend to 
solve. =V . 


Watership Down: up and on. 

As Victor Matthews has put 
it: ” The newspaper ibduatry is 
. nnt overmanned but — under- 

emploi’ed;”. The concept is that 
Dial , the Star will employ -surplus 

Express . journalists print- 
ing, capacity, and w!D 'therefore 
pay for overheads wjiieh the 
■j The circulation ofthe Daily Star, . Daily Express can no: Monger 
y. the nippled tabloid : pffShoot bf cover on a circulation Tvhieh 
the Express group launched in was once- over -4m but" i» irtiw 
§ Manchester at the beginning of only about 2.5ip. .But the SUr 
r; last month, has settled at just needs to achieve a circulation of\ 

{£ under 600,000. This is quitg a probably something like . 1.4m \ 

f drop on the near 1.4m copies before the objectives are 1 
printed on the launch night. But achieved.,/ 

... the group Is going ahead with The jiest few months will 
\2 plans to extend the circulation mark /crucial stages in its J 
& area to Scotland -and the 'South deve&pment. Currently its- cir- j 
£ of England, and to build sales cU ] a 'tjon. from its Manchester 
^ up to well over the: lm mark, printing base, is largely cod- 
Q And this week, shareholders in fined to the North and Midlands. 

S Trafalgar HoGse, the shipping*© Early in the New Year it is to 
jt housebuilding conglomerate rtin be ia UJ1 ched in Scotland, in 
lj by Nigel .Brnackes and Victor -February or March London ***** the £2m project which likely to dethrone the inter- 

&. Matthews, received the -first printing will be started up, to emerged from these doubtful national cattle-market. Miss 

p tangible .evidence^ that their com- serve South of the country* surroundings to have been worth World contest. 

H pany 's "venture toto the troubled But jt wi]r be a s nfr task for the the trouble Now he has offered Disco dancing is sensational 
(i| world of Fleet Street publishing $tar*to raise its circulation more 3 _ slice of the £4m successor to ^ w a tch. It *s sexy. It has 

C0 Ji Id . p . n,y ? profitable; than two fold from its present s . am . e investment team and glamour, youthful exuberance — 

? Trafalgar s -.1977-78 results eV en at a modest - 6p seemingly has high hopKj. an( j ^ ^ as raon ey. An annual 

announced on Tuesday included: ( „ Britain's Best Buy "People were conditioned to the djs:;0 dancing competition 
\ a £3J2m profit from newspapers i Q the South the Star will Disney style” says Rosen, who al i ows men and women com- 

) and magazines, against a Joss not' enjoy atry advantage from tnakesno. bones about the fact petitors from all over the world 

.000 last year, l|ush;nf the j ater _ deadlines and better .-.*?** hls new Adams story is on { 0 put together an act as 
it nwy declared reflects the coverage. It will have «* even more difficult individual as the countries they 

cquisition in January-, .of re jy oa j {5 basic blend of venture — two dogs who come from: classical Japanese, 

rampian,' a successful an d sensation. This week's have escaped from an expert- martial arts, Indian, Latin 

of . periodicals. con test: a film contract worth Inen tal centre, American. Scandinavian. There 

Nevertheless; Trafalgar claixqs at least £1.000 a week for Miss ..The major advantage of are gymnastic acts, comedy acts, 

to. have. turned ronnd Beaver* X who has “glamour, sensuality animated films over their con- Th are sti’iesrcminiscpntof 

brook, now renamed- Ekpress and a' striking sexy figure she ventional rivals is that cartoons T h Travrvita\ ruiom dra-v 

Newspapers, from .losses -to is not afraid to show.” /-.hive a much longer potential . .. ^ l d Ni „ h{ Fe ‘ 
profits. . • -• . _ rt. shelf life. Watership, already ca ^ luQa> lMe,ni rever ' 

• Trafalgar's treatment of the - / ' sold to CBS pay-tv in the U.S., 

profits afrits subsidiaries v-al. D oh hit ... ‘ .'for limited showing, could go 

EtaBUtL '/ on for ever. 

This misfortune for the UK is 
runs that while Watership Down was 

./•. an entirely British picture, the division). 

The myths of shOH-hus/ ness are pew film will be made in For £300,000, investors such 

engraved deep on the conscious- America. Top phe consolation is as EMI, the Daily Mirror, Coca 

• ness of investors. It is hardly, that Rosen's team has been Cola, Thames Television and 

surprising, therefore, that the worth eagerly taking the photo- others haw eert&inlv pulled out 

• queues which are forming that will form the basis an at -e card and one‘with plentv 

. around the, "world to watch of the new film. n f spinoffs 

Wniership Do/rn come as some- v 

thing of a shock to the film- Z ’ Within the next four weeks 

* 'making establishment. Until {Vo n ;«; n 0- 200m people in 17 countries 

now only the Disney movies and ' will see the pulsating, glitter- 
,'Mie.slighUy erotir adventures of finalists on their screens. 

Fritr the. Cnt were the only ani- tiWaY There are Promotiunal films to 

mated films which had achieved'-' come, EMI's 9 regional discos 

anything like success at thg; Disco fever has boogied its seen * likely to become more 
international box office. This .way to the lop of the charts' to popular than ever. Even if U is 
weekend the man who made- box office film hits and on into a “fad” — which Peler Smith 

complicated: - ' a heavy 

and of the Charleston tas 
recognised by a man who 
should know — Lord Delfont, 
chief executive of EMI's 
Leisure and Entertainments 

Matthews: evident results 

t \ v 

' - i ' 

r ' 1 " 

' *: ^ 

Watership into a saleable filn^fashibn. Disco dancing fans fervently denies— if will lake a 
product, Martin Rosen, is packr have their own magazines, their Jong while to peter out. 

• Jng his bags ready for his next riw.n lingo and radio programmes The disco business is big 
project, the making of a film /and now. they have their own business.- More than £20m was 

■of another Richard Adams book, world disco dancing champion, spent on equipment last year 

PIoguc Doss. V f Dr ar » industry that has EMI spent £2 m alone and 

Like ail the best animated .transcended race, class and according to Peler Smith, disco 

stories. Watership Dozen s trane- , even age. a disco dancing equipment constitutes only 

notional interest charge, is lation into film faft is something champ a s a means of promotion a b, ml 5 per cent of annual 
deducted to allow for the capita! of « magic tale. Rosen men- .has been a long time in coming. sa i cs . 
invested in the operations tioaed bis dream of making the r It -took the most unlikely- 

< about £35m in the case of pub- picture over drinks with some looking man to come up with , EMI has not been sin* on its 

li!h?ng)ti E^reSand Morgan- friends and/gradually, such cau-,What must be the .sponsor, ^ 

Grampian had still been inde- tious myestprs as Lazards and .EMI’s best money-spinner to I'Jlf 

pendent companies they would Schrpeders were wooed into the ;dafe. Mr. Peter Smith, manag- J-JJ h \l> 

have reported corabinecL pre-tax Mm, of meMng , besWelin* -ing director of Effii ducta* Cfce«e So“«e I, h£ 
profits of more like £6.6m. Of book into a best-sell ling mo vie. division, doesn't have long. ^4 tl 3olher ’ oremi^es^d 
this, Morean-Grampian earned' Rosen's workshop could not ropey legs, he doesn't have a «nSt? 

Something like £3*m in the nine look less tike Wafership Da um Uut” weti-exercised body: r.or S 

months dnring. which it was part- at the moment TTie area which does: he wear zippy, studded Tl “ caUs lhCm 



of the group, leaving around was once the production area satin clothes. Romeo and Juliets. 

£Sm for Express Newspapers, artists slaving over the. But . he succeeded — raasni-. 

Within the Express group the details of Hazel and Fiver has ficently— in getting 15.000 com- J&nnla 
Sunday Express has long been now reverted to being just the petitors from 40 countries to 
the goldmine. Like a goldmine, attic area of a little used ware- enter a -competition that culmi- 

its lode is- eradually running house 1 , near London's used car pared in a. final heat in London CfllT 

out— it anneals heavily to- older centre of aptly named Warren this week when a 23-year-old 

readers But it is reckoned to Street The Post Office Tower Japanese disc jockey. Tadaaki Within -the- next few years a 
have been earning profits af looms -large above it and the Dan, -gyrated off EMI's Empire number of new types of apples 
around £6ra & veai^— recently building site which occupies Ballroom stage with £25.000 of with attractive names such as 

nprhan's' even a tittle snore. The much of the surrounding ground prizes and cash and the title Kent. Suntan and Greensleeves 

lSpniL standard has turned : floor area Shows little sign ot of World Disco Dancing Cham- should be appearing in the shops 
round from' a modest less last Either carrots or burrows . ; pion. A tiUe that Is certain to to supplement old favourites 

year to profits Of £Wm or so. And yet Rosen has shown become an annual affair and as like Cox's Orange Pippin, Wor- 

cester Pearmain and Laxton's 
Superb. Trials with the new 
varieties have been going on for 
more than a decade and they 
have readied the point where 
the fruit is being extensively 
evaluated by growers. 

The new apples are being in- 
troduced in order to counteract 
the big inroads being made in 
Britain by the Golden Delicious. 
Although this is commonly 
thought to be a French apple — 
and large quantities do come 
from there — its origins are 
actually American. 

Golden Delicious has been 
able to win a big share of the 
British market because it keeps 
well. Greengrocers know lhar 
if they have any left on their 
h?nds at the end of the week 
the quality will be much the 
same by the time they open 
their shops on a Monday 

They complain that Cox's *ad 
other British' apples not only 
do not keep as freshly but that 
British growers take less effort 
in marketing their varieties, 
mixing large and small apples 
in a way that is less acceptable 
to the housewife. 

What - the Agricultural 
Research Council’s scientists 
have been looking lor at their 
East Mailing research centre is! 
a British apple -that will have' 
many of the qualities of the, 
Golden Delicious. Both the • 
Kent and the Suntan are f 
more Cox's types, with the 
sharp. distinctive Savour. 
Greensleeves probably comes 
nearer to the Golden Delicious 
and as an early to mid-season 
variety will have a longer life 
than the other two, which will 
come on to the market rather 
later in the year. 

Tests so far have shown that 
hntli the Suntan and [hi* Kent 
have cropped hetler than the 
Co:.'* because they flov/rr later.' 
and so escape the spring frost. 
Greensleeves has been bred to 
prmJjve fruit early in life and is 
considered a reliable fruit for 
tiie back garden. 


Co.-.'s is thought to he a diffi- 
cult apple for the amateur 
because it needs just the right 
soil and conditions for pollina- 
tion Despite these drawbacks 
it is one of the great British' 
apples- It originated in Berk- 
shin’. probably by chance. in{ 
abou'. 1825 and is thought to. 
have taken its name from ib»j 
orit-inalor. Apples arc vom-j 
mooly named after people:} 
I here actually was a Grandma 
Sni: ti ■ an Australian who gavef 
her name to the Granny Smith. ( 

.Ml the testing, however, will 
cin little for the apple a rowers 
unless we can be induced to 
eat more of tiie fruit. We buy, 
fibouT 24 lbs of apples a year, 
each, worth a paltry £3. This! 
is peanuts or perhaps the phrase 
should be pi ps— com pared with 
the French and Germans, for 
instance, who manage to chew 
their way through three or four 
times as many. 

TODAY — OPEC Miwstcrs review 
oil pricing policy. 

SUNDAY — Department for 
National Savings monthly pro- 
gress report (November). 

MONDAY— EEC Finance Council 
meets in Brussels. Norway's 
Storting (Parliament) debates 
European Monetary Svstem. Mr. 
Howard Jams. Californian lax 
l-uls campaigner, addresses meet- 
ing at Institute of Directors 
(6 pmt. National Food Suivey 
report on consumption (third 
quarter). Confederation nf 
British Industries monthly trends 
inquiry (December). 

TUESDAY — S. Treasury gold 
sale in Washington — ozs on 

Economic Diary 

offer. EEC Foreign Affairs Coun- 
cir meets in Brussels, discusses 
General Agreement on Tariffs and 
Trade fGATT). Unemployment 
figures (December, provisional). 
Unfllferf vacancies (December, 
provisional). Gross domestic pro- 
duct (third quarter, provisional). 

WEDNESDAY — Final talks in 
Brussels on Greek entry into EEC. 
Basic rates of wages and normal 
weekly hours (November). 
Monthly index of average earn- 
ings (October). Cnnstniction — 
new orders (October). 
THURSDAY — National Union of 

Agricultural and Allied Workers 
resume talks on 100 per cent pay 
claim. SALT talks resume for *wo 
days in Geneva. Car and com- 
mercial vehicle production 
1 November, final). Capita! expen- 
diture by 1 he manufacturing, 
distributive and service industries 
(third quarter, revised 1. Manu- 
facturers' and distributors* stocks 
(third quarter, revised). Bricks 
and cement production (Novem- 

FRIDAY' — Rhodesia’s new consti- 
tution should be published. Sales 
and orders in the engineering 
industries (September). Quarterly 
analysis of bank advances (mid- 
November). New vehicle registra- 
tions (November). 


Barry Riley, 

Arthur Sandies, 
Colleen Toomey 
and Tony Moreton. 

Wolseley-Hughes Limited 


Sales increased by 35.73 


Profits increased by 44.7£ 


Earnings per share increased by 46.1$ 


Exports increased by 49.9% 





1974 ' 












Group profit before taxation 












Dividends, per share 






Earnings per share 

32.1 Sp 

22.01 p 

17.02p . 



Net tangible assets 
per ordinary share 





1 43.21 p 

Times dividend covered 






Wolseley-Hughes Limited is the largest 
distributor of central heating equipment in the 
British Isles and manufactures Webb and Wizard iawnmowers, 
‘ Merry Tiller cultivators, Kidd grassland equipment 
McConnel Power Arms, Parmiter harrows, Nu-Way burners, 
Hughes wheels and Boxmag industrial magnets. 

P.0. Box 18 Vinos Lane 

Droitwich Worcestershire WR9 8ND 

A ■; ■ / 


Conpaeies and Markets 

£5.4m rise by Guinness 
after buoyant second half 

UK COMPANY NFWS :; g ; ? '■ 



Carr’s MAllng 

Electronic Rentals 

Eldridge, Pope 

_\S FORECAST, pre-tax profits of been Increased by msm if fall £27£ni were available bat not Enalon 

Arthur Guinness S on and Co. year’s results of White Child and utilised at the balance sheet date. Greene, King 

showed a substantial improve- Beney had been included and These, the directors state, will Gresham Trust .. 
mon-t in the second half, end overseas profit would have been be used in the current year to Arthur Guinness 

the first six months finished the 
53 weeks to September 30, 1978, 
ahead from £39, 5m to £44 .9 m. 

At the interim stage, when 
reporting a fail from £17. Lm to 
£14J3m, fije directors said <£be 
second half improvement would 
be widely based with increases 
tn -trading profit of brewing, 
general trading and plastic and 
material handling divisions, as 
well as -In the company's share of 
associate profits. 

They now report that there has 
been a substantial increase in 
con-brewing activities which 
account for 32 per cent of trading 

In Ireland sales of Guinness 
showed little growth but there 

not moved unfavourably, 
directors state. 

of short-term Hunslett 

In Great Britain overall sales 
of Guinness were down slightly 
but there was an increase in ‘the 
lake home sector. 

Total sales of Guinness stout 
in overseas markets exceeded 2m 
hectolitres for Che first time. 

Morison Son and Jones has been 
divided into -three companies 
wfctoh continued to trade success- 
fully both at home and overseas. 

GPG and White ' GbtLd -and 
Beney had a record year with 
profits well up. 

Both cruising and holiday 
centres continued to develop 
rewarding ly, while confectionery 
profits bare improved and further 
growth is anticipated. 

The net final dividend is 
5.2195p. raising the total payment 
from 7.01Dlp to 7.S379p on stated 
earnings ahead from 28.6p to 29 .Bp 
per 25p share. 

The profit of the general trad- 
ing division w-as increased by 








United Kingdom ... 



Republic of Ireland . 

ID. 4 








Trading profit — . 




• 31.0 


General trading 



Plastic;. materials 




Leisure — ... 






Central management 




Interest charqes 



Investment Income ... 



Share of assoc 



Profit before tax 






Profit after tax 



Minority profits 

4.0 • 


Extraordinary debits ... 





27 3 





.. 16.5 


the the proportion 

indebtedness. ‘ . Initial Services ...... 

After announcing the results Kennedy Stnale 
the company said it expected the Lloyds & 'Scottish . 
sort of growth seen during the Normand Electrical 
2Z7-S year would continue. Rand London ....... 


. Corre- 















- Dec. 28 


' ' 

'9 .98 ' 




• 2 : 

— . 



Jan. 17 

1.7o : 




2 .28 



— i| 

5 '■ 













— - 










■Feb. 9 


7.S4 ■" 

. 7.02 


Mar. 5 






2.57 . 




Jan. 22 


~ _ 





0.79 . 




Feb. 16 





Jan. 31 





Mar. 30 


— .» 




Feb. 16 




Apr. 6 


6.091- ' 




■» -• :*j r 

A dividend-boosting rights issued Mr.- Lceper 

aS¥£ aSSfei 

ES& m ^ *»* around Sm 

637,500 shares on 
for-ten- at 2i0p 
market the shares 


make a forecast for the current Utd. Scientific 

iii year. Mr. Tony Purssell, managing . . .. • . . _ ^ , 

30.5 director, said “ we do see a reason- Dividends shown pence per share net except where otherwise stated. 

63 able improvement in our results *Equ " ~ 

in the coining year. We are quietly Increased 

i,- w*.0vera)l the development .could ciirred.till 1980: The real .reasoo- 
lAhh the issue comes the __ , , this will be' behlndthe.rightS^prob-; 

«*ofa sharp mcrease in divr- the, sale of other abij’^'tevetiBd ' ih'-ihe-.'. dividend" 

dend. The board intends to recom- ‘ D f 0 - vShS ' - ' - jimp: wltiehwitt -Hft t^eymld from 

mend a second interim, in lieu of P ^?ulr developments Jndude-the Zirper Mnt tOh7.7 -pep cent*>b-aii - 
a fin al, of 8.6op per share, rajaagi D f. Lloyds- broker;, ex-rights , basis. ■_ the" 



Id the longer term, Mr. Purssell 3977-78. 5 Special dividend to - 

said that while brewing profits tax. Payment In South African cents. |[For forecast total 
1.1 would .be going UP “ non brewing 
profits will be going up faster" 
reaching a point where they 
39J accounted for around 40 per cent 
of the group total. 

The group is planning signifi- 
3-1 cant investment in both its brew- 
ing and non brewing sectors in 
the years ahead. 

Mr. Purssell commented that 

On, current c=« bee* pre ;ff 

profit is reaucea oy JEln.pni— -rots we believe that we shall expand 
reduction arises from the deduc- significantly in brewing in the BOOSTED BY a. .contribution for higher on sales up by a third, 
tion of £21 .9m, representing addi- n rT t f ew years" the first time from Optic Elec- Demand for the company’s 

tional depredation of £13.4m and jje said he was not talking about tronic Corpn. of the U.S.. of specialist optical and electronic 
cost of sales adjustment of £8-5m acquisitions but about organic £502,000. taxable profits of United equipment,, most of which goes 
and the addition of a gearing growth. This was more likely to Scientific Holdings rose from to military sources, has been 
adjustment of £6.4m. come overseas where the group £2.73m to a record £SJ6m for the buoyant, especially in South 

As a result of the adoption of plans to spend of the order of year ended September 30, 1978. America, and the Far East Sales 

SSAP13. tax was reduced by £j5m a year. Turnover, which Included 17.1m volume is probably about 16 per 

£8.9m (£7. 6m). However. ACT not Capital expenditure last year from Optic, was well ahead from cent higher. The weakness of the 

imraediatelv recoverable has been totalled £46m. compared with £13J»4m to £25 -16m. U* dollar has obviously been a 

'yety "strong periotf^wheD^haif- 

United Scientific 
boosted by OEC 

see story, chairman' had already warned that inject £400,000 -pf cash. „ : - a yeiy ... _ . . 

^hmhr profits would be lower in the first . g«_ investment - trusts Within time" profits jumpedybjt a . jjm . 

half, and the. figures show the the- John Goyett and Co. stable T2ieli>roWem Lep facejlwas that 
pre-tax profit down from £2.55m to have undertaken to- ta"Re~‘up .their, international' tracte ’ appeared ' to 
£L93m. Sales are up.-from £26^xn entitlements ' w ^ lB^^OU sharei- taii^away- ln ther_secojnd Iia3UoF 
to £27.1m. V >. Rothschild Investment Tro*t 

The interim, dividend is lifted undertaken to : take upvits' rights gfnmng of J978. jrheisecona hadf. 
from 0A7p to 3A5p per share. •' amounting to 130^17: shares. .. . ; - should be mcire _eiicouragingr«nd 
Chairman. Mr. Desmond Ueeper, jmn Samuel- and 1 ' N. SI. Roths- -the full-year could produce, profits 
says that since the end of June chil d have jointly, underwritten; of peihapsS^nTpre-fax-conujared. 
trading has been -at a rather more the balance of 342,683 shares. - ...with ■ , : <ki . that J . basis tha- 

satisfactory level. .Brokers are Hoare GayetL’. ’ . p/e St-246p- ls aroUiitUTJ. ^ ^' ; ;r 


Initial Services jumps £E8ipi 
to £6.3m at interim stage 

£46m. compared — — , - — - _ — 

written off. Comparisons have around £35m In the previous year. Exports from the UK Increased worrying factor as 50 per cent of 

been restated. • Spending in the current year is by 67 per cent to £11.4m and ail export _ contracts are OM TURNOVER up by over £9m 'cleaning cloths and. manufacture^ no! 

Extraordinary charges daring likely to be around the £46m mark accounted for the whote of the denominated in that - - 

:: . -"l-- ■> 

x- .- ‘.j.. 


sutpriSe^ ^T^a^ts ^vshow^ a. . . | - V 

turnover rise by the UK group. 

the year were £lm m terminal again. 
costs, mainly relating to non- Commen tin g on the year under Exports continue to be a signifi- 
brewin® activities, and £l.7m re- review (he directors said the cant part of current trading, and 
serve adjustments less proceeds figures were better than the directors look, forward to 

of sale from the shareholding expected. The improvement was another successful year, 
reduction in an associated com- due to a number of factors in At halfway profits went ahead 
pany Disposal of properties and the second half including price from £lJ6m to £U81m. 
investments produced -an extra- rises in Ireland and Nigeria. The After a much higher tax 

Now. however, the 
pricing more of its 

... . tfUs > . 

currency, from £43. Gm to £32. 64m, pre-tax ..<tf 'fabric, bathroom ^ttihg^-'etc.- /healthy 4fi.-pCr.ceiit'ri^.aithdBgh 

COUipany IS n n,Ri, nt hM,I Ganrlm snanilail ' e ' v.a*. 1 lAT-trli' ’ ~ 

profits of Initial Services expanded 
, £1.8 m from £4.47 m to £S27m for 

s»«s ■».»«>« « 

i jj, 

exports in 

to the UK Government, have been 
fiat but this will change if 
defence spending is Increased. The 

shares stand on a p/e of 10 j at 

2B2p, while the yield is 3.5 per 

f'.n underiyfiifd graWthlJs/^fibim 

rOTSrFor^tlie'm^viousVBar profits ' jagr *|g-1 

r not cai 

- usliw, .Jnfthtl, is keeping 

were a record £9.64ra. .'. Uon-vad.nq gront 178 *2 - . -Jg .its cards close -to rlts'. ‘^bert - but 

On capital increased by the Km* siock int. ... ^ 1M 139 -279 . growth 1 Is apparently • -hroadly, 

rights issue in. '---WfitioS-' 

V; - 

I43p c 


last price index in the UK was charge of £1.49m (£722,109) and i, ".r ^ ralu ^. 
in March. 1978. and the company nn Increased canital from, last briber growtn. 

ordinary credit of £400,000. . . . r J n _ 

The 1977 extraordinaiy charges *n March, 1978, and the company on Increased capital from last 
about £1.2m by changes in year included revenue expenditure of would not expect to put in for 3-ear's rights Issue, earnings are 
end of soma companies. £29 for modernising the Dublin Ibe next one before March next shown as 24.75p ,(23J)7p) per 25p 

cent^-a rating which anticipates September, earnings are showrUM .'^ p r *i, a.93& ^808 • '•blw buoyant : demahj ” ^ 

Plastics and material handling brewery, 
comparative profit would have Medium 

term facilities of 


See Lex 

Normand Electrical increase 
to £0.54m in first half 

AFTER INTEREST of £108,000 business and to site problems with 
against £118.000, profits before tax a Middle East contract, 
of Normand Electrical Holdings For the whole of last year the 
improved from £381,000 to group turned in pre-tax profits of 
£540,000 in the 28 weeks ended £566.000, against £339,000. 
September 9, 1978. Turnover for the half year was 

After tax of £264,000 (£190,000) up slightly from £4 .2m to £4 .33m. 
earnings per share are shown as The interim dividend is main- 
38p (2.7p). The interim dividend tained at 19164p net. The total 
is raised from 1.0643p to 1.18S5p last year was 2.3846p. Stated 
and it is intended to raise the earnings per share are 2.91 p, 
final by 10 per cent adjusted for last year’s rights 

A supplementary dividend of issue, against 091p. 

0.0267p is also proposed for Profit after tax and minorities 
1977-7S. The total dividend in is down £5,000 to £94,000. 

bas repaid part of its foreign 

share. In context of the rights 
issue the dividend is stepped up 
to 6.09o net (2J385p) with a final 
of 3.09p. 

The tax charge increased to 38 
per cent from the 1977 level of 
26 per cent after the change over 
to ED 19 in that year. This is 
principally due to the fact that 

the UK factories are operating /-i-m tttpwovt-r ah^nH fmm 
more efficiently and stock is being 2J! uS 

turned over faster. Hence there £2?, “S 

has been no additional stock re- S 

lief, since stocks have been con- from .f 7 * 9 ’* 13 J® ® S1 1 ' 339 
tained at 1977 levels despite a 33 year to September 2, 1978. At the 

29% rise 
for Carr’s 

Sjp per 25p share compared with. Exirao'rd. dabits.-.. -139 “ — . - 382 protective" clothing niu#T have- 

62p and the interim dividend is Minority profits... 22g •tli..hdIpedi'Althoi^h;tfe'sIi(fb r ®-thfc. 

raised to 1.5p (li5p) net; AjWhBw bh 3 -®| 5il ® busineas- is.; makings increasing. :■ 

Treasury consent has been given oSlnlry divs 732 628 1^32 demands^ on WdrkLng capita^itheL, 

for a total of ?.55p gross for the -Ra/utsd w 'reflect tba charge ^1 recept-.£7 ^8m ^ rights/Jssaie; ..wU]. 
year — last year’s final was 3-32467P iho basis oi accounting for; dalenud rdievfrlinuch of tne pressure An., 

net. taxation adopted in - tha-: annual the.- balance sheet On doubled'firet 

The group's main activities are f « r rt,e 1377 -to yaar. L t Lms«b. hklf earnings, 'the shares,- at. 91p. 

provision on a hire, service and ^ n A mmanf- ' are- oa *.a prospective p/e of '.SC5- 

replacement basis of towels^ coats,- -™ COuuiicfU.. - . < average CapiOll-wbUB .the yield 

industrial garments, machinery Initial’s first half results , corrtain ls^SA'.'lier. t^ill. ‘ 

Woodrow Wyatt ^ bettm 

In their interim statement, the-. ber* voluntary liquidation ' ha5 Hgamsfc ±zpz,637.' Thefe r arie addi- . 

' »»»- - a iii_h 11 1 7 u. T-l • i'f-- * mii 144 ...... 

borrowing amounting to U.S.$3m_ per cent increase in turnover halfway stage pre-tax profits stood directors of Woodrow Wyatt been duly passed, and Mr. DaVid tional . ■"..credits,.i ; of:- ' £214^22, 

After minorities the attributable at ~4o6,000, against £3iB}000 over Holdings, printer, state that pros-- Hill, a partner of Coopers and (£1£S^53)>. V-i- 
profit of the ootical, scientific and 27 weeks in 1977. pects are looking, brighter than -Uybrand in Jersey, has been-' : - 

electronic equipment groun came a final dividend of 1.96p net for some time past. appointed liquidator. .. - . - . 

out at £2 Jim against £151m. (l.75p) raises the total from 2.63p For the six months ended it is expected that an initial 

_ ^ _x to 2.92p. Earnings per 25p share September 30, 197S, the compahy jjistribution will . be .made 'Jit- -an..; 

• comment are shown as 13.5p, aginst 13.4p. has conthiued the recovery shown early date when most of the avail-- 

well up 
so far 

that year was 2.826p from record 
pre-tax profits of £1.01m. 

The Board states that order 
books during first 28 weeks were 
light and continue to be so 
although an improvement in order 
input is showing in some import- 
ant areas. 

It is too soon to be certain that 
a definite upward trend bas been 
established. Margins are being 
held and the group is well placed 
to meet any increased demand. 



PRE-TAX profits of Caffyns. car 
and commercial vehicle distri- 
butor. rose from £470575 to 
£549,445 for the half year to 
September 30, 1978. 

And they were after depre- 
ciation. interest and pension fund 
contribution had more than 
double'! to £313,500 against 

United Scientific’s full-year results Tax is up from £49,953 to the latter part of the previous able funds will be pald toi-stock*- 
pleased the market, and the shares £256,476. The taxation is_ ^ holders. ' v ;. 



jumped 12p to 262p. Excluding deferred arising mainly from compared with a loss of £248^48 
Optic, the new U.S. subsidiary, unused stock relief and capital “t the corresponding penod last^. 
profits are more than a fifth allowances. '”* ar 

”, * ** 

Greene King rises 18% 



The profit was struck after 
interest of £103,099 (£113,856) and 
exceptional items £37,668 
(£70,377), but takes account of 
£119.636 (£13.570) surplus on sale 
of assets. 

There is ho tax this time, 
against a credit of £129.000. 
Interim dividends are resumed 

ON SALES of £46.53 m against 
141.32 m, profits or Courtaulds 
Knitwear amounted to £U31m in 

PRE-TAX profits of Greene. King is on a 5 per ceut rise in beer 
and Sons, brewer, advanced from volume and a good increase in 
Fcr Ihe whole of ibe previous n.gim in £2.26m for the half year the volume of wine artd spirits 
year profits reached a record en ded October 31. 1978 on turn- mid. Th? share price was. how- 
£l.lm. over of £21.3m against a previous ever, unchanged yesterday at 

Turnover for the first half was * 18.85m. 336p. Balmily, investors hove 

Tlie directors state that present come to expect profit growth 

ON SALES up.-from £L12m .to. 
£L5Zm,'.m. the, half-year 
September Sft, -3978,- • Kennedy 
8 mate poshed up pre-tax profits - 
from £174,705 to' £244,440. 

The. directors .say th^ expect 
progress to lx maintained and the 
profit for. the year, comfortably to . 

off £11,000 

well up at £22 .31m compared 

the first half of 1978 compared with £17.45nr last time. Pre-tax inriicatioas 
with £2.45m in the same period figure was vibject to a tax charge the full >’ 
last year. of £29S.o00 against £249,SWJ. 

Although profit, margins con- The interim dividend is raised 
tinue to be under pressure, the from 2p to 2^p net per 30p share 
directors say that the second half —last year’s final was 4.4p. 
trading profit is expected to mateb- 

was paid. 

Tlie order book “ looks • good " 
for the remainder of 'the current 
six months, which is usually the 
best part of tho year.. Borrowings 

■WITH PRE-TAX profits down __ 

£1 LOCO to £201.000 at the halfway charge” 
stage to September 30, 197S, the 
board of Sutcliffe Speakman and 
Cu. warns that the second-half 
results will be adversely affected. 

The directors point to a short- 
fall in orders for the brickmaking 
plant due to a downturn in 

la^t year’s level. ' 

The first half profit is rfter 
finance charges of £878,000 
(£243.000). Again there Is no tax 




Edinburgh Investment 

Acceptances of Manor National 
Group Motors’ offer for Oliver 
Rix—oi ready unconditional — now 
total in excess of 90 per cent. As 
already announced acceptances of 
the Manor offer for Manchester 
Garages also total In excess of 90 
per -cent. Balance in both cases 
Trust wail be acquired compulsorily. 

Gilgate Board under fire 

are that results for from the (5u*r Anglian brewer are bein =» reduced steadily, 
ear should match the ^nd have it. on a high rating 
progress of the first half— profits relative to- other regional 
for the 1977/78 year were a breweries. Prodpcvts for <tbe 
record £4^5ra. remairador of the year are good. 

including tlie full amount of the The Grs-t half margin was 10.6 
maximum permitted increase for pcr ccnt compared with 10.2 dur- 
the year, the Interim dividend is uk* {jj^ correspondiog period last 
raised to 3.4472p net per 25p year. Writh saics volume up and 
share compared with 2.677p--last a price rise imminent It is likely 
year's final was 4.5787p. that the figure win be at lea-4 

Hf 11 yE “L_ maintained. A full year pre-tax RECORD TURNOVER and profits 
toco £000 »f £5tn is probably not are announced by Eldridge Pope 

Turnover 2i 200 18890 beyond the company's read! and and Co, the brewer, maltster and 

Pre-tax profit Z265 1.915 this gives 4he shares a piospective wine and spirit merchant. Pre- 

Tax 1.105 838 p/e of 12.7. With dividend tax profits are ahead from £1.12m 

Nat profit 1.160 377 increase restricted to 10 per cent to £1.43 m on turnover up £L3Sm 

a fAmmant the prospective yield is 4 per cent, to £12.54m in the year to Septem- 

V comment The company is a strong per- ber 30, 1978. 

Greene King’s IS per cent pre-tax former bait its shores, at this Jbe profit includes extra- 

profit increase in the period Is level, fully reflect its immediate items of £11 j , 03a, against 

with a declaration of lp net per o\ TURNOVER* ahead £lJ9m to tol97?7E 

5n share. In J977-7S, a smgle aip £S. 7S m for^e. ? weeks m ^ff % S^PSSSSS 3ted 

Prt-t« profits of from -0.792p to 0.884p net per lOp 
Hunslet (Holdings), ihe engineer- ^ a o f . 0 584p h 

ins group, fell from a record forecast. Last- year the company 
£i2ira td £*28,000. Ihe comppra- paldNiL total-ofjjLSMmT^ . 

Hve figunwjLre for 55>weefe to . Tansies XL27.««-t£9034fl) and 
August 7, 1977 - - _ : inlno'rltfeS £26^79 (£10^;l), ^ 

The profit incTudes . £105,080, . .. > -.7^1- ■ 

f£3S.000) from the sale of .secim- 

ties. . ■ ' ••' '• ' .'. ‘ • 

The interim dividend is raised 
from 220S96p net to 2 57498 p/ and 
Oamlnga -per Kp share are shows 
as 4!.4p, against 4&6p. ' . 

Tax was down from £622, 0TO to 
£431,000. - • - - 

Pope ahead 
to £ 1.43m 


/ CliYCF £ 

reasonably impressive, based as R potential. 


The directors say to give pro- 

Hardys and 
up £0.25m 


; fflCEST 

G. M. Firth recovering 



CW TURNOVER well Ihead from 
£5J6m to £8.57m for the year to 
September 30, 1978. Crystalate 
(Holdings) pushed up profits from 
£269,000 to XSliOQp-. : after. : aH 
charges including- tax (^.£304,000^. 

• against £253,000. r •> 

- ' % • At the. half way: - 

- - stood at 035,000 (fioiOOO) after 
A - good second ball - ' ' 

and Hansons boosted frmnjti.Wp 

With steel stockholding mainly the company's new property deal- 

The directors of GUgate Hold- slgnififant qualifications. In par-- feet of warehouse space produc- 

ing5, the controversial industrial ticular, Deloltte Haskins, the ing an annual income of £85,000. 

property group which is the auditors, who did not seek The estate was bought in 1975 

subject of a Department of Trade re-election, said that the company from Raybourne for £2m, the 

investigation, came in for strong had not kept proper accounting price at which it had been valued responsible for sharply increased ing subsidiary- 

criticism at yesterday's annual records of transactions during the a year earlier when the property trading profit of £208,000. against . Earnings per 

market had been much firmer. £113,000. G. M. Firth (Metals) 

achieved a turn round from a 

VERELLEN £29.000 pre-tax loss lo a £94,000 

ch->»h A iri.p r „r . surplus in the half year to 

Shareholders of VereRen. a September 30, 1978. Group 

SSoS? P ^?° aS , '^mSS^vp^ nre-taV profits for the , ear . 

account of a prior iears ^onfomhnp 96 -.iqts fmm n Aim M s&om. up Itoth 2^5^ to - 


to a recoW-£LS6m. Turnover 



A poll was demanded on three 9“® 

min mcnliitinnQ inc-lnrlina tiio raised 0, Uie 

Important issues 
auditors was a 
number of transactions with 
Raybourne Group, a company, in 

main resolutions including the 
adoption of the 1975/6 accounts. 

P Sde? =SS3Kili^«.‘«n hSPI 

in,p 0rtM , transactions _s_ince ths. John^ddas cha^JIr. D ££%%$&« “a-fvn^S f L 

10p share were 
L5p I loss 0.7"pJ or. after an extra- 
ordinary gain of £39,000, at 4.9p. 
The extraordinary item related to 

September -29, -1978 from £I.61m 

The final dividend of 4.05p net 

npr £1 share lifts the tntat from “Pad from £821m to £1 0.23m. At. \ r 

Eip S Imp D! ld c ^ gb group was 03.000 up : ENERGY; - SERVICES i. 

at £iSo. 5S7i Qjj. December - Stl Eaerhv* Ser- '. *^ 

mUTk NOW TN The final dividend of 5.5p lifts vr«s aid Electronics 


■"» - ■*« •« <aa.mi- S2£:'fS! 


date was adjourned while' up to £ Reynolds, the secretary, and °lhe slruck afler bank inlerest dovm 

Mr. David Lucas, an estate agent. JJfc STS'! ri/cufa? frora £103 ' M0 t0 £62 ' 000 - 

last month, the Board told share- Last year there was a recovery 
At yesterday's meeting the holders that this would reduce the in the second half leaving full 
Board was questioned closely costs of the company. year profit at £30,000— tar below 

the sale of freehold properties, ^ “*f 5 *986,199 (2S57.711) folders- ; to 

plant and machinery comprising d Con, P an - v (Africa) in mem- leaving net prqfit up ; at £873423, Holdings: .. 


date information was prepared. 
It will now be held no later than 
March 30 and could be earlier, the 
Board hopes. 

Gilgate's accounts for 1975/6, 
finally published in late Novem- 

all have interests. 

November IT Is 

u-tth prospects. Grasp fixed assets 2.0,‘p il.TTpl. 

. . .. _ . , . — . — _ , , _ QS.49m (COJTmi. current assets n7.3lm Ordinary l anfl 

about the company^ main asset. The quotation on the London the record £0.9m seen in 1978/74. Bootle premises a sales office has 1113.47m). nobilities casm m7j3mi. iM.ibi. :V -- 
a 50-acre industrial estate on Stock Exchange would be lost and Steel stockholding accounted for been opened at Stockport at a p™®* reduced to sbm on mew throcmortom 

ber, received a four-page which the company now has the London register would be £172,000 of the first half trading minimal capital cost and the IJPJOI MIIlit M1Tmiifit 

auditors/ report containing 8 developed some 300,000 square closed. result: the remainder coming from group will continue to serve the tel! d by not mflns cSn) 

the aeariny factor £4 r 

IlUlds £4. 33m t£3.34m 

Results due next week 

Next week’s Stock Exchange list liminaty announcement on Tues- ing BOC International 
— the last before Christmas — is day. Both companies are finefing lower profits for the year, 
relatively thin. The main features it difficult to provide for much of 

surplus land at West Bromwich, 
the depot at Coatbridge, Glasgow, 
and the depot at Bootle. 

roUDVvuif, XHe sale Of tW Qfl.49m I M 37 mi. current nawu £ Ordinarr l .«mi **Tl ” fiwUnw tin in 

been opened at Stockport at a a - Tm reduced to sbm oo mew throgmimtqm trust— N et 

minimal capital cost and the ^ »*ter -tinenwSf 

groui. wHl cctitinue to the "^3 Sf*'S! ... 

Scottish market from its large 
depot at Stillington on Teeside. 

These changes will result in a ‘ w liXto KKTonS: S'tT 

considerable cut in overhead ex- 


•> - 

."t 4 - 

J ; A 

“£JSS? X* .ssL.~a2 ^.«5i*sa-rsa.7s 2- wssi-a'^s -ss^lsss ssr — » 

saw S and N recapture some of Pony’s remaining depots. 

respectively for Unigate and mainly because of Faffing demand, ™ und £g T ' 

Northern Foods, both with ioi- white dairy products have been generally worsening trading 0 con- market share, but not all. 
portent dairy interests, first half hit by a surplus of capacity m a 3 i Hons. The strike earlier this OveraU pre-tax profits are un- 
profits from Scottish and New- static market Analysts are ex- ^ ctmld haveMst^cSt to be much higher than 

castle Breweries and a full-year peeling between £15m and n6m JSSe Se dwnrurTin^e 1 ^ £22.1m. ^ . 

announcement from BOC Inter- from Unigate, against about Zp^ aowniurn in me vaiue 

national . £9.5 tn after allowing a deprecia- 

tion charge for freehold 

Russell Bros. 
£6,700 off 

Tricentrol (third quarter) an in- 

In the food sector. Unigate Is Half time figures from Scottish terim from FMC and finals from 

due to report first half results on B / &om and Newcastle next Wednesday Westinghouse Brake and Signal. ) if,‘ 

Thursday while Northern Foods Northern Foods (£l-.91m). are unlikely to prove very ex- Charterhouse Group and Sotheby 2.1 il^litllUe 

is scheduled to make its pre- Meanwhile, analysts are expect* .citing. Last year a combination of Parke-Bernet. 


Dividend ip)* 



Lastyear Thl* year 






Bluemel Bros 




BOC Ifltcrnatienal 

.. Wednesday 




ChartcrhdllS« Group ... .: 





Horn fray 





Jackson iJ. and H. B.i 





ilowat »Wm) and Sony ... . 





North British Steel Group 

■ M 




1 j 


Plaxton's iScarboraugbi 





Porta lr 





Rcllablr Propem*?* 





Soiheby Park Berner Group 





Wetilnghouse Brake and Signal 

Company Tuesday 





Electric and General investment Company T«e*J»y 



AGB Research 

Aoufo American Asnhilt Company 

RaUey's of Yorkshire 

British Steam Speaaltiea Group ... 

Christy Bros 

ComJnuouB Stationaty 

ronnty ami Dletnct Pr opatUrt 

Danae Tovrstmcot Tttnt 

r> lam and Stylus Company 

Edbro (HoIiUagsj 


if on day 









fl 825 

I. DS5 

J. 3£M 
1. 35 


1 . 8 ? 

2 843 





1 73 

Emmy Consort inesunent Trust 

FMC - 

Furminster ... 

Harris iPhOipi cHoWIdmi 

Laurence Scott 

Lindusmes : 1 

Monk >A.i and Co 

Nova (Jersey i Knit 

Paterson iR.i «nd Sous 

Peibonr Foldings 


Radiant Metal F tnhhrng Company 

Sen LC and Nevcastle Brewcnes 

Sidle Gorman Boldinsa 

Stanhope General Investment Company 

Tax AbrataVe* — - 

Trustees Corporation 






















0. 85 





1. DJ73 









Dividend W* 1 
Uityear This year' 








2. -4195 

3. <a 





2Jn pm. . — - M - 3 | 3 Jr; n -S^, .'toTTa 15' AHrflnuaMc la ertSgaiT QlLOoe . ta&jQOv^ 

general invest- rear ewflns-Tiareb .3!. I770.°paj?blc m t T* d i ? g nsuHrfo r ran 

M5WT5— Turnover half-year to June so. January. -11, jJTD. to all shardicitiers on e aprpted te timw Imnroveagnt 

I9 78;_ S21 I J I 3 9 <£214,1881. Loss £3IJEB register, da De5mbCr 28i lSreTr* ■■■ 1 °'' prrc * alta 

! • “TL af! ?; *“ charee £3.429 WOLVERHAMPTON STEAM LAUNDRY . iOttMEMM* HOTEL. (UARROGAX^. . 

rD T" fll oroftt half-year, lo.SopttnAsr M, divldead f pei*rSwUiwra ■ 

Ate? 7 ’ <earnt QKi 1978. £T. 880;fg AM). Tax £3^08 ■ <w »r«d eapC»l».- payaWe -January X 1 “J 

Compartewai adjusted to eliminate Profit attnUntaUa '. K.4W (QJH). Ttn - '. CSaUMr.-repom maWgancoVef.' torn- 
residn ot Sl ^dlary rw said. over cssf.OMP.. <014,400 >. . Chalraua- man .ona^and.peoauMia, dttrtaii year so dii*'— s 

, COLD mines— R esqlts for future ie ftffl elowSfd.- Croup Hfceiv M M.grqaB .entdre tear prftStahle pMi<ki flf Z 

aSrtS? 11 ?. JmL fSHTQ tnaWn - ** fa»d wtth a snbstanUaf wage kureiae rear, nonrithstaoding inertaatta ■'■ «'• 

AUa|BE avets R51.06ni f R34.79nr) f net at ChrlstBttft . .1 1 ^ . 'divsaiu ® .of. cdsu iflrQCfoA' g .r #-7 if ofiinffm 

current lunuiucc R344.0M (RS8.0S0 BEM lMlSajass-S»re.t'w nwmt r*r ^-.rtnrttfaav: wlHHa 

__ .. ass-ns 1, Mccung, Johann as burn, innntiw tn Jrrriis 1978. M JN -B itiUiHIft ;. total -dlrfaland. nn wmwfji — . 

The directors of RusseD Brothers January .5. Clialrtnnn _s9y*:recommendadiffl Of retllTB ^ , ®® , ' ^ , ^^ lT ^^''l®79/' -.j 

(Paddington), shopfiUing Specialist KINROSS MINES— Results ftr year to 10 diddeudit' may be anticipated wuu PROPRIETftltV HttHES— ; ' 

joinery and exhibition contractor. S e KS B,lI S. J 0, lf78, *■ P™ 110 "* pah- PUMicadon-'-df year’s rera lix. , . .DhrMajd. Ko.,114 ^ — ‘ 

renort a fnllln from iL 6 * 101 - Wnte * MseU B«-MPI (RSI£8ml. FIVE OAKS.- INVESTMENTS— PTt-tlX Janu air 6. 

report a fall in turnover from Kct cur rwu aswtt R2.42m ' (RT.&smi. profit tor Kir lo Juhe M,' im, HJM. _9tTW WlUpBO 

" - .Hatrdiuaf 


r, *r- 

__ _ 

1* mo jnn r ,1. K«ir —™" *— .«« ■ — - *■ m 1 «•■— » u t-n«« 30/. 1878, tusf. nt yvo or u itzickt Tco ljj ^ ‘ '. 

£9d3,500 to £709,400 for the half- MeetlnR. Johjuraestmrg. January 26. <Ul^88) *tor--lmeres£ £5IL4M UB2JK2h J3 lw ‘We B di--N0- « ■«. j4ft- «a« frWr sharp:' 

year to August 31, 1978. and a ST. HELENA gold mines— R esulig Tax na fsarnsL Groun -pram. £94Jffe'JWtitid SaanMty. 8. 

£6,700 drop in taxable profits to SJSf 10 ®£«'P nher “■ IK?, already iai.0M» afw ertraorduursr . credits ; ^ OURBAtt WOODN|>ptKtT DEEMJfvt- !. - 
rat inn F *fF***i Minins aafieis, RSI ,48m fSS^iS (C9Jj2>. Last par *MW B.LSp daid.lfo^.Uft Of so rentfi wr ahirCr Dav- r ’ 

’ NM cmew assets, R4.4Sm teimlug* o«p): Va iGlyldaid.faaiite»._' -8blr'.*tnj»ry: e.^ .. . “ Z* 

The current high inventory level Mwtu *> ■ •ifhannesbure, ttescQMjsc^ . fRQPE kiT-jtet . profit- - .ff. vc eqrIb^- laundry- 

coupled with confirmed orders on Leslie cold hikes— R esults 

half ' War "ta.-SSmwnbclr' 38, 1878 ro^ CESTl^l^TdrtK^r 'toH’yBar'ftr 
for !E!J.47P> .afMfi lW ' JSMle,' CCkfcdStl: : -SL-lftL^Mt^rr OSOSLsa^pi ^r 

the books, encourages them7'how- 

ever, to look forward to the future »««• tej-jem <R2l.trm*. c2».ni». v'.V'?:- * . ; '-™ '• , : r llh 

« ilh ronAdence. MW. J»P«!^; Hy i g || rr iB TJ. !l< B^--gfcM . ■ 

_ , Meeting. Jofiann-Shurg, January 38. ” Final ^ South 

In order lo reduce dlsuaritv. the wirkelhaak mines— Bewtu im- African ^unUi .Fchroan- • • it: 

n J54MT n.««K3 
3.03 L2M3 

Crown HDa» 

Hazlnroods Proprietary 





. ProRtinchtfes ' 
ran^n) e nf_ ; .«tatdj, : u- 

-*■>- act £8jJ9, • - --»■ • 

®8WTLlt(t '■ profit,' ’»"•/- 

from profits of 31.000." Mr eTr £ *• eh m tiR rat” i n vkstke nt trust 
R ussell, chairman, bas iraived the <U70 ' 

in«n m . Bum stores. SgSm'Wi'fcr'SWlS SFStfSZSZ?" “ *■»«*-•*-* 

First-half tax takes £27.100 Isjecnrawended. "B*; Ordtoary hoWer.s tesa fm.Sa3».' - : '.-. 

■ DivJd*nda shinru ret wnca wr tiure and 'adjusted fcr aB7 fcrerrsalas scrip tu:t^5.930. lea vlng net profit 5^urcs e 'ecllUvalp« W ^n i '~ , -- J ™*-- ,,l -" _• SOUTN .-.-.OtDRTT— naertm.-i 

Issue, t Third sooner figures. 

at £14,000 1121,850). 

a wet valor ‘tn rhe 
recummended final dividend ami Interim 

V*Wp 'f«0>- 
Jamuty u; 

foe. : WTdrTV. 


• ’•‘.C ifSf ^s! ! :'~'Ya\rf-yf*' -i. ?'.'£+/■ * Aw ^ 

- . :--ry -«*i; '.-V./V. , 


**V f. 

’ -!kj. rX i .•<_• ' '- Vr • ’ ■'*■'- 7." ..*■"? • 

: > :l 

PS fl.8 


Bfeaat^r^j^^ 1978 



Takeover fiijfe/and, mergers 

•. En^hPri)jiei1^^ 

property ^oupi.iias. received r a £ 40.4m cash tafceovor .bid frum 
long-time suitor, the -Dutch: ' Wweldhave ■ concern. •’ '• W'ereldha ve 
have made the offer just, a, month after secret takeover negotia- 
tions with EPC were broken off-The b'id comprJses STfi for each 
ordinary share, 74pfor-eacta preference share, and -£86-58 per 
£100 nominal of . ?erf cqnt Convertible- Unsecured Loan 

Stork. T he EPC hoard has strongly advised shareholders' to take 
no action pending aJurther'armoun cement: - ^ ; 

- H awkerStdddey’s latest move in its spendingpro gramme to 
strengthen ns engiue«jng interests came with the laoneh of its 
largest; takewrer bid' 'wtth- a £40.5m. agreed cash Offer for 
Westrngbbnstr Brahe and ; Signal. The offer is cash: for each 
Westing&ouse share bached .by alternative of 38: Hawker 
shares for every 5 100 Westinghouse. Hawker has -strewed that 
the acquisition would extend Hs railway prodacTrangel- -38?estins- 
house already supplies braking systems for. 'Hawker, Jraiiway 
carriages manufactured by. ihe latter’s Canadian subsidiary. 

Comfort Iaternatlpna^, , - formerly Adda IntereiatiotuU. has 
launched a£5.?m shares-and cash bid fot Cify Hotels. -Terms nf 
the offer are 17 ordinary sbares jn; Comfort plus SOOpYcftsh for 
every four ordinary shares Jv City. Hotels. -With most hotels 
within, the ^enlarged group iff close proximity in. ceniral-Xondun. 
the merger is seed to have : complementary benefits. • V 

Fergoson Industrial foldings has made an agreed £2.26m 
cash ind Shares, bid for Peerage of Birmingham, manufacturers 
of furnishing and ornamental' . brassware.; .The- r offer .is one 
ordinary ' share - of -Ferguson . and 90p in' cash , fffr every 
three ordinary shares in Peerage valuing each of the. latler'.s 
shares at about 88*p with Ferguson’s shares at 116p. .Ferguson 
sees ihe bid . as an .attempt to lessen its dependence, on the 
construction industry. • * .. _' ". . 

AsM>eiateiI Biscuit Manufacturers has agreed to i>uy Smiths 
Food Group for £ 16.4m cash from the l T .S. General Mills Inc. 
Smith's products, erisp and snacks, generate an annual: turnover 

nf around £65m and will nmv have access to ABM’s retail distrihii- 
1 inn network, enabling ABM lo compote with Golden Wonder 
Crisps and KP Nuts in the supermarket and grocery traders. 



Value of' 




hid per 

-Market before 

of bir( 


bid for 


price 4 * 

bid i Ini's)* 4 

Bidder date 

Prices In pence unless HtorelR Indicated. 






Merck — 






lull. Timber — 

Cedar Hldju. 





Lloyds & Seal. — 

Citj‘ or Aberdeen 





Scot. Wcsiont 


Trust — 

City lintels 



126i i 

5 69 

Comfort Inti. — 

English Properly 

Z7 m 




Wereldhave — 

Gibbons (Stanley) 

307? 5 



IS. $2 

Letraset — 

Day gas (Jobn) 





Dawson InrL — 

Kean & Scori 


23 fT 



Unknown — 

Leisure Caravans 



iwivt iso 

Rank Org. — 









Pentos 21,11 






A. Preedy — 

Myddleton Hotels 

3U0 51 




Ladbroke — 

Peerage of 


67 . 



Ferguson (ndusil. 
Holdings — 

Plantation Hldgs. 





Multi-Purpose — 





O (|0 

Whltecroft — 

Sabah Timber 

Tridant Group 





Harrisons Sc 
CrosGeld — 






Argus Press 29,11 

Turner Canon 
IVjtme Wright & 





S. IV. Bcrisfnrd — 






B. Priest — 

W urwirk Eng. 





Mr. X. Gidney — 

Westliyjhse- Brake 





Hwkr. Siddcle.v — 

* All cash offer, t Cash 

alternative. ? 


bid. ^Forraniial 

_ Company 


Barker & Dobsob 
Booth 4 John) 
Braham Miller 

Brown (N ) 
Buhner (H. P.) 

llerttead Stamp’s 
Distillers Co. 

Dun Hldgs. 
Ferranti . 
fuller Smith 


UaslemcTe Ests. 
Hcvwsod Williams 
i .C. Gas 

Latham (James) 

LJR-C. Inti. 

May &■ Hassell 
Meyer IML) 

Mi rehell Somers 
Phoenix Timber 
Pr«edy (Alfred) 

Sbaw Carpets 

noi already held. r - Combined market capitalisation: Date on which 
scheme is expected ro .become operative. *" Based nn 14 Li 7S. 
U' At suspension. tt Estimated. Shares and cash. ‘'Based on 
15. Uii$. 

Strrffv lniis. 

Sl Piran 
Toot hill ( R- W.) 


Ward & tioidstone 

Wilkinson Match 
. Dividend.-. ; 



Pre-tax profit 

Interim dividends 1 
per share (p) 

Sept. 24 







1 19)L 



Oct. 14 





Sent so 


• 1135) 



sept. :») 


l57 i 

l— » 

Sep I. 30 





Sep). 3t> 




(1J9 8; 





Sept . 2 









. (4-41+ 

Sept. 30 





SepL 30 



3 3 


Sepi. 30 





Sept. 30 





Sept. 30 





Sept. 29 





-I une 30 





Sept. 30 





Oct 29 





Sept. 30 - 





Sept. 30 





Sept. 30 





SepL 30 





Sept. CD 





Scm. :»i) 





Sept. 30 


( 1.260) 



Sept. 30 



2 U 


-So pi. 23 





Sept .-30 





i let. 27 


(304 IL 



Sept. 3D 





Sept. 31) 



0.4 1 


Sepi. 30 


(1.300 1 

(— \ 

Sept. SO 




Oct. t 





Sept. 30 




( 0.S6B ) 

Sept. 3ft 





Srpt. 30 




(3 782) 

C ompa ny 

Pre-m profit 
Year to tlOOfH 

Earnings* Dividends* 

BoRgerfdge Brick 
Bass Charrington 

Sent. 30 29,400 1 32.500 1 
Sept. 30 325 1257) 

SepLSO 105.500 ( 90.4001 

Borihwick (Thos.) Sept. 30 8,22(1 iri.400> 
Caravans Ini I. Aug. 31 2,710 (3,760) 
Carroll (P. J.) Sent. SO 4.SOO (4.S00) 
Chrmrlne Sept. 30 378 ( 262) 

aiy Dublin Bank Sept. 30 742 (426) 

Contour Oct. 1 11.323 (12.210) 

Dobson Park Inds. Sept. 30 13.775 (11.135) 
Dubtlier Oct. l 1,110 ( 830) 

Greene 11 Whitley SepT. 29 1 1,540 ( 10,181 ) 
Hawkins & Tipson Aug. 31 1,101 1977) 

ICL Sept. 30 37.300 (30,3001 

Lee (Arthur) Sent. 30 1.88S (2.857i 
MAM July 31 2.7S5 (2,3291 

Marie? Oct. 31 1S.SI6 (15,359) 

Martin Newsagent Oct. 1 3,189 (2.916) 

MEPC Sept. 30 10576 (S.072) 

Notts. Brick Sept. 30 635 loOS) 

RHP SejL 28 S.80Q (5,220) 

Reodfeam Glass Oct. 1 3.F99 I4.3S5) 

Redman Heenan Sept. 30 2512 (2.532 1 
Sept. 31 1570 (1530) 

Sept. 30 5.150 (0520) 

Sept 30 10 300 (10.020) 
Scpi.zn 00,631 {46.4 J4) 

Sept. 30 1.270 (703) 

Sept. 30 7.520 1 5.74(1 ij 19.4 
Sept. 30 441 (303) m.3 

— . Sept. 30 2.S93 (3.426) 15.4 

W’hampt’n Dudley Sept.3u 7.120 (5.770) 2J.1 
Ocl 1 ] 1.323 (13,2161 11.0 

Snatch & Saatchi 

Si enhouse Hldgs. 
Trn/ajRar House 
Utd. SnTins 
Vaux Brews. 

15 7 







1 22.4 ) 














(H 7) 


( 6.06 1 1 


( 6.7 1 


(1.2S4 ) 

. J-> 

(S— 1 


(2.625 1 


(I S.5) 
















( lo./ 1 

4 .458 









( J.45) 






(12 0] 








1 2.11 










13.842 ) 




(10.38) • 


1 16.1) 


1 1.81 5) 1 





7 3 







( 4.05 1 


IIS 6) 

.i /C 





( 1.452) 

(12*1* 3.025 
(6.6) 1.45c 
1 1S.11 5.141 

117.(1) 6 565 
(13.5) 4.(137 

l J. 308 1 

* Annualised fisuies. 

Scrip Issue 

Profit tor previous IT months «as IS24m. 

Trafalgar House: One for two. 

* Adjus)cd fur any inlerveninq scrip rssue. * Including special 
dividend due to cliaiise in tax rate. 7 Including second interim. 
L Ldss.- 

Rights Issues 

Associated Biscuits: One for three at B0p 
Wilhiiry: One fur seven at 55p. 

Companies and Markets 


tier fregi 

7 ' 


Saule ‘ 

( n sfalaf 

;-:!*c'ud Id 

Leisure Caravan agrees to 
143p cash oflfer from Rank 

Gulliver Foods takes over 

Alginate Board says 

management of Louis Edwards 6 yes’ to 

•A- major expansion of its camp- was £48m and 
mg holiday interests is planned were £7 .7m. 


to shareholders’ 

by. Hank Organisation. It has 
agreed a . £ 1 9.9m " cash offer for 
Lefsore-Caravan JParks r a company 
which ‘ provides camping sites f or 
caravans throughout the UK, and 
in Europe and recently the U S. 

The offer of 143p per share is 
considered' likely, to suceeetf. The 
two .founders of LCP, Mr. 'Peter 

See Lex 

profits offer Is even more inadequate MR. JAMES GULLIVER’S new UK price. In addition (IF will be be subject 
than is usual from this source, food company. Gulliver Foods, is granted by the Edvards family approval, 
and the Board strongly recoin- to take over the management and an option over 999.999 shares ex- At the same time Mr. D. G. C. 
mends share and loan stock a significant financial interest in erasable at anv time between Webster. Mr. J. G. Gulliver. Mr. 
holders to lake no action in the Manchester-based meat com- September 15. 1979. and March 15, M. A. Grant together with one 
respect of their holdings. pany. Louis C. Edwards and Sons. J9S2, at 13p per »hare or 75 per further representative of GF will 

The Board will be writing lo The move is the first major one cent of ihe averase middle market join the board. Mr. D. G. C. 
holders more fully follow inq the for Mr. Gulliver since his return quotation for th? 24 dealing days Webster will become acting chair- 
publication of the IVereJdlwve lo ihe UK food sector. Hi s pribr to the date of exercise, man and a chief executive will 
offer document. aggressive marketing skills at whichever is the highest. shortly be anpointed_\vho will also 

both Oriel Foods and the Fine As a reall , t of the ahDVe join the board of LE. 

Fare supermarket chain won him arrangements the capital of LE An Extraordinary General Meet- 

IINCHCAPE a considerable reputation within ^YirSe' Tom orduiary' shares "of in 3 of LE will be convened to 

Inrheape is buying Woud and the grocery retailing sector. which, excluding the 909,999 b- a PP rove the issue to GF of 1.5m 

When he left Oriel he was pre- ; ecl the op i7 Qn GF wilt own new ordinary shares and the com- 

iialnW fmrti inrdclinn in 1 . ' * nnnm*inM nurtnonlr #a f (id pa) Jr. 

,n l 2m (20 per cent of the enlarged Pensation payments to the retir- 
— me directors. 

EPC rejects 

lie™ faroJfi. 4 ^ «e of 

S^JteTSS^^'Z mu. "SSSft ... a. ven for less than 025 per cent »nen ne ick umi nr 

i proposed offer for the: share and of the net asset value of the Inch- eluded from investin^ . 

cent- of the total «imty. ... - join capital nf EPC ' cape Group. In yesterday’s report number of food related areas by —-u-j, and (h ‘ Edwards family ’ 

Leisure Caravan’s snares, which i n the opUnon of .-the Board, the percentage was given an agreement with RCA. which w jn oWn 6.79m {67 9 per cent) Tbo board of LE, supported by 

had been suspended at I12ip, rose advised by Samuel Montagu, this inadvertently as 25. acquired Oriel Foods for mm m ' '.. its advisers Arbuthnot Chancery 

lo 141p on restortlion after the . 1374. That agreement, however, is In addition ihe Edwards family, T Tllst recommend all share- 

bid announcement The plan. is;.- . : understood io expire at the end which comprises Mr. Louis C. holders to vote in favour of the 

to merge LCP with Butlto’s, Rank's-., . . . SHARE STAKES of Ihe year. Edwards. Mr. Douglas J. Edwards proposed share issue and the 

holiday camp subsidiary, which . 4- .- .... . For the six months to July 31. and niemoers of their families Edwards family have undertaken 

would then manage .the LCP sites. ...Kelsey Industries— P.' B. Arbi b. 477 6J per cent preference 1978. Louis C. Edwards incurred win “ nd ,^ ta *? o .‘ 0r P e V od to vole in favour in respect of 
In addition lo Its fmnous hnli- director, has bought -8;000 shares shares. D. J. Dickinson, director a pre-tax loss of £253.764. com- March la, 19S2 to exercise all jheir entire shareholding, 

day camps, Butlin’5 also rurts^ine making total 383,820 (10 per cent), of Russel Is Gra-esend Brewery, pared with profits of £115.249 io rights of voting in respect of a j t v .as indicated in the 

caravan sites In the UK.' mostly M. .-"irbib. director, bas’ bought holds 70.000 share options and the corresponding period and total of z.4m ordinary snares U4 announcement made on October 

in the West Country, and : 'a fur- 16,000 shares making 3874)85 (10.3 1.S08 shares. A. G. Shepphcrd. £206.640 in the last full year. The per cent) in accordance with the 2 o, that the proposals being eon- 

iher nine in France. - .per. cent). G. F. .Arbib, -director, director of Russells Gravesend deficit wa? mainly due to proli- requirements of GF. The 2.4m sidered would not lead to a 

It 'also- operates a' couple of has bought 20,000 shares' making Brewery, bolds 30.000 sliare lor.xs in the meat sector, with ordinary shares will include the general offer. However, the final 

marinas on the Hamhle Riv?r, a 416228 (10.9 per cent).- AH above options an d 35 shares. .All above rising prices and telling consumer 999,999 subject, to the option. form of the proposals If such that 

business in which LCP -fe. also ordinary shares. . M. -Acbib -has companies are subsidiaries of demand. On completion of the arrange- in order. to comply with the City 

involved. • ‘ sold - 6,000 preference chants Grand .Metropolitan. . First half turnover totaled ment Mr. Louis Edwards and Mr. Code, GF will, subject to the issue 

Durii« -the year to Pibrliary" leaving 27.000 (1.7. per cent). Tove and Co ft E Tow direc- (£8-78ra) and there was a Douglas Edwards will retire as of the t.5m new Ordinary Shares 

1978 LGP made pretax profits of G. F. Arbib has sold lO.ODp lnr has dLsnosed 20 000 ’shares tax c fedi t of £131.357 (£59,929 joint chairmen and managing be making an unconditional offer 
£Ukn oh tonSviToJ preference shaws leaving 32,784 S e oeSb^7 charge). directors of LE and as directors of to all shareholders, 

it is forecasting profils of not -le&s P er cent).- ■ . ' Under the terms of the agree- the company and Mr. T. McKeown The terms of this offer will be 

than £2 -2m for 1978/9 before Estates and General Investments elechdc and General _ invest- ment Gulliver Foods trill sub- and Mrs. 31. 'Edwards will also be 5p per share in cash. The Edwards 

raking into accoumt shine n00 000 "~P- B. Ppowring. director, has' Co. — Post Office Staff Super- scribe 1.5m new ordinary shares retiring as directors. The retiring family have indicated that they 

rela-ted to 'the cosit of luiyisg and disposed of 37,500 shares.. animation Fund boughl _ 210.Q0D of LE at 5n per share and acquire directors, other than Mrs. M. will nc 

. . .. .. _. . not be accepting the offer in 

no era tine -thrnueh the loss'mak- BBA Greup—D. M. Pearson has shares between July 20 and front thp Edwards family a Edvards, will receive comoensa. respect of their remaining share- 
in«rvmi»ter months. ku> FP«>o.tlv sold SftMO shares from family December 13, 3973. making hold- further 500.000 shares at the same lion for loss of. office which will holdings, 
acquired Sandy Bay piriT^in shareholdings. C. M. Fenton has ins 3^03.373 shares. 

™ ^ ■ i ^ « 7 flru> ohnr-BC from nuruinol > a-.. 


sold 37,600 shares from personal - Culler Guard Bridge Holding* 

Merck aod Crunpauy incorpor- 
ated. the L'S. pharmaceutical 
company, has cone a Ions way 
towards succcsrsully taking over 
Aleinalc Industries. 

The board nf Algmare has 
agreed to recommend a price of 
3S5p per ordinary share and 78p 
per preference share, valuing the 
seaweed processing group at 
121 im. " Directors and others 
holding 52 per cent of the 
ordinary capital have irrevocably 
undertaken to accept. 

Merck said yesterday that Algi- 
nate provides interesting oppor- 
tunities for it to expand and 
diversify its UK activities. Merck 
has long been a manufacturer ol 
pharmaceuticals and fine chemi- 
cals in this country employing 
about 1,200 people. 

Among other activities of Merck 
is the production of algin pro- 
ducts in the U.S. Merck has 
different sources of seaweed From 
those of Alginate. Both com- 
panies believe that the acquisi- 
tion will mutually strengthen 
their research, technical service 
and manufacturing and product 

The hydrocolloid market, of 
which alzins represent -only a 
small part, is becoming increas- 
ingly competitive, says Merck. The 
combined company would be a 
stronger contender, the U.S. com- 
pany maintains. Hydrncoiloids 
are used to control the properties 
of water in a variety of industries. 

Shares of Alginate closed 
yesterday at 37<Jp. They had been 
suspended on Wednesday at 309p. 

standing 3j per cent stnek 
December 31. 1995. the 5 per cent" 
slock Septenibe'r 30. 1995 and the 
4 per cent xtnch March 31. 1996. 
nf {fie Mod 'fay Water Board have 
been accepted as follows: £25.500 
3.1 per cent slock redeemable: 
£6.950 4 per cent stock redeem- 
able: and £162.006 4 per cent stock 

The offers have now closed and 
in view of the very small amount 
of stock outstanding, the Stuck 
Exchange has agreed that the 
lifting be cancelled with effect 
from December 18. 

The" last full year's figures from holding and 25 JWO shares from Security Growth has become 
utim’s. :for flhe 12 months to . {^“^reholdinss. M- J- Baty j 

Butim’s. ifor . flhe 12 months to oaLy interested in 393,000 shares (5.24 

June 1977,- chmr that tornwee 

iSStors 5 ' ^ Archimedes Investment Trust- 


Stock 1982.- 

for the sfx months from --■> 
16th December, £978 to 16th Jtote, 1979 
the interest rate on fii& above stock 
4iriU bei&SHlOX pefanimni 

■Morgan QrsdeS ftCo.ijmifed : • 

H & C buying into Afro Timber 


The offers made by the 

ru„|j* ■ iwiinn - : Yorkshire and Lan cashire Invest- Hard on the h&els of its bid During 1978 the proceeds from ALH develops and applies acquire ail or anv of thc^ out- 
British Electric Traction Com- l n m i nnn iv nt Cnh^l.»»rlV now amount in ilktrihnHnn maintonar,^ atyuifB dll ur any lU IHL UUl 

^ C ment Trust has acquired interest lo acquire the minority of Sabah properly sales now amount to distribution maintenance systems 

S:? w n S»in!!l! :S«.5Min«5,meXes tTfipeJ Timber it did_no L already own. ^i^OOwith jpropem Purchases used primarily in the gas industry. 


Prince of Wales Hotels is to 
purchase from Pirchcastle, the 
freehold hotel known as the Royal 
Albion Hotel, Brighton, together 
with the goodwill of the business 
and the trade equipment, fixtures 
and fittings for total of £575,000 
cash. Completion will be on 
January 31. 

There is to be a lease granted 
back to Birch castle of the night 
dub in the basement of the hfiel- 
for 25 years «il hr certain rights 
being reserved. 


Bdhaven Brewery Group is to 
take a 49 per cent interest in 
Ascot Management, operator of 
licensed premises and disco- 
theques in the Glasgow area. 

The cost of the investment will 
be £60.000 cash and Belhavcn 
anticipates financing ihe acquisi- 
tion of additivnat licensed pre- 
mises for Ascot, all of which will 
be outlets for Belhaven beers. 

For the year ended March 31. 
1979 Ascot's proli rs are anticipaied 
to exceed £4Ci.(iOO. before tax. Net 
assets currently amount to some 

Harrisons and Crosfieid has agreed of £336.000 giving a net cash 

Assurance Company has acquired 

60.000 6 per cent cumulative par- w~bw~inoit ' another" albeit inflow of £1,856.000. 

tlcrpating preference shares John Foster and Son — Comraer- much smal j er t irnher merchant. The trustees of the 101 per cent 


making. total holding 150.000 121.Q4-. rial Union Assurance now holds Jf j fQ acqU j re gg per cent of first mortgage debenture stock Agreement has been reached in 
• ordinary shares (6.56 per Vimheranti Pbkvood for MM have retained £&47,&00. and 

Afro Timber and Plywood for l’- 1 - 14 nave retained EK..D00. and principle for Xewman-ToUks lc 

£1.7m in cash and shares. ? his has been placed on deposit acquire Rolhley Brass, a supplier 

. . , , The remaining 15 per cent is in ,he money market with the of decorative brass hardware to 

: ^2fL cr E e< L a ;“ t °L “ to be retained by the Afro direc- J^rest acenijng to London the retail trade. 

Jessel 'Toynbee and Co — Wife of . cent). 

-W. J. Slraker-Sniith. director, has; Lookers— Total of 1 60.000 shares 
disposed of 15.000 shares. 

. Grand Metropolitan— G. T. MV. holding of 717.SI6 shares in names X “ ‘“,‘k p " i h p i n « “ Tfiv United. The balance of the pro- 
?/ ‘0f Mil B. E. Radford. Mrs. B. M. lors tor lDe Dein °' iney — v — *- — —*■*-* =- *- 

Fehuicke-ClcnnelL dincior -m . > of Mtl B. E. Radford. Mrs. B. M. JJi‘f * u ' eed cecils have been utilised in ln- 

Trugian holds 3S.W0 share . Rutherford. Mrs. I. Elliot and 5m£ n fSh H and c inder^ wlSh creasing the capital of Walbrook REED COMPLETES 

■tSS'^ MH? 1 ? j™”*™ Wl E. Booth leaving m 7.8I« ,he planralions-bast^ group can IniuianM. a wholly owned sub- Further to the statement con 

stawJSrs SMiary - by ^ awws 

i^Si^s .» plantation hldgs. -gssssqsa* 

2hare -options ■ A H. Feweil. and -.0.000 -hares respec 76oiJ H anrf c shares wjl ,j e t b e The offer by Multi-Purpose Industries. Reed announces that 

director of Danleil and Sons' Crr .^ rest are taking cash. But the Holdings Bet-had to acquire it has now completed the acquisi- 

, Breweries, holds * 12,000 shro».^^ 0 ^p? 8 ljnion Fire U ]?sur 8C>»id«it(ou Js being entirely shares m Plantation Holdings not Don from RCI of the Butter orth 

options. -LSTS ordinary shares and^ «L ? Hiil hnidinM financed by the issue of H and C already owned has closed. companies operating in Australia 

■ ' - - — ififKJKr 1 shares since the cash is being Acceptances have been received and New Zealand for A*S.7m 

I*? further purLhases or cunula- by ^ au otmenl of 362.010 for 5. -117,804 shares (13.63 per f£5.Im> in cash. 

H ami C shares to institulionaJ cent c-f uapiial). MPHB ami Malay- 


Serie* ' 

Vot • Last 


VoJ. Lost 

Jut y 

Vol. ' Last 




8 :• 

-as i 


— .. 

F — 



- - F,5BG 

— _ . 

— - 


. 14 i 



' F.390: 


— „ • 

• 7 

..... a 


■ . . — 





- 3. 


- . 

- ■ — 




F. 2 7.50 

— T 



'•! .‘3 . ;• 


, . — 



- ;• 


— . i 





100 ■ 

b.20 ; ' 


; 2jd 




■ - 1 



1 *_ L . 


. 9.10 

F, 7 5.30 . 





. 5 

. 38 

F.382 ■ 



• •- - 2 

■* _• 


7JSO > 



ex . 

. ' ?4Si 




i. . - 

• " _ — 



• S60: 




. — 



— •. 


•’ - i 3 «’ 





- F.MO* 

— j 


« is 






— - i 

' 3 

l 8.70 ! 

— . 

. — 


GOB - 

• JF.ieOi 

■ ■ 

V •" 


r 4.50 • 




■ . - F-3S 

■_ ^ 



: 2.70 i 



F.32.8D ' 



. — 


1J90 i 

:-. 1 




. — . 

~ 1 

' 9 






• -s. 

" _ - ; 


. 0.70 • 


• ' — 



• m -2 

- 6 ! 



— ' 

• — 

•S274 m 't 























- P.120 

- P.I30' 
- F.140- 

F- 108.90 





F. 120: 
F.ISO 1 . 

7 i 

4.50 ? V 

1.30 < 

20 - .0.40 

is •: . 9 
14 V 5.10 
3 3.10 

2 r . 2 

' — F. 122.80 
l A- B 


. 1 

2.30 ;• 
0.30 . 



40.- v 0.50 I. . — 

l l r 

IS - : 2.70 ' 

3 F. 108.30 


."5 • 







j . i i 

1.50 i 

o.eo ; 

0.30 '■ 

3' f 42 j 
S' . 23.70 | 
4 7.301 

8 J 12 -.J ' 


8 r.24.20 

-. , seoza 

. — F .486. SO 

6’Bj ■ 

^ F. 120.10 
3.60 - ' 

_ - y. 1 19.40 

5:'- 7 

17 '* 2.60 
. - ■ ■- S52S4 



97 P. 

. Feb. 

2 . 12V 

10 ! 6? 4 i .. 




— ! 


1 Royal Exchange Ave^ Ldndori EC3V 3LU. TeL: 01-SS3 1101. 
Index Guide, as at November 30, 1978 

: ■ ’Clive Fixed Interest. Capital 129 67 

Give Fixed Interest Income li4.-3> 

45 Com hill. London EC3V 3PB. Tel:: .01-623 6314. 
Index Guide, as at December I4 # 

. Capital Fixed Interest Portfolio - --- 17 

- Income Fixed Interest Portfolio: 1M-* — ■- preference stock to £675,000 
(9B3 per cent) and £500,000 
(728 per cent) respectively. 

- Avans Group— Sir Julian Hodge 
-has; bought 50.000 • shares as a 
.beneficial interest. 

• Thomas Borthwirk and Son*— 
Sir John T. Borthuick. director, 
OB' December 13 sold 75,000 

Speedwell Gear Cap 


London United Investments has 
made further sales of properties 
producing net proceeds of 

sian Multi-Purpose Co-operative 
Society, which is acting in concert 
with MPHB. now own 25,667,862 
shares (63.42 per cent). 


Rothschild investment Trust 
continues to increase its holding 
in Royal Worcester. It has nov. 
*vaw ditodcd bought a further 60.000 shares to 

A'Un KUddeK bring its total holding to 1.853.000. 

__ Avon Rubber Company has now representing some 263 per cent 

-Tallboys n.Wi.OOtT The took value of those completed the acquisition of (he of the capital 

... . .... j; — -•* Rothschild also owns £136.000 

Manufacturing has disposed of properties was £969.000 and they outs landing 67 per cent of *harc* Rothschild also owns £1a6.000 
TWt^f Its hoTding reducing it to . produced a net rental income of in ,Vi»a Lipplatt Hobbs ti did not 3 per eery i convertible unsecured 
less than 5 per cent. 


already own. 

loan stock. 

L. & S. and Electronic Rentals results 

^ACCOMPANYING the announce- 
ment pf the purchase by Elec- 
tronic Rentals Group of British 
Relay Wireless, a wholly-owned 
subsidiary of Lloyds and Scottish, 
L and S has produced results for 
the year to September 30, • 197S 
axuTElectronic Rentals for the six 
itiomhs to the same date. 

For the year Lloyds and Scottish 
reports a 50.7 per cent upsurge in 
pre-tax profits from £17.4m to 
£26 -2m ^nd an. increase in stated 
Barnfngs from 9.31p to 13 07p per 
20p share. 

The net. final dividend is 
2.70692p, and raises the total pay- 
ment from 3.9465p to 4.40692 p. 

The full year profit increase 
follows an advance from £7.63m 
to = £12.62m at halfway, and Ihe 
director's say that all sectors of 
the instalment credit and leasing 
divisions have performed well. 

1977-78 1976-77 

commercial division performed and heavier than normal depre- permission to declare - the 
satisfactorily, helped by a lower ciation resulting 'from the present intended dividends. 
average cost of money than in the acquisition will result in the Subject to the above, the 
prior year. - interests acquired making only directors also propose to recom- 

.Yet borrowings at the year end a modest contribution lo group m end a total dividend of S35p 
amounted to £457.8m (£332ml with profits before taxation in the year net for 1979-SO. This would be 
the borrowing ratio to share- ending March 3L 1980. There- an increase of S3 per cent on 
holders’, funds at 5.S ta.I). after the group will increasingly 1977-78 and 21 per cent on .1978-79. 

Pre-tax profits of Electronic benefit from the operation of a 
Rentals Group advanced strongly significantly increased branch nei- 
£rom £6-23m to £8.71ro in the six work and from higher rental 
monlhs to September 36 and the income. 

directors report that the second 
half has started well. 

the integration has heen enm- 

They are looking forward to a «he acqujsiron will increase 

.satisfactory result for the year, the grMip* cash flow. Although 
with tv* improved contribution borrowings will increase substan- 

frota overseas rentaL< and a fur- Tia-Uy >n 
ther recovery from the camping group ‘ 

•the short term, the 
gearing riiould be 

the last full year totalfea 113.7m. Aiirfiin twy years.... 

. . . . Basic first half earnings are 

looking further ahead, the st ^, ed at l0.7p (7.4p) and 

tinuing to increase the number 

opuiDK L» «*™*« «« ..UU.UC. , 03 I7.6p). The net interim 

of their subrenbere and provided J u .P end ^ lifted bom 2p to 
tftet wage and cost inflation are including a woDlenieni- 

T-roRt tMtora tax 

Company and subs 

Share ot assoc 

7*x . 


Otfwr ; 

Share ol asscc 

Profit otter tax 

Minority profits . . . 

Extraordinary dab its . 


Interim die.: 

JHnal ; 

ffarelnod . 


After the satisfactory winter 
months, the' second half continued 
to show, ip creasing volume and 
iBarfcet. share, although - rising 
bite rest rates refilled in nirrovr- 
margins. The indusDial and 

4. BOD 
a. 161 











4 997 




— - - • " r. ary uuc iu LUC 

cononue to be the major contn- Ruction in ACT. 

tutors to Profits. The retail and , Sub j e cr to Ihe issue of the 

improve their performance. 

and tax. In the last quarter .of total ditidend proposed would, on 

1973 1977 



Tin rove' 

53 563 

aS 7a? 

Rental — U K 


28 675 

—OverseBS .. 


4 671 




Cfinping. leisure 






Miscellaneous .. . 



Ti&dirvi suipluB 









Lease payments TV 



Profit be lore except. 




Rental — UK 



— Overseas ... 






Camping, leisure ... 





Mien. loss 



Holding company ... 

. 70 


Except, riebitstf .. . 


Net profit 



Profit before tax 






Minority insr 



Extrr*rH credits 





5 44+ 


1 BFK 

1 47i 




■ Lobs. 1 Profii 

It Reoresonis 1 

utte □ration and rations lisatien 

cost" 1 


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To: World Monev A»»l>«l. Work! Trade (Vnire. 

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as indicated below: 

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Invoice my Companv 

Wlll be more than offset by escep- of 34 per cent, . ' associated wiih i»e ara>*i«iri^n n» 

tionai expenses nrisinp as a result In the event of -dividend con- iw,v,,! ” n ree[ * Consist ol 

of the acquisition, which wiJJ be rrols heinq expanded last July a-,ns MI8ino ,rom rh " n «» ln loiamn 


.provided for u they occur. 51, »7J. ihe director «■¥ nicki S"-" ,^tT,»d7n',.rta. TO 
Further excepannal expenses application to the Treasury for nil (£70.090). 




are WiiS a 35p si art pn,r hai o-?i of sup, prvo.-bi>- r'clls 

feuw IS uer irm. ami u scilinK at J limes arospreuvi carmnss? 
iDlh wc addL-d TARSI .VC ■& u'-r Hfi^H VifLD infiTFOLIn j 

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a praspecim- .. 

Last di&dUi wc added TAftH.iC 
Today ihcr art- IWp ali-f 1-iUp. KlBfh 
added io ih'.- twriloUo this wreKr 
Fur a FREE cosy of our r,e»sl,’:,-.-r end Aaili uf our inirudiu i’irj offer 
^bphona ul-L^ 2SU or u n.i' J«. 

Eqoiu- Research Associai-s. tt’artmb* iTiambere. I4*»a On^n V|.-:oru Sire»:. 
Undon EOV oHD. 





Companies and Markets 


Wall St. nervous: down 7.19 

. . 

t Dra- 

| Stuck 


$2.60 to £1 77% (76}%) 

Effective 6L9800 21}% (34%) 
CONCERN OVER a sharp Increase 
in short-term interest rates and 
plans by President Carter to 
address the nation on an undis- 
closed topic drove Wall Street 
down last night 

The Dow Jones Industrial 
Average dipped 7.19 to 805.35, 
maiding a net loss of 6.50 on the 
week, while .the NYSE AH Com- 
mon Index, at £53.31, shed 39 
cents on the day and 75 cents on 
the week. Declines led advances 
by more than a two-for-one 
majority, while the trading 
volume expanded 2.74m shares to 

The White House said that 
President Carter had asked for 
network TV time In the evening 
for a brief address. 

A sharp rise in short-term 
interest rates gave rise to specu- 
lation on Wall Street that the 
Federal Reserve might again raise 
the discount rate, now 9} per cent 
One analyst said that the Fed 
might raise the rate to 10 per cent 
as a symbolic move to foreigners, 
and to OPEC oil Ministers that 
the U.S. is determined to control 
inflation and support the dollar. 

Iowa Beef Processors lost £11} 
to $37}. Pacific Holding dropped 
merger plans with Iowa Beef. 

Dravo tumbled $3} to £30}.. It 
agreed in principle to acquire 
Southern Industries, up £33 to £15 
bid in u over-the-counter ” trading. 

Warner Communications re- 
acted £1} to £47. 

Columbia Pictures Industries 
rase $3 to 523 — it conditionally 
backed a bed by Kirk Kerkorian 
to buy 1.75m of . its shares, or 
20 per cent 

Kennecott Copper lost l to 21}. 
It and CmUss-Wright agreed on 
election of a joint state of Ken- 
necott directors to end their 
proxy fight. Cortiss -Wright added 
i to Ml. 

Simplicity Pattern rose £1} to 
$ 10 ) before trading was halted 
epnding news. 

The American SE Market Value 
Index lost 8.91 to 149.3. making 
a loss of 1.86 on the week. 

CANADA — Markets closed 
sharply down after busier trading, 
with the Toronto Composite Index 
off 5.9 to- 1.283.9. 

The Gold Share Index dropped 
14.0 to 134.85. OH and Gas 11.8 to 
1,763.9 and Metals and Minerals 7.7 
to 1.074.1. Utilities shed 1.26 to 
195.77, Banks 1.12 to 309.55 and 
Papers 0.34 to 156.05. 

Pan Canadian Petroleum fell ${ 
to $37 — it will buy Ontario's 
interest in the Syncrude oil sands 

Alberta Energy rose £j to $19 — 

evaluation has started on its Prim- 
rose Field and the company plans 
a heavy oU pflot project. 

PARIS— Market recovered after 
an initial weakening and steadied 
after several days on a weakening 

Banks. Constructions, Hotels. 
Stores, Electricals and Chemicals 
steady. Steels finned. 

Portfolio Investments weakened 
Slightly, r emain ing sectors mixed. 

BRUSSELS— 'Mostly higher in 
quiet trading. 

In Foreign stocks, UK, 
Canadian, US. and French issues 
little changed- Germans and 
Dutch lower. Gold Mines also 
little changed. 

AMSTERDAM— Mixed trend. 

KLM eased in otherwise firmer 
Shippings and Transports, led by 
Nedloyd and Van Ommeren, up 
FI 220 and FI S respectively. 

Insurances mixed. Banks mostly 

steady, lacking new Incentives. 

Leading Banks narrowly mixed. 
Financials steady. 

Interpan showed renewed 
weakness on expected further 

Industrials generally steady. 

Dollar stocks generally slightly 
below overnight New York levels. 
Small losses predominated 
among Dutch and German stocks. 

MILAN — Higher in fairly active ; 
trading. AH leading Industrials 
firmed. Financials also firmed. 

Bonds quietly' steady. 

GERMANY— Sharply lower on 
uncertainties following the 
Bundesbank's credit-tightening 

Heavy losses, posted bv linde, 
off DM 9, MAN. off DM 6.50, and 
Begussa, off DM -5. 

On Domestic Bond Market, 
Public Authority issues slipped 
20 pfennigs. Marie Foreign Loans 

AUSTRALIA — Recent rise 
halted abruptly. -with share price 
index — off 2.0S at 539.93 — record- 
ing its first fall in past 17 days’ 

Bridge Ofl shed 10 cents to 

Poseidon, re-listed after an 
absence of two years, gained 
9 cents to 73 'cents. 

HONG KONG — Mixed In very 
quiet trading. 

TOKYO — Sharply lower 
dampened by expectations Bank 
af Japan may adopt a more 
restrictive monetary policy. 
Volume S90m shares. 

Most shares fell on heavy profit- 
taking and liquidations, with 
Pharmaceuticals. Textiles, Food3 
and " big-capital " issues leading 
the way. 






•Industrial* l M5.S5 811.54, 809.86 914.97 917.BBI 811.85 1 907.74 7*9.12 . 1061.79 41.22 
I I I <8/9} (2P/2) (11/2/73) (2/7/32) 

B'meB'nds" 86.BB 86.BlJ 85.87, 96.40 86.56' 96.47 90.96 65.88 — — 

III | (■*’!) (15/12) 

Transport.. .. 299.54 211.14] 212.38 214.16 216.641 215.46 261.46 195.81 279.89 12JZ6 

J i flffl fS/Il (7/2/69) (S/7/J2) 

Utilities, 88.18 M.7ij 180.14 100.68 101.12) 101.08 110 JO 98.65 16S.S2 1038 

l(l i (3/1) (14/11) (20/4/69) (28/4(421 

Pnirttn" to). | i I I 

OOO'rt 25.620 20,880' 22.680 22,2101 21.000! 18,560 — - ' — — 

I I i i I I 



Dec. Den. • Dec. Dec. / — 

16 14 | 18 12 I High 

215.98 216.B7 218.24 217.61 222.14 (11/10) 
222.86 223.88 223.25 224.58 225.61 )12/10> 

162.90 (18/2) 
170.62 (30/1) 

TORONTO Composite } 1285.9 1269.8 12B7.0 1291.7; 1532.7 i!2 10) 988.2 (30/1) 




237 J). 237.9 228.71 (u) 
271.1 270.1 269. 2| <u) 

272.0 (14 A) 
2B1A 1 1/llj 

186.0 i!0:4) 
184.S (13/3) 

- Rails of Index changed from Ang. 34 

• Day’s high 611.70 low 80 1 JO 

Dec i Ftp- Irf/ij 197b 

15 • riou> High Low 

Ind- die. yield % 


Dec. 8 | Dec. I ■ Nor. 24 j (Year ago approx 

Dec. Dec. Dec. Dec. Dee. Dec. 

15 I 14 IS 12 S 11 7 8 

■Since (.'ompllat'n 

15 | 14 | IS 12 ! II i 8 I High | Low ' High Low 

t Industrials! 105.95; 108-?ll 109.66' IBIJ't 107.87: 107.2^ 118-71 ! B6A2 184.64 ijB 

j j i j >12$, ' (6 IS) (11/1/73) (30/6,32 

66.33] 9S.04j 96.06* 96,53 87.111 86.63 106.00 1 86.90 126.85 4.40 

4 On tn onsite 111 ! >12/91 I (6/il (ll/lrtiJi fl/b/J 2 i 

< Composite 

Ind. dir. yteH ? 
bid. P‘K Katin 
Luos Gov. Qr.n.1 yieM 

i J 1 12/9) J (6/3) (11/1/73) n30/6,3Zi 
87.111 86.63 106.00 I 80.90 126.85 4.40 

j j >12/9) [ (£til K 11/ 1/63 1 [(1/6/32) 

Dec. 6 ) Not. 29 j Year ago (approx.) 

8.84 | 

Australian) 536.93 642.01 566.76 411.16 
• 122/9) ' (1/3) 

Belgium ()> 97.99 97.71 101.10 */M 

(6.6) . 1 13/6) 

Denmark! •’ 9L26 91.26 -b.os 

(14/0) • iau/lUt 

Fran or ift> 7&-1 ' 76.4 da.'.* = 47.‘i 

(4; lift i3)2i 

Germany/ rt) 82L20 828.1 BW.t 759.4 
(19/10) (17/51 

Holland (}*) 78A 78.4 93.1 /6.i> 

(11/91 14)4) 

Hong Hong 508.02 507.59 707.70 3E3.4 
ffT) (4/6) , |13/4l 

Italy (KBI 69.63 6L39 82.2b 65.45 
(25/6) (10,1) 

Japan Uti 448-37 432.02 462.50 JMx* 
(13/ L:) (4i lOi 

Smaxporetf) 360.09 350.13 2 o£.'J 

(2/Sh _l9; b_ 

Indices and base dates (all base rallies 
100 except NYSE All Common— SO 
Standards and Poors— 10 and Toronto 
300 — t .000. [he last named based on 1873 1. 
* Excluding bonds. 1 400 Industrials 
S 400 Industrial*. 40 Utilities. 40 Finance 
and So Transport, s Sydney All Ordinary. 
II Belgian SE 31. 12. 63. ■“ Copenhagen SE 
I L73. rr Pans Boone 1941- U Commerz- 

; Deo. Pre- 1978’ : 1973’ 

I IB 1 rioua I High i Low 

Spain id)! B9JS8 ' 89.88 : 110.7.- • W.fSb 
* : >9/tn , ,17,3) 

Sweden. «|| 366.Z3 364.78 40gjj0 ■ o'c.74 
: | ! 'Me) 1 i3;l> 

Swit:erld( 'j! 286 j) 325.7 j lajl.n 

1 _ \ ; ■ U.-ii ! (MW 

bank Dec. 1953. SS Amsterdam Industrial 
1970. St Bang Seng Bank 31/7/64. |||| Banca 
Cotnmcraale I Uliana 1872. a Tokyo 
New SE 4/1/M. b Strain Times IBM. 
e Closed, d Madrid SE 30/12/77. e Stock- 
holm industrial 1/1/58. /Swiss Bank 
Corporation, h Unavailable. 



Stocks Closing on 
traded. price day 
Simplicity 475.900 IV, + 1 l i 



Gull Oil 

NW Airline;... 


Gan. Motois... 
Sears Roebuck 
Pan Am Air ... 

Exxon . 

Columbia Pic. 










A prize 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 the tap left hand comer of 
the envelope, and addressed to the Financial Times. 10. Cannon 
T, Street. London, EC4P 4BY. Winners and solution trtU be given 
next Saturday. 



Top-class chasers 
line up for Ascot 


1 Pari of motorway uncomfort- 
able to cry on (4, S) 

10 Light, up at home with sweet- 
heart l7) 

H Severe sbake-up In CID? 
Rats! (7) 

12 Rank nature of key Scots 
county (5) 

13 Father writing about row or 
border fS> 

15 Fuel not affected by gossip 
(7. 3) 

16 Dried up part of cheese 
regularly (4) 

18 A Ions playing record’s With- 
in, range f4) 

20 Become north-eastern agent 
for philanthropist (10> 

22 Tonguetied sensitive recorder 

24 Cut from self-starter to hooter 

26 A great number surrounded 
behaved in senile fashion (7) 

27 Valve kepi in poem «7i 

28 Non-specialist workers direct- 
ing army >7, 5; 


2 A .fine beginning to face 
insult (7) 

3 Certain to be passed on south 
Yorkshire river (4. 4» 

4 Pay attention to masculine 
newsman <4 » 

OF PUZZLE NO. 3.844 

Following are the winners of 
.-last Saturday's, prize puzzle: 

Mr. K. D. Coleman. 12 Keats 
•Road, Stratford on Avon CV37 
( JL. 

Mr A. L. Lake. Slaven. Los- 
.field Close, Mayfield, East 

Mr. R- Lewis Williams. 9a 
* Hornsey Lane Gardens, High- 
gale, London N6 5NX. 

5 Promised to have Neath cap- 
tured (10) 

6 Hauled and tied (5) 

7 Part of rigging on desert 
railway (7) 

8 Plant family m American 
state (8. 5) 

9 Russian athlete who is full of 
beans (7, 6) 

14 Cry that can be depressingly 
killing 14. 6) 

17 Fish I calch in pram fS) 

19 Temporary aspect of football 

21 Flew away in shed 14, 31 

23 The Spanish drink to Scots 
town |5) 

25 Round on rather having left 
gem f4) 

Solution to Puzzle No. 3 .349 

sannsas HaanHas 
B 'B B D H Q 0 0 
h a m m m :m s s 
EESEECZClElii 0g!90Ci 
5 0 B E 0 

m m g a e h 

ESEEEBsna asaas 

a g h g e 


a ra a h s. □ b 0 

EEC2H00H0E 50000 


Rssnaaa bbsherb 

GRAND CANYON, Night Nurse, 
Fort Devon, Approaching, Kybo 
and Cancelio feature in an array 
of top-class talent for this after- 
noon's SGB meeting at Ascot, 
and there is no doubt that the 
card represents by far the best 
day's racing to date this season. 

For many, the most intriguing 
race of the afternoon will be the 
Killiney Novices’ Chase. Here, 
Night Nurse, rated by ' many 
alongside Grand Canyon as one 
of only two novice chasers cap- 
able of providing a home-trained 
threat to Midnight Court in 
March, bids for his fourth win 
of the campaign. The winner of 
his last three races. Night Nurse 
— sent here rather than going for 
a simple “ touch " at Nottingham 
— faces his stillest task to date 
over fences with Koiro Scott and 
Dramatist in opposition. 

Night Nurse may well oblige 
with flying colours, but for me, 
a better bet is Koiro Scott in 
receipt of 10 lb. Nick Gaselee’s 

ex-New Zealand chaser landed 
the Bath Novices' Chase strictly 
on merit at Cheltenham last lime 
out. and many felt that he had 
the measure of Ramblix, when 
that up and coming winter chaser 
blundered away his chance. 

Grand Canyon, another top- 
class recruit to chasing to have 
won his last three races, has been 
all the rage for the SGB chase, 
since the Tote opened a book on 
the feature race at the beginning 
of the week. 

It is not difficult to see why. 
The comfortable conqueror of 
Prousto on his seasonal debut at 
Kempton, Grand Canyon then 
proved equally efficient in lifting 
Sandown's Marlow Ropes John 
Skeaping Hurdle before achiev- 
ing a second Colonial Cup 
triumph in South Carolina. Far 
from unreasonably treated with 

11 stone 1 lb, Grand Canyon 
could well find Fort Devon a 
more experienced chaser over 
English fences, providing his 
toughest opposition rather than 
market rival Strombolus. 

In the other SGB event, the 
Hire Shop Hurdle, Rodman 
excused of his Lingfield failure 
by John Francome on account 
of the unyielding ground, will 
be many racegoers' choice. 

' Although his chance cannot be 
lightly dismissed, Rodman has 
always struck me as a rather 
over-rated young hurdler, and I 
intend opting instead for Kybo- 
the 13 to 2 winner a year ago. 

In tbe surprising absence of 
the Gold Cup hero. Midnight 
Court, from the Long Walk 
Hurdle, 1 believe it may pay 
backers to take an each-way 
interest in the Ron Atkins course 
winner, Rusbmere: while Can- 
cello can underline his 
undoubted class by defying 12 
stone In the Frog more Chase. 


12.15— Rushm ere - 
12.50 — Koiro Scott 
1.25 — Kybo"** 

1.55— 1 Grand Canyon 
2^0— Cancello““ 

3.00— Firs Part 

Atom men make 
plea to Shore 

THE UNITED Kingdom Atomic 
Energy Authority has appealed 
to Mr. Peter Shore. Environment 
Secretary, against Northumber- 
land County Council's rejection 

of its planning applications to 
drill bore-holes in the Cheviot 

QHEeangg . asmsag 

B E O E 23' 0 E5 


5 30 

mmmm mmm mm 

E E EH R TO 0 5 

m 0 @ Q m 0 e b 
B S 0 0 '0 B' B- 0 
a E B ' n H Q E 
EJ 6 E 0 0 E 0 


December 13 Percent - 

Aaland . .. 121 

Banco Bilbao . . 288 

B Allamico (1.000) 243 

Banco Central .... 301 

Banco Exterior 270 

Banco General .... 237 

Banco Granada (1.000) 148 

Sar-co Hisoano . . .. 220 

B. Ind. Cat. (1 OOO) . 169 

B Ind Mfldiicrraneo 187 

Eonco Madrid . 213 

Banco Popular 240 

8. Santander (250j .. 333 

Banco Urquno (1.000) 253 

Banco Vizcaya . . 235 

Banco Zaragoajno . 219 

Bankui.ton ... ... 141 

Banjo Andalucia ... 177 

Babcock Wilcoa 25 


DragJdcii IS® 

tnmobami 61 

E. |. Aragonesas 34 

Eapanola Zinc .... 100 

Expl. Rio Tin to 52.75 

reel a (1.000) .. . 62 

Fenosa (1.000) ... 59 

Gal. Prec/adcs 47 

Gp. Velazquez (400) 165 




Paoeleres Reumdas 



So i no Papaieia 


Socolisa ... . 
Telefonica . 

Torras Hosronch 


Union Elec. . .. 

64 +1 

66.75 0.7S 



Ba drain Brazil. 
Bano' lum P.\... 
Txija* Amer. O.p. 
Peirnhra* PP .. 

np.. .. . 

Sum •'mr i'll*. 

fnip PE 

1.25 Vile Hk» face PP 

+ «r Cruz Y?>1. 
. — . Dir.-, ?. 

—O.oi j.iri&.00 
1 0.02 Alt 9.09 
. 0.a r i 24.S4 
. ... /.2U;6.66 

—O.PJ B.87 
-0.01 1.1* 12-21 
+ 0.04 10.57 

-O.ig J.Jt 4.54 
tQ.0U.l< 10-66 

— Turnover Cr 81 4m Volume 51.7m. 

— Source: Rb -Jo Janeiro SE. 

NOTES: Overseas onen exclude S oremlom. Bi.-lxiao divtdends arv alter 
withholding tax, , _ ___ . 

♦ Dll 30 dennm. inkM Olberwrte Mated. 9 Ptas. JO* demm. unless othcrrrfsc 
sialed X Kr I DO denom. unless oiherwis# Mated. O Frs 3WI denom. unless 
otherwise staled. ' Yen 30 denom. unless otherwise slated. 5 Pnee at lime of 
suswnsron. <s Florins b Srijlllu^ r Cent*, d Dhldend after pending rinhu 
and or scrip tssu». e Per share, t Francs, j Gross 'Hr. h Assumed olrMend 

after ICTIP and -or rights issue. * After local laxra. m% lax iw. n Ft*n». 
tnclDdme L’nilac d)v. p Nom. q Share aphL i Div. and Meld exclude fpecta) 
payment, i indicated djv. v Unofficial trading, r Minority holders only, j iwjr 
pending. ■ .vshed. f BtdL (Traded, t Seller. .* Assume d. uEi righta. «IEi 
drridMuJ. xc Ex scrip tssua.- xaBx alL * Interim stow Increased. 

Beet cm Dickinson 

Bell * Howell 

Be aril x 

Seasuet Uhu ‘B’ 
Bethlehem Steel. 
Black* Docker.. 



Bore Warner...™ 
Braniff lnt_..^_. 

Bearan ‘A* 

Bristol Myers 

8. Pet A DrttR._ 
Hwokway Glare . 
Brunswick .......... 

Bucyuui Erie. 

Uuioni Watch . — 
HamnjctOD SLtin. 


Uarapneir Mop... 
Canadian Paclttc 
Cam Uandolpb.. 


Carrier A Genera' 
Carter ban ley ... 
wUlerpillarj rat-l' 


uc auc-e C>.*rp:i .. 

Cunira A 5.W.... 


chauiimn Inter.J 
Cnare Manhatunl 
• ‘huniLaLi Bk..NY.| 
Cheaet'rgli Pi'irn.. 
Cfae«ie Byaiem.. 

'JLioaiiP Briitse... 


Cuic. Milaccim... 


-itie- »ei vn-e 

.il< luiuiiug.,.. 
..leveuubi C'llT... 

Coigtle Paini 

Juiiiiu Aikmau... 

(.Vilumlxa liar 

Cmutnlna Pi.-t.... 
Cnln.lo: U'.i JAin 
C.nnlm*lh><i I- lif.-. 
Cunilnialiiui &)■•• 
Cni'mli Ivlirun 
Comm. Saterliu-. 
J>m)<utrrSi'itlji' j 

U»nn Lne In- ( 

Cuiirn I 

C. mi. E ll. m M...j 

fun •« 7—1 • 

,H|4< \al Ini . ! 
Civi nmei- H..»«f>} 
Ueiiini-uta. tn[..j 
■JuutKi'jiiLn Uii... 

■Jtint'iueiila. Teiel 

Loutr... Dal*... .. j 
i.'mipor ln-'ir> 


A) lianco Yarsich J 




BayeMlirja* I 

finyer-Vervinabk.! - 
Com merzhutk . . ~.l 

CnuLiGumml -j 



Demag J 

Dtiitrrbn (tank. ...I 
Drenlner Bank. — 
0> i.-kerlioff Zenit.- 

Gutefauffnuag > 

Hapac r.U'jH • 

Barpcner ...... 

Hoecbst ] 



WXi' - ..-.;. tp. ;iCi ’ Viv. v^. '+..'. •-.+ v.*.".* -■ >:.■ 

and Markets 


by 15% 

Sy Waihm DtOHoroa. 

STOCKHOLM,-- -Despite an 
8.5 per cent drop: tn beer sales 
since the of. 1 ', medium- 

strength beer .ups prohibited in 
Swedish groceries in July. 
Pripps, . the country’s' biggest 
brewery concern. 'reports a IS 
per cent improvement in earn- 
ings to SKr 70.2m ($X6m) in 
the preliminary -figures .for. the 
year ended September. SO. Sales 
: were ahead by.. SKr 24dh* ;.to 
SKr L35bn rfSOTftn) ' but SKr 
. 158m of the increase came,frpm 
-the Mnall-' Falken-.*. : farewfery; 

which' Pripps. took over last. year. 

. Falken turned' in ' a loss : of. 
I SKr 16.6m. • 

'..'Thfe.. decline : in beer turnover 
in the last six months was. offset. 
. by -a. 9 per cent growth in soft 
r drinlc sales, and by what the 

■■ prwna gwiTioT^ dMgr ihiMj as. “The 

: -successful ' launching of . new 
products and extensive savings." 

. • Pripps -proposes to pay its two 
owners, 'the state and Beijer- 
InvesU a dividend- of SKr 18m, 
which is SKr Sm more than they 
received in the previous year. 
The state .holds 60. per cent and 
Beijerinvest 40 per cent of the 
breweiy concern. ■ 

However, under a Bill, pre- 
sented to Parliament last month 
the Government recommends 
that its 60 per cent holding be 
transferred - to a . - new state 
.holding company. Biygginvesf, 
which would in turn sell 9 per 
cent of the Pripps stock on the 
stock exchange for SKr . 43.5m. 
At the same time, Beijerinvest 
would sen 15 per cent of the 
Pripps shares to its share- 
holders at the, rale of one 
Pripps share ;for every seven 
Beijerinvest shares at SKr -'57.50 
a' share. . 

'This proceeding would leave 
the state company, Brygginvest 
with 51 per. cent of the Pripps 
stock, while -25 per cent would 
remain in the hands of Beijer- 
invest and -the. rest would be 
traded on _the stock exchange. 

The First Viking 

Kennecott agrees board changes 
to end feud with Curtiss- Wright 


NEW YORK— Karnmeott Copper, 
the largest TJ.SJ copper company 
with soles revenuesof more than 
S1.7bn a year, ^disclosed today 
that it has agreed. to a-compicte 
restructuring of its main board in 
order to 'secure' a temporary tnise 
in its bitter feud With Curtiss- 
Wright, the diversified aerospace 
and' industrial equipment manu- 
facturer. • ... .. i?. 

• In May. at its annual mecling, 
KcnnecotC barely secured share, 
holders, approval lot. .The list of 
management director's ,it put for- 
ward ■ for election. r.-‘ Curtiss- 
W.right, which had. brought a 9 9 
per cent. , shareholding in the 
larger company hafl- c spught to 
turn, the: oki board . out and with its own ‘nominees. 

• Subsequently legal* challenges 
to the proxies votedin that elec- 
tion have resultetLlin a court 
ruling . that in January of n ext 

year the vote should be held 
again. The prospect of yet 
another pubhc confrontation and 
a continuation of the trench 
warfare between the two com- 
panies coupled With tbe appoint- 
ment of a new chairman for 
Kennecott has smoothed the way 
towards a two-year truce. 

Kennecott said today that 
through a combination of resig- 
nations and “ Board action " 
Kennecott and Curtiss- Wright 
bad agreed upon the election of 
a joint list of directors of Kenne- 
cott rather than continue the 
current proxy battle for control 
of the Board. 

Tbe proposed list includes 10 
directors who are currently 
Kennecott Board members, three 
new nominees whn were mem- 
bers of the list proposed In May 
by Curtiss-Wright nnd four 
nominees who arc "mutually 

agreed upon independent direc- 
tors." One nf the four is a 
member of tbe Curtiss-Wright 

The last place on the lS-man 
Kennecott board will be occupied 
by Mr. Thomas D. Barrow, who 
was only elected lo the hoard at 
the beginning of the month after 
bis resignation as senior vice 
president and a director of 
Exxon, the giant oil company. 
It aws Mr. Barrow who opened 
talks with Mr. Roland Berner. 
Curtiss-Wright chairman al the 
beginning of the month, in the 
hope of reaching a compromise 
agreement, that agreement is 
that in addition to the board re- 
structuring, Kennecott agrees to 
establish a special committee of 
the board to " study, objectively, 
consistent with the best interests 
of the company 3nd ns stock- 

holders, Curtiss- Wright's pro- 
posal for the divestiture of Car- 
borundum." Kennecott paid 
S567m to acquire Carborundum, 
a leading manufacturer of abra- 
sives, almost t-xacliy a year ago. 

It was this move which sparked 
off -the attempt to unseat the Ken- 
necott board, shareholders sued 
complaining that Kennecott was 
wasting its assets paying too high 
a price for Carborundum. 

Although Curtiss-Wright bad 
only 9.9 per cent of the Kenne- 
cott equity, iu holding served as 
a focus around which dissatisfied 
Kennecott shareholders rallied at 
the annual meeting. 

The truce now reached includes 

an agreement by Curtiss-Wright 
not to increase its holding in 
Kennecott above 21 per cent of 
the equity, and both parties will 
end litigation associated with the 
proxy battle. 

Hudson’s Bay offers new terms for Simpson 


MONTREAL — The Hudson's 
Bay Company swuhgvhack to the 
offensive yesterday {Friday ) in 
the contest Jor Simpsons with a 
new offer [or thd.' ..department 
store business ' and its stake in 
the associated -'Bunpson-Sears 
store and catalogue 1 sales office 
chain. *■"*?* 

- Earlier, Simpson. -with F edera 1 
Government approval in prin- 
ciple for its proposed merge i 
with Sfmpsou -Sears, said its own 
holdings in Simpsoh'-Sears. con- 
sisting of 30.8m class B shares, 
would be distributed. :to its own 
shareholders of record December 
IS or on Thursday. 

This amounted lo a dividend 
and was to he paid lo the 
National Trust yesterday (Friday) 
as the transfer agent for the dis 
tribution. The classification and 
timing of the distribution as a 
dividend broke Stock Exchange 
rules and trading in Simpsons 
shares was halted on Thursday. 

The Bay replied swtflv, yester- 
day. saying it plans to pursue 
its fight. Its earlier counter bid 
was cleared by the Federal Com- 
bines Branch in Ottawa as not 
amounting to over-concentration 
in the department store industry. 

Essentially the Bay's latest 
offer remains tbe same as the 

earlier one in cash and stock 
equal to about C$8.30 per Simp- 
sons share, but the Bay is now 
asking Simpsons' shareholders 
accepting its offer to assign to 
the Bay the dividend received 
in Simpsons-Sears shares. The 
Bay's offer has been extended 
from December 19 to 22. 

The basis of the Bay offer for 
every eight Simpsons shares is 
one common share and two pre- 
ferred shares of the Bay or one 
common and one preferred share 
of tbe Bay plus C$22.50 together 
with assignment of tbe Simpsons- 
Sears shares to be received. Full 

particulars of the amended offer 
are being mailed December 16. 

• Victor Maekie. our Ottawa 
correspondent adds: The 

announcement that the Govern- 
ment would allow the Simpsons 
bid to proceed emphasised that 
Simpson shareholders should not 
interpret the decision as an 
endorsement nf the merits of 
tbe Simpson-Sears proposal. 

It also said that while the Bay 
offer is not subject to review 
under the Foreign Investment 
Review Act. the Government 
had taken notice of it in arriv- 
ing at its decision. 



OFFER 37.1 
BID 35.2 

Double OFFER 58.0 
Op&m Trust JHD 55.Q 


Csmiiiodttir&Gefleral ■ 

. Managem wrt Co Ltd * .. 
10-I2St George's Street 
Don gias Isfe of Min- - 
Tel:. 0132*25 ill 5 

Quebec Bill to take over 
Asbestos Corporation 


MONTREAL — The Finance 
Minister, Mr. Jacques Parizeau 
told the National! Assembly in 
Quebec City lhar‘“the Govern- 
ment will shortly introduce, legis- 
lation' to expropriate* control of 
Asbestos Corporation, the second 
largest fibre producer in the 
Province . and Canada. The 
Government has not- been ahl« 
to reach agreement jftith General 
Dynamics' of tbe UiS." on a pricp 
for tbe American .group's 54.6 
per -cent holding^ in. Asbestos 
Corporation, be said,, and the 
Only recourse, was to national isa- 
tloo. .- ■ . ? . 

• After - agreement -was-" reached 
with the Opposition- parties, the 

Government introduced its 
legislation into the National 
Assembly late yesterday after- 
noon (Friday). It was assumed 
that it would reveal a mechanism 
for taking over the Asbestos 
Corporation assets. 

Shortly before the Bill was 
introduced, Mr. Maurice Tas- 
chereau. president of Asbestos, 
declared in Quehec that the 
company's shareholders ** are 
being pressured to turn their 
company over to the Government 
at a ridiculously low price and 
it does not make any sense." 

The company has indicated 
that it would be willing to pay 
C$ 40 lo CS 45 per share 

Increased insurance 
profits from Ennia 


AMSTERDAM — Ennia. the 
Dutch insurance group, reports 
aFter-tax profits higher by 21 per 
cent for the first nine months of 
1978 with gross receipts 14 per 
■ cent higher. The company im- 
proved the result of its life in- 
surance activities and sub- 
stantially cut the loss made on 
non-life business. 

On the basis of these results, 
{Ennia repeals its forecast that 
profits per share will increase 
over the year as a whole, even 
when a further increase in the 
number of shares is taken into 
account. Ennia made FL 23.95 
profit per share in 1977. 

The nine-month figures from 
the company confirm the 
strength nf the insurance sector 
in Holland. Earlier this month 
Amev reported sharp (32 per 
cent) growth in net profits for 
the first three quarters of 1978 
and forecast an advance of 25 
per cent in earnings for 1978 as 
a whole. 

The 21 per cent rise in the 
first nine months produced after 
tax profit of FI 39.7in (S19.3m). 
Gross receims were F! 1.49bn 
($723n>). Costs rose 6.3 per 
cenL Profits per ordinary share 
rose .5 per cent, to FI 19-10 com- 
pared with FI 18.25. 

CGE plans 

By Terry Dodsworth 

PARIS — Net consolidated 
profits of Compagnie Generate 
d’ElectricIte (CGE) the diver- 
sified French electrical and 
telecommunications company, 
will be at least as high this 
year as lasl, according to a 
letter to shareholders from 
AL Ambroise Roux, chairman 
of the group. 

Last year's dividend level or 
FFr 21 a share will be main- 
tained. In addition the com- 
pany is aiming to give a 
special pay-out of FFr 160 as 
an extra dividend fur the 1976 
year, which fell into the 
period of dividend controls. 

These forecasts follow the 
company's rights issue earlier 
this year which Increased its 
capital base by 20 per cent. 
Al that time. CGE predicted 
that 1978 would produce a 13 
per cent increase in turnover, 
to about FFr 37bn ($8.5bn> 
and It Is now forecasting that 
profits will reach at least 
FFr 390m ($90m ) 

Although CGE has steered 
clear of a further turnover 
forecast, it stressed that profits 
in the parent company are set 
on an undeniably favourable 
trend and will reach at least 
FFr 150m against FFr 136m in 
1977. Total group consolidated 
profits are more difficult to 
predict. CGE said, but the 
improvement In tbe company's 
“ principal element " indicates 
similar progression elsewhere. 

Underlining these favourable 
trends, M. Roux argues that 
the company is still under- 
estimated on the Paris Bourse 
although prices or its shares 
which stood at about FFr 2R0 
in the middle of 1977 have 
almost doubled since then. 

CGE argues that its under- 
lying value lies closer to 
FFr 620 a share. 

Good start to 
French options 

By Our Financial Staff 
EUROPEAN Options Exchange 
(EOE) reports an encouraging 
start to trading in French 
options. Turnover last Thurs- 
day. the first day on which 
options on Peugeot-Citrocn, Si. 
(lobain-Pont-a-Mousson and 
Thomson CSF were listed, was 
45 contracts or 7 per cent of 
the total EOE turnover on that 

Moulinex S-A-, French manu- 
facturer of small electrical 
household appliances, is to set 
up a plant at Virginia Beach, 
Virginia, next June to make 
electrical mixers for the U.S. 

Jardine sells stake 
in Allied Food 


HONG KONG-slardine Mathe- 
son and Cn., has sold its in- 
direetiy-heJd interest in Allied 
Food Industries (Far East) to 
W. R. Grace < Far East), part of 
tbe U.S. conglomerate, and to 
other investors in AFI. 

Jardine also announced that 
the Gill and Duffus group has 
acquired Jardine’s shares in 
various trading companies in 
which the two previously had 
joint interests. 

Allied Food Industries (Far 
East) is a Hong Kong-based 
Holding company for a group of 
companies producing and market- 
ing chocolate confectionery, in- 
cluding Van Houten brands, in 
south-east Asia. At the end of 
last year, Jardine's interest in 
AFI was 15 per cent but had 
Jardine fully exercised conver- 
sion. of loan stock it holds in 
AFI the holding would have 
risen to 27.7 per cent. 

Instead. Jardine is selling its 
stake to W. r. Grace, to Mr. 
Cbunag Ming Chi. who is chair- 
man of Allied Food Industries 

(Far East), and to a “new group 
of south East Asian investors." 

In a statement Jardines said 
the total consideration realised 
by this disposal will be 
US$S.73m. of which USS2-25m 
would be payable immediately 
and USS6.48m will be payable 
in instalments over the next 
three years. The stake in AFI 
is held by Jardine’s now wholly- 
owned Singapore subsidiary. 
Jardine Matheson (South East 

The group also said that 
Jardine Matheson and - Co. and 
the Gill and Duffus group had 
reached agreement by which 
Gill and Duffus. in the interest 
of expanding their world-wide 
trading activities in sugar, had 
acquired Jardine's shares in 
their hitherto jointly-owned 
trading companies. 

Jardines would continue as 
producers of sugar and Gill and 
Duffus ibeir merchanting role In 
the context of their trading 
activities. No further details at 
the deals were given, nor of the 
trading companies involved. 

Offer for Dictaphone 


NEW YORK — Dictaphone, the 
office equipment maker, has had 
a bid approach from . an unnamed 
suitor, the company confirms. 
But no tangible offer has yet been 

The company's shares were 
suspended on the New York 
Stock Exchange on Thursday 
after having risen over $2.50 in 
the previous 48 hours, reachinc 
S20.25. This gives Dictenhone a 
stock market value of S81tn. 

Mr. Lawrence TabaL chairman 
and chief executive officer, re 
vealed the approach in an inter- 
view with the Wall Street 
Journal. But he -refused to 

identify who bad made it He 
said he would shortly be calling 
a directors’ meeting to consider 

In the first nine months of this 
year. Dictaphone earned $S.9m, 
up from S3.4in in the same 
period last year. The company 
expects its year-end earnings to 
be equivalent to $2.85-90 a share 
up from $1.35 last year. Revenues 
are expected to rise from S211.6n? 
to 8240m. 

Mr. Tabat said Dictaphone is 
not expecting a recession next 
year, and be believes the com- 
pany could achieve higher earn- 
ings even if a mild one does 

Doubts over Pan Am merger 

WASHINGTON — National 
Airlines said the position it will 
take on the proposed merger 
with Pan American World Air- 
ways at a January 15 share- 
holders meeting has been ren- 
dered uncertain by the recent 
competing bid by Eastern Air- 

Earlier, Lewis B. Maytag, 

chairman of National said that 
proxy material prepared for 
that meeting would tell National 
stockholders that it was in their 
interests to approve the Pan Ail 
merger. However, Maytag later 
indicated in testimony during a 
CAB hearing yesterday that 
proxy material might haw to be 
changed. A.P.-DJ. 

LG. Index Limited 01-351 3466. 3- month Gold 211.15-213.25 

29 Lamont Road, London SW1D OHS. 

1. Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor. 

COMMODITIES/Review of theweek 

Cocoa pact conference agreed 


A NEGOTIATING conference 
for a new international cocoa 
agreement Is . to be held - in 

• Geneva from January - 29- ta 
February 23, it was announced 
yesterday. - ’ • 

.- This follows approval by the' 
International Cocoa - Council 
meeting lit London this week of 
a 'working ' document recom- 
' mended by .a ' preparatory com- 
mitteeasa basis for negotiations. 

However, it is understood .that 
Importing and exporting: coun- 
tries remain ' divided ..on some 
-key issues. - notably producers’ 
demands for a guaranteed mini* 

' 'mum price. ■: . . 

The U.S_ which is not u mem- 
ber of 'the current International 
Cocoa Agreement, is expected- to 
play a prominent rote in tbe 
Geneva talks. 7' -' .- 

: Natural rubber prices- fell -this 
week, following .the failure of the 
Geneva conference to -negotiate 
an international rubber agree: 
menL • 'One of' the'; points of 
dispute was U.SV .reluctance, to 
accept producers' proposals for 
a minimum guaranteed .price: 

. No. 1 KJ5.S; spot -rubber yester- 
day was 57-5Gp a kilo. 2.25p down 
on the week and the lowest price 
since August. _ The suspension of. 
Jhe. rubber pact talks, which are 

• due to be resumed next March, 

■was. only ode. "of the influences 
depressing prices. _ ' * 

The main - factor was dis- 
appointed selling by speculators, 
.-who now .view prospects for 1979 
with less optimism,- and 'the fact 
that UB. demand is now drying- 
up following a period of - stock- 
building against the- possibility.' 
of a D.S.' rubber industry strike 
In Februaty 'when "labour con- 
tracts expire. . '* . . 

. ; At a {meeting of the Inter- 

. "Pence psrKflo 

Jul Aug Sep Oct Nov -D 

almost unoiianged. The market 
: fell sharply on Wednesday follow- 
L : ing reports of dissension amoagsl 
' -members of the Bogota group of 
eight producers and selling fcy 
brokers, who were thought to be 
'acting on behalf of producer in- 

But tbe following day. the 
’ same sources were reported to be 
- buying, and producers strongly 
denied that the Bogota group 
members were not meeting their 
:. commitments to boost market 
j^Hicos hy support buying and 
'holding off sales. 

Brazil announced unchanged 
export registration prices yes- 
terday. which are well above 

market levels, (t was claimed 

. . that they wHI, in fact, be higher 
national Sugar Council this week since the Brazilian Coffee lnsci- 
it was decided to postpone, once, tute ds not renewing supply con- 
agam, implementation of. . the, "tracts, including “ fidelity ” 
stock financing fund because 'Shfr bonuses. 

U.S. has yet to ratify the agree- ; - Tin prices were sharply lower 
menL . Vthis week. Standard grade cash 

However, EEC representatives .tm closed last night at £7,075 a 
are . : reported to have told -the tonne, £1126 up on the day but 
council that they were prepared .£270 down on the week, 
to cut export awfitebiWries ta any - Yesterday's rally was aided by 
given year by the same amount Forecasts of another decline in 
as any export quota cuts by mem- warehouse stocks. But prices had 
hers of the AgreemenL {plunged earlier, both in London 

the bigger than expected Penang, on lack of buying 
beot crop, in-- Europe that - is"* nteresl * 

mainly responsible For forecasts.^ Lead prices rallied too yesler- 
tfrat production wtil again. exceed Gay °n predictions of another 
consunwtion in 1978-79 despite {fall in stocks. Earlier, like tin. 
earlier predictions that There"?h® market had been under 
would Be a deficit this season, pressure as a result of reduced 

.buying. Cash. lead, at £426.a a 
F. O: LachL sugar stansbciai^- j onnPi wag £9.5 down on 

calculated that world slocks, will veek despite gaining 15 

rise to a record 32.021m tonnes .yesterday. 

with production *t 91.9m tonnes Copper prices were firmer fol- 
and consumption just below 90m. j 0W f n g rises in U.S. domestic 
Coffee prices fluctuated wildly prices and a further fall in 
ttus week, but in the end closed stocks. 



COPPER — Firmer m iairly ective 
active Trading on the London Metal 
Exchange. After opening at £787. 
forwaro metal pickBd up to E790 
following lo recat is of a substantial 
fail m warehouse stocks The market 
failed to hold this level, however, wrlh 
profit-taking paring the price to £787 
on the morniny kerb. In ina afternoon, 
a strong opening on Comex prompted 
fresh buying in London and the market 
rose to C7&I.5 bejo ie closing on the 
late kerb at £788.5 following trade 
selling. Turnover: 16.650 tonnes. 

Amalgamated Metal Trading reported 
that in the morning cash wi rebars 
traded at £771. three months £789. 

88.5. 88. 87. 86.S, 87. Cathodes, cash 
£757. 56.5. three months £774.5. 74. 

Kerb: Wirebarea. three months £786.5. 

87. Ahernoon: Wirebars. three months 
£730. 31, 90.5. 91 6. 92 Kerb: W- re- 
bars. three months E790.5. 91. 91.5, 

91, 90.5. 90, 89.5. 89. 88.5. 

— - — _ . _ oil.' cm | 

I + or. ■+ or i-cr 

COPPER Official — CnnErial i — n.-vw. 1 

Mornmq: Three months C6H3. 23.5. 
Kerb: Three months £534. Afternoon: 
Three months £624. Kerb: Three months 




A aim In' m; e-m. .r+or p.m. i+or 

Official 1 — ICnoflkd.1 i — 

s[*-r — 1 — . ... 

5 months-. 683.5-4 ~2.2B' 683-6-4 .-.75 


Si +*.T 


+ vr 










i- O.M 


— 0.!» 


1,5 90 




>C-pt. | 


-0. Ifi 

ca.60 r-O-ZO 





U.S. Markets 

Y'*»|Miii*y, + m | 
CI.IW • — 





122 50 25 0 + 0.25 

Coffee and 

Pehraery .... 1^7 0^7.1 -f 0.7D 27. 10-26.20 
April ]l! £ 6.5C-iB?-r0.65| 

■ Cents per pound, t SM per ptcuL 
t On prrr7loti3 unofficial do^e. 





1*4 00 25 0 +0.60 
U4 OJ-tB 0 +0.66 
B4JOifl a + O.M: — 

124.00-26.6, + 1.40! 


Silver was fixed O.Bp an ounce lower 
lor spot delivery in the London bullion 
market yesterday at 296. 8p. U.S. cent 
equivalents of the fixing levels were: 
spot 583.0c. up 7 1c: three-month 
6J0 3c. up .0.7c: six-month 612.7c. up 
1.3c; end 12-month 639.0c. up 1.8c 
The metel opened at 295.3-296 3 p 

Sales: .54 (Si). 

LONDON— The market was dull and 
featureless", reported Bachs 
(Pence per kUoi 

(SD5 : >-5Q6\c) and dosed at 236.1 - 
Up (536i»-S 



I Bullion + or. LM.K. j+ nr 
tismg — | i-Jnw? — 
prita? I I 


£ i 



l.'nah 771.5 

+ .7B 


+ 7 

3 innmh^. 786.5-7 

791.5 2 

+ 6.5 

Mt-rtl’m-ot 771.5 

+.5 1 

Cathodes 1 

U»-h 1 756-. 5 


+ 1 i 


- 7 

a months.' 774.-5 

+.5 j 

779 81 


SrtTl'ni.uti 756.5 

+1 1 

U.S. 3mt.. — 


296.80u —0.8 297 -Sp +1.1 

A iii-nui-. 504.60p -1.06 305. ISp +0.8 
r- ni>nrtlia+ 312.0(> -1.05 -- i . ... 

li months 3S6.50p -0.15 — | . 

TJJU — Gained ground following pro • 
weekend covering and modeat physical 
demand which offset the (all in the 
Penang market. Forward metal oased 
to £6.890 on the pre-market bat rallied 
to £6,920 in the morning rings follow- 
ing forecasts of a decline- m stocks. 
The price rasa afresh in the afternoon 
as physics! demand took the price up 
to the day’s high of ES.98S before 
easing back to £6,965 on lha late kerb. 
Turnover: 1,985 tonnes. 

Morning: Standard, cash £7,000, 
three months £6.910. 15. 20. 15. 10. 
Kerb: Standard, three months £6,910. 
Afternoon: Standard, cash £7.070. three 
months £8.950. 60. 70. 75. 72. 75. 80. 
85. 80. 75. Kerb: Standard, three 
months E6.955. GO. 55. 50. 55 

l a-ru. (+ urr- |..m. ':+ «<r 

tiv oiKi-bii : — irnmiicM); — 

L ME— Turnover; 242 lots of 10.000 ors. 
Morning: Three months 304.8. 4.5. 
4.7. 4.3. Kerb: Three months 304.6, 
4.7. 4.9. 4.7. Afternoon: Three months 
305.5. 5.7. 5.8. 6, 5.3. 5.2. 5.1. Kerb: 
Three months 305. 4.8. 4.5. 




’. T«te» { • I . ... . 

price- -• : 

per inn o«-| cm • l»"ir “ V • 1 •- 
tulles* | j- Htjgb. 1 Lfiw 

stated | .- . i . . I. 

I latest i 

prices tb'ce ' 

Metal*- ( . i. . i ■ : i 

Aluminium.....:;... £710 > — | £«> .• ! rtlO 

Free Mariat ext _.;*.LL70/9Q . - ! S96p/70 ; 5UM0 ■ 
3-i- rt9Z6 —-4 -E2JGO £1.826 
’ - -WtCWGo! 82.700 






8 207-128+4-35 
£42BJ — 

£402.75 (— S.0 


£175JfO j 





£372. S 

T Wire Bin.,.. 

i mths Do. Do •„ 

Cash Cxtbcdeo 

3 month Do.. 

Gold per _ 

Ifti Ctsta 

3 months 4. 



Platinum per oi— ... 

Vree Market per ozj 
Q ufcksJlTer f76Jtn.|- S148*3]+5.g r 5128S0 

Silver per ok... J 296 J 0 p>r 3.4 

3 months per»i:.J 3°*.SOp 1—3JB 
~ £7.075 • i-4170-O] £6,905 

£6^72A - £6.760 

• S142.« i — '! ■■ - 

-SU7M3 - . j SIWffB 
£347 ..!+l.«1 £S« 

■ £306.5 -14-1-0 £304 . 

. 5720 , -• r 8600 

£778.5 . 

S16Cl376i $245,125' 

— . 5L73/2.0 
. — ' "I- S2»J> 
+1.26. 1 .£95.16 


£J78J76l £*lB-6 
£187.9 -j 

. Ttacssb..., 1. 

■ J months... : 

Tungsten Inil — — 
TVoUnun fS.0* lh.j. 


3 BJftnLhs _.... . 1 . . 
' Ptodueehi,-...^ 

Grains . 


3 «ma Futures 

Make - 

-Prsub yo£, YeUicre 

SH7h2 ] 
S 143.71, 
S17L6 , 
£374 ' ' 

S720 ; 





£276 ^ 
£ 2.766 
£3.7 17 A 
S 130.5 

X».«5 t-OA !' Fifi-F' 


I (XVli £70.« 
I . . r 




Peg Tootre. «n 
: imlen «r*k 
J stated | 



High . Low 

Wheal I- i 

.No. l Bed Spriam- £96 ' ' 

Am. Hard ( 

Winter <J«r.),-£87.25 -1 
Bn£. Mil I me tneor erap) £95.5 1+ 1.5 
Spices . I".' - 

*t7ove*. {yir^.916 - 

Pepper, white. ... £2,750 + 100 

H1*e* ,..»bxiA00 +25 

Oils \. ’ 

t'-ocomii(PblHpTe»3 $800p +25- 

tiroundouC 6%. — J. ■ S' . — 

Linseed. Crude £242w —l 

Palm Malayan .. — $6034 +13 

Seeds — . ‘ - 

Coprai Philipulnas) ' -8 605 

derntbesns iL-^l).™. R84 

Other ■ i • . 

Commodities . • 

Cocoa dhlpoieot-....J £2.083 

ms Sod per’ -.—...,, £2.032 U3 a,i 
t'u ffee Ptilnws Msi-j £1^6 i-fl 

Cotton Imtn 79-ffic j-0.7 

llw. Cuomiit ; . £700 .1+411 

Jute LJAS'VCgitJjj ‘ S538 I+IS 

Rubber klli». 57.60p ■ -Z.2A 

Sami Pesrl £184. } 

Siiai So. 5 1i.. i.‘ii<"J ‘651&r 20f * — • 
tSucar iKawi..— M -.l 1- £102 j+1 

TspiresVn. * ' "»*« ! - 

—0.60i £39.50 , £98 J> ■ £SS.5 

High Grade £ £ £ • £ 

cSi.. 7000-10 +52.5 7070-80+1)2.5 

3 mi<n(li3.i 6900-10 +22.5 6970 5 ,+95 

Seiileui'r. 1 - 7010 i + 55 . — | 

Standard- ! < 

Csnli , 7000-10 +02.5 7070-80 +112.5 

A m>«lli<; 6900-10+22-5 69705 +B5 

Set Uem‘t .> 7010 1+551 — J 

SfraJO. K.| ISI774 '-1I -- f 

Xpw YiiiL — i ■ 

LEAD — Very steady on expectations 
of a substantial duel mo in warehouse 
stocks. Forward metal initially traded 
at C39S-E402 and held within this range 
or slightly higher throughout the day. 
touching €404 and dosing on rha Kerb 
at £402 25. Turnover 5.700 tonnes. 

Morning: Cash £422. 25. 25.5. mid- 
March €400.5. three months €401. 
€400.5. 1. €400.5. 1. 2 Kerb. Cash 
€428.5. three months £402. 1.5. 2 
Afternoon: Cash €426. 27. three months 
£403. 2.5. Kerb; Cash €426.5. three 
months €403. 2.5. 2. 

Cocos prices traded within a very 
narrow range in very quiet and feature- 
less conditions to end about €10 lower 
from the previous Close, Gill and 
Du Hus reported. 

— Yesterday's] or" f Biislneas” 

COCOA. ( Close — ! lhw 

Df- 19® JLB5 J +17.76 2004.0- 1979 2031.0.33.0 — 5.0 .048-0-2025 

Hat 21-90.0-81,0 10.0 10 77.U- 2069 

Jui\ ttBS.D-66.0 - 11.0 . 063.0 -2086 

Sfpi 2064.0-67.0 j— 1.5 SQM. 0-2060 

!<«■ 2045.0-44.0 + 11.0 2045 0 2055 

2033-0-36.0 +]4.0 2035.6-2035- 

"" Sales: 2j2Q't (4,511) 'lots ol " )0 

International Cocoa Organisation 
(U.S. cents per pound). Daily price for 
Dec. 14 179 20 (17B.11). Indicator 

pnea Dec. IS: 15-day average 183.24 
(1S3.70): 22-day average 184.05 

(184 15). 

Business done — Wheat: Jan 91.36- 
91.15. March 93.60-93.30, May 96.10- 
95 90. Sept. ml. Nov. 92.30-92.20. 

Sales: 108. Barley: Jan. 83.30-83.00. 

March 85 80-35.40, May 88.20-87.90, 

Sant. ml. Nov. nil, Salas: 123. 

HGCA — Location cx-larm spot prices. 

Feed wheat. Norfolk £87.70. Feed 

barley: Norfolk £00.40. WOOI FITTII1IFS 

Tha UK monetary coafflcient lor the TT rul 

weak beginning December 18. will 
remain * unchanged. 

IMPORTED— Wheat: CWRS No. 1 l3’i 
per cant Dec. €96.00 Tilbury: U.S. DBrk 
Northern £prir>o No. 2 14 per cent Dec 
€88.50. Jan. €89 75. Feb. €01.00 tram 
shipment East Coasu U.S. Hard Wimer 
13'r per cent Dec. €87. Jan. €87 25. 

Feb. €87.50 transhipment East Coast; 

EEC unquoted. Maize: U.S.rFrench Dec. 

CVS 00. j*n. €106.00 East Coast; South 
Airican White Jan. 1X7.50; South 
African Yellow Jan, £57.50. Barley: 

English lead lob Feb. C86.5Q Quoted 
E?'.t Coa*i. 

effective fnr Saturday. December 16 (in 
order current levy plus Jan.. Fab and 
March premiums, with previous m 

brackets). All in units of account per buyer, aeller. business, sulea)' Micron 
tonne. _ . ■ . contract: Dec. 344.1. 344.1. 344.5-343.0. 

Common whw»t— 80.33. 1 40. 1 40. 28: Morch 352.0. 352.6. 312.1-352.0. 15: 

nil (79.70. 1 08. 1 08. nil). Durum M 3y 359.0. 260.0. 359.5-259 0. 2: July 
wheat — 118.07. nils ; (117.13. nils). Rye 361.5. 382.0. nil; Oct. 363 5. 365.0. ml: 
—33.83. nils (83.83. mis). Bariay— Dec . 367.0. 368.0. 367.2-366.5, 18: March 
85.68. nila (86.68. nils). Oats— 79.35. 370 . 5 . 370.8. 3S9.0-3&9.0, 10: May 

74.53, 74.53. 70.50 (79.35. 75.09. 75.09. 370.0. 372.0. nil. Total sales: 73. 
nil). Maize f other than hybrid lor NEW ZEALAND CROSSBREDS. Close 
seeding) 78.26, nils (78.26. nils). ri n order, buyer, seller) Dec. 1S4.0. 
Buckwheat— All nils. Millet— 63.62. So.O: March 183.0. 85 0: Moy 185.0. 
nils. 0 63 (63.62. nils). Grain sorghum 86.0: July 187 0 90 0: Oct. 190.0. 93.0: 
—77.14, nils. (77.14, nils) . Raur levies: Dbc . 192 .o. 97.0; March 1B3.0. 88.0: 



ti nuv Wiu. 

Y'vtenl'jv + "i 
t_ i.»p . — 

JHiif In ess 

lieuember ... 

i • 

217.e 2b.O . . 


218.035.0: . ., 


1424-.03S.0' . .. 1 


July . .. 


IViofer .... jjiS+j.lO.O' .... 


Ltecemher ... 

235j).>2.0i . . 


Maivli - 

436.0-44.0' - - 



2B9.U-M.0 . . 



GREASY— Close 

(m order 

Wheat or mixed wheat and rye flour— 
123.81 (122.92). Rye flour— 128.70 



SUGHTLY STEADIER opening on the 
London physical market. Quiet condi- 
tions throughout the day. closing uncer- 
tain. Lewis and Peat reported the 
Malaysian codawn price was 735 (233) 
corns a kilo (buyer. January). 

! 1 

N.i. I YenviitnyV I'revinns i Umnic-# 

; L’lu-e I One IAuip 



£9 L25 

£4J4» j £5.0001 
S3. 175 I S3*500 
52,6b0 I S2.4S0] 

£83.25! £S0.7b 
£106 \ £8flj 

















s.m. 1 + o<1 


1 + or 


official | — | 

C nuffli.-isl 

| - 

£ .-£■ 




426.5-6 +10.5. 


| + 5 

401.5-8 +5 j 




426 +HL5 



— . _...! 

• *36.36 

1 , 




Teerqualilfl iilo...* ii»u «2 
(plain) Ulo.y! TJ9p 1-1 
W noil op* Wwp. Slap' kfloi-3 

jT of adasasekr. 

S39Q ! SFld ! SHSJb 

$246 , 8313 j $23* 

, t *2.1*4 i 4:1.511 
1 £1,953.6 £2£t3.5' | £l,«t ; 5 
! £1,694 £1.962^ £IJ»2 
59.45c 60.75c. i 61^-. 

' £750 . £750 

1 S&I6 5DT 

46,fi0n fi*n 4h.5p 
) . £i» ; £1W . £Jf* 

. 8560/70 Sftt i **I7 & 
; £106 • Cl l* 1 CEL 
: £IS) I EW £172 
I&jp .! imp t 157n 
I 82p ! 8£p - 1 Wo 

TTSplulo ’Saptaln'SFTpkiU' 

ZINC — Subdued in a market lacking 
fresh features. Forward metal started 
at E358-£359. eased slightly and then 
hrmad to touch E360 tn the early after- 
noon. The close * on the Kerb was 
€355.75 as tha price drritad. Turnover: 
2.775 ronnss. 

Morning: Three month* C358.5, 58, 
57.5. 56. 5R 5\ Afternoon: Three months 
€3575. Kerb: Three months €356 5. 56, 
55.5. . 

I a.m. ;+nri |t+*>y 

Zixr j omcisl : — ; Fnoffidnl — 


Robu9(as Opened higher in the 
morning on follow-through buymq from 
Thursday's steady close. Then the 
market moved in a narrow range in 
good volume and roasier interest was 
noted <n physicals at the higher levels. 
At me close values were €30 tr> €40 
highri on balance. Draxel Burnham 
Lambrri reported. 

■ i-t- l Vw 4erda”v’»' : 

1 itKFfcE 1 Clonr j ur ImiKM 

1 — 1 — _ — llinivi 

1 £ Per tontn-j 

J&Diinrf ! 1450-145a : +475 1455 28 

Alaii-b. 1898-1299 +3B.0 1308-1280 

Max - 1237-1839i t 315 1245-88 

Jwlv • 1203-12051 + 335 1206-1198 

September- 1169-117l! +2B.5 1180-65 
,\iivein»wf — 1148-1148 + 050 1150-41 
January ll£ q 1 1 25.' + O.M 

Salas: 5 859 (BJ77) lots of 5 tonnes. 

ICO Indicatgr prices for Dec. 13 

i U.S. cents par pound): Colombian 
|ild A/abieaa 171.50 (172.00). un- 
washed Arabicas 143.00 (same); other 
Mild Arabics* 128.67 (12083): 

Robust B» .1C A 1976 131.00 (134.001: 
Robuatas ICA 1968 131.00 (134.00). 
Duly average 130.34- (127.42). 

Jan 57.70 5755 &7.70 B7.75 57 .60-57.30 

Pel-. .., SB.60-5S.7G: 60.50-5855' . - 
Jsn-Msr 58.45-58. GO 1 58.45-5850; 58.55-5850 
Apr- Joe' 81.05-61.10 60.86-60.30, 61.15 80.75 
Jv-dept. 8350-63.55 -- 1 0355-62.30 

• kt- U<v 65.55-65.60. 665D-66.55i 66.70-6555 
.Ihu liar 075 5 87.60 07.B7-67.7ol 87.75 
A).r.Jne 78.25-70.50 88.90-70.00'. 7D.2S 
-fv-hept-i 72.50-72.80 72.30-72.56! 72.55-72.50 

Sales: 63 (H) lots of 5 tonnes, 217 
(413) lots of 15 tonnes. 

Physical closing prices I buyers I 
were Spot 57.50p (57.25p>. Jan. 58.50p 
(58.2Sp): Feb. 59.2Sp (59p). 


£ (came) a lonnn cif lor Nnv -Der. 
shipment. White sugar daily price 
w.i*s lixed at €102.00 (same) 

Holidiy doldrums hit the market 
nnd lluciuatians were contained within 
a narrow ran** a in light trading, C. 
Czarnikow reported. 

May 193.0. 98.0.' Sales: nil. 

Salas: Nil (seme). 


COVENT GARDEN (Prices in sterling 
per package except whore stated): 
Imported Produce: Lemons — Italian: 
120s new crop 4 60-5.50: Greek: 4.80- 
5.50: Cyprus: Trays 4.80-5.20: Boxes 
80'180s 4.00-6 25: Turkish 10 kilos 2.40- 
2.60: Spanish: Troys 2.00-2.20. Oranges 
—Spanish: Navel/Navolmas 4.0D4. 70; 
S. Airican. Valencia Late 1.50-2.00: 
Greek.. Navels 20 kilos 4.20-4.30 
Clementines— Cyprus: 10 Ju^s 3.50- 
4.00: Spameh: 3.20-4.40: Moroccan: 
3.20-4.40- Satsumas — Spanish. Trays 

English Produce: Potatoes — Per 25 
kilos 1.40-2.00. Lettuce — Per round 
1.40-1.50. Mushrooms— Per pound 0.50- 
0 56.. Apples— Per pound Brantley 0 05- 
0.09. Cox’s O range Prppm 0.06-0.14. 
Worcester Paarmsin 0.04-0.05. Russets 
0.05-0.08, Spartan 0.06-0.08. Pears — 
Per pound Conference 0 08-0.12. Comice 
0.14-0.18. Cabbages— Per crate O.SO. 
Celery — Per head 0.10-1.12. Cauli- 
flowers — Per 12 s Kent 3 00-4 00. Best- 
root— Per 28-lh. 0 60-0.70 Cairo Is — 
Per 28-lb 0 50-0 60 Capsicums— Per 
pound 0.30 Onions— Pci h .10 1 80-2 20. 
Swedes— Pnr 28-lh 0.50-0 60. Turnips 
—Per 28-lb. 080-090. Parsnips— Per 
28-lh 0 90-1 00 Sprouts— Per pound 
rt.05-0.06. Rhubarb— Par pound 0.25- 
0 30. 

NEW YORK. Dec. 15. 
PRECIOUS metals finished barely 
higher lollowing the steadiness of the 
dollar. Capper closed higher an pre- 
weokend bookaquaring and local short- 
covering. Coffee closed higher on pro« 
ducar intervention and short-covering. 
Sugar was slightly higher on specula* 
tivo buying. Barhe reports. 

Cocoa— One 175.90 (176.10). March' 
175.50 (175.85). May 175.40. July 

175.20. Sept. 173.50. Dec. 170.00. 
March 167.80. Safes: 381. 

Coflee—" C " Contract: Dec. 139.50 
(134.50). March 127.25-127.40 (124.87). 
May 124.75-125.00. July 124.00. Sept. 
124 00. Dec 123 00 March 120.25- 
12.300. May 712.00-122 00. Salas: 1.145. 

Copper— D bc. 67 85 (67.25), Jan. 

68.00 (67.60). Feb. 68.80. March ©.55. 
May 70.80. July 71.90. Sept. 72.90. Dec. 

74.20. Jan. 74.©. March 75.40. May 

76.20. July 77.©. Sept. 77©. Sales: 

Cotton— No. 2. March 87.85-67.95 
(©.41). May 69.85-68.90 (70.30). July. 
70.65-70.70. Oct. 66.55. Dec. 64.75. 
March 66.©-©.©. May ©.©-66.10. 
Sales: 2.350 bales. 

•Gold— Dec. 205 30 (204.30). Jan. 
206.40 (335.40). Fob. 208 10. April 

211.©. June 215.70. Aug. 219.©. Oct. 
223.©. Dec. 227.20. Feb. 231.10. April 
235.©, June 238 JO. Aug. 242.80, Oct. 
24G © Salas: 21.0© lots. 

I Lard— Chicago loose 23.25 (23.©). 
NY prime steam not ovailable (24.50 

ttMaize— Dec. 21S'« (218V). March 
231V231»4 1 231), May 239V240. July 
245V24512. Sept. 246*^ Dec. 251. 

5 Platinum — Jan. 337©- 338© 
(339©). April 339.80-340.50 (342.101. 

04 1 on n.e 9ii en Aa ■ 


“Sigjar : 
Pref. ! 




I'nnim. I 

Clow | 

L loan 



opened KK15p lower on. old crop wheat 
.' — ' - .- *nd 1 O 0 lower an berley. Whaet in 

1 .£ 1 £ | l* . f« rl P *I ,,n rolume aasad on commar- 
rx»h 347 8 - .85 346.5-7.5-1.76' cal »«o country sailing to close 20-30p 

3 months .1 557-B -.85' 366 7 |-2 on day. Barley values 

1 mo - -- • p.asen commercial selling ol di3tants 

*13.5-4 J . l in trrde 20o lower. Good -demand tor 

“• the snot increased values to close 
unebanoen to 25p lower New crops 
very little trade, but remained 
cteadv end cloasrf IBd up on wheat 
and 2up higher on barley. Aclt reported. 


Plural ....! 348 


.ALUMINIUM— Barely changnd with 
forward maul trading between €623 5 
end be fore closing on the late 

kerb at EBZ3 5. Turnover: ©0 tonnes. 

$ .*a' l'- •• •• 


£ pw mnnn 

March -1 109.30-09.40 109. 10-08.90 10.00419.25 

Hay '1 12.40- IS. 5D 112.35-12.40 13.25-12.25 

Aus |1 1050- 1635 1 16.25-16.30 17. 10- 18.95 

im 1 19.50- 19.81 1 19.30- IB. 40 20. 15-20.00 

Dec 122.10-22.45 122.00-22.25,22.75-22^0 

Vxreli ..<126^0-26.75 126. W-26. 7527.26-26.26 
3I«.V.— . ■129.00-50.00 129JW.50.2fil — 

Sales: 821 (1.123) Iota of © tonnes. 
Tate and Lyle ex-refinery price lor 
qranulated basis white sugar wag 
€264.85 (same) a tonne lor home Trade 
and £173© (same) for ergon. 

International Sugar Agreement (U.S. 
cents per pound l fob and stowed 
Caribbean port Prices for Dec. 14: 
Daily 8.16 (same): 15-day average 7 91 
(7 83) 

WHITE SUGAR— Close (in order 
buyer, cellar, business, sales). Feb. 
1W.25. 1IM 75. — r April 10B.50. 108.65. 
1 QB.65. 5: July 113 75. 114M: Sept. 
119.©. 119.50: Nov 124.©. 125©: 
Feb 128 ©. 129 9: April 130©. 133 © 
Salas: 5. 



’Dee. 1& Der. 1« I3l..tnh sg>.' ' Y«7sp“ 

357/75 255.39 259.24 • 3 39.82 
iBascV Jnly l T 1952-100; 


'Dec'. 15 Dec. I4>H>.mb apjil Vmr «co 

1508.0 I506.D 1508.9 1 M2I.4 
• Base: Sepl ember IS. - 1931= 1 W> 


'TV>«r '| Dre. I ■ Her. 1 M..nib'[“Year' 
Junes If* I |4 1 si** 1 w 

St. 4... 585-17382.82 3 9 5. “4353.88 
Frnuttic 381.70 3©. 54 589.82334.37 
■ Avrrace 1924^3-262 IVD 



1 fW. 1 prc. U« 0 »bTwr 
1 b I J4 ■ •S? n 

Splr C u mtniT296.6 972.B9 1 .67 076.8 
• December 31. 1P31=1W> 

^^Sitvar— Dec. 537.© (586 80). Jen. 
589.© 1569.00). Feb 592.©. March 
5SB.C0. May 6©©. July 612.40, Sept. 
621.10. Doc. 634.©. Jan. 639.40. March 
648.S0. May 658 40. July 668 00, Sept. 
677 70. Handy and Harman bullion: 
N.Y. 588© (584.901 . 

Soyabeans — Jan. 630- 68 & ( 6851,1 
March 703-701*1 (©7). M»v 709- 70S 
July 710-710*1. Auq. 703. Sept. 679, 
Nov. G66S E65*z. Jah. 674. 

IlSoyabaan Meal — Dec. 194 © 
(192.40). Jbh. 194.00-193© (192.©). 
March 192.70-192©. May 190©. July 

159.00- 189.20. Aup 188.20. Sept 1B6.©. 
187©. Oct 183©. Dec. 182.©. j an . 

Soyabean Oil — Dec. 25.05-25© 
(24.67). JBn. 25.00-23 04 (24.72). March 

25.00- 25 10. May 2S © 24.95. July 25.00- 
24©. Aug. 24 75-24.85. Sept 24.©. 
Ocl 24 ©. Dec. 23©. Jan. 23.65-23.75. 

Sugar— No. 11. Jnn 8 10-8.25 18 18). 
March B 73-8 74 (8.74). May 8,97-8.98. 
July 3 18. Scot. 941.9.43. Oct. 9. 53-9.54 
Jan 9.55-9.©. Morch 10 . 12 . May 
10.20 bid Calcs 2 425. 

Tin — 645 ©-&49© nnm (635.TO- 

G43 on num I 

““Wheat — *)»c. 359*i-361 (348'-), 

March 343»,-343 (339). May 334V334. 
July 321. Sept. 325*7. Doc. 337. 

WINNIPEG. Doc. 15. ttRye— Dec 
96© (36.© bid). May 102.© (102.©), 
July 103.70 bid. Oct. 1©.© bid. 

TtOats— Dec. 87.70 bid (©.70 bid). 
March 81© asked (81.© asked). May 
79.30 bid. July 78© bid. Oct. 78.60 

tfBarley — Dec. 73© bid (73© bid). 
March 76© asked (76©), May 76.50 
asked. July 77© asked. Oct. 77© 

$§Flaxsaed — Dec. 272© (270© bid). 
May 282.00 bid (281.©). July 282 10 
b>d. Oci. 2©.©. 

TTWheat— SCWRS 13.5 per cent pro- 
tein content erf St. Lawrence 185 25 
(184 95). 

All cents per pound ey-warehousn 
unless otherwise stated. “ Sb per troy 
ounce — 1©-ounce tors, t Chicago loose 
Ss per 1© lbs— Depi. o( Ag. prices 
□revious day. Prime steam (ob NY bulk 
tank cars. t Corns per 56>lb bush»l 
pf -warehouse 5 DOT-bushci lots. S Ss 
pm rroy ounce lor 50-oz units ol 99 9 
nor cent ouruy aelivoted NY. 5 Cents 
per troy ounces ex -ware house. ;| New 
' 6 ' contract in 5s a short ton for 
bulk lots of 1 © *hon ions delivered 
Inh cars Chicano. Toledo. St. Lotus and 
Alton. •* CenU per 53-lb bushel m 
store. M Cents Der 24-lb bushel, 
ft Cents per 48-lb bushel ex-warehouse 
IS Cents per 56-lb bushel ox-ware- 

maintain. is an art ana finding 
ju?r the richt present for the 
7\*\it p?r*en requires not just 
money but a willingness to 
r^end rime thinking and Ioon- 
inp. On ibis page T have shown 
30m ft of the best o' the year's 
presents nut inevitably some of 
the best presents cannot be 
illustrated at all. Men are 
notoriously difficnir to please. A 
57' 0: check round the office 
revealed that 000 man did no: 
wan: “ anything 10 do with pull- 
fvijr?. shirt 1 ;, ties, gadgets like 
calculators and their ilk. I 
v A uld rather.” he wen: on. 

• have 10 .paperbacks than any 
of these. The one present I 
would really like L; expensive 
nooks of ihe .son I would not 
buv myself, particularly an 
, books.” 

One of r'.s colleagues on the 
other hand -wanted clothes — 
jumpers. ne!i-». jackets and. 
above ail. ” a real tank watch — 
rone or t'iosv fake Carlicrs." 
The editor of the Saturday 
paper wants a new w.-uefc hut 
hp i< very particular as 10 the*: "a Se:!vi quan/ analogue 
v.r.i.h on 1 it nuiai have Roman 

Tbp answer i?, obviously, 
know your mar.. 

I often shink ihnt very 
hfaiitiful cv-rday object make 
very "nod priv**nt.«. Fur in- 
■ vick' alone are boring 

hut what about soil, pure silk 
.'•ivk;:. wonder i'u! fur evening 
■•. car. in black, navy or hrov nV 
Th<-y look and feel very. very 
•’"Pt’n.u ■.<■■ and ?r £.5 a pair are 
the kind >f luxury most of 

•vn sITm-d i.> g've the man 

iii-v. P*:-»r IT. ode of 5fi Smith 
.Tillo,-; S;rei-f. L indnn 1\T S“11.5 
-‘leni and v.'i'i post for 20p 
p i‘ r-IT.I. 

n-rn d-’ Mon.': of Rn-70 F’li- 
ii 'i'i Road and P.-vauciiamp Fla«-c 
n m.isr ivanririii walking 
-r» -k. > : "i usually :i planiuroiss 
ii i '.r. in’ 5 or.e is nf r »ur*ly 
■-rsnd-p.di'hc'i "3k. v.dii a 

, ■■ «. "V.j A:.* 1 ' • J ’ - ' '• ’'-A' ’■•■■■ 

Ruandal Times Saturday December 16 1975 

l ; te 


proper solid brass top and a firm 
rubber base. It corues frnm 
America where it is recom- 
mended n<«t only for those who 
are in need of a walking slick 
but as an exercise aid (a leafie: 
expisbu what to do with it) and 
a good defence in case of 
muggers. £19.iJU lean be posted 
for £1.50i. 

For young teenagers Cur.lna of 
S. Eng lands Lane. NW3. has 
a giant canvas shoe which is 
actually a carry-aU. Maue ot 
beige, red. white and blue 
canvas, with real laces, it has 
a shoi::ier-?trap for easy carry- 
ing. measures about IS in over- 
all and is great fun. £3.50 

lp-rp 30pi. 

If the man in your lif* 
travels a ;wr deal a battery 
clock tt-liing the time all over 
the world is immensely useful. 
On a recent trip to Hong Kong 
l found there were only about 
l*.i hours at either end of the 
day when it could conceivably 
h? useful to telephone home — 
businessmen need to knuw 
when offices hack home or in 
•Tiber onintries are functioning 
and tii is particular clock lelK 
British and world lime 
simultaneously. You set ihe 
clock onc«* by local time nf yi<u 
take it abroad you obviously 
have iu reset H by that local 
time) and then ail other lime 
zones are correct. Eut remem- 
ber :r wei-jhs 2lb and measures 
Tj.n 9iin. £29.50 (flop p-J-pi 
from Suncell Ltd.. Royal Mouse. 
Da Tibet Road. Windsor. Berks. 

Finally, for readers for whom 
the br.<adcxn »«f ihe Festival nf 
Nino Les'un* and Caruls frmn 
Kir.s’s Ojliege Chapel on 
'..'hrisrma? Eve is an jntecral 
part of ChrTsimas it is nnw 
pio'i'nlo so buy a 32 page ImoV.- 
lei wbh the order of service 
ar.d tiie le— ’on.- a:i»1 carols 

printed n full. .M 5i»p per copy 
i liK-iu-ive of r< — pi i hey can 
hr urdernd from ihe Rev M. S. 
Till. King's College. Cambridge. 


Choosing a really nice watch Is one of the 
most difficult things in the world. Person- 
ally, I'm keen on antique old gold oar* 
land, yes, they do work if you find a good 
restorer) but modern ones are more 
generally available. Harrnds has a mar- 
vel lo US selection of evening watches, all 
decorated with the fashionable, ubiquitous 
diamante, and looking worth much more 
than the £50 the one sketched left costs. 
Above, is an extremely elegant pocket watch. 
It is gold-plated with roman dial and. being 
quartz operated it is accurate to within two 
second s per year. £69.00 from Watches of 

-®- o 

■J v 

i! a 

’ \N < • ljj\ 

■•T Sf~ \ i 

flL. . . PWVAT5 

fc* nuts 0HUf : ; 

The fun present of the year— 
a huge 18-in long giant match- 
stick. nude of wood. When you 
remove the striker head you 
discover a lighter l which is 
rcfillable). It is widely avail- 
able. io particular at £3.69 
ip and p 36p) from Cucina. S 
Englands Lane. London NW5, 
or from Harrods of Knights- 

\ : ^ ’i m 




The Brandy of Napoleon’ 

Every Christmas I write about 
Peter Knight who has shops in 
Beaeonsfield and Esher (just 
write to him as Peter Knight, 
Beaeonsfield or Esher and that 
is enough) because I find he is 
one nf the best sources for inex- 
pensive but originai presents. 

Anne Sicher produces the 
most beautiful hand-painted silk 
.scarves. They are no more expen- 
sive than some of the very chic 
namps in fcarves but they are 
inrinively more individual and 
more desirable. There are 
roughly mo sizes. 3 feet by 
.3 feet or 45 inches by 45 inches 
and prices vary from £30 to £50 
— the one photographed here 
ileft'i is £35.00. Because each 
scarf is unique we. cannot, of 
course, guarantee that ibis par- 
ticular one will still be in the 
Victoria and Albert Museum in 
rite Brompton Road when you 
ger there. However, scarves can 
he ordered directly from Anne 
Sicher herself at the Jfnah's Ark 
Studio. Abbe;- Place. Mousehole, 
Cornwall. iTel. *173 673Cidfi.i 
She has a few left so be quick if 
ynu want one directly from her. 
Remember tiie V and A craft 
shop is open every day except 
Fridays. On Sundays it is open 
ito-.ti 2.30 to 5.30 (but it will not 
bv npt-n the Sunday immediately 
proved in 3 I'.hristmas'. 

On this page are Just some of 
his suggestions for this year. 

Above: tiny box, one of a 
whole selection of tidy boxes, 
all charming, all ideal for stock- 
ing fillers. H'm by llin, this is a 
Mr. Men tin and is only 25p. 
P and p is J5p each. 

Very useful tiny transparent 
plastic box holding six different 
coloured cottons, a needle, two 
buttons, a tape measure, two 
small safety pins: all attached 
to a key-ring. 40p c p and p 15p). 

Another kit very useful for 
travellers, a manicure set con- 
taining nail scissors, comb, nail 
file, etc. £2.50 (p and p 25p). 

Lovely oval tin, painted with 
dramatic wasp no the front and 
back, 3?in at longest point. 50p 
(p and p 15p>- 

Tinv little set (case measures 
only 3*in long) of five different 
sized miniature spanners. S6p 
<p and p 12p). 

Above, an amazing, magic 
folding walking stick. When 
packed in its little plastic 
holder it measures -Sfr ins: by 
4i ins. but when unpacked it 
immediately springs to its full 
hV'ght of 36 ins. £10.60 (p+p 

Left, frnm the General 
Tradiug Company* ' Sloano 
Street. London SWi. a more, 
comfortable version of the tradi- 
tional shooting stick, is jnst the 
thing for those who like attend- 
ing outdoor sporting events. 
It’s light to carry because its 
hollow legs are of aluminium* 
the seat is 8 ins across and the 
whole is 34 ins. tali. £1635 
(p + p £1). 

If your man is a golfer and 
fancies improving his pulling in 
the privacy *jf his home. 
Harrnds sporting department is 
selling a little device called 
Nice Puli. It needs a battery 
( remember to buy one) because 
when ihe golf bail is hit on to 
the right spot it is automatically 
shut back to the putter. How 
much it improves the putting I 
ran ) be >ure but it luoks a lot 
of fun. f7.iV) ip and p £1.35). 

I have never quite been able to 
understand the mania for bar 
gadgets myself fas far as I’m 
concerned a nice cooling glass 
of champagne is so much 
simpler I) but there’s no doubt 
about it. some men seem hooked 
on them. As cocktails are now 
very much hack in fashion and 
mok of the current generation 
doesn't know much about 
mixing them, this battery- 
operated cocktail mixer (which 
has plenty of recipes printed on 
its plastic outer cover) could 
lead to more interesting drinks 
than straiaht whisky and water. 
The Drink 0 Matic, as it's 
called, is £7.30 tp+p £1—0) 
from Peter Knight of Esher or 

First Union General Investment Trust Limited 

i /hoo ii*i io fed in rhe Republic of S>wh Africa) . 


Tim r-'Mt-d .if Directors "f First Union General 
anniiimcm? me unaudited estimated consolidated 
fur ih- ‘.ear ending "■! December 197S. 

Investment Trust Limited has pleasure In 
results of the company and its subsidiary 

Net profit after taxation 

Less - dividend on preference shares 

.Yet profit .iiirliMiiabi* to ordinary shareholders 
i milt l i . . 

Number of ordinary chares in issue 
Lammas per ordinary share 

r>i\iri<*nd< per ordinary share- (note Cl 

(me run declared June 197* 

Final declared December 1975 

Nnrai.ii oriiitt.o^ dividends fur peimd 

Spe./ial dividend declarer! fn-lroirr 1977 

Ne: value m-r ordinary shnre 

Year ending 
31 December 
< Estimated) 

R5 GUO 000 
130 OOP 

Six months 

3 1 December 

R2 071 ono 
65 000 

Y*ar ended 
31 December 
R4 395 000 
130 000 

R4 870 000 

R2 006 000 

K4 265 000 

02 100 000 
7.84 cents 

62 100 000 
3.23 cf nts 

62 100 000 
6.87 cents 

.“.Art rmlc 
3.75 cents 

3 00 cents 

see note 2 

6.75 cents 

3.00 cents 


170 rents 

5.00 cents 
92 cent; 

S3 cents 

;:ot h >:• 

1. Surpir-s*'? nr deflrite en realisation of investmenUs are transferred fn a nnn-distrihutablo 

r*vr rve in terms of tbe articles nf a£sociaPon of the company and are not included in the 
result- above 

A dividend of J 75 cents declared in .Time IPm represented thp final dividend In respect 
of ifie financial year ended .10 June 1977, making a total dividend for that year of 5.25 cents. 
Thereafter. financial year-end of the company was altered to 31 December commencing 
v.nh a six-month period ended 31 December 1977 in. respect of wbicb a 3 cent cormal 
dividend was declared. 

The n-r asset value shown under 31 December 1978 was calculated at the close ;;f business 
on 13 December 1973 after deducting the ordinary and preference dividends herein declared. 

i*ir? behalf of the Roard 
D. ijonlnn (Chairman i 
J. R.Mc.Mpine ( Director i 
December Iff 7.9 


Notice is hereby given that the undermentioned final dividends for the year ending 31 December 
197S have been declared payable to ordinary and preference shareholders registered in the 
hooks of the company at the close of business on Friday. 29 December 1978. The ordinary and 
preference share rpsisters of the company will be closed from Saturday. 30 December 1978 to 
Friday, 5 January 1&79, bolb days inclusive. 

. Dividend ^ Cents 
‘f: •'--V number per share- :3£ 

Ordinary shares Vi:'..'-.' 36 .JZ 3.73 . 

6) jv r cent <-u hi illative redeemable preference shares * 38 ' 3^25 ^ 

The dividends have bepa declared in the currency of the Republic of South Africa and cheques 
in payment Oiereuf will be posted from the offices of the Johannesburg and United Kingdom 
transfer secretaries on or about Tuesday, 30 January 1979, ■ 

In accordance with South African Income Tax statutes, non-resident shareholders’ /tax^aT-tho' 
rale of 15 per cent will be deducted from dividends where applicable. • •' “ ' • . 7 

in respect of ordinary dividends issued from the United Kingdom office will be.drawn 
in the United Kingdom currency equivalent on 23 .Taouarj’ 1979 of the rahd value of tiie dividend 
payable dess appropriate la.\csi except irtere shareholders concernnd have given writlen notice’' 
for i heir "lection io be paid in South African currency and such notice is received .by ihe United. 
Kingdom iw Joh.inneslmru transfer secretaries on or before 2nd January 1979. ■•••?. 

On behalf of the Board 

D. Cordun • 

J. R. McAlpine » Directors 

!.l ftrrtrmbrr Ji’TS 

Ttrci*iered ftffire: 

■ luardian Liberiy •".'’rtre. 
:;n Wolm-iranv SDvei. 
Rivamfr>n»ein SiKD, 

P «\ Fox 10499. 
.lnhanpr*?hu; g 2000. 

Johannesburg Transfer Office: 
Security Registrar* (Pry.) Ltd, 
Sixteenth Floor, 

NedSn Place. . . 

' >.r. Simmnnds and Kerk Sts. 
Johannesburg 2061. 

Unhcd Kingdom Trawler Officer - 

Charier Consoltdaied Limited. 
P.O. Box 102, --. 

(’.barter House, .... 

, mr 

(’.barter House, ... ... 
park. Btrcetv •• ••*. ; 
Ashford. F.ent TN24 8 EQ; 

•} I*/*/} 
[!i L C 

V . !' 



V>: -BUt m 

| fi 


ispjKT.’T' ’ ■■’ r ' •.r" y rr' p - ? Kt%, 
-ii- v. -.**■ s .. ..• 

[,»'/. .. ■ K.J. ' “ V ■ . 



Fevr " racn * -~M lrts 

^V«S*b£wS 5£ “W^Wf? £U "" 



, f-, ' 


And I attribate-tfctfr power of 
doing ' this, altogether ^ the 
Virtue of. early Tiouxs. ’It was 
my practice . to >e «my table 
every monungf at ; IL30 ;am. . . . 
All those v . 'whQ ^ttaye lived 
as literary -mahr- working 
.daily as ; literaiy>.lkhourers — 
will agree with, nje .that three 
• hours ■*. day. vriB' jtoduce as 
: -much as & man ought to write. 

*. It had. become my custom 
* v • m to write with- awTwatch 
before me, and toxeQOtix J from 
myself 250 words every -quarter 
of ah' hour. • . 

Besidcs earning r mnt'~ -the 


, ‘\i 

- ■ 

The Sbcfety of A u8k«s, £545. 

252 pages ; ['-t 1 ' ■ / ■• -;• ' . 

There are .sotococcaslons ' fro m 
which, a^Cyrit Connolly saiiL we 
should like to be driVen an^y in 
a hearse: and amodgtbem is the 
hot and crowded party where- the 
professional author finds 4 himself 
surrounded byoeeaslonal readers, 
one of whom, an earnest middle' 
aged lady, .feels that .she .must 
ask him questions. Having 
begged him to repeat his name 
and admitted; with an ^apologetic 
smile, . that. *hqV; afraid . Abe’s 
never heard of. him. she proceeds 

to inquire yhat .Mod: «£ .books - . e 3 w( “£U 

he writes, and toenexacUy . hew income hi _ 

he writee— after dhoner or before gjjjj} _fS. d( rSicJSSeatest 
bretftfasV standing up or -sitting 
down? Does-; -he get' his ideas stren £ tl1 - 
out of' other hooks, or rely . ex-. ?? as hls 

clusively .on Inspiration? ..' V * . • 5° « rt , 

■'Authorship remains a faintly “JL. , ^rMrred to Tro,lo P« by Spy: “at my table 

mysterious -craft ; for the public t£L^ wSnes every morning at 5-JO am " 

as' ---a whole,- and Mr: Victor e the dmngs-*iri ?«®ngB 

Bonham-Carter’s * Authors hV ^ * ( ^J? ary . Tr, ™+,v>« wnn h„ 

Profession will provide the .gut although be <fid no? wait Tore turn won her European 

General Reader with some valit- &js personages ot; like. Dickens, tame. Homely. Invalldisn, 
ahleV enlightenment. Here are- fall in love with his heroines- embarrassingly deaf, she had an 
ten chapters the first describing there seems no doubt; that he indomitable spirit and, during 
* the evolution of authorship' as cherished his own Wprfcr.and one her early search for a publisher, 
a business’ "between 1500 and Is shocked and surprised *0 learn had daily trudged around 
1800, its successors devoted to that, having overheard at his London, collapsing every night 
the methods and aSuevemento bf favourite club, the Athenaeum, from sheer fatigue. By 1834. 
individual British writers Irom the conversation of two^ clergy- however, the could afford to visit 

1800 until Worid War I. Bohham- men opposed to .’his; ' habit the United States and in 1845 

Carter Is particularly concerned of re-introducing - a C character was sufficiently prosperous to 
with the financial aspect of. his for example. Mrs. Proudie, he build a pleasant country bouse 
subject. -• -i; .; - -••••• •'-■- •■ v • ; \ ^ - where, still active and immensely 

George EHot*s earliest book -we , p p Cnnw is atsii v - todustriom:, she spent her profit- 
discover, for inrtance. her traas- **■ * • J11U>Y ^ Ay * a J able latter years. Her literary 
latlon of Friedrich Strauss’s Life -■ , ZZ ® a ”rinss. she then calculated, 

of Jesus, which was. published In 5? d amounted to “about 

1846, ran to some. 1500 pages and identity and -premised, he would £10.000.” 
kept her busy two 1 'whole years, "“E 1 * 1 bave been more, 

earned, her orUyf^J.- But by Frcru £!f.' sai( C rwill.gobome she thought, “if an inter- 
1879 the global ^success of Tier ■o.<* kill, her before the_ week is national copyright law had 
masterpiece -Mhldlemxzrdh had over.’ And so I did. secured to me the proceeds of 

brought her '.about £9,000, which ’ Tb e mid-19th century. {* my works in foreign countries 
represented -a..: sale ot 30.000 course, was the' Engii* novel's and one of the problems of 
copies; - and ' in .1862 -she had Golden Age; and duning.the same authorship that Mr. Bonham- 
already bean '.offered £10,000 for period ■ progresrive V women Carter describes are the legal 
the serial rights of hmr Ftoren- writers first established theJr injustices a writer faces, 
tine novel Jtontola,- an advance autborily. It has be«t suggested anomalies against which the 
that, she herself reduced, when that women at_ the time made up modern Society of Authors, 
her artistic . conscience ’ forbade a fifth of the .literary -population, founded by the Victorian novelist 
her to chop up the narrative into Apart from briiliantitnaginative Sir Walter BesaDt, is still con- 
16 fairly brief -instalments. . novelists, -George Ebc*, Mrs. ducting a vigorous campaign. 

The great -woman, / her hio- Gaskell and the meteoric-! Bronte On these and other subjects Mr. 
grapber points out, Was “business- sisters, there werpiv.-femalo Bonbam-Carter throws much 
like but not: rapacious:’' and. the economists and social- prophets; interesting light, 
same could be said of Anthony and among the latter- hone was His book is compact and well 
Trollope, whose .yearly; income more conspicuous dun- .Carlyle’s written; and, having read it, evsc 
during the :1860s averaged' about good friend Harriet; 'JMortineau, the surliest taxman and the most 
£4300. in -those :days^ -an ’agree- whose. Jllustraticms ($:. Political unsympathetic bank manager 
ably substantial reward. To earn Economy, Poor Lots dy&Pauperx should view the literary profes- 
it be followed, a strict routine. Illustrated, and IUvsirations of sion with Increased respect. 

Camera angles 


pjr- wjywj gT7r;^«v^- 

,tV * >y** 

ry v * * 

m: 1 * 

! v - --- .?:*m 

Long ago, when newspaper globe-trotting party. A life-style beautifully produced and 
journalists were called reporters, owing , more to Hollywood than lavishly illustrated — rather like 
the image of the Fleet Street the Daily Mirror building. But an expensive cookery book, 
photographer was distinctly seedy, this would be unfair, for the Hedgecoe, almost in a recipe and 
A scruffy little man with dandruff text can stand closer examination method style, has managed to 
on the collar of his strap-marked and Kent Gavin relates his sue- explain complex chemistry, and 
mac’, clutching a half-plate cesses — and failures — in an convey ana explain the experi- 
“ Press ” camera In his nicotine- engaging and amusing way. ence and insight of a top photo- 
stained hands. He lived on a diet Mr/ Gavin clearly excels at the grapher in terms that should be 
of grease, chips and Irish whiskey, contrived picture — Miss World understood by any amateur.' 
only taking a picture when told made tip as Queen Victoria, The same goes for The Step 
to by his reporter (referred to as choir boys at Evensong — one by step Guide, to Photography by 
“guv”). He’d never, ever set up blowing bubblegum; the Queen's Michael Langford (Ebury Press, 
a picture on his own initiative, look-alike taking the weight off £8.95, 224 pages) although the 

I’ve never Delieved this parlicu- her fe®t_ on lh ® Pavement outside price makes this volume much 
lar caricature — but opinions Buckingham Palace, resplendent mare affordable by the school-age 
differ. There is a story, possibly 1° f aner ~ enthusiast. Langford is Fellow 

true, about a smart Sunday Mirrors syndication salesmen an d Senior Tutor in photography 
supplement’s cover story on the must love mm. at p 0 y S i College of Art. His. 

great houses of Britain. When But sometimes his gimmicks book is well illustrated and' 
the writer and photographer were don’t quite come off — Harold guides the novice through basic 
due at one stately pile it was Wilson photographed on West- photographic procedures. 
decided thar the journalist would minster Bridge with a fisbeye Mohamed Amin runs a success- 
jom the aristocratic owner and lens appears gross and unneces- flll film and photographic agency 
his family for lunch. But what snry. Mr. Gavin has travelled in Nairobi, and is perhaps best 
about the photographer chappie? ^d^for^ Miiror on news knt)wn f his wi i d .i ife pboto . 
Arrangements were made for assignments — and his pictures of eraDh „ *- a Moslem he has 
beer and sandwiches at the pub the Canadian seal hunt and the m ade the Pi I -rimaRelo Mecc? 
in the village. When the supple- Aden emergency i n particular * ade makSnlTa 

ment’s team arrived the photo- have beep used to great effect- D v,otoeraDhic record of the Holy 
graph er turned out to be not Incidentally, the book is cram- pV 2 p°fo7Sfam His^ilgrirMEe 
unconnected with the Royal med full of glamour shots .at | la £ s ° f 

Family-collapse of domestic which, Gavin also excels-which oo 257 D acest al ow S 
arrangements at this pnee for a paperback is ^5 00. 257 pages) al ows the 

nniu filr and rpnsnnahlp ifltiGCl to view vififll is m rG3JJty 

Decent salaries, the odd 0Q ^ ““ forbidden lo him. but there are 

baronet or peer who has tried Pictures on a rage by Haroia on |y sf> roany ways to photograph 
bis hand, and the blurring of Evans (Heinemann, £9.95, 33- Pilgrimage and this band- 
dividing-] ines between editorial pages) is a fascinating work. soniP volume mav have spread 
photography and the ’* posher " The last of a five-volume series these a ntrle ton tb i n ly. it will 
advertising and fashion fields on editing and design it should do mju ess se u well in the souvenir 
may have done much to upgrade be required reading for anyone sh at Jedda h Airport, though, 
the news photographer’s image, involved in the craft of photo- r . . _ 

Most Fleet Street men. though, graphy or in producing news- S 

are more likely to return home papers. Mr. Evans has used Schwartz (Collins, . *15.00 68 

to the wife and kids on Southern upwards of 500 photographs and 15 3 ^ 

Electric— after an eight-hour drawings to illustrate the book portraits. Some subjects are 
shift in Downing Street— than be and works painstakingly through household names, some not, most 
leaping from a helicopter at some every aspect of the use of photo- are technically faultless, some 
remote battlefroot, a trio of graP** m illustraaon. It is a are plain good pictures. The 
blark N ikons round th«* n-rfe or superb textbook, and appendices Archbiship of Canterbury and 
let tine off to th* West Indies on picture sources and an exten- Sir Geraint Evans are partieu- 
with a bevy of models for a sive bibliography add to its larly fine. Out of focus snaps of 
?ukk sesston for page three A value. James Callaghan and Golda Meir 

b-*ef look through Flash. Bang. John Hedgecoe is Professor of rather sooil the selection, 
Wallon! by K**ni Gavin with B'll Photography at the Royal College though. The royalties for this 
Hasertv ( Books, of Art and as such can be hook will eo to the Development 
£4.95 128 pages) mnrtestlv sub- expected to know a thing or two Fund of the Royal Opera House, 
titled “ The Intimate Experiences about photographic education. Covent Garden, 
of Fleet Street’s Top Press The Art of Colour Photography 

Photographer" might suggest that (Mitchell Beaaley. £13.95, 304 Creative Camera Collection 5 
Mr. Gavin’s job is one endless, pages) is not cheap, but it is (Coo 1 Press, £12.50, 236 pages. 

i 'y' 

» v. . . • . • ; • • ik y .;r 

• *v 4 /' *,* ’*** 

fW: f w* 


' . • 

; ! v*:’ . 

Seal-hunting on the Magdalen fa lands. Gulf of 5c. Lawrence— one 
of the illustrations in ** Bash, Bang, Wallop!” reviewed today 

distributed by Gordon Fraser). 
Despite a change in title — pre- 
viously “The Creative Camera 
International Yearbook” — this 
book continues tbe altitudes of 
its predecessors and provides a 
showcase for work both con- 
temporary and historical of tbe 
highest standards. It includes 
photographic collections pro- 
duced by known and unknown 
photographers and technical 

Photography Year 1978/79 
(TimeLife £6.95. 240 pages). 
This popular pbotograhic annual 
contains a round-up of the year’s 
achievements in photography. It 
covers new trends, technology 
and discoveries as well as the 
major shows and annual awards. 
It also covers many of the year’s 

new books: beautifully designed 
and produced this volume must 
have a place in any enthusiast's 

The British Journal of Photo- 
graphy Annual 1979 Henry 
(Greenwood. £6.75, 215 pages). 
This is tbe 119th edition of the 
World's oldest photographic 
yearbook and aims to provide a 
companion book to inform both 
amateur and professional photo- 
graphers of the contemporary 
photographic scene. There is a 
wide ranging picture section, a 
feature section covering the 
work of Coburn and a 19th cen- 
tury photographer of rural 
Wales. John Thomas. New tech- 
nology is covered and finally 
there is a Directory of Photo- 
graphic Information. 

Bad Marx 


nt TrustLiil 


the ages 


Elisabeth' Benmon. 
WHson ■’ Publishers, 
S54 pages ' 

A -.< ^ -u„ sources ! or the purpose of idfentf^ various periods covered, as well 

^ le , , |0;£ ^ Ug * " e 

of medic “ e : 

— filled by this' extensive and com- Miss Bennlon has a most attrac- 

For many yeai^ the ctrilectliig prehensive/'wirk. Covering a tive style and. sense of humour, 
of antique medical. ih^trnmi>nt* period from the Middle Ages to so that a subject which couid be 
and devices -has : been .largely” the 1870, when 'Lister began the merely a grisly record of the 
business of medical museums or Of .asceptic surgery, this aic- 
(such as 

tones. • however; . retertiaiy practfce'Mrii 1 ple ; h 

individuals have shown an inland five more to articles clos.ely gJJJjP ^ waTsaid^to hire 
creasing, interest in the subject. w»ocia.ted with medicine, the . ® i e 

Unlike 6 philatelists .or mums- siek-aem Md hospital. 

matiste, however, for tfhom. Useful information, such as a - 1 

standard reference, books' have Directory of Surgical Instrument [J® hSd^ortii^SnSSS ^ SS 1 

been avaflaUe for many decides. Makers; an Invaluable glossary of t ^_ iuind6 of i,s doctors, 
collectors of instruments 'and terms, and a chronological chart'. The author suggests, indeed, 
other/ devices, directly, or in- of surgeons from 570 to 1857, is that his death might well have 
directly connected with medical Included. ■ been the result of the doctors 

practice, have : very . 'little . But the work is far more than “who worked on him night and 

guidance. Even antique dealers a mere dictionary or catalogue, ddy, seldom fewer than four at 

have .bebn forced to seek advice for. it contains information con-, a time, for tbree days. During 
from a -handful .of “specialist cenflng social conditions of the./ that time.” she continues, 
■ ' " ‘ ‘^they let blood, then jet more 

blood, and then had pans of 
'■ fet eoal placed on his body to 
.. Bring him round again. They 
:gave him laxatives and emetics; 
'they let blood yet again at 
regular intervals; they put 
burning plasters on him to 
.'raise blisters; gave him sneez- 
/ingrpowders and made Jots of 
‘.. -little cuts on various parts of 
- Ills body . . . grew weaker 
^ they dosed him with quinine, 
ana finally, bled him again.” • 

-Such anecdotes, along with 
■tihis trations of some fearsome 
instruments, make one less dis- 
l^atisfied with the NHS ! However, 
enjoyable a$ tbe text may be, the 
-book ' is undoubtedly of unique 
value and will indubitably stimu- 
late many to start, collecting in 
this interesting field,, as well as 
being a mde mecurn to those 
already interested. 

Grunuick: the workers* story 
by Jack Dromey and Graham 
Taylor. Lawrence and Wishart, 
£2.95. 207 pages 

' Bukovsky's book is that of a 

To Build A Castle by Vladimir mail who, after years in Soviet 
Bukovsky. AndrC Deutsch, prisons or ** political ” mental 
£7.50. 352 pages hospitals, had a great deal to get 

■ ■ — 0 g hj s c hest. understandably. 

Main Currents of Marxism by But as a result, the book is too 
Leszek Kolakowski. Oxford, long, too shapeless for tbe 
Three volumes, £7.95, £8.50 average reader. While it is a 
and- £8.50 notable addition to the already 

- - - huge corpus of Soviet prison 

« n;ct .„. literature, and a notable record 

political, has a tang »S honour- ?LX h £J U * 0 ' [“1" 
able tradition in western Europe. “ 

“Dissidents” are a peculiarly con- e P 1 ? d “ 1 and , a “! cdotcs , 
temporary. Communist-bloc ^eaJIy illuminate (as ^ ie >^ ldeed 
phenomenon, though the J o1 

difference is perhaps more human bondage >n the USSR, 
semantic than real. Both For two great compensating 

Bukovsky and Kolakowski are merits of Bukovsky's account 
now in exile, one from the USSR, are, first, that he retained 
one from Poland: one at Cam- (learnt?) a certain wry detach- 
bridge, one at Oxford/ Perhaps ment about his entirely self- 
reflected in their choice of sought martyrdom, bordering on 
university havens, one was a a sense of farce: and, second, 
practical dissident who expressed that he gives Us from time to 
his dissent in his life and actions, time fair and human portraits of 
the other an intellectual dissident his persecutors, the officers of 
dealing in ideas and theory. the KGB. Being somewhat out 
But p both are essentially of f37our with Soviet intellee- 
dissen’ters from Marxism, its tuals, this occupational group bas 
practice or its dogma. Bukovsky been hard for the West to com- 
indeed sub-titles his book “M; prehend: are they devils with 
Life as a Dissenter”: Kolakowski, epaulettes, pigs ]jke all police- 
behind a bland, academic title' men, only worse, petty bureau- 
masks a sweeping, three volume crats, or decent if bl’nkered men 
denunciation of Marxism and all who genuinely think they are 
its prophets and apologists. doing important and/or worth- 
Both authors therefore belong while and/or well-paid work? -It 
on the same bookshelf, as two is a bonus of Bukovsky's 
sides of the same rouble, and it courageous tale that they emerge 1 2 Iso seen by some, of course, as 
would be odious to attempt any ap sometimes one, sometimes the 1 a fight by the small employer 
basic value-judgment between other, and often a mixture, but at 
them. As books, as literature, least rern»n { *s>hi“ oeople and 
there is, however, no doubt that not theatrical villains. 

Kolakowski’s Is the superior 
work — as indeed one might 

expect He is the professional -w-% t j rjp 

author and dan, although saying g/s/ fgW A y/J f 
that does not do justice to the r r XJL 4 > U £*4 

directness, tbe lack of academic 

fussiness, with which Kolakowski what is Cricket? Answer: 
expresses himself: “Cnde name for the preliminary 

Back to the picket-line 


The Grunwick strike was too 
recent an experience to have 
fully entered the folklore of trade 
unions or made its final -impact 
on the history of labour relations. 
That it will do so and deserves 
to do so is undisputed. 

The strike showed the weak- 
ness 0 / British law on industrial 
relations, built as it is on the 
tradition of compromise, when 
one of tbe parties acts un- 
reasonably judged by the norms 
of industrial relations practice. 

It also became a battleground 
between the Right and Left in 
th? broadest sense. The struggle 
was reflected in Parliament and 
between the more robust groups 
at tbe far ends of the political 
spectrum just as it was on the 
north London streets outside the 
film processing company whose 
name became a household word. 

Grunwick reflected the linger- 
ing class divisions which help 
make labour relations such a 
minefield and highlighted some 
of the difficulties facing Black 
immigrants in Britain, It was 

Other than Grunwick, that the 
gamut of labour law has them 
pinned to the wall. To be fair, 
Grunwick was something special, 
putting it mildly. 

The book, however, is excel- 
lent in reflecting the emotion 
and bitterness among the work- 
force to what they saw as an 
autocratic system of manage- 
ment and almost Victorian con- 
ditions of employment. It also 
reveals the division between the 
Left and Right in the labour 
movement and the problems this 
creates for the unions and the 
TUC in fighting what they 
believe to be a lough, obdurate 
and unreasonable employer. It 
follows the story of the dispute 

in a very quick-paced readable 

The book takes no overall 
view on labour law on the lines 
of Joe Rogaly’s Grunwick. 
Instead it says the strike 
showed, above all, how an 
unorganised workforce, ignorant 
of trade unions, couid attract 
soiid and massed labour sup- 
port. In the case of Grunwick, 
of course, that support ultim- 
ately failed 8nd that was one 
of tbe central lessons of the 
dispute— that against determined 
small employers which have the 
backing of more powerful forces 
trade unions are not as strong 
as some of the Press might like 
to think. 

Your Whitaker’ 79... ifsa genuine ‘must 
- ItcoversB ritain r Europe, thewh'bte wide 
wbrtd-of informafibii; ffs thelTRfr annual 
volume of Whitaker, and you’ll be left 

ment, central endlo'qsd, the Common Market 
other natibneof the. world .on education and 
science.,,on tHepeerage and tradeunions ... 
on taxation and postal regutations eind 
museums.:,-andmuch=much more. 
r -Jieiping people know -thafs been our 
business fortll years; 

separate editions to. choose from: 
CompleteEdition Cloth bound, 1,240 pages, 
£5.75. j.V. .. • 

Shorter Edition (wiitiqut directory and 

foreign section) Paper bound, 
c -T6£2 pages, £2.80. 

Library Edition Leather, with 
; coloured maps, 




IZDyott Street, London, WC1A 1 DF 

Marxism [he writes! has been British American phase of the 
the greatest fantasy of our Yalta Conference at Malta on 
century. . . . The self-deifica- January 30 -February 2. 1945.’’ 
lion of mankind, to which TH'* is one of some 4,500 
Marxism gave philosophical entries in the Encyclopedia of 
expression, bas ended in (he World War IT edited by Thomas 
same way as all sticb attempts. Parrish (Seeker and Warburg, 
whether individual or collec- £9.95. 767 pages), a weighty’ 
tive: it has revealed itself as volume full of maps and pictures 
the farcical aspect of human comoiled by, a team 50 strong, 
bondage.’' It .«iiou!d keep both the young 

That Is how he begins and ends and old under its spell for long 
his epilogue to volume three, and se ® s . 1 i‘ n ® ^ wealth of wel 
it reveals the controlled passion codified information about all 
with which hg backs away at the aspects -of the last war. 
hated creed. ANTHONY CURTIS 

against the twin "evils” of 
organised labour and our 
Interventionist laws, a theme 
running through Fort Grunwick. 
the bonk by Mr. George Ward, 
tbe company's managing director. 

Both Mr. Taylor and particu- 
larly Mr. Dromey had close first 
hand knowledge of the dispute 
—Dromey as secretary of the 
Brent Trades Council, a leading 
strike spokesman and the man 
whose actions - were followed 
more closely than anyone’s by 
th«* media, and Taylor as an 
executive member of tbe trades 

The standpoint of the book— 
the “ workers’ story ■' — and the’ 
broad Left attitudes of the 
authors are its weakness and 
strength. It. is least good on the 
issue of taw and order and the 
role of the police and the more 
unruly elements on the picket 
lines. It also tends lo under- 
estimate the feeling, held rightly 
or wrongly, by small companies, 

At the bar in White’s 


Mircfe Past: A : Memoir by Lord 
• fioVat. . Wetdenfeld and Nicol- 
son. £7.95, 397 pages 

■ ■ "Meet me at the bar in White’s 
for . a drink tomorrow.” said the 
“Qier Flamer” to Lord Lovat. 
The war was still in its early 
days; it was boring and likely to 
become more so. ' 

■ -The “Old Flamer” was General 
Cartier de Wiart, VC, a fighting 
man. who had lost an eye and a 
hand in '-war. Lord Lovat was 
son _pf. the wan who founded 
Lo vat’s Scouts in another war. 
Neither of the two soldiers found, 
the: prospects in 1940 congenial. 
.. But the bar in White’s, which 
has provided the answer to so 
many military and personal 
problems, . . proved . to be tbe 
prelude to better things. Ir led 
I&W Lovat to those irregular 
formations, frowned on by more 
conventional soldiers, loathed by 
the military bureaucracy, later 
known as the Commandos. 

Lovat does" not claim to have 
-isrenied them; that distinction 
^ assigns: to an artillery major 
'named Dudley .Clarke.. But they 
were . undoubtedly the answer to 
his own problem as a spirited 
professional soldier in search of 
ah' active, exciting and imagina- 
tive wari- 

Soon Richmond Terrace In 
Whitehall became the head- 
quarters of something known to 
the official world as Combined 
Operations, and to the less 
reverent as RMS Wimbledon, 
"all rackets and balls." And soon 
the Firth of Clyde was the centre 
of mysterious activities. 

Whether the Commandos were, 
in the end* a good military in- 
vestment is still debated. In 
1940, commanding officers of 
regular units used to complain 
that their best young officers 
were being creamed off to these 
curious new formations, the value 
ot which had still to be proved. 

Some of the earlier raids, in- 
cluding the Dieppe Operation 
t“a disaster”), were Lord Lovat 
admits, far from being successful. 
And in the long run. Hitler was 
not going to be beaten. Europe 
was not going to be liberated, by 
scratching the surface of the 

However, that is not the only 
-thing that had to be considered: 
there was the morale of a nation, 
engaged in a prolonged and tire- 
some war, and badly in nefd of 
the boost which a successful 
Commando raid would supply. 

So far as Lovat was concerned, 
he was a natural Commando 
leader. ■ Was he not a Highland 

chiof; head of Clan Fraser: 
descendant of a long line of 
warriors, both brave and 
devious: regarded with respect 
by Frasers all over the world? 
Also, he had panacbe. Most 
imporant, be had a good military 

This was proved when his Com- 
mando Brigade, promoted from 
mere raiding to an important 
tactical role, held the left flank 
at the Normandy landings. If 
anybody doubts the quality of 
these soldiers and their leaders, 
let him read the accounts of 
that fighting which Lovat has 
assembled here. 

Or. more simply, let him read 
some figures which are given: 
2.600 men engaged in fighting: 
casualties, 967. And another set 
of relevant statistics: in all. dur- 
ing the war, the 5.000 volunteers 
of the Commandos collected eight 
VC’s and 447 other decorations. 

But it would be wrong to think 
of this book, which Lovat has 
written (with . Some help from 
others) as a contribution to mili- 
tary history. It is an account 
somewhat confused and light- 
hearted For the most part, ot one 
man’s life and war. 

The intereals between the 
Coraando raids occupy as much 
space as the raids themselves. 

After the Lofoten raid, every 
gasmask-holder contained a 
bottle of Schnapps. A wbole bar- 
rel is brought ashore at Gourock 
an d rolled on to a truck over 
which an armed sentry mounts 
guard. But tbe resources of tbe 
Clydeside “ wharfie ” are equal 
to the occasion. With bit and 
brace a bole is bored through the 
floorboards of the truck and into 
the barrel. By daybreak the 
schnapps had vanished. War is 

At Troon there was a party for 
the returned warriors. In festive 
mood. Lieutenant Banks told tbe 
CO he was no good at his job, 
and moreover, was treating bis 
wife badly. Banks was returned 
to his unit on the next train. 
Similarly inspired, junior officers 
chewed tumblers or tore packs of 
cards in two. An unruly lot. 

In Evelyn Waugh’s Put Out 
More Flags. Peter Pastmaster 
says, of a new force then being 
recruited at “Bratt’s Club”: 
“Most of war seems to consist 
of hanging about Let’s ar least 
hang about with our own 
friends.” The end of that story 
is told by Lovat: he dismissed 
Waugh, thus removing a highly 
unpopular officer from tbe Com- 
mandos and giving Waugh the 
opportunity to write three of his 
best books. 



A Christmas selection 
from 800 titles available 

Hie Faber Popular 

Edited b»y Kingsley Amis. 

The Faber Book of 
Comic Verse 
Edited by M ichael Roberts. 
Revised by Janet Adam 
Smith. £2.50 

The Faber Book of 
Children ’s Verse 

Edited by Janet Adam 
Smith. £1.95 

English Love Poems 

Edited by John Betjeman 
and Geoffrey Taylor. £2J!5 

Collected Poems 

The Illustrated Old 

Drawings by Nicolas 
Bentley. £1.25 

Collected Rhymes 
and Verses 
By Walter de la Mare. 


Verse and Worse 

Edited by Arnold Si] cock. 

Night and Day 

By Tom Stoppard. £1.95 

Letters Home 

Correspondence 1950-1963. 
By Sylvia PJatb. Illustrated. 

The Iron Man 

By Ted Hughes. 

Drawings by George 
Adamson. 75p 

Richard Jefferies 

His Life and Work. _ 

By Edward Thomas. £2.25 

The Beethoven 

Edited by Denis Arnold and 

Nigel Fortune. £3.95 


The Climax of an Empire, 
By James Morris. 
Illustrated. £2.50 

Lawrence Dnrrdl 
Prosper© "s Cell 


Reflections on a 
Marine Venus 


Bitter Lemons 


The Pattern of 
English Building 

By Alee Clifton-Taylor. 
Illustrated. £7.50 

Illustrated Handbook 
of Vernacular 
By R. W. BrunskHL 
Illustrated. £2.95 

Astronomy: An 

By Jacqueline Mitton. 
Illustrated. £2.75 

A Potter’s Book 

By Bernard Leach. 
Illustrated. £3.-25 

Bv John and Sally Seymour. 

Cooking for 


By Audrey Parker. £1.30 

Growing Plants 
from Seed 

By Richard Gorer. £2.50 

Simple Chess 

By Michael Stcan. £1.95 

Soccer Refereeing 

A Personal View. 

Bv Jack Taylor. Illustrated. 

The Home Medical 

By David Kellett Carding. 

Faber Paperbacks are available from 
all good bookshops 


- : =3 



f- . 


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^ in <j m =» 2'ii ■» >i» : a>K Trcasury ln, * 900-az sun* u so’* 

Ziioc Con*. 2010 i 20' is 1 90-4 ,J «* 1* J «4 »0 "|d 

4 pc Con*. Ln. 32S|* .. a : -«- Treasury Ln. I984 -iB 6 SAUa® 4 3 i 

S-;p; .Cons Ln. 34 v '-is [ ). liii. ■* 4*; 

i3uoc Exchequer Ln. 1996 101 vo >j® 7 k. ;a-jgc Treasury tn. 1997 741 'i 
3pc Exchequer 1981 66 'i® Si'^9 “» •'» I SpC Treasury Ln. 1994 76 7 6 * m * 

3k txcncqtirr 1933 79 -i® -** >i rj* "» j 9 cc*Trc«urr L". 1992-90 76-"j® 7 4. 6*2 

B'dK^ExcJiequqr 1931 92 l«n 
0 -vk Eacheouer 1903 08': -■»: *« , . 

9 > 4 pe Exchequer 1982 90>ia ! 1 2 DC Treasury Ln. 1983 981;® 

9i;X Exchequer 1981 93* '« * ; .,» *4 

lOpc Exchequer 19B3 90i|*« »m 90 * ’ll i12*PC Treasury Ln. 1993 9*i \ 5 

j 9>:PC Treasury Ln. 1999 761® * St* 11 w 
1 ji i M 

■i. '4 

12*P< Treasury Ln. 1992 1D2> 

12 -- 4 PC Treasury Ln. 1995 33 U® *:• 
4<a ” 1 * *» i* 'i 

13 UPC Treasury Ln. 1997 105® 99UL® 
105 4"» '* 

13 ‘.pc Treasury Ln. 1993 103‘: 

14!’pc Treasury Ln, 1994 111*® * 

IQ'iDC Exchequer 1995 SS^ia % 
lOUpc Exchequer 1997 86 U® 5 - 1 ® 6 ' 

12pc Eicnonuer 1998 92 ; >® -'n, 

12 pc Exchequer 1999-2002 9SU|,J® a* 

90 ■»: 

12uc Exchequer 2013-17 92:j;l® _ . ... . ..... . 

12Upc Exchequer 1935. 97 U® 81® 7* *llSUp£ Treasury Ln. 1996 US** U 1 
•»»: 'lu ■■ ‘it 3(6 Vi It i is:j« Treasury Ln. 199a llfi-’t® * 1 * * 

lZUpC Exchequer 1992 97*1® 8 1 7*» "it ‘ Z>:K Treasury 19 "m® t’irfi * 
l2‘:pc Exchequer 1994. 99U® 1 * U. 3 i* I Sac Treasury 251 

1 7 Upe Exchequer 1981 1011® 'll® > 3nc Treasury 1979 95 1 is 5 '■ 

13cc Exchequer 1930 101*® - < 3pc Treasury 1982 B3 -'m * ‘n 

SMpc Funding Ln. 1973-80 94?. 5 T i* 4 , »l3':K Treasury 1977-80 94.'*® * \ H "* 
5<- 4'-it * l'|, I 3';pc Treasury 1979-81 as* * •'* *tt "u 

5>4PC Funding Ln. 1987-91 64 U <- spe Treasury 1386-89 &A-t u -*a S'a 4Uj, 
6 k Funding Ln. 1993 6Hi * =; ; S’*!.? •* 1 r-i# 

S'tpt; Funtf.09 Ln. 1985-87 76N® •» * * ‘s i S'jpc Treasury 2006-12 47 >s® 6-'« * 

3i;pc Funding 1999-2004 3SU® 5i* > 8 UPC Treasury 1982 66*® i >1.‘® *® 'a 

S’.-PC Funding 1982-84 61 *« 801 ’* I 31 -Writs ijJHa M 
T 1-7 9'«PC Treasury 1963 83 «m !j »?rt »• "it 

6 lac Treasury Ln. 1995-98 60*1® 60 59*» | ?‘:pc Treasury 1_9_BC 97 1 . i» 11-64ths Si* 

9?.pc Treasury 1981 95U.® S 
7 Upc Treasury Ln. 1S85-BB SOU -» ci|. 10 pc Treasury 1992 B3u.® Ua 1 •’ 
i ?*: 77*: 

10 >:pc Treasury 1979 99>i«® 1 


New chief at 


Sir Hugh Greene, who has been currently vice-president and 
chairman of GREENE, KING and manager of the Bank's New York 
SONS for seven years, retires affiliate. First Wisconsin Inter- 
from the Board on December 31, national Bank, who will co- 
and will be succeeded by Mr. manage the branch with Mr. John 
John Bridge. Mr. Bridge has been Wakefield formerly deputy 
a director since 1948 and manag- general manager. 

uic director since 1969. * 

From January 1 Mr . Martin THE LONDON LIFE ASSOCIA- 
Corke will be joint managing TION announces that Mr. B. M. P. 
director with Mr. John Bridge. Thompson-McCausland will 

Mr. Corke became a director in assume the office of vice-president 
1^53 on January 1 in place of Mr. 

Sir Hugh's eldest son. Mr. A. J. B. fforde. who has requested 
Graham C. Greene, will join the f elease . because of his pro- 
Board in a non-executive capacity Sessional commitments but will 
on January I. Mr. Greene is man- continue as a director, 
aging director of Jonathan Cape. 

and joint chairman of Cfaatlo, . B * r * John ". Sawyer, an assis- 
Bodley Head and Jonathan Cape. _ f has T 

He is also a director of Guinness appointed bead of London 
Peat. tending activities for the mter- 

* national shipping group, of the 

Mr. A. P. Dimsunbro has been n h ^ 

_ j . <Gp«*Afnp ctptv'f iwl* in j n t 6 mstion n 1 

r AfeTtnvr rnm?4 banking at Guinness Mahon and 

LATERJNG GROLP SERVICE^, Company, and -at National West- 
responsible for vending. minster. 

* + 

HARRIS and SHELDON GROUP Mr. R. L Gews has been 
announces that Mr. C. H. Plender- annm'ntcd executive chairman of 
leith has been elected a director GLANVTLL ENTHOVEN (HOME), 
of the group. He has been man- n subsidiary of International in- 
aging director of Antler, a sub- surance brokers Gianvili Enthoven 
sidiary. since 1965. la Charterhouse group company). 

* Mr. R. H. Richards becomes joint 

Restr' Admiral L. S. Bryson is to deputy chairman and managing 

become Chief Naval Engineer director; Mr. D. W. Andrew, 

Officer on January 28, In succes- director and joint deputy chair- 

sion :o Rear Admiral D. G. Salow. man; Mr. T. Masters, assistant 
In addition to his new appoint- man.igine director; and Mr. 
raent. Rear Admiral Bryson will B. H. G Graham, a director, 
continue as Director General * 

Weapons (Naval). He entered the The Board of OLIVES PAPER 
Royal Navy in 1944 as a wartime nj TLL COMPANY announce that 
engineering cadet. Mr. HL Lewis Ward, a director 

* since 1944 and chairtnan since 

Mr. PhHip Robinson, a director J ? 53 *, ZJSSf 

of J. Henry Schroder Wagg and JJ; S 

Company, will become chairman Tlj; T - vn ^ 

of SCHRODER LEASING on Mr * wanL . 

January I, In succession to Mr. iw. » x ^ ... 

H P AeU4nM ,>,L^ l«_ __j a Mr. K- A. uTOVBS I13S D€CH mad** 

. G. Ashton who, has been made d „ putT cha innan of 

oead of the company finance BRICKHOUSE P DUDLEY, 
division of J. Henry Schroder 

i^r d u5n mP a a fsi;- “tJST B a Mr - Holden-Brown, 

Lpaoino n n '-^e-chairman of Allied Breweries, 
director of Schroder Leasing on h35 rfected chairman of the 

that date. BREWERS' SOCIETY. He succeeds 

„ * . . Mr. Edwin J. Thompson, chair- 

air. j. K. anepnera will be man and managing director of 
resigning from the Board of The Wolverbamoton and Dudley 
TURNER AND NEW ALL on Breweries who has been elected 
January L a tine-president of the Society. 

* Mr. Derek Palmar, chairman and 

Mr. R. Stewart Bauch and Mr. chief executive of Bass Charrlng- 
H. L). Waldron have been ion has been elected vice- 
an pointed directors of the GEN- chairman of the Society. 


LIFE ASSURANCE CORPORA- Mr. K. H. Wallis has be»n 
TION folio wieg the resignation of elected president of THE 
two other directors. Blr. J. Nclmes MINING ASSOCIATION of . the 
Crocker and Mr. W. H. Hartley. f<K for the coming yenr and Mr. 

★ P. O- Dean has been elected vice- 

Mr. David Pearce has been president. Mr. S. G B reale y and 
appointed to ihe new . post of Mr. P. W. Tress have been 
export sales director at AIRFIX elected to the council of the 
PRODUCTS. He joins the com- association, 
pany from Mar ley Export. * 

★ The Secretary of State for 

Stock Exchange 

4.1W j Friday, December 8 ■ ■■ » 

Wednesday, December 13 4.170 | Monday, December 11 - 4,619 [ Thna^j '•^ ?W ^ **' 

The list below record* *11 tat Thureday's marking and also The latest nwiking* during the jwdou* four tadlnu days of any chare not nmi.mA on 7 p i '67,0 »1 21 

Thursday. The latter can bo distinguished by the date (In parenthws). . ; . . . • .^ rriM . C2flp» ? | : ». f1 . r x4u:> 

i ebon follow* | caxa*. and the I to c annot , -theref or^ \;V 

Thursday, December 14 3,944 1 Tuesday. December 12 

7 - - 4.170 | - - - • " 

The number of dealings marked on Thursday in each 

the name Of die section. Unless otherwise denoted shares are £7 fully pa;d 
and stock Cl 00 fully paid. Stock Exchange securities are quoted In pounds 
vid fractions of pounds or In ponce and fractions .of pence: - 

The list below, gives, the price* at which bargains done by members or 
The Stock Exchange have been recorded hi The Stock Exchange 'Daily 
Official list. Members are not obliged to mark bargains, except Jn special 

prices ot- which business has been don®. Bargains are recorded to. th*. 
-Official, list up to 2.15 pm only, but later trenwe&ow can bo i ncluded V? 
the following. day's OSictat Ust. No indic ation re " *!<■“* 
bargain repreaanis a sale or mKchase. by members 
ara not necessarily in order of execution, and only on® bargaut «i any one 
security at any one price is recorded. 

t Barsalns at Speaal Pnccs. A Bargains "ore with orhetwcea awwmiwri. ffi jmffittffi done 9™*"™ nfa£ 
ExchflUM. *B*xiwta done for driayqd dcilrery or "no bnylmnn" SA-fAusi r*U«a; sc-suwanuin, 

SMalayan; Ole-dMexican: SNJI-9Neir Zealand: SS— Mlnsapore: SC 5 — «Unlied States; 8 W 1 — SWwi inuaii. 

10*04 Treisurv T999 BSiw 2 * 

11 i-K Treasury 1979 BS.B9 I13;i31 
mac Treasury 19B1 9B'i'u> S‘ts'9 
1 1 -*«pe Treasury K>9i 91**®* 2 Ui i >: zn; 
i 2 pc Treasury 1996 96* * 

T2bpc Treasury 2903-05 ffr. pd.t OS's 
18/1 2 » , 

1 2 i roc Treasury 2003-05 (Issued at £95 pc 
£ 4Spc pd.l 44-, »ii 5 
13(*c Treasury TB90 S9>«® *0 U >a 
I4pc Treasury 1962 I04i><.ffi i»: 

9oc Treasury Cnr. 19B0 97<n® 6 * °r» 
'll* 7ln 7 

Variable Rate Treasury 1961 11.3762 k 
96 ij 

VariaMa Raw Treasury 1982 9.61 1SPC 
9Sit# ; ns i 2 i 

S': pc War Ln. 29ta * ’* u hi 

British EleariCUy 3*pc 1976-79 95>0 Um 
% Si 6 . 

British Electricity 4'ipc 1974.79 95 V 6 ‘;, 
British Gas 3 PC 1990-95 44* 

NKthern Ireland 6 >ipc Exchaaner 1979-60 

3 PC Redemption 1986-96 44® 4 


5 pc 1977-62 Bis! 


London County 2 <:pc 19 ni,12i. 3pt 23. 
5 pc 77*. 5 'iPC 1977-81 8 SV Do. 

1932-34 79 U 3* (13/1ZL DO. 1935- 
87 67 Si (12(121. 6 k 9S"i 6 . 6 S<K 

Corporation at London 5 '.pc 94U 111 '12). 
7*K 87* Hl;12». 96K 87 >j® 7. 9*K 
96* (12/12). ISUpc 1014 (111121 
Greater London E'ik 0 Z ; : 1 9>iK 89'*. 
12 ':DC' 1982 994 * •„ (I 2 d 2 i. Do. 
1983 97 h. 134 k 1044 nmji 
Blrnet Coro. 1Z4PC 95 >8*121 
Birmingham Corp. 34 k 23 i12H2i. 74K 
B4I-. 94k 924 (12.12) ' 

B'rmlnsham Dirt. 124 k 97* (12112*. 

13k 100* fll'1 1j 
nrluhtoo Corn. 6 '.-K 98 (8.'12) 

Rrisror (Cltyl 13K 1024 
Burfc nohamshlre CC Ok 94 V Hinzi 
C-mden Cora. 6 *K 96* 111(12). IK 
054 ( 11 ( 12 * 

Omden (London Borough* 12 *pc 98* 
1T3 12) . 

c-niig core. 7 k 834 _ 

Derby Borouoh 13*K 1014 
Ombarton CC 9*K 93 <13'12» 

Edinburgh Corp. 6 *k 99 BK,: 
rill sooiw Cora- 94 k 90 4 ( 12 ’ 12 > 
rireenwlch rLondon Borough' 1 1 4k 944 
Hammersmith Carp- 9 !, k 974 ns/IZi 
Hampshire CC 94 k 974 rll.' 12 i 
H-rrford«hlre CC 54K 92 M3.' 12 ). 5 *K 

751.. 6 -'."C 734 

Isilnnton iL’-n- <>7'j. 124 k 984 (12(121. 

’ 4 nr 102 M 2 ' 12 ? 

I^pork'hlre C.c. 6 k 894 
lr-i COrpn. 2 *KRed. 16* (12.' 12). 5 k 

Urcmn Cora 13K 1094 
Liverpool City IlhK 101'- 03 12* 
Llveraool Cora. 2 '-pr 194. 3 k- 20 * 

ill-m 94 k 89* 1S.'12> 

Manchrahr Cora. 3K 204 (llvIZi 
Mhhhr. C.C. Sim 92 
Newcastle-upon-Tyne Corp- 9>«pc 94* 

M3 IZi 

Northornberiand C. 7 k 924 
Paisley .Cora 94 pc B 8 * 6 . IT' 

St. Heleos Tl'xKRed. 92 < 8 ( 1 2 i 
Salford Coran. Si-pcj S34 M 31121 
S’ nd“iell ISpcRed. 97 '• 

Slough Corpn. B4K 93 ''u® 29-64 th^ 
Sooth Tyneside Met. Borough iz'noc OS* 
■ 8 - 1 Z) 

SouthentS-dn-See Borough 12 k 934 

i 1112 > 

Southwaric Cora. 64K 734 03,nZ|. 

114k 924 3 4 €12.12* IZ'iK 974 8 
1 12(123. 15K 1044 -6 12) 

Strati: Clyde Reg. Cauncfl *ar. rata 
10-312SPO 964 01.-12* 

S u nderl a nd 'Borough' 12 '*pc 954 
Sondertand Corp. 5I;K 87 <11.129 
Surrey County 6 k 92* 0212 ' 

Swansea Ccrp. 94 k 94 Ml. 121 
Tyne and Wear CL. 12 k 9*4 1302' 
Walhall Corpn. 64 k 974. 9^c 99 < 12(121 
Warwickshire CC. 12*K 99* '13 12 * 
West Bormwlch Corp. 54Pt 954 <B( 12 ) 
7 4ne Bds. Reg. >20.'1278' 99 909 

99.911 <12 12. 

7VK Bds. Reg. <1 *11791 B9.714 99.715 
< 12.121 

64k Bds. Reg. «17 1"79l 99 "m 
6 ‘, K Bds. Res. MA1C79* 99.913 99.918 
• 12.-121 

74K Bds. Res. S 1-2 7» 99 ' 1112 * 
9'spc Bds. Rea. (30/5 .T9) 96 < 8 rl 2 ) 

94k Bds. Rex- ’•16179* 99 ** 12 ) 
10 *K Bds. Re9- <*.»I79) 99.315® 


1D4K Bdl. Rea. IIIPWVB) 99*u 99.537 
99.5*2 >12(TZi 

1 0 K BdS. Reg- 06-7/79) 99^27® , 

10k BtJS. Rea. , '25r7l7®i SB 27 *!® 4 
9^ Bds. Res- (refTSI €13/121 
9 4pe Bds. ««- 'BWTO OTi* ( 12 . 12 ) 
94K Bds. Rag. C2««79> PB4 
94K BIS- Rev. r 5 (9(791 987nt® 

10 43 C Bdf. Rcq. (HW7 a ) 98'4x (12/12) 


114k BdS. Res. a * 11-7^ Mi* 031121 
r 1 Sjk Bds- Reg. <51279) ICO'ie (B' 12 ) 
Bdv Rea ' 1 2/’ 2 I?- 1 1"- 

Reg. (190 2179) 100'w 

(220 0 801 99.24* 


1 1 IjPC BdS. 

• 1 ZH 2 > 

94c.- Bds. °eg. 

vS. r 1^ BdC Re-. M0.3753KI €2S%«1 
Varhrtk Rate DO. 9375 k) 190 
V’Hable B<*S. Res. 'S/ZlBaj 975'j*0 

vi^ab , ?*Ratq Be*. Reg. C4|7(82) 97 ’4i® 
Variable Rj:e B-«. Reg. <17(3, ’82) 97!ir® 

V-'l?b i 'e h V-te. M0.5Y75K) 13'12 37*® 

1982 78* <8:12). 5ocDb. 1959-89 584 

<80 2). CWDb. 63* (12/121. 7 4pepb. 
1 981-1 9B* BO I-. 74KD6. 1991-93 65*. 
9*KDa. 1 983-88 83.4 >80 2 ). lD 4 KDh. 

Finance for Irraistry 13 pcLn. TOO**- 
14kLd. 1924 

Forth Ports 34 k Funded 22 il 2 /i 2 a 
MetroBolitan Water • Board 3oc A 27®. 
3 k • 27a®. 5 y»e 894 0202) 

Austin IF.) r Leyton) 


Australia (Ccm, cn S<iK Reg. >1977-801 
94 (13/12). S*pc Rag. (1981 -E2> 82* 2. 

tec' Res. (1977-80) 89i ; , ' 6 tc **«• 
<1981-831 77* i 11 ' 12 l- 7K Reg. 88 -' 

6 K 


do. 100 J*» 111/123., 

Naw Zealand 36K stk. 704 ill-TZi. 

7*K do. 77* * (tl/i 21 . 

Northern Rhodesia 6pc »tk.' 89 (IS 121 
Nyasaland Hoc et fc. 89 II Jit 2' „ , 

Sooth Australian 3 k Cops; <1916 or atteri 
22 (13/121 ’ 

Southern Rhodesia 2 'jk stx. 50 -13.J21. 
3>iK do. 47 (5 12 i; 4 *bc to. 
H3.'12l. SpC do. 85 (T 3/ rz i 
Trinidad and Tobago Go*. 8 >«K 
( 11/121 

62 4 



Austrian (Drawn bdi-J 75*K 20 i 11 (l 2 ) 
Chinese 5ocDwn.Bds.- 16 < 12 /I 2 i- A'zoc 
GoidLn. 1908 85 <6.12*. Do. 'French 
Is*-) BS (8/12*. SpcGoWXn. 1912 M 
< 1 M 2 1 . Do; W Own. Bds. -27 B *3 12). 
Treas.Nts. ■ (VkfcersLn. 1919' 30®. Imp. 
Chln.Rlys. Dhin.Bds. 19 (12(12) „ _ 
German lnterntS. 5*K8d>. 1930 lEfcd. 

1953> *05® 

Greek SK1890 iFIraeK-Latlssa Rlvl *A 6 sd- 
with AcctO.Ct*.) *s>re , . . 

Iceland (Gorl.) C'tpc iReo. lae 12 -ip) 
68 * <13.12). Do. (Be.) 69 <8 12 > _ 
Ireland <Rep.i *4KNatl.Lp. 68 * > 1 1 .T 2 ). 

94ncStk. 774 r® 12 > 

5an Paulo (Stale) CoBae Inst. T'tfcBds. 80 
< 8 - 12 ) 

Iceland (Repot), of) B*pcLn. 85 

BANKS (111) 

A enanders Discount 250 
A Ian Harray and Rosa 3*2 (1X12). 
Ailed Irish Banns <28pi 196. 


162 ( 11 ( 12 ) 

Arhuthnot Latham Hldgs. 1*3® 

A astral Je end New zeaUad BrrkS. Croon 
;AS1) 315 12 13 

Bank America Corpn. Shs. (U3.ll .5725) 
174 (11.12* 

Bank of Ireland 396 

Bank ot New South Wales (Lon- Reg.) 
fAS1< 268 (11 12) 

Bank 'at No*i Scotia >CS1i 134 (8 12) 
B.*nk of Scotland (Governor and Co- 

_ .) 275® 

Barclays® Bank 362® 2t® 60 2 SB 65. 

B'ioeLn. 68 *®. * 

Austin (jomew Steel Hldgs. (25») 102 

Automated Sec. (Hld 9 *- OOc>_95 1J 1 

ABtorngllve Products, <25®* 7l t12,l2). 
,*.55pc2naP1. SO OZ(12). 9 bcF1. 102* 

Ami Z Groun (5n' 69* 8 * 

Arcnrs rZ5Dl 228 7 .- - 

■Jat. R IndMtriB^rZMi) _ 287® 90 ,80 • 
5 3 7, Dfd. i25p) Z3 
48t 57 3 49 51 55 

BBA Group (25p) 54® 5® 
B ICC (SO pi .124® 

6 ® S® 5.6 8 7. 6 pc 

IstPF. 43 * <12/1 Z3. 6 *KDb. 784 

•12/12).- 7pcDb. 71® 

BL (SQp) 23® IB® 20 
BLMC SpCUB-Ln. 35* (13/12). 7«JK 
Uns.Ln. 48 (8112). BkURS-Lo. 46*0. 
74KCny.Uns.Ln. 910 
BOC llttnl. (ZSp) 87® * 7 8 6*. 64K 

Db, 71* <4 <12/12). 9pcTonnas*Dh. 
77* 111(121 

8 PB Inst *. <SOp) 242 3. 74pcCpy.Unf.LA. 


8 >.m: Htogs. N.V. B ( 2 J 0 ) 61 39_5 

B^.G. Intnl. (lOp) 39® 84®. 940 8 <a 
BSR iIOd) M - 

UbraSf Wilcox <25p) 1610- 5«b 7. 44K 

Bailey «C. "H-l «10p) »»j® * 4 H 

ISIS- fSrik^HMK. (50p) 131 <12/12) 
Bakers Household Swr« (Lead*) (lop) 42 

8 irnbor^ Stores HOP) 157,02(12) 

Bank 'Bridge Group (So) 2. 8 KUnc.Ln. 
75 < 8 ; 12) 

th>to ) on Z Sraup’n , 00 ) 
7*. 64pcUos.pi- **_ , . 

13* IS T4* 

Barlow Rand IR0.101 1 212* 
Barr (A- G.) iTSo) 74 .c11/»27 

Barr Wallace Arnold Tri. A I23P) 109 
Barra tt DevBIk (1QP) n 106® 5® 4. 6 W 
Cnv.Uns.Ln. 64 <1in2J 
Barrow Hoobvm Group (2Sp) 33. 7.75PC 

8 Ss 7 s aSft»SK !gp|°|i7 < 12 ( 12 ) 

Bath Portland Group «2SD) 50®. 64K 

aSkri 65 * 'Yorkshire ( 10 p) 85 111112 ). 

ai?toe Pf Vj.) 0 A’(25P) 133 * 11 ( 12 ). 6 J.K 
Ob. 65 

arts ft 

EpcUm-Ln. ' 76 *" »13M2..’ _ 
774 (13112) 

)LKUn,V n - 

Barciavs.Bank’lwd; 7'^gLn. 66 * (812* 

Brown 5bl pier Hldgs. __ , 

Can. Imperial Bank Of Commerce <CSZi 
17*:® 18 • 

Cater Ryder 270 (13)12) 

Cltlcora S tn. riJ-S-S41 17* Hi: 1 21 
Chve Discount Hldgs. C20p) *7*0,7 
CammeroM , Bank o( Australia (AS1» 186 

Compagnle FluKlere de Paris (FrlOO) 
32 ii <9)121 

Fraser Ansbaeher -(lOpi IS* <T3'1») 

Jonal Discount »25pl '93 4 

i 12 : 12 < 

Gerrard. National 
<13 121 

Gibbs lAnthonyi HldSS. C250> SO 1 
GrindUVS Md9S. C25p) 128 
Guinness Peat Grp. lZSP) 115 14. 4^.K 
PI. 42* (12-’12) 

Hambros <25p) 178 80 112.T2). 7PcLn. 

HHL Samuel Grp. O5o) 85. Wrrnts. to 
sub. 14 : 

Hongkong. Shanghai Banking Con. 
iSHKZ.50) 249 1® 55 
Jcssel. Tovnbee (25p) 63 
Knsor Ullmann Hldgs. (25p) 45 

King. Sdaxson COD* 64 ... 

k/efitwort Benson. Lonsdale f2Sol 93® 
Lloyds Bank 277® 6 ® 8 ® S 2 77 6 80 78. 
7*prLn. C9'^< 90* P91* 

Mercury Securities '25o) in ’12 izi 
Midland Bark 367® 3® m 57 60 S5 8 
62. 10*p-Ln. 82* 4 <13T2i. 7'sKLn. 
P3 1* H2.'12) 

Minster Assets »25g» 59 B* _ __ _ 

National. Commercial Bank Grp. <z5o) 
7®:-® 8 * S’* 7 6 

N-tlonal v'-atTj-sr-r Bank 278 7 \ 5. 
Wrrnts. 101 (13’12>. 7scPI, 59 * 1 ®. B4k 
L n. 9* 02.121 9ucLh. 754® di.« 

Reir*l Ba-fc Ot Canada <tC2) 22 * rBTZ) 
r-hroders 380 0 1 ' 1 Z) ^ 

Slrre Darby London Cemr.PT. l10p> -00 

SmlUi’ St- Aubyn (HldosJ C 2 Sp) 84. 9*K 

Standard Chartered Bank 4JSet 2 ® 20 :© 
19:® 22 32 3 . 13*ocLn. 102* 

Union Dltco -nt e( Louden 315 
Wlnh-ust i20p) 664 < 1 U 12 > 


Allied Breweries (25g) 82 1* 3* 2*. 

a-:b-P<. , > 3 Jkr.. o2*'0- • LJ- 4-*K 

uk. <1 i.a-Lu) a I < 12 . 12 .. ^ 

• 1u/9-o*rJ 7 * .2 t!2.:x). bub^Do. b/4 
i<x. U*. *4PCLn. bl *2 *1 3 < — ■ . __ 
An^ia-v.aled QlJtillcd Products *10« 32 

Biss c-uirr.rgto! r25pi 1 66- T ' 60 7 1 * K 
PI. so-t 112.-12*. 34P.D®. <1977-79' 

ha 4 . u4P.mD. .191., -iLJ 4* 1,41-). 
caxDb. 'IjV 9E4 * 3il2). d4pc 

Db. (1987-92; 69'« 70 (12/12/. 4‘iKLo. 
-d *12,12.- 7-4 KUI.pI® 

2ao) 42 (12 ’Cl 

Beech noon Const ruction (Hldgs.) (I OF) 32 

Ba(am < Grito'p *10P) 62* *13(121 
Bergrave (BlKkheatbl 

Wl/^’iopcpr. 9« 

* 12 ( 12 ) 

03/12). 7V0CPf. 54* *111121.- **KM»- 
70 *(T3'12) . - - - 

Comet Radiorislon Services (Sp) 139® P. 
Comfort . Hotels lirtrnl- 0<W New 

Ort. non) 26* - 05.-12) 

CompAir (25g) 83® 2*. 

Concentric (10PJ 3T ► (73)12/ ■ r-AV:i 
Cook and Watts 9*ocCn - .61 . 

Cooper (f.) Dtldos.) dOp) 20 

Cooper tndrs. tlOp) 26 OZfT2> 
Co*w A - 


Allman IntrnJ. (5p) 67® fr* 

Cooe Sbertsweor (Sp) 4t- Cll '12) ' •_ 
Corah (2 So) 36 (12,-12) 

Coral Leisure So, ilOp) 108J 9 10 ‘ .. 

Cwy JH.) end Co. . (5p) 17 f12,>f2). 

tte VTau R« d w 

.S'lPePf. * 1 13 2^1 (12/12). 

Cosalt i2Sp) 55 _ 

Costaln (Richard) (2501 242 (13/12) 

Courts u hi* (25p i 121 <j® 2® 79 20. 7PV 
Dh. 701. .- 7>iKDb. 664. 5 I»cLb. -4S 
(8/12*. 6'rocLn. 524 34 C12I12L 7 

Ln. 574* . 
emits (FumUhmi (Z5o) 112 (BI12). - A 
(ISPI 113 (6112) 

CrHta HHta OOP, 12 *.. il* 4 03/12) •. 

r.M Nk-Mhnn (f/hu Ti (t U17< -• -r ! • 

Crest Nicholson HOP) 74 (13/12) 

Croda land. <10 p> 52 ' 2 ®. . Dfd. (100) 30® 
Craoper Games) UffiM 30 (8112). '. 3peLn4 
63 (8/12) • ‘ 

Crmby House Group. 128 (8/12).. IDpctK. 
116 (13/12) - - 

Crosby Spring Interiors (LOp) 16*® J 6 * 
'-«Pf. 99's®- 

17ii idpcl . -- 

Crouch (Derefc) ( 20 pl 109 02/12) ;■ 

Crown House C2Sp) 63*-4 03/12) 

CranaUte <Hlds*j (Bpl 31 * ..r v 

Cullen's Storea A (200). 138 4 


Cutter Guard Bridge Hldgs. 

( 8 ( 12 ) . 

Cummins Engine SVpcLn. 78 * ( 12 / 12 )- — 
Currys <25n) 170 1 (13/12) ^ 

< 1 . j.) «Hldns.i Hum rs niTiii 
Partner A 110P* 1** 14 (1S(.1»: 
Dent.CZOpi 21 (12 12 ) 

Stylus (lOpi 18 ( 11 * 12 * •- 

Benoits 1 1 0p) SMi 

s 6 . iokw. 

m'T 1 

a., w.) >25P) 155® 7 3 5 
BurKfor** *2SP) 69 
Berwick Tlmpo tZ5p) 67 (13112* 

BestobeH <2 Sp! 140 
Q art-wood «)5rt 
Ben Bros. cZOol 55 ( 11 / 12 * 

Sevan fP- S? : jiff 1 ** 

Btobv 0-1 * S«i»s Wl® 7.30) 295 
•Vlur-ited Eng. tJSp' SO 

Wrmid_ (Juakast ( 2 Srri S3® 1 ':® * 2- 7*K 

Bl^itah^i M 8 IW 11 * 

Bishop's Stores f25pi 1*8 
Black ErtaWlre ; AJ 

pueff GPfetcf) H das. (25 pi iW (iJmJi. 
liSm'K * reopi 20 * nziii 

sa^* H Taff , wass w 

sSsKffl™ »= 7S „ 

/Sr'ortftaffifR *»• l* k IMPb. 

58*. 7 kDU. 64*®- 9PCOO. 74® 3*®. 

Blund^^ermog'Sze Hldps. C25pi 88 

iK. 0.1 l«l. em 1®* (12/12) 
Bodycote IrrtL <25pi 799 

ssissns&9vii *«..f,i f . 

Boats Co. v25Hi 1950 5 3 4. 6 ocLn. 7S*. 
/-iK'.n. 6 S* (11/121 _ 

Bortowck (tiiomail Som CSOo* . 1 2 

Bou kon (Wnw NiraJj HOP' 20 ® 19*. New 
Ord, flOoi 2* pm <13/12) 

B. water Corpn.. 177® a A. S*wcPt. *4*. 

B o w x horito 7 Hkta 

SS! n.nffl. 

B?aMGra f1 3r1ai 

Brammer (H.) <20p) 1<11 03/12) 

S rasway (1 0o> 52 (12(12) 
ramner i2Sol 49 * SO G2/T2) 

Brent Cnem. (lOp) 184 3 02.1 2) 

Brant Walke- tSPl 52 . . 

Brickhouse Dudley OOP# 81® 80 
Bridgend Processes (So* 9* <1®/I2I 

Bridot. 12501 1.09® TO*® 8 9* . . . 

Ersssrwwws^ «« 

3feJ S tvi-.lV” 2 )est *2SP1 132 (12/12) 
British Ahi m Intel m 675 __ __ 

.r i.jr.-Mmorican Tobacco 7 Be U). 80 


British Benzol Carbon OOP) 33* *8 5 

Dale EfecMc IntoL ( 10 p> 169 8 (B/tJOj.? 
Dartmouth Invest*. (5p) 1 ES. 1 7 ( 1 2/1 2). '-3 
Davies Metcalfe <1 Dpi -33®. A non-tar 
• (lOpi 24 • • 

Davies Newman HM 9 A-( 2 Sp) 146 
Da* (a (God fray l «25pi 91* 

Davy Carp. (25t>l 143® « 3 
Djwsou Intnl. (2Sp) 88 ® 7® 8 . A nOB-vtg. 

De La Run (25p) 378® 70 87 8 70t 

De Vere Hotels <35m 173 4 :-\£ 

Dcbenhama (25p~82 1 . TlweDh.^m. 
<8(121. 6 *KLh. 59 (12/12). »1 k34» 

101 100* (11/12) _ - _ 

Dacca lZ5p> 440. - A (25p> 422. .25KPT, 
raSpi 44* (12*121. 6 peL(i. 72* (.1302) 
Dglun HOP) 27® _ „ . 

Delta Metal (25p) 70® -*® 68 . lOUpcOb. 
82* ill/TZ* 

Den byware (25p) 107 (8(121 
Dentsplv 9KUitscd-Ln. 73 -s . 

Desouter Bros. (Hides.) ( 2 So) T27 (in» 

Dew h(r»t (I. J.i <Hldgs.r Horn 78 .(JltlZH 


Diamond Stylus (lOpi , 

! Dlririe ijimnl IDrop Forgings) (280 ) BT 
(13.12*- ■ _ 

Dickinson RsbHlHn Go. <25p). 119® 18.18,, 
Diploma TSpi 198® 7 ->***' 

Dixon (David. San Hldas. «2Sp).10o.<B/l22. 
New (25pi 10 urn <6.‘12) 

Dixons vnatoaranhlc (lOpi 131 30 ... 

Dobson Park Indus. < 10 p/ 110 11 70*. 

Dover Coo. Shs. Com^tk OUSi }' 30 02/72/ 
□owdlng Mills (Sp) 29* 111(12) 
Dowikebrae Hldgs. II Op) 31 112/123-' 
Downing (G. K.) <50p) 120 =. 

Dowty Go. (50p* 267 9 6 . 7KOiocd.Ut. 
2 , 01 ® 68 

Drake Scull Hldgs. CZ5pl 34 3* . .. 

Dublfter (So) 29 B 7* Oh.. UpcPf. iSOpl 
35* (12(12) 

Duett le Steels (25p) 113® 

Dufay BttomasHC HOp) 34 111/12J.'. 10>apC 
U n ae d. Ln. 701 Vi-j’.- 

Dunbee-Comber-Mara (TOp) 8 B 6.(33/12) 
Duncan (Walter) Gaodrlcke 485 
Diindonlan (ZOp> 51® 1 
Dunlon Hldgs. (SOol 64*® 4 5 1- Slow 
P^ ( 44*. 6 >«KDb. 68 *. 8 pcUnscd-Ln. 

Duple' InVenitL <5P) . 20* T .. < • .'■ 

Duoort »25p» 64i**» _ “ 

tj^HoWegs n'qp 1 |~S4 , a \S(i23. 

Ball ■Arthur) Sons I5UP> IbO. New <50p* I Ar.r.rican Tobacco Iny. 10 k Lil 
)u 0 w li db ,<*:. S'«h. 44 ill Id." 79. ' 10 < 2 KLn. 82(8(12). 9*K Ln. 145 
7-^KD.b. 04* < 1 2 . 1 a* | »I 1 . 12 ) 

Bc<A>:ngiv.n -25p> suo 

Scrocr <crexna^) ^-.p) 74 '13(12) 
drdWii iMatthcwi l 2 Sp' 116 i13.1Z* 
Bucklevs :aapi 47* 

djin.ur .H. P.) Hldgs. <25p> 1493 9 50 

I Sr tisn o American Film Hides. (5pi 59® 
; Br.t.jh Bu'l-ing A Eng. Appliances. (25p> 
I SJ ill ' 12 * 

SrlliS.i Car Auction Gp. <10pX 52*' 

V^^Rtte .10.3510 9*2/33 |T , WlB ( ^^^TaWlLj| R W 1 M W'tll 10 

T | -F^<D I t DCI*! D4t0 

yVricblb Rate li0.1125oe) 16.2 S3 9T l, x*|ci.y *1 ^“"^on Dto. ^<250. 52 1 (11:12). 
(^rl^?? Rate (10.437SPO 2 '3 83 97® | iMatti.ew 1 ) Sens <Hldgs.' *25gi 156 

pcPi, 54® 

1 .R£A 

Rate I10.437SPC) 9 3J&3 96»i:9 

Vtrirolo Rate (10.4»75k) 16 3.83 

oCr( £5-64® 

V- viable Fate (10.7625 k) 23 3.83 

9F-"“- -® F9-64® 

Vari’b'.e Rate *12.C25 k) 1 6'83 97 T <«® 

variable Rate *12.9= Ski 8.6-33 97 "v® 
. 31-5'® 
r V»r*ahl: Rale 

Mr. Robert A. Rubric, general Prices and Consumer Protection. • - „ 
manager of FIRST WISCONSIN has anpointed Mr. R. FI. Powell ‘ Rate m.ispc) zz.s-ss ? 7 v® 

NATIONAL BAICK'S London as n member of ih« NATION A* 
branch has comnieted . bis live GAS CONSUMERS' 

.... _ . - je3 

14. CK Prf. 56*. * <11.12). 4*PC Db. 
I 30 <13.12/ 

British En^alon (25 p- 1 G-WO 18 19- 

13.12* ! Hume' stoves <25o) 191 2 3. 5*iK 

Courage 6(4iC2ndDb. 62 *11(12). 8pc Da. Bib 03.12) 

2ndDdb. Di.ii it )/). E'lKbmcc.iJi. 5- u Srtish Mohair S Dinners <25 p> 52* <12/12) 
>A1J-. 1 1) *K Onset. Ln. 7T, Wrrlftrop <50W 6* t!3(12) 

Davenports ilitas-i (2So' 72: _ BnLsh Corp. <25p) 46'a® % 6. 

Distiller* (50p) 202® 197® 7 8 9* 9 8* | C>jcc Ln. 63 (13(12) 

7<. 39* 40 H2I14). 7Uk i Shoe Corn- 6*pc Prf. 51. 7K 

" ‘ Ln. 6<3V 

Br.llsn Sugar Corp. 'SOp) 140 1 39 (11(12i 
BrlOS.t byahon Hid. (2<Jpl 52* I12I12< 
3r.ii:h Tar •‘rod nets (10P) 54ij <12112) 

Uc'sec-lln. 61 1;® 2 
Ey.-rards 5pcP;. 41 <2 12 ■ - 

Greenaii Wh.ilev .25o. 124 i. apePf 90: 
Gr-e.'.c King *ons izxpj 30a / 12 . 1 Z) 
10-9375oc) 15,E 83 ! Guln.iess i4rthuri Son :25p< 155 7 

lu.xaruDt* ,i5 ‘- DJ -Hardys hansom iZSol 172 <B(12i <4J9. S 2 ® 5® 4 2. Ncvi t20o) 85 

year assignment in the C.'.ty end until June 30. 1981. He was. until I 6 ta R Sg 1 . 6 ^• 1^5oc, t7: 

'■« Lein" reassigned to the his retirement, company spere- i>i[ RnARDt /wi 

Mi’wni'kee head office He will he rary of the Dorchester Hotel,] FrEE QF STAMP OUT y 

1 Aqrlci'ltural Mcrtgase Caro. J';pcDh ! kusse's” Grav«..-nd 6c .Ff. 44 40 . 
•961-91 51 .11/1?/781. 4 -ucDb. 1977- • 'O’.vOi.lj '20p' £4 3‘ . 7 *vPt 

■ — * 64 >11 12'. SLpr.lstMi.Db. 75 <11/12<. 

replaced by Mr. John S. G. Leavitt Park Lane. 

||. 7Ccns 1253’ 74 M 2 ’ 7) 

Inverg-: rdtn < Hldgs.' <rSp> 16140 
Irish Oik. i25h‘ 19.:- i j'j i * i. 12) 
Mancie r tru.i B i2lp. 4-0 ;si 12) 
jnsKeld 703 

V’rston Tionipson Ercrshed 4'.p:Db 50 
■oll 2 * 

|\w; d 5S0 * 17.12 

or.iiin iar eroducu uuu< iiziii 

Srli.ih Vending Ind- HOp) 22 (H’ 12 ) 
British vita (25pi 116 
5rit^ns ( 20 * M 2 / 12 ) 
ar.c^hou'.e <25 p) 67® 

£rixks Group at companies (lOp) 71 
'il< 12 . 

Ourtolpo Intern tl. (ZSp) 143® T 
Dutton. Forxhaw Co. <25a)3 4B <13*127 
□vkes (J.i 'Hldqs.l C2Soi 43 (11712)' 
Dvson 1 J. J.) HV A <25p) 63® -T . 

E— F 

LX-P. HUBS. C2SW 88 *® 

LRC Intertill. (10W IS*® 3 Jh-Sk 
LWT iHldgs-1 A CZSP) Ira f) ■ 
Itabroke Gp. (1 OP) 181® ^?9 SCL WW, 
to mb. lor Ord. , 91*®. 90 (*.-!. 2 -,,. 8 PC 

iJUng^Uohnf^Mp/ 1 ^ < 12 / 12)^ A C2Sp) 

8 MI (SOp I 146 3 4 5 8 1. 4.025w3>f. 

43* ( 8 ( 12 ). 74tKUnxd.Lh. 56* (12H2). 
8 jKUrwcd.Ln. 96 <13/12l 
E.R.F. <Hldgs.) C25p) 13B. IBpcM. 104* 
Marr,ott ,W,tne ^ (I0P/.30 

eawxro Prod. (Hldgs.) '500 84s SS 

I*™ !' M Wa»-. , ( 2 SP» 220 |1 3/12) - . 
Edwards (Lou* C.) Sons IManchxster) <^pL 

Ettuef MOpi 15 

Eleco HldSS. <10g) 54 (12 121 

“ s 20 B ^» 


fJJf^ttOre. Petorborough <1 Op) 18 * 
■jj's j rerara 9 pcpT 30 M Slli) 

as 83K"3nur 270 6k 

Itakk-H^S- 3j? 6 c,i ‘ 12) - 

0??2) S,0fW '® ra ‘ tfo " rtl (2Sp) 

energy Services EI«S. HOB) 18* 

a? .3(12) 

English KMr c 5>-PCDt. 1977-82 82-’ 
2.12). D-. 1979-84 77 713121. 7pc 

Db. 701. i12«12' 

■'tl-u-e Hlrq?. <5o) 15 (8n2» ' 

E ?j5.-"T a Tr2ri ' Transport «13lip) 123 

Investment Thist , 

Total Assets as at 30 th September; 1978 : £334 million. 

Cjr.Lu.-ner Concur, :« 

CiniiKilOCS [Vir*ty* rH.TT'O.Tubies 
lb.CS 5 Ji \7*. 





rou* r , nlrSIO** 

Oj'm imnnes. 
. b'.v 



RetaB Pries Index 




. . • # 




Wi • 



Gross Dividend per 



• L56f)- 
i %6 



*- v ' 



19 ‘6 

19 7* 



Financial Times Actuaries 
Aft-Share Index 

Net Assets per 

Ordinary Share (Indexed) 









EG i",j - 



m . 


■ i977 


<jsrp .j 

j .■an. .. 



. i»j ' 


<*-'.• *14 li). 

■ptilM. ; 

;j:I: % I.Ceb 
□ea. 69 h 

ern RO.ZG) 56*n 
Trmaiii 2Soi izo i ic- j 21 
.' sc-D-h. 64 11 17) 

"u* 2St< 12^7 30h 1 30 2 
Warner Manr e -pcDh G3<- (8112) 
WhliDr-ad :?5 ■) 104 . ii-wlitC 
:«s. 35 111/12). 6p-3rdCum.f»illt- 49. 
a'rr-Red.D'r.CL'.. 10 - 9 . 5 * TS* (13(12). 
-'jprR-'d.CHj.'-.rk. 1981-36 TO* (8*171- 
(r ’9T6--1 BS'. 6. 7UK 

Ln.'tfc. 1995-99 SS*. TIpcCnv.Ln. 
*990-95 1 ” Bo. 

wsi:hf*al lnvp*tmr-<t (2Sn) 96 

Wolv rha-TOSton Dudley Brr-v. (25p) 2279. 

-.r<-Ob. 1977-81 83 M ■ 7 2 ) 

Yiung Co. Sroyv. A (50D) 167. NOn-VW. 
Ord. (SOp) 1238 29. 9ocCum.P1. IOC® 

! Broken Hill Proprietary ISA2) 705:® 700 
| 678 

1 3-a x Eng. non) 26* (1112) 
Brook -S.r;ct Bureau bt Maylalr New Ord. 
f -25 p; 5 2 

Croik- Bond Liable >25o> 46*® 7 6 . 
5 ztc Ln. 38* (12 17). 7k Ln. 52* 
Broj'-.e Ti.pI Ena. ‘rildgs.l <25a< , 51 '* 

. > 11 . 12 ' 

Er.'.,.. 4 Jackson (20p) 222 111.12) 
'dr^nn d. Tawse <25p) 123 
1 )-.»* 3averl Kent (25p) SO (12(12) 

I Brown Bro. Ccrp. Oup) 2 Si-re 
, I Brcnn • J;>ini 3LJ9 76 4. Ord. 382 80 1 

i.:o“l,tcxm.P». I (»»«>- . 5»vKLn. 43* 

COMMERCIAL (2,181)' 

A— B 

(12.12). BpcPI- 44 

Group ' <25p) 

10 JUK 

A A.H. (25p) 102 
£ 12 . 12 ) 

A.d. ^i::tririlc Products 
.'j7® 5® 6 4 

Ors £5:1 44 

!■ o3 (10pl 1169 
A.P.V. Hald“ 9S <5up. 2J3 193. 

Cnv.Ln. 1 9S< -ZOO. ISO 43 
A.V.P. Properties «.«s<.Db. 1936-91 64 
■ 14/12) 

Aaronson Bros, (lop) 71 2 70 (12/12) 
Ahrrdeen Conitrucuon Group (250) 80® 
A- row Non- Vur. A Ord. (25s) 84. 8 DC 
•Ptly.OiwLn. 1992-2002 71 *; 113/12? 
Adwest Group (2So) 2919 B9. BucCnv. 

La. 1999-94 164 
8 trlcan Lakes Con. 265 (131121 
A.rAx Indus!. I20o) 43 :9. Warrants to 
ua. lor ord. oi, ( 12:121 
Ah-flow Strcamlln-s . 25p) 42 (11(12). 

1CK w. 95* (11(12* 

Alcan Aluminium >4JK) 13S>-® -7 
Al;xa»ders Hokllnes (Sal 16-',® 

Brawn <N.) !nv. (20p) 40 <11/12) 

Braw-lce < 2 Sp) 79 

Br/vrt Hlpas. (25P> 49* SI 50* <12/12) 
Builough (ZODi 168 6 <12 12 ) 

Bjlmer Lumb <Hlo3r-.) (20pi 49 (11/12) 
8 und Pulp Piper CZSo) 88 (11112) 

Burcq D.-an <25p) 72';® 4 
Burgess produ-U (Hides.) (25p) 62 tIl/12'. 
A (ZSp) SB® 

Bur.idi-nc Invests. (5p< 19 (11 12) 

Burnett Hallsmfhirc Hldgs. l25p> 212- A 
■25p) 204 1 5 <8/1 2) 

Burrell <5 p) 14* 

Bum ugh; Machines 5*KLn. 97*® 

Burton Go. (50c) 1 B 6 <13(12'. A (SOp) 
172® 3. Wrra. 42. BpcUi. 59<a®- 
9'.tcLn. 69 (8112) 

Butlln'r B*p Db. 63 H2M2) 

8 ut.erfteld Harvey l25p) 75* (1212) 

C — I) 

Ifebonc Eons ( 1 0 p) 28 7* 6 h ( 8 M 2 j 

Again this year vre have seen dramatic changes in the financial condition* of the 1'nrLed 
Kmgdom, particularly the reduction of the rate of inflation and the disappointing improvement in our 
balance of puyments" We have experienced a very satisfactory return on our investments in the United 
Kingdom but this has been eroded by both currency fluctuations on foreign dividends and lower interest 

rates in this country. ' 

At this time itis too early to state with conviednn that the Government is assured of success in. 
its stated policy to reduce inflation still further. Your Board firmly believe we should maintain out present 

•IS" t l d R*TLS3 l Mr (2S =» 57 » 

*111:4 Coltekh Gtood (TOal 70 
Altiod liKuia:ora <25p< BS <12 121 
Alltrd Leather lndu;t. i 2 Spi 110 (13(12) 
AICcd Plan! Gronc (10pl 21 20*: 

Allied Polymer Gtcud lOpcGttLLn. . 1978- 
1981 SB': c (13,12) 

ALtai ^Retailers hop) )4G ( 8 / > 2 ). 9*k 

A (lied suppliers 6 pcLn. 1982-87 62®. 

b>Pri-n. 1992-2007 4 5-; (111 12) TcxtIU Cometmcs (23 dI 1450 
Alpine Holdings ;jp) go® 79" ' 

Al. ne Doll Dhnrs 1 IO 31 r 1 *® • 

* - "a “J- Mr|i| Cji 278 
Amal. Power Efigng. -; 5 p, 141 (11,121 
1 Amber Day Hious. * 10 p- 49 - 
.Anchor Chemical < 25 *, -• ,12 12# 

1 Anderaon Straihci.oe '25 pi 62® 7’*K 

unwcLn. bd 

• iS'f 2 < T c l* ,,a 'On Croon a <25p1 86 

Aquaiturum A* L :d. Co? -5p» 40. A 
•5P; (i :/ 1 

Arcolectric *Hitfns < A "5o< 14:> 

Aronson 1 A.* rHIaoi , ilCpi !s''i 
Ariel Industrie* .jbp. 37 . 1 1 121 
Arlington Motor Hld-js. iZSp Til /12.'T2l 
Armitaoe Shank* Groun "250. 73 
Armslrono Eoulcmenr ilspi £jh 5 -: 
ArncliRe Hldas. riao. 40 
Ath Lac> >25pi lasa So 
^ »««/« MBIri <20 b. 71 l 1 3 2. 

SocDb. 7B'e®. 7 \pc 
DO. 62 : 18.1*1 lO'zncUiisec.Cp EO:o 
inV' k FuDiiShery 7'-KW. 49 50* 
A -C3." Jrltlsh Engr.g <12':pl 7 1 1 211 21 
A ^ d - F " # 4* 'Soi 67 7UKDb- 

63*. S-.-PCUtihc Ln. 21 U2.12 J. 7 pl 
U aMC.Ln. 'SOp. 23 - <12 121 

Commute*: lW ; s cpn. a i2So) 1Z0® 

AslCd Dalr.ns ijgp, x 

Asstd. Elnctnul Ind- 6a cDb 78^ lIMZi 

A*K 0 . Enonq. <2s n . 117 - 18, fptUiHK 

Ln. 62 -12 12 . ■ 

Asscd. Fis'ieriw i25o< s3'. ; 

percentage abroad because of the underlying econuoiic strength of these nations 

Tavistock. Chairman- 

A member of the Touche, Remnant Management Group. 

Total funds under group management exceed £800 million. 

Copies of the Report and Accounts can be obtained from C-edar I nvreucenL Trust, Lindted, 
"Winchester House, 7’ London Wall, London EC2NUJH. 

C.H. Industrials (10pl 51* l)5il2) 
Caobury schweppm <25 p) 55*® *. 3'je 
Pf. 41 <:2;12# 

Caoyns <50p> 105 

CaiPdonisn A szxa. Cinemas r25pi 470 
*12 12 ) 

Color Gas Hldg. 7KDb. 65* 18 12) 
Comiora Eng'g. l.'Op) 68* 1 12/ 1 2s 
Campari Internal. I2uu) 109 
Camre* IHIogs.l <20p> 44* 18/12) 
Canning <W.) <25p< 54® 

Cimori A IZOPI 44 5* <1 1/121 
Caplan Prohl«.Gp. (IDp) 131 
Casper- Nolll (ion) ,a <12|12). New 
<10p) 74 5 (1 2/121 
Causes Is I5p< 36* __ 

Caravauis Ir.uvui. <20 pi 70* 70 
Carle^s Canel Leonard '10 Pi 27't® 
Carlton (noustrles TOpcPf. 72 (11/12) 
Cvseb internal. iSOdi 59 
Carr (John) rDoneaster) i25p) S3* * 4* * 

Carrington Vlyeffa (ZSp) 34. - 8. Ik Ln. 

Carr's Industries '25ot 65 i12(12i 
Car lers Suaevfoods <20p) 1 O 7 : 

Castings <10 p) S3 1 2 <6.1 2< 

Caterpillar Tractor NPV U S.riS9:® 

Cattle's (Hldgs./ *10o» 35'# 6 

Cum. on (Mr Joseph- Sons <25p) 25* 

clvenh'am 7<:KPI 4B»: -13121. iflDtW. 
9ti'- 9A4KLI1. 68 '12)121. 1 DpcLn, 

91-96 71 >12i12> 

Cawdaw lndu',1. Hldgs. (2S9) 3S® 
CavrooHs H'dgs. « 2 Ip* lie" < 12(121 
Celest.on Industries -5p) 29* *12 12) 
Cell*: Haven i5o) 12 

Euro. Ferries i7Se) -1 24>:« 4 3* 4* 
Eurotherm iron/. flCol 192 4 1 11(12) 
Eva tods. 1 2651 91 Ij <12/121 
Evered Hldgs. I«q) 22 U2:i2r 
Evcde Hld-s. <20e) 40 39 <12'12» 

Ewer 'Geo roe 1 <ioo' 3d* <12/101 

■??S 55 | 16 11 , - 123 - 

Exrhanqe Telegreoh .Hldos-i 050) 128® 

FRA Cen. Gro. ( 25 m 11 ® 11 

fa rtpirn Lawson '25p) 8 

Fa rrlouqft Con. Grp. '2Sp) 67 '13/12) 

falrvrew Pits, rls^) S 4 n 

Farmer ro W.i Go. <25n' 138 <11/12' 

Sai— II F'ws. "2Cr' 395** 2« 

F'ririen Gen. (nv. '5 p> 119 «B , 12> 
Fe^lj^nl. flOe) 29 na iZ). A «10p) 27 

Fed Lard Bldg. <25 pi 55 
Feed-w <10o< 36 7 (8.12) 

Fer.njr <J. .M.J THlogs.1 *2Spi 150*; *$ 
Fcrgusrn Ind Hld-s. <29p) 116 i1Z.'12) 
F.jrra.-tl <50 t) 244® 4 5 
Fo-tl-man 'B.l Sans HOpi 28 <9/T2) 
-eeiity Rtd'4> -icci rz ri 2 ;i 2 i 
Flndlav 'A. R.) i25p) 33t. 8 k PI. ' 
pm <8/1 2J 

Fine Art Developments iSp) 55 

flolta J.) .topi 32 

Hnlaa Sop) 95 <11/12) 

Finlay Jj .25p) 94. 4.2pc2ndPl. 40 
First CasJe Securities (lOp) 37 <11112) 
Ffsons 305 1. 6'«CDb. 52 C (11(12) 

rllca Lovell %Z0p) 59® 8 
FHgm " Re.ueUing , Hldgs J 05p) 167 

10KPI. 210 

Foccrs SOp) 59 7 H2I12). 

* 11 / 12 ) 

Fogarty -E.) <25»] 180 <13(121 
Fo*kes (J.i Halo fSpi 24 (12,12i. . Non.- 
Voang iSp) 24 iB/12) 

Footwear Industry Invests. (25p» 66 *8.'T2i 
Fort mini. Capital Corp. 6KLn. 71 <8/12). 

7*KLn. 82'; <12(12) 

Ferd >M.) <10p] 37'* <11/12) 

Formlnstcr -IDp) 102 
Forward Technoiocv '25pJ 6*:' 

Foster Brothers Clothing <2Sp) 168® 
FfBIor <J.) >2Sp) 47 (11/12). Now <23p; 
_*. : 2 pm <13(12) 

Francis iG. R.) nopl 50 (13(12) 

Francis Industries >25g) 61® 

Francis Parker <1Qp) 18 <12/12) 

Freeman .London. 5 . W. 9) New i2Sp) 122 
FreKh Kler HhJgs. f25p) 32* 

Friesland Dougart (25o) 105 * 01/12) 

G— H 

GEI Inleraatlonal 'ZOpl 830 
Galiancr CpeLn. 1976-81 8S® 

Gal Ilford Brindley -So) 69® 

Garford-Lirer Sp) 12* 02/12) 

Garnar Sniblalr 2J5p) 98 13(12) 

Gates if. G.) -2Sp) 49* 8(12) 

Geers Gross OOpj 44 <8/ J2) A. and j.) <2op) SB* 113(12) 
General Electric >Z5p) 335:® 5® 40® 

197&-61 *-'■ 3 2 - 8 - 7 — 5 - - >py- n - 

1 2 PC 

Ccment-ROAd stone Hldgs. <2jo. SS 1 13(12* 
Central 5heerwOOd <5p) 33*® 4 3* 3. 
IDkPI. ’0: (11/121 

Central Mfg. Trading Gp. OOpi SB®. 8k 
L n, 63'a *11 /T2> 

Chamberlain GO. (25p) 44® *® . 

t£r'Jl% 1 i!l ta-^3. 15P) 58 
Chlorlda Group (25Pi 99-: 9 7. < *ptDd. 

Cnr: iies ' ’imral. » IW II «• 3 4 
Chrisllg-Tyltr <10 pi 85 ' 1 3'12I 

SSSr i, Bffifcr SS 4 ?*US6.25) 0645 

ChraslK UK Apcon. 70 <«12). S'apeDb. 
69* <6/1 2) 

Cnubb and Son '20o) 146 
Oiurth and Co. >2 Sp) Ip 
City Hoi ill Grouo <20o) 129 7 J12T21 
llrrte fClement Hldos ) (25B 1 93 *1 11 21 
Nickglls and Coombs tZ5p> 67 8 

1WJ’ 84*. BpcLn, 1979-84 74* 
113112). TlaKLn. 64 3 < 81 12). 7'dJcLn 
6 S'« 113/12). Fltg. Rate 99» H * 9 
G-stetrer HIdos. <25p> 136 .0. Do. A 
Ord. a5o< 1 37® 6 ® 8 ® 5 8 
Gibbons Dudley (25PJ 60* (12/12) 
G^lbHorW| (Stanley! Inter. <25p) 226 3 

Girons Gp. (25»i 92 1 ( 12112 ) 

G1H ard Ovffifs Gp. <25p) 147® 8 S 
GUtsDur < 1 0 p< 61 ® 1 
Gianheld Lawrence B Ord < 2 Sd) 31 <B| 12 » 
Grass i d Metal Hl^gs. *10p< 87® 93® 
GJaia Glover Go. rto* 22 (12 12) 

®®P* 27- ( 11 / 12 ). 
_P°- 7yocLn. «S0p) 31 (13/12) 

Glajto NldOA (SOpI 930® 24® iso IB 
22 20 3. Do. 7*KLn. 111*0 12*’ 
Gloeson *M. J.) (CD-tractcn/ 110p' 37* 
Gfynwed (2Sp! 105® 4*® !••*. -CO; IOVk 
L n. BOV®. Eg. 6 pcLn. 67 02112) • 
Goldberg <A.i tZSni 70 
S‘*<W Hldas. (ZSp) 69 B (13'12> 

G Sbf Y 9o'n T J»72, ana Rub6w 4,pc 

Gordon and Grtch Hldqs- l25oi 80 <11'T2> 

• ^7 a ?9'?^I*' 12051 S2 ' °°‘ NeW 12001 

! Court Cooper iZOpi 73® 4* 3* 4 
, Grampian Hldfls i2Sp» 57® 6 ® 

Grampian Television n.V. A lion' 38! 

Gra-ada Gp. A a5o< 128® 2 _ 

Grand- Mot. (SOpi 113 *® 13® 12 * 12 14 . 
Do. S'.pcLn. 95* <1312<. 'OkLk. 78>.® 
2 }** Hotels 'Scot land 1 f5ncH. 35 

Grattan Warehouse; f2So> 89® 9 90 
Great ‘Jr.lrernl Stores (25pi 314 (.13: 12'. 
Da. A f25ni 316® 12® 7 10 B 12. 
SVKla 37 1 j * <12/12i. S'sKLn. G2'j 
Greenbank Ini. M(dqs. HOp. 42® 
GreonD?(d MiliccK IlOp) 53<>® H> 2 
Green's € ton: miser Gp. <2Spi 7C« 
Gripperrads Hldas. UQpi 6$ 

Group Lota Car Compa-les napi 46® 
Guam Bridce Paoer B^ocDb. 57 u <T3i12< 
« r 2 K Tj ,™ U,,,,, s » 

e7 K ?’’<.£?2 1 Nc iSfSS,. n i5V , SS 

HJt-T. Group (ICal 27 3. ( (12) 

H.T.V. Group N.-V. Qrd. «5p/ 121® 3® 

Kadcn Carrier (25p> ill* 

Haqgas (John) noai 194 
Hall Engineering (HkJgs.i (SOpi 1 T2. 7\ot 
, Uns-Ln. 84<j ^ 

I Hall < Mattoew* ;2spi 223 


„ 7 'iK* Clark* <T.) and Co. HOP) 21 1 1 2 1 Z> 

Unsec Ln 7?-. <ij 1 -, ' • Cl’Kord 4"d Snell <5ol 34 J HI .12) na«ra iiup> jv linen ictk miiii . 

A Un» < Ltn ,S 37 ,'ff ' U3 1 Z ' T; ‘ pe j ,r0V ,M ' J M 3:1 NCW j IfSl^ad (Jamci) IHkta-i TlffiiT M* 

Cliflcrd'v Dunes 125B1 66 (II 12). A ; Hamswon ImtatHn <5 p) 17 <13,12) 

Awed Newsonasrs brouD 'ISp' 178 7 
<13 12 ' 6 'aptUnscC-Ln. 48* .<12.121. 

SVKUnsec.Ln. 62': <aiZ< 

Aucd. Paper industries 12 S 01 -SO L* 
<13 <2*. 9*KUnscc-Ln. lOO «12.‘12' 
A*scd 5 Wire n <io 0 . 50 '1212' . 

Astbarv Made icy iHlogs.< < 2 dpJ 73 4 

Ar.lir industrial G-oqp mObj 27 *11.121 
Atrwood Gar«ces <:Sp> Ji> ( 12 * 12 ' 
Awf'O F.jM'tv <IOp> J 6 7 ' 8 ■<< I?' 
Audiorromc Hldgs. '10 p< 17® 13. 

Ptp».«. > 0 p. l{-;7 

Aurora Hldgs, i25di 90® 

Austin (fc - 1 

6. 6*KU(13- 

CciHlV ard Chemical Mcs, '2Sp> 66 *: 7 5 j m?TCOT Tr^* l 3 a® , 

C cates Brothers and Co. 05p) 7S 03,12! 1 23,51 158 ® 

C S5^^?° B M!i !S M2 2 fSl ^ E 1 ftcL^-' i '50l-‘ Ha,iv C FurifStolUMral <25p) 3») <11/12) '. 
4'jKCti. _34»« M2M21. EVpcLn. 50*. , Hargreaves (ZOp) SB's® 

i 2 oc 

Sons (Lor.doni (25 p< H2 

? l .KLl 59* <17 III 
, Cod «edge 'Hldgs.) l2Spl 86 (13.12) 

: Cole >R H ) 'ZJpl 11 :® 

1 CcDett. D/chenyon. Pearce letrnl. (I Op) 74 

Co'*iP> 'W-. and 5ans (W<MiJ «25o) 142 
H2 12) 

temben Gp. >10 p> 32® 2 

Combined English Stores Gp. U2*p) IIO 

Harris Qurenjwiy Group (few r 20 o) 170 1 
Harrison Son' (2Sp> 61 Hl'lZi 
Harrison if. Cl rZ50l I TO <13.(2' 

H rr'vuv. Cr~vi*ld t4‘i® \ * p467's 

Hartley Industrial Tst <20o 2 8 , 

Hartwells Grouo fZSo' TOT Ill'll- 
Hswknr S'dodey Group t2Sni 229® 33® 
24 6 5 8. 7*KDb. 65* S * 112.12) 

929. BhsrC 

1 -C 201 J) 44* 

ttn , Vrthur) ®|*™ «S» 7* < 1 in 2 ) , 
SSi^ZSp? W (12(12) . 

Hoi* Lloyd loxanaVI. (tOW 1 W* 87 - 

Bsk SSU’R’iriSp) ; 
HZZrgiS <«• «>• * 

a. WerfAizop) 
,isr- OZ 12 I. 1 BgcUi. 95M 
.Howard Machinery _?5P) S52 
Howard Tencns Seraices ■ <2Sp> ZB* 

Howdcn^zspi .85^(1 V 2 ) 

r -— k 

iu K 

ii^’lntxrnat /. 1 

.H.V (20p) 28 <12.12). 6*pepf. 45* 

laSFria BpcLn. B* 3 ** .*• 5 - IfiLpC 

•/tS Gr^up 12501 82*® 3 * 4V4. 

87* P M 5112). SVKLTw73tlr 

.-ttBpcUi. 52 <12/12). 75pcLn: 

. 4M 


7-K.gncLru 52 (1 2/i^J. (jKUli L.aas 

fO.BDcLn- 79^^80 )*• BpcLn 

tss 9 ■*'££&& 

5«rvtces <25p( 91,ia. -BpeLn. ,-66 

taSK'lry I nrostmeot CTO- 

' f i a Business Midiilwi ^US51I91 

Business Mictiines ta 

Jhtn'I. Stores 6Vp<3Jt. S1-- Vt*K±*U ,®0 
I SS. 1 Thomson Org. 272t®. ,P».. «25rt> 

1 jS,L 1 Ti n iMr Corpn. 0501 1« | ^« 1 g UjV 
ttowrask &v- fSORi 60*®-* !«-. 4J®BPT. 

JQEG <25P) 17>* 
Jackson U. and n. 

BJ 1507 M* ff 02/123. 

r^k 7Vm,12. 

Gra." (26 p) 

James «Maurlcei ind*:' <20 pJ' 73*®. T4® T4 

‘dsss?*yia s?.<^.u»®t si 

jSups rtildgs .1 IHW 39* 
jSSuon and Flf® 9fom (25rt 65 

•JkSSJ' jaa-o wjw 

^Johnson. Matrhey 470. .- 5‘iKOb. i6*a 
^S^RIehanls «K and R-) Titos G»P) 
JonS (A. A.' and SMpmwv topi, 150 

logos- 1 Ernest) 

_ ’uSsEsis.i’snasa 
j^.*sas7BW?ar , ”" 1 ’ 

K Shoes r25p* 65® 4 ■ 

K 02 / 12 ). 

Kitchen Queen Go. New (1CP>- ZSWv'Sii 

. Pronto- < Arwir-^Wlrf- 770* : ~->J. . ' 

Pro**: (Will (am). (So) 27V7 y*3m ' - 

.■Ptjc*e%c Hldg*- OW 97® > s 7 f -- - 

PrTira? - ‘iei '• 

I Poflman -N»; . »pd -J.) (5p) 97,n2n2l.y. ; j 
l" Pye.’HWM.- (2 5P< 801®. 5‘‘ . V-.’- 

PyqfoT CambridtfB. -a.*pcPft 41»a- Cl1/1»' . .. 

r,. > : S : ' 

Queens Meet. Houses- i5p) 40’ .1 • n.2)V%t ' 
Quick OL and JJ Gp. OOp)::«S.<B/lZ). 
r 10pePt.:-®7; <«Jiaj r -V-; 

Knott Mill Hldgs. HOP) 26*^112(12) • - 
Koda Intnl. (2Spl 142WS J; 

Kwft.Fft -Tyros Exhgust -«IQp» -53 

Kwlk Saws Discount G|p., (100) BT : _. 


Lambert Hovrarth Go. QOpI 49 -ftt *'t2) 
Lane (Percy 1 Gp. ilOp' SO «JZ/1» - 
Laoorte Indus. (Hldgs.) (SOp) lOBO.’VSpc 
Db. 65*® ,,-f: • 

Latham (James' 125® : ■ 

Laioence Scott i25o) 89 -ly 
Lawrence (Walter) (25P) -7® ' * 

LBWtex I25P' .73 0 3/12)' 

Lead Indus. Go. (50PI t5T ' - . 

Lcodertlush iHldiw.i J1 DRi 30 <B>TZ) - -f 
Lobofl 15 .) IFabe* (fou) 42* 2 (12/12! 
Lebus f Harris) f*5P» jOha 
Lee Rcfrig. <25ol 7< l1T/12> -r . 
Leg (Arthur’ Sons (f2*p) Z4-3U OZIIZ): 
Le* -copoer Gp. -<asp) .173® ;70_ , 

Leeeh TCVWiiam) - (BidssJ ^20c) .87® . ; - 
L«cK LDMrlet.-DyqrsviRBMMrr <2Sn) .85 

Leigh Interests '(5p) 726 i 12rt21 
Leigh Mats B'lOCPt. 39 . 18.121 
Lemons Go. -d0p>- 32 
Ln' Gp. <10o} -2*3 <12;TZ) I •“ 

L«ney Prods. (Sol 80 . 1 

Letrasat Intorntt.-fiOgt .133 T13H21 
L«m (Sip) i5V'M2/ f2 > ' J7- 


Lewis Vjofinj P aith ersHp.- 5ocPy.~^39'a' 

Lewis’s- -Invl Tst..6*ge2iidDb.-62«r (12'#tt 
L**it Service Gp. <25p> 79. 6b*vPf. 46* 
mn2fc 'a*pciin5«i4ji. sg 12'-. r 
Ley la id .Feint ; JWal/pi per. X25f>t 65 6 *. 
*8/12) • / 

Ll-eri- IBM.) OOp) 15 • 

LITtajja/KCThd) Company. (TOP) 34* (8/12). 

LIITey (F. J.-C» (25 p) 73 --. 

’-•-KSsour Grouo OOP) 48*' 0**121 

Ltocrof, _ 

Limdastrfe*' SpcPf. 4Th 02^2) 
, .to(ood-Htas...«29d). 129. IZpoLo;. 99® - 
Merevd -.7H «»• n 2 r l 2 » 

Liverpool 'Daily "Patt- <50u) 120 (1.1/12) - 
LTjyd (F. H. 1 YRdm.l '2«p».67 
7’ ocLit. 62L __ 

Locfcro Thmwfl-fHIdw.l «p.'1fl iTUlZ). 
A (Sdl TB't • . 

Lockwoods Foods DSP) 102 411.121. 

7KP». 49*i 


Indfc <9 Sp) iwr 3 2 


nz'i2) ■ • -. 

LcrHjac.' Northern Group. '253) 77*? T. 
London' -tack ra5C1 68*0 .8® 9'a 8. 

TAocLn, ,«9b -T2T2> ' 

'.Cfldoo PFyJlon. S« * (12,12) 

Long. . H -' iM l y' fTOtn S7 -qZ'TZ) .- 
Ln-rtin 25o*. 62 3*. - Boc-.e. <980-95 
GO (74/12). - -BpcLn. 1981-86 62 - - 
•-■■cfc-ra -TSoi 61 -( 12 >' 12 V 
Low. -Bow Group- '90U. 171 12 * 12 ? 
'.ow rwnu. 2« 96 B -13.12 
L'.ras Inds. 2975 K 6® 3031 500 298. 
7)«cLn. 71* fll'.'l 21. 6*pcLp. 124 

« 1 i 1 » - 

’.rtw 'S^..CM>a'V.-67-8-rt2T2) ■ . 

'-von. Lvoq -2SM 77 <12:121 
Lvuns «£)-’ SpcDb. > 73 U. fipctn. 89*. 
8*pcta 6S>* ’CI3C.12-' 

MFI Fodtane Cantras -flCp) 177® 4® S 3 
M.K. Electric Hldgs. -25w 2J1S 14 
M.L. Hldas. <2Spi 158 -AT 2). New Ord. 

■250) 26 6 pro (73-12' 

M.Y. Dart <70p) 63 <11*121--' 

Macao** iLondotti -rtOpi 22.<F11tl2>> 
Macarthy s KMnAKotlcab - Gain load 
«14rT2f --.t. 

McC/erv i'An*. Group r25uj IJ. - 
Mccorguodala SLocDb. 55* Cttia 
Macfarlm Group. lOunsmao) _^ 2 Spg 79 

Mackey' (HuOhi '2Sw 43 ’ 

Made moon ot Scotland <25p»S0' 0’l>12) 
Macphmoq Xtona/di Group dSp> 7 * 

Mag not. Southerns ZSm lU s 7 (liTZJ 
(25PI SOI- , _ " 

Manugrnrvnt AgenCr. MuSIc <10j». 113" . 
Mansaeejc Bronzo HldSS. 2Sp) 65 < 13121 * 
Manor NaPoral Group Motors 'JOro 29*., 

» • cl».wi. i2£uL~ga. 

M^pie and Ca 'HldosJ '(lOpi ' 22 (1312/ 
M^rcnai,g. <25 p< I la ; lu. 9gcP,. j, )'. 
Marks gnd Spencer U5 p) 87® 4 1 b® 5*®£ 

fcarTev* <25 oriZo <T. bupciroi * 640 * 1 -'r- .'.* 
Mar^ngr-IndN <l.up) . 39'74 «i . - 

Manii_tl Cavendish. v. Cp> Ahl® 91 .® 
MersnaHS. (HAitaxi - -^jcPr. 107 - . 

Mertln (Alberti. Hldps. CtOo) 83 48112) 

■-rol -.l. aH-C X • .. « « 

Martin /'he Nwiwe i25p> -21 o® . - . 
Martmlr loti. (20al 212 < 11 / 121 . ' 
Masser-Ferouson-Slw npv < 3 _ / 
Mattnem ftanard) <25 p) '157 *. 8 
May. and Ha«« • iZ5p» 7i - . 

Maynards- ( 2 Spi 125 ( 8 ( 12 ) .- J -. , 

years _Bnn Hldus. .250 19*- tJ3»T2V * •' 
Mtnm HIM*. (5 p> 22' * 03/12) - - 

!>_/ oJa it 21. at ■ .- .*- — 

Metolllo^.-Oupdtf and Whitsoo iZSp) *. 37 -} 
Menimore Mtrfg.- f5p) 15«i - 

MB 74^i J lS' V fHtasJ (25c) 180®, BpcPf. 

M-Ml Be* 300® 6 ri 2 . . Ord. BO® 1 0 487 
.58® 4 Z SO 8 T 2 : 5 6 *_lO<ipcLn. -BO*- 
Menirax (Hides.) iSpi 4S 3* 4 <72/121 - " 

•acj. Clotyxi’ -orj. .2a»> 4- - 

Menlrtx (HtdasJ-CSp) -45 8* *4 a 2' 121 
M«toy <25K -70* <72'J2) . 

Midland- i-uds ; I5PI il9:-' '• 

Mi-bur]/ T2SP> 68 * (1271Z) '• ■ • <r ■ 


“ 20 ^ 17 -“^* Slwfll WJ« 

m mnsrsef 112 T,/i u 

M 2 121 :-. 


mSbold BnrtoP 

2 SL“S'^ 8 ri^; 

s l 2 SP? »5*. n 

Norcns VtSU 



Nflrafc:. 8w»r;4 iae y 

Norwert Ncist^o) -M f 
Nomnghvn. rWfg. iZ«4-: 

nop>._iiz vi » 
No-9wift Inds. (5w 

_ 29* < 1*1 



50 C 


' -i 

Mill (205p) -42- 713125 - 

2Sp) 7 t&OIVOjk\:- s *z +. . 
Oxiev - Primttog GrtJ.- ;<2ata76 S- ;-t‘. ' 

SyM^KaS*' SiS^ Sfsfc * 

-t® BO. New /fc ; Nr4ter:og5«t34. ... 

Paak toy. ClOrt- 8 ®^- -; hw .' 

. •• 

eSpcLa-* S 6 -fiHiD .. 

ptasS^OJ' *»■ C25ga : .^Mt - T 

-—-Be Bfrtof ogham TIQfl) )g.>tv - 

r^katterslyy '^5®) T46j®.Sd® J®: »*; 


Phot»Me-4ntec-< raopt jAjj s an zy -• - . .. 

PJcfcJcs* (William). .CUW. 7S 
-A .N--Vr ow. su-.-Wfifxanafc.. .. 

.. a'y: 3 '"-- 

-4 . 

pitwjrd**Gp-~ <25p> '* 7^3hp\ 

Pto*xay 11. 3* -1^ 


Plyiu-' (1 

Porrair 'osw -eb 
Pcwroff Duftryn 
pracr R=J 
SB®. 7- 

•n--- ^ . . 

« .12/12) .:V 

pi ; 21 Bi* J ta . a i>cVbv 24^-- 

jVrlBfi CfiuizC£i&7: : 
-carp. CZ5p) j_*J® 


R^F. <Bd 8 fc aSrt'«"^ 2 iT 2 lV : .‘V, ."* -r.-' 

-a ff; 4 Q - ‘-'Jr -I 1 * • " - •• 

RanSr. TaxtMa* <Sn)-.T GU 'fe .««T2>..cV j 

Aandaus Group (ZSmi-iae B BM. 12 ). ' u- 
fSSI -6 dT^TKA 

punk Org. <2iP> 2*7-6 a-A-fteO. «M» 
n. 4S!j.'5 UpcDqsecd.Lii^ 47. 6 * (T 2 /IZ) 

■10*KUnsecd i lJt i> '77i# f7S® •* 7f . 

(cDoDwJT tRSpt <49 * Bh. 

Ranks ifoyts Me _ . . . _ 

' a^jSSs^iA * yjjF TjS^faT* l '** 

r • CB/1 23 

P Rabies {jewel leS ^uipl fifl 0 ' *' 

RaytoKfc 1J Op/ * 92. L13/T2).: 10 *kF 
Kudttnt Ind. 0Sd)^2 
Ready Mixed _ Concrete CL%)136® 5 4 
Reckttt Cofmarr. (SOPI 45S® 7 50. " 

Pf. EiipcDb. 87' 

Record R* " " 


Redman - 

Reed JRcstfiy'A. (2Sp/ 95®. *- 
Reed tote 146- St.*: 9 7T 7UpcXH>. * 2 . 
J7 *pCft<SdAtt€Cd.La. r SI (13/12.. 


It®. 63«pcOb, 871a. U (12/121 

jmsanwwjw 0 *'-. 

Onebca.tTi B8t®'£._ 

R^tel^Wattr. Gr 

Rolyon J^BJW^- . , 

P.jndht 770® -W- IT. 17 .- . 6pc0. 41 « 

■5rpvjlVW -Ttffi . ■ 

Itonwlc/s . Grp." 

... ... . jidta" 

Besttoor Gra- <25p) -62®' 4-- • ' 4 ' 

Rexmoro <25p> 67 <T2j12)- ~ 

Rhodes/a Cemenr-(25d) T0 T8/12V " 
Rjgtad Cmcwlttoo EnOrfc t25p) 923* 1 

pi V 

W1Z? 0 - - BrQfc -S?n)p»T Grqtnl . Tilt* 

.^p^kwjro G^/iQSp/ 127 ' . « 

^RofiF-Rurc* Motors . tHdtfi. C2£pr 9s® .5* 
'•wB •<-' - '• ■ 

RaiqfllL Hldgs. «50l 29 ‘ - 

qpnprtnt ^ 9 - 

.CTZhp)'. 59® *® 8* 

— -s- (1^2) 

. 9*PCP(. 1 02 , „ 
ctfon Gp. <10pi.2*v 

400®' 337® 6. 



.Lh W -- 

SSS^e^U ■ 

Rnssefl (A) fltmj.-^gs® B®.- T 4 

Ryan (L-J Hld« <5p) .12VTHJT2T 

5U Storas (-12*PUJ22 02/12). 25pcPftf. 
22-I117T2I ‘ • 1 - - 

509 Gp. <2Sp) 177 £13(121 


SaateMSairtOif <«h»j 139.(13021 
Sabili Timber H Op I 66 B 

BagvKolWtyx.raOn)- 1T2.4 ‘ 
. t2S * ,} - r ^2«® 7 , 

(25p) - 

Laundry jJWoroeSlierl flop) 



Sale Title* f 2 Spi 142.4b.-. - 

Samcel fHJ-A iZSpi 177 >g.'f2' 

Sam unison Rim Service QM .96:^8(121 

Sandeman (Geo. G.». »25pl SO OJfli. 
Stwfwon -. Murray Elder iHldos.) ^SOp) 
38* (8:72* -ro - . 

Sandiarrt' NeW fidi * if rti/ 121 

Saa-mr UjcRJ (TOpi^sa (13/1 21 
Sanoers Gh. (250) 69 ' - 

■Sjgy 04 tfe.rroB) oa.rt2» ; 

Scaoa^Go. '^SfpJ -lOS'i-. ' ^cLn. Mk 

Scoajsh. Universal Ipvwtx. JS^pl .128® 
SnHtisb English -«iirope*eJStHas GOp) 
71®-TO 1 - - - - 

3 cowsh HetaM Tit.-raipiqi iBriait.. .j 
Scottish Honres Invest. -f25pv~26^7-TI 3112) 
Scottish TV Non-Vtg. A <1 QpY 66 * ; . 
■Se ta Iffdgfc -.Haoi 36* t. TpcAPT. 52®. 

TZ'ttCPI.'BnB'll) -7. T-- ■ 

Seciwtoorfri. A Ndn-vt^.'fZ5p) ' 22 -ni-ri 2 ) 


s Sl?r , i ST^ii? 5 ^ ! a ?:^ 

S« 5 to» lotnl.^nbpl 32,(13/127. : 
<12fl2) ' ■■ >. '. ■ -»- -- 

01.789 5® H<i® . 9 ®,- 8®i ■&& 

. *1 

5^12»f - 

Serrt I23m, 


5*K7 at. 

Shofengpeare, tJodtoh) (5p)-27*« *: ' c 
S*ara*-J«aro aopTiaa-itasIZi^: • - . 

Sharpe and Pijho- <3Sp2.'33'2 <1#(12Ui. .■ 
SiMnxr iW. N. 1 HU 0 S. fzsm 153 tlirVD . 

Star aiql 'Maryto 



Shnen Enotoeerhig .... 

-farour kux-jihk -»®5< 

ktrdar ^25p) '760-1 ' New f2So) 77® ' 

An«t U-^(C«tt^mMl W4an 2/121 ' 

m Ttfyein,:*z*)7:fp. -..1 ■ 

idotBtrio*. ,:<SOn) — _ 
6miir4r-tJeBeraon) Groab GSttt ' 1 

Sduhd ii^pien tSbL57i 
Sauibern etas tractions "t 

taf CJLl8nt'feta't~ 

>, . 


V J 7*. 




Mole <M-> Son (20*» SS (B;i2) • 

Mqliro (25M 13*®j-“ ^ ' - 

Monk IAJ OSfli (Ut'izj .. 
MainaU-Cfc Bhx. 5U53S 35,02'- riyrii' 
Mo^ntti Jtoj^B./mir.u, TTO /fiT^- 
Mqqtfort ACattttas MIIW ilSoi 72 ( 81 12 ) 
“WN?^SU ftl.tZ) * 

More Q -fjirgH ^cia^BXo-^s 

MiopcLit. 44 

Mwrall</BWD-f2SB) r 44 

VUmtT: p v ers A ■** .«** 

Morrlseq. D7i&3 Llj)P) 94® .3® .j ; ...7*. 


-xagiiff- afeidiir ')■ i^if JBniw.X 
wMeb if -"imr'.Ma wtfiit la ^^ ror- 
nffi-jiMiaiti 8Da>^aa^<jc^Ei«MttK.r 
THE V POl/nr 9 fARE^J)Ofi^ 

” •" «acnffcki 5<r«et, ' ■*. ' 

• : j ^7'>iitaB4iEC2M -Jr; 

Rates .for’lftjrger „ 

iof arinitipa from The . .Chief - FhiaBfwi^or^ 

Limited SI Wzterldd XotuL London,' SBl gZg C ti&SBjti&K: 



:« » 


r, mn 

SE -;.-J 

W— Y—Z T : 

, ,.o*w3i,u (umb) 
w^:.s5T«i«£ 1 gffiaaifig „_ 

we a re r omw G«wfc*»»» .:;« fia» 11s. 

WMi FtA^tGfw (f®»'0'fl‘iiha 
wprt m &Mnm espy. *♦•«»» 

MMg fiwafc <ipp.» aa gna • 
WM-cnwh.W.l.|S» MWjJft in. pc 

UftUj). 7Bh nil 

wm.wmm „ qjB u 'g^ 

■■ - ■*• . ••: ' <■ 


TAC* ttppl 
Talbot Grow 
Tarmac ts — 



-TiMirar . 

Taglcr Woodrow r 

T--U— V 




5p> i4« tiznzi 
iu M»ta» 

lii 1 S3g£5tf &•.„• *;*. 

«BJ- SZ- S14ML * 


Ttonu „ 

ttumea i .. 

Third attlr - - 

Thomsen <Xg«i 55. 

■V ' * 


Ww rBo) SZ I 
Tax AbmnM Cl 

Tilling iTtsnli IMM U2» *!j 2 

■rilSr^TOdiSs nopi los <i ana 

Tomkins CF-H.) <Stf -» ©WO}. 
Tootto'-f2SM -4S*i® 4 5 4h. SecPf. W 

uwrb. ^ sWobT ten Ciaiaaj 

- Times A f KW-42 

_ . i 


n» a x 


fop* ce>. czspr as eanay 

Kanatov hHUBOOTB W 




OSol 70* 

,«»>r« .70 AO*J 71-'- -.4pc2ndn. .43 
Vrt/i»- • • • - ‘ ■ 

Y^7°5^Sl*0^^ 1^T*0( 10/125 

Tndwi^TrtwS'o? 9 A^moc-Vtg.) CIOfQ 54 
crane) • - • - ... 

Triefui Co. (ZSp) 126 (0/101 
Treat Houses Porto r25oJ 250. 7 S. „Qnfc 
Marraiits tto nub. ter tWJ 27. 7 .3 pc 

■Ob Stic. ~ 1405-91 S3 Mi. - 7.375K Ub 
-199S4O0O-.59 riM - 

Tube (luatmmtt 37 B* 6 7. 77PcLn. 
490S-S4 flti (-15/12). B'iPCCnv.Uv 

TtwiMl H^Jlnas ’# CSOp) 302 300 3 . 

Turner N e w el l 1020 5* W» .9 70 67 
71: OS 8. OPCLn. 19B7-02-S5 1 * (8/12) 
Turner Carzon tttf 7to fWflS* 

Turner (W.E-) (lOp) *0h (13(12) 

Tvzade [WJi.J <3 Op) 20 .(TO/12) 

UW Group (So) 7Ki 
UDS Greap r2Sp) 90 
1978.83 78** - ... 

UKO InttmU. (25e) isq nan 2) 

VAJ. Textile* (2St» 4 01/12) 

UJjtur Televtaton Noa-Vta- A (25?) 

02 / 12 ) - 

uncom Inn. <2Sw 101 ni/12i •• 
Un<8e« wave, nou) 75 412/121 
IMtgat* OnL -am 79h 4 2 J. SUpcDb. 

7 i 'jpe0b.-0J/Wl« OijpeLn. 
sorb ira na. shScuj. 74* 4 • - 

ungevor «5o5 533 6 40. 4BCD0. 89. 
SVpCPb- 70*. ’5*aPCLn. 41J*. #12112*. 

UntKw -IN.yjrFI 121 24 200 247 - 
UrPdn hK. «pcPr.- 43 O.T2V 
UrbroyM GcKPl. 55. (8/12*. .SjePf. 35 
/B.12) . 

Unitech- <X» its -•• 
untted eisortK -Gftdga.) «25 p» «<* 790 
BO® 80 

U rated Canton' OOP) 92 \ 

Unrttd CWY ■ ■Mai Jia nta <10p> 40 9 " 
United Bn«. Jnda. nov* 54« 19 
United Gu Inds. <2SP) SVbO. lOhnjcLn. 

l^«ed SctoMMe. Wdgs. OSg# 2G3 4S 7*z 

tfSFSi Tflt’S’i? 

- avip. BpcUt».Uj. 9fi 

DO - 

Winliyen mtornaa) nd - Ton Ol*) 55 

Sfflrtifc 9M5'M£gw M 


WeeJj Aaaaciatn- (1 Op) - 25 
htWrOni (25P> B9*r 
I VMICO NUBS. Oil 83-4 
rwtot Bro mwich so nnp; Cd^^lOp) 249 

k? <11 n a 

Wesorofcpp**- ■ Brake . <m SJanal asp) 

.Waabonl T«te»Moa C »4oP-y..Ort, OOoi 

, unman I2SP > 37 . >1V ' ’ 

Mwittmn Reevp Ansel OUSp) ^03 01/12] 

WhSuoy muon dftusa.) (lop) zi-tlina 
WUtB ChHd and. Bemy 12 Sb) .1000.. 
Winecrett ttSp) . 1109 iS«. «.!pcPf. 

VWM^'a 1 ..^ and W3 425pV 29 -18/12). 
4kjpeM. 21 f3/12) 

Whites rTlmethv) 8acUwa.La.„ 03 :flZJ12i 
WUnlPCtosm (WIIHanU , .(IOMM_.rO 2 )p» 

WUbrartb Electric' (HUOM S^) 1® 03/12) 
WlghV tHeory) i«f S*_lOT ZM 
WOBlits Teapa 3*«pe2pdOl}T72>* »» (B/12> 
Wilkes game*) OSp) S3 01/12) 

fflS5sjru!gri? s s 5 a, *? '{?' J i 

100 <13/121 _ 

89. . ' 6pCDbJtfc 



“"MJ^SprlfiB; S»d craov OOP* 27% b. 

United Wine Group -rnSee 67 
Udortirem* l«. t10e>> 12 , 

Option <£.\ 50M'(2Sp) 40. A Q5oV 37- 


vnfb i George) 

(John) io/-’ Cardiff ~Q5n> 49 
iMf.) and jofftj-fHWwJ (25 pj 
and Sob* (KWplJ C25p) 
CtUdgsJ (25*) ,771a o 

Wilson Bros. OOP) 43 -.-- ... 

Wilson Walton E ngi ne ering- f I Ppl 449 
WTmpcr /George) (25s> 79. • SpcUns.U. 
. 91% 112112) • • 

Winn bids. iTOp) 479 , ^r.._ 

Witter Gh«B) £3. So) 50 (11112) 


Wolf Electric Tools' iKlfisiS^iSM 

Wom bwc U /Foundry and Kaglnearina M0p» 
Wiwi 40 *nd Sons (HUmJ (59) 42 03/12). 

/Lonsport) <3p>_)f C»l12j 
Wood Nall Tst r25P> 89 90 3T 
Wood 15. W.l (20pl 47 8 (12312) 
Wuodhead (Jonasi «5 p) 9V „- _. l , „ 
Wood bouse R bison (Hldas) r (1,2*JbO 29 

WQMpard IH.) (12k3») 60=^(12/121 
TVoMworth ff. W.i C25P1. |M%* 5 

Wyatt (Woodrow) Wdflv X5p) i20 

Yarn**. (50a) S24 (BUG) ■. 

Yorkshire Chetn. (25?) .79 

Yorkshire Fine Woollal» q0rt-4v nin 2 ) 

YOBOM/ Carpers tHUgs.i (29«_22.I11.'12) 

Zraltfa Carborettar A . fRap3^ (Mil 79 

m/i2> . t:< 

Zettprs "T5o) S3*. 


Aierord Smituere r25b) 2TZi • 
Aogio-Comlnental fiiy. -9WCD0. 82 

^UnuurVst. OOP) 149 ijWLiiidf 
Assam. T reding IHtdatjV- SSP^PI. 101 

WshotrsflKa Prop, 

Boustezd (1 Op) 54 S Clfim.U 
Britannia Arrow Nlds*. <2w-H I s * 

Pf. 46 (0/12) _ _. 

Oiartertiouse Giou? 05p> 059 5 2U. 

gS', SSUS'ftrt «>««; 

DaHy Mall (Sap) .363 <6027.. A tSOp) 

tta^blr'siS 12 11 T3: 

54 HI/1 2). SijpcDb. 1965-95 55*i 


Onmav Day O5o) 37h« VS 8 
fketre (ZSp) 114 (11112) 
tret, lit I House i ZSp) 37 02/12) 

F, C. Fhwnce asp) 72 (11/12) 

S!«ce ina Industrial noci 21 (11/12) 
F 3?.^ BUo 5f l Sk- S'^bn. 

39U9. 9'ietJ.n. 1932 53 »J3/I2) 
FjUror Invest, itspi 17 Ulil2> 
g^lmchawo Hklgs. t20p) 66 
Hampton iSp) 11 03)12) 

iSS hea -?£. a ? 0 1 s ■ lOi*ri.n. 80 s M2I12) 
"S' J2J C K" n, ‘' 5irecDb. BOH. 

•jlipeOb. 7S. BPCDt). 9i‘. ni/12). 

<11/121. ItJi.-pcUi. S3'r 




Kwahu rfop) 23h (12/12) 
bampa Securities c50p) 27® >*® 

*nd, Scottish iZOp) 102® 3 
M d ^C.*S' d SpGateff tlOoj 6 05/12) 

Min^ ftJKM 

‘R. P.) t5P> 58 
Allen Intm. i50p) Z25 3 21 
t&Hl-H W laFl. 1904 ȣDn) 771- 
ii3/iz l ) e MctTi "* wlc HWB*- HOP) 13 
£22?e« FTnanelal i25p) 959 
riOp). 75 IT2I12) 

Ship More. Fin. BpcDb. 64'* 4 

^ a®* 

50 z 

S- P ” 1 ViV®- 

M * h * • 40 - i6pc 
W^cbn Fin. Con. i25P) 42 < 18 > 12 ) 
SlJ.TO' ytT Ta t. <25 d) S*'j <12/121 
Y^? . Og*-. OOP* 27 ►- fT2l,r 

Yorlogreen Invs. (10p) 14 >« (12/12) 

01 / 12 ) 


GAS (9) 

?•*]!" Consui*iers - Gas 1019 
ivnp. Cent. Gat Assn. 370 a 70 1 97 


■TBSS/Wl.'lif' ” <t - " « ” 

aaa.*s2 s^u^vi 
asr*S?®5“iaw ,4S * 3 

tQu'ry Law L.Te Sec. (Sw ieo® 

7» 0re L,,fl C,,^, ** So5 2104 

Guardian R4va I Eirtansje (25pi 220 2 1. 
* 7 rS”i) 67 S 8 TKUn. 60’* 

Namore Life i25p) 3SS 3 53 6 
Heath rc. t) i20p) 242 
B gog, R obinson Gro. i7Bp> 121 ««:i2) 
Howdcn ■ AJekandcr) Grp. nop) 127» 9 
ftW Gee. Sac. f5oi 1469 B 5 
Lunoon Manchester (5oi 1 38 111112) 

M n-t Hldps. «20p) 178 7 5 
Pearl «5o«23B 6 ( 1 &MZ 1 

Phoenix i25« 231® 4 
Prpv. Lit* Assn. London AVtB. (Pea-1 
■35a) 146 (12;-121 
Prudential .5?i 146* 4%:« 2* 2 4 3 
Poyal ITSn. 565* 3 5 4t 7 “ 

Steehause Hints. I25p) 103 T 5 ri2ii21 
Sim Allianre Lreidbn 5069 S9 4 600 3 
fun Lite Sec. <5n| 1020 
WIi/s Faber i2Sp) 2M 

Aberdeen Trust (25pt 1 54 
Acorn Seta- Cap. lip) 101% <13M2> 

Alisa Invest. i25p> 111 
Alliance Invest. i25pi 1034 1131121 
Alliance Trust i25pi 2109 3. sgpcDb. 

Altllund Income (50p> 1174 113/121. Cap. 
(SOpi 194 rs /121 

Ambrose Invest. Income i25ol 58 ■* <8/121 
Alva Invest- (2Spl 154 113)12/ 

American Trust i25pi 43 112113) 

Anglo American Secs. C25p> 9649 79 89. 
-IptDb. 601* 113/12) 

Anglo-lntnl. Invest. (25DI 41 h (11/12). 

Asset <2501 152 illlll) 

Annlo-Scotllsh Invest. (25p) 43b 11 2/121 
Ashdown Invest. (25pi 1229- 4bPcLn. 

Atlantic Assets Trust (2Sp) 101 U 1131123. 
5 pc PI. 35 (12(12) 

Allas Electric General i2Spi 631*19 1 
Bankers' Invest. c25pl 36'- 
Berry PadK Fund (lU.S.II SU. 5.52b 

Berry Trust (23pi 72b8 

Border Southern Stockhddort CIOpl S3 

Brcmar Trust (25p) 24 (111121 
British American General (25pl 39 is 
British Assets I25PI 69b. , 4 bbcW. 34 
11211 21. ASpcPf. 39b <11 M2)- SpcLa 
133:9 _ 

British Empire Sees. (Spi lit* <11/121 
British Invest. (25ffl 1B4 l12|Vn 
Broadstsne Invest !20p) 164 <11/121 
Brunner Invest <25pl 95 (11/121. 5 pcPI. 

Calc5 *"*. 

B C25D> 

lonlein Trust C25|J) 76 7. 

CamtNrlari Z Gen. Sees. <23 pl_91b .»» .(1 5M 2 J 
Capital Nstiooftl Trust C25p> 126*0 1 2 

Cedar Invest <25 p) B7 OM)2l 
Charter Ts:. Agency IZ5p) 5*.*r_(12;l2) 
Cltv. Cml. inv. Tst. (25p) 2B (512) 

- (25?) 7 

City, Foreign Inv. (25p) 7 1 
City. I nie mat. Tst. (25p) 97 iia-iaJ 
ciavorhousc Iny. Tst. (SOpi B2 (13.12) 


Clifton In*. (10p) 71* 
Clycesdale lnv._ 


- • Authority 
/telephone number in 
parentheses^ ^ . 

Barnsley Metro. : «B2fl 203232) 
Barking (W-532 .4508): -■■ '• ■•■■■ ■ 
Barking :(01-502 4508); uS.. r ^J 
KnowislQr X051 ’548' 6555) ^„V.‘ 
Manchester (661 236 S377) 

Poole (02012 5151) — - 

Poole (02013 5151). 

Poole (02013 .5151) ; 

Redbridge (02-47S 3020) 

Sefton (051.622 4040)"'...:.'..-.:. 
Wrekm (0652 505061) 

f Annual 
. gross . 

Interest Mhamrim life of 
payable _ sum -bond 

% - 
12 ' 

; ill 


; iii ■ 

12 . 




' £ Vear 
, 250 . 3:7 



4-year ,'j£ooo-' 6*10 
4-year j- 500 5 

4-year ; * 500 ' 2-3 

4-y.ear .. 500 0-7 

1-year ■ 500 5 

4-year 2D0 4-5 

4-year 2.000 23 

yearly 1,000 5-10 

(25p) 759 b. 

Continental. Indus. Tsi. (25?) 190 (13'121 
C'nwnt japan In*. Tst- C50p) 134 

C?ilwfus Inv. Tst. (2Sn) 29 C 12-12) 

Dunae Inv. Tst. Income <50pi 42b (8.12). 

Do Capital [10PJ S'l (BI12) 

Debenture Corpn. (25pl 65® '?• «b 
Derby Tst. Income 214 (7112). Oo._ 

Capital (SOpi 1S4 f IS 12) 

Dravton Commercial Inv. (25p) 124 

Drayton* Conwlldaled Tst. (ZSp) 139b9- 

BbPCALn. 109.** . __ 

Dravton Far Eastern Tst. (25p) 39 

(13 12) - 

Dravton Premier Inv. Tst. (25p) IBS b 
( 12 / 12 ). SpcPf. 38 * 5 . 7bPCLn 111 
Dualvett Income (5Dp) 61b (8.12). Do. 

Dundee. 1 2 London Inv. Tst. (2So) 64b 
(fr 12) 

E"ir.bunjh American Aasets Tn. <25 p) 
115 4 (13; 12). 4tipePf. 33 C12'12J 
Eainburgh inw. Tst. DM. 219 ^T 19 
Slcciric. General Inv. f2Spl 77 M2 12) 
E^gnsb. Internat. Tit. (25P) 84 (12112) 
English. New York T*t. (SSp) :74bO 
English- Scottish Investors (25(0 73 

, (13-1Z> 

Equity Comort inv, 

Estate Duties I™<- "[*- Ln 1 2 

First Scottish American <25 p) 90. 5ne 

fttrZnK 126 

Tn. Dfd. <S0 p) 131 

Ion Gen. <0.2S) 42 C1SJ12) 
fforetan Colonial J25p) Ifl* Z*> ‘t Vf- 
4 >*pcD*b. 55 113/121. 0U PC Deb- 55 b 


Fundlnvctt Cap.shs. QSn) 5S 
GT Jeean (25p) 1 85'; <12r12) 

■'-«r»l Funds Inv. i25dI 176 

General Investors Trustees <25pi 102 

. (1 3.121 

- vN 

■r « A 


Abbey ’National 

Aid to Thrift 

AH Lance c.... 

Anglia Hastings and Thaner 
.Bradford .and. BingIey ... r .- : . 


Bristol. and West ■ 


Britannia ' 

Burnley L.V. '. 


Catholic — . 

Chelsea r....u.. : .~.^..'»v.;. r 'i. 

Cheltenham and Gloui^iter . 

Citizens Regency 

City, of Lcmdon .. . .. ..... . :. . - v .. 

; Cbventry. Economic 
Coventry Provident 
Derbyshire .1— —.... . . 


Guardian. . 


Heart of-England . i- 
Hearts; pf Oak and Enfield 

Huddersfield and Bradford/*. •' 
Leamington Spa .^..-..^.^.... 

Leeds Permanent - 

Leicester ......... J... .......... * 

Liverpool ....' 

London. Goldbawfc 
Melton Btowbray . 
aiidshires " 

Momington . ..... /...... ...._■ 

National Counts 

Nationwide- n:.i^....* — i,*., 
Newcastle . Permanent' . 
New Cross 

•Northent; Rock -i.— ..——i-;* 
Norwich • 

.Peckham. Mutual 

Principality T 

Progressive ; 

Property Owners 








■ 7-75% 

. 7.75% 

/ 7-75%" 

, 7.75% . 
8 . 00 % 

J 7.75% 
_ 8 . 00 % 

- 7.73% 






. 8 . 00 % 








- 7.75% 
8 . 00 % 

Share Sub’pn 
Aceots. Shares 
8.00% 9^5% 

S.^% — 

8.00% 9^5% 

8.00%/ 953% 
8.00% 6-25% 

8 . 00 % 

'• 8 * 00 % 

8 . 00 % 




8.00% 9.25% 

8.00% 9.25% 

8.50% 9.50% 

B6B0%. 7.50% 

8.00%, , 9.25% 
8 . 00 %; 9^5% 
8.80% 9.30% 

8i0% 955% 

8.00% 9.25% 

8 . 00 % : 10 . 00 % 
8.00% 9.25% 

8.00% = fl^5% 
8^5% -8.50% 

8.00% 823% 

890% 9^5% 

825% 9.75% 


8.00% T 9^5% 
8d0% Hi0^7% 
8J»% 9^5% 

8.00% . ' 9-25% 

8 00% 9.45% 

835%. 9.50% 

8 J 0 % 9i5% 

S.00% :-9l3S% 
8.75% ' — 
8J0% . 9.30% 





8.00% 9.50% 

-850% — . 

8.00% 9.25% 

8.00% 955% 

9.30% . 


•Term Shares 
9.00% 3. yrsn 8 50% 2 yrs. 

9.00% St 4 yrs^ 8.50% 2 yrs.. 8^5% 1 yr. 
9.00%' 3-4 yrs., 8.50% 2 yrs., 825% 1 yr. 
9.00% 8 yrs* 8.50% 2 yrs. 

9.10% uj yrs^ 8.75% 2 yrs. 

S.25% 3 months' notice 
9.00% 3 yrs^8.50% 2 yrs. 

9.00%; 3 yrii 850% 2 yrs. 

— . -*\7.% over £5,000 
8.75% niiftiiiium £300. 6 months' notice 
9.00% J yrs., 850% 2 yrs.. £SOO-U5.000 
9.53%. 2 years 

955%.8‘yis. increment share min. £500 
9.00% : ;3 yrs. min., 8.50% 3 mtbs/ notice 
9.25%; -3 3TBL. 8.75% 2 yrs., 8^5% 1 yr. 
8.50% "up'to, 3 months’ notice 
9:00%- 3y4 i 8.5% 2yrs. min. £500-115500 
8.95% i’LOOO 3 months’ notice 
9.00%- S yts* 8.50% 2 yrs. 

9.009t_'3 yra, 8.50% 3 months’ notice 
9.25% .S^yrsl, 9.00% 2 yrs., 8.71 % 1 yr. 
9-00%,-'9 xhonths,' minimum £2,000 
fl.00%; $ yrs.', 8.50% 2 yrs. 

855%"ia -years. ■ 3 years 
9.00%.&3KT8« 8.50% 2 yrs., min. £1.000 
9.00% 3 jrs, 850% 2 yrs, 8.25% 3 mths. 
9.10% 850% 2 jts., mm. £1.000 
955% 3 yrs, 9% 2 yrs, 8,73% 1 yr. 
855%, 2 -yrs., minimum £2,000 
9.00% 3 ITS, 8.50% 2 yrs., 8^5% 1 yr. 

" Hates effective from Jan. 1 
9.40%, 0 mths.. 8.75% 3 mths., min. £1.000 
9 l 00% Hyn, 8.50% 2 yrs., min. £500 
950%; 3 yrs., 9JK)% 2 yrs. . . 

9.00% 3. 3ns.* 8.50% 2 yrs, min. £200 
9-00% S'yri, 8.73% 2 yrs,- min. £200 



8 . 00 % 




Skipton ^T.-~ 


-8.00% ■ 9^5% 

Susses.' Mutual 


*.&35% 10.00% 

1 Town and Country. .J......... 


8.00% +10.00% 

~ Walthamstow 


-8a0%-. -9J0% 



8.00% 9.25% 

* Rates, normally variable 
All these rates are . after basic rate 



8 . 00 % 
930% ' 

in Une - with changes ih ox 

tax ^ lfiibiBty -has been . 

3 yrs., 8.75% i-yrly.,8^5% 3 mths. 
S-4'yrs, 8.50% 2 yrs, min. £500 
-Syrs^ 8.75% S months' notice 
^months’ notice 
;W yrs, 8.50% 2 yrs. 

3yrs, 850%2yrs. p 8-25% 3mths.noL 
3 yrs, 9.00% 2 yr6-, 8.75% 1 yr. 
3yrs, 8.50% 2 yrs. * Max. £250 
3 yrs, SB5% 3 mths. not min. £500 
3 yrs, 850% 2 yrs. 

share rates. 

bn behalf of the investor. 

General Scottish Tst. <Z5s) 04 
Glendevoe lav. i25p) H< D3i12) 

a enmurmv Inv. U5m 76 (Br12) 

aba lav. <26p) 11 3b. aocucb. 89 l* 

idllS). a'.-KwriCC Ln. 94b H4l12l 
Gcvctt Eurepmn l2Spi 62b 
Grange Tsi. u5?« 77 i&/)2) 

Great Ncrt.icrn l:.v. i25pi 9 
Group Inrvsicn >25p^ 60 ili.lli 
Guardian Inv, (2Sp- euto b?cPI. 17'* 
. ca/ 121 

S ^bros Inv. L2S?> 97 ri3;12* 

Hill iPhiilp* inv i4Spi 176. 4 :psDh. 74b 
. (1 3H2S 

Humeri. A 12391 »Sb «12 IS». 0 >2 Sd) 

Industr, l i-rncr^l i2Sai 53<b 2'* 
International In/. (25p) 75 ij (12/12). 

a-ipcffi. |12 /Ui 
I nvoitors Capitol >2 Spi 79« 7‘: 

JarcLfn c J tt B.ii -2>Pi 16a 

. ■ £ -torn* I PI. 163 

Jersey *•*«. <n-V-J •'••IS) 

Jovj Inv. Inc. HOP) 47a. CJP. 01* ■ 12/121 
Kevstone <Sop' 124 G HS12' 
b.ks View I7S?) 91 III. 12). 6p<Pt. 37b 
<12/121. Sbpc 65 <B/12i 
Law debenture AtipeDp. 30 «12MZ> 
Londbn Gamnore iSDp) 71 >131121 
London Holyroad '2SpJ 114b 14 (B/1Z) 

London Lomond I25pj 73': '1Zf12> 
London Montrose '2Sp> 1S1 
London Provincial >Z5p) 111 I8/1Z). Spc 
Pf. iBOPI 19 <8112) 

London SrrattKlrOe 1 2 Sol 4Tb 1121121 
London Atlantic <25o) 68 11211 Z) 

London Investment Trust <5n) 24* 

London Merchant Sea. i25ol 6S4>4 4*®. 
Capitol Sits. .ZSo) 66 9 18/1 2j 
London Tst. Dfd. <25oj 1 04 SpcCnv. 
Uns.Ln. 114 <111121 

M- and G. Oval Tsl. Cawial Shs. MO?) 
1 1 29 

M. and C. Second Dual Tst. Income Shi. 

HOP! 74. Capital SIib. 14 pi 21 
Mercantile inv. Tst. <25p) 40b« 39 •* b 
9. 4 bncCnv.Db 751* <12/121 

Mcroiunts Tst. iZ5o) 7110 69. 4';pcPf. 
35b <12/12) 

Metropolitan Tst. 1'uicDb. 63 (12112) 
Monks Inv. Tst. i2Sn; 4C>* 

Moors ate Invs. <25p) 97 lt3H2) 
Moorslde Tn. >25p) 96® 

New Th room orenn Tst. Income Shi- >2Sp) 
19 b. Cap.Ln. laz <12/121. Warrants 
to Purchase 28b 8 <13/121 
Nineteen Twenty-Eight Inv. Tst. (25ol 

North AUantle Sea. (25Pl 601; 7b 

<13/121. 7<:pcCnv. Uns.Ln. 1021, <121121 
Northern American Tst. <2Spl 96. 4 pc 
Db- 7D. SncCn*. Uns.Ln. 87'; 6b <12/121 
Pent land Inv. Tsl. <Z5p) 117 b 16b '11/121 
Provincial ones Tst. izspl 27 b >11.12/ 
Raeburn Inv. lrst. i25p) 1189 17b 
R.vor and Mncantlie 1st. I2ap) 170 1 
4'«Db IIZ'i H2/1ZI 

Robecco 1 Rotterdam sea Belegg.ngscon- 

sortlum N.v.) iBr.i ill. SO) SUS79®. Sub.- 
Snas. 1 Reg. >n too name 0/ Nat. Prov. Be 
■Nominees) itl.Si 544® 

Rollneo Orp. Sub -5hs. rRnp. in the name 
of Nat. Prov. Bk. iNciminees, ><l.5i 
o427 <6/121 

Rcmnev Tst. iZSn) 86®. 4LpcLn. 64 
Rothschild Inv. Tst. I5DP> 2D6 4. 3.5ocPf. 
1 SD 01 34 3 

St Andrew Tst. <25») 115 <121121 
Scottish American Inv. (50P) B&b:® Zb 

Scottish Eastern Inv. Tst. >250) 1381® 3 2 
S.-0WU1 European Inv. <2 So) 40 
Scalllih Inv. TSL <2Spi 1029 98'* 7<: 
Scottish Mari') age. Tst. <25oI t06>. S 
Srottish National Tat. (25 p 1 142 1419 
Scottish Northern Inv, Tit. <Z5pi I02b® 
_99 b. 4pcDb. <1985 or aftcr< 25'it 
Scottish Ontario Hire. <Z5pi 67 rg,'i2l 
Scottish United Invs. i25p> 74. SpcPf. 

39'a <8/121 

Scottish Western Inv (ZSp) 911® 1® 90b. 

B <25pi 91 <11/12'. 4 1 jpcPI 34 
Second Alliance Tst. <25p] 1 B4 (8. 12). 

4bpcP1. 34 h rs/l j,. 5'aPcDb. 69': 
■ 13121 

Secono Great Northern inv. Tst. (35a) flo'a 
B iZSp) Bo f )2.)2> , 3 

Secontles Tst. Scotland <25o1 161 <12.'12). 

SpcOb. 70 <12/121 
Shires Inv. <S0 pI 134 (12/121 
Sizewcll European Inv. Tit. >10 p< 70® 
Stanhope Genl. (25pi 1I4*|., b liz/121 
Sterling Tst. (25ai 160b <0)12) 
rcctmotoov 1 250) 99'* 

Temple Bar iSSpi 96b 
Thropmorton Sec-Gwrt/CTct. Cap.Ln. (units 
0< £1) SB <13/121 
Throgmonon TH. <25p) 77® 7 6b 
Tor (25p> GO <121121. Can. «2Sp> 151 

Trars-Oceamc Tst. <2 Sd 1 168 
Triplevest Inc-Sht. I50p) 61b (13/121. 

Cap.Shs. 138 

Trust Union (25n> 104b 5 i« (811 2» 
Trustees Cnn. f25P< 13Bb 
Utd. Brit. Secs. TM. I25PI 127:® 6b® 
4 3 T j 

u r*li rt i ,a tcs Deb. Cpn. (25p) a9';® 8b. 
S.BSpcPI. 41b (11/12). 4ocDb. 27 b 

Uni-'vs Stites Tst. inv. Fed. <kUSH 7.25 
vilcino Pesources Tst. (25ni BOb® so:® 
West pool <25 p) 103 <A'12) 

Wnchmore (25p) 47 b f8:i2i 
w/nn inv. <25p) bb<-* 9® 

Yeoman i25p) 179 (11-'12> 


Australian (3) 

Hampton Gold Mtog. Areas (Spi -1S2 

MIM HldSS. <SA0^50i 193 

North Broken HW Hldgs. (SAD.SO) 1 07® 4 

Parlnga Mng. Exphi. '5pi 17b 

Wuslern MMng (SAO.SO) 134 (13*12) 

Miscellaneous (40) 

B era It Tin Wolfram r25oi 54 ,12.12) 
Burma Minos riTbpi 10 (13.1 2i 
Charter Consd. (25n) 135® B® B 5 4. 

Do. (flr.) :25«> 140/12.121 
Consd. Gold Fields rasp) 176® 7® 6 5 4 
Gooeng Consd. ;2So) 2^5® 

Malayan Tm Dredging t*h4ii sUS5.13b 

Wo Tlnto-Zlnc Corp. (25pi 22C® 30 2 3. 
Accumulating fZSoi 231 rl3 :2i 
salrt Plran <25pl 79 82 >12/1 2) 

Selection Tst. <2 Sp> 4580 60® 4® 50® 
Sltvermin^s (2boi 3® /81Z) 

South Croftv <10p) 60 
Southern Malayan Tin Dredging (SMI) 
iUSZ.BO 3.70 rf2tT» 

Ta» long Tin Dredging M5P) 99;® 

Tanks Consd. (50pi 164 

Rhodesian (2) 

MTD (Mangu!a> 02So/ 35 (-11/121 
Minerals and Resources (SBDl.dO) 162 

Phoenix Minina Finance (25p)- 22 (8/12) 
Rhodesian Corpn. |I63p, 13 12 L <15/12< 
Wankle Colliery TSDni 29b Tli/121 
Zambia Copper (SBD0.24I VI '*9 

South 'African (28) 

Anglo-American Coai Corpn. <R0.S0> 567 

Anglo-American Corpn. of S. Africa 
lRO.101 290® 1 

Anglo American Gold Inv. fRI) U.SJZCNia 

BlyvoorultsINit Geld Mining iRO^S) 
U.5A4.10 (11112) 

Bracken Mines iRu.90) 63 
Bntleitor.tein Gold Minina iRI) £790 
1 12.12) 

Doornlonteln Gold Mining IRI) 235® 
Durban Ruooepoort Deep <R1> ZS2 (12/12< 
bast Daggarontem Mine* (Ri) 2bb <12/12i 
base Dneionlem Golo Mining (RI) 623 
bast Rand consolidated (1 Ob) 17 (11/12) 
cast Rand Gold ana Uranium (RO.SOi 302 
( 12 . 12 ) 

Bast Rand Proprietary Mines (Ri) 258 

Eisburo Gold Mining iRI < 77 H2/12< 

Free State Geculd Mines <R030/ p1.2BC® 
Gold Fields ol Souto Africa IR0O5) 
U.S.ITfib 16.42 

Grootvlel Proprietary Mines (R0^5) 98 

Harmony Gold Mining (R0.50) 265 lT3/12i 
ImoaJa Platinum Hlogs. <ROJO) 178 
Johannesburg Coruolo. Inv. (R2) 13 
K/nrckA Minot IRI) 240 <1A,)2< 

Kloof Golo Mining IRIi UJ^6.70 (13/12) 
Leslie Gold Mines (R0.65) U5.sO.62 

■ 13/121 

Ubanon Gold Mining iRI) 4QSt 
Loralne Gala Mines (RI i 60 7 (11/12) 
Lvdcnblirg rlatinum /Rb.lZ'z) 65 <1112) 
Mancvaie Consoid. Mines (Ru.2Si 
■Jjaug P89b 90 18/12) 

Messina < Transvaal) Dcvpt. IRCJ.5Q, p54 
<8/1 2J 

hiHiklt Wltwatersrand (Western Areas) 
ikO-25) 147 111/12) 

New aV<twateREriuid Gold Expfrn. (R0.5Q) 
95 (15 12) 

Presloent brand Gold Mining (RO.SOi Stovn Gold Mining IR030) 

Randtonte/n Ests. GkJ. Mg. Wltwatersrand 
<R2i 28 1 M mna 

Ruscenburg Platinum Hldgs. (R0.10) 91® 

Sl. Helena ■ Gold Mines (RI) UJS-SIOi, 
0700 lB/12) ‘ 

South African Land Expire. (R0.35) 53 

■ IZ/IZl 

5ouinvaal Hldgs. <R0^01 430 (11112) 
StIKonteifi Gold Mining <R0.50i p29«® 
Trans- Natal Coal Corpn. (R0.50) 145 

Trarisroa! Cons. Land Expire. (RI I 10'* 

U.C. Invests. <R1> 197 

Union Corpn. (RD-6'«1 235S 

Vaal Roels Exploratton Mlnhto (RO^Ql 


West 01 " ^^liln^rd Mining (Ri) 

West fUntf Consoid. MfAtt <RD 1D0 

Wcstero Atom Goto <R1l 135 
Western Deep LewHs (RZ1 590. 

Western HldOl. IRO.501 lSJO (12/121 
W(nKelhaalt(R1 * S72 (12f12l 

wits. Nigel iROJSi SO® 

Zandpan Gold (RH 214 24 (11112) 

•West African (3) 

Amal. Tin Nigeria (Hldgs.) tlOpl 23 
BKtchl Tin (iqpi 6 b 
jantar (IVxpi 8b® 

Diamond (11 ) 

Artfl/CKAmerlcan Inv. T«. 

De Beers Consd. 40pcP1._ (Regj (R5i 9. 
Dfd. <R*g.» <Rg.05> 3501® 60® 51® 

SUSS 26 S23 U] 362 .00 SUS5.20). 
(Sro (R0.05I S 1)56-22 434 S U3I12I 

OIL (134) 

British- Borneo Pe tr oleum Svnd. dOn) 

Brlttah Petroleum 920*® Iff®. 1 0 *9 J r J 
5 lot TSi 18: 24 18. SpelstPf. 67 
I12/12L 9pc2ndPf. 73 OTllh Bpc 
Db. 89 1* n3/12> 

Burnish Oil SOb® 3® 00 1 BO-'i 3 2. 
7UPCP 1. . 49:, (1*121. 8pcP1. 52 

412/121. 7pcUnsocLn. 64. BbpeUnsec. 

Ln. 60 i"Cp 

Century bill Group <10pi 62b (12.’12i 

Enarterhall (Spi 23 tisnzi 

Esso Petroleum SbpcIitDb. 7B (8<12j. 

BoclstOb. 89b fth 12i 
Hunting Petroleum Sendees <Z5 p< 87® 7 

KCA Internafl. t25oi 35 (13:121 

London Scottish Marine Oil <25p» 130 IV 
Oil Prod. Stic. Unlu <10oi 392® 3®. 
14PcUnscc.Ln. lOOb (12'1Z< 

Oil Exploration (Hldgs.) '.IQni 222 

Premier Cons. Oiffieldi <Sp) 15 

Roval Da ten Petroleum (Br.i <FI30. 

SUS5B.B5 £40.60 <13/121 
Shell Transport Trade. (Ree l asp) 578 3 
l 6 5 7D: 7 80. <Br.< (25 pi 587. Shoe 

Texadd IBtere**f. Pin, Cpn. 4bpcGtd.Ln.Mnar Rhrer RuBOer f16p> 60 1b 
5Zb . „ ... _ _ I Plantation Hldfls. (iOp< 64® 4 

Trie#ntrol.a3P' 5 B - 

Ultramar i2 SP i 219® 21 19. 7 

Ultramar <2S»' 219® 21 19. 7pcPfd. 132 


/UIIWCP Ptoo Hldgs- 9':arDb. 74b 
AUK! LmJ» WJJ. 'Wtoi S 6 A2/12). 

IOpcPI. 97 »® 30 til ill* 

Allnar. UnWL Pron». t2Sw 230 <12112) 
Amalgamated Store, rsai 11 '* <11/12) 

Argvic seeuxties iZo^Db. 81 

Avenue Close r20n> 77 > 0 i)G< 

Bank ^Commet-ttaJ Hldos. HOo) 2»« I-' 

Beaumont Props. 1 25 pi 9Z® 

Srllway Hldgs. <2So, 77': rt3/12> 
fldritrtev^HamOra Proa. rZ5ai 151 H 2 /t 2 i. 

n«Eon*Vporo** i2Sbi 134 

BracNcrd Prop. Tst. CZ5o< 272 < 11/121 
British Land ®»i 42 iSpcIsiDo. IOSV 
IZPcLn. 1*27 

Brivton Estate (ZSo) tia rl-Z/iJi 
Capital Cbun-oes Prep. C25ai 6 S. 9%PCLh. 

Carrington fn». <5ap, gs <ii:i2» • 
cwurendncwl Estates <20?t BS tHHZ> 
Cnarfwapd_AlHance Hldgs. 7bpcLn. fSOoi 

Chur renur y Esls. (25oi SIB 

EounSv**? New Jowri Props, rl Op) 35b. 

7pcin. 7 IO <13/72* 

Countv Dj strict Proas. <1op> 123® 4 
Dnelan H««^(2fr°> 106 '13/121 
Oara Ests. ilOni 20’: 

Dorrtopeon Inv. rtOel 59b® Bb 
Enohsh P'OP , c ® r P5 <30oi 36b® b 5b 6 
SI Bb 8 7'- 9'*PCis)Dtj. 77b <S|12 i. 
6'rPcLe. 7160 t:. IZocLn. 83 
Esiutec and Agency Hldgs. .2 5o> 56 iB)12> 
Estates A- Gen. inv. izqbi 20b 
Estates Prop imr. *2501 iob 1111121 

Euston Centre Prop*. .o.mcIstDb. B1 

FhrC Oak* Inv (2Sp> S'i ri2.'1Qt 
St. Portland Elutes <5(h>i 2Z2 
Green «R.j. Props, rtgpi 37 111/121 
Grcencoat Prom. iSp. 8 

Hunmcnon A i25p) 618 ' 13/121 
HaNemefOi MOo) 254 •I2lt2). 9bpcLn. 

Imrv HMB»- <2 Sp) 358 >15/12) 

Inter HI ropoan Hides H0p) 41 
La Hip (WIHJIIUI. A >25p) 117 
Land Securities fSQaj 242 3. &'*DcDb. 
1979.83 78 ’12-121. 7bpcDb. 61®. 

SpcDb.. 70 ili'izi. B recLn. 66b. 

S-'-pcLn. 165®. loot Ln. 1S8 
Law Land <20pj 4S'.. BocLn, 96. 7 - rpcl», 

Lewis <J4 SbPCDb. 62 <8/121 

London Provincial snap Centres iHIdgs.) 

nop) 141 40 >12.12) 

London County Freehold Leasehold 3becDb. 
Ml* (12/1 2) . 

London Shoo S’afP/. *0 112/12) 

Lvnton Hldgs. <200) TZ6® 70 

MEPC OSp) 153 BpcLn. 5»- 9 (13/12). 

SecLn. 112® 14 
Mari north, ch Htdgs. <So) 23’!® 

Marler ,t2Sp) 3S'-0 

Mountview >5p1 89 •- 90‘- '8/12) 

Muc klow rA. ami j.) «Z5o/ fZZ® 5®. 

7'iPCOb, 62 IBI12i 
Pcichcv <25r>) BB>:® i. g j 
Property Seturitv *S0?) 122 t13/12>. 

BpcPf. 741; 

Raglan (5o> 3b 

Regal Ian <25 p) 23 ,13/12) 

Regional Properties .25 d) 78 1111121. A 
<250) 75 4- «i 2M2i 
R«ii Hldgs. EbprLn. 61 «7,12l 
Rush TomoWns >2Sol 107 4 *11/121 
Samuel <25o< 92 0 2/12) 

Scottish Metropslltan >20o) 105 H3H2). 

New 1 20 el 1030 100: >11112) 

Second Cltv riopi 41®. New ilOot 41® 
Slough fatal cs <25p.' 119 17. 1 0pcLn. 

166 rtZ/12) 

Stock Gonveriion f25o' 2B4 '131121 
Cun lev '8.) '75o> 260 .13/12/ 

Town and City <10p1 13:; 14b 134*. 

BnrLn. 82 

Tralfgrd Park >25o) 121 >11)12) 

UnMed Real Porv- TsL <7Sp) 318 20 

01 ( 12 ) 

Warnford Invstmls. 'ZOp) 349 

Webb CIO and Co tSp) 17b. BocDb. 71 b 

WKbnmster Poty- Gp. (ZOpi 22 0 312) 
RUBBER (18) 

CastWieto f Klangi Rubber Estate OOg) 
230 03/12) 

Consolidated Plantations 1 1 On) SB <11/121 
Glithne Coro. 327® 2® 20® 5 20 2 3. 
7 bpc Ln. BOb (12/121 

Harrisons Malays an Estates (10 p) 1C3 
Highlands A Lcwlands Beriiad iSMa.0.50) 
10B 9 18/12' 

Kuala Lumaur Kepong Beriiad (SMa.1) 
SU. 5.0.96 M 3'l2l 

Lcndo Rubber cti-tes (Spi 34 '11/121 
Loiwfoa Sumatra Plant it/ons (IDp) 183 8 

Maledle Inv. (topi 63 < 1 i: 1 2 1 

Rembll Rubber (5 bi 29b 
RtohtWMo HOP' 120 (11/12) 

Sogomana Gp. >i0o< 103 111.1 u 


Canadian Paeiftc n?C5i 4 pc Do. 

30b >1 3'1 2) 

Central London (New) 38b |13.'12> 

Arrhavir. Toui«s Rahway 4-';pe CS (1 2/12} 
Russian south eastern Rly, 4 bPC £4 


Brit. Cmnwlth. <50pi 294 
Caledonia Invert*. r25p) 245 4 
Common Iras. <5Qpl 174 (13/12) 

Ferness Withy 241 40 
Hunting Gibson 104® 

IHe Ol Man Steam Packet 191 18/12) 
Jacoot ijohn l.r rzOoi 39 b® 

London Overseas Freighters 125 P) 38 b 0 
Lyle Shipping <25 pi 1 36b® 

Ocean Transport Trading (2Sp) UMbO 
7b Bb 

Peninsular Oriental Steam Did. 81b® 80 
1 2 BOb 

Reardon Smith Line (SOp) 80 112/121. A 
(SOpi 34 5 <8/ 12i 

RpnfJman (Walter) !2Spr 6 Ob (12/12) 

Turnbull Scott 180 H3M2i 
TEA (4) 

Assam Frontier Hlogs. 254 ij 0 (0112) 
Assam Invests 9S© 

Empire plantations revests. <10p1 24 <0/1 2t 
Lawr/c Plantation Hldgs. 332 it 2/12) 
Lunuva (Ccvtanl Tea Rubber 226 7 <111121 
McLeod Russel 220 18 (11/12). SpcPT. 
43 IY3H2) . . 

New Sviher Hldgs. 135 111/12) 

Single Hldgs. CIOpl 25b <12/121 
Wareen Plantations Hldgs. <25 pI 116 15 

We* torn Dooars Hldgs. 172 
Williamson Tea Hhtgv. 1 SB® 

Gt. Norths Telesh. IIOP) 67 (12/121 

Brlstor Channel Ship Repairers (10P) 6<: 

Manchester Ship Canal 27S <12/12). 4 pc 

IctDb, 26 (ISilZi 

Mciw Docks Haroour 35b <1 3(12). J'rtH 
□b. 60b tB,12i. SbpcOb. 77 02/12) 
Mlllord Docks 119 <13112' 


Bristol 4.9 pc 45 <12 12'. 7PCfff. 97b 
Colne Valiev BecPt. <£10 Pd.) 12':. BpcPf. 

19C4 10D'2 S '11)12) 

E. Ar.-llan SSvCsnt. 33 ( 12 : 12 ) 

E. Sunct 4 2 oc PI. 6-S'z. . 

Etrir* 3.5ocCons. S3b (J 1/121 . . 

Lee Valiev W.-tnr 2 B"C 24 H <13 121 
Mid Kent Water Bpc PI. 1984 <£10pdl II 
k I* k 

Nnrrh Surrey W»!»r 4 2nrPI. F7b <13;12l 
Rickmanworih and Uxbridge Valiev Water 
TuiPf IIPS 'Fv. Pd. i 97 
S-’Bordsh're W. W. r .e. 4~rDb. 35'-® 
Sutton Ol wrlrt 4.9 pc Mnly 7pc) 43 

T-ndrinn Hundred 3.Ser ffmlv 5PC) Max. 
New 335 (1 1_'12 '. S.6pc ffmlv 8PC< Max. 
P/d. 620 


Business done in securities quoted 
in the Monthly Supplement 
















RULE 163 (1) (e) 

Bargains marked in securities 
which are quoted or listed on an 
overseas Stock Exchange. 


Anglo Utd. 180 

Arge Inv. 1260. New 47! 

But It Stmbawang TO 

Central Pae. M/ns. 400 30 
Clba Gatov 7bhcCnv. £92 b® 

Hong Kong Land 116 
HuKhl>o» Whampoa 61® 60® 1. DB. 7-hePe 
PI. 1 3 b® 

Jardlno Matheton 174® s 

Kullra Malay ua 45b 

Lag Hens H <52.70 1,:* 2.70:® 

New Metal Mines 6b 
Pac. Pets. £35H® 

Poseidon S3 

Rand Lessee, USM.23: 

r oo Line RaHroad E34<:« 

Birr. Pac. Pets. 177 <: 

Swim Pac. A 1111-12 b 
Westfceld Mins. 327 5 
Wheetock Maritime B 4® 

Yukon cans. 16 S 


Anseft .Transport 1 16 
Bethlehcri Steel £14 n® USS 2® 

Bora! 174 

Bougainville Copper 124 

Bridge 011 71 2® II 15 

Clba Geigv Cpccdv. teai-® go 

Durban tCtv of' SpcLn. 19S 3 £72®. Do. 

BocLn. 1961 £85® 

Evxon Cpn. £54 >■ 

Jo'bura. (Cltv ell 5PCLn. 1903 £740 

Maanet Metals 27 

Cll Search 9® >«® a 

Polaroid C35'n 

Texas Gas Troromlislon L2Sb® 

Timor OH i'i» 

7riako Mine* IS 

Union Oil of Cal Hornla £ 37 > I 1 

Wood tide Pets. 5S 


Bond Cpn. 36® 

BP Canada £Hb) 

Carpenter «W. R.) 106 

Conzlnc R<o T/nto Australia 27 B® 

Endeavour Resources 19b 

jardme Secs. 91 

Liberty LHe AS*n. 485 

Met;) E*. 26b 

Pac. Ceppcr 62 

PancoMincntai £8 

Peko Wall send 444 

Pioneer Sugar 9w 

Premier Milling 240® 

Rembrandt Gro. 170® 

Soarpos Ex. 24 
Tnleauilmava 144r. 

Thomas Nalisnwlde 101 
Wool worth Hides. 190® 


X thrrlon Anti moor 65 
Australian Coro. Min*. 1 1 
Austral. a» OH Gas 60 
EZ Inds- . 237 
Eurounhin USS 49!® 

Hudson’s Bay Oil Gas £3 lb:® 

Johnsons Controls £16b® 

Ditto ridge 128 
Oflshore OH 9b 
Shell Refinery Malaya 79 
Slmusors Canada 465 __ 

Superealu Mores USS 17b® 

Swire Prons 47 
Taketr Chem. Li 7 ,: is 
WheclocV Martfen a JBb® U» 0.56® 
p39>|. Do- B 3b® 


Amwl Pets. 59 
Ashton Mnn. 75 
Australian Foundation 76 
BasA Resources 245 _ 

Engelhard M<ns. nod Chem. Cpn. £19b 
North West Mm. 27 
smith Intnt. Inc. £32b® 

Trans Canadian Resources 95® 

Western Queen 18® 

RULE 163 (2) (a) 

Applications granted for specific 
bargains in securities not listed 
on any Stock Exchange* 


All England Lawn Tennis Ground £50Dt|S. 

£324 B50 
Arsenal FC £152 
Bettor sav 7pcPf. 10 9 

Hlyil) Greene Jou’dar I/O 
Breder TV A N.-vig. 24 
Burrcugh Oames) 130 _ 

Cambridge Instrument (Ip) 3»« 3 

Cambridge Instrument flop' 4 
Computer and Systems Eng. 150 
Dawson <W. M.i iHIdSS 1 51b b 
□Imbclu Valley iCevloni Tea 70 
Doloswclla HldM. 20 19 
Evchcm Hldgs. stk. Units SOp 92 i 
GiXrt M«-JV 6>*0ClsH)B. E79 
Gorrwjn TV 38 
GRA Prop. Tit. 12 _ 

Grendon Tsl llpcLn. £7 

Kagira inv. USl 0.70 __ 

Kathleen Invs. (Australia) AS2.63 PZ02 

X el lock Hldss. 44 

Kunlek NlffCl 20 10b 

Moddock 26 5 4 

Maddpck 7bocUnS.Cnv. £7S 2 70 
Manordaic Gro. 32 ■- lb 
Mlnlnc Inv. Cpn. 71 70': 

Nationwide Leisure 7': 

Ngr/on VrlliA-s 2t« 

Oueentimid Mines 53-57 o2S4 
C"een Si. Warehouse r Hldgs.) 4 2 
Srhrn Newspapers IP9 
Twl mock 24 


Ann Street Brewery 47S 
arm Energy 65 
Birmingham Cltv FC 90Q 850 
Bshopsuatc Offshore Services ISO 96<i 
CAA4RA 'Real Ale) Invs. no 
Clalrmare 23 1 
Oe'^nne ■»/<««.) 16 is 
Dollar Land Hldgs. 50 
Eastbourne Waterworks 2.8pcl»r. 127 
EMridne Pone A 217 
Kctlork Hldgs. Ctrv.Ln. <1« sere.) 44 
Maddoclc 7 '<ocSub.UrtI.Ctov. f Ail. CnvrslL) 
£76 6 S 

Manchester Stock exchange Bldgs. 105 
Morrvdewn W'ne 30 • 

«MW Computers ISO 
Urogale Invs. 1 35b 5 


Aston Villa Club £105 95 
Cramohorn 315 10 
Gale •G-erpei £165 
javelin Eaultv Tit. 165 
Le Riches Stores 44 D 
r’ldeam Ests. 144 S 
PM PA Insurance 44 _ 

Vann:n mini. Secs. Pta.lnc. 85 
Vannln intnl. Secs. Car. Growth 45 


Castleloern Brewery 230 
Cedar Hldgs. 5peP1. 72 
Clvde Pet. 90 _ 

Hall and Woodhuusu 4pelitDb. £31 30 
NMW Comi-uiere 175 
Nut halls 'Caterers i 7ocP». 38 71* 
rtldham Brewenr 75 , . „ 

Srevtlah Worsteds and Woollen* 6 j5pcPT. 

WarfworiK 350 

Wcetabb A N.-vte. 62 , „ . 

Whitley Bav Inrertalnmenls BpcPf. 14 


Home Brrwfrr 2"5 
lesjel Tit. lopePI. 33 
l*rsnv Canning 4pcP(. 27 
Llnsey and Ksteven Fertilisers iHIdgs) 

O-tavia Hill and Rowe Housing Tst. 3pc1.n. 

Fanners Fooiball Cluh poo 

SI. Pancras Housing Sot. Cnv.ln. £13 

RULE 163 (3) 

Bargains marked for approved 
companies engaged solely 
mineral exploration. 



Slebens (UK 1 270 

DECEMBER 12 (Nil) 

CCP North Sea Associates LI 1b 

Gas and Oil Acreage 107 

iBii permlsffion nf the Slock EjrhoaiK 



Bank of England Minimum one or two houses at MLR for 
Lending Rale 121 per cent repayment on Monday. 

(since November 9. 1978) The market was faced with a 

The Treasury bill rate rose by very lar:e increase in the note 
0.0207 per rent at yesterday s circulation and a moderate net 
tender to 11.57.S9 per cent. The take up of Treasury bills to 
minimum accepted bid was £97.07 J finance. On the other hand, banks 
compared with £97.09} the pre- brought fenvard balances well 
vious week, and bids at that level above target. Discount houses 
were met as to about 4 per cent, were payine JH-12 per cent for 
The £300m bills on offer attracted secured call loans at the start 
bids of £7&0.385m and ail b : l!s while closing balances were taken 
offered were allotted. Nest week at J0M1 per cent, 
a further £30flm will be on offer. i n the interbank market over- 
replacing a similar amount of night loans opened at 11$-!1) per 
maturities. , . cent and fell ima.v to touch HH-11 

Day to day credit was in short per cent before rising to 113-12 
supply in the London money per cent on the forecast of a large 
market yesterday and the authon- shortage. Rates then ea.^ed to 
ties_gave assistance by buying a lbj-io; per cent and fluctuated 
moderate amount of Treasury between lii per cent and 10 per 
bills, an direct from the discount cent before dosing at 11-111 per 
houses and lent a large amount to cen f. 

Rates in the (able below are 
THE POUND SPOT nominal in some cases. 


Trading in yesterday's foreign 
exchange market remained at a 
generally low level ahead Of the 
weekend, with the U.S. dollar 
continuing to weaken prior to 
today's OPEC meeting. The 
dollar's decline came as some- 
thing of a surprise in some 
quarters, since the rather quiet 
conditions warranted only a con- 
servative amount of support to 
maintain a steady level .against 
other currencies. However, the 
U.S. unit fell to DM 18930 from 
DM 1.8957} gainst the D-mark 
and SwFr 3.6887* against 
RwFr 1.6895 jn terms of the Swiss 
franc. The Italian lira also showed 
an improvement to LS46J from 
LS485 previously. 

Uusing Morgan Guaranty 

Dec. 15 1 rate 
l * 

r.s. s 

CrauKliin S 

JJkIruui F 
Danis!, If 
II- Maris 
Port. Ksc. 
Span. Pes. 

\rapn. K. 
French Fr. 
Yen / 

saias Fr. | 




figures at noon tn New York, the 
dollar’s trade weighted average 
depreciation widened to R.7 per 
cent from S.6 per cent. On Bank 
of England figures, the dollar’s 
index fell from 84.5 to 84.3. 

Sterling onened at S1.97<?n- 
1.R770 and firmed to si.9S* , fl- 
S1.9S50 before support for the 
dollar pushed the rate down to 
SI .9750. With the opening of New 
York centres, the demand for 
sterling continued and it im- 
proved to close at SI .9795-1 .9805, 
a rise of 35 points on Thursday's 
close. Against other currencies 
the pound showed a slight over- 
all improvement and its trade 
weighted index imporved to 632 
from 63.1, having stood at 63-3 at 
noon and 63.3 in the morning. 

Gold spent another uneventful 
day, but managed a $3j an ounce 
gain to $206]-207£. 


Stol 1-B740-I.S86B 1.5790-1.9806 
10V 2 -2305-2 .2420 8-5595-2.5465 
Sto! 4.05 4.08 | 4.115,-4. US* 
59.25-59.85 58.55-59.45 

10.404-10-42 ilO.41MQ.42j 
5.74-5.77 I 5.744-5.754 
92.05-82.Bb | 82.15-02.55 
140.60-74140; MJ.OO-J47. Iff 

Dee. 15 



IDI9I 1.675-1.680 
7 i10.10i-1D.I54 
Sigj 9^8-8.64 











Bulgian rat® is tor convertible francs. 
Financial franc 60.10-60.20. 

• Rate for U.S.S on Dec. 74 should 
have been 1.9760-1.9770 (close). 


Arsenrioe Pet.) | 1.935-1.939 

Aui trails Poller. • 1-7325-1.7375 

Finlaoii Mxrtbi....| 7.9560-7.9700; 

Brazil Cnitolro 1 39.93-40.33 

Greek Drachma — :7 1.954-73.712 
Hone Kdm Dollar. 9.4650-9.4850 

Iran Rial 1145.13-149.07 

Kuwait Dinar (KD1 0.53B-0.54B 
Ltivc-nthour" Franc; 59.3S-59.45 

11 aJii fui Dollar 4.3050-4.-175 

NetrZcnlanil Dollar : 1-8275- 1.8845 
■'raudl Arabia Kiral. j 6.80-6.70 
Meg» p« re Pillar .. 4.27004.2825 
Snath Atrium SanJi 1.7100-1.73711 

977 . 27-9 79-29!Ai istm 


4.0250-4.0270tDen marie 

20.17-20.67 (Prance 

36.34-37.23 plcrmany 

4.7920-4.7930|i taly^. 

731s-75lj [Japan 

0.27410-0.27420 KctberlaniU..... 

59.98-30.00 (A'crway. 

2. 1870-2. 190(2 Portugal 

0.9488-0. 9519pjjft in 

3.3560-3.361 qSwitaeriKDd 

E. 1690-2. 1 700:0 nited State!... 


Note Rates 

! Dec. 15 I Dec- 14 

87- 26 

IO.OS. 10.20 

88- 98 

141l?-145l 3 

Rate siren (or Axseetlna is free rate. 

Gold Bn! I Inn (a nneij ! 

nimeei I 

On«e S20B:'-207* !S203®-204® 

Opening 'SMI; -206* £202i-20oi 

Morning (bring S2O5.E0 I5202.BD 

'(£105.786) .(£102.824) 

A/ternnon ftsing S205.GO [6204.00 

|i£103.BS6i '(£105.176) 

Golrl Couil • : 

riometl totlly | 

Enuicrrand 'S2f8i-Z2fl1 S2I6J-218* 


New Sorereignc '562^-644 |S6135 

|a‘3IA324) ,l£3132l 

Old Sovereign* S69-61 1S&8 -60} 

i£29i-10}l (£2SJ30iJ 

GnM Coin* , 1 

Interaati-vuilT . 1 

Knigerraort ,5211.2)4 K203J-21H 

!'£l06i- 10?4)'(£IO6i- 107}) 

Sen- Sr.rprcigat j >54436^ 


D«. 15 

on de/«*it, 

1«H 4SI* 
( 12 / 12 ) 

<8,-12). 7pc2ndl 1. 61 


Dee. 16 

Pound Sterling 
Dj 3. Do/iar 

Deutache mark. 
Japanese Yea 1.000. 

Treaeb ftpauTO . 

Swl*« Frann 

- Dmofa, GtrOder ' - 


Do Her . 

Belgbrn. Crane VXtr.. 

Ponnd Sterling] Ll-d. Dollar 

1. . 










1. : 









Detwctaemarkl Jejienase Yon 






0.924 . 









98 63- 

168 8 

Frencb Peaaq 



- 2.893 

- 22.16 



- 2 120 



aHnw Franc j uatch GutWerl lUiun Urn 

3..* 45 ! 4.058 
1.689 i 8.049 

0.098 ' 1 ■ 1.082 
8 621 i 10 46 

- 1. 








8 482 










1000 . 



■Jans. In Dollar | Ue'-rtan Franc 

8340 j 69.40 
1.188 I 50.00 
















100 . 


2 tluya D*itice..| 
1 ilayr or.... 

7 riny« notice.. 
Two mnn the.. 
Three rnnnLha. 

Six in-iDlhb 
A ini* n/nnlba-. 

l ine i<»r .. 
Tnn yran—.. 

Local I Lore] Aulh.f 
Interbank Authority ! di.-if -liable 

[ («•□<{» j 

Ron m- 

1218-1 lb 
18 A 12rit 



10 12 

Zlla-lS I 
. 12^-12,* 

1 lto-13 j 

U3« 12 

12-12 to 

12 r i-I24 
117 8 - 12 'a 



12i & -12to 
117 8 -1SSb 
Hi, -12 
116?- 12 







12 a® 

| Dleeonnt I 
Company 1 mantra | Treamry 
Dt>|®6i/i < >tepoelt / ill/la® 

Eligible | 

Rank |FineTra4e 
RiJivt / Rills® 

.12 to 




10-18)1 - 

iJir-U7 # i - 

113* lUA-llSa 1 I2rt 
12 Uft-Ui* 18A-124, 
18 lllSg-llft 18^-12i B 





Local authority and finance houaes seven days’ notice, oihera seven days’ fixed. •Long-term local authority 
morzg.igo raiea nominally throe yoara 12V12** per cam; lour years IZk-US per cant; five years 12^- 12<* Pur cant. 
® Bank bill roie* in table are buying rates tor prime paper. Buying rotas tor four-month bank, bills 11V12 oer cent: 
tour-momh trade bills 12*i par coni. 

Approximate selling rates lor one-month Treasury bills 11 h* per cent; and two-month 11’,* per cent; three 
months 11°n-1V** per cent. Approximate selling rate tor one-month bank bills II^a-II 11 ® per coni: rwo-monih 11"u- 
12 per cent: and three-month 11"»-12 per cent: one-month trade bills 12% per cam: two-month 12’, per cent; and 
also three-month 12^ per cent. . .. . , ... , 

Finance House Base Rates (published by thB Finance House? Association) 1l> 2 per cent from December 1. 1978. 
Clearing Bank Deposit Rates for small turns at seven devs' notice 10P£r cent. Clearing Bank Base Ratos for landing 
124 per cent. Treasury Bills: Average tender raise of discount 11.5789 par cent. 


Old Snrcmgnii 



(£25/ -M;i 


520 Baclna 

5285- 2M 


SJ0 Ra,(le» 


• S 757- 36 1 

SI Ketfl<» 





Bank of 


December 14 

England Guaranty 






U.S. dollar 


- 0.6 

Canadian dollar 



Austrian schilling 

. 144.94 


Belgian franc 

. 113.41 

+ M-5 

Dam eh Frfin>‘ ..... 

. 117.18 

+ M 

Dcmschc Mark 

. 148-41 


Swiss franc 

. 193.89 



. 123.80 


French Irane 


- 6J 

1-ira . . 





+ 46.7 

Based on trade weighted chances from 

Wvcbnuiinn aKreem'-ni Do-rember. 1B7I 

(Bank of Eneland 

tides = 100) 

Dec. 16 

tdhnrt turgi — . 
7 •Iji.'iV notice 


Three months..., 

Six iimnth*. j 

One vrer 


isi«-iei 3 
12I 8 13Ir 
137 6 . ]4) B 
13&b 14 

U.S. Dollar 

93 4 -10 
91 b .10Ir 
1 1 V4 llig 

lt n -lStt 



71a Bla . 
7J* Bij 
101a- 1 Ota 
lv 3,- 10*1 
lOto 101* 

Dutch Guilder 



10 10.103s 
93 4 .10 


— toper 
— rV-re 
n~ r * 

West German 






Frera-h Franc 

liaitan Lira 

6Sn 7 
93e-9S 8 

9to-9i a 
10 -Ola 

12 14 
51? 16 »a 

Avien S 

9ft- 10* 
HA Ul? 
/U* i 1 7 a 
Uto Jli? 

J*|AD»« YlH 



3rfc- 1ft 
3ft 2ft 
2T 4 .au 


The following nominal rates were quoted for London dollar certificates ol deposit: one month io.60-1Q.7Q per cent: three months 11.15-11.25 per cent, 
six months 11.60-11.70 per coni: one year 11.20-11.30 per cent. 

Lona-ierm Eurodollar deposits: Two years 10VW* per cenn three years 10V IPs P er cent: tour years ion, -lO^r* per cent: five veers I0S* -lOV per 
cent: nominal closing raves. Short-term rates ore call for aterlinq, U.S. dollars and Canadian dollars: two-day calf tor guilders and Swiss franca. Asian 
rates are dosing rates in Singapore. 


Statistics provided by 
data STREAM International 












Dear(— )0 

Name and description 







Associated Paper BSjie Cc. 85-90 





9 2 


— 7 to 



- 52 

- 6.2 

Bank of Ireland 10pc Cv. PI -95 







- 9 TO 





- 1.0 

+ 12 

Briti>h Land 12pc Cv. 2002 








10 to 26 


91 6 


+ 48.1 

English Property Slpc Cv. 98^03 







- 3.4 

-11 to - 



- 3.9 

— 0.5 

English Property 12pc Cv. 00-05 








40 to 66 





Hanson Trust 6§pc Cv. 88-93 








- 1 to 8 

- 0.9 

He wdrti -Stuart 7pc Cv. 1985 







-10 to 




- 0.7 

— 7.5 

Slough Estates lOpc Cv. 87-90 








10 to 15 




- 23 

Thorn Electric 5pc Cv. 90-94 







- 2.7 

— 5 to 




- 2.6 

+ 0.1 

Toz-’r. Kemaley 8pc Cv. 19SJ 







J 10 22 


• 38 

- 4.4 


UltTarhar 7pc net R.Cv.Pfd. 








D to 15 





Wilkinson Match lOpc Cv. 83-98 








20 to 38 


fi 2 


• Number of nnUn ary shares Into which £100 nominal of convertible nock Is convertible- t The extra cost of imrcs- meat In convertible expressed as per cent of the 
cost nf (he equity ]n tile convertible slot*. 1 Tbree-raomh r*nRe- 5 Income on number of ordinary shares ln»n which flM nominal of convertible stark is convertible. 
This income, expressed lit pence, fa summed from present lime until income on ordinary, shams Is srreater than income on £(00 nominal of conw-rhWo or the final 
coovendaa date whichever Is earlier. Income Is assumed to prow at io per cent per annum and is present valued at 18 per remi per annum. S income: on £100 of 
convertible. Income la summed until ron version and present valued at 12 per cent per annum n This is nf the convertible less Income nf the underiYtns equity 
expressed *• Mr cut of the value of I be uOdcrlyinx cquliy. 0 The difference between the premium and tncome difference expressed as per cent Of the value of 
Ultderbmw eQ“lfy. + a u Indication of rulfithfo chea pores, - Is an indication of relative dearness. 



' Lancia! Times Saturday- Decern 

Companies and Markets 


Government success on confidence vote helps i 

Bid speculation intensifies following spate of new offers 

financial TIMES stock indke^I jp 

Account Dealing Dates 

* First Declare- Last Account 
Dealings tious Dealings Day 
Noy. 27 Dec. 7 Dec. 8 Dec. 19 
Dec. 11 Dec.2S Dec. 29 Jan. 9 
Jan. 2 Jan. 11 Jan. 12 Jan. 23 

* “ In time " dealiavs may tako place 
from 9J0 am two buiineu days earlier. 

With the Government surviving 
the confidence vote, some of the 
recent political uncertainty was 
removed for the time being from 
stock markets and yesterday *he 
tone was slightly less pessimistic 
than of late. Leading equities 
were already poised for remedial 
action after having lost ground 
for four successive days but +be 
ensuing technical recovery was 
not very convincing despte 
suggestions that some sizeable 
investment orders had be?n 
completed in the early business. 

Nevertheless, after its fall of 
15.4 since last Friday, the FT 
Industrial Ordinary share index 
yesterday regained 3.1 when 
closing at 4S1.0 and looked set to 
extend the movement on Monday 
providing there are no untoward 
events over the weekend. The 
steadier trend was assisted by 
the closing of bear positions 
while speculation in possible bid 
situations increased following 
new offers which included City 
Hotels, Stanley Gibbons ‘ and 
Leisure Caravan Parks. 

The effect of seasonal influences 
on general trade, however, was 
again apparent with the number 
of bargains marked, at 3.520, 
among the lowest for 12 months. 
Sentiment was undisturbed by 
the November retail prices indices 
and the indication that the rate 
of inflation marginally increased 
over the month. 

The Irish decision to join the 
European . Monetary System 
affected sentiment in Irish- 
Canadian mining issues, but few 

other stocks. In contrast, invest- 
ment currency dealings became 
sensitive and confused on the 
accompanying statement that Ire- 
land would like to preserve its 
links with sterling. For a while, 
rates were widened considerably 
by most dealers, but trading was 
at no time suspended and the pre- 
mium fluctuated between 74 and 
78 per cent before settling at 77 
per cent for a net rise of J. Yes- 
terday’s SE conversion factor was 

0. 7404 (0.7332). 

British Funds opened slightly 
firmer despite Thursday’s unin- 
spiring trade returns for Novem- 
ber and edged further forward as 
buyers cast aside their recent re- 
servations. Once again, the lion's 
share of the business was directed 
at the shorter maturities which, 
after recording gains extending to 

1, closed a maximum of { higher. 
The mediums and longs generally 
ended j dearer with the exception, 
of Funding 5} per cent 19S2-S4, 
up J at 80 J. 

Activity in the Traded Options 
market remained at a low level, 
although the total number of deals 
at 322 was a slight improvement 
on the previous day. The week's 
total of 2,015. however, was the 

lowest since the week ending 
July 7 and the third • smallest 
since dealings began last April. 
Interest yesterday centred around 
ICI which recorded 95 trans- 

Milletls Leisure Shops, which 
staged a successful debut on Wed- 
nesday, pushed up another 3 to 
125p compared with the offer for 
sale price of llOp. 

Home Banks better 

The major clearing banks edged 
higher. Lloyds firmed 6 to 286p, 
Barclays 5 to 370p, NatWest 4 to 
286p and Midland a couple of 
pence to 362p. 

Insurances adopted a quietly 
firm stance. Rises of 6 were 
marked against Royals, 36ip. and 
Sun Alliance, 512p, while Phoenix 
added 4 to 238p and General 
Accident 2 to 210p. 

The Brewery sector was 
dominated by Arthur Guinness, 5 
better at 162p following final 
results which exceeded market 
expectations. Bass Charrtngton, 
at 173p. added 2 to the previous 
day’s rise of 4 which reflected 
its good results. Elsewhere, 
trading was quiet and a further 
selection of trading statements 
had little effect on a slack mar- 
ket Greene King closed 
unchanged at SOOp after the 
increased interim profits and divi- 
dend. as did Eldridge Pope, 220p, 
and Hardys and Hansons. 177 p, 
after their respective statements. 

Tunnel “ B " became active and 
firm in Buildings, rising to 335p 
before settling IS up on balance 
at 324p on revived speculation 
about the possible sale of T. W. 
Ward's 20.6 per cent stake iu 
the company; Ward's shares im- 
proved 2J to 81. Leigh Interests, 
on its trading links with Tunnel 
through the development of the 
Sealosafe system, held a sympa- 
thetic rise of 5 at 12Sp. The flurry 
of bid activity elsewhere In .the 
market directed attention towards 
John son -Richards Tiles which put 
on 4 to lOlp: the interim results 
are due January 10. Further con- 
sideration of the oreliminan- 
results lifted Nottingham Brick 
S to 330p for a rise of 18 since 
Wednesday’s announcement, and 
second thoughts about the 
increased interim profits left 
Heywood - Williams 3 better at 
151p. Southern Constructions 
found fresh support and firmed 

1 to 10ip. 

IQ traded quietly and closed 

2 up at 370p, still a net 10 down 
on the week. 

Suspended on Wednesday at 
3Q9p, dealings were resumed m 
Alginate which opened at S75p 
before reacting to 385p prior to 
closing at S70p, or 15 below Hie 
385p agreed cash bid from Merck 

Store leaders hardened a frac- 
tion although business was 
generally at a low ebb. Gussies 
“A" picked up a couple of pence 
to 3l4p. while Burton “A” rallied 

3 to 177p. Among secondary issues. 
Time Products firmed 4 to 18Sp 
and Martin Ford put on a penny 
to Slip, the latter followin'? vague 

talk of a possible 52p per-share 
offer. Polly Peck closed unchanged 
at 9Jp following the reduced 
trading toss at the half-time stage. 
K Shoes improved afresh after The 
recent good annual results and 
put on 3 to a 1978 peak of 88p. 

Both Electronic Rentals and 
Lloyds and Scottish made a good 
showing with rises of 6 to 144p 
and 10 to 112p respectively follow- 
ing good results from each com- 
pany and the announcement of 
the £01m deal In wbich-Lloyds and 
Scottish is selling to Electronic 

SroaJc. Elsewhere, revived demand 
in a Restricted . market lifted 
BuUough 4 to 175p. Press mention 
stimulated Castings, 53 p. and 
United Spring. 2Sp. up a penny 
apiece. Leading -issues to edge a 
tittle higher included CRN, up 2 
at 255p. and Vickers, a similar 
amount firmer at 196p. 

Leading Foods held steady to 
firm with Tate and Lyle 4 better 
at 182p and SplDers a penny up 
at Sip. Elsewhere, Carr’s Milling 
finned 2 to .66p in response to the 
annual results, but Tavener 

298p compared with the suspen- 
sion price of 228p; Letrasel eased 
a penny to 130p. Dealings also 
re-started in Leisure Caravans, at 
141p against the suspension prtec 
of li2jp, after the announcement 
of ah agreed cash bid worth 14Sp 
per share from Rank Organisation, 
unaltered at 246p. Still reflecting 
the £4.5tn. National Coal Board 
contract SKetehley finned 2 for 
a two-day gain of 9 to I38p, while 
British Vita, hardened a penny 

to U0p .following Press comment 
on the possibility of a larger than 

F.T.- Actuaries All-Share Index 

F.T.- Actuaries All-Share Index £>'?, A- jvj— 

Adjusted for Inflation .n/y J w" 

J >- ;Om'OT«n«nt 8«o 

^ V' ' J-.'- J 70 ; 17 

-Wnatridl .J 51 * 0 


with a 272 per cent stake;. to E ft.'- - • ,'m.b 

finned 2 to 136p. Elsewhere . to; '.p#***™* 9 ™ •. ~ 

Properties, Peachey encountered' JOnLDiv. -®v 

fresh support and. put ou3tO 15 - 36 

92p and, in a thin market Percy -ivs jutto tnrij H---. 81s 

Bifton added 6 to lSGp. London 3.520 

Provincial Shop advanced TtoV ******* 
high for the year of 148p oh *qui»y tumorer “*•’ 
speculative interest, while buyers" -Equity larjsxins totals — . 
came in tor Berkeley Hamhro iv ; 

which firmed 5 to -153p amT .’. 10 am -• '.-2 ^ 

Haromersoa A which improved 19: .... .tin* 

to 623 p. The. reduced' pre-tax lose? 

lifted Regalian a penny to 24f* -v. Basis too Govt.^Saea. i 

after 25p. Australian Van Diemang ^.Mine* 12/9/53. Ex-S pm m 

Land A returned from susoenskwi -4942. 

at 600 p compared with - ib&“ y J - • 

suspension price of 540p follow- HIGHS AND 

tog the cash offer of a storting : • 

equivalent of about 480p each for ■ ■*. 1878 ' 

around 60,000 of the shares frerm v - — — r— — * r- 

Uechtenstein-basedOfagA.Gr- '-’ HlgS-J Low. 

Oils remained extremely quiet : : ■ - ■— ~ 

and fluctuated narrowly arGund: Govt-Seo*- 78.58 67.92 

overnight levels before ’-cmfiDfe-- ■ ' ^ 110,111 

little changed on balance. British ;feedlnt.... 81.27 j 69.80; 

Petroleum touched 922o before: <9/IJ 

closing unaltered on the day. at" ;i‘nd.onL.... sasA- 438.4. 
926p. but Shell managed td -im-. - (I4i0> . (M). | 

prove 4 to 580p. Amooff, -G<udMicw-- 206.6 mi 

secondary issues, Burruah . edged' ■ iU* 8 ) . 

up 1 to SSd, while Ultramar -nut - GoidMiuea.i 132.3 so. 3. 

on 2 TO 222p. . , ,(fc| pm.i.J |M/8) .MW; 

Scattered offerings left Trusts. 

63.60 66.7r.6t 
7O.03 ; 704I| 7 1 
’477.9 4S0.7 4t 
V"XS1.9 133.9 '12 

96.7' .97.4 -j* 
- 6;03 6.00 i 

10.921 19.86 H 
" : 8,10 ’ * 
i f g44l'-4;i7Cr ; 4, 
60.10] 72.82- « 

15.5591 -14, 

-IBM ^ 

V:98.'« '.:i<w.ip^4(pisoat 1*;. 
"J 5.951 '■ 

19.7b . SL 1 ’ 

- 6-27 ' a3a| r8>»tf ';te: gj 


. 66J.7 67.5^ ^T. „ 

A4;664('iA4 , 20li5,'3Ka V : ~ 

. . Latest Index 01-236 8026. . -} •' 3 -. -. ■ 

1 : 

highs and lows . S E - 

■ ~ ' jShee.ComtniAO.a ^ 

HlgS-j Lgw'.j..R*gfa' . f . 

.. 78.58 57.92 l I27.4J 49-'18 . huuSawi -i 

am (Willi l (B/b36) [ GlU* 5 * { 

-TZ, ,■ 

*: ... ^ ■ 

1 ^ 1 : feed lot.-. 

81^7 j 69^0 1.160.4. > 50^- ;j 

,a,M i sin, 1 n -.-f Toteb. 

■ GW 

-Gold Mine* - 206.6 
| tlAKS) 
Gold si lue« .1 136.3 
^(Br-9 pmOJ (M/8) 

'••'“"‘“•I ~9/Tj' * (ttii)-' mawtk&vni - j- 

1S4.1 1.47JEK- 

00.3 ■387-1.: 64 A - 8p«<iil«iW' - 
a8^1 : (5^/Tiq ’ffW&TO) . ;■?* -^, f 


1962 1963 1664 IKS 19N 1967 • 1M «N9 tf» W71 1312 SB Wl TO SB B77 Bit 

don ami Mon tr^ r eas«l at minimal levels with 
Trade was at a low ebb to Sfi^’ mod«rt» “gL' 
pings, but P & O deferred edged^ , ®ie Gold Mines index. lost -W W P“y ™ i cwerpa 
up 2 to 83p. whfie buying inter ^^30.7 while the ex-j^emitnn itodex wrth * 

was shown m Lofs which firmed ' hardened 0.1 to HA- t ^SSS?Mcf 


Rentals its television rental and 
relay Interests to BRW Group. 
EMI became a steadier market at 
142p. up a penny, after Thursday's 
loss of 7 on the group’s warning 
about continuing difficulties fac- 
ing its scanner business. Other 
leading Electricals ended barely 
changed, but United Scientific, 
which ou Thursday fell 10 to 250p 
on nervous selling ahead of the 
preliminary statement, gave 
further ground to 245p in front of 
the statement yesterday before 
rebounding on it to 262p for a net 
rise on the day of 12. Elsewhere, 
Whitworth Electric rose 3 to 22p 
and, helped by Press comment, 
Dewhurst and Partner hardened 
J to 14 Jp. 

Noteworthy movements in the 
Engineering sector were mainly 
in response to company trading 
statements. Among the dull spots, 
Sutcliffe Speakman fell 5 to 49p 
on the second-half profit warning, 
while lower interim profits left 
Mitchell Somers 51 cheaper at 45p 
and Braham Miller a similar 
amount down at 30p. Disappoint- 
ing annual figures prompted a 
Lite reaction of 7 to 160p in 
Hunslet Holdings. In contrast the 
good interim statement prompted 
a gain of 2 to 37p in Kennedy 

Rutledge succumbed to small 
scrappy selling and fell 4 to a 
1978 low of 86p. On the proposed 
management contract and share 
deal with Gulliver Foods, Louis C. 
Edwards reacted } to 21p. after 
early progress to 23p. Still re- 
flecting the first-half profits 
recovery and return to the divi- 
dend list. Barker and Dobson 
added } to 14fp for a rise of 2f 
since the announcement 

Following the. bid terms from 
Comfort International, i cheaper 
at 26jp, dealings were resumed 
in City Hotels at 178p and. the 
shares closed at that level as 
against Thursday’s suspension 
price of I26p. Speculative 
activity continued in Rowton 
Hotels which added 4 for a iwo- 
day gain of 7 at 153p, while Prince 
of Wales finned 3 to 92p. 

Trading in the miscellaneous 
Industrial leaders was extremely 
quiet, but the tendency was 
towards slightly . higher levels. 
Beecham rallied to 61 7p before 
settling at Slop, up 3, while rises 
of a similar amount were re- 
corded In Glaxo. 325p, and Metal 
Box. 308p. Following news of 
agreed cash and share exchange 
offer from Letraset. dealings re- 
sumed in S. Gibbons which 
touched 300 p before settling at 

normal increase in the dividend 
payment. Following news that 
Barnett Christie had been placed 
in provisional liquidation. Oceana 
Holdings fell away from 6p to 3p 
at which level the quotation was 

An idle day’s trading in Motors 
left most issues closing around 
the overnight levels. Among Dis- 
tributors, Caffyns rallied 3 to 106p 
after the improved first-half re- 
sults. In components, Dowty re- 
acted 3 for a loss on the week of 
15 at 264p on diminishing takeover 
hopes. Associated Engineering 
shed 2 for a two-day fall of 4 at 
115p on the full-year profits set- 
back. Dunlop, 65p and Lucas, SOOp, 
both advanced 2 with the general 

W. N. Sharpe featured pub- 
lishers, dropping 14 to 143p on 
profit-taking following recent 
firmness, John Waddingtop, with 
the interim stateement due on 
December 29, lost 6 to lflSp on 
small selling. Speculative counter 
Stills and Allen met renewed in 
terest and put on 10 to 232p 
despite recent Press comment dis- 
counting a possible bid. 

The anticipated rejection of 
Wereidhare’s 37p cash per share 
bid for English Property left "he 
hitter unmoved at 39n: Eagle Star. 

posed ofhvcr' 20 S?Srt of ®Ootober 1976 aJ Top. resumed -jp?. JMSf 
Suity «SuaL ^JjlS'^Ttotraday when they toaded hp to 

Mp? diamond 

Courtaulds also closed firmer, - . • . - ‘ • ---.-v- .. .r -V- Var- 

hardenmg 2 to I22p: /- . , . . ; . ; v '- r • . >: ; -QpTIONS , - •• 

Iris h-CanadianS fall . •■■■ s']:- \ DEALING DATES .. ■ Queen's Moat Houses, EondmrtHt^ : 

News that The Republic of lre-^ Flrst Last Last: - For : - Northexh. ; 

land is to enter the Earop*tn-'-'3)eaI- Deal- Declare- Settle- Averys, Reed : ; lnternatioi^ ^ 
Monetary System gave rise to un- .. in« lugs tton ment' En^l9h Pxoperty l ,;TuBtodiTttol*: ■*’; 
certainty about the rights of IrisH' -Dec. 5 Dec. IS Bfar. 8 Mar.2fl ing5, ..La3broke Warrairfs, vJjfcfi. , 
holders of Canadian-registered net 19 jan- 8 Mar.22 'Apr. 'S Vere Hotels, Talbex* -Batmah^. 
stocks in respect of their entfrle-^jin, g Jan.22' Apr. 5 Apr. 18 0*1^ rTaux, - . Grand 

carrenc ? For Ttite mdtcafio«* see ewi. of Streetere of Godalmirig: No Juts^ 
Shan Information Service wto^..repo^t6a' aithQueh^-dotfle.;^: 
fesnes r ™SS ! ' 'Stocks favoured for the -call . options, werer cotnpletei ^’'-' 

gm$ of rapSmlK- Nort ^?? te ; -included Binhfd QudcasL- Lonriip 

Westfield ' Minerals. which ■ — — — 

iSTUSirJSJS? 2Z£ : S" NEW highs and lows gOR 1078 

SSSiffii-v- new highs os) 

Exploration dropped 30 to 360p s °L i.- 1 . l .run /SHOES ** 1 f-%: 

and Anglo United Pgretoinnert; Frwf *”««her Liwds a^ sattuk... K Shoes • -nocri iJMra> v ~r t . • 

16 to I680. Outside the Northgito B« a charHnstan • ? W4e . .’ ’'. : • viibsnrS^- 

group. Sabina Industries feli ;4 ta w „ builoimgs a»- ' •« ito*,-,- 

40u and Barymin 3 to 55p. m chemioS '1 ‘ ■ 

^Otherwise. mining markers- AWnate mds. arttWi B*um .. - 

spent a quiet trading session »Jth^__ fM1 s 7 ?** 5 .C 1 * = . 

overseas-based stocks losing, if? <M ’ J — 

ground. . •* . CoaUnss - ■ v- buildings tit - . ' '. 

South Afriran Gold shares Miras w . - v • - ,I Y 

failed to reflect the 83 25 rise Th ^ ° iNOOsmiAts-tm' : «J2SSr'w'-'-v» 7 - : 

the bullion price tO'S207.I2J.f er -Caplan Profile P fa llHw Pafaffa. • .' V I : ‘ - ' r i : 

nnnpp fur a n™Vc imnmMmiW G-^bom CS.- Slcgtcfctiy - • ' .-gtltktl UortWVI^ ■ - -Mtoya DMIt i. 

JL or . a eeR 5 improvement ^Hamiihome Toortuirt*. wy. -. ^ .p oods nk. - • ■-> 

of 84.73 m front of next T^tqi^. • [««*» Tor» ; - '• — ■ *- i 

day’s TJ.S. Treasury gold auction. Le,iur * &,ra * a, LEi5URe m - . -f. imki ' • ^Mo^ntrfspr: - 7 .: 

of 1.5m ounces. - V wot* u > - ■ - . . . v r »*6«, , t n . Mr**.. c ' ■ ■■ 


W ■: 



? 4 ; • 

i : s. 

- V wat* a .) 

Activity in the share market intieMBoent -T 


• v ! ‘— --' new urns r<iz)'V L * 


... arBmwte fc JOwiL. .- -,C--Ygiy . . 

v -- CAimtiawfl) . 

_ J ' -ELccretoAis rt > ■■■ '. ■ ■ 

- - • 4kiU«t». Mortfaro pi' .yjm tettan Sonwra. . .-.-. j. 

-fOODS Of- . • - • 


. - Vactobelf , Mcmonta-Spr : * .. - r.i 

... - 

' ‘.Pa l B pwlU 


, Up Down Same 

British Funds - 71 2 5 

Corporations. Dom. A Foreign Bonds 71 3 47 

industrials 274 245 1.009 

Financial and Property 78 121 313 

. Oils 7 9 21 

Plantation 1 5 28 

Minas 11 70 59 

Recant Issues 9 2 18 

Totals 462 457 1.498 

On the week 

Up Down Sana 

92 209 83 

29 43 233 

1.173 1.743 4.7Z7 

338 684 1.538 

23 45 117 

25 19 116 

132 278 290 

28 31 82 

1.840 3.052 7.192 




i Denomina- 







tion marks price (p) 

on day 



Lloyds & Scottish 




+ 10 



Metal Box ‘New' 




+ 4 

70pm 54pm 

United Scientific 




+ 12 










j Shell Transport... 




+ 4 



Barclays Bank ... 




+ 5 







+ 2 







+ 2 



BAT tods 







Royal Insurance... 




+ 6 



1 Electronic Rentals 




+ 6 







+ 1 




+ 3 


j Marks & Spencer 




+ 1 



1 Rank Org. 




— - 



The above list o/ a ft ire jrfocfrs is based o« the number of bargains i 

recorded, yesterday in the Official Li-sl and under Rule 163(1) \e) and [ 

reproduced today in Stock Exchange dealings. 



1 Denomina- 







lion marks price (p) 

on week 



Meta-l Box * New 




- 4 

70pm 54pm [ 

' BP 















23 p 






Shell Transport... 

23 p 



- 4 



BATS Defd 

25 p 



- 2 



Barclays Bank ... 







Marks & Spencer 




- 3 



Burmah Oil 




+ 5 







+ 1 







- S 



Lucas Inds 




- 10 










-- 5 







+ 1 







r«ie in g n uO i M Ct Aon mfcr at 
5J0C*1 per wwn 

Ej*. Cow 
Csnw Dl». 

BdM Day’s ra!-, iiesv 

No. Ot* (Max.} (ACT 

% a3JM 




A.B.N. Bank 12iS 

Allied Irish Banks Ltd. 12i% 
American Express Bk. 12' % 

Amro Bank 121% 

A P Bank Ltd 

Henry Ansbacher 121% 

Associates Cap. Corp.... 12',% 

Banco de Bilbao 124% 

Bank of 'Credit* Cmce. 121 'T, 

Bank of. Cyprus 12;% 

Bank nl N.S.W 12)% 

Bantiue B^lcc Ltd. ... 12J% 
Banque du I'hone et de 

la Tamise S.A 13 % 

Barclays Bank 124% 

Barnett Christie Ltd. . 131% 
Breniar Holdings Ltd. 13*% 
BriLBank of Mid. East 121% 

■ Brown Shipley 12 ‘% 

Canada Pcnn’t Trust... 124% 

Caynr Ltd 12 !% 

Cedar Holdings 12^% 

■ Charterhouse Japhet... 121% 

Choulartims 12'% 

C. E. Coates 121% 

Consolidated Credits... 12! % 

Co-uperalive Bank "12!% 

Curinlhian Securities 12 1% 

Credit Lyonnais 12' % 

Duncan Lawrie 124% 

The Cyprus Popular Bk. 124% 

Eagil Trust 12J% 

Eoglish Transcont. ... 125% 
First NaL Fin. Corp. ... 14 % 
First Nat. Secs. Ltd. ... 14 % 

■ Antony Gibbs 124% 

Greyhound Guaranty... 12*-% 
Grindlays Bank 124% 

■ Gimmes* Mahon 124% 

B Hambros Bank 124% 

■ Hill Samuel $12*% 

C. Hoare & Co fl2!% 

Julian S- Hodge 13i% 

Hongkong Sc Shanghai 12} % 
Industrial Bk. of Scot. 121% 

Keyser Ullmann 121% 

Knowsley & Co. Ltd.... 14? % 
Lloyds Bank 124% 

-.London Mercantile ... 12*% 
Edward Manson & Co. 134% 
Midland Bank 124% 

■ Samuel Montagu 12;% 

■ Morgan Grenfell 12!% 

National Westminster 121% 
Xor A.cb General Trust 12 : % 

P. S. Ref son & Co 12! % 

Rossminster 12?% 

Royal Bk. Canada Trust 12}% 

Schlesmger Limited ... 12!% 

E. S. Schwab 13!% 

Security Trust Co. Ltd. 134% 

Siienley Trust 14 % 

Standard Chartered ... 12'% 

Trade Dev. Bank 121% 

Trustee Savin - s Bank 124% 
Twentieth Century Bk. IS 1 “Ti 
United Bank of Kuwait 12!% 
Whiteaway Laidlaw ... 13 % 
Williams & Giya's ... J-” 
Yorkshire Bank 12}% 

■ Members of uh Accepting Hanses 

* 7 -day deposits 10’.. I -month deposits 

- T-day deposits on sunn of 
arid onder 15'. np u* ES.wo ifo-. 
sad over B3.060 

z Call rlwowi «“«t ii non w*i 

\ p^tnani dwwu in-.. 

421-' I. U4-11 « 1 «J Arm-ttOeHHe* ; 44 2.5a cm 8.7; 7.1 

A50J0 11 1 - IS M .Aslilnn Minins 60t • 75 ’ - _ | _ i - 

\M.ti F.P. — ltti 1C" i >*Au>4. Kani:lu«c ASI.. 102 

155 K.P. 10, l IT* 171 Bims Qnwnruav 20ji 176 ~r 5 f7.8 5.1 6.6 7.5 

K.r. — IFi? 15 Hunt A Jlwm|i IMii. 15 . — — 

Z9 3 1 Kiii-heii tjwwi i , J|. . 291a - '1.34 a« 5.8 4.9 

110 K.P. - llr Ui»rn>Lei-’iTS|rp»2l/ri 125 -.5 A'5. 7 1.83 6.8 12.0 


16.94 5 JO 8.09 
1826 6.23 [ 7.53 
2053 458 
13.43 340 10.25 
17.87 5.91 7.61 
18.40 6.13 7.25 
16.82 8.80 8.26 

16.76 5.10 7.96 
14.07 3.88 9.96 
17.92 6.77 7.66 
2L25 6.90 5.90 

Tbir, Wed. Tim, 

Dec. Dec. Dec. 

14 13 12 

ndex Index ( Index I Index 
No. No. NO. I No. 

23550 236.54 23963 24L91 
20454 20555 209.10 210.92 1X84.00 

25628 '(34/91 

36654 372.49 38030 
556.73 55858 564.97 
365.07 366 63. 37056 

182.86 18451 186.23 
16L27 16L99 162.95 

209.86 21055 213.18 
264.63 26558 26927 
169.06 169.21 17L04 
12151 122.34 12327 

32L94] 41951 04/9) 
583.72 (10/10) 
38453 (18/9) 
204.75 04/91 
182.91 (18/9) 

22655 (13/9) 



190.17 am 16054 ' -(60) 
13565 (2278) 10458 (2/3) 

16.10 6.03 
15.69 658 

16.11 5.17 
33.67 6.49 
18.71 554 
13.73 5.19 
2157 6.45 
19.27 7.96 
1L98 4.82 
17.54 7.98 
23.45 7.93 

+05 15.91 
+0A 1629 
+0.5 11.38 

14.681 758 
17.991 6.68 

8.27 1 209.47 

94.47 ] 9558 

12521 (M/9) 
22324 ’ (14/9) 
i 31528 (14/9) 
29U3 am 
150.75 03/9) 
483.01 (6a) 



I wra . ‘ ■+■ >.< 

S Si or Ir I ~l 5 I — 

Hict> IfT . j 

-9Si* .1 — s 991. Vii^le^y Vsrmliie lubi.. . 9QV 

- Cli, 26:1 • is II4« « »ine Vslle\- Wnier Umi P. Pn. law"" 13 • !’’ 

£t * 16-11 12i> llil niel'j- ll>i l.iiii. Vi.JCi jog • j 

tOOf. Ml 28 12 'tw Ui'in F»U'f1«i liim K+l. Pri. . ... i 4 pni _ . 

100(1 Ml 5-1 spin apili Hanley. Ugolsll 126 Ln-.. i'ua. 14). 5 lu 1I- ” ! 

■El i*. li 99|« N]> N.-v.iimii I ii. I .. .\,f. f*i-,-i qaq 

* filO UU IS VhI Kent W n tc-r ^ Prei. I9M . ixL 

1371a r.l*. ds 1 
wp V.l’. 5.1 

S.«Js itii-hinaii-nurtji i. t yt-i titue «mr i‘ t ‘t? 

l*j|> iw 101%, l’i*« 


6) FINANCIAL GR0UPI100) ] 169.93 

62 Banks(6) 

63 Discount Houses (10).... _ 215.65 

64 Hire Purchase (5).— 165.81 

65 Insurance (Life) (10) 13551 

66 Insurance (Composite) (7).. 124.06 

67 insurance Brokers (10)... 313.17 

68 Merchant 8wle{14) 77.99 

69 Property (31)- 267.27 

70 Miscellaneous (7) 11156 

71 Inve s tment Trusts (50) — 206.75 
81 Mining Finance (4). 103.41 
91 Overseas Traders (19) 298J3 

99 | ALL-SHARE IN0EX<673> 1 22433 | +05 


X ^ lb- 

955 31229 
— 77.92 

43.85 266.02 
5.71 11156 

5.09 — 20725 20857 23145 2XL7T 
6.89 6.78 10305 102.72 104.73 103i04 
7.86 751 29813 30020 30191 3015? 


208^1.24230. 04/9) J 1?U5 ; (2.5) j 24250 (MW78).|5Mt(DflSZ»L 

Bmrsh Government 

=.— Ulpt 
Ir'r.ij . RvniiUu . 

Price , Liate 

!■: • ■ 

,bu F.P. If tif LV 1 
17 K.P. 15 12 26 1 
jW« K.P. ,>Jd ililit 
o/ KJ». & 11 s i 

105 F.P. 15 JS 12.1 

*4 K.P. 15 12 121 

*5 Mi S.l 9.2 

K.P. ’ 5 1 

125 >«. 15-12 12.1 

250 Nil 5.1 9 2 

1US K.P. 1812 10 1 

62 K.P. 18? 12 15> 1 


llil? Uiru.liiU iU 

iiH linniii J 
'it litpiw-leiu. 

107 C.ihiimI ■•. Iui*.. . 
llil l.ismi '|i>.. 

?Iiiii K"Vler iJ.iltRi . 

140 III. ••!! - 1 \ 1 1-irli.Ei 

1^1 mi U .L.IiniiUnu- .. .. 

34|iiii Mvtnl Bus 

210 | >inilii>rt jl Pm ..' .. 
67 I i.tii L'miMi Inti' . . 

1ciii?ingv|* w 
Prlnn [ “ 

' P- •) 

625 ' +6 


376 ’ 

72 4 » 


110 *B 


145 +* 


SBpai J -4 

. 228 -+5 

73 -I 

tey’i *a asD rd «6- 
c/unge To -day 1978 

■i 10 due 

lflZ.fl +816 - 

1U.24 +031 — 

4-050 13 

123 M +861 
16933 4-OJS 

827 13.D6 


Renunciation dale usually Inal day fur dealing tree «r slams duty, b Hawes 
bawd un iwn»iiertii*i e«:iinaH.v u ^r'uniBd dividend and .view « KiVccast divMeml- 
infer iM»eri ihi nn -inus sear's earning-, f Oind.-nd and .now ha-cd un urwvt.tiH' 
ur other uflU’ia: c-Uina»b fur 1879. oGpus. r Haurcs ao-nmed f Cover aB'ias 
for conversion of share;, no; Him- rankinu fur dividend >v ranking >in|y [,,r restricted 
dividends S Minus price to public, pz Pence unfes* utbervue udlcaied. 1 frsosd 
by tendw i Offered to fcoWws of ordinar? shares as a netns - •* Issued 
b% irav of capnal>sa r ioe. H RelnTodtiret V Issued in C9eoec'joii -,ith reeranlsa- 
'ion m*rg-r or nV^irw i InPrduc'nR. ~ T«u*n i*rm» r oo'-rmn Fmldfr! 
■ .Ulntmsnt !»ner; -or fulU-OUfli. • Provuieoil «r partly-pud aUntment lCTtsra. 
ir With warrants. 

15 20-jr. Red. Deb. A Loans (Id) i H.M 1 11.46 . 66.05 S6J8 55.09 66.00 • -66.05 * 66,02 4!.rt‘ 63.67i35>ll ; 55.08. 

16 lavBSUnciU Trurt Prefs. (15) > 50.M ll.R-.MLN M.Bl ‘ 60.87 -auo 6UB 6l.m r-towV «7;7Ull/U *■ 9a.77a0ff» 

17 Coml. and indl. Prefv (20) 72.42 12.H 72.41 77.00 • 72.17- 71.56 71.40 71.44' 7156^ 76.73 69.50 

5COIM «• Croup Base 0»8 

Pharmaiuwdeai Products 30/12/77 
Other Crows 51/12/74 

Overseas Traders U/UOt 

Bo tfneertaf C Wthn 3172,71 
HerttMinl Bnulnterlni 31 '12/71 
■W 1 •«ll 5olrHs l^-l/TT 

Ton* and Cumu U/l/m 


Rase Value 






US. 72 - 


'^V :V l '*- * ■•••- " c ^“ - .■'■’■.V* '*?••' • - '- "■ “ .• ..;• ' ■*'?. -\z. \ 


authorised * unit trusts 

,_ypA] '/y. 



'nscr-vna : ttSe^T 

; n&. cart wo* Stf, f Matin. .•’•*% -ffi* 

~ llnt.T«...-j460 - Ifllll-OU 3C7 :- If”? 


Ui n _ 

'.', ^fUS# «M*ro GrotatfTfeHg) 

2-- m«Sp’4S& *^5®'!.!***^ 

- ,91-MP 2351 or Brentwood 
; S. -i n te fe* Fundi 

illMlhl i -'. -•!. 167.6 . . ,J2r 

. pi- "*£, 

> . Ei«*t & :na oeu •... lis.0 .. 37|| * 

' _ 'iAItod&wSsl. .... 

; '■ '-££?£! Ac? - fI ™. B»« isay+ft; 


tot tnal ft al ronto". ■ . . _ - 

• - So^A»«pnw_ MM 53 

U S.A. Eeeaqd* {38.9 ■ 9 


Kcorae 3*1 : liofl.4 

-Do. A erven. — :JZ BLjZ 
Friends' ppovdt. Unit TC .Mgra* 

Provincial Lilt 1*1 «- Co. Ltd.V 

niAlMKO K?. U'-ruo-to'e. EC.' Hi I'l? » C JJ 

5b7 Prolific Unit-.- [32 4 8E : !-0J; 3 3) 

Hlqh Incan* . . . ,. 11)3 9 lJe 7uf +fi i| 7 6“ 


Prudl. Portfolio Mngrs. Ltd.V ni«b‘<c) 

. MUDorr lUn EC1N 2NH 
Piu>lriiiinl -1128 5 


2nd SaW 

** - 

Sj feiSK 

Overaras Earning . ; 
Eip^Sndr.' Co'iC . - 

Ltd. taV • M«j«er Fond Itaugm Ltd. 

IrtW'® nfl Minslrr N«r . Amur Si CCA 

H? Miretertoc IV. . 1388 Ml 

•iJj E^ioctNov 30 |99 b . 10361 

. 2 18 MLA Unit Trust Mngmnt. Ltd. 

.*■*" OldOumi Street. SW1A9JI*. 01-130 7333 

MLA Units . . _»*6 9 A«3| I *3B 

PbA* n£ttAJDerkiaa. v v* Q30b*«55 Murray Johnstone U.T. Mgnt.V fe> 

WwhPrw.tiK._ g;> . 47f^+ag «W 163. H<w sirtoi.Wasw.M2UH 0*1-221 5521 Quilt er Management Co. Ltd.V 
” ' .......JSM ! fcQ’+aS 4.60 MJ European . . .179.9 . Bill I 366 Twss. E.ourar EC7N IMP. 

Oeiimq Dot Fmfir. 

* gic^nn Mutual Unit Trust ManagersV lal(g) 
imVqaT 330 ir-.toptrtnrAvt,CC2R7BU. 01-606*803 

■" - — fc it ha I «•» 

7 7S9I -01 7 ,4 

& *7.3 .. I 4a« 

;P' • "jSSpri*. 1.70 wuliwl HnjhYW |5fc 4 6D7|-0j| 889 

2$} Hati0,Ml »d Commercbt 

2 ■ fs 31 . Si Andrpw S 

Sate L PrOHHJ tMitmiwd 
Scotbtti Securities LtdV 


Scclritld . 
Scat'-lLii* 1 . 

S jjI £». Gth. 
Sue E-.Yla 

F. via * • - -!***« *« 

•kJtai B«i 3 jr** ^ 

1 3o si * o M ars SeMesinger Trtnt Mogn. Ltd f- 


E-T. tJoit Managers Lid-V 
Ifr C«sm . EMM TDD.. . 

" Zl.3 isc MuiiMJ Srt Plirt 
16731 >0 « 8.60 fAntswl lr« Tm . 
ISJW#; ?-M MuiiLilbbtC^i 

137.8] . 

6.7. CdO. Inc — ... 

Do. ACC . 

-G T. l«.Fd. Un. .. 
6.T U.S &Cm. 
GtAmACn . 
fG$_ Prre E* ret 

G'TjFwivS^d “rl 

Qu.idrdnl Cm. Fil . . 1106 A 
UiUdrdnl Incont 1133 a 

Reliance Unit Mgrs.. Ltd.V 
R»lim>«Hv TiMWi*K *C|U H 0092 22271 
T5 5f | 6 10 

abV-oi str 
46.21 -Oil 5 62 

nriMrvj. h<* . iimonoqr 

SSss?V'fco.. R| 

SMrfonh T U . MS Z 

Ipcmv Dec 13.. ... 

~ (Acatoi UmK). ... 

wb^wom - t&Tu^o'. ; r_\iSa i 

vliM . 35^.48 If- 53 ^ ^^,1 |M 

&var TiS*#I*‘^ h- o 3i ' 5 1 6 Tm Ridgefield Managemenl Lid. 

loo. Soutli siren. 0o^' , B 

01 ^00 fil 77 Am. Eirfryt Iti - 

j i. Am. Crowlh .- 

7 0? Am SunncrCn- 

E»mw*tepiyid.-. fl -. 
Eimgri Ml. Ldn- 


I neon* Dl«- .. 
me JO^-WUnM. .- ■ 2 ‘ 

Intnl Grown* E ! 

Inc. T«. Umtt 5 J 

Morin Leaders.— .- £ ; 

•1W Yield' . . - — I"* 
M r.llt TruB. . .. C> * 

G. 8 A. Trust <a'<g> 

5 (tayle^h Rnad Brent woed 
C, LA. 

Bartmote Fond M anag ersV taXg> 

2 Si. I Jaw AwCCMSBP 
frUmencMi TA. .,,09 
B*WiTV.tAa.S . .BM 

raw nwiHHu 



Aedenon Unit Trust Managers LM- . "Si 

i5« F«ifwcliSl. i eC3M6AA 4 ^3^31 

AndmonUT US0« • W5} ...l Sja . EIDhS (Antony] Unit TcL fiSgs. LfeL . CmwMw. "™ 

Ansbacher Unit Ogort. Co.^Ltd. j FyyrkVsPVOM.fewp. EC2 ^ ^01-588^1 pSSSib W'FV 

01-2833531 6| p | 

K, ?S5 §« SfS 



.b 6.4| _...| 4 22 

NatMnal P r air id ewt Inti Mngrs. Ltd.V „ c .„ 

Ae. Gracmhurth St. EC3P 3HH. 01*23 *200 J?w ^ lrtws M . A yli^ry 029fc wi 120. theapsi*. E.C- 

- -- Casual Drc. !?—•■■ 1 

38-JO. KtnDKhFSl M«ncJtnlrr 
RidteDeld Ini 15T. 

RidoeWd 1 ,'Ujfw 

061 -236 8521 _ . 

SIS 57™ 1 

Rnthuhild Asset Management (g> 

Pi*1 &GlltTruS 

' f t :; ;»E3 

0 K - ^^j FLn 5 l®>i 

J. Henry Sctardder Wagg A Co. 

Target Tit. Mars. (Scotland, la, <bJ 
19 A;nol Crnimj. Een 1 1 0iiv'29tt?l'2 

Tarqrs Aam Engl e{?3 9 2 \ Ml ~C 3 J gf 

Taroei Thhdr pi 9 9p 

iiirnlriromp Fd |6D 2 u-J 8, . | ^ vl 

Trades Union Unit TsL ManagersV 

100.Wnod5:rm!.Ec: 01*288015 

TUUT Dm 1 .... |« 2 53 H . .f 5 J4 

Transatlantic and Gen. Secs. Co.V 

91 AW New London Ru CnelmHori 0:-5 51653 

Alexander Fund 

1? rv fWto | , . pn-tre^n 

Ah»*’rter Fu"H | 

M" .* PI .#0* >- 

King A 


Allen Harvey & Ross inv. Mgt. C.l.' 

1 r.nwim Ciy. Si mci.m j • C : .■'SJ 4-JS741 

AMR Gilt Eds Ft lilOM IDr’! | 12.00 
Arbiithoet Securrties 'C.l. > L/mited 
P 0 Ea. ?W. S; Hr lie.. Jen*,. fSM 72177 g;j| 

i -■ )6 - .- r j 

Keyser UHmann Ltd. 
Vi. MiA Si'erl. EC2V PJE 

fpnvrk. . 


Cr„l A'reuCpp 


. .IF- 1 Af.-a 5 54‘J I 
FIIEJ: I?4^j _ 

lens*; l.wcr'-’ii] - 

Shazson Mgrs. 

T«»» f-1 MfliW JT". 

fijnsicanDec 14 
(AUJiOI. UnUi ) 
Bam.Ecpi.Npv 29 
BucVhin Dec. 14 
(iccifli Unltv) 

Colira Dec.15 . . 

fAcswn. Umu.) 

C-jfTtfJ Dec. 1J 
[tom Ume.1 . .... 

5lenD«.l’ .^ff 

JS S? 

- “ ‘ACCM Unifl . ,.. -jW ! 


taa.Gwih.DK 12 

i Accwn UKtel . 
fan 'Ho Dec T2. 

01-240 3434 wann^mDrc 13 

i 50 Aid 4tt 

uim Units)- ...!SnO b2«H . 4 80 

O'seas Tnw: ...Il74.9 m?| . . [ 2 4f, 

(Accum Umu)— ,-li34.2 142 1| I 2.40 

'•P»lte» 0" No* JO furvT o-jimo Dec 28 
■Pnces an No* 1 Neil dr»lim No>. 16. 

National West mi nste r V <al 

H C Eou lie Fund 

N C. income Fund . 

N.L Inll. F a Onc.jj« l 

Kc a,zjrWs 

2 70 lAmanl.--^' 

7 L, Incoinr Dec. 12... - 

^ BgSiSffti- 

" r l. Nettle Lt, EC2V7JA - .D1-623637S 

■■ Ik. MonWy FuML.:4U5 v 17 &» ■•. ~V IK 
I Arbethoot SecurtUes IM. OHc? 

71. Lmtan, £C9R 1BV. 01r23f»5Ml 

AC. intone- „ 

161. Cteansidr. ECZVfcfU 

'ffS satis ssfur^rtzKi 

Fuuncldl .. 

70 i 


7 17 
2 65 

92.71 -0-9 
37.M *0jj 
,7433 *0 4} 
54«-l 3 

RoUuchnd & Lowndes Mgmt. (at 

Sl Swipim. Lmt. tan EC4 Oi*26 4356 

NewCLEvenv IQ220 12901.. j. 389 

' v. IS. Nni dedUng Dec. 

Severn! Dm- . 



—H^n Yield . 
— IAsa*nr4inltal._ 
Ear* Income Fd._. 

. Hlahlac. Fund 

'imd --- 

1 Warts Fund 1 

■•- . (Atctvu Urnti) i 

' Crmfti Fand." ' 

---• g»&fcr. 

V. , Esilenj A Inti. Fd.. . 
•_6^b*r*wi.uu )..... 


HL^aJvmlEC^ ’ 01- W8 5*20 

m atferjBi ■ mt&i% 

Mm dtaiiaq dv JiM. S 
Grlnesoa Management Co. Ltd. 
S96iest»ni Street. EC2P ZDS i ' 

Smjgwa Dec. 13..- 4220A . . S 

{/Uaun UoJh) S62 

bencher Dec. 15 

tj| lAcam. Until .-.BP 

f-ff. La^ersl? Dec.13, .bO . 

?ja (AcCMAUmb) 174.9 - 

^ Guardian Royal Ex. Unit Jigrs^iid. 
i-OO RoraJ Exchange. EC3P3DN - . 014280111 

. - — 97J|«flL* 4J2 

Umvenal f d.jd) 

NEL Trust Managers Ltd-V (a)(gl 

Milton Conn. Oorfcwg, Surrey. 

t—-” « m? 1 

Norwich Union Insurance Group <b) 

P 0. Box 4. Norwich. NRl 3NG. 0602 2 2200 Royal Tst. Can. FA Mgrs. Lid. 

$7 5 


£ 5 8 

_ _ 

■For u> e^mpt i-jnct onl, 

Scottish Equitable Fnd. Mgrs. UAV 
Rowan Unrt Trust MngL Ud.V (a> 28 St Andrews Sq. EOttorgn 031 -556 9101 

City Gale Hw . F.mourv Sq . EC2. 01*061066 Income Units.. • !5? P 54 3| . ! 534 

js . 

718 tis&usi 

Do Aocun 


9 8 

pa d: -1 w 
E3:^. -u; 

bi r 





. Sit |:l$ 






7 67 












pifrO H 

Cjd Tel CJf^-*\1 

Nen dmliivv diiir D». 4 

Oov'lSrt'. T.i 1100 1021 

heal Oeultru dale ben'v 18 
ESu lim T-r (Cl) 196 UJi 

M*« wall TO rta:e teiTOiSr- 26. 

Australian Selection Fund NV 

ins ’*,-1-4; 

1 1200 

I 3 6* 

TO CF«n» 

Vjlley mw S« Pwfv Pdfi r,rr„ 

i Tranuv Suer' Dtuulav. I 0.V 
ill Fund (Jcrier) p W 
. (I <5 r.5.j hQ21 .94 6 

Gill F'«1 f.uew«N!i 0 1 7 
Intt. Go*'. Sees. TM 

Fir<t 5'erlirvi hi804 16 151 ! — 

First I ml fe; Yi «9 l»’4-i I — 

Kleinwort Benson Limited 

20. Frv.i«KH v. EC 3. n; *.23 KiOO 

Uar*M OppaKtunitaP' t O M & Oul'-WAlle, Eurinvevi It* F I 
I2 7 . *>em St Sidnm Gurrrw. l-c ]r>? 

USSlSMi*- .1 SUSifF ■ .1 - EfS ftfp' i K i 

«e| iw Bov*i w 2- ®- R Flr Ea»l Fd • 5 

Do Amuki 
KB Far Ejf« Fd 
Khlrll Fuifci 

KB Jaiur Fmcl 

K S US C*P Fd 

S- inei Benruila 
Iriemal Ed Fd 

u, w 

sus:: 62' b ; 
fusil 7; 

SUSJ9 1? I 
SU512 ;6 
SUS4 ®P I 
jijsipc;& ' 

Lloyds Bb. iC.t.- UfT Mgrs. 

PO Sk" :°5 S: jemev 

1528 , 5561 

mi* tfiemae' > ' 

LioimTu tivo*-. 

N*.' deal 

Prices on Hoy. 


American Dec. 14 

Securities Dcl 12 
.5911 High fld D« A . 
5 11 (Accum Linus) .. 
107 Merlin Dec 13 
(Accum Unit*) . 







78 3 





94 4 


1 66 
4 08 

Acumv Umts ■■— 15^ 4 63 ^ 

DeuBmj day w-thesqa. 

I $34 

Group Tm. Fd 0652 . 384.41 *1 1| 536 

Pearl Trust Managers Ltd. (a)(g)<z> 
E-6D64433 2SZ. High Hottwm. WC1V 7EB. 

PeArt Growth Fd .. 

Pearl Inc 

Pc-srf Un, Tvi 

54. Jermyu Street. S W. 1 
....... CauUalFj .... |67| 

01 -W5 844 1 


4 86 

7 23 


Archway Unit TsL Mgs. UtLV (8)lc> tagjGeanhffl Tsl. „f93 9 

317, H196 rituboro, WCIV 7NL • ' Ol-Ml 6233 Henfiersm. 

“BftfK-ilt J 7 # U:k". £?hm 

Bvdays Uidcoro LiiLV (aKc)igi ' u.x. AumSi 

01.5M55*= grtSgSft~ ;: 

Cap. (utMthAcc. ... 



(Actum! Units)" 

Pelican Units Admin. Ltd. (g)(x> 

81. Founulr SI.. Manchmer 061-236 5685* Umu ... 186 6 93 T| +021 * S3 

Perpetual Unit Trust MngmLV (a) 
4(LHari 51.. Henley on Thames 0491260*8 

P-penuIGp-Gih. .. (43 2 468] . .. J 3.97 

Piccadilly Unit Trust (a)(bl 

Pnces M D «rn*er 15. Ne*t dralm; 

lime December 29. 

8 95 Sehag Unit Tst Managers Ltd.V fa'* 
»’! PO Boa 51 L BcU6*>. Hse E C.4 01-236 5 

Seoag Coonal FP ...» 

,9 Sebaq Income FA f31 J 
Security Selection Ltd. 

15-19. L-imta's «* fir**. WC2. 

umeihTr.Acc.- [*4 7 
Unl GIUTst Inc. . [210 

Stewart Unit Tst. Managers Ltd- (a'< 

Tyndall Managers Ltd.V 
18, Carimge RoJd, Bn«ol 
Income Dec. 5 ... .p9p 


K caim. UnJIs) .. 184 0 

emp: Drc. 13. 11*6 

I Accum. Unit.) 

Im Ear Dec 13- .2506 

( Accion. Units) . 28* 4 
PnJ Decl3 . .1056 
(Accum. UmU) 133* 

Save & Prosper Group 

+0 2j 5.31 4 Great 5l. Helm-, London EC3P 1EP 
*99i -.OJl 5 31 • 4,3.73 Ourm 5l Etfr*ur.m £H2 4NK 

Dejfirg^', 10. 01-55* B899 or 031^20 7351 

Save & Prosper Securities Ltd-V 

IntemaltOFMi Fundi 

fW. . ■: PI 

Untv Growth tb7 1 

45, ClBriOtte SC. Edmturqh 
tSIewart AmeHean Fond 

Siandani Umti IS8.S 

Accum. Units, .j ....WJ 
WHhdrawal UNU |47 1 
■SteuMt Bitttth CawM Fond 

LoadOBWan Grouo 
■ 01*3 1 6936*9 CapftarGrowt* 

2e> 31 . t 4 60 DO Accum 

2 Jn ] 4 60 Extra Int urewdt 

Do Accum . 
Financial Pr'rt, 
031-226 3271 Do Accum. . 

H*n l"C Prianl/ 

1 sn IntematioraJ 
148 Special Sib 

62 2! 
67 7 
50 l 1 

0772 32241 


031225 11M 
17661 . I 9 32 

\4Btf sis 
mffl | 538 
-03 642 

-3.1 6.41 
*0) 10G8 
-*02 10.08 
*0 1 502 

*0 1 5t'5 
-22 920 

...,-Oi 3 08 

367 -04 i23 

Bank of America International S.A. 

.16 Oman fim Ec.yaJ Lirmeir-nooTO 5 p 
WidirvevJ I'tcme ISu6i'55.' lo lOI-f-AXi 732 
Pn-.e-. at Dec. 14 *k-i' -ur .-ti, De: 

241.31 C4t>4 syo -0 5 8 80 

Banque Bruxelles Lambert 

2 9je De la Rrqencr B :00C- RFit'ceh 
Renta Fund LF 11895 T*>41 ] 7 »7 

Barclays Unicom InL <Ch. Is.* Ltd 

: Cturinq Cix*-i. si MMNt.Jt* 0554 7 3 70'. Lloyds Bank International. Geneva 

SS3S&WP. j^n)W iJStJr 02 ) ^HI PO BO. 438 *.211 C-eceoe r. iSwWie'iaruO 

Unbend TruM ... . $S1KX 193 451 | E 50 Lloy* ol Gxmlh 

— Lujy* l-n ini.ome 

Barclays Unicom InL 'l.o.Mam Management International Ltd. 

1. Tlumut S: Douqixv i u V 

ill . 


4 :i 

: °6 
0 -R 

..II, ne 

Lhwav Tii^r C< it j 1:0 00 

•ce«i Omm"s Dji? 

isntw 3 
jyrr if - 

95V 27fh- 
i : j? 

1 12 09 

5 40 

Unicorn And Erl 
Do AuM Mm 
Dt Gnr Pacific . 
Da lirl Income 
Do ( e* Man Tm . 
Do Mam Mutual 


TS8 Unit Trusts (y* 

7L Ctuntry War. twt oi r Haul' 

Bishopsgate Commodity Ser. Lid. 

P 0 Bo- 42 Doaglas I » U 
ARM AC *Dei 
CANftnO- ‘ 



Bridge Management Ltd. 

PO Bo> 608 G'and Caytnar I'aynun 
N'bailu Dec 1 . [ V17 95? j 

&P0 Eo- 590 Horn Lewi 
'ppnr'FdCfl 13. BOSS A3 

tM4 4£S<> B'nl oJ Brn-uilj EulUir.; Benruct* 

•g Canterbury Det 1 BUS? ID , ! — 

MAG Group 

Th-ee 0w«»- T c-er Will t C ?P kBO O’- *7f- 4588 

AWmuc Dec 12 ;llfS2R: J IV 

Aua Ei Dec 13 6052 21 i 51| 

Gld E> Acc Dr. 17 
I r J- X uO 

_^OS221 '51| 

7HU992* 10 52 • - . 

Ii30 2 lap cj-? 3 *2 21 
*187 :, 2-1: 7] oil 93 r. 

b-*D*?t fl HI 098 I ltil ~ Samuel Montagu Ldn. Agents 

“ Dec. 4 U2.627 ? 7B6( I 188 1 14 Oh* Srowi V. EC2 G'.-ESStwA-l 

hufoolii nuied at *S1C' 4i^ -iCl 00. AsofloFd r*. !3 .l<Fi)6f 4;-51-'*.5| • ®5 

JanteuNoi 30 H-rjllT* 15 ‘ol 

. 1?7 GrnuO Dec ’■ k::n -t )J « -0',bl {£► 

* HTJffe. Nc. 2° £5 0® S H 0 75 

| - J«y0-rjM:*0 |f»4« 9 9 I - 

AdrainlstrationV tiMcMg) ^F^eirKi^ 

ACnun. 5 Rayie^h AM Ttucw 01-588 4171 

Unicom HO. 252. Romford Rtf., £7 

1 ... 

Uweam America. ... 
Do Ausf Acc 
'Do. Aad. Inc. .... 
R> Capto . ... 

Do gwri xir Tst.- 

Do Extra Iriconie . 

-8t 58T? ~:-: 

Do. Grmrai 
Do. Grcrrrtl 
Do Icen 

•Do. Prt 

_Prias at Not. 30. 
Do Peeowv. ...... 



th Act..”.. .142,* 

W.TSL JB6.7, 

Am T« ~nS6A 

Income A Assets 
Mob fmwr Arndt 
Hlnb Income . . . . 
Cabot Extra Inc. .. 

Sector Fhntfs 


OWSNaLRes. ,_g 7. 


597 wSwSDec'is:.: 

5.47 Dimm Fnuh 

Onnoo Funds 

fin AwWttaa ,| 

B JtaBTirr.i 

LW.V UHxl 

01-5882830 &S2Ltsj£- 


Baring' Brothers ft Co. 

B8. LeadenhaJl Sl.. EC3 ' . 

m -..\ « 

Wert a*Sy Defortor 20 • . 

f BW»gpsg8te Pregrwflot Mgml Co.V HIB SaraueJ UnH Tst Mgn-f bh 

■ Uj °. Bidwcngate. EC?. - 01-5886280 45 Beech 5t EC2P2LX 

*» F.-MtePr«tWf5. . ..rMP.D '• 3«9ttf T.I- |g 

Japan Dec. 3 

STAmer Dec 15 . 
Smaller Cos. . . ... 

0777-217238 Income 

• •• Small Co'; Fd. .. . 
Capital Fund . . 
lot Em*. 6 AvwLi 
Private Fund _ . 
Accumlir Fund 

American Fund 

32 3 
44 2 4 01 
47*1 «0J1 

723 404 
6T4» -02 
29 J -0 4 
23 -Oil 

10 80 
5 JO 
3 SO 

\nuvulm fflcsme Fund . 
Hrah-Vu*. .. |5*.Q 

High Income nhiM 
Hion Rnur . 167 n 

Income ... „ H29 

U.K. Funds 

UK Etwitv . 145.1 

Oversea* Fgndt'f 

Europe . . [85 . 


US f67 8 

383rf -0 

72 1 -0 

Stanlard ........ ■ 11*0.2 1*4 2! I <00 :*1, Ckantry war. Amowr Haul- OyH 

AuuncUMi-- - J16JJ ' r 17*5) I *.00 Dealings 10 026* 63432-3 

2t>7 Deolinq »Tiw. s F- -w*d IU1TSE General [45 7 48V -Og 

439 Sun Alliance Fund MngL Ltd. (a) Cto. A^um f5£8 *0 a 


58014011 7 

Sun Alliance Hsr.. Horaiam 

• K 5*fS&fS-" 811-oxl 

8 51 Target TcL Mngrs. Ltd.V (ai igi 

9 55 31. Gresham Sl. EC2. Deal , mb U29b 



TSB Interne ... 
(b) Do. Accum 
T58 SeOLlnh 
lb) Do Action . 

6B8j -01 
B81 -04. 
95 Ji -0.5i 

026* 62184 







Britannia Tst. Mngmt.. 

». Bath St.. SI Heller J-r.» 

2)561 . 

CD. Ltd. 


| {>77 Murray , Johnstone 'Inv. Adviser 

Ifrl Hem 5; 
•Hope 51 Fd 
■Murray Fund 

Gm-ww C2 

Sector Fundi 
LommodUy . 
Energy. .. Sc- 

r.'3J«ePr-^ec5 --..[M2.0 
acc. ifu."(3et S- - EWT 
B'qHrfm Dec,12 . .IJ|89 

{Auum.)Dk12... .187.2 . 

. feta* <&7, 'Jan » *»0 k 29. 

Bridge Fund Managers fa'ieV- 

Reqn Hsr. King WUHamSl.ECA. 016234951 

Americar A Gen t 

Ireome* ... 

Captal Inct 

DaActt. ......2..,. 



Bl Aixt... . 

IVtfng 'Toes. rWed 

Britannia Trust Ma na ge m ent (a)lg> ' t 
3 LowtonWall Bullttn. London 3&H, 
LondonECBM SQL. 01-6XSW78/0479 

Assets..- ... 

b BrUfch Trust. . 
g lM9Trmt._ . 

S Doflar Trust— . . 

Capua) Trust _ 

[b FHWM-.-al Trust 

b home Tran . _ 1 
,b Setivflr Trust . 

'b Hnm vild Ttf . 

Intel* V tal(g) 

■ IS. Christoohee Street. E C 2, 
. Intel Inr. Fund. .. .p9«* 

TH-247 72431 
3141+031 7JD 

K«y Fund Managers Ltd. tlHg^-r-' 

mn. Prtote. -flufi. 25. U.Ht SL.ECZVBJE. 

01-606 7070 

■ 1^. poltalAcc.. 

6m V 

wm 6 led . 

uvix Txxfty 



Ertra income. 

Far East . v.. 


Growth .LI 

int A Growth : „M3z . 

Ml Grant* 

irwen Tst Shams . , ;W4 

Utaeralv — 

.Hal HVjh inc 

New Ivwe .... ... _ 

North America*. , 

Professional........ J 


Unl» Energy ...^ . . J 

The British Life Office' LtrfV. (a) 

Rrilancr Hse.,Tw*ro)pe Wells, KL , 0892 22271 
ELEntldi Life «tB 

BL BaUncrt'. 

BLDtvbtervf* . ..._.J4L« 

•Pnees Dec. j3/ Ned 
■Brawn Shipley & Co. LW.V 
Mnffs.. PtiuKtors CL, EC2. 1222 4 

Do. (CC) Dec ll.__-.jBL9 
Ocemk Tnuh (a> fgF 

Gcoeral 1 

G rourlh Acnoa - 

Grorrih Income. 4 
Nlwi Inetttie;- J ......p9.5 

-I.T.II J K ** 


Overt®* — ■' 



ipr Fd. 

, jncocneFund._.. 

Kay Fixed Irt Fd 

Key Snail Co's Fa.. _| 

nimwoit Ben sen Unit Manager^? 

20, FMCtorch Sl^ E.C 3 - ' 01-623 8000j 

"T. Unit fit h*.- ...W4" 

,b. Uflftn*c....'..Jm8 

BFtf.To.Tsl. Act .Kl 52 
i’sftte._fcp • . 52. 


.341 KB.Sm.Q»«.Acc-..k93 52J« *«.9[ 668 

aUr-Hta6ind.Fd.lK MS J - -49M-.- I 8.55 

242 ' HI91 YTi Fit Act. ...|465 855 

~ LAC URit- Trust Managejneat Ltd-V 

The Stock ExdBnge r EC2N IMP . 01-56828001 

LAC Inc Fd™ .. -m* 7 14921 46.3 0.75] 

LAC lad A Gen Fd Jv7.IL,. UJOJJ *L5l 2031 

lAuon See*. UiLV &Ke» 

37. Queea'sStv LondorfWR 1BY 012365281 
*R». (Mertah... ^382 «I 



.... 'H 

. <Mr hui) L 

0272 32241| 

. “ ■" DeU. »6 b.«TS». ttWtd 

Legal & fimrd TyndaR FuodV 
01-600 M20 78. Canynge’Road, Bristol. 


Lmdnc AdmmtotratkKi Ltd. 

Z Coke SL, London W1M6JP. 01-4865991 

iSS^rzz.-^ W* 


LMyds Bk. UMt Tst. Mngrs. Ltd. V (a) 

RetfWnrt . 

WartWng, Wee 
BalMCd .._ _i 

SSrtLi'u ,S un;- .1 'oUAminJ-.^Zm< 
Cantata Ufe Unlt Trrt. Mwgrs. Ud.V WraW* GWJL....|i' 
:* St , Poller? Ear. 'Herts. P.Bta 51X82 PM*” * 11 ? — - Ei-; 
Can Geo DK{ .- ._. :.BRS. ’ 4L5T+8 

to. Gen. Accum 148 7 . 51JJ +P_ 

Da Inc Dist B4J). 359 *«3 fcW 

.On i«e. Atom r-Jfe;7 . _453 4f)3. 8J4 

Do. (Accum) [71.0 


1 4 “ 
90 J +c3 




Unyd s Ufe Unit Tst Mngrs. Ltd. 

•'inn .“7 m 

Case! (James) Ungt- LtriJT 
100.QMBriUd5t.EC2N 1BQ 
Cwto* • — -(33-9 . 8f ' , .. 

N^mricicZlPj . lM3 -■■‘i i 

Pnces os Ok.^ Nert dedtog tate Dec. 20. 

Cerfiol Unit Fd. Mgrs. Ltd. V <aj( c) 

Milhurr House, NwottJe-uqoo-Txne 

Csrrioi - ■■ [M.7- - ■ 

Do. AcciJn. Ilota BS.S ~ 

to HtghYleM 02.3 

to. Atom UnKs JSS*. . 

. . Nett dmlwg data J*aarj 3 
Chari nco FrniiUd: ' 

15. Moorgete. London. EC2 ~ 01-638*121 

IKS."igr»-figS = 1 iJiJSfSSlyto-J 

n,u»lu MbM |L».I - £*U» 

M & -6 GroupV (y)fc)fi) 
Three Qan Tower mn, EC3R6fiO 
- ■ See also 

ma Jfisgsaai5±l. 

{Accum Units) 

jm rf_.. 

Conwfrtlcai Growth 

Common lac 



Charities QfficU InyesL FdV 
77 London WtfP.-EC8N 108. ' 01-5881815 

r*r covtci tense jRpftct-setf Jan** Euday 
Chieftain Trust Managers LtdV: £*Ug) 


Accum Unhs) ^195 

Mr Eastern L _l 

Accum. Unftsl_._ ! 

! undo( f«w. Tits. 

fAcasn. Units) 

General... — ... 

Accum. Units).. 

HVi fbcome — . 

Araun. Units).,-: ...J 

33. New SL, EC2GT OTP: 

Aiwpcsn - 
Far Eawem Trust, _ 

High Income- 
InumaUtuai Tst-. ..; 

Basic Resources Tsr : 

I nan Growth Tst. 

Confederatkm Funds MgL LhLV <a> 

50 ChmceryLaoe. WC2A1HE. :. 01 -3C 0282 

Growth Fund ....'L ..|*65 - _.*««- -.IJ- S.13 

Cosmopolitan Fund Managers •.'* .. (Accum UnKs). . — j 
3* P«W street, Laaduu SWDC9EJ. 01.2758S2S Speriafttd Funds 
COTopVn.Gth Ftf -|UJ ■ 19.61 5JS Trustee 
Do Income Fd. . _ {48. 1 

Cralgmount UnRi.'TsL Mgrs.' Ltd. 

rilOFasteriaw.ECZViMH - . 0X6069262 ^ 

Hkjh income .. ,:__K6 i '50.91^ .110 00 FemExtoc. . 

ffiSSnSl-4 W ■ ■*' 4 Tki' Management Ltd. 

1 Sl Geme's Way. 5ievenage- - 




WliH fcg 

tf i LL69 

5L8n . . J 8 05 


■Crescent Uctt Tst. Mngrs. LtrL (aHg) 

« MofriiW Cres . E<a«*omh 3. 03I-22S.4931 

Gres. An*r Ftf Ig8 Kf -0 Jj 170 

Cres. Inlertsq'J. . —.p7 7 619} -Oh) 100 

Cres. Hl«h D(sL— ..J44.9 48 a a 94 

Crm Reserves .. _^0 . . ,4jS . 4.S 

Cres. Toiryo ..... aEtl-Og. l.ej. 

Discretionary UnH Fund- Managers 

27. BlondMl St. EC2U 7AL ' 01*384485 

DbJnc Dec- 8 .-. .. -(178 4 390 3ri( . | 4.99 

E. F. Winchester Fund MngL Ltd. 

Old Jewry. EC2 ' 01*062167 

GwwWtncnes»_ . nas 28^ ( 4.79 

c* WNd«rras<W-jl«J - - aS3- | 440 

Emsos & DwHey ’.T«t- MogronL LU. *. . 

29.Artn 9 u»5t,S.W.3. . "V. 03-4997551 

Emson Dudley Ta.— J68.7 - 7391 ...71, 600 

Fer-Egidtas Securities Ltd. . 

M Abbey Urit Tnat Mnsrs. 

-Equity & Law Un. Tr. M.V OHfcHc) L .‘ 
Anerstum Ho.. High Wyccnrbe. -’ -0494 33377 

Eqiuiy* Law -|668 703j ..i' - 1 429 

James Fmtajr Unit Trust Mt»gL Ltd. 

10-14. West Nile 5 iron. Glasgow 041-2041321 

0438 56101 
592J -»02l *79 

EC ZV IM*. wouuwttv 


Growth Units — , -|5b2 
Mayfloercr Management Co. Ltd 
14-18, Gredam-SL.EC2V7AU. * 01-606 8099J 

Income Dec. 5-- -IUHL4 . 11* 

Genera) Get 5 171-0 

Intend. Dec 5 ;_|43A- 

btaxury Fund Managers Ltd. 

30, Gradual SL, EC2P2ER. 01*00 45«J 

Mere. Gen. Dec. 13 -COT 8 
Ace. Uts. Dec 13_,-.B704 
Mvrc InL Dec. “ 

Acc. Uts Dec. 


Midland Bunk Grnup .* 

Unit Trust Managers LM.V (a) 

Courtwbod MHH. Sliver. Street jj«4 

. ShefliehL S13 RDl ■ j . Tep07«2 7W3 
CwnudlrAGn... ' 

Do. Acowl 
G rowth -. 

Do. Accum— 

Practical Invest Co. Ltd.V <yl(ci 
44 Bloomsbury So, WC1 A 2RA 01-6238893 

Practical Dec 13 ..1152 4 163 71 .! 4 42 

ALcum Unhs . ... @97 Z3?il I «« Select Income 


Htata-Ulriisam Funds 

75 n 
7 4 

.. . 12*2 


256.31 ■ [ 91 
56*1+0 3l 

Tanjet Comrnodlty 
Taron FUianctol . 
Target Er .Dec 13 
ioi ®Do. Acc. Unrti 
OW larWtGjBFiml. 

Target Growth . 

. , Tarqrt PadfiC Fd 
• -? Do Retm. Urtu . 
sSt Target Inv . .- 
3*2 TgL Pr. Dec 13 
Tgt Ine ,_.. 

T?L Pref 

Tqt Special Sits. 

7 70 

M J 
222 * 
118 3 


V 7 
'll 6 
,158 2 

31 Orfj -021 
* &6 ' 



29 _ 

.:■»{!) -0 2| 

366 5 1 

:i 7i -oil 


e 29 
6 76 
6 76 


2 . QO 

1 6 


Ulster BankV <a: 

War.TO Sew. Be>'a»: 023235231 

(t)UM(' Growth |?8 9 49 B *0 II 5 70 

Unit Trust Account & Mgmt. Lid. 
kkr>g William SL EC4R9AR 
Friars Hr 6 Fund IP 7 
VJieltr Grr F«t_._ 130.4 

021 12.10 


Do A uim. 

Wieler Growth Fund 
mm) William St EC4R PAR 
Income Unit: . ..HOP 
Amen U«ms .136 8 

01*23 4951 
4181 I 4 62 
323 | *67 
^8 3k 4.67 

71*23 4957 

11% .1 IS: 

Growl hTiwesl .1370 

lroril Fa 80 3 

Jersey Energy Tit 117 7 

Urira STn Sto. .. £2 p9 
Ki-)h ini.Sll? Tst . < 0.9? 

U3. Dinar Oraominalld Ftfs. 

Umvsl STM . I5U552: 

Ini Hlq.n Im Tsl |SlO ■*[• 

Jalpr to-. 8 lieii OrJlv; to: 

Brown Shipley Tst. Co. ’Jersey' Ltd. 

P 0 Bo- 583. Sl Heller. J+x-er f)5>4 7«T77 
SilnaBmlFd (h) J-JOOa ;00B] } 13 W 

ButterfteM Management Co. Ltd. 

P 0 Ben 1"5. Hamilton. tornmiLi 

fluitmv Equu- ISUS2 31 2 •"»' ‘ 1 7° 

Buttiesi Irajme tSUSJO) 2 091 \ &0! 

Price- ai Dec I hmi .-.c o. ;<* 8 
For Capdire* SA see under Key ser Ulbnan 

; •u57 , » y. 

| susifi « 

AAV hmr-KX’ X’ 



Neglt S.A. 

10a SMtYJhi Lmriinri 

-NAVNh* 2*. ! Su^i:) a I ! — 

Negit Ltd. 

<um cl w-ri>:ir>-. 

nav D+- i . I£5r- - : I - 

Phoeni; International 

PO Fn* 7” Si P*ti>t tn- Gu 

I "Iff. Dollar F u n.1 jStl.t? 3* r •- 1 — 

Quest Fund Mngmnt. ■ Jersey- Ltd. 
pfiBo- 1P4 r i ricimr 053*21 


■ lIvSilifrlnN 

Abbey Lite Assurance Co. Ltd. 
3-3 Si Paul's Ctarchyard. ECT. 

Crown Life Assurance Co. Ltd.V 

Ct own LHr Hv Wothw GU71 IXW 04Ko7 sfl.13 


Equity Fund 
Equity Acc 
Properly Fd 
Property Act . . .. 
S>l«li*e Fund 
Convertible Fund... 

V Monet Fund . . . 

VPron Fo. Ser. 4 
VMan Fd Ser * 

VEiqih Fd Ser 4 . 

VCptv Fd Ser 4.. .|U50 
VMoneyFd Sbr 4 |fi? 7 

37i g 






Pntn ai Dec. 12. Valuation rarmailv Toes. 

Albany Life Assurance Co. Ltd. 

31 .Old Burlington St. W1 01-437 5962 

VEOufty Fd Acc , 

. _ . unrFl 

VProp Fd.Acc 

VM'ole inv. Acc. 

Equity. Pen. Fd Acc - 

Fixed I PmlAcc 

Ctd.rAon Pen. Acc... 
lmi Mn.PnFdAcc.-.. 
Prop.PenJlcc .„_. 
M'ple inv. Pen .Acc ... 

AMEV Ufe Assurance Ud-V 
Afrna Hse.. Alma Rd , Rebate. Relgale 40101 


Mang'ii Fund Arc 
Mang d Ftf Incm 
Slang'd Fd lull 
Equity Fd Acc 
EquilvFd Incm 
E^iiIt Fd Inli 
Properly Fo Ab 
Proper) Fd li*jn 
Properl) Fd liai 
in. T»l Ffl Act 
Inv Tel Fd JiKm 
Irv Ts Fd Inn .. 
Fined lot Fd Ate 
Frd Int Fd Incm 
Inter I. Fd Acc 
Inter'!. Fd Incm . 
Money Fd Acc . 
Money Fo Incm . 
Di«. Fd Incm 
Crown Bit Inv.'A" 


109 T 



107 5 



107 S 

+0 2 




IM 9 






101 J 

96 4 




103 8 


-0 : 


104 3 



100 4 


*n • 



-n 1 

108 6 

1)4 ! 











100 J 



Lloyds Life Assurance 

20. CKflon SL. EC2A 4 SIX 

■ n G: 

B 72 

OpS-A'Pr. Dec 14 
QpJ'A'EqL Dec 14 
0 bA-a-hv.0k.14 

r 7 . Oo^'A Hy.0K.14 
Qp5'A'(jan. Dec.14 . 

W *T?| 

li 75 

6 37 

13 1Z 

is li 2 ! 

.0537 16U 

Dpi J'A'DpL fct.]4 .1124 2 130H toil 

London indemnity & Gnl. Ins. Co. Ltd 

18-20. The Foroun. Reading 58351 1 

tfprvr Manager . g3 2 

MMTlenbie. .E?7 

Fired Interen... 134 3 

The London & Manchester Ass. Gp.V 

Royal Insurance Group 
New Hall Place. Liverpool 
Royal Shield FO . -|1*7J 

Save & Prosper GroupV 

4. Gl Sl Helen \ Lntfn . EC3P 3EP 

051 -277*42? 
15581 | - 

Capital International S.A. 

37 nie Notrc-Oame Luremhojrg 
C^gtul in Fund I SU5J7 77 J J — 
For Central Assets Mngt. Ltd see under 
Keyser Uliman Ltd. 
Charterhouse Japhel 


Oae« SHg F.,i in «? '. i 

Q-icV I- nf Sec* IM q : P 

Outoi hill Bd 'SLlSP 875 0 9 
Pn.f at to-- 13 Net- mahs? 

Richmond Life Ass. Lid. 

-IS Aiiajl Sireet. Dc-jglac. i 0 M. 

ticwnorn GrO BO 
rn Pla*.<numKd 
Dv DLimontf Bd . . 
Do Cm incomeBd .. 


11) * 
;oij J 

(93 « 



i 1200 
I tm 

OS2* 23-°U 
-0 3[ - ' 

♦2 1 



Wmsiade Part. Everer 
7 13 C« Growth Fund 
— nF>» Ecrmpf Fd 

— oFler 

10 IM) AExernn Prop 
*53 ^«ps l« Tm 

Crusader insurance Co. Ltd. 

Vincula Hou«e. Tower Pi , EC3. 

Gift. Proo Dec. 5 . 17* i 

E*pt Im Tit 
levitjieFuntf. .. 
Im Trust Fund - 
Property Fund. 
01*268031 Gitf DwosiiFd 
84 3 ..I - “ft 

2*6 6 
li0 5 
9b B 
159 7 
115 D 
337 8 
85 4 

Bat In. Fd 
Property Fd • 
Deposit Fqt 
Comp Per-. Fd T 
EowiyPens Fd 
Prop.Pent.F.1 " 
C'll Pen-, Fd . 
Deoos.Peni Fd r 

1130 9 

.026 :■ 


Prices on Decerter 5 
tVteeU- oeat-ngs. 

129 71 




Schroder Life GroupV 
Enterprise Hocie. Porivnoirtr 

AMEV Money Fd 
AMEV.EquHt Ftf — j 
AMEV Fixed lot — , 

AMEV Prop Fd 





Intone » . 

InL Growth - 

Eagle Star Instir/ Midland Assur. 

1. Threadneede St, EC2. 

Eagle'KM Untfr. ... |5* 3 
Equity & Law Ufe Ass. Sec. Ltd.V 
Amentum Road. High Wycombe 9494 33377 
Equity Ftf_. -|1161 1203 *0 « 



Three Quays. Tower HHI. EC3P 680 

01-588121? Cony. Deposit* - 

** • 1 «■ raKi-d 

.u. id = 

. 91.11-1 3 — 


General Portfolio Ufe Ins. C. Ltd-f 
60 Bartholomew CL. Waltham Crofl i WX31971 
Portfolio Fund ...I 144 9 

Portfolio Managed H2.5 
PMolio.F.d Ini ..{47 5 

Gresham Ufe Ass. Sec. Ltd. 

2 Prince m Walro RA. B'mouih 
Cash Fund . -J&iJ. 




17* g 




For Arrow Life Assurance ur 
Provident* Capitol Ufe Assoronu 

E L Equity Fund 
G l.Gnt Fund ... 
G L Inti. Fund . . 
G.L Ppl». Fund.. ... 



Growth & Soc. Life Ass. Soc. Ltd.V 

weir Bank, Bray-on-Threnro. Berta. 

Barclays Life Assur. Co. Ltd. 

257 Romford W.,E. 7 <*-** 5544 MnUof ^ 

Tb ' 

K nk Scs Acc. 

iTSS. Super Fd. 



1 1314 14541 

.2 91 g 


7 4 

9 1 
o 5 

3 ._ .. 

••toe 14 —Det 15 

M ere h taif I nve s tors AssuranceV 

Leon Hre. 233 HiqhSL. Croydon. 01*869171. 
4* 2 

09 2 


100 1 


Fi,eO InL 4. 

Managed 4 


01*26458* ~ 

R A SGovt Secs « 
es PenCao B .. 
B.S. Pea. Acc B .. . 
Mogtf Pen. Cao E 
Mnoi Pen. Act B . . 
F. Int. Pen Cao. B 

139 5 




, 8 ' 1 
96 1 


01-554 8899 


-5 s 

C705 E7733 

1 Palenciarr Ron. EC4 
Adiropa . IDSU L 30 

Aif verba DW»^ 

ForeSk [DM.>1» 

f omf- - fevu K 

Eriveror Furri JS3 15 

Hlvpaoo 1SU:«9® 

Rothschild Asset Managemenl f C.l. > 

Cf’fc.MS' Julia rx Cl Guerrre, I>'*1 26331 


52 561-0201 

33 30 



Art icr 

4 42 

. C Eo Fr No. 30 
0 C Inc Fd lx I 
0 f. lull Fn t 
hCSmCoWH- 30 . 

0 i Comroe-fiij* 

0 C Olr Conriu t 
•P-ise: t> r - to: 

•Pnce*. r,r Dye 

“ ’ F. Int. Pen Acs. BK8 2 



Properly Pern. - 

02K * 7if ' 5 

Money MK Pens 
Oercsil. . .. 
Deptftit Pens... . 

Managed Pen* . 
■nil. Equil] 

Guardian Royal Exchange 
Royal Exchange, E.C 3. 

Property Bonds 1197 0 20521 . .. I — 

Ham bra Life Assurance LimitcdV 

ity . 

0628-5*284 ISi.feStf-IlJ 

•• j — to. Pem ... 

■ 1 “ NEL Pensions Ltd. 

[ — Mbton Court. Dorking. Surrey. 
- Nelex Eq. ' " 

Nelix Eo. AcaoiL — 

01-383 7107 NMer Money Cap...— 

*011 - 
+0l| - 

-1.61 - 
*02 - 

^ - 



Money Pen. Cap. B. . 

Money Pen. As:. B. .. 

Prop. Pen Cao B . - 
” Prop Pen. Acc B . . 

Scottish Widows' Group 
—P 0 Bov 90? Edinburgh FH16 SR11 
031*55 60d0 
Im P(j Senes Z 
Irwt Cash Dec. 15 
E> Ut. Acc. Dec. b 
Ex Ut int De: 6- 
Mag Pen. Dec. 13 .. 

Z Solar Ufe Assurance Limited 


o 0 Fn, *y*i Gi r>i Srenurl* BIS Brn-uri* 
Rerer.f tc-.W.- r -1 |5U“® ’7 . 9 J9l | — 

6r<ie r i to-, il ton real.M Dre 1*. 

Royal Trust 'C.l.> Fd. Mgt. Ltd. 

P Q. bo- 1“4 vvv.V 7 -a M-^ Jwvi 05’-l J’* 1 ! 

P T Int'l Fd I5US9^ tflBiiP ! ? ftfl 

R.T. Inl'i (J*. | FrI l§jn qo.lrf: I 3 21 

Prices x to: IS Urn sraiim Det 19. 

DS| 276 

Clhie Investments 'Jersey Ltd. 

PO Bo* 32D Si Heiier jc»re, 053* jtj 61 Rothschild Asset Mgt. 
Clive Gill Frt (C 1 1 1962 HV I 12 C 

Clive fi* Fd (Jsy ) |o 59 9 60) | 11 4b 

Comh'dl Ins. 'Guernsey Ltd- 
P 0 Bo* 157, U Pe:e> Port Guerr.-er 
Intnl Man Fd 1163 5 17B.«r ! — 

DWS Deutsche Ges. F. Wertpapiersp 

Gnipnhiirgwr'r 113, 6000 Fr.inSlurt 
Irvesla . .... |W37.’Q >9201-0301 — 

Delta Group 

P 0 Bar 301?. Nassau. Battnu? 

Delia Inv. Dec. 6 ... .DUS169 1 77|-0C1I — 

Deutscher lh vestment- Trust 
Po-af.TCh 2685 BiehercBsse 6-10 6000 Frqplfurt 

Concenira IDM2056 218qj-CL18| - 

Im Remenfomfs ....|DU68sO 7C7d|-0i0| - 

Dreyfus Intercontinental Inv. Fd. 

PO. Bor NJ71J Breanov 

NAVDre 5 .. BU515*4 16 64| .. { — 

Emson & Dudley Tst. Mgt. Jrsy. Ltd. 

P 0 Bor 73. Sl Holier. Jerre, 053* 20591 

EDICT 1123 8 131 5- I 3 00 

5o 5 
151 ? 


[527 59 _ 

Mm oealu-; to* 79 

tort dealMKi tor 21 




Save & Prosper International 
toa'ing lo 
37 BnwdS* 

Si H»l,pr Je-ei 

u.S. Dollar. donomiMlqd Funds 
Dir Fro IV -t.. 891 
iineTiai Gr *; . ? 69 

FjrEailem’J ..,1*7 63 

North Aroerrilr-t . 5 84 
Sew:*. to 9J 

St prim?- denominated Funds 
r/Linnel Capimt " 

Clvnmel islands- 
Comrad ••’t 
St Deoc- JI t .. . 

S; Fixed**'} . )1D7 7 

Prices on IV: 11 “tor 

053* ?0591 

. ! 7M 

-0 91 2 4*. 
-ns| 479 



1021-0 2; 4_. 
1)3 Bd I 1230 
i: —to: 


107 5 

-2 3 




mo 6 









-3 7 

The English Association 

4 Fore sum. EC2 
Eng An Sterilfm-. [15106 
Cm Fd-lt 10.93 

Wantgaie . _ 

tort dealing D« 20 

51 »! 

tWe*v:». Deal, to-. £D4-h toil-re' 
11-SSB70RI Schlesinger International Mngt. Ltd. 

I - 

Solar Managed S 

~ Solar Propertv S . .. 

~ SoLir Eaulty S 

- SoUrF.tffntS 

*CkJTrm onto whir Dec. 

Beehive Ufe Assur. Co. Ltd.V 
71. Lomeara S:, EC3. 

Bflc- Horse Dec. T — I 13233 

Canada LHr Assurance Co. 

ZAWgba,'MtersBK Hen* 

ttftid MS 

Carmen Assunmce Ltd.V 
LOhnpic Idy, Wro«to HA90N&. 

- - 7 Old Pare Lane. London, wx 

- Fixed iuLDep. J128i 

— Eadty Iff 6 

- sssaii—E 

Gift Edged 

01*Z3’28B rtmertcanAcr. .. 

I , Pen. F.I. too. Cap 

* ■ • — Pen.F t.Dep Acc 

Pen. Prop. Cao. . 

Per Proo. Act. ... 

UJ= SBWaffc: 

Pen. B.5. Cao. 

214 7 
081 1 



. llZi 7 

Pen. B.S Acu- Q47.6 

Pen. D A.F. Cap 

019078876 Pen D.A.F. Acc 








I *1.7 - 
L7j -02 — 
_ 1«402 - 
128 ? -*Sj - 

1373 *06 — 

Nelex Mon. Acc. 

NefccGth Inc Cap—. 

Neieji Gth Inc Acc 

Nei Mid. Ftf Cap. 

Nri Mid. Fd Acc _..p33 

Next Sub. day December 25. 
NPI Pensions Management Ltd. 


^ - - MS 

Solar CashS .. - _B028 

Solar Inti. S B6.b 

Solar Managed P n27 9 

‘ "mi 

_ - - _ Jjsfi 

— Sour Cash P -B024 

- Solar Irll. P 

">> BKSJt'r: 

Solar FuLIm. P 


01-2*2 2905 






+4 7 




109 J 





— , 

127 1 



121 J 



91.91 -OS 


Sun Alliance Fund Mangmt. Ltd. 

Sun Alliance House. Horsham 0403 64 141 

amiL-niiri^ : 

Sun AHonce Linked Life Ins. Ltd. 

— 48 GnacK hurch 5t, EC3P 3HH. 02 *23 *200 Son Alliance House. Horjiam. 

Managed Fund..-. .[157* 16421 .. I - 

Pritev Dec. 1. ton dealing Jan ? 

New Zealand ins. Co. (UK) LW.V 

Equity Fund . 

Proeenv Fund 

— Ualuand Hoore Southend SSI 2JS 070262955 

157.51 +4 1 

105.3 . 

114.3 -03 

“ Hearts of Oak Benefit Society 

Wwl Key In - Plan ..Q528 

Small Co 1 ’- Ftf 99.B 

TKhnotoqv Fd 106 7 

Extrp Inc. rd 95J0 

Exlra Int. Otst. Ftf ... 1002 
American Fd ..... ?3J> 

Far East Fd - W?.5 

CiltEogetfFd K^O 

Con Depo^ii Fd. . .- |9B8 
Norwich Union Insurance GruupV 
PO Box 4. Norandi NRl 3NG. D603 22200 






Irrterowtitmal Fd 4 

— Managed Fund - .[1 

129 4 
lOf 7 
liu 4 

i?o z 2 


ID* 5) 

116 « . .. 

0403 64141 

uierw ucieif Managed Fund... - .(219.1 

15-17 Taisieck Place. WC1H 9SM 01-387 5020 Eii^Fund B57.9 

- HeartsofOat. 137.8 399| | — Prooeroy Fund . .. . 

- HIB Samuel Ufe Assur. Ltd.V D^rt^und 

- NLA Twr , Aodtjconlbe Rn, Cray. 01*86 *355 Nw. Unit, toe 11 

oPropertv Umts . ... 

Property Series A — 

Managed Units-.--.. 

“ Managed Serves A.. 

Managed Senes C 

Money UnKs 



4-1 0 
+ 0.1 

Son Ufe of Canada (UK* Ltd. 

2 3. 4. CorLjpur Si.. SWJ 7 5BH 01 -930 5400] 

Maple Lf.Grth . .' 2C-59 

Maple LI. Mangd . 136* 

saws / ! $i 

Target Life Assurance Co. LtrL 

S3? ^ “r ^^^,59*1 


Money Senes A - 

Fixetfl ‘ 

t gfjLF'jfil.-'B&i 

o*V uwtwk wtue 

CapHd Life Assurance? 

-CordstoirHawe. Chapri AshWrioa. 

Kef invea. Fd I 10L1S |.. | 

PKtatalaflitvJd. 1 87.01 |.— .! 

Chtatertnrtise Magna Gp.V 

a rarom Hre. Bmnrt Centro. BWcf* ^ W)taw 

InL Ser. A 

Equity Senes A 

Pm. Managed Cop. ... 

Pis. Manaord Ace . 

Pm-Gteed Cap — 

Pns. GXeed A= 

Pens. Equity Cap 

Pens. EauttyOa 

Pm-F*d lnlCac 


Pens. Proo. Cao 
Pern. Prop A tc 

090? 28511. Imperial Life JLss. Co. of Canada 

iraeriai Hws^Guiuford. 

U*n. Fund Irt . „. 197 9 103.11 

Man. Fund Acc 121.1 127 51 

Prop. Ftf Inc 1ST 124 9] 

Prop. Fd. Acc 15*0 

Proo Fd.1nv_ .... ll T 0 

Fixed lire Fd. U*. 10'. Z 

i.Fd. Inc 91 5 


R?.' Plan Ac. Pen. 
ReL PUnCap. Pm 

— Mao.Pen.FiLAcc J128 1 

— Man Pen Fd Cap... 

_ GUI Pen.Fd Acc . 

Bit Pen.Fd. C;q>- -■ 
Priqj.Peri.Fd Acc 


141 1 
131 . 
173.' , 
171 J 
102 1 
ioi 2 





Peart Assurance (Unit Funds] Ltd. 

752 HlqhHc-twv WC1V7EB. 01^056*42 

Managed Fund Q15.2 1212 

Emmy Fund ..- .1119.8 1J6.J 

ProeeityOm . _(H25 1185 

Property Accum. ..—.11266 1333 

PhqenU Assurance Co. Ltd. 

4-5 King William 5i, EC4P4HR 01*26 9B76. pivpP(ii rj.Ca.....| 

WeqtuiAss 1113.6 119.71 I — Gvw Pen.FiAicJ .... 

Eb'r Ph. Ais . — I 78.6 I . 1 — f.uar Pen Fd Cap. 

EbV.Ph.EoE )761 soil.. — Da Pen FdA-.c (9/4 

Prop. Equity & Life Ass. Co.V DAPenFdCap ... -]9f.6 

119 Craurforo street, W1H2AS.' 0I-486 0S57 Tiansmtemaffoiwf Life fns. Co. Lfd. 

41 UMottrSi 
5* I L 
3 A.O L 
Gilt Fd.. 
i>Ci Fd J**re, 

|i|n| -o Ljmtro 
•Far East Fund 

-to. i -j* 

5: HpIim. Jer,r» lAK ' 




i 17 




11 6i!*f'iUl 

ibi !w*rorf 1." 


Next dealing Dec M. 

Eurobond H aiding s N.V. 

Handel-tf ode 24 Willeireiad. 
London Agents: Intel. 15 Cbrixtapher Sl.. EC2 
Tel 01 247 7243. Tciex: 8B1440& 

NAV chv -Jure Dec. 15. SUS2D 8F-. 

F. & C. Mgmt. Lid. Inv. Advisers 

K^renarFountney Hill, EC4R DBA 

CmLFd Dk.6 J 5US5.51 ! • - 

Fidelity MgmL & Res. (Bda-> Ltd. 

P.0 Bov 670, HamUtor. Bermuda 


Fidelity MgmL Research t Jersey' Ltd.. 

Waterloo Hre . Don SI . Sl. Hehe*. J*/v. 


Series A IlmnlJ 

5ki« B fPnrific) ... P .-.« , .. - 

Sene-.D(Am.Ass.). _|L15.20 I | - 

FJrsl Viking Commodity Trusts Sentry Assurance International Ltd. 

10-17 Si GnroevSi .Donto, lq « (W»2fOi5 pn Bg. 32b Hanulure 5 Be-i-v^to 



FtaeFiu Am Ass 

Fidelity Im. Fund { 

Fidelity Pat. Fd 

Fidelity IVrld Ftf . | 

Schrader Life Group 

EnteroxKe House. Ponwioulli. O'W 27753 

international Fundi 
lEipjity- ■ 


(riied Interert . . 

3n-ed Interest . r 

i'Mjmagcd . 


J. Henry Schroder Wagg & Co. Ltd. 

120. Cbeapclde. EC2. 01-588 4 r “jC 

106 3 




159 2 

1*6 CH 

107 6 

11* M 

123 5 


120 6 



|-0»| - 

AaJln I 
IVriino Fd 
Japan T 

iStoc. 15 . 51136 1-0011 282 

Liar tori 30.. 5115)23 16 

jwgAi.. 'fa I is 

Fdtoh.14 fUSB *3 * 0*1-01 Jj £!-•* 

Fjt Vil Cm Tu - 
F*.vi DU Oc Tu 

5 0 53 01 I 

Fleming Japan Fund S.A. 

37. rue Net re- Dame. Luvembonn 
Fleming Dm: 17.. | SUS63J1 I j 

Free World Fund Ltd. 

B*ntrrti»ld Bldg.. Hanllion Benmria 
NAV No/ 30 ... | 1US189 38 | . ! 

G.T. Management Lid. 

Part Hse 16 Finsbury Circus LunAm EC2 
Tel 01*28 8131. TLX' S86100 
London Agents lor: 

Vcr«r 'B Units ttUSl 01 1 Q4| 

Anchor Gib Edge E° 4’ a 17 

Anchor Ini Fd _ BlSl.T? 5 Dh' 

Anchor In jqr Th .. MS 29 9, 

Berry PacFd .... SUS5*.55 . 

Berry Pac .StrH . ._ 3J7 5T32b 5*J 

G.T Aya ftf . 5H»20-17 10# 

... Asia Slerimg il* 15 14 97' 

. G T. Australia Prf . JUS*. 73 10 21 
} GT Bond Fund ... . 5U513 62 

GT Dollar Fd _SUStf8g. 

GT (Hi (St rig. 

)G.T PacifteFa 
! G. T Ptnliopine 

'■farmed F-jnd |JU5:V 2 ihe.'l ! — 

Singer & Friedlander Ldn. Agents. 

20 Cannon St , EC4 gi.?c89f.l„ 

Drta*onds K»> J7 27 53) I 6 ! 

|iw> J7 . 

I 3U540 00 

; f' 

<,1 FdlLB Bh 9241 
1SUS16SI - . 
• Fd | SCSI 79 10 10 



-0 01 


13 4] 



1 *5 


I . WJ/. b . .— 

7 131-D1B) - 
i:ifl*ftOH - 
lOobf-Oiil 0* 
i ic.l.'r Ltd. 

, 053: 7.u« 

il$. ■ [ iU 

i rtav tor .V, 

R. SIR Proo Bd 

. Proo o 
Do. Effl-ifyEd. 
e> Money Bd 



Managed Fund. - f 

Fiv«f int. f 

’ 5i9| 

>, Managed.... 37.1 - 331 

S. Effl/fty!-— 40J ... , 42S 




+0^ - 

City of Westminster. Assur. Co. Ltd. 
*«M Hoore 6 WMtffcoror Rom 
■C rerdbgCRDZjA 

West Prop, Fond 

Managed Find/: ... 


Fund.-- . . ... 


■*d Rordota 

« >W 

6*1272 Secure Cao Fd'l'”-K 4 

EmUtf Fund |99.7 ID 1 

Irish Lite Assurance Co. Ltd. 

11. Fiiubury Staiare, EC2. 

Blue Chip DK. 14. ... 75.7 
5r IlDec. 14 . — 92 5. 

Managed Fuad — 236 B 

eSj^Fd"::. uu 
01*8* 9664 . ..". j&4 

Pro 1102-7 

King & Shan son Ltd. 

52. CornUJI, EC3. 

Bond Fd Exerrai. -1101*1 102751*0051 - 
Next dealing owe Dec. 20 

Ftai”Boriey Bd | 1*96 

Property Growth Assur. Co. Lttf-tf 

Leon House. Croydon CR91LU. 


— CBreamBM*) EC* INV 

VTuhp Invest Fd 

— PTuHpUangd Fd -517 0 


Hntf ori e nfy-cTiBrt to new oneonra. 
PwfcrmUiSls -j ,227 6 I 

712H Pro&crty Fur-1 

- >-0j — Property Fundi A) — 
-0A| — Aoriculfural Fuid-... 

Atair.Fimd(A) - 

Abbey Nat Fund.... 
Abney Nat Ftf (A).. 
lovesbnerii Fima — 
investmrin Fd. (A) — 
Equity Fund 
Equity Fipri(A) - - 
01*288253 Money Fund 

5.00 ««>ray FuTSfAl 

Actional Foiti 


* Retire Aimuitv 

_ *l mmed. Arin’lr ... .- 

Proa. Growth Poai* 

AHWTher Ai l»»s-1130.rt 
» All Weather Cap 
*1nv. Fd. Uts 


Cm As Cm Ud 

Man. Pens Fd. . . . J 
Man. Pens Ca» Ul| 

Prop. Pens. Fd 

— Lang ham Ufe Assurance Co. Ltd. 

_ Lvngham Hie . Hcwtrtok to . MW*. 01-203 5211 {Sjes Ca UK " 

_ Langhm -A - Plan 166.4 69.91 . . ( — Bd«l 5oc toe- U« 

_. tfProp Bond ... Ilf 71 154 8 — e3g Soc Cap UL- 

_ WHO (SP) Man Fd (7o 5 MS- I - pravUence Ceuit 

VMan. BontfFd.. 

01*800606 Man. Pen. Fd. Cap. 

Man. Pen. Fo. Aa. . 
- VMngd. Int. Ftf. Int.. 


01-405 6497 1 

n?l 8 
124 8 

VMngd invlFd Arc 1100 7 1059). 

Trident Life Assurance Co. Ltd.V 

~ • Remlade House. Gkuceaer. 


— GtiMgd 

_ . P-Ooerljr 

_ Equity. American 

— UiK tquityFimd 

_ High Yield. . . 

_ 6 ® Edged 

_ Money 

_ iiMmauoRal. . 

_ t>cai 

_ Growth Cap - . 

Growth Acc. 

_ Pens Mngd. Can 

Pens. Mpto. Ax. 
d.Deo Cap 

Pens. Gld. 

Pens Gid OepJUc .. 
Pens Pray Cap. . .. . 
Pent. Pty. fcc= . -. . 

_ -To* 





h*2 0 

1121 9 
I M4 
127 7 

10 7 
3ft ■ 

97 1 

■Cash rah* far f 100 crem m .n 

0452 365411 

163 _ 
Bd T 
111 ffl 
150 3 
129 £ 



Mo g 
128 g 
117 il 


38 9i 


Tyndall Assurance/PensionsV 


Legal & General (Unit Assur.) Ltd. 

J Finlay fntenwn._ 

■Atom. UrA}. 

J. Fjfltav looame 

J. Ftaby Eura Fin . .. 
U Units - 


J rinn y Fd.tB.Ta 



2<-4| -9-L 
28.9 -02 

33.6 -02 

29.6 -D.3 
34 5 -0 3 

(Vh Accum. _ .. 
_ ... iMeroattana* - 

Z14 -Da Accum ;. 

fl* High Yield 

S W pa. Acaat. 

'oetlli.: Nrt dealing Dec. 2<L 





^Jty Exempt* .... 
DO AcotaLT --- 
Japan & Pacific 
Do Afioxn 

Prices id Dk. Il Ned dtlflng fee. 

CORAL INDEX: CJose 478-483 


t Property Growth *'.• l.V 4% 

tViRbrugh Guaiidnwed .- — 1. 7 ’™.-- r -- r ; — lA75*b 

.* fAddrewt -ctauor. uridre lowrfiKt-imd Property Bond. Table. 

Do Accum.. . 

Equity InluaL „ ... 
Do Accum 
- ied Inltli 

City of Westminster Aisur. Soc. Ltd. 

Tefeoto* 02-684 9664 

FbS-Unhs _....p29* 135 « . I - 

Property Unit, {$*6 5T3| ; { — 

• . ': Fixed frtOai 

Da Accum. —.. 

- 4ml Initial. . .. 
01-285 7500 Do Accum. 

K _ Managed Initial 

T _ Do Accum 

1 Property Initial ... 

Do Aram. — . 
Legal 6 General < 

5D Chanary Ura; WC2A 1HE. ^ ^ 01-242 B282 

40im«ood House, IQnqswood. TAtfworth. Surrey JJjJ- 
ICTSbEU Burgh Heath S345& 

Cash Irltfal »? MJJI *0.11 - KSS fS 

Providence Capitol Life Aes. Co. Lid. 

30 Uxtontge Rtfut W12 BPG. 

Set Mtt. Fit 


Commercial Union Group 
-SLr.Keien'L 1. JJoderabaft, cC3. 

Canfedaratian Ufe Insurance Co. 


Pen. Mi 


Pen. Mngd._._j77b 




GroupMnotf Pen .. .. 


.Properly Pereira 


Exmiftf Eqly Intf. 
Do Aram. .. . 
Evempi Fixed 
Do. Accum. 
Exempt Mngd 
Dd. Accum 

ngd '"IL]|9 5 

— ' Exenipl Prop inn . w fl 
— * -Do. Araim .. 10 l7 








< 8.0 



Conthin Insurance Ca. Ltd. 

32,Wrld. E.C3. 

Pension Fx’d im 
Deposit Fd. Cao 
Deposit fd Arc 
Evny Ftf Cao 
Evilly Fd Act 
F«tf fm. Cap 
Fxtf Ini An 
InM. Cap. . 
intnl Acc. 

Managed Fd Can 
Managed Fd Acc 
Property Fd Cap 
Property Fd Acc 
Provincial Life Assurance Co. Ltd. 
222 Blstwpsgaie EC2 

Prcv. Managed Fd 

Pro*. CashFd 
Gill Fund .... 

Property Fund 
Equity fund . ■ 

FvtfTrt Fund 

Prudential Pensions Limited* 

Hotborn Ban- ECJN2NH. 


Canyng* RnO. BrittM 

SO. LZD. ISSSfeS-;- 
01-7499111 fWbrelJ 

Propertv Dec 14 
Deposll Dec. 14 . .. 
5-Way Pn. D« 14 . 
0'reas Inv Dec J* 
Mn.Pn3-WD« i. . 

Do Equity Dk. 1 . . 

Do BondDet 1 . . 

Da Prop Dk. 1 . 

166 6 
)b7 * 






Vanbrugh Life Assurance 
41-43 Maddox SI L*i W1R9LA 

Managed Fd 
Equltv Fd 
Intnl Fuad. 
Tired Inters Ftf 

intern I 
Property Fd 
Cash Fun ' 

167 3 

01-499 *923 


1549 » ^ 


. .. irugh Pen 

41-43 Ma&o SL.UW.W1P 9LA 

3 Managed .. .fid] 9 

“ ■ • U2 3 , 8 

— Fltrt liMtffl. . . rrt l 

— Property _ . . IlDOfi 

Cwiranteed rer Ire Bre Rate*' uMr. 

&L. UW. WIP-rLA 

.. .11014 107 7] ( - 

. . . Lfla.8 11* M _ 

t. . . N9) 10441 - 

... 1DDB 1063 — 

0) *26 5410 

182. J . I - . 

C re (fit & Cummer te insurance 

120-R*9ttfSL. London W1R3FE. -01-439 7091 7) Lombard 5t EC3 
CSCMn9tf.Fl 11230 HI# .. i - Eternal —fWJ 

01-40*5 9222 Welfare Insurance Cn. Ltd-V 
.5* 2633) I — «ftq»lato Pare. Exeter. D3«2-52155 

8 •1943 ... - MonrymaierFd | 105 ? ,1 -091 - 

Prop Ftf Dec. IB . 108.00 2887) .... J — For otl*r fumo plerer rrire lo The LtmdCiu 

Relaoce Mutual Mtathrew Group 

039222272 Windsor Life Assur. Co. Ltd. 

Rel. Prra. Sd; ! 22 1.9 1 .. [ _ Royal Ahwri Hvt Sraei Si wnuhiw ofl;u* 

Rathschild Asset Management l-v in. mare 

01*231288 Ljr, - L °^0h C4 .l_ 

I0I«| .^f 7^ WC Prtp - - L-*® t l n Si -I - "« Aud Pens' . 

Legal & General Prop. Ftf. Mgrs. Ltd. 

JJ Queen ViaoriaSL.EC-iN 4TP. 01-248 967B Ewm. Ffl. to*v.}5 
LiGPrp Ffl Decj>- |997 T04J1 . . . | - F»d Im. Nov 15 

Nexr sub. On January L 

Life f^rur. Co. of Pennsylvania TrataraniabM 

3^42 New Bond St . Wl 7 QftO. ’ 1 

LACOPUnl-. 197 8 10271. . ..| — 

Uords Eft- Unit Tst. Mngrs. Ltd. 

Ned Svt da» Dneofer 29. 

Fiei. ini Growm 

-IP 0 ’ 7'ri 
1“ 00 I 

44 on 1 

, £36)2 j 

IOI 5 106° 

Gartmore Invest. Ltd. Ltfn. Agts. 

2 Sf. Mary A. c LrnJPn. EC? Oi-283 3531 
Gartmore Fund Mngt. 1C.I.1 Ltd. iartb 
*1 Broad S' . S Holier Jervv 0SV-7?74i 
Gill FumtfJertry) . |95 i» 100 ill 112 25 
Gartmore rum) Mngt. iF» Eac!‘ Ltd. -a-'h 
1503 Hurriu-br h-r 10 HVcitiri Rrt H Knn 
hk 6 Pac U Tit ....(3 715 39u5Kfi5i 

Japan Fd 
N. American Tfl 
lull. Bond Fund 

Gartmore Jnreiymrrt Mayt. HO.’ la- 
P0 bo. 32 Duu^a, luM 0i.L4 2?«U 

me U d^ixiri Hr. H mum 

11 .... 3 715 3 9b'fl-CClii 

* ::W&% R3S 1 

1 . ISLETS 10c:-| I 

2 Oil 
1 80 

Gartmore mil. Ik .. .121 2 
Gar-more Inti. Grthlol 2 

9| I 

Hambro Pacific Fund Mgmt. Ltd. 

2110, Comauqtn Centre. Hot 3 Kens 
FarEartDrc 1? .|Stf»)4S7 IS 351 J 

Jap*r Fund |SD5?» l6 3n( *D I" 

Hambro* Bank (Guernsey' LttfJ 
Hambros Fd. Mgrs. (C.l.) Ltd. 

P (1 Box Bfc. Guernsey 



TuXyoTrt N» 21 

Stronghold Management Limited 

P 0 Bo. ?J5. ir. Hrl.rr .Imr, US?*.:] 4,-1 

Ccrtrwdily Tni-J |fii99 9| 57* | — 

Surinvest '.Jersey.! Ltd. ■'*> 

Oueere Hse Don Rd . St Helior. kr 0534 ;? ~SO 
Amentan ind T« . . j(h97 
ropperTrog . . 1c 1 5 AI ]_ 

Jap Inde. T« .. !fi0 64 10 

TSB Unit Trust Managers iC.I.*- Ltd. 

Baoatelle Rd 5» 5-iv.our Jereey 053: 73*94 
.lersey Fund ft 

(j^ree) F-nd K.* 0 

Price* cm Tec 3? N*»i cim 

TSB Gilt Fund Managers 1 C.l. 1 Ltd. 

FwueHr 9-1 Si S4>nur >*w a-74 TUU4 . 199 0 in?.™ 1 12:0 

Gill Fond (Jn ] 7»0 102 01 I 52 19 

Price, cn to-: 1*1 Ne.l *jb *a* to: 20 
Tokyo Pacific Holdings N.V. 
inl-m-: Uanagemein Co N v (iw-j o 

NAV i-.- -.roue Dec II JL'T**** 

Tokyo Pacific Nldgs. 'Seaboard' N.V. 

intimi-. Mwj'jwroi fo NV furrow 

NAV per ihare Dec. 11 5 US* 1 .'5. 

Tyndall Group 

P0 Bo. 125h K.-.milMn 5 Bfrimuu 2-2760 
O^a-Drc 13 (SU5 1 17 124) ' n 90 

1 v? I — 

: ?3i i - 

053* 3731 n 

B90| | 2 ft) 



rc 13 |SU?!i7 

Ur hi). UU1LS* 

n NOV. Ib pus: 69 

7-Wav tm 
2 New St, St. Heher. Jmei 

• irr 40 

TOFSLtoc 1* 

C I. Fund 
Imnl Bond 


- .T -A- SUS 
%r to -B' SUS] 
Price* >ro tor 

im Eguny 
int S.'S 

148 S 




I 3 70 
! 8 50 
2 10 

■ 2»- 

f3 to.t toaimTlto- 

Henderson Baring Fund Mgrs. Ltd. 

605. Gammon House. Hong rung 
(Japan FO toe 13 BUS2265 23.621 I 

IPacitoFd.-Det 13 SUS8 409 -OO.'I 
Bend Fd toe 8 SUS1C641 I •! >M 

E el in prehm tr.ii *• 
Kifl-Samuel & Co. (Guernsey' Ltd. 

B LeFebvre St 5c Peter Pori U n-r, 
CuenneirT*! 11515 1625ml *0*1 

Hill Samuel Invet. Mgmt. Intnl. 

P 0 Eo» 63. Jcney ftJ.U ; 

H5 Clrtmeljv F | US') .133 31 I 

Be. 2622. Be*" Teiri 35*"5 

H.S Orersea: ISUllBl? i886tf-uf3i - 

C-SFFdT Acc) SfJJIS J5.?^ > - 

iCiwbe** Fd (A W ) SF3 79 3 fib I _ 

itf Fd. (occ ) IsiiSBii a:?| ! - 

Internet I oiud Pacific Inv. Mgmt. Ltd. 

P 0 Bo. R237 5b Pm Sl Srif*c* a-.*i 
Javeim Equn, T« |SA2 33 2 451-0 011 - 

(j.ELT. Managers iJerseyl Ltd. 

P 0 Box 96 Channel House. Jereey il«.*4 7V. 73 

pereoy E.trnl Tv, ,|15&0 168 01 ! _ 

A» .n to, 30 tori W0 my to Sl. 

Jjardlne Fleming & Co. Ltd. 

"*6lh Floor Conraught Centre Honq i.n 

JartSnr E-4T, T-1 I HKS296 41 i ! 3 4<* 

HKS13 31 
UK31J44 I 
■Equmalrm SlJS8' 

rtcn Drtnnu* ;<* 

runx Share*) . 
trencar Dec 14 
(ArairocnareO . 

Tar E rJ to: 1* . 
i Ac aim -J-j-k) __ , 

Jones Ftf Dr* 13 

Iton-J Ate Ills 1 . , _ . _ 

Gill Fund Dec 13 11034 io?aqj | V. ?.» 


Victwx House. Douglu. tale af Man. 0624 24] n. 
c.sjnvyrnUov le 1*2 iq | — 

Unilife Assurance (Overseas) Ltd. 

PO Bo- MP3 Kamiltoii 5-11. Be'irer'a 
intend M-rtd Fd ISUSS96 _ [ | — 

Union-lflvesfment-Gpseiischalf mbH 

Po-<l-'cr '.r-7r,7 n x-'Vfl F.a-i'i.iri 16 

Silvli. r iVOi 
i arcs' ! on*. 


Unwiial 1 

|z5 25 
17 75 
" 4fl 

. ■ — 

26 60 I — 

13 70 -n.'fF - 

39 h£‘ - 

63*0 - 

Utd. Intnl. Mngmnt (C.l.'- Ltd. 

[a UJcei-n 3irrr-. j»r-». 

li m r„nd isu;,'*r ;pss.’.' 

United States Tst. Inti. Ad*. Co. 
)-> Pu* AlrVinoe*. Lu.emroura 
U S.T-.t l-n F-tf fSlftr.o _ 

Net M-ets tocenrnrr 

S. G. Warburg & Co. Ltd. 

v> Orr-Jure Sireei. EC2 

IDS’ *5 
. SUS-17 33 . 

SL'27 50 I 

mf %-i 



Bd Dec. !4 
Eni Im Der 1* 

Or S) >F 1 Nov. 30 
Mere tod Dec 13 
Men lAWi tot 11 

Warburg Invest. Mngt. Jrsy. Ltd. 

1 Ch-w-rejCriK- 6l Hrtier. Jiy.ti 05>4:?74; 


10 !%87 

Jarcflne J'o" FiJ 
Jartflne S.E A 
Janftne Fleir Ini 
loll Pac Sec* (Inc ) 
Do. (Accum ) 

NAV to. V) 
to.1 jc 

2 10 

Cf.’F Lid Uov 30 
CVT IM Wen J? 
'Jl-W-.Ti: Nov ] b 
TMThlo- 9 
T LIT Lid VC. 9 

? 'l'M» 




World Wide Growth Management^ 

1^.1 Be..ri-,*»d 9i*.al L'...rmpnurd 
Wnrldwure 6ln Fd] SUSl* 94 •— 7 'J 


Prtre* an -m I'l^'iitfr 5 (vprinir r<ceoc *nr. na-J'rt r m are -. omcr unlr * ■i*-«r.-,nr -d.-a rtf. 
Twill. ('‘ID*" in U*: TOliimn alhw Inr Jll MU") r-prrv a iVrerrtf prifec -ml -Jr all ■■P“—er] 

P T atfay‘sp.-ce. c view lM.-nri pn o*fni cv..r 0 t-linwlen q T-*da« - toning price h pi-*r»i<nr 
U6 la-er p P*--(Vli' pr**-ujn- .niji.vvr pi.,-j- -. t.*-jl* pren-. mi ram* 1 0" ar rrl price ii'CJud*j 
I pipenie* e>f.ral a^e*) * tomnui-nu; j fi*ir,«riir ■ - .-cl. iri- al; rip— . r-c Miort irro -'))- r-ariaseri 
Prrild."* da*'* Pfi.r V N-i 11- la. re ravilr-M :ar :.*- i*>- .*■.• rj-.'d'nj h- 4 « -'-,ie---.r. qrtr-.' 
F Suipendetf 4 r«w pf*r»e Jn*rf ia-. * t- s-itf.w r- '>•* a-a.iaD* ;o vaMarie bofliey 


Wall Street 

U.K. Equities • ' 4t' 

U.K. Gilts 

Forourlatest views and PIMS 
re ports write to RXTimberlake. 
19 Hanover Square, 

London W1A1DU. 


'.Financial Times. 

rrjrrr rr-J-L . ^roofe 

G — C 

M#t U» 

IH I 88 fflelnwOrtB.L 

Mansur Fin. Zap 
Mercury Secs.. 

PIE | Wgh low 

Minster Assets- 
Nat. Com. Grp.. 

Funding 5 \i&: ‘ 

Fwtagbijpc "85-67 


Beth. Steel S8-... 
Brawn 'g Fer. dW, 
Btfrawhs Corn. $5 

G.r.C. 5»z 

Catenriflarlj — ... 
Chase MhtnSlZS 




670p [Firestone Tire || 
lit* [First Chicago.... 

615* |+>4 | 9.99 | 11.76 

Over Fifteen Years 

Hire Purchase, etc 

Gaigh Bros JOp. 
Greenall Whitley 


Highl'd Difl. 20p 

I LlLk .tX. * 

Macallan, Glen 


Audiotmtic lOp 
Baker's Sirs. lOp 







58 Sp in) Nat. Gas Si 
5Mp Master Ferg II . 
0ft Pacific Pel. SI 
50^ PL»ce Gas SI ... 


0 71 I 73 » jf 

40 Da 4 k Mired Ass. 


Telex: Editorial 886341/2, 883897. Advertisements: 885033. Telegrams: Fmanttmo, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester, Tel: 246 8026 


Amsterdam: P.0. Box 12% AmstertfemvC. 

Tele* 12171 Tel: 240 555 
Birmingham: George House. George Road. 

Telex 336650 Tel. 021-454 0922 
Bonn: Preuham 11/104 Hetusallee 2-10. 

Telex 8869542 Tel: a 0039 
Brussels: 39 Rue Ducale. 

Tele* a 283 Tel: 512-9037 
Cairo: P.O. Box 2040. 

Tel: 938510 

Dublin: 8 Frtzwiinam Square. 

Tele* 5414 Tel: 7853Z1 
EtfMwgh: 37 George Street. 

Tele*: 72484 Tel: 031-226 4120 
Frankfurt: FrankenaJlee 71-81 600Q 
Frankfurt am Main 1. 

Telex: 416052 Tel: 7598 234 
Johannesburg: P.O. Box 2128 
Tele* 8-6257 Tel: 838-7545 

Lisbon: Praea de Alegria 58-1 D, Lisbon 2. 

Telex 12533 Tel: 362 509 
Madrid; Espronceda 32. Madrid 3. 

Tel: 441 6772 

Manchester Queen’s House, Owen Street 
Telex 666813 Tel; 061-834 9381 
Moscow: Sadovo-Samotednaya 12-24, Apt. 15. 

Telex 7900 Tel: 200 Z748 
New York: 75 Rockefeller Plaza, N Y. 10019. 

Telex 66390 Tel: (ZLZ) 541 4625 
Paris: 36 Rue du Sender, -75002. 

Telex 220044 Tel: 23637.43 
Rio de Janeiro: Avenida Pres. Vargas 418-10. 

Tel: 253 4648 
Rome: Via della Mercrde 55. 

Telex 610032 Tel: 678 3314 
Stockholm: c/a Swrefca Qagtrtatet, Riaiambsnqea 7. 

Telex 17603 Tel: 50 60 88 
Tehran: P.O. Box 11-1879. 

Telex 213930 Tel: 682698 
Tokyo: 8th Floor, Nihon Krizal Shlmbun 
Building, 1-9-5 Otemachi, CtWyoda-ku. 

Telex J 27104 Tel: 241 2920 

Washington: 2nd Root. 1325 E. Street, 

N.W., Washington D.C. 20004 
Tele* 440340 Tel: (2021 347 8676 

Miller (SUr)lOp 
Mod. Engineers 

Bel tough 20p 
Bergess Prod 



ii i* 1 ' 


(17 61 L' 
;Q30r - 
1.30 7.: 





19i 2 





57 |Ley*s Fowrilts 

Best A May lOp 
Bowlhorpe lup. 

Do 12fcCaw tJ-tD 
Dale EtecLlOp 





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68 44 

TOIj 6D 
35 171; 

29 21 

971j 764 
40 27 

3Uj 25Jj 

82 63 

2% 198 
106 69*2 
15 8 

146 no 

38 29 

386 122 

147 64 

307 214 
129 98 

*238 128 
102 70 

31 23 

93 75 [Tarlor PaUister 

•160 105 [fecal emit 


*■ n 

436 336 
95 60 

27 20i 2 

82>2 26 
32 ■ m 

71 52 

211 160 
138 41 

138 82 

















232 +1 





0-24 | 9 I 3.B( A . 


Fisher (A.) 
Fitch Lovell 






t23 o: 

fdl39 3. 
13.42 4 j 
t*21 3. 
M637 2.1 



57 - 78 
1 U- 93. 







Dykes (J.) 




minute c Cents. 0 Dividend rate paid or parable on part of 
capital: ewer based on'dhMend cn full capital, e RtdenpHon yield. 
1 Flat yield. ^ Assumed Addend and yield, h Assumed dividend and. 
ieht after scrip issue j Payment from capital sources, k Kenya., 
m Interim higher than previous total, n Bights Issoe penflng. 
q Earnings based on veMnary figures, s Dividend and yield exclude- 
a special payment, t indicated dividend: cover relates to p r evio us 
dividend, P;E ratio based on latest annual earnings, u Forecast 
dividend: cover based on previous years earnings, v Tax free up ID 
Mphilhel w Yield allows for currency clause J Dividend and yield 
based on merger terms, z Dividend and yield I ncbflfc a special payment 1 - 
Cover does not apply to special payment. A Net dividend and yield. S'. 
Preference dividend passed or deferred. C CanaAan E Issue price. F 
Dividend and n(M based on prospectus or other official estimates for 
197^30 G A'Mnned dividend and yield after pending scrip and. or 
nonts issue. H Dhiifend and yield based on onspedus or other official 
estimate 197B-79. K Figures based an eraspecti& or other 
official eslimatrs for 1979 M Dividend and yield based on praseaus 
or ainer oifioal estnraies lor 1970 N Dividend and y«M based on 
pros peciiis or other official esiinales for 1979. P Figtves based pn 
prorottius or other official estimates lor 1978-79. O Gross. T Figures 
assumed Z Dividend total io dale, ti Yield based on assumption 
Treasury BUI Rate slays unchanged until rroturity of stock. 

Abbreviations rt e> dividend; a e« scrip issue. V ex rights; a ex all; 3* 

ew upiiAi di^nhuliCfl. 

*■ Recent Issues " ant) “ Rights " Page 24 

This service is available to every Company dealt in on Stock 
Exchanges throughout the United Kingdom for a fee of £400 
per annum for each security 


lowing is a selection of London epetabons of mates previoasl' 
niy m regional mariw, Prices of irijn issues. »W of wtwcharo 
cially listed in London, are as Quoted on the Irish exchange, 

ins 20p...J 26 I j Sheffield Brick — f S3 1-2 I 

nnmg 71 67 I 1 Sbeff . Reinhmi I 67 .1 1 

- - 15 ... I S.mWlfWm.1 1 119 +1 j 

Ccmv 9»i -BO ir... £90 .... 

Alliance Gas. 103 +6 

Amort. ... 350td 

Carroll (PJ.) 94 

Ckmdalkin 99 ...... 

Concrete Prods 130 

Hen*. (Hides.) 45 +2 

In;. Corp US +8 

Irish Ropes 105 

Jacob 50 

T.M G- 190 

U radar* 80 ...... 


3-month Call Rates 

A Br»M 

A P. Cement 

BSR. . - - 

Babcock ..... 

B.n:lav' Bank . 
Bee: ham ... . 





Brown I J ) 

Burton 'A 



Debnhams . .. 
Dunlop . 

Eagle Star - . 
E.M.I . 

Gen. AtfUfrM.... 
Gen. Electric. — 


Grand Mel — ; .. 


Guardian .. 


Hawker S*M 
Maiaeoi Fraser. 

I.C l ... 20 Tube Invest. SO 

■■Imps". 6 Unilever — 35 

l.C.L 20 Utd. Drapery 71, 

lirveres*. 8 Vickers. 15 

KCA. .... ..._ 3 Woo [worths 5 

Lwfcrohe 17 - 

Legal A Gen 14 Proper t y . 

f£j e 2£J L Brit. Land... *, 

-tat" 6 *!: F **■*>"**- p 

L^Mn* L Land Sees. 16 

m w ME PC — 12 

V Pwcbry 8 

in Samuel Prom.—. 9 

mmSST:- 25 

wliyrt Bank' M 0fl * , , 

Do Warrants ... io Brit. Petroleum _( 45 I 

P&ODtu 8 

Ptesry „ 8 

R H M „ . ..... s 

Rank Oro 'A' 18 

Reed l«tnl 12 

Sellers 3 

Tesro C 

Tno-n .. 22 

Try;: Houses.. .. 15 

8 BurmahOd — 5 

a Clmertall 3 

5 SheH 28 

18 Ultramar.....^. 2S 

L Charter Coro. [ 12 

22 Cons. Gold.—. 14 

■ » MoT.Zne j 16 

A seiecM*i 

ef Options traded lj qlven on the 
Stnci Exchange Repin p*»a 


straidicAliOT savers 

, . . »-N<T- n^ n l»%n 

Head Officer High Street Skipton 
BD23JDN Tel: 0756 4581 
st London Office: 81 High Ho!t>om 
? Tel: 01-242 8147 

tads aasd C BO atfm 


Saturday December 16 1978 

Make friends with 

I-lp - PE PE 

finest of oil di y sherries 


Israel calls U.S. biased 

his stamp 


on it 


TF THE CITY was having some 
difljeuity Ln assessing Lbe logic 
behind Letrasefs flflin bid for 
the world famous stamp dealer. 
Stanley Gibbons. Letraset itself 
was very clear on Ur reasons. 

The acquisition or Gibbons, 
-said Lptrasct. is part of iis plan 
tn search nut specialist com- 
panies. with international 
markets, which will provide 
further gmwih potential. 

Chief architect of Letrasefs 
policy is iis 46-yen r-old chairman. 
William Fieldhouse. He sees the 
getting in nether of a supplier 
and distributor of artist’s 
materials fand Letraset is best 
known for its transfer lettering 
products) with a stamp dealer as 
a natural and desirable develop- 

" We floa t know anything 
about stamps.” he said yesterday. 
“ but when you base as we do a 
dominant market share in the 
commercial air market there is 
realiy no related field to move 
to. So if you hke. wp are moving 
from Mars to Venus." 

What Fieldhouse is looking for 
in whatever acquisition that he 
makes is that the company 
should have shown flair in its 
respective market. Its business 
should be more market orien- 
tated rhan biased towards heavy 
manufacturing. Letraset took 
great pains yesterday to stress 
that “the profile and style of 
Stanley Gihbons is compatible 
with the style, image and pattern 
of operations of Letraset" 

Fieldhouse became chief execu- 
tive of Letraset in October 1970. 
Since then taxable profits of the 
group have climbed from 
£477.000 to £7.41m. But that rate 
of progress has not been achieved 
without a considerable amount 
of effort by Fieldhouse. 

When he joined the company 
in 1969 as a general manager he 
was responsible for unscrambling 
an over-ambitious development 
programme. Between 1968 and 
197i> Letraset purchased two loss 

TEL AVIV — The Israeli 
Cabinet yesterday blamed Egypt 
for the deadlock in the Middle 
East peace negotiations and 
accused the U.S. of being biased 
towards Cairo. It also supported 
Prime Minister Menahem Begin's 
rejection earlier this week of 
four new Egyptian proposals for 
resolving the impasse. 

Yesterday's decision appears 
certain to sharpen the confronta- 
tion between Jerusalem and 
Washington, following President 
-Jimmy Carter's declaration on 
Thursday that the fate of the 
peace talks nnw depended on 
Israeli acceptance of the new 

The special Cabinet session 
was called afler the collapse, this 
week, of the attempt hy Mr. 
Gyms Vance, the U.S. Secretary 

of State, to obtain a peace agree- 
ment by the weekend. 

After the meeting, Mr. Begin 
said he hoped the consultations 
and negotiations towards a peace 
agreement would continue, but 
added he did not know when. 

He said the Cabinet is prepared 
to sign, without delay, the draft 
peace treaty, including the 
annexes, as formulated on 
November 11. with the approval 
of the U.S. Government. Respon- 
sibility for the failure io to sign 
the treaty within the three 
months agreed upon at Camp 
David "rests entirely with the 
Egyptian Government," he said. 

The Cabinet communique out- 
lined the four Egyptian demands. 

• Exchange of ambassadors 
should he conditional upon the 
implementation of Palestinian 

self-government, at least in tbe 
Gaza Strip. 

• There should be a review 0 f 
the security aiTangements in the 
Sinai, five years after signing a 
peace treaty, 

• An interpretative note 
should be added to Article Six of 
the treaty, which would negate its 
content, which gives the pact with 
Israel precedence over Egypt’s 
commitment to Arab states. 

• A target date should be set 
for implementation of the auto- 
nomous self-government on the 
West Bank and Gaza Strip. 

Roger Matthews adds from 
Cairo: President Anwar Sadat 
and senior Egyptian officials are 
expected to undertake an exten- 
sive policy review following 
Israel's rejection of the pro- 

There is no Indication Mr. 
Sadat is considering any 
dramatic moves and be will 
probably be content to work 
closely with the U.S. in the 
search for a new formula which 
will allow negotiations with 
Israel to resume. 

Mr. Sadat is also- thought to 
have been Jolted by the reaction 
of the more moderate Arab 
states, as demonstrated at the 
Baghdad summit meeting, - and 
may welcome the opportunity of 
showing his pan-Arab commit- 
ment while tactically allowing 
the U.S. to do most of the 
battling with Israel for him. 

A peace treaty is still the. 
essential plank of Mr. Sadat's 
policy but be is aware of the 
dangers in allowing the present 
situation to deteriorate. 

in lecond 

■ irn .r . •; _ . 
"V; - p 

Moves to check EEC crisis 

The 30-Share Index bas lost,.. . 01fl 

12.3 points on the week, the -Index JTOSe 3.1 to 4ol.ll 
Christmas spirit being sub- . 

merged by the political uncer- im .. ■■■ 

taioties and economic doubts, i ' nl mmamm 
T hus, yesterday's official cyclical i . m 

indicators showed .that the c<* : . pnacgofTWM Bgarewcw 

incident index has now begun I' 5 !*, ^ uwara 

to point down, while the longer, j f ^ ieadwc 

leading .'index continues to 7 ^- * V V- 

decline as it has roost of the. |* u ~ * t . 

year- : " / . [ \J • ' 



being made io Brussels to 
prevent the row over the budge- 
tary powers of ' the European 
Parliament from developing into 
a full-scale political battle, caus- 
ing further damage (o France's 
strained relations with the Com- 
mon Market's institutions. 

Fears are growing that the 
June dale for direct elections tn 
the European Parliament could 
he rn jeopardy if the crisis 
caused by the decision to vote a 
substantial increase to the EEC 
Regional Fund is not quickly 

. Although there is no indica- 
tion that the French Government 
has directly raised that possi- 
bility. both French Commis- 
sioners are understood to have 

warned of it at an emergency 
Commission meeting which 
broke up here early yesterday 
morning after several hours of 
feverish debate. 

If this week's budget decision 
were allowed to stand un- 
challenged. it would undoubtedly 
fuel accusations by the Gaullists 
that the European Parliament 
was encroaching on French 
sovereignty and could force 
President Giscard d’Estaing onto 
the political defensive at home. 
That could have serious conse- 
quences. especially since France 
takes over as chairman of the 
EEC Council of Ministers at the 
start of next year. 

But the Commission, which is 
to hold another special meeting 
on Monday, is still split on what 
action to take. Some Commis- 

sioners. notably the French and 
Belgian members, argue that the 
Parliament should be taken to 
the Court of Justice. 

Mr. Christopher Tugendhat. 
British Commissioner for the 
budget, is understood tn favour 
seeking some form of legal com- 
promise which would prevent a 
bitter conJTrooratioo -between the 
EEC's institutions. 

The argument turns on 
whether next year's budget has 
in fact been legally adopted. The 
Commission lawyers say that inis 
is the case, but France contends 
that the Parliament’s action was 
constitutionally .invalid and 
should be challenged by the 

Caught in this . crossfire. The 
Commission is still unsure 

whether at the start of next year 
it will have to put into effect a 
budget whose legitimacy is dis- 
puted by a major member State 
or. on the other hand, be forced 
to administer the EEC's finances 
on a month-to-raonth basis, in 
the absence of an agreed budget- 

ft is still possible that a com- 
promise decision of ‘•ome kind 
will he reached at one of next 
week’s council meetings which 
will allow the 1979 budget to be 
put into effect to the satisfaction 
of all parties. 

It has been suggested, Jor 
example, that EEC govern men is 
could let the Parliament's de- 
cision to increase the Regional 
Fund stand but deliberately en- 
sure that applications to it d'd 
not total more than the £415m 
agreed by the Council. 

Guinness 105 VT> \ : 

Everything is relative, and by. .. . So if- 

the standards of Arthur wants 

Guinness' poor half-time figures/'. r . cowciotHT .. \ Rutlir 

— when pre-tax profits were ^. ^ m I .1 -Lelsui 

down a sixth— the 14 per cent: 95* 1 1 1 'JJr ? 1 1 1 1 ' 1 'ww 1 ;a bet 

improvement for the full ^ 19,i — aroun- 

looks reasonably impressive, By '■ look - 

implication the second ;. ^ ^^ ' . tions 

months produced a jump of 37: - :After allowing for £26m of 3fcmk’i 
per cent- But this gain owed^ QCiated liabilities, net ; baiv other- 
something to the initial •mpact 'rowings will fall .from 6.8 to -. 

[ of a price rise on beer/. it> 5.5 times tangible share- 

Leisure- Caravans is 
raise a few eyebrows,' £Jter v alF; - 
Rank has been farfrtnn .success^ • 
fill In its earlier diversifications, 
-and this does not immediately 
look , Uke . a radically . . - 
strategy from. ..the. new^rBafc,v 
: management Sfill, Leisure Cgre-; J * 
vans dois >ppear-ti> be 
successful; bu&nqos. . > 

1 973 and l978eaimngSpe r.abar^ : 

havetrebled, l ^d"tiie"«5nipai^'i-; : 

is forecasting .that pre-tax 

will increase at teast.Ibner ^f / 

in the year to February. 

So if Rank has decided it- : 
wants to expand 

■ Rutlin’s — -iflterests-'in / • 

Leisure Cara'vans ipoks asjpod/. 
a bet as any- -The^t ^^- ' 
aroundjB. fully v taxi}d, ■ dw® Pht.,- 
look -cheap/ : 'Biit- the^aapusK .;: 

Continued from Page 1 


Rhodesia oil inquiry set up 


William Fieldhouse 
We are moving from Mors 
to Venus 

making UK operations. Masson 
Seeley and Vacuum Metallurgical 
Developments, as an entry into 
the beat transfer industrial 
decoration market. 

Both companies were a drain 
on the group's resources and it 
became clear that Letraset was 
trying to force the pace of its 
Technological and marketing 
development. One of Fieldhouse’s 
early jobs was to dismember 
the Masson Seeley operation and 
control costs elsewhere. 

In a year be had become chief 
executive of the group. His 
appointment came after the com- 
pany realised ihat its manage- 
ment was not equipoed at 
various levels to cope with the 
rapdlv expanding size nf the 
business. After all it was only 
nineteen years ago that the 
Letraset company was created to 
market the instant lettering in- 
vention. Many of the manage- 
ment were experienced with 
running only a small company. 

Fieldhouse had an ideal back- 
ground for the job. He was an 
engineer by training. He worked 
nine years in the process nlant 
industry with Allis Chalmers 
International in a variety of 
marketing and general, manage- 
ment positions, and he hHd 

executive positions with other 
groups nf some size. 

• He was responsible for 
strengthening Letrasefs manage- 
ment. introducing toucher finan- 
cial controls, doveinning Letra- 
set’s important marketing polirv 
fthe plank of which involves rhe 
group's close partnership with 
distributors i. and allowing the 
operating subsidiaries to enjoy a 
greater degree of autonomy in 

Fieldhouse intends that 
Stanley Gihbons should have 
full autonomy. “We have offices 
in 2- major cities overseas. 
We've paid their rent, we know 
the commercial lawyers, we 
understand the personnel prob- 
lems overseas, and we have the 
experience internationally to 
help Gibbons develop." 

For Fieldhouse the purchase 
is a shrewd one. And perhaps it 
is a tribute m his highly- 
regarded negotiating ability that 
hp managed to complete the deal 
in just three days. On the face 
of il the deal should have 
required a lot of selling for 
Gihbons was hardly m need of a 

vants of the State. 

The four unions involved will 
be making separate approaches 
to the Government and TUC to 
try out ideas of what that pay 
Link with earnings elsewhere 
should consist of. Mr. Give 
Jenkins, of the white-collar 
ASTMS, which has members in 
health and education, said he 
would be pressing for full-scale 
pay inquiries for these staff 

Mr. Callaghan said as long ago 
as May that because of the inter- 
relationship of pay bargaining 
in public and private sectors, the 
Government would in future 
have to adopt a policy for all 
wage-earners, not just those 
employed hy the State. Union 
leaders will now throw that 
argument back in his face: if the 
private sector is In be subject 
to exhortation alone, then the 
public sector should not he kept 
to a uniform wage settlement 

Since sanctions were never 
really employable against public 
sector workers, their removal 
wifi make little practical differ 
ence. But the Government’s 
retreat could encourage bodies 
like ihe~BBC, which is in public 
disagreement -with its paymaster 
about the incomes policy. BBC 
management asked that its staff 
be made a special case this year 
— as provided for io the White 
Paper— to remove anomalies 
caused by the 1975 £6 pay- 
policy. It was turned down, and 
is now planning to put a 
message on TV screens blaming 
the pay policy for industrial 
action that will black out pro- 
grammes over the holiday. 

In the private sector mean- 
while, the end of sanctions has 
already started to influence 
negotiations — notably the News- 
paper Society which had been 
asking the Department of 
Employment to approve a 9 per 
cent pay offer in the hope oF 
ending the national strike of 
provincial newspaper journalists. 

John Elliott, Industrial Editor, 
writes: The Confederation of 
British Industry is preparing for 
a major battle with the Govern- 
ment over the posihle use of 
price controls tn prop up the 5 
per cent pay timit. 

Next Thursday the Confedera- 
tion's leaders will 'warn the 
Prime Minister at talks in Down- 
ing Street that stricter price 
controls -will lead to lower profit- 
ability and reduced industrial 

They fear the TUC may sug- 
gest next week that the credi- 
bility of the Government's 
economic policies should be 
bolstered by the extension of 
price controls. One idea which 
figured in the last TUC- 
Government pay and price talks 
in November is that the present 
safeguard arrangements allowing 
loss-making companies to raise 
prices should be cancelled. 

The Confederation will there- 
fore tell the Prime Minister that 
il -will mount a major political 
cam pa ijn against any new price 

During the past year it has 
developed its political lobbying 
arrangement*, especially over the 
use of pay sanctions. In the run 
nn to the Government’s defeat on 
Wednesday night, its leaders met 
all the political parties at West- 
minster to urge them tn oppose 
sanctions. A similar campaign, 
plus lobhyinc nf individual MPs 
in their roTrstinienciex hy lucai 
industrialists would be mounted 
on nrieo controls. 

Meanwhile the Confederation’s 
pay data hank has been told of 
wage settlements for nearly lm 
workers. More than three- 
quarters tnvolvp rises ni around 
the Govemippnr's 5 per cent 
limit, although many claims are 
still bPing lodged for 30 per cent 
or more. 


THE GOVERNMENT is to set up 
a special commission of inquiry 
of the Lords and Commons to 
investigate failures in the appli- 
cation of oil sanctions against 
Rhodesia. The decision came in 
for harsh criticism when it was 
announced in the Commons yes- 
terday by the Prime Minister. 

The inquiry, which follows the 
publication of the Bingham 
Report on the application of 
sanctions earlier this year, is to 
sit in private, ft will publish 
its findings, but not its evidence. 

The Government will be pre- 
pared to break the 30-year confi- 
dentiality rule and make Cabinet 
papers available to the commis- 
sion through a strict vetting pro- 
cedure carried out hy the chair- 
man of the commission, who will 
he a Lord oF Appeal. 

The decision to sit in private 
is certain to run into stiff oppo- 
sition after the Christmas recess 
from MPs on both sides of the 
House when they debate the 
resolution setting up the com- 

Back-benchers have already- 
expressed fears that the Govern- 
ment and Conservative front- 
benchers are getting together to 
play down the embarrassing 
sanctions controversy. 

The commission is "to consider 

following the Report of the Bing- 
ham Inquiry, the part played hy 
those concerned in the develop- 
ment and application of the 
policy of oil sanctions against 
Rhodesia, with a view to deter- 
mining whether Parliament or 
Ministers were misled, inten- 
tionally or otherwise." 

.Mr. Callaghan justified holding 
the inquiry in private on the 
grounds that this protected 
reputations that could be ruined 
by allegations at a public 

There was strong criticism 
from Mr. Edward Heath,- the 
former Tory Prime Minister, as 
Mr. Callaghan made his 
announcement to a sparsely 
attended House on the eve of 
the Christmas recess. 

Mr. Heath objected that the 
Government was really propos- 
ing a Tribunal of Inquiry, but 
without the public being present 
"I would suggest that this is 
the worst of all possible worlds," 
he said. 

" This will be a private 
inquiry' held by people of con- 
siderable reputation where 
people's reputations will not be 
improperly traduced." he said. 
“This is as good a foritl of 
inquiry as we can hold." 

The Government will table a 
resolution setting up the com- 
mission during the week 
beginning January 22. Mr. 
Callaghan promised there would 
be a free vote on the Govern- 
ment side on the proposal. 

He wanted the inquiry to 
reach a speedy and effective 
conclusion. Some of those con- 
cerned, particularly Sir Harold 
Wilson, had been spitefully 
attacked over their conduct in 
the matter. In fairness to him 
it shnuid be disposed of quickly. 

Mr. Callaghan said that the 
Cabinet papers would be made 
available only if Mr. Heath, and 
Sir Harold Wilson, the former 
Labour Prime Minister, agreed. 

The chairman, with the assist- 
ance of Treasury solicitor, would 
decide which of the papers would 
be seen by members of the com- 
mission or witnesses. He would 
also decide whether to publish 
any of the papers in the final 

Many MPs feel that the com- 
mission should decide whether 
the Cabinet documents should be 
made available. 

Mr. Heath will wait until after 
the debate in the Commons 
before making a decision 
whether the papers of his 
administration should be 

I Ireland in July. And several faolders ' hinds. This means that 
exceptional itemsj snefr s ^ be able to do a lot 

o3rd week for the whole group :more business without threaten^ 
and an extra five months , for -jjg conservative balance 
l the general trading companies ,-' ^05 And the impact oh 
have served to flatter - the p^gts ts e qpally healthy, since 
figures. For the year, Guinness British Relay made just ELfim 
has once again underperformed- pjg_ tax j as t year. ’ . ‘ 

Sr^lnd^ts b U 4 ■■^f' ctro S5^SSS2 

of declining demand persists: .^dsome priwfor abbess 
stout volume seems to.- have ^ 

dropped,, despite Guinness Brt its ; ilL: 

weather in the summer, by 2 t<K 6p to . 

3 per cent, and since the Irish 5“"*“ 1 “ f s S! P ?£“Si f irij! 
market was strong it looks 

W8S eSP8Cl ^ Wh£ 

£?*rW£ ,, ^SS!S' 

SSSf,.*' record, and if it cat. ataori. fte 
^ JESfip 06 bu5iness iBto lts existing 

n ° P” fits ' .^ le overhead structure, the benefits 

associates have be substantial, 

buoyant. The prospects /for . . . , 

these various activities iru. indication of this is the 
general trading and plastics'are- fc> recast tiiat gearing will- be 
hard to assess. But Guinness.^ reduced to; 'more noma T 
confident about seeing reason? levels within the^space 
able overall growth this year:, years- The immediate impact .or 

and at I62p the p/e Con a low S £ 

tax charge) is an undemanding holder^ fundft fro^ 54 
3 g per cent „of. capltat employed. 

Another sign of ER’s confideiiOe: 

TV rontnl calo is the foretasf that 'dividends 

IV rental sale for the year to March 1980 .wiil 

Lloyds and Scottish shares be 63 per cenfcaiioye last year’s 
rose 10p to 112p on news that it level. Anyone prepared to stick 
has sold its British Relay tele- around that'lbhg will be getting 
vision rental assets to Electronic a yield of 6 } per; cent at .the 
Rentals for £61m cash — and one current price. 
can see why. The disposal brings . V-:-. . \. r ; . 

L and S a surplus of about £18m 'I? arjlc IveisTlTP. Caravan 
before tax on book values— and rKailK . varavim 

it will be able to exploit the tax At first: glance Rank Oganis- 
liability by writing more leasing ation’S £ 2 fim agreed ’ bid • for 

Leira^lG^atg^ A 

When Letraset , 'ma&ev its T>kt ; . • 

for J. and .L. Randall - 

it apparently. . already .-had.-it^ y )■ >' ■"* 
sights set .on .Stanley XSttronsr 
-uowv a sSce of the £ 12 . 8 ra eastw v-. 
required ^as an element .-Of tile . — 

Gibbons bid' will 'be';- rai^d ;bjr 
selling off Randall’s asets. f;,: ’. ; 

- Randail - was -.a-, financing :■ : v^filwn- - 
vehicle that happened tolCTitfri' -.- ^ 

biife a . useful . toy -'divisiqa.^ 

. Gibbons fs; iaV - ttpia sbir- .^ ; r 
the source of a new burst 
growth to Letrasef, whic|i. h^ ; : ;i , 
just produced first halL-figurfes ' ^ - - 

dwwlngr-once the .acqujsitfohs | , 

are^ ^stripped o.ut..--T only S per . ^'fnUrCSc 
cent, pre-tax' profit growth, , j . _ 

' admittedly with a ^substantial * ;y. . - 
adverse, exchange rate effect. • 

" letraset argute the need for ' ’* ' 
cash backmg'So thaf the- stamp •- 
.portfolio which enables Gibbonk 
' to make a market woridwide dni ; . ^ 

be expanded-; m : j 

volnme growth piT stamp tnitt- . ; ;/ . " - 
mg, ' while:. LeJxaSStV Overseas ’ r - • 
operations should be helpful; td 
-(ShbonsL-’.;.-. 1 -’- y. ! 1 

'i-.The -JE^ profit fu^ for f 7 ?;aiKS 

Gibbtms pnte- the -shares, ^ the ; 

3 bpp 'of *the' cash -offer, ’pn -an t - 

exit V/e/jBt'iS, gtgti& i&ow t T - ' 
the historic: 2 t ^dBag'.la -the ‘ ; ;- 
'market- b^ore - Ihfe tdd was • | . ' 
aniuKihced-- ‘Betra9dfs ; : sbares ., ‘ 

are only beinglqnderwritten. fot ; 

.the. cash offer . 122 p,- against 
I35j>- kt .the:t&ie."pe.tiiie:Kaiiddl' .... ‘ 

bid. but ^the boost ah-^dr^diend ' '' -t.- i 

;ihjat iaktieen a&iwe& hy: thn- v . . 

! Treasury. ' -should; give-ithma, - JSoCil 

support ^Qie impl ic atio n s 1 - 

of the;bid^ Gibbons are h^&g - . - . - . 

digested,':^- v-y r ,.- . 


TUC will support 
journalists’ appeal 



THE TUC agreed yestarday to 
support an appeal to the House 
of Lords, if necessary, against 
a High Court decision to order 
the National Union of Journalists 
to lift its instruction tn Express 
group journalists to Wark copy 
from the Press Association. 

Agreement by the TUC to take 
; on the case was conditional nn 
•; the court orders bet ns obeyed. 
[Mr. Len Murray, the general 
j secretary, said that the TUC was 
I “ exceptionally concerned" at 
j Mr. Justice Lawson's decision. 

I After meeting Mr. Murray and 
the TUC legal advisers the NUJ 
! withdrew its instruction to 
1 Express .Newspapers journalists 
1 to black Pa copy given in sup- 
jport of a strike by 9.000 local 
: newspaper journalists, 
i Mr. Murray- told Mr Denis 
I MacShane. president of the NUJ. 
| that he would urge the TUC 
! Genera) Council to finance the 
’ ease to tbe Court of Appeal. 
!The hearing is likely to be on 
i Tuesday. 

He would urge affiliated unions 
to give financial barking to take 
the appeal to the Lords If neces- 
isary. The backing was condi- 
tional on the NUJ's conforming 
[with the injunction and instruct- 
j ing its members, at Express 
| Newspapers, to lift the blacking.' 

Mr. Murray said: “This case 
! involves a matter of great im- 
portance to the trade union 
| movement generally." 

The Newspaper Society, the 
I provincial newspaper employers' 
» body, said that now that the 
j Government had abandoned its 
; sanctions policy il was prepared 
I in improve its 8.7 per cent pay 
; offer, if the provincial journalists 
\ returned to work. 

The offer is unacceptable lo 
I the NUJ. which wants a settle- 
ment comparahle to the 14-18 per 
cent deal achieved by ite 
Scottish members. 

Journists on tbe. Sunday Times 
decided to withdraw from an 
agreement over new technology 

and disputes procedures hecause 
they claimed journalists on The 
Times had henefited front bang- 
ing hack until after the Novem- 
ber 30 deadline set hy the man- 
agement fnr all staff. They 
claimed they had been assured 
that no group would profit by 
negotiating after the deadline. 

Alan Pike writes; Tne- possi- 
bility of a major breakthrough in 
the dispute which has led to 
Times Newspapers* suspending 
publication, collapsed in a dis- 
agreement over the issue of dis- 
missal notices last night. - .* 

After five hours' negotiations, 
chaired bv Mr. Albert Booth. 
Employment Secretary, a rormul'a 
was reached for the company and : 
the National Graphical Associa- 
tion to negotiate on the crucial 
issue of new technology. 

Prim union leaders insisted! 
that they were prepared to talk 
only if dismissal notices did not 
go out to about 3.000 staff . this 
weekend. Times Newspapers 
management said the dismissals 
must go ahead. 

Under the agreement, it was 
proposed that negotiations 
should continue under the chair- 
manship of Mr. Len Murray. 

general secretary or the TUC. 

• Mr. Alan Hare, managing 
director of the Financial Times, 
confirmed yesterday that the 
newspaper’s management bad 
given a written warning to the 
National Graphical Association 
that 57 members would be 
deemed to have terminated their 
contracts, of employment unless 
assurances of normal working 
were received by Tuesday. 

The move stems from what the 
management regards as. con- 
tinual disruptions’ to normal pro- 
duction. The company has asked 
NGA leaders ti intervene In the 
dispute, nboui general pay levels, 
and in particular plans to. print 
an edition of the paper in 
Frankfurt. West Germany, from 
January 2. 


MOSTLY dry, cloudy, with 
occasional rain. Some snow in 

London. S.E_ N., E.. Cent S. 
England, E. Anglia, S., E„ Cent 
Scotland, Lakes. Midlands 
Cloudy with wintry showers, 
some bright intervals. Max. 4C 

Channel Islands. S.W. England, 
Wales. Isle of Man. N. Ireland 
Sunny intervals. Showers near 
coasts. Max. 5-7C I41-45FJ. 
Highlands. Scottish Islands 
Cloudy, some rain, sleet or 
snow. Max. 3C I37F). 

Outlook: Cold. Wintry showers 
in north and east. Bright 
! intervals. Night frost and fog 
I patches. 










E hem 




B. Aires 












H Kang 



Y'dey ' 

Midday 1 
-C *F 

9 7 *5 ' London R 

c iS f4,Lu«mbg C 
S 23 73 Madrid C 
F 1« 57 ■ Melhnc S 

F 20 68 Mitnn C 
F 6 43 Montrl Sn 
F S J6 Moscow C 
C 7 - S . Miimcli R 
C 6 ONwrstln C 
C S 46 N Torii C 
C 8 46 Oslo Sn 
F B 4P Paris C 
S M Ti Perm c 
S 20 68 1 Pranne C 
C B 46.Rvki*k C 
S 3 37 Rio, J o C 
C 7 <5 . Rome F 
Sn 0 32.'S*pof* 5 

C 7 « Stlrhim F 
C <5 43 1 srrashn R 
C 7 «;Svdnav R 

R 7 e5|Tnhrm 

R 7 «jTofcyo R 

— IS — .?:Toronin C 
S 20 RR ! Vienna F 

C -n 77iw*r*aw R 

C ifi R1 Zurich F 

*C "F 
9 4Q 

6 43 

9 48 

18 84 

3 37 

2 3fi 

7 45 
7 41 

4 30 

— 7 13 

in y> 
23 73 
G 43 
1 34 
2 ft M 
16 Fl 
30 flfi 
-7 m 

R ok 

19 fi* 
in sn 

10 50 
? 3fi 

1 1 S? 
4 ftp 
B « 

With so many names to cKoose frorri,lipw. 
can anybody except an expert go about chdosiilg ; 
a Cognac? • • 

First, make sure it is. Cognac. A handsome a 
bottle with an impressive label, full of stars and 
symbols, can contain a verV ordinary grape brandy 
but tite'VL'ord Cognac is protected. by law and can 
only be used to describe Cognac brandy which' 
comes from the wine ofeertain grape types grown 
in a closely defined area and dou ble distilled in. 
traditional Charentais potstiils under die most 
•rigorous local conrrol. .rV’:-. " 

That the bottle rivayfhaVe been in 
somebody's cellar for twenty years.tells you 
nothing either. Cognac be marured 
in oak, and once ir is bo.tded it does not 
improve.There are two further facts you. 
oinrelyon. j; - . . . . . 

The first is the nam^Snd diefiame 
Hine on. a bottle of Co^ad-t'eiis you it 
comes from one of the few^great. Cognac 
houses, founded in the hearrofthe 
Charente in 1763.The s^:e>nd is your / 
own palate. A single ^ass.ofifce Cognac - . 

•will confirm that you chdspwdL V 

] m.S.O,py 


Alnccin c 14 57 J8riey C ft • 48 

Algiers F IB 84 L. Plmns C 18 68 

Bi!irni7 C 13 5S loenrno F 5 *1 

BtckpOfll F 7 47 M«|orcji C t5 59 

Brdeau* R 8 481 M»1aqB F 11 K 

Boulogne HI 9 48- M»1r- R HF «4 
CnsMc* F 30 BBI Noirohl S 23 73 

Caon Tn C 20 6« Nnolna C W 57 

Corfu S I? tt rtrc* S IS .« 

Dubrwnn: F 10 SOjHtr.nrrie S 21 70 

F*ro C Ifl P4 Ooarto R 1« S3 

Florence C ^3 SB] Rhodes C ^ W 

Punch?! f 23 72' Relchrq C K 43 

Glhrsliflr F IB B4 ; Tano»n r F IS 84 

Guornsv C IP 50 T.jn*'>le f ,8 84 

Innabrck F 4 39' Turn* CUR 
Inunrn** R 1 3* Vslnni C 14 37 
I of M S 1 « Venice F ■ S *1 

Istanbul F tn SO' 

S — Sunnw C— Cloudy F— Fen It — Ram. 

HI— Hlil. Sii.— Snow. 


■'-r --y- -y{rl -